Federal Reserve Bulletin, 1924-12

FEDERAL RESERVE BULLETIN DECEMBER, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Banking Situation and the Money Market Business Conditions in the United States Branch Banking in the United States WASHINGTON GOVERNMENT FEINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGEEJ Governor, EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. HENEY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H, CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART ? W. M, IMLAY, Fiscal Agent. Director, Division of Research and Statistics. J. F. HERSON, Chief, Division of Examinaiion and Chief Federal E. A. GOLDENWEISER, Statistician. ) Reserve Examiner. E. L. SMEADJ Chiefs Division of Bank Operations* FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) „ CHAS. A. MORSS. District NO. 2 (NEW YORK) PAUL M. WARBURG, President District No. 3 (PHILADELPHIA) _ L. L. RUE. District No. 4 (CLEVELAND)... C. E. SULLIVAN. District No. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District NO. 7 (CHICAGO) >_. - JOHN J. MITCHELL. District No. 8 (ST. LOUIS) . i. FESTUS J. WADE. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY)__» __„ ^ •___ E. F. SWINNEY, Vice Presidents District No. 11 (DALLAS) . W. M. MCGREGOR* District NO. 12 (SAN FRANCISCO)„_.___ _---,_ D. W. TWOHY. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDEBAL BESERYE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston.,.. Frederic EL Oortiss........ W. P. G. Harding ... W.W. Paddock........ W. Willett. New York.... Pierre Jay—. —.... . Benj. Strong......*........ J L . . H F . . S O a a il s e e r. . . - .- ......—... • A li . i W H. , H G e U n b d a r r i t c . k 1 s.* G.,L. Harrison ..... JlW.Jones.i E. R. KenzeJU -—... G.E.Chapin.1 RayM.Gldney. Philadelphia _-..„.„ R. L. Austin............... Geo. W. Norris*.. Wm. H. Hutt.. .... W, A. Dyer. E. R. Faneher.... M. J Fleming.. J. O. Nevtau Cleveland D. C e Wills................. George J. Seay..«. G Fr . a A nk P J e v p Z l u e r » l . i nden ....... Geo. H. Keesee. Richmond- ....—.... Wm, W. Hoiton..*........ R. H. Broaddus- ...... John S. Walden, jr.* M. B. Wellborn..,, J. L. Campbell ....... M.W.Bell. Atlanta.................. Joseph A. McCord ...... Creed Taylor... ..... J.B.MeDougal... C, R. McKay ....... W. O. Bachman.s Chicago .......... Wm. A. Heath „ ..... John H. Blair.*. K. C. ChildsA J. H. Dillard.J D. A. Jones.1 O. J. Netterstrom.i Clarke Washburne.* St. Louis.*..... Wm. McO. Martin........ D. O. Biggs, O. M. Attebery.... ___ J. W. White. Minneapolis.—, John R. Mitchell.......... R. A, Young ..... .. W B. . V B . . M G o ee o r r y e . . . . . . .. ......... F G r r a a n y k W 0. a r D re u n n . lop.1 Harry Yaeger8. Kansas City M. L. McOlure..... W. J. Bailey...... 0. A. Wortbington—... J. W. Helm. Dallas......... Lynn P. Talley....—...... B. A. Me'Kinney.. R.R. Gilbert ...... R. B. Coleman. Val. J. Orand—.... San Francisco.. John Perrin................! J. U.'Calkins.............. Wm. A. Day-........ . W. N. Ambrose. Ira Clerk I.............. L. C. Pontious* ^ Controller. s Assistant deputy governor. MANAGERS OF BRANCHES OF FEDEBAL RESERVE BANKS Federal Reserve Bank of— Manager Federal Reserve Bank of— Manager New York: Minneapolis: Bufialo branch.............. W .W. Schneekenburger Helena branch.. R. E. Towle. Cleveland: Kansas City: Cincinnati branch............ L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch .j. Geo. DeCamp. Denver branch.— J. E. Olson. Richmond: Oklahoma City branch - 0. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch- ....... D. P. Reordan. New Orleans branch—— Marcus Walker. Houston branch— Fred Harris. Jacksonville branch-..*..... Geo. R. De Saussure. San Francisco: Birmingham branch—— A. E. Walker. i Los Angeles branch....... C. J. Shepherd. Nashville branch- .„ J. B. Fort, jr. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch........ R. B. MotherweU. Detroit branch.. W. R. Cation. Seattle branch-_„- ._ C. R. Shaw. St. Louis: Spokane branch . ....... W. L. Partner. Louisville branch— W. P. Kincheloe. Memphis branch............ V. S. Fuqua. Little Rock branch.......... A. P. Bailey. i SUBSCRIPTION PRICE OF BULLETIN THE FEDEEAL RESSERYE 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 ©f 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: Page Review of the month—Banking situation and the money market. . . . . . - - 903 Business conditions in the United States . . .... 907 Foreign loans and foreign exchanges.. ........ -„_ . . .. „>.„ >..- - ... 924 Special articles: Branch banking in the United States. - . - 925 Earnings and expenses of member banks- ___„ __ ._• ...„-. . 941 National bank note circulation- ., . „„ 944 Official: State banks admitted to system ,__ - 947 Fiduciary powers granted to national banks . . ...... ... . 948 Charters issued to national banks ._.„. „_- .... .. 948 Business statistics: Estimate of production of crops, by Federal reserve districts . . . - ; . . . . 949 Industrial statistics in the United States > -_. .. „ ... .. 950 Wholesale and retail trade . . . ..... ...-,-.-.. ... 956 Industrial statistics for foreign countries. „ . „ . . . . . . 958 Foreign trade of principal countries . „ „ .. „ „ I--.- 959 Financial statistics for principal foreign countries .-._. . . . 960 Price movements in principal countries: Federal Reserve Board wholesale price indexes •_. . ... „-.. 961 Comparative wholesale prices in principal countries . ..._--..- . 963 Comparative retail prices and cost of living in principal countries . . . 964 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks .«. ... ... „ _„„_.__._. 965 Federal reserve note account——. . - — »--- -— ..— 969 Holdings of earning assets.. - - _. „.-...--. - .._- 970 P Discount and open-market operations of Federal reserve banks...—„__ .^_.-..---....^. 971 Gold settlement fund....... - - — — — ... — — ——.- 981 Discount rates of Federal reserve banks...~..J-. .... •.- - 981 Member banks— Condition of member banks in leading cities.... ...... . -_--..---... -- 972 Abstract of condition reports of member banks, October 10, 1924 974 Deposits of all member banks.. :.. —... .—..^.-—.-.---... 980 Bank debits. —..„.—^.— —....-—--*.-.-...-..... _.*__ ... 979 Money rates in principal cities - .. _. ..-..----- .* „. 982 Money in circulation .. — . „.—-——. --.-.-., . 980 Gold and silver imports and exports „ .... .. 983 Foreign exchange rates and index —.. „ 984 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL.10 DECEMBER, 1924 No, 12 REVIEW OF THE MONTH While the present total of loans and investments of these banks is more than $1,000,000,000 Further growth in industrial activity and in larger than at the high point in 1920 their comthe volume of bank credit have been the prin- ; position is different. The net increase as becipal developments in the busitween the two dates is the outcome of a growth Credit situa- J i. i • -± ±- J ,. ness and banking situation dur- of more than $2,000,000,000 in investments and ing the past month. The up- of over $500,000,000 in loans on stocks and ward turn in production, employment, and bonds, partly offset by a decline of $1,500,000,trade which was noted in the previous review 000 in commercial loans. Thus the existing was followed in October by further increases large volume of member bank credit in compariand by an advance in prices. This increase in son with the previous peak, when considered business volume has been accompanied by a with reference to its composition, reflects the larger demand for credit for commercial pur- smaller credit requirements to finance current poses and by somewhat firmer conditions in business operations at the prevailing level of the money market. Money rates/ however, prices and a larger volume of investments arisshowed only slight advances from the low level ing from an increase in lo anable funds at the prevailing during recent months. disposal of member banks. The volume of commercial loans at member Figures for all member banks, which have banks in leading cities between the beginning recently become available, show that between of September and the middle of November in- June 30 and October 10, 1924, there was an increased by about $375,000,000, the only subcrease of $633,000,000 in investments and stantial increase in loans of this character since the early months of the year. During the same $556,000,000 in loans, a total of $1,189,000,000. period investments of member banks continued Of this growth in bank credit more than a bilto increase rapidly and there has been a further lion, or 90 per cent, was in central reserve and growth, though at a somewhat slackened rate, reserve cities, and in the banks outside of these in loans on securities. For the six months cities, the so-called country banks, there was an since the middle of May, when the recent rapid actual decrease in loans, more than offset, howgrowth in member bank credit began, total ever, by a growth of investments. Total deloans and investments of reporting member posits of member banks increased by about the banks increased by $1,725,000,000, to the same amount as their loans and investments, highest level on record. More than one-half more than one-half of the increase being in the of this increase reflects larger holdings of in- amount due to banks. The increase of vestments, and much the larger part of the $636,000,000 in bankers' balances for the increase in loans was in advances on securities. period was largely in reserve cities other than Changes in the composition of the loans and New York. investments of member banks in leading cities The accumulation of bankers' balances between the middle of May and the middle of during recent months, which November are shown in the following table: Movement of is shown by the chart, has evi- REPORTING MEMBER BANKS bankers bal- [In millions of dollars] ances, denced the general abundance M 1 a 9 y 2 1 4 4, No 1 v 9 . 2 4 12, Increase of loanable funds, and in the absence of an active commercial demand has Loans secured by stocks and bonds 1_. 4,108 4,631 523 All other loans „_._- 7,947 8,241 294 been a factor in bringing about the low level Investments ..__ _ .—_- 4,652 5,560 908 of money rates in financial centers. The chart Total loans and investments .. 16,707 18,432 1,725 also brings out the fact that the recent growth * Including loans secured by United States Government obligations. 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 FEDERAL RESERVE BULLETIN DECEMBER, 1924 of bankers' balances in New York banks, which usually rapid increase for this item" and has commonly have somewhat less than one-half brought it to a level higher than at any previof the total balances in the 12 Federal reserve ous time. The large growth in reserve balances bank cities, has been less than in other since a year ago, which has supported the centers. The flow of surplus funds to the growth in member bank credit, has not remoney centers generally occurs during periods flected an increase during the year of Federal reserve bank credit outstanding, as represented MJLLIONS OF DOLLARS MILLIONS OF DOLLARS 3000 3000 by total earning assets of the reserve banks. BANKERS' BALANCES These earning assets, which decreased from ( REPORTING MEMBER BANKS IN 12 F. R. BANK CITIES ) January to May and then increased from May 2500 2500 to November, are still slightly less than a year ago. Gold received from abroad, however, has 2000 2000 continued to furnish member banks with funds for increasing their reserve balances, and for the year the net imports of gold correspond roughly 1500 to the increase in these reserves. The small net change in total earning assets of Federal reserve banks from November, 1000 1923, to November, 1924, has b een accomPanied hJ a cone 500 siderable change in the composition of these assets, as the almost continuous decline in the volume of discounts, to a 1922 1923 1924 level $600,000,000 lower than a year ago, has of relatively slack demand for credit for com- been offset in large part, though not entirely, mercial purposes and is followed by a return by an increase in the holdings of Government flow of these funds to outside banks as the de- securities and of acceptances. The tendency mand from their customers for credit increases. of changes in the volume of open-market Relatively wide fluctuations occur in these holdings to be offset by opposite and equivalent bankers' balances in response to correspond- changes in the volume of discounts, which was ingly wide variations in credit requirements in shown by the experience of 1922 and 1923, different localities from time to time and from and which has been commented upon in earlier season to season. These fluctuations - reflect reviews, has been evident during this year, the to some extent the net movement of funds from increased purchases by the reserve banks in the one section of the country to another, so that open market being accompanied by a correchanges in bankers' balances exercise at times sponding decline in discounts. The following an important influence on the movement of table shows changes in the different classes of money rates. Bankers7 balances are reported earning assets between the middle of November, currently for banks in the 12 Federal reserve 1923 and 1924. cities and are published monthly in the FED- EKAL RESEBTE BULLETIN.1 FEDERAL RESERVE BANKS [In millions of dollars] The large growth in member bank deposits during the past six months has Increase me G m r b o er w th b an o k f been a . c comp r a . n ied _ b \ v an in- 21 N , o 1 v 9 , 23 1 N 9, o 1 v 9 , 24 (+ d ) e o - r reserves. crease m member bank reserve crease ( balances represented by a net addition of $250,000,000 to the total deposits Total earning assets ._».... 1,104 11,099 -5 Discounts 746 234 -512 of the Federal reserve banks. This is an un- Acceptances __—_.. 285 275 -10 United States securities.. 73 587 4-514 i See p. 973 of this issue. For earlier figures see BULLETIN for January, 1923, p. 27, and for July, 1924, p. 502. 1 Including $2,550,000 of other earning assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDEEAL KESEBVE BULLETIN 905 Since July, when the earning assets were at a loans. Since early summer money rates in low point for the year? there has been an New York have continued to be below those in increase of about $300,000,000, of which about London, and this difference has been accomone-third has been in Government securities panied by an increase in the demand upon and two-thirds represent the extent to which New York for foreign financing. the increase in acceptances has exceeded the The volume of foreign capital flotations in decline in discounts. This growth in earning the United States thus far this year has been assets has been due in part to a seasonal in- more than two and one-half crease of $215,000,000 in the amount of money Foreign loans. times as large as for the entire in circulation, which, in view of the much year 1923 and larger than for diminished volume of gold imports, has re- any year since the war. Sterling exchange sulted in an increased demand for reserve bank during this period has had a considerable adcredit. The entire increase in earning assets vance and stood at the end of November at since the middle of September has been in $4.64, the highest point aince early in 1923, and acceptances, Government security holdings less than 5 per cent below par. Currencies of having remained unchanged. The larger offer- five European countries have recently returned ings of acceptances to the reserve banks by to parity and the extent of the improvement of dealers in acceptances have reflected somewhat leading foreign currencies in their relation to firmer conditions in the money market. the dollar has been reflected in an advance The ease which prevailed in the money during the past three months of 3 per cent in market since the middle of the year has recently the Federal Reserve Board foreign exchange become less pronounced and, as index. A statement of the extent and charac- Money market, is indicated in the chart, during ter of foreign borrowing in the United States October and November rates during this year and its relation to the recent increased slightly. The downward movement movement of the foreign exchanges is presented elsewhere in this issue. A part of the loans extended to foreign countries during this year was for the purpose of monetary reform or exchange stabilization. Dollar credits obtained for the purpose of purr chasing gold differ in their effect upon our domestic credit situation from credits used to buy goods in the United States. Proceeds of loans of the latter character results in an increase of the demand for goods in our commodity markets, while funds converted into gold are no longer available in our money market. Loans of this kind extended to countries that have reestablished sound currency 1922 1923 1924- Rate on commercial paper of 4 to 6 months' maturity; discount rate of conditions at home have been an important Federal reserve bank of New York; offering rate on 90 day bankers' acceptances. influence in enabling such countries to maintain in money rates set in about a year ago, and the stability of their exchanges. To the extent since August rates have been not only sub- that these credits are the basis of strengthening stantially below the rates prevailing during the the actual gold reserves of foreign countries, they period of easy money in 1922 but at the lowest are a means of utilizing for monetary reconlevel for a decade. The recent slight advance struction a portion of the gold which came to in rates reflects to some extent the seasonal de- this country as a result of disorganized condimand for credit to finance autumn trade, which tions abroad. This inflow of gold has been the is also indicated in the growth of commercial principal factor in bringing about the easy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 FEDERAL RESERVE BULLETIN DECEMBER, 1924 money conditions in this country in contrast three weeks. Not only does the unseasoned paper currency have a much shorter life than to the shortage of credit abroad. The differenwhen it is properly seasoned, but in order to tial in rates at a time of increased confidence supply the constantly growing demand for in the European financial situation has facili- currency the Federal reserve banks have been tated foreign borrowing and the gold credits forced to lower the standard of quality of the have contributed to the recent improvement $1 bills paid back into circulation, with the consequence that there is much currency of of currency conditions in Europe. this denomination of a very poor quality now in the hands of the public. PAPER CURRENCY AND THE SILVER DOLLAR To bring back the currency to the standard of fitness maintained prior to the war it will The Treasury is endeavoring to restore the be necessary to build up reserve stocks as well standard silver dollar to the place which it as to increase the output of the currency. It formerly \e\d in the currency structure. In is difficult to accomplish both of these things doing this the Treasury Is actuated by two at the same time, and therefore the Treasury motives: First, to improve the quality of the Department desires to put into circulation paper money, particularly in the one-dollar about 40,000,000 silver dollars, which will denomination; and, secondly, to effect, in this replace one month's supply of paper dollars, way, a material saving in the expense of sup- thus permitting the accumulation of a reserve plying the country with fit currency. stock in process of seasoning. Aside from Following the violent iEluctuations in the creating a reserve stock and thereby building price of silver during 1920, there was a sub- up the standard of fitness of the currency, the stantial decline in the number of silver dollars life of the paper money will be increased by in the hands of the public; and since that time four or five months. the number of these coins in circulation has The cost to the Government of manufacturbeen considerably below the level maintained ing and keeping in circulation a $1 bill is 1.7 during and prior to the war. cents. It is therefore evident that if a month's In its desire to reestablish the silver dollar supply of silver dollars, which have an almost as part of the circulating medium the Treasury indefinite life, can take the place of an equal is actuated by certain conditions which have amount of paper dollars, an annual saving of arisen in the manufacture of the paper money about $1,000,000 will accrue to the Government. and have resulted in a reduction m the life of If the Treasury is to succeed in its plan to the dollar bill. The extraordinary demand on reestablish the circulation of the silver dollar, the Bureau of Engraving and Printing for it must have the cooperation of member banks the various issues of Liberty bonds during the of the Federal reserve system. The Christmas war period, when more than 200,000,000 pieces period will be an appropriate time to interest were printed, and the increased demand for the public in this campaign. Many Christmas currency during that period and after the gifts of money are given by the banks7 cusarmistice, consumed all reserve stocks of paper tomers to employees and friends* The Treasmoney. Furthermore, the inability of the ury requests the banks to endeavor to permanufacturers of distinctive paper to obtain suade them to make these gifts in the form of linen rags necessitated a change m the composilver dollars, which may be obtained in any sition of the distinctive paper from a 100 per quantity desired from the Federal reserve cent linen basis to a 100 per cent cotton basis; banks of each district in new, uncirculated, and this in turn resulted in the elimination of 1924 Peace dollars. the sizing process which was formerly given to paper money before it was put into circu- NOTES lation. By the elimination of this sizing process, the life of the paper currency was Conferences in Washington. materially reduced. The Federal Reserve Board held its regular The great demand for paper currency neces- autumn conference with the governors of the sitated the expediting of its manufacture to reserve banks and the Federal reserve agents such an extent that the currency was printed on November 10 to 14, inclusive. and placed in the hands of the public without On November 24 the Federal Advisory being properly seasoned, the period of manu- Council held a meeting with the Federal Refacture being reduced from three months to serve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

907 DECEMBEB, 1924 FEDEKAIr RESERVE BULLETIN BUSINESS CONDITIONS IN THE UNITED STATES Production of basic commodities and factory employment showed further increases in October and distribution of merchandise was in large volume. The general level of wholesale prices advanced, reflecting largely a rise in the prices of agricultural products. Production.—The Federal Reserve Board's index of production in basic industries, adjusted to allow for seasonal variations, increased 6 per cent in October, and was 16 per cent above the low point of midsummer, though still considerably below the level of the early months of this year. Output of iron and steel, cotton and woolen textiles, lumber, and bituminous coal was substantially larger than the month before. Factory employment increased 2 per cent in October, reflecting larger working forces in most of the manufacturing industries. Building contract awards increased and were 14 per cent above a year ago. Crop estimates by the Department of Agriculture in November showed increases in the expected yields of corn, cotton, tobacco, and potatoes. The movement of crops to market in October reached the largest volume in five years and exports of grain and cotton were in greater volume than in the corresponding month of any recent year. Trade.—Railroad freight shipments were larger in October than in any previous month, owing to exceptionally heavy loadings of miscellaneous merchandise and grain. Wholesale trade increased slightly, but was 3 per cent less than in October, 1923. Sales of dry goods, shoes, and hardware were considerably smaller than a year ago, while sales of groceries and drugs were larger. Department-store sales showed a seasonal increase, but were 4 per cent less than last year, and sales of mail-order houses and chain stores also increased and were in greater volume than in 1923. In preparation for Christmas trade merchandise stocks at department stores increased substantially and were 1 per cent larger than a year ago. Prices.—The wholesale price index oi the Bureau of Labor Statistics rose 2 per cent in October, as a result of considerable advances in the prices of farm products and foods and slight increases in the prices of clothing and chemicals. Fuel and metal prices declined and prices of building materials and house furnishings were practically unchanged. During the first half of November quotations on all grains, cotton, silk, copper, and rubber advanced, while prices of raw sugar and bituminous coal declined. Bank credit.—Loans for commercial purposes at member banks in leading cities, which had increased rapidly from the beginning of September to the middle of October, advanced only slightly in the following four weeks. The growth of loans secured by stocks and bonds PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES P 1 E 5 R 0 CENT PER 1 C 1 E 5 N 0 T P 3 E 0 R 0 C f ENT PER C 3 E 0 N 0 T t 100 200 200 \ AT \ ***** 50 50 100 100 1919 1920 1921 1922 1923 1924- 1919 1920 1921 1922 1923 Index of 22 basic commodities adjusted for seasonal variations. Index of United States Bureau of Labor Statistics. (1913=100, base (1919=100.) Latest figure, October, 109, adopted by bureau.) Latest figure, October, 152. 19966—24f 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 FEDERAL RESERVE BULLETIN DECEMBER, 1924 MEMBER BANK CREDIT FACTORY EMPLOYMENT BILLIONS OF DOLLARS BILLIONS OF DOLLARS PER CENT 16 1 16 150 150 100 50 so Investments^ 0 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Weekly figures for member banks in 101 leading cities. Latest figures Index for 33 manufacturing industries. (1919=100.) Latest figure, 91. November 12. was also relatively small, notwithstanding great activity in the securities market. Holdings of investments by these banks continued the increase which began in the early months of the year. The increase in demand deposits, which began last spring, continued, though at a somewhat slower rate, during the four weeks ending November 12. At the reserve banks an increase in earning assets was the result of larger offerings of acceptances, reflecting firmer money conditions. While discounts and holdings of United States securities remained practically unchanged during the four weeks ending November 19, the increase in acceptances carried total earning assets to the highest point since the early part of the year. Money in circulation increased in October for the third successive month, and the total on November 1 was $215,000,000 larger than in August. Money rates continued to show a firmer tendency and by November 23 were generally from one-fourth to one-half of 1 per cent higher than in October, BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919-100] Produc- Rail- Department store Department store ti b o a n s i i c n e F m ac p t l o o r y y - c B o u n i t l r d a i c n t g s r c o a a r d W s h a o le le- sales i stocks » Bank indus- ment awarded1 load- trade Unad- Ad- Unad- Ad- debits * tries^ ings* justed justed justed justed 1923 June—— - . ..... .... 122 103 117 121 83 126 126 122 128 110 July » „ . . . . . .. 121 101 112 119 79 89 119 119 128 105 August 120 101 112 123 88 100 128 129 130 105 September ...... =_ 114 101 128 112 91 113 124 139 130 101 October «,„ . . . . .. 118 101 151 117 97 148 130 146 131 105 November . «, „ 116 100 167 120 85 142 126 149 133 105 December 110 99 172 •118 72 202 126 123 132 105 1924 January .. „ ... 120 98 170 118 80 109 125 115 131 105 February.... ... >„_ 120 99 163 131 78 102 127 127 135 110 March 116 99 164 115 80 115 115 138 137 10$ April .... 114 97 150 121 78 133 130 140 136 112 May........ ..^...._. ... 103 93 129 117 77 127 123 135 135 109 June .. . .. .• . * -- 64 90 125 103 76 120 120 127 133 103 July . . o... 94 87 121 111 78 91 122 122 130 108 August 94 87 133 111 83 93 119 126 124 108 September . . • 103 90 150 117 92 119 131 137 128 107 October ..._—.. 109 91 166 120 95 141 124 148 132 112 JThe indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations* The indexes of department store sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DBCBMBBB, 1924 FEDBBAIi RESERVE BULLETIN 909 BANK CREDIT 1924, were the highest on record. On that date investments constituted 30.3 per cent of Aggregate loans and investments of all the member banks' total loans and investmember banks in the Federal reserve system ments, the highest proportion since June, 1919, were $28,451,000,000 on October 10, the date to be compared with 23 per cent on November of the latest call for condition reports. This 15,1920, when loans were at their highest point,, total was about $1,620,000,000 above that on Total deposits of member banks declined less March 31, 1924, when the volume of member rapidly in 1921 and advanced more rapidly bank credit was at a level that had changed since the spring of 1922 than did total loans relatively little for nearly a year. Loans and investments, and on October 10 of this increased $644,000,000 during the six months, year total deposits were 108 per cent of loans nearly all the increase occurring since the end and investments, compared with 105 per cent of June, and investments increased $975,000,in March, 1924, and 96 per cent in November 000, the growth for the last three months being 1920. Time deposits increased steadily two-thirds of this total. Between June 30 and throughout the period and accounted for the October 10 loans and investments increased by major portion of the growth in total deposits $1,190,000,000. up to March of this year. Of the increase of In the following table there are presented the $2,524,000,000 in deposits since that date, amounts of principal resources and liabilities however, the growth m time deposits was less of member Danks for November 15, 1920, than a third, while demand deposits increased when the postwar credit liquidation began, for by $797,000,000 and amounts due to banks March 10, 1922, when this liquidation came to by $1,010,000,000. These bankers' balances, an end, and for selected subsequent dates: which represent funds redeposited by banks with their correspondents, increased during the PRINCIPAL RESOURCES AND LIABILITIES OF ALL past six months as the result of a flow of funds MEMBER BANKS from country banks to the financial centers. [In millions of dollars] In the following table are shown the amounts of loans and investments of member banks, by Nov. Mar. Dec. Sept. Mar. Oct. 15,1920 10,1922 29,1922 14,1923 31,1924 10,1924 class of banks, on October 10, 1924, and the extent of changes since March 31, 1924. Total loans and investments..— ._._> 26,133 23,419 25,768 26,497 26,832 28,451 Total loans 1_... 20,080 18,081 18,857 19,176 19,820 LOANS AND INVESTMENTS OF ALL MEMBER BANKS, BY Total invest- 17,161 CLASS OF BANKS, OCTOBER 10, 1924 ments-.—---- 6,053 7,687 7,640 7,656 8,631 U.S. securi- 6,258 [In millions of dollars] ties ... 2,786 3,788 3,722 3,569 3,895 Other bonds 2,755 Tota D l e de m p s a o to n si c d t k s s .. d . e .. - .. 2 3 5 , , 2 0 6 88 7 2 3 3 , , 5 6 0 41 3 2 3 7 , , 8 27 9 2 9 2 3 6 , , 9 9 1 1 8 5 2 4 8 , , 0 2 8 4 7 8 3 4 0 , , 7 7 3 7 6 2 All b m an e k m s ber C re e s n e t r r v a e l ci R ty e s b e a rv n e ks C b o a u n n k t s ry posits 2 15,494 13,484 15,673 15,101 15,586 16,383 city banks Due to banks.„. 3,165 3,492 3,203 3,480 4,490 Time deposits. „ 6,144 6,662 7,645 8,466 8,890 9,597 U. S. deposits... 220 462 145 292 302 1 Including rediscounts and overdrafts. 2 Including certified and cashiers' checks outstanding. o Member bank loans, after a severe decline between November, 1920, and March, 1922, Total loans and investments 28,451+1,619 7,492 9,685 +54211,274 +94 advanced steadily and on October 10 of the Total loans. „_1~9~, 8"2"0 +644 5,359 +525 +176 7,479 present year the total was only slightly below To m ta e l n i t n s vest- 8,631 +975 2,133 +458 2,703 +366 3,795 -57 that of 1920 and $2,659,000,000 above the low U. S. se- +151 curities +326 1,221 +225 1,294 +178 1,380 point of 1922. The increase for the past year Other se- -77 amounted to $963,000,000 and in the three curities 4,736 +649 912 +233 1,409 +188 2,415 +228 months ending October 10 to $556,000,000. The banks' security holdings, which had re- The increase in total loans which, as has mained relatively constant during the decline been brought out, was considerably more in loans in 1921, increased by about $1,430,- rapid in the three months ending October 10 000,000 in 1922; and, after remaining relatively than during the previous similar period, is constant in 1923 and the first quarter of this shown in the above table to have occurred year, advanced further by' $975,000,000 be- entirely at banks in central reserve and retween March and October, and on October 10, serve cities, the loans of country banks having Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

910 FEDEBAL BESEEVE BULLETIN DECEMBER, 1924 decreased slightly. Although all classes of the crop is of merchantable quality, the lowest banks added to their holdings of security in- percentage merchantable in 30 years with the vestments, the largest additions were also exception of 1917. The production of flaxseed, made by the city banks, which had $824,- which has been increasing steadily for several 000,000 out of a total increase of $975,000,000. years, is expected to reach a record level this Since the early part of October the volume year. The crop is estimated to be 30,652,000 of member bank credit outstanding, as indi- bushels, as compared with 17,429,000 bushels cated by weekly reports of member banks in last year and 29,285,000 in 1902, the previous leading cities, has shown a further, though high level. less rapid, increase. About one-half of the Movement of grains to market continued in increase between October 8 and November 12 exceptionally heavy volume in October and, was in loans and one-half in security holdings. contrary to the usual seasonal decline in the Deposits of these member banks continued receipts of wheat, the volume marketed this the rapid increase which began in the spring year was greater than in September and more of this year. than twice as large as in October last year. Receipts of rye were also heavier than in Sep- AGRICULTURE tember and about five times as heavy as last Continuation of good weather throughout year. Marketing of oats, corn, and barley the agricultural sections in October and the was lighter than in September, since the seafirst weeks of November facilitated harvesting sonal peak of the movement of oats and barley and marketing, but the dry weather delayed has passed and the new corn crop had not fall plowings and seedings of small grains in reached the market. The rapid movement of sections of the Kansas City and Dallas dis- wheat and rye was accentuated by the foreign tricts. Preliminary estimates by the Depart- demand which continued exceptionally heavy. ment of Agriculture in November showed Exports of wheat were in the largest monthly increases in the expected yields of most crops volume since August, 1921, and exports of which remained to be harvested, the most rye amounted to 10,853,000 bushels, as comsignificant increases being in the estimated pared with 11,563,000 bushels in September and production of cotton, tobacco, and potatoes. only 455,000 bushels in October, 1923. In Farm prices, after declining in September- in- response to the increased demand for Amercreased in October and were somewhat higher ican grains prices advatced further in October than a year ago. Grains and meat animals and the index of all grain prices reached the were higher than in 1923, but fruits, vege- highest level since November, 1920. tables, dairy products, and cotton were lower. While marketing was seasonally heavier than Cotton. in September, the volume was the largest in In October and the first three weeks of Nothe past five years. Livestock, grain, cotton, vember the weather continued very favorable fruits, and vegetables were marketed in larger for gathering the cotton crop and it has been volume than in September, but the distribu- ginned rapidly. Estimates based upon the tion of animal products was smaller. The condition of the crop on November 14 indicate foreign demand continued to expand in Octo- a final yield of 12,992,000 bales, a slight inber and exports of agricultural products ex- crease over the estimated yield on November 1 ceeded the volume for any month in recent of 12,816,000 bales. Ginnings prior to Noyears. Exports of all commodities, except beef vember 14 amounted to 11,148,000 bales, as and pork products, were larger than in Sep- compared with 8,369,000 bales prior to the tember and decidedly heavier than in October same date last year. In the Atlantic States last year. the quality of the crop is reported to be poorer than usual, due to the drought which followed Grain. a cold, wet spring. Although the crop has been Weather conditions in October and the early ginned rapidly, marketing has been slower than weeks of November were very favorable for last year, which may be attributed in part to the maturing the corn crop, and there was con- decline in prices which was very pronounced siderable improvement in the quality. The earlier in the season. Takings by domestic expected yield was increased to 2,478,000,000 mills prior to November 7 were smaller than bushels, as compared to 2,459,000,000 bushels last year. Exports, on the other hand, have a month earlier. According to the Depart- been much larger than in 1923 and in fact the ment of Agriculture only about 63 per cent of total number of bales exported in October Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL BESEBVE BULLETIN* 911 was the largest for that month since 1913. Con- was substantially better than in October or tinued uncertainty in the textile industry in in November a yeat ago. Manufacturers are October resulted in smaller takings of raw operating at an average rate of 80 per cent of cotton by domestic mills, and stocks at mills capacity and unfilled orders are larger than in at the end of the month were 34 per cent smaller October. than at the end of October, 1923. Stocks at Fruits and vegetables. public warehouses, on the other hand, which have received the bulk of the new crop, were Expected yields of apples, pears, grapes, and 21per cent larger than last year. white and sweet potatoes increased in October, In November there was some improvement but the output of all these crops except pears in the textile industry which gave rise to a and white potatoes is smaller than last year. better demand for raw cotton, and the price at The white-potato crop, particularly in the New Orleans advanced to 24.6 cents on No- northern producing States, escaped damage vember 14, but the increase in the expected from early frosts and the total crop is the yield served as a depressing factor and the largest on record. The quality of the crop is price declined again and reached 23. 7 cents good, but the price at the farm declined to an on November 28. average of 69 cents a bushel on October 15 as compared with 91 cents a year ago. In some Tobacco. of the Western States the price is too low to In most of the heavy tobacco-producing make marketing profitable, and reports indicate sections weather conditions in October and that some of the crop will be fed to livestock. November were generally satisfactory and In the South, where the bulk of the sweetthe estimated yield based on conditions on potato crop is produced, the dry weather November 1 was 1,214,000,000 pounds, as during the late summer months curtailed the compared with an expected production of crop and the yield is expected to be 22 per cent 1,182,000,000 pounds a month earlier. In smaller than last year and is the smallest crop the cigar-leaf sections of the New England since 1916. While the apple crop is smaller States the quality of the crop was affected by than in 1923, it is slightly larger than the wind and hail late in the season, but in Penn- average production for the past five years. sylvania the quality is good. In the Rich- Prospects for the crop vary widely in the mond Federal reserve district the export several producing States and the outlook is types were injured slightly by early frosts and poorest in sections of Ohio, Michigan, Idaho, in the St. Louis district much of the crop was and Washington. In Virginia the crop is 55 cut prematurely because of fears of frost. per cent larger than in 1923 and 80 per cent The quality of the crop in those districts has larger than the average for the five years been affected, but the extent of the damage is 1918-1922. Marketing of fruits and vegetayet uncertain. The crop is generally later bles increased seasonally in October, but the than last year, and in Virginia many markets distribution of fruits was considerably smaller did not open until October. Early sales of than in October last year, due principally to bright tobacco in Virginia were at higher smaller shipments of apples and citrus fruits. prices than in 1923, and the average prices Exports were the largest in recent years, but received in North Carolina from October sales prices declined in October to the lowest level were higher than in 1923. since the autumn of 1922. Stocks of tobacco held by manufacturers Livestock, and dealers on October 1 were 1,724,767,000 pounds, as compared with 1,562,225,000 pounds Eains in the livestock sections of the Kansas on the same date in 1923. Stocks of almost City and San Francisco Federal reserve disall types except some cigar types were heavier, tricts resulted in improvement in the pastures and in view of this fact growers in the burley and ranges in October, and the feed conditions sections are considering a reduction in acreage in the San Francisco district are better than next year and resolutions favoring a " cut-outv at any time earlier in the year. In the Dallas of the 1924 crop were recently adopted in district, however, conditions were decidedly Kentucky. unfavorable, and in many sections, particularly Production of tobacco products increased in in New Mexico, Arizona, and western Texas, October, and the output of all products except there is a shortage of feed and water which will cigars was in larger volume than in October, make much feeding necessary during the win- 1923. In the Philadelphia Federal reserve ter. In sections where the drought has been district the demand for cigars in November severest some cattle have been moved to mar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 FEDERAL* RESERVE BULLETIN DECEMBER, 1924 ket or into other grazing areas. The condition of condensed and evaporated milk has not of the cattle and sheep was reflected by the increased to the same extent as that of butter condition of the ranges and was generally and the industry is not carrying heavy stocks. better than in September in the areas where the ranges had improved. MINING I* Marketing was seasonally larger in October Coal and coke. than in September, but it was 10 per cent smaller than in October last year. Increased Trading in coal has continued to be influmarketing of cattle was due in part to large enced by weather conditions, an unusually receipts of grass-fed cattle from the summer warm October causing a noticeable recession ranges, some of which were reshipped to the in sales. After the middle of November a spell country feeding districts, though the total of more seasonable weather somewhat stimumovement into the country thus far has been lated sales of anthracite around Philadelphia, smaller than last year. Although shipments but, in general^ demand was limited throughof sheep to market were larger than in fSeptem- out the month. Despite general business acber, reports indicate that there will be fewer tivity, buying of bituminous coal for industrial sheep for market from the feeding areas of the uses has not been as great as in late Septem- Corn Belt and the western feeding zones than ber and early October. Some reports indicate last season. Receipts of hogs at the principal that consumers have largely contracted for markets, although larger than in September, winter requirements and are out of the market. continued smaller than last year and further Prices have been weak and the Coal Age index indicate a smaller supply to be marketed than of spot prices fell from $2.12 on October 27 to last season. Despite tne larger marketing in $2.06 two weeks later. Company prices of October than in September, prices of meat anthracite have remained unchanged, but independents have advanced quotations on stove animals advanced and reached the highest coal, while lowering them somewhat on steam level since early in 1921 with the exception of sizes. Production of bituminous in October June, 1922. The rise in the price of hogs was exceeded that of any month since January, the most significant, but in November there and in November daily average output conwas a slight decline from the high levels reached tinued to increase, although, because of holiin October, days, weekly totals were somewhat reduced. Dairy products. Anthracite production has been even more af- Continuation of heavy production, large fected by holidays—Mitchell day in the last stocks, and an increase in the estimated con- week of October and All Souls, election, and sumption of butter were the principal factors armistice days in the first and second weeks of characterizing the dairy-products industry in November. With these allowances, output September and October. Although there was continued at close to the same rate prevailing a seasonal decline in the actual production of throughout the year. butter in October from the September volume, Despite greater activity in iron and steel, the output continued larger than in 1923. demand for coke has increased rather slowly Stocks of butter, as represented by holdings and was still somewhat restricted during Octoat the principal wholesale markets, were re- ber and November. Output of by-product duced in October, but this was a seasonal oc- coke reached 2,899,000 tons in October, the currence, since in the autumn and winter largest figure for any month since April. Beemonths consumption exceeds production. hive production totaled only 631,000 tons, Holdings on November 1 amounted to 135,- over 100,000 tons more than in September. 251,000 pounds, as compared with 76,418,000 About the middle of November output of beepounds in 1923 and 73,857,000 pounds in hive was increased somewhat, equaling 152,000 1922. The price of butter since midsummer tons in the week ending November 15. Prices has been below the level of last year, and on have recently been stronger and a few advances November 21 the quotation for 92-score cream- have been made. ery butter at New York was 45 cents a pound Petroleum. as compared with 53 cents a year earlier. While stocks of cheese are somewhat larger Further declines in the daily average prothan last year, shipments to wholesale markets duction of crude petroleum occurred each week in October were smaller than in 1923, which is inJOctober and the first week of November. indicative of smaller production. Production For the week ending November 8 the daily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J, 1924 FEDEEAL BESEBVE BULLETIN 918 average output declined to 1,935,550 barrels, the first three weeks of November quotations the smallest volume since the week ending for copper and zinc increased, while lead prices April 26, when 1,941,050 barrels were pro- receded slightly. duced. There was a slight increase, however, in the daily average output for the week end- 2 CE 0 NTS PER POUND CENTS PER POU2N0D ing November 15, but it was still smaller than for any week in October. A continuation of the decline in the production of crude oil has not been accompanied by a corresponding decline in consumption, and stocks have been reduced to some extent. Although prices in October were slightly lower than in September, the decline was not as great as in the summer months when stocks were accumulating rapidly. According to the Oil, Paint, and Drug Reporter the average price at, the Pennsylvania, mid-continent, and Wyoming fields was $1.62 a barrel, as compared with $1.66 in September. Early in November quotations in most of the producing centers were decidedly firmer than for several months past, and advances were reported in the Gulf coast fields. Production of all refined products except kerosene was smaller in September than in the preceding month, and stocks were slightly smaller at the end of September than a month earlier except for lubricating oils. Continuation of good weather in October and Novem- 3 ber stimulated the consumption of gasoline 1920 1921 1922 1923 and the approach of winter gave rise to an in- Monthly average prices of electrolytic copper at New York, prime creased demand for fuel oils. Although prices western zinc at St. Louis, and lead at St. Louis. Compiled by American Metal Market. of gasoline were lower in October than in September the market strengthened near the close Copper production in October increased 9 per cent and was larger than in any other of the month and continued firm early in month during the past six years. Despite the November. large production, prices rose in the early part of November, due to a considerable improvement Metals. • in demand from Connecticut brass manufac- Production of nonferrous metals increased turers and from foreign buyers. during October and all important commercial Prices of zinc and lead ores in the Joplin dismetals except copper improved in price. The trict increased steadily during October, and accompanying chart shows average prices of shipments of lead ore in the second week of the copper, lead, and zinc, by months, since Janu- month reached the highest total on record. ary, 1920. It may be noted that the trend of October production of crude lead was also larger prices of these three metals was very similar in than in any other month of the post-war period. the period from January, 1920, to July, 1923. Refinery output of slab zinc, on the other hand, In the last half of .1923 and the first three was smaller than in the early months of the months of 1924 lead prices moved upward year and stocks on hand were reduced 16 per rapidly and reached the highest point since the cent. war, whereas zinc prices showed only a very Silver production in October totaled 5,620,small increase and copper declined. Prices of 000 ounces, which is the largest monthly outall three metals declined in the spring of 1924, put since May. Demand for silver slackened though the decrease was relatively small in the somewhat in November, however, as a result case of copper. In July and August there was of a decline in the purchases of oriental coun- an upward movement in prices of all non- tries. Tin consumption increased slightly durferrous metals and this continued through ing October and some further improvement in ? October in the case of lead and zinc, whereas demand was evidenced during the early part of copper prices declined in the early fall During November. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN DECEMBER, 1924 MANUFACTURING enlarged, and prices rose. Demand appears to Food products. be greater than it has been at any time since In October the food-products industries were early in the year, and October production characterized by decreases in the production of figures indicated substantial increases as comflour and sugar and an increase in the output of Eared with September. Prices, which changed meat products. Contrary to the usual increase ttle or moved lower during October, turned in October, the output of flour was 3 per cent definitely upward in the first three weeks of smaller than in September, but it was in 7 per November. For the first time in months procent greater volume than October last year. ductive activity compares favorably with that In the Kansas City district, where one of the of the same period a year earlier, but prices, largest wheat crops on record was grown, the except in the case of wool, are somewhat lower. output of flour was 25 per cent greater than Buying of cotton gray goods was more active last year. After reaching a high point about early in November, according to unofficial rethe middle of October, flour prices weakened ports, than at any time this year, and many with the decline in the price of wheat and by orders were booked for 1925 delivery. Dethe end of that month spring-wheat patents mand for finished goods has also increased and had declined from $8.35 to $7.85 a barrel. In ginghams have been in steady request. A large November the market became considerably southern firm announced lower prices on gingfirmer, and quotations at Minneapolis advanced hams than those previously announced by to $8.30 on November 14. Exports of flour northern producers; the latter made reductions increased in October, but they failed to reach to the same level, but more recently the souththe volume of October last year. erners have withdrawn their lines and announced that new business would be accepted Following the unusually heavy production in only at higher quotations. Mill activity was September the output of sugar at American reincreased during October in practically all fineries in October was 28 per cent smaller, and States. Mill consumption of raw cotton was 14 per cent less than in 1923. There was an the largest for any month since last January, increas/ed demand for refined sugar in October, and in southern mills was greater than in any but in the second week of November the demonth, except January, since May, 1923. For mand fell off and quotations were lowered. the country as a whole cotton consumption and With the approach of Thanksgiving Day, howactive-spindle hours both increased around 20 ever, the demand increased again and quotations were advanced to the levels which had Eer cent in October as compared with Septemprevailed early in October. The beet-sugar er. Finished yards billed by cotton finishers crop is estimated to be 7,408,000 tons, and in showed a corresponding increase, and orders rethe Kansas City Federal reserve district the ceived were the largest since last November. crop is reported to be one of the largest on record. Fairchild cotton-goods index rose from 15.475 Seasonal increases in the marketing of live- on October 1.8 to 15.699 on November 22. stock in October resulted in an increase in the This is the highest figure reached since early in production of meat products. All animals September. The yarn index has also advanced. except sheep were slaughtered in larger num- Recovery in the woolen and worsted indusbers than in September, but the number of hogs try since last summer has been at a rate unslaughtered was considerably smaller than last equaled since the 1921 rise from the depression year. The domestic demand for meat prod- of 1920. Wool consumption by a representaucts, as represented by sales of meat products tive group of mills, which was 31,000,000 grease at 49 meat-packing companies reporting to the equivalent pounds in June, equaled nearly Chicago Federal Reserve Bank, was 9 per cent 55,000,000 pounds in October, an increase of larger than in September, but was 2 per cent approximately 75 per cent in five months. smaller than in October, 1923. Exports of beef The rise from September to October was about and beef products were about the same in 20 per cent, and active machinery hours in October as in September; foreign takings of identical establishments at the same time inlard were smaller, but exports of hams and creased as follows: Wide looms, 24 per cent; bacon were larger. As compared with a year woolen spindles, 27 per cent; and worsted spinago all meats were exported in considerably dles, 39 per cent. In November reports have smaller volume. been received of further enlargement of operations in many plants. At the same time ouy- Textiles. ing has been active and prices of goods advanc- In textile industries during October and ing. The Fairchild woolen and worsted piece- November buying increased, production was goods price index has had an upward revision Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 915 twice since the piece-goods openings on Sep- manufacturers are already rather actively contember 6. At that time it was changed from tracting for the 1925 clip of territory wool at 259.887 to 253.212, owing entirely to reduc- higher prices than during last season. tions in worsteds. The last revision, Novem- In the silk industry, likewise, buying and ber 15,. makes it 258.756. Woolen suitings manufacturing activity reached higher levels have advanced from about 234.3 to 248 and in November. Employment in silk factories worsteds from 261.6 to 269.2. Carpet and rug showed a general increase in October and takopenings were made in November at advances ings of raw silk by mills, although slightly less of from 3 to 8 per cent. Clothing is in good than during September, continued to be large. demand and production of men's garments has Imports, less than the high record attained in been much greater in recent months than a September, nevertheless exceeded takings, and year ago. warehouse stocks were increased to 44,398 Unusual activity in raw-wool markets has bales, the highest since last January. Trading been an important factor in the improvement in raw silk and in piece goods increased in in the manufacturing section of the industry. November and many orders for future delivery Demand for the limited supplies of raw wool were booked. Prices of broad and thrown available has been large and prices have risen. silks have in many cases been advanced. Raw The Fairchild indexes for domestic and foreign silk prices, after a reaction in September and wools have advanced from their respective low October, have risen again and late in Novempoints of 103 and 125 last June to 135 and 146, ber reached the highest point since last March. the highest prices since 1920. The chart be- Hosiery and underwear have shared the low shows the raw wool stocks held by manu- recent improvement noted among other texfacturers and dealers at the end of each quarter tiles. Demand for underwear has increased since the middle of 1922. The latest figures and mills have extended their operations someare for September 30 and reflect only slightly what. Southern mills opened 1925 heavythe recent activity which had just begun at that weight lines on November 17 at prices ranging from 11 to 13 per cent below those announced MILLIONS OF POUNDS MILLIONS OF POUNDS a year ago. Both advances and reductions have recently been announced on summer gar- Dealers Stocks Manufacturers Stocks ments. The first census report on knit under- Consumption wear showed increases in production, orders, Imports and shipments in September as compared with 300 300 August. Buying of hosiery has also increased, and prices have been advanced on some grades of cotton and silk hosiery and lowered on rayon (artificial silk) lines, moving in accordance with 200 raw material prices. In September and October production, orders, and shipments for nearly all types of hosiery showed substantial increases. Stocks were reduced a little. Iron and steel. After a few weeks of somewhat slackened demand, buying of iron and steel products 1922 1923 1924 began to increase late in October and in time. It will be noted that dealers7 stocks were November the market was exceedingly active. reduced and manufacturers7 stocks increased Improvement was first noted in the western during the third quarter, that consumption was districts, but later all sections reported large a little greater than in the second quarter, and sales. Buying of pig iron and the heavier that imports were the smallest recorded in re- forms of finished steel has shown particularly cent years. Monthly data for the third quar- large increases. More recently prices have ter and for October show a continuous rise in risen; the Iron Trade Review's composite iron both consumption and imports. Further analy- and steel index during the week ending Novemsis of the statistics of stocks show that sup- ber 19 showed the sharpest rise since March, plies of domestic wool are the largest, whereas 1923. The increases have been most marked those of foreign wool are the smallest recorded in pig iron and in bars, plates, and shapes. in the last two years. Reports indicate that The Iron Age composite pig-iron price reached Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL KESERVE BULLETIN DECEMBER, 1924 a low point for the year of $19.21 a ton on to consumers followed somewhat similar trends. November 3 and in the following three weeks Sales reported by Middle Western wholesale rose to $20.54. dealers to the Chicago Federal Reserve Bank Mill operations have been further increased were somewhat larger than a year ago, but during November, following substantial en* retail sales were smaller. For the first time largement of output in October. Daily aver- in over a year stocks held by dealers were age production of pig iron was 79,907 gross reported to be smaller than a year earlier. tons in October as compared with 57,577 tons Developments in the automobile-tire indusin July, the lowest month of the year. The try have been rather significant in recent October figure is below that of the same month of both 1923 and 1922 and is 36 per cent less M8ILLIONS OF TIRES MILLIONS OF T8RES than the 1923 high point. Only 45 per cent AUTOMOBILE PNEUMATIC T5RES 8 of the total number of blast furnaces in the country were active at the end of October. Stocks Steel ingot average daily output has increased Excess Production Excess Shipments from 71,901 tons in July to 115,239 tons in October which is over 25 per cent below the 1923 maximum. Shipments of iron ore from the Great Lakes were small in October, as they have been throughout the year. Railroads continue to be important factors in the market. Inquiries for freight cars and for structural material for bridges have been numerous, and many orders for rails have been placed. Orders for locomotives increased during October, but completions were rather small. Buying of structural steel has been active from other sources as well. October bookings were slightly less than in September, but shipments were larger. Awards in 19Z1 1922 1923 1924 November, according to unofficial weekly figures, apparently have exceeded those for months. As may be seen on the accompany- October. ing chart, shipments had a remarkable increase in July and August, exceeding all previous Automobiles. records, and production started upward in the Activity in the automobile industry has been later month. In the meantime stocks were stable throughout the fall. Production has reduced considerably until this autumn, when increased considerably since the low point shipments declined and production was further reached last June, but output of passenger enlarged. October production of pneumatic cars is still well below that of this time last tires has been exceeded only once before and year. The number of cars produced has that of inner tubes was the highest on record* changed little in the past three months, being Stocks on October 31 were larger than on the 252,000, 260,000, and 258,000 passenger cars, same date of any of the previous three years. respectively, in August, September, and Octo- The increase in October was contrary to the ber. This stability is contrasted with an in- usual trend heretofore noted. Raw rubber crease in 1923 from 299,000 in September to has continued in good request, and in Novem- 334,000 in October. Trucks seem to be in a ber prices reached new high levels since early relatively better position than passenger cars, 1923. as truck production was a little larger in Octo- Lumber. ber than in September, and both months exceeded the corresponding months last year. Shipments of lumber in October were the About 32,500 freight carloads of automobiles largest for any month since October, 1923, and were shipped during October, an increase as production exceeded all months since last May. compared with September but much less than Within recent years peaks have been reached in a year ago. Statistics of direct shipments the lumber industry in May and October. In from factory to dealers in October show a November holidays restricted both the cutting small decline from September and a very and shipment of lumber, but weekly figures sharp drop since last October. Sales by dealers indicated an increase in orders, exceeding ship- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J 11124 FEDERAL BESEBVE BULLETIN 917 merits and output for the first time since of leather has been rather large, although August. Apparently the mild fall and evidences resistance to price advances is generally reof the continuance of building activity have ported. The buyers7 market of last summer somewhat stimulated buying. As compared has changed its aspect, and prices have been with last October, however, reports of produc- raised, the Bureau of Labor Statistics index tion, shipments, and orders all showed de- of leather prices advancing from 136.7 in Sepclines. Such figures as are available for stocks tember to 138.2 in October, as compared with indicate little general change. the July index of 131.2, the lowest level reached Most of the increase in production during since early 1916. Production of leather is in- October was due to the great activity in Doug- creasing slowly from the low points reached in las fir. The West Coast Lumberman's Associa- the spring and summer, but has not yet reached tion reported a cut of 500,154,000 feet of the level of last January or of a year ago. Douglas fir during October, as compared with Stocks of sole leather in process of tanning have 366,287,000 feet in September. Shipments at steadily increased, while those of cattle upper the same time increased from 372,580,000 feet leather have- just as steadily declined. Total to 463,600,000 feet. Southern pine output has finished stocks, as well as those held by tanners remained at practically the same level since alone, have fallen in all cases, many to new low early in August. Shipments have fluctuated levels since the records began in 1920. Boot somewhat, but on the whole have exceeded cut and shoe manufacturers increased stocks somesince June, and stocks at the end of October what in August and September. Preliminary equaled only 967,048,000 feet, the smallest sole leather figures for October showed a conrecorded for any date, except January 31, since tinuation of previous tendencies, production the end of July, 1923, and less than on October and stocks in process attaining the highest 31 of any of the four previous years. Compara- levels since January and tanners' stocks falling tive statistics of production and shipments for to the lowest recorded. October, however, indicate a slight increase in Some explanation for improvement in the stocks for the various associations taken as a leather market is probably indicated by the whole; especially was this true among mills on rise in the production of shoes in October, the the Pacific coast. These mills also reported largest total attained since the spring of 1923. declines in unfilled orders. Prices, according to The increase from the July low point was Lumber's indexes, moved upward slightly dur- nearly 50 per cent. This is partly seasonal, ing late October and early November. The but the rise in that period in the two previous total change in recent months has been gen- years averaged only about 27 per cent. All erally upward, but not large. producing sections of the country and practically all kinds of shoes have shared in this Hides, leather, and shoes. increase. The Bureau of Labor Statistics Hide and leather markets continue to be index number of shoe prices rose from 180.9 active, and prices, sales, and production are in September, the low point of the year, to steadily increasing. Demand for hides has been 181.6 in October, and other advances have large, the Chicago market remains strong and been reported in November, Indexes of sales prices advanced further during November, the of shoes by wholesale dealers and chain stores quotation for light native cow hides reaching indicated declines in distribution during Octothe highest point since December, 1922. Sep- ber as compared with a year ago, and, when tember statistics of hides and skins disposed of adjusted for seasonal changes, as compared show a further increase in cattle hides and goat with September. and kid skins, while the figures for calf and kip and sheep and lamb skins declined. In fact, BUILDING fewer calfskins were moved than for any month, except March, 1923, since early 1922. The volume of new building projected showed At the same time, stocks of calfskins increased, an unusually large expansion during October, continuing the tendency noted throughout the and shipments of building materials were exyear, while those of most of the other species ceptionally large. Contract awards in 11 Fedhave been diminishing, although in September eral reserve districts (according to statistics slight increases were noted in cattle hides and compiled by the F. W. Dodge Co.) totaled sheepskins. $424,000,000, which was 18 per cent more Tendencies toward increased sales, produc- than in September. Substantial increases in tion, and prices and reduced stocks have also new construction were reported from the New Been noted in the leather industry. The buying York, Philadelphia, Atlanta, and St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN DECEMBER, 1924 districts. October contracts reached a value TRADE 14 per cent greater than a year ago, due to Wholesale trade. increases in all reporting Federal reserve dis- The Federal Reserve Board 's index of wholetricts except New York and Minneapolis. sale trade increased 2 per cent during October, Analysis of contracts by type of construction but was 3 per cent lower than a year ago. indicates that awards for residential, business, Wholesale trade usually reaches a maximum and industrial buildings were larger in October volume in October, due to a combination of than in the previous month, while awards for large fall sales of clothing and retailers' pureducational, social, and institutional buildings chases in preparation for Christmas trade. were smaller. Statistics of contract awards and Clothing sales were retarded this October by building permits, by geographical districts and the prevalence of mild weather in most sections classes of construction, are published on page 955. of the country, and sales of dry goods, shoes, Production and shipments of building mater- and millinery were also smaller than in Septemials increased in volume during October, but ber. Sales of electrical supplies, stationery, prices were unchanged. Shipments of cement drugs, groceries, and jewelry, on the other were larger than in any previous month on hand, were considerably larger. record. Stocks of cement, oak flooring, and Wholesale trade was smaller than in October, paving brick were reduced during the month, 1923, as the result of smaller sales of all kinds while stocks of maple flooring and various types of wearing apparel, hardware, and meat. of sanitary ware showed some accumulation. Dealers handling furniture, agricultural implements, and diamonds, however, reported a TRANSPORTATION more active business than last year. Stocks of merchandise at wholesale ware- Railroad traffic was in record volume during houses were reduced during October and were October, yet no considerable shortages of in about the same volume as a year ago. equipment were reported. Car loadings totaled Stocks of dry goods and shoes were smaller 4,916,000, which was 9 per cent more than in in all reporting districts than on October 31, September and 2 per cent more then in October, 1.923, wnile stocks of groceries and drugs 1923. Shipments of both miscellaneous merincreased. Collections were somewhat larger chandise and grain were larger than in any in October and the value of accounts outprevious month, whereas shipments of livestanding also increased in practically all stock, forest products, coal, coke, and ore were reporting lines. smaller than a year ago. Coal loadings, however, have increased in each month since June Retail trade. and were larger in October than in any month Retail business at mail-order houses and since January. Freight traffic was heavier chain stores was exceptionally large in Octothan a year ago in the southern and western ber, but sales of department stores were somesections of the United States, but was slightly what restricted as a result of the unusually smaller in the East. small fall demand for clothing. The increase The surplus of freight cars, which declined in mail-order sales may be largely ascribed to to 94,000 on October 23, increased in the two the larger purchasing power of farmers, while following weeks to 116,000, of which 60,000 the improvement in chain-store business rewere coal cars and 37,000 were box cars. Car flected the increased employment at industrial shortages continued to be very small through- centers. Clothing sales were retarded in Octoout this period. The number of freight cars ber by the mild weather which prevailed in awaiting repair has been reduced 9 per cent most parts of the United States. Sales of during the last two months. Orders for 135 mail-order houses and all lines of reporting locomotives and 11,853 freight cars were chain stores except shoes were larger in October placed with equipment manufacturers during than a year ago. October, according to the Railway Age, and Department-store sales showed less than the car purchases continued in large volume during usual seasonal increase during October in all the first half of November. Federal reserve districts except Minneapolis Gross revenues of Class I railroads amounted and San Francisco, and averaged 4 per cent to $540,800,000 in September, which was 1 smaller than last year. Analysis of business per cent less than a year earlier. As operating by departments indicates that sales of women's expenses were 8 per cent less than in Septem- and misses7 ready-to-wear, men's clothing, ber, 1923, there was a substantial increase in boys' wear, silks and velvets, house furnishnet railway operating income and the operating ings, and jewelry were considerably smaller ratio was reduced from 76.30 to 70.56. than in October, 1923, and sales of most other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBBB, 1924 FEDERAL RESEEVE BULLETIN 919 departments show small declines. Sales of 1924. Prices of food products, clothing, and leather goods, corsets, floor coverings, toilet fuel increased in Octooer, while the cost of articles, men's wear, and notions, were larger shelter, light, and sundries was unchanged. than a year ago. Of the food products, eggs, lard, pork chops, Stocks of merchandise on department-store and oranges all showed increases of more than shelves showed more than the usual seasonal 5 per cent as compared with September. increase in October and at the end of the month were 21 per cent larger than at the EMPLOYMENT end of July. This accumulation of inventories Factory employment continued to increase in anticipation of Christmas trade was par- in October, and the board7s index of factory ticularly large in the New York, Philadelphia, employment was 91.1 for that month, as com- Cleveland, and Richmond districts. pared with 89.7 in September. Out of the 33 Outstanding orders of department stores with industries included only 8 showed any dewholesale dealers were reduced in volume dur- crease in number on pay rolls between Septeming October and averaged less at the end of the ber 15 and October 15, and most of these were month than at any time since June 30. Orders seasonal movements; for example, as in men7s on October 31 in the Kansas City district were clothing, lumber, cement, and clay products. less than one-half as large as a month earlier, Substantial advances were again recorded in while more moderate reductions occurred in all iron and steel and in textiles, particularly in other reporting districts. Collections at re- the cotton, woolen, and knit-goods industries. porting retail stores were larger in October and Manufacturers of furniture and musical inthere was also an increase in the volume of struments also reported considerably more accounts outstanding. Statistics of wholesale wage earners employed. Other industries and retail trade by lines and districts are showing increases worthy of note were silk, shown on page 956. textile dyeing and finishing, paper containers, confectionery, leather tanning, shoes, and PRICES glass. As compared with previous years the Wholesale prices increased 2 per cent in general index is 10 per cent lower than it was October, according to the index of the Bureau a year ago and about on a level with that of of Labor Statistics. Prices of farm products September, 1922. The iron and steel and and foods showed particularly large advances, automobile indexes are about one-sixth less while there were more moderate increases in than in October, 1923, but correspond rather prices of clothing, chemicals, and miscellaneous closely to the level of two years ago. Textiles, articles. Fuel and metal prices declined, while owing largely to the small volume of employaverages for building materials and house fur- ment in the clothing industry, appear to be nishings were practically unchanged. still below all months since 1921. No group Regrouping of this index by stage of manu- index is as high as in October of last year. facture of commodities indicates that prices of Figures from the Bureau of Labor Statistics raw materials and consumers7 goods advanced show an increase of 3.7 per cent in total wage substantially during October, while producers7 payments and of 2 per cent in average weekly goods declined. Of the raw materials, crops, and earnings. Earnings, however, were 13.3 per animal products were much higher than in Sep- cent less than a year ago, and as in the case of tember and forest products also increased, while employment were about at the same level as mineral products showed a slight decline. Prices two years ago. Contrary to the trend for the of consumers7 goods and raw materials were country as a whole, pay-roll totals in New York higher in October than a year ago, while prices and Illinois were slightly less than in Septemof producers7 goods were 8 per cent lower. ber. Factories operating reported that about During the first three weeks in November 81 per cent of their normal full force of wage commodity prices showed a further advance. earners were employed and that they were Quotations on all grains, cotton, silk, wool, working an average of 92 per cent of full time. copper, and rubber advanced, while prices of Wage rate decreases averaged 9.5 per cent and raw sugar and bituminous coal receded. affected 20,000 employees. Most of these wage reductions were in the cotton-goods industry. COST OF LIVING In that industry during the three months, be- Retail prices continued to advance during tween July 15 and October 15, some 25,000 em- October and the cost of living was 0.8 per ployees, not allowing for duplications in differcent higher than in September and 2.2 per ent months, have been reported as affected by cent higher than in May, the low point of wage reductions, averaging about 10 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAX. EESERVE BULLETIN DECEMBER, 1924 MONEY RATES portfolios were larger at the end of the period than a month earlier. Sales to the Federal Money rates in the New York market bereserve banks increased almost continuously came distinctly firmer during November, and reached the highest point since February following an increased demand for commercial in the middle of November. The principal credit and a lessened inflow of gold from abroad, commodities against which bills were drawn Supplies of commercial paper in the open were cotton, grains, sugar, tobacco, silk, and market increased during the month, and the rate on 4-6 months7 maturities advanced provisions. Rates in the New York market at the close above the September and October levels to of the period were 2}£ per cent bid and 2 to 3M~3J^ per cent, the rate prevailing in the 2J^ per cent offered for 30-day bills, 2% per middle of July. The offering rate on bankers' cent bid and 2J^ to 2% per cent offered for acceptances increased the third week in 60-day bills, and 2J^ per cent bid and 2% November to 2J^ per cent, the highest rate to 2% offered for 90 and 120 day bills. All since last May. Prices of both short and long rates were approximately one-eighth of 1 per term Government securities responded to the cent higher than at the end of the preceding rise in money rates, advancing their yields to period. about the June levels. The table below shows the rates prevailing in the New York market SAVINGS DEPOSITS during the past three months: The total of savings deposits reported by 907 banks distributed throughout the United States [Percent] was $7,490,179,000 on November 1, 1924, as Yield on compared with $7,443,388,000 on October 1, certifi- Aver- Prime Prime cates of age Ee- 1924, and $7,001,416,000 on November 1, 1923. c c o i m al m p e a r - - b a a c n c k e e p rs t- '* i n n e d s e s b t m ed a- - yie 4 ld M n r e a w te al This represents an increase of about 7 per cent per, 4-6 turing per cent on call between November, 1923, and November, 1924, months 90 days Mar. 15, Liberty loans 1924 bonds and of 0.6 per cent between October 1 and November 1, 1924. Savings deposits increased during October in every district except Kansas September, 1924 „. 2.14 3.95 2.07 October, 1924. „.„„_... 2M 2.41 3.93 2.32 City and New York, where slight decreases Average for week ending— occurred. The St. Louis district showed the Nov. 1,1924 _„__.._ 3 -3^ 2M 2.45 3.90 2.20 most marked proportional increase, of 2 per Nov. 8,1924 „_ 3J- 2H 2.51 3.92 2.75 Nov. 15,1924...... 2M 2.61 3.97 2.20 cent, and there were also considerable increases Nov. 22,1924 ...... 2M 2.65 4.02 2.30 in the Cleveland, Atlanta, and San Francisco districts. A comparison by Federal reserve In the London market money rates were districts of savings deposits on November 1, relatively stable in the last half of October 1924, with those a month and a year previous and first part of November. Three months' is shown in the following table. In the Boston bank bills were quoted at from 3^-J to 3% and New York districts the figures represent per cent during this period, and the average only deposits of mutual savings banks; in all rate on Treasury bill allotments varied beother districts, where there are but few mutual tween 3.65 and 3.75 per cent. savings banks, savings deposits of other banks ACCEPTANCE MARKET are included. Money rates, though still low, showed a SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS firmer tendency in the four weeks' period [In thousands of dollars] ending November 12. The supply of new bills which came into the market was well sustained, Number -Nov. 1, Oct. 1, Nov. 1, though it was somewhat smaller than in the of 1924 1924 1923 preceding period. Demand for bills at banks banks in some oi the financial centers was smaller than during the preceding four weeks, but Boston 64 1,268,465 1,263,800 1,204,326 New York 30 2,001,536 2,002,659 1,871,644 purchases by interior banks were considerably Philadelphia 79 494,386 491,103 461,259 Cleveland „ 68 798,829 788,762 735,946 larger. During the last week of the period Richmond-... 90 325,760 323,212 290,783 money rates were slightly firmer, and there was Atlanta «. 94 231,266 227,607 218,685 Chicago- 201 914,446 906,219 877,633 a substantial increase in the volume of bills St. Louis—— 31 141,026 138,247 131,741 Minneapolis-- 14 88,636 88,285 86,265 offered to the market due in part to bills Kansas City-. ____ 56 105,519 105,787 102,982 which banks had been carrying in their Dallas... 109 98,144 98,081 87,612 San Francisco 71 1,022,166 1,009,626 932,540 portfolios. There was not a corresponding Total . 907 7,490,179 7,443,388 7,091,416 increase in the demand, and dealers' aggregate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL KESEBVE BULLETIN 921 COMMERCIAL FAILURES AND BANK SUSPEN- During October 36 banks, with capital and SIONS surplus amounting to $1,877,000, were re- Commercial failures numbering 1,696, with ported to the Federal reserve banks as closed, liabilities amounting to $36,098,804, were re- suspensions occurring in all except the Boston, ported by R. G. Dun & Co. for the month of New York, and Cleveland districts. Eight of October. The number of failures was about these banks were member State institutions, 30 per cent higher, and total liabilities in de- one a national bank, and twenty-seven nonfault about 5 per cent higher than in Septem- member banks. The nine member banks had ber. It is not unusual, however, for increases capital and surplus of $626,000 and the nonto occur in the latter months of the year, and member banks $1,251,000. Last month the the October insolvencies, only slightly more same number of closed banks was reported,, numerous this year than last, involved liabili- with aggregate capital and surplus of $921,000. ties which were less than half the aggregate for Of the total number suspending operations in October, 1923, the high point for that year. October, one in the Chicago district reopened The improvement in the liabilities as between within the month. In addition, five banks October of this year and last was due to a which had been closed previous to October, marked decrease in large defaults, particularly one in the Chicago and the remainder in- the among manufacturing enterprises. During the Minneapolis district, were reopened during the past 10 months of this year there have been month. Although the figures which appear 16,922 failures, as against 15,173 for a similar in the following table represent, so far as could period of last year. Defaulted indebtedness be determined, banks which were closed by amounting to $466,822,260 for the past months order of supervisory authorities, it is not known of this year compared with $437,480,368 for how many of these institutions may ultimately last year. prove to be solvent. Failures were more numerous in October than in the previous month in all districts BANKS CLOSED DURING OCTOBER, 1924 except the Philadelphia and the San Francisco [Amounts in thousands of dollars] districts, and liabilities were larger in all except the Chicago, St. Louis, Kansas City, and Member Dallas districts. When October is compared .All-banks (national) Nonmember with that month last year, however, the num- Federal reserve b on er ly o i f n f t a h il e u r B es o s i t s o n, f ou N n e d w to Y o h rk a , v e C i l n e c v r e e l a a s n e d d , district N b u e m r s C u a a r p n p i d l t u a s l N b u e m r - s C u a a r p n p i d l t u a s l N b u e m r -i s C u a a r p n p i d l t u a s l Richmond, Chicago, and Kansas City districts and liabilities only in the St. Louis Total--. 1,877 27 1,251 and Minneapolis districts. In the San Fran- Philadelphia-. 78 78 cisco district, although failures were less num- Richmond..-. 135 2 Atlanta... 230 "205" 1 erous than in any month, with one exception, Chicago 495 29 495 since September of last year, the total liabilities St. Louis...... 58 3 58 Minneapolis _. 200 90 3 110' involved were the highest since October of last Kansas City-. 134 5 134 Dallas. ....... 283 "253" 1 30> year. Comparative data by districts for the San Francisco. 264 264 month of September are presented in the following table: 1 Includes one member State bank with capital and surplus of $70,000' 2 Of these, one bank with capital and surplus of $10,100 was reopened' during October. FAILURES DURING OCTOBER FOREIGN TRADE Number Liabilities Imports of merchandise during October were Federal reserve district valued at $310,000,000, compared with $287,- 1924 1923 1924 1923 000,000 during September. Exports during Boston... _ . _ _ _ .. 143 130 $2,728,188 $15,610,419 October were $527,000,000, an increase of al- New York 356 351 11,206,118 34,602,500 most $100,000,000 as compared with Septem- Philadelphia 59 62 1,388,662 1,557,615 Cleveland „„ _ 376 137 4,737,431 7,706,539 ber and the highest figure shown for any month R A i t c la h n m t o a nd 1 9 1 0 1 m 1 1, , 7 7 6 6 7 5 , , 9 3 8 7 2 1 2 2 , , 0 2 8 6 5 6 , ,8 0 2 5 8 1 since January, 1921. The October increase S C t h . i L ca o g u o is --„._„....-_ . „ 2 7 6 9 8 2 1 0 0 8 7 4 1 , , 3 94 3 5 7 , , 1 4 0 4 6 8 4 1 , , 7 30 9 8 0 , , 8 0 3 2 3 7 reflects in part the seasonal movement of Minneapolis... ..... 65 84 1,160,571 1,118,598 cotton and grain to Europe, especially to Eng- Kansas City.. ... 130 90 1,277,290 1,340,804 Dallas 46 96 543,300 2,417,470 land and Germany. San Francisco..._;..—. 173 2 1 0 1 6 1 3,241,337 4,497,057 Net exports of merchandise during October Total-..- 1,696 1,673 36,098,804 79,301,741 amounted to $217,000,000,^ as compared with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 FEDERAL RESERVE BULLETIN DECEMBER, 1924 $140,000,000 during September and with $91,- shown for India and for Hongkong, while an 000,000 during October, 1923, and were the increase of $1,000,000 was shown for Canada largest monthly net exports shown since Feb- and of $800,000 for the Philippine Islands* ruary, 1921. Net imports for October were $15,576,000, as The total visible balance, including mer- compared with $2,076,000 for September. chandise and gold and silver, which had been Gold imports for the 10 months ending a net import balance of $103,000,000 during October, 1924, totaled $290,000,000, compared the first 10 months of 1923, was a net export with $250,000,000 for the 10-month period of balance of $425,000,000 during the first 10 1923, an increase of $40,000,000. Imports months of 1924. from the Netherlands were larger by $37,000,000; from England by $30,000,000, and from Argentina by $18,000,000, while MERCHANDISE TRADE BALANCE OF THE UNITED STATES imports from Germany were smaller by [In thousands of dollars] $45,000,000 this year than in 1923. Gold Month Imports Exports E im xc p e o ss r t o s f E e x x c p e o s r s t o s f exports were $12,000,000 smaller than a year ago, the greatest decrease, $10,000,000, being 1923 shown in exports to British India. Net im- January 329,254 335,417 6,163 February 303,407 306,957 3,550 ports rose from $223,000,000 during the 1923 March 397,928 341,377 56,551 period to $274,000,000 during 1924, an increase April 364,252 325,492 38,760 May _. 372,545 316,359 56,186 of $51,000,000. June __.. 320,234 319,957 277 July.. 287,434 302,186 14,752 August.,., 275,438 310,966 35, 528 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED September..... 253,645 381,434 127, 789 October 308,291 399,199 90,908 STATES November 291,333 401,484 110,151 [In thousands of dollars] December 426,665 138,360 10 10 Year..... 3,792,066 4,167,493 375,427 October, Septem- months months 1924 1924 ber, 1924 O e c n to d b ed er, O e c n to d b ed er, J F a e n b u r a u r a y ry 2 3 9 3 5 2 , , 5 3 0 2 6 3 3 3 9 6 5 5 , ,7 1 7 7 5 2 33,452 1924 1923 March 320,482 339,755 19,273 April 324, 370 346,936 22, 566 May 302,988 335,099 32, 111 June 274,001 32,988 Great Britain. 130,894 100,920 July 278,593 276,649 1,944 France 1 10,706 13,072 August _._ 254,542 330,673 76,131 Germany 1 4,823 49,551 September 287,137 427,635 140,498 Netherlands... 13,198 47, 699 10,917 October 310,000 527,000 217,00 Sweden 331 6,522 3 Canada 2,365 2,659 35,923 44,465 Mexico 399 497 4,648 5,554 Argentina 2,000 1,475 18,190 126 COMPARATIVE TRADE BALANCE OF THE UNITED STATES Colombia . 173 193 1,888 3,843 FOR 10 MONTHS ENDING OCTOBER, 1923 AND Peru 206 351 2,462 1,851 1924 China — 395 501 4,999 Hongkong 2,500 317 [In thousands of dollars] All other 632 18,330 15,005 Mer- Total _ 19,701 6,656 289,584 250,317 chandise Gold Silver Total France 65 65 2,660 1923 Canada 1,287 248. 2,649 1,392 Imports 3,212,428 250,317 61,012 3,523,757 Mexico .348 502 3,147 4,073 Exports... 3,339,344 27,185 54,172 3,420,701 Venezuela- 1,102 Net imports (—) or British India.. 776 2,028 4,467 14,404 exports (+) +126,916 -223,132 -6,840 -103,056 Hongkong 510 1,705 2,366 2,185 All other 1,204 32 1,488 2,471 1924 Total--. 4,125 4,580 15,284 27,185 Imports 2,979,942 289,584 61,600 3,331,126 Exports. 3,651,683 15,284 89,210 3, 756,177 Net imports- 15,576 2,076 274,300 223,132 Net imports (—) or exports (+)-. +671,741 -274,300 +27,610 +425,051 GREAT BRITAIN The movement of gold into and out of Great GOLD MOVEMENTS Britain during September was smaller than it UNITED STATES has been at any time since 1920, when the Total gold imports into the United States British Government resumed the publication during the month of October were $19,700,000, of gold import and export figures, after having an increase of $13,000,000 over the amount discontinued them during the war. Gold imshown for September, accounted for by im- ports during September were £414,000, less ports from the Netherlands. Gold exports than one-fourth of the amount shown for the during October decreased slightly as compared preceding month, and comparing with £3,276,with September; a decline of $1,000,000 was 000 for September, 1923. Gold exports were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, FEBEBA1. EESEEVE BULLETIN 923 £642,000, slightly more than one-fifth of the preciating for several weeks past, as a result amount shown for August, and comparing of the policy adopted by the Dutch Governwith £4,310,000 for September, 1923. There ment and Amsterdam bankers of utilizing were no gold exports to the United States from their dollar balances to support the exchange Great Britain in September, an occurrence and also in consequence of considerable gold which has been recorded for only three other shipments to the United States, rose to 40.22 months since 1920. The other important cents per florin on the 21st, which is slightly decrease is shown in exports to British India, above parity. Swedish krona reached parity which declined from £1,183,000 to £589,000. on the 7th, and stood at a premium there- Net exports declined in September to only after. Swiss francs, about at parity, fluctu- £228,000, less than one-sixth of the excess ated very slightly—between 19.25 and 19.30 exports for August. cents per franc, The Danish and the Nor- Imports for the 9-month periods of 1924 wegian crown also appreciated considerably. and 1923 show a decline of about £5,000,000 Little change was shown for French and from the Transvaal and of more than £2,600,000 Belgian francs and a slight depreciation for from the United States. On the export side, Italian lire. The new German reichsmark an increase of more than £12,000,000 is shown was quoted during the first three weeks of in exports to the United States, whereas a November at 23.80 cents per reichsmark, i. e., decrease of almost £10,000,000 is shown in at par. exports to India. This decrease is due in Advances for the South American exchanges part to the fact that India has imported gold also are shown for the first three weeks of direct from the Transvaal. Net exports for November. The Argentine peso rose from the later period, therefore, total £14,700,000 83.44 cents on the 1st to 86.63 cents per peso as against £4,136,000 for the 1923 period, or on the 20th. Brazilian milreis rose from 11.19 an amount more than three and one-half times cents on the 1st to 11.76 cents per milreis on as great during 1924 as that shown for 1923. the 19th. Chilean pesos rose from 11.13 cents on the 1st to 11.38 cents on the 19th. Uru- GOLD IMPORTS INTO AND EXPORTS FROM GREAT guayan pesos rose from 90.70 cents on the 1st BRITAIN to 99.28 cents on the 19th. Of the Far Eastern exchanges, the Shanghai 9 months 9 months September, August, ended ended tael remained stable at about 76.50 cents per 1924 1924 September, September, 1924 1923 peso. Indian rupees advanced from 33.97 cents per rupee on the 1st to 34.73 cents on the 21st. Japanese yen fluctuated wjthin IMPORTS Netherlands . _ £5,230 £1,560 £109,909 £53,076 narrow limits, between 38.28 and 38.66 cents United States 5,614 348 38,990 2,652,350 per yen. Egypt 10,525 57,678 Rhodesia 195,804 212,864 1,800,851 1,643,240 Transvaal 88,256 1,475,167 24,610,964 29,439,931 W Al e l s o t th A e f r rica 1 1 0 6 3 , , 0 29 4 6 6 9 7 6, , 7 8 1 7 2 8 1,0 1 2 2 7 3 , , 8 08 5 0 7 9 1 8 7 5 5 , ,9 9 6 3 6 1 O b c e t r o , - First N S o ec v o e n m d b e T r h , i 1 r 9 d 2 4 Fourth v b N e e o m r - , - Total _... 414,246 1,794,529 27,722,176 35,008,172 1924 week week week week 1923 EXPORTS Belgium. 6,800 8,572 77,807 67,880 Average quotations (cents): F N r e a t n h c e e r lands .. .. 1 11 4 , , 5 9 2 0 0 3 103,224 3 9 5 5 9 3 , , 7 6 0 3 5 1 7 3 4 5 7 , , 3 3 4 4 4 0 S F t r e e r n l c in h g franc 44 5 8 . . 2 7 3 0 4 . 55 . 5 7 .2 0 4 46 5 1 . . 2 5 8 8 462 5. . 2 2 6 9 46 5 3 . . 3 2 1 4 43 5 8 . . 5 2 2 2 Sweden. 315,700 316,090 German reichsmark.«_ 23.80 23.80 23.80 23.80 Switzerland 16,470 148,854 14,740 Italian lira „__ 4.35 4.35 4.32 4.33 4.34 4.36 United States 1,519,708 29,877,032 17,534,834 Netherlands florin 39.10 39.71 40.00 40.15 40.28 38.02 British India.._. 588,931 1,183,137 8,459,254 18,314,846 Swedish krona_.. _ 26.61 26.69 26.82 26.87 26.29 Java . 5,000 1,001 30,278 216,023 Swiss franc 19.18 19.26 19.26 19.28 19.30 17.55 Straits Settlements—. 3,447 10,200 192,722 236,517 Canadian dollar 99.97 99.98 99.96 99.99 100.02 98.13 Egypt .. _. 3,000 1,333,975 1,275,500 Argentine peso 83. 55 83.86 85.22 85.99 86.62 7L15 All other .„„„„ 11,696 11,536 687,068 701,117 Shanghai tael .. _ 76.98 76.47 76.42 76.08 76.26 70.76 Percentages of par: Total 642,297 3,172,548 42,436,416 39,144,141 Sterling. „ 92.2 93.6 94.9 95.1 95.2 90.1 Net exports.--.. 228,051 1,378,019 14,714,240 4,135,969 French franc 27.1 27.2 27.3 27.2 27.5 28.6 German reichsmark 99.9 99.9 99.9 99.9 Italian lira _—. 22.5 22.5 22.4 22.4 22.5 22.6 Netherlands florin..... 97.3 98.8 99.5 99.9 100.2 94.6 FOREIGN EXCHANGE Swedish krona - 99.3 99.6 100.1 100.2 100.3 98.1 Swiss franc .... 99.4 99.8 99.8 99.9 100.0 90.9 Advances were shown during the first three Canadian dollar -100.0 100.0 100.0 100.0 100.0 98.1 Argentine peso.- 86.6 86.9 88.3 89.1 89.8 73.7 weeks of November for most leading foreign Shanghai tael 115.2 114.4 114.3 113.8 114.1 105.9 General index of 17 counexchange rates. Sterling rose from $4.55 on tries ........ 61 61 61 61 61 61 November 1 to $4.63 on November 14 and re- Monetary unit and par of exchange, in cents, for the countries" listed: mained at about that level until the 21st. Pound=486.65; franc= 19.30; reichsmark ==23.82; lira= 19.30; florin= The Netherlands florin, which had been ap- 40.20; krona=26.80; dollar=100; Argentine gold peso=96.48; Shanghai tael=66.85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

924 FEDERAL EESEEVE BULLETIN DECEMBER, 1924 FOREIGN LOANS AND FOREIGN EXCHANGE Extensive foreign borrowings in the United about 5 per cent below par. This strength in States have characterized the present year, the exchanges is especially noteworthy in view total new capital issues for the 11 months of of the exceptionally heavy purchases in Octo- 1924 being nearly three times as large as for ber of grain and cotton by European countries. the entire year 1923 and larger than for any While a large part of the proceeds of these year since the war. These foreign loans have loans has been used in the purchase of goods in been reflected in a firm or rising tendency in the United States, a portion of the funds, the foreign exchanges, notwithstanding this notably the loan to Germany, has been for the autumn's large exports and the reduced in- purpose of reestablishing currencies on a gold flow of gold. ' . basis and maintaining their stability. The The volume of foreign capital flotations for flotation of these loans and also the extension the first 11 months of this year, according to of short-term credits have been favored by the figures compiled by the Guaranty Company low level of money rates in the United States. of New York, has been more than $1,100,- The ease in the money market in this country 000,000, about four-fifths of which repre- is in contrast to the shortage of long-term capsents new capital. Of the new issues ap- ital as well as of bank credit prevailing on the proximately 75 per cent were borrowings Continent of Europe and reflected in high money by foreign governments and 25 per cent by rates. In the London market, which furnishes foreign corporations. This large foreign bor- a large part of seasonal credit required by the rowing, of which roughly one-half was by Continent and where rates are ordinarily lower European countries, was a factor in the recent than in this country, money rates in recent improvement in the foreign exchanges. In con- months have been higher than in New York. trast with the usual seasonal decline during the A year ago three-month bank bills in London late summer and early fall, several of the lead- carried Z% per cent and in New York 4^ per ing European exchanges have had a marked cent; at the end of May of this year the prerise. Exchanges of such countries as Austria, vailing rate was 3 f>er cent in both markets, Germany, and Poland, which have been stabil- and in early November the rate was 2% per ized with reference to gold, have during this cent in New York against %% per cent in period maintained their rates practically at London. The tightness of money throughout par. Dutch florins and Swiss francs, quoted Europe is further shown by advances made in during the first quarter of the year at substan- official discount rates of the central banks of tial discounts, have recently returned to parity issue. Since the first of the year discount rates ? and fluctuations in French and Belgian francs have been advanced by the central banks of have been much narrower. The pound ster- nine European countries. In such other ling, which at this season usually declines as a countries as Switzerland and England, where result of large payments for exports from this there has been no change in the official rate of country, has this year advanced from $4.31 in discount, there has been a distinct hardening June to $4.fi2 in November, when it stood of the money market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DBCBMBBB, 1924 FEDERAL RESERVE BULLETIN 925 BRANCH BANKING IN THE UNITED STATES Recent growth of branch banking in this The problem presented to the board at this country has given rise to a consideration of the time was one to which the board had given place of branch banking in the American more or less continuous consideration in past banking system and to proposals for legislative years. It was not one primarily involving regulation. At its last session Congress had the relative merits or demerits of branch under consideration a bill proposing to liber- banking as compared with independent unit alize the statutory provisions under which banking, but was rather a problem of developnational banks operate in the several States ing an administrative policy which would m and at the same time to impose some restric- a measure eliminate what was conceived to be tion upon State banks in the exercise of an inequitable discrimination among member branch banking privileges within the Federal banks in the exercise of branch banking reserve system under State charters. Specifi- privileges. cally the bill proposed to authorize national The Federal Reserve Board has no power to banks located in States which grant similar restrict branch banking under State laws, privileges to competing State banks and trust except to a limited extent by imposing restriccompanies to establish branches within the tive conditions upon such State banks as corporate limits of the town or city in which freely elect to join the Federal reserve the parent bank is located; and further to system and comply with such restrictive require State banks applying for membership conditions of membership as the board may in the Federal reserve system to relinquish set up. branches outside the home town or city of the Only in the case of national banks is memparent bank. Proposed amendments to the bill bership in the Federal reserve system comwould restrict the exercise of these limited branch pulsory, and under our national banking act banking privileges by national banks to States national banks are not permitted to establish which at the time of passage of the act permit branches, although they are permitted to State banks to establish branches, and similarly operate branches acquired by merger with would require applying State banks to relinquish State institutions, and branches established all branches in States which do not at the under State charters prior to nationalization time of passage of the act permit intra-city of the parent bank. Even these very restricted branch banking. These amendments are branch banking privileges are, however, preintended to hold branch banking within the cisely defined in the Federal statute, and are Federal reserve system to the territory in not susceptible of the least modification through which it is permitted at the time of passage of any administrative action of the Federal the act and to prohibit any extension of this Reserve Board. So that in respect to the great territory in the future under State legislation. majority of member banks—i. e., in the case Inasmuch as this bill and the amendments— of 8,080 out of 9,650 member banks—as well which propose important modifications of our as of nonmember banks the Federal Reserve Federal banking laws—will undoubtedly come Board has no original control over branch up for further consideration, the following banking activities. survey, of the Federal Reserve Board's adminis- Since the 18,818 nonmember State banks are trative policy, of the legal status of branch entirely under State control, while the 8,080 banking in the several States, and of the extent national banks have their branch banking of branch banking in this country is presented. privileges, in so far as they may exercise any such privileges, defined and limited by Federal LIMITATIONS UPON, FEDERAL CONTROL OF statute, it follows, as noted above, that the BRANCH BANKING Federal Reserve Board can, through prescrib- On November 7, 1923, the Federal Reserve ing conditions of voluntary membership in the Board adopted a resolution defining the policy system, directly affect the branch banking which it would pursue in the future in respect privileges only of a comparatively small to admission to membership in the Federal number of State institutions. In June, 1924, reserve system of State banks operating of the 1,570 State member banks, approxibranches outside of the city of the parent mately one-half were located in States which bank (or territory contiguous to that city) do not permit branch banking, and since the and in respect to applications of member board would, of course, have no authority to State banks for permission to establish addi- confer branch banking privileges upon any tional branches within the system. State member bank located in a State which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

926 FEDERAL RESERVE BULLETIN DECEMBER,, 1924 did not permit its own institutions to exercise arbitrary rule requiring simultaneous examinasuch privileges, any branch banking regula- tions of head offices and branches, it had tion formulated by the board could in fact affect nevertheless regarded any evidence of inability only some 700 or 800 banks located in States on the part of State authorities to conduct which permit branch banking out of the total proper examinations of banks maintaining exof 28,468 banking institutions in the country. tensive branch systems as being in itself Under these conditions the formulation of adequate justification for limiting further exany general branch banking policy will, it is pansion of such systems. Responsibility for clear, require something more than an admin- the conduct of adequate examinations, it has istrative ruling by the board. It will require been felt, must in the case of member as of legislation by Congress, and even that can in nonmember banks be assumed primarily by fact affect directly barely one-third of the banks State authorities rather than in the case of in the country. member banks by the Federal reserve bank In reviewing the actions of the board before of the given district. and since November, 1923, these limitations In general, it may be observed that prior to upon the power of the board and even of Con- November, 1923, the board permitted expangress to give widespread effect to any approved sion of member bank branch systems under branch banking policy should be kept in mind. State supervision and control, in so far as such expansion was consistent with sound banking ADMINISTRATIVE POLICY OF THE BOARD PRIOR principles of efficient administration, adequate TO NOVEMBER, 1923 State supervision, and complete solvency. In one of its aspects the branch banking In acting upon applications of State memproblem itself has been continuously presented ber banks for permission to establish addito the board. This aspect has been that detional branches within the system the board veloping out of competition of member and had prior to November, 1923, considered each nonmember branch systems with national case upon its own merits, giving consideration banks which operate under a prohibition of to public convenience and to the parent bank's branch banking imposed upon them by Fedcapacity for properly organizing the branch eral statute. In States which have permitted and assimilating the business taken over. As branch banking national banks have exa matter of general policy, rather than speciperienced the pressure of competition with fically of branch banking policy, the board in the expanding branch systems of State inindividual cases withheld its approval until stitutions and have in numerous instances satisfied tha^t establishment of the additional been absorbed into branch systems, or have branch or branches in question would not imin other instances surrendered their Federal pair the solvency or liquidity of the parent charters and taken out charters under State bank. It gave consideration to the rate of laws which granted them branch banking expansion of the given branch system; coprivileges. Under these conditions the Fedordination of branches already acquired; headeral Reserve Board has given careful consideraoffice control, supervision, and personnel; tion to ways and means of enabling national affiliation with outside corporations; relation banks to compete on terms of fair equality of capital and surplus to deposit liabilities, with State banks. In respect to national especially in rapidly expanding branch sysbanks the board's branch banking policy tems; methods of acquiring branches; and has found expression in recommendations of generally to local conditions and needs in so amendatory legislation by Congress. far as these could be clearly defined. The board distinguished branches from paying BRANCH BANKING RECOMMENDATIONS TO and receiving stations not vested with dis- CONGRESS cretionary power to make loans, except for inconsiderable sums, and while reserving the The board in its second annual report coverright to reconsider in case such offices in any ing the calendar year 1915 recommended to instance developed into full-fledged branches, Congress that national banks be permitted to it made approval of such outside offices more establish branch offices within the city, or withor less a matter of form, except where it ap- in the county in which they were located.1 peared that the expense of maintaining them Consistently with this recommendation, the might impair the capital of the bank. board early in 1916 prepared and transmitted Although the board had not formulated any i Second annual report to Congress, p. 22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDEBAL BESEBVE BULLETIN 927 to Congress the draft of an amendment to the banks in cities of 500,000 or more population, Federal reserve act. In the terms of this having a capital and surplus of $1,000,000 or amendment national banks located in cities of more, to establish not exceeding 10 branches 100,000 and over having a capital and surplus within the corporate limits of the cities in which of $1,000,000 or more would have been permit- they were located, provided State law extended ted to establish branches within the corporate a similar privilege to State banking institutions: limits of the cities in which they were located., Under the present law national banks can not afford and any national banks located in other places the same facilities to the public as are given by State would with approval of the Federal Reserve banks having branches, except in cases where State banks and trust companies operating branches have Board and unaer such regulations as the board merged with national banks, when existing branches may might prescribe have been permitted to estab- be continued by the national banks. * * * While lish branches within the limits of the county in the board would prefer to have this privilege [of establishwhich th^y were located or within a radius of ing branches] extended to national banks in cities of not 25 miles, irrespective of county lines, but not in less than 100,000 inhabitants, or, failing that, have the population limit raised to 200,000, it wishes to point any case outside the State or Federal reserve out that the limit fixed in the Senate bill does not affect district of the parent bank. This privilege, it the principle involved, and it therefore respectfully was further provided, shquld be restricted to recommends once more that national banks be perbanks with a capital equal at least "to the ag- mitted to establish branches in cities in which they are located under such limitations as in the wisdom of Congregate of the amounts which would be required gress may be deemed desirable. of each branch under the provisions of section Again in its report for 1922 the board com- 5138, Revised Statutes, if it were organized as mented briefly upon branch banking develan independent association, together with the opments, noting that the establishment of amount required of the parent bank itself in that section." 2 branches by the larger State banks "had gone so far in a few States, notably California, and An amendment drawn in compliance with in a few large cities, including New York, these recommendations was adopted by the Cleveland, and Detroit, as to reduce greatly Senate, August 16, 1916, and together with the number of national banks." The board other amendments was referred to a conferexpressed the opinion that the action of the ence committee of the House and Senate. In Comptroller of the Currency in permitting naconference it developed that the amendment tional banks to open "additional offices" withwas not acceptable to the House conferees and in the corporate limits of the cities in which the Senate on recommendation of its conferees they were located in States which permitted receded from its proposal. branch banking "does not meet the situation In its 1918 report to Congress the board re- in California and does not fully meet it in newed its recommendation, expressing the opin- the cities mentioned/7 and that "an amendion that national banks were "at a serious dis- ment to the national banking act allowing naadvantage in meeting the competition of State tional banks the same privilege given to State banks with branches/7 and that "the proper banks in States where branch banking is perdevelopment of the Federal reserve system mitted is much to be desired." makes it necessary to coordinate as far as pos- In this connection the board noted a suggessible the powers of all member banks." This tion made by the Joint Commission of Agriculcoordination of powers could not be effected tural Inquiry in its report to Congress dealing without amendment of existing laws under with the problem of rural credit, to the effect which "some member banks,both National and that " a system of limited branch banking might State, are given advantage over other member furnish a possible solution of this problem." banks," The board renewed its recommenda- Upon this suggestion the board commented as tion of previous years, being confident that the follows: proposed amendment would "prove beneficial Such systems are in fact already established in some to the Federal reserve system, as well as to the sections of the country, notably in California, and apcommunities concerned." 3 pear to have gone far toward solving the problem. Substantially the same recommendation was Branch banking has lowered the rate of interest in included in its report for .1919. This report some of the leading agricultural sections of California, and at the same time has provided added security for commented as follows upon a bill passed by the the deposits of farmers. There are interesting neigh- Senate which proposed to authorize national borhood branch banking groups in other States, which appear to be serving their communities well.4 2 FEDEKAL RESEEVE BULLETIN, July, 1916, p, 327. 8 Fifth annual report to Congress, p. 83 4 Ninth annual report to Congress, pp. 5-6. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FEDERAL* RESERVE BULLETIN DECEMBER, 1924 Finally, in its 1923 report, the board notes which was, in the opinion of two Attorneys General, definitely forbidden to other member banks—specifithe difficulties which, originate in the differcally, in the practice of operating branches outside the ences of State laws and the competitive disad- home city of the parent bank. vantages under which national banks operate Unlimited extension of branch banking would, in in States which permit branch banking, and the opinion of the committee, "give to banks operating expresses the hope uthat it can by administra- under liberal State charters such competitive advantages over the unit banks which are members of the tive measures find some reasonable method of Federal reserve system-" as would impair materially harmonizing existing differences of interest of the usefulness of these unit banks, if it did not ulti- State and national banks in the matter of mately result in their extinction. It was a duty of the Federal Reserve Board—and branch banking, and thus lay the basis for a one which could not be evaded by any technical interpolicy which will result in shaping the develop- pretation of the law—to lay down a policy "to the ment and practice of branch banking in the general end that all banks, National and State, may United States along useful and serviceable operate for the good of the system/' which could not lines." 5 be subserved by permitting activities by one group of member banks which endangered the existence of In brief, the board's administrative policy, another group. which was largely defined in and imposed by No bank, National or State, which was not willing Federal statutes, was, on the one hand, a policy to waive any privileges granted under State laws that were found to be inconsistent with the purposes of the of permitting the States to determine what Federal reserve system should enter or remain in the branch banking privileges should be exercised system, and it was the duty of the Federal Reserve by State institutions within the Federal reserve Board to prescribe conditions under which banks might system—in so far as the exercise of such privi- secure the compensating advantages of membership in the system. leges violated no principle of sound banking— It was manifestly unfair for the board to refrain and, on the other, a policy of recommending to from notifying members of the policy which it pro- Congress amendatory legislation liberalizing posed to follow "in this important matter.of branch national bank charters. banking, upon which the Federal reserve act expresses itself only by implication," and to permit member banks without warning to engage in a course, "unwit- RESOLUTION ON BRANCH BANKING ADOPTED tingly and innocently," which might "subsequently BY THE BOARD ON NOVEMBER 7, 1923 meet with criticism and disapproval of the board." Furthermore, it was only fair that member banks which were not permitted by a law to engage in or had On November 7, 1923, the Federal Eeserve not in fact actually engaged in branch banking should Board's committee on examinations submitted know the terms under which other member banks a report and a resolution formulating certain would be permitted to compete with them. general principles for guidance of the board in In consideration of these reasons the board acting upon individual cases presented to it in adopted the proposed resolution, which was to applications for admission to membership of the following effect: State banks operating branches outside the Resolved, That the board continue hereafter as herecity or town or contiguous territory in which tofore to require State banks applying for admission to the parent bank was located and in applica- the Federal reserve system to agree as a condition of tions of State member banks for permission to membership that they will establish no branches exestablish such branches. "The substance of cept with the permission of the Federal Reserve Board; this resolution/7 the committee observed, "has be it further Resolved, That, as a general principle, State banks been a matter of long and intensive study by all with branches or additional offices outside of the cormembers of the Federal Reserve Board and porate limits of the city or town in which the parent the board should be, therefore, in position to banks are located or territory contiguous thereto ought not be admitted to the Federal reserve system express itself and to take a definite stand on except upon condition that they relinquish such the subject." Reasons given for recommend- branches or additional offices; be it further ing immediate adoption of the resolutions Resolved, That, as a general principle, State banks were substantially the following: which are members of the Federal reserve system ought not be permitted to establish or maintain branches or The intent of the Federal reserve act was, in the additional offices outside the corporate limits of the opinion of the committee, necessarily to compromise city or town in which the parent bank is located or and reconcile the operations of banks organized under territory contiguous thereto; be it further the national bank act and the banking laws of 48 Resolved, That in acting upon individual applica- States, and operating in the Federal reserve system, tions of State banks for admission to the Federal which was primarily an instrument of coordination reserve system and in acting upon individual applicaimposed upon the national system. tions of State banks which are members of the Federal Unfair competition had resulted from the fact that reserve system for permission to establish branches or certain member banks were privileged in a practice additional offices, the board, on and after February 1, 1924, will be guided generally by the above principles; * Tenth annual report to Congress, p. 48. be it further Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEK* 1924 FEDEEAL RESERVE BULLETIN 929 Resolved, That the term "territory contiguous there- maintain for itself and branches "an adequate ratio of to" as used above shall mean the territory of a cityor capital to -total liabilities and an adequate percentage town whose corporate limits at some point coincide of its total investments in the form of paper or securiwith the corporate limits of the city or town in which ties eligible for discount or purchase by Federal rethe parent bank is located; be it further serve banks." Resolved, That this resolution is not intended to (4) That it would not "consider any application to affect the status of any branches or additional offices establish a branch, agency, or additional office until established prior to February 1, 1924, either those of the State banking authorities have approved the estabbanks at the present time members of the Federal lishment, * * * and the directors or executive reserve system or those of banks subsequently apply- committee and the Federal reserve agent of the Federal ing for membership in said system. reserve bank of the district have made a report upon the financial condition of the applying bank or trust company, the general character of its management, FURTHER DEFINITION OF THE BOARD*S BRANCH what effect the establishment of such branch, agency, BANKING POLICY or additional office would have upon other banks or branches in the locality in which it is to be established, At its meeting on January 7, 1924, the board and whether, in their opinion, it would be in the intergave consideration to the applications of three est of the public in such locality, together with their recommendation as to whether or not the application banks for permission to establish branches from should be granted." time to time over a period of several months in (5) That, unless extended by the board, a permit accordance with contemplated programs of should become void after six months if the branch had development, and adopted a resolution to the not been established and opened within that time. (6) That the board reserved the right to cancel any following effect: That no blanket authority to permit granted in the future, whenever it shall appear, establish branches would be granted; that each after hearing, that such branch, agency, or additional application must be presented separately in office is being operated in a manner contrary to the regular form and manner, subject to approval interest of the public in the locality in which it is estabof the State banking authorities and a recom- lished mendation of the Federal reserve bank of the EXTENT OF BRANCH BANKING IN THE UNITED district; that applications to establish branches STATES in noncontiguous territory, filed before February 1 (under the board's resolution of Novem- One outstanding feature of banking deber 7) might be considered by the board after velopment in the United States is found in that date; and that the board reserved right the failure of branch banking to develop in to pass on each application on its merits. any measure comparable with the develop- On March 27 the board issued a revise and ment in other countries. The relatively small further elaboration of its regulations formu- number of banks operating branches—681 out lated under that general provision of the Federal of a total of 28,468 National and State banks reserve act which authorizes it to prescribe in the country as a whole—is, of course, acconditions of membership for State banking counted for in part by Federal and State institutions applying for admission to the sys- legislation prohibiting branch banking. But tem. In these regulations, as amended a even within the jurisdiction of States which month later, on April 7, the board took occa- have never imposed restrictions upon banks sion to give more formal statement than it had in the matter of establishing branches, the previously given to principles which would development of branch banking has been to govern it in approving the establishment of date generally inconsiderable. Among the branches. It declared: States which freely permit state-wide branch banking are Wyoming, none of whose 79 State (1) That it would "as a general principle restrict the banks operate branches; Georgia, with only 19 establishment of branches * * * to the city of location of the parent bank and the territorial area banks operating branches out of a total of within the State contiguous thereto, * * . * excep- 562 State banks; Delaware, with 5 branch ting in instances where the State banking authorities banks out of a total of 27 State institutions; have certified, and the board finds that public necessity Arizona, with 6 out of 44; Maryland, with 21 and advantage render a departure from the principle necessary or desirable." out of 148; North Carolina, with 39 out of (2) That as a general principle it would not consider 471; South Carolina, with 7 out of 330; Tenapplications for permits to establish branches unless nessee, with 19 out of 461; and Virginia with State authorities u regularly made simultaneous exam- 24 out of 341. inations of the head office and all branches," such examinations being of a character to furnish the board with Even in California, which among all the ''information as to the condition of each bank and the States has experienced the most considerable character of its management" sufficient to enable the development of branch banking, there were board "to protect the interests of the public." in June, 1924, 576 independent unit banks (3) That it would, as a general principle, require ? each bank establishing or maintaining branches to the number of banks operating branches Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL BESEBVE BULLETIN DECEMBER, 1924 being 99, and the proportion of unit to branch groups according as branch banking, at least banks nearly 6 to 1. Of the unit banks 326 to the extent of operating teller-window were operating under State charters imposing branches, is (1) prohibited, (2) authorized, or no restrictions upon the exercise of branch (3) not specifically covered by provision in banking privileges, and 250 were national State laws. The States comprising each of banks. Of the 99 banks operating branches, these groups are listed below: 15 operating 29 branches were national banks and 84 operating 509 branches were State (1) States which by statuteprohibit branch banking: institutions. Alabama. Missouri. Arkansas. Nevada. The predominance of California over other Colorado. New Mexico. States in the matter of branch banking is Connecticut. Oregon. apparent in the summary figures, 99 of the Florida. Texas. Idaho. Utah. 681 banks operating branches in the country Illinois. Washington. as a whole, and 538 of the 2,233 branches in Indiana. Wisconsin. operation in June being in this State. One Minnesota. member State bank in California was operating (2) States which by statuteauthorize branch banking: 88 branches, which was the largest number of Arizona. New York. branches found organized in a single system California. North Carolina. Delaware. Ohio. in the country, the largest branch system out- Georgia. Pennsylvania. side California being that of a member State Louisiana. Rhode Island. bank in New York City, which reported 57 Maine. South Carolina.6 branches, all located within the city limits. Massachusetts. Virginia. Michigan. Wyoming.6 But more than half of the California banks Mississippi. operating branches—53 out of 99—were operat- (3) States which do not bystatute specifically provide ing only 1 branch each, and only 13 of them for branch banking: were operating 5 or more branches. Iowa. New Jersey. Kansas. North Dakota. These figures seem inconsiderable in com- Kentucky. Oklahoma. parison with those for foreign branch systems, Maryland. South Dakota. which in individual instances number hundreds Montana. Tennessee. and even thousands of branches. While our Nebraska. Vermont. New Hampshire. West Virginia. banking system is, outside of California, predominantly one of independent unit bank- In 17 States establishment of branches is ing, it is far from being a uniform system im- expressly by statute prohibited, and it happosed upon the States by Federal legislation, pens that a precisely equal number of States feather it is a composite of 48 different systems. have expressly by statute or by implication of As regards branch banking, the precise situa- statutory provision authorized branch banktion in any State is one which has developed ing. The free extension of branch systems on under a complex of Federal and State legisla- a state-wide basis is authorized in nine States—tion and administrative practice, more or less Arizona, California, Delaware, Georgia, North restrictive of branch banking, and is one which Carolina, Khode Island, Virginia, and by in so far as it is affected by State control, is implication of statutory provisions in South in some respects different from that obtaining Carolina and Wyoming. Maryland and in any other State. In the main, however, Tennessee in administrative practice permit our experience with branch banking has been state-wide branch banking but without express in recent decades an experience under State statutory authority. Louisiana, Maine, and rather than Federal control. That it is so Ohio restrict branch banking to the county or still will be evident from the figures for June territory contiguous to the city or county in of the present year, when 573 of the 681 which the parent bank is located, and Massabanks operating branches were operating under chusetts and New York restrict branch systems State charters and 1,985 of the 2,233 branches to the corporate limits of the city in which the reported in operation were branches of State parent bank is located. Additional offices or banks. agencies but not full-power branches are permitted in Kentucky, under judicial decision, LEGAL STATUS OF BRANCH BANKING Michigan under judicial opinion, and Mississippi and Pennsylvania by statutory provision. With reference to the legal status of branch banking, the States may be classified into three « Branches authorized t?y implication. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER^ 1924 FEDEKAL BESEEVE BULLETIN 931 Banking policies in the several States have BRANCH BANKING WITHIN AND WITHOUT been built up from year to year under statutory THE FEDERAL RESERVE SYSTEM provisions which have left some measure, large or small, of discretion to administrative A summary classification of banks operating agencies. It follows that such policies cover- and not operating branches is given in Table 1, ing administrative practice are only partially from which it appears that 382, or more than set forth in legislative enactments. Branch half of the 681 banks operating branches in June, banking policies in particular appear to be in 1924, were nonmember banks. The 299 member some States largely of administrative rather banks operating branches include 108 national than legislative origin. and 191 State banks, the proportion operating They appear to be altogether of administra- branches being higher for State member (12.2 tive origin in the 14 States which have on their per cent) than for any other class of banks. LEGAL STATUS OF BRANCH BANKING §§§$ Branch bonking authorized 111 No provision fot"branch panting £23 Branch banking prohibited statute books no provisions whatever either As shown in the detailed figures given by prohibitive or permissive of branch banking. States in Table 11, the 108 national banks Without express statutory provision, branch operating branches were located in 21 States banking has been by administrative practice and the District of Columbia. Since national in some of these States prohibited—as in Iowa, banks are not permitted to establish full-power Kansas, Montana, New Hampshire, North branches de noyo, these banks were operating Dakota, Oklahoma, South Dakota, Vermont, either teller-window branches or branches and West Virginia; in others permitted under originally established under State charters and regulations more or less restrictive—as in brought into the Federal reserve system by Nebraska and New Jersey, which permit conversion or merger. The 191 member State maintenance but not establishment of branches, banks operating branches were located in 24 and in Kentucky, which permits teller-window States—37 in New York, 34 in Michigan, 22 in branches under judicial decision; and in still Ohio, 18 in California, 15 in Massachusetts, others freely permitted without restriction, as 12 in Pennsylvania, and from 1 to 8 in each of in Maryland and Tennessee. 18 other States. The 382 nonmember banks 19966—24f—3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FEDEKAL RESEBVE BULLETIN DECEMBER, 1924 operating branches also were widely distributed; On reference to Table 14 it will be found that being located in 25 States and the District of approximately two-thirds of the banking re- Columbia—66 of them in California, 35 each sources of California and of New York are rein North Carolina and Pennsylvania, 25 each ported by banks operating branches, and that in Louisiana and Ohio, 22 in Virginia, 20 in in four other States (Rhode Island, Louisiana, Maine, and from 1 to 19 in the 18 other States. Massachusetts, and Michigan) branch banks report a larger aggregate of resources than is TABLE 1.—NUMBER OF BANKS OPERATING AND NOT shown for unit banks. Incidentally it may OPERATING BRANCHES, JUNE, 1924 be noted that for banks operating branches Number of banks * aggregate resources reported for New York are nearly four times the amount reported for Class of bank Total O br p a e n r c a h ti e n s g op N er o a t ting California. branches It will be apparent from the foregoing figures Number Per cent that banks operating branches are in the main Total _ . '•_.___> 28,468 681 2.4 27, 787 banks of relatively large resources. This char- Member, total .___ ._ 9,650 299 3.1 9,351 acteristic of branch banks is more clearly de- National 8,080 108 1.3 7,972 State 1,570 191 12.2 1,379 veloped in Table 3, which gives average resources per bank for banks operating and not Nonmember 18,818 382 2.0 18,436 State, total member and operating branches. nonmember. __ 20,378 573 2.8 19,815 For all banks, member and nonmember, the i Exclusive of private banks not under State supervision and of 614 average is $23,455,000 for banks operating mutual savings banks. branches and $1,202,000 for independent unit RESOURCES OF BANKS OPERATING AND NOT banks. For member banks the corresponding OPERATING BRANCHES averages are $45,998,000 and $2,355,000, approximately the same averages obtaining for Aggregate resources of banks operating and national and for State member banks. Smaller not operating branches are shown by class of averages are shown for nonmember banks, but banks in Table 2. in this class also the average for branch banks Approximately one-third of the aggregate greatly exceeds that for unit banks. resources of the 28,468 banks in the country are reported by the 681 banks operating TABLE 3.—AVERAGE RESOURCES PER BANK FOR branches; 21.2 per cent, or more than one-fifth BANKS OPERATING AND NOT OPERATING BRANCHES, of the resources reported by the 8,080 national JUNE, 1924 banks, are reported by the 108 national banks operating branches; and 16.3 per cent, or Average resources per bank nearly one-sixth of the resources reported by Class of bank the 18,818 nonmember banks, are reported All Banks Banks not reporting operating operating by the 382 institutions of this class operating banks branches branches branches. More than half, 56.2 per cent, of the aggre- Total..._ $1,734,000 $23,455,000 $1,202,000 gate resources reported by banks operating Member _ 3,707,000 45,998,000 2,355,000 branches are reported by the State member National 2,791,000 44,221,000 2, 230,000 State -_..„. 8,422,000 47,003,000 3,078,000 banks, 29.9 per cent being reported by national Nonmember 723, 000 5,811,000 617,000 and 13.9 per cent by nonmember banks. State, total member and nonmember 1,316,000 19, 542,000 789,000 TABLE 2.—RESOURCES OF BANKS OPERATING AND NOT OPERATING BRANCHES, JUNE, 1924 These general averages represent fairly the condition obtaining in the several States. Re- Resources sources of banks in New York State, for ex- Banks operating Class of bank branches Banks not ample, average for banks operating branches Total operating $101,974,000 and for those not operating Per branches Amount cent branches $4,398,000. Corresponding averages for California are $20,839,000 and $1,901,000; Total--. $49,377,650,000$15,973,162,000 32.3 $33,404,488,000 for Rhode Island, $34,652,000 and $3,528,000; Member, total . 35, 777,256, 00013,753,434,000 38.4 22, 023,822, 000 for Massachusetts, $26,270,000 and $3,300,000; N St a a ti t o e- nal 2 13 2 , , 5 2 5 2 5 1 , , 2 9 7 83 3 , , 0 0 0 0 0 0 8 4, , 9 7 7 7 7 5 , , 5 8 5 7 6 8 , , 0 0 0 0 0 0 6 2 7 1 . . 9 217 4 ^, , ', 2 7 4 7 4 9 ,4 , 2 3 7 9 , 5 00 ,0 0 00 for North Carolina, $2,832,000 and $669,000; for Ohio, $22,903,000 and $1,475,000; for Nonmember 13, 600,394, 000 2,219,728,000 16.3 11,380,666,000 State, total member Michigan, $15,190,000 and $1,020,000; these and nonmember__. 26,822,377,000 11,197,284,000 41.715,625,093,000 proportions being typical for all States which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

j 1924 FEDERAL KESERVE BULLETIN 933 report any considerable development of branch of large banks to restrict their branch systems banking. to municipal limits, since the proportions are undoubtedly affected by the accident of State BANKS OPERATING HOME CITY AND OUTSIDE legislation—such as, for example, that.of New BRANCHES York specifically restricting branch banking to municipal limits and to the larger cities. More than half of the parent banks in the It is, however, a matter of interest that so several States were operating only branches considerable a number of relatively small located in the home city of the parent bank banks, presumably banks located in the or in territory immediately contiguous thereto. smaller cities and towns, are operating out- The percentage operating only home-city side branches. branches ranged from 35.9 in the case of non- A summary classification of home-city-only member branch banks to 89.8 for national and outside-home-city branch systems by banks. Figures for banks of each class operamount of resources reported is shown in ating branches only in home city, in and out- Table 5. side the home city, and only outside the home city are given in Table 4. TABLE 5.—BANKS OPERATING BRANCHES IN AND OUT- Corresponding figures for States are given SIDE HOME CITY, CLASSIFIED BY AMOUNT OF REin Table 12. In New York State, which of SOURCES, JUNE, 1924 all the States reports the largest number of home-city-only branch systems, branch bank- Banks operating branches ing is by State law restricted to municipal limits, and to cities of 50,000 population. Resources Only Outside Except as regards the population limitation Total in home home city city this is practically the situation also in Michigan, all but 4 of whose 63 branch systems are Total 371 310 home-city-only systems. Of California's 99 branch banks, 36 operate only home-city Under $1,000,000 127 9 118 $1,000,000 to $10,000,000 319 174 145 branches, 52 only outside branches, and 11 $10,000,000 and over 232 187 45 No report 3 1 2 both home-city and outside branches. TABLE 4.—NUMBER OF BANKS OPERATING BRANCHES SIZE OF BRANCH SYSTEMS IN AND OUTSIDE THE HOME CITY OP THE PARENT BANK, JUNE, 1924 More than half of the banks operating branches—376 out of 681, or 55.2 per cent— are one-branch systems, and more than five- Banks operating branches sixths of them—591, or 86.8 per cent—are individually operating not over 4 branches. Only in home Class of bank Total city In and Only Of these 591 relatively small systems 356 are outside outside nonmember and 235 are member bank systems. ber Num- Per h c o i m ty e h c o i m ty e Only 41 or 6.0 per cent of the branch systems ber cent embrace severally 10 or more branches, and only 16 as many as 20 branches. Of these 16 Total 681 54.5 38 272 371 larger systems 6 are located in California—4 Mem N b a e ti r o , n t a o l tal 2 1 9 0 9 8 23 9 4 7 8 7 9 8 . . 8 3 1 2 8 4 9 7 being member bank and 2 nonmember bank State 191 137 71.7 16 38 systems; one such system located in Louisiana, Nonmember 137 35.9 20 225 3 in New York, 1 in Ohio, and 5 in Michigan 382 State, total member and are all State member bank systems. The 25 non-member . ._ _ 274 47.8 36 263 systems of 10 to, 19 branches are found in the 573 following States: 7 in New York, including 3 Of the 310 banks operating branches out- national, 2 State member and 2 nonmember side the home city, 118, or 38.1 per cent, were systems; 6 in Michigan, including 5 State comparatively small banks, reporting resources member and 1 nonmember system; 2 in Caliof less than $1,000,000, while only 9 of the 371fornia, and 2 in Tennessee, all four nonbanks operating home-city branches only re- member; 1 State member system each in ported resources under $1,000,000. No par- Arizona, Rhode Island, and Mississippi; and ticular significance attaches to these propor- 1 nonmember each in Delaware, Georgia, tions as indicating any tendency on the part Maryland, Ohio, and Alabama. Of the 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN DECEMBER, 1924 systems of 10 or more branches, 27 are member TABLE 7.—BRANCHES IN AND OUTSIDE THE HOME and 14 are nonmember systems; 38 of them CITY OF THE PARENT BANK, JUNE, 1924 are State and 3 are national bank systems. Summary totals for systems classified by size Branches of system are given in Table 6. Class of bank In Outside Percent- Total home home age TABLE 6.—BRANCH SYSTEMS CLASSIFIED BY NUMBER city city outside OF BRANCHES OPERATED, JUNE, 1924 TotaL__. 2,233 1,463 770 34.5 Banks operating specified number Member, total. 1,385 1,073 312 22.5 of branches National- 248 227 21 8.5 Number of branches State 846 25.6 1,137 291 Nonmember.-. 390 54.0 Number Per cent 848 458 State, total 1,236 37.6 1,985 749 Total 681 100.0 2 1 b b r r a a n n c c h h es - 3 1 7 2 6 9 5 1 5 8 . . 2 9 PARENT BANKS AND BRANCHES CLASSIFIED 3 branches. . __ _ _ 54 7.9 BY POPULATION OF COMMUNITY IN WHICH 4 branches ._ __'__-- _._ 32 4.7 5 to 9 branches- - _ 49 7.2 LOCATED 10to 19 branches _ _ _ 25 3.7 20 branches and over 16 2.3 No bank located in a city of 1,000,000 or more population operates a branch outside the home city or territory immediately con- BLANCHES IN AND OUTSIDE THE HOME CITY OF tiguous thereto, although 87 banks located in THE PARENT BANK such cities operate home city branches. Only The 681 banks operating branches in June, 3 of the 284 parent banks located in cities of 1924, reported a total of 2,233 branches in 100,000 or more population operate outside operation, of which, as noted above, 248 were branches. branches of national banks and 1,985, or 88.9 Of the 310 banks operating outside branches per cent, branches of State banks. Branches 214, or 69 per cent, are located in cities of under located in the home city or town of the parent 10,000 population, while of the banks operating bank numbered 1,463, or 65.5 per cent, of all branches only in the home city only 7.3 per branches in operation, and branches outside cent are in cities of this size—65 per cent of the home city, 770. A majority of the home- these home-city systems being in cities of city branches, 57.8 per cent, were operated by 100,000 or more population. This distribu- State member banks, and a majority of the out- tion of parent banks, which is shown in Table 8, side branches, 59.5 per cent, by nonmember bears out the presumption, raised in the classibanks. Of the 248 branches of national banks fication of the same banks by amount of reall but 21 were home-city branches or " addi- sources, that banks operating outside branches tional offices"; three-fourths (74.4 per cent) are in a majority of cases located in the smaller of the State member bank branches also were communities. in the home city, while more than half (54 per It follows necessarily that a large proportion cent) of the nonmember bank branches were of the 1,463 home-city branches are in the outside the home city. larger cities. Table 8 shows that 1,284, or Summary totals for home-city and outside 87.8 per cent of them, are in cities of 100,000 branches are given in Table 7 and detail by or more population. It shows also that of the States in Table 13. Of the 1,463 home-city 770 outside branches the greater proportion branches, 359 are in New York, 327 in Michi- are in the smaller communities—630, or 81.8 gan, 249 in California, and 182 in Ohio, num- per cent of them, being in cities of 10,000 or less. bers in other States ranging from none in sever- A further analysis of the data not covered ; al States to 68 in Pennsylvania. California in the present tabulations, shows that 27 banks easily leads other States in number of outside operating 33 outside branches were located branches, the number of such branches in this in towns of less than 500 population, 9 of the State being 289. North Carolina reports 60 branches being in towns larger than that of the outside branches, Maryland and Louisiana 48 parent bank; that 107 banks located in towns each, Maine 46, Georgia 41, and other States of 500 to 2,500 population were operating 151 smaller numbers. branches, of which 6 were home-city and 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 935 outside branches; and that 107 banks located GROWTH OP BRANCH BANKING, 1865-1924 in towns of 2,500 to 10,000 were operating 206 Accurate statistics are not available coyerbranches, of which 23 were home-city and 183 ing the growth of branch banking in the United were outside branches. The 284 parent banks States under State and Federal legislation since located in cities of 100,000 or more population the passage of the national banking act in were operating a total of 1,570 branches, of 1863, or even during the decade since organiwhich 1,284 were home-city and only 286 outzation of the Federal Reserve Board under the side' branches. act of December 23, 1913. Some approxima.tion can, however, be made to tne correct TABLE 8.—PAEENT BANKS AND BRANCHES CLASSI- FIED BY POPULATION OF TOWN OR CITY IN WHICH figures by classifying branches in operation in LOCATED, JUNE, 1924 June, 1924, by year of establishment of the branch, and cumulating the figures from year to Banks Branches year. The results obtained by this process Oper- Oper- are shown in Table 9. Inasmuch as no ac- Po o c p i r t u y b l a r i a t n i n o c n w h h o i i f c s h t l o o w c b a a n t n e o k d r Total br h a a o t n i i n m c n h g e es b o r a a u t n t o i s c n i f h d g e e s Total h c o I i m n ty e h O s c o i i d m u ty e t- e b co ee u n n t e i s s t a t b a l k is e h n e d o f a b n r d a nc d h is e c s o n w ti h n i u c e h d m p a r y i or h av to e city home June, 1924, the cumulated totals in this tabuonly city*' lation may be assumed to be understatements Total . 681 371 310 2,233 1,463 770 rather than overstatements of the number of Under 2,500 134 5 129 496 6 490 branches in operation in the given year. It 2,500 to 25,000. 155 45 110 225 50 175 25,000 to 100,00Q_. 108 80 28 178 123 55 will, of course, be understood that the classifi- 100,000 to 1,000,000.... 197 154 43 926 904 22 cation of these branches as branches of national, 1,000,000 and over 87 87 381 380 1 No report 27 27 State member, and nonmember banks applies to the status of the branches in June, 1924, and 1 Including 38 banks operating branches "in and outside" home city TABLE 9.—NUMBER OF BRANCHES IN OPERATION, BY YEARS (Including only branches in operation in June, 1924) Number of branches in operation in year specified Of national banks Of member State banks Of nonmember banks Year In Outside Total home home In Outside In Outside In Outside city city Total home home Total home home Total home home city city city city city city Total 2,233 1,463 770 248 227 21 1,137 846 291 848' 390 458 No report 138 106 32 43 39 4 95 67 28 1924 2,095 1,357 738 248 227 21 1,094 807 287 753 323 430 1923 1,882 1,203 679 200 179 21 993 740 253 689 284 405 1922 1,602 1,000 602 136 115 21 856 647 209 610 238 372 1921 1,211 737 474 65 47 18 644 512 132 502 178 324 1920 ... 1,052 629 423 56 38 18 547 443 104 449 148 301 1919 857 481 376 44 26 18 429 340 89 384 115 269 1918 754 411 343 42 24 18 371 289 82 341 98 243 1917 . 696 382 314 40 24 16 342 266 76 314 92 222 1916- 626 338 288 39 23 16 301 236 65 286 79 207 1915 565 306 259 31 23 8 268 209 59 266 74 192 1914 507 271 236 18 11 7 251 196 55 238 64 174 462 238 224 16 9 227 172 55 219 57 162 1912 _ 416 208 208 13 7 6 202 152 50 201 49 152 1911 360 177 183 12 6 6 173 129 44 175 42 133 1910. __ 329 161 168 12 6 6 158 115 43 159 40 119 1909 305 151 154 12 6 6 148' 108 40 145 37 108 1908 275 132 143 12 6 6 132 94 38 131 32 99 1907 250 116 134 10 5 5 119 83 36 121 28 93 1906 221 104 117 8 4 4 111 75 36 102 25 77 1905 166 80 86 7 3 4 85 58 27 74 19 55 1904 148 72 76 6 2 4 75 52 23 67 18 49 1903 120 61 59 6 2 4 61 44 17 53 15 38 1902 95 47 48 6 2 4 46 34 12 43 11 32 1901 71 29 42 6 2 4 31 21 10 34 6 28 1900 60 24 36 5 2 3 26 17 9 29 5 24 1895-99 48 18 30 5 2 3 18 13 5 25 3 22 1890-94_ _._ 24 8 16 3 1 2 8 6 2 13 1 12 1885-89 8 3 5 2 2 4 3 1 2 2 1880-84 4 2 2 1 1 3 2 1 1875-79. .__ 3 2 1 3 2 1 1870-74 .:._. 3 2 1 3 2 1 1865-69-_. 1 1 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN DECEMBER,, 1924 does not apply to earlier years. The distinc- TABLE 10.—BANKS OPERATING AND NOT OPERATING tion between member and nonmember banks BRANCHES, BY FEDERAL RESERVE DISTRICTS, JUNE, 1924 originated under the Federal reserve act, and as regards the distinction between national and State banks, the status of any branch Number of banks may have been changed by nationalization of parent State banks, by denationalization of national banks, or by mergers bringing branches into the class in which they are now Federal reserve district operating. Of the 2,095 branches for which date of establishment is reported, 462 were in operation in 1913, and 1,633 have been established since the Federal reserve act went into effect. Ap- Total proximately one-half of the total number of branches have been established in the years No. 1—Boston No. 2—New York 1921-19247 the proportion being somewhat No. 3—Philadelphia.-., No. 4—Cleveland more than half for home-city and somewhat No. 5—Richmond less than half for outside branches. Of theNo. 6—Atlanta No. 7—Chicago 1,043 branches established since 1920, 851No. 8—St. Louis No. 9—Minneapolis were classified in June, 1924, as branches of No. 10—Kansas Citv. _ State banks and 192 as branches of national jsjo ii—Dallas No. 12—San Francisco . banks. The increase shown for national banks is practically all in number of home-city branches and indicates roughly the growth in so-called "additional offices" or "teller-win- Total dow77 branches. No. 1—Boston No. 2—New York No. 3—Philadelphia . CLASSIFICATION OF PARENT BANKS AND No. 4—Cleveland __--_- No. 5—Richmond BRANCHES BY FEDERAL RESERVE DISTRICTS No. 6—Atlanta No. 7—Chicago No. 8—St. Louis District 5 reports 115 banks operating No. 9—Minneapolis "M"o 10—Kansas Citv branches, of which 19 were national, 11 State No. 11—Dallas ._ _, member, and 85 nonmember, these banks No. 12—San Francisco. being located in the States of Maryland, Virginia, North and South Carolina, and the District of Columbia. The totals for all banks operating branches and for national and nonmember branch banks in this district exceed the corresponding totals for District 12, which embraces California and a large area outside of California—Oregon, Washington, Idaho, Nevada, Utah, and a large part of Arizona. Districts 1, 2, 4, and 7 each report a larger number of member State banks operating branches than are shown for District 12. In number of branches, however, except as regards branches of national banks in the New York district, the totals shown for District 12 exceed those for any other district for national, State member, and nonmember banks. latoT Operating branches 28,468 680 1,306 1,259 1,981 2,075 1,999 5,235 3, 215 3,244 4,021 1 751 1,701 latoT Member 681 74 86 63 54 115 70 70 20 . 7 2 10 110 latoT 299 32 62 25 27 30 20 48 7 6 2 3 37 lanoita N 108 11 19 12 5 19 6 10 3 4 2 17 etatS 191 21 43 13 22 11 14 38 4 2 R 20 Number of branches 2,233 1,385 248 1,137 140 77 31 46 377 310 73 237 100 35 15 20 206 143 5 138 223 55 29 26 196 72 18 54 345 300 24 276 52 29 7 | 22 15 14 12 2 2 2 2 12 4 4 565 344 32 312 rebmemnoN 1 382 42 24 38 27 85 50 22 13 1 7 73 848 63 67 65 63 168 124 45 23 1 8 221 itarepo toN 27,787 606 1,220 1,196 1,927 1,96C 1,929 5,165 3,195 3,237 4,019 1,742 1,591 STATE TOTALS In Tables 11, 12, 13, and 14, giving figures for States, the States have been grouped with reference to administrative practice or provision in State laws (1) as permitting statewide branch banking; (2) as permitting branch banking within the municipal limits of the city, town, or county in which the parent bank is located or territory contiguous thereto; (3) as permitting branch offices or agencies, socalled "teller window7' branches, but not permitting full-power branches; and (4) as prohibiting establishment of branches although permitting maintenance of branches established prior to enactment of present law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1924 FEDEEAL RESERVE BULLETIN 937 Under present administrative practice and unit banks, the 681 head offices of parent banks, legislative enactment branch banking, at least and the 2,233 branches—it may be noted that in so far as any further extension of branch in a number of States and for State member systems is involved, is restricted to the 20 banks, as a class, the proportion of branches States and the District of Columbia included to total offices is much more considerable. in the first three groups. For one of these In the case of State member banks branches States—Wyoming—no branches were reported constitute 42 per cent of total offices mainin operation in June, 1924, the number re- tained by this class of banks, which include ported for the other 19 ranging from 12 in 1,379 unit banks, 191 head offices of branch Kentucky to 538 in California. banks, and 1,137 branches. In California the While in the country, as a whole, branch number of unit banks in June was 576, of head offices of banks constitute only 7.3 per cent offices 99, and of branches 538, giving a total of the total number of bank offices—including of 1,213, of which branches constituted 44.4 in this total of 30,701 the 27,787 independent per cent. While no other State shows so high TABLE 11.—NUMBER OF BANKS OPERATING AND NOT OPERATING BRANCHES, BY CLASS OF BANK, BY STATES, JUNE, 1924 Number of banks Member Nonmember State Operat- op N e o ra t t- National State Total bra i n n c g hesbra i n n c g he Total b O ra p i n n e c g r h at e - sb o ra p N n i e n o c r g a t h t e - ; Total b O ra p i n n e c g r h at e - sb o ra p N i n e n o c r g a t h t e - Total b O ra p i n n e c r g a h t e - s *b o .r a p N i n e n o r c g a t h, t e - s Total United States 681 27,787 108 7,972 1,570 191 1,379 18,818 382 18, 436 State-wide branch banking permitted: Arizona --- 63 57 19 19 40 California 675 576 265 250 372 306 Delaware 45 40 18 18 23 19 District of Columbia 46 35 14 8 31 26 Georgia 656 635 94 92 484 472 Maryland 233 210 85 83 140 122 North Carolina 554 513 83 81 459 424 South Carolina 411 402 81 79 311 306 Rhode Island 31 24 17 17 11 7 Tennessee --- 569 548 108 106 448 431 Virginia.. 523 492 182 175 329 307 Wyoming. _. 116 116 37 37 76 76 Branch banking restricted as to locality: Louisiana. _ — 251 217 33 32 203 178 Maine .... 113 90 59 59 50 30 Massachusetts 252 208 157 146 70 52 New York _._:... 972 898 523 505 351 332 Ohio.. __ —. 1,107 1,056 355 657 632 Branch offices or agencies permitted but not branch banks: Kentucky 616 612 138 135 Michigan.. . 718 655 121 111 166 132 431 412 Mississippi — 357 346 35 34 8 7 314 305 Pennsylvania—. 1,640 1,581 864 852 77 65 Now prohibited—branches established prior to existing law: Alabama. ___. 362 357 105 105 24 23 233 229 Arkansas 485 88 88 38 38 359 357 Florida..... 299 54 54 13 13 232 231 Indiana 1,103 1,099 248 248 21 20 834 831 Minnesota ___. 1,415 1,412 334 331 29 29 1,052 1,052 Nebraska -_. 1,100 1,098 175 173 13 13 912 912 New Jersey 452 438 246 244 56 50 150 144 Oregon _•__ 277 276 97 96 38 38 142 142 Washington 379 374 112 111 47 46 220 217 Wisconsin 987 980 155 154 30 25 802 801 Other States i__ 11, 661 11,661 3,174 3,174 573 573 7,914 7,914 i States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah. Without express statutory prohibition, but branches not permitted: Iowa, Kansas, Montana, New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN DECEMBER, 1924 a proportion of branches to total bank offices, and 217 unit banks; Maryland, 72 branches, 23 the proportion shown in a number of States is head offices, and 210 unit banks; Arizona, sufficient to indicate that branches constitute 20 branches, 6 head offices, and 57 unit banks. an important part of the banking machinery When, however, account is taken of the of these States. Michigan, for example, re- States which do not permit branch banking, ported 332 branch offices, the number of head and of those in which the number of branches offices of branch systems being 63 and of unit is inconsiderable, it becomes apparent that the banks 655. New York reported 359 branches, area in which branch banking has attained 74 head offices, and 898 unit banks; Ohio, 203 even such a degree of importance as is indicated branches, 51 head offices, and 1,056 unit in the tables is embraced in a rather small banks; Louisiana, 93 branches^ 34 head offices, minority of the States. TABLE 12.—BANKS OPERATING BRANCHES IN AND OUTSIDE THE HOME CITY, BY CLASS OF BANK, BY STATES, JUNE, 1924 Banks operating branches ) Member Nonmember State In In and Out- National State Total home out- side n b u e m r - o c n it l y y h s c o i i d m ty e e h o c o n i m t l y y e T n b u o e m t r a - l h o c o I n i n m t l y y e I h n o s c o i u i d a m t t y n e - e d h O o s c o i n i u d m t l y t e y - e T n b u o e m ta r - l h o c o I n i n m t l y y e I h n o s c o i u i d a m t t y n e - e d h O o s c o i n i u d m t l y t e y - e T n b u o e m t r a - l h o c o I n i n m t l y y e I h n o s c o i i u d m a t t y n e - e d h o O s c o n i i d u m t l y y t e - e United States 681 371 38 272 108 97 2 9 191 137 16 38 382 137 20 225 State-wide branch banking permitted: Arizona 6 6 2 2 4 4 California 99 36 11 52 15 13 2 18 7 4 7 66 16 7 43 Delaware -- 5 1 4 1 1 4 4 District of Columbia. 11 11 6 6 5 5 Georgia. „. 21 5 2 14 2 1 1 7 2 1 4 12 2 10 Maryland _- 23 8 3 12 2 2 3 3 18 3 3 12 North Carolina -. 41 3 3 35 2 2 4 1 3 35 1 2 32 South Carolina 9 4 5 2 2 2 1 1 5 1 4 Rhode Island..— 7 2 1 4 3 1 2 4 2 2 Tennessee 21 6 2 13 2 2 2 1 1 17 3 2 12 Virginia 31 12 3 16 7 6 1 2 2 22 4 3 15 Wyoming „ Branch banking restricted as to locality: Louisiana 34 8 1 25 1 1 8 4 1 3 25 4 21 Maine 23 1 22 3 3 20 1 19 M assachusetts . 44 36 8 11 11 15 13 2 18 12 6 New York 74 74 18 18 37 37 19 19 Ohio 51 35 7 9 4 4 22 !4 6 2 25 17 1 7 Branch offices or agencies permitted, but not branch banks: Kentucky™ 4 4 3 3 1 1 Michigan 63 59 4 10 10 34 33 1 19 16 3 Mississippi __. 11 1 10 1 1 1 1 9 1 g Pennsylvania 59 47 12 12 11 1 12 10 2 35 26 9 Now prohibited—branch* es established prior to existing law: Alabama 5 5 1 1 4 4 Arkansas __ 2 2 2 2 Florida 1 1 1 1 Indiana - 4 3 1 1 1 3 2 1 Minnesota 3 3 3 3 Nebraska.. 2 2 2 2 New Jersey 14 5 3 6 2 1 1 6 3 1 2 6 2 1 3 Oregon... 1 1 1 1 Washington 5 1 4 1 1 1 1 3 3 Wisconsin 7 1 1 1 5 4 1 1 1 All other States i „„ 1 States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah. Without express statutory prohibition, but branches not permitted: Iowa, Kansas, Montana, New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEK,, 1924 FEDEKAL BBSBBVE BULLETIN 939 TABLE 13.—NUMBEE OF BRANCHES IN AND OUTSIDE HOME CITY, BT CLASS OF BANK, BY STATES, JUNE, 1924 3dumber of branches Of member banks Of nonmember State In Out- National State Total home side city home city In Outside In Outside In Outside Total home home Total home home • Total home home city city city city city city United States .. 2,233 1,463 770 248 227 21 1,137 846 291 848 390 458 State wide branch banking permitted: Arisiona 20 20 11 11 9 9 California _ - , 538 249 289 29 25 4 300 109 191 209 115 94 Delaware - 18 1 17" 1 1 17 17 District of Columbia _ _ 19 19 9 9 10 10 Georgia _ _ .. 53 12 41 7 6 . 1 14 3 11 32 3 29 Maryland 72 24 48 3 3 11 11 58 10 48 North Carolina _ - 67 7 60 .. 3 3 9 1 8 55 3 52 South Carolina 20 5 15 3 3 3 1 2 14 1 13 Rhode Island 19 5 14 14 2 12 5 3 2 Tennessee «. „ __._ 53 23 30 2 2 5 4 1 46 17 29 Virginia 45 22 23 11 10 1 3 3 31 9 22 Wyoming - - Branch banking restricted as to locality: Louisiana _ _ _ _ _ 93 45 48 8 8 42 35 7 43 10 33 Maine 47 1 46 8 8 39 1 38 Massachusetts 74 62 12 31 31 24 18 6 19 13 6 New York _. _ _ _ 359 359 71 71 229 229 59 59 Ohio 203 182 21 4 4 138 125 13 61 53 8 Branch offices or agencies permitted but not branch banks: Kentucky 12 12 7 7 5 5 Michigan ___ _» 332 327 5 23 23 267 266 1 42 38 4 Mississippi 25 1 24 1 1 12 12 12 1 11 Pennsylvania 82 68 14 15 14 1 19 17 2 48 37 11 Now prohibited — branches established prior to existing law % Alabama 19 19 1 1 18 18 Arkansas 3 3 3 3 Florida 1 1 1 1 Indiana __ _ _____ 8 7 1 5 5 3 2 1 Minnesota _ 11 11 11 11 Nebraska 2 2 2 2 New Jersey 21 10 11 3 1 2 8 5 3 10 4 6 Oregon 1 1/ 1 1 Washington 7 1 6! 2 2 2 1 1 3 3 Wisconsin - 9 8 1 2 2 6 5 1 1 1 All other States* i States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and.Utah. Without express statutory prohibition but branches not permitted: Iowa, Kansas, Montana, New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. 19966—24f-—-4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN DECEMBER, 1924 TABLE 14.—RESOURCES OF BANKS OPERATING AND NOT OPERATING BRANCHES, BY CLASS OF BANK, BY STATES, JUNE, 1924 [In thousands of dollars] Resources of reporting banks Member Nonmember State Operat- Not op- National State Total ing erating branches branches Operat- Not op- Total Op in e g rat- N er o a t t i o n p g - Total Op in e g rat- N e o r t at i o n p g - Total bra i n n c g hesb e r r a a n t c in h g es branches branches branchesbranches United States 49, 377, 650 15, 973,16133,404,48822,555, 273 4, 775,87817, 779,395 13, 221,983 8, 977, 5546, 244,42713, 600, 394 2, 219, 728 11, 380, 666 State-wide branchbanking permitted: Arizona. 80,589 22,103 58,486 27,960 27,960 11, 671 10,794 877 40,958] 11, 309 29,649 California . ;, 157,8352,063,105 1,094,730 928,516 309,474 619,042 1, 235, 4911,. 178, 649 56, 842 574, 982 418,846 Delaware .. 99,161 47, 712 51,449 22,829 22,829 38,043 21,984 16,059 25, 728 12, 561 District of Columbia 255, 659 118,360 137, 299 131, 504 61,676 .69,828 4,886 4,886 119, 269 56, 684 62,585 Georgia 458, 040 163, 319 294, 721 187, 343 82,874 104,469 126,504 68,162 58, 342 144,193 12, 283 131, 910 Maryland _. 622,177 198,398 423, 779 274, 245 60, 772 213,473 67, 755 53, 051 14, 704 280,177 84, 575 195, 602 North Carolina 459,417 116,102 343, 315 178, 798 13. 563 165, 235 67, 008 43, 397 23, 611 213, 611 59,142 154, 469 South Carolina._._. 282,035 33, 506 248, 529 131,926 19, 259 112, 667 19,811 5,749 14,062 130, 298 121, 800 Rhode Island ._. 327, 227 242, 564 74,814 74, 814 225, 795 225, 795 16, 769 9,849 Tennessee... _. 486, 572 97, 607 218,849 17, 258 201, 591 83, 642 39, 571 44,071 184, 081 40, 778 143, 303 Virginia 627,953 141,909 486,044 392,348 78, 013 314, 335 50, 538 26,150 24, 388 185, 067 37, 746 147, 321 Wyoming ___ 81, 920 81, 920 55, 799 55, 799 1,511 1,511 24, 610 24,610 Branch banking restricted as to locality: Louisiana 469, 3051 255,107 214,198 111,916 12, 634 199,804 182,064 17, 740 157, 585 60, 409 97,176 Maine.- 286,336 88, 530 197,806 129, 556 129, 556 32, 226 16, 299 15, 927 124, 554 72, 231 52,323 Massachusetts 1,842,172 1,155, 874 1, 230, 273 642, 549 587, 724 510, 656 445, 394 65, 262 101, 243 67, 931 33, 312 New York.. _ 11,495,629 7,546,083 3,949, 5465, 396,4122,581,089 2,815, 3234,815,106 4-., 464, 727350,379 1, 284, 111 500, 267 783,844 Ohio _ 2, 725, 910 1,167,988 1, 557, 922 892, 765 58, 609 834,156 1,112,003 942,928 169,075 721,142 166, 451 554, 691 Branch offices or agencies permitted but not branches: Kentucky 520, 078 107, 761 412,317 262, 532 87, 652 174, 880 57, 43' 20,109 37, 328 200,109 200,109 Michigan , 625, 298 956,941 668, 357 461,439 206, 520 254,919 853,116 690, 319 162, 797 310, 743 60,102 250, 641 Mississippi 231, 775 26, 725 205,050 72,389 1,200 71,189 11,161 7,486 3, 675 148,225 18,039 130,186 Pennsylvania i, 154, 850 764,99£ 4, 389, 8552, 756, 79V2271, 767 2,485,025 290, 685 537, 993 1, 569, 380 202,543 1,366,837 Now prohibited— J branches established i prior to existing law: | Alabama I 300, 919 7,91 293,004 161, 687 161, 687 60, 882 343 60, 539 78, 350 7,572 70,778 Arkansas 250,679 1,715 248,966 ' 88,732 88, 732 61, 378 61, 378 100, 569 1, 713 98, 856 Florida 346,763 1,445 345, 314 167,716 167, 716 29,149 29,149 149,898 1,449 148,449 Indiana... 004, 973 56,96' 948,012 404,040 404, 040 60, 254 20, 539 39, 715 540, 679 36, 422 504, 257 Minnesota 067,352 168, 77. 898, 581 625, 549 168, 771 456, 778 34, 766 34, 766 407,037 407,037 Nebraska 535, 429 9,80, 525, 624 240,669 9,805 230,864 5,799 5,799 288,961 288,961 New Jersey... 683, 244 279, 02C 1,404,22- 744, 767 39,477 705, 290 441, 495 146,883 294, 612 496, 982 92, 660 404, 322 Oregon 310,923 54f 310, 38: 182,43- 542 181,892 "7, 660 57, 660 70, 829 70,829 Washington.. 463,935 43, 769 420,166 294,429 39, 565 254, 864 ,763 2,139 41, 624 125, 743 2,065 123,678 All o W th i e sc r o S n t s a i t n es *. , 9 1 4 8 2, 1 , 3 1 5 3 9 6 88, 528 11, 8 1 5 8 3 1 , , 8 1 3 3 1 6 5, 4 2 0 9 7 8 , , 4 2 8 7 18 12, 809 5, 3 2 9 9 4 8 , , 6 8 1 1 8 8 , 1 9 8 1 7 1 6 9 74,339 1,9 3 6 2 7 , , 1 5 1 3 9 7 3, 4 9 2 1 8 5 , , 0 1 5 9 6 9 1, 3,9 4 1 2 5 6, , 6 1 7 9 6 9 1 States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, lissouri, Nevada, New Mexico, Texas, and Utah Without express statutory prohibition, but branches not permitted: Iowa, Kansas, Montan , New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDEEAL RESERVE BULLETIN 941 EARNINGS AND EXPENSES OF MEMBER BANKS The rate of net profit on the invested capital Gross earnings, expenses, and net losses of member banks for the year ending June 30, reached their high point for the period in the 1924, was 9.11 per cent, as against 9.51 per fiscal year 1921. Throughout the six years cent for the previous 12-month period. Net variations in the amount of net addition to additions to profits for the year amounted to profits have been relatively small in comparison $337,115,000 and were $8,022,000 less than for with changes in the other items. There have the year before. On June 30 the aggregate been marked fluctuations, however, in the rate capital and surplus of the banks which, although of profit on invested capital, which was 12.83 not a complete measure of their invested capi- per cent in 1920 and 8.56 per cent in 1922. tal, may be taken as indicating the compara- The gross earnings of member banks are tive levels of the capital investment, amounted made up chiefly of interest and discount reto $3,700,000,000, and was more than $70,000,- ceived. This portion of their income amounted 000 larger than on June 30, 1923, notwith- to about 87 per cent of the total in the fiscal standing a decline in the number of reporting year 1924 and has averaged somewhat higher banks. The decrease in the rate of return than this over the past six years. The reon invested capital was therefore the result mainder of their income comprises relatively of a small decrease in net profits and a small small amounts of commissions, and exchange increase in total capital and surplus. and collection charges, together with addi- Net profits declined despite an increase of tional amounts unclassified in the reports. $59,000,000 in gross earnings, because expenses Commissions and exchange and collection increased and because net losses charged off charges, together, have represented in recent also increased. Total expenses for 1924 were years about 2 per cent of gross earnings. $64,000,000 higher than in 1923 and net losses, Of the total gross earnings of member banks by which is meant the difference between total in 1924, expenses absorbed 72 per cent. Total losses written off and recoveries on assets pre- losses amounting to 11.6 per cent of gross earnviously charged off, were $3,000,000 higher. ings were partially offset by recoveries, so that The increase in net losses for the year was not net losses amounted to 8.7 per cent. Thus due to any increase in the amount of losses total deductions from gross earnings on account actually written off during the year, for these of expenses and net losses combined amounted declined $15,000,000, but to "a decrease of to 80.7 per cent, leaving 19.3 per cent of the $18,000,000 in offsetting recoveries. The chart banks' gross income as net profit. The chart shows the amount and distribution of gross exhibits an analysis of gross earnings for the earnings for each of the last six years. year. DISTRIBUTION OF MEMBER BANK EARNINGS MEMBER BANK EARNINGS AND EXPENSES • TOTAL GROSS EARNINGS MILLIONS OF DOLLARS (• Y£AHS ENDING JUNE30 ) MILLIONS OF DOLLARS 2000 2000 OTHER NET NET ADDITION 1500 -1500 EXPENSES LOSSES TO PROFITS The whole of the above bar represents total gross earnings of all member banks for the year ending June 30, 1924. Of the total expenses, almost one-third went 1000 -tooo for salaries and wages, and somewhat less than half for interest paid out on the bank's funds, the greater part of the latter being interest paid on deposits. The remainder of the expenses represented the payment of taxes and 500 -500 unclassified costs. The amount of interest paid on deposits represented, in 1924, 2 per cent of the average amount of total deposits, as compared with 1.84 per cent in 1919. Over the same period time deposits, on which the 1919 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN DECEMBER, 1924 higher rates of interest are paid, increased from The statement shows that in 1924, after de- 18.3 per cent of total deposits to 31.1 per cent. ducting from gross earnings of $6.50 per hun- In 1924 about 68 per cent of the total losses dred dollars of earning assets, total costs (inwhich the banks sustained were losses on loans cluding losses) amounting to $5.24, a margin of and discounts, as compared with 74 per cent in net profit remained amounting to $1.26 per 1923; and 17 per cent were losses on securities, hundred dollars of earning assets. In 1923 the which compares with 14 per cent in 1923. margin of profit was $1.34. The decline of Comparison of the losses on loans and dis- $8,000,000 in net addition to profits was the counts with the average jamount of loans and result of the smaller margin of profit per unit of discounts outstanding shows that, on the earning assets in 1924 not entirely offset by the average, for every thousand dollars of loans growth in the volume of these assets. the banks sustained losses amounting to $7.20 Comparison between the capital investment in 1924 and $8.80 in 1923. In the case of se- and the amount of earning assets shows that curities, the banks' losses averaged $4.40 in the loans and investments increased more 1924 and $3.90 in 1923 for every thousand dol- rapidly than the capital and surplus, so that for lars of investment holdings. every $100 of banking investment in 1924 there In the following table are presented the were $724 of earning assets, as compared with amounts of significant items oi income, ex- $710 in 1923. This increase accounts for the pense, and loss, and the same items expressed fact that the rate of profit on invested capital as percentages of the average volume of the declined but slightly despite the narrower margin banks7 loans and investments, which in 1924 of profit per hundred dollars of earning assets. was $26,800,856,000, and in 1923 about 4 per The relation between the margin of profit per cent less than that amount. The table indi- unit of earning assets and the ratio between cates an average rate of return on the earning earning assets and invested capital is brought assets of the banks of $6.50 per hundred dollars out by the following table. It will be noted that in 1924 and practically the same in 1923. in 1924 the margin of profit per hundred dollars The increase in gross earnings of member banks of earning assets was almost exactly the same in 1924 was therefore due almost entirely to as in 1922, and that it was because of a larger volthe larger volume of their loans and invest- ume of assets per dollar of invested capital that ments. The average rate of gross return on the rate of return was larger in 1924. It will earning assets does not reflect exactly the be noted also that the average earning assets interest rates actually realized by the banks were relatively largest in 1920, which was also since there is a small portion of their earnings the year of maximum addition to profits. which is not in the nature of interest or discount. The actual rates at which funds were PROFITS OF MEMBER BANKS IN RELATION TO EARNING loaned, as reflected in that portion of the ASSETS AND INVESTED CAPITAL, 1919-24 earnings which consisted entirely of interest [Amounts in thousands of dollars] and discount, averaged $5.63 per hundred dollars in 1924 and $5.60 in 1923. Ratio of Rate of s C u a a r p n p i d l t u a s l E a a s r s n e i t n sl g a e c s a a s r e p n t i s i t n a t g l o pr N o e fi t ts P e $ r a o 1 r f 0 n i 0 t i n o p g f er re c t a a u p n r i n d t a o l n ANALYSIS OF MEMBER BANK EARNINGS, YEARS END- and assets surplus surplus (per cent) ING JUNE 30, 1924 AND 1923 [Amounts in thousands of dollars] 1919.__ 2, 776,490 21,063,372 7.59 334,332 1.59 12.04 1920,.. 3,193,337 24,820,716 7.77 409,608 1.65 12.83 1921... 3,415,722 25,384,254 7.43 345,657 1.36 10.12 1922... 3,496,689 23,932,966 6.84 299,149 1.25 8.56 1924 1923 1923...' 25,783,429 7.10 345,137 1.34 9.51 1924..: 3, 699,928 26,800,856 7.24 337,115 1.26 9.11 Per cent Per cent of of 1 Average of amounts on call dates. Amount a l v o e a r n ag s e Amount av lo e a r n ag s e The rate of return on invested capital was and dis- and discounts counts higher in 1924 than in 1923 only in the Dallas and San Francisco districts. In both, particu- Gross earnings 1,742,332 6.50 1,683,512 6.53 larly in the Dallas district, the margin of profit per unit of loans and investments was larger in Total expenses 1,253,983 4.68 1,189,732 4.61 Net losses— 151,234 .56 148,643 .58 1924, chiefly as a result of reductions in losses Total deductions from gross earnings. 1,405,217 5.24 1,338,375 5.19 charged off. In the case of the Dallas district, Net addition to profits 337,115 1.26 345,137 1.34 furthermore, there was a lower rate of expenses Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1924 FEDEEAL RESEKVE BULLETIN 943 per unit of earning assets. The increased mar- In 1924, as in the two preceding years, the gin of profit, together with a somewhat higher rate of profit on the invested capital of member ratio of earning assets to capital and surplus banks was lower in the Minneapolis, Kansas in these districts, accounts for the improved City, and Dallas districts than in any of the ratios of net profits to invested capital. other districts. The lowest rate> 1.83 per cent The highest rates of earnings on invested of capital and surplus, was in the Minneapolis capital for 1924 occurred in the New York and district. In the three districts mentioned both Philadelphia districts. Notwithstanding the the expenses and losses per hundred dollars of fact that in these two districts gross income per earning assets were higher, and the margin of hundred dollars of earning assets was lower profit lower than in any other part of the counthan in the other districts, excepting only Bos- try. ton, the margin of profit per hundred dollars of The following table presents the data relative assets was larger than in any of the other dis- to member bank earnings and expenses for the tricts. This was due to the fact that in these years ending June 30, 1923 and 1924, classified two districts costs, including losses, per hun- by districts and comparable with figures for dred dollars of earning assets were lower than earlier years published in the Federal Reserve in the other districts. Bulletin for July, 1924. ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, FOE THE YEARS ENDING JUNE 30, 1923 AND 1924 [Amounts in thousands of dollars] Expenses Per cent J C s u u a a a n r s p n p e i d o l t u a 3 f s l 0 A m in l v o a e v e n a n e r n d a t s s s g t - i e G e i a n r r o g n s s - s Total w S a r a a i n e g l d a s e - s e o r I c s o n n d o t w t i u b e a s e n r o n - d - t r d -d e In e s i p t t t e s o o r s - n - Taxes p o e A t n e h s x l e l e - r s T e n a o e r t n t a - l ch T a o o r f g t f a e l dch N o a f r e f g 2 t ed p a r t N d i o t o o d f e n i i t t - s d D p e a i n v i d d i- s t t n d a o i c e s t l i a s u t t p a i p r r o a t n o i - o d n - d fmoney plus All member banks: 1923____ 3, 629,468 25, 783,429 1, 683, 5121,189,732 324,338 36,209 531,465 99, 381198,339 493, 780 217,620 148,643 345,137 270,862 9.51 1924... 3, 699,928 26,800,856 1, 742, 3321,253,983 346,344 38,545562,154 ~j 207,998 488,349202,141 151,234 337,115 256*273 9.11 Boston: 1923 __ 270,376 1,967,966 114,908 83,740 19,70: 2,033 41,339 8,023 12,638 31,168 12,704 8,828 22,340 18,299 8.26 1924.. 266,801 2,049,768 120, 742 87,914 21,696 2,075 44,97" 5,976 13,190 32,828 17,78" 12,618" 20,210 16,651 7.57 New York: 1923. 959,646 7,487,915 460,979 306,033 81,109 7,231149, 111 18,116 50,466 154,946 64,224 35,005 119,941 12.50 1924 7, ~~" "'" 473,333 324,597 87,301 6, 375 156, 23121,349 53,341148,736 43,458 32,302116,434 78,198 11.82 Philadelphia: 1923.. 327,046 1,863,994 116,311 72,965 19,430 2,654 33,668 5,775 11,438 43,346 8,967 5,767 37,579 21,461 11.49 1924 353,190 1,987,469 124, 724 ' 80,057 21,404 2,684 37,079 6,155 12, 735 44, 667 8,926 5,935 38,732 20,827 10.97 Cleveland: 1923-. 405, 746 2, 601,559 173,902 119,983 30,139 2,256 59,408 9,938 18,242 53, 919 14,394 10,760 43,159 26,918 10.64 1924 ..... 422,699 2,775,555 183,860 132,544 33,420 65,927 10, 229 20, 084 51,316 13,465 10,575 40, 741 26, 529 9.64 Richmond: 1923 190, 718 1,152,792 73,824 51,463 13,936 3,194 21,168 4,925 8,240 22,361 7,674 5,610 16, 751 13, 671 1924 194,888 1,202,401 77,685 55., 103 14,764 3,991 22,523 5,181 8,644 22,582 7,118 5,"" 16,933 13,151 Atlanta: 1923...... 146,262 880, 754 66,093 47,087 13,825 2,535 16,795 5,078 8, 854 19,006 6,849 5,278 13, 728 13,291 9.39 1924 .._ 151,173 947,932 70,187 51,305 14, 503 3,632 18,811 5,213 9,146 18,882 7,919 6,349 12, 53r 11, 760 8.29 Chicago: 1923 3,785,414 245, 642 179,852 47,585 4,427 79, 639 18,746 29,455 65, 790 28,903 20,027 45, 763 34,546 9.22 1924.. 503, 721 3,937,013 253,480 188,434 51,192 4,447 83, 526 17,675 31,594 65,046 28,665 21, 678 43, 368 33,954 8.61 St. Louis: 1923 165, 642 1, 111, 697 75,343 53, 727 15,136 2,014 21, 860 5,538 9,179 21,616 8; 633 6,258 15,358 13,402 9.27 Min 1 n 9 e 2 a 4 polis: 169, 278 1,173,450 77, 699 56,477 15,878 3,098 22,645 5,319 9,537 21, 222 12,808 8,119 13,103 13,732 7.74 1923 __._ 116, 513 885, 273 61,994 51,998 13,789 2,288 22,947 3,982 8,992 9,996 8,331 3,303 2.83 1924 L_ 107,588 865,886 58, 610 49, 044 13,240 3,926 7,481 9,566 9,779 7,719 1,847 5,560 1.72 Kansas City: 1923.. . . 151, 551 1,118,080 85,167 65, 701 19, 751 2,419 24, 639 6,238 12, 654 19,466 16,648 13,430 11,511 3.98 1924 143, 306 1,095, 444 82,132 63,913 19, 463 2,612 24,150 5,417 12, 271 18,219 19,138 15,653 2,566 8,738 1.79 Dallas: 1923. 138,674 743,828 58,630 42,540 14,425 2,245 13, 038 4,907 7,925 16, 090 16,260 12,725 3,365 9,870 2.43 1924. 136,341 769,646 60,244 42,945 14,493 1,834 13,434 4,484 8,700 17,299 12,997 9,919 7,380 8,148 5.41 San Francisco: 1923. 261,024 2,184,157 150,719 114,643 35,506 2,913 47,853 8,115 20, 256 36, 076 24,033 18,262 17,814 20,103 6.82 1924 265,949 2,301,444 159,636 121,650 38,990 3,410 49,957 8, 018 21,275 37, 986 20,081 14, 718 23, 268 19,025 8.75 1 Averages of amounts on call dates. 2 Total losses less recoveries on assets previously charged off. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN DECEMBER, 1924 NATIONAL BANK NOTE CIRCULATION available as security for increased circulation has accordingly grown less and less. The Retirement of 4 per cent bonds of 1925.—The bulk of the consols and Panamas were already Secretary of the Treasury has announced that out of the market before 1917, and most of the $118,489,900 of 4 per cent United States bonds remainder, together with nearly half of the 4 payable on February .1, 1925, will be redeemed per cents, have been purchased by national on that date. Over $76,000,000 of these bonds banks since that date. were on deposit in the Treasury to secure Recent growth of national bank note circunational bank notes on October 31, 1924, lation.—The increase in national bank note and their redemption will necessarily result circulation since 1917 is coincident with a in some reduction in the circulation of these rapid growth in the number and capital stock notes, since there will not be enough bonds of all national banks, which began in that year bearing the circulation privilege outside the and became more marked in 1919. The num- Treasury to replace those redeemed. Only ber of banks increased by about 10 per cent about $11,000,000 of such bonds will be left from 1917 to 1923 and their capital by 20 per outstanding in the market after the withdrawal cent over the same period. Although national of the 1925 issue. bank circulation has not kept pace with this The anticipated reduction of national bank growth in the number and resources of national circulation by $65,000,000 or more is about 10 banks, it has been rapidly approaching the per cent of the total of notes outstanding. maximum possible issue on the basis of the The bulk of these are secured by 2 per cent volume of bonds available as security. While consols payable in 1930 and a small part by the law permits the issue of circulation to 100 Panama Canal bonds callable at any time and per cent of the capital stock of national banks, payable in 1936 or. 1938. The table below the volume of bonds bearing the circulation shows the volume of bonds bearing the cir- privilege actually makes possible a note issue culation privilege outstanding and the volume of not more than 56 per cent of the banks7 on deposit to secure national bank notes in present capital. The scarcity of these bonds 1914, in 1917, and in 1924: has recently been the limiting factor in the increase of national-bank notes and, as we BONDS BEARING THE CIRCULATION PRIVILEGE have seen, will result in some actual reduction in their volume after February 1. With the 2 per cent increased purchases of the circulation bonds 2 per cent 4 per cent Panama by the banks their prices have tended upward consols of loan of Canal Total 1930 1925 bonds, 1936 over the past six years, at times even in the face and 1938 of generally falling bond prices, and the profit Outstanding: earned by the banks on circulation based on Oct. 31, 1914 .$646,250,150$118,489,900$84,631,980'$913,317,490 newly acquired bonds has accordingly de- Oct. 31, 1917 599, 724,050 118,489, 900 74,901,580 1857,060,980 Oct. 31, 1924 599,724,050 118,489, 900 74, 901, 580 793,115, 530 clined. The comptroller's estimate of profit On it y d e fo p r o s c i i t r c a u s l a s t e io c n u : r- earned on bank-note circulation has always Oct. 31,1914 605,622,300 34, 699,300 81,971,820 2 744,740,600 been small, and on the basis of the prices of the Oct. 31, 1917. 555, 514,950 34,743,900 71,466,140 679,440,210 Oct. 31, 1924 589,086, 200 76,687,050 74,069,640 739,842,890 4s in the summer of 1923 approached close to Per cent on deposit: 1914 94 29 97 82 zero. This indicates that other factors than 1917 93 29 95 79 direct and immediate profit have largely 1924. 98 65 99 93 actuated the national banks in increasing their 1 Including $63,945,460 of the 3 per cent loan of 1908-1918, which was note issues. retired in August, 1918. 2 Including $21,447,180 of the 3 per cent loan of 1908-1918, which was Geographical distribution of total bank-note retired in August, 1918. circulation.—The distribution of the total circu- While the total of outstanding bonds bear- lation among different districts and groups of ing the circulation privilege has diminished banks indicates the varying importance atmarkedly since 1914, the volume used to tached to the privilege of note issue by national secure national bank notes, after a decline banks in each district. The following table between 1914 and 1917, increased steadily- shows the amount and proportion of all notes after 1917 by about $13,000,000 a year to an outstanding which have been issued in each amount in 1923 somewhat greater than that Federal reserve district and the ratio of the of 1914, followed by a slight decrease in 1924. circulation to the capital stock of the national The proportion of bonds outstanding and also banks in each district in 1917 and in 1924: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 945 DISTRIBUTION OF NATIONAL BANK NOTE CIRCULATION DISTRIBUTION OF BANK NOTES BETWEEN COUNTRY AND RESERVE CITY BANKS Ratio of circuo A o u f m t s n o t o a u t n n e d t s - Per lati t o a n l o to n — capi- Pe c b r u c y l e - a n ti t o o n f tot is a s l u c e i d r- Ratio of circ st u o l c a k tion to capita' Federal reserve district ing (000 cent of omitted) total June 30, May 1, June 30, 1924 1917 1924 c ( e p n e t r ) c ( e p n e t r ) C b o a u n n k t s ry R b e c a s i n e t k y rv s e Total C b o a u n n k t s ry R b e c a s i n e ty k rv s e Boston ._ $52, 783 7.2 48 5 51.2 A S M R N C C P t h h i l t e , i e c l i n i w a l v L c h n a n a e m o e d Y g t l u a a a e o o o i p n l n s p r d o d k h l i i s a :__ _ _._ _ ._ 3 4 9 4 9 6 9 5 3 2 3 3 1 9 8 6 , , , , , , , , 8 6 7 3 1 3 5 7 3 8 0 1 7 2 3 0 0 0 3 3 0 1 9 6 1 1 1 4 6 5 8 8 2 3 3 . . . . . . . . 5 9 0 7 1 6 6 2 5 6 6 5 6 3 6 7 1 0 8 9 1 7 7 1 . . . . . . . . 7 4 3 3 3 4 7 0 5 6 6 5 4 7 7 7 0 4 9 0 8 0 0 2 . . . . . . . . 8 6 9 7 6 1 3 1 M W S P E N a o a e S S i e c u s w d s t i t t t f a a d t e h l e t t c l r e e e r e n n s r E s S n S W t n S a t S a t g t e t e t a a e s l s t t s e t a e e s . s n - r . d . n . _ . . - - . 6 8 5 5 7 9 2 9 4 9 8 1 . . . . . . 6 4 1 0 8 4 3 4 2 4 1 1 7 8 2 0 5 . . . . . . 6 4 6 0 9 2 5 5 5 4 5 4 1 5 5 2 9 9 . . . . . . 6 6 6 2 0 1 6 6 6 7 6 7 9 2 8 1 4 0 . . . . . . 0 6 0 0 2 4 5 3 2 5 3 1 8 4 8 0 4 1 . . . . . . 9 9 9 0 1 9 Kansas City ... 43, 679 6.0 49.5 64.7 Dallas. 47,170 6.5 58.1 68.9 TotaL _. 69. 9 30.1 54.7 69.1 36.9 San Francisco 56,292 7,7 55.6 60.3 Total 729,186 100.0 54.7 59.0 It will be observed that circulation is distributed among these sections pretty evenly Banks in the New York/ Cleveland, and in proportion to their banking capital, the Chicago districts have issued the largest per- Middle Western and Pacific States having iscentages of the outstanding circulation and the sued somewhat more and the New England and St. Louis and Minneapolis districts the smallest, Eastern States somewhat less than their share but the proportion of legally allowable cir- of notes on the basis of their capital stock. In culation issued is differently distributed. The each district the country banks have issued the New York district's large share of the circu- greater part of the circulation, varying from 91 lation is due simply to its large proportion of per cent in New England to 53 per cent in the the banking capital of the country, notes to Pacific States. Of the total, 70 per cent is the only 37 per cent of their capital having been issue of country banks. This is not because the issued by its national banks. The Cleveland majority of the banking capital of the country district, on the other hand, has a large issue belongs to country banks, as may be seen by relative both to the total for the country and comparing the ratio of circulation to capital in to the amount of national banking capital the different groups of banks. The country in the district. The Atlanta and Richmond banks have issued notes to 70 per cent of their districts also have large issues in proportion capital, the reserve city banks to only 37 per to their capital, although small shares of the cent. The difference between the different sectotal circulation. In the case of the Cleve- tions of the country in this regard is more land district rapid increases in circulation in marked in the case of reserve city than of recent years have more than kept pace with country banks. The reserve city banks in the increases in the capital stock of national banks Southern States have circulation amounting to in that district. In all other districts circu- nearly 60 per cent of their capital and those in lation has lagged behind capital and has New England to only 12 per cent, while the actually declined in the Kansas City and San country banks in each of these sections have Francisco districts. issued notes to about 70 per cent of their capi- A further analysis of the distribution of tal. The discrepancy is probably partly to be national bank circulation may be made on the accounted for by the arbitrary classification of basis of the different geographical divisions banks as reserve city or country banks, which and the reserve city and country banks within throws those of the same size and character those divisions. The following table is made in different sections into different groups. up from the June 30, 1924, abstract-of-con- Boston is the only reserve bank city in New dition reports: England and its banks issue an unusually small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FEDERAL BESERVE BULLETIN DECEMBER, 1924 volume of notes compared with those in other most districts, 50 to 60 per cent, with the cities of equal size. The only certain conclusion exception of Dallas and San Francisco, where from these figures seems to be that the banks in the proportion is 24 and 80 per cent, respectsmaller towns have taken greater advantage of ively. These ratios result from totaling figures the circulation privilege than have the banks for banks in widely different condition as rein larger centers. It is evidently of rather gards circulation, however. In the case of slight importance to the large city banks. certain banks, their entire note issue will be Distribution of circulation secured by 4 Ver canceled when the 4 per cent bonds are centhonds.—-Of more immediate interest is the retired, while others will lose only a small distribution of the circulation which will be share of their circulation. canceled in February as a result of the redemp- An analysis of the circulation of banks which tion of the 4 per cent bonds. The following hold the 4 per cent bonds, classified by size of table shows the proportion of these notes issued capital, indicates both that it is the smaller by banks in the various Federal reserve districts banks which have the largest note issues in and the percentage which they bear to the proportion to their capital and that it is liketotal issues of these banks and to the total wise the smaller banks which have the largest issue of all national banks in the various dis- share of their circulation secured by 4 per cent tricts. The figures of total circulation and of bonds. The following table shows the distriholdings of 4 per cent bonds are not available bution of these bonds and of total circulation for the same dates but the difference is not among these banks, which represent about 20 sufficient to affect their relationship materially. per cent of the circulation and capital of all national banks: DISTRIBUTION OF NATIONAL BANK NOTES SECURED BY 4 PER CENT BONDS DISTRIBUTION OP CIRCULATION AMONG BANKS HOLD- ING 4 PER CENT BONDS Fede d r i a s l t r r i e c s t erve o n A o w 1 M b b a f 5 m c n t a o , i a e 4 1 e n n o o r n 9 d k d n u c p t 2 s s h a n e b 4 l r t y tr c t P d i i e i b o e s n u r n - t - o p o O w e b l c f T a r 1 c i o n b o t r 9 t n i c i . a c 2 t o n d u a n e 3 3 n g s - l n 1 k 4 , t s o b b l R c t t a c f h a o i o t r t a e o 4 e n n i o t c n t f o s a k p d u i t e n l o e s s - r T c n J b o u u a o 1 a t l t n f a a i 9 n e o t l 2 a k i n l 3 4 o c l s a 0 i n r l , - n o t b l o a c R b f c a n o ( t i a e t 4 p r i a t o n i o c o n n e o t t p d u n i t t k e r n o e a s - a r l l T V o o ta lu l m ci e rcula c P t e io e n r n t 4 V p o e l r u c m e e nt b c o P e n e n d r t s t o l b o c R c a f ( c i o e p t t r a e 4 n n i o c e n t o d t u p t i r t n ) a o s - e l r o c t c i R c i a f o ( r e p p a t c n n o i e t u t i t t r t a o ) l a o a l l - (per cent) cent) Banks having capital of— N B A R P C h o e i l t c e l i w s a l v h t a o n e m d Y n l t a a e o o n l n p r d d k hia — $ 1 1 5 5 6 3 9 8 , , , , , , 8 8 0 6 7 3 6 8 7 3 0 3 8 6 1 3 4 7 , , , , , , 5 7 0 0 4 8 0 5 0 0 0 0 0 0 0 0 0 0 2 2 6 6 3 7 2 1 . . . . . . 7 8 5 6 0 $ 3 3 1 9 5 2 7 0 , , , , , 4 9 3 6 5 9 5 3 6 6 7 1 6 7 2 , , , , 7 3 5 , 0 7 9 5 0 5 4 7 2 8 0 5 5 4 6 5 5 5 9 9 3 5 . . . . . 8 1 5 2 8 " $ 9 5 6 4 9 5 9 8 3 3 6 2 , , , , , 3 7 , 5 6 1 7 1 0 3 8 7 8 3 6 9 0 0 3 , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 1 1 9 7 0 2 0 8 . . . . . . 3 5 6 0 0 5 $ $ $ $ $ 5 2 1 1 5 Q o 0 5 , 0 0 0 0 - v - 0 $ $ - - e 0 $ $ 4 9 , r 9 4 9 9 0 . 9 9 , , 0 . 0 0 9 9 0 0 0 , , 0 0 0 0 a 0 0 _ n 0 0 - d _ _ . . $ 3 9 1 5 2 7 4 7 , , , , , 3 0 7 1 4 6 4 0 7 9 9 1 4 2 0 , , , , , 3 1 9 8 6 9 2 9 2 7 7 4 7 1 2 2 6 1 3 1 3 0 0 . . . . . 7 5 6 9 3 $ 2 5 3 9 1 1 0 , , , , , 2 8 8 7 4 9 6 3 1 3 4 4 7 9 9 , , , , , 7 0 1 5 7 5 5 0 0 5 0 0 0 0 0 2 5 1 2 4 5 7 0 . . . . . 4 1 0 6 9 7 6 5 5 5 9 5 4 3 8 . . . . . 9 0 8 4 8 8 8 8 7 4 2 3 5 3 5 . . . . . 7 2 1 9 8 Chicago.- 10,975,300 12.6 20, 441,216 53.7 91,703,000 12.0 Total 156,779,011 100.0 87,155,150 100.0 55.6 55.5 St. Louis 4,146,000 4.8 7,131,581 58.1 43,321,000 9.6 Minneapolis 3,842, 500 4.4 7,883,895 48. 32,830,000 11.7 Kansas City. _. 1, 646,500 1.9 3,080,947 53.4 43,679,000 3.8 Dallas .__. 1,443, 500 1.7 5,993,794 24.1 47,170,000 3.1 It will be observed that the ratio of notes San Francisco.. 5,599,900 6.4 6,986,793 80.1 56,292,000 10.0 issued to capital stock is similar in the case of Total 87,155,150 100.0 156,779, Oil 55.6 729,186,000 12.0 all classes of banks of less than $500,000 capital, over 80 per cent, and that there is a The majority of the 4. per cent bonds marked decline in the ratio for banks of larger secure the circulation of banks in the New size than that. Banks evidently do not find York, Cleveland) and Chicago districts, the it desirable to increase their circulation in prosame districts which have issued the majority portion to their capital, as they rise above the of national bank note circulation. The New $500,000 class. The proportion of circulation York and Cleveland districts will experience based upon the 4 per cent bonds, on the other the greatest proportional contraction of hand, is not very different for the various national-bank currency upon the redemption classes of banks of over $100,000 capital, of these bonds, about 20 per cent, while in varying between 50 and 60 per cent, while the other districts it will vary from 3 to 13 per smallest banks have 80 per cent of their circent. Taking only the banks which own 4 culation secured by these bonds. This is not per cent bonds, however, about the same pro- surprising in view of the large purchases of the portion of their issues will be withdrawn in 4;s in recent years, probably to a consider- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 947 able extent by newly established banks. It tificates or Federal reserve notes, our only remains true, nevertheless, that the bulk of the paper currencies which are capable of expannotes secured by the 1925 bonds, as of all notes, sion. In whatever form the currency is issued are the issue of the larger banks. it will have to be obtained from the Federal Effect of reduction of bank notes upon cur- reserve banks, causing either an increase of rency system.—The reduction of the bank note discounts at these banks or of their acceptance circulation affects not only the national banks or security holdings. The effect on the genthemselves, but their relation to the Federal eral credit situation will be slight, however, reserve banks and the currency system of the since the increased demand for reserve bank country. The volume of national bank notes credit will arise only gradually as the outto be retired as the result of the bond re- standing national bank notes are presented for demptions in February is small in relation to redemption. The immediate procedure, on the totalmonetary circulation of the country, the date of redemption of the 4 per cent less than 2 per cent; the $72,000,000 of Panama bonds, will be a cancellation of the bonds and bonds which are callable at any time secure an assumption by the Treasury of the liability notes amounting; to about 1% VeT c?n^ m(^re« for the outstanding notes. Since the currency The whole national bank note circulation to take the place of the retired notes will be equals about 15 per cent of all money in cir- supplied by the Federal reserve banks, the culation, slightly less than the volume of gold ultimate effect will be an increase in the earncertificates in circulation, and has been steadily ing assets of these banks and the substitution increasing. The importance of the notes is of an elastic for an inelastic portion of the total less a matter of their volume than of their money in circulation. method of issue, and the processes through which they may be replaced by other forms of currency. The Federal reserve act con- State Banks and Trust Companies templated a reduction in the national bank note circulation through the voluntary action The following list shows the State banks and trust companies which were admitted to membership in the of the national banks and their temporary re- Federal reserve system during the month ended placement by Federal reserve bank notes November 21, 1924 on which date 1,579 State institu- ? secured by the same class of bonds, which the tions were members of the system: Federal reserve banks might purchase either ADMISSIONS from national banks at par or in the open market. The reserve banks were to purchase Capital Surplus not more than $25,000,000 of bonds a year, if so required by the Federal Reserve Board. The District No. a 2 per cent bonds were below par in the market Peoples State Bank, Maplewood, Mo.. $60,000 $9,352 $183,907 The Baden Bank, St. Louis, Mo....... 200,000 100,000 2,312,154 from 1915 to 1919 and only $10,000,000 of Fidelity Bank&TrustOo., Memphis, them were ever purchased from the national Tenn „. 1,000,000 100,000 2,407,983 banks and some $60,000,000 in the market, CHANGES most of which were converted into 3 per cent conversion bonds and Treasury notes without District No. 1 the circulation privilege. Union <Sr New Haven Trust Co., New- Haven, Conn, (voluntary withdrawal) $650,000 $500,000 $12,340,239 Except for the large temporary issues of District No. k Federal reserve bank notes to replace silver Rossford Savings Bank, Rossford, Ohio (voluntary withdrawal) - 50,000 30,000 748, 612 certificates under the Pittman Act, only District No. 7 $12,000,000 of these were ever issued and Peoples State Bank, Corwith, Iowa provision has been made for the redemption (closed) _. „„ 40,000 9,000 151,668 Malcom Savings Bank, Malcom, Iowa of practically all of them at the present time. (closed) 50,000 25,000 304,885 With the bonds at a considerable premium Citizens State Bank, Newton, Iowa (voluntary liquidation). -.._„..„__„„„_ 60,000 12,000 596,112 above par and a growing demand for them by District No. tl national banks in comparison with the limited Central Savings Bank & Trust Co., supply, it is improbable that any of them will Monroe, La. (voluntary withdrawal) - 375,000 125,000 be offered at par to the reserve banks by the District No. 12 2, 866, 671 First National Bank, Fullerton, Calif, national banks much before maturity. (absorbed by Pacific Southwest Trust With this reduction in the circulation bonds & Savings Bank,LosAngeles, Calif., a member) _ 100,000 23,000 the gap in the monetary circulation of the 1, 540,910 country left by the cancellation of national Change of title and location.—The Bank of Castleford, Castleford, bank notes may be filled either by gold cer- Idaho, has changed its title to the Security State Bank, and its location to Buhl, Idaho. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDEKAL EESEKVE BULLETIN DECEMBER, 1924 New National Bank Charters cise one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, The Comptroller of the Currency reports the follow- as follows: (1) Trustee; (2) executor; (3) administrator; ing increases and reductions in the number and capital (4) registrar of stocks and bonds; (5) guardian of esof national banks during the period from October 18 tates; (6) assignee; (7) receiver; (8) committee of to November 21, 1924, inclusive: estates of lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State Number of Amount in which the national bank is located. banks of capital New charters issued _ 11 $645,000 Dis- Powers E In e c s r t e o a r s e e d o t f o c s a o p l i v t e a n l c a y p proved „_„ - -_. —— 1 0 3 1,400,00 0 0 Place t N ri o c . t Name of bank granted Aggregate of new charters, banks restored to solvency, and banks increasing capital 24 1,785,000 Portland, Conn 1 First National Bank 1 to 9 Bangor, Me 1 Merchants National Bank.. 1 to 9 Liquidations - . ~- -- -. __ _ __ 23 2,075,000 Wellesley, Mass 1 Wellesley National Bank 1 to 9 Eeducing capital _ 1 100,000 Plymouth, N. H.... 1 Pemigewasset National 1 and 4 Total liquidations and reductions of capital .. 24 2,175,000 Plainfield, N. J 2 First National Bank 1 to9 Amsterdam, N. Y_. 2 Amsterdam City National 1 to 3, 5to8 Consolidations of national banks under act of Nov. 7,1918 - - - 0 0 Glens Falls, N. Y.__ 2 National Bank of Glens Falls 1 to 9 Wilmington, Del... 3 National Bank of Delaware.. 1 to 9 Aggregate increased capital for period .. 1,785,000 Paulsboro, N. J 3 First National Bank ._. 1 to 9 Keduction of capital owing to liquidations, etc.— 2,175,000 Harrisburg,. Pa 3 Harrisburg National Bank.. Ito9 Philipsburg, Pa 3 First National Bank 1 to 9 Net decrease - 390,000 Shippensburg, Pa... 3 First National Bank __. Ito9 Canton, Ohio 4 First National Bank Ito3 5 to 7 and 9 Steubenville, Ohio.. 4 Peoples National Bank. 1 to 7 and 9 Fiduciary Powers Granted to National Banks Pittsburgh, Pa.' 4 National Bank of America __ 5 to 9 Gastonia, N. C 5 First National Bank 1 to 9 Paris, Ark_. 8 First National Bank 1 to 9 During the month ended November 22, 1924, Alton, Ill__ 8 Citizens National Bank 1 to 9 the Federal Reserve Board approved applications of St. Cloud, Minn.... 9 Merchants National Bank.. 1 toS Bellingham, Wash.. 12 American National Bank... 1 to 3 and 9 the national banks listed below for permission to exer- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1924 FEDERAL, RESERVE BULLETIN 949 ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS On the basis of the November estimates by of leading crops in the different Federal reserve the Department of Agriculture, the following districts. A discussion of agricultural conditable has been prepared showing the production tions in each district is given on page 910. [In thousands of units] Corn (bushels) To (b ta u l s h w e h ls e ) at Wi ( n b t u e s r h e w ls h ) eat Sp ( r b in u g sh w el h s) eat Oats (bushels) Prelimi- Prelimi- Prelimi- Prelimi- Esti- Forecast, Forecast, Esti- nary Esti- nary Esti- nary Esti- nary mate, Oct. 1, Nov. 1, mate, estimate, mate, estimate, mate, estimate, mate, estimate, 1923 1924 1924 1923 1924 1923 1924 1923 1924 * 1923 1924 Boston 10, 756 11,810 11,684 240 230 240 230 8,988 9,452 New York _ 29, 684 29,419 28,828 9,151 7,720 8,887 7,468 264 252 34,245 34> 785 Philadelphia- 57, 007 44,759 48,281 22,110 18,235 21,972 18,097 138 138 21,382 23,134 Cleveland 208,310 129,420 134,281 49,779 44,661 49,552 44,422 227 239 67,790 79,522 Richmond 188,751 122,221 133,018 32,202 24,948 32,202 24,948 24,917 22,482 Atlanta 187,968 175,886 175,354 5,960 3,997 5,960 3,997 19,439 13,282 Chicago 976,124 749,106 758, 615 82,965 64,900 79,815 61,945 3,150 2,955 490,254 592,124 St. Louis- . 403, 090 344, 741 350,074 83,426 55,243 83,164 55,052 262 191 52,072 60,827 Minneapolis-_ _. 351,852 258, 759 275,054 159,776 240,289 15, 616 16,191 144,160 224,098 333,084 417, 282 Kansas City 514, 530 487,866 456,393 180,333 300,382 168,635 288,388 11,698 11,994 158,756 174,413 Dallas 112,165 93,269 93,496 16,976 23,434 16,686 23,128 290 306 49,573 52,174 San Francisco. 14,158 11,553 12,460 142,823 71,767 89,851 45,714 52,972 26,053 39,323 29,932 Total _ 3,054,395 2,458,809 2,477, 538 785, 741 855,806 572,340 589,350 213,401 266,456 1,299,823 1,509,409 Hay (tons) Tobacco (pounds) Potatoes (bushels) Cotton (bales)i Prelimi- Est 1 i 9 m 23 ate, est n 1 i a m 92 ry a 4 te, Est 1 i 9 m 23 ate, F O or 1 c e 9 t c 2 . a 4 1 s , t, F N or o 1 e 9 v c 2 . a 4 1 s , t, Est 1 i 9 m 23 ate, Fo O r 1 c e 9 t c 2 . a 4 1 s , t, F N or 1 o e 9 v c 2 . a 4 1 s , t, Est 1 i 9 m 23 ate, F N or 1 o e 9 v c 2 . a 4 1 s , t, F N o o r 1 e v 9 . c 2 4 a 1 s 4 t , , Boston _. 4,495 4,234 14,503 14,730 14,687 46,485 46,224 52,495 New York 7,058 7,631 42,099 41,537 40,663 43, 902 45,106 52,403 Philadelphia- 2,256 3,384 58,950 55,264 57,200 25,036 26,458 29,074 Cleveland. 5,226 6,891 181,143 134,423 140,322 21,710 19,541 20,763 Richmond- _ __ _ 3, 763 4,426 622, 288 482,256 483,230 30,440 37,206 35,768 1,841 1,518 1,510 Atlanta 3,066 2,766 101,404 112,189 116,635 11,157 11,038 10,800 1,458 2,480 2,439 Chicago.- -_ 18,003 22,006 50,354 37,094 39, 577 70,752 75,075 82,987 St. Louis _ 7,643 8,386 396,737 298,141 315,418 18,223 19,624 19,771 1,274 2 2, 316 3 2,266 Minneapolis „ 18,876 18,007 2,886 2,079 2,223 72,842 78,799 83,900 Kansas City 18, 480 16,937 4,422 3,907 4,020 33,766 30,657 31,308 665 1,269 1,314 Dallas 1,911 1,409 2,535 2,769 2,692 4,779 5,083 5,312 San Francisco 15, 849 13,075 35,544 31,011 32,158 124 150 151 Total 106, 626 109,152 1,474,786 1,181, 620 1,213,975 412,392 423, 508 454,119 10,141 12, 816 12,992 1 In addition the following amounts were estimated grown in Lower California (Mexico): 1924, 68,000 bales; 1923, 62,000 bales. 2 Includes 20,000 bales grown in miscellaneous territories. & 3 Includes 16,000 bales grown in miscellaneous territories. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN DECEMBER, 1924 BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES Increasing industrial activity, in many re- Mineral output in October rose considerably spects similar to the sharp recovery in the fall and the index reached 132, the largest figure of 1922, has been indicated by business statis- since January. The greatest part of this rise was tics of recent months. In fact, the seasonally due to bituminous coal, but all components of adjusted index of production has moved with the index except anthracite increased in Octoremarkable similarity in the two periods and ber. A rise in the agricultural index in October recent employment figures have had some to a high point for the year is seasonal, but traits in common with those of two years ago. this year it reached a new high record for the The accompanying table shows the movements post-war period of 186, caused by a remarkably of certain inHexes from July to October, 1922 heavy cotton movement accompanying unand 1924. By industries, the analogy between usually large receipts of wheat at Duluth. 1922 and 1924 is not so complete, but in iron Other components moved practically in accordand steel movements were remarkably similar. ance with seasonal expectations, although Others, such as wool, leather, and shoes, have fruit shipments did not reach the high level moved in a like manner, although from some- of October, 1923. what lower levels and at a faster rate than in Individual manufacturing industries showed 1922. On the other hand, the minerals have substantial increases between September and risen either less rapidly than two years ago or October. The basic production index with have steadily maintained a higher level of out- adjustments for seasonal increases rose 6 per put. The same is generally true of the build- cent and the more complete but unadjusted ing materials. manufacturing index advanced over 7 per cent. The greatest growth was in cotton and INDEX NUMBER COMPARISONS, 1922 AND 1924 wool consumption and pig-iron production— over 20 per cent in each case. Output of steel Basic pro- Manufac- Employduction i turing ment ingots, lumber, sole leather, and shoes increased Month approximately 10 per cent. Automobile out- 1924 1922 1924 1922 1924 1922 put fell off slightly, whereas the manufacture July—.— 94 95 97 103 of tires and tubes was a little greater. The August 94 95 104 111 September 103 100 112 106 production of tobacco and food products, October.__ 109 107 121 118 cement, and crude petroleum increased by a little less than the usual seasonal trend. [ Adjusted for seasonal variations. INDEXES OF INDUSTRIAL ACTIVITY PERCENT ( MONTHLY AVERAGE, 1919-100 ) PERCENT 175 1 175 • •—»••• 11 MANUFAC* rURING PRODUCTION • MINERAL PRODUCTION 150 A 150 A, A 125 A4 vv< AT] N 125 i j \r \ X 100 V \ •'4 i i \ J 100 * i i i 75 V t 75 K 50 50 25 25 0 0 1919 ' 1920 1921 ' 1922 ' 1923 ' 192^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 951 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [Not adjusted for seasonal variations. Monthly average, 1919=100] i G nd e e n x - G in r M d o p e u e r x p t o a d ls u c I a a t r n s n o d d n G i T n r e d o x e u t x p iles a F n a d b - prod P u u r c o c t t d s s - L p u a b r u n c o e m t d d r s - - M c o le t s or p a b n a i u C n d ir i g a l i d n r r e - g - P p a i r a n n i p n d g e t- r F p a u o r n c o o d t d d s - s L p e u a r a c n o t t d h d s e - r S g c a t l l o n a a n s y d s e , , b p u T a r c o c o t c d - s o - C p u a c h r n c a o e l t d d m s s - isteel 1923 September. 101 99 100 119 103 104 106 114 78 October 101 100 100 120 102 105 109 114 79 1924 January 98 118 103 90 106 104 105 78 February. _ 100 123 105 89 106 102 106 78 March 100 124 107 89 106 101 110 78 April 94 123 101 89 105 98 115 77 May 89 119 90 87 104 97 117 74 June. 86 117 81 85 103 99 115 70 July__ 79 113 76 85 101 99 111 67 August 81 114 78 85 101 98 110 68 September. 86 115 80 2 86 103 101 108 71 October 87 114 81 3 87 104 102 109 71 * This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components* The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923. 2 Revised. 3 Preliminary. INDEX OF PRODUCTION IN BASIC INDUSTRIES * [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Textiles Food products Year and month General Animals slaughtered Lumber index i P ro ig n in S g te o e t l s Cotton Wool W fl h o e u a r t m S e u lt g in ar gs Cattle Calves Sheep 1923 September- 114 121 118 103 105 107 87 103 149 121 October.. .. 118 118 119 111 106 91 165 126 150 134 1924 January 120 120 130 112 97 95 133 119 136 February.. _ 120 132 145 102 100 100 127 94 137 93 116 130 March 116 131 145 92 101 107 115 90 112 90 132 124 April. 114 127 121 97 97 105 115 98 116 102 136 127 May.- 103 101 92 80 105 109 107 111 109 124 117 June..... 93 81 74 70 107 111 86 108 102 116 104 July 94 70 67 71 83 118 125 95 117 99 141 106 August 94 71 87 • 72 82 99 104 94 118 91 136 105 September.. 103 80 99 93 91 111 141 93 128 91 132 108 October 109 93 104 109 100 98 141 143 121 120 Coal Nonferrous metals Tobacco products Year and month Bitumi- Anthra- le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Ciga- Manufacnous cite Copper Zinc rettes to tu b r a e c d co 1923 September.. 112 40 127 100 101 168 208 98 143 90 October 112 108 128 107 104 165 207 106 153 95 1924 January 122 111 132 126 106 239 183 98 176 113 February 123 118 134 112 107 192 189 94 140 98 March 101 111 123 122 103 187 186 90 143 91 April .... 92 97 127 114 111 169 189 88 157 91 May 87 101 125 121 116 172 192 95 173 96 June 83 100 124 111 103 173 187 91 163 944 July 86 106 132 109 102 193 185 98 155 97 August 84 95 132 106 101 190 190 95 157 83 September 100 105 130 104 107 186 191 100 162 October.. 107 95 134 108 110 183 185 97 158 i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 907, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN DECEMBER, 1924 INDEXES OF INDUSTRIAL ACTIVITY 1 COMMODITY MOVEMENTS—Continued [No seasonal adjustment. Monthly average 1919=100] October, Septem- October, 1924 1923 1924, ber, 1924 1923 Oct. Sept. Aug. Oct. Sept. Grain and Flour—Continued Receipts at 9 seaboard centers (000 omitted): Agricultural movements 186 150 120 158 128 Wheat (bushels). . 27,424 24,211 27,225 Livestock.._ 123 109 89 135 106 Corn (bushels) _. ._ 1,295 1,509 924 Animal products. 100 106 127 97 100 Oats (bushels) _ 4,517 5,768 2,078 Grains 220 192 218 119 130 Rye (bushels) . 4,526 4,147 2,196 Cotton.. ._ _ ._ 278 175 38 233 144 Barley (bushels) 10,492 5,025 3,024 Vegetables 226 165 107 225 182 Fruits 248 253 144 396 235 Total grain (bushels) .-__. 48,254 40,659 35,446 Min T er o a b l a p cc ro o duction 1 1 3 6 2 5 1 12 2 3 7 11 6 4 3 1 1 6 4 1 3 1 1 2 3 6 3 Flour (barrels) _. 2,933 2,478 2,284 Anthracite 105 106 97 119 40 Total grain and flour (bushels). _. 61,453 51,811 45,722 Bituminous 121 106 90 127 119 Petroleum 190 189 196 214 207 Stocks at 8 seaboard centers at close of Pig iron 97 81 74 124 123 month (000 omitted): Copper 138 126 132 132 124 Wheat (bushels) 12, 213 9,999 6,891 Zinc . 108 104 106 107 100 Corn (bushels) . 414 545 111 Lead .._. 148 146 141 105 109 Oats (bushels) 2,051 2,286 1,067 Silver 119 116 104 115 106 Rye (bushels) _. 3,137 1,607 1,005 Manufacturing production __ 121 ' 112 104 128 117 Barley (bushels) _ 3,341 3,165 2, 534 Iron and steel .._ 108 96 87 126 119 Automobiles 178 178 172 226 203 Total grain (bushels) 21,155 17,602 11,608 Textiles _ 113 98 83 107 100 Food products 114 112 101 115 102 Wheat flour production (barrels, 000 Lumber 160 142 142 161 148 omitted) 13,404 13,798 12,561 Paper and printing 3 111 2 110 107 115 102 Leather and. shoes 3 100 90 84 105 98 Livestock Petroleum refining 180 182 163 157 Cement and brick 169 157 166 162 149 Receipts at 57 principal markets (head, Tobacco 131 126 123 134 117 000 omitted): Rubber tires _ 3 184 2 175 160 118 101 Cattle and calves 2,682 2,520 2,750 Hogs 3,846 3,117 4,690 Sheep - ---. 3,229 2,964 3,363 1 For description and early figures see BULLETIN for March, 1924. Horses and mules (43 markets) 49 48 74 2 Revised. 3 Preliminary. Total 9,807 10,877 COMMODITY MOVEMENTS Shipments at 52 principal markets (head, 000 omitted): • Cattle and calves..- 1,319 1,154 1,357 October, Septem- October, Hogs .. 1,414 1,211 1,629 1924 ber, 1924 1923 Sheep.. 2,210 1,822 2,346 Horses and mules (43 markets) 45 70 Grain and Flour Total - 4,992 4,233 5,403 Receipts at 17 interior centers (000 Shipments of stockers and feeders from omitted): 33 markets (head, 000 omitted): Wheat (bushels) 89,533 83,148 39,938 Cattle and calves •__. 734 570 765 Corn (bushels) 19,007 21,585 16,051 Hogs 52 30 97 Oats (bushels) 39,726 55, 535 31,315 Sheep. 1,233 959 Rye (bushels) 17, 708 14,290 3,434 Barley (bushels) 12,296 13,965 6,051 Total 2,019 1,559 2,260 Total grain (bushels) 178,271 188,523 Slaughter at principal markets under Flour (barrels) 3,149 2,975 3,198 Federal inspection (head, 000 omitted) Cattle 1,016 870 953 Total grain and flour (bushels)._. 192,440 201,909 111, 182 Calves, 473 419 416 Hogs •__ 3,498 2,857 4,328 Shipments at 14 interior centers (000 Sheep 1,148 1,150 1,046 omitted): Wheat (bushels) 72,268 49,934 20,757 Total 6,135 5,296 6,743 Corn (bushels) 10,805 10,569 7,582 Oats (bushels) 18,976 16,221 18,834 Meats, cold-storage holdings, first of fol- Rye (bushels) 16,454 16,222 1,493 lowing month (pounds, 000 omitted): Barley (bushels)— 8,902 9,393 3,182 Beef. 67,165 47,577 63,578 Pork products 441,950 649,268 542,544 Total grain (bushels) 127,405 102,339 51,847 Lamb and mutton 3,193 2,535 1,997 Flour (barrels).. 4,523 4,289 4,789 Exports of certain meat products (pounds, 000 omitted): Total grain and flour (bushels)... 147,760 121,638 73,399 Beef- Canned 151 122 St m oc o W B R O C k n s a y o a h t r e t r h a e s l n e t a ( y ( ( t b ( 0 1 b b u 0 u 1 ( ( u s 0 b b s h i s u h u n h o e s e s t e l m h h e l s l s r e ) e s i ) i ) l l t o s s t ) ) r e d c ) e : nters . at close of 6 5 1 4 4 3 7 1 , , , , , 9 0 9 0 0 9 8 7 1 3 6 0 0 2 7 4 6 1 2 2 0 2 3 , , , , , 0 9 1 9 7 6 7 1 9 0 3 0 8 0 4 5 1 1 6 2 6 4 , , , , 5 5 1 4 5 5 4 1 8 6 0 3 3 4 4 Hog H B L F P P p i r o a a a c e r r c r m k s d o k o h l s , d n e d p u a i c n c o e d k r - - l s o e h t d h o . _ e u r l d c e u r r s es _...-_. 2 2 6 2 2 1 2 0 , , , , , 2 5 1 7 8 0 3 4 6 3 1 9 1 3 1 3 7 2 2 6 1 2 7 2 5 1 , , , , , 2 1 4 3 8 7 6 6 8 9 1 4 7 3 7 8 0 2 2 7 2 4 5 6 , , , , 2 1 3 6 3 1 8 2 5 7 0 8 8 2 8 Total grain (bushels) 141,095 121,845 90,254 Dairy Products Total visible supply of grain east of the Rocky Mountains at close of month Receipt at 5 principal markets (000 (000 omitted): omitted): Wheat (bushels)..... 96,528 88,291 74,735 Butter (pounds) 50,417 57,304 45, 703 Corn (bushels)_.. 8,497 6,400 1,084 Cheese (pounds) 17,804 18,497 21, 091 Oats (bushels) 71,157 50,690 22,236 Eggs (cases) . 741 872 831 Poultry (pounds) ___. 27,344 19,768 27,412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL EESEEVE BULLETIN 953 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued October, Septem- October, October, Septem- October, 1924 ber, 1924 1923 1924 ber, 1924 1824 Dairy Products—Continued • Fuel and Power—Continued Cold-storage holdings first of following Coal and coke—Continued. month (000 omitted): Coke- Creamery butter (pounds)._..___._. 135, 251 153,271 76,418 Beehive coke production 631 523 1,290 American cheese (pounds) 67,651 73,087 58,048 By-product coke production 2,899 2,543 3,099 Eggs (cases) . 5,295 7,416 6,650 Petroleum, crude (barrels, 000 omitted): Poultry (pounds) 55,430 40,090 37,008 Production „ _ 59,826 59,611 67,506 Stocks at close of month •_ 362,374 363,700 323,789 Other Agricultural Products Producing oil wells completed (number) 1,060 1,126 1,140 Cottonseed (tons): Oil refineries: Received at mills __ 1,187,993 601,408 979, 569 Production (000 omitted)—i Crushed 707, 221 313, 791 661, 201 Crude-oil run (barrels) _ _ 53,617 54,658 48,812 Stocks at mills at close of month 855,128 380,443 739,947 Gasoline (gallons) 750, 264 755, 780 623, 733 Cottonseed oil (pounds, 000 omitted): Kerosene (gallons) 211,830 204,107 193, 688 Production 210, 341 91, 756 195, 945 Gas and fuel oils (gallons). 1,113,911 1,167,211 1,032, 591 Stocks 82,808 44,116 Lubricating oil (gallons) 90, 228 92,761 87,172 Oleomargarine consumption (pounds, Stocks (000 omitted)— 000 omitted) .__ 19,217 20, 202 21/236 Crude-oil run (barrels) - 41, 549 40,636 32,753 Tobacco sales at loose-leaf warehouses, Gasoline (gallons) 1,229,606 1,311,021 972, 695 (pounds, 000 omitted): Kerosene (gallons) 297, 749 304,136 238,024 Dark belt, Virginia 2 4 Gas and fuel oils (gallons) 1,640,603 1,658, 671 1,481,204 Bright belt, Virginia 12,645 9,682 Lubricating oils (gallons) 243,149 242, 753 215, 013 North Carolina 67, 987 54, 789 68, 617 South Carolina _ 1,959 13,128 3,464 Electric power produced by public Bur ley - 270 79 307 utility plants (kilowatt hours, 000,000 Western dark . 227 78 148 omitted): Sale of revenue stamps for manufacture Produced by water power 1,628 1,496 1,472 of tobacco, excluding Porto Rico and Produced by fuels 3,558 3,310 3,479 Philippine Islands (000 omitted): Cigars (large) 635,231 605, 608 711,655 Total.. 5,187 4,950 Cigars (small)_____ 53, 253 43, 730 46, 711 Cigarettes (small) 6, 273, 2176, 277,169 Metals Manufactured tobacco (pounds) 34, 556 33, 522 33,236 Iron and steel: Fruit shipments (carloads): Iron ore Shipments at Lake Superior Grapefruit ___ 1,340 29 1,965 (long tons, 000 omitted) 5,597 6,165 8,100 Oranges 2, 390 2,391 Pig iron production (long tons, (000 Lemons 455 696 537 omitted).— 2,477 2,053 3,149 Apples 35,937 13, 261 44, 515 Steel ingot production (long tons, Vegetable shipments: (000 omitted)... 3,111 2,815 3, 577 White potatoes (carloads) 32, 524 20, 450 33,433 Unfilled orders, United States Steel Onions (carloads).. 4,545 3,864 4, 760 Corporation (long tons, 000 Rice (pounds, 000 omitted) 130,323 73,054 96,878 omitted) 3,525 3,474 4,673 Sugar, all ports (long tons): Fabricated structural steel orders Receipts 268,336 416,931 317,919 (tonnage) _ 171,600 176, 800 127,400 Meltings 325,672 453,900 380,500 Steel castings booking (net tons).... 66,697 62, 509 37,312 Raw stocks close of month 252,455 177,311 294,733 Silver production (troy ounces, 000 omitted) 5,620 5, 524 5,428 Fishery Products Copper production (pounds, 000 omitted) _.... 138,862 127,600 132,481 Fish landed by American fishing ves- Zinc (pounds, 000 omitted): sels, total catch (pounds, 000 omitted) _ 20,483 20,904 20,686 Production 84, 976 81, 704 84,196 Cold-storage holdings, frozen and cured Stocks, close of month __ 76,904 91,440 51, 574 fish, on 15th of month (pounds, 000 Shipments 99,512 92,108 78,408 omitted) __.__._ _ 94,927 82, 705 Tin (pounds, 000 omitted): Deliveries to factories.. 11,402 11,166 12,410 Forest Products Stocks, close of month. 5,419 8, 902 8,236 Lumber: Number of mills- Textiles Prod N N W S S u o o a a t t c c e u u u u t t i t s i i a t t r r i t o o h h o e e t C n n i n e e r r o s s a a r r o n ' ' n n l l ( a f . A A e s P P t e s s L L i i t s L s n n , o u u o e e u 0 c m c m 0 m i A A i 0 a a b b , b s s t 0 t e e i s s i e 0 o r r o o o r 0 n n c c m o i i . a a . e M M m - t t n i i i a a o o 's t n n n n t e A u u d f f s a a ) s — c _ c o - - . - _ 1,3 4 5 1 1 8 1 0 5 7 4 8 1 3 9 1, 3 2 1 1 5 9 7 1 9 8 7 7 1, 4 5 5 1 12 5 3 8 8 2 2 6 6 2 Cott A S V S C S S o p i t t n m o i o g o o s i n m n c h c i e ( b s k k t d b r i l u s i s l r a t e c e m t e l a a e a s s e c t t p n d u s e a w t m ) , p i s i c - p 0 o p p a i t 0 t n l i l i r s 0 l v y n e s e b n h o y e o d m r u _ m u s ; i . _ ' s r t i . _ i e t t . l n e a . l s _ s d g k . . ) i . m : ng o s n . th (00 _ 0 _ 3 4 2 3 1 , , . , 8 2 3 0 6 7 7 0 2 5 7 3 3 6 7 9 5 8 3 1 1 2 1 1 , , , 6 8 0 5 4 4 8 4 7 3 1 5 8 5 3 5 5 4 3 2 3 2 4 1 , , , , , 1 4 3 3 7 7 5 0 3 8 6 8 4 9 3 6 6 8 5 2 0 W s e o s c t ia C ti o o a n st Lumbermen's As- 500 366 523 Sp ( i 0 n 0 d 0 l , e 0 0 h 0 o o u m rs i a tt c e t d iv ). e duri ~ ng - month 30,122 8,382 Shipments (feet, 000,000 omitted)— Finished cotton fabrics: 6,415 N So a t u u ti t r o h e n e rs a r ' n l A P s L i s n o u e c m i A a b s t e i s o r o n cia M tio an n ufac- 1,3 4 7 2 9 7 1, 3 22 9 0 0 1, 4 42 3 7 9 F O i r o n d m i e s r i h s t e t e d re d c ) y e a iv rd ed s ( b y i a l r le d d s, 0 ( 0 y 0 a o rd m s i , _ t t 0 e 0 d 0 ) 8 9 6 0 , ,6 7 0 6 1 5 7 74 0 , , 5 2 4 1 7 3 1 9 0 9 5 , , 6 2 6 7 2 5 W s e o s c t ia C ti o o a n st Lumbermen's As- 464 373 S Fi h n i i p s m he e d n t s s t o (e c a k s s e s (c ) ases) 4 4 0 4 , , 6 3 6 3 4 1 3 3 9 9 , ,3 7 2 5 5 3 4 50 8 , ,1 3 7 4 7 1 Naval stores at three southern ports: Wool: Spir R S it t s e o c o c e k f i s p t u t a s r t p c e lo n s t e in o e f ( m ca o s n k t s h )— 2 4 5 1 , ,5 6 8 3 7 7 3 5 4 2, , 8 3 5 6 6 4 3 3 3 7 , , 1 2 4 5 1 3 P C e o t r o n c t s e a u n l m t r a e p g p t e i o o o r n f t e ( a p d c o - t u iv n e d s m , 0 a 0 c 0 h i o n m er i y t t t e o d) 54,854 45,638 51,815 Rosi R S n t e o ( c c b e k a i s r p r t a e s t l s c )— lose of m __ onth. 2 9 8 2 2 , , 9 6 6 1 2 4 2 1 7 1 3 3 , , 7 2 2 0 1 9 2 1 9 1 5 5 , , 3 4 8 2 9 8 Lo L o o s m o p s m a c 5 s e 0 w -in id ch er _ r t e h e a d n s p 5 a 0 c - e in o c r h - l _ r e - e - s _ e s d _ . _ .. . 7 7 5 2 . . 8 4 6 7 4 3 . . 9 8 8 7 1 6 . . 0 8 Fuel and Power S C e o t m s o b f s cards _ 8 7 3 9 . . 4 8 7 8 2 1 . . 5 3 7 8 5 6 . . 9 1 Coal B a i n tu d m co in k o e u ( s s h c o o r a t l t p o r n o s d , u 0 c 0 t 0 i o o n mitted): 46,813 41,023 49,171 S S p p i i n n n n i i n n g g s s p p i i n n d d l l e e s s , , w w o oo rs l t e e n d 8 75 3 . . 4 3 7 66 9 . . 5 3 8 83 3 . . 9 9 Anthracite coal production 7,674 7,601 8,724 i Figures for September and August, 1924, and September, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN DECEMBER, 1924 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued October, Septem- October, October, Septem- October, 1924 ber, 1924 1923 1924 ber, 1924 1923 Textiles—Continued Building Materials—Continued Wool—Continued Brick (number, 000 omitted)—Con. Percentage of active hours to total Silica brickreported- Production 11,025 9,705 12,124 Looms wider than 50-inch reed Shipments 14,255 12,287 11,250 space _-„ 73.9 65.9 76.7 Stocks at close of month 34,140 37,370 42/597 Looms 50-inch reed space or less. 65.1 59.1 73.9 Paving brick- Sets of cards.._„ _._. 91.8 87.1 92.7 Production - 29,898 30,646 38,796 Combs ___. 98.1 86.3 86.2 Shipments 34,569 36,007 39,707 Spinning spindles, woolen 90.8 86.4 88.0 Stocks at close of month..: 84,593 102,129 97,639 Spinning spindles, worsteds._.. 78.7 67.0 87.0 Orders received ... 20,680 32,930 26,959 Men's and boys' garments cut:1 Unfilled orders/close of month.. .62,972 80,219 74,226 Men's suits, wholly or partly wool.. 900,831 983,321 504,089 Cement (barrels, 000 omitted): M Me e n n ' ' s s s s e u p it a s r , a t a e ll tr o o th u e se r r m s, a w te h r o ia ll l y s or 47,484 46,497 S P h ro ip d m uc e t n i t o s n .. _ _ .. 1 17 4 , , 0 8 8 2 1 0 1 1 4 6 , , 8 5 2 1 7 9 1 14 3 , , 2 3 8 5 5 0 partly wool 712,559 682,641 578,834 Stocks, close of month 6,143 8,404 4,612 Men's trousers, all other materials.. 269,956 424,952 288,524 Oak flooring (feet, 000 omitted): Men's overcoats 523,960 534,071 369,918 Production _ 42, 253 36,125 29,267 Boys' suits and separate pants 807,406 901,587 450,611 Shipments 42,497 38,011 31,117 Boys' overcoats and reefers 202,899 137,448 133,608 Orders booked.. _ 34, 657 33,833 30, 551 Raw silk: Stocks at close of month 41,105 42,564 Consumption (bales) 35,508 36,366 25,917 Unfilled orders 36,005 45,368 34,868 Stocks at close of month (bales) 44,398 42,260 32,679 Maple flooring (feet, 000 omitted): Imports (pounds, 000 omitted)..—.. 4,870 5,871 4,021 Production 7,707 6,682 12,312 Hosiery (dozen pairs, 000 omitted): * Shipments . 7,761 8,374 11,595 Total, all classes 3,881 3,581 3,531 Orders booked. 6,864 7,553 9,394 Men's _. 1,711 1,594 1,501 Stocks at close of month — 23,073 22,440 19,861 Women's , 1,436 1,316 1,306 Unfilled orders 8,124 9,237 14,797 Enameled ware (number): Hides, Leather, and Shoes Baths— Raw hides and skins (000 omitted): * Shipments 85,039 92,039 107,308 Stocks at close of month 1~ Stocks, close of month 82,549 62,321 29,340 Cattlehides 3,775 3,760 5,487 New orders . 70,856 77, 560 101,864 Calf and kip skins _____ 3,340 3,147 3,429 Lavatories— Goat and kid skins. 8,018 8,887 10,999 Shipments 92, 716 93,804 141, 206 Sheep and lamb skins 7,282 6,944 9,203 Stocks, close of month 147, 751 133, 515 43,583 Stocks disposed of during month1— New orders 85,521 86,072 126, 474 Cattle hides.. 1,844 1,648 1,427 Sinks- Calf and kip skins ___. 914 1,194 1,120 Shipments 100, 211 100,169 135, 527 Goat and kid skins. _. 1,589 1,423 1,512 Stocks, close of month 201,975 183,427 53,346 Sheep and lamb skins 2,584 3,142 3,232 New orders __. 87,455 84, 520 136,963 Sole leather, cattle (backs, bends, and Miscellaneous waresides) (number, 000 omitted): Shipments ._ 57, 620 58,630 64, 707 Production . 1,362 1,232 1,536 Stocks, close of month. __. 127,653 100, 008 49,785 Stocks in process 5,146 5,098 5,760 New orders _• ._. 47,345 51,198 60, 567 Tanners' finished stocks 5,918 6,274 9,122 Upper leather: Miscellaneous Manufactures Cattle (sides) i— Production... 1,047 1,007 1,441 Chemicals: Stocks in process 2,386 2,454 2,752 Acetate of lime (pounds, 000 Total finished stocks 5,089 5,404 5,974 omitted) 9,803 8,449 12, 973 Calf and kip skins i-— Methanol (gallons) 539, 333 464,702 666,364 Production _ 1,419 1,511 1,590 Wood pulp (short tons): Stocks in process _. 3,764 4,199 Production _ 204, 586 167,479 186,643 Total finished stocks 6,623 6,810 7,576 Consumption ... 192, 277 159, 647 181,824 Goat and kid skins i— Shipments 19,370 17,741 26,865 Production 2,506 2,150 3,264 Stocks, close of month 147,995 157, 515 84, 097 Stocks in process... 4,418 4,298 7,411 Paper (short tons): Total finished stocks 21,193 21,614 20,813 Newsprint— Sheep and lamb skins i— Production 129,429 116, 206 122,073 Production 1,639 1,453 1,346 Shipments 129,536 116, 598 124,894 Stocks in process. 2,772 2,165 2,909 Stocks, close of month 28,194 28,463 21, 934 Total finished stocks 4,903 5,162 6,552 Book paper- Production 91, 319 82,140 52,480 Bo o o m ts i tt a e n d d ): ^ shoes, output (pairs, 000 Pape S r t o b c o ks a , r c d l - ose of month 36, 706 36,151 22,035 Men's. 7,583 7,178 7,909 Production 124, 796 107,715 115,577 Women's 9,939 8,719 8,848 Stocks, close of month.. 36,396 33,978 32, 761 All other _ _ 10,123 9,576 10,798 Wrapping paper— Production 51,374 50,795 53,448 Total.. 27,644 25,473 27, 555 Stocks, close of month. 59, 741 63, 728 46,753 Fine paper- Building Materials Production „_ _. 26,197 23,167 25,995 Brick (number, 000 omitted): Stocks, close of month 39,978 40,548 38,666 Clay fire brick- Advertising (agate lines, 000 omitted): Production 57,924 48,480 61,265 Magazines _ 2,213 1,795 2,263 Shipments _ 54,016 50,657 Newspapers... 108,594 94,903 109,293 Stocks at close of month 230,369 226,136 178,841 Rubber (pounds, 000omitted): New orders _ 50,582 47,496 47,974 Imports (pounds, 000 omitted) 87,352 60,034 39,473 Unfilled orders, close of month.. 55, 598 58,867 64,332 Consumption by tire manufacturers- 43,921 24,114 Face brick- Tires and tubes (number, 000 omitted):" Production 36,934 34,959 39,657 Pneumatic tires- Shipments... _' 33,447 33,607 35,083 Production 3,743 3,531 2,361 Stocks in sheds 72, 677 73,188 71,451 Shipments, domestic 2,972 3,319 2,820 Unfilled orders, close of month.. 37,994 39,308 49,227 Stocks, close of month 5,340 4,524 4,876 1 Figures for September and August, 1924, and September, 1923 2 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 955 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued I October, 1 Septem- October, October, Septem- October, 1924 ber, 1924 1923 1924 ber, 1924 1923 Miscellaneous Manufactures—Contd. Transportation—Continued Tires and tubes—Continued. Vessels cleared in foreign trade (tons, Inner tubes- 0Q0 omitted): Production __ 5,643 5,506 3,855 American 2,922 2,872 2,688 Shipments, domestic.. _~- 4,034 5,119 3,596 Foreign 3,881 3,607 3,304 Stocks, close of month 7,453 6,039 6,898 Solid tires- Total.. ._ . 6,804 6,479 5,992 Production. _. . .. 52 42 37 Percentage of American to total- 43.0 44.3 44.9 Shipments, domestic 48 46 48 Commerce of canals at Sault Ste. Stocks, close of month... 172 142 235 Marie (tons, 000 omitted): Automobiles: Production (number)— Eastbound 8,354 7,477 10,531 Passenger cars ._ 257,839 257,868 334,244 Westbound 1,974 2,184 2,471 Ship T m ru en c t k s s — 30,597 30,154 29,638 Total 10,328 9,661 13,003 By railway (carloads). 32,500 28,360 42,236 Drive aways (number).. 28,450 28,670 37,947 By boat (machines) ... 5,750 7,130 7,663 BUILDING STATISTICS Locomotives (number): Domestic shipped __ 78 79 295 Building permits issued in 168 cities, Foreign completed - 18 25 15 grouped by Federal reserve districts: Number of permits- Total „ 96 104 • 310 Boston (14 cities)..._.._......_. 3,426 3,305 3,121 New York (22 cities) 11,499 10,244 11,545 Unfilled orders- Philadelphia (14 cities) 3,247 2,977 3,299 Domestic _ _.__ 398 333 915 Cleveland (12 cities) 6,762 6,196 6,595 Foreign 64 53 62 Richmond (15 cities) .. 5,137 4,480 4,271 Atlanta (15 cities)............... 4,255 3,646 3,768 Total ._._._. 462 386 977 Chicago (19 cities) 14,581 13,629 14,857 St. Louis (5 cities) 3,125 3,016 3,039 Vessels built in United States and ofli- Minneapolis (9 cities) 2,060 1,980 2,276 cially numbered by the Bureau of Kansas City (14 cities) 3,458 3,342 2,703 Navigation: Dallas (9 cities)..... 2,639 * 2,362 2,718 Number. _ __ .__ . ... _ _ _-_._ 80 126 78 San Francisco (20 cities) 12,193 12, 744 15,140 Gross tonnage...-.> ._... - 11,414 •25,875 18,350 Total . . 72,382 67,921 73,332 Transportation Value oi permits (dollars, 000 omitted)— Freight carried by Class I railways: * Boston (14 cities) 11,284 10, 504 11,917 Net ton-miles, revenue and non- New York (22 cities). 77,444 58,743 85,899 N N e e re t t v t t o o en n n u s s e p p e e (0 r r 0 t l 0 o r , a 0 a i 0 d n 0 e d o „ m c . a i r t . t . e . d .. „ ).... 36,4 7 4 2 4 2 6 7.1 39,4 7 4 2 3 9 3 7.4 A R P C h i l t e c l i a l v h a n e m d t l a a e o n l n p ( d 1 d h 5 i ( ( a 1 c 1 2 i 5 ( t 1 i c c e 4 i i s t t i ) c i e e i s t s ) i ) es) ._ 2 1 1 8 1 2 8 , , , , 9 5 3 3 4 7 0 3 9 1 7 5 1 1 1 7 0 6 7 , , , , 1 8 7 4 1 1 7 7 6 4 0 8 1 1 1 9 9 1 5 , , , , 1 7 0 4 6 4 4 9 0 4 5 5 Chicago (19cities). 51,278 48,415 54,957 Revenue freight loaded and received St. Louis (5 cities)... 13,815 7,824 4,588 from connections (cars loaded, 000 Minneapolis (9 cities) 5,190 4,348 5,001 omitted): Kansas City (14 cities).... 9,288 9,933 8,970 Classified by nature of products- Dallas (9 cities) ... 8,431 6,626 4,741 Grain and grain products. _ 304 293 222 San Francisco (20 cities) 31,652 33,823 40,028 Livestock 186 160 192 Coal 859 776 865 Totals.... 269,543 232,394 271,546 Coke . 44 37 54 Building contracts awarded: Forest products * 318 290 333 By Federal reserve districts (dollars, Ore 190 204 267 OOOomitted)— M M i e s r c c e h l a la n n d e i o s u e, s I.e. 1 .. 1 1 , , 8 1 5 6 2 1 1 1 , , 0 6 7 6 4 9 1 1 , , 7 1 6 3 0 8 B N o e s w to Y n ork _ . .. 1 2 0 9 9 , , 7 5 5 1 9 8 2 83 9 , , 8 0 6 3 4 5 1 2 11 9 , , 5 8 5 1 2 8 Total . 4,916 4,505 4,831 P C h le il v a e d la e n lp d hia 4 45 5 , , 2 5 3 8 0 5 4 3 7 2 , , 9 1 4 3 7 0 4 2 1 5 , ,3 2 4 3 6 5 Richmond -. 24,798 27,725 20,937 Classified by geographical divi- Atlanta 42, 111 28,770 22, 580 sions- Chicago 63, 765 54, 596 58,240 Eastern. 1,118 1,023 1,137 St. Louis 29,557 20,875 28,248 Allegheny 947 890 973 Minneapolis 8, 571 7,882 11, 562 Pocahontas 236 207 200 Kansas City _ 1 11, 656 i 12, 501 9,703 Southern 694 627 659 Dallas. „ . . . ' 13,820 14, 519 Northwestern 742 692 776 Central western 811 740 763 Total (11 districts) 424,370 359,844 2 359,221 Southwestern _ 368 326 323 By classes of construction (square feet, 000 omitted)— Total 4,916 4,505 4,831 Residential buildings 28,395 24,272 35,008 Industrial 3,332 3,199 3,877 Freight car surplus (number): Business .___ 8,546 7,226 7,582 Total 99,256 155,374 27,393 Educational 3,201 3,827 3,907 Box _ 29,010 42,994 18, 538 Hospitals and institutions 713 1,358 1,419 Coal 49,584 77,985 6,413 Social and recreational.._ _ 1,516 2,010 1,305 Freight-car shortage (number): Religious and memorial __ 1,064 1,033 756 Total 1,326 412 14, 518 Public 273 254 311 Box 846 207 5,063 Coal 412 132 3, 774 Total (27 States) 3 ... 47,390 43,453 54,258 Bad-order cars (total), condition first of following month 190,543 206,044 150,624 1 District No 10 includes figures for Colorado. 2 Total 10 districts. No figures available for Dallas district. i Figures for August, 1924, and September, 1923, 3 Includes miscellaneous building contracts as well as groups shown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN DECEMBER, 1924 WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES WHOLESALE TRADE IN THE UNITED STATES, BY LINES CHANGE IN CONDITION OP WHOLESALE TRADE. BY LINES f A verage monthly sales 1919=* 1001 AND DISTRICTS—Continued Percentage change Drugs in October, 1924, sales as compared with—- 1923 January 78 75 61 101 61 89 113 February 76 74 60 95 60 83 107 Septem- October, March... 86 81 65 108 86 109 121 ber, 1924 1923 April. ... 79 80 62 86 67 112 106 May 81 81 64 83 73 118 107 June. 83 88 62 88 68 114 107 S hoes—Continued July ... 79 81 64 88 56 100 106 Chicago district -14.3 -31.8 August 88 86 67 115 74 106 111 St. Louis district... 1.3 -1.8 September 91 90 73 112 76 106 115 Minneapolis district . 9.3 11.1 October 97 99 74 112 81 117 129 San Francisco district 4.2 -18 1 November 85 93 65 90 63 102 111 Hardware: December.. 72 76 65 66 51 90 99 United States ...„„. .__ 4.4 -5.7 New York district 13.0 -6.7 1924 Philadelphia district.. . • . 14.3 -1.9 January 80 80 66 97 49 91 116 Cleveland district -0.1 -8.4 February 78 77 63 98 49 91 110 Richmond district —11.1 -19.2 March.. 80 80 62 90 65 104 118 Atlanta district.. „ .„ 11.3 -3.5 April 78 80 61 81 69 108 114 Chicago district 2.9 -6.8 May 77 82 64 72 56 104 110 St. Louis district . .. —4.5 0.8 June. . 76 83 64 70 52 96 105 Minneapolis district ... -8.7 -0.6 July... 78 84 67 79 44 93 111 Kansas City district 9.2 19.1 August.. _. 83 84 68 102 56 93 109 Dallas district - . . .. . - —0.3 —6.3 September 92 93 71 116 - 69 106 118 San Francisco district... ._..-. 4.9 -9.9 October ... 95 100 78 104 67 110 130 Drugs: United States............ 9.6 0.7 New York district 12.0 -2.2 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Philadelphia district- .. . 3.5 -0.1 AND DISTRICTS Cleveland district „ „_ 7.1 -5.4 Richmond district . . 0.3 —4.5 Percentage change Atlanta district ..._.—_.. -8.3 -1.4 in October, 1924, Chicago district 6.8 —1.9 sales as com- St. Louis district 11.5 8.3 pared with— Kansas City district 10.9 9.3 Dallas district .. 10.6 4.2 Septem- October, San Francisco district 11.3 10.7 ber, 1924 • 1923 Furniture: Richmond district. ,__ „ 0.9 22.5 Atlanta district . _ 2.3 1.1 Groceries: St. Louis district . 7.9 6.5 United States 7.6 1.6 Kansas City district -1.3 9.7 Boston district -0.3 -2.4 San Francisco district- _ .... .». 0.4 0.1 New York district 11.6 -6.7 Agricultural implements: Philadelphia district... 9.2 1.9 United States . . .. —21.1 1.5 Cleveland district.. 11.4 -2.0 Atlanta district -3.1 23.0 Richmond district 8.1 3.0 Minneapolis district . —49.1 42.4 Atlanta district........ 8.7 8.6 Dallas district __ _ 26.4 16.4 Chicago district 7.1 4.3 San Francisco distriet —8.5 —10.5 St. Louis district 5.8 4.9 Stationery: Minneapolis district.... 3.9 9.7 New York district 19.8 14.6 Kansas City district... 13.1 9.1 Philadelphia district 17. 6 1.0 Dallas district -3.6 -1.0 Atlanta district „ 7.1 —9.5 San Francisco district.. 5.3 —4.6 San Francisco district . _ «, _.«. 3.3 -4.6 Dry goods: Automobile supplies: United States -10.9 -7.4 San Francisco district ___„ .__ . -3.4 -4.4 New York district -7.5 -2.7 Clothing: Philadelphia district... 1.4 -12.9 New York district —6.5 —6.8 Cleveland district -10.5 -16.8 St. Louis district-... ._...... 73.1 -3.9 Richmond district •_. -25.9 -25.5 Machine tools: Atlanta district —11.0 -0.8 New York district 22.6 -14.6 Chicago district.. -18.2 -12.1 Diamonds: St. Louis district -18.9 3.9 New York district .„ 21.5 43.5 Minneapolis district.... -0.4 11.5 Jewelry: Kansas City district... -1.6 11.7 New York district . . 31.1 1.9 Dallas district -1.0 -4.3 Philadelphia district. —....-.—. 21.1 — 1.5 Shoe U B N S s a : e o n n w s i t t F e o Y d n r a o S d n r i t c k s a i t t s d r e c i i s o c st t r d i i c s t trict.. - - - - 3 3 7 2 . . . . 0 8 4 3 - - 1 - 2 - 7 8 2 0 . . . . 5 8 6 0 Elec P A S tr h t i t . c l il a L a a n l o d t s u e a u i l s p p d h p d i i l s a i i t e s r t s d i r : e i i s t c t t r ict ... . _ .. ._ 2 2 1 0 7 . . . 0 0 8 — - 3 6 3 2 .7 . . 2 3 Philadelphia district... -8.8 -6.8 Millinery: Cleveland district 8.3 -17.9 Kansas City district.. „_ . .. -53.5 -21.6 Richmond district -2.5 -13.4 Stoves: Atlanta district 0.2 -10.6 St. Louis district 4.1 2.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 957 RETAIL TRADE, BY REPORTING LINES [Average monthly sales 1919«» 100] Sales without seasonal adjustment -net-dna-eviF sniahc tnec )sniahc 5( ahc gurD niahc 9( niahc ragi sniahc 3( ahc e niahc sniahc cisuM )sniahc 4( c ydnaC iahc 4( Sales with seasonal adjustment sniahc sniahc dna-eviF hc tnec sniahc gurD )sniahc 9( rag hc 3 iahc eohS niahc 6( ahc cisuM niahc 4( niahc ydnaC )sniahc 4( 1923 June 126 86 182 154 149 136 143 97 176 126 101 186 168 151 140 135 122 188 July—.., 89 74 177 143 141 128 102 82 176 119 100 184 157 139 129 112 111 180 August. 100 73 179 153 145 135 95 103 179 128 97 187 161 145 138 121 115 179 September 113 92 182 151 143 140 127 102 176 124 97 191 162 145 140 133 102 178 October 148 134 200 180 152 138 139 136 185 130 104 193 166 149 132 123 113 181 November 142 122 201 176 141 134 131 149 174 126 98 200 168 150 135 121 119 183 December 202 118 201 331 185 171 214 261 126 98 192 179 152 143 130 113 178 1924 January 109 98 203 126 141 119 99 84 154 125 100 202 173 146 137 130 102 183 February 102 96 198 140 143 124 93 97 165 127 101 198 179 150 140 132 112 188 March. 115 105 197 163 149 136 118 99 181 115 91 182 170 147 140 118 110 179 April... „. 133 114 208 178 145 130 178 88 208 130 111 205 190 149 136 153 103 208 May ... 127 90 211 174 150 143 150 82 189 123 100 211 183 153 141 130 99 196 June__. 120 89 197 162 143 131 140 75 176 120 104 200 176 146 134 132 94 188 July 91 69 204 163 148 128 113 72 184 122 93 211 179 147 129 123 97 188 August .-.„. 93 74 198 172 152 138 108 91 184 119 99 208 181 151 141 138 102 184 September 119 106 207 169 145 137 124 110 185 131 112 217 183 147 137 129 110 188 October 141 141 236 203 159 144 138 124 202 124 109 229 188 156 137 122 102 197 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number District o p f o r r t e - - 1924 1923 1924 1923 ins firms Oct. Sept. Aug. July June Oct. Sept. Oct. Sept. Aug. July June Oct. Sept. United States 359 141 119 93 91 120 148 113 124 131 119 122 120 130 124 Boston -_ 24 137 115 86 89 131 144 116 124 127 114 124 123 130 128 New York 63 164 127 83 93 127 161 113 136 145 124 131 125 132 127 Philadelphia 22 144 109 85 82 123 154 104 126 134 117 122 119' 135 128 Cleveland 54 134 117 101 94 126 151 118 122 132 122 122 124 137 132 Richmond 23 137 106 78 85 118 136 93 120 124 109 116 114 119 109 Atlanta. 35 120 94 72 73 95 132 92 100 106 92 96 100 110 103 Chicago 63 136 133 108 99 125 154 128 123 139 130 130 126 140 135 Minneapolis 23 116 102 89 81 99 125 103 103 102 98 98 98 111 103 Dallas 21 126 113 70 71 95 125 102 107 113 99 101 100 107 102 San Francisco 31 157 130 136 116 125 160 126 144 139 139 139 133 147 135 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Stocks without seasonal adjustment Number District o p f o r r e t- - 1924 ing firms Oct. Sept. Aug. July United States..,.. 314 148 137 126 122 Boston -. 24 135 125 113 116 New York 63 146 133 120 115 Philadelphia 13 171 160 144 141 Cleveland 52 146 136 123 119 Richmond 19 143 128 116 Atlanta. 22 126 118 109 Chicago _ 51 170 159 149 Minneapolis . 22 121 115 106 Dallas 19 133 128 121 San Francisco 29 147 141 132 oc oc ot Stocks with seasonal adjustment 1923 1924 June Oct. Sept. Oct. Sept. 127 146 139 132 128 119 142 129 120 118 122 145 134 132 125 146 176 166 153 148 128 144 135 130 12fi 122 141 130 124 113 134 130 111 145 164 162 152 102 106 121 115 111 110 113 131 128 118 132 134 143 138 136 iS-rO O OO -O>r. 1923 Aug. July June Oct. Sept. 124 130 133 131 130 119 126 125 126 122 125 123 125 128 123 146 151 151 157 154 123 125 131 128 125 118 120 130 122 109 116 119 119 144 152 154 146 110 107 108 111 111 114 115 118 119 115 134 131 138 141 132 OOOSCN 110 112 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN DECEMBER, 1924 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND GERMANY 1924 1923 1924 1923 October Se b p e te r m- August October Se b p e te r m- August July Se b p e te r m- Exports: Production: Iron and its manufac- Coal (thousand long tons) 20,451 20,430 -24,042 22, 507 tures (metric tons) 135,546 146,491 116,529 117,883 Pig iron (thousand long tons) 569 589 596 Machinery and electrical Steel ingots and castings (thou- 587 supplies (metric tons) — 29,380 31,452 33,613 27, 876 sand long tons) -. 646 528 702 Dyes and dyestuffs (met- Raw cotton, visible supply8 679 ric tons) 7,078 8,087 9,250 7,569 (thousand bales) ... 626 545 676 Coal (metric tons)..- 174,112 174, 018 126,203 146, 316 Exports: 701 Imports: Iron and steel and manufactures Raw wool (metric tons).. 3,147 3,986 9,399 (thousand long tons) --. 264 301 389 Silk, Half manufactured Cotton manufactures (mOlion (metric tons)- 434 374 403 256 yards) —_. 364 377 375 Cotton (metric tons)..—_ 11,307 8,821 13,326 12,062 Coal (thousand long tons) 4,933 5,098 5,075 7,433 Iron ore (metric tons) 231,149 171, 255 137,244 287,424 Imports: Coal (metric tons) , 099,783 521, 731 1, 601,913 Raw cotton (million pounds) 192 71 66 175 R R a a w w w h o id o e l s ( , m w ill e io t n p ( o t u h n o d u s) sand 32 35 32 26 October Se b pt e e r m- August October pounds) - 6,957 20,022 10,456 Transportation: 11,663 Ships cleared with cargo8 (thou- Ship arrivals in Hamburg sand tons)-— 5,861 5,630 6,533 (thousand net reg. tons)... 1,485 1,254 1,275 1,187 Freight-train receipts (thou- 5,694 Unemployment: sand pounds sterling) 8,294 9,821 Applicants for every 100 Freight-train traffic (million ton- positions-.. _ 292 356 600 miles) __ - 1,479 1,732 Number receiving State Unemployment: aid - 519,161 588,485 954, 664 Among trade-unionists (per Business failures _ 752 850 895 15 cent) - - 8.7 8.6 7.9 10.9 Capital issues (billion marks). 2 56.8 2 28. 6 2 31.1 934 In insured trades (per cent) • 11.1 10,8 10.6 11.7 Index of security prices:1 Index of security prices, Dec. 1921= 25 domestic stocks, Jan. 100 116.2 115.6 115.8 115.5 4, 1924=100 _„ 63.2 62.06 65.7 Capital issues (thousand pounds sterling) 34,972 5,094 2,156 40, 282 1 Last week of month figures. 2 In millions of gold marks. CANADA * Five weeks. 2 End of month figures. 1924 1923 3 Figures include Irish Free State. Septem- October ber August October FRANCE Production: Pig iron (thousand tons). 29 23 74 1924 1923 Crude steel 20 23 67 Railway receipts (thousand dollars) _-._ 42,058 34,199 32,171 49, 801 October Se b p e te r m- AugustOctober Un u e n m io p n l i o s y ts m ( e p n e t r a c m en o t n ) g trade- 5.9 6.5 4.8 Business failures (number)1.. 48 41 30 66 Authorized capital of new Production: companies (thousand dol- Coal1 (thousand metric tons)—- 5,005 4,904 4,863 lars)1.—..-— 6,970 9,835 7,647 8,256 Pig iron (thousand metric tons)— 641 656 514 Bond sales (thousand dollars). 6,947 212,964 50,072 63, 560 Crude steel (thousand metric tons). 582 477 Security prices, average mar- Cotton stocks at Havre 2 (thou- ket prices, 20 industrial sand bales) 76,537 66, 975 45,443 63,717 stocks 94.9 94.7 92.0 Exports: Receipts of wheat at Fort Total volume (thousand metric William and Port Arthur tons).. _ _ 2,683 2,709 2,498 2,170 (thousand bushels) 7,077 1,305 67, 050 Imports: Receipts of livestock at stock- Total volume (thousand metric yards in Toronto and 4,660 4,732 4,457 4,383 Winnepeg: Raw cotton for consumption Cattle (number) 71,034 58, 778 85,076 (metric tons) --.. 12,978 11,299 32,379 Hogs (number) 43, 525 51,381 51,939 Raw silk (metric tons) 1,127 702 870 1,137 Tran C s o p a o l r ta ( t t i h o o n u : sand metric tons)—. 2,518 2,083 1,863 2,272 Sep b t e e r m- August July Sep b t e e r m- Ships cleared with cargo (thou- Exports: sand tons) 2,953 3,109 3,170 2,800 Planks and boards (mil- Railway receipts (thousand lion feet) ..._. 184,799 179,010 179,582 201,280 francs) _ 4921,819729,677 600,615 Preserved fish (thousand Freight-car loadings (average pounds) 18,390 12,306 6,400 11,661 daily number) 64,077 62, 812 60,303 60,517 Wood pulp (thousand Une N m u p m lo b y e m r e i n n t: Paris receiving aid 3. 59 59 59 52 Wheat p ou (t n h d o s u ) s and bushels _ ) . 1 1 4 0 5 , , 2 9 6 9 8 2 12 8 7 , , 1 1 8 0 4 8 1 1 0 6 4 , , 1 46 3 5 5 15 5 9 , , 3 8 0 6 0 8 De fi m lle a d n d ( s n um fo b r er e m m p en lo i y n m F e r n a t n c n e o )3 t 7,053 6,344 5,781 7,258 Imp C or o t a s l : (thousand tons) 1,316 1,247 1,550 2,090 Raw cotton (thousand 1 2 3 B E C a n o l d a e l o o a f f n m 5 d 0 o l i k n g i t n l h o i t s f e . i , g i u E n r c e n l s d u . d o i f n m g o L n o t r h r a f i i n g e u r a e n s d . the Saar. M p d a o o c l u h l n a in r d s e s ) r ) y (thousand .. 4 1 , ,9 3 1 2 5 6 2 1 , ,7 5 9 1 0 0 3 2, ,6 1 2 32 8 2 1 , , 2 6 9 9 3 7 4 Five weeks. 1 Average for weeks reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UECBMBEB, 1924 FEDERAL BESEEVE BULLETIN 959 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 1924 1923 1924 1923 Cumu- Cumulative lative Cu t m iv u e la- C la u t m iv u e - October te S m ep b - er thr l o as u t gh thr l o as u t gh October iep- thr l o as u t gh thr l o as u t gh m no o t n e t d h m no o t n e t d h month month France (million francs):2 noted noted Imports 3,157 32,600 25,581 Exports.... 3,532 3,184 33,979 24,339 United Kingdom (thousand £ By classes of commodities: sterling): Total..... „.___.„„.— 310,798 288,126 2,980, 7403,212,428 Imports...... 120,458 100,895 1,029,750 887,099 Crude materials for manufac- Exports... 68,587 63,283 657,906 637,445 turing. 100,113 96, 325 997,072 1,187,993 Reexports.. _ 12,931 9,566 115, 770 98, 005 Foodstuffs in crude condition. 42,443 29,163 346,725 287,234 Canada (thousands of dollars): Foodstuffs partly or wholly Imports 68,116 63,902 765,291 manufactured 38,695 38, 514 465,050 466,360 Exports . 104,316 82,456 825,184 764,609 Manufactures for use in man- Japan (million yen): ufacturing _ 56,654 53, 043 533,561 614,680 Imports... _ 159 141 2,071 1,653 Manufactures ready for con- Exports -__-- 161 158 1,441 1,181 sumption 70,574 66,414 620,301 641,468 Septem- Miscellaneous 2,319 4,667 18,031 14,693 ber August By countries: Total Europe. „ 106,559 98,939 887,683 970,508 Belgium and Luxembourg (mil- France .__— 14,119 12, 630 119,477 123,672 lion francs): Germany „—__-.._ 13,753 13,157 114,688 134,170 Imports „.—--. 1,476 1,363 12,902 9,014 Italy.... 9,026 5,745 57,935 72,786 Exports. 1,184 1,006 10,067 6,094 United Kingdom 36,525 32,700 291,448 347,443 Denmark (million kroner): Total North America 75,109 73,935 854,730 860,244 Imports. -—. 200 200 1,727 1,476 Canada — 33,774 31,297 S27,565 341,616 Exports..,,..-. 203 189 1,572 1,199 Total South America 42,103 30,633 395,348 Germany (thousand metric tons) Argentina..... 4,745 5,455 64,480 107,350 Imports.. 623 6,110 4,712 Total Asia and Oceania 81,554 801,312 911,924 Exports...—-- 564 589 4,554 4,198 Japan _ _:_ 29,308 272,058 285,313 Italy (million lire): Total Africa ...... 4,128 3,064 57,028 74,404 Imports 1,386 1,466 13,785 12,676 Exports. —_ _ 1,234 1,024 9,773 7,321 EXPORTS Netherlands (million guilders): By classes of commodities: Imports.-...——.. -. 190 174 1,710 1,465 Total...-.— 527,233 427, 6363,651,859 3,339,344 Exports.. 163 138 1,192 923 Crude materials for manufac- Norway (million kroner): turing.. _.._.__ 162,442 127,998 961,637 859,183 Imports 133 127 1,123 Foodstuffs in crude condition. 100,285 65,281 291,533 228,143 Exports _. 122 104 758 612 Foodstuffs partly or wholly Sweden (million kroner): manufactured. 60,330 49, 617 467,420 474,345 Imports „_.. __._. 123 . 114 1,024 964 M u a f n a u c f t a u c ri t n u g res for use in man- 53,354 49, 565 505,905 463,892 Braz E il x ( p m o i r l t l s io .- n - . milreis):l 124 126 782 Manufactures ready for con- Imports 260 256 1,456 1,250 sumption 141,179. 126, 3331,341,350 1,243,580 Exports _ -_. 265 1,800 1,599 R M e i e sc x e p ll o a r n ts e . o , us 767 438 7 4 9 , , 9 0 9 2 2 2 6 4 5 , , 8 3 9 06 5 Aus I tr m al p ia o r ( t t s h - o .. u sand £ sterli . n — g): . 11,709 12, 042 108, 111 99,071 By countries: 8,404 Exports.. _. 11,255 7,151 89,793 74,046 Total Europe... _. 290,598 235,720 1,865,544 1,628,587 India (million rupees): France _ 26,787 28,217 217,034 210,792 Imports 228 206 1,832 1,698 Germany... 49,651 44,381 331,400 256,338 Exports _ 284 252 2,829 2,575 Italy... 21,955 14, 589 140,263 129,461 South Africa (thousand £ ster- United Kingdom.__ 125,418 740, 301 657,816 ling): Total North America 133,387 112,196 919,793 921,443 Imports.. - 5,680 5,832 49,164 40,139 Canada..... 86,265 70,459 531,928 560, 838 Exports. . 5,418 5,927 52,068 52, 066 Total South America 32,820 24,352 258,449 226,675 Argentina 12,764 9,627 97,259 1 Figures for June and July and cumulative through July, 1924, and Total Asia and Oceania- 64,195 49,415 549,591 511,625 1923. Japan 28,927 15, 765 192,306 191,441 2 Erratum.—Cumulative figures through September, 1924 and 1923, for Total Africa . _ 6,232 5,952 58,480 . 51, 013 France are 29,202 and 22,521 million francs, respectively, for importsi and 30,447 and 21,531 million francs, respectively, for exports. The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country and principal European trade regions. For methods of construction of these indexes reference may be made to the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX INDEX OF OCEAN FREIGHT RATES [1913=100] [January, 1920=100] 1924 1923 1924 1923 O b c e t r o- te S m ep b - er August July O b c e t r o- ve N m o b - er O b ct e o r - S te e m p b - er ve N m o b - er Imports: United States Atlantic ports Total 198.5 177.5 162.5 173.4 162.2 to- Raw materials 133.7 133.0 115.5 125.4 123.5 United Kingdom 32.2 31.9 29.0 23.7 Producers'goods.. 308.0 264. 2 225.6 234.5 204.2 French Atlantic 28.8 28.4 28.2 22.9 24.8 Consumers' goods _ 152.2 120.8 164.1 182.6 185. 3 Netherlands and Bel- Exports: gium.. 27.5 28.4 26.5 20.8 24.9 Total. . 157.8 135.7 94.3 78.0 115. 5 Scandinavia _. 23.5 23.5 23.5 23.5 22.4 Raw materials- 164.4 129.8 70.6 51.2 103.4 Mediterranean ;.. 22.9 22.7 21.9 20.4 20.5 Producers' goods _ 174.7 206.7 197.9 171.9 159.4 All Europe 28.1 28.1 26.6 22.4 25.1 C onsumers' goods 127.8 120.5 122. 6 121.3 134.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN DECEMBER, 1924 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES [Bank figures are for end of month, except for London clearing banks, which are daily averages] ENGLAND FRANCE [Millions of pounds sterling] [Millions of francs] 1924 1923 1924 1923 Sep- Au- October Se b pt e e r m- August October October tember gust October Bank of France: Bank of England: Gold reserve ! — 3,680 3,680 3,679 3,675 Issue department— Silver reserve 303 301 301 296 Gold coin and bullion 127 127 126 126 War advances to the Government- 22,700 23,000 22,800 23, 400 Notes issued 146 146 146 146 Note circulation 40, 529 40, 339 40,034 37, 670 Banking department— Total deposits —.. 1,968 1,742 2,000 2,033 Gold and silver coin- 2 2 2 2 Commercial bank loans 15,128 15,580 13,924 Bank notes. 23 22 21 21 Commercial bank deposits.- ._. 14,999 15,634 13,961 Government securi- Clearings, daily average of Paris ties 42 42 41 42 banks . ... 924 1,042 877 O ther securities 76 77 77 72 Savings banks, excess of deposits (+) Public deposits 14 14 17 11 or withdrawals (—) .-.- +4 + 20 -33 Other deposits 111 111 105 108 Price of 3 per cent perpetual rente 52.20 53.80 55.70 Ratio of gold and note reserve to deposit liabilities 19.8 19.5 18.5 19.0 1 Not including gold held abroad. B Cu an rr k e n n c o y t es n o in te c s ir a c n u d la ti c o e n rtifi- 101 101 103 102 CANADA cates.. _ 285 286 289 280 [Millions of dollars] Nine London clearing banks: Money at call and short 1924 1923 notice 104 108 102 101 I D n i v s e co st u m nt e s n a ts n - d advances.. 1,0 3 4 1 5 1 1,0 3 2 1 0 4 1,0 3 2 2 6 0 1,0 3 2 3 1 6 te S m e b p e - r g A u u s - t July te S m ep b - er Total deposits 1,634 1,612 1, 617 1,629 Total clearings.. __ 3,414 2,976 2,940 3,243 Government floating debt: Chartered banks: Total.- 774 810 Gold coin and bullion l._ 54 54 54 59 Treasury bills 619 619 591 635 Current loans and discounts..—. 1,142 1,143 1,160 1,219 Temporary advances 170 155 178 175 Money at call and short notice.— 254 278 267 283 Index number of foreign ex- Public and railway securities 566 512 507 417 change value of the pound Note circulation ____ 163 166 155 184 sterling 126. 6 128.3 Individual deposits_.. 2,031 1,992 1,999 1,997 Gold reserve against Dominion notes - 98 98 97 114 Dominion note circulation -. 210 214 211 243 ITALY Bank clearings2 1,364 1,253 1,461 1,220 [Millions of lire] Bank debits . — - — 2,198 1, 967 2,323 1924 1923 1 Not including gold held abroad. 2 Total for month. JAPAN Se b p e te r m- August July Se b p e te r m- [Millions of yenl 1924 1923 Banks of issue: Gold reserve 1,132 1,131 1,130 1,134 Total reserve 1,832 1,833 1,832 1,853 October Loans and discounts 6,941 6,881 6,875 10,421 Note circulation for commerce _ „ _ 10, 413 9,955 10, 064 9,387 Bank of Japan: Note circulation for the Reserve for notes l 1,061 1,064 1,065 1,062 State * 7, 348 7,398 7,449 7,758 Loans and discounts 377 326 355 Total deposits „ _ 2,661 2,642 2,915 2,520 Advances on foreign bills. 83 63 102 Leading private banks: Note circulation 1,363 1,312 1,300 1,449 Cash „ „ 927 1,029 751 Government deposits 230 216 305 350 Loans and discounts 8,416 8,430 8,741 Private deposits --- 38 33 35 58 Due from correspondents. 3,929 3,775 3,935 Tokyo banks: Participations.. „ „ 382 374 252 Cash on hand 108 120 117 110 Total deposits 12, 428 12,367 12,454 Total loans 2,614 2,607 2,615 2,266 State note issue _ 2,400 2,400 2, 428 Total deposits 1,859 1,892 1,861 1,816 Index of security prices. 211. 54 160. 05 Total clearings 2,586 2,721 2,443 1,460 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 in e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect P.ct. P.ct. P.ct. P.ct. Austria 13 Nov. 6, 1924 England.__. 4 July 5,1923 India. 6 Oct. 16,1924 Portugal 9 Sept. 12,1923 Belgium Jan. 22,1923 Esthonia 9 May 19,1924 Italy July 11,1922 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. —,1924 Finland——. 9 Mar. 6,1924 Japan 8.03 Nov. 18,1919 South Africa 6 Dec. 29,1922 Czechoslo- France 6' Jan. 17,1924 Latvia 8 Feb. 16,1924 Spain ... 5 Mar. 23,1923 vakia 6 May 28,1924 Germany 10 Dec. 29,1923 Netherlands b Jan. 24,1924 Sweden..—. Nov. 9,1923 Danzig 10 Sept. 11,1924 Greece 7H Jan. 14,1923 Norway Nov. 26,1924 Switzerland- July. 14,1923 Denmark 7 Jan. 17,1924 Hungary Sept. 17,1924 Poland Nov. 28,1924 Yugoslavia.. 6 June 23,1922 Changes for the month.—Austrian National Bank, November 6, 1924, from 15 to 13 per cent; Bank of Norway, November 26,1924, from 7 to 6}4 per cent; Bank of Poland, November 28, 1924, from 12 to 10 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEE, 1924 FEDEKAL BESEKYE BULLETIN 961 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES Wholesale prices in October, according to Under the grouping, by stage of manufacture, the Federal Keserve Board's index numbers, raw materials rose 2.4 per cent, producers' rose .1.5 per cent in the United States, 1.7 per goods fell 1.1 per cent, and consumers7 goods cent in England, 1.3 per cent in France, and rose 1.7 per cent. 1.5 per cent in Canada. When these indexes In England, France, and Canada, as in the are converted to a gold basis by making allow- United States, the price advances were widely ance for the depreciation of the foreign cur- distributed among the various commodity rencies in terms of the dollar, they indicate a groups. These movements reflected in general rise in prices of 1.9 per cent in England, while higher prices for foods, such as wheat, wheat in France prices remained unchanged. Com- flour, lard, tea, and coffee, and for basic pared with October, 1923, prices are 2.9 per materials, especially textiles, such as cotton, cent lower in the United States, while they are wool, hemp, and jute, and for rubber and hides. 5.6 per cent higher in England, 9.2 per cent In England all groups rose, the largest adhigher in France, and less than 1 per cent higher vance in imported goods amounting to 2.7 in Canada. per cent. In France all groups advanced, In the United States all groups rose except except producers' goods, which remained unproducers' goods, which fell 1.1 per cent. Do- changed. The greatest rise was in imported mestic goods advanced 1.5 per cent on higher goods which advanced 3.4 per cent. In Canada quotations for grain, cotton, cattle, and hogs. prices of raw materials advanced, but those of Imported goods rose 2.2 per cent, reflecting semimanufactured products and of consumers' higher prices for wool, hides, rubber, burlap, goods declined somewhat. A considerable ad-^ tea, and coffee. The 2.1 per cent advance in vance amounting to 6.3 per cent, was shown export goods resulted chiefly from the rise in for export goods. grains, cotton, cotton cloth, coffee, and flour. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 1313 = 100 550 500 ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS 400 350 300 250 250 200 200 150 150 France 100 1920 1921 1922 1923 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN DECEMBER, 1924 The tables below give the all-commodities converted to a gold basis. The latter figure and group index numbers of wholesale prices in takes into account the depreciation of the the five countries included in the Federal Re- foreign currency in terms of the American serve Board's indexes. In the first table the dollar (or gold) and the series indicates relaall-commodities index for each country is tive price levels in the several countries when shown both in terms of paper currency and all prices are expressed in dollars. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR AH COMMODITIES On paper currency basis Converted to gold basis Year and month U S n ta i t t e e s d England France Canada Japan U S n ta i t t e e s d England France Canada Japan 1913, average 100 100 100 100 100 100 100 100 100 100 1919, average 211 241 207 235 211 219 198 241 1920, average 239 310 512 250 240 239 233 187 223 242 1921, average 149 198 344 167 181 149 156 133 150 175 1922, average. - .... .. 158 165 319 149 182 158 150 136 147 175 1923, average . . .... ». 164 170 394 • 150 188 164 159 124 147 183 1923 March 169 173 398 155 185 169 166 131 152 180 April ««. « - 170 175 390 156 185 170 167 135 153 181 May..... „..._-.-. 167 173 386 155 187 167 164 133 152 184 June 164 171 394 153 186 164 162 129 150 183 July .. 159 168 391 151 183 159 158 119 147 179 August _ . 159 164 391 150 179 159 154 115 146 176 September 163 165 404 149 190 163 154 123 145 186 October „_ . _„_. 163 166 404 147 196 163 154 125 145 192 November.- 163 171 416 145 199 163 154 119 142 193 December 163 177 427 144 205 163 159 116 140 193 1924 January .. _. „ „. 163 178 445 146 205 163 156 108 142 185 February 163 180 469 148 200 163 160 107 144 182 March _„ ,__ _ 160 180 483 147 200 160 158 117 143 172 April 158 181 428 143 201 158 162 137 140 165 May 156 177 428 143 200 156 158 128 141 161 June 154 174 442 145 189 154 155 120 142 156 July 156 174 440 147 191 156 156 117 146 158 August 158 173 442 149 196 158 160 125 149 163 September 156 172 436 146 198 156 158 120 145 161 October _ ._ 159 175 442 148 206 159 161 120 148 161 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i Grouped by stage of Grouped by Grouped by stage of Grouped by manufacture origin manufacture origin All Ex- All Ex- Year and month m t o ie d s i- t E e m r a i a w a - ls d g u P o c r o e o d r - s s' g C s e o u o r o m s n d ' - - s D o ti o c o d - s p g o I o r m o te d - d s g p o o o r d t s Year and month m c t o i o e m d s - i- t R e m r a i a a w - ls d g u P o c r o e o d r - s s' g s C o u o o m n d - - s g m D oo e o d s - s - p g I o o m o rt d e - s d g p o o o r d t s UNITED STATES FRANCE—COntd. 1923—October 167 160 161 165 150 182 1924—August 442 456 455 419 427 511 451 1924—May 156 163 151 151 158 133 183 September- 436 464 441 402 420 516 443 June 154 160 147 152 157 129 179 October 442 469 441 412 423 533 452 July.. 156 163 147 154 159 132 180 August 158 164 149 156 160 139 177 CANADA September-. 156 161 148 156 158 143 163 m October 159 165 146 158 160 146 167 1923—October 147 130 166 144 165 138 1924—May.. 143 127 160 162 141 159 132 June 145 128 157 165 143 156 138 July 147 133 153 163 146 156 148 1923—October 166 165 154 177 165 167 167 August 149 134 153 169 148 157 152 1924—May 177 178 166 185 179 171 181 September.. 146 133 153 162 145 155 150 June— 174 173 164 186 176 170 179 October 148 137 151 161 147 157 160 July 174 171 163 188 175 171 177 August.—._ 173 171 165 184 173 174 176 JAPAN September.. 172 168 166 183 173 169 172 October ..... 175 171 168 187 175 174 174 1923—October.... 196 195 194 197 198 187 207 1924—May 200 214 199 193 197 216 192 FRANCE June 189 199 190 184 186 208 175 July. 191 198 186 188 187 208 178 1923—October 404 417 435 374 394 457 422 August 196 206 194 192 194 207 194 1924—May... 428 430 437 425 417 481 425 September-. 198 198 202 196 200 189 200 June 442 444 450 441 431 496 445 October.. _. 206 211 212 202 208 200 204 July........ 440 447 450 430 427 503 451 * Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920, June, 1921, and May, 1922; England—February. 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

963 DECEMBER, 1924 FEDERAL RESERVE BULLETIN WHOLESALE PRICES IN THE UNITED STATES INDEX OF THE BUREAU OP LABOR STATISTICS [1913-1001 Bureau of Labor Statistics groups Federal Reserve Board groups All Haw materials m c i o t o i m e d s » - F p u r a c o r t d m s - Foods C c a l i l o n o n t g t d h h - s l F i a i g n u n h g e d t l - M m p u a r e e c n o t t t d a d a s l - l s B m r u i i a n a il t g l d e s - - C d i a h r c n u a e d l g m s s -H g n f o i o u i n o s u r g h d « s - e s n c M e el o i l s u a - - s Crops p A u m r c n o a t d i s l - - F p u o r r c o e t d s s - t p M u e r r c o i a t n d s l - - m T r r i o a a a w t t l a e s l - g d P e o u r r o s o c d ' - - s g s C e o u o r o m s n d ' - - s 1922 average 149 133 138 181 218 122 168 124 176 117 145 125 185 207 158 128 151 1923 average 154 141 144 200 185 144 189 131 183 123 168 122 210 185 159 141 156 1923-Oetober 153 144 149 199 172 142 182 129 183 120 172 122 197 171 155 140 159 1924—May. - 147 136 137 187 177 134 180 127 173 112 167 115 195 171 152 133 150 June - 145 134 136 187 17S 132 173 127 172 111 165 109 182 168 147 130 151 July 147 141 139 188 173 130 169 126 171 112 176 114 175 167 152 130 153 August 150 145 144 190 170 130 169 130 171 115 175 123 175 166 154 131 156 September.. 149 143 148 186 168 128 171 131 171 116 164 123 180 166 152 130 158 October. 152 149 152 188 162 127 171 132 171 120 172 130 181 165 156 129 161 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES IDEX NUMBERS [Pre-war=100] England Ger- Y m ea o r n a th nd Austria g B iu e m l- g B a u ri l a - C v z a s e k l c o ia h - o * - m D a e r n k - 1 Board Finland France F m S e t d a a n e ti r y s a ; - l H ga u r n y - Italy N l e a t n h d e s r- (C N w h o a r y i r s - - Poland of Statist tical tiania) Trade Bureau Gold 1923 basis October _ 1,759,700 515 2,263 974 205 158 150 1,077 421 117.9 148 237 November... 1,779,500 531 2,412 965 207 161 156 1,070 443 139.0 571 153 242 1924 May 1,946,500 557 2,551 1,015 225 164 161 1,090 459 122.5 119 571 153 263 104 June 1,828,200 565 2,811 981 219 163 160 1,088 465 115.9 133 566 151 264 101 July 1,913,300 566 2,737 965 220 163 163 1,085 481 115.0 145 567 151 271 102 August 2,013,600 547 2,853 997 233 165 162 1,111 477 120.4 145 572 151 274 109 September. _. 1,937,300 550 2,848 997 231 167 166 1,117 486 126.9 580 158 275 112 October 2,008,600 555 1,008 234 170 172 497 131.2 602 161 276 116 November... 231 EUROPE—continued NORTH AMERICA ASIA AND OCEANIA United Year and month Spain Sweden S l w a i n tz d e ! r- o (B f S L t u a r a t e b e a s o u r Canada t A ra u l s i - a ( C S h h h a a i i n n ) a g- D I E n 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 l w and ( E C g a y ir p o t ) A So fr u ic th a Statistics) 1923 October 171 161 181 153 153 171 156 174 212 176 129 125 November 173 160 182 152 153 173 157 177 175 134 1924 May 179 160 180 147 151 165 154 177 176 205 179 135 June.. _ 179 158 178 145 152 163 152 178 176 199 180 131 July.. 182 157 173 147 153 163 152 174 179 195 180 132 125 August.. 182 160 171 150 158 162 149 177 180 200 181 143 September.... 184 163 170 149 154 162 149 179 206 181 148 October ._ 186 167 169 152 157 163 153 181 213 156 November 169 155 * First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. 19066—24f 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN" DECEMBER, 1924 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES [Pre-war=100] INDEX NUMBERS OF DETAIL FOOD PRICES ]European countries Other countries United c S i t t ( a i 5 e t 1 e s s ) ( A V u ie s n tr n i a a ) g B iu e m l- g B a u ri l a - l E an n d g ^ - t E n o i s - a - ( F P r a a r n is c ) e m G a e n r- y I ( l t a M a n l i ) y - N la e e n r t d - h s - N w o a r y - S l z a w e n r i d - t- C ad a a n 1 - t A ra u l s ia - ( I b B n a o d y m i ) a - N l Z a e e n a w d - A So fr u ic th a 1923 (2) June. 141 1,413,200 98 2,495 160 101 331 502 145 213 165 138 162 146 142 118 July 144 1,291,100 103 2,361 162 102 321 496 145 218 164 137 164 148 142 116 Aug 143 1,233, 500 109 2,247 165 109 328 490 143 220 162 142 165 149 143 115 Sept 146 1,250,900 115 2,221 168 102 339 496 142 218 163 141 161 149 145 115 Oct. 147 1,263, 600 117 2,219 172 106 349 502 145 217 162 144 157 147 146 117 Nov 148 1,264, 700 121 2,365 173 104 355 503 149 221 166 144 157 147 147 120 Dec 147 1,286,000 124 2, 547 176 107 365 151 499 149 226 167 145 156 152 147 118 1924 Jan 146 1,352, 700 126 2,674 175 111 376 127 515 150 230 168 145 155 154 150 120 Feb 144 1, 382,100 130 2,537 177 113 384 1.17 516 151 234 167 145 153 151 149 122 Mar 141 1,393, 000 128 2,497 176 115 392 120 523 152 241 167 143 152 147 150 122 Apr 138 1,383,800 121 2,501 167 115 380 123 524 152 240 165 137 150 143 150 123 May 138 1,416,900 113 2,438 163 111 378 126 519 151 241 165 133 151 143 150 122 June _ 140 1,445, 700 118 2,687 160 111 370 120 518 151 241 168 133 149 147 150 120 July 140 1,436, 200 123 2,626 162 115 360 126 508 150 248 168 134 148 151 148 117 Aug 141 1, 565, 200 124 2,727 164 119 366 122 507 150 257 166 137 147 156 146 117 Sept 144 1, 562, 300 127 2,723 166 116 374 125 514 152 261 166 139 146 156 145 117 Oct 146 1, 584, 500 172 383 134 154 264 169 139 .146 156 120 Nov 1 619 800 179 157 INDEX NUMBERS OF COST OF LIVING European countries Other countries Massas c e h t u ts - ( A V u ie s n tr n i a a ) g B iu e m l- v C a o z k s e l i c o a h - - i ; l E a n nd g - i l F a i n n d - F (P ra ar n i c s e )m G a e n r y - I ( l t a M a n l i ) y - N la e e n r t - h d - s N w o a r y - l P an o d - Spain S d w en e- S l z a w e n r i d t - - a C d a a n 1 - A t l r u i a a s - - ( I B b n a o d y m i ) a - A S f o r u ic t a h 1923 June 156 1 151 300 419 933 169 1 109 334 491 174 236 170 166 146 151 151 131 July 157 1 090 300 429 921 169 1,111 45 487 63 172 174 166 146 153 130 Aua 156 1 049 600 439 892 171 1,163 54 483 72 178 164 148 154 130 Sept 157 1,084,100 453 903 173 1,172 331 64 487 173 230 83 178 164 148 156 154 131 Oct 158 1 102 700 458 901 175 1,193 61 502 47 174 177 164 149 152 132 Nov 157 1 114 900 463 898 175 1,190 126 502 55 177 167 150 153 133 Dec 158 1,124,900 470 909 177 1,170 345 125 499 178 231 80 182 168 150 152 157 133 1924 Jan 157 1 174 000 480 917 177 1,155 110 510 121 178 176 169 150 158 133 Feb 156 1 194 000 495 917 179 1 143 104 517 127 190 168 149 156 134 Mar 156 1,199, 600 510 908 178 1,141 365 107 521 179 236 126 180 168 148 150 153 134 Apr 154 1 197 300 498 907 173 1,121 112 522 127 195 173 166 145 150 134 154 1 220 900 485 916 171 1 121 115 518 126 180 166 143 150 134 June . 154 1,244,200 492 923 169 1,147 366 112 518 173 244 124 186 168 143 149 153 133 July 155 i 239 100 493 909 170 1,154 116 512 127 182 171 169 143 156 132 155 1 814 200 498 897 171 1 198 114 511 135 180 166 145 160 132 SeDt 157 1,316,200 503 908 172 1,199 367 116 516 176 258 141 189 166 146 160 132 Oct 157 1 330 700 513 916 176 1,219 122 150 185 "l74" 169 146 160 133 Nov 1, 357,400 520 180 161 1 First of the month figures. 2 New series: 1921=100. Information as to the number of foods included and the items entering into the cost of living indexes is available in the board's office, The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

965 FEDERAL BESERVE BULLETIN • BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANKS EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL EESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR OCTOBER AND SEPTEMBER, 1924 [Daily averages. Amounts in thousands of dollars] Total earning assets Total cash reserves Total deposits Fede in r a c l i r r e c s u e l r a v t e io n n otes Federal reserve bank October September October September October September October September October September Boston 61,445 57,443 295,757 294,904 141, 552 138,391 201,732 200,344 86.2 87.1 New York 317,327 278,320 891,996 928,064 865, 330 872,408 315,140 307,553 75.6 78.7 Philadelphia 57,074 54,161 250,649 255,211 129,633 128,583 156,805 158,935 87.5 88.8 Cleveland 99,300 310,114 320, 396 177,570 177,054 211,937 210,112 79.6 82.8 Richmond 40,469 41,982 110,987 104,675 65,819 65,376 71,982 78.0 76.2 Atlanta 32, 914 31,947 163, 743 163,033 60,845 59, 523 136,246 134,798 83.1 83.9 Chicago 129,879 117, 725 446,655 323,374 322,171 210,966 220,737 80.3 82.3 St. Louis 45,483 41,472 98,495 100,149 77,168 75,159 73.6 75.8 Minneapolis 38,765 41,592 89,352 78,346 55, 623 50, 718 >9,173 71.6 67.8 Kansas City 49,089 46,613 107, 555 103,299 87, 215 83,987 68,244 64,928 69.2 69.4 Dallas.....__.-___ 43,202 48,797 79,499 63,188 58,229 54,154 56,453 50,213 69.3 60.5 San Francisco--. 90,795 84,027 297,165 298, 703 165, 951 160, 877 209,581 209,162 79.1 80.7 Total: 1924 1,005,742 930,965 3,124,202 3,156,623 2,208,309 2,188,401 1,769,354 1,750,498 78.5 80.1 1923 1,150,593 1,123,472 3,194,285 3,187,000 1,919,312 1,908,193 2,276,388 2,264,090 76.1 76.4 1922 1,184,700 1,113,343 3,211,513 3,192,420 1,876,362 1,866,300 2,309,013 2,225,457 76.7 • 78.0 1921 1,640,740 1,740,474 2,905,727 2,836, 396 1,728,029 1,716,162 2,456,121 2,493,910 69.4 67.4 1920 3,390,089 3,329,481 2,162,178 2,139,280 1,867,589 1,912,070 3,336,768 3/275,535 i 43.1 1 43,3 1919 2,709,330 2,471, 515 2,207,386 2,157,932 1,980,676 1,930,969 2,738,394 2,627,295 148.5 150.4 1 Calculated ©n basis ©f net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924 RESOURCES [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Gold with Federal Oct. 22. 2,006,200 208,388 539,801 179,977 216,725 58,065 129,025 211,242 55,915 64,850 ;,64,096 49,919 228,197 Oct. 29. 2,004,220 205,422 544, 786 177,628 216,802 62,177 127,973 211,193 55,376 66,079 63,245 48,350 225,189 N N o o v v . . 5 1 - 2 . -_ —W1,9M89L,2113 2 1 0 8 1 8 , , 1 5 6 0 7 3 5 5 4 2 4 9 , , 7 7 7 4 5 7' 1 1 7 7 2 0 , , 7 7 3 8 6 9 2 2 0 0 7 6 , , 4 2 4 3 8 2 6 7 1 0 , , 2 3 3 8 8 9 1 1 2 3 8 0 , , 8 1 7 6 0 5 2 2 1 1 1 1 , , 1 1 3 6 4 7 5 5 5 5 , , 4 9 2 2 3 5 6 7 9 1 , , 2 2 0 5 5 8 . 6 6 5 4 , , 1 7 8 1 5 6 4 5 9 0 , , 9 4 0 8 3 0 2 22 2 , 2 0 , , 5 2 1 5 9 0 Nov. 19 h 185,089 529,719 167,717 201,645 69,594 132,002 191,115 56,324 71,363 63,952 46353 219,108 Gold redemption fund with XX. S. Treasury: Oct. 22.- 29,905 1, 741 9,818 2,475 368 1,750 2,553 4,366 2,012 838 2,157 990 837 Oct. 29 36,246 4,116 9,127 4,294 2,901 1,916 2,075 3,447 2,008 589 2,550 1,504 1,719 Nov. 5 38,070 7,527 7,648 6,099 1,854 2,230 1,708 2,573 2,547 775 2,224 1,367 1,518 Nov. 12_ __- 27,114 4,3.82 5,914 2,180 1,554 2,235 1,750 1,481 2,454 412 2,266 1,387 1,099 Nov. 19-— : 38,620 6,994 9,555 3,363 2,628 2,047 2,233 3,443 2,498 515 2,527 1,194 1,623 Gold held exclusively! against Federal reserve'notes: Oct. 22. —2,036,105 210,129 549,619 182,452 217,093 59,815 131,578 215,608 57,927 65, 688 66,253 50,909 229,034 Oct. 29 2,040,466 209,538 553,913 181,922 219,703 64,093 130,048 214,640 57,384 66,668 65,795 49,854 226,908 Nov. 5 '.-•2, 027,283 208 694 552,423 178,835 208,302 63,468 130, 578 213,740 57,970 69,980 67,409 51,847 224,037 Nov. 12— 1,997,125 192,885 535, 661 172,969 208,786 72,624 131,915 212,615 58,379 71,670 66982 51,290 221,349 Nov. 19 1,972,601 192,083 539,274 171, 080 204,273 71,641 134,235 194,558 58,822 71,878 66,479 47,547 220,731 Gold settlement fund, with Federal Reserve Board: Oct. 22 — 607,378 55,465 192,356 31,960 58,944 31,563 12,529 100,090 22,823 19,279 32,066 16,089 34,214 Oct. 29 580,869 51,362 163,600 31,864 59, 743 31,094 17,228 99,493 26,545 16,612 37,266 11, 658 34,404 Nov. 5 587,118 36,794 142,399 34,127 65,406 37,170 19,118 109,424 31,154 23,112 32,450 14,480 41,484 Nov. 12 601,642 35,856 185,995 33,589 56,167 26,161 20,969 103, 703 30,273 18,201 30,187 17,055 Nov. 19— 610,131 40,309 166,216 31,335 60,196 32,976 14,527 111, 592 22,596 23, 554 38,434 19,792 48,604 Gold and gold certificates held by banks: Oct. 22.. 400,735 20,786 169,267 28,122 17,725 15,357 7,942 80,989 10,101 7,242 4,347 7,714 31,143 Oct. 29-.-- 422,491 21,118 189,071 27,605 20,145 15,971 7,794 82,371 9,364 6,591 4,072 7,853 30,536 Nov. 5... 424,370 20,885 198,361 28,036 20,636 16,137 7,288 77,577 9,178 5,650 3,590 7,883 29,149 Nov. 12— I, 449,115 21,167 216, 728 27,944 18,748 16, 552 7,530 84,431 9,791 5,579 3,583 8,120 28,942 Nov. 19 ... 468086 20,827 232, 955 28,237 21, 305 17,136 7,615 85,935 9,221 5,594 3,113 8,300 27,848 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN DECEMBER, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a ev n e d - m Ri o c n h d - Atlanta hicago t. Louis apolis K C an it s y a s v m > m m s *<*F c S r i g s a f c c n o n- Total gold reserves: Oct. 22 3,044,218 911, 242 242,534 293,762 106,735 152,049 396,687 90,851 92,209 102,666 74,712 294,391 Oct. 29 .... 3,043,826 282,018 906,584 241,391 299,591 111, 158 155,070 396,504 93,293 89,871 107,133 69,365 291,848 Nov. 5 3,038,771 266,373 893,183 240,998 294,344 116,775 156,984 400,741 98,302 98,742 103,449 74,210 294,670 Nov. 12 3,047,882 249,908 234,502 283,701 115,337 160,414 400,749 98,443 95,450 100,752 76,465 293, 777 Nov. 19 3,050,818 253,219 938,445 230, 652 285,774 121, 753 156,377 392,085 90, 639 101,026 108,026 75,639 297,183 Reserves other than gold: Oct. 22 87,403 9,346 21,073 2,683 4,901 5,017 8,342 11,140 10,287 1,171 2,382 7,941 3,120 Oct. 29 ... 87,768 9, 755 20,459 2,467 5,746 4,933 7,947 11,201 9,541 1,127 2,808 8,215 3,569 Nov. 5 85,148 9,673 18,021 3,315 5,873 4,414 7,295 11,169 9,974 1,187 2,581 8,250 3,396 Nov. 12 90,065 9,991 21,053 3,399 6,385 4,483 7,649 11,132 10,433 1,187 2,750 8,307 3,296 Nov. 19...—. 92,411 9,661 20,802 2,974 6,827 4,765 8,123 12,837 10,558 1,314 2,971 8,175 3,404 Total reserves: Oct. 22... 3,131, 621 295,726 932,315 245,217 111, 752 160,391 407,827 101,138 93,380 105,048 82,653 297,511 Oct. 29... 3,131,594 291,773 927,043 243,858 305,337 116,091 163,017 407,705 102,834 90,998 109,941 77,580 295,417 Nov. 5 . 3,123,919 276,046 911,204 244,313 300,217 121,189 164,279 411,910 108,276 99,929 106,030 82,460 Nov. 12.__....._. 3,137,947 259,899 959,437 237,901 290,086 119,820 168,063 411,881 108,876 96,637 103,502 84,772 297,073 Nov. 19 3,143,229 959,247 233,626 292,601 126,518 164,500 404,922 101,197 102,340 110,997 83,814 300, 587 Nohreserve cash: Oct. 22 42,037 3,453 14,626 682 2,457 1,927 3,814 6,064 2,230 559 1,900 1,611 2,714 Oct. 29 42,300 3,666 14,368 581 3,155 1,819 3,799 5,528 1,953 571 2,082 1,634 3,144 Nov. 5 35,355 3,723 11,124 873 2,525 1,259 3,327 4,822 1,815 449 1,711 1,241 2,486 Nov. 12_ 41,731 4,021 15,815 910 2,288 1,562 3,363 5,215 2,189 581 1,733 1,394 2,660 Nov. 19___ 43,005 3,693 14,138 1,028 3,410 2,128 3,853 5,740 2,288 614 1,987 1,342 2,784 Bills discounted: Secured by U.S. Government obligations— Oct. 22 75,945 3,165 14,120 11,589 16,818 9,086 2,979 8,309 5,260 276 919 863 2,561 Oct. 29—___ 75,471 4,356 14,981 12,921 13,806 7,645 3,022 10,664 4,816 176 808 761 1,515 Nov.5 : 95,175 5,501 26,298 13,136 17,275 8,117 2,190 9,703 4,089 191 692 772 7,211 Nov. 12 95,334 7,827 14,155 14,358 30,327 7,694 1,077 8,868 4,318 93 1,202 605 4,810 Nov. 19 84,680 7,844 21,837 15,222 14,990 8,180 1,191 8,648 4,371 130 991 565 711 Other bills discounted— Oct. 22. 147,295 2,047 15,104 6,214 6,923 28,780 22,651 19,648 15,372 7,269 6,490 5,349 11,448 Oct. 29 147,094 2,333 18,237 6,363 6,980 26,886 21,012 21,390 14,783 6,692 6,160 6,811 9,447 Nov. 5 134,088 4,189 13,440 6,837 7,872 24,058 18,873 21,243 13,197 5,630 5,945 3,510 9, 294 Nov.12—._ 5,442 10,995 7,745 9,294 22,991 18,272 21,719 10,997 5,537 5,796 2,726 7,384 Nov. 19—._ 149,164 5,688 29,134 7,519 9,343 22,712 20,807 22,643 11,238 5,270 5,480 3,389 5,941 Total bills discounted: Oct. 22 223,240 5,212 29,224 17,803 23,741 37,866 25,630 27,957 20,632 7,545 7,409 6,212 14,009 Oct. 29.__ 222,565 33,218 19,284 20,786 34,531 24,034 32,054 19,599 6,868 6,968 7,572 10,962 Nov. 5 . 9,690 39,738 19,973 25,147 32,175 21,063 30,946 17,286 5,821 6,637 4,282 16,505 Nov. 12___.____. 224,232 13,269 25,150 22,103 39,621 30,685 19,349 30,587 15,315 5,630 6,998 3,331 12,194 Nov. 19 233,844 13,532 50,971 22,741 24,333 30,892 21,998 31,291 15,609 5,400 6,471 3,954 6,652 Bills bought in open market: Oct. 22 169,659 16,417 62,362 7,685 14,724 5,313 20,125 7,349 2,070 6,830 8,537 18,247 Oct. 29 215,404 20,396 8,120 18,247 6,249 22,840 9,037 1,860 8,532 11,209 21,934 Nov. 5____. 234,848 22,652 93,758 10,121 20,468 6,642 24,508 9,905 1,420 9,272 12,018 24,084 Nov. 12 248,190 31,900 76,943 13,729 22,076 7,850 31,503 10,834 1,314 10,150 13,645 28,246 Nov. 19_— 275,245 37,733 82,030 17,073 24,099 8,683 30,205 12,737 1,097 11,589 15,945 34,054 U.. S. Government securities: Bonds— 2 Oct. 22 40,854 1,037 4,902 749 5,115 1,191 1,288 13,581 600 7,788 1,( 1,834 i,U Oct. 29- — 41,702 1,037 4,902 749 5,115 1,190 1,311 14,192 600 7,997 1,653 1,834 Nov. 5 42,309 1,030 4,902 749 5,115 1,191 1,355 14,328 600 7,927 2,156 1,834 1,122 Nov. 12__.._. 44,746 1,030 4,902 749 5,115 1,191 1,520 15,765 600 8,754 2,164 1,834 1,122 Nov. 19—— 44,243 I,"" 4,902 749 5,115 1,191 1,681 15,808 600 8,035 2,175 1,834 1,123 Treasury notes— Oct. 22 397,931 26,796 136,394 25,426 38,229 2,811 1,393 53,143 12,715 15,033 24,466 19,469 42,056 Oct. 29 398,429 26,796 136,394 25,426 38,229 2,811 1,391 53,143 12,715 15,533 24,466 19,469 42,056 Nov. 5 398,006 26,796 136,394 25,426 38,229 2,811 1,429 53,143 12,715 15,064 24,474 19,469 42,056 Nov. 12 26,796 136,394 25,426 38,511 2,811 1,438 53,142 12, 715 15,068 24,492 19,469 42,056 Nov. 19 397,568 26,743 136,114 25,408 38,436 % 806 1,471 53,037 12,689 15,001 24,455 19,429 41,979 Certificates of indebtedness— Oct.22_ 144,042 11,029 46,020 5,277 21,405 991 536 17,748 3,454 4,820 9,107 6,492 17,163 Oct. 29- 144,069 11,029 46,020 5,277 21,410 991 590 17, 748 3,404 4,788 9,107 6,492 17,163 Nov. 5 144,561 11,029 5,277 21,410 991 602 18,248 3,454 4,768 9,107 6,492 17,163 Nov. 12 145,300 11,029 46,020 5,277 21,410 991 791 18,748 3,454 4,768 9,107 6,542 17,163 Nov. 19 145,266 11,082 46,300 5,295 21,485 996 949 17,854 3,480 4,799 9,204 6,582 17,240 Total U. S. Government securities: Oct. 22... 582,827 38,862 187,316 31,452 64,749 4,993 3,217 84,472 16,769 27,641 35,221 27, 795 60.340 Oct. 29 584,200 38,862 187,316 31,452 64,754 4,992 3,292 85,083 16,769 28,318 35,226 27,795 60.341 Nov. 5 - 584,876 38,855 187,316 31,452 64,754 4,993 3,386 85,719 16,769 27,759 35,737 27,795 60,341 Nov. 12 588,364 38,855 187,316 31,452 65,036 4,993 3,749 87,655 16,769 28,590 35,763 27,845 60,341 Nov. 19__ - 587,07" 38,855 187, 316 31,452 65,036 4,993 4,101 86,699 16,769 27,835 35,834 27,845 60,342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 967 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924—Continued RESOURCES—Continued [I n thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m R o ic n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - All other earning assets: Oct. 22 2,007 1,750 7 250 Oct. 29 _-- 2,007 1,750 7 250 Nov. 5.. 3,557 3,300 7 250 Nov. 12 3,557 3,300 7 250 Nov. 19 2,550 2,300 250 Total earning assets: Oct. 22 977,733 60,491 278,902 58,690 103,214 42,859 34,160 132,554 44,750 37,263 49,710 42,544 92,596 Oct. 29 1,024,176 65,947 307,514 60,606 103,787 39,523 33,575 139,977 45,405 37,053 50,976 46,576 93,237 Nov. 5 _.- 1,052,544 71,197 320,812 64,846 110,369 37,168 31,091 141,173 43,960 35,007 51,896 44,095 100,930 Nov. 12 1,064,343 84,024 289,409 70,584 126,733 35,678 30,948 149,745 42,918 35,541 53,161 44,821 100,781 Nov. 19 1,098,716 90,120 320,317 73,566 113,468 35,885 34, 782 148,195 45,115 34,332 54,144 47,744" 101,048 Uncollected items: Oct. 22 669,125 ' 58,988 147,194 57,986 57,992 59,626 29,206 83,970 38,330 17,057 45,232 32,046 41,498 Oct. 29 611,709 53,626 136,931 55,962 50,979 53, 570 26,303 79,136 33,989 15,390 41,408 29,430 34,985 Nov. 5 583,315 55,748 124,611 59,553 46,843 49,639 24,591 67, 658 30, 779 15,965 41,298 30,255 36,375 Nov. 12 685,893 68,369 164,008 68,925 54,988 55,117 28,837 72,312 34, 235 17,237 44,572 36,252 41,041 Nov. 19 713,720 60,928 156,638 65,024 60,953 64,826 31,820 87,781 42,976 18,371 45,837 34,429 44,137 Bank premises: Oct.22 60,322 4,312 16,728 1,112 9,129 2,528 2,875 8,264 2,738 3,001 4,596 1,912 3,127 Oct. 29 60,724 4,312 17,043 1,112 9,129 2,528 2,875 8,264 2,742 3,046 4,596 1,912 3,165 Nov. 5 60,743 4,312 17,044 1,112 9,129 2,528 2,875 8,264 2, 758 3,048 4,596 1,912 3,165 Nov. 12 60,751 4,312 17,047 1,112 9,129 2,528 2,875 8,264 2,759 3,052 4,596 1,912 3,165 Nov. 19- 61,085 4,312 17,048 1,112 9,129 2,528 ,2,875 8,264 3,010 3,117 4,596 1,912 3,182 All other resources: Oct. 22_.__ 26,450 216 9,427 320 248 236 2,010 614 143 4,487 838 3,383 4,528 Oct. 29__ __ 26,766 191 9,890 328 254 222 2,011 637 140 4,415 829 3,335 4,514 Nov. 5 27,541 250 10,401 357 258 225 2,009 830 138 4,242 805 3,544 4,482 Nov. 12 27,439 226 10,528 388 276 195 2,014 1,021 138 4,144 756 3,289 4,464 Nov. 19 27,179 226 10,671 381 280 183 1,983 1,090 138 3,899 737 3,189 4,402 Total resources: Oct.22 4,907,288 423,186 1,399,192 364,007 471,703 218,928 232,456 639,293 189,329 155,747 207,324 164,149 441,974 Oct. 29 4,897,269 419,515 1,412,789 362,447 472,641 213,753 231,580 641,247 187,063 151,473 209,832 160,467 434,462 Nov. 5 _____4,883,417 411,276 1,395,196 371,054 469,341 212,008 228,172 634,657 187,726 158,640 206,336 163, 507 445, 504 Nov. 12 ____5,018,104 420,851 1,456,244 379,820 483,500 214,900 236,100 648,438 191,115 157,192 208,320 172,440 449,184 Nov. 19 5,086,934 422,159 1,478,059 374,737 479,841 232,068 239,813 655,992 194,724 162,673 218,298 172,430 456,140 LIABILITIES Federal reserve notes in actual circulation: Oct 22 1, 751,701 200,475 306,959 151,900 209,987 76,880 135,327 209,662 56,031 69,832 69,131 56,905 208,612 Oct. 29 1, 766,622 198,164 327,393 152,619 211,672 77,654 135,167 206, 596 56,307 70,389 68,500 56,303 205,858 Nov. 5 1,816,817 198,330 357,945 156,517 208,090 81,364 137,246 206, 446 56, 796 72,277 71,009 58,330 212,467 Nov. 12 1,829,202 196,534 365,262 159,880 212, 765 82,972 137,405 203,382 56,952 72,420 71, 958 57,835 211,837 Nov. 19 --- 1,823,460 196,249 374,320 155,242 205,628 84,260 137,584 200,915 57,054 72,408 72,107 57,338 210,355 Deposits: Member bank reserve account— Oct.22 2,149,992 138,875 854, 766 128,433 169,861 65,429 58, 965 305, 224 74, 796 55, 964 81,605 56,809 159,265 Oct. 29 2,162,347 142, 333 857,562 127,466 170,614 63,738 59,550 310,957 75,221 52,258 86,258 55,827 160, 563 Nov. 5 2,118,075 139,047 801,837 127,340 179,056 66,629 58, 521 307, 718 74,879 56,994 88,191 54,695 163,168 Nov. 12 2,172,354 138, 984 852,424 122,895 179,436 62,295 63,565 312,993 78,254 56,119 86,659 57,640 161,090 Nov. 19 2,215,346 139,896 857,817 129, 762 179,191 66,373 62,361 324,469 77, 367 59,849 88,889 61,422 167,950 Government— Oct.22 23,197 2,000 4,742 861 977 1,425 1,761 454 2,225 1,699 1,906 2,094 3,053 Oct. 29 28 266 1,185 5,982 1,627 3,610 1,594 1,595 1,368 2,824 1,677 2,094 2,201 2,509 Nov. 5_ 29,813 1,448 4,783 3,226 911 580 996 5,599 3,859 2,350 2,326 1,501 2,234 Nov. 12 33 424 2,455 5,082 3,308 2,540 2,010 2,752 5, 035 2,235 1,262 1,154 1,975 3,616 Nov. 19_ 24,667 1,907 3,565 1,908 1,924 1,022 2,316 1,385 2,148 1,457 1,006 2,126 3,903 Other deposits— Oct. 22 28,859 200 17,851 346 1,303 125 169 1,245 1,552 481 757 313 4,517 Oct. 29 27,351 196 16,042 477 1,294 144 113 1,139 1, 504 332 800 399 4,911 Nov. 5 31,107 233 19,945 476 1,424 142 122 1,376 785 339 926 498 4,841 Nov. 12 29,662 115 19,056 326 1,204 155 124 1,277 1,168 337 664 474 4,762 Nov. 19-_.-- 30,432 296 18,861 442 1,310 141 117 1,065 1,107 374 905 338 5,476 Total deposits: Oct.22 _2,202,048 141,075 877,359 129,640 172,141 66,979 60,895 306,923 78,573 58,144 84,268 59,216 166,835 Oct. 29 2,217, 964 143,714 879,586 129,570 175,518 65,476 61,258 313,464 79,549 54,267 89,152 58,427 167,983 Nov. 5 2,178,995 140,728 826,565 131,042 181,391 67,351 59,639 314,693 79,523 59,683 91,443 56,694 170,243 Nov. 12... 2,235,440 141,554 876,562 126,529 183,180 64,460 66,441 319,305 81,657 57, 718 88,477 60,089 169,468 Nov. 19 2,270,445 142,099 880,243 132,112 182,425 67,536 64, 794 326,919 80,622 61,680 90,800 63,886 177,329 Deferred availability items: Oct.22 607, 786 56,958 122,822 51, 724 52,147 56,575 21,335 75,600 39,082 15,583 39,458 34,491 42,011 Oct. 29 __ 566,510 52,909 113,612 49,539 47,963 52,148 20,234 73,988 35,506 14,647 37,727 32,174 36,063 Nov. 5 541,592 47,566 118,517 52,733 42,387 44,811 16,385 66,336 35,744 14,522 29,441 34,959 38,191 Nov. 12 606,738 58,029 122,112 62,479 49,966 49,002 17,348 78,465 36,816 14,874 33,420 41,005 43,222 Nov. 19___ 646,230 59,050 131,131 56,470 54,188 61, 787 22,520 80,870 41,355 16,416 40,932 37,703 43,808 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE- BULLETIN DECEMBER, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston N Fo e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M a i p n o n l e is - K C an it s y as Dallas F c S r is a a c n n o - Capital paid in: Oct. 22 ..... 111, 911 7,996 30,196 10.402 12, 705 5,883 4,582 15,187 5,101 3,307 4,344 4,152 8,056 Oct. 29 111, 953 8,011 30,196 10,403 12, 705 5,883 4,582 15,181 5,133 3,307 4,344 4,152 8,056 Nov. 5.. : 112,009 8,014 30,196 10.403 12, 705 5,884 4,580 15,180 5,133 3,282 4,345 4,138 8,149 Nov. 12 112,222 8,019 30,226 10, 517 12, 755 5,897 4,581 15,180 5,134 3,282 4,344 4,140 8,147 Nov. 19 112,241 8,019 30,232 10,517 12,756 5,897 . 4, 583 15,180 5,161 3,270 4,346 4,133 8,147 Surplus: Oct. 22.. 220,915 16,390 59,929 19,927 23, 691 11, 672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Oct. 29 220,915 16,390 59,929 19, 927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 : 7,577 15,301 Nov. 5 _. 220,915 16, 390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Nov. 12 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Nov. 19._.__.._-. 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Other liabilities: Oct. 22 ... 12,927 292 1,927 414 1,032 939 1,367 1,495 470 1,397 627 1,808 1,159 Oct. 29... - 13,305 327 2,073 389 1,092 920 1,389 1,592 : 496 1,379 613 1,834 1, 201 ' Nov. 5__ . 13,089 248 2,044 432 1,077 926 1,372 1,576 458 1,392 602 1,809 1,153 Nov. 12 13,587 325 2,153 488 1,143 897 1,375 1,680 • 484 1,414 625 1,794 1,209 Nov. 19 13,643 ' 352 2,204 469 1,153 916 1.382 1,682 460 1,415 617 1,793 1,200 Total liabilities: Oct. 22____ 4,907,288 1 423,1861,399,192 364,007 471,703 218,928 232,456 639,293 189,329 155, 747 207,324 164,149 441,974 Oct. 29.. 4,897,269 419, 5151, 412,789 362,447 472,641 213,753 231, 580 641,247 187,063 151,473 209,832 160,467 434,462 Nov. 5 4,883,417 411,276 1,395,196 371,054 469,341 212,008 228,172 634,657 187,726 158,640 206,336 163,507 445, 504 Nov. 12 5,018,104 420,851 1,456,244 379,820 483,500 214,900 236,100 648,438 191,115 157,192 208,320 172,440 449,184 Nov. 19 - 5,086,934 422,159 1,478,059 374,737 479,841 232,068 239,813 655,992 194, 724 162,673 218,298 172,430 456,140 MEMORANDA Ratio of total re- ' serves to deposit and Federal Re- • serve note liabilities combined (per cent): Oct. 22.. 79.2 86.6 78.7 87.1 78.2 77.7 81.7 78.9 75.1 73.0 68.5 71.2 79.2 Oct. 29____ .. 78.6 85.3 76.8 86.4 78.9 81.1 83.0 78.4 75.7 73.0 69.7 67.6 79.0 Nov. 5 . 78.2 81.4 76.9 85.0 77.1 81.5 83.4 79.0 79.4 :75.7 65.3 71.7 77.9 Nov. 12 :. 77.2 76.9 77.3 83.1 73.3 81.3 82.4 78.8 78.5 74.3 64.5 71.9 77.9 Nov. 19 76.8 •77.7 76.5 81.3 75.4 83.3 81.3 76.7 73.5 76.3 68.1 69.1 •77. 5 Contingent liability on bills purchased for foreign correspondence: Oct. 22_____ 20,566 5,792 2,021 2,438 1,188 917 3,105 1,021 750 958 792 1,584 Oct. 29 _... 24,070 6,318 2,429 2,929 1,427 1,102 3,731 1,227 901 1,152 951 1,903 Nov. 5..... 25,929 8,757 2,349 2,834 1,380 1,066 3,609 1,187 872 1,114 920 1,841 Nov. 12 25,584 7,200 2, 515 3,034 1,478 1,141 3,863 1,271 933 1,193 985 1,971 Nov. 19..._ 27,177 7,900 2,635 3,181 1,550 1,196 4,051 1,332 979 1,251 1,033 2,066 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 d F m a r y o o s m n t t o h 9 s 1 6 m O o v n e t r h 6 s Bills discounted: Oct. 22__ _ __•____ 223,240 126,409 26, 719 41,528 ' 20,417 7,751 416 Oct. 29. _. __. , . 222, 565 124,903 27,271 42,266 19,695 7,993 437 Nov. 5 229,263 138,101 26,413 38,685 17,124 8,549 391 Nov. 12 . . 224. 232 137. 645 28,195 34,014 15,239 8,724 415 Nov. 19 233,844 149, 052 25, 528 33,175 16,493 9,149 447 Bills bought in open market: Oct. 22 169. 659 50,150 31,684 45,746 34,859 7,220 Oct 29 215. 404 78. 429 42,114 52,503 36, 660 5,698 Nov. 5 _ . _ _ . -. 234. 848 91, 576 41,293 59,128 37, 311 5,540 —- Nov 12 248,190 74,489 46,126 74,404 46,145 7,026 Nov 19 275, 245 68,123 49,011 84,907 60, 941 12,263 United States certificates of indebtedness: Oct 22 144,042 68,269 1,411 18, 620 55,742 Oct 29 144, 069 68,266 1,416 18,591 55,796 Nov 5 144, 561 68,267 1,416 18, 582 56,296 Nov 12 145,300 68, 341 20, 014 56,945 Nov 19 145, 268 68, 240 100 20, 765 56,161 Municipal warrants: Oct 22 7 7 Oct 29 7 • 7. Nov 5 7 7 Nov 12 7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDEKAL KESEEVE BULLETIN" 969 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924 [In thousands of dollars] Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m R o ic n h d - Atlanta Chicago St. Louis M ap in ol n i e s - K C an it s y as Dallas F S ra an ncisco Net amount of Federal reserve notes received from Comptroller of the Currency: Oct. 22 3,159,062 292,475 851,430 245,624 282,338 119,764 224, 064 465,568 88,775 90,382 102,853 78,808 316,981 Oct. 29 ...3,155,526 289,509 848,425 243,276 283,215 119,376 223, 013 463,801 88,837 90,061 102,502 319,273 Nov. 5 3,147,311 285,254 844,206 280,860 118,437 221,910 462,579 91,046 103,381 83,368 321,103 Nov. 12__. 3,174,616 288,990 861,378 244,936 280,044 121,588 223,205 463,033 89,685 91,299 105,413 82, 791 322,254 Nov. 19 % 170,639 285,576 860,377 248,665 278,458 122,293 222, 241 461,277 89,584 90,905 106,549 82,242 322,472 Federal reserve notes on hand: Oct. 22 __ 68,950 239,760 46,160 51,370 34,540 70,850 240,420 25,500 17,967 27,493 16,117 69,500 Oct. 29 899,074 67,150 233,760 46,160 50,870 32,565 69,715 238,920 25,500 16,774 27,493 20,667 69,500 Nov. 5 „ 894,944 64,050 233,760 49,160 50,570 30,545 67,675 238,920 24,900 16, 604 26,693 20,167 71,900 Nov. 12 _ 919,084 67,350 251,960 49,160 49,070 31,165 69,015 240,920 26,300 15,994 26,853 19,397 71,900 Nov. 19_. 916,214 64,450 251,960 50,360 48,670 30,355 68,185 245,720 25,800 15,764 19,397 69,100 Federal reserve notes outstanding: Oct. 22.. 2,250,435 223,525 611, 670 199,464 230,968 85,224 153,214 225,148 63,275 72,415 75,360 62,691 247,481 Oct. 29... — 2,256,452 222,359 614, 665 197,116 232,345 86,811 153,298 224,881 63,337 73,287 75,009 63,571 249,773 Nov. 5__ 2,252,367 221,204 610,446 197,724 230,290 87,892 154,235 223,659 63,383 74,442 76,688 63,201 249,203 Nov. 12- _.-—._- 2,255,532 221, 640 609,418 195,776 230,974 90,423 154,190 222,113 63,385 75,305 78,560 63,394 250,354 Nov. 19 2,254,425 221,126 608,417 198,305 229,788 91,938 154, 056 215,557 63,784 75,141 62,845 253,372 Collateral security for Federal reserve notes outstanding: Gold and gold certificates— Oct. 22__ 331,504 35,300 238,531 7,800 8,780 3,500 9,985 13,052 14,556 Oct. 29 306,504 35,300 213, 531 7,800 8,780 3,500 13,052 14,556 Nov. 5_ 305,504 35,300 213, 531 7,800 8, 780 3,500 13,052 14,556 Nov. 12 290,504 35,300 198,531 7,800 8,780 3,500 13,052 14,556 Nov. 19 289,504 35,300 198,531 6,800 8,780 3,500 13, 052 14, 556 Gold redemption fund— Oct. 22-_ 112,523 15,088 30,270 14,288 12,945 2,270 5,525 5,597 3,930 1,048 4,736 3,863 12,963 Oct. 29 113,756 12,122 30,255 11,939 13,022 4,382 4,473 5,548 4,391 1,027 3,885 3,294 19,418 Nov. 5__ 118,555 17,867 30,244 9,547 12,668 3,443 7,370 5,522 3,438 1,153 4,825 3,424 19,054 Nov. 12 117,372 15,203 30,216 12,600 13,452 2,594 5,665 5,4.89 3,940 1,206 4,356 3,847 18,804 Nov. 19 111,111 11,789 30,188 10,528 12,865 4,799 4,502 5,470 3,339 1,311 3,592 4,297 18,431 Gold fund—Federal Reserve Board— Oct. 22.______ 1,562,173 158,000 271,000 157,889 195,000 55,795 120,000 205,645 42,000 50, 750 59,360 31,500 215,234 Oct. 29 1,583,960 158,000 301,000 157,889 195,000 57,795 120,000 205,645 41,000 52,000 59,360 30,500 205,771 Nov. 5 1,565,154 148,000 301,000 155,389 185,000 57,795 118,000 205,645 43,000 55,000 60,360 32,500 203,465 Nov. 12 _1,562,135 138,000 301,000 150,389 185,000 67,795 121,000 205,645 43,000 57,000 60,360 31, 500 201,446 Nov. 19____.__1,533,366 138,000 301,000 150, 389 180,000 64,795 124,000 185,645 44,000 57,000 60,360 27,500 200,677 Eligible paper— Amount required— Oct. 22. __ 244,235 15,137 71,869 19.487 14,243 27,159 24,189 13,906 7,360 7,565 11,264 12,772 19,284 Oct. 29. _. 252,232 16,937 69,879 19.488 15,543 24,634 25,325 13,688 7,961 7,208 11,764 15,221 24,584 Nov. 5_ 263,154 20,037 65,671 24,988 23,842 26,654 25,-365 12,492 7,960 5,237 11, 503 12,721 26,684 Nov. 12 285,521 33,137 79,671 24,987 23,742 20,034 24,025 10,979 7,460 4,047 13,844 13,491 30,104 Nov. 19 320,444 36,037 78,698 30, 588 28,143 22,344 22,054 24,442 7,460 3,778 16,144 16,492 34,264 Excess amount held— Oct.22___ 134,139 6,492 13,488 2,715 22,376 10,629 6,615 34,042 20,354 927 2,925 1,509 12,067 Oct. 29, __ 165, 672 10,148 41,045 3,409 19,718 9,740 4,805 41,053 20,649 513 3,695 3,348 7,549 Nov. 5 185,180 12,305 61,247 479 19,853 5,304 2,238 42,811 19,211 875 4,371 13,163 Nov. 12___ 171,144 12,032 18,441 3,885 10,278 2,973 50,954 18,675 1,742 3,273 3,057 9,946 Nov, 19 166,718 15,228 41,938 6,515 15,608 8,261 8,504 20,873 1,704 1,861 3,128 6,216 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN DECEMBER, 1924 EAENING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, OCTOBER, 1924 [Amounts in thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - HOLDINGS ON OCTO- BER 31, 1924 Total earning assets _ _ 1,052,017 64,693 317,577 64,872 06,086 39,451 35,107 142,797 46,021 36,045 52,002 47,181 100,185 Bills discounted for members. 264,141 7,519 62,599 21, 551 21,468 34,458 25,433 33,914 19,663 6,715 6,907 7,185 16,729 Bills bought in open market. 200,114 18,319 67,662 8,569 19,864 6,403 23,743 9,589 1,540 9,109 12,201 23,115 IT. S. securities 584,205 38,855 187,316 31,452 64, 754 4,993 3,271 85,140 16,769 27, 783 35,736 27, 795 60,341 All other earning assets 3,557 3,300 7 250 Bills Discounted Customers' paper secured by Government obligations... 1,262 158 50 334 310 170 44 166 7 23 Member bank collateral notes: Secured by Government obligations 117,324 4,413 48,407 14,523 14,106 7,792 4,234 11,507 4,919 176 765 816 5,666 Otherwise secured 21,948 5,654 2,465 262 3,224 1,789 146 250 222 19 2.221 5,696 Commercial paper, n. e. s 71,638 2,145 8,080 4,033 5,283 16,445 12,768 10,803 6,823 862 1,090 1,429 1,877 Agricultural paper 42,294 772 338 414 789 6,083 5,917 10,764 6,314 4,969 2,269 i; 208 2,457 Livestock paper 6,179 1 192 12 147 369 471 2,757 1,374 856 Trade acceptances, domestic. 3,496 31 120 65 502 592 408 650 822 15 137 154 Total discounted bills. 264,141 7,519 62, 599 21, 551 21,468 34,458 25,433 33,914 19,663 6, 715 6,907 7,185 16,729 Bills Bought Bankers' acceptances, based on— Imports 84,302 9,730 28,343 2,838 9,589 432 8,251 4,041 987 3,594 3,944 12, 553 Exports 70,906 4,058 24, 215 3,723 6,299 4,977 7, 582 4,450 443 4,270 4,267 6,622 Domestic transactions _.. 38,813 4,531 10,993 1,908 3,634 994 7,700 849 100 970 3,600 3,534 Dollar exchange 2,679 . ..809 100 230 210 249 10 275 390 406 \11 other 3,414 3, 302 112 Total purchased bills.. 200,114 18, 319 67, 662 8,569 19, 864 6,403 23, 743 9,589 1, 540 9,109 12, 201 23,115 Purchased Bankers' Acceptances, by Classes of Acceptors National banks 59,180 7,803 18, 289 3,006 4,716 1,262 8,978 2,083 215 2,703 3,161 6,964 Other member banks 72,547 3,990 24,419 3,678 5,950 2,150 12,867 5,021 829 2,796 2,725 8,122 Nonmember banks and banking corporations 32,452 4,357 7,997 1,260 3,443 2,812 1,895 1,806 360 2,098 3,008 3,416 Private banks 21,020 1,890 9,564 327 4,331 41 3 24 86 319 1,761 2,674 Foreign banks and their branches and agencies, 14,915 279 7,393 298 1,424 138 655 50 1,193 1,546 1,939 U. S. Securities U. S. bonds 40,458 1,030 4,902 749 5,115 1,191 1,279 13,049 600 7,432 2,155 1,834 1,122 Treasury notes 329,182 26, 796 136,394 25,426 38,229 150 1,391 1,832 12, 715 250 24,474 19,469 42,056 Certificates of indebtedness.. 214,565 11,029 46,020 5,277 21,410 3,652 601 70, 259 3,454 20,101 9,107 6,492 17,163 Total U. S. securities__ 584, 205 38,855 187,316 31, 452 64, 754 4,993 3,271 85,140 16, 769 27,783 35, 736 27, 795 60,341 DAILY AVERAGE HOLD- INGS DURING OCTOBER Total earning assets i 1,005,742 61, 445 317,327 57, 074 99,300 40,469 32, 914 129,879 45,483 38,765 49,089 43,202 90, 795 Bills discounted 240,907 6,913 44,925 18, 638 21,288 35,476 25,446 29,193 21,925 7,756 7,665 7,884 13, 798 Bills bought 177,949 15,669 82,295 5,184 13, 763 4,322 17,234 6,789 2,366 6,287 7,441 16, 599 U.S. securities 584,953 38,863 190,107 31,452 64, 249 4,993 3,146 83,452 16,769 28,639 35,008 27,877 60,398 EARNINGS DURING OC- TOBER Total earning assets * 2,816 164 808 177 271 135 107 384 136 122 147 122 243 Bills discounted. 767 21 115 55 64 121 87 100 76 29 27 28 44 Bills bought 332 29 152 10 26 10 32 13 4 12 14 30 U.S. securities 1,711 114 541 106 181 14 10 252 47 89 108 80 169 ANNUAL RATE OF EARN- INGS Total earning assets * 3.30 3.14 3.00 3.65 3.21 3.93 3.84 3.48 3.52 3.72 3.51 3.33 3.16 Bills discounted 3.75 3.51 3.01 3.50 3.52 4.01 4.05 4.06 4.11 4.43 4.17 4.18 3.72 Bills bought 2.20 2.22 2.17 2,23 2.19 2.72 2.16 2.19 2.17 2.16 2.20 2.17 U. S. securities 3.44 3.45 3.35 3.96 3.33 3.31 3.66 3.55 3.29 3.65 3.62 3.39 3.30 1 Including municipal warrants, as follows: Minneapolis, average daily holdings, $4,431; earnings $16; annual rate of earnings, 4.26 per cent; also including Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $1,800,000; earnings, $6,172; annual rate of earnings 4.03 per cent; Kansas City, average daily holdings, $129,032, earnings, $359; annual rate of earnings, 3.28 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 971 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR OCTOBER, 1924 [Amounts in thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Volume of Operations Total discount and open-market operations 11,180,438 47,605 604,626 »73,216 82,506 83,160 43,636 70,020 38,802 24,656 116,809 23,662 71,740 Bills discounted for member banks 839,900 20,025 435,431 60,840 62,060 83,120 36,979 44,537 30,705 2,400 5,637 9,692 48,474 Bills bought in open market 275,469 27,222 141,600 10,623 16,939 6,126 20,645 7,958 1,092 9,044 11,462 22,758 U. S. securities bought in open market 63, 262 358 27,595 203 3,507 40 531 4,838 139 21,157 1,878 2,508 508 Municipal warrants bought 7 [Bills Discounted Customer's paper secured by Government obligations !_ 688 47 50 87 252 146 32 57 1 16 Member bank collateral notes: Secured by Government obligations 650,342 13,317 397,783 44,619 54,589 50,041 11,793 32, 569 13,155 378 2,843 1,877 27,378 Otherwise secured 98,464 30,805 11,432 2,845 18,615 7,688 362 3,455 367 122 4,119 18,654 Commercial paper, n. e. s 67,131 6,178 6,610 4,336 3,762 10,961 14,673 6,676 9,657 737 728 1,080 1,733 Agricultural paper 14,209 466 138 352 303 2,949 1,871 4,764 1,132 790 888 211 345 Livestock paper _ __ 1,640 1 113 12 13 27 103 1,055 124 192 Demand and sight drafts (based on agricultural products) 5,110 35 353 2,379 25 2,207 111 Trade acceptances, domestic 2,316 17 94 51 326 290 442 134 843 74 45 Total bills discounted 839,900 20,025 435,431 60,840 62,060 83,120 36,979 44, 537 30,705 2,400 5,637 9,692 48,474 Average rate (365-day basis)— per cent 3.65 3.50 3.00 3.50 3.50 4.00 4.00 4.00 4.00 4.22 4.00 4.00 3.50 Average maturity (in days)_..__ 11. 71 13.53 5.01 12.50 13.14 13.48 33. 65 30.06 30. 77 74.21 53.09 21.36 10.67 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 834,789 23,134 186,109 64,925 72,689 95, 667 105,232 114,314 74,408 15,054 25,552 13,648 44,057 Per cent of total 100.0 2.8 22.3 7.8 8.7 11.4 12.6 13.7 8.9 1.8 3.1 1.6 5.3 Number of member banks on October 31 9,707 420 853 739 872 624 520 1,424 630 915 1,089 842 779 Number of banks accommodated during the month. _i___ 2,663 110 259 271 264 285 277 514 236 94 146 83 124 Per cent accommodated.... 27.4 26.2 . 30.4 36.7 30.3 45.7 53.3 36.1 37.5 10.3 13.4 9.9 15.9 Bills bought in open market Bankers' acceptances: Foreign.. __ _ 201,105 17,884 100,796 8,706 14,052 4,912 12,851 6,783 950 7,776 8,914 17,481 Domestic 68,046 9,338 36,414 1,767 2,641 1,214 7,508 940 132 993 2,253 4,846 Dollar exchange - 6,318 4,390 150 246 286 235 10 275 295 431 Total bills bought 275,469 27,222 141,600 10,623 16,939 6,126 20,645 7,958 1,092 9,044 11,462 22,758 Distribution, by rates charged (360-day basis): 2 per cent „ 177,614 6,859 125,257 2,750 7,468 184 10,060 3,530 672 5,183 4,718 10,933 2% per cent. 39,809 7,219 6,571 1,967 4,359 1,932 4,476 2.073 301 1,740 2,880 6,291 2M per cent. 50,782 11,741 7,307 5,627 5,013 2,051 5,861 2,305 119 2,121 3,623 5,014 2<H$ per cent. 3,366 1,165 1,201 279 95 80 50 241 255 23^ per cent, _ 1,630 238 1,172 2 35 168 15 2/i$ per cent 55 53 2 2% per cent 39 39 3 per cent 250 250 4 per cent 1,924 1,924 Average rate (365-day basis)— per cent ._ „_. 2.20 2.23 2.14 2.25 2.20 2.88 2.19 2.19 2.13 2.17 2.21 2.18 Average maturity (in days)..... 33.35 35.03 21.87 59.20 49.53 47.19 48.20 47.55 35.83 41.44 46.68 46.49 Total reduced to a common maturity basis 275,469 28,590 92,840 18,858 25,156 8,668 29,834 11,346 1,173 11,237 16,042 31,725 Per cent of total 100.0 10.4 33.7 6.9 9.1' 3.1 10.8 4.2 .4 4.1 5.8 11.5 U. S. securities bought in open market U S bonds 14,481 351 4,052 9,111 766 200 1 Treasury notes 7,281 3,000 9 4,104 168 Certificates of indebtedness 41,500 358 24, 595 203 3,507 40 171 786 139 7,942 944 2,308 507 H Total U. S. securities bought _ 63,262 358 27, 595 203 3,507 40 531 4,838 139 21,157 1,878 2,508 508 Includes Federal intermediate credit bank debentures as follows: Philadelphia, $1,550,000; Kansas City, $250,000. 19960—241 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL* RESERVE BULLETIN DECEMBER, 1924 CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM OCTOBER 15 TO NOVEMBER 12, 1924 [In thousands of dollars] Total Boston Y N o e r w k - d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Number of reporting banks: Oct. 15._ _ 744 108 103 Oct.22__ ___ 744 108 36 103 Oct. 29 743 108 103 Nov. 5. _ 743 108 103 Nov. 12 743 108 103 Loans and discounts, gross: Secured by United States Government obligations— Oct. 15 _ 190,500 8,927 72, 918 10, 648 18,404 6,031 8,187 32,198 2,819 6,342 3,218 10,930 Oct. 22__ 192,114 8,607 ; 78,523 11, 423 18,200 6,551 7,630 29, 646 9,804 2,813 6,207 3,219 9,491 Oct. 29__ 181,113 9,121 68, 304 10,191 18,429 6,738 7, •' ' 29, 594 9,880 2,875 5,770 3,145 9,519 Nov. 5 184,762 8,720 71,923 9,868 18, 525 7, 30, 270 9,779 2,792 5,688 3,148 9,815 Nov. 12____ ... 184,993 71,021 9,917 18,267 6,707 7, 4 31,960 9,911 2,821 5, 652 3,124 Secured by stocks and bonds— Oct. 15__ 4,388,997 282,427 , 973,0851283, 269 418,663 124,311 62, 289 696,998 153,747 52,163 59,567 Oct.22___ 4,474,047 282, 292 , 052,106: 288, 832 414, 573 122, 800 61, 545 701,145 153, 686 50,459 82,432 59, 793 204,384 Oct. 29_. 4,366,124 284,454 , 932,309: 289,812 421, 330 122,992 62,056 695,152 156,176 52,104 82,480 59,015 208,244 Nov. 5 4,399,476 274,481 , 975,916I 297,466 415, 442 121,459 62, 704 687,241 158,474 55,065 84, 274 59,144 207, 810 Nov. 12 4,446, 65r 270,738 ,040,470 < 302,526 412, 524 120,190 62, 278 664,256 163,176 56, 515 85,199 61,234 207, 546 All other loans and discounts— Oct. 15__ _.. 8,206,415 643, 5152,630, 615 389,463 716, 797343,295 363,175 1,221,174 319,403 206, 098324, 827214, 968 833, 085 Oct. 22__ 8,176,777 648,791 388,002 715, 526343,908 364,983 1,210,214 320,303 204,489 326,468 217,130 833,449 Oct. 29 8,216,431 653,442 621,112 389,579 716,988 343, 679363,212 1,220,276 318,288 212, 800 329, 674218, 419 828, 962 Nov. 5 8,184,713 669,207 585,060 381,054 722,961 345,467 365, 804 i;199,858 320,107 213, 643330,185 219,950 831, 417 Nov. 12 8, 240, 731 660, 5242, 631,152 379, 869 729,139 345,248 367\, 6"9"3" 1,209, 317320,214 214,351 329, 255 221, 614 832,355 Total loans and discounts: Oct. 15__ _. .2,785,912 934,869 4, 676, 618 : 683,380 153,864 473, 637433, 6511, 950,370483, 019261,080 415,017 277,753 042,654 O O c c t t . . 2 2 2 9-_ . . 2 2 , , 7 8 6 4 3 2 , , 6 9 6 3 8 8 9 94 3 7 9 , > ,6, 0 96 1 f ' 9 0 4 • : , 4 ,, - 6 • 7 21 3- , 4' ,~ 7 1 2 4 5 36 68 8 9 8 , ,2 5 5 8 7 2 , 1 4 1 8 5 , 6 2 , 9 7 9 47 4 4 7 7 3 3 , , 2 4 5 0 9 9 4 43 3 2 4 , , 8 1 1 5 5 8 J 1 1 , ,9 9 4 4 5 1 , , 0 2 0 2 054 4 8 8 3 4 , , 3 7 4 9 4 32 2 5 6 7 7 , , 7 7 7 6 9 1 4 41 1 7 5 , , 1 9 0 2 7 4 2 2 8 8 0 0 , , 5 1 7 4 9 2 , , 0 0 4 4 6 7 , , 3 7 2 2 4 5 Nov. 5 .2,768,951 952,408 4,632, 899 , 156, 928473, 532436,136 1, 917, 369 271, 500420,147 282,242 049,042 Nov. 12 _ .2,872,376 939, 700 4, 742, 643692,312 , 159, 930472,145 437,455 1, 905, 533493,301 273, 687 420,106 285,972 049, 592 U. S. pre-war bonds: Oct. 15 265,153 13, 730 ; 51, 470 10, 692 45, 51' 26, 51: 14, 836 23, 019 14,807 8,530 11,404 18, 534 26,102 Oct. 22 264,974 13, 959 51, 468 10, 692 45, 512 26, 61! 14, 756 22, 565 14, 807 11,404 18, 534 26,135 Oct. 29___ 264,777 13,757 51,460 10, 692 45, 538 26, 61: 14, 752 22, 562 14, 807 8,530 11, 404 18,534 26,129 Nov. 5__ 264,397 13, 756 51, 509 10, 689 45, 536 26, 71! 14,667 22, 569 14, 343 8,525 11, 404 18, 534 26,153 Nov. 12 264, 697 13, 782 51, 311 10, 689 45, 528 27, 06: 14, 877 22,485 14,330 8,525 11,404 18,548 26,156 U. S. Liberty bonds: Oct. 15 1,433,850 87,712 679,293 50,223 197,927 29,876 9,422 157,179 22,924 22,893 40,459 12,476 123,466 Oct. 22 1,441,744 87,520 679,964 49,886 199,147 29,537 9,467 160,811 23,241 .22,922 40,804 12,427 126,018 Oct. 29 1,449,036 87,840 680,146 50,60r 198,335 30, 387 9,452 162,073 23,499 24,851 41,602 12,649 127,595 Nov. 5 1,448,919 87,546 682,114 53,454 196,514 31,521 9,429 158,302 23,351 25,183 41,531 12,748 127,226 Nov. 12 1,453,738 87,36: 683,568 55,139 195,408 33,877 9,558 158,943 23,784 26,036 40,883 12,546 126,635 U. S. Treasury bonds: Oct. 15 69,204 5,933 21,671 3,03£ 2,118 2,097 623 11,04: 2,256 230 1,633 1,166 17,401 Oct. 22 „__. 69,695 6,034 21,318 3,098 2,040 2,016 623 11,082 2,186 230 1,909 1,136 18,022 Oct. 29 69,01S 5,936 20,610 3,103 1,987 2,071 622 11, 314 2,288 226 2,516 1,136 17,210 Nov. 5—_ 69,611 5,94: 20,497 3,248 1,985 2,299 622 10,704 2,360 226 2,647 1,086 17,998 Nov. 12 _ 68,12' 5,806 18,851 3,097 l,9fr 2,071 622 10,606 2,354 226 3,660 1,001 17,868 U. S. Treasury notes: Oct. 15 _ 590,09£ 11,438 279,042 24,12C 55,69: 3,280 3,148 119,312 10,160 18,335 23,183 8,814 33,572 Oct. 22 602,49S 11,43T 290,333 24,06f 58,71: 2,975 3,148 117,895 10,165 18,585 23,308 8,423 33,453 Oct. 29 623,16S 11,436 301,260 24,25C 65,38: 2,918 3,148 120,384 10,169 18,074 23,157 8,693 34,292 Nov. 5____ 620,58£ 11,632 301,264 24,357 63,15' 2,914 3,049 119,232 9,612 19,085 23,295 8,975 34,013 Nov. 12. -. 610,937 11,582 292,550 24,033 62,20 2,828 3,158 119,090 10,188 19,085 23,210 8,879 34,133 U. S. certificates of indebtedness: Oct. 15 302,27. 9,610 154,861 18, 514 20,51: 8,459 2,553 34,591 2,607 9,179 6,504 5,103 29,785 Oct. 22 307,15C 9,652 158,604 18,53C 20,29£ 8,411 2,599 33,296 2,606 11,250 7,022 5,048 29,837 Oct. 29 306,54£ 9,837 160,196 17,632 19,66C 7,911 2,584 32,2ir 2,682 12,050 7,007 5,076 29,695 Nov. 5 295,073 9,572 152,424 17,130 18,520 7,411 2,565 30,27' 2,726 12,615 7,218 5,093 29,522 Nov. 12 274,023 9,071 234,279 15,504 18,564 5,450 32,32C 2,71f 12,615 7,303 5,099 28,666 Other bonds, stocks, and securities: Oct. 15 — 2,785,698 207,652 1.,099,045 249,40, 341,428 62,618 42,365 398,594 94,54£ 32,016 67,325 17,462 173*, 239 Oct. 22..., 2,790,565 208,702 1.,,095,741 250,401 344,933 62,937 42,617 398,581 95,73* 30,467 67,218 17,730 175,501 Oct. 29 2, 838,682 210>,,0961:, 139,77'254,902 344, 572 64,034 42,671 400,920 96,34C 31,204 67, 802 17,97£ 168,386 Nov. 5 ~- 2,876,75C 2091,,6831.,,153,308 256,83S 348,17* 63,927 42,340 411,333 94,161 33,284 69,395 18,87( 175,432 Nov. 12 2,888,28- 206, :, 155,544257,43C 347,50_ 64,642 43,038 414,478 95,752 34,341 69,300 19,33£ 180,021 Total loans, and investments: Oct. 15—.—- 18,232,19C 1,270,944 6,9625,,0021,039,3671,817,05: 606,479 506,598 2,694,10€ 630,321 352,263 565, 525341,30$1,446,219 Oct. 22 18,319,56£ 1,276,995 7%, 031,57Cl,044,93C 1,818, '" 605,747 507,368 2,685,23f 632,536 349,745 566,772 343,44C1,456,290 Oct. 29 18,314,90C 1,285,919 6>^, 997755;, 1177414,050,77€ 1,832,220 607,342 506,044 2,694,492 634,12c 362,714 571,412 344,6451,450,032 Nov. 5— 18,344,291 1,2901,, 538 6>,, 99"4-,0~15l,054,10i 1,830,821 508,808 2,669,78e 634,912 370,418 575,637 347,5481,459,386 Nov. 12 18,432,182 1,274:,, 1119 ,70,78,7461,058,211 1,831, IOC 608,075 511,144 2,663,461 642,42C 374,515 575,866 351.38C1,463,071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL. RESERVE BULLETIN 973 PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM OCTOBER 15 TO NOVEMBER 12, 1924—Continued. [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Reserve balance with Federal reseve banks: Oct. 15 „ 1,659,489 99 321 780,068 75,62' 125,954 36,994 37,604 239,296 45,496 30,435 48,535 29, 658 110,501 Oct. 22____ 1,639,617 94^ 609 777, 582 81,244 117,25" 40,382 38,088 231,480 45,624 28,951 49,299 27,614 107,487 Oct. 29 _- 1,646,359 96, 590 779,904 79, 750 117,709 38,022 37,313 237,444 45, 615 25,242 53,636 25,920 109,214 Nov. 5 .... 1, 598,124 91,943 722,506 80,042 125,897 41,225 35,852 234,508 45,109 29,350 54, 615 25,366 111, 711 Nov. 12... 1, 644,982 94, 511 765, 783 75,823 127,003 36; 536 40,020 239, 743 48,218 27, 783 27,342 108,734 Cash in vault: Oct. 15.. -_. 293,156 21,099 84,848 15,644 30,650 13,998 10,896 56, 531 7,932 5,882 12,788 11,212 21,676 Oct. 22__._— 292,915 21,160 82,348 15,432 32,005 13, 751 11,067 57,810 7,612 5,922 12,733 11,137 21,938 Oct. 29. 292,832 20,470 82,967 16,306 31,835 14,432 10,962 55,064 8,048 13,422 11,540 21,850 Nov. 5 310, 726 20, 694 90, 763 16,448 32,034 14,990 11,548 60, 061 8,750 6,401 13,023 13,138 22,876 Nov. 12 313,593 20, 904 87,856 17, 561 33,037 15,131 13,167 59,189 9,418 7,013 13,869 12,745 23,703 Net demand deposits: Oct. 15 13,044,243 915,566 5, 763,028745,410 1, 018,625355,311 300I,, 765 17,95,314 375,393 245,052 458,150 247,425 824,204 Oct. 22 13, 012,875 910,940 5,818,849 751, ', 004, 705351,140 290,384 L760,838 368,007 245,294 245,531 806,556 Oct. 29 12,922,096 922,818 5,696,000 753,3511, 010, 591349,224 289,, 11-7 'i;767,317 370,906 248,618 465,736 241,838 806,580 Nov. 5 12,946,773 921,880 5,686,142 758!, ," "0"12, 1 004, 912 289,,, 644 1, 741, 054378,400 266,631 474,287 250,575 816,407 Nov. 12 . 13,195, 671 907,640 5,876,884 763i,, 790 ,L 007,923358,393 305,259 1, 747,223393,057 271,530 473,463 258,660 831,849 Time deposits: Oct. 15 4, 731,872 331,, 075 .1,. 120, 602163,648 692,758 179,870 873,693 206, 549 90,115 134,622 91,122 657,829 Oct. 22_ 4, 742, 978 333, 027 1,,123,""" 161, 583 694, 053 179, 910190, 245 874,028 210,573 90,413 134,780 91,765 658,612 Oct. 29 4, 782,263 330,182 , 150, 377 166,255 701,278 180,629 187,675 872, 960 212,154 95,477 134,401 91,600 659,275 Nov. 5 4, 805,083 326, 0311,141, 002 172, 572 706, 546 180,866 189, r~ 892, 028 214, 020 95,915 135, 312 90, 611 660,183 Nov. 12 _._. 4,823, 023 325, 373 1'., 144,110176,420 703,831 179,388 191,603 895,825 214, 779 135, 393 91,281 668,782 Government deposits: Oct. 15..-_ 210,106 25, 46,862 32,876 26,814 10,500 7,514 19,075 3,606 3,812 5,379 25,680 Oct. 22 200,446 23, 623 45, 790 31,712 25,440 10, 245 7,228 3,469 1,817 3,781 5,193 25,360 Oct. 29 198, 736 23, 623 45,790 30,002 25,440 10,245 7,228 16' 788 3,469 1,817 3,781 5,193 25, 360 Nov. 5 200,442 23, 623 45, 790 31, 712 25,440 10,241 7,T~~ 16, 788 3,469 1,817 3,781 5,193 25, 360 Nov. 12_._ 18, 531 39,110 26, 718 21,163 8,524 5,955 14, 247 2,858 1,403 3,283 4,384 21,909 Bills payable and rediscounts with Federal reserve banks: Secured by TJ. S. Government obligations— Oct. 15.- _. 56,889 150 40, 513 2,120 6,765 2,160 1,461 1,010 977 225 1,200 Oct. 22 23,232 4,971 2,178 5,923 3,168 1,868 1,735 917 183 387 1,902 Oct. 29 20,416 475 4,304 2,836 2,669 2,782 1,638 4,170 489 420 450 Nov. 5 ____. 39, 560 675 16,640 3,090 5,999 2,621 1,035 2,310 287 108 395 6,400 Nov. 12. 36,701 1,053 4,721 2,755 19,009 3,005 76 1,550 515 592 275 3,150 All other— Oct. 15... 47,184 775 13, 636 3,185 3,, 8,355 7,437 569 5,244 212 905 2,859 Oct. 22 43,316 200 11,067 1,945 1,786 10,863 7,888 65 4,277 308 316 817 3,783 Oct. 29 _—_. 44,661 146 13,840 2,059 1,902 8,749 5,952 1,143 4,173 3,272 2,594 Nov. 5 37,616 2,095 9,283 2,447 2,681 7,179 4,862 958 3,493 184 339 1,251 2,844 Nov. 12 35, 513 1,856 6,879 3,623 4,161 6,863 5,378 1,792 2,111 202 839 1,809 BANK BALANCES IN FEDERAL RESERVE BANK CITIES Duetto banks: Oct. 15 2,736,502 161, L, 257, 582 58,478 34, 521 14,427 474,650 101,809 74,109 137,473 42,582 150,677 Oct. 22 2,640,240 141,3881'., 242,758210, 735 55,900 14,874 447,266 101,669 77,578 136,509 39,643 N O o ct v . . 2 5 9 2 2 , , 6 5 9 9 6 0 , , 8 5 8 4 8 1 1 1 4 4 8 6 , , 8 8 0 3 0 1 1 l L L , i, , 2 1 7 8 2 2 , , 2 9 9 6 8 3 2 2 1 0 6 9 , , 0 9 6 9 8 0 5 56 7 , , 3 3 6 1 3 3 3 35 2 , , 1 8 1 3 3 0 1 1 7 6 , , 1 83 2 1 8 4 44 4 1 7 , , 9 7 0 9 3 5 1 1 0 0 0 2 , , 0 6 0 7 5 2 8 86 2 , , 1 5 2 7 5 41 1 3 3 7 7 , , 5 4 3 4 3 3 4 4 5 0 , , 0 2 0 5 5 2 1 1 3 3 7 6 , , 0 5 8 1 4 0 Nov. 12 2,636,421 139,219 1L., 215,103 201, 930 56,046 37,383 17,917 448,737 108,600 84,908 138,491 43,213 144,874 Due from banks: Oct. 15 793,700 44,927 96,422 99,560 35,386 16,879 16,212 202,216 52,044 31,357 74,372 37,844 86,481 Oct. 22—... 748,825 49,713 95,143 96,476 30,821 17,140 14,527 187,215 48,726 30,952 33,067 76,706 Oct. 29 708, 710 40,023 87,357 79,507 30,047 16,393 16,884 169,057 53,572 33,297 34,826 81,239 Nov. 5. 719,720 38,792 90,318 27,312 18,696 17,336 169,094 52,326 34,308 66,593 39,811 Nov. 12 792,625 45,135 93,570 76,305 28,796 19,246 19,853 210,145 57,791 37,866 76,916 39, 519 87,483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN DECEMBER, 1924 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [Amounts in thousands of dollars] Banks in New York City Banks in City of Chicago Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 Number of reporting banks _. 67 67 67 67 67 47 47 47 47 Loans and discounts, gross: Secured by United States Government obligations. .7,,57673,029 62,804 66,630 65,759 24,944 22,387 22,499 23,290 24,916 Secured by stocks and bonds _. 1,, 74640,,80,484, 1,,87412,6229, 1713 ,7,68,6,7,2 1,832,768 535,317 539, 555 535,164 526,590 503, 560 All other loans and discounts «. 22,333322,228811 223,030558,2852 52 2,326,780 22,922912,0100 20, 323,6,131 736, 279 722,853 731,032 714,309 718,372 Total loans and discounts „, 4,163,932 4, 220,483 4,112, 297 4,127,402 4,234,658 1, 296, 5401,284,7951,288,695 1,264,189 1,246,848 United States pre-war bonds 40,885 40,883 40,883 40,932 40,934 4,127 4,127 4,125 4,132 4,123 United States Liberty bonds 592,010 594,739 595,871 597,747 596,416 83,011 83, 539 84,411 82,138 82,403 United States Treasury bonds 14,529 14,176 14,123 14,010 12,372 3,511 3,384 3,399 2,973 2,873 United States Treasury notes 259,994 271,436 282,364 282, 516 273,965 86, 813 86, 243 89, 487 89,662 89,533 United States certificates of indebtedness 150,189 154,932 157,158 149, 362 131, 992 18,189 18,494 17,374 17,429 21, 588 All other loans and discounts : 846,167 843,032 882,249 895,423 896,515 189,764 189,818 199,844 201,285 Total loans and discounts and investments__ 6,067, 706 6,139, 681 6,084,945 6,107,392 6,186,852 1,681,955 1,669,4511,677,309 1,660,367 1,648,653 Reserve balance with Federal reserve banks 725,511 723,019 727,932 670,815 711,120 166,831 162,584 168,290 163,511 167,763 Cash in vault _._ 69,919 66,674 68,082 73,513 71,793 30,597 31,533 28,132 29,911 31,590 Net demand deposits. 5, 226,055 5,294,731 5,177, 529 5,166,72>5, 53,51,040 1,246, 978 1,221,888 1,231,396 1,199,642 1,194,052 Time deposits 785,977 787,483 813,312 802,885 805,395 411,870 411,922 411,580 428,217 431,835 Government deposits 38,508 37,708 37,708 37,7" 32,280 9,143 7,579 7,579 7,579 6,124 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations 33, 650 550 1,350 14,150 1,850 25 150 850 1,100 50 Allother .. 10,653 7,799 10, 511 6,462 4, 685| 100 925 CONDITION OF MEMBER BANKS AS OF OCTOBER 10, 1924 Loans and investments of all member banks tables present figures reflecting the condition increased $1,189,000,000 between June 30 and of state bank and trust company members and October 10, 1924, and aggregated $28,451,- of all member banks on October 10, 1924. 000,000 on the latter date. This total is the The following statement shows changes in largest ever reported and is $5,032,000,000 the principal resources and liabilities of all above the total reported on March 10, 1922, member banks on the last call date as comthe low point of the post-war period. Al- pared with figures for June 30, 1924, and for though increases as compared with June 30 September 14, 1923: are reported for all Federal reserve districts, the increase in the Minneapolis district was especially marked, while those for the Rich- Increase (+) or decrease (—) on Oct. 10, 1924, since— mond, Atlanta, St. Louis, Kansas City, and San Francisco districts were relatively small. June 30, 1924 Sept. 14, 1923 The total increase in loans and discounts amounted to $556,000,000, while investments Loans and discounts (including went up $633,000,000. Total deposits in- overdrafts). _ __ +$556,000,000 +$963,000,000 United States securities +287,000,000 +172,000,000 creased $1,242,000,000 to $30,772,000,000. Other bonds, stocks, and securities- +346,000,000 +818,000,000 Over one-half of this increase was in amounts Total loans and investments. +1,189,000,000 +1,953,000,000 due to banks. Demand deposits increased Demand deposits (including certified and cashiers' checks) +90,000,000 +1,282,000,000 $421,000,000, time deposits $394,000,000, and Time deposits +394,000,000 +1,131,000,000 United States deposits $123,000,000, while Bills payable and rediscounts _ -70,000,000 -688,000,000 Acceptances outstanding +52,000,000 +39,000,000 certified and cashiers' checks outstanding show a decline of $331,000,000. The accompanying Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

975 DECEMBER., 1924 JFEDEBAL RESERVE BULLETIN ABSTRACT OF CONDITION REPORTS OF STATE BANKS AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT, ON OCTOBER 10, 1924 {In thousands of dollars] Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Total trict trict trict trict trict trict trict trict trict trict trict trict United No.l No. 2 No. 3 No. 4 No. 5 No. 6 N:.). / No. 8 No. 9 No. 10 No. 11 No. 12 States (37 (144 (72 (120 (64 (131 (362 (130 (102 (33 (184 (187 (1,566 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) RESOURCES Loans and discounts 507,577 2,690,696 290,381 899,996 155,38' 273,882 1,, 356,646 337,292 56,219 71,270 69,710 885,828 7,594,884 Overdrafts 157 944 86 256 193 1,242 731 933 86 586 906 6,277 United States Government securities 75,885 597,483 52,835 132,718 5,912 236,396 38,293 5,769 19,228 3,150 144, 211 1,318, 766 Stock of Federal reserve banks 2,190 13,185 5,490 1,505 6,538 1,972 295 361 481 3,386 Other bonds, stocks, and securities . 121,803 660,399 173, 384 218,602 22,488 26,643 342,410 77,835 12,053 9,717 3,586 132,007 800,927 Total loans and investments 707,613 3\,, 962, 707 519,684 1,257,062 185,936 309,184 1,942, 721 456,325 74,493 100,662 77,513 1,166,33810,760,237 Customers' liability on account of acceptances 3,978 141,930 434 2,162 2,447 5,478 22,356 62 21 57 6,125 185,050 Banking house, furniture and fixtures 12,839 84,305 15,468 49,287 6,649 17,777 43,897 13,655 2,115 2,865 4,016 48,506 301,379 Other real estate owned 4,911 3,744 11, 532 1,682 4,332 6,178 3,385 1,680 1,540 2,445 7,875 51,197 Gold and gold certificates 1*300 10,050 489 45r 142 242 2,446 305 148 110 103 1,082 16,874 All other cash in vault 12,027 40,293 6,401 19,204 3,960 6,969 30,815 7,998 2,181 1,481 3,051 17,253 151,633 Reserve with Federal reserve banks 45, 590 30,685 71,786 10,135 19,545 129,500 27,240 4,369 8,731 70,620 817,797 Items with Federal reserve banks in process of colleeti 11,106 70,394 9,083 21,993 7,088 8,004 22,361 16,193 566 6,092 1,175 11,545 185,600 Due from banks, bankers,and trust companies 24,041 79,009 22,975 65, 292 16,898 45,124 126,640 39,554 11,454 28,516 16, 650 104,165 580,318 Exchanges for clearing house, also checks on other banks in same place , 15,084 343,876 8,023 17,201 2,694 10,163 37,461 7,424 518 2,301 798 16,612 462,155 Outside checks and other cash items___,_ __. 1,343 12,380 378 4,874 396 1,201 6,455 188 385 383 18,716 47,686 United States securities borrowed-—_ 170 5,380 617 5,886 4,730 9' 470 71 18,060 Other securities borrowed 123 50 1,591 120 11 59 1,954 Other assets—. . 5,387 134,837 4,559 9,152 2,322 8,521 26,368 4,853 349 2,650 2,715 10,431 212,144 Total.. 842,2005,278,389 622,093 1, 535, 505240,987 437,207 2,404,675 582^831 98,179 155,334 115,286 1,479,398 13,792,084 LIABILITIES Capital stock paid in 33,650 231,274 39,835 85,140 19,307 31,870 113,744 40,420 6,802 8,660 12,185 80,279 703,166 Surplus fund 39,645 197,105 71, 761 97,9ir 13,409 18,370 104,074 24/406 2,897 3,329 3,727 32, 397 609,033 Undivided profits, less expenses and taxes paid 21, 611 123, 469 25,618 31, 508 5,683 7,891 61,802 9,816 1,389 2,142 1,821 27,162 319,912 Due to Federal reserve banks. 578 3,719 1,438 820 1,109 1,— 293 21 76 29 9,166 Due to banks, bankers, and trust companies 26,998 590,439 31,720 88,052 25,177 61,360 171,334 43,287 6,856 45,745 83,665 1,181,620 Certified and cashiers' or treasurers' checks outstanding 6,141 213,652 4,083 10,694 3,187 2,213 21,037 3,638 761 1,762 1,082 20,589 Demand deposits 448,816 2,770000;.692 280, 730 530,370 86,318 165,917 849,080 225, 605 33,775 70, 537 69,605 476,885 5,938,330 Time deposits 244,812 "91'"8,118 141, 874 658,207 70,450 114,988 994,758 193,700 43,975 20,210 14,604 722,403 4,138,099 United States deposits 10,680 32,073 18,128 13, 628 1,961 3,823 13,131 5,119 188 1,459 62| 16,139 116,391 Total deposits 738.,,0"2"5 4,458.693 477,973 1,. 301,771 188,202 349,384 ,049,633 471,370 85,555 139,713 92,416 1,319, 7~1 0~ 11,672,445 Bills payable (including all o b 1 i g a t i ons representing money borrowed other than rediscounts). 5,476 2,495 4,596 4,705 6,449 7,046 6,499 551 60 2,774 2,432 43,872 Notes and bills rediseounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 1,722 45,197 804 2,008 6,250 9,906 9,026 13,482 728 293 1,519 3,910 94,845 Cash letters of credit and travelers' checks outstanding 1 15,113 394 87 19 178 38 543 16,384 Acceptances executed for customers _ 3,614 139,555 130 2,155 2,380 11,228 22,344 62 21 6,463 187,952 Acceptances executed by other banks for account of reporting banks 677 8,885 180 113 242 10,097 United States securities borrowed 170 5,: 638 617 5,883 4,730 97! 470 71 18,057 Other securities borrowed 123 50 1,591 120 11 1,954 Other liabilities .-..__.. 2,466 53,622 2,733 4,824 291 1,181 29,354 11,888 139 1,135 362 6,372 114,367 Total.. 842,200 5,278,389 622,093 1,535,505 240,987 437,207 2,404,675 582,831 98,179 155,334 115,2861,479,39813,792,084 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

9-76 FEDERAL RESERVE BULLETIN DECEMBER, 1924 ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON OCTOBER 10, 1924, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total United States Other re- Country serve city banks N (3 e 1 w b a Y n o k r s k ) (1 C 1 h b ic a a n g k o s) (42 T o ba ta n l ks) ba b n a k n s k s (1 ) 88 b ( a 1 n ,3 k 3 s 6 ) 19 O 24 c t. ( 1 1 , 9 5 , 66 19 J 2 u 4 n e ( 1 3 ,5 0 7 , 0 banks) banks) SESOTJRCES Loans and discounts 2,064,013 583,090 2, 647,103 3,182,004 1,765,777 7, 594,884 7,273,506 Overdrafts. _ 850 91 941 2,346 2,990 6,277 5,296 United States Government securities ._-.-_. 457,888 110,075 567, 963 523,391 227,412 1,318,766 1,129, 358 Stock of Federal reserve banks __ _ 9,888 2,759 12, 647 17,166 9,570 39,383 38,452 Other bonds, stocks, and securities. . 382, 521 105,878 488, 399 776, 627 535, 901 1, 800,927 1,692,009 Total loans and investments .- 2,915,160 801,893 3,717,053 4,501,534 2,541,050 10,760,237 10,138,621 Customers' liability on account of acceptances 140,299 22, 335 162, 634 18,906 3,510 185,050 150,001 Banking house, furniture, and fixtures.. _ 55,417 5,929 61, 346 159,313 80, 720 301,379 304,119 Other real estate owned 2,365 2,365 29,430 19,402 51,197 51,138 Gold and gold certificates 7,203 774 7,977 3,173 5,724 16,874 16,983 AH other cash in vault _ . - _...__. 25,547 31,935 67,705 51,993 151,633 142,089 Reserve with Federal reserve banks.. 334,989 67,548 402, 537 291, 215 124,045 817,797 766,783 Items with Federal reserve banks in process of collection.. 49,740 13, 249 62,989 97, 735 24,876 185,600 185,135 Due from banks, bankers, and trust companies ..-.. 38,166 55,125 93,291 319,965 167,062 580,318 496,675 Exchanges for clearing house, also checks on other banks in same place. _. .- 332,146 20, 537 352, 683 92,394 17, 078 462,155 739,795 Outside checks and other cash items.... 9,588 2,394 11,982 30,072 5,632 47, 686 63,745 United States securities borrowed... 10,365 7,695 18,060 18,884 Other securities borrowed 534 1,420 1,954 1,787 Other assets,. __. _ - 129,338 20,412 149,750 45, 785 16,609 212,144 146,228 Total. 4,039,958 1,016, 584 5,056, 542 5, 668,126 3,067,416 13,792,084 13, 221,983 LIABILITIES Capital stock paid in _ -.-.__. 168,550 39,650 208,200 196,032 703,166 697,075 Surplus fund .._- 149,638 52, 314 201,952 284,277 122,804 609,033 589,669 Undivided profits, less expenses and taxes paid 92,420 39, 313 131,733 H5,549 72,630 319,912 285,041 Due to Federal reserve banks. _.. 206 206 T2, 760 6,200 9,166 7,531 Due to banks, bankers, and trust companies 545, 778 124,194 669,972 434,574 77,074 1,181,620 1,026,453 Certified and cashiers' or treasurers' checks outstanding—. 207,899 8,513 216,412 56,700 15,727 433, 766 Demand deposits... .___- 2,148,018 423,725 2,571,743 2,155,814 1,210,773 5,938,330 5, 720,242 Time deposits... 452,394 272,669 725,063 2,143,012 1,270,024 4,138, 099 3,944,831 United States deposits. 20,162 5,751 25,913 78,179 12,299 116,391 57,375 Total deposits -_.. .._-.. 3,374,457 834,852 4,209,309 4,871,039 2,592,097 11,672,445. 11,190,198 Bills payable (including all obligations representing money borrowed other than rediscounts) - - 1,200 1,200 12,097 30, 575 43,872 61,378 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement)... -.-. 43,046 2,421 45,467 18, 374 31,004 94,845 100,904 Cash letters of credit and travelers' checks outstanding 15,096 133 15, 229 1,103 52 16,384 26, 602 Acceptances executed for customers)_________ 138,003 22,335 160,338 24,257 3,357 187,952 145,557 Acceptances executed by other banks for account of reporting banks. „_ - _-..-..-. 8,806 1,291 10,097 10,339 United States securties borrowed 10, 365 7,692 18,057 18,883 Other securities borrowed .. 534 1,420 1,954 1,787 Other liabilities ._.-- 48,742 25, 566 74,308 30,306 9,753 114,367 94, 550 Total. 4,039,958 1,016, 584 5,056, 542 5, 668,126 3,067,416 13,792, 084 13,221,983 Ratio of* reserve with Federal reserve banks to net deposit liability (per cent).-..—.. ._.. — 12.8 12.6 12.8 10.0 7.0 10.4 10.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 977 : 10, 1924 (INCLUDING 8,069 NATIONAL BANKS AND 1,566 STATE BANKS AND TKUST COMPANIES) [In thousands of dollars] District District District District District District District District District District District Distrid U T n o i t t a e l d b N a (4 n o 1 k . 9 s 1 ) b N a ( n 8 o 4 k . 5 s 2 ) b N a ( n o 7 . 3 k 6 s 3 ) N ( o 8 . 7 2 4 b N a ( n o 6 . 2 k 0 s 5 ) b N a ( n o 5 . 1 k 5 s 6 ) b N ( a 1 n o ,4 . k 1 s 7 9 ) b N a ( n o 6 . 2 k 5 s 8 ) b N a ( n o 8 . 9 k 0 s 9 ) b N ( a 1 o n , . 0 k 8 1 s 2 ) 0 b N a ( o n 8 . 3 k 1 8 s) 1 b N a ( o n 7 . 7 k 1 4 s) 2 b S ( a 9 t n , a 6 k t 3 e s 5 s ) BESOURCES Loans and discounts-1,535,570 5,623,1251,286,733 1,899,046 957,857 778,0123,076,135 871,652 628,443 793,589 622,7811L, 728,44519,801,388 Overdrafts 1,658 318 906 2,250 2,298 1,872 1,037 1,560 2,'" 2,252 18,510 United" States Government securities- 243,720 1,367,911 244,552 455,594 136,055 82,837 525, 588 124,201 123,508 148,876 103,369 338,409 3,894,620 Other bonds, stocks, and securities 392,1181, 560,794 607,746 585,230 125,371 93,686 622,761 188,575 114,801 115,611 38,287 291,146 4,736,126 Total loans and investments 3,171,906 8,,553,488 35,,139,349 !, 940,776 1,330>,,380 958, 785 4,336,7831L,, 186,300 867,789 1L,, 059,636 767,3013,360,353 38,4501,,644 Customers' liability on account of acceptances . 33,292 215,256 12,668 4, 7,413 6,578 31,735 768 2,502 49 2,175 13,680 330,716 Banking house, furniture, and fixtures- 57,113 159,907 60,518 117,144 50,352 45,721 118,903 35,051 25,603 40,624 38,736 93,405 843,077 Other real estate owned _._._. 9,759 10,766 .8,773 19,167 10,652 9,772 22,516 7,823 14,869 14,400 13,513 16,631 158,641 Gash in vault 38,832 112,386 37,304 57,544 26,443 24,956 87,647 22,751 20,049 29,130 25,746 45,101 527,889 Reserve with Federal reserve banks Items with Federal 136,458 831,948 124,297 168, S 64,699 57, 512 308,679 75,346 53,559 86,096 55,895 158,081 2,121,428 reserve banks in process of collection. Due from banks, 49,406 158,916 54,986 . 52, 579 39,859 22,677 70,963 43,576 11,467 36,030 34,978 38,057 613,494 bankers, and trust Ex c c o h m an p g an es ie s for clear- 102,740 190,055 160,512 202,198 107,074 144,634 400,150 139,485 157,181 306,566 198,361 321,506 2,430,462 ing house, also checks on other banks in same place. 42,617 751,500 40,594 32,751 16,843 18,677 85,262 17,196 12,110 17,823 12,560 43,367 1,091,300 Outside checks and other cash items— 5,806 21,428 7,250 2,926 3,201 12,140 2,769 8,108 5,116 3,560 25,555 100,551 Redemption fund and due from United States Treasurer.. _ 4,927 2,955 5,023 3,161 2,177 4,617 2,158 1,676 2,135 2,358 2,846 36,701 United States securities borrowed* 170 5,380 617 5,886 4,730 97 1 470 71 18,060 Other securities borrowed l 123 50 1,591 120 11 59 1,954 Other assets.... 32,831 228,673 11,016 14,279 6,442 10,250 36,696 6,457 4,632 4,030 4,345 19,302 378,953 Total—— 2,683,428 11,239,250 2,655,834 3,627,672 1,556,782 1,303, 6 5 0 ,4 7 13,567 1,544, 530 1,179, 642 601,636 1,160,009 3,137,91317,103,870 LIABILITIES Capital stock paid in. 142,231 489,504 137,693 212,165 112,427 95,170 291,566 110,299 70,138 96,492 94,096 183,162 2,034,943 Surplus fund 124,459 500,340 222,808 212,774 56,334 213,886 58,449 37,315 45,746 42,646 84,990 1,682, 646 Undivided profits, less expenses and taxes paid 81,089 277,266 82,685 94,401 38,747 26,485 127,709 30,780 17,749 21,621 22,676 876,516 Due to Federal reserve banks 4,329 11,214 4,460 1,805 8,171 2,219 1,346 194 2,096 674 36,508 Due to banks, bankers, and trust companies 174,532 1,607,782 256,644 289,883 133,085 142,104 694,482 192,940 162,993 331,060 175,385 292,522 4,453,412 •Certified and cashiers' or treasurers' checks outstanding. _ 18,628 458,344 13,325 17,622 9,383 5,942 38,096 7,812 15,079 15,676 11,196 42,239 653,342 Demand deposits 1,277, 593 5,3,19,320 1.,049,9911,356,229 542,079 506,544 2,,128,318 610,285 407,252 729,684 579,172 1.., 223,130L5, 729,597 Time deposits 702,7011,,978,009 742,7701,252,237 479,437 353,1741,,678,438 423,605 412,826 297,288 154,7131, 122,197 9, 597,395 United States deposits 41,814 62,615 42,937 33,165 20,641 11,001 28,753 8,208 7,665 9,084 29,017 301,803 Total deposits 3,319,597 9,437,384 3, 3,950,9411,193,796 1,030,984 4,569,433 1,343,044 1,005, ©53 1,381,373 931,646 3,709,779 30,773,051 Bills payable (including all obligations representing money borrowed other than rediscounts) _ _ 6,418 33,733 17,294 20,482 22,382 14,641 13,602 14,569 3,684 2,346 8,559 9,773 167,483 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 15,196 93,996 7,003 11,340 30,904 25,925 24,947 22,280 8,377 7,902 7,119 10,275 265,264 Cash letters of credit and travelers' checks outstanding. 998 17,224 464 338 242 19 2,120 57 40 61 79 8721 22,514 Acceptances executed for customers 34,147 207,099 10,976 4,700 7,103 12,758 32,852 771 1,725 50 2,118 14,227 328,526 Acceptances executed by other banks for account of reporting banks. 2,150 19,915 2,259 491 553 1,572 777 815 28,532 National-bank notes outstanding 52,581 95,728 58,030 62,342 43,164 91,832 42,880 32,947 42,333 46,729 56,077 723,039 "United States securities borrowed 177 1,120 638 14,883 3,704 4,678 8,597 7,429 . 304 1,302 2,005 1,949 46,786 Other securities borrowed _. 27 550 100 649 250 644 1,738 133 638 154 652 5,535 Other, liabilities- 4,358 65,491 5,757 6,603 2,495 2,252 33,713 13,839 1,533 1,772 2,182 10,034 150,029 2,683,42811,239,250 2,655,834 3,627,672 1,556,782 1,303, 607 5,413, 567 1, 544,530 1,179,642 1,601,636 1,160,009 3,137,913 37,103,870 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN DECEMBER, 1924 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON OCTOBER 10,1924» BY CLASSES OF BANKS (INCLUDING 8,069 NATIONAL BANKS AND 1,566 STATE BANKS AND TRUST COMPANIES) [In thousands of dollars] Central reserve city banks Total United States Other Country reserve banks New York Chicago Total city banks Oct. 10, June 30, (66 banks) (25 banks) (91 banks) (555 banks) banks) 1924 (9,635 1924 (9,650 banks) banks) RESOURCES Loans and discounts 4,148,346 1,209,848 5,358,194 6,977,374 7,465,820 19,801,388 19,248,650 Overdrafts __ _ — 1,229 163 1,392 4,453 12,665 18,510 15,369 United States Government securities 1,037,732 183,250 1,220,982 1,293,842 1,379,796 3,894,620 3,607,797 Other bonds, stocks, and securities 761,513 150,311 911,824 1,409,164 2,415,138 4,736,126 4,389,743 Total loans and investments 5,948,820 1,543,572 7,492,392 9,684,838 11,273,419 28,450,644 27,261,559 Customers' liability on account of acceptances ; 212,503 30,051 242,554 79,421 8,741 330,716 285,830 B anking house, furniture, and fixtures 92,819 17,771 110, 590 331,348 401,139 843,077 Other real estate owned- . 2,946 75 3,021 '53,970 101,650 158,641 155,753 Cash in vault.-—_ '_-_ 63,027 21,590 84,617 160,928 282,344 527,889 503,555 Reserve with Federal reserve banks 689,369 156,235 845,604 702,047 573,777 2,121,428 1,965,453 Items with Federal reserve banks in process of collection 113,116 35,180 148,296 373,828 .91,370 613,494 582,475 Due from banks, bankers, and trust companies.—- _. 65,235 144,447 209,682 1,157,115 1,063,665 2,430,462 1,940,197 Exchanges for clearing house, also checks on other banks in same place_- - 731,182 49,234 780,416 248,715 62,169 1,091,300 1,741,073 Outside checks and other cash items__ 16,681 3,638 20,319 56,156 24,076 100,551 133,411 Redemption fund and due from United States Treasurer... 2,031 143 2,174 8,852 25,675 36,701 37,104 United States securities borrowed * 10,365 7,695 18,060 18,884 Other securities borrowed i _. 534 1,420 1,954 1,787 Other assets 219,383 26,262 245,645 96,863 36,445 378,953 313,476 TotaL 8,157,112 2,028,198 10,185,310 12,964,975 13,953,585 37,103,870 35,777,256 LIABILITIES Capital stock paid in.-. 335,260 87,900 423,160 685,501 2,034,943 2,030,336 Surplus fund : 377,393 84,571 461,964 576,149 644,533 1,682,646 1,669,592 Undivided profits, less expenses and taxes paid . 198,399 62,000 260,399 270,371 345,746 876,516 786,547 Due to Federal reserve banks - 206 206 8,788 27, 514 36, 508 33,976 Due to banks, bankers, and trust companies 1,503,860 472,718 1,976, 578 2,029,644 447,190 4,453,412 3,820,125 Certified and cashiers' or treasurers' checks outstanding 445,726 16, 218 461,944 126,677 64,721 653,342 983,979 Demand deposits _ 4,037,933 919,234 4,957,167 5,313,495 5,458,935 15,729,597 15,308,990 Time deposits.__ _ ...-- 307,968 1,076,777 3,341,222 5,179,396 9,597,395 9,203,545 United States deposits. _.__ 43,652 10,440 54,092 192,193 55, 518 301,803 178,946- Total deposits - 6,800,186 1,726,578 8,526, 764 11,012,019 11,233,274 30,772,057 29,529,561 Bills payable (including all obligations representing money borrowed other than rediscounts) 18,338 18,338 33,324 115,821 167,483 205,225 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) __ 86,781 3,186 89,967 45,073 130,224 265,264 297,682 Cash letters of credit and travelers' checks outstanding— 17,146 1,940 19,086 3,118 310 22,514 36,041 Acceptances executed for customers._. 204,636 31,240 235,876 84,602 8,048 328,526 276,968 Acceptances executed by other banks for account of reporting banks 19, 546 1,416 20,962 6,844 726 28,532 27,720 National bank notes outstanding . - 39, 805 2,844 42.649 174,299 506,091 723,039 729,186 United States securities borrowed 995 995 26,483 19,308 46,786 51,425 Other securities borrowed 500 500 1,540 3,495 5,535 4,252 Other liabilities 58,127 26,523 84.650 45,652 19, 727 150,029 132,721 Total. 8,157,112 2,028,198 10,185,310 12,964,975 13,953,585 37,103,870 35,777,256 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 13.0 12.5 12.9 10.1 7.4 10.0 9.8 i Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECBMBBK, 1924 FEDERAL. KESEBVE BULLETIN 979 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS 1924 1933 Number Federal reserve district of centers August September October August September October No. 1—Boston 1,989,773 1,974,984 2,357,435 1, 771, 572 1, 760,956 2,154, 617 No. 2—New York 21, 556,426 21,387,861 23, 242,131 16,829,386 17,414,976 19,846,052 No. 3—Philadelphia.._ 1, 748, 702 1,794,021 1,968,134 1,733,171 1,670,226 1,922, 569 No. 4—Cleveland: 1, 979, 554 1,996,688 2,300,487 2,081,604 2,005,409 2,241,154 No. 5—Richmond 674,370 648,670 733, 682 668,610 655, 258 746,504 No. 6—Atlanta... 848,971 959,071 1,129,584 790,799 835,330 1,020,357 No. 7—Chicago.-. 4,469,357 4,435,346 4,949,211 4,240,633 4,208,411 4,660,972 No. 8—St. Louis 959,857 1,003, 066 1, 212,110 945,160 1,184,854 No. 9—Minneapolis— 596,031 773, 680 1, 059,292 700,333 No. 10—Kansas City.. 1,083, 918 1,097,173 1, 216,807 1,106,154 1, 069,497 1,159, 741 No. 11—Dallas 449,553 566,180 670,360 448,966 540, 722 629, 517 No. 121—San Francisco. 2,335,307 2,335,245 2, 578,750 2,295,578 2,318,980 2,633, 571 Total.... _.. 38,691,819 38,971,985 43,417,983 33,495, 567 34, 060,234 38,900,241 New York City 1 20,915, 784 20,734,467 22, 505,693 16,188,613 16,799,454 19,151,902 Other cities _ 140 17, 776, 035 18,237, 518 20,912, 290 17,306,954 17,260,780 19, 748, 339 WEEKLY SUMMARY FOR BANKS IN 243 CENTERS 1924 1923 Num- Federal reserve district ber of centers Oct. 22 Oct. 29 Nov. 5 Nov. 12 Nov. 19 Oct. 24 Oct .31 Nov. 7 Nov. 14 Nov. 21 No. 1—Boston.. 641,368 548,720 651,116 616,914 612, 783 533,188 517,649 617,739 515,454 600, 050 No. 2—New York 5,517,014 5,171,612 5,659,744 6,262,676 6,373,299 4,454, 0414, 717,8584,611,083 4, 751,051 5, 922,242 No. 3—Philadelphia... 503,227 476,204 453,837 480, 041 561,934 462,412 474,210 429,637 482,873 471,348 No. 4—Cleveland 624,085 578, 997 582,060 599,989 614,207 593, 544 589,877 550,837 573,226 600,075 No. 5—Richmond 291,302 258,852 275,906 290,691 313,435 274,416 278, 651 282,025 289,506 307,356 No. 6—Atlanta 270,728 253,680 258,073 243,475 290,151 247,956 228,021 266,207 248,174 263, 716 No. 7—Chicago 1,247, 4011, 082,632 1,092,827 1,111,831 1, 294,4121,139,957 1,064,654 1,096, 5971,060,598 1,224,678 No. 8—St. Louis 311, 552 284,164 291, 095 352, 730 308,063 282,939 278,091 314,452 No. 9^-Minneapolis—. 245,651 235,400 230,490 226,213 254,197 162,278 156,075 185,816 156,679 179,798 No. 10—Kansas City... 299,427 266,391 262,650 265,120 315, 006 260,288 260,010 271,481 243,939 284,400 No. 11—Dallas.-...: — 169,252 151,209 153,633 149, 530 174,280 153,740 144,946 143,714 140,008 161,800 No. 12—San Francisco. 644,186 556,535 533,420 568, 903 728,005 594,475 605,497 614,919 555,498 676,861 Total ... 24310,765,193 9,862,920 10,437,920 11,106,478 11,884,439 9,184,358 9,306,433 9,352,994 9,295,097 11,006, 776 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston.——___— 439,711 362,321 442,157 426, 777 422,902 347,720 333,029 416,329 331,928 403,746 No. 2—New York 5,207,416 4,900,825 5,389, 851 5,962,598 6,064,879 4,189,881 4,460,882 4,358, 5404,465,695 5,631,140 Buffalo 74,473 66,993 67,944 77,115 78,141 69,314 67,938 64,800 77,889 75,817 No. 3—Philadelphia.... 373,202 354, 782 337,767 358,501 422,543 338,230 354,508 320,945 357,634 337,889 No. 4—Cleveland 145,168 129,122 145, 971 143,200 152,163 138,133 156,378 140,564 148,777 146,904 Cincinnati.—_._ 76,243 66, 914 68, 682 77,230 79,239 71,352 73,778 65, 662 69,049 75,337 Pittsburgh.. 204,999 206,015 198,921 182, 718 195,318 197,541 199,127 175,282 176,342 199,215 No. 5—Richmond. _ — 30,786 28,157 33,005 29,892 32,952 29,879 31,477 33,428 34,064 38,239 Baltimore 91,330 79,939 77,200 93,900 96,300 81,100 85,100 78,000 87,100 89,200 No. 6—Atlanta 38,322 34,660 35,377 31,408 41,465 34,444 33,184 35,606 31,049 35,435 Birmingham 34,158 31,054 32,127 30, 754 33, 700 28, 712 29,689 25,279 24,137 26,539 Jacksonville. 15,443 13,938 13,837 13,079 16,650 12,354 11,316 12,197 11,210 13,649 Nashville---— 19,334 16,681 16,605 18,597 19,925 15,900 16,262 17,290 16,880 18,031 New Orleans 81,372 81,198 76,030 72,491 87,200 69,409 60,970 91,996 82,294 83,320 No. 7—Chicago 755,552 674,224 692,223 660,513 814,441 689,272 659,820 675,662 627,860 736,860 Detroit-- 181,636 144,333 137,488 161,422 169,252 170,664 141,160 129,082 152,489 199,710 No. 8—St. Louis 173,301 154,519 154,105 158,199 204,900 184,970 150,998 155,510 151,316 172,315 Little Rock _—_ 21,560 22,033 19,586 21,682 23,738 16,893 16,146 16,629 15,899 20,664 Louisville 41, 724 36,142 36,244 40,956 43,405 36,982 32,767 35,123 36,042 39,124 Memphis 41,040 38,322 41,084 38,998 45,310 36,449 37,542 41,274 39,615 45,551 No. 9—Minneapolis 125,808 114,601 106, 737 112,683 131,969 79,443 81, 749 85,929 78,999 90,308 Helena 2,741 2,526 2,655 2,501 2,451 2,479 2,286 2,603 2,131 2,354 No. 10—Kansas City... 96,368 84,003 80,821 82,146 103,708 79,435 79,109 88,284 73,665 93,744 Denver „ 41,676 38,359 38,444 36,739 44,849 38,689 35,061 39,998 33,716 44,383 Oklahoma City 22,236 20,503 19,965 23,808 22,658 15,374 17,243 19,860 18,761 19,947 Omaha 50,686 44,929 43,847 38,342 46,025 50,744 51,796 47,659 41,153 42,513 No. 11—Dallas 58,400 50,512 48,589 48,601 59,063 53,699 48,442 48,854 47,242 57,871 El Paso 8,000 6,733 8,150 8,053 8,866 6,782 & 6,338 6,204 6,807 7,428 Houston 37,394 35,724 34,537 32,850 39,621 39,490 35,563 30,378 30,467 35,194 No., 12—San Francisco.. 207,426 180,654 169,227 178,373 246,546 176,746 195,438 187,164 164,191 208,799 Los Angeles 178,681 157,643 146,800 156,203 205,973 177,009 172,184 169,069 153,795 194,283 Portland 47,363 37,795 35,390 38,187 45,272 40,020 42,041 36,605 40,333 41,682 Salt Lake City. 16,771 14,358 15,378 15,290 16,326 15,179 14,367 15,724 14,344 17,434 Seattle 46,129 39,615 37,870 43,009 49,357 39,965 38,469 40,401 41,832 43,846 Spokane.- 12,274 10,373 10,331 10,856, 12,470 11,903 11,817 13,579 11,289 13,505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN" DECEMBER, 1924 DEPOSITS OF ALL MEMBER BANKS NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT [In thousands of dollars] Net demand deposits Time deposits Federal reserve district 1923 1924 1923 July 23 Aug. 27 Sept. 24 Oct. 29 Oct. 24 July 23 Aug. 27 Sept. 24. Oct. 29 Oct. 24 Boston 1,295,088 1, 1,312,039 1,385,832 1, 289,844 679,410 693,671 702,771 704,918 600, 215 New York 6,127,421 6,219', 902 6,306, 369 6,348,865 5,310, 236 1,842,634 1,882,782 1,965,839 2,026,426 1,680,986 Philadelphia 1,095,670 1,107,114 1,124,642 1,144,321 1,082,963 708,003 725,033 736,982 753,331 627,826 Cleveland 1,438,359 1,467,908 1,469,391 1,483,196 1,394,498 1, 239,961 1,256,184 1, 255, 257 1,263,367 1,118,124 Richmond... 531,936 547,400 555,070 570,215 571,263 471,670 477,894 480,381 482,159 433,531 Atlanta. 472, 523 483,981 496,371 516,106 473,419 350,271 352,396 351,089 350,041 322,869 Chicago. 2, 263,296 2,378,145 2,394,725 2,411,790 2, 093,682 1, 642,854 1, 645, 640 1, 662,370 1, 682,211 1,549,917 St. Louis.. 642,807 637,219 650,141 616,743 410,834 417, 571 417,352 431,116 386,834 Minneapolis 391,789 397,066 424,319 475,674 411,478 405,140 408,794 409,905 416,047 412,058 Kansas City- 729,803 756,814 786,470 830,032 752,307 298,465 299,705 299,667 298,851 300,572 Dallas 502, 763 510,092 562,283 609, 594 629, 944 157, 714 160,201 160,260 159,889 139,723 San Francisco 1, 218,310 1,248,483 1, 278, 287 1, 320, 788 1, 279,151 1,062,019 1,048,245 1,075,075 1,106,225 . 952,894 Total 16, 709, 765 17,040,218 17, 360,10717,764,499 15,905, 528 9,268,975 9,368,116 9,516,948 ), 674, 581 8,525,549 Banks in cities and towns having population of— Less than 5,000. „ 1, 513,044 1, 550,338 1,615,347 1,678,287 1,685,758 1,602, 515 1,616,638 1, 623,7321,633,480 1,548, 543 5,000 to 14,999 1, 012,351 1,023,543 1,044,404 1,066,959 1,087,187 1,018,929 1,025,816' 1,032,321 1,039,513 959,151 15,000 to 99,999 ._. 2, 016,896 2,034,430 2,052,893 2,093,059 2,036, 259 1,911,831 1,935,459 1,940,792 1,958,130 1,782, 775 100,000 and over 12,167,474 12,431,907 12.647,463 12,926,194 11,096,324 4,735,700 4,790,203 4,920,103 5, 043,458 4, 235,080 MONEY IN CIRCULATION [Source: U. S. Treasury Department circulation statements] [In thousands of dollars] Total Federal Gold Standard Silver Treasury United Federal National circula- Total coin and Gold cer- silver certifi- notes of Subsidi- States reserve reserve bank tion per bullion tificates dollars cates 1890 ary silver notes notes bank notes capita (in notes dollars) 1Q14 Julv 1 3,402,015 611, 545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. l._.___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—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, 908 381,499 1,445 257, 694 306,376 2,236,637 14,249 734,040 44.01 1924—Jan. 1.. 4,951,085 415,319 582,029 58, 704 375,365 1,443 260, 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, 047 633,253 55,910 368,750 1,437 251,537 302,404 2,030,818 12,091 735,531 42.85 Apr. 1 4,812,861 408,062 687, 252 55,202 367,113 1,433 251, 639 304,846 1,988,585 11,588 737,141 42.85 May 1 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 June 1_ 4,815,401 402,122 779,169 54,078 373,381 1,425 252, 557 305,966 1,897,636 10,438 738,629 42.78 Julyl 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. !._.___ 4, 665,187 398, 499 800,124 53,644 372, 683 1,420 252,407 301,667 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 Nov. 1 4,879,694 436,160 904,861 55,185 389,201 1,410 259,710 305,840 1,784,046 8,710 734,571 43.12 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 have been deducted only from the total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1924 FEDERAL RESERVE BULLETIN 981 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT NOVEMBER 30, 1924 Paper maturing- Within 90 days Federal reserve bank Commercial, Secured by agricultural, United States and livestock Government paper, n. e. s. obligations Boston „_ _. 3§ 3| New York „ „__.„__ 32 3 Philadelphia _ _ Cleveland „_ „„__ Richmond . 42 Atlanta.-. --.-- - 4 Chicago - _ _ 4 St. Louis .__ _ _«._. 4 MinneaDolis . _. _. 4 Kansas City __.„___«._ _._ 4 Dallas _ 4 San Francisco 3| COCO Bankers' acceptances 3| 3 4 4 4 4 4 4 4 31 COCO After 90 days but within 9 months acc T ep ra ta d n e ces A an g d r i p l c a i u v p l e e t s u r t r o a c l k » 3| 3g 3 3 3i 3J 3| 4 .4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3j 3| • 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—None. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM OCTOBER 16 TO NOVEMBER 19,1924, INCLUSIVE [In thousands of dollars] Changes in ownership Transfers Daily settlements o tr f a nsf g e o rs ld and t h s r e o t u tl g e h - Balance Federal reserve bank ments in fund at close of period Debits Credits Debits Credits Decrease Increase Boston 9,000 3,000 952,424 916,177 42,247 40,309 New York 11,700 50,000 3,040,450 3,092,683 90,533 166,216 Philadelphia.. _. 22,000 7,500 883,020 872,005 25,515 31,334 Cleveland _ _ _ 12,000 2,700 803,093 794, 546 17,847 60,197 Richmond _ _ 2,000 2,000 560,882 574,478 13,596 32,976 Atlanta _ _ _ _______ 1, 500 500 372,352 375,220 1,868 14,527 Chicago 18,000 5,000 1,471,164 1,444, 830 39,334 111, 591 St. Louis _ _ _ _ 3,000 3,500 730, 739 737, 575 7,336 22,596 Minneapolis _ _ 6,000 242,296 260,697 12,401 23,553 Kansas City _ __.__• 3,000 7,500 524,140 529,292 9,652 38 434 Dallas 500 417,767 415, 514 2,753 19,793 San Francisco .___ _ 1,000 8,000 386,251 371,561 7,690 48,604 Total five weeks ending-— Nov. 19,1924 _ __ . _ 89,700 89, 700 10,384,578 10,384, 578 135,386 135,386 610,130 Oct. 15,1924 .. _ • 122,000 122,000 9,455,465 9,455,465 626,081 Nov. 22,1923 60,000 60,000 9,041,620 9,041, 620 600,766 Oct. 18,1923 . _ __ 99,500 99, 500 8,940,191 8,940,191 609,033 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES PREVAILING IN LEADING CITIES, NOVEMBER 15, 1924 CD 00 to The following table shows the customary rates charged on loans comparison 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 Interbank loans 30-90 days 4-6 months District and city Week Week Week ending— Month ending— Month endingending ending Nov. Nov. Nov. Oct. 15, Nov. Oct. 15, No v. Oct. 15, 15, 1923 15, 15, 1923 15, 15, 1924 1924 1924 1924 1924 1924 4 4* 4 4 3|-5 41 44-4* 6 6 5 5 4 -U 4 -44 4-4| 4 -5 5 -6 5 -6 5 5 5 -6 5 -6 5 -6 6 5 -6 5|-6 5 -6 5 -54 54 5 41-5 4f-5^ 41-5* 44-5 41-51 4i-6 5 -6 5 -6 5 -6 5-7 6 -7 5-6 5 -6 3|-8 34-7 5 -7 6 5 -6 5 -6 4|-5f 6 6 a 4i-5 44-54 4^-5 5 -54 5 -54 4*-5* 3§-5 34-5 5 -5| 5 -5| 6 6 5 5 6 6 6 6 44 4HH 5* 5§-6 8 8 7 -8 7 5 5 -6 6 5 -6 44-6 4|-6i 5^-6 54-6 K 6-7 6 -7 6 -7 6 -7 6 -7 6 -7 5 -6 4 -6 4 -6 4 -6 6 -8 8 6 -7 6 -8 5 -6 5 -6 41-5 44-5 K _ f\i 44-5 5 -6 5 -6 6 6 6 6 6 -6^ 6 -64 6 6 -7 62 6 4-6 6 -7 6-7 6-7 6 CO CO Loans secured by stocks and bonds Loans secured by Loans secured by Liberty bonds warehouse receipts Cattle loans Demand Time Week ¥/eek Week Week Week Month ending— Month ending— Month ending— Month ending— Month ending— Month ending ending ending ending ending ending Nov. Nov. Nov. Nov. Nov. Nov. 15, Nov. Oct. 15, Nov. Oct. 15, Nov. Oct. 15, Nov. Oct. 15, Nov. Oct. 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 tel 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 N N o o . . 2 1 — — N B e o w st o Y n ork __ ^-44 34-5* 51- 5 4 1 5 - 5 5| 34-4 5 * 4 -5 5 - " 5 4 1 2-4* 24-4* 4|-6 5 3f-4 5 * 4* 5 -6 51 4|-5 4 -5 Buffalo ___ 5% 5 -6 6 6 6 54-6 6 5 -6 5^6 6 5 -6 6 6 6 No. 3—Philadelphia 4-4| 4-4| 4 4-4* 51 3|-4 3f-4 51 4-54 44-6 No. 4—Cleveland 5 -6 5 -6 5 -6 5 -6 6 2 6 6 5^-6 6 6 5 -6 54-6 i P C i i t n ts c b in u n r a g t h i 5 5 - - 6 6 5 54 - - 6 6 5 5 - -6 5* 5 5 - -6 5| 5 - 6 5| 5- 6 5^ 5 -6i 6 5 -6 54 5 5 | - - 6 6 54- 6 6 6 -7 6 6 -7 6 1 No. 5—Richmond 5 -5| 5 -54 6 5 -54 5 -6 6 54-6 5 -6* 2 6 54-6 5 -6 6 54 54 No. 6— J B B A a i a t r c l l m a k ti n s m i o t n a n o g r v h e i a ll m e 3 5 4 - - 6 8 5 5 3^ * - - - 6 8 6' 6 -7 6 5! 6 -7 4 4 5 H f - -5 * 8 6 4 5 5 1 - - - 8 6 6 5i 5 6 6 6 ^ 5 5 - - 8 6 6 4 6 5 4 - - - 7 5 6 6 1 6 -7 6 5 6 1 4 5 6 6 |- - - - 5 8 7 6 f 4 6 6 5 4 - - - -5 6 8 7 4 6 6 - - 7 7 5 6 1 5 6 - - 6 8 6 5{ 4 5 5 4 - - - 6 7 6 51 I N Na ew sh v O il r l l e eans 5-6 6 5 -6 6 5| 5 5 - - 6 6 5 5 - - 6 6 5 6 | 5 -6 5 5 |- - 6 6 6 5 5 4 - -6 6| 5 5| - - 6 6 6i- 7 $ 5 5 4 - - 7 6 5 5 4 - - 7 6 No. 7— Chicago. _ 4 -5 4 -5 5 -5 5 -6 5 -54 44-5* 5 -5| 4% 4 -6 4 -5 4f-5 5|-6 44-54 5 -6 5 -6 5^-6 Detroit..— 44-6 51 5 -6 4*-6 3 54-6 44-6 51-6 5 -6 6 54-6 5 -6 No. 8—St. Louis -_ 3|-5 51 5 -54 5 -54 4 -5 4-54 4 -5 4 -54 54 5 -5 44-54 Louisville 6 6 6 5 5 6 6 6 6 6 6 6 N No o . . 9 1 — 0— H L M K i e t i l n a t e l n n e n s e a a R a s . p o - o C c l k i i s t y . M 8 6 5 5 2 1 - 8 6 6 8 6 6 6 i 41-6 6 44-6 6 6 8 6 S* 5 -6 6 5 -6 6 -7 8 6 4 6 5 * - - - 6 7 6 8 8 5 6 6 ^ 6 5 - - 6 7 6 5 - - 6 7 6 -7 8 6 6 - - 7 7 D O e k n la v h e o r ma City. 6 4 5 - - - 6 7 6 4 62 ^ - 6 7 6 7 2 5 6 - - 6 7 6 5 6 - - 6 7 6 6 6 6 6 -7 6 5 - - 7 6 5 6 4 - - 7 6 7 -7 7 6 \ 6 7 - - 8 8 6 6 6 6 - - - 8 7 8 7 6 7 - - - 8 8 7 6 6 7 - - - 8 7 8 No. 11—Dallas 5 -6 4 -6 4 -6 4 -6 8 5 -6 5 -7 5-8 5 -8 5 -8 7 -8 7 -8 El Paso -_. 6 -8 8 6 -8 7 -8 8 6 -8 8 8 8 8-10 Houston 5 -6 5^6 6 5 -6 7 "6~-7" 5 -6 6 -7 5 -6 5-7 5 -6 7-8 6 -8 No. 12—San Francisco, _ 5 -54 5§-6 5 -6 5 -6 54-6 5 -6 5 -6 5-6 5 -6 6 6 6 -6£ Portland 6 5 6 6 6 -7 6-7 7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 6 Seattle -~ 6 6 7 6 6 7 6 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 Spokane 6-7 5-7 7 6 6 7 8 8 7 -8 7 7 6 -7 7 T-Y 6-7 Salt Lake City- 6 6 6 -7 6 6 7 6 -7 6 7 6 -7 5 -7 7 7 y-74 7 -7\ 7 Los Angeles 6 -7 6 6 6-7 6-7 6-7 6 -7 6 -7 7 7 7 s Pi 5© Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

0ECEMBEB, 1924 FEBEEAL EESEKVE BULLETIN 983 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES GOLD SILVER Ten months ending Ten months ending COUNTRIES October— October— October— October— 1923 1924 1923 1924 1923 1924 1923 1924 IMPORTS Denmark $3,561,829 France.- _ $971,911 $1,248 13,072,229 $10, 705, 626 $2, 205 $200, 263 $61,841 Germany _ _. _ 7,119,136 989 49,551,586 4,822,116 114,439 1, 221,035 Italy - 77,431 2,735, 792 66, 569 2,241 Netherlands 13,198,375 10,916,569 47,699,522 • 1,791 512 Spam _ 27,292 53,413 50, 468 104,665 Sweden •_ _ _ _ _ 331,279 2,865 6,522,838 9,027 England 14,616,327 98,359,121 130,892,628 13, 574 195, 806 301,164 Scotland 2,560,382 Canada.—_ _ __ __ _ 3, 359, 335 2,364,643 44,465,210 35,922,220 399,022 $433,126 5,487,004 6,058,320 Central America 157, 641 133,664 2,016,955 1,790,437 130,078 193,198 1,401,844 1,742,153 Mexico •_ _ ' 626,537 398,795 5, 554,479 4,648, 342 5,230,389 3,726,561 39,186,828 37,347,519 West Indies 4,361 25,005 488,393 327,005 10,421 3,407 97, 658 60,514 Argentina 2, 000,000 125,633 18,189,465 1,824 74,732 32,304 Chile _ 6,274 1,761 203,262 339, 540 30, 064 47,814 1,173,153 1,245,082 Columbia 402,513 173,105 3,842,545 1,888,253 15, 720 23, 603 114,610 136,580 Ecuador 67,363 549,433 721,445 3,731 30,076 39,268 Peru 242,420 205,401 1,850,873 2,459,156 960, 745 1, 270, 571 11,093,912 11,946, 276 Venezuela 279, 542 26,268 611,853 247, 559 51 55 4, 302 2,314 China __ 1,367, 287 395, 240 4, 692, 646 4,997, 791 2,232 881 10, 755 17, 634 Dutch East Indies _ _ 195,162 129, 207 1,807,461 1,831,800 98,427 49,831 737,561 744,154 Hongkong 318, 640 2, 500,000 Philippine Islands _ 145, 613 170, 041 1,283,492 4, 521, 565 2,399 2,563 18, 554 23,301 British Oceania 84,615 70,165 1,317,924 2,606,431 255 86 2,038 2,612 Egypt 132, 762 1,473,908 1,455,008 15,619 292 Portuguese Africa 9,342 4,966 720,785 525,216 4,974 7,315 93, 799 123,263 All other- 74,407 4,125 864,354 1,181,317 26,931 65,830 840,275 377,523 Total ... ' - . - 29,795,185 19, 701, 640 250,317,150 289, 584,485 6,929,311 5,828,572 61,012,056 61,599, 594 EXPORTS France * 2,660,000 65,407 151,858 Germany _ 758,616 Netherlands _ 15,000 525 525 700 Spain— . 40,000 500 235,000 1,500 Switzerland- __ 5,010 20,000 1,379,957 40,000 622 England 5,936 138,249 928,190 2,483,598 4,887,795 20,580,759 Canada 353, 520 1,287,336 1,392,000 2, 649,100 199,199 194,037 1,310,585 1,358,303 Central America 1,000 500 73,844 34,775 Mexico 303 105 348,485 4, 073,269 3,148,052 121,512 111, 483 1,444,520 1,662,058 West Indies.. . - 15 740 863 53,635 49,501 Colombia 2,446 700,000 2,446 14,608 Peru .. • „ 333,000 699,000 900,000 Venezuela 1,101, 600 655,340 British India 588, 989 776,001 14,403,334 4,466,896 2, 678, 998 4, 372,468 17, 571,557 45,457,509 China 20,000 110,005 3,131,932 1,947,338 26,089,431 15,250,860 Dutch East Indies 206,100 60,010 213,100 Hongkong 30,500 510,000 2,185, 315 2, 365, 840 128, 749 141,852 2, 000,076 842,634 Japan 35, 500 1,275,970 Philippine Islands . 800,000 800,000 All other _ ___ 134,900 67,440 196,037 212,884 4,264 215,884 Total. - 1,307,060 4,125, 268 27,185,094 15, 284,478 7, 522, 845 9,465, 023 54,172, 232 89, 209, 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN DECEMBER,, 1924 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF INDEX Per cent of par i November 1 to 21 inclusive October Par of October November Monetary unit exchange Low High Average Low High Average Month F w o e u e r k th w Fi e r e s k t S w ec e o e n k d T w h e i e r k d General index 61 61 61 61 61 Belgium Franc __ 19.30 4. 8000 4.8400 4.8229 4.7500 4. 8500 4. 8042 24.89 24.86 24.94 25.03 24.99 Denmark Krone 26.80 17. 3300 17. 6500 17. 5400 17.0900 17. 6100 17.3331 64.68 64.14 64.89 65.71 65.65 France Franc _ 19.30 5. 2200 5. 3100 5. 2600 5.1500 5. 3100 5.2292 27.09 27.06 27.16 27.34 27. 23 Great B ritain ______ Pound 486. 65454. 3100 463. 3800 460. 2059 445. 6300 452. 3100 448. 7004 92.20 92.43 93.64 94.85 95.06 Italy Lira 19.30 4.3000 4.3600 4. 3318 4. 3000 4. 3800 4.3504 22.54 22.44 22.52 22.39 22.44r Netherlands Florin 40.20 39. 6200 40. 2200 39. 9659 38. 6500 39. 4000 39.1027 97.27 97.82 98.78 99.49 99.87 Norway _ _._ Krone 26.80 14. 3600 14. 8400 14. 6794 14.1000 14. 3500 14. 2546 53.19 53.23 53.84 55.09 55.24 Spain Peseta 19.30 13.4800 13. 6500 13.5594 13. 2700 13.4800 13. 4015 69.44 69.58 69.91 70.25 70.55 Sweden Krone 26. 80 26. 6100 26. 8500 26. 7906 26. 6000 26. 6300 26.6123 99.30 99.30 99.59 100. 09 100.16 Switzerland Franc.- •_ 19.30 19.2500 19. 3000 19. 2671 19. 0500 19. 2400 19.1827 99.39 99.65 99.81 99.80 99.87 Canada Dollar 100.00 99. 9521 100. 0018 99. 9770 99. 9555 100.0078 99.9743 99.97 99.99 99.98 99.96 99.99 Argentina Peso (gold) 96.48 83. 3800 86. 6300 85.0935 81.7100 85. 3000 83. 5458 86.59 86.25 86.92 88.33 89.13 Brazil Milreis 32.44 11. 0600 11. 7600 11.4800 10. 5400 11. 5800 11. 2215 34.59 34.65 34.44 35.72 35.85 Chile _..i Peso (paper)2 19.53 11. 0800 11. 3800 11. 2747 10.9000 11. 2100 11.0485 56.57 57.10 57.03 57. 86 58.18 China Shanghai tael2 66.85 76.0000 76. 7900 76. 3135 75. 9200 78. 3600 76. 9792 115.15 114.44 114. 39 114. 32 113.80 India Rupee 48.66 33. 9700 34. 7300 34. 2582 33. 0100 34.1000 33. 6923 69.24 69.41 69.88 70.33 70.92 Japan Yen. 49.85 38. 2800 38. 6600 38. 4971 37. 9400 39.9900 38. 7942 77.82 77.74 77.12 77.38 77.17 OTHER COUNTRIES Austria- Krone -_.- 20.26 0.0014 0. 0014 0. 0014 0. 0014 0.0014 0.0014 0.01 0.01 0.01 0.01 0.01 Bulgaria Lev-.-. 19.30 .7300 .7375 .7331 .7272 .7368 .7320 3.79 3.79 3.80 3.79 3.81 C zechoslovakia Crown 2. 9799 2.9978 2. 9827 2. 9773 2. 9870 2.9814 Finland Markka 19.30 2. 5133 2. 5218 2. 5182 2. 5105 2. 5144 2. 5125 13.02 13.02 13.03 13. 05 13.06 Germanv Reichsmark 23.82 23. 7900 23.8100 23.7971 3.0238 3.0238 3.0238 99 91 99.91 99. 90- Greece Drachma 19.30 1. 7538 1. 7998 1. 7809 1. 7170 1. 7452 1. 7356 8.99 8.98 9.14 9.29 9.24 Hungary Krone 20. 26 . 0013 .0013 .0013 .0013 .0013 .0013 .01 .01 .01 .01 .01 Poland Zloty ... 19.30 19.1900 19. 2400 19. 2082 19.1900 19. 2400 19. 2181 99.58 99.57 99.50 99.50 99.57 108. 05 4.1700 4. 6300 4.4535 3. 4900 4. 2100 3. 9315 3.64 3.83 3.90 4.16 4.26 R Po u r m tu a g n a i l a E L s e c u u . do _- 19.30 .5171 .5641 .5468 .5156 . 5718 .5459 2.83 2.92 2.91 2.86 2.74 Yugoslavia Dinar.. - 19. 30 1. 4452 1.4528 1.4487 1. 3613 1.4570 1. 4245 7.38 7.47 7.52 7.50 7.51 Cuba-. Peso 100. 00 99. 9375 99.9781 99. 9572 99.9297 99. 9621 99. 9459 99.95 99.95 99.97 99.96 99.9& M Ur e u x g ic u o ay _.ddoo 1 4 0 9 3 . . 8 4 5 2 4 90 8 . . 7 6 0 8 8 0 3 0 4 9 8 9. . 8 2 3 8 3 0 3 0 4 94 8 . . 7 6 7 0 8 0 4 0 4 8 8 5 . . 2 7 2 9 0 1 0 7 4 90 8 . . 9 8 5 3 8 0 3 0 4 8 8 8 . . 8 5 5 94 7 6 5 9 8 8 5 . . 0 6 1 6 9 8 7 5 . . 9 8 7 9 8 9 8 7 . . 0 9 4 1 9 9 7 1 . . 8 3 4 4 9 9 7 4. . 4 8 6 1 China Mexican dollar2 48.11 54. 8300 55. 5400 55.2053 54.0800 55. 9800 55. 0792 114. 49 114. 52 114. 35 114. 79 115. 04r Hongkong Dollar2. 47.77 54.4100 55.1000 54. 7624 53.6600 54. 9600 54. 3600 113. 80 113. 72 114.16 114. 63 115. 04 Straits Settlements. Singapore dollar. 56.78 52. 5000 53. 3800 52. 9794 51. 2500 52. 5600 51. 8312 91.28 91.98 92.80 93.33 93.70 i Based on average. 21923 average. 3 In cents per billion through October, 1924. Thereafter in cents per reichsmark. SILVER [Average price per fine ounce] October September London (converted at average rate of exchange) $0.71522 $0.70012 New York— . 71168 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 Page Pag® Abstract of condition reports of member banks: Agricultural paper: December 31, 1923 234-237 Discounted by Federal reserve banks- March 31, 1924 519-523 Each month ___ 60, 132, 228, June 30, 1924____ 752 309, 443, 514, 600, 667, 749, 816, 890, 971 October 10, 1924 974-978 Year ending May 31, 1924____ __. 560 Specified dates, 1922-1924 _ _ 563 Discount of—Regulation A. 706 Acceptances: Held by Federal reserve banks- Bankers' acceptances covering American Each month 59,132,227, cotton in foreign countries after export 308, 442, 513, 599, 666, 748, 815, 889, 970 transaction completed 638 Year ending May 31, 1924 559 Banks granted authority to accept up to " Nonperishable, readily marketable agri- 100 per cent of capital and surplus-- 12,82, cultural staples/' definition of, as con- 182, 287, 558, 867 tained in section 13 of act 276 Discounted by Federal reserve banks— Agricultural prices: Each month 60,132,228, Discussion of 13, 765, 789, 833, 862 309, 443, 514, 600, 667, 749, 816, 890, 971 1922-1924, chart showing 834 Year ending May 31, 1924 560 Agricultural products: Held by Federal reserve banks— Consumption of, 1922-23____. 14 Each month 59,132,227, Exports of, 1922~23__ 44 308, 442, 513, 599, 666, 748, 815, 889, 970 Prices of 13, 765-768, 789-793, 833, 862 Year ending May 31, 1924 559 Aiken, Alfred L., resignation of, as member of Market for 34, 103,202, Federal advisory council 461 203, 345, 475, 547, 632, 699, 783, 847, 920 Allotments of Treasury certificates of indebted- Purchased by Federal reserve banks— ness._-__ 8,249,533,768 Each month.—. 60, 132, 228, Amendments to regulations of Federal Reserve 309, 443, 514, 600, 667, 749, 816, 890, 971 Board 250, 279, 489, 705 Year ending May 31, 1924 .___ 560 Animals slaughtered 39, 109,207, Regulation A—Discounts 705 290, 424, 494, 575, 648, 730, 797, 871, 952 Regulation B—Open-market purchases 708 Index of 38, 108, 205, Regulation C—Member bank acceptances- 709 289, 423, 493, 574, 647, 729, 796, 870, 951 Act creating new Reichsbank in Germany 854 Annual report of Federal Reserve Board: Addis, Charles S., member of general board of Extract from, regarding the gold and Reichsbank 855 credit situation 243 Administrator. (See Fiduciary powers.) Publication of 250 Admissions of State banks into Federal reserve Apples: system: {See State banks.) Prices on farms 791 Advertising, newspaper and magazine 41, 111, 209, Production, 1920-1923 13 292, 426, 496, 577, 650, 732, 800, 874, 954 Shipments 40,110,207,291, Advisory council, Federal: 425, 495, 576, 649, 731, 798, 872, 953 Aiken, Alfred L., resignation as member. _ 461 Appointment of Federal reserve agents 7, 769, 834 Comment on Dawes report 458, 459 Argentina: Gold basis for Germany, views on 460 Foreign exchange rates, monthly____ 74, 145, 242, Meetings of _ 151, 769, 906 323, 454, 528, 611, 677, 763, 830, 899, 984 Expenses of 136,670 Foreign trade with United States 481 Morss, Chas. A., elected member- 461 Gold holdings, 1913, 1922, and 1923______ 270 Agent, Federal reserve. (See Federal reserve Gold and silver exports to United States. 144, 241, agent.) 322, 453, 527, 610, 676, 762, 829, 898, 983 Agricultural conditions 13-16, 1919-1924 572 765-768,789-793,833,862 Armenia, debt to United States 9 Monthly reports.-. „ 25,94,191, Assessments on Federal reserve banks for ex- 253, 333, 464, 537, 621, 688, 772, 837, 910 penses of Federal Reserve Board 136, 670 Prices of farm products-----__ 765, 789, 833, 862 Assests and liabilities. (See Resources and (See also Crops.) liabilities.) Agricultural credit, discussion of 5, 15, 78, 768, 834 Assignee. (See Fiduciary powers.) Agricultural implements, wholesale trade. 43, 113, 211, Atlanta par clearance case 866 294, 428, 498, 579, 652, 734, 801, 875, 956 Australia: Agricultural movements, index of 39, 109, 206, Cost of living 742, 809, 883, 964 290, 424, 494, 575, 648, 730, 797, 871, 952 Food prices, retail 49, 119, 216, Revision of ... 187 302, 436, 506, 592, 660, 742, 809, 883, 964 985 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 INDEX TO VOLUME 10 Page Page Australia—Continued. Banks granted authority to accept up to 100 Foreign trade 53, 124, 220, per cent of capital and surplus 12, 297, 431, 501, 583, 655, 737, 804, 878, 959 82, 182, 278, 558, 867 With the United States 480 Banks of issue: Gold holdings, 1913, 1922, and 1923 270 Discount rates. (See Discount rates.) Gold production, 1921-1923 270 Germany— Wholesale prices 48, 118, 215, Recommendation of Dawes committee 301, 435, 505, 592, 659, 741, 808, 882, 963 on organization of 329, 356, 382 Reichsbank, reorganization of 854 Austria: Hungary— Cost of living 49, 119, 216, Organization of 267, 487 302, 436, 506, 593, 660, 742, 809, 883, 964 Royal Hungarian Note Institution, Debt to United States.... 9 reorganization of 274, 487 Discount rates 54, 125, 221, Italy, condition of 54, 125, 221, 298, 298, 432, 502, 656, 738, 805, 879, 960 432, 502, 587, 656, 738, 805, 879, 960 Changes in 738,960 Poland, organization of 486 Food prices, retails 49, 119, 216 Banks, ioint-stock, in Great Britain, condition 302, 436, 506, 592, 660, 742, 809, 883, 964 of 552 Foreign exchange rates 74, 145, 242, Barley: 323, 454, 528, 611, 677, 763, 830, 899, 984 Prices on farms ;__ 790 Wholesale prices 741, 808, 882, 963 Production, 1920-1923 13 Automobile supplies, wholesale trade 43, 113, 211, Receipts, shipments, and stocks 39, 109, 206, 294, 428, 498, 579, 652, 734, 801, 875, 956 ; 290, 424, 494, 575, 648, 730, 797, 871, 952 Automobile tires and tubes: Beef: Monthly reports on the industry 30, 99, 197, Exports, 1910-1924 •____ 864 258, 340, 470, 543, 627, 695, 779, 843, 916 Production, 1912-1924__ 863 Production and shipments 41, 112, 209, Belgium: 293, 427, 497, 578, 651, 733, 800, 874, 955 Cost of living 49, 119, 216, 302, Automobiles: 436, 506, 593, 660, 742, 809, 883, 964 Monthly reports on the industry 30, 99, 197, Debt to United States 9 258, 340, 470, 543, 627, 695, 779, 843, 916 Discount rates 54, 125, 221, 298, Production, chart showing 340, 531 432, 502, 656, 738, 805, 879, 960 Production and shipments 41, 112, 209, Food prices, retail 49, 119, 216, 302, 293, 427, 497, 578, 651, 733, 800, 874, 955 436, 506, 660, 742, 809, 883, 964 Bachman, G., member of general board of Foreign exchange rates 74, 145, 242, 323, Reichsbank 855 454, 528, 611, 677, 763, 830, 899, 984 Balance of trade. (See Foreign trade.) Foreign trade 53, 124, 220, 297, Bank buildings, Federal reserve, taxes on 136, 670 431, 501, 583, 655, 737, 804, 878, 959 Bank clearings. (See Clearings, bank.) Wholesale prices 48, 118, 215, 301, Bank credit 11, 80, 153, 252, 435, 505, 591, 659, 741, 808, 882, 963 332, 463, 535, 619, 688, 772, 837, 909 Bills discounted and bought. (See Discount Discussion of 1, 4, 151, and open-market operations; Earning asset 243, 456, 529, 681, 772, 834, 903 of Federal reserve banks.) Extract from annual report 243 Bills of exchange: Bank debits: Discount of—Regulation A 706 Seasonal adjustment, study of 555 Purchase of—Regulation B 708 Weekly 70, 142, 239, 320, Bolivia, gold and silver exports to United States, 73,144, 451, 525, 608, 674, 759, 826, 894, 979 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Bank deposits. (See Deposits.) Bond sales, Canada 52,123, Bank failures 549, 631, 700, 785, 848, 921 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Bank notes. (See Federal reserve bank notes; Bonds of War Finance Corporation, paper se- Federal reserve notes; National bank notes.) cured by, eligibility for rediscount 277 Bank of England, condition of__ 54, 125, 221, 298, 432, Boots and shoes: 502, 586, 656, 738, 805, 879, 960 Output by factories 41, 111, Year 1923 121, 552 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Bank of France, condition of___ 54, 125, 221, 298, 432, Production, chart showing 544 502, 586, 656, 738, 805, 879, 960 "Borrower," interpretation of word as used in Bank of Japan, condition of 54, 125, 221, 298, 432, section 13 275 502, 587, 656, 738, 805, 879, 960 Branch banking 925-940 Bank of Switzerland, note circulation, 1913-1923. 88 Extent of, in United States 929 Bank Polski, Poland, organization of 486 Legal status 930 Bankers' acceptances. (See Acceptances.) Recommendations of Federal Reserve Board Bankers' balances at member banks in Federal to Congress on •_ 926 reserve bank cities. _»562, 669, 751, 818, 892, 904, 973 Regulation H, revision of 250, 279, 715 Banking, branch. (See Branch banking.) Resolutions of Federal Reserve Board on__ 81, 928 Banking conditions in Great Britain during Branches and agencies of foreign banks, accept- 1923 552 ances of, held by Federal reserve banks 59, 131, Bank-note issues, trend of, in England, France, 227, 308, 442, 513/599, 666, 748, 815, 889, 970 Canada, and United States 51, Branches of national banks: 122, 218, 268, 350, 482 Opinion of Supreme Court on right to estab- Bankruptcies. (See Failures.) lish — 281 Banks, condition of. (See Condition of banks.) Statement by Comptroller of Currency on_ _ 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 987 Page Page Branches of State banks—Regulation H 716 Canada—Continued. Brazil: Bond sales 52, Foreign exchange rates 74, 145, 123, 219, 296, 430, 500, 654, 736, 803, 877, 958 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Capital issues 52, Foreign trade 53, 124, 220, 123, 219, 296, 430, 500, 654, 736, 803, 877, 958 297, 431, 501, 583, 655, 737, 804, 878, 959 Chartered banks, condition of 54, 125, With the United States 480 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Gold holdings, 1913, 1922, and 1923 ______ 270 Clearings, bank 54, 125,221, Brick production, shipments, and stocks 41, 111, 298, 432, 502, 586, 656, 738, 805, 879, 960 208, 292, 426. 496, 577, 650, 732, 799, 873, 954 Trend of 51, 122, 218, 268, 350, 482 British India: Coal imports - 52,123, Gold production, 1921-1923 270 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Gold and silver exports to United States __ 73, 144, Coal production, trend of - 51, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 122,218,268,350,482 British Oceania, gold and silver exports to United Commercial bank loans, trend of 51, States _ _ 73, 144, 122, 218, 268, 350, 482 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Cost of living . 49, 119, Bruins, G. W. J., member of general board of 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Reichsbank 855 Cotton, raw, imports 52, 123, Budget, Germany, Dawes committee report on_ _ 358, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 374 Deposits, trend of 51, 122, 218, 268, 350, 482 Building: Discount rates, trend of 51, 122, 218, 268, 350, 482 Charts showing operations 531, 629, 860, 861 Failures, business 52, 123, Monthly reports on the industrv 31, 100, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 198, 260, 341, 471, 544, 629^ 696, 780, 844, 917 Financial statistics 54, 125, 221, Permits and contracts awarded- 42, 112, 298, 432, 502,586, 656, 738, 805, 879, 960 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Mid-year 586 Study of industry in 1923 and 1924 859 Fish, preserved, exports 52, 123, Bulgaria: 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Discount rates. 54, Food prices, retail _ _ 49, 119, 125, 221, 298, 432, 502, 656, 738, 905, 879, 960 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 Foreign exchange rates 74, 145, Foreign exchange— 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Rates, monthly 74, 145, 242, Wholesale prices 48, 118, 323,454,528,611,677,763,830,899,984 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Trend of 51, 122, 218, 268, 350, 582 Bureau of Labor Statistics wholesale price index. 47, Foreign trade 53, 124, 117, 215, 301, 435, 505, 591, 659, 741, 808, 882, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 963. Gold and silver exports and imports. 73, 144, 241, Business and financial conditions: 322, 453, 527, 610, 676, 762, 829, 898, 983 Abroad 50, 120, 217, 267, 270, 613, 852 1919-1924 572 Europe, discussion of 613 Gold holdings, 1913, 1922, and 1923_ _ _ ___ 270 Great Britain 120, 613 Gold production, 1921-1923 270 Hungary 271-274 Gold reserves and note circulation 54, 125, Trend of, statistical summary 51, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 122, 218, 268, 350, 482 Imports and exports, value and volume 51, United States— 122,218,268,350,482 Discussion of 1-6, 147, 457, 529, 533, 831 Iron and steel production 52, 123, Monthly reports 10, 25, 79, 94, 152, 191, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 251, 332, 462, 535, 619, 686, 770, 835, 907 Livestock receipts 52, 123, Review, year 1923 ___. 1-6 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Business failures: Lumber exports _ _ _ 52, 123, Canada 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Machinery imports 52, 123, Germany 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Pig iron production 52, 123, 219, United States 33,103,201, 296, 430, 500, 582, 654, 736, 803, 877, 958 262, 344, 474, 548, 631, 700, 784, 848, 921 Trend of. 51, 122, 218, 268, 350, 482 During year 1923 103 Prices, trend of 51, 122, 218, 268, 350, 482 Business indexes, United States 536, Railway receipts _.- 52, 123, 620, 687, 771, 836, 908 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Butter, receipts and cold-storage holdings 39, 109, Securities prices 52, 123, 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Calves: Ship clearances, trend of 51, 122, 218, 268, 350, 482 Receipts, shipments, and slaughter 39, 109, Unemployment 52, 123,219, 207, 290, 424, 494, 575, 648, 730, 797, 87i, 952 296, 430, 500, 582, 654, 736, 803, 877, 958 Slaughtered, index of 38, 108, Trend of 51, 122, 218, 268, 877, 958 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Wheat receipts and exports _ _ 52, 123, Canada: 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Bank debits 656,738,805,879,960 Wholesale prices— Bank-note issues, trend of 51, Comparison with other countries. 48, 118, 215, 122, 218, 268, 350, 482 301, 435, 505, 592, 659, 741, 808, 882, 963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 INDEX TO VOLUME 10 Canada—Continued. Page Chain stores: Wholesale prices—Continued. Retail trade _>„_ 44,114,211, Group index numbers ,__ 46, 116, 214, 295, 429, 499, 580, 653, 735, 802, 876, 957 300, 434, 504, 590, 658, 740, 807, 881, 962 Monthly reports___ 32,101, Index numbers, Federal Reserve Board 46, 200, 261, 343, 473, 545, 630, 697, 781, 845, 918 116, 214, 300, 434, 504, 590, 658, 740, 807, Sales, 1919-1923—- 17-20 881, 962. Changes in discount rates: Wood pulp exports _ .. 52, 123, Central banks of issue 50, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 125, 221, 298, 502, 588, 738, 879, 960 Canal, Sault Ste. Marie, commerce at _. 42, 112, January, 1923-June, 1924______ 588 497,578,651,733,800,874,955 Federal reserve banks.__ 3, 457, 531, 602, 685, 896 Candy chain stores: January, 1922-June, 1924 .___.. 602 Retail trade._--___.- 44, 114, 211, 295, 429, 499, Changes in name, State bank members 12, 580,653,735,802,876,957 82,182,421,491,558,645,947 Sales of, 1919-1923.___ 17,20 Changes in membership in Federal reserve sys- Capital: Banks organized to do foreign banking tem „ 65, 141, 238, 318, 605, 823 business—Regulation K __ 721 Charges, collection. (See Clearing and collec- Increase of, by state member bank intend- tion.) ing to withdraw from system : _ 278 Chartered banks of Canada, condition of 54, 125, Increase or decrease of, Federal reserve 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 banks—Regulation I _ _ _ 717 Charters issued to national banks. __ 12, 81, 182, 287, National banks, increase and decrease.-. 12, 81, 421, 478, 558, 645, 727, 793, 867, 948 182, 287, 421, 478, 558, 645, 727, 793, 867, 948Charts: Reichsbank.. _ _ 854 Agricultural prices. ; 834 Required of national banks in Wisconsin Automobiles, production of ._. :__. 340, 531 in order to obtain permission exercise Bank credit- 11,80, fiduciary powers 488 153, 252, 333, 463, 535, 620, 687, 771, 836, 908 State bank, amount necessary to become Automobile tires, stocks, production, and member—Regulation H 715 shipments. 916 State banks admitted to system 12, 82, Bank debits, seasonal adjustment_______ 556, 557 182, 287, 421, 491, 558, 645, 727, 867, 947 Bankers7 balances in Federal reserve bank Capital issues: cities . 904 Canada--..- 52, 123, Boots and shoes, production of _ 544 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Branch banking in the United States______ 931 Germany _ — 52, 123, Building operations.. _____ 531, 629, 860, 861 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Changes in volume of acceptances, Govern- Great Britian ____.. 52,123,219,296,430, ment securities, and discounts of Federal 500,581,654,736,803,877,958 reserve banks, 1922-1924 530 1923 ____ 1 120 Coal, bituminous, production, 1922-24-__ 194, 840 Switzerland : 91 Coal production in France and Great United States 77 Britain 853 Cars, railway: Copper, lead, and zinc prices-—- J 913 Freight car shortage, surplus, and loadings. 42, Copper production . 776 112, 209, 293, 427, 497, 578, 651, 733, Cost of living 782 800, 874, 955. Cotton ginnings and receipts ---- 773 . Monthly reports on production 31, 100, 199, Crops— 260, 342, 472, 545, 629, 697, 780, 845, 918 Prices on farms . 767, 789, 790, 791 Cattle: Value of, 1922-1923 25 Number on farms and ranges, 1912-1924._ 863 Currency circulation in France and England 617 Prices on farms 793 Department stores— Receipts, shipments, and slaughter-_ 39,109, Sales of 17,18,189,333,771 207, 290, 424, 494, 575, 648, 730,797, 871, 952 Stocks of 189, 546 Slaughtered, index of 38,108, Discount and open-market holdings of Fed- 205, 289,423, 493, 574, 647, 729, 796, 870, 951 eral reserve banks, 1922-23 2 Cement: Drug chain stores, sales of, 1919-1923 18 Index of production 38, 108, 206, 289, Earnings and expenses of member banks 941 423, 493, 574, 647, 729, 796, 870, 951 Employment- 11, 252, 463, 535, 620, 687, 836, 908 Production, shipments, and stocks._ 41, 111, 208, In factories _ 832 : 292, 426, 496, 577, 650, 732, 799, 873, 954 Five and 10 cent chain stores, sales of, Central America, gold and silver imports and 1919-1923 ___ 19 exports ___.._ 73, 144, 241, Foreign exchange, England, France, and 322, 453, 527, 610, 676, 762, 829, 898, 983 Italy . 615 Central banks of issue. (See Banks of issue.) Freight cars— Certificates of indebtedness, Treasury: Installed and retired 101 Issues of____ 8,249,533,768 Loadings, 1919-1924__. 472 Maturities of ___ 58,129, Orders for, 1923-24____.___._ 342 225, 306, 440, 511, 597, 664, 746, 813, 887, 968 Surplus 845 Purchased by Federal reserve banks 60, 132, Gold imports and exports, United States, 228, 309, 443, 514, 600, 667,749,816,890,971 1914-1924 ___ 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 989 Charts—Continued. Charts—Continued. Grain prices __ 621 Woolens and worsteds, spindle hours and Groceries, dry goods, hardware, drugs, and prices. ____ 778 shoes, stocks of, held by wholesalers on Zinc production, shipments, and stocks 467 Dec. 31, 1923 ____ 200 Check clearing. (See Clearing and collection.) Growth of investments, loans on stocks and Cheese, receipts and cold-storage holdings 39, 109, bonds, and of demand deposits of member 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 banks in New York City__________ 684 Chemicals, manufacture of- _ _ _ ~ _ 41, 111, Hog prices and receipts 466 209, 292, 426, 496, 577, 650, 732, 799, 873, 954 Industrial activity, United States „ 37, 107 Chile: 183, 288, 422, 492, 573, 646, 728, 795, 869, 950 Foreign exchange rates _ _ 74, 145, Labor market index _ 84, 85 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Leather stocks, 1921-1924 __ „___ 696 Foreign trade. 53, 124, 220, 297, 431, 501, 655, 737 Livestock prices on farms 792 Gold and silver exports to United States. _ 73, 144, Loans, deposits, and investments of member 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 banks, 1920-1923_____ 1 China: Lumber cut, shipments, and orders- — ____ 259 Foreign exchange rates _. _ , _ _ 74, 145, Mail-order houses, sales of, 1919-1924 343 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Meat packers, sales of, 1921-1923____ 32 Foreign trade with the United States 480 Member bank earnings and expenses 941 Gold and silver exports and imports 73, Money in circulation.•__ _ _ _ 248 144, 241, 322, 453, 527, 610, 676, 762, 829, Money rates and commercial loans •_._.»_ 455 898, 983. Money rates in the New York market 457, 1919-1924 572 685,905 Wholesale prices 48, 118, Ocean tonnage cleared, Great Britain and 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 France ___. _. 853 Christmas gifts, silver dollars used for. 906 Pay roll, factory _ „ 833 Cigar chain stores: Petroleum— Retail trade 44, 114, Production, 1923-24 540 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Production, consumption, imports, and Sales of, 1919-1923 _. 17,20 exports.. 337 Cigars and cigarettes: Pig-iron production, 1920-1924___________ 627 Index of production 38, 108, Pork production, exports, and consump- 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 tion, 1919-1923- -. .__„ 257 Monthly reports on the industry _ _ _ 26, 95, Prices-— 192, 254, 335, 465, 538, 622, 690, 774, 838, 911 Abroad 614 Sales of revenue stamps for manufacture Copper, lead, and zinc_ 913 of___ _- 40, 110, Crops and livestock, 1921-1923--. 13 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Meat animals.---- 862 Circulation, currency. (See Currency.) Sheep, cattle, and hogs, 1921-1924___. 335 Clayton Act, interlocking bank directorates— Wheat, corn, oats, and cotton. _ „__ 191 Regulation L_ 724 Production and trade in Great Britain and Clearance of vessels. (See Ships.) . France „ . 853 Clearing and collection: Production in basic industries 10, 79, Gold settlement fund transactions. 62, 152, 251, 332, 462, 535, 619, 686, 770, 835, 907 134, 230, 311, 445, 511, 602, 672, 760, Production, prices, and commercial loans__ 78 827,896,981. Railroad freight movement in Great Britain Operation of the system 61, and France-- 853 133, 229, 310, 444, 515, 601 Raw material prices, 1919-1924 _ _ _ 262 Par and nonpar list 61, Retail trade at department stores and mail- 133, 229, 310, 444, 515, 601 order houses-- . -_ 17 Par clearance litigation in Atlanta 866 .Securities, British, per cent yield 120 Regulation J_ 489, 719 Silk, raw, prices on the New York market, 1922-1924 694 Clearing-house bank debits: Steel production in Great Britain and Seasonal adjustment, study of. 555 France -_ -- 853 Weekly ___ __ _ 70, •Swiss franc, price of___ 88 142, 239, 320, 451, 525, 608, 674, 759, Unemployment in Great Britain 852 826, 894, 979. Wheat exports, 1913-1923 94, 191, 837 Clearing-house banks in London, condition of__ 54, Wheat and flour exports 837 125, 221, 298, 432, 502, 586, 656, 738, Wheat and flour prices, 1921-1924 692 805, 879, 960. Wholesale prices 10, 79, 152 Clearings, bank: 251,332,462,535,619,686,770,835,907 Canada _..- 54, 1921-1923. ___________ 102 125, 221, 298, 432, 502, 586, 656, 738, Federal Reserve Board's international 805, 879, 960. index 45, 115, 213, 299, France, Paris banks 54, 125, 221, 433, 503, 589, 657, 739, 806, 880, 961 298, 432, 502, 586, 656, 738, 805, 879, 900 Comparison of Federal Reserve Great Britain, London clearing-house banks _ 54, Board's index for Japan with 125, 221, 298, 432, 502, 586, 656, 738, 805, Bank of Japan index___------- 22 879, 960. Wool imports and mill consumption 469 Trend of, in England, France, Canada, and Wool stocks, consumption and imports 915 United States- 51, 122, 218, 268, 350, 482 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 INDEX TO VOLUME 10 Page Page Closed banks, State bank members 12, 82, 182, Comptroller of the Currency, statement by, on 287, 421, 558, 645, 727, 867, 947 branch banking „_ 285 Clothing: Condition of banks: Men's and boys' garments cut 41, 111, 208, All banks in the United States— 292, 426, 496, 577, 650, 732, 799, 873, 954 June 30 and September 14, 1923 66, 68 Men's and women's, wholesale trade>43, 113, 211, December 31, 1923 315,317 294, 428, 498, 579, 652, 734, 801, 875, 956 March 31, 1924. 567-569 Monthly reports on the industry 29, 98, 196, June 30, 1924 819 257, 339, 469, 542, 626, 693, 842, 914 All member banks, June, 1922-March, 1924 .._ 563, 567 Coal: All State banks and trust companies— Canada, imports 52, 123, 219, June 30, and September 14, 1923 66, 67 296, 430, 500, 582, 654, 736, 803, 877, 958 December 31, 1923 315,316 France— June 30, 1924 819, 820 Production, chart showing 853 Bank of England, 1923 121, 552 Production and imports 52, 123, 219, Bank of France 54, 121, 125, 296, 430, 500, 581, 654, 736, 803, 877, 958 221, 298, 432, 502, 586, 656, 738, 805, 879, 960^ Germany- Canada, chartered banks 54, 125, Imports and exports 52, 123,219, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 296, 430, 582, 654, 736, 803, 877, 958 Federal reserve banks— Production 582 All banks combined, during 1923 62 Great Britain— Change in weekly statement 126 Production, chart showing 853 Mid-year review—__ 559, 560s Production and exports 52,123,219, Weekly 55, 126, 222, 296, 430, 500, 581, 654, 736, 803, 877, 958 303, 437, 507, 594, 661, 743, 810, 884, 965 Index of production 38, 108, 206, Germany— 289, 423, 493, 574, 647, 729, 796, 870, 95i Gold Discount Bank, June 30, 1924___ 637 Trend of production in England, France, Reichsbank— Canada, and United States ___ 51, June 30, 1924 637 122, 218, 268, 350, 482 October 15,1924 858 Coal and coke: Rentenbank, June 30, 1924 636 Monthly reports on the industry 27, 96, 193, Great Britain— 255, 336, 466, 539, 624, 691, 775, 840, 912 Bank of England- 54, 121, 125, 221, 298, 432, Production and shipments 40, 110,207, 502, 552, 586, 656, 738, 805, 879, 960* 291, 425, 495, 576, 649, 731, 798, 872, 953 1923 121, 552 Coin, circulation and stocks 71, 141, 238, Joint-stock banks -__ 552' 318,450,524,570,673,758,825,895,980 London clearing banks _ 53, 54, 121, 125, 221, (See also Currency.) 298, 432, 502, 553, 586, 656, 738, 805, Cold-storage holdings of apples, butter, cheese, 879, 960. eggs, and meats 39,109,207, 1921-1923 121 291, 425, 495, 575, 648, 730, 797, 871, 952 Italy- Banks of issue 54, 125, 221, Collateral notes: 298, 432, 502, 587, 656, 738, 805, 879, 960 Discounted by Federal reserve banks 60, 132, Private banks 54, 125, 221, 228, 309, 443, 514, 600, 667, 749, 816, 298, 432, 502, 587, 656, 738, 805, 879, 960 890, 971. Japan— Holdings by Federal reserve banks— Bank of 54, 125, 221, Each month 59,132,227, 298, 432, 502, 587, 656, 738, 805, 879, 960> 308, 442, 513, 599, 666, 748, 815, 889, 970 Tokyo banks 54, 125, 221, June 30, 1922-May 31, 1924 559 Collection, check. (See Clearing and collection.) 298, 432, 502, 587, 656, 738, 805, 879, 960 Colombia, gold and silver imports and exports- 73, Member banks— 144, 241, 322, 453, 527, 610, 676, 762, December 31, 1923 234-237 829, 898, 983. March 31, 1924 519-523 1919-1924 572 June 30, 1924 752 Commercial failures. (See Failures.) October 10, 1924 974-978 Commercial paper: Specified dates, 1922-1924 563 Discounted by Federal reserve banks 60, 132, Weekly 63, 138, 231, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 312, 446, 516, 603, 668, 750, 817, 891, 972: Holdings by Federal reserve banks— Year ending May 31, 1924 561 Each month 59,132,227, Mutual savings banks, June 30, 1924 822 308, 442, 513, 599, 666, 748, 815, 889, 970Conferences: June 30, 1922-May 31, 1924 559 Federal advisory council 151, 769, 906 Commission, Dawes: Federal reserve agents 906 Report _-- 351-417 Expenses of 136, 670 Comment on, by Federal advisory Governors of Federal reserve banks. 455, 461, 906 council 458, 459 Expenses of__ 136, 670 Discussion of__ 325 Consolidations: London Conference 704 National banks______ 12, 81, 182, Organization of new Reichsbank 854 287, 421, 478, 558, 645, 727, 793, 867, 94& Commodity movements 39, 109, State bank members - 12, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 82, 182, 421, 491, 645, 727, 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 991 'Contracts, building. {See Building.) Court opinions: Conversions, State banks into national banks__ 12, Supreme Court of Rhode Island upholding 82, 421, 645 right of national banks to exercise Cooperative marketing 15, 766 fiduciary powers 639 Cooperative marketing associations: Supreme Judicial Court of Massachusetts on Discount of paper of^-Regulation A 706 right of a national bank converted from Number, size, and volume of produce State trust company to act as executor marketed in 1923 15,767 under will naming trust company- _. 641 Copper: United States Supreme Court— Index of production 38, 108, 206, Upholding right of national banks in 289, 423, 493, 574, 647, 729, 796, 870, 951 Missouri to exercise fiduciary powers. 418 Production 40, 110, 208, Dissenting opinion_ _ _ 419 291, 425, 495, 576, 649, 731, 798, 872, 953 Right of national banks to establish Production and prices 27, 97, 194, branches 281 : 256, 337, 467, 541, 625, 692, 776, 841, 913 Credit, agricultural, discussion of__ 5, 15, 78, 768, 834 Corn: Credit, bank 11, 80, Crop estimate 644, 726, 794, 868, 949 153, 252, 332, 463, 535, 619, 688, 772, 837, 909 Prices on farms 765, 790 Discussion of ___- 1, Production 13,16,862 4, 151, 243, 456, 529, 681, 772, 834, 903 Production and prices 862 Extract from annual report- 243 Receipts, shipments, and stocks _ 39, 109, 206, Crissinger, D. R., redesignated as Governor of 290, 424, 494, 575, 648, 730, 797, 871, 952 Federal Reserve Board _: 461 Cost of living: Crops: Principal countries 49, 119, 216, Charts showing prices on farms 25, 302, 436, 506, 593, 660, 742, 809, 883, 964 767,789,790,791 Sources of information 48 Condition of 25, 94, United States 546, 631, 698, 782, 846, 919 191, 253, 233, 464,537,621,688,772,837,910 Chart showing 872 Cooperative marketing 15, 766 Cotton: Estimates, by Department of Agriculture- 644, Bankers' acceptances covering American 726,794,868,949 cotton in foreign countries after export Financing the movement of 768 transaction completed 638 Fruit, size and value of, 1922-23 27 Chart showing ginnings and receipts 773 Prices on farms__. 25, Consumption and exports _ _ 95, 334 765-768, 789-791 Crop estimates 794, 868, 949 Production 13, 16, 765 Crop marketing, monthly reports on__ 26, 94, 192, Wheat crop of the world and international 254, 334, 464, 537, 622, 689, 773, 838, 910 trade____ 788 Fabrics, production and shipments-. 40, 110, 208, Cuba: 291, 425, 495, 576, 649, 731, 798, 872, 953 Debt payment to United States 9 France, stocks at Havre; imports 52, 123, 219, Foreign exchange rates 74, 145, 296, 430, 500, 581, 654, 736, 803, 877, 958 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Germany, imports 52, 123, 219, Cunningham, Edward H., address by 6 296, 430, 500, 582, 654, 736, 803, 877, 958 Currency circulation: Index of production 38, 108, 205, Charts showing in Great Britain and France 617 289, 423, 4*93, 574, 647, 729, 796, 870, 951 Discussion of 75, 683 Manufactures- France 617 England— Germany— Exports 52, 123, 219, 296, Dawes committee report on__ 356,371,405 430, 500, 581, 654, 736, 803, 877, 958 Discussion of 331 Exports to United States 469 Reorganization . _ 616, 636 : Monthly reports on the industry. 29, 98, 195, Great Britain.- __ 617 257, 338, 468, 542, 626, 693, 777, 842, 914 Hungary 273 Prices on farms 767, 791 National bank note circulation 944 Production 13, 16 Reform in European countries-- 267 Raw, imports— Silver dollars, increase in circulation of _ 769, 906 Canada „„ 52, United States 71, 141, 123, 219, 296, 430, 500, 582, 654, 736, 238, 318, 450, 524, 570, 673, 758, 825, 803, 877, 958. 895, 980. England 52, Year ending June, 1924 570 123, 219, 296, 430, 500, 582, 654, 736, 803, Discussion of 75,683 877, 958. Czechoslovakia: Receipts, stocks, and consumption 40, 110, Cost of living 49,119, 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Cottonseed, received at mills, crushed, and Debt to United States 9 stocks 39,109, Discount rates_ 54, 125, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 221, 298, 432, 502, 588, 656, 738, 805, Cottonseed oil, production and stocks _ 39, 109, 879, 960, 207, 291, 425, 495,576,649,731,798,872,953 Changes in 50, 125, 298, 502, 588 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 INDEX TO VOLUME 10 Czechoslovakia—Continued. Pa§e Denmark: Foreign exchange rates . 74, 145, Discount rates 54, 125, 321, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 298, 432, 502, 588, 656, 738, 805, 879, 960 Wholesale prices 48,118, Changesin___--- 125, 588 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Foreign exchange rates _ _ 74, 145, 242, Dairy products: 323, 454, 528, 611, 677, 763, 830, 899, 984 Prices on farms.. 793 Foreign trade 53, 124, 220, Monthly reports 336, 297, 431, 501, 583, 655, 737, 804, 878, 959 466, 539, 623, -691, 774, 839, 912 Gold and silver imports and exports-_ 73, 144, 241, Receipts and cold-storage holdings. _ 39, 109, 207, 322, 453, 527, 610, 676, 762, 829, 898, 983 291, 425, 495, 575, 648, 730, 797, 871, 952 1919-1924 572 Dawes Commission: Wholesale prices 48, 118, 215, Report 351-417 301, 435, 505, 591, 659, 741, 808, 882, 963 Comments on, by Federal advisory Department stores: council.- 458, 459 Charts showing sales and stocks, 17, Discussion of 325 18, 189, 333, 546, 771 London conference 704 Retail trade 44, 114, 211, Organization of new Reichsbank . 854 295, 429, 499, 580, 653, 735, 802, 876, 957 Debits to individual account: Monthly reports 32, 101, 200, Seasonal adjustment, study of 555 261, 343, 473, 545, 630, 698, 781, 845, 918 Weekly 70, 142, 239, Sales, 1919-1923___ - 17, 18, 21 320, 451, 525, 608, 674, 759, 826, 894, 979 Sales and stocks._____„____ 44, 114, 212, Debt: '295, 429, 499, 580, 653, 735, 802, 876, 957 Finland to United States, payment of 249 Stocks, index of, corrected for seasonal Foreign governments to United States 9 variations, construction of. 189 Great Britain— Deposits: Floating 54, 125, 221, 298, All Federal reserve banks combined during 432, 502, 586, 656, 738, 805, 879, 960 1923 - _„ 62 Interest payment to United States—,-- 533 Commercial bank, trend of, in England, Hungary, interest payment to United States 534 France, Canada, and United States 51, Sweden 1 __ 484 122,218,268,350,482 Switzerland 89 Federal reserve banks, monthly 55, 126, 222, United States _ 9 303, 437, 507, 594, 661, 743, 810, 884, 965 Decisions of courts: June, 1922-May, 1924 560 Supreme Court of Rhode Island upholding Government—Regulation D . 710 right of national banks to exercise fidu- Savings— ciary powers 639 France________ 54, 125, 221, Supreme Judicial Court of Massachusetts on 298, 432, 502, 586, 656, 738, 805, 879, 960 right of a national bank converted from United States.. 34, 104, 202, State trust company to act as executor 264, 345, 475, 548, 633, 699, 784, 847, 920 under will naming trust company 641 Time and demand— United States Supreme Court- All member banks 65, 140, 233, Right of national banks to establish 314, 448, 518, 607, 672, 760, 827, 895, 980 branches _ - 281 Definition of—Regulation D 710 Upholding right of national banks in Growth in 681, 682 Missouri to exercise fiduciary powers- 418 Deputy chairman, Federal reserve banks, ap- Decisions of Federal Reserve Board. (See pointment of 7 fa Rulings.) Diamonds, wholesale trade 43, 113, 211, Deficiencies in reserves, penalties for—Regula- 294, 428, 498, 579, 652, 734, 801, 875, 956 Ktion J - : - - 490 Digest of rulings of Federal Reserve Board, Definition: publication of 6, 250 Agricultural paper—Regulation A 706 Directorates, interlocking, under Clayton Act— Bankers7 acceptances—Regulation A______ 707 Regulation L 724 Bills of exchange 706 Directors of Federal reserve banks: " Borrower," as used in section 13 of Election of, annual- 7 Federal reserve act : 275 Expenses of „ 136, 670 Demand deposits—Regulation D 710 McCord, Joseph A., resignation of 834 Draft—Regulation A 706 Mitchell, John R., appointed—. 769 Government deposits—Regulation D _____ 710 Newton, Oscar, appointed 834 Municipal warrants—Regulation E 711 Rich, John H., death of 461 " Nonperishable, readily marketable agricul- Discount and open-market operations of Federal tural products," as contained in section 13 reserve banks: of act _ ____ 276 Acceptances— Postal savings deposits—Regulation D 710 Amounts discounted each month 60, Promissory note . 706 132, 228, 309, 443, 514, 600, 667, 749, 816, Savings accounts—Regulation D 710 890, 971. Time deposits—Regulation D _ 710 Amounts held— Trade acceptance—Regulation A 706 Each month.. 59, 131, 227, 308, Demand deposits: 442, 513, 599, 666, 748, 815, 889, 970 Definition—Regulation D 710 June 30, 1922-May 31, 1924 559 Member banks 65,140,233, Amounts purchased each month. 66,132,228, 314, 448, 518, 607, 672, 760, 827, 895, 980 309, 443, 514, 600, 667, 749, 810, 890, 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 993 Discount and open-market operations of Federal Discount and open-market operations of Federal reserve banks—Continued. reserve banks—Continued. Acceptances—Continued, Government securities, purchase of— Member bank, held by Federal reserve Each month 60, 23, 228, banks. 59, 131,227,308, 309, 443, 514, 600, 667, 749, 816, 890, 971 442, 513, 599, 666, 748, 815, 889, 970 Year ending May, 1924_ 560 National bank, held by Federal reserve Livestock paper— banks 59,131,227,308 Amounts discounted...-_______ 60, 132, 228, 442, 513, 599, 666, 748, 815, 889, 970 309, 443, 514, 600, 667, 749, 816, 890, 971 Nonmember bank, held by Federal reserve banks__ 59, 131, 227, 308, Amounts held— 442, 513, 599, 666, 748, 815, 889, 970 Each month 59, 131,227,308, Private bank, held by Federal reserve 442,513, 599, 666, 748, 815, 889, 970 banks 59, 131, 227, 308, June 30, 1922-May 31, 1924 559 442, 513, 599, 666, 748, 815, 889, 970 Maturities, acceptances purchased 60,132, Agricultural paper— 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Amounts discounted each month ._„__60, Municipal warrants— 132, 228, 309, 443, 514, 600, 667, 749, 816, Holdings of 59,131,227, 890,971. 308, 442, 513, 599, 666, 748, 815, 889, 970 Amounts held— Each month 59, 131, 227, 308, Purchases of— 442, 513, 599, 666, 748, 815, 889, 970 Each month 60, 132, 228, 309, June 30, 1922-May 31, 1924_____ 559 443, 514, 600, 667, 749,816, 890, 971 Bills bought in open market— Year ending May, 1924. 560 Each month 60, 132,228, Number of member banks accommodated— 309, 443, 514, 600, 667, 749, 816, 890, 971 Each month ____ 60, 132, 228, Year ending May, 1924 560 309, 443, 514, 600, 667, 749, 816, 890, 971 Bills discounted— Year ending May, 1924 . _ _ 560 Each month 60,132,228, Open-market operations during 1923, dis- 309, 443, 514, 600, 667, 749, 816, 890, 971 cussion of __. 4 Year ending May, 1924 560 Rates of discount on acceptances purchased. 60,132, Bills held— 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Each month 59, 131, 227, Rates of discount on bills discounted— 308, 442, 513, 599, 666, 748, 815, 889, 970 Monthly. 60, 132, 228, June 30, 1922-May 31, 1924____ 559 309, 443, 514, 600, 667, 749, 816, 890, 971 Chart showing 2 Year ending May, 1924 560 Collateral notes— Rates of earnings on earning assets. __ 59, 131, 227, Discount of each month 60,132,228, 308, 442, 513, 599, 666, 748, 815, 889, 970 309, 443, 514, 600, 667, 749, 816, 890, 971 United States securities, holdings of—• Holdings of— Each month__..__ 59, 131, 227, Each month 59, 131,227,308, 308, 442, 513, 599, 666, 748, 815, 889, 970 442, 513, 599, 666, 748, 815, 889, 970 June 30, 1922-May 31, 1924__ 559 June 30, 1922-May 31, 1924 559 Discount of paper secured by bonds of War Commercial paper— Discount of, each month___ 60, 132, 228, 309, Finance Corporation, eligibility for 277 443, 514, 600, 667, 749, 816, 890, 971 Discount rates: • • • Holdings of— Central banks of issue_____ 54, 121,125, 221, 298, Each month 59, 131, 227, 308, 432, 502, 588, 656, 738, 805, 879, 960 442, 513, 599, 666, 748, 815, 889, 970 Changes in___ 50,121,125, June 30, 1922-May 31, 1924_____ 559 221, 298, 502, 588, 738, 879, 960 Dollar exchange bills— Bank of England 120 Holdings of_____ 59,131,227, Bank of France 121, 125 308, 442, 513, 599, 666, 748, 815, 889, 970 January, 1923-June, 1924 588 Purchase of ___ 60, 132, 228, Federal reserve banks— 309, 443, 514, 600, 667, 749, 816, 890, 971 Calculated on 365-day basis on trans- June 30, 1922-May 31, 1924___ 559 actions between Federal reserve Earning assets held— banks . 636 Each month 59, 131, 227; Changes in 3, 457, 531, 685, 602, 896 308, 442, 513, 599, 666, 748, 815, 889, 970 Between Jan. 1, 1922, and June June 30, 1922-May 31, 1924_________ 559 30, 1924 602 Earnings from each class of earning assets. 59, 131, Discussion of 3, 457, 531, 685, 905 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 In effect each month 62, 134, 230, Government obligations, paper secured by— 311, 445, 524, 602, 673, 758, 825, 896, 981 Discount of— Reduction in 457, 531, 602, 685, 896 Each month ___„ 60,132,228,309, Foreign countries, discussion of 50, 120 443, 514, 600, 667, 749, 816, 890, 971 Great Britain, 1923 120 Year ending May, 1924 560 Prevailing in various centers 72, 143, 240, Holdings of— 321, 452, 526, 609, 675, 761, 828, 897, 982 Each month_.„_______ 59,131, 227, 308, Swiss National Bank, 1913-1923 89 442, 513, 599, 666, 748, 815, 889, 970 Trend of, in England, France, Canada, and June 30, 1922-May 31, 1924 559 United States,______ 51,122,218,268,350,482 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 INDEX TO VOLUME 10 Dividends: Pago Egypt—Continued. Federal reserve banks 136, 670 Wholesale prices 48, 118 ? Member banks— 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 All member banks— Election of directors of Federal reserve banks __ 7 Year ending June 30, 1923 69 Electric power produced by public utility plants 40, Years ending June 30,1919, to 1923 565 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Year ending June 30, 1924 943 Electrical supplies: State bank and trust company mem- Exports, Germany 52, 123, bers— 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Year ending Dec. 31, 1923 449 Wholesale trade 428, First 6 months of 1924 893 498, 579, 652, 734, 801, 975, 956 Dollar exchange bills: Employment: Held by Federal reserve banks— Chart showing 832 Each month 59,132,227,308, Discussion of 148, 149, 832 442, 513, 599, 666, 748, 815, 889, 970 Index of 38, 108, 148,205, June 30, 1922-May 31, 1924 559 289, 423, 493, 547, 647, 729, 796, 870, 951 Purchased by Federal reserve banks _ 60, 132,228, Construction of 83 309, 443, 514, 600, 667, 749, 816, 890, 971 Factory pay roll, chart showing 833 Dollar, silver, increase in circulation of 769, ,906 Monthly reports 33,102, Treasury statement on__^ 906 200, 262, 343, 473, 546, 631, 698, 782, 846, 919 Drafts, discount of—Regulation A. _ _ 706 (See also Unemployment.) Drug chain stores: Employment offices 83 Chart showing sales. 18 Enameled ware, shipments, stocks, and orders.- 41, Retail trade 44,114,211, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 295,429,499,580,653,735,802,876,957 England. (See Great Britain.) Sales of, 1919-1923 17,20 Esthonia: Drugs, wholesale trade 43, 113, 211, Debt to United States 9 294, 428, 498, 579, 652, 734, 801, 875, 956 Discount rates 54, 125, Dry goods, wholesale trade 43, 113, 211, 221, 298, 432, 502, 656, 738, 805, 879, 960 294, 428, 498, 579, 652, 734, 801, 875, 956Examinations: Due to and from banks and bankers, Federal Corporations authorized to do foreign reserve bank cities, __265, 669, 751, 818, 892, 904, 973 banking business—Regulation K_ 724 Dutch East Indies: National banks exercising fiduciaryp owers— Gold and silver imports and exports. 73, 144, 241, Regulation F 714 322, 453, 527, 610, 676, 762, 829, 898, 983 State bank members—Regulation H 717 Wholesale prices 48,118,215, State bank members by Federal reserve 301, 435, 505, 592, 659, 741, 808, 882, 963 banks 278 Dyes and dyestuffs, exports, Germany, _ 52, 123, 219, Exchange charges. (See Clearing and collection.) 296, 430, 500, 582, 654, 736, 803, 877, 958Exchange, foreign. (See Foreign exchange.) Earning assets of Federal reserve banks 4, 62, 904 Executor. (See Fiduciary powers.) All banks combined, during 1923 4, 62 Expenditures, reimbursable, of fiscal agency de- Holdings of— partment of Federal reserve banks 136, 670 Each month 59, 131, 227, Expenses of Federal reserve banks 135,670 308, 442, 513, 599, 666, 748, 815, 889, 970Expressage, Federal reserve banks, cost of__ 136, 670 June 30, 1922-May 31, 1924 529, 559 Factors' paper, discount of—Reguation A 707 Earning assets, cash reserves, total deposits, Failures: Federal reserve note circulation, and reserve Bank 549, 631, 700, 785, 848, 921 percentages of Federal reserve banks 55, 126, Business— 222, 303, 437, 507, 594, 661, 743, 810, 884, 965 Canada 52, 123, 219, 296, 430, Earnings, expenses, and dividends of member 500, 582, 654, 736, 803, 877, 958 banks: Germany 52, 123, 219, 296, 430, All member banks— 500, 582, 654, 736, 803, 877, 958 Year ending June 30, 1923 69 United States 33, 103, 201, 262, 344, Years ending June 30, 1919-1923 565 474, 548, 631, 700, 784, 848, 921 Year ending June 30, 1924 941 During year 1923 103 State bank and trust company members— Farm implements, wholesale trade. _ 43, 113, 211, 294, Year ending Dec. 31, 1923 449 428,579,652,734,801,875,956 First 6 months of 1924 893 Farm land, loans on—Regulation G 714 Earnings and expenses of Federal reserve banks: Farm prices, discussion of 765, 789, 833, 862 During year 1923 135-137 Farm products, prices of 765-768, 789-793 Six months ending June 30, 1924_ 670 Farmers, credit to 5, 15, 78, 768, 834 Earnings of Federal reserve banks from each Federal advisory council: class of earning assets 59, 131, Aiken, Alfred L., resignation as member..- 461 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 Comments on Dawes report 458, 459 Economic conditions. (See Business condi- Gold basis for Germany, views on 460 tions.) Meetings of 151, 76%, 906 Edge corporations—Regulation L 724 Expenses of 136, 670 Eggs, receipts and cold-storage holdings 39, 109, Morss, Chas. A., elected member 461 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 Federal intermediate banks: Egypt: Discount of agricultural paper of—Regula- Gold and silver exports to United States- _ 73, 144, tion A 707 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Loans made by 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 995 Page Page Federal land banks, loans by 16 Federal Reserve Board: Federal reserve act, index-digest of 534 Conferences— Federal reserve agents: Federal advisory council 151, 769, 906 Appointment of 7 Federal reserve agents 906 Conference of 906 Governors of Federal reserve banks 455, Expenses of 136,670 461,906 Federal reserve note account. _ 58, 130, 226, Crissinger, D. R., red.esignated as governor_ 461 307, 441, 512, 598, 665, 747, 814, 888, 969 Miller, A. C, renominated as member. . 461 McCord, Joseph A., resignation of 834 Resolutions on branch banking 81, 928 Mitchell, John R., appointed agent at Min- Statement of, on par clearance litigation in neapolis 769 Atlanta 866 Newton, Oscar, appointed agent at Atlanta. 834 Statistical work, midyear review 554 Rich, John H., death of 461 Federal Reserve Bulletin: Federal reserve bank notes, circulation and First and final editions consolidated 6 stocks___ 71, 141, 238, 318, Subscription price reduced...- 6 450, 524, 570, 673, 758, 825, 895, 980 Federal reserve clearing system. (See Clearing Federal reserve banks: and collection.) Condition of— Federal reserve notes: Mid-year review- _ _ 559, 560 Circulation- Weekly 55,126,222,303, All Federal reserve banks combined, 437,507,594,661^743,810,884,965 during 1923- 62 Directors— Monthly statistics 55, 126, 222 y Election of 7 303, 437, 507, 594, 661, 743, 810, 884, 965 Expenses of meetings 136, 670 June, 1922-May, 1924______ 560 Discount rates— Circulation and stocks 71, 141, 238. Changes in___ 3, 457, 531, 685, 602, 896 318, 450, 524, 570, 673, 758, 825, 895, 980 Between January 1, 1922, and Cost of 136, 670 June 30, 1924_______ 602 Federal reserve agents'accounts 58,130,226, Monthly. 62,134,230,311, 307, 441, 512, 598, 665, 747, 814, 888, 969 445, 524, 602, 673, 758, 825, 896, 981Feltrinelli, Carlo, member of general board of Dividends paid.___ 136, 670 Reichsbank __: 855 Earning assets— Fiduciary powers— All banks combined, during 1923 4, 62 Capital required of national banks in Wis- Holdings of— consin in order to obtain permission to Each month 59, 131, 227, 308, exercise 488 442, 513, 599, 666, 748, 815, 889, 970 Exercise of trust powers by State member June 30, 1922-May 31, 1924___ 529, 559 bank is subject to Federal Reserve Earnings and expenses— Board's general condition of membership. 865 During year 1923_ 135-137 National banks granted authority to ex- Six months ending June 30, 1924_____ 670 ercise 12, 82, 182, Examination of State tank members by___ 278 287, 421, 491, 558, 645, 727, 793, 867, 948 Expressage, cost of _: 136, 670 Opinion of Supreme Court of Rhode Island Federal reserve agents' conferences, ex- upholding right of national banks to penses of _ _ _ 136, 670 exercise __._ 639 Franchise tax paid to Government 136, 670 Opinion of Supreme Judicial Court of Mass- Governors, meetings of 455, 461 achusetts on right of national bank con- Expenses of 136, 670 verted from State trust company to act Insurance, cost of 136, 670 as executor under will naming trust Light, heat, and power, cost of 136, 670 company 641 Postage, cost of___ 136, 670 Opinion of United States Supreme Court Printing and stationery, cost of 136, 670 on right of national banks in Missouri to Profit-and-loss account . 136 exercise trust powers. _ ,_„_ 418 Reimbursable expenditures of fiscal agency Dissenting opinion • 419 department. 136, 670 Regulation F__ 713 Rent .__ 136,670 Right of member bank having trust powers Reserve, deposits, and note circulation— to deposit uninvested trust funds in its Monthly 55,126,222, savings department and treat them as 303, 437, 507, 594, 661, 743, 810, 884, 965 time deposits for reserve purposes. _.__„ 865 June, 1922-May, 1924 560 Financial statistics: Resources and liabilities— Principal foreign countries 54, 125, 221, 298, All banks combined, during 1923 62 432, 502, 585, 586, 656, 738, 805, 879, 960 Weekly 55,126,222, Mid-year statistics „ 585 586 3 303, 437, 507, 594, 661, 773, 810, 884, 965Finland: Salaries 136, 670 Debt payment to United States _„_ 9, 249 Surplus account 136, 670 Discount rates 54, 125, Taxes on banking house 136, 670 221, 298, 432, 502, 656, 738, 805, 879, 960 Telephone and telegraph expenses 136,670 Changes in 50 Traveling expenses. 136, 670 Foreign exchange rates. 74, 145, Weekly statement of condition, change in__ 126 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 19966—24f—7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 IXDEX TO VOLUME 10 Page Fire insurance. Federal reserve banks, cost of- 136, 670 Foreign trade—Continued. Fiscal agency expenses of Federal reserve Switzerland, 1914-1923 90 banks _ _ 137, 671 United States— Fish: Exports, Canada 52, 123 Monthly reports. 34, 104, 203, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 264, 346, 475, 549, 633, 701, 785, 849, 921 Landed by fishing vessels and cold-storage With foreign countries, 1921-1923._ 479-481 holdings .._. 40, 110, 207, 291, World wheat crop and international trade. 788 425, 495, 576, 649, 731, 798, 872, 953 France: Five-and-10-cent chain stores: Bank-note issues, trend of 51, Chart showing sales of 19 122,218,268,350,482 Retail trade - 44, 114, Bank of France, condition of___ 54, 121, 125, 221 3 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 298, 432, 502, 586, 656, 738, 805, 879, 960 Sales of 18, 20 Business conditions 613 1919-1923 20 Clearings, Paris banks 54, 125, 221, Flour: 298, 432, 502, 586, 656, 738, 805, 879, 960 Exports of, 1913-1923 94 Coal- Index of production 38, 108 Production chart showing- 853 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Production and imports 52,123,219, Monthly reports on the industry 28, 97, 296, 430, 500, 581, 654, 736, 803, 877, 958 195, 256, 338, 468, 541, 625, 692, 777, 841, 914 Production, trend of 51, Receipts, shipments, and stocks 39,109, % 122, 218, 268, 350, 482 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Commercial bank loans, trend of 51, Food prices, retail, in principal countries 49, 119, 122, 218, 268, 350, 482 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 Cost of living 49, 119, 216, Sources of information, 48 302, 436, 506, 593, 660, 742, 809, 883, 964 Food products: Cotton stocks at Havre; imports 52, 123, 219, Index of production . 38, 108, 296, 430, 500, 581, 654, 736, 803, 877, 958 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Debt to United States 9 Manufacturing -_ 28, 97, Deposits, trend of 51, 122, 218, 268, 350, 482 195, 256, 338, 468, 541, 625, 692, 776, 841, 914 Discount rates 54, 121, 125, 221, Foreign banking corporations organized under 298, 432, 502, 588, 656, 738, 805, 879, 960 Changes in 121, 125, 588 State law, reserves required, modification in-. 275 Trend of___ 51, 122, 218, 268, 350, 482 Foreign banking under Edge Act—Regulation K_ 721 Financial statistics: 54, 125, 221, Foreign exchange: 298, 432, 502, 586 656, 738, 805, 879, 960 Chart showing index for England, France, 5 Mid-year 586 and Italy—. 615 Food prices, retail— 49, 119, 216, Discussion of 50, 267, 614, 924 First 11 months of 1924 924 302, 436, 506, 592, 660, 742, 809, 883, 964 France - 267, 614 Foreign exchange— Germany.. 267, 614 Discussion of . 267, 615 Great Britain 267, 614 Rates, monthly 74, 145, 242, Pound sterling, exchange value of__ 54, 125, 323, 454, 528, 611, 677, 763, 830, 899, 984 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Trend of — 51, 122, 218, 268, 350, 482 Hungary, 1921-1924___ - 273 Foreign trade— Japan 268 Discussion of 217 Rates, monthly, index 36,74, Monthly statistics _ 53, 124, 220, 106, 145, 203, 242, 265, 323, 348, 454, 297, 431, 501, 583, 655, 737, 804, 878, 959 476, 551, 611, 634, 677, 701, 763, 785, With the United States _ _ 480 830,851,899,984. Gold holdings, 1913, 1922, and 1923 270 Russian chervonetz', price of 267 Gold and silver imports and exports— Sweden, Riksbank, 1919-1924 484 Monthly 73, 144, 241, Swiss exchange and .money rates, study of_ 88-92 322, 453, 527, 610, 676, 762, 829, 898, 983 Trend of, in England, France, Canada, and 1919-1924 -_-- _- 572 United States.. 51, 122, 218, 268, 350, 482 Imports and exports, value and volume 51, Foreign governments, debt to United States— 9 122, 128, 268, 350, 482 Foreign loans placed in United States- 92, 458, 905, 924 Iron and steel production 52, 123, Foreign trade: 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 France and Great Britain, discussion of 217 Ocean tonnage cleared • _ _: 853 Hungary. 272 Pig-iron production 52, 123, 219, Index of. _-_._- 53, 124, 296, 430, 500, 581, 654, 736, 803, 877, 958 220,297,431,501,584,655,737,804,878,959 Trend of 51, 122, 218, 268, 350, 482 Merchandise trade balance of United Prices, trend of 51, 122, 218, 268, 350, 482 States -_ .—.— -34,104, Railroad freight movement 853 203, 264, 346, 476, 549, 633, 701, 785, 849, 922 Railway statistics 52, 123, Principal countries 53, 124, 220, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 297, 431, 501, 583, 655, 737, 804, 878, 959 Rente, price of 54, 125, Mid-year statistics 583 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Russia, discussion of—-- 217 Savings deposits _ _ _ — _ _ 54, 125, Sweden, during the war .. - 484 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 997 France—Continued. Page Germany—Continued. Fag® Ships cleared 52, 123, 219, Food prices, retail _ _ 49, 119, 216, 296, 430, 500, 581, 654, 736, 803, 877, 958 302, 436, 506, 592, 660, 742, 809, 883, 964 .Trend of-. 51, 122,. 218, 268, 350, 482 Foreign exchange rates 74, 145, 242, Silk, raw, imports .__ 52, 123, 323, 454, 528, 611, 677, 763, 830, 899, 984 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Foreign trade 53, 124, 220, Steelproduction 853 297, 431, 501, 583, 655, 737, 804, 878, 959 Unemployment 52, 123, 219, With the United States 480 296, 430, 500, 581, 654, 736, 803, 877, 958 Gold and silver exports to the United Trend of- — ______ 51, 122, 218, 268, 350, 482 States- Wholesale prices- Monthly.. __ -__ 73, 144,241, Comparison with other countries 48, 322, 453, 527, 610, 676, 762, 829, 898, 983 118, 215, 301, 435, 505, 591, 659, 741, 808, 1919-1924 _•_- - 572 882,963. Gold Discount Bank, condition of, June Federal Reserve Board index numbers- 46, 30, 1924- — - —.-__.— - 637 116, 214, 300, 434, 504, 590, 658, Gold holdings, 1913, 1922, and 1923 270 740, 807, 881, 962. Iron and steel, imports and exports- 52, 123, 219, Revision of index __ 47, 117 296, 430, 500, 582, 654, 736, 803, 877, 958 Group index numbers. _ _ _ 46, 116, 214, Machinery and electrical supplies, exports 300, 434, 504, 590, 658, 740, 807, 881, 962 of -•-.— — _ 52, 123,219, Franchise tax paid to Government by Federal 296, 430, 500, 582, 654, 736, 803, 877, 958 reserve banks 136, 670 Reichsbank— ; Freight cars: Condition of-— Charts showing loadings, orders, and sur- June 30, 1924 637 plus __..______ 101,342,472,845 October 15, 1924__» 858 Loaded 42, 112, Reorganization of 854 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Rentenbank, condition of _ _ _ 636 Freight rates, ocean , 53, 124, Reparations, London Conference _. 704 220, 297, 431, 501, 584, 655, 737, 804, 878, 959 Securities prices. 52, 123, 219, Fruits: 296, 430, 500, 582, 654, 736, 803, 877, 958 Crop, size and value, 1922-23 27 Ship arrivals in Hamburg 52, 123, 219, Prices on farms . 767, 791 296, 430, 500, 582, 654, 736, 803, 877, 958 Fruits and vegetables: Silk imports 52, 123,219, Monthly reports on crop condition and 296, 430, 500, 582, 654, 736, 803, 877, 958 marketing 26,95, Unemployment 52, 123,217,219 193, 254, 335, 465, 538, 622, 690, 774, 839, 911 296, 430, 500, 582, 654, 736, 803, 877, 958 Shipments 40, 110, Wholesale prices. 48, 118,215, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 301, 435, 505, 591, 659, 741, 808, 882, 963 Furniture, wholesale trade 43, 113, Wool, raw, imports 52, 123, 219, . 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 296, 430, 500, 582, 654, 736, 803, 877, 958 Gasoline: Gold basis: I Production and prices, monthly 28, Federal Advisory Council on placing 97, 195, 337, 467, 540, 624, 692, 776 Germany on_ . 460 Production and stocks 40, 110, 207, Wholesale prices conver d to 46,116,214, 291, 425, 495, 576, 649, 731, 798, 872, 953 300, 434, 504, .90, 658, 740, 807, 881, 962 German trade bills, eligibility for purchase by Gold: Federal reserve banks .459, 488 Certificates, circulation 247 Federal Advisory Council on 460 Coin and certificates* circulation and stocks 71. Germany: 141, 238, 318, 450, 524, 570, Business conditions 613 673, 758, 825, 895, 980. ; Capital issues 52, 123, 219, Held exclusively against Federal reserve 296, 430, 500, 582, 654, 736, 803, 877, 958 notes changed to " total gold held by Coal- banks," in weekly statement of condition Imports and exports 52, 123, 219, of Federal reserve banks _ 126 296, 430, 500, 582, 654, 736, 803, 877, 958 Holdings of principal countries, 1913 and : Production 582 1922 -_ 269, 270 Cost of living. . _ _ 49, 119, 216, Imports— 302, 436, 506, 593, 660, 742, 809, 883, 964 Discussion of 243, 683 Cotton imports 52, 123, Extract from annual report on, 243 219,296,430,500,654,736,803,877,958 Imports and exports— Currency reorganization 616,636 Great Britain _ _ _ 35, 105, 203, 264, Dawes committee report 351-417 347, 477, 550, 634, 702, 786, 849, 922 Discussion of 325 Switzerland, 1914-1923 91 Discount rates_ 54, 121, 125, 221, 298, United States 35, 298, 432, 502, 588, 656, 738, 805, 879, 960 73, 105, 144, 203, 241, 264, 322, 347, '.Changes in_ : .125, 588 453, 476, 527, 550, 610, 634, 676, 702, Dyes and dyestuffs, exports of 52, 123, 219, 762,786,829,849,898,922,983. 296, 430, 500, 582, 654, 736, 803, 877, 958 1914-May, 1924 571, 572 Exchange, stabilization of 267 Chart showing. _• .,__ 571 Failures, business 52, 123, 219, Payments in, resumed bv Swedish 296, 430, 500, 582, 654, 736, 803, 877, 958. Riksbank 1 _._ 483-485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 INDEX TO VOLUME 10 Gold—Continued. Page Great Britain—Continued. Production of the world, 1921-1923 270 Cotton and cotton manufactures, imports, Situation during first quarter of 1924 269 exports, and visible supply 52, 123, 219, Stock- 296, 430, 500, 581,"654, 736, 803, 877, 958 United States 247 Debt- World, 1913 and 1922 269 Government floating 54, 125, 221, Gold settlement fund transactions 62, 298, 432, 502, 586, 656, 738, 805, 879, 960 134, 230, 311, 445, 511, 602, 672, 760, 827, 896, 981 To United States 9 Government bonds, notes of nonmenber banks Interest payment on_ 9, 533 secured by, eligibility for rediscount 81 Deposits, trend of 51, 122, 218, 268, 350, 482 Government deposits, definition—RegulationD_ 710 Discount rates 54, 125,221, Government franchise tax paid by Federal 298, 432 502, 588, 656, 738, 805, 879, 960 reserve banks- * 136, 670 5 Changes in 50, 588 Government loans, foreign, placed in United Trend of 51, 122, 218, 268, 350, 482 States . ... . 92, 458, 905, 924 Financial statistics. 54, 125, 221,. Governmenfrobligations, paper secured by: 298 432, 502, 586, 656, 738, 805, 879, 960 Discount of, by Federal reserve banks 60, ? Mid-year 586 132,228, 309, 443, 514, 600, 667, 749, 816, Food prices, retail. 49, 119,216, 890, 971. 302, 436, 506, 592, 660, 742, 809, 883, 964 Holdings of, by Federal reserve banks— Monthly 59,132,227,308, Foreign exchange— 442, 513, 599, 666, 748, 815, 889, 970 Discussion of __ : 267, 615 June 30,1922-May 31,1924._ ________ 559 Pound sterling, exchange value of. 54,125,221, Government securities purchased by Federal 298, 432, 502, 586, 656, 738, 805, 879, 960 reserve banks: Rates, monthly 74, 145, 242, Each month-: 60, 132, 323, 454, 528, 611, 677, 763, 830, 899, 984 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Trend of 51, 122, 218, 268, 350, 482 June, 1923-May, 1924___ 560 Foreign trade— Goyernor of Federal Reserve Board, Crissinger, Discussion of 217, 480 D. R., redesignated 461 Monthly statistics 53, 124, 220, Governors of Federal reserve banks, meeting of_ 455, 461 297, 431, 501, 583, 655, 737, 804, 878, 959 Expensesof 136, 670 With the United States- _ _ 480 Grain: Gold and silver exports and imports— Acreage and production, 1923-24 537 Monthly 73, 144, 241, Monthly reports on crop condition and 322, 453, 527, 610, 676, 762, 829, 898, 983 marketing 25, 94, 1919-1924 572 191, 253, 333, 464, 537, 621, 689, 772, 837, 910 Gold holdings, 1913, 1922, and 1923 . 270 Prices on farms :_ 765, 790 Gold imports and exports, monthly. _ 35, 105, 203, Chart showing 621 265, 347, 477, 550, 635, 702, 787, 850, 922 Receipts, shipments, and stocks 39, 109, Hides, imports 52, 123, 219, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 296, 430, 500, 581, 654, 736, 803, 877, 958 Stocks and prices, March 1,1923 and 1924__ 253 Imports and exports, value and volume. _ 51, 122, Grapefruit, shipments of __~ 40, 110, 218, 268, 350, 482 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Iron and steel, production and exports 52, 123, 219, Great Britain: 296, 430, 500, 581, 654, 736, 803, 877, 958 Bank note issues, trend of 51, Joint-stock banks, condition, 1923 552 122, 218, 268, 350, 482 London clearing banks, condition of__ 121,553 Bank notes in circulation. __ 656, 738, 805, 879, 960 London money market in 1923 120 Bank of England— Nine London clearing banks, condition Condition of . _ _ 54, 125, 221, 298, of 54, 125, 221, 432, 502, 586, 656, 738, 805, 879, 960 298, 432, 502, 586, 656, 738, 805, 879 960 1923-.- 121, 552 f Ocean tonnage cleared 853 Banking developments during 1923 552 Pig-iron production 52, 123, 219, Business conditions, discussion of 613 296, 430, 500, 581, 654, 736, 803, 877, 958 Capital issues—. 52, 123, 219, Trend of 51, 122, 218, 268, 350, 482 296, 430, 500, 581, 654, 736, 803, 877, 958 Prices, trend of 51, 122, 218, 268, 350, 482 1923 . 120 Production and trade 852 Clearing house banks in London, condition Railroad freight movement . 853 of— 54, 125, 221, Railway statistics. 52, 123, 219, 298, 432, 502, 586, 656, 738, 805, 879, 960 296, 430, 500, 581, 654, 736, 803, 877, 958 Clearings, bank __ ____ 54, 125, 221, Security prices 52, 123, 219, 298, 432, 502, 586, 656, 738, 805, 879, 960 296, 430, 500, 581, 654, 736, 803, 877, 958 Trend of ____ 51, 122, 218, 268, 350, 482 Ships cleared. 52, 123, 219, Coal production— 296, 430, 500, 581, 654, 736, 803, 877, 958 Chart showing - 853 Trend of 51, 122, 218, 268, 350, 482 Trend of--.. 51, 122, 218, 268, 350, 482 Steel production 853 Coal production and exports 52, 123, 219; 296, 430, 500, 581, 654, 736, 803, 877, 958 Unemployment— Commercial bank loans, trend of 51,122, 218, Discussion of _ _ 217, 852 268, 350, 482 Percent 52, 123,219, Cost of living ._ 49, 119, 216, 296, 430, 500, 581, 654, 736, 803, 877, 958 302, 436, 506, 593, 660, 742, 809, 883, 964 Trend of 51, 122,218,268,350,482 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 999 Great Britain—Continued. Hungary—Continued. Wholesale prices— Discount rates 54, 125, Comparison with other countries 48, 118, 221, 298, 432, 502, 656, 738, 805, 879, 960 215, 301, 435, 505, 591, 659, 871, 808, 882, Changes in 805 963. Economic conditions 270-274 Group index numbers 46, 116, 214, Foreign exchange, 1921-1924 273 300, 434, 504, 590, 658, 740, 807, 881, 962 Foreign exchange rates. --- 74, 145, Index numbers, Federal Reserve Board 46, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 116, 214, 300, 434, 504, 590, 658, 740, 807, Foreign trade 272 881, 962. Royal Hungarian Note Institution, reor- Wool imports 52, 123,219, ganization of 274, 487 296, 430, 500, 581, 654, 736, 803, 877, 958 Territory, changes in 270 Greece: Wealth of 270 Debt to United States.- 9 Imports and exports. (See Agricultural prod- Discount rates 54, 125, ucts; Coal; Cotton; Dyes and dyestuffs; Elec- 221, 298, 432, 502, 656, 738, 805, 879, 960 trical supplies; Fish; Flour; Foreign trade; Foreign exchange rates 74, 145, 242, Gold; Hides; Iron and steel; Lumber; Ma- 323, 454, 528, 611, 677, 763, 830, 899, 984 chinery; Merchandise; Silk; Silver; Wheat; Gold and silver exports to United States. 73, 144, Wood pulp; Wool.) 241, 322, 453, 527, 610, 676, 762, 829, 898, Increase of capital by State bank member in- 983. tending to withdraw from system- 278 Groceries, wholesale trade_ . 43, 113, 210, Index-digest of Federal reserve act 534 294, 428, 498, 579, 652, 734, 801, 875, 956 Index numbers: Grocery chain stores: Agricultural movements 39, 109, 206, Retail trade 44, 114,211, 290, 424, 494, 575, 648, 730, 797, 871, 952 295, 429, 499, 580, 653, 735, 802, 876, 957 Revision of 187 Sales of, 1919-1923 17,20 Bank debits, seasonal adjustment, 1919- Group index numbers, wholesale prices. (See 1924- __— - 556 Wholesale prices.) Bureau of Labor Statistics wholesale price Guardian of estates. (See Fiduciary powers.) index .47, 117, 215, Hardware, wholesale trade 43, 113, 211, 301, 435, 505, 591, 659, 741, 808, 882, 963 294, 428, 498, 579, 652, 734, 801, 875, 956 Business in United States 536, Hay: 620, 687, 771, 836, 908 Crop estimates 868, 949 Cost of living in principal countries-___ 49, 119, Production __._ 13, 16 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Hides: Department-store sales, 1919-1923 . 21 Imports of, England _ _ _ 52, 123, 219, Department-store stocks, corrected for sea- 296, 430, 500, 581, 654, 736, 803, 877, 958 sonal variations, construction of 189 Monthly reports on the industry 30, 99, 198, Employment, United States 38, 108, 205, 259, 341, 471, 544, 628, 696, 780, 844, 917 289, 423, 493, 547, 647, 729, 796, 870, 951 Hides and skins, sales and stocks 41, 111, 208, Construction of 83-87 292, 426, 496, 577, 650, 732, 799, 873, 954 Federal Reserve Board's international price Hogs: index—United States, England, France, Canada, and Japan 46, 115, Chart showing prices and receipts 466 Prices on farms . 793 214, 300, 434, 504, 590, 658, 739, 806, 880, 961 Production and prices, 1919-1924 862 Foreign exchange._: 36, 74, Receipts, shipments, and slaughter at prin- 106, 145, 203, 242, 265, 323, 348, 454, 476, 551, cipal markets 39,109,207," 611, 634, 677, 701, 763, 785, 830 3 851, 899, 984 290,424,494,575,648,730,797,871,952 Foreign trade, United States 53, 124, Slaughtered, index of 38, 108, 205, 220, 297, 431, 501, 584, 655, 737, 804, 878, 959 Industrial activity, United States-___ 39, 109, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 290, 424, 494, 575, 648, 730, 797, 871, 952 Hongkong: Revision of ___ 183-188 Foreign exchange rates 74, 145, 242, Labor market, construction of . _ _ 83-87 323, 454, 528, 611, 677, 763, 830, 899, 984 Manufacturing 39, 109, 206, Gold and silver imports from United States _ 73, 290, 424, 494, 575, 648, 730, 797, 871, 952 144, 241, 322, 453, 527, 610, 676, 762, 829, Revision of 188 898, 983. Mineral production 39, 109, 206, Horses, receipts and shipments at principal mar- 290, 424, 494, 575, 648, 730, 797, 871, 952 kets 39, 109, 207, Revision of 187 290, 424, 494, 575, 648, 730, 797, 871, 952 Ocean freight rates.- —__._ 53,124, 220, Hosiery: 297, 431, 501, 584, 655, 737, 804, 878, 959 Monthly reports on the industry 30, 99, 196, Production in basic industries— 258, 339, 470, 542, 627, 694, 778, 842, 915 Midyear. 574 Production-.. 292, Monthly 38, 108, 205, 426, 496, 577, 650, 732, 799, 874, 955 289 423, 493, 574, 647, 729,796, 870, 951 Revision of 422 Hungary: Retail food prices :__.— 49,119,216, Bank of issue, organization of 267, 487 302, 436, 506, 592, 660, 742, 809, 883, 964 Banking situation . 273 Retail trade 44, 114,211, Currency 273 295, 429, 499, 580, 653, 735, 802, 876, 957 Debt to United States. _ 9 1919-1923. 20 Interest payment on__ 534 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 INDEX TO VOLUME 10 Index numbers—Continued. Iron and steel production—Continued. Page Wholesale prices-— Index of _ 38, 108, Bureau of Labor Statistics index 47, 205, 289, 423, 493, 574,-647, 729, 796, 870, 951 117, 215, 301, 435, 505, 591, 658, 659, Monthly reports .___ 30,99, 741,808,882,963. 196, 258, 339, 470, 543, 627, 694, 778, 843, 915 Comparison in principal countries 48, Production and shipments 40, 110, 118, 215, 301, 435, 505, 591, 659, 741, 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 808, 882, 963. Italy: Federal Reserve Board's international Condition of banks— index—United States, England, Banks of issue _ J 54, 125, France, Canada, and Japan _____ 46, 221, 298, 432, 502, 587, 656, 738, 805 879, 960 ? 115, 214 300, 434, 504, 590, 658, 739, Private banks 54, 125, ; 806, 880, 900. 221, 298, 432, 502, 587, 656, 738, 805, 879, France, revision of index. __ 47, 117 960. Group index numbers—United States, Cost of living 49, 119, England, France, Canada, and 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Japan_ 46,116,214 Debt to United States 9 300,504,590,658,740/807,881,962 Discount rates 54, 125,221, Japan, revision of index 22-24 298, 432, 502, 588, 656, 738, 805, 879, 960 Wholesale trade.. _______ 43,113,210, Financial statistics . 54, 125, 221, 294, 428, 498, 579, 652, 734, 801, 875, 956 298, 432, 502, 587, 656, 738, 805, 879, 960 India: Midyear statistics -587 Cost of living 49, 119, 216 Food prices, retail 49,119, 302, 436, 506, 593, 660, 742, 809, 883, 964 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 Discount rates 502, 656, 738, 879, 960 Foreign exchange, discussion of ___ 615 : Changes in 879 Foreign exchange rates____ 74, 145, Food prices, retail 49, 119, 216 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 302, 436, 506, 592, 660, 742, 809, 883, 964 Foreign trade ____ 53, 124, Foreign exchange rates 74, 145, 242 220, 297, 431, 501, 583, 655, 737, 804, 323, 454, 528, 611, 677, 763, 830, 899, 984 878,959. Foreign trade 53, 124, 220 With the United States. ___••• 480 297, 431, 501, 583, 655, 737, 804, 878, 959 Gold holdings, 1913, 1922, and 1923 270 With the United States _ _ _ _ 480 Private banks, condition of 54, 125, Gold holdings, 1913, 1922, and 1923 270 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Gold imports and exports, 1919-1924_____ 572 Securities prices, index of___,_ . 54, 125, Wholesale prices 48,118,215, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 301, 435, 505, 592, 659, 741, 808, 882, 963 Wholesale prices 48, 118, Industrial activity: 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Discussion of_ 4,78,147,457,531,831 Japan: Index of, revision of___ . 183-188 Bank of Japan, condition of_ 54, 125, Industral statistics: 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 England, France, Germany, and Canada. _ 52, Discount rates 54, 125, 123, 219, 296, 430, 500, 581, 582, 654, 221, 298, 432, 502, 588, 656, 738, 805, 879, 960 736, 803, 877, 900. Financial statistics 54, 125, Midyear statistics „ 581 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 United States. 37, 107, 205, Midyear 587 288, 422, 492, 573, 646, 728, 795, 869, 950 Foreign exchange .__ • 268 Insolvencies: Foreign exchange rates 74,145, Member banks—Regulation I • _ 718 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 State bank members .___ 182,421 Foreign trade 53, 124, Insurance, Federal reserve banks, cost of 136, 670 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 Interest rates: With the United States... 480 Calculated on 365-day basis on transac- Gold and silver exports and imports 144, tions between Federal reserve banks 636 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Prevailing in various centers „__ 72, 143, 240 Gold holdings, 1913, 1922, and 1923 270 321, 452, 526, 609, 675, 761, 828, 897, 982 Tokyo banks, condition of__ 54, 125, (See also Discount rates.) 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Interlocking bank directorates under the Clay- Wholesale priceston Act—Regulation L .__. 724 Comparison of Federal Reserve Board Intermediate credit banks. (See Federal inter- index with Bank of Japan index 22, mediate credit banks.) Comparison with other countries 48, 118, International wholesale price index 46, 116, 214, 215, 301, 435, 505, 592, 659, 741, 808, 300, 434, 504, 590, 658, 740, 807, 881, 962 882, 963. Interpretation of word "borrower" as used in Group index numbers..__ 46, 116, 214, section 13 „ 275 300, 434, 504, 590, 658, 740, 807, 881, 962 Iron and steel production: Index numbers, Federal Reserve Board., _46, Canada... 52, 123, 116, 214, 300, 434, 504, 590,658, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 740, 807, 881, 962. France 52,123, Revision of, 1919-1923 22-24 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Jewelry, wholesale trade 43, 113, Germany, imports and exports 52, 123, 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 219,. 296, 430, 500, 582, 654, 736, 803, 877, 958 Joint-stock banks, England, condition of, 1923_ 552 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 1001 Page Page Joint-stock land banks, loans by 16 Lumber—Continued. Kerosene, production and stocks 40, 110. Flooring, production, shipments, and 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 stocks 41, 111, 208, Knit goods: 292, 426, 496, 577, 650, 732, 799, 873, 954 Monthly reports on the industry 30, 98, Index of production 38, 108, 205, 196, 258, 339, 470, 542, 627, 694, 778, 842, 914 289, 423, 493, 574, 647, 729, 796, 870, 951 Production and shipments . ^_ 40, Monthly reports on the industry.___ 31, 100, 198, 110,208,291,425,495 259, 340, 470, 543, 628, 695, 779, 843, 916 Labor. (See Employment; Unemployment.) Number of mills, • production, and ship- Labor market index, construction of 83-87 ments 40, 110, 207, Chart showing 84, 85 291, 425, 495, 576, 649, 731, 798, 872, 953 Lard, production and exports, 1919-1924______ 863 Machine tools, wholesale trade . 43, 113, Latvia: „ 211, 294, 428, 298, 579, 652, 734, 801, 875, 956 .Debt to United States 9 Machinery: Discount rates 54, 125, Exports, Germany. 52, 123, 221, 298, 432, 502, 656, 738, 805, 879, 960 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Changes in ______ 221 Imports, Canada 52, 123, Law governing new Reichsbank in Germany 854 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Law department. (See Rulings.) Magazine advertising...- 41, 111, Laws, State, relating to bank reserves... 154-181 209, 292, 426, 496, 577, 650, 732, 800, 874, 955 Lead, production and prices 28, Mail-order houses: 96, 194, 256, 337, 467, 541, 625, 692, 776, 841, 913 Chart showing sales _ 343 Leather: . , . Retail trade 44, Chart showing stocks, 1921-1924___ 696 114, 211, 295, 429, 499, 580, 653, 735, Monthly reports on the industry 30, 99, 198, 802, 876, 957. 259, 341, 471, 544, 628, 696, 780, 844, 917 Monthly reports.. 32, Production.. 41, 111, 208, 101, 200, 261, 343, 473, 545, 630, 697, 292, 426, 496, 577, 650, 732, 799, 873, 954 781, 845, 919. Index of 38, 108, 206, Sales of, 1919-1923 17,20 289, 423, 493, 574, 647, 729, 796, 870, 951 Manufacturing 28, 97, Lemons, shipments of 40, 110, 207, 195, 256, 338, 468, 541, 625, 692, 776, 841, 914 291, 425, 495, 576, 649, 731, 798, 872, 953 Index of production 39, Liberia, debt to United States 9 109, 206, 290, 424, 494, 575, 648, 730, Light, heat, and power, Federal reserve banks, 797, 871, 952, cost of 136, 670 Revision of__ 188 Liquidations: Maps. (See Charts.) National banks 12,81, Mark, German, stabilization of_ 331, 356, 371, 405 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Marketing, cooperative. (See Cooperative mar- Regulation I__ 718 keting.) State bank members 12, 82, 287, 421 Maturities: Lithuania: Acceptances purchased by Federal reserve Debt to United States... ._ 9 banks 60, Discount rates 54, 132, 228, 309, 443, 514, 600, 667, 749, 125, 221, 298, 432, 502, 656, 738, 879, 960 816, 890, 971. Livestock: Acceptances—Regulation A__ 708 Canada, receipts „ 52, 123, Bills discounted— 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Each month __. 60, Chart showing prices 792 132, 228, 309, 443, 514, 600, 667, 749, Monthly reports on the industry 27, 96, 816, ,890, 971. 193, 255, 335, 465, 539, 623, 690, 774, 839, 911 Year ended May, 1924 560 Number and value on farms, Jan. 1, 1922- Distribution of bills, certificates of indebted- 1924 193 ness , and municipal warrants 58, Prices on farms 767, 791-793 129, 225, 306, 440, 511, 597, 664, 746, Receipts, shipments and slaughter at prin- 813, 887, 968. cipal markets 39, 109, 207, McCord, Joseph A., resignation as Federal re- 290, 424, 494, 575, 648, 730, 797, 871, 952 serve agent at Atlanta 834 Study of the industry 862 McGarrah, Gates, member of general board of Livestock paper: Reichsbank 855 Discount of, by Federal reserve banks 60, 132, Meats and meat products: 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Chart showing sales of meat packers 32 Held by Federal reserve banks______ 59, 132, 227, Cold storage holdings, exports 39, 109, 308, 442, 513, 599, 666, 748, 815, 889, 970 207, 290, 424, 494, 575, 648, 730, 797, 871, 952 June 30, 1922-May 31, 1924 __ 559 Monthly reports on the industry 29, 97, Loans, foreign, placed in the United States 92, 458 195, 256, 338, 468, 541, 625, 692, 777, 841, 914 Locomotives, railway, output 42, Wholesale trade 43,113, 112, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 210, 294, 428, 498, 579, 653, 734, 801, 875, 956 London conference, German reparations. 704 Member banks: Lumber: Acceptances of, held by Federal reserve Chart showing cut, shipments, and orders. 259 banks .... 59, Exports, Canada .„ 52, 123, 131, 227, 308, 442, 513, 599, 666, 748, 815, 219, 296, 430, 500, 582 654, 736, 803, 877, 958 889, 970. ; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 INDEX TO VOLUME 10 Page Page Member banks—Continued. Mitchell, John R., appointed Federal reserve Bankers' balances in Federal reserve bank agent at Minneapolis , 769 cities • _ 562 Money, circulation and stocks in United States-71,141, Changes in membership 65, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 141, 238, 318, 605, 823 National bank note circulation 944 During year 1923 318 Silver dollars, increase in circulation of__ 769, 906 Condition of— Year ending June, 1924 : _ 570 Abstract of— Chart showing 248 December 31, 1923 234-237 (See also Currency.) March 31, 1924 519-523 Money rates: June 30, 1924 752-757 Discussion of 3, 77, 455, 530, 685, 905 October 10, 1924 974 Foreign, discussion of 50, 120, 924 Specified dates, 1922-1924 563 Great Britain, 1923 120 All banks, June, 1922-March, 1924_ 563, 567 New York market— State banks and trust companies— Charts showing 455, 457, 685 June 30 and Sept. 14, 1923 66, 67 Discussion of _ 76, 456, 530, 685, 905 December 31, 1923 315,316 Monthly 33, 103, 201, March 31, 1924 568 263, 344, 474, 548, 632, 699, 783, 847, 920 June 30, 1924 819, 820 Prevailing in various centers 72, 143, Weekly 63, 240, 321, 452, 526, 609, 675, 761, 828, 897, 982 138, 231, 312, 446, 516, 603, 668, 750, Swiss exchange and money rates, study of- 88-92 817 891 972 (See also Discount rates; Interest rates.) Year ended May, i924 561 Morss, Charles A., elected member of Federal Deposits, time and demand 65, 140, 233, advisory council 461 314, 448, 518, 607, 672, 760, 827, 895, 980 Municipal warrants: Earnings and dividends— Held bv Federal reserve banks 59, All member banks— 132, 227, 308, 442, 513, 599, 666, 748 Year ending June 30, 1923 69 Maturities of 58, Years ending June 30,1919 to 1923 565 129, 225, 306, 440, 511, 597, 664, 746, 887, 968 Year ending June 30, 1924__ 941 Purchased by Federal reserve banks 60, State bank and trust company mem- 132, 228, 309, 443, 514, 600, 667, 749, 971 bers— Music chain stores: Year ending December 31, 1923__ 449 Retail trade 44, 114, First six months of 1924 893 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Membership in Federal reserve system— Sales of, 1919-1923 — _._. — - 17,20 Changes in 65, 141, 238, 318, 605, 823 Mutual savings banks, condition of June 30, During year 1923 _ 318 1924____ 822 Number accommodated through discount Names, change of, State bank members 12, operations— 82, 182, 421, 491, 645, 867, 947 Each month 60,132,228, National bank notes, circulation and stocks____ 71. 309, 443, 514, 600, 667, 749, 816, 890, 971 141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 Year ended May, 1924 560 National Bank of Switzerland, discount rates, Number in each district 60, 132, note circulation ,_ 88, 89 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 National banks: Reserves, growth in 904 Acceptances of, held bv Federal reserve State banks and trust companies, admis- banks _.___" 59, 131, sion to system 12, 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 82, 182, 287,421, 491, 645, 727, 867, 947 Branches of, right to establish— Men's clothing. (See Clothing.) Comptroller of the Currency, state- Merchandise imports and exports: ment by _ 285 Switzerland, 1914-1923 90 Decision of United States Supreme United States ._ 35, Court 281 104, 203, 264, 346, 476, 549, 633, 785, 849, 921 Capital, increases and decreases 12,81, Metals: 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Monthly reports on the industry _ _ 27, 96, Capital required^ of Wisconsin banks in 194, 256, 336, 467, 541, 625, 692, 776, 841, 913 order to obtain permission to exercise Production,.stocks, and shipments 40, 110, fiduciary powers . 488 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 Charters issued to 12, 81, Mexico: 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Foreign exchange rates 74, 145, Consolidations 12, 81, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Gold and silver exports and imports 73, 144, Fiduciary powers— 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Granted to____-___-_ 12,82,182, Mid-year review of banking statistics _ 559-572 287, 421, 491, 558* 645, 727, 793, 867, 948 % Miller, A. C, renominated as member of Federal Opinion of Supreme Court of Rhode Reserve Board - - _ 461 Island upholding right of banks to Millinery, wholesale trade 801, 875, 956 exercise •__ 639 Mineral production, index of 39, 109, Right of national bank converted from 206, 290, 424 ? 494, 575, 648, 730, 797, 871, 952 State trust company to act as ex- Revision of _ _ 187 ecutor under will naming trust com- Mining industry 27, 96, pany, opinion of Supreme Judicial 193, 255, 336, 466, 539, 624, 691, 775, 840, 912 Court of Massachusetts. 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IKDEX TO VOLUME 10 1008 National banks-—Continued. Pa£e Norway—Continued, Pase Fiduciary powers—Continued. Wholesale prices 48, 118,215, United States Supreme Court, opinion 301, 435, 505, 591, 659, 741, 808, 882, 963 upholding right of banks in Missouri Note circulation. (See Currency circulation; to exercise : - 418 Federal reserve bank notes; Federal reserve Dissenting opinion 419 notes; National bank notes.) Liquidations _•__ 12, 81, ; Note issue functions of new Reichsbank. 854 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Notes of nonmember banks secured by Govern- Membership in system, changes in 65, ment bonds, eligibility of, for rediscount 81 141, 238, 318, 605, 824 Oats: During year 1923 318 Crop estimate 644, 726, 794, 868, 949 State banks absorbed by___ 82, 182, 287, 558, 727 Prices on farms____ 765, 790 State banks converted into. _ 12, 82, 421, 645, 867 Production 13, 16 Solvency, restored to_ 12, Receipts, shipments, and stocks 39, 109, 206, 81, 182, 287, 421, 478, 558, 645 727, 793, 867, 948 ? 290, 424, 494, 575, 648, 730, 797, 871, 952 Naval stores, receipts and stocks 40, Ocean freight rates _ 53, 124, 220, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Netherlands: 297, 431, 501, 584, 655, 737, 804, 878, 959 Cost of living ___ 49,119, Ocean tonnage cleared, France and Great 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Britain, chart showing .. 853 Discount rates __ 54, 125,221, Officers of Federal reserve banks, election of 7 298, 432, 502, 588, 656, 738, 805, 879, 960 Oil refineries, production and stocks 40, 110, 207, Changes in 50, 125, 588 291, 425, 495, 576, 649, 731, 798, 872, 953 Food prices, retail 49, 119, Oil wells completed 40, 110, 207, 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 291, 425, 495, 576, 649, 731, 798, 872, 953 Foreign exchange rates 74, 145, Oleomargarine consumption 39, 109, 207, 242, 323, 454, 528 611, 677, 763, 830, 899, 984 291, 425, 495, 576, 649, 731, 798, 872, 953 ? Foreign trade 53, 124, Onions, shipments of 40, 110,207, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 291, 425, 495, 576, 649, 731, 798, 872, 953 Gold and silver exports and imports 73, 144, Open-market operations of Federal reserve banks. 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 (See Discount and open-market operations.) 1919-1924 572 Opinion of courts: Gold holdings, 1913, 1922, and 1923 270 Supreme Court of Rhode Island upholding Wholesale prices 48, 118, right of national banks to exercise fiduciary 215, 301, 435 505, 591, 659, 741, 808, 882, 963 powers -_ 639 3 New Zealand: Supreme Judicial Court of Massachusetts on Cost of living and retail food prices 49, 119, right of national bank converted from 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 State trust company to act as executor Wholesale prices 48, under will naming trust company 641 118, 215, 435, 505, 592, 659, 741, 808, 882, 963 United States Supreme Court- Newspaper advertising 41, 111, Upholding right of national banks in 209, 292, 426, 496, 577, 650, 732, 800, 874, 955 Missouri to exercise fiduciary powers- 418 Newsprint, index of production : 38, 108, Dissenting opinion 419 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 On right of national banks to establish Newton, Oscar, appointed Federal reserve agent branches 281 at Atlanta-___ __-__ 834 Oranges, shipments of 40, 110, 207, Nicaragua, debt: to United States 9 291, 425, 495, 576, 649, 731, 798, 872, 953 Nonferrous metals, index of production 38, 108, Paper production, shipments, and stocks 41, 111, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 209, 292, 426, 496, 577, 650, 732, 799, 873, 954 Nonmember banks: Par clearance litigation in Atlanta 866 Acceptances of, held by Federal reserve Par list, number of banks on 61, banks ___ 59, 131,227, 133, 229, 310, 444, 515, 601 308, 442, 513, 599, 666, 748, 815, 889, 970 Notes of, secured by Government bonds, (See also Clearing and collection.) eligibility for rediscount _ _ _ _ 81 Pascagoula National Bank, Moss Point, Miss., " Nonperishable, readily marketable agricultural par clearance suit of , ___ 866 staples," definition of___ 276 Pay rolls. (See Employment.) Norway: Penalties for deficiencies in reserves: Cost of living 49, 119, 216, 302, Regulation D_ 711 436, 506, 593, 660, 742, 809, 883, 964 Regulation! 490 Discount rates 54, 125, 221, 298,432,.502, Per capita circulation 71, 141, 588, 656, 738, 805, 879, 960 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 Changes in ._. 50,588,960 Permits, building 42, 112, Food prices, retail ___ 49, 119, 216, 302, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 436, 506, 592, 660, 742, 809, 883, 964 1920-1924 861 Foreign exchange rates _ _ 74, 145, 242, Peru, gold and silver imports and exports 73, 144, 323, 454, 528, 611, 677, 763, 830, 899, 984 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Foreign trade 53, 124, 220, 297, Petroleum: 431, 501, 583, 655, 737, 804, 878, 959 Charts showing production, imports, and Gold and silver exports to United States._ 73, 144, exports___ 337, 540 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Index of production 38, 108, 1919-1924 .. 572 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 INDEX TO VOLUME 10 Petroleum—Continued. Page Prices—Continued. Monthly reports on the industry 28, 97, Securities— 195, 258, 337, 467, 540, 624, 691, 775, 840, 912 Canada 52,123,219,296, Production and stocks, 40, 110, 430, 500, 582, 654, 736, 803, 877, 958 207, 291, 425, 495, 576, 649, 731, 798, 872, 951 England 52, 123, 219, 296, Philippine Islands, gold and silver exports to 430, 500, 581, 654, 736,. 803, 877, 958 United States ____ 73, 144, Per cent yield, chart showing 120 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Germany 52, 123,219, Pig-iron production: 296, 430, 500, 582, 654, 736, 803, 877, 958 Canada. 52, 123, Italy 54, 125, 221, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 298, 432, 502, 587, 656, 738, 805, 879, 960 England 52, 123, Silver, in New York and London 74, 145, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 France 52, 123, Trend of, in England, France, Canada, and 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 United States 51, 122, 218, 268, 350, 482 Index of 38, 108, Wholesale—• 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Abroad 349 United States._ ___ 40, 110, Australia . _. 48,118,215, 208, 291, 425, 495, 576, 649, 731. 798, 872, 953 301, 435, 505, 592, 659, 741, 808, 882, 963 Chart showing '_ _ 627 Austria 741, 808, 882, 963 Poland: Belgium 48,118,215, Bank of issue, organization of 486 301, 435, 505, 591, 659, 741, 808, 882, 963 Debt to United States . 9 Bulgaria 48, 118, 215, Discount rates 54, 125, 301, 435, 505, 591, 659, 741, 808, 882, 963 221, 298, 432, 502, 588, 656, 738, 805, 879, 960 Canada— Changes in - - - 50, 125, 588, 960 Comparison with other countries. 48, Foreign exchange rates 74, 145, 118, 215, 301, 435, 505, 592, 659, 741, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 808, 882, 900. Wholesale prices_ 48, 118, Federal Reserve Board index num- 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 bers 46,116,214,300, Pork production and exports, 1919-1924 863 434, 504, 590, 658, 740, 807, 881, 962 Chart showing, , 257 Group index numbers.. 46, 116, 214, 300, Portugal: 434, 504, 590, 658, 740, 807, 881, 962 Discount rates 54, China 48, 118, 215, 301, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 435, 505, 592, 659, 741, 808, 882, 963 Foreign exchange rates 74, 145, Comparative, in principal countries. 48, 118, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 215, 301,435,505,591,659, 741,808, Portuguese Africa, gold and silver exports 73, 144, 882, 963. 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Czechoslovakia 48, 118.215,301, 435, 505, 591, 659, 741, 808, 882, 963 Postage, Federal reserve banks, cost of_ 136, 670 Denmark 48, 118, 215, Postal savings deposits, definition of 710 435, 505, 591, 659, 741, 808, 882, 963 Potatoes: Dutch East Indies. 48, 118, 215, 301, Crop estimate 644, 726, 794, 868, 949 435, 505, 592, 659, 741, 808, 882, 963 Prices on farms 765,791 Egypt 48,118,215,301, Production 13, 16 435, 505, 592, 659, 741, 808, 882, 963: Shipments 40, 110, Federal Reserve Board international 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 index—United States, England, Poultry: France, Canada, and Japan 46, 116, Prices on farms 793 214,300,434,504,590,658,740,807, 881,962" Receipts and cold-storage holdings 39, 109, France— 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 Comparison with other countries. 48, Pound sterling, exchange value of 54, 125, 118, 125, 301, 435, 505, 591, 659, 741, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 808,882,963. Prices: Group index numbers-. 46, 116, 214, 300,, Abroad 614, 852 434, 504, 590, 658, 740, 807, 881, 962 Chart showing 614 Index numbers, Federal Reserve Agricultural 13, 765, 789, 833, 862 Board 46, 116, 214, 300, Crops . 25, 94, 191, 253, 333, 434, 504, 590, 658, 740, 807, 881, 962' 464, 537, 621, 689, 772, 837, 910 Revision of index 47,117' Discussion of 6, 150, 532, 614, 852 Germany 48, 118, 215, Farm products 13,765-768,789-793,833,862 301, 435, 505, 591, 659, 741, 808, 882, 963: Charts showing 13, 191, 335, 862 Great Britain— Food— Comparison with other countries- 48, Abroad 349 118, 215, 301, 435, 505, 591, 659, 741,, Retail, in principal countries 49,119, 216, 808, 882, 963. 302, 436, 506, 592, 660, 742, 809, 883, 964 Group index numbers-. 46, 116, 214, 300, United States 349 434, 504, 590, 658, 740, 807,881,962 Livestock, 1919-1924 862 Index numbers, Federal Reserve Board ,46,116,214,300, 434, 504, 590, 658, 740, 807, 881, 962 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 1005 Prices—Continued. Page Page Wholesale—Continued. Production, prices, and commercial loans, chart Group index numbers—United States, showing. _. . _ _ ; 78 ; England, France, Canada, and Japan 46, Profit and loss account of Federal reserve banks 136 116, 214, 300, 434, 504, 590, 658, 740, 807, Promissory notes: 881,962. Definition 706 India 48,118, 215, Discount of—Regulation A 706 301, 435, 505, 591, 659, 741, 808, 882, 963 Railroad shipments of building materials 861 Italy __ 48, 118, 215, Railway equipment, purchase of 30, 301, 435, 505, 591, 659, 741, 808, 882, 963 197, 258, 340, 370, 543, 627, 695, 779, 843 916 7 Japan-— Railway statistics: Comparison of Federal Reserve Canada 52, Board index with Bank of Japan 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, index 22 .958. Comparison with other countries 48, 118, England _ 52, 215, 301, 435, 505, 592, 659, 741, 123, 219, 296, 430, 500, 582, 654, 736, 808, 882, 963. 803, 877, 958. Group index numbers 46,116, Freight movement, chart showing 853 300, 434, 504, 590, 658, 740, 807, France. •__ 52, 881, 962. 123, 219, 296, 430, 500, 582, 654, 736, Index numbers, Federal Reserve 803, 877, 958. Board 46, 116, 214, 300,434, Freight movement, chart, showing 853 504, 590, 658, 740, 807, 881, 962 United States..... __ 31, Revision of index _ „ _•_ _ 22-24 100, 199, 260, 342, 472, 545, 629, 697, 780, 845, Netherlands.- 48, 118, 215, 301, 918. 435, 505, 591, 659, 741, 808, 882, 963 Railways, German, Dawes committee report New Zealand ____ 48, 118, 215, 301, on 363, 389 435,505,592,659,741,808,882,963 Rates. (See Discount rates; Foreign exchange Norway _ 48,118,215,301, rates; Interest rates.) 435, 505, 591, 659, 741, 808, 882, 963 Real estate, loans on—Regulation G 714 Poland __ 48, 118, 215, 301, "Readily marketable agricultural staples/' defi- 435, 505, 591, 659, 741, 808, 882, 963 nition of 276 Revision of index 22-24, 47, 117 Receiver. (See Fiduciary powers.) South Africa .___•_ 48, 118, 215, 301, Rediscount of notes of nonmember banks se- 435, 505, 591, 659, 741, 808, 882, 963 cured by Government bonds, eligibility 81 Spain 48,118,215,301, Registrar of stocks and bonds. (See Fiduciary 435, 505, 591, 659, 741, 808, 882, 963 powers.) Sweden 1. 48, 118, 215, 301, Regulations of the Federal Reserve Board 705-726 435, 505, 592, 659, 741, 808, 882, 963 A—Discounts 705 Switzerland ... 48, 118, 215, 301, B—Open-market purchases 708 435, 505, 592, 659, 741, 808, 882, 963 C—Acceptances 709 United States 11, 32, 79, 102 D—Reserves of member banks 710 150, 152, 200, 251, 261, 332, 343, E—Purchase of warrants 711 349, 463, 473, 535, 546, 619, 630, F—Trust powers of national banks •_ _ 713 686, 698, 770, 781, 835, 907. G—-Loans on farm land and other real es- Comparison with other countries. _ 48, tate. 714 118, 215, 301, 435, 505, 592, 659, 741, H—Membership of State banks 250, 279, 715 808, 882, 963. I—Increase or decrease of capital stock of Federal Reserve Board index 46, Federal reserve banks 717 116, 214, 300, 434, 504, 590, 658, 740, J—Check clearing and collection 489, 719 807, 881, 962. K—Banking corporations authorized to do Group index numbers. 46, 116, 214, 300, foreign banking business under Edge 434, 504, 590, 658, 740, 807, 881, 962 Act 720 Printing and stationery, Federal reserve banks, L—Interlocking bank directorates under the cost of ___„ 136, 670 Clayton Act 724 Private banks, acceptances of, held by Federal Reichsbank, German: Condition of . 637, 858 reserve banks •. 59, Dawes Committee report 351-417 131,227,308,442,513,599,666,748,815,889, Reorganization of •_ 854 970. Reimbursable expenditures of fiscal-agency de- Production and trade in England and France, partment of Federal reserve banks 136, 670 chart showing 853 Rent, Federal reserve banks._ 136, 670 Production in basic industries 10, Rente, France, price of 54, 125, 221, 79, 152, 251, 332, 462, 535, 619, 686, 770, 835, 298, 432, 502, 586, 656, 738, 805, 879, 960 907. Rentenbank, German, condition of 636 Discussion of 4, 78, 147, 457, 531, 831 Reparations: Index of 38, Dawes Committee report-... 351-417 108, 205, 289, 423, 493, 574, 647, 729, 796, Discussion of ._ 325 870, 951. Comments on, by Federal advisory Revision of__ 422 council 458,459 Midyear 574 London conference. 704 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 INDEX TO VOLUME 10 Reserve ratio of Federal reserve banks: Page Revision of indexes: All banks combined, during 1923 62 Department store stocks 189 Monthly 55, 126, 222 Industrial activity 183-188 303, 437, 507, 594, 661, 743, 810, 884, 965 Production in basic industries 422 June, 1922-May, 1924 560 Wholesale prices in France 47, 117 Reserves: Wholesale prices in Japan 22-24 Deficiencies in, penalties for 490, 710 Rice: Federal reserve banks— Production, 1920-1923 13 All banks combined, during 1923 62 Shipments 40, 110, Monthly 55, 126, 222, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 303, 437, 507, 594, 661, 743, 810, 884, 965 Rich, John H., Federal reserve agent at Minne- June, 1922-May, 1924___ 560 apolis, death of . . _ _ 461 Member banks— Rosin, receipts and stocks 40, 110, Computation of—Regulation D 710 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Growth in 904 Rubber, imports and consumption by tire manu- Penalties for deficiencies—Regulation D 711 facturers 41, 111, 209, Regulation D__ 710 292, 426, 496, 578, 650, 732, 800, 874, 955 Reichsbank 857 Rulings of the Federal Reserve Board; law Right of member bank having trust powers department: to deposit uninvested trust funds in its "Agricultural staples, readily marketable," savings department and treat them as definition of 276 time deposits for reserve purposes- 865 Bankers7 acceptances covering American State foreign-banking corporations, modifi- cotton in foreign countries after export cation in reserve requirements 275 transaction completed 638 State laws relating to 154-181 Bonds of War Finance Corporation, eligi- Resolutions of Federal Reserve Board on branch bility for rediscount of paper secured by_ 277 banking 81, 928 " Borrower/7 interpretation of word 275 Resources and liabilities: Branch, right of national bank to establish— All banks in the United States- United States Supreme Court decision, 281 June 30, and Sept. 14, 1923 66, 68 Comptroller of Currency, statement by, Dec. 31, 1923____ 315, 317 on I L 285 Mar. 31, 1924 567-569 Capital, increase in, by State member bank June 30, 1924__ 819,820 intending to withdraw from system 278 All member banks, June, 1922-March, 1923_ 563 Capital required of national banks in Wis- All State banks and trust companies— consin in order to obtain permission to June 30 and Sept. 14, 1923 66, 67 exercise fiduciary powers : 488 Dec. 31, 1923 315, 316 Check clearing and collection— Mar. 31, 1924 568 Litigation in Atlanta 866 June 30, 1924 819, 820 Regulation J 489, 719 Federal reserve banks— Comptroller of the Currency, statement All banks combined, during 1923 62 by, on right of national banks to estab- Weekly 55, 126, 222, lish branches 285 303, 437, 507, 594, 661, 743, 810, 884, 965 Cotton—Bankers' acceptances covering Member banks— American cotton in* foreign countries Weekly 63,138,231, after export transaction completed 638 312, 446, 516, 603, 668, 750, 817, 891, 972 Court opinons— Year ending May, 1924 561 Supreme Court of Rhode Island up- Reichsbank 637, 858 holding right of national banks to Retail food prices 49, 119, 216, exercise fiduciary powers ^ 63 9 302, 436, 506, 592, 660, 742, 809, 883, 964 Supreme Judicial Court of Massachu- Retail trade: setts on right of national bank Chain stores. 44, 114, 211, converted from State trust com- 295, 429, 499, 580, 653, 735, 802, 876, 957 pany to act as executor under will Department stores 44, 114, 211, naming trust company 641 295, 429, 499, 580, 653, 735, 802, 876, 957 United States Supreme Courts Chart showing 17 Upholding right of national banks Index of 44, 114, 211, in Missouri to exercise fiduciary 295, 429, 499, 580, 653, 735, 802, 876, 957 powers - 418 Discussion of : 148 Dissenting opinion 419 Mail-order houses - 44, 114, 211, Right of national banks to estab- 295, 429, 499, 580, 653, 735, 802, 876, 957 lish branches 281 Chart showing 17 Definition— Monthly reports on 32, 101, 200, "Borrower," as used in section 13 of 261, 343, 472, 545, 630, 697, 781, 845, 918 Federal reserve act 275 .Sales, 1919-1923--.- 20 " Nonperishable, readily marketable Seasonal variations in sales 17 agricultural staples" _ . 276 Trend of, 1919-1923__ 17-21 Digest, publication of 6, 250 Review: Discount of paper secured by bonds of War Banking statistics, midyear_ 559-572 Finance Corporation, eligibility for_ 277 Business conditions, year 1923 1-5 Discount rates on transactions beWeen Fed- Statistical work of the Federal Reserve eral reserve banks calculated on 365- Board 554 dav basis 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10' 1007 Rulings of the Federal Reserve Board; law Rulings of the Federal Reserve Board; law department—Continued. Page department—Continued. Eligibility of notes of nonmember banks '" Nonperishabie, readily marketable agrifor rediscount when secured by Gov- cultural staples," definition of, as conernment bonds 81 tained in section 13 of Federal reserve Examination of State member banks by act 276 Federal reserve banks 278 Notes of nonmember banks secured by Gov- Fiduciary powers— ernment obligations, eligibility of, for Capital required of national banks in rediscount 81 Wisconsin in order to obtain per- Par clearance litigation in Atlanta _ 866 mission to exercise 488 Pascagoula National Bank, Moss Point, Exercise of trust powers by State mem- Miss., par clearance suit of 866 ber bank subject to board's general " Readily marketable agricultural staples, condition of membership ___ 865 definition of___ 276 National bank converted from State Rediscount of notes of nonmember banks trust company, right of, to act as secured by Government obligations, executor under will naming trust eligibility of 81 company; opinion of Supreme Reserve requirements of State foreign bank- Judicial Court of Massachusetts. 641 ing corporations, modification in 275 Opinion of Supreme Court of Rhode Reserves—Right of member bank having Island upholding right of national trust powers to deposit uninvested trust banks to exercise _ _ _ _ 639 funds in its savings department and treat Opinion of United States Supreme them as time deposits for reserve purposes 865 Court upholding right of national Resolution of Federal Reserve Board on banks in Missouri to act in 418 branch banking 81 Dissenting opinion 419 State bank member— Right of member bank having trust Capital, increase of, by bank intend ng powers to deposit uninvested trust to withdraw from system ; _ _ _ _ 278 funds in its savings department and Examination of, by Federal reserve treat them as time deposits for re- bank 278 serve purposes 865 Regulation H 250, 279, 715 Foreign banking corporations organized un- State foreign banking corporations, reserve der State law, reserves required, mod- required, modification in 275 ification in_, _• •_ 275 Supreme Court of Rhode Island^ opinion of, German trade bills, eligibility of, for pur- upholding right of national banks to exerchase by Federal reserve banks 459 488 cise fiduciary'powers_ _ 639 5 Government bonds, notes of nonmember Supreme Judicial Court of Massachusetts, banks secured by, eligibility for redis- opinion of, on right of national bank concount . 81 verted from State trust company to act Increase of capital stock by State member as executor under will naming trust combank intending to withdraw from sys- pany 641 tem 278 Time deposits—Right of member bank Interest rates on rediscount transactions having trust powers to deposit uninbetween Federal reserve banks calcu- vested trust funds in its savings departlated on 365-day basis 639 ment and treat them as time deposits Interpretation of word "borrower" as used for reserve purposes 865 in section 13 _ 275 Trade bills, German, eligibility of, for pur- Interpretation of words "nonperishable, chase by Federal reserve banks 459, 488 readily marketable agricultural staples" United States Supreme Court— as used in section 13 276 On right of national banks to establish National banks— branches 281 Capital required of Wisconsin banks Opinion upholding right of national in order to obtain permission to banks in Missouri to exercise fiduciexercise fiduciary powers 488 ary powers 418 Converted from State trust company, Dissenting opinion 419 right of, to act as executor under War Finance Corporation bonds, paper will naming trust company; opin- secured by, eligibility for rediscount 277 ion of Supreme Judicial Court of (See also Regulations.) Massachusetts- 641 Rumania: Exercise fiduciary powers— Debt to United States 9 In Missouri, United States Su- Discount rates_ 54, 125, preme Court opinion ,_ 418 221, 298, 432, 502, 656, 738, 805, 879, 960 Dissenting opinion 419 Foreign exchange rates 74, 145, In Rhode Island, opinion of Su- 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 preme Court of Rhode Island 639 Russia: Right to establish branches— Chervonetz, price of •_ _ 267 United States Supreme Court de- Debt to United States 9 cision 291 Foreign trade, discussion of 217 Comptroller of the Currency, state- Gold holdings, 1913, 1922, and 1923 270 ment by, on 285 Gold production, 1921-1923 270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 INDEX TO VOLUME 10 Rye: Silver—Continued. Prices on farms ' 765, 790 Production 40, 110, Production 1 __ 13, 765 208 291, 425, 495, 576, 649, 731, 798, 872, 953 ? Receipts, shipments, and stocks 39, 109, Production and prices, monthly reports 28, 97, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 195, 256, 338, 468, 541, 625, 692, 776, 841, 913 Salaries, Federal reserve banks_ _ 136, 670 Skins. (See Hides and skins.) Sergeant, Chas., member of general board of South Africa: Reichsbank „ 855 Cost of living 49, 119, Sault Ste. Marie Canal, commerce at_ . 42, 216, 302, 436, 506 593, 660, 742, 809, 883, 964 112, 497, 578, 651, 733, 800, 874, 955 Discount rates _- ? 54, Savings accounts, definition of—Regulation D__ 710 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Savings deposits— Food prices, retail . 49, 119, France 54, 125, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Foreign trade 53, 124, United States _. 34, 104, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 202, 264, 345, 475, 548, 633, 699, 784, 847, 920 Gold production, 1921-1923-___ 270 Securities prices. (See Prices.) Wholesale prices 48, 118, Sheep: 215, 301, 4,35, 505, 592, 659, 741, 808, 882, 963 Number on farms and ranges, 1913-1924-_ 864 Prices 793,864 Spain: Receipts, shipments, and slaughter 39, 109, Cost of living__ 49, 119, 207, 290, 424, 494, 575, 648, 730, 797, 871, 952 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Slaughtered, index of _ _ _. 38, 108, Discount rates 54, 125, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 21, 298, 432, 502, 588, 656, 738, 805, 879, 960 Ship arrivals in Hamburg, Germany 52, 123, Changes in 588 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Foreign exchange rates 74, 145, Ships cleared: 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 England--- 52, 123, Gold and silver imports and exports 73, 144, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 1919-1924 572 France - 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Gold holdings, 1913, 1922, and 1923_______ 270 Trend of, in England, France, Canada, and Wholesale prices: 48, 118, United States _._ 51, 122, 218, 268, 350, 482 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 Shoe chain stores: Spirits of turpentine, receipts and stocks 40, 110, Retail trade _ J _• 44, 114, 207, 291, 425, 495, 576, 649,-731, 798, 872, 953 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 State banks and trust companies: Sales of, 1919-1923 17,20 Absorbed by national banks - 82, Shoes: 182, 287, 558, 727, 867 Monthly reports on the industry 31, 99, Admissions to system 12, 82, 198, 259, 341, 471, 544, 628, 696, 780, 844, 917 182, 287, 421, 491, 558, 645, 727, 867, 947 Output by factories 41, 111, Branches of—Regulation H 250, 279, 716 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Capital necessary for membership 715 Wholesale trade__._ 43, 113, Capital, increase of, by bank intending to 210, 294, 428, 498, 579, 652, 734, 801, 875, 956 withdraw from system 278 Sight drafts, discount of—Regulation A 707 Capital, surplus, and resources of banks Silk: admitted to system 12, 82, Imports, Germany 52, 123, 182, 287, 421, 491, 558, 645, 727, 867, 947 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Change of name 12, 82, 182, 421, 491, 558, 645, 947 Monthly reports on the industry 29, 98, Closed banks 12, 82, 196, 258, 339, 469, 542, 626, 694, 778, 842, 915 182, 287, 421, 558, 645, 727, 867, 947 Raw— Condition of— Consumption, stocks, and imports __ 41, 111, Abstract of— 208, 292, 426, 496, 577, 650, 732, 799, 873, December 31, 1923_-____----_ 23-4-237 954. March 31, 1924 519-523 Imports, France 52,123,219, June 30, 1924 753,754 296, 430, 500, 581, 654, 736, 803, 877, 958 October 10, 1924 974 Prices on the New York market, chart All banks in the United States— showing , 694 June 30 and Sept. 14, 1923 66,67 Silver: December 31, 1923 _-__._ 315,316 Christmas gifts, silver dollars used for 906 June 30, 1924_____ 819,820 Coin and certificates, circulation and Member banks— stocks 71, 141, June 30 and Sept. 14 1923 66, 67 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 ; December 31, 1923__ -__ 315, 316 Dollars, increase in circulation of _ _ _ 769, 906 March 31, 1924 568 Treasury statement on_ 906 June 30, 1924-____________-__ 819, 820 Imports and exports 35, Consolidations __: 12,82, 73, 105, 144, 203, 241, 264, 322, 347, 453, 1.82,421,491,645,727,867 477, 527, 550, 610, 634, 676, 702, 762, 829, 898, 983. Converted into national banks.- 12, 82, Price of, in New York and London 74, 145, 421,558,645 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Examination of, by Federal reserve banks- _ 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1009 INDEX: TO VOLUME 10 State banks and trust companies—Continued. Sweden—Continued, Exercise of trust powers by State member Merchandise trade balance during the war_ _ 483 bank subject to board's general condition Riksbank-— of membership _ _ _- . 885 Gold holdings and notes in circulation _ 485 Insolvencies : 182, 421 Resumption of gold payments by 483, 485 Liquidations 12, 82,287,421,947 Wholesale prices__-___ 48, 118, 215, 301, 435, 505, Membership in system, changes in .___ 65, 592, 659, 741, 808, 882, 963 141, 238, 318, 605, 824 Switzerland: During year 1923— 318 Bank of, note circulation, 1913-1923 88 Number in system 12, 82, Capital investments 91 182, 287, 421, 491, 558, 645, 727, 867, 947 Cost of living-—— 49, 119, 216, 302, 436, 506, 593, Regulation H . 279, 715 660, 742, 809, 883, 964 Withdrawals from system 12, 82, Debt— 89 182, 287, 491, 558, 645, 727, 867, 947 Discount rates 54, 125, 221, 298, 432, 502, State foreign banking corporations, reserve 588, 656, 738, 805, 879, 960 required, modification in _ — 275 Changes in 588 State laws relating to bank reserves _ 154-181 Swiss National Bank, 1913-1923,____ 89 Stationery, wholesale trade ._ 43, 113, Exchange and money rates, study of ___-.__ 88, 92 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 Food prices, retail 49, 119, 216, 302, 436, 506, Statistical work of the Federal Reserve Board __ 554 593, 660, 742, 809, 883, 964 Steel: Foreign exchange rates. _ - _ 74, 145, 242, 323, 454, Production- 528, 611, 677, 763, 830, 899, 984 France, chart showing : 853 Foreign investments _ 91 Great Britain _-_ 52, 123, 219, 296, Foreign trade, 1914-1923 90 430, 500, 581, 654, 736, 803, 877, 958 Franc, price of, chart showing 88 Chart showing ______„ 853 Gold and silver imports—— 73, 144, 241, 322, 453, Index of— - 38, 108, 205, 527, 610, 676, 762, 829, 898, 983 289, 423, 493, 574, 647, 729, 796, 870, 951 Gold holdings, 1913, 1922, and 1923 270 Production and shipments ,— 40, 110, Gold imports and exports, 1914-1923 91 208, 291, 425, 495, 576, 649,731, 798, 872, 953 Money rates 88 Stock quotations. (See Securities prices.) Wholesale prices,. 48, 118, 215, 301, 435, 505, 592, Stocks of basic materials 149 659,741,808,882,963 Stores. (See Chain stores; Department stores.) Taxes: Stoves, wholesale trade 801, 875, 956 Federal reserve bank buildings _ 136, 670 Straits Settlements, foreign exchange rates 74, 145, Federal reserve bank note circulation 136,670 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Franchise, paid by Federal reserve banks to Subscription price of Bulletin, reduction in 6 Government — _ 136, 670 Sugar: Germany, Dawes committee report on___ 374, 409 Meltings, index of production 38, 108, 205, Telephone and telegraph, Federal reserve banks, • 289, 423, 493, 574, 647, 729, 796, 870, 951 cost of -_- — 136, 670 Receipts, meltings, and stocks.- 40, 110, 207, 291, Textiles: 425, 495, 576, 649, 731, 798, 872, 953 Index of production 38, 108, Supreme Court of Rhode Island, decision of, up- 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 holding right of national banks to exercise Monthly reports on the industry 29, 98, fiduciary powers -~. 639 195, 257, 338, 468, 541, 626, 693, 777, 841, 914 r Supreme Court of United States, opinions of: Statistics _ 40, 110. Upholding right of national banks in Mis- 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 souri to exercise fiduciary powers 418 Time deposits: Dissenting opinion - 419 Definition—Regulation D 710 r Right of national banks to establish Member banks 65, 140, branches :.__ .. :~ 281 233, 314, 448, 518, 607, 672, 760, 827, 895, 980 Supreme Judicial Court of Massachusetts, opin- Right of member bank having trust powers ion of, on right of national bank converted to deposit uninvested trust funds in its from State trust company to act as executor savings department and treat them as under will naming trust company 641 time deposits for reserve purposes. ----- 86^ Surplus account, Federal reserve banks 136, 670 Tin, deliveries to factories and stocks _~ 40, 110, Sweden: 208,291,425,495,576,649,731,798,872,953 Cost of living 49, 119, 216, 302, 436, 506, 593, Tires and tubes, automobile: 660,742,809,883,964 Monthly reports on the industry 30, 99, Debt _ _ ' 484 197, 259, 340, 470, 543, 628, 695, 779, 843, 916 Discount rates—_ 54, 125, 221, 298, 432, 502, 588, Production, shipments, and stocks. 41, 112, 656, 738, 805, 879, 960 209, 292, 426, 496, 578, 650, 732, 800, 874, 955 Changes in __ —- 50,588 Tobacco: Foreign exchange . 74, 145, 242, 323, 454, 485, Crop estimate— 644, 726, 794, 868, 949 528, 611, 677, 763, 830, 899, 984 Germany, tax on, Dawes committee report 1919-1923 - - 484 on ----- -- 378 Foreign trade— 53, 124, 220, 297, 431, 483, 501, Manufactures of, index of production 38, 108, 583, 655, 737, 804, 878, 959 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 Gold and silver imports and exports-. 73, 144, 241, Monthly reports on the industry . 26, 95, 322, 453, 610, 676, 762, 829, 898, 983 192, 254, 335, 465, 538 622, 690, 773, 838, 911 ? 1919-1924 — -__- 572 Prices, 1922-23 - - 95,465 Gold holdings, 1913,1922,andl923 270 Production 13, 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 IKDEX TO VOLUME 10 Tobacco—Continued. Page United States—Continued. Page Sales at warehouses 39, 110, Wholesale prices- 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Comparison with other countries.__ 48, 118, Sales of revenue stamps for manufacture of 40, 215,301,435,505,592,659,741,808,882,963 110, 207, 291, 425, 495, 576, 649, 731, 798, Federal Reserve Board's international 872, 953. wholesale price index 46,116,214, Trade. (See- Foreign trade; Retail trade; Wholesale 300, 434, 504, 590, 658, 740, 807, 881, 962 trade.) Group index numbers 46, 116, 214, Trade acceptances: 300, 434, 504, 590, 658, 740, 807, 881, 962 Discount of—Regulation A 706 Trend of ' 51, 122, 218, 268, 350, 482 Purchase of—Regulation B 708 United States bonds: Trade bills, German, eligibility for purchase by Purchased by Federal reserve banks- 60, 132, 228, Federal reserve banks_ _ _ 459, 488 309, 443, 514, 600, 667, 749, 816, 890, 971 Transportation _ 42, 112 Retirement of 4 per cent bonds of 1925 • 944 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 United States notes, circulation and stocks 71, 141, Monthly reports _ 31, 100, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 199, 260, 342, 472, 545, 629, 697, 780, 845, 918 United States Supreme Court, opinions of: Traveling expenses, Federal reserve banks 136, 670 Right of national banks in Missouri to Treasury certificates of indebtedness. (See exercise fiduciary powers . 418 Certificates of indebtedness.) Dissenting opinion- 419 Treasury financing. 8, 249, 533, 768 Right of national banks to establish Treasury notes of 1890, circulation and stocks.71, 141, branches __ 281 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 Uruguay, foreign exchange rates 74, 145, 242, Treasury statement on silver dollar circulation. 906 323, 454, 528, 611, 677, 763, 830, 899, 984 Trust companies. (See- State banks and trust Vegetables, shipments of : 40, 110, companies.) 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Trust powers. (See Fiduciary powers.) Venezuela, gold and silver imports and exports. _ 73. 144, Trustee. (See Fiduciary powers.) 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Underwear: Vessels: Monthly reports on the industry..... 30, 98, 196, Built in United States.. __ 42, 112, 258, 339, 470, 542, 627, 694, 778, 842, 915 209, 293, 427, 497, 578, '651, 733, 800, 874, 955 Production and shipments 40, 110, Cleared in foreign trade ___. 42, 112, 208, 291, 425, 495 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Unemployment: Wages, factory workers - 833 Canada __ 52, 123, 219, (See also Employment; Unemployment.) 296, 430, 500, 582, 654, 736, 803, 877, 958 War Finance Corporation bonds, paper secured France--. — ---. .--_ 52, 123, 219, by, eligibility for rediscount 277 r 296, 430, 500, 581, 654, 736, 803, 877, 958 Warrants, municipal, purchase of—Regulation Germany... 52, 123, 217, 219, E ----- 711 296, 430, 500, 582, 654, 736, 803, 877, 958 Wealth, Hungary 271 During 1923. 217 Weekly statement of condition of Federal reserve Great Britain- banks, change in__ 126 Chart showing ._ 852 (See also Condition of banks.) Discussion of_____ 217, 613, 852 West Indies, gold and silver imports and ex- Percent 52,123,219, ports 73, 144, 296, 430, 500, 581, 654, 736, 803, 877, 958 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Trend of, in England, France, Canada, and Wlieat: United States.-- 51, 122, 218, 268, 350, 482 Canada, receipts and exports 52, 123, (See also Employment.) 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 United States: Crop estimate 644, 726, 794, 868, 949 Cost of living. 49, 119, 216, Crop of the world and international trade_ _ 788 302, 436, 506, 593, 660, 742, 809, 883, 964 Exports, charts showing 94, 191, 837 Business conditions— Prices on farms__ 765, 790 Discussion of 1-5, 147, 457, 533 Chart showing. 692 Index of__ 536, 620, 687, 771, 836, 908 Production 13, 16 Monthly reports- 10, 25, 79, 94, 152, 191, 251 Receipts, shipments, and stocks 39, 109, 332, 462, 535, 619, 686, 700, 835, 907 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Review, year 1923 1-5 World wheat crop and international trade. 788 Foreign loans placed in_ 92, 458, 905, 924 Wholesale prices. (See Prices.) Foreign trade— Wholesale trade: Index of 53,124,220, Condition of 43, 113, ' 297, 431, 501, 584, 655, 737, 804, 878, 959 210, 294, 428, 498, 579, 652, 734, 801, 875, 956 With foreign countries, 1921-1923. _ 479-481 Monthly reports on 32, 101, Gold and silver imports and exports. (See 199, 261, 342, 472, 545, 630, 679, 871, 845, 918 Gold.) Withdrawals from Federal reserve system: Gold holdings, 1913, 1922, and 1923 .270 Capital, increase of, by State member bank Gold production, 1921-1923 270 intending to withdraw 278 Loans, foreign, placed in 92, 458, 905, 924 State member banks 12., Food prices, retail 49, 119, 216, 82, 182, 287, 491, 558, 645, 727, 867, 947 302, 436, 506, 592, 660, 742, 809, 883, 964 Women's clothing. (See Clothing.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 10 1011 Wood pulp: Page Wool and woolen industry: Exports, Canada- 52,123, Chart showing spindle hours and prices 778 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Monthly reports on 29, 98, Production, shipments, and stocks 41, 111, 195, 257, 338, 469, 542, 626, 693, 778, 842, 914 209, 292, 426, 496, 577, 650, 732, 799, 873, 954 Yugoslavia: Wool: Debt to United States ___.__„_______ 9 Consumption, active machinery, active Discount rates „ 54, hours ____ 40, 111, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 208, 292, 426, 495, 577, 649 731, 799, 872, 953 Foreign exchange rates _; -_ _ 74, 145, : Imports and mill consumption, chart show- 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 ing ____ 469 Zinc: Imports, England 52,123, Index of production_____ __ 38, 108; 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 Index of production 38, 108, Production and prices 28, 96, 205, 289, 423, 493, 574 647, 729, 796, 870, 951 194, 256, 337, 467, 541, 625, 692, 776, 841, 913 ? Raw—• Production, stocks, and shipments.- 40, 110, 208, Imports, Germany 52, 123, 219, 291, 425, 495, 576, 649, 731, 798, 872, 953 296, 430, 500, 582, 654, 736, 803, 877, 958 Chart showing 467 Stocks in United States, 1922-1923___ 196 19966—24f- -8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

v • -_ -\ ^ jyjBiNi1^-••••• I :S.'DAK. ! "* C ^ A G o V - ^ p ^^ H-U. 1 WO. r"-2. %. MsT.t0ins BOUNDARIES OF fEOERAL RESERVE DISTRICTS —-BOUNDARIES OF FEDERAL RESERVE BRANCH,_TERWTORIES * FEDERAL RESERVE BANK CITIES ® FEDERAL RESERVE BRANCH C3T1SS O fEOERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis