Full text of Federal Reserve Bulletin : August 1924
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!i
AUGUST, 1924
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Business Conditions in Europe
Business Conditions in the United States
Currency Reorganization in Germany
WASHINGTON
GOVERNMENT PRINTING OFFICE
1924
FEDERAL RESERVE BOARD
Ex officio members:
D. R. CRISSINGEE, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
HENRY M. DAWES,
Comptroller of the Currency.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,
Director, Division of Research and Statistics.
J. F. HERSON,
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
E. A. GOLDENWEISER, Statistician.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS).
District No. 12 (SAN FRANCISCO)
II
CHAS. A. MORSS.
PAUL M. WARBURG, President.
L. L. R U E .
C. E. SULLIVAN.
JOHN M. MILLEH, Jr.
OSCAR WELLS.
JOHN J. MITCHELL.
FBSTUS J. WADE.
G. H. PRINCE.
E. F. SWINNEY, Vice President.
W. M. MCGREGOR.
D. W. TWOHY.
OFFICERS OF FEDERAL RESERVE BANKS
Boston
New York..
Frederic H. Curtiss. _
Pierre Jay
_ W. P. Q.Harding
Benj. Strong
Philadelphia, _
Cleveland
R. L.Austin
D. C.Wills
Win. W. Hoxton.___\_
Joseph A. McCord
Wm. A. Heath
Geo. W. Norris..
E. R. Fancher...
Richmond
Atlanta
Chicago
George J. Seay
M. B. Wellborn..
J. B. McDougal..
St. Louis
Minneapolis._-
Wm. McC, Martin.
D. C. Biggs
R. A. Young.
Kansas CityDallas
M. L. MeClure
Lynn P. Talley
John Perrin
W. J. Bailey.
B. A. McKinney..
J. TJ. Calkins
San Francisco.
1
Deputy governor
Governor
Chairman
Federal Reserve Bank o—
f
W. Willett.
L. H. Hendricks.i
A. W. Gilbart.1
J. W. Jones.1 1
G. E. Chapin.
Ray M. Gidney. 1
W. A. Dyer.
J. C. Nevin.
W. W. Paddock
J. E. Case
L. F. Sailer...
G. L. HarrisonE. R. Kenzel
Wm. H. Hutt
M. J Fleming
Frank J. Zurlinden..
C. A Peple
R. H. Broaddus
J. L. Campbell
Creed Taylor
C. R. McKay
JohnH. Blair
Qeo. H. Keesee.
John S. Walden, jr.'
M. W. Bell.
W. C. Bachman.1
K. C. Childs.i
J. H. Dillard.i
D. A.Jones.1
O. J. Netterstrom.11
Clarke Washburne.
J. W. White.
Gray Warren.
Frank C. Dunlop.1
O. M. Attebery
W. B. Geery
B. V. Moore
Harry Yaeger'
C. A. Worthington...
R. R. Gilbert
Val. J. Grand.
Wm. A. Day
Ira Clerk'
L. O. Pontions2
2
Controller.
Cashier
J. W. Helm.
R. B. Coleman.
W. N. Ambrose.
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch.
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager
W. W. Schneckenburger.
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
W. R. Cation.
W. P. Kincheloe.
V. S. Fuqua.
A. F. Bailey.
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch..
Salt Lake City branch
Seattle branch
Spokane branch
Manager
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
D. P. Reordan.
Fred Harris.
_ C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN
is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents.
THE FEDERAL RESERVE BULLETIN
TABLE OF CONTENTS
The month:
Review of the month—Business conditions in Europe
Business conditions in the United States
Currency reorganization in Germany
Official:
Rulings of the Federal Reserve Board—
Bankers' acceptances covering American cotton in foreign countries after export transaction
completed
Calculation of interest or discount
Law department—
Opinion of Supreme Court of Rhode Island on right of national banks to exercise fiduciary
powers in State of Rhode Island
Opinion of Supreme Judicial Court of Massachusetts on right of national bank converted from
State trust company to act as executor under will naming trust company
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Business statistics:
Industrial statistics in the United States
Wholesale and retail trade
Industrial statistics for foreign countries
Foreign trade of principal countries
Financial statistics for principal foreign countries
Price movements in principal countries:
Federal Reserve Board wholesale price indexes
Comparative wholesale prices in principal countries
Comparative retail prices and cost of living in principal countries
Banking andfinancialstatistics:
Federal reserve banks—
Condition of Federal reserve banks
Federal reserve note account
Holdings of earning assets
Discount and open-market operations of Federal reserve banks
Earnings and expenses of Federal reserve banks for six months ending June 30
Gold settlement fund
Discount rates of Federal reserve banks
Member banks—
Condition of member banks in leading cities
"Deposits of all member banks...
Bank debits
Money rates in principal cities
Gold and silver imports and exports
Foreign exchange rates and index
:
IV
p age
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619
636
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639
639
641
645
645
645
646
652
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656
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659
660
661
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672
673
668
672
674
675
676
677
FEDERAL RESERVE BULLETIN
VOL.
10
AUGUST, 1924
REVIEW OF THE MONTH
Economic conditions in Europe during the
first half of 1924 have been characterized
by an increase in industrial
and foreign trade, and in many
countries by smaller fluctuations in prices and
exchange rates. Countries whose currencies
depreciated violently in 1922 and 1923 have
since adopted financial reforms resulting during this year in greater currency stability,
and in consequence business in these countries
was no longer under the constant necessity of
readjusting itself to wide uncertainties in monetary values, and was conducted more directly
with reference to general economic developments. Beginning with the latter part of 1923
and continuing until May of this year unemployment throughout a large part of Europe
has diminished, production in basic industries
has increased, and in contrast to preceding
years the time and character of change in the
business situation in the different countries
have shown a considerable degree of uniformity. More recently there have been indications of a slackening in production and
trade, but for the first half year as a whole
business has been more active than for corresponding periods in either 1922 or 1923.
In Great Britain increased business activity
has been reflected in a decrease of unemployment, a larger volume of railBritish indus- w a y traffic, greater production
in basic industries, and in
a growth of foreign trade. Unemployment
among trade-unionists, which had declined
almost continuously during the past three
years, fell from 16.4 per cent in May, 1922, to
7 per cent in May, 1924, and was at that time
largely confined to the shipbuilding and
engineering trades. Traffic on British railways during the first quarter of the year, as
indicated by the net ton-miles carried, was in
larger volume than for the corresponding
No. 8
period of the previous year and, after a general
growth extending over more than two years,
reached a peak figure last March. Coal production was maintained during 1924 at about
the level of the previous year, in spite of considerably smaller exports than in 1923, when the
Continent purchased an unusually large amount
of British coal, owing to the reduced production
in the Ruhr district. Growth in the industrial
consumption of coal in England during this
year is partly accounted for by the increased
activity of the iron and steel industry. Pigiron production, while below the peak of 1923,
is still at a high level compared with the preceding years, and steel production in May was
close to a maximum figure. In the textile
industry an indication of activity is furnished
by the volume of imports of raw wool and
cotton and of exports of cotton cloth, which
has been larger during the current year than
for the corresponding months of last year.
British foreign trade, expressed both in
value and in physical volume, has increased
steadily during the past three years. Exports
have been larger than last year, in spite of the
considerable decline in the exports of coal.
Imports, particularly of materials for manufacture, have increased more than exports, and
the physical volume of goods imported, which
has been increasing during the past three years,
was, during the first quarter of 1924, larger
than the pre-war average.
On the Continent international trade and
domestic production and distribution have increased. In France and GerConditions in many the value of foreign trade
F r a n c e and Ger-
•
>
••
,
.
,,
man y_
has been greater since the opening of this year than in 1923,
and in M a y the shipping tonnage at French
and German ports was exceptionally large.
Unemployment in France has continued as in
1923 at a relatively low level, and in Germany >
where unemployment increased rapidly during
the second half of 1923 and became so wide613
614
FEDERAL RESERVE BULLETIN
spread that at the end of the year about
1,500,000 unemployed persons were receiving
State aid, the number of persons out of work
has decreased during the first five months of the
present year. Further evidence of expansion of
domestic trade in France is the continued growth
of railway traffic. Disturbed conditions in the
coal and steel industries on the Continent make
it difficult to determine their present position,
but available statistics indicate that in France
there has been a continued increase in the output of iron and steel since early in 1923.
Larger imports of raw wool, cotton, and silk
into France and Germany and increased exports of cotton goods from Italy during the
current year point to a growth in the activity
of the textile industry.
Prices in England, France, and Italy, beginning in the autumn of 1923 and until recent
months, advanced at a time
when
Prices in t h e U n i t e d
States were unchanged or declining slightly. As shown by the chart, the
7OO'
••PER cart
700
PBJCES f 1913 = too)
= ^ Italy. :
BOO
600
500
5OO
Franre,
A.O0
300
300
200
200
100
100
1922
1923
1924-
most marked increase was in France, where
prices advanced almost continuously for more
than two years until March, 1924, when there
was a sharp decline, coincident with a rise in
the exchange, to a level only slightly above that
at the opening of the year. In England price
AUGUST, 1924
movements during the greater part of last year
were similar to those in the United States, a
rise during the first five months of 1923 being
followed by a decline. In August, however,
British prices began a rise not paralleled by the
course of prices in this country, and by the
spring of 1924 the price level in England had
advanced by 10 per cent. Prices in Italy over
the period were remarkably stable and their
slight fluctuations were in the same direction
as the more pronounced price changes in France
and England. In each of these European
countries prices during the first half of this
year have averaged higher than in 1923, while
in the United States they have been lower. In
June prices in England and Italy, as well as in
the United States, declined, while in France
they advanced.
During the time when currency prices in
France, England, and Italy were advancing
at a rate more rapid than in the United
States, the exchanges in these
of
countries were declining and
in each country the extent
of the decline in exchange roughly corresponded to the degree of price advance. The
course of rates on these three countries and
of the general foreign exchange index since
1922 is shown in the chart. The general,
index, which is an average of exchanges on 17
leading countries, exclusive of Germany, and
thus measures the position of important
foreign currencies with reference to the dollar,
was at a lower level in the beginning of 1924
than at any time in the past three years; the
advance and decline this year reflect primarily
the fluctuations in the value of the franc.
Throughout the year 1923 there was a general
downward movement of European exchanges,
so that in January, 1924, the pound sterling and
the Italian lira were considerably below their
level of a year earlier and in March French francs
were at the lowest point on record. The sharp
recovery in French exchange, which occurred
in March and April, was connected with the
establishment of foreign credits by the Bank
of France. This advance has been followed
by a decline in recent months, but the present
FEDERAL RESERVE BULLETIN
AUOUST, 1924
level is still above the rate at the beginning of the year. In Italy exchange rates
as well as prices have fluctuated within a
narrow range, partly in consequence of foreign
credit arrangements made by commercial
banks in Italy for the purpose of steadying
the exchange market. The pound sterling,
from its low in January, has had a general
upward movement and in July reached the
highest point of the year.
More striking than the developments in the
exchange of these countries, however, has been
the greater stability during the past six
months in the values of currencies of countries
that have undertaken currency reforms. Most
140
E X C H A N G E S (PER CENT OF PAR )
120
120
100
100
England
80
80
60
SO
France
20
1922
1923
1924-
ZO
of these currencies during 1922 and 1923 had
undergone a depreciation so extreme that their
relation to pre-war parities lost all significance.
Thus, the exchange value of the German mark,
after a practically continuous fall during the
five years following the war, collapsed completely during the closing months of 1923. At
that time the rentenmark, secured by mortgages imposed on certain classes of property,
was introduced and its value fixed at one gold
mark; the ratio of the paper mark to the rentenmark was determined at one trillion to one,
and this ratio has been substantially maintained for aboutjeight months. This eight
615
months has been a longer period of stability in
German exchange than has prevailed at any
time since the more extreme depreciation began.
During this period the exchange value of the
new Kussian currency, the chervonetz, which
was introduced late in 1922 after the ruble had
lost all its value in foreign markets, has also
been maintained at a relatively constant level.
The exchange value of the Austrian krone has
remained for about two years close to the rate
fixed in September, 1922, when foreign credits
were arranged for Austria; more recently
somewhat similar arrangements have been
made for the maintenance of the exchange
value of the Hungarian krone. Exchange rates
on Czechoslovakia and Finland, where fiscal
and currency reforms were begun earlier than
elsewhere, and on Yugoslavia, have fluctuated
within a comparatively narrow range since the
beginning of 1923. Exchanges of certain other
countries, including Esthonia, Latvia, and
Lithuania, which have organized central banks
of issue with restrictions on advances to the
Government and have adopted new currencies
with reserves consisting chiefly of stable foreign
exchanges, have also remained relatively constant. In May, 1924, Poland undertook a
financial reform including the establishment of
a new bank of issue for the purpose of restoration of currency stability.
Important factors in maintaining the value
of these new or reformed currencies have been
foreign credits obtained by the governments or
the banks of issue. In view of the shortness of
the period during which the exchanges have
been tending toward stability and the difficulty
of the task to be accomplished, these methods
of currency stabilization must still be regarded
as experimental. Also it should be borne in
mind that the volume of dealings in some of
these exchanges is relatively small and that the
quoted rates do not always correspond exactly
with the rates at which actual transactions are
made. The chief significance of the accomplishment of the past six months is in the contrast between the earlier period of unrestricted
currency expansion and wide fluctuations in
exchange rates and the recent relative stability
616
FEDERAL, RESERVE BULLETIN
of these exchanges. Stability of an individual
currency can be maintained with less difficulty
as the exchanges of other countries with which it
has trade relations become stable, and as the
maintenance of the value of the currency over
a longer period results in more general confidence in its continued stability.
Restoration of sound currency and credit
conditions, while presenting a considerable
problem in all the countries, is especially difficult in Germany, where curCredit and rency disorganization was exJ
currency in Ger• . °
,. ,
many,
treme and where credit shortage
is particularly acute. The existing shortage of credit and of working capital
is in part the result of the conversion of an excessive proportion of business assets into capital goods during the period of rapidly rising
prices and currency depreciation, when the holding of funds entailed severe losses and the purchase of durable goods was a means of sharing
in the gains of price advances. As a consequence, while German factory and railroad
equipment has been improved, there is an acute
shortage in the supply of working capital.
The financial problem confronting Germany
during the past six or eight months has been to
find a means of reorganizing the currency and of
meeting the demand for commercial credit.
As one step in dealing with this situation, the
Government in November, 1923, organized the
Eentenbank and turned over to it mortgages on
agricultural land and business enterprises to be
used as security for the issue of a new currency,
the rentenmark. Of the total amount of
3,200,000,000 rentenmarks of mortgages authorized by law, 800,000,000 has not been
placed, owing to the fact that the Government
has not been in a position to impose mortgages
in the occupied territory. Of the 2,400,000,000
rentenmark credits at the disposal of the Rentenbank, 1,200,000,000 was turned over to the
Government and was used in the retirement of
its obligations to the Reichsbank and for meeting current expenses and the remaining
1,200,000,000 was available, largely through
the Reichsbank, to meet the credit requirements
of agriculture and industry. The entire amount
AUGUST, 1924
of credit allotted to the Government was exhausted within a few months, and by the beginning of June industry and agriculture had also
used all but 300,000,000 of the amount legally
available.
As part of the plan the Reichsbank received
in retirement of treasury bills 200,000,000 of the
Rentenbank's credit to the Government, and
with the liquidation of these obligations further
borrowing by the Government from the Reichsbank was discontinued. The bank received a
further amount of 800,000,000 as a direct advance from the Rentenbank, to be used as a
basis of loans in rentenmarks. By the end of
the first quarter of 1924, however, the credit
made available through the organization of the
Rentenbank was largely exhausted and the
Reichsbank adopted a more rigorous policy
of credit curtailment. It undertook on April 7
to restrict the credit extended to each customer
to the amount of his borrowing on that day,
with certain adjustments to allow for the arbitrary nature of the date selected. This policy
of rationing credit rather than of endeavoring
to control the credit situation through an
advance of discount rates was adopted in
view of the existing credit and currency conditions and the extraordinarily high level of
market rates for money.
A policy of rationing has also been pursued
for some time in the distribution among applicants of the limited supply of bills of exchange
on foreign countries. The organization in
April of the German Gold Discount Bank, by
establishing credit connections in foreign markets, was instrumental in somewhat relieving
the shortage of foreign credits. These credits,
however, were extended only to borrowers
whose business would put them in a position
to repay advances made them in foreign
currencies.
A discussion of currency reorganization in
Germany and of the relation between the
Reichsbank, the Rentenbank, and the Gold
Discount Bank, together with recent statements of condition of each of these banks, is
presented elsewhere in this issue. This subject is of particular interest at this time, since
under the proposals of the Dawes report these
banks are to be reorganized into one new bank
of issue.
Currency conditions in Germany since the
discontinuance of the unrestricted issue of
paper marks have been characterized by a
continued increase in the demand for currency
and by a more gradual growth in the volume of
money in circulation. The additional currency has been furnished in large part by the
issue of rentenmarks, but also by further issues
of Reichsbank notes. These notes have chiefly
taken the place of various kinds of emergency
currency, the bulk of which has been retired
since the beginning of the year, and also of
foreign currencies circulating in Germany.
A factor in the demand for currency has been
the greater confidence in the value of the
rentenmark and the consequent greater willingness of the public to keep currency in its
possession. An evidence of this increased
confidence on the part of the German public
in its own currency has been an outflow from
Germany of foreign currencies which were in
general use during the period of currency depreciation. At the end of May Doctor Schacht,
the president of the Reichsbank, stated that
the total volume of money in circulation, which
had increased from 2,700,000,000 gold marks
on January 1 to about 3,000,000,000 at the
end of the first quarter, had by the end of May
returned to the level at the beginning of the
year. Since that time the circulation, particularly of Reichsbank notes, has again increased.
Larger demands for currency have also been
felt in France and England, and since the first
of the year there has been an
Currency posi- increase in circulation in these
tion
in
France
and England.
, .
;1
.
countries, partly in response to
the growth in industrial and
trade activity, to which reference has already
been made. The growth in circulation in
both of these countries, as shown by the
chart, has carried the volume to a level not far
below the present legal limits. In France,
where the legal limit on bank-note circulation
is 41,000,000,000 francs, there has been an in-
617
FEDERAL, RESERVE BULLETIN
AUGUST, 1924
crease of 2,900,000,000 francs since November,
1923, and on July 10 the total circulation was
only 800,000,000 below the legal maximum. In
England the volume of bank notes in circulation
has remained practically constant, while
changes in currency demand have been reflected in changes in the volume of currency
notes. The limitation upon the fiduciary
issue of these notes, as recommended by the
BANK OF FRANCE NOTES
Legal Limit
40000
35OQO
35000
30000
Millions
MILLIONS
3O0GQ
BRITISH CURRENCY NOTES
POUNDS
POUNDS
300
| LegalMaximum
i of Fiduciary Issue
250
250
200
1323
1923
1924
200
Cunliffe report and adopted by the treasury,
is that the volume for any year may not
exceed the maximum reached during the preceding year. This limit has been lower in each
successive year since the arrangement went into
effect. The limit for 1924 is 248,190,000
pounds, and the volume of fiduciary issue was
on July 16 only about 6,000,000 pounds below
the maximum.
An important factor in the immediate future
of financial reconstruction in Europe will be
the outcome of the interallied
Inter-allied conference now in session in
conference at x
,
,., .
.. .
London.
London, which is considering
the method of putting into
effect the experts' recommendations to the
Reparation Commission. One phase of the
problem is the arrangement for satisfactory
security for the proposed international loan to
618
FEDERAL RESERVE BULLETIN
Germany of 800,000,000 gold marks. The purpose of this loan, as outlined in the report of the
experts, was to raise funds which would contribute to the gold reserves of the proposed new
bank and thus enlarge the basis of its currency
issues. It is also expected to play an important
part in enabling Germany to meet her more
urgent obligations to the Allies, particularly in
AUGUST, 1924
connection with deliveries in kind, which do not
involve payments outside of Germany. It has
been recognized that to provide acceptable
security for this loan and thus to assure its
notation is an essential condition of the maintenance of currency stability in Germany and of
Germany's ability in the next year to make the
required reparation payments to the Allies.
619
FEDERAL RESERVE BULLETIN
AUGUST, 1924
BUSINESS CONDITIONS IN THE UNITED STATES
Production of basic commodities and factory employment showed further large declines
during June. Trade, both at wholesale and retail, also decreased during the month and was
in smaller volume than a year ago.
Production.—The Federal Reserve Board's index of production in basic industries, adjusted
to allow for seasonal variations, declined about 9 per cent in June to a point 22 per cent below
the level of the first two months of the year. Iron and steel and cotton manufacturing industries continued to show the most marked curtailment of activity, and decreases were general
in other industries. Factory employment decreased 3 per cent in June, the metal, automobile,
textile, and leather industries reporting the largest reductions in forces. Value of building
contracts awarded in June was 8 per cent smaller than in May, though 4 per cent larger than
in June of last year.
Condition of the corn crop on July 1, as reported by the Department of Agriculture, was
the lowest on record for that date and indicated a probable yield about 500,000,000 bushels less
than last year. Condition of the cotton crop was reported less satisfactory than a month
earlier, while forecasts for wheat and oats were larger than in June.
Trade.—Railroad shipments decreased in June and were about 15 per cent less than a year
ago, owing to smaller loadings of all classes of freight except gram and livestock. Wholesale
trade showed a further slight decline in June and was 11 per cent smaller than a year ago. Sales
of hardware, drugs, shoes, and dry goods decreased, while sales of groceries and meat increased
slightly. Sales of department stores and chain stores showed more than the usual seasonal
decrease during June and were smaller than last year. Mail-order sales in June showed less
than the usual seasonal decline and were larger than a year ago. Department stores further
reduced their stocks of merchandise and slightly increased their outstanding orders.
Prices.—Wholesale prices, as measured by the index of the Bureau of Labor Statistics,
declined more than 1 per cent in June to a level 5 per cent below the high point for this year.
Prices of all groups of commodities, except clothing, showed declines, and decreases were particularly large for building materials. During the first three weeks of July quotations on
wheat, corn, and hogs advanced sharply, while prices of sugar, cotton goods, and iron and steel
products were lower.
Bank credit.—Commercial loans at member banks in leading cities during June and the
first two weeks of July remained at a relatively constant level, considerably below the peak
reached in April, while investment holdings and loans secured by stocks and bonds increased
rapidly and carried total loans and investments to the high point for the year. Demand deposits,
P R O D U C T I O N IN B A S I C I N D U S T R I E S
WHOLESALE
PRICES
PERCENT
PER CENT
150
"1150
100
300
J00
200
-
50
50
0
100
100
0
1913
1920
1921
1922
1923
1924
Index of 22 basic commodities adjusted tor seasonal variations. (1919~
100.) Latest figure, June, 94.
1919
1920
1921
t922.
1923
1924
Index of U. S. Bureau of Labor Statistics. (1913=100, base adopted by
bureau.) Latest figure, June, 145.
620
FEDERAL RESERVE BULLETIN
RESERVE BANK CREDIT
MILLIONS Or DOLLARS
«>00|
AUGUST, 1924
FACTORY EMPLOYMENT
MILLIONS OF DOLLARS
PEH CENT
150
PER CENT
100
100
* \
2000
so
S
O
1000
0
1923
1922
1919
o
o
1919
1924
1920
1921
1922
1923
1924
Weekly figures for 12 Federal reserve banks. Latest figures for July 23. Index for 33 manufacturing industries. (1919=100.) Latest figure,
. June, 90.
owing partly to the growth of bankers' balances at financial centers, advanced to a record
level.
At the reserve banks there was a continued decline in discounts and an increase in purchases
of Government securities in the open market. As a consequence, total earning assets in the
middle of July were only slightly less than at the beginning of June. Member bank reserve
balances increased rapidly, reflecting a return flow of currency from circulation and further
imports of gold; total deposits at the reserve banks on July 16 were larger than at any time
since the organisation of the system.
Money rates in July were comparatively steady, but continued to show a somewhat easier
tendency. Discount rates at the Federal Reserve Banks of Kansas City and Dallas were
reduced during July from 4}^ to 4 per cent.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=100]
Production in
basic
industries 1
Factory Building
employ- contracts
ment
awarded >
Eailroad
car
loadings i
Wholesale
trade
Department store
sales!
Department store
stocks !
Unadjusted
Unadjusted
1923
March
1
May
June___
July
August -- .
October
November
January
February
April.
May
June
.-
_- _
_
_
„._
-
_
Bank
debits i
Adjusted
121
120
125
124
127
122
121
120
114
118
116
110
99
101
103
103
103
103
101
101
101
101
100
99
132
143
140
130
130
117
112
112
128
117
117
120
124
127
121
119
123
112
151
167
172
117
120
113
78
76
86
79
81
83
80
89
92
97
85
72
101
90
124
119
128
127
89
100
112
148
142
202
114
116
124
115
125
127
120
129
123
132
126
125
107
118
128
132
129
122
119
129
139
146
149
123
120
126
127
129
130
128
127
129
429
131
133
133
106
110
111
111
113
110
105
105
101
105
105
105
120
120
116
114
103
98
99
99
97
93
90
170
163
118
131
164
150
129
125
115
121
117
103
80
78
79
77
76
75
110
102
115
132
126
120
124
127
115
127
123
121
116
126
138
140
134
127
130
135
137
136
135
132
105
110
109
112
109
103
1924
.
Adjusted
94
1 The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations,,
The indexes of department store sales and stocks are shown both with and without seasonal adjustments.
AUGUST, 1924
FEDERAL. RESERVE BULLETIN
621
AGRICULTURE
output in 1923. Although the total crop is
During the month of June and July harvest- smaller than that of last year the yields in the
Ing and marketing of the small grain crops Minneapolis, Kansas City, and Dallas Federal
began and summer fruits were distributed m reserve districts, which include the principal
large volume. The weather was very satis- winter wheat growing areas, are decidedly
factory for harvesting winter wheat in the larger than in 1923. In the Kansas City disKansas City and Dallas Federal reserve dis- trict alone the estimated yield is 84,000,000
tricts, but it was too dry for pastures, ranges, bushels more than last year. Other district
and livestock. In the Minneapolis district comparisons are given in the table on page 644.
moderate temperatures and frequent rains Despite the lateness of the season, moderate
were very beneficial and resulted in decided temperatures and ample rainfall have been
improvement in the prospects for the spring beneficial to the spring wheat crop in the Minwheat crop. A continuation of the drought I neapolis district and the outlook there is much
in the San Francisco district has resulted in a better than early expectations, although harscarcity of water for irrigation purposes, and vesting in that district did not begin until late
crops which are being harvested show a smaller in July. The effects of the cold and late spring
yield per acre and frequently poorer quality on the corn crop were reflected in thefirstconthan last year. Reports showing the composite, CENTS PER BUSHEL
CENTS PER BUSHEL
condition of all crops on July 1 indicated some 1<tO
improvement during June, but the condition
was 6 per cent below the average on that date
for the past 10 years. Owing principally to 120
a decline in the marketing of cotton, livestock,
fruits, and vegetables, the total volume of
agricultural products distributed in June was
smaller than in May.
Prices of crops began to advance early in
June and continued through the first three
weeks in July, and, according to the Department of Agriculture index, crop prices on June
15 reached the highest level since November,
1920, Livestock prices, on the other hand,
were slightly lower than in May, but
were 2 per cent higher than in June a year ago.
The advance in the prices of crops was
accompanied by a further decline in the prices
20
of other commodities and the purchasing 2 0
power of farm products, which is an expression
of the relationship between prices of farm
July 'Aug.'Sept! Oct.' Nov.' Dec'Jan.' Feb.'Mar.' Apr.' May'June'July' Au§.
products and other commodities, reached the
1923
1924highest level since October, 1920. The recent
Prices of grains since the beginning of the 1923 harvesting season
advance in wheat prices, together with a large
crop in the principal producing districts, is dition report, which showed the poorest corn
resulting in greater returns to the producers outlook on record, and the estimated yield was
and in liquidation of indebtedness, especially about 500,000,000 bushels smaller than last
in the sections that suffered a crop failure last year, and, with the exception of 1918, the
smallest crop in the past 10 years. Following
year.
the issuance of the first official report on the
Grain.
Canadian wheat crop, which showed a decline
Under generally favorable weather condi- of 32 per cent from the final production in 1923,
tions in June and July harvesting in the winter together with reports of a smaller world prowheat areas in the Southwest advanced rapidly duction than last year, grain prices began to
and the prospects for heavy yields in that advance, and on July 18 winter wheat on the
territory are the best in several years. Fore- Chicago market advanced to $1.25, as comcasts by the Department of Agriculture as of pared with $1.15 a month ago and $1.02 a year
July 1 showed an increase of 50,000,000 bushels earlier. Other grain prices, especially corn,
in the total yield of wheat from the estimates a had substantial rises, as shown on the accommonth earlier, but production is still below the panying chart.
622
FEDERAL RESERVE BUIxLETIN
The volume of grain marketed in June as
reflected by receipts at 17 interior cities was
slightly larger than in the preceding month or
in June a year ago. Early in July the new
wheat crop began to reach the markets and
reports indicate a considerable increase in
wheat receipts, due to the larger crop in the
early marketing areas together with a desire by
the producers to market the crop rapidly on
a rising market.
Cotton.
On July 21 the Department of Agriculture
issued its first mid-month cotton condition
report giving the condition of the crop as of
July 16 and showing the change since June 25.
According to the first estimate the yield was to
be 12,144,000 bales, but due to excessive rains
in North and South Carolina and a protracted
drought in Louisiana during the first two weeks
in July the crop in those States deteriorated
rapidly and the estimated yield on July 16 was
reduced to 11,934,000 bales. Contrary to conditions a year ago, when the North Carolina
and Texas prospects were exceedingly good
and those for the Atlanta and St. Louis districts very unfavorable, the situation this year
is practically the reverse. Of the principal
producing States the condition of the crop in
Oklahoma, Georgia, Mississippi, and Alabama
was the highest, but as no yield figures for
States are yet available, no direct comparisons
can be made. Boll weevils are reported from
all sections of the belt, but active efforts to
apply poison where possible are being made
in most States, particularly in the Atlanta and
Richmond districts. Damage by other insects is reported from the Western States, and
in Texas and Oklahoma such damage is more
serious than that of the weevils. The domestic
demand for the old crop declined further in
June, when consumption and takings by
spinners were sharply reduced. In fact spinners' takings were the smallest on record and
consumption was the smallest since the low
point of December, 1920. Exports also declined in June and reached the low point of the
year, but they continued larger than in the corresponding month a year ago. Total exports
for the 11 months ending June 30 were 868,000
bales larger than for the corresponding 11
months ending a year earlier. But domestic
consumption was 862,000 bales smaller than
in the previous season, which made possible
a greater volume of cotton available for export.
In view, however, of approximately the same
volume of cotton demanded as a year ago
AUGUST, 1924
and the short crop in 1923, stocks are low.
Despite indications of an increased yield the
small supplies have added considerable strength
to the raw cotton market and prices are about
4 cents a pound higher than a year ago. After
the publication of the July 16 cotton condition
report, which placed the yield at slightly less
than 12,000,000 bales, the market, especially
contract prices for the new crop, advanced
rapidly and October futures closed at 27.90
cents on July 25 compared with 25.47 cents
a month earlier.
Tobacco.
Effects of the unsatisfactory weather conditions prevailing during the spring in the
principal tobacco-growing sections were reflected in the condition report on July 1, which
showed a condition of 79, compared with 83 a
year ago, and an average of 81 for the past 10
years. In view of the heavy production in
1923, active efforts were made to reduce the
acreage in 1924, which is now reported to be
7 per cent less than that harvested last year.
A crop of 1,294,000,000 pounds is estimated,
which is a reduction of 197,000,000 pounds
from the yield last year. Smaller production
is reported from almost all Federal reserve districts except Atlanta, where many cotton growers have turned to growing tobacco in place of
cotton. With the exception of a few sales in
sections of the St. Louis district, the tobacco
markets were closed in June. Late in July
harvesting began in Georgia, and early in
August marketing begins in South Carolina.
Marketing associations and dealers had heavier
stocks onhand at the end of June than a year
ago, and some of the cooperative marketing
associations still have on hand small amounts
of the highest grades of the 1922 crop.
Reports from cigar manufacturers in the
Philadelphia Federal reserve district indicated
that the industry was less active in June than
in May or than in June a year ago, with
operations only about 60 per cent of capacity.
Price quotations were generally unchanged
from the preceding month, stocks were light,
and most of the orders were for delivery within
60 or 90 days.
Fruit.
Weather conditions in June and early July
continued satisfactory for harvesting and marketing the summer fruit crops, although the
drought in California has seriously damaged
the crops there. Condition reports of the deciduous fruit crops in that State were con-
AUGUST, 1924
siderably lower on July 1 than a year earlier,
but they were slightly higher than on June 1.
Considerable improvement in transportation
facilities for moving the crops has been made
during the past year and there is a greater
number of refrigerator cars to serve California
and the Pacific Northwest than in 1923. The
present commercial estimate of the canned
fruit pack in California is about 35 per cent
smaller than last year and the carry-over from
the previous season is substantially smaller
than a year ago. The July forecasts by the
Department of Agriculture showed an apple
crop of 196,000,000 bushels, compared with
197,000,000 bushels in 1923. The amount
available for commercial purposes is 32,000,000
barrels, compared with a commercial crop of
34,000,000 barrels in 1923.
On account of a sharp seasonal decline in the
marketing of apples and citrus fruits in June,
the total volume of fruit distributed was
smaller than in May, but it was considerably
larger than a year ago. Although the forecast
of the peach crop in Georgia was decidedly
larger than the 1923 yield, the season is approximately ten days late, which caused many of
the early varieties to ripen late and come into
serious competition with the later varieties.
This resulted in a large supply in July, and as
a consequence the markets became overstocked,
prices declined sharply, and returns to the
growers in many sections are not sufficient to
pay the shipping expenses.
Livestock.
The continued drought in the grazing areas
of the West and Southwest caused further
deterioration in ranges in June, and the average
condition in 17 western States on July 1 was
81 per cent of normal, compared with 84 on
June 1 and 94 on July 1, 1923. The most
serious declines were in California, Nevada,
New Mexico, and Oklahoma. After suffering
from dry and cold weather earlier in the year,
marked improvement took place in Montana,
Nebraska, and North and South Dakota,
where frequent rains were beneficial. Despite
the decline in the condition of the ranges,
cattle and sheep showed practically no bad
effects, although they are not in as good condition as a year ago. Lambing in the Kansas
City district was completed by July 1, and a
good crop was reported. According to the
Department of Agriculture in its June pig
survey, jbhe production of hogs reached a high
point in the spring pig crop of 1923 which was
ready for market in the winter of 1923 and 1924.
Production declined in the autumn of 1923,
623
FEDEBAL RESERVE BULLETIN
and the 1924 spring pig crop is estimated to
be 8,000,000 head smaller than last spring.
A total production of about 32,000,000 hogs
in the Corn Belt is shown from the 1924
spring crop, as compared with 48,000,000 in
1923 and 38,000,000 in 1922.
The total number of animals marketed in
June was slightly smaller than in May, but
was larger than in June last year. All animals
were received at stockyards in greater numbers
than last June, but only hogs and sheep were
sold in larger numbers than in May. Since
the beginning of the year the marketing of
hogs has been in smaller volume each month
than in the preceding month, as is pointed out
in the table, and in March receipts fell below
those of the corresponding month a year ago.
These factors indicate a smaller volume of hogs
for market than last year, which is brought out
in the survey mentioned above. The upward
movement in the price of corn, which started
in June, put the feeder in a more unfavorable
position, and the increase in marketing in
that month over a year ago is significant of
his desire to further reduce his supplies without
additional feeding.
RECEIPTS OP HOGS AT STOCKYARDS AT 42 MARKETS
1924
January..
February
March...
April
May
June
6,102,000
5, 214, 000
4, 726,000
4, 275, 000
4, 233, 000
4, 202,000
1923
5,190, 000
4, 393,000
4, 832, 000
4, 232, 000
4, 435,000
4,125, 0C0
Prices of all animals declined during the
month, but they advanced during the first
weeks of July, and on July 18 hogs reached the
highest level for the year. Cattle prices were
unchanged, while sheep were higher than at
the beginning of the month, but lower than a
year earlier.
Dairy products.
Pasture and grazing conditions continued
excellent during June and July in the
principal dairy regions of the country, and
in most sections dairy cattle are in good condition. Forecasts by the Department of
Agriculture indicate a tame hay crop, which
is an important factor in dairy feeds, of 90,000,000 tons, an increase of 1,000,000 tons
over the harvest in 1923 and 4,000,000 over
the average production for the past 10 years.
As a result of the recent efforts to encourage
dairy farming and diversified agriculture in
the one-crop areas of the West, reports indicate
624
FEDERAL RESERVE BULLETIN
that dairying is increasing perceptibly in the
Kansas City district.
Owing to seasonal influences a sharp increase
in the production of butter and cheese occurred
in June. The month of June is the heaviest
producing month in the year, and because of
a gradual expansion of the industry in recent
years the output was the largest monthly
volume on record. Production is greatly in
excess of consumption during the summer
months and the surplus goes into storage.
In addition to exceeding the holdings a month
earlier, cold-storage stocks of butter on July
. 1 were 19 per cent and cheese 24 per cent
heavier than a year ago, and were also larger
than on the same date in any previous year.
Despite the unusually heavy production and
steady increase in stocks, butter prices were
fairly stable during the month, but declined
slightly after the 1st of July, and reached 41
cents for 92-score butter at New York on
July 18, as compared with 42 cents a month
earlier and 39 cents last year. Receipts of
milk at New York also showed a seasonal increase in June and amounted to 3,758,745 gallons,
as compared with 3,599,562 gallons the previous
months and 3,932,283 gallons in June, 1923.
MINING
€oal and coke.
Bituminous coal markets continue to be exceedingly dull, production shows practically no
increase, and prices are weak. This slow movement of soft coal has continued for so long a
time that the Interstate Commerce Commission has issued a notice, advising consumers to
supply themselves with fall and winter needs
now in order to avoid too great a strain on railroad facilities during the fall. Railroads, industrial plants, and domestic users are largely out
of the market, and the greatest demand now
comes from public utilities. Production of
bituminous coal during June was 30,447,000
tons, showing little change from that of the
preceding two months. In the week of July 12
output was greater than in any week since
March, but this only offset the loss of production because of the holiday in the preceding
week. The Coal Age index of bituminous coal
prices during July ranged between $1.96 and
$1.99 a ton, a decline of only a few cents from
June. Fluctuations of this index since early
April have ranged within limits of 15 cents a
ton. Unemployment at mines in many districts is rather severe and in some sections
wages have been reduced to the 1917 level.
Largely for seasonal reasons, demand for anthracite decreased somewhat during June and
AUGUST, 1924
July. Consumers show little inclination to
supply future needs, although prices are automatically raised at the first of each month.
Mines, with some exceptions, continue operations at about the same rate as in previous
months, and for some time weekly production
has undergone practically no change, except
such as may have been caused by holidays.
Company circular prices are from 10 to 15
cents higher than they were a month ago, but
some independent operators have made no
advances, and in fact a few quotations were
lowered in the New York market during July.
No improvement was noticed in the demand
for coke during June and July. Production of
both beehive and by-prodtict coke was further
reduced in June, and output of the former was
only about one-third as much as a year ago.
Further recessions were noted in weekly beehive coke production during July, and the
daily average for the week ending July 12 was
less than in any week since the 1922 coal strike.
Furnace grades have been nominally quoted
at $3 a ton, but many sales have been made at
as low as $2.75.
Petroleum.
Failure of summer demand to cut heavily
into stocks of crude petroleum and gasoline
and a continuation of large production of crude
oil resulted in further price reductions in
practically all branches of the industry in
June and July. Since the beginning of the
year stocks of gasoline have been increasing
steadily and contraiy to usual developments
in May, when consumption generally exceeds
production and stocks of gasoline are drawn
upon, the supply increased, and for the five
months' period ending May 31 it was
572,000,000 gallons, 53 per cent larger than
at the beginning of the year and 24 per cent
larger than on May 31 a year ago. Although
the production of crude petroleum has been
greater than a year ago and has been responsible in part for the larger production of
gasoline, an additional factor has been the
introduction of the "cracking process," which
has improved refinery methods and increased
the amount of gasoline produced from a
given quantity of crude oil. Heavy stocks
of crude oil and refined products have led
refiners to make efforts to check production
by adopting a pro rata buying policy, which
became effective July 1, but comparatively
little has been accomplished. After the middle of June the daily average production
declined for about three weeks. The daily
average output for the week ending July 12,
J
1924
FEDERAL RESERVE BULLETIN
however, amounted to 1,992,850 barrels, the
largest production for any period since the
second week in December.
According to the Oil, Paint, and Drug
Reporter, the weighted average price of crude
oil declined to $2.15 a barrel in June, compared with $2.39 a barrel for the previous
month and $1.97 a barrel for June a year ago.
Average gasoline quotations at refineries declined to 11.52 cents a gallon, compared with
12.17 cents in May and 12.77 cents a year ago.
Metals.
Production of nonferrous metals was maintained at about the same daily rate in June as
in M a y and prices showed little change, either
in June or the first half of July. Mine output
of copper totaled 127,000,000 pounds in June,
which was less than in any other month since
September, 1923. The reduction from May
production amounted to about 3 per cent,
which may be largely ascribed to the fact
that there was one less working-day in June.
Stocks of metal are still comparatively small
and the price of refined copper was advanced
somewhat in the third week of July. Demand
from England, France, and Germany has
continued in large volume, and ari increase in
orders from American brass manufacturers has
also been reported.
Shipments of zinc and lead ore from the
Joplin section were smaller in June than in
any previous month this year. Plans were
announced to close the mines during the first
week of July, but this arrangement was not
generally followed and the actual curtailment
proved small. Production of slab zinc declined during June, b u t continued to be in
excess of shipments, so that stocks were increased by about 7,300 tons. Quotations for
prime western zinc advanced about one-eighth
of a cent during July, while lead prices showed
a slight decline.
Silver production totaled 5,227,751 ounces in
June, which was 10 per cent less than in May,
and silver prices advanced from 65% cents on
June 30 to 6734 cents on July 16.
MANUFACTURING
Food products.
During June the production of food products
continued in large volume, although there were
slight declines from the preceding month in the
output of flour and meat products. Production of wheat flour was 4 per cent smaller than
in May but was 12 per cent larger than in June
3145—24t
2
625
a year ago and was the largest June output
since 1919. Curtailment during the month
was not noted in all Federal reserve districts.
In the Chicago and San Francisco districts increased demand resulted in greater activity
than in the preceding month, b u t in the St.
Louis, Kansas City, and Minneapolis districts
the output was smaller. Following the rapid
advance in the price of wheat early in July,
flour prices increased sharply and by the middle of the month standard patents at Minneapolis had risen approximately 55 cents a
barrel since the same date a month earlier and
were $1.60 higher than a year ago. After declining steadily since the beginning of the year,
foreign demand for flour improved in June and
the volume of exports was heavier than for
June in either of the past two years.
Contrary to the decline in the production of
flour and meat products the output of sugar
showed an 8 per cent increase over M a y and
was 40 per cent larger than the output in June
a year ago. Despite the larger output, stocks
at the end of the month were considerably
lighter than at the end of the previous month.
According to the Department of Agriculture
the production of beet sugar is estimated at
838,000 long tons, as compared with 786,608
long tons last year. Further price recessions
were noted early in July, when raw sugar
reached $5.02 per 100 pounds on July 18, compared with $5.28 a month ago. The price decline was due in part to large offerings of dutyfree sugar from Porto Rico and the Philippines.
Refined sugar quotations declined slightly during the period, though stocks at refineries are
small and the summer demand for fruit canning
is expected to be large.
Activity in the meat-packing industry was
seasonally less than in May, but compared
with a year ago the total number of animals
slaughtered was unchanged. Early summer
marketing of hogs and sheep resulted in an increased slaughter, but the number of cattle and
calves slaughtered was smaller than in May.
The domestic demand for meat products, as
reflected by sales of meat-packing companies
reporting to the Chicago Federal Reserve
Bank, was 2 per cent greater than in May and
3 per cent heavier than in June last year. The
export demand for all meat products except
lard was fairly well sustained in June, but compared with a year ago all products were exported in decidedly smaller volume. Despite
the reduced foreign demand and comparatively
little change in the rate of production, stocks
on July 1 showed no great change from a year
626
FEDERAL RESERVE BULLETIK
ago. Stocks are, however, considerably heavier than in June, 1922, particularly lard and
other pork products, which is due to the
exceptionally heavy volume of production
since that time.
Textiles.
The extreme dullness prevailing in most
textile markets during June and early July has
recently been lightened somewhat, according to
unofficial reports. This slight improvement is
evidenced more by firm and advancing prices,
particularly of raw materials, rather than by any
noteworthy increase in actual sales. Buyers
continue to be hesitant about placing orders,
particularly for the future, and manufacturing
operations are still curtailed.
Recent advances in raw-cotton prices seem
to have strengthened goods and yarn markets.
Buying of these products has become somewhat
more active, and the almost continuous decline
in prices noted for several weeks has been
checked. The Fairchild cotton-yarn index
advanced in the week of July 19, the first upward movement since April 19. The cottongoods index, however, declined slightly in the
week ending July 19 to the lowest level of the
year, but turned sharply upward in the following week. Production in cotton mills is at an
exceedingly low point, June raw-cotton consumption was the smallest since December,
1920, the minimum in the depression of that
year, and fewer spindles were active than in
any month of the postwar period. Particularly
drastic has been the curtailment in the New
England States, where cotton consumption
totaled only 84,360 bales in June, a decrease of
over 17 per cent from May and of 57 per cent
from March, 1923, the previous high point.
The decline in cotton-growing States has been
37 per cent from the maximum. Among the
important manufacturing States, the smallest
decline from the peak (32 per cent) was noted
in Alabama, while the greatest (68 per cent)
occurred in New Hampshire. Current reports
do not indicate any increase in production
during July. Similar reductions were noted in
operations of cotton finishers. Export's of cotton cloth from Great Britain to the United States
declined in June to 10,774,200 square yards,
the smallest figure since December, 1922.
Raw wool has been in greater demand since
July, for manufacturers have shown more
interest in the market, and prices have
strengthened or advanced. Fine wools were
particularly strong. Americans were not
active buyers at London auctions early in July,
AUGUST, 1924
as the prices were rather high. Imports of
wool totaled 16,397,418 pounds in June, somewhat less than in previous months. Total
imports for the first six months of this year were
about 174,500,000 pounds, as compared with
331,500,000 pounds during the same period in
1923, whereas reexports, although a million
pounds less in June than in May, continued
rather heavy. Dun's average of 98 wool
quotations, after declining since April, turned
upward in the week ending July 18, advancing
from 73.3 cents to 73.9 cents a pound. Contrasted to the active raw wool market is the
dullness now prevailing in woolen and worsted
yarns and fabrics. Manufactureres are securing little business, as buyers are awaiting the
opening of light-weight lines, expected early in
August. Producers nave accordingly curtailed
production to a considerable extent. Less wool
was consumed by reporting mills during June
than in any month since early 1921, and
worsted spindle activity was correspondingly
reduced. Looms and woolen spindles are
likewise less active than in earlier months, but
have not been curtailed to the same degree as
Worsted spindles. Employment among woolen
and worsted mills has declined in recent
months to the lowest level since 1922. The
clothing industries have recently been affected
by strikes in New York, first among the clothing workers and later among garment workers.
Both, however, have been settled amicably.
Employment increased considerably in the
men's clothing industry between May 15 and
June 15, but in women's clothing a sharp
decline was noted. Both of these movements
were partially seasonal.
Raw silk has made a slight turn for the
better, since the first of June quotations have
moved generally upward with minor fluctuations, and buying has been more active both
in this country and in Japan. Sinshiu, No. 1,
on the New York market advanced from $4.80
on June 1 to $5,375 on July 25. This compared
with $7,025 on August 1, 1923, the low point
of last year. Deliveries to American mills
totaled only 23,164 bales in June, the smallest
since February, 1922, yet imports were so
small that stocks were reduced to the lowest
point in 11 months. The slight betterment in
raw silk has improved sentiment regarding
silk goods, but as yet demand for broad silks
is generally poor, and production is curtailed.
Mills in New Jersey and Pennsylvania are
operating at an exceedingly low rate, but,
except for closing several days around the
Fourth of July, further declines in production
have been about checked.
AUGUST, 1924
FEDEEAI. RESERVE BULLETIN
627
In knit goods price reductions have been corded only a slight decline in July, standing
prevalent during recent weeks. Quotations on at $19.29 per ton on July 22, compared with
hosiery continued the decline previously noted, $19.54 on June 24. Steel, prices, however, deand underwear prices, which had remained clined rather sharply during the third week of
firm, were reduced about the middle of July July and the composite dropped to the lowest
approximately 10 per cent by certain southern point in 18 months. Recessions in bars,
manufacturers of men's heavy-weight ribbed plates, sheets, and wire were responsible for
goods. Later several northern manufacturers this decline. Production of steel ingots in
announced similar reductions. In the mean- June was smaller than in any month since
time the price of raw cotton has risen con- January, 1922. Ingot activity in July is residerably. Openings of 1925 light-weight goods ported to be at the rate of about 40 per cent of
will not occur until sometime in August, and capacity, compared with 47 per cent in June.
buyers are now purchasing little. Lack of Unfilled orders of the United States Steel Cororders has compelled manufacturers to curtail poration were further decreased during June
output. Production of hosiery was somewhat and totaled less than at any time since 1911.
less in June than in May, according to pre- This indicates that such buying as is being done
liminary reports, decreases in men's seamless, is strictly for current needs.
women's full-fashioned, and childrens' and
Demand for certain steel products has reinfants' hosiery, particularly in the Philadel- cently shown a little improvement. Contracts
phia district, more than offsetting slight in- for structural steel were enlarged in the third
creases in output of other classifications. Ship- week of July by a 24,000-ton award on the Philaments, orders, and unfilled orders were also delphia-Camden bridge, and totaled more than
smaller, whereas stocks were slightly larger.
in any week since early in the spring. Railroads are buying little. Locomotive completions were greater in June than in May, but
Iron and steel.
orders declined. Automobile
Further recessions in production and prices unfilled are said to be releasing some ofproducers
the
of iron and steel were noted during June and tonnage on contracts previously placed, and
July, but the declines in July were generally at electric and public utility companies are rela somewhat smaller rate than in previous atively active buyers. Merchant pig iron
months. The volume of buying, although was reported to be in greater demand during
light, showed a slight advance from its pre- July, but in June production and shipments
vious low point. As shown by the accompany- fell off and stocks were the largest on record.
ing chart production and prices of pig iron fell Sales of scrap iron and steel have recently
shown some increase. Inactivity in pig iron
THOUSANDS OF TONS
DOLLARS PER TON
5000
is reflected by the shipments of iron ore from
50
the Lake Superior region, which were less in
June than in the corresponding month of any
of the previous six years.
4000
Automobiles.
Movement of automobiles from manufacturers to dealers declined steadily in recent
months, and consequently producers have substantially reduced output and employment.
2000
June statistics show a decline in production to
217,845 passenger cars and 27,040 trucks, which
was less than in any month since January, 1923.
1000
10
Carload shipments from factories, furthermore,
were curtailed in June to the lowest point since
February, 1924. In July the closing of many
factories for several days around the Fourth cut
1921
1922
1923
1920
down output considerably'; but toward the end
Monthly production of pig iron, in gross tons, and monthly average of the month work on new models caused an
price of basic pig iron, in dollars per gross ton, since 1920
increase in operations in some plants. The
in June to the lowest levels since 1922. Prices, decline in employment in Detroit factories,
in fact, are near their postwar minimum. The which was sharp in May and June, has someIron Age weekly composite pig-iron price re- what slackened.
3000
628
FEDERAL RESERVE BULLETIN
Retail sales of cars, although probably in
excess of current production, have not in general been up to the level of last year, nor have
they been sufficient to remove all surplus stocks
from the market. Certain de&lers and distributers in the Middle West reported to the
•Chicago Federal Reserve Bank that June sales
both at wholesale and retail were less than in
May and likewise considerably below those of
June, 1923. Stocks of new cars were reduced
during the month, but were over 80 per cent
larger than a year ago. Used cars on hand
were about a third more numerous than at the
end of June, 1923. Figures reported by one of
the largest automobile manufacturers shows
that June sales both by the company to dealers
and by dealers to consumers were substantially
less than during the preceding two months, as
well as below those for the same month last
year. Sales by these dealers for June, however,
were double their takings from the manufacturer and for the last three months were 70 per
<cent greater, as compared with an excess of
only 20 per cent in the corresponding period
last year. This indicates that for the cars
made by this company dealers' stocks have been
substantially reduced, although at an immediate sacrifice to the manufacturer in production and sales.
Production of automobile tires and tubes
declined in June and for the first time this year
were less than shipments, causing a decrease in
stocks held by manufacturers. Shipments
were larger than during June of last year,
whereas output and stocks were both smaller.
The price of crude rubber has advanced steadily
since the latter part of June.
Lumber.
During July improvement began to be noticed in lumber markets, following rather unfavorable conditions in June, when production
•was the smallest since February, shipments
were less than at any time this year, and
prices declined sharply. Orders, however,
Began to increase during the month, and
during July weekly totals rose to the highest
point since March and exceeded both cut and
shipments. Weekly shipments showed no substantial increase over June figures, but exceeded the cut because of a great decline in
that item. The present relative position of
the figures for cut, shipments, and orders indicates that for the first time since February
stocks are being reduced and that unfilled orders, which have been declining since January,
are now increasing. An increase in orders at
AUGUST, 1924
this time is seasonal, but in neither of the past
two years did they become larger than production. Prices appear to have been relatively
stable since the sharp decline in June.
The recent increase in new business was reported chiefly by mills in the Southern Pine and
West Coast Lumbermen's Associations. In fact,
during the week ending July 19, these were
the only two of the reporting associations that
showed orders in excess of shipments and shipments larger than the cut. Inactivity in June
was general throughout the country and was
reported by both manufacturers and wholesalers. Although logging operations in the Pacific
Northwest were further curtailed, supplies of
logs were reported to be sufficient to maintam
lumber mills at the present rate of activity for
some time. A substantial increase in the
foreign demand for lumber was noted on the
Pacific coast.
Hides, leather, and shoes.
Greater activity and rising prices characterized packer hide markets during June. For
six weeks ending July 5, buying had been
limited and prices practically unchanged, but
since that date sales have increased and
quotations have advanced about a cent a pound.
Available statistics showed an increase in disposition of cattle hides during May, accompanied by a further decline in stocks to
4,122,000 hides, 35 per cent fewer than were
held a year before. Stocks held by leather tanners declined over 50 per cent in the year. Calfskin stocks showed a seasonal increase in May,
but together with those of other kinds of hides
and skins were much smaller than a year ago.
Stocks of leather, likewise, are generally
lower than they have been in recent years,
although a few classifications showed increases
in May. The chief of these exceptions was in
tanners' supplies of cattle upper leather, which
were larger than at any time since the fall of
1922. This increase was partially offset by
decreases in stocks held by leather dealers and
shoe manufacturers. June statistics for sole
leather indicated further reductions from the
previous low point in tanners' stocks and in
output. Some improvement in buying of
leather was noted in July, but markets were by
no means active. Judging by statistics of
stocks of finished leather, up until the end of
May shoe manufacturers had shown no tendency to supply themselves with material for
fall production.
Output of shoes continued to decline in June
and, excepting. two seasonally low months,
629
*SRAL RESERVE BULLETIN
AUGUST, 1924
was the smallest of the past three years. All
important producing sections, except the St.
Louis district, and practically all kinds of shoes
shared in the decline from May to June.
In July many factories closed over the holiday
period for inventory and repairs. Manufacturers reported increases in unfilled orders
during July, as customers began buying for fall
requirements. Sales of shoes by wholesalers
during June were about a third less than in
May and 11 per cent below those of June, 1923.
Retail sales were about 2 per cent less than a
year ago.
BUILDING
Building operations in June showed seasonal
reductions, but both contract awards and permits were in larger volume than a year ago.
The accompanying chart, which is adjusted to
Contract awards in June (according to siatis-tics compiled by the F. W. Dodge Co.) totaled'
$415,000,000 for 11 Federal reserve districts,
which was 8 per cent less than in May, but 4per cent more than a year ago. Awards were
smaller than in May in the Boston, New York,
Philadelphia, Cleveland, Atlanta, and Kansas
City districts, but were larger in the other five
reporting districts. June contracts were
smaller than those of May for all classes of
construction except social and recreational
buildings. Statistics of contract awards and;
building permits, by geographical districts and!
classes of construction, are published on page 651.
Prices of building materials declined 4 per
cent in June, according to the Bureau of Labor
Statistics index, and were 11. per cent lower
than a year ago. Consumption of most materials continued to be large, however, and cement
shipments reached a higher total in June than
in any previous month on record. Production
of building materials was in somewhat smaller
volume than in May, and there was little
change in the aggregate size of stocks.
TRANSPORTATION
50
1919
1920
1922
Building contract awards, adjusted for seasonal variations, by months
from January, 1919, to June, 1924. (Average month 1919=100.)
allow for the usual seasonal changes, shows the
trend of contract awards in seven Federal reserve districts since January, 1919. This
chart indicates that there was very little new
building in the early part of 1919; that awards
rose to a peak in January, 1920, from which
they declined rapidly until December, and that
another advance commenced in March, 1921,
which continued with only brief recessions
until February, 1923. Following a decline in
awards lasting from March until August, there
was another increase in the volume of operations during the last five months of 1923.
After reaching the highest level on record in
December, 1923, contracts declined during the
first half of 1924, but the volume in June continued to be much above the average for the
previous five years.
Further curtailment of railroad shipments
in June resulted from reduced operations in
many lines of business. . Railroad car loadings
totaled 3,777,000 for the month, which was
6 per cent less than in May and 15 per cent
less than a year ago. Loadings declined in
all railroad operating districts during June
and for all classes of commodities except ore.
The reduction in volume of railroad traffic this
year is not fully measured by the decline in
car loadings, since there has also been a reduction in the average load per car.
As a result of the smaller volume of shipments in June, the number of idle freigM>
cars increased by about 30,000. This increased surplus was chiefly confined to box:
cars, and there was a slight decline in the*
number of idle coal cars. During June" &.&
number of bad-order cars increased for the*
eighth consecutive month. This increase has
probably been caused by the lessened demand
for equipment, and the present total of cars
awaiting repair (195,000) continues to be
considerably less than the average for the
past five years. Only 438 new cars were
ordered by railroads from manufacturers in
June, the smallest monthly total in several
years.
Gross revenues and operating expenses increased slightly during May. Net operating
630
FEDERAL. RESERVE BULLETIN
income totaled $60,595,000, 2 per cent less
than in April and 33 per cent less than a
year ago. Earnings in the first five months
of 1924 in all operating districts have been
at a lower annual rate than the 5.75 per cent
which the Interstate Commerce Commission
has designated as a fair return on railroad
property.
TRADE
Wholesale trade.
AUGUST, 1924
usual seasonal changes sales of department
stores decreased 5 per cent, sales of cigar stores
5 per cent, and sales of candy stores 4 per cent.
Mail-order business, on the contrary, showed
less than the usual decline in June and was 3
per cent larger than a year ago.
Department-store trade was smaller in most
districts during June than in May, but the decrease in sales was more marked in cities west
of the Mississippi River than in the East.
Trade was smaller than in June of last year in
all Federal reserve districts except Dallas.
Analysis of sales by departments (made by the
National Retail Dry Goods Association) shows
that sales of silks, dress goods, women's and
misses' ready-to-wear, hosiery, underwear, and
shoes each averaged over 10 per cent less than
a year ago, and most other departments showed
smaller reductions. Sales of art needlework,
laces and embroideries, and floor covering were
larger than in June of last year in most reporting districts.
Merchandise stocks at department stores
were reduced in June slightly more than usual
for that season, especially in the Atlanta and
Philadelphia districts. Stocks on June 30 averaged 3 per cent more than last year for the
entire United States, but were slightly smaller
than a year ago in the Kansas City, Minneapolis, and Richmond districts.
Department stores slightly modified their
policy of hand-to-mouth buying in June, and
outstandings increased from 5.3 per cent of last
year's purchases on May 31 to 5. 8 per cent on
June 30. The ratio of collections to accounts
outstanding at the beginning of the month was
smaller in June than in May in the three districts for which data were collected—Chicago,
Kansas City, and Dallas—and was smaller than
a year ago except in the Dallas district. Statistics of wholesale and retail trade, by lines
and districts, are published on pages 652 and 653.
The Federal Reserve Board's wholesale trade
index declined 1 per cent during June and
was 11 per cent lower than a year ago. The
reduction in sales between May and June,
which was contrary to the usual seasonal trend,
was due to the continued cold weather, to the
hand-to-mouth buying of retailers, and to
the fact that there was one less working-day
in the month than in May. Sales of hardware,
drugs, shoes, dry goods, clothing, furniture,
stationery, agricultural implements, and machine tools were smaller than in May, while
sales of groceries, meat, automobile supplies,
jewelry, and diamonds showed small increases.
Comparison with trade a year ago indicates
that sales of dry goods, shoes, hardware,
women's clothing, stationery, electrical supplies, agricultural implements, and machine
tools were substantially reduced in volume,
and trade in all other reporting lines except
diamonds also showed a moderate curtailment.
The smaller dollar volume of trade this June
may be ascribed to the one less working-day,
the unfavorable weather, and the fact that
commodity prices averaged 5 per cent lower
than last year.
Merchandise stocks at wholesale warehouses
declined during June in the four districts for
which statistics are collected, but were in about
the same volume as a year ago. Stocks of
roceries and hardware were reduced during
une in all reporting districts, while stocks of
dry goods showed some accumulation. The
most significant change from last year was a
PRICES
general reduction in volume of shoe stocks.
Collections were somewhat smaller in June
Wholesale prices declined 1.4 per cent in
than last year, but outstandings at the end of June, according to the index of the Bureau of
the month were less than a year ago.
Labor Statistics, and reached a level 9 per cent
below the 1923 peak but still 5 per cent above
Retail trade.
the 1922 low point. Prices of building maSales of retailers showed more than the usual terials declined 4 per cent, and there were less
seasonal decline in June, except in rural dis- pronounced declines in all other groups except
tricts, as a result of the continued wet weather clothing and chemicals.
Regrouping of this index, by stage of
in many sections, the fact that June had one
less working-day than usual, and the further manufacture of commodities, indicates that
decrease in factory employment and the reduc- during June prices of raw materials and
tion of pay rolls. Alter adjustment for the producers' goods declined 3 per cent and
f
FEDERAL. RESERVE BULLETIN
AUGUST, 1924
2 per cent, respectively, while prices of consumers' goods remained unchanged. Of the
raw materials, forest products and animal
products showed the largest decreases from
May levels. Prices of commodities in all
stages of manufacture were lower in June than
a year ago.
Prices continued to decline during the first
part of July, but this was followed by a sharp
upward movement of many agricultural commodities in the third week of the month.
During the first three weeks of July quotations
on wheat, corn, hogs, silk, and rubber increased,
while prices of sugar, potatoes, cotton goods,
iron and steel products, and brick declined.
COST OF LIVING
In the month ending June 15 the cost of
living in the United States showed an increase
of 0.2 per cent, as compared with decreases in
all the earlier months of 1924. The principal
retail price changes, according to the National
Industrial Conference Board, were an increase
in food prices and a decrease in prices of
clothing. No changes were reported in the
average prices of shelter, fuel, light, and sundries.
Comparison with a year ago indicates an
increase of about 1 per cent in the average cost
of living, due to the higher cost of shelter,
clothing, and sundries. Prices of fuel and food
products, on the other hand, were somewhat
lower than in June, 1923.
EMPLOYMENT
Further decrease in the volume of employment is shown by recent sharp declines in the
number of employees on factory pay rolls.
The index of employment in manufacturing
industries dropped from 93 in May to 90 in
June, the third successive month of decline.
The present figure is close to the level prevailing
in 1922 before the beginning of the great industrial activity noted in the fall of that year.
The Bureau of Labor Statistics reported substantial declines during June in total wage
payments and in average weekly earnings as
compared both with May and with June of last
year. Most of the recent decrease in average
earnings is due to shorter working hours, as
the per cent of full-time operations in reporting
establishments decreased from 90 in May to
88 in April, and the similar percentages of full
capacity were, respectively, 77 and 76. Yet,
for the first time in several months, wage
changes had some effect on average earnings,
as rather general decreases in wages were re-
631
ported in the lumber and men's clothing
industries.
Decreases in number employed were noted
in all but 6 of the 33 industries represented in
the employment index. Seasonal factors were
responsible for the exceptions, which were men's
clothing, cigars and cigarettes, and the four
industries making up the food-products group.
Among the various industrial groups, the
greatest declines were noted in iron and steel,
automobiles, and leather and shoes. There
were 10 per cent fewer employees in the automobile industry on June 15 than on May 15
and 20 per cent less than on April 15. Weekly
figures of employment in Detroit factories indicate that more recently the decline has been
checked. In textiles as a group the reduction
in June amounted to only about 2 per cent, an
increase of 14 per cent in men's clothing about
offsetting a similar decline in women's clothing.
Other large decreases were noted in woolens and
worsteds and knit goods. Contrary t6 the
usual seasonal trend, employment in building
material industries declined somewhat in June.
The low output of bituminous coal is an indicator of the limited employment in that
industry, and miners' wages have been reduced
in some sections. The labor market index,
which reflects the relation between the demand
for labor and its supply, declined in June to
the lowest point since 1921.
COMMERCIAL FAILURES AND BANK
SUSPENSIONS
Commercial failures numbering 1,607, with
liabilities amounting to 134,099,031, were
reported by R. G. Dun & Co. for the month
of June. These totals represent declines of
about 12 and 7 per cent, respectively, from
those of the previous month, although both
are about 20 per cent higher than corresponding figures for the same month last year. Of
the total number of insolvencies, about 27 per
cent occurred in the manufacturing class of
enterprises and 68 per cent in the trading class,
whereas of the total indebtedness in default
about 49 per cent was attendant upon manufacturing and 43 per cent upon trading insolvencies. These proportions were practically
the same as for the preceding month.
During the second quarter of the year 5,130
failures, with indebtedness amounting to
$119,594,000, compare with 5,655, irivolving
$184,866,000, during the previous quarter, and
4,408, with indebtedness amounting to $121,192,000, during the second quarter of last year.
Comparing the second quarters of this year
and last, the number of insolvencies was larger
632
FEDERAL RESERVE BULLETIN
this year for all of the three groups into which
the reports are classified, the manufacturing,
and the trading enterprises, and "agents,
brokers, etc." The indebtedness in default
was less, however, for both the manufacturing
class and agents and brokers.
Insolvencies were more numerous in June
this year than in the same month of last year
in all except the Minneapolis, Dallas, and San
Francisco districts. Liabilities, however, were
smaller this year in the Richmond, St. Louis,
Kansas City, Dallas, and San Francisco districts. Comparative data by districts for the
month of June are presented in the accompanying table:
FAILURES DURING JUNE, 1924
Number
Liabilities
District
1924
No. 2—New York
No. 3—Philadelphia . . - . . .
No. 4—Cleveland --- . . . . - .
No. 5—Richmond... __ _- .
No. 6—Atlanta
No. 7—Chicago
... .
No. 8—St. Louis
.
No. 9—Minneapolis
No. 10—Kansas City
No 11—Dallas
No. 12—San Francisco- . . . .
Total
1923
1924
1923
154
334
81
149
126
103
194
81
70
113
50
152
104
288
60
105
91
91
159
68
76
63
97
156
$2, 724, 380
10, 967, 752
1, 323, 953
3, 685, 790
2, 701,150
1, 805, 051
5, 387, 561
975,155
1, 432, 514
1, 013, 266
765, 071
1, 317, 388
$1, 261,171
8, 276, 970
1, 074, 915
2,466, 216
3,488, 755
1, 294, 943
2, 854, 809
2, 450, 239
1, 390, 396
1, 274, 881
1, 293, 018
1, 551, 963
1,607
1,358
34,099, 031
BANKS CLOSED DURING JUNE, 1924
[Capital and surplus in thousands of dollars]
Member
Nonmember
All banks
banks•
banks
District
Capital Num- Capital Num- Capital
Num- and
and
and
ber surplus ber surplus ber surplus
41
8,612
7,250
61
215
653
271
11
151
12
2,821
2,250
50
318
113
90
5,791
5,000
11
215
335
158
11
61
1 Includes one State bank closed in the Atlanta district and 10 national
banks in other districts.
MONEY RATES
During the latter part of July money rates
in the New York market fell below the levels
reached at the end of June, the lowest since
1916. The rate on commercial paper of 4 6
—
months' maturity declined to 334 P e r cent,
while the offering rate on 90-day bankers'
acceptances, after a temporary recovery during
the third week in July, returned to 2 per cent
the following week. The yield on short-term
Government securities, which fell nearly onehalf per cent the first week in July, declined
considerably below 2 per cent toward the end
of the month. The weekly average yield on
Liberty bonds was almost unchanged for
the first three weeks of July, but was somewhat
lower for the fourth week. The table below
shows the rates prevailing in the New York
market compared with the corresponding
months of a year ago:
28, 678, 276
As shown by reports to the Federal reserve
banks, there were 41 banks having an aggregate capital and surplus of $8,612,000, closed
during June. Of the total, 29, with capital and
surplus of $5,791,000, were nonmember banks,
11, with capital and surplus of $2,771,000, were
national banks, and 1, with capital and surplus
of $50,000, was a nonnational member. Although it is not known how many of these
institutions may ultimately prove to be solvent, the figures represent, as far as could be
determined, banks which were closed by order
of supervisory authorities and not reopened
during the month. Detailed figures appear in
the following table:
All districts..
New York
Atlanta
Chicago
Minneapolis
Kansas City
Dallas
San Francisco
AUGUST, 1924
[Per cent]
Prime
commercial
paper,
4-6
months
June, 1923
July, 1923
June, 1924
Average for week e n d i n g July 5, 1924
July 12,1924
July 19,1924
July 26,1924
Prime
bankers'
acceptances,
90days
Yield AverReage
on
certifi- yield newal
cates of on4M rate
indebt- per
on
edness, cent
call
4-6 Liberty loans
months bonds
3.84
3.91
2.44
3J3M
3M-3M
3M
2
2
2%
2
4.44
4.43
4.01
5.00
5.062.25
1.98
1.96
1.97
1.88
3.95
3.95
3.96
3.92
2.25
2.20
2.00
2.00'
In the London market rates advanced at the
beginning of July from the low level for the
year reached early in June to the highest point
since February. During the first week in July
3-months bank bills were quoted at Z% per
cent and the average rate on Treasury bills
allotted was 3.32 per cent. These rates compare with 2ff and 2.92 per cent, respectively,
for the second week in June. The sharp increase in rates has been generally attributed
to the market's anticipation of a rise in the
official rate of the Bank of England, which has
remained at 4 per cent since July of last year.
ACCEPTANCE MARKET
Continued easy money rates during the fourweek period ending July 9 was the most significant factor affecting the acceptance market.
During the closing weeks in June the callmoney rate continued at 2 per cent, and as
acceptances were offered to yield a slightly
higher rate the demand was in excess of the
AUGUST, 1924
633
FEDERAL RESERVE BT
supply of new bills coming into the market,
which continued in only moderate volume.
The result of these conditions was a substantial reduction in dealers' portfolios in the latter
part of June and a gradual reduction in dealers'
rates from 2 ^ per cent bid and 2J^ per cent
offered to 2% per cent bid and 2 per cent
offered. Late in June, however, call money
advanced to 2J^ per cent, and this was immediately reflected in a very substantial falling
off in the demand for bills, while the supply
continued in about the same moderate volume.
The period closed with a slight increase in
dealers' portfolios from the preceding four
weeks, but rates were lower. The closing
quotations by dealers in New York for bills
with 30 to 90 day maturities were 2^g to 2%
per cent bid and 2 per cent offered, as compared with 2% per cent bid and 2J^ offered
for the period ending June 11. The demand
for bills came principally from banks in the
larger centers, and the volume offered to the
reserve banks was considerably smaller than
in the preceding four weeks. Bills coming
into the market were drawn principally against
grain, silk, sugar, cotton, wool, and provisions.
[In thousands of dollars]
Fe>
dserve district
Number of
banks
Bos i
Ne- 5Tork-__.
Philadelphia __
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco.
30
78
66
91
94
202
32
14
60
112
72
Total...
915
J u l y 1,
1924
1, 256, 624
1, 981, 700
772, 633
315, 352
233, 53S
919, 791
138,550
87,148
111,438
101, 276
1, 019, 515
June 1,
1924
July 1,
1923
1, 249, 697 1,188, 854
1, 945, 064 1, 859, 503
487, 460
456, 910
778, 324
702, 882
309, 589
291, 721
228, 803
218,124
907, 918
873, 528
139, 262
129, 907
86, 039
85, 477
109, 831
107, 321
98, 277
89, 762
999, 232
932,217
7, 426, 382 7, 264, 054 7, 011, 648
FOREIGN TRADE
Imports of merchandise during June were
valued at $274,000,000, a decline of 129,000,000
from $303,000,000, the total shown for May.
The June total is the lowest figure shown for
merchandise imports since last September;
$58,000,000 less than in February, when imports were at their peak for the last 12 months,
and $46,000,000 less than in June, 1923.
Between May and June exports declined
SAVINGS DEPOSITS
from $335,000,000 to $306,000,000, the lowest
figures shown since last July, and $14,000,000
Savings deposits, reported by 915 banks less than the total for last June. Net exports
distributed throughout the United States, in- for June increased by $500,000, as compared
creased over 2 per cent between June 1 and with May.
July 1,1924, partly as the result of semiannual in^
terest payments received by depositors at the
end of the month. The total volume of savings MEBCHANDISE TRADE BALANCE OF THE UNITED STATES
deposits was $7,426,382,000 on July 1, com[In thousands of dollars]
pared with $7,264,054,000 for June 1. The increases were most marked in New York, RichExcess of
Excess of
mond, Kansas City, and San Francisco disMonth
Exports
Imports
imports
exports
tricts, while the Cleveland and St. Louis districts showed decreases over the month.
1923
Savings deposits reported increased about 6 January...
329,254
335,417
6,163
303, 407
306, 957
February
3,550
per cent from July 1, 1923, to July 1, 1924, March __
397,928
341, 377
56, 551
364, 252
325,492
38, 760
with San Francisco and Cleveland showing the April
372, 545
316, 359
56,186
largest increases, of over 9 per cent, and Dallas May . .
320, 234
319,957
June
277
287, 434
302,186
July
14, 752
and Minneapolis the smallest, of 1.3 per cent August
275, 438
310, 966
35, 528
253, 645
127,789
381,434
and 0.2 per cent, respectively. A comparison September._
308, 291
October.
399,199
90, 908
of savings deposits by Federal reserve districts November
110, 151
291, 333
401, 484
138, 360
on July 1, 1924, with deposits on June 1, 1924, December.. .. . . 288, 305 426, 665
3, 792, 066
Year....
and July 1,1923, is shown in the following table.
375,427
4,167,493
In the Boston and New York districts the fig1924
295, 506
395,271
99, 765
ures represent only deposits of mutual savings January
332, 323
365, 765
February
33,442
banks; in all other districts, where there are but March
320, 503
339, 755
19, 252
324, 370
346, 951
April
._
.. ..
22, 581
few mutual savings banks, savings deposits of
303,000
334,950
31, 950
274, 015
306,475
32,46tt
June.
other banks are included.
634
FEDERAL RESERVE BULLETIN
AUGUST, 1924
FOREIGN EXCHANGE
•June,
1924
July, 1924
July,
1923
Sterling exchange during the first three
weeks of July showed a considerable advance
Third
First
Month week Second week Fourth Month
week
week
over the rates prevailing during June. It
rose from $4.3209 on July 1 to $4.3851 on
July 14, as compared with a range of $4.3076 Average quotations
to $4.3379, and a monthly average of $4.3199 (cents):
Sterling
431.99 432. 83 435. 53 437.51 440. 09
458.34
5.12
5.13
5.14
5.13
French franc
5.25
5.89
for June. French and Belgian francs and the
4.28
4.28
4.31
4.32
Italian lira.
4.33
4.33
Netherlands
Italian lira showed narrower fluctuations on a
39.23
florin..
_._ 37.44 37.66 37.79 37.94 38.24
somewhat lower level than during June. The
26.53
Swedish krona.- 26.54 26.54 26.59 26.61 26.63
97.42
Canadian dollar. 98.44 98.96 99.22 99.25 99.33
French franc rose from 5.03 cents on July 5
77.74
Argentine peso.. 73.89 73.86 73.91 73.95 74.37
to 5.23 cents on the 14th, compared with a
70.03
Shanghai tael... 71.37 71.03 71.38 71.75 72.04
range of 4.95 to 5.53 cents and a monthly aver- Percentages of par:
Sterling
94.2
89.5
90.4
89.9
30.5
26.5
26.6
26.6
27.2
26.6
French franc
age of 5.25 cents for June. The Belgian franc
22.4
22.2
22.2
22.4
22.5
22.3
Italian lira
fluctuated between 4.44 and 4.61 cents, comNetherlands
93.7
97.6
93.9
94.4
florin93.1
95.1
pared with a range of 4.33 to 4.80 cents, and
99.0
99.0
99.2
99.3
Swedish krona-. 99.0
99.4
99.0
97.4
99.2
99.3
Canadian dollar. 98.4
99.3
a monthly average of 4.56 cents for June.
76.6
80.6
76.6
76.7
. 77.1
Argentine peso.. 76.6
The Italian lira averaged 4.29 cents for the
104.8
106.8
107.3
106.8 106.3
107.8
Shanghai tael
first three weeks of July, compared with 4.33 General index of 17 60
59
60
59
countries
63
60
cents for the month of June.
Monetary unit and par of
The Swedish krona rose from 26.53 cents per Found=486.65; franc=19.30; exchange in cents, for the countries listed:
lira=19.30; florin=40.20; krona=26.80;
krona on July 3 to 26.62 cents on the 14th, dollar=100; Argentine gold peso=96.48; Shanghai tael=66.85.
and averaged 26.58 cents for the first three
weeks of July, compared with an average of
GOLD MOVEMENT
26.54 cents for June. The Netherlands florin
averaged 37.74 cents, as compared with 37.44
UNITED STATES
for the month of June. The Swiss franc rose
sharply from 17.76 cents per franc on July 1
to 18.47 cents on the 14th, compared with a
Net gold imports into the. United States in
range of 17.57 to 17.76 cents, and a monthly June were about $15,000,000 smaller than in
average of 17.66 cents for June. The Danish May. Total gold imports during June were
and the Norwegian krone and the Spanish $25,181,000, as compared with $41,074,000
peseta declined in July.
during May and $19,434,000 during June, 1923.
Canadian exchange for July 1 to 21 averaged Imports from Great Britain were $8,000,000
99.13 cents per dollar, as compared with 98.44 smaller than in May; imports from Sweden,
cents for June. Of the South American coun- which were in excess of $6,000,000 in May,
tries, the Argentine peso averaged 73.91 cents, were merely nominal in June, and imports from
compared with 73.89 cents for June, while the the Netherlands declined from $5,055,000 in
Chilean peso and the Brazilian milreis declined May to $2,381,000 in June. On the other
hand, there was $3,950,000 of gold imported
from their June levels.
Of the Far Eastern exchanges, the Shanghai from Argentina in June, as against practitael fluctuated somewhat less widely than dur- cally none in May.
ing June, and averaged 71.36 cents, as com- Exports during June totaled $268,000, the
pared with an average of 71.37 cents for the lowest figure shown since December, 1914,
preceding month. The Indian rupee rose when exports of gold amounted to $132,000.
from 30.58 cents per rupee on July 1 to 31.34 For the six months ending June, 1924, gold
cents on the 17th, and averaged 30.84 cents, imports were $226,000,000, an increase of
compared with a range of 30.24 to 30.70 cents, $94,000,000 compared with the corresponding
and an average of 30.49 cents for June. The period of 1923. Exports for the later period
Japanese yen declined from 41.83 cents on were smaller by $18,000,000, chiefly because
July 1 to 41.04 cents on the 18th, but averaged of the cessation of exports to British India and
41.59 cents for the three weeks of July, com- to France, and of considerable decreases in
exports to Mexico and to Hongkong. Net
pared with 41.08 cents for June.
AUGUST,
635
FEDERAL RESERVE BULLETIN
1924
imports for the first six months of 1924 were
$222,000,000, more than double the amount
for the first half of last year.
Silver imports declined from $5,640,000 in
May to $4,870,000 during June, and compare
with $6,066,000 in June, 1923. Of the June
imports,by far the greatest amount, $3,681,000,
came from Mexico, and $625,000 from Canada.
Exports of silver amounted to $8,648,000, a
decrease of $1,000,000 as compared with. May,
and an increase of $3,000,000 compared with
June of last year. Of the exports for June
of the present year, $4,000,000 were consigned
to England, $3,000,000 to India, and $1,000,000
to China.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
STATES
[In thousands of dollars]
Country
June,
1924
6 m o n t h s 6 months
ending
ending
June,
June,
1924
1923
May,
1924
GEEAT BRITAIN
Imports of gold into Great Britain during
May amounted to £3,367,000, a decline of
£1,422,000 from the total shown for April,
reflecting chiefly smaller imports from the
Transvaal. Exports rose from £5,343,000 to
£6,279,000, that is, by about £940,000. The
greatest increase is shown for India, £1,100,000.
Exports to the United States fell off by
£280,000 as compared with the April figure.
Net exports for the month totaled £2,900,000
and were more than five times as large as
during April.
Totals for the five-month period ending
May, 1923 and 1924, show gold imports
smaller by £2.000,000 and gold exports larger
by £5,800,000, with the consequence that
net exports were more than three times as
large during the first five months of 1924 as
during the corresponding period of last year.
GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN
Country
May, 1924
April, 1924
£20, 512
6,065
£27, 957
2,837
214,194
2,952,726
120,663
53,185
IMPORTS
Great Britain
France
Germany
Sweden
Canada
13,236
404
9
2,381
65
2,649
437
3,950
173
136
919
400
425
.. _ ..
-- ~
. .
. .
Argentina .
Colombia..
Peru .
Hongkong
All other
Total . - -
25,181
20,993
86
1,900
5,055
6,084
2,479
427
22
116
254
753
1,900
1,005
41,074
110,492
9,749
4,820
34,499
6,191
26,454
2,856
8,464
1,164
1, 417
2,745
2,500
14,891
226, 242
44,653
7,670
26,889
6,009
3
31,623
2,643
104
2,166
996
2,190
319
6,667
131,932
EXPORTS
France . Canada
Mexico
Venezuela
British India--. _.
Hongkong
All other
Total
- „
_ .. -_
_..
164
60
143
446
776
1,693
1,102
19
25
4
102
182
2,660
630
2,961
13,327
1,049
1,665
Five
months
ended
M a y , 1924
Five
months
ended
May, 1923
IMPORTS
Netherlands
United States
Egypt
Rhodesia
Transvaal
West Africa
Allother
Total
_
191, 917
4,411,478
140,197
14,175
£76,975
14, 594
10, 525
983, 629
16,535,560
623,110
85, 626
877,958
16,720,278
602,697
101,315
3,367,345
4,788,561
18,330,019
20, 926,713
£4,865
120, 745
32,400
£4,100
2,762
4,028,433
1, 889,115
4,307,715
782,139
6,406
31, 975
164,958
12, 347
14,000
220,181
£50, 311
205,875
940,211
132, 384
22,023,581
5,206, 239
10,000
168, 322
1, 330,975
628, 034
£45, 342
29,282
248,121
14,300
9,661,066
14, 358, 959
213,023
229,510
23,100
105, 982
£17,565
2,606,900
EXPORTS
Belgium
France
Netherlands
United States _
British India
Java
Straits Settlements. _.
Egypt
Allother
268
593
3,855
22, 292
Total
6,278, 897
5, 343, 244
30,695, 932
24, 928, 685
24,913
40, 481
222, 387
109,640
Net exports
2,911,652
554, 683
12,365,913
4,001,972
636
FEDERAL BESEEVE BULLETIN"
AUGUST,
1924
CURRENCY REORGANIZATION IN GERMANY
Unrestricted issues of paper money in Germany, which had continued throughout the
post-war period, brought the German mark to
a complete collapse in October and November,
1923, when the value of the paper mark fell to
one-trillionth of its pre-war parity. The fall of
the value of the mark during the months immediately precedingits final collapsehadbeenso rapid
that, though the Reichsbank put into circulation
a const antly growing volume of b ank notes, trade
and industry were suffering from an acute shortage of currency. Thus at the beginning of
November the total value of money in circulation in Germany, when expressed in gold, was
only 300,000,000goldmarks, or about 5 per cent
of the total pre-war circulation. In these circumstances a reorganization of currency became
an essential requirement for the continuance of
German industrial and commercial activity.
A temporary reorganization for the purpose
of supplying the immediate needs of the
country was effected in November through the
establishment of the Rentenbank, which derived its lending power from the imposition of a
mortgage on agricultural land and on industrial
and commercial enterprises.1 The chief functions of the Rentenbank were to provide a stable
domestic currency that would command the
confidence of the public and to assist the
Government to pay off its obligations to the
Reichsbank and to meet its current requirements pending a more complete reorganization
of the entire fiscal and financial system of
Germany. Borrowing by the treasury from
the Reichsbank, which had been the principal
occasion for the issue of Reichsbank notes, came
to an end with the creation of the Rentenbank.
With the domestic demand for currency and
the fiscal needs of the Government thus temporarily- provided for through the Rentenbank, a further step was taken in April, 1924,
when the German Gold Discount Bank was
organized for the purpose of assisting German
industry and trade in securing necessary foreign
credits. One-half of the capital of the Gold
Discount Bank was subscribed by the Reichsbank on the basis of a foreign loan, and one-half
by a consortium of German banking institutions.
The relationship between the Reichsbank,
the Rentenbank, and the Gold Discount Bank
is of particular interest at the present time, as
the three institutions are expected soon to be
consolidated and reorganized into one new
bank of issue 2 along the lines proposed in the
Dawes report. A brief discussion of the con1 See FEDERAL RESERVE BULLETIN for December, 1923, p. 1281.
2 See FEDERAL RESERVE BULLETIN for May 1924, p. 382.
dition of the three banks, together with
their actual balance sheets on June 30, 1924,
is, therefore, here presented. It is indicative
of the transitional state of Germany's financial and monetary system that the condition
reports of each of the banks are stated in different units—the Reichsbank uses the paper
mark, the Rentenbank the rentemnark, which
has a value of one gold mark equivalent to a
trillion paper marks, and the Gold Discount
Bank the pound sterling, with a value of about
20 rentenmarks.
Tlie Eentenbank.—In the balance sheet of the
Rentenbank the first item is the mortgage of
3,200,000,000 imposed upon agricultural land
and upon enterprises. On the liability side
2,400,000,000 of this amount is charged to
capital and 800,000,000 to a reserve fund.
The mortgages to be imposed on property in
the unoccupied territory have been estimated
to aggregate 2,400,000,000 rentenmarks and
this amount represents the limit of the
Rentenbank's present note-issuing power.
The Rentenbank's loans to the Government
aggregate about 1,200,000,000, the maximum
permitted by law, of which about 200,000,000
was used to pay off the treasury's obligations to
the Reichsbank, and 1,000,000,000 was employed to meet the Government's current expenses. Loans for commercial, industrial, and
agricultural purposes, made largely through
the Reichsbank, totaled about 870,000,000.
Rentenmark notes in circulation aggregated
2,050,000,000 on June 30, of which, however,
a portion was held as a cash reserve by the
Reichsbank. Even after subtracting this reserve rentenmarks constituted about 56 per
cent of the total currency in circulation,
while Reichsbank notes were 36 per cent.
Following is the statement of the Rentenbank
as of June 30, 1924:
Rentenbank, June SO, 1924
ASSETS
Eentenmarks
Mortgage on agriculture and industry in favor of the
Eentenbank
3,200,000,000.00
Eentenbank debentures on hand
2,399,804,000
Loans to the Government:
Without interest
_
196,459,959.99
With interest
1,000,000,000.00
For emergency purposes
3,000,000.00
Loans for commercial, industrial, and agricultural
purposes:
To the Reichsbank
800,000,000.00
To other banks of issue
_
70,203,052.43
Temporarily on deposit with the Reichsbank for purpose of inaugurating clearings in rentenmarks
100,000,000.00
Gash, postal orders, and due from banks
74,967,273.71
Furniture and fixtures
67,326.86
LIABILITIES
Capital
.-_
Reserve fund
Eentenmark notes in circulation
Rentenbank debentures in circulation
2,400,000,000.00
800,000,000.00
2,049,788,266.00
196,000.00
637
FEDERAL RESERVE BULLETIN
AUGUST, 1924
The Beichsbank.—In the Eeichsbank's weekly
statement for June 30, in reading which 12
ciphers should be omitted in order to convert
it into terms of gold marks, the principal items
are bills of exchange and checks in rentenmarks, amounting to over 1,000,000,000, a considerable part of which represents accommodation to agriculture; bills of exchange and
checks in paper marks totaling 840,000,000, and
rentenmarks in vault amounting to 278,000,000,
a decided reduction from the total of 474,000,000
on June 23. The item "other assets," amounting to 702,000,000, is significant, because it
includes the R eichsb ank' s holdings of foreign exchange bills. The item of 462,000,000 of gold is
shown on the basis of its nominal pre-war value,
and therefore appears entirely out of proportion
to the other items on the asset side. Of this
gold reserve nearly one-half is regarded as a
special cover for the $50,000,000 loan issued at
the time of the Reichsbank's first effort at exchange stabilization early in 1923. The most
important item on the liability side is note
circulation totaling 1,097,000,000, which is to
be compared with 224,000,000 on November 23,
1923. The large increase in note circulation
has been due to a considerable extent to the
retirement of the bulk of the emergency notes
of various kinds which were in circulation at
the close of 1923. The other principal liability
is the 800,000,000 gold marks which the Eeichsbank owes to the Eentenbank. Perhaps the
most striking thing about the balance sheet,
given below, next to the absolute amounts
which run into sextillions, is the fact that
operations in rentenmarks and accounts with
the Eentenbank, in spite of their relatively
recent origin, are actually larger in volume
than most of the other items shown in the
statement.
Reichsbank, June SO, 1924
ASSETS
1. Metallic reserve (including German
coins as well as gold in bars and foreign coins, the kilogram of fine gold
Marks
being reckoned at 2,784 marks)
462,187 000
(a) Gold—
In vault
431,869,000
Gold
deposits
(unhypothecated)
with
foreign banks
ofissue
30,318,000
(6) Subsidiary coin
_
23,498,431,000,000,000,000
2. Treasury notes and Darlehnskassenscheine
697,999,999,399,232,000
3. Eentenbank notes
278,188,072,000,000,000,000
4. Notes of other banks
452,280,000,000,000
5. Bills of exchange and checks, in marks.
840,404,929,349,245,233,000
6. Bills of exchange and checks, in rentenmarks
1,057,554,176,690,000,000,000
7. Advances on collateral, in marks (including those secured by bills of exchange, M.12,999,450,000,000,COO,OCO)_
21, 748, 210,000, 000, 000,000
8. Advances on collateral, in rentenmarks.
87,041,100,000,000,000,000
9. Securities
_
76,377,578,940,000,000,000
10. Other assets (including assets in rentenmarks, 17,809,999,200,000,000,000) .
702,307,411,992,725,033,000
LIABILITIES
Marks
Capital...
180, 000,000
Surplus
_
160, 502,000
Notes in circulation
1,097,308,572,181,648, 408,000
Other demand liabilities:
(a) Deposits of the Reich and of
the several States (including
deposits in rentenmarks,
263,528,715,750,000,000,000)..
493, 043,147, 640,091,005,000
(6) Private deposits (including
deposits in rentenmarks,
124,798,405,450,000,000,000) _. 280, 884,170, 633,040,, 550,000
,000,000
15. Due to the Rentenbank
800,000,000,000,000,
16. Other liabilities (including liabilities
in rentenmarks, 307,185,180,000,000,000)
416,582,471,796,711,220,000
Contingent liability on indorsed domestic
bills of exchange sold, 35,000,000,000,000,000,000.
11.
12.
13.
14.
The Gold Discount Bank.—This bank, also
known as the Schacht Bank, began operations
in April of the current year. Of its subscribed
capital of £10,000,000, about two-thirds has
been paid in and this amount practically
represents the volume of the bank's loans.
Though the bank has authority to issue notes
against a 100 per cent cover in foreign credits,
it has not availed itself of this privilege. It
has established banking credits of £5,000,000
in London and $25,000,000 in the United States
and has been in a position to assist German
manufacturers to obtain banking accommodation abroad. This service has been extended,
however, only to those whose business operations would enable them to repay in foreign
currencies such obligations as they incur
abroad.
With the scope of the operations of the
Gold Discount Bank thus limited, with the
utilization of existing resources of the Eentenbank approaching its legal limit, and with the
Eeichsbank endeavoring to maintain currency
stability by means of credit control, German
credit and currency developments in the immediate future depend upon the action taken
in connection with the proposed establishment
of a new bank of issue and the notation of a
foreign loan, both of which are at present the
subjects of discussion at the international conference meeting in London.
German Gold Discount Bank, June SO, 1924
ASSETS
• £
1.
2.
3.
4.
5.
6.
Total
s.
d.
9,000 0
5,893 15
178,235 11
6,789,582 17
__ 3,557,550 0
17,038 0
0
0
8
6
0
3
_. 10,557,300
Gold
Foreign bank notes..
_._
Foreign credits subject to call
Discounts (including short-term £69,660/15/0)
Subscribed capital not paid in
_
_.
Other assets
5
4
LIABILITIES
1.
2.
3.
4.
5.
Capital
Reserve
Note circulation
Demand deposits...
Other liabilities
.
•_
_
10,000,000
0
0
0
0 0
292,114 5
265,185 19
Total
_
10,557,300
Contingent liability on indorsed bills, £3,995,173/7/11
4
0
0
0
2
3
h
638
FEDERAL RESERVE BULLETIN
AUGUST, 1924
RULINGS OF THE FEDERAL RESERVE BOARD
Bankers' acceptances covering American cotton in foreign
countries after export transaction completed
The attention of the Federal Reserve
Board has been called to the embarrassment
of American banks and bankers as the result
of acceptance credits opened on them by
their foreign banking connections to finance
the sale of American cotton to German spinners
after the importation of the relative cotton
into Germany had been completed. Such
embarrassment results from the differences
between the European and American practices.
The board recognizes the legitimate commercial demand for dollar credits in foreign
countries, particularly at this time, and
desires to impose no unnecessary obstacle
to American bankers in extending the use of
dollar credit in furthering the exportation of
American products or in assisting foreign
merchants and manufacturers to provide
themselves with American goods and materials
which it is necessary for them to import.
The regulations and rulings of the board
have been and are intended to be liberal within
the clear language and intent of the law in
these regards. In addition to dollar exchange
bills, however, the law authorizes member
banks to accept only three classes of time bills
drawn on them—
(1) Those "which grow out of transactions
involving the importation or exportation of
goods";
(2) Those "which grow out of transactions
involving the domestic shipment of goods"; and
(3) Those "which are secured at the time of
acceptance by a warehouse receipt or other such
document conveying or securing title covering
readily marketable staples."
Under the established rulings of the board a
transaction involving merely the sale of goods
within a foreign country can not be construed
as involving importation or exportation.
The board is further of the opinion that the
provision as to acceptances growing out of
transactions involving the domestic shipment
of goods relates exclusively to shipments
domestic within the United States.
This seems to confine American bank dollar
acceptance credits for financing cotton and
other readily marketable staples beyond the
stage of their original export to credits which
might be established against the security of
warehouse receipts covering readily marketable staples stored in independent warehouses
as provided in the Federal reserve act and the
board's regulations.
One solution which has been suggested is
the establishment of acceptance credits in the
United States, secured by cotton in warehouses
in Germany, with the substitution of trade
acceptances as security when the cotton has
been sold out of the warehouse and delivered
to the buyer. The board has held in a ruling
published on page 740 of the FEDERAL RESERVE
BULLETIN for August, 1919, that a draft
drawn abroad, payable in the United States in
dollars and secured by a warehouse receipt
covering readily marketable staples stored in
a warehouse located in a foreign country, is
eligible for acceptance by a member bank
and after acceptance is eligible for rediscount
by a Federal reserve bank. Of course, Section X, Regulation A, also requires that, in
order for an acceptance covering the storage
of readily marketable staples to be eligible for
rediscount, the acceptor must remain secured
throughout the life of the acceptance.
The board has also held, in a ruling published
on page 1065 of the October, 1920, BULLETIN,
that a trade acceptance, after acceptance by
the drawee, constitutes " actual security" within the meaning of the provision of section 13
relating to acceptances in excess of 10 per cent.
Such a trade acceptance after acceptance by
the drawee would also constitute such substitute security as would comply with this provision of the board's regulations. In other
words, it might be substituted for the warehouse receipt subsequent to the acceptance of
the bankers' acceptance drawn to finance the
storage. There is nothing in the law or the
boaroVs regulations, therefore, to preclude the
working out of the solution of this problem in
the manner described above should the American shippers and the American bankers conclude to do business on these terms.
In stating that trade acceptances constitute
a substitute security the board is expressing no
opinion as to the quality or the adequacy of the
security. That is a question for the judgment
of the parties to the transaction. The board
is considering here only the compliance of such
paper with the requirements of the law and
the regulations.
FEDERAL RESERVE BULLETIN
ACGUST, 1924
Calculation of interest or discount.
On page 109 of the FEDERAL RESERVE BULLETIN for February, 1918, the board published
a ruling to the effect that the rates of interest
on rediscount transactions between Federal reserve banks should be based upon 365 days to
the year. In a subsequent ruling published on
page 744 of the BULLETIN for August, 1918,
the board revoked the above ruling and announced that the computation of interest on
such rediscount transactions should be based
on 360 days to the year. This ruling was in
turn superseded by a ruling issued under date
639
of May 27, 1919, to the effect that, beginning
July 1, 1919, computations of interest, both on
discount transactions with Federal reserve
banks and rediscount transactions between
Federal reserve banks, should be made on the
basis of 365 days to the year. This last ruling, however, was never published in the BULLETIN and the purpose of the present announcement is to advise that since July 1, 1919, interest on discounts with Federal reserve banks
and rediscounts between Federal reserve banks
has been computed on a 365-day basis.
LAW DEPARTMENT
Exercise offiduciarypowers by national banks located
in Rhode Island.
There \s printed below an unofficial copy of
the opinion of the Supreme Court of Rhode
Island rendered July 9, 1924, in the case of
Carpenter, Attorney General v. Aquidneck
National Bank, upholding the right of national
banks to act in fiduciary capacities in the State
of Rhode Island.
SUPREME COURT OF RHODE ISLAND
HERBERT L. CARPENTER, ATTORNEY GENERAL V.
AQUIDNBCK NATIONAL BANK. M. P. No. 417
OPINION
SWEETLAND, C. / . : The above-entitled proceeding
is an information in the nature of quo warranto,
prosecuted by the Attorney General for and in behalf
of the State. Therein the court is informed that the defendant, although prohibited by the laws of this State,
has been and is, by usurpation, exercising the powers
of an executor, and also has been and is acting as
trustee and in other fiduciary capacities. The informant prays that judgment be entered against the
defendant excluding and ousting it from the further
exercise of such powers.
In its plea the defendant admits that it is acting as
executor and as trustee as alleged in the information;
but sets up that it is not acting in contravention of
the laws of this State; because such laws authorize
and permit the exercise of similar powers by trust
companies organized in the State, which trust companies compete with national banks located in the State.
For support of its plea the defendant relies upon the
provisions of the Federal reserve act of December 23,
1913, section 11, subsection k, as amended September
26, 1918, conferring upon the Federal Reserve Board
authority " to grant by special permit to national
banks applying therefor, when not in contravention
of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds,
guardian of estates, assignee, receiver, committee of
estates of lunatics, or 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 in which
the national bank is located. Whenever the laws of
such State authorize or permit the exercise of any or
all of the foregoing powers by State banks, trust companies, or other corporations which compete with
national banks, the granting to and the exercise of
such powers by national banks shall not be deemed
to be in contravention of State or local law within the
meaning of this act."
The defendant shows that in conformity with the
Federal reserve act as amended it has been granted
by the Federal Reserve Board the right to act, under
the rules of the board, as trustee, executor, administrator, or in any other fiduciary capacity in which trust
companies which come into competition with it are
permitted to act under the laws of the State oi Rhode
Island.
By the provisions of the statutes of this State, now
chapter 271, general laws 1923, a trust company,
established in accordance with our laws and which has
conformed to the regulations therein prescribed, is empowered, among other things, to accept and execute
all trusts committed to it by any person, corporation
or court of this State, or of the United States, and to
accept and execute the office of executor, administrator, guardian of the estate and other offices, in the
chapter named, having similar fiduciary character.
Any court of probate in this State is empowered in
its discretion to appoint such a trust company to either
of said offices of trust. The power to act in such
fiduciary capacity is not conferred by our law upon a
State bank, savings bank, or any other corporation in
this State; and probate courts are without jurisdiction
under our statutes to appoint any corporation except
such a trust company to the offices of executor, administrator, guardian, or the like.
When a national bank has the permission of the
Federal Reserve Board, Congress has conferred upon
such bank authority to act in a fiduciary capacity,
and the authority to so act becomes a part of the
corporate powers of the bank. Without question
a national bank can exercise such corporate powers in
this State when their exercise is not in contravention of
our domestic law. Certain of the corporate powers
which Congress has thus conferred upon national
banks relate to trusts which arise in connection with
offices requiring for their exercise the appointment of
a probate court. Save as such trusts we see no reason
to question that a national bank may exercise in this
State its corporate powers of a fiduciary nature which
it has acquired in conformity with the act of Congress.
640
FEDERAL BESEBVE BULLETIN
ACCOST, 1924
In Aquidneck National Bank v. Jennings, 44 R. I. 435, did contravene the local law. Apparently to meet this
the defendant here, in an attempt to place itself on a situation, in the interest of national banks, Congress
parity with the trust companies of the State, sought by in 1918 amended the Federal reserve act by passing
mandamus to compel the State treasurer to accept from the extraordinary amendment which became the last
it United States bonds in a certain amount, to be held sentence of that portion of the act quoted above as
by the treasurer as security for the performance by the follows: "Whenever the laws of such State authorize
defendant of its duties in a fiduciary capacity. The or permit the exercise of any or all of the foregoing
Federal reserve act provides that when the laws of a powers by State banks, trust companies, or other corState require that a trust company of such State shall porations which compete with national banks, the
deposit securities for the protection of trusts held by granting to and the exercise of such powers by national
that company, national banks in such State shall be banks shall not be deemed to be in contravention of
required to make similar deposit of securities for the State or local law within the meaning of this act." Our
protection of private and court trusts held by them in statutory provisions regulating the jurisdiction of
their fiduciary capacity. In that petition for man- probate courts in the issuing of letters testamentary
damus, without passing upon the corporate powers and of administration, and in appointing guardians
of this defendant bank to act as a trustee in this State, are not of doubtful interpretation. It is the practice of
the court denied the petition. The denial was prin- the Federal Supreme Court to adopt the construction
cipally upon the ground that, without the sanction of placed upon a State statute by the court of last resort
the general assembly, nothing in the Federal reserve of that State. We felt confident that the United States
act can be regarded as regulating or extending the duties Supreme Court would not hold as valid and constiof the treasurer as one of the general officers of the State tutional the amendment of 1918, which assumed
and that Congress can not give the national banks in arbitrarily to place a legislative construction upon
the State the right to demand that the general treasurer statutes of a State, regardless of their positive terms,
shall perform for their benefit the same duties which, or the construction placed upon them by the Supreme
under our law, he performs for trust companies in this Court of such State. In Aquidneck National Bank v.
State.
Jennings, supra, we said that "we do not admit the
power
to control this
In Aquidneck Bank v. Jennings, supra, we have held tion ofof Congress laws of Rhode court in the constructhat a national bank can not be admitted to an apparent that wethe State justified in our Island." Itasappears
confidence
standing of equality with trust companies. We can position were not Supreme Court would take to the
in the
not say, however, that the exercise in this State by the matter. which the
defendant bank of its power to act in a fiduciary capacity is in contravention of our State law, save as to
In the recent case of State of Missouri v. Duncan,
the execution of those trusts which arise in probate 257 S. W. 784, the Supreme Court of Missouri, in a
proceedings. In Aquidneck National Bank v. Jennings, carefully considered opinion, held that under the prosupra, we declared that "the devolution of the estates bate law of that State a national bank having a permit
of decedents, the control of the property of infants and from the Federal Reserve Board could not be appointed
lunatics, the jurisdiction of our probate courts, and the and act as executor, and that the exercise of such fidulegal regulation of the trusts which arise in the admin- ciary functions is "in contravention of the law of
istration of probate law are matters which pertain exclu- Missouri, the legislative policy and the express statsively to the powers of a State over its domestic affairs. ute." The court further held in relation to the amendUnder the State law no corporation other than a trust ment of 1918, that: "It can not be contended that
company, organized under the Rhode Island statute, Congress by this amendment took away from the
may be appointed executor, administrator, or guardian courts of a State the right to interpret its own statby our probate court or may accept and execute the utes and to determine this particular question." Upon
duties of such office. * * * In the absence of the review in the United States Supreme Court it was
express sanction of the general assembly the appoint- held, in a majority opinion, that notwithstanding the
ment of a national bank to execute the trusts which provisions of the probate law of Missouri a national
arise in probate proceedings, or the attempted execution bank having a permit from the Federal Reserve Board
of such trusts by a national bank, would be in contra- may act as an executor if State trust companies comvention of our State law." In the case before us now, peting with it have that power, and that "the State
where the matter is directly pertinent to the issues, we can not lay hold of its general control of administraare still of the same opinion. In conformity with its tion to deprive national banks of their power to comconclusion often stated, the Supreme Court of the pete that Congress is authorized to sustain." From
United States declared in Tilt v. Kelsey, 207 U. S. 43, the majority opinion Mr. Justice Sutherland and Mr.
that "in respect to the settlement of the succession to Justice McReynolds dissented. The vigorous opinion
property on death the States of the Union are of Mr. Justice Sutherland, based upon the former
sovereign." Yonley v. Lavender, 88 U. S. 276; Uniteddecisions of the Supreme Court, and the just relation
States v. Fox, 94 U. S. 315.
which exists under the Constitution between the
and those of the State authorities
In the Federal reserve act when first enacted it was powers of Congress concern, appears to us_ to be emilocal
provided that the Federal Reserve Board may grant in matters of and convincing. In conclusion he says,
national banks the right to act as trustees, executors, nently sound courts of
"The
administrators, guardians, etc., "when not in contra- as the probatelegislature a State have only such powers
are wholly
vention of State or local law." This provision still beyond State jurisdiction gives them. They it does not
of
Temains. In People v. Brady, 271 111. 100, the court seem tothe to be within Congress, and
me
the competency of that
held that authority given by the Federal Reserve body, on any pretext, to compel such courts to appoint
Board to a national bank to act as trustee or the as executor or administrator one whom the State law
personal representative of a decedent was in contra- has declared shall not be appointed. The particular
vention of the law of Illinois. In First National Bank v. invasion here sanctioned may not be of great moment;
Union Trust Co., 244 U. S. 416, the Supreme Court
a precedent, which, if carried to the
•appeared to recognize the authority of the court of but it is would go far toward reducing the Stateslogical
of the
last resort of a State to construe the statutes of such extreme, the status of mere geographical subdivisions.
State and to determine whether such authorization Union to
AUGUST, 1924
FEDERAL RESERVE BULLETIN
The case is one, to use the phrase of Mr. Justice Brewer
in Fairbank v. United States, 181 U. S. 283, 291-2, for
the application of the maxim obsta principiis, not de
minimis non curat lex."
The final determination of the constitutional validity of congressional action is in the Federal Supreme
Court. The matter presented here is in all respects
identical with that before the Supreme Court of Missouri and the United States Supreme Court in the cases
we have just considered. In the case before us we are
constrained to be governed by the majority opinion
in State of Missouri v. Duncan, supra. Therefore our
determination is that the defendant should not be
ousted from the further exercise of the power alleged
in the information.
Judgment is entered for the defendant.
Right of national bank converted from State trust
company to act as executor under will naming trust
company
In the cases of the Commonwealth-Atlantic
National Bank of Boston, petitioner, and the
First National Bank of Boston, petitioner,
decided by the Supreme Court of Massachusetts on June 14, 1924, a State trust company
which had been designated as executor under
a will was subsequently converted into a
national bank under section 5154 of the United
States Revised Statutes and thereafter consolidated with another national bank under
the act of Congress of November 7, 1918.
The consolidated national bank having permission to act as executor under section 11 (k) of
the Federal reserve act, upon the death of the
testator, petitioned the court for letters testamentary under the will. The court denied
the'petition on the ground that the consolidated
national bank was not the executor named in
the will within the meaning of the Massachusetts statute.
The board is advised that counsel to the
national banks are planning to take these cases
to the Supreme Court of the United States.
The opinion of the Massachusetts court
follows:
SUPREME JUDICIAL COURT OF MASSACHUSETTS
THE COMMONWEALTH-ATLANTIC NATIONAL BANK OF
BOSTON, PETITIONER; THE FIRST NATIONAL BANK
OF BOSTON, PETITIONER
Middlesex. Essex. Argued December 14, 1923.
Opinion filed June 14, 1924.
Present: Rugg, C. J.; Braley, Crosby, Pierce, and
Carroll, J. J.
Probate court. Jurisdiction. Will. Identity of
corporation designated as executor. Trust company.
National bank. Executor and administrator.
Appeal by the petitioner, The Commonwealth-Atlantic National Bank of Boston, from a decree, entered in
the probate court for the county of Middlesex, by
314&—24t
3
641
order of Leggat, J., dismissing a petition for proof of
the will of Edward E. Parks, late of Belmont, and the
appointment of the petitioner and the widow of the
testator as executors; also a reservation and report by
White, J., of a petition by The First National Bank of
Boston for the proof of the will of B. Parker Babbidge,
late of Salem, and the appointment of the petitioner as
executor.
RTJGG, C. J.: These two cases present the same
fundamental question. Each is a petition, by a national
banking association possessing a special permit to act
as executor of wills under act of September 26, 1918,
c. 177, sec. 2, 40 U. S. Sts. at Large, 967, amending c. 6,
sec. 11 (k), of the Federal reserve act of December 23,
1913, 38 U. S. Sts. at Large, 262, for the proof of a will
of a deceased resident of this Commonwealth and the
issuance of letters testamentary to it, where in the
instrument offered for probate as the will there was
named as executor a then existing Massachusetts
trust company which later than the date of the said
instrument became converted into a national bank
under the provisions of Rev. Sts. of U. S., sec. 5154,
and thereafter consolidated with another national bank
under the charter of such other national bank with the
approval of the Comptroller of the Currency, into one
national banking association, in conformity with act
of Congress of November 7, 1918, c. 209, 40 U. S. Sts,
at Large, 1043, such consolidated national banking
association being the petitioner. In one case the
national bank into which the trust company was
converted was granted a special permit under the
national bank law to act as executor before its consolidation with the other national bank, and in the other
case it was not. We do not regard that factor as of
significance in this connection. The question is
whether such national bank is entitled to the issuance
of letters testamentary to it as the person named as
executor in the will, although the testator named as
his executor a State trust company, which thereafter
became converted into a national bank and still later
effected a consolidation with the petitioner under its
charter.
A trust company organized under the laws of this
Commonwealth may be appointed executor of a will
"under the same circumstances, in the same manner
and subject to the same control by the court having
jurisdiction of the same as a legally qualified individual." G. L. c. 172, sec. 52. There is no statute
of this Commonwealth touching the appointment of a
national bank as executor. By virtue of act of September 26, 1918, c. 177, sec. 2, 40 U. S. Sts. at Large'
967, amending the Federal reserve act of December 23'
1913, 38 U. S. Sts..at Large, 262, c. 6, sec. 11 (k), as
interpreted by First National Bank of Bay City v.
Fellows, 244 U. S. 416, and State of Missouri v. Duncan,
266 U. S. —, decided April 28, 1924, the courts of this
Commonwealth are required to appoint national
banks as executors upon the same conditions as they
would appoint trust companies organized under the
laws of this Commonwealth. Of course we accept, as
we are bound to accept, that principle in all its
amplitude and with all its implications. That principle
does not reach to the facts here presented. It seems
to us to have no controlling effect on the principle on
which the cases at bar ought to be decided.
Express and detailed provision is made by U. S.
Rev. Sts., sec. 5154, for the conversion of a State bank
into a, national banking association. There has been
compliance with all provisions of that act and the
issuance of the certificate to that effect by the Comptroller of the Currency in each case. There is now no
642
FEDERAL RESERVE BULLETIN
provision in our statutes, such as formerly existed,
authorizing a State bank or trust company to become
converted into a national bank. Our earlier statutes
on that subject were repealed by Pub. Sts., c. 224.
That is not a decisive consideration. We attribute
no weight to it because in Casey v. Oalli, 94 U. S. 673,
it was said at 678 that "No authority from the State
was necessary to enable the bank so to change its
organization. The option to do that was given by
the forty-fourth section of the banking act of Congress,
13 Stat. 112. The power there conferred was ample,
and its validity can not be doubted. The act is silent
as to any assent or permission by the State. It was
as competent for Congress to authorize the transmutation as to create such institutions originally."
That proposition must be regarded as settled and
controlling in all cases to which it is applicable.
It is provided by U. S. Rev. Sts., sec. 5154, as
amended by the act of December 23, 1913, c. 6, sec.
8, 38 U. S. Sts. at Large, 258, 259, that upon the
conversion of the State bank into the national bank,
the latter "shall have the same powers and privileges,
and shall be subject to the same duties, liabilities, and
regulations, in all respects, as shall have been prescribed by the Federal reserve act and by the national
banking act for associations originally organized as
national banking associations."
The force and effect' of the Federal statutes concerning the conversion of a State bank into a national
bank have been adjudged in several cases. It was
held in Atlantic National Bank v. Harris, 118 Mass.
147, an action of contract on a claim running to a
State bank which had been converted into the plaintiff national bank, that the completion of the conversion without further action carried to the national
bank by operation of law the right to all the property,
and the assignment and transfer of all personal property and rights of action and the liability to pay all
debts of the State bank. The case of Metropolitan
National Bank v. Claggett, 141 U. S. 530, was an action
brought on bills issued by a State bank against the
national bank into which it had been converted. The
action was in the nature of a contract. It was held
that the change or conversion did not close the business of banking by the State institution, "nor destroy
its identity or its. corporate existence, but simply
resulted in a continuation of the same body with the
same officers and stockholders, the same property,
assets, and banking business under a changed jurisdiction; that it remained one and the same bank and
went on doing business uninterruptedly." In Michigan
Insurance Bank v. Eldred, 143 U. S. 293, action was
brought on a judgment. With reference to the effect
of the conversion it was said that the State bank had
"become a national bank and its name had been
changed accordingly without effecting its identity or
its right to sue upon obligations or liabilities incurred
to it by its former name."
The effect of the consolidation of two national banks
is stated in act of Congress of November 7, 1918, c. 209,
sec. 2, 40 U. S. Sts. at Large, 1043, in these words:
"And all the rights, franchises, and interests of the
said national bank so consolidated in and to every
species of property, personal and mixed, and choses in
action thereto belonging, shall be deemed to be transferred to and vested in such national bank into which
it is consolidated without any deed or other transfer,
and the said consolidated national bank shall hold and
enjoy the same and all rights of property, franchises,
and interests in the same manner and to the same extent as was held and enjoyed by the national bank so
consolidated therewith." So far as we are aware,
AUGUST, 1924
there has been no interpretation of this statute by
the Supreme Court of the United States. We do not
regard it necessary for the purposes of this case to
make a critical analysis of the meaning of this statute.
It may be assumed that its purpose was to continue
the identity of the old bank in the bank into which it
is consolidated. See Proprietors of Locks & Canals
v. Boston & Maine Railroad, 245 Mass. 52, 58, 59,
and cases there collected; City National Bank v.
Phelps, 97 N. Y. 44; Matter of Bergdorf, 206 N. Y.
309; Chicago Title & Trust Co. v. Zinser, 264 111. 31;
Chicago Title & Trust Co. v. Doyle, 259 111. 489; Coffey
v. National Bank of State of Missouri, 46 Mo. 140.
The record does not disclose to what extent the responsible management, the directors and executive
officers of either of the original trust companies is
continued in the petitioning national bank. The
capital stock of each petitioner is largely in excess_ of
that of the original trust company. Inferences of important changes in executive control might be warranted by this fact. This circumstance is not regarded
as decisive.
The naming of the trust company as executor in the
will was not a thing which, under the terms of the
several statutes passed as property or an asset when
the trust company was converted into a national
bank or when that bank was consolidated into the
petitioner. The designation in a will of one as executor does not confer a property right upon the person
so designated. However precious may be the mark
of confidence bestowed by such nomination, it does not
amount to property. There is nothing tangible about
it. Nothing vests in a person so nominated by the
mere execution of the will. It can stand on no firmer
ground than a devise or bequest in the will of a living
person. The will is ambulatory and may be changed,
revoked, or canceled by the maker a t any time during
his life. Even under the strict rules of the common
law as to the disqualification of witnessess on the
ground of interest, it was held that an executor who
was not a legatee might be a witness to prove the
execution of the will and the sanity of the testator. He
only became disqualified by accepting the trust and
thus rendering himself liable under the statute to the
possibility of costs. Sears v. Dillingham, 12 Mass.
358, 360; Wyman v. Symmes, 10 Allen, 153. Those
decisions are at varience with the idea of a property
interest of any nature arising from a designation as
executor. Persons executing a trust of this character
have been held to have no such interest in the emoluments likely to flow from their continued administration of the trust as to constitute them on that ground
persons "aggrieved" by an order terminating the trust
for reasons not connected with their wrongdoing.
Ensign v. Faxon, 224 Mass. 145, 150; Hayden v.
Keown, 232 Mass. 259.
The situation is that a trust company organized
under the laws of this Commonwealth was named as
his executor by a man in executing his will. That
trust company became converted first into a national
bank organized under the laws of the United States
and then that national bank consolidated into another
national bank under other laws of the Unites States.
That last bank petitions for appointment of executor of
the will of the man, who in the meantime has died.
There is no explicit provision in any of the governing
statutes to the precise effect that the converted or
consolidated national bank shall succeed to all the
privileges and rights with respect to unproved wills
which any of its predecessors named as executors may
have had. Since testamentary rights are derived from
legislation, the argument would be strong that a
AUGUST, 1924
FEDERAL RESEKVE BULLETIN
statute of that kind by a legislative body of competent
jurisdiction would be effective. That question is not
presented on this record. No such legislation exists
in this Commonwealth. There is no statute which
by fair implication covers such a situation. The
testator in his will named a trust company organized
under the laws of this Commonwealth to act as his
executor. After he is dead a corporation under a
different name organized under the laws of the United
States comes forward and contends that it is entitled to
appointment as executor because of the nomination
of the testator. Confessedly it is not named in the
will. That contention is grounded on the proposition
that the last corporation is the same in the eye of the
law as the corporation named as executor in the will,
though bearing now a different designation. For
many purposes the new corporation is the successor
of the old and continues its business identity.
There are fundamental distinctions between a trust
company organized under the laws of this Commonwealth and a national bank organized under the acts of
Congress with respect to being executor.
They are organized under the laws of different jurisdictions. They owe allegiance to different sovereignties. They are controlled by different laws.
Trust companies are governed in respect to their
administration of trusts, including what they may do
as executors, by G. L. c. 172, sees. 49 to 59, both inclusive. In reviewing these sections it will be convenient
to consider executors and trustees together, since the
same principles govern and in one of the wills here
involved the trust company was named as trustee as
well as executor.
A trust company may be appointed executor or
trustee "subject to the same control by the court
having jurisdiction of the same, as a legally qualified
individual." There is no similar provision in the acts
of Congress on this subject. We do not pause to discuss whether a national bank once appointed executor
can be made so subject in every particular. That question may some time require discussion.
There are in G. L. c. 172, sees. 49 to 59, specific limitations and definite directions as to the investment,
care and security of funds so held by a trust company.
There is express provision that it ma}' invest such funds
"in the same way, to the same extent, and under the
same restrictions as an individual" in a like position.
Sec. 53. These rules are fairly well settled for this
Commonwealth. Harvard College v. Amory, 9 Pick.
446; Kimball v. Whitney, 233 Mass. 321, 331. It is
matter of common knowledge that different rules exist
in other jurisdictions. What rules may be adopted
with respect to national banks can not be foretold with
certainty. Although it may be that, when appointed
by our courts to trust positions, national banks may be
held to the same degree of responsibility as our individual executors, there is now no provision on this
subject in the acts of Congress. How far the jurisdiction of Congress over this subject by future enactments
may be held to extend is wholly problematical.
It is provided in sec. 54 that money, property or
securities received by a trust company in a trust
capacity shall be "a special deposit" and the accounts
kept separate. "Such funds and the investments or
loans thereof shall be specially appropriated to the
security and payment of such deposits, shall not be
mingled with the investments of capital stock or other
money or property belonging to such corporation, or
be liable for the debts or obligations thereof." Similar
provisions in sees. 61, 62, as to investments in savings
departments of trust companies have been interpreted
so as to be a genuine protection to such special deposits.
643
Commissioner of Banks v. Cosmopolitan Trust Co. 240
Mass. 254; Commissioner of Banks in re Prudential
Trust Co. 240 Mass. 478. It is provided in act of
December 23, 1913, c. 6, sec. 11 (k), 38 TJ. S. Sts. at
Large, 262, that national banks "shall segregate all
assets held in any fiduciary capacity from the general
assets of the bank * * * funds * * * held in
trust by the bank awaiting investment shall be carried
in a separate account and shall not be used by the bank
in the conduct of its business unless it shall first set
aside in the trust department United States bonds or
other securities approved by the Federal Reserve
Board." We do not know how this provision may be
interpreted. Its only significance in this connection
is that it is materially different from the governing
statute of this Commonwealth respecting trust companies.
By G. L. c. 172, sec. 55, the capital stock of a trust
company "with the liability of the stockholders thereunder shall be held as security for the faithful performance" of the trust of executor or trustee. Similar
provisions, sec. 63, for the protection of deposits in
savings departments of trust companies have been
found to be a genuine security in case of liquidation of
a trust company. Commissioner of Banks in re Prudential Trust Co. 244 Mass. 64. There is no provision
similar to this in the Federal statutes. There is,
however, a clause in sec. 11 (k) to the effect that, in the
event of failure of a bank, "the owners of funds held
in trust for investment shall have a lien on bonds or
other securities so set apart (under the clause last
quoted from that section as condition for using trust
funds in its business) in addition to their claim against
the estate of the bank."
We do not undertake to determine whether the
statutes of this Commonwealth or the Federal statutes
afford greater security in these particulars to the
estate of a testator and its beneficiaries. The relevancy
of this comparative review of their several provisions is
that the statutes differ in essential aspects one from
the other.
The supervision of a national bank and its periodic
examinations are under the general direction of the
Comptroller of the Currency under powers conferred
and mandates imposed by Congress. See, Rev. Sts.
of U. S., sec. 5240, as amended by act of December 23,
1913, c. 6, sec. 21, 38 U. S. Sts. at Large/271. The
supervision of trust companies is vested in the commissioner of banks under G. L. c. 167, sees. 1 to 11, both
inclusive. These provisions of the statutes in the two
jurisdictions are divergent in important ways.
The liquidation of a national bank in case of failure
under the Federal laws is different in material particulars from that of a trust company under the
statutes of this Commonwealth. Compare Rev. Sts.
of U. S. sees. 5234 to 5242, and acts in amendment and
in addition, with G. L. c. 167, sees. 22 to 36.
By G. L. c. 192, sec. 4, when a will has been proved
and allowed, "the probate court shall issue letters
thereon to the executor named therein. * * *"
Our law has held with some strictness that the person
actually named as executor is the one to serve. The
provincial and common law practice of making the
executor of a deceased executor the executor of the
first testator was early changed. Davis, petitioner,
237 Mass. 47, 49. The only ground on which the
petitioner in each of these cases can seek proof of the
will and appointment as executor is that it is designated in the will as executor. Nomination of a person
to act as his executor by one making his will imports
signal trust and confidence in the particular person so
named. Such nominations with respect to natural
644
FEDERAL RESERVE BULLETIN
AUGUST, 1924
persons as matter of common knowledge are inserted
infa will because the one executing the will reposes
special reliance upon the individual integrity, sagacity,
capacity, good faith, friendliness, and sympathy with
testamentary wishes on the part of the specified person. A trust company or bank, although a corporation, is not in this respect utterly impersonal. One
making his will well may ,be thought to have a preference between such institutions as to the one to carry
out his testamentary desires. One naming a corporation to act as executor or trustee can not rely upon
continuance of the same management. Capital stock
may change hands. Officers may die or be dismissed
and others of widely varying characteristics and temperaments be substituted. Policies may be altered.
Reputation may fluctuate. All these and like hazards
must be taken by a person who nominates a corporation as his executor or trustee. These factors do not
constitute a change in the legal person, however much
they may affect the actual character of the institution.
It must be recognized, also, that significant modifications may be wrought by the law governing or affecting
a corporation without interrupting its continued
executor of the will of a person who named the trust
company organized under the laws of this Commonwealth, the petitioner can not rightly be treated as the
person so named in the will. The petitioner is a
national bank and not a trust company. The petitioner in each case is not the person actually named as
executor in the will. It possesses powers different
from those possessed by the person so named. It is
governed by laws unlike those controlling the kind of
corporation named in the will. It is created by and
the subject of a different sovereignty. The petitioner
is not governed by the policy of this commonwealth
as to its corporate powers, duties and responsibilities.
Those are and must continue to be delimited by a legislative body over which this Commonwealth has no
jurisdiction. The duty of courts commonly is to carry
out the purposes of testators as expressed in their wills.
This principle applies to the appointment of executors.
All these considerations lead to the conclusion that
the petitioner is not the "executor named" within the
meaning of those words in G. L. c. 192, sec. 4, in the
instrument offered for probate as the last will of each
decedent.
identity. Proprietors of Locks & Canals v. Boston &
In The Commonwealth-Atlantic National Bank
Maine Railroad, 245 Mass. 52, 59. The petitioner in Boston, petitioner, the decree dismissing the petition of
each of the cases at bar for most, perhaps for all, affirmed. In The First National Bank of Boston,is
business purposes under the authority of decisions petitioner, a decree may be entered dismissing the
already cited, is identical with the trust company of petition.
whose property and assets it has become possessed.
So ordered.
Nevertheless, it seems to us that, with regard to being
ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS
On the basis of the July estimates by the leading crops in the'different Federal reserve
Department of Agriculture, the following table districts. A more detailed report of conhas been prepared showing the production of ditions in each district is given on pages 621-623.
[In thousands of units!
Corn
(bushels)
Federal reserve
district.
Boston
New York
Philadelphia..
Cleveland
Richmond
AtlantaChicago
St. Louis
^Minneapolis..
Kansas City..
-Dallas
;San Francisco
Total...
Estimate,
1923
10,756
29,684
57,007
208,310
188, 751
187, 968
976,124
394,972
351,852
514,630
112,166
14,158
Forecast
July 1,
1924
Total wheat
(bushels)
Winter wheat
(bushels)
Spring wheat
(bushels)
Esti- Fore- Esti- Fore- Esti- Forecast
cast
cast
mate, July 1, mate, July 1, mate, July 1,
1923
1923
1923
1924
1924
1924
Oats
(bushels)
Estimate,
1923
Forecast
July 1,
1924
240
209
8,914
11,450
240
209
264
8,887
8,032
232 34,245 29,563
30,430
9,151
8,264
138
126 21,382 20,725
48,265 22,110 18, 799 21, 972 18, 673
227
186 67, 790 71,245
162, 287 49,779 42, 612 49, 552 42,426
24,917 21,531
153,110 32, 202 24,503 32,202 24,503.
19, 439 13,384
6,960
3,854
218, 528
5,960
3,854
3,150
2,545 490, 254 534, 773
751,224 82,965 61,401 79,815 68,856
262
186 52,072 59,416
329,530 83,426 60,879 83,164 50, 693
296,116 159, 776 177, 620 15,616 17,404 144,160 160,216 333,084 347,495
402, 612 180, 333 264,195 168, 635 252, 717 11, 698 11, 478 158, 756 172, 495
290
277 49, 573 52,300
110, 058 16,976 22, 253 16,686 21,976
39, 323 24,497
11,885 142,823 65,423 89,851 43,417 52, 972 22,006
Tobacco
(pounds)
Estimate,
1923
14,503
42,099
58,950
181,143
638, 568
101, 404
50, 354
896, 737
2,886
4,422
Forecast
July 1,
1924
15,622
41,034
52, 853
153,505
533, 633
113,877
47,279
329, 679
2, 717
3,543
408
Potatoes
(bushels)
Esti- Forecast
mate, July 1,
1923
1924
46,485
43,902
25,036
21,710
30,440
11,157
70, 752
18,223
72,842
33, 766
2,535
35,544
40,356
40,216
23,335
18,350
32,885
12,728
58,850
16,342
66,119
30, 316
2,877
30,885
412,
3,046, 277 2, 615,385785, 741 740, 012 572,340 542, 551 213, 401 197, 461 1, 299,823 1, 366,338 1, 491,O66il, 294,150 392 372, 968
Total cotton production estimated at 12,144,000 bales, as compared with 10,128,000 tales in 1923. Figures by districts not yet available. Figures
,or a! hay not yet available. Tame hay production estimated at 90,0T6,000 tons, as compared with 89,098,000 tons in 1923.
645
FEDERAL RESERVE BULLETIN
1924
Fiduciary Powers Granted to National Banks
State Banks and Trust Companies
The following list shows the State banks and trust
companies which were admitted to membership in
the Federal reserve system during the month ended
July 21, 1924, on which date 1,592 State institutions
were members of the system.
ADMISSIONS
Total
Capital
Surplus
$500,000
$250,000 $2,523,168
400,000
1, 642, 559
District No. 3
Peoples Trust Co., Wyomissing, Pa
During the period June 21 to July 21, 1924, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section
11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates;
(6) assignee; (7) receiver; (8) committee of 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 in which
the national bank is located.
District No. 4
Union Trust Co., Greensburg, Pa_
Location
District
No.
Powers
granted
Name of bank
District No. S
First State Bank, Buffalo, S. Dak
160, 741
Franklin, N. H
Closter, N.J
Troy, N. Y
_
Bellefonte, Pa
._
Lebanon, Pa
Uniontown, Pa
Jacksonville, Fla
Montezuma, Ind._ Poseyville, Ind
1
2
2
3
3
4
6
7
8
$50,000 $1, 755,232
25,000
Rochester, Minn
Ordway, Colo
Lawrence, Kans
Witchita, Kans
_.
Lincoln, Nebr.
Corpus Christi, Tex..
10
10
10
10
11
5,000
CHANGES
District No. 2
Erie County Trust Co, East Aurora,
N . Y. (withdrawn)
$100,000
District No. 4
First National Bank, Newton Falls,
Ohio (absorbed by Newton State
Bank, Newton Falls, Ohio, a member,
which changed its title to First State
Bank)._
_
Pemberville Savings Bank Co., Pemberville, Ohio (withdrawn)
100,000
20,000
1,157, 111
50,000
1,250
414, 819
District No. 5
Salisbury Bank & Trust Co., Salisbury,
N. C , nonmember (absorbed by
Wachovia Bank & Trust Co., Winston-Salem, N . C , a member)
9
1.
Franklin National Bank...
Closter National Bank
1 to 9.
United National Bank . _. . . 1 to 9.
First National Bank
1 to 9.
Peoples National Bank..
Ito9.
Second National Bank..
Ito9.
Barnett National Bank
_ 5 to 9.
First National Bank
_ _ 1 to 8.
Bozeman Waters National 1,3, 5,6,8
and 9.
Bank.
First National Bank
Ito9.
1.
First National Bank
Watkins National Bank1 to 9.
Fourth National Bank
1 to 9.
Lincoln State National Bank, Ito9.
Corpus Christi National Bank. 1 to 7.
100,000
'24,000
50,000
25,000
10,000
10,000
50,000
645, 212
The Comptroller of the Currency reports the following increases and reductions in the number and
capital of national banks during the period from June?
21 to July 18, 1924, inclusive:
i9,438
50,000
New National Bank Charters
1,132, 000
District No. S
Alabama Bank & Trust Co., Cullman,
Ala. (merged with a nonmember)
Bank of Iota, Iota, La. (closed)
Bank of Camilla, Camilla, Ga. (reopened)
District No. 7
American State Bank, Chicago, 111.,
nonmember (consolidated with Kaspar State Barik, Chicago, 111., a member, which changed its title to KasparAmerican State Bank)
State Bank of Mosinee, Mosinee, Wis.
(withdrawn)
600,000
50,000
1
461, 900
6, 455, 580
30,000
646,516
30,000
5,000
268,466
$890,000
0'
2,050,000'
31
]
'
2,740,OOC
3,180,000125,000'
25.
3) 305,000'
2,650,. 0001
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc.
2, 740(000
3^.305,000
Net decrease.
25,000
1,600
565,000
100, 000
l Surplus and profits.
Change of title.—The American Bank of Commerce & Trust Co.,
Little Rock, Ark., has changed its title to the American Trust Co.
Liquidations
Reducing capital 3
Total liquidations and reductions of capital
Amount
ef
eapital
Consolidations of national banks under act of
Nov. 7,1918
_
'
District No. IB
Farmers & Stockgrowers Bank, Montour, Idaho (withdrawn)
New charters issued
Restored to solvency...
Increase of capital approved l .
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
District No. 10
Security State Bank, Sallisaw, Okla.
(converted into a national bank)
Number of
banks
1
Includes one increase in capital of $300,000 incident toa- consolidation,
under act of Nov. 7,1918.
!
Includes one reduction in capital of $100,000 incident tsaoousolidation
under act of Nov. 7, 1918.
646
FEDERAL RESERVE BULLETIN
AUGUST,
1924
BUSINESS STATISTICS
INDUSTRIAL STATISTICS IN THE UNITED STATES
During June the downward movement of
business activity continued at almost the same
rapid rate as in May. The general nature
and extent of this recession can be seen from
the following table showing the percentages of
change in various industrial indexes fom May
and from April:
Per cent change
June from—
Index
May
Production in basic industries
Factory employment.
Manufacturing production
Mineral production
Agricultural movements
Railroad-car loadings'
-3
-13
-4
-1
-12
Bank debitsi
Building contracts awarded>_
1
-3
April
-18
-7
-20
0
+11
-14
-17
Adjusted for seasonal variations.
The only increase shown on the above table,
that of agricultural movements from April to
June, was due entirely to seasonal causes.
Among the manufactures practically all
industries shared in these declines, the only
important exception being in food products, in
which seasonal increases have been noted.
Even lumber and some of the other building
materials have slackened in activity at a time
when construction is still most active. The
most important industrial groups—iron and
steel and textiles—have undergone the greatest
curtailment. In general manufacturing activity is about at the level reached in the middle
of 1922, before the great rise in the later months
of that year, but many of the textile industries
and leather and shoes are close to the low points
of the 1920-21 depression.
Mining activity varies considerably among
the different commodities. Bituminous coal
and iron ore are being produced in unusually
small amounts, but the production of anthracite,
petroleum, and the nonferrous metals has declined only slightly from recent high points.
Nevertheless because of the importance of
bituminous coal the mineral index is about as
low as it has been at any time since the 1922
coal strikes. The directions of the changes in
the index of agricultural movements were entirely seasonal and offset each other, so that the
composite index remained practically the same.
Cotton sight receipts were the smallest ever
recorded in the post-war period.
INDEXES OF INDUSTRIAL ACTIVITY
f MONTHLY AVERAGE, 1919 " 1 0 0 )
175
— —
——
150
MANUFACTURING PRODUCTION
MINERAL PRODUCTION
— AGRICULTURAL MOVEMENTS
150
125
100
100
75
50
50
25
1919
1920
1921
1922
1923
1924
647
FEDERAL RESERVE BULLETIN
AUGUST^ 1924
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES'
[Not adjusted for seasonal variations. Monthly average, 1919=100]
Metals and
products
General
index Group
index
Group
index
Fabrics
Lumber
and
products
Products
ChemiCar
ToMotor build- Paper Foods Leather Stone, bacco cals
and
clay,
and
and
and
ing
vehiand
cles and re- print- prod- prod- glass prod- products
ucts
ucts
ucts
pairing ing
90
76
75
96
93
101
107
77
76
99
96
89
99
95
100
101
76
73
101
93
93
102
103
101
120
98
101
105
103
91
110
91
7S
103
103
96
97
96
97
105
103
107
105
102
100
120
122
104
102
102
104
105
105
97
100
92
88
115
115
89
89
78
78
98
99
99
97
93
90
89
91
92
91
85
86
89
90
91
90
85
80
97
98
97
92
87
85
96
97
94
89
86
85
98
100
100
94
89
86
118
123
124
123
119
117
103
105
107
101
90
81
90
89
89
89
»87
886
106
106
106
105
104
103
104
102
101
98
97
99
86
87
87
82
79
73
105
106
110
115
117
115
88
87
85
83
82
83
78
78
1919 average
1920 average .
1921 average
1922 average
1923 average..
May
Iron
and
steel
Textiles and products
100
104
83
1923
June._
100
100
100
100
100
100
100
110
67
100
110
67
100
96
98
97
103
94
96
81
102
62
107
78
110
96
100
100
100
100
100
101
96
92
83
103
86
99
98
1924
February
March
April
May
_.
June . -
78
77
74
70
1
This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components
The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes
for the above groups3 since January, 1919, were published on pages 1272-1279 of the BULLETIN for December. 1923.
2
Revised.
Preliminary.
INDEX O F PRODUCTION IN BASIC INDUSTRIES i
[Index and relatives for each industry adjusted for seasonal variations. 2 Monthly average 191S=1CO]
Iron and steel
Year and month
General
index
1919 average
1920 average
1921 average
1922 average
-1923 average
May
June
Food products
Animals slaughtered
Pig
iron
Steel
ingots
100
105
80
98
120
100
119
55
88
131
100
118
127
122
120
120
116
114
103
94
1923
Textiles
Cotton
Wool
100
102
128
100
98
92
103
110
149
147
147
136
120
108
120
132
131
127
101
81
130
145
145
121
92
74
Wheat
flour
100
84
92
95
Sugar
meltings
Cattle
Calves
Sheep
Lumber
Hogs
110
100
90
97
132
111
100
86
76
86
91
100
103
97
106
114
100
86
103
87
92
100
91
95
106
131
100
101
75
102
124
117
114
122
79
105
94
110
103
111
125
117
122
122
119
116
132
136
124
116
136
130
124
127
117
104
1924
January !
February _.
March
April
May
June
Year and month
1923
May
June
January 2
February
March
April
May
June
Coal
Nonferrous metals
Bitumi- Anthra- Copper
Zinc
nous
cite
100
121
69
87
120
1919 average
1920 average
1921 average
1922 average
1923 average
99
100
101
97
93
100
101
99
129
123
122
123
101
92
87
83
89
100
107
105
105
107
Sole
leather
133
137
112
116
111
108
127
115
115
109
111
Newsprint
Cement
Petroleum
100
105
39
82
122
100
102
46
79
113
100
82
79
79
84
100
110
89
105
108
100
127
121
139
174
100
117
124
146
191
111
112
120
122
121
109
84
81
120
114
161
158
193
196
111
118
111
97
101
100
132
134
123
127
125
123
126
112
122
114
121
111
73
71
66
62
57
54
106
107
103
111
116
103
239
192
187
169
172
173
183
189
186
189
192
187
93
90
102
109
102
Tobacco products Manufactured
Ciga- tobacco
Cigars
100
114
100
95
100
100
113
119
144
100
93
90
150
147
100
99
176
140
143
157
173
113
98
91
91
96
1924
_
_.-
' This table contains (or certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page
619, 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 14l4r1421 of the BULLETIN for December, 1922.
1
Industry relatives and general index for February, 1924, given an additional adjustment to allow for 29th day
648
FEDERAL RESERVE BULLETIN
AUGUST, 1924
COMMODITY MOVEMENTS—Continued
INDEXES OF INDUSTRIAL ACTIVITY I
[No seasonal adjustment. Monthly average 1919=100]
June,
June
Agricultural movements
Livestock
Animal products
Cotton
Vegetables...
Fruits
Tobacco
. _
Bituminous
Pig i r o n . . .
Zinc
.
Lead
. . . ...
Silver
Manufacturing production...
Automobiles
_
Textiles
Food products
- Lumber
Paper and printing
Leather and shoes..
Cement and brick..
156
3
1
2
3
May
84
92
160
67
19
111
140
6
109
105
78
189
79
126
HI
144
111
»97
75
151
•75
97
8 143
'105
! 77
120
1924
1923
1924
April
86
96
148
63
34
119
178
20
113
106
81
196
103
130
121
2 137
123
111
96
193
88
100
162
111
82
171
167
122
144
77
94
129
54
34
113
93
17
109
93
76
189
127
131
114
125
97
121
122
231
96
98
149
117
89
181
154
106
152
June
May
85
100
150
58
31
115
171
3
137
117
119
197
152
124
121
145
127
138
150
242
120
99
165
131
112
159
164
117
172
85
90
168
66
23
131
117
1
135
118
117
195
U44
124
109
108
129
128
136
233
109
90
156
116
104
157
156
120
140
For description and early figures see B U M E T I N for March ,1924.
Bevised.
Preliminary.
COMMODITY MOVEMENTS
June,
1924
May,
1924
June,
1923
Grain and Flour
Receipts at 17 interior centers (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)...
_
Eye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
__
Oats (bushels).._.
Rye (bushels).
_
Barley (bushels)
Total grain (bushels)
Flour (barrels).
_
Total grain and flour (bushels)
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Total visible supply of grain east of the
Rocky Mountains at close of month
(000 omitted):
Wheat (bushels)..
Corn (bushels)
Oats (bushels)
May,
1924
June
1923
Grain and Flour—Continued
Receipts at 9- seaboard centers (000
omitted):
Wheat (bushels).
Corn (bushels)....
Oats (bushels)
_
Rye (bushels).
_
Barley (bushels).
Total grain (bushels)
Flour (barrels)
_
Total grain and flour (bushels)
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
__
Barley (bushels)
«.
Total grain (bushels)
Wheat-flour production (barrels), (000
omitted)
9,749
1,199
1,783
1,944
1,185
22,483
1,526
2,980
1 050
1,374
12,382
2,381
1,147
3,459
584
15,860
1,555
29, 412
1,816
19,953
1,377
22,858
37, 585
26,149
2,416
342
690
912
1,505
3,372
644
960
542
1,363
2,325
883
1,488
542
736
5,865
6,879
5,973
9,332
9,765
8,331
1,639
4,202
1,507
13
1,849
4,233
1,302
14
1,601
4,125
1,412
12
7,361
7,399
7,150
621
1,389
635
12
731
1,587
605
13
629
1,388
632
12
2,657
2,937
2,661
Livestock
Receipts at 57 principal markets (head,
000 omitted):
Cattle and calves
_.
Hogs
Sheep
Horses and mules (43 markets)
Total.
Shipments at 52 principal markets (head,
000 omitted):
Cattle and calves
Sheep. _
Horses and mules (43 markets).
Total.
Shipments of stockers and feeders from
33 markets (head, 000 omitted):
Cattle and calves.
19,316
Hogs
15, 099
15,681
2,542
2,162
Total-
190
27
150
258
45
118
216
54
121
367
421
391
Slaughter at principal markets under
Federal inspection (head, 000 omitted):
Cattle
Calves.
__
Hogs
Sheep
_
406
1,288
975
773
470
4,278
959
4,303
914
17,882
17,642
15, 752
3,972
1,674
16,899
16, 356
15, 479
56,923
2,522
53,426
2,520
54,800
2,064
68,271
64, 767
64,087
14,738
13, 522
13,497
5,422
1,284
17,187
16,388
15, 788
4,532
1,724
48,464
3,378
55,619
3,489
63,664
71, 318
29, 576
6,230
2,787
14,201
360
35,471
8,631
4,681
16,436
506
53,154
65, 724
6,332
6,332
Total .
6,480
16, 732
11,524
15, 348 Meats, cold-storage holdings, first of fol3,722
lowing month (pounds, 000 omitted):
1,604
57, 220
Beef..
59, 343
66, 063
Pork products
1, 022, 670 1,020,811 1, 032, 401
3,556
Lamb and mutton
1...
2,919
2,272
48,930
3,520
Exports of certain meat products
(pounds, 000 omitted):
64,771
Beef176
74
151
Canned
139
117
144
Fresh.
2,107
Pickled or other cured
1,902
1,725
22, 568
Hog p r o d u c t s 1,877
28, 641
Bacon.
14,940
6,802
13, 033
30,749
Hams and shoulders...
28,335
27, 380
13,065
64,605
59,475
62,648
691
Lard
2,977
2,007
Pork, pickled...
_
1,952
45,004
Dairy Products
36,496
9,184
6,322
2,204
45, 258
13, 459
7,427
27,688
3,847
9,234
Receipts at 5 principal markets (000
omitted):
Butter (pounds)
Cheese (pounds)
Poultry (pounds).
92,155
21,639
1,823
17,824
65, 366
19,010
2,610
17,742
727
90, 415
25, 421
2,072
16, 562
AUGUST,
649
FEDERAL RESERVE BULLETIN
1924
COMMODITY MOVEMENTS—Continued
COMMODITY MOVEMENTS—Continued
June,
1924
May,
1924
June,
June,
1924
June,
1923
Dairy Products—Continued
Petroleum, crude (barrels, 000 omitted):
Production
_
Stocks at close of month..
Producing oil wells completed
(number)
Oil reflneries:i
Production (000,000 omitted)—
Crude-oil run (barrels)
Gasoline (gallons)
Kerosene (gallons)
Gas and fuel oils (gallons)
Lubricating oil (gallons)
Stocks (000,000 omitted)—i
Crude-oil run (barrels)
Gasoline (gallons)
Kerosene (gallons)
Gas and fuel oils (gallons)
Lubricating oils (gallons)
59,439
351,218
61,653
346,751
61,491
283,651
1,501
1,657
1,830
55
53
755
203
1,117
97
48
632
189
966
105
40
32
1,329
273
1,247
1923
Fuel and Power—Continued
Cold-storage holdings first of following
month (000omitted):
Creamery butter (pounds)
American cheese (pounds)
Eggs (cases)
Poultry (pounds)
May,
1924
Other Agricultural Products
Cottonseed (tons):
Received at mills
Crushed
Stocks at mills at close of month
Cottonseed oil (pounds, 000 omitted):
Production
<.
Stocks
-.-.
Oleomargarine consumption (pounds,
000 omitted)
....
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
Burley
Western dark
Sale of revenue stamps for manufacture
of tobacco, excluding Porto Eico and
Philippine Islands (000 omitted):
Cigars (large)
Cigars (small)...
_
Cigarettes (small)
Manufactured tobacco (pounds)
Fruit shipments (carloads):
Grapefruit
Oranges
__
Lemons
Apples
Vegetable shipments:
White potatoes (carloads)
Onions (carloads)
Rice (pounds, 000 omitted)
Sugar, all ports Gong tons):
Receipts.
Meltingsrr
Raw stocks close of month
74,446
45,517
8,697
34,832
Fuel and Power
Coal and coke (short tons, 000 omitted):
Bituminous coal production
Anthracite coal production
CokeBeehive coke production
By-product coke production
62,768
36,834
10,222
49,100
22,003
58,845
29,285
103, 369
66,127
23,737
33,876
13,536
17,922
23,338
32,735
52, 333
11,489
11,833
17, 493
14,361
180
4,879
206
139
100
38,443
553,320
591, 514
49,700
40,724
j , 391,992 5,836, 468
32, 539
31, 737
2,379
6,473
1,965
2,201
17,506
3,752
30,600
480,303
428, 000
453,969
Fishery Products
Fish landed by American fishing vessels,
total catch (pounds, 000 omitted)
Cold-storage holdings, frozen and cured
fish, on 15th of month (pounds, 000
omitted)
Lumber: F o r e s t P r o d a c t s
Number of m i l l s National Lumber Manufacturers' Association
Southern Pine Association
West
Coast
Lumbermen's
Association
Production (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
West
Coast
Lumbermen's
Association
'
Shipments (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
West
Coast
Lumbermen's
Association
Naval stores at three southern ports:
Spirits of turpentine (casks)—
Receipts
_
Stocks at close of month
Rosin (barrels)—
Receipts
Stocks at close of month
22,328
27,148
6,944
39,247
15,904
32,122
780
200
1,156
104
1,555
253
1,765
2,798
1,948
2,849
1,764
2,766
4,797
Electric power produced by public utility plants (kilowatt hours, 000,000
omitted):
Produced by water power
Produced by fuels
40
1,647
288
1,530
244
4,530
9,500
Total....
Metals
Iron and steel:
Iron-ore shipments at Lake Superior
(long tons, 000 omitted)
Pig-iron production (long tons, 000
omitted)
Steel-ingot production (long tons, 000
19,849
omitted)
683
Unfilled orders, United States Steel
34,837
Corporation (long tons, 000
omitted)
354, 739
Fabricated structural steel orders
328,400
(tonnage)
411,152
Steel castings bookings (net tons)
Silver production (troy ounces, 000 omitted)
Copper production (pounds, 000 omitted)
18,614 Zinc (pounds, 008 omitted):
Production...
__
Stocks, close of month
,
34, 891
Shipments.._
Tin (pounds, 000 omitted):
Deliveries to factories
Stocks, close of month
616
1,376
468
557
181
552
182
590
181
114
113
118
1,247
370
1,469
423
1,459
402
355
452
420
1,106
354
1,306
425
372
377
467
424
39,620
82,499
34,949
23, 595
39,014
13,176
110,088
241,108
112, 571
234,644
116, 902
215,100
2,572
2,009
2,026
2,615
3,676
2,056
2,628
3,767
153,400
56, 581
130,000
84,878
8,228
126,948
5,833
130, 644
5,101
125,479
99,368
72, 244
95,332
84, 728
76,160
85,680
84,346
77,372
9,654
9,110
11, 738
9,110
12,118
4,787
220
127
951
882
1,223
350
406
306
1,158
1,127
1,541
275
254
1,347
1,227
1,108
Textiles
Cotton (bales, 000 omitted):
Sight receipts
_\
American spinners' takings
Stocks at mills.
Stocks at warehouses
Visible supply
Consumption by mills
Spindles active during month (000
omitted)
Spindle hours active during month
(000 omitted)...
Finished cotton fabrics:
Finished yards billed (yards, 000
omitted)...
Orders received (yards, 000 omitted).
Shipments (cases)
Finished stocks (cases)..
Wool:
Consumption (pounds, 000 omitted).
Percentage of active machinery to
total reported—
Looms wider than 50-inch reed
29,216
S,336
31,236
7,745
45,490
8,665
555
2,493
761
2,786
1,755
3,166
414
542
30,493
34,856
73.1
Looms 50-inch reed space or less.
79 8
Sets of cards
61.9
Combs
i.
78.0
Spinning spindles, woolen
58.4
Spinning spindles, worsted
' Figures for May, 1924; April, 1924; May, 1923.
5,908
8,385
76,574
65,610
39,035
43,395
90,302
74,146
41,588
48,155
36,507
64C, 761
55,955
33,397
66.4
30,447
7,704
6,386
3,263
171,600
48, 718
52, 649
69.1
78.4
81.0
68.5
79.3
64.6
84.0
84.6
88.8
83.6
87.2
90.2
650
FEDERAL RESERVE BULLETIN
COMMODITY MOVEMENTS—Continued
COMMODITY MOVEMENTS—Continued
June,
1924
May,
1924
June,
1924
June,
1923
68.1
61.9
89.2
61.1
82.7
56.7
88.0
83.8
105.9
102.4
93.0
94.5
832,178
127,670
720, 897
88,959
664,791
462,231
303,503
685, 404
87,207
343, 744
350, 530
781, 289
89, 788
23,164
24,843
3,091
28,272
27,074
3,485
27, 824
25, 865
2,970
4,251
1,656
1,696
4,412
1,802
1,643
61.6
56.7
84.5
52.6
79.0
48.1
4,122
3,068
8,690
6,034
4,278
2,799
8,344
5,752
6,347
4,166
1,651
1,179
1,048
2,217
1,323
999
1, 754
2,690
1,355
1,331
1,486
2,730
1,109
4,928
7,428
1,157
4,911
7,538
1,651
6,426
8,330
860
2,660
6,081
946
2,444
5,790
1,652
2,921
6,269
June,
1923
1,032
3,581
7,031
1,202
3,717
7,470
1,498
3,789
8,520
3,042
5,371
23, 678
3,071
6,016
23,348
4,197
8,107
20, 901
1,402
2,131
5,760
1,744
2,186
5,854
1,659
2,828
7,006
6,009
8,089
10,992
25,090
6,719
9, 262
11,866
27, 847
8,408
9,665
12,853
30,926
50, 734
45,015
227, 233
37,101
62,920
58, 900
54, 027
221. 583
43, 728
70, 938
63, 861
60, 321
162,404
46.244
93, 274
38, 458
36, 560
74, 018
58,230
39, 974
44, 254
75, 727
60, 934
38, 138
36, 587
89, 075
73,112
9,193
Brick (number OOOomitted)—Continued.
Silica b r i c k Production
Shipments
Stocks at close of month
Paving b r i c k Production
_
Shipments
Stocks, close of month
Orders received
Unfilled orders, close of month...
Cement (barrels, OOOomitted):
Production
_
Shipments
_
Stocks, close of month
Oak flooring (feet, 000 omitted):
Production
....
Shipments
Or ders hooked
Stocks at close of m o n t h . .
Unfilled orders
Maple flooring (feet, 000 omitted):
Production
Shipments
_
Orders booked
Stocks, close of month
Unfilled orders...
_.
Enameled ware (number):
BathsShipments...
Stocks, close of month
New orders
LavatoriesShipments
_
Stocks, close of month
New orders
SinksShipments
Stocks, close of month
New orders
Miscellaneous w a r e Shipments
_
Stocks, close of month
New orders
9,612
10,475
43,349
14,346
13,751
44,211
15, 264
16,056
41, 504
28, 563
31,995
128.267
107,920
27,310
29,795
137,889
50,399
107, 248
36,016
34,992
98,917
41, 746
120,196
13, 538
15, 036
14,095
13, 777
14, 551
16,403
12, 382
13, 307
9,168
37,769
38,185
30,853
49, 706
41,164
34,342
28,067
15, 081
33, 793
38, 530
7,492
7,425
6,436
25, 406
9,596
8,349
6,472
4,769
25, 243
10, 736
10,509
11, 033
4,987
18,867
28,265
77, 653
56, 767
67,279
93,084
56,433
68,482
74, 457
28,411
63,748
131, 550
70, 775
101,140
124, 580
66,263
94,312
41,440
74,193
101,641
115,856
76,377
114,009
103, 221
71,662
101,85
44,335
73, 761
56,694
70, 803
42, 623
65,216
73, 334
39, 284
56,388
•45, 865
42, 745
11,539
559,202
14, 439
736,806
193, 334
173,087
17,008
191,235
213, 224
174,000
16, 529
193,537
193, 482
165,155
18,109
127, 282
120, 723
122, 229
33, 428
134, 219
131, 289
34, 479
133, 692
132,311
19,514
79, 597
37,611
86, 291
34,899
50, 964
26,965
96, 835
36, 032
98, 481
31, 248
109,628
27,552
40, 711
61, 857
45, 607
61, 638
54,996
39, 548
22, 573
40,684
25, 522
39,357
27,637
35,316
2,212
97, 668
2,411
105, 560
2,108
98, 359
50,132
62,167
35, 474
79,189
32,003
3,039
2,679
6,331
3,307
2,920
6,164
3,660
2,758
6,907
Miscellaneous Manufactures
•Figures for M a y , 1924; April, 1924; M a y , 1923.
May,
1924
Building Materials—Continued
Textiles—Continued
Wool—Continued.
Percentage of active hours to total
reportedLooms wider than 50-inch reed
space
Looms 50-inch reed space or less..
Sets of cards
_
Combs
___
Spinning spindles, woolen
Spinning spindles, worstedMen's and boys' garments cut:
Men's suits, wholly or partly wool...
Men's suits, all other materials
Men's separate trousers, wholly or
partly wool
Men's trousers, all other materials...
Men's overcoats__
Boys' suits and separate pants
Boys' overcoats and reefers
Raw silk:
Consumption (bales)
Stocks at close of month (bales)
Imports (pounds, 000 omitted)
_.
Hosiery (dozen pairs, 000 omitted): *
Total, all classes
Men's
"Women's
Hides, Leather, and Shoes
Raw hides and skins (000 omitted):
Stocks at close of month— 1
Cattle hides
Calf and kip skins
Goat and kid skins
Sheep and lamb skins
Stocks disposed oi during month— i
Cattle hides
Calf and kip skins
Goat and kid skins
Sheep and lamb skins
Sole leather, cattle (backs, bends, and
sides) (number, 000 omitted):
Production
Stocks in process
Tanners' finished stocks
Upper leather:'
Cattle (sides)—
Production
..
Stocks in process
Total finished stocks
Calf and kip skins— J
Production
Stocks in process
Total finished stocks
«...
Goat and kid skins— '
Production
Stocks in process
Total finished stocks.—
Sheep and lamb skins—'
Production
Stocks in process
Total finished stocks.
Boots and shoes, output (pairs, 000 omitted):'
Men's
Women's.
_
All other
Total
Building Materials
Brick (number, 000 omitted):
Clay fire brick—
Production
Shipments
Stocks at close of month. _
New orders
Unfilled orders, close of month..
Face brick— 2
Production
Shipments
Stocks in sheds
Unfilled orders, close of month..
A U G U S T , 1924
2
Chemicals:
Acetate of lime (pounds, 000 omitted)
Methanol (gallons)
Wood pulp (short tons):
Production
Consumption
Shipments
Stocks, close of month
Paper (short tons):
NewsprintProduction
._
Shipments
Stocks, close of m o n t h . . .
Book paper—
Production
Stocks, close of month
Paper board—
Production
Stocks, close of month
Wrapping p a p e r Production
Stocks, close of month..
Fine p a p e r Production
Stocks, close of month
Advertising (agate lines, 000 omitted):
Magazines
Newspapers
Rubber (pounds, 000 omitted):
Imports (pounds, OOOomitted)
C onsumption by tire manufacturers..
Tires and tubes (number, 000 omitted):'
Pneumatic tires—
Production
Shipments, domestic
Stocks, close of month
Not comparable with previous years after September, 1923.
651
FEDERAL RESERVE BULLETIN
AUGUST, 1924
COMMODITY MOVEMENTS—Continued
June,
1924
COMMODITY MOVEMENTS—Continued
May,
1924
June,
1923
June,
1924
Miscellaneous Manufactures—Cont.
June,
1923
Transportation—Continued
Tires and tubes (number, 000 omitted)—
Continued.
Inner t u b e s -
May,
1924
Vessels cleared in foreign trade (tons,
000 omitted):
3,744
3,559
8,762
:..
Locomotives (number):
Domestic shipped
Foreign completed
Total
Unfilled orders—
Domestic
.
Total
Vessels built in United States and officially numbered by the Bureau of
Navigation:
Number
. .
.
. .. .
59
46
185
77
67
268
217,845
39, 945
279, 385
32, 326
337,048
39,945
35,510
32, 756
8, 338
40,291
59,110
13,494
93
18
221
11
111
232
462
69
589
54
1,854
104
531
'• Passenger cars
i Trucks
Shipments—
By railway carloads
Driveaways (number)
By boat (machines)...
50
47
188
145
..
4,318
3,414
9,292
134
11
,
4,035
3,521
8,627
25, 988
25,142
7,300
Shipments, domestic
Stocks, close of month
Solid t i r e s Production _
.
Shipments, domestic
Stocks, close of month
Automobiles:
Production (number)—
643
1,958
117
22,951
129
26,972
126
54,161
Transportation
Freight carried by Class I railways:'
Net ton-miles, revenue and nonrevenue (000,000 omitted)
Total .
39,598
726
28.0
159
125
589
31
283
247
1,005
1,337
175
138
595
40
326
234
1,085
1,425
152
131
814
65
341
348
1,061
1,509
3,777
Revenue freight loaded and received
from connections (cars loaded, 000
omitted):
Classified by nature of p r o d u c t s Grain and grain products
Livestock
Coal
Coke
Forest products
Ore...
Merchandise, 1. c. 1
Miscellaneous...
31,900
681
25.7
4,018
4,421
..
Southern
!
Northwestern-_
Central western
Southwestern
Total
Freight-car surplus (number):
Total
Box
.
897
778
169
523
603
562
246
958
826
170
583
620
592
269
1,092
988
180
579
736
599
246
3,777
4,018
4,421
Freight-car shortage (number):
Total
74
Box
43
Coal
9
Bad-order cars (total) 2
194,869
'{Figures for May, 1924; April, 1924; May, 1923
Condition first day of following month
328,356
119,003
171,809
53,850
31,271
3,706
209
68
67
189,219
12,220
1,791
8,450
190,411
6,061
41.1
6,464
50.1
6,165
41.7
9,158
1,919
8,459
1,414
10,435
3,315
9,873
13,750
4,158
3,327
12,153
10,393
3,604 • 4,283
7,483
5,929
5, 422
4.179
3,700
3,123
16, 365
13, 414
3,090
2,624
2,601
2.046
3, 279
2,645
2, 397
2, 365
10,956
9,980
3,230
9,934
3,428
5,931
3,760
3,082
13, 598
2,923
2,438
2,704
2,337
11, 825
75,887
65.190
11,360
81, 756
16, 059
19,412
16, 543
7,594
59,337
5,690
4, 537
8,738
• 5,218
28,198
15, 066
94, 277
16, 085
22,865
17,206
9,594
62, 655
8,415
6,033
8,388
6,023
31,909
13, 777
72, 518
12,904
17,281
11,328
8,012
42,544
5,884
6,627
8,766
6,163
39,492
264,442
298, 516
245,296
31,345
93,409
28, 721
41, 868
29,398
33, 741
77, 841
27,506
13,052
7,445
31, 097
37,089
112, 287
34,494
47, 538
26,640
42,014
68.008
23, 000
12, 368
12,800
29,213
28,817
84,843
19,801
36,960
24,146
31,003
83, 007
25,230
17,902
16, 407
415, 423
445,451
•368,116
28,346
2,891
7,827
4,188
854
1,746
l,Jl0
363
34,428
3,755
9,245
5,378
1,560
1,071
1,508
447
25,254
4,817
8,387
3,717
.
1,346
1,589
1,007
161
48,064
57,709
46,344
BUILDING STATISTICS
Building permits issued in 168 cities,
grouped by Federal reserve districts:
Number of permits—
Boston (14 cities).
New York (22 cities)
Philadelphia (14 cities)
- .
Cleveland (12 cities)
Richmond (15 cities)
-_ - Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities). . Dallas (9 cities)
San Francisco (20 cities)
Total
Value of permits (dollars,
omitted)—
Boston (14 cities)___
New York (22 cities)
Philadelphia (14 cities).
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)..
_
San Francisco (20 cities)
000
Total
Building contracts awarded:
By Federal reserve districts (dollars,
000 omitted)—
New York
Philadelphia
Cleveland
Richmond..
.
..
_
-
St. Louis
Kansas City __ _
Dallas
Total (11 districts)
By classes of construction (square
feet, 000 omitted)—
Residential buildings
Business
358,929
151, 647
167, 776
2,649
3,476
63,629
Total
3,242
3,222
11,077
Total
Percentage of American to total
Commerce of canals at Sault Ste. Marie
(000 omitted):
Eastbound
Westbound
Chicago
Classified by geographical divisions—
Allegheny..
2,489
3,572
Foreign
.
- .
Hospitals and institutions
Social and recreational
Religious and memorial.
Public
Total (27 States) <
.
H-,' Total 10 districts, no figures available for Dallas district.
* Includes miscellaneous building contracts as well as groups shown.
652
FBDEEAL, BESBRVE BULLETIN
AUGUST, 1924
WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES
WHOLESALE TRADE IN THE UNITED STATES, BY LINES
[Average monthly sales 1919=100]
Gen- Groeral
Meat
index ceries
1923
January
February...
March
April
May
June
July
August
September..
October
November..
December _.
1924
January
February...
March
April
May
June
78
76
86
79
80
83
80
89
92
97
85.
72
80
78
79
77
. 76
75
75
74
81
80
81
88
81
86
90
99
93
76
61
60
65
62
64
62
66
70
75
76
65
65
101
95
108
86
83
88
88
114
117
112
90
66
61
60
86
67
73
68
56
74
76
81
63
51
89
83
109
112
118
114
100
106
106
117
102
90
113
107
121
106
107
107
106
111
115
129
111
79
76
79
78
80
81
. 66
63
62
61
64
65
98
99
90
81
73
70
51
49
66
68
55
48
91
90
101
106
102
95
116
110
118
115
111
106
Percentage change
in June, 1924,
sales as compared
with—
May,
1924
Percentage changein June, 1924,
sales as compared
with—
Dry Shoes Hard- Drugs
ware
goods
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS
Groceries:
United States
Boston district.
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Dry goods:
United States.
.
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district.. . .
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Shoes:
United States .
Boston d i s t r i c t . . . .
New York district
Philadelphia district
CHANGE IN CONDITION OF WHOLESALE TEADE, BY LINES
AND DISTRICTS—Continued
1.0
4.1
-4.6
1.9
-3.4
-5.2
-7.6
8.3
-4.3
11.3
-0.2
-3.3
8.5
-3.7
-0.7
-8.5
June,
1923
-8.4
-10.3
-12.6
-6.9
—14.3
-1.5
—4.3
-9.2
-1.6
-5.2
12.7
3.1
—5.5
-7.8
-10.4
—0.6
-2.7
4.6
-4.2
—12 4
-9.7
-20.3
—23.3
-20.7
-20.3
-31.3
-17.3
—16.9
-29.7
-8.1
-22.5
—4 4
—12.8
—11.2
-11.2
— 28.9
• -31.3
1.0
.
.
...
2.9
-12.9
-20.1
May,
1924
Shoes—Continued
Atlanta district
.. .
St. Louis district _
San Francisco district
Hardware:
United States
New York district
Philadelphia district
Cleveland districtRichmond district
Atlanta district
. . .
..
.
.
St. Louis district .
Minneapolis district
Kansas City district
Dallas district
_.
Drugs:
United States
New York district
Philadelphia district . . . .
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district .
Kansas City district
Dallas district
San Francisco district..
Furniture:
Richmond district.
Atlanta district
St. Louis district... _ .
Kansas City district
Dallas district
Agricultural implements:
United States
Minneapolis districtDallas district
.
..
. _
.
...
.
-32.3
-21.8
-13.9
—16.9
-7.0
-11.8
. . . .
-29.4
-20.9
-7.4
-12.3
-6.3
-8.4
-14.3
-8.2
-6.8
-8.7
1.9
-2.1
-1.2
-7.8
-16.6
-15.0
-9.1
-14.5
-19.8
-15.2
-15.4
-10.9
-15.9
-18.5
-2.3
-19.1
-4.5
-4.0
-3.4
-3.5
-6.1
-5.2
-5.3
-6.8
-3.6
-6.2
-3.0
-0.7
4.3
7.8
0.1
-5.3
1.4
-7.S
-9.8
-9.1
-1.9
7.6
-2.9
-9.6-37.3
-34.2
-8.8
-0.7
-20.3
-7.3
12.7
-27.6
-17.0
-13.3
2.7
Stationery:
New York district
Atlanta district
San Francisco district
Auto supplies:
San Francisco district
Men's clothing:
New York district
Women's clothing:
New York district
Machine tools:
New York district
Diamonds:
New York district.
Jewelry:
New York district
Philadelphia district
Electrical supplies:
Philadelphia district
-29.6
-35.8
-52.6
-14.5
-24.4
-7.1
-8.3
-12.8
-10.4
.
..
June,
1923
-7.6
-16.9
-17.0
-5.4
5.4
-16. 5-6.1
,-22. 6
-18.3
—15.9
. . . .
-7.4
-13.3
-47.3
-32.2
-30.9
. .
7.1
—18.1
. . .
-41.5
9.1
.
...
10.1
2.4
5.2
-8.5
-16. S
-5.8
-20.5
653
FEDERAL RESERVE BULLETIN
AUGUST, 1924
BETAIL TEADE, BY EEPOKTING LINES
[Average monthly sales 1919=100]
Sales with seasonal adjustment
Sales without seasonal adjustment
HI
January
February
March
April
May
June..
July
August
September
October
November
December
January
February
March
April
May
June
•a a
•31
j'S'S
c3 c3
as
"S'5
•2-S
gs
o 5
i O t?
•O a
Of
1923
112
103
98
86
74
73
92
134
122
118
95
171
169
205
179
189
183
177
179
182
200
201
201
115
117
162
142
154
154
143
163
151
180
176
331
129
126
145
135
142
149
141
145
143
152
141
185
116
110
135
125
137
136
128
135
140
138
134
193
203
198
197
208
211
196
126
140
163
178
174
162
141
143
149
145
150
143
119
124
136
130
143
131
93
118
178
150
140
100
97
82
103
102
137
149
214
132
133
187
159
170
176
176
179
176
185
174
261
114
116
124
115
125
127
120
129
123
132
126
125
154
166
181
208
189
176
72
145
125
143
144
102
95
127
139
131
171
124
127
115
127
123
120
170
176
189
177
188
186
184
187
191
193
200
192
134
138
143
139
144
152
139
145
145
149
150
152
133
130
139
130
134
140
129
138
140
132
135
143
113
107
145
107
124
135
112
121
133
123
121
130
116
107
107
116
120
122
111
115
102
113
119
113
157
157
185
159
176
188
180
179
178
181
183
178
202
198
182
205
210
200
101
100
97
97
104
158
156
169
182
162
168
158
161
162
166
168
179
173
179
170
190
183
177
146
150
147
149
153
145
137
130
132
118
153
130
132
102
112
110
104
99
94
183
188
179
208
196
188
1924
105
114
90
100
101
91
111
]00
105
M0
140
136
141
134
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]
Number
of reporting
firms
District
Sales without seasonal adjustment
1923
1924
June
May
Apr.
Sales with seasonal adjustment
Mar.
Feb.
June
1924
May
UnitedTS tates
333
120
126
132
115
102
126
128
Boston
New York
Philadelphia
Cleveland
Richmond
24
64
22
27
19
35
67
23
21
31
131
126
123
133
116
95
123
95
95
126
132
130
124
133
112
104
133
107
106
146
137
136
136
145
125
107
142
109
101
139
113
117
120
124
105
94
122
93
94
134
101
101
111
116
86
83
112
74
82
121
136
128
133
143
115
102
137
109
92
128
133
129
128
136
112
109
136
113
106
147
Chicago
Minneapolis
Dallas
San Francisco
June
.
May
Apr.
Mar.
Feb.
May
June
121
123
127
115
127
127
125
123
126
120
131
112
101
125
94
99
133
125
127
120
134
110
98
127
104
107
145
130
129
120
139
119
102
139
105
104
143
114
116
130
123
103
97
121
96
88
135
132
125
130
141
112
105
135
102
98
152
129
129
130
141
110
108
139
107
93
13S
126
126
125
138
109
102
130
111
108
146
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]
Number
of reporting
firms
District
United States
Boston
New York
Philadelphia
Cleveland
RichmondAtlanta
Chicago
Minneapolis
Dallas
San Francisco
1
2
Stocks without seasonal adjustment
1924
June
May
Apr.
Stocks with seasonal adjustment
1923
Mar.
Feb.
June
1924
May
June
May
Apr.
1923
Mar.
Feb.
June
May
286
_
127
134
140
138
126
122
129
132
135
136
137
135
128
130
24
64
13
26
19
22
55
15
19
29
119
119
145
129
122
111
14S
102
113
1S5
126
128
152
140
130
119
152
102
120
143
128
134
161
143
134
122
159
108
125
148
128
129
164
138
134
123
ISO
109
126
143
115
118
152
126
121
119
144
102
118
131
116
116
143
121
116
113
137
108
110
125
124
125
• 148
127
122
121
145
113
117
130
124
123
150
132
129
116
152
103
119
142
125
128
157
139
132
124
162
99
119
143
125
129
161
140
131
121
152
107
126
144
128
136
162
136
127
123
163
107
126
142
122
124
162
136
129
122
156
165
127
138
121
123
147
124
121
119
144
169
115
131
123
126
153
126
123
125
146
109
116
130
Number of grocery chains has been reduced from 32 to 28, by three combinations, and the fact that one chain has ceased to report.
Number of chains reduced from 10 to 9 by a combination of two reporting chaims.
654
FEDERAL RESERVE BULLETIN
AUGTJST, 1924
INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES
ENGLAND
CANADA
1924
May
June
Production:
Opal (thousand long t o n s ) , . .
18,699
608
Pig iron (thousand long tons)
Steel ingots and castings (thou652
sand long tons)
.
E a w cotton, visible s u p p l y 2
(thousand bales)
Exports:
Iron and steel and manufactures
324
(thousand long tons)
Cotton manufactures (million
350
yards)
Coal (thousand long tons)
4,882
Imports:
75
Raw cotton (million pounds)
49
R a w wool (million pounds)
R a w hides, wet (thousandpounds). 15, 921
Transportation:
Ships cleared with cargo 3 (thousand tons)
5,290
Freight-train receipts (thousand
pounds sterling)
Freight-train traffic (million tonmiles)
_
Unemployment:
7,2
Among trade-unionists (per c e n t ) .
I n insured trades (per cent)
9.4
Index of security prices, D e c , 1921=
100....
115.5
Capital issues (thousand pounds ster19,149
ling)
1923
1
April
June
27,308
651
20, 840
618
28,021
693
810
712
768
715
807
602
407
337
365
398
5,480
381
5,063
305
6, 589
1924
104
125
11, 846
42
85
5,362
36
80
5,460
May
June
Production:
Pig iron (thousand tons)
57
Crude steel (thousand tons)
69
Railway receipts (thousand dollars).. 34,103
Unemployment among trade-unionists (per cent)
Business failures (number) *
41
Authorized capital of new companies
(thousand dollars) !
10, 922
Bond sales (thousand dollars)
31, 635
Security prices, average market prices,
20 industrial stocks
89.2
Receipts of wheat at Fort William
and Port Arthur (thousand bushels).
Receipts of livestock at stock yards in
Toronto and Winnipeg:
Cattle (number)
Hogs (number).
April
June
85
108
33,255
104
32, 351
99
96
34, 584
37
5.1
43
3.4
58
18, 430
14,146
14,893
24, 578
13,882
29, 638
88.7
89.5
97.4
15, 781
6,443
6,907
46, 854
65, 601
46,038
77, 558
34, 531
38,962
April
March
May
6,348
5,884
May
9,159
1,605
1,606
7.0
9.5
7.5
9.7
11.1
10.3
115.3
115.6
118.0
6,592
38, 252
40,085
1923
i Five weeks.
3
End of month figures.
3
Figures include Irish Free State.
Exports:
Planks and boards (million feet)..
Preserved fish (thousand pounds)
Wood pulp (thousand pounds)...
Wheat (thousand bushels)
Imports:
Coal (thousand tons)
Raw cotton (thousand pounds)...
Machinery (thousand dollars)
1
107,247 211,334
3,915 15,045
97,904 152,159
6,085 13,446
1,187
5,871
2,147
2,122
8,101
2,810
217,945
8,693
119,832
11,932
1,620
7,567
2,397
Average for weeks reported.
GERMANY
FRANCE
1923
1924
1924
1923
May
June
May
Production:
Coal 1 (thousand metric t o n s ) . . . .
April
-- 3,693 4,765
Pig iron (thousand metric tons) __.
651
658
Crude steel (thousand metric ;
567
tons)
599
Cotton stocks at Havre 3 (thou126,924
95,349
sand bales)
118, 649
Exports:
Total volume (thousand metric
2,468
2,171
2,500
tons)
Imports:
Total volume (thousand metric
1,582
4,924
5,485
tons)
Raw cotton for consumption
16, 056 24, 067 24,743
(metric tons)
1,483
1,841
395
Raw silk (metric tons)
2,360
3,193
2,228
Coal (thousand metric tons)
Transportation:
Ships cleared with cargo (thou3,090
2,507
2,975
sand tons)
Railway
receipts
(thousand
669,002 674,126
francs)
Freight-car loadings
(average
daily number)
58,960 59, 777 59,126
Unemployment:
Number in Paris receiving aid 4__
142
87
105
Demands for employment not
filled (number men in France) 4 . 6,040
5,296
6,099
1
1
J
Coal and lignite, including Lorraine and the Saar.
Excluding the Saar district.
Bale of 50 kilos. End of month figures.
* End of month figures.
April
March
May
123,268
134, 223
133,463
29,988
26, 947
30,464
6,761
84, 039
8,466
62, 750
10, 223
92, 735
21,214
16, 607
9,998
595
34,070
72,970
792, 493
447
21, 856
18, 667
980,012
249
16, 380
100, 063
2,495, 649
May
April
June
4,352
428
427
63, 532
1,784
Exports:
Iron and its manufactures
(metric tons)
118,303
Machinery and electrical
29,280
supplies (metric tons)
Dyes and dyestuffs (metric
tons)
8,223
Coal (metriG tons) _
_
_ 76, 562
Imports:
Raw wool (metric tons)
28, 558
Silk, half manufactured
(metric tons) . . .
442
Cotton (metric tons)
29, 811
Iron ore (metric tons).
223,384
Coal (metric tons)..
897, 541
12, 550
276
2,561
2,804
542,148
56, 757
166
6,063
June
Ship arrivals in Hamburg (thousand net reg. tons)
Unemployment:
Applicants for every 100
Number receiving State aid.
Business failures . . . . .
Capital issues (billion marks) . _.
Index of security prices: i
25 domestic stocks, January 5, 1923-1.
1
2
1,382
1,232
1,594
586
235
209,101
326
260
310, 547
139
2 20.4
1, 227. 9
1, 429. 4
1, 299. 5
Last week of month figures; in millions.
In millions of gold marks.
June
1,313
206
185,982
35
384
655
FEDERAL RESERVE BULLETIN
AUGUST, 1924
FOREIGN TRADE OF PRINCIPAL
COUNTRIES
FOREIGN COUNTRIES
[Thousands of dollars]
UNITED STATES
[Thousands of dollars]
1923
May
June
Cumulative
through
last
month
noted
1924
Cumulative
through
last
month
noted
May
June
IMPORTS
By classes of commodities:
Total
Crude materials for manufacturing
Foodstuffs in crude condition..
Foodstuffs partly or wholly
manufactured.._
Manufactures for use in manufacturing
Manufactures ready for consumption. _
_
Miscellaneous
By countries:
Total Europe.....
France
Germany
Italy
United Kingdom
Total North America
Canada...
Total South America
Argentina...
.
Total Asia and Oceania
Japan
Total Africa
Italy
United Kingdom
Total North America
Canada
Total South America..
Argentina
Total. Asia and Oceania
Japan
Total Africa
Cumu- Cumulative lative
through through
last
last
month month
noted noted
274, 015 302,946 1,8-19,690 2,087,626
88, 625 104,120 628,416
34, 234 37,484 204, 670
816,851
181, 870
41, 734
50, 582 315, 611
314, 407
48, 420
48, 650 332, 536
393, 557
60, 587
415
61,679
432
84,270
11,283
9,831
4,924
26,128
93, 054
33,343
38,883
7,511
83, 537
27,184
3,208
361, 294
8,528
375,164
5,778
521,125
71, 066
03, 959
34,049
173, 331
555, 893
200, 267
230,145
43, 538
499, 922
150, 815
43, 968
611, 822
76, 396
77, 758
46, 341
235, 617
560, 352
198, 811
268, 811
80, 475
585,956
172, 392
60, 684
80,189
9,393
10. 611
4,832
24, 480
80, 019
33, 031
38, 368
7,108
70, 605
21,829
4,834
EXPORTS
By classes of commodities:
Total
Crude materials for manufacturing.
Foodstuffs in crude condition..
Foodstuffs partly or wholly
manufactured
Manufactures for use in manufacturing
Manufactures ready for consumption
Miscellaneous..
Reexports
By countries:
Total Europe..
France
Germany
1923
306, 475 334,950
62, 387
15, 021
76,855
10, 638
34, 035
37,480
50, 462
53,078
136, 450 147,456
327
251
7,793
9,192
141,949
21, 321 22,067
18,033 28,302
12, 042 11,203
51, 778 62,409
84,427 88,371
_. 47,762 48,162
25,860 24,764
8,987
8,841
48, 913 54,091
9,563
16,971
5,325
5,638
France (million francs):
Imports
-.
_.
Exports
Netherlands (million guilders):
Imports
Exports
United Kingdom (thou. £ sterling):
Imports
Exports
Reexports
Canada (thousands of dollars):
Imports
Exports
Japan (million yen):
Imports..
_
Exports
_
3,178
2,922
3,177
3,360
19,871
21,282
14,659
14,149
111
219
136
1,148
757
990
592
88, 501
62, 024
10,024
122, 087
70, 261
13, 091
598, 424
388, 465
538, 876
382, 679
66, 396
88,238
72,247 414,470
105,311 475, 369
176
146
223
176
May
Belgium and Luxembourg (million
francs):
Imports
Exports
Denmark (million kroner):
Imports
Exports.
2,089,204 1,945,559 Germany (thousand metric tons):
Imports.
.
551, 909 451,901
Exports
_
81, 682 135,817 Italy (million lire):
Imports
275, 627 297, 035
Exports
Norway (million kroner):
309, 581 277, 723
Imports.
Exports
817,438 740, 487
Sweden (million kroner):
2,990
3,432
Imports
.
Exports.
_
49, 979 39,162
Brazil (million milreis) 1 :
1,057,160 948, 497
Imports
128, 256 120, 085
Exports
205, 422 143, 800
Australia (thousand £ sterling):
84, 239 76, 458
Imports
_
395, 907 380,586
Exports
489,413 539,137
279, 222 329, 457 India (million rupees):
Imports
147, 372 135, 235
Exports
_
52,713 58,804
354,100 291,833 South Africa (thousand £ sterling):
Imports
129, 590 110, 467
Exports
35,216
31,159
74,128
462, 354
428,683
1,466
807
1,108
714
April
1,514
1,287
1,286
1,064
7,192
5,645
4,591
3,061
219
187
202
180
950
854
811
636
870
516
803
3,661
2,352
2,664,
2,140
1,542
1,077
1,565
1,199
7,357
5,435
7,104
3,941
140
62
133
618
347
342
132
109
74
109
655
510
342
154
281
187
341
325
550
499
12,700
8,100
10, 050
9,456
59,513
57,495
55, 588
52, 089
206
291
203
307
. 1,010
1, 738
997
1,547
5,251
6,424
6,737
5,006
26, 781
31, 433
21,181
29, 096
i Figures for January and February, and cumulative through February, 1924 and 1923.
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
[1913-100]
INDEX O F OCEAN FREIGHT RATES
[January, 1920=100]
1924
1923
June
Imports:
Total
Raw materials
Producers' goods
Exports:
Total
Producers'goods
Consumers' goods
May
April
March
171.3
131.3
233.9
153.6
193.2
142.8
276.9
160.6
224.9
156.9
343.0
169.1
195.3
151.1
269.4
165.3
206.0
167.0
292.0
134.6
86.1
59.1
204.7
118.1
87.2
62.2
187.1
121.5
91.7
66.2
203.1
122.1
90.4
69.1
155.8
129.3
82.3
63.6
145.8
113.3
1923
1924
June
July
United States Atlantic ports
toUnited Kingdom
French Atlantic
Netherlands and Belgium
Scandinavia
All Europe
-
June
May
April
July
22.8
23.4
25.0
24.5
28.4
26.7
28.1
26.5
20.2
21.5
20.3
23.5
20.5
22.1
21.4
23.5
20.8
23.3
25.4
23.5
21.3
25.7
24.5
23.7
20.5
25.3
18.1
22.3
18.9
19.9
656
FEDERAL RESERVE BULLETIN
AUGUST, 1924
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES
ENGLAND
CANADA
[Millions of dollars]
[Millions of pounds sterling]
1924
1923
1924
June
Bank of England:
Issue departmentGold coin and bullion
Notes issued...
Banking departmentGold and silver coin
Banknotes
Government securities
Other securities
Public deposits
Other deposits
Eatio of gold and note reserve to deposit liabilities.
Bank notes in circulation
Currency notes and certificates
Nine London clearing banks:
Money at call and short notice...
Discounts and advances
Investments.
Total deposits
Total clearings.
,
Government floating debt:
Total
Treasury bills..
Temporary advances
Index number of foreign exchange
value of the pound sterling
May
April
June
126
146
126
146
126
146
2
20
48
81
20
113
2
20
42
73
15
105
2
20
43
74
11
111
20
43
81
14
114
16.3
104
290
18.5
103
18.4
103
290
108
1,037
324
1,652
3,125
101
1,024
327
1,618
3,410
1,015
332
1,615
3,454
113
1,018
331
1,638
2,960
218
742
570
172
755
545
210
604
215
125.1
124.4
123.5
124.6
54
Bank clearings 2 .
Bank debits
1
54
1,163
302
495
169
2,011
97
217
1,430
2,290
Current loans and discounts
Money at call and short notice
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes.
[Millions of lire]
May
......
1
Not including gold held abroad.
54
1,185
314
484
162
2,055
97
229
1,238
2,023
68
1,186
313
470
171
2,023
99
217
1,154
1,966
1,236
309
397
157
2,067
126
244
1,517
Total for month.
FRANCE
[Millions of francs]
287
ITALY
March
Chartered banks:
17.4
103
126
April
May
1923
1923
1924
June
May
Bank of France: 1
Gold reserve
3,679
3,679
299
Silver reserve
300
War advances to the Government 23,000 22,700
Note circulation
39,665 39, 556
Total deposits
_
2,151
2,225
Commercial bank loans
14,669
Commercial bank deposits.
14,496
Clearings, daily average of Paris
banks
1,296
Savings banks, excess of deposits (+)
or withdrawals (—)
+1
-7
Price of 3 per cent perpetual rente.... 54.45
62.00
April
June
3,678
299
22, 700
39, 824
2,437
14, 813
14,7Q5
3,673
293
23,100
36,689
2,162
13,950
13,807
1,386
733
+ 10
54.00
+ 22
S5.90
i Not including gold held abroad.
1923
1924
May
Banks of issue:
Gold reserve
._ 1,127
1,830
Total reserve
6,596
Loans and discounts
9,063
Note circulation for commerce
Note circulation for the S t a t e " . . . 7,484
Total deposits..
_
_ 3,002
^Leading private banks:
Cash
Loans and discounts...
Due from correspondents
Participations.
Total deposits
2,428
:State note issue
237.12
Index of security prices.
April
March
JAPAN
[Millions of yen]
May
1923
1924
June
1,126
1,830
6,926
9,226
7,532
2,804
1,126
1,832
7,264
9,212
7,607
2,763
1,130
1,985
8,851
8,525
7,763
2,350
1,001
7,978
3,795
350
11,866
2,428
207.02
1, 048
8,199
3,681
306
11,947
2,428
771
9,168
3,393
239
12, 250
2.503
150.77
203.39
Bank of Japan:
Reserve for notes i
Loans and discounts
Advances on foreign bills.
Note circulation.
Government deposits
Private deposits
Tokyo banks:
Cash on h a n d .
Total loans
Total deposits
Total clearings
1
May
April
1,061
400
90
1,389
309
56
1,062
449
1,287
411
46
1,061
527
126
1,333
479
36
1,053
311
52
1,371
371
49
122
2,585
1,897
2,610
128
2,556
1,888
2,636
117
2,467
1,839
2,318
133
2,024
1,850
83
June
Gold abroad, gold coin and bullion in Japan.
DISCOUNT RATES OF CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Austria
Belgium
Bulgaria
C z e c h o s lovakia
Denmark
England
Rate
In effect
since—
P.ct.
12 June 5,1924
&iA Jan. 22,1923
June 14,1919
VA
6
7
4
M a y 28,1924
Jan. 17,1924
July 5,1923
Country
Rate
P.tt.
Esthonia
Finland
9
France
6
Germany
l 10
Greece
Hungary.... 18
India
5
In effect
since—
Jan.
Mar.
Jan.
Dec.
Jan.
July
July
—,1919
6,1924
17,1924
23,1923
1,1923
25,1925
3,1924
Country
P.ct.
Italy
Japan
. . 8.03
Latvia
8
Lithuania..
6
Netherlands 5
Norway
7
Poland
12
i On Remtenmark and stable currency loans.
Ohanges for the month.—Imperial Bank of India, July 3, 1924, from 6 to a per cent.
Kate
In effect
since—
Country
July 11,1922
Nov. —, 1923
Feb. 16,1924
Sept. 27,1922
Jan. 24,1924
Nov. 10,1923
Apr. L28,1924
Portugal
Rumania
South Africa
Spain
Sweden
Switzerland.
Yugoslavia..
Rate
In effect
since—
P.ct.
9 Sept. 12,1923
6
6
5
SH
4
6
Sept.
Dec.
Mar.
Nov.
July
June
4,1920
29,1922
23,1923
9,192S
14,1923
23,1922
657
FEDERAL RESERVE BULLETIN
AUGUST, 1924
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEX
The Federal Reserve Board's wholesale
price index numbers show that in June prices
in the United States declined 1.3 per cent and in
England 1.7 per cent. In France they rose
3.3 per cent and in Canada 1.4 per cent.
When these indexes are converted to a gold
basis by making allowance for the depreciation
of their respective currencies from their goldparities of exchange, prices in England declined 1.9 per cent and in France 6.2 per cent,
while in Canada they advanced seven-tenths
of 1 per cent. In each of the four countries
the June index number on a currency basis is
materially below the high figure for the first
six months of the year. For the United States
the decline is 5.5 per cent; in England, 3.9 per
cent; in France, 8.5 per cent; and in Canada,
2 per cent.
Compared with June, 1923, prices in the
United States have fallen 6 per cent and in
Canada 5.2 per cent. In England they have
advanced 1.8 per cent and in France 12.2 per
cent. On the gold basis prices in England,
France, and Canada show declines for the year
roughly equivalent to that indicated by the
American index.
Considered by groups of commodities prices
of raw materials and producers' goods in the
United States continued to decline in June, so
that raw material prices were approximately
at the level prevailing last July and producers'
goods were materially below the figure of a year
ago. On the other hand, the prices of consumers' goods, which in April had declined to
within less than 1 per cent of their post-war
low figure, advanced by about 1 per cent in
June. In England also raw materials and producers' goods continued to decline in June, while
consumers' goods advanced; and in Canada producers' goods declined, while advances were
shown for raw materials and consumers' goods.
In France currency prices of all commodity
groups advanced in June, reflecting the decline
in the exchange rate of the franc, the largest
increase being shown for the group of commodities entering into the export trade.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
1913 = 100
5S0
500
ON PAPER CURRENCY BASIS
CONVERTED TO GOLD BASIS
*50
400
350
300
250
ZOO
150
Canada
100
100
1920
1921
3145—241-
1922
1923
1920
1921
1922
1923
658
FEDERAL RESERVE BULLETIN
The tables below give the all-commodities
and group index numbers of wholesale prices in
the five countries included in the Federal Reserve Board's indexes. In the first table the
all-commodities index for each country is
shown both in terms of paper currency and
AuGBST, 1924
converted to a gold basis. The latter figure
takes into account the depreciation of the
foreign currency in terms of the American
dollar (or gold) and the series indicates relative price levels in the several countries when
all prices are expressed in dollars.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES
On paper currency basis
Converted to gold basis
Year and month
United
States
1920, average
1921, average
_
1923, average
1923
January .
February
April
May
June
July
166
166
169
170
167
164
159
159
163
163
163
163
._ . . . _ _
September
October
December
France
Canada
100
241
310
198
165
170
100
512
344
319
394
100
207
250
167
149
150
100
235
240
181
182
188
100
211
239
149
158
164
100
219
233
156
150
159
187
133
136
124
100
198
223
150
147
147
100
241
242
175
175
183
165
168
173
175
173
171
168
164
165
166
171
177
346
380
398
390
386
394
391
391
404
404
416
427
148
152
155
156
155
153
151
150
149
147
145
144
176
183
185
185
187
186
183
179
190
196
199
205
166
166
169
170
167
164
159
159
163
163
163
163
158
162
166
167
164
162
158
154
154
154
154
159
120
121
131
135
133
129
119
115
123
125
119
116
147
150
152
153
152
150
147
146
145
145
142
140
172
178
180
181
184
183
179
176
186
192
193
193
178
180
180
181
177
174
445
469
483
428
428
442
146
148
147
143
143
145
205
200
200
201
200
189
163
163
160
158
156
154
156
160
158
162
158
155
108
107
117
137
128
120
142
144
143
140
141
142
185
182
172
165
161
156
100
211
239
149
158
164
_.
3
1924
January
163
163
160
158
156
154
March .
April
June
_
.-
Japan
United
States
England
France
England
Canada
100
Japan
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES'
Grouped by stage of
manufacture
Grouped by
ori Sin
All
port
DoIm- goods
Raw Pro- Con- mesma- ducers' sumtic ported
lie
terials goods ers
goods
goods goods
Year and month
UNITED STATES
Grouped by
origin
Excomport
modi- Raw Pro- Con- DoIm- goods
ties
sum- mesma- ducers'
ported
tic
terials goods ers'
goods
goods goods
FRANCE—contd
182
196
189
179
182
183
179
171
169
169
166
165
163
160
164
156
158
157
155
151
147
157
160
157
154
151
151
152
166
165
164
161
159
158
157
148
143
148
145
140
133
129
177
178
182
183
186
178
173
1923—June.
1924—January...
February..
March
April
May
June
158
169
167
167
169
166
164
175
186
191
187
187
185
186
173
177
180
180
183
179
176
185
167
186
179
185
182
178
185
178 1 188
171
181
179
170
ENGLAND
1923—June
1924—January...
February..
March
April
May
June
FRANCE
1923—June
1924—January...
February..
Maroti
Year and month
Grouped by stage of
manufacture
394
445
483
1
418
459
478
483
419
469
485
507
351
416
453
474
386
423
443
460
434
548
595
596
385
489
522
524
1924—April
May.
June
428
428
442
430
430
443
446
437
451
421
425
441
418
417
431
480
481
498
434
425
447
153
146
148
147
143
143
145
141
128
131
129
126
127
128
168
166
168
167
164
160
157
167
166
168
168
162
162
165
151
143
146
145
141
141
143
166
166
167
165
159
159
156
146
133
135
132
130
132
138
186
185
203
202
203
199
199
190
187
196
192
193
191
193
184
187
204
199
200
199
197
186
184
211
205
199
214
216
208
19S
215
211
207
198
192
175
CANADA
1923—June
1924—January...
February..
March
April
May
June
JAPAN
1923—June
1924—January...
February..
March
April
May
June
186
205
200
200
201
200
189
222
214
211
220
214
199
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.
659
FEDERAL, RESERVE BULLETIN
AUGUST, 1924
WHOLESALE PRICES IN THE UNITED STATES
INDEX O F T H E BUREAU OF LABOR STATISTICS
[1913= 100]
Bureau of Labor Statistics groups
Raw materials
Pro- ConCloths Fuel Metals Build- Chem- House Misand
furFarm
icals
suming
and
and
nish cellaAni- Forest Min- Total ducprod- Foods cloth- light- metal mate- and
ers'
ers'
raw goods goods
prod- rials drugs ing neous Crops mal prod- eral
ucts
ing
ing
ucts
goods
prod- ucts prod- mateucts rials
ucts
All
commodities
133
141
138
144
142
137
139
136
134
149
154
153
151
152
150
148
147
145
1922 average.
1923 average
1923—June
1924—January
February
March
April
May..
Federal Reserve Board groups
138.
144
142
143
143
141
137
137
136
181
200
198
200
196
191
189
187
187
218
185
186
169
180
181
179
177
175
168
189
194
181
182
182
182
180
173
122
144
148
142
143
144
139
134
132
124
131
131
132
131
130
128
127
127
176
183
187
176
176
175
175
173
172
117
123
123
117
114
113
113
112
111
145
168
165
182
176
165
166
167
165
125
122
119
115
116
118
119
115
109
185
210
215
194
195
194
195
195
182
207
185
184
170
177
179
174
171
168
158
159
158
155
156
154
154
152
147
151
156
155
156
154
153
151
150
150
128
141
144
136
139
137
135
133
130
WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES
ALL-COMMODITIES INDEX NUMBERS
[Pre-war=100]
EITKOPI
Englanc 1
Year and month
Bulgaria
Slovakia 1
484
504
2,545
2,408
1,002
969
580
642
2,711
2,658
2,612
2,798
2,551
991
1,028
1,036
1,022
1,015
981
965
Belgium
1923
June
July
-
- _
1924
625i
555
557
565
April
May
July
_
EUKOPE—continued
Year and month
Spain
June
July
1923
- -
April
May
July
...
. .
.
.
.
Germany;
Federal
Statistical
Bureau
150
147
409
407
Gold basis
74.0
88.8
569
566
149
145
230
235
161
163
161
495
544
499
165
161
450
161
160
459
465
571
573
579
579
571
156
158
111
164
163
117.3
116.2
120.7
124.1
122.5
115.9
250
260
266
267
263
264
Statist
202
207
159
157
210
223
227
228
225
219
220
165
167
165
NORTH AMERICA
164
181
162
153
180
151
178
180
180
184
161
162
183
183
162
161
160
180
182
180
178
163
151
152
158
150
148
147
145
155
154
157
157
154
151
151
4
Italy
NorNether- way
lands (Christiania)
154
153
152
ASIA AND OCEANIA
United
States
China
Switzer- (Bureau Canada Austra- (ShangSweden
land! of Labor
lia
hai)
Statistics)
170
170
1924
January
. . .
February
France
• Denmark* Board
of
Trade
Dutch
East
Indies
178
180
155
174
170
167
166
165
156
160
205
205
1W
154
154
1V
204
155
200
194
India
(Calcutta)
Poland
Zloty basis
109
104
AFRICA
Japan
New
(Tokyo) Zealand
Egypt
(Cairo)
175
170
198
192
177
176
128
123
172
178
179
174
176
176
211
208
206
207
205
199
175
180
180
178
179
133
135
136
134
135
131
South
Africa
124
131
126
• 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.
660
FEDERAL RESERVE BULLETIN
AUGUST, 1924
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
[Pre-war=100]
European countries
Other countries
United
BelNeth- NorSwitNew
EngGerer(51
Swe- zer- Can- Aus- India Zea- South
Austria gium Czech- land! France many Italy lands way Spain den (48 land ada tralia (Bom- land Africa
cities) (Vienna)
(9 oslo-1 (600 (Paris) (71 (Mi(Ma(31
(60
(30
(9
Prov- vakia towns)
(33
(25
(6
cities) lan) cities) towns) drid) towns) towns) cities) towns) bay) towns' towns)
inces)
INDEX NUMBERS OF RETAIL FOOD PRICES
noli
basis
1923
JuneJuly .
Aug
•Sept
•Oct
Nov
Dec
1924
Jan.
Feb
Mar
Apr
141
144
143
146
147
148
147
1,413,200
1,291,100
1,233, 500
1,250,900
1,263,600
1,264,700
1, 286,000
98
103
109
115
117
121
124
160
162
165
168
172
173
176
331
321
328
339
349
355
365
146
144
141
138
138
140
1,352,700
1,382,100
1,393, 000
1, 383,800
1,416,900
1,445,700
1,436,200
126
130
128
121
113
118
175
177
176
167
163
160
162
376
384
392
380
378
370
July
151
502
496
490
496
502
503
499
145
145
143
142
145
149
149
213
218
220
218
217
221
226
165
164
162
163
162
166
167
138
137
142
141
144
144
145
162
164
165
161
157
156
156
146
148
149
149
147
147
152
142
142
143
145
146
147
147
118
116
115
115
117
120
118
127
117
120
123
126
515
516
523
524
519
150
151
152
152
151
151
230
234
241
240
241
241
168
167
167
165
165
168
145
145
143
137
133
155
153
152
150
151
154
151
147
143
143
147
150
149
150
150
150
120
122
122
123
122
120
INDEX NUMBERS OF COST OF LIVING
1923
June
ffuly
•Sept
Oct
Nov
Dec
<>
•
156
157
156
157
158
157
158
1, 151,300
1,090,300
1 049,600
1,084,100
1 102 700
1 114,900
1 124,900
419
429
439
453
458
463
470
933
921
892
903
901
898
909
169
169
171
173
175
175
177
157
156
156
154
154
154
1 174,000
1 194,000
1 199,600
1 197,300
1 220,90O
I 244, 200
1 239,100
480
495
510
498
485
492
493
917
917
908
907
916
923
177
179
178
173
171
169
170
19°24
Feb
May____
June
July
334
331
345
365
45
54
64
61
126
125
491
487
483
487
502
502
499
110
104
107
112
115
510
517
521
522
518
174
236
173
230
178
231
179
236
173
244
170
172
178
178
174
177
182
161
160
161
165
165
164
164
166
166
164
164
164
167
168
146
146
148
148
149
150
150
151
153
154
154
152
153
157
145
145
146
147
147
148
149
131
130
130
131
132
133
133
178
190
180
195
163
162
162
159
159
169
168
168
166
166
168
150
149
148
145
143
158
156
153
150
150
153
150
151
152
133
134
134
134
134
133
3
2 New series: 1921=100.
Massachusetts Commission on the Necessaries of Life.
' First of the month figures.
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.
661
FEDERAL, RESERVE BULLETIN
AUGUST, 1924
BANKING AND FINANCIAL STATISTICS
CONDITION OF FEDERAL RESERVE BANKS
EARNING A S S E T S , CASH R E S E R V E S , TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, A N D RESERVE PERCENTAGES FOR JUNE AND MAY, 1924
[Daily averages.
Total earning assets
A m o u n t s in thousands of dollars]
Total cash reserves
Federal reserve notes
in circulation
Total deposits
Reserve
percentages
Federal reserve bank
June
May
June
May
June
June
May
May
June
May
t
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
SanjFrancisco...
54,045
172,397
67, 526
85,153
56,788
41,886
116,873
33,148
40,893
50,844
43, 443
79, 967
51,075
150,757
66,764
91,497
62, 416
47,053
120, 558
37,552
41,081
47, 698
40, 881
82,239
294,872
1,019,569
265, 049
318, 382
89, 372
158, 070
467,403
112,222
80, 072
92, 284
55,883
293,819
296,940
990,769
268,223
312, 580
84, 292
152, 359
474,005
109, 200
81, 083
98,509
61,312
292, 537
134,095
811,337
121,870
167, 390
63,858
58, 634
302, 723
73,367
49,122
77, 542
51, 596
152, 998
129,791
750,344
118, 318
163, 258
62,477
58,288
293,530
72, 885
47,821
77,413
52,628
153, 457
201, 093
345,323
189,034
215, 480
• 73,933
139, 548
262,415
62,887
68, 692
63, 442
41, 707
207, 269
203,861
348,981
193,976
220,104
76, 500
140, 699
279,848
65, 492
70, 281
63, 373
44,490
207,844
88.0
88.1
85.3
83.2
64.9
79.8
82.7
82.4
68.0
65.5
59.9
81.6
89.0
90.1
85.9
81.5
60.7
76.6
82.7
78.9
68.7
70.0
63.1
81.0
Total: 1924
1923
1922
1921
1920
1919
842,963
1,124, 891
1,166, 617
2,175,175
3,209,650
2,323,992
839, 571
1,173,194
1,188,849
2, 353, 794
3, 255,859
2,391,774
3, 246, 997
3, 204,303
3,136,308
2, 605, 779
2,102,985
2, 248, 265
3, 221, 809
3,180,433
3,126, 773
2,541,640
2, 078,822
2, 246, 087
2, 064, 532
1, 931, 212
1,892, 591
1, 723, 271
1, 974,537
1,940, 647
1, 980, 210
1, 948, 878
1,877,269
1, 717,423
1,987,323
1,944, 547
1, 870, 823
2, 246, 535
2,138, 430
2, 682,560
3,113, 949
2, 500,969
1, 915, 449
2, 243,195
2,153, 053
2, 787, 379
3, 089, 737
2, 534,112
82.5
76.7
77.8
59.1
«43.3
'52.6
82.7
75. &
77. e
56.4
"42.4
•51.8
' Calculated on basis of net deposits and Federal reserve notes in circulation.
KESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 25 TO JULY 16, 1924
RESOURCES
[In thousands of dollars]
Tota
Gold with Federal
reserve agents:
June 25
2,118,093
July 2.
2,126,686
July9
2,099,835
2, 111, 173
July 16
Gold r e d e m p t i o n
fund with U. S.
Treasury:
38,491
June 25
33,134
July 2
37,433
July9
_
37,657
July 1 6 . . . .
Gold held exclusively against Federal reserve notes:
2,156,584
June 25
2,159,820
July 2
2,137,268
July 9
2,148,830
July 16
Gold settlement fund
with Federal Reserve Board:
579, 518
June 25
577, 616
July 2
595,604
Ju]y9.__
574,339
July 16
^
Gold and gold certificates held
by
banks:
419,468
June 25
July 2
_.. 383,219
410, 530
July 9
437,381
July 16
Boston
New
York
Phila- Clevedelphia land
Richmond
211,083
207,731
209,960
211,683
635,262
635,223
595, 201
620,153
187,836
190, 279
192,798
192,492
210, 859
213,496
214,517
216, 651
37,848
41,390
3,779
6,218
3,194
5,680
4,074
2,789
6,541
5,209
11,166
3,702
5,316
7,479
1,288
914
2,590
2,908
4,344
2,324
2,394
2,777
214, 862
213,949
213,154
217,363
638,012
601,742
625,362
199,002 )212,147
193,981 214,410
198,114 217,107
199,971 219, 559
42,616
41,232
40, 242
44,167
51,559
68,429
58,492
55,487
148,845
92,294
151, 897
149,792
30,914
41,368
37,130
34,455
85,572
81,377
89,770
79,288
30,935
35, 787
36,993
33,556
17,136
13,821
14,919
19,490
18,972
19,687
19,650
195,377
173,445
196,08*
208,264
34,815
33,935
34,476
30,356
19, 018
18,925
19,039
18,588
8,784
St.
Atlanta Chicago Louis
San
Francisco
279, 782
279,725
279, 711
264, 659
61,628
60, 372
61,589
57,537
57,607
57,756
57,372
56,488
57,901
56,942
56,500
29,278
28,811
2,177
6,173
5,207
4,037
2,561
2,465
3,173
1,440
1,520
1,151
•1,201
1,238
1,500
1,652
2,192
2,145
1,179
1,048
1,641
1,495
126, 763 281,959
126,003 286,898
129,333 284, 918
128,628
64,654
64,093
63,545
63,029
59,057
58,758
58,957
58,610
57,988
59,553
59,134
58, 645
30,457
29,859
29,867
27,353
227,743234,072
241,155
237,447
28, 670
37,237
35,726
30,424
7,639
7,466
10,463
5,765
21,307
36,209
29,778
29,190
8,181
7,729
6,413
3,618
33,246
12,151
115,514
124,964
99,743
112,776
7,803
7,907
8,169
8,383
68,599
56,042
59,212
75,585
8,187
7,669
7,889
8,261
9,707
9,731
5,105
4,941
4,099
3,941
8,625
8,641
8,706
10,651
33.95S
34,031
34,203
34,328-
38,272 124, 697
123,441
127, 700
126, 722
9,360
9,685
Minne- Kansas
apolis
City Dallas
2,066
2,562
1,633
1,906
25,858
224,906
231,936
238,804
236,104
2,8372,136 •
2,351;
1,343J
24,280
27,837
662
FEDERAL RESERVE BULLETIN
AUGUST, 1924
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS JUNE 25 TO JULY 16,1924—Continued
EESOURCES—Continued
[In thousands of dollars]
Total
Total gold reserves:
June 25
July 2
July 9
July 16
Reservesjpther than
gold:!** ,
June 25
July2
July 9
July 16
----Total reserves:
June 25
July2
July 9
July 16
Nonreserve cash:
June 25
July 2....
July 9
j - —
July 16
Bills discounted:
Secured by U.S.
Government
obligationsJune 25
July 2
July 9
July 16
Other bills discounted—
June 25
July2
July 9
July 16
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
Louis
3,155,570
1,120, 655
5,143,402
1,160, 550
285,911
301,350
291,333,
292, 500
983, 558 264, 731
903, 751
949,720 269,720
983,418 264,782
316, 737
314, 712
325,916
317, 435
82,335
85,999
86, 595
87, 408
151, 702
147, 731
152,421
149,162
466, 072
466, 904
443, 873
457, 057
101, 511
108,999
107,160
101,714
115,833
98,963
101,904
105,864
11,232
9,090
10,053
10,478
3,552
3,194
3,570
3,248
9,612
7,616
6,075
6,062
4,280
2,660
3,877
4,125
13,643
11,680
11,316
11,989
15,074
11,967
11, 667
14, 279
12,458
10,019
11.106
10;684
1,754
1,305
1,402
1,890
3,271,403
3,219,618
3,245,306
3, 266,414
297,143
310,440
301,386
302,978
,012,129
326,349
930,899 272,478 322,328
978,854 273,290 331,991
,012,849 268,030 323,497
86,615
90,472
91,533
165,345
159,411
163, 737
161,151
481,146
478,871
455,540
471,336
113,969
119,018
118, 266
112,398
78,157
77,260
80,431
75,954
54,006
3,562
2,430
3,411
4,053
14,934
16,837
17,660
16,415
1,775
1,580
1,696
1,423
2,969
2,655
2,530
4,784
2,517
2,012
2,818
2,774
4,326
3,355
4,159
3,921
7,076
7,316
8,792
4,099
3,617
4,230
4,332
118,117
142,338
94,607
97,235
10, 286
6,323
5,850
25,703
56,368
17,096
25,417
17,977
16,746
17,475
17,867
14, 782
11,791
11,763
15,842
15,582
13,809
12,415
5,120
2,724
2,757
2,778
9,245
9,585
10,620
10,043
232,014
226,663
216,106
5,497
5,352
5,508
4,654
16,217
16,962
16,708
15,274
8,267
9,591
8,277
8,616
11,467
10,506
8,851
8,856
36,904
34,143
33,258
28,453
28,837
27,097
26,854
15,783
14,030
11,831
10,504
41,920
73,330
33,804
40,691
27, 260
27, 568
25,023
26,091
29,324
25,288
20,642
20, 619
54,305
52,486
47,952
45,673
1,817
3,486
8,164
3,584
12, 733
24, 309
26,332
11,990
2,485
1,937
1,625
1,750
4,415
3,355
3,077
2,780
769
660
449
259
541
541
541
541
1,202
1,202
1,202
1, 202
549
549
549
549
23,806
24, 646
25, 288
25, 823
102,453
108, 614
112, 571
115, 425
23,721
23,961
23, 961
24, 578
28,192
29,168
29,922
33, 201
8,392
7,936
8,296
8,233
32, 582
31,185
34,245
33, 363
4,661
4,421
4,421
4,547
9,467
9,359
10, 825
32, 739
33,123
34,125
34, 597
136, 237
141,001
148, 018
149, 990
28, 931
28, 931
28, 931
29, 674
40, 574
41, 022
42,196
46, 941
54,574
57,312
Total
bills discounted:
350,131
June 25
369,001
July 2
310,713
July9
305,243
July 16
Bills bought in open
market:
45, 034
June 25
,
52,811
July2_
58,509
July9_
37,428
July 16
U.. S. Government
securities:
Bonds—
22,542
June 25
21,113
July 2
20,862
July9
20, 752
Julyl6
Treasury notes—
4308,552
June 25
320,802
July 2.
330, 061
July9
344,857
i July 16
Certificates of indebtedness98,700
June 25
93, 573
July 2
99,587
July9
100,965
July 16.--..
Total U. S. Government securities:
June 25
July 2
July 9
July 16
All other earning
assets:
June 25
July 2
July 9
July 16
,
429,794
435, 488
450,500
466, 574
1,301
1,250
1,250
1,250
28, 571
27,148
29,134
29,431
1,301
1,250
1,250
1,250
:
2,915
2,915
2, 915
2,915
Minne- Kansas
apolis
City
Francisco
47,263
46, 229
44,986
41,622
294, 947
299,038
299, 638
299, 612
4,700
4,063
3,873
3,718
7,012
6,748
6,478
6,418
3,945
3,473
3,353
3,542
89,100
104, 766
95,494
54,275
52, 977
51,464
48,040
298,892
302, 511
302, 991
303,154
1,277
1,416
3,319
2,673
2,932
2,643
2,602
2,236
2,664
2,420
3,507
3,469
3,881
4,339
5,271
4,380
3,532
3,887
695
717
771
692
1,731
1,820
1,817
1,075
1,462
1,294
1,713
1,?26
5,912
8,431
7,632
4,114
35, 568
33, 869
33,140
30, 897
16, 720
15, 783
15, 277
13,622
13,381
13, 671
13, 776
18,261
15,835
15, 927
15, 219
14,220
13,463
15,057
17,033
25, 580
25,243
21,944
18,294
33, 573
31, 561
29,854
29, 632
44, 813
43,454
43,760
40,940
21,670
21,100
19,315
19,164
14, 317
14,098
14,442
14, 468
19,992
17,655
17; 744
16,294
15, 682
14, 757
16,770
18, 759
31,492
33, 674
29, 576
22,408
2,238
2,189
1, 416
1,293
3,758
2,535
3,052
2,642
844
410
232
224
1,187
934
1,069
846
2,036
1,677
1,720
1,558
8,379
7,823
8,015
7,344
4,373
3,496
3,358
3,158
1,191
1,191
1,191
1,191
81
157
34
4,426
4,426
4,426
4,426
7,536
7,791
7,422
7,427
2,003
627
669
675
1,780
1,780
1,780
1,780
10
10
10
12
2, 949
3,030
3,029
3,030
1
Dallas
1
52
331
42, 676
44, 201
45, 272
47, 296
6,529
6,736
6,843
8,527
13, 348
13,103
13, 412
13,849
19,969
20, 570
21,110
21, 815
14,163
14,964
15,820
16, 328
30,746
31,808
32,771
34, 654
13, 808
12, 922
13,522
13, 648
1,560
1,411
1,477
1,792
3,859
3,495
3,676
3,875
5,815
5,584
5,884
5,919
4,665
4,376
4,856
4,730
12,886
12,400
12, 940
13, 066
60, 910
61, 549
63, 220
65. 370
8,147
8,320
10, 319
24,743
24, 389
24, 510
25,151
27,787
26, 781
27, 663
28, 409
20, 608
21,120
22,456
22, 838
43,642
44, 218
45, 721
47, 732
904
905
904
. 5,125
5,125
5,125
5,125
409
82
215
428
76,403
84,400
75, 955 100, 703
79,029 93,011
74,064 91, 776
AUGUST,
663
FEDERAL. RESERVE BULLETIN
1924
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 25 TO JULY 16, 1924—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Total earning assets:
June 25
826, 260
July 2
__
•
858, 550
July 9 . . .
820, 972
July 16
810, 495
Uncollected items:
June 25
556, 584
July2
617, 800
Julys
604,433
July 16
655, 099
Bank premises:
June 25
57, 772
July 2
57, 787
July9
57, 907
57, 932
July 16
All other resources:
June 25
24, 746
July 2
25,158
July9
26,412
July 16. _
_..
27,023
Total resources:
June 25
. . . 4, 790, 781
827, 722
Ju]y2
809, 604
July 9
,
874, 275
July 16
,
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
50, 339
50, 639
54,120
48, 685
190, 890
238, 640
208,154
202, 671
59, 977
59, 686
56,829
58, 765
74, 313
69, 665
65,915
70, 340
60,199
58, 271
53,526
51, 057
36, 220
33,832
31, 485
31, 353
109, 481
107, 538
110, 032
108, 952
30, 603
29, 657
27,867
29, 707
40, 247
39, 421
40,021
40, 465
49, 815
46,113
47,127
46, 261
44, 669
43, 700
47, 241
48,941
79, 507
81,388
78, 655
73, 298
48, 043
59, 613
54,250
59, 624
131, 971
151, 561
138, 421
162, 952
53, 410
58,628
55, 861
58, 955
53, 579
58,447
54, 225
62,493
47,105
50, 993
60,974
53, 762
20, 698
24,099
24,578
26, 813
74, 347
78, 540
71, 594
81,391
28, 527
28, 617
32,848
32,908
11, 718
12,190
13, 438
13, 374
32, 635
37, 501
36, 217
37,584
19, 460
20, 612
22,381
22, 764
34, 501
36, 999
39, 646
42,479
4,312
4,312
4,312
4,312
15, 549
15, 551
15, 551
15, 552
1,113
1,110
1,110
1,110
9,129
9,129
9,129
9,129
2,528
2,528
2,528
2,528
2,728
2,728
2,728
2,728
8,264
8,264
8,264
8,264
2,006
2,006
2,115
2,116
2,781
2,789
2,800
2,806
4,595
4,595
4,595
4,595
1,912
1,912
1,912
1,912
2,855
2,863
2,863
2,880
62
84
79
83
7,310
7,530
8,107
195
223
307
248
205
212
226
277
1,693
1,704
1,925
1,913
338
374
388
337
134
136
141
140
5,566
5,553
5,500
5,516
4,045
256
215
228
933
1,423
1, 379
4,041
4,155
4,171
4,180
404, 061
427, 518
417, 558
419, 735
1,372, 783
1,361,018
1, 366, 747
1,419,337
384, 753
393, 705
389, 093
388, 531
3,930
3,824
466, 544 199,172 231, 010 683, 074 179, 338 139, 357 180, 423 126,963
462,436 202,719 225,129 680, 663 183,051 138, 082 196, 581 125,435
464,016 210, 533 228, 612 653,134 185, 467 143, 467 189,178 129, 592
470, 520 201, 882 227, 879 679, 072 181, 601 139, 531 187,956 127, 901
423, 303
431, 385
432, 207
430, 330
LIABILITIES
Federal reserve notes
in actual circulation:
June 25
1,843,922
July 2
1,874,270
July9
1, 855, 005
July 16
1,812, 712
Deposits:
Member banks—
r e s e r v e accountJune 25
2, 035, 342
July 2.
2, 016,128
July 9.
~ 036,852
2,085, 203
July 16
GovernmentJune 25
52,110
July 2.
32, 203
July 9..
19,151
July 16
34, 514
Other depositsJune 25... .
21,007
26,161
July 2..
22,907
July 9..
24, 288
JuJy 16
Total depositsJune 25
July 2..
July 9..
July 16
Deferred availability
items:
June 25. . _ .
July 2
July 9_
July 16
Capital paid in:
June 25
_._
July 2
July 9
July 16_.
Surpius:
June 25
JuJy2
July 9
July 16
All other liabilities:
June 25July 2.._
July 9.
_.
July 16
199, 079
205, 029
202,329
197, 858
341, 286
347,169
340,993
334, 962
185,824
191, 262
184, 576
179, 853
213, 931
212, 718
217, 086
209,490
72,073
74,136
72. 228
70; 759
137, 739
138, 511
136,939
136, 211
256, 591
255, 256
253,178
245, 373
61, 387
62,183
61,156
60, 430
67, 773
68,490
69,129
67, 487
64,474
64,027
64,202
40,548
41, 226
41,025
40, 239
205, 207
213, 816
212, 339
205,848
126, 594
138, 780
137, 734
139,808
813,381
779, 418
808,159
849, 652
114,146 162, 765
120, 668 160, 769
122, 318 160, 586
123,072
61, 509
62,408
62, 292
61, 394
57, 322
53, 941
58, 033
65,040
311,157
303, 652
289, 875
302, 408
72,340
72,012
74, 381
70, 741
45,388
43, 609
47,328
44, 552
72, 850
84,452
77,807
74,096
48, 479
46,844
49, 685
48, 034
149,411
149, 575
148,654
150,318
6,029
1,519
668
1,248
6,104
3,976
5,233
5,475
1,687
1,782
3,342
4,022
640
1,913
1,496
3,244
825
993
1,324
6,074
958
1,559
1,816
6, 336
8,735
787
9, 890
2,346
4,626
1,830
2,170
1, 705
1,069.
1,161
1,481
1,847
1,633
1,222
1,971
2,861
1,864
1,199
1,592
3,903
2,543
2,061
2,961
217
227
143
136
12,173
17, 232
13,833
13, 501
234
261
326
401
1,117
1,234
1,470
1,472
152
125
117
169
111
104
98
143
284
189
224
213
4,569
4,587
4,463
5,177
833, 822 119,855
802, 754 122, 616
825,968 124,426
126,815
167,904
162, 643
163, 969
169,056
64,905
63,358
63,402
62,887
2,108,459
2, 074,492
2,078,910
2,144, 005
132, 840
140, 526
138, 545
141,192
490, 757
535,024
531, 328
573,337
47, 341
57,422
52,106
56,127
105, 560
119,980
108, 545
124,598
48, 212
49,292
49, 539
51,289
47,033
49, 797
45,696
54,747
111, 420
111, 407
111,400
111, 405
7,972
7,971
7,972
7,972
29,983
29,978
29, 978
29,983
10,208
10, 208
10, 210
10, 229
12,644
12, 656
12,655
12, 655
220, 915
220, 91«
220,915
220,915
16, 390
16, 390
16, 390
16,390
59,929
59,929
59,929
59, 929
19, 927
19,927
19,927
IS, 927
727
400
415
418
16, 30*
11, 614
12,046
11,9011
439
180
216
196
2,203
1,208
1,334
1,479
1,908
450
425
565
422
364
341
363
304
309
304
383
63, 507 318,521
55,003 313,491
9, 690 291, 685
314,206
75,136
77, 063
76, 776
73,333
47,461
45,042
48,830
46,396
75, 001
86, 394
79,333
76, 450
51,621 167,883
48,897 156, 705
51,108 155,178
49,839 158, 446
1,028
1,104
1,023
14, 636
4 11 16,639
*,, 80 17,006
49,819 19, 708
65,087
61,372
72,630
26, 972
28,154
31,876
32,209
11, 868
12, 403
13,338
.13,488
28,256
31,193
31, 239
32, 799
21, 248
21,913
24, 035
24,400
35,381
36, 333
40,117
41, 523
5,851
5,849
5,849
5,844
4,580
4,580
4,578
4,578
15.152
15,155
15.153
15,155
5,066
5,066
5,064
5O64
3,391
3,386
3,387
3,378
4,415
4,398
4,395
4,39.2
4,139
4,139
4,138
4,134
8,021
8,021
8,021
23, 691
23, 691
23, 691
23,691
11, 672
11, 672
11, 672
11,672
8,950
8,950
8,950
8,950
30, 426
30,426
30,426
30, 426
10,072
l!0,072
10,072
10, 072
7,484
7,484
7,484
7,484
9,496
9,496
9,496
7,577
7,577
7,577
7,577
15,301
15,301
15,301
15, 301
1,341
931
919
881
1,087
893
922
901
1,598
1,446
1,450
1,433
1,718
1,248
1,320
1,282
7.05
513
523
493
1,380
1,277
1,299
1, 298
771
626
688
617
1,827
1,683
1,709
1', 712
1,512
1,209
1,261
1,191
664
FEDERAL RESERVE BULLETIN
AUGUST, 1924
RESOURCES AND LUBILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 25 TO JULY 16,1924—Continued
LIABILITIES—Continued
[In thousands of dollars]
Dallas
San
Francisco
180,423
196,581
189,178
187,956
126,963
125,435
129, 592
127,901
423, 303
431,385
432,207
430,330
67.8
68.1
68.2
66.7
64.8
69.4
67.6
67.9
58.9
58.8
55.9
53.3
82.3
81.6
82.4
83.2
1,401
1,396
1,396
1,383
1,790
1,783
1,783
1,767
1,478
1,473
1,473
1,459
2,957
2,946
2,946
2,919
Total
Total liabilities:
June 25
July 2
July?
July 16
Boston
New
York
Philadelphia
Cleveland
Richmond
4,790,781
4,827,722
4,809,604
4,874,275
404,061
427,518
417,558
419, 735
1,372,783
1, 361,018
1,366, 747
1,419,337
384, 7S3
393, 705
389,093
388, 531
466, 544
462, 436
464, 016
470,520
199,172 231,010 683, 074 179,338 139,357
202, 719 225,129 680, 663 183,051
210, 533 228, 612 653,134 185,467 143,467
201,882 227,879 679, 072 181,601 139,531
82.8
81.5
82.5
82.6
89.5
86. X
81.0
83.9
84.2
87.8
88.4
87.4
85.5
85.9
87.1
85.5
63.2
64.5
66.7
68.5
82.2
82.4
83.3
83.4
83.7
84.2
83.6
84.2
83.5
85.5
85.7
84.0
11,312
11, 256
1,1,100
11,128
3,774
3,761
3,761
3,725
4,552
4,535
4,535
4,493
2,218
2,210
2,210
2,189
1,712
1,706
1,706
1,690
5,797
5,777
5,777
5,723
1,906
1,900
1,900
1,882
Atlanta Chicago
St.
Louis
Minne- Kansas
apolis
City
MEMORANDA
Ratio of total reserves to deposit
and Federal reserve note liabilities combined—
per cent:
June 25
July 2
July9
July 16
Contingent liability
on bills purchased
tor foreign correspondents:
June 25
July 2
July 9
July 16
88.4
89.4
38,897
38,743
38,587
38,358
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars ]
Within IS
days
Total
Bills discounted:
June 25
July 2
July 9
July 16
Bills bought in open market:
June 25
-_
July 2
July 9
.
July 16...
.'
United States certificates of indebtedness:
June 25
July 2 . .
July 9
July 16
Municipal warrants:
June 25
July 2
July 9—
-.
--July 16
16 to 30
days
31 to 60
days
61 to 90
days
From 91
days to 6
months
350,131
369,001
310,713
305,243
175,793
200, 418
142,880
139, 731
35,038
34,814
34, 589
34, 534
55,717
50,114
51,289
49,766
38,166
43,752
43,178
44,345
45,014
37,696
37,580
45,034
52,811
58,509
37,428
18, 390
27,657
33,118
15,677
9,725
10, 405
8,749
11,907
10,467
10,210
8,149
4,074
3,070
2,834
2,331
Over 6
months
1,694
1,892
1,942
2,522
98,700
93,573
99, 587
100,965
51
93, 361
91,155
97,163
98,161
84$
475507
454
5, 339'
2, 418
2,424
2,804
665
FEDERAL RESERVE BULLETIN
AUGUST, 1924
FEDERAL RESERVE NOTES
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 25 TO JULY 16, 1924
[In thousands of dollars]
Total
Net amount of Federal reserve notes
r e c e i v e d from
Comptroller of the
Currency:
3,281,912
June 25
3,263,924
July2
3,256,108
July9
3, 246,931
July 16.
Federal reserve notes
on hand:
941,921
June 25
923, 561
July 2
915,356
July9
928, 421
July 16
Federal reserve notes
outstanding:
2,339,991
June 25
2,340, 363
July 2
2,340,752
July9.._
! 318,510
,
July 16
Collateralsecurity for
F e d e r a l reserve
notes outstanding:
Gold and gold
certificatesJune 25
334,604
334,604
July2_
333,604
July 9
334,679
July 16
Gold redemption
fund108,817
June 25
110,410
July 2.
120,299
July 9.
113, 690
July 16
Gold fund—Federal Reserve
Board1,674,672
June 25.
1, 681, 672
July 2.
1,645,932
July 9.
1,662,804
July 16
Eligible paperAmount requiredJune 25.. 221,898
July 2 . . . 213,677
July 9 . . . 240,917
July 16.
207,337
Excess amount
held—
June 25.. 161,012
July 2 . . . 191,911
J u l y 9 . . . 120, 773
July 16.. 123,952
Minneapolis
City
Dallas
San
Francisco
97,632
97,348
94,108
93,478
92,627
92,243
104,445
103,858
103,099
104,456
72,166
71,699
71,114
70,672
320,911
321, 340
320,608
323,008
206,720
206, 920
204,420
215, 820
26,100
26,100
26,100
26,100
23,036
22,126
20,711
21,666
28,093
31,533
33,153
33,753
23,317
22,957
21,857
21,857
70,000
69,000
65,000
70,000
286,312
283,846
283,496
270,200
73,252
72,788
71, 532
71,248
71,072
71,352
71,916
70,577
76,352
72, 325
69,946
70,703
48,849
9,985
9,985
13,052
13,052
13,052
13,052
6,137
6,080
6,067
6,014
3,608
3,143
3,887
3,604
1,485
1,555
1,204
1,320
3,128
4,541
3,582
3,140
117,000
117, 000
117,000
117, 000
273,645
273, 645
273,644
258, 645
48,500
48, 500
46, 500
48,000
43,000
43,000
43,500
43, 000
53,360
53,360
53, 360
53,360
13,500 210,983
13,500 211,983
12,500 220,744
12,500 219, 615
Boston
New
York
Philadelphia
Cleveland
Richmond
310,370
307,018
304, 246
300,970
889,145
884, 574
882,406
877, 360
260,144
256, 587
259,945
262, 639
294,171
293, 308
292,229
290,364
120,131
119,727
120,167
118, 709
223,937
222,681
224,119
223,142
493,032
490,766
487,916
486,020
99,352
91, 700
88,300
83,400
83,400
251,980
244,120
244,120
241,120
47,760
42,760
46,600
47,000
58, 470
56, 870
56,870
54, 870
40,065
39,125
38,725
38,725
74,680
73,750
74,400
74,110
218, 670
218,718
220,846
217,570
637,165
640,454
638, 286
636,240
212, 384 235,701
213,827
213,345 235,359
215,639 235,494
80,066
80,602
81,442
79,984
149,257
148,931
149,719
149,032
35,300
35,300
35,300
35,300
238, 531
238, 531
238, 531
238,531
14,000
14,000
13,000
16,000
8,780
8,780
8,780
8,780
12,783
9,431
16,660
13,383
30,731
30, 692
30,670
30,622
13, 447
14,890
12,409
14,103
12,079
11,716
12,737
12,871
2,977
1,613
3,553
2,095
5,297
4,041
8,300
7,322
366,000 160,389
366,000 161,389
326,000 167,389
351,000
190,000
193,000
193,000
195,000
35, 295
37, 295
34,295
39, 295
163,000
163,000
158,000
163,000
St.
Atlanta Ch icago Louis
2,400
2,400
2,400
2,400
250,911
48, 742 252,340
49,257 255,608
48,815 253,008
12,556
12, 556
12,556
10,631
3,222
2,755
3,170
2,727
13,923
19,953
18,060
7,587
10,987
10,886
6,887
1,903
5,231
43,085
16,087
24,548
23,548
20,547
23,147
24,842
22,942
20,842
18,843
41,794
41,694
43,594
38, 594
24,560
25,490
22,019
22,310
6,530
4,121
3,785
5,541
11,159
11,160
11,160
13,535
13,745
14,160
13,205
19,864
14,424
13,004
14,203
19, 571
19,931
21,031
22,957
26,005
20,404
16,804
16,904
10, 013
6,529
9,109
8,201
84,913
16,183
31,154
716
912
3,072
1,547
8,850
5,515
13,060
10,971
4,354
7,141
11,167
8,242
9,237
8,587
41, 554
41,551
42,684
37,710
11,192
10,321
8,374
9,717
1,601
927
903
1,731
1,917
4,697
6,227
3,461
4,678
2,803
3,801
3,208
8,184
14,530
13,966
6,957
4,538
666
FEDERAL RESERVE BULLETIN
AUGUST, 1924
EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON,
JUNE, 1924
[Amounts in thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
AtSt.
Minne- Kansas
lanta Chicago Louis apolis City
Dallas
Total earning assets
802,864
50,766
194,818
58,635
66,215
57,646
33,660
106,389
30,620
41,400
48,037
43,926
70, 752
Bills discounted for members
Bills bought in open market
333.954
36,524
431, 085
1,301
16, 631 48, 716 26,255
1,396
2,148
9,865
32,739 136,237 28,931
1,301
22,662
2,979
40,574
51, 811 31,418
710 2,149
5,125
93
42,839
2,640
60,910
21,968
663
8,089
14,230
1,044
26,126
18,379
1,647
28,011
16,446
7,872
20,608
23,599
3,511
43, 642
San
Francisco
HOLDINGS ON JUNE 30,1924
All other earning assets
Bills Discounted
Customers* paper secured by
Government obligations
Member bank collateral notes:
Secured by Government
obligations
Otherwise secured
Commercial paper, n. e. s
Agricultural paper
- -
1,636
380
1
113, 944
4,489
122, 636
72, 019
14. 605
9
Bankers' acceptances, domestic4,616
Trade acceptances, domestic
10,794
31, 392
4,807
533
24
16, 071
744
93
508
333,954
16,631
48,716
15,101
13, 683
6,790
925
446
385
565
4,287
3,537
1,666
350
36, 624
1,396
9,865
8,798
10,136
711
310
7,993
6,822
275
289
225
75
135
1
63
63
49
17, 861 12, 874
20
7,802
7,603
817
657
297
1
15, 634
25
27, 656
7,350
35
2,516
49
17, 705
9,950
498
9,616
228
17, 024
15, 377
717
289
1,997
9,848
1,196
1,991
150
3,385
4,846
7,944
1,439
140
4,622
6,683
2,422
3,995
3,586
7,105
6,975
1,595
577
80
822
475
619
5,215
2
6,859
8,339
593
9
816
177
294
26, 255 22, 662 51,811
31,418
42,839
21,968
14, 230
18,379
15,446
23,599
2,008
723
248
927
1,662
563
373
801
1,248
465
141
49
273
710
568
203
626
220
3,784
2,497
1,391
200
1,858
1,007
2,148
2,979
710
2,149
2,640
563
1,044
1,647
7,872
3,511
2,202
2,304
909
619
497
835
195
254
1,246
1,503
70
194
496
1,473
2,078
915
592
188
570
141
183
2,443
1,911
408
132
462
992
406
302
248
27
379
88
610
119
1,271
2,429
613
941
2, 750
61
980
129
314
23
195
169
621
268
U s bonds
Treasury notes
_
Certificates of indebtedness
22,264
314, 028
94, 793
641
24,280
7,918
1,202
104,003
31,032
Total U. S. securities
431, 085
32, 739 136, 237 28,931
842,963
374, 592
51,125
415,970
54,045
17,108
3,038
32,999
2,792
1,339
172
527
230
1,295
60
11
101
133
43
351
107
11
108
4.03
4 35
3 66
3.79
3.87
4.29
3.61
3.70
3.72
3.89
3.55
3.68
4.13
4.30
3.85
4.00
Total discounted bills
53
182
Bills Bought
Bankers' acceptances:
Foreign, exports
320
679
774
375
24
646
Trade acceptances, foreign, im25
Total purchased bills
25
Purchased Bankers' Acceptances by Classes of Acceptors
Nonmember banks and bankBranches and agencies of foreign
710
774
V. S. Securities
2,915
549
23, 961 28, 741
8,918
4,421
1,191
3,030
904
61
32
4,426
43, 592
12,892
6,676
1,414
7,362
13, 764
5,000
2,227
20,215
5,569
1,780
14, 476
4,352
31,259
12,373
40, 574
5,125
93
60,910
8,089
26,126
28, 011 20, 608
43, 642
116, 873 33,148 40, 893 50, 844 43, 443
48,806 24, 068 14, 995 23, 812 15, 938
5,907
1,510
1,376
1,650
4,720
62,160
7,570 24, 522 25, 382 22, 785
79,967
33, 460
4, 341
42,166
10
DAILY AVERAGE HOLDINGS DURING JUNE
Bills discounted
Bills bought
XJ. S. securities.
172,397 67, 526 85,153 56,788 41,886
41, 512 30,117 35, 661 50, 655 38, 460
1,061 3,257
3,477
5,280
14,608
5,072
169
116,277 32,656 44,212
EARNINGS DURING JUNE
Bills discounted
Bills bought
154
279
202
153
392
117
183
139
15
180
18
194
88
5
139
141
11
1
139
177
124
16
24
66
4
79
88
5
S4
59
12
68
3.98
4.23
3.73
3.81
4 32
4.40
3.96
3.56
4 44
4 46
4.17
4 21
4.08
4.48
3.60
3.80
4.30
4.48
3.71
3.86
4.13
4 60
3.53
3.94
424
4.51
3.34
4 04
3.89
4.50
3.17
3.61
4
265
120
14
131
ANNUAL RATE OF EARNINGS
Bills discounted
Bills bought
4.04
4.36
3.95
3.79
1
Including municipal warrants, as follows: Philadelphia, average daily holdings, $51,398; earnings, $193, annual rate of earnings, 4.57 per cent;
also including Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $1,226,000; earnings, $4,308; rate of
earnings, 4.27 per cent.
AUGUST,
667
FEDERAL RESERVE BULLETIN
1924
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS, JUNE, 1924
[Amounts in thousands of dollars]
Total
Volume of Operations
Total discount and open-market
'1,072,871
operations
Bills discounted for member
702,890
banks
52,017
Bills bought in open market.. _.
Bills bought from other Federal
2,506
U. 8. securities bought in open
278,940
market
- --CJ. S. securities bought from other
35, 768
Federal reserve banks
Bills Discounted
Customers' paper secured by
Government obligations
Member bank collateral notes:
Secured by Government obCommercial paper, n. e. s
Livestock paper.
_-i
Demand and sight drafts (based
on agricultural products)
Bankers' acceptances, domesticTrade acceptances, domestic
Total bills discounted
Average rate (365-day basis)—
Average maturity (in days)
Total reduced to a common maturity basis (exclusive of demand and sight drafts)
Per cent of total
Number of member banks on
June 30..
Number of banks accommodated
Per cent accommodated
1,022
466, 926
8 988
192,688
23,748
5,629
364
10
3,515
702, 890
Boston
71,490
Philadelphia
New
York
Cleveland
283,227 ' 99,826 130,402
40, 703 135,502
3,201 20,601
79,551 102,148
3,111 3,232
27,279
100,121
16,414
307
27,003
149
1
96
28, 588 108,890
Richmond
St.
Louis
Minne Kansas Dallas
apolis- City
San
Francisco
38,933
26,497
26, 754 36,620
101,698
45, 932 65,101 30, 634
682 4,848
746
6,492
1,519
13,397
2,305
12,409
6,804
74, 954
4,968
Atlanta
Chicago
96, 595 48,316 112,513
62,108
96,067
2,506
11,570
254
54
25,543
499
1
88
568
24,664
1,702
358
215
170
80,750 64,966
20
114
16, 910 20,106 27,053
199 2,958
396
1
88
4
40
40, 703 135, 502 79,551
102,148
4.00
11.26
6,563
18,333
9,763
10,206
21,315
990
153
1,289
4,695
461
9
90
39
35
29
1,655
449
1,171
2,900
271
4,386
350
3,770
1,533
3,308
5,141
287
3,360
2,219
1,136
36,395
7,409
28,147
2,214
523
46
11
110
20
121
217
15, 927 39, 715 18,405
111
245
3
26,366 18,988 9,704
2,768 5,994 1,814
84
156
26
799
461
160
45, 932 65,101
30, 634 6,492
4.18
17.14
4.26
37.35
4.36
29.55
4.50
84.60
84, 579 107, 537 44,434
12.0
15.3
6.3
26,914
3.8
3.87
13.18
702, 526
100.0
26,464
3.8
9,763
421
851
732
874
627
530
1,427
3,706
38.0
174
41.3
335
39.4
282
38.5
302
34.6
356
56.8
284
53.6
587
41.1
87, 588 49,171
7.0
12.5
147
10
305
96,067
4.16
20. 27
3.67
13.11
4.13
12.53
766
189
42,052
512
528
56,705 81,230
8.1
11.6
4.24
33.49
631
13, 397
12,409
74, 954
4.50
59.62
4.50
52.61
4.18
18.02
39, 367 31,916
4.5
5.6
66,621
9.5
940
1,103
842
785
260
265
41.2 • 28.2
321
29.1
290
34.4
250
31.8
5,501
1,103
200
4,165
803
6,804
4,968
46
22
90
161
10
•
Bills Bought in Open Market
Bankers' acceptances:
Foreign
Domestic
Dollar exchange
Total bills bought
Distribution, by rates charged
(360-day basis):
2)4 per cent
2% per cent
23-*s per cent,
2% per cent
2J| per cent
3J^ per cent
3% per cent
3H per cent
4 per cent
4M per cent
Average rate (365-day basis)—
percent
Average maturity (in days)
Total reduced to a common maturity basis.- _ - .-Per cent of total
U. S. Securities Bought in Open
Market
U . S . bonds
Certificates of indebtedness
Total V. S. securities
1
1
40,777
10,212
1,028
1,687
1,514
16, 314
3,669
618
2,303
,633
175
2,603
629
472
210
4,018
795
35
530
216
1,099
420
52, 017
3,201
20, 601
3,111
3,232
682
4,848
746
1,519
113
2
604
852
210
62
20,070
28,269
484
332
4
661
354
107
6
2
150
319
152
310
200
30
62
1,799
806
293
100
4
5,480
14,230
135
127
1,684
917
16
8
26
101
22
139
1,893
1,205
46
54
3,587
1,160
723
23
567
936
2,085
220
2,305
8
17
885
1,395
1,409
5,327
167
- 354
2,021
2,131
10
51
494
3.15
33.37
3.13
23.56
3.13
33.27
3.01
31.70
3.13
36.51
4.07
61.87
3.08
28.40
3.06
18.65
3.13
32.02
3.13
36.32
3.15
40. 71
3.14
31.26
52,017
100.0
2,260
4.4
20,539
39.5
2,955
5.7
3,536
6.8
1,264
2.4
4,126
7.9
417
.8
1,458
2.8
2,508
4.8
8,300
16.0
4,654
8.9
9,848
101,032
168,060
8,745
18,534
187
341
1,258
1,113
269 17, 251
175 23,688
1,042
5,521
3,774
6,627
7,932
1, 699
4,646
3,418
3,939
6,267
4
9,813
11,489
278,940
27,279
528
1,702
6,563
18,333
9,763
10,206
21,31
2,000
32, 408 5,893 10, 212
67,713 10,521 12,452
100,121
16,414 24 664
42,052
Includes $750,000 Federal Intermediate Credit Bank debentures.
Excludes Treasury notes sold under repurchase agreement June 16 and repurchased June 17-18, as follows: Boston $8,240,000, New York $36 050,000, Philadelphia $3,090,000, Cleveland $9,270,000, Richmond $1,030,000, Atlanta none, Chicago $15,450,000, St. Louis, $2,060,000, Minneapolis
$5,160,000, Kansas City $5,150,000, Dallas $7,210,000, San Francisco $10,300,000. Total $103,000,0003
668
FEDERAL RESERVE BULLETIN
AUGBST, 1924
CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES A N D LIABILITIES OF ALL REPORTING MEMBER BANKS I N EACH FEDERAL RESERVE DISTRICT
ON WEDNESDAYS FROM JUNE 18 TO JULY 9, 1924
[In thousands of dollars]
Total
Number of r e p o r t i n g
banks—
June 18
June 25
July 2
July 9
Loans and discounts, gross:
Secured by U. S. Government obligationsJune 18
June 25
.._
'
July 2
July9
Secured by stocks and
bonds—
June 18
June 25
July 2
July 9
All other loans and discounts—
June 18
_
June 25
July2
July 9
.._
Total loans and discounts:
June 18
June 25
July 2
July9_._
U.S. pre-war bonds:
June 18
June 25
July2
--.July 9
U. S. Liberty bonds:
June 18.
.June 25
July 2
._
July9
U.S. Treasury bonds:
June 18
June 25
July2
July9
U. S. Treasury notes:
June 18
June 25
July2
--.
July9
U.S. certificates of indebtedness:
June 18
-June 25
_
July 2
July9
-Other brads, stocks, and
securities:
June 18.
—-June 25
July 2
—
July9
,
Total loans and discounts
and investments:
June 18
-.
June 25.
July2
July9
Reserve balance with Federal reserve banks:
Junel8._
June 25
July2
July9
Cash in vault:
Junel8_
June 25
_
July 2
July9
Net demand deposits:
June 18.
June 25
July2
--July9
...
Boston
New
York
Phila- Clevedelphia land
RichSt.
mond Atlanta Chicago Louis
108
108
108
108
749
748
748
748
214,639
217,806
215,936
213,999
10,008
9,834
13,130
10,265
92,665
96,335
93,147
94,844
4,021,215
4,050,434
4,112, 881
4,106,479
227,071
228,577
234, 721
245,697
,810,163
,833,878
,889,429
,841,750
7,875,646
7,873,864
7,821,389
7,877,141
612,138 509,690
610,9312;
,542,290
606,815 2,496; 233
609,394f ,536,795
Minne- Kansas Dallas
apolis
City
San
Francisco
104
104
104
104
11,086
11,079
11,435
2,800
2,799
2,876
2,800
6,064
5,942
6,132
5,756
3,188
3,274
3,063
3,140
10,563
10,484
9,929
9,836
143,807
141,396
141,028
142,915
37, 502
37,819
38, 336
40,858
81,879
82,157
79,105
79,085
60,560
60,123
59,639
61,408
196,385
196,177
194,708
199,008
7,517
7,644
7,521
7,072
7,
7,667
7,656
7,771
33,412
33,892
32,677
35,395
7,757
7,725
7,905
8,277
269,247 409,678 123,613
269,953 408,082 123,497
274,702 411,139 120, 340
279,058 415,062 122,260
65,806
66, 763
68,071
67,330
595, 604
602,012
601,663
611,947
21,790
21,131
20,465
18,848
360,884
363,938
362, 599
370,500
715,847
715,986
710,758
709,036
336, 392
337,193
337,791
338,293
344,933
339,904
340,334
335,363
,178,147
,156,848
,169,461
,167,013
308,670
306,571
303,756
309,040
185, 762
185,995
183,078
182,653
315,420
315,412
316,622
316,408
199,797
199,243
196,911
197,637
807,966
799,553
797,031
805,009
217 4,412, 518 641,217
.2, 111, 500
.2,142,104 849,342 4,472, 503 644,970
',
:
.2,150,206 854, 666 4; 478, 809 648,736
,
.2,197,619 8 6 5 , " " 4, 473,389 659, 553
i, 356 :
,147,315
,145,199
,142,362
,142,946
467,522
468,334
465,652
467,625
418, 528
414,334
416,061
410, 464
,807,063
,792,752
,803,801
,814,355
460,234
455,692
452,689
460,232
226,064
226, 613
224,290
226,411
403,363
403, 511
401, 859
401,249
263,545
262, 640
259, 613
262,186
,014,914
,006,214
,001, 668
,013,853
47,492
46,392
46,462
46,629
29,432
29, 732
29,432
29,446
14,756
14,746
14,744
14,788
23,781
23,628
23,623
23,614
14,809
14,809
14,809
14,"""
8,398
8,348
8,373
8,338
11,329 19,019
11,929 19,024
11,929 19,024
11,974 19,034
28,272
26,827
27,273
26, 756
11,423
11,404
7,'"
8,325
123,576
125,972
132,980
130,442
23,424
23,580
22,222
23,091
15,184
15,230
19,583
20,476
37,066
36,738
37, 642
38,655
11, 547
11,675
12,185
12,315
106,742
108,073
105,993
105,613
2,770
2,747
2,515
2,312
1,187
1,187
1,224
1,197
11,486
13,973
14,995
15,296
13,989 10,943
13,850 11,793
17,461 10,548
17, 669 9,316
33,492
32,686
33,800
33,103
272,824
270,920
271, 403
271,846
13,520
13, 520
13,520
13,718
51,341
51,290
- 51, 539
52,065
10,675
10, 675
10, 675
10, 675
1,186,031
1, 203,939
1,240,026
1,236,514
80,549
82,007
86,979
86,867
571, 252
578,739
589,85"
578,406
47,473
49,926
49,774
47,923
- 69, 309
71,057
70,055
69,177
6,053
B,179
5,998
5,996
26,08:
25, 226
23,162
21,844
2,304
2,314
2,3ir
2,31'
2,213
2,150
2,111
3,144
1,022
967
1,022
1,022
629
629
630
721
11,686
11, 604
11, 308
11,049
3,492
3,491
4,188
3,"""
380
590
590
590
632, 643
634, 298
660,999
630, 835
17,138
15,853
15, 703
15,358
319,185
320,573
326, 697
321,164
30,207
29,293
28, 627
26,823
44,129
44,248
42, 643
44,152
4,899
4,408
4,381
4,208
3,724
4,726
3,843
3,725
112, 596
113, 935
136,489
115, 536
14,995
15, 583
15, 233
15,087
27,346
27, 350
25, 574
24, 694
134,318
132, 660
131,048
126,463
16,268
16, 251
8,644
6,983
16, 539
55, 413
59,046
56, 721
55,823
7,160
5,924
8,317
8,098
2,453
2,35V
2,330
2,349
2,808
1,556
2,364
1,282
16, 202
15,449
15, 394
15,164
2,868
2,680
1,897
1,380
4,520
4,625
1,680
1,680
2,026
2,035
1,949
1,762
3,333
3,273
3,572
3,493
12,633
12,581
13,843
12, 579
2, 464,15'
2, 513,782
2, 532, 722
2,522, 63"
189, 372
191, 533
201,601
193, 25C
958, 747
984,233
987,467
990, 746
209,397 317, 880
213,949 321,826
216,273 320,4ir
216,066 320,54
51,879
52,529
52, 408
52, 649
41,296
41,069
41,036
40, 999
348,814
359,295
363, 538
360, 635
91, 536
92,443
92,124
91,993
23,422
23,353
24,096
24, 207
56,816
57,300
57, 471
55, 768
13,351
12, 879
13,428
13,174
161,647
163, 373
162,861
162,609
16,870, 782 1,172, II 1 1,394, 54?
i,
16, 968, 760 1,174, 685 6, 491, 61f
6,
17,056, 45911,194,618 6, 514, 25'
17,055,091 1,197,084 6,493,43'
949,91' 1, 699,10E
958,110 1, 701,27
963,227 I! 712,763
1,
969,67. 1,725,19
582, 082
583,385
579, 621
582,02C
493,164
.
12,443,718 611,348
488,464 2,442, 635 608,278
486, 644
12,487,13" 603,162
4 8 0 ,304 2, 470,79 610, 281
"
305,31'
306,009
304,186
306, 396
527,359
528,110
530,826
529,389
16,151
1, 596, 232 76,258
1, 544, 661 84,987
1,520,871
96,811
1,
94,199
274, 700
278, 636
292, 001
298, 584
19,425
19,157
19,667
20, 336
6,314
794, 76: 71,175
132,920 24,875
135,53" 25,058
150,449 24,396
159,680 24,721
322,9251 , 369,186
322,471: 363,727
1,
319, 594 ', 360,433
.
320,7151 , 369,809
.
702, 51
728,98£
69, 576
74, 294
76, 224
110, 72C
110, 092
108,025
107, 565
35, 418
35, 963
37,252
35,459
36,23C
35,743
32, 33J
36,34S
235, 62!
236,473
230, 07*
216, 66S
44, 763
43,853
43,834
45,834
20,428
20,246
18,509
22,193
48, 776
43, 966
54,446
50, 277
24,459
23,867
22,394
24,922
97,617
101,199
100,377
76,67
79, 306
87, 935
85, 22C
14,959
15, 276
16, 555
15, 542
30, 252
29, 604
29,685
32, 73e
13, 344
13,394
13,670
13,712
10, 66£
10, 25£
11,23S
11,351
53, 50S
53,780
55,404
58, 610
7,198
6,912
8,149
6,03
6,238
5,764
6,800
12, 787
13,935
12,448
13,146
8,824
9,342
9,635
9,634
21,029
21, 437
21,850
23,928
909,88E 326, 01 267, 3981, ., 682,713
910, 54C
263,41 1, 576,88f
923, 54E 327, 957 264, 86( 1, 626, 046
936,10a 332,10C 268,44S 1, 595, 744
358, 256
353,371
353,44:
363,25!
194, 79
193,40C
194,240
199,754
401,47:
402, 59
417,203
411,909
213, 62
212,167
212, 359
213,84
729, 622
726,767
728,932
731,344
11, 882,986 817, 451 5,387,307 694, 555
11,837,14( 820,076 5,360,05f
176
11, 994,33C 847, 449 5,387,46E 710, 830
12,021,35' 842, 089 5, 407,46: 719,307
V
669
FEDERAL RESERVE BULLETIN
AUGCST, 1924
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
ON WEDNESDAYS FROM JUNE 18 TO JULY 9,1924—Continued
fin thousands of dollars]
Total
Time deposits:
June 18
_
June 25
July 2
__
_
July9
Government deposits:
June 18
__
Jane 25
July2
_,
July 9
Bills payable and rediscounts with Federal reserve banks:
Secured by U. S. Government obligationsJune 18
June 25
_
July 2
,
July 9
All otherJune 18
June 25
.
July 2
July9
New
York
Boston
Phila- Clevedelphia land
4,379,316
4,414,306
4,418,377
4,437,143
293,388
297,397
311,960
312, 258
975, 252
988,050
972,340
976,276
132, 435
133,741
137, 088
139, 596
670,127
673,924
677, 505
676,759
169, 533
169,475
171, 592
172, 072
129,485
129,423
129,415
113,559
20,560
20,560
20, 561
19,584
27, 546
27, 546
27, 546
23, 039
15, 761
15,716
15, 761
13, 771
17, 005
17,005
16, 996
14,813
5,493
5,493
5,493
4,917
6,115
6,115
6,076
5,579
41,791
40,008
70,478
1,181
1,556
974
425
9,884
12,444
44,728
7,853
4,025
5,220
4,457
4,427
7,390
6,635
5,254
2,042
3,807
4,531
5,072
4,144
3,846
4,244
74,443
66,136
62, 586
55,383
600
435
745
6,899
6,525
7,455
7,907
1,992
2,299
3,738
2,804
5,843
4,387
3,718
3,067
14, 741
16,120
13, 818
12,126
San
Francisco
Minne- Kansas Dallas
apolis
City
RichSt.
mond Atlantai Chicago Louis
197,911
185, 927
187,321 841,976 198, 840
191, 249 839,995 196, 596
189, 041 839, 931 197,826
84,438
85,009
85, 343
85, 770
134,982
135, 571
132, 531
134,959
87,838
88, 200
87, 813
87, 502
610,794
614, 802
614,365
625,153
16,545
16,545
16, 545
14,274
2,860
2,860
2,860
2,467
2,843
2,843
2,843
1,520
1,520
1,520
1,255
3,797
3,805
3,798
3,231
9,440
9,415
9,416
8,141
1,103
1,371
662
242
160
280
375
165
671
636
1^853
4,744
1,461
1,245
2,212
525
185
229
737
4,455
1,445
4,925
3,525
8,816
7,815
7,947
6,329
8,404
6,780
5,344
4,575
4,374
2,550
3,248
2,796
1,001
784
624
1,526
8,145
4,136
2,290
2,877
3,685
3,668
2,888
3,087
10, 637
10,771
7,623
BANE BALANCES IN FEDERAL RESERVE BANK CITIES
Due to banks:
June 18
June 2 5 . . . . . .
July 2
July 9
Due from banks:
June 18
June 2 5 . . .
July2
July 9
2,323,543
2,291,217
2,392,279
2,415,210
132,5631,173,603 188, 277
128, 218 ".,131,700 189,443
1
144, 536 1 179, 749 195,788
:,
148,889 1. 182, 014 197, 818
:,
671,297
645,691
663,065
50, 754
51,298
42,196
46,705
78,887
83,048
77,331
80,779
46,474
45,165
47,567
50,913
412,148
420,157
438, 879
418,811
84,767
88,620
84,274
93,441
43,805
43,175
45,244
45,895
84,981
92,818
92,117
98, 007
20,700
19,784
21,464
20,527
96,031
93, 230
102,270
111, 734
34,157
37, 776
36,115
27, 505
88,633
80,794
82,483
83,245
28,534 11,660
27,092 11,815
28,903 11,488
34,035 13,126
13,189 11, 889
15, 335 9,433
13, 386 10,114
14,572 12,147
204,052
194,456
187,174
193,526
34,817 32,161
42,150 30,80,r
39,055 36,910
40,309 27, 083
40,664
53, 017
43,871
49,777
22,064
19,431
20,100
19,976
60,030
51, 093
56,953
67,441
REPORTING MEMBER BANES IN NEW YORK CITY AND CHICAGO
[Amounts in thousands of dollars]
Banks in city of Chicago
Banks in New York City
June 18 {
June 25
July 2
July 9
June 18
June 25
July 2
July9
67
67
67
67
48
48
48
48
All other loans and discounts
85, 457
1, 609,052
2, 203,561
89,004
1,637,605
2,236,264
86,266
1,683,381
2,194,368
87, 518
1,644,943
2,234, 865
25,601
440,531
688,964
26,232
446,589
680,125
25, 074
446,144
684, 995
27, 823
454,843
687,984
Total loans and discounts
3,898,070
3,962,873
3, 964,015
3, 967, 326
1,155,096
1,152,946
1,156,213
1,170, 650
4,188
61,426
4,268
78,982
6,062
173,036
4,136
67,773
4,006
101,516
6,664
176,080
4,136
64,280
3,747
80, 596
6,390
172,633
Number of reporting banks
Loans and discounts, gross:
Secured by United States Government
obligations.__
.. ..
39,927
504, 397
18, 702
296, 354
53, 737
732,495
39, 776
510,875
17,841
298,331
58,090
753,024
40,025
523,302
15, 777
304, 466
55, 765
752,333
40,135
514, 076
14,926
298, 882
54,867
753, 798
4,189
60, 761
4,355
77,866
6,499
164,184
Total loans, discounts, and investments.
5,543,682
5,640,810
5,655, 683
5, 644, 010
1,472, 950
1,480, 908
1, 516,388
1, 502,432
Reserve balance with Federal reserve bank...
Cash in vault .
742, 072
62,149
4,865,141
664,090
23, 614
688, 566
63, 535
4, 852, 870
679,954
23,614
646,352
71,117
4,855, 415
661,934
23,614
676,429
69,069
4,890, 907
667,139
19, 686
171,853
27,355
1,076, 235
386,554
8,082
172,994
27, 845
1,078,852
390,945
8,082
162,928
29,080
1,113,000
391,606
8,082
151,688
30, 977
1,083,421
390,582
7,090
5,650
1,027
6,225
1,822
35,534
2,129
4,009
2,666
668
2,167
200
2,043
340
1,439
350
1,540
United States pre-war bonds .
United States Treasury bonds
...
_. .
United States certificates of indebtedness
Other bonds, stocks, and securities
Time deposits
Government deposits'
Bills payable and rediscounts with Federal
reserve bank:
Secured by United States Government
All other
EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK FOR THE SIX MONTHS ENDING JUNE 30, 1924
O
EARNINGS
Total
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
$10,708,918
3,814,954
5,035,498
213,890
629,920
-20, 403,180
Boston
New
York
$562,831 $1,880,728
364,282
771,837
382,804 1,095,393
2,910
14, 715
49, 559
86,056
1,362,386
3,848,729
Richmond
Philadelphia
Cleveland
$861,644
320, 813
517,076
5,069
13, 935
$915,788 $1,173,817
502,630
44,558
80, 471
577,161
34, 232
10,724
7,147
50,847
1, 718, 537
2,057,150
1, 340, 225
Atlanta
Chicago
$990,267 $1,325,681
174, 532
532,189
41, 346
709, 499
23, 231
21, 567
8,889
132,486
St. Louis Minneapolis
Kansas
City
Dallas
San
Francisco
$753,966
64,259
105,679
15, 763
4,428
$355,951
72,647
337,125
24, 765
24,880
$643,141
87,037
340, 629
19, 387
113,104
$264,686
510, 774
327,127
27, 395
110,192
$980,418
369,396
521,188
14,132
28, 397
1, 238, 265
2, 721, 422
944,095
815, 368
1, 203, 298
1, 240,174
1,913, 531
$175, 005
937, 043
52, 070
141,149
188
85
551
4,353
14, 655
$82, 715
365,114
19,174
20, 436
254
132
600
5,167
16, 583
16, 438
1,206
$61,483
225, 635
12, 628
33,692
304
$80,171
380, 257
39, 230
78,860
331
$71,304
304,419
18, 714
51,770
378
$128,635
740, 006
40, 279
74,218
91
644
4,921
21,347
372
13, 739
7,542
2,966
15, 797
1,400
11, 703
26,008
11,971
12, 693
15, 316
4,949
12, 829
2,463
25,248
5,752
CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors'meetings
Traveling expenses 1
Assessments for Federal Reserve Board
Legal fees
Insurance (other than on currency and
security shipments)
Insurance on currency and security shipments
Taxes on banking house
Light, heat, and power
Repairs and alterations, banking house
Rent
Office and other supplies
Printing and stationery
,
Telephone
Telegraph
Postage
Expressage
Federal reserve currency:
Original cost, including shipping
charges
Cost of redemption, Including shipping charges
Taxes on Federal reserve bank note circulation
All other expenses
Total expenses
$65,250
452,951
15,770
47,403
141
$238,850
1,743,849
87,347
149,903
213
$65,333
493,995
29,576
44,055
138
$112, 500
559, 584
51,756
119,956
196
$86, 733
359, 964
21, 524
34, 936
118
$104, 5S8
221, 552
18,977
18,358
211
158,477
332
3,626
3,014
415
11,314
15, 602
292
3,544
5,539
4,279
11, 567
177
3,543
11,080
559
12, 914
9,743
360,830
58,707
26,465
1,914
97,385
7,080
32, 556
3,610
39, 267
5,398
19, 062
1,687
14, 584
7,296
49, 709
210,151
13,640
35,445
17, 895
21, 256
13, 619
11, 304
20, 705
8,263
14, 528
18, 785
13,139
21,572
282,812
401,968
142, 468
83,506
358,618
249, 782
304,069
102,265
293,918
837,759
36,219
55, 575
11,089
1,476
3,065
9,463
24,945
9,872
4,214
81, 761
18,960
15,941
11,848
590
166,986
48,730
41,940
23,947
33,090
127,202
43,772
42,828
11, 563
12, 307
5,584
1,386
21,069
26, 438
12,796
10, 767
73, 658
24,493
34,315
101,022
21, 814
10, 251
25,504
28,159
32, 926
7,391
17, 830
74, 723
13,977
15, 712
20,834
6,104
2,039
1,259
11, 241
21, 703
2,746
21, 510
60,107
14,581
17, 372
23, 741
5,791
6,679
8,069
13, 756
15,468
2,126
40, 539
49, 703
11, 639
30, 289
115,004
23, 396
9,227
21,955
42, 632
37,187
14, 834
30, 276
103, 790
25, 811
8,423
1,127
1,754
11
36,648
9,437
11,896
3,556
21, 479
57,162
6,270
8,149
798
879
60
21, 897
9,785
19, 448
4,415
12,930
39,827
3,973
8,310
38,206
28, 566
45, 506
9,203
14, 752
20,844
3,987
35,160
70, 433
5,035
11,345
16,600
12, 031
1,963
674
11,930
11, 334
6,653
24,981
39, 318
11, 289
15,161
1,557
6,889
120
61,972
28, 828
39, 940
9,942
41,142
60, 075
9,303
132, 551
250,036
153, 920
66, 282
41,932
7,189
147, 504
4,420
5,753
16,168
13,468
27,119
19, 666
12, 306
13,453
1,996
22,056
4,354
854
4,308
$1,272,567
6,784,369
407,045
814,736
2,563
217
6,458
133, 822
815
268,778
68, 746
2,920
11, 322
815
51,672
18,158
19,505
11,112
15, 713
14, 703, 361 1,053, 331 3,284,965
1,131,166
1,392,250
796, 776
639, 867
20,167
34,021 I
058, 154
14,509
14, 357
24,005
717,128
542,971
964,035
28,566
664, 243 1, 458, 475
RE CAPITULATION
Earnings
_
Current expenses
Current net earnings
Dividends paid
$20,403,180 $1,362, 386 $3, 848, 729 $1, 718, 537 $2, 057,150 $1,340, 225 $1, 238, 265 $2, 721,422
796, 776
639, 867 2,058,154
14, 703,361 1,053, 331 3, 284,965 1,131,166 1, 392,250
5,699,819
3,325,910
309,055
237, 960
563,764
892, 255
587,371
303, 338
664,900
374, 791
OS
543,449
174, 919
135,197
663,268
453, 699
$944,095
717,128
226, 967
151, 615
$815, 368 $1, 203, 298 $1, 240,174 $1, 913, 531
664, 243 1, 458,475
542,971
964, 035
272,397
103, 572
239,263
134, 800
575,931
125, 549
455,056
238,215
REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT
Expenditures during 1924:
$286,945
49,086
126, 680
$12, 755
2,160
4,149
$29, 288
8,092
18,198
$14,464
1,067
4,713
$41,030
9,544
19, 743
$16, 363
2,014
6,260
$17,049
2,874
7,690
$43,430
4,872
22, 655
$22, 273
3,689
8,104
$31, 670
6,248
11, 453
$25, 385
1, 491
8,416
$15,923
2,522
4,068
$17,315
4,513
11,201
-
462, 681
19, 064
55, 578
20,244
70,317
24,637
27,613
70,957
34,066
49, 371
35,292
22, 513
33,029
Reimbursements received during 1924Balances reimbursable July 1,1924...
414,645
48,036
16, 893
2,171
50, 837
4,741
17,904
2, 340
62,399
7,918
21, 520
3,117
24, 411
3,202
65, 714
5,243
30,717
3,349
45,643
3,728
30,326
4,966
18,797
3,716
29,484
3,545
All other
Amounts reimbursable Jan. 1, 1924
Total
1
-..-'. —
Other than those connected with governors' and agents' conferences and^meetings of directors and of the advisory council
1
S
tr1
I
672
FEDERAL KESEB.VE BULLETIN
AUGUST, 1924
DEPOSITS OF ALL MEMBER BANKS
NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, ARRANGED BY SIZE OF
CITIES AND TOWNS
[In thousands of dollars]
Banks in cities and towns having population of—
Total all
member
banks
Less than
5,000
5,000 t o
14,999
15,000 t o
99,999
100,000
and over
Total all Less than 5,000 to
member
5,000
14,999
banks
15,000 t o
99,999
100,000
and over
Increase (+) or decrease (—) since preceding
monthly report
Amount on June 25,1924
KET DEMAND DEPOSITS
1,249,512
5,982,997
1,067,178
1,385,052
531,197
477,319
2,216, 745
641,034
396, 739
727,746
519,950
1,206,298
Philadelphia. .
Cleveland _. . .
Richmond
Atlanta
St. Louis..
„
Kansas City
Dallas
T o t a l : J u n e 25,1924
M a y 28,1924
A p r . 23,1924
39,265
161,863
122,034
147,123
90,563
63,999
189, 634
U0, 846
102,010
175, 360
154,458
155,325
65,898
106,083
70, 387
122, 303
58, 682
59,322
116,056
66,973
73,113
115, 325
90,265
77,157
196,198
288,151
129, 508
191,895
137, 227
159,119
347,392
85,400
71,541
165,127
111, 701
128, 536
948,151
5,426,900
745, 249
923, 731
244, 725
194,879
1, 563,663
377,815
150, 075
271,934
163,526
845, 280
+21,153
+359,663
+13,516
+13,509
16,401, 767
15,980,053
15,943, 607
Boston
1, 512,480
1, 523,980
1,554, 996
1,021, 564
1,018,428
1,048,671
2,011, 795
2, 021,309
2,040, 730
11,855,928
11, 416,336
11,299,210
+421,714
+36,446
+128,979
- 1 1 , 500
-31,016
- 2 6 , 541
+ 3,136
-30,243
+552
656, 959
1,812, 215
695,498
I, 226,845
461,243
347,419
1,636, 533
406,117
398,800
297,67'
159,052
1,051,859
51,399
247,027
214, 560
186,277
132,101
52,214
243,032
70,142
183,843
89,677
18, 554
99, 617
69,933
145,994
114,214
134,093
83, 890
47,839
149,510
44,089
95,447
56,683
27, 775
46,962
160,898
373, 741
196, 907
188, 256
130,487
131, 791
376,170
66, 705
58,251
63,898
53, 759
91,077
374, 729
1,045, 453
169,817
718, 219
114,765
115, 575
867,821
225,181
61,259
87,421
58, 964
814, 203
+10,333
+30,300
+6,990
+26, 331
+1, 658
+799
+16,648
+152
+ 1 , 533
+ 1 , 399
+302
+661
+ 1 , 666
+305
+243
+256
+91
+1,929
+214
+902
9,150,219
9, 041,246
8,974, 591
1, 588,443
1, 584, 618
1, 582, 582
1,016,429
1,011, 065
1,008,034
1,891,940
1,877,262
1,863,827
4, 653, 407
4, 568, 301
4, 520,148
+108,973
+1,190
-96
+5,102
+809
+9
-12,805
-8,712
-1,032
-974
-3,014
-4,347
-1,159
-4,976
+13,425
+2, 502
+24,101
+7,001
-2,870
-5,235
-605
+213
+2,380
-981
-3,208
- 2 , 938
-1,815
-4,968
-388
+3, 458
+8, 692
-1,041
-2,209
- 2 9 1 +20,350
+5,534 +349,632
+3,088
+9,406
+742 +10,378
-13,175
+2, 325
-1,681
- 5 , 769
-831
+37,155
+10, 806
+1,224
+ 1 , 246
+5,329
-2,190
- 4 , 930
-869
-738
+985
+2,292
- 9 , 514 +439, 592
- 1 9 , 4 2 1 +117,126
+10,321 +144, 647
TIME DEPOSITS
Boston
New York :
Philadelphia
Cleveland
.
__ .
Atlanta
__ .
St. Louis.Minneapolis
Kansas City
Dallas
San Francisco
Total: June 25,1924
M a y 28,1924
A p r . 23,1924
-5,613
+3,131
+1,020
+4,967
+12,409
+ 6 6 , 655
+78,428
-291
-868
+1,198
+345
+38
+60
+ 1 , 578
+827
+ 1 , 632
+2,146
+872
+2,077
+3, 568
-71
+667
+460
+357
+2,352
-623
-1,120
-947
-175
+132
+5, 364 +14, 678
+3, 825
+2, 036 " +3, 031 + 1 3 , 4 3 5
+1,513
+6,868
+17,005
+7,942
+26, 274
+3,654
+23,640
+821
-501
+9,953
-6,101
+1,731
+1,550
+2,123
+14,020
+85,106
+48.153
+53,042
GOLD SETTLEMENT FUND
I N T E R B A N K T R A N S A C T I O N S F R O M J U N E 19, 1924, T O JULY 16, 1924, INCLUSIVE
[In thousands of dollars]
Changes i n o w n e r s h i p
Daily settlements
Transfers
of gold through transfers and settlements
Debits
Decrease
Federal reserve bank
Debits
Boston
.
New Y o r k . . .
Philadelphia
_
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
_
_
Dallas
_
San Francisco
,
Total four weeks ending—
July 16,1924
June 18,1924
_..
July 19,1923
June 21,1923
_
9,000
14,000
6,500
8,000
6,000
4,000
22, 500
3,500
500
500
74, 500
76, 000
73, 500
158,050
Credits
Credits
2,000
32,000
2,500
2,000
1,000
5,000
2,500
14, 000
1,500
6,500
1,000
4,500
2,193,476
634,128
539, 283
405, 738
233,926
1,120,593
463, 768
150,151
354,912
192,023
260,044
664,384
2,122, 227
648, 737
560,052
414, 772
232, 339
1,138,955
450, 389
150, 420
349,365
183, 602
263, 286
74, 500
76, 600
73,500
158,050
7,178, 528
7, 235,418
6, 829,965
6,819,205
7,178,528
7, 235,418
6,829,965
6,819,205
Increase
53, 249
10, 609
14, 769
4, 034
587
1,638
2,879
1, 269
453
7,421
7,742
65, 774
Balance in
fund at
close of
period
65,774
55,486
149,792
34,454
79, 287
33, 55«
12,152
112,776
30,424
5,765
29,190
3,619
27,837
574,338
574,152
649,035
694, 763
673
FEDERAL. RESERVE BULLETIN
AUGUST, 1924
MONEY IN CIRCULATION JULY 1, 1924
[Source: United States Treasury Department circulation statement)
Money in circulation
Money held by
the United
Stock of money' States Treasury
and the Federal
reserve system !
Kind of money
July 1, 1924
June 1,1924
Amount
Gold coin and bullion..
Gold certificates
..
Standard silver dollars
Silver certificates
Treasury notes of 1890
United States notes.
. Federal reserve notes.
...
Federal reserve bank notes
National bank notes.. .
Total
Comparative totals:
June 1, 1924
May 1,1924 .
Apr. 1, 1924
Mar. 1, 1924
Feb. 1, 1924
Nov. 1,1920
Apr. 1, 1917
8
$4,490, 716, 239
* (1,218,350,659)
_.
503, 756,769
' (408,365,410)
< (1, 422, 626)
277, 590,246
346, 681,016
_. . . .
2, 339, 048,030
10, 596,170
778, 011, 779
$4,094,301,422
416,969,840
449, 739,968
43,951,198
24, 619,402
48,890, 524
495,956, 992
529, 822
44,176, 741
July 1, 1923
Per capita
$396,414,817
801,380,819
54,016,801
364, 414, 212
1,422, 626
252,970,844
297,790,492
1,843,091,038
10,066,348
733, 835,038
$3.52
7.11
.48
3.23
.01
2.25
2.64
16.36
.09
6.51
$402,121,981
779,169,139
54,078, 252
373, 381,041
1, 425, 026
252, 557,088
305,965,593
1,897,635, 751
10,438, 586
738,628,998
$404,181,003
386,456,089
57,261,801
364, 257,981
1, 460,383
247,307,489
302, 749,451
2,234,659,226
19, 969,203
711,075,890
4, 815, 401, 455
4, 729,378, 516
8, 746,400,249
« 5,619,135, 909
4, 755,403,035
42.20
8, 750, 765,284
8,776, 575,139
8,757, 501, 955
8,797, 775, 557
8,800,088, 564
8, 326, 338, 267
5,312,109,272
> 5, 531, 542,938
• 5, 564,987,852
•5,433,529,484
8
5,436,695, 553
•5,524,291,506
1
3,394, 764,761
5 3,896,318,653
4,815,401,455
4, 760,113, 559
4,812,861,042
4,807,777, 746
4, 681,707, 784
5,628,427,732
4,100, 590, 704
42.78
42.33
42.85
42.85
41.77
52.36
39.54
' Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve
banks.
2
Includes money held by the Cuban agencies of the Federal Reserve Banks of Boston and Atlanta.
3
Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
4
These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is
included under gold coin and bullion and standard silver dollars, respectively.
'Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of
1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and
money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this
statement are shown in parentheses in the first column.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JULY 31, 1924
Paper maturing—
After 90 days
but within 6
months
Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
paper, n. e. s.
Boston
- __
New York
Philadelphia
Cleveland
Richmond _
Atlanta
Chicago
St. Louis Minneapolis
Kansas City
Dallas
San Francisco.
1
_ _ ._
..
Secured by
United States
Government
obligations
34
34
34
4
4
4
4
4
44
4
4
4
34
34
34
4
4
4
4
4
44
4
4
4
Bankers'
acceptances
34
34
34
4
4
4
4
4
44
4
4
4
Trade
acceptances
34
34
34
4
4
4
4
4
44
4
4
4
Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
3145—24f
5
After 6 but
within 9
months
Agricultural'
and livestock
paper
Agricultural
and livestock
paper
34
34
34
4
4
4
4
4
44
4
4
4
34
34
34
4
4
4
4
4
44
4
4
4
674
FEDERAL RESERVE BULLETIN
AUOUST, 192-i
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
[In thousands of dollars]
M O N T H L Y SUMMARY FOR BANKS IN 141 C E N T E R S
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1923
1024.
Number
of centers
Federal reserve district
April
May
April
June
May
JUDC
2, 118, 054
21,356,913
1, 942, 356
2, 275, 246
672, 896
970,084
4, 643, 076
1. 033, 484
' 552, 910
1,012; 890
483, 944
2, 456, 815
1
140
2, 040. 544
22, 039', 521
1, 936, 205
2,105,227
673, 372
872, 788
4, 582, 549
1,035,196
613, 515
963, 496
447, 735
2,319,693
2, 119, 787
21,180, 741
1, 863, 477
2, 227, 570
676, 260
886, 328
4, 737, 859
1, 039, 549
596, 914
1,130,015
488, 255
2, 347. 653
2, 139, 645
21, 399, 850
1,973. 625
2. 266, 888
701,164
922, 450
4, 899, 390
1, 076, 560
634,217
1,142.172
486, 003
2, 429, 942
2, 172. 872
21, 7S9, 805
2,083,113
2, 278, 941
- 742,692
902, 403
4, 772, 812
1,104, 142
652, 341
1, 155, 879
465, 461
2, 453,134
40, 044, 354
40, 229, 841
39, 294, 408
40, 071, 906
40, 573, 595
20, 653,978
18, 864, 660
Total
New York City
Other cities
052,772
124,834
894, 928
122, 402
665, 057
916, 882
746, 250
057, 603
596,115
COO, 236
466, 066
401, 209
39, 518, 668
1—Boston__
2—New York
3—Philadelphia-_
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis . .
10—Kansas City..
11—Dallas
12—San Francisco.
21, 405, 560
18,638,794
21,925,659
18,304,182 i
20. 478. 562
18,815,846
20, 703 871
19. 368, 035
21, 041. 296
19, 532, 299
i
W E E K L Y SUMMARY FOR BANKS IN 241 C E N T E R S
Federal reserve district
1924
Week ending-
Number
of centers
July 2
June 25
July 9
1923
Week ending—
July 16
July 11
July 18
556, 477
5, 442,122
500, 372
643,436
290, 881
223, 970
1, 130, 412
254,7)2
145, 028
250, 577
108, 400
531, 264
529. 595
4, 954,106
486, 271
664, 451
296, 909
233,491
1,130, 082
271, 776
167, 883
284, 044
120,064
632, 648
541, 019
4, 474, 846
501, 361
655, 191
278, 531
212, 533
1, 162, 066
270, 469
152,971
279, 208
109, 983
623, 880
9, 392, 755 10, 082, 651
9,771,320
9, 262, 058
July 3
June 27
I
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston..
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis.-.
10—Kansas City_11—Dallas
12—San Francisco
Total
497, 316
5, 087, 651
512, 465
556, 947
260, 343
197, 060
1, 020, 785
235, 095
140, 643
223, 447
110, 280
530, 025
241
615,686
6, 235,106
557, 030
680, 175
305, 869
239, 914
1, 298, 208
283, 399
176,102
2S7, 992
121,158
607, 871
459, 458
4, 282, 575
407, 498
527, 725
241, 571
204, 651
944, 535
221, 372
136, 063
225, 797
105, 916
495, 747
9, 372, 057
11, 388, 510 8, 252, 908
560, 095
5,291,881
511,418
607, 944
277,793
230, 733
1,179,934
267, 983
166, 051
285, 395
118, 372
623, 459
10,121.058
496, 941
4, 899, 847
515,959
607, 028
261, 062
199, 905
1, 121, 696
243, 114
145, 665
251, 620
102, 551
547, 367
BANK DEBITS FOR FEDERAL RESERVE BANKS AND BRANCH CITIES
July 2
June 25
No.
No.
No.
No.
1—Boston
2—New York
Buffalo
3—Philadelphia . .
4—Cleveland
Cincinnati
Pittsburgh
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville . -.
Nashville
No.
No.
No.
No.
No.
No.
New Orleans . .
7—Chicago
Detroit
8—St. Louis
Little Rock....
Louisville
Memphis
9—Minneapolis . . .
Helena
10—Kansas City . . .
Denver...
Oklahoma City
Omaha
11—Dallas
El Paso
Houston
12—San Francisco .
Los Angeles. _
Portland
Salt Lake City
Seattle
Spokane
411, 727
5, 870, 941
89, 088
416, 900
166. 623
11, 038
234, 758
33, 408
104, 750
32, 407
27, 665
12, 974
17, 630
77, 474
828, 442
164,954
169, 020
12, 978
46, 361
27, 676
89, 603
2, 412
70, 782
43,170
21,131
41, 621
34,863
9,098
25, 051
195, 110
172, 515
34, 494
16,509
47, 833
12, 010
337,110
t, 814, 567
62, 681
392, 896
134, 523
69.098
182, 047
24,428
84, 965
29, 961
23, 066
12, 523
14, 447
55, 347
685, 440
172,044
136,114
12, 067
36, 902
23, 763
70, 036
1,865
63, 990
34, 102
14, 112
40,771
33,147
8,422
23, 014
171, 748
161,651
34, 547
14,513
28, 709
10, 329
I
July <
300, 993
4, 012, 572
62, 349
292, 883
124, 607
64, 707
171, 712
26, 385
68, 553
25, 221
25, 010
11, 524
15, 708
60,711
563, 589
117, 951
124, 094
11, 250
35,195
24, 277
66, 796
2,385
60, 842
31, 476
16, 298
37, 677
30, 760
7,908
19,903
156, 981
134, 763
31, 194
12, 545
34, 089
9, 813
July 16
June 27
July 3
377, 855
374, 734
328, 428
4, 989, 282 4, 648, 323 5, 121, J76
81,732
76, 276
66,489
371, 786
381, 201
396,911
162, 454
152, 779
140, 852
75, 655
81,119
77, 460
223, 051
190, 058
201, 435
31, 802
30, 641
27, 749
S2, 200
90, 501
85,500
30, 230
32, 680
27, 424
25, 872
26, 333
23, 947
12, 539
14, 231
11,708
17, 646
17,205
15,313
65, 924
67, 272
58, 231
703, 212
718, 607
658, 344
142, 326
162, 022
186,116
150, 041
158, 809
142, 671
9,542
13, 629
9,500 i
40, 218
40, 577
36, 415
28, 499
26, 537
25,030
65, 683
87, 372
60, 6G2
1, 896
2,671
1,728
68,908
94,610
71, 241
37, 085
37, 523
32, 465
17, 924
17, 952
18, 357
41,690
43, 315
46, 327
34, 864
30, 027
31, 580
8,005
6,310
6,352
24,651 |
21, 327
21,185
205,595
178,849
172. 257
170, 174
156,058
151, C09
38, 247
31, 2f.4
25, 594
14, 951
13, 897
14,571
51,521
36, 010
35, 097
12, 469
10, 541
11,563
341, 641
355, 325
i, 646, 543 4,196, 053
76, 252
82,-171
366, 489
349, 572
165, 334
162, 897
82, 515
82, 457
203, 685
208, 449
27, 574
30, 083
94, 700
97, 500
28, 620
31,190
24, 788
27, 758
13, 202
12, 887
17, 585
17, 393
58, 996
66, 620
702, 326
665, 147
157, 377
144, 739
160, 304
159,187
12, 952
12, 041
39, 487
41, 077
25,997
26, 629
79, 706
73, 500
2,866
2,015
77,282
79, 249
39,697
37, 261
20, 356
20, 743
51, 804
51, 528
33,066
30, 813
8, 496
6, 373
28, 508
24, 113
188,483
193, 80S
180,085
183,254
45, 704 i
37, 780
15, 4C8 |
14,037
39,305
"14,283
12,786
12,304
MONEY RATES PREVAILING IN LEADING CITIES
entire month while the latest figures cover only a week. Attention is
also called to the fact that the method of reporting the rates has been
somewhat modified and that slight changes in the rates may reflect
these modifications.
In general, rates were lower during the seven-day period ending
July 15 than during the corresponding period in June. In many
cities certain banks reported lower rates while others reported, the
same rates, so that wider ranges are shown for these cities than previously.
The following table shows the customary rates charged on loans and
discounts in the various cities in which Federal reserve banks and their
branches are located, as reported by representative banks. These rates
are not averages but are those rates at which the bulk of paper of each
class is handled by reporting banks. Where it appears from the reports
that no one rate clearly covers the bulk of the paper handled, a range
of the rates most commonly charged is given. In making comparisons
between the rates charged during 1924 and rates charged at earlier
periods it should be borne in mind that the earlier rates refer to an
Loans secured b y stocks and bonds
Customers ' prime commercial peper
Loans secured by
Liberty bonds
Interbank loans
30-90 days
District and city
No. 2—New York
Buffalo
No. 3—Philadelphia
.
%j0 4—Cleveland
Pittsburgh
.
Cincinnati .
No. 5—Richmond
. .
Baltimore
- .
Birmingham..
Jacksonville
.
New Orleans
Nashville. _ _
No 7 Chicago
No. 8—St. Louis ... -.
Little Rock
No. 9—Minneapolis
No. 10—Kansas City ..
Denver
.. . .
Oklahoma City
No. 11—Dallas .
. ...
El Paso
Houston ,
. ..
Portland
Seattle
Spokane..
.. ..
Salt Lake City
4-6 months
Loans secured by
warehouse receipts
Time
Demand
Cattle lo
'Week
Week
Week
Week
Week
Week
Week
ending— Month ending- Month ending— Month ending— Month ending— Month ending— Month e n d i n g - Month
ending
ending
ending
ending
ending
ending
ending
ending
Julv
July
July
July
July
July
July
July
July June 15, July June 15, July June 15, July June 15, July June 15, July June 15, Julv June 15, July June 15,
1923
15,
15,
15,
1023
1923
15,
15,
15,
1923
15,
15,
15,
15,
15,
1923
15,
15,
1923
15,
15,
15,
1923
1.923
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
Week
ending- Month
44-41 44-5
4 -5 44-5
5 -6 5 -6
6}-6
6
0
5 -54
5 -54
5 -6
5 -6
5-6
6
6
5 -54
5-51
44-6
5 -6
6
6
5 -6
54-6
44-5
2 !
5 -6 5 -6
5
4-5}
6
6
6
5 -6
5}-6
I8
5 -6
44-6
54-6
6 -7
4 -6
8
5 -6
5
6 -7
6
6 -7
4J-6
6 -7
5lf
6
5 -6
6
6 -7
4}-6
8
5 -6
44-6
6
6
6
6
5
6
6
6
8
6
4-5-4| 41-5
4 -5 4}-5
41-6
4 -5 44-5
6 5 -8
6
6
6
6
5 -6 54-6
51 5 -5*
6 5 -6
6 5 -8 5 -6
6
6
7
6
6
5J-6
5*-6
6
5 -6
6 44-6*
4-54
6'
6
6
6
54 5-54
8
8
6
6
6 44-6
8
7 ' 6
6 5 -6
8
8
6 5 -6
5
54
6 -7
6
6
7 6 -7
44-6
61 6 -7
6
4J-54
6-6
5 -5i
6
6
5J-54
8
6
5 -6
6
6
4i-6
5 -6
44-0
6
0
6
0
5
4
4J
5J-5} 4 -4} 4J-5
5
6 5 -6
5} 4 -4* 44-5
6
6
0
6
5
6
5
6
6
5
54
o
51 45-5J 41-51
5 -6 5 -6
6 5 -6 5 -6
6
6
61 4—54
5J-6
5 -6 5 -54
54
54
54 5 -6
6
6
6
54-6
8 7 -8
6
6
6 54-64
8 6 -8
8 6 -7
6 44-6
8 6 -8
6 44-5
54 5 -6
6
6
6
7 6 -7
6t 6 -7
6
5 -6
54-6
5 -54
5-54
51-54
5
6
5J-6
7
6
5J-6
6 -7
6 -7
5 -6
6 -7
4J-54
5 -6
6
6
6
6
5
5
5 -5-1 4
6 5
5 4
5 5
6
6
5 -5* 54-6
44-6
51 4J-5
6
6
6
F
-4J 44-5
-6 5 -0
-4|
44
-6 5 -8
6
6
si 5 -6
0
s*
51-5}
5 -6
6
6
5-6
5 -6
5-54
5 -6
5 -54
5
5 -7
5 -6
44-5i
5 -6
5 -54
6
o -6
5 -6
6
6
5 -7
8
5 -6
5 -6
6 -7
6
6 -7
6
5 -6
6
6
5 -8
8
5 -6
5 -6
G
6
61 6 -7
6 -7
6
5 -54
54
54
5
6
6
8
6
6
7
6
6
8
54
5 -54
. 7
6
7
6
7
5
5
6
5
8
6
3 3 -34
2 -4j 2 -6
5 -6 5 -6
4 -4}
4}
6 54-6
6
6
6
5 -54 54-6
64-6 5J-6
51 4J-54 5 -54
6 5 -7 5 -7
6
6
a
6
6
5} 5 -6
6 54-6
5 -5}
6
54
6
6
54
8
6
64
8
8
6
8
6
54-6
7
7
6
54-6
54-6
44-5 44-5
41-6 4J-6
44-6 5 -54
6
6
6 -7
6
Si-Si
5 -54
5 -0
6
4 -6
6
54-6
6
0 6 -7
5 -7 6 -7
8
8
5 -6 5 -6
5 -6 54-6
6 -7 6 -7
6
6
6 -7
8
65 6 -7
6 -7
,.
5
5
5 -5+ 3 -4} 5 -54
6 5 -6 54-6
5 34-5 44-5
fi
6 54-6
6
"8
6
6
54-6 5j-6
6 54-6 .54-6
55 4J-5-I- 5i-5i
6 5 -7 5 7
fi
6
6
6 -7
6
6
51 5 -6 54-6
54-6 54-6
54 44-54 44-5J
8 5 -6 5 -fl
54 41-6 5 -54
6
6
6
6 6 -7
6
54 5 -54 5i-54
8
8
8
6 5 -6
6
5 3J-6
6
6 54-6
6
7 6 -7 6 -7
6 6 -7 6 -8
8
8
8
5 -6 5 -6
54-6 5 -6 54-6
7 6 -7 6 -7
6 6 -7 6 -7
7 -8
6 -7
« \
61 6 -7
6 -7
54
54 4 -5
0
5 i 4 -6
6* 54-6
*8
6
6
5-2—6
6
6
5} 54-6
6 5 -7
6
6 -7
6 -61
6 -7
54
6
54
6
h
8
8
6
54-7
•54-6
5
5*-6
5 -6
6
6
6
6
6
41-6
51-6
fj
6
6
6
54-6
5
54-6
54-6
6
6 -7
5 -6
6
6 -7
6 -8
54-8
8
6
5 -6
6 -7
6 -7
6 -8
6
6
6 -7
6 -8
54-7
64 6J-7
7
6
6
7 -8
7
7
8
6
7
6 -7
6
6
6 -7
6 -7
64-8
I
>
I
5 -55
41-5S
54-6
m
pi
6
6
6
6
6
6
6
7
54-6
6
6
6
6
54
g
6
7
8
.8
64
8
7
6
7
7
8
6J
54
54
6
6
6
54-6
7
8
6 -7
7 -8
6 -8
7 -8
6 -8
8-10
7 -8
6
6 -64
6
7 -8
9
7
6 -7
6-7
7 -8
7
8
7-8
6
6
74
6
?
6
7
8
a
8
8
i
64
7
7}
Oi
676
FEDEKAli RESERVE BULLETIN
AUGUST, 1924
GOLD AND SILVER IMPORTS AND EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
1923
Denmark..
France
Germany..
Greece..
Netherlands
Norway
Spain
Sweden
England
Scotland
.
Canada
Central America
Mexico
West Indies
Argentina
: .
Bolivia
Chile
Colombia
Peru
Venezuela
China
Dutch East Indies..
Philippine Islands..
British Oceania
Egypt
Portuguese Africa..
Allother
Total
France
Netherlands
Spain
Switzerland
England
_.
Canada
Central America
Mexico
.
West Indies
Colombia
Peru
Venezuela
British India
China
$712,199
12, 699,999
62, 875
6,244
1, 449, 547
2,173, 894
473, 561
375, 045
3,658
40,430
3,478
16,610
301, 028
272,263
48, 661
60, 000
153, 514
71, 679
148, 623
171, 602
188, 629
19, 433, 539
500
10, 426
81,148
376,960
1924
1923
1924
Twelve months ending
June—
June—
1924
1923
1923
$13,383
8
$987
215,167
145,332
21,156
$119, 530
1, 226,150
11, 732
117, 954
1,180
257, 069
2,303
2, 558
106, 398
1,926
137, 839
$1,115, 469 $3, 561,829
22, 391,027 21,114,498
$57, 236
26, 918, 284 27,482, 036
87, 507
4, 798, 294
2, 381,095 15, 957,122 41, 781, 818
543, 592
697
60, 026
54,396
12,282
65, 211 1, 329, 788 6,194, 051
~53,~037'
13, 235, 752 139,162,159 215, 511, 546
2, 560, 382
2, 648, 326 34, 254, 897 44, 204, 261
398,477
54,121 2,983, 503 2,169, 301
286,837
437,189 5, 505, 541 6, 794, 586 3,499, 327
552, 412
670, 557
14, 580
7,450
120,486 13, 696, 438
3, 950, 000
28, 850
9,791
227
18, 666
66, 480
185, 416
7,799
337, 724
126, 570
172, 902 5, 269, 769 3, 449, 965
9,978
135, 320 1, 897,765 2, 490,180 1, 283, 926
18, 209
616, 600
553, 620
40
918, 402 7, 513, 517 6,142, 510
51, 677 1, 938, 595 2,421,061
61, 812
801
185, 608 1,168,173 4, 776, 054
302
78, 036 1, 713, 278 3, 027,170
3, 271, 242 2,149,256
14, 863
4,075
795,976
604,545 I
1,456,446 7, 818, 873
70,172
410, 353
624,852 7, 363, 694
1, 716,422
24,134
3, 680, 556 41, 292,951
212,399
2,533
59, 002
766,728
9,961
118,002 1, 701,931
176, 581
11, 917
336,040 9, 669, 264
1,968
37
17, 889
407
742, 628
38, 815
16, 931
2,796
2,030
93
12, 730
199, 997
6, 326
17
223, 303
25,181,117 284, 089, 550 417, 025, 638 6, 065, 947
4,870, 389
$403, 675
8,560
2, 660, 0G0
19, 000
20, 500
20, 000 1, 372, 633
151, 355
163,195 22,192,021
60,340
90, 000
140, 000
49, 703
7,884
1, 849, 733
1,000
5, 032, 034 3, 439, 703
899
500,000
700,000
512
39, 450
Total..
548, 484
18,900
4,"880
13,431, 518
420, 205
135,010
3, 030, 270
56, 530
268,015 49,021,975
1,101, 600
1, 310, 728
40, 000
99, 720
148, 876
11, 700
194, 224
798
622
4, 095, 718
180681
150, 594
2,485
1,407
7, 763, 793
1, 747, 736
22, 294
1, 918, 807
57, 909
10,000
300,000
829, 749 3,051,488 13, 607, 649
1, 793, 774 1, 065,483 23,143, 712
1,431,070
201, 900
45,520
340
10,206, 941
64, 947; 025
1,645
1,500
300, 000
20,000
20,000
Dutch East IndiesHongkong
Japan.
Allother
Twelve months ending
June—
June—
COUNTRIES
3, 581, 081
1924
6, 587, 577
1,436, 259
53,418,848
135, 395
54,082
403,231
1, 354, 514
140,124
13,335,971
6,192
19,901
1, 001, 215
25, 500
3,676
15, 802
93, 873
311,121
79, 939, 985
107,000
1,225
622
13, 087,426
1, 637, 370
87, 775
1, 805, 877
52,361
8,573
1, 277, 000
655, 340
42, 252, 565
34,497, 844
7, 289,897
35, 500
7,514
1,970, 258
1, 277, 898
66, 452.
8, 648, 499 55, 906, 956
98, 785, 586
100, 021
677
FEDERAL. RESERVE BULLETIN
AUGUST, 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 1
June
July 1 to 21, inclusive
Monetary unit
Par of
exchange
Low
General index
Belgium. .
Franc.
France
Franc .
Italy
Netherlands
Norway
Spain
Sweden
Switzerland
Canada
Lira
Florin
Krone
Peseta . .
Krona
Franc
Dollar
_
Peso (gold)..
Milreis
Peso (paper)
Shanghai tael. .
Rupee
Yen
..
Brazil
Chile
China
India
Japan.
. . .
July
Ju ne
High
Average
Low
High
4.4400
15. 7600
5.0300
432.0900
4.2600
37.5900
13.2900
13.1200
26. 5300
17. 7600
98. 8482
73. 6500
9.1400
10. 0400.
70. 9100
30. 5800
40. 7000
4.6200
16. 2100
5.2300
438. 8400
4. 3300
38.2300
13. 4700
13. 3600
26. 6200
18. 4700
99. 3073
74. 2300
10. 8400
10. 3300
71. 9000
31. 5600
41. 9400
4.5394
15.9929
5.1312
435. 4324
4.2924
37. 7935
13.3976
13. 2653
26.5806
18. 0671
99.1538
73.9071
10. 0500
10.1365
71.4065
30. 9394
41. 4935
4. 3300
15.9900
4.8500
430. 7600
4. 3100
37. 3100
13. 4200
13. 3800
26. 5000
17. 5700
98. 2234
73. 3900
10. 6300
10. 3700
70. 5700
30. 2400
40. 3100
4.8000
16. 9100
5. 5300
433. 7800
4. 3500
37. 6400
13. 5800
13. 5800
26. 5700
17. 7600
99. 0125
74.1500
10. 9500
10. 7400
71. 7500
30. 7000
41. 8400
Average Month Fourth
week
First
week
59
60
__ _ _.
19.30
26.80
19.30
486. 65
19.30
40.20
26.80
19.30
26.80
19.30
100. 00
96.48
32.44
»19.53
» 66.85
48.66
49.85
Second Third
week
week
60
4.5648
16. 7776
5. 2528
431. 9880
4.3328
37. 4352
13. 5132
13. 4552
26. 5416
17. 6604
98. 4401
73.8912
10. 7488
10. 5956
71. 3724
30. 4876
41. 0824
23.65
62.60
27.22
88.77
22.45
93.12
50.42
69.72
99.04
91.50
98.44
76.59
33.13
54.25
106. 76
62.65
82.41
23.90
23.35
62.25
59.10
26.53
27.46
88.91
88.94
22.19
22.40
93.39
93.68
49.97
50.37
69.62
68.45
99.09
89. C3
91.93
92.28
98.71
98.96
76.44
76.55
33.37
33.26
53.73
52.08
106. 05 106.25
62.89
62.89
83.51
83.88
60
0. 0014 0.0014
.7250
.7173
2. 9571 2. 9364
2. 5114 2. 5068
s
. 0239
I 0234
1. 8153 1. 7343
.0012
.0011
19. 3700 19. 2928
2. 9600^ 2. 8600
.4396
.4311
1. 2216 1.1850
100. 0469 100. 0143
48. 3333 48. 2199
78. 4600 77. 5880
51. 7500 51. 2844
52. 1000 51. 9368
50. 3800 50.1892
0.01
3.72
0.01
3.71
12.99
8.99
59
23.81
59.68
26.60
89.49
22.18
93.92
49.86
68.85
99.20
93.83
99.22
76.60
30. 50
51.89
106.78
63.38
83.49
23. 68
60.16
26.62
89.90
22.34
94.39
50.14
68.85
99.28
94.50
99.25
76.65
29.57
51.77
107. 32
64.37
82.45
0.01
3.74
0.01
3.75
0.01
3.75
12.98
12.97
12.98
13.00
8.93
8.88
8.88
.01
.01
OTHER COUNTRIES
0. 0014
.7170
2. 9260
19.30
2. 5022
Finland
Markka
3
23.82
. 0238
19.30
1.6904
20.26
.0012
Hungary .
Krone.. .
Poland
Zloty
19.30 19. 2200
108.05
2.7400
Portugal
Escudo
Rumania
Leu
. . . __ 19.30
.4054
19.30
1.1531
Yugoslavia
Dinar
100.00 99.9375
Cuba
Peso
do
49.85 48. 2938
103.42 75.8900
Uruguay _ .
. . . do
China
2 48.11 50. 8300
2 47. 77 51. 7700
Hongkong... . ._ Dollar
Straits Settlements. Singapore dollar. 56.78 50.1300
Bulgaria
Lev..
20.26
19.30
0.0014
.7282
2. 9661
2. 5106
3
. 0240
1. 7242
.0012
19. 3000
2. 8300
. 4589
1.1894
99. 9938
48. 7031
77. 6900
51. 6500
52. 4500
50. 7500
0. 0014
.7227
2.9445
2. 5059
3
. 0239
1. 7101
.0012
19. 2535
2. 7888
.4296
1.1812
99.9529
48. 4900
76. 9688
51. 2500
52. 0947
50. 3959
0. 0014
.7083
2.9193
2.5031
J
. 0230
1. 6683
.0011
19.2400
2.7900
.4223
1.1419
99. 9805
48.1250
76. 6300
50. 6200
51. 6200
50. 0800
.01
99.96
2.65
2.23
6.14
100. 01
96.73
75.02
106. 60
108. 72
88.39
99.90
99.85
2.62
2.60
2.24
2.12
6.02
6.10
99.99
99.97
96.79
96.94
74.81
74.63
105. 89 105.93
108. 42 108. 47
88.39
88.38
.01
99.81
2.56
2.20
6.12
99.95
97.29
74 71
106.54
109.14
88.72
8.82
.01
99.63
2.58
2.33
6.14
99.94
97.52
73.96
107. 01
109.44
89.11
SILVER
[Average price per fine ounce]
June
London (converted at average rate of exchange)
New York
' Based on average.
$0.67640
.67045
1923 average.
In cents per billion.
INDEX
Acceptances:
Bankers' acceptances covering American
cotton in foreign countries after export
transaction completed
638
Held and purchased by Federal reserve
banks
666
Market for
632
Agricultural movements, index of
648
Agriculture, monthly statistics
621
Australia:
Foreign trade
655
Cost of living
660
Wholesale prices
659
Austria, cost of living in
660
Automobiles, production of
627, 651
Bank credits
.
619
Bank debits
674
Bank suspensions
632
Belgium:
Cost of living and retail food prices
660
Foreign trade
655
Wholesale prices
659
Brazil, foreign trade of
655
Building statistics
629, 651
Bulgaria, wholesale prices in
659
Business and financial conditions:
Abroad
613
United States
619-635,646
Business failures
631
Canada:
Cost of living and retail food prices
660
Financial statistics
656
Foreign trade
655
Industrial statistics
'.
654
Wholesale prices
658, 659
Chain-store statistics
630, 653
Charters issued to national banks
645
China, wholesale prices in
659
Clearing-house bank debits
674
Coal and coke production
624, 649
Commercial failures
631
Commodity movements
648-651
Condition statements:
Federal reserve banks
661
German Rentenbank, Reichsbank, and
Gold Discount Bank
636, 637
Member banks in leading cities
668
Corn-crop estimate
644
Cost of living
631, 660
Cotton manufacturing
649
Cotton, raw
622
Crops:
Condition
.
619, 621-623
Estimate of production, by Department of
Agriculture
644
Currency in circulation
673
Currency reorganization in Germany
636
Czechoslovakia:
Retail food prices
660
Wholesale prices
659
Dairy products
623, 648
Debits to individual account
674
Denmark:
Foreign trade
655
Wholesale prices
659
Department-store business
1
630, 653
Deposits:
Savings
633
Time and demand, of member banks
672
Deposits, note circulation, and reserves of Fed- eral reserve banks
661
678
Discount and open-market operations of Fed- Pag"
eral reserve banks
667
Discount rates:
Central banks^
656
Federal reserve banks
673
Prevailing in various centers.
675
Dutch East Indies, wholesale prices in
659
Earning assets of Federal reserve banks
666
Earnings and expenses of Federal reserve banks
670
Egypt, wholesale prices in
659
Employment, United States
631
Index of
647
England. (See Great Britain.)
Failures, commercial and bank_
631
Federal reserve banks:
Condition of
__ 661.
Discount and open-market operations of__
667
Earnings and expenses of
670
Federal reserve note account
665
Fiduciary powers:
Granted to national banks
645
Opinion of Supreme Court of Rhode Island
on right of national banks to exercise
trust powers in Rhode Island.
639
Opinion of Supreme Judicial Court of Massachusetts on right of a national bank
converted from a State trust. company
to act as executor under a will naming
trust company
641
Financial statistics of principal foreign countries
656
Fishery products
:
649
Food manufacturing
*
625
Food prices in foreign countries
660
Foreign exchange___
634, 677
Foreign trade:
Principal foreign countries
655
United States
633, 655
Index of
655
France:
Cost of living and retail food prices
660
Financial statistics
656
Foreign trade
655
Industrial statistics
654
Wholesale prices
658, 659
Freight rates, ocean
655
Fruit crop and shipments
622, 649
Germany:
Condition of Rentenbank, Reichsbank, and
Gold Discount Bank
636, 637
Cost of living and retail food prices
660
Currency reorganization
636
Foreign trade
L _ 655
Industrial statistics
654
Wholesale prices
:________
659
Gold imports and exports. _ _.
634, 676
Gold settlement fund transactions
672
Grain
621, 648
Great Britain:
Financial statistics
656
Foreign trade
655
Gold imports and exports
635
Industrial statistics
654
Retail food prices and cost of living
660
Wholesale prices
658, 659
Imports and exports of gold and silver
634, 676
Index numbers:
Agricultural movements
648
Business
620
Cost of living
660
Department-store sales and stocks
653
Employment
647
INDEX.
679
Pa e
Pa
Index numbers—Continued.
g
Netherlands:
g°
Foreign exchange
677
Cost of liying and retail food prices
660
Foreign trade
-__
655
Foreign trade
655
Wholesale prices
659
Industrial statistics—
Foreign countries
654 New Zealand:
United States
646
Retail food prices and cost of living
660
Manufacturing
648
Wholesale prices
659
Mineral production
;. 648
Norway:
Ocean freight rates
655
Cost of living and retail food prices
660
Production in basic industries
647
Foreign trade
655
Retail food prices
_
660
Wholesale prices
659
Retail t r a d e .
653 Oats crop estimate
644
Wholesale prices—
655
Bureau of Labor Statistics index
659 Ocean freight rates
673
Federal Reserve Board index
657 Per capita circulation
Petroleum industry
624, 649
Group index numbers—United States,
Poland, wholesale prices in
659
England, France,
Canada,
and
Potato crop estimates
644
Japan
658
Principal countries
.
659 Prices:
. Food, in principal countries
660
Wholesale trade
652
Wholesale—
India:
Bureau of Labor Statistics index
619,
Cost of living
,.
660
630, 659
Foreign trade
655
Federal Reserve Board index
657
Wholesale prices
659
Group index numbers—United States,
Industrial statistics:
England, France, Canada, and Japan
658
Foreign countries
654
Principal countries
659
United S t a t e s - - . :
646
Production in basic industries, index of
619, 647
Interest on rediscount transactions computed
661
on 365-day basis
639 Reserve ratio of Federal reserve banks
Interest rates prevailing in various centers
675 Resources and liabilities:
Federal reserve banks
661
Iron and steel production.^
627, 649
Member banks in leading cities
668
Italy:
660
Financial statistics.
656 Retail food prices
:
619, 630, 653
Foreign trade
655 Retail trade
Retail food prices and cost of living
660 Rulings of the Federal Reserve Board:
Wholesale prices
659
Bankers' acceptances covering American
Japan:
„
cotton in foreign countries after export
Financial statistics
' . _ _.'
656
transaction completed
638
Foreign trade
655
Interest on rediscount transactions comWholesale prices
658, 659
puted on 365-day basis
639
Law department:
Savings deposits
633
Opinion of Supreme Court of Rhode Island
Shoe industry
.
628, 650
on right of national banks to act in
Silver:
fiduciary capacities in State of Rhode
Imports and exports
635, 676
Island
639
Price of
_
•
676
Opinion of Supreme Judicial Court of
South Africa:
Massachusetts on right of a national
Foreign trade „_
655
bank converted from a State trust comRetail food prices and cost of living
660
pany to act as executor under will
Wholesale prices
659
naming trust Company
.
641
Leather i n d u s t r y - .
628, 650 Spain:
Cost of living
660
Livestock industry
623,648
Wholesale prices
659
Lumber industry.
628, 649
645
Mail-order houses, retail trade of _ -.
630, 653 State banks admitted to system
Manufacturing:
Sweden:
Condition, by industries.-__
.
625
Cost of living
660
Index of production
648
Foreign trade
655
Member banks:
Wholesale prices
659
Condition of
668
Switzerland:
Number discounting
667
Retail food prices and cost of living
660
Number in each district
667
Wholesale prices
659
State banks admitted to system
645
626, 649
Metals....
625, 649 Textile industry
672
Mineral products, index of
648 Time deposits of member banks
622, 644
Mining
.___
.624 Tobacco crop estimate
622, 649
Money in circulation
673 Tobacco industry
Money r a t e s . .
.
620,632,675 Trade:
Foreign. (See Foreign trade.)
National banks:
Retail
_.
. . . 619,653
Charters issued to
645
Wholesale
619, 630, 652
Fiduciary powers granted to
645
Transportation....._629, 651
Right of, to act as executor in Massa621, 644
chusetts
.
639 Wheat crop estimate
Wholesale prices. (See Prices.)
Right of, to act in fiduciary capacities in
_•
619, 630, 652
Rhode I s l a n d , , . . - . - . . . . . - . - .
641 Wholesale trade
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