Full text of Federal Reserve Bulletin : January 1924
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FEDERAL RESERVE
J JLJ
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Banking and Business in 1923
Summary of Business Conditions in the United States
Agricultural Developments During 1923
Money Rates, Currency Values, and Commodity-Prices
Abroad
WASHINGTON
GOVERNMENT PRINTING OFFICE
FEDERAL RESERVE BOARD.
Ex officio members:
D. R. ORISSINGER, Governor,
EDMUND PLATT, Vice Governor,
A. W. MELLON,
ADOLPH 0. MILLEK.
Secretary of the Treasury, Chairman.
GHARLES S. HAMLIN.
GEORGE R. JAMES.
HENRY M. DAWES,
Comptroller of the Currency,
EDWABD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J8 O.-NOBLL, Assistant Secretary\
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,
Director, Division of Research and Statistics.
M. JACOBSON, Statistician.
J. F. HERSON,
Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician.
E. L. SMEAD, Chief Division of Bank Operations*
Reserve Examiner.
FEDERAL ADVISORY COUNCIL.
(For the year 1923.)
District No, 1 (BOSTON),.
„...
District No. 2 (NEW YORK)
.PAUL M. WARBURG, Vice President.
District No. 3 (PHILADELPHIA)..
District No. 4 (CLEVELAND)....
District
District
District
District
District
District
No. 5 (RICHMOND)
No. 6 (ATLANTA).
No. 7 (CHICAGO)
No. 8 (ST. LOUIS)
,....•
No. 9 (MINNEAPOLIS)
No. 10 (KANSAS CITY)
District No. 11 (DALLAS) . . . . . . . . . . . . . . . .
District No. 12 (SAN F R A N C I S C O ) . , . . . . . . . .
II
..ALFRED L. AIKEN.
. . . . ; . .L. L. RUB, President.
.......'
C. E. SULLIVAN.
,
....
.JOHN M. MILLER, Jr.
.EDWARD W. LANE.
JOHN J. MITCHELL.
.FESTUS J. WADE.
. . .G. H. PRINCE 8
. E . ¥. SWINNEY*
.R, L. BALL.
D. W. TWOHY.
OFFICERS OF FEDERAL RESERVE BANKS.
Chairman.
Federal Reserve Bank of—
Governor.
Cashier,
Deputy governor.
Boston....
N®wYork.
Frederic H. Curtiss
Pierre Jay
C. C. Bullen...
W. P. 0. Harding...
W. W. Paddock
Benj. Strong............... J. H.-Case.......
L. F. Sailer:
G. L. Harrison
E. R. Kenzel
Philadelphia....
Cleveland
Richmond
R. L. Austin
D.C.Wills.........
W. W. Hoxton
Atlanta.............
Chicago
Joseph A. McCord
Wm. A. Heath..
Wm. H. Hutt
M. J. Fleming
Frank J. Zoranden
George J. Seay
C.A. Peple
R. H. Broaddus
A. S. Johnstons®..
John S. Walden.......
M.B. Wellborn............ L. C. Adelson
J. L. Campbell.......
..
C.R. McKay..............
J. B. McDongal....
John H. Blair..............
George W. Norris
E."R. Fancher
. . . . . . . . W.Willett.
L. H. Hendricks* *
J. D. Higgins. i
A. W. Gilbart. t
J. W. Jones. *
G. E. Chapia.»
W. A. Dyer.
J. C. Nevin.
Geo. H. Keesea. '
M. W. Bell.
W. C. Bachman. *
K. C. CMIdi. s
J. H. Dillard.'i
D. A. Jones.l
0. J. Netterstrom.l
Clark Washburne.s
J. W. White. •
Wm. McC. Martin......... D.C. Biggs.........
... O.M. Attebery.....
St. Louis.....
W.B.Geery............... Gray Warren.
R. A. Young
Minneapolis...... .... John H. Rich.......
B.V.Moore.......
Harry Yaeger 8 .............
FrankC. Dunlop*...
C. A. Worthington
J. W. Helm.
W. J. Bailey
Kansas City............. M. L. McClnre.......
R. G. Emerson
R. R. Gilbert.
Dallas
Lynn P. Talley............ B. A. McKfnney.......
Wm.
A.
Day...............
W. N. Ambrose.
J.U.
Calkins........
John
Perrin
San Francisco...........
Ira Clerks
8
L. C. Pontious .
.......
1
Controller.
s
8
Assistant to governor.
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE •'BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch.......
Cincinnati branch...........
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch.
Nashville branch............
Chicago:
Detroit branch
St. Louis:
Louisville branch.,
Memphis branch
Little Rock branch
Manager.
W. W. Schneckenburger.
L. W. Manning.
Geo. DeCamp.
A. H. Dudley,
Marcus Walker.
Geo. R. De Saossure.
A. E. Walker.
J.H. McNamara.
Wo R. Cation.
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Manager.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch.
Denver branch................
Oklahoma City branch.
Dallas:
El Paso branch....
Houston branch
San Francisco:
Los Angeles branch
Portland branch
.,.
Salt Lake City branch..
Seattle branch................
Spokane branch..
R. E. Towle.
L. H.'Earhart.
J. E. Olson.
C. E. Daniel.
W. C. Weiss.
R. B.Coleman.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C.R.Shaw.
W. Lc Partner
SUBSCRIPTION FHICE OF BULLETIN,
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only
official organ or periodical publication of the Board. It contains, in addition to the regular official announcements, the national review of business
conditions, detailed analyses of business conditions, research studies,
reviews of foreign banking, and complete statistics showing the condition
of Federal Reserve Banks and member banks. The BULLETIN will be sent
to all member banks without charge. To others the subscription price,
which covers the cost of paper and printing, is $2. Single copies will be
sold at 20 cents.
in
TABLE OF CONTENTS.
The Month: .
Page.
Review of the month—Banking and business in 1923
„____
1
Treasury
finance
8
Summary of business conditions in the United States
10
Official:
State batiks admitted to system
^
12
Fiduciary powers granted to national banks__
12
Charters issued to national banks
12
Banks granted authority to accept up to 100 per cent of capital and surplus
.__
12
Research studies:
Agricultural developments during 1923
13
Trend of retail trade, 1919-1923
17
Japanese index of wholesale prices in 1919 and 1920
22
Business conditions in the United States:
Trend of business in the United States
25
Industrial statistics
„
'
. 37
Wholesale and retail trade
_.__
43
Price movements in principal countries:
International wholesale price index
„
4-5
Revision of French index
„„__
47
Comparative wholesale prices in principal countries
48
Comparative retail prices and cost of living in principal countries
_
49
Business and financial conditions abroad:
Money rates, currency values, and commodity prices abroad
.
50
Trend of business abroad
_.__
.
51
Industrial statistics for foreign countries
.
52
Foreign trade of principal countries
.
53
Financial statistics for principal foreign countries
54
Discount rates of central banks
54
Banking and financial statistics;
Federal reserve banks—
Condition of Federal reserve banks
_.__
55
Federal reserve note account
58
Holdings of earning assets
59
Discount and open-market operations of Federal reserve banks
.
60
Federal reserve clearing system
61
Resources and liabilities of Federal reserve banks combined—end of month figures for 1923
62
Gold settlement fund
.
62
Discount rates of Federal reserve banks
_-_
62
Member b a n k s Condition of member banks in leading cities
63
Deposits of all member banks
65
Changes in membership
„
65
Condition of all banks in the United States
66
Earnings and dividends of member banks__
69
:
Bank debits
_.
70
Money in circulation
71
Interest rates in principal cities
.
_'
72
Gold and silver imports and exports
73
r
Foreign exchange rates and index___
,__
>
74
IT
FEDERAL RESERVE BULLETIN
VOL.
10
JANUARY, 1924,
REVIEW OF THE MONTH.
In the business and banking developments
of the year 19235 the outstanding fact has been
„„
«„„„ the high level of industrial and
The year 1923.
.: f
.
•
,
agricultural output and the
demand for bank credit to finance a volume of
production and trade never previously equaled.
Throughout the year the buying power of consumers, arising out of practically full industrial
emplojrment and increased income of fanners,
has been reflected in a growth of retail trade
and in a more active distribution of merchandise than in any other year. The increase
in the demand for commercial credit, which
began in the middle of 1922, continued at a
rapid rate during the early part of. the year,
when there was an unusual degree of industrial
activity, and the demand was maintained at a
high level, with a further rise during the months
of crop moving and fall.trade. Taking the year
as a whole, the credit situation was characterized by a. growth of credit to meet the renewed
demand of active business.
The extent of the demand for bank credit is
shown by the fact that the total loans of all
member banks increased about
^©©-quarters of a billion during the first nine months of the
year. This increase of about 4 per cent followed upon a more rapid rate of advance during the last nine months of 1922. In that year
the growth of loans was accompanied by an
even more rapid growth in investments; in
1923, however, investments declined slightly,
while loans continued to increase. Changes
in the position of all member banks from the
beginning of 1920 to September, 1923, are
shown on tihe chart. The growth of member
bank credit since the spring of 1922 has been
No. 1
at a rate more rapid than the previous loan
liquidation, so that by the middle of 1923
total loans and investments were greater than
in November, 1920. In 1922 the increase in
loans was exceeded by the increase in demand
deposits, while during the first nine months of
1923 there was a decrease in demand deposits.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3O
3O
LOANS AND
INVESTMENTS
25
2 5.
20
2O
15
15
10
10
INVESTMENTS
1920
1
1
I
111
1922
Figures are lor all member banks of the Federal reserve systemlon
call dates.
1921
The chief source of increase in member bank
funds during 1923 was the growth in time de»
posits? supplemented by additional borrowings at the Federal reserve banks.
The growth in -member bank credit in the
agricultural districts during the period was to
FEDERAL RESERVE
a much larger extent than in the industrial
districts financed by borrowings at the reserve
banks. The discounts at the six Federal
reserve banks located in the agricultural districts (Richmond, Atlanta, St. Louis, Minneapolis, Kansas City, and Dallas) increased by
69 per cent between January and September,
while discounts at all other reserve banks increased by 31 per cent. Loans increased more
rapidly in industrial districts, and this increase
was met in part through the sale of investments,
while in the agricultural districts investments
continued to increase. In the financial centers
funds available for commercial loans were also
increased through a reduction in loans secured
by stocks and bonds. The volume of commercial borrowing at member banks in leading
cities declined slightly after the first week in
October and the lessened demand for credit
was also reflected in somewhat easier money
• rates.
At the Federal reserve banks discounts increased rapidly during the year, but there was
•a corresponding decline in openConstancy of market holdings, with the result
reserve
bank
, - , . , . i
.
credit.
that total earning assets remained relatively stable. In
fact, as shown by the chart, relative stability
MiLLiQ^S OF DOLLARS
MILLIONS OF DOLLARS
1500
1500
1200
900
900
600
600
300
1922
1923
Weeklyfiguresfor the 12 Federal reserve banks combined.
in the total volume, with changes in the composition, has been the principal characteristic
of Federal reserve bank assets during the past
two years. During these two years the coun-
JANUARY, 1924.
try steadily used from $1,000,000,000 to
$1,200,000,000 of reserve bank credit. In
view of this relatively constant demand, the
years 1922 and 1923 afford an opportunity of
observing the effect of changes in the volume
of open-market holdings upon the volume of
member bank discounts. This changing relationship was commented on in the May and
July issues of the BULLETIN, and it now seems
appropriate, at the close of the year, to make
a more complete review of the relation between
the two ' elements of Federal reserve credit
policy—rediscount operations and open-market
!
operations.
f9
In the early part of. 1922 the reserve banks
purchased a considerable volume of shortterm Government securities in the open
market, partly for the purpose of obtaining
earnings, and in 1923 they greatly reduced
their holdings of these securities. In the
absence of change in the aggregate demand for
reserve bank credit, the increases in openmarket purchases during 1922 were offset by a
corresponding decline in the volume of discounts, and in 1923 the reduction in securities
was accompanied by a substantially equivalent
increase in discounts.
In 1922/when the reserve banks bought
securities, the funds which they paid to the
sellers found their way into member banks and
permitted these banks to repay an equal
amount of their rediscounts. The aggregate
amount of reserve bank credit in use was not
increased or even materially changed; a certain amount of their " rediscounts" were
merely thus converted into "securities." But
the effect on the member banks, particularly in
the large centers, was to add to their loanable
funds or to enable them to reduce their indebtedness at the reserve banks. Under such conditions banks are likely to lend more freely to'
their customers and others.
In 1923, on the other hand, when the reserve
banks reduced their security holdings,, they
withdrew from the market an equivalent
amount of funds. Following the. withdrawal,
the market borrowed substantially the same
amount from the banks; and the banks, in-
JANUARY, 1924.
FEDERAL RESERVE BULLET!!?.
turn, rediscounted substantially the same chased by Federal reserve banks be governed
amount at the reserve banks, so that there was with primary regard to the accommodation
no material change in the total volume of of commerce and business and to the effect
of such purchases or sales on the general credit
Federal reserve bank credit in use.
7
The volume of open-market holdings with situation/
As'the act provides that discount rates shall
which the reserve banks entered the year 1923
put them in possession of an be fixed "with a view of accommodating
admirable instrument for.test- commerce and business," the adoption of this
ing the degree of dependence principle- definitely' established open-market
of the credit structure upon Federal reserve policies,on the same basis as discount policies.
bank accommodation and for placing the Open-market operations provide a cushion
initiative upon member banks to determine of credit between- the direct borrowings of
the volume of reserve bank credit required to member banks and the money market, and
meet the needs of business and industry. For have facilitated the flow of credit into and
in rediscount operations the initiative is taken out of the reserve banks in such a way as to
by. the member banks, which borrow from the exercise a steadying influence in the.market
reserve banks at the established discount rate, and to reduce the tendency toward periodical
while in open-market operations the initiative tightness of money formerly felt by business
may be taken by the reserve banks, which buy or in the spring and by agriculture in the autumn.
sell short-term securities in the market largely Indeed, open-market operations, particularly
at their own volition and at market rates. sales of securities, have proved to be a valuable
The fact that the reduction of open-market adjunct to discount policy. The minor inholdings during 1923 was accompanied by an fluence which sales of securities by reserve
amount of' discounting by member banks banks exerts may at. times avoid the necesapproximately equal to the volume of funds sity for resorting to the major influence of a
. •
withdrawn from, the market by Federal reserve change in discount rates,
banks indicated that the total volume of
Discount rate changes in 1923 were fewer
reserve bank credit outstanding was not in than in any other year in the history of the
excess of requirements.
system. Advances in discount rates from 4
Federal reserve credit policy during the per cent to 4£ per cent at the Federal reserve
year has been reflected chiefly in open-market banks of Boston, New York, and San Francisco
operations,, As the aggregate demand of the were made early in the year, and since that
country for reserve bank credit may be met time the level of rates has been the same at all
either through rediscount or through open- the reserve banks. With the growth of dismarket operations, the Federal Reserve Board counts, however, which accompanied the refelt that these two methods of extending credit duction in the holdings of Government securishould be brought into harmony. The.board, ties, the influence of existing discount rates
therefore, in April, 1923, appointed a com- was extended to. a larger proportion of the
mittee of officers of reserve banks to act in total Federal reserve bank credit in use, and
conjunction with the board in effecting a more the cost of obtaining reserve bank credit was
complete coordination of all open-market borne more directly by member banks. Changes
operations of the reserve banks, both on their of discount rates made with a view of influencown account and in the execution of orders in ing the demand for rediscount accommodation
Government securities for the Treasury as from Federal reserve banks are better underfiscal agents of the Government.
stood by the general public than open-market
At the time the committee was appointed transactions. The experience of the past
the Federal Reserve Board adopted the year, however, shows that changes in the volprinciple "That the time, manner, character,; ume of securities held by the reserve banks,
and volume of open-market investments pur- j when such changes are well timed, are capable
4
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
•of. exerting an important and useful influence middle of December was somewhat larger than
on credit conditions. The weekly statements the increase in discounts, with the result that
of condition of the Federal reserve banks show for the period the total volume of reserve bank
the amount and composition of open-market credit decreased slightly.
holdings and make it possible for the public to
Stability in the other principal items of the
follow these changes from week to week.
reserve bank statement has also characterized
In view of the importance during 1923 of the year's operations. Reserves remained at
the open-market operations, a detailed state- about $3,200,000,000; Federal reserve note cirment of the changes during culation, after a seasonal decline early in the
Open-market the uyear in the composition year, continued at about $2,200,000,000; deoperations dur„
, ,,.
,
T
ing 1923.
oi open-market holdings and posits, consisting largely of member banks1
of their relation to total earn- reserve balances, declined somewhat, reflecting
ing assets is shown in the table below:
the decrease in demand deposits with member
banks;
and the reserve ratio throughout the
EARNING ASSETS OF FEDERAL RESERVE BANKS IN
1923.
year remained near 76 per cent. This absence
[In millions of dollars.]
of change in the reserve bank statement durOpen-market holdings.
ing a year of growth in business activity and
of increasing credit and currency demand is
United TreasDisTotal. counts.
closely
related, as was pointed out last month,
States
ury AcceptTotal. bonds certifiances.
in
this
review,
to the use made of the imported
and
notes. cates.
gold. During 1923 the inflow of gold continued in somewhat larger volume than during
734
332
512
226
176
Jan. 10
1,246
185
190
538
163
653
Feb. 14....
1,191
the previous year, net imports of $262,000,000
225
570
184
613
161
Mar. 14
1,183
274
512
75
623
163
1,135
Apr. 11...
for
the first 11 months exceeding the total of
453
267
37
695
149
May 9
. . . 1,148
377
33
219
125
1,085
708
June 13
$238,000,000
for 1922. This additional gold
94
287
7
186
847
1,134
July 11.
7
178
1,091
268
83
was
not
reflected
in an increase in the reserves
Aug 8
1,121
279
5
179
842
95
Sept. 12
182
274
869
1,143
87
5
Oct. 10
of
the
Federal
reserve
banks because certain
12
359
268
1,150
791
79
Nov. 14
762
330
19
426
77
of these banks met the demand for currency
1,188
Dec. 12
C h a n g e between
-313
+250
-308
-99
Jan. 10 and Dec. 12
+103 by putting gold certificates into circulation.
-58
Of the two principal types of securities eli- Thus the increase of the total money in circugible for purchase by reserve banks—accept- lation of $307,000,000 between December, 1922,
ances and United States securities—the volume and December, 1923, was largely in gold cerof acceptances held by the reserve banks tificates rather than in Federal reserve notes.
The trend of member bank credit during
increased by about $100,000,000 during the
the year, rather than of Federal
year, while Government securities declined by
Course of busi- reserve bank credit, has reover $400,000,000. The increase in Federal ness.
flected the course of business
reserve bank holdings of acceptances since the
middle of October reflected in part the seasonal developments. The period of most rapid
growth in the volume of acceptances created increase in the demand for credit was the
in connection with the financing of crop ex- first quarter of the year, when trade was
ports. The reduction in holdings of United active and the volume of production in basic
States securities, chiefly certificates of indebt- industries was greater than at any previous
edness, continued almost without interruption time. Production reached its peak for the
throughout the year, though during November year in May, and after that time the growth
and December there was a slight increase in in the demand for credit for commercial purthe holdings of Treasury certificates. A com- poses slackened. The recession in industrial
parison of the composition of earning assets activity during the summer months, however,
shows that the reduction in open-market hold- was not accompanied by a decline in the
ings between the middle of January and the distribution of merchandise, and in the autumn
oOQ
FEDERAL RESERVE BULLETIN.
JANUABY, 1924.
the demand for additional credit, largely from
agriculture, resulted in a further increase in
commercial loans at reporting member banks.
The slackening in trade activity during the
latter part of the year arose more largely
from the hesitancy of business concerns In
placing forward orders than from a lessened demand on the part of ultimate consumers; and the price declines of the period
were chiefly in materials used in Industry
rather than in consumers' goods. The year
as a whole was characterized by a large industrial output, practically full employment, a
sustained consumers7 demand for goods, and
a level of prices more stable than in any year
since 1915.
A national income larger than in 1922, arising both out of increased earnings of factory
workers and larger proceeds from the sale of
farm products, furnished the buying power
to absorb the year's increased output of goods.
The income of industrial workers, as the result
of a volume of employment approximately
13 per cent larger than in 1922 and of wage
advances, greatly exceeded that of the previous
year. The total value of agricultural production was about $900,000,000 greater than
in 1922. This Increase in income was not
accompanied by a corresponding rise in the
cost of living and the large growth In savings
deposits indicates that there was a considerable margin of Income above expenditures.
The increased buying during the year Is
reflected In the volume of retail trade, which
was larger for every month of 1923 than of
1922 so far as monthly figures are now available, and the total of department-store sales
for the 10 months exceeded, those for the
corresponding months of last year by 13 per
cent. The" distribution . and marketing of
goods was facilitated by the Improvement of
transportation facilities and the volume of
railroad traffic was the largest on record.
Business developments during the .closing
months of the year are discussed in the summary of business conditions In the United
States elsewhere In the BULLETIN, and the
charts on pages 10 and 11 show the level of production, employment^ and prices in 1923 compared with earlier years.
76989—24
2
In agriculture the final estimates for the
year indicate a physical volume of production
larger than the year before, and at the prevailing level of farm prices the total value of
the year's crops is about 12 per cent above
that of 1922. Furthermore, a larger proportion of farm income was available for current
expenditure, since less of the income than in
preceding years was used in the repayment of
loans. Sales of mail-order houses, representing chiefly purchases in rural communities, increased by 31 per cent in 1923. The recovery
of agriculture, however, is still incomplete,
particularly in the wheat and livestock industries, and the unusual business growth of the
year has been chiefly in the industrial sections.
It is the demand on the part of industrial
workers which, even with the decreased foreign
demand, has resulted in a better market for
agricultural products. A discussion of agricultural developments in 1923 appears elsewhere in this BULLETIN.
In addition to the large purchases of goods
for immediate consumption there was also an
exceptionally heavy demand for houses and
automobiles, as indicated by the growth in the
construction of buildings and the manufacture
of motor cars. The automobile output of the
year will- total nearly 4,000,000, an increase of
more than 50 per cent over 1922. The building activity, which had been at a high level
during 1922, reached a maximum in the spring
of 1923 and then slackened somewhat,, owing
to the rapid advance in wages and In prices of
materials. With the subsequent decline in
construction costs activity was renewed, and
for,, the 11 months ending'in November contracts awarded totaled.more, than for the corresponding months of 1922. Building operations on a considerable scale were general
throughout the country, and residential building not only increased more rapidly than construction for business and industrial purposes
but constituted a larger proportion of the total
than in the four previous years. The large
volume of construction not only led to increased production of building materials, but
also resulted in large sales of furniture and
other household goods, and was an Important
factor in the demand in many lines of trade.
6
FEDERAL RESERVE BULLETIN.
Prices of building materials and house
furnishings, while they declined during the
latter part of the year, rets e r e a d * u s t ' • m a i n e d, nevertheless, considerably above the average
for all commodities. The general price level,
as measured by the wholesale price index of
the Bureau of Labor Statistics, after advancing somewhat during the first three months of
the year, declined by November to a point
below that of November, 1922, but the average
for the 11 months of 1923 was slightly higher
than the average for the year 1922. More
significant than these changes in the general
level, however, are the readjustments which
have taken place between various groups of
commodities, particularly the increases in the
prices of certain agricultural products and the
continued decline in fuel prices. Prices of
farm products, as a whole, were higher in
November, 1923, than at any time since
December, 1920. This rise was due entirely
to the higher prices of crops, as the prices of
livestock and animal products were lower in
November than at any time during the year.
The fact that the year, taken as a whole,
has been one of unparalleled industrial and
trade activity has been some: Attitude of w h a t obscured by the reeesbusmess.
sion irom the unusually high
levels reached during the first quarter. The
growth during the early months was a continuation of the expansion which had been
under way for a year and a half, and carried
the volume of production to a record level.
Stocks of materials had been replenished, the
available supplies of labor and equipment
were being utilized near to capacity, and
manufacturers began to feel some uncertainty
about the possibility of marketing at profitable
prices the large current output. The wide
recognition that there had been a rate of
advance which could hardly be maintained
gave rise to hesitancy, and the recession
which followed was an expression of the
conservative attitude taken by the business
community. In the fall months, however,
with the continuance of active trade and an
undiminished demand from consumers busi-
JANUABY, 1924.
ness became more confident. Throughout
1923, a year when business volume, prices, and
credit were adjusting themselves to new levels,
it was primarily the attitude of business
which moderated both the upward and the
downward movements and exercised a stabilizing influence upon trade and industry.
NOTES,
Federal-Reserve Bulletin.
Beginning with the current issue of the
the'"first" and
"final"- editions will be consolidated and all
member banks and subscribers will receive
current copies of the consolidated edition.
The subscription price of the BULLETIN will
be $2 per annum instead of $4, as formerly.
FEDEEAL RESERVE BULLETIN
Address by Mr. Cunningham.
Mr. Edward H. Cunningham, member of
the Federal Reserve Board, addressed a meeting of the American Farm Bureau Federation
held in Chicago on December 12.
Publication of Digest of Rulings.
The Digest of'Rulings, a preliminary announcement of which was made in the BULLETIN for November, 1923, is expected to be
ready for distribution on or before February 1,
1924. The digest will be published in book
form of convenient size (6 by 9 inches), bound
in durable buckram, and will contain approximately 400 pages. The price will be $2 a per
copy, postpaid. Orders will now be received
by the Federal Reserve Board.
The Digest of Rulings has been compiled
with the thought of making it a complete
and ready reference book to all questions concerning the interpretation and administration
of the basic principles under which the Federal
reserve system operates. The digest is designed for the use of the busy man who has
not the time or the opportunity to consult
the FEDERAL RESERVE BULLETIN, or who
has
not access to the text of the various laws and
regulations involved and to that end i t has.
been made comprehensive and complete in
itself. It is confidently believed that it will fill
a great need and will be a very useful handbook on Federal reserve matters for bankers
and business men throughout the country.
As previously announced, the general scope
and character of the Digest of Killings may
be briefly described as follows:
The main part of the digest is given over to
digests or summaries of all the board's rulings.
FEDERAL RESEBVE BULLETIN".
JANUABY, 1924.
opinions of its counsel and of the Attorney
ueneral, court decisions, and similar matters
which have been published in the FEDERAL
RESERVE BULLETIN from its inception, on
May 1, 1915, to January, 1924. These digests
give in brief and accessible form the gist of
the rulings and opinions which have interpreted
the various provisions of the Federal reserve
act and other legislation affecting the operation
of the Federal reserve system, and they state
the salient facts and the conclusions reached
in sufficient detail to make it unnecessary in
most cases to refer to the full text of the rulings
as published in the BULLETIN. The digests
are numbered and arranged according to the
sections of the. Federal reserve act and other
acts to which they primarily relate,, and are
further grouped under appropriate headings
and subneadings for more ready reference.
A complete index and frequent cross references
have been provided, and a table of rulings in
their order of publication in the BULLETIN,
together with their digest numbers, is included.
In this respect the digest is substantially an
annotated edition of the Federal reserve act.
In addition'to this, the digest will constitute
a handbook or manual of the Federal reserve
system,, The attempt has been made to put
under one cover not only the interpretation
of the law, but also the text of the law in^its
original and amended forms, and other like
material which might be helpful as a reference
to the development and administration of the
Federal reserve system. Thus, the digest will
include the regulations of the Federal Reserve
Board; the full text of the Federal reserve act,
with appendices and index as published in
the 1923 edition; the act as originally enacted
December 23, 1913, followed by a composition
showing by italics and canceled words the
textual changes made; a nontechnical summary
of all these amendments; a list of officers of
the Federal Reserve Board and of the Federal
reserve banks, and the Federal Advisory Council; and a map of the Federal reserve system. .
Election of Directors.
The following directors of Federal reserve
banks have been elected for the three-year
term beginning January 1, 1924:
CLASS A DIRECTORS.
Alfred L. Ripley, Boston (reelected).
Robert H. Treman, New York (reelected).
Joseph Wayne, jr., Philadelphia (reelected).
Robert Wardrop, Cleveland (reelected).
L. E* Johnson, Richmond (reelected).
P. R. Kittles, Atlanta (reelected).
E. L. Johnson, Chicago (reelected).
John G. Lonsdale, St. Louis (reelected).
J. C. Bassett, Minneapolis (reelected).
E. E. Mullaney, Kansas City (reelected).
Howell E. Smith, Dallas (reelected).
J. S. Macdonnell, San Francisco.
CLASS B DIRECTORS.
Philip-R..Allen, Boston (reelected).
Theodore F. Whitmarsh, New York.
Edwin S. Stuart, Philadelphia (reelected).
George D. Crabbs, Cleveland.
D. R. Coker, Richmond (reelected).
Leon C. Simon, Atlanta (reelected).
Robert Mueller, Chicago (reelected).
LeRoy Percy, St. Louis (reelected).
N. B. Holier, Minneapolis (reelected).
Harrjr W..Gibson, Kansas City (reelected).
J. J.' Culbertson, Dallas (reelected).
A. B. C. Dohrmann, San Francisco (reelected).
CLASS C DIRECTORS.
Frederic II. Curtiss,12 Boston.
Willam L. Saunders,
New York.
R. L. Austin,1 Philadelphia.
D. C. Wills/ Cleveland.
William W. Hoxton,1 1 Richmond.
Joseph A. McCord,
Atlanta.
James Simpson,2 2Chicago.
John W. Boehne,
St. Louis.
John H. Rich,1 Minneapolis.
1
Mi. L. McClure, Kansas City.
Clarence E. 1Linz, Dallas.
John Perrin, San Francisco.
Appointment of Chairmen and Deputy, Chairmen*
The following have .been designatedJras
Federal reserve agents and chairmen of" the
board of directors of the Federal reserve banks for'
terms of one year, expiring December 31, 1924:
Boston—Frederic H. Curtiss.
New York—Pierre Jay.
Philadelphia—Richard L. Austin.
Cleveland—D. C. Wills.
Richmond—William W. Hoxton.
Atlanta—Joseph A. McCord.
Chicago—William A. Heath.
St. Louis—William McC. Martin.
Minneapolis—John H. Rich.
Kansas City—M. L. McClure.
Dallas—Lynn P. Talley.
San Francisco—John Perrin.
The following have been designated m
deputy chairmen of the Federal reserve banks for
terms'of one year, expiring December-31, 1924:
Boston—Allen Hollis.
New York—William L. Saunders.
Philadelphia—H. B. Thompson.
Cleveland—L. B. Williams.
Richmond—Frederic A. Delano*
Atlanta—W. H. Kettig.
Chicago—James Simpson.
St. Louis—John W. Boehne.
Minneapolis—Homer P. Clark.
Kansas City—Heber Hord.
Dallas—W. B. Newsome.
San Francisco—Walton N. Moore.
* Redesignated chairman of the board and Federal reserve agent for
the year 1924.
a Redesignated deputy chairman for the year 1924.
FEDERAL RESERVE BULLETIN.
TREASURY FINANCE.
Recent Treasury operations centered about
December 15, when the fourth, quarterly installment of income taxes fell due. On the same
date the Government redeemed about $350,000,000 of maturing Treasury certificates and
paid about $75,000,000 of interest on the
public debt. New financing included an offering of two series of Treasury certificates,
both dated December 15, aggregating $300,000,000, or thereabouts, the first series, at
4 per cent interest, being for six months
and the second series, at 4-\ per cent interest,
for one year. No heavy interest payments
fall due during January and Feburary, 1924.
On the first of the new year about $60,000,000 of war-savings certificates of the
series of 1919 mature, a part of which, it is
expected, will be exchanged for new Tressury
savings certificates. Income-tax payments
during the December period are estimated at
$330,000,000, and this total, together with the
proceeds of the new offering of Treasury
certificates, and balances on hand, are expected
to provide for payments coming due in December and the following months, until March 15,
1924, when the Treasury will once more make
arrangements for the transactions connected
with the quarterly income-tax dates.
The new issue was oversubscribed, total
subscriptions amounting to $765,505,500, of
which $109,180,500 represented exchanges of
Treasury certificates maturing on December
15. All exchange subscriptions were allotted
in full, while allotments on other subscriptions
were made on a graduated scale, preference
being given to smaller subscriptions.
Total allotments, including exchanges, were
1349,277,500, and their distribution by Federal
reserve districts is shown in the following table:
JANUAEY, 1924.
HOTTED STATES SECURITIES AND THE BANKS.
During the current year United States security holdings of the reporting member banks
in the larger cities have shown a practically
uninterrupted decrease amounting for the 11
months ending November to about $270,000,000
as contrasted with an increase of $1,157,000,000
during the preceding year. Outside of the
larger cities member bank holdings show a
moderate increase for the present year. During the same period the gross amount of the
interest-bearing Government debt was reduced
by over $700,000,000, from $22,483,000,000 to
$21,780,000,000. Of these totals the reporting
member banks held $2,548,700,000, or 11.3
per cent, about the close of 1922, and
$2,279,000,000, or 10.5 per cent, at the close
of November, 1923. Government security
holdings of all member banks show a decrease
from $3,788,400,000 at the close of 1922 to
$3,722,400,000 about the middle of September
of the year just closed.
Treasury certificate holdings of the member
banks, which at the close of the war constituted over one-third of the entire amount outstanding, have been greatly reduced owing to
the large reduction in the volume of certificates
outstanding (from over $6,000,000,000 on
March 31, 1919, to less than $1,000,000,000
since August of the present year), also because
of the great demand for this class of securities
by corporations and investors.
Federal reserve bank holdings of United
States securities show a large and rapid decline
from the maximum of $630,000,000 attained on
June 14, 1922, to a level of less than
$100,000,000 during the second half of 1923,
This reduction was due in part to the redemption of Pitt-man certificates in connection with
the retirement of Federal reserve bank notes?
but chiefly to the open-market policy of the.
Subscriptions allotted.
Federal reserve system during the period.
ExTreasury Treasury
In addition to Government securities owned
changes,
certificertifiTreasury
Total
subboth
cates,
cates,
and Federal scriptions
by the banks they hold such, securities as
series,
series
reserve dis- received.
Total.
included
TJ-4924, TD-1924,
tricts,.
collateral for loans. Loans secured by United
in total
maturing maturing
States obligations, however, which aggregated
allotJune 15,
Dec. 15,
ments.
X924.
1924.
a large amount during and after the war? are
1,000, $40.i, 000,000 now in relatively small volume, and
Treasury.....
), 000,000 $20,000,000 $20,000,000 $40,000,000
the
029,500 17,847,000
Boston
. . . $,061,500
'"" 25,876,
"" " 500
" " 1,522,500
''
.06,148,500 40,466,500 total • of United States securities held by
743,500 62,405,000106!
New York... 273,188,000
925,000 15,255,000 21,180,000 1,068,500 member banks as collateral on June 30, 1923
54,637,500
Philadelphia
?
143,000 21,636,500 31,779,500 3,919,500
Cleveland.... 83,759,000
80,000 was only $348,000,000.
142,000 5,739,500 8,881,500
Richmond... 17,417,500
At
the
reserve
banks
27,000
013,500 7,590,500 12,604, 000
Atlanta...... 29,087.500
207,500 24,727,000 37,934, 500 9,649.000 loans secured by United States obligations
Chicago...... 68,89l',500
622,000 9,669,500 13,291,500 3,770,500 are still considerable, tbeir total at the close
21,848,500
~" ""
St. Louis
924,000 3,571,500 7,495, 500 2,567,000
Minneapolis. 13;1,648,000
581,000 3,225,500 4,806,500 1,145,500 of November being about $400,000,000, or
Kansas City. 13.1,387,000
3T') 876,500 962,500 7,002,000 13,964,500 2,013,000
Dallas..
835,000 15,480,000 25,315,000 2,951,500 about one-half of the total discounts held by
San Francisco 63:1,743,000
Total... 765,505,500135,128,500 214,149,000 349,277,500 109,180,5Q0 the reserve banks.
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
TOTAL INTEREST-BEARING D E B T OF THE
UNITED
STATES OUTSTANDING AND GOVERNMENT SECURITY
H O L D I N G S OF M E M B E R B A N K S AND
R E S E R V E B A N K S , 1918 T O
1923.
THE
FEDERAL
[Amounts in millions of dollars.]
Interest-bearing debt of the United States.
Held b y all
member banks.
Call dates.
1918—Dec. 31
1919—Mar. 4.....
June 30
Nov. 17
Dec. 31...
1920—May 4......,
June 30.....
Nov. 15
Dec. 29......
1921—Apr. 28
June30....
Dec. 31....
1922—Mar. 10
June 3 0 . . . . . . . . . . .
'Dec. 29.....
1923—Apr. 3 . . . . .
June 30
Sept. 14...
...
Total
outPer cent
standtotal
ing,* Amount. ofoutstanding.
20,821
24,219
25,234
25,970
25,595
24,707
24,061
23,825.
23,745
23,760
23,737
23,188
23,239
22,711
22,483
2-2? 390
22,008
21,902
3,472
4,823
4,037
3,661
3,506
3,081
2,941
2,786
2,759
2,627
2,661
2,648
2,755
3,247
3,788
3,883
3,870
3,722
16.7
19.9
15.9
14.1
13.6
12.5
12.2
11.7
11.6
11.1
11.2
11.4
11.9
14.3
.16.8
17.3
17.6
17.0
Held by
reporting
member
banks.
Held by
Federal
reserve
banks. 2
2,056
2.934
2,250
2,010
1,930
1,674
1,498
1,354
1,391
1,293
1,373
1,469
1,571
2,101
2,549
2,533
2,511
2,362
239
187
228
305
300
300
338
296
288
268
257
241
444
557
458
239
95
100
1
Figures for the nearest end-oi-month date.
* Figures for report dates nearest to call dates.
INDEBTEDNESS
OF FOREIGN
OBLIGATIONS OP FOREIGN GOVERNMENTS HELD BY
THE UNITED STATES TREASURY, TOGETHEB WITH
INTEREST ACCRUED AS OF DECEMBER 15, 1923*
GOVERNMENTS*
Announcement was made by the Treasury
that the British Government on December 15
paid $92,000,000 under the terms of the debt
settlement approved by the act of February 28,
1923. Of this total, $69,000,000 represents the
second semiannual payment of interest at the
rate of 3 per cent per annum on a principal indebtedness of $4,600,000,000 and $23,000,000
the first installment on account of principal.
As authorized by the terms of the settlement^
payment was made in Liberty bonds, which were
accepted at par and accrued interest with a
small cash adjustment. The bonds were
$91,678,850 face value of second Liberty
loan converted 4£'s, the accrued interest
being $321,127.84 and the cash adjustment
$22.16. During the year the British Government also paid'$61,000,000, .which., completes
payment in full of balance of indebtedness
regarded as having been given for purchase of
silver under the Pittman Act.
Under the terms of a settlement made under
the provisions of the same act the Treasury
received also a payment of $180,000 from the
Republic of Finland. This total was made
up of $135,000 of semiannual interest, at the
rate of 3 per cent, on a principal indebtedness
of $9,000,000 and of $45,000 on account of
principal. Payment was also made in Liberty
bonds—$179,350 face amount of second Liberty
loan 4i's, with $628.22 of accrued interest and
$21.78 of cash adjustment.
The Treasury announced that the bonds
thus accepted had been canceled and retired
and the public debt reduced accordingly.
In addition to the above debt reductions
by foreign governments, the Cuban Government during the latter part of August repaid
the balance of its war debt to the United
States, which originally totaled $10,000,000.
Aggregate amounts of obligations of foreign
governments (with separate figures for principal
and accrued interest) held by the United
States on December 15, after deduction of the
payments on account of principal received
from the British and Finnish Governments,
are as follows:
Aggregate indebtedness.
Country.
Total.
Armenia.
Austria.
Belgium.............
Czechoslovakia
Esthonia
Fialand*
France
Great Britain * . . . : . . .
Greece
Hungary
Italy
Latvia...............
Liberia
Lithuania
Nicaragua
Poland
Rumania
...
Russia
Yugoslavia..........
Total
Principal. 1
Interest.
$14,263,198
28,385,737
454,463,173
110,905,724
16,788,729
8,955,000
3,990,656,873
4,577,000,000
16,500,000
1,989,286
2,015,079,397
6,032,478
30,819
5,977,954
175,590
182,471,304
43,799,024
241,903,072
61,587,156
$11,959,918
24,055,709
377,029,570
•91,879,671
13,999,146
8,236,926
3,340,605,644
4,577,000,000
15,000,000
1,685,836
1,647,997,050
5,132,287
26,000
4,981,628
175,590
155,930,956
36,128,495
192,601 297
51,037,886
$2,303,278
4,330,028
77.433,603
19,026,053
2,789,583
718,074
650,051,229
11,776,964,512
10,555,463,609
1,221,500,903
1,500,000
303,450
367,082,347
900,191
4,819
26,540,348
7,670,529
49,301,775
10,549,270
1
Represents obligations received for advances under Liberty bond
acts, also obligations received from the Secretaries of War and of the
Navy on account of sales of surplus war material; obligations received
from the American relief administration on account of relief supplies
furnished; and obligations received from the the United States Grain
Corporation
on account of sales of flour.
2
Agreement providing for refunding of these obligations executed*
subject
to
approval
of Congress, on May 1,1923.
3
Refunding bonds received under terms of agreement concluded
pursuant to the act of Congress approved February 9} 1922, as amended
by act of Congress approved February 28,1923.
10
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
SUMMARY OF BUSINESS CONDITIONS IN THE UNITED STATES.
Production of basic commodities and factory employment decreased in November. Distribution of merchandise by wholesalers and retailers was somewhat less active, and wholesale
prices showed a slight further recession.
Production.—Production in basic industries decreased about 2 per cent in November. The
decline was due chiefly to reduced production of iron and steel and smaller sugar meltings.
The Federal Reserve Board's new index of factory employment, which is shown by the accompanying chart, also declined, due to lessened activity at iron and steel plants and large seasonal
reductions at clothing establishments. The volume of employment is now 2 per cent smaller
than in the spring, but 3 per cent larger than a year ago. Contract awards for new buildings
were smaller in November than in October in all reporting districts except New York, but were
20 per cent larger than a year ago.
Final estimates by the Department of Agriculture show larger yields of corn, oats,
tobacco, and cotton than in 1922, and smaller yields of wheat, hay, and potatoes. The total
value of agricultural production at December 1 prices was 12 per cent larger than in 1922.
Each of the 10 principal crops, except wheat, showed an increase in value.
Trade.—Railroad freight shipments in November showed about the usual seasonal decline
from October, but were in heavier volume as compared with previous years. Wholesale trade
was 13 per cent less in November than in October, which is more than the usual decrease at this
season, but sales continued to be slightly larger than a year ago. Sales of hardware, drugs, and
meat were larger than in November, 1922, while sales of shoes were smaller. Retail business
was smaller than in October in most lines. Sales of mail-order houses declined more than sales
of department stores, but were 11 per cent larger than a year ago.
INDEX OF PRODUCTION IN' BASIC 'INDUSTRIES
PRICES
COMBINATION OF 22 INDIVIDUAL SERIES
CORRECTED FOR SEASONAL VARIATION
(1319 = 100)
INDEX NUMBERS OF WHOLESALE PRICES
U. S. BUREAU OF LABOR STATISTICS
PERCENT
PERCENT
PERCENT
300 1——
(1313=100
BASE ADOPTED BY BUREAU ).
PERCENT
300
140
540
250
k\
120
100
80
120
f
100
80
60
60
100
40
40
20
20
100
50
LATEST FIGURE NOVEMBER
LATEST FIGURE NOVEMBER
0
0
1919
1S20
1921
1922
1323
1919
1920
1921
1322
1923
11
FEDERAL EESEEVE BULLETIN.
JANUABY, 1924.
INDEX OF EMPLOYMENT
BANK CREDIT
IN MANUFACTURING INDUSTRIES
800 MEMBER BANKS-IN LEADING CITIES
( MONTHLY AVERAGE, 1919 = 100 )
PER CENT
14-0
BILLIONS OF DOLLARS
16
BILLIONS OF DOLLARS
14-
120
*<% 210/WS >4«!D
\ DiSCOUt **TS
DEMAND
A
/
10
80
60
60
/NVESn 1ENTS/+"'"''**
20
20
!
TIME
DEPOS/TS^
^
LATEST FIG RE DEC. 12
1919
1S20
1921
1922
1923
1919
1920
1921
'
1922
1923
Prices,—The Bureau of Labor Statistics index of wholesale prices declined in November
to a point 4 per cent lower than last spring and about 3 per cent lower than a year ago. The
chief reductions occurred in prices of animal products-, fuel, and house furnishings. Prices of
clothing and crops, on the other hand, increased and the latter group averaged higher than in
any month since 1920. During the first half of December prices of sheep, beef, sugar, cotton,
silk, and rubber declined, while quotations 'on crude oil, wheat, and wool were slightly higher.
Bank credit.—The total volume of credit extended. by member banks in.leading cities
showed but little change between the middle of November and the middle of December. A
seasonal reduction in commercial and agricultural loans in most, districts was accompanied by
increased loans on securities, with the result that total loans remained practically constant.
During the same period borrowings at. the Federal reserve-banks were also practically
unchanged. Holdings of acceptances increased somewhat, partly in connection, with the
financing of cotton exports. The increased demand for currency for holiday trade was reflected
in both a moderate expansion in Federal reserve note circulation and a reduction in gold certificates held by the reserve banks.
.•
:
Rates of commercial paper sold in the open market continued to show an. easier tendency;
as indicated by increased sales at 4f per cent, particularly in interior districts. The December
issues of one-year 4J per cent and six-month 4 per cent Treasury certificates, compared with
4£ per cent on a six-month issue sold in September, were largely oversubscribed. • -' •
12
JANUARY, 1924.
FEDERAL RESERVE BUIiETIK".
State Banks and Trust Companies.
Fiduciary Powers Granted to National Banks.
The following list shows the State banks and trust
companies which were admitted to membership in the
Federal reserve system during the month ending
December 28, 1923, on which date 1,625 State institutions were members of the system:
During the month of December the Federal Reserve
Board approved applications of the national banks
listed below for permission to exercise one or more of
the fiduciary powers named in section 11 (k) of the
Federal reserve act as amended, as follows:
1. Trustee.
2. Executor.
3. Administrator,
4. Registrar of stocks and bonds.
5. Guardian of estates.
6. Assignee.
7. Receiver
8. Committee of estates of lunatics.
9. In any other fiduciary capacity in which State
banks, trust companies, or other corporations which
come into competition with national banks are permitted to act under the laws of the State in which the
national bank is located.
The numerals opposite the name of each bank
indicate the power or powers it is authorized to exercise,
as given below:
ADMISSIONS.
reCapital. Surplus. Total
sources.
District No. 2.
State Bank of Pearl River, Pearl River,
N.Y...
. ........
District No. 8.
Farmers Bank of Egypt, Egypt, Pa
Schnecksville State Bank, Sennecksville, Pa
District No. 8.
Shaw State Bank, St. Louis, M o . . . . . . . .
Lindell Trust Co., St. Louis, Mo
Franklin County Bank, Washington,
Mo.
District No. 11.
Austwell State Bank, Austwell, Tex...
$50,000
$12,500
$62,500
60,000
30,000
668,070
25,000
2,500
56,643
120,000
200,000
12,000
20,000
388,018
220,000
50,000
20,000
429,034
25,000
5,000
82,912
District
No.
Place.
CHANGES.
District No. 2.
Citizens Trust Co., Buffalo, N. Y.
(merged with Marine Trust Co.,
10,000,000 7,000,000 135,903,478
Buffalo, N. Y . ) . - . .
District No. 4.
Central Trust Co., Cincinnati, Ohio,
took over the Fourth National Bank,
Cincinnati, Ohio
and changed its title to the Fourth
and Central Trust Co.
District No. 6.
Bank of Ocoee, Ocoee, Fla. (voluntary
withdrawal)
District No. 8.
Crittenden County Bank & Trust Co.,
Marion, Ark. (closed)
District No. 9.
Farmers State Bank, Spring Valley,
Minn, (closed)
,
Stockgrowers State Bank, Timber
Lake, S. Dak. (closed)
Security State Bank, Wolf Point, Mont,
(closed)
....
Bank of Commerce, Forsyth, Mont,
(closed)
State Bank of Plenty wood, Plentywood, Mont, (closed)
District No. 12.
D. W. Standrod & Co., Blackfoot, Idaho
(closed)
Payson Exchange Savings Bank, Payson, Utah (closed)
Farmers and Merchants Bank, Burbank, Calif., has changed its title to
Farmers and Merchants Savings
Bank
Farmers State Bank, Sprague, Wash,
(voluntary liquidation)
,
500,000 1,000,000 12,623,810
25,000
3,000
123,301
275,000
25,000
2,516,926
25,000
6,000
261,890
25,000
5,000
272,679
25,000
3,500
219,104
1 Pacific National Bank
3 First National Bank
3 Annville National Bank...
3 First National Bank......
5 Easton National Bank
6 First National Bank.....
§
Wisconsin Rapids, Wis.
Lebanon, III
Mount Vernon, Ind
Princeton, K y . . .
...
Brush, Colo
7
8
8
8
10
Casper, Wyo
Galveston, Tex
10
11
12
Lewiston, Idaho
....
1 to"9.
1 to:a
5 tola.
1 tof9.
1 to 9.
1 to 9.
Commercial Rational Ito9o
Bank.
First National Bank..
Ito9.
First National Bank..... 1 to 9e
Old First National Bank.. Ito8.
Farmers National Bank... Ito9.
First National Bank
1 to 3, 5
to 8.
Citizens National Bank... Ito7.
South Texas National 1, 2 and 3
Bank.
Lewiston National Bank.. Ito9.
New National Bank Charters.
The Comptroller of the Currency reports the following increases and reductions in the number and
capital of national banks during the period \from
November 24 to December 21, 1923, inclusive:
764,648
75,000
25,000
5,000
291,363
100,000
110,100
1,603,861
50,000
30,000
563,284
50,000
8,000
597,082
25,000
3,000
129,670
Acceptances to 100 Per Cent.
Since the issuance of the December BULLETIN the
following member institution has been authorized by
the Federal Reserve Board to apcept drafts and bills of
exchange up to 100 per cent of its capital and surplus:
Illinois Merchants Trust Co., Chicago, 111.
Nantucket, M a s s . . . . . . .
Darby, P a . . . .
Annville, P a . . . . . . . . . . . .
Frackville, Pa
Easton, Md.
St. Augustine, Fla.......
Hattiesburg, Miss
Powers
granted.
Name of bank.
Number of
banks.
New charters issued.
Restored to solvency.
Increase of capital approved..
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
$2,125,000
40,000
865,000
22
Liquidations
Reducing capital
Total liquidations and reductions of capital...
Amount
of
capital.
3,030,000
2,705,000
500,000
30
3,205,000
Consolidations of national banks under act of Nov.
7,1918
Aggregate increased capital for p e r i o d . . . . . . . . . .
Reduction of capital owing to liquidations, etc..
Net decrease
3,030,000
3,205,000
175,000
JANUARY,
FEDERAL RESERVE BULLETIN.
1924.
13
AGRICULTURAL DEVELOPMENTS DURING shows the production of the principal crops in
1923.
1920, 1921, and 1922, compared with final estimates of yields in 1923, and the table on page 16
Agriculture during 1923 made further prog- shows yields in the different Federal reserve
ress in its recovery from the depression which districts.
had characterized the years 1920 and 1921.
Prices,—Prices of agricultural commodities
Prices of certain products, however, are still have advanced almost continuously since the
below the general level and certain sections of beginning of the year, with a slight recession
the country have suffered partial crop failures, in the summer months and a subsequent
so that not all farming communities have shared recovery during the marketing season to a
in the general improvement in agricultural con- level higher than in either of the two preceding
ditions which has characterized the year. By years. Prices of wheat, however, are lower
the end of December, with harvesting com- than a year ago and corn prices, although higher
pleted and marketing well advanced, more accu- than in either of the last two years, declined
rate information became available regarding in November under the influence of heavy
the final yields and the returns to farmers for marketing. Livestock prices have continued
their year's work. It is therefore possible at to be much below crop prices, as is shown on
this time to make a survey of farming develop- the accompanying chart, which compares the
ments for the purpose of determining the posiPERCENT
tion of agriculture, at the close of the year.
( 1313 = tOO )
PER CENT
1 200
Production,—The volume of agricultural pro- 2001 ~
duction in 1923 was larger than in either of the
FARM PRICES
two preceding years, though not as large as in
1920. While the production of wheat was ma150
terially below that of last year, yields of cotton, 150
CROPS
corn, and tobacco were larger. The corn crop
was one of the five largest in the history of the
country and slightly exceeded 3,000,000,000
bushels. Cotton has not recovered as rapidly
•\—100
as other crops since 1920, and, although the 100
yield in 1923 was approximately 300,000 bales
larger than in 1922, it constituted the third relatively small crop in succession, and as a result
the supply of raw cotton has been considerably
50
reduced. With small supplies and an active 50
demand from domestic and foreign consumers,
the price has advanced since the beginning of
the harvesting season to the highest level in
recent years, with the exception of the spring of
1922
1923
1920. The yield of tobacco was one of the
largest in history and was exceeded only by the
record yield in 1920. The accompanying table trend of farm prices of 10 leading crops and
6 kinds of livestock since 1921. It will be
noted that livestock prices at the present
Production (000 omitted).
time are only slightly above the 1913 level and
Crops.
Unit.
lower than in 1922.
1922
1921
1923
1920
Higher prices for crops prevailing during
the year were accompanied by increased cost
Bushels. 3,054,395 2,906,020 3,068,569 3,208,584
Com
Wages of farm labor were
Bales
7,954
10,081
9,762
13,440 of production.
Cotton.....
Hay,
total . Tons
97,770
106,626
112,013
105,315 higher than in 1922 in all sections of the
Bushels, • 785,741
814,905
Wheat, total
867,598
833,027
.do
600,316
572,340
586,878
Winter...
610,597 country, and the greatest increases were in
214,589
213,401
280,720
222,430
Spring
...do
Oats.....
...do..... 1,299.823 1,215,803 1,078,341 1,496,281 districts where the demand for industrial
Tobacco
Pounds. 1,474,786 1,246,837 1,069,693 1,582,225 labor caused a movement of farm workers to
361,659
453,396
403,298
White potatoes. Bushels. 412,392
98,654
97,177
109,394
103,925 the
Sweet potatoes. ...do
cities. In the cotton-growing States
21,557
202,702
33,905
Apples
...do..... 198,770
37,612
33,256
41.405
52,066 fertilizer, which is a major item of expense,
Rice.. . .
.do.....
154,946
182; 068
189,332 was used in greater quantities than in 1922,
Barley
...do..... 198,185
61,675
63,023
103,362
60,490
Rye.
.... ...do.....
both because a greater acreage was fertilized
76989—24-
8
14
FEDERAL RESERVE BULLETIN.
and because the average use per acre was
greater than in the preceding year. Wholesale prices of all commodities were slightly
higher during the growing season of 1923 than
of 1922, and although these prices are not an
accurate measure of the level of farm expenses,
they are indicative of the fact that the farmer
had to pay more for supplies and equipment
in producing the 1923 than the 1922 crops.
On the other hand, the rise in prices of agricultural commodities during the year has not
been accompanied by a corresponding rise in
the prices of other commodities, and as a
consequence the buying power arising from
the sale of the farmer's products increased
steadily throughout the year and reached in
November the highest level since the spring of
1922. This general increase in purchasing
power of farm products has not been felt in the
livestock industry, as livestock prices have
been below the level prevailing a year ago.
The total value of the 1923 crops was
$8,323,000,000, an increase of approximately
$900,000,000 over 1922.
Consumption.—Increased agricultural production during 1922 and 1923 was accompanied by a large volume of consumption and
this has resulted in considerable reduction in
stocks of the principal crops. At the close of
1923 the stocks, with the exception of those of
wheat, were the smallest since 1921.
JANUARY, 1924.
demand for meat products was heavy throughout the year and the volume of sales by meat
packing companies exceeded month by month
the volume in 1922. Cotton consumption
during the crop year ending July 31 was the
largest on record, with the exception of 1917,
and for the 11 months ending November 30
it was approximately 500,000 bales larger than
in the same period in 1922. Activity in the
cotton-spinning industry was unusually large
during the spring months and reached a peak
in May. After that period consumption was
curtailed somewhat, but it continued larger
than in either of the two preceding years.
The volume of wheat which passed into
domestic consumption was also larger for the
11 months than a year earlier.
The following table shows the domestic
consumption of agricultural products for the
11 months ending November 30,1922 and 1923:
DOMESTIC CONSUMPTION OF AGRICULTURAL PRODUCTS
IN 11-MONTH PERIOD ENDING NOVEMBER 30.
1922
Cotton consumption
Flour production
Tobacco, manufactured
Hogs, slaughtered
Cattle, slaughtered
y slaughtered.
5,556,765
barrels.. 114,616,000
pounds.. 358,523,587
thousands.. 37,892,192
d o . . . . 7,899,071
. d o . . . . 3,872,923
10,071,330
1923
6,051,418
114,980,000
349,378,003
47,429,864
8,406,266
4,176,795
10,550,869
In contrast with the large volume of domestic
consumption, exports of farm products were
smaller in 1923. Grain exports during the
[000 omitted.]
year have been larger than in pre-war years,
Cotton
but smaller than in 1920. Cotton exports have
(excluBarley
Oats
Corn
Wheat
sive of
(bu.),
(bu.),
(bu.),
(bu.),
Year.
been
less than before the war and in recent
linters),
Nov. 1. July 1. Aug. 1. Aug. 1.
years. During the crop year ending August 31
Aug. 1.
the volume was the smallest of the decade with
6,534 the exception of 1918. Meat products, on the
13,487 161,108
1921
56,707
285,769
2,832
74,513
1922
32,359
7,497
177,287
2,088 other hand, have been going abroad in large
70,082
35,634
1923
83,357
6,961
volume and were exported in greater quantities during the first 11 months of 1923 than
The increase in the volume of consumption in the same period in 1922. The following
of agricultural products during 1922 and 1923 table shows the volume of agricultural products
was due chiefly to an increase in the domestic exported during the first 11 months of 1922
demand, which for some of the principal com- and 1923:
modities was larger in 1923 than in any preAGRICULTURAL PRODUCTS IN 11-MONTH
vious year. The number of animals slaughtered EXPORTS OF
PERIOD ENDING NOVEMBER 30.
during the first 11 months of the year was the
largest on record. All classes of meat animals
1923
1922
were slaughtered in large numbers and the
number of hogs slaughtered monthly was Cotton
5,504,000
4,442,000
including
flour
bushels.. 215,875,000 158,919,000
considerably more than 4,000,000 head, the Wheat,
393,955,000
Tobacco
pounds..
425,912,000
largest volume in the history of the meat- Meat products, totall
d o — 657,003,000 868,692,000
575,841,000 761,634,000
Bacon, ham, and shoulders
do
packing industry. This was due in part to an
688,355,000 936,802,000
Lard
do
exceptionally heavy production of hogs and
the consequent low level of hog prices. The • I ncludes bacon, hams, shoulders, and other meats.
STOCKS AT E N D OF CROP YEARS.
JANUARY, 1924.
FEDERAL, BESERVE BULLETIN.
15
Cooperative marketing.—The year witnessed ones, it includes the organizations operating
a further development in cooperative market- on a large scale in the different crop-producing
ing by agricultural producers. For many sections. In the case of cotton, tobacco,
years dairy products in the West Central States wheat, and rice the figures represent generally
and the fruit crops on the Pacific coast and the State or regional organizations which
in other sections of the country have been distribute those commodities. The livestock
marketed cooperatively, and in more recent organizations are the cooperative livestock
years the cooperative movement has spread commission companies which operate in the
to other crop-producing sections. In 1919 principal livestock terminal markets. Operasome sales by farmers through cooperative tions of terminal grain marketing organizations
organizations were made in practically every and national sales organizations to distribute
State in the United States, and the total the products of local associations are not shown
volume of business done in that year was ap- in the table. The larger organizations are
proximately $1,000,000,000. Since 1919 further usually federations of a number of the smaller
progress has been made in the efforts of pro- associations.
ducers to increase the size of existing cooperaAgricultural credit.—An important developtive organizations and to form new ones for ment of the year has been the organization
marketing other products. Particularly sig- of new credit institutions authorized by
nificant has been the recent growth of the the agricultural credits act of March 4, 1923.
cooperative movement in the staple crop- Intermediate credit banks have been estabproducing areas. As the marketing of the 1923 lished in connection with each of the 12
crop requires a number of months and is not Federal farm land banks. These banks exyet completed, it is difficult to determine ac- tend credit to financial institutions which
curately the volume of business that will be lend funds for agricultural or livestock purhandled through cooperative agencies. But as poses and to cooperative marketing associthe number of producers who have formed ations. From the passage of the act to
cooperative associations is larger and more November 30, 1923, the banks loaned a
commodities are being marketed cooperatively, total of $36,551,000, of which $27,863,000
the total amount of produce distributed through was advanced directly to cooperative marketing
cooperative organizations will undoubtedly associations and $8,688,000 was loaned through
exceed that of former years. The following rediscounts to banks which had extended credit
table shows the latest available data relating for agricultural and livestock purposes.
to the number, size, and volume of produce
Since the long-term credit requirements of
marketed in 1923 by the State or regional the farmer for the purchase of land, for equipcooperative associations which distribute com- ment, and for permanent improvements are
modities on a large scale in the principal staple- supplied by private institutions, insurance
crop sections of the country:
companies, mortgage companies, Federal land
banks, joint-stock land banks, and other
banking institutions, it is difficult to trace the
Number
total volume of long-term borrowing that waa
Memof
Volume
of
produce
Commodity.
organizabers. 1
marketed.*
done in 1923. Available information which
tions.*
discloses the volume of long-term loans made
by the Federal farm loan system and life
Cotton
13 227,442 749,924 bales.
Tobacco
8 259,840 602,486,000 pounds.
insurance companies indicates that the loans
Wheat
43,196 25,206,000 bushels.
14
Rice.. .
4,090 428,395,000 pounds.
5
by joint-stock land banks and life insurance
Fruit
667
100,519 cars.
companies for the 10-month period ending
Livestock
21
81,772 cars.
October 31 were considerably larger than the
1
Includes organizations developed through September, 1923.
total volume extended in the previous year.
2
Includes volume of produce distributed from the 1922 production.
Loans by Federal land banks during the same
period in 1923 were smaller than in 1922,
Although the table does not show all of the Total loans extended by both joint-stock land
small cooperative marketing associations which banks and Federal land banks, as shown in the
in many instances are affiliated with the larger following table, amounted to $362,820j000 in
16
FEDERAL, RESERVE BULLETIN.
JANUARY,
1924.
1922 and $338,816,000 (luring the 10-month of 1920-21. Yields were generally larger,
period ending October 31, 1923:
although in a few sections unsatisfactory growing and harvesting seasons resulted in almost
LOANS BY FEDERAL FARM LOAN SYSTEM.
complete crop failures. Domestic consumption of agricultural products was in large
1923, Januvolume and offset the curtailed foreign demand.
1922, total. ary-October,
inclusive.
Stocks of agricultural commodities showed
reductions and prices were higher than in
Federal land banks:
either of the two preceding seasons. In the
Number of loans......
51,552
73,995
Amount of loans
...
$224,135,000 $161,624,000 absence of a corresponding rise in general prices
Joint-stock land banks:
Number of loans......
15,916
25,356 the purchasing power of farm products inAmount of loans
$138,685,000 $177,192,000 creased, owing to higher crop prices, while
Total:
Number of loans
those of livestock were lower than in the preAmount of loans
$352,820,000 $338,816,000
vious year. Cooperative marketing showed
further development during the year, which
Summary.—Agricultural developments dur- also witnessed the organization of new credit
ing the year 1923 were characterized by a further facilities for supplying the farmer's financial
emergence of the farmer from the depression requirements.
PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS,
[Final estimates (Dec. 1,1922 and 1923) of the Department of Agriculture.]
[In thousands of units.]
1923
1923
1922
Boston.......
New York....
Philadelphia..
Cleveland
Hiehmond
Atlanta
^Chicago...
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
10,756
29,684
57,007
208,310
188,751
187,968
976,124
403,090
351,852
514,530
112,165
14,158
11,485
33,630
62,317
199,540
178,465
204,001
995,173
394,578
285,167
395,723
133,261
12,680
240
9,151
22,110
49,779
32,202
5,960
82,965
83,426
159,776
180,333
16.976
142,823
184
9,998
22,299
42,365
29,116
5,738
77,125
78,326
247,784
246,278
10,483
97,902
Total...
3,054,395
2,906,020
785,741
867,598
Hay (tons).1
1923
1922
Boston
New York—
Philadelphia..
Cleveland
Richmond
Atlanta.
Chicago......
St. Louis
Minneapolis.Kansas City..
Dallas
San Francisco
18,003
7,643
18,876
18,480
1,911
15,849
4,486
7,297
3,533
7,168
4,518
3,647
20,677
8,217
19,351
16,781
1,777
15,339
Total...
106,626
112,791
4,495
7,058
2,256
5,226
3,763
3,066
Spring wheat
(bushels).
Winter wheat
(bushels).
Total wheat
(bushels)
Corn
(bushels).
1922
1922
1923
1923
1922
3,960
309
232,310
10,816
207
32,286
280,720
1,299,823
1,215,803
184
288
170
190
79,815
83,164
15,616
168,635
16,686
89,851
3,150
262
144,160
11,698
290
52,972
572,340
586,878
213,401
1923
1922
1,865
1,474
1,371
1,949
1,267
2,085
630
4,721
124
670
3,617
70
10,081
9,762
Tobacco (pounds).
Potatoes (bushels).
1923
1922
1923
14,503
42,099
58,950
181,143
622,288
101,404
50,354
396,737
2,886
4,422
9,905
31,187
56,760
166,350
491,095
83,205
47,076
355,508
2,736
3,015
46,485
43,902
25,036
21,710
30,440
11,157
70,752
18,223
72,842
33,766
2,535
35,544
35,247
45,598
30,958
20,651
33,310
12,727
81,714
13,833
90,955
40,418
3,073
44,911
1,474,786
1,246,837
412,392
453,396
*1922 figures not revised.
2 In addition the following amounts v^rere estimated grown in Lower California (Mexico): 1923, 86,000 bales; 1922, 58,000 bales.
1922
8,952
33,810
25,048
57,279
23,104
19,310
474,905
37,127
343,834
126,179
36,208
30,047
240
264
138
227
Cotton (bales).2
1923
34,245
21,382
67,790
24,917
19,439
490,254
52,072
333,084
158,756
49,573
39,323
9,710
22,129
42,175
29,116
5,738
73,165
78,017
15,474
235,462
10,276
65,616
8,887
21,972
49,552
32,202
Oats .
(bushels).
1922
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
THE TREND OF RETAIL TRADE, 1919-1923. median link relative for each calendar month
In view of the important influence of the
volume of retail trade upon the demand for
bank credit, the Federal Reserve Board and the
12 Federal reserve banks in 1919 commenced
the collection of retail trade data. The scope
of these data has steadily increased during the
past four years until the Federal reserve system now receives monthly reports from department stores, mail-order houses, and seven
groups of chain-store organizations, which
together have annual sales of almost $3,000,000,000.
The best available measure of retail business
is the dollar value of sales, and this information
is reported monthly by all cooperating dealers.
Among the important factors which influence
the value of monthly sales are seasonal and
cyclical variations in the volume of business,
price fluctuations, long-time growth, changes in
methods of retailing, and fortuitous circumstances, such as weather conditions, strikes,
and changes in the number of working days.
Since the volume of retail trade is particularly
subject to seasonal fluctuations, it was deemed
advisable to provide for seasonal corrections
in presenting the monthly figures.
For this purpose the link-relative method
was adopted, since it is best adapted to data
PER CENT
180
180
—
DEPARTMENT STORES
_ - • . . MAIL ORDER HOUSES
160
160
1
1
1*4-0
1
140
from the figures for that month in each of the
years of the series; (3) conversion of these
medians of link relatives into a continuous
chain by expressing them as percentages of the
median for January; (4) adjustment of the
resulting differences between relatives for
consecutive Januaries by distributing these
differences evenly over the 12 months, and (5)
division of each adjusted relative by the average
of the 12. The final series of percentages
constructed by this method shows the typical
distribution of a year's sales over the 12
months. The table below shows this monthly
distribution of trade for various lines of
retail business, and the accompanying chart
compares the seasonal distribution of trade at
department stores with that at mail-order
houses:
TABLE I.—SEASONAL VARIATIONS IN KETAIL SALES.
[Average month == 100.]
Department
stores
Mail-order houses
Grocery chains...
5-and-10-cent
chains
Drug chains. .
Cigar chains..
Shoe chains..
Music chains.
Candy chains
160
122
105
97
181
122
135
129
187
147
It will be noted that there is a pronounced
seasonal movement in the sales of all types of
100
100
retail business except grocery chains. In most
**"*>•/ /
V
V
/
lines business is rather dull in January and
80
80
February, is maintained in considerable volume
throughout the spring months, becomes dull
60
60
again in July and August, increases in volume
40
during the fall, and reaches a peak in Decem40
ber. The period of winter inactivity is most
20
20
pronounced in the case of shoe stores and 5and-10-cent stores, while the midsummer dullO
ness particularly affects department stores,
Jan. Feb. Mar. Apr. May June July A u | . Sept. Oct. Nov. Dec.
Seasonal distribution of trade at department stores and mail-order mail-order houses, and music stores. Candy
houses.
and drug stores, on the other hand, l i v e a large
volume of hot-weather business which causes
covering only a short period of time. The some growth in their sales during the summer
steps involved in the use of the link-relative months. Shoe stores have a large expansion
method are: (1) Conversion of the monthly of sales in the spring months, and department
data for the four years, 1919-1922, into a stores, mail-order houses, 5-and-10-cent stores,
series of link relatives—i. e., percentages of the and candy stores also show a marked increase
previous month; (2) determination of the in volume of business at that season. Fall
120
Ave. Month
=
/,
120
18
FEDERAL RESERVE BULLETIN.
buying is large in all reporting lines, and
Christmas trade causes a sharp December peak
in sales of music stores, 5-and-10-cent stores,
and department stores.
In the calculation of the final index numbers
for each reporting line the monthly relatives of
sales on a 1919 base have been corrected by the
use of the seasonal coefficients described above.
The adjusted index numbers for each line of
retail trade are published in Table II at the
end of this article. Indexes of departmentstore sales are available for 10 Federal reserve
districts and are combined to form a national
index by weighting the relatives for each
district by the total number of persons employed in retail stores in that district according
to the 1920 census.
Comparison of retail sales in different lines
since January, 1919, shows some differences in
trend. Business was dull in all reporting lines
during the early months of 1919, but sales expanded steadily throughout the year. This
uniformity of trend ended in February, 1920,
the last five months there was a general improvement in sales of musical instruments.
The decline in value of sales in 1920 and 1921
was due in large part to reductions in retail
prices rather than to a decrease in the physical
volume of commodities sold.
The expansion of employment and of earnings of industrial workers, together with some
advance in prices, caused an increase of sales at
most retail stores throughout the year 1922 and
in the early months of 1923. Sales of department stores continued to increase during the
last half of 1923, but sales of many other classes
of retailers were slightly smaller in volume than
in the first half of the year. Much of the expansion in chain-store sales during the last two
r>ER CENT
PERCENT
180
1BO
!S0
160
yv-y
120
PERCENT
_ _ i
PERCENT
••
1
1
1
1 1 R'O
1
1£0
120
100
100
80
80
60
60
/
100
120
rv
100
80
80
60
60
40
40
20
20
1919
40
JANUARY, 1924.
1920
1921
1322
1S23
Sales of drug-store chains corrected for seasonal variations. Monthly
average 1919=100.
20
20
o
0
1919
1920
1321
1922
1923
Department-store sales corrected for seasonal variations. Monthly
average 1919=100.
however, when sales of mail-order houses
reached a peak. The business of department
stores, cigar stores, grocery stores, and drug
stores continued to increase until July, 1920,
while sales of mail-order houses, music stores,
and candy stores showed a downward tendency.
During the last six months of 1920 sales of mailorder houses, department stores, music stores,
and grocery stores declined in gross value, but
there was little change in the level of buying at
other reporting stores. Sales continued to decline at most retail stores throughout 1921,
although in March there was a large volume of
buying at shoe stores, reflecting the development of new styles of women's shoes, and in
years has been due to the opening of new stores,
but it is difficult to estimate quantitatively the
effect of this factor.
A review of the trend of sales for the nine
types of retailers during the past five years indicates that sales of cigar stores and drug stores
have fluctuated but little after allowance is
made for seasonal changes in demand, whereas
sales of chain grocery stores, chain candy stores,
and chain 5-and-10-cent stores have shown a
steady upward trend throughout the post-war
period, largely because of the opening of new
unit stores. Sales of mail-order houses and
music stores have closely reflected changes in
industrial activity and employment, and this is
true in a less marked degree of departmentstore sales. Sales at chain shoe stores nave been
more irregular than at any other reporting retail establishments, owing to the fact that
changes in weather conditions and in styles had
FEDEBAL &ESERVE BULLETIN".
JANUARY, 1924.
a large effect on the volume of buying of footwear.
Data for geographical comparisons on a comparable basis are available for department
stores. A comparison of the adjusted indexes
of department-store sales in 10 Federal reserve districts; published in Table III, indicates that there has been quite a close correspondence in the month-to-month trend of
sales in different sections, although the magnitude of these fluctuations has varied considerably. There was a rather steady expansion in
PER CENT
180
PER CENT
160
160
160
14Q
120
100
140
A/
/I
120
100
80
80
60
60
40
40
20
20
0
n
1919
1920
1321
1922
1923
Sales of 5-and-10-cent store chains corrected for seasonal variations.
Monthly average 1919=100.
volume of department-store business from January, 1919, to July, 1920, in all of the reporting
districts except Chicago and Minneapolis. In
the Chicago and Minneapolis districts sales were
19
maintained on a fairly even level during 1919,
but showed a remarkable expansion in January,
1920, and the increased rate of buying was maintained throughout most of the following year.
In August, 1920, the dollar value of trade commenced to decline and there was a downward
trend until March, 1922, in most sections of the
country. Although some reduction in sales
occurred in all districts during this period, the
amount of decrease varied greatly. Sales were
reduced by about one-third in the Dallas, Atlanta, and Cleveland districts, where the decrease in retail business was most marked.
The decrease in the southern districts may be
largely ascribed to the great reduction in the
value of the cotton crop, while an important
factor in the reduced sales of the Cleveland district was the reduction in employment and
wages at steel plants, rubber factories, and
other manufacturing establishments. Trade
showed very little decrease in value during 1920
and 1921 in the San Francisco district and probably actually increased in physical volume.
Throughout most of the years 1922 and 1923
there has been an upward trend in sales of department stores in all sections of the United
States far in excess of the increase in retail
prices, so that it is apparent that there has been
an expansion in the physical volume of business. The largest increases in sales have occurred in the Chicago, Cleveland, and Philadelphia districts, and in general there has been
since 1919 a considerable increase in sales in
the industrial sections of the East and Middle
West, while sales in southern districts and in
the agricultural sections of the West are at
about the same level as four years ago.
20
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
TABLE II.—TREND OF RETAIL SALES, BY LINES.
[Corrected lor seasonal variation. Average monthly sales 1919=100.j
Chain stores.
Department
stores.
1919.
92
93
90
98
96
96
104
101
105
105
106
108
February
March....
.
. . .
April
May
.
. .
June
July
August
September
October
. . . . . . . . .
November
December..
January.
February
March . . . . . .
April
May
July
1920.
. . .
....
September
October
November
December..
.
. . .
1921.
January . . .
February.
March
April
May
..
June
July
August . . .
.
.
1922.
January . .
February
March.
. . .
.
.•
April
May.. •
June
July
August
September
October.
November
December.
January
February
March
April
.
May
June
July
August
September
October .
. .•
..
. .
1923.
=.
*
..
...
.
......
.
87
80
72
91
94
89
103
107
106
121
118
120
Grocery.
5 and 10
cent.
Cigar.
Drug.
89
91
90
93
98
94
103
102
103
112
111
114
96
95
95
98
100
94
95
91
96
97
96
95
96
99
99
101
110
100
102
100
103
111
120
119
112
119
118
119
120
124
118
121
122
123
119
118
114
120
121
124
122
123
123
123
121
124
108
111
85
90
97
96
101
96
99
103
97
103
115
110
Music.
Candy.
90
92
85
93
89
88
93
100
101
107
118
127
92
90
81
91
91
89
93
129
115
110
115
105
78
92
97
101
99
97
121
113
113
126
123
119
128
119
118
125
121
112
122
107
112
120
114
116
106
106
109
116
96
129
129
135
130
134
136
143
139
141
147
143
144
102
99
104
112
105
103
121
80
132
134
138
153
154
156
163
147
148
139
139
133
117
70
71
82
77
70
74
87
74
75
69
66
66
127
127
124
123
123
124
119
126
125
131
133
140
119
122
137
118
94
144
124
128
117
116
118
117
121
121
131
128
133
123
126
127
124
125
123
121
122
123
124
121
136
137
140
128
134
130
131
130
130
124
128
122
142
113
114
117
100
104
105
114
105
111
93
88
88
79
76
74
81
81
83
88
92
140
164
133
139
149
145
144
140
137
135
138
102
104
102
109
112
111
107
113
117
116
117
117
66
137
65
72
77
81
82
79
75
78
85
88
89
137
141
139
141
143
139
144
146
142
159
157
130
134
124
141
134
136
137
136
144
144
145
154
121
126
124
124
127
127
125
129
130
131
131
133
126
128
129
130
127
129
129
131
137
119
126
132
110
118
103
125
107
113
110
107
126
107
111
126
86
88
87
92
98
104
111
113
116
100
100
109
138
142
140
148
147
148
144
149
154
146
152
149
114
116
124
115
125
127
120
129
123
132
126
89
92
98
102
113
103
100
96
164
168
178
166
183
175
170
178
176
181
180
160
156
171
149
160
167
155
160
161
167
169
133
138
145
138
145
152
139
145
144
149
150
132
128
140
130
135
142
129
139
142
130
133
114
106
151
104
124
136
107
121
138
123
119
113
104
104
115
121
124
110
117
100
114
123
157
156
195
156
175
191
180
178
176
180
183
134
113
107
105
104
109
105
94
81
100
95
105
97
122
124
125
128
134
136
139
133
138
142
133
133
Shoe.
121
116
122
117
123
122
126
121
120
118
122
114
117
117
110
110
111
107
108
104
110
107
108
October
.
November.......
December
Mail-order
houses.
111 •
JANUARY, 1924.
21
FEDERAL BESEBVE. B U L L E T I N .
TABLE III.—TREND OF DEPARTMENT STOEE SALES, BY FEDERAL RESERVE DISTRICTS.
[Corrected for seasonal variation. Average monthly sales 1919=100.]
Boston
district.
1919.
January .
February
March........ . . . ..
April.
May.......
June...
July.
August...
September.....
October
November.
December
1920.
January.... . . .
February
March.
April
May
June..
.
. .
July...
August..
September... .
October
November.
December...
1921.
January
.
February..
March..
April
May..
June
July...
August.
September
October .
November.
December
.
.
..
1922.
January .
February
March
April..
May
June
July
August
September
October
November
December
86
92
87
95
97
Richmond
district.
84
^ 88
81
97
96
96
97
85
104
88
87
89
85
95
96
93
93
94
104
98
Atlanta
district.
100
94
95
96
92
Chicago
district.
Minneapolis
district.
102
101
101
101
100
106
105
104
103
102
Dallas
district.
92
90
94
94
96
San Francisco
district.
84
88
87
96
92
95
96
94
97
98
106
102
106
108
102
99
94
96
104
100
103
105
109
108
107
106
109
110
108
102
104
104
100
100
110
110
110
111
110
97
100
100
103
109
109
112
103
97
101
105
103
106
95
103
110
99
101
100
99
97
96
95
96
106
104
108
113
108
110
108
114
118
121
115
122
127
112
120
121.
114
128
110
111
120
127
127
119
117
120
121
125
114
115
118
120
119
126
117
124
107
123
120
91
112
114
107
115
114
112
126
123
132
124
116
105
117
119
129
131
109
114
121
120
125
124
123
127
139
119
115
118
111
123
111
128
117
117
117
119
111
136
138
128
135
121
118
116
115
118
109
123
120
117
115
124
113
123
123
120
119
118
113
121
120
120
120
119
117
112
114
119
121
116
130
114
111
114
110
115
117
111
111
115
111
113
117
117
115
109
111
109
115
127
128
116
117
115
106
106
115
116
103
104
108
104
106
116
116
96
100
101
96
95
113
113
112
111
111
110
109
106
115
105
117
106
113
103
110
114
116
108
114
105
105
93
104
109
108
114
117
96
107
110
109
109
104
103
100
101
111
108
104
110
108
114
115
116
111
119
122
123
123
122
107
105
96
94
107
111
105
102
105
103
99
98
93
101
91
91
106
92
87
112
91
98
93
90
95
102
92
92
114
133
119
116
123
120
127
132
97
97
94
109
118
103
104
91
98
92
105
112
112
106
118
123
120
119
114
115
116
110
116
120
122
120
101
101
99
96
101
104
107
106
97
87
101
97
99
122
108
122
96
121
107
94
92
92
90
94
97
98
98
113
114
116
113
116
124
117
122
93
92
102
101
96
95
102
102
102
97
130
128
118
118
114
104
101
120
102
123
145
122
138
109
113
103
108
120
127
94
103
108
92
93
129
126
132
129
121
132
141
128
139
126
129
134
127
134
130
120
129
132
133
131
130
139
124
138
96
109
97
102
129
130
110
111
133
143
110
112
115
108
100
103
103
116
102
114
139
125
144
107
96
107
108
104
134
140
133
114
115
91
113
122
102
125
115
114
110
112
117
116
126
124
118
114
114
114
112
116
89
85
126
128
121
126
121
121
125
121
123
120
121
119
117
95
95
126
126
119
120
121
110
120
102
103
125
122
109
111
107
111
109
118
122
111
111
115
108
110
123
76989—24
Cleveland
district.
93
120
117
117
115
119
126
123
125
January
February
March... . . .
April
May
June..... .
July
August
,
September...
October.
November.
Philadelphia,
district.
105
104
115
112
1923.
New York
district.
134
138
92
108
128
146
102
105
103
110
102
98
134
147
93
93
97
135
140
140
144
22
JAPANESE INDEX OF WHOLESALE PRICES
IN 1919 AND 1920.
The index of wholesale prices in Japan as
originally constructed began with January,
1921, since strictly comparable prices previous
to that date were not available. It was felt,
however, that an index which would indicate
the general trend of prices for the two previous
years would be of value, even though based
on fewer commodities.
With the cooperation of the Bank of Japan,
1919 and 1920 prices have recently been secured for 62 of the 90 quotations used at present
and a series of index numbers constructed for
the back years, which were linked in January,
1921, to the current series.
The same method of construction was used
that the board has employed in all its index
numbers—that is, the index is a weighted
arithmetic average with 1913 as a base. An
index number was constructed for each group
of commodities by applying to the new 1919
and 1920 prices the same weights as were used
in the original series, and using as a base the
1913 prices of only those commodities included
in the new series. The new indexes were
linked to the original series by raising or lowering their levels to join those of the current
series in January, 192.1. This adjustment was
made on a percentage basis, the percentage
change for each group being determined by
the position of the index in January, 1921, in
relation to the position of the corresponding
index in the original series. The percentage
adjustment was then applied uniformly to
each point of the index, so that the shift was
greater, measured in actual points, when the
index was high than when it was low.
These adjustments were, as a matter of fact,
relatively slight, for in spite of the fact that
there were 28 fewer commodities in the new
series, the levels of the various groups were
close to the fuller series.
In January, 1921, the following percentages
of the current series were represented by the
new figures:
Percent.
Raw materials
Producers' goods
Consumers' goods_
Goods produced
Goods imported
Goods exported
All commodities
.
95
77
90
91
66
98
87
Goods imported was the least well represented group in the new series, and in January,
1921, the level of prices of imported goods was
about 4 points below the level of the original
JANUARY, 1924.
FEDERAL RESERVE BULLETIN.
series in that month. The new series was
therefore shifted by 2.6 per cent. Although
90 per cent of consumers' goods were used, it
happened that the prices of those commodities
for which data were not available were consistently lower than the general level of
finished goods, so that there was a discrepancy
of 5.1 per cent in January, 1921, and the level
of 1919 and 1920 was lower by that amount.
The all-commodities level was lowered by 1
per cent. Smaller adjustments were made in
the other groups. Among producers' goods
cotton yarns have always had the heaviest
weight and, since in the new series this commodity was one of a fewer number, its importance was unduly emphasized. To give it the
same relative importance in the new series as in
the old the weight used for 1919 and 1920 was
somewhat reduced.
The 1920 peak of prices in Japan occurred in
March instead of in May, as in the other four
COMPARISON OF
FEDERAL RESERVE BOARD INDEX FOR JAPAN
WITH BANK OF JAPAN INDEX
( 1913 = 100 )
350
A
A\
/ \
300
275
i\
250
w\
225
200
175
A
i
225
Bank of Japan
V/
\
P
?00
175
Federal Reserve Board
150
150
125
125
100
100
1319
1920
1321.
1922
1323
countries, and was not reached at the same time
by all the major groups of commodities. The
decline from the peak, on the other hand, was
much sharper in Japan, so that when prices
in other countries were at their highest points,
Japanese prices had fallen nearly to the level of
early 1920. Although Japanese prices as a
whole reached their highest point in March,
the group indexes show that the high prices
prevailed in some classes of commodities from
December, 1919, to March, 1920. Raw materials reached their peak of prices in January,
28
FEDERAL, RESERVE BULLETIN.
JAKUAKY, 1924.
owing to sudden increases in raw silk, copper,
cotton, and wheat in that month. The two
last commodities declined in February and
rose again in March.
Prices of producers' goods reached their high
point in March, although cotton yarn prices
rose out of proportion to other items in this
class of goods in October and November, 1919.
The general price level of producers' goods in
the earlier years was some 40 points above that
for other classes of goods. This high level
was caused by prices of certain articles in this
group which had increased disproportionately
over the 1913 price. Among domestic goods
in this class were paper, glass, and mineral oil.
But this condition was particularly pronounced
among imported goods, such articles as imported steel products, indigo, and potash being
in January, 1919, from 325 to 600 per cent
higher than in 1913. The prices of these items
in later years returned to a level more nearly
in line with that for other goods.
WHOLESALE PRICES IN JAPAN
INDEX NUMBERS OF COMMODITY GROUPS
( 1913 = 100)
400
k
350
300
275
Ml
COMMODITIES
DS IMPORTED
e . o e . . . . . . . GOO OS EXPORTED
Ji
A
k!'> \\n
250
/
/1
.if
\ \
8
\
225
\ \
200
V \nA*
175
m.
\
150
/
I
f
A
U\
\
350
'MATERIALS
- PRO 0UCERS GOODS
. . . CON,iUMERS GOODS
\|
7.H.T.7
\i
300
275
w<
:1 \
.250
225
%
•
200
k
\s
n
J
-,7V.
* *• „•
V
\
* - \
175
150
125
125
100
1919
1920
1921
1922
1923
In December, 1919, prices of consumers'
goods reached a figure only 7 points below the
March, 1920, pe&k. Such articles of food as
rice, wine, soy, salt fish, and fowl eggs, and also
cotton cloths reached their highest price
earlier than March.
In comparing the indexes of goods produced
and goods imported the influence of the imorted articles mentioned before under proucers' goods is seen in the higher price level of
imported goods. The close correlation between
the indexes for goods imported and raw materials suggests that it is the influence of raw
S
1913
1320.
1921
1022 '
1S23
100
materials imported that accounts for the low
level of the raw materials group in 1921 and
1922, and it is in fact found that imported
cotton prices have much to do with the trend
of all raw materials. A few domestic agricultural products, like soy bean, rye, and
barley, showed the same tendency to decline
until August, 1921, and then to rise. The list
of commodities in the Japanese index for
1921 to date may be found in the FEDERAL
RESERVE BULLETIN for September, 1922, page
1052. Of these, the following are included
in the 1919 and 1920 series:
FEDERAL RESERVE BULLETIN.
GOODS PRODUCED.
RAW M ATERIALS :
Wheat.
Barley.
Rye.
Soy bean.
Hemp.
Raw silk.
Pinas family.
Japanese cedar.
Coal.
Coke.
Pig iron.
Copper.
PRODUCERS' GOODS:
Bricks.
Cement.
Plate and sheet glass.
Roofing tile.
Cotton yarn.
Leather,
European paper.
Fish manure.
Indigo.
Soy-bean pake.
Mineral oil.
Mats for floor.
Flour by machine.
CONSUMERS' GOODS:
Cotton fabric mixed
with silk.
CONSUMERS' GOODS—Con.
Woolen
cloth
and
Cotton,
ginned.
Coal.8
PRODUCERS' GOODS:
Steel bars, rods, and
Steel, plate and sheet.
Leather.
Potash.
Indigo.
Raw silk.
Coal.
Copper.
PRODUCERS' GOODS:
Cement.
Plate and sheet glass.
Cotton yarn.
European paper.
CONSUMERS' GOODS:
Silk fabric.
Silk crepe.
Muslin,
i Begins July, 1920.
a Begins January, 1920.
• Begins September, 1919.
INDEX NXJMBEK OF WHOLESALE PKICES IN JAPAN BY
COMMODITY GROUPS, 1919-1923.
[1913=100.]
White nankeen
(broad).
White nankeen
(narrow).
Sugar.
Rice.
Tobacco.
Salted1 fish.
Beef.
Fowl eggs.
Sake (wine).
Kerosene. 2
Salt.
Tea.
Miso.
Soy.
Small red bean.
Bonito, dried.
Rapeseed oil.
Firewoods.
Charcoal.
Japanese paper.
Matches.
PRODUCERS' GOODS—Con.
Soy-bean cake.
CONSUMERS' GOODS:
Woolen cloth
serges.
Rice.
Fowl eggs.
Salt.
Kerosene.
and
GOODS EXPORTED.
RAW MATERIALS:
The accompanying tables and charts show
the Japanese index from 1919 to date:
Silk fabric.
Silk crepe.
Muslin.
GOODS IMPORTED.
RAW MATERIALS:
JANUARY, 1924.
CONSUMERS' GOODS—Con.
White nankeen
(broad).
"White nankeen
(narrow).
Sugar .
Rice.
Tea.
Sake (wine).
Rapeseed oil.
Matches.
Soy.
ConGoods Goods Goods Baw
sumProers'
. proimexmate- ducers'
duced. ported. ported. rials. goods. goods.
(62)
(28)
(21)
(18) " (35)
(37)
All
commodities.
(90)
1919 average
1920 average
1921 average
231
236
186
187
271
267
154
159
254
246
173
189
237
240
154
165
291
282
188
181
215
225
193
192
235
240
181
182
1919.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
203
205
194
193
205
220
235
238
247
260
279
292
262
237
233
240
252
273
288
272
267
292
320
313
202
199
201
207
221
247
271
266
276
300
320
334
217
204
192
199
214
232
252
244
243
264
286
301
259
261
254
249
261 I.
274
292
295
312
334
347
351
188
193
183
180
192
205
217
222
230
238
260
272
198
197
21.0
225
241
241
248
262
283
294
1920.
January
February...
March
April
May..
June
July........
August
September..
October
November..
December..
297
303
305
274
238
218
215
207
198
198
198
182
342
346
365
326
297
259
258
225
222
197
191
173
371
385
351
298
237
206
196
186
188
185
189
175
333
327
327
295
259
216
211
193
191
183
179
166
358
386
400
344
285
257
248
240
228
213
225
200
265
272
277
251
224
215
216
208
193
199
197
181
302
308
313
280
246
223
220
209
199
197
197
180
1921.
January
February...
March
April
May
June
July
August
September
October...
November.
December.
177
173
170
173
179
178
186
184
197
208
204
201
170
158
148
146
146
141
140
144
167
172
162
154
175
173
167
167
165
163
166
166
175
185
183
192
161
155
149
148
147
142
141
142
159
171
167
167
192
184
173
179
180
181
184
187
199
209
193
192
179
174
174
177
185
185
197
193
207
217
215
209
176
171
167
169
173
172
178
177
192
202
197
1922.
January...
February..
March
April
May
,
June
,
July
August
September ,
October
November..
December..
198
192
187
186
188
191
200
192
183
177
173
175
153
151
153
151
157
166
167
160
156
159
166
165
197
186
175
176
183
192
196
189
189
195
194
192
168
163
157
157
164
168
170
161
159
166
173
171
191
183
183
183
182
191
195
187
177
171
168
167
203
198
195
192
194
196
208
202
190
179
173
177
191
185
182
180
183
187
195
187
179
174
172
173
1923.
January
February...
March
April
May........
June
July
176
183
184
" 185
188
187
184
175
184
193
186
180
184
173
199
214
212
214
213
198
192
178
192
194
192
190
186
179
176
186
190
188
189
185
176
174
177
178
180
185
187
176
183
185
185
187
186
182
JANUAKY, 1924.
25
FEDERAL DESERVE BULLETIN.
BUSINESS CONDITIONS IN THE UNITED STATES.
value of agricultural production to approximately 12 per cent more than in 1922. All of
Harvesting was completed in. November or the principal crops, • with the exception of
early December, except in the southernmost wheat, as shown in the chart, had a greater
areas of the country, where winter fruit har- value than last year. The final yields of the
vesting began and truck crops planted in the
crops in the different Federal reserve
early fall were being shipped. Mild weather principal
districts
are
given in the table on page 16.
aided farm operations in most sections of the
:
country, and although rains delayed plantings Grain.
of fall grains in sections of the Atlanta, St. Final estimates of the total grain yields in
Louis, and Dallas districts, they were generally 1923 showed but little change from earlier foreadvantageous to the growing cereals, and the casts. One of the outstanding developments
condition of the winter wheat and rye crops during the year was the large increase in the
were better on December 1 than in recent yield of flaxseed, which resulted from an inyears. Prices of agricultural commodities, creased acreage, especially in the Minneapolis
after increasing during the early autumn Federal reserve district, where producers
months and remaining at a higher level than planted the crop in lieu of wheat. All grains,
in any harvesting season since 1920, declined with the exception of wheat and rye, had a
slightly during November, when the markets greater value than in 1922. Under favorable
weakened under the burden of seasonal distri- weather conditions during November and early
bution. Crop prices are still higher than in December winter wheat and other fall-sown
either of the two preceding years, but livestock grains made good progress, especially in the
declined in November to the lowest point since Kansas City district. Alttiougn the excessive
rains delayed sowings in the Dallas district and
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
(2400
caused smaller acreage than originally in2400
tended, they were very beneficial to the grow2200
2200
ing
crop. As a result of exceptionally favor2000
2000
able seasons to date, the condition of winter
1800
1800
wheat and rye, as shown in the following table^
is considerably better than a year ago. The
1600
1600
acreage, however, is somewhat smaller than
14-00
1i*00
in 1922.
AGRICULTURE,,
1
1200
1000
Acreage sown.
Condition
Dec. 1—
aoo
600
600
400
20.0
0
CORN
COTTON HAY
(Lint &Seecf)
mi
400
200
WHEAT POTATOES TOBACCO
Value of principal crops.
January, 1922. As a result of greater declines
in prices, of farm products (crops and livestock)
than in other commodity prices the purchasing
power of farm products declined during the
month to the levels existing at the beginning
of the harvesting season.
Notwithstanding the slight declines in recent
weeks, higher prices during the harvesting season than in 1922, together with larger yields in
most of the principal crops, increased the total
Winter wheat
Rye .
. .
1923
1922
40,191,000
4,377,000
45,950,000
5,157,000
1923
88.0
89.9
1922
79.5
84.3
The marketing of corn prior to November 1
was delayed by unfavorable weather for husking, but during November harvesting progressed rapidly and the volume distributed
was considerably larger than in October. All
other grains except rye were marketed in
smaller volume than in October. The distribution of grain in November is usually less than
in October, but the volume this November was
also considerably smaller than a year ago.
Exports of wheat have been in small volume
since the beginning of the harvesting season,
reflecting the unwillingness of the American
26
FEDERAL RESERVE BULLETIN.
JANUAKY, 1924.
producers to dispose of their crops in the world Wisconsin, where stripping progressed slowly
markets at prevailing prices and in competition on account of the dry weather. The total
crop is the second largest in the history of
with other producing countries.
the country, being exceeded only by the
Cotton.
record crop in 1920. Although the average
During November and December harvesting farm price on December 1 was 20.3 cents
and ginning of the cotton crop neared comple- compared with 23.2 cents a year ago, the
tion and final estimates indicated a yield of total value of the crop exceeds that of the
10,081,000 bales, valued at $1,563,347,000. previous year. The quality of the crop is
The year was of particular significance in all somewhat lower than a year ago, and this is
branches of the industry,, The small yields largely responsible for lower prices, but the
and high prices in 1922 resulted in exceptionally yield per acre was larger than in 1922, which
large plantings in the spring of 1923, but under offsets in part the lower returns from the
the effect of unfavorable weather during the inferior quality. During the year cooperative
growing season and unusual weevil damage the marketing associations in the tobacco seccrop deteriorated rapidly and the output was tions were further developed, and a larger
small for the third successive year. Domestic proportion of the crop is now being distributed
consumption of raw cotton was in exceptionally through cooperative channels.
large volume during the spring months and
The volume of tobacco products manureached a peak in May. Since that period the factured in November was less than in Octomonthly consumption has fallen below that of ber. All products, with the exception of
the corresponding months in the previous year, cigarettes, were produced in smaller quantities
but the total consumption of the year was than in November a year ago. The slackenlarger than in 1922. Exports, on the other ing in production in November is seasonal, as
hand, were considerably reduced in the spring orders for the holiday season were generally
and summer, but since the beginning of the filled in September and October. Production
crop year they have increased and for the four of cigars during the first 10 months of the year
months ending November 30 were greater than was greater than in the same period in 1921
during the same period a year ago. Following and 1922. Cigarette production during the
the large volume of consumption in the spring 10-month period was the heaviest on record.
months the price advanced rapidly and reached
a peak in March. The curtailment in mill Fruit.
operations in the second quarter of the year
With the exception of unseasonably low
and large plantings were reflected by declining temperatures prevailing in California during
prices until August. At the opening of the the second week In December, weather conharvesting season a greater foreign demand and ditions were generally favorable during the late
the effects of unfavorable weather and weevil weeks of November and early December for
damage on the final yield were reflected in harvesting and distributing the fruit crops.
higher prices and, with the exception of the The California Valencia orange crop was
early weeks of October, the market advanced injured somewhat by the low temperature, but
rapidly until the first of December, when spot the extent of the damage will not' be known
cotton, middling grade, reached 35.80 cents in until about January 1. The harvesting of
the New Orleans market. Since that period apples continued in all sections, and early in
prices declined slightly, reaching 34.80 cents on December packing was completed in Georgia.
December 14. With the exception of the Although the total apple crop is slightly
spring of 1920, the recent levels in the cotton smaller than last year, the quality is higher
market have been the highest since the period and a larger proportion of the crop will be
immediately following the Civil War.
marketed than in 1922. As a result, the total
value of the crop is larger than last season.
Tobacco.
The yields of peaches and pears, as will be
Weather conditions were generally favorable noted in the table showing the yields and
during November and early December for value of the principal fruit crops, were smaller
harvesting tobacco In all sections except than in 1922 and oranges larger.
27
FEDERAL. RESERVE BULLETIN.
JANUARY, 1924.
MINING,
SIZE AND VALUE OF PRINCIPAL FRUIT CROPS.
Coal and coke.
Yield (000 omitted). Value (000 omitted).
Apples, total
bushels..
Apples, commercial..barrels..
Peaebes
.bushels..
Pears. J
do
Oranges
boxes..
1
1923
1922
1923
196,770
34,403
45,702
17,390
34, 800
202,702
31,945
55,852
20,705
30,200
$201,110
95,979
64,043
21,053
64,080
1922
$199,848
93,636
74,717
21,943
63,310
Figures include only California and Florida.
The marketing of citrus fruits was in exceptionally large volume in November. Total
shipments of oranges and grapefruit from
Florida, for the season ending November 30
were the largest on record/ amounting to
11,614 cars, compared with 8,083 cars a year
ago. The great increase was due to the heavy
movement of oranges.
Livestock.
Pastures and ranges in all sections of the
country were very favorably affected by
autumn precipitation and mild weather in
November and December, and as a result livestock are generally in good condition. Very
little severe winter weather has been noted to
date and relatively little feeding has been necessary. Considerable improvement in range
conditions as compared with last year has
materially benefited the range stock and they
are going into the winter in better condition
than in several years.
Marketing of livestock during November was
characterized by a continuation of the exceptionally heavy movement of hogs to market and
a slackening in the distribution of cattle,
calves, and sheep. The record-breaking marketing of hogs during November was a continuation of the unprecedented distribution
that has been significant throughout the year.
Reports early in the autumn of the spread of
cholera in principal swine-producing sections
aided the large volume of selling, and the November receipts exceeded those of any previous
month in the year and was one of the largest
monthly totals in the history of the livestock
industry. Cattle and sheep were marketed in
smaller volume in November than in either the
preceding .month or November a year ago.
The early autumn runs of range-fed cattle were
abated in November, as the stock had been
shipped into country districts for feeding.
The large volume of hogs marketed resulted in
further declines in prices in November and the
early weeks of December, and they are now near
the 1913 level.
Gradual declines in the production of
bituminous coal during November and December reflected the influence of inactive demand,
large stocks, and falling prices. Total production for the month of November was the
smallest since last April, and about the middle
of December daily output averaged less than
at any time since September, 1922. The
large commercial stocks on hand September 1,
the rather mild weather prevailing during the
fall, curtailing domestic consumption, and the
declining output of coke have been important
factors in the reduced demand for coaL The
fall in prices brought the Coal Age index of
bituminous coal prices in the first week of
December to $2.18, the lowest point since 1915,
excepting a short period early in 1922. Increased interest and a better tone was reported
in several markets the following week and
some quotations were raised slightly.
Weather has also affected the demand for
anthracite, although not to the same extent as
that of bituminous coal. November production of anthracite was the smallest of all
months this year except September, the month
of the strike, but output increased a little in
December. Total production to date in 1923,
however, has been larger than for any previous
year except 1917 and 1918. The anthracite
market has been rather weak in December,
and quotations on some grades have been
lowered by independent producers.
Reduced output of coke continued during
November and December, accompanied by
oor demand and falling prices. Total, pro§uction
of beehive and by-product coke in
November was about the same as during the
same.month of 1922. Quotations on beehive
coke for next quarter contracts have been
announced, and some contracts have been
renewed at from $4.25 to $4.40 a ton, but
many consumers seem, unwilling to pay over $4,
Metals.
Production of all the important commercial
metals has been larger in 1923 than in any other
year since the war. Shipments of iron ore from
Lake Superior totaled 59,000,000 tons this
year, which was only exceeded in the war year
1918. Mine production of copper has been
maintained in every month since February at a
higher rate than in any corresponding month
of the past four years. November copper production amounted to 127,000,000 pounds,
which indicated that the daily rate of output
was about the same as in October. A slight
28
FEDERAL RESERVE BULLETIN.
surplus of workers has developed at the copper
mines, due to recent immigration of miners
from Europe, release of skilled miners by other
industries, and a somewhat smaller demand.
It is estimated that November shipments of
copper were the largest of any month on record
and exceeded the refinery output, which was
less than in October. Demand, however,
slackened in the first two weeks of December,
as a result of the approach of the annual inventory period, and prices have shown little change.
Zinc and lead mines in the Joplin section
were closed during the first week of November
and the first week of December. Shipments
of zinc ore reached the second largest monthly
total of the year, and the average price per ton
was about $2 higher than in October. Lead
ore shipments from the Joplin mines also increased, but the average price continued to
decline. Production of slab zinc totaled
88,600,000 pounds in November, which was
5 per cent more than in October, and stocks
at the end of the month totaled 61,800,000,
the largest aggregate since May, 1922. Zinc
stocks, however, are only equal to a threeweeks supply at the current rate of shipments.
Silver production in the United States declined from 5,428,000 ounces in October to
4,894,000 ounces in November. Due to this
curtailment in domestic production and the
hindrance to imports from recent developments
in Mexico, the price of bar silver increased
from 64.1 cents to 65.3 cents per ounce during
the first half of December.
Petroleum.
A further reduction in the daily average
output of crude petroleum was the outstanding
development in the oil industry in November.
Production increased throughout the year until
the first week in September, when the record
figure of 2,280,700 barrels was reached. After
that week the output declined until the third
week in October, when the Powell field in
Texas came into bearing. Production in that
field, after reaching a peak of 355,000 barrels a
day, declined rapidly, and in the week ending
December 15 the Nation's daily volume was
1,943,000 barrels. The Powell field has been
the center of interest during recent months,
but the continuous decline in production in
that area relieved much of the uncertainty in
the industry and as a result the petroleum
market has become much firmer. Prices have
been advanced in most fields, the increases
amounting to 25 cents per barrel for Pennsylvania crude and from 5 to 30 cents in the north
1924.
Texas fields. Stocks which had been accumulating month by month since January continued
to increase in November and amounted to
323,366,000 barrels compared with 315,356,000
at the end of October.
Although the consumption of gasoline was
larger than expected in November, there was
no effect on prices, which declined to a new
low point for the year. Both domestic and
foreign consumption of gasoline was in larger
volume during the 10 months ending October
31 than in 1922, but they were not large
enough to absorb the increased production, and
as a result stocks have been greater each month
than a year ago and prices have declined constantly since March. Exports of gasoline during the first 10 months of the year were 47 per
cent greater than during the same period a year
ago, but on account of lower prices the value
was only 11 per cent greater.
MANUFACTURING.
Food products.
During the first seven months of the year production of flour exceeded month by month the
output in 1922, but following the harvesting
season in August activity in the milling industry failed to increase as rapidly as in the preceding season, and since that month the volume
of production has been less than a year ago.
Production in November showed a decline of 8
per cent from the high point of the year reached
in October and a decrease of 14 per cent from
November a year ago. While fewer working
days than in October were partly responsible
for the reduced output in November, curtailment of mill operations followed the downward
movement in wheat prices, which began in the
third week in October and continued throughout November. Flour prices declined to the
lowest point of the year in November and, with
the exception of July, were lower than in any
period in recent years. Early in December,
when reports of food loans to Germany were
discussed, wheat and flour prices became firmer
and recovered some of the losses in November.
Under the influence of declining prices both
domestic and foreign trade in flour were less
active than in October. Buyers were reluctant
to place future orders and purchased only for
immediate purposes. Exports of flour, although
less than the large volume in October, were
greater than in November a year ago. Since
the beginning of the crop year in August, flour
exports have exceeded the monthly volume of
FEDBEAL EESEEVE BULLETIN..
JANUA&Y, 1924:.
the same period in. 1922 and have somewhat
offset the decline in wheat exports.
Meat packing was in exceptionally large
volume during November and exceeded the
output in any month since January, '1919. The
number of hogs slaughtered was the largest on
record with the exception of January, 1919, and
was 23 per cent greater than in October, All
other animals were slaughtered in smaller numbers than in,October and, with the exception of
cattle, more animals were slaughtered than in
November a year ago. Although domestic
trade in packing-house products showed a seasonal decline of 21 per cent in November, it was
larger than a year ago and, notwithstanding the
large volume of packing, stocks of .meat products are not exceptionally large. Some wholesale meat prices, especially for pork products,
made further declines in November under the
effect of a larger volume of production, and in
a few cases they were lower than in 1913.
Textiles.
Among the textiles, demand was generally
fair in November and December, production
schedules were maintained, and prices were
either steadier than in previous months or
were rising.
Demand for cotton products varied somewhat with the fluctuations in raw material
prices. Buying., particularly of gray goods,
improved rather considerably in November,
when the price of raw cotton reached its high
level, but quieted down upon later recessions
inJ the cotton market. Prices of yarns and
cloth have continued the rise commenced in
August, and the Fairchild cotton goods price
index was 18.114 op. December 15, compared
with 18.196, the previous high record of the
year^ attained April 7. The week of December
22 it ^dropped to 18.059. The general level of
cotton cloth and yarn prices is.now about up
to that of last March? the highest since the
fall of •-'1920. Mill consumption of raw cotton
in November was 531,631 bales, slightly less in
total but greater in daily average than during
October. Neither in buying nor in manufacturing operations is the industry as active
as it was early in the y^ear.' Reports indicate
that future buying is limited and production
is in excess of orders being received. Cotton
finishers reported . slightly less business in
November than in October.
Increased buying of raw wool in November,
following several weeks of unusually large reexports and higher prices prevailing in foreign
markets, have resulted in an upward moveT6980-—24
5
xnent of prices of raw wool in domestic markets.
The following table gives some idea of the
recent decrease in imports and accompanying
increase in reexports, which in the six months
from May to October by far exceeded any
previous yearly totals. It must be remembered,
however^ that imports in the 12 months ended
June 30 were the largest on record and evidently
exceeded the requirements of the country. In
November reexports began to decline.
[Pounds, 000 omitted.]
Imports.
191&—monthly average........
1920—monthly average
1921—-monthly average........
1922—monthly average.......
1923—Average, January-April
Average, May-August..,
September. . . . . . . . . . . . . .
October.............
November
37,158
21,635
28.722
31,400
63,544
25,253
7,883
9,566
9,815
y&eexports.
474
1,035
134
368
197
2,187
3,398
6,220
2,722
Buying of woolen and. worsted goods has
continued inactive, as this is a between-seasons
period before the opening of 1924 heavy-weight
lines. The light-weight season now closing
was not an entirely satisfactory one. Operating schedules were only slightly reduced during November, as shown by statistics of active
machinery and of raw wool consumption. In
fact, consumption by many New England
manufacturers actually increased, and the per
cent of machinery hours active was slightly
greater than in October. Clothing manufacturers reduced operations considerably in
November and employment indexes fell from
94 in October to 87 in November for men's
clothing and from 83 to 75 in the case of
women's clothing. These indexes for November, 1922, were-94 and 78, respectively, for
men7s and women's lines. Sales by wholesalers in the New York district were considerably less than during October, but above those
of November, 1922.
Activity in the silk industry continues to
decline. Deliveries of raw silk to mills were
only slightly less in November than during
October, but were 29 per cent below those of
last November, and active loom hours in New
Jersey mills decreased from 2 to 5 per cent
between November 15 and December 15.
Buying of both thrown and broad silks is
light. . Prices of raw. silk strengthened somewhat in the latter part of November, but in
December they fell to the lowest level in the
period since the Japanese earthquake. Warehouse stocks of raw silk increased 8 per cent
during November.
30
EEDEEAL, RESERVE BULLETIN.
Production of knit underwear during November was somewhat less than in October.
New orders booked for winter underwear declined and were smaller than shipments, consequently the volume of unfilled orders fell off.
Shipments of winter underwear exceeded
production and stocks were reduced. Producers of summer garments in the Philadelphia
district reported an increase in orders. Certain
southern mills announced prices on heavyweight underwear for next year's contracts
somewhat earlier than usual,- rilled their order
books for several months in advance, withdrew
their lines, and reopened Pater at higher pricey
Orders for hosiery in the Philadelphia district
increased rather substantially in. November
and shipments declined. . On the other hand,
manufacturers of cotton hosiery in the Atlanta
district reported a material reduction in orders
and an increase in shipments. The unsettled
situation in the raw cotton market has affected
sales of cotton hosiery. •
Iron and steel.
Despite reports of increased buying of iron
and. steel products during November, the
various statistical indexes of the industry
declined .in that month. Total and .daily
average production of pig iron and steel ingots
decreased—pig iron to t i e lowest point since
November, 1922, and steel to the lowest since
September of the same year. Furthermore,
unfilled orders of the United States Steel Corporation declined for the eighth consecutive
month, and on November 30 were the smallest
since February 28, 1922, the post-war low
point. The output of steel ingots increased
slightly early in December, only to be diminished further the following week because
of reduced activity among the independent
producers, while blast-furnace operation continued to decline throughout the period.
Prices became rather firm the latter part of
November, and basic valley pig iron rose from
$20 a ton to $22, but later it fell again to $20.
The Iron Trade Review's composite index of
iron and steel prices was $43 on December 19,
as compared with $42.63 on November 21,
the low point of the year.
Consumption of iron and steel products
during the past year has been heavy and
production has consequently exceeded all
previous records; the 1923 output of pig iron
will total nearly 40,000,000 tons and that of
steel ingots exceeded that amount in 11
months. Among important users of these
products, building construction and automobile manufacturing have had record-break-
JANUARY, 1924.
ing years and continue active. Locomotive
production was likewise large throughout the
year, but in recent months new orders have
been few and unfilled orders consequently
have decreased rapidly and are now the
smallest since June, 1922. Railroads continue to be f a rly active buyers of rails and
other equipment.
Automobiles.'
Substantial declines occurred in the production and distribution of automoblies during
November as compared with October. Output and shipments remained, however, relatively large and were over 30 per cent greater
than during November of the previous year.
Reports indicate continuation of the high rate
of production well up into December. Combined output of passenger cars and trucks for
this year will total approximately 4,000,000,
an increase of more than 50 per cent above the
1922 total, heretofore, the record figure. A
number of price changes in both directions have
been announced recently by manufacturers.
Dealers7 sales.of new cars in the Middle West,
as reported to the Federal Reserve Bank of
Chicago, were 30 per cent less during November
than in October. The number sold by retailers
was slightly above that of November, 1922,
whereas wholesalers reported a decline. Stocks
of both new and old cars increased and were
considerably larger than a year ago. Dealers
are evidently beginning to stock up for the
spring demand.
October production of pneumatic tires and
inner tubes was the largest since early in the
summer, and tire shipments likewise increased,
causing a further decline in stocks. Inner-tube
shipments, however, were smaller and stocks
consequently increased. No statistics are available for more recent months.
Leather and shoes.
':
Hide markets were somewhat more active in
December than during the previous month,
price declines were stopped, and some advances
occurred. Export, as well as domestic demand,
has improved. Dullness continued, however,
in the leather markets—in fact it was perhaps
increased by the desire of buyers to have
inventories as low as possible at the end of the
year. Sole-leather output was further curtailed
and was the smallest monthly total, with one
exception, since June, 1922. Somebuyers,however, have taken advantage of lower prices and
bought fair-sized lots of heavy leathers. Sales
of upper leathers have been limited and kid
leather production has been curtailed.
JANUARY, 1924.
Productioji of shoes declined rather considerably in November aad totaled less than for
November, 1922, Declines were largest in
the Boston, Philadelphia, and St. Louis
districts, Eeports from the Philadelphia .district indicate that retailers are buying little
at present • and wholesalers are cautious in
their purchasing for spring needs. • Statistics
compiled by the Federal reserve banks of
Boston, Philadelphia, and Chicago from-shoe
manufacturers show substantial increases in
unfilled orders and stocks during November*
Orders, however, were much smaller than a
year ago. Shipments were less than last
year in the Boston district, but larger in
Philadelphia and Chicago. Wholesale shoe
sales during November decreased as compared
both with October and with November a year
ago* Retail shoe stores reported increases in
sales over those of November, 1922*
Lumber*
Orders, shipments, and production of lumber
declined during November and December in
accordance with usual seasonal . trends.
Throughout November orders were smaller
than shipments, which in turn were exceeded
by cut; consequently stocks increased and unfilled orders declined* But in December weekly
orders began to exceed both shipments and production. As . compared with this time last
year, sales and output have been generally
higher. Production and shipments during
November, as reported by the National Lumber Manufacturers7 Association, totaled, respectively, 1,332,054,000 and 1,229,874,000.
feet, as compared with 1,235,748,000 and
1,149,736,000 feet inrNovember, 1922.
Softwood prices, as shown by Lumber's index,
fluctuated somewhat during ' November and
December, but on December 21 was a little
larger than on November 23. The hardwood
index declined rather steadily and reached the
low point of the year in the week of December
14, but a small advance during the following
week wiped out all of the preceding month's
drop.
BUILDING.
The building industry has been very active
throughout 1923, and the value of new construction reached a larger total than in any
previous year on record. Contract awards for
new buildings, according to statistics collected
by the F. W. Dodge Co., declined during
November in all reporting districts except New
York. The most important reductions were
in the St.' Louis and Chicago districts and
31
FEDERAL RESERVE BULLETIN".
amounted to 27 per cent and 25 percent,
respectively. Value of contract awards increased 8 per cent and value of new permits
increased 12 per cent in the New York district
during November, due to an. exceptionally
large amount of new building in New York
City.
The floor space of new buildings for which
contracts were awarded in 27 northeastern
States aggregated 51,972,000' square feet in '
November, as compared with 54?258,000 square
feet in October and 46,946,000 square feet in
November, 1922* Contracts for residences,
business buildings, hospitals, churches, and
educational buildings were in smaller volume
than in October, while there was a considerable
increase in awards for new industrial buildings.
Statistics of new construction, classified by
geographical districts and by purpose of structures, are published on page 42.
Prices of building materials showed a further
slight decline during November and averaged
11 per cent less than at their peak for the year
in April. Cement production was much larger
than in November of any previous. year, and
output of brick, lumber, and other building
materials was unusually large, considering the
season of the year. Sales of structural steel
were larger than in October.
TRANSPORTATION.
Railroad shipments during the first 11
months of 1923 were 17 per cent larger than in
the corresponding period of 1922 and were
also at-a higher rate than in any earlier year.
The railroads were able to handle this great
volume of traffic without congestion as a result
of large purchases of new rolling stock and a
great reduction in bad-order equipment. The
number of new freight cars put in service
during the first 11. months of 1923 totaled
178,000/as compared with 86,000 in the entire
j;ear 1922; while the number of new locomotives put in service prior to December 1 was
3,704, as compared with 1,379 in the year 1922.
As the number of freight cars awaiting repair
on December 1 was over 70,000 less than a
year previous, the supply of available cars has
increased by almost 250,000 during the past
year* As a result of this large increase in car
supply there was an average net surplus of
88,000 cars in November, 1923, as compared
with an average net shortage of 150,000 cars
in November, 1922,
Car loadings in November were smaller than
in^any month since April, but this is the usual
development in the late autumn. Total load-
82
JANUARY, 1924.
FEDERAL BBSBEVE BTILLETIN.
ings for the month were 4 per cent larger than
a year ago, although loadings in the last week
of' November fell below the total for the corresponding week-of 1922. Shipments of miscellaneous merchandise, forest products, livestock, and ore were larger than in November,
1922, while shipments, of coal, coke, and grain
were smaller. Analysis by railroad operating
districts indicates that November loadings
were larger than last year in southern and
western districts but were slightly smaller in
the East.
Wholesale trade.
TRADE.
Wholesale trade was less active in November
than in any month since July, The index of
the Federal Reserve Board shows that sales
were 13 per cent less than in October, although
5 per cent larger than a year ago. Trade was
smaller in November in all important lines and
in all Federal reserve districts. Sales of shoes
were also less than in November, 1922, in all
reporting districts except Atlanta, but sales of
hardware, drugs, groceries, and meat were
considerably larger. The accompanying chart
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
20
20
1921
1922
1923
Average weekly sales of 30 meat packers.
shows the average weekly value of packers'
sales in each month of the past three years.
It will be noted that meat sales have been
larger in each month of 1923 than in the corresponding month of 1922 and that the packing
business has shown a distinct upward trend,
after allowance for seasonal variations, for a
period of two years.
Stocks of merchandise held by wholesalers,
according to-reports to the Federal reserve
banks of Chicago and Dallas, decreased during
November? but continued to be larger than a
year ago. Dry-goods dealers reported the
largest reductions of inventories as compared
with the end of October—16 per cent in the
Chicago district and 12 per cent in the Dallas
district. Collections in most lines were smaller
than in October, but larger than in November?
1922,
Retail trade.
Retail' business was smaller in November.
After correction for seasonal variations, department-store sales were 4 per cent less than in
October, while mail-order sales decreased 7 per
cent. Chains handling musical instruments,
candy, cigars, and 5 and 10 cent articles, on the
other hand, showed less than the usual seasonal
declines in sales. Sales in all'reporting lines
were larger this November than a year ago.
Department-store trade was less active in November in all Federal reserve districts except
Boston and Philadelphia, whereas there is usually an increase in buying at that season of the
year. The largest decreases, after allowance for
seasonal changes, occurred in the Dallas and
Atlanta districts and amounted to 11 and 9 per
cent, respectively. Analysis of the November
sales in the New York district indicate that.
sales were larger than a year ago in all major
departments except silk'goods. Sales of men's
and boys' wear were 15 per cent larger than in
November, 1922, and sales of the hosiery, cotton goods, women's and misses' ready-to-wear,
and woolen-goods departments showed increases ranging from 7 per cent to 5 per cent.
Sales of silk goods were 6 per cent less than in
last November.
Merchandise stocks.at 286 department stores
increased slightly during November and were
15 per cent greater than a year ago. This
accumulation of stocks continues to be most
pronounced at stores located in the Chicago,
Cleveland, and San Francisco districts. Statistics which show the trend of wholesale and retail
trade by lines and districts are published on
pages 43 and 44.
PRICES.
Commodity prices declined during November, according to the index of the Bureau of
Labor Statistics. The chief reductions occurred in the prices of house furnishings and
fuel and amounted to 4 per cent and 3 per
cent, respectively. Prices of farm products
resumed their upward movement and reached
the highest level of the year, but there was a
further divergence of trend between prices
of crops and prices of animal products. Prices
of field crops in November were 12 per cent
higher than a year ago, while prices of animal
FEDEEAXi RESERVE BULLETIN.
JAHUABY, 1924,
products declined 11 per cent in the same
period.
Analysis of price changes of commodities;
grouped according to stage of manufacture,
Indicates that prices of raw materials and
semifinished products decreased In November,
while there was no change in the price level of
consumers' goods. Comparisons with prices
in November, 1922, show that prices of raw
materials and semifinished products have become adjusted closer to their pre-war relationship, but prices of semifinished products are
still relatively low. The relationship between
prices of raw materials and prices of consumers1
goods is at present about the same as In 1913.
Most of the changes In price quotations
during the first half of December continued
to be reductions. .Among the commodities
which showed decreases were sheep? beef,
. sugar; silk, coke? and-rubber. Prices of wheat?
wool, and silver advanced.
EMPLOYMENT.
83
Furthermore, establishments operating on a
full-time schedule were 4 per cent fewer than
in October. Of those industries running full
time, however, a slightly larger percentage
were operating at capacity than during the
preceding month. Yet the declines in total
number employed, pay rolls, per capita earnings, and percentage of full-time operations
indicate that productive activity was at a
somewhat smaller rate in November than in
October.
COMMERCIAL FAILURES,
Commercial failures for November, reported
by R, G. Dunn & Co,, numbered 1,704, some™
what abpve the October figure but below that
of November of last year. Liabilities totaled
$50,291,708, which was less than that for the
previous month but larger than that for the
sam^e month: of last year. The size of the
liabilities was again:accounted for in considerable measure by' a number of large manufacturing failures. For the first three weeks of
December the number of failures is reported at
1,818, which compares with 1,293 for the same
period of 1922.
Compared with that in November, 1922, the
number of Insolvencies for November, 1923,
was smaller in all districts except New York,
Minneapolis, Kansas City, and Dallas, whereas
liabilities were larger in all except New York,
Cleveland, Richmond, and San Francisco,
District figures comparing November of this
year with last are given below:
Factory employment declined 1 per cent In
November, according to the Index of employment in manufacturing industries/ which
dropped from 101 in October to 100 in November, the smallest figure since last January*
This decrease was due chiefly to lessened employment in the Iron and steel, car building
and repairing, clothing, flour, and baking Industries. Increases were noted in many Important. Industries such as cotton, dyeing and
finishing textiles, knit goods, meat packing,
tobacco, cement, and printing. The Index was
Number
Liabilities*
3 per cent higher than It was In November,
District1922, at which time employment was increasing
1923
1923
1922
1922
rapidly In practically all Industries, In textiles^
leather and shoes, and tobacco there were
133
1—Boston..-.
149 $10,727,470 . $2,652,701
fewer employees than on the same date last No,,
9,548,910
356
344 8,126,848
No 2—-New York.
2,945,345
N©
3—Philadelphia...
81 3,864,301
78
o
year.
No. 4—.Cleveland...
6,395,906
122 4,001,582
116
2,938,562
Decreases in employment during November, No. 5—Richmond.....
103
1^1 2,223,757
1,928,165
6—Atlanta.
106
122 3,710,159
with corresponding declines in pay rolls. In No.
5,928,921
No. 7—Chicago
230
236 6,433,450
2,060,085
2,233,369
No. 8—St. Louis . . . . .
109
T?0
most cases, were reported In practically all No.
1,270,805
9—-Minneapolis.«.«
91
82 1.565,635
753,984
892,862
75
74
States collecting such statistics, but in no case No. 10-—Kansas City .
8$ 4,445,724
1,361,108
127
No. 11—Dallas........
was the% total change large. The decreases No. 12—San Francisco,
203 2.066,561
2,480,805
180
reported.;,^by the United States Bureau of
1,704
737 50,291,708 40,265,297
Total............
Labor Statistics for the country as a whole
were 0.5 per cent in number employed, 1.4 per
MONEY KATES
cent In total pay rolls, and 0.9 In average
weekly earnings. Average earnings are a
rates remained practically unchanged
fairly accurate measure of average hours in Money
the
New
York market during the first three
worked by emp!oyeesl as practically no changes weeks in December.
Commercial paper conoccurred in wage rates. Declines In this item
tinued
easy
at
4f
to
5
per cent, with a larger
were reported by 84 out of 51 industries.
volume sold at 4f per cent in the interior than
1
during the previous month* The rate on
Shown on chart on page 11; detailedfiguresgiven OE page 88.
34
FEDEEAL RESERVE BULLETIN.
prime bankers' acceptances remained at 4f per
cent, although a seasonal increase in the supply
of acceptances based on exports, withjlarger
purchases by the Federal reserve bank and a
decrease in foreign money offered in the discount market gave a slightly firmer tone to the
bill market. The yield on 4 to 6 months
Treasury certificates of indebtedness, figured
on the offering prices of dealers, declined somewhat early in December but during the last
week reported rose approximately to the
November average. Liberty-bond yields also,
declined slightly the first week and then continued without change. The table below shows
the rates prevailing in the New York market
during the past two months compared with
the corresponding months of 1922:
JANUARY, 1924.
with short maturities, but in December requests for longer maturities were noted. As .
a result of the large supply of bills which has
come upon the market in the recent periods
offerings to the Federal reserve banks have
been larger and their portfolios showed a
substantial increase at the close of the period.
Rates continued firm and unchanged at 4 | to
4i bid and 4 to 4 | offered for 30 to 90 day
bills, y/hile bills of 120 days ranged- from 4 J
to 4f bid and 4 | to 4 | offered. These are
practically the same levels that have been
maintained throughout the .year,
SAVINGS DEPOSITS. .
According to statistics furnished by ^889
banks distributed throughout the united
States, savings deposits increased nearly oneon Average half of 1 per cent between November 1 and
Prime
Prime Yield
certifiyield
commer- bankers'
cates of on 4J per December" 1, 1928, and 10 per cent between
cial
accept- indebtedcent
paper, ances,
90 ness, 4-6 Liberty
December 1, 1922, and
December 1, 1923, about
months. days. months. bonds.
the same percentages1.of. increase as were shown
by November 1 statistics compared with those
1922.
of the previous month • and year. The total
4.43 deposits reported amounted to $6,776,859,000
November, monthly average.
4.42
December, month|y average..
3.65
on December 1, 1923, to $6,746,089,000 on
1923.
November 1, 1923, and to $6,158,540,000 on
3.94
4.44 December 1, 1922. The only decrease during
November, monthly average.
5
4.43
3.87
December 1, weekly average.,
4f-5
3.84
December 8, weekly average..
4.41 the month of November, 1923, occurred in the
3.86
December 15, weekly average.
4.41
3.92
December 22, weekly average.
4.41 Cleveland district, which had shown the largest
. increase during the month of October, • and
amounted to less than one-tenth of 1 per cent.
• Rates on commercial paper in western mar- The greatest increase, 1.15 per cent, took place
kets showed a somewhat easier tendency during in the Chicago district. • A comparison of savthis period.
ings deposits by Federal reserve districts on
December 1, 1923, with deposits on November
ACCEPTANCE MAKKET.
1, 1923, and December 1, 1922, is shown in the
Since the beginning of the crop-moving following
table. The figures for the Boston
season the acceptance market has been and New York
districts are. those of large mucharacterized by an increased supply of bills tual savings banks,
but in all other districts
-drawn to provide funds for financing the dis- reports of other banks
are included to make
tribution of agricultural commodities. Dur- the figures representative.
ing the period ending December 12 the supply continued large, as seasonal drawings to SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS.
finance the marketing and exportation of cot[000 omitted.]
ton were particularly heavy. Bills were also
drawn in considerable volume against grain,
NumDec. 1,
Nov. 1,
Dec. 1,
ber of
District.
sugar, silk, coffee, wool, and to provide dollar
1922.
1923.
1923.
exchange. The demand for bills has not increased in recent periods to the same extent Boston
204,326 $1,116,546
$1,207,722
1,746,127
871,644
as the supply, and as a result dealers'" aggre- New York....
30 1,876,107
419,046
461,935
463,010
79
Philadelphia..
gate portfolios have been larger than in any Cleveland
393,214
455,596
452,971
18
276,936
290,543
290,783
91
Richmond
preceding month during the year. There was, Atlanta.......
196,650
221.200
99
222,500
800,706
however, a slight reduction on December 12 Chicago
875,299
885,346
207
120,589
131,741
33
131,862
St. Louis
from the volume held on November 14. The Minneapolis.
81,246
90,043
15
90,355
=.
90,894
95,399
58
98,188
demand during the latter part of Novem- Kansas City...
82,830
95,301
121
97,644
Dallas
ber came principally from banks in the in- San Francisco.
833,756
955,447
74
terior where funds resulting from crop re6,158,540
6,776,859 6,746,089
Total...
turns had accumulated, and centered in bills
JANUABT, 1924.
35
FEDERAL RESERVE BULLETIN.
FOREIGN . TRADE.
Foreign trade figures for November show an
increase over October of $3,000,000 in exports
and a, decline of $16,000,00,0 in imports. The
continued rise in exports is due in part to the
seasonal movement abroad of raw cotton,
which reaches its peak in October and November, and partly also to the higher price of
cotton as compared with'-a year ago. The
decline in imports has been, continuous since
May, with the exception of the month of
October.
MERCHANDISE
TRADE
BALANCE
OF THE
UNITED
STATES.
fin thousands of dollars.]
of Excess of
Imports. Exports. Excess
imports. exports.
Months.
1922.
February
....
May....
August
November.......
215,743
252,817
281,376
291,805
250,620
307,569
301,775
380,000
1923.
January......
February
March.....
...
April.....
May......
June.........
July
August...
September
October.....
November
329,245
303,465
398,178
364,230
372,545
320,257
287,335
275,382
253,645
308,366
292,000
335,417
306,957
341,376
325,492
316,363
320,038
303,030
311,352
381,531
400,814
404,000
34,877
54,752
20,399
88,195
6,172
3,492
57,802
38,738
56?182
219
11 months of the past year are but Mightly in
excess of the amounts stated to have been shipped
to this country by the Eeichsbank during 1923
(about 200,000,000 gold marks up to September 7). Gold exports for the 11 months of the
past year totaled $27,932,000, compared with
$34?165;000 in 1922. Over one-half of the
gold exported during the year was consigned
to British India, Mexico and Hongkong being
the next largest destinations.
Silver imports for November, $5,269,000,
fell considerably below the imports for the
preceding months and the average of $6,101,000
for the 10 months of the past year. Silver
imports from Mexico were $4,190,000, compared with $5,230,000 for October, and $5,397,
000 for September, and silver imports from
Peru, which averaged in excess of $1,000,000
for the three preceding months, declined to
$88,000. November exports of silver, $8,775,000, were larger than for any month since
April, 1920. China, British India, England,
and Hongkong were the principal destinations
of the silver shipped out of the country during
the month.
Gold imports and exports by principal
countries for November and the 11 months
ending November, 1923, are shown [in the
following table:
15,695
35,970
127; 886
92,448 GOLD IMPORTS INTO AND EXPOBTS FROM THE UNITED
112,000
STATES.
GOLD MOVEMENTS*
Country.
November,
1923.
11 months
ending November, 1923.
$33,617,361
755,546
3,028,178
398,051
400,861
1,557,439
$134,536,864
13,827,775
49,614,417
10,916,569
47, 493,388
5,952,530
4,243,406
23, 552,468
39,757,436
290,137,417
UNITED STATES,
Gold imports during the month, of November
totaled $39,757,000, compared with $29,353,000
for the preceding month and an average of
$25,038,000 for the first 10 months of 1923.
About 85 per cent of the total gold imported
during the month came from England; over
three millions of gold was brought in from
Canada, and substantial gold imports were
credited to France, Mexico, the Dutch East
Indies, and New Zealand. Gold exports for'
the month totaled $747,000, leaving, the net
gold imports for the month at $39,011,000,
compared with $28,551,000 for October. For
the 11 months of the present year gold imports
were $290437,000, compared with $248,730,000
in 1922. Of the 1923 total, $134,537,000, or
46.4 per cent, came from England, $49,614,000,
or 17.1 per cent, from Germany and, $47,493,000, or 16.4 per cent from Canada. Combined
imports from these three countries account for
about 80 per cent of the total gold imports for
theperiod. Gold imports from Germany for the
England
.
France
Germany
Netherlands.
Canada
Mexico.......
Colombia
.
Allother.....
Total.
Switzerland...
Canada
Mexico
i..
Colombia.....
British India..
Hongkong....
Allother
..
233,912
18,300
20,000
1,379,957
1,563,437
4,376,414
700,000
14,637,246
2,203,615
3,071,219
746,794
27,931,888
171,437
303,145
Total.
GEE AT BRITAIN.
Imports of gold to Great Britain during
October rose by about £143,000 as compared
with September, the greatest increase being
shown in imports from the Transvaal. Exports
during October rose by about £l?840?000, the
86
FEDERAL BESEBVE BULLETIN.
greatest increase being shown in exports to the
united States, whicn increased 76 per cent
over the corresponding amount shown for
September. The export balance of gold has
risen from £4,000,000 for the 9 months ending
September to £6?870,000 for the 10 months
ending October. Following is a table showing
the gold movement into and from. Great
Britain during the current year:
GOLD
IMPORTS
INTO
AND EXPORTS
BRITAIN.
FROM
Imports.
Country*
10 months
October. ending
1923.
October,
Egypt
....
West Africa... £133,108
947
United States
211,934
Rhodesia
3,034,708
Transvaal
33,354
All other,
£57,678
1,119,039
2,653,297
1,855,174
32,474,639
267,396
Total... 3,419,051 38,427,223
GREAT
Exports.
Country.
10 months
October, ending
1923,
October,
1923.
Netherlands. £230,018
E g y p t . . . . . . . 250,000
United States 5,.,122,209
British India 341,585
Straits Settle37,425
ments . . . . .
All other
170,390
£977,358
1,525,500
22,657,043
18,656,431
273,942
1,205,494
Total... 6,151,627 45,295,768
FOREIGN EXCHANGE.
Comparative stability, with a slight downward tendency, marked the leading foreign
exchange rates during December. Sterling
declined from $4.39 on the 5th to $4.35 on the
21st and stood on the last day of the month at
$4.32. French francs declined from.5.41 cents
per franc on the 1st to 5 cents on the 26th.
1924.
Italian lire fluctuated between 4.31 and 4.36
cents per lira. Other European exchanges remained fairly steady.
Of the South American exchanges, the
Argentine peso and the Brazilian, milreis
showed moderate improvement, while the
Chilean peso fluctuated around 10.6 cents peif
peso.
f
'
i'
The Shanghai tael rose slightly during De4
cember and the Indian rupee and the Japanese
yen showed slight recessions,.
•' j •
Novem-I
ber, '
1923,
Month. First
December, 1923.
Deeexn-'
ber, '
.1922.
Second Third Fourth Month.
week. week. week.
Average quotations
(cents):
Sterling......... 438.22 436.15 i 437.19 436.93 ! 434.56
5.39 | 5.33
5.22 I 5.07
5.52
French franc....
4.34 I 4.35
4.33!
4.33
4.36
Italian lira......
N e t h e r l a ntds
fl o r i n . . . . . . . . . 38.02 38.00 38.14 38.10 | 37.90
Swedish krona.. 26.29 26.29 26.31 26.33 j 26.36
Canadian dollar. 98.13 97.91 ! 97.51 97.48 I 97.48
Argentine peso.. 71.15 71.44 ! 72.43 72.96 | 72.60
Shanghai tael... 70.76 71.59 I 72.44 73.08 i 71.99
Percentages of par:
89.6
89.8
89.3
89.8
Sterling......... 90.1
27.9
27,6
27.0
26.3
28.6
French franc
22.5
22.5
22,5
22.4
Italian lira...... 22.6
Netherlands
94.5
94.3
94.9
94.8
94.6
florin
98.1
98.2
98.4
94.5
Swedish krona.. 98.1
97.9
97.5
97.5
97.5
Canadian dollar. 98.1
74.1
•
7
5
.
1
75.6
75.3
Argentine peso.. 73,7
107.3
108.4 109,3 107.7
Shanghai tael... 105.9
General index of 17
01
60
60
60
countries
. . . . 61
460.98
7.23
5.03
39.84
26.95
99.45
85.57
71.04
94.7
37.5
26.1
99.1
100.6
99.5
88.7 "
106.3
'70
JANUABY,
FEDERAL RESERVE BULLETIN.
1924.
INDUSTRIAL
. Industrial activity was at a somewhat lessened rate during November than in October,
according to statistics of employment^ production; orders, shipments, and building construc. tion given on the following pages. Declines
occurred in all three of the indexes shown on
the chart below, representing movements of
agricultural commodities, output of mines, and
production of manufactured goods. Decreases
in a number of instances were partially sea.sonal,i.as not only does November have fewer
working days than October, but also fall activity generally begins to slacken in November.
Yet the index of production in basic industries,
in which allowance is made for such customary
seasonal changes, also fell about 2 per cent.
Factory employment decreased about 1 per
cent.
Substantial declines in the receipts of cattle,
sheep, oats, and cotton were more than sufficient to offset advances in corn and hog receipts
and in sales of tobacco at warehouses, and
therefore the agricultural index declined.
STATISTICS*
Among minerals, declines were noted in the
.November output of all the chief products
except zinc. Anthracite and bituminous coal
production and lead output were less than a
year ago. Lessened activity in iron and steel
was reflected by declines in employment in that
industry, in unfilled orders of the United States
Steel Corporation, and in the production of pig
iron, steel ingots, and coke. Seasonal recessions occurred in the output of certain food
products, of tobacco, jind of lumber and other
building materials. Declines in total output
of textile fabrics may be largely, attributed to
the fewer working days in'November, as employment in cotton, wool, and knit goods increased. Large seasonal decreases of employment occurred in the clothing industries.
Output of. leather and shoes was considerably
less than in October and also lower than during
November, 1922. Building permits issued ana
contracts awarded declined less than is usually
expected in November, and increases were
noted in some sections of the country.
INDEXES OF INDUSTRIAL ACTIVITY
( MONTHLY AVERAGE, 1919 * 100 )
PER
40
20
0
i_.x
f. M %. m J J A. S 0, N D. J F M A H . J J A S O N U J F .
1910
1S20
M. A. M J J
1321
I. J. J. A, S. 0. N D J. r M A M. J J. A. 5 0 M 0.
1922
1323
88
FEDERAL RESERVE BULLETIN.
JANUABY,
1924.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES.»
[Not corrected for seasonal variations. Monthly average, 1919=100.]
Metals and.
products.
General
index.
November......
December......
1923.
January
February
March.
April
May
June.....
...
July.....
August..
September...
October..
November...
Iron
and
steel.
Group
index.
Textiles and products.
Group
index.
Products.
Fab-
Lumber
and
product .
97
101
103
102
105
100
113
110
99
101
103
103
103
103
101
101
101
101
100
105
105
107
106
105
103*
99
93
99
99
106
106
107
107
107
105
100
98
99
99
100
102
104
107
105
102
100
97
3
98
2100
siOO
96
115
118
121
122
120
122
121
121
119
120
120
Vehicles.
Paper
and
printing.
102
104
95
98
101
101
103
103
102
102
101
3
100
104
104
106
106
105
105
105
104
104
105
106
Foods Leather Stone,
and
and
clay,
prod- prodand
ucts.
ucts.
Tobacco
products.
Chemicals
and
products.
106
103
100
100
78
79
104
104
92
80
80
81
79
78
78
77
78
78
79
78
104
110
115
115
114
115
114
114
112
96
97
100
2
103
2
104
106
*110
110
1
This table contains for certain months of 1922 and 1923 the index numbers of employment which are shown in the chart on page 11, 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 t h #
2
3
BULLETIN for December, 1923,
Revised.
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.
Total
basic
industries.
1922.
November..
December
1923.
January...
February.
March.. . . . .
.April . .
May
June....
..
July
August
September
October
..
November.
... .
.
....
-.
...
Steel
ingots.
Cotton. * Wool.
Sugar
meltings.
Cattle.
Calves.
171
135
84
83
115
115
110
113
82
96
125
123
108
99
97
95
122
102
96
91
84
121
127
87
93
116
118
117
114
112
105
105
106
104
93
99
105
94
90
99
87
89
82
109
100
110
103
105
127
103
126
122
123
110
110
110
128
134
138
138
119
119
134
139
149
147
144
130
121
118
111
141
141
147
135
125
126
117
118
109
118
117
120
108
95
100
103
111
113
121
120
Wheat
flour.
98
82
120
124
110
124
121
118
122
79
68
72
107
165
138
Lumber.
Sheep.
Hogs.
76
77
114
102
127
193
93
89
104
102
126
110
140
140
125
117
136
157
149
150
141
132
119
122
122
115
127
122
134
137
102
113
111
96
91
82
78
85
79
Tobacco products.
Nonferrous metals.
Coal.
Year and moiith.
Food products.
Animals slaughtered.
Pig iron.
116
116
125
124
127
122
121
120
114
118
116
Textiles.
Sole
leather.
Newsprint.
Cement.
Petroleum.
Manufactured
tobacco.
Bituminous.
Anthracite.
Copper.
November .
December
114
118
112
115
104
105
102
109
86
82
114
102
162
151
154
161
109
101
122
110
100
86
1923.
January
. .
February
March
April . .
Mav June..
July. .
August....
September.. . . . .
October
November
123
120
120
134
131
125
122
121
114
114
108
122
126
128
114
111
112
113
119
40
108
103
111
110
115
114
120
122
128
2 131
127
128
130
118
108
124
119
121
109
110
106
100
107
113
87
87
92
88
84
81
91
93
79
81
83
105
109
112
101
120
114
112
112
101
103
107
210
189
178
164
161
158
173
163
168
165
180
167
171
175
185
193
193
197
203
207
203
209
109
99
99
95
98
95
96
91
98
106
104
151
139
137
139
150
147
137
145
143
153
145
110
96
93
95
100
99
97
95
Zinc.
Cigars.
Cigarettes.
1922.
I
90
95
93
1
This table contains for certain months of 1922 and 1923 the index numbers of production in basic industries which are shown in the chart at
the bottom of page 10, 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 arefweighted. The method of construction was described in detail and all relatives for each series since
January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922.
* Ssvised.
39
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.,
COMMODITY MOVEMENTS—Continued.
INDEXES OF INDUSTRIAL ACTIVITY.
[No seasonal correction. Monthly average, 1919=100.]
1922
Novem- October, November, 1923.
1923. ber, 1922.
1923
Livestock,
Octo- NovemOcto- Novem- Sepber.
ber. tember. ber.
ber.
Agricultural m o v e m e n t s . . . .
Mineral production
Manufacturing production...
154
119
108
138
120
109
124
120
103
151
137
115
135
126
108
Receipts at 57 principal markets (head,
000 omitted):
Cattle and calves
Horses and mules (43 markets).
Total.............
COMMODITY MOVEMENTS* '
Novem- October, November, 1923.
1923.
ber, 1922.
Shipments at 52 principal markets
(head, 000 omitted):
Cattle and calves
Hogs....
................. — . .
Sheep...........
Horses and mules (43 markets).
2,751
4,699
3,-363
74
9,286
10,887
1;114
1,747
1,064
55
1,357
1,637
2,346
70
1,307
1,489
1,405
52
5,410
4,253
765
97
700
53
757
1,510
Total.,
Grain and Flour.
Receipts at 17 interior centers (000
omitted):
Wheat (bushels)..
Corn (bushels)
....
Oats (bushels)
Rye (bushels)
Barley (bushels)..
Shipments of stockers and feeders from
33 markets, (head, 000 omitted):
Cattle and c a l v e s . . . . . . . . . . . . . . . . . . .
38,638
23.935
19,004
3,534
4,493
39,938
16,051
31,315
3,434
6,051
43,779
24,022
23,761
7,832
4,104
Total grain ( b u s h e l s ) . . . . ; . . : . . . ' . . .
Flour (barrels)
....
.........
Total grain and flour (bushels)...
89,605
2,929
96.789
3,198
103,498
3,305
102,787
111,182
118,372
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)..
Corn (bushels).
Oats (bushels).....
..
Rye (bushels).
Barley (bushels)..
20,294
9,778
15,505
2,720
2,994
20,757
7,582
18,834
1,492
3,182
27,399
13,166
18,655
7,459
3,146
51,291
4,380
51,847
4,789
69,825
6,471
70,999
73,399
98,942
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 ( b u s h e l s ) . . . . . . . . . . . . . . . . . . . .
63,039
2,130
14,839
14,664
2,336
56,564
540
16,113
14,484
2,553
19,796
4,854
26,999
5,966
1,328
Total grain (bushels).......-.;
97,008
90,254
58,941
Total visible supply of grain east of the
Rocky Mountains at close of month
(000 omitted):
Wheat (bushels)..
Corn (bushels)..
.
Oats (bushels).
'.....
Receipts a t 9 seaboard centers (000
omitted):
Wheat (bushels)...
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
. . „.
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)...
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Com (bushels)
Oats (bushels)
,
Rye (bushels)
Barley (bushels)...
.,.
Total grain (bushels)
„
Wheat flour production (barrels, 000
omitted)
„
77,356
3,254
19,858
74,735
1,084
22,236
37,128
12,034
34,887
2,527
1,031
1,462
27,225
924
2,078
2,196
3,024
32,739
7,975
4,386
5,053
2,002
35,446
2,284
45,722
52,154
2,267
34,888
2,453
45,928
8,870
105
1,148
1,153
3,122
6,891
111
1,067
1,005
2,534
62,357
11,781
3,515
3,255
3,006
2,881
14,398
11,608
24,438
11,524
12,561
13,424
2,354
4,351
2,139
52
2,142
5,301
1,787
, 56
Sheep..
67
448
Total.
1,124
2,260
Sheep...
846
370
5,341
915
416
4,328
1,046
Total.
7,472
6,743
6,434
93,144
620,217
2,015
63,578
542,544
1,997
95,628
419,498
3,633
220
1,804
122
188
2,210
530
1,888
39,027
32,920
74,251
2,765
46,689
25,652
76,378
4,328
26,170
25,237
62,321
3,802
41,316
16,870
568
57,819
45,703
21,091
831
27,412
38,678
16,107
491
45,171
51,559
55,105
4.031
63,350
76,418
58,048
6,650
37,008
47,773
37,291
3,257
51,781
674,262
611,674
794,506
963,464
650,709
731,281
701,868
607,388
875,431
181,194
139,763
192,534
93; 858
184,613
116,859
24,101
21,236
19,806
Slaughter at principal markets under
Federal inspection (head, 000 omitted):
Cattle........
Calves.
Meats, cold storage holdings, first of
following month
(pounds, 000
omitted):
Beef.......
Pork products
Lamb and mutton
Exports of certain meat products
(pounds, 000 omitted):
BeefCanned.
Fresh..
Pickled or other c u r e d . . . . . . . . . .
Hog products—•
Bacon
....
Hams and shoulders.
Lard
Pork, pickled.... * . . . . . . . . . .
©airy Products.
Receipts at 5 principal markets (000
omitted):
Butter (pounds).
Cheese (pounds)
Eggs (cases)
Poultry (pounds)
Cold-storage holdings first of following
month (000 omitted):
Creamery butter (pounds)
American cheese (pounds)..
Poultry (pounds).
Other Agricultural Products.
Cottonseed (tons):
Received at mills
Crushed
Stocks at mills at close of month...
Cottonseed oil (pounds, 000 omitted):
Production
Stocks....
Oleomargarine consumption (pounds,
000 omitted)
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
Dark belt, Virginia......
Bright b e l t Virginia......
North Carolina
South Carolina
Burley
Western dark
859
348
4,345
101
2,739
3,154
17,467
75,811
13,849
35,465
965
68.617
3,464
307
148
40
JANUABY, 1924
FEDERAL RESERVE BTTLL.ETXH.
COMMODITY MOVEMENTS—Continued.
COMMODITY
MOVEMENTS—Continued.
Novem- October, Novem1923.
ber, 1923.
ber, 1922.
Other Agricultural Products—Contd.
Sale of revenue stamps for manufacture
of tobacco, excluding Porto Rico and
Philippine Islands (000 omitted):
679,300
Cigars (large)...................'.... 650,687 711,655
50,967
Cigars ( s m a l l ) . . . . . . . . . . . . . . . . . . . . . . .
45,523
46,711
Cigarettes (small).
5,363,016 6,279,043 4,524,272
30,641
Manufactured tobacco (pounds)
30,148
33,236
Fruit sMpuients (carloads):
2,546
1,934
Grapefruit..
1,965
••• 8 , 2 8 8
4,779
Oranges....
2,888
388
Lemons
315
537
10,512
25,187
44,515
Vegetable shipments:
White potatoes (carloa'ds)...
19,400
33,433
19,932
Onions (carloads).. «
....
2,622 ) 4,760
2,086
123,610
06,878
Rice (pounds, 000 omitted).
128,721
Sugar, all ports (long tons):
Receipts..,......
.......
159,886
257,706
316,303
268,442 380,500
342,779
Meltings....................
295,798
518,186
473,136
Raw stocks close of month,.
Fishery Products.
Fish landed by Americanfishingvessels,
total catch (pounds, 000 omitted)
15,777 ! 20,686
13,715
Cold-storage holdings, frozen and cured
fish, on 15th of month (pounds, 000
omitted)...
84,719
86,842
84,738
Lumber: forest Products.
Number of millsNational Lumber Manufacturers' Association.
583
572
5S6
Southern Pine Association......
182
174
182
Western Pine Association
,
50
50
West CoastLumbermen's Association
.........
122
135
Production (feet, 000,000 omitted)—
National Lumber Manufacturers' Association.
1,552
1,236
438
405
Southern Pine Association
161
142
Western Pine Association.......
West Coast Lumbermen's Association........
523
Shipments (feet, 000,000 omitted)—
National Lumber Manufacturers' Association...............
1,150
1,427
Southern Pine Association.
417
439
Western Pine Association.......
101
138
West Coast Lumbermen's Association . . . . . . . . . . . . . . . . . . . . . . . .
291
380
Naval stores at 3 southern ports:
Spirits of turpentine (casks)—
Receipts........................
26,586
26,582
33,253
Stocks at close of month........
40,161
37,141
39,221
Rosin (barrels)—
Receipts........................ 106,088 115,428 j 104,800
Stocks at close of month........ .316,820 295,389
352,465
Fuel and Power.
Coal and coke (short tons, 000 omitted):
Bituminous coal production........
42,946
49,171 | 45,103
Anthracite coal production
7,746
8,695
8,724 I
Anthracite coal shipments
5,829
6,420
6,565
Coke1,103
Beehive coke production.......
1,138
1,290
By-product coke production
2,925
2,942
Petroleum, crude (barrels, 000 omitted):
Production
64,526
47,531
65,977
Stocks at close of month
323,366 315,356
265,017
Producing oil wells completed
(number)
1,007
1,140
1,450
Oil refineries.Production (000,000 omitted)—
Crade-oi! run (barrels)
44
66
Gasoline (gallons).......
567
659
Kerosene (gallons)
234
191
Gas and fuel oils (gallons)
,
892
1,070
Lubricating oils (gallons).
88
Stocks (000 omitted)—
Crude-oil run (barrels)..........
33
34
Gasoline (gallons)...............
777
947
Kerosene (gallons)...............
258
225
Gas and fuel oils (gallons).......
1,352
1,437
Lubricating oils (gallons).......
226
218
Novem- October, November, 1922.
1923.
ber, 1923.
Fuel and Power—Continued.
Electric power produced b y public
utility plants (kilowatt hours, 000,000
omitted):
Produced by water p o w e r . . . . . . . . . .
Produced by f u e l s . . . . . . . . . . . . . . . . . . .
Total.
1,491
3,480
1,367
3,047
4,971
4,414
Metals*
Iron and steel:
Iron ore shipped from Lake Superior (tons, 000 omitted)...
Pig iron production (long tons, 000
omitted)................'.........,
Steel ingot production (long tons,
000 o m i t t e d ) . . . . . . . . . . . . . . . . . . . . . . .
Unfilled orders, United States Steel
Corporation (long tons, 000 omitted)..............................
Fabricated structural steel orders
(tonnage)
Steel barrels (number)—
Shipments......................
Unfilled o r d e r s . . . . . . . . . . .
Steel castings bookings (net tons)..
Silver production (troy ounces, 000
omitted)
Copper production (pounds, 000 omitZinc (pounds, 000 omitted):
Production.
Stocks, close of m o n t h . . . .
.......
Shipments
Tin (pounds, 000 omitted):
Deliveries to factories.
Stocks close of m o n t h . . . . . . . . . . . . . . .
3,411
4,. 938
2,894
8, 149
2,850
3,114
3,548
3,430
4,369
4,673
6,840
135
120
123
177,073
405,653
194,069
385,881
60,890
4,894
127,411
88,560 !
61,808 i
78,326 |
15,198
2,401
37,446
5,428
132,481
84,196
51,574
78,408
12,410
8,236
4,870
101,607
80,400
38,994
77,492
10,779
6,046
Textiles.
Cotton (bales, 000 omitted):
2,368
2,135
Sight receipts.
...
790
1,054
American spinners' t a k i n g s . . . . .
1,103
1,439
Stocks at m i l l s . . . . . . . . . . . . . . . . . . . . . .
•3,486
3,771
Stocks at wareh o u s e s . . . . . . . . . . . . . . .
35226
2?560
Visible supply...
................
532
Consumption by m i l l s . . . . «,•»........
§42
Spindles active during month (000
34,101
omitted) . . . . . . . . . . . . . . . : . . . ' • . , . . . . . .
34,379
Spindle hours active during month
8,015
(000,000 o m i t t e d ) . . . . . . . . : . . . . . . . . .
8,382
Finished cotton fabrics:
Finished yards billed (yards, 000
105,275
97,531
omitted)...................
...
99,662
91,829
Orders received (yards, 000 omitted).
50,341
46,548
Shipments ( e a s e s ) . . . . . . . . . . . . . . . . . . .
48,177
49,017
Finished stocks (cases) . . . . . . . . . . . . . .
Knit underwear (dozens):
370,364 387,411
Production....... i . . . . .
292,442
w}f 051
New orders received
353,813 334,910
Shipments.
12,805
8,682
Cancellations
Unfilled orders end of m o n t h . . . . . . . ,020,322 1,094,498
Wool:
51,815
Consumption (pounds, 000 omitted).
Percentage of active machinery to
total r e p o r t e d Looms wider than 50-inch reed
76.8
76.5
space..........
81.0
Looms 50-in ch reed space or less.
80.8
86.1
Sets of c a r d s . . . . . . . .
.........
&5.0
75.9
Combs....................
75.6
83.9
Spinning spind ] es, w o o l e n . . . . . .
82.1
83.9
Spinning spindles, w o r s t e d . . . . .
81.6
Percentage of active hours to total
reported—Looms wider than 50-ineh reed
space., ' . . . . . . . . . i . . . . . . . . . . . . .
76.7
77.0
Looms 50-ineh reed space or.less
73.9
74.1
Sets of c a r d s . . . . . . . . . . . . . . . . . . . .
92.7
93.3
88.2
Combs...........................
85.4
88.0
Spinning spindles, w o o l e n . . . . . .
88.7
87.0
Spinning spindles worsted
83.0
2,156
1,150
1,724
4,198
3,876
579
8,710
102,898
110,211
54,786
45,969
446,873
667,909
397,740
13,481
1,263,616
83,313
82.0
85.7
87.0
84.4
90.0
80.0
72.7
93.7
111.4
89.?
93.7
, 1924,
41
1FEDBBAL
COMMODITY MOVEMENTS—Continued.
COMMODITY .MOVEMENTS—Continued.
Novem- October, Novem1923, ber, 1922.
ber, 1923.
Novem- October, November, 1923
ber, 1922.
1923.
Building Materials—Continued.
Textile s—Continued.
Men's and boys* garments cut (331;-establishments)*
Men's suits, wholly or partly wool,
Men's suits, all other materials......
Men's separate trousers, wholly or
partly w o o L . . . . . . . . . . . . . . . . . .
Men's trousers, all other materials.. . . . . . . . . . . . .
Men's overcoats...
...............
Boys' suits and separate p a n t s . . . . . .
Boys' overcoats and r e e f e r s . . . . . . . . .
Raw silk:
Consumption (bales)
25,225
Stocks at close of month (bales).....
35,398
Imports (pounds, 000 omitted)......
5,020
Hides sEd Leather.
S ales of raw hides and skins during
month (number, 000 omitted):
Cattle h i d e s . . . . . . . . . . .
..........
Calfskins
•.. . .
Kipskins..................... ...
Goat and k i d . . . .
Cabretta
.....
Sheep and lamb
Stocks of raw hides and skins at close of
month, (number, 000 omitted):
Cattle hides.....
Calfskins
Kipskins
-Goat and kid
.
Cabretta..
Sheep and l a m b . .
. . .
Production of leather (000 omitted):
Sole leather (backs, bends, and
sides).
...............
Skivers (dozens).
Oak and union harness (sides
stuffed)... . .
Boots and shoes, output (pairs, 000
omitted):
Men's...................
Women's.... . . . .
Aliother.
....
Total..............
1,441
43
135
635,271
413,819
494,877
430,273
129,065
25,917
32,679
4,021
35,467
47,159
4,710
1,841
871
256
1,136
143
3,649
1,536
906
336
1,508
52
3,001
5,278
2,297
822
10,889
683
8,899
6,163
3,692
1,153
8,202
1,036
9,409
1,556
41
147
8,896
9,567
12,092
...........
• Building Materials.
Brick (number. 000 omitted):
Clay fire b r i c k Production
Shipments
Stocks at close of m o n t h . . . . . . . .
New orders
Unfilled orders, close of month..
Face brick i-r
Production
Shipments.....................
Stoeks in sheds.
Unfilled orders'close of month..
Silica brick—
Production....
Shipments.
................
Stocks at close of month
Paving-brick—•
Production
Shipments
.................
Stocks, close of m o n t h . . . . . . . . . .
Orders received
Unfilled orders, close of month..
Cement (barrels, 000 omitted):
Production. „ . . . . . . . . . . . . . . . . . . . . . . .
490,800
59,114
30,555
54,502
48,918
184,425
44,671
60,400
•61,266
56,468
178,841
47,974
64,332
33,039
.25,977
71,860
43,026
39,657
35,083
71,451
49,227
9,666
8,519
43,771
31,837
26,765
98,858
16,080
62,315
12,124
11,250
42,597
3S,796
39,707
97,639
26,959
74,226
12,603
10,251
6,964
13,350'
14,285
'4,612
Stocks at close of month
Oak flooring (feet, 000 omitted):
30,654
Production
29,267
28,651
Shipments.........................
31,117
30,158
Orders booked....
.....
....
30,551
41,467
Stocks at close of m o n t h . . . . . . . . . . . .
38,646
Unfilled o r d e r s . . . . . . . . . . . . . . . . . . . . . 37,714
34,868
1
Not comparable with previous years after September, 1923,;
Maple flooring:
Production.............
.
Shipments..
........
Orders booked
Stocks, close of m o n t h . . . . . .
Unfilled orders
.....
Enameled ware (number):
BathsShipments... . . . . . . . . . . .
Stocks, close of m o n t h . .
New orders
LavatoriesShipments
Stocks, close of m o n t h . .
New o r d e r s - . . . . . . . . . . . .
SinksShipments..............
Stocks, close of month.
New o r d e r s . . . . . . . . . . . . .
Miscellaneous w a r e Shipments... . . . . . . . . . . .
Stocks, close of m o n t h . .
New o r d e r s . . . . . . . . . . . . .
11,813
9,858
9,022
22,159
15,129
12,312
11,595
9,394
19,861
14,797-
12,755
13,010
11,281
23,908
20,580
87,182
34,874
107,308
29,340
101,864
74,043
33,126
115,822
59,379
102,791
141,206
43,583
126,474
90,324
59,645
108,976
110,315
62,072
114,010
135,527
53,346
136,963
96,645
61,183
139,373
43,334
62,499
64,707
49,785
60,567
42,429
50,451
62,935
14,922
763,630
12,730
650,058
34,870
794,879
169,165
149,338
20,485
81,296
186,643
181,824
26,865
84,097
300,746
254,314
58,520
124,843
119,720
117,176
24,040
122,073
124,894
21,934
127,983
117,537
19,651
62,904
27,221
52,480
22,035
99,351
33,941
113,624
31,892
93,065
36,770
198,947
55,864
50,917
51,066
22,940
38,676
52,458
45,927
25,312
38,415
Miscellaneous Manufactures.
Chemicals:
Acetate of lime (pounds, 000 omitted
Methanol (gallons)
Wood pulp (short tons):
Production
Consumption.....
..
Shipments......
.....
.......
Stocks, close of month
1,538 Paper
(short tons):
34
NewsprintProduction.. . . . . . '
135
Shipments..
Stocks, close of month
Book p a p e r 8,700
Production.
8,938
Stocks, close of m o n t h . . . . . . . . . .
. 12,438
Paper b o a r d Production
30,076
Stocks, close of m o n t h . . . . . . . . . .
Wrapping p a p e r Production..
Stocks, close of month...
...
Fine p a p e r 56,546
Production
54,423
Stocks, close of m o n t h . . . . . . . . . .
155,876 Advertising (agate lines, 000 omitted):
54,187
Magazines.....
.'.
71,096
Newspapers
Rubber (pounds, 000 omitted):
42,587
Imports (pounds, 000 o m i t t e d ) . . . . .
32,900
Consumption by tire manufacturers
93,209 Tires and tubes (number, 000 omitted):
Pneumatic t i r e s 51,720
Production
13,871
Shipments, domestic
11,359
Stocks, close of month
42, .260
Inner tubes—
Production....
Shipments, domestic
Stocks, close of month
Solid t i r e s Production
Shipments, domestic
,
Stocks, close of month
11,349 Automobiles:
10,167
Production (number)—
5,320
Trucks.
26,828
Shipments—
26,431
By railway (carloads).
29,269
Driveaways (number).
19,123
By boat (machines)...
35,209
m
77,300
45,539
31,666
2,263
109,293
1,877
100.616
39,473
24,114
55,819
28,672
2,365
2,511
4,709
2,361
2,820
4,876
2,733
2,380
4965
3,331
3,306
3,855
3,596
3,851
3,075
6,210
29
48
181
37
48
235
61
235
284,758
27,374
334,244
29,638
215,225
21,291
39.850
29,100
7,000
42,236
37,947
7,663
27,232
27,376
5,070
2,247
105,585
34,823
42
FEDERAL, RESERVE BULUSTIN.
COMMODITY MOVEMENTS-Continued.
BUILDING STATISTICS.
Novem- October, November,
ber,
1923.
Novem- October, November, 1923.
1923.
ber, 1922.
Miscellaneous Manufactures—Con.
Locomotives (number):
Domestic snipped..
Foreign completed
Total
Unfilled ordersDomestic. .......'.
Foreign.
Total..
Vessels built in United States and
officially; numbered by the Bureau of
Navigation:
Number
—Gross tonnage
-Transportation.
Freight carried by Class I railways: 1
Net ton-miles, revenue and nonrevenue (000,000 omitted)
Net tons per train
Net tons per loaded car.... —
Bevenue freight loaded and received
from connections (cars loaded, 000
omitted):
Classified by nature of productsGrain and grain products
...
Livestock
Coal.........
Coke.-....-..-..
•
Forest products
Ore..-.
Merchandise, 1. c. 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)
—
Vessels cleared in foreign trade (tons,
000 omitted):
American
Foreign.
Total....
Percentage of American to total...
Commerce at; Sault Ste. Marie Canal
(tons, 000 omitted):
Total freight... .....
Eastbound
Westbound..
270
295
15
299
310
656
35
915
62
691
977
82
6,576
78
18,350
Building permits issued in 168 cities,
grouped by Federal reserve districts:
Number of permits—
Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities)
........
Richmond (15 cities)...........
1,501
Atlanta
(15
cities)
118
Chicago (19 cities)
1,619
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9cities):................
San Francisco (20 cities)........
27,720
39,449
733
27.4
39,287
732
27.7
211
173
764
222
197
863
54
333
267
1,136
1,757
4,829
229
168
834
54
267
127
971
1,412
49
4,232
310
4,232
3,108
11,960
3,299
6,595
4 271
3,768
14,857
3,039
2,276
2,703
2,637
15,140
2,301
9,022
2,504
4,150
3,433
3,010
9,437
2,048
1,442
2,269
2,184
10,490
57,700
73,653
52,290
9,173
88,619
10,103
18,006
11,270
9,094
46,307
7,512
7,888
5,971
4,589
30,392
11,917
79,113
15,443
19,745
11,095
9,160
54,957
4,588
5,001
8,970
4,737
40,028
8,388
66,684
15,357
14,713
9,519
5,125
41,425
5,812
5,268
8,278
3,860
26,200
248,924
264,755
210,629
22,976
120,523
20,828
33,768
18,189
18,284
43,690
20,473
9,356
9,395
29,552
111,818
25,346
41,235
20,937
22,580
58,240
28,248
11,562
9,703
25,298
77,700
16,929
29,337
' 19,848
Total (10 districts)
317,482
By classes of construction (square
feet, 000 omitted)—
Residential buildings
33,114
Industrial....
5,633
6,906
Business
. .
3,529
Educational...
...
698
Hospitals and institutions..
1,313
Social and recreational
475
Religious and memorial
287
Public
51,972
Total (27 States)»
359,221
2 219,351
35,008
3,877
7,582
3,907
1,419
1,305
756
311
28,759
6,415
6,427
2,180
1,016
870
992
266
54,258
46,946
Total
Value of permits (dollars, 000
omitted)—
Boston (14 cities).
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities).
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
DaUas (9 cities)
San Francisco (20 cities)....
Total.. .....
91,982
37,232
45,916
27,393
18,538
6,413
5,209
3,551
1,018
950
155,626
14,518
5^063
3,774
150,624
154,771
79,818
43,722
226,288
2,885
2,963
5,848
49.3
2,688
3,304
5,992
44.9
3,446
2,799
6,245
55.2
10,706
8,361
2,344
13,003
10,531
2,471
9,468
6,559
2,909
Atlanta
Chicago.. . . .
St. Louis
Minneapolis
Kansas City
548
649
255
4,062
739
2,108
2
i Figures for October, 1923, September, 1923, and October, 1922.
2,439
10,145
2,438
4,945
3,285
2,856
10,638
2,426
1,716
2,256
2,176
12,380
Building contracts awarded:
4,062
By Federal reserve districts (dollars 000 omitted)—
Boston
New York
1,018
Philadelphia
873
Cleveland
132
• Richmond..i
587
1,137
971
200
659
776
763
323
4,829
1,008
843
166
614
1922.
1923.
144
15
159
42,209
722
27
313
155
1,054
1,513
JANUAKY, 1924.
45,429
4,810
Total for seven districts.
3 Includes miscellaneous building contracts as well as groups shown.
48
FEDEEAL RESERVE BULLETIN.
JANUARY, 1924.
WHOLESALE AND RETAIL TRADE STATISTICS.
Sales of both wholesale and retail dealers
were considerably smaller in November than
in October. This was partly due to a less
number of working days and other seasonal influences in November. The size and importance of these influences is discussed in an
article on pages 17 to 21,. while a discussion of
trade developments in the month of November
is published on page 32. Indexes of wholesale
and retail trade bylines and'districts, follow:
WHOLESALE TRADE IN T H E UNITED STATES, BY LINES.
[Average monthly sales 1919=100.]
Gro-
1922.
September.,
October
November..
December.,.
1923.
January
February...
March
April
May
June
July
,
August.....
September.,
October
November..
61
78
Hardware. Drugs. Total.
Meat.
116
108
94
73
100
94
103
82
109
112
118
114
100
106
105
117
102
98
113
87
84
89
94
121
123
123
97
105
111
103
113
107
120
106
107
107
106
111
115
129
110
78
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS.
Percentage change
in N o v e m b e r ,
1923, sales as compared with—
October, Novem1923.
ber, 1922.
Groceries:
United States
Boston district . . .
.
. . . .
New York district
Philadelphia district
.
Cleveland district
Richmond district
Atlanta district
Chicago district........ . . .
... ... . •
St. Louis district
„.
Minneapolis district
Kansas City district... .
Dallas district
San Francisco district.
Dry goods:
United States
New York district
Philadelphia district......
Cleveland district
Richmond district
Atlanta district...
•
—5.1
—5.6
—4.6
—5.8
—10.1
—5.7
—6.1
-5.2
—7.1
.2
-o.5
—13.3
-3.2
—21.9
—21.5
—13.7
—15.7
—24.1
-22.5
5.7
7.5
20
8.8
4.0
13 3
5.1
2.0
3.2
5.3
mo
7.2
5.4
2.1
—8.6
—2.8
—4.0
4.5
3.2
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued.
Percentage change
in November,,
1923, sales as compared with—October, Novem1923.
ber, 1922.
Dry goods—Continued.
Chicago district
.
St. Louis district.. •.
Minneapolis district
.....
Kansas City district........
Dallas district...
San Francisco district....
.
Shoes:
United S t a t e s . . . . . . . . . . . . . . .
New York district.......
...... . . . .
Philadelphia district
Richmond d i s t r i c t . . . . . . . . . . . .
Atlanta district
Chicago d i s t r i c t . . . . . . . . . . . . . .
St. Louis district,.....
.
.
Minneapolis district......
San Francisco district..........
Hardware:
United S t a t e s . . . . . . . . .
New York district......... .
Philadelphia d i s t r i c t . . . . . . . . . .
Cleveland district
Richmond district
Atlanta d i s t r i c t . . . . . . . . . . . . .
Chicago d i s t r i c t . . . . . . . . . . . . . . . . .
St. Louis district
Minneapolis district.
Kansas City district.
Dallas d i s t r i c t . . . . . . . . . . . . . . . .
San Francisco district......
.
.
...
Drags:
United States.
New York district............
Philadelphia district
Cleveland d i s t r i c t . . . . . . . . . . .
Richmond district.
Atlanta district........
.
Chicago d i s t r i c t . . . . . . . . . . . . . . . . .
St. Louis.......
Kansas City district..
.. .
Dallas district.....
San Francisco d i s t r i c t . . . . . . . . . . . . . . . . . .
Furniture:
Richmond district
..
Atlanta district
St. Louis district.
Kansas City district.........
Dallas district.
San Francisco district........
Agricultural implements:
Minneapolis district...
Dallas district
.
San Francisco district
Stationery:
New York district.......
Atlanta district
San Francisco district.....
Auto supplies:
Chicago district
.
San Francisco district.
Men's clothing:
New York district
Women's clothing:
New York district.
.
Machine tools:
New York district
Diamonds:
New York district.
Jewelry:
New York district
—16.8
—17.3
4.5
-10.8
-26.4
—22.8
4.8
—14 4
1.6
—4.4
31,3
—10.2
—21.3
-17.7
-24.9
—25.1
-13.1
-30.2
—21.3
—24.5
—15.6
—11.9
—3.8
-15.1
—20.2
6.8
-19.4
—3.4
—31.0
—11.0
—12,3
—8.3
-17.5
—16.4
14.7
—11.6
—15.8
—8.9
—8 1
—9.5
—13.9
8.5
11.7
2.1
1.9
2.7
6.5
12.7
9.5
5.1
—5 6
9.7
1.1
—13.9
—26.1
—11.1
—9.3
—8.0
— .6
-8.8
—5 4
—9.0
—14 7
—8.3
7.8
1.1
3.5
3.6
5.4
11 1
13.1
88
—1.7
16 7
19.7
—22.2
—11.1
—24.4
—3 2
—7 6
—7 5
19.6
38
—26.8
—4 4
10 3
55
—19.7
15 2
—15.7
29 3
43 8
11.4
6.4
-19.8
—3.9
14 7
—16.2
10.8
—9.8
—6.4
21. S
23.2
—41 8
4
—46.0
—8.7
—12.7
5.3
—19.1
—12.6
-4.0
9.3
44
FEDERAL, KESEKVE BUULETIH.
.TAN OAKY, 1924.
RETAIL TRADE, BY REPORTING LINES.
[Average monthly sales, 1919^100.]
<3hain stores.
DepartMail-order
ment
(4
stores (333 houses
Five and
houses).
Grocery
stores).
ten (5
(32 chains). chains).
1922.
September......
.. * .
October................ .
November.
December.
....
......
1923,
J a n u a r y . . . . . . . . . . . . . .. . . . . . . . .
February........................
March .».
April
May
„
Juns...
July....
. . . . . . . ....
August.
September...
October . . . . . .
..November
108
130
131
188
75
109
110
108
142
149
162
166
101
90
124
119
128
126
89
100
112
148
142
88
84
113
103
98
86
74
73
92
134
122
165
159
189
167
180
168
166
171
170
190
187
/
Drug (10
chains).
Clear (3
chains).
Shoe (8
chains).
Candy
(4 chains).
Music (4
chains).
151
279
129
133
123
162
135
127
127
179
116
121
123
162
118
119
121
204
115
117
162
142
154
154
143
153
151
180
176
129
126
145
135
142
149
141
145
143
152
141
116
. 110
135
125
137
136
128
135
140
138
134
68
72
145
125
143
144
102
95
127
139
131
95
88
96
99
100
97
82
103
102
137
149
135
155
154
150
145
220
132
133
• 187
159
170
176
176
179
176
185
174
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS.
[Average month, 1919=100.]
District
No. 1—
Boston
(24
stores).
1922.
October
November. . . .
December
.
...
1923.
January . . .
;
February...........
....
March.........
April...................
May
June .
...
... ......
July
August . . .
.
.....
September
October
... ... ....
November
District District
District District.
3— District
No. 5— No. 6—
No.2— No.
4—
Phila- •No.
RichNew
CleveAtlanta
delphia
mond
(19
York (64
land
(27
(35
(22
stores). stores).
stores). stores). stores).
District Index for
District District District No.
12— United
No. 7— No. 9— No. 11—
San
Chicago MinneStates
Dallas Francis(67
apolis (23
(21
(333
co (31
stores). stores). stores). stores).
stores).
116
137
137
197
107
145
142
200
99
133
153
191
107
134
131
194
91
119
122
185
86
114
113
162
118
127
134
190
103
115
105
157
101
105
105
149
114
138
134
204
106
130
131
188
106
92
127
128
133
136
90
99
116
144
146
108
88
124
122
129
128
85
87
112
159
152
107
101
133
115
128
133
82
93
104
154
169
106
97
139
129
136
143
97
109
119
156
144
84
80
115
101
112
115
83
83
90
130
124
83
78
106
101
108
102
77
81
92
132
120
102
96
128
131
136
137
96
119
127
154
146
87
72
105
114
113
109
79
96
103
119
110
81
73
99
89
106
92
67
69
102
125
112
115
102
135
124
147
128
116 '
136
127
160
146
101
90
124
110
128
126
89
100
112
148
142
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS.
[Average monthly stocks 1919=100.]
District
No. 1—
Boston
(24
stores).
District District District District District District District District District Index for
No. 2— No. 3— No. 4— No. 5— No. 6— No. 7— No. 9— No. 11— No. 12— United
Philadel- CleveAtlanta Chicago MinneNew
RichDallas San Fran- States
(286
(22
York (64 phia (13 land (26 mond (19
(55
apolis (15
(19
cisco (29
stores). stores). stores). stores). stores). stores). stores). stores). stores). stores).
1922.
September . .
October
November.
.
December .
122
129
135
111
121
125
132
111
141
148
147
124
114
120
125
106
120
130
126
103
119
121
123
101
130
136
138
115
102
106
108
90
118
120
119
94
121
123
128
110
122
127
130
109
1923.
January .
February. .
. .
. .
March... .
April
May . .
June.
July . .
August....
......... .
September..
October.
November.... . . . .
107
112
120
125
124
116
109
116
129
142
145
107
112
123
127
125
116
111
119
131
142
145
118
135
148
153
148
143
137
152
166
176
176
103
112
121
128
127
121
118
122
135
145
149
100
113
124
126
122
115
121
122
130
141
142
105
112
119
121
121
113
111
120
130
134
133
115
136
149
150
146
137
135
158
163
165
171
93
101
113
111
113
108
105
110
115
118
118
97
107
115
119
117
110
107
121
127
131
130
110
121
128
136
130
125
124
131
138
143
148
107
118
128
132
130
122
119
129
139
146
149
45
FEDERAL. RESERVE BULLETIN".
JANUARY, 1924.
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES.
INTERNATIONAL WHOLESALE PRICE INDEX.
In November the price index was unchanged in the United States, rose in England and
France/ and declined in Canada. The 5-point advance m England reflects the rise in cotton
and the decline of sterling exchange, which left the gold index unchanged at 154. In France
the 12-point rise in prices did not fully compensate for the fall in exchange, with the result that
the gold index fell 6 points, to 119. The figures necessary for compiling the Federal reserve
index for Japan have not been received since August, but the October and November index
numbers of the Bank of Japan show that since the earthquake there has been a violent rise in prices,
A 7marked tendency of the commodity groups—raw materials, producers7 goods, and consumers goods—to return to the same relationship as 1913 has appeared during the year in the
British and French as well as the American index. In the American index this trend was
distinct as early as last April. In the British index it was not perceptible until August and
still has not progressed so far as in the United States. The tendency is evident in France,
although the groups respond in varying degrees to the fluctuations of the exchange.
The movement of the British gold index with relation to the American index in 1923 has
been strikingly similar to that of 1922. During the first half of 1922 the two indexes ran close
together; from July to October they diverged until the British index was materially below the
American. From November, 1922, to March, 1923, under the influence of rising exchange,
British gold prices advanced until they practically coincided with American prices, remaining
practically identical until July. In August and September British gold prices, with the fall in
sterling, dropped well below the American level, but in October and November ran parallel to
it, the spread being only about half as great as last year.
. .•
INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
550
500
ON ACTUAL CURRENCY BASIS
CONVERTED TO GOLD BASIS
•50
400
350
300
200
150
Canada
France
100
100
1920
1921
1922
1923
1924-
1920
1921
1922
1923
1924
46
FEDERAL, RESERVE BUULJETHsT.
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 international index. In the
first table the all-commodities index for each
country is shown both in terms of the actual
JANUARY,
1924.
currency and " converted to a gold basis." The
latter figure takes into account the depreciation of the foreign currency in terms of the
American dollar and the series indicates relative
price levels in the several countries when all
prices are expressed in dollars.
INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD.
O n actual currency basis."
Converted to gold basis.
Year and month.
United England. France.
States.
1913
1919
1920
1921
average
average
average
average
- ....
. -
100
Canada.
Japan.
United
States.
England. France.
Canada.
100
241
242
175
175
Japan.
100
211
239
149
158
100
241
310
198
165
100
207
250
167
149
100
235
240
181
182
100
211
239
149
158
100
219
233
156
150
100
512
344
319
187
13E
136
100
199
223
150
147
164
165
162
164
329
337
147
147
172
173
164
165
149
155
117
126
147
146
170
166
166
169
165
168
173
148
152
155
176
183
185
166
168
169
158
162
168
120
121
131
147
150
152
172
178
180
170
167
164
159
159
163
163
163
176
173
171
168
164
165
166
171
346
380
398
390
386
394
391
391
404
404
416
156
155
153
151
149
148
147
144
185
187
186
182
170
167
164
159
159
163
163
163
167
164
162
158
154
154
154
154
135
133
129
119
115
123
125
119
153
152
150
147
146
144
145
141
181
184
183
178
1922.
1923.
F©t>ru&rv
March
April
. ...................
September
. . . ...............
GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.*
1922
1923
1928
Countries and commodity groups.
Countries and commodity groups.
July.
Aug.
Sept.
Oct.
Nov.
Nov.
July.
Aug.
Sept.
1922
Oct.
Nov.
Nov.
UNITED STATES.
163
165
144
176
167
160
162
163
165
150
182
167
160
161
163
165
147
196
166
159
163
164
160
136
173
177
150
156
All commodities.... J
Goods produced
j
Goods imported
Goods exported.....
Haw materials
Producers' goods
Consumers' goods...
164
185
162
166
165
150
" 177
165
164
167
167
164
152
176
166
165
167
167
165
154
177
171
171
173
177
171
162
182
162
161
165
154
166
146
172
All commodities
Goods produced
Goods imported.....
Goods exported
Raw materials
Producers' goods....
Consumers' goods...
391
397
445
393
406
414
363
404
409
460
419
416
433
375
404
410
457
422
427
435
374
416
419
482
443
427
449
385
All commodities,..
Goods produced...
Goods imported
Goods exported....
Raw materials
Producers 7 goods...
Consumers' goods..
159
159
161 - 161
141
136
170
166
163
162
160
158
155
157
All commodities...
Goods produced...
Goods imported...
Goods exported....
Raw materials
Producers 7 goods...
Consumers' goods..
168
169
164
173
171
153
178
All commodities....
Goods produced....
Goods imported...'..
Goods exported
Eaw materials..
Producers' goods....
Consumers'" goods...
391
398
434
384
417
418
345
151
149
164
142
137
168
168
149
148
162
142
131
166
172
148
146
163
141
131
167
170
147
144
165
137
130
171
165
144
141
165
134
127
169
162
147
143
165
138
135
157
160
JAPAN.
182
184
173
192
179
176
186
172
173
166
194
173
168
173
329
336
362
355
355
333
296
i 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.
JANUARY,
47
FEDERAL RESERVE BULLETIN.
1924.
REVISION OF THE INDEX OF WHOLESALE PRICES IN FRANCE.
A revision has been made in the board's brings that class of commodities more into line
index, of wholesale prices in France in the raw with the other groups^ The revision resulted
materials and producers' goods groups. The in raising the general index for all comxnodichange raises the level of producers' goods and ties by about 25 points.
All commodities.
All commodities.
Raw
Pro- Goods Goods
exmate- ducers' proIn
rials. goods. duced. ported. actual
currency.
1920.
January
February.
March
April
May
June
July
August
September
October
November
December. . . . . . . .
1922.
465
493
521
562
571
529
514
534
532
519
507
462
500
547
586
646
667
646
614
607
591
559
530
469
436
456
498
542
557
526
519
537
536
523
494
459
516
565
595
669
690
570
524
528
529
489
423
394
447
472
513
562
575
535
520
536
533
517
489
450
196
172
191
182
204
219
219
199
186
175
152
138
415
390
366
361
342
340
336
329
335
326
322
320
408
370
360
347
321
302
310
307
321
320
312
308
421
398
378
364
359
345
345
331
324
316
315
321
372
348
322
296
284
271
275
276
292
308
311
299
414
389
370
357
346
333
334
323
322
316
313
307
138
145
135
134
150
139
135
130
121
119
117
125
1921.
January .
....
February.«....
.
March
„„
April... .
May
June
July
August
September
October.„.
November
December
Raw
Pro- Goods Goods
exmate- ducers' proConIn
rials; goods. duced. ported. actual
verted
to a
curgold
rency. basis.
Converted
to a
gold
basis.
January
February.
March
April . . .
May
. . . . . . . ...
June
...
July
August..
........
September.
October..
November
December
314
307
312
325
330
334
339
336
331
335
355
360
307
305
307
306
303
310
317
318
319
319
333
339
322
319
326
342
346
346
347
336
327
325
336
346
293
291
288
290
295
309
314,
312
318
325
355
352
306
303
307
320
324
325
328
320
315
315
329
337
130
137
143
153
153
148
140
132
125
120
117
126
1923..
January.
February...
....
March
.....
April...............
May
June
July.
August.
....«
September..........
October.
November..........
374
406
427
419
417
418
417
406
416
417
427
352
393
426
424
426
419
418
414
433
435
449
353
387
406
400
395
402
398
397
409
410
419
365
405
421
403
381
385
384
393
419
422
443
346
380
398
390
386
394
391
391
404
404
416
120
121
131
135
133
129
119
115
123
125
119
WHOLESALE PRICES IN THE UNITED STATES.
INDEX OF THE BUREAU OF LABOE STATISTICS.
[1913=100.]
Federal Resenre Board regroupings.
Bureau of Labor Statistics groups.
Chemi- House
MisCloths Fuel Metals
furand BuildFarm
celcals nishand
and metal
ing
prod- Foods. clothlaneand
lightmateing
products.
ing.
ing. ucts. rials. drugs. goods. ous.
1922.
November
December
1923.
January
February
March
April.. .
May
......
June....
....
July. .
August....
September .
October.
... .
November.,
Rawr materials.
All
comAni- For- Minermodmal
est
al
ities. Crops. prodprod- products. ucts. ucts.
ProTotal ducers'
raw
mate- goods.
rials.
Consumers'
goods.
143
145
143
144
192
194
218
216
133 '
131
185
185
127
130
179
182
122
122
156
156
180
161
129
128
207
210
209
208
166
167
136
135
155
157
143
142
143
141
139
138
135
138
144
144
140
141
143
144
144
142
141
141
196
199
201
205
201
198
193
193
202
199
201
218
212
206
200
190
186
182
178
176
172
133
139
149
154
152
148
145
145
144
142
141
188
192
198
204
202
194
190
186
182
182
181
131
132
135
136
134
131
128
127
128
129
130
184
184
185
187
187
187
187
183
183
183
176
124
126
127
126
125
123
121
120
121
120
118
156
157
159
159
156
153
151
150
154
153
152
164
170
174
172
167
165
154
152
163
172
179
125
123
123
123
122
119
120
125
131
122
115
215
220
227
232
226
215
209
203
196
197
196
213
207
202
198
189
184
179
177
176
171
167
168
167
167
166
161
158
153
153
158
155
154
136
141
14S
150
148
144
141
137
139
139
138
155
155
158
157
166
155
154
154
158
159
159
146
147
148
148
167
48
FEDERAL, EESERVE BULLETIN,
JANUARY, 1924.
WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
ALL-COMMODITIES INDEX NUMBERS.
EUROPE.
England.
Year and month.
Czecho- Denslovakia. mark.
Belgium.
Bulgaria.
1922.
October
. . .
November
December
385
408
407
2,558
2,564
2,630
1,059
1,017
999
176
180
182
155
158
156
153
153
152
337
352
362
1923.
June
July
August... . . .
September
October
November
December
484
504
529
514
515
2,545
2,408
2,292
2,265
2,263
1 001
968
958
957
973
964
984
202
207
207
202
205
207
210
159
157
155
158
158
161
150
147
147
150
150
156
409
407
413
424
421
=
.
EUROPE—continued.
Year and month.
Sweden.
Board
Statist.
of
Trade.
France.
Italy.
Netherlands.
Norway
(Christiania).
566
1,151
1,475
601
596
580
155
158
155
221
221
220
2,013
2,756
3,464
172
174
172
19,385
74,787
944,041
23,900,000
7,100,000,000
725,700,000,000
568
566
567
569
563
571
149
145
142
145
148
230
235
231
234
237
242
18,841
30,700
53,569
73,022
273,807
686,427
170
170
171
174
171
Germany.
NORTH AMERICA.
j.
*LSIA
AND OCEANIA.
China
Switzer- United Canada. Austra- (Shangland.
lia.
States.
hai).
Dutch
East
India.
Poland.
Spain.
AFRICA.
India
New
Japan
Egypt
(Calcutta). (Tokyo). Zealand. (Cairo).
1922.
October..
November
December.
155
154
155
169
163
163
165
171
172
154
156
156
146
150
151
159
162
161
142
143
149
160
160
160
177
178
176
190
188
183
174
175
172
140
144
147
1923.
June
July.
Ausrust
September
October.
November
December.
160
157
163
155
153
151
164
162
162
162
161
181
180
175
173
181
182
183
153
151
150
154
153
152
155
154
153
155
153
178
180
175
172
171
155
155
153
157
156
157
158
166
160
175
170
171
174
174
177
198
192
177
176
175
177
176
173
128
123
120
123
129
134
210
212
South
Africa.
129
124
125
The foreign index numbers of wholesale and retail prices are cabled to the Federal Reserve Board by the
various foreign statistical offices. Index numbers of commodity groups for most of the countries are also
available in the office of the Division of Research and Statistics of the board and may be had at any time
upon request.
Sources of information, number of commodities included, and base periods for the index numbers of the
different countries and period of month to which figures refer are as follows: Belgium—Ministry of Labor,
128, April, 1914, last of half month; Bulgaria—General Statistical Office, 38, 1913, monthly average; Czechoslovakia—Central Bureau of Statistics, 126, July, 1914, beginning of month; Denmark—Finanstidende, 33,
July, 1912-June, 1914, beginning of month; England—Board of Trade, 150, 1913, monthly average; England—
Statist, 45, 1913, end of month; France—Statistique Generale, 45, 1913, end of month; Germany—Federal
Statistical Bureau, 38, 1913 = 1, monthly average; Italy—Riccardo Bachi, 107, 1913, end of month; Netherlands—Central Bureau of Statistics, 53, 1913, monthly average; Norway—Okonomisk Revue, 92, December,
1913-June, 1914, end of month; Poland—Central Statistical Office, 58, January, 1914 = 1, end of month; Spain—
Institute of Geography and Statistics, 74, 1913, middle of month; Sweden—Gotesborgs Handelstidning, 47,
July, 1913-June, 1914, middle of month; Sweden—Kommers-Kollegium, 160, corresponding month in 1913,
monthly average; Switzerland—-Dr. J. Lorenz, 71, July, 1914, first of month; United States—Bureau of Labor
Statistics, 404, 1913, monthly average; Canada—Dominion Bureau of Statistics, 238, 1913, middle of month;
Australia—Bureau of Census and Statistics, 92, July, 1914, end of month; China—Ministry of Finance, 147,
February, 1913, last Wednesday in month; Dutch East Indies—Statistical Bureau, 17, 1913, end of month;
India—Department of Statistics, 75, July, 1914, end of month; Japan—Bank of Japan, 56, 1913, monthly
average; New Zealand—Department of Statistics, 106, 1913, middle of month; Egypt—Department of
Statistics, 23, January, 1913-July, 1914; South Africa—Office of Census and Statistics, 188, 1913, monthly
average.
The retail price indexes have been shifted wherever possible from original bases to a July, 1914, base.
49
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES.
Other countries.
European countries.
BelAus- gium
GerCze- Engtria
cho- land France many
0
(Vien- prov(600 (Paris).
slo(71
na). inces). vakia. towns).
cities).
Base
period
-100.
July.
1914=
1.
April. July,
1914.' 1914.
July,
1914.
July,
1914.
August,
1913July,
1914=1.
United
New
Neth- NorStates Can- AusSwed- Swittra- India Zea- South
erSpain
(51
zeren
lia
(Bom- land Africa
(Maland cities). ada
Italy. lands way
(60
(9
(31
(48
(30 bay).
(25
(6
drid). towns). (33
cities). towns).
towns). towns).
cities). towns).
towns).
1913
July,
1914.
July,
1914.
1914
July,
1914.
June,
1914.
July,
1914.
July,
1914.
July,
1914.
July,
1914.
July,
1914.
1914
INDEX NUMBERS OF RETAIL FOOD PRICES.
1922.
Oct...
Nov
Dec
11,886
11,145
10,519
406
433
429
172
176
178
290
297
305
266
550
807
555
561
557
149
146
147
220
216
215
153
155
155
140
142
144
138
139
140
146
145
146
158
155
157
139
139
138
119
120
118
1923.
June
July....
Aug..
Sept....
Oct...
Nov
Dec .
14 132
12,911
12,335
12,509
12 636
12 647
12' 860
417
448
469
498
160
162
165
168
172
173
176
331
9 347
321 46,510
328 670,485
339 5 5 17.3
349 5 4,301.0
8 620 0
531
145
145
143
142
145
213
218
220
218
217
221
165
164
162
163
162
166
141
144
143
146
147
148
138
137
142
141
144
144
162
164
165
161
157
146
148
149
149
147
147
142
142
143
145
146
147
118
116
115
115
117
120
(3)
143
143
143
121
122
121
COST-OF-LIVING INDEX NUMBERS.
1922
Oct..
Nov.
Dec.
10,332
9,701
9,375
378
384
384
1,016
984
962
178
180
180
1923
June.
July..
Aug..
Sept.. .
Oct
Nov....
Dec
11,513
10,903
10,496
10 841
11 027
11,149
10,249
419
429
439
453
458
463
933
921
892
903
901
896
169
169
171
173
175
175
177
221
446
685
504
505
504
0)
176
238
7,650
37,651
586,045
331 5 5 15.0
3 657 0
5
6 570 0
491
487
483
487
174
236
173
230
300
334
1 Milan, first half of 1914=100.
2 Massachusetts Commission on the Necessaries of Life.
178
178
177
178
170
168
155
158
158
(2)
153
154
154
147
147
148
162
160
161
170
172
178
178
174
161
160
161
165
165
164
166
166
184
164
164
167
156
157
156
157
158
146
146
148
148
149
150
151
153
154
154
152
153
«6 months' moving average.
41910-11=100.
& Millions.
145
145
146
147
120
119
118
118
121
122
50
FEDERAL. RESERVE BULLETIN.
JANUARY, 1924.
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
MONEY RATES, CURRENCY VALUES, AND. COMMODITY PRICES ABROAD.
Interest and discount rates in Europe during the second half of the year 1923 showed an
upward movement, indicating an increasing demand for funds. In some continental countries
there appeared, in fact, to be an acute shortage of funds resulting in unusually high levels of
interest rates. The movement of gold to the United States continued in larger volume than
in 1922, but exchange rates on nearly all the countries declined during the year. These declines
in exchange rates, which have been due in part to political causes, have not been reflected in
commensurate price advances in most foreign countries, with the consequence that at present
price levels in these countries, when expressed in terms of gold, are lower than a year ago.
Interest and discount rates.—High interest rates have prevailed in those European countries where currencies are greatly depreciated, while throughout the last three quarters of 1922
and the first half of 1923 in England and in other countries with currencies of relatively high
value liquid funds have been abundant and money rates low. The monthly average rate on
3-month bankers' bills in the London market decreased from about 5 | per cent in 1921 to about
3 J per cent in 1922, and during the first half of 1923 these bills were quoted below 2 per cent.
Short-term treasury bills and 6-month trade bills showed the same tendency. After July, 1923;
however, interest rates hardened, the rate on 3-month bankers' bills rose to above 3 per cent;
and 6-month trade bills during October and November commanded a rate of 5 per cent, the
highest since the beginning of 1922. Treasury bills, whose average rate was about 1.80 per
cent for the first half of the year, fluctuated between 2f and 3 per cent during the past six months.
Money rates on the Continent were high throughout the second halt of the year, and in
many countries, such as Austria, Hungary, Rumania, and Poland, the rates reached unusually
high levels. The rise in interest rates has been reflected in the discount rates of several banks
of issue. On November 9 the Bank of Sweden advanced the bank rate from 4 | per cent, which
had prevailed since July, 1922, to 5J per cent, the first increase in the Swedish discount rate
since September 17, 1920. On November 10 the Bank of Norway followed with an increase
in the discount rate from 6 to 7 per cent, the second advance during the year. The high rates
of interest prevailing in surrounding countries and the large demand for credit induced the
banking department of the Czechoslovak Government on November 29 to increase its discount
rate from 4 \ to 5J per cent. The Bank of Issue of Poland on October 1 raised its discount rate
from 12 to 24 per cent, and on November 12 doubled it again to 48 per cent. The Bank of
Finland, which on September 13 raised its rate from 8 to 9 per cent, decreased it on October
29 to 8 per cent, but on November 30 raised it again to 10 per cent, the highest rate ever reached
during the past 15 years. The National Bank of the Netherlands, whose discount rate had
been reduced to 4 per cent on July 18, 1922, advanced its rate to 4^ per cent on December 13,
1923.
Exchange rates and price levels.—Exchange rates on foreign countries have shown declines
for the year, the exchange index of the Federal Reserve Board falling from 70 for December,
1922, to 61 for November, 1923, a reduction of 13 per cent. Sterling declined 5 per cent; French
francs, 24 per cent; Italian lire, 13 per cent. South American exchanges have shown similar
weakness. In contrast to these declining rates the Oriental exchanges have been firm. The
Shanghai tael, whose value depends upon the price of silver, closed the year at about the same
figure as at the beginning, as did the Japanese yen and the Indian rupee.
Among other exchanges, the Swedish krona, which in December, 1922, was at a slight premium over the dollar, was firm near par, as was the Netherlands florin, except for a break in
November from which it partiall}^ recovered. Austrian exchange was stable throughout the
year, and that of Czechoslovakia and Finland practically so.
In countries with relatively steady exchanges, commodity prices have moved parallel
with prices in the United States. As a result, their prices measured in gold now bear about
the same relation to the American price index as they did a year ago. On the other hand,
JANUAKY, 1924.
51
FEDERAL RESERVE BULLETIN.
in countries whose exchanges have depreciated severely during the year, commodity prices have
not risen to a compensating degree, and gold prices in those countries are further below American
prices now than they were at the beginning of the year. For example, in Italy, where, between
December, 1922, and November, 1923, the exchange rate dropped 13 per cent, actual prices fell
about 2 per cent, while prices converted to a gold basis declined 14 per cent. The Norwegian
exchange fell 22 per cent, currency prices rose 10 per cent, and gold prices fell about 10 per cent.
TREND OF BUSINESS ABROAD.
EngUnited
land. France. Canada. States.
Items.
Million
pounds.
1,205
1,031
1,005
1,005
1,021
1,019
COMMERCIAL BANK LOANS:
1921—November.
1922—November
1923—May....
September
October
November
.
Million Million Million
francs. dollars. dollars.
11,335
11,343 1,354
11,219
13.265 1,255
11,840
1,236
13,734
11,877
1,219
14,719
11,943
1,241
13,924
11,904
COMMERCIAL BANK DEPOSITS:
1921—November..
.......
1922—November
1923—May.... r
September
October................
November
1,793 11,150
1,667 13,121
1,608 13,634
1,609 14,674
1,629 13,961
1,630
2,093
2,036
2,067
1,997
1,990
10,270
11,094
11,173
10,891
11,158
11,102
CENTRAL BANE: DISCOUNTS:
1921—November
1922—November.
1923—May...................
September
..
October
November.
1
83
68
71
71
2,287
2,818
2,372
2.511
72
73
3; 089
3,725
418
390
390
394
384
384
36,336
36,114
36,741
37,626
37,670
2,921
2,989
3,067
2,603
3,243
3,192
505
•
1,182
614
731
794
CENTRAL BANK NOTE ISSUES:
1921—November
1922—November
1923—May
September
October
November
.
]
421
401
427
427
BANK CLEARINGS: «
1921—November
1922—November
1923—May
September
October
November
.....
CENTRAL BANK DISCOUNT KATE:
. Co.
1921—November. .
1922—November
1923—May..
._..'.]
September.......
October.
November
WHOLESALE PRICE INDEX: 3
1921—November
1922—November
1923—May
September
October
November
.....
[
RETAIL PRICE INDEX: «
1921—November
1922—November
1923—May
.'...'..'.'.'.'.'.'.[
September
October
November
FOREIGN EXCHANGE:
1921—November
1922—November
1923—May
September
October
November
...
.
761
877
1,667
1,619
1,662
1,220
2,220
1,910
P.ct.
5
3
3
4
4
4
(Relative—1918= 100.)
145
174
313
147
162
329
155
173
386
148
165
404
147
166
404
144
171
416
(July, 1914=100.)
326
203
149
180
297
139
325
170
140
173
339
141
349
175
144
175
144
(Per ce, of par.
81.58 37.30 9 U 1
92. 06 35.54 100.03
95.05 34.39 97.94
93.34 30.34 97.65
92.96 30. S2 98.55
90.05 28. 58 98.13
2,366
2,330
2,250
2,248
2,225
2,246
Items.
PIG IRON PRODUCTION:
1921—November
1922—November.....
1923—May
,
September
October...
November
England. France. Canada. United
States.
(Relatives—1913^100.)
57.1
31.8
68.0
40.8
57. 8
118.2
120.8
83.5
90.6
89.5
65.4
111.1
87.6
69.7
118.4
74.1
COAL PRODUCTION:
1921—November.
1922—November.
1923—May
September.
October....
November.
80.9
98.2
92.6
97.5
101.8
101.6
97.2
110.3
105.1
129.6
126.9
121.6
148.4
100.1
97.3
SHIP CLEARANCES:
1921—November.
1922—November.
1923—May
September.
October....
November..
Number.
3,730
285
199
111
52
70
1921—November.
1922—November.
1923—May
September.
October
November.
15,925
17,133
19,368
17,260
19,747
18,521 VALUE OF IMPORTS:
1921—November.
1922—November.
1923—May
September.
October
November.
VOLUME OF IMPORTS:
1921—November
1922—November
1923—-May
September
October...
November
62,895
66,491
71,555
63,836
71,323
65,768
1,642 87,640 294,092
1,683 131,826 380,000
2,675 76,049 316.359
2,435 68,758 381,434
2,814 101,300 400;814
2,941 139,005 404,000
Relatives -1913=100.)
(22.
72.3
85.5
98.0
92.1
114.5
124.2
122.2
137.4
118.3
135.0
150.6
20i.l
236.4
128.2
162.2
153.7
110.0.
102.2
145.7
117.9
125 A
98.1
112.4
81.0
112.5
115.4
105.7
VOLUME OF EXPORTS:
1921—November
1922—November
1923—May
September
October.
November
Relatives.*
90.2
95.8
91.4
100,0
99.5
98.8
ThouThousand Million sand
pounds francs. dollars.
89,254 1,761 64,271
95,600 2,349 76,264
89,479 2,597 84,265
83,266 2,613 71,351
99,915 3,069 76,341
101,585 3,161 72,084
VALUE OF EXPORTS:
1921—November.
1922—November.
1923—May
September.
October
November.
90.2
113.6
115.6
115.9
123.3
107.7
110.0
139.0
132.1
133.0
133.7
130.4
85.6
112.8
130.1
119.1
128.7
111.2
UNEMPLOYMENT: S
55.3
111.3
151.0
122.1
123.0
113.0
60.7
73.3
80.7
71.4
1
Canada—issues of the Dominion and commercial banks.
2 England and Canada—total monthly clearings; France—average daily clearings; United States—total monthly debits to individual
accounts,
not including New York City.
3
Federal Reserve Board index numbers.
^ England—Ministry of Labor cost of living; France—Statistique Generale retail food in Paris; Canada—Department of Labor retail food
index;
United States—Bureau of Labor retail food recomputed on new base.
5
England—per cent of unemployed in insured trades; France—actual number unemployed in Paris; Canada, index of employment in 54
ndustries; Imited States index of employment in 33 industries.
e Canada—Jan. 17, 1920=100; United States—1919=100.
52
^ 1924.
FEDERAL RESERVE BULLETIN.
INDUSTRIAL STATISTICS IN FOREIGN COUNTRIES.
ENGLAND.
GERMANY.
1923
July.
September.
1922
1923
1922
OctoNoNober. vember. vember.
SepSepAugust. tember.
tember.
Exports:
Iron and its
Production:
Coal (thousand long tons)
Pig iron (thousand long tons)...
Steel ingots and castings (thousand long tons)
*
Raw cotton, visible supply * (thousand bales)..
Exports:
Iron and steel amd manufactures (thousand long t o n s ) . . .
Cotton manufactures (million
yards)
Coal (thousand long tons)
Imports:
Raw cotton (million p ounds)...
Raw wool (million p o u n d s ) . . . .
Raw hides, wet (thousand
pounds)............
Transportation:
Ships cleared with cargo (2)
(thousand tons)
Freight train receipts(thousand
pounds sterling)
Freight train traffic (million
ton-miles).
Unemployment:
Among trade unionists (per
cent).
In insured trades (per cent)
Index of security prices (December,
1921=100)
Capital issues (thousand pounds
sterling)
1
End of month figures.
2
26,925
559
22,507
596
22,467
598
21,712
494
695
702
750
601
538
618
802
1,114
334
348
6,316
63
23
6,890
375
7,433
175
28
10,456
6,534
395
372
353
6,670
171
38
402
6,571
9,081
6,057
183
60
6,160
5,658
8,557
9,954
1,558
1,568
11.3
11.7
10.9
11.7
10.5
11.5
14.2
12.7
115.5
115.5
113.6
114.1
7,254
40,282
14,246
18,680
Production:
4,322
3,753
Coali (thousand metric tons)...
4,410
513
514
Pig iron (thousand metric tons).
482
Crude steel (thousand metric
446
477
410
tons)
Cotton stocks at Havre 2 (thou64
158
48
121
sand bales)
Exports:
Total volume (thousand metric
2,170 2,309
2,025
tons)
2,681
Imports:
Total volume (thousand metric
4,360 4,975
tons)
5,063
4,576
Raw cotton for consumption
20,387
(metric tons).
.- 11,101 32,379 33,047
971
526
Raw silk (metric tons)
908
1,137
2,946
1,965
2,272 2,804
Coal (thousand metric tons)
Transportation:
Ships cleared with cargo
(thousand tons)
2,455
2,592
2,800 2,419
Railway receipts (thousand
francs)
768,916 600,615
532,152
Freight car loadings (average
daily number)
59,025 60,517 61,368 56,046
Unemployment:,
Number in P'aris receiving aid 3
111
52
70
285
Demands for employment not3
8,047
7,465
filled (number men in France)
5,889
7,258
and lignite, including Lorraine and the Saar.
\ B a l e of 50 kilos. End of month figures.
s^End of month figures.
132,789
117,913
244,012
32,053
9,743
70,675
27,876
7,568
146,316
40,150
13,477
110,245
9,399
8,708
11,873
256
342
223
12,082
13,959
10,735
130,588 287,424 1,089,972
SepOctober. OctoAugust. tember.
ber.
Ship arrivals in
Hamburg
thousand tons..
1,364
Unemployment:
Applicants for every 100 positions
257
Number receiving State a i d . . . 243,864
Business failures
13
Capital issues.....million2 marks..
11.9
Index of security prices:
25 domestic stocks (Jan. 1922=
100)
13.7
2
1 Millions.
1,351
1,187
1,272
395
514,607
9
»2,259
572
942.663
15
134
16,681
43
7,187
184 143,691
169
Last week of month figures.
CANADA
1923
Sep^Octotember. V ber?
Figures include Irish Free State.
FRANCE.
1
feCoal
manufactures
metric tons.. 131,870
Machinery and electrical supplies
metric tons.. 37,482
Dyes and dyestuff s
do....
8,924
Coal..
do
68,633
Imports:
Raw wool
do
15,129
Silk, half manufactured.do
316
Cotton
d o . . . . 16,598
Iron ore
d o . . . . 144,445
Production:
75
Pig iron
thous. tons..
Crude steel
do
66
Railway receipts., .thous. dollars.. 38,944
Unemployment among trade union2.0
ists
.per cent..
Business failures
number..
56
Authorized capital of new companies
thous. dollars.. 10,961
2 211,659
Bond sales
.do
Security prices, average market
price, 20 industrial stocks
90.0
1922
NoNovember. vember.
74
67
49,935
82
55
46,160
34
51
44,259
160
55
6.2
79
8,256
63,560
89.8
13,666
4,182
92.6
SepAugust. tember.
October.
Receipts of wheat at Fort -William
and Port Arthur.. thous.bushels..
2,036
28,318 67,050
Receipts of livestock at stockyards
in Toronto and Winnipeg:
Cattle
number.. 65,796 61,456 85,076
Hogs
d o . . . . 40,224 35,923 51,939
Exports:
Planks and
boards
million feet.. 224,212 201,280 219,275
7,386
Preserved fish..thous. pounds..
11,661 15,443
183,114 159,868 158,066
Wood pulp
do
Wheat
thous. bushels.. 11,419
5,300 29,071
Imports:
2,025
2,090
1,641
Coal
thous. tons..
3,699
8,351
1,697
Raw cotton...thous. pounds..
Machinery
thous. dollars..
2,361
2,293 2,550
13 weeks.
3
Dominion loan.
s
Ontario loan.
14,486
16,183
October.
65,120
87,092
39,806
258,827
13,240
154,019
1,465
4,383
1,931
53
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
FOREIGN TRADE OF PRINCIPAL COUNTRIES.
OTHER COUNTRIES.
UNITED STATES.
[Thousands of dollars.]
1923
1923
1922
IMPOETS.
By classes of commodities:
Total
308,366 291,455 3,503,955 2,818,958
Crude materials for manufacturing.
92,451 97,945 1,286,420 1,038,077
Foodstuffs in crude condition
;
34,057
40,124 327,356
298,589
Foodstuffs partly or wholly
manufactured
48,067 35,600 501,962
361,200
Manufactures for use in
manufacturing
57,504 50,790 665,335
493,616
Manufactures ready for consumption
.
73,554
64,136 705,328
610,413
2,734
Miscellaneous
«,.
17,554
2,860
17,063
By countries:
Total Europe
105,780 93,448 1,064,062
894,085
France
. . . . . . . . . . 15,926 12,786 136,489
131,009
15,727 13,426 147,662
Germany
108,680
9,248 10,777
83,562
Italy
54,959
32,833 27,701 375,155
United Kingdom...
325,835
86,904 73,432 933,732
Total North America
755,644
37,850 38,452 380,059
Canada
.
327,042
Total South America
319,576
34,923 430,216
Argentina
3,670 111,020
76,083
Total Asia and Oceania
75,954 84,581 996,459
793,845
Japan..
24,430 28,783 314,096
321,142
Total Africa............
2,854
79,485
5,071
55,832
France (million francs):
Imports
Exports
Netherlands (million guilders):
Imports
,
Exports
Sweden (million kronor):
Imports.
Exports
•.
United Kingdom (thou. £ sterling):
Imports
Exports
Reexports
Canada (thousands of dollars):
Imports
Exports..
Japan (million yen):
Imports.
Exports
South Africa (thousand £ sterling):
Imports.
Exports
3,069
2,814
28,781
24,810
20,917
19,614
193
126
1,658
1,052
1,691
1,017
140
118
1,104
900
942
906
3,161
2,941
99,915 101,585 989,108 909,338
71,323 65,768 703,215 661,614
11,147 10,171 108,220 95,299
76
101
72
139
903
692
786
142
136
155
119
1,558
1,088
1,737
1,474
44,913
56,055
43,520
10,073
6,977
7,422
4,952
177 1,611
145 1,293
2,910 42,941
1,180 10,643
1,237
1,001
37,012
18,245
12,676
7,325
11,163
6,349
5,342
5,583
Septem- October.
ber.
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 Oceania
Japan
TotalAfrica
1922
Cumu- Cumulative lative
Octo- Novem- throu[: ghn through
last
ber.
ber.
month same
noted. months.
months 11 months
Novem- 11cumulacumulaber.
tive.
tive.
October.
Belgium and Luxembourg (million
francs):
Imports.
.
Exports
868,012
Denmark (million kroner):
Imports.
432,590
Exports..
Germany (thousand metric tons):
Imports.
Exports..
401,863
Italy (million lire):
1,178,452
Imports
6 297
Exports
•.
61,610 Norway (million kroner):
Exports1,896,634 Brazil (million milreis):
241,903
Imports
291,372
Exports
-134,907 Chile (thousand gold pesos):
775,416
Imports
830,390
Exports.
523,851 Australia (thousand £ sterling):
203,947
Imports.. „
85,672
Exports
514,495 India (million rupees): '
198,273
Imports.
51,985
Exports
400,814 400,191 3,739,915 3,487,450
151,098 160,821 1,020,004
21,750
14,461
242,607
50,969
52,294
526,635
45,977
47,156
511,041
123,447 118,668 1,362,552
5,849
573
954
71,227
7,009
5,837
215,369 217,201 1,845,818
31,803 31,374 242? 166
32,797
284,918
19,176 18,231
147,693
89,256 99,732 757,573
89,908 84,806 1,006,612
51,717 45,743 606,646
•21,868 23,411 250,081
8,593
9,215
106,474
69,530 70,130 581,755
27,585 35,113 226,554
4,642
4,767
55,650
820
169
135
3,420
1,143
582,898
533,136
1184
1179
167
287
1,417
1,666
962
1,345
5,637
6,999
4,764
52,046
57,315
31,869
21,523
72
9,217
5,783
13,000 112,071
11,210 170,422
187
234
256
1,906
2,831
2,025
2,368
1
Figures for July and August, 1923, and cumulative through August,
1923 and 1922.
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 FREIGHT RATES.
[January, 1920=100.]
FOREIGN TRADE INDEX,
[1913-100.]
1923
1923
1922
Imports:
Total
. .. ... ..
Raw materials
Producers' goods
Consumers' goods....
Exports:
Total.
Raw materials...
....
Producers' goods
Consumers' goods
153.0
130.1
195,1
129.3
128.2
103.5
152.8
147.4
162.2
123.5
204.2
185.3
153.7
131.0
170.2
184.9
204.1
195.1
244.0
144.4
89.2
69.0
149.5
127.1
112.5
102.3
143.3
131.1
115.5
103.4
159.4
134.0
105.7
96.2
122.8
128.9
112.4
112.6
101.6
117.2
1922
Octo- Novem- Decem- DecemSepber.
tember. ber.
ber.
ber.
SepOcto- Novem- NovemAugust. tember.
ber.
ber.
ber.
United States Atlantic ports
toUnited K i n g d o m . . . . . . . .
French Atlantic
Netherlands and Belgium
Scandinavia
Mediterranean
All Europe
20.8
22.5
23.5
24.4
28.6
24.8
27.8
25.7
27.1
25.0
19.8
22.3
19.0
20.7
23.1
22.3
20.3
22.9
24.9
22.4
20.5
25.1
25.3
22.5
20.2
25.1
22.2
22.7
21.8
24.4
54
FEDERAL RESERVE BULiiETIK.
JANUAKY, 1924.
FINANCIAL STATISTICS OF PRINCIPAL FOREIGN COUNTRIES."
ENGLAND.
CANADA.
[Millions of pounds sterling.]
[Millions of dollars.]
1923
. Sept.
Octo- Novem- NovemChartered banks:
ber.
ber.
ber.
x
Gold coin and bullion
61
Current loans and discounts
1,219
Money at call and short notice
283
417
Public and railway securities
155
155
154
184
Note circulation. ".
102
103
102
1,997
Individual
deposits
282
288
280
114
121
121 Gold reserve against Dominion notes.
119
243
Dominion note2circulation
1,220
Bank clearings
101
105
Sepjmber,
tem
Bank of England:
Gold and silver, coin and bullion.
Bank notes in circulation i . . . . . . .
Currency notes and certificates...
Total deposits
Nine London clearing banks:
Money at call and short notice...
Discounts and advances
Investments
Total deposits
Total clearings
Government floating debt:
Treasury bills
Temporary advances
Total floating debt
Index number of foreign exchange
value of the pound sterling
155
102
283
118
102
1,005
337
1,609
2,603
1,021
336
1,629
3,243
1,019
337
1,630
3,192
1,031
365
1,667
178
804
635
175
810
646
158
732
180
911
129.2
125.5
127.7
124.6
ITALY.
[Millions of lire.]
Banks of issue:
Gold reserve
Total reserve
Loans and d i s c o u n t s . . . . . . . . . . . . . .
Note circulation for commerce....
Note circulation for the State.....
Total deposits..
Leading private banks:
Cash..
..
Loans and discounts2
Due from correspondents
Participations.
Total deposits
Index of security prices
8
1923
1922
AuSep- Octogust. tember. ber.
October.
1 133 1 134
1,853
1,917
9,982 10,421
9,274 9,387
7,761
7,758
2,316
2,520
756
9,223
3,648
252
12,514
161.61
1
92
1,255
303
317
170
2,036
96
251
1,619
1,910.
1922
1
3,670
289
23,600
36,359
2,309
630
3,675 3,675
296
296
23,400 22,800
37,329
37,670
2,033 2,204
877
—33
55.70 . . . . . . . . - - - - - -
+33
59.02
Not including gold held abroad.
JAPAN.
[Millions of yen.]
1923
1922
Oct. . Nov.
Dec.
1,062
499
86
1,449
350
58
Total loans ..
Total deposits
Total clearings
110
2,226
1,816
1,460
Including treasury bills.
Nov.
Octo- Novem- Decem- December.
ber.
ber.
ber.
Bank of Japan:
Reserve for notes1
Loans and discounts
Advances on foreign bills
Note circulation
. .
Government deposits
781
Private deposits . .
8 659
3,568
339
11,960
111.09
67
1,241
300
434
185
1,990
112
242
2,220
1923
1 136
2,039
9 082
9,782
8,075
2,638
751
8,741
3,935
252
12,454
160.05
Nov.
Oct.
Not including gold held abroad.
2 Total for month.
.
FRANCE.
[Amounts in millions of francs.]
Bank of France: l
Gold reserve
Silver reserve
War advances to the Government
Note circulation
Total deposits
Clearings, daily average of Paris banks
Savings banks, excess of deposits (+)
or withdrawals (—)
Price of 3 per cent perpetual rente—
i Less notes in currency note account.
1922
1923
1922
Tokyo banks:
Cash on hand
Dec.
1,061
491 ""*654"
207
133
1,697
1,415
360
416
49
63
1,064
375
205
1,590
333
66
169
2,011
1,869
3,329
1 Gold abroad, gold coin and bullion in Japan.
DISCOUNT RATES OF CENTRAL BANKS.
[Prevailing rates with date of last change.]
Rate.
Country.
Austria
Belgium....
Bulgaria....
Czechoslovakia
.
Denmark...
England
Esthonia... .
P.ct.
9
: 1
: .»
.
4
•
- n
In effect
since—
Sept. 4,1922
Jan. 22,1923
June 14,1919
Nov.
May
July
Jan.
29,1923
1,1923
5,1923
—,1920
Country.
Finland
France
Germany
Greece
Hungary
Italy
Japan...
Rate.
P.ct.
• 10
5
108
1?
8.76
In effect
since—
Nov.
Mar.
Oct.
Jan.
July
July
Nov.
30,1923
11,1922
8,1923
1,1923
25,1923
11,1922
—,1923
Country.
Rate .
P.ct.
Jugoslavia... 6
Latvia
... 7
Lithuania
6
Netherlands. 4i
Norway.....
Poland
48
Portugal
9
In effect
since—
June
Nov.
Sept.
Dec.
Nov.
Nov.
Sept.
23,1922
1,1922
27,1922
13,1923
10,1923
12,1923
12,1923
Country.
Rumania
South Africa.
Spain
Sweden
Switzerland.
United
States
Rate.
P.ct.
6
6
5
•54
4
In effect
since—
Sept.
Dec.
Mar.
Nov.
July
4,1920
29,1922
23,1923
9,1923
14,1923
4J Feb. 23,1923
55
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
BANKING AND FINANCIAL STATISTICS.
CONDITION OF FEDERAL RESERVE BANKS,
EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR NOVEMBER AND OCTOBER, 1923.
[Daily averages. Amounts in thousands of dollars.]
Total earning assets.
Total cash reserves.
Total deposits.
Federal reserve
bank.
November.
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
„.
Total: 1923
1922....
1921....
1920....
1919....
1
October.
November.
October.
November.
October.
Federal reserve notes
in circulation.
November.
October.
81,408
242,495
94,676
105,433
65,163
93,680
149,489
69,849
31,162
67,914
63,954
83,056
61,252
235,903
95,972
100,272
75,31,4
87,378
156,987
74,177
41,749
65,423
59,334
97,092
274,811
958,289
263,209
317,690
109,670
102,955
553,599
85,264
86,387
82,477
62,664
302,795
303,416
978,983
258,201
325,032
92,400
98 839
551,750
77,427
73,840
82,401
65,297
286,699
131,698
711,764
117,643
160,677
65,457
56,303
277,274
69,830
50,205
79,084
61,890
157,229
131,417
703,598
116,959
162,213
64,3,17
54,417
275,414
69,094
49,093
80,113
58,214
154,463
223,043
444,812
218,886
243,001
102,007
142,460
406,087
76,382
60,916
63,835
57,565
217,783
229,123
467,466
215,271
244,009
96,675
134,333
413,615
75,441
59,330
62,853
58,859
219,413
1,148,279
1,210,126
1,520,283
3,375,395
2,907,803
1,150,853
1,184,700
1,640,740
3,390,089
2,709,330
3,199,810
3,208,752
2,964.419
2,182,795
2,185,149
3,194,285
3,211,513
2,905,727
2,162,178
2,207,386
1,938,964
1,890,022
1,732,504
1,830,011
2,013,944
1,919,312
1,876,362
1,728,029
1,867,589
1,980,676
2,256,777
2,324,865
2,402,442
3,327,632
2,812,247
2,276,388
2,309,013
2,456,121
3,336,768
2,738,394
Reserve percentages.
November.
-
October.
77.5
82.9
78.2
78.7
65.5
51.8
81.0
58.3
77.7
57.7
52.5
80.7
84.2
83.6
77.7
80.0
57.4
52.4
80.1
53.6
68.1
57.6
55.8
76.7
76.3
76.1
71.7
143.7
M6.8
76.1
76.7
69.4
i 43.1
148.5
Calculated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 28 TO
DECEMBER 19, 1923.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
Nov.28
Dec.5
Dec 12..
Dec. 19
Gold settlement fund—F. R.
Board:
Nov.28.....
Dec.5
Dec 12
Dec.19....
Gold with F. R. agents:
Nov.28
Dec.5......
Dec. 12
Dec. 19.....
Gold redemption fund:
Nov.28...
,
Dec.5
Dec. 12
Dec. 19
Total gold restrves:
Nov.28
,
Dec.5
Dec. 12
Dec. 19
Reserves other than gold:
Nov.28
,
Dec.5
Dec. 12...
Dec. 19...
Boston.
New
York.
Philadelphia.
Cleve- Eichland. mond.
359,568
358,847
367,158
348,584
21,213
20,555
20,146
19,749
171,972
172,217
177,627
169,915
39,632
40,230
40,099
32,934
13,439
13,644
13,014
12,382
5,235
5,016
5,238
5,305
587,079
647,658
584,501
511,011
50,345
57,447
49,660
56,935
125,847
96,219
82,864
81,720
32,686
40,596
33,757
29,083
83,012
82,600
67,582
66,302
43,166
43,739
38,558
31,654
2,104,845
2,055,625
2,100,895
2,140,445
168,430
165,566
161,895|
173,256!
633,978
633,915
633,824
633,742
175,701
176,375
177,800
182,566
60,944
56,009
63,085
61,095
7,252
9,246
11,954
9,645
3,112,436
3,118,139
3,115,639
3,091,135
247,240
252,814
243,655
259,585
937,967
907,083
902,209
891,869
261,581
263,601
261,199
255,073
84,846
79,516
78,010
72,303
5,521
4,949|
4,786
4,353
26,180
25,033
24,997
22,527
8,127
8,631
9,291
9,998
6,170 . 13,562
6,400
4,732
7,894
9,543
6,492 10,490
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
Francisco.
51,678
50,774
54,4351
51,240
4,709
4,674
4,837
4,356
8,795
8,822
8,824
8,816
3,170
3,198
3,213
3,217
11,935
11,943
12,045
11,912
21,195
21,123
20,959
22,108
14,071 79,627
18,214 143,333
17,484 135,479
16,809 115,389
38,254
37,032
34,485
25,152
27,745
29,849
26,446
24,714
38,540
39,874
42,672
47,141
15,311
12,619
12,521
11,866
38,475
46,136
42,993
34,246
43,147
50,732
49,656
46,714
46,191
52,191
52,314
31, 869
31, 454
30, 692
30, 188
27,354 236,008
27,689 233,159
27,351 231,294
228,659
6,595
6,651
6,721
6,650
219,403 63,405 64,598 400,493
219,248 69,706 63,838 345,337
222,316 73,573 74,018 365,209
221,965 72,218 83,872 385,113
i
5,938
4,387
1,750 4,410
5,140
8,309
2,423 2,144
5,336
7,033
3,847
2,067
5,931
4,867
4,533 2,331
!
317,604 116,216 91,202 536,185
317,915 120,605 93,843 547,753
306,759 119,436 103,559 562,156
11O 1Qft 557,673
££7 A7Q
305,182 111*""
,508 112,198
4,046
4,309
3,595
4,057
1,992
2,207
1,833
1,841
5,709
5,690
5, 906
5, 873
2,015
2,199
2,023
3,798
3,364
1,878
3,012
83,901
89,162
93,649
83,221
85,246
87,069
89,294
87,685
79, 288
80, 216
82, 483
86; 419
56,530
54,296
54,116
52,697
299,476
303,782
297,124
288,025
6,789
6,693
6,827
6,442
9,009
8,689
8,357
7,120
1,010
918
996
777
3, 861
3, 558
3, 306
3, 123
6,262
6,201
5,995
6,080
2,464
2,101
2,059
1,756
I
5,663
4,032
3,459
3,174
3,3
2,613
2,725'
2,126!
6,600
6,098
5,212
4,827
h
56
FEDERAL RESERVE
JANUARY, 1924.
RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 28 TO
DECEMBER 19, 1923—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
Total reserves:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Nonreserve cash:
Nov. 2 8 . . , . .
Dee.5
Dec. 12
Dec. 19
Bills discounted:
Secured by XJ. S. Government obligations—
Nov. 28
Dec.5
Dec. 12.
Dec. 19
Other bills discounted—
Nov. 28
Dec.5
Dec. 12
Dec.19.
Bills bought in open market:
Nov. 28
Dec.5......
Dec. 1 2 . . .
Dec.19
XJ. S. bonds and notes:
Nov. 28
Dec.5
Dec. 12
Dec.19
U. S. certificates of indebtedness:
Nov.28
Dec.5....
Dec. 1 2 . . .
Dec.19
Municipal warrants:
Nov.28
Dec.5....
Dec. 12
Dec.19
Total earning assets:
Nov.28
Dec.5
Dec. 12;
Dec.19
Bank premises:
Nov.28...
Dec.5.
Dec. 1 2 . . .
Dec.19
Five per cent redemption fund
against F . R. bank notes:
Nov.28
Dec.5....
...
Dee. 12
Dec.19
Uncollected items:
Nov.28...........
Dec.5...
Dec. 12...
Dec.19.
All other resources:
Nov.28..
Dec.5
Dec. 12
Dec.19....
Total resources:
- Nov.28
Dec.5
Dec.12
..;
Dec. 19..
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
119,576 97,802 542,974 92,910
123,218 99,941 554,446 97,851
122,161 108,771 568,983 102,006
113,634 117,025 564,115 90,341
Chicago.
Atlanta.
3,197,282
3,197,655
3,193,649
3,163,438
252,761
257,763
248,441
263,938
964,147
932,116
927,206
914,396
269,708
272,232
270,490
265,071
323,267
321,947
310,218
308,356
^58,754
68,460
67,612
64,548
12,009
17,162
15,307
15,657
7,372
9,041
8,842
8,728
2,259
2,539
2,140
2,476
2,940
3,209
3,242
2,632
1,336
1,386
1,585
1,334
7,953
8,352
8,695
7,263
5,425
5,206
5,604
5,593
382,643
359,093
363,293
385,425
25,895
23,998
25,586
25,462
102,644
92,041
98,610
104,894
38,288
42,875
45,516
34,645
33,118
42,290
43,610
21,914
22,284
24,826
29,518
24,931
23,296
20,630
20,443
411,738
387,170
398,635
364,771
44,340
34,217
45,002
33,083
29,199
32,108
44,984
25,704
15,817
11,425
13,486
15,611
289,004
298,370
329,383
322,379
31,910
32,116
32,078
32,095
87,993
91,980
102,300
89,294
23,119
23,751
24,808
26,948
71,341
70,384
77,182
72,957
4,028
3,888
3,929
6,310
4,559
10,364
5,109
13,119
20,911
19,112
8,292
587
562
1,264
832
9,294
18,101
13,861
4,590
154
154
51
51
235,440
4,434
4,434
4,434
4,434
14,153
14.163
14.164
14,516
56,649
56,715
56,456
56,951
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
86,256
87,987
90,290
88,462
83,149
83,774
85,789
89,542
62,792
60,497
60,111
58,777
301,940
305,883
299,183
289,781
5,460
6,764
8,093
7,048
1,316
1,126
1,287
1,434
3,449!
3,517
3,427
3,410
2,218
2,461
2,625
2,r~
7,017
7,697
6,765
6,371
62,968
57,261
47,708
40,914
20,885
18,003
16,928
21,129
2,613
4,664
3,290
6,769
23,593
27,082
22,238
22,895
3,030
3,163
2,352
1,917
19,656
15,895
15,960
22,358
25,622 32,925 62,136
28,327 30,479 62,211
29,089 28,926 55,507
27,072 30,556 50,868
51,057
47,171
45,871
45,245
45,539
41,293
37,676
40,301
18,632
16,938
16,307
14,941
35,899
35,285
34,992
34,112
11,989
11,794
11,192
10,750
38,583
35,922
35,603
36,528
29,944
28,803
37,965
40,285
2,1
1,959
2,195
1,854
11,006
10,918
11,869
11,155
39,107
39,365
39,940
38,354
522
122
72
29
51
41
41
710
785
740
705
43,982
45,436
43,869
46,284
18,032
23,094
33,506
35,370
12,565
12,565
12,565
12,565
9,953
9,943
9,943
1,341
1,341
1,341
1,341
226
328
206
202
6,913
6,939
7,511
8,784
7,865
7,876
8,378
8,370
6,675
7,480
7,481
7,484
6,280
6,280
6,279
6,279
9,185
9,185
9,185
9,185
38
38
38
102
810
812
812
1,297
2
2
1
1
2,102
660
2,387
840
50
500
16
236
236
749
514
100
103
103
1,167,999 106,760
1,136,082 94,781
1,187,656 107,859
1,153,875 95,167
St.
Louis.
51
51
51
51
91,511
86,170
270,119 93,772
229,591 100,742
100,974
101,003
120,099
122,207
58,808
56,063
57,288
63,269
745
745
754
754
9,853
9,839
9,558
9,571
2,617
2,617
2,617
2,617
98,352 162,147
96,806 151,396
143,417
82,720 134,137
66,946
59,418
54,676
61,459
29,211
30,019
28,016
30,102
67,113
70,868
66,200
65,710
65,281
66,673
63,692
85,456
84,096
94,254
103,441
8,715
8,715
8,715
8,715
1,269
1,269
1,269
1,345
1.935
1,935
2,031
2,068
4,970
4,973
4,987
4,989
1,953
1,953
1,953
1,953
3,082
3,140
3,048
3,059
2,923
2,932
2,926
2,930
28
28
28
28
28
28
28
28
603,579
643,289
683.968
734,270
52,615
58,521
63,862
67,527
128,011
134,949
146,484
166,243
13,987
14,602
14,860
15,515
140
150
167
138
1,160
1,088
1,259
1,116
5,098,278
5,116,831
5,204,229
5,188,625
428,719
432,811
440,070
446,861
60,852
61,302
64,135
67,778
26,076
29,090
29,800
31,210
72,720
81,115
78,632
90,244
34.136
36,423
38,370
37,833
14,978
16,473
18,235
16,376
37,043
38,305
40,507
38,582
28,721
30,040
31,182
29,611
36,725
43,918
375
409
384
343
435
470
439
469
660
703
672
678
511
46f
503
38
41
43
74
2,716
2,732
2,775
3,516
760
695
755
1,040
3,299
3,260
3,252
3,145
3,636
4,311
4,327
4,188
1,350,283 417,631 495,960
1,330,146 417,463 494,059
1.368,074 428,288 507,420
1,334,590! 436,631 515,285
243,624
245,056
248,225
249,101
233,766 792,492 200,759 136,412 196,484
237,824 801,345 201,766 140,272 202,132
239,128 805,854 204,457 142,634 201,665
241,826
198,100 141,958 203,273
164,292
164,912
162,843
161,446
437,856
449,045
455,571
456,288
53,151 58,551
55,501 5 7,652
60,848 63,919
67,242 72,176
25'
276
284
346
49,448
57
FEDERAL RESERVE BULLETIN.
JANUARY, 1924.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 28 TO
DECEMBER 19, IS23—Continued.
LIABILITIES.
[In thousands of dollars.]
Total.
Capital paid in:
Nov.28....
Dec.5.
Dec. 12
Dec. 19.
Surplus:
Nov.28
Dec.5.....
..
Dec. 12
Dec.19.
Deposits:
Government—
Nov.28
Dec.5
Dec,12.
Dec. 1 9 . . .
Member bank—reserve account—
Nov.28
Dec.5
Dec. 12
Dec. 19
Other deposits—
Nov.28
Dec.5
„
..
Dec. 12
Dec. 19
...........
Total deposits:
Nov.28
.•
Dec.5
Dec. 12
Dec. 1 9 . . . . .
F . R. notes in actual circulation:
Nov.28......
Dec. 5
Dec. 12.
Dec. 19.
F . R.- bank notes in circulation—net liability—
Nov.28
Dec.5......
Dec. 12.
Dec. 1 9 . . . . . . . .
Deferred availability items:
Nov.28
Dec.5
Dec. 1 2 . . . . .
Dec. 1 9 . . . . . . . . . . .
All other liabilities:
Nov. 28
Dee 5
Dec. 12
Dec. 1 9 . . .
Total liabilities:
Nov.28
Dec.5.......
Dec.12
Dec. 1 9 . . . .
Boston.
110,095
110,114
110,142
110,156
New
York.
Philadelphia.
Cleve- Richland. mond.
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
San
Dallas. Francisco.
29,413
29,443
29,435
29,438
9,936
9,936
9,940
9,941
12,348
12,335
12,350
12,350
5,756
5,755
5,756
5,756
4,426
4,427
4,430
4,430
15,224
15,223
15,227
15,228
5,008
5,012
5,012
5,012
3,498
3,497
3,497
3,498
4,548
4,548
4,547
4,556
4,196
4,196
4,194
4,194
7,852
7,852
7,864
218,369
218,369
218,369
218,369
16,312
16,312
16,312
16,312
59,800
59,800
59,800
59,800
18,749
18,749
18,749
18,749
23,495
23,495
23,495
23,495
11,288
11,288
11,288
11,288
8,942
8,942
8,942
30,398
30,398
30,398
30,398
9,665
9,665
9,665
9,665
7,473
7,473
7,473
7,473
9,488
9.488
9,488
9,488
7,496
7,496
7,496
7,496
15,263
15,263
15,263
15,263
34,803
30,065
26,612
11,334
2,548
940
1,261
6,305
5,979
4,048
3,781
1,955
610
2,280
768
2,480
2,707
3,595
1,418
1,337
1,98'
1,81:
1,664
216
3,624
5,606
2,288
721
2,24'
2,423
2,254
853
1,129
1,380
2,022
530
•2,791
2,090
2,561
1,218
2,486
1,761
1,714
319
3,654
3,339
3,327
743
1,881,025
1 884,010
1,923,505
1,849,596
125,791
124,033
127,318
124,219
701,181
685,630
716,648
669,767
113,791
115,542
114,974
113,177
156,430
161,941
160,529
158,337
63,277
65,002
63,519
60,955
54.278
56,060
56,080
55,912
269,285
272,870
281,008
266,496
68,076
67,136
70,276
65,920
46,707
47,197
47,61.9
47,356
72,996
76,400
75,393
76,775
59,716
61,225
58,465
59,425
149,497
150,974
151,676
151,257
22,765
21,429
21,556
21,922
202
191
283
12,833
11,652
11,299
10,926
394
353
439
395
1,
1,115
1,187
1,160
166
138
142
205
170
16:
135
151
1,403
928
1,099
1,632
425
47;
451
527
377
466
455
738
703
734
798
518
536
510
749
4,374
4,699
4,914
4,560
1,938,593
1,935,504
1,971,673
1,882,852
128,508
125,175
128,770
125,109
720,319
703,261
731,995
684,474
116,140
116,505
117,693
114,34.0
160,108
165,763
163,572
160,390
67,038
66,558
64,998
61,845
56,437 274,312
58,034 279,404
57,879 284,395
56,279
70,748
70,034
72,981
67,300
48,213
49,043
50,096
48,422
76,525
79,193
78,688
78,791
62,720 157,525
63,522 159,012
159,917
60,493 156,560
2,246,300
2,252,598
2,266,831
2,296,436
224,516
228,186
226,417
234,108
429,997
426,837
421,946
422,165
222,613
220,839
225,915
229,829
244,680
239,033
250,908
253,563
102,809
104,015
105,205
108,119
142,698
143,090
143,502
144,932
405,089
406,311
405,855
409,723
77?140
77,695
77,676
77,478
60,973
62,619
63,538
65,143
64,336
65,669
65,690
67,494
56,596
56,724
55,274
55,118
559,044
574,347
610,980
654,456
50,272
53,981
59,368
62,100
105,674
105,715
119,632
133,460
48,180
49,376
53,806
61,617
53,100
51,239
55,015
63,391
55,203
55,886
59,425
19,468
21,505
22,536
25,415
64,956
67,540
67,492
76,522
36,687
37,886
37,632
37,106
14,787
16,332
16,712
16,103
40,277
41,876
41,907
41,573
30,305
29,982
32,187
31,172
40,135
43,029
45,268
45,517
25,379
25,410
25,751
25,879
1,221
1,267
1,313
1,342
2,013
2,058
2,185
2,155
2,
2,194
2,080
2,096
1,530
1,554
1,553
1,613
1,795
1,826
1,839
1,828
2,513
2,469
2,487
2,546
1,511
1,474
1,491
1,539
1,
1,308
1,318
1,319
1,310
1,358
1,345
1,371
2,481
2,503
2,520
2,496
2,228
2,309
2,354
2,321
233,766 792,492 200,759 136,412 196,484
237,824 801,345 201,766 140,272 202,132
239,128 805,854 204,457 142,634 201,665
241,826
198,100 141,958 203,273
164,292
164,912
162,843
161,446
437,856
449,045
455,571
456,288
477
5,098,278
5,116,831
5,204,229
5,188,625
214,853
221,580
224,905
228,764
477
w
5,090
5,266
5,253 417,631 495,960 243,624
428,719
1,350,283
432,811
417,463 494,059 245,056
440,070 1,330,146 428,288 507,420 248,225
446,861 1,368,074 436,631 515,285 249,101
1,334,590
MEMORANDA.
Ratio of total reserves to deposit and F. R. note liabilities combined—per cent:
Nov.28
Dec.5...
Dec.12
....
Dec. 19..
Contingent liability on bills
purchased for foreign correspondents:
Nov.28
Dec.5...............
Dec.12
Dec. 19
76.4
76.4
75.3
75.7
24,655
18,373
18,366
17, r"
71.
72.
69.9
73.5
83.8
82.5
80.4
82.6
79.6
80.7
78.7
77.0
79.9
79.5
74.8
74.5
8,457
6,368
6,361
6,189
2,130
1,579
1,579
1,538
2,675
i,r~
1,!
1,932
70.4
72,2
71.8
66.9
49.1
49.7
54.0
58.2
79.9
80.9
82.4
83,1
62.8
66.2
67.7
62.4
1,015
753
753
733
3,443i
2,552
2,552
2,486!
1,090
954
954
930
787
79.0
78.8
79.5
77.9
59.0
57.
59.4
61,2
52.6
50.3
51.8
50.8
81.1
80.4
77.7
75.2
624
624
608
1,065
789
789
769
892
661
661
644
1,758
1,303
1,303
1,270
58
FEDERAL, RESERVE BULLETIN.
JANUARY/
1924.
MATUBITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY T H E 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
Nov 28
Dec 5
Pec 12
...
Dec 19
Bills bought in open market:
Nov 28
.
Dec 5
.
Dec. 12
Dec 19
.. ..
United States certificates of indebtedness:
Nov 28
Dec 5
Dec 12
Dec 19
. .
..Municipal warrants:
Nov 28
Dec 5
Dec 12
Dec 19
.
Within 15
days.
16 to 30
days.
31 to 60
days.
61 to 90
days.
From 91
days to 6
months.
Over 6
months.
794,381
746,263
761,928
750,196
542,731
506,804
528,800
522,264
73,512
72,584
70,082
63,229
104,881
92,131
84,867
77,781
48,287
48,257
50,519
58,171
24,024
25,542
26,452
27,551
289,004
298,370
329,383
322,379
88,265
92,000
103,719
99,634
45,431
51,144
65,164
68,180
85,172
96,973
103,904
88,448
63,376
52,588
48,641
58,640
6,760
5,665
7,955
7,477
13,119
20,911
19,112
8,292
9,881
20,186
17,259
1,924
2,558
1
1
1
1,022
<> 79
724
1,852
5,026
113
10
10
113
31
31
31
31
10
10
10
154
154
51
51
946
945
1,208
1,200
320
10
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS* ACCOUNTS ON WEDNESDAYS, NOVEMBER 28 TO DECEMBER 19, 1923.
[In thousands of dollars.]
Net amount of F . R. notes received from Comptroller of
the Currency:
Nov.28
Dec.5.
Dec. 12
Dec. 19
F . R. notes on hand:
Nov.28
Dec.5...
Dec. 12
Dec. 19
F . R. notes outstanding:
Nov.28
Dec. 5
Dec. 12
Dec. 19
Collateral security for F . R .
notes outstanding:
Gold and gold certificates—
Nov.28
Dec.5
Dec. 12
Dec. 19
Gold redemption fund—
Nov.28
Dec.5
Dec. 12
Dec. 19
Gold fund—F. R. Board—
Nov.28.....
Dec.5
Dec. 12
Dec. 19
,.
" Eligible p a p e r Amount required—
Nov.28
Dec.5
Dec. 12
Dec. 19
Excess amount held—
Nov.28
Dec. 5
Dec. 12
Dec. 19
Total.
Boston.
New
York.
Philadelphia.
Cleve- Richland. mond.
3,602,150
3,601,797
3,607,858
3,630,501
331,117
333,453
329,782
338,143
1,015,867
1,012,881
1,007,509
1,003,681
279,169
281,342
282,767
292,534
315,416
315,461
317,628
322,877
882,429
869,054
851,909
836,664
91,750
87,850
80,250
78,750
2,719,721
2,732,743
2,755,949
2,793,837
239,367
245,603
249,532
259,393
702,607
702,161
700,569
705,941
240,809
239,942
240,167
248,534
265,596
266,341
272,508
276,057
320,534
320,534
320,084
327,084
35,300
35,300
35,300
35,300
235,531
235,531
235,531
235,531
7,000
7,000
7,000
14,000
8,780
8,780
8,780
8,780
106,648
117,197
119,439
113,751
10,130
17,266
13,595
9,956
27,447 12,312
27,384 13,486
27,293 13,911
27,211 16,677
13,623
13,468
14,536
14,185
156,389
155,889
156,889
151,889
197,000
197,000
199,000
199,000
68,629 65,108
68,246 63,567
66,745 62,367
72,199 65,968
46,193
47,093
50,192
54,092
1,677,663
1,617,894
1,661,372
1,699,610
614,876
677,118
655,054
653,392
421,522
318,392
380,310
365,737
123,000
113,000
113,000
128,000
!
70,937!
80,037
87,637
86,137
31,208
10,294
15,029
4,503
143,344
142,145
143,472
144,577
Atlanta.
Chicago.
231,018
230,258
231,938
230,792
576,672
575,507
581,223
581,186
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
115,657
117,472
116,507
115,431
313,260 38,360 49,820 31,010 76,337 128,440 24,390
310,720 41,400 49,120 27,950 74,432 126,440 24,390
306,940 42,600 45,120 27,710 74,072 127,840 23,990
297,740 44,000 46,820 28,430 70,752 126,040 23,990
371,000
371,000
371,000
371,000
123,566
117,053
150,550
117,454
1,495 42,434
851 40,587
8,164 48,689
8,159 53,275
112,334
114,195
115,762
116,147
154,681
155,826
157,866
160,040
5,198
4,438
6,618
5,472,
9,965 31,753
9,245 30,753
9,580 30,753
9,860 28,853
8,849
8,565
8,468
1,812
2,067
3,102
3,026
24,000
30,000
37,000
36,000
1,662
1,139
1,139
62,700
62,700
59,100
56,400
60,604
60,528 263,163
60,290 268,778
59,720 273,763
2,509
2,094
3,332
2,828
3,463
3,798
3,460
4,005
16,033
20,953
19,610
17,738
32,000 29,360 16,500 219,975
32,000 29,360 16,500 212,206
38,000 27,360 16,500 211,684
38,000 27,360 15,500 210,921
48,929 90,083 47,739 54,375 17,825
44,489 91,988 103,730 49,935 18,966
42,189 83,848 88,174 41,785 14,671
43,929 76,168 70,033 41,785 15,430
7,784 105,184 12,551
4,172 39,882 9,455
3,884 45,158 12,879
6,215 54,259 19,655
24,644
24,054
23.954
25,029
7,391
7,391
7,391
7,391
11,080 -13,052
11,080 13,052
10,630 13,052
10,630 13,052
59,795 57,000' 391,644
67,295 57,000! 336,644
69,295 65,000! 356,644
69,295 76,000 376,645
7,549
8,827
12,882
16,487
108,606 85,248 325,532
108,431 84,582 325,863
108,468 84,244 327,878
108,764 84,749 330,163
448,232 91,267 64,539 76,853
449,067 93,082 65,157 77,678
453,383 92,517 66,862 77,715
455,146 91,441 67,744 79,911
2,400
2,400
2,400
2,400
3,610
2,411
4,278
2,923
74,504
74,402
76,442
77,604
44,984
46,224
47,023
49,723
33,250
32,839
32,939
32,824
26,824
30,004
37,484
45,104
1,495 14,768 24,482 49,006
472 16,468 25,852 44,479
3,002 10,502 22,480 47,091
4,531 7,552 25,068 48,579
59
FEDEKAL. RESERVE BULLETIN.
JANUARY, 1924.
EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS
THEREON, NOVEMBER, 1923.
[Amounts in thousands of dollars.]
Total, all
Federal
reserve
banks.
Philadelphia.
Boston.
New
York.
98,530
61,258
32,638
4,634
278,403
140,919
101,382
36,102
506
20
367
26,711 109,685
41,250
Cleve- Richland. mond.
Atlanta.
Chicago.
St.
Minne- Kansas
Louis. apolis. City. Dallas.
San
Francisco.
HOLDINGS ON NOV. 30, 1923.
1,207,884
Total earning assets
Bills discounted for members.... 803,354
300,207
Bills bought in open market
104,169
U. S. securities
154
Municipal warrants
94,829 99,223 60,019 97,146 167,877 66,470 29,731 67,887 64,077
58,199 59,163 56,219 86,158 121,496 66,348 21,814 59,760 15,423
51
710 42,374
23,924 29,297
"'"- 2,459 10,699 38,641
122
7,866 7,417 6,280
12,603 10,763 1,341
238 7,740
103
51
83,692
56,597
17,910
9,185
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
Bankers' acceptances:
Foreign, imports
Domestic
Trade acceptances:
Foreign, imports
Domestic.
Total discounted bills
Bills Bought.
Bankers' acceptances:
Foreign, imports
Foreign, exports
D omes t ic
Dollar exchange
Trade acceptances, i m p o r t s . . . . . .
Total purchased bills
Purchased Bankers* Acceptances, by Classes of Acceptors.
National banks
Other member banks
Nonmember banks and banking
corporations
„
Private banks
Branches and agencies of foreign
banks
,
U. S, Securities.
XT. S. bonds
Treasury notes
Certificates of indebtedness
Total XT. S. securities
4,797
401,736
6,660
306,233
56,400
20,751
201
795
306
32,121 24,157 22,868 71,125 20,909
12
194
39
182
454
16,082 24,587 27,749 51,843 32,770 37,969
454
604 3,100 7,795 16,664 5,015
493
245
3,579 23,431
515
7,149 17,767
8,247 5,913
2,062 12,160
218
1,723
195
3,299
263
5,290
2,352
3,999
22
9
20
554 1,177
46 ! 910
233
183
219
1,230
465
61,258 140,919 58,199 I 59,163 56,219 86,158 121,496 66,348 21,814 59,760 15,423
110,320
98,530
75,131
14,634
1,592
11,376 36,817
8,844 35,886
9,549 24,447
2,869 2,640
1,592
15,730
8,898
3,885
784
912
1,547
300,207
32,638 101,382 23,924 29,297
102,193
14,988 32,633
9,246 29,551
9,413
9,040
43,750
30,967
5,283 15,624
2,844 10,774
104
7,044
8,014
7,045
1,821
16,730
1.0,777
9,718
1,416
122
2,459
38,641
122
6,081
6,667
125
50
2,142 12,782
6,279 21,061
122
2,004
1,867
4,343
7,890
2,284
11,208
1,600
4,316
18,507 I
529
1,149
52,514 I 3,334 4,476
771 30,477
33,148
747
11,818
38
918
9,035
810
1,191
150
219
5
14
4,426
12,603
10,763
1,341
238
7,740
23,007
104,169
22,601
5,001
21,497
5,151
1,390
22
20
6,726
803,354
DAILY AVERAGE HOLDINGS
DURING NOVEMBER.
Total earning assets *
. . . 1,148,279
801,902
Bills discounted
262,304
Bills bought
83,818
XT. S. securities
EARNINGS DURING
NOVEMBER.
Total earning assets l .
Bills discounted
Bills bought...
XJ. S. securities ~
33,236 30,294
670
435
31
436
277
4,634 36,102
81,408 242,495 94,676
50,093 154,406 55,916
27,068 76,315 23,952
4,247 11,774 14,781
532
6,418
3,749
2,278
15,188
12,915
9,613
4,658
6,869
5,849
4,746
446
710 42,374
17,910
710 14,122
14,108
5,56$
6,154
6,207
4,476
1,775
2,578
3,461
1,837
432
6,748
237
1,780
4,500
9,185
7,417
6,280
9,185
31,162 67,914 63,954
23,392
17,885
51
38,240
7,719
7,055 7,829
83,056
58,152
15,638
9,266
710
51
3,952
7,116
750
2,513
801
105,433 65,163 93,680 149,489
65,493 61,572 83,902 101,653
29,270 2,250 9,473 38,954
10,670 1,341
254
9,755
94
740
56,597
4,156
2,966
901
288
294
185
93
16
873
571
259
43
341
207
82
52
380
242
101
37
228
8
2
345
310
34
1
536
376
135
25
258
258
114
87
)
27
251
221
3
26
224
66
132
302
215
54
33
4.40
4.50
4.18
4.18
4.40
4.50
4.18
4.49
4.38
4.50
4.12
4.47
4.39
4.50
4.18
4.29
4.39
4.50
4.22
4.18
4.45
4.50
4.31
2.31
4.48
4.50
4.36
4.21
4.36
4.50
4.21
3.42
4.50
4.50
4.30
4.44
4.50
4.18
4.26
4.49
4.50
4.43
4.44
4.27
4.50
4.20
4.09
4.43
4.50
4.21
4.33
ANNUAL RATE OF EARNINGS.
Total earning assets *
Bills discounted
Bills bought
XI. S. securities
1
,
Figures include average daily holding 5 of municipal warrants, earnings and annual rate of earnings thereon, as follows: Philadelphia, $26,697
$100 and 4.56 per cent; Atlanta, $50,913, $18* and 4.50 per cent; Kansas City, $177,333, $656 and 4.50 per cent. Total, $254,943, $944 and 4.50 per cent.
2 Less than $500.
60
FEDERAL, RESERVE BULLETIN.
JANUARY, 1924.
DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR
NOVEMBER, 1923.
[Amounts in thousands of dollars.]
Total for
all F . R. Boston.
banks.
Total discount and
market operations
open-
3,114,479 348,212
Bills discounted for member
2,676,799 310,025
banks . . .
Bills bought in open market... 327,596 33,892
109,981
4,295
U. S. securities purchased
103
Municipal warrants purchased.
==========
Bills Discounted.
Customers* paper secured by
4,300
Government obligations
207
Member bank collateral notes:
Secured by Government
obligations.
1,926,203 111,496
13,705
Otherwise secured. .
674,604 197,790
Commercial paper, n. e. s..
21,490
Agricultural paper .
345
9,874
Livestock paper
.
5
Demand and sight drafts
(based on agricultural prod21,229
ucts)
Banker's acceptances:
Foreign
72
Domestic
Trade acceptances:
Foreign
5,322
Domestic
182
Total bills discounted... 2,676,799 310,025
Average rate (365-day basis)
4.50
4.50
per cent
11.97
Average maturity (in d a y s ) —
6.50
Total reduced to a common
maturity basis (exclusive of
2,655,570 168,398
sight and demand drafts)
100.0
Per cent of total
6.3
Number of member banks on
9,889
Nov. 30
423
Number of banks accommo3,732
dated during month
203
Per cent accommodated...
37.8
48.0
Bills Bought.
Banker's acceptances:
Foreign
Domestic
Dollar exchange
Trade acceptances:
Foreign
Domestic
Total bills bought.
Distribution by rates charged
(360-day basis):
4 | per cent
4J per cent
4 | per cent
4$ per cent
„
. ...
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
217,039
96,294
12,639
1,624
21,100
11,407
1,385
327,596
New
York.
Phila- Cleve- Rich- Atlanta.
delphia. land. mond,
Chicago.
St.
Minne- Kansas
Louis. apolis. City. Dallas.
14,191 267,419 134,165
37,613
154,281
942,119 209,771 234,746 207,741 104,315 229,722 133,421 22,859 123,119 23,311
190,811 23,381 12,625 1,473
9,253 22,224
260 14,302
744
85,445
322
201
623 15,473
2,959
663
103
135,650
18,631
,218,375 233,577 247,572 209,214
110
787
776,808 147,078 188,477 177,240 50,457 174,166
563
32
775
161
162,590 62,279 44,748 28,494 48,063 48,585
435
6,113
267
246
13,040
1,218
30
170
52
21
73,061
444
41,850
2,302
85
1,683
144
159
108
12
15
609
13,452
276
25,818 124,042
249
45
146
16,195 101,900
840
2,411 10,997
2,493 2,292
613 7,228
10,793
369
3,166
819
1,253
98,532
10,521
23,631
1,920
417
6,699
235
53
248
307
22
25
10
558
185 1,415
24
893
146
6
477 1,043
942,119 209,771 234,746 207,741 104,315 229,722 133,421 22,859 123,119
4.50
6.97
4.50
9.12
4.50
8.92
4.50
7.22
4.50
32.66
4.50
22.98
4.50
23.98
548,491 159,866 174,846 125,326 283,857 440,990 240,280
20.7
16.6
6.0
6.6
9.1
10.7
4.7
835
721
882
627
535 1,437
629
394
594
342
300
284
311
47.4
266
34.0
41.3
45.3
47.2
58.1
42.3
129,841
51,945
7,401
167
226
23,311
135,650
4.50
21.58
4.50
32.33
4.50
15.68
69,950 221,358
8.3
2.6
44,861
1.7
177,347
6.7
979
1,147
864
810
264
27.0
406
35.4
128
14.8
240
29.6
4.50
37.03
14,214
7,206
1,961
10,617
1,748
260
927
548
6,944
2,309
12,086
9,607
531
744
260
10,254
3,422
'626
11,056
7,100
475
33,892
190,811 23,381
12,625
1,473
9,253
22,224
744
260
14,302
18,631
171,874
117,330
30,428
1,316
6,648
3,962
23,481
6,156
262
31
157,430
1,353
27,815 21,500
3,285
522
598
6
1,683
1,877
8,758
1,865
125
2,808
2,391
744
14,198
40
64
' 4,054
1,706
12,518
7,231
169
600
2,738
6,669
9 112
92
20
4.19
38.26
4.19
38.31
4.13
23.94
4.19
75.82
4.21
67.38
4.31
46.59
4.35
51.73
4.25
74.78
4.31
79.98
4.19
69.10
4.22
40.94
327,596
100.0
33 938
ib.3
119,425
36.4
46,337
14.1
22,236
6.8
1,794
.6
12,513
3.8
43,442
13.3
1,555
.5
25,833
7.9
19.941
6.1
550
41,755
67,676
2,424
1,871
28,635
56,810
198
24
100
201
231
150
242
8,626
6,847
21
1,364
1,574
100
532
31
109,981
4,295
85,445
322
201
623
15,473
2,959
663
1,624
1,473
260
4.56
85.54
582
.2
U. S. Securities Purchased.
XJ. S. bonds..
Treasurv n o t e s . . . .
Certificates of indebtedness
Total U.S. securities purchased . .
i Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
San
Francisco.
FEDERAL RESERVE CLEARING SYSTEM,
OPERATIONS DURING NOYEMBES, 1923. •
[Numbers in thousands. Amounts in thousands of dollars.]
Items drawn on banks located
in own district.
Federal reserve bank
or branch.
Items forItems forwarded to
warded to
Items drawn Total items hanon Treasurer dled, exclusive of other Federal parent bank
or
to branches
reserve
banks
of
United
duplications.
Outside Fedand their
in same
States.
In Federal
reserve
branches.
district.
reserve bank or eral
banker
branch city.
branch city* i
ber.
NumNum'NumNum; Amount. Number. Amount.; ber. Amount. ber. Amount. ber. Amount. ber. Amount.
Boston..»
637
New York
2,282
Buffalo
209
1,130
Philadelphia.
Cleveland
658
249
Cincinnati..
676
Pittsburgh...
132
Richmond
...
283
Baltimore.
326
Atlanta..........
59
Birmingham
75
Jacksonville..
73
Nashville.. 20
New Orleans.
1,100
Chicago
341
Detroit
508
St. Louis....
54
Little Rock
Louisville
123
Memphis
85
279
Minneapolis
26
Helena...
438
Kansas City
j 143
D
76
Oklahoma City......)
Omaha.....
• 108
Dallas
..........I 244
52
El Paso
I
Houston.......
j
58
San Francisco
i 252
563
Los Angeles
74
Portland
57
Salt Lake City......
120
Seattle.......
52
Spokane..
517,1721 166 15,657
708,3391 1,066 128,076 8,353
741
60,570
2,514
16
319,514 183 23,235 3,815
174>204 100
7,167 2,464;
83,674
8,283 2 1,226
72
111, 672
5,000 1 769
46
375,768
5,946 2,377
54
85,920
7,339 1,162
57
59,818
3,839
610
42
22,130
307
15
.1,913
21,945
289
11
1,039
26,803
354
15
1,5241
19,272
193
37
3,941[
371,140 387 50,925; 5,
70,760
39
3,898) 1,169
100,331 138
8,623 2.283
28,979
459
10
1,048!
26,745
636
38
4,379|
21,869
359
13
1,5631
97,906
59
7,098 2 2,017
10,605
175
10
955
89,746
99
10,334 3, 960
39,298
551
28
3,371
74,667
11
1,067 1,141
33,525
36
3,282 3 710
35
4,959 2/024
11,200
204
16
1,267
43,493
526
12
1,112
63,912
972
73
17,102
155,487
63
10,179 2,682
376
21
2,950
281 j 18,749
565
19
3,310
489 33,582
18,447
32
5,608
257
13
1,528
227 13,593
715.762 4,
4,218,156 5,005
128,169 '516
841,510 2,502
516,788 1,706
356,841 J 897
663,942 1,0471
401,212 2,191
211,937
822
124,172
442
61,514
233
70,626
203
91,829
266
63,643
136
1,018,576 4,431
340,154
789
354,180 1,637
55,729
395
142,816
475
53,011
261
135,07; 1,674
17,803
139
210,504 1,423
54,271
380
59,409 1,054
55,8131 565
204,1521 1,745
16,577|
136
61,346|
456
374,125 i 647
228,616 2,0561
45,098
50,204
23,247
1,248,591 223
5,054,571 1,322 152,688
21,130
191,253 105
97,679
1,184,259 530
81;
8,364
698,159
30
7,752
2 450,463
95
45,064
780,614
82,636
782,926 167
305.198 ' 1531 39,411
291 11,272
187.859
85,557
21 j 19,885
93,610 • 4 2 i
6,718
120,159
2,409
6i
86,856
13, 623
351
1,440,041 407;
32,508
414,812
5,284
463,134
5,139
' 131
85,756 . I:
1,028.
173,940
131
72ll
76,443
2i
20,447|
2 245,530
98|
29,363
19* 95l|
310,584
19,965
70'
96,940
501 11,098!
135,143
43|
5,636'
2 92,889
61
7,286
477.199
14
1,996
29,044
14
105,951
31
3,
455,139
91
16,073
394,282
8
5,434
129,792
14
3,765
81,990
23
5,265
74,259
15
3,655
38,368
Total: November. 11,362 12,074,900 39,869 4,178,953
360,031 * 54,277 « 16,621,269
October.... 12,311 13,413,092 42,662 4,532,926 3,583 405; 028 58,570 18,358,865
1
8
3,975
4,276
731,053
821,705
47;
19
38|
36:
804i
866!
Total items handled, including
duplications.
Number.
1923
1922
5,412 4,858
4,240 9,699 9,679
893
16,864 872 4,756
4,3451
12,266 2,592 2,332
5,483 1,275 1,147
11,863 1,903 1,635
8,735 2 580 2,550
8,853 1,406 1,333
879 1,120
5,335
359
491
38,200
338
271
1,738
363
321
628
235
280
659
1,578 6,338 5,863
973
1,8101 1,194
940| 2,352 2,017
482
467
485;
605
651
192
345
365
393
96 2,11Q 1,971
288
182
1,291
6,493 2,089 2,057
13,919 604 656
5,574 1,208 1,168
4,542 773 795
7,788 2,137 1,804
712 225 211
1,355 547 490
4,940 1,040 1,177
9,331 2,8241 2,067
366
6,936 430
1,635 591 519
478
474
5,991
3,252 327
Amount.
1923
1922
Number
of member banks
at end of
month.
Number of nonmember banks at end
of month.
On par
list.
Not on
par list.1
1923 1922 1923 1922 1923 1922
259.
1,296,671 1,120,598 423 428
5,211,499 5,470,614| 746 722 278 264.
229,247 205,190, 89 84 81 7 8 .
1,281,938 1,232,469 721 714 506 484.1
718,789, •439,239; 313 313 511 515
463,698 232,328! 225 224 312 3141
837,541 417,321' 344 344 249 252'.
874,297 554,012! 448 472 620 699'
353,460 289,693! 161 161 268 263
204,516 257,793'1 223 227 85 91'
143.642 118,610
93 93 32 35)
102,066
44,586 73 78 68 61
123,193
56,352 90 89 145 145
101,138
85,450 56 56 48! 51
1,474,727 1,032.7891. 312 1,318 3,86813,986j1
421,906 235,427 ' 125 125 251! 259
469,213 368,102 400 384 1,
1,64711,701'
86,372
61,934 73 70 222i 233*
346 .344!
175,160
92,702 95
180 188|
77,'383 59
77,557
266,073 253,871 815 823 2,030 2,411;
35,792 164 191 165
33,965
337,028 382,895 329 3301,L, 386 1,421!
130,824 115,961 159 161 229 263;
151,815 149,303 416 414 394 422|
103,067 103,392 243 249 864 913 j
492,273 334,368 662 660 685 736
25,499 60 65 44 59|
31,752
83,299 142 138 245 255J
109,288
463,746 221,657 188 194 266! 2741
419,686 292,723 160 161 205! 187!1
142,162
58,555 137 136 131! 136
87,390
74,257 149 163 102! 103!.
85,515
74,488 66 66 86! 921
45,275
39,6.22 110 109 141 1491
614
568
452 "4*58
146 143
146 147
159; 159
2241 223
88|.....
13.....
26.....
17.....
5
167 160
401 180
5
5
1
7
176 154
78
52
1
1
301
25
-----
194,167 59,056 56,287 17,546,489 14,618,274 9,869 9,916 16919 17836 2,791 2,286
210,357 83,712 59,275 19,390,927 16,070,199 9,898 9,91817114 17851 2,672 2,281
Incorporated banks other than mutual savings banks.
Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 8.000 items, $1,665,000; Minneapolis, 5,000 items, $5,451,000:
Omaha, 1,000 items, $269,000; total, 14,000 items and $7,385,000.
NOTE.—Number of business days in period for Philadelphia,. Pittsburgh, Richmond, and Baltimore was 23 days; for Boston. Cleveland, Cincinnati, Atlanta, Birmingham, Chicago, Denver,
Omaha, and Salt Lake Gitys 25 days; and for other Federal reserve bank and branch cities, 24 days.
. '
1
§
I
w
a
62
J 1924.
FEDERAL BESERVE BULLETIN.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
COMBINED.
[In thousands of dollars.]
Earning assets.
Date.
Total.*
1922—Dec. 27..
1923—Jan. 31..
Feb. 28.
Mar. 28.
Apr. 25.
May 29..
June 27.
July 25.
Aug. 29.
Sept. 26
Oct. 31..
Nov. 28.
Dec. 26..
1
1,334,101
1,139,552
1,166,512
1,203,720
1,104,489
1,178,156
1,114,219
1,033,697
1,082,553
1,126,334
1,180,652
1,167,999
1,297,775
Bills discounted.
629,885
597,251
595,760
700,019
636,597
730,995
774,963
760,539
815,518
862,008
883,800
794,381
857,151
Bills
bought
in open
market.
Eeserves.
U.S.
securities.
457,883
353,735
363,074
249,469
193,810
189,288
134,976
96,284
93,530
91,885
91,837
84,460
104,158
246,293
188,566
207,678
254,251
274,041
257,818
204,225
176,864
173,485
172,124
204,698
289,004
336,415
Total.
Gold.
3,148,837
3,227,132
3,201,600
3,176,288
3,179,042
3,195,497
3,202,479
3,200,005
3,201,234
3,192,698
3,191,145
3,197,282
3,137,510
3,040,439
3,0751810
3,072,813
3,063,794
3,084,569
3,108,762
3,110,744
3,113,551
3,120,989
3,116,604
3,111,078
3,112,436
3,070,927
Total
deposits.
1,900,255
1,991,062
1,952,317
1,976,270
1,908,543
1,951,586
1,936,599
1,896,567
1,907,582
1,930,073
1,958,660
1,938,593
1,937,869
F.R.
notes in Beserv®
actual cir- ratio.
culation.
2,464,121
2,203,701
2,246,943
2,232,482
2,222,588
2,250,217
2,226,954
2,194,871
2,224,760
2,247,830
2,224,865
2,246,300
2,340,375
72.1
76.9
76.2
75. §
77.0
76.1
76.9
78.2
77.5
76.4
76.3
76.4
73.3
Including municipal warrants.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM NOVEMBER 23, 1923, TO DECEMBER 20, 1923, INCLUSIVE.
[In thousands of dollars.]
Transfers.
Daily settlements.
Federal reserve bank.
Debits.
Boston
New York
Philadelphia...
Cleveland
,
Eichmond.....
Atlanta
Chicago
St. Louis.......
Minneapolis....
Kansas City....
Dallas
San Francisco..
Total, four weeks e n d i n g Dec. 20,1923.
Nov. 22,1923
........
Dec. 21,1922.....
Nov. 23,1922...........
Credits.
12,500
1,500
11,000
14,500
12,000
3,500
29,000
5,000
2,000
6,000
4,000
9,500
98,000
1,500
1,000
1,000
500
1,000
1,500
1,000
2,000
110,500
60,000
69,500
48,500
110,500
60,000
69,500
48,500
3,000
Changes in ownership
of gold through trans- Balance
fers and settlements. in fund at
close of
period.
Decrease. Increase.
Debits.
Credits,
677,429
2,220,394
643,798
534,136
523,842
268,460
971,084
478,363
138,937
342,011
271.746
279,711
681,095
2,083,310
653,249
550,290
537,825
292,209
1,015,223
494,456
144,908
347,669
276,513
273,164
8,834
40,584
7,349,911
9,041,620
6,414,807
6,548,906
7,349,911
9,041,620
6,414,807
6,548,906
62,514
2,654
2,983
20,749
16,139
12,593
4,971
1,658
787
13,047
62,514
44,260
93,564
25,796
69,375
30,C41
19,902
108,971
25,985
25,858
44,924
14,334
43,504
546,514
600,766
563,433
653,862
DISCOUNT EATES OF FEDERAL RESERVE BANKS IN EFFECT DECEMBER 31, 1923.
Paper maturing—
Within 90 days.
Federal reserve bank.
Secured by
Commercial,
United States
agricultural ?
and livestock, Government
paper, n. e. s. obligations.
Bankers'
acceptances.
Trade
acceptances.
Boston
New Y o r k . . . . .
Philadelphia...
Cleveland......
Richmond
Atlanta........
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
After 90 days
but within 6
months.
After 6 but
within 9
months.
Agricultural 1
and livestock
paper.
Agricultural
and live stock
paper.
68
FEDERAL EESEEVE BUULETIN.
JANUARY, 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 NOVEMBER 21 TO DECEMBER 12.
[Amounts in thousands of dollars.)
Total.
Boston.
New
Phila- CleveYork. delphia land.
Number of reporting banks:
767
113
Nov.21.....
767
113
Nov.28
.
767
113
Dec.5
113
Dec. 1 2 . . . . .
,
766
Loans and discounts, gross:
Secured by XT. S. Government obligations—
225,143
13,234
78,806 14,817
27,516
Nov. 2 1 . . . . . . . . . . . . . . .
226,939
79,362 15,575
13,399
27,738
Nov.28..
226,051
77,818 15,692
12,875
27,687
Dec.5
73,880 15,485
224,070
14,004
27,863
Dec. 1 2 . . . .
Secured by stocks and
bonds—
Nov.21
, 3,734,004 227, 6031,544,298 259,721 405,314
Nov.28
, 3,732,015 223, 0001,543,835 260,803 411,512
Dec.5
, 3,761,420 222, 4691,555,753 268,356 413,398
3,767,997 219, 8841,564,197 265,760 409,223
Dec. 12....
All other loans and discounts-—
Nov. 2 1 . . . . . . . .
7,939,440 637,773 2,510,292 351,072
7,945,033 640,1758 2:1,515,032 351,407 695,053
Nov.28..
7,939,795 640,1,573 2!1,524,419 349,109 688,353
Dec.5...,
Dee. 12..
, 7,925,456 640,1,053 2;!, 511,113 346,788 693,806
Total loans and discounts:
610 4,133,396 625, 6101,131,706
11,898,587
Nov. 21
" " 41,138,229 627, 7851.,134,303
Nov.28
, 11,903,987
'157
Dec.5
875, 9174,L157,990 633, 1571.,129,438
11,927,266
Dec. 12
11,917,523 873, 9414,1,149,190 628, 033 I!,130,892
U. S. pre-war bonds:
48,733 10,694 47,848
275,888
Nov. 21....
12,666
275,655
Nov.28....
12,666 48,733 10,694 47,278
275,964
Dec.5....
12,656
10,694 47,647
274,070
Dec. 12
12,706 48,878 10,694 47,237
U. S. Liberty bonds:
Nov.21
, 1,013,290
78,403 448,947 42,952 115,891
Nov.28.
., 1,011,466
78,417 449,592 43,044 114,894
Dee. 5
78,565 451,732 43,441 113,100
1,012,802
112,235
Dec. 12
78,637 448,300
1,012,494
U. S. Treasury bonds:
81,305
Nov.21
26,010 3,275
4,797
Nov.28.
81,381
25,809 3,278
4,795
4*484
Dec.5..
25,836 3,386
81,842
4,730
4,518
Dec. 1 2 . . . . . . . . . . .
4,728 25,991 3,091
4,462
80,834
XT. S. Treasury notes;
Nov.21.
845,279
29,147 470,454 47,991 56,701
Nov.28.........
841.944
29,980 470,061 45,751
55,729
Dec.5.....
838,751
29,405 466,689 45,343
55,908
Dec. 12
841,379
29,820 469,823 45,027 55,907
U. S. certificates of indebtedness:
68,115
2,943
12,784 2,341
4,768
Nov.21...
2,439
12,228 2,325
4,723
Nov.28
2,439
12,328 2,420
4,922
Dec.5
85,403
2,428 26,709 2,422
4,752
Dec.. 12
Other bonds, stocks, and
securities:
2,192,069 175,486 754,325 183,658 298,502
Nov.21
2,184,472 174,020 747,754 182,349 299,254
Nov.28..
2,17@?268 169,835 747,682 181,460 299,717
Dec.5
2,177,341 169,005 747,891 182,648 299,511
Dec. 1 2 . . . . . . . .
Total loans and discounts
and investments:
.,894,649 916, 5211:, 659,899
Nov. 21
16/374,533 1,182,052 5.
i, 892,406 915, 2261!^,660,665
Nov.28
16,367,573 1,179,474 5;
0,911,188
1,173,
547
5;
919, 901i;.,655,250
D®c, 5
.....16,384,573
Dec. 12...
16,389,044. 1,171,265 5,916,782 915, 3061,654,996
Reserve balance with F. R.
banks:
82,920 628,447 70,948 105,807
Nov.21..........
1,390,092
86,896 631,359
103,614
Nov. 2 8 . . . . . . . . . .
1,385,302
83,787 614,099 69,316 109,144
Dec.5.....
1,383,560
85,697 647,737 69,270 109,167
Dec. 1 2 . . . . . . . . . .
1,423,824
Cash in vault:
19,813 83,059 16,596
32,562
NOT. 21..
290,247
19,527 87,940 17,688
31,415
Nov. 2 8 . . . . . . .
298,516
22,668 87,611 17,469
33,715
Dec.5.......
305,498
36,405
Dec. 12
321,286
22,787 92,341 19,258
Net demand deposits:
Nov.21
11,158,076 809,433 4,748,854
898,225
Nov.28...,
11,106,667 $02,4684,741,783 679,521
Dec. 5
........... 11,111,15* S02,307 4,707,830 691,536 904,045
Dec. 12.............
11,252,421 813,4914,762,773 69CJ, 498 901,985
Richmond.
San
AtSt.
Minne- Kansas
lanta. Chicago. Louis. apolis. City. Dallas. Francisco.
106
106
106
106
8,559
8,207
8,445
8 768
122,029
121,598
124,304
123,217
65
65
65
65
4,042
3,943
3,864
3,896
6,014
6,152
6,687
5,949
3,143
3,072
3,003
2,990
12,111
12,061
11,934
11,993
65,254 595,156 141,912 38,547
65,469 587,949 143,350 39,437
65,158 594,532 143,550 39,560
65,160 596,644 146,338 40,695
80,487
81,146
80,790
80,837
65,882
66,005
66,413
68,355
187,801
187,911
187,137
187,687
8,783
35,269
36,966
37,214
37,707
12,849
11,772
12,201
11,853
334,621
332,714
330,391
331,520
375,305 1,136,183
376,237
~~~%
1 140,326
376,5981',,136,435
370,945 1,136,339
315,855
315,541
316,809
312,138
206,861
204,195
203,335
200,287
347,990
346,244
346,611
347,871
222,828 801,784
226,937 800,589
224,454 802,708
225,870
465,209
462,519
463,140
463,505
449,L3421.,766,608
450,1,3981,765,241
450,3871.,768,181
445,""*-*'
.,7871.,770,690
470,616 249,450
470,663 247,575
472,560 246,759
470,329 ,244,878
434,491
433,542
434,088
434,657
291,8531,001,698
296,0141,000,561
293,8701,001,77©
297,2151,008,406
29,528
29,626
29,636
29,666
14,499
14,499
14,483
14,469
24,770
24,768
24,769
24,789
15,193
15,193
15,193
15,193
9,161
9,161
9,161
9,161
26,387
26,277
26,431
27,196
14,365
13,774
14,820
14,183
96,318
94,054
93,748
94,619
22,060
22,116
22,129
21,861
12,141
12 186
12,307
12,412
3,077
3,077
3,113
3,114
1,710
1,711
1,711
1,711
11,849
11,918
12,012
11,990
7,009
6,972
6,981
6,956
955
955
955
955
14,794
14,610
14,855
15,197
5,990
6,048
5,903
6,448
108,498
108,567
109,913
105,936
17,172
17,248
17,088
17,103
27,635
27,987
27,583
28,286
2,027
2,022
1,975
1,947
4,195
5,173
5,140
5,129
15,864 . 5,;
15,745 5,429
15,696 5,724
17,103 5,591
2,101
2,382
2,897
3,401
3,132
3,398
3,189
3,446
3,526
3,523
3,371
3,966
9,085
9,281
8,579
8,509
85,815
87,426 26,781
90,986 26,163
88,000 26,129
57,864
58,161
58,011
57,657
13,388
13,655
14,014
14,088
157,857
159,171
159,230
157,703
50,903 43,641
50,736 43,114
50,894
50,810 43,021
591,925
588,867
590,044
591,435
343,944
342,051
338,277
342,878
533,742 2,367,851
1,362,344
534,717 2;
362^
535,443 2,5,362,596
630,748 f2,368,005
11,440 20,711
11,733 20,661
11,439 20,711
11,539 19,661
30,645
30,643
30,644
30,077
46,886 13,474 95,466
46.691 13,713 96,708
46,571 13,715 96,243
46,555 15,574 97,531
4,087
3,984
3,991
3,476
1,.942
1,962
1,962
1,963
12, in
12,438
12,647
12,397
17,287 13,455 36,155
16,630 13,322 36,011
15,751
36,397
16,032 15,§36 36,264
623,234
625,047
630,641
623,033
328,129
327,027
325,825
325,222
575,187
574,139
573,040
573,362
35,405
36,040
37,084
36,225
32,7«0 202,737 37,622
32,623 198,575 39,655
34,409 203,587 39,509
34,162 210,298 41,377
22,998
21,122
21,470
21,590
46,381
41,799
44,794
43,616
27,087
28,283
29,104
26,275
97.040
96,740
97,257
98,410
14,380
14,222
15,485
15,641
10,538
10,964
11,152
12,207
55,401
55,186
57,397
59,299
7,980
8,434
9,168
6,017
5,904
6,278
6,735
12,216
12,393
12,394
14,064
10,004
10,401
10,105
10,255
21,681
22,442
22,058
23,314
267,117 1,468,734
266,076 1,436,241
269,365 1,446,799
274,093 1,485,393
329,605
334,281
346,955
350,185
204,830
206,104
205,36S
205,592!
397,276
394,263
397,361
403,450
257,288
260,504
259,075
260,516
749,955
742.732
733,547
757,2S§
338,140
343,742
347,170
347,156
358,3491,342,995
362,8501,344.811
361,57911,345,519--' —
368,003 1,350,887
64
FEDERAL RESERVE BULLETIN.
JANUAKY,
1924.
• PRINCIPAL RESOURCES AND LIABILITIES OP ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
ON WEDNESDAYS, FROM NOVEMBER 21 TO DECEMBER 12—Continued.
[In thousands of dollars.]
Total.
Time deposits:
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Government deposits:
Nov. 2 1 . . . . :
Nov. 28...
Dec. 5
Dec. 12
Bills payable and rediscounts
with F. R. banks:
Secured by United States
Government obligations—
Nov 21
Nov. 28
Dec. 5
Dec. 12.;
All other—
Nov. 21
Nov.'28
Dec 5
Dec. 12
.....I
Boston.
New Phila- Cleve- RichYork. delphia land. mond,
San
Dallas. Francisco.
St. MinneAtlanta. Chicago. Louis. apolis. City.
1,022,110
4,048,142
4,044,394
4,058,847
269,041
268,857
267,529
267,941
881,254
887,858
890,915
900,732
110,316
113,074
112,190
110,883
604,504
603,982
601,994
601,256
54,848
49,296
41,796
33,500
9,639
8,678
7,376
5,901
13,340
11,998
10,203
8,161
4,060
3,656
3,103
2,482
6,577
5,907
5,042
4,040
2,014
1,736
1,478
1,186
221,710
256,178
239,191
241,213
8,555
11,623
11,479
11,593
62,835
78,130
69,340
73,687
15,015
15,904
14,787
19,233)
20,198
20,336
18,652
28,123
18,078
13,367 i
14,428,
16,963.
245,672
252,066
234,505
247,472
24,116
35,860
25,885
36,453
29,321
19,207
23,409
35,026
8,221
9,538
4,933
7,704
19,629
18,794
21,779
22,490
152,383 180,:
151,739 S 81,370
150,6791 81,470
148,793 83,750
797,427
798,630
803,128
804,657
193,795
194,522
190,465
189,760
83,329
83,802
83,782
84,169
2,
2,582
2,203
1,766
5,527
5,033
4,245
3,405
2,361
2,127
1,805
1,444
796
677
540
16,804
18,693
17,763
15,879
32,639
48,129
42,488
32,302
10,138
10,573
8,631
7,536
4,940 19,700
1,440 20,336
3,090 23,905
2,290 19,632
19,074) 35,!
18,659; 38,990
17,352, 39.471
16,123, 33,7331
18,151
21,766
18,194
16,974
36,831
34,146
31,504
28,295
5,618
6,336
4,602
4,393
23,380
21,436
21,052
20,256
2,805
2,608
4,438
4,210
22,637
24,726
21,886
21, S15
133,948 77,881 537,864
133,824 79,384 551,100
132,917 81,649 547,676
131,202 82,629 553,075
684
580
391
391
2,110
1,902
1,615
1,292
4,781
4,301
3,658
2,892
2,109 12,699
2,359 15,288
2,518 12,110
1,818 12,157
BANKERS* BALANCES IN FEDERAL RESERVE BANK CITIES.
fin thousands of dollars.]
Due to banks—
Nov. 2 1 . . , . .
N o v . 28
Dec. 5
Dec. 12
D u e from banks
Nov. 21
Nov. 28....,
Dec. 5
Dee. 12
4,869,713
1,879,894
1,946,795
1,960,655
104,169
99,948
108,307
107,391
898,661
880,074
929,576
949,471
147,751
152,159
156,017
157,095
38,792
39,458
39,744
39,129
32,716
32,060
36,455
35,316
15,038
15,166
16,214
15,655
301,894
295,308
309,056
310,777
69,152
71,360
73,157
71,764
41,191
40,586
43,059
40,995
91,326
91,998
93,812
95,158
41,157
43,272
43,443
42,941
87,868
88/505
97,955
531,892
503,352
511,820
521,759
32,458
30,179
33,480
32,671
73,226
74,285
70,520
74,945
59,308
52,834
53,891
55,578
26,238
18,963
19,996
21,060
15,029
14,558
15,824
15,971
7,442
7,124
8,602
8,012
149,773
142,629
140,162
145,811
29,649
24,058
28,338
27,842
19,766
191428
19,504
19,494
37,454
37,630
41,100
40,535
31,242
30,760
31,780
29,949
50,307
50,904
50,623
49,891
REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO.
[Amounts in thousands of dollars.]
Banks in city of Chicago.
Banks in New York City.
Nov. 21.
Number of reporting banks
—
Loans and discounts, gross:
Secured by United States Government obligations..
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
U S pre-war bonds
U. S. Liberty bonds
U. S. Treasury bonds
U S. Treasury notes
U. S. certificates of indebtedness
.
Other bonds, stocks, and securities
Total loans and discounts and investments
Reserve balance with Federal reserve bank...
Cash in vault
Net demand deposits
Time deposits .
..... . ..:.
Government deposits
Bills payable and rediscount with Federal reserve
bank:
Secured-by United States Government obligations..
All other
Nov. 28.
Dec. 5.
Dec. 12.
Nov. 21.
N o v . 28.
Dec. 5.
Dec. 12.
67
67
67
67
49
49
49
49
71, 128
1, 350. 049
2, 198, 418
71, 662
3591 K69
2 202, 710
70, 592
918
2 212J, 297
66,213
1,372,508
2,199, 417
26, 421
443,
666, 886
28,105
439,416
668,951
28,372
446.642
665, 418
28,559
446,878
666,489
3, 6lf9, 595
3 627, 241
3 643, 807
3,638, 138
1,136, 616
1,136,472
1,140,432
1,141,926
878
600
404
463
476
539, 080
37, 878
391, 261
18. 903
438, 128
9. 480
536, 071
38, 076
392, 789
18 930
435', 727
P. 580
531, 285
37, 923
390, 373
18, 389
438, 997
24, 008
532, 372
182
140
089
824
154
024
4,179
•37,511
5,091
63,244
4,063
166,786
18©
253
185
599
498
4,201
37,496
5,213
61,841
4,832
166,024
5 052, 496
5 058, 262
5 069, 494
5,080, 200
1,421 029
1,417,346
1,418,143
1,421,533
582, 797
67,591
4 265,223
593,804
11, 724
581. 619
72, 588
4 263, 447
601, 109
10,545
565, 91Q
70, 657
4 219, 875
598
74
4,267
613
7
m
928
184
6<W
171
141, 987
30,241
986,128
372,207
2 640
137,286
30,002
970,116
372,891
2,400
140,592
30 429
978 852
377 084
2 003
146,074
31,596
1,006,044
378,560
1,615
35, 280
20, 892
46,255
10,027
40, 205
14, 440
47 780
26 342
17 087
8 285
22,886
16 528
6 230
5,931
3,946
37,
389,
18,
438,
8, 964
5
62,
4
169,
8,740
4
37,
5
64
3
162
65
JEDERAL RESERVE BTJIXETTBT.
JANUARY, 1924.
DEPOSITS OF ALL MEMBER BANKS,
MET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ARRANGED BY SIZE
OF CITIES AND TOWNS.
[In thousands of dollars.]
Banks in cities and towns having a population of—
Federal reserve
districts.
Total, all
member
banks.
Less than
5,000.
5,000 to
14,999.
15,000 to
99,999.
100,000
and over.
Amount on Nov. 28,1923.
Total, all
member
banks.
Less than
5,000.
5,000 to
14,999.
100,000
and over.
15,000 to
99,999.
Increase ( + ) or decrease (—) since preceding monthly report.
•
NET DEMAND DEPOSITS.
1,235,543
Boston
5,339,505
New York
1,066,168
Philadelphia
1,380,954
Cleveland.......
587,186
Richmond
.
.
493,789
Atlanta
....... .
Chicago
. . 2,055,445
629,013
St. L o u i s . . . . . . .
423,314
Minneapolis. . . . . . . . .
740,856
Kansas City
654,398
Dallas...............
San F r a n c i s c o . . . . . . . 1,290,826
Total: Nov. 28,
1923.... 15,896,997
Oct. 24,
1923
15,905,528
Sept. 26,
1923.... 15,626,715
43,774
164,056
128,871
155,129
106,210
78,011
186,957
117,048
110,143
191,071
220,297
185,063
68,460 *
105,453
76,804
123,468
69,565
62,823
111,766
72,630
76,430
119,187
111,284
88,121
198,063
267,37S
131,745
192,945
164,299
152,801
330,847
85,339
73,500
159,520
117,596
148,860
925,246
4,502,623
728,748
909,412
247,112
200,154
1,425,875
353,996
163,241
271,078
205,221
868,782
-54,301
4-29,269
-16,795
-13,544
+15,923
+20,370
-38,237
+12,270
+11,836
-11,451
+24,454
+11,675
-3,157
-8,655
-3,080
—5,224
+2,167
+8,272
-5,608
+2,091
+285
+928
+10,616
+2,237
-2,413
-1,461
+1,633
-2,529
+2,504
+3,603
-3,898
+1,564
+341
-4,229
+3,304
+385
-4,437
-5,646
-4,283
-2,857
+5,727
+2,452
-8,911
+1,884
+4,384
-5,105
+879
+2,542
-44,294
+45,031
-11,065
-2,934
+5,525
+6,043
-19,820
+6,731
+6,826
-3,045
+9,655
+6,511
1,686,630
1,085,991
2,022,888
11,101,488
-8,531
+872
-1,196
-13,371
+5,164
1,685,758
1,087,187
2,036,259
11,096,324
+278,813
+34,392
+8,806
+15,930
+219,685
1,651,366
1,078,381
2,020,329
10,876,639
+97,892
+53,535
+19,299
+10,581
+14,477
601,031
1,662,051
635,591
1,126,611
436,939
323,247
1,566,777
391,830
411,609
297,996
143,713
970,367
48,406
235,986
204,111
179,291
128,160
49,468
242,455
66,188
192,982
9L106
17,111
100,710
65,213
134,536
104,457
128,330
80,630
46,747
143,329
41,991
98,191
56,573
23,479
46,069
146,664
349,638
182,052
175,066
124,326
119,400
362,174
62,098
59,275
63,552
52,550
92,653
340,748
941,891
144,971
643,924
103,823
107,632
818,819
221,553
61,161
86,675
50,573
730,935
+816
-18,935
+7,765
+8,487
+3,408
+378
+16,860
+4,996
—449
-2,576
+3,990
+17,473
+646
+2,447
-1,021
+1,747
+1,869
+1,665
+1,604
+522
-1,537
-2,117
-336
+2,032
+324
+409
+3,766
+1,584
+1,743
+576
+1,835
+610
+64
-1,020
+98
+405
+675
+2,311
-249
+480
+374
-2,125
+2,836
-37
+571
-1,249
+2,009
+1,077
-829
-24,102
+5,269
+4,676
-578
+262
+10,585
+3901
+453
+1,810
+2,219
+13,959
8,567,762
1,556,064
069,545
1,789,448
4,252,705
+42,213
+7,521
+10,894
+6,673
+17,625
8,525,549
1,548,543
959,151
1,782,775
4,235,080
+52,586
+3,097
+5,546
+17,425
+26,518
8,472,963
1,545,446
953,605
1,765,350
4,208,562
+36,979
+7,423
+2,223
+5,234
+22,099
TIME DEPOSITS.
Boston..
New Y o r k . . . . . .
Philadelphia........
Cleveland
Richmond
Atlanta
Chicago...... ...
St. Louis
Minneapolis.
Kansas City
Dallas.
San Francisco.
Total: Nov. 28,
1923....
Oct. 24,
1923....
Sept. 26,
1923-...
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM.
Changes in membership in the Federal
reserve system for the month of December,
1923, are given in the accompanying table.
There were 7 additions to State bank and trust
•company members and a loss of 11, which
included 1 merger of member banks, 1 voluntary liquidation, 1 voluntary withdrawal, and
8 banks closed. The latter, which do not
necessarily represent a-permanent reduction in
membership, were principally in the ninth
district* Of the 10 national banks added
during the month, 5 were newly organized,
4. were converted from nonmember banks7
and 1 was restored to solvency after temporary
suspension. The loss of 20 national bank's
•occurred principally on account of 12 insolveneies (largely in the ninth and tenth, districts) and
4 successions by nonmembers. The net result
was a decrease in total membership of 14 and
an increase in capital and surplus of S914F200s
Gains and losses were included in the data
In accordance with the dates on which the
changes actually became effective and the
result shows as nearly as possible the number
of members in the system having the status of
reporting banks.
State banks
and trust
companies.
National
banks.
All member
banks.
Capital Num- Capital Num- Capital
Num- and
sur- ber. and sur- ber. and surber.
plus.
plus.
plus.
5,217
9,814
Membership, Dee. 1,1923 1,597|.
7 632,000
Gains
..........
10 2,247,500
17 2,879,500
Gains by absorption
-1 1400,000
400,000
Losses.......
. . . 2 1 1 840,600 ^201,524,700
312,365,300
10 +722,800 .-14+914,200
Net change,
4 -f 191,400
9,800|.....
Membership, Dec. 31,1923 1,593
8,207
1
Affects State bank and trust company capital and surplus, and not
number, and is included among national bank decreases.
*Includes 1 merger of trust companies affecting number only.
s Includes 1 absorption of a national bank by a national bank,
affecting number only.
66
JANUARY, 1924.
, FEDEEAX, RESERVE BUI^LETHT.
CONDITION OF ALL BANKS IN THE UNITED STATES ON SEPTEMBER 14, 1923.
[Inmillio ns of dollars.]
comparative figures showing the condition
of all banks in the United States, other than
Loans and investments.
Total
Number
mutual savings banks and private banks not
deposits,
of
excluunder State supervision, which have been combanks
of
report- Total. Loans. Invest- sive
piled by the board and are presented herewith,
bank
ing.
ments. deposits.
indicate that between June and September
loans and discounts increased $197,00Q;GG0, or
i
from $26,793,000,000 to $26,990,000,000./ Dur- All banks:
32,642
June, 1920....
8,636
28,715
36,813
28,177
31,134
June, 1921.......... 29,477
8,461
34,318
25,857
ing this period, however, the hanks* invest31,944
June, 1922..
9 471
29,092
34,148
24,647
34,512
ments fell off $128,000,000, so that the total
June, 1923
10,566
29,342
37,359
26,793
34,605
September, 1923
10,438
29,318
26,990
37,428
loan and investment account of all the banks Member
banks:
June,
1920..........
6,161
21,887
25,945
9,399
19,784
included in the. tabulation show an increase
June, 1921
21,612
6,105
9,745 24,311
18,206
of $69,000,000 and aggregated at the middle of
June, 1922.....
22,366
9,892 24,358
7,062
17,296
June, 1923..
.....
26,675
23,837
9,856
7,795
18,880
September $37,429,000,000. In keeping with
September, 1923....
23,712
9,843 26,497
7,640
18,857
banks:
the increase in loans and investments, demand Non-member
June, 1920...
10,755
2,475
19,316
10,868
8,393
and time deposits, exclusive of. bank deposits,
June, 1921.......... 19,732
9,522
10,007
2,356
7,651
June, 1922.......... 19,200
9,578
9,790
7,351
2,439
increased $94,000,000 for all banks. The in- June, 1923
10,675
19,486
10,684
7,913
2,771
September,
1923....
10,893
19,475
10,931
8,133
2,798
creases reported in loans and discounts by both
State banks and national banks were met in 1
of mutual savings banks and private banks not under
part by increased borrowings. The total redis- StateExclusive
supervision.
counts and bills payable of the banks increased
from $1,308,000,000 in June to $1,397,000,000
In continuation of the plan followed in the
in. September.' The following table shows in October, 1923, BULLETIN, there are given besummary form the changes in loans and in- low figures of principal assets and liabilities
vestments, deposits, and borrowings of the for State banks located in seven Federal
banks for recent dates for which figures are reserve districts and in five territorial groups
available:
more fully described in the October BULLETIN*
PRINCIPAL BESOUBCES AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES,, BY FEDERAL EESERVE
DISTRICTS, ON SEPTEMBER 14, 1923,
[In thousands of dollars.] •
Federal reserve district or group.
Number of
reporting
banks.
Loans and
discounts,
including
overdrafts.
Investments.
Total loans
and investments.
Total deposits, exclusive of
bank deposits.
Rediscounts
and bills
payable.
Boston
New York
Philadelphia
Cleveland*
Richmond
Atlanta*3
Chicago
St. Louis*
Minneapolis
Kansas City»
Dallas...
San F r a n c i s c o . . . . . . . . . . .
291
597
594
1,047
1,580
1,667
4,756
2,701
2,832
2,750
1,124
1,146
836,829
3,170,429
881,216
1,503,705
858,987
765,518
2,951,405
956,475
712,087
578,472
275,288
1,563,455
403,390
1,440,998
461,279
650,073
181,878
104,204
1,243,213
248,925
96,757
66,660
24,377
523,315
1,240,219
4,611,427
1,342,495
2,153,778
1,040,865
869,722
4,194,618
1,205,400
808,844
645,132
299,665
2,086,770
1,188,487
4,505,485
1,207,511
2,106,136
934,734
811,979
4,214,098
1,136,077
803,724
663,817
309,437
2,136,847
26,40®
100,296
39,091
28,261
60,750
78,885
95,175
55,252
59,687
29,234
21,511
48,351
Total Sept. 14,1923
Total June 30,1923.
21,085
21,106
15,053,866
14,976,535
5,445,069
5,503,815
20,498,935
20,480,350
20,018,332
20,030,117
642,902
584,543
1
2
3
Exclusive
Exclusive
Including
* Exclusive
Missouri.
* Exclusive
of the eastern part of Kentucky.
of the southern part of Mississippi and including all of Tennessee.
all of Illinois and Indiana.
of the southern parts of Illinois and Indiana and the western part of Tennessee, and including all of Kentucky, Mississippi, and
of the western part of Missouri.
Calls for condition reports by the banking
departments of several of the States were not
made as of the same dates as the calls made by
the Comptroller of the Currency, consequently
in compiling ^ the figures shown in the following table it has been necessary to use the
last figures available. In each instance where
the figures do not represent the condition of
State banks and trust companies on September 14, 1923, the date to which thefiguresfor
national banks relate, the date of the condition
reports used has been indicated in a note at
the bottom of the table showing the condition
of the State banks and trust companies.
JANUABY, 1924.
67
RESERVE BULLETIN.
PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON JUNK, 30,1923, AND SEPTEMBER
14, 1923, OR DATES NEAREST THERETO FOR WHICH FIGURES ARE AVAILABLE.
[In thousands of dollars.]
Number of reporting banks.
June,
1923.
Maine
New Hampshire....
Vermont...... . . . .
Massachusetts
Rhode Island
.
Connecticut....
....
Total, group 1
New York
New Jersey..
......
Total,group 2......
Delaware
Pennsylvania..........
Ohio....
.
Total, group 3 . . . .
District of Columbia
Maryland.
Virginia..... .
West Virginia...,.
North Carolina.........
South Carolina
....
Total, group 4
Alabama.......
Florida
Georgia
... .
Louisiana..
.. .
Tennessee..
Total, group 5
Illinois.......
Indiana
.
Iowa. * . . . . .
Michigan.....
.
Wisconsin
.
Total, group 6
Arkansas
Kentucky
. . .
Mississippi...
Missouri...
... ...
Total, group 7 . . . .
Minnesota
Montana
.
North Dakota..
....
South Dakota.
Total, group 8
Colorado...
Kansas.................
Nebraska
Oklahoma
Wyoming
Total, group 9 . . . .
New Mexico
Texas........
.
.
Total, group 10...
Arizona..... . .
California .
Idaho...... . .
Nevada
Oregon...
Utah
.
Washington • . . . . . . . . . . . . .
Total, group 11.-..
Total United
States..
1
2
8
53
25
40
96
15
80
3.09
439
1194
Sept.,
1923.
53
25
40
95
15
81
309
441
198
633
639
41
757
748
1,546
35
146
335
222
533
345
1,616
254
228
583
232
464
1,761
1,412
854
1,325
581
838
5,010
403
465
325
1,493
2,686
39
762
750
1,551
36
147
336
222
528
341
1,610
254
233
581
231
464
1,763
1,412
854
1,323
587
839
5,015
403
465
327
1,506
2,701
1,143
229
645
556
2,573
219
1,072
942
435
89
2,757
57
948
1,005
52
433
109
24
178
96
270
1,162
'242
647
556
2,597
224
1,068
942
443
89
2,766
50
956
1,015
54
429
109
24
180
97
274
1,167
21,106
Loans and discounts (including
overdrafts).
Investments.
June,
1923.
Sept.,
1923.
June,
1923.
Sept.,
1923.
70,172
20,3®5
51,428
485,328
111,565
97,975
836,773
2,896,498
1448,039
3,344,537
33,679
1,094,745
1,076,732
2,205,156
70,916
176,077
168,797
166,256
201,383
110,653
894,082
92,680
85,751
210,609
224,472
168,119
781,631
1,336,883
352,897
612,861
376,329
347,621
3,026,591
109,692
158,960
105,269
561,075
934,996
328,108
61,749
98,834
147,690
636,381
65,595
217,140
215,965
59,415
20,105
578,220
16,238
212,490
228,728
32,767
1,223,529
22,905
15,548
69,999
65,216
79,476
1,509,440
74,196
20,305
51,993
489,470
117,336
101,604
854,904
2,783,814
456,777
3,240,591
38,122
1,133,125
1,082,571
2,253,818
71,255
178,565
169,501
166,770
206,863
108,899
901,853
92,680
88,338
209,209
224,387
188,295
802,909
1,336,883
352,897
610,375
377,813
347,000
3,024,968
109,692
158,960
105,324
582,499
956,475
333,090
59,469
98,275
147,690
638,524
@0,720
216.313
220,493
58,706
20,326
576,558
14,859
215,274
230,133
32,584
1,282,313
23,175
15,534
71,273
66,845
81,409
1,573,133
67,779
16,735
14,942
132,532
97,447
107,833
437,268
1,203,569
i 295,257
1,498,826
21,981
768,705
320,823
1,111,509
27,939
92,185
. 18,774
28,974
16,855
9,767
194,494
9,978
18,568
16,466
38,851
19,305
103,168
467,122
82,070
25,341
557,579
93,619
1,225,731
11,102
37,319
23,306
169,130
240,857
58,683
11,769
5,896
3,223
79,571
26,658
22,883
11,288
10,265
905
71,999
1,314
16,832
18,146
7,309
435,960
4,923
2,241
25,809
15,450
30,554
522,246
70,254
16,735
15,106
130s108
98,241
109,330
439,774
1,157,713
289,586
1,447,299
20,820
706,321
331,267
1,058,408
27,535
91,853
18,594
28,710
15,867
9,578
192,137
9,978
18,031
16,727
44,052
19,708
108,496
467,122
82,070
25,597
592,944
95,436
1,263,169
11,102
37,319
23,346
177,158
248,925
55,987
12,064
5,527
3,223
76,801
20,625
23,977
11,416
9,548
1,087
66,653
1,222
16,436
17,658
6,835
438,536
4,739
2,183
26,651
15,577
31,228
525,749
TotaMoansand
investments.
June,
1923.
Sept.,
1923.
137,951
144,450
37,040
37,040
66,370
67,099
617,860
619,578
209,012
215,577
205,808
210,934
1,274,041 1,294,678
4,100,067 3,941,527
1743,296
746,363
4,843,363 4,687,890
58,942
55,660
1,863,450 1,839,446
1,397,555 1,413,838
3,316,665 3,312,226
98,855
•98,790
268,262
270,418
188,095
187,571
195,480
195,230
222,730
218.238
118,477
120,420
1,088,576 1,093,990
102,658
102,658
106,369
104,319
225,936
227,075
268,439
263,323
208,003
187,424
911,405
884,799
1,804,005 1,804,005
434,967
434,967
635,972
638,202
970,757
933,908
442,436
441,240
4,252,322 .4,288,137.
120,794
120,794
196,279
196,279
128,670
128,575
759,657
730,205
1,175,853 1,205,400
386,791 389,077
73,518 , 71,533
103,802
104,730
150,913
150,913
715,325
715,952
81,345
92,253
240,023 240,290
227,253 231,909
69,680
68,254
21,010
21,413
643,211
650,219
16,081
17,552
229,322 231,710
246,874 247,791
39,419
40,076
1,659,489 1,720,849
27,914
27,828
17,717
17,789
97,924
95,808
82,422
80,666
112,637
110,030
2,031,686 2,098,882
Total deposits, exclusive of
bank deposits.
June,
1923.
Sept.,
1923.
129,539
33,503
64,868
591,840
204,413
194,925
1,219,088
4,019,582
i 722,475
4,742,057
50,667
1,622,842
1,409,016
3,082,525
93,879
255,428
149,436
189,578
193,673
106,141
988,135
100,927
118,765
188,965
258,452
210,036
877,145
1,807,282
437,603
637,205
947,119
448,351
4,277,560
119,211
186,602
134,005
706,840
1,146,658
391,142
69,493
91,161
149,572
701,368
94,989
236,181
241,800
71,772
21,597
666,339
15,881
217,369
233,250
a 42,786
1,722,365
27,213
19,389
100,116
73,516
110,607
2,095,992
136,200
33,503
64,833
591,476
212,759
201,972
1,240,743
3,851,114
726,203
4,577,317
50,410
1,654,549
1,433,325
3,138,284
94,684
251,937
150,120
185,671
196,566
107,031
986,009
100,927
110,046
188,536
249,863
203,091
852,463
1,807,282
437,603
634,697
980,981
450,916
4,311,479
119,211
186,602
124,533
705,731
1,136,077
396,458
69,305
91,008
149,572
706,343
85,725
244,518
239,838
69,168
22,257
661,506
13,954
244,117
258,071
2 41,908
1,768,908
27,449
19,155
104,388
74,497
113,735
2,150,040
21,085 14,976,535 15,053,866 5,503,815 5,445,069 20,480,350 20,498,935 20,030,117 20,018,332
Rediscounts and
bills payable. .
June,
1923.
Sept.,
1923.
5,367
6,767
724
14,480
125
4,846
25,532
78,725
115,063
93,788
328
55,086
21,835
77,249
1,374
4,592
15,730
6,846
22,130
8,477
59,149
4,818
1,675
24,975
8,722
5,823
46,013
30,416
13,954
34,233
16,383
10,023
105,009
7,566
7,096
4,639
21,348
40,649
14,125
8,638
18,628
15,846
57,237
3.002
9,560
6,293
7,293
1,030
27,178
1,792
17,307
19,099
§3,074
18,094
3,875
838
15,754
386
2,880
26,625
90,769
14,773
105,542
40,159
20,133
60,525
1,299
3,794
15,098
7,887
24,938
9,101
62,115
4,818
• 4,896
23,653
23,723
24, .035
81,125
30,416
13,954
33,776
10,389
8,929
97,464
7,566
7,096
9,701
30,889
.55,252
13,833
8,306
19,413
15,846
57,398
3,129
11,694
7,254
2,930
2,017
3,650
33,640
2,902
2,512
5,110
49,155
584,543
642,902
233
'690
29,750
2,080
15,871
17,951
«3,555
31,344
3,732
Includes Sept. 14,1923, figures for 16 private banks.
Includes items due to banks.
Includes miscellaneous liabilities.
NOTE.—All figures shown In September, 1923, column are for Sept. 14, except as follows: Alabama, June 30,1923; Arkansas, June 30, 1923,
Illinois, June 30,1923; Indiana, June 30,1923; Iowa, Sept. 4,1923; Kentucky, Dec. 29,1922; Minnesota, Nov. 1,1923; Missouri, Apr. 3,1923; North
Dakota, Sept. 8,1923; Kansas, Aug. 31,1923; Nebraska, Oct. 4,1923; South Dakota, June 30,1923; T®nn«ssee, Apr. 3,1923,and Oct. 30,1923; Utah,
Oct. 6,1923.
68
JANUABYJ 1 9 2 4 .
FEDEBAJL BESSSVE BULLETIN.
PRINCIPAL ASSETS AND LIABILITIES O F ALL BANKS ON JUNE 30, 1923, AND SEPTEMBER 14, 1923, O S DATES NEAREST
T H E E E T O F O E WHICH FIGURES ARE AVAILABLE,
[In thousands of dollars.]
Number of reporting banks.
June,
1923.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
.
Sept.,
1923.
...
Total, group 1
New York.
New Jersey
Total, group 2 - . . .
710
951
432
1,383!
Loans and discounts (including
overdrafts).
June,
1923.
Arkansas
Kentucky
Mississippi
Missouri.
Total, group 7 . . . .
Minnesota..
Montana...
........
North Dakota
South D a k o t a . . . . . . . . . .
Total, group 8 . . . .
1,917
1,105
1,674
700
993
6,389
Arizona
.............
California
Idaho....
Nevada
Oregon..
Utah.
Washington
Total, group 1 1 . . .
TotalUaited
States..........
June,
1923.
Sept.,
1923.
863,543
2,723,033 2,753,406 2,463,289 2,497,778
97,815
103,479
8,337
2,239
2,859
81,378
1,140
7,526
6,773,578
956 5,270,626 5,155,996 2,381,886 2,280,980 7,652,512 7,436,976
787,676 556,324 556,896 1,332,228 1,344,572
1,302,881
439 775,904
1,395 6,046,530 5,943,672 2,938,210 2,837,876 8,984,740 8,781,548 8,232,381 8,076,459
219,076
34,693
253,769
270,926
28,812
73,620
29,715
49,553
78,365
64,913
2,404,439 1,656,492 1,587,084 4,020,333 3,991,523 3,448,103 3,482,070
1,588,413 563,792 572,099 2,138,143 2,160,512 2,034,301 2,077, €76
1,018
140,415
53,069
731
105,252
47,661
4,042,405 2,249,999 2,187,995! 3,232,096 6,230,400 5,547,317 5,625,606
194,502
153,644
9,912
19,734
36,557
13,796
35,729
12,961
7,512
21,926
39,501
15,622
41,671
14,438
139,591
335,400
427,672
294,907
323,881
190,522
59,595
164,166
79,740
69,178
38,072
29,909
59,552
165,518
79,306
68,996
37,705
29,093
2,181 1,693,735 1,711,073
440,660
440,170 2,134,395 2,152,143 1,855,144 1,855,859
182,277
160,953
320,812
295,596!
304,741
184,481
160,926
319,083
294,948
327,689
40,859
58,465
37,871
56,160
54,ISO
2,164 1,264,379 1,287,127;
40,524
57,697
37,744
61,391
55,162
197,631
494,551
502,813
363,274
354.070
222,056
223,136
219,418
358,683
351,756
358,921
199,143
500,918
506,978
363,903
361,586
219,615
183,456
441,203
395,764
337,669
305,691
191,361
187,289
437,805
397,093
334,260
306,455
192,957
140,670
207,385
216,034
292,516
324,259
345,537
8,704
2,413
34,227
14,371
12,229
10,092
9,201
34,231
32,857
35,394
247,535
252,518 1,511,914 1,539,645 1,421,421 1,385,731
71,944
121,775
1,916 2,218,253 2,268,159 762,289
573,780 571,048 187,759
1,104
867,019 861,816
1,673
90,432
706 612.567 612,738 667,206
583,244 579,158
.6,393 4,854,863 4,892,919 1,874,175
762,169 2,980,542 3,030,328 2,782,218 2,805,004
185,528 761,539 756,576 715,167 710,908
94,206 957,451 956,022 899,297 899,599
704.378 1,279,773 1,317,116 1,286,531 1,322,581
167^733 749,733 746,891 723,569 726,719
6,729,038
6,933 S, 406,782 6,464,811
52,759
27,045
47,424
19,816
21,862
168,906
65,232
27,352
46,596
14,971
16,759
170,910
26,902
100,589
36,585
272,736
436,812
26,086 190,026 189,800 180,785 178,130
97,191 422, i76 419,413 363,891 359,752
36,517 177,879 178,164 177,187 166,207
279,999 1,152,682 1,184,135 1,012,577 1,017,060
439,793 1,942,863 1,971,512 1,734,440 1,721,149
10,423
20,501
7,094
42,578
80,596
12,612
24,619
14,618
52,322
104,171
174,354
26,887
19,356
14,619
170,950 851,560 859,564 819,801 822,037
27,126 146,610 142,986 135,783 136,114
18,557 184,176 182,315 162,967 163,442
14,769 227,631 226,077 217,707 217,022
231,402 1,409,977 1,410,942 1,336,258 1,338,615
33,029
16,019
23,491
21,468
94,007
32,025
14,818
24,978
21,981
93,802
79,393 280,059 276,284 280,585 280,367
63,335! 412,578 413,821 395,955 405,623
44,560 423,370 426,808 400,263 398,875
68,379 353,365 342,244 362,925 343,018
8,202
70,105
68,559
68,276
70,579
263,869 1,537,931 1,529,262 1,508,004 1,498,462
8,944
15,329
19,696
18,482
3,121
65,572
9,524
15,050
20,757
21,142
1,997
68,470
5,700
14.0,140
145,840
5,517
140,195
145,712
40,463
781,1.40
821,603
5,964
46,679
52,643
7,358
52,070
59,428
3,942
67,653
9,408
25
6,321
2,571
9,962
865,526
11.572J
60,646
60,192
64,862!
63,702
634',924j 2,448,322 2.500,885 2,405,420 2,457,647
14,3521
74,576
75,191
70,076
71,080
5,784!
30,548
30,406
31,346
31,3091
71,542 236,427 243,107 239,397 250,398
24,355 118,017 119,375 106,888 108,248
99,516 328,317 331,515 332,193 336,852
862,045 3,297,326 3,360,198 3,250,182. 3,319,236
4,883
74,493
9,320
79
5,203
3,603
12,266
109,847
163,714
322,222
141,647
904,136
3,092
1,496
363
831
687
3,377
196,891
350.4S6j
382,248
273,865
61,903
^4,740
15,765
710,505
42,948
703,987
746,935
1,618
1,615
1,775
48,602
48,6201
1,809,588 1,865/961
60,809
60,224
24,764
24,585
171,565
165,867
95,020
93,494
228,855 231, r ~
1,773 2,431,800 2,498,153
29,342
Sept.,
1,859,490 1,890,126
Colorado..........
Kansas
.......
Nebraska.....
......
Oklahoma
Wyoming.
Total, group 9 . . . .
New Mexico
Texas........
Total, group 1 0 . . .
June,
1923.
7,975
3,917
3,086
70,812
1,783
10,242
~~163,124
321,687
-141,294.
879,946
3,076
Sept.,
1923.
121,647 248,862 256,987 228,887
78,906
81,779
40,781
95,496
95,980
36,395 118,199 119,219
105,704
106,693
369,910 1,585,803 1,596,136 1,434,515 1,434,453
120,186 271,160 276,790 252,286
261,177
362,991 375,047
174,361 403,513 408,294
138,036
330,385
423,073
294,096
315,998
192,147
2,164
June,
1923.
Rediscounts and
bills payable.
242,278
28,648
Total* group 3..-..
Illinois.. •
Indiana...
Iowa
Michigan...............
Wisconsin
Total, group 6
Sep
19
Total deposits, ex
elusive of bank
40,644
35,947
375,556
119, 543
172,973
Ohio
2,188
June,
1923.
Total loans and
investments.
129,982
135,340
55,199
54,852
82,824
82,252
1,226,226
•1,210,247
151,617
156,604
230,540 233,933
Delaware
Pennsylvania
District of Columbia....
Maryland
•..
Virginia......
West Virginia
North Carolina
South C a r o l i n a . . . . . . . . .
Total, group 4
Alabama
Florida.....
Georgia
,
Louisiana
Tennessee.
Total, group 5 . . . .
Sept.,
1923.
Investments.
50,440
805,905
856,345
225,005
218,623
356,827
356,339
382,851
48,465
844,182j
892,647
208,058
230,834
292,638
336,630
353,261
43;849
712,765
756,614
29,318 26,793,226 26,989,962 10,566,432 10,438,674 37,359,658 37,428,636 34,511,832 34,605,3091,308,325 1,397,122
JANUARY,
FEDERAL RESERVE BULLETIN.
1924.
EARNINGS, EXPENSES, AND DIVIDENDS OF ALL MEMBER BANKS.
Earnings and expenses and dividend pay- as a consequence current net earnings were
ments of all member banks in each Federal $19,232,000 less than for the earlier year^
reserve district for the fiscal year ending June despite the fact that gross earnings increased.
30, 1923, are presented in the following table. Charge-offs o account of losses sustained were
Gross earnings of all member banks were smaller, hov >ver7 and this, together with in$1,683,512,000, exceeding the total for the creased recoveries of amounts previously
preceding year by $14,083,000 but falling short charged off, more than offset the reduction in
of those for 1921 by $146,159,000. Interest current net earnings for all member banks
and discount collected accounted for 85.8 per combined. The net addition to profits during
cent of total earnings, being $7,852,000 in the year, $345,137,000, exceeded the total for
excess of the amount received from the same the previous year by $45,988,000.
source during the 12 months ending June,
Dividends paid in the year ending June 30,
1922. Exchange and collection charges show 1923, aggregated $270,862,000 and exceeded
a reduction of $4,861,000, while miscellaneous dividend payments for the previous year by
earnings increased by $11,092,000'.
$24,812,000. Dividends declared ranged from
Current expenses amounted to $1,189,732,000, 10.5 per cent of the aggregate capital of
of which amount 44.7 per cent went to pay member banks in the Dallas district to 16.8
interest on deposits and 27.3 per cent salaries per cent in the Philadelphia district. In conand wages. The increase during the year in sequence of heavy charge-offs on account of
the cost of salaries and wages was $16,493,000 losses, net additions to profits in the four
and in interest paid on deposits $48,261,000, western Federal reserve districts were relawhile interest paid on borrowed money and tively low, as is evidenced by the fact that
taxes paid show reductions of $32,451,000 and in the Minneapolis, Kansas City, and Dallas
districts such net profits were much less and
$15,726,000, respectively.
Total current expenses were $33,315,000 in the San Francisco district slightly less than
higher than during the year preceding, and the amount of dividends paid.
ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF ALL MEMBSK BANKS OF THE FEDERAL RESERVE SYSTEM FOE
THE FISCAL YEAR ENDING JUNE 30, 1923.
[In thousands of dollars.]
District District District District District District
istric District District District District District District Total
No. 1 No. 2 No. 3 No. 4 No, 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 United
States
(427
(821
(880
(720
(629
(530
(1,434
(621
(985
(1,145
(857
(803
(9,852 1
banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks).
144.701 475,974 127,835
90,322 290,967 107,955 76,793 101,457 94,160 174,388 1,997,893
Capital stock paid in 1
125,676 483,672 199,211
55,940 205,302 57,687 39,7201 50,094 44,514 86,636 1,631,575
Surplus fund 1
Total capital and surplus.. 270,37 959,646 327,046 405,746 190,718 146,262 496,269 165,642 116,513 151,55: 138,674 261,024 3,629,468
Gross earnings:
Interest and discount...
100,456 377,978 101,399 142,867 67,332 56,861 212,268 65,725 56,680 76,254 53,684 132,416 1,443,920
Exchange and collection
1,172
2,390
4,021
charges
1,35
1,207
11,120
1,181
1,916
2,980
31,844
1,459
1,207
1,834
1,138
4,169
Commission
5,541
329
835
127
1,167
711
663
16,09§
728
627
61
11,957 66,340 13,402 28 993
Other earnings
5,193
6,535
3,144
191,652
7,079
3,051 14,660
6,114 25,184
Total gross earnings
114,908 460,979 116,311 173,902 73,824 66;093 245,642 75,343 61,904 85,167 58,630 150,719 1,683,512
Expenses:
19,707 81,109 19,430 30,139 13,936 13,825- 47,585 15,136 13,789 19,751 14,425 35,506
Salaries and wages
324,338
Interest and discount on
2,654
2,033
7,231
3,194
2,256
2,535
4,427 2,014
borrowed money
2,288
2,245
2,913
2,419
36,209
41,339 149,111 33,668 59,408 21,168; 16,795 79,639 21,860 22,947 24,639 13,038 47,853
Interest on deposits
531,465
4.9251 5,078 18,746
5,775
8,023 18,116
Taxes......... T
9,938
4,907
8,115
99,381
6,238
5,538 3,982
8,240
12,638 50,466 11,438 18,242
8,854 29,455
Other expenses
8,992 12,654
7,925 20,256
198,339
9,179
Total expenses
83,740 306,033 72,965 119,983 51,463 47,087 179,852 53,727 51,998 65,701 42,540 114,643 1,189,732
Net earnings during the year
31,168 154,946 43,346 53,919 22,361 19,006 65,790 21,616
9,996 19,466 16,090 36,076
493,780
1,571
2064
3,200
3,634
68,977
5,771
Recoveries on charged-off assets.,
1,638
3,535
3,218
3,876 29,219
8,876
2,375
Total net earnings and recoveries
35,044 184,165 46,546 57,553 24,425 20,577 74,666 23,991 11,634 22,684 19,625 41,847
582,757
Losses charged off:
5,371 21,756
5,484
4,587
8,097 48,863
7,549
On loans and discounts.....
6,555
7,085 14,580 13,870 16,640
160,437
3,233
353
8,862
2,867
891
On bonds, securities, e t c , . . . .
3,117
4,149
395
907
403
3,904
29,909
828
3,612
6,499
1,125
Other losses
1,513
2,998 1,171
.1,490
1,298
851
3,489
1,987
27,274
1,240
8,967 14,394
7,674
12,704 64,224
6,849 28,903
Total losses charged off.
8,633
8,331 16,648 16,260 24,033
217,620
Net addition to profits
22,340 119,941 37,579 43,159 16,751 13,728 45,763 15,358
3,303
6,036
3,365 17,814
345,137
Dividends declared
18,299
13,671 13,291 34,546 13,402
270,862
8,893 11,511
9,870 20,103
78,897 21,461 26,918
Ratio of dividends declared to
14.7
capital stock—per cent..
12.6
12.4
10.5
12.4
11.3
11.9
11.5
13.6
11.6
16.6
16.8
13.3
Ratio of dividends declared to
9.1 . 7.0
capital and surplus—per cent...
6.8
7.2
7.1
8.1
7.6
7.6
7.7
7.5
8.2
6.6
6.
Ratio of net profits to capital and
8.3
8.
9.4
surplus—per cent
9.2
2.4
9.3
2.8
6.8
9.5
4.0
1
12.5
11.5
Number of banks, capital, and surplus as of June 30,1§23.
10.6
70
FEDERAL BESERVE BULLETIN.
JANUARY, 1924.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.1
[In thousands of dollars.]
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS.
1922
1923
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
12—San Francisco.
September.
New York City
Other cities....
November,
September.
October.
November.
2,005,409
655,258
835,330
4,208,411
945,160
635,309
1,089,497
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
2,632,667
2,150,666
20,632,112
1,738,336
1,998,108
710,408
991,989
4,428,485
1,094,428
664,498
1,053,147
583.636
2,460,057
1,717,635
19,793,005
1,646,539
1,877,032
598,901
800; 649
4,070,134
908,393
654,491
1,058,493
541,700
2,103,48'l
2,087,622
22,987,053
1,891,067
2,025,319
705,455
901,535
4,438,210
1,067,437
698,732
1,155,094
589,186
2,218,498
1,986,523
19,637,137
1,682,845
1,867,671
660,697
911,367
4,051,955
141
34,060,234
38,899,337
38,503,870
35,768,453
40,745,186
36,159,896
1
140
16,799,454
17,280,780
19,151,902
19,747,435
19,982,927
18,520,943
19,215,296
16,553,157
22,322,276
18,422,910
19,026,750
17,133,146
1,760,956
17,414,976
1,670,226
TotaL.
October.
633,665
1,050,896
556,549
2,131,811
W E E K L Y SUMMARY FOR BANKS IN 243 CENTERS.
Federal reserve district.
Number of
centers
included.
1928
Week ending—
1922
Week ending-
Nov. 28.
Dec. 5.
Dec. 12.
Dec. 19.
Nov. 29.
Dec. 6.
Dec. 13.
Dec. 20.
No. 1—Boston
No. 2—New York
No. 3—Philadelphia...
No. 4—Cleveland..
No. 5—Richmond.
No. 6—Atlanta
Nof7—Chicago
No. 8—St. Louis
No. 9—Minneapolis-..
No. 10—Kansas City. No. 11—Dallas..
No. 12—San Francisco.
500,712
4,888,155
462,755
560,176
271,369
223,787
1,036,099
275,455
149,059
248,014
163,300
592,807
500,992
4,785,595
458,638
555,830
306,169
266,906
995,286
281,363
155,144
243,721
160,797
626,072
529,407
5,096,559
454,082
566,206
299,587
252,162
1,061,673
279,823
154,578
255,794
162,445
596,411
620,904
5,670,510
518,079
633,029
317,294
279,124
1,186,209
310,416
158,785
273,869
164,133
656,408
473,688
4,786,751
452,182
540,423
267,078
202,778
982,580
256,536
156,522
256,345
150,524
546,005
495,837
4,635,657
430,886
587,524
270,350
225,500
957,432
249,600
155,923
259,611
155,705
526,843
473,593
4,441,697
454,575
642,616
279,993
215,730
970,660
261,402
162,236
260,168
151,560
553,317
560,527
5,539,571
498,591
637,949
308,625
252,999
1,137,172
304,224
173,863
287,699
165,812
609,397
Total....
9,371,688
9,336,513
9,708,727
10,788,760
9,071,410
8,950,668
8,867,547
10,476,429
DEBITS FOR BANKS IN FEDERAL RESERVE BANK AND BRANCH CITIES.
Boston
,
New York
Buffalo
Philadelphia...
Cleveland
Cincinnati
Pittsburgh
Richmond.
Baltimore.
Atlanta
Birmingham...
Jacksonville...
Nashville
New Orleans..
Chicago
Detroit....
St. Louis.
,
Little Rock
Louisville.
Memphis..
Minneapolis...,
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas....
El P a s o . . . . . . . . .
Houston
San Francisco..
Los Angeles...
Portland.......
Salt Lake City.
Seattle
Spokane....
1
j
328,781
4,624,411
67,449
342,815
130,838
67,323
201,342
33,227
75,800
36,000
24,084
11,932
15,170
61,252
648,231
147,833
146,286
18,413
34,252
44,586
76,967
1,873
80,384
34,520
15,767
39,447
53,107
6,718
33,810
186,567
172,204
37,082
14,821
39,772
10,666
333,341
4,515,707
66,310
345,666
127,252
186,627
38,658
89,600
29,880
25,491
12,875
16,683
98,977
618,993
124,652
148,361
17,237
38,415
47,043
79,639
2,641.
78,240
35,257
17,775
36,833
49,927
7,995
31,068
193,563
167,432
34,602
19,402
44,457
12,945
351,529
4,828,271
65,339
330,617
134,953
68,031
180,237
34,509
83,135
27,137
21,789
13,567.
16,977
90,835
651,350
136,722
154,862
17,345
30,928
43,228
76,556
2,241
77,363
35,205
15,387
43,017
49,364
7 182
33,600
173,893
188,548
41,130
17,935
42,406
12,090
421,087
5,335,161
79,345
380,698
154,881
80,794
199,702
37,866
96,200
35,967
28,200
14,870
17,819
98,139
730,000
168,654
174,650
17,075
45,144
41,778
80,907
2,125
84,780
36,108
17; 924
46,339
48,770
7,224
34,788
203,190
188,004
40,361
17,431
44,603
12,900
4,531,560
68,127
343,098
132,690
68,276
190,435
31,250
82,386
27,064
24,834
10,554
14,762
61,307
637,012
121,098
141,217
14,349
32,581
39,220
78,256
2,753
72,848
37,799
17,761
43,450
39,401
6,772
26,349
190,952
129,692
30,748
15,708
43,031
10,826
Figures for other reporting cities are given to the press weekly and can be obtained by requests
335,063
4,379,083
61,470
326,013
128,845
71,654
220,312
31,583
79,944
26,182
20,823
12,330
16,111
78,432
587,641
124,012
134,488
14,555
31,513
39,581
76,547
2,743
69,213
34,439
17,887
47,159
41,258
8,144
28/119
156,732
126,368
29,491
19,545
35,247
11,788-
304,807
4,180,662
63,297
340,309
131r458
69,084
269,068
33,285
80,500
28,521
23,309
12,104
16,027
66,576
586,073
129,692
140,670
15,165
35,397
79,379
2,658
70.750
36,599
16,432
48,126
38,951
6,871
26 594
162,995
139,481
34,241
16,261
37,517
10,871
369,965
5,229,239
72,143
389,974
148,818
82,533
216,153
97,500
32,608
25,799
13,023
17 414
86,310
686,220
170,854
173,709
14,366
43,112
41,256
86,216
3,284
87,152
35,262
21,218
48,387*
47,488
7,588
29,102
193,489
158,223
34,669
19,435
39,071
11,840
JANUABY, 1924.
71
FEDERAL RESEKW BULLETIN.
MONEY IN CIRCULATION, DECEMBER 1, 1923.
[Source: United States Treasury Department circulation statement.]
Money in circulation.
Kind of money.
Money held by
the United States
Stock of money. l Treasury and the
Federal reserve
system.2
Dec. 1,1923.
Amount.
Gold coin and bullion
..
Gold certificates
Standard silver dollars.
Silver certificates
Treasury notes of 1890
Subsidiary s i l v e r . . . . . . . . . . .
United States notes..........
Federal reserve notes
Federal reserve bank notes.
National bank n o t e s . . . . . . . .
Total..........
Comparative totals:
Nov. 1,1923
Dec. 1,1922......
Nov. .1,1920.....
Apr. 1,1917
,
July 1,1914......
Jan. 1,1879
,
3 $4,209,634,641
4(910,656,369)
497,863,769
*(409,624,194)
4(1,445,127)
274,269,786
346,681,016
2,719,744,770
15,279,170
773,435,044
$3,809,786,027
377,195,600
439,956,296
28,125,606
Per
capita.
Nov. 1,1923.
Dec, 1,1922.
16,575,345
40,304,611
483,107,865
1,029,991
39,394,794
$399,848,614
533,460,769
57,907,473
381,498,588
1,445,127
257,694,441
306,376,405
2,236,636,905
14,249,179
734,040,250
13.57
4.77
.52
8.41
.01
2.30
2.74
20.00
.13
6.56
$396,737,411
500,861,439
58,127,032
370,787,370
1,448,677
254,791,257
302,975,873
2> 207,229,680
15,312,321
726,981,987
$416,643,408
253,729,944
60,761,829
285,413,536
1,489,323
242,750,798
277,853,571
2,312,423,869
42,501,508
722,940,273
8,836,908,196
* 5,235,476,135
4,923,157,751
44.01
4,835,-252,947
4,616,508,059
8,794,881,012
8,482,254,551
8,326,338,267
5,312,109,272
3,738,288,871
1,007,084,483
& 5,245,683,814
5 4,885,537,645
6 3,394,764,761
5 3,896,318,653
5 1,843,452,323
& 212,420,402
4,835,252,947
4,616,508,059
5,628,427,732
4,100,590,704
3,402,015,427
816,266,721
43.27
41.80
52.36
39.54
34.35
16.92
1
Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve
banks,
s
Includes
money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta.
s
Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
4
These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is
included
under gold coin and bullion and standard silver dollars, respectively.
5
Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of
1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and
money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this
statement are shown In parentheses in the first column.
DISCOUNT AND INTEREST RATES,
Interest and discpunt rates prevailing in the various Federal reserve
bank and branch cities during the 30-day period ending December 15
showed a declining tendency in many cases, as compared with those of
the previous 30 days. Open-market rates on commercial paper were
generally lower and among the cities where changes occurred in other
rates declines predominated. Rates on bankers7 acceptances, interbank loans, and collateral loans in some western cities increased, how-
to
ever. Nearly all rates were higher than in the corresponding period
of 1922.
The actual discount and interest rates prevailing during the 30-day
period ending December 15, 1923, in the different cities, are given in
the following table. A complete description of the several types of
paper for which quotations are given will be found in the September,
1918, and October, 1918, FEDERAL RESERVE BULLETINS.
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING DECEMBER 15, 1923.
Bankers' acceptances,
30 to 90 days.
Prime commercial paper.
District.
City.
Customers.
Interbank
loans.
Open market.
Cattle
loans.
Indorsed.
30 to 90
No. 1..
No. 2..
No. 3..
No. 4..
No. 5..
No. 6..
No. 7..
No. 8..
No. 9..
No. 10.
No. 11.
No. 12.
Boston....
New Y o r k . . . . .
Buffalo
Philadelphia......
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
New Orleans
Nashville..
Chicago
Detroit
St. L o u i s . . . . . . . . . .
Louisville,
Memphis
Little Rock
Minneapolis
Helena...
Kansas City...
Omaha
Denver
Oklahoma C i t y . . .
Dallas
......
El Paso..
Houston..........
San Francisco.....
Portland....
..
Seattle
Spokane.
Salt Lake C i t y . . . .
Los Angeles.."}
8
L. a
5
5
5
5
5
5
5
5
5
4J
5
6
5
5
5
5
5-51
54-51
6
5$
6
6
6
6
S§
8
6-8
6-7
5-5-1
6
51
6
6 6
51 61
5 6
5 7
5 5f*
6 6:|
5 5§~6
4f7
5 6
5J 7
6 7
5
4 to 6
months.
H.L,
51 5 a
61 5
6 5
6 5 5-51
7 5
6 5
6 51 54
6 5
6 5 5|
8 41
8 5 6-8
7 6 6-7
7 59 4
8 6 7
6 5 5-51
6 5 6
6 5 51
6 5 6
6 6 6
7 6 6
6 5J 54
8 7
6 6
7 5J
7 5
8 6
6 5
10 8
8 6
6 51
8 4f
8 5
7 5|
8 6
8 5
30 to 90
days.
Collateral loans—stock exchange.
4 to 8
months.
Unin=
dorsed.
Demand.
H.L. C. H.L C.
41 4J 4J
5 5
5 4*44-1 5 44 41-5
6 5 6
f
6
6 5 5
44 41 41
7 5
6
6 5 6
4 | 4 4£
5J 5 51
51 5 51
6 5 51-6
6 5 5A-6 6 5J 6
6 5 5-51 41 4 4 | 6 41 5
6 5 6
6 5 6
6 5 6
6 5 51
6 5
8 5 5J
8 51 6
8 5
6 51 6
4 | 4J. 4 | - 4 |
7 5 6
8 5
6 6 6
7 6 5-6
6 5| 5|
4§ 4 |
7 5£ 6-7
5 " 44"4i"
8 6 7
8 6 6
6 5 7
51 4 | 45-5 6 5 5-6 6 4 J 4 | - 5 | 41 | |
41 41 41 6 51 5J-6
6 51 54
51 4 | 5
4 | 4* H
615 51
6 5 6
5i 4f 5
6 5 6
6 5
6 5 5
5 5 5
6 6 6
6 6
6 6 6
6 6 6
51 4 | 5
7 6
51 4J 5
5
|
5
5
6 51
6
5151
41
41
54 4 | 5
8 7 8
8 8 6
6 6 6
6 6 6
7 6 6
7 6 6
51 4| 5
8 5
6 515-7 7 6 6
6 6 6
6 6 6
8 6 61
10 51 7
7 5 5J
6 5 6
6 5 5| 7 5 5 |
7 •
9 6 8
10 8 8
10 8 6
6 5 51
6 5 6
8 6 8
515 5
6 5151-6
41 44 44-4 6 5|6
54 4| 4| 7 6 6
' 44 44 8 4141
5| 4| 5
7 6 6
51 6
5 | 5} 51
8 6* 6
7 6 6-7
8 6 7
6
7 6 6
8 7 7-8
7 5 6
5 | 5 51
5 | 5 5f
41 4 | 41
7 5 7
H.L.
a
H.L.
a
51 4 | 5
5 4| 5
5§ 4 | 5-51 5J4f 5
5 | 5 5-5| 5|4|5
H.L. C. H.L. C.
5 55
6 4f 5-51
f
?
?
?
3 months.
3 to 6
months.
\L. C. H.L. C.
54 51
6 5J 5 |
4J5-5J 6 5 5-51
6 5 6
6 5 5|
7 6 6
5 6
6 5 6
51 51-6 6 6 6
5 6
6 5 6
5 5\
6 5 51
5 6
8 5 6
6 6
8 6 6
6 6-7 7 6 6-7
516
7 6 6|
6 7
5 51-6 6 5 51-6
5 6
6 5 6
5 5J
6 5 5%
5 6
6 5 6
6 6
7 6 7
i
i
6 51 51
73 82
8 7 8
6 6
6 6 6
6 7
7 6 7
51 6
8 5 6
6 7
10 6 7
5 6J
5 6|
8 8
10 8 8
6 6
8 6 6
6 5| 6
51 6
8 6 7
6 7
8 6 7
6 7
8 6 7
6 7
8 7 7
7 7
8 5 61
5 6|
If
6
7
H.L. C.
Ordinary
Secured by
loans
warehouse secured by
receipts.
Liberty
bonds.
H.L.
a
6 5£ 51
6 6 6
6 6 6
6 5 6
6 6 6
8 5| 6
8 6 6-7
7 6 6-7
7J6 61
7 6 6
6 5 | 51-6 6
6
6
7 6 6
6
6
8 6 7
7
7 6 61
6
8 7£8
8
7 7 7
6
8 6 7
8
8 5| 6
8
10
10 6 8
8
6 71
10 8 8
10
8 7 7
8
7
8
8
6 6 6
8 6 6
8
8 7 8
8
6J 6J 6J
10
H. L.
5151 5a1
6 41 5-51
6 5 6
6
5-51
6
6
6 6 6
6 5 5-5|
6 5 6
6 5 51
7 4! 6
8 5 6
6 6 6
6| 54 5 |
f
4f 5-6 6 4f 5-6
6 6
6 5 6
51 6
6 5 51
5 6
6 56
6 6
6 66
6 7
7 66
5 5
6 5 51
8 8
6 6
6 7
5 6
6 7
5 6
6 8
10 6 7
6 6|
8 5 6|
8 8
10 8 8
6 7
8 56
6 6
7 56
6 7
8 5 7
6 7
8 6 7
6 61-7 8 6 7
7 7
8 6 7
6 6f
7 5 64
78
FEDERAL. RESERVE BULLETIN.
JANUABY, 1924.
• {SOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Gold.
Countries.
Eleven months ending
"November—
November—
1922
Silver.
1923
1922
1923
Eleven months ending
November—
November—
1922
1923
1922
1923
IMPOSTS.
France
Germany
GreeceNetherlands
. .
Norway
Spain Sweden.
Great Britain—England......
Scotland
Canada
Central America.
Mexico
West- Indies
Bolivia
Chile
Colombia... . . . .
Peru
.......
Venezuela .
China
Dutch East Indies.
Philippine Islands.
British Oceania....
Egypt .
. . . .
Portuguese Africa
4JI o t h e r . . . . .
Total
50,618
19,649
400,861
40,643
35,886
123,823
352,025
132,360
238,425
262,756
176
99,461
$17 769 576
21,516,936
35,118
4,798,294
9,929,505
8,423,894
55,663
32,865,047
106,131,504
151,320
9,870,435
4,178,033
5,418,970
1,764,688
18,193
361,268
6,592,671
1,337,086
848,172
7,760,702
1,301,999
714,335
4,135,016
981,763
479,728
1,290,192
10,916,569
168
35,839
2,865
131,976,482
2,660,382
47,493,388
2,222,772
5,952,530
526,26^
26,295
222,911
4,243,406
1,891,516
"647,739
4,816,469
2,159,486
1,415,852
1,556,349
1,736,664
720,961
2,008,489
18,308,087
39,757,436
248,730,108
290,074,586
20,000
19,000
717,000
78,000
21,644
5,518
20.504,822
12,127
3,848,659
5,749
500,000
$1,91.0,844
21,476
$755,546
92,842
648
20,720
68,055
11,782,865
8,547
33,617,361
830,382
276,724
568,456
43,461
3,028,178
205,817
398,051
37,871
6,615
356,055
60,732
67,334
1,367,664
-
1,261
164,180
637,155
$3,561,829
13,827,775
49,551,586
$6,474"
'
$987
204,494
707,137
21,156
16,978
11,732
116,485
1,790
199,073
195,835
5.821,696
1' 674,780
43,514,798
116,476
620,197
1,181,293
132,730
11,182,370
4,362
10,817
872,203
20,733
2,310
15,619
93,831
430,155
$9,103
1,764
44,364
29
$206,737
114,439
1,791
611
67,446
3,429
32
37,347
5,824,705
1,377,940
43,251,880
.
537,829
849,346
1,723.941
241,368
7,020,712
3,638
7,817
530,808
10,477
1,456
12,788
125,429
176,095
5,855,405
5,269,173
62,959,083
66,281,229
1,645
525
1,500
1,150
1,161,089
256,293
3,897,071
25,007
211,249
7,597
224,710
84
708
3
144
12,730
334,692
272,936
4,327,970
18,818
2,064
8,140
18,120
88,358
60
62
134,642
2,179
272
EXPORTS.
France
..
....
Netherlands
Spain . . . .
...
Sweden.
„
Switzerland- .
Great Britain—England
Canada
Central America
Mexico.
West Indies.....
Colombia
.......
Peru
Venezuela
British India
China
Dutch East Indies
French Indo-China
Hongkong..
„. . . .
AH other
„
Total
10,000
3,542
2,254
2,192,534
171,437
175,135
303,145
500,000
2,660,000
35,000
500
600
1,379,957
138,249
1,563,437
1,576,514
166,608
1,219,153
114,556
4,376,414
15
700,000
206,002
708
138,610
8,787,613
2,087,011
7,350
2,087,351
28,966
805,703
6,106,948
1,425,141
73,844
1,583,130
53,635
699,000
35,000
233,912
4,445,339
100,000
435,010
14,637,246
110,005
80,010
1,894,282
1,512,003
2,885,127
4,031,185
364,000
9,857,305
17,932,214
20,456,684
30,120,616
512,600
18,300
3,270,625
201,810
2,203,615
67,440
1,240,856
2,200
'
384,915
1,928
1,320,000
12,561,625
52,703
2,384,991
40,542
34,165,303
27,931,888
6,599,171
8,775,474
55,894.086
62,947,706
3,431,065
746,794
74
FEDERAL RESERVE
JANUABY, 1924.
FOREIGN EXCHANGE RATES.
[Noon buying rates for cable transfers in New York as published b y Treasury. I n cents per unit of foreign currency.]
COUNTRIES I N C L U D E D I N COMPUTATION O F I N D E X .
Dec. 1 to 21, inclusive.
Monetary unit.
Par of
exchange.
Index (per cent of par).1
November.
December.
Low.
High.
Average.
High.
Low.
Average.
First
week.
General index
Belgium.
Denmark
France
Great Britain
Italy
Netherlands
Norway
Spain
Sweden
Switzerland
Canada
Argentina
Brazil
Chile
China
India
Japan
.
....
- .
....
.
. . .
Franc.
Krone
Franc.
Pound..
Lira...
Florin
Krone
Peseta
Krona*1Franc.
Dollar
Peso (gold)—
Milreis.
Peso (paper)..
Shanghai tael.
Rupee
Yen... .
NovemSecber.
Third
ond week.
week.
61
60
60
61
4.7354 24.10 23.89 23.66 24.54
4.6100
4.4500
5.0100
4.5200
4.6900
19.30
26.80 17.7600 18.0000 17.8533 16.6400 17.9900 17.1992 66.77 66.47 66.62 64.18
5.3133
5.2300
5.8700
5.5167 27.93 27.63 27.03 28.58
5.4300
5.1200
19.30
486.65 434.0100 438.8900 436.7561 428.4600 448.1000 438.2152 89*62 89.84 89.78 90.05
4.1800
4.3411
4.4900
4.3575 22.50 22.52 22.45 22.58
4.3100
4.3600
19.30
40.20 37.8700 38.2400 38.0800 37.0000 38.8400 38.0150 94.53 94.88 94.77 94.56
26.80 14.8600 15.0400 14.9744 14.2500 15.0100 14.6546 55.85 55.94 55.84 54.68
19.30 12.9800 13.0900 13.0572 12.8800 13.3500 13.0800 67.63 67.60 67.74 67.77
26.80 26.2600 26.3400 26.3117 26.1900 26.3500 25.2867 98.11 98.18 94.51 98.08
19.30 17.4200 17.4800 17.4461 17.2900 17.8100 17.5458 90.44 90.40 90.35 90.91
100.00 97.3963 97.9361 97.6316 97.8437 98.6419 98.1334 97.91 97.51 97.48 98.13
96.48 70.8100 73.1600 72.2756 69.9400 72.2900 71.1450 74.0^ 75.07 75.62 73.74
8.4900
32.44
8.8800
9.5000
9.0500
9.2050
8.7563 28.04 28.22 28.87 26.99
2
19.53 10.5600 10.8200 10.6244 10.5500 11,4800 • 11.0775 54.58 54.43 54.19 56.72
2
66.85 71.0000 73.7000 72.3660 69.2500 72.8900 70.7600 107.09 108.36 109.31 105.85
48.66 30.8400 31.1900 30.9800 30.4200 31.2600 30.8600 63.80 63.57 63.63 63,42
49.85 46.5900 48.0500 47.2178 48.0300 48.7600 48.3742 95.90 94.47 93.79 97.04
O T H E R COUNTRIES.
j4ustria .
Hungary
Poland.
Portugal.
Rumania
Yugoslavia
Cuba
Mexico
Urusuav
China
Krone
Lev
Crown
Markka
Reichsmark. .
Drachma
. . .
Krone...
Polish mark...
Escudo
Leu
Dinar
. . . . . . . Peso
do........
do.... .
Mexican dollar.
Dollar
Singapore
dollar.
20.26
19.30
...
Czechoslovakia
Finland
Ge r many
Greece
. ..
. .
..
Hongkong
Straits Settlements
..
1 Based on average.
19.30
23.82
19.30
20.26
108.05
19.30
19.30
100.00
49. 85
103.42
2
48.11
2
0.0014
0.0014
0.0014
.7750
. 8817
.8323
2.9107
2.9328
2.9281
2.4581
2.5525
2.4783
3
3,0153
.0249
». 0222
1.6700
2.0430
1.8344
.0053
.0052
.0053
. 00002 : . 00003
. 00003
3.4900
3.7100
3.6128
.5247
.5150
.5089
1.1335
1.1397
1.1364
99.9113 99.9750 99.9517
48.4219 48.6250 48.5321
74.1200 78.2200 77.0128
50.6100 52.0300 v51.3117
47. 77 50.4300
56.78 50.6900
51.2300
50.9700
50.8400
50.8328
* 1913 average.
0.0014
0.0014
.8833
.9650
2.8863
2.9293
2.5531
2.6786
3.2900
3.0140
1.5165
1.8694
.0053
.0055
. 00003
.00006
3.6700
4.0000
.4774
.5286
1.1068
1.1828
99.9113 100,0438
48.1406 48.8281
70.8900 74.1900
50.1500 51.5000
0.0014
0.01
0.01
0.01 0.01
.9221
4.31
4.09 4.78
4.54
2.9057
2.6406
12.93 12.81 12.78 13.68
». 0430
1.5578
8.99 8.07
10.18
9.34
.0054
.03
.03
.03
.03
. 00005
3.7858
3.27 3,50
3.36
3.41
. 5029
2.65
2.67 2.61
2.68
1.1491
5.89
5.88 5.95
5.89
99.9886
99.93 ' 99.96 99.96 99.99
48.3449
97,34 97.27 97.35 96.98
72.1304
73.29 74.75 75.51 69.75
50.7375 105.82 106.73 107.42 105,46
50.1100
50.8100
50.8592
51.7292
51.4300
52.6700
8
105.87 106,49 106.93 106.47
89.43 89.50 89.64 91.10
In cents per billion marks.
SILVEE*
[Average price per fine ounce.]
December. November.
London (converted at average rate of exchange.
New York
10.65559
.65035
$0.64702
.64122
INDEX.
Page.
Acceptance market
...
34
Acceptances.
59,60
Agricultural credit
..
5,15
Agricultural developments during 1923......
. 13
Agricultural movements, index of
.
39
Agriculture, monthly statistics
25,40
Automobiles, production of.
. . 30,42
B ank credit...
....
.
1,11
Bank debits
......
70
Banks granted authority to accept up to 100 per cent of capital and
surplus
.
12
Building statistics....
31,41,42
Business and financial conditions:
Abroad
50
United States..
4,10,25
Business failures
33
Canada:
Financial statistics
54
Foreign trade
.
.
53
Industrial statistics.
52
Eetail food prices and cost of living
49
Wholesale prices.
46,48
Certificates of indebtedness, Treasury, issue of.
8
Chain-store statistics
20,32,44
Charters issued to national banks
12
Charts:
Assets and liabilities of member banks
..
1
Bank credit
.
11
Crops, value of—
25
Department store sales
17,18
Drug store chains, sales of
.
.
18
Earning assets of Federal reserve banks. .
2
Employment, index of.
.
11
Farm prices,
13
Five and ten cent stores, sales of....
19
Industrial activity, indexes of
37
Japanese wholesale price index
22,23
Mail-order houses, sales of..
17
Meat packers, sales of.
32
Production in basic industries, index o f . . . . . . . . . . . . . . . . . . . . . .
10
Wholesale prices, index numbers of
..
10
Check clearing and collection system
61
Coal and coke production
.......... — . . .
27,40
Consumption of agricultural products during 1923...
14
Cooperative marketing by agricultural producers. —
15
Cost of living, principal countries...
49
Cotton, raw and manufactured
— . . . . . . 26,29,40
Crops.......
25
Estimates, 1923
16
Prices
13
Production, 1920-1923.
.-•-....
13
Dairy products...
39
Debits to individual account
70
Debt, foreign governments to United States.
9
Department-store business
20,21,32,44
Deposits:
Demand and time, of member banks.
65
Savings
34
Deputy Federal reserve agents, appointment of .
7
Digest of rulings of Federal Reserve Board, publication of
6
Directors of Federal reserve banks, election of.
7
Discount and open-market operations of Federal reserve banks...
60
Discount rates:
Central banks
— .— .
54
European countries
50
Federal reserve banks.
3,62
New York market..
...
33
Prevailing in various centers
.
72
Earning assets held by Federal reserve banks
59
Earnings and dividends of member banks, year ending June 30...
69
Employment, United States
.
33
Index of..
..
38
Exports of agricultural products during 1923
~ 14
Failures, commercial.
33
Federal reserve agents, election of
— .
7
Federal Reserve Bulletin, consolidation of first and final editions
6
Federal reserve note account
58
Fiduciary powers granted to national banks...
12
Financial statistics of principal foreign countries
54
Fishery products
....•
-40
Foreign exchange rates
36,50,74
Foreign governments, debt to United States, payment of.
9
Foreign trade:
Principal foreign countries
53
United States.
.
35,53
France:
Financial statistics
o4
Foreign trade.
-- 53
Industrial statistics
52
Retail food prices and cost of living
49
Wholesale prices
..
46,48
Revision of index numbers
.—
47
Page.
Freight rates, ocean..
53
Fruit crop, condition and shipments... =
26,40
Gold imports and exports:
Great Britain...
35
United States...
35,73
Gold settlement fund transactions
„
..
62
Government securities held by banks, decrease in
8
Grain...
,
25,39
Great Britain:
Debt payment to United States
9
Financial statistics
- 54
Foreign trade..
53
Goldimports.
35
Industrial statistics
,
52
Retail food prices and cost of living.
49
Wholesale prices
46,48
Industrial statistics:
Foreign countries
...
52
United States....
37-42
Interest rates:
European countries
50
New York market...
,
33
Prevailing in various centers
72
Iron and steel production
30,40
Italy:
Financial statistics...
54
Foreign trade
53
Retail food prices and cost of living
49
Wholesale prices
.
48
Japan:
Finan cial statistics
54
Foreign trade
53
Wholesale prices
46,48
Revision of index numbers
22
Leather industry
30,41
Livestock industry
„
. . 27,39
Lumber industry
SI, 40,41
Mail-order houses, sales of
20,32,44
Manufacturing
i
28,39
Member banks:
Changes in membership
.
65
Condition of—
State bank members on September 14,1923
.
66
Weekly
63
Deposits of
65
Number discounting
60
Number in each district
•.. 60
Resources and liabilities of State bank members on September
14,1923
.,
67
State banks admitted to system during December
12
Mining
27,40
Money in circulation
71
Money rates
3,33,50
Open-market policy...
3
Petroleum industry
".
28,40
Prices:
Agricultural commodities during 1923
6,13
Commodity;
.
32,50
Food, in principal countries.
49
WholesaleBureau of Labor Statistics index
, 11,47
Group index numbers—United States, England, France,
Canada, and Japan.
46
International index—Federal Reserve Board
45,46
Principal countries
48
Revision of French index numbers
47
Revision of Japanese index numbers
.
22
Production in basic industries, index of
10,38
Resources and liabilities:
All Federal reserve banks combined
. . . . . 62
All banks in the United States on Sept. 14,1923
68
Federal reserve banks
55
Member banks in leading cities.
63
State banks and trust company members on Sept. 14,1923... 66
Retail food prices
..
49
Retail trade
10,17,32,44
Review of banking and business, year 1923
1
Savings deposits
34
Silver imports and exports
73
State banks:
Admitted to system during December.
12
Condition of member banks on Sept. 14,1923
66
Textile industry
. „ . . . . * . 29,40
Tobacco industry
26,40
Trade:
Foreign. (See Foreign trade.)
Retail
10,32,44
Trend of, 1919-1923
17
Wholesale
10,32,43
Transportation
. . 31,42
Treasury
finance
8
United States securities held by banks, decrease in
3
Wholesale prices. (See Prices.)!
I
FEDERAL RESERVE DISTRICTS
•—•BOUNDARIES'OF FEDERAL RESERVE DISTRICTS
- — BOUNDARIES OF FEDERAL RESERVE S'BANCH TERRITORIES
#
FEDERAL RESERVE-BANK CITIES
@ FEDERAL RESERVE BRANCH CITIES
© FEDERAL RESERVE BANK AGENCY
@FedFRASER