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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
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Oklahoma City.
No. 11—Dallas
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No. 12—San Francisco, _
Portland
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Salt Lake CityLos Angeles

CD
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5 -6

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8
6 -7
7-8
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6
6 -7

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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







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