Full text of Federal Reserve Bulletin : December 1924
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FEDERAL RESERVE BULLETIN DECEMBER, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Banking Situation and the Money Market Business Conditions in the United States Branch Banking in the United States WASHINGTON GOVERNMENT FEINTING OFFICE 1924 FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGEEJ Governor, EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. GEORGE R. JAMES. HENEY 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 Examinaiion) Reserve Examiner. and Chief Federal E. A. GOLDENWEISER, Statistician. E. L. SMEADJ Chiefs Division of Bank Operations* FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) „ CHAS. A. MORSS. District N O . 2 ( N E W YORK) PAUL M. WARBURG, District No. 3 (PHILADELPHIA) _ L. L. R U E . District No. 4 (CLEVELAND)... C. E. SULLIVAN. District No. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) President OSCAR WELLS. District NO. 7 (CHICAGO) District No. 8 (ST. LOUIS) >_. - JOHN J. MITCHELL. . i. District No. 9 (MINNEAPOLIS) District No. 10 (KANSAS CITY)__» District No. 11 (DALLAS) __„ ^ •___ . District NO. 12 (SAN FRANCISCO)„_.___ n FESTUS J. WADE. G. H. PRINCE. E. F. SWINNEY, Vice Presidents W. M. MCGREGOR* _---,_ D. W. TWOHY. OFFICERS OF FEDEBAL BESERYE BANKS Federal Reserve Bank o— f Chairman Cashier Deputy governor Governor W.W. Paddock........ ... Frederic EL Oortiss........ W. P. G. Harding Pierre J a y — . —.... . Benj. Strong......*........ J. H. Oase.-......—... L. F. Sailer...G.,L. Harrison ..... E. R. KenzeJU - — . . . Wm. H. Hutt.. .... Philadelphia _-..„.„ R. L. Austin............... Geo. W. Norris*.. M. J Fleming.. E. R. Faneher.... Cleveland D. Ce Wills................. Frank JvZurlinden G. A Peple». ....... George J. Seay..«. Richmond....—.... Wm, W. Hoiton..*........ R. H. Broaddus- ...... J. L. Campbell . . . . . . . M. B. Wellborn..,, Atlanta.................. Joseph A. McCord . . . . . . Creed Taylor... . . . . . C, R. McKay ....... J.B.MeDougal... Chicago . . . . . . . . . . Wm. A. Heath „ ..... John H. Blair.*. Boston.,.. New York.... St. Louis.*..... Minneapolis.—, Wm. McO. Martin........ John R. Mitchell.......... Kansas City Dallas......... San Francisco.. M. L. McOlure..... Lynn P. Talley....—...... John Perrin................! W. Willett. •lii H. Hendricks.* A. W, GUbart.1 JlW.Jones.i 1 G.E.Chapin. RayM.Gldney. W, A. Dyer. J. O. Nevtau Geo. H. Keesee. John S. Walden, jr.* M.W.Bell. W. O. Bachman.s K. C. ChildsA J. H. Dillard.J D. A. Jones.1 O. J. Netterstrom.i Clarke Washburne.* J. W. White. O. M. Attebery.... ___ D. O. Biggs, Gray Warren. B. Geery..... R. A, Young . . . . . .. W.V. Moore............ Frank 0. Dunlop.1 B. 8 Harry Yaeger . J. W. Helm. 0. A. Wortbington—... W. J. Bailey...... R. B. Coleman. R.R. Gilbert ...... B. A. Me'Kinney.. Val. J. Orand—.... . W. N. Ambrose. J. U.'Calkins.............. Wm. A. D a y - . . . . . . . . Ira Clerk I . . . . . . . . . . . . . . L. C. Pontious* s ^ Controller. Assistant deputy governor. MANAGERS OF BRANCHES OF FEDEBAL RESERVE BANKS Federal Reserve Bank o— f New York: Bufialo branch.............. Cleveland: Cincinnati branch............ Pittsburgh branch .j. 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. Schneekenburger L. W. Manning. Geo. DeCamp. A. H. Dudley. Marcus Walker. Geo. R. De Saussure. A. E. Walker. J. B. Fort, jr. W. R. Cation. W. P. Kincheloe. V. S. Fuqua. A. P. 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: i Los Angeles branch....... Portland branch Salt Lake City branch........ Seattle branch-_„._ Spokane branch . ....... Manager R. E. Towle. L. H. Earhart. J. E. Olson. 0. E. Daniel. D. P. Reordan. Fred Harris. C. J. Shepherd. Frederick Greenwood. R. B. MotherweU. 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 © paper and printing, is $2. f Single copies will be sold at 20 cents. THE FEDEEAL RESSERYE BULLETIN i TABLE OF CONTENTS The month: Review of the month—Banking situation and the money market. . . ... Business conditions in the United States . Foreign loans and foreign exchanges.. . . . . . . . . -„_ . . .. „>.„ >..Special articles: Branch banking in the United States. . Earnings and expenses of member banks___„ __ .• _ ...„-. National bank note circulation., . Official: State banks admitted to system ,__ Fiduciary powers granted to national banks . . ...... ... Charters issued to national banks ._.„. „_.... -.... - ... . . „„ . .. Business statistics: Estimate of production of crops, by Federal reserve districts . . . - ; ... . Industrial statistics in the United States > -_. .. „ ... .. Wholesale and retail trade . . . ..... ...-,-.-.. ... Industrial statistics for foreign countries. „ . „ . ..... Foreign trade of principal countries . „ „ .. „ „ I--.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 and financial statistics: Federal reserve banks— Condition of Federal reserve banks .«. ... ... „ _„„_.__._. Federal reserve note account——. . - — »---—..— Holdings of earning assets.. _. „.-...--. .._P Discount and open-market operations of Federal reserve banks...—„__ .^_.-..---....^. Gold settlement fund....... — — — . . . — — ——.Discount rates of Federal reserve b a n k s . . . ~ . . J - . .... •.Member banks— Condition of member banks in leading cities.... ...... . -_--..---... -Abstract of condition reports of member banks, October 10, 1924 Deposits of all member banks.. :.. —... .—..^.-—.-.---... Bank debits. —..„.—^.— —....-—--*.-.-...-..... _.*__ ... Money rates in principal cities .. _. ..-..----.* „. Money in circulation ..— . „.—-——. --.-.-., . Gold and silver imports and exports „ .... .. Foreign exchange rates and index —.. „ IV Page 903 907 924 925 941 944 947 948 948 949 950 956 958 959 960 961 963 964 965 969 970 971 981 981 972 974 980 979 982 980 983 984 FEDERAL RESERVE BULLETIN VOL.10 DECEMBER, 1924 No, 12 REVIEW OF THE MONTH While the present total of loans and investments of these banks is more than $1,000,000,000 Further growth in industrial activity and in the volume of bank credit have been the prin- larger than at the high point in 1920; their comcipal developments in the busi- position is different. The net increase as between the two dates is the outcome of a growth Credit situaJ i. i • -± ±- J ,. ness and banking situation dur- of more than $2,000,000,000 in investments and ing the past month. The up- of over $500,000,000 in loans on stocks and ward turn in production, employment, and bonds, partly offset by a decline of $1,500,000,trade which was noted in the previous review 000 in commercial loans. Thus the existing was followed in October by further increases large volume of member bank credit in compariand by an advance in prices. This increase in son with the previous peak, when considered business volume has been accompanied by a with reference to its composition, reflects the larger demand for credit for commercial pur- smaller credit requirements to finance current poses and by somewhat firmer conditions in business operations at the prevailing level of the money market. Money rates/ however, prices and a larger volume of investments arisshowed only slight advances from the low level ing from an increase in lo anable funds at the prevailing during recent months. disposal of member banks. The volume of commercial loans at member Figures for all member banks, which have banks in leading cities between the beginning recently become available, show that between of September and the middle of November increased by about $375,000,000, the only sub- June 30 and October 10, 1924, there was an instantial increase in loans of this character since crease of $633,000,000 in investments and the early months of the year. During the same $556,000,000 in loans, a total of $1,189,000,000. period investments of member banks continued Of this growth in bank credit more than a bilto increase rapidly and there has been a further lion, or 90 per cent, was in central reserve and growth, though at a somewhat slackened rate, reserve cities, and in the banks outside of these in loans on securities. For the six months cities, the so-called country banks, there was an since the middle of May, when the recent rapid actual decrease in loans, more than offset, howgrowth in member bank credit began, total ever, by a growth of investments. Total deloans and investments of reporting member posits of member banks increased by about the banks increased by $1,725,000,000, to the same amount as their loans and investments, highest level on record. More than one-half more than one-half of the increase being in the of this increase reflects larger holdings of in- amount due to banks. The increase of vestments, and much the larger part of the $636,000,000 in bankers' balances for the increase in loans was in advances on securities. period was largely in reserve cities other than Changes in the composition of the loans and New York. investments of member banks in leading cities The accumulation of bankers' balances between the middle of May and the middle of during recent months, which November are shown in the following table: Movement of is shown by the chart, has eviREPORTING MEMBER BANKS b a n k e r s bal[In millions of dollars] denced the general abundance ances, Nov. 12, Increase May 14, of loanable funds, and in the 1924 1924 absence of an active commercial demand has 523 4,631 4,108 Loans secured by stocks and bonds 1 _ . 294 been a factor in bringing about the low level 8,241 7,947 All other loans „_._908 4,652 5,560 Investments ..__ _ .—_of money rates in financial centers. The chart 1,725 18,432 Total loans and investments .. 16,707 also brings out the fact that the recent growth * Including loans secured by United States Government obligations. 903 904 FEDERAL RESERVE of bankers' balances in New York banks, which commonly have somewhat less than one-half of the total balances in the 12 Federal reserve bank cities, has been less than in other centers. The flow of surplus funds to the money centers generally occurs during periods MILLIONS OF DOLLARS MJLLIONS OF DOLLARS 3000 3000 BANKERS' BALANCES ( REPORTING MEMBER BANKS IN 12 F. R. BANK CITIES ) 2500 2500 2000 2000 1500 1000 500 1922 1923 1924 of relatively slack demand for credit for commercial purposes and is followed by a return flow of these funds to outside banks as the demand from their customers for credit increases. Relatively wide fluctuations occur in these bankers' balances in response to correspondingly wide variations in credit requirements in different localities from time to time and from season to season. These fluctuations - reflect to some extent the net movement of funds from one section of the country to another, so that changes in bankers' balances exercise at times an important influence on the movement of money rates. Bankers7 balances are reported currently for banks in the 12 Federal reserve cities and are published monthly in the FED- usually rapid increase for this item" and has brought it to a level higher than at any previous time. The large growth in reserve balances since a year ago, which has supported the growth in member bank credit, has not reflected an increase during the year of Federal reserve bank credit outstanding, as represented by total earning assets of the reserve banks. These earning assets, which decreased from January to May and then increased from May to November, are still slightly less than a year ago. Gold received from abroad, however, has continued to furnish member banks with funds for increasing their reserve balances, and for the year the net imports of gold correspond roughly to the increase in these reserves. The small net change in total earning assets of Federal reserve banks from November, 1923, to November, 1924, has b een a c c o m a n i e d h P J a cone siderable change in the composition of these assets, as the almost continuous decline in the volume of discounts, to a level $600,000,000 lower than a year ago, has been offset in large part, though not entirely, by an increase in the holdings of Government securities and of acceptances. The tendency of changes in the volume of open-market holdings to be offset by opposite and equivalent changes in the volume of discounts, which was shown by the experience of 1922 and 1923, and which has been commented upon in earlier reviews, has been evident during this year, the increased purchases by the reserve banks in the open market being accompanied by a corresponding decline in discounts. The following table shows changes in the different classes of earning assets between the middle of November, 1923 and 1924. FEDERAL RESERVE EKAL R E S E B T E BULLETIN.1 The large growth in member bank deposits during the past six months has Growth of been accompanied bv an inr member bank . . _ \ reserves. crease m member bank reserve balances represented by a net addition of $250,000,000 to the total deposits of the Federal reserve banks. This is an uni See p. 973 of this issue. For earlier figures see BULLETIN for January, 1923, p . 27, and for July, 1924, p. 502. DECEMBER, 1924 BULLETIN BANKS [In millions of dollars] Increase Nov, Nov, 21,1923 19,1924 Total earning assets ._».... Discounts Acceptances __—_.. United States securities.. 1 Including $2,550,000 of other earning assets. 1,104 11,099 746 285 73 234 275 587 (+)or decrease ( -5 -512 -10 4-514 DECEMBER, 1924 FEDEEAL KESEBVE BULLETIN Since July, when the earning assets were at a low point for the year? there has been an increase of about $300,000,000, of which about one-third has been in Government securities and two-thirds represent the extent to which the increase in acceptances has exceeded the decline in discounts. This growth in earning assets has been due in part to a seasonal increase of $215,000,000 in the amount of money in circulation, which, in view of the much diminished volume of gold imports, has resulted in an increased demand for reserve bank credit. The entire increase in earning assets since the middle of September has been in acceptances, Government security holdings having remained unchanged. The larger offerings of acceptances to the reserve banks by dealers in acceptances have reflected somewhat firmer conditions in the money market. The ease which prevailed in the money market since the middle of the year has recently become less pronounced and, as Money market, is indicated in the chart, during October and November rates increased slightly. The downward movement 1922 1923 1924Rate on commercial paper of 4 to 6 months' maturity; discount rate of Federal reserve bank of New York; offering rate on 90 day bankers' acceptances. in money rates set in about a year ago, and since August rates have been not only substantially below the rates prevailing during the period of easy money in 1922 but at the lowest level for a decade. The recent slight advance in rates reflects to some extent the seasonal demand for credit to finance autumn trade, which is also indicated in the growth of commercial 905 loans. Since early summer money rates in New York have continued to be below those in London, and this difference has been accompanied by an increase in the demand upon New York for foreign financing. The volume of foreign capital flotations in the United States thus far this year has been more than two and one-half Foreign loans. times as large as for the entire year 1923 and larger than for any year since the war. Sterling exchange during this period has had a considerable advance and stood at the end of November at $4.64, the highest point aince early in 1923, and less than 5 per cent below par. Currencies of five European countries have recently returned to parity and the extent of the improvement of leading foreign currencies in their relation to the dollar has been reflected in an advance during the past three months of 3 per cent in the Federal Reserve Board foreign exchange index. A statement of the extent and character of foreign borrowing in the United States during this year and its relation to the recent movement of the foreign exchanges is presented elsewhere in this issue. A part of the loans extended to foreign countries during this year was for the purpose of monetary reform or exchange stabilization. Dollar credits obtained for the purpose of purr chasing gold differ in their effect upon our domestic credit situation from credits used to buy goods in the United States. Proceeds of loans of the latter character results in an increase of the demand for goods in our commodity markets, while funds converted into gold are no longer available in our money market. Loans of this kind extended to countries that have reestablished sound currency conditions at home have been an important influence in enabling such countries to maintain the stability of their exchanges. To the extent that these credits are the basis of strengthening the actual gold reserves of foreign countries, they are a means of utilizing for monetary reconstruction a portion of the gold which came to this country as a result of disorganized conditions abroad. This inflow of gold has been the principal factor in bringing about the easy 906 FEDERAL RESERVE BULLETIN money conditions in this country in contrast to the shortage of credit abroad. The differential in rates at a time of increased confidence in the European financial situation has facilitated foreign borrowing and the gold credits have contributed to the recent improvement of currency conditions in Europe. PAPER CURRENCY AND THE SILVER DOLLAR The Treasury is endeavoring to restore the standard silver dollar to the place which it formerly \e\d in the currency structure. In doing this the Treasury Is actuated by two motives: First, to improve the quality of the paper money, particularly in the one-dollar denomination; and, secondly, to effect, in this way, a material saving in the expense of supplying the country with fit currency. Following the violent iEluctuations in the price of silver during 1920, there was a substantial decline in the number of silver dollars in the hands of the public; and since that time the number of these coins in circulation has been considerably below the level maintained during and prior to the war. In its desire to reestablish the silver dollar as part of the circulating medium the Treasury is actuated by certain conditions which have arisen in the manufacture of the paper money and have resulted in a reduction m the life of the dollar bill. The extraordinary demand on the Bureau of Engraving and Printing for the various issues of Liberty bonds during the war period, when more than 200,000,000 pieces were printed, and the increased demand for currency during that period and after the armistice, consumed all reserve stocks of paper money. Furthermore, the inability of the manufacturers of distinctive paper to obtain linen rags necessitated a change m the composition of the distinctive paper from a 100 per cent linen basis to a 100 per cent cotton basis; and this in turn resulted in the elimination of the sizing process which was formerly given to paper money before it was put into circulation. By the elimination of this sizing process, the life of the paper currency was materially reduced. The great demand for paper currency necessitated the expediting of its manufacture to such an extent that the currency was printed and placed in the hands of the public without being properly seasoned, the period of manufacture being reduced from three months to DECEMBER, 1924 three weeks. Not only does the unseasoned paper currency have a much shorter life than when it is properly seasoned, but in order to supply the constantly growing demand for currency the Federal reserve banks have been forced to lower the standard of quality of the $1 bills paid back into circulation, with the consequence that there is much currency of this denomination of a very poor quality now in the hands of the public. To bring back the currency to the standard of fitness maintained prior to the war it will be necessary to build up reserve stocks as well as to increase the output of the currency. It is difficult to accomplish both of these things at the same time, and therefore the Treasury Department desires to put into circulation about 40,000,000 silver dollars, which will replace one month's supply of paper dollars, thus permitting the accumulation of a reserve stock in process of seasoning. Aside from creating a reserve stock and thereby building up the standard of fitness of the currency, the life of the paper money will be increased by four or five months. The cost to the Government of manufacturing and keeping in circulation a $1 bill is 1.7 cents. It is therefore evident that if a month's supply of silver dollars, which have an almost indefinite life, can take the place of an equal amount of paper dollars, an annual saving of about $1,000,000 will accrue to the Government. If the Treasury is to succeed in its plan to reestablish the circulation of the silver dollar, it must have the cooperation of member banks of the Federal reserve system. The Christmas period will be an appropriate time to interest the public in this campaign. Many Christmas gifts of money are given by the banks7 customers to employees and friends* The Treasury requests the banks to endeavor to persuade them to make these gifts in the form of silver dollars, which may be obtained in any quantity desired from the Federal reserve banks of each district in new, uncirculated, 1924 Peace dollars. NOTES Conferences in Washington. The Federal Reserve Board held its regular autumn conference with the governors of the reserve banks and the Federal reserve agents on November 10 to 14, inclusive. On November 24 the Federal Advisory Council held a meeting with the Federal Reserve Board. 907 FEDEKAIr RESERVE BULLETIN DECEMBEB, 1924 BUSINESS CONDITIONS IN THE UNITED STATES Production of basic commodities and factory employment showed further increases in October and distribution of merchandise was in large volume. The general level of wholesale prices advanced, reflecting largely a rise in the prices of agricultural products. Production.—The Federal Reserve Board's index of production in basic industries, adjusted to allow for seasonal variations, increased 6 per cent in October, and was 16 per cent above the low point of midsummer, though still considerably below the level of the early months of this year. Output of iron and steel, cotton and woolen textiles, lumber, and bituminous coal was substantially larger than the month before. Factory employment increased 2 per cent in October, reflecting larger working forces in most of the manufacturing industries. Building contract awards increased and were 14 per cent above a year ago. Crop estimates by the Department of Agriculture in November showed increases in the expected yields of corn, cotton, tobacco, and potatoes. The movement of crops to market in October reached the largest volume in five years and exports of grain and cotton were in greater volume than in the corresponding month of any recent year. Trade.—Railroad freight shipments were larger in October than in any previous month, owing to exceptionally heavy loadings of miscellaneous merchandise and grain. Wholesale trade increased slightly, but was 3 per cent less than in October, 1923. Sales of dry goods, shoes, and hardware were considerably smaller than a year ago, while sales of groceries and drugs were larger. Department-store sales showed a seasonal increase, but were 4 per cent less than last year, and sales of mail-order houses and chain stores also increased and were in greater volume than in 1923. In preparation for Christmas trade merchandise stocks at department stores increased substantially and were 1 per cent larger than a year ago. Prices.—The wholesale price index oi the Bureau of Labor Statistics rose 2 per cent in October, as a result of considerable advances in the prices of farm products and foods and slight increases in the prices of clothing and chemicals. Fuel and metal prices declined and prices of building materials and house furnishings were practically unchanged. During the first half of November quotations on all grains, cotton, silk, copper, and rubber advanced, while prices of raw sugar and bituminous coal declined. Bank credit.—Loans for commercial purposes at member banks in leading cities, which had increased rapidly from the beginning of September to the middle of October, advanced only slightly in the following four weeks. The growth of loans secured by stocks and bonds WHOLESALE PRICES PRODUCTION IN BASIC INDUSTRIES PER CENT PER CENT 150 1150 t 100 PER CENT PER CENT 300 300 f 200 200 AT \ \ * * * * * 50 50 1919 1920 1921 1922 1923 Index of 22 basic commodities adjusted for seasonal (1919=100.) Latest figure, October, 109, 19966—24f 2 1924- variations. 100 100 1919 1920 1921 1922 1923 Index of United States Bureau of Labor Statistics. (1913=100, base adopted by bureau.) Latest figure, October, 152. 908 FEDERAL RESERVE BULLETIN MEMBER BANK CREDIT DECEMBER, 1924 FACTORY EMPLOYMENT BILLIONS OF DOLLARS 16 BILLIONS OF DOLLARS 1 16 PER CENT 150 150 100 so 50 Investments^ 0 1919 1920 1921 1922 1923 1919 1920 1922 1921 Weekly figures for member banks in 101 leading cities. Latest figures Index for 33 manufacturing industries. November 12. 1923 (1919=100.) Latest figure, 91. was also relatively small, notwithstanding great activity in the securities market. Holdings of investments by these banks continued the increase which began in the early months of the year. The increase in demand deposits, which began last spring, continued, though at a somewhat slower rate, during the four weeks ending November 12. At the reserve banks an increase in earning assets was the result of larger offerings of acceptances, reflecting firmer money conditions. While discounts and holdings of United States securities remained practically unchanged during the four weeks ending November 19, the increase in acceptances carried total earning assets to the highest point since the early part of the year. Money in circulation increased in October for the third successive month, and the total on November 1 was $215,000,000 larger than in August. Money rates continued to show a firmer tendency and by November 23 were generally from one-fourth to one-half of 1 per cent higher than in October, BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919-100] Production in basic industries^ 1923 June—— . ..... .... July » „ . . . . . . . August September . . . . . . =_ October «,„ . . . . . . November . « „ , December 1924 January .. „ ... February.... ... >„_ March April .... May........ ..^...._. ... June . . . . . .• . * -July . . o... August September . . • October ..._—.. Factory Building employ- contracts1 ment awarded Railroad car loadings* 122 121 120 114 118 116 110 103 101 101 101 101 100 99 117 112 112 128 151 167 172 121 119 123 112 117 120 120 120 116 114 103 64 94 94 103 109 98 99 99 97 93 90 87 87 90 91 170 163 164 150 129 125 121 133 150 166 Wholesale trade Department store sales i Department store stocks » Unadjusted Unadjusted Adjusted Adjusted Bank debits * •118 83 79 88 91 97 85 72 126 89 100 113 148 142 202 126 119 128 124 130 126 126 122 119 129 139 146 149 123 128 128 130 130 131 133 132 110 105 105 101 105 105 105 118 131 115 121 117 103 111 111 117 120 80 78 80 78 77 76 78 83 92 95 109 102 115 133 127 120 91 93 119 141 125 127 115 130 123 120 122 119 131 124 115 127 138 140 135 127 122 126 137 148 131 135 137 136 135 133 130 124 128 132 105 110 10$ 112 109 103 108 108 107 112 J 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. DBCBMBBB, 1924 BANK CREDIT Aggregate loans and investments of all member banks in the Federal reserve system were $28,451,000,000 on October 10, the date of the latest call for condition reports. This total was about $1,620,000,000 above that on March 31, 1924, when the volume of member bank credit was at a level that had changed relatively little for nearly a year. Loans increased $644,000,000 during the six months, nearly all the increase occurring since the end of June, and investments increased $975,000,000, the growth for the last three months being two-thirds of this total. Between June 30 and October 10 loans and investments increased by $1,190,000,000. In the following table there are presented the amounts of principal resources and liabilities of member Danks for November 15, 1920, when the postwar credit liquidation began, for March 10, 1922, when this liquidation came to an end, and for selected subsequent dates: PRINCIPAL RESOURCES AND LIABILITIES OF ALL MEMBER BANKS [In millions of dollars] Nov. Mar. Mar. Dec. Sept. Oct. 15,1920 10,1922 29,1922 14,1923 31,1924 10,1924 Total loans and investments..— 1 ._._> Total loans _ . . . T o t a l investments-.—---U.S. securities ... Other bonds stocks Total deposits....... D e m a n d deposits 2 Due to banks.„. Time deposits. „ U. S. deposits... 1 2 26,133 20,080 6,053 2,786 3,267 25,088 15,494 6,144 220 23,419 25,768 18,081 26,497 18,857 26,832 19,176 28,451 19,820 7,687 7,640 7,656 8,631 3,788 3,722 3,569 2,755 4,087 3,503 3,899 3,918 23,641 27,272 26,915 28,248 13,484 15,673 15,101 15,586 3,165 3,492 3,203 3,480 6,662 7,645 8,466 8,890 462 145 292 1924, were the highest on record. On that date investments constituted 30.3 per cent of the member banks' total loans and investments, the highest proportion since June, 1919, to be compared with 23 per cent on November 15,1920, when loans were at their highest point,, Total deposits of member banks declined less rapidly in 1921 and advanced more rapidly since the spring of 1922 than did total loans and investments, and on October 10 of this year total deposits were 108 per cent of loans and investments, compared with 105 per cent in March, 1924, and 96 per cent in November 1920. Time deposits increased steadily throughout the period and accounted for the major portion of the growth in total deposits up to March of this year. Of the increase of $2,524,000,000 in deposits since that date, however, the growth m time deposits was less than a third, while demand deposits increased by $797,000,000 and amounts due to banks by $1,010,000,000. These bankers' balances, which represent funds redeposited by banks with their correspondents, increased during the past six months as the result of a flow of funds from country banks to the financial centers. In the following table are shown the amounts of loans and investments of member banks, by class of banks, on October 10, 1924, and the extent of changes since March 31, 1924. 3,895 17,161 6,258 LOANS AND INVESTMENTS OF ALL MEMBER BANKS, BY CLASS OF BANKS, OCTOBER 10, 1924 [In millions of dollars] 4,736 30,772 All member banks 16,383 4,490 9,597 302 Including rediscounts and overdrafts. Including certified and cashiers' checks outstanding. Member bank loans, after a severe decline between November, 1920, and March, 1922, advanced steadily and on October 10 of the present year the total was only slightly below that of 1920 and $2,659,000,000 above the low point of 1922. The increase for the past year amounted to $963,000,000 and in the three months ending October 10 to $556,000,000. The banks' security holdings, which had remained relatively constant during the decline in loans in 1921, increased by about $1,430,000,000 in 1922; and, after remaining relatively constant in 1923 and the first quarter of this year, advanced further by' $975,000,000 between March and October, and on October 10, 909 FEDBBAIi RESERVE BULLETIN Central reserve city banks Reserve city banks Country banks o Total loans and investments Total loans. „ _ Total investments U. S. securities Other securities 9,685 +54211,274 28,451+1,619 7,492 +176 7,479 19,820 +644 5,359 +525 ~~ " " 8,631 +975 2,133 +458 2,703 +366 3,795 +326 1,221 +225 1,294 +178 1,380 4,736 +649 912 +233 1,409 +188 2,415 +94 -57 +151 -77 +228 The increase in total loans which, as has been brought out, was considerably more rapid in the three months ending October 10 than during the previous similar period, is shown in the above table to have occurred entirely at banks in central reserve and reserve cities, the loans of country banks having 910 FEDEBAL BESEEVE BULLETIN decreased slightly. Although all classes of banks added to their holdings of security investments, the largest additions were also made by the city banks, which had $824,000,000 out of a total increase of $975,000,000. Since the early part of October the volume of member bank credit outstanding, as indicated by weekly reports of member banks in leading cities, has shown a further, though less rapid, increase. About one-half of the increase between October 8 and November 12 was in loans and one-half in security holdings. Deposits of these member banks continued the rapid increase which began in the spring of this year. AGRICULTURE Continuation of good weather throughout the agricultural sections in October and the first weeks of November facilitated harvesting and marketing, but the dry weather delayed fall plowings and seedings of small grains in sections of the Kansas City and Dallas districts. Preliminary estimates by the Department of Agriculture in November showed increases in the expected yields of most crops which remained to be harvested, the most significant increases being in the estimated production of cotton, tobacco, and potatoes. Farm prices, after declining in September- increased in October and were somewhat higher than a year ago. Grains and meat animals were higher than in 1923, but fruits, vegetables, dairy products, and cotton were lower. While marketing was seasonally heavier than in September, the volume was the largest in the past five years. Livestock, grain, cotton, fruits, and vegetables were marketed in larger volume than in September, but the distribution of animal products was smaller. The foreign demand continued to expand in October and exports of agricultural products exceeded the volume for any month in recent years. Exports of all commodities, except beef and pork products, were larger than in September and decidedly heavier than in October last year. Grain. Weather conditions in October and the early weeks of November were very favorable for maturing the corn crop, and there was considerable improvement in the quality. The expected yield was increased to 2,478,000,000 bushels, as compared to 2,459,000,000 bushels a month earlier. According to the Department of Agriculture only about 63 per cent of DECEMBER, 1924 the crop is of merchantable quality, the lowest percentage merchantable in 30 years with the exception of 1917. The production of flaxseed, which has been increasing steadily for several years, is expected to reach a record level this year. The crop is estimated to be 30,652,000 bushels, as compared with 17,429,000 bushels last year and 29,285,000 in 1902, the previous high level. Movement of grains to market continued in exceptionally heavy volume in October and, contrary to the usual seasonal decline in the receipts of wheat, the volume marketed this year was greater than in September and more than twice as large as in October last year. Receipts of rye were also heavier than in September and about five times as heavy as last year. Marketing of oats, corn, and barley was lighter than in September, since the seasonal peak of the movement of oats and barley has passed and the new corn crop had not reached the market. The rapid movement of wheat and rye was accentuated by the foreign demand which continued exceptionally heavy. Exports of wheat were in the largest monthly volume since August, 1921, and exports of rye amounted to 10,853,000 bushels, as compared with 11,563,000 bushels in September and only 455,000 bushels in October, 1923. In response to the increased demand for American grains prices advatced further in October and the index of all grain prices reached the highest level since November, 1920. Cotton. In October and the first three weeks of November the weather continued very favorable for gathering the cotton crop and it has been ginned rapidly. Estimates based upon the condition of the crop on November 14 indicate a final yield of 12,992,000 bales, a slight increase over the estimated yield on November 1 of 12,816,000 bales. Ginnings prior to November 14 amounted to 11,148,000 bales, as compared with 8,369,000 bales prior to the same date last year. In the Atlantic States the quality of the crop is reported to be poorer than usual, due to the drought which followed a cold, wet spring. Although the crop has been ginned rapidly, marketing has been slower than last year, which may be attributed in part to the decline in prices which was very pronounced earlier in the season. Takings by domestic mills prior to November 7 were smaller than last year. Exports, on the other hand, have been much larger than in 1923 and in fact the total number of bales exported in October DECEMBER, 1924 FEDERAL BESEBVE BULLETIN* was the largest for that month since 1913. Continued uncertainty in the textile industry in October resulted in smaller takings of raw cotton by domestic mills, and stocks at mills at the end of the month were 34 per cent smaller than at the end of October, 1923. Stocks at public warehouses, on the other hand, which have received the bulk of the new crop, were 21per cent larger than last year. In November there was some improvement in the textile industry which gave rise to a better demand for raw cotton, and the price at New Orleans advanced to 24.6 cents on November 14, but the increase in the expected yield served as a depressing factor and the price declined again and reached 23. 7 cents on November 28. Tobacco. In most of the heavy tobacco-producing sections weather conditions in October and November were generally satisfactory and the estimated yield based on conditions on November 1 was 1,214,000,000 pounds, as compared with an expected production of 1,182,000,000 pounds a month earlier. In the cigar-leaf sections of the New England States the quality of the crop was affected by wind and hail late in the season, but in Pennsylvania the quality is good. In the Richmond Federal reserve district the export types were injured slightly by early frosts and in the St. Louis district much of the crop was cut prematurely because of fears of frost. The quality of the crop in those districts has been affected, but the extent of the damage is yet uncertain. The crop is generally later than last year, and in Virginia many markets did not open until October. Early sales of bright tobacco in Virginia were at higher prices than in 1923, and the average prices received in North Carolina from October sales were higher than in 1923. Stocks of tobacco held by manufacturers and dealers on October 1 were 1,724,767,000 pounds, as compared with 1,562,225,000 pounds on the same date in 1923. Stocks of almost all types except some cigar types were heavier, and in view of this fact growers in the burley sections are considering a reduction in acreage next year and resolutions favoring a " cut-out v of the 1924 crop were recently adopted in Kentucky. Production of tobacco products increased in October, and the output of all products except cigars was in larger volume than in October, 1923. In the Philadelphia Federal reserve district the demand for cigars in November 911 was substantially better than in October or in November a yeat ago. Manufacturers are operating at an average rate of 80 per cent of capacity and unfilled orders are larger than in October. Fruits and vegetables. Expected yields of apples, pears, grapes, and white and sweet potatoes increased in October, but the output of all these crops except pears and white potatoes is smaller than last year. The white-potato crop, particularly in the northern producing States, escaped damage from early frosts and the total crop is the largest on record. The quality of the crop is good, but the price at the farm declined to an average of 69 cents a bushel on October 15 as compared with 91 cents a year ago. In some of the Western States the price is too low to make marketing profitable, and reports indicate that some of the crop will be fed to livestock. In the South, where the bulk of the sweetpotato crop is produced, the dry weather during the late summer months curtailed the crop and the yield is expected to be 22 per cent smaller than last year and is the smallest crop since 1916. While the apple crop is smaller than in 1923, it is slightly larger than the average production for the past five years. Prospects for the crop vary widely in the several producing States and the outlook is poorest in sections of Ohio, Michigan, Idaho, and Washington. In Virginia the crop is 55 per cent larger than in 1923 and 80 per cent larger than the average for the five years 1918-1922. Marketing of fruits and vegetables increased seasonally in October, but the distribution of fruits was considerably smaller than in October last year, due principally to smaller shipments of apples and citrus fruits. Exports were the largest in recent years, but prices declined in October to the lowest level since the autumn of 1922. Livestock, Eains in the livestock sections of the Kansas City and San Francisco Federal reserve districts resulted in improvement in the pastures and ranges in October, and the feed conditions in the San Francisco district are better than at any time earlier in the year. In the Dallas district, however, conditions were decidedly unfavorable, and in many sections, particularly in New Mexico, Arizona, and western Texas, there is a shortage of feed and water which will make much feeding necessary during the winter. In sections where the drought has been severest some cattle have been moved to mar- 912 FEDERAL* RESERVE BULLETIN ket or into other grazing areas. The condition of the cattle and sheep was reflected by the condition of the ranges and was generally better than in September in the areas where the ranges had improved. I* Marketing was seasonally larger in October than in September, but it was 10 per cent smaller than in October last year. Increased marketing of cattle was due in part to large receipts of grass-fed cattle from the summer ranges, some of which were reshipped to the country feeding districts, though the total movement into the country thus far has been smaller than last year. Although shipments of sheep to market were larger than in fSeptember, reports indicate that there will be fewer sheep for market from the feeding areas of the Corn Belt and the western feeding zones than last season. Receipts of hogs at the principal markets, although larger than in September, continued smaller than last year and further indicate a smaller supply to be marketed than last season. Despite tne larger marketing in October than in September, prices of meat animals advanced and reached the highest level since early in 1921 with the exception of June, 1922. The rise in the price of hogs was the most significant, but in November there was a slight decline from the high levels reached in October, Dairy products. Continuation of heavy production, large stocks, and an increase in the estimated consumption of butter were the principal factors characterizing the dairy-products industry in September and October. Although there was a seasonal decline in the actual production of butter in October from the September volume, the output continued larger than in 1923. Stocks of butter, as represented by holdings at the principal wholesale markets, were reduced in October, but this was a seasonal occurrence, since in the autumn and winter months consumption exceeds production. Holdings on November 1 amounted to 135,251,000 pounds, as compared with 76,418,000 pounds in 1923 and 73,857,000 pounds in 1922. The price of butter since midsummer has been below the level of last year, and on November 21 the quotation for 92-score creamery butter at New York was 45 cents a pound as compared with 53 cents a year earlier. While stocks of cheese are somewhat larger than last year, shipments to wholesale markets in October were smaller than in 1923, which is indicative of smaller production. Production DECEMBER, 1924 of condensed and evaporated milk has not increased to the same extent as that of butter and the industry is not carrying heavy stocks. MINING Coal and coke. Trading in coal has continued to be influenced by weather conditions, an unusually warm October causing a noticeable recession in sales. After the middle of November a spell of more seasonable weather somewhat stimulated sales of anthracite around Philadelphia, but, in general^ demand was limited throughout the month. Despite general business activity, buying of bituminous coal for industrial uses has not been as great as in late September and early October. Some reports indicate that consumers have largely contracted for winter requirements and are out of the market. Prices have been weak and the Coal Age index of spot prices fell from $2.12 on October 27 to $2.06 two weeks later. Company prices of anthracite have remained unchanged, but independents have advanced quotations on stove coal, while lowering them somewhat on steam sizes. Production of bituminous in October exceeded that of any month since January, and in November daily average output continued to increase, although, because of holidays, weekly totals were somewhat reduced. Anthracite production has been even more affected by holidays—Mitchell day in the last week of October and All Souls, election, and armistice days in the first and second weeks of November. With these allowances, output continued at close to the same rate prevailing throughout the year. Despite greater activity in iron and steel, demand for coke has increased rather slowly and was still somewhat restricted during October and November. Output of by-product coke reached 2,899,000 tons in October, the largest figure for any month since April. Beehive production totaled only 631,000 tons, over 100,000 tons more than in September. About the middle of November output of beehive was increased somewhat, equaling 152,000 tons in the week ending November 15. Prices have recently been stronger and a few advances have been made. Petroleum. Further declines in the daily average production of crude petroleum occurred each week inJOctober and the first week of November. For the week ending November 8 the daily J, 1924 average output declined to 1,935,550 barrels, the smallest volume since the week ending April 26, when 1,941,050 barrels were produced. There was a slight increase, however, in the daily average output for the week ending November 15, but it was still smaller than for any week in October. A continuation of the decline in the production of crude oil has not been accompanied by a corresponding decline in consumption, and stocks have been reduced to some extent. Although prices in October were slightly lower than in September, the decline was not as great as in the summer months when stocks were accumulating rapidly. According to the Oil, Paint, and Drug Reporter the average price at, the Pennsylvania, mid-continent, and Wyoming fields was $1.62 a barrel, as compared with $1.66 in September. Early in November quotations in most of the producing centers were decidedly firmer than for several months past, and advances were reported in the Gulf coast fields. Production of all refined products except kerosene was smaller in September than in the preceding month, and stocks were slightly smaller at the end of September than a month earlier except for lubricating oils. Continuation of good weather in October and November stimulated the consumption of gasoline and the approach of winter gave rise to an increased demand for fuel oils. Although prices of gasoline were lower in October than in September the market strengthened near the close of the month and continued firm early in November. Metals. • Production of nonferrous metals increased during October and all important commercial metals except copper improved in price. The accompanying chart shows average prices of copper, lead, and zinc, by months, since January, 1920. It may be noted that the trend of prices of these three metals was very similar in the period from January, 1920, to July, 1923. In the last half of .1923 and the first three months of 1924 lead prices moved upward rapidly and reached the highest point since the war, whereas zinc prices showed only a very small increase and copper declined. Prices of all three metals declined in the spring of 1924, though the decrease was relatively small in the case of copper. In July and August there was an upward movement in prices of all nonferrous metals and this continued through October in the case of lead and zinc, whereas copper prices declined in the early fall During 918 FEDEEAL BESEBVE BULLETIN the first three weeks of November quotations for copper and zinc increased, while lead prices receded slightly. CENTS PER POUND CENTS PER POUND 20 20 3 1920 1921 1922 1923 Monthly average prices of electrolytic copper at New York, prime western zinc at St. Louis, and lead at St. Louis. Compiled by American Metal Market. Copper production in October increased 9 per cent and was larger than in any other month during the past six years. Despite the large production, prices rose in the early part of November, due to a considerable improvement in demand from Connecticut brass manufacturers and from foreign buyers. Prices of zinc and lead ores in the Joplin district increased steadily during October, and shipments of lead ore in the second week of the month reached the highest total on record. October production of crude lead was also larger than in any other month of the post-war period. Refinery output of slab zinc, on the other hand, was smaller than in the early months of the year and stocks on hand were reduced 16 per cent. Silver production in October totaled 5,620,000 ounces, which is the largest monthly output since May. Demand for silver slackened somewhat in November, however, as a result of a decline in the purchases of oriental coun- tries. Tin consumption increased slightly during October? and some further improvement in demand was evidenced during the early part of November. 914 FEDERAL RESERVE BULLETIN MANUFACTURING Food products. In October the food-products industries were characterized by decreases in the production of flour and sugar and an increase in the output of meat products. Contrary to the usual increase in October, the output of flour was 3 per cent smaller than in September, but it was in 7 per cent greater volume than October last year. In the Kansas City district, where one of the largest wheat crops on record was grown, the output of flour was 25 per cent greater than last year. After reaching a high point about the middle of October, flour prices weakened with the decline in the price of wheat and by the end of that month spring-wheat patents had declined from $8.35 to $7.85 a barrel. In November the market became considerably firmer, and quotations at Minneapolis advanced to $8.30 on November 14. Exports of flour increased in October, but they failed to reach the volume of October last year. Following the unusually heavy production in September the output of sugar at American refineries in October was 28 per cent smaller, and 14 per cent less than in 1923. There was an increas/ed demand for refined sugar in October, but in the second week of November the demand fell off and quotations were lowered. With the approach of Thanksgiving Day, however, the demand increased again and quotations were advanced to the levels which had prevailed early in October. The beet-sugar crop is estimated to be 7,408,000 tons, and in the Kansas City Federal reserve district the crop is reported to be one of the largest on record. Seasonal increases in the marketing of livestock in October resulted in an increase in the production of meat products. All animals except sheep were slaughtered in larger numbers than in September, but the number of hogs slaughtered was considerably smaller than last year. The domestic demand for meat products, as represented by sales of meat products at 49 meat-packing companies reporting to the Chicago Federal Reserve Bank, was 9 per cent larger than in September, but was 2 per cent smaller than in October, 1923. Exports of beef and beef products were about the same in October as in September; foreign takings of lard were smaller, but exports of hams and bacon were larger. As compared with a year ago all meats were exported in considerably smaller volume. Textiles. In textile industries during October and November buying increased, production was DECEMBER, 1924 enlarged, and prices rose. Demand appears to be greater than it has been at any time since early in the year, and October production figures indicated substantial increases as comared with September. Prices, which changed ttle or moved lower during October, turned definitely upward in the first three weeks of November. For the first time in months productive activity compares favorably with that of the same period a year earlier, but prices, except in the case of wool, are somewhat lower. Buying of cotton gray goods was more active early in November, according to unofficial reports, than at any time this year, and many orders were booked for 1925 delivery. Demand for finished goods has also increased and ginghams have been in steady request. A large southern firm announced lower prices on ginghams than those previously announced by northern producers; the latter made reductions to the same level, but more recently the southerners have withdrawn their lines and announced that new business would be accepted only at higher quotations. Mill activity was increased during October in practically all States. Mill consumption of raw cotton was the largest for any month since last January, and in southern mills was greater than in any month, except January, since May, 1923. For the country as a whole cotton consumption and active-spindle hours both increased around 20 er cent in October as compared with Septemer. Finished yards billed by cotton finishers showed a corresponding increase, and orders received were the largest since last November. Fairchild cotton-goods index rose from 15.475 on October 1.8 to 15.699 on November 22. This is the highest figure reached since early in September. The yarn index has also advanced. Recovery in the woolen and worsted industry since last summer has been at a rate unequaled since the 1921 rise from the depression of 1920. Wool consumption by a representative group of mills, which was 31,000,000 grease equivalent pounds in June, equaled nearly 55,000,000 pounds in October, an increase of approximately 75 per cent in five months. The rise from September to October was about 20 per cent, and active machinery hours in identical establishments at the same time increased as follows: Wide looms, 24 per cent; woolen spindles, 27 per cent; and worsted spindles, 39 per cent. In November reports have been received of further enlargement of operations in many plants. At the same time ouying has been active and prices of goods advancing. The Fairchild woolen and worsted piecegoods price index has had an upward revision E E FEDERAL RESERVE BULLETIN DECEMBER, 1924 twice since the piece-goods openings on September 6. At that time it was changed from 259.887 to 253.212, owing entirely to reductions in worsteds. The last revision, November 15,. makes it 258.756. Woolen suitings have advanced from about 234.3 to 248 and worsteds from 261.6 to 269.2. Carpet and rug openings were made in November at advances of from 3 to 8 per cent. Clothing is in good demand and production of men's garments has been much greater in recent months than a year ago. Unusual activity in raw-wool markets has been an important factor in the improvement in the manufacturing section of the industry. Demand for the limited supplies of raw wool available has been large and prices have risen. The Fairchild indexes for domestic and foreign wools have advanced from their respective low points of 103 and 125 last June to 135 and 146, the highest prices since 1920. The chart below shows the raw wool stocks held by manufacturers and dealers at the end of each quarter since the middle of 1922. The latest figures are for September 30 and reflect only slightly the recent activity which had just begun at that MILLIONS OF POUNDS MILLIONS OF POUNDS Dealers Stocks Manufacturers Stocks Consumption Imports 300 300 200 915 manufacturers are already rather actively contracting for the 1925 clip of territory wool at higher prices than during last season. In the silk industry, likewise, buying and manufacturing activity reached higher levels in November. Employment in silk factories showed a general increase in October and takings of raw silk by mills, although slightly less than during September, continued to be large. Imports, less than the high record attained in September, nevertheless exceeded takings, and warehouse stocks were increased to 44,398 bales, the highest since last January. Trading in raw silk and in piece goods increased in November and many orders for future delivery were booked. Prices of broad and thrown silks have in many cases been advanced. Raw silk prices, after a reaction in September and October, have risen again and late in November reached the highest point since last March. Hosiery and underwear have shared the recent improvement noted among other textiles. Demand for underwear has increased and mills have extended their operations somewhat. Southern mills opened 1925 heavyweight lines on November 17 at prices ranging from 11 to 13 per cent below those announced a year ago. Both advances and reductions have recently been announced on summer garments. The first census report on knit underwear showed increases in production, orders, and shipments in September as compared with August. Buying of hosiery has also increased, and prices have been advanced on some grades of cotton and silk hosiery and lowered on rayon (artificial silk) lines, moving in accordance with raw material prices. In September and October production, orders, and shipments for nearly all types of hosiery showed substantial increases. Stocks were reduced a little. Iron and steel. 1922 1923 1924 7 time. It will be noted that dealers stocks were reduced and manufacturers7 stocks increased during the third quarter, that consumption was a little greater than in the second quarter, and that imports were the smallest recorded in recent years. Monthly data for the third quarter and for October show a continuous rise in both consumption and imports. Further analysis of the statistics of stocks show that supplies of domestic wool are the largest, whereas those of foreign wool are the smallest recorded in the last two years. Reports indicate that After a few weeks of somewhat slackened demand, buying of iron and steel products began to increase late in October and in November the market was exceedingly active. Improvement was first noted in the western districts, but later all sections reported large sales. Buying of pig iron and the heavier forms of finished steel has shown particularly large increases. More recently prices have risen; the Iron Trade Review's composite iron and steel index during the week ending November 19 showed the sharpest rise since March, 1923. The increases have been most marked in pig iron and in bars, plates, and shapes. The Iron Age composite pig-iron price reached 916 FEDERAL KESERVE BULLETIN a low point for the year of $19.21 a ton on November 3 and in the following three weeks rose to $20.54. Mill operations have been further increased during November, following substantial en* largement of output in October. Daily average production of pig iron was 79,907 gross tons in October as compared with 57,577 tons in July, the lowest month of the year. The October figure is below that of the same month of both 1923 and 1922 and is 36 per cent less than the 1923 high point. Only 45 per cent of the total number of blast furnaces in the country were active at the end of October. Steel ingot average daily output has increased from 71,901 tons in July to 115,239 tons in October which is over 25 per cent below the 1923 maximum. Shipments of iron ore from the Great Lakes were small in October, as they have been throughout the year. Railroads continue to be important factors in the market. Inquiries for freight cars and for structural material for bridges have been numerous, and many orders for rails have been placed. Orders for locomotives increased during October, but completions were rather small. Buying of structural steel has been active from other sources as well. October bookings were slightly less than in September, but shipments were larger. Awards in November, according to unofficial weekly figures, apparently have exceeded those for October. Automobiles. Activity in the automobile industry has been stable throughout the fall. Production has increased considerably since the low point reached last June, but output of passenger cars is still well below that of this time last year. The number of cars produced has changed little in the past three months, being 252,000, 260,000, and 258,000 passenger cars, respectively, in August, September, and October. This stability is contrasted with an increase in 1923 from 299,000 in September to 334,000 in October. Trucks seem to be in a relatively better position than passenger cars, as truck production was a little larger in October than in September, and both months exceeded the corresponding months last year. About 32,500 freight carloads of automobiles were shipped during October, an increase as compared with September but much less than a year ago. Statistics of direct shipments from factory to dealers in October show a small decline from September and a very sharp drop since last October. Sales by dealers DECEMBER, 1924 to consumers followed somewhat similar trends. Sales reported by Middle Western wholesale dealers to the Chicago Federal Reserve Bank were somewhat larger than a year ago, but retail sales were smaller. For the first time in over a year stocks held by dealers were reported to be smaller than a year earlier. Developments in the automobile-tire industry have been rather significant in recent MILLIONS OF TIRES MILLIONS OF T8RES 8 8 AUTOMOBILE PNEUMATIC T5RES Stocks Excess Production Excess Shipments 19Z1 1922 1923 1924 months. As may be seen on the accompanying chart, shipments had a remarkable increase in July and August, exceeding all previous records, and production started upward in the later month. In the meantime stocks were reduced considerably until this autumn, when shipments declined and production was further enlarged. October production of pneumatic tires has been exceeded only once before and that of inner tubes was the highest on record* Stocks on October 31 were larger than on the same date of any of the previous three years. The increase in October was contrary to the usual trend heretofore noted. Raw rubber has continued in good request, and in November prices reached new high levels since early 1923. Lumber. Shipments of lumber in October were the largest for any month since October, 1923, and production exceeded all months since last May. Within recent years peaks have been reached in the lumber industry in May and October. In November holidays restricted both the cutting and shipment of lumber, but weekly figures indicated an increase in orders, exceeding ship- J 11124 merits and output for the first time since August. Apparently the mild fall and evidences of the continuance of building activity have somewhat stimulated buying. As compared with last October, however, reports of production, shipments, and orders all showed declines. Such figures as are available for stocks indicate little general change. Most of the increase in production during October was due to the great activity in Douglas fir. The West Coast Lumberman's Association reported a cut of 500,154,000 feet of Douglas fir during October, as compared with 366,287,000 feet in September. Shipments at the same time increased from 372,580,000 feet to 463,600,000 feet. Southern pine output has remained at practically the same level since early in August. Shipments have fluctuated somewhat, but on the whole have exceeded cut since June, and stocks at the end of October equaled only 967,048,000 feet, the smallest recorded for any date, except January 31, since the end of July, 1923, and less than on October 31 of any of the four previous years. Comparative statistics of production and shipments for October, however, indicate a slight increase in stocks for the various associations taken as a whole; especially was this true among mills on the Pacific coast. These mills also reported declines in unfilled orders. Prices, according to Lumber's indexes, moved upward slightly during late October and early November. The total change in recent months has been generally upward, but not large. Hides, leather, and shoes. Hide and leather markets continue to be active, and prices, sales, and production are steadily increasing. Demand for hides has been large, the Chicago market remains strong and prices advanced further during November, the quotation for light native cow hides reaching the highest point since December, 1922. September statistics of hides and skins disposed of show a further increase in cattle hides and goat and kid skins, while the figures for calf and kip and sheep and lamb skins declined. In fact, fewer calfskins were moved than for any month, except March, 1923, since early 1922. At the same time, stocks of calfskins increased, continuing the tendency noted throughout the year, while those of most of the other species have been diminishing, although in September slight increases were noted in cattle hides and sheepskins. Tendencies toward increased sales, production, and prices and reduced stocks have also Been noted in the leather industry. The buying 917 FEDERAL BESEBVE BULLETIN of leather has been rather large, although resistance to price advances is generally reported. The buyers7 market of last summer has changed its aspect, and prices have been raised, the Bureau of Labor Statistics index of leather prices advancing from 136.7 in September to 138.2 in October, as compared with the July index of 131.2, the lowest level reached since early 1916. Production of leather is increasing slowly from the low points reached in the spring and summer, but has not yet reached the level of last January or of a year ago. Stocks of sole leather in process of tanning have steadily increased, while those of cattle upper leather have- just as steadily declined. Total finished stocks, as well as those held by tanners alone, have fallen in all cases, many to new low levels since the records began in 1920. Boot and shoe manufacturers increased stocks somewhat in August and September. Preliminary sole leather figures for October showed a continuation of previous tendencies, production and stocks in process attaining the highest levels since January and tanners' stocks falling to the lowest recorded. Some explanation for improvement in the leather market is probably indicated by the rise in the production of shoes in October, the largest total attained since the spring of 1923. The increase from the July low point was nearly 50 per cent. This is partly seasonal, but the rise in that period in the two previous years averaged only about 27 per cent. All producing sections of the country and practically all kinds of shoes have shared in this increase. The Bureau of Labor Statistics index number of shoe prices rose from 180.9 in September, the low point of the year, to 181.6 in October, and other advances have been reported in November, Indexes of sales of shoes by wholesale dealers and chain stores indicated declines in distribution during October as compared with a year ago, and, when adjusted for seasonal changes, as compared with September. BUILDING The volume of new building projected showed an unusually large expansion during October, and shipments of building materials were exceptionally large. Contract awards in 11 Federal reserve districts (according to statistics compiled by the F. W. Dodge Co.) totaled $424,000,000, which was 18 per cent more than in September. Substantial increases in new construction were reported from the New York, Philadelphia, Atlanta, and St. Louis 918 FEDERAL RESERVE BULLETIN districts. October contracts reached a value 14 per cent greater than a year ago, due to increases in all reporting Federal reserve districts except New York and Minneapolis. Analysis of contracts by type of construction indicates that awards for residential, business, and industrial buildings were larger in October than in the previous month, while awards for educational, social, and institutional buildings were smaller. Statistics of contract awards and building permits, by geographical districts and classes of construction, are published on page 955. Production and shipments of building materials increased in volume during October, but prices were unchanged. Shipments of cement were larger than in any previous month on record. Stocks of cement, oak flooring, and paving brick were reduced during the month, while stocks of maple flooring and various types of sanitary ware showed some accumulation. TRANSPORTATION Railroad traffic was in record volume during October, yet no considerable shortages of equipment were reported. Car loadings totaled 4,916,000, which was 9 per cent more than in September and 2 per cent more then in October, 1923. Shipments of both miscellaneous merchandise and grain were larger than in any previous month, whereas shipments of livestock, forest products, coal, coke, and ore were smaller than a year ago. Coal loadings, however, have increased in each month since June and were larger in October than in any month since January. Freight traffic was heavier than a year ago in the southern and western sections of the United States, but was slightly smaller in the East. The surplus of freight cars, which declined to 94,000 on October 23, increased in the two following weeks to 116,000, of which 60,000 were coal cars and 37,000 were box cars. Car shortages continued to be very small throughout this period. The number of freight cars awaiting repair has been reduced 9 per cent during the last two months. Orders for 135 locomotives and 11,853 freight cars were placed with equipment manufacturers during October, according to the Railway Age, and car purchases continued in large volume during the first half of November. Gross revenues of Class I railroads amounted to $540,800,000 in September, which was 1 per cent less than a year earlier. As operating expenses were 8 per cent less than in September, 1923, there was a substantial increase in net railway operating income and the operating ratio was reduced from 76.30 to 70.56. Wholesale trade. DECEMBER, 1924 TRADE The Federal Reserve Board 's index of wholesale trade increased 2 per cent during October, but was 3 per cent lower than a year ago. Wholesale trade usually reaches a maximum volume in October, due to a combination of large fall sales of clothing and retailers' purchases in preparation for Christmas trade. Clothing sales were retarded this October by the prevalence of mild weather in most sections of the country, and sales of dry goods, shoes, and millinery were also smaller than in September. Sales of electrical supplies, stationery, drugs, groceries, and jewelry, on the other hand, were considerably larger. Wholesale trade was smaller than in October, 1923, as the result of smaller sales of all kinds of wearing apparel, hardware, and meat. Dealers handling furniture, agricultural implements, and diamonds, however, reported a more active business than last year. Stocks of merchandise at wholesale warehouses were reduced during October and were in about the same volume as a year ago. Stocks of dry goods and shoes were smaller in all reporting districts than on October 31, 1.923, wnile stocks of groceries and drugs increased. Collections were somewhat larger in October and the value of accounts outstanding also increased in practically all reporting lines. Retail trade. Retail business at mail-order houses and chain stores was exceptionally large in October, but sales of department stores were somewhat restricted as a result of the unusually small fall demand for clothing. The increase in mail-order sales may be largely ascribed to the larger purchasing power of farmers, while the improvement in chain-store business reflected the increased employment at industrial centers. Clothing sales were retarded in October by the mild weather which prevailed in most parts of the United States. Sales of mail-order houses and all lines of reporting chain stores except shoes were larger in October than a year ago. Department-store sales showed less than the usual seasonal increase during October in all Federal reserve districts except Minneapolis and San Francisco, and averaged 4 per cent smaller than last year. Analysis of business by departments indicates that sales of women's and misses7 ready-to-wear, men's clothing, boys' wear, silks and velvets, house furnishings, and jewelry were considerably smaller than in October, 1923, and sales of most other DECEMBBB, 1924 departments show small declines. Sales of leather goods, corsets, floor coverings, toilet articles, men's wear, and notions, were larger than a year ago. Stocks of merchandise on department-store shelves showed more than the usual seasonal increase in October and at the end of the month were 21 per cent larger than at the end of July. This accumulation of inventories in anticipation of Christmas trade was particularly large in the New York, Philadelphia, Cleveland, and Richmond districts. Outstanding orders of department stores with wholesale dealers were reduced in volume during October and averaged less at the end of the month than at any time since June 30. Orders on October 31 in the Kansas City district were less than one-half as large as a month earlier, while more moderate reductions occurred in all other reporting districts. Collections at reporting retail stores were larger in October and there was also an increase in the volume of accounts outstanding. Statistics of wholesale and retail trade by lines and districts are shown on page 956. PRICES Wholesale prices increased 2 per cent in October, according to the index of the Bureau of Labor Statistics. Prices of farm products and foods showed particularly large advances, while there were more moderate increases in prices of clothing, chemicals, and miscellaneous articles. Fuel and metal prices declined, while averages for building materials and house furnishings were practically unchanged. Regrouping of this index by stage of manufacture of commodities indicates that prices of raw materials and consumers7 goods advanced substantially during October, while producers7 goods declined. Of the raw materials, crops, and animal products were much higher than in September and forest products also increased, while mineral products showed a slight decline. Prices of consumers7 goods and raw materials were higher in October than a year ago, while prices of producers7 goods were 8 per cent lower. During the first three weeks in November commodity prices showed a further advance. Quotations on all grains, cotton, silk, wool, copper, and rubber advanced, while prices of raw sugar and bituminous coal receded. COST OF LIVING Retail prices continued to advance during October and the cost of living was 0.8 per cent higher than in September and 2.2 per cent higher than in May, the low point of 919 FEDERAL RESEEVE BULLETIN 1924. Prices of food products, clothing, and fuel increased in Octooer, while the cost of shelter, light, and sundries was unchanged. Of the food products, eggs, lard, pork chops, and oranges all showed increases of more than 5 per cent as compared with September. EMPLOYMENT Factory employment continued to increase in October, and the board7s index of factory employment was 91.1 for that month, as compared with 89.7 in September. Out of the 33 industries included only 8 showed any decrease in number on pay rolls between September 15 and October 15, and most of these were seasonal movements; for example, as in men7s clothing, lumber, cement, and clay products. Substantial advances were again recorded in iron and steel and in textiles, particularly in the cotton, woolen, and knit-goods industries. Manufacturers of furniture and musical instruments also reported considerably more wage earners employed. Other industries showing increases worthy of note were silk, textile dyeing and finishing, paper containers, confectionery, leather tanning, shoes, and glass. As compared with previous years the general index is 10 per cent lower than it was a year ago and about on a level with that of September, 1922. The iron and steel and automobile indexes are about one-sixth less than in October, 1923, but correspond rather closely to the level of two years ago. Textiles, owing largely to the small volume of employment in the clothing industry, appear to be still below all months since 1921. No group index is as high as in October of last year. Figures from the Bureau of Labor Statistics show an increase of 3.7 per cent in total wage payments and of 2 per cent in average weekly earnings. Earnings, however, were 13.3 per cent less than a year ago, and as in the case of employment were about at the same level as two years ago. Contrary to the trend for the country as a whole, pay-roll totals in New York and Illinois were slightly less than in September. Factories operating reported that about 81 per cent of their normal full force of wage earners were employed and that they were working an average of 92 per cent of full time. Wage rate decreases averaged 9.5 per cent and affected 20,000 employees. Most of these wage reductions were in the cotton-goods industry. In that industry during the three months, between July 15 and October 15, some 25,000 employees, not allowing for duplications in different months, have been reported as affected by wage reductions, averaging about 10 per cent. 920 FEDERAX. EESERVE BULLETIN MONEY RATES Money rates in the New York market became distinctly firmer during November, following an increased demand for commercial credit and a lessened inflow of gold from abroad, Supplies of commercial paper in the open market increased during the month, and the rate on 4-6 months7 maturities advanced above the September and October levels to 3M~3J^ per cent, the rate prevailing in the middle of July. The offering rate on bankers' acceptances increased the third week in November to 2J^ per cent, the highest rate since last May. Prices of both short and long term Government securities responded to the rise in money rates, advancing their yields to about the June levels. The table below shows the rates prevailing in the New York market during the past three months: [Percent] Yield on AvercertifiEePrime age Prime cates of commer- bankers'* indebted- yield newal accept- ness marate cial pa4M per, 4-6 turing per cent on call months 90 days Mar. 15, Liberty loans bonds 1924 September, 1924 „. October, 1924. „.„„_... Average for week ending— Nov. 1,1924 _„__.._ Nov. 8,1924 „_ Nov. 15,1924...... Nov. 22,1924 . . . . . . 2M 3 -3^ 3J- 2.14 2.41 3.95 3.93 2.07 2.32 2M 2H 2M 2M 2.45 2.51 2.61 2.65 3.90 3.92 3.97 4.02 2.20 2.75 2.20 2.30 In the London market money rates were relatively stable in the last half of October and first part of November. Three months' bank bills were quoted at from 3^-J to 3% per cent during this period, and the average rate on Treasury bill allotments varied between 3.65 and 3.75 per cent. ACCEPTANCE MARKET Money rates, though still low, showed a firmer tendency in the four weeks' period ending November 12. The supply of new bills which came into the market was well sustained, though it was somewhat smaller than in the preceding period. Demand for bills at banks in some oi the financial centers was smaller than during the preceding four weeks, but purchases by interior banks were considerably larger. During the last week of the period money rates were slightly firmer, and there was a substantial increase in the volume of bills offered to the market due in part to bills which banks had been carrying in their portfolios. There was not a corresponding increase in the demand, and dealers' aggregate DECEMBER, 1924 portfolios were larger at the end of the period than a month earlier. Sales to the Federal reserve banks increased almost continuously and reached the highest point since February in the middle of November. The principal commodities against which bills were drawn were cotton, grains, sugar, tobacco, silk, and provisions. Rates in the New York market at the close of the period were 2}£ per cent bid and 2 to 2J^ per cent offered for 30-day bills, 2% per cent bid and 2J^ to 2% per cent offered for 60-day bills, and 2J^ per cent bid and 2% to 2% offered for 90 and 120 day bills. All rates were approximately one-eighth of 1 per cent higher than at the end of the preceding period. SAVINGS DEPOSITS The total of savings deposits reported by 907 banks distributed throughout the United States was $7,490,179,000 on November 1, 1924, as compared with $7,443,388,000 on October 1, 1924, and $7,001,416,000 on November 1, 1923. This represents an increase of about 7 per cent between November, 1923, and November, 1924, and of 0.6 per cent between October 1 and November 1, 1924. Savings deposits increased during October in every district except Kansas City and New York, where slight decreases occurred. The St. Louis district showed the most marked proportional increase, of 2 per cent, and there were also considerable increases in the Cleveland, Atlanta, and San Francisco districts. A comparison by Federal reserve districts of savings deposits on November 1, 1924, with those a month and a year previous is shown in the following table. In the Boston and New York districts the figures represent only deposits of mutual savings banks; in all other districts, where there are but few mutual savings banks, savings deposits of other banks are included. SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Number of banks Boston New York Philadelphia Cleveland „ Richmond-... Atlanta «. ChicagoSt. Louis—— Minneapolis-Kansas C i t y - . Dallas... San Francisco Total . ____ -Nov. 1, 1924 Oct. 1, 1924 Nov. 1, 1923 64 30 79 68 90 94 201 31 14 56 109 71 1,268,465 2,001,536 494,386 798,829 325,760 231,266 914,446 141,026 88,636 105,519 98,144 1,022,166 1,263,800 2,002,659 491,103 788,762 323,212 227,607 906,219 138,247 88,285 105,787 98,081 1,009,626 1,204,326 1,871,644 461,259 735,946 290,783 218,685 877,633 131,741 86,265 102,982 87,612 932,540 907 7,490,179 7,443,388 7,091,416 DECEMBER, 1924 921 FEDERAL KESEBVE BULLETIN COMMERCIAL FAILURES AND BANK SUSPENDuring October 36 banks, with capital and SIONS surplus amounting to $1,877,000, were re- Commercial failures numbering 1,696, with liabilities amounting to $36,098,804, were reported by R. G. Dun & Co. for the month of October. The number of failures was about 30 per cent higher, and total liabilities in default about 5 per cent higher than in September. It is not unusual, however, for increases to occur in the latter months of the year, and the October insolvencies, only slightly more numerous this year than last, involved liabilities which were less than half the aggregate for October, 1923, the high point for that year. The improvement in the liabilities as between October of this year and last was due to a marked decrease in large defaults, particularly among manufacturing enterprises. During the past 10 months of this year there have been 16,922 failures, as against 15,173 for a similar period of last year. Defaulted indebtedness amounting to $466,822,260 for the past months of this year compared with $437,480,368 for last year. Failures were more numerous in October than in the previous month in all districts except the Philadelphia and the San Francisco districts, and liabilities were larger in all except the Chicago, St. Louis, Kansas City, and Dallas districts. When October is compared with that month last year, however, the number of failures is found to have increased only in the Boston, New York, Cleveland, Richmond, Chicago, and Kansas City districts and liabilities only in the St. Louis and Minneapolis districts. In the San Francisco district, although failures were less numerous than in any month, with one exception, since September of last year, the total liabilities involved were the highest since October of last year. Comparative data by districts for the month of September are presented in the following table: FAILURES DURING OCTOBER Federal reserve district 1924 Boston... _ . _ _ _ . . New York Philadelphia Cleveland „„ _ Richmond Atlanta Chicago--„._„....-_ . „ St. Louis Minneapolis... ..... Kansas C i t y . . ... Dallas San F r a n c i s c o . . . _ ; . . — . Total-..- 143 356 59 376 111 90 268 79 65 130 46 173 1,696 1923 130 351 62 137 m 107 208 84 90 96 111 206 1,673 BANKS CLOSED DURING OCTOBER, 1924 [Amounts in thousands of dollars] .All-banks Federal reserve district Num ber Member (national) Capital Numand ber surplus Total--. Capital Num-i Capital and and ber surplus surplus 1,877 Philadelphia-. Richmond..-. Atlanta... Chicago St. Louis...... Minneapolis _. Kansas City-. Dallas. ....... San Francisco. Nonmember 78 135 230 495 58 200 134 283 264 27 78 "205" 90 "253" 2 1 29 3 3 5 1 1,251 495 58 110' 134 30> 264 1 Includes one member State bank with capital and surplus of $70,000' 2 Of these, one bank with capital and surplus of $10,100 was reopened' during October. FOREIGN TRADE Liabilities Number ported to the Federal reserve banks as closed, suspensions occurring in all except the Boston, New York, and Cleveland districts. Eight of these banks were member State institutions, one a national bank, and twenty-seven nonmember banks. The nine member banks had capital and surplus of $626,000 and the nonmember banks $1,251,000. Last month the same number of closed banks was reported,, with aggregate capital and surplus of $921,000. Of the total number suspending operations in October, one in the Chicago district reopened within the month. In addition, five banks which had been closed previous to October, one in the Chicago and the remainder in- the Minneapolis district, were reopened during the month. Although the figures which appear in the following table represent, so far as could be determined, banks which were closed by order of supervisory authorities, it is not known how many of these institutions may ultimately prove to be solvent. 1924 1923 $2,728,188 11,206,118 1,388,662 4,737,431 1,765,371 1,767,982 4,337,448 1,945,106 1,160,571 1,277,290 543,300 3,241,337 36,098,804 $15,610,419 34,602,500 1,557,615 7,706,539 2,266,828 2,085,051 4,790,027 1,308,833 1,118,598 1,340,804 2,417,470 4,497,057 79,301,741 Imports of merchandise during October were valued at $310,000,000, compared with $287,000,000 during September. Exports during October were $527,000,000, an increase of almost $100,000,000 as compared with September and the highest figure shown for any month since January, 1921. The October increase reflects in part the seasonal movement of cotton and grain to Europe, especially to England and Germany. Net exports of merchandise during October amounted to $217,000,000,^ as compared with 922 FEDERAL RESERVE BULLETIN $140,000,000 during September and with $91,000,000 during October, 1923, and were the largest monthly net exports shown since February, 1921. The total visible balance, including merchandise and gold and silver, which had been a net import balance of $103,000,000 during the first 10 months of 1923, was a net export balance of $425,000,000 during the first 10 months of 1924. MERCHANDISE TRADE BALANCE OF THE UNITED STATES [In thousands of dollars] Imports Month 1923 January February March April May _. June __.. July.. August.,., September..... October November December Exports Excess of imports Excess of exports 6,163 3,550 329,254 303,407 397,928 364,252 372,545 320,234 287,434 275,438 253,645 308,291 291,333 335,417 306,957 341,377 325,492 316,359 319,957 302,186 310,966 381,434 399,199 401,484 426,665 3,212,428 3,339,344 250,317 27,185 61,012 54,172 3,523,757 3,420,701 +126,916 -223,132 -6,840 -103,056 289,584 15,284 61,600 89,210 3,331,126 3, 756,177 -274,300 +27,610 +425,051 56,551 38,760 56,186 277 DECEMBER, 1924 shown for India and for Hongkong, while an increase of $1,000,000 was shown for Canada and of $800,000 for the Philippine Islands* Net imports for October were $15,576,000, as compared with $2,076,000 for September. Gold imports for the 10 months ending October, 1924, totaled $290,000,000, compared with $250,000,000 for the 10-month period of 1923, an increase of $40,000,000. Imports from the Netherlands were larger by $37,000,000; from England by $30,000,000, and from Argentina by $18,000,000, while imports from Germany were smaller by $45,000,000 this year than in 1923. Gold exports were $12,000,000 smaller than a year ago, the greatest decrease, $10,000,000, being shown in exports to British India. Net imports rose from $223,000,000 during the 1923 period to $274,000,000 during 1924, an increase of $51,000,000. 14,752 35, 528 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED 127, 789 STATES 90,908 110,151 [In thousands of dollars] 138,360 10 10 Year..... 375,427 3,792,066 4,167,493 October, Septem- months months ended ended 1924 ber, 1924 October, 1924 October, January 395,172 295,506 1924 1923 February 33,452 365,775 332,323 March 19,273 339,755 320,482 April 22, 566 346,936 324, 370 32, 111 May 335,099 302,988 32,988 Great Britain. June 274,001 130,894 100,920 July 278,593 276,649 1 1,944 10,706 France 13,072 August _._ 76,131 Germany 254,542 330,673 1 4,823 49,551 September 427,635 140,498 Netherlands... 287,137 13,198 47, 699 10,917 527,000 October 217,00 310,000 6,522 331 Sweden 3 2,365 2,659 35,923 Canada 44,465 497 399 4,648 5,554 Mexico 2,000 1,475 18,190 Argentina 126 173 193 1,888 COMPARATIVE TRADE BALANCE OF THE UNITED STATES Colombia 3,843 . 206 351 2,462 1,851 FOR 10 MONTHS ENDING OCTOBER, 1923 AND Peru 395 501 4,999 China — 1924 2,500 317 Hongkong 632 18,330 15,005 All other [In thousands of dollars] 19,701 Total _ 289,584 6,656 250,317 MerTotal Gold Silver chandise 1923 Imports Exports... Net imports (—) or exports ( + ) 1924 Imports 2,979,942 3,651,683 Exports. Net imports (—) or +671,741 exports ( + ) - . GOLD MOVEMENTS UNITED STATES Total gold imports into the United States during the month of October were $19,700,000, an increase of $13,000,000 over the amount shown for September, accounted for by imports from the Netherlands. Gold exports during October decreased slightly as compared with September; a decline of $1,000,000 was France Canada Mexico VenezuelaBritish India.. Hongkong All other Total--. 1,287 .348 65 248. 502 776 510 1,204 4,125 Net imports- 15,576 2,660 1,392 4,073 2,028 1,705 32 4,580 65 2,649 3,147 1,102 4,467 2,366 1,488 15,284 14,404 2,185 2,471 27,185 2,076 274,300 223,132 GREAT BRITAIN The movement of gold into and out of Great Britain during September was smaller than it has been at any time since 1920, when the British Government resumed the publication of gold import and export figures, after having discontinued them during the war. Gold imports during September were £414,000, less than one-fourth of the amount shown for the preceding month, and comparing with £3,276,000 for September, 1923. Gold exports were £642,000, slightly more than one-fifth of the amount shown for August, and comparing with £4,310,000 for September, 1923. There were no gold exports to the United States from Great Britain in September, an occurrence which has been recorded for only three other months since 1920. The other important decrease is shown in exports to British India, which declined from £1,183,000 to £589,000. Net exports declined in September to only £228,000, less than one-sixth of the excess exports for August. Imports for the 9-month periods of 1924 and 1923 show a decline of about £5,000,000 from the Transvaal and of more than £2,600,000 from the United States. On the export side, an increase of more than £12,000,000 is shown in exports to the United States, whereas a decrease of almost £10,000,000 is shown in exports to India. This decrease is due in part to the fact that India has imported gold direct from the Transvaal. Net exports for the later period, therefore, total £14,700,000 as against £4,136,000 for the 1923 period, or an amount more than three and one-half times as great during 1924 as that shown for 1923. GOLD IMPORTS INTO AND EXPORTS BRITAIN September, 1924 August, 1924 FROM GREAT 9 months 9 months ended ended September, September, 1924 1923 IMPORTS Netherlands . _ United States Egypt Rhodesia Transvaal West Africa All other Total 923 FEBEBA1. EESEEVE BULLETIN DECEMBER, £5,230 5,614 195,804 88,256 103,296 16,046 _... 414,246 £1,560 348 £109,909 38,990 10,525 1,800,851 212,864 1,475,167 24,610,964 1,027,857 96,712 123,080 7,878 1,794,529 27,722,176 £53,076 2,652,350 57,678 1,643,240 29,439,931 985,931 175,966 35,008,172 preciating for several weeks past, as a result of the policy adopted by the Dutch Government and Amsterdam bankers of utilizing their dollar balances to support the exchange and also in consequence of considerable gold shipments to the United States, rose to 40.22 cents per florin on the 21st, which is slightly above parity. Swedish krona reached parity on the 7th, and stood at a premium thereafter. Swiss francs, about at parity, fluctuated very slightly—between 19.25 and 19.30 cents per franc, The Danish and the Norwegian crown also appreciated considerably. Little change was shown for French and Belgian francs and a slight depreciation for Italian lire. The new German reichsmark was quoted during the first three weeks of November at 23.80 cents per reichsmark, i. e., at par. Advances for the South American exchanges also are shown for the first three weeks of November. The Argentine peso rose from 83.44 cents on the 1st to 86.63 cents per peso on the 20th. Brazilian milreis rose from 11.19 cents on the 1st to 11.76 cents per milreis on the 19th. Chilean pesos rose from 11.13 cents on the 1st to 11.38 cents on the 19th. Uruguayan pesos rose from 90.70 cents on the 1st to 99.28 cents on the 19th. Of the Far Eastern exchanges, the Shanghai tael remained stable at about 76.50 cents per peso. Indian rupees advanced from 33.97 cents per rupee on the 1st to 34.73 cents on the 21st. Japanese yen fluctuated wjthin narrow limits, between 38.28 and 38.66 cents per yen. November, 1924 NoOctober, First Second Third Fourth vember, 1924 week week week week 1923 EXPORTS Belgium. France .. .. Netherlands Sweden. Switzerland United States British I n d i a . . _ . Java . Straits Settlements—. Egypt . . _. All other .„„„„ Total Net exports.--.. 6,800 14,903 11,520 588,931 5,000 3,447 11,696 642,297 228,051 8,572 103,224 315,700 16,470 1,519,708 1,183,137 1,001 10,200 3,000 11,536 3,172,548 1,378,019 77,807 359,705 953,631 316,090 148,854 29,877,032 8,459,254 30,278 192,722 1,333,975 687,068 42,436,416 14,714,240 67,880 35,344 747,340 14,740 17,534,834 18,314,846 216,023 236,517 1,275,500 701,117 39,144,141 4,135,969 FOREIGN EXCHANGE Advances were shown during the first three weeks of November for most leading foreign exchange rates. Sterling rose from $4.55 on November 1 to $4.63 on November 14 and remained at about that level until the 21st. The Netherlands florin, which had been ap- Average quotations (cents): Sterling 448.70 French franc 5.23 German reichsmark.«_ Italian lira „__ 4.35 39.10 Netherlands florin 26.61 Swedish krona_.. _ 19.18 Swiss franc 99.97 Canadian dollar 83. 55 Argentine peso Shanghai tael . . _ 76.98 Percentages of par: Sterling. „ 92.2 27.1 French franc German reichsmark Italian lira _ — . 22.5 Netherlands florin..... 97.3 99.3 Swedish krona Swiss franc . . . . 99.4 Canadian dollar - 100.0 86.6 Argentine peso.115.2 Shanghai tael General index of 17 countries ........ 61 455.70 461.58 . 5.24 5.28 23.80 23.80 4.35 4.32 39.71 40.00 26.69 26.82 19.26 19.26 99.98 99.96 83.86 85.22 76.47 76.42 462.29 463.24 438.22 5.26 5.31 5.52 23.80 23.80 4.34 4.33 4.36 40.15 40.28 38.02 26.87 26.29 19.28 19.30 17.55 99.99 100.02 98.13 85.99 86.62 7L15 76.08 76.26 70.76 93.6 27.2 99.9 22.5 98.8 99.6 99.8 100.0 86.9 114.4 95.1 27.2 99.9 22.4 99.9 100.2 99.9 100.0 89.1 113.8 61 94.9 27.3 99.9 22.4 99.5 100.1 99.8 100.0 88.3 114.3 61 61 95.2 27.5 99.9 22.5 100.2 100.3 100.0 100.0 89.8 114.1 61 90.1 28.6 22.6 94.6 98.1 90.9 98.1 73.7 105.9 61 Monetary unit and par of exchange, in cents, for the countries" listed: Pound=486.65; franc= 19.30; reichsmark ==23.82; lira= 19.30; florin= 40.20; krona=26.80; dollar=100; Argentine gold peso=96.48; Shanghai tael=66.85. 924 FEDERAL EESEEVE BULLETIN DECEMBER, 1924 FOREIGN LOANS AND FOREIGN EXCHANGE Extensive foreign borrowings in the United States have characterized the present year, total new capital issues for the 11 months of 1924 being nearly three times as large as for the entire year 1923 and larger than for any year since the war. These foreign loans have been reflected in a firm or rising tendency in the foreign exchanges, notwithstanding this autumn's large exports and the reduced inflow of gold. ' . The volume of foreign capital flotations for the first 11 months of this year, according to figures compiled by the Guaranty Company of New York, has been more than $1,100,000,000, about four-fifths of which represents new capital. Of the new issues approximately 75 per cent were borrowings by foreign governments and 25 per cent by foreign corporations. This large foreign borrowing, of which roughly one-half was by European countries, was a factor in the recent improvement in the foreign exchanges. In contrast with the usual seasonal decline during the late summer and early fall, several of the leading European exchanges have had a marked rise. Exchanges of such countries as Austria, Germany, and Poland, which have been stabilized with reference to gold, have during this period maintained their rates practically at par. Dutch florins and Swiss francs, quoted during the first quarter of the year at substantial discounts, have recently returned to parity? and fluctuations in French and Belgian francs have been much narrower. The pound sterling, which at this season usually declines as a result of large payments for exports from this country, has this year advanced from $4.31 in June to $4.fi2 in November, when it stood about 5 per cent below par. This strength in the exchanges is especially noteworthy in view of the exceptionally heavy purchases in October of grain and cotton by European countries. While a large part of the proceeds of these loans has been used in the purchase of goods in the United States, a portion of the funds, notably the loan to Germany, has been for the purpose of reestablishing currencies on a gold basis and maintaining their stability. The flotation of these loans and also the extension of short-term credits have been favored by the low level of money rates in the United States. The ease in the money market in this country is in contrast to the shortage of long-term capital as well as of bank credit prevailing on the Continent of Europe and reflected in high money rates. In the London market, which furnishes a large part of seasonal credit required by the Continent and where rates are ordinarily lower than in this country, money rates in recent months have been higher than in New York. A year ago three-month bank bills in London carried Z% per cent and in New York 4 ^ per cent; at the end of May of this year the prevailing rate was 3 f>er cent in both markets, and in early November the rate was 2% per cent in New York against %% per cent in London. The tightness of money throughout Europe is further shown by advances made in official discount rates of the central banks of issue. Since the first of the year discount rates have been advanced by the central banks of nine European countries. In such other countries as Switzerland and England, where there has been no change in the official rate of discount, there has been a distinct hardening of the money market. DBCBMBBB, 1924 FEDERAL RESERVE BULLETIN 925 BRANCH BANKING IN THE UNITED STATES Recent growth of branch banking in this country has given rise to a consideration of the place of branch banking in the American banking system and to proposals for legislative regulation. At its last session Congress had under consideration a bill proposing to liberalize the statutory provisions under which national banks operate in the several States and at the same time to impose some restriction upon State banks in the exercise of branch banking privileges within the Federal reserve system under State charters. Specifically the bill proposed to authorize national banks located in States which grant similar privileges to competing State banks and trust companies to establish branches within the corporate limits of the town or city in which the parent bank is located; and further to require State banks applying for membership in the Federal reserve system to relinquish branches outside the home town or city of the parent bank. Proposed amendments to the bill would restrict the exercise of these limited branch banking privileges by national banks to States which at the time of passage of the act permit State banks to establish branches, and similarly would require applying State banks to relinquish all branches in States which do not at the time of passage of the act permit intra-city branch banking. These amendments are intended to hold branch banking within the Federal reserve system to the territory in which it is permitted at the time of passage of the act and to prohibit any extension of this territory in the future under State legislation. Inasmuch as this bill and the amendments— which propose important modifications of our Federal banking laws—will undoubtedly come up for further consideration, the following survey, of the Federal Reserve Board's administrative policy, of the legal status of branch banking in the several States, and of the extent of branch banking in this country is presented. LIMITATIONS UPON, FEDERAL CONTROL BRANCH BANKING OF On November 7, 1923, the Federal Reserve Board adopted a resolution defining the policy which it would pursue in the future in respect to admission to membership in the Federal reserve system of State banks operating branches outside of the city of the parent bank (or territory contiguous to that city) and in respect to applications of member State banks for permission to establish additional branches within the system. The problem presented to the board at this time was one to which the board had given more or less continuous consideration in past years. It was not one primarily involving the relative merits or demerits of branch banking as compared with independent unit banking, but was rather a problem of developing an administrative policy which would m a measure eliminate what was conceived to be an inequitable discrimination among member banks in the exercise of branch banking privileges. The Federal Reserve Board has no power to restrict branch banking under State laws, except to a limited extent by imposing restrictive conditions upon such State banks as freely elect to join the Federal reserve system and comply with such restrictive conditions of membership as the board may set up. Only in the case of national banks is membership in the Federal reserve system compulsory, and under our national banking act national banks are not permitted to establish branches, although they are permitted to operate branches acquired by merger with State institutions, and branches established under State charters prior to nationalization of the parent bank. Even these very restricted branch banking privileges are, however, precisely defined in the Federal statute, and are not susceptible of the least modification through any administrative action of the Federal Reserve Board. So that in respect to the great majority of member banks—i. e., in the case of 8,080 out of 9,650 member banks—as well as of nonmember banks the Federal Reserve Board has no original control over branch banking activities. Since the 18,818 nonmember State banks are entirely under State control, while the 8,080 national banks have their branch banking privileges, in so far as they may exercise any such privileges, defined and limited by Federal statute, it follows, as noted above, that the Federal Reserve Board can, through prescribing conditions of voluntary membership in the system, directly affect the branch banking privileges only of a comparatively small number of State institutions. In June, 1924, of the 1,570 State member banks, approximately one-half were located in States which do not permit branch banking, and since the board would, of course, have no authority to confer branch banking privileges upon any State member bank located in a State which 926 FEDERAL RESERVE BULLETIN did not permit its own institutions to exercise such privileges, any branch banking regulation formulated by the board could in fact affect only some 700 or 800 banks located in States which permit branch banking out of the total of 28,468 banking institutions in the country. Under these conditions the formulation of any general branch banking policy will, it is clear, require something more than an administrative ruling by the board. It will require legislation by Congress, and even that can in fact affect directly barely one-third of the banks in the country. In reviewing the actions of the board before and since November, 1923, these limitations upon the power of the board and even of Congress to give widespread effect to any approved branch banking policy should be kept in mind. ADMINISTRATIVE POLICY OF THE BOARD PRIOR TO NOVEMBER, 1923 In acting upon applications of State member banks for permission to establish additional branches within the system the board had prior to November, 1923, considered each case upon its own merits, giving consideration to public convenience and to the parent bank's capacity for properly organizing the branch and assimilating the business taken over. As a matter of general policy, rather than specifically of branch banking policy, the board in individual cases withheld its approval until satisfied tha^t establishment of the additional branch or branches in question would not impair the solvency or liquidity of the parent bank. It gave consideration to the rate of expansion of the given branch system; coordination of branches already acquired; headoffice control, supervision, and personnel; affiliation with outside corporations; relation of capital and surplus to deposit liabilities, especially in rapidly expanding branch systems; methods of acquiring branches; and generally to local conditions and needs in so far as these could be clearly defined. The board distinguished branches from paying and receiving stations not vested with discretionary power to make loans, except for inconsiderable sums, and while reserving the right to reconsider in case such offices in any instance developed into full-fledged branches, it made approval of such outside offices more or less a matter of form, except where it appeared that the expense of maintaining them might impair the capital of the bank. Although the board had not formulated any DECEMBER,, 1924 arbitrary rule requiring simultaneous examinations of head offices and branches, it had nevertheless regarded any evidence of inability on the part of State authorities to conduct proper examinations of banks maintaining extensive branch systems as being in itself adequate justification for limiting further expansion of such systems. Responsibility for the conduct of adequate examinations, it has been felt, must in the case of member as of nonmember banks be assumed primarily by State authorities rather than in the case of member banks by the Federal reserve bank of the given district. In general, it may be observed that prior to November, 1923, the board permitted expansion of member bank branch systems under State supervision and control, in so far as such expansion was consistent with sound banking principles of efficient administration, adequate State supervision, and complete solvency. In one of its aspects the branch banking problem itself has been continuously presented to the board. This aspect has been that developing out of competition of member and nonmember branch systems with national banks which operate under a prohibition of branch banking imposed upon them by Federal statute. In States which have permitted branch banking national banks have experienced the pressure of competition with the expanding branch systems of State institutions and have in numerous instances been absorbed into branch systems, or have in other instances surrendered their Federal charters and taken out charters under State laws which granted them branch banking privileges. Under these conditions the Federal Reserve Board has given careful consideration to ways and means of enabling national banks to compete on terms of fair equality with State banks. In respect to national banks the board's branch banking policy has found expression in recommendations of amendatory legislation by Congress. BRANCH BANKING RECOMMENDATIONS TO CONGRESS The board in its second annual report covering the calendar year 1915 recommended to Congress that national banks be permitted to establish branch offices within the city, or within the county in which they were located.1 Consistently with this recommendation, the board early in 1916 prepared and transmitted i Second annual report to Congress, p. 22. DECEMBER, 1924 FEDEBAL BESEBVE BULLETIN to Congress the draft of an amendment to the Federal reserve act. In the terms of this amendment national banks located in cities of 100,000 and over having a capital and surplus of $1,000,000 or more would have been permitted to establish branches within the corporate limits of the cities in which they were located., and any national banks located in other places would with approval of the Federal Reserve Board and unaer such regulations as the board might prescribe have been permitted to establish branches within the limits of the county in which th^y were located or within a radius of 25 miles, irrespective of county lines, but not in any case outside the State or Federal reserve district of the parent bank. This privilege, it was further provided, shquld be restricted to banks with a capital equal at least "to the aggregate of the amounts which would be required of each branch under the provisions of section 5138, Revised Statutes, if it were organized as an independent association, together with the amount required of the parent bank itself in that section." 2 An amendment drawn in compliance with these recommendations was adopted by the Senate, August 16, 1916, and together with other amendments was referred to a conference committee of the House and Senate. In conference it developed that the amendment was not acceptable to the House conferees and the Senate on recommendation of its conferees receded from its proposal. In its 1918 report to Congress the board renewed its recommendation, expressing the opinion that national banks were "at a serious disadvantage in meeting the competition of State banks with branches/7 and that "the proper development of the Federal reserve system makes it necessary to coordinate as far as possible the powers of all member banks." This coordination of powers could not be effected without amendment of existing laws under which "some member banks,both National and State, are given advantage over other member banks," The board renewed its recommendation of previous years, being confident that the proposed amendment would "prove beneficial to the Federal reserve system, as well as to the communities concerned." 3 Substantially the same recommendation was included in its report for .1919. This report commented as follows upon a bill passed by the Senate which proposed to authorize national 2 8 FEDEKAL RESEEVE BULLETIN, July, 1916, p , 327. Fifth annual report to Congress, p . 83 927 banks in cities of 500,000 or more population, having a capital and surplus of $1,000,000 or more, to establish not exceeding 10 branches within the corporate limits of the cities in which they were located, provided State law extended a similar privilege to State banking institutions: Under the present law national banks can not afford the same facilities to the public as are given by State banks having branches, except in cases where State banks and trust companies operating branches have merged with national banks, when existing branches may be continued by the national banks. * * * While the board would prefer to have this privilege [of establishing branches] extended to national banks in cities of not less than 100,000 inhabitants, or, failing that, have the population limit raised to 200,000, it wishes to point out that the limitfixedin the Senate bill does not affect the principle involved, and it therefore respectfully recommends once more that national banks be permitted to establish branches in cities in which they are located under such limitations as in the wisdom of Congress may be deemed desirable. Again in its report for 1922 the board commented briefly upon branch banking developments, noting that the establishment of branches by the larger State banks "had gone so far in a few States, notably California, and in a few large cities, including New York, Cleveland, and Detroit, as to reduce greatly the number of national banks." The board expressed the opinion that the action of the Comptroller of the Currency in permitting national banks to open "additional offices" within the corporate limits of the cities in which they were located in States which permitted branch banking "does not meet the situation in California and does not fully meet it in the cities mentioned/7 and that "an amendment to the national banking act allowing national banks the same privilege given to State banks in States where branch banking is permitted is much to be desired." In this connection the board noted a suggestion made by the Joint Commission of Agricultural Inquiry in its report to Congress dealing with the problem of rural credit, to the effect that " a system of limited branch banking might furnish a possible solution of this problem." Upon this suggestion the board commented as follows: Such systems are in fact already established in some sections of the country, notably in California, and appear to have gone far toward solving the problem. Branch banking has lowered the rate of interest in some of the leading agricultural sections of California, and at the same time has provided added security for the deposits of farmers. There are interesting neighborhood branch banking groups in other States, which appear to be serving their communities well.4 4 Ninth annual report to Congress, pp. 5-6. 928 FEDERAL* RESERVE BULLETIN Finally, in its 1923 report, the board notes the difficulties which, originate in the differences of State laws and the competitive disadvantages under which national banks operate in States which permit branch banking, and expresses the hope u t h a t it can by administrative measures find some reasonable method of harmonizing existing differences of interest of State and national banks in the matter of branch banking, and thus lay the basis for a policy which will result in shaping the development and practice of branch banking in the United States along useful and serviceable lines." 5 In brief, the board's administrative policy, which was largely defined in and imposed by Federal statutes, was, on the one hand, a policy of permitting the States to determine what branch banking privileges should be exercised by State institutions within the Federal reserve system—in so far as the exercise of such privileges violated no principle of sound banking— and, on the other, a policy of recommending to Congress amendatory legislation liberalizing national bank charters. RESOLUTION ON BRANCH BANKING ADOPTED BY THE BOARD ON NOVEMBER 7, 1923 On November 7, 1923, the Federal Eeserve Board's committee on examinations submitted a report and a resolution formulating certain general principles for guidance of the board in acting upon individual cases presented to it in applications for admission to membership of State banks operating branches outside the city or town or contiguous territory in which the parent bank was located and in applications of State member banks for permission to establish such branches. "The substance of this resolution/7 the committee observed, "has been a matter of long and intensive study by all members of the Federal Reserve Board and the board should be, therefore, in position to express itself and to take a definite stand on the subject." Reasons given for recommending immediate adoption of the resolutions were substantially the following: The intent of the Federal reserve act was, in the opinion of the committee, necessarily to compromise and reconcile the operations of banks organized under the national bank act and the banking laws of 48 States, and operating in the Federal reserve system, which was primarily an instrument of coordination imposed upon the national system. Unfair competition had resulted from the fact that certain member banks were privileged in a practice * Tenth annual report to Congress, p. 48. DECEMBER, 1924 which was, in the opinion of two Attorneys General, definitely forbidden to other member banks—specifically, in the practice of operating branches outside the home city of the parent bank. Unlimited extension of branch banking would, in the opinion of the committee, "give to banks operating under liberal State charters such competitive advantages over the unit banks which are members of the Federal reserve system-" as would impair materially the usefulness of these unit banks, if it did not ultimately result in their extinction. It was a duty of the Federal Reserve Board—and one which could not be evaded by any technical interpretation of the law—to lay down a policy "to the general end that all banks, National and State, may operate for the good of the system/' which could not be subserved by permitting activities by one group of member banks which endangered the existence of another group. No bank, National or State, which was not willing to waive any privileges granted under State laws that were found to be inconsistent with the purposes of the Federal reserve system should enter or remain in the system, and it was the duty of the Federal Reserve Board to prescribe conditions under which banks might secure the compensating advantages of membership in the system. It was manifestly unfair for the board to refrain from notifying members of the policy which it proposed to follow "in this important matter.of branch banking, upon which the Federal reserve act expresses itself only by implication," and to permit member banks without warning to engage in a course, "unwittingly and innocently," which might "subsequently meet with criticism and disapproval of the board." Furthermore, it was only fair that member banks which were not permitted by a law to engage in or had not in fact actually engaged in branch banking should know the terms under which other member banks would be permitted to compete with them. In consideration of these reasons the board adopted the proposed resolution, which was to the following effect: Resolved, That the board continue hereafter as heretofore to require State banks applying for admission to the Federal reserve system to agree as a condition of membership that they will establish no branches except with the permission of the Federal Reserve Board; be it further Resolved, That, as a general principle, State banks with branches or additional offices outside of the corporate limits of the city or town in which the parent banks are located or territory contiguous thereto ought not be admitted to the Federal reserve system except upon condition that they relinquish such branches or additional offices; be it further Resolved, That, as a general principle, State banks which are members of the Federal reserve system ought not be permitted to establish or maintain branches or additional offices outside the corporate limits of the city or town in which the parent bank is located or territory contiguous thereto; be it further Resolved, That in acting upon individual applications of State banks for admission to the Federal reserve system and in acting upon individual applications of State banks which are members of the Federal reserve system for permission to establish branches or additional offices, the board, on and after February 1, 1924, will be guided generally by the above principles; be it further DECEMBEK* 1924 FEDEEAL RESERVE BULLETIN 929 Resolved, That the term "territory contiguous there- maintain for itself and branches "an adequate ratio of t o " as used above shall mean the territory of a cityor capital to -total liabilities and an adequate percentage town whose corporate limits at some point coincide of its total investments in the form of paper or securiwith the corporate limits of the city or town in which ties eligible for discount or purchase by Federal reserve banks." the parent bank is located; be it further (4) That it would not "consider any application to Resolved, That this resolution is not intended to affect the status of any branches or additional offices establish a branch, agency, or additional office until established prior to February 1, 1924, either those of the State banking authorities have approved the estabbanks at the present time members of the Federal lishment, * * * and the directors or executive reserve system or those of banks subsequently apply- committee and the Federal reserve agent of the Federal reserve bank of the district have made a report upon ing for membership in said system. the financial condition of the applying bank or trust company, of FURTHER DEFINITION OF THE BOARD*S BRANCH what effectthe general character suchits management, the establishment of branch, agency, BANKING POLICY or additional office would have upon other banks or branches in the locality in which it is to be established, At its meeting on January 7, 1924, the board and whether, in their opinion, it would be in the interest of the public in such locality, together with their gave consideration to the applications of three recommendation as to whether or not the application banks for permission to establish branches from should be granted." time to time over a period of several months in (5) That, unless extended by the board, a permit accordance with contemplated programs of should become void after six months if the branch had development, and adopted a resolution to the not been established and opened within that time. (6) board reserved the right following effect: That no blanket authority to permitThat the in the future, whenever itto cancel any granted shall appear, establish branches would be granted; that each after hearing, that such branch, agency, or additional application must be presented separately in office is being operated in a manner contrary to the regular form and manner, subject to approval interest of the public in the locality in which it is established of the State banking authorities and a recommendation of the Federal reserve bank of the district; that applications to establish branches in noncontiguous territory, filed before February 1 (under the board's resolution of November 7) might be considered by the board after that date; and that the board reserved right to pass on each application on its merits. On March 27 the board issued a revise and further elaboration of its regulations formulated under that general provision of the Federal reserve act which authorizes it to prescribe conditions of membership for State banking institutions applying for admission to the system. In these regulations, as amended a month later, on April 7, the board took occasion to give more formal statement than it had previously given to principles which would govern it in approving the establishment of branches. It declared: (1) That it would "as a general principle restrict the establishment of branches * * * to the city of location of the parent bank and the territorial area within the State contiguous thereto, * * . * excepting in instances where the State banking authorities have certified, and the board finds that public necessity and advantage render a departure from the principle necessary or desirable." (2) That as a general principle it would not consider applications for permits to establish branches unless State authorities u regularly made simultaneous examinations of the head office and all branches," such examinations being of a character to furnish the board with ''information as to the condition of each bank and the character of its management" sufficient to enable the board "to protect the interests of the public." (3) That it would, as a general principle, require each bank establishing or maintaining branches to EXTENT OF BRANCH BANKING IN THE UNITED STATES One outstanding feature of banking development in the United States is found in the failure of branch banking to develop in any measure comparable with the development in other countries. The relatively small number of banks operating branches—681 out of a total of 28,468 National and State banks in the country as a whole—is, of course, accounted for in part by Federal and State legislation prohibiting branch banking. But even within the jurisdiction of States which have never imposed restrictions upon banks in the matter of establishing branches, the development of branch banking has been to date generally inconsiderable. Among the States which freely permit state-wide branch banking are Wyoming, none of whose 79 State banks operate branches; Georgia, with only 19 banks operating branches out of a total of 562 State banks; Delaware, with 5 branch banks out of a total of 27 State institutions; Arizona, with 6 out of 44; Maryland, with 21 out of 148; North Carolina, with 39 out of 471; South Carolina, with 7 out of 330; Tennessee, with 19 out of 461; and Virginia with 24 out of 341. Even in California, which among all the States has experienced the most considerable development of branch banking, there were in June, 1924, 576 independent unit banks? the number of banks operating branches 980 FEDERAL BESEBVE BULLETIN being 99, and the proportion of unit to branch banks nearly 6 to 1. Of the unit banks 326 were operating under State charters imposing no restrictions upon the exerciser eof branch banking privileges, and 250 w e national banks. Of the 99 banks operating branches, 15 operating 29 branches were national banks and 84 operating 509 branches were State institutions. The predominance of California over other States in the matter of branch banking is apparent in the summary figures, 99 of the 681 banks operating branches in the country as a whole, and 538 of the 2,233 branches in operation in June being in this State. One member State bank in California was operating 88 branches, which was the largest number of branches found organized in a single system in the country, the largest branch system outside California being that of a member State bank in New York City, which reported 57 branches, all located within the city limits. But more than half of the California banks operating branches—53 out of 99—were operating only 1 branch each, and only 13 of them were operating 5 or more branches. These figures seem inconsiderable in comparison with those for foreign branch systems, which in individual instances number hundreds and even thousands of branches. While our banking system is, outside of California, predominantly one of independent unit banking, it is far from being a uniform system imposed upon the States by Federal legislation, feather it is a composite of 48 different systems. As regards branch banking, the precise situation in any State is one which has developed under a complex of Federal and State legislation and administrative practice, more or less restrictive of branch banking, and is one which in so far as it is affected by State control, is in some respects different from that obtaining in any other State. In the main, however, our experience with branch banking has been in recent decades an experience under State rather than Federal control. That it is so still will be evident from the figures for June of the present year, when 573 of the 681 banks operating branches were operating under State charters and 1,985 of the 2,233 branches reported in operation were branches of State banks. LEGAL STATUS OF BRANCH BANKING With reference to the legal status of branch banking, the States may be classified into three DECEMBER, 1924 groups according as branch banking, at least to the extent of operating teller-window branches, is (1) prohibited, (2) authorized, or (3) not specifically covered by provision in State laws. The States comprising each of these groups are listed below: (1) States which by statute prohibit branch banking: Alabama. Missouri. Arkansas. Nevada. Colorado. New Mexico. Connecticut. Oregon. Florida. Texas. Idaho. Utah. Illinois. Washington. Indiana. Wisconsin. Minnesota. (2) States which by statute authorize branch banking: Arizona. New York. California. North Carolina. Delaware. Ohio. Georgia. Pennsylvania. Louisiana. Rhode Island. Maine. South Carolina.6 Massachusetts. Virginia. 6 Michigan. Wyoming. Mississippi. (3) States which do not by statute specifically provide for branch banking: Iowa. New Jersey. Kansas. North Dakota. Kentucky. Oklahoma. Maryland. South Dakota. Montana. Tennessee. Nebraska. Vermont. New Hampshire. West Virginia. In 17 States establishment of branches is expressly by statute prohibited, and it happens that a precisely equal number of States have expressly by statute or by implication of statutory provision authorized branch banking. The free extension of branch systems on a state-wide basis is authorized in nine States—Arizona, California, Delaware, Georgia, North Carolina, Khode Island, Virginia, and by implication of statutory provisions in South Carolina and Wyoming. Maryland and Tennessee in administrative practice permit state-wide branch banking but without express statutory authority. Louisiana, Maine, and Ohio restrict branch banking to the county or territory contiguous to the city or county in which the parent bank is located, and Massachusetts and New York restrict branch systems to the corporate limits of the city in which the parent bank is located. Additional offices or agencies but not full-power branches are permitted in Kentucky, under judicial decision, Michigan under judicial opinion, and Mississippi and Pennsylvania by statutory provision. « Branches authorized t?y implication. DECEMBER^ 1924 FEDEKAL BESEEVE BULLETIN Banking policies in the several States have been built up from year to year under statutory provisions which have left some measure, large or small, of discretion to administrative agencies. It follows that such policies covering administrative practice are only partially set forth in legislative enactments. Branch banking policies in particular appear to be in some States largely of administrative rather than legislative origin. They appear to be altogether of administrative origin in the 14 States which have on their 931 BRANCH BANKING WITHIN AND WITHOUT THE FEDERAL RESERVE SYSTEM A summary classification of banks operating and not operating branches is given in Table 1, from which it appears that 382, or more than half of the 681 banks operating branches in June, 1924, were nonmember banks. The 299 member banks operating branches include 108 national and 191 State banks, the proportion operating branches being higher for State member (12.2 per cent) than for any other class of banks. LEGAL STATUS OF BRANCH BANKING §§§$ Branch bonking authorized 111 No provision fot"branch panting £23 Branch banking prohibited statute books no provisions whatever either prohibitive or permissive of branch banking. Without express statutory provision, branch banking has been by administrative practice in some of these States prohibited—as in Iowa, Kansas, Montana, New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia; in others permitted under regulations more or less restrictive—as in Nebraska and New Jersey, which permit maintenance but not establishment of branches, and in Kentucky, which permits teller-window branches under judicial decision; and in still others freely permitted without restriction, as in Maryland and Tennessee. 19966—24f—3 As shown in the detailed figures given by States in Table 11, the 108 national banks operating branches were located in 21 States and the District of Columbia. Since national banks are not permitted to establish full-power branches de noyo, these banks were operating either teller-window branches or branches originally established under State charters and brought into the Federal reserve system by conversion or merger. The 191 member State banks operating branches were located in 24 States—37 in New York, 34 in Michigan, 22 in Ohio, 18 in California, 15 in Massachusetts, 12 in Pennsylvania, and from 1 to 8 in each of 18 other States. The 382 nonmember banks 932 FEDEKAL RESEBVE BULLETIN operating branches also were widely distributed; being located in 25 States and the District of Columbia—66 of them in California, 35 each in North Carolina and Pennsylvania, 25 each in Louisiana and Ohio, 22 in Virginia, 20 in Maine, and from 1 to 19 in the 18 other States. TABLE 1.—NUMBER OF BANKS OPERATING AND N O T OPERATING BRANCHES, JUNE, 1924 Number of banks * Class of bank Operating branches Number Per cent Total _ Member, total National State . Total Not operating branches '•_.___> 28,468 681 2.4 27, 787 .___ ._ 9,650 8,080 1,570 299 108 191 3.1 1.3 12.2 9,351 7,972 1,379 18,818 382 2.0 18,436 20,378 573 2.8 19,815 Nonmember State, total member and nonmember. __ i Exclusive of private banks not under State supervision and of 614 mutual savings banks. RESOURCES OF BANKS OPERATING AND NOT OPERATING BRANCHES Aggregate resources of banks operating and not operating branches are shown by class of banks in Table 2. Approximately one-third of the aggregate resources of the 28,468 banks in the country are reported by the 681 banks operating branches; 21.2 per cent, or more than one-fifth of the resources reported by the 8,080 national banks, are reported by the 108 national banks operating branches; and 16.3 per cent, or nearly one-sixth of the resources reported by the 18,818 nonmember banks, are reported by the 382 institutions of this class operating branches. More than half, 56.2 per cent, of the aggregate resources reported by banks operating branches are reported by the State member banks, 29.9 per cent being reported by national and 13.9 per cent by nonmember banks. TABLE 2.—RESOURCES OF BANKS OPERATING AND N O T OPERATING BRANCHES, JUNE, 1924 Resources Banks operating branches Class of bank Total Amount Total--. Per cent Banks not operating branches $49,377,650,000 $15,973,162,000 32.3 $33,404,488,000 . 35, 777,256, 000 13,753,434,000 38.4 22, 023,822, 000 ^,779,395,000 22,555,273,000 4, 775,878, 000 21. 217,' 13, 221,983, 000 8,977,556,000 67.9 4,244,427,000 Nonmember 13, 600,394, 000 2,219,728,000 16.3 11,380,666,000 State, total member and nonmember__. 26,822,377,000 11,197,284,000 41.715,625,093,000 Member, total National State- DECEMBER, 1924 On reference to Table 14 it will be found that approximately two-thirds of the banking resources of California and of New York are reported by banks operating branches, and that in four other States (Rhode Island, Louisiana, Massachusetts, and Michigan) branch banks report a larger aggregate of resources than is shown for unit banks. Incidentally it may be noted that for banks operating branches aggregate resources reported for New York are nearly four times the amount reported for California. It will be apparent from the foregoing figures that banks operating branches are in the main banks of relatively large resources. This characteristic of branch banks is more clearly developed in Table 3, which gives average resources per bank for banks operating and not operating branches. For all banks, member and nonmember, the average is $23,455,000 for banks operating branches and $1,202,000 for independent unit banks. For member banks the corresponding averages are $45,998,000 and $2,355,000, approximately the same averages obtaining for national and for State member banks. Smaller averages are shown for nonmember banks, but in this class also the average for branch banks greatly exceeds that for unit banks. TABLE 3.—AVERAGE RESOURCES P E R BANK FOR BANKS OPERATING AND N O T OPERATING BRANCHES, JUNE, 1924 Average resources per bank Class of bank All reporting banks Banks operating branches Banks not operating branches $1,734,000 $23,455,000 $1,202,000 -_..„. 3,707,000 45,998,000 2,791,000 44,221,000 8,422,000 47,003,000 2,355,000 2, 230,000 3,078,000 Nonmember State, total member and nonmember 5,811,000 617,000 1,316,000 19, 542,000 789,000 Total..._ Member National State _ 723, 000 These general averages represent fairly the condition obtaining in the several States. Resources of banks in New York State, for example, average for banks operating branches $101,974,000 and for those not operating branches $4,398,000. Corresponding averages for California are $20,839,000 and $1,901,000; for Rhode Island, $34,652,000 and $3,528,000; for Massachusetts, $26,270,000 and $3,300,000; for North Carolina, $2,832,000 and $669,000; for Ohio, $22,903,000 and $1,475,000; for Michigan, $15,190,000 and $1,020,000; these proportions being typical for all States which FEDERAL KESERVE BULLETIN j 1924 933 report any considerable development of branch of large banks to restrict their branch systems to municipal limits, since the proportions are banking. undoubtedly affected by the accident of State BANKS OPERATING HOME CITY AND OUTSIDE legislation—such as, for example, that.of New BRANCHES York specifically restricting branch banking to municipal limits and to the larger cities. More than half of the parent banks in the It is, however, a matter of interest that so several States were operating only branches considerable a number of relatively small located in the home city of the parent bank banks, presumably banks located in the or in territory immediately contiguous thereto. smaller cities and towns, are operating outThe percentage operating only home-city side branches. branches ranged from 35.9 in the case of non- A summary classification of home-city-only member branch banks to 89.8 for national and outside-home-city branch systems by banks. Figures for banks of each class oper- amount of resources reported is shown in ating branches only in home city, in and out- Table 5. side the home city, and only outside the home city are given in Table 4. TABLE 5.—BANKS OPERATING BRANCHES I N AND OUTCorresponding figures for States are given SIDE HOME CITY, CLASSIFIED BY AMOUNT OF R E SOURCES, JUNE, 1924 in Table 12. In New York State, which of all the States reports the largest number of home-city-only branch systems, branch bankBanks operating branches ing is by State law restricted to municipal Resources limits, and to cities of 50,000 population. Only Outside in home home Total Except as regards the population limitation city city this is practically the situation also in Michigan, all but 4 of whose 63 branch systems are Total 371 310 home-city-only systems. Of California's 99 Under $1,000,000 127 9 118 branch banks, 36 operate only home-city $1,000,000 to $10,000,000 319 174 145 232 187 45 branches, 52 only outside branches, and 11 $10,000,000 and over No report 3 2 1 both home-city and outside branches. TABLE 4.—NUMBER OF BANKS OPERATING BRANCHES IN AND OUTSIDE THE HOME CITY OP THE PARENT BANK, JUNE, 1924 Banks operating branches Class of bank Total ber Total Member, total National State Nonmember State, total member and non-member . ._ _ Only in home city Number Per cent In and Only outside outside home home city city 681 371 54.5 38 272 299 108 191 234 97 137 78.3 89.8 71.7 18 2 16 47 9 38 137 35.9 20 225 274 47.8 36 263 382 573 Of the 310 banks operating branches outside the home city, 118, or 38.1 per cent, were comparatively small banks, reporting resources of less than $1,000,000, while only 9 of the 371 banks operating home-city branches only reported resources under $1,000,000. No particular significance attaches to these proportions as indicating any tendency on the part SIZE O F BRANCH SYSTEMS More than half of the banks operating branches—376 out of 681, or 55.2 per cent— are one-branch systems, and more than fivesixths of them—591, or 86.8 per cent—are individually operating not over 4 branches. Of these 591 relatively small systems 356 are nonmember and 235 are member bank systems. Only 41 or 6.0 per cent of the branch systems embrace severally 10 or more branches, and only 16 as many as 20 branches. Of these 16 larger systems 6 are located in California—4 being member bank and 2 nonmember bank systems; one such system located in Louisiana, 3 in New York, 1 in Ohio, and 5 in Michigan are all State member bank systems. The 25 systems of 10 to, 19 branches are found in the following States: 7 in New York, including 3 national, 2 State member and 2 nonmember systems; 6 in Michigan, including 5 State member and 1 nonmember system; 2 in California, and 2 in Tennessee, all four nonmember; 1 State member system each in Arizona, Rhode Island, and Mississippi; and 1 nonmember each in Delaware, Georgia, Maryland, Ohio, and Alabama. Of the 41 934 FEDERAL RESERVE BULLETIN systems of 10 or more branches, 27 are member and 14 are nonmember systems; 38 of them are State and 3 are national bank systems. Summary totals for systems classified by size of system are given in Table 6. TABLE 7.—BRANCHES I N AND OUTSIDE THE HOME CITY OF THE PARENT BANK, JUNE, 1924 Branches Class of bank TABLE 6.—BRANCH SYSTEMS CLASSIFIED BY NUMBER OF BRANCHES OPERATED, JUNE, 1924 Banks operating specified number of branches Number of branches Number Per cent TotaL__. Member, total. NationalState Nonmember.-. State, total 681 Total 1 branch 2 branches 3 branches. . _ _ _ 4 branches ._ 5 to 9 branches10to 19 branches 20 branches and over _ _ __'__-_ _ _._ _ 100.0 376 129 54 32 49 25 16 55.2 18.9 7.9 4.7 7.2 3.7 2.3 BLANCHES IN AND OUTSIDE THE HOME CITY OF THE PARENT BANK The 681 banks operating branches in June, 1924, reported a total of 2,233 branches in operation, of which, as noted above, 248 were branches of national banks and 1,985, or 88.9 per cent, branches of State banks. Branches located in the home city or town of the parent bank numbered 1,463, or 65.5 per cent, of all branches in operation, and branches outside the home city, 770. A majority of the homecity branches, 57.8 per cent, were operated by State member banks, and a majority of the outside branches, 59.5 per cent, by nonmember banks. Of the 248 branches of national banks all but 21 were home-city branches or " additional offices"; three-fourths (74.4 per cent) of the State member bank branches also were in the home city, while more than half (54 per cent) of the nonmember bank branches were outside the home city. Summary totals for home-city and outside branches are given in Table 7 and detail by States in Table 13. Of the 1,463 home-city branches, 359 are in New York, 327 in Michigan, 249 in California, and 182 in Ohio, numbers in other States ranging from none in several States to 68 in Pennsylvania. California easily leads other States in number of outside branches, the number of such branches in this State being 289. North Carolina reports 60 outside branches, Maryland and Louisiana 48 each, Maine 46, Georgia 41, and other States smaller numbers. DECEMBER, 1924 Total In home city Outside home city 2,233 1,463 770 1,385 248 1,073 227 312 21 1,137 848 1,985 846 Percentage outside 34.5 22.5 8.5 25.6 291 390 54.0 458 37.6 1,236 749 PARENT BANKS AND BRANCHES CLASSIFIED BY POPULATION OF COMMUNITY I N WHICH LOCATED No bank located in a city of 1,000,000 or more population operates a branch outside the home city or territory immediately contiguous thereto, although 87 banks located in such cities operate home city branches. Only 3 of the 284 parent banks located in cities of 100,000 or more population operate outside branches. Of the 310 banks operating outside branches 214, or 69 per cent, are located in cities of under 10,000 population, while of the banks operating branches only in the home city only 7.3 per cent are in cities of this size—65 per cent of these home-city systems being in cities of 100,000 or more population. This distribution of parent banks, which is shown in Table 8, bears out the presumption, raised in the classification of the same banks by amount of resources, that banks operating outside branches are in a majority of cases located in the smaller communities. It follows necessarily that a large proportion of the 1,463 home-city branches are in the larger cities. Table 8 shows that 1,284, or 87.8 per cent of them, are in cities of 100,000 or more population. It shows also that of the 770 outside branches the greater proportion are in the smaller communities—630, or 81.8 per cent of them, being in cities of 10,000 or less. A further analysis of the data ; not covered in the present tabulations, shows that 27 banks operating 33 outside branches were located in towns of less than 500 population, 9 of the branches being in towns larger than that of the parent bank; that 107 banks located in towns of 500 to 2,500 population were operating 151 branches, of which 6 were home-city and 145 DECEMBER, outside branches; and that 107 banks located in towns of 2,500 to 10,000 were operating 206 branches, of which 23 were home-city and 183 were outside branches. The 284 parent banks located in cities of 100,000 or more population were operating a total of 1,570 branches, of which 1,284 were home-city and only 286 outside' branches. TABLE 8.—PAEENT BANKS AND BRANCHES CLASSIFIED BY POPULATION OF TOWN OR CITY IN WHICH LOCATED, JUNE, 1924 Branches Banks Population of town or city in which bank or branch is located Total Total Operating branches in home city only Operating OutIn branches side outside Total home home of city city home city*' . 681 371 310 2,233 1,463 770 Under 2,500 2,500 to 25,000. 25,000 to 100,00Q_. 100,000 to 1,000,000.... 1,000,000 and over No report 134 155 108 197 87 5 45 80 154 87 129 110 28 43 496 225 178 926 381 27 6 50 123 904 380 490 175 55 22 1 27 1 935 FEDERAL RESERVE BULLETIN 1924 Including 38 banks operating branches "in and outside" home city GROWTH OP BRANCH BANKING, 1865-1924 Accurate statistics are not available coyering the growth of branch banking in the United States under State and Federal legislation since the passage of the national banking act in 1863, or even during the decade since organization of the Federal Reserve Board under the act of December 23, 1913. Some approxima.tion can, however, be made to tne correct figures by classifying branches in operation in June, 1924, by year of establishment of the branch, and cumulating the figures from year to year. The results obtained by this process are shown in Table 9. Inasmuch as no account is taken of branches which may have been established and discontinued prior to June, 1924, the cumulated totals in this tabulation may be assumed to be understatements rather than overstatements of the number of branches in operation in the given year. It will, of course, be understood that the classification of these branches as branches of national, State member, and nonmember banks applies to the status of the branches in June, 1924, and T A B L E 9 . — N U M B E R O F B R A N C H E S I N O P E R A T I O N , BY Y E A R S (Including only branches in operation in June, 1924) Number of branches in operation in year specified Of national banks Year Total Total 1904 1903 1902 1901 1900 1895-99 1890-94_ 1885-89 1880-84 1875-79. 1870-74 1865-69-_. Of member State banks In home city In home city Total Outside home city ... __ _._ .__ .:._. 1,463 770 138 1914 1912 _ 1911 1910. 1909 1908 1907 1906 1905 Outside home city 2,233 No report 1924 1923 1922 1921 1920 1919 1918 1917 . 19161915 In home city 106 32 2,095 1,882 1,602 1,211 1,052 857 754 696 626 565 1,357 1,203 1,000 737 629 481 411 382 338 306 738 679 602 474 423 376 343 314 288 259 248 200 136 65 56 44 42 40 39 31 227 179 115 47 38 26 24 24 23 23 21 21 21 18 18 18 18 16 16 8 507 462 416 360 329 305 275 250 221 166 271 238 208 177 161 151 132 116 104 80 236 224 208 183 168 154 143 134 117 86 18 16 13 12 12 12 12 10 8 7 11 9 7 6 6 6 6 5 4 3 7 148 120 95 71 60 48 24 8 4 3 3 1 72 61 47 29 24 18 8 3 2 2 2 76 59 48 42 36 30 16 5 2 1 1 1 6 6 6 6 5 5 3 2 1 2 2 2 2 2 2 1 227 21 Total Of nonmember banks Outside home city Total In home city Outside home city 6 6 6 6 6 5 4 4 4 4 4 4 3 3 2 2 1 1,137 846 291 848' 390 43 248 39 4 95 67 28 1,094 993 856 644 547 429 371 342 301 268 807 740 647 512 443 340 289 266 236 209 287 253 209 132 104 89 82 76 65 59 753 689 610 502 449 384 341 314 286 266 323 284 238 178 148 115 98 92 79 74 430 405 372 324 301 269 243 222 207 192 251 227 202 173 158 148' 132 119 111 85 196 172 152 129 115 108 94 83 75 58 55 55 50 44 43 40 38 36 36 27 238 219 201 175 159 145 131 121 102 74 64 57 49 42 40 37 32 28 25 19 174 162 152 133 119 108 99 93 77 55 75 61 46 31 26 18 8 4 3 3 3 1 52 44 34 21 17 13 6 3 2 2 2 23 17 12 10 9 5 2 1 1 1 1 1 67 53 43 34 29 25 13 2 18 15 11 6 5 3 1 49 38 32 28 24 22 12 2 458 936 FEDERAL RESERVE BULLETIN DECEMBER,, 1924 73 237 15 20 138 5 29 26 54 18 276 24 7 | 22 12 2 2 4 32 312 67 65 63 168 124 45 23 1 Not operati Nonmember 310 35 143 55 72 300 29 14 2 4 344 State 377 100 206 223 196 345 52 15 2 12 565 N ational Total CLASSIFICATION OF PARENT BANKS AND BRANCHES BY FEDERAL RESERVE DISTRICTS 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 " " 10—Kansas Citv Mo No. 11—Dallas ._ _, No. 12—San Francisco. Total Total does not apply to earlier years. The distinc- TABLE 10.—BANKS OPERATING AND NOT OPERATING BRANCHES, BY FEDERAL RESERVE DISTRICTS, JUNE, tion between member and nonmember banks originated under the Federal reserve act, and 1924 as regards the distinction between national Number of banks and State banks, the status of any branch may have been changed by nationalization Operating branches of parent State banks, by denationalization of national banks, or by mergers bringing Federal reserve district Member 1 branches into the class in which they are now operating. Of the 2,095 branches for which date of establishment is reported, 462 were in operation in 1913, and 1,633 have been established since the Federal reserve act went into effect. Ap191 108 299 382 27,787 681 28,468 Total proximately one-half of the total number of No. 1—Boston 606 32 42 74 11 21 680 24 1,220 62 86 19 43 branches have been established in the years No. 2—New York 1,306 12 25 38 1,196 13 63 No. 3—Philadelphia.-., 1,259 1921-19247 the proportion being somewhat No. 4—Cleveland 22 5 27 27 1,927 54 1,981 85 1,96C 19 115 11 30 2,075 5—Richmond more than half for home-city and somewhat No. 6—Atlanta 14 50 1,929 6 20 70 1,999 22 5,165 less than half for outside branches. Of the No. 7—Chicago 48 38 70 10 5,235 No. 4 3 13 3,195 7 3, 215 8—St. Louis 1,043 branches established since 1920, 851No. 9—Minneapolis 3,244 . 20 1 3,237 4 2 7 6 No. 4,019 2 2 2 No. 10—Kansas Citv. _ 4,021 were classified in June, 1924, as branches of jsjo ii—Dallas 3 R 10 7 1,742 1 751 State banks and 192 as branches of national No. 12—San Francisco . 1,701 110 37 17 20 73 1,591 banks. The increase shown for national banks is practically all in number of home-city Number of branches branches and indicates roughly the growth in 848 248 1,137 so-called "additional offices" or "teller-win2,233 1,385 Total dow77 branches. 31 46 63 140 77 No. 1—Boston District 5 reports 115 banks operating 8 branches, of which 19 were national, 11 State 221 member, and 85 nonmember, these banks being located in the States of Maryland, Virginia, North and South Carolina, and the STATE TOTALS District of Columbia. The totals for all banks operating branches and for national and non- In Tables 11, 12, 13, and 14, giving figures member branch banks in this district exceed for States, the States have been grouped with the corresponding totals for District 12, which reference to administrative practice or proembraces California and a large area outside of vision in State laws (1) as permitting stateCalifornia—Oregon, Washington, Idaho, Ne- wide branch banking; (2) as permitting branch vada, Utah, and a large part of Arizona. Dis- banking within the municipal limits of the city, tricts 1, 2, 4, and 7 each report a larger number town, or county in which the parent bank is of member State banks operating branches located or territory contiguous thereto; (3) than are shown for District 12. In number of as permitting branch offices or agencies, sobranches, however, except as regards branches called "teller window7' branches, but not perof national banks in the New York district, mitting full-power branches; and (4) as prothe totals shown for District 12 exceed those hibiting establishment of branches although for any other district for national, State mem- permitting maintenance of branches estabber, and nonmember banks. lished prior to enactment of present law. 937 FEDEEAL RESERVE BULLETIN DECEMBER 1924 Under present administrative practice and legislative enactment branch banking, at least in so far as any further extension of branch systems is involved, is restricted to the 20 States and the District of Columbia included in the first three groups. For one of these States—Wyoming—no branches were reported in operation in June, 1924, the number reported for the other 19 ranging from 12 in Kentucky to 538 in California. While in the country, as a whole, branch offices of banks constitute only 7.3 per cent of the total number of bank offices—including in this total of 30,701 the 27,787 independent unit banks, the 681 head offices of parent banks, and the 2,233 branches—it may be noted that in a number of States and for State member banks, as a class, the proportion of branches to total offices is much more considerable. In the case of State member banks branches constitute 42 per cent of total offices maintained by this class of banks, which include 1,379 unit banks, 191 head offices of branch banks, and 1,137 branches. In California the number of unit banks in June was 576, of head offices 99, and of branches 538, giving a total of 1,213, of which branches constituted 44.4 per cent. While no other State shows so high TABLE 11.—NUMBER OF BANKS OPERATING AND NOT OPERATING BRANCHES, BY CLASS OF BANK, BY STATES, JUNE, 1924 Number of banks Member State Total Not Operat- operating ing branches branche National Total Total United States State-wide branch banking permitted: Arizona --California Delaware District of Columbia Georgia Maryland North Carolina South Carolina Rhode Island Tennessee --Virginia.. Wyoming. _. Branch banking restricted as to locality: Louisiana. _ — Maine .... Massachusetts New York _._:... Ohio.. __ —. Branch offices or agencies permitted but not branch banks: Kentucky Michigan.. . Mississippi — Pennsylvania—. Now prohibited—branches established prior to existing law: Alabama. ___. Arkansas Florida..... Indiana Minnesota ___. Nebraska -_. New Jersey Oregon _•__ Washington Wisconsin Other States i__ 681 Nonmember 27,787 State Not Operat- operating ing branches branche; 108 7,972 Total 1,570 Not Operat- operating ing branches branche 191 1,379 Total 18,818 Not Operatoperating branches *. i n g , branches 382 18, 436 63 675 45 46 656 233 554 411 31 569 523 116 57 576 40 35 635 210 513 402 24 548 492 116 19 265 18 14 94 85 83 81 17 108 182 37 19 250 18 8 92 83 81 79 17 106 175 37 40 372 23 31 484 140 459 311 11 448 329 76 306 19 26 472 122 424 306 7 431 307 76 251 113 252 972 1,107 217 90 208 898 1,056 33 59 157 523 32 59 146 505 355 203 50 70 351 657 178 30 52 332 632 616 718 357 1,640 612 655 346 1,581 138 121 35 864 135 111 34 852 166 8 77 132 7 65 431 314 412 305 362 485 299 1,103 1,415 1,100 452 277 379 987 11, 661 357 105 88 54 248 334 175 246 97 112 155 3,174 105 88 54 248 331 173 244 96 111 154 3,174 24 38 13 21 29 13 56 38 47 30 573 23 38 13 20 29 13 50 38 46 25 573 233 359 232 834 1,052 912 150 142 220 802 7,914 229 357 231 831 1,052 912 144 142 217 801 7,914 1,099 1,412 1,098 438 276 374 980 11,661 i States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah. Without express statutory prohibition, but branches not permitted: Iowa, Kansas, Montana, New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. 938 FEDERAL RESERVE BULLETIN a proportion of branches to total bank offices, the proportion shown in a number of States is sufficient to indicate that branches constitute an important part of the banking machinery of these States. Michigan, for example, reported 332 branch offices, the number of head offices of branch systems being 63 and of unit banks 655. New York reported 359 branches, 74 head offices, and 898 unit banks; Ohio, 203 branches, 51 head offices, and 1,056 unit banks; Louisiana, 93 branches^ 34 head offices, DECEMBER, 1924 and 217 unit banks; Maryland, 72 branches, 23 head offices, and 210 unit banks; Arizona, 20 branches, 6 head offices, and 57 unit banks. When, however, account is taken of the States which do not permit branch banking, and of those in which the number of branches is inconsiderable, it becomes apparent that the area in which branch banking has attained even such a degree of importance as is indicated in the tables is embraced in a rather small minority of the States. TABLE 12.—BANKS OPERATING BRANCHES IN AND OUTSIDE THE HOME CITY, BY CLASS OF BANK, BY STATES, JUNE, 1924 Banks operating branches Member ) Nonmember State United States State-wide branch banking permitted: Arizona California Delaware -District of Columbia. Georgia. „. Maryland _North Carolina -. South Carolina Rhode Island..— Tennessee Virginia Wyoming „ Branch banking restricted as to locality: Louisiana Maine M assachusetts . New York Ohio Branch offices or agencies permitted, but not branch banks: Kentucky™ Michigan Mississippi __. Pennsylvania Now prohibited—branch* es established prior to existing law: Alabama Arkansas __ Florida Indiana Minnesota Nebraska.. New Jersey Oregon... Washington Wisconsin All other States i „„ In In and Total home outnum- city side ber only home city OutNational side home city In and only Total In outnum- home side city ber only home city 681 371 38 272 108 97 6 99 5 11 21 23 41 9 7 21 31 36 1 11 5 8 3 4 2 6 12 11 6 52 4 15 13 6 2 2 2 2 6 1 2 2 2 2 7 2 6 34 23 44 74 51 8 36 74 35 1 1 25 22 8 7 4 63 11 59 4 59 1 47 5 2 1 4 3 2 14 1 5 7 3 3 2 5 2 3 3 1 2 3 14 12 35 5 4 13 16 191 137 16 38 382 2 18 1 7 1 4 2 7 2 3 1 4 1 3 1 2 1 4 66 4 5 12 18 35 5 4 17 22 1 1 1 9 3 10 1 12 3 10 6 1 4 1 1 1 11 7 3 4 2 3 2 2 8 3 15 37 22 1 34 1 12 1 1 2 1 3 2 1 1 1 1 225 16 7 4 43 4 5 2 3 1 1 2 3 4 4 3 2 2 3 10 12 32 4 2 12 15 1 21 19 6 6 1 7 10 6 3 2 25 20 18 19 25 12 19 17 19 9 35 16 1 26 3 g 9 4 2 1 3 2 4 2 1 1 2 6 2 1 3 1 1 1 1 5 20 1 1 2 1 1 33 1 1 3 3 2 137 1 4 13 37 !4 1 3 2 2 1 1 1 In and OutOutout- side side Total In home num- home side home city home city ber city only city only only 9 11 18 4 5 2 1 1 1 In and Outoutside Total In home num- home side city city ber only home city only 2 2 1 11 18 4 4 10 12 3 State 1 1 4 1 3 3 1 States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah. Without express statutory prohibition, but branches not permitted: Iowa, Kansas, Montana, New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. DECEMBEK,, 1924 939 FEDEKAL BBSBBVE BULLETIN TABLE 13.—NUMBEE OF BRANCHES I N AND OUTSIDE HOME CITY, BT CLASS OF BANK, BY STATES, JUNE, 1924 3 dumber of branches Of member banks Of nonmember State Total In home city Outside home city National State Total United States .. State wide branch banking permitted: Arisiona California _ - , Delaware District of Columbia _ _ Georgia _ _ . . Maryland North Carolina _South Carolina Rhode Island Tennessee « „ . __._ Virginia Wyoming -Branch banking restricted as to locality: Louisiana _ _ _ _ _ Maine Massachusetts New York _. _ _ _ Ohio Branch offices or agencies permitted but not branch banks: Kentucky Michigan _ _ _ _» Mississippi Pennsylvania Now prohibited — branches established prior to existing law % Alabama Arkansas Florida Indiana __ _ _ _ _ _ _ Minnesota _ Nebraska New Jersey Oregon Washington Wisconsin All other States* In home city Outside home city Total In home city 770 248 227 21 1,137 846 20 289 17" 29 25 4 9 7 3 .. 3 3 9 6 3 3 3 11 300 1 109 1 2 11 2 10 14 11 9 3 14 5 3 11 1 1 2 4 2,233 1,463 20 538 18 19 53 72 67 20 19 53 249 1 19 12 24 7 5 5 23 45 22 23 93 47 74 359 203 45 1 62 359 182 48 46 12 332 25 12 327 1 82 68 1 9 . 1 21 7 23 1 23 15 14 42 8 24 229 138 31 71 4 5 24 3 8 8 31 71 4 1 12 14 7 1 1 19 3 19 3 8 11 2 21 1 7 41 48 60 15 14 30 7 11 2 10 1 8 1 848 11 191 9 209 17 10 32 58 55 14 5 46 35 18 229 125 5 267 12 266 5 19 17 2 3 1 2 2 In home city Outside home city 390 458 115 9 94 17 8 2 12 1 7 8 6 13 1 12 10 3 10 3 1 3 17 29 48 52 13 2 29 31 11 9 22 43 39 19 59 10 1 13 59 33 38 61 53 8 6 42 12 38 1 2 4 11 48 37 11 1 18 3 18 3 1 3 2 4 5 11 11 1/ 6! 291 3 1 1 1 Outside home • Total city 5 8 5 3 10 2 6 1 5 1 1 3 1 1 1 11 2 1 2 2 1 2 6 3 1 i States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and.Utah. Without express statutory prohibition but branches not permitted: Iowa, Kansas, Montana, New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. 19966—24f-—-4 940 FEDERAL RESERVE BULLETIN DECEMBER, 1924 TABLE 14.—RESOURCES OF BANKS OPERATING AND NOT OPERATING BRANCHES, BY CLASS OF BANK, BY STATES, JUNE, 1924 [In thousands of dollars] Resources of reporting banks Member State Total Operat- Not oping erating branches branches National Total United States Operat- Not oping erating branches branches Nonmember State Total Operat- N o t oping erating branches branches Total Operat- Not operating ing branches branches 49, 377, 650 15, 973,161 33,404,488 22,555, 273 4, 775,87817, 779,395 13, 221,983 8, 977, 556 244,42713, 600, 394 2, 219, 728 11, 380, 666 4, State-wide branchbanking permitted: 11, 671 10,794 27,960 22,103 58,486 Arizona. 80,589 27,960 40,958] 877 California . ; 157,8352,063,105 1,094,730 928,516 309,474 619,042 1, 235, 4911. 178, 649 56, 842 , , 22,829 38,043 21,984 16,059 47, 712 51,449 22,829 Delaware .. 99,161 137, 299 131, 504 61,676 .69,828 255, 659 118,360 4,886 119, 269 District of Columbia 4,886 458, 040 163, 319 294, 721 187, 343 82,874 104,469 126,504 68,162 58, 342 144,193 Georgia 622,177 198,398 423, 779 274, 245 60, 772 213,473 Maryland _. 67, 755 53, 051 14, 704 280,177 343, 315 178, 798 13. 563 165, 235 459,417 116,102 North Carolina 67, 008 43, 397 23, 611 213, 611 248, 529 131,926 19, 259 112, 667 282,035 South Carolina._._. 19,811 5,749 14,062 130, 298 33, 506 327, 227 242, 564 74, 814 225, 795 225, 795 Rhode Island ._. 74,814 486, 572 39, 571 44,071 184, 081 Tennessee... _. 83, 642 97, 607 218,849 17, 258 201, 591 627,953 141,909 486,044 392,348 78, 013 314, 335 26,150 24, 388 185, 067 50, 538 Virginia 55, 799 1,511 55, 799 24, 610 Wyoming ___ 81, 920 1,511 81, 920 Branch banking restricted as to locality: 199,804 182,064 214,198 111,916 12, 634 Louisiana 469, 3051 255,107 17, 740 157, 585 32, 226 16, 299 15, 927 124, 554 129, 556 197,806 129, 556 Maine.286,336 88, 530 Massachusetts 1,842,172 1,155, 874 1, 230, 273 642, 549 587, 724 510, 656 445, 394 65, 262 101, 243 , New York.. _ 11,495,629 7,546,083 3,949, 546 5, 396,4122,581,089 2,815, 323 4,815,106 4. 464, 727 350,379 1, 284, 111 Ohio _ 2, 725, 910 1,167,988 1, 557, 922 892, 765 58, 609 834,156 1,112,003 942,928 169,075 721,142 Branch offices or agencies permitted but not branches: Kentucky 57, 43' 20,109 37, 328 200,109 107, 761 412,317 262, 532 87, 652 174, 880 520, 078 956,941 Michigan , 625, 298 668, 357 461,439 206, 520 254,919 853,116 690, 319 162, 797 310, 743 71,189 Mississippi 231, 775 205,050 7,486 26, 725 72,389V 3, 675 148,225 11,161 1,200 i, 154, 850 Pennsylvania 764,99£ 4, 389, 855 2, 756, 79 2 271, 767 2,485,025 290, 685 537, 993 1, 569, 380 Now p r o h i b i t e d — J branches established i prior to existing law: | 60, 882 293,004 161, 687 161, 687 7,91 78, 350 Alabama I 300, 919 343 60, 539 248,966 ' 88,732 88, 732 250,679 1,715 Arkansas 61, 378 61, 378 100, 569 345, 314 167,716 167, 716 346,763 29,149 Florida 1,445 29,149 149,898 948,012 404,040 404, 040 004, 973 60, 254 20, 539 39, 715 540, 679 56,96' Indiana... 898, 581 625, 549 168, 771 456, 778 067,352 34, 766 168, 77. 34, 766 407,037 Minnesota 525, 624 240,669 535, 429 5,799 9,805 230,864 9,80, 5,799 288,961 Nebraska 683, 244 744, 767 39,477 705, 290 441, 495 146,883 294, 612 496, 982 279, 02C 1,404,22New Jersey... 310, 38: 182,4370, 829 310,923 542 181,892 "7, 660 54f 57, 660 Oregon 420,166 294,429 39, 565 254, 864 463,935 ,763 43, 769 2,139 41, 624 125, 743 Washington.. 853,831 407,427 12, 809 394,618 1 876 74,339 32, 537 428,056 942, 359 88, 528 Wisconsin 11,181,136 5, 298, 818 5, 298,818 ,9 119 , 181,136 1,967,119 3,915,199 All other States *. 11, 309 574, 982 25, 728 56, 684 12, 283 84, 575 59,142 16, 769 40, 778 37, 746 60, 409 72, 231 67, 931 500, 267 166, 451 29,649 418,846 12, 561 62,585 131, 910 195, 602 154, 469 121, 800 9,849 143, 303 147, 321 24,610 97,176 52,323 33, 312 783,844 554, 691 200,109 60,102 250, 641 18,039 130,186 202,543 1,366,837 70,778 98, 856 148,449 504, 257 407,037 288,961 404, 322 92, 660 70,829 123,678 2,065 426,676 1, 3,915,199 7,572 1, 713 1,449 36, 422 1 States expressly prohibiting branch banking: Colorado, Connecticut, Idaho, Illinois, lissouri, Nevada, New Mexico, Texas, and Utah Without express statutory prohibition, but branches not permitted: Iowa, Kansas, Montan , New Hampshire, North Dakota, Oklahoma, South Dakota, Vermont, and West Virginia. 941 FEDEEAL RESERVE BULLETIN DECEMBER, 1924 EARNINGS AND EXPENSES OF MEMBER BANKS The rate of net profit on the invested capital of member banks for the year ending June 30, 1924, was 9.11 per cent, as against 9.51 per cent for the previous 12-month period. Net additions to profits for the year amounted to $337,115,000 and were $8,022,000 less than for the year before. On June 30 the aggregate capital and surplus of the banks which, although not a complete measure of their invested capital, may be taken as indicating the comparative levels of the capital investment, amounted to $3,700,000,000, and was more than $70,000,000 larger than on June 30, 1923, notwithstanding a decline in the number of reporting banks. The decrease in the rate of return on invested capital was therefore the result of a small decrease in net profits and a small increase in total capital and surplus. Net profits declined despite an increase of $59,000,000 in gross earnings, because expenses increased and because net losses charged off also increased. Total expenses for 1924 were $64,000,000 higher than in 1923 and net losses, by which is meant the difference between total losses written off and recoveries on assets previously charged off, were $3,000,000 higher. The increase in net losses for the year was not due to any increase in the amount of losses actually written off during the year, for these declined $15,000,000, but to " decrease of a $18,000,000 in offsetting recoveries. The chart shows the amount and distribution of gross earnings for each of the last six years. Gross earnings, expenses, and net losses reached their high point for the period in the fiscal year 1921. Throughout the six years variations in the amount of net addition to profits have been relatively small in comparison with changes in the other items. There have been marked fluctuations, however, in the rate of profit on invested capital, which was 12.83 per cent in 1920 and 8.56 per cent in 1922. The gross earnings of member banks are made up chiefly of interest and discount received. This portion of their income amounted to about 87 per cent of the total in the fiscal year 1924 and has averaged somewhat higher than this over the past six years. The remainder of their income comprises relatively small amounts of commissions, and exchange and collection charges, together with additional amounts unclassified in the reports. Commissions and exchange and collection charges, together, have represented in recent years about 2 per cent of gross earnings. Of the total gross earnings of member banks in 1924, expenses absorbed 72 per cent. Total losses amounting to 11.6 per cent of gross earnings were partially offset by recoveries, so that net losses amounted to 8.7 per cent. Thus total deductions from gross earnings on account of expenses and net losses combined amounted to 80.7 per cent, leaving 19.3 per cent of the banks' gross income as net profit. The chart exhibits an analysis of gross earnings for the year. DISTRIBUTION OF MEMBER BANK EARNINGS MEMBER B A N K EARNINGS AND EXPENSES MILLIONS OF DOLLARS (• Y£AHS ENDING JUNE30 ) MILLIONS OF DOLLARS 2000 2000 1500 -1500 • T O T A L GROSS EARNINGS OTHER NET EXPENSES LOSSES NET ADDITION TO PROFITS The whole of the above bar represents total gross earnings of all member banks for the year ending June 30, 1924. 1000 -tooo 500 -500 1919 1920 1921 1922 1923 1924 Of the total expenses, almost one-third went for salaries and wages, and somewhat less than half for interest paid out on the bank's funds, the greater part of the latter being interest paid on deposits. The remainder of the expenses represented the payment of taxes and unclassified costs. The amount of interest paid on deposits represented, in 1924, 2 per cent of the average amount of total deposits, as compared with 1.84 per cent in 1919. Over the same period time deposits, on which the 942 FEDERAL RESERVE BULLETIN higher rates of interest are paid, increased from 18.3 per cent of total deposits to 31.1 per cent. In 1924 about 68 per cent of the total losses which the banks sustained were losses on loans and discounts, as compared with 74 per cent in 1923; and 17 per cent were losses on securities, which compares with 14 per cent in 1923. Comparison of the losses on loans and discounts with the average jamount of loans and discounts outstanding shows that, on the average, for every thousand dollars of loans the banks sustained losses amounting to $7.20 in 1924 and $8.80 in 1923. In the case of securities, the banks' losses averaged $4.40 in 1924 and $3.90 in 1923 for every thousand dollars of investment holdings. In the following table are presented the amounts of significant items oi income, expense, and loss, and the same items expressed as percentages of the average volume of the banks7 loans and investments, which in 1924 was $26,800,856,000, and in 1923 about 4 per cent less than that amount. The table indicates an average rate of return on the earning assets of the banks of $6.50 per hundred dollars in 1924 and practically the same in 1923. The increase in gross earnings of member banks in 1924 was therefore due almost entirely to the larger volume of their loans and investments. The average rate of gross return on earning assets does not reflect exactly the interest rates actually realized by the banks since there is a small portion of their earnings which is not in the nature of interest or discount. The actual rates at which funds were loaned, as reflected in that portion of the earnings which consisted entirely of interest and discount, averaged $5.63 per hundred dollars in 1924 and $5.60 in 1923. The statement shows that in 1924, after deducting from gross earnings of $6.50 per hundred dollars of earning assets, total costs (including losses) amounting to $5.24, a margin of net profit remained amounting to $1.26 per hundred dollars of earning assets. In 1923 the margin of profit was $1.34. The decline of $8,000,000 in net addition to profits was the result of the smaller margin of profit per unit of earning assets in 1924 not entirely offset by the growth in the volume of these assets. Comparison between the capital investment and the amount of earning assets shows that the loans and investments increased more rapidly than the capital and surplus, so that for every $100 of banking investment in 1924 there were $724 of earning assets, as compared with $710 in 1923. This increase accounts for the fact that the rate of profit on invested capital declined but slightly despite the narrower margin of profit per hundred dollars of earning assets. The relation between the margin of profit per unit of earning assets and the ratio between earning assets and invested capital is brought out by the following table. It will be noted that in 1924 the margin of profit per hundred dollars of earning assets was almost exactly the same as in 1922, and that it was because of a larger volume of assets per dollar of invested capital that the rate of return was larger in 1924. It will be noted also that the average earning assets were relatively largest in 1920, which was also the year of maximum addition to profits. PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, 1919-24 [Amounts in thousands of dollars] Capital and surplus ANALYSIS OF MEMBER BANK EARNINGS, YEARS ENDING JUNE 30, 1924 AND 1923 1919.__ 1920,.. 1921... 1922... 1923...' 1924..: [Amounts in thousands of dollars] 1924 Amount 1923 Per cent of average loans and discounts Amount Per cent of average loans and discounts 1,742,332 6.50 1,683,512 6.53 Total expenses 1,253,983 Net losses— 151,234 Total deductions from gross earnings. 1,405,217 Net addition to profits 337,115 4.68 .56 1,189,732 148,643 4.61 .58 5.24 1.26 1,338,375 345,137 5.19 1.34 Gross earnings DECEMBER, 1924 1 Earning assets l 2, 776,490 3,193,337 3,415,722 3,496,689 21,063,372 24,820,716 25,384,254 23,932,966 25,783,429 26,800,856 3, 699,928 Ratio of earning assets to capital and surplus Net profits 7.59 7.77 7.43 6.84 7.10 7.24 334,332 409,608 345,657 299,149 345,137 337,115 Rate of Profit per return on capital $100 of and earning surplus assets (per cent) 1.59 1.65 1.36 1.25 1.34 1.26 12.04 12.83 10.12 8.56 9.51 9.11 Average of amounts on call dates. The rate of return on invested capital was higher in 1924 than in 1923 only in the Dallas and San Francisco districts. In both, particularly in the Dallas district, the margin of profit per unit of loans and investments was larger in 1924, chiefly as a result of reductions in losses charged off. In the case of the Dallas district, furthermore, there was a lower rate of expenses 943 FEDEEAL RESEKVE BULLETIN DECEMBER 1924 per unit of earning assets. The increased margin of profit, together with a somewhat higher ratio of earning assets to capital and surplus in these districts, accounts for the improved ratios of net profits to invested capital. The highest rates of earnings on invested capital for 1924 occurred in the New York and Philadelphia districts. Notwithstanding the fact that in these two districts gross income per hundred dollars of earning assets was lower than in the other districts, excepting only Boston, the margin of profit per hundred dollars of assets was larger than in any of the other districts. This was due to the fact that in these two districts costs, including losses, per hundred dollars of earning assets were lower than in the other districts. In 1924, as in the two preceding years, the rate of profit on the invested capital of member banks was lower in the Minneapolis, Kansas City, and Dallas districts than in any of the other districts. The lowest rate> 1.83 per cent of capital and surplus, was in the Minneapolis district. In the three districts mentioned both the expenses and losses per hundred dollars of earning assets were higher, and the margin of profit lower than in any other part of the country. The following table presents the data relative to member bank earnings and expenses for the years ending June 30, 1923 and 1924, classified by districts and comparable with figures for earlier years published in the Federal Reserve Bulletin for July, 1924. ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, FOE THE YEARS ENDING JUNE 30, 1923 AND 1924 [Amounts in thousands of dollars] Expenses Capital Average loans and and surplus investas of ments i June 30 All member banks: 1923____ 1924... Boston: 1923 __ 1924.. New York: 1923. 1924 Philadelphia: 1923.. 1924 Cleveland: 1923-. 1924 ..... Richmond: 1923 1924 Atlanta: 1923...... 1924 .._ Chicago: 1923 1924.. St. Louis: 1923 1924 Minneapolis: 1923 __._ 1924 L_ Kansas City: 1923.. . . 1924 Dallas: 1923. 1924. San Francisco: 1923. 1924 1 Gross earnings Total Salaries and wages InterTotal Total est and Internet All earn- charged dis- est on count depos- Taxes other off exon bor- its penses rowed money Net charged off2 Per cent net ad Net dition addi- Divi- to proftion dends its to to paid capiprofits tal and surplus 3, 629,468 25, 783,429 1, 683, 512 1,189,732 324,338 36,209 531,465 99, 381198,339 493, 780 217,620 148,643 345,137 270,862 ~ 207,998 488,349 202,141 151,234 337,115 256*273 j 3, 699,928 26,800,856 1, 742, 332 1,253,983 346,344 38,545 562,154 270,376 1,967,966 266,801 2,049,768 114,908 120, 742 83,740 19,70: 87,914 21,696 959,646 7,487,915 7, ~~" " ' " 460,979 473,333 327,046 1,863,994 353,190 1,987,469 2,033 41,339 2,075 44,97" 9.51 9.11 8,023 12,638 31,168 5,976 13,190 32,828 12,704 17,78" 8,828 22,340 18,299 12,618" 20,210 16,651 8.26 7.57 306,033 81,109 324,597 87,301 7,231149, 111 18,116 50,466 154,946 6, 375 156, 231 21,349 53,341148,736 64,224 43,458 35,005 119,941 32,302116,434 78,198 12.50 11.82 116,311 124, 724 72,965 19,430 ' 80,057 21,404 2,654 33,668 2,684 37,079 5,775 11,438 43,346 6,155 12, 735 44, 667 8,967 8,926 5,767 37,579 21,461 5,935 38,732 20,827 11.49 10.97 405, 746 2, 601,559 422,699 2,775,555 173,902 183,860 119,983 30,139 132,544 33,420 2,256 59,408 9,938 18,242 53, 919 65,927 10, 229 20, 084 51,316 14,394 13,465 10,760 43,159 26,918 10,575 40, 741 26, 529 10.64 9.64 190, 718 1,152,792 194,888 1,202,401 73,824 77,685 51,463 13,936 55., 103 14,764 3,194 21,168 3,991 22,523 4,925 5,181 8,240 22,361 8,644 22,582 7,674 7,118 5,610 16, 751 13, 671 5 , " " 16,933 13,151 146,262 151,173 880, 754 947,932 66,093 70,187 47,087 13,825 51,305 14, 503 2,535 16,795 3,632 18,811 5,078 5,213 8, 854 19,006 9,146 18,882 6,849 7,919 5,278 13, 728 13,291 6,349 12, 53r 11, 760 9.39 8.29 3,785,414 503, 721 3,937,013 245, 642 253,480 179,852 47,585 188,434 51,192 4,427 79, 639 18,746 29,455 65, 790 4,447 83, 526 17,675 31,594 65,046 28,903 28,665 20,027 45, 763 34,546 21, 678 43, 368 33,954 9.22 8.61 165, 642 1, 111, 697 169, 278 1,173,450 75,343 77, 699 53, 727 15,136 56,477 15,878 2,014 21, 860 3,098 22,645 5,538 5,319 9,179 21,616 9,537 21, 222 8; 633 12,808 6,258 15,358 13,402 8,119 13,103 13,732 9.27 7.74 116, 513 107,588 885, 273 865,886 61,994 58, 610 51,998 13,789 49, 044 13,240 2,288 22,947 3,982 3,926 8,992 7,481 151, 551 1,118,080 143, 306 1,095, 444 85,167 82,132 65, 701 19, 751 63,913 19, 463 138,674 136,341 743,828 769,646 58,630 60,244 261,024 2,184,157 265,949 2,301,444 150,719 159,636 Averages of amounts on call dates. 9,996 9,566 8,331 9,779 7,719 3,303 1,847 5,560 2.83 1.72 2,419 24, 639 2,612 24,150 6,238 12, 654 19,466 5,417 12, 271 18,219 16,648 19,138 13,430 15,653 2,566 11,511 8,738 3.98 1.79 42,540 14,425 42,945 14,493 2,245 13, 038 1,834 13,434 4,907 4,484 7,925 16, 090 8,700 17,299 16,260 12,997 12,725 9,919 3,365 7,380 9,870 8,148 2.43 5.41 114,643 35,506 121,650 38,990 2,913 47,853 3,410 49,957 8,115 20, 256 36, 076 8, 018 21,275 37, 986 24,033 20,081 18,262 17,814 20,103 14, 718 23, 268 19,025 6.82 8.75 2 Total losses less recoveries on assets previously charged off. 944 FEDERAL RESERVE BULLETIN NATIONAL BANK NOTE CIRCULATION Retirement of 4 per cent bonds of 1925.—The Secretary of the Treasury has announced that $118,489,900 of 4 per cent United States bonds payable on February .1, 1925, will be redeemed on that date. Over $76,000,000 of these bonds were on deposit in the Treasury to secure national bank notes on October 31, 1924, and their redemption will necessarily result in some reduction in the circulation of these notes, since there will not be enough bonds bearing the circulation privilege outside the Treasury to replace those redeemed. Only about $11,000,000 of such bonds will be left outstanding in the market after the withdrawal of the 1925 issue. The anticipated reduction of national bank circulation by $65,000,000 or more is about 10 per cent of the total of notes outstanding. The bulk of these are secured by 2 per cent consols payable in 1930 and a small part by Panama Canal bonds callable at any time and payable in 1936 or. 1938. The table below shows the volume of bonds bearing the circulation privilege outstanding and the volume on deposit to secure national bank notes in 1914, in 1917, and in 1924: BONDS BEARING THE CIRCULATION PRIVILEGE 2 per cent consols of 1930 4 per cent loan of 1925 2 per cent Panama Canal bonds, 1936 a n d 1938 Total Outstanding: Oct. 31, 1914 . $646,250,150 $118,489,900 $84,631,980 '$913,317,490 599, 724,050 118,489, 900 74,901,580 1857,060,980 Oct. 31, 1917 599,724,050 118,489, 900 74, 901, 580 793,115, 530 Oct. 31, 1924 On deposit as security for circulation: 605,622,300 34, 699,300 81,971,820 2 744,740,600 Oct. 31,1914 555, 514,950 34,743,900 71,466,140 679,440,210 Oct. 31, 1917. 589,086, 200 76,687,050 74,069,640 739,842,890 Oct. 31, 1924 Per cent on deposit: 82 29 97 94 1914 1917 1924. 93 98 29 65 95 99 79 93 1 Including $63,945,460 of the 3 per cent loan of 1908-1918, which was retired in August, 1918. 2 Including $21,447,180 of the 3 per cent loan of 1908-1918, which was retired in August, 1918. While the total of outstanding bonds bearing the circulation privilege has diminished markedly since 1914, the volume used to secure national bank notes, after a decline between 1914 and 1917, increased steadilyafter 1917 by about $13,000,000 a year to an amount in 1923 somewhat greater than that of 1914, followed by a slight decrease in 1924. The proportion of bonds outstanding and also DECEMBER, 1924 available as security for increased circulation has accordingly grown less and less. The bulk of the consols and Panamas were already out of the market before 1917, and most of the remainder, together with nearly half of the 4 per cents, have been purchased by national banks since that date. Recent growth of national bank note circu- lation.—The increase in national bank note circulation since 1917 is coincident with a rapid growth in the number and capital stock of all national banks, which began in that year and became more marked in 1919. The number of banks increased by about 10 per cent from 1917 to 1923 and their capital by 20 per cent over the same period. Although national bank circulation has not kept pace with this growth in the number and resources of national banks, it has been rapidly approaching the maximum possible issue on the basis of the volume of bonds available as security. While the law permits the issue of circulation to 100 per cent of the capital stock of national banks, the volume of bonds bearing the circulation privilege actually makes possible a note issue of not more than 56 per cent of the banks7 present capital. The scarcity of these bonds has recently been the limiting factor in the increase of national-bank notes and, as we have seen, will result in some actual reduction in their volume after February 1. With the increased purchases of the circulation bonds by the banks their prices have tended upward over the past six years, at times even in the face of generally falling bond prices, and the profit earned by the banks on circulation based on newly acquired bonds has accordingly declined. The comptroller's estimate of profit earned on bank-note circulation has always been small, and on the basis of the prices of the 4s in the summer of 1923 approached close to zero. This indicates that other factors than direct and immediate profit have largely actuated the national banks in increasing their note issues. Geographical distribution of total bank-note circulation.—The distribution of the total circulation among different districts and groups of banks indicates the varying importance attached to the privilege of note issue by national banks in each district. The following table shows the amount and proportion of all notes outstanding which have been issued in each Federal reserve district and the ratio of the circulation to the capital stock of the national banks in each district in 1917 and in 1924: DISTRIBUTION OF NATIONAL BANK NOTE CIRCULATION Federal reserve district Boston ._ New York Philadelphia Cleveland Richmond Atlanta Chicago St, Louis Minneapolis Kansas City Dallas. San Francisco Total _ _._ _ ._ :__ ... DISTRIBUTION OF BANK NOTES BETWEEN COUNTRY AND RESERVE CITY BANKS Ratio of circulation to capiAmount tal on— of notes outstand- Per ing (000 cent of omitted) total June 30, May 1, June 30, 1924 1917 1924 (per (per cent) cent) $52, 783 96,170 58, 706 99,313 63, 539 43,680 91,703 43, 321 32,830 43, 679 47,170 56,292 7.2 13.2 8.1 13.6 8.7 6.0 12.6 5.9 4.5 6.0 6.5 7,7 48 5 37.4 61.0 77.7 68.3 69.3 50.4 61.3 51.7 49.5 58.1 55.6 51.2 40.1 72.3 70.6 69.6 78.1 50.7 64.9 50.8 64.7 68.9 60.3 729,186 100.0 54.7 59.0 Banks in the New York/ Cleveland, and Chicago districts have issued the largest percentages of the outstanding circulation and the St. Louis and Minneapolis districts the smallest, but the proportion of legally allowable circulation issued is differently distributed. The New York district's large share of the circulation is due simply to its large proportion of the banking capital of the country, notes to only 37 per cent of their capital having been issued by its national banks. The Cleveland district, on the other hand, has a large issue relative both to the total for the country and to the amount of national banking capital in the district. The Atlanta and Richmond districts also have large issues in proportion to their capital, although small shares of the total circulation. In the case of the Cleveland district rapid increases in circulation in recent years have more than kept pace with increases in the capital stock of national banks in that district. In all other districts circulation has lagged behind capital and has actually declined in the Kansas City and San Francisco districts. A further analysis of the distribution of national bank circulation may be made on the basis of the different geographical divisions and the reserve city and country banks within those divisions. The following table is made up from the June 30, 1924, abstract-of-condition reports: 945 FEDERAL RESERVE BULLETIN DECEMBER, 1924 Per cent of total circulation issued by- Ratio of circulation to capita' stock Reserve city banks Country banks New E n g l a n d States .-_Eastern States Southern States . . . Middle W e s t e r n States Western States...Paciflc States TotaL _. Reserve city banks 91.4 59.8 78.0 8.6 40.2 22.0 49.0 49.1 52.6 69. 4 68.0 70.6 11.9 34.9 58.9 69.4 84.1 52.6 31.6 15.9 47.4 55.2 51.6 55.6 74.0 61.2 62.0 34.9 28.1 50.0 69. 9 30.1 54.7 69.1 36.9 Total Country banks It will be observed that circulation is distributed among these sections pretty evenly in proportion to their banking capital, the Middle Western and Pacific States having issued somewhat more and the New England and Eastern States somewhat less than their share of notes on the basis of their capital stock. In each district the country banks have issued the greater part of the circulation, varying from 91 per cent in New England to 53 per cent in the Pacific States. Of the total, 70 per cent is the issue of country banks. This is not because the majority of the banking capital of the country belongs to country banks, as may be seen by comparing the ratio of circulation to capital in the different groups of banks. The country banks have issued notes to 70 per cent of their capital, the reserve city banks to only 37 per cent. The difference between the different sections of the country in this regard is more marked in the case of reserve city than of country banks. The reserve city banks in the Southern States have circulation amounting to nearly 60 per cent of their capital and those in New England to only 12 per cent, while the country banks in each of these sections have issued notes to about 70 per cent of their capital. The discrepancy is probably partly to be accounted for by the arbitrary classification of banks as reserve city or country banks, which throws those of the same size and character in different sections into different groups. Boston is the only reserve bank city in New England and its banks issue an unusually small 946 FEDERAL BESERVE BULLETIN volume of notes compared with those in other cities of equal size. The only certain conclusion from these figures seems to be that the banks in smaller towns have taken greater advantage of the circulation privilege than have the banks in larger centers. It is evidently of rather slight importance to the large city banks. Distribution of circulation secured by 4 Ver centhonds.—-Of more immediate interest is the distribution of the circulation which will be canceled in February as a result of the redemption of the 4 per cent bonds. The following table shows the proportion of these notes issued by banks in the various Federal reserve districts and the percentage which they bear to the total issues of these banks and to the total issue of all national banks in the various districts. The figures of total circulation and of holdings of 4 per cent bonds are not available for the same dates but the difference is not sufficient to affect their relationship materially. DISTRIBUTION OF NATIONAL BANK NOTES SECURED BY 4 PER CENT BONDS Amount of 4 per cent bonds Federal reserve owned by district national banks March 15,1924 Total circulation Per cent of banks dis- owning 4 tribu- per cent bonds tion Oct. 31, 1923 Boston $6,633,000 7. $9,497,797 New York 19,704,400 22.6 32,951,352 6.7 Philadelphia — 5,868,500 Cleveland 18,337,800 21.0 37,336,508 6.8 10,667, 750 Richmond 5,886,750 3.5 5, 562,045 3,071,000 Atlanta 10,975,300 12.6 20, 441,216 Chicago.4,146,000 4.8 7,131,581 St. Louis 3,842, 500 4.4 7,883,895 Minneapolis Kansas City. _. 1, 646,500 1.9 3,080,947 Dallas .__. 1,443, 500 1.7 5,993,794 6.4 6,986,793 San Francisco.. 5,599,900 Total 87,155,150 100.0 156,779, Oil Ratio of 4 per cent bonds to total circulation of these banks (per cent) 12.6 20.5 10.0 18.5 9.3 7.0 12.0 9.6 11.7 3.8 3.1 10.0 55.6 729,186,000 12.0 The majority of the 4. per cent bonds secure the circulation of banks in the New York, Cleveland) and Chicago districts, the same districts which have issued the majority of national bank note circulation. The New York and Cleveland districts will experience the greatest proportional contraction of national-bank currency upon the redemption of these bonds, about 20 per cent, while in other districts it will vary from 3 to 13 per cent. Taking only the banks which own 4 per cent bonds, however, about the same proportion of their issues will be withdrawn in 1924 most districts, 50 to 60 per cent, with the exception of Dallas and San Francisco, where the proportion is 24 and 80 per cent, respectively. These ratios result from totaling figures for banks in widely different condition as regards circulation, however. In the case of certain banks, their entire note issue will be canceled when the 4 per cent bonds are retired, while others will lose only a small share of their circulation. An analysis of the circulation of banks which hold the 4 per cent bonds, classified by size of capital, indicates both that it is the smaller banks which have the largest note issues in proportion to their capital and that it is likewise the smaller banks which have the largest share of their circulation secured by 4 per cent bonds. The following table shows the distribution of these bonds and of total circulation among these banks, which represent about 20 per cent of the circulation and capital of all national banks: DISTRIBUTION OP CIRCULATION AMONG BANKS HOLDING 4 PER CENT BONDS Ratio of 4 per cent Total cir- bonds culation to total of all national national bank banks note June 30, circu1924 lation (per cent) $52,783,000 96,170,000 58,706,000 99,313,000 63,539,000 43,680,000 91,703,000 43,321,000 32,830,000 43,679,000 47,170,000 56,292,000 8 " 59.8 63.5 49.1 55.2 55. 53.7 58.1 48. 53.4 24.1 80.1 DECEMBER, Total circulation 4 per cent bonds Ratio Volume Per cent Volume of 4 per cent bonds to total Per circucent lation (per Ratio of total circulation to capital (per cent) cent) Banks h a v i n g capital o— f $25-$49,000_-_ $2,369,397 $5Q-$99,000 5,790,672 $100-$499,000_ 37,041,124 $500-$999,000 . 17,104,997 1.5 $1,894,050 3.7 3,819,750 23.6 21,764,750 10.9 9,239,500 25.0 10.6 79.9 65.8 58.8 54.0 83.7 82.1 85.2 73.9 . 94,472,821 60.3 50,437,100 57.9 53.4 45.8 156,779,011 100.0 87,155,150 100.0 55.6 55.5 $1,000,000 a n d over.. Total 2.1 4.4 It will be observed that the ratio of notes issued to capital stock is similar in the case of all classes of banks of less than $500,000 capital, over 80 per cent, and that there is a marked decline in the ratio for banks of larger size than that. Banks evidently do not find it desirable to increase their circulation in proportion to their capital, as they rise above the $500,000 class. The proportion of circulation based upon the 4 per cent bonds, on the other hand, is not very different for the various classes of banks of over $100,000 capital, varying between 50 and 60 per cent, while the smallest banks have 80 per cent of their circulation secured by these bonds. This is not surprising in view of the large purchases of the 4;s in recent years, probably to a consider- DECEMBER, 1924 able extent by newly established banks. It remains true, nevertheless, that the bulk of the notes secured by the 1925 bonds, as of all notes, are the issue of the larger banks. Effect of reduction of bank notes upon cur- rency system.—The reduction of the bank note circulation affects not only the national banks themselves, but their relation to the Federal reserve banks and the currency system of the country. The volume of national bank notes to be retired as the result of the bond redemptions in February is small in relation to the totalmonetary circulation of the country, less than 2 per cent; the $72,000,000 of Panama bonds which are callable at any time secure notes amounting; to about 1% VeT c ? n ^ m(^re« The whole national bank note circulation equals about 15 per cent of all money in circulation, slightly less than the volume of gold certificates in circulation, and has been steadily increasing. The importance of the notes is less a matter of their volume than of their method of issue, and the processes through which they may be replaced by other forms of currency. The Federal reserve act contemplated a reduction in the national bank note circulation through the voluntary action of the national banks and their temporary replacement by Federal reserve bank notes secured by the same class of bonds, which the Federal reserve banks might purchase either from national banks at par or in the open market. The reserve banks were to purchase not more than $25,000,000 of bonds a year, if so required by the Federal Reserve Board. The 2 per cent bonds were below par in the market from 1915 to 1919 and only $10,000,000 of them were ever purchased from the national banks and some $60,000,000 in the market, most of which were converted into 3 per cent conversion bonds and Treasury notes without the circulation privilege. Except for the large temporary issues of Federal reserve bank notes to replace silver certificates under the Pittman Act, only $12,000,000 of these were ever issued and provision has been made for the redemption of practically all of them at the present time. With the bonds at a considerable premium above par and a growing demand for them by national banks in comparison with the limited supply, it is improbable that any of them will be offered at par to the reserve banks by the national banks much before maturity. With this reduction in the circulation bonds the gap in the monetary circulation of the country left by the cancellation of national bank notes may be filled either by gold cer- 947 FEDERAL RESERVE BULLETIN tificates or Federal reserve notes, our only paper currencies which are capable of expansion. In whatever form the currency is issued it will have to be obtained from the Federal reserve banks, causing either an increase of discounts at these banks or of their acceptance or security holdings. The effect on the general credit situation will be slight, however, since the increased demand for reserve bank credit will arise only gradually as the outstanding national bank notes are presented for redemption. The immediate procedure, on the date of redemption of the 4 per cent bonds, will be a cancellation of the bonds and an assumption by the Treasury of the liability for the outstanding notes. Since the currency to take the place of the retired notes will be supplied by the Federal reserve banks, the ultimate effect will be an increase in the earning assets of these banks and the substitution of an elastic for an inelastic portion of the total money in circulation. 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 November 21, 1924? on which date 1,579 State institutions were members of the system: ADMISSIONS Capital Surplus District No. a Peoples State Bank, Maplewood, Mo.. $60,000 The Baden Bank, St. Louis, M o . . . . . . . 200,000 Fidelity Bank&TrustOo., Memphis, Tenn „. 1,000,000 $9,352 100,000 $183,907 2,312,154 100,000 2,407,983 CHANGES District No. 1 Union <r New Haven Trust Co., NewS Haven, Conn, (voluntary withdrawal) $650,000 $500,000 $12,340,239 District No. k Rossford Savings Bank, Rossford, Ohio (voluntary withdrawal) - 50,000 30,000 748, 612 District No. 7 Peoples State Bank, Corwith, Iowa (closed) _ . „„ 40,000 9,000 151,668 Malcom Savings Bank, Malcom, Iowa (closed) 50,000 25,000 304,885 Citizens State Bank, Newton, Iowa (voluntary liquidation). -.._„..„__„„„_ 60,000 12,000 596,112 District No. tl Central Savings Bank & Trust Co., Monroe, La. (voluntary withdrawal) - 375,000 125,000 2, 866, 671 District No. 12 First National Bank, Fullerton, Calif, (absorbed by Pacific Southwest Trust & Savings Bank,LosAngeles, Calif., a member) _ 100,000 23,000 1, 540,910 Change of title and location.—The Bank of Castleford, Castleford, Idaho, has changed its title to the Security State Bank, and its location to Buhl, Idaho. 948 FEDEKAL EESEKVE BULLETIN DECEMBER, 1924 cise one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, The Comptroller of the Currency reports the follow- as follows: (1) Trustee; (2) executor; (3) administrator; ing increases and reductions in the number and capital (4) registrar of stocks and bonds; (5) guardian of esof national banks during the period from October 18 tates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity to November 21, 1924, inclusive: 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 Num- Amount in which the national bank is located. ber of of capital New National Bank Charters banks New charters issued Eestored to solvency Increase of capital approved „_„-_. _ — — Aggregate of new charters, banks restored to solvency, and banks increasing capital 11 0 13 $645,000 0 1,400,000 Place Portland, Conn Bangor, Me Wellesley, Mass Plymouth, N. H.... 24 2,175,000 Plainfield, N. J Total liquidations and reductions of capital . . Amsterdam, N. Y_. Consolidations of national banks under act of Nov. 0 Glens Falls, N. Y.__ 0 7,1918 Wilmington, Del... 1,785,000 Paulsboro, N. J Aggregate increased capital for period .. 2,175,000 Harrisburg,. Pa Keduction of capital owing to liquidations, e t c . — Philipsburg, Pa 390,000 Shippensburg, Pa... Net decrease Canton, Ohio Steubenville, Ohio.. Pittsburgh, Pa.' Fiduciary Powers Granted to National Banks Gastonia, N. C Paris, Ark_. During the month ended November 22, 1924, Alton, Ill__ the Federal Reserve Board approved applications of St. Cloud, Minn.... Bellingham, Wash.. Liquidations Eeducing capital - . ~- -- - . __ _ __ _ 24 1,785,000 23 1 2,075,000 100,000 the national banks listed below for permission to exer- District No. 1 1 1 1 2 2 2 3 3 3 3 3 4 4 4 5 8 8 9 12 Name of bank Powers granted 1 to 9 First National Bank Merchants National Bank.. 1 to 9 Wellesley National Bank 1 to 9 Pemigewasset National 1 and 4 1 to9 First National Bank Amsterdam City National 1 to 3, 5to8 1 to 9 National Bank of Glens Falls National Bank of Delaware.. 1 to 9 First National Bank ._. 1 to 9 Harrisburg National Bank.. Ito9 First National Bank 1 to 9 First National Bank __. Ito9 First National Bank Ito3 5 to 7 and 9 Peoples National Bank. 1 to 7 and 9 National Bank of America __ 5 to 9 First National Bank 1 to 9 First National Bank 1 to 9 Citizens National Bank 1 to 9 Merchants National Bank.. 1 toS American National Bank... 1 to 3 and 9 949 FEDERAL, RESERVE BULLETIN DECEMBER 1924 ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS On the basis of the November estimates by of leading crops in the different Federal reserve the Department of Agriculture, the following districts. A discussion of agricultural conditable has been prepared showing the production tions in each district is given on page 910. [In thousands of units] Total wheat (bushels) Corn (bushels) Estimate, 1923 Boston New York _ PhiladelphiaCleveland Richmond Atlanta Chicago St. LouisMinneapolis-_ Kansas City Dallas San Francisco. Total Forecast, Forecast, Oct. 1, Nov. 1, 1924 1924 Estimate, 1923 Preliminary estimate, 1924 Spring wheat (bushels) Winter wheat (bushels) Estimate, 1923 Preliminary estimate, 1924 Estimate, 1923 Oats (bushels) Preliminary estimate, 1924 _. _ 240 9,151 22,110 49,779 32,202 5,960 82,965 83,426 159,776 180,333 16,976 142,823 230 7,720 18,235 44,661 24,948 3,997 64,900 55,243 240,289 300,382 23,434 71,767 8,887 21,972 49,552 32,202 5,960 79,815 83,164 15, 616 168,635 16,686 89,851 7,468 18,097 44,422 24,948 3,997 61,945 55,052 16,191 288,388 23,128 45,714 240 264 138 227 230 252 138 239 3,054,395 2,458,809 2,477, 538 . 11,684 28,828 48,281 134,281 133,018 175,354 758, 615 350,074 275,054 456,393 93,496 12,460 785, 741 855,806 572,340 589,350 10, 756 29, 684 57, 007 208,310 188,751 187,968 976,124 403, 090 351,852 514, 530 112,165 14,158 11,810 29,419 44,759 129,420 122,221 175,886 749,106 344, 741 258, 759 487,866 93,269 11,553 Hay (tons) Tobacco (pounds) Estimate, * 1923 Preliminary estimate, 1924 3,150 262 144,160 11,698 290 52,972 2,955 191 224,098 11,994 306 26,053 8,988 34,245 21,382 67,790 24,917 19,439 490,254 52,072 333,084 158,756 49,573 39,323 9,452 34> 785 23,134 79,522 22,482 13,282 592,124 60,827 417, 282 174,413 52,174 29,932 213,401 266,456 1,299,823 1,509,409 Potatoes (bushels) Cotton (bales)i PrelimiForecast, Forecast, Forecast, Forecast, Forecast, Forecast, nary Estimate, Oct. 1, Estimate, Nov. 1, Estimate, Oct. 1, Nov. 1, Estimate, Nov. 1, N o v . 14, estimate, 1923 1923 1923 1923 1924 1924 1924 1924 1924 1924 1924 Boston New York PhiladelphiaCleveland. Richmond- _ __ _ Atlanta Chicago.-_ St. Louis _ Minneapolis „ Kansas City Dallas San Francisco Total 1 2 3 _. 4,495 7,058 2,256 5,226 3, 763 3,066 18,003 7,643 18,876 18, 480 1,911 15, 849 106, 626 14,687 40,663 57,200 140,322 483,230 116,635 39, 577 315,418 2,223 4,020 46,485 43, 902 25,036 21,710 30,440 11,157 70,752 18,223 72,842 33,766 2,535 35,544 46,224 45,106 26,458 19,541 37,206 11,038 75,075 19,624 78,799 30,657 2,769 31,011 52,495 52,403 29,074 20,763 35,768 10,800 82,987 19,771 83,900 31,308 2,692 32,158 109,152 1,474,786 1,181, 620 1,213,975 412,392 423, 508 454,119 4,234 7,631 3,384 6,891 4,426 2,766 22,006 8,386 18,007 16,937 1,409 13,075 14,503 42,099 58,950 181,143 622, 288 101,404 50,354 396,737 2,886 4,422 14,730 41,537 55,264 134,423 482,256 112,189 37,094 298,141 2,079 3,907 1,841 1,458 1,518 2,480 1,510 2,439 1,274 2 2, 316 3 2,266 665 4,779 124 1,269 5,083 150 1,314 5,312 151 10,141 12, 816 12,992 In addition the following amounts were estimated grown in Lower California (Mexico): 1924, 68,000 bales; 1923, 62,000 bales. Includes 20,000 bales grown in miscellaneous territories. & Includes 16,000 bales grown in miscellaneous territories. 950 FEDERAL RESERVE BULLETIN DECEMBER, 1924 BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES Increasing industrial activity, in many respects similar to the sharp recovery in the fall of 1922, has been indicated by business statistics of recent months. In fact, the seasonally adjusted index of production has moved with remarkable similarity in the two periods and recent employment figures have had some traits in common with those of two years ago. The accompanying table shows the movements of certain inHexes from July to October, 1922 and 1924. By industries, the analogy between 1922 and 1924 is not so complete, but in iron and steel movements were remarkably similar. Others, such as wool, leather, and shoes, have moved in a like manner, although from somewhat lower levels and at a faster rate than in 1922. On the other hand, the minerals have risen either less rapidly than two years ago or have steadily maintained a higher level of output. The same is generally true of the building materials. INDEX NUMBER COMPARISONS, 1922 AND Basic production i [ 1922 1924 1922 94 94 103 109 July—.— August September October.__ Manufacturing 1924 Month 95 95 100 107 97 104 112 121 Mineral output in October rose considerably and the index reached 132, the largest figure since January. The greatest part of this rise was due to bituminous coal, but all components of the index except anthracite increased in October. A rise in the agricultural index in October to a high point for the year is seasonal, but this year it reached a new high record for the post-war period of 186, caused by a remarkably heavy cotton movement accompanying unusually large receipts of wheat at Duluth. Other components moved practically in accordance with seasonal expectations, although fruit shipments did not reach the high level of October, 1923. Individual manufacturing industries showed substantial increases between September and October. The basic production index with adjustments for seasonal increases rose 6 per cent and the more complete but unadjusted manufacturing index advanced over 7 per cent. The greatest growth was in cotton and wool consumption and pig-iron production— over 20 per cent in each case. Output of steel ingots, lumber, sole leather, and shoes increased approximately 10 per cent. Automobile output fell off slightly, whereas the manufacture of tires and tubes was a little greater. The production of tobacco and food products, cement, and crude petroleum increased by a little less than the usual seasonal trend. 1924 Employment 1924 1922 103 111 106 118 Adjusted for seasonal variations. INDEXES OF INDUSTRIAL ACTIVITY PERCENT 175 ( MONTHLY AVERAGE, 1919-100 ) •• — » • • •1 1 150 PERCENT 175 1 MANUFAC* • MINERAL rURING PRODUCTION PRODUCTION A vv< V A, 4 125 AT] X 100 75 150 A N i \ \ j\r V •'4* A 125 i i i i i \ J 100 75 t K 50 50 25 25 0 0 1919 ' 1920 1921 ' 1922 ' 1923 ' 192^ 951 FEDERAL RESERVE BULLETIN DECEMBER, 1924 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [Not adjusted for seasonal variations. Monthly average, 1919=100] Metals and products Textiles and products index 1923 September. October Iron and steel Group index Group index 101 101 Products 100 100 Fab- Lumber and products 119 120 98 100 100 94 89 86 79 81 86 87 Gen- 118 123 124 123 119 117 113 114 115 114 99 100 1924 January February. _ March April May June. July__ August September. October Car Paper Motor build- and ing and re- printcles pairing ing Foods Leather Stone, and and clay, and prod- products glass ucts ChemiTocals bacco and prod- products ucts 103 102 103 105 107 101 90 81 76 78 80 81 104 105 106 109 114 114 78 79 90 89 89 89 87 85 85 85 2 86 3 87 106 106 106 105 104 103 101 101 103 104 104 102 101 98 97 99 99 98 101 102 105 106 110 115 117 115 111 110 108 109 78 78 78 77 74 70 67 68 71 71 * This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components* The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923. 2 Revised. 3 Preliminary. INDEX OF PRODUCTION IN BASIC INDUSTRIES * [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Year and month General index Food products Textiles Animals slaughtered Steel ingots Pig iron Cotton 1923 SeptemberOctober.. . . 114 118 121 118 118 119 103 111 1924 January February.. _ March April. May.June..... July August September.. October 120 120 116 114 103 93 94 94 103 109 120 132 131 127 101 81 70 71 80 93 130 145 145 121 92 74 67 87 99 104 112 102 92 97 80 70 71 Coal • 72 93 109 Wool 105 106 100 101 97 83 82 91 100 January February March April May June July August September October.. 1924 .... 91 107 165 100 107 105 105 107 118 99 111 98 97 127 115 115 109 111 125 104 141 141 Cattle 8 7 95 94 90 98 107 86 95 94 93 Calves Anthracite Copper 112 112 40 108 127 128 100 107 122 123 101 92 87 83 86 84 100 107 111 118 111 97 101 100 106 95 105 95 132 134 123 127 125 124 132 132 130 134 126 112 122 114 121 111 109 106 104 108 Sheep 149 150 103 126 133 137 112 116 111 108 117 118 128 143 Lumber 93 90 102 109 102 99 91 91 121 134 119 116 132 136 124 116 141 136 132 121 136 130 124 127 117 104 106 105 108 120 Tobacco products Sole leather Bituminous 1923 Sugar meltings Nonferrous metals Year and month September.. October Wheat flour Newsprint Cement Petroleum 101 104 168 165 208 207 98 106 143 153 90 95 106 107 103 111 116 103 102 101 107 110 239 192 187 169 172 173 193 190 186 183 183 189 186 189 192 187 185 190 191 185 98 94 90 88 95 91 98 95 100 97 176 140 143 157 173 163 155 157 162 158 113 98 91 91 96 944 97 83 Cigarettes Zinc Manufactured tobacco i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 907, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. 952 FEDERAL RESERVE BULLETIN INDEXES O F INDUSTRIAL ACTIVITY 1 [No seasonal adjustment. Monthly average 1919=100] 1924 Oct. Agricultural movements Livestock.._ Animal products. Grains Cotton.. ._ _ ._ Vegetables Fruits Tobacco Mineral production Anthracite Bituminous Petroleum Pig iron Copper Zinc . Lead .._. Silver Manufacturing production __ Iron and steel .._ Automobiles Textiles _ Food products Lumber Paper and printing Leather and. shoes Petroleum refining Cement and brick Tobacco Rubber tires _ 1 2 3 Sept. 186 123 100 220 278 226 248 165 132 105 121 190 97 138 108 148 119 121 108 178 113 114 160 3 111 3 100 169 131 3 184 COMMODITY MOVEMENTS—Continued October, Septem- October, 1923 1924, ber, 1924 1923 Oct. Aug. 150 109 106 192 175 165 253 127 123 106 106 189 81 126 104 146 116 ' 112 96 178 98 112 142 2 110 90 180 157 126 2 175 120 89 127 218 38 107 144 63 114 97 90 196 74 132 106 141 104 104 87 172 83 101 142 107 84 182 166 123 160 Sept. 128 106 100 130 144 182 235 133 126 40 119 207 123 124 100 109 106 117 119 203 100 102 148 102 98 157 149 117 101 158 135 97 119 233 225 396 161 143 119 127 214 124 132 107 105 115 128 126 226 107 115 161 115 105 163 162 134 118 For description and early figures see BULLETIN for March, 1924. Revised. Preliminary. COMMODITY MOVEMENTS October, Septem- October, 1924 ber, 1924 1923 Total grain (bushels) Flour (barrels) Total grain and flour (bushels)._. Grain and Flour—Continued Receipts at 9 seaboard centers (000 omitted): Wheat (bushels). . Corn (bushels) _. ._ Oats (bushels) _ Rye (bushels) . Barley (bushels) Total grain (bushels) Wheat flour production (barrels, 000 omitted) 89,533 19,007 39,726 17, 708 12,296 83,148 21,585 55, 535 14,290 13,965 178,271 3,149 188,523 2,975 192,440 201,909 39,938 16,051 31,315 3,434 6,051 Receipts at 57 principal markets (head, 000 omitted): Cattle and calves Hogs Sheep ---. Horses and mules (43 markets) Total 49,934 10,569 16,221 16,222 9,393 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) 127,405 4,523 102,339 4,289 121,638 64,012 4,990 57,986 11,037 3,070 62,063 3,978 42,190 10, 704 2,910 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) 141,095 121,845 96,528 8,497 71,157 88,291 6,400 50,690 147,760 Total •__ Total Meats, cold-storage holdings, first of following month (pounds, 000 omitted): Beef. Pork products Lamb and mutton 51,847 4,789 Exports of certain meat products (pounds, 000 omitted): Beef73,399 Canned Fresh Pickled or other cures 56, 564 Hog p r o d u c e 540 Bacon _ _...-_. 16,113 Hams and shoulders 14,484 Lard 2,553 Pork, pickled. 90,254 Dairy Products 74,735 1,084 22,236 48,254 2,933 40,659 2,478 35,446 2,284 61,453 51,811 45,722 12, 213 414 2,051 3,137 3,341 9,999 545 2,286 1,607 3,165 6,891 111 1,067 1,005 2, 534 17,602 11,608 13,404 13,798 12,561 2,682 3,846 3,229 49 2,520 3,117 2,964 48 2,750 4,690 3,363 74 10,877 Receipt at 5 principal markets (000 omitted): Butter (pounds) Cheese (pounds) Eggs (cases) . Poultry (pounds) ___. 1,319 1,414 2,210 1,154 1,211 1,822 45 1,357 1,629 2,346 70 4,992 4,233 5,403 734 52 1,233 570 30 959 765 97 2,019 - Shipments of stockers and feeders from 33 markets (head, 000 omitted): Cattle and calves •__. Hogs Sheep. Slaughter at principal markets under Federal inspection (head, 000 omitted) 3,198 Cattle Calves, 111, 182 20,757 7,582 18,834 1,493 3,182 27,225 924 2,078 2,196 3,024 9,807 Shipments at 52 principal markets (head, 000 omitted): • Cattle and calves..Hogs .. Sheep.. Horses and mules (43 markets) Sheep 72,268 10,805 18,976 16,454 8,902 24,211 1,509 5,768 4,147 5,025 Livestock Hogs Shipments at 14 interior centers (000 omitted): Wheat (bushels) Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels)— 27,424 1,295 4,517 4,526 10,492 21,155 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 and Flour Receipts at 17 interior centers (000 omitted): Wheat (bushels) Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) D E C E M B E R , 1924 1,559 2,260 1,016 473 3,498 1,148 870 419 2,857 1,150 953 416 4,328 1,046 6,135 5,296 6,743 67,165 441,950 3,193 47,577 649,268 2,535 63,578 542,544 1,997 231 2,543 151 267 2,187 122 188 2,210 21,161 22,092 60,813 2,737 22,398 17, 742 65,810 1,463 25,652 76,378 4,328 50,417 17,804 741 27,344 57,304 18,497 872 19,768 45, 703 21, 091 831 27,412 COMMODITY MOVEMENTS—Continued October, 1924 September, 1924 COMMODITY MOVEMENTS—Continued October, Septem- October, 1923 1924 135, 251 67,651 5,295 55,430 153,271 73,087 7,416 40,090 Other Agricultural Products Coal and coke—Continued. Coke76,418 Beehive coke production 631 523 58,048 2,899 2,543 By-product coke production 6,650 Petroleum, crude (barrels, 000 omitted): 37,008 59,826 59,611 Production „ _ Stocks at close of month • _ 362,374 363,700 Producing oil wells completed 1,060 1,126 (number) Oil refineries: 979, 569 Production (000 omitted)—i 661, 201 54,658 53,617 Crude-oil run (barrels) _ _ 739,947 750, 264 755, 780 Gasoline (gallons) 211,830 204,107 Kerosene (gallons) 195, 945 1,113,911 1,167,211 Gas and fuel oils (gallons). 90, 228 92,761 Lubricating oil (gallons) Stocks (000 omitted)— 21/236 41, 549 40,636 Crude-oil run (barrels) 1,229,606 1,311,021 Gasoline (gallons) 297, 749 304,136 Kerosene (gallons) 4 1,640,603 1,658, 671 Gas and fuel oils (gallons) 9,682 243,149 242, 753 Lubricating oils (gallons) 68, 617 3,464 Electric power produced by public 307 utility plants (kilowatt hours, 000,000 148 omitted): Produced by water power 1,628 1,496 Produced by fuels 3,558 3,310 Cottonseed (tons): 1,187,993 601,408 Received at mills __ 707, 221 313, 791 Crushed 855,128 Stocks at mills at close of month 380,443 Cottonseed oil (pounds, 000 omitted): 210, 341 Production 91, 756 82,808 Stocks 44,116 Oleomargarine consumption (pounds, 19,217 000 omitted) .__ 20, 202 Tobacco sales at loose-leaf warehouses, (pounds, 000 omitted): 2 Dark belt, Virginia 12,645 Bright belt, Virginia 67, 987 North Carolina 54, 789 1,959 South Carolina _ 13,128 270 Bur ley 79 227 Western dark . 78 Sale of revenue stamps for manufacture of tobacco, excluding Porto Rico and Philippine Islands (000 omitted): 635,231 Cigars (large) 711,655 605, 608 Total.. 53, 253 Cigars (small)_____ 46, 711 43, 730 Cigarettes (small) 6, 273, 217 6, 277,169 Metals Manufactured tobacco (pounds) 34, 556 33,236 Iron and steel: 33, 522 Fruit shipments (carloads): Iron ore Shipments at Lake Superior 1,340 1,965 Grapefruit ___ 29 (long tons, 000 omitted) 2, 390 Oranges 2,391 Pig iron production (long tons, (000 455 537 Lemons 696 omitted).— Apples 35,937 44, 515 13, 261 Steel ingot production (long tons, Vegetable shipments: (000 omitted)... 32, 524 White potatoes (carloads) 33,433 20, 450 Unfilled orders, United States Steel Onions (carloads).. 4,545 4, 760 3,864 Corporation (long tons, 000 Rice (pounds, 000 omitted) 130,323 73,054 96,878 omitted) Sugar, all ports (long tons): Fabricated structural steel orders 268,336 Receipts 317,919 416,931 (tonnage) _ 325,672 Meltings 380,500 453,900 Steel castings booking (net t o n s ) . . . . 252,455 Raw stocks close of month 294,733 Silver production (troy ounces, 000 177,311 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) __.__._ _ 20,483 20,904 94,927 82, 705 553 179 177 114 117 Forest Products Lumber: 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 m o n t h . 1,388 401 1,259 398 500 366 1,379 427 1,220 390 464 373 25, 637 41,587 92,962 282,614 34,364 52,856 113,209 273,721 46,813 7,674 41,023 7,601 Fuel and Power Coal and coke (short tons, 000 omitted): Bituminous coal production Anthracite coal production ber, 1924 October, 1824 • Fuel and Power—Continued Dairy Products—Continued Cold-storage holdings first of following month (000 omitted): Creamery butter (pounds)._..___._. American cheese (pounds) Eggs (cases) . Poultry (pounds) 953 FEDERAL EESEEVE BULLETIN DECEMBER, 1924 1,290 3,099 67,506 323,789 1,140 48,812 623, 733 193, 688 1,032, 591 87,172 32,753 972, 695 238,024 1,481,204 215, 013 1,472 3,479 4,950 5,187 5,597 6,165 8,100 2,477 2,053 3,149 3,111 2,815 3, 577 3,525 3,474 4,673 171,600 66,697 176, 800 62, 509 127,400 37,312 5, 524 5,428 5,620 omitted) Copper production (pounds, 000 omit132,481 138,862 127,600 ted) _.... Zinc (pounds, 000 omitted): 20,686 84,196 84, 976 81, 704 Production 51, 574 76,904 91,440 Stocks, close of month __ 78,408 99,512 92,108 Shipments Tin (pounds, 000 omitted): 12,410 11,402 11,166 Deliveries to factories.. 8,236 5,419 8, 902 Stocks, close of month. Textiles 586 Cotton (bales, 000 omitted): 2,368 2,807 1,845 Sight receipts ... __ 182 790 454 761 American spinners' takings 1,103 731 515 Stocks at mills ;__._ 122 3,486 4,225 2,073 Stocks at warehouses... 2,785 3.358 1,688 Visible supply 542 633 Consumption by mills . 1,552 435 Spindles active during month (000 436 31,079 34,336 omitted)_ 30,122 Spindle hours active during month 523 8,382 (000,000 omitted). ~6,415 Finished cotton fabrics: Finished yards billed (yards, 000 1,427 86,765 105,275 70, 547 omitted) _ 439 90,601 99,662 74, 213 Orders received (yards, 000 omitted) 44,331 50, 341 39, 753 Shipments (eases) 40,664 48,177 39,325 Finished stocks (cases) Wool: 51,815 45,638 Consumption (pounds, 000 omitted) 54,854 33, 253 Percentage of active machinery to 37,141 total reportedLooms wider than 50-inch reed 115,428 76.8 64.9 space _ -_--___ .72.4 295,389 81.0 73.8 Looms 50-inch reed space or less... 75.8 86.1 81.3 Sets of cards _ 83.4 75.9 72.5 79.8 Combs 83.9 79.3 83.3 Spinning spindles, woolen 83.9 66.5 75.4 Spinning spindles, worsted 49,171 i Figures for September and August, 1924, and September, 1923. 8,724 954 FEDERAL RESERVE BULLETIN COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued October, Septem- October, 1923 1924 ber, 1924 October, Septem- October, 1924 ber, 1924 1923 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, worsteds._.. Men's and boys' garments cut:1 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~ Cattlehides Calf and kip skins _____ Goat and kid skins. Sheep and lamb skins Stocks disposed of during month1— 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'finishedstocks Upper leather: Cattle (sides) i— Production... Stocks in process Totalfinishedstocks Calf and kip skins i-— Production _ Stocks in process _. Totalfinishedstocks Goat and kid skins i— Production Stocks in process... Totalfinishedstocks Sheep and lamb skins i— Production Stocks in process. Totalfinishedstocks Boots and shoes, output (pairs, 000 omitted):^ Men's. Women's All other _ _ Total.. Building Materials Brick (number, 000 omitted): Clay fire b r i c k Production Shipments _ Stocks at close of month New orders _ Unfilled orders, close of month.. Face b r i c k Production Shipments... _' Stocks in sheds Unfilled orders, close of month.. 1 73.9 65.1 91.8 98.1 90.8 78.7 65.9 59.1 87.1 86.3 86.4 67.0 76.7 73.9 92.7 86.2 88.0 87.0 900,831 47,484 712,559 269,956 523,960 807,406 202,899 983,321 46,497 504,089 682,641 424,952 534,071 901,587 137,448 578,834 288,524 369,918 450,611 133,608 35,508 44,398 4,870 36,366 42,260 5,871 25,917 32,679 4,021 3,881 1,711 1,436 3,581 1,594 1,316 3,531 1,501 1,306 3,775 3,340 8,018 7,282 3,760 3,147 8,887 6,944 5,487 3,429 10,999 9,203 1,844 914 1,589 2,584 1,648 1,194 1,423 3,142 1,427 1,120 1,512 3,232 1,362 5,146 5,918 1,232 5,098 6,274 1,536 5,760 9,122 1,047 2,386 5,089 1,007 2,454 5,404 1,441 2,752 5,974 1,419 3,764 6,623 1,511 6,810 1,590 4,199 7,576 2,506 4,418 21,193 2,150 4,298 21,614 3,264 7,411 20,813 1,639 2,772 4,903 1,453 2,165 5,162 1,346 2,909 6,552 7,583 9,939 10,123 7,178 8,719 9,576 7,909 8,848 10,798 27,644 25,473 27, 555 57,924 54,016 230,369 50,582 55, 598 48,480 50,657 226,136 47,496 58,867 178,841 47,974 64,332 36,934 33,447 72, 677 37,994 34,959 33,607 73,188 39,308 39,657 35,083 71,451 49,227 61,265 Figures for September and August, 1924, and September, 1923 DECEMBER, 1924 Building Materials—Continued Brick (number, 000 omitted)—Con. Silica brickProduction 11,025 Shipments 14,255 Stocks at close of month 34,140 Paving brickProduction 29,898 Shipments 34,569 Stocks at close of month..: 84,593 Orders received ... 20,680 Unfilled orders/close of month.. .62,972 Cement (barrels, 000 omitted): Production.. 14,820 Shipments _ _ .. 17,081 Stocks, close of month 6,143 Oakflooring(feet, 000 omitted): Production _ 42, 253 Shipments 42,497 34, 657 Orders booked.. _ 41,105 Stocks at close of month 36,005 Unfilled orders Mapleflooring(feet, 000 omitted): 7,707 Production 7,761 Shipments . 6,864 Orders booked. 23,073 Stocks at close of month — 8,124 Unfilled orders Enameled ware (number): Baths— * Shipments 85,039 Stocks, close of month 82,549 New orders . 70,856 Lavatories— Shipments 92, 716 147, 751 Stocks, close of month 85,521 New orders Sinks100, 211 Shipments 201,975 Stocks, close of month New orders __. 87,455 Miscellaneous ware57, 620 Shipments ._ Stocks, close of month. __. 127,653 New orders _ • ._. 47,345 Miscellaneous Manufactures Chemicals: Acetate of lime (pounds, 000 omitted) Methanol (gallons) Wood pulp (short tons): Production _ Consumption ... Shipments Stocks, close of month Paper (short tons): Newsprint— Production Shipments Stocks, close of month Book paperProduction Stocks, close of month Paper boardProduction Stocks, close of month.. Wrapping paper— Production Stocks, close of month. Fine paperProduction „_ _. Stocks, close of month Advertising (agate lines, 000 omitted): Magazines _ Newspapers... Rubber (pounds, 000omitted): Imports (pounds, 000 omitted) Consumption by tire manufacturersTires and tubes (number, 000 omitted):" Pneumatic tiresProduction Shipments, domestic Stocks, close of month 2 Preliminary. 9,705 12,287 37,370 12,124 11,250 42/597 30,646 36,007 102,129 32,930 80,219 38,796 39,707 97,639 26,959 74,226 14, 519 16,827 8,404 13,350 14,285 4,612 36,125 38,011 33,833 42,564 45,368 29,267 31,117 30, 551 34,868 6,682 8,374 7,553 22,440 9,237 12,312 11,595 9,394 19,861 14,797 92,039 62,321 77, 560 107,308 29,340 101,864 93,804 133, 515 86,072 141, 206 43,583 126, 474 100,169 183,427 84, 520 135, 527 53,346 136,963 58,630 100, 008 51,198 64, 707 49,785 60, 567 9,803 539, 333 8,449 464,702 12, 973 666,364 204, 586 192, 277 19,370 147,995 167,479 159, 647 17,741 157, 515 186,643 181,824 26,865 84, 097 129,429 129,536 28,194 116, 206 116, 598 28,463 122,073 124,894 21, 934 91, 319 36, 706 124, 796 36,396 82,140 36,151 52,480 22,035 107,715 33,978 115,577 32, 761 51,374 59, 741 50,795 63, 728 53,448 46,753 26,197 39,978 23,167 40,548 25,995 38,666 2,213 108,594 1,795 94,903 2,263 109,293 87,352 60,034 43,921 39,473 24,114 3,743 2,972 5,340 3,531 3,319 4,524 2,361 2,820 4,876 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued I October, 1924 1 September, 1924 October, October, 1923 1924 Miscellaneous Manufactures—Contd. Tires and tubes—Continued. Inner t u b e s Production Shipments, domestic.. Stocks, close of month Solid t i r e s Production. _. . . . Shipments, d o m e s t i c Stocks, close of m o n t h . . . Automobiles: Production (number)— Passenger cars ._ Trucks Shipments— By railway (carloads). Drive aways (number).. By boat (machines) __ 5,506 5,119 6,039 3,855 3,596 6,898 52 48 172 42 46 142 37 48 235 257,839 30,597 257,868 30,154 334,244 29,638 32,500 28,450 5,750 28,360 28,670 7,130 78 18 79 25 295 15 96 104 • 310 398 64 333 53 915 62 ._._._. 462 386 977 Vessels built in United States and oflicially numbered by the Bureau of Navigation: Number. _ __ .__ . . . . _ _ _-_._ Gross tonnage...-.> . _ . . . - 80 11,414 Vessels cleared in foreign trade (tons, 0Q0 omitted): American Foreign 42,236 37,947 7,663 Locomotives (number): Domestic shipped Foreign completed _~ ... - __ „ Unfilled ordersDomestic Foreign _ _.__ Total 126 •25,875 78 18,350 2,922 3,881 2,872 3,607 2,688 3,304 6,804 43.0 6,479 44.3 5,992 44.9 8,354 1,974 7,477 2,184 10,531 2,471 10,328 9,661 13,003 3,426 11,499 3,247 6,762 5,137 4,255 14,581 3,125 2,060 3,458 2,639 * 12,193 3,305 10,244 2,977 6,196 4,480 3,646 13,629 3,016 1,980 3,342 2,362 12, 744 3,121 11,545 3,299 6,595 4,271 3,768 14,857 3,039 2,276 2,703 2,718 15,140 Total . . Value oi permits (dollars, 000 omitted)— Boston (14 cities) New York (22 cities). Philadelphia (14 cities) ._ Cleveland (12 cities) Richmond (15 cities) Atlanta (15 cities) Chicago (19cities). St. Louis (5 cities)... Minneapolis (9 cities) Kansas City (14 cities).... Dallas (9 cities) ... San Francisco (20 cities) 72,382 67,921 73,332 11,284 77,444 18,335 21,949 12,307 8,571 51,278 13,815 5,190 9,288 8,431 31,652 10, 504 58,743 16,770 17,478 10,814 7,116 48,415 7,824 4,348 9,933 6,626 33,823 11,917 85,899 15,444 19,745 11,095 9,160 54,957 4,588 5,001 8,970 4,741 40,028 Totals.... Building contracts awarded: By Federal reserve districts (dollars, OOOomitted)— Boston . . . New York _ Philadelphia Cleveland Richmond - . Atlanta Chicago St. Louis Minneapolis Kansas City _ Dallas. „ . . . ' 269,543 232,394 271,546 29,759 109,518 45,230 45, 585 24,798 42, 111 63, 765 29,557 8, 571 1 11, 656 13,820 29,035 83,864 32,130 47,947 27,725 28,770 54, 596 20,875 7,882 i 12, 501 14, 519 29,552 111, 818 25,346 41,235 20,937 22, 580 58,240 28,248 11, 562 9,703 424,370 359,844 2 359,221 28,395 3,332 8,546 3,201 713 1,516 1,064 273 24,272 3,199 7,226 3,827 1,358 2,010 1,033 254 35,008 3,877 7,582 3,907 1,419 1,305 756 311 47,390 43,453 54,258 Total.. ._ . Percentage of American to t o t a l Commerce of canals at Sault Ste. Marie (tons, 000 omitted): Eastbound Westbound Total BUILDING STATISTICS Building permits issued in 168 cities, grouped by Federal reserve districts: Number of p e r m i t s Boston (14 c i t i e s ) . . . _ . . _ . . . . . . _ . New York (22 cities) Philadelphia (14 cities) Cleveland (12 cities) Richmond (15 cities) .. Atlanta (15 c i t i e s ) . . . . . . . . . . . . . . . Chicago (19 cities) St. Louis (5 cities) Minneapolis (9 cities) Kansas City (14 cities) Dallas (9 cities)..... San Francisco (20 cities) Transportation Freight carried by Class I railways: * Net ton-miles, revenue and nonrevenue (000,000 omitted).... Net tons per train „ . „ Net tons per loaded c a r . . . . . 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, I.e. 1 Miscellaneous .. Total . Classified by geographical divisionsEastern. Allegheny Pocahontas Southern Northwestern Central western Southwestern _ Total Freight car surplus (number): Total Box _ Coal Freight-car shortage (number): Total Box Coal Bad-order cars (total), condition first of following month 36,442 746 27.1 39,449 733 27.4 304 186 859 44 318 190 1,161 1,852 293 160 776 37 290 204 1,074 1,669 222 192 865 54 333 267 1,138 1,760 4,916 4,505 4,831 1,118 947 236 694 742 811 368 1,023 890 207 627 692 740 326 1,137 973 200 659 776 763 323 4,916 4,505 4,831 99,256 29,010 49,584 155,374 42,994 77,985 27,393 18, 538 6,413 1,326 846 412 412 207 132 14, 518 5,063 3, 774 190,543 206,044 150,624 i Figures for August, 1924, and September, 1923, Septem- October, 1923 ber, 1924 Transportation—Continued 5,643 4,034 7,453 Total 955 FEDERAL RESERVE BULLETIN DECEMBER, 1924 Total (11 districts) By classes of construction (square feet, 000 omitted)— Residential buildings Industrial Business .___ Educational Hospitals and institutions Social and recreational.._ _ Religious and memorial __ Public T o t a l (27 States) 3 1 ... District No 10 includes figures for Colorado. 2 Total 10 districts. No figures available for Dallas district. 3 Includes miscellaneous building contracts as well as groups shown 956 FEDERAL RESERVE BULLETIN DECEMBER, 1924 WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES WHOLESALE TRADE IN THE UNITED STATES, BY LINES f A verage monthly sales 1919=* 1001 CHANGE IN CONDITION OP WHOLESALE TRADE. BY LINES AND DISTRICTS—Continued Percentage change in October, 1924, sales as compared with—- Drugs 1923 January February March... April. May June. July ... August September October November December.. 1924 January February March.. April May June. . July... August.. September October ... _. ... 78 76 86 79 81 83 79 88 91 97 85 72 75 74 81 80 81 88 81 86 90 99 93 76 61 60 65 62 64 62 64 67 73 74 65 65 101 95 108 86 83 88 88 115 112 112 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 99 80 78 80 78 77 76 78 83 92 95 80 77 80 80 82 83 84 84 93 100 66 63 62 61 64 64 67 68 71 78 97 98 90 81 72 70 79 102 116 104 49 49 65 69 56 52 44 56 69 67 91 91 104 108 104 96 93 93 106 110 116 110 118 114 110 105 111 109 118 130 CHANGE IN CONDITION O F WHOLESALE TRADE, BY LINES AND DISTRICTS Percentage change in October, 1924, sales as compared with— Septem- October, ber, 1924 • 1923 Groceries: United States Boston district New York district Philadelphia district... Cleveland district.. Richmond district Atlanta d i s t r i c t . . . . . . . . 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 district New York district Philadelphia district... Cleveland district Richmond district Atlanta district 7.6 -0.3 11.6 9.2 11.4 8.1 8.7 7.1 5.8 3.9 13.1 -3.6 5.3 1.6 -2.4 -6.7 1.9 -2.0 3.0 8.6 4.3 4.9 9.7 9.1 -1.0 —4.6 -10.9 -7.5 1.4 -10.5 -25.9 —11.0 -18.2 -18.9 -0.4 -1.6 -1.0 -3.8 -7.4 -2.7 -12.9 -16.8 -25.5 -0.8 -12.1 3.9 11.5 11.7 -4.3 -7.5 -3.0 -7.4 -2.3 -8.8 8.3 -2.5 0.2 -12.6 -20.0 -8.8 -6.8 -17.9 -13.4 -10.6 Septem- October, 1923 ber, 1924 S hoes—Continued Chicago district St. Louis district... Minneapolis district . San Francisco district Hardware: 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... . _ . . - . Drugs: United S t a t e s . . . . . . . . . . . . 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 San Francisco district- _ . . . . .». Agricultural implements: United States . . . . Atlanta district Minneapolis district . Dallas district _ _ San Francisco distriet Stationery: New York district Philadelphia district Atlanta district San Francisco district . _ Automobile supplies: San Francisco district ___„ Clothing: New York district St. Louis district-... Machine tools: New York district Diamonds: New York district .„ Jewelry: New York district Philadelphia district. Electrical supplies: Philadelphia district Atlanta distriet ... St. Louis district Millinery: Kansas City district.. „_ Stoves: St. Louis district «, 1.3 9.3 4.2 4.4 13.0 14.3 -0.1 —11.1 11.3 2.9 —4.5 -8.7 9.2 —0.3 4.9 -31.8 -1.8 11.1 -18 1 -5.7 -6.7 -1.9 -8.4 -19.2 -3.5 -6.8 0.8 -0.6 19.1 —6.3 -9.9 9.6 0.7 12.0 3.5 7.1 -2.2 -0.1 -5.4 —4.5 -1.4 —1.9 0.3 -8.3 6.8 11.5 10.9 10.6 11.3 0.9 2.3 7.9 8.3 9.3 4.2 10.7 22.5 1.1 6.5 „ _.«. . -1.3 0.4 9.7 0.1 —21.1 -3.1 —49.1 26.4 —8.5 23.0 42.4 16.4 —10.5 19.8 17. 6 7.1 _ .__ -14.3 14.6 1.0 —9.5 -4.6 3.3 1.5 -3.4 -4.4 —6.5 73.1 —6.8 -3.9 22.6 -14.6 21.5 43.5 . . —....-.—. 31.1 21.1 — 1.5 . _ . . 20.0 27.8 1.0 —2.2 33.3 -6.7 -53.5 -21.6 ._...... ._ . . . 4.1 1.9 2.0 957 FEDERAL RESERVE BULLETIN DECEMBER, 1924 RETAIL TRADE, BY REPORTING LINES [Average monthly sales 1919«» 100] Sales with seasonal adjustment Candy c (4 chai gar 3 ch Shoe chai (6 chain Music cha (4 chain 86 74 73 92 134 122 118 182 177 179 182 200 201 201 154 143 153 151 180 176 331 149 141 145 143 152 141 185 136 128 135 140 138 134 143 102 95 127 139 131 171 97 82 103 102 136 149 214 176 176 179 176 185 174 261 126 119 128 124 130 126 126 101 100 97 97 104 98 98 186 184 187 191 193 200 192 168 157 161 162 166 168 179 151 139 145 145 149 150 152 140 129 138 140 132 135 143 135 112 121 133 123 121 130 122 111 115 102 113 119 113 188 180 179 178 181 183 178 109 102 115 133 127 120 91 93 119 141 98 96 105 114 90 89 69 74 106 141 203 198 197 208 211 197 204 198 207 236 126 140 163 178 174 162 163 172 169 203 141 143 149 145 150 143 148 152 145 159 119 124 136 130 143 131 128 138 137 144 99 93 118 178 150 140 113 108 124 138 84 97 99 88 82 75 72 91 110 124 154 165 181 208 189 176 184 184 185 202 125 127 115 130 123 120 122 119 131 124 100 101 91 111 100 104 93 99 112 109 202 198 182 205 211 200 211 208 217 229 173 179 170 190 183 176 179 181 183 188 146 150 147 149 153 146 147 151 147 156 137 140 140 136 141 134 129 141 137 137 130 132 118 153 130 132 123 138 129 122 102 112 110 103 99 94 97 102 110 102 183 188 179 208 196 188 188 184 188 197 chains chains Five-and cent ch Candy chain (4 chains) Music chains (4 chains) 126 89 100 113 148 142 202 Drug chains (9 chains) e cha chain June July—.., August. September October November December igar chain (3 chains Five-and-tencent chains (5 chains) Drug cha (9 chain Sales without seasonal adjustment 1923 1924 January February March. April... „. May ... June__. July August .-.„. September October DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Number of report- District 1924 Sales with seasonal adjustment 1923 1924 1923 ins firms United States Oct. Sept. Aug. July June Oct. Sept. Oct. Sept. July Aug. June Sept. Oct. 359 San Francisco 141 119 93 91 120 148 113 124 131 119 122 120 130 124 24 63 22 54 23 35 63 23 21 31 Boston -_ New York Philadelphia Cleveland Richmond Atlanta. Chicago Minneapolis Dallas 137 164 144 134 137 120 136 116 126 157 115 127 109 117 106 94 133 102 113 130 86 83 85 101 78 72 108 89 70 136 89 93 82 94 85 73 99 81 71 116 131 127 123 126 118 95 125 99 95 125 144 161 154 151 136 132 154 125 125 160 116 113 104 118 93 92 128 103 102 126 124 136 126 122 120 100 123 103 107 144 127 145 134 132 124 106 139 102 113 139 114 124 117 122 109 92 130 98 99 139 124 131 122 122 116 96 130 98 101 139 123 125 119' 124 114 100 126 98 100 133 130 132 135 137 119 110 140 111 107 147 128 127 128 132 109 103 135 103 102 135 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Number of reporting firms . Sept. Aug. 1923 July June Oct. 1924 Sept. Oct. Sept. Aug. 1923 July June Oct. Sept. 314 148 137 126 122 127 146 139 132 128 124 130 133 131 130 24 63 13 52 19 22 51 22 19 29 135 146 171 146 143 126 170 121 133 147 125 133 160 136 128 118 159 115 128 141 113 120 144 123 116 109 149 106 121 132 116 115 141 119 119 122 146 128 122 113 145 106 113 134 142 145 176 144 141 134 164 121 131 143 129 134 166 135 130 130 162 115 128 138 120 132 153 130 124 111 152 111 118 136 118 125 148 12fi 119 125 146 123 118 109 144 107 115 131 126 123 151 125 120 116 152 108 118 138 125 125 151 131 130 119 154 111 119 141 126 128 157 128 122 119 146 111 115 132 122 123 154 125 102 110 132 110 114 134 OOOSCN Boston - . New York Philadelphia Cleveland Richmond Atlanta. Chicago _ Minneapolis Dallas San Francisco Oct. Stocks with seasonal adjustment r>- O r-i .OOO OS United States..,.. 1924 to co co District Stocks without seasonal adjustment 110 112 131 958 FEDERAL RESERVE BULLETIN DECEMBER, 1924 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND GERMANY October 1924 1923 1924 September Septem- August October ber Production: 20,451 20,430 -24,042 Coal (thousand long tons) 589 Pig iron (thousand long tons) 569 587 Steel ingots and castings (thou646 sand long tons) -. 528 679 Raw cotton, visible supply 8 545 626 (thousand bales) ... 701 Exports: Iron and steel and manufactures 264 (thousand long tons) --. 301 Cotton manufactures (mOlion 364 377 yards) —_. 5,098 5,075 4,933 Coal (thousand long tons) Imports: 192 66 71 Raw cotton (million pounds) 32 35 32 Raw wool (million pounds) Raw hides, w e t ( t h o u s a n d 20,022 6,957 pounds) 11,663 Transportation: Ships cleared with cargo8 (thou5,630 sand tons)-— 5,861 5,694 Freight-train receipts (thou8,294 sand pounds sterling) Freight-train traffic (million ton1,479 miles) __ Unemployment: Among trade-unionists (per 8.7 8.6 7.9 cent) 10,8 10.6 11.1 In insured trades (per cent) • Index of security prices, Dec. 1921= 116.2 115.6 115.8 100 Capital issues (thousand pounds 34,972 5,094 2,156 sterling) 22, 507 596 Exports: Iron and its manufactures (metric tons) Machinery and electrical supplies (metric tons) — Dyes and dyestuffs (metric tons) Coal (metric tons)..Imports: Raw wool (metric tons).. Silk, Half manufactured (metric tons)Cotton (metric tons)..—_ Iron ore (metric tons) Coal (metric tons) August 1923 September July 676 389 375 7,433 175 26 146,491 116,529 117,883 29,380 31,452 33,613 27, 876 7,078 174,112 8,087 174, 018 9,250 126,203 7,569 146, 316 3,147 3,986 434 11,307 231,149 , 099,783 374 8,821 171, 255 521, 731 October 702 135,546 September August 1,485 1,254 1,275 10,456 6,533 9,821 1,732 10.9 11.7 Ship arrivals in Hamburg (thousand net reg. tons)... Unemployment: Applicants for every 100 positions-.. _ Number receiving State aid Business failures _ Capital issues (billion marks). 1 Index of security prices: 25 domestic stocks, Jan. 4, 1924=100 115.5 40, 282 1 Last week of month 9,399 403 13,326 137,244 256 12,062 287,424 1, 601,913 October 1,187 292 63.2 _„ figures. 2 600 588,485 895 2 31.1 954, 664 15 934 62.06 752 2 56.8 356 519,161 850 2 28. 6 65.7 In millions of gold marks. CANADA * Five weeks. 2 End of month figures. 3 Figures include Irish Free State. October FRANCE 1924 October Production: Coal 1 (thousand metric tons)—Pig iron (thousand metric tons)— Crude steel (thousand metric tons). Cotton stocks at Havre 2 (thousand bales) 76,537 Exports: Total volume (thousand metric tons).. _ _ 2,683 Imports: Total volume (thousand metric 4,660 1923 Septem- August October ber 4,904 656 582 4,863 514 477 66, 975 45,443 63,717 5,005 641 2,709 2,498 2,170 4,732 4,457 4,383 Raw cotton for consumption 32,379 12,978 11,299 (metric tons) --.. 1,137 1,127 702 870 Raw silk (metric tons) 2,272 2,083 1,863 Coal (thousand metric tons)—. 2,518 Transportation: Ships cleared with cargo (thou2,800 2,953 sand tons) 3,109 3,170 Railway receipts (thousand francs) _ 4921,819 729,677 600,615 Freight-car loadings (average 64,077 62, 812 60,303 60,517 daily number) Unemployment: 59 59 59 52 Number in Paris receiving aid 3 . Demands for employment not 6,344 5,781 filled (number men in France) 3 7,258 7,053 1 Coal and lignite, including Lorraine and 2 Bale of 50 kilos. End of month figures. 3 End of month figures. 4 Five weeks. 1923 1924 the Saar. Production: Pig iron (thousand tons). Crude steel Railway receipts (thousand dollars) _-._ Unemployment among tradeunionists (per cent) Business failures (number) 1 .. Authorized capital of new companies (thousand dollars) 1 .—..-— Bond sales (thousand dollars). Security prices, average market prices, 20 industrial stocks Receipts of wheat at Fort William and Port Arthur (thousand bushels) Receipts of livestock at stockyards in Toronto and Winnepeg: Cattle (number) Hogs (number) September August October 23 23 29 20 74 67 42,058 34,199 32,171 49, 801 48 5.9 41 6.5 30 4.8 66 6,970 6,947 9,835 212,964 7,647 50,072 8,256 63, 560 94.9 94.7 92.0 7,077 1,305 67, 050 71,034 43, 525 58, 778 51,381 85,076 51,939 September 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 Average for weeks reported. 184,799 18,390 August July September 179,010 179,582 12,306 6,400 11,661 104,465 16,135 159,868 5,300 2,090 145,992 10,268 127,108 8,184 201,280 1,316 1,247 1,550 4,326 2,510 3,628 1, 697 1,915 1,790 2,132 2,293 959 FEDERAL BESEEVE BULLETIN UECBMBEB, 1924 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES [Thousands of dollars] FOREIGN COUNTRIES 1924 1924 iep- October 1923 Cumula- Cumutive lative through through last last month month noted noted By classes of commodities: Total..... „.___.„„.— 310,798 288,126 2,980, 740 3,212,428 Crude materials for manufac100,113 96, 325 997,072 1,187,993 turing. Foodstuffs in crude condition. 42,443 29,163 346,725 287,234 Foodstuffs partly or wholly 38,695 38, 514 465,050 466,360 manufactured Manufactures for use in man56,654 53, 043 533,561 614,680 ufacturing _ Manufactures ready for con70,574 66,414 620,301 641,468 sumption 2,319 4,667 18,031 14,693 Miscellaneous By countries: 106,559 98,939 887,683 970,508 Total Europe. „ 14,119 12, 630 119,477 123,672 France .__— 13,157 114,688 134,170 Germany „—__-.._ 13,753 9,026 5,745 57,935 72,786 Italy.... 36,525 32,700 291,448 347,443 United Kingdom 75,109 73,935 854,730 860,244 Total North America 33,774 31,297 S27,565 341,616 Canada — 395,348 42,103 30,633 Total South America 4,745 64,480 107,350 5,455 Argentina..... Total Asia and Oceania 81,554 801,312 911,924 Japan _ _:_ 29,308 272,058 285,313 3,064 Total Africa ...... 4,128 57,028 74,404 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... Italy... United Kingdom.__ Total North America Canada..... Total South America Argentina Total Asia and OceaniaJapan Total Africa . _ 527,233 427, 636 3,651,859 3,339,344 162,442 100,285 127,998 65,281 961,637 291,533 859,183 228,143 60,330 49, 617 467,420 474,345 53,354 49, 565 505,905 463,892 SepOctober tember France (million francs):2 Imports Exports.... United Kingdom (thousand £ sterling): Imports...... Exports... Reexports.. _ Canada (thousands of dollars): Imports Exports . Japan (million yen): Imports... _ Exports -__-- 32,600 33,979 25,581 24,339 100,895 1,029,750 657,906 63,283 115, 770 9,566 887,099 637,445 98, 005 3,157 3,184 3,532 120,458 68,587 12,931 1923 Cumu- Cumulative lative through through last last month month noted noted 68,116 104,316 63,902 82,456 825,184 765,291 764,609 159 161 141 158 2,071 1,441 1,653 1,181 SeptemAugust ber Belgium and Luxembourg (million francs): Imports „.—--. Exports. Denmark (million kroner): Imports. -—. Exports..,,..-. Germany (thousand metric tons) Imports.. Exports...—-Italy (million lire): Imports Exports. —_ _ Netherlands (million guilders): Imports.-...——.. -. Exports.. Norway (million kroner): Imports Exports _. Sweden (million kroner): Imports „_.. __._. Exports.--. Brazil (million milreis):l Imports Exports _ -_. Australia (thousand £ sterling): Imports-.. .—. Exports.. _. India (million rupees): Imports Exports _ South Africa (thousand £ sterling): Imports.. - 1,476 1,184 1,363 1,006 12,902 10,067 9,014 6,094 200 203 200 189 1,727 1,572 1,476 1,199 623 564 589 6,110 4,554 4,712 4,198 1,386 1,234 1,466 1,024 13,785 9,773 12,676 7,321 190 163 174 138 1,710 1,192 1,465 923 133 122 127 104 1,123 758 123 124 . 114 126 1,024 964 782 260 256 1,456 1,250 612 1,800 1,599 265 141,179. 126, 333 1,341,350 1,243,580 767 4,992 4,895 438 11,709 108, 111 99,071 12, 042 79,022 65,306 89,793 11,255 7,151 8,404 74,046 290,598 235,720 1,865,544 1,628,587 228 1,832 1,698 206 26,787 28,217 217,034 210,792 284 2,829 2,575 252 49,651 44,381 331,400 256,338 21,955 14, 589 140,263 129,461 125,418 740, 301 657,816 5,680 49,164 40,139 5,832 133,387 112,196 919,793 921,443 5,418 Exports. . 52,068 5,927 52, 066 86,265 70,459 531,928 560, 838 32,820 24,352 258,449 226,675 1 Figures for June and July and cumulative through July, 1924, and 12,764 97,259 9,627 64,195 49,415 549,591 511,625 1923. 2 Erratum.—Cumulative figures through September, 1924 and 1923, for 28,927 15, 765 192,306 191,441 6,232 5,952 58,480 . 51, 013 France are 29,202 and 22,521 million francs, respectively, for importsi and 30,447 and 21,531 million francs, respectively, for exports. The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country and principal European trade regions. For methods of construction of these indexes reference may be made to the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921. INDEX OF OCEAN F R E I G H T RATES FOREIGN TRADE INDEX [January, 1920=100] [1913=100] 1924 SepOctotember August ber Imports: Total Raw materials Producers'goods.. Consumers' goods Exports: Total. . Raw materialsProducers' goods C onsumers' goods _ _ July 198.5 133.7 308.0 152.2 173.4 125.4 234.5 182.6 157.8 164.4 174.7 127.8 177.5 133.0 264. 2 120.8 135.7 129.8 206.7 120.5 1924 1923 162.5 115.5 225.6 164.1 94.3 70.6 197.9 122. 6 78.0 51.2 171.9 121.3 October 162.2 123.5 204.2 185. 3 115. 5 103.4 159.4 134.0 1923 NoOcto- Sepvember ber tember United States Atlantic ports toUnited Kingdom French Atlantic Netherlands and Belgium.. Scandinavia _. Mediterranean ;.. All Europe November 32.2 28.8 31.9 28.4 29.0 28.2 23.7 22.9 24.8 27.5 23.5 22.9 28.1 28.4 23.5 22.7 28.1 26.5 23.5 21.9 26.6 20.8 23.5 20.4 22.4 24.9 22.4 20.5 25.1 960 FEDERAL RESERVE BULLETIN DECEMBER, 1924 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES [Bank figures are for end of month, except for London clearing banks, which are daily averages] ENGLAND FRANCE [Millions of pounds sterling] [Millions of francs] 1924 October Bank of England: Issue department— Gold coin and bullion Notes issued Banking department— Gold and silver coinBank notes. Government securities O ther securities Public deposits Other deposits Ratio 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.. InvestmentsTotal deposits Total clearings.. __ Government floating debt: Total.Treasury bills Temporary advances Index number of foreign exchange value of the pound sterling September 1924 1923 August October 127 146 127 146 126 146 126 146 2 23 2 22 2 21 2 21 42 76 14 111 42 77 14 111 41 77 17 105 42 72 11 108 19.8 101 19.5 101 18.5 103 19.0 102 285 286 289 280 104 1,045 311 1,634 3,414 108 1,020 314 1,612 2,976 102 1,026 320 1, 617 2,940 774 619 155 591 178 810 635 175 Bank of France: ! 3,680 Gold reserve — 303 Silver reserve War advances to the Government- 22,700 40, 529 Note circulation 1,968 Total deposits —.. Commercial bank loans Commercial bank deposits.._. Clearings, daily average of Paris banks . ... Savings banks, excess of deposits (+) or withdrawals (—) .-.Price of 3 per cent perpetual rente 101 1,021 336 1,629 3,243 619 170 1923 August SepOctober tember 1 October 3,680 301 23,000 40, 339 1,742 15,128 14,999 3,679 301 22,800 40,034 2,000 15,580 15,634 924 1,042 877 +4 + 20 53.80 -33 55.70 52.20 3,675 296 23, 400 37, 670 2,033 13,924 13,961 Not including gold held abroad. CANADA [Millions of dollars] 1924 128.3 126. 6 ITALY [Millions of lire] 1924 September August 1923 July Chartered banks: Gold coin and bullion l._ Current loans and discounts..—. Money at call and short notice.— Public and railway securities Note circulation ____ Individual deposits_.. Gold reserve against Dominion notes Dominion note circulation -. Bank clearings2 Bank debits . —- — 1 2 Not including gold held abroad. July September 54 1,143 278 512 166 1,992 98 214 1,253 1, 967 54 1,142 254 566 163 2,031 98 210 1,364 2,198 1923 August September 54 1,160 267 507 155 1,999 97 211 1,461 2,323 59 1,219 283 417 184 1,997 114 243 1,220 Total for month. JAPAN [Millions of yenl September 1924 Banks of issue: Gold reserve Total reserve Loans and discounts Note circulation for commerce _ „ _ Note circulation for the State * Total deposits „ _ Leading private banks: Cash „ „ Loans and discounts Due from correspondents. Participations.. „ „ Total deposits State note issue _ Index of security prices. 1 1,132 1,832 6,941 1,131 1,833 6,881 10, 413 9,955 10, 064 7, 348 2,661 7,398 2,642 7,449 2,915 927 8,416 3,929 382 12, 428 2,400 1923 1,134 1,853 10,421 1,130 1,832 6,875 1,029 8,430 3,775 374 12,367 2,400 211. 54 October Bank of Japan: Reserve for notes l Loans and discounts Advances on foreign bills. Note circulation 751 Government deposits 8,741 Private deposits --3,935 Tokyo banks: 252 Cash on hand 12,454 Total loans 2, 428 Total deposits 160. 05 Total clearings 9,387 7,758 2,520 Not including gold held abroad. 1,061 377 83 1,363 230 38 1,064 326 63 1,312 216 33 1,065 355 102 1,300 305 35 1,062 108 2,614 1,859 2,586 120 2,607 1,892 2,721 117 2,615 1,861 2,443 110 2,266 1,816 1,460 1,449 350 58 i Gold abroad, gold coin and bullion in Japan. DISCOUNT RATES OF CENTRAL BANKS [Prevailing rates with date of last change] Country Austria Belgium Bulgaria Czechoslovakia Danzig Denmark In effect since— Country 13 Nov. 6, 1924 10 Jan. 22,1923 Aug. —,1924 6 10 7 May 28,1924 Sept. 11,1924 Jan. 17,1924 England.__. Esthonia Finland——. France Germany Greece Hungary Rate P.ct. Rate P.ct. In effect since— July May Mar. Jan. Dec. 7H Jan. Sept. 4 9 9 6' 10 5,1923 19,1924 6,1924 17,1924 29,1923 14,1923 17,1924 Country India. Italy Japan Latvia Netherlands Norway Poland Rate P.ct. In effect since— Oct. July 8.03 Nov. Feb. 8 Jan. Nov. Nov. 6 b 16,1924 11,1922 18,1919 16,1924 24,1924 26,1924 28,1924 Country Portugal Rumania South Africa Spain ... Sweden..—. SwitzerlandYugoslavia.. Rate In effect since— P.ct. 9 6 6 5 6 Sept. Sept. Dec. Mar. Nov. July. June 12,1923 4,1920 29,1922 23,1923 9,1923 14,1923 23,1922 Changes for the month.—Austrian National Bank, November 6, 1924, from 15 to 13 per cent; Bank of Norway, November 26,1924, from 7 to 6}4 per cent; Bank of Poland, November 28, 1924, from 12 to 10 per cent. 961 FEDEKAL BESEKYE BULLETIN DECEMBEE, 1924 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES Wholesale prices in October, according to the Federal Keserve Board's index numbers, rose .1.5 per cent in the United States, 1.7 per cent in England, 1.3 per cent in France, and 1.5 per cent in Canada. When these indexes are converted to a gold basis by making allowance for the depreciation of the foreign currencies in terms of the dollar, they indicate a rise in prices of 1.9 per cent in England, while in France prices remained unchanged. Compared with October, 1923, prices are 2.9 per cent lower in the United States, while they are 5.6 per cent higher in England, 9.2 per cent higher in France, and less than 1 per cent higher in Canada. In the United States all groups rose except producers' goods, which fell 1.1 per cent. Domestic goods advanced 1.5 per cent on higher quotations for grain, cotton, cattle, and hogs. Imported goods rose 2.2 per cent, reflecting higher prices for wool, hides, rubber, burlap, tea, and coffee. The 2.1 per cent advance in export goods resulted chiefly from the rise in grains, cotton, cotton cloth, coffee, and flour. Under the grouping, by stage of manufacture, raw materials rose 2.4 per cent, producers' goods fell 1.1 per cent, and consumers7 goods rose 1.7 per cent. In England, France, and Canada, as in the United States, the price advances were widely distributed among the various commodity groups. These movements reflected in general higher prices for foods, such as wheat, wheat flour, lard, tea, and coffee, and for basic materials, especially textiles, such as cotton, wool, hemp, and jute, and for rubber and hides. In England all groups rose, the largest advance in imported goods amounting to 2.7 per cent. In France all groups advanced, except producers' goods, which remained unchanged. The greatest rise was in imported goods which advanced 3.4 per cent. In Canada prices of raw materials advanced, but those of semimanufactured products and of consumers' goods declined somewhat. A considerable ad-^ vance amounting to 6.3 per cent, was shown for export goods. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 1313 = 100 550 500 CONVERTED TO GOLD BASIS ON PAPER CURRENCY BASIS 400 350 300 250 250 200 200 150 150 France 100 1920 1921 1922 1923 1920 1921 1922 1923 962 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 DECEMBER, 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 A H COMMODITIES Converted to gold basis On paper currency basis Year and month United States 1913, average 1919, average 1920, average 1921, average 1922, average. 1923, average March April ««. May..... June July . . August _ September October November.December January February March April May June July August September October . . « „..._-.-. . _„_. 1924 . . _. „ „. _„ ,__ _ _ France ._ Japan Canada 100 United States England France Canada 100 Japan 100 207 250 167 149 150 100 235 240 181 182 188 100 211 239 149 158 164 100 219 233 156 150 159 187 133 136 124 100 198 223 150 147 147 100 241 242 175 175 183 398 390 386 394 391 391 404 404 416 427 155 156 155 153 151 150 149 147 145 144 185 185 187 186 183 179 190 196 199 205 169 170 167 164 159 159 163 163 163 163 166 167 164 162 158 154 154 154 154 159 131 135 133 129 119 115 123 125 119 116 152 153 152 150 147 146 145 145 142 140 180 181 184 183 179 176 186 192 193 193 445 469 483 428 428 442 440 442 436 442 146 148 147 143 143 145 147 149 146 148 205 200 200 201 200 189 191 196 198 206 163 163 160 158 156 154 156 158 156 159 156 160 158 162 158 155 156 160 158 161 108 107 117 137 128 120 117 125 120 120 142 144 143 140 141 142 146 185 182 100 211 239 149 158 164 100 241 310 198 165 170 512 344 319 394 169 170 167 164 159 159 163 163 163 163 .... .. .... ». 1923 „_ . England 173 175 173 171 168 164 165 166 171 177 163 163 160 158 156 154 156 158 156 159 178 180 180 181 177 174 174 173 172 175 • 172 165 161 156 158 163 161 161 149 145 148 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i Grouped by stage of manufacture Grouped by origin Eaw Pro- Conma- ducers' sumers' terials goods goods Do- All Year and month modities Export Im- goods tic ported oods goods FRANCE—COntd. UNITED STATES 1923—October 1924—May June July.. August September-. October 1923—October 1924—May June— July August.—._ September.. October ..... 156 154 156 158 156 159 167 163 160 163 164 161 165 160 151 147 147 149 148 146 161 151 152 154 156 156 158 165 158 157 159 160 158 160 150 133 129 132 139 143 146 182 183 179 180 177 163 167 166 177 174 174 173 172 175 165 178 173 171 171 168 171 154 166 164 163 165 166 168 177 185 186 188 184 183 187 165 179 176 175 173 173 175 167 171 170 171 174 169 174 167 181 179 177 176 172 174 404 428 442 440 417 430 444 447 435 437 450 450 374 425 441 430 394 457 481 496 503 422 425 445 451 FRANCE 1923—October 1924—May... June July........ Year and month Grouped by stage of Grouped by manufacture origin All Excomport modi- Raw Pro- Con- DoImsum- mes- ported goods ties ma- ducers' terials goods goods goods goods 417 431 427 1924—August SeptemberOctober 442 436 442 456 464 469 455 441 441 147 143 145 147 149 146 148 130 127 128 133 134 133 137 m 196 200 189 191 196 198 206 195 214 199 198 206 198 211 419 402 412 427 420 423 511 516 533 451 443 452 160 157 153 153 153 151 166 162 165 163 169 162 161 144 141 143 146 148 145 147 165 159 156 156 157 155 157 138 132 138 148 152 150 160 194 199 190 186 194 202 212 197 193 184 188 192 196 202 198 197 186 187 194 200 208 187 216 208 208 207 189 200 207 192 175 178 194 200 204 CANADA 1923—October 1924—May.. June July August September.. October JAPAN 1923—October.... 1924—May June July. August September-. October.. _. * 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. 963 FEDERAL RESERVE BULLETIN DECEMBER, 1924 WHOLESALE PRICES IN THE UNITED STATES INDEX OF THE BUREAU OP LABOR STATISTICS [1913-1001 Bureau of Labor Statistics groups Federal Reserve Board groups Haw materials All comCloths Fuel Metals Build- Chem- House MisPro- Conmod» Farm and fur« and icals ing ities prod- Foods and Ani- Forest Min- Total duc- sumcellaers' cloth- light- metal mate- and nish- neous eral ing raw ers' ucts mal ing prod- rials drugs goods Crops prod- prod- prod- mate- goods goods ing ucts ucts ucts rials ucts 1922 average 1923 average 1923-Oetober 1924—May. June July August September.. October. 149 154 153 147 145 147 150 149 152 138 144 149 137 136 139 144 148 152 133 141 144 136 134 141 145 143 149 181 200 199 187 187 188 190 186 188 122 144 142 134 132 130 130 128 127 218 185 172 177 17S 173 170 168 162 168 189 182 180 173 169 169 171 171 124 131 129 127 127 126 130 131 132 176 183 183 173 172 171 171 171 171 145 168 172 167 165 176 175 164 172 117 123 120 112 111 112 115 116 120 185 210 197 195 182 175 175 180 181 125 122 122 115 109 114 123 123 130 207 185 171 171 168 167 166 166 165 158 159 155 152 147 152 154 152 156 128 141 140 133 130 130 131 130 129 151 156 159 150 151 153 156 158 161 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES IDEX NUMBERS [Pre-war=100] England Year and month Belgium Austria Bulgaria Czecho- Den1 slovakia * m a r k Board of Trade Germany; Federal HunFinland France Statis- gary tical Statist Bureau 1923 October _ November... 1,759,700 1,779,500 515 531 2,263 2,412 974 965 205 207 158 161 150 156 1,077 1,070 421 443 117.9 139.0 1924 May June July August September. _. October November... 1,946,500 1,828,200 1,913,300 2,013,600 1,937,300 2,008,600 557 565 566 547 550 555 2,551 2,811 2,737 2,853 1,015 981 965 997 997 225 219 220 233 231 234 231 164 163 163 165 167 170 161 160 163 162 166 172 1,090 1,088 1,085 1,111 1,117 459 465 481 477 486 497 Gold basis 122.5 115.9 115.0 120.4 126.9 131.2 2,848 1,008 EUROPE—continued NORTH AMERICA United States Year and month Spain Switzer- (Bureau Sweden land! of Labor Canada Statistics) 1923 October November 571 119 133 145 145 148 153 237 242 571 566 567 572 580 602 153 151 151 151 158 161 263 264 271 274 275 276 104 101 102 109 112 116 ASIA AND OCEANIA Australia China (Shanghai) 171 173 1924 May June.. _ July.. August.. September.... October ._ November Norway Italy Nether- (Chris- Poland lands tiania) 161 160 181 182 153 152 153 153 171 173 160 158 157 160 163 167 180 178 173 171 170 169 169 147 145 147 150 149 152 151 152 153 158 154 157 165 163 163 162 162 163 154 152 152 149 149 153 155 India (Calcutta) Japan New Egypt (Tokyo) Zealand (Cairo) South Africa 174 177 156 157 179 179 182 182 184 186 Dutch East Indies 177 178 174 177 212 176 175 129 134 125 176 176 179 180 179 181 205 199 195 200 206 213 179 180 180 181 181 135 131 132 143 148 156 125 * First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board b y the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. 19066—24f 5 964 FEDERAL RESERVE BULLETIN" DECEMBER, 1924 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES [Pre-war=100] INDEX NUMBERS OF DETAIL FOOD PRICES ]European United States (51 cities) 1923 June. July Aug Sept Oct. Nov Dec Austria (Vienna) Belgium 141 144 143 146 147 148 147 146 1924 Jan Feb Mar Apr May June _ July Aug Sept Oct Nov 1,413,200 1,291,100 1,233, 500 1,250,900 1,263, 600 1,264, 700 1,286,000 1,352, 700 1, 382,100 1,393, 000 1,383,800 1,416,900 1,445, 700 1,436, 200 1, 565, 200 1, 562, 300 1, 584, 500 1 619 800 144 141 138 138 140 140 141 144 146 (2) 98 103 109 115 117 121 124 126 130 128 121 113 118 123 124 127 Bul- Enggaria land^ Es- tonia countries France Ger(Paris) many 160 162 165 168 172 173 176 331 321 328 339 349 355 365 175 111 376 177 2,674 2,537 2,497 2,501 2,438 2,687 2,626 2,727 2,723 101 102 109 102 106 104 107 113 176 167 2,495 2,361 2,247 2,221 2,219 2,365 2, 547 115 115 392 380 127 1.17 120 123 111 111 115 119 116 378 370 360 366 374 383 126 120 126 122 125 134 163 160 162 164 166 172 179 384 151 Other countries Italy (Milan) Netherlands Norway Switzerland Canada1 502 496 490 496 502 503 499 145 145 143 142 145 149 149 213 218 220 218 217 221 226 165 164 162 163 162 166 167 138 137 142 141 144 144 145 162 164 165 161 157 157 156 515 150 230 155 151 234 523 524 152 152 241 240 151 151 150 150 152 154 241 241 248 257 261 264 168 167 167 165 165 168 168 166 166 169 145 516 519 518 508 507 514 Aus- India New Zeatralia (Bom- land bay) 146 148 149 149 147 147 152 142 142 143 145 146 147 147 154 150 145 153 151 149 143 137 152 150 147 143 150 150 133 133 134 137 139 139 151 149 148 147 146 143 147 151 156 156 156 157 150 150 148 146 145 .146 South Africa 118 116 115 115 117 120 118 120 122 122 123 122 120 117 117 117 120 INDEX NUMBERS OF COST OF LIVING Other countries European countries Massachusetts 1923 June July Au a Sept Oct Nov Dec SeDt Oct Nov Aus- India SwitItaly NethBel- Czech-; Eng- Fin- France Ger- (Mi- er- Nor- Po- Spain Swe- zer- Can- tra- (Bom- South osloden land ada 1 lia gium vakia i land i land (Paris) many lan) lands way land bay) Africa 156 157 156 157 158 157 158 1924 Jan Feb Mar Apr June July Austria (Vienna) . 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 1 109 1,111 1,163 1,172 1,193 1,190 1,170 157 156 156 154 154 154 155 155 1 174 000 1 194 000 1,199, 600 1 197 300 1 220 900 1,244,200 i 239 100 1 814 200 1,316,200 1 330 700 1, 357,400 480 495 510 498 485 492 493 498 917 917 908 907 916 923 909 897 177 179 178 173 171 169 170 171 1,155 1 143 1,141 1,121 1 121 1,147 1,154 1 198 1,199 1,219 157 157 503 513 520 908 916 172 176 334 331 345 365 366 367 45 491 487 54 64 61 126 125 483 487 502 502 499 110 104 107 112 115 112 116 114 510 517 521 522 518 518 512 511 516 116 122 174 173 230 178 231 179 236 173 244 176 63 72 83 47 55 80 170 172 178 178 174 177 182 121 127 126 127 126 124 127 135 178 190 180 195 180 186 182 180 236 258 141 150 174 177 176 173 171 189 185 "l74" 166 166 164 164 164 167 168 146 146 148 148 149 150 150 169 168 168 166 166 168 169 166 150 149 148 145 143 143 143 145 166 169 146 146 180 1 First of the month figures. 151 156 152 150 149 151 153 154 154 152 153 157 131 130 130 131 132 133 133 158 156 153 150 150 153 156 160 133 134 134 134 134 133 132 132 160 160 161 132 133 2 New series: 1921=100. Information as to the number of foods included and the items entering into the cost of living indexes is available in the board's office, The original bases of the indexes have been shifted to July, 1914, wherever possible. 965 FEDERAL BESERVE BULLETIN • BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANKS EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL EESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR OCTOBER AND SEPTEMBER, 1924 [Daily averages. Amounts in thousands of dollars] Total earning assets Total deposits Total cash reserves Federal reserve notes in circulation Federal reserve bank October September October Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas.....__.-___ San Francisco--. 61,445 317,327 57,074 99,300 40,469 32, 914 129,879 45,483 38,765 49,089 43,202 90,795 57,443 278,320 54,161 Total: 1924 1923 1922 1921 1920 1919 1,005,742 1,150,593 1,184,700 1,640,740 3,390,089 2,709,330 930,965 1,123,472 1,113,343 1,740,474 3,329,481 2,471, 515 1 41,982 31,947 117, 725 41,472 41,592 46,613 48,797 84,027 September October 295,757 891,996 250,649 310,114 110,987 163, 743 98,495 89,352 107, 555 79,499 297,165 3,124,202 3,194,285 3,211,513 2,905,727 2,162,178 2,207,386 294,904 928,064 255,211 320, 396 104,675 163,033 446,655 100,149 78,346 103,299 63,188 298, 703 3,156,623 3,187,000 3,192,420 2,836, 396 2,139,280 2,157,932 September October September October 136,246 210,966 200,344 307,553 158,935 210,112 71,982 134,798 220,737 >9,173 68,244 56,453 209,581 64,928 50,213 209,162 86.2 75.6 87.5 79.6 78.0 83.1 80.3 73.6 71.6 69.2 69.3 79.1 1,769,354 2,276,388 2,309,013 2,456,121 3,336,768 2,738,394 1,750,498 2,264,090 2,225,457 2,493,910 3/275,535 2,627,295 September 78.5 76.1 76.7 69.4 i 43.1 148.5 141, 552 865, 330 129,633 177,570 65,819 60,845 323,374 77,168 55, 623 87, 215 58,229 165, 951 138,391 872,408 128,583 177,054 65,376 59, 523 322,171 75,159 50, 718 83,987 54,154 160, 877 201,732 315,140 156,805 211,937 2,208,309 1,919,312 1,876,362 1,728,029 1,867,589 1,980,676 2,188,401 1,908,193 1,866,300 1,716,162 1,912,070 1,930,969 87.1 78.7 88.8 82.8 76.2 83.9 82.3 75.8 67.8 69.4 60.5 80.7 80.1 76.4 • 78.0 67.4 1 43,3 150.4 Calculated ©n basis ©f net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924 RESOURCES [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Minne- Kansas Atlanta Chicago St. Louis apolis City 208,388 205,422 201,167 188,503 185,089 539,801 544, 786 544,775 529,747' 529,719 179,977 177,628 172, 736 170, 789 167,717 216,725 216,802 206,448 207, 232 201,645 58,065 62,177 61,238 70,389 69,594 129,025 127,973 128,870 130,165 132,002 211,242 211,193 211,167 211,134 191,115 55,915 55,376 55,423 55, 925 56,324 1,750 1,916 2,230 2,235 2,047 2,553 2,075 1,708 1,750 2,233 4,366 3,447 2,573 1,481 3,443 2,012 2,008 2,547 2,454 2,498 838 589 775 412 515 59,815 131,578 64,093 130,048 63,468 130, 578 72,624 131,915 71,641 134,235 215,608 214,640 213,740 212,615 194,558 57,927 57,384 57,970 58,379 58,822 Dallas San Francisco Gold with Federal Oct. 22. 2,006,200 Oct. 29. 2,004,220 Nov. 5-. 1,989,213 1 Nov. 12 -_ — Nov. 19 G o l d redemption h fund with X . S. X Treasury: 29,905 Oct. 22.36,246 Oct. 29 38,070 Nov. 5 27,114 Nov. 12_ __Nov. 19-— : 38,620 WML Gold held exclusively! against Federal reserve'notes: Oct. 22. — 2,036,105 2,040,466 Oct. 29 Nov. 5 '.-• 2, 027,283 1,997,125 Nov. 1 2 — 1,972,601 Nov. 19 Gold settlement fund, with Federal Reserve Board: Oct. 22 — 607,378 580,869 Oct. 29 587,118 Nov. 5 Nov. 12 601,642 Nov. 19— 610,131 Gold and gold certificates held by banks: Oct. 22.. 400,735 422,491 Oct. 29-.-424,370 Nov. 5... Nov. 1 2 — I 449,115 , Nov. 19 ... 468086 64,850 ;,64,096 66,079 63,245 69,205 65,185 71,258 .64,716 71,363 63,952 49,919 48,350 50,480 49,903 46353 228,197 225,189 222,519 22,0, 250 219,108 2,157 2,550 2,224 2,266 2,527 990 1,504 1,367 1,387 1,194 837 1,719 1,518 1,099 1,623 65, 688 66,668 69,980 71,670 71,878 66,253 65,795 67,409 66982 66,479 50,909 49,854 51,847 51,290 47,547 229,034 226,908 224,037 221,349 220,731 34,214 34,404 41,484 1, 741 4,116 7,527 4,3.82 6,994 9,818 9,127 7,648 5,914 9,555 2,475 4,294 6,099 2,180 3,363 368 2,901 1,854 1,554 2,628 210,129 209,538 208 694 192,885 192,083 549,619 553,913 552,423 535, 661 539,274 182,452 181,922 178,835 172,969 171, 080 217,093 219,703 208,302 208,786 204,273 55,465 51,362 36,794 35,856 40,309 192,356 163,600 142,399 185,995 166,216 31,960 31,864 34,127 33,589 31,335 58,944 59, 743 65,406 56,167 60,196 31,563 31,094 37,170 26,161 32,976 12,529 17,228 19,118 20,969 14,527 100,090 99,493 109,424 103, 703 111, 592 22,823 26,545 31,154 30,273 22,596 19,279 16,612 23,112 18,201 23, 554 32,066 37,266 32,450 30,187 38,434 16,089 11, 658 14,480 17,055 19,792 48,604 20,786 21,118 20,885 21,167 20,827 169,267 189,071 198,361 216, 728 232, 955 28,122 27,605 28,036 27,944 28,237 17,725 20,145 20,636 18,748 21, 305 15,357 15,971 16,137 16, 552 17,136 7,942 7,794 7,288 7,530 7,615 80,989 82,371 77,577 84,431 85,935 10,101 9,364 9,178 9,791 9,221 7,242 6,591 5,650 5,579 5,594 4,347 4,072 3,590 3,583 3,113 7,714 7,853 7,883 8,120 8,300 31,143 30,536 29,149 28,942 27,848 966 FEDERAL RESERVE BULLETIN DECEMBER, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924—Continued RESOURCES—Continued [In thousands of dollars] Total Total gold reserves: Oct. 22 3,044,218 Oct. 29 . . . . 3,043,826 3,038,771 Nov. 5 3,047,882 Nov. 12 3,050,818 Nov. 19 Reserves other than gold: Oct. 22 87,403 87,768 Oct. 29 ... 85,148 Nov. 5 90,065 Nov. 12 92,411 Nov. 1 9 . . . — . Total reserves: Oct. 22... Oct. 2 9 . . . Nov. 5 . Nov. 12.__....._. Nov. 19 Nohreserve cash: Oct. 22 Oct. 29 Nov. 5 Nov. 12_ Nov. 19___ Bills discounted: Secured by U . S . Government obligations— Oct. 22 Oct. 29—___ Nov.5 : Nov. 12 Nov. 19 Other bills discounted— Oct. 22. Oct. 29 Nov. 5 Nov.12—._ Nov. 19—._ Total bills discounted: Oct. 22 Oct. 29.__ Nov. 5 . Nov. 12___.____. Nov. 19 Bills bought in open market: Oct. 22 Oct. 29 Nov. 5____. Nov. 12 Nov. 19_— U.. S. Government securities: Bonds— Oct. 22 Oct. 29- — Nov. 5 Nov. 12__.._. Nov. 19—— Treasury notes— Oct. 22 Oct. 29 Nov. 5 Nov. 12 Nov. 19 Certificates of indebtedness— Oct.22_ Oct. 29Nov. 5 Nov. 12 Nov. 19 Total U. S. Government securities: Oct. 22... Oct. 29 Nov. 5 N o v . 12 Nov. 19__ - Boston New York 282,018 266,373 249,908 253,219 911, 242 242,534 293,762 906,584 241,391 299,591 893,183 240,998 294,344 234,502 283,701 938,445 230, 652 285,774 Philadelphia Cleveland Richmond Atlanta hicago 106,735 111, 158 116,775 115,337 121, 753 152,049 155,070 156,984 160,414 156,377 396,687 396,504 400,741 400,749 392,085 11,140 11,201 11,169 11,132 12,837 San Kansas City v>m*<* Frgfcnm m s 90,851 92,209 93,293 89,871 98,302 98,742 98,443 95,450 90, 639 101,026 102,666 107,133 103,449 100,752 108,026 74,712 69,365 74,210 76,465 75,639 294,391 291,848 294,670 293, 777 297,183 10,287 9,541 9,974 10,433 10,558 1,171 1,127 1,187 1,187 1,314 2,382 2,808 2,581 2,750 2,971 7,941 8,215 8,250 8,307 8,175 3,120 3,569 3,396 3,296 3,404 407,827 101,138 407,705 102,834 411,910 108,276 411,881 108,876 404,922 101,197 93,380 90,998 99,929 96,637 102,340 105,048 109,941 106,030 103,502 110,997 82,653 77,580 82,460 84,772 83,814 297,511 295,417 t. Louis apolis cisco 9,346 9, 755 9,673 9,991 9,661 21,073 20,459 18,021 21,053 20,802 2,683 2,467 3,315 3,399 2,974 4,901 5,746 5,873 6,385 6,827 5,017 4,933 4,414 4,483 4,765 8,342 7,947 7,295 7,649 8,123 3,131, 621 3,131,594 3,123,919 3,137,947 3,143,229 295,726 291,773 276,046 259,899 932,315 927,043 911,204 959,437 959,247 245,217 243,858 244,313 237,901 233,626 305,337 300,217 290,086 292,601 111, 752 116,091 121,189 119,820 126,518 160,391 163,017 164,279 168,063 164,500 42,037 42,300 35,355 41,731 43,005 3,453 3,666 3,723 4,021 3,693 14,626 14,368 11,124 15,815 14,138 682 581 873 910 1,028 2,457 3,155 2,525 2,288 3,410 1,927 1,819 1,259 1,562 2,128 3,814 3,799 3,327 3,363 3,853 6,064 5,528 4,822 5,215 5,740 2,230 1,953 1,815 2,189 2,288 559 571 449 581 614 1,900 2,082 1,711 1,733 1,987 1,611 1,634 1,241 1,394 1,342 2,714 3,144 2,486 2,660 2,784 75,945 75,471 95,175 95,334 84,680 3,165 4,356 5,501 7,827 7,844 14,120 14,981 26,298 14,155 21,837 11,589 12,921 13,136 14,358 15,222 16,818 13,806 17,275 30,327 14,990 9,086 7,645 8,117 7,694 8,180 2,979 3,022 2,190 1,077 1,191 8,309 10,664 9,703 8,868 8,648 5,260 4,816 4,089 4,318 4,371 276 176 191 93 130 919 808 692 1,202 991 863 761 772 605 565 2,561 1,515 7,211 4,810 711 147,295 147,094 134,088 2,047 2,333 4,189 5,442 5,688 15,104 18,237 13,440 10,995 29,134 6,214 6,363 6,837 7,745 7,519 6,923 6,980 7,872 9,294 9,343 28,780 26,886 24,058 22,991 22,712 22,651 21,012 18,873 18,272 20,807 19,648 21,390 21,243 21,719 22,643 15,372 14,783 13,197 10,997 11,238 7,269 6,692 5,630 5,537 5,270 6,490 6,160 5,945 5,796 5,480 5,349 6,811 3,510 2,726 3,389 11,448 9,447 9, 294 7,384 5,941 223,240 222,565 5,212 224,232 233,844 9,690 13,269 13,532 29,224 33,218 39,738 25,150 50,971 17,803 19,284 19,973 22,103 22,741 23,741 20,786 25,147 39,621 24,333 37,866 34,531 32,175 30,685 30,892 25,630 24,034 21,063 19,349 21,998 27,957 32,054 30,946 30,587 31,291 20,632 19,599 17,286 15,315 15,609 7,545 6,868 5,821 5,630 5,400 7,409 6,968 6,637 6,998 6,471 6,212 7,572 4,282 3,331 3,954 14,009 10,962 16,505 12,194 6,652 169,659 215,404 234,848 248,190 275,245 16,417 20,396 22,652 31,900 37,733 62,362 93,758 76,943 82,030 7,685 8,120 10,121 13,729 17,073 14,724 18,247 20,468 22,076 24,099 5,313 6,249 6,642 7,850 8,683 20,125 22,840 24,508 31,503 30,205 7,349 9,037 9,905 10,834 12,737 2,070 1,860 1,420 1,314 1,097 6,830 8,532 9,272 10,150 11,589 8,537 11,209 12,018 13,645 15,945 18,247 21,934 24,084 28,246 34,054 40,854 41,702 42,309 44,746 44,243 1,037 1,037 1,030 1,030 I,"" 4,902 4,902 4,902 4,902 4,902 749 749 749 749 749 5,115 5,115 5,115 5,115 5,115 1,191 1,190 1,191 1,191 1,191 1,288 1,311 1,355 1,520 1,681 13,581 14,192 14,328 15,765 15,808 600 600 600 600 600 7,788 7,997 7,927 8,754 8,035 1,( 1,653 2,156 2,164 2,175 1,834 1,834 1,834 1,834 1,834 i,U 397,931 398,429 398,006 397,568 26,796 26,796 26,796 26,796 26,743 136,394 136,394 136,394 136,394 136,114 25,426 25,426 25,426 25,426 25,408 38,229 38,229 38,229 38,511 38,436 2,811 2,811 2,811 2,811 % 806 1,393 1,391 1,429 1,438 1,471 53,143 53,143 53,143 53,142 53,037 12,715 12,715 12,715 12, 715 12,689 15,033 15,533 15,064 15,068 15,001 24,466 24,466 24,474 24,492 24,455 19,469 19,469 19,469 19,469 19,429 42,056 42,056 42,056 42,056 41,979 144,042 144,069 144,561 145,300 145,266 11,029 11,029 11,029 11,029 11,082 46,020 46,020 46,020 46,300 5,277 5,277 5,277 5,277 5,295 21,405 21,410 21,410 21,410 21,485 991 991 991 991 996 536 590 602 791 949 17,748 17, 748 18,248 18,748 17,854 3,454 3,404 3,454 3,454 3,480 4,820 4,788 4,768 4,768 4,799 9,107 9,107 9,107 9,107 9,204 6,492 6,492 6,492 6,542 6,582 17,163 17,163 17,163 17,163 17,240 582,827 584,200 584,876 588,364 587,07" 38,862 38,862 38,855 38,855 38,855 187,316 187,316 187,316 187,316 187, 316 31,452 31,452 31,452 31,452 31,452 64,749 64,754 64,754 65,036 65,036 4,993 4,992 4,993 4,993 4,993 3,217 3,292 3,386 3,749 4,101 84,472 85,083 85,719 87,655 86,699 16,769 16,769 16,769 16,769 16,769 27,641 28,318 27,759 28,590 27,835 35,221 35,226 35,737 35,763 35,834 27, 795 27,795 27,795 27,845 27,845 60.340 60.341 60,341 60,341 60,342 149,164 297,073 300, 587 2 1,122 1,122 1,123 967 FEDERAL RESERVE BULLETIN DECEMBER, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924—Continued RESOURCES—Continued [I n thousands of dollars] Total All other earning assets: Oct. 22 Oct. 29 _-Nov. 5.. Nov. 12 Nov. 19 Total earning assets: Oct. 22 Oct. 29 Nov. 5 _.Nov. 12 Nov. 19 Uncollected items: Oct. 22 Oct. 29 Nov. 5 Nov. 12 Nov. 19 Bank premises: Oct.22 Oct. 29 Nov. 5 Nov. 12 Nov. 19All other resources: Oct. 22_.__ Oct. 29__ __ Nov. 5 Nov. 12 Nov. 19 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City 1,750 1,750 3,300 3,300 2,300 2,007 2,007 3,557 3,557 2,550 7 7 7 7 Dallas San Francisco 250 250 250 250 250 60,491 65,947 71,197 84,024 90,120 278,902 307,514 320,812 289,409 320,317 58,690 60,606 64,846 70,584 73,566 103,214 103,787 110,369 126,733 113,468 42,859 39,523 37,168 35,678 35,885 34,160 33,575 31,091 30,948 34, 782 132,554 139,977 141,173 149,745 148,195 44,750 45,405 43,960 42,918 45,115 37,263 37,053 35,007 35,541 34,332 49,710 50,976 51,896 53,161 54,144 42,544 92,596 46,576 93,237 44,095 100,930 44,821 100,781 47,744" 101,048 669,125 ' 611,709 583,315 685,893 713,720 58,988 53,626 55,748 68,369 60,928 147,194 136,931 124,611 164,008 156,638 57,986 55,962 59,553 68,925 65,024 57,992 50,979 46,843 54,988 60,953 59,626 53, 570 49,639 55,117 64,826 29,206 26,303 24,591 28,837 31,820 83,970 79,136 67, 658 72,312 87,781 38,330 33,989 30, 779 34, 235 42,976 17,057 15,390 15,965 17,237 18,371 45,232 41,408 41,298 44,572 45,837 32,046 29,430 30,255 36,252 34,429 41,498 34,985 36,375 41,041 44,137 60,322 60,724 60,743 60,751 61,085 4,312 4,312 4,312 4,312 4,312 16,728 17,043 17,044 17,047 17,048 1,112 1,112 1,112 1,112 1,112 9,129 9,129 9,129 9,129 9,129 2,528 2,528 2,528 2,528 2,528 2,875 2,875 2,875 2,875 ,2,875 8,264 8,264 8,264 8,264 8,264 2,738 2,742 2, 758 2,759 3,010 3,001 3,046 3,048 3,052 3,117 4,596 4,596 4,596 4,596 4,596 1,912 1,912 1,912 1,912 1,912 3,127 3,165 3,165 3,165 3,182 26,450 26,766 27,541 27,439 27,179 216 191 250 226 226 9,427 9,890 10,401 10,528 10,671 320 328 357 388 381 248 254 258 276 280 236 222 225 195 183 2,010 2,011 2,009 2,014 1,983 614 637 830 1,021 1,090 143 140 138 138 138 4,487 4,415 4,242 4,144 3,899 838 829 805 756 737 3,383 3,335 3,544 3,289 3,189 4,528 4,514 4,482 4,464 4,402 Total resources: Oct.22 4,907,288 Oct. 29 4,897,269 Nov. 5 _____ 4,883,417 Nov. 12 ____ 5,018,104 5,086,934 Nov. 19 423,186 419,515 411,276 420,851 422,159 1,399,192 1,412,789 1,395,196 1,456,244 1,478,059 364,007 362,447 371,054 379,820 374,737 471,703 472,641 469,341 483,500 479,841 218,928 213,753 212,008 214,900 232,068 232,456 231,580 228,172 236,100 239,813 639,293 641,247 634,657 648,438 655,992 189,329 187,063 187,726 191,115 194,724 155,747 151,473 158,640 157,192 162,673 207,324 209,832 206,336 208,320 218,298 164,149 160,467 163, 507 172,440 172,430 441,974 434,462 445, 504 449,184 456,140 977,733 1,024,176 1,052,544 1,064,343 1,098,716 LIABILITIES Federal reserve notes in actual circulation: 200,475 198,164 198,330 196,534 196,249 306,959 327,393 357,945 365,262 374,320 151,900 152,619 156,517 159,880 155,242 209,987 211,672 208,090 212, 765 205,628 76,880 77,654 81,364 82,972 84,260 135,327 135,167 137,246 137,405 137,584 209,662 206, 596 206, 446 203,382 200,915 56,031 56,307 56, 796 56,952 57,054 69,832 70,389 72,277 72,420 72,408 69,131 68,500 71,009 71, 958 72,107 56,905 56,303 58,330 57,835 57,338 208,612 205,858 212,467 211,837 210,355 138,875 142, 333 139,047 138, 984 139,896 854, 766 857,562 801,837 852,424 857,817 128,433 127,466 127,340 122,895 129, 762 169,861 170,614 179,056 179,436 179,191 65,429 63,738 66,629 62,295 66,373 58, 965 59,550 58, 521 63,565 62,361 305, 224 310,957 307, 718 312,993 324,469 74, 796 75,221 74,879 78,254 77, 367 55, 964 52,258 56,994 56,119 59,849 81,605 86,258 88,191 86,659 88,889 56,809 55,827 54,695 57,640 61,422 159,265 160, 563 163,168 161,090 167,950 2,000 1,185 1,448 2,455 1,907 4,742 5,982 4,783 5,082 3,565 861 1,627 3,226 3,308 1,908 977 3,610 911 2,540 1,924 1,425 1,594 580 2,010 1,022 1,761 1,595 996 2,752 2,316 454 1,368 5,599 5, 035 1,385 2,225 2,824 3,859 2,235 2,148 1,699 1,677 2,350 1,262 1,457 1,906 2,094 2,326 1,154 1,006 2,094 2,201 1,501 1,975 2,126 3,053 2,509 2,234 3,616 3,903 200 196 233 115 296 17,851 16,042 19,945 19,056 18,861 346 477 476 326 442 1,303 1,294 1,424 1,204 1,310 125 144 142 155 141 169 113 122 124 117 1,245 1,139 1,376 1,277 1,065 1,552 1, 504 785 1,168 1,107 481 332 339 337 374 757 800 926 664 905 313 399 498 474 338 4,517 4,911 4,841 4,762 5,476 2,202,048 2,217, 964 2,178,995 2,235,440 2,270,445 141,075 143,714 140,728 141,554 142,099 877,359 879,586 826,565 876,562 880,243 129,640 129,570 131,042 126,529 132,112 172,141 175,518 181,391 183,180 182,425 66,979 65,476 67,351 64,460 67,536 60,895 61,258 59,639 66,441 64, 794 306,923 313,464 314,693 319,305 326,919 78,573 79,549 79,523 81,657 80,622 58,144 54,267 59,683 57, 718 61,680 84,268 89,152 91,443 88,477 90,800 59,216 58,427 56,694 60,089 63,886 166,835 167,983 170,243 169,468 177,329 607, 786 566,510 541,592 606,738 646,230 56,958 52,909 47,566 58,029 59,050 122,822 113,612 118,517 122,112 131,131 51, 724 49,539 52,733 62,479 56,470 52,147 47,963 42,387 49,966 54,188 56,575 52,148 44,811 49,002 61, 787 21,335 20,234 16,385 17,348 22,520 75,600 73,988 66,336 78,465 80,870 39,082 35,506 35,744 36,816 41,355 15,583 14,647 14,522 14,874 16,416 39,458 37,727 29,441 33,420 40,932 34,491 32,174 34,959 41,005 37,703 42,011 36,063 38,191 43,222 43,808 1, 751,701 Oct 22 Oct. 29 1, 766,622 Nov. 5 1,816,817 N o v . 12 1,829,202 N o v . 19 - - - 1,823,460 Deposits: Member bank reserve account— 2,149,992 Oct.22 Oct. 29 2,162,347 Nov. 5 2,118,075 N o v . 12 2,172,354 N o v . 19 2,215,346 Government— 23,197 Oct.22 Oct. 29 28 266 N o v . 5_ 29,813 N o v . 12 33 424 N o v . 19_ 24,667 Other deposits— 28,859 Oct. 22 Oct. 29 27,351 31,107 Nov. 5 Nov. 12 29,662 30,432 Nov. 19-_.-Total deposits: Oct.22 _ Oct. 29 Nov. 5 Nov. 12... N o v . 19 Deferred availability items: Oct.22 Oct. 29 __ Nov. 5 Nov. 12 Nov. 19___ 968 FEDERAL RESERVE- BULLETIN D E C E M B E R , 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924—Continued LIABILITIES—Continued [In thousands of dollars] Total Capital paid in: Oct. 22 ..... Oct. 29 Nov. 5.. : Nov. 12 Nov. 19 Surplus: Oct. 22.. Oct. 29 Nov. 5 _. Nov. 12 Nov. 19._.__.._-. Other liabilities: Oct. 22 ... Oct. 2 9 . . . ' Nov. 5__ . Nov. 12 Nov. 19 Total liabilities: Oct. 22____ Oct. 29.. Nov. 5 Nov. 12 Nov. 19 Boston New Fork Philadelphia Cleveland Richmond Chicago St. Louis Atlanta Minneapolis Kansas City San Francisco Dallas 111, 911 111, 953 112,009 112,222 112,241 7,996 8,011 8,014 8,019 8,019 30,196 30,196 30,196 30,226 30,232 10.402 10,403 10.403 10, 517 10,517 12, 705 12, 705 12, 705 12, 755 12,756 5,883 5,883 5,884 5,897 5,897 4,582 4,582 4,580 4,581 . 4, 583 15,187 15,181 15,180 15,180 15,180 5,101 5,133 5,133 5,134 5,161 3,307 3,307 3,282 3,282 3,270 4,344 4,344 4,345 4,344 4,346 220,915 220,915 220,915 220,915 220,915 16,390 16,390 16, 390 16,390 16,390 59,929 59,929 59,929 59,929 59,929 19,927 19, 927 19,927 19,927 19,927 23, 691 23,691 23,691 23,691 23,691 11, 672 11,672 11,672 11,672 11,672 8,950 8,950 8,950 8,950 8,950 30,426 30,426 30,426 30,426 30,426 10,072 10,072 10,072 10,072 10,072 7,484 7,484 7,484 7,484 7,484 9,496 9,496 9,496 9,496 9,496 1,927 2,073 2,044 2,153 2,204 414 389 432 488 469 1,032 1,092 1,077 1,143 1,153 939 920 926 897 916 1,367 1,389 1,372 1,375 1.382 1,495 1,592 1,576 1,680 1,682 1,397 1,379 1,392 1,414 1,415 627 613 602 625 617 1,808 1,834 1,809 1,794 1,793 1,159 1, 201 1,153 1,209 1,200 4,907,288 1 423,186 1,399,192 4,897,269 419, 515 1, 412,789 4,883,417 411,276 1,395,196 5,018,104 420,851 1,456,244 - 5,086,934 422,159 1,478,059 364,007 362,447 371,054 379,820 374,737 471,703 472,641 469,341 483,500 479,841 218,928 213,753 212,008 214,900 232,068 232,456 231, 580 228,172 236,100 239,813 639,293 641,247 634,657 648,438 655,992 189,329 187,063 187,726 191,115 194, 724 155, 747 151,473 158,640 157,192 162,673 207,324 209,832 206,336 208,320 218,298 164,149 160,467 163,507 172,440 172,430 441,974 434,462 445, 504 449,184 456,140 78.7 76.8 76.9 77.3 76.5 87.1 86.4 85.0 83.1 81.3 78.2 78.9 77.1 73.3 75.4 77.7 81.1 81.5 81.3 83.3 81.7 83.0 83.4 82.4 81.3 78.9 78.4 79.0 78.8 76.7 75.1 75.7 79.4 78.5 73.5 73.0 73.0 :75.7 74.3 76.3 68.5 69.7 65.3 64.5 68.1 71.2 67.6 71.7 71.9 69.1 79.2 79.0 77.9 77.9 •77. 5 5,792 6,318 8,757 7,200 7,900 2,021 2,429 2,349 2, 515 2,635 2,438 2,929 2,834 3,034 3,181 1, 188 1, 427 1, 380 1, 478 1, 550 917 1,102 1,066 1,141 1,196 3,105 3,731 3,609 3,863 4,051 1,021 1,227 1,187 1,271 1,332 750 901 872 933 979 958 1,152 1,114 1,193 1,251 792 951 920 985 1,033 1,584 1,903 1,841 1,971 2,066 12,927 13,305 13,089 13,587 13,643 292 327 248 325 ' 352 470 : 496 458 • 484 460 4,152 4,152 4,138 4,140 4,133 : 8,056 8,056 8,149 8,147 8,147 7,577 7,577 7,577 7,577 7,577 15,301 15,301 15,301 15,301 15,301 MEMORANDA Ratio of total re' serves to deposit and Federal Re• serve note liabilities combined (per cent): Oct. 2 2 . . Oct. 29____ .. Nov. 5 . Nov. 12 :. Nov. 19 Contingent liability on bills purchased for foreign correspondence: Oct. 22_____ Oct. 29 _... Nov. 5..... Nov. 12 Nov. 19..._ 79.2 78.6 78.2 77.2 76.8 86.6 85.3 81.4 76.9 •77.7 20,566 24,070 25,929 25,584 27,177 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Within 15 days Total Bills discounted: Oct. 22__ _ Oct. 29. _. __. , Nov. 5 Nov. 12 . . Nov. 19 Bills bought in open market: Oct. 22 Oct 29 Nov. 5 _ . _ _ . - . Nov 12 Nov 19 United States certificates of indebtedness: Oct 22 Oct 29 Nov 5 Nov 12 Nov 19 Municipal warrants: Oct 22 Oct 29 Nov 5 Nov 12 __•____ . 16 to 30 days 31 to 60 days From 91 days to 6 months 61 to 90 days ' 20,417 19,695 17,124 15,239 16,493 223,240 222, 565 229,263 224. 232 233,844 126,409 124,903 138,101 137. 645 149, 052 26, 719 27,271 26,413 28,195 25, 528 41,528 42,266 38,685 34,014 33,175 169. 659 215. 404 234. 848 248,190 275, 245 50,150 78. 429 91, 576 74,489 68,123 31,684 42,114 41,293 46,126 49,011 45,746 52,503 59,128 74,404 84,907 34,859 36, 660 37, 311 46,145 60, 941 1,411 1,416 1,416 68, 240 68,269 68,266 68,267 68, 341 100 144,042 144, 069 144, 561 145,300 145, 268 7 7 7 7 • 7 7. 7 7 Over 6 months 7,751 7,993 8,549 8,724 9,149 416 437 391 415 447 7,220 5,698 5,540 — 7,026 12,263 18, 620 18,591 18, 582 20, 014 20, 765 55,742 55,796 56,296 56,945 56,161 969 FEDEKAL KESEEVE BULLETIN" DECEMBER, 1924 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, OCTOBER 22 TO NOVEMBER 19, 1924 [In thousands of dollars] Total Net amount of Federal reserve notes received from Comptroller of the Currency: Oct. 22 3,159,062 Oct. 29 . . . 3,155,526 Nov. 5 3,147,311 Nov. 12__. 3,174,616 % 170,639 Nov. 19 Federal reserve notes on hand: Oct. 22 __ 899,074 Oct. 29 Nov. 5 „ 894,944 Nov. 12 _ 919,084 Nov. 19_. 916,214 Federal reserve notes outstanding: 2,250,435 Oct. 2 2 . . Oct. 2 9 . . . — 2,256,452 2,252,367 Nov. 5__ Nov. 12- _ . - — . _ - 2,255,532 2,254,425 Nov. 19 Collateral security for Federal reserve notes outstanding: Gold and gold certificates— Oct. 22__ 331,504 Oct. 29 306,504 305,504 Nov. 5_ 290,504 Nov. 12 289,504 Nov. 19 Gold redemption fund— Oct. 22-_ Oct. 29 Nov. 5__ Nov. 12 Nov. 19 Gold fund—Federal Reserve Board— Oct. 22.______ Oct. 29 Nov. 5 Nov. 12 _ Nov. 19____.__ Eligible paper— Amount required— Oct. 22. __ Oct. 29. _. Nov. 5_ Nov. 12 Nov. 19 Excess amount held— Oct.22___ Oct. 29, __ Nov. 5 Nov. 12___ Nov, 19 Philadelphia Cleveland Boston NewYork 292,475 289,509 285,254 288,990 285,576 851,430 848,425 844,206 861,378 860,377 68,950 67,150 64,050 67,350 64,450 239,760 233,760 233,760 251,960 251,960 46,160 46,160 49,160 49,160 50,360 51,370 50,870 50,570 49,070 48,670 223,525 222,359 221,204 221, 640 221,126 611, 670 614, 665 610,446 609,418 608,417 199,464 197,116 197,724 195,776 198,305 230,968 232,345 230,290 230,974 229,788 35,300 238,531 35,300 213, 531 35,300 213, 531 35,300 198,531 35,300 198,531 7,800 7,800 7,800 7,800 6,800 Richmond 8,780 8,780 8, 780 8,780 8,780 245,624 282,338 119,764 243,276 283,215 119,376 280,860 118,437 244,936 280,044 121,588 248,665 278,458 122,293 Atlanta Chicago St. Louis Minneapolis 224, 064 223, 013 221,910 223,205 222, 241 465,568 463,801 462,579 463,033 461,277 89,685 89,584 34,540 32,565 30,545 31,165 30,355 70,850 69,715 67,675 69,015 68,185 240,420 238,920 238,920 240,920 245,720 25,500 25,500 24,900 26,300 25,800 16, 604 15,994 15,764 85,224 86,811 87,892 90,423 91,938 153,214 153,298 154,235 154,190 154, 056 225,148 224,881 223,659 222,113 215,557 63,275 63,337 63,383 63,385 63,784 72,415 73,287 74,442 75,305 75,141 9,985 Kansas City 13,052 13,052 13,052 13,052 13, 052 3,500 3,500 3,500 3,500 3,500 88,775 88,837 90,382 102,853 90,061 102,502 91,046 103,381 91,299 105,413 90,905 106,549 17,967 16,774 Dallas San Francisco 78,808 316,981 319,273 83,368 321,103 82, 791 322,254 82,242 322,472 27,493 27,493 26,693 26,853 16,117 20,667 20,167 19,397 19,397 69,500 69,500 71,900 71,900 69,100 75,360 75,009 76,688 78,560 62,691 63,571 63,201 63,394 62,845 247,481 249,773 249,203 250,354 253,372 14,556 14,556 14,556 14,556 14, 556 112,523 113,756 118,555 117,372 111,111 15,088 12,122 17,867 15,203 11,789 30,270 30,255 30,244 30,216 30,188 14,288 11,939 9,547 12,600 10,528 12,945 13,022 12,668 13,452 12,865 2,270 4,382 3,443 2,594 4,799 5,525 4,473 7,370 5,665 4,502 5,597 5,548 5,522 5,4.89 5,470 3,930 4,391 3,438 3,940 3,339 1,048 1,027 1,153 1,206 1,311 4,736 3,885 4,825 4,356 3,592 3,863 3,294 3,424 3,847 4,297 12,963 19,418 19,054 18,804 18,431 1,562,173 1,583,960 1,565,154 1,562,135 1,533,366 158,000 158,000 148,000 138,000 138,000 271,000 301,000 301,000 301,000 301,000 157,889 157,889 155,389 150,389 150, 389 195,000 195,000 185,000 185,000 180,000 55,795 57,795 57,795 67,795 64,795 120,000 120,000 118,000 121,000 124,000 205,645 205,645 205,645 205,645 185,645 42,000 41,000 43,000 43,000 44,000 50, 750 52,000 55,000 57,000 57,000 59,360 59,360 60,360 60,360 60,360 31,500 30,500 32,500 31, 500 27,500 215,234 205,771 203,465 201,446 200,677 244,235 252,232 263,154 285,521 320,444 15,137 16,937 20,037 33,137 36,037 71,869 69,879 65,671 79,671 78,698 19.487 19.488 24,988 24,987 30, 588 14,243 15,543 23,842 23,742 28,143 27,159 24,634 26,654 20,034 22,344 24,189 25,325 25,-365 24,025 22,054 13,906 13,688 12,492 10,979 24,442 7,360 7,961 7,960 7,460 7,460 7,565 7,208 5,237 4,047 3,778 11,264 11,764 11, 503 13,844 16,144 12,772 15,221 12,721 13,491 16,492 19,284 24,584 26,684 30,104 34,264 134,139 6,492 10,148 12,305 12,032 15,228 13,488 41,045 61,247 18,441 41,938 2,715 3,409 479 3,885 6,515 22,376 19,718 19,853 10,629 9,740 5,304 10,278 8,261 6,615 4,805 2,238 2,973 8,504 34,042 41,053 42,811 50,954 20,354 20,649 19,211 18,675 20,873 927 513 875 1,742 1,704 2,925 3,695 4,371 3,273 1,861 1,509 3,348 12,067 7,549 13,163 9,946 6,216 165, 672 185,180 171,144 166,718 15,608 3,057 3,128 970 FEDERAL RESERVE BULLETIN DECEMBER, 1924 EAENING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, OCTOBER, 1924 [Amounts in thousands of dollars] Total Boston 1,052,017 64,693 New York Phila- Clevedelphia land Richmond Atlanta Chicago St. Minne- Kansas Louis apolis City Dallas 317,577 64,872 39,451 San Francisco HOLDINGS ON OCTOBER 31, 1924 Total earning assets _ _ Bills discounted for members. Bills bought in open market. IT. S. securities 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 Livestock paper Trade acceptances, domestic. Total discounted bills. 264,141 200,114 584,205 3,557 7,519 18,319 38,855 1,262 158 117,324 21,948 71,638 42,294 6,179 3,496 4,413 264,141 7,519 Bills Bought Bankers' acceptances, based on— 84,302 Imports 70,906 Exports Domestic transactions _.. 38,813 2,679 Dollar exchange 3,414 \11 other Total purchased bills.. 200,114 Purchased Bankers' Acceptances, by Classes of Acceptors 59,180 National banks 72,547 Other member banks Nonmember banks and bank32,452 ing corporations 21,020 Private banks Foreign banks and their 14,915 branches and agencies, U. S. Securities 40,458 U. S. bonds 329,182 Treasury notesindebtedness.. 214,565 Certificates of 62,599 67,662 187,316 35,107 142,797 46,021 36,045 52,002 47,181 100,185 21, 551 21,468 34,458 8,569 19,864 31,452 64, 754 4,993 3,300 25,433 6,403 3,271 33,914 23,743 85,140 19,663 9,589 16,769 6,715 6,907 1,540 9,109 27, 783 35,736 250 7 7,185 12,201 27, 795 16,729 23,115 60,341 7 06,086 50 334 310 170 44 166 11,507 4,919 48,407 5,654 8,080 338 14,523 2,465 4,033 414 14,106 2,145 772 5,283 789 7,792 3,224 16,445 6,083 4,234 1,789 12,768 5,917 31 120 1 65 192 502 12 592 62, 599 21, 551 21,468 34,458 262 23 816 250 176 222 765 146 19 10,803 10,764 6,823 6,314 862 4,969 147 408 650 369 822 471 15 1,090 2,269 2,757 2.221 1,429 i; 208 1,374 137 856 154 25,433 33,914 19,663 6, 715 6,907 7,185 16,729 432 8,251 7, 582 7,700 210 4,041 4,450 849 249 987 443 100 10 3,594 4,270 970 275 3,944 4,267 3,600 390 12, 553 6,622 3,534 406 5,666 5,696 1,877 2,457 9,730 4,058 4,531 28,343 24, 215 10,993 . ..809 3, 302 2,838 3,723 1,908 100 9,589 6,299 3,634 230 18, 319 67, 662 8,569 19, 864 6,403 23, 743 9,589 1, 540 9,109 12, 201 23,115 7,803 3,990 18, 289 24,419 3,006 3,678 4,716 5,950 1,262 2,150 8,978 12,867 2,083 5,021 215 829 2,703 2,796 3,161 2,725 6,964 8,122 4,357 1,890 7,997 9,564 1,260 3,443 4,331 2,812 1,895 1,806 24 360 86 2,098 327 319 3,008 1,761 3,416 2,674 279 7,393 298 1,424 138 655 50 1,193 1,546 1,939 1,030 26, 796 11,029 4,902 136,394 46,020 749 25,426 5,277 5,115 38,229 21,410 1,191 150 3,652 1,279 1,391 601 13,049 1,832 70, 259 600 7,432 250 12, 715 3,454 20,101 2,155 24,474 9,107 1,834 19,469 6,492 1,122 42,056 17,163 Total U. S. securities__ 584, 205 38,855 DAILY AVERAGE HOLDINGS DURING OCTOBER 1,005,742 61, 445 Total earning assets i 240,907 6,913 Bills discounted 177,949 15,669 Bills bought 584,953 38,863 U.S. securities EARNINGS DURING OCTOBER 164 2,816 Total earning assets * 767 21 Bills discounted. 29 332 Bills bought 114 1,711 U.S. securities ANNUAL RATE OF EARNINGS 187,316 31, 452 64, 754 4,993 3,271 85,140 16, 769 27,783 35, 736 27, 795 60,341 317,327 44,925 82,295 190,107 57, 074 99,300 40,469 18, 638 21,288 35,476 5,184 13, 763 31,452 64, 249 4,993 32, 914 25,446 4,322 3,146 129,879 29,193 17,234 83,452 45,483 21,925 6,789 16,769 38,765 7,756 2,366 28,639 49,089 7,665 6,287 35,008 43,202 7,884 7,441 27,877 90, 795 13, 798 16, 599 60,398 Total earning assets * Bills discounted Bills bought U. S. securities 3.30 3.75 2.20 3.44 3.14 3.51 2.22 3.45 4,977 994 112 41 3 808 177 271 135 107 384 136 122 147 122 243 115 152 541 55 10 106 64 26 181 121 87 10 10 100 32 252 76 13 47 29 4 89 27 12 108 28 14 80 44 30 169 3.00 3.01 2.17 3.35 3.65 3.50 2,23 3.96 3.21 3.52 2.19 3.33 3.93 4.01 3.84 4.05 2.72 3.66 3.48 4.06 2.16 3.55 3.52 4.11 2.19 3.29 3.72 4.43 2.17 3.65 3.51 4.17 2.16 3.62 3.33 4.18 2.20 3.39 3.16 3.72 2.17 3.30 14 3.31 1 Including municipal warrants, as follows: Minneapolis, average daily holdings, $4,431; earnings $16; annual rate of earnings, 4.26 per cent; also including Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $1,800,000; earnings, $6,172; annual rate of earnings 4.03 per cent; Kansas City, average daily holdings, $129,032, earnings, $359; annual rate of earnings, 3.28 per cent. 971 FEDERAL RESERVE BULLETIN DECEMBER, 1924 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR OCTOBER, 1924 [Amounts in thousands of dollars] Total Philadelphia Cleveland Richmond Atlanta Chicago 47,605 604,626 »73,216 82,506 83,160 43,636 70,020 38,802 24,656 20,025 435,431 27,222 141,600 60,840 10,623 62,060 16,939 83,120 36,979 6,126 44,537 20,645 30,705 7,958 203 3,507 40 531 4,838 139 50 87 252 146 32 57 13,317 397,783 30,805 6,610 6,178 138 466 1 44,619 11,432 4,336 352 54,589 2,845 3,762 303 113 50,041 18,615 10,961 2,949 12 11,793 7,688 14,673 1,871 13 32, 569 362 6,676 4,764 13,155 3,455 9,657 1,132 27 378 367 737 790 103 51 35 326 290 353 442 134 2,379 843 25 94 20,025 435,431 60,840 62,060 83,120 36,979 44, 537 30,705 2,400 3.00 5.01 3.50 12.50 3.50 13.14 4.00 13.48 4.00 33. 65 4.00 30.06 4.00 30. 77 23,134 186,109 22.3 2.8 64,925 7.8 72,689 8.7 95, 667 105,232 114,314 11.4 13.7 12.6 Boston New York St. Minne- Kansas City Dallas Louis apolis San Francisco Volume of Operations Total discount and open-market 11,180,438 operations Bills discounted for member banks Bills bought in open market U. S. securities bought in open market Municipal warrants bought 839,900 275,469 63, 262 358 688 47 27,595 1 16,809 23,662 71,740 2,400 1,092 5,637 9,044 9,692 11,462 48,474 22,758 21,157 7 1,878 2,508 508 [Bills Discounted Customer's paper secured by Government obligations ! _ Member bank collateral notes: Secured by Government obligations Otherwise secured Commercial paper, n. e. s Agricultural paper Livestock paper _ __ Demand and sight drafts (based on agricultural products) Trade acceptances, domestic 650,342 98,464 67,131 14,209 1,640 5,110 2,316 839,900 Total bills discounted Average rate (365-day basis)— per cent Average maturity (in days)_..__ Total reduced to a common maturity basis (exclusive of demand and sight drafts) Per cent of total Number of member banks on October 31 Number of banks accommodated during the month. _i___ Per cent accommodated.... 3.65 11. 71 834,789 100.0 17 3.50 13.53 1 2,843 122 728 888 1,055 16 1,877 4,119 1,080 211 124 27,378 18,654 1,733 345 192 2,207 74 111 45 5,637 9,692 48,474 4.22 74.21 4.00 53.09 4.00 21.36 3.50 10.67 74,408 8.9 15,054 1.8 25,552 3.1 13,648 1.6 44,057 5.3 9,707 420 853 739 872 624 520 1,424 630 915 1,089 842 779 2,663 27.4 110 26.2 259 . 30.4 271 36.7 264 30.3 285 45.7 277 53.3 514 36.1 236 37.5 94 10.3 146 13.4 83 9.9 124 15.9 201,105 68,046 6,318 17,884 100,796 9,338 36,414 4,390 8,706 1,767 150 14,052 2,641 246 4,912 1,214 12,851 7,508 286 6,783 940 235 950 132 10 7,776 993 275 8,914 2,253 295 17,481 4,846 431 Total bills bought 275,469 27,222 141,600 10,623 16,939 6,126 20,645 7,958 1,092 9,044 11,462 22,758 Distribution, by rates charged (360-day basis): 2 per cent „ 2% per cent. 2M per cent. 2 H per cent. <$ 23^ per cent, _ 2/i$ per cent 2% per cent 3 per cent 4 per cent 177,614 39,809 50,782 3,366 1,630 55 39 250 1,924 6,859 125,257 6,571 7,219 7,307 11,741 1,201 1,165 1,172 238 53 39 2,750 1,967 5,627 279 7,468 4,359 5,013 95 2 2 184 1,932 2,051 10,060 4,476 5,861 80 168 3,530 2.073 2,305 50 672 301 119 5,183 1,740 2,121 4,718 2,880 3,623 241 10,933 6,291 5,014 255 15 Bills bought in open market Bankers' acceptances: Foreign.. __ _ Domestic Dollar exchange - Average rate (365-day basis)— per cent ._ „_. Average maturity (in d a y s ) . . . . . Total reduced to a common maturity basis Per cent of total 35 250 1,924 2.20 33.35 2.23 35.03 2.14 21.87 2.25 59.20 2.20 49.53 2.88 47.19 2.19 48.20 2.19 47.55 2.13 35.83 2.17 41.44 2.21 46.68 2.18 46.49 275,469 100.0 28,590 10.4 92,840 33.7 18,858 6.9 25,156 9.1' 8,668 3.1 29,834 10.8 11,346 4.2 1,173 .4 11,237 4.1 16,042 5.8 31,725 11.5 14,481 7,281 41,500 3,507 40 786 139 766 168 944 1 203 9,111 4,104 7,942 200 3,000 24, 595 351 9 171 4,052 358 2,308 507 63,262 358 27, 595 203 3,507 40 531 4,838 139 21,157 1,878 2,508 508 U. S. securities bought in open market U S bonds Treasury notes Certificates of indebtedness H Total U. S. securities bought _ Includes Federal intermediate credit bank debentures as follows: Philadelphia, $1,550,000; Kansas City, $250,000. 19960—241 6 972 FEDERAL* RESERVE BULLETIN DECEMBER, 1924 CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM OCTOBER 15 TO NOVEMBER 12, 1924 [In thousands of dollars] Total Number of reporting banks: Oct. 15._ _ Oct.22__ ___ Oct. 29 Nov. 5. _ Nov. 12 Loans and discounts, gross: Secured by United States Government obligations— Oct. 15 _ Oct. 22__ Oct. 29__ Nov. 5 Nov. 12____ ... Secured by stocks and bonds— Oct. 15__ Oct.22___ Oct. 29_. Nov. 5 Nov. 12 All other loans and discounts— Oct. 15__ _.. Oct. 22__ Oct. 29 Nov. 5 Nov. 12 Total loans and discounts: Oct. 15__ _. Oct. 22 Oct. 29-_ Nov. 5 Nov. 12 _ U. S. pre-war bonds: Oct. 15 Oct. 22 Oct. 29___ Nov. 5__ Nov. 12 U. S. Liberty bonds: Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 U. S. Treasury bonds: Oct. 15 Oct. 22 „__. Oct. 29 Nov. 5—_ Nov. 12 _ U. S. Treasury notes: Oct. 15 _ Oct. 22 Oct. 29 Nov. 5____ Nov. 12. -. U. S. certificates of indebtedness: Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 Other bonds, stocks, and securities: Oct. 15 — Oct. 22..., Oct. 29 Nov. 5 ~Nov. 12 Total loans, and investments: Oct. 15—.—Oct. 22 Oct. 29 Nov. 5 — Nov. 12 Boston 744 744 743 743 743 190,500 192,114 181,113 184,762 184,993 NewYork Philadelphia Cleveland Richmond St. Minne- Kansas Atlanta Chicago Louis apolis City Dallas 108 108 108 108 108 8,927 8,607 9,121 8,720 72, 918 ; 78,523 68, 304 71,923 71,021 36 10, 648 11, 423 10,191 9,868 9,917 , 973,085 1283, 269 , 052,106 : 288, 832 , 932,309 : 289,812 , 975,916 I 297,466 ,040,470 < 302,526 Francisco 103 103 103 103 103 9,804 9,880 9,779 9,911 2,819 2,813 2,875 2,792 2,821 6,342 6,207 5,770 5,688 5, 652 3,218 3,219 3,145 3,148 3,124 10,930 9,491 9,519 9,815 4 32,198 29, 646 29, 594 30, 270 31,960 62, 289 61, 545 62,056 62, 704 62, 278 696,998 701,145 695,152 687,241 664,256 153,747 153, 686 156,176 158,474 163,176 52,163 50,459 52,104 55,065 56, 515 82,432 82,480 84, 274 85,199 59,567 59, 793 59,015 59,144 61,234 204,384 208,244 207, 810 207, 546 363,175 1,221,174 364,983 1,210,214 363,212 1,220,276 365, 804 i; 199,858 367, 693 1, 209, 317 \ """ 319,403 320,303 318,288 320,107 320,214 206, 098 204,489 212, 800 213, 643 214,351 324, 827 326,468 329, 674 330,185 329, 255 214, 968 217,130 218, 419 219,950 221, 614 833, 085 833,449 828, 962 831, 417 832,355 18,404 18,200 18,429 18, 525 18,267 6,031 6,551 6,738 8,187 7,630 7 , •' ' 6,707 7, 7, 418,663 414, 573 421, 330 415, 442 412, 524 124,311 122, 800 122,992 121,459 120,190 716, 797 715, 526 716,988 722,961 729,139 343,295 343,908 343, 679 345,467 345,248 4,388,997 4,474,047 4,366,124 4,399,476 4,446, 65r 282,427 282, 292 284,454 274,481 270,738 8,206,415 8,176,777 8,216,431 8,184,713 8, 240, 731 643, 5152,630, 615 648,791 653,442 621,112 669,207 585,060 660, 524 2, 631,152 .2,785,912 .2, 842,938 .2,763, 668 .2,768,951 .2,872,376 934,869 4, 676, 618 : 683,380 153,864 473, 637 433, 6511, 950,370 483, 019 261,080 415,017 277,753 042,654 939,69f • , 734,143 688,257 148,299 473,259 434,158 1, 941, 005 483, 793 257, 761 415,107 280,142 , 047,324 > 690 4, - • -'~ , : 947, 01' 4, 621, 725 689, 582 , 156,747 473,409 432,815J1,945,022 484,344 267,779 417, 924 280,579 , 046, 725 265,153 264,974 264,777 264,397 264, 697 389,463 388,002 389,579 381,054 379, 869 271, 500 420,147 282,242 952,408 4,632, 899 , 156, 928473, 532 436,136 1, 917, 369 939, 700 4, 742, 643 692,312 , 159, 930472,145 437,455 1, 905, 533 493,301 273, 687 420,106 285,972 049,042 049, 592 8,530 8,525 8,525 11,404 11,404 11, 404 11, 404 11,404 18, 534 18, 534 18,534 18, 534 18,548 26,102 26,135 26,129 26,153 26,156 22,924 22,893 23,241 .22,922 23,499 24,851 23,351 25,183 23,784 26,036 40,459 40,804 41,602 41,531 40,883 12,476 12,427 12,649 12,748 12,546 123,466 126,018 127,595 127,226 126,635 13, 730 ; 51, 470 13, 959 51, 468 13,757 51,460 13, 756 51, 509 13, 782 51, 311 10, 692 10, 692 10, 692 10, 689 10, 689 45, 51' 45, 512 45, 538 45, 536 45, 528 26, 51: 26, 61! 26, 61: 26, 71! 27, 06: 14, 836 14, 756 14, 752 14,667 14, 877 23, 019 22, 565 22, 562 22, 569 22,485 14,807 14, 807 14, 807 14, 343 14,330 8,530 1,433,850 1,441,744 1,449,036 1,448,919 1,453,738 87,712 87,520 87,840 87,546 87,36: 679,293 679,964 680,146 682,114 683,568 50,223 49,886 50,60r 53,454 55,139 197,927 199,147 198,335 196,514 195,408 29,876 29,537 30, 387 31,521 33,877 9,422 9,467 9,452 9,429 9,558 157,179 160,811 162,073 158,302 158,943 69,204 69,695 69,01S 69,611 68,12' 5,933 6,034 5,936 5,94: 5,806 21,671 21,318 20,610 20,497 18,851 3,03£ 3,098 3,103 3,248 3,097 2,118 2,040 1,987 1,985 l,9fr 2,097 2,016 2,071 2,299 2,071 623 623 622 622 622 11,04: 11,082 11, 314 10,704 10,606 2,256 2,186 2,288 2,360 2,354 230 230 226 226 226 1,633 1,909 2,516 2,647 3,660 1,166 1,136 1,136 1,086 1,001 17,401 18,022 17,210 17,998 17,868 590,09£ 602,49S 623,16S 620,58£ 610,937 11,438 11,43T 11,436 11,632 11,582 279,042 290,333 301,260 301,264 292,550 24,12C 24,06f 24,25C 24,357 24,033 55,69: 58,71: 65,38: 63,15' 62,20 3,280 2,975 2,918 2,914 2,828 3,148 3,148 3,148 3,049 3,158 119,312 117,895 120,384 119,232 119,090 10,160 10,165 10,169 9,612 10,188 18,335 18,585 18,074 19,085 19,085 23,183 23,308 23,157 23,295 23,210 8,814 8,423 8,693 8,975 8,879 33,572 33,453 34,292 34,013 34,133 9,610 154,861 9,652 158,604 9,837 160,196 9,572 152,424 9,071 234,279 18, 514 18,53C 17,632 17,130 15,504 20,51: 20,29£ 19,66C 18,520 18,564 8,459 8,411 7,911 7,411 5,450 2,553 2,599 2,584 2,565 34,591 33,296 32,2ir 30,27' 32,32C 2,607 2,606 2,682 2,726 2,71f 9,179 11,250 12,050 12,615 12,615 6,504 7,022 7,007 7,218 7,303 5,103 5,048 5,076 5,093 5,099 29,785 29,837 29,695 29,522 28,666 .,099,045 207,652 1 .,095,741 208,702 1, : 210, >,0961 , 139,77' .,153,308 209, 1,6831, : 155,544 , 206, 249,40, 250,401 254,902 256,83S 257,43C 341,428 344,933 344, 572 348,17* 347,50_ 62,618 62,937 64,034 63,927 64,642 42,365 398,594 42,617 398,581 42,671 400,920 42,340 411,333 43,038 414,478 94,54£ 95,73* 96,34C 94,161 95,752 32,016 30,467 31,204 33,284 34,341 67,325 67,218 67, 802 69,395 69,300 17,462 17,730 17,97£ 18,87( 19,33£ 173*, 239 175,501 168,386 175,432 180,021 5,002 1,039,367 1,270,944 6,962, % 1,276,995 7,031,57C l,044,93C 1,050,77€ > 975,174 , 1,285,919 6^ 975; 174 1,290, > "-~ l,054,10i , 1,538 6, 994,015 1,058,211 1,274, 1191,078,746 : , 7, 1,817,05: 1,818, '" 1,832,220 1,830,821 1,831, IOC 606,479 506,598 2,694,10€ 630,321 352,263 565, 525 341,30$ 605,747 507,368 2,685,23f 632,536 349,745 566,772 343,44C 607,342 506,044 2,694,492 634,12c 362,714 571,412 344,645 508,808 2,669,78e 634,912 370,418 575,637 347,548 608,075 511,144 2,663,461 642,42C 374,515 575,866 351.38C 1,446,219 1,456,290 1,450,032 1,459,386 1,463,071 302,27. 307,15C 306,54£ 295,073 274,023 2,785,698 2,790,565 2, 838,682 2,876,75C 2,888,2818,232,19C 18,319,56£ 18,314,90C 18,344,291 18,432,182 973 FEDERAL. RESERVE BULLETIN DECEMBER, 1924 PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM OCTOBER 15 TO NOVEMBER 12, 1924—Continued. [In thousands of dollars] Total Reserve balance with Federal reseve banks: Oct. 15 „ Oct. 22____ Oct. 29 _Nov. 5 .... Nov. 12... Cash in vault: Oct. 15.. -_. Oct. 22__._— Oct. 29. Nov. 5 Nov. 12 Net demand deposits: Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 . Time deposits: Oct. 15 Oct. 22_ Oct. 29 Nov. 5 Nov. 12 _._. Government deposits: Oct. 15..-_ Oct. 22 Oct. 29 Nov. 5 Nov. 12_._ Bills payable and rediscounts with Federal reserve banks: Secured by TJ. S. Government obligations— Oct. 15._. Oct. 22 Oct. 29 Nov. 5 ____. Nov. 12. All other— Oct. 1 5 . . . Oct. 22 Oct. 29 _—_. Nov. 5 Nov. 12 Boston New York Philadelphia Cleveland RichSt. Minne- Kansas Dallas mond Atlanta Chicago Louis apolis City San Francisco 1,659,489 1,639,617 1,646,359 1, 598,124 1, 644,982 99 321 94^ 609 96, 590 91,943 94, 511 780,068 777, 582 779,904 722,506 765, 783 75,62' 81,244 79, 750 80,042 75,823 125,954 117,25" 117,709 125,897 127,003 36,994 40,382 38,022 41,225 36; 536 37,604 38,088 37,313 35,852 40,020 239,296 231,480 237,444 234,508 239, 743 45,496 45,624 45, 615 45,109 48,218 30,435 28,951 25,242 29,350 27, 783 48,535 49,299 53,636 54, 615 29, 658 27,614 25,920 25,366 27,342 110,501 107,487 109,214 111, 711 108,734 293,156 292,915 292,832 310, 726 313,593 21,099 21,160 20,470 20, 694 20, 904 84,848 82,348 82,967 90, 763 87,856 15,644 15,432 16,306 16,448 17, 561 30,650 32,005 31,835 32,034 33,037 13,998 13, 751 14,432 14,990 15,131 10,896 11,067 10,962 11,548 13,167 56, 531 57,810 55,064 60, 061 59,189 7,932 7,612 8,048 8,750 9,418 5,882 5,922 6,401 7,013 12,788 12,733 13,422 13,023 13,869 11,212 11,137 11,540 13,138 12,745 21,676 21,938 21,850 22,876 23,703 300, 765 1, I, 795,314 375,393 290,384 L 760,838 368,007 ,117 ' 289, - i; 767,317 370,906 , 289, 644 1 741, 054378,400 , 305,259 1, 747,223 393,057 245,052 245,294 248,618 266,631 271,530 458,150 247,425 245,531 465,736 241,838 474,287 250,575 473,463 258,660 824,204 806,556 806,580 816,407 831,849 873,693 874,028 872, 960 892, 028 895,825 206, 549 210,573 212,154 214, 020 214, 779 90,115 90,413 95,477 95,915 134,622 134,780 134,401 135, 312 135, 393 19,075 1,817 1,817 1,817 1,403 3,812 3,781 3,781 3,781 3,283 13,044,243 13, 012,875 12,922,096 12,946,773 13,195, 671 4, 731,872 4, 742, 978 4, 782,263 4, 805,083 4,823, 023 210,106 200,446 198, 736 200,442 915,566 5, 763,028 910,940 5,818,849 922,818 5,696,000 921,880 5,686,142 907,640 5,876,884 745,410 1 018,625 355,311 , , 751, ' 004, 705 351,140 753,3511, 010, 591 349,224 ! 012 1 , 758, """ , 004, 912 , i, 763, 790 L 007,923 358,393 331, 075 . 120, 602 163,648 , , 1. 333, 027 1, ,123,""" 161, 583 330,182 , 150, 377 166,255 326, 031 1,141, 002 172, 572 176,420 325, 373 '., 144,110 1 692,758 694, 053 701,278 706, 546 703,831 179,870 179, 910 180,629 180,866 179,388 190, 245 187,675 189, r~ 191,603 25, 23, 623 23, 623 23, 623 18, 531 46,862 45, 790 45,790 45, 790 39,110 32,876 31,712 30,002 31, 712 26, 718 26,814 25,440 25,440 25,440 21,163 10,500 10, 245 10,245 10,241 8,524 7,514 7,228 7,228 7,T~~ 5,955 16' 788 16, 788 14, 247 3,606 3,469 3,469 3,469 2,858 150 56,889 23,232 20,416 39, 560 36,701 475 675 1,053 40, 513 4,971 4,304 16,640 4,721 2,120 2,178 2,836 3,090 2,755 6,765 5,923 2,669 5,999 19,009 2,160 3,168 2,782 2,621 3,005 1,461 1,868 1,638 1,035 76 1,010 1,735 4,170 2,310 1,550 977 917 489 287 515 47,184 43,316 44,661 37,616 35, 513 775 200 146 2,095 1,856 13, 636 11,067 13,840 9,283 6,879 3,185 1,945 2,059 2,447 3,623 3,, 1,786 1,902 2,681 4,161 8,355 10,863 8,749 7,179 6,863 7,437 7,888 5,952 4,862 5,378 569 65 1,143 958 1,792 5,244 4,277 4,173 3,493 2,111 183 108 592 212 308 184 316 339 202 91,122 657,829 91,765 658,612 91,600 659,275 90, 611 660,183 91,281 668,782 5,379 5,193 5,193 5,193 4,384 25,680 25,360 25, 360 25, 360 21,909 225 387 420 395 275 1,200 1,902 450 6,400 3,150 905 817 3,272 1,251 839 2,859 3,783 2,594 2,844 1,809 BANK BALANCES IN FEDERAL RESERVE BANK CITIES Duetto banks: Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 Due from banks: 2,736,502 2,640,240 2,590,888 2,696, 541 2,636,421 Oct. 15 Oct. 2 2 — . . . Oct. 29 Nov. 5. Nov. 12 793,700 748,825 708, 710 719,720 792,625 L, 257, 582 161, ', 141,3881. 242,758 146,831 li, 182,963 L L, 148,8001, 272,298 L, 139,219 1. 215,103 44,927 49,713 40,023 38,792 45,135 96,422 95,143 87,357 90,318 93,570 210, 735 209,990 216,068 201, 930 99,560 96,476 79,507 76,305 58,478 34, 521 14,427 55,900 14,874 57,313 32,830 16,831 56,363 35,113 17,128 56,046 37,383 17,917 35,386 30,821 30,047 27,312 28,796 16,879 17,140 16,393 18,696 19,246 474,650 447,266 447,795 441,903 448,737 101,809 74,109 137,473 101,669 77,578 136,509 100,005 82,125 137,443 102,672 86, 574 137,533 108,600 84,908 138,491 16,212 202,216 52,044 14,527 187,215 48,726 16,884 169,057 53,572 17,336 169,094 52,326 19,853 210,145 57,791 42,582 150,677 39,643 40,252 136,510 45,005 137,084 43,213 144,874 31,357 74,372 37,844 33,067 30,952 33,297 34,826 34,308 66,593 39,811 37,866 76,916 39, 519 86,481 76,706 81,239 87,483 974 FEDERAL RESERVE BULLETIN DECEMBER, 1924 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [Amounts in thousands of dollars] Banks in New York City Oct. 15 Number of reporting banks _. 67 Banks in City of Chicago Oct. 22 Oct. 22 Oct. 29 67 67 Nov. 5 Nov. 12 Oct. 15 67 67 Loans and discounts, gross: Secured by United States Government obligations. .7,5673 , 0 2 9 ,7 62,804 66,630 65,759 Secured by stocks and bonds _. 1, 764,084,1,841,629 , 7 1 3 ,768,672 1, , 4084 , 7 2 2 1 , , , , ,832,768 2332281 2,305,825 2,326,780 2,292,100 ,336,131 2,332,281 2305825 2 292100 2 2, All other loans and discounts « . Total loans and discounts „, United States pre-war bonds United States Liberty bonds United States Treasury bonds United States Treasury notes United States certificates of indebtedness All other loans and discounts : 47 Oct. 29 47 47 Nov. 5 Nov. 12 47 23,290 24,944 22,387 22,499 535,317 539, 555 535,164 526,590 736, 279 722,853 731,032 714,309 24,916 503, 560 718,372 4,163,932 4, 220,483 4,112, 297 4,127,402 4,234,658 1, 296, 5401,284,7951,288,695 1,264,189 1,246,848 40,885 592,010 14,529 259,994 150,189 846,167 40,883 40,883 40,932 594,739 595,871 597,747 14,176 14,123 14,010 271,436 282,364 282, 516 154,932 157,158 149, 362 843,032 882,249 895,423 40,934 4,127 596,416 83,011 12,372 3,511 273,965 86, 813 131, 992 18,189 896,515 189,764 4,127 83, 539 3,384 86, 243 18,494 4,132 4,125 82,138 84,411 2,973 3,399 89, 487 89,662 17,374 17,429 189,818 199,844 4,123 82,403 2,873 89,533 21, 588 201,285 Total loans and discounts and investments__ 6,067, 706 6,139, 681 6,084,945 6,107,392 6,186,852 1,681,955 1,669,4511,677,309 1,660,367 1,648,653 Reserve balance with Federal reserve banks 725,511 723,019 727,932 670,815 711,120 166,831 162,584 Cash in vault _._ 71,793 30,597 31,533 69,919 66,674 68,082 73,513 Net demand deposits. > 351,040 1,246, 978 1,221,888 5, 226,055 5,294,731 5,177, 529 5,166,725,5, Time deposits 785,977 787,483 813,312 802,885 805,395 411,870 411,922 Government deposits 32,280 9,143 7,579 38,508 37,708 37,708 37,7" Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obliga33, 650 1,350 14,150 tions 550 1,850 25 150 6,462 Allother .. 10,653 7,799 10, 511 4, 685| 168,290 28,132 1,231,396 411,580 7,579 850 100 163,511 29,911 1,199,642 428,217 7,579 1,100 167,763 31,590 1,194,052 431,835 6,124 50 925 CONDITION OF MEMBER BANKS AS OF OCTOBER 10, 1924 Loans and investments of all member banks increased $1,189,000,000 between June 30 and October 10, 1924, and aggregated $28,451,000,000 on the latter date. This total is the largest ever reported and is $5,032,000,000 above the total reported on March 10, 1922, the low point of the post-war period. Although increases as compared with June 30 are reported for all Federal reserve districts, the increase in the Minneapolis district was especially marked, while those for the Richmond, Atlanta, St. Louis, Kansas City, and San Francisco districts were relatively small. The total increase in loans and discounts amounted to $556,000,000, while investments went up $633,000,000. Total deposits increased $1,242,000,000 to $30,772,000,000. Over one-half of this increase was in amounts due to banks. Demand deposits increased $421,000,000, time deposits $394,000,000, and United States deposits $123,000,000, while certified and cashiers' checks outstanding show a decline of $331,000,000. The accompanying tables present figures reflecting the condition of state bank and trust company members and of all member banks on October 10, 1924. The following statement shows changes in the principal resources and liabilities of all member banks on the last call date as compared with figures for June 30, 1924, and for September 14, 1923: Increase (+) or decrease (—) on Oct. 10, 1924, since— June 30, 1924 Loans and discounts (including overdrafts). _ __ United States securities Other bonds, stocks, and securitiesTotal loans and investments. Demand deposits (including certified and cashiers' checks) Time deposits Bills payable and rediscounts _ Acceptances outstanding Sept. 14, 1923 +$556,000,000 +287,000,000 +346,000,000 +$963,000,000 +172,000,000 +818,000,000 +1,189,000,000 +1,953,000,000 +90,000,000 +394,000,000 -70,000,000 +52,000,000 +1,282,000,000 +1,131,000,000 -688,000,000 +39,000,000 975 JFEDEBAL RESERVE BULLETIN DECEMBER., 1924 ABSTRACT OF CONDITION REPORTS OF STATE BANKS AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT, ON OCTOBER 10, 1924 {In thousands of dollars] District No.l (37 banks) District No. 2 (144 banks) District No. 3 (72 banks) District No. 4 (120 banks) DisDistrict trict No. 5 No. 6 (64 (131 banks) banks) District N:.). / (362 banks) DisDisDisDisDistrict trict trict trict trict No. 9 No. 10 No. 11 No. 12 No. 8 (102 (33 (184 (187 (130 banks) banks) banks) banks) Total United States (1,566 banks) RESOURCES Loans and discounts 507,577 2,690,696 290,381 Overdrafts 944 86 157 United States Government securities 75,885 597,483 52,835 Stock of Federal reserve banks 2,190 13,185 Other bonds, stocks, and securities . 121,803 660,399 173, 384 Total loans and investments Customers' liability on account of acceptances Banking house, furniture and fixtures Other real estate owned Gold and gold certificates All other cash in vault Reserve with Federal reserve banks Items with Federal reserve banks in process of colleeti Due from banks, bankers,and trust companies Exchanges for clearing house, also checks on other banks in same place , Outside checks and other cash items___,_ __. United States securities borrowed-—_ Other securities borrowed Other assets—. . Total.. 899,996 155,38' 273,882 1,, 356,646 337,292 256 193 1,242 731 933 132,718 5,490 218,602 5,912 1,505 22,488 236,396 6,538 38,293 1,972 26,643 342,410 77,835 707, 613 3, 962, 707 519,684 1, 257,062 185,936 309,184 1, 942, 721 456,325 \, 56,219 71,270 86 69,710 586 885,828 7,594,884 6,277 906 5,769 295 19,228 361 3,150 481 144, 211 1,318, 766 3,386 12,053 9,717 3,586 132,007 74,493 100,662 3,978 141,930 434 2,162 2,447 5,478 22,356 62 21 12,839 84,305 4,911 10,050 40,293 15,468 3,744 489 6,401 49,287 11, 532 45r 19,204 6,649 1,682 142 3,960 17,777 4,332 242 6,969 43,897 6,178 2,446 30,815 13,655 3,385 305 7,998 2,115 1,680 148 2,181 2,865 1,540 110 1,481 30,685 71,786 10,135 19,545 129,500 27,240 4,369 8,731 1*300 12,027 45, 590 800,927 77,513 1, 166,33810, 760,237 57 6,125 185,050 4,016 2,445 103 3,051 48,506 7,875 1,082 17,253 301,379 51,197 16,874 151,633 70,620 817,797 11,106 70,394 9,083 21,993 7,088 8,004 22,361 16,193 566 6,092 1,175 11,545 185,600 24,041 79,009 22,975 65, 292 16,898 45,124 126,640 39,554 11,454 28,516 16, 650 104,165 580,318 15,084 343,876 8,023 17,201 2,694 10,163 37,461 7,424 518 2,301 798 16,612 462,155 1,343 12,380 378 4,874 396 1,201 6,455 188 385 383 18,716 47,686 170 5,380 123 9,152 2,322 617 50 8,521 5,886 1,591 26,368 2,650 470 11 2,715 71 59 10,431 18,060 1,954 212,144 5,387 134,837 4,559 4,730 120 4,853 842,200 5,278,389 622,093 1, 535, 505 240,987 437,207 2,404,675 582^831 9' 349 98,179 155,334 115,286 1,479,398 13,792,084 LIABILITIES Capital stock paid in 33,650 231,274 39,835 85,140 19,307 31,870 113,744 40,420 Surplus fund 39,645 197,105 71, 761 97,9ir 13,409 18,370 104,074 24/406 Undivided profits, less expenses and taxes paid 21, 611 123, 469 25,618 31, 508 5,683 61,802 9,816 7,891 Due to Federal reserve banks. 3,719 1,438 1,109 1,— 820 293 578 21 Due to banks, bankers, and trust companies 26,998 590,439 31,720 88,052 25,177 61,360 171,334 43,287 Certified and cashiers' or treasurers' checks outstanding 6,141 213,652 10,694 4,083 3,187 21,037 2,213 3,638 448,816 2,700; 700.692 280, 730 530,370 86,318 165,917 849,080 225, 605 Demand deposits 244,812 " ' " 918,118 141, 874 658,207 70,450 114,988 994,758 193,700 Time deposits 10,680 32,073 18,128 13, 628 1,961 United States deposits 13,131 3,823 5,119 7 3 8 , " " 4, 458.693 477,973 1. 301,771 188,202 349,384 ,049,633 471,370 , .,025 T o t a l deposits Bills payable (including all o b 1 i g a t i ons representing money borrowed other than 5,476 2,495 4,596 4,705 6,449 7,046 rediscounts). 6,499 Notes and bills rediseounted (including acceptances of other banks and foreign bills of exchange or drafts 1,722 45,197 804 2,008 6,250 9,906 9,026 13,482 sold with indorsement) Cash letters of credit and travelers' checks outstand1 15,113 394 87 19 178 38 ing Acceptances executed for cus3,614 139,555 130 2,380 11,228 2,155 22,344 62 tomers _ Acceptances executed by other banks for account of 8,885 677 180 113 242 reporting banks United States securities bor170 5,: 638 5,883 rowed 617 4,730 123 1,591 Other securities borrowed 50 120 53,622 2,733 4,824 2,466 291 29,354 11,888 Other liabilities .-..__.. 1,181 Total.. 842,200 5,278,389 622,093 1,535,505 240,987 437,207 2,404,675 582,831 6,802 2,897 8,660 3,329 12,185 3,727 80,279 32, 397 703,166 609,033 1,389 2,142 1,821 76 27,162 29 319,912 9,166 6,856 45,745 83,665 1,181,620 761 1,762 33,775 70, 537 43,975 20,210 188 1,459 85,555 139,713 1,082 20,589 69,605 476,885 5,938,330 14,604 722,403 4,138,099 62| 16,139 116,391 92,416 1,319, 710 11,672,445 ~ ~ 551 60 2,774 2,432 43,872 728 293 1,519 3,910 94,845 543 16,384 6,463 21 187,952 71 18,057 1,954 114,367 10,097 97! 139 1,135 470 11 362 6,372 98,179 155,334 115,2861,479,398 13,792,084 9-76 FEDERAL RESERVE BULLETIN DECEMBER, 1924 ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON OCTOBER 10, 1924, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Chicago (11 banks) Total (42 banks) Other reserve city banks (188 banks) 2,064,013 850 457,888 9,888 382, 521 2,915,160 140,299 55,417 2,365 7,203 25,547 334,989 49,740 38,166 583,090 91 110,075 2,759 105,878 801,893 22, 335 5,929 67,548 13, 249 55,125 2, 647,103 941 567, 963 12, 647 488, 399 3,717,053 162, 634 61, 346 2,365 7,977 31,935 402, 537 62,989 93,291 3,182,004 2,346 523,391 17,166 776, 627 4,501,534 18,906 159,313 29,430 3,173 67,705 291, 215 97, 735 319,965 332,146 9,588 20, 537 2,394 352, 683 11,982 New York (31 banks) Country banks (1,336 banks) Total United States Oct. 19, 1924 (1,566 banks) June 30, 1924 (1,570 banks) SESOTJRCES Loans and discounts Overdrafts. _ United States Government securities ._-.-_. Stock of Federal reserve banks __ _ Other bonds, stocks, and securities. . Total loans and investments .Customers' liability on account of acceptances Banking house, furniture, and fixtures.. _ Other real estate owned Gold and gold certificates AH other cash in vault _ . _...__. Reserve with Federal reserve banks.. Items with Federal reserve banks in process of collection.. Due from banks, bankers, and trust companies ..-.. Exchanges for clearing house, also checks on other banks in same place. _. .Outside checks and other cash items.... United States securities borrowed... Other securities borrowed Other assets,. __. _ - 774 1,765,777 7, 594,884 2,990 6,277 227,412 1,318,766 9,570 39,383 535, 901 1, 800,927 2,541,050 10,760,237 3,510 185,050 80, 720 301,379 19,402 51,197 5,724 16,874 51,993 151,633 124,045 817,797 24,876 185,600 167,062 580,318 7,273,506 5,296 1,129, 358 38,452 1,692,009 10,138,621 150,001 304,119 51,138 16,983 142,089 766,783 185,135 496,675 129,338 20,412 149,750 4,039,958 Total. 92,394 30,072 10,365 534 45, 785 1,016, 584 5,056, 542 5, 668,126 3,067,416 39,650 52, 314 39, 313 208,200 201,952 131,733 206 669,972 216,412 2,571,743 725,063 25,913 4,209,309 284,277 H5,549 T 2 , 760 434,574 56,700 2,155,814 2,143,012 78,179 4,871,039 196,032 703,166 122,804 609,033 319,912 72,630 6,200 9,166 77,074 1,181,620 15,727 5,938,330 1,210,773 4,138, 099 1,270,024 12,299 116,391 2,592,097 11,672,445. 1,200 12,097 30, 575 43,872 61,378 45,467 15, 229 160,338 18, 374 1,103 24,257 31,004 52 3,357 94,845 16,384 187,952 100,904 26, 602 145,557 8,806 7,692 1,420 9,753 10,097 18,057 1,954 114,367 10,339 18,883 1,787 94, 550 3,067,416 13,792, 084 13,221,983 10.4 10.4 17, 078 5,632 7,695 1,420 16,609 462,155 47, 686 18,060 1,954 212,144 739,795 63,745 18,884 1,787 146,228 13,792,084 13, 221,983 LIABILITIES Capital stock paid in _ -.-.__. Surplus fund .._Undivided profits, less expenses and taxes paid Due to Federal reserve banks. _.. Due to banks, bankers, and trust companies Certified and cashiers' or treasurers' checks outstanding—. Demand deposits... .___Time deposits... United States deposits. Total deposits -_.. .._-.. Bills payable (including all obligations representing money borrowed other than rediscounts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement)... -.-. Cash letters of credit and travelers' checks outstanding Acceptances executed for customers)_________ Acceptances executed by other banks for account of reporting banks. „_ _-..-..-. United States securties borrowed Other securities borrowed .. Other liabilities ._.-Total. Ratio of* reserve with Federal reserve banks to net deposit liability (per cent).-..—.. ._.. — 168,550 149,638 92,420 206 545, 778 207,899 2,148,018 452,394 20,162 3,374,457 124,194 8,513 423,725 272,669 5,751 834,852 1,200 43,046 15,096 138,003 2,421 133 22,335 48,742 25, 566 74,308 1,291 10, 365 534 30,306 4,039,958 1,016, 584 5,056, 542 5, 668,126 12.8 12.6 12.8 10.0 7.0 697,075 589,669 285,041 7,531 1,026,453 433, 766 5, 720,242 3,944,831 57,375 11,190,198 DECEMBER, 1924 977 FEDERAL RESERVE BULLETIN : 10, 1924 (INCLUDING 8,069 NATIONAL BANKS AND 1,566 STATE BANKS AND TKUST COMPANIES) [In thousands of dollars] District District District District District District District District District District District Distrid No. 10 No. 11 No. 12 No. 3 No. 4 No. 5 No. 2 No. 6 No. 7 No. 8 No. 9 No. 1 (736 (1,082 (838 (774 (872 (620 (845 (515 (1,419 (625 (890 (419 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) BESOURCES Loans and discounts- 1,535,570 5,623,125 1,286,733 1,899,046 957,857 1,658 906 Overdrafts 318 United" States Government securities- 243,720 1,367,911 244,552 455,594 136,055 Other bonds, stocks, 392,1181 , 560,794 607,746 585,230 125,371 and securities Total loans a n d 3,171,906 8, ,553, 488 3, >,380 investments 5,139,349 !, 940,776 1,330, Customers' liability on account of ac12,668 ceptances . 33,292 215,256 4, 7,413 Banking house, furni159,907 60,518 117,144 ture, and fixtures57,113 50,352 Other real estate .8,773 19,167 9,759 10,766 10,652 owned _._._. 37,304 38,832 112,386 57,544 Gash in vault 26,443 Reserve with Federal reserve banks 136,458 831,948 124,297 168, S 64,699 Items with Federal reserve banks in process of collection. 49,406 158,916 54,986 . 52, 579 39,859 Due from banks, bankers, and trust companies 102,740 190,055 160,512 202,198 107,074 Exchanges for clearing house, also checks on other banks in same place. 42,617 751,500 40,594 32,751 16,843 Outside checks and other cash items— 7,250 5,806 21,428 2,926 Redemption fund and due from United States Treasurer.. _ 4,927 5,023 3,161 2,955 United States securities borrowed* 5,380 170 Other securities borrowed l 123 Other assets.... 32,831 228,673 6,442 11,016 14,279 Total—— 2,683,428 11,239,250 2,655,834 3,627,672 1,556,782 LIABILITIES 778,012 3,076,135 2,250 2,298 871,652 1,872 628,443 1,037 Total United States (9,635 banks) 793,589 1,560 622,7811L, 728,445 19,801,388 2,'" 2,252 18,510 103,369 82,837 525, 588 124,201 123,508 148,876 93,686 622,761 188,575 114,801 115,611 338,409 3,894,620 38,287 291,146 4,736,126 L L, 1,644 958, 785 4,336,7831, , 186,300 867,789 1, 059,636 767,301 3,360,353 38,450, 6,578 31,735 768 2,502 49 2,175 13,680 330,716 45,721 118,903 35,051 25,603 40,624 38,736 93,405 843,077 9,772 24,956 22,516 87,647 7,823 22,751 14,869 20,049 14,400 29,130 13,513 25,746 16,631 45,101 158,641 527,889 57, 512 308,679 75,346 53,559 86,096 55,895 22,677 70,963 43,576 11,467 36,030 34,978 144,634 400,150 139,485 157,181 306,566 198,361 18,677 85,262 17,196 12,110 17,823 12,560 3,201 12,140 2,769 8,108 5,116 3,560 25,555 100,551 2,177 4,617 2,158 1,676 2,135 2,358 2,846 36,701 617 5,886 4,730 97 1 470 71 18,060 158,081 2,121,428 38,057 613,494 321,506 2,430,462 43,367 1,091,300 50 11 59 1,591 1,954 120 10,250 36,696 4,030 4,345 19,302 378,953 4,632 6,457 1,303, 607 601,636 1,160,009 3,137,913 17,103,870 5,413,567 1,544, 530 1,179, 642 Capital stock paid in. 142,231 489,504 137,693 212,165 112,427 95,170 291,566 110,299 70,138 96,492 94,096 183,162 2,034,943 124,459 500,340 222,808 212,774 Surplus fund 56,334 213,886 58,449 37,315 42,646 84,990 1,682, 646 45,746 Undivided profits, less expenses and taxes paid 81,089 277,266 82,685 94,401 38,747 26,485 127,709 30,780 17,749 21,621 22,676 876,516 Due to Federal reserve banks 4,329 11,214 4,460 1,805 8,171 2,219 1,346 194 2,096 36,508 674 Due to banks, bankers, and trust companies 174,532 1,607,782 256,644 289,883 133,085 142,104 694,482 192,940 162,993 331,060 175,385 292,522 4,453,412 •Certified and cashiers' or treasurers' checks 18,628 458,344 outstanding. _ 13,325 17,622 9,383 5,942 7,812 15,079 38,096 15,676 42,239 11,196 653,342 1,277, 593 5, ,319,320 1 .,049,9911,356,229 542,079 506, 544 2,,128,318 610,285 407,252 729,684 579,172 1. 223,130 L5, 729,597 Demand deposits ., Time deposits 702,7011,,978,009 742,7701,252,237 479,437 353, 1741, ,678,438 423,605 412,826 297,288 154,7131 , 122,197 9, 597,395 United States de41,814 62,615 42,937 33,165 20,641 posits 11,001 28,753 8,208 7,665 9,084 29,017 301,803 3,319,597 9,437,384 3, T o t a l deposits 3,950,9411,193,796 1,030,984 4,569,433 1,343,044 1,005, ©53 1,381,373 931,646 3,709,779 30,773,051 Bills payable (including all obligations representing money borrowed other 6,418 33,733 20,482 17,294 22,382 than rediscounts) _ _ 14,641 13,602 14,569 2,346 3,684 8,559 9,773 167,483 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with in15,196 93,996 7,003 11,340 30,904 25,925 24,947 22,280 dorsement) 8,377 7,902 7,119 10,275 265,264 Cash letters of credit and t r a v e l e r s ' 17,224 464 998 338 242 19 2,120 57 checks outstanding. 40 61 79 8721 22,514 Acceptances executed 34,147 207,099 10,976 4,700 7,103 12,758 32,852 for customers 771 50 1,725 2,118 14,227 328,526 Acceptances executed by other banks for account of report2,150 19,915 2,259 491 ing banks. 553 1,572 777 815 28,532 National-bank notes 52,581 95,728 58,030 62,342 outstanding 43,164 91,832 42,880 42,333 32,947 46,729 56,077 723,039 "United States securi177 1,120 638 ties borrowed 14,883 3,704 4,678 8,597 7,429 . 304 1,302 2,005 1,949 46,786 Other securities bor27 550 649 100 rowed _. 250 644 1,738 133 638 154 652 5,535 65,491 Other, liabilities4,358 6,603 2,495 2,252 33,713 13,839 1,772 10,034 150,029 1,533 5,757 2,182 2,683,42811,239,250 2,655,834 3,627,672 1,556,782 1,303, 607 5,413, 567 1, 544,530 1,179,642 1,601,636 1,160,009 3,137,913 37,103,870 1 Exclusive of securities borrowed b y national banks. 978 FEDERAL RESERVE BULLETIN DECEMBER, 1924 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON OCTOBER 10,1924» BY CLASSES OF BANKS (INCLUDING 8,069 NATIONAL BANKS AND 1,566 STATE BANKS AND TRUST COMPANIES) [In thousands of dollars] Central reserve city banks Country Other reserve banks city banks New York Chicago Total (555 banks) banks) (66 banks) (25 banks) (91 banks) Total United States Oct. 10, June 30, 1924 (9,635 1924 (9,650 banks) banks) RESOURCES Loans and discounts Overdrafts _ _ _ — United States Government securities Other bonds, stocks, and securities Total loans and investments Customers' liability on account of acceptances ; B anking house, furniture, and fixtures Other real estate owned. Cash in vault.-—_ '_-_ Reserve with Federal reserve banks Items with Federal reserve banks in process of collection Due from banks, bankers, and trust companies.—_. Exchanges for clearing house, also checks on other banks in same place_Outside checks and other cash items__ Redemption fund and due from United States Treasurer... United States securities borrowed * Other securities borrowed i _. Other assets 4,148,346 1,229 1,037,732 761,513 5,948,820 212,503 92,819 2,946 63,027 689,369 113,116 65,235 1,209,848 163 183,250 150,311 1,543,572 30,051 17,771 75 21,590 156,235 35,180 144,447 5,358,194 1,392 1,220,982 911,824 7,492,392 242,554 110, 590 3,021 84,617 845,604 148,296 209,682 731,182 16,681 2,031 49,234 3,638 143 780,416 20,319 2,174 6,977,374 7,465,820 19,801,388 4,453 12,665 18,510 1,293,842 1,379,796 3,894,620 1,409,164 2,415,138 4,736,126 9,684,838 11,273,419 28,450,644 79,421 8,741 330,716 843,077 331,348 401,139 158,641 '53,970 101,650 527,889 160,928 282,344 702,047 573,777 2,121,428 373,828 613,494 .91,370 1,157,115 1,063,665 2,430,462 19,248,650 15,369 3,607,797 4,389,743 27,261,559 285,830 155,753 503,555 1,965,453 582,475 1,940,197 62,169 24,076 25,675 7,695 1,420 36,445 1,091,300 100,551 36,701 18,060 1,954 378,953 1,741,073 133,411 37,104 18,884 1,787 313,476 219,383 26,262 245,645 248,715 56,156 8,852 10,365 534 96,863 8,157,112 2,028,198 10,185,310 12,964,975 13,953,585 37,103,870 35,777,256 335,260 Capital stock paid in.-. 377,393 Surplus fund : 198,399 Undivided profits, less expenses and taxes paid . 206 Due to Federal reserve banks Due to banks, bankers, and trust companies 1,503,860 Certified and cashiers' or treasurers' checks outstanding 445,726 Demand deposits _ 4,037,933 Time deposits.__ _ ...-43,652 United States deposits. _.__ Total deposits - 6,800,186 Bills payable (including all obligations representing money 18,338 borrowed other than rediscounts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold 86,781 with indorsement) __ 17,146 Cash letters of credit and travelers' checks outstanding— 204,636 Acceptances executed for customers._. Acceptances executed by other banks for account of report19, 546 ing banks 39, 805 National bank notes outstanding . 995 United States securities borrowed 500 Other securities borrowed 58,127 Other liabilities 87,900 84,571 62,000 423,160 461,964 260,399 206 1,976, 578 461,944 4,957,167 1,076,777 54,092 8,526, 764 685,501 576,149 270,371 8,788 2,029,644 126,677 5,313,495 3,341,222 192,193 11,012,019 644,533 345,746 27, 514 447,190 64,721 5,458,935 5,179,396 55, 518 11,233,274 2,034,943 1,682,646 876,516 36, 508 4,453,412 653,342 15,729,597 9,597,395 301,803 30,772,057 2,030,336 1,669,592 786,547 33,976 3,820,125 983,979 15,308,990 9,203,545 178,94629,529,561 18,338 33,324 115,821 167,483 205,225 3,186 1,940 31,240 89,967 19,086 235,876 45,073 3,118 84,602 130,224 310 8,048 265,264 22,514 328,526 297,682 36,041 276,968 1,416 2,844 6,844 174,299 26,483 1,540 45,652 726 506,091 19,308 3,495 19, 727 28,532 723,039 46,786 5,535 150,029 27,720 729,186 51,425 4,252 132,721 TotaL LIABILITIES Total. Ratio of reserve with Federal reserve banks to net deposit liability (per cent) i Exclusive of securities borrowed by national banks. 472,718 16, 218 919,234 307,968 10,440 1,726,578 26,523 20,962 42.649 995 500 84.650 8,157,112 2,028,198 10,185,310 12,964,975 13,953,585 37,103,870 35,777,256 13.0 12.5 12.9 10.1 7.4 10.0 9.8 979 FEDERAL. KESEBVE BULLETIN DECBMBBK, 1924 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS Number of centers Federal reserve district 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 121—San Francisco. Total.... N e w York City Other cities 1933 1924 August September October August September October 1,989,773 21, 556,426 1, 748, 702 1, 979, 554 674,370 848,971 4,469,357 959,857 596,031 1,083, 918 449,553 2,335,307 1 140 _ 2,357,435 23, 242,131 1,968,134 2,300,487 733, 682 1,129,584 4,949,211 1, 212,110 1, 059,292 1, 216,807 670,360 2, 578,750 1, 771, 572 16,829,386 1,733,171 2,081,604 668,610 790,799 4,240,633 1, 760,956 17,414,976 1,670,226 2,005,409 655, 258 835,330 4,208,411 945,160 1,106,154 448,966 2,295,578 1, 069,497 540, 722 2,318,980 2,154, 617 19,846,052 1,922, 569 2,241,154 746,504 1,020,357 4,660,972 1,184,854 700,333 1,159, 741 629, 517 2,633, 571 38,691,819 _.. 1,974,984 21,387,861 1,794,021 1,996,688 648,670 959,071 4,435,346 1,003, 066 773, 680 1,097,173 566,180 2,335,245 38,971,985 43,417,983 33,495, 567 34, 060,234 38,900,241 20,915, 784 17, 776, 035 20,734,467 18,237, 518 22, 505,693 20,912, 290 16,188,613 17,306,954 16,799,454 17,260,780 19,151,902 19, 748, 339 WEEKLY SUMMARY FOR BANKS IN 243 CENTERS Federal reserve district 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 ... Number of centers 1924 Oct. 22 Oct. 29 Nov. 5 1923 Nov. 12 Nov. 19 Oct. 24 Oct .31 Nov. 7 Nov. 14 Nov. 21 641,368 548,720 651,116 612, 783 533,188 517,649 617,739 515,454 616,914 600, 050 5,517,014 5,171,612 5,659,744 6,262,676 6,373,299 4,454, 041 4, 717,858 4,611,083 4, 751,051 5, 922,242 503,227 476,204 453,837 561,934 462,412 474,210 429,637 482,873 480, 041 471,348 624,085 578, 997 582,060 614,207 593, 544 589,877 550,837 573,226 599,989 600,075 291,302 258,852 275,906 313,435 274,416 278, 651 282,025 289,506 290,691 307,356 270,728 253,680 258,073 290,151 247,956 228,021 266,207 248,174 243,475 263, 716 1,247, 401 1, 082,632 1,092,827 1,111,831 1, 294,412 1,139,957 1,064,654 1,096, 597 1,060,598 1,224,678 311, 552 284,164 352, 730 308,063 291, 095 282,939 278,091 314,452 245,651 235,400 230,490 254,197 162,278 156,075 185,816 156,679 226,213 179,798 299,427 266,391 262,650 315, 006 260,288 260,010 271,481 243,939 265,120 284,400 169,252 151,209 153,633 174,280 153,740 144,946 143,714 140,008 149, 530 161,800 644,186 556,535 533,420 728,005 594,475 605,497 614,919 555,498 568, 903 676,861 243 10,765,193 9,862,920 10,437,920 11,106,478 11,884,439 9,184,358 9,306,433 9,352,994 9,295,097 11,006, 776 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston.——___— No. 2—New York Buffalo No. 3—Philadelphia.... No. 4—Cleveland Cincinnati.—_._ Pittsburgh.. No. 5—Richmond. _ — Baltimore No. 6—Atlanta Birmingham Jacksonville. Nashville---— New Orleans No. 7—Chicago Detroit-No. 8—St. Louis Little Rock _—_ Louisville Memphis No. 9—Minneapolis Helena No. 10—Kansas C i t y . . . Denver „ Oklahoma City Omaha No. 11—Dallas El Paso Houston No., 12—San Francisco.. Los Angeles Portland Salt Lake City. Seattle Spokane.- 442,157 439,711 362,321 426, 777 422,902 347,720 333,029 416,329 331,928 403,746 5,207,416 4,900,825 5,389, 851 5,962,598 6,064,879 4,189,881 4,460,882 4,358, 540 4,465,695 5,631,140 75,817 66,993 67,944 74,473 77,115 78,141 69,314 67,938 64,800 77,889 337,889 337,767 373,202 354, 782 358,501 422,543 338,230 354,508 320,945 357,634 146,904 145, 971 145,168 129,122 143,200 152,163 138,133 156,378 140,564 148,777 75,337 66, 914 68, 682 76,243 77,230 79,239 71,352 73,778 65, 662 69,049 199,215 198,921 204,999 206,015 182, 718 195,318 197,541 199,127 175,282 176,342 28,157 33,005 30,786 29,892 32,952 29,879 31,477 33,428 34,064 38,239 79,939 77,200 91,330 93,900 96,300 81,100 85,100 78,000 87,100 89,200 34,660 35,377 38,322 31,408 41,465 34,444 33,184 35,606 31,049 35,435 31,054 32,127 34,158 30, 754 33, 700 28, 712 29,689 25,279 24,137 26,539 13,938 13,837 15,443 13,079 16,650 12,354 11,316 12,197 11,210 13,649 16,681 16,605 19,334 18,597 19,925 15,900 16,262 17,290 16,880 18,031 81,198 76,030 81,372 72,491 87,200 69,409 60,970 91,996 82,294 83,320 692,223 755,552 674,224 660,513 814,441 689,272 659,820 675,662 627,860 736,860 137,488 181,636 144,333 161,422 169,252 170,664 141,160 129,082 152,489 199,710 154,105 173,301 154,519 158,199 204,900 184,970 150,998 155,510 151,316 172,315 22,033 19,586 21,560 21,682 23,738 16,893 16,146 16,629 15,899 20,664 36,142 36,244 41, 724 40,956 43,405 36,982 32,767 35,123 36,042 39,124 38,322 41,084 41,040 38,998 45,310 36,449 37,542 41,274 39,615 45,551 106, 737 125,808 114,601 112,683 131,969 79,443 81, 749 85,929 78,999 90,308 2,526 2,655 2,741 2,501 2,451 2,479 2,286 2,603 2,131 2,354 84,003 80,821 96,368 82,146 103,708 79,435 79,109 88,284 73,665 93,744 38,359 38,444 41,676 36,739 44,849 38,689 35,061 39,998 33,716 44,383 20,503 19,965 22,236 23,808 22,658 15,374 17,243 19,860 18,761 19,947 44,929 43,847 50,686 38,342 46,025 50,744 51,796 47,659 41,153 42,513 50,512 48,589 58,400 48,601 59,063 53,699 & 48,442 48,854 47,242 57,871 6,733 8,150 8,000 8,053 8,866 6,782 6,338 6,204 6,807 7,428 35,194 35,724 34,537 37,394 32,850 39,621 39,490 35,563 30,378 30,467 169,227 207,426 180,654 178,373 246,546 176,746 195,438 187,164 164,191 208,799 194,283 146,800 178,681 157,643 156,203 205,973 177,009 172,184 169,069 153,795 41,682 37,795 35,390 47,363 38,187 45,272 40,020 42,041 36,605 40,333 17,434 14,358 15,378 16,771 15,290 16,326 15,179 14,367 15,724 14,344 43,846 39,615 37,870 46,129 43,009 49,357 39,965 38,469 40,401 41,832 13,505 10,373 10,331 12,274 10,856, 12,470 11,903 11,817 13,579 11,289 980 FEDERAL RESERVE BULLETIN" DECEMBER, 1924 DEPOSITS OF ALL MEMBER BANKS NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT [In thousands of dollars] Net demand deposits Time deposits 1923 Federal reserve district July 23 Total Sept. 24 Oct. 29 1,295,088 6,127,421 1,095,670 1,438,359 531,936 472, 523 2, 263,296 642,807 391,789 729,803 502, 763 1, 218,310 Boston New York Philadelphia Cleveland Richmond... Atlanta. Chicago. St. Louis.. Minneapolis Kansas CityDallas San Francisco Aug. 27 1, 6,219', 902 1,107,114 1,467,908 547,400 483,981 2,378,145 637,219 397,066 756,814 510,092 1,248,483 1,312,039 6,306, 369 1,124,642 1,469,391 555,070 496,371 2,394,725 650,141 424,319 786,470 562,283 1, 278, 287 1,385,832 6,348,865 1,144,321 1,483,196 570,215 516,106 2,411,790 16, 709, 765 17,040,218 Banks in cities and towns having population o— f Less than 5,000. „ 5,000 to 14,999 15,000 to 99,999 ._. 100,000 and over 475,674 830,032 609, 594 1, 320, 788 1924 Oct. 24 July 23 Aug. 27 Sept. 24. 1, 289,844 5,310, 236 1,082,963 1,394,498 571,263 473,419 2, 093,682 616,743 411,478 752,307 629, 944 1, 279,151 679,410 1,842,634 708,003 1, 239,961 471,670 350,271 1, 642,854 410,834 405,140 298,465 157, 714 1,062,019 693,671 1,882,782 725,033 1,256,184 477,894 352,396 1, 645, 640 417, 571 408,794 299,705 160,201 1,048,245 702,771 1,965,839 736,982 1, 255, 257 480,381 351,089 1, 662,370 417,352 409,905 299,667 160,260 1,075,075 9,268,975 9,368,116 9,516,948 ), 674, 581 1,602, 515 1,018,929 1,911,831 4,735,700 1,616,638 1,025,816' 1,935,459 4,790,203 1, 623,732 1,633,480 1,548, 543 959,151 1,032,321 1,039,513 1,940,792 1,958,130 1,782, 775 4,920,103 5, 043,458 4, 235,080 17, 360,107 17,764,499 15,905, 528 1, 513,044 1, 550,338 1,615,347 1, 012,351 1,023,543 1,044,404 2,052,893 2, 016,896 2,034,430 12,167,474 12,431,907 12.647,463 1923 1,685,758 1,678,287 1,087,187 1,066,959 2,036, 259 2,093,059 12,926,194 11,096,324 Oct. 29 704,918 2,026,426 753,331 1,263,367 482,159 350,041 1, 682,211 431,116 416,047 298,851 159,889 1,106,225 Oct. 24 600, 215 1,680,986 627,826 1,118,124 433,531 322,869 1,549,917 386,834 412,058 300,572 139,723 . 952,894 8,525,549 MONEY IN CIRCULATION [Source: U. S. Treasury Department circulation statements] [In thousands of dollars] Total 1Q14 Julv 1 1917—Apr. l._.___ 1920—Nov. 1_.____ 1922—Aug. 1 1923—Nov. 1. Dec. 1 1924—Jan. 1 . . Feb. 1 Mar. 1—.__ Apr. 1 May 1 June 1_ Julyl Aug. !._.___ Sept. 1 _ Oct. 1 . . . . . . Nov. 1 3,402,015 14,100, 591 15,628,428 4, 337,418 4,835,253 4,923,158 4,951,085 4, 681,708 4,807,778 4,812,861 4, 760,114 4,815,401 4, 755,403 4, 665,187 4, 773,878 4,806,367 4,879,694 Gold coin and Gold cerbullion tificates 611, 545 641, 794 495,353 416,282 396,737 399,849 415,319 405, 573 416, 047 408,062 403, 649 402,122 396,415 398, 499 401, 794 427,970 436,160 1,026,149 1,348,818 231,404 171,985 500,862 533,461 582,029 571,381 633,253 687, 252 726,179 779,169 801,381 800,124 872,807 898,165 904,861 Standard silver dollars 70,300 70,863 89, 725 58,378 58,127 57, 908 58, 704 56,496 55,910 55,202 54,823 54,078 54, 017 53,644 53,915 54,603 55,185 Silver certificates 478,602 459,680 60,385 268,802 370, 787 381,499 375,365 357,177 368,750 367,113 370,093 373,381 364,414 372, 683 385,499 388,574 389,201 Treasury notes of Subsidiary silver 1890 2,428 1,997 1,628 1, 508 1,449 1,445 1,443 1,440 1,437 1,433 1,428 1,425 1,423 1,420 1,417 1,412 1,410 159,966 191,351 261, 556 229,956 254,791 257, 694 260, 627 252,511 251,537 251, 639 252, 702 252, 557 252,971 252,407 253, 732 256,467 259,710 United States notes 337,845 330,353 277,736 284,343 302,976 306,376 306,823 294,470 302,404 304,846 301,110 305,966 297, 790 301,667 308, 111 304,345 305,840 Federal reserve notes Federal reserve bank notes 356,448 3,310,225 2,115,350 2,207,230 2,236,637 2,223,674 2,008,877 2,030,818 1,988,585 1,909,143 1,897,636 1,843,091 1,745,820 1, 746,230 1, 729,301 1,784,046 3,170 209,877 65,032 15,312 14,249 13,611 12,729 12,091 11,588 11,025 10,438 10,066 9,635 9,229 9,030 8,710 Total National circulabank tion per capita (in notes dollars) 715,180 697,160 715,023 725, 782 726,982 734,040 713,490 721,054 735,531 737,141 729,962 738,629 733,835 729,288 741,144 736, 500 734,571 34.35 39.54 52.36 39.47 43.27 44.01 44.22 41.77 42.85 42.85 42.33 42.78 42. 20 41.36 42.28 42. 52 43.12 1 Thefiguresfor the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve banks have been deducted only from the total. 981 FEDERAL RESERVE BULLETIN DECEMBER, 1924 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT NOVEMBER 30, 1924 Paper maturing- After 90 days but within 9 months Within 90 days Federal reserve bank Commercial, agricultural, and livestock paper, n. e. s. 3§ 32 3| 3 3| 3 COCO _. „ __ „_ COCO Boston „_ New York Philadelphia Cleveland Richmond Atlanta.-. Chicago - _ _ St. Louis MinneaDolis Kansas City Dallas _ San Francisco Secured by United States Government obligations 4 4 4 4 4 4 4 31 4 4 „__.„__ „„__ . --.-- .__ _ _«._. . _. _. __.„___«._ _._ 42 4 4 4 4 4 4 3| Bankers' acceptances Agricultural» and livestock paper Trade acceptances 3| 3 3i 3| .4 4 4 4 4 4 4 3| 4 4 4 4 4 3j 3g 3 3J 4 4 4 4 4 4 4 • 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—None. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM OCTOBER 16 TO NOVEMBER 19,1924, INCLUSIVE [In thousands of dollars] Daily settlements Transfers Federal reserve bank Debits Boston New York Philadelphia.. _. Cleveland Richmond _ _ Atlanta Chicago St. Louis _ _ __ Minneapolis Kansas City Dallas San Francisco __ _ _ _ _ _ _ .___ Oct. 15,1924 . . _ • N o v . 22,1923 Oct. 18,1923 . _ __.__• _ Total five weeks ending-— Nov. 19,1924 _ _______ _ __ __ . _ Credits Debits Credits 916,177 3,092,683 872,005 794, 546 574,478 375,220 1,444, 830 737, 575 260,697 529,292 415, 514 371,561 10,384, 578 9,455,465 9,041, 620 8,940,191 9,000 11,700 22,000 12,000 2,000 1, 500 18,000 3,000 6,000 3,000 500 1,000 3,000 50,000 7,500 2,700 2,000 500 5,000 3,500 8,000 952,424 3,040,450 883,020 803,093 560,882 372,352 1,471,164 730, 739 242,296 524,140 417,767 386,251 89,700 122,000 60,000 99,500 89, 700 122,000 60,000 99, 500 10,384,578 9,455,465 9,041,620 8,940,191 7,500 Changes in ownership of gold through transfers and settlements Decrease Increase 42,247 90,533 25,515 17,847 13,596 1,868 39,334 7,336 12,401 9,652 2,753 7,690 135,386 Balance in fund at close of period 135,386 40,309 166,216 31,334 60,197 32,976 14,527 111, 591 22,596 23,553 38 434 19,793 48,604 610,130 626,081 600,766 609,033 MONEY RATES PREVAILING IN LEADING CITIES, NOVEMBER 15, 1924 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 Customers' prime commercial paper Interbank loans 30-90 days District and city No. 1—Boston No. 2—New York __ Buffalo ___ No. 3—Philadelphia No. 4—Cleveland Pittsburgh Cincinnati No. 5—Richmond Baltimore No. 6—Atlanta Birmingham Jacksonville New Orleans Nashville No. 7— Chicago. _ Detroit..— No. 8—St. Louis -_ Louisville Little Rock . No. 9—Minneapolis Helena.No. 10—Kansas City comparison 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 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. Loans secured by Liberty bonds Loans secured by stocks and bonds Demand 4-6 months Loans secured by warehouse receipts to Cattle loans Time Week ending— Week Week Week Week Week ¥/eek Week Month ending— Month ending- Month ending— Month ending— Month ending— Month ending— Month ending— Month ending ending ending ending ending ending ending ending Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Oct. 15, Nov. Oct. 15, Nov. Oct. 15, Nov. Oct. 15, Nov. Oct. 15, Nov. Oct. 15, 15, No v. Oct. 15, Nov. Oct. 15, 15, 1923 1923 15, 15, 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 1923 15, 15, 15, 15, 15, 1923 1923 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 ^-44 5% 4-4| 5 -6 5 -6 5 -6 5 -5| 5 -6 34-8 5-6 6 4 -5 6 6 M 8 5 4 -6 5 -6 6 -7 5 -6 6 -8 5 -6 5 -54 6 6 6-7 6 6 -7 34-5* 5 -6 4-4| 5 -6 5 -6 54-6 5 -54 5*-6' 5 -6 3^-8 5 -6 6 4 -5 44-6 3|-5 6 1 6 4 51 51- 4 3|-5 6 6 4 -U 5 -6 5 -6 5 -6 6 5! 4f-5^ 6 4i-6 62-7 4 -6 8 5^6 6 5 -5 4i-5 6 6 5-7 6 6 5 6 6 44-54 6 6 44 4HH 8 5 44-6 8 5 -6 4|-6 i K 6 5 6 5 -7 6 -7 -6 4 -6 8 -8 -6 5 -6 _ f\i 44-5 6 6 6 -6^ 6 -64 6 6 -7 6 6-7 41 4-6 6-7 4 44-4* 5 4 - 4 | 4 -5 5 6 -7 6 3§-5 34-5 K 5 4 6 4 -44 5 -6 5 -6 5|-6 54 41-5* 5 -6 5-7 6 -7 6 -7 3|-8 34-7 5 -6 5 -6 2 8 5 -6 4^6 4* 5 -6 5 6 5 -6 5 -6 5 -54 5 41-5 44-5 41-51 5 -6 5 - 6 5 - 6 5 -6 6 5 -7 4|-5f a 4^-5 5 -54 5 -54 4*-5* 5 -5| 5 -5| 5 5 6 6 5* 5§-6 7 7 -8 6 5 -6 5^-6 6-7 54-6 6 -7 6 -7 4 -6 6 -8 44-5 5 -6 6 6 -7 4 -6 6 -7 41-5 5§-6 5 -6 6 6 7 7 62 6 -7 6 -7 CO CO Denver Oklahoma City. No. 11—Dallas El Paso -_. Houston No. 12—San Francisco, _ Portland Seattle -~ Spokane Salt Lake CityLos Angeles CD 00 6 6 5 5 "4 5 - 5 | 34-4* 4 -5 5 -51 2-4* 6 6 54-6 6 5 -6 4 4-4* 51 6 5 -6 5 -6 5 -6 5 -6 6 5- 6 5^ 5 -5* 5 - 5 | 5 - 5 | 6 54-6 5 -54 5 -6 5^ 4f-5 5 -5i 6 5 -6 4H* 41-6 6 6 6 6 6 5 -8 5 -8 5 -8 5| 5 -6 5| 5 -6 5 -6 6 5 -6 5 -6 44-5* 5 - 5 | 4 % 5 -54 54-6 51 5 -6 4*-6 51 5 -54 5 -54 4 -5 6 6 5 5 6 6 6 6 6 6 6 8 S* 6 i 41-6 44-6 8 5 -6 5 -6 5 -6 6 62 6 6 6 7 6 -7 6 -7 6 4 -6 4 -6 8 5 -6 6 -8 7 -8 6 5 -6 7 "6~-7" 5 -6 5 -6 54-6 5 -6 7 6 -7 6 -7 6 - 7 6 6 7 6 6 7 6 8 7 6 -7 6 6 6-7 6-7 6 - 7 3 24-4* 5^6 5 5 4|-6 3f-4* 6 4* 5 -6 3f-4 5 -6* 2 6 44-51 51 5 -6 6 6 6 6 -7 6 -7 5 -6 6 5|-6 4 -6 44-6 4-54 6 5 -6 6 -7 5 -7 8 5 -6 5 -6 6 -7 6 8 6 6 -7 6 -7 4*-6 8 6 6 6 5 -6 5|-6 5 -6 44-54 5 -6 6 -7 6 -8 5 -6 5|-6 4f-5 5 -6 6 -7 2 6 5 -6i 3|-4 5^-6 5 -6 54 54-6 4|-5f 5 -6 6 -7 6 -8 5 -6| 54-6 4 -5 51-6 4 -5 8 6 5 -6 6 -7 5-8 6 -8 6 -7 5-6 6 -7 6 -7 7 7 -8 7 6 -7 6 -7 6 4 -54 6 5 -6 54-6 6 -7 5 -8 8 5 5 6 6 -6 -6 -7 -7 7 5 -7 7 51 5 -6 6 51 6 6 54-6 6 51 6 6 -7 6 -7 6i-$ 7 5|-6 6 4|-5 6 4-54 5 -6 6 6 -7 54 5{ 5 -6 6 6 -8 5 -7 54-6 44-54 54-6 54 5 -5 6 6 6 6 -7 5^ 8 6 5 -6 7 6 6 6 -8 7 -7\ 7-8 5 -8 8 5-7 6 6 -7 6 -7 6 -7 7 7 4 -5 6 44-6 54-6 6 6 -7 54 5 -51 5 -6 6 44-7 5 -7 54-6 5 -6 5 -6 44-54 6 6 -7 5 6 6 6 -6 -7 -8 -8 5 -6 6 6 -7 6 -7 7 7 7 tel i 1 5 -6 5^-6 I 6 -7 8 6 -7 7-8 6 -7 7 -8 7 -8 8 7-8 6 -6£ 6 6 -7 y-74 6 -7 6 -7 6 -8 7 -8 7 -8 8-10 6 -8 6 T-Y 7 -7\ 6 6-7 7 s Pi 5© 0ECEMBEB, 1924 983 FEBEEAL EESEKVE BULLETIN GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES SILVER GOLD Ten months ending October— October— COUNTRIES 1923 1924 1923 1924 Ten October— 1923 1924 months ending October— 1923 1924 IMPORTS Denmark France.- _ Germany _ _. _ Italy Netherlands Spam _ Sweden • _ _ _ __ England Scotland Canada.—_ _ _ _ _ _ _ Central America Mexico • _ ' _ West Indies Argentina Chile _ Columbia Ecuador Peru Venezuela China _ _ Dutch East Indies __ Hongkong Philippine Islands _ British Oceania Egypt Portuguese Africa All otherTotal . . . ' - . - $971,911 7,119,136 $1,248 989 13,198,375 331,279 14,616,327 3, 359, 335 157, 641 626,537 4,361 6,274 402,513 242,420 279, 542 1,367, 287 195,162 145, 613 84,615 132, 762 9,342 74,407 29,795,185 2,364,643 133,664 398,795 25,005 2, 000,000 1,761 173,105 67,363 205,401 26,268 395, 240 129, 207 170, 041 70,165 4,966 4,125 $3,561,829 13,072,229 $10, 705, 626 49,551,586 4,822,116 77,431 2,735, 792 10,916,569 47,699,522 27,292 53,413 2,865 6,522,838 98,359,121 130,892,628 2,560,382 44,465,210 35,922,220 2,016,955 1,790,437 5, 554,479 4,648, 342 488,393 327,005 125,633 18,189,465 203,262 339, 540 3,842,545 1,888,253 549,433 721,445 1,850,873 2,459,156 611,853 247, 559 4, 692, 646 4,997, 791 1,807,461 1,831,800 318, 640 2, 500,000 1,283,492 4, 521, 565 1,317,924 2,606,431 1,473,908 1,455,008 720,785 525,216 864,354 1,181,317 19, 701, 640 250,317,150 289, 584,485 $200, 263 114,439 66, 569 • 1,791 50, 468 195, 806 $2, 205 13, 574 399,022 130,078 5,230,389 10,421 1,824 30, 064 15, 720 $433,126 193,198 3,726,561 3,407 $61,841 1, 221,035 2,241 512 104,665 9,027 301,164 5,487,004 1,401,844 39,186,828 97, 658 74,732 1,173,153 114,610 30,076 11,093,912 4, 302 10, 755 737,561 6,058,320 1,742,153 37,347,519 60,514 32,304 1,245,082 136,580 39,268 11,946, 276 2,314 17, 634 744,154 23,301 2,612 292 123,263 377,523 61,599, 594 960, 745 51 2,232 98,427 47,814 23, 603 3,731 1, 270, 571 55 881 49,831 2,399 255 2,563 86 4,974 26,931 7,315 65,830 18, 554 2,038 15,619 93, 799 840,275 6,929,311 5,828,572 61,012,056 EXPORTS France Germany Netherlands _ Spain— Switzerland- _ _ England Canada Central America Mexico West Indies.. . Colombia Peru . . Venezuela British India China Dutch East Indies Hongkong Japan Philippine Islands All other Total. - * 2,660,000 _ . 40,000 20,000 5,010 5,936 353, 520 1,287,336 303 105 348,485 2,446 15,000 500 1,379,957 138,249 1,392,000 4, 073,269 15 700,000 65,407 235,000 40,000 2, 649,100 1,000 3,148,052 4,887,795 1,310,585 73,844 1,444,520 53,635 2, 678, 998 3,131,932 4, 372,468 1,947,338 17, 571,557 26,089,431 622 20,580,759 1,358,303 34,775 1,662,058 49,501 14,608 900,000 655,340 45,457,509 15,250,860 128, 749 141,852 2, 000,076 35, 500 842,634 1,275,970 212,884 4,264 215,884 7, 522, 845 9,465, 023 54,172, 232 89, 209, 997 121,512 740 699,000 333,000 588, 989 20,000 30,500 . 776,001 206,100 510,000 14,403,334 110,005 60,010 2,185, 315 1,101, 600 4,466,896 213,100 2, 365, 840 800,000 134,900 1,307,060 67,440 800,000 196,037 4,125, 268 27,185,094 15, 284,478 151,858 758,616 700 2,483,598 194,037 500 111, 483 863 928,190 199,199 2,446 •„ _ ___ 525 1,500 525 984 FEDERAL RESERVE BULLETIN DECEMBER,, 1924 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF INDEX Per cent of par i October November 1 to 21 inclusive Monetary unit Par of exchange October Low General index Belgium Denmark France Great B ritain ______ Italy Netherlands Norway _ _._ Spain Sweden Switzerland Canada Argentina Brazil Chile _..i China India Japan Franc Krone Franc Pound Lira Florin Krone Peseta Krone __ 19.30 26.80 _ 19.30 486. 65 19.30 40.20 26.80 19.30 26. 80 Franc.• _ 19.30 100.00 Dollar 96.48 Peso (gold) 32.44 Milreis 19.53 Peso (paper)2 2 66.85 Shanghai tael 48.66 Rupee 49.85 Yen. High Low Average High Average Month Fourth week 4. 8500 4. 8042 4. 8000 4.8400 4.7500 4.8229 17. 3300 17. 6500 17. 5400 17.0900 17. 6100 17.3331 5. 3100 5.2292 5. 2600 5. 2200 5. 3100 5.1500 454. 3100 463. 3800 460. 2059 445. 6300 452. 3100 448. 7004 4.3600 4.3000 4. 3318 4. 3000 4. 3800 4.3504 39. 6200 40. 2200 39. 9659 38. 6500 39. 4000 39.1027 14. 3600 14. 8400 14. 6794 14.1000 14. 3500 14. 2546 13.4800 13. 6500 13.5594 13. 2700 13.4800 13. 4015 26. 6100 26. 8500 26. 7906 26. 6000 26. 6300 26.6123 19.2500 19. 3000 19. 2671 19. 0500 19. 2400 19.1827 99. 9521 100. 0018 99. 9770 99. 9555 100.0078 99.9743 83. 3800 86. 6300 85.0935 81.7100 85. 3000 83. 5458 11. 0600 11. 7600 11.4800 10. 5400 11. 5800 11. 2215 11. 0800 11. 3800 11. 2747 10.9000 11. 2100 11.0485 76.0000 76. 7900 76. 3135 75. 9200 78. 3600 76. 9792 33. 9700 34. 7300 34. 2582 33. 0100 34.1000 33. 6923 38. 2800 38. 6600 38. 4971 37. 9400 39.9900 38. 7942 61 24.89 64.68 27.09 92.20 22.54 97.27 53.19 69.44 99.30 99.39 99.97 86.59 34.59 56.57 115.15 69.24 77.82 61 24.86 64.14 27.06 92.43 22.44 97.82 53.23 69.58 99.30 99.65 99.99 86.25 34.65 57.10 114.44 69.41 77.74 November First week Second week Third week 61 61 24.94 25.03 65.71 64.89 27.34 27.16 93.64 94.85 22.52 22.39 98.78 99.49 53.84 55.09 69.91 70.25 99.59 100. 09 99.81 99.80 99.98 99.96 86.92 88.33 34.44 35.72 57.03 57. 86 114. 39 114. 32 70.33 69.88 77.12 77.38 61 24.99 65.65 27. 23 95.06 22.44r 99.87 55.24 70.55 100.16 99.87 99.99 89.13 35.85 58.18 113.80 70.92 77.17 OTHER COUNTRIES AustriaBulgaria C zechoslovakia Finland Germanv Greece Hungary Poland Portugal Rumania Yugoslavia Cuba-. Mexico Uruguay China Hongkong Straits Settlements. Krone -_.- 20.26 19.30 Lev-.-. Crown 19.30 Markka 23.82 Reichsmark 19.30 Drachma 20. 26 Krone Zloty . . . 19.30 108. 05 Escudo Leu. _- 19.30 Dinar.. - 19. 30 100. 00 Peso 49.85 _.do 103.42 do 48.11 Mexican dollar2 47.77 Dollar2. Singapore dollar. 56.78 i Based on average. 2 0.0014 .7300 2. 9799 2. 5133 23. 7900 1. 7538 . 0013 19.1900 4.1700 .5171 1. 4452 99. 9375 48.7083 90. 6800 54. 8300 54.4100 52. 5000 1923 average. 0. 0014 .7375 2.9978 2. 5218 23.8100 1. 7998 .0013 19. 2400 4. 6300 .5641 1.4528 99.9781 48.8333 99. 2800 55. 5400 55.1000 53. 3800 3 0. 0014 .7331 2. 9827 2. 5182 23.7971 1. 7809 .0013 19. 2082 4.4535 .5468 1.4487 99. 9572 48.7784 94. 6000 55.2053 54. 7624 52. 9794 0. 0014 .7272 2. 9773 2. 5105 3 .0238 1. 7170 .0013 19.1900 3. 4900 .5156 1. 3613 99.9297 48. 7917 85. 2200 54.0800 53.6600 51. 2500 0.0014 .7368 2. 9870 2. 5144 3 .0238 1. 7452 .0013 19. 2400 4. 2100 . 5718 1.4570 99. 9621 48.9583 90. 8300 55. 9800 54. 9600 52. 5600 0.0014 0.01 0.01 .7320 3.79 3.79 2.9814 2. 5125 13.02 13.02 3 .0238 8.98 8.99 1. 7356 .0013 .01 .01 19. 2181 99.58 99.57 3. 9315 3.64 3.83 .5459 2.92 2.83 1. 4245 7.38 7.47 99.95 99. 9459 99.95 97.97 48. 8575 98.01 88. 5946 85.89 85.66 55. 0792 114. 49 114. 52 54. 3600 113. 80 113. 72 51. 8312 91.28 91.98 In cents per billion through October, 1924. 0.01 3.80 0.01 3.79 0.01 3.81 13.03 99 91 9.14 13. 05 99.91 9.29 13.06 99. 909.24 .01 .01 .01 99.57 4.26 2.74 7.51 99.9& 97.81 94.46 115. 04r 115. 04 93.70 99.50 99.50 4.16 3.90 2.91 2.86 7.52 7.50 99.97 99.96 97.91 97.84 88.04 91.34 114. 35 114. 79 114.16 114. 63 93.33 92.80 Thereafter in cents per reichsmark. SILVER [Average price per fine ounce] October London (converted at average rate of exchange) New York— $0.71522 . 71168 September $0.70012 INDEX TO VOLUME 10 Page Abstract of condition reports of member banks: December 31, 1923 234-237 March 31, 1924 519-523 June 30, 1924____ 752 October 10, 1924 974-978 Specified dates, 1922-1924 __ 563 Acceptances: Bankers' acceptances covering American cotton in foreign countries after export transaction completed 638 Banks granted authority to accept up to 100 per cent of capital and surplus-- 12,82, 182, 287, 558, 867 Discounted by Federal reserve banks— Each month 60,132,228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Year ending May 31, 1924 560 Held by Federal reserve banks— Each month 59,132,227, 308, 442, 513, 599, 666, 748, 815, 889, 970 Year ending May 31, 1924 559 Market for 34, 103,202, 203, 345, 475, 547, 632, 699, 783, 847, 920 Purchased by Federal reserve banks— Each month.—. 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Year ending May 31, 1924 .___ 560 Regulation A—Discounts 705 Regulation B—Open-market purchases 708 Regulation C—Member bank acceptances709 Act creating new Reichsbank in Germany 854 Addis, Charles S., member of general board of Reichsbank 855 Administrator. (See Fiduciary powers.) Admissions of State banks into Federal reserve system: {See State banks.) Advertising, newspaper and magazine 41, 111, 209, 292, 426, 496, 577, 650, 732, 800, 874, 954 Advisory council, Federal: Aiken, Alfred L., resignation as member. _ 461 Comment on Dawes report 458, 459 Gold basis for Germany, views on 460 Meetings of _ 151, 769, 906 Expenses of 136,670 Morss, Chas. A., elected member461 Agent, Federal reserve. (See Federal reserve agent.) Agricultural conditions 13-16, 765-768,789-793,833,862 Monthly reports.-. „ 25,94,191, 253, 333, 464, 537, 621, 688, 772, 837, 910 Prices of farm products-----__ 765, 789, 833, 862 (See also Crops.) Agricultural credit, discussion of 5, 15, 78, 768, 834 Agricultural implements, wholesale trade. 43, 113, 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 Agricultural movements, index of 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Revision of ... 187 Pag® Agricultural paper: Discounted by Federal reserve b a n k s Each month ___ 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Year ending May 31, 1924____ __. 560 Discount of—Regulation A. 706 Held by Federal reserve b a n k s Each month 59,132,227, 308, 442, 513, 599, 666, 748, 815, 889, 970 Year ending May 31, 1924 559 " Nonperishable, readily marketable agricultural staples/' definition of, as contained in section 13 of act 276 Agricultural prices: Discussion of 13, 765, 789, 833, 862 1922-1924, chart showing 834 Agricultural products: Consumption of, 1922-23____. 14 Exports of, 1922~23__ 44 Prices of 13, 765-768, 789-793, 833, 862 Aiken, Alfred L., resignation of, as member of Federal advisory council 461 Allotments of Treasury certificates of indebtedness._-__ 8,249,533,768 Amendments to regulations of Federal Reserve Board 250, 279, 489, 705 Animals slaughtered 39, 109,207, 290, 424, 494, 575, 648, 730, 797, 871, 952 Index of 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Annual report of Federal Reserve Board: Extract from, regarding the gold and credit situation 243 Publication of 250 Apples: Prices on farms 791 Production, 1920-1923 13 Shipments 40,110,207,291, 425, 495, 576, 649, 731, 798, 872, 953 Appointment of Federal reserve agents 7, 769, 834 Argentina: Foreign exchange rates, monthly____ 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Foreign trade with United States 481 Gold holdings, 1913, 1922, and 1923______ 270 Gold and silver exports to United States. 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 1919-1924 572 Armenia, debt to United States 9 Assessments on Federal reserve banks for expenses of Federal Reserve Board 136, 670 Assests and liabilities. (See Resources and liabilities.) Assignee. (See Fiduciary powers.) Atlanta par clearance case 866 Australia: Cost of living 742, 809, 883, 964 Food prices, retail 49, 119, 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 985 986 INDEX TO VOLUME 10 Page Australia—Continued. Foreign trade 53, 124, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 With the United States 480 Gold holdings, 1913, 1922, and 1923 270 Gold production, 1921-1923 270 Wholesale prices 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 Austria: Cost of living 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Debt to United States.... 9 Discount rates 54, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Changes in 738,960 Food prices, retails 49, 119, 216 302, 436, 506, 592, 660, 742, 809, 883, 964 Foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Wholesale prices 741, 808, 882, 963 Automobile supplies, wholesale trade 43, 113, 211, 294, 428, 498, 579;, 652, 734, 801, 875, 956 Automobile tires and tubes: Monthly reports on the industry 30, 99, 197, 258, 340, 470, 543, 627, 695, 779, 843, 916 Production and shipments 41, 112, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Automobiles: Monthly reports on the industry 30, 99, 197, 258, 340, 470, 543, 627, 695, 779, 843, 916 Production, chart showing 340, 531 Production and shipments 41, 112, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Bachman, G., member of general board of Reichsbank 855 Balance of trade. (See Foreign trade.) Bank buildings, Federal reserve, taxes on 136, 670 Bank clearings. (See Clearings, bank.) Bank credit 11, 80, 153, 252, 332, 463, 535, 619, 688, 772, 837, 909 Discussion of 1, 4, 151, 243, 456, 529, 681, 772, 834, 903 Extract from annual report 243 Bank debits: Seasonal adjustment, study of 555 Weekly 70, 142, 239, 320, 451, 525, 608, 674, 759, 826, 894, 979 Bank deposits. (See Deposits.) Bank failures 549, 631, 700, 785, 848, 921 Bank notes. (See Federal reserve bank notes; Federal reserve notes; National bank notes.) Bank of England, condition of__ 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Year 1923 121, 552 Bank of France, condition of___ 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Bank of Japan, condition of 54, 125, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Bank of Switzerland, note circulation, 1913-1923. 88 Bank Polski, Poland, organization of 486 Bankers' acceptances. (See Acceptances.) Bankers' balances at member banks in Federal reserve bank cities. _»562, 669, 751, 818, 892, 904, 973 Banking, branch. (See Branch banking.) Banking conditions in Great Britain during 1923 552 Bank-note issues, trend of, in England, France, Canada, and United States 51, 122, 218, 268, 350, 482 Bankruptcies. (See Failures.) Banks, condition of. (See Condition of banks.) Page Banks granted authority to accept up to 100 per cent of capital and surplus 12, 82, 182, 278, 558, 867 Banks of issue: Discount rates. (See Discount rates.) Germany— Recommendation of Dawes committee on organization of 329, 356, 382 Reichsbank, reorganization of 854 Hungary— Organization of 267, 487 Royal Hungarian Note Institution, reorganization of 274, 487 Italy, condition of 54, 125, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Poland, organization of 486 Banks, ioint-stock, in Great Britain, condition of 552 Barley: Prices on farms ;__ 790 Production, 1920-1923 13 Receipts, shipments, and stocks 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Beef: Exports, 1910-1924 •____ 864 Production, 1912-1924__ 863 Belgium: Cost of living 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Debt to United States 9 Discount rates 54, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Food prices, retail 49, 119, 216, 302, 436, 506, 660, 742, 809, 883, 964 Foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Foreign trade 53, 124, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 Wholesale prices 48, 118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Bills discounted and bought. (See Discount and open-market operations; Earning asset of Federal reserve banks.) Bills of exchange: Discount of—Regulation A 706 Purchase of—Regulation B 708 Bolivia, gold and silver exports to United States, 73,144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Bond sales, Canada 52,123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Bonds of War Finance Corporation, paper secured by, eligibility for rediscount 277 Boots and shoes: Output by factories 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Production, chart showing 544 "Borrower," interpretation of word as used in section 13 275 Branch banking 925-940 Extent of, in United States 929 Legal status 930 Recommendations of Federal Reserve Board to Congress on •_ 926 Regulation H, revision of 250, 279, 715 Resolutions of Federal Reserve Board on__ 81, 928 Branches and agencies of foreign banks, acceptances of, held by Federal reserve banks 59, 131, 227, 308, 442, 513/599, 666, 748, 815, 889, 970 Branches of national banks: Opinion of Supreme Court on right to establish — 281 Statement by Comptroller of Currency on_ _ 285 INDEX TO VOLUME 10 Page 987 Page Branches of State banks—Regulation H 716 Canada—Continued. Brazil: Bond sales 52, Foreign exchange rates 74, 145, 123, 219, 296, 430, 500, 654, 736, 803, 877, 958 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Capital issues 52, Foreign trade 53, 124, 220, 123, 219, 296, 430, 500, 654, 736, 803, 877, 958 297, 431, 501, 583, 655, 737, 804, 878, 959 Chartered banks, condition of 54, 125, With the United States 480 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Gold holdings, 1913, 1922, and 1923 ______ 270 Clearings, bank 54, 125,221, Brick production, shipments, and stocks 41, 111, 298, 432, 502, 586, 656, 738, 805, 879, 960 Trend of 51, 122, 218, 268, 350, 482 208, 292, 426. 496, 577, 650, 732, 799, 873, 954 British India: Coal imports - 52,123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Gold production, 1921-1923 270 Coal production, trend of - 51, Gold and silver exports to United States __ 73, 144, 122,218,268,350,482 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 British Oceania, gold and silver exports to United Commercial bank loans, trend of 51, 122, 218, 268, 350, 482 States _ _ 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Cost of living . 49, 119, Bruins, G. W. J., member of general board of 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Cotton, raw, imports 52, 123, Reichsbank 855 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Budget, Germany, Dawes committee report on_ _ 358, 374 Deposits, trend of 51, 122, 218, 268, 350, 482 Building: Discount rates, trend of 51, 122, 218, 268, 350, 482 Charts showing operations 531, 629, 860, 861 Failures, business 52, 123, Monthly reports on the industrv 31, 100, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 198, 260, 341, 471, 544, 629^ 696, 780, 844, 917 Financial statistics 54, 125, 221, Permits and contracts awarded42, 112, 298, 432, 502,586, 656, 738, 805, 879, 960 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Mid-year 586 Study of industry in 1923 and 1924 859 Fish, preserved, exports 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Bulgaria: Food prices, retail _ _ 49, 119, Discount rates. 54, 125, 221, 298, 432, 502, 656, 738, 905, 879, 960 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 Foreign exchange rates 74, 145, Foreign exchange— 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Rates, monthly 74, 145, 242, Wholesale prices 48, 118, 323,454,528,611,677,763,830,899,984 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Trend of 51, 122, 218, 268, 350, 582 Bureau of Labor Statistics wholesale price index. 47, Foreign trade 53, 124, 117, 215, 301, 435, 505, 591, 659, 741, 808, 882, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 963. Gold and silver exports and imports. 73, 144, 241, Business and financial conditions: 322, 453, 527, 610, 676, 762, 829, 898, 983 Abroad 50, 120, 217, 267, 270, 613, 852 1919-1924 572 Europe, discussion of 613 Gold holdings, 1913, 1922, and 1923_ _ _ ___ 270 Great Britain 120, 613 Gold production, 1921-1923 270 Hungary 271-274 Gold reserves and note circulation 54, 125, Trend of, statistical summary 51, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Imports and exports, value and volume 51, 122, 218, 268, 350, 482 122,218,268,350,482 United States— Iron and steel production 52, 123, Discussion of 1-6, 147, 457, 529, 533, 831 Monthly reports 10, 25, 79, 94, 152, 191, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 251, 332, 462, 535, 619, 686, 770, 835, 907 Livestock receipts 52, 123, Review, year 1923 ___. 1-6 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Business failures: Lumber exports ___ 52, 123, Canada 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Machinery imports 52, 123, Germany 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Pig iron production 52, 123, 219, United States 33,103,201, 296, 430, 500, 582, 654, 736, 803, 877, 958 262, 344, 474, 548, 631, 700, 784, 848, 921 Trend of. 51, 122, 218, 268, 350, 482 During year 1923 103 Prices, trend of 51, 122, 218, 268, 350, 482 Business indexes, United States 536, Railway receipts _.- 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 620, 687, 771, 836, 908 Butter, receipts and cold-storage holdings 39, 109, Securities prices 52, 123, 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Calves: Ship clearances, trend of 51, 122, 218, 268, 350, 482 Receipts, shipments, and slaughter 39, 109, Unemployment 52, 123,219, 207, 290, 424, 494, 575, 648, 730, 797, 87i, 952 296, 430, 500, 582, 654, 736, 803, 877, 958 Slaughtered, index of 38, 108, Trend of 51, 122, 218, 268, 877, 958 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Wheat receipts and exports _ _ 52, 123, Canada: 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Wholesale prices— Bank debits 656,738,805,879,960 Comparison with other countries. 48, 118, 215, Bank-note issues, trend of 51, 301, 435, 505, 592, 659, 741, 808, 882, 963 122, 218, 268, 350, 482 988 INDEX TO VOLUME 10 Canada—Continued. Page Wholesale prices—Continued. Group index numbers ,__ 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881, 962 Index numbers, Federal Reserve Board 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881, 962. Wood pulp exports _ .. 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Canal, Sault Ste. Marie, commerce at _. 42, 112, 497,578,651,733,800,874,955 Candy chain stores: Retail trade._--___.- 44, 114, 211, 295, 429, 499, 580,653,735,802,876,957 Sales of, 1919-1923.___ 17,20 Capital: Banks organized to do foreign banking business—Regulation K __ 721 Increase of, by state member bank intending to withdraw from system : _ 278 Increase or decrease of, Federal reserve banks—Regulation I _ _ _ 717 National banks, increase and decrease.-. 12, 81, 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Reichsbank.. _ _ 854 Required of national banks in Wisconsin in order to obtain permission exercise fiduciary powers 488 State bank, amount necessary to become member—Regulation H 715 State banks admitted to system 12, 82, 182, 287, 421, 491, 558, 645, 727, 867, 947 Capital issues: Canada--..52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Germany _— 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Great Britian ____.. 52,123,219,296,430, 500,581,654,736,803,877,958 1923 ____ 1 120 Switzerland : 91 United States 77 Cars, railway: Freight car shortage, surplus, and loadings. 42, 112, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955. . Monthly reports on production 31, 100, 199, 260, 342, 472, 545, 629, 697, 780, 845, 918 Cattle: Number on farms and ranges, 1912-1924._ 863 Prices on farms 793 Receipts, shipments, and slaughter-_ 39,109, 207, 290, 424, 494, 575, 648, 730,797, 871, 952 Slaughtered, index of 38,108, 205, 289,423, 493, 574, 647, 729, 796, 870, 951 Cement: Index of production 38, 108, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 Production, shipments, and stocks._ 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Central America, gold and silver imports and exports ___.._ 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Central banks of issue. (See Banks of issue.) Certificates of indebtedness, Treasury: Issues of____ 8,249,533,768 Maturities of ___ 58,129, 225, 306, 440, 511, 597, 664, 746, 813, 887, 968 Purchased by Federal reserve banks 60, 132, 228, 309, 443, 514, 600, 667,749,816,890,971 Chain stores: Retail trade _>„_ 44,114,211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Monthly reports___ 32,101, 200, 261, 343, 473, 545, 630, 697, 781, 845, 918 Sales, 1919-1923—17-20 Changes in discount rates: Central banks of issue 50, 125, 221, 298, 502, 588, 738, 879, 960 January, 1923-June, 1924______ 588 Federal reserve banks.__ 3, 457, 531, 602, 685, 896 January, 1922-June, 1924 .___.. 602 Changes in name, State bank members 12, 82,182,421,491,558,645,947 Changes in membership in Federal reserve system „ 65, 141, 238, 318, 605, 823 Charges, collection. (See Clearing and collection.) Chartered banks of Canada, condition of 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Charters issued to national banks. __ 12, 81, 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Charts: Agricultural prices. ; 834 Automobiles, production of ._. :__. 340, 531 Bank credit11,80, 153, 252, 333, 463, 535, 620, 687, 771, 836, 908 Automobile tires, stocks, production, and shipments. 916 Bank debits, seasonal adjustment_______ 556, 557 7 Bankers balances in Federal reserve bank cities . 904 Boots and shoes, production of _ 544 Branch banking in the United States______ 931 Building operations.. _____ 531, 629, 860, 861 Changes in volume of acceptances, Government securities, and discounts of Federal reserve banks, 1922-1924 530 Coal, bituminous, production, 1922-24-__ 194, 840 Coal production in France and Great Britain 853 Copper, lead, and zinc prices-—J 913 Copper production . 776 Cost of living 782 Cotton ginnings and receipts ---773 Crops— Prices on farms . 767, 789, 790, 791 Value of, 1922-1923 25 Currency circulation in France and England 617 Department stores— Sales of 17,18,189,333,771 Stocks of 189, 546 Discount and open-market holdings of Federal reserve banks, 1922-23 2 Drug chain stores, sales of, 1919-1923 18 Earnings and expenses of member banks 941 Employment- 11, 252, 463, 535, 620, 687, 836, 908 In factories 832 :_ Five and 10 cent chain stores, sales of, 1919-1923 ___ 19 Foreign exchange, England, France, and Italy . 615 Freight cars— Installed and retired 101 Loadings, 1919-1924__. 472 Orders for, 1923-24____.___._ 342 Surplus 845 Gold imports and exports, United States, 1914-1924 ___ 571 INDEX TO VOLUME 10 Charts—Continued. Grain prices __ 621 Groceries, dry goods, hardware, drugs, and shoes, stocks of, held by wholesalers on Dec. 31, 1923 ____ 200 Growth of investments, loans on stocks and bonds, and of demand deposits of member banks in New York City__________ 684 Hog prices and receipts 466 Industrial activity, United States „ 37, 107 183, 288, 422, 492, 573, 646, 728, 795, 869, 950 Labor market index _ 84, 85 Leather stocks, 1921-1924 __ „___ 696 Livestock prices on farms 792 Loans, deposits, and investments of member banks, 1920-1923_____ 1 Lumber cut, shipments, and orders- — ____ 259 Mail-order houses, sales of, 1919-1924 343 Meat packers, sales of, 1921-1923____ 32 Member bank earnings and expenses 941 Money in circulation.•__ _ _ _ 248 Money rates and commercial loans •_._.»_ 4 5 5 Money rates in the New York market 457, 685,905 Ocean tonnage cleared, Great Britain and France ___. _. 853 Pay roll, factory _ „ 833 Petroleum— Production, 1923-24 540 Production, consumption, imports, and exports.. 337 Pig-iron production, 1920-1924___________ 627 Pork production, exports, and consumption, 1919-1923-. .__„ 257 Prices-— Abroad 614 Copper, lead, and zinc_ 913 Crops and livestock, 1921-1923--. 13 Meat animals.---862 Sheep, cattle, and hogs, 1921-1924___. 335 Wheat, corn, oats, and cotton. _ „__ 191 Production and trade in Great Britain and . France „ . 853 Production in basic industries 10, 79, 152, 251, 332, 462, 535, 619, 686, 770, 835, 907 Production, prices, and commercial loans__ 78 Railroad freight movement in Great Britain and France-853 Raw material prices, 1919-1924 _ _ _ 262 Retail trade at department stores and mailorder houses-. -_ 17 .Securities, British, per cent yield 120 Silk, raw, prices on the New York market, 1922-1924 694 Steel production in Great Britain and France -_ -853 •Swiss franc, price of___ 88 Unemployment in Great Britain 852 Wheat exports, 1913-1923 94, 191, 837 Wheat and flour exports 837 Wheat and flour prices, 1921-1924 692 Wholesale prices 10, 79, 152 251,332,462,535,619,686,770,835,907 1921-1923. ___________ 102 Federal Reserve Board's international index 45, 115, 213, 299, 433, 503, 589, 657, 739, 806, 880, 961 Comparison of Federal Reserve Board's index for Japan with Bank of Japan index___------22 Wool imports and mill consumption 469 Wool stocks, consumption and imports 915 989 Charts—Continued. Woolens and worsteds, spindle hours and prices. ____ 778 Zinc production, shipments, and stocks 467 Check clearing. (See Clearing and collection.) Cheese, receipts and cold-storage holdings 39, 109, 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 Chemicals, manufacture of- _ _ _ ~_ 41, 111, 209, 292, 426, 496, 577, 650, 732, 799, 873, 954 Chile: Foreign exchange rates __ 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Foreign trade. 53, 124, 220, 297, 431, 501, 655, 737 Gold and silver exports to United States. _ 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 China: Foreign exchange rates _. _ , _ _ 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Foreign trade with the United States 480 Gold and silver exports and imports 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983. 1919-1924 572 Wholesale prices 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 Christmas gifts, silver dollars used for. 906 Cigar chain stores: Retail trade 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Sales of, 1919-1923 _. 17,20 Cigars and cigarettes: Index of production 38, 108, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 Monthly reports on the industry _ _ _ 26, 95, 192, 254, 335, 465, 538, 622, 690, 774, 838, 911 Sales of revenue stamps for manufacture of___ _40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Circulation, currency. (See Currency.) Clayton Act, interlocking bank directorates— Regulation L_ 724 Clearance of vessels. (See Ships.) Clearing and collection: Gold settlement fund transactions. 62, 134, 230, 311, 445, 511, 602, 672, 760, 827,896,981. Operation of the system 61, 133, 229, 310, 444, 515, 601 Par and nonpar list 61, 133, 229, 310, 444, 515, 601 Par clearance litigation in Atlanta 866 Regulation J_ 489, 719 Clearing-house bank debits: Seasonal adjustment, study of. 555 Weekly ___ __ _ 70, 142, 239, 320, 451, 525, 608, 674, 759, 826, 894, 979. Clearing-house banks in London, condition of__ 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960. Clearings, bank: Canada _..54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960. France, Paris banks 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 900 Great Britain, London clearing-house banks _ 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960. Trend of, in England, France, Canada, and United States51, 122, 218, 268, 350, 482 990 INDEX TO VOLUME 10 Page Closed banks, State bank members 12, 82, 182, 287, 421, 558, 645, 727, 867, 947 Clothing: Men's and boys' garments cut 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Men's and women's, wholesale trade>43, 113, 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 Monthly reports on the industry 29, 98, 196, 257, 339, 469, 542, 626, 693, 842, 914 Coal: Canada, imports 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 France— Production, chart showing 853 Production and imports 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 GermanyImports and exports 52, 123,219, 296, 430, 582, 654, 736, 803, 877, 958 Production 582 Great Britain— Production, chart showing 853 Production and exports 52,123,219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Index of production 38, 108, 206, 289, 423, 493, 574, 647, 729, 796, 870, 95i Trend of production in England, France, Canada, and United States ___ 51, 122, 218, 268, 350, 482 Coal and coke: Monthly reports on the industry 27, 96, 193, 255, 336, 466, 539, 624, 691, 775, 840, 912 Production and shipments 40, 110,207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Coin, circulation and stocks 71, 141, 238, 318,450,524,570,673,758,825,895,980 (See also Currency.) Cold-storage holdings of apples, butter, cheese, eggs, and meats 39,109,207, 291, 425, 495, 575, 648, 730, 797, 871, 952 Collateral notes: Discounted by Federal reserve banks 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971. Holdings by Federal reserve banks— Each month 59,132,227, 308, 442, 513, 599, 666, 748, 815, 889, 970 June 30, 1922-May 31, 1924 559 Collection, check. (See Clearing and collection.) Colombia, gold and silver imports and exports- 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983. 1919-1924 572 Commercial failures. (See Failures.) Commercial paper: Discounted by Federal reserve banks 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Holdings by Federal reserve banks— Each month 59,132,227, 308, 442, 513, 599, 666, 748, 815, 889, 970 June 30, 1922-May 31, 1924 559 Commission, Dawes: Report _-- 351-417 Comment on, by Federal advisory council 458, 459 Discussion of__ 325 London Conference 704 Organization of new Reichsbank 854 Commodity movements 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Page Comptroller of the Currency, statement by, on branch banking „_ 285 Condition of banks: All banks in the United States— June 30 and September 14, 1923 66, 68 December 31, 1923 315,317 March 31, 1924. 567-569 June 30, 1924 819 All member banks, June, 1922-March, 1924 .._ 563, 567 All State banks and trust companies— June 30, and September 14, 1923 66, 67 December 31, 1923 315,316 June 30, 1924 819, 820 Bank of England, 1923 121, 552 Bank of France 54, 121, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960^ Canada, chartered banks 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Federal reserve banks— All banks combined, during 1923 62 Change in weekly statement 126 s Mid-year review—__ 559, 560 Weekly 55, 126, 222, 303, 437, 507, 594, 661, 743, 810, 884, 965 Germany— Gold Discount Bank, June 30, 1924___ 637 Reichsbank— June 30, 1924 637 October 15,1924 858 Rentenbank, June 30, 1924 636 Great Britain— Bank of England- 54, 121, 125, 221, 298, 432, 502, 552, 586, 656, 738, 805, 879, 960* 1923 121, 552 Joint-stock banks -__ 552' London clearing banks _ 53, 54, 121, 125, 221, 298, 432, 502, 553, 586, 656, 738, 805, 879, 960. 1921-1923 121 ItalyBanks of issue 54, 125, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Private banks 54, 125, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Japan— Bank of 54, 125, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960> Tokyo banks 54, 125, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Member banks— December 31, 1923 234-237 March 31, 1924 519-523 June 30, 1924 752 October 10, 1924 974-978 Specified dates, 1922-1924 563 Weekly 63, 138, 231, 312, 446, 516, 603, 668, 750, 817, 891, 972: Year ending May 31, 1924 561 Mutual savings banks, June 30, 1924 822 Conferences: Federal advisory council 151, 769, 906 Federal reserve agents 906 Expenses of 136, 670 Governors of Federal reserve banks. 455, 461, 906 Expenses of__ 136, 670 Consolidations: National banks______ 12, 81, 182, 287, 421, 478, 558, 645, 727, 793, 867, 94& State bank members 12, 82, 182, 421, 491, 645, 727, 867 INDEX TO VOLUME 10 'Contracts, building. {See Building.) Conversions, State banks into national banks__ 12, 82, 421, 645 Cooperative marketing 15, 766 Cooperative marketing associations: Discount of paper of^-Regulation A 706 Number, size, and volume of produce marketed in 1923 15,767 Copper: Index of production 38, 108, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 Production 40, 110, 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 Production and prices 27, 97, 194, 256, 337, 467, 541, 625, 692, 776, 841, 913 Corn: Crop estimate 644, 726, 794, 868, 949 Prices on farms 765, 790 Production 13,16,862 Production and prices 862 Receipts, shipments, and stocks _ 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Cost of living: Principal countries 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Sources of information 48 United States 546, 631, 698, 782, 846, 919 Chart showing 872 Cotton: Bankers' acceptances covering American cotton in foreign countries after export transaction completed 638 Chart showing ginnings and receipts 773 Consumption and exports _ _ 95, 334 Crop estimates 794, 868, 949 Crop marketing, monthly reports on__ 26, 94, 192, 254, 334, 464, 537, 622, 689, 773, 838, 910 Fabrics, production and shipments-. 40, 110, 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 France, stocks at Havre; imports 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Germany, imports 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Index of production 38, 108, 205, 289, 423, 4*93, 574, 647, 729, 796, 870, 951 ManufacturesEngland— Exports 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Exports to United States 469 Monthly reports on the industry. 29, 98, 195, 257, 338, 468, 542, 626, 693, 777, 842, 914 Prices on farms 767, 791 Production 13, 16 Raw, imports— Canada „„ 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958. England 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958. Receipts, stocks, and consumption 40, 110, 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 Cottonseed, received at mills, crushed, and stocks 39,109, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Cottonseed oil, production and stocks _ 39, 109, 207, 291, 425, 495,576,649,731,798,872,953 991 Court opinions: Supreme Court of Rhode Island upholding right of national banks to exercise fiduciary powers 639 Supreme Judicial Court of Massachusetts on right of a national bank converted from State trust company to act as executor under will naming trust company- _. 641 United States Supreme Court— Upholding right of national banks in Missouri to exercisefiduciarypowers. 418 Dissenting opinion_ _ _ 419 Right of national banks to establish branches 281 : Credit, agricultural, discussion of__ 5, 15, 78, 768, 834 Credit, bank 11, 80, 153, 252, 332, 463, 535, 619, 688, 772, 837, 909 Discussion of ___1, 4, 151, 243, 456, 529, 681, 772, 834, 903 Extract from annual report243 Crissinger, D. R., redesignated as Governor of Federal Reserve Board _: 461 Crops: Charts showing prices on farms 25, 767,789,790,791 Condition of 25, 94, 191, 253, 233, 464,537,621,688,772,837,910 Cooperative marketing 15, 766 Estimates, by Department of Agriculture- 644, 726,794,868,949 Financing the movement of 768 Fruit, size and value of, 1922-23 27 Prices on farms__. 25, 765-768, 789-791 Production 13, 16, 765 Wheat crop of the world and international trade____ 788 Cuba: Debt payment to United States 9 Foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Cunningham, Edward H., address by 6 Currency circulation: Charts showing in Great Britain and France 617 Discussion of 75, 683 France 617 Germany— Dawes committee report on__ 356,371,405 Discussion of 331 Reorganization . _: 616, 636 Great Britain.__ 617 Hungary 273 National bank note circulation 944 Reform in European countries-267 Silver dollars, increase in circulation of _ 769, 906 United States 71, 141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980. Year ending June, 1924 570 Discussion of 75,683 Czechoslovakia: Cost of living 49,119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Debt to United States 9 Discount rates_ 54, 125, 221, 298, 432, 502, 588, 656, 738, 805, 879, 960, Changes in 50, 125, 298, 502, 588 992 INDEX TO VOLUME 10 Pa e Czechoslovakia—Continued. § Foreign exchange rates . 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Wholesale prices 48,118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Dairy products: Prices on farms.. 793 Monthly reports 336, 466, 539, 623, -691, 774, 839, 912 Receipts and cold-storage holdings. _ 39, 109, 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 Dawes Commission: Report 351-417 Comments on, by Federal advisory council.458, 459 Discussion of 325 London conference 704 Organization of new Reichsbank . 854 Debits to individual account: Seasonal adjustment, study of 555 Weekly 70, 142, 239, 320, 451, 525, 608, 674, 759, 826, 894, 979 Debt: Finland to United States, payment of 249 Foreign governments to United States 9 Great Britain— Floating 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Interest payment to United States—,-533 Hungary, interest payment to United States 534 Sweden 1 __ 484 Switzerland 89 United States _ 9 Decisions of courts: Supreme Court of Rhode Island upholding right of national banks to exercise fiduciary powers 639 Supreme Judicial Court of Massachusetts on right of a national bank converted from State trust company to act as executor under will naming trust company 641 United States Supreme C o u r t Right of national banks to establish branches _ 281 Upholding right of national banks in Missouri to exercise fiduciary powers418 Decisions of Federal Reserve Board. (See fa Rulings.) Deficiencies in reserves, penalties for—RegulaKtion J :-490 Definition: Agricultural paper—Regulation A 706 Bankers7 acceptances—Regulation A______ 707 Bills of exchange 706 " Borrower," as used in section 13 of Federal reserve act : 275 Demand deposits—Regulation D 710 Draft—Regulation A 706 Government deposits—Regulation D _____ 710 Municipal warrants—Regulation E 711 " Nonperishable, readily marketable agricultural products," as contained in section 13 of act _ ____ 276 Postal savings deposits—Regulation D 710 Promissory note . 706 Savings accounts—Regulation D 710 Time deposits—Regulation D _ 710 Trade acceptance—Regulation A 706 Demand deposits: Definition—Regulation D 710 Member banks 65,140,233, 314, 448, 518, 607, 672, 760, 827, 895, 980 Denmark: Discount rates 54, 125, 321, 298, 432, 502, 588, 656, 738, 805, 879, 960 Changesin___--125, 588 Foreign exchange rates _ _ 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Foreign trade 53, 124, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 Gold and silver imports and exports-_ 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 1919-1924 572 Wholesale prices 48, 118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Department stores: Charts showing sales and stocks, 17, 18, 189, 333, 546, 771 Retail trade 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Monthly reports 32, 101, 200, 261, 343, 473, 545, 630, 698, 781, 845, 918 Sales, 1919-1923___ - 17, 18, 21 Sales and stocks._____„____ 44, 114, 212, '295, 429, 499, 580, 653, 735, 802, 876, 957 Stocks, index of, corrected for seasonal variations, construction of. 189 Deposits: All Federal reserve banks combined during 1923 _„ 62 Commercial bank, trend of, in England, France, Canada, and United States 51, 122,218,268,350,482 Federal reserve banks, monthly 55, 126, 222, 303, 437, 507, 594, 661, 743, 810, 884, 965 June, 1922-May, 1924 560 Government—Regulation D . 710 Savings— France________ 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 United States.. 34, 104, 202, 264, 345, 475, 548, 633, 699, 784, 847, 920 Time and demand— All member banks 65, 140, 233, 314, 448, 518, 607, 672, 760, 827, 895, 980 Definition of—Regulation D 710 Growth in 681, 682 Deputy chairman, Federal reserve banks, appointment of 7 Diamonds, wholesale trade 43, 113, 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 Digest of rulings of Federal Reserve Board, publication of 6, 250 Directorates, interlocking, under Clayton Act— Regulation L 724 Directors of Federal reserve banks: Election of, annual7 Expenses of „ 136, 670 McCord, Joseph A., resignation of 834 Mitchell, John R., appointed—. 769 Newton, Oscar, appointed 834 Rich, John H., death of 461 Discount and open-market operations of Federal reserve banks: Acceptances— Amounts discounted each month 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971. Amounts held— Each month.. 59, 131, 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 June 30, 1922-May 31, 1924 559 Amounts purchased each month. 66,132,228, 309, 443, 514, 600, 667, 749, 810, 890, 971 INDEX TO VOLUME 10 993 Discount and open-market operations of Federal Discount and open-market operations of Federal reserve banks—Continued. reserve banks—Continued. Acceptances—Continued, Government securities, purchase of— Member bank, held by Federal reserve Each month 60, 23, 228, banks. 59, 131,227,308, 309, 443, 514, 600, 667, 749, 816, 890, 971 442, 513, 599, 666, 748, 815, 889, 970 Year ending May, 1924_ 560 National bank, held by Federal reserve Livestock paper— banks 59,131,227,308 Amounts discounted...-_______ 60, 132, 228, 442, 513, 599, 666, 748, 815, 889, 970 309, 443, 514, 600, 667, 749, 816, 890, 971 Nonmember bank, held by Federal Amounts held— reserve banks__ 59, 131, 227, 308, Each month 59, 131,227,308, 442, 513, 599, 666, 748, 815, 889, 970 442,513, 599, 666, 748, 815, 889, 970 Private bank, held by Federal reserve June 30, 1922-May 31, 1924 559 banks 59, 131, 227, 308, Maturities, acceptances purchased 60,132, 442, 513, 599, 666, 748, 815, 889, 970 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Agricultural paper— Amounts discounted each month ._„__60, Municipal warrants— 132, 228, 309, 443, 514, 600, 667, 749, 816, Holdings of 59,131,227, 890,971. 308, 442, 513, 599, 666, 748, 815, 889, 970 Amounts held— Purchases of— Each month 59, 131, 227, 308, Each month 60, 132, 228, 309, 442, 513, 599, 666, 748, 815, 889, 970 443, 514, 600, 667, 749,816, 890, 971 June 30, 1922-May 31, 1924_____ 559 Year ending May, 1924. 560 Bills bought in open market— Number of member banks accommodated— Each month 60, 132,228, Each month ____ 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 309, 443, 514, 600, 667, 749, 816, 890, 971 Year ending May, 1924 560 Year ending May, 1924 .__ 560 Bills discounted— Open-market operations during 1923, disEach month 60,132,228, cussion of __. 4 309, 443, 514, 600, 667, 749, 816, 890, 971 Rates of discount on acceptances purchased. 60,132, Year ending May, 1924 560 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Bills held— Rates of discount on bills discounted— Each month 59, 131, 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 Monthly. 60, 132, 228, June 30, 1922-May 31, 1924____ 559 309, 443, 514, 600, 667, 749, 816, 890, 971 Chart showing 2 Year ending May, 1924 560 Collateral notes— Rates of earnings on earning assets. __ 59, 131, 227, Discount of each month 60,132,228, 308, 442, 513, 599, 666, 748, 815, 889, 970 309, 443, 514, 600, 667, 749, 816, 890, 971 United States securities, holdings of—• Holdings of— Each month__..__ 59, 131, 227, Each month 59, 131,227,308, 308, 442, 513, 599, 666, 748, 815, 889, 970 442, 513, 599, 666, 748, 815, 889, 970 June 30, 1922-May 31, 1924__ 559 June 30, 1922-May 31, 1924 559 Discount of paper secured by bonds of War Commercial paper— Finance Corporation, eligibility for 277 Discount of, each month___ 60, 132, 228, 309, • • • 443, 514, 600, 667, 749, 816, 890, 971 Discount rates: Central banks of issue_____ 54, 121,125, 221, 298, Holdings of— 432, 502, 588, 656, 738, 805, 879, 960 Each month 59, 131, 227, 308, Changes in___ 50,121,125, 442, 513, 599, 666, 748, 815, 889, 970 221, 298, 502, 588, 738, 879, 960 June 30, 1922-May 31, 1924_____ 559 Bank of England 120 Dollar exchange bills— Bank of France 121, 125 Holdings of_____ 59,131,227, January, 1923-June, 1924 588 308, 442, 513, 599, 666, 748, 815, 889, 970 Federal reserve banks— Purchase of ___ 60, 132, 228, Calculated on 365-day basis on trans309, 443, 514, 600, 667, 749, 816, 890, 971 actions between Federal reserve June 30, 1922-May 31, 1924___ 559 banks . 636 Earning assets held— Each month 59, 131, 227; Changes in 3, 457, 531, 685, 602, 896 308, 442, 513, 599, 666, 748, 815, 889, 970 Between Jan. 1, 1922, and June June 30, 1922-May 31, 1924_________ 559 30, 1924 602 Earnings from each class of earning assets. 59, 131, Discussion of 3, 457, 531, 685, 905 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 In effect each month 62, 134, 230, Government obligations, paper secured by— 311, 445, 524, 602, 673, 758, 825, 896, 981 Discount of— Reduction in 457, 531, 602, 685, 896 Each month ___„ 60,132,228,309, Foreign countries, discussion of 50, 120 443, 514, 600, 667, 749, 816, 890, 971 Great Britain, 1923 120 Year ending May, 1924 560 Prevailing in various centers 72, 143, 240, Holdings of— 321, 452, 526, 609, 675, 761, 828, 897, 982 Each month_.„_______ 59,131, 227, 308, Swiss National Bank, 1913-1923 89 442, 513, 599, 666, 748, 815, 889, 970 Trend of, in England, France, Canada, and June 30, 1922-May 31, 1924 559 United States,______ 51,122,218,268,350,482 994 INDEX TO VOLUME 10 Dividends: Pago Egypt—Continued. Wholesale prices 48, 118? Federal reserve banks 136, 670 Member banks— 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 All member banks— Election of directors of Federal reserve banks __ 7 Year ending June 30, 1923 69 Electric power produced by public utility plants 40, Years ending June 30,1919, to 1923 565 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Year ending June 30, 1924 943 Electrical supplies: Exports, Germany 52, 123, State bank and trust company mem219, 296, 430, 500, 582, 654, 736, 803, 877, 958 bers— Wholesale trade 428, Year ending Dec. 31, 1923 449 498, 579, 652, 734, 801, 975, 956 First 6 months of 1924 893 Employment: Dollar exchange bills: Chart showing 832 Held by Federal reserve banks— Discussion of 148, 149, 832 Each month 59,132,227,308, Index of 38, 108, 148,205, 442, 513, 599, 666, 748, 815, 889, 970 289, 423, 493, 547, 647, 729, 796, 870, 951 June 30, 1922-May 31, 1924 559 Construction of 83 Purchased by Federal reserve banks _ 60, 132,228, Factory pay roll, chart showing 833 309, 443, 514, 600, 667, 749, 816, 890, 971 Monthly reports 33,102, Dollar, silver, increase in circulation of 769, ,906 200, 262, 343, 473, 546, 631, 698, 782, 846, 919 Treasury statement on__^ 906 (See also Unemployment.) Drafts, discount of—Regulation A. _ _ 706 Employment offices 83 Drug chain stores: 41, Chart showing sales. 18 Enameled ware, shipments, stocks, and orders.111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Retail trade 44,114,211, 295,429,499,580,653,735,802,876,957 England. (See Great Britain.) Sales of, 1919-1923 17,20 Esthonia: Drugs, wholesale trade 43, 113, 211, Debt to United States 9 294, 428, 498, 579, 652, 734, 801, 875, 956 Discount rates 54, 125, Dry goods, wholesale trade 43, 113, 211, 221, 298, 432, 502, 656, 738, 805, 879, 960 294, 428, 498, 579, 652, 734, 801, 875, 956 Examinations: Due to and from banks and bankers, Federal Corporations authorized to do foreign reserve bank cities, __265, 669, 751, 818, 892, 904, 973 banking business—Regulation K_ 724 Dutch East Indies: National banks exercisingfiduciarypowers— Gold and silver imports and exports. 73, 144, 241, Regulation F 714 322, 453, 527, 610, 676, 762, 829, 898, 983 State bank members—Regulation H 717 Wholesale prices 48,118,215, State bank members by Federal reserve 301, 435, 505, 592, 659, 741, 808, 882, 963 banks 278 Dyes and dyestuffs, exports, Germany, _ 52, 123, 219, Exchange charges. (See Clearing and collection.) 296, 430, 500, 582, 654, 736, 803, 877, 958 Exchange, foreign. (See Foreign exchange.) Earning assets of Federal reserve banks 4, 62, 904 Executor. (See Fiduciary powers.) All banks combined, during 1923 4, 62 Expenditures, reimbursable, of fiscal agency deHoldings of— partment of Federal reserve banks 136, 670 Each month 59, 131, 227, Expenses of Federal reserve banks 135,670 308, 442, 513, 599, 666, 748, 815, 889, 970 Expressage, Federal reserve banks, cost of__ 136, 670 June 30, 1922-May 31, 1924 529, 559 Factors' paper, discount of—Reguation A 707 Earning assets, cash reserves, total deposits, Failures: Federal reserve note circulation, and reserve Bank 549, 631, 700, 785, 848, 921 percentages of Federal reserve banks 55, 126, Business— 222, 303, 437, 507, 594, 661, 743, 810, 884, 965 Canada 52, 123, 219, 296, 430, Earnings, expenses, and dividends of member 500, 582, 654, 736, 803, 877, 958 banks: Germany 52, 123, 219, 296, 430, All member banks— 500, 582, 654, 736, 803, 877, 958 Year ending June 30, 1923 69 United States 33, 103, 201, 262, 344, Years ending June 30, 1919-1923 565 474, 548, 631, 700, 784, 848, 921 Year ending June 30, 1924 941 During year 1923 103 State bank and trust company members— Farm implements, wholesale trade. _ 43, 113, 211, 294, Year ending Dec. 31, 1923 449 428,579,652,734,801,875,956 First 6 months of 1924 893 Farm land, loans on—Regulation G 714 Earnings and expenses of Federal reserve banks: Farm prices, discussion of 765, 789, 833, 862 During year 1923 135-137 Farm products, prices of 765-768, 789-793 Six months ending June 30, 1924_ 670 Farmers, credit to 5, 15, 78, 768, 834 Earnings of Federal reserve banks from each Federal advisory council: class of earning assets 59, 131, Aiken, Alfred L., resignation as member..- 461 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 Comments on Dawes report 458, 459 Economic conditions. (See Business condiGold basis for Germany, views on 460 tions.) Meetings of 151, 76%, 906 Edge corporations—Regulation L 724 Expenses of 136, 670 Eggs, receipts and cold-storage holdings 39, 109, Morss, Chas. A., elected member 461 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 Federal intermediate banks: Egypt: Discount of agricultural paper of—RegulaGold and silver exports to United States- _ 73, 144, tion A 707 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Loans made by 15 INDEX TO VOLUME 10 Page 995 Page Federal land banks, loans by 16 Federal Reserve Board: Conferences— Federal reserve act, index-digest of 534 Federal reserve agents: Federal advisory council 151, 769, 906 Federal reserve agents 906 Appointment of 7 Governors of Federal reserve banks 455, Conference of 906 Expenses of 136,670 461,906 Federal reserve note account. _ 58, 130, 226, Crissinger, D. R., red.esignated as governor_ 461 Miller, A. C , renominated as member. . 461 307, 441, 512, 598, 665, 747, 814, 888, 969 Resolutions on branch banking 81, 928 McCord, Joseph A., resignation of 834 Statement of, on par clearance litigation in Mitchell, John R., appointed agent at Minneapolis 769 Atlanta 866 Statistical work, midyear review 554 Newton, Oscar, appointed agent at Atlanta. 834 Rich, John H., death of 461 Federal Reserve Bulletin: First and final editions consolidated 6 Federal reserve bank notes, circulation and Subscription price reduced...6 stocks___ 71, 141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 Federal reserve clearing system. (See Clearing and collection.) Federal reserve banks: Federal reserve notes: Condition of— CirculationMid-year review- _ _ 559, 560 All Federal reserve banks combined, Weekly 55,126,222,303, during 192362 437,507,594,661^743,810,884,965 Monthly statistics 55, 126, 222y Directors— 303, 437, 507, 594, 661, 743, 810, 884, 965 Election of 7 June, 1922-May, 1924______ 560 Expenses of meetings 136, 670 Circulation and stocks 71, 141, 238. Discount rates— Changes in___ 3, 457, 531, 685, 602, 896 318, 450, 524, 570, 673, 758, 825, 895, 980 Between January 1, 1922, and Cost of 136, 670 June 30, 1924_______ 602 Federal reserve agents'accounts 58,130,226, Monthly. 62,134,230,311, 307, 441, 512, 598, 665, 747, 814, 888, 969 445, 524, 602, 673, 758, 825, 896, 981 Feltrinelli, Carlo, member of general board of Reichsbank __: 855 Dividends paid.___ 136, 670 Fiduciary powers— Earning assets— Capital required of national banks in WisAll banks combined, during 1923 4, 62 consin in order to obtain permission to Holdings of— exercise 488 Each month 59, 131, 227, 308, Exercise of trust powers by State member 442, 513, 599, 666, 748, 815, 889, 970 bank is subject to Federal Reserve June 30, 1922-May 31, 1924___ 529, 559 Board's general condition of membership. 865 Earnings and expenses— National banks granted authority to exDuring year 1923_ 135-137 ercise 12, 82, 182, Six months ending June 30, 1924_____ 670 Examination of State tank members by___ 278 287, 421, 491, 558, 645, 727, 793, 867, 948 Opinion of Supreme Court of Rhode Island Expressage, cost of _: 136, 670 upholding right of national banks to Federal reserve agents' conferences, exexercise __._ 639 penses of _ _ _ 136, 670 Opinion of Supreme Judicial Court of MassFranchise tax paid to Government 136, 670 achusetts on right of national bank conGovernors, meetings of 455, 461 verted from State trust company to act Expenses of 136, 670 as executor under will naming trust Insurance, cost of 136, 670 company 641 Light, heat, and power, cost of 136, 670 Opinion of United States Supreme Court Postage, cost of___ 136, 670 on right of national banks in Missouri to Printing and stationery, cost of 136, 670 exercise trust powers. _ ,_„_ 418 Profit-and-loss account . 136 Dissenting opinion • 419 Reimbursable expenditures of fiscal agency Regulation F__ 713 department. 136, 670 Right of member bank having trust powers Rent .__ 136,670 to deposit uninvested trust funds in its Reserve, deposits, and note circulation— savings department and treat them as Monthly 55,126,222, time deposits for reserve purposes. _.__„ 865 303, 437, 507, 594, 661, 743, 810, 884, 965 June, 1922-May, 1924 560 Financial statistics: Resources and liabilities— Principal foreign countries 54, 125, 221, 298, All banks combined, during 1923 62 432, 502, 585, 586, 656, 738, 805, 879, 960 Weekly 55,126,222, Mid-year statistics „ 5853 586 303, 437, 507, 594, 661, 773, 810, 884, 965 Finland: Salaries 136, 670 Debt payment to United States _„_ 9, 249 Surplus account 136, 670 Discount rates 54, 125, Taxes on banking house 136, 670 221, 298, 432, 502, 656, 738, 805, 879, 960 Telephone and telegraph expenses 136,670 Changes in 50 Traveling expenses. 136, 670 Foreign exchange rates. 74, 145, Weekly statement of condition, change in__ 126 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 19966—24f—7 996 IXDEX TO VOLUME 10 Page Fire insurance. Federal reserve banks, cost of- 136, 670 Foreign trade—Continued. Fiscal agency expenses of Federal reserve Switzerland, 1914-1923 90 banks _ _ 137, 671 United States— Fish: Monthly reports. 34, 104, 203, Exports, Canada 52, 123 264, 346, 475, 549, 633, 701, 785, 849, 921 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 With foreign countries, 1921-1923._ 479-481 Landed by fishing vessels and cold-storage World wheat crop and international trade. 788 holdings . . _ . 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 France: Bank-note issues, trend of 51, Five-and-10-cent chain stores: 122,218,268,350,482 Chart showing sales of 19 Bank of France, condition of___ 54, 121, 125, 2213 Retail trade - 44, 114, 298, 432, 502, 586, 656, 738, 805, 879, 960 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Business conditions 613 Sales of 18, 20 Clearings, Paris banks 54, 125, 221, 1919-1923 20 298, 432, 502, 586, 656, 738, 805, 879, 960 Flour: CoalExports of, 1913-1923 94 Production chart showing853 Index of production 38, 108 Production and imports 52,123,219, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 296, 430, 500, 581, 654, 736, 803, 877, 958 Monthly reports on the industry 28, 97, Production, trend of 51, 195, 256, 338, 468, 541, 625, 692, 777, 841, 914 122, 218, 268, 350, 482 % Receipts, shipments, and stocks 39,109, Commercial bank loans, trend of 51, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 122, 218, 268, 350, 482 Food prices, retail, in principal countries 49, 119, Cost of living 49, 119, 216, 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 302, 436, 506, 593, 660, 742, 809, 883, 964 Sources of information, 48 Cotton stocks at Havre; imports 52, 123, 219, Food products: 296, 430, 500, 581, 654, 736, 803, 877, 958 Index of production . 38, 108, Debt to United States 9 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Deposits, trend of 51, 122, 218, 268, 350, 482 Manufacturing -_ 28, 97, Discount rates 54, 121, 125, 221, 195, 256, 338, 468, 541, 625, 692, 776, 841, 914 298, 432, 502, 588, 656, 738, 805, 879, 960 Foreign banking corporations organized under Changes in 121, 125, 588 State law, reserves required, modification i n - . 275 Trend of___ 51, 122, 218, 268, 350, 482 Foreign banking under Edge Act—Regulation K_ 721 Financial statistics: 54, 125, 221, Foreign exchange: 298, 432, 502, 5865 656, 738, 805, 879, 960 Chart showing index for England, France, Mid-year 586 and I t a l y — . 615 Food prices, retail— 49, 119, 216, Discussion of 50, 267, 614, 924 302, 436, 506, 592, 660, 742, 809, 883, 964 First 11 months of 1924 924 Foreign exchange— France 267, 614 Germany.. 267, 614 Discussion of . 267, 615 Great Britain 267, 614 Rates, monthly 74, 145, 242, Pound sterling, exchange value of__ 54, 125, 323, 454, 528, 611, 677, 763, 830, 899, 984 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Trend of — 51, 122, 218, 268, 350, 482 Hungary, 1921-1924___ 273 Foreign trade— Japan 268 Discussion of 217 Rates, monthly, index 36,74, Monthly statistics _ 53, 124, 220, 106, 145, 203, 242, 265, 323, 348, 454, 297, 431, 501, 583, 655, 737, 804, 878, 959 476, 551, 611, 634, 677, 701, 763, 785, With the United States _ _ 480 830,851,899,984. Gold holdings, 1913, 1922, and 1923 270 Russian chervonetz', price of 267 Gold and silver imports and exports— Sweden, Riksbank, 1919-1924 484 Monthly 73, 144, 241, Swiss exchange and .money rates, study of_ 88-92 322, 453, 527, 610, 676, 762, 829, 898, 983 Trend of, in England, France, Canada, and 1919-1924 -_-_572 Imports and exports, value and volume 51, United States.. 51, 122, 218, 268, 350, 482 122, 128, 268, 350, 482 Foreign governments, debt to United S t a t e s — 9 Iron and steel production 52, 123, Foreign loans placed in United States- 92, 458, 905, 924 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Foreign trade: Ocean tonnage cleared • _ _: 853 France and Great Britain, discussion of 217 Pig-iron production 52, 123, 219, Hungary. 272 296, 430, 500, 581, 654, 736, 803, 877, 958 Index of. _-_._- 53, 124, Trend of 51, 122, 218, 268, 350, 482 220,297,431,501,584,655,737,804,878,959 Prices, trend of 51, 122, 218, 268, 350, 482 Merchandise trade balance of United Railroad freight movement 853 States -_ .—.— -34,104, Railway statistics 52, 123, 203, 264, 346, 476, 549, 633, 701, 785, 849, 922 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Principal countries 53, 124, 220, Rente, price of 54, 125, 297, 431, 501, 583, 655, 737, 804, 878, 959 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Mid-year statistics 583 Savings deposits ___— _ _ 54, 125, Russia, discussion of—-217 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Sweden, during the war .. 484 INDEX TO VOLUME 10 997 France—Continued. Page Germany—Continued. Fag® Ships cleared 52, 123, 219, Food prices, retail _ _ 49, 119, 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 296, 430, 500, 581, 654, 736, 803, 877, 958 Foreign exchange rates 74, 145, 242, .Trend of-. 51, 122,. 218, 268, 350, 482 323, 454, 528, 611, 677, 763, 830, 899, 984 Silk, raw, imports .__ 52, 123, Foreign trade 53, 124, 220, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 297, 431, 501, 583, 655, 737, 804, 878, 959 Steelproduction 853 With t h e United States 480 Unemployment 52, 123, 219, Gold and silver exports to t h e United 296, 430, 500, 581, 654, 736, 803, 877, 958 StatesTrend of- — ______ 51, 122, 218, 268, 350, 482 M o n t h l y . . __ -__ 73, 144,241, Wholesale p r i c e s Comparison with other countries 48, 322, 453, 527, 610, 676, 762, 829, 898, 983 1919-1924 _•_572 118, 215, 301, 435, 505, 591, 659, 741, 808, Gold Discount Bank, condition of, June 882,963. Federal Reserve Board index numbers- 46, 30, 1924- — - —.-__.— 637 116, 214, 300, 434, 504, 590, 658, Gold holdings, 1913, 1922, and 1923 270 740, 807, 881, 962. Iron and steel, imports and exports- 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Revision of index __ 47, 117 Machinery and electrical supplies, exports Group index numbers. _ _ _ 46, 116, 214, of -•-.— — _ 52, 123,219, 300, 434, 504, 590, 658, 740, 807, 881, 962 Franchise tax paid to Government by Federal 296, 430, 500, 582, 654, 736, 803, 877, 958 reserve banks 136, 670 Reichsbank— ; Freight cars: Condition of-— June 30, 1924 637 Charts showing loadings, orders, and surplus __..______ 101,342,472,845 October 15, 1924__» 858 Loaded 42, 112, Reorganization of 854 Rentenbank, condition of _ _ _ 636 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Freight rates, ocean , 53, 124, Reparations, London Conference _. 704 220, 297, 431, 501, 584, 655, 737, 804, 878, 959 Securities prices. 52, 123, 219, Fruits: 296, 430, 500, 582, 654, 736, 803, 877, 958 Ship arrivals in Hamburg 52, 123, 219, Crop, size and value, 1922-23 27 Prices on farms . 767, 791 296, 430, 500, 582, 654, 736, 803, 877, 958 Fruits and vegetables: Silk imports 52, 123,219, Monthly reports on crop condition and 296, 430, 500, 582, 654, 736, 803, 877, 958 marketing 26,95, Unemployment 52, 123,217,219 193, 254, 335, 465, 538, 622, 690, 774, 839, 911 296, 430, 500, 582, 654, 736, 803, 877, 958 Shipments 40, 110, Wholesale prices. 48, 118,215, 301, 435, 505, 591, 659, 741, 808, 882, 963 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Furniture, wholesale trade 43, 113, Wool, raw, imports 52, 123, 219, . 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 296, 430, 500, 582, 654, 736, 803, 877, 958 Gasoline: Gold basis: I Production and prices, monthly 28, Federal Advisory Council on placing 97, 195, 337, 467, 540, 624, 692, 776 Germany on_ . 460 Production and stocks 40, 110, 207, Wholesale prices conver d to 46,116,214, 291, 425, 495, 576, 649, 731, 798, 872, 953 300, 434, 504, .90, 658, 740, 807, 881, 962 German trade bills, eligibility for purchase by Gold: Certificates, circulation 247 Federal reserve banks .459, 488 Federal Advisory Council on 460 Coin and certificates* circulation and stocks 71. Germany: 141, 238, 318, 450, 524, 570, Business conditions 613 673, 758, 825, 895, 980. ; Capital issues 52, 123, 219, Held exclusively against Federal reserve 296, 430, 500, 582, 654, 736, 803, 877, 958 notes changed to " total gold held by Coalb a n k s , " in weekly statement of condition Imports and exports 52, 123, 219, of Federal reserve banks _ 126 296, 430, 500, 582, 654, 736, 803, 877, 958 Holdings of principal countries, 1913 and : Production 582 1922 -_ 269, 270 Cost of living. . _ _ 49, 119, 216, Imports— 302, 436, 506, 593, 660, 742, 809, 883, 964 Discussion of 243, 683 Cotton imports 52, 123, Extract from annual report on, 243 219,296,430,500,654,736,803,877,958 Imports and exports— Currency reorganization 616,636 Great Britain _ _ _ 35, 105, 203, 264, Dawes committee report 351-417 347, 477, 550, 634, 702, 786, 849, 922 Discussion of 325 Switzerland, 1914-1923 91 Discount rates_ 54, 121, 125, 221, 298, United States 35, 298, 432, 502, 588, 656, 738, 805, 879, 960 73, 105, 144, 203, 241, 264, 322, 347, '.Changes in_ .125, 588 453, 476, 527, 550, 610, 634, 676, 702, : 762,786,829,849,898,922,983. Dyes and dyestuffs, exports of 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 1914-May, 1924 571, 572 Exchange, stabilization of 267 Chart showing. _• .,__ 571 Failures, business 52, 123, 219, Payments in, resumed bv Swedish 296, 430, 500, 582, 654, 736, 803, 877, 958. Riksbank 1 _._ 483-485 998 INDEX TO VOLUME 10 Gold—Continued. Page Great Britain—Continued. Production of the world, 1921-1923 270 Cotton and cotton manufactures, imports, Situation during first quarter of 1924 269 exports, and visible supply 52, 123, 219, Stock296, 430, 500, 581,"654, 736, 803, 877, 958 United States 247 DebtWorld, 1913 and 1922 269 Government floating 54, 125, 221, Gold settlement fund transactions 62, 298, 432, 502, 586, 656, 738, 805, 879, 960 134, 230, 311, 445, 511, 602, 672, 760, 827, 896, 981 To United States 9 Government bonds, notes of nonmenber banks Interest payment on_ 9, 533 secured by, eligibility for rediscount 81 Deposits, trend of 51, 122, 218, 268, 350, 482 Government deposits, definition—RegulationD_ 710 Discount rates 54, 125,221, Government franchise tax paid by Federal 298, 4325 502, 588, 656, 738, 805, 879, 960 reserve banks* 136, 670 Changes in 50, 588 Government loans, foreign, placed in United Trend of 51, 122, 218, 268, 350, 482 States . ... . 92, 458, 905, 924 Financial statistics. 54, 125, 221,. Governmenfrobligations, paper secured by: 298? 432, 502, 586, 656, 738, 805, 879, 960 Discount of, by Federal reserve banks 60, Mid-year 586 132,228, 309, 443, 514, 600, 667, 749, 816, Food prices, retail. 49, 119,216, 890, 971. 302, 436, 506, 592, 660, 742, 809, 883, 964 Holdings of, by Federal reserve banks— Foreign exchange— Monthly 59,132,227,308, Discussion of __: 267, 615 442, 513, 599, 666, 748, 815, 889, 970 Pound sterling, exchange value of. 54,125,221, June 30,1922-May 31,1924._ ________ 559 298, 432, 502, 586, 656, 738, 805, 879, 960 Government securities purchased by Federal Rates, monthly 74, 145, 242, reserve banks: 323, 454, 528, 611, 677, 763, 830, 899, 984 Each month-: 60, 132, Trend of 51, 122, 218, 268, 350, 482 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Foreign trade— June, 1923-May, 1924___ 560 Discussion of 217, 480 Goyernor of Federal Reserve Board, Crissinger, Monthly statistics 53, 124, 220, D. R., redesignated 461 297, 431, 501, 583, 655, 737, 804, 878, 959 Governors of Federal reserve banks, meeting of_ 455, 461 With the United States_ _ 480 Expensesof 136, 670 Gold and silver exports and imports— Grain: Monthly 73, 144, 241, Acreage and production, 1923-24 537 322, 453, 527, 610, 676, 762, 829, 898, 983 Monthly reports on crop condition and 1919-1924 572 marketing 25, 94, Gold holdings, 1913, 1922, and 1923 . 270 191, 253, 333, 464, 537, 621, 689, 772, 837, 910 Gold imports and exports, monthly. _ 35, 105, 203, Prices on farms :_ 765, 790 265, 347, 477, 550, 635, 702, 787, 850, 922 Chart showing 621 Hides, imports 52, 123, 219, Receipts, shipments, and stocks 39, 109, 296, 430, 500, 581, 654, 736, 803, 877, 958 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Imports and exports, value and volume. _ 51, 122, Stocks and prices, March 1,1923 and 1924__ 253 218, 268, 350, 482 Grapefruit, shipments of __~ 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Iron and steel, production and exports 52, 123, 219, Great Britain: 296, 430, 500, 581, 654, 736, 803, 877, 958 Bank note issues, trend of 51, Joint-stock banks, condition, 1923 552 122, 218, 268, 350, 482 London clearing banks, condition of__ 121,553 Bank notes in circulation. __ 656, 738, 805, 879, 960 London money market in 1923 120 Bank of England— Nine London clearing banks, condition Condition of . _ _ 54, 125, 221, 298, of 54, 125, 221, 432, 502, 586, 656, 738, 805, 879, 960 298, 432, 502, 586, 656, 738, 805, 879f 960 1923-.121, 552 Ocean tonnage cleared 853 Banking developments during 1923 552 Pig-iron production 52, 123, 219, Business conditions, discussion of 613 296, 430, 500, 581, 654, 736, 803, 877, 958 Capital issues—. 52, 123, 219, Trend of 51, 122, 218, 268, 350, 482 296, 430, 500, 581, 654, 736, 803, 877, 958 Prices, trend of 51, 122, 218, 268, 350, 482 1923 . 120 Production and trade 852 Clearing house banks in London, condition Railroad freight movement . 853 of— 54, 125, 221, Railway statistics. 52, 123, 219, 298, 432, 502, 586, 656, 738, 805, 879, 960 296, 430, 500, 581, 654, 736, 803, 877, 958 Clearings, bank __ ____ 54, 125, 221, Security prices 52, 123, 219, 298, 432, 502, 586, 656, 738, 805, 879, 960 296, 430, 500, 581, 654, 736, 803, 877, 958 Trend of ____ 51, 122, 218, 268, 350, 482 Ships cleared. 52, 123, 219, Coal production— 296, 430, 500, 581, 654, 736, 803, 877, 958 Chart showing 853 Trend of 51, 122, 218, 268, 350, 482 Trend of--.. 51, 122, 218, 268, 350, 482 Steel production 853 Coal production and exports 52, 123, 219; Unemployment— 296, 430, 500, 581, 654, 736, 803, 877, 958 Discussion of __ 217, 852 Commercial bank loans, trend of 51,122, 218, Percent 52, 123,219, 268, 350, 482 296, 430, 500, 581, 654, 736, 803, 877, 958 Cost of living ._ 49, 119, 216, Trend of 51, 122,218,268,350,482 302, 436, 506, 593, 660, 742, 809, 883, 964 INDEX TO VOLUME 10 Great Britain—Continued. Wholesale prices— Comparison with other countries 48, 118, 215, 301, 435, 505, 591, 659, 871, 808, 882, 963. Group index numbers 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881, 962 Index numbers, Federal Reserve Board 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881, 962. Wool imports 52, 123,219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Greece: Debt to United States.9 Discount rates 54, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Gold and silver exports to United States. 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983. Groceries, wholesale trade_ . 43, 113, 210, 294, 428, 498, 579, 652, 734, 801, 875, 956 Grocery chain stores: Retail trade 44, 114,211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Sales of, 1919-1923 17,20 Group index numbers, wholesale prices. (See Wholesale prices.) Guardian of estates. (See Fiduciary powers.) Hardware, wholesale trade 43, 113, 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 Hay: Crop estimates 868, 949 Production __._ 13, 16 Hides: Imports of, England _ _ _ 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Monthly reports on the industry 30, 99, 198, 259, 341, 471, 544, 628, 696, 780, 844, 917 Hides and skins, sales and stocks 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Hogs: Chart showing prices and receipts 466 Prices on farms . 793 Production and prices, 1919-1924 862 Receipts, shipments, and slaughter at principal markets 39,109,207," 290,424,494,575,648,730,797,871,952 Slaughtered, index of 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Hongkong: Foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Gold and silver imports from United States _ 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983. Horses, receipts and shipments at principal markets 39, 109, 207, 290, 424, 494, 575, 648, 730, 797, 871, 952 Hosiery: Monthly reports on the industry 30, 99, 196, 258, 339, 470, 542, 627, 694, 778, 842, 915 Production-.. 292, 426, 496, 577, 650, 732, 799, 874, 955 Hungary: Bank of issue, organization of 267, 487 Banking situation . 273 Currency 273 Debt to United States. _ 9 Interest payment on__ 534 999 Hungary—Continued. Discount rates 54, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Changes in 805 Economic conditions 270-274 Foreign exchange, 1921-1924 273 Foreign exchange rates. - - - 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Foreign trade 272 Royal Hungarian Note Institution, reorganization of 274, 487 Territory, changes in 270 Wealth of 270 Imports and exports. (See Agricultural products; Coal; Cotton; Dyes and dyestuffs; Electrical supplies; Fish; Flour; Foreign trade; Gold; Hides; Iron and steel; Lumber; Machinery; Merchandise; Silk; Silver; Wheat; Wood pulp; Wool.) Increase of capital by State bank member intending to withdraw from system278 Index-digest of Federal reserve act 534 Index numbers: Agricultural movements 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Revision of 187 Bank debits, seasonal adjustment, 19191924- __— 556 Bureau of Labor Statistics wholesale price index .47, 117, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Business in United States 536, 620, 687, 771, 836, 908 Cost of living in principal countries-___ 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Department-store sales, 1919-1923 . 21 Department-store stocks, corrected for seasonal variations, construction of 189 Employment, United States 38, 108, 205, 289, 423, 493, 547, 647, 729, 796, 870, 951 Construction of 83-87 Federal Reserve Board's international price index—United States, England, France, Canada, and Japan 46, 115, 214, 300, 434, 504, 590, 658, 739, 806, 880, 961 Foreign exchange._: 36, 74, 106, 145, 203, 242, 265, 323, 348, 454, 476, 551, 611, 634, 677, 701, 763, 785, 8303 851, 899, 984 Foreign trade, United States 53, 124, 220, 297, 431, 501, 584, 655, 737, 804, 878, 959 Industrial activity, United States-___ 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Revision of ___ 183-188 Labor market, construction of . _ _ 83-87 Manufacturing 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Revision of 188 Mineral production 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Revision of 187 Ocean freight rates.- —__._ 53,124, 220, 297, 431, 501, 584, 655, 737, 804, 878, 959 Production in basic industries— Midyear. 574 Monthly 38, 108, 205, 289 423, 493, 574, 647, 729,796, 870, 951 Revision of 422 Retail food prices :__.— 49,119,216, 302, 436, 506, 592, 660, 742, 809, 883, 964 Retail trade 44, 114,211, 295, 429, 499, 580, 653, 735, 802, 876, 957 1919-1923. 20 1000 INDEX TO VOLUME 10 Pa e Index numbers—Continued. Iron and steel production—Continued. g Wholesale prices-— Index of _ 38, 108, Bureau of Labor Statistics index 47, 205, 289, 423, 493, 574,-647, 729, 796, 870, 951 117, 215, 301, 435, 505, 591, 658, 659, Monthly reports .___ 30,99, 741,808,882,963. 196, 258, 339, 470, 543, 627, 694, 778, 843, 915 Comparison in principal countries 48, Production and shipments 40, 110, 118, 215, 301, 435, 505, 591, 659, 741, 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 808, 882, 963. Italy: Federal Reserve Board's international Condition of banks— index—United States, England, Banks of issue _J 54, 125, France, Canada, and Japan _____ 46, 221, 298, 432, 502, 587, 656, 738, 805? 879, 960 115, 214; 300, 434, 504, 590, 658, 739, Private banks 54, 125, 806, 880, 900. 221, 298, 432, 502, 587, 656, 738, 805, 879, France, revision of index. __ 47, 117 960. Group index numbers—United States, Cost of living 49, 119, England, France, Canada, and 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Japan_ 46,116,214 Debt to United States 9 300,504,590,658,740/807,881,962 Discount rates 54, 125,221, Japan, revision of index 22-24 298, 432, 502, 588, 656, 738, 805, 879, 960 Wholesale t r a d e . . _______ 43,113,210, Financial statistics . 54, 125, 221, 294, 428, 498, 579, 652, 734, 801, 875, 956 298, 432, 502, 587, 656, 738, 805, 879, 960 India: Midyear statistics -587 Cost of living 49, 119, 216 Food prices, retail 49,119, 302, 436, 506, 593, 660, 742, 809, 883, 964 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 Discount rates 502, 656, 738, 879, 960 Foreign exchange, discussion of 615 :___ Changes in 879 Foreign exchange rates____ 74, 145, Food prices, retail 49, 119, 216 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 302, 436, 506, 592, 660, 742, 809, 883, 964 Foreign trade ____ 53, 124, Foreign exchange rates 74, 145, 242 220, 297, 431, 501, 583, 655, 737, 804, 323, 454, 528, 611, 677, 763, 830, 899, 984 878,959. Foreign trade 53, 124, 220 With the United States. ___••• 480 297, 431, 501, 583, 655, 737, 804, 878, 959 Gold holdings, 1913, 1922, and 1923 270 With the United States _ _ _ _ 480 Private banks, condition of 54, 125, Gold holdings, 1913, 1922, and 1923 270 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Gold imports and exports, 1919-1924_____ 572 Securities prices, index of___,_ . 54, 125, Wholesale prices 48,118,215, 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 301, 435, 505, 592, 659, 741, 808, 882, 963 Wholesale prices 48, 118, Industrial activity: 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Discussion of_ 4,78,147,457,531,831 Japan: Index of, revision of___ . 183-188 Bank of Japan, condition of_ 54, 125, Industral statistics: 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 England, France, Germany, and Canada. _ 52, Discount rates 54, 125, 123, 219, 296, 430, 500, 581, 582, 654, 221, 298, 432, 502, 588, 656, 738, 805, 879, 960 736, 803, 877, 900. Financial statistics 54, 125, Midyear statistics „ 581 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 United States. 37, 107, 205, Midyear 587 288, 422, 492, 573, 646, 728, 795, 869, 950 Foreign exchange .__ • 268 Insolvencies: Foreign exchange rates 74,145, Member banks—Regulation I •_ 718 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 State bank members .___ 182,421 Foreign trade 53, 124, Insurance, Federal reserve banks, cost of 136, 670 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 Interest rates: With the United States... 480 Calculated on 365-day basis on transacGold and silver exports and imports 144, tions between Federal reserve banks 636 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Prevailing in various centers „__ 72, 143, 240 Gold holdings, 1913, 1922, and 1923 270 321, 452, 526, 609, 675, 761, 828, 897, 982 Tokyo banks, condition of__ 54, 125, (See also Discount rates.) 221, 298, 432, 502, 587, 656, 738, 805, 879, 960 Interlocking bank directorates under the ClayWholesale p r i c e s ton Act—Regulation L .__. 724 Comparison of Federal Reserve Board Intermediate credit banks. (See Federal interindex with Bank of Japan index 22, mediate credit banks.) Comparison with other countries 48, 118, International wholesale price index 46, 116, 214, 215, 301, 435, 505, 592, 659, 741, 808, 300, 434, 504, 590, 658, 740, 807, 881, 962 882, 963. Interpretation of word "borrower" as used in Group index numbers..__ 46, 116, 214, section 13 „ 275 300, 434, 504, 590, 658, 740, 807, 881, 962 Iron and steel production: Index numbers, Federal Reserve Board., _46, Canada... 52, 123, 116, 214, 300, 434, 504, 590,658, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 740, 807, 881, 962. France 52,123, Revision of, 1919-1923 22-24 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Jewelry, wholesale trade 43, 113, Germany, imports and exports 52, 123, 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 219,. 296, 430, 500, 582, 654, 736, 803, 877, 958 Joint-stock banks, England, condition of, 1923_ 552 INDEX TO VOLUME 10 Page Joint-stock land banks, loans by 16 Kerosene, production and stocks 40, 110. 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Knit goods: Monthly reports on the industry 30, 98, 196, 258, 339, 470, 542, 627, 694, 778, 842, 914 Production and shipments . ^_ 40, 110,208,291,425,495 Labor. (See Employment; Unemployment.) Labor market index, construction of 83-87 Chart showing 84, 85 Lard, production and exports, 1919-1924______ 863 Latvia: .Debt to United States 9 Discount rates 54, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Changes in ______ 221 Law governing new Reichsbank in Germany 854 Law department. (See Rulings.) Laws, State, relating to bank reserves... 154-181 Lead, production and prices 28, 96, 194, 256, 337, 467, 541, 625, 692, 776, 841, 913 Leather: . , . Chart showing stocks, 1921-1924___ 696 Monthly reports on the industry 30, 99, 198, 259, 341, 471, 544, 628, 696, 780, 844, 917 Production.. 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Index of 38, 108, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 Lemons, shipments of 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Liberia, debt to United States 9 Light, heat, and power, Federal reserve banks, cost of 136, 670 Liquidations: National banks 12,81, 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Regulation I__ 718 State bank members 12, 82, 287, 421 Lithuania: Debt to United S t a t e s . . . ._ 9 Discount rates 54, 125, 221, 298, 432, 502, 656, 738, 879, 960 Livestock: Canada, receipts „ 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Chart showing prices 792 Monthly reports on the industry 27, 96, 193, 255, 335, 465, 539, 623, 690, 774, 839, 911 Number and value on farms, Jan. 1, 19221924 193 Prices on farms 767, 791-793 Receipts, shipments and slaughter at principal markets 39, 109, 207, 290, 424, 494, 575, 648, 730, 797, 871, 952 Study of the industry 862 Livestock paper: Discount of, by Federal reserve banks 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Held by Federal reserve banks______ 59, 132, 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 June 30, 1922-May 31, 1924 __ 559 Loans, foreign, placed in the United States 92, 458 Locomotives, railway, output 42, 112, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 London conference, German reparations. 704 Lumber: Chart showing cut, shipments, and orders. 259 Exports, Canada .„ 52, 123, 219, 296, 430, 500, 582; 654, 736, 803, 877, 958 1001 Page Lumber—Continued. Flooring, production, shipments, and stocks 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Index of production 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Monthly reports on the industry.___ 31, 100, 198, 259, 340, 470, 543, 628, 695, 779, 843, 916 Number of mills, • production, and shipments 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Machine tools, wholesale trade . 43, 113, „ 211, 294, 428, 298, 579, 652, 734, 801, 875, 956 Machinery: Exports, Germany. 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Imports, Canada 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Magazine advertising...41, 111, 209, 292, 426, 496, 577, 650, 732, 800, 874, 955 Mail-order houses: Chart showing sales _ 343 Retail trade 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957. Monthly reports.. 32, 101, 200, 261, 343, 473, 545, 630, 697, 781, 845, 919. Sales of, 1919-1923 17,20 Manufacturing 28, 97, 195, 256, 338, 468, 541, 625, 692, 776, 841, 914 Index of production 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952, Revision of__ 188 Maps. (See Charts.) Mark, German, stabilization of_ 331, 356, 371, 405 Marketing, cooperative. (See Cooperative marketing.) Maturities: Acceptances purchased by Federal reserve banks 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971. Acceptances—Regulation A__ 708 Bills discounted— Each month __. 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, ,890, 971. Year ended May, 1924 560 Distribution of bills, certificates of indebtedness , and municipal warrants 58, 129, 225, 306, 440, 511, 597, 664, 746, 813, 887, 968. McCord, Joseph A., resignation as Federal reserve agent at Atlanta 834 McGarrah, Gates, member of general board of Reichsbank 855 Meats and meat products: Chart showing sales of meat packers 32 Cold storage holdings, exports 39, 109, 207, 290, 424, 494, 575, 648, 730, 797, 871, 952 Monthly reports on the industry 29, 97, 195, 256, 338, 468, 541, 625, 692, 777, 841, 914 Wholesale trade 43,113, 210, 294, 428, 498, 579, 653, 734, 801, 875, 956 Member banks: Acceptances of, held by Federal reserve banks .... 59, 131, 227, 308, 442, 513, 599, 666, 748, 815, 889, 970. 1002 INDEX TO VOLUME 10 Page Member banks—Continued. Bankers' balances in Federal reserve bank cities •_ 562 Changes in membership 65, 141, 238, 318, 605, 823 During year 1923 318 Condition of— Abstract of— December 31, 1923 234-237 March 31, 1924 519-523 June 30, 1924 752-757 October 10, 1924 974 Specified dates, 1922-1924 563 All banks, June, 1922-March, 1924_ 563, 567 State banks and trust companies— June 30 and Sept. 14, 1923 66, 67 December 31, 1923 315,316 March 31, 1924 568 June 30, 1924 819, 820 Weekly 63, 138, 231, 312, 446, 516, 603, 668, 750, 817 891 972 Year ended May, i924 561 Deposits, time and demand 65, 140, 233, 314, 448, 518, 607, 672, 760, 827, 895, 980 Earnings and dividends— All member banks— Year ending June 30, 1923 69 Years ending June 30,1919 to 1923 565 Year ending June 30, 1924__ 941 State bank and trust company members— Year ending December 31, 1923__ 449 First six months of 1924 893 Membership in Federal reserve system— Changes in 65, 141, 238, 318, 605, 823 During year 1923 _ 318 Number accommodated through discount operations— Each month 60,132,228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Year ended May, 1924 560 Number in each district 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Reserves, growth in 904 State banks and trust companies, admission to system 12, 82, 182, 287,421, 491, 645, 727, 867, 947 Men's clothing. (See Clothing.) Merchandise imports and exports: Switzerland, 1914-1923 90 United States ._ 35, 104, 203, 264, 346, 476, 549, 633, 785, 849, 921 Metals: Monthly reports on the industry _ _ 27, 96, 194, 256, 336, 467, 541, 625, 692, 776, 841, 913 Production,.stocks, and shipments 40, 110, 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 Mexico: Foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Gold and silver exports and imports 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Mid-year review of banking statistics _ 559-572 Miller, A. C , renominated as member of Federal Reserve Board -_ 461 Millinery, wholesale trade 801, 875, 956 Mineral production, index of 39, 109, 206, 290, 424? 494, 575, 648, 730, 797, 871, 952 Revision of __ 187 Mining industry 27, 96, 193, 255, 336, 466, 539, 624, 691, 775, 840, 912 Page Mitchell, John R., appointed Federal reserve agent at Minneapolis , 769 Money, circulation and stocks in United States-71,141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 National bank note circulation 944 Silver dollars, increase in circulation of__ 769, 906 Year ending June, 1924 :_ 570 Chart showing 248 (See also Currency.) Money rates: Discussion of 3, 77, 455, 530, 685, 905 Foreign, discussion of 50, 120, 924 Great Britain, 1923 120 New York market— Charts showing 455, 457, 685 Discussion of _ 76, 456, 530, 685, 905 Monthly 33, 103, 201, 263, 344, 474, 548, 632, 699, 783, 847, 920 Prevailing in various centers 72, 143, 240, 321, 452, 526, 609, 675, 761, 828, 897, 982 Swiss exchange and money rates, study of- 88-92 (See also Discount rates; Interest rates.) Morss, Charles A., elected member of Federal advisory council 461 Municipal warrants: Held bv Federal reserve banks 59, 132, 227, 308, 442, 513, 599, 666, 748 Maturities of 58, 129, 225, 306, 440, 511, 597, 664, 746, 887, 968 Purchased by Federal reserve banks 60, 132, 228, 309, 443, 514, 600, 667, 749, 971 Music chain stores: Retail trade 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Sales of, 1919-1923 — _._. — 17,20 Mutual savings banks, condition of June 30, 1924____ 822 Names, change of, State bank members 12, 82, 182, 421, 491, 645, 867, 947 National bank notes, circulation and stocks____ 71. 141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 National Bank of Switzerland, discount rates, note circulation ,_ 88, 89 National banks: Acceptances of, held bv Federal reserve banks _.___" 59, 131, 227, 308, 442, 513, 599, 666, 748, 815, 889, 970 Branches of, right to establish— Comptroller of t h e Currency, statement by _ 285 Decision of United States Supreme Court 281 Capital, increases and decreases 12,81, 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Capital required^ of Wisconsin banks in order to obtain permission to exercise fiduciary powers . 488 Charters issued to 12, 81, 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Consolidations 12, 81, 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Fiduciary powers— Granted to____-___-_ 12,82,182, % 287, 421, 491, 558* 645, 727, 793, 867, 948 Opinion of Supreme Court of Rhode Island upholding right of banks to exercise •__ 639 Right of national bank converted from State trust company to act as executor under will naming trust company, opinion of Supreme Judicial Court of Massachusetts. 641 IKDEX TO VOLUME 10 1008 Pa e Pa e National banks-—Continued. £ Norway—Continued, s Fiduciary powers—Continued. Wholesale prices 48, 118,215, United States Supreme Court, opinion 301, 435, 505, 591, 659, 741, 808, 882, 963 upholding right of banks in Missouri Note circulation. (See Currency circulation; to exercise :418 Federal reserve bank notes; Federal reserve Dissenting opinion 419 notes; National bank notes.) Liquidations _•__ 12, 81, Note ; Reichsbank. 182, 287, 421, 478, 558, 645, 727, 793, 867, 948 Notesissue functions of new secured by Govern- 854 of nonmember banks Membership in system, changes in 65, ment bonds, eligibility of, for rediscount 81 141, 238, 318, 605, 824 During year 1923 318 Oats: Crop estimate 644, 726, 794, 868, 949 State banks absorbed by___ 82, 182, 287, 558, 727 Prices on farms____ 765, 790 State banks converted i n t o . _ 12, 82, 421, 645, 867 Production 13, 16 Solvency, restored to_ 12, Receipts, shipments, and stocks 39, 109, 206, 81, 182, 287, 421, 478, 558, 645? 727, 793, 867, 948 290, 424, 494, 575, 648, 730, 797, 871, 952 Naval stores, receipts and stocks 40, _ 53, 124, 220, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Ocean freight rates 297, 431, 501, 584, 655, 737, 804, 878, 959 Netherlands: Cost of living ___ 49,119, Ocean tonnage cleared, France and Great Britain, chart showing .. 853 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 7 Discount rates __ 54, 125,221, Officers of Federal reserve banks, election of 40, 110, 207, 298, 432, 502, 588, 656, 738, 805, 879, 960 Oil refineries, production and stocks 291, 425, 495, 576, 649, 731, 798, 872, 953 Changes in 50, 125, 588 40, 110, 207, Food prices, retail 49, 119, Oil wells completed 291, 425, 495, 576, 649, 731, 798, 872, 953 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 39, 109, 207, Foreign exchange rates 74, 145, Oleomargarine consumption 291, 425, 495, 576, 649, 731, 798, 872, 953 242, 323, 454, 528? 611, 677, 763, 830, 899, 984 40, 110,207, Foreign trade 53, 124, Onions, shipments of 291, 425, 495, 576, 649, 731, 798, 872, 953 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 Gold and silver exports and imports 73, 144, Open-market operations of Federal reserve banks. (See Discount and open-market operations.) 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 1919-1924 572 Opinion of courts: Supreme Court of Rhode Island upholding Gold holdings, 1913, 1922, and 1923 270 right of national banks to exercise fiduciary Wholesale prices 48, 118, powers -_ 639 215, 301, 4353 505, 591, 659, 741, 808, 882, 963 Supreme Judicial Court of Massachusetts on New Zealand: right of national bank converted from Cost of living and retail food prices 49, 119, State trust company to act as executor 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 under will naming trust company 641 Wholesale prices 48, 118, 215, 435, 505, 592, 659, 741, 808, 882, 963 United States Supreme C o u r t Newspaper advertising 41, 111, Upholding right of national banks in 209, 292, 426, 496, 577, 650, 732, 800, 874, 955 Missouri to exercise fiduciary powers418 Newsprint, index of production 38, 108, : Dissenting opinion 419 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 On right of national banks to establish Newton, Oscar, appointed Federal reserve agent branches 281 at Atlanta-___ __-__ 834 Oranges, shipments of 40, 110, 207, Nicaragua, debt: to United States 9 291, 425, 495, 576, 649, 731, 798, 872, 953 Nonferrous metals, index of production 38, 108, Paper production, shipments, and stocks 41, 111, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 209, 292, 426, 496, 577, 650, 732, 799, 873, 954 Nonmember banks: Par clearance litigation in Atlanta 866 Acceptances of, held by Federal reserve 61, banks ___ 59, 131,227, Par list, number of banks on 133, 229, 310, 444, 515, 601 308, 442, 513, 599, 666, 748, 815, 889, 970 (See also Clearing and collection.) Notes of, secured by Government bonds, eligibility for rediscount ____ 81 Pascagoula National Bank, Moss Point, Miss., " Nonperishable, readily marketable agricultural par clearance suit of , ___ 866 staples," definition of___ 276 Pay rolls. (See Employment.) Norway: Penalties for deficiencies in reserves: Cost of living 49, 119, 216, 302, Regulation D_ 711 436, 506, 593, 660, 742, 809, 883, 964 Regulation! 490 Discount rates 54, 125, 221, 298,432,.502, Per capita circulation 71, 141, 588, 656, 738, 805, 879, 960 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 Changes in ._. 50,588,960 Permits, building 42, 112, Food prices, retail ___ 49, 119, 216, 302, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 436, 506, 592, 660, 742, 809, 883, 964 1920-1924 861 Foreign exchange rates _ _ 74, 145, 242, Peru, gold and silver imports and exports 73, 144, 323, 454, 528, 611, 677, 763, 830, 899, 984 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Foreign trade 53, 124, 220, 297, Petroleum: 431, 501, 583, 655, 737, 804, 878, 959 Charts showing production, imports, and Gold and silver exports to United States._ 73, 144, exports___ 337, 540 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Index of production 38, 108, 1919-1924 . . 572 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 1004 INDEX TO VOLUME 10 Petroleum—Continued. Page Prices—Continued. Monthly reports on the industry 28, 97, Securities— Canada 52,123,219,296, 195, 258, 337, 467, 540, 624, 691, 775, 840, 912 430, 500, 582, 654, 736, 803, 877, 958 Production and stocks, 40, 110, England 52, 123, 219, 296, 207, 291, 425, 495, 576, 649, 731, 798, 872, 951 430, 500, 581, 654, 736,. 803, 877, 958 Philippine Islands, gold and silver exports to Per cent yield, chart showing 120 United States ____ 73, 144, Germany 52, 123,219, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 296, 430, 500, 582, 654, 736, 803, 877, 958 Pig-iron production: Italy 54, 125, 221, Canada. 52, 123, 298, 432, 502, 587, 656, 738, 805, 879, 960 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Silver, in New York and London 74, 145, England 52, 123, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Trend of, in England, France, Canada, and France 52, 123, United States 51, 122, 218, 268, 350, 482 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Wholesale—• Index of 38, 108, Abroad 349 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Australia . _. 48,118,215, United States._ ___ 40, 110, 301, 435, 505, 592, 659, 741, 808, 882, 963 208, 291, 425, 495, 576, 649, 731. 798, 872, 953 Austria 741, 808, 882, 963 Chart showing '_ _ 627 Belgium 48,118,215, Poland: 301, 435, 505, 591, 659, 741, 808, 882, 963 Bank of issue, organization of 486 Bulgaria 48, 118, 215, Debt to United States . 9 301, 435, 505, 591, 659, 741, 808, 882, 963 Discount rates 54, 125, Canada— 221, 298, 432, 502, 588, 656, 738, 805, 879, 960 Comparison with other countries. 48, Changes in - - - 50, 125, 588, 960 118, 215, 301, 435, 505, 592, 659, 741, Foreign exchange rates 74, 145, 808, 882, 900. 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Federal Reserve Board index numWholesale prices_ 48, 118, bers 46,116,214,300, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 434, 504, 590, 658, 740, 807, 881, 962 Pork production and exports, 1919-1924 863 Group index numbers.. 46, 116, 214, 300, Chart showing, , 257 434, 504, 590, 658, 740, 807, 881, 962 Portugal: China 48, 118, 215, 301, Discount rates 54, 435, 505, 592, 659, 741, 808, 882, 963 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Comparative, in principal countries. 48, 118, Foreign exchange rates 74, 145, 215, 301,435,505,591,659, 741,808, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 882, 963. Portuguese Africa, gold and silver exports 73, 144, Czechoslovakia 48, 118.215,301, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 435, 505, 591, 659, 741, 808, 882, 963 Postage, Federal reserve banks, cost of_ 136, 670 Denmark 48, 118, 215, Postal savings deposits, definition of 710 435, 505, 591, 659, 741, 808, 882, 963 Potatoes: Dutch East Indies. 48, 118, 215, 301, Crop estimate 644, 726, 794, 868, 949 435, 505, 592, 659, 741, 808, 882, 963 Prices on farms 765,791 Egypt 48,118,215,301, Production 13, 16 435, 505, 592, 659, 741, 808, 882, 963: Shipments 40, 110, Federal Reserve Board international 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 index—United States, England, Poultry: France, Canada, and Japan 46, 116, Prices on farms 793 214,300,434,504,590,658,740,807, 881,962" Receipts and cold-storage holdings 39, 109, France— 207, 291, 425, 495, 575, 648, 730, 797, 871, 952 Comparison with other countries. 48, Pound sterling, exchange value of 54, 125, 118, 125, 301, 435, 505, 591, 659, 741, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 808,882,963. Prices: Group index numbers-. 46, 116, 214, 300,, 434, 504, 590, 658, 740, 807, 881, 962 Abroad 614, 852 Index numbers, Federal Reserve Chart showing 614 Board 46, 116, 214, 300, Agricultural 13, 765, 789, 833, 862 434, 504, 590, 658, 740, 807, 881, 962' Crops . 25, 94, 191, 253, 333, Revision of index 47,117' 464, 537, 621, 689, 772, 837, 910 Germany 48, 118, 215, Discussion of 6, 150, 532, 614, 852 Farm products 13,765-768,789-793,833,862 301, 435, 505, 591, 659, 741, 808, 882, 963: Great Britain— Charts showing 13, 191, 335, 862 Comparison with other countries48, Food— 118, 215, 301, 435, 505, 591, 659, 741,, Abroad 349 808, 882, 963. Retail, in principal countries 49,119, 216, Group index numbers-. 46, 116, 214, 300, 302, 436, 506, 592, 660, 742, 809, 883, 964 434, 504, 590, 658, 740, 807,881,962 United States 349 Index numbers, Federal Reserve Livestock, 1919-1924 862 Board ,46,116,214,300, 434, 504, 590, 658, 740, 807, 881, 962 INDEX TO VOLUME 10 Prices—Continued. Page Wholesale—Continued. Group index numbers—United States, England, France, Canada, and Japan 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881,962. India 48,118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Italy __ 48, 118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Japan-— Comparison of Federal Reserve Board index with Bank of Japan index 22 Comparison with other countries 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963. Group index numbers 46,116, 300, 434, 504, 590, 658, 740, 807, 881, 962. Index numbers, Federal Reserve Board 46, 116, 214, 300,434, 504, 590, 658, 740, 807, 881, 962 Revision of index _ „ _•_ _ 22-24 Netherlands.48, 118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 New Zealand ____ 48, 118, 215, 301, 435,505,592,659,741,808,882,963 Norway _ 48,118,215,301, 435, 505, 591, 659, 741, 808, 882, 963 Poland __ 48, 118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Revision of index 22-24, 47, 117 South Africa .___•_ 48, 118, 215, 301, 435, 505, 591, 659, 741, 808, 882, 963 Spain 48,118,215,301, 435, 505, 591, 659, 741, 808, 882, 963 Sweden 1. 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 Switzerland . . . 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 United States 11, 32, 79, 102 150, 152, 200, 251, 261, 332, 343, 349, 463, 473, 535, 546, 619, 630, 686, 698, 770, 781, 835, 907. Comparison with other countries. _ 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963. Federal Reserve Board index 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881, 962. Group index numbers. 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881, 962 Printing and stationery, Federal reserve banks, cost of ___„ 136, 670 Private banks, acceptances of, held by Federal reserve banks •. 59, 131,227,308,442,513,599,666,748,815,889, 970. Production and trade in England and France, chart showing 853 Production in basic industries 10, 79, 152, 251, 332, 462, 535, 619, 686, 770, 835, 907. Discussion of 4, 78, 147, 457, 531, 831 Index of 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951. Revision of__ 422 Midyear 574 1005 Page Production, prices, and commercial loans, chart showing. _. .__ ;; 78 Profit and loss account of Federal reserve banks 136 Promissory notes: Definition 706 Discount of—Regulation A 706 Railroad shipments of building materials 861 Railway equipment, purchase of 30, 197, 258, 340, 370, 543, 627, 695, 779, 8437 916 Railway statistics: Canada 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, .958. England _ 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958. Freight movement, chart showing 853 France. •__ 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958. Freight movement, chart, showing 853 United S t a t e s . . . . . __ 31, 100, 199, 260, 342, 472, 545, 629, 697, 780, 845, 918. Railways, German, Dawes committee report on 363, 389 Rates. (See Discount rates; Foreign exchange rates; Interest rates.) Real estate, loans on—Regulation G 714 "Readily marketable agricultural staples/' definition of 276 Receiver. (See Fiduciary powers.) Rediscount of notes of nonmember banks secured by Government bonds, eligibility 81 Registrar of stocks and bonds. (See Fiduciary powers.) Regulations of the Federal Reserve Board 705-726 A—Discounts 705 B—Open-market purchases 708 C—Acceptances 709 D—Reserves of member banks 710 E—Purchase of warrants 711 F—Trust powers of national banks •_ _ 713 G—-Loans on farm land and other real estate. 714 H—Membership of State banks 250, 279, 715 I—Increase or decrease of capital stock of Federal reserve banks 717 J—Check clearing and collection 489, 719 K—Banking corporations authorized to do foreign banking business under Edge Act 720 L—Interlocking bank directorates under the Clayton Act 724 Reichsbank, German: Condition of . 637, 858 Dawes Committee report 351-417 Reorganization of • _ 854 Reimbursable expenditures of fiscal-agency department of Federal reserve banks 136, 670 Rent, Federal reserve banks._ 136, 670 Rente, France, price of 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 Rentenbank, German, condition of 636 Reparations: Dawes Committee report-... 351-417 Discussion of ._ 325 Comments on, by Federal advisory council 458,459 London conference. 704 1006 INDEX TO VOLUME 10 Reserve ratio of Federal reserve banks: Page All banks combined, during 1923 62 Monthly 55, 126, 222 303, 437, 507, 594, 661, 743, 810, 884, 965 June, 1922-May, 1924 560 Reserves: Deficiencies in, penalties for 490, 710 Federal reserve banks— All banks combined, during 1923 62 Monthly 55, 126, 222, 303, 437, 507, 594, 661, 743, 810, 884, 965 June, 1922-May, 1924___ 560 Member banks— Computation of—Regulation D 710 Growth in 904 Penalties for deficiencies—Regulation D 711 Regulation D__ 710 Reichsbank 857 Right of member bank having trust powers to deposit uninvested trust funds in its savings department and treat them as time deposits for reserve purposes865 State foreign-banking corporations, modification in reserve requirements 275 State laws relating to 154-181 Resolutions of Federal Reserve Board on branch banking 81, 928 Resources and liabilities: All banks in the United S t a t e s June 30, and Sept. 14, 1923 66, 68 Dec. 31, 1923____ 315, 317 Mar. 31, 1924 567-569 June 30, 1924__ 819,820 All member banks, June, 1922-March, 1923_ 563 All State banks and trust companies— June 30 and Sept. 14, 1923 66, 67 Dec. 31, 1923 315, 316 Mar. 31, 1924 568 June 30, 1924 819, 820 Federal reserve banks— All banks combined, during 1923 62 Weekly 55, 126, 222, 303, 437, 507, 594, 661, 743, 810, 884, 965 Member banks— Weekly 63,138,231, 312, 446, 516, 603, 668, 750, 817, 891, 972 Year ending May, 1924 561 Reichsbank 637, 858 Retail food prices 49, 119, 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 Retail trade: Chain stores. 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Department stores 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Chart showing 17 Index of 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Discussion of : 148 Mail-order houses 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Chart showing 17 Monthly reports on 32, 101, 200, 261, 343, 472, 545, 630, 697, 781, 845, 918 .Sales, 1919-1923--.20 Seasonal variations in sales 17 Trend of, 1919-1923__ 17-21 Review: Banking statistics, midyear_ 559-572 Business conditions, year 1923 1-5 Statistical work of the Federal Reserve Board 554 Revision of indexes: Department store stocks 189 Industrial activity 183-188 Production in basic industries 422 Wholesale prices in France 47, 117 Wholesale prices in Japan 22-24 Rice: Production, 1920-1923 13 Shipments 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Rich, John H., Federal reserve agent at Minneapolis, death of . .__ 461 Rosin, receipts and stocks 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Rubber, imports and consumption by tire manufacturers 41, 111, 209, 292, 426, 496, 578, 650, 732, 800, 874, 955 Rulings of the Federal Reserve Board; law department: "Agricultural staples, readily marketable," definition of 276 Bankers7 acceptances covering American cotton in foreign countries after export transaction completed 638 Bonds of War Finance Corporation, eligibility for rediscount of paper secured by_ 277 " Borrower/ 7 interpretation of word 275 Branch, right of national bank to establish— United States Supreme Court decision, 281 Comptroller of Currency, statement by, on I L 285 Capital, increase in, by State member bank intending to withdraw from system 278 Capital required of national banks in Wisconsin in order to obtain permission to exercise fiduciary powers : 488 Check clearing and collection— Litigation in Atlanta 866 Regulation J 489, 719 Comptroller of the Currency, statement by, on right of national banks to establish branches 285 Cotton—Bankers' acceptances covering American cotton in* foreign countries after export transaction completed 638 Court opinons— Supreme Court of Rhode Island upholding right of national banks to exercise fiduciary powers ^ 63 9 Supreme Judicial Court of Massachusetts on right of national bank converted from State trust company to act as executor under will naming trust company 641 United States Supreme C o u r t s Upholding right of national banks in Missouri to exercise fiduciary powers 418 Dissenting opinion 419 Right of national banks to establish branches 281 Definition— "Borrower," as used in section 13 of Federal reserve act 275 " Nonperishable, readily marketable agricultural staples" _ . 276 Digest, publication of 6, 250 Discount of paper secured by bonds of War Finance Corporation, eligibility for_ 277 Discount rates on transactions beWeen Federal reserve banks calculated on 365dav basis 639 INDEX TO VOLUME 10' 1007 Rulings of the Federal Reserve Board; law Rulings of the Federal Reserve Board; law Pa e department—Continued. department—Continued. g ' " Nonperishabie, readily marketable agriEligibility of notes of nonmember banks cultural staples," definition of, as confor rediscount when secured by Govtained in section 13 of Federal reserve ernment bonds 81 act 276 Examination of State member banks by Notes of nonmember banks secured by GovFederal reserve banks 278 ernment obligations, eligibility of, for Fiduciary powers— rediscount 81 Capital required of national banks in Par clearance litigation in Atlanta _ 866 Wisconsin in order to obtain perPascagoula National Bank, Moss Point, mission to exercise 488 Miss., par clearance suit of 866 Exercise of trust powers by State mem" Readily marketable agricultural staples, ber bank subject to board's general definition of___ 276 condition of membership ___ 865 Rediscount of notes of nonmember banks National bank converted from State secured by Government obligations, trust company, right of, to act as eligibility of 81 executor under will naming trust Reserve requirements of State foreign bankcompany; opinion of Supreme ing corporations, modification in 275 Judicial Court of Massachusetts. 641 Reserves—Right of member bank having Opinion of Supreme Court of Rhode trust powers to deposit uninvested trust Island upholding right of national funds in its savings department and treat banks to exercise ____ 639 them as time deposits for reserve purposes 865 Opinion of United States Supreme Resolution of Federal Reserve Board on Court upholding right of national branch banking 81 banks in Missouri to act in 418 State bank member— Dissenting opinion 419 Capital, increase of, by bank intend ng Right of member bank having trust powers to deposit uninvested trust to withdraw from system ;____ 278 funds in its savings department and Examination of, by Federal reserve treat them as time deposits for rebank 278 serve purposes 865 Regulation H 250, 279, 715 State foreign banking corporations, reserve Foreign banking corporations organized unrequired, modification in 275 der State law, reserves required, modSupreme Court of Rhode Island^ opinion of, ification in_, _• •_ 275 upholding right of national banks to exerGerman trade bills, eligibility of, for purcise fiduciary'powers_ _ 639 chase by Federal reserve banks 4595 488 Supreme Judicial Court of Massachusetts, Government bonds, notes of nonmember opinion of, on right of national bank conbanks secured by, eligibility for redisverted from State trust company to act count . 81 as executor under will naming trust comIncrease of capital stock by State member pany 641 bank intending to withdraw from sysTime deposits—Right of member bank tem 278 having trust powers to deposit uninInterest rates on rediscount transactions vested trust funds in its savings departbetween Federal reserve banks calcument and treat them as time deposits lated on 365-day basis 639 for reserve purposes 865 Interpretation of word "borrower" as used Trade bills, German, eligibility of, for purin section 13 _ 275 chase by Federal reserve banks 459, 488 Interpretation of words "nonperishable, United States Supreme Court— readily marketable agricultural staples" On right of national banks to establish as used in section 13 276 branches 281 National banks— Opinion upholding right of national Capital required of Wisconsin banks banks in Missouri to exercise fiduciin order to obtain permission to ary powers 418 exercise fiduciary powers 488 Dissenting opinion 419 Converted from State trust company, War Finance Corporation bonds, paper right of, to act as executor under secured by, eligibility for rediscount 277 will naming trust company; opin(See also Regulations.) ion of Supreme Judicial Court of Massachusetts641 Rumania: Debt to United States 9 Exercise fiduciary powers— Discount rates_ 54, 125, In Missouri, United States Su221, 298, 432, 502, 656, 738, 805, 879, 960 preme Court opinion , _ 418 Foreign exchange rates 74, 145, Dissenting opinion 419 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 In Rhode Island, opinion of Supreme Court of Rhode Island 639 Russia: Chervonetz, price of • _ _ 267 Right to establish branches— Debt to United States 9 United States Supreme Court deForeign trade, discussion of 217 cision 291 Gold holdings, 1913, 1922, and 1923 270 Comptroller of the Currency, stateGold production, 1921-1923 270 ment by, on 285 1008 INDEX TO VOLUME 10 Rye: Prices on farms ' 765, 790 Production 1 __ 13, 765 Receipts, shipments, and stocks 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 Salaries, Federal reserve banks_ _ 136, 670 Sergeant, Chas., member of general board of Reichsbank „ 855 Sault Ste. Marie Canal, commerce at_ . 42, 112, 497, 578, 651, 733, 800, 874, 955 Savings accounts, definition of—Regulation D__ 710 Savings deposits— France 54, 125, 221, 298, 432, 502, 586, 656, 738, 805, 879, 960 United States _. 34, 104, 202, 264, 345, 475, 548, 633, 699, 784, 847, 920 Securities prices. (See Prices.) Sheep: Number on farms and ranges, 1913-1924-_ 864 Prices 793,864 Receipts, shipments, and slaughter 39, 109, 207, 290, 424, 494, 575, 648, 730, 797, 871, 952 Slaughtered, index of _ _ _. 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Ship arrivals in Hamburg, Germany 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Ships cleared: England--52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 France 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Trend of, in England, France, Canada, and United States _._ 51, 122, 218, 268, 350, 482 Shoe chain stores: Retail trade _ J _ • 44, 114, 211, 295, 429, 499, 580, 653, 735, 802, 876, 957 Sales of, 1919-1923 17,20 Shoes: Monthly reports on the industry 31, 99, 198, 259, 341, 471, 544, 628, 696, 780, 844, 917 Output by factories 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954 Wholesale trade__._ 43, 113, 210, 294, 428, 498, 579, 652, 734, 801, 875, 956 Sight drafts, discount of—Regulation A 707 Silk: Imports, Germany 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Monthly reports on the industry 29, 98, 196, 258, 339, 469, 542, 626, 694, 778, 842, 915 Raw— Consumption, stocks, and imports __ 41, 111, 208, 292, 426, 496, 577, 650, 732, 799, 873, 954. Imports, France 52,123,219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Prices on the New York market, chart showing , 694 Silver: Christmas gifts, silver dollars used for 906 Coin and certificates, circulation and stocks 71, 141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 Dollars, increase in circulation of _ _ _ 769, 906 Treasury statement on_ 906 Imports and exports 35, 73, 105, 144, 203, 241, 264, 322, 347, 453, 477, 527, 550, 610, 634, 676, 702, 762, 829, 898, 983. Price of, in New York and London 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Silver—Continued. Production 40, 110, 208? 291, 425, 495, 576, 649, 731, 798, 872, 953 Production and prices, monthly reports 28, 97, 195, 256, 338, 468, 541, 625, 692, 776, 841, 913 Skins. (See Hides and skins.) South Africa: Cost of living 49, 119, 216, 302, 436, 506? 593, 660, 742, 809, 883, 964 Discount rates _54, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Food prices, retail . 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Foreign trade 53, 124, 220, 297, 431, 501, 583, 655, 737, 804, 878, 959 Gold production, 1921-1923-___ 270 Wholesale prices 48, 118, 215, 301, 4,35, 505, 592, 659, 741, 808, 882, 963 Spain: Cost of living__ 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Discount rates 54, 125, 21, 298, 432, 502, 588, 656, 738, 805, 879, 960 Changes in 588 Foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Gold and silver imports and exports 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 1919-1924 572 Gold holdings, 1913, 1922, and 1923_______ 270 Wholesale prices: 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 Spirits of turpentine, receipts and stocks 40, 110, 207, 291, 425, 495, 576, 649,-731, 798, 872, 953 State banks and trust companies: Absorbed by national banks 82, 182, 287, 558, 727, 867 Admissions to system 12, 82, 182, 287, 421, 491, 558, 645, 727, 867, 947 Branches of—Regulation H 250, 279, 716 Capital necessary for membership 715 Capital, increase of, by bank intending to withdraw from system 278 Capital, surplus, and resources of banks admitted to system 12, 82, 182, 287, 421, 491, 558, 645, 727, 867, 947 Change of name 12, 82, 182, 421, 491, 558, 645, 947 Closed banks 12, 82, 182, 287, 421, 558, 645, 727, 867, 947 Condition of— Abstract of— December 31, 1923_-____----_ 23-4-237 March 31, 1924 519-523 June 30, 1924 753,754 October 10, 1924 974 All banks in the United States— June 30 and Sept. 14, 1923 66,67 December 31, 1923 _-__._ 315,316 June 30, 1924_____ 819,820 Member banks— June 30 and Sept. 14; 1923 66, 67 December 31, 1923__ -__ 315, 316 March 31, 1924 568 June 30, 1924-____________-__ 819, 820 Consolidations __: 12,82, 1.82,421,491,645,727,867 Converted into national banks.12, 82, 421,558,645 Examination of, by Federal reserve banks- _ 27 INDEX: TO VOLUME 10 1009 Sweden—Continued, Merchandise trade balance during the war_ _ 483 Riksbank-— Gold holdings and notes in circulation _ 485 Resumption of gold payments by 483, 485 Wholesale prices__-___ 48, 118, 215, 301, 435, 505, 592, 659, 741, 808, 882, 963 Switzerland: Bank of, note circulation, 1913-1923 88 Capital investments 91 Cost of living-—— 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Debt— 89 Discount rates 54, 125, 221, 298, 432, 502, 588, 656, 738, 805, 879, 960 Changes in 588 Swiss National Bank, 1913-1923,____ 89 Exchange and money rates, study of ___-.__ 88, 92 Food prices, retail 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Foreign exchange rates. _ - _ 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Foreign investments _ 91 Foreign trade, 1914-1923 90 Franc, price of, chart showing 88 Gold and silver imports—— 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Gold holdings, 1913, 1922, and 1923 270 Gold imports and exports, 1914-1923 91 Money rates 88 Wholesale prices,. 48, 118, 215, 301, 435, 505, 592, 659,741,808,882,963 Taxes: Federal reserve bank buildings _ 136, 670 Federal reserve bank note circulation 136,670 Franchise, paid by Federal reserve banks to Government —_ 136, 670 Germany, Dawes committee report on___ 374, 409 Telephone and telegraph, Federal reserve banks, • cost of -_— 136, 670 Textiles: Index of production 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Monthly reports on the industry 29, 98, 195, 257, 338, 468, 541, 626, 693, 777, 841, 914 Statistics _ 40, 110. 208, 291, 425, 495, 576, 649, 731, 798, 872, 953 Time deposits: Definition—Regulation D 710 Member banks 65, 140, 233, 314, 448, 518, 607, 672, 760, 827, 895, 980 Right of member bank having trust powers to deposit uninvested trust funds in its savings department and treat them as time deposits for reserve purposes. - - - - 86^ Tin, deliveries to factories and stocks _~ 40, 110, 208,291,425,495,576,649,731,798,872,953 Tires and tubes, automobile: Monthly reports on the industry 30, 99, 197, 259, 340, 470, 543, 628, 695, 779, 843, 916 Production, shipments, and stocks. 41, 112, 209, 292, 426, 496, 578, 650, 732, 800, 874, 955 Tobacco: Crop estimate— 644, 726, 794, 868, 949 528, 611, 677, 763, 830, 899, 984 Germany, tax on, Dawes committee report on -----378 1919-1923 - 484 Manufactures of, index of production 38, 108, Foreign t r a d e — 53, 124, 220, 297, 431, 483, 501, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 583, 655, 737, 804, 878, 959 Monthly reports on the industry . 26, 95, Gold and silver imports and exports-. 73, 144, 241, 192, 254, 335, 465, 538? 622, 690, 773, 838, 911 322, 453, 610, 676, 762, 829, 898, 983 Prices, 1922-23 95,465 1919-1924 — -__572 Production 13, 16 Gold holdings, 1913,1922,andl923 270 State banks and trust companies—Continued. Exercise of trust powers by State member bank subject to board's general condition of membership _ _ _. 885 Insolvencies : 182, 421 Liquidations 12, 82,287,421,947 Membership in system, changes in .___ 65, 141, 238, 318, 605, 824 During year 1 9 2 3 — 318 Number in system 12, 82, 182, 287, 421, 491, 558, 645, 727, 867, 947 Regulation H . 279, 715 Withdrawals from system 12, 82, 182, 287, 491, 558, 645, 727, 867, 947 State foreign banking corporations, reserve required, modification in _— 275 State laws relating to bank reserves _ 154-181 Stationery, wholesale trade ._ 43, 113, 211, 294, 428, 498, 579, 652, 734, 801, 875, 956 Statistical work of the Federal Reserve Board __ 554 Steel: ProductionFrance, chart showing : 853 Great Britain _ - _ 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Chart showing ______„ 853 Index of— 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Production and shipments ,— 40, 110, 208, 291, 425, 495, 576, 649,731, 798, 872, 953 Stock quotations. (See Securities prices.) Stocks of basic materials 149 Stores. (See Chain stores; Department stores.) Stoves, wholesale trade 801, 875, 956 Straits Settlements, foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Subscription price of Bulletin, reduction in 6 Sugar: Meltings, index of production 38, 108, 205, 289, 423, 493, 574, 647, 729, 796, 870, 951 Receipts, meltings, and stocks.- 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Supreme Court of Rhode Island, decision of, upholding right of national banks to exercise fiduciary powers 639 r-~. Supreme Court of United States, opinions of: Upholding right of national banks in Missouri to exercise fiduciary powers 418 Dissenting opinion 419 rRight of national banks to establish branches :.__ .. :~ 281 Supreme Judicial Court of Massachusetts, opinion of, on right of national bank converted from State trust company to act as executor under will naming trust company 641 Surplus account, Federal reserve banks 136, 670 Sweden: Cost of living 49, 119, 216, 302, 436, 506, 593, 660,742,809,883,964 Debt _ _ ' 484 Discount rates—_ 54, 125, 221, 298, 432, 502, 588, 656, 738, 805, 879, 960 Changes in __ —- 50,588 Foreign exchange . 74, 145, 242, 323, 454, 485, 1010 IKDEX TO VOLUME 10 Tobacco—Continued. Page Sales at warehouses 39, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Sales of revenue stamps for manufacture of 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953. Trade. (See- Foreign trade; Retail trade; Wholesale trade.) Trade acceptances: Discount of—Regulation A 706 Purchase of—Regulation B 708 Trade bills, German, eligibility for purchase by Federal reserve banks_ _ _ 459, 488 Transportation _ 42, 112 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Monthly reports _ 31, 100, 199, 260, 342, 472, 545, 629, 697, 780, 845, 918 Traveling expenses, Federal reserve banks 136, 670 Treasury certificates of indebtedness. (See Certificates of indebtedness.) Treasury financing. 8, 249, 533, 768 Treasury notes of 1890, circulation and stocks.71, 141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 Treasury statement on silver dollar circulation. 906 Trust companies. (See- State banks and trust companies.) Trust powers. (See Fiduciary powers.) Trustee. (See Fiduciary powers.) Underwear: Monthly reports on the i n d u s t r y . . . . . 30, 98, 196, 258, 339, 470, 542, 627, 694, 778, 842, 915 Production and shipments 40, 110, 208, 291, 425, 495 Unemployment: Canada __ 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 France--. — ---. . - - _ 52, 123, 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Germany... 52, 123, 217, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 During 1923. 217 Great B r i t a i n Chart showing ._ 852 Discussion of_____ 217, 613, 852 Percent 52,123,219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Trend of, in England, France, Canada, and United S t a t e s . - 51, 122, 218, 268, 350, 482 (See also Employment.) United States: Cost of living. 49, 119, 216, 302, 436, 506, 593, 660, 742, 809, 883, 964 Business conditions— Discussion of 1-5, 147, 457, 533 Index of__ 536, 620, 687, 771, 836, 908 Monthly reports- 10, 25, 79, 94, 152, 191, 251 332, 462, 535, 619, 686, 700, 835, 907 Review, year 1923 1-5 Foreign loans placed in_ 92, 458, 905, 924 Foreign trade— Index of 53,124,220, ' 297, 431, 501, 584, 655, 737, 804, 878, 959 With foreign countries, 1921-1923. _ 479-481 Gold and silver imports and exports. (See Gold.) Gold holdings, 1913, 1922, and 1923 .270 Gold production, 1921-1923 270 Loans, foreign, placed in 92, 458, 905, 924 Food prices, retail 49, 119, 216, 302, 436, 506, 592, 660, 742, 809, 883, 964 United States—Continued. Page Wholesale p r i c e s Comparison with other countries.__ 48, 118, 215,301,435,505,592,659,741,808,882,963 Federal Reserve Board's international wholesale price index 46,116,214, 300, 434, 504, 590, 658, 740, 807, 881, 962 Group index numbers 46, 116, 214, 300, 434, 504, 590, 658, 740, 807, 881, 962 Trend of ' 51, 122, 218, 268, 350, 482 United States bonds: Purchased by Federal reserve banks- 60, 132, 228, 309, 443, 514, 600, 667, 749, 816, 890, 971 Retirement of 4 per cent bonds of 1925 • 944 United States notes, circulation and stocks 71, 141, 238, 318, 450, 524, 570, 673, 758, 825, 895, 980 United States Supreme Court, opinions of: Right of national banks in Missouri to exercise fiduciary powers . 418 Dissenting opinion419 Right of national banks to establish branches __ 281 Uruguay, foreign exchange rates 74, 145, 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Vegetables, shipments of : 40, 110, 207, 291, 425, 495, 576, 649, 731, 798, 872, 953 Venezuela, gold and silver imports and exports. _ 73. 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Vessels: Built in United States.. __ 42, 112, 209, 293, 427, 497, 578, '651, 733, 800, 874, 955 Cleared in foreign trade ___. 42, 112, 209, 293, 427, 497, 578, 651, 733, 800, 874, 955 Wages, factory workers 833 (See also Employment; Unemployment.) War Finance Corporation bonds, paper secured by, eligibility for rediscount 277 r Warrants, municipal, purchase of—Regulation E ----711 Wealth, Hungary 271 Weekly statement of condition of Federal reserve banks, change in__ 126 (See also Condition of banks.) West Indies, gold and silver imports and exports 73, 144, 241, 322, 453, 527, 610, 676, 762, 829, 898, 983 Wlieat: Canada, receipts and exports 52, 123, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 Crop estimate 644, 726, 794, 868, 949 Crop of the world and international trade_ _ 788 Exports, charts showing 94, 191, 837 Prices on farms__ 765, 790 Chart showing. 692 Production 13, 16 Receipts, shipments, and stocks 39, 109, 206, 290, 424, 494, 575, 648, 730, 797, 871, 952 World wheat crop and international t r a d e . 788 Wholesale prices. (See Prices.) Wholesale trade: Condition of 43, 113, 210, 294, 428, 498, 579, 652, 734, 801, 875, 956 Monthly reports on 32, 101, 199, 261, 342, 472, 545, 630, 679, 871, 845, 918 Withdrawals from Federal reserve system: Capital, increase of, by State member bank intending to withdraw 278 State member banks 12., 82, 182, 287, 491, 558, 645, 727, 867, 947 Women's clothing. (See Clothing.) INDEX TO VOLUME 10 1011 Wood pulp: Page Wool and woolen industry: Chart showing spindle hours and prices 778 Exports, Canada52,123, Monthly reports on 29, 98, 219, 296, 430, 500, 582, 654, 736, 803, 877, 958 195, 257, 338, 469, 542, 626, 693, 778, 842, 914 Production, shipments, and stocks 41, 111, 209, 292, 426, 496, 577, 650, 732, 799, 873, 954 Yugoslavia: Wool: Debt to United States ___.__„_______ 9 Consumption, active machinery, active Discount rates „ 54, hours ____ 40, 111, 125, 221, 298, 432, 502, 656, 738, 805, 879, 960 Foreign exchange rates _; -_ _ 74, 145, 208, 292, 426, 495, 577, 649: 731, 799, 872, 953 242, 323, 454, 528, 611, 677, 763, 830, 899, 984 Imports and mill consumption, chart showing ____ 469 Zinc: Index of production_____ __ 38, 108; Imports, England 52,123, 206, 289, 423, 493, 574, 647, 729, 796, 870, 951 219, 296, 430, 500, 581, 654, 736, 803, 877, 958 Production and prices 28, 96, Index of production 38, 108, 194, 256, 337, 467, 541, 625, 692, 776, 841, 913 205, 289, 423, 493, 574? 647, 729, 796, 870, 951 Raw—• Production, stocks, and shipments.- 40, 110, 208, Imports, Germany 52, 123, 219, 291, 425, 495, 576, 649, 731, 798, 872, 953 296, 430, 500, 582, 654, 736, 803, 877, 958 Chart showing 467 Stocks in United States, 1922-1923___ 196 19966—24f- -8 v • : -_ -\ S.'DAK. jyjBiNi1^-••••• ^ I ! "* C ^ A G o V - ^ p ^ ^ H-U. M BOUNDARIES OF fEOERAL RESERVE DISTRICTS —-BOUNDARIES OF FEDERAL RESERVE BRANCH,_TERWTORIES * FEDERAL RESERVE BANK CITIES ® FEDERAL RESERVE BRANCH C3T1SS O fEOERAL RESERVE sT.t0ins 1 WO. r"-2. %.