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MONTHLY REVIEW
o f C r e d it a n d
S e c o n d
Federal Reserve Agent

B u s in e s s

F e d e r a l

R e s e r v e

C o n d itio n s
D is t r ic t

Federal Reserve Bank, New York

February 1,1925

T rade

Business Conditions in the United States
RODUCTION and employment in December con­
tinued the increase which began in the autumn and
wholesale prices advanced further to the highest
level for the year. Railroad shipments of goods con­
tinued in large volume and trade, both at wholesale and
retail, was larger than a year ago.

P

P roduction

The index of production in basic industries advanced
about 10 per cent, in December to a point 25 per cent,
higher than last summer but was still below the level of
the opening months of 1924. Practically all of the 22
industries included in the index shared in the advance
and the increases were particularly large in iron and
steel, cotton manufacturing, coal mining, and meat pack­
ing. Among the industries not represented in the index
the output of automobiles declined in December and
was the smallest for any month in more than two years.
Increased industrial activity was accompanied by an ad­
vance of about 2 per cent, in factory employment, with
larger increases in the metal and textile industries, and
by a growth of nearly 5 per cent, in total factory pay­
rolls. Volume of building, as measured by contracts
awarded, was less in December than in November, but
continued unusually large for the season of the year.
PER CENT.

Distribution of goods was greater in December than
in the same month of 1923, as indicated by larger rail­
road shipments and an increase in the volume of whole­
sale and retail trade. Christmas trade at department
stores was greater than in the previous year, and sales
by mail order houses and chain stores were the largest
on record. Wholesale trade was seasonally less than in
November but in practically all lines was larger than a
year ago. Marketing of agricultural products was
greater than for the corresponding month of any recent
A further advance of more than 2 per cent, in the
Bureau of Labor Statistics index of wholesale prices
carried the average in December 8 per cent, above the
low point of June and to the highest level since April
1923. Prices of all groups of commodities were higher,
the principal increases being in farm products and foods.
In the first half of January prices of grain, wool, coal,
and metals increased further, while sugar, dairy prod­
ucts, silk, coke, and rubber declined.
B a n k C redit

At the Federal Reserve Banks the rapid return flow
of currency after the holiday trade resulted, during the
four weeks ended January 21, in a reduction of earning
PERCENT.

157
WHOLESALE
PRICES
1913*100

Index of 22 Basic Commodities Corrected for Seasonal Variation.
(1919 = 100 Per cent. Latest figure, December.)




1922
1923
1924
1925
Index of U. S. Bureau of Labor Statistics. (1913 = 100 Per cent,
base adopted by Bureau. Latest figure, December.)

MONTHLY REVIEW. FEBRUARY L 1925

Department Store Sales. Index of Sales of 333 Stores in 117 Cities.
(1919 = 100 Per cent. Latest figures, December.)

Reserve Bank Credit. Weekly Figures for 12 Federal Reserve
Banks. (Latest figures, January 21.)

assets about equal to that for the same season a year
earlier. The net outflow of currency from the Reserve
Banks during the month preceding Christmas amounted
to more than $200,000,000, and the return flow after the
Christmas peak, reflected both in the increase in reserves
and in the decline of Federal Reserve note circulation,
was in excess of $300,000,000. Fluctuations in the earn­
ing assets of the Reserve Banks during the past two
months have reflected chiefly these seasonal changes in
the demand for currency. The decline in discounts
brought their total on January 21 to a smaller volume
than at any time in 1924, and acceptances also showed a
seasonal decrease. Holdings of United States securities,
which have declined for more than two months, were
about $175,000,000 below the level of last autumn and
in about the same amount as at the middle of 1924.
Net exports of gold, which gave rise to a demand for
Reserve Bank credit, amounted to $30,000,000 in Decem­
ber and were in larger volume during the first three
weeks in January.
The growth of demand deposits at member banks in
leading cities during the three weeks ended in the
middle of January, which has been greater than the in­
crease in their total loans and investments, has reflected
the return of currency from circulation. In the same
period there was some increase in commercial loans and
a continued growth in loans secured by stocks and bonds.
Holdings of investment securities have decreased some­
what since the middle of November, particularly at the
banks in New York City.
Firmer conditions in the money market in December
and the first few days in January were followed later
in the month by declines in rates on commercial paper
to 31/2 per cent.

by the usual seasonal decline in the volume of Reserve
Bank credit outstanding in the district. Between Decem­
ber 24 and the latter part of January the total earning
assets of the New York Reserve Bank fell about $150,000,000. The return of gold coin and certificates from
circulation and the inflow of funds from other districts,
resulted in a moderate increase in gold reserves of the
bank, despite substantial withdrawals of gold for export.
Late in January there was an increase in rediscounts
for member banks, accompanying reduction in holdings
of Government securities by the New York Reserve Bank
and by the System.
Changes in member bank credit in the district during
the period included a decline in deposits and total loans
and investments of the reporting banks to levels some­
what lower, in case of deposits, than at any time since the
beginning of November. These decreases, which were in
contrast to increases shown in other districts, were more
than accounted for by decreases reported by the New
York City banks. The accompanying diagram shows the
changes in New York City, and indicates the character
BILLIONS
OF D LLARS
O

BILLIONS
OF DOLLARS

Banking Conditions in the Second District
Passing of the autumn and holiday requirements for
credit and currency, completion of January 1 financial
settlements, and some inflow of funds from the interior,
were followed during the first three weeks of January




Member Bank Credit Figures for 67 Reporting Banks in New York
City. (Latest figures, January 21.)

FEDERAL RESERVE AGENT AT NEW YORK
of the reduction in loans and investments. As compared
with the high level reached at the first of the year, most
of the decrease has been in loans secured by stocks and
bonds, but security investments, while practically un­
changed since January 1, show a decline of approxi­
mately $120,000,000 since the November high point.
Commercial loans on January 7, on the other hand,
reached a new high level since 1921, and were only
slightly lower in succeeding weeks.
M on ey M arket
Easier money conditions in January reflected the
conditions outlined in the preceding paragraphs.
Renewed buying of commercial paper, principally in
the middle west, caused a slight decline in the open
market rate to 3y2 per cent. The amount of paper out­
standing through 26 dealers at the end of December
showed a reduction from November 30 of about 10 per
cent, to $798,000,000.
Easier conditions in the bill market were manifested
in increased demand for bills, especially those of short
maturity, a reduction in dealers’ portfolios, and a de­
cline in sales to the Reserve Bank. Dealers’ open mar­
ket rates, however, continued generally 3% per cent, on
their purchases of 90 day bills and 3 per cent, on their
sales. Yields offered on short term Government issues
were also practically unchanged.
In the stock exchange money market, rates for 60-90
days advanced to 3% per cent., compared with 3 ^ -3 %
per cent, prevailing in December. Call loan renewals,
after touching 5 per cent, at the end of December re­
verted in January to an average range of 3-3% per cent.
The accompanying diagram, bringing up to date a
comparison of money rates in New York and in London,
indicates that while rates in London remain higher than
in New York, the recent rise in this market has nar­
rowed somewhat the spread between the two centers.




3

Security M arkets
The easier money conditions of early January were ac­
companied by increased activity and a firmer tone in the
bond market. Price averages of high grade corporation
issues advanced moderately to levels close to or above
the high levels touched in November. Government bonds
were also firmer, and foreign issues in a number of cases
reached new high levels.
In the stock market, continued heavy trading and ris­
ing prices during the early part of the month carried
industrial stock price averages substantially above the
1919 high levels for the first time, and railroad stocks
touched new high points since early in 1917. About the
middle of the month, however, there was some reaction
in prices and price movements thereafter became ir­
regular.
New security offerings showed the usual seasonal in­
crease after the first of January and in most cases were
readily sold. Offerings included numerous stock issues,
particularly of public utility concerns, and, in addition
to securities sold in the open market, a number of the
large New York banks announced increases in capitaliza­
tion and offered new shares to stockholders. The offer­
ings of new foreign issues in this market continued
heavy and included an increasing proportion of private
corporation issues as distinguished from Government
securities. The accompanying diagram indicates the
extraordinary increase in foreign financing in this coun­
try since the adoption of the Dawes plan. During the
last six months of 1924, offerings of foreign securities
of all kinds totaled approximately $880,000,000, the
largest for any six months in recent years. Offerings of
foreign issues in the London market, on the other hand,
showed comparatively little increase during this period,
notwithstanding the floating in London of its share of
the German loan and other reconstruction loans.
880

669
■ I NEW YORK

^LONDON

1
JAN-JVM.

JUL-DEG

1921

JAW-JOH*

JUL-DK-

1 9 2 .2

JAN'JVN

jul-dec-

1923

JAN-JUH- JUL-0EC-

19 £ 4

Par Value of Foreign Capital Issues Offered in New York and
London by Six Months Periods in Millions of Dollars.
(Pounds Converted at the Current Rates of Exchange.)

4

MONTHLY REVIEW, FEBRUARY 1, 1925

F o r e ig n M o v e m e n t o f U n ite d S ta te s C u r r e n c y

Continued return of United States currency from
abroad was indicated by the figures fo r December, which
showed net receipts by this bank and 14 other reporting
banks in this city, amounting to $9,150,000, the largest
fo r any month since progress in the stabilization o f
European currencies resulted in the beginning o f the
return flow in A pril. This large amount was due prin ­
cipally to receipts from Germany which alone totaled
over $7,000,000. Since A p ril net receipts from all coun­
tries have amounted to $59,100,000, o f which $32,000,000
came from Germany, $9,400,000 from England, $4,800,000 from H olland, and $3,700,000 from Switzerland.

Foreign Exchange
Further recovery in the foreign exchanges in January
reflected generally growing confidence in European
economic conditions, and continued large foreign bor­
row ing in this country together with higher money rates
abroad than in New Y ork. Sterling at $4.80 on January
20 stood within 2 per cent, o f par and about 30 cents
above the level prevailing at the conclusion o f the Lon ­
don conference in August.
Norwegian, Danish, Belgian, and Spanish exchanges
were also strong, and the Argentine paper peso rose to
40*4 cents, within 5 per cent, of par, com pared with a
depreciation of 25 per cent, at the beginning of 1924.
French rates held com paratively steady, and Swiss,
Dutch, and Swedish exchanges continued to be quoted
close to or above par, Italian exchange, on the other
hand, showed weakness, ascribed chiefly to internal
political uncertainties and large purchases of wheat, and
Canadian exchange was also somewhat lower, apparently
due partly to the smaller wheat crop and reduction in
exports.
Comparison o f the foreign exchange situation at the
outset o f 1925 with that o f a year ago reveals large
progress during the year in the restoration o f stable
currency conditions in Europe. Sterling a year ago sold
down to $4.21. A ll of the European exchanges were be­
low par with the dollar, and of the exchanges greatly
depreciated only those o f Austria, Finland, Latvia, and
Lithuania had been stabilized. A t the outset o f 1925,
on the other hand, sterling shows an advance o f 14 per
cent. Sweden has resumed gold payments, Dutch and
Swiss exchanges stand at par, the currencies o f Germany
and Poland have been revaluated and, together with the
new currencies o f Latvia and Lithuania, held close to the
new par, while those of H ungary, and Czecho-Slovakia
have been substantially stabilized.
In January the
South A frican Government announced its intention to
resume gold payments not later than July 1 o f this year.

proceeds o f the German loan. The exports, however,
also included additional shipments o f $8,700,000 to E n g­
land, and $26,400,000 to India. The heavy exports of
gold from this country to India, together with large
shipments from South A frica follow a rise in In d ia ’s
merchandise export balance in the first eleven months of
1924 to the highest level since 1920.
Final figures on the cou n try ’s gold movement fo r
December indicated gold im ports o f approxim ately
$10,000,000, chiefly from France, Canada, and A rgen ­
tina, so that the net export balance was somewhat less
than $30,000,000. This was the first export balance
since August 1920 and follows a net gold im port move­
ment amounting to $1,665,000,000.
The table below shows the December gold exports of
the United States by principal countries and the figures
fo r the Port o f New Y ork fo r the first 24 days o f
January. In addition to these exports, substantial
amounts o f gold were contracted fo r in the latter part o f
the month fo r shipment to Australia.

Country
Germ any................................
England..................................
British India.........................
Hong K on g...........................
Canada...................................

Exports of gold from U. S.
December 1924

From Port of New York
January 1 to 24, 1925

$ 20,000,000
10,264,000
5.674.000

$15,000,000
8.711.000
26,430,000

220,000
466.000
188.000

250,600

Netherlands..........................
All Other................................

1,324,000
538,000

‘ 2,000,660
1.752.000
2.404.000

T o ta l...................................

$39,675,000

$56,547,000

1.001.000

Foreign Trade
Foreign trade figures fo r 1924 showed an increase o f
$421,000,000 in exports, accom panied by a decrease o f
$181,000,000 in imports, and the export balance, which
had been $375,000,000 in 1923, rose to nearly a billion
dollars. O f the increase in exports, nearly two-thirds is
accounted fo r by the rise in cotton and grain exports that
occurred in the later months o f the year.
D uring the fo u r months ended November, German
purchases o f Am erican cotton alone totaled $93,000,000,
or nearly 36 per cent, more than in the same period o f
1923. The follow ing diagram, o f the foreign trade o f
MILLIONS
OF DOLLARS

G old M o vem en t
D uring the first 24 days o f January exports o f gold
from the P ort of New Y ork totaled $56,547,000, com ­
pared with $39,675,000 fo r the whole country fo r the
month o f December. O f the January shipments $15,000,000 represented further withdrawals by Germany o f




Exports of Merchandise from the United States to Germany and
Imports from Germany 1 9 1 9 -1 9 2 4 compared with 1 9 1 3 .
(Latest figures, November.)

FEDERAL RESERVE AGENT AT NEW YORK
the United States with Germany since 1919, and fo r
1913, shows the recent increase in exports to Germany.
The value of imports from Germany, however, after a
gradual increase since 1919, declined somewhat in 1924
and was smaller than in 1913, notwithstanding that
prices now are much higher.
During December slackening in the movement o f
cotton and grain caused a decline o f $50,000,000 in total
exports o f the month to a point $84,000,000 below the
October high level, but still about $16,000,000 above the
rather high figures o f December 1923. Imports, on the
other hand, which have been increasing since August,
showed a further gain o f $38,000,000 to $334,000,000,
the largest figure since May 1923, and $46,000,000 above
December last year.

Production
The advance o f 10 per cent, in the Federal Reserve
B oa rd ’s composite index o f production in December was
accompanied by increases in a m ajority o f this bank’s
indexes fo r individual industries. In many cases the
indexes shown in the table below were close to or above
the computed normal.
A further increase o f 14 per cent, in the average
daily rate o f pig iron output in December resulted in
part from the blowing in o f 23 additional blast furnaces.
Notwithstanding an increase o f 10 per cent, in daily
steel output, which carried this ban k ’s index slightly
above the com puted normal fo r the first time since
March, unfilled orders of the United States Steel Cor­
poration rose 785,000 tons. B uying in January was re(Computed trend of past years=100 Per cent.)

ported less active, but calls fo r delivery against previous
orders raised steel m ill operations to nearly 90 per cent,
o f capacity and additional iron furnaces were put in
blast.
M ill consumption o f cotton in December increased
40,000 bales to within 8 per cent, o f normal, as measured
by this bank’s index, and woolen m ill activity was only
3 per cent, below normal. M ining o f anthracite and
bituminous coal increased contrary to the usual sea­
sonal tendency, and in the week o f January 10 bitum in­
ous output reached the largest total in over 4 years.

Indexes of Business A ctivity
Nearly all o f this ban k ’s indexes o f distribution and
general business activity were higher in December than
in November and, as in the case o f the production in­
dexes, many were close to or above normal, as measured
by the trend o f past years. The follow ing table gives
the indexes after allowance fo r seasonal variation and,
where necessary, fo r price changes.
(Computed trend of past years=100 Per cent.)
1923

1924

Dec. Oct. Nov. Dec.
Producers' Goods

Pig iron......................................... 93
84
Steel ingots...................................
89
Bituminous coal...........................
Copper, U. S. mines..................... 104
91
Tin deliveries................................
81
Zinc*.............................................
Petroleum..................................... 131
Gas and fuel oil............................ 105
82
Cotton consumption.....................
Woolen mill activity*...................
91
Cement.......................................... 153
Lumber......................................... 122
83
Leather, sole.................................

Consumers' Goods

Cattle slaughtered........................
Calves slaughtered........................
Sheep slaughtered.........................
Hogs slaughtered..........................
Sugar meltings, U. S. ports..........
Wheat flour...................................
Cigars............................................
Cigarettes......................................
Tobacco, manufactured................
Gasoline........................................
Tires*............................................
Newsprint......................................
Paper, total...................................
Boots and shoes............................
Anthracite coal.............................
Automobile, all.............................
Automobile, passenger..................
Automobile, truck.........................

Car loadings, merchandise and misc 103
Car loadings, other....................... 103
Wholesale trade, Second District.. 88
88
97
53
Grain exports................................
Panama Canal traffic.................... 160

76
87
89r
113
124
69
118
100
87
98
152
116
81

105
161
84
110
114
111
86
78
102
114
198
113
95
96
83
120
124
104

104
146
77
110
91
96
86
69
93
120
158
107
96
80
78r
HOr
112r
104r

92
102
97p
109p
75
78
*92
97p
157

108
106
104
99
107
77
137
102
96
107
142
125
97

81
87
88p
105p
95
73
80

88p
151

Chain store sales...........................
Mail order sales............................
Life insurance paid for..............
Magazine advertising....................
Newspaper advertising.................

1923
1924
Yearly Yearly
Average Average

108
98
103
111
106
201
103

102
105
91
102
101
119
106

103
110
93
90p
lllp
93
120

106
113
104
86
110
89
146

103
103
95
94p
106p
86
126

103
85
120
101
97

93
103
112
100
92

97
90
107
99
92

99
104
125
98

99
93
107
100
100

95
95
107
98

100
102

105
105

99
110

104
118

105
103

103
110

101

94

92

93

100

98

107
102
103
99
101

92
101
105
91
105

102
94
100
91
102

102
103

106
102
105
102
94

107
99

General Business Activity

Bank debits, outside of New York

Bank debits, New York City.......
Velocity of Bank Deposits, outside
of New York City.....................
Velocity of Bank Deposits, New
York City..................................
Postal receipts...............................
Electric power r ..................................
Employment, N. Y. State factories
Business failures............................

*9i
111

*93
103

p= Preliminary

r = Revised

90
140
83
109
96
91
79
80
86
119
116
104
90
75
93
151
153
145

* = Seasonal variation not allowed for
p=Preliminary
r=Revised




75
86
94
110
88
69
120
98
91
97
147
123
81

1923
1924
Yearly Yearly
Average Average

1924

Deo. Oct. Nov. Dec.
Primary Distribution

Distribution to Consumer

1923

5

109p
174p
81p
119p
IlOp
93p
82
84
98
i06
102
81p
85p
97p
92p
118p

102
131
87
127
107
108
88
87
99
113
134
111
100
99
96
143
149
118

105p
139p
89p
121p
112p
114p
85
82
102
iio
97
86p
90p
118p
122p
103p

Building
The value o f building contracts awarded throughout
the country showed a further seasonal decline in Decem­
ber but continued substantially larger than a year ago.
Permits applied for, which precede contracts, increased
about 10 per cent, over November in 343 cities and were
almost as large as a year ago.
The increase in contracts recently has been mainly in
the southeastern, central western, and middle Atlantic
districts, while in the south permits have also increased

6

MONTHLY REVIEW, FEBRUARY 1, 1925

largely. In the New Y ork district, however, contracts
awarded continued lower than a year ago, when the
marked expansion in winter construction was in p rog­
ress, and in New Y ork City the decline in permits was
even more marked.
F or the entire year 1924 total contracts let in 27
States were 11 per cent, larger than in 1923, due chiefly
to increased residential building in the New Y ork dis­
trict early in the year. The follow ing diagram, com­
paring contract awards during the last five years by
types o f construction, indicates the increased importance
o f residential building in the totals.
3,876
3 ,5 0 4

2,565
ALU OTHER
P U B L IC

changes the number o f unem ployed workers, especially
unskilled labor, continues much larger than a year ago
in practically all industrial centers o f this district, and
has resulted in rather difficult conditions in cities which
lack diversification o f industries.

Com m odity Prices
Marked progress towards the reestablishment o f a more
normal relationship between agricultural and non-agricultural prices was indicated by the Bureau o f L abor
Statistics’ index o f wholesale prices fo r December. F o r
the first time since 1920 the farm products and foods
groups o f this index stood at a level equal in relation to
1913 prices with that o f all commodities o f the index.
This equalization reflects both the recovery in farm
products, and also a declining tendency in non-agricultural prices during the greater part o f the past two
years. The accom panying diagram indicates the manner
in which the various groups have come together. D ur­
ing recent months, however, it is noteworthy that non­
agricultural prices also have shared somewhat in a
general upward tendency.

U T IL -

IT IE S & WORKS

B U S IN E S S &
C O M M E R C IA L

R E S ID E N T IA L

1920
192.1
192.2
1923
1924
Value of Building Contract* Awarded Each Year in 27 States.
(Figures in millions of dollars.)

W ages and E m ploym ent
Replies from representative employers to this bank’s
quarterly inquiry indicate continued stability in this
district in the hiring rate of wages fo r unskilled labor.
W hile there was evidence o f a considerable labor sur­
plus and a much reduced labor turnover as com pared
with a year ago, few employers reported reductions in
their hiring rates, and the average rate remained about
2 per cent, below the highest level o f 1923. In the New
E ngland district, however, additional cotton mills re­
duced wages of operatives 10 per cent, upon resuming
more active operations.
Increases in factory employment o f 1 per cent, in New
Y ork State and 2 per cent, in the country as a whole,
occurred in December, and brought the totals to a level
about m idway between the summer low point and high­
est point o f 1924 reached last March.
D uring the first half of January, further increases in
factory employment were reported by employment o f­
fices. The iron and steel industry continued to reem ploy
large numbers o f men, and there were seasonal increases
in factories making automobiles and automobile parts,
and in the apparel industries. Notwithstanding these




Wholesale Prices of Farm Products and Foods Compared with
Prices of Non-Agricultural Products and All Commodities of the
Bureau of Labor Statistics Price Index. (In Percentages
of the 1913 Average. Latest month December.)
Reflection o f the rise in agricultural prices appeared
also in other standard price indexes. Largely because
o f these increases, indexes both o f the cost o f living and
o f the general price level, including not only wholesale
and retail prices, but also rents and wages, were sub­
stantially higher than in June, though not appreciably
higher than a year ago. The follow ing table shows the
changes in a number o f these indexes, and in the E con o­
m ist’s index o f British wholesale prices, since June o f
this year and December o f last year.
Dec. 1923 June 1924
20 Basic Commodities (F. R. B. of N. Y . ) . . . •
General Price Level (F. R, B. of N. Y .) .........
Wholesale Prices, Dept, of Labor......................
Cost of living in U. S., Dept, of Labor.............
Economist (British)...............................................

♦January 24,1925

146.8
183
151
173
170.1

142.3
180
145
169
168.2

Deo. 1924
*155.2
184
157
173
180.3

7

FEDERAL RESERVE AGENT AT NEW YORK

ed to this bank were over 4 y2 per cent, greater than in
1923, com pared with an annual average increase o f about
8 per cent, during the previous five years, after allowance
fo r price variations.
Stocks o f merchandise on hand during the early
months o f the year showed increases over the 1923 level,
but in the latter half o f the year there appeared to be
a tendency to carry smaller stocks relative to the volume
o f sales than a year previous. Sales in 1924 were fo u r
times the average stocks o f merchandise valued at selling
prices. This indicates a further slight increase in the
rate o f turnover, which has been increasing since 1920.
The table at the foot o f the page compares December
sales and stocks with those o f a year previous, and also
compares annual sales, average stocks, and annual rate
o f turnover in each o f the past six years.
Sales in all the main departments o f the stores showed
at least slight increases over December 1923. Sales o f
cotton goods, chiefly domestics, showed the largest in­
crease. The follow ing table shows the changes in sales
by m ajor departments.

W h o le s a le T r a d e

Wholesale trade in this district showed somewhat less
than the usual seasonal decline in December and was
7Y2 per cent, larger than in December a year ago. This
bank’s index o f trade, after allowance fo r seasonal
variation, advanced slightly to 93 per cent, o f normal, as
measured by the trend of past years.
Total sales fo r the year 1924 fell 5 per cent, below
those o f 1923, com pared with an increase o f 15 per
cent, in 1923 over 1922.
The follow ing table gives detailed comparisons fo r
December sales and total sales o f 1924.
Annual Sales
December 1924 Sales
(Total Sales 1923=
Percentage
Percentage
100 Per cent.)
Change from Change from
Deo. 1923 1919 1920 1921 1922 1923 1924
N ov. 1924
Diam onds....................
D ry good s....................
(a) C otton ...............
(b) S ilk....................
Shoes.............................
D rugs............................
C lothing.......................
(a) M en’s ................
(b) Women’s dresses
(c) W om en’s coats
and suits..........
Groceries......................
Hardware.....................
Jewelry.........................
Machine to o ls .............
Stationery....................

+ 4 1 .0
+ 1 0 .5
+ 3 .6
+ 1 7 .4
+ 1 0 .3
+ 5 .4
— 21.3
— 32.2
+ 2 6 .2

+ 2 6 .7
+ 2 4 .2
+ 1 4 .3
+ 3 4 .0
+ 1 8 .7
+ 1 5 .9
+ 8 .6
+ 3 1 .6
+ 1 5 .3

214 125
103 105
91 102
116 107
171 139
85
89
84
97
79 107
92
94

56
87
86
88
105
82
77
73
84

82 100 102
98
84 100
87 100
89
80 100 107
93 100
96
90 100 106
83 100
91
81 100
99
85
91 100

— 4 9 .2
— 9 .7
+ 2 .1
+ 0 .9
+ 1 2 .8
— 1.3

— 2 6 . o;*
+ 2 .2 s
*
— 0 .1 :
— 6.8 ,
— 8 .2 i
— 14.31

83
121
100
169
161
103

87
129
115
157
172
128

75
90
78
77
42
91

80 100 85
93 100 96
84 100
96
93
87 100
55 100 78
90 100 102

Weighted A verage..

— 7 .5

+ 7 .5

106

113

84

87

100

Per cent.
Change
in Sales
December 1923
to
December 1924

95

C otton goods...............................................................................................
Furniture......................................................................................................
M en’s furnishings...................................................................................
Toilet articles and drugs..........................................................................
H om e furnishings.......................................................................................
W om en’s ready-to-wear accessories.......................................................
W om en’s and Misses’ ready-to-wear.....................................................
Shoes.............................................................................................................
Books and stationery................................................................................
T oys and sporting goods........................................................... ..............
W oolen go o d s..............................................................................................
Luggage and leather goods......................................................................
M en’s and B oys’ wear...............................................................................
Silk goods.....................................................................................................
H osiery.........................................................................................................
Silverware and jew elry.............................................................................
Linens and handkerchiefs........................................................................
Miscellaneous................................................................................... ..

D epartm ent Store Business
Final reports on department store sales in this district
showed a substantial increase in sales over the same
month o f 1923, notwithstanding the fact that during the
first half o f the month holiday trade was reported slow.
The average increase in sales fo r the entire district was
6.6 per cent., part o f which was attributed to an extra
selling day this year, but the daily rate of sales showed
an increase over December 1923 in several localities, in­
cluding New Y ork City. The average transaction was
$2.95, com pared with $2.87 in December a year ago.

Mail order sales in December were more than onefourth larger than in the same month o f 1923, and this
bank’s index advanced to 4 per cent, above the esti­
mated normal as measured by the trend o f past years,
the highest with one exception since 1920.

F or the year 1924 total department store sales report­

Per cent. Change
Dec. 1923 to Dec. 1924

Sales

Annual Sales
(Year 1923=100 Per cent.)

All Dept. Stores.

+ 6.6

+ 0 .7

Apparel Stores
Mail crder houses.

+24.9
+25.9

+ 5 6 .6

Average Stock on H and
(Year 1923=100 Per cent.)

Annual R ate of Stock
Turnover

1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924

0
+20.0

+ 4 .8
+ 4 .2
— 5 .0
+ 3 .6
— 15.7




+
+
+
+
—
+
—

Stock

7 .8
7 .8
7 .4
5 .2
2 .9
2 .3
5 .1

New Y o r k ...............
B uffalo.....................
N ewark...................
R ochester...............
Syracuse.................
B ridgeport..............
Elsewhere, 2d Dist.

+ 2 8 .3
+ 1 7 .3
+ 1 3 .5
+ 1 2 .8
+ 1 2 .0
+ 1 0 .7
+ 1 0 .5
+ 9 .5
+ 9 .3
+ 8 .4
+ 7 .9
+ 6 .9
+ 6 .0
+ 3 .5
+ 3.1
+ 2 .7
+ 0 .8
+ 1 0 .2

96
96

88

92
99

110
99
80

95

87
101 103
76

91

93

100
100
100
100
100
100
100
100
100
100

104

102
10«
106
101
100
99

81 110 93
89 115 101
81 114
89
93 133 104
103 139 106
94 116
99
79
93

105

81

110

93

108
107

64

91

82

100 101 4 .0 3 .5
100 103 3 .0 2.8
100 103 3 .4 3 .0
100 105 2 2 .5
100 104 2 .9 2.6
101 100 102 3.1 3 .1
92 100 96 2 .4 2 .3
94 100 103 3 .8 3 .3
90 100 118 5 .7 4 .6
94
96
90
95
96

4 .2
3 .3
4 .0
3 .6
3 .5
3 .2
2 .3

3 .9
3.1
3 .7
3 .2
3 .1
3.1
2 .3

3 .9
3 .2
3 .8
3 .6
3 .4
3 .0
2 .4

3 .8

3 .8

3 .9

4 .0

5 .0

4 .8

4 .5

4 .0
3 .3
3 .9
3 .6
3 .6
3 .3
2 .3

MONTHLY REVIEW, FEBRUARY 1, 1925
N e w
H E

T

Y o r k

f o llo w in g t a b le p r e s e n t s in

R e s e r v e

c o m p a r a tiv e fo r m

t io n s o f th e F e d e r a l R e s e r v e B a n k o f N e w

q u a n tita tiv e te rm s.

O p e r a t io n s

in

1 9 2 4

f o r th e p a s t th r e e y e a r s th e v o lu m e o f th e p r in c ip a l o p e r a ­

Y o r k , w h ic h a r e o f s u c h c h a r a c t e r th a t t h e y c a n b e e x p r e s s e d in

A b o u t o n e -th ir d o f a ll th e b a n k in g

d is tr ic t, a n d th e N e w
S y ste m .

B a n k

r e s o u r c e s o f th e c o u n t r y a r e w it h in th is F e d e r a l R e s e r v e

Y o r k R e s e r v e B a n k c o n d u c t s a b o u t o n e -t h ir d o f th e b u s in e s s o f th e e n t ir e F e d e r a l R e s e r v e

A t th e c lo s e o f b u s in e s s o n D e c e m b e r 3 1 , th e t o t a l p e r s o n n e l o f th e N ew 7 Y o r k R e s e r v e B a n k , in c lu d in g
”

t h e B u f f a l o B r a n c h , n u m b e r e d 2 ,6 5 3 p e r s o n s .
S u p p l y in g

Currency and

C o in

C u r r e n c y P a id O u t , R eceived , or R e d eem ed .
I n d iv id u a l notes c o u n te d ...................................................................................
D o lla r am ou n t p a id an d r e c e i v e d * ...........................................................

1922
412,347,000
$4,952,308,000

1923
477,25 7,00 0
$5 ,807 ,207 ,000

1924
512,097,000
$6,014,938,000

C oin P a id O u t or R eceived , a serv ice p re v io u sly p e r fo r m e d la r g e ly b y
the S u b trea su ry , b u t n o w e n tire ly in the hands o f the F e d e r a l
R eserv e B a n k .
N u m b e r o f c o in s h a n d led in p a y in g , r e ce iv in g an d c o u n t i n g * . .
T o n s o f c o in h a n d le d in p a y in g , r e ce iv in g , an d c o u n t i n g * ............
D o lla r am ou n ts p a id ou t an d r e c e iv e d .........................................................

2,269,651,000
10,812
$186,500,000

2,5 45,487,000
12,456
$228,798,000

2,767,828,000
13,491
$2 74,869,000

B il l s D is c o u n t e d fo r M e m b e r B a n k s , eith er d iscou n ted cu sto m e rs/
papeT o r ad v an ces a g a in st the n otes o f m em b er ba n ks secu red b y
c o lla te r a l in th e fo r m o f G overn m en t secu rities or com m ercia l or
ag r icu ltu r a l p a p e r.
N u m b e r o f b ills d is c o u n te d ..............................................................................
D o lla r a m o u n t ........................................................................................................

61,000
$9,206,364,000

72,000
$1 7,951,843,000

40,000
$7 ,031,000,000

A c c e p t a n c e s a n d G o v e r n m e n t O b l ig a t io n s p u rch ased fo r the a ccou n t o f
th is ba n k an d oth er F e d e r a l R eserv e B an ks.
D o lla r a m o u n t ........................................................................................................

$3,750,000,000

$3 ,528,000,000

$3 ,672,000,000

C a s h I t e m s , m o stly checks, h a n d led f o r co lle ctio n f o r banks in all p a rts
o f the cou n try .
N u m b e r o f it e m s . . . ............................................................................................
D o lla r a m o u n t ........................................................................................................

118,589,000
$62,280,122,000

128,396,000
$65,518,030,000

136,166,000
$68,39 7,73 4,00 0

N o n - c a s h I t e m s , h a n d led f o r co lle ctio n , in c lu d in g d r a fts , notes, an d
cou p on s.
N u m b e r o f it e m s ...................................................................................................
D o lla r a m o u n t ........................................................................................................

1,741,000
$1,519,894,000

2,177,000
$1,920,719,000

2,429,000
$1 ,873 ,743 ,000

S u p p l e m e n t a r y S e r v ic e s
S e c u r it ie s H eld in sa fe k e e p in g f o r the U n ited S ta tes G overnm ent, the
W a r F in a n ce C o rp o ra tio n , an d others.
A v e ra g e d o lla r a m o u n t........................................................................................

$1 ,000,000,000

$1 ,010 ,000 ,000

$979,000,000

A c c e p t a n c e s a n d O t h e r S e c u r it ie s B o u g h t or S old f o r m em ber banks,
an d fo r e ig n banks.
D o lla r a m o u n t ........................................................................................................

$302,000,000

$237,7 12,0 00

$173,682,000

F u n d s T r a n s f e r r e d b y T e l e g r a p h to an d fr o m a ll p a rts o f the c ou n try
f o r the T re a su ry D e p a rtm e n t an d m em ber banks.
N u m b e r o f t r a n s fe r s ............................................................................................
D o lla r a m o u n t ........................................................................................................

236,000
$25,126,090,000

28 4,000
$28,03 1,50 0,00 0

286,000
$35,042,000,000

U n it e d S t a t e s G o v e r n m e n t S e c u r it ie s issu ed, redeem ed , o r ex ch a n ged ,
in c lu d in g G overn m en t b o n d s, n otes, an d certifica tes o f in d ebted n ess.
N u m b e r o f it e m s ...................................................................................................
D o lla r a m o u n t ........................................................................................................

7,030,000
$6,449,625,000

8,247,000
$3,148,870,000

2,9 87,0 00
$3 ,522 ,486 ,000

C o u p o n s P a id on G o v e r n m e n t S e c u r it ie s .
N u m b e r o f c o u p o n s ...............................................................................................
D o lla r a m o u n t ........................................................................................................

22,685,000
$336,468,000

17,684,000
$337,344,000

14,055,000
$332,369,000

M a k in g L o a n s a n d I n v e s t m e n t s

C o l l e c t in g

S e r v ic e s in

C h e c k s, D r a fts, N otes, an d

C oupons

C o n n e c t io n w i t h G o v e r n m e n t L o a n s

( I n a d d itio n to these o p e ra tio n s f o r the T rea su ry , the b a n k p e rfo rm e d
o th e r w o rk f o r the G overn m en t co n n e cted w ith the cu rren cy, the
c o lle ctio n o f checks, the c u sto d y , p u rch ase an d sale o f secu rities, the
tr a n s fe r o f fu n d s, etc., w h ich have been r e fe r r e d to u n der th eir
re sp e ctiv e h e a d in g s .)
* Buffalo Branch operations excluded.