Federal Reserve Bulletin, 1924-11

FEDERAL RESERVE BULLETIN NOVEMBER, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Course of Trade and Industry Business Conditions Abroad The New Keichsbank Law WASHINGTON GOVBBNBEBNT PRINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGEE, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHAKLES S. HAMLIN. HBNHT M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, W. M. IMLAT, Fiscal Agent. Director, Division of Research and Slatislicn J. F. HERSON, Chief, Division of Examination, and Chief Federal j E- A- GOLDENWEISER, Statistician. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS. District No. 2 (NEW YORK) PAUL M. WARBURG, President* District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) C. E. SULLIVAN. District No. 5 (RICHMOND) JOHN M. MILLEE, 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. DistrictNo.il (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. Cuttiss W. P. G. Harding W. W. Paddock W. Willett. New York Pierre Jay Beni. Strong J. H. Case.. L. H. Hendricks.i L. F. Sailer A. W. Gilbsrt.i G, L. Harrison J. W. Jones.' E. R. Kenzel G. E. Chapin.1 Ray M. Gidney.' Philadelphia E. L. Austin Geo. W. Norn's.. Wra. H. Hiitt W. A. Dyer. Cleveland D. C. Wills E. R. Fanchsr M. J. Kerning J. C. Nevin. Richmond Wm. W. Hoxton George J. Seay. C. A Peple •_ Geo. H-. Keesee. R. H. Broaddus John S. Walden, ]r.! 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. 0. Bachman.i John H. Blair.. K. 0. Childs.i J. H. Di!lard.> D. A. Jones.1 0. J. Netterstrom.1 Clarke Washburne.' St. Louis.. Wm. McC. M&rtin D. C. Biggs 0. M. Attebery J. W. White. Minneapolis. John R, Mitchell R, A. Young W. B. Geery Gray Warren. Frank C. Dunlop." Harry Yaeger' Kansas City M. L. MeClure W.J. Bailey C. A. Worthingtoc J. W. Helm. Dallas Lynn P. Talley B A. McK'nney R. R. Gilbert R. B. CoIem&B. Val. J. Grand San Francisco John Perrin... J. U. Calkins. W. N. Ambrose. Wm. A. Day . Ira Clerk' L. 0. Pontious' 1 Controller. »Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Manager !| Federal Reserve Bank of— Manager New York: I Minneapolis: ( Buffalo branch W. W. Schneckenburger Helena branch i R. E. Towle, Cleveland: i Kansas City: Cincinnati branch L. W. Manning Omaha branch L. H. Earhart. Pittsburgh branch > Geo. DeCamp. Denver branch j J. E. Olson. Richmond: Oklahoma City branch.. C. E. Daniel. Baltimore branch ! A. II. Dudley. Dallas: j Atlanta: El Paso branch D. P. Reordan. New Orleans branch ' Marcus Walker. Houston branch.. j Fred Harris. Jacksonville branch- i Geo. R. De Saussure. San Francisco: ] Birmingham, branch A. E. Walker. Los Angeles branch i C. J. Shepherd. Nashville branch J J. B. Fort, jr, Portland branch_ Frederick Greenwood. Chicago: ' Salt Lake City branch... R. B. Motherwell. Detroit branch W. R. Cation. Seattle branch.. O. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch j V. S. Fuqua. Little Rock branch ! A. F. Bailey. SUBSCKIPTION PBICE 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—Recent course of trade and industry 831 Business conditions in the United States 835 Business conditions abroad 852 Special articles: The new Reichsbank law 854 The building industry in 1923 and 1924 859 Position of the livestock industry 862 Official: Rulings of the Federal Reserve Board 865 Law department 866 State banks admitted to system _ 867 Fiduciary powers granted to national banks 867 Charters issued to national banks 867 Banks granted authority to accept up to 100 per cent of capital and surplus 867 Business statistics: Industrial statistics in the United States 869 Estimate of production of crops, by Federal reserve districts 868 Wholesale and retail trade 875 Industrial statistics for foreign countries 877 Foreign trade of principal countries 878 Financial statistics for principal foreign countries 879 Price movements in principal countries: Federal Reserve Board wholesale price indexes 880 Comparative wholesale prices in principal countries 882 Comparative retail prices and cost of living in principal countries 883 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 884 Federal reserve note account 888 Holdings of earning assets 889 Discpunt and open-market operations of Federal reserve banks 890 Gold settlement fund 896 Discount rates of Federal reserve banks - 896 Member banks— Condition of member banks in leading cities 891 Earnings and dividends of State bank and trust company members 893 Deposits of all member banks 895 Bank debits 894 Money rates in principal cities 897 Money in circulation 895 Gold and silver imports and exports 898 Foreign exchange rates and index 899 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 10 NOVEMBER, 1924 No. 11 REVIEW OF THE MONTH was characterized by an expansion in the early part of 1923, followed by moderate re- Recent increases in industrial activity from cession toward the end of that year, a renewed the low level prevailing during the summer expansion early in 1924, and a rapid decline months mark the first sub- in production in subsequent months. Produc- Beeentimprove- ^ _ gt improTement in in tion of automobiles reached a record level ment m lnaustrj?. . . .. about May, 1923, was reduced during the austry since early in the year. next six months, and rose in the first quarter The recession during the first half of 1924, of 1924. to a level as high as that of the record which followed the rapid but unsustained requarter of 1923. This sharp increase was covery in January, brought the volume of accompanied by an accumulation of stocks, production in basic industries by midsummer and during the next four months there was a to the lowest level since 1922. There was no curtailment of nearly 40 per cent in output. further decline in July and August and the In August and September there was a moderate increase in output in September regained increase in the production of both passenger about one-quarter of the preceding decline. cars and trucks. Large volume of bituminous In agriculture there has been a definite improvecoal output late in 1923 also resulted in an ment in conditions as the result of good harvests accumulation of stocks, which on January 1, and a level of prices at crop marketing time 1924, were at a record level for that time of above that of last year. The increased buying the year. These large stocks of coal, together power of farmers and the fact that distribution with the smaller consumption owing to the of goods to the consumer was maintained industrial recession, led to a falling off in prothroughout the period of industrial recession duction during the summer months even in larger volume than current output have below current requirements. As a consebeen factors in bringing about the recent adquence, stocks were reduced and on September vance in industry and trade. 1 were about 25 per cent below the January ' Current production in basic industries, level and about 10 per cent below the level of though considerably below the September September 1, 1923. This reduction in stocks level of last year, is about 9 ° Per cent above the recent levels and the recent increase in industrial demand resulted in increased output of coal during of June, July, and August. A September and October. The output of iron chart showing the changes in production in 22 and steel, which increased rapidly during the basic industries appears on page 835. Principal early months of this year, proved to be in industries showing increased activity in August excess of the demand and production was curand September include iron and steel, textiles, tailed, so that in July it amounted to little coal, automobiles, rubber tires, and leather. more than half the output of February. From These increases in some industries folthis low point, iron and steel production showed lowed upon a sharp curtailment in output considerable recovery in August and September during preceding months, while in other inand there was also an increase in unfilled orders. dustries they were the first advance after a The recent revival in the textile industry, gradual decline lasting for over a year. Outin contrast with that noted for the other put of automobiles, coal, and iron and steel, 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL BESERVE BULLETIN NOVEMBER, 1924 industries mentioned, was not preceded earlier of employment has been similar to that of in the year by so marked a recovery. The production, both during the decline and the readjustment in the textile industry has thus recent recovery. been under way for more than a year and Volume of trade, as reflected in merchandise the decrease in production has been accom- sales and railroad shipments, has not shown a panied by a more moderate decline in the prices decline during 1924 similar Volume of diS' of textile products. Since July, however, there to that of industrial output. tribution. has been an advance in the prices of these Distribution of commodities products and in August and September ac- during the first three-quarters of this year has tivity at textile mills increased. The leather been in about the same volume as in 1923. industry, which has had a recession in produc- Wholesale trade, as reported by more than tion lasting nearly a year and in August had 700 firms throughout the country and reprereduced its stocks to the lowest level on record, senting sales of groceries, meat, dry goods, also showed a moderate recovery in recent shoes, hardware, and drugs, was in the aggremonths. gate somewhat smaller than last year. The Building operations have followed a course PER CENT PERCENT similar to that of production in basic industries. 125 125 The advance in the early months of the year was followed by a decline lasting into midtoo 100 summer and by renewed activity in August and September. In contrast to the course of industrial production, however, the average 75 75 level of building activity during each quarter of the year has been above that of a year 50 50 ago.1 Further evidence of the recent growth in FACTORY EMPLOYMENT industrial activity is the increase in factory 25 (1913 -100) 25 employment in August and Changes in September. This increase, as employment. 1921 1922 1923 shown by the chart, followed upon a substantial decline, which had been volume of business transactions settled by almost continuous for more than a year and check has continued this year at about last was particularly marked in the second quarter year's level and in recent months has been of 1924. The index of employment in July slightly above that level. The figures both was 16 per cent below its peak in the spring of for wholesale trade and check payments 1923. The increase of 4 per cent during August measure the dollar volume of transactions and September in the number of workers on and consequently reflect changes in prices as factory pay rolls does not completely reflect well as in the physical volume of business, and the fuller employment, since with the larger the maintenance of last year's levels is the operating schedules of factories there has been more notable in view of the lower prices prea reduction in the extent of part-time employ- vailing this year. Merchandise freight shipment. Fluctuations in the index of employ- ments, as indicated by car loadings of merment, partly because it includes a wider range chandise and miscellaneous goods and shipof industries than are represented in the pro- ments in less than car-load lots, have been in duction index, have been more moderate lai'gcr volume during the first nine months of than in that index, but the general course this year than during the same period of last year, and in September weekly loadings of • More detailed information regarding the building industry is given this class of freight reached record volume. in a special article on p. 859. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBJIUKB, 1024 FEDERAL RESERVE BULLETIN" 833 Department-store sales, which furnish some These earnings increased somewhat in August measure of changes in* the volume of retail and September after having declined lour buying in the cities, have been slightly larger, months to a level in July about 20 per cent taking this year to date, than in 1923 and the below that of last spring. In making comindex of these sales, after adjustment for parisons between this year and 1923 in the usual seasonal changes, showed a further con- earnings of factory workers, it should be siderable advance in September. Volume of borne in mind that 1923, when taken as a mail-order business, reflecting chiefly purchases whole, was a year of exceptionally full emin rural districts, has also exceeded last year's ployment with a consequently high level of figures and has shown particularly large in- earnings. It is partly due to the full earnings creases in August ai;d September. of last year that the decline in current income Stocks of merchandise, both at department of factory workers has not been more fully stores and hold by wholesale concerns, were reflected during 1924 in a reduced volume of at a high point in the spring of the year; since purchases by consumers. that time stocks in nearly all lines of goods The income of farmers, particularly in the have been considerably reduced. In March wheat-growing regions, is greater than last of this year the stocks at department stores year, owing to larger crop yields were larger than at any time in recent years, and better Prices at marketing but as sales at these stores exceeded replacetime. Both winter wheat and ments, the stocks were reduced month by spring wheat have been marketed more month and in August and September were promptly this year and, owing to a smaller lower than a year ago. world crop, there has "been an increased foreign demand for American wheat. The money income of farmers from the sale of the two principal cash crops will be greater than last year because the larger wheat crop is being sold at considerably higher prices, and the lower price of cotton will probably be somewhat more than offset by the increased production. Hog prices have increased considerably in recent months and there has also been some 50 - 50 advance in the prices of cattle. The livestock industry as a whole, however, has shown little 25 - 25 ^provement, and, due to the drought and consequent shortage of feed in certain sections of 0 l_ the Southwest, is still in a depressed condition.2 1922 1923 The rise in prices of agricultural products was A volume of retail trade about as large as the chief factor in the advance of about 3 per last year is the more remarkable in view of cent between June and Septemthe fact that for the nine ber in the general level of Earnings of f a c h f y h wholesale prices. This recent tory workers. . J & advance in agricultural prices, together with income ot factory workers, the fact that they did not decline to the same which constitutes a considerable part of the extent as other commodities during the past buying power of consumers, was about 8 per year, brought them much closer to the general cent less than for the corresponding period of average for all commodities than at any time 1923. Changes in the earnings of these workers since 1922, as measured by the index 2 A more detailed discussion of the present situation in the livestock of factory pay roll, are shown in the chart. industry is presented on p. 862 of this issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BTJUJETTN NOVEMBER, 1924 in the past three years. Prices of agricultural below the low point reached in the summer of products throughout this period have been 1922 but lower than at any time in the past below the index for all commodities, as is seven years. On October 15 the discount rate brought out by the chart, while prices of non- at the Federal Reserve Bank of Minneapolis agricultural commodities have been above the was reduced from 43^ to 4 per cent, bringing general average. Since the spring of 1923, how- the rate to the level prevailing at the reserve ever, prices of nonagricultural commodities have banks in other agricultural districts. Increase had an almost continuous decline, and it has in Federal reserve note circulation in most of been their downward movement which largely the agricultural districts has occurred during accounts for the decline of the index since that the past two months to meet the seasonal detime. The relative movement of the two mand for currency, and, taking the country as groups of prices during this year reflects the a whole, the total money in circulation has inimprovement in the price position of agricul- creased since the first of August by about tural commodities at a time when prices of $140,000,000. other commodities were influenced by an Volume of borrowing for commercial and industrial recession. agricultural purposes at member banks in leading cities increased more rapidly during Sep- 200 PER 2 C 0 EM 0 T tember and the early part of October than at any time since the early months of this year Non-Agricultural and carried the total of these loans to the highest point in three years. In certain districts / All Commodities '—-^ this borrowing was due chiefly to the seasonal credit demand for crop-moving purposes and 150 ISO Airicuttural . _ was particularly marked in the spring wheat region. Deposits of member banks in the agricultural districts arising out of the sale of WHOLES/kLE. PRICES crops increased more rapidly than the local ( 1909-1914=100 ) demand for credit, with the result that there ino was a considerable growth of bankers' balances 1S22 1923 at correspondent banks in interior centers. Bureau of Labor Statistics wholesale prico index, classified by the bureau into agricultural and nonagricultural commodities, with Increased extension o: credit for commercial 1909-1914 as a base. purposes in the industrial districts has been in Evidence of the improvement in the cash response to the demand arising out of the position of the farmer is the continued and recent expansion in the volume of trade and rapid liquidation of accumu- industry. rencyilemandUr'lated indebtedness at banks in NOTE the agricultural districts. This liquidation of loans at member banks has been Change in Federal reserve agent at Atlanta. reflected at the reserve banks in a repayment Mr. Joseph A. Me Cord resigned as Federal of discounts. The decline in the volume of reserve agent and chairman of the board of borrowing by member banks at the Federal directors of the Federal Reserve Bank of Reserve Bank of Kansas City has been con- Atlanta, effective December 31, 1924. The tinuous since June, when marketing of winter Federal Reserve Board has appointed Mr. wheat began, and at the Dallas and Minne- Oscar Newton, of Jackson, Miss., as Class C apolis Keserve Banks it has been rapid during director and Federal reserve agent of the September and October. At the present time Atlanta bank for one year beginning January the level of discounts at these banks is not only 1, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1924 FEDEEAL, BESEEVE BULLETIN 835 BUSINESS CONDITIONS IN THE UNITED STATES Production of basic commodities, factory employment, and distribution of merchandise increased in September. During September and early in October there was a considerable increase in the volume of borrowing for commercial purposes. Production,—The Federal Reserve Board's index of production in basic industries, adjusted to allow for seasonal variations, rose 9 per cent in September, the first advance since last January. Increased activity was reported in many lines of industry, including textiles, iron and steel, and coal. Factory employment increased 2 per cent during September, reflecting larger working forces in nearly all reporting industries. Average weekly earnings of industrial workers increased slightly, owing to a decrease in the extent of part-time employment. Building contracts awarded showed a small seasonal decline in September but were considerably larger than a year ago. Crop conditions, as reported by the Department of Agriculture, showed a further slight improvement during September, and the estimates of production for spring wheat, oats, barley, and white potatoes on October 1 were larger than the month before. Estimates of the yields of corn, tobacco, and cotton, however, were reduced. Marketing of wheat was exceptionally heavy in September and exports of wheat and cotton were larger than for the same month of any recent year. Trade.—Distribution of commodities, as reflected in railroad shipments, increased during September and was greater than last year, owing to larger loadings ox miscellaneous merchandise, grain, and coal. Wholesale trade was 11 per cent larger than in August as a result of increased business in almost all reporting lines. Sales of groceries and drugs were larger than a year ago, while sales of meat and shoes were smaller. Retail trade showed more than the usual seasonal increase in September, and sales of department stores and mail-order houses were considerably larger than last year. Merchandise stocks at department stores increased more than usual during September but continued to be slightly smaller than a year ago. Prices.—Wholesale prices of farm products, clothing, fuel, and metals declined somewhat in September, while prices of food products, building materials, and chemicals advanced. The general level of prices, as measured by the Bureau of Labor Statistics index, was slightly lower in September than in August. During the first half of October quotations on wheat, flour, cattle, hogs, wool, and rubber increased, while prices of cotton, lumber, and gasoline declined. Bank credit.—During the five weeks ending October 15 loans and investments of reporting member banks in leading cities increased by more than $600,000,000. Credit demand for financing the marketing of crops and the fall activity of trade were reflected in increased com- PRODUCTION IN BASIC iNDUSTRiES WHOLESALE PRICES PER CENT PER CENT PER CENT PER CEH1 150 150 300 300 H 200 200 AT —x/ - \ 50 100 100 0 I 0 1919 1920 1S21 1922 1923 1924 1919 1920 5921 1922 1923 1924- Index of 22 basic commodities adjusted for seasonal variations. Index of United States Bureau of Labor Statistics. (1013=100, base (1919=100.) Latest figure, September, 103. adopted by bureau.) Latest figure, September, 1-19. 15603—24f 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDEBAL RESERVE BULLETIN NOVEMBKB, 1924 MEMBER BANK CREDIT FACTORY EMPLOYMENT PER CEHT PER CENT 150 150 100 100 SO 50 o 1919 1S20 1921 1922 1923 1924 Weekly figures for member banks in 101 leading cities. Latest figuies Index for 33 manufactaring industries. (1919=100.) Latest figure, 90. October 8. mercial loans throughout the country, and the total volume of these loans rose to a level considerably above the peak of October, 1923. Member-bank investments in securities continued to increase, and loans on stocks and bonds also advanced. A further growth of demand deposits carried their total to the highest figure on record. At the Federal reserve banks discounts changed but little in September and declined in the first three weeks of October, while holdings of acceptances increased considerably, and there was also some increase in United States securities. As a consequence total earning assets were larger than at any time since early in the year. Larger currency requirements, partly seasonal in character, were reflected between August 1 and October 1 in an increase of $140,000,000 in the total volume of moncjr in circulation. Money rates in the New York market remained relatively constant in the latter part of September and the early part of October. On October 15 the discount rate of the Federal. Reserve Bank of Minneapolis was reduced from 4LA to 4 per cent. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Produc- Rail- Department store Department store ti b o a n s i i c n e F m ac p t l o o r y y - c B o u n i t l r d a i c n t g s r c o a a r d W s h a o le le- sales1 .stocks! Bank indus- ment awarded1 load- trade Unad- Ad- Unad- Ad- debits i tries > ings! justed justod justed justed 1923 122 103 117 121 83 126 126 122 128 110 July 121 101 112 119 79 89 119 119 128 105 120 101 112 123 88 100 128 129 130 105 114 101 128 112 91 113 124 139 130 103 October 118 101 151 117 97 148 130 146 131 105 116 100 167 120 85 142 128 149 133 105 December 110 99 172 113 72 202 126 123 132 105 1924 120 98 170 118 80 109 m 115 131 105 120 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 78 133 130 140 136 112 May 103 93 129 117 76 127 123 135 135 109 94 90 125 103 70 120 120 127 133 103 July 94 87 121 111 78 91 122 122 130 108 August 94 87 133 111 83 93 119 126 124 108 103 90 150 117 92 119 131 137 128 107 i The indexes of production in basic industries, building contracts, ear 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

NOVEMBER, 1024 FEDERAL EESEKVE BULLETIN 837 BANK CREDIT cipal crops except corn and tobacco improved, and exceptionally good yields of cotton, wheat, During September and the first two weeks white potatoes, and hay are expected. Marof October total loans and investments of keting was seasonally greater than in August reporting member banks in leading cities conand was in the largest volume for September tinued the advance begun in June and on in the past five years. Livestock, cotton, October 15 were more than $1,600,000,000 tobacco, fruits, and vegetables were distributed higher than at that time and $660,000,000 in larger volume than in August, but markethigher than at the beginning of September. ings of grains and animal products were smaller During the six weeks following September 3 than in the preceding month, though they were loans chiefly for commercial and agricultural heavier than a jrear ago. Heavy marketings purposes, which had changed but little during since the beginning of the season haA'o been the summer, increased by almost $350,000,000, followed by an increased foreign demand, and to a point considerably above the autumn in September exports of agricultural products peak of last year. This advance reflected wore in the largest volume of any month since largely the seasonal increase in the demand the autumn of 1921. A further decline in the for credit to finance the marketing of crops prospects for broad grain crops in Europe reand more active fall trade and was general sulted in an exceptionally large demand for throughout all districts. Over the same period wheat and rye, and exports of cotton were in the volume of loans secured by stocks and pro-war volume. Under the influence of heavy bonds, which prior to September had shown marketing prices were lower than in August, a rapid growth, remained fairly constant, and but the declines were greater for crops than the banks' holdings of investments in Governfor livestock. ment and other securities continued to increase. Net demand deposits cf member banks showed Grain. a further rapid growth and were larger in the Forecasts by the Department of Agriculture middle of October than at any previous time. in October indicated improvement over earlier This large growth in the volume of bank credit estimates in the expected yields of all grains since last Juno has not been accompanied by except corn. The spring wheat crop is exan increased demand for currency. Money pected to be 266,000,000 bushels, one of the in circulation increased in August and September as is usual at that time of the year, MIU.IC&S Of SUSKELS MILLIOHS OF BUSHELS but the total on October 1 was still somewhat 80 below the level of last June. EXPORTS CF WHEAT ANDFLOUR Total earning assets of Federal reserve i banks, which had remained almost unchanged 60 6O during the summer months, increased after the third week in August, owing chiefly to larger holdings of acceptances, and on October A 15 were the largest since January. Although j a decline occurred the following week, the total was still over $100,000,000 above the summer \ level. In the absence of increase in the de- \ J mand for currency, this growth in the volume 20 V A 2.O v/ of Federal reserve bank credit in use, together with continued though diminished gold imports, has been accompanied by a growth n of S200,000,000 in member bank reserve 1921 1922 1923 192% balances. This increase in balances corresponds to the increase in reserve requirements five largest crops since 1910, and the quality of member banks duo to their larger deposit of the crop is good. The production of oats is liabilities. estimated to bo 1,509,000,000 bushels, com- AGRICULTURE pared with 1,300,000,000 bushels last year. Frosts late in September did considerable In September and October harvesting and damage to the corn crop, particularly in the marketing of the year's crops proceeded rapidly Corn Belt, and as a result the forecast on and preparation for the fall plantings were well October 1 was slightly less than 2,500,000,000 advanced. The outlook for most of the prin- bushels. In Kansas and Nebraska, however, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FBDEKAL EESEEVB BULLETIN NOYF..MBEH, 1924 the crop was further advanced than in some of middle of the summer the uncertainty as to the other heavy producing sections and the the size of the crop has been one of the prindamage by the frost was less serious. The cipal factors affecting the price, which has crop as a whole is one of the poorest on record fluctuated widely. and, as a result of the late harvest, much of it For the week ending September 19 the price will be soft and unmerchantable. of raw cotton at New Orleans declined to 21J^ Prices of grains were well sustained in Sep- cents, the lowest point for the year, but during tember and marketing proceeded rapidly. the last part of the month, following a con- Movement of wheat to market, while seasonally siderable reduction in the expected yield, the smaller than in August, was twice as large as price advanced rapidly and reached 25.80 cents a year ago. The movement continued excep- on October 3. With improvement in the crop tionally heavy in the early weeks of October, prospects in October, the mra-ket weakened when car loadings of grain and grain products again and the price on October 25 was 22,15 cents. were at a record high level. In the Minne- Although the volume of marketing since thfc apolis Federal res'ervo district the total mar- beginning of the season has boon slightly larger keting of grain was twice as heavy as in Sep- than last year, the rate of marketing has been tember, 1923, and receipts at the Duluth- slower when considered in relation to the size Superior Harbor were in excess of the handling of the two crops. Prior to October 17, capacity and a temporary embargo on railroad 3,873,000 bales were marketed, as compared shipments to that port was ordered between with 3,750,000 bales last year. Takings by October 3 and October 10. American spinners were 21 per cent smaller Rapid marketing and higher prices for all than last year. Exports, on the other hand, grains than last year resulted from an increased have been in record volume. In fact, the Sepforeign demand. Smaller crops of wheat and tember movement was the largest for that month since 1913. rye in Europe have necessitated greater purchases of those grains in the United States. Tobacco. Exports of wheat were the largest on record Further declines in the prospects for the for September and exceeded any monthly total tobacco crop occurred in September and the since August, 1922, as shown in the chart. expected yield on October 1 was 1,182,000,000 Exports of rye since the beginning of the crop pounds, as compared with 1,195,000,000 pounds year, July 1, have been almost throe times as a month earlier. A smaller acreage and a regreat as iast year, and were about the same as duction in the yield per acre has resulted in a the total volume exported during the entire total production 21 per cent smaller than last crop year ending June 30, 1924. year and 13 per cent smaller than the average Cotton. yield for the past five years. Smaller yields Rains and generally unfavorable weather than last year are expected in all States except throughout all sections of the Cotton Belt in Massachusetts, Georgia, and Florida. In the last weeks of September did considerable Georgia the industry is comparatively new damage to the cotton crop and resulted in a and the crop this year is exceptionally good deterioration in the quality of the cotton that and almost three times as large as in 1923. was open in the fields. The estimated yield Harvesting proceeded rapidly in September on October 1 was reduced to 12,499,000 bales, and October, but there were some reports of but during the first two weeks of October damage by early frosts in the St. Louis Federal weather conditions were very favorable for reserve district. There was a perceptible increase in marketing in September, but the total opening and picking, and on the basis of the volume was smaller than last year, which was condition of the crop on October 16 the Dedue principally to lighter marketings of bright partment of Agriculture forecasts a yield of tobacco in South Carolina. In the loaf-tobacco 12,675,000 bales. Ginning has progressed rapproducing sections the outlook is considerably idly and 7,601,000 bales were ginned prior to the better than earlier in the season and the Conmiddle of October, as compared with 6,409,000 necticut Valley market was fairly actrve in bales ginned prior to the same date last year. September. The crop is larger in all Federal reserve districts than last year except in the Richmond Activity in the cigar and manufactured district, but the most significant improvement tobacco products industries increased in Sepis in sections of the Atlanta, St. Louis, and tember, but the output of cigarettes was sea- Kansas City districts, where the crop was sonally smaller than in August. Production of almost a complete failure last year. Since the all products, however, was larger than in Sep- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOTKIIJJER, 1924 PEDEBAL RESERVE BULLETIN 839 tember, 1923. In the Philadelphia Federal Seasonal increases in the marketing of cattle reserve district the demand for cigars was and sheep and the movement of them from the better in October than in September, though areas where feed is less plentiful were the sigsmaller than a year ago. Prices continued un- nificant factors characterizing marketing in changed from the preceding month in the case September. While the shipments of cattle of cigars, but were weaker for some grades of into the Corn Belt for feeding since midsumraw materials. mer have been smaller than in 1923, the movement of cattle and sheep into the Kansas City Fruits and vegetables. district, where the grain crops were better than Smaller yields of apples, grapes, and sweet in most sections of the Corn Belt, has been potatoes than in September were indicated very heavy. Large shipments of cattle and in the October forecasts by the Department of sheep into the markets of that district from Agriculture, but the expected productions of the ranges of the Southwest also resulted in pears and white potatoes wore larger. The larger purchases by packers, which, in fact, white-potato crop is estimated to be 424,000,000 exceeded the volume for any other month in bushels, which is 11,000,000 bushels larger than recent years. Seasonal increases in the marin 1923 and, with the exception of the heavy keting of range cattle resulted in lower prices crops of 1917 and 1922, is the largest on record. for those animals, but the prices of finished The condition of the citrus-fruit crops in beef cattle were generally unchanged from the Florida and California was somewhat higher preceding month. The number of hogs maron October 1 than a month earlier, but was keted in September was slightly smaller than generally lower than last year. As compared in August and was 11 per cent smaller than a with the past 10 years the condition of grapeyear ago. With a smaller volume of marketfruit, limes, and oranges was" decidedly better, ing and a reduction in the expected supply while the condition of lemons was slightly during the fall and whiter, the price of hogs lower. Marketing of vegetables was conreached, early in October, the highest level in siderably heavier in September than in August, several years, but declined slightly during the but on account of smaller shipments of potatoes remaining weeks of the month. On October distribution was in smaller volume than a 17 the price of hogs at Chicago was $10.25 a year ago. Although shipments of citrus fruits hundred pounds, as compared with $7.30 a were smaller than in August, there were seahundred pounds last year. sonal increases in the marketing of apples and grapes, and total fruit marketing was larger Dairy products. than in August but smaller than a year ago. A reduction in production, distribution, and Under the influence of an increase in marketstocks and an increase in exports wore the ing, prices showed the usual seasonal decline principal factors characterizing the dairy prodin September and were 14 per cent lower than ucts industry in September. Production and last year. In fact, with the exception of 1922, distribution were seasonally smaller than in the index of all fruit and vegetable prices was August, but continued larger than last year. the lowest for September since 1915. In September stocks of butter and cheese Livestock. usually increase in response to the continuation The average condition of western pastures of heavy production m that month, but this and ranges was slightly lower at the beginning year holdings of butter on October 1 wore 2 per of October than a month earlier, but deterio- cent smaller than at the beginning of September ration was not reported from all States. ' Rains and stocks of cheese wore 4 per cent smaller. in Texas resulted in improved feed conditions, Stocks continued larger, however, than a year and the prospects for autumn and winter feed- ago. Exports of dairy products during the year ing continued good in a greater part of the ending June 30 were heavier than in the preced- Kansas City and Minneapolis Federal reserve ing year and since that time they have exceeded districts. In most of the Mountain States and each month the volume during the correspondin sections of New Mexico and Arizona the ing period in 1923, and in September they were 24 per cent greater than a year ago. Domestic drought has resulted in a considerable shortconsumption of butter in 1924 has increased age of feed, and the movement of cattle from approximately 4,000,000 pounds a month over those regions into other sections has been pro- 1923, and the reduction in stocks may be nounced. Cattle and sheep reflected the conattributed to this as well as to increased exports. dition of the ranges and were generally in bet- While prices of butter declined during Septer condition in the areas where the ranges had tember, a falling off in production and a reduc- Dot suffered from drought. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDEBAL BESEBVE BULLETIN NOVKAIUKK, 1924 tion in stocks served as a strengthening factor :orresponding periods of 1923 and 1922, reto the market, and on October 17 the price of spectively. The smaller takings as compared 92-scoro creamery butter in New York was with 1923 reflect the lessened industrial activity 39 }4 cents a pound, as compared with 37 3^ evident during most of this year. Under cents in the middle of August. Recent esti- the impetus of active buying, prices of bitumates by the Department of Agriculture indi- minous coal have been slowly rising since the cate that the hay crop is one of the largest on middle of July. Coal Age's average price was record and is particularly large in the dairying $2.12 on October 20, the highest since the 1st sections of the East. Hay will probably be of April. used to a greater extent as a dairy feed, since Anthracite has been in fair demand, although hay prices are somewhat lower than a year ago, unusually mild weather during October someand prices for by-product mill feeds are higher. what checked buying in certain sections. With the exception of the week ending October 4, MINING Avhen mines wore somewhat flooded by exces- Coal and coke. sive rains, production of anthracite has been Mild weather in October affected coal maintained at about the rate prevailing markets, particularly anthracite, but, in gen- throughout the year. Stocks of anthracite eral, demand for soft coal has continued to be held by certain retail dealers on September 1 strong. Production moved steadily upward were reported by the Geological Survey to be week by week from July until the middle of the largest since January 1, 1922. Company October, and weekly output now compares prices of anthracite have been unchanged refavorably with that of this season in previous cently, but some independents raised quotayears of large production. For the year to tions in October. date, however, total output has been rather Improvement in the demand for' coke has small, and the Geological Survey statistics continued, but the supply is plentiful and sales reflect this reduced production by a decline are still somewhat limited in size. Production of beehive and by-product coke in September MILLIONS OF TONS MILLIONS OF TONS totaled 3,066,000 net tons, the largest since T 170 BITUMINOUS COAL May, but much smaller than in September of «•» Production last year. Stocks of coke at 21 By-product - H Stocks plants were reported to be 1,114,000 tons on September 1, as compared with 772,000 tons on January 1. The recent figure is the largest reported in the past three years. Prices have remained unchanged at «S3 per ton for furnace and $4 per ton for foundry coke. Petroleum. In the latter part of September the production of crude petroleum began to decline, and by the week ending October 11 the daily averago output reached 1,984,000 barrels, the smallest since the week ending July 19. The total production for September was 3 per cent smaller than in August. Stocks continued to in commercial stocks of bituminous coal since increase and at the end of the month were slightly heavier than at the end of September. the first of the year. On January 1 com- Prices declined to the lowest level for the year, mercial stocks were estimated as 62,000,000 and, according to the Oil, Paint, and Drug tons, on June 1 as 51,000,000 tons, and on Reporter, the average price at the Pennsylva- September 1 as 47,000,000 tons. These figures, nia, mid-continent, and Wyoming fields was together with those for previous dates and of $1.66, or 12 cents lower than in August and 5 monthly production since the 1922 strike, are cents lower than in September a year ago. shown on the accompanying chart. An estimate of consumption during the first eight Production of refined products increased in months of the year from these figures gives August, and stocks of all oils, except gasoline about 310,000,000 tons, as compared with and lubricants, were heavier at the end of the 347,000,000 tons and 262,500,000 tons in the month than in July. Consumption of gasoline Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK, 1924 FBDKBATJ KESEEYE BULLETIN 841 in August exceeded all previous records and MANUFACTURING continued heavy in September. Notwithstand- Food products. ing the increased domestic demand, the price Increased activity in all branches of the food of gasoline declined in August and September products industry was evident in September. and reached the lowest point of the year. Re- Wheat-flour production was 18 per cent greater ductions in tank-wagon quotations followed the than in August and was in the largest volume refinery prices, and in New York and other for September since 1919. In the Kansas City Eastern States they are the lowest in 10 Federal reserve district the increased output years. was particularly significant, since it was the largest monthly volume on record with the ex- Metals. ception of August, 1921. With rising wheat Demand for nonferrous metals improved prices quotations for flour also advanced, and during October and production continues to be on October 17 the price for spring patents at maintained at a high rate. Lead prices, which Minneapolis was $8.35 a barrel, compared with had been practically unchanged for about two $7.30 a month earlier and $6.20 a year ago. months, moved forward sharply in the third Both domestic and foreign demand increased week of October. The quotation for common during the month, but exports were not as large lead in New York advanced from 8.05 cents per as a year ago. Since the beginning of the grain pound on October 16 to 8.40 cents per pound harvesting season the foreign demand for grain on October 22. Zinc quotations at St. Louis and grain products has been bettor for wheat increased during the same period from 6.30 than for flour, and as a consequence wheat excents per pound to 6.40 cents. The rise in ports have exceeded those of last year and price of these metals has reflected advances in Hour shipments have been smaller than last the London market and an accumulation of season. orders from, domestic consumers who had delayed orders in anticipation of a decline. In addition to exceeding the output in Au- Smelter production of both lead and zinc was gust the production of sugar in September was at a higher daily rate in September than in 6 per cent greater than in September, 1923. August, whereas shipments of ore from the An increased demand for refined sugar was evi- Joplin fields were much smaller. dent early in October, but prices for both raw and refined sugar were not affected and re- Production of copper by United States mines mained at about the same levels as a month amounted to 127,000,000 pounds in September, earlier. Estimates by the Department of Agwhich was 5 per cent less than in August. riculture showed an increase in the expected Stocks of refined copper in the hands of North yield of sugar beets, which is now 7,430,000 and South American producers were 22 per cent tons, as compared with 7,010,000 tons in 1923. larger on October 1 than three months earlier. The condition of the sugar-cane crop in Lou- Demand, which had been dull for several isiana on October 1 was below that on Septemweeks, increased in the middle of October as a ber 1, and much lower than the average conresult of the successful flotation of the German dition for the past 10 years. loan and larger foreign purchases, and the price of refined electrolytic copper delivered at Increased marketing of cattle and sheep in New York advanced from 12.875 cents per September resulted in a slight increase in the pound on October 8 to 13.25 cents per pound production of beef and beef products, but the on October 22. Most foreign buying has been number of hogs slaughtered continued to defor European countries other than Germany, cline, and was smaller than in any month since while wire and brass mills have been the chief September, 1922. The domestic demand for domestic purchasers. meat and meat products, as represented by sales by 45 meat-packing companies reporting Silver production totaled 5,457,000 ounces in to the Chicago Federal lieserve Bank, was 2 September, which is a slightly higher daily rate than in August. Quotations at Now York per cent greater than in August, but 3 per cent continued to advance during the first half of smaller than in September, 1923. Exports of October, but later receded somewhat, owing to meats and meat products continued to decline sales by Chinese interests. in September and were also smaller than a year ago. Tin deliveries were larger in September than Textiles. in any month since May. Prices have risen during October, but there have been few orders Textile industries in September and October for future delivery. were characterized by increasing production Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN XOVEKIIRK, 1924 and fairly active buying. Price increases were risen to now high levels, with buying stimufrequent, but in many cases recessions from lated by small stocks and increasing consumpprevious advances were noted. Employment tion. Manufacturing activity showed marked in most lines increased considerably. It is increases during September—mill consumption quite evident that the industry is recovering of raw wool increased nearly 18 per cent, active from the sharp recession of activity noted in loom hours about 14 per cent, and woolen and the spring and early summer, but the present worsted spindle hours, respectively, 8 and 24 level of production is below that of correspond- per cent, while the employment index for the ing months of the past three years, not to men- industry advanced 6 per cent. Most men's tion the high points attained in the spring of clothing manufacturers have opened lines for 1923 and in the early months of this year. next spring with prices at about the same level Cotton-mill activity, according to all avail- as in the previous season. Employment in able statistics, showed a substantial increase in the clothing industry showed the usual seasonal September as compared with August—mill trends during September—a slight decline at consumption of raw cotton increased 22 per men's clothing establishments and an increase cent, active spindles 4 per cent, active spindle for women's. August statistics of men's and hours 19 per cent, number of wage earners 5 per boys' garments cut showed increases as comcent, and total wage payments 6 per cent. pared with July and with August, 1923. The improvement was somewhat greater in the Manufacturing activity among silk mills Southern and Middle States than in New Eng- was at a high level during September and land, although in New Hampshire both con- October. The takings of raw silk by mills sumption and active hours increased more than were, excepting in April, 1923, the largest the average for the country as a whole. De- recorded in the past five years. At the same spite this higher rate of activity, the previous time, reports of enlargement of operations were rate was so low that cotton consumption by received from Pennsylvania and New Jersey mills in September was the smallest recorded centers, and employment in silk factories in in that month in several years. New York State showed a notable increase. Buying of cotton goods and yarns has been The strike in Paterson continues to hold fair, probably a little better than at this time activity in that center down to a low rate, last year, but demand as well as prices have but many mills have recently been able to varied somewhat in accordance with fluctua- resume or increase operations. Raw-silk tions of the raw cotton market. The Fair- prices reached a peak early in September and child cotton goods index fell in the week of since that time have declined somewhat. The September 20 to 15.322, a new low point since high prices evidently stimulated imports, for 1922, then advanced for three weeks, declined in September they totaled 5,871,303 pounds, the week ending October 18, and rose slightly the largest with two exceptions in the post-war in the following week, when it was 15.484. The period. Imports were so large that, despite yarn index has moved in a similar fashion. heavy takings by mills, warehouse stocks were Gingham prices for next spring have been an- increased considerably. Stocks, however, havenounced by large eastern mills as unchanged been larger upon several previous occasions. from those of last season, whereas southern In addition to the lower prices and larger mill quotations wore somewhat lower. Orders, supplies, the raw-silk market in October was shipments, and production were reported b}r characterized by less active buying. Nor was cotton finishers to be larger in September than the demand for broad silks as great as it was in any month since last spring, and stocks were a few weeks ago. reduced to the smallest volume in three years. Knit goods have generally shared the recent Following rapid advances in raw-wool prices improvement with other textile products, during the summer and early fall, cloth manu- although some unsatisfactory spots are still facturers have announced higher quotations found, and prices have not advanced as they on woolen and worsted piece goods. Buying have in other markets. Demand for heavyof men's wear has been fairly active, and many weight underwear has been fairly active for lines have already been sold out. Dress-goods immediate delivery, but summer garments openings have been completed, but demand have not sold well. Hoiscry is in better is not so good as for men's wear. Woolens request, and mills have increased operations. have continued more active than worsteds, Preliminary reports for September indicate although the latter have shown much im- that production, orders, and shipments were provement recently. Raw-wool prices have all larger than in August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

iS'OVK.MDEK, 1024 FEDEKAL RESERVE BULLETIN 843 Iron and steel. September. Employment in automobile faciron and steel markets continue much more tories showed another increase in September active than during the summer, although some to a level about 6 per cent above the July low irregularity has been evident in recent weeks. point. Carload shipments of automobiles The increase in buying has slackened some- declined slightly, but driveaways were a little what in certain lines; on the other hand, prices more numerous in September than in August. have been fairly steady, although a few soft Manufacturers report that new models are spots occasionally appear, and the change of being taken satisfactorily, though in many quotations from a Pittsburgh base has caused cases prices are higher. It is evident, however, same confusion. Manufacturing operations in that general retail demand has not improved, October continued at about the same rate as as sales of now cars were much less than in in the previous month, which was well above | August and dealers increased their stocks on that of last summer. Daily average produchand. Used-car sales also declined in Seption of pig iron in September was 68,442 tons tember, while stocks increased. and of steel ingots 108,269 tons, showing in- As compared with a year ago, the output of creases of 19 per cent and 50 per cent, respectrucks and the sale of used cars were larger, tively, above the low point of last July. These but passenger-car production, factory emfigures are the largest recorded since last spring, ployment, manufacturers' sales and shipbut are smaller than for all other prior months ments, and retail dealers' sales were smaller. in the last two years. Unfilled orders of the Dealers' stocks of both new and used cars have United States Steel Corporation were larger on increased in the past year. September 30 than a month earlier. The num- Stocks of automobile tires and tubes, which ber of furnaces in blast was increased substanwere materially reduced by unusually large tially during September. Despite the small shipments during July and August, were slightly movement throughout the season, shipments enlarged in September, when production inof iron ore from Lake Superior were smaller in September than in previous months. The creased and exceeded shipments. Shipments price of pig iron has remained practically un- declined a little, but were maintained at an changed, and the Iron Age composite has been unusually high level compared with months $19.46 per ton for 10 weeks. In the week prior to July. Manufacturers announced reending October 14 the steel composite de- ductions of from 3 to 6 per cent in quotations clined to 2.46 cents per pound, a new low for on certain tires in October, and tire prices are the movement. now the lowest on record. On the other hand, prices of raw rubber advanced during Septem- Railroad buying has recently been the chief ber and the first half of October, and the quofeature of the market, being particularly tation for latex cre'pe in New York reached 31.9 heavy in the Chicago district. Oz*ders for cents on October 17, the highest in a year and new railroad cars equaled about 27,000 in a half. September, an unusually large figure for this Lumber. season of the year, and the aggregate for the Activity in the lumber industry was at a year to date is about the same as the total for slightly higher rate during September than in last year. Many more inquiries are outstand- August, but owing to the smaller number of ing. Inquiry and ordering of rails and other working days in the later month, cut and shipequipment has also boon heavy. Unfilled ments totaled about the same in the two orders for locomotives increased from 361 in months. Weekly figures indicated that pro- August to 386 in September. The building duction in the week ending September 27 was demand continues to be fairly good, and structhe largest since last May, but heavy rains in tural steel bookings and shipments in Septemsome sections made it necessary to curtail ber exceeded those of August. Statistics from operations somewhat during the following the sheet industry also show substantial imweek. Orders reached a maximum early in provement. August and have fallen off since, until they are Automobiles. i now below both production and shipments. Production of passenger automobiles and ; The general excess of cutover shipments for trucks increased from 278,000 in August to several months indicates that stocks have 287,000 in September, although in previous steadily increased. This has not been true years a decline has been noted between the for the year to date, however, in the case of the two months because of fewer working days in mills in certain large associations—the two 15603—24f- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN NOVEMB.HR, 1924 producing southern yellow pine and that pro- statistics show several increases of stocks in ducing Douglas fir. The excess has been par- process of tanning. In August total stocks of ticularly heavy in California redwood, Cali- finished leather were generally reduced to new fornia white and sugar pine, and northern low levels, although boot and shoo manufachemlock and hardwoods, and less so in western turers increased their inventories in certain lines. and northern pine. The cumulative total of Preliminary September statistics for sole leather weekly orders for the year to date is smaller show a further increase in production and than either cut or shipments in the case of itocks in process, while tanners' finished stocks every association except two. The West decreased. Coast Lumberman's Association, producing Boots and shoes have been in bettor demand, Douglas fir, seems to be in a particularly favor- and production during September increased to able position, as production for the year has about the same number as were made in the been smaller than both shipments and orders, same month last year. This increase was noted and at the end of September its members had in all sections of the country. Many fall orders more unfilled orders on hand than at any time are now being received which are ordinarily since May 1. Weekly data indicated a de- due earlier in the season. Wholesale and iecline in these orders during October, as well tail shoe business showed a larger increase in as in those of other associations. September as compared with August than is Wholesale markets in softwoods have been usually noted at that time. Sales were, in rather quiet for some weeks. Neither retailers general, less than during September, 1923. nor industrial consumers have done much buying. Hardwood markets were also quiet, but BUILDING not as much so as softwoods. Prices, accord- Construction continued in large volume during to Lumber's indexes, have declined reing September, and the value of both permits cently. The hardwood index rose during the granted and contracts awarded showed less month of September, but declined in October. than the usual seasonal decline. The value of Softwoods began to decline about the middle contracts awarded in 11 Federal reserve disof September, were steady for a few weeks, tricts (according to statistics compiled by the and then receded further. F. W. Dodge Co.) amounted to $360,000,000 Hides, leather, and shoes. in September, which was 3 per cent less than in Leather and related industries have shown August. Awards decreased in all districts considerable improvement in recent months. except Boston, Philadelphia, and Cleveland. Production, prices, and stocks all reached Contracts for industrial and business buildings rather low levels during the summer, then de- reached larger totals than in August, while mand increased, production schedules were residential construction was somewhat less enlarged, and prices rose. The greatest in- active. crease in activity has been rather large for New building operations, as measured by several weeks, and prices have advanced al- contract awards, were 19 per cent larger than most steadily since the latter part of April, in September, 1923, as a result of increases in all reaching in October a level corresponding to districts except St. Louis and Minneapolis and the highest attained in 1923. August statistics in all lines of building except industrial. An show an increase in most kinds of hides and article analyzing recent developments in the skins disposed of during that month as com- building situation is published on pages 859pared both with July and with August of last 862, and statistics of contract awards and year. Stocks of all but sheep and lamb skins building permits, by geographical districts were further reduced, in many cases to the and classes of construction, are published on lowest recorded. page 874. Demand for leather continues strong and Production and shipments of building.mateprices have advanced. The Bureau of Labor rials declined during September and stocks were Statistics index of leather prices was 137 in slightly reduced. Demand for cement con- September, as compared with 131 in July, 138 tinued to be larger than in the corresponding last May, and 141 a year ago. Both upper period of any previous year, due to the unprecand heavy leathers have been strong. Manu- edented volume of road building. Prices of facturing operations have generally increased, building material were slightly higher than in as production of most kinds of leather is larger July or August, but were lower than in any than early in the summer. July and August other month of the past two years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBKE, 1924 FEDEKAL RESERVE BULLETIN 845 TRANSPORTATION of retail stocks in preparation for fall and Christmas trade and partly to the improvep Railroad traffic showed the usual seasonal ment in retail business which caused dealers to expansion during September, and there was a buy more freely. Sales of groceries, dry goods, substantial reduction in the amount of idle shoes, clothing, hardware, furniture, and jewequipment. Car loadings increased 7 per cent elry showed increases of over 10 per cent in to a total of 4,505,000, as a result of larger September, and all other reporting lines except loadings of miscellaneous merchandise, grain, agricultural implements and machine tools livestock, coal, and coke. Loadings of forest moved in greater A^olume than in August. products and ore were slightly smaller than September was the first month since Februin August. ary in which trade was larger than a year ago. There was one more working day in September, 7K0U3AHDS OF CARS THOUSANDS OF CARS 400 4-00 1924, but this was largely onset by the fact that SURPLUS FREIGHT CARS wholesale prices were 3 per cent higher in September, 1923. Sales of clothing, furniture, agricultural implements, and diamonds were in 300 i f- 300 substantially larger volume than last year. Merchandise stocks at wholesale warehouses, according to reports from five Federal reserve districts, wore of about the same size 200 200 at the end of September as at the end of August. Stocks of groceries increased in all reporting districts, while stocks of shoes, dry goods, and hardware were smaller. The only 100 100 1923 significant change in- comparison with a year ago is a substantial reduction in inventories of shoe dealers. Collections were slower in September than DEC. last year. The volume of accounts outstand- The accompanying chart indicates that the ing increased during the month, but continued number of surplus freight cars has been larger to be smaller than a year ago. in each week of the crop-moving season of 1924 than in the corresponding week of 1923, Retail trade. but that the reduction in number of idle cars Retail business showed more than the usual from July 1 to October 7 lias been much seasonal increase in September in almost all greater this year than last year. More than sections of the United States. This buying half of the total number of surplus cars on was encouraged in western districts by the October 7 were coal cars. The amount of recent advance in prices of agricultural combad-order equipment, both cars and locomo- modities and in eastern districts by the intives, was larger at the end of September than creased employment and pay rolls of factories. a year ago. Kailroad orders placed with equip- The prevalence of cool weather in the early ment companies for new locomotives, freight part of September also accelerated buying of cars, and passenger cars reached a larger total fall clothing and of coal. Sales of departmentin September than in any month since March. stores, mail-order houses, grocery stores, 5-and- Gross revenues of Class I railroads totaled 10-cent stores, music stores, and candy stores $508,400,000 in August, which was more than were larger than in August, after adjustment for in July, but 10 per cent less than a year ago. seasonal variations, while sales of shoe stores, Operating expenses, however, showed a rela- drug stores, and cigar stores were smaller. tively greater reduction, and the operating All types of reporting establishments, except ratio was 73.5 per cent as compared with 75.7 cigar and shoe stores, had a larger volume of per cent in August, 1923. trade than a year ago. Department-store sales increased 11 per cent TRADE more than usual, in September owing to in- Wholesale trade. creases in all Federal reserve districts except Wholesale trade, according to the index of San Francisco. Analysis of sales by departthe Federal Reserve Board, increased 11 per ments (compiled by the National Retail Dry Goods Association) indicates that sales of dress cent in September. This increase in volume goods, laces, neckwear, leather goods, gloves, of sales was due partly to the usual expansion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 EEDEKAL DESERVE BULLETIN XOVEJIliEB, 1024 men's furnishings, and floor coverings were for a period of over two years. Retail food larger than a year ago, while sales of silks, prices, which have been increasing for four linens, women s and misses' ready-to-wear, months, show a total advance of 4 per cent. shoes, jewelry, furs, and house furnishings During this period quotations for pork prodwere in smaller volume. ucts, flour, corn meal, and coffee have shown Stocks of merchandise at department stores particularly largo increases. increased 9 per cent during September, which was a greater expansion than usual at that EMPLOYMENT season. Inventories at the end of the month were smaller than a year earlier, however, in Employment statistics gave further eviall districts except Cleveland, Dallas, and San dences ol increasing industrial activity in Sep- Francisco. Outstanding orders on September tember. The index of factory employment 30 were in about the same volume as at the rose from 87.5 in August to 89.8 in September, beginning of the month, but continued to be practically all industries and all sections of smaller tnan a year ago. Statistics of whole- the country sharing in the increase. The sale and retail trade, by lines and districts, cement, brick, men's clothing, and ice cream are published on pages 875-876. industries showed small seasonal declines. As a group, the greatest increases were in textiles, PRICES which were recovering from the exceedingly low point reached in the summer. The woolen Commodity prices declined 0.4 per cent and worsted, cotton, silk, dyeing and finishduring September, according to the index of ing, and. knitting industries all contributed the Bureau of Labor Statistics. Prices of farm substantially to this improvement. The leather products, clothing, fuel, and metals .were and shoe industries also made further large lower than in August, while prices of food, additions to the number on their pay rolls. building materials, and chemicals and drugs The index for the iron and steel group turned increased. September prices were lower than upward in September after a continuous dea year ago for all groups except foods and cline since last March. As compared with chemicals. September a year ago, the general index indi- When this index is grouped by the stage of cates a decline of 11 per cent, in which pracmanufacture of commodities, raw materials tically all the industries have shared. and producers' goods show declines in September, while consumers' goods advanced. Of In addition to the recent increase in factory the raw materials, prices of crops showed a employment, the continuation of a high rate sharp decline, prices of forest products in- of activity in building and in road construccreased, and prices of animal products and tion indicates that workers in those industries mineral products were practically unchanged. are still fully employed; the greater production of coal indicates that there is more work During the first week of October, prices of for minors; and the harvesting of crops has farm products rose rapidly, but in the two demanded many farm laborers. The index following weeks price movements wore conof the labor market continued the slow adfused and about the same number of comvance noted since Juno and stood at —0.89 modities showed decreases as increases. Quotai in September. tions on wheat, rye, beef, hogs, flour, wool, Aggregate earnings of employees, according woolen goods, silver, and rubber advanced in to statistics compiled by the Bureau of Labor the three weeks' period, while prices of cotton, Statistics, increased 3.3 per cent in September, gasoline, and lumber declined. and per capita earnings rose 1.2 per cent. The latter increase indicates more hours of work, COST OF LIVING since wage rates arc no higher. There were a The cost of living continued to advance few reductions in wages, but the only ones of during September, according to figures col- importance were in the cotton-goods industry, lected by the National Industrial Conference averaging 9.4 per cent and affecting 7 per cent of employees in all establishments reporting. Board, and was 1.4 per cent higher than in This follows similar declines in the preceding May, the low point of the current year. month affecting 3 per cent of the employees. Retail prices for food and fuel increased in The per cent of full time operated in reporting September, while the cost of clothing, shelter, establishments increased from 88 per cent in and light declined. This reduction in cost August to 91 per cent in September, while of shelter was the first which has occurred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

XOVK.Mlif.R, 102-1 FEDERAL, EESEBYE BUUVETIX 847 percentages of full capacity operated were, October 15 the acceptance market was characrespectively, 77 and 79. The September figure terized by the greatest activity for the year was larger than that for August in all but a The volume of new bills was larger than for few seasonal industries. any earlier month this year and exceeded the total for the same period in 1923. Fluctuations MONEY RATES in money rates caused frequent changes in dealers' rates, and the demand for bills was Conditions in the Now York money market irregular. Total sales did not increase to the remained relatively stable in October, following same extent «s the supply, and dealers' aggreslight readjustments among rates on different gate portfolios at the end of the period were 30 classes of paper. Somewhat more active de- per cent heavier than a month earlier. In the mand by banks for commercial paper resulted middle of September call money was plentiful, in a decline in the open-market rate, from 3M and the demand for bills from banks in the per cent prevailing in September to 3-3M per financial centers was good, but near the close cent, while the rate on bankers' acceptances of the month, the money market became firmer rose from 2y 8 to 2M per cent after the first and the demand for acceptances fell off, while week of October, with a seasonal increase in the supply continued to increase. the supply of bills in the market. JQuring the Early in October dealers' rates were adremainder of the month these rates were un- vanced and the demand showed some improvechanged and prices of Government securities ment, but it was not sufficient to absorb the reflected the stability of the money situation. increased supply, and dealers' aggregate port- The table below shows the rates prevailing in folios increased. Banks were the principal the New York market during the last two purchasers in September, but, with a larger months, compared with the corresponding volume of bills in October and a firmer money months a year ago. market, offering by dealers and banks to the Federal reserve banks increased. Cotton, [Per cent] grain, sugar, silk, hides, leather, and pro- ATisions were the principal commodities against Yield Aver- Prime Prime oncor- age Re- which bills were drawn, but acceptances against commer- bank- tiflcates yield newal the cotton and grain were the most significant. cial ers' of on 4% rate paper, accept- indebt- per on call Rates in the New York market at the close mo 4 n -0 ths 9 a 0 n d ce a s y , s ed 4 n - e 0 ss,1 Li c b e e n r t ty loans of the period were 2 J.^ per cent bid and 2 per months bonds cent offered for 30-day bills, 2% per cent bid and 2y per cent offered for 60-day bills, and September, 1924.. m 2K-2K 2.14 3.95 2.07 2<% pe 8 r cent bid and 2}i per cent offered for Average for week ending— Oct. 4,1924 2.31 3.94 2.40 90 and 120 day bills. Oct. 11,1924_ lYi 2.36 3.90 2. CO Oct. 18,1924 3-3K 2M 2 43 3.94 2.60 Oct. 25,1924 3-3M 2M 2.40 3.91 2.00 SAYINGS DEPOSITS 1 Beginning with tiie week ending Oct. 18, the yield quoted on certificates of indebtedness is the yield on the issuo duo in March, 1925. Pre- The total of savings deposits reported by 914 vious to Oet 18 the figure is an average of tl>.o yields on all issues of from banks distributed throughout the United States 4 to 0 months' .maturity. was $7,457,473,000 on October 1, 1924, as com- In the London market money rates declined pared with $7,409,058,000 on September 1. slightly during the latter part of September Increases of over 1 per cent occurred in the from their previous high levels and remained New York, Minneapolis, Dallas, and San relatively constant through the first half of Francisco districts, while there were small de- October. Three-month bank bills varied be- clines in the Atlanta and St. Louis districts. tween 3a and 3-lf per cent. Treasury bills The total of savings deposits reported were were allotted at an average rate of 3.688 per 0.6 per cent greater on. October 1 than on Sepcent the second week in October. tember 1 and 7 per cent greater than on October 1, 1923. A comparison by Federal reserve districts of savings deposits on October 1, 1924. ACCEPTANCE MAHKET with those a month, and a year previous is Seasonal increases in the demand for funds shown in the following table. In "the Boston to finance the marketing and exportation of and New York districts the figures represent agricultural commodities were evident in Sep- only deposits of mutual savings banks; in all other districts, where there are but few mutual tember and October, and for the period ending Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL BESERVE BULLETIN NOVEMBER, 1924 savings banks, savings deposits of other banks trading class, with liabilities amounting to are included. 848,698,000 and $35,288,000, respectively, in the same quarter last year. Insolvencies were less numerous in Septem- SAYINGS DEPOSITS, BY FEDEBAL RESEEVE DISTRICTS ber of this year than last in the Boston, At- [In thousands of dollars] lanta, Minneapolis, and Dallas districts, and liabilities were smaller in the Boston, Philadeli Num- Sept. 1, phia, Atlanta, Minneapolis, Kansas City, and Federal reserve district j banks; 19zl 1924 Dallas districts. The aggregate indebtedness in default in the St. Louis district was the largest Boston... 64 : 1,263,800 i 1,201,004 1.198,304 since February, 1922, and in the Minneapolis New York 30 ' 2,002,659 ' 1,977,476 1.873,986 Philadelphia-.. 70: 491,103 ' 490, 249 460,822 district was the lowest since July, 1921. . Com- Cleveland 776, 644 : 772,821 715, 560 parative data, by districts, for the month of Richmond 91 • 323,212 i 322,413 290,092 Atlanta 91 ; 231,408 : 231,922 217,717 September are presented in the following table: Chicago—..... 201 908,219 ' 905,152 870,916 St. Louis....... 32 ' 138, 247 : 138, 576 130,128 Minneapolis... 14 i 88, 285 ' 87,033 86,488 FAILURES DUKING SEPTEMBER Kansas City... 56 : 107,854 ; 107,405 104,163 Dallas 110 i 1.02.145: 100,648 91.445 San Francisco.. 1,025,837 , 1,014,359 945,155 Number Liabilities Total- 914 7,457,473 l 7,409,058 ; 0,934,776 Federal reserve district 1924 I 1923 1924 : 1923 COMMERCIAL FAILURES AND BANK SUSPEN- SIONS B N o e s w to Y n ork 23 9 8 4 2 1 2 1 8 3 $ 9 1, , 1 3 1 7 9 4 , , 2 9 4 6 2 4 $1 0, , 2 4 8 7 3 6 , , 9 8 8 7 1 1 Philadelphia.. 73 44 1,315,533 2, 095, 645 Commercial failures numbciing 1,306 in Sep- Cleveland 102 95 3, 259,088 2, 741,378 Hichmond 84 60 1, 212,869 964,349 tember, according to the reports of R. G. Dun Atlanta 85 91 1,375,317 2,840,497 & Co., were less numerous than in any previous S C t h . ic L a o g u o is 21 7 3 1 1 7 7 1 2 3 8 , , 9 5 4 8 5 0 , , 4 1 9 7 4 4 6, 5 2 3 1 0 9 , , 6 7 5 3 2 2 month of the year. The liabilities involved, Minneapolis... 54 03 453, 528 637,052 Kansas City.. 78 64 1,339,489 1,622,295 which totaled $34,296,276, were only slightly Dallas 34 79 580,455 1,757, 706 above the low point for the year, which was San Francisco. 180 140 i 1,733, 523 921,831 reached in Juno. Both the number of failures Total i 1,300 1,228 34,296,276 ' 28, 698,649 and the aggregate indebtedness in default were larger than in the same month of last year. I During September 35 banks, with capital Manufacturing insolvencies comprised 28 per and surplus amounting to $921,000, were recent of the total number and accounted for 57 ported to the Federal reserve banks as closed. per cent of tho defaulted indebtedness for Sep- Of the total, two, with capital and surplus tember of this year. The latter proportion of $96,000, were national banks and the recompares with 47 per cent in that month last maining 33, with capital and surplus of year. $825,000, were nonmomber institutions. An During the third quarter of the present year improvement in tho regions where bank failures there were 4,441 failures. Although this total and suspensions have been most numerous in exceeds that for the same quarter last year, it recent months is indicated by the occurrence represents a decrease of about 13J^ per .cen^ of fewer suspensions and by tho reopening from the quarter immediately preceding it, a of numerous banks previously closed. The reduction corresponding closely to declines be- total of 35 banks closed in September comtween similar periods in 1,922 and 1923. Due pares with 146 in January and 45 in June. chiefly to the unusually large indebtedness re- Of the banks which appear as closed in the ported for August, tho aggregate liabilities in- table below, three in the Minneapolis district volved in failure during the third quarter, were reopened during the month. In adamounting to $126,263,495, exceeded the total dition, eight other banks, which had been for the previous quarter, and were, in fact, the closed previous to September, were reopened heaviest on record for the third quarter of the in that district during the month, and one also year, the previous high point being §122,700,- in the St. Louis district. Although the figures 000 in 1921. Insolvencies in tho manufactur- which appear in the following table represent, ing class of enterprises numbered 1,190, with so far as could be determined, banks which liabilities totaling $69,415,000, and in the trad- were closed by order of supervisory authoring class numbered 3,031, with liabilities of |ities and not reopened during the month, it is $38,907,000. These figures compare with 1,059 i not known how many of these institutions may failures in the manufacturing and 2.579 in the I ultimately prove to be solvent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYEJIBKK, 1924 FEDERAL RESERVE BULLETIN 849 BANKS CLOSED DURING SEPTEMBER, 1924 MERCHANDISE TRADE BALANCE OP THE UNITED [Amounts in thousands of dollars! STATES—Continued [In thousands of dollars] Member (na- All banks tional) Nonmembcr Excess of Excess of Federal reserve Month Imports Exports imports exports district Num- Num- Ca an pi d t al! | M X -. J ,_ ? , " C a a n pi d tal ber surplus ber surplus! surplus 1924 January 295,506 I 395,271 99, 765 February 332,323 I 365,775 33,452 Total. 35 921 96 33 825 March 320,482 I 339,755 19,273 April 324,370 | 346,930 22, 566 Richmond--- 5 84 5 84 May 335,099 32,! 11 Atlanta 2 90 2 99 June 274,001 i 306, 989 32,988 Chicago 2 37 o 37 July..... 278, 594 i 276,649 1,945 St. Louis 4 144 4 144 August 254,630 ! 330,673 76,266 Minneapolis. 17 349 34 ! ".6 315 September 288,126 , 427,636 139,510 Kansas City. 3 114 Dallas 94 62 1 32 COMPARATIVE TRADE BALANCE OF THE UNITED STATES 1 Three of these banks wore reopened during the same month. FOE NINB MONTHS ENDING SEPTEMBER, 1923 AND 1924- FOREIGN TRADE fin thousands of dollars! Total imports of merchandise during Sep- Merchantember amounted to §285,000,000, an increase Gold Silver Total dise of about $30,000,000 as compared with August and the largest figure shown since last May. 1923 Total merchandise exports during September Imports 2, 904,137 220, 522 54,083 3,178,742 Exports . 2, 940,145 25, 878 46,649 3,012,672 were valued at $427,000,000, an increase of almost $100,000,000 as compared with August, Net imports (—) or exports (+) +30,008 -191,644 -7,434 -166, 070 and the highest figure shown since December, 1924 1923. The net export balance, accordingly, Imports 2,671,019 269, 782 55,604 2, 9S6,405 has almost doubled as compared with Septem- Exports 3,124,782 11,159 79,745 3,215,686 ber and is the largest export balance shown Net imports (—) or exports (+) +453,763 -258,623 +24,141 +219,281 for any month since October, 1921. For the nine months ended September, excess exports totaled $456,000,000, compared GOLD MOVEMENTS with $36,000,000 for the first nine months of UNITED STATES 1923. Excess gold imports for the same periods have risen from $195,000,000 to $259,- Gold imports into the United States during 000,000, a,nd silver has shifted from a net September totaled $6,656,000, only about oneimport balance of $7,000,000 to a net export third of the imports in August and the smallest balance of $24,000,000. Thus the total visible imports shown for any month since February, balance, which was $166,000,000 net imports 1920. A large part of the decrease was due to for the nine months of 1923, was $222,000,000 the fact that in September imports from Great net exports for the nine months of 1924. Britain were only $17,000, as compared with $6,745,000 during August, and imports from MERCHANDISE TRADE BALANCE OP THE UNITED STATES Argentina wore $1,475,000, compared with $6,251,000 during August. Gold exports dur- [In thousands of dollars] ing September totaled $4,580,000, which is Excess of Excess of almost twice the amount shown for August Month Imports I Exports imports exports and the largest amount shown for any month, since March, 1923, when gold exports were 1923 $10,392,000. The largest increases were in ex- January 329,254 335,417 6,163 February 303,407 300, 957 3,550 ports to British India and to Hongkong. Net March 397,928 341,377 56, 551 April 364,252 325,492 38,760 imports for the month were $2,076,000, the May 372,545 316,359 50,186 smallest amount for any month in the past four Juno 320,234 319,957 277 July 287,434 302,186 14,752 years. August 275,438 310,906 35, 528 September 253,645 381, 434 127,789 For the nine months ended September, 1924, October 308, 291 399, J99 U0, 908 November 291,333 401,484 110,151 gold imports were $270,000,000, as against December 288, 305 426, 665 138,360 $221,000,000 for the corresponding nine months Year 3,782,066 4,167,493 j 375,427 of 1923. an increase of Si9.000.000. Gold ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDEttAL RESISTIVE BULLETIN NOVEillUBH, 1024 ports for the nine months of 1924 totaled imports than in exports converted the excess $11,000,000, as against 326,000,000 for the import balance of £88,000 shown for July to an same period in 1923, a decline of 115,000,000. excess export balance of £1,378,000 during Net imports of gold, accordingly, were about August. $64,000,000 larger from January to September, For the eight-month period in 1924 gold im- 1924, than for the same period in 1923. ports were lower by £4,400,000 and gold exports higher by £7,000,000 than for the same period in 1923, so that net exports were £11,400,000 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES larger, a practically fourfold increase. Exports to the United States during 1924 wore more [In thousands of dollars] than twice as large as during the first eight I months of 1923. 9 months j 0 months I September, August, ended | ended 1921 1021 September,' September, 1921 I 1923 GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN IMPORTS Great Britain- 17 6, 745 130, 894 80, 303 8 months \ 8 months France 1 602 10,705 12,100 August, July, ended • ended Germany 2 4,822 42, 432 1924 1924 August, ! August, Netherlands.- 34, 501 ] 0,917 1924 : 1023 ' Sweden 6,101 3 Canada 2,659 i 2,421 33,558 11,106 Mexico 497 I 4, 2-19 4,928 Argentina 1,475 ! 6,251 10,190 C P C e o h r l i u o n m a bia 3 1 6 5 9 0 1 3 1 i ! I 0 1 1 2 3 5 0 8 7 2 4 1 , , , 7 2 0 1 5 0 5 0 1 3 3 1 , , , 6 3 4 0 2 4 9 5 0 N U Eg n et y i h t p e e t d r la S n t d at s e .. s _ . £1,5 3 6 4 0 8 £1 1 8 6 , , 0 1 3 0 8 5 £10 3 1 4 3 0 , , , 6 3 5 7 7 2 9 6 5 L 2, £ 6 5 5 3 1 , , 0 9 7 4 6 S Ilongkong 2,500 Khodesia 212,864 193,889 1,605,047 I 1,440,351 All other 960 741 17, 697 14,359 Transvaal 1,475,167 3, 912, 506 24,522,708 I 26,588,688 West Africa... 90, 712 102,443 924,561 ! 862,966 Total. 6,656 1 18,150 ! 269,882 220,522 Allother 7,878 8,755 107,034 I 129,483 Total 1,794,529 | 4,249,736 27,307,930 i 31, 732, 507 Franco 65 05 2,600 Canada 248 215 1, 362 1,038 V H A M B l e r o e l i n n x t o e i g i s z c t k h h o u o e e n I r l n a g dia- 2 1 , , 0 5 7 2 0 3 0 8 2 2 5 1,6 4 0 3 4 4 3 6 3 0 2 1 3 1 , , , , 1 0 2 7 8 0 9 8 9 6 2 1 1 9 6 1 3 2 2 3 , , , , 7 4 1 8 7 4 5 1 0 1 5 4 B F N S S w r w e e a l t e i g n h t d i z c e e u e e r n m r l l a a n n d d s 3 1 1 1 0 8 5 0 3 , , , , 5 7 4 2 7 0 7 2 2 0 0 4 7 2 1 , , , 9 3 5 0 5 4 0 4 0 3 9 3 1 7 1 4 4 4 1 6 4 2 8 , , , , , 0 0 8 8 1 0 5 9 0 1 7 4 0 2 1 I 5 0 3 5 H 1 5 9 . , , I , 8 3 5 O 2 4 7 C 7 4 9 Total . 4,580 2,397 11,159 25, 878 U Br n i i t t i e s d h I S n t d at i e a s 1 1 , , 1 5 8 1 3 9 , ,7 1 0 3 8 7 3,2 8 8 4 3 0 , , 1 8 5 7 4 6 2 7 9 , , 8 8 7 7 0 7 , , 3 0 2 3 3 2 • I 1 1 7 4 , , 6 7 1 6 8 4 , , 7 3 1 0 4 5 Net imports.. 2,076 15,753 258,723 194,644 J S a t v ra a i ts Settlements.. , . 1 1 0 , , 0 2 0 0 1 0 1 6 0 , , 9 2 5 3 4 2 1 2 8 5 9 , , 2 2 7 7 5 8 2 2 1 3 4 2 , , 0 8 2 9 S 4 Kgypt 3,000 1,333,975 775, BOG Allother 11, 536 8,352 675,372 557,196 GREAT BRITAIN Total... 3,172,648 4,161,302 41, 794,119 I 34,833,685 Gold imports into Great Britain during Net imports... 88,374 Net exports... 1, 378,019 14,486,189 3,101,173 August amounted to £1,795,000, a decline of about £2,455,000 compared with the preceding month. August imports were the smallest FOREIGN EXCHANGE since April, 1922, when they totaled £1,278,000. By far the largest part of the decline was shown Sterling exchange during the first three in imports from the Transvaal, from which a weeks of October advanced from $4.46 to S4.50, larger quantity of gold than usual was shipped and averaged somewhat higher than during the directly to India instead of going through the month of September. French and Belgian London market. Gold exports from Great francs and Italian lire continued to decline Britain during August declined by £89,000 as slightly from their September levels. compared with July and .were lower than for During the past few weeks several Euroany month since December, 1923. The great- pean currencies have been quoted at or near est decrease, £1,763,000, was shown for exports their pre-war parities. The Netherlands florin, to the United States, while substantial increases which has been advancing steadily since last were shown in exports to British India, March, when it averaged 37.07 cents, or 92.2 £342,000: to Sweden, £316.000; and to France, per cent of parity, reached an average of 97 £100,000.' The relatively' greater decline in per cent for the first three weeks of October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

XO',-J:MBKR, 1924 FEDERAL KESEKVB BULLETIN 851 Swedish kroner, which had averaged 97.7 per cent of parity in January and February, October, 1021 Sep- Octoreached 99.04 per cent in Juno, and have ever tember, ber, •since remained practically at par. Swiss 1021 First Second Third Fourth 1923 week week week week francs, which had averaged 89.75 per cent in January, rose to 91.5 in June and to 97.8 in A vet age quotations September, and for the first three weeks of (cents): Sterling 440. 05 445. 07 US. 45 449.04 449. 80 452. 37 October maintained an average of 99.3. The French franc 5.30 5.27 5.20 5.22 5.22 5.05 Polish zloty lias averaged above 99.5 per cent Italian lira 4.38 4.37 4.35 4.36 4.33 ' 4.51 Netherlands of parity since coming into use in the latter florin 38.45 38.73 39.08 39.14 39.32 39.13 Swedish lcrona.. 26.60 26.01 20.62 26.61 2'). 01 28.40 part of May. Canadian exchange also has Swiss fnme 18.88 19.11 19.17 19.19 19.23 17.87 been at par since July. Canadian dollar.. 09.1M 99. 86 99.90 99.97 99.99 98.55 Argentine peso.. 80.03 83.01 St. 2! 83.87 83.21 73.66 Argentine pesos advanced from an average Shanghai tael... 75. 27 76.49 77. 90 77.43 76.50 69.85 Percentages of par: of 80 cents in September to a high of 85.3 cents Sterling- 91.7 91.0 92.2 92.3 92.4 93.0 French franc 27.8 27.3 26.9 27.0 27.1 30.8 on October 7, and averaged 83.7 cents for Italian lira 22.7 22.7 22.5 22.6 22.4 23.4 the period October 1 to 21. Brazilian milreis Netherlands florin 95.7 96.3 97.2 97.4 97.8 97.4 and Chilean pesos also showed some advance. Swedish fcrona.. 99.3 99.3 99.3 99.3 99.3 98.5 In tho Orient, the Shanghai tael and the Swiss franc 97.8 l>9.0 99. 3 99.5 99.7 92.6 Canadian dollar. 99.9 100.0 100.0 100.0 100.0 9a o Indian rupee advanced several points, while Argentine peso.. 83.0 86.0 87.3 86.9 86.3 76.4 Shanghai tael... 112.6 114.4 116.5 115.8 114.4 104.6 the Japanese yen declined from a high of 41.2 General index of 17 cents per yen on September 2 to a low of 37.9 countries 61 61 61 61 61 03 cents on October 10, and for the first three Monetary unit and par of exchange in cents, for the countries listed: weeks of October averaged 38.8 cents. Pound=486.65; franc-19.30; lira=19.30; florin=40.20; krona=26.80; do!lar=100; Argentine gold peso= 96.48; Shanghai tael=66.85. 15603—24f- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL EESEEVE BULLETIN NOVEMBKIS, 1924 BUSINESS CONDITIONS ABROAD Business activity in leading European coun- and unemploj'ment, though loss acute than tries during recent months has shown the late in 1923, is larger than in the spring of effect of a waiting attitude ponding comple- this year. In August the number of application of financial and commercial arrangements tions for each 100 available positions was 655, in connection with the agreement reached at compared with 941 in December, 1923, and the London conference and the flotation of the 235 in May of this year. German loan. In Great Britain and France The general course of production and trade a slight recession in some lines of industrial in Great Britain and France since 1922 is activity, partly seasonal in character, is indi- shown by the charts on the opposite page, cated by statistics of employment and rail- which present available information on the road freight shipments and by reductions in output in certain basic industries and on comthe output of coal. Figures of ocean shipping modity shipments. Output of coal declined and of imports and exports, however, show during the summer months, the sharpest rethat the volume of foreign trade in general duction being in France, and in each country has been maintained. These recent develop- the volume for the most recent month was ments in business have followed upon two close to the average for 1922. Steel producyears of continued and considerable improve- tion and railway traffic in Great Britain have ment in industrial and trade activity. Credit recently shown a greater recession than in conditions in Europe in the autumn continued France, where steel output and freight shiptight and interest rates were high. In Ger- ments have been maintained at a relatively many money rates cased somewhat, but there "high level. In Germany production of coal and iron and steel, which was especially low was still a decided shortage of funds. Wholein 1923 owing to the stoppage of industry in sale prices in September changed but little in the Ruhr, is higher than last year, but still England and France and advanced in Gemiany. below 1922. Foreign trade, as indicated by Employment, production, and transportastatistics of snipping, has been sustained in tion.—Unemployment in Great Britain, which, France and Germany, but in Great Britain as shown on the chart, had been declining for there has been some decline in tonnage in conmore than two years, increased somewhat sequence of a reduced demand for British coal during recent months, but is less than at the on the Continent with the resumption of Geropening of the year. In France there has man coal production. been an actual scarcity of labor and some immigration of workers to fill aA7ailable posi- Prices and exchange rates.—Price fluctuations. The level of employment in Germany tions in leading European countries in the past is materially below the two preceding years, few months have been smaller than at any time in recent years. In England prices declined slightly in the summer and since that time have shown but little change. Prices in =ER CENT PER CENT 20 UNEMPLOYMENT IN GREAT 3RITA1N 20 France, after a sharp advance and an abrupt decline early in the year, due largely to exchange conditions, have been relatively steady, 15 15 while in Germany there has been a considerable advance in prices in recent months, and in September prices were at about the same level as at the opening of the year. Exchange 10 > 10 rates on loading European countries in the New York market have been strong in recent months, contraiy to the usual tendency in the 5 5 autumn. Sterling exchange has advanced almost continuously since the opening of 1924 and at the end of October was near the highest level for the year. The French franc tended 0 0 downward in September and early October, 1922 1923 Percentage or unemployed trade unionists in Groat Britain as but recovered somewhat toward the end ot fhe reported by the British Ministry of Labor month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEK, 1021 PEDEEAL BESERVE BULLETIN 853 PRODUCTION AND TRADE IN GREAT BRITAIN AND FRANCE { 1922 AVERAGE =100 ) GREAT BRITAIN FRANCE COAL PRODUCTION PER CENT 150 100 V 50 STEEL PRODUCTION 200 550 150 ' VV V 100 100 50 50 RAILROAD FREIGHT MOVEMENT 150 150 I ^—. 100 100 50 50 OCEAN TONNAGE CLEARED 150 15C 100 100 y /**—> V V 50 — SO 1922 1923 1922 1923 1S24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL BiSSEKVE BULI/EIKST XOVK.MJJKK. 1924 THE NEW REICHSBANK LAW years is given to tho new Reichsbank.1 The Rentenbank may not increase its note circula- Laws providing for liquidation of the Rentention and the issue privilege of the Gold Disbank and for establishment of a now bank of count Bank is revoked. Notes to be issued issue in Germany were passed by the Reichstag by tho Roichsbank will be denominated reichson August 30. These laws, drafted in commarks. The Reichsbank will call in all its prespliance with the Dawos Committee plan of ent circulation and convert it into reichsmarks linancial reorganization and currency stabilizaat the rate of one trillion marks for one reichstion, had previously been submitted to the mark. This exchange must be completed within Reparation Commission for approval. After such period as may bo determined upon by the the flotation of the 800,000,000-m.ark loan an managing board.2 Outside of gold currency, the executive decree giving effect to the new notes of the Reichsbank will be the only unlegislation was issued in the second week of limited legal tender in the country. Notes will October, 1924. not be issued in denominations smaller than 10 Organization committee.—A complete plan reichsmarks. Foreign bank notes or other nonfor organization of a proposed new bank interest bearing bearer obligations may not of issue embodied in the Dawes report pro- be used in making payments within Germany. vided for appointment of an organization Capital.—According to the law, the capital of committee which should supervise the writing the now Reichsbank must amount to at least of a new bank law, carry the organization 300,000,000 and may not exceed 400,000,000 through its initial stages, and decide in its gold marks. From present reports, it appears discretion whether an entirely now institution that the now bank is expected to begin operashould be created or the old Reichsbank bo tions with a capital of 300,000,000 gold marks. reorganized. This committee, consisting of Shares in the new bank must be paid for ex- Sir Robert Kindersley and Dr. H. Schacht, clusively in gold or exchange, excepting those determined to transform, the Reichsbank; the shares of stock which will be issued in exchange new bank of issue has, therefore, been legally for the shares in the old Reichsbank and for created by amendment of the Roichsbank law the shares in tho Gold Discount Bank. In of March 14, 1875, which has been extensiveij^ making these exchanges the shares of the Gold rewritten, although important sections have Discount Bank 3 will bo accepted at par at been taken over intact from the old law. the current rate of exchange. As to the old While the new law follows the Dawes Com- Roichsbank shares, the law provides that not mitteo plan closely, important deviations from, more than 100,000,000 marks of now shares the plan are found in provisions fixing reserve may bo issued against the capital stock of the percentages (above those proposed in the plan), old Reichsbank. Before this exchange could and in provisions relating to the distribution take place, therefore, it was necessary for tho of profits. Taken as a whole, although, its old Itoicbsbank to reduce its capital of 180,000,operations have boon, more specifically delimited 000 to 100,000,000 or less. At a meeting of the by law, the fund amenta! character and func- stockholders of the old Reichsbank held on tions of tho Reichsbank ara to remain un- October 4, it was decided to reduce tho capital changed. It is to continue to operate as a of the old'bank from 180,000,000 to 90,000,000, coxnna.Gfci.JiI bankers' bank and as practically so that 90,000,000 gold marks of now shares tho sole bank of issue, whoso function it will will be .issued to tho stockholders of the old be to regulate the supply of currency and. credit. Reichsbank. Finally, it is provided that stock- How soon tho condition of the new Reichs- holders shall not be personally liable for the bank will justify it in undertaking full per- obligations of the new Reichsbank—a provision formance of all functions assigned to it remains taken over from tho old law. to be seen. At the moment one can but ex- Organization,—The organization of the new amine the provisions of the new law. Tho new Reichsbank will be closely analogous to that Reichsbank is an autonomous institution indeof the old bank. Its administration will be pendent of the German Federal Government. It possesses the attributes of a corporate body. '- Existing issue privileges of tho Bayerischc Notenbank, tho \7uort- It is located in Berlin, as heretofore, and its temberidsche Notonbank:, tho Safieiksisehe Bank, and the Badi.sehe Bank are not invalidated; the combined issues of these four institutions name remains unchanged. may not, however, exceed 191,000,000 marks and will, therefore, con- Note issue.—Tho note-issue function will tin 2 u A e c t c o o r b d e i n i g n si t g o n t i h fi e c a l n a t t es it t e m re s p o in r ts th , e t h t i o s t a o l f e c h i n rc iB ul c a ti w o i n ll . have to be combe one of the principal functiojis of the new as pleted within three months after call, but no call date has yet been fixed. 3 Although there has been some discussion recently of continuing the it lias been of the old Reichsbank. Practically Gold Discount Bunk as an independent institution, both the Dawes exclusive right of note issue for a period of 50 report bank draft and the new Ucichsbttnk law contemplate, the ab. sorptioo of ibis institution into the new bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Novi:Mr,!:ii, 11)24 FEDERAL J1ESERYK BULLETIN 855 in the hands of a board of directors, or manag- account, the relation between the agent general ing board, as was true of the old bank. Until and the Keichsbank shall be that of a cus- 1920, when the Kcichsbank became autono- tomer and bank. On this point the Dawes mous, governmental supervision was carried plan itself went no farther than to state that: out through the- Keichsbankkuratorium, and un- "When the committee (transfer committee) is of der the present program certain foreign pow- the opinion that the bank's discount rate is not ers—ifi place of the German Government—will in relation to the necessity of making important henceforth exercise supervision, acting through transfers, it shall inform the president of the the general, board, which replaces the Roichs- bank" (Dawes report, annex 6, to the report bankkuratorium. in modified form the func- of the first committee of exports, Section VII). tions of the annual meeting of stockholders Nor are the London protocols more specific. and of the council chosen from, the ranks of So that the powers of the agent general and of the the stockholders have been embodied in the transfer committee over German currency and new law. The only real innovation, which is credit_ policy will be limited to those inherent adopted from the Dawes report, is the ad- in their control over the reparations account. dition of a foreign commissioner of note issue. President.—The chairman of the managing The plan proposed in. the Dawcs report was board, who is also chairman of the general specific in its provisions as regards methods to board, will be the president of the bank and be followed in electing the commissioner of its managing director. He must be of German note issue, the members of the managing board, nationality. On recommendation of the manand the members of the general board. Fur- aging board he will appoint the officials of the thermore, the powers, functions, and inter- bank, and he will have full charge of the relations of those three agencies were clearly bank's technical organization. The first presidefined. All of these provisions, which were dent of the new bank will be the present indesigned to insure efficient administration and cumbent, Dr. Hjalmar Schacht. at the same time adequate control, have been G-eneral board,—The general board, composed embodied in the new law with insignificant of seven foreigners 4 and seven German memchanges. (See Da,wcs report, annex 1, Sections bers, will exercise its control over the Reichs- IV-VIII, inclusive.) bank chiefly through its electoral powers. Managing board.-—The managing board, By a majority vote of nine members, six of whose members must all be of German nation- whom must be German, it will elect the presiality, will as heretofore exercise predominating dent of the bank, subject to the approval of the influence in the administration' of the bank. president of the German Republic. The presi- Not only is the practical management entirely dent of the bank in turn will appoint the memin its hands, but trie exclusive control of the bers of the managing board. These appointcurrency, discount, and credit policy also is ments, however, will require the approval of the vested in it. The managing board may submit general board in the form of an affirmative its plans or proposals to the general board for vote of at least nine members, six of which an opinion, but this is not obligatory. In must be Germans.5 Finally, the general board, three instances only is assent of an outside by a vote of at least nine members, six of which body essential. One of these is found in the must be foreign-, will elect from the members of provision that the affirmative vote of every the board, or outside the board from the citimember but one of the general board is neces- zens of a country represented on the board, sary if the reserve ratio is to be reduced below the commissioner of note issue, who in case he is the legal minimum of 40 per cent, a provision not already a member, becomes a member of taken over from the Dawes report draft. A the general board, to the exclusion of that one second is the requirement of consent not only of the foreign members of the same nationality of the general board but also of the Federal as himself. Government before redemption of the Iteichs- The administrative function of the general bank's notes in gold or its equivalent may be board will for practical purposes be advisorj^ resumed. The third instance relates to collateral loans and will be discussed below. 4 One member of each of the following nationalities: United States British, French, Italian, Belgian, Dutch, and Swiss. The foreign Transfer committee.—Neither the agent gen- members of the first general board were appointed by the organization eral of reparations nor the transfer committee committee. The appointments are: Gates McGarrah (United States), Sir Charles Stewart Addis (Great Britain), Charles Sergeant (France), is given any positive control over the adminis- Carlo Feltrinelli (Italy), Prof. G. W. J. Brains (Netherlands), M. E. Jansen (Belgium), and Prof. Bachmann (Switzerland). tration or the policy of the bank. The law 5 According to the latest reports, the directorate of the old bank has states merely that in handling the reparations become the managing board of the new bank practically without change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL, RESERVE BULLETIN NOVEMBER, 1924 only. This has already become apparent in (3) To grant interest-bearing loans up to 90 days the discussion of the relation of the managing against the following collateral: (a) Gold and silver, minted or unmintcd. board to the general board. Nevertheless, the (b) Fully paid common or common priority stock or general board's actual influence may in prac- priority obligations of German railroads whose lines are tice exceed its theoretical powers. It is not un- in operation, as well as debentures of agricultural, comlikely that conditions may arise which will munal, or other German land credit institutions under Federal supervision, and debentures of German cormake it seem desirable to the managing board porate mortgage banks, up to 75 per cent of the market to seek the assent of the general board, even if value. Obligations of public land credit institutions, such assent is not legally essential. as well as bearer obligations of the above-mentioned institutions and banks, issued on the basis of loans granted Council.—The council of stockholders, which to domestic, communal corporations, or guaranteed by even before the war was becoming of less and such a corporation, arc given the same status as debenless importance, will be reduced to a merely tures mentioned above. advisory body with whom the managing board (c) Bearer obligations of the Federal Government, of may from time to time discuss questions of a German State, or a domestic communal corporation or interest-bearing obligations, the interest on which is policy. guaranteed by the Federal Government or by one of Annual meeting.—The annual meeting of the States, up to 75 per cent of the market value. The stockholders will have the power to determine maturity on the above-mentioned obligations must not exceed one year. Loans guaranteed by such collateral upon the distribution of profits in so far as may be granted to banks of known solvency only. this distribution is not already determined by (d) Interest-bearing bearer obligations of foreign provisions of the law. Furthermore, the elec- states as well as state-guaranteed foreign railway priortion of the council of stockholders and the ity obligations, up to .50 per cent of the market value. German members of the general board will de- (e) Bills of exchange bearing names of known solvency with a discount of at least 5 per cent. volve upon them. Finally upon proposal by (f) Merchandise warehoused within the country up the managing board, the meeting of the stock- to two-thirds of its value, The bank may with special holders may with the consent of the general authorization of the general board8 take as collateral board amend the statutes 8 of the bank. long-term obligations of the Federal Government for loans maturing in 90 days or less if there arc two Commissioner.—The commissioner of note guarantors liable for the obligations outside of the issue will have no control over the administra- collateral, both of whom must be doing business within tion or the policy of the bank. His function Germany, one of whom must be a bank. It is, however, stipulated that secured loans for which longwill be merely to enforce compliance with the term obligations of the Federal Government are provisions of the law in regard to the issue of collateral may not exceed the paid-up capital of the notes and the reserves. His responsibility will bank plus its reserves. be signified by the fact that each note issued (4) To buy and sell the securities mentioned under will bear his signature. Prof. G. W. J. Bruins 3(c); the purchase of "such securities for its own account is permitted only in so far as it is essential to maintain (Netherlands) has been designated as the first its current business with its customers. commissioner of note issue. (5) To handle collections for institutions, official Scope of operations.-—Although closely fol- bodies, and private persons; to make payments and transfers for their account, provided the bank has lowing the Dawes report draft, the sections rereceived countervalue. ferring to the scope of operations of the new (6) To buy for customers' account securities of any bank are so important as to justify their repro- kind as well as precious metals, provided the counterduction in full: value has been received, and to sell the same provided delivery has been made. The bank is authorized to transact the following types (7) To receive money without interest on deposit or of business: in giro (transfer account). (1) To buy and sell gold and silver coins or bullion as well as exchange. The law further provides that the bank may (2) To buy, sell, or discount bills of exchange matur- not accept time bills of exchange drawn against ing in not more than 90 days, bearing at least three it. It may not grant loans against mining names of known solvency, and checks bearing at least property, oil fields, or stock, unless they be three names of known solvency. The requirement of the third name may be dispensed with provided satis- secondary security, nor may it buy or soil real factory collateral is substituted. The volume of such estate, stocks, or goods, except for the purpose paper, however, may not exceed 33% per cent of the of liquidating assets or carrying on its own total bills held. All bills must relate to bona fide commercial transactions.7 banking business. These provisions show that within the spec- 6 Tho statutes of the bank are relatively unimportant; they deal in ified limits the Reichsbank will be empowered the main with the requirements tor the meetings of the various boards and committees and lay down certain principles of valuation for the to transact essentially all kinds of banking annual balance sheet. The first set of statutes was drawn up by the organization committee. 'The old law required "at least" two signatures to make bills of 8 This is the third instance in which the assent of the general board is exchange eligible for discount. Under the new law an additional signa- required before action may be taken by the managing board. See above, ture is required supposedly with the purpose of eliminating finance bills. p. S55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEJIBEK, 1924 FEDEBAL. BESEEVE BULLETIN 857 operations except those of an investment railroads and the post-office system. With house. This is no innovation as compared with these exceptions, the Reichsbank may not pre-war conditions, except that the present law extend any credit directly or indirectly to the is somewhat more rigid in respect principally to Government, or to the states, or the comits provisions devised to prevent excessive munes, or to any foreign government. amounts of Government paper from getting These provisions will not, however, affect the into the bank (sections 3(c) and 3(g)). loans extended to the Government by the Clearance.—Another important function of agreement made between the Government and the Reichsbank, after note issue, will be that the Reichsbank relative to the liquidation of of clearance. This function arises out of ithe old Reichsbank. This agreement was apparagraph 7 of the above provision. Through proved by the meeting of the stockholders its branches situated all over the country the mentioned above. In lieu of the granting of Reichsbank will continue as heretofore to the note-issuing privilege for 50 years, and in conduct the country's clearing system (Giro- lieu of relinquishing its claim to any residue verkehr). arising out of the liquidation of the old Reichsbank, the Government received the following Discount market.—Paragraphs 2 and 3 of considerations: The Reichsbank assumed liathe provisions indicate the relation that the bility for the repayment of the dollar loan, Reichsbank is to have to the money market. amounting to 252,000,000 gold marks, due These sections contemplate that the Reichs- April, 1926; furthermore the floating debt of bank shall in the future engage in market the Government with the Reichsbank, amountoperations of the same general character as ing to 235,000,000 gold marks, and arising before the war, i. e., that it shall act not presumably out of exchange payments made by primarily as a credit-granting agency but the bank on behalf of the Government to rather as the pivotal factor in the discount support the mark early in 1923, will be funded. market by standing ready to rediscount any good commercial bill running 90 days or less.0 The Reichsbank will grant the Government a permanent loan of 100,000,000 gold marks at The pontrol of the money market by its dis- j 2 per cent, repayable with the recall of the count policy will, as formerly, be one of the ! note issue privilege, and a loan of 135,000,000 more important, if not the most important, j function of the new Reichsbank.10 I gold marks at 3 per cent, repayable in equal installments over a period of 15 years. Fiscal agency.—A fourth function of the ' new bank will be to serve as fiscal agent of the Eeserves against notes.—As noted above, the Federal Government. It will execute free of new law differs from the Dawes report draft charge all operations connected with the in respect to its provisions fixing the reserve flotation, redemption, and payment of interest percentages. The new bank will be required on Government bonds. On all other trans- to maintain a 40u per cent reserve against actions, the Reichsbank may make the same its notes in circulation. At least 7512 per charges as to any other customer. The cent of this reserve must be in the form of gold, granting of credit to the Government will be in vault or with foreign banks of issue at the strictly limited. The Reichsbank may extend free disposal of the lleichsbank, the pound to the Government credit for working capital of fine gold 13 being reckoned at 1,392 Reichsup to 100,000,000 marks for 90 days, but mark. The balance of the 40 per cent reserves there must be no indebtedness at the end of may be in the form of exchange, exchange the fiscal year. It is further authorized to being defined as (a) foreign bank notes, (6) grant credits up to 200,000,000 marks to the bills of exchange running not more than 14 days, (c) foreign checks, or (d) deposits with 9 Actually the average maturity of bills held is likely to be consider- any bank located in a foreign financial cenably less. Until recently when it relaxed its restrictions, the Keichsbank was conilning itself to the discounting of very short maturities, prefer- ter and known to be solvent. Against the balably 10 days or less. The volume of agricultural paper held was, how-ance of 60 per cent, the Reichsbank will be ever, so grea; that it is improbable that the pre-war average of about 30 days was attainod. required to hold eligible bills of exchange or " At the moment the discount market is still practically nonexistent in Germany, and the recent efforts to reestablish one have not been checks. successful. The prime essential of a discount market is that some institution bo prepared at any time to rediscount any amount of paper at its Under special circumstances and with the rediscounting rate. In order to preserve the stability of the currency, consent of the general board the reserve perthe Reichsbank was forced to ration its volume of rediscounts, beginning Apr. 7; furthermore, it began to discriminate in favor of bills of excep-centage may be allowed to drop below 40 per tionally short maturities. The recent decision to raise its volume of rediscounts by 10 per cent, and to accept longer maturities has not cent. In case the reserve percentage remains contributed much toward reestablishing a discount market. One result of this situation has been that individual banks have been compelled to rely on themselves for reserves. Incidentally it may be u The draft in the Dawes report nailed for S3H per cent only. noted that this throws light upon the discrepancy between long-term '* No such requirement was embodied in the Dawes plan draft. and short-term interest rates in the money market. » Reckoned at 500 grams to the pound. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL EESKKVE BULLETIN XOVEMHEIt, 102 i below 40 per cent for more than a week the Profits.—The bank is to maintain a reserve Reichsbank will be required to pay a defi- fund, and so long as this fund amounts to less ciency tax to the Government, according to than 12 per cent of the notes in circulation, a sliding1 scale similar to that embodied in. up to 20 per cent of the net profits each year the Federal reserve act. Whenever a defi- are to be added to it. Shareholders are enciency tax is to be paid, the discount rate must titled to a cumulative annual dividend of 8 be raised by one-third of the tax rate to be per cent, which will be paid after the reserve paid and to at least 5 per cent. fund requirements have been met. Of the Keserve against deposits.—Against its total balance of the net profits, the government will deposits, exclusive of the account of the agent receive an important share in lieu of taxes. Of general, the bank is required to hold a special the first 50,000,000 gold marks, one-half is cover of 40 per cent. This reserve is to con- to go to the Government, and one-half to the sist of deposits in other banks or abroad, checks shareholders; of the second 50,000,000 marks ; on. other banks, bills of exchange maturing in three-quarters is to go to the Government and not more than 30 days, or callable secured loans. ono-fourth to the shareholders; on any bal- The old Reichsbank law required no reserves ance nine-tenths is to go to the Government and against deposits. The Dawes draft, however, one-tenth to the shareholders. called for a reserve of 12 per cent in gold or its The first statement of the now Reichsbank equivalent, in addition to a reserve of 30 per is given below. The various items of the statecent instead of 40 per cent in the form of ment represent assets and liabilities taken over liquid assets. In comparison with the Dawes from the old Reichsbank converted to a gold draft, therefore, the present law is considerably basis. A recent statement of the old Reichsless rigid as regards its requirement of reserves bank appeared in the BULLETIN for August, against deposits. The type of assets which may 1924, page 637. The liability for notes in be legally employed as coyer seems in fact so circulation is on old Reichsbank notes to be comprehensive as to admit assets of almost redeemed at a trillion to one. The reserve every kind. against notes, according to this statement, is Convertibility.—The bank is required to 43.9 per cent in gold and 58.6 per cent in gold purchase any gold offered by the issue of its and foreign currency. notes at the fixed rate of 1,392 reichsmark to the pound of fine gold. This makes the gold FIBST STATEMENT OF CONDITION OF THE NEW REICHScontent of the now reichsmark equivalent to BAKK, OCTOUEH 15, 1924 that of the old mark, Furthermore, the bank is compelled to redeem its notes to any bearer ASSETS RoichsmariKs Shaves not yet issued 210,000,000 upon presentation in gold or gold coin at par Gold and bullion (of the gold and bullion, 172,1-43,000 or in foreign exchange at the current rates of reichsmarks arc deposited abroad) 613,62a, 000 Kesarvo in foreign currencies 204,541,000 exchange. Foreign exchange is defined as Bills of exchange and checks 2,153,943,000 checks on or transfers on the books of specified Silver and other coins 59,359,000 Notes of other German banks None. foreign banks. If redemption is made in the Advances on collateral lo,947,000 Securities 77,517,000 form of foreign exchange a charge not exceeding Other assets - 929,801,000 the expense of shipping gold may be made. Total assets - ---- - 4,20-1,833,000 None of these provisions, excepting those re- LIABILITIES ferring to the purchase of gold, go into effect Capital 00,000,000 with the rest of the law. As intimated above, Incroiiso of capital as decided upon at recent general meetthey will require the assent of the managing Su i r n< pl r u s - . • . 210, 9 0 0 0 0 0 , , 0 0 0 0 0 0 and general boards, and, according to present Notes in circulation 1,390,748,000 Other demand liabilities — 828,511,000 indications, the definite return to a working Due to the Ronlenbank 800,000,000 Other liabilities .- 938,674,000 gold standard is not contemplated at this time. Total liabilities 4,264,833,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1924 FEDERAL RESERVE BULLETIN 859 THE BUILDING INDUSTRY IN 1923 AND The value of building permits has increased 1924 much more rapidly since 1919 than either the value or volume of contracts awarded, and New building operations, after increasing in this may be ascribed in part to the following volume in each year since 1921, have been reasons: Permits represent only urban building, slightly larger in the first three-quarters of which has increased more rapidly than rural 1924 than in the corresponding period of 1923. construction in recent years; definitions of If the monthly statistics of new projects be permits have been changed in many cities to adjusted for seasonal variations, however, make the statistics more inclusive; and the they indicate that the value of new operations fact that valuations of permits were probably has not been increasing since last winter and entirely too low in 1919 and 1920, due to the that after the end of the first quarter a sub- rapid advance of prices and the belief that a stantial decline took place, with some recovery low valuation might result in a low tax assessin August a,nd September. Analysis of per- ment, whereas contractors were doubtless more mits granted and contracts awarded, by geo- careful to make allowance for increasing costs. graphical areas, indicates that new construc- Allowing for these known defects of permit figtion has been maintained in relatively greater ures, it is clear that the expansion in building volume in the New York and San "Francisco operations really dates from 1921, with a sharp districts than in other sections of the country. increase in 1922 and more moderate increases Residential building has shown a steady growth in 1923 and 1924. year by year, but contracts for other types of Recent developments in the building inbuildings" have been smaller in volume during dustry are shown in more detail below. In the past two years than in 1922. Road build- this table all figures are shown as relatives on ing, on the other hand, is larger at the present a 1919 base, in order to make them comparable. time than at any earlier date. Indexes of building costs, which have been constructed NEW BUILDING, BY MONTHS, 1923-24 by various organizations, are in substantial [Monthly average 1919=100] agreement and indicate that average prices of building materials have been declining for Value of per- Value of eon- Floor space more than a year. The volume of construc- mits i tracts » contracted 3 tion in 1924 has given direct employment to more than 2,500,000 persons and has also ex- 1923 ! 1924 1923 : 1924 1923 1924 ercised a sustaining effect on the building material industries. Cement plants have had 99 i J09 101 '• 122 83 107 February 108 135 107 : 121 89 103 a record production during the first nine March ISS . 211 155 180 139 147 months of 1924, shipments of oak flooring and April... : 186 146 166 198 138 136 May. 131 • 147 174 : 167 129 124 structural steel have been well sustained, and June__.....„ . .. 121 ; 130 150 154 99 103 there has been some decrease in the demand J A u u ly gust . . . 1 12 0 3 7 ' 1 12 1 0 3 1 11 2 8 8 ,• 1 1 3 3 5 9 9 8 0 5 8 9 8 0 for lumber and brick. September U2 i 114 118 : 139 83 93 October 133 :. 149 116 November __. 135 : 111 December. . . ._! 121 jl 125 ' 102 NEW BUILDING OPERATIONS, 1919-1924 • Value of permits at 168 cities. 2 Value of contract awards in 27 States. Value of Value of Floor space ' Floor space of buildings contracted in 27 States. permits contracts contracted (168 cities) (27 States) • (27 States) A summarization of this table indicates that the value of new building projects was mani- Square feet 1919 .. '$1,350, 000, 000 $2, S80, 000,000 500,000,000 festly larger than a year ago in all of the first 1920 1 1,437,000,000 • 2,533,000,000 402,000,000 nine months of 1924, except in April and May, 1921' . i 1,0«0,000, 000 : 2, 300, 000,000 387,000,000 1922 - - ' 2,543,000,000 3,353,000,000 573,000,000 for which the permit figures and the contract 1923"" -. --.! 3,122,000,000 I 3,494,000,000 : 59.2 ,00.0,000 1923"(9 months) ! 2,350,000,000 | 2,817,000,000 438,000,000 figures point different ways. Moreover, the 1924 (9 months) i 2,492,000,000 ' 2,910,000,000 • 462,000,000 relatives for floor space contracted show evident increases in comparison with 1923 except for The table gives the available data for the these same two months. Statistics of employvalue of permits as assembled by the Federal ment in construction industries, collected by reserve banks and the value and floor space of two States, on the other hand, indicate that contracts as collected by the F. W. Dodge Co. the actual volume of building operations in 15603—24f 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN -N'OVKMRKH, 1924 those States was slightly smaller in the first peak of permit values in March due to the fact half of 1924 than in. the Corresponding period that the New York State tax-exemption laws of 1923. on now buildings first due to expire on March In order to bring out the significance of 31, 1921, have been extended several times for month to month changes in the value of per- one year by action of the legislature in the mits and contracts, charts A, B, and C are latter part of March. In the Atlanta, St. presented. The basis of adjustment for Louis, Kansas City, and San Francisco disseasonal variations is the five-year period 1919 tricts there arc fall peaks as well as spring to 1923.1 The seasonal distribution of value of peaks in volume of new building projects and this autumn peak is much the more important CMUTA in the Atlanta district. New building projects are more evenly distributed throughout the year in the San Francisco district than in any other section of the country. 100 PER CENT CHART B. PER C£ttt 200i i i 1200 BUILDING CONTRACTS SEVEN f. R. DISTRICTS (AVERAGE MONTH, 192l-*23=100 ) 50 50 SEASONAL DISTRIBUTION OF BUILDING ACTIVITY i ( AVERAGE MONTH = 10O ) ! I I I 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. building permits at 168 cities and value of contract awards in seven Federal reserve districts are compared in chart A. In using these — Adjusted for seasonal variations figures it should bo remembered that distribu- Unadjusted tion of new building varies considerably from year to year as a result of weather conditions and other arbitrary factors, and that the period Chart B shows building contracts for seven 191.9 to 1923 was affected by many unusual Federal reserve districts, with and without influences. seasonal adjustment, and chart C makes a It may bo noted that both permits and consimilar comparison for building permits in tracts rise to a. peak in. the spring months, 168 cities. Both these charts show a rather show a gradual decline in the summer and steady expansion of new building projects autumn, and reach a low point in the winter. during 1921 and 1922, which was checked in The peak is somewhat earlier in the case of tho spring of 1923. New building operations permits than in the case of contracts, which is rose to the highest point on record in the early due to the fact that in New York and certain part of 1924, but there has since been conother cities a permit must be obtained before siderable recession in both adjusted and work on a building is started, though this is not unadjusted figures. A study of the changes a rule in all cities. Seasonal distribution of new in size of new building operations, adjusted building is not presented separately for each for seasonal variations by districts, indicates Federal reserve district, as these figures are that the increase in 192-1 as compared with more subject to arbitrary influences than the 1923 is due almost entirely to the large number totals. The figures indicate, however, that the of new projects in the New York district. building season in the Boston, Now York, In the Philadelphia, Cleveland, Minneapolis, Philadelphia, Cleveland, Richmond, Chicago, and Kansas City districts now building has Minneapolis, and Dallas districts is similar to been in smaller volume in 1924 than in 1923, that shown by the chart. In the New York while in the Boston and Cleveland districts district, however, there is a particularly sharp the largest volume of new operations were started in 1922. 1 In measuring these seasonal changes and adjusting monthly totals for seasonal variations tho method used was that described in the presenta- Analysis of the contract awards, by types tion of the index of department store sales in the FUPKK.U. RESERVE of buildings, indicates that residential con- BULLETIN for January, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYEMBEB, 1024 KESERVE BOLLKTIN 861 atruction has shown a steady growth since An important factor in sustaining the price 1920 and reached a peak in the spring of 1924, of cement has been the large volume of road whereas awards for all other important classes building, which now aggregates about $l,400,~ of buuldings were smaller in 1924 than in000,000 per year. Figures collected by the earlier years. Contracts for business build- Portland Cement Association indicate that ings, industrial buildings, educational build- contracts for concrete pavements were 19 ings, and other public buildings each reached per cent larger during the first eight months a peak in 1922, which has not been exceeded of 1924 than in the corresponding period of in the two later years. An interesting feature 1923 and were also larger than in any earlier of these figures is the fact that business and year. Contracts for rural highways and for residential construction has boon more stable city streets have shown about an equal inin volume than construction of public building:-:. crease in 1924. The Bureau of Public Roads reports, moreover, that the amount of highway PER CENT CHART C. PER< construction receiving Federal aid was larger 250 at the end of September than at any previous BUILDING PERMITS date on record. Statistics published in the 168 CITIES ( AVERAGE MONTH, 1921-23=100 ) Wisconsin Labor Market, however, indicate 1 1 200 that employment on highway construction has been somewhat smaller this year than in \ cither 1922 or 1923. 150 M\A u CHART D. MILLIONS OF TONS 30 Vyfs 100\A j 50 V / f ^ I variations _•_ Adjusted for seasonal i Unadjusted 0 1920 1921 1322 1923 192/t The expansion in the volume of building during the years 1921, 1922, and 1923 was accompanied by a substantial rise in prices of building materials and by numerous ad- QUAHTERS - FIRST SECOND THIRD FOURTH FIRST SECOND-QUARTERS vances in wage scales. This increase in cost >. )323 , ,92*,. of construction reached a peak in the spring Demands for most building materials have or summer of 1923, according to the building continued to be largo, as is indicated by the materials index of the Bureau of Labor sta- tonnage loaded by railroads, shown on chart tistics, indexes of material costs for brick and D. This bar diagram indicates that total shipframe houses computed by the Bureau of ments of building materials were smaller in the Standards, and the index of cost of construc- first two quarters of 1924 than in the corretion of concrete factory buildings compiled sponding periods of 1923, due to smaller loadby the Aberthaw Construction Co. On the ings of lumber and brick. Tonnage of cement, other hand, the index of construction costs lime, and certain other building materials compiled by the Engineering News Record, loaded in the first half of this year, on the other which includes wage rates paid common labor hand, was slightly larger than a year ago. in 20 cities together with prices of structural Both shipments and cut of lumber have been steel, cement, and lumber, only showed a somewhat smaller in 1924 than in 1923, parsmall recession in the autumn and advanced to ticularly during the summer months, and a peak in March, 1924. All of these indexes prices of both softwoods and hardwoods have show that there was a decline in building costs (ieclined since early spring. Stocks of yellow during the spring and summer of 1924, Avhen pine are about the same size as a year ago, but recessions were also occurring in the adjusted stocks of flooring arc considerably larger. Proindexes of permits and contracts. duction cf oak flooring has been larger than in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL, KESERVE BULLETIN N0VE5IBEK, 1924 1923, as a result of an increased volume of 1919. High prices continued in 1919 and the orders and larger shipments. Maple flooring volume of marketing was exceptionally large output, on the other hand, has been much cur- in 1919 and 1920, so that by the beginning of tailed, as new orders have been smaller than 1921 the supply of hogs was reduced to the last year. smallest number in a decade. The reduction Cement shipments have been larger in 1924 in the number of hogs was accompanied by than in any previous year on record, and pro- an increase in the size of the corn crop and by duction has shown a corresponding increase, a continuous decline in the price of corn. In reflecting the great volume of concrete highway the winter of 1921 low corn prices and relaconstruction. Stocks of cement are slightly tively high prices of hogs resulted in increased larger than in earlier years, but price quota- hog production, which continued throughout tions have remained unchanged throughout 1922 and brought the supply of hogs to a the year to date at a higher level than in 1923. postwar peak early in 1923. This large supply, Brick shipments by railroads during the first together with an advance in corn prices, had six months of 1924 were 7 per cent less than an unfavorable effect on the hog industry and in the corresponding period a year earlier, and resulted in a curtailment of production and a there has been a decrease in production. Stocks heavy volume of marketing, lasting until the are slightly larger than last year, and the vol- spring of 1924. Since that time the reduced ume of unfilled orders has been reduced. Prices supply has resulted in a rise in hog prices. The declined sharply in July and August, but have relation of the production of hogs and corn been firmer during September and October. Sales of structural steel were much smaller 250p- ~r 1 1 1— PER C 1 E 2 N 5 T 0 in the first four months of 1924 than a year FARM PRICES OF MEAT ANIMALS earlier, but in each of the following four months ( AUGUST, 1909-JUUV.1914.IOS) were in excess of sales in the corresponding months of 1923. As a result, the total sales 200 200 this year have been about equal in volume to those a year ago. Prices of steel shapes, which remained unchanged throughout most of 1923, ISO have been considerably reduced during 1924. POSITION OF THE LIVESTOCK INDUSTRY 100 In the livestock industry the recovery from I the depression of 1920 and 1921 has been j slower and less complete than in other branches sol 50 of agriculture. Prices of meat animals reached 1919 1920 1921 1922 192* a peak in the summer of 1919, about a year since 1919 is given in the following table, which earlier than prices of most other commodities, jshows the number of hogs on farms at the and from that time until recent months live- jbeginning of each year, the average price and stock prices have had a continuous decline, j the volume of hogs marketed during the year, with few interruptions. In August and Sep- !the size of the corn crops, and the average tember, 1924, there was a decided upward price of corn. movement in the price of meat animals, due chiefly to an advance in the price of hogs. Hogs Corn The chart presents the course of livestock prices since 1919. A brief discussion of developments in the three principal branches of the Year o N n u m far b m er s • P p™ nc ™ e i ! i i d m N ur a u i r m n k g e b t t e e h r d e P (t r h o o d u u s c a t n io d n s ?™ce J livestock industry in recent years is under- on Jan. 1 year of bushels) taken in this study. Hogs.—At the beginning of the war the in- 1919 _'' 74,584,000 I $17.80 41,811,830 2,811,302 150.4 creased foreign demand for pork and pork 1 1 9 9 2 2 0 1 ___• 5 5 6 9 , , 0 3 9 4 7 4 , , 0 0 0 0 0 0 1 8 3 . . 5 9 1 1 3 38 8 , , 9 0 8 1 2 8 , , 0 3 8 5 4 5 3 3 , , 0 2 6 0 8 8 , , 5 5 6 8 9 4 1 5 4 6 4 . . 6 6 products resulted in a rapid advance of hog 1922 ; 57,834,000 9.22 43,113,629 2,900,020 56.9 1923-.. • G8, 227,000 I 7.55 S3, 333,708 3,054,395 78.1 prices. Production was stimulated and in- 1U24 ; 65,301,000 *9.96 * 2,459,000 « 110.4 creased steadily during the period of the war, with the consequence that the number 1 Average price per 100 pounds at Chicago. 1 Estimate on Oct. 1. of hogs on farms reached a record figure in "• Average price at Chicago. 1 Average price in September, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOTEMEEB, 1924 FEDERAL RESERVE BULLETIN 863 Closely related to the changes in hog pro- Prior to the war the number of beef cattle duction have been the fluctuations in the vol- in this country was gradually declining, but ume of pork packing. In 1922 and 1923 the after 1914 the foreign demand for beef inproduction of pork was the largest in the his- creased and continued to expand until 1918, tory of the industry, and in the first quarter of with the consequence that at the beginning of 1924 the volume of pork marketed exceeded all 1919 stocks on ranges were 20 per cent greater previous records. Although this expansion in than in 1914 and the volume of beef produced the production resulted in lower prices, a sus- during 1918 was 30 per cent larger than in the tained demand from both domestic and foreign pre-war year. Since 1919 there has been consumers in 1923 served to prevent an exces- some reduction in the supply of cattle and in sive accumulation of stocks. Domestic con- the production of beef, but the number of sumption of pork in 1923 was in fact excep- cattle in the country and the production of tionally large, amounting to 91.4 pounds per beef are still larger than in the years immedicapita compared with 76 pounds in 1922, and ately preceding the war. The following table consumption has continued at a high level in shows the number of cattle on farms and ranges 1924. Exports of all pork products in 1923 and the production of beef for the years immewere also large, though' smaller than during diately preceding the war and since 1919. some of the war years, but foreign takings of lard exceeded 1,000,000,000 pounds and were NUMBER OF BEEF CATTLE ON FARMS AND RANGES the largest in the history of the industry. The ON JANUARY 1 AND THE PBOBUCTION OF BEEF DURING THE YEAR following table shows the volume of production, exports, and consumption of pork and lard since 1919. Production Number of of beef cattlo (million pounds) PRODUCTION AND DISTRIBUTION OP PORK AND LARD Per capita eon- UJ12 37,260,000 5,920 Production Exports sumption in tue 1913 36,030,000 5,913 (millions of (millions of United States 1914 . .. 35,855,000 5,639 pounds) pounds) (pounds) 1919 45,085,000 6,283 1920 43,398,000 4,463 1921 41,993,000 6,194 I Pork Lard Pork Lard Port Lard 1 1 9 9 2 2 2 3 4 4 2 1 , , 8 9 0 7 3 7 , , 0 0 0 0 0 0 6 6 , , 7 9 4 1 7 6 1924 42,12«, 000 1918 ..I 8,033 2,089 1,877 761 68.6 12.8 1920 8,118 2,022 924 012 69.0 13.1 1921 -I 8,475 2,095 762 869 72.9 11.3 Conditions in the beef industry in the 1922 _ ' 9, 1G2 2, 330 720 737 76.0 14.] 1923.... _ 11,582 2,871 932 1,035 91,4 16.4 United States are influenced to a considerable extent by developments in other cattle- In 1924 to date exports of pork products producing countries, and should be considered have been in somewhat smaller volume than in connection with these developments. Durin 1923, Smaller production in the United ing the decade preceding the war beef produc- States has been followed by a reduction in the tion in the United States declined, while the available surplus for export and the increase cattle industry in Soxith America, especially in the production of swine in Europe has in Argentina, expanded, and exports from that resulted in a larger domestic supply of meat, country to Europe were continuously increasing which has lessened the demand for the Ameri- and taking the place of American products in can product. European markets. This condition was re- Cattle.—In the beef-cattle industry the versed with the outbreak of the war, largely as effect of price declines has not been offset by the result of the shortage of shipping facilities increased production, as was the case in the hog for South American products. Throughout industry, and the position of those engaged in the period of the war exports from the United the cattle business is less satisfactory than States were in large volume and the cattle that of hog producers. Because of the nature industry was expanding. After 1918, however, of the industry the expansion of cattle raising foreign takings began to decline and in 1923 in response to the European demand during they were smaller than in the years prior to the war was slower than in other industries the war. Exports from Argentina also inand the subsequent readjustment has also creased during the period of the war and proceeded at a slower rate, with the conse- since 1918 have remained in larger volume quence that the industry has had a prolonged than before the war. The following table period of depression, which continues in some shows the changes in the exports of American sections of the country. and Argentine beef since 1910. 15603t—24——6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 FEDEBAL EESEKVE BULLETIN NOVEMBBB, 1924 EXPOETS OF BEEF sheep and lambs showed a considerable reduction at the beginning of 1920. Further cur- I From the United: From States l Argentina' tailment occurred in the two following years Pounds Pounds until 1922, when the number of sheep on farms 1910. 110,000,000 ; 559,000,000 1011.. 92,000,000 • 690,000,000 was the smallest since 1878. There was a. 1912.. 56,000,000 • 756,000,000 1913.. 46,300,000 807,000,000 slight increase in 1923 and in 1924, but the num- 1914.. 88,000,000 : 813,000,000 ber is still smaller than for any period in the 1915. 382,000,000 800,000,000 1916.. 279,000,000 : 943,000,000 present century, with the exception of the past 1917.. 359,000,000 : 870,000,000 1918.. 70fi,ooo,ooo : 1,093,000,000 three years. The condition of the sheep- 1919.. 883,000,000 growing industry is influenced by the price of 1920.. 282,000,000 ; 918,000,000 1921.. 118,000,000 800,000,000 wool and by the demand for lambs. The 1922.. 45,000,000 908,000,000 1923.. 37,000,000 advancing price of wool since 1921 has 33,000,1X10 strengthened the price of sheep, and the active 1 Includes all beef products, as published in Meat Production, Consumption, and Foreign Trade in the United States, U. S. Department demand for lamb products has also had a of Agriculture, and prepared by John A. Eoberts. 8 Includes only fresh, chilled, and frozen beef, U. S. Department of favorable effect on prices, so that there has Agriculture Yearbook, 1923. been considerable improvement in the condi- In addition to Argentina, the beef cattle tion of the industry. The following table industry has developed in other countries in shows the number of sheep on farms prior to the past 15 years, and the changes in con- the war and for the years since, and the average ditions in those areas have been similar to farm price for these years. those in Argentina and the United States, but iNi (..'MBlflJl AN» PlUCES OF SHEHP ON PAKMS AND in none of them did exports decline after the ON JANUARY 1 war to the same extent as in the United States. i Average In the United States in 1923 and 1924 the ! price Number : per 100 price of corn and the size of the corn crop has • pounds been a depressing factor in the price of cattle. ; for year Since the feeder is concerned with the margin I 1 U 91 1 - 3 L -. • 5 1 1 9 , , 4 7 8 1 2 9 , , 0 0 0 0 0 0 ; ; # 4 4 . . 5 7 5 9 between the prices of range cattle and those 1919.. 48,808,000 •• 9. 63 1920. 39,025,000 : 8.51 for finished cattle, the prevailing high price 1921.. 37,-152, COO . 4. 65 for corn has had an unfavorable influence on 1 1 0 9 2 2 3 2 - . . 3 3 0 7 . . 3 2 2 2 7 3 , , 0 0 0 0 0 0 l , « 5 . . O !! R 0 the cattle feeding business, and the demand for 38; 301,000 ' 1 6. 30 range cattle for feeding has not been so large 1 Average farm price Sept. 13. as in earlier years. In fact, in June, July, Credit conditions.—With the recent improve- August, and September of this year the number ment in the condition of the hog and sheep of cattle shipped into the country districts for industries, the producers have been able to feeding was 24 per cent smaller than in 1923 and obtain credit required to finance their operations 11 per cent smaller than the average for the from banks, loan companies, and livestock same period during the past four years. commission houses, and! short-term credit to Despite, however, the unfavorable economic- meet the requirements of cattle feeders also position of the industry, the physical condi- has been readily available. In the range and tions of the herds and ranges have continued breeding cattle industries, however, the pregood during the present year, except in some vailing depression has made it difficult to of the range areas on the Pacific coast, where liquidate indebtedness incurred two to four there has been insufficient rainfall and some years ago, and necessity of obtaining credit suffering from the foot-and-mouth disease. In for current operations in addition to this old September and October the foot-and-mouth indebtedness lias been a serious problem, to the disease was reported in some counties in Texas industry and to the banks in some sections of and the drought was causing some deteriora- the country. Some of the bank failures in the past year have been in fact due to the accumution in the ranges in New Mexico and Arizona. lation at the banks of nonliquid livestock paper. Skeep.—The sheep industry in the United. Full realization of the dfficulties of the situa- States had been declining for many years tion by the banks has resulted in many inprior to the war, and while this movement stances in arrangements for gradual repayment continued during the war the rate of decrease of their loans that will assist the producers in was not so rapid as in the immediately preeffecting an ultimate liquidation of their debts. ceding years. As in the case of hogs and Federal reserve banks in the districts where the cattle the supply on farms reached a high point livestock industry is important have cooperated in 1919, and following the high prices prevailwith the member banks in carrying out the ing in that year an exceptionally large volume arrangements made with the producers. of marketing resulted, so that the supply of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1924 FEDEBAX, RESEBVE BULLETIN 865 RULINGS OF THE FEDERAL RESERVE BOARD Exercise of trust powers by State member bank A member bank legally authorized to act as subject to board's general condition of member- trustee, executor, etc., may deposit trust funds ship awaiting investment or distribution in its sav- The board recently ruled that the opening ings department, as well as in its strictly comof a trust department by a State member bank, mercial department, provided that the terms which had theretofore exercised only the gen- of the trust permit and that appropriate coleral powers of commercial banking, constituted lateral security is deposited in the bank's trust a material broadening in the functions of the department, as provided in Section V of the bank within the meaning of the board's general board's Regulation F, series of 1924. In this condition of membership to which the bank had connection, the phrase "commercial departagreed upon becoming a member. The subment," as used in Section V of the board's stance of this condition is now contained in the | Regulation F, is intended to refer generally to board's Regulation II, series of 1924, as condithe banking department of the trustee bank, as tion No. 1 of Section IV, and is as follows: distinguished from its trust department, and to Except with the permission of the Federal Reserve include its savings and other time accounts de- Board, such bank or trust company shall not cause or partments. permit any change to be made in the general character Deposits of trust funds thus made in the of its assets or in the scope of the functions exercised by it at the time of admission to membership, such as trustee bank's savings department may be will tend to affect materially the standard maintained treated as time deposits for reserve purposes, at the time of its admission to the Federal Reserve provided they conform to the relevant provi- System and required as & condition of membership. sions of the board's Regulation D, series of The board rules, therefore, that every State 1924. Whether or not deposits of uninvested bank which has been admitted to membership trust funds in the banking department of the subject to the terms of this general condition trustee bank give rise to demand, or to time or which has been or may be admitted to mem- deposit liabilities, will depend upon the condibership subsequent to the effective date of the tions under which such deposits are made, and board's Regulation H, series of 1924, viz, Au- this question is to be determined in the light gust 15, 1924, must obtain permission of the of the board's rulings and regulations defining Federal Reserve Board before such bank opens demand and time deposits. a trust department or engages do novo in trust It is to be remembered, of course, that debusiness. posits of trust funds should not be permitted to remain in the savings or commercial department of the trustee bank for an unreasonable Right of member bank having trust powers to deposit time, since the law clearly contemplates and uninvested trust funds in its savings department and treat them as time deposits for reserve pur- the board's Regulation F provides that only poses trust funds awaiting investment or distribution The questions were recently raised whether may be employed in the trustee bank's banka member bank which is authorized to exercise ing department, AH such deposits should, trust powers may deposit trust funds awaiting therefore, be withdrawn from the banking deinvestment or distribution in its savings de- partment when ready for distribution or as partment and, if so, under what circumstances soon as an opportunity to invest them in more such deposits may be treated as time deposits appropriate and remunerative channels arises. for purposes of reserve requirements. With In view of these considerations, it would seem regard to these questions the board ruled as inappropriate in most cases to make deposits follows: of trust funds subject to notice of withdrawal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 FEDERAL RESERVE BULLETIN NOVEJIBES, 1024 T AW The new par clearance litigation in Atlanta and also going info the merits of the case at A new par clearance suit was recently some length. instituted against the Federal Reserve Bank Arguments on the board's motion to be disof Atlanta, the Federal reserve agent at missed from the litigation and on plaintiff's Atlanta, and the Federal Reserve Board. prayer for a preliminary injunction wore This suit differs from former par clearance heard by the court on October 2. On behalf cases in that it involves a national bank, of the board it was argued that the board is rather than a nonmember bank, and also not an inhabitant of the Northern District of raises certain questions dealing with collection Georgia and that it is not suable there without transactions which have not been adjudicated its consent because of the provision of section before. It is anticipated that a final decision 51 of the Judicial Code that "no civil suit in this case will go a long way toward settling shall be brought in any district court against the par clearance controversy. A brief state- any person by any original process or proment, of the case is given herewith. ceeding in any other district than that whereof he is an inhabitant." On August 9 the Pascagoula National Bank of Moss Point, Miss., filed a bill of complaint in the It was brought out that the board's princi- United States District Court for the Northern pal office is in the District of Columbia, its District of Georgia against the Federal Reserve records kept there, its meetings held there, and Bank of Atlanta, Joseph A. Me Cord as Federal its principal business transacted there, and reserve agent, and the Federal Reserve Board. that, therefore, it must be considered an In general, the bill of complaint charged the inhabitant of the District of Columbia, and, several defendants with having ignored and if subject to suit at all, can be sued only in the violated various provisions of the Federal District of Columbia. It was further shown reserve act and prayed for an injunction that the local office required to be maintained against the Federal Reserve Bank of Atlanta on the premises of the Federal reserve bank which, if granted, would in effect: is purely local and limited in scope, and has (1) Require the Federal reserve bank to no effect on the place of the board's legal give immediate credit to the plaintiff for all habitat. The question whether the board is its deposits of checks and drafts drawn on suable at all except with the consent of the other member banks in the Atlanta district; United States was not directly raised. (2) Prohibit the Federal reserve bank from With regard to the question of the prelimihandling checks for any banks other than its nary injunction, it was shown clearly that the own members and, for its own members, any chief purpose of such an injunction is to mainchecks which are not payable within the tain the status quo pending final determination Atlanta district; and of the questions at issue and that in this case (3) Permit the plaintiff to charge exchange no injunction was needed for this purpose, on checks drawn upon it and presented for pay- since the practices complained of had been ment by or through the Federal reserve bank. operative for several years and the reserve The bill also asked that the Federal Reserve bank did not contemplate making any change Boai'd and Joseph A, Me Cord be enjoined therein. On the contrary, a preliminary injunc from promulgating and enforcing the provisions tion, if granted in this case, would not preserve of Regulation J and further asked for an the status quo, but would radically change the accounting and recover from the Federal existing practice and would in effect anticipate reserve bank of the amounts of exchange final relief and grant the plaintiff what it seeks charges and interest of which the plaintiff alleged without full hearing or arguments on the it had been illegally deprived. merits. It was, therefore, contended on behalf In response to this bill, the Federal Reserve of the Federal reserve bank that no preliminary Board entered a special appearance solely for injunction should issue. the purpose of pleading its exemption from At the conclusion of the argument on Octosuit in the Northern District of Georgia and ber 3 the court handed down an oral decision filed a motion to be dismissed from the case from the bench upholding both of defendants' because of the court's lack of jurisdiction over contentions. Subsequently brief written dethe board. On behalf of the Federal reserve crees were signed dismissing the board from bank and the Federal reserve agent answers the litigation and denying a preliminary inwere filed showing cause why the temporary junction. The case was set down for hearing injunction prayed for should not be granted on the merits on December 15, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMEEB, 1924 FEDERAL KESEKVE BULLETIN 867 The dismissal of the Federal Reserve Board New National Bank Charters from this suit will not impair the opportunity to settle any of the legal questions involved, The Comptroller of the Currency reports the following increases and reductions in the number and capital since all the legal issues can be settled in the of national banks during the period from September 20 suit against the Federal reserve bank, and the to October 17, 1924, inclusive: Federal Reserve Board is not a necessary or proper party to such a suit. I Amount | of capital State Banks and Trust Companies The following list shows the State banks and trust New charters issued 7 $350,000 companies which were admitted to membership in the Restored to solvency 0 | 0 Federal reserve system during the month ended Octo- Increase of capital approved. 12 1,100,000 ber 21. 1924, on which date 1,581 State institutions Aggregate of new charters, banks restored to : were members of the system: solvency, and banks increasing capital 19 1,450,000 Liquidations 7,755,000 ADMISSIONS Reducing capital' 5,000 Total liquidations and reductions of capital -.: 14 7,760,000 Consolidations of national banks under act of Nov. 7,1918 : 45,000 District No. S Aggregate increased capital for period.. ,4507000 West Side Tixst Co., Kingston, Pa. $250,000 $50,000 $1, 264,250 Reduction of capital owing to liquidations, ete. 7,760,000 Net decrease 6,310,000 District No. 8 Granite City Trust & avmgs 1A reduction in capital of $5,000 incident to a consolidation under Bank, (Jranite City, m_. 100,000 25,000 1,103,376 act of Nov. 7,1918. District No. 0 Columbia State Bank, Columbia Fiduciary Powers Granted to National Banks Heights, Minn 25,000 5,000 131,767 During the period September 22 to October 22, 1924, District No. 10 j the Federal Reserve Board approved applications of First Trust Co., King City, Mo.-.J 50,000 .J 379,395 the national banks listed below for permission to exercise one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended CHANGES as follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of es- District No. 6 tates; (6) assignee; (7) receiver; (8) committee of Pickeus County State Bank, Car- estates of lunatics; (9) in any other fiduciary capacity rollton, AIE.. (closed) S<SO, 000 $1,000 •$2M, 243 in which State banks, trust companies, or other cor- District No. 1 j porations which come into competition with national Corn Exchange National Bank, > banks are permitted to act under the laws of the State Chicago,HI. (absorbed by Illinois i Merchants Trust Co., Chicago, i in which the national bank is located. HI., a member) j 5,000,000 110,000,000 100,394,030 Reliance State Bank, Chicago, 111. (voluntary withdrawal) i 500,000 150,000 9,003, 030 Loelanau County Savings Bank, I Dis- Buttons Bay, Mich, (voluntary j Plaeo trict Name of bank Powers granted withdrawal) ; 25,000 I 10,000 400, 535 No. District No. S I Am A e r a k r n i d ca n S o T ut r h u e s r t n C T o r . u , s L t i C ttl o e . , R L o it c t k le , j j I 750,OT0 j 150,000 12,429, 275 M Ph i o n e e n o i l x a v , i N lle . , Y Pa 2 3 N Fi a n r t s i i x t o v N n i a l a l l e t i . o B n a a n l k B a o n f k Phoe- 1 1 t t o o 9 3, . S to 9. Rock, Ark I 500,000 100,000 S, 134, 299 La Fayette, Ind First-Merchants National Ito8. (Consolidated under name of j Bank. American Southern Trust Co.) Monroe, Wis 7 First National Bank 5 to 9. District No. 11 Noblesville, Ind 7 do... Ito8. Remington, Ind Farmers National Bank... 1 to 3, 8 to 8. First State Bank, Mission, Tex. Paola, Kans 10 Miami County National 1 to 9. (voluntary withdrawal) 50,000 ; 10,000 508,166 Bank. District No. 12 ! Boise, Idaho.. 12 Pacific National Bank . Ito9. California Bank of San Mateo I County, San Bruno, Calif, (vol- ; untary withdrawal).... • 30,000 ! 2,200 293,293 Renton State Bank, Renton, Wash. \ Acceptances to 100 Per Cent (absorbed by national bank) ..I 25, 000 I 2,500 300,710 American Bank, Oakland, Calif, i (nonmember) ! 1,000,000 ; 231,410 18,652,070 The following member institutions have been auand First National Bank, Oak- i land, Calif. ! 1,000,000 ! 190,050 12,156,440 thorized by the Federal Reserve Board to accept (Absorbed by American Bank j drafts and bills of exchange up to 100 per cent of their of San Francisco.) ; i ! capital and surplus: Satet Bank of Scvlcr, Richfield, I Utah (voluntary withdrawal) | 46,000 j 45,000 523,203 State National Bank, Corpus Christi, Tex. First National Bank, Eagle Pass, Tex. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 FEDERAL BESEBVE BTJI-LET1N NOVEMBER, I92J ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS On the basis of the September estimates by of leading crops in the different Federal reserve the Department of Agriculture, the following districts. A discussion of agricultural contable has been prepared showing the production ditions in each district is given on page 837. [In thousands of units] Corn (bushels) Total wheat (bushels) : i Wi ( n b t u e s r h e w ls h ) eat Spi ing wheat (bushels) F t o > r e e p c t. a s i, t, Foreeccaasstt,, •.. ,,. , Forecast,: Forecast, j p,,jj < m ., a ,, l , . | Fo A re u c g a . s j t , , F O or c e t. c . a 1 s , t, 1924 1002244 : IJ-6 1924 . IU24 | J' ! 19211 1924 Boston ' 10,780 11,252 11,810 ' 240 212 i 230 N Ph ew ila Y de o l r p k h ia ._ ; 2 57 9 , , 0 0 0 8 7 4 * ' 4 29 0 , , 2 7 3 0 7 9 4 2 4 9 , , 7 4 5 1 9 9 ! ' , 2 9 2 , , 1 1 5 1 1 0 1 7 8 , , 7 2 2 3 1 1 • •: 1 7 8 , , 7 2 2 3 0 5 21 8 , , 8 9 8 7 7 2 • ' 1 7 8 , , 4 0 0 9 8 7 Cleveland - ! 208,310 130,746 i 129,420 I 49,779 44, 044 44, 061 49,552 ' 44,422 Kichmond i 188,751; 124,520 I 122,221' 32,202 24,948 ! 24,948 32,202 24,948 Atlanta 187,908 i 173,473 175,880 : 5,900 3,997 ' 3,997 5,960 3,997 Chicago ' 976,124 I 777,598 749,100 j 82,905 64,762 ! 64,900 79,815 61,945 St. Louis . i 403,090 : 349,060 344,741 i 83,420 55,246 ' 55,243 83,164 ' 55,052 . Minneapolis ; 351,852 ' 273,495 258,759 I 159,776 222,894 I 240,289 15,010 : 10,191 . Kansas City 514,530: 491,020 487,860! 180,333 300,482 : 300,382 168,635 i 288,388 ! Dallas ' ' 112,165: 94,148 93,209; 10,976 23,452 ' 23,434 16,686 23,128 San Francisco 14,158 ' 11,024 11,553 . 142,823 70,165 i 71,767 89,851 45,714 i Total 3,054,395 ; 2,812,888 ] 2,458,809 \ 785,741 836,754 ' 855, S06 572,340 589,350 ; 213,401 j 260, 450 Oats (bushels) Hay (tons) Tobacco (pounds) Potatoes (bushels) Cotton (bales)2 m E 19 a s 2 t t i e 3 - , S F c e 1 o a p 9 s r t 2 . e t 4 , - 1, O F c 1 c o a 9 t s r 2 . e t 4 , 1 - , j I • m E 19 s a 2 t t i 3 e - , F c 1 a o 9 s r 2 t e 4 , - ' m E 1 a 9 s 2 t t i e 3 - , S F e c 1 p o a 9 s t r 2 . e t 4 , - 1, O F e 1 c o a 9 t s r 2 . t e 4 , 1 - , mate, Fore- ( F V ,9 o t 2 • 4 r e i - i i m J 1 1 9 a S 2 t U 3 o " ' S F c e 1 o a p 9 s r 2 t. e t 4 , - 1 ,' i i j O F c 1 c o a 9 t s r 2 . e t 4 1 , - , i Boston 8,988 8,999 9,452 4, 495 4,234 14, 503 13,478 ! 14, 730 40,485 41, 502 46,224 i New York 34. 245 33. 341 31,785 7, 058 • 7,631 42,099 37,940 | 41, 537 43,902 . 44, 445 45,100 ' Philadelphia.. 21, 382 23,012 23,134 2, 256 3,384 58, 950 57,024 j 55,264 25,030 25, 442 20,458 |... Cleveland 07, 790 82,442 7», 522 5, 226 6,891 181,143 136,254 I 134,423 21,710 19, 554 19,541 i Kichmond 24,917 19,428 22.482 3, 703 4, 420 022, 288 501,387 I 482,250 30,440 35. 651 37,200 i 1,841 1,656' 1,429 Atlanta 19,439 13,215 13,282 3,000 2, 700 101. 404 105,258 j 112.189 11,157 11, 930 11,038 • 1.458 2,590 ! 2,547 Chicago_ 490, 251 585,121 592,1.24 18,003 22. 000 50,35-1 35.475 i 37, 094 70, 752 72.091 75,075 • — .. St. Louis 52, 072 01, 374 00,827 7,043 8, 386 396,737 302,277 j 298,141 18,223 18, 377 19, 624 ! 1, 274 3 2,259 ! 3 2,259 Minneapolis | 333,084 402.911 417, 282 18, 870 18, 007 2.880 1, 974 2,079 72, 842 79,169 78,799 Kansas City—1 158.750 175,708 174.413 18, 480 10, 937 4, 422 4,032 3,907 33, 760 30,9«3 30,057 605 1,298 ' 1,257 Dallas i 49, 573 52.189 52, 174 1,911 1, 409 2, 535 2,868 2,769 4, 779 4,863 I 4,802 San Francisco-i 39,321! 28, 072 29, 932 15, 819 13,075 35, 544 30,769 31,011 124 141 ' 145 Total—.1,299,823 1,480,412 '1,509,409 1106, 626 109,152 |l, 474,786 jl, 195,099 11,181,620 412,392 412,761 423,508 ! 10,141 : 12,787 , 12,499 1 Preliminary estimate mado on Aug. 1. 2 In addition the following amounts were ostimatod grown in Lower California (Mexico): 1924, 60,000 bales; 1923, 80,000 bales. 3 Includes 17,000 bales grown in miscellaneous territories. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVHSIBEB, 102-1 FEDERAL BESEBVE BULLETIN 869 BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES Despite its smaller number of working days the middle of the summer, but automooiles, September showed a rather pronounced in- leather and shoes, and rubber tires have also crease in nearly all lines of business activity, had an important share. A seasonal increase and when allowances are made for seasonal has occurred in food products, particularly variations the rise is even greater. Although flour milling. The building materials—cement, previous increases have been noted in various brick, and lumber—were not depressed to the mdicators of business conditions since the low same extent as other industries and consepoint was reached in June or July, this is tho quently have not increased in recent months. first definite general upward movement. The Substantial enlargement of coal-mining acindex of production m basic industries, ad- tivity, particularly of bituminous, accompanied justed for seasonal changes, rose over 9 per by fairly well maintained output of nonlerrous cent; the inclusive unadjusted indexes of manu- metals, brought the mineral index up to 123, facturing and mining increased about 8 per the highest point attained since last March. cent. Employment was over 2 per cent Keceipts of grain in September broke all greater. Ail of the above measures were previous records for that month. Wheat smaller than in September, 1923, but the in- receipts were smaller than in August, but those dexes of agricultural movements, freight-car of corn, oats, rye, and barley increased conloadings, building contracts awarded, and siderably. Receipts of livestock, particularly debits to individual account showed, increases of sheep, were unusually large for September, within the past year. as was the movement*of cotton into sight. In manufacturing, iron and steel and textiles Loose-leaf tobacco sales showed the usual have accounted for most of the increase since seasonal increase. r INDEXES OF INDUSTRIAL ACTIVITY ( MONTHLY AVERAGE, 1919 >1OO ) • MANUFACTURING PRODUCTION • MINERAL PRODUCTION 150 125 izs 100 75 50 25 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDEKAL BESEEVE BULLETIN NOVEMBER, 1024 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [Not adjusted for seasonal variations. Monthly average, 1919=100) Metals and i G n er d e a e n l x - Gro p u r p oduc I a t r s n o d n G T r e o x u t p iles a F n a d b - pr ; o d P u ro ct d s - L p u a b r u n c o e m d t r d s - - M v c e o le h t s o i- r n pa n C i d r a i 'r r n e g - I P P m a ™ p fc e f r F p a u o r n c o o d t d d s - s ' : | I L p e u a r a c n o t t h d d s e - r: j j | S c g a t l l o n a a n d s y s e , , b p u T a r c c o o t c d - s o - ; ! : . C p u a c h r c n a o e t l d m d s s - lindex steel index rics i ucts 1923 August 101 91 93 98 ' 98 121 98 ! 104 104 104 ; 9! i 115 84 ! 78 September- - 101 93 93 99 99 . 100 119 97 j 103 104 106 . 90 i 114 90 ; 78 1924 ' January .. 98 . 89 89 . 97 98 US i 103 ! 90 ! 106 : 104 •• SG . 105 88 78 February ...; 99 i 91 90 98 100 123 105 ; 89 : 100 102 • 87 : 106 87 • 78 March . )9 : 9? 91 97 94 1.00 124 107 j 89 • 106 301 87 ! 110 85 78 April ' 97 91 90 92 89 • Of 123 ioi : 89 •• 105 98 82 I 115 : S3 ' May : .13 85 85 • 87 86 . 119 90 I 87 : 10! 97 79 : 117 : 82 74 Juno K) 80 80 . 8f 85 86 117 103 99 73 115 83 70 July S7 • 70 7'i ' 7! 78 79 113 101 99 71 • 82 67 August ! S7 . 76 75 81 81 81 114 78 ! 3 85 • 101 98 78 110 82 68 September 90 : 77 S5 S5 80 115 so: 3 85 : 103 tOl 81 . 108 86 71 70 , i 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 publisiied on pages 1272-1279 of the BULLETIN for December, 1923. 1 Revised. ' Preliminary. INDEX OP PRODUCTION IN BASIC INDUSTRIES» [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919*» lCu| Iron and steel Textiles Food products Year and month General Animals slaughtered Lumber index Pig Steel Cotton Wool Wheat I Sugar !.. iron ingots flour ! meltings > Cattle Calves | Sheep Hogs 1923 August 120 I 130 • 127 , 100 106 102 I 72 ' 99 127 i 82 157 127 September... 111 I 121 ! 118 . 103 105 : 96 I 107 ; 103 ! 78 149 121 1924 January.. 120 : 120 130 112 ',19 89 I 97 • 95 i 133 i 98 119 136 February 120 i 132 . 145 ' 102 100 100 i 127 ; 94 I 137 1 93 110 1.30 March HP ! 131 : 115 92 101 107 • 115 i 90 i 112 j 90 132 124 M Ap a r y il .. 1 1 1 0 4 3 i , 1 10 2 1 7 , 1 0 2 2 1 1 8 1 0 7 9 9 7 3 : 1 1 0 0 5 5 . . U 10 S 9 : 1 9 0 8 7 i j 1 1 1 1 .1 0 i i 1 10 0 9 2 1 1 2 3 4 6 1 1 1 2 7 7 June.... 93 ! SI : 70 88 : 107 . 111 . 86 ( ios ;• 102 116 104 July.... 9* ; ro; 71 83 US : 125 95 i 117 i 99 141 106 S A e u p g t u em st ber . 1 9 0 4 3 i ! 8 7 0 1 i ! 9 S 9 7 93 8 9 2 1 . 1 9 ) 9 1 1 1 0 4 4 1 9 9 4 3 u 12 s 8 ; i 9 9 1 1 1 1 3 3 6 2 1 1 0 0 5 8 Cord Nonferrous metals Tobftcco products Sole News- Petro- Year ;)nil month ; ! Bi n t o u u in s i An c t i h te ra- Topper Zinc leather print Cement leum <"*"» ! £!lcs tobacco 1923 August 119 118 131 100 ' 93 : 115 Ifl3 203 101 : 145 ! 95 September.. 112 P 40 : 127 100 ' 79 : 101 168 208 98 M3 I 90 I 1924 January 122 111 | 132 • 126 I 73 : 106 239 183 98 176 • 113 February.- 123 i 118 134; 112 ' 71 107 192 189 94 140 : 98 March 101 111 123 ! [2'> ' 06 ; 03 187 186 90 1!3 • 91 April 92 • 97 127 • 114 ! 62; lit 169 189 88 157 ! 91 May... 87 101 . 125 •• 121 ! 57 : 16 172 192 95 173; 96 Juno 83 100 : 124 \ Ill i 54 i 103 173 187 91 103 i 944 July. se: 106 132 i 109; 63 • 102 193 185 98 155 ; 97 A Se u p g t u e s m t ber. 1 8 0 4 0 ' 1 9 0 5 5 : ' 1 1 3 3 0 2 i ! 1 10 0 1 6 ! I I 6 6 8 2 ! j I 1 1 0 1 7 1 1 ! 8 0 6 0 1 19 9 1 0 1 9 0 5 0 1 1 5 6 7 2 ; , 83 i This table contains for certain months (lie index numbers of production in basic industries which arc shown in the chart at the bottom of page 835, together with the sories of relatives used in constructing the index. In making the final index Ihe relatives are adjusted to allow for seasonal fluctuations an;! are weighted. The methods of construction were described in detail and all relat ives for each series since January, 1913, were published on pages 1U1-U21 of the ISUIXETisr for December, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

XOVKMBKlt, 1924 FEDKHAJ., RESERVE BULLETIN 871 INDEXES OF INDUSTKIAL ACTIVITY! COMMODITY MOVEMENTS—Continued [No seasonal adjustment. Monthly average lOJO—JOO] Septem- August, I Setttem- 1921 1823 ber, 1924 !924 I Der, 1923 Sept. j Aug. . July i Sept. ; Aug. Grain and Fiour—Continued Receipts at 9 sssboard centers (000 omitted): Agri A C L G V c i u o n r e v a l t g i e t t m i e u o n s t t r n a s a o a l b l c l p k e m r s o o d v u e c m ts e . nts :... 1 1 1 1 1 1 0 5 0 7 9 0 3 0 0 5 2 9 i i i ! ! ; 2 1 1 1 8 3 1 0 2 2 9 8 8 7 0 7 i : : ; ' • 1 1 1 1 0 9 1 0 2 3 0 4 8 0 1 7 ! j ! 1 1 1 1 1 1 0 4 0 3 2 8 0 4 0 0 8 2 1 1 1 1 1 1 1 7 5 0 0 1 5 5 0 5 2 O R B W C a y o a h r e t r l s e n e a ( y ( b t ( b b u u ( ( u s b b s h s u u h h e s s e e l h h l s l s e e s ) l ) l s s ) ) .... 2 5 4 5 4 1 , , , , , 1 0 7 5 2 4 2 0 0 1 7 5 9 1 8 1 2 2 1 3 , , , , 1 9 3 9 8 0 1 3 7 7 7 1 2 3 8 | ! I ! i 1 2 3 6 1 , , , , 1 4 7 8 8 1 9 1 0 0 4 6 1 7 9 Min T F er r o a u b l i a t p s c r c o o d . u _ ct ion 2 1 1 2 5 2 7 3 3 ' I 1 1 0 1 4 3 4 4 ! ! ! 1 11 )8 2 2 j | 2 1 3 3 2 3 5 0 3 1 1 1 7 4 7 1 3 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) 40 2 , , 4 8 7 5 8 9 21 1, , 7 2 0 0 7 1 i I 2 3 4, , 9 0 3 3 7 5 B A i n t t u h m ra i c n i o te u s. - _. 1 1 0 0 6 6 9 9 7 0 i i 1 8 0 3 0 i i 1 4 1 0 9 3 1 2 2 1 6 Total grain and flour (bushels). 28, 884 I 32, 29-1 Petroleum 189 106 194 ; 207 I 211 Stocks at 8 seaboard centers at close Pig iron 8L I -74 ' 70 ! 123 335 of month (000 omitted): Copper 120 ! 132 ; 129 124 130 Wheat (bushels) 9,099 7,472 • 0,127 Z L i e n a c d 1 1 0 4 4 0 ! ! 3 11 0 1 8 • ; 1 1 0 3 9 8 1 10 0 9 0 1 1 0 1 0 7 C O o at r s n ( ( b b u u s s h h e o l i s s ) ) 2, 5 28 4 6 5 3 0 3 3 L 4 ; i 1, 1 00 3 4 2 Silver.. 110 ! 104 • 95 I 306 112 Rye (bushels) 1,007 1,217 1 432 Manufacturing production._ 112 j 2i()4 ' 97 ! 117 126 Barley (bushels) i, 185 S, 107 : 3, 245 Iron and s;ecl 90 87 i 07 i 119 132 T L F A o e u u x o m t d t o i b m l p e e o s r ro b d il u e c s ts 1 1 1 9 1 4 7 8 2 2 8 • • I I 1 1 1 8 4 0 7 3 2 1 2 • : ! ; 2 1 1 1 0 3 0 3 6 3 2 1 ! ! 2 1 1 M 0 0 0 S 2 0 3 i 2 1 1 3 0 1 0 0 3 3 1 5 W o h m ea it t T te H o d t o ) a u l r g p ra r i o n _ d u (b c u ti s o h n e ls ( ) b arrels, 000 ., 1 11 2 , ,8 0 2 4 2 4 ! ] 1 3 1 0 , ,9 8 4 9 0 5 Paper and printing » 109 , 107 102 102 ! 111 Livestock L P T C K e e o e u t a b m b r t a o b h e c l c e n c e r r t o u t m a a i n n r e d d re s s . b f h i r n o i i c o n k s g 3 3 1 1 1 9 2 5 6 0 6 7 9 I i i ! 2 1 1 1 1 8 8 0 2 0 4 2 0 3 6 ' ! ; j ' 2 1 1 1 1 7 5 2 2 7 0 4 7 5 5 j i 1 1 1 1 9 1 4 0 5 8 7 9 1 7 ! | ' 1 3 1 1 1 1 2 8 1 5 0 2 3 0 9 Re ( c h e H C S e i a h p a o d e t t g , s e t l s p 0 e . 0 . a a 0 t n o d m 5 c 7 i a t l t v e p e d _ r s i ) n : cipal markets Horses and mules (13 markets).... ' For description and early figures see BOIXBTEJ for March, 2924. 2 Revised. Total 8,443 'Preliminary. Shipments at 52 principal markets COMMODITY MOVEMENTS (head, 000 omitted): Cattle and claves 1,154 815 I 1,142 Hogs 1,211 3,183 ! 1,315 b S e e r p , t 1 e 0 m 24 - Au 19 g 2 u 4 s t, i : S b e e p r t , c 1 m 9 - 23 S H h o e r e s p es and mules (43 markets) 1,82 4 2 5 1,00 2 0 7 ; 1,70 4 0 7 Total... 4,233 3,02C 4.204 Grain p.nd Flour \ Shipments of stackers and feeders Receipts at 17 interior centers (000 : from 33 markets (head, 000 omitted): omitted): Cattle and calves... 570 ' 30?,: 602 Wheat (bushels)'. • S3,14S 00,533 47,3.52 Hogs. 30 i 24 i 98 Corn (bushels)... .. . : 21,585 17,958 IS, 417 Sheep 859 I 441 ! 878 Oats (bushels)... . ___i 55,535 31,871 27, d22 Rye (bushels) __ ....' • 4, 200 4,730-: 5, 342 Total- 3,600 Barley (bushels): !3, 9ii5 3,791 ; 7, 210 Slaughter at principal markets under Ship F m l T T o e u o o n r t t t a s a ( l l b a g g a t r r r a a r 1 e i i 4 n n ls i ) a ( n b n t u e t! r s i h i o i e o r l u s c r ) e ( n b te u r s s h e (0 ls 0 ) . 0 . _ . ' 2 1 0 S 1 S 2 , . , 9 9 51 0 7 > 9 5 3 I 3 1( 5 1 3 4 8 , , , 0 8 7 7 9 1 1 2 3 i : ' ! 1 1 0 1 5 2 9 , , , 4 8 8 0 S 7 7 5 4 t F e e d 3 C C d ): J a a o o l t r v g t a l s e ! e s Inspecti . o . n (head, 000 omit- 2, 8 4 8 1 5 7 9 0 7 1 1 1 ; ' 3 7 8 0 7 8 7 4 0 0 3,2 8 3 1 8 1 2 0 8 omitted): ; Sheep..... 1,350 I 1003 990 Wheat (bushels) 49, 934 I 54.3!)0 ! 20, 247 Corn (bushois) 30,509 i 9,210 i 10,045 Total- 5,296 I 5, 29-1 5,350 Oats (bushels) _. 16,221 j 9,882 i 10, 280 Kye (bushels) __ 10, 222 | 2,274 ! 3, 272 Meats, cold-storage holdings, first of Barley (bushels) : 9,303; 1.888 I 3.880 following month (pounds', 000 omitted): Total grain (bushels). 102.339 ! 77,043 i 00. «16 Beef 47,577 j 48,878 47,891 Flour (barrels) 4,289 j 4,077 ; 4, 358 Pork products- 049,208 i 834,933 085,214 Lamb and mutton 2, 535 ! 2,259 1,721 Total grain and Hour (bushels).! 121,638 j 96,991 80,217 Exports of certain moat products (pounds, 000 omitted): Stocks at 11 interior centers at close Beefof month (000 omitted): I Canned... 151 I 166 132 Wheat (bushels) J 62,062 50,107 51,342 Fresh 207 I 167 220 Corn (bushels) 3,978 3,303 1,234 Pickled or other cures 2,187 j 2,264 2, 854 Oats (bushels) 42,190 9, 506 12, 210 Hog produce- Kye (bushels) j 10,704 12,086 12,179 Bacon 22,398 24,149 i 45,161 Barley (bushels) _ I 2,910 740 2, 490 Hams and shoulders 17,742 24, 772 I 31,749 Lard 06,810 75,937 I 83,030 Total grain (bushels) 121,845 | 7S,SO0 79,470 Pork, pickled 1,403 2,864 I 5,158 Dairy Products Total visible supply of grain east of j the Rocky Mountains at close of I Receipts at 5 principal markets (000 i month (000omitted): i omitted): | Wheat (bushels)... _• 88,291 70,537 09, 035 Butter (pounds) ! 57,304 I 69,681 61,287 Corn (bushels) ! 0,400 f>, 612 I 2,474 Cheese (pounds) _ ..j 18,497 ! 19,996 18,445 Oats (bushels)... : 50,090 13,210 18, 510 Kggs (cases) I 872 : 1,060 991 Poultry (pounds) ! 19,708 ! 38,205 18.848 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN NOTK.UBKR, 1024 COMMODITY MOVEMENTS-Continued COMMODITY MOVEMENTS-Continued Septem- August, I September, 1924 1924 I bcr, 1923 Dairy Products—Continued Fuel and Power Cold-storage holdings first of following Coal and coke (short tons, 000 month (000omitted): omitted): Creamery butter (pounds) 153,271 156,232 96,088 Bituminous coal production 41,023 34,767 46,216 American cheese (pounds) 73,087 76,431 62,485 Anthracite coal production 7,601 7,086 2,917 Eggs (eases) 7,416 8,756 8,718 Coke- Poultry (pounds) 40,090 33,862 33,106 Beehive coke production 523 I 434 1,373 By-product coke production.. 2,543 | 2,425 3,112 I Petroleum, crude (barrels, 000 Other Agricultural Products omitted): Cott R S C o t n e r o u c s c e e s k h i e v s d e e a d d t ( t m o at n il s m l ) s : i l a l t s close of month.. 6 3 3 1 0 8 3 1 0 , , , 7 4 4 9 0 4 1 8 3 1 6 9 3 3 2 4 , , , 5 6 6 4 4 5 1 9 6 5 2 4 4 2 4 7 1 9 , , , 9 7 2 5 4 0 1 6 8 P S P t r r o ( o o n c d d u k u u m s c c a i b t n t i e g o c r ) l n o . o s . i e . l of w m ol o ls n th completed 3 5 6 1 9 3 , , , 1 6 7 2 3 0 6 8 0 3 6 6 1 2 1 , , , 7 9 3 0 8 4 5 31 6 1 4 5 , , , 2 4 3 7 9 0 8 3 6 Cottonseed oil (pounds, 000omitted): Oil relinories:' P St r o o c d k u s ction 9 4 1 4 , , 7 H 5 6 6 1 8 7 , , 3 9 4 22 7 3 7 4 0 , , 6 4 2 7 0 0 Prod C G u r a c u s t d o io e li n - n o e ( i l 0 ( 0 r g 0 u a , n 0 ll 0 o ( 0 n b s a o ) r m re i l t s t ) ed)— 75 5 6 5 74 5 2 3 .64 5 9 0 Oleomargarine consumption (pounds, Kerosene (gallons) 204 194 186 000 omitted) at. 20,202 15,857 19,854 Gas and fuel oils (gallons) 1,167 1,103 1,011 To ( b p a o c u c n o d s s a , le 0 s 0 0 ay o fl m oo it s t e e -l d e ) a : f warehouses Stoc L k u s b (0 ri 0 c 0 a ,0 t 0 in 0 g o o m il i t ( t g e a d ll ) o — ns ) i j 93 87 87 N S B o u o u r r t l t h h e y C C .. a a .. r r o o l l i i n n a a 5 13 4 , , 1 7 2 8 79 8 9 2 8 4, , 1 6 5 1 7 5 9 2 2 5 20 0 , , 3 2 2 9 6 4 2 6 5 K C G r e a u r s o d o s e li e - n o n e i e l ( ( r g g u a a n ll l o l ( o n b n s a ) s rr ) e .. l - s) i 1,3 3 1 0 4 4 1 1 1,4 3 7 0 4 1 1 0 1,0 2 5 4 3 4 4 4 Western dark 78 91 Gas and fuel oils (gallons) 1,859 1,600 1,462 Sale of revenue stamps for manufac- Lubricating oils (gallons) 243 246 220 ture of tobacco, excluding Porto Rico and Philippine Islands (000 omit- Electric power produced by public ] ted): utility plants (kilowatt hours, i Cigars (largo) 605,608 573,627 598,817 000,000 omitted): | M C C i i a g g n a a u r r s e f t a ( t c s e m t s u a r ( e l s l m d ) a t l o l) b acco (p __ o _ u nds)..I [ i0,27 4 3 3 3 3 , , , 2 7 8 1 3 2 7 0 2 6, 4 3 3 6 2 1 , , 5 8 2 , 4 0 64 2 7 1 5, 5 3 3 6 5 0 7 , , , 4 8 3 4 0 9 1 4 7 P P r r o o d d u u c c e e d d b b y y f w u a e t ls e r power i i 3 1 , ,4 3 9 1 6 0 I 3 1 , ,5 2 2 1 0 4 I | 3 1 , ,4 0 6 6 5 9 Frui G t r s a h p i e p f m ru e i n t ts (carloads): I [ 29 77 457 Total.. 4,806 I .4,734 4,535 Oranges 2,391 2,563 2,390 Metals L A e p m ple o s ns.. 13,2 69 6 6 1 2 1, , 2 9 1 2 6 7 14, 4 3 4 7 3 7 Iron I r a o n n d st o e r e e l : shipments at Lake ! I Vegetable shipments: Superior (long tons, 000 omitted) | 6,165 6,690 9,097 White potatoes (carloads) 20,450 15,959 22,907 Pig iron production (long tons, | Onions (carioads) _ 3,864 • 2, -105 3,701 000 omitted) :... j 2,053 1,887 3,126 Rice (pounds, 000 omitted) 73, 054 13,092 61,795 Steel ingot production (long tons, I Sugar, all ports (long tons): 000 omitted) ; 2,815 J 2,542 3,357 R M e e c l e ti i n p g ts s ..;.. 4 4 1 5 6 3 , , 9 90 3 0 1 3 4 4 2 5 6 , , 1 0 6 0 6 0 2 3 6 4 5 5 , , 2 6 5 0 1 0 Un S f t i e ll e e l d C o o r r p d o e r r a s t , i on U ( n lo it n e g d to S n t s a , t 0 e 0 s 0 j j ; Raw stocks close of month 177,311 218,342 212,956 omitted) I 3,474 | 3,290 5,036 Febricated structural steel orders I Fishery Products (tonnage) 174,200 i 156,000 135,200 Steel castings booking (net tons)...! 62,509 30,363 47,476 Fish landed by American fishing ves- Silver production (troy ounces, 000 i sels, total catch (pounds, 000 omitted) i 5,457 | 5,491 4,988 omitted) 20,904 20,850 21,373 Copper production (pounds, 000 Cold-storage holdings, frozen and omitted) 127, 340 I 333, 512 124, 511 cured fish, on 16th of month Zinc (pounds, 000 omitted): (pounds, 000 omitted) 82,291 71,050 79,104 Production -. 81, 704 | 83, 550 78,210 Stocks, close of month 91,440 101,844 45,786 Forest Products Shipments 92,108 87,116 85,300 Tin (pounds, 000 omitted): Lumber: Deliveries to factories... 11,160 10, 76S 10,170 Number of mills— Stocks, close of month 8,902 7,737 5,291 National Lumber Manufacturers' Association 538 524 554 Textiles Southern Pine Association 177 177 182 West Coast Lumbermen's Cotton (bales, 000 omitted): Association 117 113 127 Sight receipts 1,845 395 1,487 Production (feet, 000,000 omit- American spinners' takings 454 177 443 ted)— Stocks at mills 515 553 773 National Lumber Manu- Stocks at warehouses 2,073 811 2,147 facturers' Association 1,259 1,260 1,401 Visible supply 1,688 823 1,597 Southern Pino Association 398 399 400 Consumption by mills 357 West Coast Lumbermen's Spindles active during month 435 Association 366 348 413 (000 omitted) 28,940 33,931 Shipments (feot, 000,000 omit- Spindle hours active during SO, 122 ted)- month (000 omitted) 5,400 7,482 National Lumber Manu- Finished cotton fabrics: 0,415 facturers' Association 1,220 1,192 1,239 Finished yards billed (yards, 000 Southern Pine Association 390 421 386 omitted) 70,547 63,895 77,892 West Coast Lumbermen's Orders received (yards, 000 Association 373 350 406 omitted) , 74,213 71,680 99,618 Naval stores at three southern ports: Shipments (eases) 39,753 35,951 42,377 Spirits of turpentine (casks)— Finished stocks (cases) „ 39,325 41,850 46,665 Receipts 34.364 40,605 35,693 Wool: Stocks at close of month 52,856 43,567 36,375 Consumption (pounds, 000 Rosin (barrels)— omitted) 45,638 40,064 46,616 Receipts 113,209 124,876 114,308 Stocks at close of month 273,721 274,625 289,564 1 Figures for August and July, 1924, and August, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1924 FEDEBAL- RESERVE BULLETIN 873 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued Septem- August, Septem- Septem- August, Secternber, 1924 1924 ber, 1923 ber, 1924 1924 ber, 1923 Textiles—Continued. Building Materials Wool—Continued. Brick (number, 000 omitted): Percentage of active machinery to Clay fire brick— total reported— Production. 47,701 i 55,839 Looms wider than 50-inch Shipments 50,667 48,027 I 50,727 reed space 64.9 j 59.7 76.9 Stocks at close of month 226,136 228,624 I 173,493 Looms 50-inch reed space or New orders 47,496 46,525 j 48,446 73.8 ! 73.8 79.8 Unfilled orders, close of month 68,867 62,265 ; 73,219 Sets of cards 81.3 i 75.1 86.3 Face brick— Combs 72.5 i 67.2 76.0 Production 38,407 | 30, 635 Spinning spindles, woolen 79.3 i 72.9 83.9 .Shipments 33,607 36,692 ! 28,630 Spinning spindles, worsted 6C.fi i 58.2 83.3 Stocks in sheds , 73,188 78,682 66, 611 Percentage of active hours to total Unfilled orders, close of month.i 48,912 53,338 reported— Silica brick- Looms wider than 50-inch Production 9,705 12,336 9,967 reed space .... 85.9 ! 5a 4 77.6 Shipments 12,287 14, 567 | 9,830 Looms 50-inch reed space or Stocks at close of month 37,370 39,953 ; 41,723 loss 59.1 | 54.3 67.4 Paving brick— Sots of cards 87.1 i 73.0 94.0 Production 30,646 30,761 i 40,878 Combs _ 86.3 ! 08.2 85.5 Shipments 36,007 37,112 I 40,423 Spinning spindles, woolen 86.4 I 72.1 88.9 Stocks, close of month 102,129 112,008 ! 1)2,169 Spinning spindles, worsted 67.0 j 51.1 82.8 Orders received 32,930 25,955 j 33, 673 Men's and boys' garments cut:1 j Unfilled orders, close of month J 80,219 103,818 Men's suits, wholly or partly wool-i 983,321 ! 930,073 662,002 Cement (barrels, 000 omitted): Men's suits, all other materials j 46,497 ! 49,635 24, 555 Production 14,519 13,109 Men's separate trousers, wholly Shipments i 16,827 56,855 ! 13,698 or partly wool I 682,641 | 619,388 671,997 Stocks, closo of month 8,358 10, 666 | 5,533 Men's trousers, all other materials.! 424, 952 I 341,007 393,499 Oak flooring (feet, 000 omitted): Men's overcoats I 534,071 I 449,933 401, 304 Production So, 180 i 28,540 Boys'suits and separate pants | 901, 587 | 703,858 595.846 Shipments 39,574 ; 30, 421 Boys'overcoats and roofers .__: 137, 448 | 110,192 Orders booked 48,847 ! 35,538 Kawsilk: Stocks at close of month 45,136 ! 40, 306 Consumption (bales) 36,366 i 29,618 26,929 Unfilled orders 50,202 i 32,87' Stocks at close of month (bales) 42,260 i 30,075 27,307 Maple flooring (feet, COO omitted): Imports (pounds, 000 omitted) 5,871 | 4,587 3,747 Production 6,682 7,471 ! 10,422 Hosiery (dozen pairs, 000 omitted):' Shipments.. _ 8,374 8,309 i 9,933 Total, all classes 3,581 i 3,800 Orders booked 7,553 9,453 ! 8, 603 Men's 1, 594 i 1,669 Stocks, closo of mouth 22,440 23,949 ' 19,794 Women's 1,316 , 1,421 Unfilled orders 9,237 10,090 ! 17, 671 Enameled ware (number): Hides, Leather, and Shoes Baths- Shipments 92,039 83,705 ; 83, 593 Raw hides and skins (000 omitted) : Stocks, close of month 62,321 56,603 : 28,005 Stocks at close of month1— New orders.-- 77, 580 94,904 i 71,029 Cattle hides 3,760 ! 5,635 Lavatories- Calf and kip skins 3,047 ! 3,972 Shipments 93,804 88,945 i 107, 737 Goat and kid skins _ 8,887 i 11,797 Stocks, close of month 1 133, 515 137,670 | 38,849 Sheep and lamb skins 0,914 ! 9,077 New orders _ 86,072 93,906 | 85,704 Stocks disposed of during i Sinksmonth1— Shipments 100,169 94,282 I 102, 521 Cattle hides __ 1, 648 ! 3,434 Stocks, close of mouth 183,427 151,021 : 47, ] 13 Cal." and kip skins 1,194 I 1,094 New orders 84, 520 101,462 i 89, 225 Gott and kid skins „ 1,423 j 951 Miscellaneous ware— Sheep and iamb skins 3,142 ! 2,715 Shipments... 58,630 48,662 I 51,714 Sole leather, cattle (backs, bends, and Stocks, close of month 100,008 82, 782 ! 40,933 sides) (number, 000 omitted): New orders 51,198 68,357 ; 44,567 Production 1,232 . 1,179 Stocks in process... , 5,098 ! 5,038 Miscellaneous Manufactures i Tanners' finished stocks fi,279 i 6, ci30 Upper leather:» Chemicals: . i Cattle (sides)— } Acetate of lime (pounds, 000 omit-1 Production j 1,030 1,604 tod)' _ !. 7,630 ! 12,960 Stocks in process | 2,502 2,864 Methanol (gallons) J. 404,132 ; 654,822 To;al finishod stocks 5,811 6,077 Wood pulp (short tons): I Calf and kip skins— j Production < 165,432 165,274 i 149,999 Production ...I 1,308 1,639 Consumption ' 157,886 156,799 i 147,786 Stocks in process j 3,835 4,138 Shipments... j 17, 610 16,840 j 21,162 Total finished stocks ] 6,886 7,832 Stocks, close of month .. ' 154,821 168,337 ! Goat and kid skins:— ] Paper (short tons): • Production.. ..! 2,247 3,766 Newsprint— ; Stocks in process 4,200 7,332 Production ) 116,206 116,477 | 110,209 Total finished stocks 23,351 21,159 Shipments J 116,598 115,997 ! 110,240 Sheep and lamb skins >— Stocks, close of month ; 28,403 28,207 | 24,663 Production 1,453 1,164 1,346 Book paper— ! Stocks in process 2,165 i 2.141 2,909 Production 81, 800 80,136 ' 51,205 Total finished stocks 5,162 ! 5.559 6,552 Stocks, close of month 35,478 37, 291 25,671 Paper board- Boots and shoes, output (pairs, 000 Production 102,662 120.806 98,145 omitted):' Stocks, dose of month 33,078 35,102 29,541 Men's Wrapping paper— Women's Production 50,925 47,475 49,678 All other Stocks, close of month 63,993 65,717 48,496 Fine paper- Total. Production , 23,167 22,013 23,533 Stocks, close of month 40,548 I 37,911 1 Figures for August and July, 1924, and August, 1923. 1 Figures for August and July, 1924, and August, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 FEDERAL KESEBVE J1UU.ETJK NovKUUKit, 1924 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Oontin lied Septcin- August. Septem- Septem- August, Septem- :>er, 5924 1024 ber, 1923 ber, 192-1 1924 ber, 1023 Miscellaneous Manufactures—Con.; Transportation—Continued Freight ear shortage (iinmbor): Advertisingfagato lines, 000 omitted): • Rub M N I C b m o e c a p w n r g ( o s a s p u r z p o t m i s a u n p p n ( e e p t s d i r . o s o s u , n . n 0 0 d b 0 s y , o 0 m 0 th 0 it e t o e m d m ) i . a t ; t u e u d f ) . a c . - - - . i • ; ; j 9 6 4 0 1 , , , 7 9 0 9 0 3 5 3 1 • 7 1 6 1 8 , , , 0 7 ( 7 0 7 4 0 3 I ; ! 9 25 1 3 , , , 0 7 9 1 8 0 4 0 3 B V a e O s d C s - T B C O e o o l o o r s o . d l a x m a l c e l r i I e t . t a c e r a d e r d . s ) : ( i t n o t f a o l re )' ign trade (tons, 200,0 • 2 1 i 4 0 3 ! 4 2 7 2 i ! 210, 2 1 1 0 5 1 0 3 2 0 9 15 1 1 4 5 2 , , , , 7 3 8 3 4 8 2 3 8 0 5 2 Tires a l n u d rc l r u s b es (number, OOOonrit! ed):] ! ' .. 40,385 j 21, 250 A Fo m r e e r i i g c n a . n . ... Pneumatic tiros— ! Production : 3,417 3,235 ! 2,030 Total Shipments, domesiie ; 3,277 3, 688 i 2, 021 Percentage of American to total Inne S S S P r t h t r o t o o i u c c p d b k k m u e s s c s , , e — t n c c io l l t o o s n s , s e e d o o o f f m ' m m es o o t n n ic t t h h ... __ . . . . • • J , j ' 5 4 4 5 , , , , 3 0 4 9 , 4 0 S - 1 7 6 3 I 4 5 5 5 , , , , 4 0 5 7 7 1 5 5 6 7 2 8 i : ! i 3 3 0 5 , , , , 6 3 2 4 8 9 5 5 4 3 5 7 Co ( m to E W m n a s e e s , s r t 0 c b tb 0 e o o 0 n o u n o i n c d m d a i n t a t l e s d a ) t : Sault Sto. M 1 arie $10 2 , . 1 6 9 8 6 0 Solid tires— i Total. 0, fifit 10,051 TJFTTO Product! on ' 38 37 Shipments, domestic : So 45 40 Stocks, close of month ; 157 146 249 BUILDING STATISTICS Automobiles: : Production (number)— | Passenger cars '• 257,808 ] 25J, 553 '• 298, 600 Building permits issued in 168 cities, I Trucks. j 29,410 "20,781 j 27,841 grouped by Federal reserve districts: i Shipments— ! Number of permits— j By railway (car loads) ! 28,360 30, 200 36,030 Boston (14 cities) i 3,305 2,993 2,987 P B r y i v b c o a a w t a ( y m s a c ( h n i u n m es b ) e r) ; | 28 7 , . 1 6 3 7 0 0 28 7 , , 2 5 4 3 0 8 39 8 , , 4 0 6 8 0 9 N Ph e i w la d Y e o l r p k h i ( a 2 2 (1 c 4 it c ie it s i ) e s) < ! 1 2 0 , , 9 0 7 0 7 9 3 9, , 0 3 4 4 4 3 8 2 , , 8 7 ( 5 5 2 5 Cleveland (12 cities) j 6,19fl 6, 056 5,539 Locomotives (number): Richmond (15 cities) .; 4,480 4,411 3,670 D Fo o r m ei e g s n t i c c o s m hi p p l p e e te d d 11 2 C 5 I I 12 1 1 8 i i 31 2 3 2 A S C t h t . l i a L c n a o g t u a o i s ( ( 1 1 ( 5 5 9 c c c i i t i t i t i e i e e s s s ) ) ) ' ; . ' 1 3 3 3 , , . 0 0 0 1 4 2 0 6 9 1 3 2 2 , , . 4 8 7 7 3 7 4 5 0 1 3 2 2 , , , 1 7 6 2 0 3 9 8 4 Total. 133 I Minneapolis (9 cities) I 1,080 1,893 2,270 Kansas City (14 cities) I 3,342 2,711 2,832 Unfilled orders— Dallas (9 cities) I 2, 362 2,227 2,340 Domestic 333 308 1,102 San Francisco (20 cities) ! 12,714 1I.57B 12.5f:2 Foreign 53 70 Total. -i 67,743 j (:2,fSf> ' 2.348 Total I 386 351 1,178 Value of permits (dollars, 000 != omitted)— I Ve c N s i s a a N G e l v l l r u s y i o g m b s a n s u b t u i i e t l o m o r t n n i b : n n e a U r g e n e d i t b e y d S th ta e l e B s u a r n e d a u o ff o i- * ' ! ! | , \ 25,8 1 7 2 5 6 3,0 1 6 0 5 5 20, 90 8 6 5 N A B P B C h o i l e t e e l i w s a l v h t a n o m e d Y n t l a a e o o n l ( n 1 p r ( d < k 1 d h S 5 i ( ( ( a c 1 c 2 J i 2 i 2 t 5 t ( i i 1 c e c e c 4 i s i s t i t ) i ) t c i e i e i e s t s s ) i ) e ) s) I ' : ; • ' 5 1 1 1 1 7 0 6 7 0 7 , , , , , , 1 8 7 6 5 4 1 1 7 0 4 7 6 4 0 4 5 8 ] j | ' 1 5 2 1 1 1 4 3 1 0 2 7 . , , , . . 1 1 2 8 8 6 7 2 9 9 3 4 - 4 0 6 3 9 1 6 1 1 9 9 1 0 5 5 , , . , , , C 5 3 5 5 2 O 4 3 3 5 1 S 5 7 0 1 0 Transportation ; S C t h . ic L a o g u o i s ( 1 (5 9 c c i i t t i i e e s s ) ) • : 4 7 8 . , 4 8 1 2 5 1 I i 46 6 , . 1 2 0 ' 9 3 •1 8 9 , . 5 2 4 3 6 8 rYci N N gb o e r t e t t v c t t e a o o r n n n r u s i - e e m p d e i ( 0 l b r e 0 y t s 0 r , , a C 0 r i 0 l e n a 0 v s e o s n m I u r i e t a t i e a h d n v ) d a y n s o : . - - n - - i j I . . 33.1 7 5 0 7 1 : I 40,3 7 5 4 5 0 M D S K a a a i n n l n l n s a F a e s r s a a ( p n 9 C o c c i l i t i i s y t s c i e o ( ( s 1 9 ) ( 4 2 c 0 i c t i i c t e i i s e t ) i s e ) s ) J ! ; ' 3 9 i 0 3 , , , 9 8 3 0 3 2 4 2 3 3 8 8 i ! ! ! 3 5 8 6 4 , , , . 7 9 9 3 - 5 0 5 1 0 9 2 2 , ! I 30 7 < 5 i . , , , 3 ( 8 2 1 2 - 2 1 7 4 7 7 9 Net tons per loaded car L 26.7 ' Total j" 231,290 I 214.391 j 228.039 Building contracts awarded: i Re fr v o e m nu e c o f n re n i e g c h t t i o l n o s a d ( e c d a r m s i l d o r a e d c e e d iv , e 0 d 0 0 • By Federal reserve districts (dol- ! omitted): iars, 000 omitted— i Classified by nature of products- Boston I 29. 035 28,400 23,158 Grain and grain products 288 2*57 21.0 Now York i 83; 804 87,430 77,573 Livestock - KiO 135 163 Philadelphia . i 32, 130 25,616 23,172 C F C o o o r a k e l e s t products...... .. 2 7 0 3 7 0 7 8 2 6 9 3 7 7 1 1 7 3 4 0 5 3 3 0 R A C i l t e c la v h n e m l t a a o n n d d . _ : \ : • 2 2 1 7 8 7 , , ,9 7 7 4 2 7 7 5 0 4 2 S 9 1 4 , , 3 , 4 8 < 7 3 S 0 7 4 4 1 2 0 i 6 , , , 4 9 2 1 4 8 3 6 8 Ore . .... 204 219 306 Chicago ! c-i, 596 02,325 50,830 Merchandise,!, c.!. : 1 , , 0 6 7 0 4 9 1 1 , , 5 0 4 5 0 3 1 1, , 0 5 1 3 2 7 S M t. i n L n o e u a i p s o lis _ ; ; 20 7 , , 8 8 7 8 5 2 2 8 2 , , 1 3 3 1 0 2 1 8 7 , , 8 3 1 3 8 2 Kansas City ...J 12,501 15.420 8, 289 Total - - 4, 505 4, 213 4,330 Dallas.__ _ 14.318 Total (11 districts) ; 359.8-13 370.474 '287,819 Classified by geographical divisions- By classes of construction (square j Eastern ],023 972 971 foot, 000 omitted)— | 890 845 900 Residential buildings 24,272 24,548 22,630 207 190 180 Industrial 3,199 2,703 4,066 Southern - ... - 027 591 577 Business 7,22fi 6,854 6,968 Northwestern.. _. 692 621 730 Educational i 3,827 3,453 2,364 Central western 740 683 074 Hospitals and institutions ' 1,358 1,365 1,207 Southwestern _ 326 306 292 Social and recreational ...| 2,010 1,415 1,150 Religious and memorial 1,033 1,070 479 Total 4, 505 4,213 4,330 Public _. 254 293 182 Freight-ear surplus (number): Total (27 States)'. 43,453 41,863 38,968 Total 155,374 260,230 59,371 B C o oa x l . 4 7 2 7 , , 9 9 9 8 4 5 1 1 0 2 9 4 , . 1 1 8 8 4 0 3 1 7 3 , ,9 7 4 31 1 ' 4 D Co is n t d ri i c ti t o N n o fi . r s 1 t 0 o in f c fo lu ll d o e w s i n fi g g u m re o s n f t o h r . Colorado. > Preliminary. • Total 10 districts. No figures available for Dallas district. ! Figures for August and July, 1921, and August, 1923. • Includes miscellaneous building contracts as well as groups shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYHMBEB, 192rt FEDEBAL RESERVE BULLETIN 875 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—1001 ! l G a e d r e a n e l - s c G er r i o e - s Meat g D oo ry ds Snoas H w a a r r d e -' j Drugs j ! ; I Pe 1 i r n 9 c 2 e 4 S n , t e s a a p g le e t s e a m c s h c b a o n e m g r e , - 1 pared with— i 1923 January 78 75 61 101 81 89 1 113 ! August, Sept., February... 76 74 60 95 60 83 i 107 ! 1924 1923 March 86 81 65 1G8 86 109 j 121 April 79 80 62 86 67 112 106 May........ 81 81 64 83 73 118 ! 107 Shoes—Continued June— 83 88 62 88 68 114 107 Chicago district . . ; 21.7 -19.9 July 79 81 64 83 56 100 106 St. Louis district . ' 67.3 14.5 August 88 86 67 Ho 74 106 111 Minneapolis district . 51.2 14. C September.. 91 90 73 112 76 106 115 San Francisco district , 5.1 -21.3 October 97 99 76 112 81 117 129 Hardware: November.. 85 93 65 90 63 102 i 111 United States 14.0 0.4 December.. 72 78 65 66 51 90 ! New York district 14.6 -i.t Philadelphia district . 4.9 0.7 1924 Cleveland district : 14.9 1.8 January 80 78 66 87 49 91 116 Richmond district 15.7 3.5 February... 78 76 63 98 49 91 110 Atlanta district 13.6 O.f March 79 79 62 90 65 104 118 Chicago district. ; 13.8 -1.2 April 78 79 61 81 69 108 1 VA St. Louis district 0.2 3.5 May 76 80 64 72 56 104 110 Minneapolis district 15.6 11.5 June 76 82 64 70 52 96 105 Kansas City district 13.4 12.1 July 78 82 67 79 44 93 111 Dallas district . ..'• 10.9 21.7 August 83 83 68 102 56 93 500 San Francisco district 6.8 -7.8 September.. 92 92 71 116 60 106 118 Drugs: United States 8.9 3.1 New York district 16.2 3.6 CHANGE IN CONDITION OF WHOLESALE TEADE, BY LINES Philadelphia district . .. .. 5.7 9-2 AND DISTRICTS Cleveland district 0.7 -4.0 Richmond district ... 6.8 5.0 I Percentage change Atlanta district 6.0 0.1 j in September, Chicago district . 9.3 2.0 I 1924, sales as ocm- St. Louis district. 6.9 4.7 j pared with— Kansas City district 4.5 7.3 Dallas district. 11.1 8.3 August, | Sept., San Francisco district : 6.3 17.3 1924 j 1923 Furniture: Richmond district 7.1 53. 6 Atlanta district .. .1 33.4 19.6 Groceries: St. Loiiis district . _ .' 11.4 5. 5 United States 11.3 ?, 5 Kansp-s City district 32.4 15. 2 Boston district .;„.. 14. 6 13.9 San Francisco district . 21.1 11. i New York district 15.1 3.5 Agricultural implements: Philadelphia district 12.9 3.2 United States ' -9.2 9.8 Cleveland district . 15.1 -3.0 j Atlanta district . . ; ^ 7. 3 25.3 Richmond district... 12. 6 ! 2.5 I Minneapolis district ; -20.0 92.1 Atlanta district 10. ;"> 10.5 Dallas district- . •! C 5 7.0 Chicago district 10.3 0 5 2 1) St. Louis district.. 19.0 Stationery: M innoapolis district 4.9 tt\ New York district .j 17.2 J7.4 Kansas City district 0.3 Philadelphia district , ! -2.7 -8.3 Dalins district .. 13.2 I 40 1 -12.2 San Francisco district- 8.3 1.9 I San PYa^eiseo district ..'• 2.8 -0.8 Dry goods: -9.0 i Automobile supplies: United States 13.9 3. 8 I San Francisco district .. i —] 0 —5.0 New York district... 12. a -2. -t Clothing: Philadelphia district... 3!. 0 New York district... j 19.9 9.3 Cleveland district -9.7 1 '5 3 6R0 Richmond district 21.4 -2.3 Machine tools: -• 1 Atlanta cistrict 17.0 4.5 New York district . _ J -8.3 -12.1 Chicago district 26.9 —0.5 Diamonds: St. Louis district -7.8 0.9 \"ew York district..^ „ . .._• '47.0 27.1 Minneapolis district.. ... 7.4 20.8 Jewelry: Kansas City district 3.5 11.5 New York district '. 33.4 -4.8 Dallas district -12. 6 1.2 38 8 -4.0 Shoe U B N S s a : P o n n W s i t t o e F Y d n r a o S d n r i k c t s a i t s d t r c e i i o c s s t t d . r . i i c . s , t trict 2 2 1 5 1 2 9 . . . . 6 9 7 fl I I - - 1 - 3 8 0 . 1 . . . 9 2 5 7 i | Elec P S tr h t i . c i l L a a l o d s a e i i l r s p o h p d i l a i i o s d M s: is c t t r . i . c t . : fi — 19 0 . 7 9 i — 2 5 3 4 . . . 8 3 J Philadelphia district 65. 8 5. 1 ' Milliner;': Cleveland district 44.2 -12.4 Kansas City district • 23 5 -16.6 Richmond district 5.0 -13. 3 Stoves: Atlanta district 2i. 8 0.4 St. Louis district i 36.6 -4.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 FEDERAL RESERVE BULLETIN NOVEMBER, 1924 RETAIL TRADE, BY REPORTING LINES (Average monthly sales 1919=100] Sales without seasonal adjustment a.9 03 ct eft il •si IN 5s 1923 June 126 80 i 183 154 149 136 ' 97 176 July 89 74 i 177 143 141 128 i 82 ! 176 August ! 100 73 | 179 153 145 135 I 103 I 179 ! September i 113 92 I 182 151 143 140 i 102 | 176 i October I 148 134 I 200 180 152 138 | 137 i 185 i November j 142 122 201 176 141 134 149 I 174 I December ! 202 118 201 331 185 193 I 214 | 261 I 1924 January 109 : 98 !I 203 126I Hi! 119 90 S4 154 183 February ...! 102 96 I 198 140 124 ! 93 97 166 188 March j 115 i 105 197 163 143; 136 1 118 99 181 179 April j 133 i 114 178i 149 i 130 I 178 88 208 208 May I 127 2..1. 1, 174 145 i [43 i lf)0 82 189 196 June ! 120 197 I 162 150 ; 131 j 140 7fl 176 x*io ids j i<%z • 94 188 July ; 91 ' 204 i 163 143 129 1 m 72 184 147 129 I 123 i 97 188 A Se u p g t u e s m t ber I j 1 9 1 3 9 - . . 1 7 0 4 0 j 2 19 0 8 7 i 1 1 7 6 2 9 I , ! 1 1 1 4 5 4 2 8 5 i I : 1 3 3 8 7 | j 1 1 0 2 8 4 1 9 1 1 0 1 1 8 85 4 1 1 5 4 1 7 I 1 1 3 4 7 1 1 1 3 2 8 9 : i 1 1 0 1 2 0 1 1 8 8 4 8 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Nam- i ber i District o p f o r r e t- - ! j 1924 1923 1924 1923 ing firms Sept, Aug. July ; June May Sept. ' Aug. j Sept. I Aug. ; July : June i May Sept. I Aug. United States '. 359 119 93 ''• 91 i 120 127 113 i 100 ! 131 j 119 j 122 i 120; 123 12,, 128 Boston i 24 115 86 ' 89 i 131 132 116 ! • 127 114 i 124 123 I 125 128! 131 New York ;.„,' 63 127 83 ! 93 i 127 132 113 ! 90 145 124 131 125 I 126 127 130 Philadelphia 22 i 109 85 ! 82 123 124 104 i 93 ! 134 117 i 122; 119 : 120 128 128 Cleveland 54 j 117 101 94 126 133 118 i 112 i 132 122 I 122: 124 ! 128 1S2 136 Richmond ...i 23 f 106 78 i 85 i 118 116 93 ! 80 ! 124 109 ; 116 114 | 115 109! 112 A M C D Sa h t a i n l i n l a c l n a F n a e s g t r a a a o p n o c l i i s s co i i ' 3 6 2 3 2 5 3 3 1 1 ! ! 1 1 1 1 9 3 0 1 3 4 3 2 3 0 1 1 7 8 7 3 C 0 9 2 6 8 • : ' ' , 1 7 8 9 7 1 1 9 1 3 6 ! l 1 | 1 1 9 8 9 2 2 5 9 5 5 6 1 1 1 1 1 0 0 3 0 4 4 9 5 6 6 1 1 1 1 . 0 2 0 2 0 2 8 3 7 2 • ! I i • 1 1 8 9 6 2 3 1 6 9 0 6 ! ; 1 1 1 1 1 0 3 0 1 3 0 0 9 2 3 I ; 1 1 9 3 3 2 0 9 i , 1 1 1 9 9 3 0 3 8 6 1 9 0 • : 1 1 1 1 0 2 0 0 3 8 8 0 0 3 • ; i • : 1 1 1 1 9 0 2 4 0 9 7 9 1 4 1 1 1 1 1 0 3 3 0 0 3 5 5 3 2 1 i 1 1 1 1 1 9 0 0 4 4 8 3 6 8 0 I 1 The number of reporting stores on which relatives for tho New York, Cleveland, Richmond, Chicago, and Minneapolis districts are based has recently been revised. Unadjusted and adjusted relatives by months since January, 1910, may be obtained from the Division of Research and Statistics, Federal Reserve Board, Washington, D. C. DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS' [Average monthly sales 1910=1001 I Stocks without seasonal adjustment Stocks with seasonal adjustment Num- i ber Iof re- I District port- I 1924 1923 1924 1923 ing jfirms ! Sept. Aug. July , June ' May i Sept. , Aug. Sept. j Aug. July June j May Sept. ' Aug. United States 314 i 137 126 ; 122 127 135 139 , 121 j 128 j 124 j 130 133 i 130 j 130 Boston _ 24 : 125 116 ; 119 !26 120 116 118 119 i 126 | 126 122 121 New York 63 ! 133 120 : 115 i 122 130 134 : 121 125 ' 125 i •123 | 125 ! 127 123 I 123 Philadelphia _ 13 ' 160 144 | 141 i 140 152 160 152 148 146 j 151 151 j 150 ! 154 ! 154 Cleveland ... 136 123 : 119 | 128 138 135 ' 124 126 123 | 125 : 131 ! 137 125 : 124 Richmond 128 116 I 113 122 130 13(1 . 114 116 118 ! 120 130 ! 132 118 i 125 Atlanta | SI 118 100 loo ! 113 121 130 ' 120 108 109 ; 110 ; 119 . 124 119 ' 120 Chicago j 159 149 115 153 102 • 158 110 144 162 154 • 155 : 152 i 152 M D Sa a i n l n l n a F s e r a a p n o ci l s is c o > > j 2 2 1 9 2 0 | ! i 1 1 1 1 2 4 6 8 1 1 1 1 0 3 2 0 2 1 1 1 1 1 1 4 0 3 0 2 2 2 : j • , 1 1 1 0 1 3 6 3 4 1 1 14 1 2 1 3 0 1 J 1 1 2 3 5 S 8 ; ' ! 1 1 1 2 3 0 1 1 8 n l 1 i 3 o t 4 1 1 13 0 1 1 7 5 i I 1 n 1 0 3 s 8 8 . . 1 1 1 1 1 4 1 9 1 ; I ; 1 1 1 0 2 4 9 0 1 ; ' 1 1 13 1 1 1 0 2 j 1 1 1 1 3 1 0 0 5 1 The number of reports from the Now York, Cleveland, Chicago, and Minneapolis districts has veceni ly beea revised. Rovised relatives for all months since January, 1919, may be obtained from the Division of Research and Statistics, federal Reserve Board, Washington, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1924 FEDEBAL BESERVE BULLETIN 877 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND GERMANY 1924 1923 August July June I August -1 August! July Scptern- ' bor Exports: Iron and its manufactures (metric tons) Production: Machinery and electrical Coal (thousand long tons). : 20,430 20,925 supplies (metric tons) .- Pig iron (thousand long tons) ; 569 659 Dyes and dyestuits (met- Steel ingots and cast-ings (thou- j ric tons) sand long tons) ! Coal (metric tons) Raw cotton, visible supply2 i Imports: (thousand bales)„ :• Raw wool (metric tons).. Exports: i Silk, half manufactured Iron and steel and manufactures ( (metric tons).., (thousand long tons) : Cotton (metric tons) Cotton manufactures (million . Iron ore (metric tons) yards) Coal (metric tons) Coal (thousand long tons) - - ; Imports: < Raw cotton (million pounds) > Raw wool (million pounds) : Raw hides, wot (thousand ; Ship arrivals in Hamburg pounds) ; (thousand net reg. tons)... Transportation: Unemployment: Ships cleared with cargo8 (thou- • Applicants for every 100 sand tor-s) —• positions... Freight-train receipts (thou- Number receiving State sand pounds sterling) aid Freight-train traffic (million ton- Business failures miles) Capital issues (billionmarks).!, Unemployment: index of security prices:' Among trade-unionists (per 25 domestic stocks, Jan. | cent)—. - -- 4, 1924=100 J 02.00 In insured trades (per cent) Index of security prices, Dec, 1921= 100 1 Last week of month figures. * In millions of gold marks. Capital issues (thousand pounds sterling) • CANADA i Five weeks. 1924 1923 1 End of month figures. 3 Figures include Irish Free State. ber Au«ust July FHANCE Production: 1924 1923 P C i r g u d ir e o n st e ( e th l ousand tons), 2 1 3 8 j I 2 2 3 3 j I • 0 7 6 5 Rail.yay receipts (thousand I f6^'August | Jul: i Septem- Un d e o m lla p r l s o ) yment amon _ g trad _ e _ - . 34,199 | 32,171 34,308 I 38,779 ber unionists (per cent) 6.5 5. 4 | 2.0 Business failures (number)1.. 30 39 ! 54 Authorized capital of new Production: companies (thousand dol- Coal' (thousand metric tons)—. «3,691 5,046 i 4,410 lars)1 .._ S, 835 7,647 14,041 I 10,961 Pig iron (thousand metric tons)—. 650 636 482 Uoml salesOthousand dollars) . 53, 513 211,659 Crude steel (thousand metric tons). 582 565 447 Security prices, average mar- Cotton stocks at Havre ! (thou- ket prices, 20 industrial 212,964 j 50,072 sand bales) 60,975 j 45,443 74,589 47,820 stocks, _._ 90.7 10.0 Exports: Receipts of wheat at Fort Total volume (thousand metric William and Port Arthur 91.7 92.0 tons) „ 2,709 ! 2,498 2,317 2,140 (thousand b ushels) 13, 083 28,318 Imp T o o rt t s a : l volume (thousand metric Re y c a e r i d p s t s o i f n l ive T s o to ro ck n t a o t sto a c n k d - j 1,305 tons) - 4,732 | 4,457 5,410 5,017 Winnepeg: Raw cotton for consumption Cattle (number) 58,778 44,622 61,456 (metric tons) 12,978 • 11,300 15,691 11,101 Hogs (number) 51,381 55,955 35,923 Raw silk (metric tons) 1,548 ! 1,628 755 971 Coal (thousand metric tons)..-- 2,568 ; 2,285 2,491 2,946 August j July June August Transportation: Ships cleared with cargo (thou- •• Exports: sand tons) ' 3,109 ; 3,170 | 2,954 2,592 Planks and boards (mil- Railway receipts (thousand lion feet) 179,010 ! 179, 582 ; 178,068 221, 212 francs)..,, |729,677 1667.62S '768,893 Preserved fish (thousand Freight-ear loadings (average pounds) ,- 12,306 ' 6,400 ' 7, 003 7,386 daily number) ' 03,021 ; 60,303! 68,708 59,025 Wood pulp (thousand •Unemployment: '• pounds) 127,108 I 104,465 116,285 183, i 14 Number in Paris receiving aid 8 -! 59 ; 59| 62 111 Wheat (thousand bushels) 8,184; 10,135 : 24, 075 11, 419 Demands for employment not : Imports: filled (number men in France)3-. 6,344 ; 5,781 5,846 6,243 Coal (thousand tons) 1,247 ' 1,550 1,303 2,070 Raw cotton (thousand pounds) 2, 510 I 3, 62S 2,790 ! Coal and lignite, including Lorraine and the ; Machinery (thousand 2 Bale of 60 kilos. End of month figures. dollars). 1,700 . 2,132 ' 2, 239 2,361 8 End of month figures. * Five weeks. 6 Does not include the Saar. ! Average for weeks reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 JJ-KDEKAL KESEKVE BULLETIN XOVEMBKK, 192-1 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 3924 1923 Cumu- Cumu- Cumulative lative lative thr l o as u t gh te S m ep b - er August thr l o a u st gh thr l o a u st gh month month month noted noted noted Franco (million francs): By ciasses of commodities: Imports 3,157 3,072 29,202 22,521 Total ; 254, 030 2,070,933 2, 004,137 Exports--- - 3,184 2,907 30,447 21,531 Crude materials for manufac- ! United Kingdom (thousand £ luring. _ ' 83, 630 897,002 :1,085, 720 sterling): Foodstuffs in crude condition. 31, 480 ! 304,305 j 253,178 Imports _ 100,895 102,196 909,365 787,091 Foodstuffs partly or wholly j Exports. 03,283 66,288 589,319 566,122 manufactured ' Reexports. 9,566 8,970 102,838 86,858 Manufactures for use in man- Canada (thousands of dollars): ufacturing Imports 63, 911 61,970 612,825 689,650 Manufactures ready for con- Exports 82, 456 74,822 720,868 663,309 sumption Japan (million yen): Miscellaneous Imports 141 143 1,912 1,508 13 y T c o o t u a n l tr E ie u s r : ope i 98,939 79,923 !781,217 864,835 Exports 158 17V 1,280 1,044 France '• 12,630 11,0(50 105,369 107,755 August July Germany ! 13,157 11,886 100,934 118,443 Belgium and Luxembourg (mil- Italy . 5,745 4,108 48,909 63,537 lion francs): United Kingdom ' 32,700 25, 877 254,931 314,620 Imports 1,364 1,493 11,426 7,916 Total North America i 73,935 70, 051 779, 619 773, 34.1 Exports 1,0.08 1,169 8,884 5,274 Canada '• 31,207 30,279 293. 790 303, 767 Denmark (million kroner): Total South America i 30,633 34, 433 337,884 358,367 Imports 200 177 1,527 1,303 Argentina ' 5,455 4,277 59, 735 102,061 Exports 189 177 1,369 1,050 Total Asia and Oceania _j 81, 5S4 67,374 719.313 836, 034 Germany (thousand metric tons) Japan , 35, 588 29, CIS 242, 752 260,883 Imports _._ 448 556 5,480 4,200 Total Africa j 3,064 2,848 I 52,900 71,560 Exports 589 573 3,990 3,618 EXPORTS | Italy (million lire): Imports 1,466 1,482 12,402 1.1, 5*0 By classes of commodities: Exports. 1,024 842 8,538 0,518 Total _ _. .'• 427,633630, 896 13,124,782 .2,940,145 Netherlands (million guilders): Crude materials for mnnufuc Imports 174 198 1,520 1,298 taring __J 127,998 62,912 799,094 1 709,380 Exports 138 134 1,029 796 Foodstuffs in crude condition-. 05,281 31,598 I 191,248 j 200,396 Norway (millionkroner): Foodstuffs partly or wholly ' Imports 127 135 989 manufactured i 49, 817 44,534 407,090 ! 423,380 Exports 104 101 630 537 Manufactures for use in man- i Sweden (million kroner): ufaeturing ...\ 49, 565 47,176 452, 546 [ 417, 912 Imports '. 114 123 900 837 M s a u n m uf p a t c i t o u n res ready for con- ; 126.333 138,369 il,200.230'l, 120,140 Braz E il x ( p m o i r l t li s o . n .. inilrcis):1 126 125 758 671 Miscellaneous j 438 477 I 4,225 j 4.322 Imports 256 214 1,196 1,066 By c R o e u e n x tr p i o e r s t : s I I 8,404 5,831 j 70,349 58.315 Aust E ra x l p ia o r ( ts thousand £ sterling): 205 235 1, 531 1,420 Total Europe. i 235,720 156,319 1,574,907'1,414.510 I mporLs 12,042 13,837 96,402 89, 854 i G I ' t n e a u r l m y ic . o an y - - -i ! j 2 • H 1 8 , 1 , , 2 3 1 8 3 7 9 81 2 1 1 0 9 8 , , , ( 2 2 ! 8 2 0 1 5 0 2 1 1 8 2 9 1 0 0 , , , 7 3 1 7 2 0 1 6 2 ! I 1 2 1 1 2 1 8 3 0 0 , , . 2 5 2 S 3 8 5 8 2 India E I m x ( p p m o o i r l r l t t i s s o . n rupees): ;, 2 1 0 5 7 1 -7, 2 3 0 1 0 3 78 1 , , 5 6 3 0 8 5 08 1 , , 5 2 1 6 1 3 Upiicd Kingdom _i 9S>. <i«2 65, 725< 614.921I 568,594 Exports 252 259 2, 645 2,341 T T T o o o t t t a a a A C l i l r a N S A g n o s e o a i u n r d a t t t a h h i a n n a A A d m m O e e c r r i i e c c a a a n ia _ { < I j ; 1 4 7 2 1 0 9 9 1 2 , , . , , 4 3 1 4 ( 1 5 8 5 , 5 2 2 8 9 7 9 3 4 5 1 0 4 2 3 0 , . , , , 3 3 3 5 < 5 7 4 ) 1 3 5 8 9 3 « j : ! I ! 4 4 2 7 4 8 8 2 8 5 3 5 5 6 , , . . , 5 4 6 6 1 4 4 2 3 8 6 9 5 2 3: ; i I ! 2 5 8 4 0 8 0 3 4 1 8 9 1 2 . . , , . 8 8 5 6 1 0 6 3 0 1 1 5 3 2 9 fio l u in i I E h g m x ): p p A o o f r r r t i t s c s a . . (thousand £ sto.r-. 5 5 , , 9 8 2 3 7 2 5 ! , , 5 4 0 7 5 0 4 46 3 , , H 48 5 4 0 3 -1 5 6, , 4 4 2 0 6 4 Total A p frica j j 15 5 , , 7 9 6 5 5 2 0 0, , 1 ( 2 8 8 0: : 1 5 6 2 3 . . 2 3 4 7 8 5I j 1 4 6 6 4 , . 3 1 0 6 9 1 9 ' 2 Fianrcs for May and June and cumulative through June, 1 OS 1 and The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign trade of the United States and monthy fluctuations in ocean freight rates prevailing between this country and principal European trade regions. For mctiiods of construction of those indexes reference may be made to the FBDEIIAL RJSSEUVJB BUL-JETKVS for July. 1920. and August, 1921, FOREIGN TRADE INDEX INDEX OF OCEAN FKSIGHT KATES [1013=100] [January, 1820= 10OJ 1924 1923 | 1921 1823 te S m ep b - er A ugust July June te S m ep b - er te S m ep b - er ->- 1 1 - O b c e t r o- Imports: United States Atlantic ports j Total 177.5 562. 5 ! 173. 4 171.3 i28.2 to— j P C r o o n d s u u c m er e s r ' s ' g g o o o o d d s s 2 1 1 6 3 2 4 3 0 . .8 2 0 2 1 2 6 5 4 . .1 6 2 1 * 8 1 2 . .6 5 2 1 1 3 5 3 3 3 1 . . .3 9 6 1 1 15 4 0 2 7 3 . . . 4 5 h U N Fr n e e t i n h te c e d h r la K A n i t d n la s g n d t o i a c m n d Bel- _ J j j 3 27 1 . . 6 8 2 2 9 8 . . 0 2 2 22 3 . . 9 7 2 23 2 . .8 4 2 2 3 4 . . 5 4 Exp T R P C or o r a o t o w t n s a d : s l u u m c m a e e t r e s r r s 'g i ' a o g l o o s d o s ds 2 1 1 1 0 3 2 2 6 5 0 9 . . . . 7 5 8 7 1 1 9 9 7 2 7 0 1 2 . . . 3 6 9 fi 1 1 7 5 7 2 8 1 1 1 . . . . 0 2 9 3 2 1 0 8 1 5 4 8 6 9 . . . . 1 1 7 1 1 1 1 1 - 0 3 1 1 2 1 2 3 . . . . ? 1 5 3 S M A c l g e l a i d n E u i d m u te i r n r o a r p a v e n i a e an • ' ; • . 2 2 2 2 7 8 2 3 . . . 9 . 5 8 5 2 2 2 2 3 6 1 6 . . . . 6 9 5 5 2 2 2 2 2 0 3 0 . . . . 4 8 5 4 2 2 2 2 0 3 0 2 . . . . 3 5 5 1 2 2 2 2 3 2 2 0 . . . . 1 3 9 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1024 FEDERAL BESEEVE BULLETIN 879 FINANCIAL STATISTICS FOE FOREIGN COUNTRIES [Bank figures are tor end of month, exeopt for London clearing batiks, which are daily averages] ENGLAND CANADA [Millions of pounds sterling] [Millions of dollars] 1923 3924 1923 September LgUSt July ber Chartered banks: Bank of England: Gold eoiii and bullion ' Issue department— Current loans and discounts Gold coin and bullion 127 126 128 12f> Money at caiJ and short notice Notes issued 146 140 140 140 Public and railway securities Banking department— Note circulation Gold and silver coin.. 2 2 2 2 Individual deposi ts Banknotes 22 21 19 22 Gold reserve against Dominion notes- Government securi- Dominion note circulation ! 214 ties. 42 41 46 42 Bank clearings - ' 1,253 Other securities 77 77 75 71 Bank debits... | 1,907 Public deposits ! 14 17 12 11 Other deposits j 111 105 112 105 Ratio of gold and '- Not including gold held abroad. 'Total for month. note reserve to deposit liabilities 19.5 18. 5 16.9 18.9 FRANCE Bank notes in circulation 101 103 105 102 [Millions of francs] Currency notes and certificates 286 289 290 283 1924 1923 Nine London clearing banks: Money at call and short Sep- Au- Di n s o c t o i u ce n . t . s - and advances- 1,0 1 2 0 0 8 3,0 1 2 0 6 2 1,05 9 1 8 1,0 1 0 0 5 2 tember July tember Investments.- 314 320 323 337 Total deposits > 1,812 1. (517 1,043 1,009 Bank of France: Total clearings ; 2,976 % 940 3,398 2,603 Gold reserve! 3,680 3,679 3,679 3,674 Government floating debt: I Silver reserve 301 301 300 295 Total I 774 769 782 80J War advances to the Government. 23,000 22,800 23,000 23,700 Treasury bills 619 591 5U9 620 Note circulation 40,339 I 40,034 40,325 37,626 Temporary advances I 155 178 183 178 Total deposits 1,742 I 2,000 2,158 1,992 Index number of foreign ex- j Commercial bank loans. 15,580 15,162 14,719 change vaki3 of the pound I Commercial bank deposits 15,634 15,172 14,674 sterling.. | 127.1 128.3 127.8 129.2 Clearings, daily averago of Paris banks 1,042 970 761 Savings banks, excess of deposits (+) ITALY or withdrawals (—) +4! +20 +15 +19 [Millions of lire] Price of 3 pel cent perpetual rente 52,20 53.80 52.00 .67.15 1924 1923 1 Not including gold hold abroad. JAPAN August July June August [Millions of yen] 1924 1923 Banks of issue: Gold reserve .... - 1 1. . 8 1 3 3 2 0 1 1, , 8 1 3 2 1 8 1 1, , 9 1 1 3 7 3 te S m e b p- er g A u u s - t July te S m ep b - er 6.875 7,621 9,982 Note circulation for com- . 10,004 10,019 9,274 Bank of Japan: Note circulation for the ' Reserve for notes ' 1,064 1,065 1,004 1,060 State'_-. '. 7,449 7,761 Loans and discounts 326 355 346 518 2,035 2,975 2,316 Advances on foreign bills... 63 102 77 76 Leading private banks: i Note circulation 1,312 1,300 1,291 1,400 Cash : 1,029 1,010 750 Government deposits 216 305 287 331 8,430 8, 541 9,223 Private deposits 33 35 35 125 Due fron:. correspondents. 3,775 3,701 3,048 Tokyo banks: 374 308 252 Cash, on hand 120 117 113 12,367 12,305 12,514 Total loans 2,607 2,015 2,537 2,193 State note issue ' 2,428 2,428 Total deposits. -. 1,892 1,861 1,840 1,836 211.54 219. 42 101.01 Total clearings 2,721 2,443 2,547 j 1 Not including gold held abroad. i 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 ff e e - ct Country : Rate! I s n i nc e e ff — ect Country Kate j I s n i n e c f e fe - c - t Country Hate I s n i nc e e 0 — ect j. I P. A, P. cV P. ctj P. et Austria | 35 Aug. 13,1924 i England... 4 '. July 5,1923 , India 0 i Oct. 10,1924 ; Portugal 9 Sepi. 12,192S Belgium : &H Jan. 22,1923 i Esthonia... 9 , May 19,1924 i Italy July 11.1922 i Rumania.... Scpi. 4,1820 Bulgaria i 10 Aug. — 1924 I Finland 9 Mar. 6,1924 , Japan 8.03; Nov. 18,1919 ;i South Africa Dec. 29,1922 Ozechoslo- i j France 6 ' Jan. i7, 192! Latvia 8 ; Feb. 16.1924 !| Spain.. Mar. 23,1923 vakia.......! 6 May 28,1924 j Germany.. 10 Dec. 29,1923 Netherlands 5 j Jan. 24.1924 !| Sweden. Nov. 9,1923 Danzig •' 10 Sept. II, 1924 : Greece. i1 Jan. 14,1923 ; Norway 7 ! Nov. 10.1923 ! Switzerland. July 14,1923 Denmark j 7 Jan. 17,1924 J Hungary Sept. 17,1924 Poland 12 ' Feb. 20.1924 ii Yugoslavia... Juno 23,1922 Changes far the month.—India, October 10,1S24, from 5 to 6 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 FEDERAL BESEEVE BULLETIN KOVK.MBKIt. 1924 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES Wholesale prices in September, according to i of imported goods have increased over 10 per the Federal Reserve Board's index numbers, I cent since June and prices of export goods have declined 1.1 per cent in the United States, 0.4 | declined more than. 10 per cent since May. per cent in England, 1.5 per cent, in France, ! Grouped by stage of manufacture, raw maand 2.1 per cont in Canada. When these in- I terials in September were 1.7 per cent lower dexes are converted to a gold basis by making I than in August, reflecting declines in the prices allowance for the depreciation of the foreignj of cotton, silk, corn, oats, and petroleum; currencies in terms of the dollar, the price ! producers' goods were 1.2 per cent lower, decline in England was 1.2 per cent, in France j owing to lower prices for steel products and 5.8 per cent, and in Canada 2.3 per cont. | cotton yarns; and consumers' goods were Among the group indexes for the United unchanged. States there was a divergent movement be- In England the group changes were generally tween imported goods, which, rose 3.1 per cent small, export goods showing the largest decline. owing to higher prices for wool, sugar, and In France the changes for individual groups coffee, and export goods, which declined 7.5 per were wider, the greatest change being in concent owing to lower prices for cotton and cotton sumers' goods, which fell 4.1 per cent, and in cloth, copper, gasoline, and cottonseed oil. j producers' goods, which declined 3.1 per cont. This divergent movement has been under way ! In Canada all groups declined except producers' since early summer, with the result that prices | goods, which remained unchanged. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 1913 = 100 550 500 ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS 1- 400 350 300 250 200 150 100 100 1920 1921 1S22 1323 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1924 FEDERAL RESERVE BULLETIN 881 The tables below give the att-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 Ke- | 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 g^s ! England ., France Canada | Japan . q?a !tp? •• 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 i 187 223 242 1921, average.... 149 198 344 167 , 181 : 149 156 i 133 150 175 1922, average... log 165 319 149 . 182 168 160 • 136 147 175 1923, average 164 . 170 394 .150 138; 164: 159 ; 124 147 183 1923 March.. 169 ' 173 155 1S5 169 168.; 131 152 180 April... 170 ! 175 , 156 185 170 167 : 135 153 181 May. 167 173 155 187 167 ' 164 ' 133 152 184 June 164 171; 394 i 153 188 164 162 • 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 i 404 ' 149 190 103 I . 154 : 123 145 186 October 163 : 186 ' 404 ; 147 196 163 ' 154 125 145 192 November- 163 171 ' 416 . 145 199 163 154 119 142 193 December. . 163 177 ; 427 j 144 205 163 159 • 116 140 193 1924 1 January 163 178 445 I 146 205 163 156 ! 108 142 185 I'ebruary... 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 I 137 140 165 May 156 177 . 428 | 143 200 156 ; 158 ! 128 141 161 June 154 ' 174 442 : 145 189 164 i 155 I 120 142 156 July 156 174 . 440 j 147 191 156 i 156 ! 117 146 158 August 158 173 . 442 i 149 196 158 i 160 j 125 149 163 September.. 150 172 j 435 i 140 156 ' 158 ! 120 145 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES I Grouped by stage of Grouped by I I Grouped by stage of: Grouped by ; manufacture origin I manufacture : origin ! Ex- All . Ex- Year and month t R e m r a ii a w la - l s' I d g u P o c o r e d o d r - s s ' | , ; ^ j gJ0°ds ; goods g p o o o r d t s Year and month m c t o i o e m d s - i- te R m r a i a a w - ls I du P c ro e - rs' g s C o A u o I o n V d n i " s - ' . • ' g n D o t i t G o ii o c S d n - s " i ! g p I o m o - a s ! j i g o P o o d r s t _...._. UNITED STATES I I FKANCE—eontd. 1923—September... 160 i 162 16S ' 1.44 176 1924—July.. 440 ! 447 450 ! 430 427 ! 503 i 451 1924—April \ 155 i 151 159; 140 182 !! August 442 456 455 j 419 • 427 : 511 | 451 May.. 151 ! 151 158 : 138 183 September.. 435 ! 461 441 402 : 419 ' 514 j 442 June 147 i 152 157 I 129 179 July 147 I 154 159 i 132 180 CANADA August 149 ; 156 160 : 139 177 September... 148 i 156 ! 158 ' 143 163 1923—September.. 149 ' 131 167 | 170 146 i 163 142 1924—April 143 126 164 | 162 141 159 130 ENGLAND May 143 127 160 I 162 i 141 ] 159 132 June 145 ; 128 157 j 105 : 143 ! 156 138 1923—September... 152 178 161 167 167 '' July 14* • 133 153 i 163 146 ! 156 148 1924—April 169 ! 187 183 178 188 August 149 134 153 I 169 ! 148! 157 152 May 166 ' 185 179 i 171 •81 •-. September.. 146 133 153 I 162 ; 145 ! 155 \ 150 June „ 164 I 186 176 170 179 '• July 163 i 188 175 171 177 !•• JAPAN August 165 ••184 173 174 176 '• September... 100 ; 184 173 171 172 v1923—September.. 190 : 186 186 194 | 193 ; 178 . 196 1924—April 201 220 199 I 191 : 199 ' 214 198 FRANCE May 200 214 199 1 193 , 197 i 216 • 192 June 189 : 199 180 184 i 186 • 208 : 175 1923—September... 404 416 • 433 •• 375.303 460 419: - July 191 . 198 186 I 188 | 187 i 208 ; 178 1924—April 428 430 : 446 421 418 ' 480 434 ;! August 196 •' 206 194 j 192 I 194; 207 : 194 May 42S 430 ! 437 425 417 ' 481 425 ,i September-. June 442 444 : 450 441 431 ' 496 445 | I I i Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920, June, 1921, and May, 192'; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—Se: tember, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 EEST5KVK BULLETIN NOVKMRF.K, 1924 WHOLESALE PRICES IN THE UNITED STATES INDEX OF THE BUKEAO OF LABOH STATISTICS [1913=1001 Bureau of Labor Statistics groups Federal Reserve Board groups 1922 average.. I 148 i 1923 average j 154 ! 1923—September..! 154 ! 1924—April i1 148 May, June July August _. September WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=1001 EUBOPE 1 England Year and month Austria g B iu e m l- Bui . - • i Cz s f lo h * °- m D a e r n k - ' Board France G S F t e a e r t m d is e t a r i n a c l y al ; Italy N l e a t n h d e s r- (C N w h o a r y r i - s- Poland of Statist Bureau tiania) i Trade 1923 September. 1.779,400 2,265 958 202 158 150 424 101.7 569 145 234 October 1,759,700 515 2,263 974 205 158 iso 421 117.9 563 148 237 1924 April.. 1,946,500 2,798 1,022 228 165 161 450 124.1 579 154 267 109 May 1,946,500 5F<7 2,551 1,015 225 164 161 459 122.5 571 163 263 104 June _._.- „ - 1,828,200 2,811 981 219 163 160 465 115.9 566 151 264 101 July 1,913,300 S66 2,737 i 965 220 163 163 481 115.0 567 151 271 10! 2,013,600 547 2,853 ! 097 233 165 162 477 120.4 672 151 274 September. 1,937,300 550 997 231 167 166 486 126.9 580 159 275 )12 23\ i j EUEOPE—continued NOHTH AMERICA ASIA AND OCEANIA AFRICA \ United I Year and month ; Spain Sweden Sw la it n z d e ' r- ( o B S f t u L a r a t e e b a s o u r , : i .- U , iinada Au l s ia tr a-1 ! (S C h h h a a i i n n ) a g- D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) (T Ja o p k a y n o) Ze N a e la w nd ( E C g a y ir p o t ) A So fr u ic th a Statis- ! tics) : i 1923 '• September 174 162 173 • 154 ' 155 172 ' 157 174 i 210 i 177 123 October 171 161 181 i 153 ' 153 171 | 156 174 j 212 176 129 .25 1924 ; j | | April 161 182 ! 148 ! 151 166 164 s 178 174 207 178 134 126 May 179 160 180 i 147 j 151 165 154 177 176 205 179 135 179 158 178 145 , 152 163 152 178 176 199 180 131 July . J 167 173 147 ! 153 163 152 174 179 195 1R0 132 325 August . . j 18? 160 171 150 : 158 162 149 180 200 181 143 181 163 170 149 ; 154 162 140 j 179 206 148 1 j ]_._ ! — . . i First of month figures. 2 New series. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Indei numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

883 NOVEMBER, 1024 FEDERAL RESERVE BULLETIJS" RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES [Pre-war=100j 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 ) i P g n B l r c ( u e o e 9 l m v s - ) - v o a s k l i o a - ito l E a ( w 6 n n 0 g n 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 la i e t e n ( i r e 8 t d - h s s ) - to N w w ( o 3 a n 1 y r- s) S d ( p M ri a d i a n ) - t d o e S w n w n e (4 - s) 8 to la w (3 n n 3 d s)c C i a t ( a d i 6 e n a 0 s - ) to t A r w ( a u 3 l n s 0 i - a s) ( I b B n a o d y m i ) a - N l Z a ( e 2 e n a w 5 d - A So f ( r 9 u ic th a INDEX NUMBERS Of1 RETAIL FOOD PRICES 1923 OoU basis June 141 1,413,200 98 160 : 331 502 145 213 165 138 162 146 142 118 July ... 144 1,291,100 103 162 ; 321 496 145 218 164 137 164 148 142 116 Aug 143 1,233,500 109 165 ' 328 490 143 220 162 142 165 149 143 115 Eept 146 1,250,900 115 168 ' 339 496 142 218 163 141 161 149 145 11J Oct 147 1,263,600 117 172 • 349 502 145 217 162 144 157 147 146 117 Nov .. 148 1,264,700 121 173 ! 355 503 149 221 166 144 167 147 147 120 Dee 147 1,286,000 124 176 365 161 499 149 226 167 145 156 152 147 118 1924 Jan 146 1,352,700 126 175 376 127 615 150 230 168 145 155 154 150 120 Feb 144 1,382,100 130 177 384 117 516 151 234 167 145 153 151 149 122 Mar 141 1,393,000 128 176 392 120 £23 152 241 167 143 152 147 160 122 138 1,383,800 121 167 380 123 624 162 240 165 137 150 143 150 123 Mffy.'-II 138 1,416.900 113 163 378 126 519 151 241 165 133 151 143 150 122 June 140 1,445,700 118 160 370 120 518 151 241 168 133 149 147 150 120 July 140 1,436,200 123 162 369 126 608 150 248 168 134 148 151 149 117 Aug 141 1,505.200 124 164 366 122 507 150 257 166 137 147 156 146 117 Sept.... 144 1, 502,300 127 166 374 125 Io2 166 139 146 166 117 Oet 1,584,500 172 156 INDEX NUMBERS OF COST OF LIVING 1923 June..— 156 1,151,300 419 933 169 334 491 174 236 170 161 166 151' 151 146 131 Jnly.... 157 1,090,300 429 921 169 45 487 172 160 166 146 153 145 130 Aug 156 1,049,600 439 892 171 54 483 178 161 184 148 154 146 130 Sept.... 157 1,084,100 453 903 173 331 64 487 173 230 178 188 184 148 156 154 147 131 Oct 158 1,102,700 458 901 175 81 502 174 165 164 149 152 147 133 Nov 157 1,114,900 463 898 175 126 602 177 164 167 150 153 133 Dec 158 1,124,900 470 909 177 346 125 499 178 281 182 164 168 150 152 157 149 133 1924 Jan. 157 1,174,000 480 917 177 110 510 178 163 169 150 158 150 133 Feb 166 1,194,000 495 917 179 104 517 190 162 168 149 158 151 134 Mar. 156 1,199,600 510 908 178 SB 107 521 179 236 180 162 168 148 150 153 152 134 Apr 154 1,197,300 498 907 173 112 622 195 159 166 145 150 134 May 154 1 220 900 485 916 171 115 518 180 159 168 143 150 134 June 154 1,244, 200 492 923 169 m 112 518 173 244 1813 158 168 1*3 149 153 133 Julv . 155 1,239,100 493 909 J70 116 5J2 182 169 143 156 132 155 ',314,200 498 897 17) IK oil 180 108 145 100 132 Sept lf>7 1,316,200 BOS 908 172 US ""176" 189 166 140 160 132 Oct 1,330, 700 SI 3 370 1G0 1 i ' First of the month figures. »New series: 1621=100. s Massachusetts Commission ou the Necessaries of Life. Information as to the number of foods included and tho items entering Into the cost of living indexes is available in tha board's office. Th» 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

884 FEDEBAL liESEKVE BULLETIN NOVEMBKli, 1924 BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANES EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIHCULATION, AND RESERVE PERCENTAGES FOR SEPTEMBER AND AUGUST, 1924 [Daily averages. Amounts in thousands of dollars] Total earning assets. Total cash reserves ; Total deposits Federal reservo notes Reserve percentages in circulation Federal reserve bank September August September August September August September August Septem- August ber 57,443 52, 507 294,904 290,210 • 138,391 137,295 200,344 197,030 87.1 88.4 278.320 222,483 928,004 975,294 872,408 852,808 807,553 317,822 78.7 83.3 Philadelphia 54,161 84,915 255,211 202,132 128,583 124,710 158,935 169,968 88.8 89. 0 Cleveland .- 80, 880 73, 587 320,386 328,598 177,054 174,570 210,112 206,165 82.8 80.3 41,982 40,248 104, 675 103,828 65,376 04,548 71,982 69, 550 76.2 77.4 31,947 33,427 163, 033 155,891 . 59,523 56,435 134,798 132, 275 83.9 82.3 Chicago 117, 725 110,955 416, 655 456,751 • 322,171 314,326 220,737 230,988 82.3 83. b St Louis 41,472 33,423 100,149 107,992 : 75,159 73,968 56,926 58, 201 75.8 81.7 41, 592 41, 051 78,340 73,969 50,718 47,924 04,808 64, 205 67.8 66.0 Kansas City 4fi, 013 44, 770 103,299 105,723 ; 83,987 84,826 64,928 64,118 09.4 71.0 Dallas 48, 797 51,887 03,188 40,329 ; 54,154 49,458 50,213 41,904 00.5 50.7 San Francisco 84,027 76, 501 298,703 299,238 ; 100,877 158,602 209,162 204,644 80.7 82.4 Total: 1924 930,905 S30, 534 3,150, 023 3,211,455 i 2,188,401 2,139, 536 1,750,498 1, 757.470 80.1 82.4 1923 1,123,472 1,078.204 3,187,000 3,194,304 i 1,908,193 1, 890, 069 2,264,090 2, 228,947 76.4 77.6 1922 1,113,343 1, 053,098 3,192,420 3,195,502 '• 1,806,300 1,859,524 2, 225,457 2,151,185 78.0 79.7 1921 1, 740, 474 1.841,596 2,836, 396 2,740,388 i 1,710,102 1, 691,137 2,493,910 2, 512, 348 07.4 65. 2 1920,.. _ 3,329,481 3^ 233, 802 2,139, 280 2,127,305 ! 1,912,0/0 1,885,062 3, 275, 535 3,165, 222 143.3 1 43.7 1919 2.471, 515 2,442,027 2,157, 932 2,140,003 '] 1,930,909 1,911,769 2,627,295 2, 514,357 150.4 1 50. 0 1 Calculated on basts of net deposits and Federal resorvo notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, SEPTEMBER 24 TO OCTOBER 15, 1924 RESOURCES [In thousands of dollars] Total Boston Y N o ew rk d P o h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t, is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Gold with Federal reserve agents: Sept. 24 2,031,406 211,431 569,854 183,267 216,939 51,473 128,861 226,345 54,308 56,098 61,595 43,303 227,932 Oet 1 2,027,304 207,750 569,839 182,310 215,476 50,542 129, 645 221,289 53,850 59,036 60,552 46,597 230,412 Oct 8 1 984,893 210,380 509,827 183,211 217,122 54,718 130,883 221,266 55,152 62,059 63,833 48,989 227,453 Oct 15 1,974,799 206,210 509,814 181, Ml 217,722 58,978 129,822 211,250 54,230 63,155 62,766 49,534 229,977 G ol d redemption fund with U. S. Treasury: Sept. 24 34,680 2,234 6,054 5,994 1,967 1,810 2,793 3,647 3,769 781 2,704 1,624 1,309 Oct. 1 34, 772 4,983 4,231 7,170 1,938 1,668 2,341 2.600 3,630 1,020 3,186 1,125 98C Oct. 8 39,605 1,489 7,761 8,609 2,840 1,637 1,921 6,427 3,743 1,162 1,407 1,096 1,81! Oct. 15 - 39,915 4,767 6,344 9,853 644 1,531 2,369 5,389 4,185 514 1,954 • 1,023 1,342 Gold held exclusively against Federal reserve notes: Sept. 24 . 2,066,092 ! 213,665 575,908 189,261 218,906 53,283 131,654 229,992 58,077 56,879 64,299 44,927 229,241 Oct. 1 2,062,076 i 212,733 574,070 189,486 217,414 52,210 131,986 223,789 57,480 60,056 63,738 47,722 231,392 Oct. 8 2,024,498 ' 211,869 517, 588 191,820 219,962 56,355 132,804 227,693 58,895 03,221 65,240 50,085 228,966 Oct. 15 - 2, 014,714 ! 210,977 516,158 191,194 218,366 60,509 132,191 216,639 58,415 63, 669 64,720 60,557 231,319 Gold settlement fund with Federal Reserve Board: Sept. 24 603,448 52,104 156,782 31,220 72,862 33,603 18,065 129,386 16,617 13,532 32,711 10,392 36,174 Oct. 1 588,384 51,794 147,583 33,099 64,964 37,531 17,427 126,966 14,106 15,031 35,811 12,289 31, 78c Oct. 8 619,128 52,824 189,614 27,325 65,246 35,450 17,773 119,734 19,268 12,960 33,714 12,285 32,935 Oct. 15 626,083 j 05,557 148,404 37/854 67,044 31,668 14,698 127,925 17,259 20,701 32,288 22,446 40,23f Gold and gold certificates hold by banks: Sept. 24 389, 623 21,665 177,740 27,126 17,930 13,348 7,563 72.125 9,780 8,124 3,813 6,952 33,657 Oct. 1 ' 394,779 1 21,312 168,946 27,457 18,265 13,623 7,490 76,318 10,010 8,089 3,182 7,079 33,00S Oct. 8 . 402,320 20,836 172,305 28,485 17,980 14,326 7,631 78,573 11,553 7,951 2,841 7,266 32,573 Oct. 15 396,580 20,567 167, 572 26,743 17,985 14,794 7,768 79,031 10.239 7.832 4,669 7,484 31,896 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVJCMUEE, 1924 FEDERAL BESEEVE BULLETIN 885 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, SEPTEMBER 24 TO OCTOBER 15, 1924—Continued EESOTJECES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a o n v d e- j Atlanta! Chicago K C an it s y a s ! ' Dallas F S r a a n ncisco ! 1 ' i Total gold reserves: I I ; • Sept. 24. 13,009,163 • 287,434 910,430 247,607 309,698 100,234 ! 157,282 i 431,503 84,474 : 78,535 100,623 62,271 [ 299,072 Oct. 1 —13,040,230 •! 285,839 890,590 250, 042 300,643. 103,364 ; 156, 903 j 427, 073 81,596 ! 83,176 102, 731 67,000 296,183 O- ct•. 8" 1'-3 ,045,946 285,529 879,507 247,630 ! 303,188 106,131 | 158,208 ; 426,000 89,716 i 84,132 101, 795 69,636 : 294,474 O" c't . "5 .. 3,037,377 297,101 832,134 255,791 | 303,365 106,971 j 154,657 ! 423,595 85,913 ! 92,202 101, 677 80,487 i 303,454 Reserves other than gold: Sept. 24... 86,852 .: 8,129 17,518 2, 724 4,7S5 4,274 ! 8,885 i 10,120 i 14,939 . 1,261 2,470 ; 8,480 . 3,267 Oct. 1 85,780 : 7,811 17, 262 3,570 4,921 3,886 ! 10,021 ! 10, 885 j 13,097 ! 1,026 2,084 8, 067 1 3,157 Oct. 8 88, 694 '] 8,519 18, 258 2,792 4, 757 4,436 ! 9,264: 11,391 I 12,429 r 996 2,191 ! 7,537 ! 3,124 Oct. 15 83,307 ; 8,137 18, 304 4,431) 9,207: 10,066 i 10,605 | 1,022 2,435 '•7,830 i 2,929 Total reserves: Sept. 24 3,158,015 :! 205,563 927,943 ! 250,331 314.483 104, 608 ! 166,167 • 441, 623 ! 99,413 ',79,796 103,093: 70,751 • 302,339 Oct. 1 '3,131,025 K 203,650 907,861 i 253,612 305; 564 107,249 I 166,924 i 437,958 ! 94,693 i 84,202 101,815; 75,1.57 . 209,340 Oet.8 13,131,640 :' 294,048 897,705 : 250,422 307,945 110,567 ! 167,472 . 437,391 ; 102,145 | 85,128 103,986 •77,173 ' 297,508 Non O rc c s t e . r 1 v 5 c c£.sh: ..13,120,684 ' ; ,'. 305,238 850,438 j 257,017 I 308, 710111, 402 i 163,864 j 434, 561 ; 96, 518 : 93,224 104,112 j88, 317 ! 306, 383 Sept. 24 43,101 '; 3,999 13,709 i 1,246 j 2, 595 2,261 3, 550 ! 5, 111 ', 2, 774 i 605 2,543 i 1,679 • 3,029 Oct. 1 39,770 :: 3,420 12,524 j 1,958 3,070 1,735 3, 633 i 4, 787 • 2,136 I 530 1,912 ; 1,425 ' 2,640 Oet.8 48,771 3,488 17,958 I 1,980 2,644 2,226 3,687 ! 5, 610 ! 2,258 \ 594 2,909 I 1,480 : 2,837 Oct. 15 38,279;; 2,780 13,034 ! 585 2,786 1,774 3,381 j 5,417 | 2,188 i 571 1,769 I 1, 398 ' 2,607 Bills discounted: Secured by U. S. I Government obligations—• ! Sept. 24 89,515 i< 5,778 17,821 ; 11,227 21, 995 9,475 i 2.602 8,657 i 4,311 ! 303 625 ! 1,336 1 5, 385 Oet. 1 104,785;; 4,977 36,878 ; 11,448 19,771 8.730 ! 2; 642 9,598 4,463 i 178 490 j 1,103 ! 4,507 Oct.8 110,444 h 4,062 56,446 I 10,329 13,324 7,317 I 1,664 7,794 1 4,413 ! 114 570 i 901 ! 3,610 Oct. 16 109,851 ]i 47,795 ! 11,000 19,088 8,810 I 2,502 7,036 , 4,939 i 129 684 ' 821 : 2,072 Other bills discounted— Sept. 24 170,348 :; 4,751 17,401 I 6,297 6,688 22,094 j 20,240 i 18,932 10,851 8,990 I 11,451 i 12,814 Oct. 1... 161,971 i! 3,090 16,936 | 7,013 6,667 27, 361 i 22, 876 i 19, 931 ] 19, 704 i 9,430 7, 668 ! 8,958 ; 12, 277 Oct.8 155,944 !| 3,306 18,430 i 7.262 6,358 25,807 j 22,006 i 19,684 19,347 | 8,448 7,103 i 7,609 ! 10, 594 Oet. 15 153,227!; 3,754 17,494 | 6;832 7,160 26,240 22,557 | 20,067 j 17,309 • 7,958 6,867 ! 5,880 j 11,109 Total bills dis- I counted: Sept. 24... 259,803 n 10, 629 35,222 17.524 28,083 38.414 25,596 28,897 ! 23,243 I 11,154 9,615 i 12,787 i 18,191) Oct. I. _ 206,756 ii 8,067 53,814 18,401 26,438 36,091 2,5,518 1 29,529! 24,227: 9,008 8,158 ! 10,061 ! 10,784 Oct.8. 266,388 I! 7,368 74,876 17, 591 19, 682 33,124 23,570 i 27,478 I 23, "(SO ! 8,802 7,763 j 8, 450 i14,204 Oet. 15 263, 078 !: 8, 639 65,289 17, 022 26,248 35,050 25,059 j 27,103 i 22,248 j 8,087 7,551 j 6,701 j 13,181 Bills bought in open market: Sept. 24 91,901 |i 8,376 40,084 1,801 8.301 2,304 1,674 3,626 i 3.862 9,291 Oct. 1 138,201 '•• 10,649 • 74, 739 1,347 9,645 3,059 11,718 4,378 2,254 4, 427 j i, 478 11, 567 Oet. 8 176,392 i' 12,094 94,335 2,902 12,472 3,492 i 14,848 5,851 1 2,781 5,605 6,034 14,978 Oct. 15 197,261 j: 18,195 103, 941 5,036 13, 319 4,004 j 15,496 6,444 ; 2,502 5,853 6,848 1 15,623 V. S. Government I securities: Bonds— Sept, 24 37,001 i 1,039 4,902 749 5,115 ! 1,191 996 9,645 600 8, 246 1,625 1,834 1,119 Oet. 1.- 37, 663 • 1,038 4, 902 749 5,115 1,191 1,090 ! 10,468 600 7,929 1,636 1,834 1,121 Oct.8 39,316 ; 1,039 4,902 749 5,115 1,191 1,116 11,626 600 8,381 1,642 1,834 1,121 Oet. 15 39,873 |; 1,037 4,902 740 5,115 1,191 1,235 12,667 600 7,780 1, 642 ! 1,834 1,121 Treasury notes- Sept. 24 397,753 I 26, 796 136,394 25,426 38,229 2,812 1,375 53,143 12, 715 15,033 24, 305 19,469 I 42, 056 Oct. 1 897,702 |: 26,796 136,304 25,426 38, 229 2,811 1,384 53,142 12, 715 15,033 24,307 19,469 42,056 Oct.8.- 397.910 j: 26,796 136,394 25,426 2,811 1,391 63,143 12, 715 15,077 24,410 10,469 42,056 Oct. 15 400.911 : 20,796 139,394 25,426 38,229 2,811 1,393 53,143 12, 715 15,043 24,436 19,469 42,056 Certiflcates of indebtedness— Sept. 24 139,782 i 11,020 40,020 17,398 990 515 17,769 3,454 5,268 8,407 6,492 17,163 Oci. 1 140, 532 !•11,029 46,020 18,398 991 535 17,948 3,454 4,818 8,407 i 6,492 17,163 Oct.8 143,989 Ii11,020 46,020 21,405 991 535 17, 748 3,454 4,768 9,107 ! 6,492 17,163 Oct. 15.. 157,738 i' 11,020 59,020 21,405 901 605 17,823 3,454 4,872 9,107 I 6,992 I 17,163 Total U. S. Government securities: Sept. 24 574,596 ! 187,316 31,452 60,742 4,993 2,886 80,557 16,769 28,547 34,337 27,795 60,338 Oct. 1 575,957 : 38,863 187,316 31,452 61,742 4,993 3,009 81,548 16,769 27, 780 34,350 27,785 60,340 Oct.8 581,221 ; 38,864 187,316 31,452 64,748 4,993 3,042 [ 82,817 16,760 28,226 35,189 27,795 60,340 Oct. 15- 598, 522 | 38,862 203,316 31,452 64, 749 4,993 3,233 83,633 16,769 27,696 35,185 28, 295 60, 340 All other earning assets: Sept. 24 1,995 245 :,750 Oct. 1 1,995 245 1,750 Oct.8 1, 750 | 1,750 Oct. 15 2,007 i 1.750 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 .FEDERAL KESEBVJE BULLETIN 1024 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, SEPTEMBER 24 TO OCTOBER 15, 1924—Continued RESOUECES—Continued [In thousands of dollars] Total Boston ; Y Ne o w rk - m Ki o el n i- d Atlanta Chicago! L S ou t. is : i M ap i o n i n i o s - K C an it s y as Dallas : : F c S i r s a a c n n o - Tot al earning: assets: Sept. 24... i 928,355 57,709 262,807 52, 527 97. 720 43,407 30,786 I 118,313 43,705 41,375 j 47,57S 44,444 87,828 Oct. 1-.. : <J82, 069 57,579 316,114 53,010 97^ 825 41,084 3i,586 122, 795 ' 45,374 39,642 \40,935 42, 334 88, 691 Oct. 8_.- '1,021,751 58,326 356, 527 53, 095 9»; 902 38,117 30, KM 124.843 I 46,380 ! 39,509 48, 527 42, 239 89, 522 Oct. 15 1, 0G0,808 65, 090 372, 516 56,1C0 ) 04; 316 40,013 32,290 126,232 • 45,401 j 38,291 48,839 41,844 89,144 Cncolleeted items: Sept. 24 598, 345 50, 675 133,330 55, 259 54. 805 51,905 26, 787 75.129 I 30.122 14,781 36,922 27,420 38, 089 Oct. 1 621,100 57,261 142,930 I 58,590 54,822 52, 270 20,057 78; 103 ! 34,030 14, 458 38,651 27,003 30, 628 Oet-8 026,381 52, 204 139, 528 | 55, 308 53,4-18 54,424 27,045 75,210 i 30,843 10,311 43,185 32,501 40,248 Oct. 15 83.1,400 82,114 210, 193 82,016 68, 052 62,482 29,700 105,573 : 42,038 17, 997 47,379 32, 539 50,147 Bant premises: Sept. 24... CO, 020 •1, 3.12 16, 714 1,112 9, 130 ! 2, 528 2,875 8, 204 2,524 2,993 4,595 1,912 3,067 Oct.l 00,010 4,312 10, 718 1,1-12 9,129 t 2, 528 2,875 8,201 2, 527 2,989 1, 585 1,912 3,079 Oct. 8... 60,070 4,3i2 13, 71S 1,112 9,129 2, 528 2,875 8, 261 2, 541 2, 989 1,595 1,912 3,092 Oct. 18 00, 302 -1,312 10, 720 1,112 I 9,129 1,528 1 2,875 j 8,204 2,734 3,001 4, 596 1,912 3,119 Ail other resources: Sept. 24 26, 211 llfi 8,325 246 219 188 \ 1,878 j 098 150 j S, 129 1,050 3, 511 4, 005 Oct. 1 26,511 107 I 8,492 263 219 48-1 i 1,879 744 138 5,001 : 1,017 3,485 4, 622 Oct.8... 26,409 170 8,938 286 231 200 i 1,80S 761 140 ! 4,90S ; 943 3,449 4, 582 Oct. 15 .. . 26, 273 18c ! 9,2S9 302 240 230 ! 1,81S 583 159 I 4, 004 ! 865 3,419 1,559 Total resources: Sept. 21... '4.812, M3 412.165 ;1,362,9S3 300,721 479,018 207,857 ; 232,043 649,168 178,694 ! 144,079 i 195,781 ' 119,717 j 139,017 Oct.l... \4,801,730 ; 4IS) 389 ;i., 401,.03» SOS, 515 ! 470,02!) 205,351) I 233, 554 052.051 178,898 I 140,822 ' ]97,J)25 '. 151,316 ! 435,006 Oet.8 ^i/JHi.OSo 1 412,008 :i.-137,'134 302,803 I 470,302 I 208,002 1 233, Oil 652; 085 190,310 149,499 i 203,215 ! 158,817 \ 437,879 Oct. 15 '», 137,860 i 4«0, 314 1,472,220 398, 122 j 193, 833 ! 218, 479 ! 233, 934 080,630 189,698 | 157,088 . 207,560 i 109,429 i 455,959 LIABILITIES Federal reserve notes in actual circulation: I Sept. 21 1, 729,859 : 198,035 302, 733 150,9S1 210, 792 .; 71,134 133,955 210,692 55, 960 65, 097 64,782 i 51,199 208,196 Oct.l 1, 744,974 1201,207 304, 341 156,078 209,435 • 72,406 134,633 215,109 56, 915 66,494 i 65,693 ! 53,217 209,186 Oct.8 a, 757,452 200,699 311,812 153,588 212,420' 73,985 135,504 211,845 56,166 68,668! 67,518 56,013 \ 209,171 Oct. 15 1,767,264 ; 203,863 309,813 150,995 ! 212,582 ', 75,851 \ 136,177211,918 56,661 69,107 ! 07,922 56,248 1 210,127 Deposits: Member bank,I i 1 > reserve ac- ! i count— i Sept. 24 2,120.331 :138,458 i 827,4153 125,818 176,819 ' 63,077 59,490 313,005 72,728 50,130 ! 80.023 51,973 !100,441 Oct. 1 2,127, 919 ; 187,321 I 858,899 127,320 i 170,168 ' 62,767 59,907 j 303,403 69,243 49,169 79; 070 i 53,340 i158, 242 Oct.8.. 2,189, 530 i 135,054 I S94, 584 128,456 j 170,67-1 63,865 59,584 318,823 ! 76,281 : 51,213 '80, 752 ! 53, 130 !157, 240 Oct. 15 2,180,481 j 148,918 i 858, 001 124,931 ! 182,005 62,510 61,381 ; 315,323 i 73,518 i 57,012 : 80,43 58,206 i163, 236 Government— j ! \ 1 Sept. 24 .: 46,920 : 2, 172 ! 10,810 i 3,045 I 3, 100 ! 3,397 ! 5,118 ! 3,826 ! 2,950 ' 2,256 ! 2, 243 i 3, 673 ' 1,324 Oct.l .• 50, 542 ' 1,978 ; 10,485 I 3,001 I 2,600 ! 3,331 | 5,557 I 34.872 | 3,704 , 2, 90S ' 2,610 : 1,975 ! 3,339 Oct.8 .' 37,54(1 : 1,051 . 8,759 1,834 i 2,323 i 1,599 [ 4.216 ', 5,008 I 3,811 i 1,953: 2, 052 i 1., 79S i 2, 544 Othe O r ct d . o u 1 o 5 s its— ..' 02,803 ; 4, 502 ! X5,140 I 12,810 j 4, 700 5,059 '• 1,675 ; 5,005 I 1,903 ! 3,550 ' 3.333 : 1,994 ' 2,886 Sept. 2-4 .' 28.025 j 249 ! 18,132 ! 374 I 1,365 1S6 i 100 : 1.538 i . SIS ! 327 : 778 284 I 4,474 Oct.l 29,511 206 ; la, 670 1,407 j 1, 233 122 : 104 : 1,029 I 181 ' 320 • 854 ; 285 ! 4,734 Oct.8.. 2«, .iO9 189 1 18,533 304 I 1, 159 111 i 184 • 1,033 I S36 I 316 ' SO! i 335 ! 4.655 Oct. 15 .; 3«,0S3 340 : 18,000 772 1 1,218 126 I 139 ! 1,170 j 971 i 350 i 860 439 ! 5,098 Total deposits' Sept. 21... 2,195,SK2 I' 1-10,871.' 8!56,111 129,237 ' 181,290 60,060 64.714 '. 318,309 j 76,490 i52,713 S3. 944 ! 55, 930 i 169. 239 Oct. 1 2,214.002 139,705 !888, 000 131, SIS ; 174,007 86,228 1 65. 5«8 : 319, 304 j 73, 4S8 •52,750 83. 134 ' 55,600 • 104,315 Oct.8 2,255,551 •138,904 '921,870 130,594 • 174,050 65,575 ' 63.984 ; 324.802 ! 80,908 1 53,482 83,608 ' 55,263 | 164,439 Oct. 15 2,270.227 '1•34, Si.8 ' 891,741 138,513 1 187, 9S9 67, 695 63,195 : 321, 503 | 7G, 392 (10,912 81,630 60.639 : 171,200 Deferred availability items: Sept.21. . 510,929 .48,898 I 111,992 49, 795 ! 49, 578 51,261 ; 18. 457 , 67, 072 |30,517 • 14,074 i 32,575 ' 29,053 i 37,057 Oct. 1... 557. 0IH . 50,791 I 120,440 49,921 1 49,859 48,260 i 18,460 ' 71,272 : 32,800 • 15,393 I 34,734 ' 28,992 j 36,736 Oct.8 557.432 ' 50,319 i 111,793 47,901 1 46. 444 50,011 I 18,591 i 68,257 ',37,521 I 15,155 1 37,639 | 34.015 39,756 Oct. 15 745,661 I 70,996 i 178, 533 71, 705 ; 55,807 56,461 j 19,681 ; 100,168 ; 40,991 j 15,509 I 40,556 j 39; 038 50,156 Capital paid in: Sept. 24 111,070 ! 8,005 ! 30,201 10, 392 j 12,705 5,883 i 1, 579 I 15.197 | 5,11.8 ! 3,321 i 4,361 ' 4,147 8, 064 Oct. I 111,904 i 7,996 i 30, 2;» J 0^-102 112, 705 5,881 I 4,579 1 15,186 j 5,118 I 3,323 I 4,362 4,117 8,064 Oct. S _ ill, 981 j 7,990 I 30, 201 10,102 : 12, 705 5,881 ; 4,580! 15,108 i 5,122 1 3,323 ! 4,362 4,147 8,004 Oct. 15-. . 112,011 7,996 i 30,195 10,402 ; 12, 795 6,883 j 4, 573 15,179 1 5,122 I 3,302 4, 354 4,146 8, 004 Surplus: i I Sept. 2-i- . 220,915 16,390 ! 59, 929 19.927 i23, 091 11,672 ( 8, 950 30,426 10,072 I 7,484 9,490 15,301 Oct.l-. 220,915 10,390 I 5», 929 19,927 I 23, 691 11, 672 I 8,950 j 30,426 10,072 7,484 9, 496 7, 577 15,301 Oct. 8__- 220.915 16,390 i 59, (129 19, 927 !23, 091 11, 672 I 8,950 I 30,426 10, 072 1 7,484 9, 496 7,577 15, 301 Oct. IS .. .. 220,915 16, 390 I 59. 929 19,927 i 23, 691 11, 672 ! 8, 950 ! 30,126 10,072 i 7,484 I 9,496 ! 7,577 15,301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYE.MHER, 1924 FEDEBAL BESBRVE BULLETIN 887 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS, SEPTEMBER 24 TO OCTOBER 15, 1924—Continued UABILITIES-Continued [In thousands of dollars] New Phila- Clove- j Ilich- Total Boston York delphia land j mond Atlanta All other liabilities: j Sept. 2-i. 12,882 258 1,717 380 962 947 Oct. 1 - 12,211 240 1,662 309 932 914 Oct. 8 I 12,754 270 1,823 391 986 j 938 Oct. IS j 12,788 251 2,009 520 969 917 Total liabilities: I ! Sept. 24 14,812,143 412,465 1,362,983 j 360,721 479,018 207, 857 232,013 144,679 195,781 i 149,717 439,017 Oct. 1 14,861,730 456,389 1,404,639 I 368,545 470,629 205, 356 233,554 Oct. 8_ 'A, 916,085 412,608 1,437,434 ' 362,803470,302 208,062 233,041 Oct. 15__ .15,137,860 460,31-1 1,472,220 j 398,122 493,833 218,470 233,934 157, 688 I 207,560 j 109,429 455,959 HEMOKAKDA ! Ratio of total reserves to deposit and Federal reserve note liabilities combined— per cent: Sept. 21 80.4 j! 87.2 80.1 89.3 80.2 78. 7 Oct.l 79.1 I 86.1 76.1 88.1 79.7 77.4 Oct. 8. 78.0 V 87.1 72.8 88.1 79.7 79.2 Oct. 15.. 77.1 i 85.1 70.8 87.3 77.1 77.6 Contingent liability on bills purchased for foreign correspondents: i ii i ; Sept. 24 I 10,692 i, | 5,181! 1,985 2,394 1,167 Oct.l -I 18, 727 ij ! 5,053! 1,871 2,256 1,099 Oct.8 18,865 i; I 5,191 ! 1,871 2,256 1,099 Oct. 15 21.910: 9,007 1,765 2,129 1,037 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED [In thousands of dollars From 91 Total Wi d th a i y n s 15 16 d a to y s 30 31 d t a o y s 60 61 d a to y s 90 d m ay o s n t to hs 6 m O o v n er t h 6 s Bills discounted: Sept. 24 259,863 143,331 30,569 48,859 28,417 8,266 421 Oct.l 266,756 155,256 26,276 48,200 29,043 ! 7,030 351 Oct. 8-_ 266,388 157,886 31,199 43,993 25,992 6,992 326 Oct 15 263,078 158,990 29, 604 42,674 24,376 | 7,191 340 Bills bought in open market: Sept. 24 91,901 20,064 13, 693 24,270 27,910 ! 0,004 I Oct. 1 138,261 52,103 18,333 34,949 25,404 i 7,472 | Oct. 8 - 175,392 78,776 24,783 43,102 21,581 ! 7,160 ! Oct. 15.. , 197,261 92,819 28,436 44,641 25,561 ! 5,804 j United States certificates of indebtedness: Sept. 24 139,782 76,282 ' 19,980 j 43, 517 Oct. 1 - — 140,532 i: 72, 760 i 24, 505 43,207 Oct. 8 -. 143, 3 68, 264 : 19,980 ! 55,742 Oct. 15 157,738 I 13,000 2,511 65,854 ! 20,081 ! 56,292 Municipal warrants: •• : Oct. 15 7 \ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 FEDERAL RESERVE BULLETIN NOVE.MRKK, 1924 FEDERAL RESERVE NOTES FEDERAL KESEKVE AGENTS' ACCOUNTS ON WEDNESDAYS, SEPTEMBER 24 TO OCTOBER 15, 1924 [In thousands of dollars] Total C la le n v d e- mona L S ou t. is M ap in o n li e s - K C an it s y a s i ; Dallas F c • r i S s a a c n n o - Net amount of Federal reserve notes received from Comptroller of the ! Currency: Sept. 24 3,159,466 296,5)8 831,708 247,114 286, 052 ! 115, 111 221,580 j 470,798 ' 90,068 I 88, 489 101,851 ! 75,191 314,896 Oct. 1 i3,145,995 292,837 852,198 ! 245,163 285,888 i 114,181 220, 30t i 467,075 ! 89,010 ! 87,927 100,809 ; 74,480 314,857 Oct. 8 3,163,884 290,467 851,724 I 248,859 284,135 113,357 224,723 i 407,831 ! 89, 512 ! 89, 770 102,490 79, 878 321,138 Oct. 15. -.. 3,157,279 289, 297 852,223 I 246,989 284,035 116,676 223,062 I 405,395 , 88,589 I 90, 600 101,623 ' 79,423 318,761 Federal reserve notes on hand: Sept. 24 923,047 76,450 235,410 | 48.400 54,820 36,400 70, 760 239, 520 1 20,100 20,467 29, 733 :17, 457 07,500 Oct. 1 913, 532 73, 850 239,760 I 46,400 56,220 34,920 60,090 238,420 1 26,100 IS, 952 I20, 013 '15,307 05, 500 Oct. S 913,747 68,950 239,760 I 50.160 51, 220 29. 600 72,175 240,420 ! 26,100 18, 032 I27,393 '18, 777 71.100 Oct. 15 912,911 67,150 239,760 ! 48,160 53, 520 33', 720 70,600 ! 239,920 ! 25,700 18, 531 I27,393 '17, 357 71,100 Federal reserve notes outstanding: Sept. 24 12,236,419 220, 068 616,358 ; 198,711 231,232 78,711 150,820 I 231,278 | 63, 968 I 68, 022 72,118 : 57, 734 247. 390 Oct. 1.... 2,232,463 218,987 012,438 I 198,763 229,668 79,201 I 151,274 229,255 1 63,510 j 68,975 |71,790 : 59,179 249, 357 Oct. 8 2, 250,137 221,517 611,964 I 198,699 232,915 ! 83,697 I 152,348 227,411 63,412! 71,738| 75,097 01,101 250, 038 Oct. 15 2, 244,368 222,147 012,403 ! 198,829 230,515 ! 82,956 I 153,062 ' 225,475 62, 889 I 72, 075 j74, 230 ' 62, 066 247, 001 Collateral security for Federal reserve notes outstanding: Gold and gold certificates— Sept. 24 331,504 35,300 238.531 7,800 8,780 i I 3,500' 9,985 13,052 i j 14,556 Oct. 1 _. 331, 505 35,300 238.532 7,800 8,780' 1 3,500! 9,985 I 13,052 I I 14, 556 Oct. 8 331,504 35,300 238,531 7,800 8,780' I 3,500: 9,985 1 13,052 ___! 14,550 Oct. 15 331, 504 35,300 238,531 7,800 8,780' ! 3,500^ 9,985 1 13,052 !___ 1 1-1,550 Gold redemption fund— Sept. 2-1 114, 669 18,131 30. 323 11, 578 13,159 ! 2,678 ! 5,361 \ 5,7013,323 ! 1, 540 I 4, 235 I 4.247 14, 3S7 Oct. 1 115,626 14,4.50 30,307 14,627 11,096 , 4, 747 I 8.145 , 5,645 2,805 j 1,484 i 3,192 i 4, 541 13,927 Oct. 8. 111,364 12,080 30,296 12, 522 13,342 i 3,923 ' 7,383 5,622 3,107 i 1, 007 4.473 3,933 . 13,616 Oct. 15_ 113, 625 17:910 30,283 10, 652 13,942 i 3,183 •• 6,322 • 5, 605 3,245 i 1,353 3, 406 i 4, 478 13,246 Gold fund—Federal Heserve Board— Sept. 24 1,5S5, 233 158,000 i 301,000 163,889 195,000 I 48,795 I 120, 000 220,014 41,000 I 41,500 57,360 24,500 : 213,545 Oct. 1 1, 580,173 158, 000 i301,000 159,889 195,000 ! 45,795 •• 118,000 : 215,044 41,000 i 44, 500 57, 360 I 27, 500 216,485 Oct. 8 1,542, 025 103, 000 i241,000 162,889 195,000 j 50,795 ' 120,000 ' 215,04442,000 1 48,000 . 59,360 I 30, 500 : 213,837 Oct. 15 1, 529, 070 153, 000 i241, 000 162,889 195,000 i 55,795 • 120,000 ' 205,64541,000 ! 48,750 59,360 ' 30,500 . 210,731 Eligible paper- Amount required— Sept. 24.. 205, 013 8, 637 ; 46, 504 15,447 14,293 I 27,238 ; 21,959 4,933 9,060 I 11,921 10.523 1 14,431 19,404 Oct. 1 205,159 11,237 ' 42, 599 10,447 14,192 i 28,719 . 21,029 7,900 j 9, 060 i 9,939 11,244 1 12, 582 18,915 Oct. 8.... 265, 244 11,137 '•102,137 15,488 15,793 ; 28,979 ' 21,005 6,145 I 8, 260 1 9, 679 11. 204 •12,112 22, 535 Oct. 15... 269, 569 15,937 I 102,619 17,488 12, 793 j 23,978 '23, 240 ' 14,225 8,659 , 8,920 11,404 12, 532 17,634 Excess I amount held— Sept. 24.. 136, 267 10, 288 23,084 1,798 22, 540 111,014 ' 5,888 32, 609 17,259 ! 409 ' 2,540 2,193 ! 6,005 Oct. l._. 178.728 7,479 72,557 74 20,734 I 7,338 1 6,799 : 33.177 18,833 i 785 . 1,174 1 1, 683 ' 8,095 Oct. 8._. 158,120 8,325 57,295 1,456 14,128 i 3, 988 1 5, 280 • 36, 077 21, 257 : 645 ; 1, 974 i 2,204 5,425 Oct. 1.3. . 169, 080 10, 897 53,854 1,817 25,203 ; 10,908 I 5, 068 : 28,190 19,999 i 523 3,810 I 792 10,010 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1024 FEDEEAL BESEBYE BULLETIN 889 EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, SEPTEMBER, 1924 [Amounts in thousands of dollars] F]'iia" I Glove-1 Blchphia I land ! mond HOLDINGS ON SEPTEM- BER 30, 1924 Total earning assets _ Bills discounted for members.._ 18,179 22,758 36,303 i 26,! 93 28,925 i 24,039 [ 10,365 Bills bought in open market 131,576 !l 9,059 9,404 i 3,895 I 1, U. S. securities- 576,108 |{ 38,803 81,288 i 16,769 I 28,120 All other earning assets 1,995 Bills Discounted Customers' paper secured by Government obligations Member bank collateral notes: Secured by Government obligations 110,284 9,763 ; 2,463 4,822 Otherwise secured IB, 325 603 1,491 i 1,290 2,873 Commercial paper, n. e. s 78,134 5,071 10,582 i 13,960 3,402 Agricultural paper _ 57, 710 788 7,500 | 7,700 4, 933 Livestock paper 9,444 213 ! 10 ! 310 1,138 Trade acceptances, domestic 2,995 537 I 649 i 261 252 Total discounted bills 276,199 || 8, 508 i 63, 5 18,179 | 22,758 j 36,303 24,039 | 10,365 Bills Bought Bankers' acceptances: Foreign, imports.. 67,996 4,951 41,221 3,766 ' 1,837 i 1,110 1,971 , 1,060 Foreign, exports. 40,920 2,203 : 24,005 3,356 i 1,639 i 547 1.285 ! 1,026 Domestic 20, 953 1,855 ! 10,252 2,172 j 405 I 231 078 I 1,240 Dollar exchange. 1,557 50 I 1,273 110 I 14 i 100 Trade acceptances: Foreign, imports- 9,059 . 70,001 1,488 • 8,812 | 3,012 9,404 i 3,896 1,888 Total purchased bills Purchased Bankers' Acceptances, by Classes of Acceptors National banks.. 3,392 19,703 538 534 2,189 Other member banks.. . _... 1,787 : 31,558 1,884 | 725 3, 663 Nonmernber banks and bank- I ing corporations _ • 18,754 2,978' 8,821 ! ' 1,184 > j 1,139 i 489 ' 800 i 295 607 972 1,403 Private banks ' 14,785 835 ' 9,594 I. J 1,00) i ! 69 ; 24 | 87 129 1,040 1,320 Branches and agencies of foreign ' banks... .J 10,415 7,075 I ; 456 31 19 5S3 ! 247 518 | 570 846 U. S. Securities U. S. bonds I 37,375 1,038' 4.002 | 749 I 5,115 3, !9i 1,089 10,197 i 000 i 7,904 1,636 1,831. 1,120 Treasury notes.. | 398,251 26,796 , 136,391 25,420 ' 38,229 i 2.81.11,458 53,143 | 12,715 j 15,448 24,300 ! 19,469 42,056 140,482 11,029 ' 40,020 ! 5,277 i 18,398 ; '8 9«1n ii_535_ 17,94.8 3,454 ! 4,768 8,407 I 0,492 17,163 Certificate of indebtedness Total U. S. securities 570,108 38,803 ! 187,316 i 31,452 i 61,742 j 4,993 3,082 I 81,288.16,709 28,120 34,349 : 27,795 60,339 DAILY AVERAGE HOLD- INGS DURING SEPTEMBER Total earning assets » __ 930,905 57,443 ' 278,320 . 54,161 80,886 ; 41,982 I 31,947 117,725 ' 41,472 41, 592 46,613 , 48,797 84, 027 Bills discounted ! 262,755 10,141 ' 40,525 19,194 i 19,751 , 36,899 | 27,424 29,537 22,160 12,222 10.280 i 17,830 16, 780 Bills bought | 89,777 7,833 i 44,527 I 1,687 I 7,141 ; j 1,870 8,800 , 2,972 1,206 2; 645 I 3,286 7, 750 U. S. securities. \ 575,470 39,409 ; 192,055 , 31,530 I 59,991 I 5,083 2,653 79,328 . 10,334 28,164 33,082 . 27,681 59, 497 EARNINGS DURING SEPTEMBER I Total earning assets' 2,040 156 < 712 ' 167 240 I 136 348 : 125 133 142 I 143 230 Bills discounted 832 29! 102 i 55 58 i 1.22 100 j 75 45 30 ; 02 53 Bills bought.. 164 14 81 i 3 13 i 10 2 5 ! 6 14 U. S. securities. 1,635 113 i 626 i 103 109 | 14 232 I 86 101; 163 ANNUAL RATE OF 1 EARNINGS Total earning assets i 3.45 3. 30 ; 3.11 i 3.76 3. 35 3.9o 3.98 3.60 ' 3.07 3.90 3.H 3.58 3.33 Bills discounted 3.85 3. 52 i 3. 04 ;• 3.50 3.57 4.03 4.09 4.11 ! 4.14 4.50 4.28 ! 4.22 3.86 Bills bought. 2.22 2.21 I 2. 22 ! 2.32 2.24 2.83 2.19 I 2.20 2.21 2.17 i 2.27 2.19 IT. S. securities 3.46 3.47 I 3.33 ! 3.97 3.41 3.35 3. 59 3; 56 i 3.31 3.72 3.06 3. 32 3.32 I 1 Including Federal intermediate credit bank debentures, as follows: New York, average daily holdings, $1,213,000; earnings, $3,000; annual rate of earnings, 3.24 per cent; Philadelphia, average daily holdings, $1,750,000; earnings, $6,000; annual rate of earnings, 4.06 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL BESEBVE BULLETIN NOVEMBER, 1024 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR SEPTEMBER, 1924 [Amounts in thousands of dollars] San Francisco Volume of Operations Total discount and open-nmrket operations Bills discounted for member banks Bills bought in open market U. S. securities bought in open market Bills Discounted Customers' paper secured by Government obligations Member bank collateral notes: Secured by Government obligations Otherwise secured Commercial paper n. o. s_ Agricultural paper Livestock paper _ , Demand and sight drafts (based on agricultural products) Trade acceptances, domestic Total bills discounted. Average rate (365-day basis)— per cent Average maturity (in days) Total reduced to a common maturity basis (exclusive of demand and sight drafts) Per cent of total Number of member banks on September 30 Number of banks accommodated during the month _ Per cent accommodated Bills Bought in Open Market Bankers' acceptances: Foreign Domestic Dollar exchange,,. Trade acceptances, foreign Total bills bought Distribution by rates charged (360-day basis): 2 per cent -- 2H per cent 2\i per cent 2Ys per cent.. ._ 2^ per cent _ 3fJ per esnt 4 per cent Average rate (305-day basis)—per cent Average maturity (in days) Total reduced to a common maturity basis Per cent of total United States Securities Bought in Open Market United States bonds Treasury notes Certificates of indebtednesss Total United States securities bought _ 12,568 s Includes $5,200,00) Federal mtermediate credit bank debentures. 2 Excludes certificates of indebtedness sold under repurchase agreement on Sept. 15 and. repurchased Sept. 17, as follows: Boston, $700,000, New York, $3,700,000, rhilade'phia, $300,000. Cleveland, $1,000,000, Richmond, $100,000, Atlanta, $108,000, Chicago, $1,400,000, St. Louis, $300,0^0 Minneapolis, $100,000, Kansas City, $500,000, Dallas, $500,000, San Francisco, $1,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMEES, 192-1 FEDERAL EESERVE BULLETIN 891 CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM SEPTEMBER 17 TO OCTOBER 8, 1924 [In thousands of dollars] I Total 'i Boston, Y N o ew rk i d P e t l i p la h - i a •' C la lo n v d o - m B o ic u h d - At t l a an- Dallas ! i | . F C S r i a a sc n n o - Number of reporting banks: ] •] i ! S S e e p p t t . . 2 17 4 ... : 7 7 4 4 7 7 j i 43| 108' 5 0 5 5 7 7 8 8 7a1 36' 1041 5 5 1 1 ' . 6 0 6 8 Oct. 1. ] 745 | 43! 108' 55. 77! 75! 36: 104. 5!'. 66 Oct. 8 I 744 [ 43: 108! 65 77 75! 36 103; 51! 66 Loans and discounts, gross: i , 75: 36 103, Secured by U. S. Gov- . \ eminent obligations— ! j Sept. 17 _! 199,081! 8,420i S3,609 9,470 18, 539 6,44:5' 7,604. 32,400 9,843 2,837 6,306 3,357' 9,773 Sopt.24 i 190,352:! 8, 670 74,349 9,102 19, 552' 6,421! 7,039i 32,459 9,703; 2,8491 6,241 3,463! 9,904 Oct. 1 ! 192,790'; 8, 701. 75,818 9.458 19,028-' 0,222' 7,031! 33,249' 10,018' 2,791 6,364 3,339' 9,549 Oct. 8 - , 192,814 i 9, oso; 76,09i; 10', 499 18,790! 6,161i 7,868' 32,772- 9,934' 2,846' 6,276 3,229: 9,468 Secured by stocks and I bonds— Sept. 17 4,355,063-: 270, 5.ir>.;i, 9..70, 735 282,211 419,526 123,714; 61,254 670, S02,151,390! 50,181! 82,898 61,391: 195,426 Sept.2-1- . ... 4,405,952! 271,036.2,033,432 281,711' 416,926 125,070, 61,412 080,899, 150,872: 47,958: 81,400 00,338: 194,898 Oct. 1 4,409,802-1 269,83*2,092, 443 288,401' 417,434, 123,656! 61,098; 684,149. 149,114: 50,242: 81,783 59,219 191.770 Oct. 8 i 4,391,766'! 274,8601,994,378 291,453; 422,195i 125,644' 00,801 087,313- 149,457; 52,549, 77,275. 59,329; 193,446 All other loans and dis- i i{ i • ; ! I i l counts— ' !| ! • i Sept. 17 ' ...; 8,022,394 i 634,0342,551, 620 380,474, 710,037: 338,259 347,970 1,220,002' 313,202, 190,224! 320,715 206,906' 808,831 Sept. 24 .-'• 8,080,4351 037,768 2,602,895. 379,077; 712,648: 340,292' 352,422:1,210,657 314, 83l! 190,806: 319,135 207,154' 812,792 Oot.l i 8,119,801.1 639,861,2,616,897: 375,910' 716,294: 342,068 351,450:1,215,105; 819,936: 197,827, 319,482 209,017' 815,951 Oct.S , 8,144, 7291 642,366:2,011,215 375,053: 714,738; 340, 694 357,447 1,212,820:320,824 205,768i 329,679, 214,419' 819,106 Total loans and dis- l| j i < counts— i , ; i Sept. 17 12,577,118", 912,969 4,611,984 672,1551,149,102 408,416 416,8281,932,324!474,495, 243,242:409,919 271,0541,014,030 Sopt.24 112,676,739M 917,472,4,710,676 669,890:1,149,020:471,783; 421,47311,924,013!475,406. 241,673!406,776; 270,9551,017,594 Oct. 1 12,782,399! 918,3984, 785,386' 673,8291, 153,356:471, 946! 420,779J1,932, 503; 479,06S: 250,860!407,629!271,5751,017,270 Oct. 8 '12, 729,3091 926,312 4,0S1,684 680,605,1,155,723| 472,499| 425, 976I1, 932, 903'480, 2151261,103' 413,230; 276, 9771,022,020 U. S. pre-war bonds: i !•' Sept. 17... -i 267,0601 13,723' 51,316 10,692' 46,000' 26,084, 14,755 23,366: 14,8081 8, 530' 11,029! 18,558' 26,939 Sept. 24 ...J 266,007.1 13,730! 51,317. 10,692. 45,152' 26,902! 14,7621 23,3651 14,810; 8, 445- 11,404, 18, 534 20, 894 Oct. 1 i 265,995!, 13,730! 51,419' 10, 692 45,229- 26, 024! 14,726 23,362' 14,808: 8, 530: 11,404! 18,534 20,907 Oct. 8 -J 265,534'j 13,730; 51,445 10. 092; 45,664! 26, 512 14,086 23, Oil! 14, 807: 8, 530' 11,404! 18,534 27,119 V. S. Liberty bonds: i ! Sept. 17 1,407,971' 87, 591: 680,008 50,2801 196,587; 28,305 8,284 147,818' 22,826 20,237' 39,1831 12, Oof. 114,801 Sept. 24 i 1,409,464', 87,063 i 679,127 47,690 193, 710' 28,349 9,427 IlSrjOi , 92552.1,' 23,393, 20,530' 38,843' 11,995 118,179 O O c c t t . . 8 1 ' ' 1 1 , , 4 4 2 2 9 1 , , 5 3 0 4 4 7 . , 1 1 8 87 7 , , 9 8 2 8 2 7 , : 6 6 7 7 9 8 , , 4 6 3 6 6 3 4 5 7 0 , , 6 1 3 3 1 6 1 1 9 9 5 5 , , 8 3 5 4 7 2 j ; 2 2 7 9 , , 9 7 0 6 2 2 ! ! 9 9, , 3 3 2 8 7 0 1 1 5 5 6 8 , , 9 4 2 1 5 5 ^ ! 23,198! 21,440- 39,540' 12,28l' 1 1 2 2 0 1 , , 5 4 3 5 9 3 V. S. Treasury bonds: j !| 23,001 21,951: 40,5911 12,220 Sept. 17... | 08,609. 5,821! 20,70S1 2,990; 1,98o! 1,72o' 622 10,988' 2, 505 230! 1,923j 1,143: 17,971 Sept. 24 ; 69,063:j 5,912' 20, 594 2,998 2,017, 7971 622 11,206- 2,255! 230' 2,033! 1,173. 19,826 Oct. 1 ! 66,788'! 4,855! 20,351: 2,990 2, 037, 1,042 622 11,080 2,2501 230' 2,093! 1,101 18,071 Oct. 8 1 67,877,1 6,917! 20,798, 3,008: 2,065, 1,342 622 10,973 2,256j 230' 1,619; 1,161' 17,886 V. S. Treasury notes: !| Sept. 17 590,245, 11,533: 290,165' 2 i, 029'. 53, 621; 3,348 3,344 110,350 10,140i 18,530', 22,980! 9. 029 33,104 Sept. 24 I 607,121! 11,410! 291,39"! 24,003: 54,957; 3,281 3, 345 125,164! 10,093! 19,392; 21,561 9,021' 33,497 Oct. 1 : 607,872: 13,345' 288, 559' 24,194' 54,913; 3,386| 3,346 126,073! 30,109! 19,392 22,04l! 9,1681 33,256 Oct. 8- -.J 602,529. 12, 607' 282,781! 24,163: 53,944 3,280! 3,347 128,098| 10,439: !9,543! 22,189! 8,919: 33, 216 U.S. certiflcatcs of indebted- , j I i ness: ; I Sept. 17 J 288,131! 14, 510 120,115: 19,130! 28,515 8, 83! 3,211 38,478' 3,9341 8,219! 0,2521 5,181, 31,741 Sept. 24 _.' 294,530' 10,857, 142,101! 18,323. 26,040: 8, 745 2,710 33,9201 3,1101 7, 459, 7.297J 4,91i; 29,005 Oct. 1. ..! 290,278' 8,6771 143,078; 28,756: 23,102, 8,459 2,660 33,805! 2,725i 7, 659, 7,282 4,886! 29,129 Oct. 8 J 298,297 8,839' 153,257, 18,359 20,977; 8,464 2,611 34,388! 2,731' 7,959' 6,470 4,863. 29,379 Other bonds, stocks, and ! securities: j Sept. 17 ! 2,072,400 204,199',1,040,276' 244,271i 337,244, 60,340 42,867 380,331| 93,238 26,657! 03, 715 15,040! 164,228 Sept. 24 .1 2,684,011 205,707,1,039,013! 214,779, 338,512; 59,505 42,693 384,970! 94,230 27, l«7i 66,208 15,9771 165,050 Oct.l '2,758,372 208,914.J,094,104' 246,f" 338,820! 80,320 42,440 394,219! 93,923 28,784i 07,343 10,255! 166,647 Oct. 8 ! 2,757,57S| 208,224:1,088,401; 247,647! 336, 849 80,7061 42,994 394,002! 93, 655 29,622; 67,183 17,328|I 170, 847 Total loans, discounts, and | I j i ] investments: t ! ! i Sept. 17..... il7,871,600ll,2o0,4156,814,6321,023,547il, 813,114! 597,652 489,911 2,043, 655!621,946 325,651 555,6071332,656'l 402, 814 Sept. 24. 118,007,555 !l,253,051 6,934,8251,018,37511,809,4201599,3621 495,038:2,652,892!623,2971324,896'653,1221332,566il.410, 705 Oct.l '18,193,051 jl,255,806 7,002,163:1,024,7861,812,8681599,539 493,953 2,677,9671 626,177] 336,895 557,338 333,8401!41.1,719 Oct. 8 ..'18,150,628 1,263,5516,957,032:1,034,010% 811,079 602,765 498,963 2,681,852j 627,104 348,998 502,686!340,008|i:421,920 Reserve balance with Fed- II ' i ! oral reserve banks: Sept. 17.... 1,750,240! 94,028 885,2651 82,113! 121,943| 37,767| 40,787 244,979 44,319 20,4741 50,187 24,777' 103, 601 Sept. 24... 1,612,066; 94,271 740,478! 79,034, 123,423j 37,487] 36,918 238,610 44,660! 24,625! 49,563 24,528' 109,469 Oct. 1 ! ij 620,1—7 2! 94,751 780,507, 78,771! 115,013: 38,316! 37,908 229,138! 41,319| 23,744! 48,584 26,902- 106,099 Oct. 8 _._j 1,671,840' 90,623 814,308! 79,954! 117,054! 37,970] 30,552 243,551! 47,089 24,557] 49,055 24,489! 100,138 Cash in vault: : I Sept. 17 | 278,654. 20,059 77,634! 15,385! 31,276! 13,462; 10, 846 52,974 7,213 6,179' 12,212 10,280! 21,104 Sept. 24 i 282,879L 20,479 80,315; 15,659, 30,707| 13,319] 11,083 53,624 6,810| 6,169] 12,954 11,034; 20,726 Oct.l i 272,789; 19,180 75,727 14, 247! 29, 684 12,629! 12,245 52,386! 7,1411 5, 674 12,451 11,168; 20,357 Oct. 8.... _.i 291,142(1 2200,,1 1111 1 85) 560- 15,508; 32,334! 13,808] 11,304 53,140; 7,763 6,142' 12,847 ll,097| 21, 522 Net demand deposits: j ; / Sept. 17 112,788,545: 873,819 5,753,322 740,180; 995,142; 339,241 287,87.11,762,8361367,339 211,815' 447,29) 227,058.' 782,631 Sept. 24 112,630,089!' 862,942 5,654,005! 732,828: 983,738 338, 562 278,849 , 748,273;365,323 214,785' 442,880 229,308i 778,600 Oct. 1.. 112,869,706: 876,886 5.826,7201 739,1321 993,895 345,823 279,102 , 755,354;363,131 224,080|, 458,630 233,272; 773,672 Oct. 8. '12,805,2251, 874,90815,710,177 739,147. 992,715' 349,50l! 285,2821, 768,730!361,4791 f2if3tr7r ,0/in8/i9 ; 4A6n 4A ,3at1 19! 239,492! 782,334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 FEDEBAL EESEKVE BULLETIN XOVKMBEB, 1924 PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM SEPTEMBER 17 TO OCTOBER 8, 1924-Continucd [In thousands of dollars] Total Boston Y N o ew rk d P e h l i p l h a i - a C la le n v d e- m Ri o c n h d - A«a an"'Chicago; L S ou t. i . s I M ap in o n li o s -1 K C a i n ty sas! Dallas F c S i r s a a c n n o - ! I ! Time deposits: Sept. 17 4,022,28lji 329,733>l,071,222 J 1-*5«3,32 095,308' 179,282i 186,833i 855,276, 201,800 90,027! 135,097' 90,922 632,794 Sept. 24 4A ,0C6M4 ,2o1in0 330,881;l, 101, 587- 155,049 697,851i 179,704i 189,335i 857,6861 203,218 90,905, 135,756 90,405 631,933 Oct. 1 4,074,883 331,024,1,101,905 158,806 694,5601 179,966| 189,183! 868,368i 204,056 91,107. 133,960; 89,423 632.459 Oct. 8 4,695,523 326,77311,106,294! 158,624 092,814' 180,236| 188,078j 872,105. 215,184 91,1901 133,025; 89,469 638,125 Government deposits: sa Sept. 17.. 232, 915 33,408i 47,079| 36,470 30,4Mi 12,417, 8, 377 21,278| 4,289 2,662, 3,903, 5,935 26,64S Sept. 24.. 232, 790 33,408: 47,099! 36,370 30,454: 12,467 8,377; 21, 278! 4,289 2,506! 3,903' 5,936 26,643 Oct. 1 232, 064 33,408' 47,079' 36,370 29,957, 12,467; 8,377' 21, 278' 4,289 2,568! 3,903! 5,936 27,334 Oct. 8 232,139i "' '"" 47,079| 36,370 29,857. 12,367, 8,377! 21,27s; 4, 200j 2,602 3, (KB1 5,935 20, 643 Bills payable and rediscounts with Federal reserve banks: Secured by U.S. Government obligations— Sept. 17... 30, S60J 125' 7,82l' 1,974 14,215; 2,214: 8131 1, 615 134! 5091. Sept. 24.. 31,261! 42fv 7,828' 1,134 11,329. 2,187! 1, 585: 2,160: 165 279, 219 3,950 Oct. 1.. 49,183 670, 27,0201 1,829 8,708 2,554; 1,612, 2, 730i 357 158 245 3,300 Oct. 8 61,112| 100, 49,789' 1,930 2,494! 1,065| 602 870, 379 258J 275 2,750 All other— Sept. 17.. 46,419J 638! 13,4051 2,508 1,3831 10,2521 5,402; 3, 3971 4,760 348' 677; 3,278 2,311 Sept. 24 43,380j 12,930' 2, 027 1, 789, 9,252! 5,134| 1,075i 5,340! 29R, 485 l,8Lli 1,790 Oct. 1 42,855;' 2741 12,666' 2,398 1,935 8659 6,087 575! 0,127! 2"8! 488' 1,425 1,943 Oct. 8 42,601 ! 409; 14,327; 3,010 1, 635: 7, 34l 5, 934 570, 0,190 2641 1,2-lli 1,248 BANK BALANCES IN FEDERAL RESERVE BANK CITIES Due to banks: ; '• Sept. 17 .._ 2,747,115 146, 593il, 324,485. 216,723 61,102! 33,203, 15,649'; 484,992, 96,190. 58,168.132, S72 27,457 149,681 Sept. 24 2,057,716 137,640,1,241,440; 217,754 50,079', 31,720' 15,052 495,642j 96,769; 61,432 132,369 34, 524 137, 289 Oct. 1.. 2,737,983 147,507,1,324,872; 214,232 68, 027' 32,4051 14,157! 470,439, 92,774 65, 225.132,934 37,187 138, 624 Oct. 8 I 2,687,470 144,151 1, 242,176' 214, 745 50, 830i 34,462! 14,79i; 483,543 100,674' 74,782;134, 851 42, 569 143,897 Due from banks: '. Sept. 17.._ 787,780 54,064 101,169; 109,3io! 35,104 15,815: 14,6841 189, 683 40,999| 32,186! 72, 408 29,933 92,389 Sept. 24... _ i 735,282- 46,5581 88,942; 120,747; 30,480! 14,908' 13,618 176,361: 42. 32"' 30,690; 72,030 31,995 60,626 Oct. 1 I 746,110 45,791| 101,082; 117,068! 32,194' 13,665j 13,395' 179,925' 37; 171: 35,318 68,283 32,477 69, 738 Oct. 8 J 727,223 38,752! 82,512; 10o,033i 26,677! 15,032i 14,373, 175,830 43,671, 36, 589 72,97-1 36,639 78, 535 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [Amounts in thousands of dollars] Banks in Xew York City Banks in City of Chicago Sept. 17 Sept. 24 Oct. 1 Oct. 8 1 Sept. 17 Sept. 24 i Oct. 1 Oct. 8 Number of reporting banks ' 67 67 67 48 ! 47 47 Loans and discounts, gross: • Secured by United States Government ' obligations... • 77,186 68,002 09,049 70,414 : 25,093 25,106 25,884 ' 25,383 Secured by stocks and bonds 1 1,784,339 1,834,071 1,881, 285 1, 786,835 ' 517, 772 618, 476 521,080 ; 525,008 All other loans and discounts , 2,250,940 2,303,601 2,320,373 2,315,784 731,853 727,115 731,436 [ 729,439 Total loans and discounts , 4,112,465 4,205,674 4, 280, 707 4,173,033: 1,274,718 1,270,097, 1,278,400' 1,279,830 United States prewar bonds '. 40,701 40, 762 40,864 40,800 4,130 4,129 i 4,127 ' 4,127 United States Liberty bonds , 590,595 590,435 590,237 593,405 72, 590 77,028 ] 82, 882 i 84,277 United States Treasury bonds 13,626 13,452 ' 13,209 13,656 I 3,413 3,555 I 3,451 , 3,471 United States Treasury notes 270,423 272,406 I 269,253 263,736 [ 79, 050 93,895 I 94,798 ; 95,784 United States certificates of indebtedness , 115,384 136, 770 1 138,456 148,585 , 21, 794 I 17, 775 18,000 ; 18,199 Other bonds, stocks, and securities I 791,594 789,110 ! 839,842 836,902 ; 180,537 I 181,372 188,372 ! 180,371 Total loans and discounts and invest- • ments ; 5,934,848 6,048,609 ! 6,172,568 6,070,177 ; 1,636,238 I 1,649,051 1,670,036 ! 1,672,059' Reserve balance with Federal reserve bank...; 830,383 693,468 730,419 758,597 I 174,353 169,258 163,190 i 172,062: Cash in vault I 63,555 65,495 I 61,801 70,004 i 27,711 28,504 26, 726 ' 27,627 Net demand deposits i 5,227,974 5,136,326 ! 5, 298,065 5,189,957 1, 213,247 1, 210,386 1,228, 085 i 1,234,127 Time deposits ...i 747,183 775,021 I 775, 559 774,923 ! 402,042 404,049 407,884 i 410,514 Government deposits I 37,909 37,929 i 37,909 37,909 9,834 9,834 9,834 1 9,834 Bills payable and rediscounts with Federal j reserve bank: I Secured by United States Government obligations 4,025 1,050 I 17,450 39,850 335 ! 160 ' 25 Allother 8,907 8,550 ) 8,203 10, 000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVE.UBEB, 1924 FEDERAL BESEBVE BULLETIN 893 EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS ABSTRACT OF EARNINGS AND DIVIDENDS HEPOKTS OF STATE BANK AND TRUST COMPANY MEMBERS Op THE FEDERAL RESERVE SYSTEM FOR THE FIRST SIX MONTHS OF 1924, ARRANGED BY FEDERAL RESERVE DISTKICTS [In thousands of dollars] I ; Total, six months ending— i Dis- Dis- Dis- | Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Disi trict trict trict ' trict trict trict trict trict trict trict trict trict i No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 I No. 10: No. 11 No. 12 June 30, Dec. 31,' June 30, i (30 (144 (70 (120 (85 (133 (3S4 (130 (101 ! (33 i (186 (188 j 1924 1923 j 1923 ibanks) banks) banks) banks) banks) banks) banks) I banks)banks) banks) jbanks) tanks)! (1,570 (1,587 I (1,619 ! banks) banks) banks) Capital stock paid in..! 33,450! 220,729 38,426 82,790 19,33' 31,885 112,908' 40,569 6,777; 8,635: 12,250 80,319' 697,075 676,228! 669,852 Surplus fund .| "3"9 ,433 ' "1"9'8 ,0""0'6 70,265 90,814; 13,428 18,3631 88.8381 24,049 2,878' 3,315; 3,788 32,402, 589,009 572,453 581,565 I— Total capital and surplus... 72,883 425,795 108.691J 179,634 32, 765 50, 248 201,746j 64,018 9,655 11,950, 16,038 112,721 !l, 286,744 1,2-18,681U, 231,417 Gross earnings: Interest and discount.. 17,37Si 89,810 12,774! 33,420 5,433 10,295 49,319j 13,072 2,237: 2,870 3,371 34, 430 274, 414 269, 956 200,356 Exchange and collection charges 43, 561 24! 58 4041 535! 374 51 3»' 49 314 2, 566 2,855 Commissions 2,898! 1321 32) 8: 466', 1.030: 481 58: 24 618! 7,288 7,341 7,399 Other earnings 2,008 20,000 4,0-171 6,911 1, 54o! 7, 040! 2,053 177 1, 064| 161 5, 230j 51,788 52,110 52,438 Total gross earnings.... 5, 113,275! id, 977: 40,766 6, 523 12,710! 59,12i: 15,980 2,523, 3,997' 3,643 40,492; 336,057' 332,202: 322,803 Expenses: i I I ! I S n a t l e a r r e ie s s t an a d n d w ag d e i s s , j 3.7151 22,820 3, 20"; 7>90(' 1,208 2,404! 11, 735 3,132 872 971 9, 933| 08, 000 07,5721 02,717 count on borrowed money 196- 7051 214 334 392 700 654. 663 101 34 121 788 4,962 7,046 5,404 Interest on deposits. 8,0fllj 38,233 4,430- 15,693 1,828 3, us; 20. 545! 4, 797 1,051 1,152 499 14, 601 114,033 109,888 108,718 T O a t x h e e s r expenses 2, 0 2 4 9 8 6 ! * 14 4 , , 0 6 0 1 3 1 1,8 7 0 9 5 3 1 1 1 4 ' , , 8 5' 3 9" 5 9" 3 8 6 4 6 4 847! 3 7 , , 20 70 7 5 j : 2, 7 • 5 m ^ 1 35 4 9 9 1 : 7 14 5 6 8 1 0 18 3 1 5 5 1, , 49 50 8 0 j | 1 4 4 2 , , 6 9 8 2 9 4 4 1 0 7 , , 6 9 5 2 0 3 3 1 9 4, , 8 9 7 9 7 7 1,844 Total expenses 14,916, 80,372 10,449 30,367 4,038 l,058| 43,840' ll,57f 2,297; 2,002: 2,407 32,320! 245,208 243,079! 231,773 Not earnings since last report ..._; 5,1291 32,903 6,528 10,399 1,887 3, 6521 15,278 -J, 40 J 226; 1,035 1, 230 8,1721 90,849 89,183 91, 030 Recoveries on charged- ! off assets _.| I 340' 1,786 920 285 119 221' 1,133 3,0(i7 77' 72| 123 703! 8,846 7,570 7, ore Total net earnings and recoveries 5,409. 34,689 7,44bi 10,684 2,0061 3,873. 16,411 7,471 303 1,107' 1,359 8,875j 99,695 96,753 98,12& Losses charged off: I I On loans and discounts 1,098 3,490 303 488 186 SIS' 1,903 2,098 320! 2-14 586 1,451 13,002 21,321 12,877 On bonds, securities, etc 2051 761 186 429 87 123| 085 290 4. 2 487 3,319 6,274 Other losses.. 104! 794, 72! 257 1271 228: 831j 2,929 24! 18, 146 6,140 4,740 Total losses ! j charged ofl 1,167! 5,04o! 621 1,174 40o! 1,186: 3,419; 5,317 348, 2621 734 22,521 32,335 Net addition to profits. 4,0021 29,644 6,827 9,510 l,600j 2,087' 12,992 2.154 1 45 8-15; 625 6, 327! 77,174 04,418 Dividends declared 2,268 18,328 3,206 5,297 88 li 1,811, 6,835 2;5U 179 40 li 269 4,356 46,405 46,281 Ratio of dividends declared to capital stock (annualbasis), per cent ! 13.0 16.0 16.7 12.8 9.1 11.4; 12.1 12.4 5. 3 10.7. 4.4i 10.8 13.3 13.7 13. £ Eatio of dividends declared to capital and surplus (annual basis), percent 6.2 8.6 5.9. 5.4.1 7.2. 0.8 7.6 3.4! 7,7 7.2 7.4 7.3 Ratio of net profits to capital and surplus (annual basis), per cent 11. 0! 33. 9 12.6 10.0 9.8 10. 7i 12.9 14.1 7. Si 11.2 12.0 10.3 12. J 1 Deficit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 FEDERAL RESERVE BULLETIN NOVEMBER, 1924 DEBITS TO INDIVIDUAL ACCOUNTS BY BANES IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS 1821 1923 Number Federal reserve district of centers July August September July August September No. 1—Boston 2,111,283 ],9S9,773 i 1,974,9S4 1,983,223 . 1,771,572 1,700,956 No. 2—New York 22,184, 731 21,556,426 ' 21,387,801 19,008,372 : 16,829,380 17,414,976 No. 3—Philadelphia— 1,902,728 1,748, 702 1,794,021 1,820,500 • 1,733,171 1,070,226 No. 4—Cleveland 2,139, 964 1,979, 554 1, 996, 088 2,237,042 2, 081, 604 2,005,409 No. 5— Richmond 076,364 674,370 648,070 081,119 668,610 655,258 No. 6—Atlanta 914,053 848,971 959, 071 837, 023 790. 799 835,330 No. 7—Chicago _ 4, 654, 974 4,409, 357 4,435,346 4,509,455 4, 240, 033 4,208,411 No. 8—St. Louis _. 994,401 959,857 1,003,066 980,103 i 930, 888 945,160 No. 9—Minneapolis 634, 515 596,031 773,680 893,964 . 598, 206 635,308 No. 10—Kansas City- 1,070,984 1, 083,918 1,097,173 1,081,913 : 1,106,154 1,069,497 No. 11—Dallas . 455,924 449,553 '• 566, 180 420,874 448, 060 540, 722 No. 12—San Francisco. 2,391,152 2,335,307 2, 335, 245 2, 314, 597 ! 2, 295,578 2,318,980 Total 1« j 40,131,073 38,691,819 : 33, 971,985 36,501,275 | 33,495,567 34,000,234 New York City 1 21,468,874 20,915,784 20,734,467 18, 320, B26 •• 10,188,013 16,799,454 Other cities 140 18, 062,190 17,77B, 035 18,237, 518 18,183,649 ! 17,300,954 17, 260,780 WEEKLY SUMMARY FOR BANKS IN 243 CENTERS 1924 1928 Federal reserve district ! Num of b er ! | Week ending— Week ending— i centers •" Sept. 24 : Oct. 1 Oct. i Oct. la Sept. 20 Oct. 3 Oct. 10 Oct. 17 I No. 1—Boston — 513,859 ; 531, 548 I 524,426 497,214 444,909 546, 714 482, 942 647,058 No. 2—New York 13 i 5,075,158 j 5,822,507 : 5, 231, 538 4,669, 563 4,384,470 5,104, 309 4, 054, 759 3,998,810 No. 3—Philadelphia—. 18 I 455,036 . 519,143 j 499, 730 417, 375 444, 648 513,110 464,084 487,989 No. 4—Cleveland 22 j 560,115 ' 009,342 j 616,746 599,723 586,759 002, 519 583,264 589,816 No. o—Richmond 23 ! 250,658 : 269,040 I 288, 732 270,470 255,409 SOS, 433 282,890 293,681 No. 6—Atlanta 24 ! 242,060 ' 256,329 i 269,829 203,504 218,905 243, 002 230,115 256,231 No. 7—Chicago 35 |1,103,339 : 1,133, 656 j 1,125,902 1,091, 239 1,077,213 1,144, 232 1,004,480 1, 099, 848 No. 8—St. Louis 13 I 252,592 ; 260,379 ! 288, 081 292,174 242,057 287,199 279,458 302, 374 No. 9—Minneapolis 15 ! 194,977 i 200,282 ; 242, 807 252,775 155,373 170, 734 164,175 169,393 No. 10—Kansas City.- 24 : 262, 315 . 274,308 I 288, 378 277, 902 265, 398 269, 813 206, 345 275, 292 No. 11—Dallas 14; 148, 508 i 149,400; 359,518 152, 546 142, 732 152,203 148, 307 150, 511 No. 12—San Francisco.. 20 571,469 572, 757 j 593,954 587,123 583, 714 004, 002 590,491 022, 002 Total 243 '< 9,630,086 , 10,610,751 , 10,130,301 9, 401, 074 8,801,653 10,006,270 9,151,319 | 8, 793, 611 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston .-. 351,030 355,322 339,248 333,002 - 288,921 357,762 304,365 361,211 No. 2—New York 4,807,922 5, 509,039 4, 919, 60S 4,403,731 4,141,946 :4,783,827 4,383,989 3, 725,236 Buffalo ..- 63,250 72,104 78, 597 66,964 62,075 87, 337 69,182 72.918 No. 3—Philadelphia 330, 513 384,652 368, 748 327,139 332,972 i 378,149 341,157 360,947 No. 4—Cleveland 132,444 159,672 148,370 152,837 141,303 i 175,951 145,289 150,283 Cincinnati -. 65, 614 69,232 78,107 72,040 78,179 75,122 69,541 75,206 Pittsburgh 184, 761 194,229 191,102 186,978 192,574 i 215, 746 187,804 181,641 No. 5—Richmond 28,752 30, 552 31, 703 27,451 28,860 . 34,014 | 30,984 31,461 Baltimore 80,800 88,800 98,410 85,650 77,400 101, 600 I 85,300 93,300 No. 6—Atlanta 33,814 30,608 31,908 33, 379 29,790 33,080 j 29,613 36,050 Birmingham 28,707 29, 702 ' 29,274 31, 594 25,933 27,330 25,849 29,075 Jacksonville 13,383 12,021 14,599 12,639 11,037 12,073 i 12,247 12, 690 Nashville 15,352 18, 209 18,358 18, 647 16, 584 18, 245 17,403 19,281 New Orleans 75,107 90,307 90,440 83,838 63, 027 67,328 68,431 • 77,793 No. 7—Chicago 658,406 716,157 683,218 642,450 630, 211 705,133 593,200 634,683 Detroit 176,075 148,446 139,495 154,831 173,998 147,832 | 118,904 171,346 No. 8—St. Louis 143,456 154, 530 163,852 163,122 137,129 170,424 I 158,198 170,392 Little Rock 16,300 17,509 21,391 22, 347 12,488 13,980 j 17,647 19, 206 Louisville 38,710 36,949 36,143 37,462 33,639 37, 547 Memphis 25,098 28,211 33,517 35,290 28, 727 31,390 I 35,578 40,230 No. 9—Minneapolis 100,496 103,622 122,716 129,719 79,923 89,515 i 86,762 Helena -. 2,649 2,291 2,856 2,315 1,550 1,778 j 2,391 2,278 No. 10—Kansas City 86, 566 86,029 93,255 89,181 81,368 86,447 I 80,274 81,089 Denver 39, 245 41,635 40,711 40,489 41,860 42,009 | 38,469 41,781 Oklahoma City- 15,918 10, 004 21,968 19,738 15,559 16,730 18,828 16.919 Omaha 46,902 44, 368 47,884 45,057 48,047 46,381 ! 61,004 53,935 No. 11—Dallas 45,840 47,745 51,480 48,330 48, 062 49,797 !- 46, 578 45,151 El Paso .- 0,584 6,984 9,083 7,430 ; 5,624 6,607 i 6,553 6,729 Houston 36,949 38, 003 34,907 35,817 I 36,811 i 36,601 '- 34,537 36, 492 No. 12—San Francisco... 194,710 187, 715 183,583 186,387 j 177,619 : 229,112 I 173,404 j 189,763 Los Angoles 152,223 151,857 167,144 100,732 j 168,796 173,817 j 101,458 172,910 Portland 38,437 40, 753 42,068 47,219 I 37, 054 I 44,181 j 42,610 ! 50,031 S Se a a lt t t L le ake City- 4 1 1 4 , , 2 1 0 0 9 7 4 1 7 5 , , 2 6 1 7 5 3 4 1 1 6 , ,7 7 5 2 3 5 4 1 3 4 , , 6 18 5 6 8 i ! 3 1 9 4 , , 7 2 5 9 6 7 i ! 4 1 3 5 , , 3 0 4 0 6 2 ! ! 3 1 9 4 , , 5 7 5 4 9 2 I 4 1 2 5 , , 3 5 7 9 9 8 Spokane 11,143 10, 910 12,102 11,649 I 11,363 ! 13,625 13,938 13,149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1924 FEDERAL RESERVE BULLETIN 895 DEPOSITS OF ALL MEMBER BANKS NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT [In thousands of dollars] I Xet demand deposits Tim.0 deposits Federal reserve district 1924 1923 1924 1923 June 25 July 23 Aug. 27 | Sept. 24 July 23 i Aug. 27 | Sept. 24 ! Sept. 26 Boston.. 1,249, 512 1,293, 088 1,280,094 1,3.12,039 1,235,100 650, 959 079,410 693, 671i 702,771 '.597,798 New York. 5, 982,997 0,127,421 0,2.19,902 0, 300,369 5,192,001 1,812, 215 1,842,034 , 1,882, 782' 1,905,839 I1,002, 566 Philadelphia 1, 067,178 5,095, 070 1,107, 111 1,124, 042 1,075, 367 695, 488 708,003 ! 725,033 I 73(1,982 .;622, 325 Cleveland 1,385, 052 1, '138,359 1, 467,908 1, 469,391 1,398, 289 1,226,845 1,2-39,961 : 1,250,184 I 1,255, 257 '1,101,900 Richmond 531,197 531,930 547, 400 S55, 070 552, 044 401, 243 471,670 | 477, S94 I 480,381 ! 433,997 Atlanta 477, 319 472, 523 483,981 490,371 403, 873 347,419 350,271 ! 352, 396 ! 351,089 • 320,703 Chicago... 2,218,745 2, 203, 290 2,378,1-15 2, 394,725 2,094, 949 1, 630, 533 1,042,854 i 1,645,040 I 1,002,370 '1, 534, 021 St. Louis 041,034 042.807 637, !i! 9 650,141 012, 072 400,117 410,834 | 417,571 i 417,352 i 382,144 Minneapolis. 396, 739 391, 789 397,000 424,319 407, 381 398, 800 405,140 i 408,794 i 409,905 ! 412,663 Kansas City _ 727, 740 729, 803 730, Sl-1 780,470 709, 008 297, 079 298,465 | 299, 705! 299,607 i 301, 271 Dallas 512.505 502, 703 510, 092 502,283 574,421 157,153 157,714 ! 160, 201I 160,200 ; 130,472 San Francisco 1, 200, 298 1,218,310 1, 248,483 1,278,287 1, 251,460 1,051,859 1,062,019 ! 1,048, 245< 1,075,075 , 900, 503 Total .; 16,394, 382 ilO, 709,765 |l7,040,218 J17,360,307 15,626,715 ; 9,148,320 I 9,208,975 ! 9,368,116 ; 9,510,918 ! 8,472,903 Banks in cities and towns hav- i ing population of— : Less than 5,000 ; 1,512,480 1, 513,014 1,550,338 j 1,615,347 : 1,651,366 1,588,443 j 1,602,515 i 1,616,638 1,023,732 1,543,446 5,000 to 14,999..... ...: 1,021,56! 1, 012, 351 1,023,543 I 1,044,404 : 1,078.381 1,010,429 | 1,018,929 I 1,025,816 1,032,321 953, 005 15,000 to 99,999. . ' 2,004,410 2,010,890 2,034,430 ! 2,052,893 i 2,020^329 1,890,041 | 1,911,831 , 1,935,459 1,910,792 1, 705, 350 100,000 and over. 11,855,928 12,167,474 12,431,907 112,647,463 10,876,639 4,653,407 4, 735, 700 ! 4, 790, 203 4,920,103 j 4, 208, 562 MONEY IN CIRCULATION [Source: V. S. Treasury Department circulation statements] [In thousands of dollars] Total Gold Standard Silver Treasury United Federal Federal National circula- Total c b o u i l n l i a o n n d tificates d s o il l v la e r r s c c e a rt t i e f s i- no 1 t 8 e 9 s 0 of ary silver S n t o a t t e e s s re n s o e t r e v s e n b o an te k s b no an te k s c t a io p n it a p e ( r in dollars) 1914—July 1 . .. 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,906 337,845 715,180 34.36 1917—Apr. 1 14,100,591 641,794 1,348,818 70,863 459,680 1,997 191,351 330,353 356,448 3,170 697,160 39.54 1920—Nov. 1. 15,628,428 495,353 231,404 89,725 60,385 1,628 261,556 277,736 3,310,225 209,877 715,023 52.36 1922—Aug. 1 4,337,418 416,282 171,985 58,378 268,802 1,508 229,956 284,343 2,115,350 65,032 725, 782 39.47 1923—Oct. 1 4,849,921 397,981 465,279 57,942 375,688 1,451 252,499 306,291 2,245,541 16,501 730, 748 43.45 Nov. 1 4,835,253 396,737 500,862 58,127 370, 787 1,449 254,791 302,976 2,207,230 15,312 726,982 43. 27 Dec. 1 4,923,158 399,849 533,461 57,90S 381,499 1,445 257,694 306,376 2,236,637 14,249 734,010 44.01 1924—Jan. 1 4,951,085 415,319 582,029 58, 704 375,305 1,443 200, 627 306,823 2,223, 674 13,611 713,490 44.22 Feb. 1 4, 681, 708 405,573 571,381 56,496 357,177 1,440 252,511 294,470 2,008,877 12,729 721,054 41.77 Mar. 1 4,807, 778 416, 047 633,263 55,910 368,750 1,437 251,537 302,404 2,030,818 12,091 735, 531 42.85 Apr. 1 4,812,861 408,062 6S7, 252 55,202 367,113 1,433 251, 639 304,846 1,988,585 11, 588 737,141 42.85 Mayl 4,760,114 403,649 726,179 54,823 370,093 1,428 252, 702 301,110 1,909,143 11,025 729,962 42.33 Junol 4,815,401 402,122 779,189 54,078 373,381. 1,425 252,557 305,966 1,897,036 10,438 738,629 42.78 July 1 4, 755,403 396,415 801,381 54,017 364,414 1,423 252,971 297, 790 1,843,091 10,066 733,835 42.20 Aug. 1 4, 665,187 398,499 800,124 53,644 372,683 1,420 252,407 301,067 1,745,820 9,635 729,288 41.36 Sept. 1 4,773,878 401, 794 872,807 53,915 385,499 1,417 253,732 308,111 1,746,230 9,229 741,144 42.28 Oct. 1 4, 806,367 427,970 898,165 54, 603 388, 574 1,412 256,467 304,345 1, 729,301 9,030 736, 500 42.52 1 The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve banks havo been deducted only from the total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 FEDEKAL RESERVE BULLETIN NOVEMBER, 1924 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT OCTOBER 31, 1924 Federal reserve bank C ag o r m ic m ul e tu rc r i a a l l , , U S n e it c e u d re S d t a b t y es Agricultural! and livestock Government and livestock paper, n. e. s. obligations paper Boston New York Philadelphia _ .. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis ... Kansas City... Dallas San Francisco. ' Including bankers* acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—Minneapolis, October 15, from 4J to 4 per cent. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM SEPTEMBER 18 TO OCTOBER 15, 1924, INCLUSIVE [In thousands of dollars] Changes in ownership of gold through Transfers Daily settlements transfers and settle- Balance Federal reserve bank ments in c l f o u s n e d o a f t period Debits Credits Debits Credits Decrease i Increase Boston 7,500 1,000 630,185 ! 652,841 _.. 16,156 65, 558 New York... 8,000 29,500 2,249,977 I 2,131,740 96,731 ' H8,405 Philadelphia. 8,000 667,811 I (580,495 4,684 37,854 Cleveland 6,000 3,000 575,965 ! 589,440 ! 10,475 67, 043 Richmond... 4,000 2,000 419,522 ! 430,294 8,772 31,668 Atlanta 3,000 2,000 275,698 j 273,070 3,628 14,698 Chicago 22,000 1,000 1,040,093 | 1,058,374 2, 719 ; ] 27,924 St. Louis 3,500 815,707 I 518, 111 5,904 17, 280 Minneapolis.. 1,000 1,500 177,975 i 199,056 21,581 20,701 Kansas City. 1,000 6,000 381,601 j 375,688 913 :... 32,288 Dallas.. 1,000 2, 500 280,817 \ 305, 893 "20,540" 22,445 San Francisco.. 2,000 11, 500 273,334 j 273,707 9, 873 40,239 Total, four weeks ending— Oct. IS, 1924. 03,300 03,500 7,488,715 I 7,488,715 103,991 103,991 026,081 Sept. 17, 1924 70, 500 70,500 6,798,858 ' 0,798,858 611,303 Oct. 18, 1923 48,000 48,000 7,011,373 ; 7,011,373 609,033 Sept 20, 1923 65, 500 65,500 6,251,754 I 6,251,754 641, S91 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 comparisons between the rates charged during 1924 and rates charged and discounts in the various cities in which Federal reserve banks and at earlier periods, it should be borne in mind that the earlier rates refer their branches are located, as reported by representative banks. These to an entire month, while the latest figures cover only a week. Attenrates are not averages but are those rates at which the bulk of paper of tion is also called to the fact that the method of reporting the rates has each class is handled by reporting banks. Where it appears from the been somewhat modified and that slight changes in the rates may reports that no one rate clearly covers the bulk of the paper handled, reflect these modifications. a range of the rates most commonly charged is given. In making Customers' prime commercial paper j ' Loans secured by stocks and bonds T.*, v,^i,i«,«= i Loans secured by i Loans secured by j Cattle loans 30-90 days 4-6 months Interbank loans Libel.ty b(mlls | warehouse receipts' i Demand Time I District and city Week j Week Week i | Week Week Week Week ; Week ending— |Month ending— ;MOntb ending- Month] ending— Month; ending— endm;:— Week ending- Month! ending— jMonth 'endiug ending ending' ending __ ending1 ending ending ' ending Oct. ' • , Oct. Oct. Oct. | j Oct. Oct. IB, Oct. Sept 15, Oct. ' Sept. 15, 15, i Oct. Sept. 15, 15, 1923 15, ' 15. 1923 18, I 1.1, 1923 | 15, 15, ; 1923 1921 ' 1921 1924 ! 1924 No. 1—Boston No.2— B N u e f w fa l Y o ork g No.3 -Philadelphia- No.4—Cleveland i Pittsburgh, I Cincinnati.. No.5—Richmond j t-i Baltimore- a No.6—Atlanta Birmingham. Jacksonville.. t-1 New Orleans B Nashville ; No.7— Chicago... Detroit ; No.S—St. Louis _.i Louisville..- Little Eock. ! No.!)—Minneapolis ! Helena.. 8 8 8 No. 10—Kansas City. Omaha _. ._. a 6 -r a -7 Denver 7 8-70-8 Oklahoma City 8-7 i 0 -8 i 8 -7 No. 11—Dallas.... 4 ~8 8 ; 7 -S ! 7 -8 El Paso.. 8 8Ji 7 -8 ! 7 -8 Houston.. 5 -8 I 5 -6 12—San Francisco 4-J-5 ! 4J-5J P Se o a rt tt l l a e n . d . - .. o 6 I 6 Spokane e Salt Luke City 4 -6 i 6-7 Los Angeles. 6-7 ; !i -7 oo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 FEDEKAL, EESEEVE BULLETIN NOVEMBER, 1924 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold Silver Xine months ending Nino months ending Countries September— September— September— September— 1921 1923 1924 1923 1924 1923 1924 IMPOItTS Denmark . .. ' S3,561,829 Prance SI, 571, •180 i $1, 46S 12,100,318 $10,701,378 I $10,605 : $5,004 $198. OSS : S61, 841 Germany : 3,500,000 12, 432.450 4.821,127 I 3,120 . 1.14.439 1. 221, 036 Italy . • ' 77,431 735, 702 IHi, 589 i 2,241 Netherlands- •100, 794 2,000 10,910.5091 aj, 501, 1-17 ; 1,791 •_ i.791 ' 512 Spain 3, -1-18 i 111 27^ 292: 33,-us | 0,023 > 50;46S 101,065 Sweden.. 2,805i «, 191, .559 , 9,027 England 17,034,-173 10,567 S3, 7-12, 7011130, 892, 028 ' 11,273 30,053 182,232 i 301,164 Scotland.. 2, 580,3S2 Canada 2,350.7b6 . 2. 058. iJS2 41,105,875 33,557,577 i 812,843 i 957,392 i 5,087,982 . 5, 625, i!)4 Central America. 22fl, 7«3 'J 77. 722 1,859,314 1, 050, 773 i 152, 153 ! 244. 554 j 1, 271, 760 ],54:i955 Morico- -. 360,500 ' 4H7, 231 4.927,942 4,249,547 ' 5. 396,820 I 4,237.919 i 33, 950, 431) ! 33, 620, 958 West Indies 307.008 1 19, 507 ' 481, 032 302, 000 I 4, 573 1 48 I 87,237 i 57,107 Argentina ft 975 i 1,475.246 125, S33 10,180,465 ' H.,982 1. 72,908 ! 32, 304 Chile 38,42 i 1 3i; 458 10a, 988 337, 779 218,887 ! 310,281 i 1,143, 089 i 1,197.268 Colombia 425,091 i 193.037 3,440, 032 3, 715,148 11,255 I 14, 575 98,890 . 112,977 Ecuador 82.423 1 65,305 5.(9,433 654,082 3,821 ' 4. ill 30.070 '[ 35, 537 Peru 305; 292 i 350, 584 1, 80S, 453 2, 253, 755 I 1,590,935 • 1,125; 708 10,133; 167 i 10,675, 705 Venezuela 33, OSS ' 27, 734 332,311 221,291 j 3,922 ! 57 4,251 i 2, 259 China 139,087 i 500, 535 3,325,359 4,602,551 030 i 128 8, 523 j 16,753 Dutch Jiast Indies 134, 107 ; 205,176 1,612,299 1, 702, 593 I 12, 781 87,050 039,334 ! 694,323 Hongkong 318,640 2,500, 000 Philippine Islands 169,214 ! 129, 029 1,137,879 4,351.524 3,681 ! 2,749 16,155 ; 20, 738 British Oceania. ._ 108,4 Hi ' 71.854 1,233,309 2, 536,260 140 129 1,783 2,526 Egypt 270, 952 I 4,000 1.341,146 .1,455.008 7 15, 619 ' 292 Portuguese Africa 182,6(16 '711,443 520.250 784 1 27,093 I 88. 825 115,948 Allother... 271,050 i 42,880 789,947 1.177,192 229,452 1 29,988 ; 813.344 : 311,693 Total ] 27,803,901 ' 6,056,155 220,521,905 269,882,845 8, 517, 971 ' 7, 082,962 54, 082, 745 55, 77], 022 France.. • | 65,407 , 2,600,000: 63, 407 44,858 : 151.858 Germany : .: .! ! 50 ;. 693,414 ! 758; 016 Netherlands. ' I I 13,000:. 700 Spain i j 500 ! 195.000 1,500 : Switzerland... !_._ J 1,374,947 i 20; 000 022 .En.g.l.a nd- 1,530, 1.... 132,313 i. ' 1,509,448; 3,959,005 18,097,161 C C a e n n a tr d a a l America.. 1.52,871 i 247,865 1, 0C38,480 j 1,361 1 , , 7 00 6 0 4 1 2 3 1 4 , ,7 0 1 0 3 0 ' ' 108,694 ' 1,11 73 1 , ,3 8 8 4 6 4 1,16 3 4 4, , 2 2 7 0 5 6 Mexico 214,610 002, 010 ! 3, 770,161 . 2, 799, 567 138,804 '< 213,008 i 1,323,008 I, 530, 575 West Indies 15 i. 1,740 •_ | 52,895 48, 638 Colombia 700,000 I. : 1,494 14, 608 Peru 366,000 1 900, 000 Venezuela J 1,101,600 655,340 British India 455,190 2,027, 759 13,814,345 3,690,895 3,648,473 5,617,338 : 14,892,559 41,085,041 China. 90,005 3,912,330 i 2,080,431 . 22,9, 57499 ,, Dutch East Indies- 7,000 60.010 7,000 22,957,499 j 13,303,522 Hongkong 37,200 1, 705,000 2,154; 815 ! 1,835,840 265, 751 70,500 1,871,327 ! 700,782 Japan 35,500 I 1,275,970 Allother 1,2 24,400 67, 390 61,137 am 4,261 I 3,000 Total 802,697 4, 579, 501 25, 878,034 11,139,210 8,123,460 . 10,345,205 : 46,649,387 79, 744,674 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1924 FEDEEATJ RESERVE BULLETIN 899 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Trcusury. In cents per unit of foreign currencyJ COUNTRIES INCLUDED IN COMPUTATION OF INDEX Pel cent of parl Oct. 1 to 21, inclusive September Monetary unit Pa ex r - of , September October change :--- Low Low ! High | *£• ; Month ™ w FFii e rr e ss kk tt II jj I Second T w h e i e r k d Generalinrtex 61 ttl 61 i 61 61 Belgium. _ ! Franc 19.30 4.76001 4.8500 4. 805'J 4.7900 5.0900 4.0380; 25.59 25.12; 21.90 i 24.78 24.91 Denmark I Krone 26. SO^ 17.12(10; 17.0100' 17.3912 16.3900: 17.3600'. 16.9544! 63.261 64. Ma 65.10! 65.44 64.23 France... I franc 19.30! 5.1500! 5.3100; 5.2306 5.2400; 5.4200! 5.3016'- 27.47 27.34! 27.301 26.94 27.04 Great Britain i Tound -- 486. 65 445.6300:449.7000447.7841 4-13. 3100.448.1400 446.0530: 91.66 91.771 91.64! 92.15] 92.27 Italy - | Lira 11). 301 4.3200: 4.3800: 4.3600 4.3500: 4.1300! 4.3820 22.70 22. 73] 22.65! 22.53 22. 58 Netherlands ! Florin. 40.20 38.6500 39.3500, 38.9771. 38.1600 38.0900J 38.4508: 95.651 SI6.00; 96.34: 97.20 97. 37 . Norway —IKrone.. 2li. 80: K 10.00 14.3000- 14.2412 13.6900' 14.2000 13.8296J 51.60 51.90! 53.07! 63.36 53.02 Spain | Peseta- 19.30: 1H.2700; 13.4600; 13.3S24' 13.1200: 13.490013.2396 68.60 69.02, 09.02! 69.46 69.50 Sweden [ Krone.. 26.80; 20.6000; 26.6200', 26.6129; 26.5500 26.6300 26.6028! 99.26 99.301 99.29; 99.32 99.30 Switzerland .— Franc - 19.30 19.0500: 19.2200 19.1553; 18.75001 19.0800] 18.8820; 97.83 98.37; 98.99 99.33 99. 45 Canada Dollar 100.00: 99.9555! 99.9834' 99.9665! 99.8115:100.0029: 99.9431, 99.94 99.96; 99.96 99.97 Argentina... Peso (gold) 96. 48; 81. 7100 85. 3000! S3. 6771: 77.8600 81. 7200: 80.0272; 82.95 83.94 86.04i 87.31 80.93 Brazil . Milreis 32.44' 10.5400 11.5S00; 11.1994: 9.7600 1.0.5700' 10.0U04; 81.10 31.96 34.00; 35.03 34. 63 Chile ! Peso (paper)".. 19.53.; 10.90001 1J.07001 10. 99'.8' 9.6500 10. 9000! 10.4308' 53.44 55.43 86.03 D6.26 56. 65 China..- ! Shanghai t»cl2- 60.85 76.1800! 78.3600 77.2347; 73.9000. 76.3200! 75.2680- 112. 59| 113.22 114.43 U6. 52 115.82 India : Rupeo 48. OH' 33. OlOO; 34.1000 33.6333' S2.1800' 32. 0300| 32. 5188, 66.83! 67.39 68.40 69.65 69.41 Japan... ! Yen 49.85. 37.8100; 39.9800' 38.8345; 39.9600! 41.2000: 40.59V2 81.44! 80.51 79.4"! 77.02 77.08 OTHER COUNTRIES ! Austria ICrone ! 20.20: 0.0014! 0.0014 0.0014 0.0014! 0.0014; 0.0014; 0.01 0.01! 0.01 0.01' 0.01 Bulgaria _ Lev i 19.30- . 7286! .733S .7S16 .7280 .7364; . 7310; 3.79 3.78- 3.79 3.79; 3.79 Czechoslovakia Crown.. 2.91-73; 2. 9870 2.9S13! 2.9845; 8.0001! 2.9932L Finland Markka.._ 19.30: 2. 5105 2.5140 2. 5118: 2.5090; 2. 5123'2.5109: 13.01! 13.01; 13.01 13.02; 13.02 Germany Roichsmark . 23.82: '.0238. >. 0238 3.0238! a. 02381 s.O238 '.0238:. Greece Drachma -. 19.30: 1.7170; 1. 7452! 1.7358! 1. 73181 1.8290 1.7778 9.21 9.1.4! S.U8 9.00; 9.01 Hungary Krone. 20.28: . 0013; . 0013! .0018 .0013- .0013! .0013 .01! .01! .01 .01! .01 Poland Zloty 19.30: J.9. lflOOi19.2400; 19.2191 19.1800: 10.2500; 19.2188. 99. 5S| 09. 52 i 99. 56 99.63! 99. 57 Portugal Escudo —: 108.05; 3. 4900, 4.0700; 3.8141' 2.9900 3.4000! 3.1808 2.941 3.06! 3. SO 3. 57j 3.73 Rumania _ Leu 19.30; . 5150! .58131 . 5374 . 4938. .5314; . 5178 2.68! 2.61! 2.72 2. SO; 2.81 Yugoslavia Diuar ' lfl. 30 1.3613: 1.45501 1. 4143 1.2728: 1.3«Kl! 1. 3515: 7.00 7.21! 7.16. 7.44! 7.40 Cuba- Peso .--.| 100.00' 99.8297:09. 9883• 39. 91-13 99.9193 99.932:3:99.92S1' 99.931 99.93! 99.94 99.9Ci 99.94 Mexico.. do j 49. 85:48.8231:48.9683: •18. S717 •18.7708:49.1042! •18.9S18; 98. 20! 98.04; 98. 08! 98.00 Uruguay 103.42 85.2200;89.8100: 88. 2576 81. 21)00!85.2300183.44481 80. (Hi! 81.71 83.60: SO. 26* 86.21 China Mexican dollar'. 48.11 610800 55.9S0(i: 55.0SI24 53.4600; 54.2500; 53.9044. 112.04' 111.91' 113.05 115.20, 115.40 Hongkong Dollar' 47. 77; 53.6600' 54. USOO 54.3724-:53. 2100!53. 7700; 53. 4r,««: 111.91 112.01! 112.83. 114.441 114.30 Straits Settlements... Singapore dollar. 56.78 51.2500 o2.0000 51.6970- 51.0«i0; 52.0000: 01. 5.144, 00.73 90. 52! 91.02 90. 75' 90. S3 1 Based on average. ! 1923 average. 8 In cents per billion. SfLVEK (Average price i~ev line ounce] • [ September^ August __ ^ __ _ _ _• _ __ t ^ i London (converted at average rate of exchange) — - I $0.70012': $0.69368 NewYorli ! .60080 •' .688(15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Banks granted authority to accept up to Deposits, note circulation, and reserve of Federal 100 per cent of capital and surplus 867 reserve banks 884 Held and purchased by Federal reserve Discount and open-market operations of Federal banks- 889, 890 reserve banks , 890 Market for. 847 Discount rates: Agricultural movements, index of 871 Central banks 879 Agriculture: Federal reserve banks 896 Monthly statistics - - 837 Prevailing in various centers 847, 897 Prices 833, 862 Dutch East Indies, wholesale prices in 882 Australia: Earning assets of Federal reserve banks 889 Foreign trade 878 Earnings and dividends of State bank members. 893 Retail prices and cost of living , 883 Egypt, wholesale prices in 882 Wholesale prices 882 Employment: Austria, cost of living in _.' 883 Great Britain.— _._ 852 Automobiles, production of._ .... 843, 874 United States 832, 846, 870 Bank credit. „ .' 835, 837 England. (See Great Britain.) BaiM^dfibifar 894 Failures, commercial and bank 848 Bank suspensions. 848 Federal reserve banks: Belgium; Condition of ; 884 Cost of living and retail food prices 883 Discount and open-market operations of.. 890 Foreign trade 878 Federal reserve note account 888 Wholesale prices 882 Fiduciary powers: BraiflyJcffeiga trade of ^. 878 Exercise of trust powers by State member Building operations during 1923 and 1924 859 bank, subject to board's general condition Building statistics 844, 874 of membership 865 Bulgaria, wholesale prices in 882 Granted to national banks 867 Business and financial conditions: Right of member bank having trust powers Abroad..... . _ 852,879 to deposit invested funds in its savings United States 835-851, 869 department and treat them as time de- Business failures 848 posits for reserve purposes 865 Financial statistics of principal foreign countries 879 Canada: Fishery products 872 Cost of living and retail food prices 883 Food manufacturing 841 Financial statistics 879 Food prices in foreign countries 883 Foreign trade 878 Foreign exchange . 850, 899 Industrial statistics . 877 Foreign trade: . • Wholesale prices 881,882 Principal foreign countries 878 Chain-store statistics 845, 876 United States S49, 878 Charters issued to national banks 867 France: China, wholesale prices in 882 Cost of living and retail food prices 883 Clearing-house bank debits 894 Financial statistics 879 Coal and coke production . 840, 872 Foreign trade 878 Commercial failures 848 Industrial statistics 877 Commodity movements . 871-874 Production and trade 852 Condition statements: Wholesale prices.. 8S1, 882 Federal reserve banks 884 Freight rates, ocean 87S Member banks in leading cities 891 Fruits and vegetables 839, 872 Reichsbank, Germany 858 Germany: Corn-crop estimates 868 Cost of living and retail food prices 883 Cost of living in principal countries. . 846, 883 Foreign trade 878 Cotton: Industrial statistics 877 Crop estimate 868 Reichsbank law 854 Manufacturing 842, 872 Wholesale prices 882 Raw 838, 872 Gold imports and exports 849, 898 Crops: Gold settlement fund transactions 89tt Condition 837 Grain and flour 837, 871 Estimate of production 868 Great Britain: Currency in circulation 895 Financial statistics 879 Foreign trade... 878 Czechoslovakia: Gold imports and exports 850 Retail food prices 883 Industrial statistics 877 Wholesale prices 882 Production and trade 852 Dairy products - 839, 871 Retail food prices and cost of living 883 Debits to individual account 894 Unemployment 852 Denmark: Wholesale prices 881, 882 Foreign trade... 878 Hay crop estimates 868 Wholesale prices. 882 Imports and exports of gold and silver 849, 898 Department-store business , 845, 876 Index numbers: Deposits: Agricultural movements 871 Savings 847 Business 836 Time and'demand, of member banks 895 Cost of living. 883 900 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 901 Index numbers—Continued. Norway—Continued. Department-store sales and stocks 876 Wholesale prices 882 Employment 870 Oats crop estimate 868 Foreign exchange 899 Ocean freight rates 878 Foreign trade 878 Par clearance litigation in Atlanta 866' Industrial statistics— Per capita circulation 895 Foreign countries 877 Petroleum industry _ 840, 872 United States 871 Poland, wholesale prices in 882 Manufacturing 871 Potato crop estimate 868 Mineral production S71 Prices: Ocean freight rates .. 878 Agricultural 833 Production in basic industries 870 Food, in principal countries 883 Retail food prices 8S3 Wholesale— Retail trade S76 Bureau of Labor Statistics index 846, 881 Wholesale prices— Federal Reserve Board index 880 Bureau of Labor Statistics index 882 Group index numbers—United States, Federal Reserve Board index 881 England, France, Canada,and Japan. 881 Group index numbers—United States, Principal countries 882 England, France, Canada, and Japan. "881 Production in basic industries 831, 835, S70 Principal countries 882 Production and trade in Great Britain and Wholesale trade 875 France 852 India: Reichsbank law 854 Cost of living 883 Reserve ratio of Federal reserve banks 884 Foreign trade 878 Resources and liabilities: Wholesale prices 882 Federal reserve banks 884 Industrial statistics: Member banks in leading cities 891 Foreign countries 877 Retail food prices 883 United States ._ S31-834, 8(>0 Retail trade 845, S7G Interest rates prevailing in various centers,'.. S17, 897 Rulings of the Federal Reserve Board: Iron and steel production 8 13, 872 Exercise of trust powers by State member Italy: bank subject to board's general condition Financial statistics 879 of membership 80.3 Foreign trade 878 Right of member bank having trust powers Retail food prices and cost of living S83 to deposit uninvested funds in its savings Wholesale prices 882 department and treat them as time de- Japan: posits for reserve purposes 865 Financial statistics 879 Savings deposits 847 Foreign trade 878 Shoe industrv 841, 873 Wholesale prices 881,882 Silver: Law department: Imports and exports 898 New par clearance litigation in Atlanta 800 Price of 899 Leather industry 814, 873 Production 872 Livestock industry: South Africa: Monthly report on 839, 871 Foreign trade S78 Study of SH2-S04 Retail food prices and cost of living 883 Lumber industry 8-13, 872 Wholesale prices 882 Mail-order houses, retail trade of Si5, 870 Spain: Manufacturing: Cost of living 8S3 Condition, by industries 841 Wholesale prices 882 Index of production 871 State bank?: Member banks: Admitted to system 867 Condition of 891 Earnings and dividends of State bank Earning!; and dividends of State bank members 893 members 893 Sweden: Number discounting 890 Cost of living. S83 Number in each district 890 Foreign trade S78 State banks admitted to system 807 Wholesale prices 8S2 Mineral products, index of S71 Switzerland: Metals — 841 Retail food prices and cost of living 883 Mining 840 Wholesale prices 882 Money in circulation S95 Textile industry 841, 872 Money rates 847,879,890,897 Time deposits of member banks 895 National banks: Tobacco: Charters issued to S67 Crop estimate 86S Fiduciary powers granted to 807 Montlilv report on the industrv 838, 872 Netherlands: Trade: Cost of living and retail food prices 883 Foreign. (See Foreign trade.) Foreign trade 878 Retail... 845, 876 Wholesale prices 882 Wholesale 845, 875 New Zealand: Transportation 845, 874 Retail food prices and cost of living 883 Wages, factory workers 833 Wholesale prices 882 Wheat crop estimate 868 Norway: Wholesale prices. (See prices.) Cost of living and retail food prices 883 Wholesale trade 835, 875 Foreign trade 878 Wool and woolen industry 842, 872 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS VV / -L. rs^ / \ / OKLA. Oklahoma City —•BOUNDARIES OF FEDERAL RESERVE DISTRICTS -BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis