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Monthly Review of Credit and Business Conditions*
1924

Page

ACCEPTANCES
Outstanding, February
ADVERTISING
January
AUTOMOBIIJSS
(see Uotor vehicles)

3
6

BANKING CONDITIONS
Monthly beginning January BUILDING
Monthly beginning January
BUSINESS ACTIVITy
Monthly beginning January ---------------------------BUSINESS CONDITIONS
Monthly beginning January
Business over fifty years as reflected in bank clearings, May - - •
BUSINESS FROFITS IN 1923
Mar«h
CANADA
Canadian financing abroad and in Canada, March
CHAIN STORE SALES
Monthly beginning January (except February)
CLEARINGS
Business activity over 50 years as reflected in bank clearing®,

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&
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7

CROPS
August, September, October DEPARTMENT STORES
Department store business, Monthly beginning January
Department store sales since 1900, December
DEPOSITS
Velocity of bank deposits, March
Savings bank deposits, March, September Changes in ftamber bank deposits, April
EMPLOYMENT
Monthly beginning January
FEDERAL RESERVE BANK OF NEW YORK
Operations in 1923, February FOREIGN EXCHANGE
Monthly beginning January




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- 2 Index to Monthly Review, e t c -

1924
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FOREIGN TRADE
Monthly beginning January - - - - —

- - -

- -

- -

- -

- -

- -

- -

-

GENERAL PRICE LEVEL INDEX
A p ril - - - - - - - GOLD
Movements , Monthly beginning J anuary - - - - - - - - - - - - - - - T
GOVERNMENT DEBT
August - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - INTEREST RATES
Monthly beginning J anuary - - -

- -

- —

- - -

- -

- -

- -

- -

MONEY SHIPMENTS
Pbreign shipments o f United States cu rren cy, Monthly beginning
February (e x ce p t March , May , November) - - - - - - - - - - MOTOR VEHICLES
Production and s a l e s , A pril - - - - - - - - - - - - - - - - - - -

- -

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- -

- -

- -

- -

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- - -

- - -

- - -

- - -

- - -

- - -

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- - - - - - - - - - - - - - - - - - - -

WAGES
Monthly beginning January WHOLESA.LE TRADE'
Monthly beginning January

7
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SECURITIES
Security markets , Monthly beginning January - - - - - - - - - - - - SILVER
S ilv e r exports , September - - - - - - - - - - - - - - - - - - - - - -

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m m s.
ADVERTISING
Newspaper and magazine , compared with computed trend.
January —
-




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PRICES
January, p - 3; Pbbruary » p . 5; June, p . 4 ; August, p » 7 ; September,
p . 7 ; October, p - 7 .
PRODUCTION
Monthly beginning January - - - - - - - - - - - - - - - - - - - - - RAILROADS
Equipment purchases , A p ril
REAL ESTATE
Real esta te and r e n t s » A pril
RENT
Real esta te and r e n t s , A pril
Apartment ren ts , November - ROAD BUILDING
November - - - - - - - - - -

3

1919 • 1923 .
-— -

Index to Monthly Review, e t c .

1924.
Page

BANK DEBITS
Factory employment in New York sta te and average d a ily fig u res
fo r bank d ebits outside o f New York c i t y , t o t a l ca r lo a d in g s, and sa les o f wholesale dealers in Second D is t r ic t
compared by months fo r 1923 and 1924. November - - - - - 5
BONDS
Average monthly p rice o f 40 m iscellaneous bonds and o f the
4
Fourth L iberty 4£*s« 1912-1924. July - - - - - ----------- BORROWINGS
D aily borrowings by p rin cip a l New York c it y member banks from
Federal Reserve Bank, and ra tes fo r commercial paper and
c a l l loan renewals, Jan. - J u ly , 1924. August - - - - - 3
BUILDING
Value o f b u ild in g con tra cts awarded in New York s ta te and Northern
New Jersey and in a l l other Northwestern s t a t e s , in f i r s t 11
months o f the years 1919 to 1924. January, p*5; May,p. 6 .
Volume o f b u ild in g and production o f p ig ir o n . 1919-1924,A p ril 6
Monthly average o f b u ild in g con tra cts fo r f i r s t ..fiv e months o f
1923-1924. July - - - - - - - - - - - - - - - - - - - 6
Value o f b u ild in g con tra cts awarded in 36 sta tes and in New York
s ta te and Northern New J ersey, 1923-1924. September - - - 5
BUSINESS ACTIVITY
Monthly changes in indexes o f d is tr ib u tio n and general business
a c t i v i t y , May - - - - - - - - - - - - - - - - - - - - - - 5
Business a c t i v it y over 50 years as r e fle c t e d in bank clea rin g s
o u tsid e New York c i t y , 1875-1924. May - - - - - - - - - - 8
CANADIAN BONDS
Sales in Canada, United Kingdom and United States by years, 1910
to 1923. March - - - - - - - - - - - - - - - - - - - - - 4
CAPITAL ISSUES
(see Securities)
CAR LOADINGS
W holesale trade in the Second Federal Reserve D is t r ic t and ca rloadings o f merchandise and m iscellaneous fr e ig h t , 19191923. February - - - - - - - - - - - - - - - - - - - - - 6
Factory employment in New York s ta te and average d a ily fig u res
f o r bank d ebits ou tsid e o f New York c i t y , t o t a l ca r-lo a d in g s ,
and' sa le s o f w holesale dealers in the S e c o n d .D is tr ic t,
compared by months fo r 1923 and 1924. November - - - - - 5
CEMENT
Average d a ily consumption o f cotton and production o f p ig ir o n ,
automobiles, and cement, by months for 1923 and 1924, compared*.
4
November - - - - - - - - - - - - - - - - - - - - - -------- - CHAIN STORES
Monthly sa le s o f department sto re s in the Second Federal Reserve
d i s t r i c t and sa le s o f chain s t o r e s , 1919-1924. June - - - 8
CLEARINGS
Business a c t iv it y over 50 years as r e fle c t e d in bank clea rin g s
ou tsid e New York c i t y , 1875 to 1924. May - - - - - - - 8
COMMERCIAL PAPER
Outstanding - 26 d e a le rs, 1918-1924. March - - - - - - - - - 3




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Index t o Monthly Review, etc*

COMMERCIAL PAPER (continued)
Daily borrowings by p rin cip a l New York c i t y member banks from
Federal Reserve Bank, and ra tes fo r commercial paper and
c a l l loan renewals. January-July, 1924* August - - - - - - - - CONCRETE
Contracts awarded fo r con crete highway con stru ction in the
United States by months, 1919-1924* November - - - - - - - - - CORN
Average p rice s at Chicago of wheat (no* 2 red w inter) and
corn (no* 3 mixed y e llo w .) 1914-1924* August - - - - - - - - - COTTCN
Average d a ily consumption of cotton and production of p ig iron ,
automobiles and cement, by months fo r 1923 and 1924
compared. November - - - - - - - - - - - - - - - - - - - - - - CREDIT
Bank c r e d it , 800 member banks in leading c i t i e s , 1919-1923*
January - - - - - - - - - - - - - - - - - - - - - - - - - - - - Member bank c r e d it - weekly fig u re s - 1 0 1 lea d in g c i t i e s ,
1919-1924. February, March, May, November, December - - - - - - Reserve bank c r e d it ** 12 Federal Reserve banks, weekly fig u re s ,
1919-1924* February, March, A p ril, June, August, October - - - Member bank c r e d it in Second Federal Reserve d i s t r i c t - weekly
fig u re s f o r 1CB banks in 8 leading c i t i e s , 1919-1924* July » - 750 member banks in 101 leading c i t i e s , 1919-1924* July, Sept. - - - CROPS
Estimated value o f p r in c ip a l 1924 crops at July 15 p r ic e s at the
farm compared with December 1 value of crops harvested in
1921, 1922, 1923* September - - - - - - - - - - - - - - - - - - DEPARTMENT STORES.
Sales and stocks o f department stores in Second d i s t r i c t , 19191923* January - - - - - - - - - - - - - - - - - - - - - - - - - Sales o f department stores in the Second Federal Reserve d i s t r i c t
and mail order houses, 1919-1923. February - - - - - - - - - - Monthly sa le s o f wholesale dealers and department sto re s in the
Second Federal Reserve d i s t r i c t , 1919-1923. March, July - - - - Department sto re sa les - index of sa les of 333 sto re s in 117 c i t i e s ,
1919-1924* May, October - - - - - - - - - - - - - - - - - - - - Monthly sa les of department sto re s in the Second Federal Reserve
d i s t r i c t and sa les of chain sto re s, 1919-1924* June - - - - - - Sales and stock s on hand, 1923 compared with 1924* August, October - Monthly percentages of outstanding orders t o t o t a l purchases in
previous year of rep resen tative department sto re s in the
Second D is t r ic t , 1921-1924* August, September - - - - - - - - - Annual sa les of se le c te d department stores in New York and nearby
c i t i e s , 1900-1924, compared with growth o f New York c i t y
population and sa les of 64 stores from 1919-1924. December - - -




1924

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- 5 Index to Monthly Review, e t c

1924
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DEPOSITS
Rate o f turnover o f bank d ep osits in New York c it y , a s e le c te d
c i t i e s , and 141 c i t i e s b efore and a fte r allowance fo r
seasonal v a r ia tio n s , 1919-19 24,
March - - ------- - - - - - Monetary stock o f gold in the United States and t o t a l o f demand,
time and government d e p o sits o f a l l n a tio n a l banks, 19141924* March - - - - - - - - - - - - - - - - - - - - - - - - D eposits o f 15 savings banks in New York c i t y and the Second
d i s t r i c t ou tsid e New York c ity * 1918-1924* March, S e p t .- - Demand and time d e p o sits o f a l l member banks, 1919-1924* A p r il- EARNING ASSETS
A ll Federal Reserve banks, 1922-1923*
January ---------------------------T o ta l, Federal Reserve Bank o f New Yor*% by days, Dec* 1, 1923
to January 24, 1924, in clu siv e * February - - - - - - - - - EARNINGS
Changes in average weekly earnings o f fa cto ry op era tiv es and
fa cto ry o f f i c e workers in New York sta te and the cost o f
liv in g in the United S tates, 1914-1923* January - - - - - - Changes in employment, in t o t a l wage payments, and average
weekly mage earnings in New York sta te f a c t o r ie s , 19181924#
July — — — — — — — — — — — — — — — — — — — — — — — — —
EMPLOYMENT
Factory employment in the United States and New York sta te by
in d u strie s, 1919-1923. January - - - - - - - - - - - - - - Index o f employment in manufacturing in d u s trie s , 1919-1924*
January, A p r il, June, July, August, September, November,
December - - - - - - - - - - - - - - - - - - - - - - - - - - Changes in employment, in t o t a l wage payments, and average weekly
wage earnings in New York sta te fa c t o r ie s , 1913-1924* July, p .7 ;
December, p . 6 .
Factory employment in New York sta te and average d a ily fig u res
fo r bank d e b its outside New York c i t y , t o t a l car loa d in g s,
and sa les o f w holesale dealers in Second d i s t r i c t , compared
by months, fo r 1923 and 1924*
November - - - - - - - - - - FOREIGN EXCHANGES
D epreciation from par v a lu e, 1919-1924*
February, July - - - - Foreign exchange ra tes in p er cent d ep recia tion from par in Nov­
ember, 1924, November, 1923, and at the 1920-1924 low
p oin ts compared.
December - - - - - - - - - - - - - - - - FREIGHT CARS
Domestic purchases, 1922-1924*
A p ril - - - - - - - - - - - - GENERAL PRICE LEVEL INDEX
An index o f the general p r ic e le v e l compared with wholesale p rice s
and wages, 1875-1924* A p ril - ------- --- ------- ---------- --- ------GOLD
Monetary stock o f gold in the United States and t o t a l o f demand,
tim e, and government d e p o sits o f a l l n a tio n a l banks, 19141924*
March - - - ----------------------------------------------------------- - - United States net imports and exports o f g o ld , 1914-1924* June,
December - - - - - - - - - - - - - - - - - - - - - - - - - 


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-6 Index t o Monthly Review, e t c .

1924.
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HOUSING
Columns of "Apartments For rent" a dvertisin g in the Sunday e d itio n
o f a New York newspaper during the rentin g seasons of 1922-1924.
November - - - - - - - - - - - - - - - - - - - - - - - - - - - - INTEREST RATES
Open market ra tes f o r prime commercial paper and bankers acceptances,
and discount ra te of the Federal Reserve Bank of New York#
1914-1924. June - .......................................... - - ----------------------- ---------- --.Money rates - New York and London, 1922-1924. Ju ly, November - - - - D aily borrowings by p r in c ip a l New York c i t y member banks from
Federal Reserve bank, and ra tes f o r commercial paper and c a l l
loan renewals* January-July, 1924. August - - - - - - - - - - C a ll loan renewal ra te s, open market ra tes f o r 4 -6 months com­
m ercial paperaad 90-day bankers acceptances, and the Federal
Reserve Bank red iscou n t ra te by weeks, 1922-1924* December - - LOANS
Loans la r g e ly f o r commercial purposes and t o t a l investments of
rep ortin g member banks, New York and United States, 1921-1924.
February, June - - - - - - - - - - - - - - - - - - - - - - - - - Loans la r g e ly fo r commercial purposes of a l l weekly rep ortin g member
banks compared with weekly rates fo r prime commercial paper, and
4 -6 months c e r t i f i c a t e s , 1922-1924. May - ----- - - - ----- - - - - T ota l loans and investments and t o t a l d eposits of 750 rep ortin g member
banks in p r in c ip a l c i t i e s o f the United States and of 67 rep ortin g
member banks in New York c i t y . 1924. September - - - - - - - - T ota l loans and investments and t o t a l deposits o f 636 rep ortin g member
banks in p r in c ip a l c i t i e s outside the Second d i s t r i c t , and of 108
rep ortin g member banks in the Second d is t r ic t * 1924* November,
December - - - - - - - - - - - - - - - - - - - - - - - - - - - - MAIL ORDER BUSINESS
Sales o f department sto re s in the Second Federal Reserve d i s t r i c t and
mail order houses, 1919-1923* February - - - - - - - - - - - - MOTOR VEHICLES
Monthly production of motor v e h ic le s in the United S tates, 1911-1924.
A p r il ---------------------------- --- — -------------------------------------Average d a lly consumption of co tto n , and production of p ig iro n ,
autom obiles and cement by months, fo r 1923 and 1924, compared.
November — — — — — — — —
— ———— —— ———————— ——
PIG IRCN
Volume of b u ild in g and production of p ig iron , 1919-1924.' A p ril - - Average d a ily consumption of cotton , and production of p ig iro n ,
autom obiles, and cement by months, fo r 1923 and 1924 compared*
November - - - - - - ------- - - - - - - - --- - - - - - - PRICES
Index o f United States Bureau of labor s t a t i s t i c s , 1919-1924.
Monthly beginning January - - - - - - - - - - - - - - - - - - - P rice indexes o f 2 0 b a sic commodities in the United States and England.
July, 1922-1924* January, p*3; June, p .5; October, p*7*




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Index t o Monthly Review, e t c .

1924.

PRICES (continued)
An index of the general p rice le v e l compared with wholesale p rice s
and wages, 1875-1924. A pril - - - - - - - - - - - - - - - - - - Monthly changes in production and p rice s o f b a sic commodities,
1919-1924. M a y ----------- ----------------------------------------------- -----------------------PRODUCTION
Index of 22 b a sic commodities, 1919-1924. Monthly beginning
January - - - - - - - - - - - - - - - - - - - - - - - - - - - - Production of b a sic commodities during January and February of
1924. A pril - - - - - - - - - - - - - - - - - - - - - - - - - - Monthly changes in production and p rice s of b a sic commodities,
1919-1924. I s a y ............................................................................... ....................
Monthly production in b a sic in d u s trie s , 1918-1924. July,
October - - - - - - - - - - - - - - - - - - - - - - - - - - - - PR(FIT
Annual net p r o f it s of 203 manufacturing, merchandising, and p u b lic
se rv ic e concerns and o f c la s s 1 r a ilr o a d s , 1919-1923. March - - -

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RENT
Rents of apartments in New York c i t y compared with changes in the
c o s t of b u ild in g co n stru ctio n , 1917-1924. November - - - - - - RESERVES
Average weekly excess reserves at New York c i t y cle a rin g house
banks and open market rates f o r 4-6 months commercial paper
and 90 day b i l l s . 1924. October -------------------------------------------------- SECURITIES
Par value of fo re ig n c a p it a l issu es o ffe r e d in New York and London
by s ix month periods in m illio n s by d o lla r s , 1921-1924.
August
- - - - - - - - - - - - - - - - - - - - - - - - - - - Holdings of United States bonds and short term c e r t i f i c a t e s and
notes of 750 rep ortin g member banks in p r in c ip a l c i t i e s
throughout the country, 1919-1924. September - - - - - - - - New idsues of domestic corp oration s e c u r it ie s , e x clu siv e of
refunding iss u e s, 1919-1924. October - - - - - - - - - - - - Number o f fo re ig n government, s ta te , and municipal issu es traded
in on the New York Stock Exchange each year, 1904-1924.
November - - - - - - - - - - - - - - - - - - - - - - - - - - - Average p rice s of 50 sto ck s, both railway and in d u s tr ia l, and
40 bonds, and number o? shares so ld on the New York Stock
Exchange by months, 1916-1924. December - - - - - - - - - - - -

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TRADE
Merchandise exports and imports of the United S tates, 1919-1924.
March
Monthly imports and exports of merchandise o f the United States,
1915-1924. September - - - - - - - - - - - - - - - - - - - - - -

5

WAGES
Wages o f u n sk illed la b or compared with p r ic e s
1916-1924. May, August, November - - - Changes in employment, in t o t a l wage payments
wage earnings in New York sta te f a c t o r ie s ,



of b a sic commodities
- - - - - - - - - - - and average weekly
1918-1924. July - - -

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1924
Page

WHEAT
Average p rice s at Chicago of wheat (n o. 2 red w inter) and corn
(n o . 3 nixed y e llo w ), 1914-1924. August - - - - - - - - - - - Exports of wheat and wheat flo u r of p r in c ip a l wheat exporting
co u n trie s, 1909-1913 average, 1914-1923. October - - - - - - R eceipts of wheat, corn and oats at 14 in t e r io r markets between
July 1 and November 1 of seven years, 1918-1924. December - - ■VHCLESALE TRADE
Wholesale trade in Second Federal Reserve d i s t r i c t and car
loadings of merchandise and m iscellaneous fr e ig h t , 1919-1923.
February - - - - - - - - - - - - - - - - - - - - - - - - - - - Monthly sa les of wholesale dealers and department sto re s in
Second Federal Reserve d i s t r i c t , 1919-1923. March, July - - - Monthly sa les of rep resen ta tive wholesale dealers in the Second
Federal Reserve d is t r ic t ,, 1919-1924. June - - - - - - - - - - Factory employment in New York sta te and average d a ily fig u re s
f o r bank d eb its outside of New York c i t y , t o t a l car loadings
and sa les of wholesale dealers in Second d i s t r i c t , compared
by months fo r 1923 and 1924. November - - - - - - - - - - - - -




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