Full text of Federal Reserve Bulletin : July 1923
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASfflNGTON
JULY, 1923
WASHINGTON
GOVERNMENT PRINTING OFFICE
1923
FEDERAL RESERVE BOARD.
D. R. CRISSINGER, Governor.
EDMUND PLATT, Vice Governor.
Ex officio members:
A. W. MELLON,
Secretary of the Treasury, Chairman.
HENRY M. DAWES,
Comptroller of the Currency.
ADOLFH G. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
W. W. HOXTON, Secretary.
WALTER WYATT, General Counsel.
W. L. EDDY, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,
J. F. HERSON,
M. JACOBSON, Statistician.
Director, Division of Research and Statistics.
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)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
II
ALFRED L. AIEEN.
PAUL M. WARBURO, Vice President.
L. L. RUE, President.
C. E. SULLIVAN.
JOHN M. MILLER, Jr.
EDWARD W. LANE.
JOHN J. MITCHELL.
FESTUS J. WADE.
G. H. PRINCE.
E. F. SWINNBT.
, . . . . R . L. BALL.
D. W. TWOHT.
OFFICERS OF FEDERAL RESERVE BANES.
Federal Reserve Bank of—
Governor.
Chairman.
Boston
Frederic H. Curtlss
W. P . G. Harding
New York
Pierre Jay
Ben]. Strong
Philadelphia
Cleveland
R.L.Austin
D. C. Wills
George W. Norris
E. R. Fancher
Richmond
Caldwell Hardy
George J.Seay
C.C.Bullen
W.W. Paddock
J. H. Case
L. F. Bailer
G. L. Harrison
E. R. Kernel
Atlanta
Joseph A. McCord
M.B. Wellborn
Chicago
Wm.A. Heath
J. B. McDougal....
St. Louis
Minneapolis
Wm. McC. Martin
John H. Rich
D.C. Biggs
R. A. Young.
Kansas City
Dallas
San Francisco
M. L.McClure
LynnP. Talley
John Perrin
W.J.Bailey
B. A. McKinney
J . U . Calkins
i Controller.
Cashier.
Deputy governor.
W. WUlett.
L. H. Hendricfcs.i
J.D. Hlgglns.i
A.W.GUbart.1
J. W.Jones. <
G. E.Chapln.'
W. A. Dyer.
J. C. Nevin.
Wm. H. Hutt
M. J. Fleming
Frank J. ZurUnden
C. A. Peple
R. H. Broaddus
A. S. Johnstone •
John S. Walden»
L. C. Adelson
J.L. Campbell
C.R. McKay
John H. Blair
Geo. H. Keesee.
M. W. Bell.
W. C. Bachman. l
K.C.Childs.«
J. H. Dlllard.1
D. A. Jones.1
O.J.Netterstrom.i
Clark Washbume.1
J. W. White.
Gray Warren.
O.M.Attebery
W.B.Geery
B. V. Moore.
Harry Yaeger'
Frank C. Dunlop >
C. A. Worthingfon
R. G. Emerson
Wm. A. Day
Ira Clerk.'.
L. C. Pontlous«
> Assistant to governor.
J. W. Helm.
R. R. Gilbert.
W. N. Ambrose.
* Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES.
Federal Reserve Bank of—
New York:
Manager.
W. W. Schneckenburger.
Cleveland:
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
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
W. R. Cation.
W. P. Kincheloe.
. . . J. J. Heffln.
A. F. Bailey.
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
Manager.
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. MotherweU.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE 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 is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $ 1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
|4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915,1916,1917, or 1918 are available.
TABLE OF CONTENTS.
General summary:
Review of the month
Business conditions in the United States
Special articles:
Statistical work of the Federal Reserve Board in 1922-23
Deposits of all member banks
Banking developments in the United States during the first quarter of 1923
Official:
Law departmentr—Supreme Court decisions in par clearance cases
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Business and financial conditions abroad:
International trade and economic conditions in Europe
Trend of business abroad—Statistical summary
French banking in 1922
".
Recent developments in Japanese banking
Price movement and volume of trade:
International wholesale price index
Wholesale prices of individual commodities in the United States.. . ;
Comparative wholesale prices in principal countries
Comparative retail prices and cost of living in principal countries
Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan
Foreign trade of principal countries
Foreign trade index
Ocean freight rates
Report of Associated Knit Underwear Manufacturers of America
Production and shipments of finished cotton fabrics
Physical volume of trade
Building statistics
Wholesale and retail trade
Commercial failures
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal reserve banks
Condition of Federal reserve banks
Federal reserve note account
Condition of member banks in leading cities
Savings deposits
Bank debits
Operations of the Federal reserve clearing system
Gold settlement fund
Gold and silver imports and exports
Money in circulation
Discount rates approved by the Federal Reserve Board
Discount and interest rates in various centers
Federal reserve and member bank developments during year ending June 30, 1923
Foreign exchange rates
Foreign—
England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan
Charts:
Member bank loans and investments
Changes in condition of Federal reserve banks
Index of production in basic industries and wholesale prices in the United States
Bank credit
Hog receipts compared with hog prices
Production and shipments of lumber
Increases in number of employees and size of pay rolls in various manufacturing industries
Internationa] wholesale price index—Federal Reserve Board
Volume of domestic business
Wholesale hardware sales
Department-store sales in the New York and Dallas districts
IT
Page.
767
775
794
795
796
^ 788
793
825
793
800
801
802
804
812
813
815
818
819
822
824
825
825
826
827
832
833
787
836
840
844
845
824
849
853
856
855
854
854
857
859
866
867
768
770
775
776
779
784
786
811
827
833
833
FEDERAL RESERVE BULLETIN
VOL. 9
JULY, 1923.
No. 7
Increased activity in the industrial sections
of the North and East during the year gave
Midsummer is ordinarily a season of somerise to a larger demand for
what slackened business activity and low
ftedit
demand
b
t . Member banks in
credit demand and a time when of industry and , a n ,.k c r e d i ...
.
,,
.
Creditposition t h e credit position derives its im- of agriculture.
leading cities in the eastern
at midyear.
/
sections, with the exception of
portance from the fact that tne
New
York,
increased
their loans by between
banks are approaching the season of largest
10
and
14
per
cent
between
June, 1922, and
currency and credit requirements for crop
June,
1923,
while
in
the
agricultural
districts
moving. It is partly for this reason that, folloans
increased
by
about
8
per
cent.
Loans
by
lowing the practice of earlier midyear stacountry
banks
in
the
St.
Louis,
Minneapolis,
tistical issues, the July review surveys banking
and credit developments for the 12-month Kansas City, and Dallas districts actually deperiod ending in June, 1923, and compares creased during the last half of 1922, at a time
present banking conditions with those pre- when the total loans of all member banks
vailing a year ago. July, 1922, marked the showed a rapid growth. Net loan reduction
turning point in the demand for bank credit in agricultural districts did not begin until the
for commercial purposes and from that time second quarter of 1921, six months later than
until quite recently the volume of com- in industrial districts, and continued six
mercial loans has steadily increased. This months longer, until the end of 1922. This
larger demand for bank credit followed a lag not only reflects the slower recovery of the
growth in business activity which had started farmer, but is related also to the fact that farmat least a year earlier. The rate of indus- ers realize upon the sale of their crops only at
trial recovery during the past two years the end of a growing season, while in industry
has seldom been equaled in the business the turnover is much more rapid. Changes in
history of the country, and while it has been the volume of business in merchandising and
primarily industrial in character and has manufacturing are followed more promptly by
affected various lines of economic activity in corresponding changes in credit demand, and
differing degrees, it has been felt in all sections thus by the middle of 1922 new borrowing to
of the country. In agriculture, recovery from finance the larger volume of current business
the 1920-21 depression came later and was less exceeded the liquidation of outstanding incomplete. In fact, the liquidation of indebt- debtedness, and the total volume of loans in
edness incurred during the two preceding industrial districts increased. It was not until
years was effected by the use of a portion of the profits of 1922 crops were available, howthe profits from the crops of 1922, and it was ever, that farmers were generally in a position
not until the end of 1922 that loan reduction to repay the obligations incurred during the
at banks in agricultural districts came to an two preceding years. During the first quarter
end. Differences between the extent and time of 1923 loans in agricultural districts, partly
of recovery in industry and in agriculture are in response to credit demands in connection
reflected in differences in business conditions with the spring planting, showed a net increase.
Further evidence of loan liquidation in rural
in various sections of the country, and since
districts
during the past year is shown by
industrial sections are sufficiently distinct from
decreased
rediscounting at Federal reserve
agricultural sections, these differences may be
banks
by
member
banks in small cities and
brought out by geographical comparisons.
REVIEW OF THE MONTH.
767
768
FEDERAL RESEBVE BULLETIN.
towns, while banks in larger cities have
increased their borrowings from the reserve
banks at a rapid rate. During April, 1922,
42 per cent of the total volume of paper discounted by the reserve banks was discounted
for banks in cities having a population of
100,000 and over, and about the same proportion for banks in cities of less than 15,000
population, while by April of this year these
proportions were 75 per cent for the large cities
and about 16 per cent for small cities and
towns. Recently there has been an increase in
the amount of borrowing at the reserve banks
by member banks in smaller cities, just as
there has been an increase in member bank
loans in agricultural districts.
That industrial sections of the United States
benefited earlier than agricultural sections
from the expansion in the volume of business
is indicated by the relative volume of check
payments in various sections during the past
year. A year ago bank debits in industrial
sections were at about the same level as in
1919, while debits in agricultural regions were
about 10 per cent smaller. This difference in
relative volume has widened during the last
year, since the growth of check payments has
been much greater in the eastern industrial
sections (except New York) than in the western
and southern agricultural sections. Wholesale
trade and retail trade have increased during
the past year more rapidly in manufacturing
than in agricultural sections, and although
mail-order sales, which largely represent buying in rural communities, have almost doubled
in monthly volume since the summer of 1922,
they are still on a relatively lower level, when
related to the volume of sales prior to the depression, than sales at department stores in
large cities.
In general, therefore, there is shown for the
year a rapid growth of industrial production
and of demand for bank credit in manufacturing districts, while in agricultural sections
the recovery started later and a growth in the
demand for credit began to manifest itself only
in response to the requirements of the planting season of this year.
JULY, 1923.
Taking the country as a whole, the principal
banking development of the year has been the
rapid increase in the volume of
loans
for
' chie^
commercial
loans bjmembet
purposes
("all
other
loans").
banks.
Between the end of July, 1922,
and the middle of June, 1923, these loans made
by member banks in leading cities increased by
$750,000,000 and total loans and investments
increased by $1,283,000,000. Two-thirds of
the increase in commercial loans has occurred
since the opening of the year, while loans secured by stocks and bonds and investment
holdings have declined somewhat during this
period, so that total loans and investments of
the banks have remained relatively constant
between the end of March and the middle of
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
LOANS AND
^INVESTMENTS
y
^
—
•
15
15
* * V TOTAL LOA us
"""
*-^
DEMAND
"*
10
10
AM
s
,
"
y—'
5
•
INVESTMENT,
—
^
""-"
TIME D POSITS
0
0
1919
1920
1921
1922
1923
Figures for member bank3 in leading cities for the last report date of
each month. Datafortotal loans, other loans, and investments are
not available prior to 1921.
June. During the latter half of 1922 the increase in loans was accompanied by a corresponding growth in demand deposits, but during
recent months demand deposits have decreased
and the ratio of loans to deposits has increased, as is usual after a period of increasing
credit and currency demand has been under
way for a considerable time. At such a time
a larger proportion of loans made by banks is
769
FEDERAL, RESERVE BULLETIN.
JDLY, 1923.
withdrawn in cash to meet enlarged currency
While at member banks the most important
requirements, resulting in a rising ratio of developments of the year have been the rapid
loans to deposits. The relationship between
Stability of increase of loans and investbank deposits and currency requirements is reserve bank ments and of demand and time
discussed more fully elsewhere in this review. credit.
deposits, the chief characterThe large growth in time deposits during the istic of Federal reserve banking has been the
past year has been accompanied by a corre- relative stability of the volume of reserve bank
sponding growth in investment holdings. The credit in use, of note circulation, and of cash
table below shows for March 10, 1922, and reserves.
April 3, 1923, the volume of time deposits and
The following table shows the net changes
of different classes of investments held by all during the year in the principal items in the
member banks, by class of cities:
reporting member bank and Federal reserve
bank statements:
T I M E DEPOSITS AND INVESTMENTS OF A L L M E M B E R
BANKS.
CHANGES IN CONDITION OP FEDERAL RESERVE BANES
AND REPORTING MEMBER BANKS.
[In millions of dollars.)
All
member
banks.
Time deposits:
Mar.10,1922
Apr.3,1923
Increase
•vestments:
Mar.10,1922
Apr.3,1923
Increase
United States securities:
Mar.10,1922
Apr.3,1923
Increase
Other securities:
Mar.10,1922.
Apr.3,1923
Increase
1
[In millions of dollars.]
Central
reserve
cities.
Other
reserve
cities.
Item.
6,662
8,143
1,481
570
868
298
2,198
2,785
587
4,490
6,258
7,760
1,502
1,330
1,763
433
1,862
2,451
589
3,066
3,546
2,755
3,883
1,128
M8?
666
783
1,273
490
1,306
1,508
202
662
1,079
1,178
99
1,761
2.037
276
3,503
3,877
374
11
Decrease.
Between March 10, 1922, and April 3, 1923,
the increase both in time deposits and in
investments of member banks amounted to
about $1,500,000,000. This close correspondence in the aggregates does not, however,
appear in each class of cities. In central
reserve cities the increase in investments was
considerably larger than the increase in time
deposits, while in country banks the increase
in time deposits exceeded the growth of investments. There is also a marked difference
in the character of the investments held by
member banks in the different classes of cities.
The increase in investments by central reserve
city banks is confined to Government securities,
while in country banks the increase in other
securities exceeds the growth in their holdings
of Government securities.
Federal reserve banks.
Country
banks.
Total earning assets
Discounts
Acceptances
United States securities
Total deposits
Members' reserve deposits
Federal reserve notes
Cash reserves
Ratio of reserves to deposits and Federal
reserve notes in circulation (per cent).
June 21,
1922.
June 20,
Increase.
1923.
1,099
422
121
556
1,854
1,812
2,126
3,148
1,058
731
208
121
1,921
1,874
2,222
3,215
79.1
77.6
309
85
1435
67
62
96
67
Reporting member banks.
Item.
Loans, total
Secured by stocks aad bonds.
Other, largely commercial'...
Total investments
Total loans and investments
Net demand deposits
Time deposits
June 21,
1922.
10,885
3,512
7,373
4,379
15,264
11,192
3,329
June 20, Increase.
1923.
11,790
3,755
8,035
4,691
16,481
11,089
3,996
905
243
662
312
1,217
•103
667
> Decrease.
• Including loans secured by United States obligations.
Between June, 1922, and June, 1923, total
earning assets of the reserve banks have
changed but little, while during the same
period the loans of member banks in leading
cities increased by $900,000,000 and their
combined loans and investments by over
$1,200,000,000. Changes in the volume of
reserve bank credit in use during the year
have been largely seasonal in character, the
increase during the latter half of 1922 being
followed by a corresponding reduction since
770
FEDERAL RESERVE BULLETIN.
the turn of the year. While the total volume
of reserve bank credit has thus remained
fairly constant, there have been important
changes in the composition of reserve bank
earning assets. During the latter half of 1922
discounts for member banks increased rapidly
and acceptance holdings also advanced, while
investments in Government securities showed
a large reduction. At the turn of the year
there was a seasonal reduction in discounts
and a temporary increase in Government
security holdings. From the middle of
January, however, the earlier movement of
increasing discounts, accompanied by declines
in security holdings, was resumed and on June
20 discounts had advanced to $731,000,000
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
4000
4000
3000
3000
2000
2OO0
1000
1000
1919
1920
1921
1922
1923
Figures for the twelve Federal reserve banks combined (or tbe last
report date of each month.
from a low point of $500,000,000 in the middle
of January, while Governmentsecurities declined
from $500,000,000 in the middle of January
to $121,000,000, the lowest figure reported since
1918. Movements of the principal items of the
reserve bank statement since 1919 are shown
in the chart.
I t has been the policy of the reserve banks
during the past year gradually to reduce
their holdings of Government securities in
order to have demands for additional reserve
bank credit take the form of discounts, that
JUICY, 1923.
is, of a direct demand by member banks for
reserve bank accommodation. As has been
previously noted in the BULLETIN, the Federal
Reserve Board has taken the view that in
their open-market operations the reserve banks
shall be governed "with primary regard to the
accommodation of commerce and business"
and has thereby made open-market operations
rest upon the same general principles as those
laid down in the Federal reserve act with
respect to discounts.
Demand deposits of reporting member banks,
as indicated in the table and the chart, show
a decrease for the year, largely because
there has been a considerable decline in
these deposits during the past four months.
In this respect the member banks in leading
cities are not altogether representative of the
banking situation as a whole, since the growth
in the demand for funds in the interior has
resulted in the withdrawal of balances from
city correspondents, so that demand deposits
of all member banks show a considerably larger
growth than that reported forjthe member
banks in leading cities. The growth in time
deposits of the member banks for the year
was about $667,000,000.
There is a close correspondence between the
growth of deposits of member banks and
the growth of members' reserve balances with
the Federal reserve banks, so that the ratio
between the two remains constant. This
stability of the ratio is due to the legal
requirements as to reserve and to the practice
of the banks of not keeping as reserves more
than the minimum required by law. The law
provides that member banks must keep as
balances with the Federal reserve banks a
reserve of 7, 10, and 13 per cent of their demand deposits, depending on the class of city
in which they are located, and 3 per cent
of their time deposits. The following table
shows the relationship between deposits and
reserves for all member banks for call dates
beginning with June 30, 1919.
FEDERAL RESERVE BULLETIN.
JULY, 1923.
RATIO
OF
MEMBER
BANK RESERVES TO
DEPOSITS.
THEIR
[In millions of dollars.)
Date.
Net
Time
demand
deposits. deposits.
Net
amount
on which
reserve's
computed
Reserves.
to
Amount. Ratio
deposit.
1919.
June 30
Nov. 17
Dec. 31
14,700
16,246
16,563
4,343
5,049
5,305
16,325
18,108
18,515
1,724
1,825
1,904
Per cent.
10.6
10.1
10.3
1920.
May4
June 30
Nov. 15
Dec. 29
16,389
16,393
15,906
15,327
5,748
5,911
6,144
6,188
18,511
18,576
18,178
17,616
1,866
1,839
1,827
1,763
10.1
9.9
10.1
10.0
1921.
Apr.28
June 30
Dec. 31
14,371
14,296
14,433
6,343
6,367
6,451
16,718
16,655
16,816
1,654
1,625
1,758
9.9
9.8
10.5
1922.
Mar. 10
June 30
Dec. 29
14,479
15,509
16,187
6,662
7,175
7,645
16,933
18,117
18,966
1,723
1,835
1,939
10.2
10.1
10.2
16,068
8,143
19,028
1,908
10.0
1923.
Apr.3
Stability of the ratio throughout a period of
credit growth and liquidation is brought out
b
? t h e table< T h e r a t i o as Pre'
Constancy of sented
is calculated on the
ratio between
member bank basis of net demand deposits,
reserves and de- to which are added time deposits.
posits reduced to a demand
deposit basis. A 10 per cent ratio, therefore;
indicates that the banks keep on the average
10 per cent against demand deposits and 3 per
cent against time deposits. That the ratio
rarely falls below 10 per cent is to be expected
in view of the fact that the legal reserve
requirements for banks in different classes of
cities average about this percentage. It is
notable, however, that in practice the actual
ratio rarely rises above the legal minimum.
The difference between periods of increased
demand for credit for commercial purposes and
of relative relaxation in the demand is reflected
not in the extent to which the member banks'
own available reserves are utilized, but in the
distribution of member bank funds between
various types of loans and between loans and
investments. Thus the aggregate amount of
member bank credit extended, as reflected in
their deposits, is constantly up to the limit of
771
their power to lend from their own resources.
Increases and declines of the demand for
credit are also reflected, in the absence of gold
imports, in the extent to which member banks
depend on the reserve banks for keeping their
balances up to the legal requirement and for
meeting a growing demand for additional currency.
Increasing demand for hand-to-hand currency generally follows upon the growth of
bank deposits, which reflects
Growth of bank increasing business activity
deposits and curand use of bank credit. The
rency demand.
growth of money in circulation, however, generally lags behind the
growth in deposits, which begin to increase as
soon as the volume of business activity starts
upward and is reflected in a growing demand
for bank accommodation by manufacturers
and wholesale merchants whose credit requirements increase with the growth of their operations. Increased demands for currency in turn
follow advances in retail prices and in pay
rolls, which generally lag behind expansion of
business and wholesale price increases. While,
therefore, there tends to be a definite sequence
of changes in the volume of deposits and of
money in circulation, the former measuring the
available means of payments by check, and the
latter the means available for cash payments,
the ratio between the two is not constant. In
the early periods of business expansion the ratio
of deposits to currency is relatively high, because
deposits grow faster than money in circulation.
When, however, increased business activity
becomes translated into larger pay roll, till
money, and hand-to-hand currency requirements, the ratio of deposits to currency declines as cash requirements increase. During
the past year, which was the second year of
growing business activity, the increase of currency in use, as shown in the circulation statement of the United States Treasury, amounted
to $336,000,000, or approximately at the rate
of $1,000,000 a day. The following table
shows the amount of different kinds of currency in circulation on June 1, 1922, and June
1, 1923, and the changes for the period.
772
FEDERAL, RESERVE BULLETIN.
M O N E Y IN CIRCULATION.
[In millions of dollars.l
Junel,
1922.
Gold and gold certificates
Silver and silver certificates..
United States notes
Federal reserve notes
Federal reserve bank notes...
National bank notes
Total
June 1,
1923.
Increase. Decrease.
595
548
294
"2,129
79
725
746
670
306
2,228
22
734
151
122
12
99
4,370
4,706
336
57
9
Of the increase in money in circulation for
the year, somewhat less than one-half represents a growth in the circulation of gold and gold
certificates and less than one-third represents
additions to Federal reserve note circulation.
This relatively small proportion and amount
of Federal reserve notes in the total money
added to circulation has resulted in a lower
percentage of Federal reserve notes to total
money in circulation than has existed at any
time since 1918. Relatively small increases
are shown for United States notes and national
bank notes and a considerable increase has
occurred in the circulation of silver and silver
certificates, only about one-half of this increase representing the replacement of Federal
reserve bank notes retired from circulation, as
silver purchases under the Pittman Act were
effected. Of the total increase of $336,000,000
in circulation only $42,000,000 represents a net
addition to Federal reserve currency in use.
It is the inflow of gold which largely accounts
for the growth in total money in circulation
without additions to Federal reserve note circulation. Net gold imports between June 1,1922,
and June 1, 1923, aggregated $227,000,000,
two-thirds of which was added to circulation
and the remainder mostly to the reserve balances
of member banks. The inflow of gold during the
year has thus been sufficient not only to take
care of the growing reserve requirements of
member banks, but also to satisfy the larger
currency requirements. It has enabled member banks to go through a period of rapidly
growing business activity and credit and currency demand without making use of a larger
volume of reserve bank credit as measured by
total earning assets of the reserve banks.
JULY, 1923.
During the early months of 1923, beginning
with February, gold imports were on a much
smaller scale than during the preceding two
years, and for the first four months of the
year total net imports of gold amounted
to about $45,000,000. This net addition was
equaled during the single month of May,
when payment by the German Government
of part of its obligations to Belgium, together with receipts of gold from England
in connection with the payment of the first
installment on its debt to the United States
Government, brought the total net gold
imports for the month to $45,000,000 and the
total for the 12 months to $227,000,000. A
sufficient amount of this increase in the
country's gold supply has been added to the
reserves of Federal reserve banks to balance
the relatively slight growth in deposit and
note liabilities, with the result that the reserve
ratio has remained fairly constant at a level
above 75 per cent.
With the volume of reserve bank credit in
use at about the same level as a year ago, and
the volume of member bank credit at a considerably higher level, the banking position
prior to the more active demand for credit at
crop-moving time also differs from last year's
in the greater liquidity of bank loans now
outstanding. Payment of accumulated indebtedness which took place later in the agricultural
districts than elsewhere has now largely restored
the liquidity of banks in rural districts, and
the recent increase in their loans to customers
and in their borrowings from the reserve banks
has been in response to a growth in current
business.
For some time the Federal Reserve Board
has been considering the matter of the use of
Federal reserve and other curFederal reserve
!
Cub!
8gCnCy
^
r e n c y of t h e U n i t e d
Cuba
States
m
- OurrelationswithCuba
are unique, because of the provisions of the Platt amendment, and also because
the currency of the United States has been made
legal tender by act of the Cuban Government,
but no adequate machinery has ever been set
FEDERAL BESEEVE BULLETIN.
JOLT, 1923.
up by which unfit paper currency could be sent
back to the United States for redemption and
replacement.
The board has finally decided to approve a
plan agreed upon by the Federal Reserve Banks
of Atlanta and Boston by which they are to
open agencies in Habana, working cooperatively along certain definite lines. It happens
that a considerable part of the paper currency
in Cuba consists of notes issued by the Federal
Reserve Bank of Atlanta, and the plan is expected to continue these notes in circulation.
It is expected that currency will be presented
to the agencies for the purchase of cable transfers and that the currency so received will be
at once sorted, so that the unfit bills can be
sent back to this country for replacement by
new currency. The new money will then be
put into circulation through the purchase by
the reserve agencies of bills of exchange from
the banks operating in Cuba.
This, it is expected, will result not only in
replacing unfit paper money with new currency
but will have a tendency to stabilize banking
conditions. Banks operating in Cuba will be
enabled to carry on their business without the
necessity of holding abnormal reserves and
will be able at any time to obtain currency
by selling prime bills of exchange originating
in import or export transactions. The board's
regulations have undertaken in some detail to
safeguard these transactions.
I t was on the application of the Boston
Reserve Bank that the matter first came
definitely before the board, and it was through
agreement between the Atlanta Reserve Bank
and the Boston Bank that it was worked out
in detail. Some changes in detail may become
necessary when the agencies get into operation,
as the establishment of such agencies is an
entirely new thing, and the board has reserved
the right to terminate the agencies at any time
if it deems such action advisable.
On June 11 the Supreme Court of the United
States rendered two decisions on par clearance
cases, the full text of which is
Boards
state-
v r - u . i i
i.
• •
i/u
T>
mentonparclear- P u b l l s l i ed elsewhere in the BULLETIN. The Federal Reserve
ance.
Board on June 29 amended the
regulations governing the par clearance system
773
and sent the following letter to the governors
of the 12 Federal reserve banks:
Effective August 15, 1923, the Federal Reserve Board
has amended regulation J, which governs the par clearance
system ol the Federal reserve banks, by inserting these
new conditions:
(6) No Federal reserve bank shall receive on deposit
or for collection any check drawn on a aonmember bank
which refuses to remit at par in acceptable funds.
(7) Whenever a Federal reserve bank receives on
deposit or for collection a check drawn by, indorsed by, or
emanating from any nonmember bank which refuses to
remit at par in acceptable funds, it shall make a charge
for the service of collecting such check of one-tenth of 1
per cent, the minimum charge to be 10 cents for each item.
The board has made public its reasons for this action as
follows:
"The provisions of the Federal reserve act which
authorize the establishment of a Federal reserve collection system were designed wholly for the benefit
of the banking and commercial interests of the country.
The system is now in operation between banks which in
number are about 92 per cent of all banking institutions
and which have approximately 98 per cent of the total
banking resources of the country. The Federal reserve
collection system has become a necessary instrumentality
in effecting the country's domestic exchanges, its operation, including final payments through the gold settlement fund, has been of inestimable value and has resulted
in enormous saving to those actively engaged in carrying
on the commerce of the country, and there are no other
facilities for operating a collection system which could
approximate it in economy of operation. It has eliminated a very large portion of the time formerly consumed
in the collection of checks and has cut down the cost of
making the country's exchanges to the minimum. Even
though an involuntary collection system may not be imposed upon the Federal reserve banks by the Federal
reserve act, as interpreted by the Supreme Court of the
United States in its recent decision, the system has fully
justified its operation and is of such value to the banking
and commercial interests of the country that its continuance as a voluntary system is of vital importance. Certain changes in the basis of the par clearance system are
advisable in view of the recent decision of the Supreme
Court.
"The board believes that participation in the par clearance system should be baaed upon the principle of reciprocity and that hereafter Federal reserve banks should
not receive for collection checks on any nonmember bank
which will not agree to remit in acceptable funds without
deduction. The recent opinion of the Supreme Court
makes it certain that the Federal reserve banks are not
permitted by law to pay exchange. It must be clear
that the more inclusive a collection system is the more
efficient it will be and the greater will be the service it can
render alike to the business and banking community.
Therefore, since it is the object of the Federal Reserve
Board to maintain an efficient system of par collection,
which must at the same time be a voluntary system as far
as nonmember banks are concerned, the concessions
involved and the resulting benefits should be made and
received by all participating banks. It is clear that those
nonmember banks which are unwilling to remit without
deduction for checks drawn on themselves have no right
to share in the advantages of the par collection system.
"The Federal Reserve Board, therefore, in the exercise
of its legal authority, has amended regulation J, series of
1920, in such a way as to prohibit any Federal reserve
bank from receiving on deposit or for collection any check
drawn on any nonmember bank which refuses to remit
774
JCLY, 1923.
FEDERAL RESERVE BULLETIN.
at par in acceptable funds and to require Federal reserve
banks to make a collection charge for their services in collecting checks which bear the indorsement of, or are
drawn by or emanate from any nonmember bank which
refuses to remit at par in acceptable funds, such collection charge to be at a rate of one-tenth of 1 per cent,
the minimum charge to be 10 cents for each item."
NOTE.
In the table below are shown the subscriptions and allotments distributed by Federal
reserve districts:
Federal reserve district.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
:
Total sub- Total subscriptions re- scriptions alceived.
lotted.
$28,630,000
157,330,500
34,848,000
18,973,500
8,449,500
9,459,500
29,991,800
7,329,500
5,323,500
6,926,000
8,886,500
26,314,500
»22,480,000
74,855,500
16,189,500
8,895,500
6,095,500
7,579,500
21,839,500
5,699,500
5,323,500
3,381,000
4,576,500
12,918,000
On July 1 the Board's Division of Analysis
and Research and the Office of Statistician were
consolidated into one division
nOf u n d e r t h e t i t l e o f
diWslras
°
Diy^i 011 o f
Research and Statistics. Mr.
342,462,800
189,833,500
W. W. Stewart, who has been director of the
Total
Division of Analysis and Research since September 15, 1922, is the director of the new
On June 15 the Treasury also announced
division.
receipt of the first semiannual interest payment on the funded indebtedness of Great
Britain to the United States under the terms
of the debt settlement approved by the act
TREASURY FINANCE.
of February 28, 1923. As stated in the
Financial operations of the Government March BULLETIN (p. 71), the capital amount
during June centered largely about the middle of this indebtedness was fixed at $4,600,000,000,
of the month, when .the second quarterly in- and semiannual interest upon the unpaid balstallment of income and profits taxes fell due. ance is to be paid at the rate of 3 per cent per
About $200,000,000 of Treasury certificates annum for the first 10 years following Decemmatured on June 15, and on the same date ber 15, 1922. The amount of interest due on
interest on the public debt became payable in June 15 was $69,000,000, and as authorized by
the amount of $75,000,000. To complete its the terms of the settlement, was made in
financing program for the fiscal year, the Liberty bonds, which were accepted at par
Treasury on June 11 announced an offering of and accrued interest, with a small cash adjust$150,000,000, or thereabouts, of six months' ment. The bonds were $68,502,950 face
4 per cent tax certificates, dated June 15 and amount of second Liberty loan 4£'s and
maturing December 15 of this year. Since $250,000 face amount of fourth Liberty
there are no maturities of the public debt be- loan 4|'s, the accrued interest being $247,022.56
tween June 15 and September 15, and since and the cash adjustment $27.44. The Treasury
interest payments in July and August are light, announced that the bonds thus accepted have
the Treasury expects the income-tax receipts been canceled and retired and the public debt
during June, which are estimated to yield reduced accordingly.
On the same date the first semiannual
about $350,000,000, together with existing
balances and the proceeds of the new offering payment of interest, amounting to $135,000 on
of Treasury certificates, to provide for all cur- a principal indebtedness to the United States
rent requirements during the summer months of $9,000,000, was made by the Republic of
and to carry the Treasury until the next quar- Finland. This is the amount fixed by the
terly tax payment in September. The new funding agreement recently made, subject to
issue was largely oversubscribed, the total sub- the approval of Congress, under the provisions
scriptions amounting to $342,462,800, of which of the foreign debt funding act of February
about $38,000,000 represented exchanges of 28, 1923.
On June 19 the formal proposal of the
Treasury certificates maturing June 15, 1923.
All exchange subscriptions were allotted in British Government for the funding of the
full, while allotments on other subscriptions British debt to the United States, pursuant
were made on a graduated scale, preference to the agreement already reached, was accepted by the Government.
being given to smaller subscriptions.
JULY, 1923.
775
FEDERAL, RESEBVE BULLETIN.
BUSINESS CONDITIONS IN THE UNITED STATES.
Production and shipment of goods continued in heavy volume during May; the volume of
employment was sustained, and many wage advances were reported. Wholesale commodity
prices declined during May and the early weeks of June.
Production.—Production of iron and steel, cement, and petroleum was larger in May than
in any previous month, and mill consumption of cotton was close to maximum. The high level
of production in these industries, together with increases in practically all other reporting lines,
are reflected in an advance of 2 per cent in May in the Federal Eeserve Board's index of production in basic industries. In the building industry there was a further decline in principal cities
in the value of permits granted which represent prospective building operations. Contract
awards, however, which represent actual current undertakings, continued to increase, though,
declines are reported in the New York and Chicago districts.
This industrial activity has been accompanied by a slight increase of employment at industrial establishments. The demand for labor was also reflected in a larger number of wage advances during the 30-day period ending May 15 than in any earlier month this year, and average
weekly earnings in all reporting industries increased by 3.8 per cent. The advances were most
general in the cotton, steel, meat packing, and sugar refining industries.
In agriculture the condition^of both winter and spring wheat is reported less favorable
than a year ago, while the condition of the cotton crop is slightly better than last year, owing
entirely to more favorable growing conditions in Texas. A shortage of farm labor is reported
from most sections of the country.
Trade.—Active distribution* of commodities is indicated by heavy movement of merchandise and miscellaneous freight, and car loadings continued to exceed all previous records for this
season. In certain lines of trade a decline in the volume of manufacturers' orders for future
delivery is reported. The volume of both wholesale and retail trade was larger in May than
INDEX OF PRODUCTION IN BASIC INDUSTRIES
PRICES
COMBINATION OF 2 2 INDIVIDUAL SERIES
CORRECTED FOR SEASONAL VARIATION
( 1313 = 1O0 )
1
1
INDEX' NUMBERS OF WHOLESALE PRICES
U. S. BUREAU OF LABOR STATISTICS
PER CENT
16O
PER CENT PER CENT
160
300
( 1313 •100 BASE ADOPTED BY BUREAU )
PERCENT
300
250
k\
80
J
\
\
150
60
150
N—.
60
100
100
40
50
50
20
LATEST FIGURE
LATEST FIGURE MAY
1919
1920
1921
1922
1923
1919
1920
1921
1922
1923
776
FEDEBAL, RESERVE BULLETIN.
BANK CREDIT
JULY,
1923.
BANK CREDIT
800 MEMBER BANKS IN LEADING CITIES
BILLIONS OF DOLLARS
16
ALL FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
116
MILLIONS OF DOLLARS
400CH
MILLIONS OF DOLLARS
—•
14000
• . LOANS AND
\ DISCOUNTS
3000
DEMAND
|ULl—A.
*>»•
CPOSITS/* ^ ^ ^ W U
2000
2000
1500
1000
1000
500
LATEST FIGURE JtfflE 13
1919
1920
1921
1922
1923
LATEST FIGURE JUNE 2 0
. . . I .
1919
1920
1921
1922
1923
in April. Ainong the wholesale lines sales of meat, hardware, and shoes showed particularly
large increases, while sales of clothing and dry goods decreased. The Federal Reserve Board's
index of wholesale trade, which makes no allowance for seasonal changes, was 5 per cent higher
than in April, and 14 per cent higher than a year ago. Sales of department stores increased
about 8 per cent in May, and all reporting lines of chain-store business reported increases. Mailorder sales were 6 per cent less than in April, but were larger than in any previous May.
Wholesale prices.—Price declines were reported during May and the first three weeks of
June for a large number of commodities. All of the nine groups in the Bureau of Labor Statistics
index, except food and housefurnishings, show decreases for May and the average for all commodities declined by 2 per cent.
Bank credit.—Lo.ans of reporting member banks in principal cities, which had been increasing
since the early part of the year, declined by $115,000,000 between May 16 and June 13. Bank
holdings of Government securities, which increased by over $100,000,000 in connection with the
Treasury transactions of May 15, later declined as the securities were distributed by the banks.
These decreases in loans of member banks and the receipt during May of $45,000,000 of
gold from abroad were accompanied by a decrease in the earning assets of Federal reserve banks
by $120,000,000," for the four weeks ending June 21. At that time the volume of Federal
reserve bank credit in use reached the lowest point since the opening of the year and approached
the low point reached in August, 1922. Reserve bank holdings of bankers' acceptances and
Government obligations are now lower than at any time since early in 1922.
The total volume of money in circulation increased by $38,000,000 between May 1 and June
1, the increase being chiefly in gold and silver certificates, rather than in Federal reserve notes.
Money rates continued to show a slightly easier tendency. The June 15 issue of $150,000,000
6-months Treasury certificates carried a rate of interest of 4 per cent, compared with 4J per cent
on a similar issue sold in March.
777
FEDERAL RESERVE BULLETIN.
JULY, 1923.
AGRICULTURE.
During the early weeks of May conditions
continued generally favorable in most agricultural sections of the country. The last two
weeks in the month were accompanied by low
temperatures, excessive precipitation, and
floods in many low-land areas, all of which
were retarding factors to the progress of
spring crops. General improvements were
noted during the first two weeks of June, as a
result of warmer and dryer weather in most
Federal reserve districts. Spring plantings,
with few exceptions, are practically completed
and in many districts spring and summer
fruits are moving to markets. In the St.
Louis district excessive moisture and unseasonably low temperatures retarded crop progress,
especially in the bottom lands, which are
generally planted in cotton and corn. Replanting of considerable acreages of these
crops was necessary. In some sections of the
Chicago district unfavorable weather and a
shortage of labor delayed farm operations
and resulted in slightly less corn plantings.
Crop conditions in the Minneapolis district
were generally favorable in the middle of
June; all grains showed a healthy color and
a good stand, and fields were free from excessive weed growths. While the heavy rains in
the Kansas City district were generally beneficial to most crops in the uplands, germination
and growth were somewhat retarded on account of the wet soil. In the river valleys
considerable damage resulting from overflow
of the streams was reported. In general, the
weather during May resulted more in a delay
of crops rather than in universal damage. In
Louisiana the acreage of sugar cane snows a
slight increase over that of 1922 and also over
the average acreage of five years, 1918-1922.
Labor shortage in some agricultural sections was
noted during May, but efforts are being made
by official employment bureaus in the grain
States to distribute the available supply of
labor to areas where it is most needed.
According to the Department of Agriculture, prices of the principal crops failed to continue the upward movement that was evident in earlier months of the year and decreased about 0.8 per cent during May, but
were 17 per cent higher than a year ago.
Compared with the average for the past 10
years prices were 17 per cent lower. The
decrease during May from the preceding month
was contrary to the general trend of farm
prices, which have shown an increase of about
2 per cent during May for the past 10 years.
Grain.
During May the effects of the long period of
drought which prevailed in many sections of
the winter-wheat areas became evident. Although rains reached these areas in May and
early in June, they were too late to save the
crop in many sections. The condition of the
winter-wheat crop for the entire United
States on June 1 was 76.3, compared with a
condition of 80.1 on May 1 and 82.3, the 10year average condition on June 1. The
estimated yield is 581,000,000 bushels, which is
below thefinalproduction of 586,000,000 bushels
in 1922 and the five-year average production
(1917-1921) of 590,000,000 bushels. Weather
conditions, with few exceptions where seeding
was delayed, continued favorable in springwheat areas of the Chicago and Minneapolis
districts. Timely rains accompanied by warm
days and cool nights have aided in bringing the
crop forward rapidly. The condition of the.
crop on June 1 was 90.2, which was only
slightly below the condition of 90.7 on June 1
one year ago. The condition of barley and rye
was below that of June 1, 1922, but oats
showed a slight improvement. The total
yield of both winter and spring wheat is
estimated at 817,000,000 bushels, compared
with a yield of 856,000,000 bushels in 1922.
The following table shows the final grain
yields in 1922 and the estimated yields in 1923:
Crop.
Winter wheat..
Spring wheat...
All wheat
Oats
Barley
Eye
Forecast of
Total produc- production
on
tion in 1922. June 1,1923.
586,000,000
270,000,000
581,000,000
236,000,000
817,000,000
856,000,000
1,215,000,000 1,256,000,000
196,000,000
186,000,000
95,000,000
72,000,000
Harvesting of winter wheat has begun in the
Dallas and Kansas City districts and oats are
being harvested in the Atlanta district. In
some sections of the Kansas City district
reports indicate damages by the Hessian fly
and chinch bugs. Corn planting is nearing
completion in all districts, but cultivation has
been delayed somewhat by persistent rains.
The marketing of grain during May, as indicated by receipts of all grains at 17 interior
centers, was in smaller volume than in April,
1923. The total movement during May
amounted to 48,544,000 bushels, compared
with 63,365,000 bushels in April and 86,458,000
bushels in May, 1922. The table on page 829
gives in detail the movements of all grains.
778
FEDERAL RESERVE BULLETIN.
Since the beginning of the year prices of wheat
have been characterized by fluctuations within
narrow margins, but the general trend has
been downward in recent months. Corn
prices have moved upward and the average
price reached the highest figure in May since
November, 1920. On June 19 a conference
called by the governors of seven wheat-growing
States convened in Chicago to discuss methods
of relief to the wheat growers who are suffering
from a depressed wheat market. Among the
methods discussed were cooperative marketing,
reduction of wheat acreage, and reduction of
the annual carry-over.
Cotton.
In all sections of the Cotton Belt unsatisfactory weather conditions retarded progress of
the cotton crop during the greater part of May.
In all districts the crop is reported about two
weeks late. Wet and cold weather were the
principal factors adversely affecting the young
plants, but in the western cotton States the
heavy rains resulted in floods in the lowland
areas, and the crops in those sections were in
many cases destroyed. According to the
report released on June 1 by the Department
of Agriculture, the condition of the cotton
crop on May 25 showed improvement over the
condition on the same date for the two preceding years, but was not as high as that of
1920 or the 10-year average condition on May
25. Compared with the preceding year, increases were indicated for Florida, Texas, California, and Arizona. The greatest increase
was in Texas, where weather conditions have
been generally favorable. The greatest decreases as compared with the preceding year
were in Missouri, Virginia, Alabama, and
Arkansas. In the Atlanta district planting
has been delayed in many sections, and bollweevil damage has been general. In the western counties of the Dallas district considerable
increases in acreage have been made in counties where cotton is a new crop. Boll weevils
have appeared in many of the old cotton
counties, and destructive activity of other
pests is pronounced. In the Southeastern
States of the Richmond and Atlanta districts
the labor shortage due to the exodus of negro
workers has induced farmers to cultivate
larger acreages per plow and use fertilizer in
larger quantities. The use of calcium arsenate
is very much more general than last year.
The marketing of the old cotton crop, as
indicated by sight receipts and spinners' takings, was in greater volume than in the pre-
JULY,
1923.
ceding month, when the low point of the year
was reached. Compared with May, 1922,
sight receipts were considerably smaller, but
spinners' takings increased. The small takings by spinners in May, 1922, were due to the
textile strike in New England mill centers.
Stocks at mills and warehouses were smaller
on May 31 than at the end of the preceding
month and on the same date one year ago.
Combined stocks at mills and warehouses
amounted to 3,201,000 bales on May 31, compared with 3,855,000 bales on April 30 and
3,979,000 bales on May 31, 1922. Exports,
which have been decreasing since November,
1922, continued to decline in May and
reached the lowest monthly total since August, 1920, amounting to only 160,000
bales. Export demand for cotton improved
slightly early in June and came largely from
Liverpool, following somewhat more favorable
developments in the European economic situation. The trend of spot cotton prices in May
and June has been somewhat uncertain, as the
price is influenced largely by conditions of the
growing crop. The price of upland spot cotton, middling grade, at New York declined
early in May to 25.30 cents per pound on May
11, but increased after that time to 29.90 cents
on June 11. Since that time it has fluctuated
around 28 cents.
Tobacco.
With the exception of some of the cooperative marketing associations which are still
distributing the products of their members, the
season for marketing leaf tobacco has closed.
In the Richmond district most markets closed
in April, but a few remained open until May.
The season was in general satisfactory, as
greater yields combined with higher prices
than in the previous season resulted in larger
returns to the growers. In the St. Louis district the burley and dark tobacco associations
have functioned satisfactorily. Returns from
the season's crop are being distributed among
the producers as the pools are sold. Regarding
the new crop, the season has been backward on
account of unfavorable weather and scarcity of
plants have delayed plantings. In the northern sections of the Richmond district dry
weather delayed transplantings of tobacco
plants in May, but rains in June enabled the
work to progress, although the crop is approximately two weeks late. In South Carolina the
crop is making normal growth.
Production of manufactured tobacco was in
greater volume in May than in the preceding
JULY, 1923.
779
FEDERAL RESERVE BULLETIN.
month and, with the exception of small cigars,
all types of manufactured tobacco increased
over the same month a year ago. Detailed
statistics of the several types of manufactured
tobacco are given in the table on page 829.
In the Philadelphia district the demand for
cigars during June was only slightly better than
in June, 1922. Production has been curtailed
somewhat and is at an average of only 65 per
cent of capacity. High-grade cigars were in
best demand. In general, cigar prices remained unchanged during May and June.
Stocks of cigars held by manufacturers are
generally moderate and are remaining stationary or decreasing slightly.
Live stock.
Pastures and ranges in most live-stock sections of the country continued to improve in
May as the result of warmer weather and welldistributed rains. In Texas excellent range
conditions have enabled the stockmen to
fatten their animals at home and few shipments are being made to northern pastures.
In some sections of New Mexico and Arizona
seasonal dry weather was unfavorable to the
industry, but the situation has not become
serious. The marketing of live stock, as indicated by receipts at 57 markets, was in large
volume during May, exceeded the preceding month, and reached the largest volume
since January. Compared with the correFruit.
sponding month in the previous year the total
Following the unseasonably low tempera- number of animals received was greater, but
tures, excessive precipitation, and damaging the receipt of sheep were slightly less. Comwinds during May in a large part of the fruit pared with April, receipts of all animals,
areas of the country, all of which were injurious to with the exception of horses and mules, which
growing fruit crops, conditions became generally declined 45 per cent, were greater. In the KanFavorable in June. Peaches began to move sas City district the receipts of calves for May
from Georgia during the third week in May; were the largest for any May figure in the preharvesting of the berry crops was well advanced vious five years. In the San Francisco district
during the early weeks of June in sections of the bulk oi the lambs raised in California has
the Richmond and St. Louis districts; and been marketed, but in the Northern States
gathering of the Valencia orange crop was well the lamb-shipping season did not begin until
advanced in the San Francisco district early about the 1st of June. Detailed figures
in June. In the Atlanta district the citrus showing the movement of live stock for" May,
fruit crop showed unusual improvement during 1923, April, 1923, and May, 1922, are given
May, as the customary dry weather in that in the table on page 829.
month was not as serious this year as in previDuring the past year the marketing of hogs
ous years. On June 1 the condition of oranges
was 92 per cent of normal, grapefruit 90 per has been in large volume and has Deen accent, and limes 90 per cent, compared with 84 companied by a declining price, which reached
per cent, 80 per cent, and 79 per cent for the its lowest point in May since December, 1921.
respective crops on June 1, 1922. Shipments The accompanying chart shows the movement
of oranges and grapefruit were, greater during of hogs to market and the average monthly
May than in the same month in 1922 and prices since January, 1921.
amounted to 42,008 cars for the season through RECEIPTS IN MILLIONS OF HOGS
PRICE. IN DOLLARS PER 100 LBS.
12
May, compared with 32,874 cars for the correPRICE
sponding period a year ago. In the Pacific
\
\
A
Northwest the apple crop is reported to be in
10
/
- \
excellent condition, with the commercial yield
of apples in Washington forecasted at 23,991,\ J
\
^
000 boxes, compared with 21,312,000 boxes
produced in 1922. The indicated yield in
California is less than the final production in
RECEIP- S
1922. Shipments of oranges for the season
have exceeded those of the previous season,
but lemon shipments are 20 per cent less than
in the corresponding period a year ago. The
Valencia orange crop is expected to total over
10,000,000 boxes, and approximately 15 per
cent of this crop had been shipped by
1921
1922
1923
June 1.
Hog prices compared with receipts at 57 markets from January, 1921,
J
to May, 1923.
\v
780
Coal.
FEDERAL EESEEVE BULLETIN.
MINING.
Conditions in the markets for anthracite and
bituminous coal continue to be very different.
Production is large in both branches of the
industry, but demand for hard coal is insistent,
while demand for soft coal is unusually dull.
Mine output of anthracite aggregated 8,573,000
tons in May, which was 6 per cent more than in
April. -Most mines are working at capacity,
although some are hampered by a shortage of
miners and miners' helpers. Prices of domestic
sizes have been firm, and orders for stove coal
have been especially large. Steam sizes are in
poor request and have registered some price
declines.
Production of bituminous coal amounted to
46,076,000 tons in May, which was 8 per cent
higher than in April and over twice as large as
in May, 1922, during the miners' strike.
Weekly production reports have shown further
increases during June, although some mines
have closed on account of lack of market. The
removal of embargoes to New England has not
yet resulted in large rail shipments, as much
coal had previously been snipped by water.
Average prices of 14 coals compiled by the
Coal Age on June 19 were 5 per cent less than
on May 22 and 43 per cent lower than at the
beginning of this year.
Coke production showed further expansion
during May and established a new maximum.
By-product ovens manufactured 3,328,000 tons,
an increase of 4 per cent over April, while beehive ovens produced 1,829,000 tons, an increase of 3 per cent.
Petroleum.
Production records for crude petroleum continue to be broken each week, and daily
output for June averaged over 2,000,000
barrels. Production during May totaled
61,962,000 barrels—33 per cent more than was
produced in May, 1922. Consumption remains
below output, and stocks, which previously
were taxing available storage space, again
rew larger. Despite efforts to curtail prouction, the number of new wells completed
totaled 1,871, the largest figure recorded for
any month since 1920. Crude-oil prices remained fairly firm for about a month after the
middle of May, but on June 18 quotations in a
number of eastern fields Were cut from 10 to
25 cents a barrel, and reductions in other fields
followed. The gasoline supply is also very
large, and prices of gasoline and of other
refined products have moved lower.
f
JULY,
1923.
Production increases occurred in all the
principal fields during May, but daily average output was cut down in some sections as a result of efforts to curtail. In
Oklahoma and Kansas daily average production was slightly _ less than in April, but
increases occurred in all Texas and Louisiana
fields, owing to great activity in drilling new
wells. A determined effort to curtail production by operators in California held daily
output in May at a point only slightly
above the April level. Shipments of petroleum
from California increased during May, but
still were smaller than output, and stocks
increased further.
Metals.
Production of all metals is being maintained at close to a maximum, although prices
have shown a downward tendency during
May and June. Mine production of copper in
May totaled 124,785,000 pounds, which was
6 per cent greater than in April and 36 per
cent more than in May, 1922. Copper-mine
operations have been expanding for a year
and a half and are now at the highest rate
since January, 1919. The price of refined
electrolytic copper delivered at New York
declined to 14.75 cents per pound at the end
of May, but has advanced during June to a
range of from 15 to 15.125 cents. There was
a considerable volume of both domestic and
foreign buying in the second week of June,
which has been followed by a period of inactive
demand.
Production of silver amounted to 6,835,000
ounces in May, the largest monthly total in
the post-war period. Silver purchases under
the Pittman Act at $1 an ounce ceased at the
end of May. The present market price is
only about 67 cents an ounce, but no sudden
cessation of mining is probable, as most silver
mines also produce either gold, copper, or lead.
Lead production in May was 9 per cent
larger than in April and 40 per cent larger
than in May, 1922. Prices at New York
continued unchanged at 7.25 cents per pound
during the first three weeks of June. During
May prices of both lead and zinc ores declined
in the Joplin district, but mining continued
active. Production of slab zinc amounted to
47,300 tons, which was slightly larger than
in April and has only been exceeded in March,
1923. Zinc shipments declined slightly and
stocks were increased by about 4,000 tons.
This was only the second month since July,
1921, to show an increase in zinc stocks.
FEDERAL RESERVE BULLETIN.
JULX, 1923.
MANUFACTURING.
Food products.
Activity in the flour-milling industry during
May was at a slightly higher level than in April,
but failed to reach the level of any other month
of the year. Compared with corresponding
months in previous years, the May output was
the largest of any May since 1919. During the
month under review the total wheat-flour production amounted to 9,007,000 barrels, compared with 8,969,000 barrels in April and
10,463,000 barrels in May, 1919, the record
figure for any May. Mill operations varied
from 42 per cent of capacity in the Chicago district to 56.1 per cent of capacity in the Kansas
City district, compared with 42.1 per cent and
54.2 per cent in the respective districts during
April. The flour trade for both domestic and
foreign consumption was characterized by dullness, as consumers and dealers were hesitant in
placing new orders pending the market developments at the opening of the winter wheat harvesting season. The downward trend of wheat
prices during the month was accompanied by
lower quotations for flour. Exports of wheat
flour continued to decline during May and
reached the low point of the year, amounting to
only 983,000 barrels, compared with 1,167,000
barrels in April and 1,089,000 barrels in May,
1922.
Meat packing during May, as indicated by
animals slaughtered under Federal inspection,
was in greater volume than in the preceding
month and in May, 1922. Slaughter of all animals increased, and at six centers in the Kansas
City district the total slaughter was heavier than
during any previous May in five years. The
number of cattle slaughtered was greater than
any month since December, 1922, and the
number of calves slaughtered was the largest on
record. The number of all animals slaughtered
in May, 1923, April, 1923, and May, 1922, are
shownin the table on page 829. Domestic trade
in packing-house products during the month
under review was in large volume, as dollar
sales by 41 meat-packing companies, reporting
to the Chicago Federal Reserve Bank, increased
22 per cent over April and were 16 per cent
greater than in May, 1922. The demand from
abroad continued good during May for lard and
some meat products, but a slowing up in export
demand was evident early in June, partly on
account of the unsatisfactory condition of
German exchange.
Textiles.
Although buying of textile products continued to be relatively slow throughout May
781
and June, statistics of manufacturing activity
indicated that total production was maintained
at a high rate during May despite curtailment
by some companies. Mills undoubtedly were
working upon business previously received, as
a few months ago many manufacturers reported
sufficient orders booked to insure the continuation of operations until well into the summer.
A number of mills, however, announced further curtailment of operations in June.
Prices of many textile raw materials and products were weak throughont May and June,
and steady declines occurred in some instances.
Cotton consumption during May totaled
620,965 bales, less than 3,000 bales 'below the
record-breaking total for March. Although
some New England plants reduced operations
in May, consumption in that district was
greater than during April, as other mills increased production and furthermore the output of certain lines which were in particular
demand was greater. Activity in the Southern
States during May, as indicated both by consumption of raw cotton and by active spindles,
exceeded all previous records. All districts,
however, reported dullness in buying during
May and June, with a slight improvement in
the Fall River piece-goods market in the latter
part of June. Reasons for this inactivity
were largely seasonal, but it has also been attributed to unfavorable weather and to the
price disparity between old and new crop
cotton. The Philadelphia Federal Reserve
Bank reports that yarns have been practically
neglected, particularly combed yarns. In the
Atlanta district manufacturers reported declines during May in orders on hand for both
goods and yarns and also a drop in shipments
of goods but increases occurred in output.
Cloth shipments and orders were likewise below
those of last May. Finishers of cotton fabrics
reported decreases in business for the country
as a whole during May. In fact, new orders
received were 20 per cent below the Anril
figure. Cotton-goods prices, according to the
Fairchild^ndex number, declined rather steadily from early in April until the middle of June.
More recently they have been fairly steady.
Buying activity in wool-growing sections
has subsided somewhat since the middle of
May, partly because the greater part of the clip
has been sold and partly because dealers were
unwilling to pay the prices desired by the
'owers. According to the San Francisco
ederal Reserve Bank, about 75 per cent of
the wool clip had been sold by June 15 and
at prices generally higher than any received
since 1918 and 1919. As a result of dullness
f
782
FEDERAL RESERVE BTJT.T.KTIN.
in the eastern markets, some foreign wools
have been offered at concessions in price and
some have been reexported. The demand for
woolen and worsted products was seasonallylight during May and June. Production, however, continued at a high rate during the
former month, with moderate recessions noted
in the percentage of spindle-hours active.
Manufacturers of suitings in the Philadelphia
district reported some recent cancellations of
orders and postponement of deliveries, together
with curtailment of loom operations. Prices
of both yarns and cloth have generally been
firm.
Curtailment of activity in the silk market
reported last month was reflected in statistics
for May. Imports fell off slightly, but deliveries to American mills declined 36 per cent
to 24,509 bales, the lowest figure since April,
1922. Stocks increased. The percentage of
loom-hours operating in the Paterson and
North Hudson sections also declined during
May and early June. They are still considerably more active, however, than they
were a year ago. According to the Philadelphia Federal Reserve Bank, the sale of broad
silks was curtailed because of high prices and
because of unsteadiness in the raw silk market
in the face of the approaching crop. Manufacturers of goods and throwsters in that district have reduced operations considerably.
Sales of clothing by wholesalers were less
during May than during April, according to
reports to the Federal reserve banks of New
York and St. Louis, but were substantially
greater than those for last May. In fact, sales
of women's clothing in the New York district
showed an increase of nearly 50 per cent within
the year. Tailors to the trade in the Chicago
district reported that the number of suits
made, shipped, and ordered during May remained practically unchanged as compared
with the' corresponding figures for April, but
exceeded those of last May by over 20 per cent.
Production of knit underwear and new
orders received during May were larger than
the corresponding items for April. Shipments
were practically the same and unfilled orders
declined. Production and shipments were
greater than during last May and unfilled
orders on hand were substantially larger, but
new orders booked declined considerably.
Buying, therefore, was below that of a year ago,
but mills were engaged in filling orders previously booked. The greatest productive activity was in the heavy-weight branch of the
industry, but, according to data collected by
JULY,
1923.
the Philadelphia Federal Eeserve Bank, summer underwear was more active as regards
orders and shipments.
Production and shipments of hosiery, according to statistics compiled by the Federal
reserve banks of Philadelphia and Atlanta, were
greater during May than in April, but the
volume of orders booked declined. As shipments exceeded new orders, unfilled orders on
hand likewise fell off during the month. Production, shipments, new orders, and unfilled
orders were all larger than the corresponding
items for May, 1922. The Philadelphia bank
reported that warm weather in June increased
sales of hosiery by wholesalers and retailers,
and manufacturers were beginning to feel the
improvement. Prices of many mercerized and
cotton lines have been lowered.
Iron and steel.
New orders for iron and steel products are
still much smaller than shipments from mills.
As a result the unfilled orders of the United
States Steel Corporation declined 4 per cent
during May. New orders of structural steel
were 29 per cent less in May than in April,
while orders for steel castings declined 37 per
cent. A strong feature of the present situation
is the absence of cancellation of orders. The
average price of 14 iron and steel products
decreased in each of the first three weeks of
June and on June 20 was 3 per cent below the
1923 peak reached on May 2.
Despite the decline in new orders, production or both pig iron and steel ingot® m May
reached the highest totals on record. Pigiron production amounted to 3,868,000 tons,
which was 9 per cent more than in April,
while production of steel ingots by 30 companies (representing about 84 per cent of the
industry) totaled 3,538,000 tons, which was 7
per cent more than in April. Railroad buying
is still large and rail mills are booked to
capacity to the end of the current year. Automobile companies, on the other hand, have
somewhat curtailed their purchases, and a
large number of sheet mills have announced
that they will close during July for a period
of one or two weeks.
Reports from the Cleveland Federal reserve
district indicate that unfilled orders for tin
plate, wire products, and tubular goods are
still so large that mills are hesitant in accepting bookings. It is also difficult to secure
prompt delivery of plates, shapes, and bars.
In the Philadelphia district buying of pig iron
is small, but machinery, machine tools, and
power equipment are in fair demand.
JULY, 1923.
FEDERAL RESERVE BULLETIN.
Automobiles.
The number of automobiles produced and
shipped both established new record totals in
May. Passenger-car output aggregated 350,073, which was 2 per cent more than in April,
while the output of trucks totaled 42,373, an increase of 15 per cent. Shipments from factories
were slightly larger in May than in April and
were over three times as large as in May, 1922.
Some curtailment is reported in the volume
of manufacturing during June, but many large
factories are still operating at capacity.
The Cleveland Federal Reserve Bank reports
that large orders for future delivery of automobile bodies are being placed. Owing to the
increased use of closed cars, the industry
expects less curtailment in winter months
than in the past. Reports from the Chicago
district indicate that the supply of closed cars
is not yet equal to the demand. A slight
decline in the orders for industrial trucks and
tractors is reported from the Cleveland district, but the demand is still heavy. Reports
from 230 automobile dealers in the St. Louis
district state that sales declined sharply in
May, but were 15 per cent larger than a year
ago. Trade was less active than in April in
the country districts on account of the prevalence of unseasonable weather. Demand for
accessories and tires has declined and some
price reductions have resulted. The Federal
Reserve Bank of San Francisco reports that
purchases of automobiles in its district were
almost twice as large in the first four months
of 1923 as in the corresponding period of
1922.
783
Demand for shoes recently has been limited
largely to novelties, which rather discourages
the placing of orders for future delivery because of the variability of styles. Producers
of women's shoes in the Philadelphia district
have taken few if any orders for shipments
beyond August, and the great bulk of the fall
business in all lines is yet to be placed. Shoe
production was fractionally less in May than
m April, declines occurring in all districts
except New York. Shipments fell off in the
Philadelphia district, according to reporting
firms, but increased slightly in Chicago. Unfilled orders at the end of May were greater in
both districts than at the end of April and
substantially above those reported for a year
ago. Sales in the wholesale and retail shoe
trades showed a substantial recovery during
May from the slump which occurred in April,
and were likewise better than during May, 1922.
Paper.
Newsprint production and shipments, after
a drop in April, rose in May to the highest
figures for any month on record. Stocks on
hand increased slightly, but were still unusually
low. Seasonal increases also occurred in production, consumption, and stocks of wood pulp
during May, and likewise for the principal kinds
of paper other than newsprint. They were also
larger than during last May. Reports from the
Philadelphia and Cleveland reserve districts indicate a slight slackening in the demand for
many grades of paper during May and June.
This is largely seasonal and the demand is
generally still fairly satisfactory. Some manufacturers have curtailed production, but most
book-paper and wrapping-paper plants are
Leather and shoes.
running at capacity. Wholesalers report that
Quietness noted last month in the hide, sales have fallen off since March. Contract
leather, and shoe markets continued during prices have remained practically unchanged.
June. The demand for hides has been particularly light, and prices have been weak Lumber.
with some recessions, as tanners have shown
Total production of lumber, as indicated by
little inclination to purchase supplies for more statistics of the National Lumber Manufacthan current needs. Tanners themselves have turers' Association, equaled 1,536,817,000 feet
reported a small and decreasing demand since during May. This figure has been exceeded
March, and curtailment in production has within the past 11 years only once—in May,
begun. The output of sole leather in May was 1917. Shipments during May amounted to
fractionally less than in April, whereas a rather 1,448,215,000 feet, and were greater than in
substantial increase ordinarily occurs at that April but less than in March. As shown by
time. Tanners in the Chicago district reported the accompanying chart, production exceeded
a decline in the volume of new business booked shipments in May for the first time since last
during May, and production was also curtailed. November. This chart shows that mills began
An active demand for special lines of upper shipping to customers much earlier this season
leathers suitable for prevailing styles of than they did last year, and that dealers made
women's shoes was reported by the rhiladel- preparations during the winter for the large
phia Federal Reserve Bank.
demand expected this spring. It should be
784
FEDERAL RESERVE BULLETIN.
JULY,
1923.
noted, however, that shipments fell below 4 per cent within the same period, and prices
production somewhat earlier this year than of hardwoods were much firmer in June than
last. Comparable monthly figures for orders softwoods.
are not available, but weekly data show that
BUILDING.
the peak in buying this season was reached in
Actual construction operations continue to
January and that the volume of orders received
fell below shipments and production in March, be maintained at a record rate, although the
whereas last year orders reached a maximum permit statistics indicate that there has been a
in May and fell off in June. During June of moderate curtailment in the plans for new
this year, both orders and shipments ran well buildings. Building material prices registered
below the cut in volume. Current production a decline of over 1 per cent in April, following
is greater than at this time last year, ship- a steady upward movement since March, 1922.
ments are about the same size, and orders are Production of building materials, however,
much smaller. Manufacturers' stocks as a continues to be very large and manufacturers'
whole have increased recently, but are generally stocks are considerably lower than a year ago.
smaller than they were a year ago. The During May contract awards in 10 Federal
greatest recent increase in activity has been reserve districts (compiled from statistics
gathered by the F. W. Dodge Co.) reached a
among mills on the Pacific coast.
total value of $426,804,000, which was 7 per
cent greater than in April. Increases were
MILLIONS OF FEET
MILLIONS OF FEET
1600
1600
recorded in all reporting districts except New
York, Philadelphia, and Chicago. The expansion in new operations was particularly pro'—1400
1400
nounced in southern sections, amounting to 81
per cent in the Atlanta district, 25 per cent in
the St. Louis district, and 11 per cent in the
Eichmond district. May contracts for seven
1200
1200
reporting districts were 6 per cent larger than a
year ago. Contracts for residential buildings
were 2 per cent less in May than in April, due
1000
to a substantial curtailment in the New York
district. The number and value of building
permits
issued in May decreased in 168 report80O
800
ing centers by 1 per cent and 18 per cent,
respectively. Statistics of building contracts
and building permits are published on page
600
600
832
L
TRANSPORTATION.
The chief features of the railroad situation
continue to be a record volume of traffic for the
season of the year, improvement in the supply
of cars and locomotives, and an increase of both
200
gross and net earnings. Car loadings in May
totaled 4,713,000, which was 20 per cent more
than in April and 41 per cent more than in
J. F. M. A. M. J. J. A. S. 0. N. D J. F. M. A M
May, 1922. Loadings in the week ended May
26 reached the third highest total on record
Production and shipments of lumber from January, 1922, to May, 1923,
according to statistics of National Lumber Manufacturers' Asso- and the largest aggregate for any week outside
ciation.
of the crop-moving season. Loadings of misManufacturers and wholesalers in practically cellaneous merchandise, coal, ore, live stock,
allfdistricts reported a slackening of demand and grain continue to increase.
Freight-car shortage has been reduced further
during May and early June, but retailers were
generally busy filling orders. Yellow pine was and amounted to only 12,978 cars in the week
in less demand than earlier in the year, and ended June 8, as compared with 35,282 in the
prices receded somewhat. Current indexes of week ended April 30. During this period the
lumber prices indicated a decline in softwoods shortage of box cars was reduced 87 per cent,
of over 7 per cent between the weeks of April while there was a 49 per cent decline in the
27, the highest this year, and June 23, the shortage of coal cars. Less than 20 per cent of
lowest. The hardwood index fell off less than the locomotives of United States railroads were
400
-
400
JOLY, 1923.
FEDEKAL, RESERVE BITLLETIN.
awaiting repair on June 1, as compared with 22
per cent on May 1, while the number of bad
cars showed a very small increase—from
210,505 to 211,766.
The net railway operating income of all
Class I railroads in the United States totaled
$83,201,000 in April, as compared with
$49,974,000 a year ago, according to the Bureau
of Railway Economics. If allowance be made
for seasonal variations, the April earnings
amounted to a return of 6.50 on the tentative
valuation of the carriers, as compared with a
return of 3.99 a year ago. For the first four
months of 1923 the return averaged 5.49 per
cent, as compared with 4.44 per cent in the
corresponding period of 1922. The Interstate
Commerce Commission has fixed 5.75 per cent
as a fair return on railroad property
TRADE.
Wholesale trade.
The total volume of wholesale trade in the
United States during May was greater than in
April and with the exception of March was greater than in any month since November, 1922.
Dollar sales by wholesale firms during each
month this year have exceeded the sales during
the corresponding months in 1922, and the
total volume of trade during the first five
months of this year has been greater than the
total volume for the corresponding months in
the preceding year. While the increases were
due in part to higher wholesale prices, the
actual volume of trade was greater, as
a result of full employment and improved
economic conditions throughout all sections of
the country. Total sales in all lines were 5
per cent greater in May than in the preceding
month and 14 per cent greater than in May,
1922. Most of the reporting lines except dry
goods and clothing increased in May, and as
compared with May, 1922, all lines showed increases. Sales of meat and shoes showed the
greatest increases over April. Compared with
May, 1922, the greatest increases were noted in
the sales of hardware, meat, and shoes. Increases in the sale of shoes compared with April
were noted in all Federal reserve districts from
which reports were received and the greatest
increases were in the southern districts of Richmond and Atlanta and in the western districts of
St. Louis and Minneapolis. The increases ranged
from 2 per cent in the San Francisco district to
71 per cent in the St. Louis district. The
demand from the building trade and agricultural interests was in part responsible for the
greater volume of hardware sales than in May,
1922. Increases in sales of hardware were indicated in all districts from which reports were
785
received, but were greater in the districts of
Minneapolis, Dallas, St. Louis, Atlanta, and
Cleveland. Decreases in the sales of drygoods, as compared with the preceding month
were noted in all districts except in the Philadelphia, St. Louis, Dallas, and San Francisco
districts, where small increases occurred.
Factors which were largely responsible for
declines in dry goods sales were uncertain conditions in the raw cotton markets and unfayor-.
able weather during May in most districts,
which delayed summer buying. The table on
page 834 shows in detail the trend of wholesale trade in the United States and changes in
wholesale trade by Federal reserve districts.
Retail trade.
Retail distribution during May was well
maintained and increases over April were noted
in all lines except in mail-order sales, where a
decline of 7 per cent was indicated. Sales by
department stores, cigar, and music chain stores
reached the highest point of the year, but others
failed to reach the volume that was evident
in March, when most sales reached their highest
point of the year. Distribution in all lines was
in greater volume than during the same period
a year ago. Department-store sales throughout all sections of the United States were 8
per cent greater than in April and 11 per cent
greater than in May, 1922. Increases over
May, 1922, were noted in all Federal reserve
districts and were greatest in the industrial
districts of Philadelphia and Cleveland and
smallest in the Kansas City and St. Louis
districts, where unseasonable weather resulting from low temperature and excessive rainfall somewhat retarded distribution in the
agricultural sections. Increases ranged from
4 per cent in the Kansas City district to 18 per
cent in the Cleveland district. Although the
volume of mail-order sales was smaller than in
April, sales increased 37 per cent over May,
1922, representing in part the increased purchasing power in the agricultural sections of
the country. All chain-store sales increased
during May compared with both the preceding
month and May, 1922. The greatest increases
over April were noted for shoe and cigai chains.
Compared with May, 1922, the greatest increases were in the sales by.music, grocery,
and 5-and-10-cent chains.
Stocks of department stores, which had been
increasing each month since January, declined
3 per cent in May from the preceding month,
but were 10 per cent greater than in May,
1922. The table on page 835 shows in detail
figures for retail trade by Federal reserve
districts for May, 1922 and 1923.
786
FEDERAL RESERVE BULLETIN.
PRICES.
The wholesale price index of the Federal
Reserve Board for the United States declined
2 points in May, from 169 to 167, and that of
the Bureau of Labor Statistics 3 points, from
159 to its January figure of 156.
The decline was chiefly a matter of a decided
drop in prices of certain raw materials, although
producers' goods also declined slightly, the
index of consumers' goods remaining stationary.
The prices of grains, coal, metals, cotton, and
petroleum fell, while among raw materials only
those of cattle, hides, and lumber rose during
the month. Most producers' goods showed
little change, but steel products continued to
rise, as did worsted yarns and acetate of lime,
partly counteracting the effect of declines in
gasoline, rubber, and copper-wire prices upon
the group index. Among consumers' goods,
price movements were various and partly seasonal, citrus fruits and potatoes rising and
wheat flour, milk, and butter declining. The
price of cotton cloth, like that of raw cotton,
declined, and shoe prices, like those of hides,
increased.
The price index of goods exported fell 7
points as compared with a decline of 3 points
in goods produced in the United States, and of
1 point in goods imported, these movements
bringing the three groups into closer relation
with one another than before.
The group index numbers of the Bureau
of Labor Statistics show how generally distributed was the downward price movement.
Fuel and lighting materials, which declined
somewhat in April, declined more rapidly in
May, and farm products continued downward;
foods, cloth and clothing, metals and metal
products, building materials, and house furnishings, which rose in April, declined or showed
no change in May, while chemicals and drugs
which did not change in April started downward in May.
EMPLOYMENT.
The volume of employment showed a further
slight increase during May, wage increases were
more numerous than in any earlier month this
year, and pay rolls of reporting factories reached
a record total.. Reports from 6,075 industrial
establishments to the Bureau of Labor Statistics indicate that employment in May increased
0.3 per cent as compared with April, while
average weekly earnings increased 3.8 per cent
and total pay rolls increased 4.1 per cent.
Twenty-seven out of 47 reporting industries
reduced the number of their employees during
May, but these losses were more than offset by
JULY,
1923.
gains in the other 20 industries, which included
tobacco, petroleum refining, steel, sawmills,
and many types of building materials. The
curtailments were of a seasonal nature and were
particularly important in the fertilizer, women's
clothing, and millinery industries. Wage advances were reported by 1,279 establishments
in May as compared with 800 establishments
in April. These increases ranged from 4.7 per
cent to 14.6 per cent, and were most general in
the cotton, steel, meat-slaughtering, and sugarrefining industries.
PER
CENT
SO
60
40
20
I
iiiiiini
COTTON WOOLEN
GOODS GOODS
'SUN
STEEL
20
SILK " { J o 1 0 6 -
GOODS
AUT
°-
REPAIR MOBILES
P
ASIR
pULp
Total length of bars represents percentage increases in pay rolls for May,
1923, compared to May. 1922, for leading industries as reported by
Bureau of Labor Statistics. Solid portions of bars represent increases
in number of employees.
The accompanying bar diagram illustrates
the relative increases in number of employees
and size of pay roll in various important manufacturing industries. It is worthy of note that
the largest increases in pay rolls have occurred
in the textile industries, the iron and steel industry, car building and repairing, and automobile manufacturing. The growth in volume
of employment, represented by the solid section of the bars, has accounted for much of the
increase in pay rolls, particularly in the automobile industry. The increase in pay rolls of
steel companies, on the other hand, is largely
due to increases in wage rates.
Reports from State departments of labor
and Federal reserve banks indicate further
slight decreases in employment in New England and New York as compared with steady
expansion in other sections of the country.
The New York State Department of Labor reports that the volume of employment during
May was 1 per cent smaller than in April, due
to seasonal decreases in activity in the clothing
787
FEDERAL RESERVE BULLETIN.
JULY, 1923.
and food industries and some reduction in the
forces of textile mills and metal plants which
have been expanding very rapidly during the
past year. In the Philadelphia Federal reserve
district employment increased about 1 per cent
during May, while earnings increased 5 per cent.
The largest increases in employment occurred
at tanneries, sugar refineries, and car-repairing
plants, while cotton textile mills considerably
curtailed their forces. . Reports from the Chicago district show a 0.7 per cent increase in
employment and a 2 per cent increase in pay
rolls during May. The construction and building material industries reported the largest
gains in employment. Railway-equipment
and lumber plants curtailed their forces, but
the latter industry increased the average hours
of work per man to such an extent that there
was no decrease in man-hours. The Kansas
City Federal Reserve Bank reports a shortage
of farm labor but states that employment
bureaus have done much to secure the most
efficient use of harvest workers. A shortage of
metal miners is still reported from the Rocky
Mountain States.
COMMERCIAL FAILURES.
Commercial failures throughout the country
did not show the decline in number during
May that usually occurs during that month,
as they were slightly more numerous than in
April. Liabilities, on the other hand, fell
off 20 per cent to $41,022,277, the smallest
figure for any month since last February.
As compared with May of last year there
was a substantial decrease in the number of
failures and a smaller decline in liabilities.
The number of insolvencies during the first
three weeks- of June totaled only 976, compared with 1,082 during the same time in
May and 1,238 for a corresponding period
last June.
In every Federal reserve district except
that of San Francisco the number of failures
during May were fewer than in May, 1922, but
liabilities were larger in six districts out of the
12. In five districts—Philadelphia, Cleveland, Richmond, Atlanta, and Minneapolis—
the volume of liabilities in May exceeded those
of April, and in seven districts the number
increased. The larger number in May than
in the preceding month was due to an increase
in the number of manufacturing failures from
388 to 401. On the other hand, manufacturing
liabilities fell off nearly 50 per cent, whereas
the amount involved in the trading insolvencies
was over 20 per cent greater than during April.
COMMERCIAL FAILURES DURING MAY.
Number.
Liabilities.
District.
1923
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
6—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas C i t y . .
11—Dallas
12—San Francisco.
Total
130
303
79
128
119
101
229
63
77
54
78
169
1,530
1922
1923
186 $2,042,698
419 7,004,657
87 1,814,176
173 7,754,229
169 4,318,872
179 1,960,346
231 4,677,843
760,293
117
79 3,976,970
70 1,084,360
3,779,959
84
166 1,847 874
1,960
41,022,277
$3,476,746
16,605,233
1,568,262
3,359,073
2,544,963
3,784,262
4,254,855
1,750,033
1,342,341
1,294,560
2,175,351
2,247,207
44,402,886
FOREIGN TRADE.
Preliminary figures of the Department of
Commerce indicate the continuance of a
heavy import balance during May. Exports
for that month are reported at $319,000,000,
while imports amounted to $370,000,000, an
excess of $51,000,000 on the side of imports.
The analysis of imports and exports by
countries of origin and destination, which has
been completed through April, discloses a
number of points of special interest. As compared with the first four months of 1922, the
greatest proportional increase this year in
our trade with any of the grand divisions was
with South America, our trade with that continent in both directions having increased very
much more than our trade as a whole. Thus,
imports from Argentina so far this year have
been 148 per cent higher than in the same
months of 1922, while our total import trade
with the world has risen 54 per cent. Imports from all South American countries together have very nearly doubled in value.
With Europe our import trade has risen 45
per cent, which is somewhat less than the
increase indicated for our trade with the
world.
Less striking changes have taken place in
exports, which in the first four months this
year were 11 per cent higher than in the same
period last year. Exports to Europe increased only 4.5 per cent, the amount going to
Germany decreasing 10 per cent and exports
to most of the other countries of Europe showing only slight changes. The most conspicuous
exception is Italy, which so far this year has
received American goods valued at 65 per
cent more than those a year ago. Exports to
South America are up 39 per cent when the
same four months of this year and last are
compared.
788
FEDERAL RESERVE BULLETIN.
JULY, 1923.
LAW DEPARTMENT.
Supreme Court decisions in par clearance cases.
ordinarily secured through the payee's depositing it in his
local bank for collection. This bank ordinarily used, as
SUPREME COURT OP THE UNITED STATES.
the means for presenting the check to the drawee, a clearing house and/or correspondent banks. Formerly when
No. 717.—OCTOBER TERM, 1922.
the check was so presented, the drawee ordinarily paid,
not in cash, but by a remittance drawn on his balance in
some reserve city or by a credit with some correspondent.
American Bank & Trust Co. eti A
from
the
United
A
process of collection yielded to the country bank a
al., Appellants,
I B3
Circuit Court This
two-fold profit. It earned some profit by the small service
Federal Reserve^Bank of Atlanta] ^ ^ c u l t . * " "
^ charge called exchange, which it made for the remittance
or the credit. And it earned some profit by using the
etal.
depositor's money during the period (sometimes weeks)
in which the check was travelling the often circuitous route,
[June 11, 1923.]
with many stops, from the payee's bank to its own, and also
Mr. Justice BRANDEIS delivered the opinion of the while the exchange draft was being collected. These
avenues to profit are, in large measure, closed by the
Court.
federal reserve banks' course of action. These banks do
After the decision in this case reported in 256 U. S. 350 not pay any exchange charges to the drawee. And their
an answer was filed which denied, in large part, the alle- superior facilities so shorten the time required to collect
gations of the bill. Then, by an amended answer, the checks that the drawee bank's balances available for loans
Federal Reserve Bank disclaimed any intention of de- are much reduced. Largely because of the fact that the
manding payment in cash, when presenting checks at reserve banks thus make the collection without any dethe banks, and averred its willingness to accept payment duction for exchange, most checks on country banks are
in drafts, either on the drawee's Atlanta correspondent now routed through the reserve banks. Although there
or on any other solvent bank, if collectible at par. The is, as the District Court found, no intentional accumuDistrict Court heard the case upon the evidence. It lation or holding of checks in order to embarrass, the
found that the Federal Reserve Bank was not inspired advantages offered by the federal reserve banks have
by any ulterior purpose to coerce or to injure any non- created a steady flow in increased volume of checks on
member bank which refused to remit at par. It found country banks so routed. That the action contemplated
that the evidence was insufficient to sustain any charge by the Federal Reserve Bank will subject the country
that the Federal Reserve Bank was exercising its rights banks to certain losses is clear.1 In order to protect them
BO as to injure or oppress plaintiff banks. And it found, from the resulting loss it would be necessary to prevent
specifically, that the evidence did not sustain the charge the federal reserve banks from accepting the checks for
that the Federal Reserve Bank accumulated checks upon collection. For these banks can not be compelled to pay
non-member country banks until they reached a large exchange charges or to abandon superior facilities.
amount and then caused the checks to be presented for
The contention is that the injunction should issue,
payment over the counter, in order to compel plaintiff
banks to keep in their vaults so much cash that they would because it is ultra vires the federal reserve banks to collect
be obliged either to agree to remit at par or to go out of checks on banks which are not members of the system or
business. With regard to publication on the par list of affiliated with it, through establishing an exchange balthe names of non-assenting banks, the District Court held ance, and which have definitely refused to assent to
that the evidence did not justify a finding that such clearance at par. It is true that Congress has created in
publication was made in order to injure or oppress plain- the reserve banks institutions special in character, with
tiff banks. But it was of opinion that insertion of their limited functions and with duties and powers carefully
names might lead to the belief that the plaintiff banks prescribed. Those in respect to the collection of checks
had agreed to remit at par. An injunction was, therefore, are clearly defined. The original act (Act of December
granted against inclusion of their names on the par list. 23, 1913, c. 6, sec. 13, 38 Stat. 251, 263) authorized the
The relief sought was in all other respects denied. The reserve banks to
decree left the Federal Reserve Bank free to publish that "receive from any of its member banks, and from the
it would make collection at par of checks upon any bank United States, deposits of . . . checks . . . upon
in any town, thus including those in which plaintiffs had solvent member banks payable upon presentation; or
their respective places of business. 280 Fed. 940. These solely for exchange purposes may receive from other Fedchecks . . .
findings were approved by the Circuit Court of Appeals; eral Reserve Banks deposits of . . .
upon solvent member or other Federal reserve banks payand the decree was affirmed, 284 Fed. 424.
presentation."
The case is here on an appeal taken by the plaintiffs. able upon
the amendment to Section 13 of September 7, .1916,
The evidence was conflicting. No adequate reason is c. By
461, 39 Stat. 752, the class of checks receivable was
shown why the concurrent findings of fact made by the extended
to "checks payable upon presentation within
two lower courts should not be accepted by us. Lucken- the district."
By the amendment to Section 13 of June
bach v. W. J. McCahan Sugar Refining Co., 248 U. S. 139, 21, 1917, c. 32, sec.
40 Stat. 232, 235, the class of banks
145. Whether on the undisputed facts plaintiffs were from which checks 4,
be received "solely for collecentitled to additional relief is the main question for tion" was extended.might
By the latter amendment the facilidecision. In order to decide that question it is necessary ties offered by the federal
reserve banks were made available also to such non-members as became affiliated with
the federal reserve system by establishing the required
par clearance
balance "to offset items in transit." It is true, also, that
reserve banks.
A large part of the checks drawn on country banks are
1
It is said that introduction of a universal system of par clearance and
sent to payees who reside in places other than that in which collection
of checks through the federal reserve banks would bring comthe drawee bank is located. Payment of such a check is pensatory advantages to the country banks.
JOLT,
1923.
in practice this amendment might result in excluding
checks on particular banks from the class collectible
through the federal reserve banks. For it enacted the
clause which prohibits payment of exchange charges by
federal reserve banks. And as this prohibition would prevent reserve banks from using the usual channels in making collection of checks drawn on those country banks
which insist upon exchange charges, the reserve bank
might find it impossible or unwise, as a matter of banking
practice, to collect such checks at all. But the class of
checks to which the reserve bank's collection service
might legally be applied, was left by the amendment as
those "payable upon presentation within its district."
Wherever collection can be made by the Federal Reserve
Bank, without paying exchange, neither the common
law, nor the Federal Reserve Act precludes their undertaking it; if it can be done consistently with the rights of
the country banks already determined in this case, 256
U. S. 350.
Federal reserve banks are, thus, authorized by Congress
to collect for other reserve banks, for members, and for
affiliated non-members, checks on any bank within their
respective districts, if the check is payable on presentation and can in fact be collected consistently with the
legal rights of the drawee without paying an exchange
charge. Within these limits federal reserve banks have
ordinarily the same right to present a check to the drawee
bank for payment over the counter, as any other bank,
state or national, would have. For Section 4 (38 Stat.
251, 254) provides that the federal reserve banks shall
have power:
"Seventh. To exercise by its board of directors or
duly authorized officers or agents, all powers specifically
granted by the provisions of this Act and such incidental
power as shall be necessary to carry on the business of
banking within the limitations prescribed by this Act."
The findings of fact negative the charges of wrongful
intent and of coercion. The Federal Reserve Bank has
formally declared that it is willing, when presenting
checks, to accept in payment a draft of the drawee bank
upon its Atlanta correspondent or a draft upon any other
solvent bank—if collectible at par. Country banks are
not entitled to protection against legitimate competition.
Their loss here shown is of the kind to which business
concerns are commonly subjected when improved facilities are introduced by others, or a more efficient competitor enters the field. It is damnum dbsgue injuria.
As the course of action contemplated by the Federal
Reserve Bank is not ultra vires, we need not consider
whether lack of power, if it had existed, would have
entitled plaintiffs to relief. Compare National Bank v.
Matthews, 98 U. S. 621; Blair v. Chicago, 201 U. S. 400,
450.
Some minor objections are urged. The Federal Reserve Bank of Atlanta serves, directly, only the Sixth
Reserve District, which includes Georgia. It is contended that the decree should be reversed because the
District Court refused to allow the intervention as plaintiffs of banks located outside of that district; because
that court refused to admit evidence of the activities
engaged in by other federal reserve banks in other districts under the approval of the Federal Reserve Board;
and because the court admitted certain joint answers to
interrogatories propounded under Equity Rule 58. We
cannot say that the trial court abused the discretion
vested in it, or erred, in so ruling.
Affirmed.
A true copy.
Test:
789
FEDERAL KESEKVE BULLETIN.
Clerk, Supreme Court, U. S.
SUPREME COURT OF THE UNITED STATES.
No. 823.—OCTOBER TERM, 1922.
Farmers and Merchants Bank of
Monroe North Carolina et al.,
On Writ of Certiorari to
Petitioners,
the Supreme Court of
' the State of North
Carolina.
Federal Reserve Bank of Richmond, Virginia.
[June 11, 1923.]
Mr. Justice BRANDEIS delivered the opinion of the Court.
The Legislature of North Carolina provided by Section
2 of Chapter 20, Public Laws of 1921, entitled "An Act
to promote the Solvency of State banks":
"That in order to prevent accumulation of unnecessary
amounts of currency in the vaults of the banks and trust
companies chartered by this State, all checks drawn on
said banks and trust companies shall, unless specified on
the face thereof to the contrary by the maker or makers
thereof, be payable at the option of the drawee bank, in
exchange drawn on the reserve deposits of said drawee
bank when any such check is presented by or through
any Federal Reserve Bank, postoffice, or express company,
or any respective agents thereof."
Section 1 authorizes banking institutions chartered by
the State to charge a fee not in excess of one-eighth of
one per cent, on remittances covering checks, the minimum fee on any remittance therefor to be ten cents.
Section 4 exempts from the operation of Sections 1 and 2
all checks drawn in payment of obligations to the federal
or the state government. Whether this statute conflicts
with Section 13 of the Federal Reserve Act (December
23, 1913, c. 6, 38 Stat. 251, 263; as amended September 7,
1916, c. 461, 39 Stat. 752; June 21, 1917, c. 32, Section 4,
40 Stat. 232, 234) or otherwise with the Federal Constitution is the question for decision.
The legislation arose out of the effort of the Federal
Reserve Board to introduce in the United States universal
par clearance and collection of checks through federal
reserve banks. See American Bank & Trust Co. v.
Federal Reserve Bank of Atlanta, 256 U. S. 350. The
Federal Reserve Bank of Richmond serves the Fifth
Federal Reserve District which includes North Carolina.
Upon the enactment of this statute the bank gave notice
that it considered the legislation void under the Federal
Constitution; that, when presenting checks to North
Carolina state banks for payment over the counter, it
would refuse to accept exchange drafts on reserve deposits
as required by Section 2; arid that it would return as
dishonored checks for which only exchange drafts had
been tendered in payment. Some checks were returned
thus dishonored; and to enjoin such action, this suit was
brought in a court of the State by the Farmers and Merchants Bank of Monroe and eleven other state banks.
Two hundred and seventy-one more joined later as plaintiffs. So far as appears, none of them was a member of
the federal reserve system or was affiliated with it. The
trial court granted a perpetual injunction. The Supreme
Court of the State reversed the decree, 183 N. C. 546J
and the case is here on writ of certiorari, 261 U. S. —•
Defendant admits that, if the North Carolina statute it
constitutional, plaintiffs are entitled to an injunction. •
To understand the occasion for the statute, its operation,
and its effect the applicable banking practice must be
790
FEDERAL RESERVE BUIiETIN.
considered.2 Par clearance does not mean that the payee
of a check who deposits it with his bank for collection will
be credited in his account with the face of the check if it
is collected. His bank may, despite par clearance, make
a charge to him for its service in collecting the check from
the drawee bank. It may make such a charge although
both it and the drawee bank are members of the federal
reserve system; and some third bank which aids in the
process of collection may likewise make a charge for the
service it renders. Such a collection charge may be
made not only to member banks by member banks,
national or state, but it may be made to member banks
also by the federal reserve banks for the services which the
latter render. The collection charge is expressly provided
for in Section 16 of the Federal Reserve Act (38 Stat. 268)
which declares that:
"The Federal Reserve Board shall, by rule, fix the
charges to be collected by the member banks from its
patrons whose checks are cleared through the Federal
reserve bank and the charge which may be imposed for
the service of clearing or collection rendered by the Federal
reserve bank."
Par clearance refers to a wholly different matter. It
deals not with charges for collection, but with charges
incident to paying. It deals with exchange. Formerly,
checks, except where paid at the banking house over the
counter, were customarily paid either through a clearing
house or by remitting, to the bank in which they had been
deposited for collection, a draft on the drawee's deposit
in some reserve city. For the service rendered by the
drawee bank in so remitting funds available for use at the
place of the deposit of the check, it was formerly a common
practice to make a small charge, called exchange, and to
deduct the amount from the remittance. This charge of
the drawee bank the Federal Reserve Board planned to
eliminate and, in so doing, to concentrate in the twelve
federal reserve banks the clearance of checks and the
accumulation of the reserve balances used for that purpose.
The Board began by efforts3 to induce the banks to adopt
par clearance voluntarily. The attempt was not successful. The Board then concluded to apply compulsion.
Every national bank is necessarily a member of the federal
reserve system; and every state bank with the requisite
qualifications may become such. Over members the
Board has large powers, as well as influence. The first
step in the campaign of compulsion was taken in the summer of 1916, when the Board issued a regulation requiring
every drawee bank which is a member of the federal
reserve system to pay without deduction, all checks upon
it presented through the mail by the federal reserve bank
of the district. The operation of this requirement was
at first limited in scope by the fact that the original act
(Section 13) authorized the reserve banks to collect only
those checks which were drawn on member banks and
which were deposited by a member bank or another
reserve bank or the United States. Few of the many state
banks had then elected to become members. In September, 1916, Section 13 was amended so as to authorize a
reserve bank to receive for collection from any member
(including other reserve banks) also checks drawn upon
non-member banks within its district. Thereby, the
Federal Reserve Board was enabled to extend par clearance
See Annual Reports of t e Federal Reserve oard, 9 4 , pp. , ,
174; 1915, pp. 14-17; 1916, pp. 9-12; Regulation I, Series of 1916, p . 169;
1917, pp. 23, 24; Regulation J, Series of 1917, pp. 181-183; 1918, pp. 74-77;
204-206; 810, 811, 817, 821; 1919, pp. 40-44; 222-228; 1920, pp. 63-69; 1921,
8230 Letter
Lett from the Governor
G o v o r of the Federal Reserve
R e s e Board
68-73; 228-230;
of January 26,1920, Senate Document No. 184,66th Congress, 2d Session;
also " P a r Clearance of Ch&ks," by C. T. Murchison, 1 No. Car. Law
Review 133.
»See Report, Federal Reserve Board, 1915, pp. 14-17; ibid, 1916, pp.
9-11.
JULY, 1923.
to a large proportion of all checks issued in the United
States. But the regulation (J) then issued expressly provided that the federal reserve banks would receive from
member banks, at par, only checks on those of the nonmember banks whose checks could be collected by the
federal reserve bank at par. It was recognized that nonmembers were left free to refuse assent to par clearance.
By December 15, 1916, only 37 of the state banks within
the United States, numbering about 20,000 had become
members of the system; and only 8,065 of the state banks
had assented to par clearance.
Reserve banks could not, under the then law, make collections for non-members. It was believed that if Congress would grant federal reserve banks permission to
make collection also for non-members, the Board could
offer to all banks inducements adequate to secure their
consent to par clearance. A further amendment to Section 13 was thereupon secured by Act of June 21, 1917,
c. 32, section 4, which provided, among other things, that
federal reserve banks:
"Solely for the purposes of exchange or of collection,
may receive from any non-member bank . . . deposits of
checks . . . payable upon presentation: Provided, Such
non-member bank . . . maintains with the Federal reserve bank of its district a balance sufficient to offset the
items in transit held for its account by the Federal reserve
bank."
To this provision, which embodied the legislation proposed by the Federal Reserve Board, there was added,
while in the Senate, another proviso, relating to the exchange charge, now known in a modified form as the Hardwick Amendment, which declares:
"That nothing in this or any other section of this Act
shall be construed as prohibiting a member or non-member
bank from making reasonable charges, to be determined
and regulated by the Federal Reserve Board, but in no
case to exceed 10 cents per $100 or fraction thereof,based
on the total of checks and drafts presented at any one
time, for collection or payment of checks and drafts
and remission therefor by exchange or otherwise; but
no such charges shall be made against the Federal reserve
banks."
Thus a federal reserve bank was authorized to receive
for collection checks from non-members who maintained
with it the prescribed balance; and strenuous efforts were
then made to induce all state banks to so arrange. But
the law did not compel state banks to do this. Many
refused; and they continued to insist on making exchange
charges. On March 21, 1918, the Attorney General, 31
Ops. Atty. Gen. 245, 251, advised the President:
"The Federal reserve act, however, does not command
or compel these State banks to forego any right they may
have under the State laws to make charges in connection
with the payment of checks drawn upon them. The act
merely offers the clearing and collection facilities of the
Federal reserve banks upon specified conditions. If the
State banks refuse to comply with the conditions by
insisting upon making charges against the Federal reserve
banks, the result will simply be, so far as the Federal
Reserve Act is concerned, that since the Federal reserve
banks cannot pay these charges they cannot clear or collect checks on banks demanding such payment from
them."
The Federal Reserve Board and the federal reserve
banks were thus advised that they were prohibited from
paying an exchange charge to any bank. But they
believed that it was their duty to accept for collection any
check on any bank; and that Congress had imposed upon
them the duty of making par clearance and collection of
checks universal in the United States. So they undertook to bring about acquiescence of the remaining state
JULY, 1923.
FEDERAL RESERVE BULLETIN.
791
these would be enabled to earn exchange charges as theretofore. Such was the occasion for the statute and its purpose. Whether this legislative modification of the common-law rule which requires payment in cash violates
the Federal Constitution is the question for decision.
That it does is asserted on five grounds.
First. It is contended that in authorizing payment of
checks by draft on reserve deposits Section 2 violates
the provision of Article I, Section 10, clause 1 of the
Federal Constitution, which prohibits a State from making
anything except gold and silver coin a tender in payment
of debts. This claim is clearly unfounded. The debt of
the bank is solely to the depositor. The statute does not
authorize the bank to discharge its obligation to its depositor by an exchange draft. It merely provides that,
unless the depositor in drawing the check specifies on its
face to the contrary, he shall be deemed to have assented
to payment by such a draft. There is nothing in the
Federal Constitution which prohibits a depositor from
consenting, when he draws a check, that payment may be
made by a draft. And, as the statute is prospective in
its operation, Denny v. Bennett, 128 U. S. 489; Abilene
National Bank v. Dolley, 228 U. S. 1, 5, there is no constitutional obstacle to a State's providing that in the
absence of dissent, consent shall be presumed. Laws
which subsist at the time and place of the making of a
contract, and where it is to be performed, enter into and
form a part of it, as fully as if they had been expressly
referred to or incorporated in its terms. This principle
embraces alike those laws which affect its construction
and those which affect its enforcement or discharge. See
Ogden v. Saunders, 12 Wheat. 213, 231; Von Hoffman v.
Quincy, 4 Wall. 535, 550. If, therefore, the provision of
Section 2 authorizing payment by exchange draft is otherwise valid, it is binding upon the drawer of the check.
Since it binds the drawer, it binds the payee and every
subsequent holder, whether he be a citizen of North
Carolina or of some other State, and wherever the transfer
of the check was made. Brabston v. Gibson, 9 How. 263.
For the holder of a check has, in the absence of acceptance by the drawee bank, no independent right to require
payment under the general law. Bank of The Republic
v. Millard, 10 Wall. 152. He takes it subject to the construction and with rights conferred by the laws of North
Carolina, the place of the bank's contract and of performance. Pierce v. Indseth, 106 U. S. 546. Compare Rouquette v. Overmann, L. R. 10 Q. B. 525.
Second. It is contended that Section 2 violates the due
process clause. The argument is that defendant is a
federal corporation authorized to engage in the business of
collecting checks payable upon presentation within the
district, a business common to all banking institutions;
that the right to engage in this branch of the business is
a valuable property right; that while defendant has, in
the past, not made any charge for such collections, it has
the right to do so, and could make this branch of its business an important source of revenue; that to compel
defendant to accept in payment of checks exchange drafts
on reserve deposits, whether good or bad, deprives it of
liberty of contract, and in effect of an important branch
* North Carolina was placed on the par list on November 15, 1920. of its business, since that of collecting checks cannot be
There were on January 1,1921, in the United States, 30,523 bants, state conducted under such limitations. To this argument the
and national. Of these 1,755 state banks had refused to enter the par list.
About 250 of the banks so refusing were in North Carolina. During answer is clear. The purpose of the statute, as its title
the year 1921 the number which refused to consent to par clearance declares, was to promote the solvency of state banks.
increased to 2,353. Annual Eeport of Federal Eeserve Board, 1921, p. 71. We should, in the absence of controlling decision of the
* See American Bank & Trust Co. v. Federal Reserve Bank of Atlanta,
supra; Brookings State Bank v. Federal Reserve Bank of San Francisco, highest court of the State to the contrary, construe the
277 Fed. 430; 281 Fed. 222; Fanners & Merchants Bank of Catlettsburg, statute not as authorizing payment in a "bad" draft, but
Ky. v. Federal Eeserve Bank of Cleveland, 286 Fed. 610.
* Statutes similar in purpose were enacted in Alabama, Florida, as authorizing payment in such exchange drafts only as
Georgia, Louisiana, Mississippi, South Dakota and Tennessee. See had customarily been used in remitting for checks. So
Annual Eeport of Federal Eeserve Board, 1921, p. 70; Alabama, Gen. & construed the statute is merely an exercise of the police
Loe. Acts, 1920, No. 35; Florida. Laws, 1921, c. 8532; Georgia, Laws,
1920, p. 107; Louisiana, Acts, 1920, No. 23; Mississippi, Laws, 1920, c. power, by which the banking business is regulated for the
183; South Dakota, Laws, 1921, c. 31; Tennessee, Pub. Acts, 1921, e. 37. purpose of protecting the public, and promoting the gen-
banks to the system of par clearance.* Some of the nonassenting state banks made stubborn resistance.6 To overcome it the reserve banks held themselves out as prepared
to collect at par also checks on the state banks which did
not assent to par clearance. This they did by publishing
a list of all banks from whom they undertook to collect at
par, regardless of whether such banks had agreed to remit
at par or not. This resulted in drawing to the federal
reserve banks for collection the large volume of checks
which theretofore had come to the drawee bank by mail
from many sources and which had been paid by remittances drawn on the bank's balance in some reserve city.
If a state bank persisted in refusal to remit at par, the
reserve banks caused these checks to be presented, at the
drawee bank, for payment in cash over the counter. The
practice adopted by the reserve banks would, if pursued,
necessarily subject country banks to serious loss of income.
It would deprive them of their income from exchange
charges; and it would reduce their income-producing
assets by compelling them to keep in their vaults in cash a
much larger part of their resources than theretofore.
That such loss must result was admitted. That it might
render the banks insolvent was clear. But the federal
reserve banks insisted that no alternative was left open to
them, since they had to collect the checks and were forbidden to pay exchange charges. The state banks denied
that the federal reserve banks were obliged to accept these
checks for collection; and insisted that federal reserve
banks should refrain from accepting for collection checks
On banks which did not assent to par clearance.
It was to protect its state banks from this threatened loss,
which might disable them, that the legislature
of North
Carolina enacted the statute here in question.6 It made
no attempt to compel the Federal Reserve bank to pay an
exchange charge. It made no attempt to compel a depositor to accept something other than cash in payment
of a check drawn by him. It merely provided that, unless the drawer indicated by a notation on the face of the
check that he required payment in cash, the drawee bank
was at liberty to pay the check by exchange drawn on its
reserve deposits. Thus the statute merely sought to remove (when the drawer acquiesced) the absolute requirement of the common law that a check presented at the
bank's counter must be paid in cash. It gave the drawee
bank the option to pay by exchange only in certain cases;
namely, when the check was "presented by or through
any Federal Reserve bank, postoffice or express company,
or any respective agents thereof." The option was so
limited, because the only purpose of the statute was to
relieve state banks from the pressure which, by reason of
the common-law requirement, federal reserve banks were
in a position to exert and thus compel submission to par
clearance. It was expected that depositors would cooperate with their banks and refrain from making the
prescribed notation; and that when the reserve banks
were no longer in a position to exert pressure by demanding
payment in cash, they would cease to solicit, or to receive,
for collection checks on non-assenting state banks. Thus,
792
FEDERAL RESERVE BULLETIN.
eral welfare. Noble State Bank v. Haskell, 219 U. S. 104,
575. The regulation here attempted is not so extreme as
inherently to deny rights protected by the due process
clause. Compare Chicago, Burlington & Quincy R. R.
Co. v. McGuirt, 219 U. S. 549, 567, 568; Central Lumber Co.
v. South Dakota, 226 U. S. 157, 162. If the regulation
exceeds the State's power to protect the public, it must
be because some other provision of the Federal Constitution is violated by the means adopted or by the manner
in which they are applied.
Third. It is contended that the statute is obnoxious to
the equal protection clause. The argument is that the
Federal Reserve Bank of Richmond is obliged to accept
payment in exchange drafts, whereas other banks with
whom it might conceivably compete may demand cash,
except in those cases where they present the check through
an express company or the postoffice. It is well settled
that the legislature of a State may (in the absence of other
controlling provisions) direct its police regulations against
what it deems an existing evil, without covering the whole
field of possible abuses. Lindsley v. Natural Carbonic Gas
Co., 220 U. S. 61, 81; Missouri Pacific Ry. Co. v. Mackey,
127 U. S. 205. If the legislature finds that a particular
instrument of trade war is being used against a policy
which it deems wise to adopt, it may direct its legislation
specifically and solely against that instrument. Central
Lumber Co. v. South Dakota, supra, p. 160. If it finds that
the instrument is used only under certain conditions, or
by a particular class of concerns, it may lixnit its prohibition to the conditions and the concerns which it concludes
alone menace what it deems the public welfare. The
facts recited above disclose ample ground for the classification made by the legislature. Hence, there was no
denial of equal protection of the law. There remains to
consider whether Section 2 exceeds the State's power,
because Congress has imposed specifically upon federal
reserve banks duties, the performance of which Section 2
obstructs; and that in this way, it conflicts with the
Federal Reserve Act. This is the ground on which the
invalidity of the North Carolina Act has been most
strongly assailed.
Fourth. One contention is that Section 2 conflicts with
the IJederal Reserve Act because it prevents the federal
reserve banks from collecting checks of such state banks
as do not acquiesce in the plan for par clearance. The
argument rests on the assumption that the Federal Reserve Bank of Richmond is obliged to receive for collection any check upon any North Carolina state bank, if
such check is payable upon presentation; and is obliged
to collect the same at par without allowing deductions
for exchange or other charge. But neither Section 13,
nor any other provision of the Federal Reserve Act,
imposes upon reserve banks any obligation to receive
checks for collection. The Act merely confers authority
to do so. The class of cases to which such authority
applies was enlarged from time to time by Congress. But
in each amendment, as in Section 13, the words used
were "may receive"—words of authorization merely.
It is true that in statutes the word "may" is sometimes
construed as "shall". But that is where the context, or
the subject matter, compels such construction. Supervisors v. United States, 4 Wall. 435. Here it does not.
This statute appears to have been drawn with great care.
Throughout the Act the distinction is clearly made between what the Board and7 the reserve banks "shall" do
and what they "may" do.
JULY, 1923.
Moreover, even if it could be held that the reserve
banks are ordinarily obliged to collect checks for authorized depositors, it is clear that they are not required
to do so where the drawee has refused to remit except
upon allowance of exchange charges which reserve banks
are not permitted to pay. There is surely nothing in
the Act to indicate that reserve banks must undertake
the collection of checks in cases where it is impossible to
obtain payment except by incurring serious expense; as,
in presenting checks by special messenger at a distant
point. Furthermore, the checks which the Act declares
reserve banks may receive for collection are limited to
those "payable on presentation." The expression would
seem to imply that the checks must be payable either
in cash or in such funds as are deemed by the reserve bank
to be an equivalent. A check payable at the option of
the drawee by a draft on distant reserves would seem not
to be within the limited class of checks referred to in the
Act. The argument for the Federal Reserve Bank is not
helped by reference to the incidental power conferred
by Section 4. It is only "such incidental powers as shall
be necessary to carry on the business of banking within
the limitations prescribed by this [the Federal Reserve]
Act" which are granted. No duty or right of the Federal
Reserve Bank to collect checks is obstructed by the
North Carolina statute which merely gives to the drawee
bank the right to pay in the customary exchange draft,
where its depositor has, by the form used in drawing the
check, consented that this be done.
Fifth. The further contention is made that Section 2
conflicts with the Federal Reserve Act because it interferes
with the duty of the Federal Reserve Board to establish
in the United States a universal system of par clearance
and collection of checks. Congress did not in terms confer
upon the Federal Reserve Board or the federal reserve
banks a duty to establish universal par clearance and
collection of checks; and there is nothing in the original
act or in any amendment from which such duty to compel
its adoption may be inferred. The only sections which
in any way deal either with clearance or collection are
13 and 16. In neither section is there any suggestion
that the Reserve Board and the reserve banks shall
become an agency for universal clearance. On the contrary Section 16 strictly limits the scope of their clearance
functions. It provides that the Federal Reserve Board:
"may at its discretion exercise the functions of a clearing
house for such Federal reserve banks . . . and may
also require each such bank to exercise the functions of a
clearing house for its member banks."
There is no reference whatever to "par" in section 13,
either as originally enacted or as amended from time to
time. There is a reference to "par" in Section 16; and
it is so clear and explicit as to preclude a contention that
it has any application to non-member banks; or to the
ordinary process of check collection here involved.
Section 16 (38 Stat. p. 268) declares:
"Every Federal reserve bank shall receive on deposit at
par from member banks or from Federal reserve banks
checks and drafts drawn upon any of its depositors, and
when remitted by a Federal reserve bank, checks and
drafts drawn by any depositor in any other Federal reserve
bank or member bank upon funds to the credit of said
depositor in said reserve bank or member bank. Nothing
tricts and may be designated by number"; Sec. 3: "Each Federal
reserve bank shall establish branch banks within the Federal reserve
district in which it is located and may do so in the district of any Federal reserve bank which may have been suspended"; Sec. 5: "out' In the original Federal Reserve Act (38 Stat. 251) "may" is used standing capital stock shall be Increased . . . as member banks increase
In Sections 2, 3, 4, 5, 8, 9,10,11,12,13,14,15,16,18,19, 21, 22, 24, 25, 26, their capital stock . . . and may be decreased as member banks reduce
28. "Shall" is used in those sections and also in Sections 1, 6, 7, 20,23, their capital stock . . . "; Sec. 13: " . . . may receive . . . deposits
27, 29. Thus: See. 2: "The Secretary . . . shall designate . . . cities . . . may receive . . . deposits . . . may discount . . . shall at no
to be known as Federal reserve cities.and shall divide the Continental time exceed"; Sec. 16: "Every Federal reserve bank shall maintain
United States into districts. . . . The districts . . . may be read- reserves . . .": "Every Federal reserve bank shall receive on dejusted. . . . Such districts shall be known as Federal reserve dis- posit."
JOLY, 1923.
herein contained shall be construed as prohibiting a
member bank from charging its actual expense incurred
in collecting or remitting funds, or for exchange sold to
its patrons."
The depositors in a federal reserve bank are the United
States, other federal reserve banks, and member banks.
It is checks on these depositors which are to be received
by the federal reserve banks. These checks from these
depositors the federal reserve banks must receive. And
when received they must be taken at par. There is no
mention of non-member banks in this section. When,
in 1916, Section 13 was amended to permit federal reserve
banks to receive from member banks solely for collection
other checks payable upon presentation within the district;—and when, in 1917, Section 13 was again amended
to permit such receipt solely for collection also from certain non-member banks—Section 16 was left in this
respect unchanged. In other respects Section 16 was
amended both by the Act of 1916 and by the Act of 1917.
The natural explanation of the omission to amend the
provision in Section 16 concerning clearance is that the
section has no application to non-member banks,—even
if affiliated.
Moreover, the contention that Congress has imposed
upon the Board the duty of establishing universal par
clearance and collection of checks through the federal
reserve banks is irreconcilable with the specific provision
of the Hardwick Amendment which declares that even
a member or an affiliated non-member may make a limited
charge (except to federal reserve banks) for "payment of
checks and . . remission therefor by exchange or
otherwise." The right to make a charge for payment of
checks, thus regained by member and preserved to affiliated non-member banks, shows that it was not intended,
or expected, that the federal reserve banks would become
the universal agency for clearance of checks. For, since
against these the final clause prohibited the making of any
charge, then if the reserve banks were to become the universal agency for clearance, there would be no opportunity
for any bank to make as against any bank a charge for the
'' payment of checks.'' The purpose of Congress in amending Section 13 by the Act of 1917 was to enable the Board
to offer to non-member banks the use of its facilities which
it was hoped would prove a sufficient inducement to them
to forego exchange charges; but to preserve in non-member
banks the right to reject such offer;8 and to protect the
interests of member and affiliated non-member banks (in
competition with the non-affiliated state banks) by allowing also those connected with the federal system to make
a reasonable exchange charge to others than the reserve
banks. The power of the Federal Reserve Board to establish par clearance was, thus, limited by the unrestricted
right of unaffiliated non-member banks to make a charge
for exchange and the restricted right of members and
affiliated non-members to make the charge therefor fixed
as reasonable by the Federal Reserve Board. No bank
could make such a charge against the federal reserve
banks—because these were prohibited from paying any
such charge. Member and non-member affiliated banks,
because they were such, performed the service for the
federal reserve banks without charge. Unaffiliated nonmember banks were under no obligation to do so. Thus
construed, full effect may be given to all clauses in the
Hardwick Amendment as enacted. It in no way interferes with the right of a depositor in a non-affiliated state
bank to agree with his bank that the checks which he
might draw should (unless otherwise indicated on their
• The Governor of the Federal Reserve Board stated in his letter to the
Senate, January 26, 1920, Sen. Doc. 184, 66th Cong. 2d Session, p. 6:
" That a relatively small number of non-member banks should not want
to become members of the clearing system, or should not want to remit
at par is, of course, their own concern, and the Federal Reserve Board
and the Federal reserve banks have not and will not disrmte their right
to decline to do so."
793
FEDERAL RESERVE BULLETIN.
face) be payable, at the option of the drawee, in exchange
in certain cases.
The North Carolina statute here in question does not
obstruct the performance of any duty imposed upon the
Federal Reserve Board and the federal reserve banks.
Nor does it interfere with the exercise of any power conferred upon either. It is therefore consistent with the
Federal Reserve Act and with the Federal Constitution.
Reversed.
Mr. Justice VAN DEVANTBR and Mr. Justice SUTHERLAND dissent.
State Banks and Trust Companies.
The following list shows the State banks and trust companies which were admitted to membership in the Federal
reserve system during the month ending June 30, 1923,
on which date 1,645 State institutions were members of
the system:
Capital.
District No. S.
Guardian Trust Co., York, Pa
District No. 4.
Lake Erie Trust Co., Cleveland,
Ohio
District No. 6.
Bank of Elberton, Elberton, G a . . .
District No. 7.
Twenty-sixth Street State Bank,
Chicago, 111
Brown City Savings Bank,
Brown City, Mich
District No. 10.
The Sedan State Bank, Sedan,
Kans
,
Surplus.
Total resources.
$300,000
$225,000
82,381,272
1,000,000
250,000
1,253,972
100,000
25,000
631,962
200,000
30,000
1,864,576
40,000
8,000
660,623
30,000
50,000
463,224
Change of name.—The Citizens Bank, Pocatello, Idaho, to Citizens
Bank & Trust Co., Pocatello, Idaho.
Converted into national bank.—First State Bank, Leonard, Tex.; Citizens Bank of Renton, Renton, Wash.; Merchants & Miners State Bank,
Ironwood, Mich.; International Trust Co., Boston, Mass.
Insolvent.—Banking Corporation of Montana, Helena, Mont.
Taken over by national bank.—Jefferson State Bank, Menan, Idaho,
taken over by First National Bank of Rigby, Idaho.
Voluntary liquidation.—Farmers State Bank, Coulee City, Wash.
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 May 26 to June 22,
1923, inclusive:
Number of
banks.
$4,330,000
0
2,765,000
New charters issued
Restored to solvency
Increase of capital approved..
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital..
Total liquidations and reductions of capital..
Consolidations of national banks under act of Nov.
7,1918
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc.
Net increase..
Amount
of
capital.
41
7,095,000
800,000
0
10
800,000
500,000
7,095,000
800,000
6,295,000
794
FEDERAL BESEEVE BULLETIN.
STATISTICAL WORK OF THE FEDERAL
RESERVE BOARD IN 1922-23.
Chief among the new statistical services
established by the Federal Reserve Board during the year from July, 1922, to June, 1923, are
the construction of a production index, of
price indexes for Canada, France, and Japan,
and of an index of wholesale trade for the
United States.
The index of production in basic industries
was developed by the Federal Eeserve Board
with the cooperation of the Federal Reserve
Banks of Boston, New York, and Philadelphia.
It was made by combining 22 separate series of
monthly data. After correcting them to make
allowance for customary seasonal variations
in output the series were weighted according
to production reported by the Bureau of the
Census for the year 1919, which was used as a
base. As most of the series were available
since January, 1913, the index was computed
from that date, so that it is a measure of
monthly production activity in the United
States for a period of over 10 years. The
methods used in this study, together with complete results, were published in the BULLETIN
for December, 1922. Considerable work has
also been done upon an index of annual production from the year 1890 to date, but no
results of this study have yet been published.
The three new price indexes were prepared
in continuation of the work of constructing
indexes for international price comparisons,
index numbers for the United States and Great
Britain having been compiled before. For
each country the commodities included in the
index were selected in such a way as to be
representative of its domestic and foreign trade.
Two systems of grouping were used, one classification by goods produced, goods imported, and
goods exported, and a second classification by
raw materials, producers' goods, and consumers'
goods. The new price indexes were described in
the issues of the FEDERAL RESERVE BULLETIN
for July, August, and September, 1922.
The index of wholesale trade developed
during the year is a decided innovation. Prior
to 1922 the only data available on this subject
were certain series of percentage changes for
groups of reporting firms in a few Federal
reserve districts. During 1922 all of the 12
Federal reserve banks commenced collecting
monthly data of dollar sales for from 1 to 11
lines of wholesale business, and reports are now
being received regularly from about 1,200
firms. Most of these firms have also reported
annual sales for the years commencing with
1919 and their monthly sales from January,
JULY,
1923.
1919, to date. From these data the Federal
Reserve Board has compiled an index of wholesale trade based on sales of firms in 10 Federal
reserve districts and in 6 lines of business.
The base for this index is the year 1919, and
it is weighted both by districts and by lines of
trade. Indexes of sales of department stores
and stocks of department stores since January,
1919, have also been constructed. The wholesale trade index was described in the BULLETIN
for April, 1923, and the index of department
store stocks in the BULLETIN for February, 1-923.
Beginning with February, 1923, the FEDERAL RESERVE BULLETIN has carried a table
entitled "The trend of business abroad." This
table brings together in condensed form the
principal available items relating to credit,
prices, foreign exchange, production, and trade
for the United Kingdom, France, Germany,
and the United States.
Commencing with March, 1923, the items
"due to banks" and "due from banks" were
added to the statistical reports of member
banks in leading cities as shown in the BULLETIN. In the same issue of the BULLETIN a
monthly compilation of debits to individual
accounts by Federal reserve districts was first
published. These monthly figures are compiled from reports of 141 selected cities and
are now being published regularly. Prior to
this only weekly figures were made available.
Banking statistics for all of the banks and trust
companies compiled from reports of State
bank commissioners as of December 29, 1922,
were published in the BULLETIN for April, 1923,
and similar data as of April 3 of the present
year are published in this issue. This is the
only information available on which to base
estimates of condition for practically all banks
in the country and it will be published quarterly
hereafter in the BULLETIN. For the earlier
period similar annual figures compiled by the
Comptroller of the Currency are available, but
only for the end of each fiscal year. Commencing with the present issue of the BULLETIN, statistics of net demand deposits and
time deposits for one date each month will be
published for banks in each Federal reserve
district, classified by the size of cities in which
the banks are located.
Since July, 1922, additional series of wholesale price index numbers for four countries,
retail food prices for 14 countries, cost of living
statistics for 16 countries, 12 series of foreign
industrial data, and statistics of imports and
exports of five foreign countries have been
added to the data published periodically in the
BULLETIN. Monthly tables of industrial statis-
JULY,
795
FEDERAL RESERVE BULLETIN.
1023.
tics for Canada and Japan have also been
published regularly in addition to the countries
already included. There have also been added
42 series of statistics for United States industries, and the number of reporting wholesale and retail firms has been largely increased.
The board has also commenced to issue each
month press releases dealing with the condition of wholesale trade, savings deposits, and
foreign exchange rates.
DEPOSITS OF ALL MEMBER BANKS.
In order to be able to follow more closely
the credit developments in the different
Federal reserve districts the Federal Reserve
Board has arranged with the reserve banks to
compile for one day near the end of each month
figures of time deposits and demand deposits
of all member banks in each district, classified
by the size of cities in which they are located.
These monthly figures will supplement the
information available on call dates and will
make it possible to compare every month the
developments at banks in leading cities reporting weekly with those at banks outside
of these cities.
The following statement shows for May
23, 1923, the number of banks and of time
and demand deposits by size of city for the
country as a whole:
[Amounts in millions.]
Banks in cities having population of—
Number of banks
Time deposits
N et demand deposits
Percentage of total:
Number of banks
Time deposits
Net demand deposits
Less
than
5,000.
I 9,836
j 8,331
i 15,927
6,486
1,480
1,600
1,506
918
1,070
1,100
1,707
2,060
744
4,230
11,197
100
100
100
6o.9
17.8
10.1
15.3
11.0
0.7
11.2
20. 5
12.9
7.0
50.7
70.3
!
[
5,000 | 15,000
to
i to
14,999. 99,999.
100,000
Total.
It mil be noted that nearly two-thirds of all
member banks are located in towns having a
population of less than 5,000 and that these
banks have about 10 per cent of net demand
deposits and about 18 per cent of time deposits.
Member banks in cities of 100,000 population
and over, on the other hand, constitute only
7.6 per cent of the total number, but hold
about 70 per cent of net demand deposits and
50 per cent of time deposits. In large cities
demand deposits are nearly three times as
large as time deposits, while in the small cities
the difference between the two classes of deposits is relatively small.
The ratio of net demand deposits to time
deposits varies considerably in the several
Federal reserve districts, the two classes of
deposits being approximately equal in the Minneapolis and San Francisco districts, while in
the New York and Dallas districts net demand
deposits are more than three times as large as
time deposits. In the New York district the
preponderance of net demand deposits is due
chiefly to the banks located in cities of 100,000
population and over, while in the Dallas district time deposits are relatively small in each
group of cities. In the Minneapolis district
800 banks out of 986 are located/ in towns of
less than 5,000 inhabitants, and it is the preponderance of time deposits over net demand
deposits in these small-town banks that accounts for the relationship between time and
demand deposits in the district as a whole.
The following table shows the totals of net
demand deposits and time deposits on call
dates beginning with June 30, 1919, and on
April 25 and May 23, 1923. This table presents a retrospective view of the growth of the
two classes of deposits since the middle of 1919:
DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS.
[In thousands of dollars.]
Date.
1919:
June 30.
Nov. 17.
Dec. 31..
1920:
May 4 . . .
June 30..
Nov. 15..
Deo. 29..
1921:
Apr. 28..
June 30.
Dee. 31..
1922:
Mar. 10..
June 30..
Dec. 29..
1923:
Apr. 3 . . .
Apr. 25..
May 23..
Net demand
deposits.
Time
deposits.
14,700,393
16,246,425
16,563,421
4,343,382
5,049,493
5,304,793
16,389,471
16,393,405
15,906,145
15,326,865
5,747,532
5,910,926
6,144,064
6,187,921
14,370,647
14,295,527
14,433,047
6,343,443
6,36!>,632
6,450,629
14,479,460
15,509,071
16,188,984
6,662,39S
7,164,670
7,644,881
16,068,171
15,800,089
15,924,897
8,142,574
8,257,274
8,334,471
The table brings out the fact that, while
demand deposits increased by $1,225,000,000,
or about 8 per cent, in the period of approximately four years, time deposits increased by
$3,991,000,000, or about 92 per cent, during
the same period. A further difference is that
demand deposits increased rapidly during the
latter half of 1919, then declined until the middle of 1921, increased again until the end of
1922 and declined during the first three months
of 1923; while time deposits show an uninterrupted growth throughout the period, though
the rate of increase is not uniform.
Following is a table showing net demand and
time deposits for April 25 and May 23, 1923, by
Federal reserve districts and by size of cities:
796
FEDERAL RESERVE TUTT.T.r.TTTJ.
JULY, 1923.
TIME AND DEMAND DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, BY SIZE OF CITIES.
Time deposits.
Apr. 25,
1923.
System:
Banks in cities having
population of—
Total.
Less than 5,000
5,000 to 14,999
15,000 to 99,999
100,000 and over
Boston:
Banks in cities having
population of—
Total
Less than 5,000
5,000 to 14,999
15,000 to 99,999
100,000 and over
New York:
Banks in cities having
population of—
Total
Less than 5,000
5,000 to 14,999
15,000 to 99,999
100,000 and over
Philadelphia:
Banks in cities having
population of—
Total
Less than 5,000
5,000 to 14,999
15,000 to 99,999
100,000 and over
Cleveland:
Banks in cities having
population of—
Total
Less than 5,000
5,000 to 14,999
15.000 to 99,999
100,000 and over
8,257,274
1,471,697
912,597
1,730,331
4,142,649
563 075
45,918
60,840
139,167
317,150
May 23,
1923.
Apr. 25,
1923.
May 23,
1923.
8,334,471 15,800,089 15,926,897
1,479,695 1,600,260 1,600,150
917,737 1,064,974 1,070,027
1,706,975 2,094,087 2,080,199
4,230,014 11,040,768 11,196,521
570 246 1 238,619
45,882
39,313
60,295
66,277
143,916
194,020
320,153
939,009
1 627,805 I 664,054
208,657
216,146
125,837
129,772
333,747 326,691
952,075 998,934
572,760
190,453
95,950
167,132
119,225
Net demand deposits.
1,252,074
40,332
65,766
196,329
949,647
5,274,464 5,351,594
159,192
157,590
100,551
104,082
281,382
271,770
4,734,941 4,816,550
589,401
193,214
97,057
169,396
129,734
1,088,181
125,879
72,979
128,194
761,129
1,077,817
126,631
74,550
129,647
746,989
1,031 556 1,044 132
164,604
167,135
116,736
119,879
160,294
163,107
589,922
594,011
1,412 448
154,935
122,515
194,705
940,293
1,407,879
156,960
126,148
195,903
928,868
Banks in cities having
population of—
Total
Less than 5,000
5,000 to 14,999
15,000 to 99,999
100,000 and over
430 286
122,986
76,790
125,581
104,929
433,821
123,612
77,139
124,959
108, 111
555 831
99,559
64,519
159,216
232,537
550 022
96,462
63,328
152,755
237,477
Banks in cities having
population of—
Total
Less t h a n 5,000
5,000 to 14,999
15,000 to 99,999
100,000 and over
305 813
46,932
43,090
115,841
99,950
308 513
49,118
43,503
111, 763
104,129
502 839
74,549
63,675
162,266
202,349
502 391
75,660
62,541
160,764
203,426
Time deposits.
Apr. 25,
1923.
May 23,
1923.
Chicago:
'
Banks in cities having
population of—
1,486,694 1,510,730
Total
Less than 5,000
228,128 230,733
5,000 to 14,999
133,698
135,893
15,000 to 99,999
359,237
343,131
100,000 and over
765,631 800,973
St. Louis:
Banks in cities having
population of—
Total
359,638 361,382
60,570
62,168
Less than 5,000
5,000 to 14.999
37,355
37,485
15,000 to 99,999
62,761
61,271
100,000 and over
198,952 200,458
Minneapolis:
Banks in cities having
population of—
Total
409,345 407,415
Less than 5,000
193,524
195,051
5,000 to 14,999
95,602
95,103
15,000 to 99,999
56,261
57,339
100,000 and over
63,958
59,922
Kansas City:
Banks in cities having
population of—
Total
291,868
295,432
Less than 5,000
91,539
91,394
5,000 to 14,999
57,876
57,737
15,000 to 99,999
60,621
63,240
100,000 and over
81,832
83,061
Dallas:
Banks in cities having
population of—
138,213
139,612
Total
18,021
17,902
Less than 5,000
20,885
21,626
5.000 to 14,999
51,546
51,278
15,000 t o 99,999
47,761
48,806
100.000 and over
Net demand deposits.
Apr. 25,
1923.
May 23,
1923.
2,146,144
205,967
120,119
368,072
1,451,986
2,184,854
204,180
122,236
360,748
1,497,690
655,635
122,309
76,074
89,800
367,452
664,250
126,667
78,645
87,530
371,40S
416,133
111,061
78,411
67,430
159,231
410,605
109,441
77,233
70,640
153,291
799,519
194,964
127,085
182,263
295,207
782,763
191,703
125,237
178,983
286,840
527,082
150,690
87,901
118,429
170,062
514,274
145,741
t 86,847
113,985
167,701
Banks in cities having
population of—
Total
1,040,221 1,009,733 1,183,194 1,228,374
92,876
94,829
163,444
167,181
Less than 5,000
5,000 to 14,999
47,938
42,298
84,868
83,414
15,000 to 99,999
98,143
90,884
148,310
141,145
100,000 and over
1801,264 2 781,722 1 786,572 2 836,634
1 Includes 5 banks with scattered branches haying combined deposits as follows: Net demand, 8227,609,000, and time, $440,812,000.
2
Includes 5 banks with scattered branches having combined deposits as follows: Net demand, $265,211,000, and time, $407,234,000.
BANKING DEVELOPMENTS IN THE UNITED STATES DURING THE FIRST QUARTER
OF 1923.
In the tables below are shown comparative
figures of principal assets and liabilities of
banks in the United States as of December 29,
1922, and April 3 of the present year. For the
earlier date there were available abstracts of
condition of State banks and trust companies
published by the banking departments of all
States except New Hampshire. For the latter date the banking departments of New
Hampshire, Indiana, and Kentucky had not
issued calls for reports of banks subject to
their supervision, while no reports had been
received from the banking department of
Georgia at the time the compilation was completed. In arriving at totals for geographic
sections and for the United States December
figures were used for States for which no later
data were available.
Since the State reports do not show separate
totals for divisions of States falling within two
Federal reserve districts, it is impossible to present the figures by reserve districts. But an
attempt has been made to group the States so
as to cover as nearly as practicable the terri-
tory of the Federal reserve districts. The
States of Pennsylvania, Delaware, and Ohio
were combined in one geographic group corresponding somewhat to the combined area of
the Philadelphia and Cleveland districts.
States located in more than one reserve district were placed in that territorial group which
included the larger portion of the population.
Thus the entire State of Illinois was placed in
territorial group 6, corresponding more or less
to the Chicago district. This group includes
also the States of Wisconsin and Michigan,
the southern parts of which are in the Chicago
reserve district and the northern parts in the
Minneapolis reserve district. A comparison of
the estimated aggregate population of these
State groups with the population of the corresponding Federal reserve districts is given
herewith:
[In thousands.]
Geographic group.
Group 1—All New England
States.
Group 2—New York and New
Jersey.
Group 3—Delaware, Pennsylvania, and Ohio.
Group 4—District of Columbia,
Maryland, North Carolina,
South Carolina, Virginia, and
West Virginia.
Group 5—Alabama, Florida,
Georgia, Louisiana, and Tennessee.
Group 6—Illinois, Indiana, Iowa,
Michigan and Wisconsin.
Group 7—Missouri, Arkansas,
Kentucky, and Mississippi.
Group 8—Minnesota, Montana,
North Dakota, and South
Dakota.
Group 9—Kansas, Colorado, Nebraska, Oklahoma, and Wyoming.
Group 10—Texas and New
Mexico.
Group 11—California, Arizona,
Idaho, Nevada, Oregon, Utah,
and Washington.
Total
Popu- Federal reserve dis- Population,
trict.
lation.
7,663
Boston
New York.
15,341
10,297
Philadelphia
Cleveland.
Richmond...
10,660
Atlanta.
10,243
18,864
Chicago.
16,108
13,723
and
17,402
10,120
9,490 I St. Louis..
9,245
4,407
Minneapolis..
5,299
6,457
Kansas City.
7,230
5,271
Dallas..
6,025
7,380
San Francisco..
7,250
109,955
Total.
lished in the June BULLETIN, it is possible to
arrive at approximate figures for the nonmember banks.
A general picture of banking development
during the first quarter of the present year
may be had from the following table, showing
totals as of December 29, 1922, and April
3, 1923, of the most important items for all
banks, for member banks, and for nonmember
banks:
[Amounts in millions.]
All banks.
Member
banks.
Nonmember
banks.
DeDeDecem- April, cem- April, cember, 1923. ber, 1923. ber,
1922.
29,144 28,928
Loans and discounts
Investments
1922.
9,859
April,
1923.
1922.
9,850 19,285 19,078
$25,135 $25,756 $18,081 $18,572 $7,054 87,18-1
10 718 10.853 7,688 7,760 3,030 3,093
Total loans and investments
35,853 36,609 25,769 26,332 10,084 10,277
Individual deposits
32,802 33,378 22,460 22,668 10,342 10,710
Due to banks
103
81
3,595 3,589 3,492 3,508
7,309
14,125
.'109,955
As distinct from the compilation of December 29 figures, printed in the April BULLETIN,
the present compilation does not give a full
balanced statement, but merely shows comparative figures of principal assets, including
loans and discounts and investments, and
principal liabilities, including individual deposits and rediscounts and bills payable.
Totals of these items for State banks and
trust companies as reported by the State
banking departments, combined with corresponding figures for national banks, give
totals for all member and nonmember banks
(exclusive of mutual savings banks and those
private banks which are not subject to State
supervision), while, through combination with
corresponding figures for member banks pub-
797
FEDERAL RESERVE BULLETIN.
JULY, 1923.
Total loans and investments of all banks
included in the tabulation show an increase
from $35,853,000,000 in December, 1922, to
$36,609,000,000 in April, 1923. Of this increase, $621,000,000 represents an increase in
loans and $135,000,000 an increase in investments. Individual deposits increased by
$576,000,000, while bank deposits showed a
slight reduction. A comparison between the
member and nonmember banks indicates that
during the first quarter of 1923 the increase in
loans was larger among member banks than
among nonmember banks, while the increase
in deposits was larger among non-members.
, Loans and discounts of all reporting banks
were larger on April 3,1923, than at the close of
1922 in all the geographic groups, except
groups 7 and 8, which correspond roughly to
the St. Louis and Minneapolis reserve districts. Larger figures of security investments
are shown for the banks in all the territorial
except group 2, which comprises the
§roups,
tates of New York and New Jersey, and
group 7. Increases in individual deposits
were shown in most of the sections, but group
2, including New York and New Jersey,
showed reduced deposits, and decreases are
also shown for groups 7 and 10, corresponding
roughly to the St. Louis and Dallas Federal
reserve districts.
Comparative data for the more important
asset and liability items covering all banks
and State banks and trust companies (both
member and nonmember) are shown in the
following tables:
798
FEDERAL RESERVE BULLETIN".
JULY. 1023.
PRINCIPAL ASSETS AND LIABILITIES OF ALL BANKS ON DECEMBER 29, 1922, AND APRIL 3, 1923.
[In thousands of dollars.]
Loans and
discounts
(including
overdrafts).
Number of
reporting
banks.
Dec,
1922.
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 1
Georgia
Louisiana
Tennessee
Total, group 5
Illinois 1
Indiana
Iowa
Michigan
Wisconsin
Total, group 6....
Arkansas
Kentucky i
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
Apr.,
1923.
116
81
88
258
32
141
263
32
141
716
2 719
401
1,247
59
1,517
1,123
2,6
50
231
512
347
632
443
2,215
360
285
697
264
570
2,176
1,911
947
l,680|
6,233
487
601
353
1,635
3,076
1,501
392
849
692
3,434j
372
1,349
1,137
911
143
3,912
107
1,527
1,634
79
709
193
35
280
119
387
1,802
29, i44i
Dec,
1922.
Apr.,
1923.
119,351 124,371
50,769
,
79,332
76,404 1,175,457
1,157,298 149,662
140,119 222,038
215,954
1,759,895 21,801,008
Investments.
Total loans and
investments.
Dec,
1922.
Apr.,
1923.
Individual
deposits, including
dividends unpaid
and postal savings.
Dec,
1922.
Rediscounts and
bills payable.
Dec,
1922.
Apr.,
1923.
99,979
37,380
34,320
373,490
116,876
158,470
121,129 219,330 245,500 200,912 219,126
88,149
72,650
"35,"843 110,724
97,621 "i66'485
361,078 1,530,787 1,536,535 1,364,133 1,355,481
121,248 256,995 270,910 237,885 250,530
167,316 374,424 389,354 334,919 355,573
7,230
2,572
2,568
73,587
2,177
6,341
820,515 2 846,775 2,580,409 '2,647,783 2,308,120 22,351,959
94,475
Apr.,
1923.
Dec,
1922.
Apr.,
1923.
8,937
68,144
708
6,067
s 91,297
853 4,924,330 5,058,458 2,563,634 2,513,489 7,487,964 7,571,947 6,767,605 6,622,804 171,356 271,332
32,305
36,125
407 604,600 635,216 609,823 617,404 1,214,423 1,252,620 1,774,667 1,197,948
1,260 5,528,930 5,693,674 3,173,457 3,130,893 8,702,387| 8,824,567 7,942,272 7,820,752
203,661
307,457
61,305
794
850
29,475
80,645
42,101
60
90,3211
70,765
48,22C
41,29f
81,1871
93,402
1,529 2,012,560] 2,103,111 1,718,947 1,729,392 3,731,507 3,837,503 3,213,746 3,332,209
51,780]
41,002
1,117 1,451,3221 1,504,760 560,098 569,71" 2,011,420 2,074,477 1,865,098 1,955, 788
135,254
2,706 3,512,102j 3,654.161 2,321,146 2,328,584 5,833,2481 5,982,745 5, 159,489 5,349,302 133,761
196,369 177,363
8,807
59,614 192,178
188,607
58,439
136,755
50 133,739
12,669
18,404
188,344 188,740 469,564 481,719 423,569 420,954
231 281,220 292,979
30,688
28,646
79,498 488,313 494,267 378,413 386,570
77,875
515 410,438 414,769
13,625
7,544
69,151 342,723 351, S81 312,147 331,558
64,975
347 277,748 282,730
20,606
22,561
39,730 343,920 355,081 310,470 319,271
35,823
628 308,097 315,351
220,284 182,953
15,300
10,135
28,603 220,031
194,948
30,996
191,681
442 189,035
92,615
2,213 1,600,277 1,634,265 456,452 465,336 2,056,729 2,099,601 1,784,915 1,841,908 101,695
36,722
40,686 207,305 222,703 212,458 214,657
3,392|
4 698
182,017
170,583
360
51,639
57,370 199,187 221,957 201,535 238,346
6,206
3,020
286 147,548 164,587
282,803
347,458
39,309
308,149
28,638
8,972
55,155 '.5-i,"398 350,071 ".343,"964 347,366 332,033
10,5:
265 294,916 '2S9,'566
8,227
49,512
53,948 347,544 355,421 329,939 349,343
20,123
569 298,032 301,473
1,374,101
1,451,565
»1)
481,676
1,409,519
3
51,722
1,238,737
232,337!
32,939
,8,948
a 2,176 1,219,22!
2,838,496 2,972,632 2,587,726 2,659,633
56,287|
745,630
1,912 2,092,865 2,197,41C
642,634
696,342
19,550
177,593
518,749
45,572
75,542
77,583 "87,'i83 924,008 "958,' 493 812,262 "962," 494
846,425 871,3l6
1,676
28,406
33,204
699 569,967 587,879 650,948 670,589 1,220,915 1,258,468 1,176,388 1,240,734
15,271
20,77l!
155,607 166,056 698,667 742,771 660,140 714,153
994 543,060 576,715
« 6,228 4,571,066 4,751,495 1,807,361 < 1,877,390 6,378,428 < 6,628,885 5,879,150'6,151,684 205,354| * 206,626
23,147
25,572 183,216 184,2;
182,495
6,350|
160,089
488
158,681
197, 671
5,218
40S, 784
17,971:.
354,606
310,633
98,151
176,279 "i87,'.346
3,797!
3,006
137,368
32,548J
35,586 169,916 "i77,"461
""354
33,701
34,615
890,382 285,772 268,550 1, 235,161 1,158,932 1,086,647 1,008,950
949,389
1,628
61,819| >53,605
439,618 =• 429,61( 1,997,077 51,937,743 1,800,02^ 1,760,01'
' 3,074 1,557,459 l,508,40C
762,688 762,34i
30,4
154,314 165,078 842,263 843,10:
30,156
678,023
687,949
1,49.=
27,099 154,553 147,752 146,914 138,678
14,289
26,874
15,727'
120,653
127,679
369
20,432 187,585 185,164 164,452 16«, 788
23,255
19,327
27,087,
164,732
839 168,258
14,367 224,239 225,896 203,510 217,986
20,584
13,549
25,671
211,529
559 210,691
214,064 226,976 1,408,6401 1,401,913] 1,277,564 1,287,794
3,262 1,194,577 1,174,937
88,528
18,641
5,020
83,560 278,200 276,0231 272,499 278,632
10,906
192,463
191,361
86,839
368
56,030 413,674 405,726 396,078 397,982
15,708
12,671
356,833 349,696
56,841
1,343
44,643 411,724 420,901 379,742 395,497
25,76!
375,470 376,258
36,254
18,615
1,132
76,103 338,407 349,743 336,892 359,287
10,294
72,330
12,369
903 266,077 273,64C
7,375
2,082
59,51'
58,030
8,100
66,130
1, 855
67,890
66, —
138
64,754
50,530
3,884 1,247,771 1,251,574 260,364 267,711 1,508,135 1,519,285 1, 453,101 1,498,295
50,357
50.192
44,29c
5,899
4,288
5,275
44,569
43,667
44,315
6,042
105
151,980 805,724 835;201 763,948 758,340
17,907
1,526
668,139 683,021
25,756
137,585
157,879 856,081 885,193 808,517 802,007
143,627
1,628
22,195
31,031
712,454 727,31
12,460
62 987
61,906
49,44
12,67
1,460
783
65,683
66,731
50,310
u
631,188 655,223 2,261,794 2,370,231 2,208,358 2,279,662
34,270
53,358
69^ 1,630,607 1,715,00
13,910
78,781
15,588
73,658
8,945i
8,563
59,74
73,590
66,886
63,193
185
5,559
29,421
5,383
29,181
20j
106
23, 622
29,712
29,168
24,038
35
69,526 227,161 231,752 229,547 232,51
65,660
6,436
162,226
161,501
4,38H
280
22, 284 113,252 113,948
21, 002r
2, 455
9!, 664
103,148 105,23
92,250
3,051
119
99,605 306, 811 318,710 304,902 323,60S
97, 51,
4, A&v
219, 105
7,005i
387 209,296
59,132!
76,566
1,778 2, 231,105 2,320,819 819,013 878, 567 3, OSf). 207| 3,199,3S6 3,014,940 3,103,792
»2x,928[i), lii t, 95- »25,756,384 10,717,954 «10,S52,660 35,852,9(16 '36,608,777 32, 802,196 >o3,377,03< 1,114,435 «1,185,231
Figures for April, 1923, not available.
2 Including June, 1922, figures for State banks, and April, 1923, figures for national banks in New Hampshire.
Including December, 1922, figures for State banks, and April, 1923, figures for national banks in Georgia.
*5 Including December, 1922, figures for State banks, and April, 1923, figures for national banks in Indiana.
Including December, 1922, figures for State banks, and April, 1923, figures for national banks in Kentucky.
6 Including December, 1922, figures for State banks, and April, 1923, figures for national banks in New Hampshire, Georgia, Indiana, and
Kentucky.
3
799
FEDERAL BESEEVE BULLETIN.
JULY, 1923.
PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON DECEMBER 29, 1922, AND
APRIL 3, 1923.
[In thousands of dollars.]
Number of reporting banks.
Decem- April,
ber,
1923.
1922.
Maine
New Hampshire 1
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 i
Louisiana
Tennessee
Total group 5
Illinois
Indiana i
Iowa
Michigan
Wisconsin
Total group 6
Arkansas
Kentucky i
Mississippi
Missouri
I
Total group 7
esot
Minnesota
!
Montana
M o n t a n a j
North Dakota
South Dakota
Total group 8
Colorado
Kansas
Nebraska
Oklahoma
Wyoming
Total group 9
i
New Mexico
Texas
Total group 10
Arizona
California
Idaho
Nevada
Oregon
Utah
Washington
Total group 11
Total
United
States
1
2
3
56:
55
101!
15
79
40
106
15
80
315
340
171
Loans and discounts (including overdrafts).
1922.
65,423
17,767:.
47,064!
551,403'
101,7361
88,638
1923.
67, 512
49,913
536,098
110,562
93,155
»321|
December,
April,
1923.
1922.
50,462
14,814
13,795
154,328
94,838
95,281
70,290
Total loans and
investments.
December,
1922.
115,885
32,581
60,859
705,731
196,574
183,919
{Individual deposits,
including
dividends unpaid, and
postal savings.
April,
1923.
137,802
A
1922.
109,383
29,245
58,919
669,798
190,470
174,042
Pril>
-
1923
123,050
61,827
651,134
202,092
190,692
423,518 »448,883 1,295,549 U,323,890| 1,231,857 "1,258,040
14,826
146,396
98,948
103,609
872,031 '875,007
342 2,333,513: 2,640,249 1,299,902 1,316,477
312,605;
324,704
361,414
380,402
2,646,118; 2,964,953 1,661,316 1,676,879;
42
38,550:
31,491
34,230
21, 5981
661
857,476;
829.9271
884,258
875,165
750
971)328! 1,008,531
310,797
317,370!
64,739
682,494|
209,510
196,764
3,633,415 3,956,720*3,727,174 33,915,759
685,106!
661,981
670,672
674,019
4,307,434 4,641,832! 4,389,155 4,586,431
47,672
72,780
53,089:
66,705
1,705,092 1,741,734 1,528,""" 1,588,087
1,282,125 1,325,901 l,270,215j 1,332,6!
752
1,442
1,453 1,839,805 1,924,280 1,220,192 1,196,444: 3,059,997, 3,120,7241 2,865,019 3,968,458
36
97,242!
27,042
95,865
27,117
95,268
36
68, 226
90,143
70,125
145
145 136,878 141,373 116,1291 118,054 253,007; 259,4271 250,501 248,270
334
182,123
176,128
334 159,014 163,773
142,157 146,996
17,114
18,350!
224
188,445
185,316;
223 156,986
175,377 185,940
28,330
29, 212
159, 233
544
206,1411 217,667i
542 190, 427 199,878
195,904 203,726
15,714
17,789
359
119,204
118,658:
359 108,977 109,942
104,326 109,513
9,681
9,262J
1,642
820,508 844,324 214,010 219,784J 1,034,518S 1,064,108 958,408 990,310
253
106,871
9, 8511
92, 209,
100,767
254
83,609
107,656
8,600
90,916
121,797
222
19,426
93,048:
10-4,174
225
76,347
101,599
16,701
84,748
599
207,816'.
192,509
171,782
15,307
230
231 219,720 "2l7," 925
38,330 '37,495j 258,050, 255,420 266,674 254,326
467
210,036
19,305;
184,616,
187,424
464 167,529 168,119
194,125
17,087
1,771 < 1,773 739, 714 < 754, 217
96,025 <101,384| 835,739, < 855,601 841,836 < 864,812
1,412
1,411 1,237, 442 1,307,100 445,924 472,380 1,683,3661 1,779,480 1,665,110 1,748,880
696
381,307|..
307,407
377,886
73,900
1,329
1,325 595, 077 "612," 860
576,922 V 637*205
24,059
25,341
619,136i
638,201
581
581 349, 262 361,276 542,177 558,459 891,439, 919,735 864,169 920,909
841
839 327,606 340, a34
406,080
85,071
440,798
92,843
412,677i
433,677
4,859 s 4, 852 2,816,794 2,929,477 1,171,131 1.222,923] 3,987,925;54,152,400 3, 890,167 4,125,678
402
9,765
116,245;
115,342
121,827 3 134,400
9,043
400 107, 202 105,577
465
196,279
185,772
37,319
158, 960
322
i43," 106
20,515
22,5961 122,0971
128,749
133,435
323
101, 582 ioe, 153
1,501 1,493 621,310 561,074
192,000 169,130' 813,310! 730,204 «775,115 6 706,840
7
7
2,6
' 2,681 989,054
258,877 238,810 1,247,931'1,170,574! 1,216,149 1,170,118
931,764
1 159 1,152 324, 296' 312,762
362,257
370,952,
363,728f 360,997
50,966
46,656
72,710
265
76,657
80,265!
75,043
248
12,0341
67,817
63,009
12,448
265
93,643
665
93,063
6,248
99,440
6,236
109,042! 105,688'
656 102,806|
561
149,940i
3,004
2,908
140,567 150,951
148,879,
559 145,971
146,9361
2,650
2,615
72,252
68,24S
709,138; 694,399, 671,284 679,561
640,890 622,147|
229
94,916
89,313,
89, 819, 92,578
26,472
25,419
225
62,841
64, 400
1,084
22,216
21, 756 245,492: 238,446! 241,522 3 247,054;
1,080
223, 276 216,690
955
10,947
12,187 225,718; 227,001! 231,793 242,731
214, 771 214,814
949
464
68,692
10,476
11,119
74,574
68,321!
72,660
448
57, 845
57,573
97
22,643
20, 8-S2J 20,124;
21,443j
1, 2 8 '
92
19,595
80!'
19,316
2. S29 2, 794 57*, 3271, 2--S
.572, 793
649,726; 644,082 663, i 10 67S, S04i
71, HI)'64
18,112,
17,628'
16,931
16,279
1,540
1,393
60!
16, 572
16, 235
970
221,841! 232,179! 262,478 250,109
22,602
17,890
965, 203,951 209, 577
1,034
239,953! 249,807, 279,409 266,388
1,025;
220,523
23,995
225,812|
19,430
3
57
43,857
40,977!
40,814
43,197
56
33,123
33,456
7,854
7,358
432
424 1,081,286 1,158,576
433,602 459,068 1,514,868! 1,617, 644 8 1,580,435 1,664,279i
114
27,588
28,133
23,776
23,076
4,753
4,492
28,529:
28,691!
110;
24
16, 662
18,665
14, 782
14,560
2,003
2,102
16,785!
18,545J
24|
182
92,252
98,701 • 98,200;
68,585
66,869
23,755
25,383
92,340
182|
97
77,572
70,155
64,195
63,639
12,827
77,022,
71,529
97!
13,933
275
105,401 106,574 108,963
75,084
74,20S
29,444
104,528;
274!
31,193
1,181
1,167; 1,360,811 1,434,384
514,238 543,529 1,875,049, 1,977,913; 1,945,860 2,032,064!
20,924 * 20,834;13,524,570 «14,079,158 5,718,383 «5,816,172 19,242,9S9,»19,S95,330 18,952,254 "19,620,664
Figures for April, 1923, not available.
Including June, 1922, figures for New Hampshire.
Total deposits.
<5 Including December. 1922, figures for Georgia.
Including December, 1922, figures for Indiana.
Investments.
G
Includes cashiers' checks.
1
Including December, 1922,
8
Rediscounts and
bills payable.
December,
1922.
April,
1923.
4,8
6,934
1,077
33,706
1,665
3,121
872
21,103
70
2,480
44,427
» 31,459
81,863
14,593
96,456
40,171
16,926
57,097
273
32,942
21,015
54,230
1,503
3,918
10,737
8,024
11,380
8,346
43,908
1,826
3,365
22,109
4,631
16,065
280
27,895
18,794
1,584
4,153
11,711
3,888
14,451
6,406
42,193
2,949
1,473
5,543
5,823
47,9
< 37,897
27,841
42,419
12,291
49,385
34*233
22,842
12,976
13,756
8,227
126,115 5 110,146
4,679
3,643
7,096
2,448
1,954
26,414
21,348
40,637 '34,041
19,294
19,583
10,015
8,282
21,224
18,778
18,430
15,434
68,963
62,077
1,623
1,785
11,247
8,488
11,235
7,875
5,469
4,286
619
646
29,037
24,236
1,543
1,695
6,507
10,813
12,508
8,050
9,741
3,436
16,492
3,369
1,411
2,757
3,428
2,030
2,260
2,466
26,617
20,773
541,233 » 524,599
figures for Kentucky
Includes United States deposits.
»Including December, 1922, figures for New Hampshire, Georgia,
Indiana,and Kentucky
800
FEDERAL RESERVE BUIiLETIN.
JULY, 1923.
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
Foreign trade and gold movements.—The monthly trade balance of the United States,
which since March has been heavily on the side of imports, continued to be against this country
in May, when imports were reported at $370,000,000, exports at $319,000,000, and the excess of
imports at $51,000,000. During the first five months of the year imports of goods have exceeded
exports by $138,000,000, and in addition there was a net inflow of gold amounting to $90,000,000.
Nearly half of this amount, or $44,532,000, arrived during May, compared with $8,533,000 for
April, and a monthly average of $11,356,000 for the .preceding four months of the present year.
Gold imports for May were the largest of any month since November, 1921. About $26,800,000
of the gold came from England, apparently in connection with the June 15 interest payment of
the British Government on its debt to the United States, and about $14,200,000 from Germany
in connection with reparation payments of the German Government to Belgium.
Foreign exchange.—Comparative stability in May and the greater part of June characterized the exchange rates of most foreign currencies, except the German mark, which after
being supported at 0.0047 cent for over two months, dropped to 0.0033 cent in the latter
part of April, and to 0.0006 cent on June 30. French and Belgian francs and Italian lire
have also moved down from the levels reached in April and May. The pound sterling
declined from $4.64 at the beginning of May to $4.58 at [the end of June, compared with
the year's maximum of $4.72 in the middle of February. The Norwegian krone, after its
abrupt break early in the year, has become steadier in recent weeks, and for several months
the exchanges of Netherlands, Sweden, Austria, Czechoslovakia, and Finland have been practically stable. On the other hand, the Greek drachma, after a decline lasting many months, started
to rise with great rapidity in May, and on June 2 reached 4.1 cents, a point over three times as
high as the average rate in April. At the end of June the drachma was quoted at 2.9 cents.
Business conditions in Europe.—In Great Britain probably the most decisive recent evidence of the continuing gradual improvement in business is afforded by the foreign trade figures
of April and May. Exports for May show an increase of 14 per cent compared with April and
are higher than those in any month since January, 1921. Shipments of both raw materials
and manufactures were greater, but the increase in the latter is especially noteworthy. Imports
increased much less than exports, with the result that the current balance of trade against Great
Britain has been considerably reduced as compared either with recent months or with May,
1922. Other data on the industrial situation in Great Britain, such as production and exports
of key commodities, and the clearings of provincial banks afford additional evidence of the
maintenance or increase of business activity. It may be noted, however, that the revival of
business has not proceeded so rapidly nor so far in England as it has in the United States.
Available reports continue to indicate a high degree of business and industrial activity in
France. Crop prospects have been reported good, with the wheat acreage considerably greater
than in any year since the war. Freight car loadings reported through April are higher than
in any similar period of last year. Iron and steel production, while running much lower than
the average of last year, has shown a marked recovery from the low output early this year.
The issue of French treasury bonds which closed in April is generally regarded as successful,
although the Government was obliged to offer a high rate. Total receipts are given as
9,778,000,000 francs, of which about 2,200,000,000 francs were in cash, the remainder being
in treasury bills or in the 2-year treasury notes which mature in June of this year.
Economic conditions in Germany during the past two months have been greatly influenced
by the steady and precipitous decline of the mark, accompanied by a tremendous increase in
prices. Prior to the occupation of the Ruhr, any new decline in the value of the mark was
accompanied by a great demand for goods both at home and from abroad, which resulted in
renewed business activity and greater employment. Now, however, restrictions and other
factors connected with the Ruhr occupation have prevented to a large extent the revival of
exports and unemployment has been steadily increasing. The industries especially affected
are those which depend mainly upon foreign raw materials and which, owing to the low value
of the mark abroad, are unable to import raw materials in sufficient quantities.
801
FEDERAL RESERVE BULLETIN.
JULY, 1923.
THE TREND OF BUSINESS ABROAD.1
United
GerKing- France. many.
dom.
Items.
United
States.
I I I . PRODUCTION AND TRADE.
I. CREDIT.'
P I G IRON PRODUCTION (relatives''):
COMMERCIAL BANK LOANS:
1921—May
1922—May
August
November
1923—February
'
March
April
May
1,144
1,061
1,020
1,031
1,023
992
994
1,005
13,050
13,102
13,051
13,265
13,348
13,402
12,029
10,906
10,761
11,219
11,639
11,783
11,839
11,840
1,729
1,745
1,688
1,667
1,644
1,596
1,606
1,608
13,049
12,962
12,884
13,121
13,444
13,512
10,153
11,049
10,942
11,094
11,525
11,082
11,156
11,173
81
75
76
68
79
80
68
71
81
2,593
2,319
2,194
2,818
2,684
2,685
2,646
2,372
2,487
65
171
271
919
4,777
6,924
9,221
9,914
1,870
471
404
614
596
700
637
731
775
442
402
396
390
381
388
384
390
38,233
35,982
36,385
36,114
37,055
37,188
36,548
36,741
72
152
238
754
3,513
5,518
6,546
8,564
2,735
2,142
2,153
2,330
2,247
2,232
2,223
2,250
2,227
COMMERCIAL BANK DEPOSITS:
1921—May
1922—May
August
November
1923—February
March
April
May
CENTRAL BANK DISCOUNTS:
1921—May
1922—May.:
August
November
1923—February
March
April
May
June
CENTRAL BANK NOTE ISSUES:
1921—May
1922—May
August
November
1923—February
March
April
May
June
CENTRAL BANK DISCOUNT RATE, pxt.
1921-May
1922—May
August
November
1923—February
March
April
May
June
II. PRICES AND EXCHANGE.
6J
f
4
4J
«
1921—May
1922—May
August
November
1923—February
March
April
May
1.
201
171
168
165
170
175
177
175
323
302
298
307
355
373
365
360
74
140
945
7,159
6,770
6,425
8,237
145
158
165
164
166
169
169
167
228
181
181
180
177
176
174
170
317
317
289
297
316
321
320
325
10
35
70
400
2,408
2,627
2,764
3,521
145
139
139
145
142
142
143
143
65
102
103
118
70
73
81
91
48
90
71
111
117
138
138
151
COAL PRODUCTION (relatives5):
1921—May
1922—May
August
November
1923—February
March
April
May
84
51
69
114
106
117
107
116
87
87
98
101
100
96
93
101
108
110
77
17.6
13.5
12.0
12.4
11.8
11.1
10.9
10.7
29,032
1,636
606
285
666
588
354
199
175
107
109
165
251
340
365
82
85
89
96
101
103
102
102
2,885
3,307
2,885
2,989
3,006
3,315
666
454
512
783
792
755
761
66
179
375
1,464
7,444
7,258
8,177
13,345
15,318
16,322
15,849
17,133
16,905
19,644
18,816
19,368
49,055
50,875
56,046
55,890
56,528
54,900
3,994
3,864
3,796
29
84
104
100
88
107
106
114
76
108
110
113
87
113
114
130
55
105
43,088
58,045
60,032
66,491
57,510
60,921
62,871
71,555
1,649
1,778
1,676
1,706
2,329
2,474
86,275
88,814
82,661
95,600
83,855
90,022
86,417
89,479
1,566
1,798
1,960
2,348
2,343
2,487
2,560
2,597
101
UNEMPLOYMENT: •
1921—May
1922—May
August
November.
1923—February..
March
April
May
BANK CLEARINGS (actuals2):
1921—May
1922—May
August
November
1923—February
March
April
May
3,433
RAILWAY FREIGHT TRAFFIC (actuals1)
1921—May
1922—May
August
November
1923—February
March
April
498
1,379
1,455
1,668
81.69
91.36
91.74
92.06
96.39
96.49
95.66
95.05
94.83
43.36
47.25
41.23
35.54
31.84
32.77
34.54
34.39
32.65
6.821
1.444
.415
.058
.016
.020
.017
.009
.004
1921—May
1922—May
August
November
1923—February
March
April
Miy
VALUE OF EXPORTS
RETAIL PRICE INDEX (relatives*):
i
1921—May
1922—May
August
November
1923—February
March
April
May
3,178
3,522
3,930
4,105
3,393
4,124
3,764
SHIPPING ACTIVITY (relatives'1):
WHOLESALE PRICE INDEX (relatives3):
1921—May
1922—May
.,
August
November
1923—February
March
April
May
United
Ger- United
King- France. many.
States.
dom.
Items.
1921—May
1922—May
August
November
1923—February
March
April
May
117
112
111
112
115
138
139
92
108
92
104
(actuals'):
416
255
255
361
436
2," 675
329,710
307,569
301,775
380,000
307.208
341,162
325,727
316,649
FOREIGN EXCHANGE (per cent of par):
1921—May
1922—May
August
November
1923—February
March
April
y
June
1
2
3
VALUE OF IMPORTS (actuals»):
1921—May
1922—May
August
November
1923—February
March
April
May
565
545
446
503
204,911
252,817
281,376
291,805
303,413
398,078
364,230
373,244
A full explanation of this table, including a list of the sources employed, appears in the BULLETIN (final edition) for February, 1923, pp. 182-185.
Amounts stated in millions of pounds sterling, millions of francs, billions of marks, and millions of dollars.
Monthly average in 1913 is taken as 100, except for Germany, in which case July, 1914=1.
< United Kingdom and France—July, 1914=100; German]/—Oct. 15,1913-June 15,1914=1; United States—1913 avefage=100.
• 1913=100.
• United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Oermany—number of
applicants
for every 100 available positions; United States—an index of employment in 12 representative trades with 1919 taken as 100.
7
United Kingdom—total net ton-miles during the month, expressed in millions; France—average daily number of freight car loadings; Otrmany8 and United States—total number of freight car loadings during month, expressed in thousands.
Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks ,and thousands of dollars-
802
FEDERAL RESERVE BULLETIN.
FRENCH BANKING IN 1922.
While the year 1922 brought a remarkable
recovery of French commerce, the extent to
which the French banking system participated
in the revival is uncertain. The annual reports of the great French commercial banks are
brief and the balance sheets do not readily
lend themselves to analysis. The combined
accounts of the principal commercial banks as
of December 31, 1922, show a material increase
in deposits and an increase of nearly equal
amount in loans, a large part of which consists of treasury bills.
French banks in 1922 continued to operate
under peculiarly difficult financial and monetary conditions. Two factors in particular
operate against normal development, and both
oi these must be borne constantly in mind in
studying French banking during the past four
years. The first are the wide and abrupt
changes in the value of French currency,
whether measured by exchange rates or by
price averages; and the second is the urgent
necessity of the State, principally for reconstruction. The former weakens the foundation of
industrial and commercial confidence; the latter
occasions a constant diversion of liquid capital
from ordinary commercial channels. Term
loans in frequent succession are offered bjr the
Government, or under Government guaranty,
at yields well above 6 per cent, while treasury
bills, whether of the ordinary type or bons de la
Defense Nationale, range from 3 to 5 per cent.
These bills, of which about 60,000,000.000
francs are outstanding, with maturities of from
one month to one year, offer the threefold attraction of a good rate of interest, ready negotiability as bearer securities, and, in the case of
those maturing within three months, the privilege of discount at the Bank of France. These
two dominating factors go far toward explaining why a great part, if not the greater part,
of the portfolios of the banks is composed of
treasury paper, and also suggest a reason for
the distinct decline since 1920 in "debits in
current account."
The six great credit banks, whose combined
balance sheet is presented below, represent
perhaps one-half of the total banking resources
of France. Not only because of their size, but
because their numerous branches cover all
of France, their statements may be taken to
give a fair picture of banking conditions. The
remainder of French banking facilities is provided by a large number of institutions. These
include the two well-known underwriting
banks, the Banque de Paris et des Pays-Bas
JILT. 1923.
and the Union Parisienne. Among the others
are establishments of considerable resources
and numerous branches but with rather localized interests. Examples, of these are the
Credit du Nord and the Banque G6nerale du
Nord, both serving the industrial region about
Lille; the Soci6te Nancienne, the Banque de
Mulhouse, and the Banque d'Alsace et de
Lorraine in the industrial region of the east;
and the Banque Privee of Lyons.
The six great credit banks considered in this
article are the Credit Lyonnais, the Socie'te Gen6rale, the Comptoir National d'Escompte, the
Credit Industriel et Commercial, the Banque
Nationale de Credit, and the Credit Commercial. The Cr6d.it Industriel differs from the
others in that it has no branches outside of
Paris and its vicinity, although it is interested
in or controls a large number of regional banks
scattered through the provinces. The last two,
the Banque Nationale and the Credit Commercial, were organized only shortly before the
war, but their rapid development has entitled
them to places in the group.
The following table shows the total resources
of the six banks in recent 3?-ears:
TOTAL RESOURCES OP SIX FRENCH BANKS.
[In millions of francs.]
Banks.
Credit Lyonnais
Society Generate
Comptoir d'Escompte...
Credit Industriel
Basque Nationale
Credit Commercial
1913
2,900
2 637
1,912
:«2
KX7
i 201
1921
5,349
5,797
3,926
71S
2,764
1,538
1922
5,728
5,982
4,242
684
3,183
1,621
11914.
The great increase in the figures since 1913
is primarily a reflection of the depreciation of
the franc. Each of the four banks which led
the list in 1913 has approximately doubled its
resources, while the two newcomers have considerably exceeded this ratio. The increase
noted in 1922 over 1921 is largely the result of
expanding activities and aggressive policies.
During the past year, for instance, the Banque
Nationale absorbed the Banque Francaise pour
le Commerce et l'Industne; the Comptoir
d'Escompte, which had opened no new agencies
since 1914, in 1922 installed 6 branches and
40 part-time agencies; and the Credit Lyonnais, 8 branches and 54 part-time agencies.
The latter are open only on specified days for
the purpose of extending banking facilities to
communities in which the volume of business
would not justify a regular branch. This
aggressive policy in 1922 was not confined to
JULY, 1923.
803
FEDERAL RESERVE BULLETIN.
great establishments. The Credit du Nord,
mentioned above, opened 20 agencies during
the year, while the Societe Nancienne, which
had 36 branches before the war, now has 148.
This penetration into the rural regions extends
banking facilities to the agricultural population, which has prospered in recent years and
which hitherto has been greatly given to
hoarding currency.
The operations of the banks comprise not
only the usual activities of credit establishments, but also the underwriting of securities,
which was also one of their principal functions
before the war. Since 1913, and especially
since 1919, the volume of new securities has
been enormous, though by far the larger part
has been issued by the Government or with
Government guarantee, in connection with the
reconstruction program. Other issues, though
only a small fraction of the total, have yielded
larger underwriting commissions. While the
annual reports mention the importance of this
phase of the banks' activity, they do not go
into details of these operations, from which the
banks derive no small proportion of their
profits.
The consolidated balance sheet reproduced
herewith is taken from "La Situation Economique et Financiere" of May 18, 1923. To
this has been appended an index showing the
relative change in the various items between
1913 and 1922. In comparing these two years,
it is necessary to take into account the great
depreciation of the franc, which in December,
1922, retained only about one-fourth of its prewar value in terms of goods, and in gold less
than one-half.
PRINCIPAL ACCOUNTS OP SIX FRENCH BANKS.
[In millions of francs.]
Cash
and
due
from
banks.
Items for individual banks,
192.!:
Credi t Lvounais
Sosiete Generate
Comptoir d'-Eseompte...
CreUit Industrie!
Banque Nationale
Credit Commercial
Total' 1922
1921..
1920
1919
1913
Index for 1922 (1913= 100)
510
636
434
47
425
211
2 263
1,955
2,367
1 833
550
411
149
PRINCIPAL ACCOUNTS OF S I X F R E N C H B A N K S — C o n t d .
[In millions of francs.]
Demand
deposits Time
and
decredits posits.
in current accounts.
Items for individual banks,
1922:
SocietS Generate..
Comptoir d'Escompte...
Credit Industriel...
Credit Commercial
Total: 1922
1921
1920
1919
1913
Index for 1922 (1913= 100)....
4,997
3,675
466
2 496
1,073
17,764
16 532
17,029
15,421
5,537
32T
PaidAcin
ceptances. capital.
Miscellaneous
reserves.
314
23
75
85
3
39
11
250
250
250
33
262
120
20C
54
6S
30
92
31
548
596
62S
578
420
241
227
354
224
618
1,165
1,116
1,107
886
790
475
468
477
409
393
130
39
122
24
41
147~
121
The item of cash on hand or in banks, including the Bank of France, has more nearly kept
pace with the depreciation of the purchasing
power of the franc than any other item, its
index being over 400. For the six banks it
represents a ratio of about 13 per cent to demand deposits, as compared with just under
10 per cent for 1913.
Very little comment can be made on the
portfolio, which includes both commercial and
treasur}- paper. The banks do not give the
relative proportions held, but there is every
reason to believe that the treasury bills exceed
by far the commercial. The annual report of
the Credit Lyonnais states that the greater
part of its portfolio is still treasury paper,
though the number of commercial bills has
largely increased over last year. M. Guebhard,
in his article on the French money market, in
1922 in the March-April "Eevue d'Economie
Politique," remarks that good commercial paper is scarce and that in its absence the banks
are obliged to absorb treasury bills. It is not
easy to explain the absence of "good commercial paper" in a year of increased business
activity and rising prices, but probably it is
the result of the fundamental factors mentioned
earlier in this article, namely, the fact that
prices are and have been since 1919 subject to
sharp and wide fluctuations in both directions,
thus rendering all commercial transactions
with a time element distinctly speculative, and,
second, that Government bills, paying a high
rate, were available in unlimited quantities.
While the portfolio was greater at the end of
1922 than at the end of any preceding year, the
804
FEDERAL, RESERVE BULLETIN.
next item of the statement shows contraction.
This is true of "advances and reports," the
former being loans secured by collateral and
the latter loans on the stock exchange. This
item shows a small decline in the last two years
and an actual decrease since 1913. Such of
the banks as distinguished between their "advances" and their "reports" showed last year
a small decline in the former and an increase in
the latter—an increase reflecting the advancing
market in securities which was in progress in
the latter part of last year. The "debits in
current account," sometimes translated as
"overdrafts," were also lower than in any other
post-war year. In 1921, as compared with
1920, the item declined from 4,229,000,000
francs to 3,316,000,000 francs (over 20 per
cent); in 1922, the decline continued, although
from the statements of the individual banks it
appears that there was some increase in this
item in the later months of the year.
Demand deposits and credits in current accounts showed an increase in 1922, even over
the figures of 1920. The increase over 1921 is
interesting, in contrast with the decline in
deposit liabilities of British banks during the
same year. As was mentioned earlier in the
article, the year's increase in deposits
(1,232,000,000 francs) is roughly equivalent
to the increase in the portfolio (1,134,000,000
francs).
The figures of demand deposits and credits
in current account are particularly interesting when compared with changes in the volume
of note circulation. In the March-April number of the Revue d'Economic Politique total
deposits of 18 leading French banks are given
as 20,756,100,000 francs as of December 31,
1921. As the figures of the six great banks
alone amounted to 16,532,000,000 francs on
that date, it is evident that this total includes
the greater part of the total demand liabilities
of the entire French banking system. On the
same date the note circulation of France was
36,487,000,000 francs. In other words, in
France currency in circulation greatly exceeds
the volume of bank deposits, a condition opposite to that obtaining in England and the
United States, though not radically different
from the relation between bank deposits and
currency in France in 1913.
Of the remaining items, acceptances show
only a small increase, and are actually less
than one-half of what they were in 1913. Considering the advance in prices, it appears that
they represent perhaps one-tenth of the volume
of goods covered by such instruments before
JULY, 1923.
the war. Time deposits decreased, and are
only slightly larger than in 1913—a result
probably of the diversion of savings into investments of greater liquidity, such as treasury
bills. "Titres et participations" (securities
owned and underwritings) indicate a nominal
increase over 1913, the same being true of
paid-in capital and reserves.
Each of the six banks showed larger profits
in 1922 than in the preceding year, though in
only one case (the Credit Industriel) was the
dividend increased. Compared with 1913,
the total increase in profits was about 50 per
cent—from 94,000,000 to 148,000,000 francs.
This review of French banking in 1922 brings
out two important facts in the banking situation. The first is the relation between bank
deposits and currency, which emphasizes how
fundamentally French banking differs from
that of England and the United States. The
second is the large ratio of treasury paper to
commercial paper in the portfolios of the banks.
As was stated above, the exact ratio is nowhere
stated, but it is agreed that the holdings of
treasury bills exceed the commercial bills and
that instruments of business credit are less
commonly employed than before the war. In
commenting on this situation, the 1922 report
of the Bank of France notes with satisfaction
that the public is again returning to the use of
bank credit, and the report of the Credit Lyonnais states that its commercial paper in 1922
was 30 per cent greater than in the preceding
year, but that short-time treasury bills still
formed by far the larger part of its portfolio.
RECENT DEVELOPMENTS IN JAPANESE
BANKING.
Business and banking developments in Japan
since the outbreak of the European war are in
many respects similar to those in the United
States. Both countries went through a period
of great business prosperity followed by a general depression, and both had an excess of merchandise exports accompanied by an inflow of
gold unprecedented in modern history. The
activities of the banks in both countries were
to a large extent influenced by these developments. On the basis of their increased specie
reserves the banks greatly increased their loans
during the period of business expansion, and
after the collapse of prices a portion of their
loans was frozen, i. e., not paid at maturity,
and some loans could not be paid at all. In the
United States, however, after a certain period
JULY, 1923.
FEDERAL BESERVE BULLETIN.
the banks were able to liquidate their frozen
loans and to write off bad debts, while Japanese
banks are still to a certain extent suffering
from the price decline of 1920, and the readjustment of business, although far advanced, is not
as yet completed.
In this study Japan's financial structure will
be surveyed, its development during the period
of prosperity and depression reviewed, and the
relation of banking in general and of the Bank
of Japan in particular to the general business
conditions of the country analyzed. Since foreign trade developments and the huge inflow
of gold have in many ways affected the activity
of the banks, these phases will also be considered.
Banlcing structure of Japan.—The development of Japanese banking in recent years and
its relation to the general economic conditions
of the country can be better understood if the
general principles upon which these institutions rest are first surveyed. There is a fundamental difference between the status of banks
in the United States and in Japan. In the
latter country banks are not regarded as quasipublic institutions and are not subject to such
close supervision by the Government as in the
United States. Japanese banking laws have
no definite provisions as to capital, surplus, par
value of shares, or the character of incorporators. While Government control of banks in
Japan has thus not been developed to the same
extent as in the United States, the Government
has endeavored through special legislation to
create banks which would serve all classes of
the population and the various business needs
of the country.
Banks in Japan may be divided into two
distinct classes, viz, those established under
the general banking laws and those created
by special charter of the Government. The
number of special banks is 52, the most important of which are the Bank of Japan, the
Yokohama Specie Bank, the Industrial Bank
of Japan, the Bank of Chosen, and the Bank of
Taiwan. Forty-six of the 52 specially chartered banks are provincial, industrial, and agricultural-mortgage banks. A description of the
more important special banks follows.
The central bank of issue of the country is
the Bank of Japan, whose functions correspond more or less to those of other banks of
similar character. The bank engages in all
kinds of commercial banking transactions and
is the fiscal agent of the Government. Its
relation to the other banks and its activities
during the last few years are discussed in a
805
subsequent part of this article. The Yokohama Specie Bank was founded in 1880 for the
purpose of financing the country's foreign
trade. This institution handles practically all
the business of the Government connected
with foreign loans and is also intrusted with
the management of Government funds for
international account. To facilitate the financing of foreign trade the bank has branches in
almost all the important commercial centers
of the world. The Industrial Bank of Japan
is organized to finance industrial enterprises of
the country. For this purpose it is authorized
to make loans against stocks and bonds, to
subscribe to securities of industrial concerns,
and to make loans for a limited period on city
real estate. The bank may issue its own
debentures up to an amount not exceeding ten
times its paid-in capital. The Bank of Chosen
is the sole bank of issue for Korea (Chosen) and
issues notes which are legal tender' in that
country. By an imperial order of November
27, 1917, the notes of the Bank of Chosen
became legal tender also throughout the South
Manchurian railway zone, and all notes of the
Yokohama Specie Bank circulating in this
territory have been replaced by notes of the
Bank of Chosen. The main purpose of the
Bank of Taiwan is to serve as a central bank
for the island of Taiwan (Formosa). In addition to these functions, the bank engages in all
kinds of foreign and domestic banking transactions and is at present one of the most
important exchange banks in Japan, with a
large number of branches at home and abroad.
The rest of the special charter banks are landmortgage institutions, the most important of
which is the Hypothec Bank of Japan. The
main object of this institution is to make longterm loans upon mortgages on immovable
property, which are redeemable in annual
installments.
BANKING DEVELOPMENTS, 1914-1919.
Developments in Japanese banking since 1914
are marked by a rapid and steady growth of all
phases of banking activity and by a tendency
toward concentration and amalgamation. Before the outbreak of the war there were in
Japan 2,155 banking institutions. The reason
for the large number of banks is to be found in
the peculiar banking legislation of Japan, which,
in accordance with the desire of the Government to spread banking facilities all over the
country, made the opening of banks dependent
upon very few requirements. The increase in
806
FEDERAL KESEEVE BULLETIN.
JULY, 1923.
business activity since 1914 and the enhanced at the end of 1913 to 1,046 at the end of 1920,
importance of Japan in commercial and finan- whereas banks with a capital of more than
cial fields created a need for larger banking in- 1,000,000 yen increased during the same period
stitutions, with the result that a number of from 165 to 496 and those with a capitalizabanks amalgamated and others increased their tion of over 10,000,000 yen from 14 to 43.
capital and surplus. The number of banks in Not only did the Japanese banks increase
operation therefore decreased, and at the end their activity at home, but they also became
of 1921 Japan had 119 fewer banks than at the important factors in international markets,
end of 1913. This decrease in the number of especially in the Orient. Before' the war,
banks occurred during a period of enormous although some of the Japanese exchange banks
increase in the business activity of the coun- already had a number of branches in the Far
try. The huge increase of the business of East, on the continent of America, and in
banks can best be seen from the following Europe, a considerable proportion of Japan's
figures of the Tokyo Clearing House Associa- foreign trade was still financed by branches of
tion. The number of bills cleared and their European and American banks. The Eurovalue increased from 4,658,000 bills, represent- pean war and the fluctuation of most Euroing a value of 4,490,000,000 yen in 1914, to pean currencies after the war restricted and
10,780,000 bills, with a value of 32,691,000,000 hampered to a large degree the activities of
yen for 1920.
the European banking institutions, with the
While the number of independent banks de- result that their business was taken over by
creased, the number of branches and agencies Japanese banks. To what extent the Japanof the larger banking institutions increased ese banks have replaced foreign banks in
rapidly. Previous to the war the number of financing Japan's foreign trade 1can best be
branches and agencies of all banks was 3,153, gauged from the following figures.
while at the end of June, 1921, the number was
5,277. The decrease of independent banks and IMPORT AND EXPORT BILLS HANDLED BY JAPANESE
BANKS.
the increase of branches during the period 19131921 may be seen from the following table:
fin thousands of yen.]
NUMBER OF HEAD OFFICES AND BRANCHES OF JAPANESE
BANKS.
Number
of
head
offices.
E n d of—
1913
1917
1918
1919
1920
E n d of July, 1921
•
2,155
2,114
2,088
2,062
2,039
2,036
Number Ratio of
branch
of
branches offices t o
head
and
agencies. offices.
3,153
3,891
4,181
4,589
5,097
5,277
1.5 to 1
1.8 to 1
2.0 to 1
2.2 to 1
2.5 to 1
2.6 to 1
Bills handled by Yoko- |
hama Specie Bank a n d i
Bank of Taiwan
Value of merchandise
Value of invisible i m p o r t s . .
Total value
Percent oftotalhandled by
Yokohama Specie Bank
and Bank of Taiwan
Bills handled by Yokohama Specie Bank and
Bank of Taiwan
Value of merchandise
Value of invisible exports..
Total value
Percent oftotal handled by
Yokohama Specie Bank
and Bank of Taiwan
1913
1918
1919
1920
445,094
729,432
159,200
888,632
1,890,836
1,668,144
319,000
1,987,144
2,145,557
2,173,460
410,600
2,584,060
1,758,464
1,758,464
443,700
2,202,164
50.0
95.2
83.0
79.9
459, 750
632,460
148, 700
781,160
2,357,084
1,962,101
894,600
2,856,701
2,058,304
2,098,873
915,000
3,013,873
i
2,077,939
1,948,395
761,000
2,709, 395
Bank resources show the same remarkable
growth for the period. At the end of 1913,
58.8
68.3
76.7
82.5
the paid-in capital of the 2,155 banks amounted
to 616,000,000 yen, while at the end of June,
1921, the capital of the 2,036 banks amounted
account is also taken of the amount
to 1,712,000,000 yen, an increase of 177 per of When
import
export bills of the other exchange
cent. Figures of the surplus of the banks banks, it and
is
easily
that a very large proshow a similar increase, from 218,000,000 yen portion of Japan's seen
international
financing is at
at the end of 1913 to about 594,000,000 yen at
present handled by native institutions. It is
the end of June, 1921.
impossible to bring the figures of the above
With the continuous increase of the capital table up to date, for since 1918 the foreign
of banks both the relative and absolute num- exchange business of the other exchange banks
ber of the smaller banking institutions de- has increased considerably and the exchange
creased. The number of banks with a capital
of less than 500,000 yen decreased from 1,755 • See the Japan Financial <fc Economic Monthly, January, 1923, p . 18.
JULY, 1923.
banks do not publish separately the number
and value of bills arising out of the trade of
Japan proper and of different countries. With
the increase in the participation of Japanese
banks in the financing of Japan's foreign trade,
the business of the branches of foreign banks
decreased from about 40 to 50 per cent of
Japan's total trade before the war to less than
20 per cent after the war.
Japanese discount market.—Another important change that has taken place in the Japanese money market since 1914 is the development of a discount market. Before 1914 surplus funds of Japanese banks were invested
largely in Government or private securities
which could be pledged with the Bank of Japan
as security against advances. The rapid
growth of the foreign trade of the country,
coupled with the inflow of large funds from
abroad, made the creation of a discount market
urgent. In order to facilitate the financing of
the country's foreign trade, the Bank of Japan
encouraged the use of bankers' acceptances and,
in cooperation with the exchange banks, a discount market was developed adequate to meet
the needs of the country. Most bankers' acceptances dealt in in the open market in Japan
are based on imports and only a comparatively
small percentage represent export transactions.
BANKING DEVELOPMENTS, 1919-1922.
Business prosperity in Japan and the continuous expansion of banking activities suffered a serious check early in 1920. The conclusion of the armistice in 1918 was immediately followed by a decline in the demand for
war materials, which resulted in a general
decrease of business activity throughout the
country, but the demand for other goods from
the former European belligerents and especially from the United States caused a revival
of industry and trade in 1919. Stimulated by
the demand for foreign goods, speculation in
securities and commodities grew rapidly and
prices of manufactured goods as well as of raw
materials rose steadily.
The money market reflected the general
economic condition of the country. Money at
the beginning of the year 1919 was comparatively easy and the ruling open-market rate in
Tokyo was 1.9 sen for 100 yen per day, or 6.94
per cent per annum. From about the middle
of May the demand for funds became brisk
and after July the open market rate rose to
7.3 per cent per annum. Loans of all banks,
807
FEDERAL RESERVE BULLETIN.
and especially of the Bank of Japan, increased
and the amount of notes in circulation rose
from 816,000,000 yen at the end of March, to
1,025,000,000 yen at the end of August, 1919.
The money stringency was somewhat alleviated
by the removal of the gold embargo in the
United States on June 9, 1919, which was
followed by a large inflow of gold to Japan,
as may be seen from the following table.
IMPORTATION OF GOLD INTO J A P A N .
Yen.
1919—January-June
July
August
September
October
November
December
None.
28,173, 693
49,997, 023
34,561, 708
30. 408, 910
51,348, 786
: . . . 131, 281,339
Most business men took the influx of gold
into Japan as a good omen for the future and
further increased their speculative activities.
As a result of this speculation the demand
for funds increased and money rates tightened.
To curb speculation and to give warning to
the public, the Bank of Japan raised its discount rate from 6.57 per cent to 7.3 per cent
on October 6, and then again to 8.03 per cent
on November 19, 1919. On November 22 the
Government issued a statement to the banks
throughout the country warning them to be
careful in the granting of loans. Despite these
warnings speculation continued during the
first month of 1920 and the number of new
companies increased more rapidly than ever
before. The value of new securities floated in
the first four months of 1920 amounted to
3,700,000,000 yen, as compared with 2,678,000,000 yen for the entire year 1918 and
250,797,000 yen for the year 1914. Imports
increased greatly, and in 1919 for the first time
since 1915 exceeded exports, and this unfavorable balance increased in 1920.
Business and speculative activity was suddenly checked in March, 1920, when a shortage
of loanable funds developed. The money
stringency was at first felt on the stock market,
with sudden breaks in security prices, both in
Tokyo and Osaka, the chief stock exchanges of
the country. How great the slump in the value
of securities was may be seen from the following
figures. The index of 120 leading securities
decreased from 250 in January to 165 in April,
and the volume of securities traded in declined
during the same period from 920,000 shares in
January, 800,000 shares in February, and
1,150,000 shares in March to 270,000 shares in
808
FEDERAL EESEEVE BULLETIN.
April. The fall in stock exchange values was
quickly followed by a drop in prices of all
commodities, but especially of silk and cotton.
Banks which had already overexpanded their
credit in many instances were unwilling to
grant additional loans, and their reluctance
mcreased with the failure of the Seventy-fourth
Bank of Yokohama and the consequent run
on other banks. As a result the money market
became very stringent, many business enterprises were forced to liquidate, and a general
business stagnation set in, followed by a
slackening in the demand for credit. To prevent the crisis from becoming more serious,
the Bank of Japan and the Government intervened to save those houses which had a good
credit standing and were only in temporary
difficulties. The Bank of Japan formed a
syndicate of the most important banks in
Osaka and Tokyo and extended liberal loans
to banks whose customers were in distress, and
the Government aided certain industries
through the Industrial Bank of Japan.
Operations of the Bank of Japan, 1920-1922?—
Bank of Japan figures for the years 1920-1922
reflect the general credit and business conditions of the country. The collapse of the
security and commodity markets in March,
1920, was followed by the liquidation of a large
number of business houses, a stagnation of
industry and trade, and a slackening demand
for credit from the private banks. These
banks were thus able to meet the credit demands of their customers without recourse to
the Bank of Japan, whose commercial accounts
in consequence show a decided decrease. As
in the case of the United States, the decreased
demand for funds upon the Central Bank was
not simultaneous with the decrease in prices.
While in the United States discounts of
Federal reserve banks started to decrease
about six months after the fall in prices
occurred, advances and discounts of the Bank
of Japan started to decline in June, 1920, or
about three months after prices started to
decline. (See table on p 810.)
The discount policy of the Bank of Japan
during the period of depression was different
from the practice followed by the Federal
reserve banks and the Bank of England.
While these institutions began to lower their
discount rates early in 1921, the Bank of
Japan has not up to the present time lowered
its discount rate from the high level put in
force in November, 1919.
2
For operations of the Bank of Japan, 1914-1919, see FEDERAL R E SERVE BULLETIN, August, 1919, p p . 731-734.
JULY, 1923.
A detailed analysis of the accounts of the
Bank of Jaj)an shows that there is a close
relation between the volume of operations of
the bank and the country's foreign trade.
The general experience of Japan in recent
years has been that a period during which the
trade balance is unfavorable is characterized
by an increase of bills discounted, by a decline
in deposits, and by an increase of notes in
circulation. Deposits are also influenced by
the total volume of foreign trade, and a shrinkage both in imports and exports is usually
followed by an increase in deposits of the
Bank of Japan. From the au um « f 1920
up to about October, 1921, Japane c foreign
trade decreased about 50 per cent j'rom its
1919 value, and during the same period deposits showed a similar increase.
Similarly, the amount of advances of the
Bank of Japan against foreign bills depends to
a large extent upon the foreign trade of the
country. An increase of imports and exports naturally gives rise to a larger number
of foreign bills, which are then tendered by the
exchange banks to the Bank of Japan as security
against advances. During the first half of
1920, when the foreign trade of Japan was
large, advances secured by foreign bills formed
a considerable part of the assets of the Bank of
Japan and at times were even larger than the
total amounts of discounted bills. With the
decline of Japan's foreign trade since the fall
of 1920 to May, 1922, advances of the Bank of
Japan against foreign bills decreased steadily,
reaching their lowest point of 9,500,000 yen in
February, 1922. The recovery of Japan's exports and the favorable balance of trade
which set in during the second half of 1922
resulted in an increase of the advances against
foreign bills.
Private banks.—Operations of the private
banks also reflect the general economic conditions of Japan. Total advances of all clearing
banks in Japan decreased from 4,837,000,000
yen at the end of March, 1920, to 4,377,000,000
yen at the end of October. Advances did not
show a greater decline, despite the stagnation
of industry and trade, because of the large
volume of frozen credits held by the banks
even as late as the end of 1922. It was
estimated by Japanese economists that during
1921-22 about 20 per cent of ail outstanding
loans and advances of private banks represented frozen credits granted before March,
1920, which could not be liquidated. Frozen
credits were also regarded as one of the main
causes of the failure of a number of banks of
JULY, 1923.
local importance at the end of 1922, when a
general banking crisis was avoided only by the
quick intervention of the Bank of Japan.
The assistance rendered by the bank is reflected
in the amount of bills discounted and in the
amount of notes outstanding. Bills discounted increased from 73,000,000 yen on
November 18 to 284,000,000 yen on December
16, 1922, while notes in circulation rose during
the same period from 1,069,000,000 yen to
1,345,000,000 yen.
The gold and currency situation.—Notes in
circulation in Japan, where payment by means
of checks has not reached the same stage of
development as in the United States, reflect to
a considerable extent prevailing business conditions of the country. The increased business activity of Japan and the inflation that
set in during 1915 caused the amount of notes
in circulation to increase rapidly. The Bank
of Japan is required by law to hold against
notes outstanding a reserve of gold and silver,
the total value of silver not to exceed onefourth of the entire cash reserve. In addition
to notes fully covered by specie, the bank may
issue notes to an amount not exceeding
120,000,000 yen, covered by Government
bonds, treasury notes, or commercial bills.
The amount of notes not secured by specie may
be further increased with the permission of the
Minister of Finance, but a tax of at least 5 per
cent must be paid against such notes in excess
of 120,000,000 yen.
Since the notes of the Bank of Japan in excess
of 120,000,000 yen must normally be secured
by specie, an increase or decrease of notes outstanding depends mainly upon the gold stock
of the bank. At the end of December, 1914,
the Bank of Japan had a note circulation of
386,000,000 yen, 219,000,000 yen of which
were covered by gold and 160,000,000 yen by
Government securities and commercial paper.
Thus, of each 100 yen of paper notes outstanding, 57 were covered by gold and 43 by securities. Since the beginning of 1916 large
amounts of gold were transferred to Japan by
the Allies and the gold stock of the country increased very rapidly, as may be seen by the
accompanying table.
The increase of the gold stock of Japan by
1,842,000,000 yen up to the end of 1920 is due
mainly to the country's large excess of exports
over imports, which for the four years 1915 to
1918 amounted to 1,408,000,000 yen. The
809
FEDERAL. RESERVE BULLETIN.
reason for the increase of gold held abroad by
869,000,000yenfromtheendofl916totheendof
1919 is largely to be found in the gold embargo
imposed by the United States on September 7,
1917. A considerable part of the gold kept
abroad was owned by the Government of
Japan, which had acquired part of this gold by
purchase from the exchange banks which were
unable to utilize the large balances abroad for
commercial purposes in Japan. The flow of
gold to Japan from its balance accumulated
during the war continued even during 1919-20,
despite the large excess of merchandise imports.
GOLD STOCK OP J A P A N .
[In millions of yen.]
Date.
E n d of—
1914
1915
1916
19171
1918
1919
1920
1921
•1922 . . .
1923'
1
Owned
Owned by Japin Held Total
by Bank anese Held
gold
of Japan. Govern- Japan. abroad. stock.
ment.
292
362
452
470
733
1,000
1,294
1,289
1,163
1,150
49
150
262
337
855
1,051
889
791
667
647
129
137
228
238
453
702
1,107
1,225
1,215
1,204
212
375
486
569
1,135
1,355
1,076
855
615
593
341
512
714
807
1,588
2,057
2.183
2,180
l,83o
1,797
End of May figures.
After January, 1921, the gold stock of Japan
started to decline, owing mainly to the unfavorable balance of trade and partly also to the
purchase of British securities. The transfer
of gold from Japan to other countries was
effected first through the sale of gold owned by
the Government, for the gold stock of the Bank
of Japan continued to increase until May, 1921.
Thus, while in 1921 the gold stock of the Bank
of Japan decreased by 6,000,000 yen, gold
owned by the Government decreased by 93,000,000 yen. During 1922, however, the gold
reserve of the Bank of Japan decreased by
126,000,000 yen and that of the Government
by 124,000,000 yen, the total decrease for the
year being 250,000,000 yen. From December,
1920, to the end of April, 1923, the gold stock
of Japan decreased by 381,000,000 yen.
The inflow of gold into Japan during and
immediately after the war and the consequent
increased gold reserve of the Bank of Japan
is reflected in the rise of its ratio of gold to
notes, in spite of the rapid increase in circulation, as may be seen from the following table:
810
FEDERAL RESERVE BULLETIN.
GOLD RATIOS OP THE BANK OF JAPAN.
Ratio
Ratio of
of gold
gold to
to
notes
Ratio
Ratio notes
outof gold standof gold outto
to
standing,
ing,
Year and month. notes private Year and month. notes
outoutprivate
and
stand- governstandand
ing.
ing. government
ment
deposdeposits.
its.
JULY.
specie. Since September, 1921, the ratio has
remained more or less stable.
The ratio of total gold held by the Bank of
Japan to deposits and note liabilities combined
showed a continuous upward movement up to
July, 1922, when it began to decrease. The upward and downward movements of the ratio
are to a considerable extent influenced by Government deposits, which are much larger than
private deposits.
ACCOUNTS
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..
74.03
83.62
87.31
87.77
85.45
72.44
74.09
75.14
74.15
71.92
73.71
72.32
I
71.27
i 71.65
76.68
72.79
75.79
78.94
85.19
92.38
97.89
100.42
107.38
96.31
35.62
37.59
37.42
37.24
35.99
34.24
34.94
35.22
35.39
35.67
36.85
37.99
1921.
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
37.71
37.96
38.96
36.98
37.08
40.34
42.63
44.78
48.69
50.80
51.15
50.71
1922.
January...
February..
March
April
May
June
July
August
September.
October
November.
December.
118. 70
115.80
111.10
108.50
110.50
90.90
54.95
56.60
57.40
56.50
57.40
57.00
57.40
57.40
56.80
55. 70
58.30
54.20
97.70
105.50
106.80
110.90
117.70
105.10
110.05
109.60
102. 70
100.80
102.60
84.5
55.30
56.20
57.80
63.60
66.50
64.70
66.20
64.80
60.90
59.50
58.30
52.70
109.00
114.10
122.20
121.10
125.70
116.50
It is seen that with the exception of the
period, 1919 to August, 1920, the notes of the
Bank of Japan were almost entirely covered
by gold. The decrease in the ratio of gold to
notes in circulation of the year 1919 and the
first half of 1920 was caused by the increase in
note circulation required by the growth of business activity and speculation during the latter
half of 1919 and the first quarter of 1920, and
by the aid extended by the Bank of Japan after
the collapse in prices in March, 1920. The
continuous rise in the amount of notes outstanding ahd the decrease in the reserve ratio
were among the main factors which induced
the Bank of Japan to increase its discount rate
twice at the end of 1919 and caused the Government at the end of 1919 to increase the tax
on unsecured notes in excess of 120,000,000 yen
from 6 to 7 per cent. Despite these measures
the ratio of gold to notes continued to decline
until May, 1920, when it turned upward and
increased rapidly, so that in September of that
year the notes were again fully covered by
1923.
OP THE B A N K
OP JAPAN.
[In millions of yen.]
Advances
on se-
Bills
Notes in Govern- Other
circula- ment de- depostion.
its.
posits.
Ad-
eien
bills.
1919.
Tan. 18
Feb. 15
Mar. 15
Apr. 19
May 17
June 14
July 19
Aug. 16
Sept. 13
Oct. 18
Nov. 15
Dec. 13
326.8
313.8
309.4
268.9
279.2
336.9
344.9
348.4
297.1
253.8
273.0
293.6
44.7
21.6
12.8
13.6
30.8
67.0
42.6 i
71.8
100.6
90.3
66.4
107.5
46.1
47.8
47.4
55.7
58.0
58.0
48.9
56.6
55.9
55.1
51.7
47.1
31.6
31.2
31.2
31.5
32.8
33.7
49.6
48.1
60.8
110.3
97.0
96.0
901.2
1,013.9
1,081.2
790.6
786.1 1,056.3
782.2 1,098.1
951.1 1,039.1
940.1 1,053.5
967.6 1,095.4
1,000.6 1.117.8
1,092.2 1.110.2
1,090.1 1.094.9
1,185. 6 1.094.3
112.7
45.2
33.5
43.8
29.9
43.0
39.1
41.0
39.9
34.8
31.3
43.3
1920
Jan. 17
Feb. 14
Mar. 13
Apr. 17
May 15
June 12
July 17
Aug. 14
Sept. 18
Oct. 16
Nov. 13
Dec. 18
289.6
323.1
301.9
287.7
302.4
250.0
228.3
199.2
102.8
90.5
89.0
85.4
125.1
188.1
197.7
349.8
369.0
308.5
237.6
174.5
131.3
102.3
74.5
94.1
55.6
55.8
62.0
52.8
51.9
52.1
45.3
47.3
43.9
50.6
49.2
50.6
76.1
91.2
88.8
84.4
94.3
94.2
89.6
93.1
99.0
97.8
157.1
192.9
1,227.8
1.294.8
1,187.3
1,210.0
1,180.5
1,203.5
1,125.3
1,089. 2
1,039.5
1,068.7
1,032.4
1.144.9
1,085.3
1,136.7
1,158.7
1,167.3
1,177.6
1,101.4
1,094.8
1,093.4
1,044.1
969.5
1,088.8
990.4
117.8
37.8
25.5
65.5
119.5
80.8
93.6
71.3
55.8
114.5
105.2
160.9
52.8
52.1
40.8
41.1
38.2
37.9
29.1
23.1
21.3
30.4
12.0
28.9
58.6
51.8
44.5
42.4
33.6
38.3
35.4
44.3
29.3
65.4
62.0
72.3
45.8
46.6
42.5
38.3
36.0
36.0
35.6
35.8
35.9
36.1
36.1
36.0
196.6 1,102.0
175.5 i 1,042.5
186.6 1,003.2
194.1 1.017.8
992.5
193.1
202.4 1,073.1
190.8 1,048.9
190.0 1.105.9
203.4 1,075.5
192.3 1,132.5
193.4 1,120.7
196.9 1,205.3
982.0
971.1
1,012.5
1,074.5
1,107.4
1,053.8
1,047.4
1,063.4
1,043.0
1,076. 3
1,046.8
992.2
209.0
235.0
190.9
161. 5
144.5
107.6
128.0
42.1
97.7
37.9
38.9
33.9
35.6
56.8
62.6
79.2
154.4
94.4
96.2
68.5
92.0
73.5
70.9
73. 3
2S4.0
36.0
36.3
36.8
27.6
37.7
39.6
36.8
37.7
36.9
37.6
36.7
37.5
188.2
229.9
238.9
258.9
275.2
326.6
298.5
202.6
300.4
296.5
308.1
327.3
1.202.2
1,108.4
1,097. 2
1,114.6
1,057.5
1,183.4
1,150.1
1,101.8
1.103.3
1,104.8
1,068.9
1, 345. 5
928.3
970.4
997.6
892.6
785.3
695.4
718.6
759.4
748.3
773.9
806.7
7S1.8
63.7
71.9
50.0
38.3
56.7
60.3
60.1
39.2
61.7
42.2
53.7
70.0
899.5
827.7
1921
Jan. is
Feb. 19
Mar. 19
Apr. 16
May
14
June 18
July 16
Aui
Sept.
Oct.
Nov.
Dec.
13
17
15
19
17
1922
14
18
18
15
13
17
15
AUK. 19
Sept. 16
Oct. 14
Nov. 18
Dec. 16
Jan.
Feb.
Mar.
Apr.
May
June
July
9.5
25.9
46.1
34.5
51.3
86.0
65.8
94.0
102.4
112.3
151.fi
JULY,
811
FEDERAL, RESERVE BULLETIN.
1923.
PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEX.
The general movement of wholesale prices in the United States and foreign countries during
May was toward somewhat lower levels. In France the index number fell 5 points, in the United
States and England 2 points, and in Canada 1 point. Japan was an exception, prices in that
country having continued to advance.
When computed on a gold basis, prices in these foreign countries showed the same trends
as in their respective currencies, since foreign exchange rates varied but slightly during May
from the April averages.
As in April, the prices of those commodities which enter into foreign trade show a more
marked decrease in all countries than domestic goods, although in France a decline in domestic
goods was likewise noticeable. In the United States there was furthermore a marked decline in
the raw-materials group, which was caused by the fall in prices of metals and farm products.
Declines in the prices of metals and minerals in all countries, together with a fall in cotton,
rye, and wheat prices, were the determining factors in the movements of the index numbers.
INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
1913 = 100
600
600
!
550
550
500
«0
i
400
350
300
/
>•
r '\\
\\
*\\
\
\\
V
\
200
175
500
4-50
400
y- '
300
*-
• - . - - •
250
ENGU
s
\ .
350
•^FRt HCE
200
JAPAN/ S
...... ••
175
. . . . . . .
| CWAM\
150
150
*•
\
uV/TED STAT£i
125
125
100
J. F. M:A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S O . N. D. J. F. M A . M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M.A.M. J. J. A. S.
1919
1920
1921
1922
1923
100
812
FEDERAL RESERVE BULLETIN.
The tables below give the all-commodities
and group index numbers of wholesale prices in
the five countries included in the Federal Reserve Board's international index. In the
first table the all-commodities index for each
country is shown both in terms of the respective
JULY,
1923.
currencies and "converted to a gold basis."
The latter figures take into account the depreciation of
foreign currencies in terms of
the American dollar and indicate relative price
levels in the several countries when all prices
are expressed in dollars.
INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD.
Converted to gold basis.
Based on prices in respective currencies.
Year and month.
United
States.
1922, average
1922.
England. France. Canada.
July
1923.
February
April
Way
Japan.
100
174
124
126
100
199
223
150
147
100
isi"
182
100
218
237
159
152
154
153
154
149
144
145
147
147
183
187
195
187
179
174
172
173
158
161
165
165
164
165
164
164
157
155
156
154
150
148
151
157
143
138
131
123
117
112
109
118
152
151
152
149
144
145
147
146
174
179
187
179
171
168
167
170
148
152
155
156
155
176
183
185
185
187
165
166
169
169
167
160
164
169
169
166
112
113
122
126
124
147
150
152
163
152
172
178
180
181
184
100
241
314
201
167
100
207
250
167
149
100
478
321
298
158
161
165
165
164
165
164
164
171
169
171
168
165
163
165
166
302
304
307
298
294
294
307
315
165
166
169
169
167
167
170
175
177
175
324
355
373
365
360
100
United England. France. Canada.
States.
100
211
239
148
157
100
211
239
148
157
I
May
Japan.
175
175
GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.*
Countries and commodity
groups.
1923
1922
May.
Apr.
Mar.
Feb.
May.
All commodities...
Goods produced...
Goods imported...
Goods exported...
Raw materials
Producers' goods..
Consumers' goods.
167
162
155
179
176
167
158
169
165
156
186
181
169
158
169
164
154
193
184
165
155
All commodities
Goods produced
Goods imported
Goods exported
Haw materials
Producers' goods..
Consumers' goods..
175
175
167
189
179
159
177
177
176
170
191
180
161
180
175
174
169
185
178
158
179
170
168
166
172
171
153
177
153
155
169
146
191
360
348
420
367
413
307
326
365
354
420
383
411
317
335
373
359
442
400
419
318
355
342
420
384
397
293
343
302
305
288
279
322
226
333
Countries and commodity
groups.
1922
1923
May.
Apr.
Mar.
Feb
155
152
171
148
144
169
166
156
153
173
152
143
168
170
155
152
173
151
141
166
173
152
149
170
146
139
164
167
154
153
157
154
145
147
168
187
188
180
213
190
189
185
185
185
186
214
192
188
180
185
184
193
212
194
190
178
183
183
184
214
192
186
177
18S
188
157
183
164
182
194
May.
CANADA.
UNITED STATES.
166
162
146
187
182
156
154
158
155
119
155
164
137
160
All commodities...
Goods produced...
Goods imported
Goods exported...
Eaw materials
Producers' goods..
Consumers' goods.
171
All commodities...
Goods produced...
Goods imported...
Goods exported...
Raw materials
Producers' goods...
Consumers' goods.
JAPAN.
175
FRANCE.
All commodities..
Goods produced.
Goods imported..
Goods exported..
Raw materials..
Producers' goods..
Consumers' goods.
1
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.
813
FEDERAL RESERVE BULLETIN.
JULY, 1923.
WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES.
In order to give a more concrete illustration of actual price movements in the United
States, there are presented in the following table monthly actual and relative figures for certain
commodities of a basic character. The prices have in most cases been obtained from the
records of the United States Bureau of Labor Statistics. This table is published in the
BULLETIN at quarterly intervals.
[Average price for 1913=100.)
Corn, No. 3,
Chicago.
Year and
month.
Wheat, No. 1,
Cotton, middling, northern
spring,
New Orleans.
Minneapolis.
Wheat, No. 2,
red winter,
Chicago.
Cattle, steers,
good to choice,
Chicago.
Hides, packers,
heavy native
steers, Chicago.
Hogs, light,
Chicago.
Average
price per
bushel.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
100
pounds.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
100
pounds.
$0.616
.683
.722
.812
1.620
1.S22
1.580
1.397
.565
.614
100
111
117
132
263
247
257
227
92
100
$0.127
.113
.096
.141
.226
.312
.319
.330
.141
.204
100
89
76
111
178
246
251
260
111
161
$0.874
1.003
1.306
1.411
2.325
2.191
2.566
2.558
1.466
1.345
100
115
150
162
266
251
294
293
168
154
$0,986
1.005
1.307
1.351
2.278
2.210
2.537
2.523
1.435
1.238
100
102
132
137
231
224
239
256
146
126
$8,507
9.039
8.702
9.573
12.809
16.368
17.496
14.486
8.780
9.438
100
106
102
113
151
192
206
170
103
111
$0,184
.196
.242
.262
.327
.300
.393
.312
.139
.180
100
107
132
142
178
163
214
170
76
98
$8. 454
8.382
7.187
9.400
15. 459
17.663
18.326
14.711
8.891
9.727
100
99
85
111
183
209
217
174
105
115
April
May
June
July
August
September...
October
November...
December...
.576
.609
.601
.637
.617
.627
.686
.717
.722
94
99
98
103
100
102
112
117
117
.168
.194
.217
.221
.216
.209
.221
.255
.254
132
153
171
174
170
164
174
201
200
1.563
1.589
1.419
1.423
1.186
1.085
1.132
1.218
1.251
179
182
143
148
135
124
130
139
143
1.391
1.356
1.160
1.152
1.057
1.071
1.177
1.273
1.325
141
137
118
117
107
109
119
129
134
8.406
8.615
8.863
9.700
10.375
10.713
10.245
10.500
10.581
99
101
104
114
122
126
120
123
124
.134
.146
.168
.182
.201
.213
.227
.228
.204
73
79
91
99
109
116
123
124
111
10.500
10.660
10.600
10. 695
9.656
9.694
9.430
8.206
8.269
124
126
125
127
114
115
117
92
98
1923.
January
February
March
April
May
June
.698
.724
.727
.785
.805
.834
113
118
118
128
131
136
.273
.290
.305
.284
.268
.286
215
228
240
223
211
225
1.221
1.241
1.232
1.279
1.250
1.139
140
142
141
146
143
130
1.258
1.360
1.321
1.320
1.289
1.189
128
138
134
134
131
131
9.780
9.356
9.263
9.015
9.538
10.313
115
110
109
106
112
121
.200
.199
.193
.188
.187
.163
109
108
105
102
101
89
8.395
8.069
8.344
8.250
7.619
7.075
99
95
99
98
90
84
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
Relative
price.
1922.
Wool, Ohio, 1 - |
grades, scoured,
eastern markets.
Year and
month.
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
Coal, bituminous, Coal, bituminous,
run of mine, f. o. b. Pocahontas, t. o. b. Coke, Connellsspot at mines,
spot at mines,
ville, at furnace.
Pittsburgh.
Columbus.
Average
price per Rela- Average
M feet
tive price per
manufac- price. short ton.
tured.
Rela- Average Rela- Average Relative price per tive price per tive
price. short ton. price. short ton. price.
Average
price per
pound.
Relative
price.
$0.471
.440
.57i
.680
1.145
1.439
1.189
.971
.508
.782
100
93
121
144
243
306
248
203
108
166
S44.591
42. 750
39.591 !
39.375
50 909 '
60.750
78.833
145.417
93. 708
94.583
100
9(5
89
88
114
136
177
326
210
212
$1,320 |
6.043
2.203
2.813
458
167
213
5.889
3.180
4.048
.727
.727
.746
.818
.818
.836
.836
.946
.946
154
154
158
174
174
178
178
201
201
95.500
90.000
90.000
92.500
92.500
92.500
92. 500
100.500
102.500
214
202
202
207
207
207
207
225
230
2.000
152
4.600
3. 675
3.163
2.725
.982
1.000
1.000
1.018
1.018
.982
205
209
209
213
213
205
102.500
102.250
105. 250
110. 250
110.250
110.250
230
229
236
247
247
247
3.319
2.838
2.450
2.000
2.O60
2.125
j
1
1922
April
May
June
July
August
September...
October
November...
December...
1923.
January
February
March
April
May
June
Yellow pine,
flooring,
New York.
1
• Toledo market average for last 6 months of 1913
'$1,571
Copper, ingot,
electrolytic,
New York.
Average
price per
pound.
Average
price per
100
85
$0,044
.039
.046
.068
.091
.074
.058
.081
.046
.058
100
88
104
155
207
169
131
184
104
132
.051
.055
.058
.058
.059
.062
.067
.072
.073
116
125
132
132
133
140
151
165
166
.078
.082
.085
.083
.074
.072
178
185
193
188
168
164
375
202
258
100
74
73
133
338
246
194
443
149
293
$0,157
.134
.173
.275
.294
.247
.191
.180
.126
.134
349
278
240
206
1.975
2.750
3.036
4.955
5.688
5.750
5.938
6.125
6.038
126
175
210
315
362
366
378
390
384
4.475
6.000
6.750
10.750
12.800
11.125
9.800
7.188
7.000
183
246
277
441
525
456
402
295
287
.126
.132
.136
.137
.138
.138
.13?
.136
.141
80
84
86
87
87
87
87
87
90
251
215
186
152
156
161
6.619
4.775
4.500
4.225
4.075
4.006
421
304
286
269
259
255
8.250
7.125
7.313
6.313
5.150
4.750
338
292
300
259
211
195
.146
.155
.169
.169
.156
.148
93
98
108
108
99
94
100
Relative
price.
Relative
price.
$2.440
1.808
1.785
3.246
8 250
6.000
4.7.38
10.816
3.636
7.136
100
Lead, pig,
desilverized,
New York.
no
175
187
157
122
114
80
85
pound.
814
FEDERAL EESERVE BULLETIN.
JULY, 1923.
WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES—Continued.
Year and
month
P i g iron, basic,
Petroleum, crude, M a h o n i n g a n d
Pennsylvania,
Shcnango Valley,
at wells.
at furnace.
Cotton yarns,
northern cones,
10/1 Boston.
Average Relaprice per tive
long ton. price.
Average Relaprice per tive
pound.
price.
Average Relaprice per tive
barrel.
price.
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1922.
April
May
June
July
August
September...
October
November...
December,..
1923.
January
February
March
April
May
Steel billets,
Bessemer,
Pittsburgh.
Steel plates,
tank. Pittsburgh.
Average
price per
long ton.
Relative
price.
Average
price per
pound.
Relative
price.
100
89
78
120
179
271
241
282
131
163
$0. 282
.302
.309
.388
.535
.484
.528
.534
.358
.3.50
100
107
110
138
190
172
187
189
127
124
825.789
20.078
22.441
43.946
69.856
47.300
40. 539
56.260
34.385
33.990
100
78
87
170
271
183
157
218
133
132
$0. 015
.012
.013
.032
.056
.032
.027
.033
.019
.017
100
78
86
219
376
219
183
222
130
117
$30.000
30.000
30.000
33.333
40.000
56.150
49.264
53. 827
45.054
40.692
100
100
100
111
133
187
164
179
152
136
. 350
.350
.360
.350
.350
.350
.350
.350
.350
124
124
128
124
124
124
124
124
124
29.500
34 000
35.000
35.000
36.100
39.500
40.000
37.750
36.500
114
132
136
136
140
153
155
146
142
.015
.016
.016
.017
.019
.021
.021
.020
.020
100
105
108
115
127
142
142
135
132
40.000
40.000
40.000
40.000
40.000
40.000
42.250
43.000
43.000
133
133
133
133
133
133
141
143
143
37.300
39.625
44.375
45.000
44.600
42.625
145
154
172
175
173
165
.021
.022
.024
.025
.025
.025
139
151
162
169
169 •
169
43.000
43.000
43. non
43.000
43.000
43.000
143
143
143
143
143
143
$14,706
12.873
13. 741
19. 768
38 904
32.509
27.697
42.269
21.668
24. 264
100
88
93
134
265
221
188
287
147
165
3.250
3.250
3.500
3.313
3.000
3.000
3.000
3.000
3.000
133
133
143
135
122
122
122
122
122
20.000
24.600
25.000
24.250
26.600
32.625
30.900
27.750
24.813
13-3
167
170
165
181
222
2J0
189
169
.314
.331
.360
.378
.387
.373
.391
.420
.430
142
150
163
171
175
168
177
190
192
3.370
3.944
4.000
3.875
3.400
3.125
138
161
163
158
139
128
25.800
26.250
30.125 1
31 000
29.000
27.375
175
179
205
211
197
186
.435
.448
.462
.448
.423
.412
197
203
209
202
191
ISfi
I
Year and
month.
Beei", carcass,
good native
steers, Chicago.
Average Relaprice per tive
long ton. price.
Relative
price.
100
78
62
101
131
162
169
244
135
130
Worsted, yarns,
2-32's crossbred,
Philadelphia.
Steel rails,
open-hearth,
Pittsburgh.
Average
price per
pound.
$2,450
1.917
1.529
2.483
3 200
3.974
4.135
5.975
3.314
3.173
JO 221
.197
.173
.265
.397
.600
.534
.625
.290
.361
L e a t h e r , sole,
h e m l o c k , N o . 1,
Chicago.
Flour, wheat,
Coffee, Rio, No. 7, standard patents,
New York.
Minneapolis."
Hams, smoked,
Chicago.
Illuminating oil,
150° fire test,
New York.
Sugar,
granulated,
New York.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
barrel.
Relative
price.
Average
price per
gallon.
Relative
price.
Average
price per
pound.
$0,777
.640
.788
1.050
1.556
2.109
1.627
1.825 •
1.179
1.413
100
82
101
135
200
272
210
235
152
182
$0.130
.136
.129
.138
.167
.221
.233
.230
.163
.150
100
105
100
107
129
171
180
178
126
116
$0. I l l
.082
.075
.092
.093
.097
.179
.120
.072
.103
100
73
67
83
83
88
160
108
65
92
$4,584
5.096
6.663
7.264
11.391
10.131
11.998
12.675
8.326
7.282
100
111
145
158
249
221
262
277
182
159
$0.166
.167
.153
.185
.252
.318
.343
.334
.268
.264
100
100
92
111
152
191
207
201
161
159
$0.123
.120
.121
.122
.124
.170
.200
.263
.243
.208
100
97
98
99
101
137
163
213
197
169
$0.043
.047
.056
.069
.077
.078
.089
.127
.062
.059
100
110
130
161
181
183
209
297
144
139
1922.
April
May
June
July
August
September...
October
November...
December...
1.300
1.350
1.427
1.400
1.400
1.450
1.500
1.650
1.650
167
174
184
180
180
187
193
212
212
.145
.145
.145
.148
. 155
. 155
.155
.153
.155
112
112
112
114
120
120
120
120
120
.108
.110
.110
.104
.100
.102
.102
.108
.111
97
99
99
93
90
92
92
97
100
8 114
8.060
7.500
7.788
6.995
6.344
6.435
6.713
6.775
178
176
164
170
153
138
140
146
148
.309
.313
.313
.301
.264
.235
.232
.213
.206
185
188
188
181
159
141
140
128
124
.202
.199
.200
.200
.200
.202
.215
.220
.220
164
161
162
162
162
164
174
178
178
.052
.053
.059
.066
.067
.063
.066
.068
.069
122
123
138
155
157
146
154
160
162
1923.
January
February
March
April
Mav
June
1.700
1.750
1.750
1.750
1.800
1.800
219
225
225
225
232
232
.154
.148
.145
.145
.145
.151
119
114
112
112
112
117
.119
.130
.130
.115
.116
.117
107
117
117
104
104
103
6.630
6.713
6.625
6.956
6.720
6.283
145
146
145
152
147
137
.202
.203
.200
.212
.211
.211
122
122
124
128
127
127
.220
.220
.220
.218
.210
.210
178
178
178
176
170
170
.067
.073
.080
.092
.094
.092
158
171
201
215
220
215
Average
price per
pound.
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
2
*Grade in 1918 is "standard war" instead of ''standard patents."
Relative
price.
815
FEDEEAL RESERVE BULLETIN.
JULY, 1923.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
ALL-COMMODITIES INDEX N U M B E R S . '
Bul- Czechoslogaria;
Dengium; General vakia; mark;
Minis- | Statis- Central Finanst r y of
tical Bureau tid- ;
Labor. 2 ! Buof Sta- ende.
reau. tistics.'
(126)
(128)
(38)
(33)
I BelYear and month.
!
!
!
I
1913.
1914.
1919.
1920.
1921.
1922.
15
May
June
July
August
September..
October
November..
December..
|
100
100 i
103
1211,166
I 1,940
2,008
367
2,473
France;
General
Statistical
Bu-'
reau.4
Germany;
Frankfurter
Zeitung.'
(45)
(98)
Nether-1 Norway Poland;
lands;
(ChrisCentral Mania);'. Central
Bureau Oekon- Statistical 4
of Sta-!
omisk
tistics.7 Revue.8 Office.
(92)
(53)
(58)
Spain; Sweden;
Institute of Goteborgs Sweden;
Han- Board
of
raphy
delsTrade.
and
tidStaning.™
tistics ?
(160)
(47)
(74)
11
'3 100
116
330
347
211
162
100
1,355
•' 100
294
382
250
179
100
101
356
510
345
327
100
105
297
281
181
160
21 H 5 ;
21 322 I
382 j
298 I
233 '
1,376
100
101
204
221
190
176
165
167
162
155
153
156
158
158
231
230
232
227
225
221
221
220
786
877
1,016
1,358
1,524
2,013
2,756
3,464
178
178
175
175
174
172
174
172
164
164
165
163
158
155
154
155
175
174
173
173
170
169
163
163
159
158
164
163
220
224
229
231
233
5,487
8,591
9,885
10, 589
11,254
170
170
171
174
156
158
162
159
158
163
165
163
168
166
l«100
348
356
360
360
364
385
408
407
2,695
2,436
2,489
2,526
2,531
2,558
2,564
2,630
1,471
1,464
1,386
1,155
1,059
1,017
999
1,003
179
180
180
178
176
180
182
181
317
325
325
331
329
337
352
382
434
474
482
480
474
2,657
2,666
2,828
2,757
2,613
1,019
1,028
1,031
1,029
1,000
192
199
200
204
202
387
422
424
415
407
409
20 1
359
218
173
1923.
January.
February.
March
April
May
June
EUROPE—continued.
Year and month.
1913.
1914.
1919.
1920.
1921.
1922.
May
June
July
August
September..
October....
November..
December..
1923.
January.
• February.
March
April
May
June
7,159
6,770
6,425
8,237
14.639
39,S98
ASIA AND OCEANIA.
NORTH AMERICA.
AusChina ! D u t c h India
United
United
tralia;
East
United States; Canada; Bureau (ShangSwitzer- King- United
Kinghai); j Indies;
Bureau
Departdom;
Kingland;
of
Cendom;
Minis!
StatisDr. J. Board Econo- dom; 4 of Labor | ment of sus and
t r y of i tical ment of
Sta- : Labor.w
of
Lorenz.3
mist. Statist. tistics.
Statisj
StaFi- : B u Trade.
tics. 4
tistics.4 nance. 2 3 reau.
(147)
(404) ; (271)
(92)
(45)
(44)
(75)
(150)
(71)
(17
100
100
101
242
295
188
155
100
98
206
220
147
149
100
101
217
246
182
165
•MOO
180
218
167
154
22320
195
166
307
197
159
100
99
235
283
181
159
160
161
163
163
163
169
170
175
161
160
160
156
154
155
158
156
182
163
163
158
156
158
159
158
159
159
157
152
150
153
153
152
148
150
155
155
153
154
156
156
167
165
166
164
163
162
164
165
181
186
187
157
153
160
161
159
161
163
163
164
164
153
155
156
157
155
156
157
159
159
156
165
166
167
IBS
169
1
The number of commodities or quotations
in each index is indicated by figures in parenthesis
at head of each column.
2
Average of last half o) month.
a
Figures-as
of the first of the following month.
1
End of month.
5
Average
for
the monl .
6
38 commodities prioi to 1920: 76 commodities during 1921. End of month.
4
I
!
I
!
100 I
1 8 0 ••
100
95
236
259
200
196
100
104
178
212
201
177
"100
225
299
171
145
164
164
167
163
160
160
160
160
187
183
181
178
176
177
178
176
194
197
201
195
193
190
188
183
177
175
177
177
174
174
175
172
141
139
138
139
138
140
144
147
161
172
174
179
180
1S1
178
177
184
192
193
193
199
171
172
173
174
141
137
136
133
134
> 133
140
145
146
100
99
217
275
176
164
155
150
157
155
15S
159
162
161
146
144
145
142
139
143
143
149
163
161
163
167
153
158
159
158
1W
7
Based upon price of 52 commodities during
1920: 53 during 1921.
* E n d of year a n d end of m o n t h .
9
1 5 t h of t h e m o n t h .
i» Middle of m o n t h .
121913avera?e=l.
ls
July 1,1913, t o J u n e 30, 1914=-100.
14
Corresponding m o n t h in 1913= 100.
" A p r i l , 1914=100.
'« July. 1914-100.
(56)
South
New
Zealand;
Depart- Department of ment of Census
StatisStatis- Statistics. 1 '
tics.
tics.
(187)
(106)
(23)
2
11
'8
20
«100 i
198
204 ;
181 I
July 1,1912, t o J u n e 30, 1914—30?.
J u l y , 1914=1.
J a n u a r y , 1914=1.
21
December figure.
:
- J a n u a r y figure.
23
As of last Wednesday i n m o n t h .
24
F e b r u a r y , 1913= 100.
26
E n d of J u l y , 1914=100.
27
J a n . 1,1913, t o July 31, 1914=100.
S!
S e p t e m b e r figure.
100
170.
231
166
133
!
.
!.
'.
13:.
816
FEDEKAL EESERVE BULLETIN.
The foreign index numbers published on the
preceding page are constructed by various
foreign statistical offices and are sent to the
Federal Reserve Board by cable. References
to the BULLETINS in which these are described
may be found in the January, 1923, issue.
Index numbers showing the price levels of
separate groups of commodities in the United
States and a few foreign countries are presented
below and on the following pages. Group index
JULY, 1923.
numbers for the other countries are published
only occasionally, but such figures may be
obtained from the Division of Research and
Statistics at any time upon request.
A comparative summary table showing the
board's international index for the United
States, England, France, Canada, and Japan
appears on page 812. Group index numbers,
computed as part of this international series,
will also be found on that page.
GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY
FEDERAL RESERVE BOARD.
Eaw materials.
Year and month.
Agricul- Animal
Total
Forest Mineral
matural
products. products. products. raw
terials.
products.
(21)
(21)
(11)
(35)
(88)
1913
1919
1920
1921
1922
100
251
255
134
145
100
221
186
110
125
100
211
311
165
185
100
179
236
184
207
100
217
228
142
152
146
147
138
136
147
160
161
122
123
130
127
132
132
129
128
174
186
188
191
199
204
207
210
164
170
174
172
167
125
123
123
123
122
215
220
227
232
226
Producers'
goods.
(117)
ConAU
sumers' commodigoods.
ties.
(199)
(404)
100
179
215
158
135
128
100
211
231
159
151
100
206
226
147
149
202
211
241
261
236
218
209
208
157
159
171
173
168
166
166
167
125
127
129
129
132
135
136
135
150
151
152
149
150
152
155
157
148
150
155
155
153
154
156
156
213
207
202
198
189
168
167
167
166
161
136
141
148
150
148
155
155
156
157
156
156
157
159
159
156
1922.
May
June
July
October
December
1923.
January
March
May
G R O U P INDEX NUMBERS—UNITED STATES—BUREAU O F LABOR STATISTICS.
Year and month.
1913
1919
1920
1921
1922
.
Farm
products.
Foods.
(56)
(110)
House
Cloths Fuel and Metals
Building Chem- furnishand
and
mate- icals and ing
lighting.
metal
clothing.
drugs.
products. rials.
goods.
(65)
(20)
(37)
(41)
(43)
(31)
All
Miscellaneous. commodities.
(25)
(404)
100
231
218
124
133
100
207
220
144
138
100
253
295
180
181
100
181
241
199
218
100
162
192
129
122
100
201
264
165
168
100
169
200
136
124
100
184
254
195
176
100
175
196
128
117
100
206
226
147
149
132
131
135
131
133
138
143
145
138
140
142
138
138
140
143
144
175
179
180
181
183
188
192
194
216
225
254
271
244
226
218
216
119
120
121
126
134
135
133
131
160
167
170
172
180
183
185
185
122
122
121
122
124
124
127
130
176
176
173
173
173
176
179
116
148
150
155
155
153
154
156
156
143
142
143
141
139
141
141
143
144
1«
196
199
201
205
201
218
212
206
200
190
133
139
149
154
152
188
192
198
204
202
131
132
136
136
134
184
184
185
187
187
124
126
1922.
May
July
October
December.
182
114
114
115
116
120
122
122
1923.
February...
March
April
May
127
126
125
156
157
159
159
156
817
FEDERAL RESERVE BULLETIN.
JULY, 1923.
GROUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN COUNTRIES.
FRANCE.!
UNITED KINGDOM—BOARD OF TRADE.i
June,
1923.
Groups.
Allfoods
Vegetable foods
May,
1923.
Textiles..
June,
1922.
409
389
400
346
449
407
384
409
311
485
415
393
413
322
498
325
341
363
318
334
536
406
537
403
530
416
372
322
425
367
AH industrial material.
April,
1923.
425
377
433
390
313
255
325
357
349
368
338
300
261
27K
341
G E R M A N Y — F E D E R A L STATISTICAL B U R E A U . ?
Goods produced
.
. . . 17,029
31,166
8,170
7,0X4
13,601
5,212
4,761
7,466
70
65
14
13
95
16
May,
1923.
Groups.
June,
1921.
All commodities
Total food
Cereals
Meats and fish
Other foods
Total, not food
Iron and steel
Other m i n e r a l
metals
Cotton
Other textiles
Other articles
and
14,639
12,575
27,640
17,577
10,924
10,233
8,237
7,003
14,066
10,186
6,844
5,903
83
110
122
69
73
94
86
91
Minerals
Textiles
Sundries
ITALY.*
May,
1921.
159
147
144
150
146
166
157
161
149
141
151
155
169
160
160
151
138
154
160
166
152
161
172
159
174
181
155
139
202
216
199
219
228
194
221
152
193
174
165
155
201
175
165
152
200
176
164
142
179
164
163
193
183
165
202
155
163
157
165
156
163
159
179
191
209
166
215
171
212
173
209
139
150
139
153
133
151
199
147
167
147
223
158
142
168
144
144
169
148
146
161
148
123
163
154
211
179
177
164
192
158
150
159
149
146
148
145
126
160
177
168
190
135
163
179
166
199
137
132
171
165
205
127
157
187
166
296
141
177
115
178
118
181
119
187
147
184
145
110
277
213
114
272
204
111
260
204
152
171
144
156
302
78
86
231
104
231
111
228
120
198
75
124
150
126
CHINA.'
93
81
110
122
110
70
111
128
114
70
109
105
97
67
97
95
101
63
82
65
83
66
74
57
46
60
76
87
102
90
168
135
129
131
162
163
184
102
160
214
193
165
143
144
115
185
153
180
99
137
213
173
221
162
179
146
146
124
169
183
180
106
154
236
218
212
175
Textiles
83
92
83
93
158
154
160
155
Other food products...
Textiles
Metals
Fuels
Building materials
162
170
162
178
134
CANADA. 1
169
134
130
120
172
164
189
102
161
214
192
204
157
All commodities
Grains and fodder
Animals and meats
Dairy products
Fruits and vegetables
Other foods
Textiles
Hides and leather
Metals
Implements
Building materials—lumber.
Fuel and lighting
Drugs and chemicals
May,
1922.
UNITED KINGDOM—STATIST.!
GERMANY—FRANKFURTER ZEITUNG.s
39,898
37,683
Foodstuffs and luxuries
61,841
45,301
Minerals
34,736
Industrial finished products. 29,809
April, March,
1923.
1923.
156
DENMA BK.i
202
206
195
180
209
197
177
186
April, March,
1923.
1923.
Mav,
1922.
348
156
156
135
146
126
133
INDIA.*
Pulses
Tea
Oil seeds
222
136
Other textiles—silk and wool.
Other raw and manu-
162
Building
204
156
154
materials—Teak-
253
250
257
207
140
162
224
139
160
183
161
153
142
194
211
229
261
262
124
127
127
130
151
N E W ZEALAND.!
BELG1OM.6
Mav,
1923.
480
362
634
482
Fuel
Pottery
526
614
548
635
3)8
533
413
590
321
399
433
427
346
474
Textiles
439
579
374
620
Mav,
1921.
337
392
U913 = 100.
11913 = 1.
'July, 1914 = 1; figures as of the beginning of the following month.
« 1920 = 100.
6
July 1, 1912-June 30, 1914 = 100; figures as of the beginning of the
following
month.
6
April 15, 1914= 100.
Groups.
All commodities
Agricultural products
Flour, bran, and oatmeal...
Wool, hides, tallow, butter,
etc
General merchandise, crockery, etc
Building materials
Leather
Chemicals and manures
Coal
1 1913 - 100.
' February, 1913 - 100.
s July, 1911= 100.
April, March, !j F aaerr bru " April, April,
iry,
1921.
1923.
1923.
.923. 1922.
174
142
160
173 I 172
112 | 147
160 | 159
180
140
180
205
159
205
149
151
148
122
151
172
200
149
135
1S7
169
200
151
135
187
168
199
150
137
187
179
208
159
145
214
213
237
192
190
219
818
FEDERAL RESERVE BULLETIN.
JULY, 1923.
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following tables are presented statistics showing the trend of retail food prices and
cost of living in the United States and certain other countries. Descriptions of these index
numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index
numbers have been shifted to a July, 1914, base, instead of being shown on the different bases
used in the original computations.
INDEX NUMBERS OF RETAIL FOOD PRICES.
UNITED STATES AND
OTHEB COUNTRIES.
EUROPEAN COUNTRIES.
Year and
month.
GerFrance many
BelBul- Czecho(Parslo(71
gium. garia. vakia.
is).* cities).
1914, July.
1920, July.
1921, July.
UOO
459
410
100
1,694
1,612
100
Dec
379
384
381
377
386
406
432
429
2,634
2,381
2,434
2,479
2,479
2,507
2,520
2,580
1923.
Jan
Feb
Mar
Apr
May
426
439
439
417
414
2,605
2,711
2,773
2,702
2,562
1922.
May
June
July
Aug
Sept
Oct
NOT
NetherGermany Italy. lands
(Am(Bersterlin).
dam).
•1
Nor- Spain Sweway. (Madrid)." den.
Swit- United United Can- Aus- New- South
zer- KingZealand .2 dom. States. ada. tralia. land. Africa.
X.
»100
452
501
100
210
180
100
319
295
100
190
184
100
297
232
UOO
239
207
100
258
220
100
215
145
100
227
UK
100
194
161
100
167
1R4
100
197
139
45
48
71
111
176
288
605
831
530
136
137
140
139
141
143
136
137
230
227
233
232
228
220
216
215
188
183
179
178
179
178
178
177
178
179
179
181
180
178
170
168
152
153
153
152
153
155
156
156
172
170
180
175
172
172
176
178
136
138
139
136
137
140
142
144
138
137
138
141
139
138
139
140
147
146
148
149
149
146
145
146
145
143
144
141
139
139
139
138
120
118
116
116
117
119
120
118
1,336
3,319
3,323
542
527
523
530
140
142
142
214
214
214
212
214
180
181
178
ISO
166
165
166
163
lfil
155
153
156
159
175
173
171
168
162
160
141
139
139
140
140
142
142
145
143
140
145
144
145
138
139
141
142
117
117
117
117
100
373
306
1
13
15
14
15
1,444
1,475
1,430
1,290
1,105
1,016
984
962
317
307
297
289
291
290
297
305
47
51
68
97
154
266
550
807
941
934
926
927
928
309
316
321
320
325
331
1,366
3,183
3,315
3, £00
522
531
537
555
561
557
•
1
2
Average for 1913.
•
3
Includes, in addition to foodstuffs, certain items of fuel and light.
i
r
April, 1914.
•
i
•
'June.
COST OF LIVING INDEX NUMBERS.
UNITED STATES AND OTHER COUNTRIES.
EUROPEAN COUNTRIES.
NethYear and
erFrance Ger- Ger- Italy
month. Austria Belmany
many
Nor- Po(ParFin(Mi- lands
(Vien- gium. land.
(Am(Beris).
way. land.
na).
citiesV lin). lan). sterdam).
1914, July.
1920, July.
1921, July.
1922.
May
June
July
Aug
Sept
Oct
Nov
Dec
1
2100
"ioo'
100
931
1,214
1,093
1,871
2,645
5.932
11,306
10,363
9,701
9,375
365
373
372
369
384
406
433
429
1,111
1,137
1,142
1,159
1,160
1,178
1,169
1,158
9,454
9,601
10,151
10,897
11,440
425
436
434
411
407
1,150
1,149
1,147
1,116
100
341
307
302
300
UOO
441
494
11
35
38
50
70
114
195
400
612
35
41
61
103
164
261
565
1,034
2,408
2,627
2,764
3,521
1,291
2,814
2,608
2,596
492
488
488
491
498
504
505
504
6
United
States
Swit- United United
India New South
(Massa- Canzer- King- States
(Bom- Zea- Afri(32
land. dom. cities). chu- ada. bay). land. ca.
setts).
100 I
1
«100
302 I
302 :
257
205
100
252
219
156
155
159
154
154
155
158
158
181
180
184
181
179
178
180
180
166
176
639
255 I 684
788
908
249 1,077
1,284
1,710
238 2,310
172
237
3,527
5,706
7,618
8,351
158
157
158
160
163
178
177
176
174
170
169
169
100
217
187
175
» 100
217
167
170
100
198
157
100
190
155
100
190
177
100
152
152
153
152
152
153
154
154
145
146
146
147
147
147
147
148
163
163
165
164
165
162
160
161
152
151
150
150
150
149
149
148
122
121
120
120
120
121
122
121
154
155
154
155
156
149
150
151
150
147
156
155
154
148
148
148
120
UOO
"i33
1923.
Jan
Feb
Mar
Apr
May
June
324
» F i r s t half of 1914-100.
a A p r . 15, 1914-100.
»1913.
505
497
493
492
• A u g u s t , 1913-July, 1 9 1 4 - 1 .
» 1910-11-100.
•June.
149 j
T
7
1909-1913-100.
6 1910-100.
' 1913=100.
JULY,
819
FEDERAL, RESERVE BULLETIN.
1923.
INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.
UNITED KINGDOM.
I
TRANSPORTATION.
PRODUCTION.
Unemployed
among
12,000,000 insured
persons.
VesCotVessels
ton
Eaw Raw Eaw under
sels
manu- Coal. cot- wool. wet
clearconhides. struc- ing.
facton.
tures.
tion.
Year and
month.
Square Long
yards.3 tons.' Lbs* Lbs*
67
181
«596 6,117
73
158
374 2,078
63
98
244 2,055
92
352 5,350
119
Long1
ons.
23,953
19,108
18,388
20,996
Gross
Ton- £ sterLbs.' ions.1 Tons.' miles? ling.'
7,757 2,003 5,652
4,508 3,603 3,049 1,546
5,367 3,313 3,033 1,108 «9,074
5,500 1,810 4,974 1,401 9,636
1922.
May
j 19,146
June
; 15,827
July
August
September..
October
November..
December..
341
315
447
381
400
357
402
364
5,057
4,794
5,064
6,146
7,083
6,195
6,571
5,955
120
127
111
81
60
128
183
205
138
97
79
107
52
60
60
70
3,353
3,105
8,277
8,154
8,220
5,701
6,160
5,711
1923.
January
February...
March...... •27,577
April
21.264
20,464
May
404
346
337
316
410
5,612
5,903
7.180
6,841
7,684
135
98
84
7S
93
90
5,041
3,955
4,768
4,299
.5,520
387
425
1
130
124
63
54
4,766
4,975
4,828
5,855
1,617 5.731
5,590
5,653
i,"469 5,145
1,920
1,492
1,379 10,442
1,160 8,903
1,369 9,561
1,455 9,398
1,464 9,204
1,545 9,922
1,568 9,954
1,429 8,887
5,281
4,985
6,043
5,980
6,414
13.8
13.3
Per
cent.
2.1
2.4
15.3
15.4
13.5
12.7
12.3
12.0
12.0
12.0
12.4
12.2
16.4
15.7
14.6
14.4
14.6
14.0
14.2
14.0
12.7
11.8
11.1
10.9
10.7
13.7
13.1
12.3
11.3
11.3
Per
cent.
11.7
15.2
10.3
7.0
5.9
9.9
!
6
• Figures for end of the month.
•< Expressed in yards.
In thousands; 000 omitted.
«In millions; 000,000 omitted.
Per
cent.
Unem- Net
ployed profits
of
among industrade
trial
union- comists. panies.
Figures for 5 weeks.
• 11 months average.
FRANCE.
EXPORTS.
PRODUCTION.
Year and month.
Pig iron.
Monthly average:
1913
1920
1921
1922
Metric1
tons.
•434
286
280
427
Crude
steel.
Cotton
l stock at1
! Havre.
Metric1
tons. ! Bales.'.'
274
• 391
225
254
169
255
148
373
TRANSPORTATION.
IMPORTS.
Raw
Raw
cotton for silk for Coal for Vessels
consump- consump- consumpcleared.
tion.
tion.
tion.
Total.
Total.
Metric
tons.'
1,840
1,071
1,333
1,885
Metric
tons.'
3.6S5
4 211
3,165
4,281
Metric
tons.
27,428
19 577
16,666
21,923
629
390
206
480
Metric
tons.1
1,558
2,005
1,472
1,861
Metric
tons.
Unemployed
Average Receipts receiving
daily
municipal
freight ofpalprinciaid in
railcar
8
Paris.
loadings. ways.
Tons.'
Number. Francs.' Number
2,176
• 165,892
1 412
3 022
479,894
20,671
1,803
516,397
2,229
51,107
557,194
1,679
1922.
April
May
June
July
August
September
October
November
December
383
442
416
428
447
-162
503
513
513
324
364
358
369
397
407
430
410
414
138
169
145
153
135
99
131
158
197
1,794
1,548
1,799
1,936
1,788
2,616
2,031
2,031
2,429
3,787
4,396
4,307
4,223
4,512
4,138
4,543
4,577
4,930
17,391
18,090
32,380
28,325
16,291
17,302
27,877
20.3S7
36,468
207
404
391
566
579
550
722
526
436
1,538
2,058
1,S29
1,631
1,767
1,692
1,768
1,965
2,177
2,888
2,340
2,473
2,523
2,399
2,359
2,336
2,455
2,366
47,225
49,055
49,585
50,031
50,875
54,431
57,185
56,046
55,848
616,106
472,607
504,431
651,720
546,310
720,210
563,314
532,152
691,539
2,447
1,636
1923.
January
February
March
April
May
486
306
316
350
391
408
290
315
355
38S
203
169
125
102
1,896
2,490
1,822
1,513
l.SSO
4,111
3,884
4,087
4,175
4,502
33,275
18,405
)9 867
17,270
238
230
285
176
1,888
1,732
2,053
1,927
2,146
1,892
2,467
2,485
2,832
54,432
55,890
56,528
54,90f)
53,660
484,566
496,581
516,463
647,472
523,097
684
666
588
354
958
602
606
410
272
285
414
199
1
In thousands; 000 omitted.
' End of the month figure.
' Railways included are: State Railways, Paris-l.yon-Me'diterrane'e, Nord, Origans, Est, Midi, Alsace-Lorraine, and
* Bale of 50 kilograms.
6
Figures do not include Lorraine.
' Excludes the Alsace-Lorraine and Cuillaume-Luxembourg Railways.
Guillaume-Luxembourg.
820
FEDERAL EESEEVE BULLETIN.
JULY, 1923.
GERMANY.
UNEMPLOYMENT.
PRODUCTION.
Iron
Coal
and
and Lignite
iron
coke.
manufactures.
Machinery Dyes
and
and
elecdyetrical stuffs.
supplies.
Monthly average:
1913
1920
1921
1922
Metric
tons.*
17,003
13,043
13,664
13,337
Metric Metric Metric Metric Metric
Metric Metric
tons.
tons.
tons.*
tons.
tons.
tons.
tons.
920 43,424
1,225
60,919 21,812 2,881,126 16,608
«232 12,490
538
608,749 «4,025
46,772 8,462
'619
'393 '30,894
39,037 '8,530 '518,937 '11,860
407 21,483
49,147 12,731 421,835 15,910
1,003
1922.
April
Miy
June
July
August
September.
October
November..
December..
13,800 10,634
14,669 11,437
11,416 10,487
11,972 11,411
12,780 12,147
12,623 11,823
13,329 12,078
12,986 11,896
12,251 11,897
Year and
month.
1923.
January
February..
March
April.
May
Metric
tons.*
7,266
9,303
10,241
11,432
1,987
'1,554
Metric
tons.
541,475
145,883
203,681
220,803
200,677 46,112 11,095
209,432 47,354 12,629
213,220 49,347 16,335
212,365 44,162 12,671
198,408 50,978 12,616
244,012 40,150 13,477
246,074 50,699 15,187
233,553 41,644 11,110
285,464 85,350 16 472
9,104 236,709
8,289 209,965
143,853
143,213
42,209
34,438
36,608
30,038
13,651
12,077
11,443
9,244
Half
manufactured
silk.
Raw
wool.
Coal.'
Cotton.'
Iron
ore.*
795,
701,
528,
199,
121
110,
125
137,
123,
24,091
25,619
15,723
14,119
11,011
8,708
10,023
9,198
8,828
462
486
436
435
459
342
371
425
297
24,070
26,112
22,037
26,085
20,915
13,959
10,584
20,622
25,942
866
1,519
1,159
962
997
1,090
1,316
842
1,038
90,626
120,947
34,237
142,219
11,448
10.240
8,635
26,170
254 26,382
244 19,030
278 I 10,665
202 i 19,423
867
269
148
144
I
Applicants
for
every
100
available
posii tions.
Arrivals of
vessels in
Hamburg.
Number.
1,256
169
165
366
310
77
1,112
,244
,287
,065
,171
,208
,272
,046
1,041
113
107
103
106
109
122
138
165
195
116
65
29
20
15
12
17
25
43
107
95
91
81
59
45
43
34
39
1,142
1,047
1,3S1
1,319
1,315
223
251
S40
365
85
149
195
24
17
30
45
374
794
1,084
972
1,143
1,092
793
1,005
945
1,016
877
936
993
900
1,250
1,145
1,122
Number.*
Number.
81S
331
744
84
Tons.*
1,182
401
700
907
Number.
Unem- Busiployed ness
failpersons ures.
receiving
State
aid.
' Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months.
* Not including coal for reparations account.
.• Includes linters.
* Includes manganese ore.
«In thousands; 000 omitted.
* Average based on 6 months.
' Coal-production figures only.
SWEDEN.
Year and month.
Monthly average:
1913
1920
1921
1922
Iron and Unplaned
steel ingots. boards.
Kg
iron.
Vessels
cleared.
Metric
tons.1
408
Net tons.1
1,147
Net tons.1
1,147
Metric
tons.1
830
Number.
112
37
17
306
162
73
40
234
122
677
519
692
482
991
589
Number.
317
39
26
196
432
320
87
220
594
642
107
276
681
290
388
21
66
21
206
524
485
622
368
99
500
608
539
508
76
80
89
104
113
230
172
214
294
229
600
596
625
694
684
633
738
787
836
808
400
31
24
27
494
465
270
302
699
705
822
751
257
215
203
172
155
430
144
189
578
645
715
765
776
799
796
177
269
335
353
384
156
346
655
671
635
321
309
97
45
41
12
227
201
776
657
757
631
346
308
387
338
22
19
24
July
21
20
22
October
22
23
27
December
28
April
Vessels
entered.
Metric
tons.1
71
April
May
May
Coal.
26
22
6
10
27
31
31
34
29
16
0.4
1
2
38
74
311
9
IS
9S
557
218
243
363
785
747
1
' In thousands; 000 omitted.
Unemployed
workmen Business
failures.
per 100
vacancies.
Cubic
meters.1
328
1922.
February
March
Paper
pulp.
Freight
earned
on State
railways.
Metric1
tons.
49
(O7U.1
1923.
TRANSPORTATION.
61
Metric
.
IMPORTS.
EXPORTS.
PRODUCTION.
231
165
135
362
374
300
371
322
273
301
JDLY, 1923.
821
FEDERAL RESERVE BULLETIN.
CANADA.
PEODUCTION.
Year and month.
1921 average
1922 average
Pig
iron.
Crude
steel.
Tow.1
50
32
TOM.1
56
41
1922.
April
May
June
July
August
September
October
November
December
1923.
January
February
March
April
May
41
44
65
84
102
93
104
1
Receipts at
Receipts stockyards in
Toronto
and
of
Winnipeg.
wheat
at
Fort
William
and
Port Cattle.
Arthur.
Raw
cotton.
Machinery.
UnemployRail- ment Busiroad among ness
failretradeceipts. union ures.
members.
1,525
1,085
Lbs.1
7,269
9,229
Dollars.1
2,292
1,895
Dollars.1
33,885
34,021
Per
cent.
12.5
62,153
1,940
105,197 14,207
168,169 11,760
155,502 9,487
169,611 11,587
180,068 9,233
154,019 37,593
173,180 55,316
140,001 40,669
7,320
9,788
8,438
7,518
8,459
4,276
4,383
11,284
16,980
1,637
1,999
2,008
1,559
1,963
1,918
1,931
2,114
1,986
26,809
30,799
30,536
32,624
34,937
39,158
47,641
44,259
36,758
10.4
548
412
427
440
663
1,465
2,127
1,964
139,749
100,929
150,304
1,876 20,0?6
1,601 12,426
1,903 14,362
1,981 30,686
2,033 26,238
2,938 32,833
33,128
34,848
7.8
6.4
B.8
4.6
Planks Preand
served
boards. fish.
Wood
pulp.
Wheat. Coal.
Lbs.1
11,007
9,488
Lbs.1
87,871
136,375
Bushels.1
12,238
17,462
NumBushber.
els.1
14,447 39,904
20,363 49,832
Number.
34,165
40,473
6,128 30,845
11,684 37,367
5,597 34,856
5,420 52,473
3,681 75,212
36,986 67,579
65,120 87,092
56,847 80,084
32,044 45,705
36,584
46,432
41,445
32,812
29,381
26,154
39 806
56,328
49,244
84 5,075
156 5,711
214 6,749
215 9,936
213 7 607
191 20,675
239 13,239
205 9,995
187 8,614
11,574 42,126
3,176 31,323
5,992 36,429
7,641 44,969
64,219
45,554
45,756
58,771
188
124
205
Fed.'
85
166
7,325
7,272
10,856
9,740
7,129
6,614
In thousands; 000 omitted.
TOM.1
7.1
Number.
47
74
67
61
60
64
65
72
76
8.8
5.3
4.1
3.6
2.8
3.9
6.2
6.4
82
77
60
'In millions; 000,000 omitted.
JAPAN.
TRANSPORTATION.!
PRODUCTION.'
Year and month.
Raw
silk
stocks,
YokoSilk
Cotton fabrics Paper, ! hama
maryarns. (habuket.
taye).
Silk,
raw.
Freight ReSheetceipts
Iron Vessels
ings
cleared carried
Raw
of
on
plates
and cotton,
in
State State
shirt- ginned. Wool. and foreign
railsheets. trade.
ings,
railways. ways.
gray.
Silk
fabrics Cotton
(habu- yarns.
taye).
I
Monthly average:
1913
1920
1921
1922
April
May
June
July
August
September
October
November
December
January
February
March
April
May
Bales.
126
151
151
185
Hiki* Pound), Bales. Pkulsf PicuU.
16,857 2,302
53,111 14,557 2,264
149 44,538 58,477 Si, 836 1,702
145 52,445 44,832 28,697 1,721
1922.
191
194
192
181
179
179
193
199
190
110
160
173
159
116
121
118
123
117
40,777
18,293
18,547
45,848
56,032
48,810
48,472
75,419
68,304
27,380
35,147
29,569
34,541
36,196
35,959
35,970
26,804
31,133
1,669
1,977
2,176
1,793
2,017
1,686
1,839
1,253
1,608
175
183
189
196
194
116 57,119 47,394
90 57,637 30,900
154 61,624 30,714
73 63,893 25,783
33,474
14,985
25,399
16,928
717
1,129
738
1923.
> In thousands; 000 omitted.
52,687
53,975
52,791
53,734
54,553
53,326
54,892
54,340
56,306
i One hiki equals two pieces.
Piculs. YardtA PicuU.1
537
113,374 7,921
648
74,839 28,465
720
73,065 23,210
716
98,516 24,260
Piculs. Piculs.1
132
13,162
46,918
528
22,278
312
47,096
545
Tons.
2,075
2,216
2,324
2,969
Tons.
2,923
4,548
4,342
4,768
Yen.
11,723
27,889
31,182
138,226
146,354
139,057
51,660
40,075
68,773
118,431
101,406
129,466
24,725
£5,821
29,713
25,284
22,343
17,668
25,259
22,537
29,463
707
580
490
433
731
766
330
339
805
76,416
24,753
68,415
37,431
29,936
17,559
16,994
47,469
46,182
582
752
890
872
697
351
332
240
131
2,971
3,287
3,024
2,987
3,119
2,849
2,784
2,895
3,049
4,968
5,225
4,965
4,641
4,489
4,502
4,920
4,884
5,189
42,074
38,486
32,180
32,977
33,944
32,464
35,374
32,882
33,041
73,769 22,989
54,298 24,431
98,505 30,499
885
916
1,126
53,280
35,093
94,970
152
239
299
2,771
2,589
3 315
4,496
4,580
30,166
28,909
8
A picul varies from 133 to 140 pounds avoirdupois.
822
FEDERAL RESERVE BULLETIN.
JULY, 1023.
FOREIGN TRADE OF PRINCIPAL COUNTRIES.
In the following tables are presented figures from official sources showing the monthly
value of the foreign trade of a group of European countries, Canada, Brazil, India, Japan, and
the United States.
FOREIGN TRADE OF UNITED KINGDOM.
[In thousands of pounds sterling.]
Year and month.
Monthly average:
1913
1920
1921
1922
May
June
July
August
September..
October
November..
December..
January
February
March
April
May
1922.
1923.
!
'
i
;
Raw
Miscelmate- Articles laneous,
Food,
includdrink, articles
or
ing
and
mainly
tobacco.
manu- parcel
post.
factored.
Total.
64,061
161,387
90,458
24,184
63,817
47,391
39,429
23,485
59,196
22,598
24,853
16,134 i
37,787
20,421
19,160
259
254
268
261
43,075
39,936
38,817
37,762
35,555
38,617
45,501
42,292
25,358
25,242
24,237
24,141
21,848
26,409
30,223
32,499
20,207
18,857
18,579
20,326
19,244
19,726
19,587
19,83S
47,398
37,141
40,726
41,772
43,631
30,288
26,739
27,732
22,939 '
23.741
21,707
19,462
21,226
21,446
21,562
Raw
Articles MiscelmateFood,
laneous,
drink, articles
includor
ing
and
mainly mainly
tobacco. unmanu- manu- parcel
factured.! factured. post.
Total.
Total
Reexports
exports. and reexports.
2,716
4,245
3,122
3,027
5,825
12,126
5,297
8,501
34,281
93,312
49,055
47,451
949
1,523
1,126
1,062
43,770
111,206
58,600
60,041
9,131
18,563
8,921
8,648
52,901
129,769
67,521
88,814
176
263
84,298
151 81,784
432 82,661
296 76,944
262
85,015
290 1 95,600
283
94,912 |
3,045
3,044
2,806
3,105
3,154
3,066
3,408
2,796
8,757
7,671
8,041
8,900
10,099
9,211
10,101
9,493
45,073
40,556
48,455
47,149
48,361
47,010
51,964
44,932
1,171
875
1,117
878
897
1,112
1,018
1,662
58,045
52,146
60,419
60,032
62,511
60,399
66,491
58,883
8,965
8,720
8,317
7,504
6,381
8,277
9,148
8,479
67,010
60,866
68,736
67,536
68,892
68,676
75,639
67,362
307
513
338
260
544
3,364
2,864
2,646
3,224
3,851
9,372
9,470
11,564
11.717
14,0-11
53,135
44,324
45.935
46,922
52,801
1,068
852
776
1,009
861
66,939
57,510
60,921
62.K71
71,555
9,798
9,823
9,086
12,429
11.773
76,737
67,333
70,007
75,300
83,328
99,700
83,855
90,022 I
Hfi.417 i
89,479
FOREIGN TRADE OF FRANCE.
In thousands of francs.
Year and month.
Monthly average:
1913
1920
1921»
1922
April
May
June*
July
A ugust
September
October
November
-December
January
February
March
April
May
Raw
materials.
Manufactured
articles.
151,465
989,576
517,158
483,334
412,144
2,096,379
1,033,170
1,170,678
138,169
1,072,787
412,045
337,705
701,778
4,158,741
1,962,373
1,991,717
3,685
4,211
3,165
4,281
69,908
217,733
161,031
160,067
154,841
509,485
463,219
453,656
301,421
1,413,548
1,067,413
988,349
47,182 I
573,351
100,479
2,241,245
104,430 j 1,796,092
118,094 ! 1,720,166
1,840
1,071
1,333
1.885
438,000
501,000
483,356
476,813
510,597
473,000
570,395
516,586
628,705
983,000
992,000
,082,371
,200,764
,096,903
,087.000
,189,564
,478.424
,903,975
323,000
305,000
285,448
318,169
352,229
333,000
348,913
353,235
390,616
1,743,640
1,798,000
1,851,184
1,9&S 746
1,959,729
1,893,000
2.108,872
2,348.245
2,923,296
3,787
4,387
4,307
4,223
4,512
4,138
4,543
4,577
4,930
136,000
136,000
461,000
437,000
1,231,000
1,005,000
134,000
100,000
1,962,997
1,778,000
113,435 374,959
885,029
179,407 408,005
931,066
141,000 477,000 1,055,000
195,467 493,804 1,098,983
196,112 537,370
856,421
249,079 1,185,596 1,119,980
59,6.19
157,836
68,000
149,213
116,596
224,292
1,433,042
1,676,000
1,741,000
1,937,467
1,706,499
2,778,947
1,794
1,548
1,799
1,935
1,788
2,616
2,034
2,034
2,429
457,976
551,134
613,952
582,489
599,000
,374,222
,445,337
,508,160
628,170
612,000
312,096
346,543
364,624
349,539
386.000
2,144,294
2,343,014
2,486,737
2,560.19S
2,597,000
4,111
3,884
4,087
4,175
4,502
1923.
Not including reexport trade.
•Calculated on 1419 value units.
In
thousands of
metric
tons.
Food.
1922.'
1
In thousands of francs.
In i
thousands of |
1
Food.
ManufacRaw
tured
materials. articles.
Parcel
post.
Total.
187,004
242,015
243,551
434,786
729,853
728,243
944,740
1,235,587
1,379,622
129,368
1,695,898
121,373 | 2,328,858
122,962 I 2,474,378
271,000
811,000
1,455,000
138,000 | 2,675,000
Imports calculated on basis of actual declared value.
• Value of exports not available. Beginning with June, exports calculated on 1921 value units.
1,896
2,190
1,822
1,513
1,880
JULY,
823
FEDERAL RESERVE BULLETIN.
1923.
FOREIGN TRADE OF DENMARK, ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN.
Sweden.
|
Canada.
Italy.
Denmark.
Japan.
Brazil.
I
India.
Netherlands.
(In millions of (In millions of (In millions of (In millions of (In millions of (In millions of, (In millions of (In millions of
yen.)
milreis.) ,
rupees.)
kronor.)
dollars.)
guilders.)
lire.)
kroner.)
Year and month.
ExImports. ports.
ImExports. ports.
ExIm- , Ex- |i ImExExImImExImImExports. ports. ports, ports, ports. ports. ports. ! ports, ports, ports. ports. ports.
Monthly average:
1913
1920
1921
1922
71
262
136
126
304
60
151 »2,235
121 »1,439
103 1,311
210
981
690
776
()
278
187
169
()
142
114
102
71 i 68
281 ! 191
106
91
97 !
97
56
89
103
63
31
107
101
74
84
174
141
138
82
146
142
194
134 I 205
173 272
280 214
201 244
61
195
135
158
53
162
104
136
1922.
April
May
June
July
August
September
October
November
December
126
159
142
117
134
134
148
130
142
76
113
126
107
90
122
112
120
109
689
592
861
672
732
747
167
194
151
164
179
165
187
172
163
93
108
101
105
99
116
112
104
100
102 |
60
97 :
90
93 |
104
83 ! 113
105 [ 132
109 I 123
118
122
111
128
110
120
48
33
70
73
72
74
73
104
132
112
127
127
130
109
147
132
202
169
186
187
141 i
149
154
182
202
299 i
237 j
250
178
189
162
182
212
182
229
207
192
236
274
193
245
252
216
216
288
280
185
174
157
142
137
135
105
116
143
129
155
146
144
146
150
161
139
158
173
162
165
170
164
92
95
107
97
104
88
88
109
115
214
194
185
211
193
295
316
326
307
300
150
156
197
188
201
95
123
121
150
114
1, lf'7
1,245
1,663
1,134
1,052
1,231
1,399
1,248
1,918
889
1,046
1,014
1923.
January
February
!March
April
May
142
j 155
; 167
I 167
!
108 I 1,036
118 1,571
134 I 1,498 ;
115 ! 1,404
789
751
872
722
181 : 248
141 [ 256
232 I 283
65
49
61
62
• Dutch figures for 1913 not comparable with later figures.
• Based on 1920 value units.
» Based on 1921 value units.
FOREIGN TRADE OF UNITED STATES, BY COUNTRIES.i
[In thousands of dollars.]
IMPORTS FROMYear and
month.
United
GerFrance.I many, Italy. Kingdom-
Canada.
All
countries.
10,048 2,239' 7,636
50,989 17,315 34,548
27,953 4,994 20,939
30,336 7,140 29,525
149,383
439,8731
209,096
QRO. final
12,175
56,349
18,743
22,247
27,640 6,357 49,762
25,953 30,980 152,086
31,031 17,955 78,510
26,343 12,575 71,323
5,229
6,1931
4,727
4,440
6,083
7,891
8,234
7,920
8,405
8,408
8,528
9,595
37,941
22,406
19,370
18,990
29,693
35,825
20,261
38,362
26,870
46,954
34,454
33,156
217,185
215,743
256,178
217,023
252,817
260,461
251,772
281,376
228,795j
345,0831
291,805
293,789
17,753
16,054
19,080
22,076
20,117
22,946i
21,243!
18,466!
22,025!
30,215!
31,928
25,062!
23,669
22,053
35,658
31,102
26,106
28,192
20,315
26,317
21,716
28,981
27,385
24,742
9,266
5,637
6,558|
11,028
9,473|
11,933
18, 111
13,042
12,674
19,385
17,800
15,989
30,597! 11,676
28,290! 1 0 » 8 2 7
32,705! 13,511
36,249 15,052
36,282! 16,875
31,041
24,881
32,685
26,480
33,113
329,903
303, 413
398,078
364,230
373,244
23,286:
13,791'
20.4751
22,306!
20,524
26,086 15,489
24,442 10,705
25,03ll 12,851
26,2901 14,416
22,968 9,914
11,406 15,747
13,805 7,403
11,8241 6,690
11,901 9,791
4,509
6,280
5,191
5,329
24,630
42,821
19,900
29,741
10,654!
11,656
13,025
10,742
ll,590l
10,025!
9,059|
13,3901!
11,146
17,495
12,227,
11,800
7,223
8,9011
9,633
8,497
8,520,
9,596'
9,598
10,737:
10,683
13,021
10,247,
10,817|
4,590
3,180
5,501
3,598
5,584
4,791
5,155
4,017
4,395
7,258
6,767
8,971
20,805j 25,214
26,518 20,137
33,3321 25,950
22,122 21,296
25,439 28,249
27,141 30,733i
27,938 33,082:
31,486 32,185
31,851 28,0811
45,537 46,809!
33,722 34,695';
31,036 36,982
14,273;
10,277;
15,381!
13,730!
12,300
13,788
10,476
14 997:
13,642
12,762
8,593
6,658
11 008
7,308
5,769
33.579
35,201
49,386
41,364
44,038
EXPORTS TO—
United
GerFrance. many. Italy. Kingdom.
Canada.
Argentina. Japan.
All
countries.
34,621 4,408
80,988 17,810
49,473 9,236
48,056 7,962
4,812
31,495
19,619
18,209
207,002
685,668
373,753
319,328
64,933
53,3901
72,788
72,291
74,486
75,245
62,346
55,264
70,853
83,928
89,731
80,412
32,606
35,301
44,493
43,402
44,287
47,961
49,514
56,492
55,363
58,460
55,989
52,833
6,187
6,246
6,987
8,411
8,064
9,023
7,378
7,053
8,991
8,900
8,430
9,871
27,985
18,788
22,785
14,041
15,936
16,363
16,024
10,646
12,556
21,690
21,455
20,237
278,848
250,620
329,980
318,470
307,569
335,117
301,157
301,775
313,197
370,719
380,000
344,328
83,603
71,537
63,630
58,460
48,414
9,210
9,780
9,1051
53,799 9,289
66,086 10,276
13,366
17,661
23,642
18,939
19,889
335,539
307,208
341,162
325,727
316,6.50
48,908
44,497
1
In previous issues of the BULLETIN the foreign trade of the United States has been shown classified into groups of commodities according to
stages of manufacture.
2
Import figures cover period Sept. 1-21, inclusive.
»Import figures cover period Sept. 22-Oct. 31, inclusive.
824
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE INDEX.
There are presented below the Federal Reservt Board's series of index numbers designed
to reflect relative quantity movements in the
foreign trade of the United States. Changes
in the level of prices have been allowed for by
multiplying the quantities of selected commodities exported or imported each month by
fixed 1913 prices.1
Year and
month.
ConRaw Pro- summate- ducers' Total.
ers'
rials. goods. goods.
(29)
(12)
(7)
(10)
Raw
materials.
JULY, 1923.
months of 1922, but producers' goods have been
higher.
The volume of imports showed a decline of
4.7 per cent in May. Raw materials decreased
slightly as a result of a falling off in imports of
wool, cotton, tin, and tobacco. The large decline , in the consumers' goods index resulted
from smaller imports of cocoa and coffee.
Producers' goods rose 7.6 per cent, all commodities in this group having increased somewhat.
SAVINGS DEPOSITS.
Pro- Conduc- sum- Total.
ers'
ers'
goods. goods.
(27)
(12)
(5)
Savings deposits, as reported by 888 banks
distributed throughout all sections of the
1913,year.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 United States, increased during May in all
1919, year..
88.9 155.1 183.6 115.3 157.5 192.9 147.5 168.4 Federal reserve districts except in the St.
92.2 158.7 133.6 107.5 135.8 227.5 138.9 168.8
1920, year.
103.1 116.9 124.1 108.9 113.6 162.8 141.4 135.6 Louis and Minneapolis districts, where slight
1921, year.
89.7 108.9 135.1 101.1 157.6 253.1 143.0 189.1
1922, year.
decreases occurred. The greatest increases
1922.
over April were in the San Francisco, Chicago,
94.5 118.4 228.7 135.2 160.1
82.6 104.3 129.7
January..
Compared with deposits
82.6 123.3 281.3 133.5 183.4 and Dallas districts.
68.5
86.0 127.6
February.
89.8 121.7 156.5 106.9 148.1 306.8 161.1 206.5 on June 1, 1922, increases were noted in all
March....
90.5 120.9 150.5 106.0 125.5 236.1 152.0 169.1
April
99.4 144.6 227.9 168.0 177.9 districts.
78.3 128.8 155.4
May
For the entire country the total
86.3 124.3 169.2 107.4 148.7 273.3 137.3 191.0
June
95.0 146.9 266.3 137.5 187.7 deposits on June 1 were $6,547,792,000, or 0.8
79.1 124.0 133.5
July
90.0
96.7 174.2 255.5 120.3 194.2 per cent increase over May 1 and 10 per cent
88.8
126.3
August
98.9 111.5
96.2 183.5
91.2
September
133.4 196.7
96.8 121.0 119.8 155.0 244.0
October.., 122.9
241.6 138.8 172.4 increase over $5,950,871,000 on deposit on
112.4 195.1 244.0 144.4 204.1
117.2
November. 112.6 101.6
A comparison of savings deposits
96.5 219.1 263.0 153.9 224.0 June 1,1922.
86.7 109.9 122.8
December
on
June
1,
1923,
with deposits on May 1, 1923,
1923.
95.8 220.4 312.2 155.3 2 4 \ 3 and June 1, 1922, are shown in the following
January..
78.8 126.5 137.3
83.5 197.1 249.5 156.8 209.1
February.
62.2 133.6 129.6
The figures for the Boston and New
87.3 214.0 348.5 218.5 262.4 table.
March....
61.9 143.6 144.4
83.6 211.1 303.6 212.4 244.1 York districts are those of large mutual sav59.1 141.9 136.5
April
81.0 201.1 326.6 144.7 236.4
56.0 149.4 130.8
May
ings banks, but in all other districts reports of
other banks are included to make the figures
In May the board's index of the volume of thoroughly representative.
exports fell 2.6 points, or 3 per cent, as compared with April. The decline in raw materials S A V I N G S D E P O S I T S B Y F E D E R A L R E S E R V E D I S T R I C T S .
was caused by a falling off in exports of cotton,
[000 omitted.]
barley, and tobacco, while the consumers'
goods group was influenced by smaller shipNumments of wheat flour, cotton cloths, and illuJune 1,
June 1,
Mayl,
District.
ber of
1922.
1923.
1923.
minating oil. Producers' goods showed an
Wanks.
increase of 7 points, which, was due to larger
exports of gasoline, steel rails, and leather.
64 $1,178,188 $1,173.515
$1,091,620
1,820', 182
30 1,825,584
1,701,562
The general export index and the groups of Philadelphia
455,808
453,217
80
423,582
raw materials and consumers' goods have re421,667
418,287
18
377,299
293,716
290,706
92
268,659
cently been much lower than in corresponding
216,072
213,565
100
188,865
(10)
• The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 per cent of the totalimport values, and 29 of the most
important exports the value of which in 1913 formed 56.3 per cent of the
total export values. The classification of the original list of commodities
used was given in the July, 1920, BULLETIN. The classification of 11
additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 1921, BULLETIN.
Exports of gasoline have been altered to include naohtha.
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco.
Total
.
.
209
35
15
66
105
74
849,428
124,273
87,989
104,116
81,947
909,004
839,043
126,920
88,246
103,336
80,591
890,921
758,091
114,341
78.241
93,595
69,396
785,622
888
6,547,792
6,498,529
5,950,871
REPORT OF ASSOCIATED KNIT UNDERWEAR MANUFACTURERS OF AMERICA.
Place.
Production of winter and summer underwear, by months, since May, 1922, is given
in the following table:
Laconia, N. H
New Canaan, Conn.
Schenectady, N. Y..
Chambersburg, Pa..
Number of mills
reporting.
Production (in dozens).
Month.
Total. Winter
1922.
May
June
July
August
September
October.
November.
December..
1923.
825
FEDERAL RESERVE BULLETIN.
JULY, 1023.
47
47
I 50
i 49
I 52
Sum-
Total.
28 I 518,150
25
564,893
23 422,872
24 519,511
513,572
524,486
599,891
461,695
Winter. Summer,
298,080
345,605
269,223
341,713
318,220
283,242
321,644
233,459
220,070
219,288
153,649
177,798
195,352
241,244
277 947
228,236
District
No.
Houtzdale, Pa
Philadelphia, P a . . .
Brownsville, Pa
Lancaster, Ohio
Middlesboro, K y . . .
Fayetteville, Tenn..
Crawfordsville, Ind.
Pontiac, Mich
Lawrenceville, 111...
Louisville, Ky
Pierce City, Mo
Wadesville. Ind....
Cleveland, Okla
San Antonio, Tex..
Name of bank.
Powers.
Peoples National B ank
First National Bank
Mohawk National Bank
National bank of Chambersburg.
First National Bank
Drovers & Merchants National.
Second National Bank
Fairfield National Bank
The National Bank
First National B ank
First National Bank
American National Bank....
First National Bank
Citizens Union National
Bank.
First National Bank
Farmers National B ank
First National Bank
Alamo National Bank
1 and 4.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 7, and 9.
1 to 5, 7 to 9.
1 to 3, 5 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
INDEX OF OCEAN FREIGHT RATES.
The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
between United States Atlantic ports and the
principal European trade regions. The figures
are derived from the actual rates quoted on
Thirty-eight representative mills which re- the following commodities: Grain, provisions,
ported for April and May furnished the data cotton, cottonseed oil, and sack flour. Kates
in January, 1920, have been used as a base.
tor the following table:
For the methods used in constructing the
index see the August, 1921, BULLETIN, pages
April,
May,
931-934.
Loss.
Gain.
1923.
1923.
January
February.
March
April
May
I 49
Unfilled orders (end of month) 1,483,585
New orders
257,260
Shipments
451,522
Cancellations
6,826
Production
496,549
558,845
564,708
593,020
732,437
697,518
1,325,289
300, 111
447.700
10,707
525,816
269,026
269,950
275.552
3721686
373,068
289,819
294,758
317,468
359.751
324,450
158,296
""'3,' 822'
42,851
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPEAN TRADE.
3,881
29,267
United States Atlantic ports to—
Month.
United French Netherlands ScandiKing- Atlantic. and
navia.
dom.
Belgium.
FIDUCIARY POWERS GRANTED.
During the month ending June 30 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 bank is located.
The numerals opposite the name of each bank indicate
the power or powers it is authorized to exercise, as given
below:
January, 1920..
January, 1921..
1922.
January
February
March
April
May
June
July
August
September
October
November
December
1923.
January
February
March
April
May
June
I
I
j
I
Mediterranean.
All
Europe.
100.0
42.9
100.0
43.2
100.0
43.3
100.0
60.7
100.0
30.2
31.7
34.7
33.1
27.3
27.9
27.5
28.8
29.2
27.0
25.3
28.0
27.1
22.7
25.9
26.5
24.8
25.5
26.1
25.9
23.4
24.1
23.9
23.4
25.6
23.3
25.2
24.9
22.7
22.8
23.0
22.6
20.7
19.1
18.9
21.3
22.2
23.4
23.3
23.4
24.0
23.4
23.4
23.0
22.4
22.6
22.9
22.9
22.7
32.2
31.8
30.1
27.1
27.4
27.4
26.4
24.0
22.2
21.6
21.3
21.8
27.1
29.1
28.3
25.4
25.7
25.7
25.9
24.9
23.4
22.7
24.0
24.4
25.3
21.8
23.1
22.6
22.3
21.2
24.7
22.6
23.6
24.2
23.7
23.5
19.8
18.6
20.0
21.9
21.0
19.9
22.3
22.3
22.3
22.3
22.3
22.3
21.2
20.6
19.5
22.0
20.9
20.6
22. S
21.1
21.9
22.6
22.1
21.3
100.0
34.1
826
FEDERAL RESERVE BULLETIN.
JULY. 1923.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
Jlay, 1923.
April 1923.
Total finished yards billed during month:
District 1.
2
3
5
6.
8
Total
Total average per cent of capacity operated:
District 1
2
3
5
6
8
.
..
..
Total gray yardage of finishing orders received:
2
3
5
6
8
Total
:
Number of cases of finished goods shipped to
customers:
District 1
2
3
5
6
8.
Total
Number of cases of finished goods held in
storage at end of month:
District 1
60.613,527 12,576,139
21,621,687
7,409,807
14,398,226
7,431,079
6,014,791
5,289,057
919,000
1,206,000
1 892 647
32,359,979
5,335,541
8,079,294
479,298
9,939 225
3,447,236
58 895,599
21,119,068
15,510,373
5,768,355
1,206,000
1,840,566
33,912,082
44,254.112
13,386,461
104,339,961
50
64
82
48
109
59
66
35
78
Printed
goods.
14,633,944
0,888,653
8 262,181
5,666,154
919,000
29,887,738
2,346,170
6,136,045
348,637
11,524,786
5,298,022
36,369,932
38,718,590
16,822,808 105,459,878
61
72
97
46
99
76
60
49
87
Total.
89
92
46
70
80
89
91
86
48
91
71
5S
79
58
98
61
74
11,703,281
6 874,653
8,056,941
5 195,566
919 000
30,783,080
6,036,407
6,841,147
462,247
8,462,967
2,958,687
56,002,802
20,067,577
14,898,088
5,657,813
919 000
2,196,222
10,646,289
5,145,589
6,843,608
5,175,948
1,206,000
23,261,930
3,471,622
6,441,427
188,616
6,505,610
2,635,687
43,724,067
14,530,873
13,285,035
5,364,564
1 206,000
1,708,185
32,749,441
44,122,881
11,421,654
99,741,502
29,017,434
33,363,595
9,141,297
79,818,724
5,631
3 292
7,527
1 516
8,408
718
2,173
28,758
11,254
8,281
3,460
4,950
3,551
7,691
1,396
7,643
655
2,377
27,730
10,907
8,553
3,946
17,966
9,880
2,173
52,010
17,588
9,160
2,377
51,569
5 139
4,339
4,990
2,846
23,212
11,601
6,938
1,131
4,935
4,818
5,428
2,943
24,799
11,937
6,894
754
862
257
906
285
433
360
883
294
619
217
Total average work ahead at end of month
(expressed in days):
District 1
2
3.
6S
94
8
Total
Total.
66
348
5
6
Printed
goods.
Dyed
goods.
70
Average for all districts
Dyed
goods.
White
goods.
White
goods.
9,826
6,181
2,S46
43,103
4.1
23.5
12.2
15.2
24.8
17.0
10.4
15.6
4.6
6,605
2,943
44,445
11.5
4.0
7.2
16.9
14.9
7.0
6.2
4.6
14.9
13.8
10.0
5.9
5.9
196
10,113
6.8
4.6
14.4
6.8
6
8
.
.
Average for all districts...
.
8.6
7.3
.
7.3
20.2
21.4
13.3
6.6
15.2
13.1
9.8
1
The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board prepares a monthly survey for the
industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement
concerning the tabulation:
The accompanying figures are compiled from statistics furnished by 32 out of 57 member firms of this association. It is probably fair to state
that in the absence of having specific detail at hand, but according to our best estimate, it is probably well within the fact that the figures given
for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 70 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both of the totals
and for the subdivisions, and, therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore the column headed " Total" does not always represent the total of the subdivisions, but is a correct total for the district.
827
FEDERAL RESERVE BULLETIN.
JULY, 1923.
PHYSICAL VOLUME OF TRADE.
Activity in many lines of business during
May, as reflected in current statistics, recovered
from the April seasonal slump, and reached
record-breaking heights. In March the volume
of business was considered large, but May
figures of the production and movement of
oods indicated equal or greater activity,
espite reported declines in purchasing and
recessibns in prices. Movements of agricultural products increased only fractionally from
the low point of the year, which is always
reached in April, and the index was the lowest
recorded for May in the past five years. Production of practically all minerals and manufactured goods, however, was materially greater
in May than in April; in fact, the index of
mining, shown on the chart below, advanced
to a new high point, and that of manufacturing
almost attained the March peak. Some of
this upward trend was seasonal, but the index
of production in basic industries, which allows
for normal seasonal changes, rose above all
previous levels, exceeding the war-time record
of May, 1917, by about 4 per cent.
Agricultural products as a whole moved to
market in practically the same volume during
f
May as in the preceding month, although a
slight increase ordinarily occurs at that time.
This retardation was due to the very small
receipts of grain at principal interior markets.
The total for all grains was the lowest recorded
for any May within the last five years, and was
less than the April figure, whereas it is ordinarily larger. Shipments of grain from interior
points, however, increased, and stocks declined
during May, in accordance with usual trends.
With reduced receipts and increased exports,
port stocks fell off during the month. In contrast to grain movements, live-stock receipts and
shipments at principal markets were greater than
for the same season of any of the four previous
years. Cotton receipts, although larger than in
April, were nevertheless exceptionally small,
and tobacco sales were practically nil.
Production of the various mineral products
was uniformly at a high rate during May, and
the mining index exceeded the previous maximum attained in March. Crude petroleum and
pig-iron output again reached new high points,
copper and lead were produced at a greater rate
than during any month within recent years, and
the amounts of coal and zinc mined were large.
Stocks of zinc and of petroleum increased during the month.
VOLUME OF DOMESTIC BUSINESS
( MONTHLY AVERAGE, 1919 = 100 )
PER
CENT
PER
CENT
160
160
140
140
120
100
100
80
80
60
60
40
20
20
J. F. M. A. M. J. J. A. S. 0. H. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.
1919
1920
1921
1922
1923
828
FEDERAL RESERVE BULLETIN.
Manufacturing during May showed practically
the same high rate of activity as in March.
Records were made in the production of steel
ingots, automobiles, cement, and newsprint.
Most items were larger than in April. Silk
deliveries, however, declined considerably and
the textile-group index, shown in the table
below, consequently moved downward, despite
increases in cotton and wool consumption.
Sole-leather output and shoe production also
decreased slightly as compared with April.
Lumber cut, on the other hand, recovered substantially from its April slump and was greater
than for any month since 1917. Production of
practically all building materials, in fact, was
at a high rate, although slight recessions were
noted in orders for some of these products.
Gasoline refiners and rubber-tire manufacturers
continued to operate at close to capacity, reflecting the enhanced demand for their products growing out of increased automobile sales.
The number of animals slaughtered in May
was rather large for that month, but output of
other food products continued about as in
previous months. A rather substantial increase occurred in the volume of tobacco products manufactured; in fact, the number of small
cigarettes made exceeded previous records.
INDEX
OF PRODUCTION IN B A S I C I N D U S T R I E S ,
ALLOWANCE FOR SEASONAL VARIATION.
January
February.
March....
June
July
August
September..
October
November..
December..
INDEXES
OF
1920
115.8
114.8
114.5
107.6
105.4
106.8
104.9
102.1
101.7
99.0
95.3
89.6
1921
83.9
84.3
81.0
78.6
76.7
76.7
74.1
78.5
79.1
82.7
85.6
83.3
1922
86.5
90.5
94.9
88.3
92.1
94.2
94.8
93.9
99.9
106.9
115.5
115.6
DOMESTIC B U S I N E S S UNCORRECTED
SEASONAL CHANGES.
120.7
120.1
125.1
123.8
127.2
FOR
[Monthly average, 1919=100.]
AGRICULTURAL MOVEMENTS.
Date
1922.
January
February.
March....
April
May
June
July
August
September....
October
November
December
Total
agrlculture.i
Total
animals.
88.9
77.7
70.7
57.4
82.6
75.1
79.8
106.7
128.8
154.2
137.9
121.3
91.8
76.5
79.2
71.8
90.2
88.7
81.2
96.5
106.6
132.0
122.2
104.6
1923.
Total
grains. Cotton
83.8
92.3
73.0
49.6
92.5
77.1
106.4
153.8
160.6
135.7
118.2
128.5
116.4
106.6
January
107.7
73.3
75.7
February
84.4
77.7
82.6
March...
88.1
70.0
69.8
April
88.4
70.3
52.3
May
97.0
> Combination of 14 independent series.
76.8
43.3
42.8
37.0
50.1
43.0
33.4
BUSINESS UNCORRECTED FOR
SEASONAL CHANGES—Continued.
MINERAL PRODUCTS.
Date.
Total BiAn- Crude
min- tumi- thraIron.
eral
cite petroleum.
prod- nous
ucts.' coal. coal.
Copper.
Zinc. Lead.
1922.
January
February..
March
April
May
June
July..
August
September.
October
November.
December..
91.3
95.4
117.5
59.5
67.9
70.6
65.4
67.5
99.9
118.5
120.1
124.5
98.5
107.3
131.5
41.3
53.1
58.4
44.5
58.3
107.3
118.3
118.6
121.7
85.1
92.0
119.1
.4
.6
1.1
1.6
2.2
67.7
116.1
114.1
114.7
137.1
129.7
149.1
141.9
147.7
143.8
148.0
147.1
143.8
150.1
152.1
159.3
64.3
63.9
79.9
81.3
90.5
92.6
94.2
71.1
79.8
103.5
111.8
121.1
24.1
34.8
58.0
71.7
83.7
89.0
85.0
93.9
89.8
96.2
94.6
97.5
ea 3
57.3
67.5
65.6
69.8
72.6
81.2
79.9
84.3
101.6
102.3
109.0
100.7
93.3
92.8
88.7
88.8
88.9
88.2
96.5
95.1
108.1
113.0
108.6
1923.
January....
February..
March
April
May
131.5
116.6
134.2
127.4
136.9
131.4
110.5
122.6
111.4
120.7
118.5
105.8
127.6
109.7
116.6
163.5
153.8
178.3
1S4.2
196.9
126.7
117.5
138.1
139.1
151.7
104.6
95.6
113.8
110.2
116.2
117.8
108.0
124.0
118.5
120.5
112.5
103.6
120.7
117.3
124.3
' Combination of 7 Independent series.
PRODUCTION OF MANUFACTURED GOODS.
Total
man- Steel. Lum- Pa- Petro- Tex- Leath- Food. Toufacber. pep leum. tiles. er.
bacco.
ture.'
Date.
1922.
January...
February..
March
April
May
June
July
August....
September
October...
November.
December.
87.0
80.2
90 9
84.7
98.1
99.1
95.3
104.6
100.3
107.5
109.4
100.0
63.4
69.3
94.3
97.0
107.8
104.8
9a 9
88.1
94.4
114.2
114.9
110.5
100.7
95.4
102.5
9a 1
121.1
104.4
104.3
116.2
101.5
115.3
112.9
103.6
95.0
90.0
108.4
99.9
112.3
110.6
99.9
110.7
107.8
112.8
113.4
106.8
119.0
108.6
123.9
124.4
132.2
133.8
146.2
141.2
139.1
147.2
149.7
152.7
112.2
96.8
107.6
91.3
108.9
107.1
95.0
115.7
110.7
120.0
125.0
113.3
88.2
78.1
78.5
70.7
70.4
72.4
72.1
80.4
79.5
82.7
79.1
78.5
1923.
January
February...
March
April
May
108.7
99.5
112.7
102.7
111.7
129.3
116.1
135.3
132.0
140.7
105.8
95.8
128.7
109.6
126.6
117.3
109.0
120.4
115.5
128.2
156.8
140.8
155.5
152.6
158.3
128.0
122.0
128.3
124.1
118.8
88.9 104.1 115. S
78.1 95.3 101.3
91.6 110.5 116.2
91.2 98.8 105.2
90.6 103.1 117.8
!
91.3
88.5
96.5
84.9
96.8
98.9
97.5
104.6
97.8
106.7
114.0
107.1
90.6
83.8
98.4
89.6
108.1
119.8
114. S
134.1
121.6
115.0
112.4
89.4
l Combination of 34 independentserie*.
Fruit.
Leaf
tobacco.
139.5
227.8
204.1
139.2
96.1
55.6
130.4
103.0
105.7
93.8
59.3
43.1
38.0
40.6
49.0
100.1
144.7
96.3
97.3
80.2
37.4
39.8
26.2
32.0
99.7
117.7
158.9
148.7
193.1
75.1
45.1
31.0
5.1
1.0
48.3
DOMESTIC
1923.
WITH
[Monthly average, 1919=100.]
1919
107.3
100.3
96.2
98.8
92.9
92.9
101.6
103.4
104.6
101.1
97.9
103.3
INDEXES OF
JULY,
113.2
101.2
27.5
5.5
3.9
1.5
12.3
55.2
85.7
COMMODITY
MOVEMENTS.
May,
1923.
April,
1923.
May
1922
Grain and Flour.
Receipts at 17 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)...
18,095
11,663
14,593
2,388
1,806
22,091
17,219
17,532
4,022
2,500
30,126
27,364
21,471
4,564
2,933
48,544
2,009
63,365
2,094
86,458
2,204
57,583
72,787
96,377
829
FEDERAL RESERVE BULLETIN.
JULY, 1923.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
May,
1923.
April,
1923.
May,
1922.
Grain and Flour—Continued.
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
20,982
14,527
15,835
4,516
1,707
57,567
3,332
83,472
13,568
13,331
16,572
1,001
1,687
46,159
3,342
61,199
26,268
21,988
22,838
7,783
2,800
81,677
3,624
97,984
27,851
6,585
11,372
14,373
38,328
17,867
17,684
16,332
1,645
91,856
17,563
15,820
40,369
1,746
641
76,139
61,062
Visible supply of grain east of the Rocky
Mountains (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
35,962
10,440
15,573
46,985
24,238
23,585
28,061
29,463
50,917
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
12,950
1,402
1,800
1,287
901
18,340
1,549
25,311
11, 202
4,159
3,157
2,469
1,874
22,861
1,915
31,477
12,704
6,223
8,730
3,771
2,063
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
3,466
720
1,926
1,871
584
8,567
5,869
2,604
3,121
2,742
1,751
16,087
5,020
5,907
2,745
761
1,382
15,815
Wheat flour production (barrels, 000
omitted)
9,007
8,969
8,073
Receipts at 57 principal markets (head,
000 omitted):
Cattle and calves
Hogs
,
Sheep
Horses and mules (42 markets)
Total
1,871
4,437
),612
20
7,910
1,641
4,233
1,364
36
7,274
1,836
3,674
1,765
20
7,295
Shipments a t 52 jprincipal markets
(head, 000 omitted):
Cattle and calves
Hogs
Sheep
Horses and mules (42 markets)
Total
706
1,420
888
19
3,033
563
1,377
562
35
2,537
774
1,139
803
19
2,735
Shipments of stockers and feeders from
33 markets (head, 000 omitted):
Cattle and calves
Hogs
Sheep
Total
282
64
207
553
229
70
81
380
353
66
144
563
Slaughter at principal markets under
Federal inspection (head, 000 omitted):
Cattle
Calves
Hogs
Sheep
762
467
4,325
972
697
400
4,179
960
702
401
3,716
872
33,491
1,870
41,907
Live Stock.
-•
Total
6,526
—
6,236
5,691
May,
1923.
April,
1923.
Live Stock—Continued.
Meats, cold-storage holdings,firstof following month (pounds, 000 omitted):
Beef
64,922
78,535
Pork products
906,496
940,071
Lamb and mutton
4,582
5,774
Exports of certain meat products
(pounds, 000 omitted):
Beef222
117
Canned
157
Fresh
440
1,937
Pickled and other cured
1,612
Hogproduets—
34,524
34,790
Bacon
30,032
33,738
Hams and shoulders
85,475
Lard
93,199
Pork, pickled
2,443
2,763
Dairy Products.
Receipts at 5 principal markets (000
omitted):
46,692
Butter (pounds)
65,020
15,779
Cheese (pounds)
18,815
2,121
Eggs (cases)
2,909
Cold-storage holdings first of following
month (000 omitted):
Creamery butter (pounds)
9,907
3,248
17,490
American cheese (pounds)
14,077
7,884
Eggs (cases)
3,737
Fishery Products.
Fish landed by Americanfishingvessels, total catch (pounds, 000 omitted) 31,239
27,131
Cold-storage holdings, frozen and cured
fish on 15th of month (pounds, 000
omitted)
29,586
27,578
Other Agricultural Products.
Cottonseed (tons):
19,204
21,131
Received at mills
Crushed
60,858
116,301
Stocks at mills at close of month
23,098
64,752
Cottonseed oil (pounds, 000 omitted):
Production
40,356
20,176
Stocks
37,484
24,196
Oleomargarine consumption (pounds,
000 omitted)
18,454
18,033
Tobacco sales at loosfe-leaf warehouses
(pounds, 000 omitted):
Dark belt, Virginia
328
49
Burley
191
806
Western dark
3,175
Sale of revenue stamps for manufacture
of tobacco, excluding Porto Rico and
Philippine Islands (000 omitted):
Cigars (large)
575,916
532,534
Cigars (small)
45,550
41,154
Cigarettes (small)
5,554,990 4,710,545
Manufactured tobacco (pounds)...
32,997
30,759
Fruit shipments (carloads):
Grapefruit
1,801
1,846
Oranges
6,629
7,148
Lemons
],301
848
Apples..
1,529
2,699
' able shipments:
Vegetable
White potatoes (carloads)...
15,124
21,745
Onions (carloads)
2,514
1,315
Rice (pounds, 000 omitted).
70,774
Sugar, all ports (long tons):
Receipts
466,425 539,858
Meltings
479,100 478,100
Raw stocks close of month..
433,770 501,339
Forest Products.
Lumber:
Number of mills—
National Lumber Manufacturers' Association
573
Southern Pine Association
181
178
Western Pine Association
51
48
West Coast Lumbermen's Association
121
121
Production (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
1,537
1,271
Southern Pine Association
427
380
Western Pine Association
197
175
West Coast Lumbermen's Association
482
399
May,
1922.
56,852
635,656
2,310
217
1,928
19,070
24,988
50,817
2,342
18,809
2,587
13,302
15,481
8,056
15,444
31,654
17,859
40,619
23,38ft
12,389'
23,704
12,76549>
2,1392,393
569,209
56,503
4,601,373
32,511
803
3,558
1,821
1,140
20,322
2,325
48,181
588,304
581,000
546,953
465
172:
52:
1,185.
437
158.
412;
830
FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
May,
1923.
April,
1923.
COMMODITY MOVEMENTS—Continued.
May,
1922.
May,
1923.
Forest Products—Continued.
Textiles—Continued.
Lumber—Continued.
Shipments (feet,000,000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
Western Pine Association
West Coast Lumbermen's Association. :
Naval stores at 3 southern ports:
Spirits of turpentine (casks)—
Receipts
Stocks at close of month
Rosin (barrels)—
Receipts
Stocks at close of month
....
Cotton (bales, 000 omitted)—Con.
Stocks at warehouses
Visible supply
Consumption by mills
Spindles active during month
(number, 000 omitted)
Wool:
Consumption (pounds, 000 omitted).
Percentage of active machinery to
total reported—
Looms wider than 50-inch reed
space
Looms 50-inch reed space or less.
Sets of cards
Combs
Spinning spindles, woolen
Spinning spindles, worsted
Percentage of active hours to total
reportedLooms wider than 50-inch reed
space
Looms 50-inch reed space or less.
Sets of cards
Combs
Spinning spindles, woolen.
Spinning spindles, worsted
Raw silk:
Consumption (bales)
Stocks at close of month (bales)—
Foel and Power.
Coal and coke (short tons, 000 omitted):
Bituminous coal production
Anthracite coal production
Anthracite coal shipments
CokeBeehive coke production
By-product coke production
Petroleum, crude (barrels, 000 omitted):
Production
Stocks at close of month
Producing oil wells completed
(number)
Oil refineries:
Production (000,000 omitted)—
Crude-oil run (barrels)
Gasoline (gallons)
Kerqisene (gallons)
Gas and fuel oils (gallons)
Lubricating oils (gallons)
Stocks (000 omitted)—
Crude-oil run (barrels)
Gasoline (gallons)
Kerosene (gallons)
Gas and fuel oils (gallons)
Lubricating oils (gallons)
Electricpower produced by public utility plants (kilowatt-hours, 000,000
omitted):
Produced by water power
Produced by fuels
Total.
1,448
455
153
494
1,274
427
131
420
1,254
508
161
432
34,130
18,224
16,267
15,312
29,295
4,795
105,626
211,063
65,058
202,391
59,712
253,787
46,076
8,573
6,564
42,564
8,063
6,174
20,601
35
1,829
3,328
1,776
3,206
432
2,537
61,9&2
273,157
58,133
264,627
46,456
247,093
1,871
1,521
1,511
48
632
189
966
105
47
619
182
977
91
»3
514
174
937
32
1,329
273
1,247
226
31
U336
273
1,273
235
35
857
319
1,321
226
1,901
2,729
1,784
2,690
1,648
2,177
4.630
4,474
3,825
Metals.
Iron and steel:
Iron ore shipments from Lake
Superior (long tons, 000 omitted)
6,672
Pig-iron production (long tons, 000
omitted)'
3,668
Steel-ingot production (long tons,
000 omitted) i
3,749
Unfilled orders, United States Steel
Corporation (long tons, 000
omitted)'
6,386,261
Fabricated structural steel orders
(tonnage)
130,929
Steel barrels (number)—
Shipments
Unfilled orders
Steel castings—bookings (net tons).. 89,493
Silver production (troy ounces, 000
oomitted)
itted)
6,835
Copper production (pounds, 000 omitted)
e)
124,785
Zinc
i ((pounds, 000 omitted):
94,694
Production
26,038
Stocks, close of month
86,608
Shipments
Tin (pounds, 000 omitted):
Deliveries to factories
13,518
JULY, 1923.
14
1,585
3,868
2,361
2 4,196
«3,128
Hides and Leather.
Sales of raw hides and skins during
month (number, 000 omitted):
Cattle hides
Calfskins
Kipskins
Goat and kid
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 lamb
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
AUother
Total.
1,580
1,432
1,966
1,878
May,
1923.
2,559
3,001
621
577
495
35,390
35,516
31,641
59,682
56,411
52,533
86.5
85.3
91.2
88.1
89.6
94.1
86.7
85.2
90.5
89.9
90.0
94.3
62.7
64.7
86.1
72.9
85.5
66.8
91.3
84.4
101.4
112.6
99.9
103.6
89.5
83.7
127.3
119.8
102.0
109.5
62.4
55.2
89.7
79.2
88.6
65.3
24,509
29,962
38,193
28,657
33,284
20,826
1,355
1.068
273
1,486
62
2,730
1,566
1,048
223
1,565
50
3,657
1,485
1,001
152
1,069
61
2,134
6,347
3,199
967
8,890
1,153
9,133
6,229
2,797
1,034
8,800
1,061
9,275
5,363
3,319
903
9,839
919
11,142
1,700
39
1,702
39
1,357
16
137
133
91
8,399
9,578
12,839
30,816
9,015
9,918
12,935
6,495
8,714
11,018
31,868
26,227
64,647
65,276
157,685
66,613
120,564
46,794
44,120
152,259
51,041
45,300
34,906
37,968
92,794
87,674
54,867
56,433
121,540
87,626
13,981
14,363
42,242
12,233
10,704
37,845
11,359
12,954
11,463
11,176
12,749
12,893
30,706
32,068
21,914
25,251
Building Materials.
5,636 Brick (000 omitted):
6,981
Clay fire brick184,884
Production
184,638
67,242
Shipments
66,299
225,372
245.125
Stocks at close of month
158,864
53,086
New orders
416,477
556,801
Unfilled orders, close of month.. 107,352
Face brick90,968
77,600
26,057
Production
29,421
6,616
Shipments
4,258
60,939
Stocks in sheds and kilns
117,914
57,363
Unfilled orders, close of month..
92,048
Silica brick93,732
54,838
Production
16,684
17,952
80,818
Shipments
17,995
95,822
77,476
Stocks at close of month
42,297
15,176
10,618 Cement (barrels. 000 omitted):
12,910
Production
Textiles.
14,257
Shipments
10,115
Stocks at close of month
Cotton (bales, 000 omitted):
305
375
594 Oak flooring:
Sight receipts
357
34,636
406
367
Production
American spinners' takings
1,621
Shipments
32,009
1,420
Stocks at mills
1
» Revised to include all mills.
Figures for June, 1923; May, 1923; June 1922.
April,
1923.
JULY,
COMMODITY MOVEMENTS—Continued.
May,
1923.
April,
1923.
COMMODITY MOVEMENTS—Continued.
May,
1922.
May,
1923,
Building Materials—Continued.
Oak flooring—Continued.
Orders booked
Stocks at close of month
Unfilled orders
^aple flooring:
Production
Shipments
Orders booked
Stocks at close of month
Unfilled orders
Enameled ware:
BathsShipments
Stocks at close of month
New orders
Lavatories—
Shipments
Stocks at close of month
New orders
SinksShipments
Stocks at close of month
New orders
Miscellaneous w a r e Shipments
Stocks at close of month
New orders
Locomotives (number):
Domestic, shipped...
Foreign completed...
Total.
22,677
26,816
49,548
25,298
23,749
57,356
30,608
23,534
40,417
12,069
12,999
8,034
19,131
34,578
11,401
15,181
10,924
19,060
36,722
11,031
13,725
18,387
30,215
25,109
8?, 005
32,771
74,585
83,281
34,308
100,644
82,100
150,475
103,242
39,481
98,272
91,704
50,429
136,587
107,703
78,062
192,546
105,076
4S, 378
103, 781
97,834
50,628
132,830
109,377
102,747
195,503
55,234
47,650
60,354
51,618
53,594
61,821
50,644
77,788
80,341
371,499
279,468
50,383
175,463
330,059
236,647
59,869
144,444
331,694
257,986
54,151
232,453
138,86S
136,979
20,832
116, 719
118,023
18,943
129,950
130,043
24,781
97,221
40,614
93,390
36,871
82,574
39,491
199,939
56,107
179,744
52,300
176,790
65,702
85,348
44,015
78,559
43,403
71,494
70,906
35,196
40,957
32,507
37,889
30,129
36,985
47,671
38,34S
29,068
3,660
2,758
6,907
3,539
2,976
6, OSS
2,722
2,639
5,523
4,318
3,414
9,292
4,260
3,536
8,394
2,971
2 939
7^190
77
67
268
71
73
261
58
61
171
350,073
42,373
343, 793
36,786
231,829
23,189
46,075
60,550
12,050
44,977
59,522
4,869
34,416
28,827
7,406
228
10
201
16
238
217
i Figures for April, 1923; March, 1923; April, 1922.
April,
1923.
May,
1922.
Miscellaneous Manufactures—Con.
Miscellaneous Manufactures.
Wood pulp (short tons):
Production
Consumption
Shipments
Stocks at close of month
Paper (short tons):
Newsprint—
Production
Shipments
Stocks at close of month
Book paper—
Production
Stocks at close of month
Paper b o a r d Production
Stocks at close of month
Wrapping paper—
Production
Stocks at close of month
Fine paper—
Production
Stocks at close of month
Rubber (pounds, 000 omitted):
Consumption by tire manufacturers
Pneumatic tires (000 omitted):
Production
Shipments, domestic
Stocks at close of month
Inner tubes (000 omitted):
Production
Shipments, domestic
Stocks at close of month.
Solid tires (000 omitted):
Production
Shipments, domestic
Stocks at close of month
Automobiles:
Production (number)—
Passenger cars
Trucks
Shipments—
Railroads (carloads)
Driveaways (machines).
Boat (machines)
831
FEDERAL RESERVE BULLETIN.
1923.
80
Locomotives (number)—Continued.
Unfilled o r d e r s Domestic
Foreign
Total.
Vessels built in the United States and
officially numbered by the Bureau of
Navigation:
Number
Gross tonnage
2,045
105
2,111
93
497
124
2,150
2,204
621
125
15,518
38,972
133
21,419
18,308
722
27.6
39,288
711
27.9
24,735
614
24.4
151
140
810
68
341
277
1,077
1,539
159
132
736
66
321
84
993
1,433
182
476
357
38
261
79
1,039
1,265
4,403
3,924
3,347
1,094
984
181
612
677
603
251
993
871
156
587
500
578
238
790
638
177
543
495
485
219
4,403
3,924
3,347
22,411
9,084
3,175
13,507
4,054
3,249
332,940
80,123
212,218
22,235
5,411
14,584
210,505
46,001
20,538
20,981
206,312
1,148
588
431
327,704
2,547
3,373
5,920
43.0
2,042
2,848
4,890
41.8
2,621
2,554
5,175
50.7
2,187
1,373
1,941
1,168
370
Transportation.
Freight carried by class I railways: 1
Net ton-miles, revenue and nonrevenue (000 omitted)
Net tons per train
Net tons per loaded car
Revenue freight loaded and received
from connections, classified according
to nature of products (cars, loaded,
000 omitted):
Grain and grain products
Live stock
Coal
:
Coke
Forest products
Ore
Merchandise, less than carload
Miscellaneous
Total.
Revenue freight loaded, classified according to geographical divisions:
Eastern
Allegheny
Pocahontas
Southern
Northwestern
Central western
Southwestern
Total.
Freight car surplus (number):
Total
Box
Coal
Freight car shortage (number):
Box.!
]
Coal
Bad-order cars (total)
Vessels cleared in foreign trade (tons,
000 omitted):
American
Foreign
Total
Percentage of American to total...
Panama Canal
traffic (tons, 000
omitted): 1
Total cargo traffic
American vessels
Commerce of canals at Sault Ste. Marie
(000 omitted):
Eastbound—
Grain other than wheat (bushels)
Wheat (bushels)
Flour (barrels)
Iron ore (short tons)
Total (short tons)
Westbound—
Hard coal (short tons)
Soft coal (short tons)
Total (short tons)
Total freight (short tons)
9,791
37,055
1,042
6,081
7,543
26,735
24,662
1,155
1,380
2,946
241
2,622
3,102
10,645
2
203
371
3,317
832
FEDERAL RESERVE BULLETIN.
JULY, 1923.
BUILDING STATISTICS.
BUILDING PERMITS ISSUED IN 168 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
District District District District District District District District District District District District
No. 6
No. 3
No. 7
No. 1
No. 2
No. 4
No. 5
No. 8
No. 9 No. 10 No. 11 No. 12
(14
(15
(19
(14
(22
(12
(15
(5
(9
(14
(9
(20
cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities).
1922.
May
November....
December
3,339
2,301
1,285
10,136
9,022
7,466
3,991
2,504
1,639
6,666
4,150
2,666
5,321
3,433
2,458
3,443
3,010
2,070
1923.
January..
February.
March
April.....
May
918
838
1,993
3,536
4,080
6,243
6,880
13,838
11,881
11,545
1,486
1,573
3,308
6,203
4,031
2,946
2,901
6,411
7,888
7,649
2,787
2,585
4,232
4,954
4,409
2,975
2,516
3,251
3,434
3,529
I
Total
(168
cities).
13,796
9,437
6,620
2,955
2,048
1,653
3,391
1,437
698
10,907
2,669
1,601
2,973
2,184
1,540
10,384
10,490
7,767
77,302
52,685
37,453
6,310
5,729
10,735
15,066
16,739
1,985
1,742
2,645
3,349
3,517
735
612
1,417
2,974
3,225
2,276
1,913
3,086
3,798
3,376
2,554
2,199
2,589
2,259
2,847
10,313
9,666
13,358
12,661
12,541
41,528
39,154
66,863
78,001
77,488
VALUE OF PERMITS ISSUED (000 OMITTED).
1922.
May
November...
December
1923.
January
February
March... . . .
April
May
$13,105 $60,239 $13,845 $22,614 $13,349
8,388 66,684
15,357 14,713
9,519
7,252 80,400 10,640 13,050 14,486
5,721
4,003
10,986
15,304
13,623
73,574
88,207
167,410
58,589
59,843
9,767
9,877
31,845
28,781
18,691
16,458
14,165
23,264
25,203
21,500
11,083
13,085
14,156
25,126
12,149
$7,262
5,125
5,156
$53,789
41,425
53,134
$7,444
5,812
10,115
$9,914
5,273
3,686
$3,843
8,278
6,923
$5,391 $28,319 $239,115
3,860 26,200 210,634
9,570 22,035 236,446
7,265
7,811
7,498
11,195
8,384
31,022
40,490
59,463
91,738
60,758
7,936
6,528
8,641
8,368
8,408
3,751
2,455
5,574
8,089
7,977
6,903
7,028
10,952
12,725
10.956
6,248
6,121
11,427
6,376
7,641
26,164
28,830
40,203
35,423
39,270
205,892
228,601
391,418
326,918
269,199
VALUE OF BUILDING CONTRACTS AWARDED BY FEDERAL RESERVE DISTRICTS.
(F. W. Dodge Co.)
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS (000 OMITTED).
June
October
November
December
January
February
March
April
May
1922.
1923.
District
No. 1.
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.
$36,259
25,305
25,298
19,740
$81,614
65,061
77,700
58,685
$26,631
20,440
16,929
18,706
$46,802
35,165
29,337
28,042
$30,668
19,685
19,848
15,677
21,806
13,759
25,079
31,893
35,837
65,233
58,614
98,412
96,267
16,770
18,780
31,265
30,553
29,172
25,691
38,546
52,793
48,786
51,865
17,633
20,219
30,147
39,364
43,862
District
No. 6.
District
No. 7.
District
No. 8.
43,137
46,764
59,868
75,240
70,229
District
No. 10.»
$12,153
4,623
4,810
5,285
$77,561
52,048
45,429
45,128
$22,051
34,775
25,538
20,817
37,700
District
No. 9.'
$17,864
21,193
17,961
25,340
31,714
Total.
$311,689
222,226
219,351
191,263
$7,845
12,531
11,277
11,346
15,309
• 242,554
•277,380
•367,599
•397,192
•426,804
$2,677
2,228 . . , . . , #
2,847 . . . . . . . . . .
2,046
$128,632
100,528
117^516
111,278
4,524
12,199
15,259
17,585
22,754
VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS (000 OMITTED).
June
October
November
December
January
February
March
April
May
1922.
$12,519
13,553
13,667
13,963
S40,4S3
33,238
51,892
42,981
$11,276
10,072
7,397
11,526
$17,434
13,730
11,405
17,809
$16,037
7,416
7,998
5,003
14,469
4,587
11,044
15,493
15,653
47,702
10,849
65,912
56,811
•46,677
5,722
9,128
13,336
13,823
12,372
11,803
13,75.1
23,338
20,807
18,507
7,815
7,930
9,146
11,411
13,500
1923.
$28,207
20,291 . . . . . . . . . .
22,308
.
17,949
$10,223
10,065
8,993
8,506
14,180
1
Montana not included.
' Colorado, Wyoming, and Arizona not included.
Figures for Districts 6,8, and 10, not available for previous months, included in total.
14,567
18,315
27,065
28,525
27,137
$5,884
6,476
8,676
9,360
10,956
2,072
6,073
4,493
5,345
6,476
$2,120
3,288
3,295
3,369
3,841
•122,376
•90,462
• 175,298
•173,452
•169,299
833
FEDERAL RESERVE BULLETIN.
JULY, 1923.
WHOLESALE AND RETAIL TRADE.
Wholesale and retail business in May was
substantially larger than in April or in May,
1922. The Federal Eeserve Board's index of
wholesale trade in May was 3 per cent higher
than in April and 12 per cent higher than a
year ago. Increases as compared with April
were reported by all important lines of wholesale business except dry goods, clothing, machine tools, and stationery. Sales of meat,
shoes, and hardware registered particularly
large gains, which amounted to 11 per cent, 9
per cent, and 6 per cent, respectively.
Comparisons with a year ago indicate that
wholesale trade is larger in all reporting lines
and in all sections of tie United States. Sales
of machine tools, jewelry, hardware, clothing,
and furniture were from 25 per cent to 220 per
cent larger than in May, 1922. The accom-
due partly to an additional working day in the
month, partly to the advent of warmer weather,
and partly to the larger buying power of consumers resulting from increased employment
and advances in wages. Department>store
sales were 8 per cent larger than in April for
the entire United States, due to increases in all
reporting districts except Minneapolis. Business was exceptionally active in the Philadelphia, Dallas, and San Francisco districts, as
compared with earlier months of 1923. Department-store stocks were reduced in all Federal reserve districts during May and averaged
2.5 per cent less on May 31 than on April 30.
All of the six reporting groups of chain stores
had larger sales in May than in April, the gains
varying from 5 per cent for drug stores to 15
per cent for shoe stores. Mail-order sales were
6 per cent smaller than in April, but this decrease was less than is customary at this
season of the year.
WHOLESALE HARDWARE SALES
(AVERAGE MONTH, tsts-ioo)
/
•••••
%
160
140
r19
r\
r/
...
192C
• ••••'
120
(AV. MONTH, 1919=100. SEASONAL VARIATIONS ELIMINATED)
1601
140
w
100
192:
80
60
-
r
100
100
40
80
80
20
60
60
0
JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPr OCT. NOV. DEC.
panying chart contrasts the value of hardware
sales in each month of 1928 with sales in
1920 and 1922. It is worthy of note that sales
have been maintained at a much higher level
this year than last year, but are still somewhat
smaller in dollar value than in the first five
months of 1920. If allowance be made for
price changes, it appears that the physical volume of business during the current year has
been higher than in the corresponding months
of any other year of the post-war period.
Sales of all groups of reporting retailers, except mail-order houses, were substantially
larger in May than in April, 1923, or May,
1922. The increase in volume of business was
DEPARTMENT STORE SALES
IN NEW YORK AND DALLAS DISTRICTS
40
20
1919
1920
1921
1922
1923
Reports of over 500 department stores
showed that sales during May were 11 per cent
larger than a year ago. The accompanying
chart shows a comparison of changes in department-store sales in the New York and Dallas districts since January, 1919, after eliminating the customary seasonal variations. This
graph shows that there was little relative
change in the dollar sales of these two groups
of department stores during 1919 and 1920, but
834
FEDERAL RESERVE BULLETIN.
that since the beginning of 1921 sales have
been distinctly lower in Dallas than in New
York. An analysis of department-store sales
in the eight Federal reserve districts reporting
dollar sales shows that the trend of business in
the Boston, Philadelphia, and San Francisco
districts has been similar to that in New York,
while the trend of sales in the Richmond, Atlanta, and Minneapolis districts have been similar to those in the Dallas district. Retail
business during the past two years shows thus
a distinctly larger increase in industrial districts than in agricultural districts.
Tables are appended showing the trend of
wholesale and retail trade in the United States
for all reporting lines of business.
JULY, 1923.
WHOLESALE TRADE IN THE UNITED STATES, BY LINES.
[Average monthly sales 1919=100.]
HardGroDry
ceries. Meat. goods. Shoes. ware. Drugs. Total.
1922.
April
May
June
July
August
September
October
November
December
66.2
74.1
82.2
74.5
86.4
90.5
98.7
95.8
85.0
48.3
58.2
62.6
59 2
55J9
60.5
67.8
54.1
56.8
74.6
79.0
78.9
80.2
112.7
116.1
108.3
94.4
72.8
65.1
60.5
58.8
45.2
66.0
77.6
77.2
67.4
57.3
84.6
92.7
91.7
81.3
89.5
95.1
98.9
93.1
83.1
93.6
96.6
99.6
93.6
102.9
104.6
111.1
102.9
99.0
65.8
72.6
76.9
72.1
83.6
88.1
92.4
84.0
75.0
1923.
January
February
March
AprU
May
74.9
74.9
80.7
79.9
81.0
60.4
56.8
63.3
60.3
66.8
105.4
100.8
113.0
87.6
86.6
55.7
56.3
81.6
62.1
67.8
87.3
82.0
108.8
111.3
117.0
113.4
106.3
120.1
105.6
107.1
78.4
76.1
86.0
79.0
81.3
CHANGE IN CONDITION OP WHOLESALE TRADE, BY LINES AND DISTRICTS.
Percentage change
in
May, 1923,
sales as compared with—
April,
1923.
Groceries:
United States
Boston district
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district..
Dry goods:
United States
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district....
Dallas district
San Francisco district..
Shoes:
United States
New York district
Philadelphia district...
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
San Francisco district..
Hardware:
United States
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Percentage change
in May, 1923,
sales as compared with—
April,
1923.
May,
1922.
1.4
12.1
4.9
9.6
8.0
6.5
2.1
-2.7
-3.2
1.9
-5.1
1.9
-7.3
9.3
13.7
11.4
14.4
16.6
7.2
7.5
7.0
0.6
8.6
3.2»
14.0
6.4
-1.2
-6.4
2.0
-1.0
-10.9
-7.3
-3.4
8.7
-8.6
-0.8
2.5
1.9
9.5
7.2
32.6
20.8
6.0
4.2
-9.1
9.8
-26.3
39.9
-1.4
20.1
5.1
5.3
25.2
16.2
5.6
71.0
13.8
2.0
12.1
24.7
24.0
52.5
30.3
-22.3
27.5
40.0
20.2
5.1
1.5
5.7
9.0
2.7
2.6
6.9
14.4
26.3
19.3
16.0
25.2
23.7
28.0
19.0
31.1
Hardware—Continued.
Minneapolis district
Kansas City district
Dallas district
San Francisco district..
Drugs:
United States
New York district
Philadelphia district...
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Kansas City district
Dallas district
San Francisco district..
Furniture:
Richmond district
Atlanta district
Kansas City district
Dallas district
San Francisco district..
Agricultural implements:
Atlanta district
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
May,
1922.
7.2
5.0
10.7
3.5
127.3
12.7
35.9
18.6
1.0
-1.2
1.3
1.5
1.6
0.9
2.1
27.1
0.5
1.9
3.9
10.9
11.1
11.4
12.8
10.3
17.5
10.3
30.2
7.5
5.5
15.5
10.2
11.5
0.1
1.0
1.4
41.5
58.6
25.6
9.1
32.4
-16.2
10.0 j
-7.3 I
2.9
17.7
-1.2
18.1
7.7
-3.1
—0.9
-1.6
15.8
19.9
20.6
10.-2
1.6
26.5
22.1
-18.0
24.4
-33.9
49.1
-11.9
220.8
-7.3
37.3
57.9
835
FEDERAL RESERVE BUT.T.KTIN.
JULY, 1923.
RETAIL TRADE BY REPORTING LINES.
[Average monthly sales, 1919=100.]
Chain stores.
Department
stores(306
stores).
Mall-order
houses (4
houses).
113.1
115.4
108.2
80.1
87.2
106.2
129.9
130.1
186.1
77.1
69.9
68.8
58.4
57.2
75.1
108.7
110.4
107.8
139.2
137.9
136.7
135.1
139.1
141.0
148.6
162.4
165.5
134.9
129.6
127.0
126.3
130.4
136.1
156.6
152.3
279.2
120.5
123.2
123.8
126.2
128.2
128.7
133.1
122.4
161.0
124.5
128.8
123.4
127.3
126.9
135.4
127.1
126.9
178.7
156.1
126.9
121.7
101.2
86.7
117.7
121.1
121.9
164.7
78.9
80.9
81.3
83.0
99.1
118.2
118.8
120.7
203.7
99.9
88.5
122.3
lift. 6
126.2
88.4
83.6
112.8
102.0
95.4
165.1
158.8
188.4
163. 8
177.2
115.9
117.4
163.4
143.0
154.6
128.7
125.3
144.7
134.7
141.5
115.6
109.7
134.5
124.8
136.5
85.5
70.8
145.5
121.6
140.0
95.0
87.8
96.0
98.8
105.3
Grocery
(21 chains).
Five and
Ten (4
chains).
Drug (8
chains).
Cigar (3
chains).
Shoe(5
chains).
Music (4
chains).
1922.
April
May
July
October
December
1923.
February
March
April
DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS.
[Average month, 1919—100.)
District
District
District
District
District
Index for
District
District
District
District
No. 9—
No. 12—
No. 3—
No. 5—
No. 11—
United
No. 1—
No. 2—
No.6—
No. 7 MinneSan
PhiladelRichmond
Dallas
States
Boston
New York
Atlanta
Chicago
apolis
Francisco
(24 stores). (64 stores). (18 phia
stores). (19 stores). (35 stores). (70 stores). (24 stores). (21 stores). (31 stores). (306 stores).
April
1922.
Mav
July
September
October. .
1923.
March.
April
126.8
122.8
121.9
81.7
87.5
114.2
134.8
134.9
197.3
119.1
117.5
115.3
77.9
78.6
107.0
145.1
142.0
199.5
132.1
126.4
108.7
86.8
94.9
107.2
143.8
146.8
185.8
105.8
103.3
103.0
71.0
72.9
90.8
119.1
122.3
184.7
98.3
97.6
86.3
69.8
73.9
86.4
113.8
113.1
161.8
111.9
116.5
110.3
83.0
92.1
114.4
122.1
130.9
184.5
106.8
105.6
101.3
81.2
93.1
105.4
119.8
107.0
164.1
87.4
96.5
89.2
64.8
67.7
101.0
104.5
104.9
149.2
110.8
132.5
111.6
95.9
119.3
112.5
137.0
132.2
203.7
113.1
115.4
106.3
92.3
126.9
127.9
133.4
108.1
87.7
123.9
121.6
128.6
106.1
98.0
149.0
127.2
150.7
83.9
79.6
115.3
100.5
111.6
83.0
78.2
105.5
101.2
108.4
98.5
92.7
122.0
119.2
121.6
92.1
77.0
105.3
114.3
113.5
81.0
73.3
99.4
88.9
106.2
114.6
101.5
134.6
124.4
147.1
99.9
88.5
122.3
116.6
126.2
ioa2
80.1
87.2
106.2
129.9
130.1
186.1
TREND OF DEPARTMENT STORE STOCKS.
[Average monthly stocks, 1919-100.)
District
District
District
for
District
District
District
District
District
District
No. 12— Index
No. 9—
No.3United
No. 11—
No. 1—
No. 2 No. 5—
No.6—
No. 7—
San
MinnePhiladelStates
Dallas
Boston
New York
Richmond Atlanta
Chicago
Francisco
apolis
phia
(24 stores). (64 stores). (13 stores). (19 stores). (22 stores). (59 stores). (16 stores). (19 stores). (29 stores). (265 stores).
1922
April
May
July
October
November
January
1923.
March
April
Mavy
112.2
110 9
106.2
103.7
105 0
116.9
125 1
130.0
110.5
121.9
116 8
110.3
104.8
109.5
120.6
125.1
132.1
111.1
113.9
110.1
109.8
105.6
111.9
121.6
127 5
126.7
105.9
110.6
107.0
103.7
99.8
105.0
119.5
130.3
126.0
103.2
116.4
111.7
104.9
103.2
109.3
118.5
121.3
123.1
101.2
124.6
122.8
115.7
113.6
125.0
128.9
134.8
136.8
115.2
98.7
102.5
99.2
97.8
102.0
107.7
112.6
115.5
97.2
113.8
110.1
100.4
99.6
111.0
117.7
119.6
118.9
94.1
122.2
114.4
107.0
108.1
112.1
118.0
120.0
124.2
107.6
117.6
114.1
108.3
105.6
Ul.S
120.5
125.7
128.5
107.7
104.0
111.5
119 9
125.2
124.1
106.8
111.5
122 9
127.3
125.0
102.2
116.5
127.5
132.1
127.7
99.6
113.0
124.3
125.8
121.7
105.2
111.9
118.9
121.4
120.8
111.4
125.3
137.2
138.4
132.9
100.0
107.2
117.1
117.3
115.8
97.0
106.8
115.4
118.9
117.2
107.4
117.7
124.6
131.8
127.0
105.4
114.9
125.0
128.5
125.3
836
FEDERAL RESERVE BULLETIN.
JULY, 1923.
BANKING AND FINANCIAL STATISTICS.
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
VOLUME OP OPERATIONS DURING MAY, 1923.
Bills discounted Jor
member
banks.
Bills bought
in open
market.
$248,761,640
1,747,308,520
248,967,113
240, 137,077
264, 312,702
49,834,044
212, 299,889
161,808,308
33,411,491
77, 662,059
26, 167,010
221,842,426
$17,768,749
119,752,376
6,100,083
9,501,444
819,134
4,193,015
11,385,379
1,829,712
3,532,512,279
1,113,931,285
186,364,060
150,606,561
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
.•
Total: May, 1923
May,1922
5 months e n d i n g May 31,1923
M a y 31,1922
17,755,089,621
8,600,821,618
128,998
3,253,923
11,631,247
974,575,200
633,614,050
United States securities
purchased.
Bonds and
notes.
Total.
Municipal
warrants
purchased.
Certificates of
indebtedness.
$1,623,850
61,111,800
406,300
24,700
$895,300
69,368,500
419,950
9,397,750
1,100
3,553,800
883,200
1,242,500
9,326,500
$55,481
1,920,000
1,133,000
52,000
45,000
77,467,450
32,909,750
83,937,800
87,277,000
317,332,200 2,023,462,480
528,610,800 1,081,794,500
55,481
May, 1922.
May, 1923.
$269,049,539
1,997,541,196
255,528,977
251,583,221
265,131,836
55,689,509
242,409,518
163,639,120
38,098,291
78,726,257
29,420,933
233,518,673
$129,425,049
414,736,057
197,571,354
140,467,406
72,719,587
31,095,014
146,747,108
74,126,507.
23,785,621
18,770,487
16,533,213
118,747,193
3,880,337,070
1,384,724,596
96,164 21,070,555,665
111,029
10,844,951,997
VOLUME OF BILLS DISCOUNTED DURING MAY, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
.
San Francisco
Total: May, 1923.
April, 1923
May, 1922.
April, 1922
Customers'
paper secured by
Government obligations.
$1,214,687
206,939
266,129
278,316
298,113
108,388
113,715
134,247
8,039
101,730
16,500
103,618
2,850,421
4,849,558
3,946,347
9,230,460
Member banks' collateral
notes.
Secured by
Government
obligations.
Bankers' acceptances.
Commercial
paper, n. e. s.
Otherwise
secured.
574,861
15,000
782,254
12,890,436
$141,215,401
157,164,834
72,522,037
61,689,191
20,575,175
32,381,080
47,491,901
35,621,904
6,071,310
8,649,079
4,919,698
29,803,616
$10,000
$238,664
423,975
5,587
387,528
196,253
124,344
2,795,748
29,221
3,538,089 i
246,979
5,372,836 I
1,769,490
187,127
2,658,955
1,402,286
1,.414,874
6,440,096
4,446,214
2,496,654
3,964,295 i
880,589
2,854,410,679 14,677,226
2,645,459,039 16,149,814
732,313,832 26,707,038
874,574,676 24,071,482
618,105,226
590,237,588
301,251,671
350,938,594
27,206,921 11,822,883
22,057,380 8,902,125
35,599, 567 10,398,643
35,231,736 10,273,556
$106, 019,050
1,589, 028,050
175, 706,375
176, 756,550
239 935,759
213,100
158! 921,925
123, 776,750
22, 676,040
60, 961,830
13, 350,250
174, 065,000
$45,000
132,300
237,375
Total reduced to a common maturity basis.1
Trade acceptances.
Federal reserve bank.
Foreign.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total: May, 1923..
April, 1923..
May, 1922...
April, 1922..
1
Agricul- j Live-stock
tural
paper. 1 paper.
$301,000
Domestic.
$63,838
178,135
85,044
,047,423
678,686
214,108
162,137
318,790
20,000
79,450
155,440
134,872
301,000
14,687
3,137,923
3,303,098
3,556,680
3,430,990
Total, all
classes.
Amount.
Foreign.
$35,869
44,987
612
DomesDollar
tic.
exchange.
$76,873
112,520
Member banks.
Per cent of Number in
district
total.
May 31.
Accommodated.
Number.
8.1
23.6
6.8
6.0
6.2
4.9
15.2
6.9
3.8
6.0
3.9
8.6
429
823
718
886
635
537
1,438
623
1,004
1,154
• 863
817
238
399
359
292
325
258
512
228
292
345
375
319
55.5
48.5
50.0
33.0
51.2
48.0
35.6
36.6
29.1
29.9
43.5
39.0
3,532,512,279 3,532,512,279
3,291,071,344
1,113,931,285
1,308,055,478
100.0
9,927
9,923
9,909
9,906
3,942
3,507
4,636
4,738
39.7
35.3
46.8
47.8
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.45) for system.
Per cent
$286,376,636
831,725,736
240,229,130
211,134,144
219,451,819
173,047,665
536,309,589
243,675,243
135,031,621
213,244,646
137,179,053
305,106,997
$248,761,640
1,747,308,520
248,967,113
240,137,077
264,312,702
49,834,044
212,299,889
161,808,308
33,411,491
77,662,059
26,167,010
221,842,426
837
FEDERAL RESERVE BULLETIN.
JULY, 1923.
VOLUME OF BILLS DISCOUNTED DURING MAY, 1923, BY KATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND
MATURITIES.
Federal reserve bank.
H per cent.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
$248,761,640
1,747,308,520
248,967,113
240,137,077
264,312,702
49,834,044
212.299,889
16i;808,308
33,411,491
77,662,059
26,167,010
221,842,426
Total: May, 1923
April, 1923
May, 1922
April, 1922
3,532,512,279
3,291,071,344
1,058,471,000
1,206,775,000
Total.
Average
rate
(365-day
basis).
$248,761,640
1,747,308,520
248,967,113
240,137,077
264,312,702
49,834,044
212,299,889
161,808,308
33,411,491
77,662,059
26,167,010
221,842,426
Per cent.
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
Daps.
10.88
4.50
9.12
8.31
7.85
32.82
23.87
14.23
38.19
25.95
49.54
13.00
3,532,512,279
3,291,071,344
1,113,930,000
1,308,055,000
4.50
4.50
4.59
4.60
9.45
9.04
17.44
15.86
5 per cent.
$55,459,000
101,280,000
Average
maturity.
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MAY, 1923, BY CLASSES.
Bankers' acceptances.
Trade acceptances.
Federal reserve bank.
Foreign.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Dollar
Domestic. exchange.
Total.
Foreign. Domestic.
.!$17,768,749
$1,289,184 119,752,376
6,100,083
9,501,444
819,134
4,193,015
11,385,379
1,829,712
$9,972,398 $6,956,351 $840,000 $17,768,749
81,619,318 30,595,329 6,248,545 118,463,192 $1,289,184
3,658,934 2,091,149
350,000
6,100,083
7,209,074 1,892,370
400,000
9,501,444
25,000
794,134
819,134
75,000
2,848,418 1,269,597
4,193,015
585,000 11,385,379
6,287,542 4,512,837
250,000
972,712
607,000
1,829,712
75,726
2,507,936
7,189,435
53,272
665,987
4,116,812
80,000
325,000
Total.
Total reduced to a
common maturity
basis.'
Total bills
purchased. —
Per cent
Amount of total.
$12,788,572
88.448,594
14,415,545
20,033,718
1,464,940
7,025,639
18,034,319
2,904,654
6.9
47.5
7.7
10.7
.8
3.8
9.7
1.5
128,998
230,390
3,253,923 5,173,391
11,631,247 15,844,298
.1
2.8
8.5
1,289,184 186,364,060 ,186,364,060
1,588,341 194,851,924
150,606,561
" 2 6 4 , ' 243 95,724,851
100.0
128,998
3,253,923
11,631,247
Total: May, 1923
122,366,493 53,554,838 9,153,545 185,074,876 1,289,184
April, 1923.... 135,113,393 48,580,072 9,570,118 193,263,583 1,588,341
114,746,968 32,239,091 3,620,502 150,606,561
May. 1922
April, 1922.... 68,347,551 23,875,815 3,297,242 95,520,608 "204," 243'
'Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (33.02) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING MAY, 1S23, BY BATES CF EI£CCLNT CHARGED; AI£O AVERAGE RATES
AND MATURITIES.
Federal reserve bank.
4 per cent. 4J per cent. 4} per cent.
4| per
cent.
$1,673,453
107,660,394
2,310,841
3,697,667
$578,767
462,887
4,230
296,859
$68,966
1,124,569
17,527
574,899
342,246
435,000
St Louis
$12,669,919 $2,746,955
8,327,483 1,957,731
996,684
2,758 328
2,952,719 2,451,799
819 134
2,661,645
526,923
644,674
1,126,894 2,648,675
6,499,911
835,760
118,334
875,618
San Francisco
2 218 869
2,988,045
1 Oil 345
2,548,780
130,576,585
124,546,813
32,915,760
36,660,052
Philadelphia.
Total: May, 1923
April, 1923
1
4Aper
cent.
4iper
cent.
102,400
$100,000
4|per
cent.
$30,689
219,312
Total.
$17,768,749
119,752,376
6,100,083
9,501,444
819,134
4,193,015
11,385,379
1,829,712
Per cent.
4.20
4.11
4.19
4.23
4.31
4.19
4.23
4.15
Days.
23.77
24.39
78.04
69.63
59.08
55.33
62.31
52.42
133,025
1,375
128,998
3,253,923
11,631,247
4.56
4.11
4.23
58.98
52.50
44.98
18,249,966 2,068,194
9,667,592 1,849,995
100,000 2,203,554
2,948,570
250,001 186,364,060
185,611 •194,851,924
4.16
4.12
33.02
44.28
23 709
5,900,022
128,998
Includes $18,993,291 of acceptances purchased at 3J per cent.
NOTE.—All Federal reserve banks use 360 days to the year In calculating interest on bills bought in open market.
Average
Average
rate
(365-day maturity.
basis).
838
FEDERAL KESEKVE BULLETIN.
JULY, I92&
HOLDINGS OF EARNING ASSETS, BY CLASSES.
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING MAY, 1923.
Average daily holdings of—
Earnings on—
Annual rate of earnings on—
Federal reserve bank. All classes
of earning
assets.
All
All classes
PurUnited classes DisPur- United
Discounted Purchased United
States
chased States of earn- count- chased securiStates. of earning Discounted
bills.
bills.
bills.
bills. securities. ing ed bills. bills.
securities
ties.
assets.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City
Dallas
San Francisco..
$42,648,
177,188,
62,582,
54,659,
62,478,
29,406,
89,788,
32,566,
24,849,
39,297,
27,331,
66,169,
815,251
257, 181,057
109.618,039
115,114,556
66, 053,698
59,854,353
149, 184,385
60,349,525
39,683,129
73,863,370
48,672,030
125,376,294
Total: May, 1923. 1,173,765,687
April, 1923 1,165,177,583
May, 1922. 1,188,849,317
April, 1922 1,190,003,581
534,917
448,850
249,023
711,770
234,046
838,068
33, 484,807
169,810
174,981
112,353
058,066
245,715
708,965,404
660,503,223;
481,627,272;
576,630,605
271,262,406
274,533,267
103,073,301
93,085,741
$5,632,147 $255,913 $163,241 $71,650
13,543,898 957,974 677,096 231,825
24,737,000 406,948 239,190 77,416
18,743,048 420,827 208,960 146,274
1,340,900 249,511 238,797 8,065
609,575 218,555 112,391 103,888
25,911,208 542,730 343,171 116,199!
16,613,519 224,027 124,476 38,609
94,979
586
14,659,050 148,764
150,162
435
34,453,847 277,004
176,055 104,505 41,630
9,282,726
251,424 109,849
27,961,498 462,532
193,488,416
230,101,766
604,148,744
520,197,135
4,340,840
4,136,765
4,119,881
4,149,528
2,708,392
2,439,304
1,912,902
2,244,220
$21,022
49,053
90,153
65,593
2,649
2,276
83,360
60,942
53,199
126,407
29,920
101,259
946,426 685,833
919,764 777,550
306,461 1,900,518
292,534 1,612,399
Percent. Percent, Percent. Percent.
4.
4.11
4.50
4.39
4.11
4.50
4.26
4.37
4.09
4.50
4.29
4.30
4.13
4.50
4.12
4.45
4.25
4.50
2.33
4.30
4.10
4.50
4.40
4.28
4.09
4.50
3.79
4.07
4.37
4.50
4.31
3.94
4.41
4.50
4.27
4.56
4.42
4.50
4.32
4.06
4.
3.80
4.50
4.14
4.34
4.26
4.47J
4.35
4.32
4.08
4.25
4.50
4.49
4.
4.75
4.11
4.08
3.50
3.83
4.17
4.11
3.70
3.77
NOTE.—The figures in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings and annual rate of
earnings thereon, as follows: Philadelphia, $49,461, $189, and 4.50 per cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
fEnd of May figures. In thousands of dollars.]
Federal reserve
bank.
Boston
New York
Cleveland
Atlanta
Minnpnpntis
Dallas
San Francisco
Total: May 31,1923
Apr.30,1923
May 31,1922
Apr.29,1922
Total.
60,817
188,533
69,100
51,356
62,021
33,712
100,245
43,077
23,769
47,323
30,330
60,451
770,734
724,993
471,490
510,104
Customer's
paper
secured
by
Government
obligations.
Member banks'
collateral notes.
ComLivemercial AgriculSecured
stock
tural
paper
by
paper.
paper.
Govern- Other- n. e. s.
wise
ment
obliga- secured.
tions.
974 27,082
256 147,318
324 42,874
566 29,984
392 24,398
4,119
101
156 54,597
18,986
117
4,621
8
172 19,430
3,761
75
197 26,316
403,486
381,426
166,097
177,946
3,338
4,653
5,009
7,797
Bankers' acceptances.
545
6,285
32,157
39,973
25,139
18,768
30,623
20,676
32,538
19,212
7,023
12,363
7,446
17,454
514
645
650
565
5,725
7,766
12,420
4,286
6,835
4,202
10,470
7,555
267
4,790
11,106
7,874
2,489
7,274
8,041
12,228
13,000
263,372
249,021
150,224
168,523
61,633
52,426
98,620
100,595
27,786
25,658
33,974
36,680
45
47
"71
281
Foreign.
Imports.
Trade acceptances.
Foreign.
Exports.
Domestic.
Imports.
Domestic.
Exports.
75
170
113
999
814
256
463
209
211
50
159
114
15
171
429
69
747
7
25
9
7
11
25
28
9
65
103
118
171
45
15
3,633
3,619
5,235
5,430
JDLY, 1923.
839
FEDERAL RESERVE BULLETIN.
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of May figures. In thousands of dollars.]
Member banks.
Federal reserve banks.
Nonmember
banks and
banking
National. Nonnational corporations.
Total.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: May 31,1923
Apr. 30, 1923
May 31,1922
Apr. 29,1922
Purchased in open market:
May 31,1921
Apr.30,1923
May 31,1922
Apr.29,1922
Discounted for member banks:
May 31,1923
Apr.30,1923
May 31,1922
Apr. 29, 1922
Private
banks.
Branches
and
agencies of
foreign
banks.
1,306
8,890
2,494
7,846
7,119
438
2,671
6,930
14,348
4,168
2,294
11,109
3,061
5,142
1,734
3,404
794
1,013
294
3,269
34
356
"437
129
3,731
11,950
3,519
6,711
795
3,297
730
3,636
405
1,797
257,532
269,955
118,204
90,688
98,769
101,094
53,780
35,334
83,425
88,177
37,750
28,593
32,643
34,796
14,683
12,108
28,855
31,475
6,117
9,201
13,840
14,413
5,874
5,452
257,491
269,851
118,101
90,570
98,762
101,063
53,768
35,332
83,391
88,135
37,659
28,482
32,643
34,765
14,683
12,103
28,855
31,475
6,117
9,201
13,840
14,413
5,874
5,452
41
104
103
118
7
31
12
2
34
42
91
111
20,349
79,306
19,665
36,929
2,047
23,489
29,354
9,693
12,456
27,513
6,786
9,375
19
8,913
14,178
3,719
129
9,180
27,391
4,293
24,675
6,886
11,895
973
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of May figures. In thousands of dollars.]
Total.
Dallas
Total: May 31 1923
Apr. 30,1923
May 31 1922 .
Apr 29 1922
Purchased in open market:
May 31,1923
Apr.30,1923
May 31,1922
Apr.29,1922..
....
Discounted for member banks:
May 31,1923
Apr.30,1923
May 31 1922
Apr. 29,1922
Foreign.
Foreign.
Federal reserve bank.
Philadelphia
rrade acceptances.
Bankers' acceptances.
All classes
20,424
80,836
19,778
37,928
2 861
23,745
29,817
9,902
211
179
9,339
27,505
DisPurchased counted
Domes- Dollar
exfor
Total.
tic.
in open
change.
Exports.
Imports.
market. member
banks.
Total.
Imports. Exports.
13,410
12,015
4,453
3,200
16,896
3,515
5,709
190
6,598
7,739
2,234
5,754
16,444
3,318
3,434
1 857
2 957
7,573
1,916
129
9,180
27,391
4,199
16,971
76
4,084
5,099
53
317
4,721
580
600
75
1,530
113
999
814
256
463
209
211
50
159
114
262,525
275,341
257,532
269,955
142,261
149,891
55,340
61,392
48,374
46,200
11,557
12,472
4,993
5,386
123 520
96,240
118 204
90,688
26 599
19,294
3,601
3,088
5,316
5,552
48,365
46,135
11,557
12,472
1,189
1,722
3,601
3,088
81
107
20,349
80,495
19,665
36,929
2 047
23,489
29,354
9,693
129
9,180
27,350
75
341
113
999
814
256
463
209
211
50
159
155
20,349
79,306
19,665
36,929
2 047
23,489
29,354
9,693
257,491
269,851
258,680
271,573
118,182
90,677
118,101
90,570
3,845
3,768
41
104
5 338
5,563
103
118
10,220
42,410
11,757
26,826
88, 004
68, 306
142,254
149,880
55,315
61,364
88, 004
68, 306
7
11
26,496
19,176
1,175
3,556
1,075
960
524
2,027
1,060
25
28
9
65
3,804
3,664
::::::::
103
118
5,235
5,-445
Domestic.
75
170
113
999
814
256
463
209
211
50
159
114
1,360
1,360
1,688
3,633
3,698
81
122
1,189
1,643
5,235
5,430
79
81
107
171
45
3,633
3,619
15
5,235
5,430
840
FEDERAL EESEBVE BULLETIN.
JULY, 1923.
CONDITION OF FEDERAL RESERVE BANKS.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES, FOR JUNE
AND MAY, 1923.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Federal reserve notes
in circulation.
Total deposits.
Reserve percentages.
Federal reserve bank.
New York
Philadelphia
Cleveland
.
...
. .
St Louis
Pallas
San Francisco
Total' 1923
1922 .
1921
1920
1919
June.
May.
274,667
1,080,518
230,057
306,718
76,304
140,366
558,685
94,529
70,423
76,139
36,548
259,349
3,204,303
3,136,308
2,605,779
2,102,985
2,248,265
June.
May.
June.
May.
272,688
1,076,404
231,770
298,238
81,623
133,032
553,951
102,371
73,645
78,852
37,440
240,419
128,556
718,542
115,009
162,396
60,402
56,471
284,525
72,893
48,694
83,018
48,923
151,783
128,293
717,101
117,158
163,964
63,105
58,165
288,498
74,912
49,583
85,034
51,634
151,431
214,380
556,802
206,394
231,489
78,236
133,951
403,029
74,457
54,546
60,160
27,772
205,319
206,218
567,659
204,179
229,504
79,126
134,100
398,054
76,821
55,514
60,846
27,625
203,614
80.1
84.7
71.6
77.9
55.0
73.7
81.3
64.2
68.2
53.2
47.7
72.6
81.5
83.8
72.1
75.8
57.4
69.2
80.7
67.5
70.1
54.1
47.2
67.2
3,180,433
3,126,773
2,541,640
2,078,822
2,246,087
1,931,212
1,892,591
1,723,271
1,974,537
1,940,647
1,948,878
1,877,269
1,717,423
1,987,323
1,944,547
2,246,535
2,138,430
2,682,560
3,113,949
2.500,969
2,243,260
2,153,053
2,787,379
3,089,737
2,534,112
76.7
77.8
59.1
>43.3
152.6
75.9
77.6
56.4
'42.4
151.8
June.
May.
i Calculated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6
TO JUNE 27, 1923.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
May 29
June 6
June 13
June 20
June 27
Gold s e t t l e m e n t
fund—F. K. Board:
May 29
June 6
June 13
June 20
June 27
Gold with F. R.
agents:
May 29
June 6
June 13
June 20
June 27
Gold r e d e m p t i o n
fund:
May 29
June6
June 13
June 20
June 27
Total gold reserves:
May 29
June 6
June 13
June 20
June 27
Reserves other than
gold:
May 29
June6
June 13
June 20
June 27
Boston.
New
York.
Philadelphia.
Cleveland.
RichSt.
mond. Atlanta. Chicago. Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
341,175
346,-346,,
350,252
326,334
17,274
17,211
18,182
18,092
17,203
173,977
180,231
179,261
177,746
156,424
24,965
25,225
25,461
25,734
25,992
12, ,536
12,783
12,470
17,126
15,715
8,855
9,035
9,326
9,463
5,917
5,973
6,063
6,106
6,158
51,489
50,201
49,529
48,819
48,038
3,429
3,512
3,526
3,905
3,678
8,055
8,073
8,121
8,142
8,173
3,174
3,166
3,199
3,230
3,267
10,694
10,760
10,850
11,088
ir,321
20,943
20,810
20,825
20,938
20,902
702,308
677,179
678,665
688,063
691,429
57,420
71,815
61,880
53,442
60,030
228,535
212,572
225,385
267,091
253,292
31,876
23,346
28,914
18,020
21,207
78,714
73,240
76,702
72,501
84,155
28,860
29,534
27,681
28,754
31,258
29,819
28,899
23,255
24,909
22,632
134,413
124,336
121,654
104,723
98,858
19,745
19,211
18,879
11,739
19,598
12,874
14,225
12,479
19,174
18,454
30,628
35,100
36,9.58
34,127
34,007
8,195
11,529
7,961
8,168
5,264
41,229
33,372
36,917
45,415
42,674
2, Oil, 734
2,031,421
2,057,611
2,033,359
2,035,011
175,235
173,973
176,031
178,773
178,040
637,800
637,699
637,550
637,387
637,278
167,124
173,346
171,735
166,011
168,336
211,701
212,232
212,236
207,662
207,458
33,660
32,612
31,359
30,020
28,660
89,975
94,384
103,587
102,873
103,046
369,501
375,210
383,127
383,005
382,895
60,323
52,851
55,447
53,846
53,057
47,919
47,919
47,601
36,968
36,56S
31,815
30,995
30,317
29,960
29,422
11,840
12,113
12,260
12,406
12,923
174,841
188,087
196,361
194,448
197,328
53,545
58,266
56,459
57,341
57,970
10,333
11,184
12,619
14,233
15,257
7,591
7,014
11,393
10,434
9,592
4,808
5,275
5,911
6,365
6,978
2,017
2,644
1,621
2,486
1,515
4,566
4,812
5,040
5,320
5,810
2,377
2,553
2,856
2,997
2,260
7,382
10,671
1,747
1,777
2,742
3,238
4,146
4,090
3 130
3,489
2,128
1,772
1,819
2,128
2,304
3,225
3,555
3,863
3,704
3,850
1,203
1,072
1,178
1,253
4,677
3,568
4,322
3,852
2,920
3,108,762
3,113,666
3,139,257
3,129,015
3,110,744
260,262
274,183
268,712
264,540
270,530
1,047,903
1,037,516
1,053,589
1,092,658
1,056,586
75,773 128,118
75,813 131,809
73,115 135,761
73,420 136,885
75,191 134,096
562,785
560,418
556,057
538,324
532,533
86,735
79,720
81,942
72,620
79,822
70,976
71,989
70,020
66,412
65,499
68,842
72,816
74,337
71,021
70,546
31,932
35,474
32,249
32,577
30,761
241,690
245,837
258,425
264,653
263,824
86,735
84,552
87,357
85,966
91,735
6,352
5,963
7,275
7,352
6,149
17,812
20,106
23,137
24,226
26,779
11,858
10,675
10,514
9,770
10,877
17,010
15,968
15,953
15,472
15,004
697
579
590
558
682
3,286
3,052
3,120
2,872
3,326
4,164
4,477
4,682
4,592
5,202
3,482
3,210
3,173
3,072
3,255
228,773 304,968
227,192 300,899
232,021 303,029
216,130 299,775
222,513 308,843
3,758
4,574
4,091
3,781
5,273
4,769
4,455
4,375
4,474
5,078
6,019
5,217
4,755
4,039.
3,4741
7,523
6,276
5,692
5,758
6,636
915
841
FEDERAL RESERVE BULLETIN".
JULY, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6
TO JUNE 27, 1923—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
Total reserves:
May 29
June 6
June 13
June 20
June 27
Nonreserve cash:
May 29
June6
June 13
June 20
June 27
Bills discounted:
Secured by U. S.
Government
obligationsMay 29
June 6
June 13
June 20
June 27
Other bills discounted—
May 29
June 6
June 13
June 20
June 27
Bills bought in open
market:
May 29
June6
June 13
June 20
June 27
V. S. bonds and
notes:
May 29
June 6
June 13
June 20
June 27
XT. S. certificates of
indebtedness:
May 29
June 6
June 13
June 20
June 27
Municipal warrants:
May 29
June 6
June 13
June 20
June 27
Total earning assets:
May29
June 6
June 13
June 20
June 27
Bank premises:
May 29
June 6
June 13
June 20
June 27
Five per cent redemption f u n d
against F. R. bank
notes:
May 29
June 6
June 13
June 20
June 27
Uncollected items:
May 29
June 6
June 13
June 20
June 27
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
St.
Jhicago. Louis.
Minne- Kansas
apolis. City.
Dallas.
San
Francisco.
3,195,497
3,198,218
3,226,614
3,214,981
3,202,479
266,614
280,146
275,987
271,892
276,679
1,065,715
1,057,622
1,076,726
1,116,884
1,083,365
232,531
231,766
236,112
219,911
227,786
309,737
305,354
307,404
304,249
313,921
81,797
81,030
77,870
77,459
78,665
135,646
138,085
141,453
142,643
140,732
574,643
571,093
566,571
548,094
543,410
103,745
95,688
97,895
88,092
94,826
71,673
72,568
70,610
66,970
66,181
72,128
75,868
77,457
73,893
73,872
36,096
39,951
36,931
37,169
35,963
245,172
249,047
261,598
267,725
267,079
61,245
71,908
73,860
68 914
72,030
10,418
14,916
15,263
12,490
14,276
7,326
10,981
10,365
8,068
8,128
4,167
4,155
4,592
4,968
4,906
4,;
4,153
4,908
4,087
3,798
1,:
1,970
2,013
1,826
1,905
7,748
6,909
7,279
6,439
6,827
6,748
7,223
8,015
8,569
8,587
3,938
5,271
5,147
5,476
5,789
1,678
2,118
2,012
2,159
2,135
3,232
3,497
3,608
3,883
4,130
3,778
3,536
4,301
4,032
3,910
7,179
6,357
6,917
7,639
371,533
384,131
359,488
352,733
383,2971
26,586
20,802
21,700
20,232
20,713
127,711
153,421
130,194
105,381
120,956
44,378
42,106
42,189
44,342
45,820
32,105
24,584
34,399
35,007
38,289
25,717
26,177
28,562
27,659
27,903
3,507
3,950
4,901
6,607
6,259
33,984
39,193
33,281
38,112
50,760
17,054
16,025
15,265
17,651
17,674
6,505
4,810
4,452
8,986
7,282
19,324
17,954
16,232
19,534
19,544
359,462
350,790
348,382
378,368
391,666
30,256
21,320
27,004
34,142
27,629
43,414
40,998
48,885
33,464
39,372
25,705
22,317
20,962
27,130
26,560
22,609
21,510
18,966
24,271
26,643
37,072
36,674
35,977
37,469
38,083
28,838
29,760
24,734
29,389
28,916
46,570
43,602
40,549
46,255
50,587
16,926
23,524
20,846
29,918
23,013
19,446
18,760
19 024
19,430
21,11"
27,080
28,180
28,503
30,188
29,940
26,453
27,422
27,674
28,562
30,982
35,093
36,723
35,258
38,150
48,824
257,818
248,234
218,618
205,716
204,225
21,024
19,818
18,267
18,028
18,564
75,500
74,058
52,314
38,964
43,712
20,003
20,462
20,119
19,860
19,509
37,553
35,181
30,769
30,592
27,591
2,170
1,945
1,900
1,780
1,778
23,998
20,573
17,057
12,840
9,652
29,859
28,343
31,055
41,471
43 043
9,719
9,821
9,077
7,359
7,061
129
129
129
129
26
9,522
12,642
12 969
13,227
12,638
28,341
25,262
24,962
21,496
20,651
152,011
141,877
125,287
108,563
108,158
5,529
3,637
3 897
3,981
4,074
7,385
6,966
10,810
10,423
9,701
24,471
24,446
17,435
17,367
17,66:
12,328
12,653
12,740
9,756
10,453
1,341
1,341
1,341
1,341
1,341
553
488
24!
183
221
6,681
6,653
8 125
9,122
8,357
14,879
11,552
11,152
8,101
8,101
37,277
40,874
32,813
12,966
26,818
126
42
128
87
5,841
14,182
5,800
10,088
21,442
348
348
7,141
7,143
7,493
1
1
1
101
18,573
18,804
18,749
2,033
4 505
56,903 135,667
54,772 136,595
46,935 131,759
49,020 136,993
45,149 157,252
19
14
322
347
1,178,156
1,165,961
1,084,643
1,058,401
1,114,219
83,400
65,703
70,910
76,511
71,067
259,851
289,625
248,003
198,320
235,183
114,960
109,734
100,760
108,773
109,625
111,736
101,071
104,367
99,948
103,323
66,300
66,137
67,780
68,219
69,105
51,164
51,251
51,719
52,215
52,270
4,434
4,434
4,434
4,434
4,434
12,063
12,066
12,066
12,398
12,39f
715
719
719
719
719
8,508
8,550
8,753
8,830
8,844
2,617
2,617
2,617
2,617
2,617
2,524
2,548
2,581
2,584
2,592
191
191
191
191
193i
14,936
15,129
13,434
12,479
12,615
32,912
28,015
25,147
24,846
24,664
55
50
101
233
243
243
65
20
5,000
360
308
302
24
24
24
58,633
60,922
56,700
63,337
56,151
40,937
38,702
37,011
40,897
41,014
79,678
74,521
70,254
74,762
74,194
47,323
47,334
45,364
46,832
48,151
122,768
120,845
104,800
94,789
104,005
955
955
991
993
1,000
1,270
1,273
1,443
1,471
1,471
4,936
4,
4,955
4,954
1,942
1,942
1,946
1,946
1,946
2,485
2,496
2 518
2,553
2,580
100
100
100
100
100
26
26
26
26
28
36,922
37,229
37,028
40,620
33,527
21,579
25,526
24,388
21,863
18,457
3,379 27,617
3,380 27,617
1,779 19,185
1 779 9,185
1,779 9,185
55
55
55
55
55
55
55;
55!
55i
55
572,394
609,959!
689,539 !
685,812
583,917
2,969 31,693
3,890 31,219
2,942 25,371
3,264 25,958
2,752 25,345
8,71.
8,71.
8,71.
8,71.
8,71.
65
65
65
51,428
55,689
67,240
63,201
51,47(
119,439
122,827
157,935
145,019
128,45'
49,546
51,608
61,664
64,085
56,512|
65,219
62,743
76,147
77,011
63,536
46,9;
56,276!
56,229
58,262
50,557
21,21'
24,339
24,409
26,745
20,812
78,389
84,039
88,351
97,448
78,720
31,520
37,394
37,320
34,744
30,665
14,648
14,981
15,465
15,911
13,982
35,529
37,308
43,363
40,903
37,222
842
FEDERAL RESERVE BULLETIN.
JOLY, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6
TO JUNE 27, 1923—Continued.
RESOURCES—Continued.
[In thousands of dollars]
Total.
All other resources:
May2»
June 13
June 20
June 27
Total resources:
May 29
June 13
June 20
June 27
Boston.
New
York.
ClevePhiladelphia. land.
14,734
14,216
14,170
12,299
12,394
139
112
181
100
102
1,820
1,378
1,585
1,304
1,479
501
537
419
200
229
5,073,381
8,111,704
5,140,736
5,092,813
5,037,502
416,433
421,000
434 015
428,628
418,028
1,466,214
1,494,499
1,506,680
1 481,993
1,469,010
402,420
398,519
404,266
398,656
399,777
RichSt.
mond. Atlanta. Chicago. Louis.
403
401
387
440
417
431
478
475
479
472
500,183 199,918
482,477 208,431
502,198 206,896
494,416 208,823
493,724 203,266
224,469
227,131
223,132
227,910
216,584
603
606
619
291
302
1,732
1,782
1 771
1,755
1,797
Kansas
City.
Dallas.
San
Francisco.
1,215
1,115
1,083
1,002
858
2,220
2,134
2,112
2,101
2,103
4,486
4,564
4,341
3,949
3,922
805,120 199,082 131,938 198,211
808,660 200,409 131,424 197,266
804,484 198,242 128,312 194,466
800,442 192,762 129,163 199,215
797,334 188,559 126,580 191,635
112,964
120,449
115,068
113,969
110,558
416,429
421,439
422,977
416,836
422,447
893
930
1,008
558
585
291
179
189
120
128
Minneapolis.
LIABILITIES.
[In thousands of dollars.]
Capital paid in:
May 29
June 6
June 13
June 20
June 27
Surplus:
May 29
June 6
June 13
June 20
June 27
Deposits:
Government—
May 29
June 6
June 13
June 20
June 27
Member bank—
r e s e r v e account—
May 29
June 6
June 13
June 20
June 27
Other deposits—
May29
June 6
June 13
June 20
June 27
Total deposits:
May 29
June 6
June 13
June 20
June 27
F.R. notes in actual
circulation:
May 29
June 6
June 13
June 20
June 27
F. R. bank notes in
circulation—net liability:
May 29
June 6
June 13
June 20
June 27
Deferred availability
items:
May 29
June 6
June 13
June 20
June 27
109,348
109,363
109,381
109,422
109,427
8,066
8,066
8,066
8,066
8,066
29,184
29,186
29,186
29,206
29,206
9,764
9,764
9,764
9,780
9,780
12,085
12,085
12,085
12,079
12,079
5,724
5,725
5,725
5,725
5,725
4,414
4,415
4,416
4,419
4,419
15,014
15,024
15,030
15,033
15,042
4,933
4,933
4,951
4,951
4,951
3,558
3,558
3,557
3,566
3,567
4,597
4,597
4,589
4,585
4,585
4,197
4,198
4,198
4,198
4,198
7,812
7,812
7,814
7,814
7,809
218,369
218,369
218,369
218,369,
218,369
16,^12
16,312
16.312
16,312
16,312
59,800
59,800
59,800
59,800
59,800
18,749
18,749
18,749
18,749
18,749
23,495
23,495
23,495
23,495
23,495
11,288
11,288
11,288
11,288
11,288
8,942
8,942
8,942
8,942
8,942
30,398
30,398
30,398
30,398
9,665
9,665
9,665
9,665
9,665
7,473
7,473
7,473
7,473
7,473
9,488
9,488
9,488
9,488
9,488
7,496
7,496
7,496
7,498
7,496
15,263
15,263
15,263
15,263
15,263
41,439
50,870
14,323
20,764
43,952
3,965
3,603
447
341
3,858
10,855
14,723
8,234
11,365
18,954
2,772
2,667
51
600
1,932
3,191
1,658
1,130
817
1,:
2,254
945
231
2,409
1,391
2,880
1,637
114
468
1,!
5,060
15,861
293
296
3,405
3,631
2,616
1,157
417
2,079
1,:
1,!
648
496
1,051
1,341
1,380
577
1,099
1,402
1,645
1,704
688
531
2,590
2,562
2,138
753
1,925
3,428
1,874,106
1^895,629
1,913,879
1,874,220
1,867,650
125,395
124,333
128,854
129,099
122,546
680,128
704,990
714,054
700,560
705,323
113,529
116,403
114,145
111,368
109,581
162,335
159,558
168,025
161,628
162,326
62,339
61,073
58,431
58,323
59,875
55,974
58,487
56,124
58,292
51,151
278,287
276,940
281,643
271,169
276,172
68,955
70,029
70 337
69,403
66,372
49,045
46,773
45,009
46,139
44,575
81,060
79,287
79,712
79,754
77,569
47,822
48,827
48,336
46,384
45,205
149,237
148,929
149,209
142,101
146,955
36,041
29,530
28,121
26,330
24,997
906
509
575
377
301
16,565
16,127
15,385
15,122
15,091
1,040
809
881
679
507
2,036
1,596
1,482
1,429
1,251
765
459
459
335
375
357
233
184
140
3,960
1,979
1,693
1,390
1,302
1,516
893
766
707
652
1,166
839
789
634
511
3,149
1,562
1,490
1,065
823
407
324
283
261
225
4,156
4,076
4,085
4; 147
4,008
1,951,586
1,976,029
1 956,323
1,921,314
1,936,"""
130,266
128,445
129,876
129,817
126,705
707,548
735,840
737,673
727,047
739,368
117,341
119,879
115,077
112,647
112,020
167,562
162,812
170,637
163,874
165,446
65,358
62,477
59,121
61,067
61,452
59,229
60,481
56,471
58,944
53,284
287,307
294,780
283,629
272,855
280,879
74,102
73,538
72,260
70,527
69,103
51,494
49,550
46,446
47,269
46,137
85,550
82,229
81,779
81,918
79,794
49,874
50,855
49,307
47,176
48,020
155,955
155,143
154,047
148,173
154,391
2,250,217
2.250,213
2,235,755
2,222,352
2,226,954
211,291
214,846
213,763
214,194
216,027
566,030
568,599
555,158
547,527
533,713
206,755
202,694
204,884
201,381
206,686
233,232
227,403
232,872
225,330
233,504
77,243
77,997
78,223
77,128
77,251
133,656
133,502
133,735
134,004
133,190
402,403
401,993
399,386
400,752
404,058
75,455
74,900
73,911
73,702
73,214
54,367
54,936
54,373
54,776
54,391
59,915
60,432
59,745
60,371
59,946
26,768
28,045
27,264
27,831
27,561
203,102
204,866
202,441
205,356
207,413
743
490
320
219
203
384
385
393
514
508
37,054
39,095
37,584
41,637
36,581
22,281
27,454
24,375
24,705
20,683
1,752
1,628
1,410.
1,
1,548
524.323
537,938
601,040
601,028
525,165
625
753
697
756
837
49,695
52,523
65,178
59,379
50,055
99,684
97,160
120,964
114,597
102,954
48,556
46,093
54,482
54,696
51,085
62,245
55,125
61,513
67,977
57,488
39,466
50,065
51,651
52,669
46,568'
17,260
18,593
20,619
15,751
67,699
63,903
73,480
78,645
64,051
33,908
36,349
36,413
32 785
30,474
13,883
14,761
15,225
14,892
13,823
32,592
36,577
41,582
38,427
35,652
843
FEDERAL RESERVE BULLETIN.
JULY, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6
TO JUNE 27, 1923—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
Total.
All other liabilities:
May 29
June 6
June 13
June 20
June 27
Total liabilities:
May 29
June 6
June 13
June 20
June 27
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
' St.
Atlanta. Chicago. Louis.
Minneapolis.
Kansas Dallas.
City.
San
Francisco.
1,255
1,340
1,310
1,403
1,457
1,564
1,657
1,596
1,661
1,712
839
879
888
946
982
968
958
975
982
998
1,674
1,809
l,f
2,1
2,069
1,019
1,024
1,042
1,132
1,152
1,163
1,146
1,238
1,187
1,189
864
935
961
997
1,038
1,964
2,016
2,035
2,049
2,092
1,705
1,778
1,830
1,803
1,919
1,466,214 402,420
1,494,499 398,519
1,506,680 404,266
1,481,993 398,656
1,469,010 399,777
500,183
482,477
502,198
494,416
493,724
199,918
208,431
206,896
208,823
203,266
224,469
227,131
223,132
227,910
216,584
805,120
804,484
800,442
797,334
199,082
200,409
198,242
192,762
188,559
131,938
131,424
128,312
129,163
126,580
198,211
197,266
194,466
199,215
191,635
112,964
120,449
115,068
113,969
110,558
416,429
421,439
422,977
416,836
422,447
71.7
71.8
73.8
70.0
71.5!
77.3
78.3
76.2
78.2
78.7
57.4
57.7
56.7
56.1
56.7
70.3
71.2
74.4
73.9
75.5
83.3
82.0
83.0
81.4
79.3
69.4
64.5
67.0
61.1
66.6
67.7
69.5
70.0
65.6
65.8
49.6
63.2
54.7
51.9
52.9
47.1
50.6
48.2
49.6
47.6
68.3
69.2
73.4
75.7
73.8
2,468|
2.818J
2,518;
2,518!
2,9521
3,099
3,162
3,162
3,162
3,707
1,492
1,522
1,522
1,785
1,785
1,176
1,200
1,200
1,200
1,407
3,988
4,070
4,070
4,072
4,771
1,263
1,288
1,288
1,288
1,510
976
995
995
995
1,167
1,234
1,259
1,259
1,259
1,476
1, 033
1, 054
1, 054
1 054
1, 236
2,037
2,079
2,079
2,079
2,437
17,786
18,164
18,458
18,839
19,440
803
808
820
860
863
5,073,381
5,111,701
5,140,736
5,092,813
5,037,502
416,433
421,000
434,015
428,628
418,028
76.1
75.7
77.0
77.6
76.9
78.1
81.6
80.3
79.0
80.7
83.7
81.1
83.3
87.6
85.1
29,245
29,243
33,485
33,500
33,539
2,152
2,196
2,196
8,327
7,900
12,142
14,088
11,091
3,914
3,899
3,816
MEMORANDA.
Ratio of total reserves to deposit
and F . R. note liabilities combined—
per cent:
May 29
June 6
June 13
June 20
June 27
Contingent liability
on bills purchased
for foreign correspondents:
May 29
June 6
June 13
June 20
June 27
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANES COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
May 29
June 6
June 13
June 20 .
June27
Bills bought in open market:
May 29.
June 13
June 20
June 27
United States certificates of indebtedness:
May 29
June 13
June 20
June 27
Municipal warrants:
May 29
June 13
. .
Within 15
days.
16 to 30
days.
31 to 60
days.
61 to 90
days.
From 91
days to 6
months.
730,996
734,921
707,865
731,101
774,963
508,360
508,613
484,315
489,821
524,586
54,923
51,960
51,647
55,058
56,282
82,487
83,421
80,784
85,413
83,480
44,549
47,569
45,924
53,297
61,403
39,988
42,862
44,685
47,198
48,853
257,818
248,234
218,618
205,716
204,225
89,430
98,320
83,411
79,163
77,785
61,748
57,945
63,387
53,611
47,013
74,037
57,045
44,419
41,260
36,906
23,972
28,686
32,082
25,240
37,723
8,631
6,238
5,319
6,442
4,798
37,277
40,874
32,813
12,966
26,818
4,846
11,103
2,695
10,088
21,529
1,643
186
177
1,530
5,865
5,933
2,212
3,432
55
55
55
55
55
40
40
40
40
15
15
55
15
15
Over 6
months.
688
496
510
314
359
29,258
23,906
24,185
480
1,680
844
FEDERAL EESEBVE BULLETIN.
JULY, 1923.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6 TO JUNE 27, 1923.
[In thousands of dollars.]
Total.
Net amount of F. R.
notes received from
Comptroller of the
Currency:
May 29
June6
June 13
June 20
June 27
F.R. notes on hand:
May 29
June6
June 13
June 20
June 27
F. R. notes outstanding:
May 29
June 6
June 13
June 20
June 27
Collateral security
for F. R. notes outstanding:
Gold and gold
certificates—
May 29
June6
June 13
June 20
June 27
Gold redemption
fundMay 29
June 6
June 13
June 20
June 27
Gold fund—F. R.
BoardMay 29
June6
June 13
June 20
June 27
Eligible paperAmount requiredMay 29..
June6...
June 13..
June 20..
June 27..
Excess
amount
held—
May 29..
June 6...
June 13..
June 20..
June 27..
Boston.
NewYork.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
3,467,464
3,472,137
3,495,810
3,493,556
3,511,965
311,122
309,860
320,318
318,060
316,327
1,052,367
1,056,880
1,058,238
1,063,884
1,066,033
284,632
283,353
286,743
285,019
282,038i
282,7691
285,874
284,469!
285,966]
115,358
115,271
114,018
112,679
112,779
218,995
218,403
217,607
219,893
219,065
564,835
567,197
570,048
564,485
569,134
120,868
119,396
118,901
117,892
117,102
70,410
70,409
70,772
70,138
69,739
99,372
102,152
102,073
101,717
101,179
49,503
49,276
50,923
50,569
50,686
297,964
297,171
300,205
304,751
315.012
852,258
836,909
855,454
842,054
846,824
86,950
81,350
88,650
85,250
81,450
318,340
318,340
318,340
318,340
318,340
44,200
40,200
45,200
43,600
44,400
31,2201
31,2201
33,120
31,220!
30,520[
29,810
29,450
28,210
27,810
27,870
80,148
79,940
78,650
80,480
81,450
117,300
117,300
121,700
112,700
113,300
25,890
25,890
25,890
25,440
25,440
12,168
10,982
12,457
11,157
10,997
30,563
33,563
32,763
32,763
31,963
20,269
18,574
20,374
19,694
19,894
55,400
50,100
50,100
53,600
61 200
2,615,206
2,635,228
2,640,356
2,651,502
2,665,141
224,172
228,510
231,668
232,810
234,877
734,027 240,432 250,8181
738,540 243,153 251,549
739,898 241,543 252,754
745,544 241,419 253,249
244,543 255,446
85,548
85,821
85,808
84,869
84,909
138,847
138,463
138,957
139,413
137,615
447,535
449,897
448,348
451,785
455,834
94,978
93,506
93,101
92,452
91,662
58,242
59,427
58,315
58,981
58,742
68,809
68,589
69,310
68,954
69,216
29,234
30,702
30,549
30,875
30,792
242,564
247,071
250,105
251,151
253,812
314,899
314,899
318,899
319,429
320,429
25,300
25,300
29,300
34,300
35,300
235,531!
235,531
235,531
235,531
235,531
7,000
7,000
7,000
7000
7,000
13,275
13,275
13,275
8,805
8,805
11,880
11,880
11,880
11,880
11,880
13,052
13,052
13,052
13,052
13,052
118,977
128,937
129,635
124,088
118,451
11,935
20,673
18,731
16,473
14,740
31,269
31,168
31,019
30,856
30,747
13,735
12,457
15,846
14,122
12,447
13,426
13,957
13,961
13,857
13,653
1,865
3,817
2,564
4,225
2,865
15,856
11,565
11,483
11,360
11,251
3,943
3,471
3,067
2,966
3,177
2,867
2,867
2,549
1,916
1,516
3,455
2,635
1,957
1,600
3,062
1,379
1,652
1,799
1,945
2,462
14,672
20,691
19,472
18,295
16,885
1,577,858
1,587,585
1,609,077
1,589,842
1,596,131
138,000
128,000
128,000
128,000
128,000
371,000
371,000
371 000
371,000
371,000
146,389
153,889
148,889
144,889
148,889
185,000
185,000
185,000
185,000
185,000
31,795
28,795
28,795
25,795
25,795
83,000 353,645
88,000 363,645
94,000 371,644
94,000 371,645
95,000 371,644
44,500
37,500
40,500
39,000
38,000
32,000
32,000
32,000
22,000
22,000
28,360
28,360
28,360
28,360
26,360
4,000
4,000
4,000
4,000
4,000
160,169
167,396
176,889
176,153
180,443
603,472
603,807
582,745
618,143
630,130
48,937
54,537
55,637
54,037
56,837
96,227
100,841
102,348
108,157
110,415
73,308
69,807
69,808
75,408
76,207
39,117
39,317
40,518
45,587
47,988
51,888
53,209
54,449
54,849
56,249
48,872
44,079
35,370
36,540
34,569
78,034
74,687
65,221
68,780
72,939
34,655
40,655
37,654
38,606
38,605
10,323
11,508
10,714
22,013
22,174
36,994
37,594
38,993
38,994
39,794
17,394
18,589
18,289
18,469
17,869
67,723
58,984
53,744
56 703
56,481
346,360
342,978
310,501
271,310
308,347
28,929
7,403
11,334
18,365
10,069
130,415
147,584
108,272
43,702
2,679
2,477
4,818
2,902
4,!—
52,510
41,481
43,047
38,940
43,596
10,828
9,984
10,351
7,328
10,065
11,210
12,197
10,161
32,334
36,447
39,628
57,045
71,449
8,760
8,490
7,285
15,294
11,663
12,401
5,942
5,726
8,661
5,863
10,845
9,716
21,505
25,287
25,241
26,470
28,395
26,249
33,436
31,051
27,749
37,503
2,400
2,400
2,400
2,400
2,400
10 7
Al
4,575
3,984
7,187
6,473
5,646
6,461
6,461
6,461
6,461
6,461
845
FEDERAL RESERVE BULLETIN.
JOLT, 1923.
CONDITION OF REPORTING MEMBER BANKS IN LEAPING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANES IN LEADING CITIES ON WEDNESDAYS FROM
MAY 23 TO JUNE 20, 1923.
ALL EEPOETING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars.]
Total.
Number of reporting banks:
May 23
May29-30
June 6
June 13
June 20
Loans and discounts, gross:
Secured by U. S. Government obligationsMay 23
May 29-30
June6
June 13
June 20
Secured by stocks and
bondsMay 23
May 29-30
June 6
June 13
June 20
All other loans and discountsMay 23
May 29-30
June 6
June 13
June 20
Total loans and discounts:
May 23
May 29-30
June 6
June 13
June 20
U. S. pre-war bonds:
May 23
May 29-30
June6
June 13
June 20
V. S. Liberty bonds:
May 23
May29-30
June 6
June 13
June 20
U. S. Treasury bonds:
May 23
May29-30
June 6
,
June 13
,
June 20
U. S. Treasury notes:
May 23
May 29-30
June 6
June 13
June 20
U. S. certificates of indebtedness:
May 23
May 29-30
June 6
June 13
June 20
Other bonds, stocks, and
securities:
May 23
May29-30
June 6
June 13
June 20
Total loans and discounts
and investments:
May 23
May29-30
June 6
June 13
June 20
Boston.
New Phila- Cleve- Rich- AtlanYork. delphia. land. mond.
ta.
109
109
109
109
109
774
774
774
774
774
66
66
10,788
11,091
10,629
10,715
10,855
7,795
7,820
7,886
7,905
7,818
41,685
41,429
41,340
40,607
39,366
16,120
14,473
12,328
11,727
11,931
8,015
11,256
8,032
7,997
8,061
7,997
7,455
7,364
7,614
7,456
5,526
5,400
5,412
5,378
3,994
14,779
14,960
14,492
14,746
14,646
,660,933 257,382
249,002
,644,145 250,260
,640,080 250,396
,600,223 254,465
394,633
404,809
406,558
400,758
400,923
125,251
121,065
120,064
120,278
120,387
63,306
62,612
63,540
63,865
62,649
588,480
584,887
589,437
574,288
575,846
135,001
135,116
138,289
140,983
141,062
52,043
54,522
54,914
53,899
54,437
78,317
78,979
78,484
77,938
79,171
46,790
46,927
46,709
49,176
50,105
166,640
173,040
169,236
171,686
170,939
343,873
348,056
349,693
356,090
356,837
686,503
692,362
685,209
689,458
686,450
326,639
327,174
325,426
324,628
323,509
335,984
335,798
332,651
335,855
341,219
,170,214 303,995
, 156,000 305,957
, 143,714 302,269
, 147,213 299,806
,146,200 300,757
179,547
174,319
177,543
179,731
177,740
361,681
360,456
360,417
359,958
361,432
196,045
195,820
197,014
194,345
193,746
815,039
809,822
816,184
819,876
823,809
618,943
615,274
618,364
625,016
629,676
,114,279
., 129,730
,123,370
,122,453
,118,967
462,678
459,330
456,119
455,621
454,751
407,085
406,230
404,077
407,625
411,686
,800,379
,782,316
,774,491
,762,108
,76i;412
455,116
455,546
452,886
452,516
453,750
239,605
240,097
240,489
241,627
240,238
447,995
446,890
446,265
445,510
448,059
248,361 996,458
248,147 997,822
249,135 999,912
248, 8991
— ,006,308
247, 8451,009,394
11,043
11,033
48,485 11,033
48,405 11,003
48,405 11,003
47,571
47,112
48,130
48,130
4S, 130
30,335
30,331
30,327
30,335
30,349
14,381
12,880
12,881
12,981
12,981
25,362
25,165
24,662
24,686
24,950
15,332
15,332
15,332
15,336
15,335
8,771
8,786
8,801
8,761
8,761
11,921
11,921
11,920
11,921
11,921
20,118
20,118
20,043
20,056
20,226
36,476
35,329
34,332
35,745
35,749
117,374 31,920 14,699
116,312 31,877 14,484
115,435 31,845 14,276
116,121 32,428 13,859
116,226 32,309 14,491
92,655
91,861
92,750
92,129
93,797
22,614
21,792
22,422
23,450
23,040
11,815
11,817
11,738
11,783
12,508
45,536
44,912
46,079
46,768
47,644
14,641
14,545
14,305
14,667
14,884
99,758
101,307
101,771
100,437
101,039
12,821
9,360
9,024
9,043
9,024
8,943
1,225
1,225
1,295
1,285
1,285
4,637
4,912
4,815
5,188
4)776
2,239
2,239
2,239
2,239
2,380
12,487
13,641
13,464
13,208
13,189
7,029 130,709 32,222 30,310
7,175 126,509 23,257 29,271
7,281 136,937 24,886 29,877
8,224 132,180 23,994 29,611
7,643 134,695 26,895 28,621
24,743
24,019
23,439
22,716
22,700
18,173
17,113
17,152
17,119
16,677
54,449
47,437
45,417
44,219
45,644
3,804,359
3,799,544
3,807,487
3,785,861
3,755,352
235,583
240,381
245,851
242,514
245,145
7,825,733
7,773,756
7,739,623
7,777,896
7,782,860
624,154 2,482,059
607,838 2,460,154
609,920 2,439,583
622,107
107 2,448,829
2,
614,323 2,456,838
700 4,,228,499
392 4,,197,061
839 4,,174,325
755 4,177,748
1414! ,141,475
282,412
279,391
278,514
279,928
280,371
12,567
12,899
12,568
12,569
12,561
48,535
1,005,515
1,001,685
1,013,180
1,018,292
1,031,202
78,380
78,495
78,617
79,156
79,118
429,646
427,802
437,227
441,819
450,676
46,479
46,481
46,715
45,675
45,470
97,674
98,410
97,260
98,473
95,658
5,315
5,760
5,308
5,161
5,163
31,313
31,485
31,078
30,791
30,652
3,961
3,972
4,001
3,993
3,979
7,007
6,724
6,792
6,784
6,556
5,052
4,598
4,591
4,596
4,529
1,018,959
991,751
997,858
988,734
983,591
29,112
30,298
29,529
28,950
28,829
556,233
557,233
552,005
549,654
540,460
61,622
60,185
59,378
60,281
60,058
61,410
57,966
61,954
61,962
61,696
12,94;
11,288
10,003
9,824
9,673
129,026
129,732
131,898
130,251
159,606
4,264
4,149
3,882
3,804
14,068
35,831
32,270
36,323
35,287
39,517
5,949
6,665
7,571
6,222
7,466
10,780
11,405
8,767
8,110
10,537
2,979
3,002
2,865
2,821
4,703
2,132,751
2,148,937
2,139,604
2,133,008
2,140, 159
174,836
174,936
174,432
174,197
174,265
711,039
713,108
714,459
711,403
715,664
183,712
184,798
183,939
184,503
185,477
16,558,435
16,489,741
16,466,586
16,471,872
16,480,98
52
52
52
52
52
33,143
32,559
31,603
32,237
31,594
12,963
13,173
13,068
13,134
13,673
872,
861,
868,
877,
873,
39
106
106
106
106
106
82
San
Francisco.
17,688
18,216
18,411
18,530
18,374
85,507
88,703
90,597
88,839
84,414
262,006
266,535
261,162
259,429
252,182
11,892,098
11,839,835
11,808,272
11,823,186
11,790,394
St. Minne- Kansas
Ihicago. Louis.
apolis. City. Dallas.
2,25'
2,119
2,057
2,174
2,058
12,711
12 577
14,030
12,148
4,504
7,854
11,029
10,490
26,500! 9,732
2,123
2,973
2,189
2,103
4,204
8,008
7,856
7,806
7,584
7,457
7,180
6,567
6,072
6,390
7,323
13,744
14,976
12,811
12,521
16,761
283,730 51,012 36,707 353,068 87,739
284,576 50,742 35,633 358,607 89,284
282,730 51,119 37,488 352,908 88,586
282,896 51,099 37,174 351,398 87,635
88,09"
285,066 51,303 38,178
29,224
29,219
31,188
28,905
57,67
60,335
58,423
57,708
57,956
9,079
9,036
9,418
9,307
9,299
154,931
158,663
154,914
156,786
157,365
323,07
323,38
325,577
324,072
324,418
600,51
600,84i
598,74;
597,395
600,51
1,177,17, 6,041,096 931,7091,642,151 596,923
1,167,92s 6,007,444 928,4081,653,825 591,16f
"'" " " 586,869
1,173,17S 5,993,902 931,001"1,647,178
1,181,595 5,995,107 936,693 1,646,456 586,724
1,187,"1455,-, 966,849 943,129 1,647,178' 587,61
9,255
8,387
8,822
8,653
11,338
24,409
23,628
23,761
26,266
491,41 2,439,403
486,90S 2,420,797 622,08U
486,885 2,418,086 624,184
490,690 2,402,797! 622,445
498,375 2,402,190 625,79
319,1,7911,368,301
1,369,175
317,',7651,
318,36411,362,621
318,6771.,369,224
318,634 I!L. 379.141
846
FEDERAL EESEKVE BULLETIN.
JULY, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
MAY 23 TO JUNE 20, 1923—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars.]
Total.
Reserve balance with F. R.
banks:
May 23
1,431,523
1,385,551
May 29-30
June 6
1,405,889
June 13
1.419,551
June 20
1,397,116
Cash In vault:
May 23
283,080
May 29-30
281,879
June 6
293,097
June 13
290,235
June 20
279,247
Net demand deposits:
May23
11,216,130
May 29-30
11,172,706
June 6
11,171,818
June 13
11,320,130
June 20
11,094,097
Time deposits:
May 23
3,986,993
May29-30
4,004,052
June 6,
3,999,063
June 13
3,991,008
June 20
3,995,750
Government deposits:
282,141
May 23....f.
191,646
May 29-30
146,785
June 6
146,715
June 13
,
255,582
June 20
Bills payable and rediscounts with F. E. banks:
Secured by U. S. Government obligationsMay 23
259,134
258,448!1
May 29-30
278,684
June 6
"1,592
June 13
June 20
All otherMay 23
176,543
200,683
May 29-30
192,733
June6
188,553
June 13
216,292
June 20
Boston.
New
Phila- CleveYork. delphia. land.
Rich- Atlan- Chicago. St.
Minnemond.
Louis. apolis.
ta.
Dallas.
23,204 48,976 23,252
23,227 49,725 24,147
21,174 46,877 25,081
19,289 47,038 24,873
20,782 47,153 23,296
San
Francisco.
85,514
83,888
81,957
87,582
637,691
610,337
634,937
642,602
631,422
70,450
71,075
72,212
70,211
67,602
115,184
108,595
107,855!
114,944
33,360
32,462
36,882
34', 027
36,9531
214,658
203,569
203,130
203130
208,233
200,833
44,673
39,501
40,149
40,535
40,2241
18,630
18,232
19,637
19,930
19,203
80,435
81,340
83,795
81,654
79,284
16,383
15,909
15,969
16,783
15,737
32,112
29,740
32,646
31,129
31,112
13,086 10,534
13,287 9,822
14,168 10,737
13,910 10,530
13,585 9,796
54,517
55,505
57,790
58,795
55,346
8,308
8,352
8,592
8,225
8,006
6,205
5,904
6,341
6,185
5,807
12,605
12,566
12,292
12,761
12,050
8,916
8,837
8,738
21,349
22,385
21,522
21,130
20,583
815,4944,722,163
804,68814,688,737
811,00114,692,004
832,196 4,751,967
813,3014,694,349
694,068
692,381
699,200
705,176
684,185
926,217
926,211
939,142
938,103
919,721
324,364
327,578
325,644
324,356
321,940
277,•,063 1,519,635
276i, 062 1,,516,121
278,0991,,502,692
282,053 I!,525,465
275,167 I!,481,359
363,094
358,883
357,318
359,942
342,769
196,486
205,822
204,574
203,899
196,367
432,798
431,957
423,875
436,635
425,908
219,452
220,570
222,015
224,007
216,919
725,296
723,696
716,254
736,331
722,112
907,696 97,480 558,014
914,493 98,009 561,869
907,626 101,125 561,627
900,193 100,996 562,332
899,464 102,741 561,822
158,201
156,853
155,715
154,878
154,230
169,166 786,296 184,047 84,298 128,444 75,821
171,881 785,341 183,678 84,249 131,807 73,667
176,129 780,708 181,949 84,456 131,788 73,782
178,181 782,466 181,536 83,123 132,290 74,069
178,250 784,521 181,915 83,979 131,779 75,125
582,402
586,569
588,843
585,081
584,740
255,128
255,636
255,315
255,863
257,184
33,995
37,551
35,097
33,779
108,745 33,938
100,566
101,474
100,538
96,438
97,363
9,965 10,026
6,940 6,599
5,426 5,210
5,406 5,278
10,191 11,124
38,384 12,899
33,661 11,022
21,438 8,819
21,404 8,819
34,782 11,793
5,061
3,512
2,795
2,795
5,765
5,618
3,566
2,814
2,814
4,053
6,476
3,077
2,463
2,462
5,740
18,615
11,831
9,405
9,405
20,660
14,692
16,184
16,365
24,953' 17,905
25,251 17,316
1,320
1,481
1,309
1,698
3,494
20,713 7,163
21,376 9,170
28,402 9,104
21,742 8,860
26,713 11,577
5,030
5,630
3,950
3,515
7,"""
17,857
17,598
16,278
14,527
17,596
1,1
1,239|
2,379
1,053
1,321
25,725
26,612
26,107
20,303
20,734
15,987 22,123
17,546 19,301
16,244 19,023
14,034 18,088
19,436 18,995
10,328
10,981
12,710
7,160
11,350
25,402 9,591
22,744 9,484
20,719 15,783
17,516; 12,853
22,928j 21,392
6,549
5,595
4,519
2,281
4,464
13,522
14,681
15,876
15,732
17,302
4,444
6,245
6,101
6,652
6,376
17,095
15,717
16,949
15,279
17,670
23,735
16,576
13,263
13,263
31,874
108,420 21,039
67,196 13,495
53,710 10787
53,710 10,787
82,518 21,377
21,903
14,171
10,655
10,572
15,705
8,515
12,187
6,865
7,511
5,350
112,749 18,780
106,230 19,818
133,885 19,278
111,064 19,461
87,039 21,509
24,701
20,923
14,762
10,404
23,192
15,206
21,996
28,249
21,739 19,359
34,583 20,524
32,477 17,126
40,473 16,489
25,612 22,518
R E P O R T I N G MEMBER BANKS I N F E D E R A L R E S E R V E B A N K CITIES.
Number of reporting banks:
May23...
May29-30
June 6
June 13
June 20.
Loans and discounts, gross:
Secured b y TJ. S. Government obligations—
May 23
May 29-30
June 6
June 13
June 20
Secured b y stocks and
bonds—
May 23
May 29-30
June 6
June 13
June 20
All other loans and discountsMay 23
May 29-30
June 6
June 13.;
June 20
259
259
259
259
259
171,800
177,070
173,943
171,922
165,414
10,314
10,537
10,433
10,515
10,980
10
10
10
10
10
6
6
6
6
6
13
13
13
13
13
6
6
6
6
6
15
15
15
15
15
8
8
8
8
8
15
15
15
15
15
32,367 12,278
32,413 10,690
32,459 8,535
31 612 8,198
30,272 8,371
4,757
7,987
4,769
4,756
4,834
2,301
1,834
1,871
1,876
1,889
1,624
1,485
1,478
1,473
1,470
5,485
5,596
5,551
5,586
5,497
20,028 11,672
20,152 11, 244
20,000 11, 132
19,402 11, 283
21,073 n,648
73,118
74,152
73,814
73,623
74,778
48
48
48
48
48
76,450
80,078
82,048
80,150
75,344
15,816
16,350
16,613
16,644
16,460
6,248
6,101
6,046
6,902
6,302
2,121
1,927
1,921
2,090
2,058
2,039
2,072
2,219
2,120
1,937
2,753,319
2,750,786
2,756,521
2,731,745
2,702,847
179,1,5351,,475,033
183,[,0731,468,210
187,',597 I!.,463,825
185,i,776 1".',461,276
188,31311,421,837
235,498
226,593
226,622
226,855
230,063
149,873
161,636
161,090
154,130
156, r
19,166
18,913
17,833
17,791
17,817
10,838
H, 007
U 526
10,990
11, 147
450,208
447,605
452,561
437,401
436,529
96,631
96,371
98,605
100,889
100,719
31,719
31,830
31,916
32,329
32,415
4,854,234
4,804,414
4,767,857
4,806,562
4,803,070
480,6512!, 168,801 310,004
465,i, 176 2!,144,501 313,908
469,1,560 2;'120,858 316,264
479,1,973 2;i, 131,804 322,249
474I 060 3!, 142,532322,795
312,522
312,180
307,803
312,961
312,026
66,971
67,523
66,629
65,593
64,901
58,237
57,722
55,609
58,099
58,443
696,494
686,538
673,647
677,476
668,387
172,498
174,364
171,618
170,374
172,394
81,470
76,584
80,017
80,915
78,044
118,150
118,259
117,441
118,507
117,077
48,394
48, 170
47, 263
46, 839
019
340,042
339,489
341 148
341,772
345,392
847
FEDERAL KESERVE BULLETIN.
JULY, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
MAY 23 TO JUNE 20, 1923—Continued.
R E P O R T I N G MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES—Continued.
[In thousands of dollars.!
Phila- Clevedelphia. land.
Boston.
Total loans and discounts:
7,779,353
May 23
7,732,270
May 29-30
7,698,321
June6
7,710,229
June 13
7,671,331
June 20
U. S. pre-war bonds:
98,822
May 23
May 29-30
97,983
June6
June 13
June 20
98,847
TJ. S. Liberty bonds:
589,902
May23
588,518
May 29-30
599,717
June6
603,490
June 13
611,797
June 20
U. S. Treasury bonds:
May 23
50,409
May29-30
50,859
June6
50,269
June 13
51,041
June 20
48,657
XT. S. Treasury notes:
May 23
764,281
May 29-30
748,297
June6
754,063
June 13
742,293
June 20
;
736,951
U. R. certificates of indebtedness:
61,123
May 23
61,635
May29-30
June6
69,392
69,180
June 13
82,246
June 20
Other bond stocks and securities:
May 23
1,138,784
1,151,534
May 29-30
1,144,347
June6
1,140,848
June 13
June 20
, 1,143,176
Total loans and discounts
and investments:
10,482,674
May 23
10,434,096
May 29-30
10,414,938
June6
,10,415,884
June 13
10,393,005
June 20
Reserve balance with F. R.
banks:
1,024,794
May 23
976,874
May 29-30
1,001,406
June 6
1,010,985
June 13
June 20
994,297
Cash in vault:
142,458
May 23
144,015
May 29-30
149,012
June6
147,989
June 13
142,114
June 20
Net demand deposits:
May 23
7,616,385
7,575,287
May 29-30
7,555,572
June6
June 13
v.. 7,667,770
7,512,557
June 20
Time deposits:
2,011,400
May 23
2,026,190
May 29-30
2,013,478
June6
2,002,114
June 13
2,001,454
June 20
Government deposits:
200,328
May 23
135,486
May 29-30
105,126
June6
105,091
June 13
174,425
June 20
670, 500 3,720,284
658, 786 3,692,789
667, 590 3,,666,731
676, 264 3,673,230
673, 353 3
Minne- Kansas
Rich- Atlan- Chicago. St.
Louis. apolis. City. Dallas.
ta.
mond.
71,114 1,179,069
70,8011 ,166,556
69,3541 ,158,667
71,2091 ,146,489
71,5271 ,135,188
281,407
281,425
278,758
279,461
281,484
117,946
116,401
116,702
118,000
115,293
140,479
140,245
139,312
139,785
140,039
61,690
60,899
59,873
59,595
60,137
418,645
419,237
420,513
420,981
425,667
2,857
2,857
2,857
2,857
2,857
3,963
3,983
3,985
4,008
4,004
8,222
8,222
8,222
8,226
8,225
3,031
3,031
3,031
3,031
3,031
2,050
2,050
2,050
2,050
2,050
5,040
5,040
5,065
5,093
5,148
20,458
20,474
20,477
20,475
20,477
4,012
4,016
4,015
4,560
4,588
273
273
273
273
273
35,465
34,861
35,700
35,022
36,508
15,044
14,247
14,734
15,230
14,707
5,293
5,284
5,284
5,336
6,380
20,233
19,665
20,171
20,248
20,808
4,503
4,503
4,500
4,500
4,499
46,671
48,094
48,044
47,751
48,121
561,318
556,851
559,499
565,748
569,318
468,643
479,917
474,939
473,993
474,836
88,258
88,363
86,383
85,474
84,776
6,868
6,858
6,858
6,858
6,858
4,530
3,715
4,530
4,530
4,530
1,805
1,805
1,805
1,805
1,805
34,071 366,419 35,086
34,319 365,261 35,087
34,098 374,559 35,314
34,321 378,915 34,264
34,384
34,051
22,832
22,908
23,025
23,070
23,485
2,114
2,114
2,115
2,116
2,108
37,884
37,834
37,834
37,754
37,754
San
Francisco.
21,870
22,129
21,742
20,787
20,647
3,060
3,071
3,100
3,092
3,078
849
845
829
829
783
467
346
341
341
341
452
90
90
90
90
5,653
5,576
5,506
6,902
5,058
7,574
7,565
7,610
7,615
7,633
665
665
665
655
655
734
925
907
1,103
1,103
1,103
1,103
1,103
5,330
5,814
5,649
5,629
5,639
21,578 519,095
22,984 520,269
22,127 515,248
21,860 511,101
21,835 501,982
57,026
56,012
55,359
56,371
55,879
9,544
9,490
9,941
8,942
9,021
1,870
1,758
1,757
1,757
1,557
479
372
372
372
372
78,103
74,798
86,803
82,031
84,511
21,457
13,443
15,112
14,366
17,232
12,485
12,406
12,198
12,149
12,377
9,066
8,451
8,372
7,381
7,323
7,466
6,540
6,570
6,548
5,933
26,112
21,774
20,204
19,415
18,929
2,652
2,730
2,727
2,730
2,732
1,042
1,332
930
838
11,708
30,938
27,381
31,850
31,439
34,699
5,240
5,956
6,086
5,957
6,486
2,235
2,235
2,235
2,235
3,245
502
502
502
502
151
2,208
1,800
1,779
1,779
1,476
8,262
7,849
8,008
8,366
7,244
2,749
5,834
9,203
9,226
7,498
1,338
1,338
1,388
1,378
1,883
509
351
332
266
874
4,012
3,709
3,714
3,778
4,187
2,088
3,348
3,365
3,416
2,795
81,992
81,705
81,028
80,849
511,303
514,060
514,565
512,829
513,799
147,155
147,995
147,454
147,859
148,908
65,413
67,241
65,256
64,933
66,732
5,161
5,042
5,121
5,080
5,143
4,046
3 874
4,222
3,861
3,853
175,128
179,937
176,653
174,969
172,177
55,415
56,619
56,055
55,465
55,826
13,192
13,139
13,244
12,962
13,024
10,833
13,127
10,788
10,538
10,986
2,005
2,006
2,022
2,022
1,999
67,141
69,789
67,939
69,481
69,846
813,949 5,207,793
803,970 5,179,723
810,615 5,162,529
818,978 5,166,055
827,003 5,132,587
815,753
811,830
813,670
820,149
824,578
574,046 102,075 81,,4291 ,485,643
586,351 101,832 80,0671 ,473,560
580,755 99,924 78,947 1,475,322
578,532 99,519
4411,457,787
582,632 98,361
4481,444,690
391,868
387,355
389,694
389,589
392,605
153,950
152,264
152,512
153,511
152,643
183,904
184,814
181,932
181,536
182,978
85,819
83,800
82,847
82,639
83,006
586,445
588,530
586,191
587,148
591,474
151,759 28,568
144,070 25,541
139,454 26,023
146,356 26,263
138,035 25,551
12,891
12,274
9,864
8,568
10,861
16,369
16,702
14,686
15,618
15,843
6,007
6,533
7,272
6,620
6,013
38,637
35,994
39,783
37,071
35,769
3,711
4,013
3,718
3,736
3,596
2,033
1,815
2,096
2,031
1,951
2,544
2,466
2,539
2,607
2,588
1,272
1,19£
1,453
1,340
1,241
6,005
5,951
5,994
5,961
6,043
42, 4141:, 034,477 236,343
41, 8041 ,029,031 235,658
44, 1461,010,866 231,709
44, 8851,020,258 237,781
44,416 983,730 226,687
93,704
93,384
93,984
95,543
90,258
376,086
375,673
370,401
372,308
372,372
104,778
104,644
103,459
103,081
103,206
39,908
39,901
40,154
38,776
38,962
13,100
13,176
13,173
13,215
13,339
13,282
13,251
12,996
12,985
12,883
267,694
271,517
271,980
268,228
267,609
21,326
19,011
12,064
12,030
16,657
10,266
9,192
7,355
7,355
9,349
2,608
1,718
1,364
1,364
2,184
4,139
2,773
2,219
2,219
3,008
3,596
1,622
1,298
1,297
3,383!
12,634
8,331
6,666
6,666
10,457
68,807
66,678
64,822
69,045
70,760
588,869 64,711
560,256 65,465
585,844 65,908
588,997 63,874
583,619 61,648
65,578
66,903
68,141
66,664
64,373
12,948
12,826
12,763
13,278
12, —
630,413 4,,217,051
619,907 4;
1,185,627
628,065 4,
1,184,396
645,977 4;
L239,776
632,060 4,,192,536
610,592
609,976
615,316
620,888
600,811
7,962
7,923
8,745
8,662
8,502
37,418
31,726
35,224
37,160
34,078
5,515
6,454
5,222!
5,1081
5,4721
5,243
5,181
7,304
6,305
6,648
8,577
8,316
8,952
9,141
8,785
967j
885j
1,028
930|
931!
1,757
1,650
2,294
1,946
1,788
247,310 49,571
255,135 51,211
253,659 49,029
254,793 47,946
247,681 47,317
107,519
108,271
107,271
107,405
108,267
643,407
649,844
642,828
634,128
631,780
78,021
78,483
81,449
81,267
82,933
318,416
322,337
320,561
321,265
320,492
19,169
13,556
10,844
10,844
28,518
61,158
48,906
48,906
75,789
19,101
12,124
9,691
9,691
18,631
5,058
3,686
2,881
2,881
3,100
26,031 23,158
25,913 23,180
25,788 23,418
25,647 23,809
25,737 23,874
1,357
943
756
756
1,257
2,214
1,352
1 ~™
1,
2,092
29,104
30,072
31,289
31,693
29,617
147,114 60,852 246,544
147,721 61,367 244,466
138,217 61,835 244,350
145,778 63,874 250,271
142,977 60,530 243,554
848
JULY, 1923.
FEDERAL, EESEBVE BULLETIN.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
MAY 23 TO JUNE 20, 1923—Continued.
R E P O R T I N G MEMBER BANKS IN F E D E R A L R E S E R V E BANK
CITIES—Continued.
[In thousands of dollars.]
Total.
Bills payable and rediscounts with F. R. banks:
Secured by U. S. Government obligations—
May 23
May 29-30
June6
June 13
June 20
All o t h e r May 23
May 29-30
June6
June 13
June 20
Boston.
Cleve- j Rich- Atlan- Chicago. St.
Minne- Kansas
Louis. apolis. City. Dallas.
land. I mondta.
New
York.
San
Francisco.
i
156,729
157,329
186,233
154,478
132,128
5,083
5,525
1,730
2,821
1,635
89, 345
84, 095
113, 965
88 374
60, 249
15,555
16,563
15,523
16,621
18,480
1,155
590
590
1,475
990
2,370
3,539
3,333
3,879
4/"
533
544
512
2,382
2,823
10,550
9,693
10,176
2,434
3,849
4,165
3,394
4,438
1,295
2,445
665
665
4,663
11,435
11,389
9,355
7,357
7,953
102,671
125,315
120,822
121,995
140,121
9,444
21,757
13,665
20,379
26,679
12, 110
22,639
21, 902
29,682
18,261
19,339
20,524
17,126
16,019
22,149
4,164
5,098
5,162
5,187
8,393
8,644
7,339
6,856
6,075
5,860
4,170
4,256
4,540
2,274
3,837
14,953
13,972
13,722
10,815
14,311
4,091
3,858
9,904
6,332
12,156
5,230
4,175
3,374
1,101
3,718
5,190
6,488
8,019
8,169
1,870,036
1,862,252
1,878,478
1,879,621
1,829,031
106,693
103,576
112,24A
110,569
107,740
156,096
156,224
161,620
164,728
162,212
43,817
45,329
44,473
45,362
43,176
26,904
24,963
26,064
24,991
25,352
11,079
11,528
12,719
12,072
12,015
337,778
341,411
341,613
345,547
323,795
78,142
79,391
78,527
76,198
72,999
490,667
500,062
501,887
512,033
490,655
33,424
34,547
34,390
37,285
32,019
76, 672 54,853
80, 335 51,662
71, 689 53,344
74, 672 52,214
71 015 57,021
19,117
20,768
20,782
21,594
18,748
13,826
11,495
11,916
11,962
13,614
6,623
6,669
8,236
7,268
6,050
153,893 23,148
158,531 22,698
151,384 23,608
157,390 23,891
152,815 21,441
900
"500
24,775
25,978
25,313
19,687
18,851
8,477
1,964
2,010
2,583
2 1™
14,243
13,245
14,542
13,379
14,194
40,628
41,017
42,132
39,981
37,450
97,107
96,707
99,342
93,869
97,520
16,177
15,691
15,958
14,440
13,954
83,558
82,126
81,240
86,620
80,353
14,313
15,495
18,831
22,230
17,497
38,172
38,812
43,611
40,810
38,197
14,606
13,217
16,087
16,882
15,736
42,020
45,833
48,009
45,835
46,502
1,1
MEMORANDA.
Bank deposits:
Due to banks—
May 23
May 29-30
June6
June 13
June 20
Due from banks—
May 23
May 29-30
June6
June 13
June 20
872,
864,
862,
865,
852,
057
289
546
244
465
JULY,
849
FEDERAL RESERVE BULLETIN.
1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.
MONTHLY SUMMARY F O R BANKS I N 141 S E L E C T E D CITIES.
[In thousands of dollars.)
Number
of cities.
Federal reserve districtNo.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
New York City
Other cities
May,
1923.
May,
1922.
April,
1922.
June,
1923.
2,119,787
21,180,741
1,863,477
2,227,570
676,260
886,328
4,737,859
1,039,549
596,914
1,130,015
488,255
2,347,653
2,139,645
21,399,850
1,973,625
2,266,888
701,164
922,450
4,899,390
1,076,560
634,217
1,142,172
486,003
2,429,942
2,172,872
21,789,805
2,083,113
2,278,941
742,692
902,403
4,772,812
1,104,142
652,341
1,155,879
465,461
2,453,134
1,760,157
21,326,277
1,569,312
141
39,294,408
40,071,906
40,573,595
1
140
20,478,562
18,815,846
20,703,871
19,368,035
21,041,296
19,532,299
1—Boston
2—New Y o r k . . . .
3—Philadelphia..
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago./.
8—St. Louis
9—Minneapolis...
10— Kansas C i t y . .
11—Dallas
12—San Francisco
Total
April,
1923.
1,744,376
614,409
710,303
3,945,171
826,599
512,419
956,757
470,827
June,
1922.
1,837,939
22,268,911
1,634,314
1,741,268
664 853
764,397
1,992,898
22,693,592
1,720,649
1,951,433
4,097,957
911,346
546,252
1,026,849
486,707
1,995,215
1,927,948
681,167
785,260
4,326 058
930,887
569,323
1,081 813
479,097
2,047,485
36,388,040
37,976,008
39,236,177
20,716,594
15,671,446
21,653,679
16,322,329
22,063,382
17,172,795
W E E K L Y SUMMARY F O R BANKS I N 246 CITIES.
[In thousands of dollars.]
1922
Week ending—
1923
Week endingFederal reserve
district.
Number
of centers
included.
May 30.
No. 1—Boston
No. 2—New Y o r k . .
No. 3—Philadelphia
No. 4—Cleveland...
No. 5—Richmond..
No. 6—Atlanta
No. 7—Chicago
No. 8—St. L o u i s . . .
No. 9—Minneapolis.
No. 10—Kansas City
No. 11—Dallas
N o . 12— San Franciscc
Total
434,482
16
13 3,985,595
405,344
18
493,149
23
236,109
23
189,080
25
970,231
31
219,703
11
127 180
16
232,302
29
109,124
15
462,678
26
246
June 6.
June 13.
June 20.
June 27.
May 31.
June 7.
June 14.
Juno 21.
June 28.
584,995
495,039
5,225,977 4,436,933
528,260
467,630
655,868
578,948
302,045
266,824
228,628
213,211
1,089,698 1,067,935
317,832
252,600
173,484
151,925
326,712
274,842
146,445
130,807
618,128
555,485
555,516
5,381,756
584,683
641,560
300,665
220,094
1,167,334
282,747
158,906
296,770
138,889
611,799
496,941
4,899,847
515,959
608,578
261,062
200,090
1,104,320
238,874
145,262
268,750
118,213
547,367
396,556
4,166,799
348,951
418,224
219,672
165,948
802,730
212,840
110,372
225,580
144,993
378,961
495,288
5,639,972
447,555
516,961
282,083
186,425
1,093,500
242,877
153,675
271,211
135,665
500,913
512,850
5,194,460
415,872
507,549
254,198
191,047
979,515
222,771
128,528
270,928
132,567
481,391
528,222
5,319,218
464,797
577,037
267,649
197,426
1,076,110
236,545
138,573
275,899
136,037
519,761
421,842
5,035,831
415,44C
524,24S
234,757
176,622
918,248
209,0OC
127,206
259,841
115,214
454,531
8,892 179 10,340,719
9,405,263
7 561,626
9,966,125
9,291,676
9,737,274
8,892,781
7,864,977 10,198,072
DATA F O R EACH CITY.
[In thousands of dollars.]
1928
Week e n d i n g May 30.
District No. 1—Boston:
Bangor, Me
Boston, Mass
Brockton, Mass
Fall River, Mass
Hartford, Conn
Holyoke, Mass
Lowell, Mass
Lynn, Mass
Manchester, N. H
New Bedford, Mass
New Haven, Conn
Portland, Me
Providence, R. I
Springfield, Mass
Waterbury, Conn
Worcester, Mass
tDistrict No. 2—New York:
Albany, N. Y
Binghamton, N. Y
Buffalo.N. Y
June 6.
June 13.
June 20.
4,022
362,308
5,301
7,673
2,746
287,618
3,575
5,865
21,970
3,591
4,813
5,598
3,857
6,010
17,320
8,164
26,988
15,511
6,527
14,329
3,952
380,573
26,065
5,144
5,900
6,758
5,561
8,671
26,568
11,192
41,621
20,958
9,091
20,842
3,275
322,363
5,507
7,531
23,304
4,286
5,666
5,907
4,594
7,415
19,738
9,530
34,610
16,126
9,346
15,841
25,498
3,576
56,367
28,441
4,893
75,162
30,207
5,198
64,576
4,890
7,209
1922
Week ending—
28,040
4,875
6,069
5,935
5,389
8,596
21,238
11,154
37,877
18,352
10,216
18,471
29,959
5,158
76,188
June 27,
3,185
May 31.
June 7.
June 14.
June 21.
June 28.
4,252
7,019
23,606
4,358
5,683
6,322
4,591
6,775
18,052
9,026
33,036
17,801
6,621
18,186
2,757
272,128
3,637
5,853
18,393
2,552
3,389
4,249
3,177
4,957
15,150
6,431
24,892
11,349
6,173
11,469
3,629
338,922
4,511
6,566
23,345
3,104
4,925
6,214
3,925
6,552
18,359
6,419
29,363
16,351
8,026
15,077
3,367
359,957
4,776
6,876
20,617
2,852
4,611
5,511
4,371
6,076
16,142
7,579
35,063
14,351
5,490
15,211
3,258
359,304
5,039
7,745
22,453
3,632
4,704
5,043
4,353
7,136
18,075
7,902
38,935
16,824
8,548
15,271
2,774
284,194
18,668
4,599
66,489
23,998
3,689
50,599
21,372
4,478
62,095
22,651
4,206
61,737
25,571
4 451
62,573
20,955
3,635
54,207
3,787
6 417
20,511
2,628
3,383
5,479
3,280
5,663
13,656
7,259
29,699
13,548
5,093
14,471
850
FEDEKAL BESEBTB BTJL.L.E11N.
JULY,
1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANES IN SELECTED CITIES—Continued.
DATA FOE EACH CITY—Continued.
[In thousands of dollars.]
1922
Week e n d i n g -
1923
Week ending—
May 30.
June 6.
June 13.
June 20.
June 27.
May 31.
June 7.
June 14.
June 21.
June 28,
District No.2—New York—Con.
4,378
3,141
4,894
4,115
3,795
3,674
3,501
2,490
3,834
Elmira,N. Y
3,732
3,979
4,463
4,436
5,039
3,220
3,721
3,082
2,829
3,926
Jamestown, N. Y
3,034
3,823
3,822
4,065
2,633
, 3,097
2,035
3,309
2,930
2,241
Montclair, N. J
50,414
74,065
59,634
76,261
50,697
63,708
46,242
61,505
58,991
Newark, N. J
50,784
3,762,678 4,905,612 4,164,387 5,067,690 4,648,323 3,964,722 5,376,326 4,957,814 5,054,218 4,815,943
New York, N. Y
Northern New Jersey Clear29,321
32,243
38,100
36,665
46,099
37,649
44,000
ing House Association...
40,769
33,073
26,398
5,968
6,971
7,501
7,560
7,278
10,166
6,349
6,742
5,880
4,876
Passaic, N. J
33,278
41,005
30,929
40,450
37,218
46,413
26,327
33,694
28,271
24,727
Rochester, N. Y
3,158
3,418
2,913
3,728
2,762
4,256
2,565
3,000
2,442
2,168
Stamford, Conn
13,084
15,651
17,291
12,569
14,000
12,026
14,145
14,079
17,679
Syracuse, N. Y
11,817
District No. 3—Philadelphia:
7,428
6,846
8,219
6,103
6,095
5,564
6,489
7,185
Allentown, Pa
4,8*8
5,779
4,205
4,520
3,215
2,989
3,385
3,240
4,193
4,232
2,784
Altoona, Pa
3,042
10,824
13,356
9,792
12,331
10,233
10,986
9,979
11,172
8,787
Camden, N. J
9,046
5,967
4,143
4,960
4,096
4,261
4,906
5,257
3,443
6,747
Chester, Pa
3,813
10,232
7,003
6,787
7,447
6,687
8,336
8,966
5,848
9,919
Harrisburg, Pa
6,560
2,596
2,060
2,102
2,106
2,502
2,521
3,628
1,662
2,752
1,829
Hazleton, Pa
5,725
4,699
4,826
5,246
6,393
6,244
4,746
6,193
6,339
4,443
Johnstown, Pa
4,833
5,224
5,099
5,188
5,281
5,963
3,909
6,084
5,869
5,110
Lancaster, Pa
1,387
1,152
1,185
1,237
1,651
1,768
1,052
1,685
1,782
1,288
Lebanon, Pa
727
725
801
836
1,054
1,656
601
1,044
1,011
851
Norristown. Pa
396,911
397,760
303,936
320,087
343,016
349,429
360,260
266,257
451,947
Philadelphia, Pa
321,312
9,369
8,171
9,481
10,154
10,757
7,951
7,994
6,394
11,561
Reading, Pa
7,354
18,006
14,800
13,181
17,005
16,100
12,648
10,855
9,368
16,002
Scranton, Pa
11,244
14,209
10,866
11,141
12,128
14,302
12,215
10,701
9,421
15,366
Trenton, N. J
7,103
9,676
8,492
8,242
10,125
8,497
6,808
6,653
10,887
9,463
Wilkes-Barre, Pa
11,493
3,962
3,503
4,566
4,330
4,406
3,393
4,195
4,263
4,431
Williamsport, Pa
4,447
7,870
6,156
8,444
8,069
6,698
6,932
8 111
6,998
9,170
Wilmington, Del
6,790
4,476
3,896
3,208
3,729
3,047
4,704
5,222
3,428
York, Pa
5,063
3,936
District No. 4-^leyeland:
13,672
17.365
17,118
13,802
19,436
18,913
Akron, Ohio
15,583
13,383
9,926
14,717
2,158
2,483
3,375
2,498
2,779
3,356
2,374
2,428
Butler, Pa
1,996
2,249
8,403
9,142
10,737
9,641
8,419
12,346
10,294
12,993
Canton, Ohio
7,313
5,931
60,155
67,824
69,609
81,467
80,422
67,990
77,460
84,081
Cincinnati, Ohio
52,397
73,770
118,032
138,632
150,987
169,011
141,046
128,623
140,852
162.241
Cleveland, Ohio
124,263
101,780
37,806
31,596
34,348
36,245
29,852
27,139
27,969
38,007
Columbus, Ohio
24,946
35,403
1,394
1,238
1,438
1,588
1,136
1,311
1,303
1,318
Connellsville, Pa
1,308
932
15,646
18,188
13,954
13,546
12,413
15,206
17,910
Dayton, Ohio
14,030
12,082
11,342
7,727
8,339
5,903
6,356
6,252
7,220
8,160
6,030
5,788
Erie, Pa
5,395
5,354
5,919
4,950
4,141
4,234
5,215
5,127
4,066
3,726
Greensburg, Pa
3,772
926
1,051
747
841
765
800
1,130
758
625
585
Homestead, Pa
5,417
6,473
3,397
4,115
4,677
4,430
4,462
4,578
3,780
3,355
Lexington, Ky
4,528
4,266
3,841
3,225
2,972
3,385
4,275
3,561
3,006
2,184
Lima, Ohio
1,383
1,482
1,113
1,246
1,144
1,550
1,759
1,332
1,233
898
Lorain, Ohio
2,848
3,119
2,699
2,272
2,195
2,603
2,885
2,099
1,982
1,642
New Brighton, Pa
2,930
3,813
2,806
3,813
3,559
2,976
2,993
3,121
3,071
2,638
Oil City, Pa
162,200
204,402
155,460
154,449
154,953
201,435
186,156
189,138
169,(242
135,326
Pittsburgh, Pa
4,700
4,933
3,956
4,076
4,026
4,520
6,330
4,313
3,585
3,196
Springfield, Ohio
41,935
32,190
47,682
42,266
35,021
32,522
40,057
39,095
27,551
32,026
Toledo, Ohio
3,071
2,756
3,515
3,315
2,699
2,315
2,728
2,499
2,169
2,257
Warren, Ohio
8,807
10,449
8,880
8,607
10,323
9,590
11,158
10,557
9,221
8,315
Wheeling, W. Va
15,593
14,305
12,768
11,774
11,937
15,495
14,463
10,408
11,292
10,005
Youngstown, Ohio
3,169
3,215
2,548
2,493
2,529
3,193
3,247
2,365
2,397
1,855
Zanesville, Ohio
District No. 5—Richmond:
4,261
4,728
4,071
4,352
4,081
4,362
5,519
3,315
3,487
Asheville, N. C
102,700
69,400
83,727
96,747
85,500
101,261
84,100
78,150
98,653
88,225
Baltimore, Md
6,981
5,900
5,706
5,888
7,984
7,868
6,742
4,934
5,424
4,330
Charleston, S.C
9,908
8,153
8,643
9,427
8,202
9,515
8,501
5,477
9,085
6,809
Charleston, W. Va
8,572
9,158
6,326
7,997
8,132
7,903
12,135
5,824
7,548
6,267
Charlotte, N . C
4,187
4,800
5,133
5,191
5,145
6,315
4,000
5,846
4,155
Columbia, S.C
1,822
2,199
1,913
1,951
1,903
2,177
2,204
1,475
1,899
1 805
Cumberland, Md
1,454
2,129
1,632
1,708
1,911
1,860
1,927
1,524
1,608
1,615
Danville, Va
4,058
4,000
3,178
3,732
3,976
4,111
3,930
2,590
4,404
4,211
Durham, N . C
3,190
5,384
3,583
3,799
4,103
4,278
5,070
2,931
3,549
3,242
Greensboro, N . C
4,926
4,996
3,269
4,160
4,022
5,200
4,816
3,600
3,108
2,906
Greenville, S.C
2,026
2,772
1,867
2,707
2,321
2,590
2,602
1,500
1,670
1,829
Hagerstown, Md
5,781
6,738
4,751
5,962
5,201
6,430
6,816
3,927
5,166
4,842
Huntington, W. Va
3,598
4,765
3,950
4,659
4,403
4,876
4,811
3,229
4,052
3,796
Lynchburg, Va
1,406
1,867
1,684
1,439
1,276
1,778
1,742
1,357
1,676
1,820
Newport News, Va
15,525
16,789
14,396
17,551
16,567
18,227
15,341
13,931
14,571
15,230
Norfolk, Va
6,900
7,300
7,100
4,900
5,900
4,300
3,600
7,250
3,800
3,900
Raleigh, N . C
32,082
22,450
30,734
28,008
29,430
24,851
27,749
25,976
22,537
20,848
Richmond, Va
6,428
4,963
5,397
5,460
5,657
4,673
5,293
5,987
3,770
4,371
Roanoke, Va
2,358
2,201
2,075
2,006
3,044
2,235
2,180
2,102
1,785
2,009
Spartanburg, S.C
51,304
51,796
46,747
52,282
47,733
47,876
44,360
44,864
38,280
40,021
Washington, D.C
5,474
5,423
4,129
4,524
3,571
4,267
4,812
4,245
6,717
3,953
Wilmington, N. C
7f5,671
6,460
7,157
4,961
8,055
6,134
7,775
4,379
5,086
Winston-Salem, N. C
District No. 6—Atlanta:
1,107
1,104
821
937
744
838
840
746
760
Albany, Ga
26,442
29,357
38,535
24,595
27,424
31,217
25,059
22,534
26,618
21,627
Atlanta, Ga
»
5,500
5,041
6,511
5,598
5,577
6,943
5,726
5,535
4,789
Augusta, Ga
851
FEDERAL RESERVE BULLETIN.
JULY, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOE EACH CITY—Continued..
[In thousands of dollars'.]
1922
Week e n d i n g -
1923
Week ending*y30.
District No. 6—Atlanta—Con.
Birmingham, Ala
Brunswick, Ga
Chattanooga, Tenn
Columbus, Ga
Cordele, Ga
Dothan, Ala
Elberton,Ga
Jackson. Miss
Jacksonville, Fla
Knoxville, Tenn
Macon, Ga
Meridian, Miss
Mobile, Ala
Montgomery, Ala
Nashville, Tenn
Newnan, Ga
New Orleans, La
Pensacola, Fla
Savannah, Ga
Tampa, Fla
Valdosta, Ga
Vicksb'urg, Miss
District No. 7—Chicago:
Adrian, Mich
Aurora, 111
Bay City, Mich
Bloomington, 111
Cedar Rapids, Iowa
Chicago, 111
Danville, 111
Davenport, Iowa
Decatur, 111
DesMoines, Iowa
Detroit, Mich
Dubuque, Iowa
Flint, Mich
Fort Wayne, Ind
Gary, Ind
Grand Rapids, Mich
Green Bay, Wis
Hammond, Ind
Indianapolis, Ind
Jackson, Mich
Kalamazoo, Mich
Lansing, Mich
Mason City, Iowa
Milwaukee, Wis
Moline, 111
Muscatine, Iowa
Oshkosh, Wis
Peoria, 111
Rockford, 111
Saginaw, Mich
Sioux City, Iowa
South Bond, Ind
Springfield, 111
Terre Haute, Ind
Waterloo, Iowa
District No. 8—St. Louis:
East St. Louis and National
Stock Yards, 111
Eldorado, Ark
Evansville, Ind
Fort Smith, Ark
Greenville, Miss
Helena, Ark
Little Rock, Ark
Louisville, Ky
Memphis, Tenn
Owensboro, Ky
Quincy, 111
St. Louis, Mo
Springfield. Mo
District No. 9—Minneapolis:
Aberdeen, S. Dak
Billings, Mont
Dickinson, N. Dak
Duluth, Minn
Fargo, N. Dak
Grand Forks, N. Dak
Helena, Mont
Jamestown, N. Dak
LaCrosse, Wis
22,023
23,767
507
657
6,514
2,422
8,965
2,567
180
446
129
236
540
150
2,194
10,835
5,880
3,798
2,882
6,199
3,664
13,272
2,721
12,235
8,563
4,233
4,022
6,578
4,486
19,188
56,337
1,478
8,322
7,060
62,187
1,822
9,779
7,956
1,022
1,497
335
860
1,400
315
668
918
2,860
2,045
2,032
6,196
592,331
2,900
5,688
2,776
13,937
146,455
2,504
6,512
16,324
4,023
12,443
2,452
3,400
32,882
4,007
3,942
7,709
2,135
52,909
1,519
1,199
2,000
7,831
4,434
4,172
13,551
8,023
5,017
4,915
3,379
3,465
2,357
2,953
8,261
619,832
3,900
8,662
4,005
22,749
162,334
3,824
8,745
14,703
3,261
16,895
2,853
3,920
41,250
5,536
5,565
10,915
2,806
71,497
2,152
1,680
3,000
9,944
6,185
5,189
18,717
11,977
6,797
5,634
4,813
8,795
2,914
7,156
2,009
11,286
3,341
7,048
3,930
571
769
818
11, 269
29,178
21,918
925
2,055
133,849
3,218
1,009
12.414
47,905
33,615
1,488
3,103
194,734
4,412
1,490
1,427
1,923
16,016
2,189
1,308
1,501
25,986
3,385
1,876
2,021
2,575
3,109
915
247
386
May 31.
June 6.
331
282
261
566
202
2,897
11,971
7,395
5,385
4,480
6,488
4,074
17,789
258
58,973
1,782
8,710
7,712
1,052
1,462
23,750
734
9,454
2,627
225
500
155
2,646
13,617
7,750
4,539
4,802
6,504
4,724
17,592
466
61,111
1,919
8,446
7,860
1,088
1,442
806
3,153
2,314
2,434
6,101
639,652
3,800
7,377
3,829
24,429
151,051
3,284
7,261
10,289
4,853
15,763
2,803
3,712
36,342
4,327
4,780
8,450
2,431
64,503
2,153
1,381
2,300
9,040
6,675
5,360
18,689
10,020
6,180
6,398
4,268
3,665
2,353
2,886
6,265
704,938
3,500
7,161
3,709
31,103
163,080
3,343
8,192
9,906
3,239
17,142
2,896
4,260
40,424
6,437
5,485
9,573
2,468
71,966
2,192
1,429
3,200
9,258
5,615
5,522
17,093
10,485
6,062
5,456
4,328
675
3,287
2,673
2 224
6,034
658,344
3,000
7,998
3 411
18,493
186,116
3,135
7,096
8,497
4,699
15,581
2,337
4,540
34,913
5,581
4,515
9,025
1,977
58,042
1,916
1,151
2,200
9,334
5,400
5,007
16,555
12,800
5,939
5,492
3,709
10, 347
2,831
7,680
2,527
826
931
12,061
36,345
30,133
1,324
2,800
146,261
9,952
3,013
7,807
2,463
747
902
11,888
37,393
28,854
1,361
2,616
177,973
3,254
10,698
2,654
7,330
2,117
531
779
9,500
36,415
25,030
1,098
1,991
142,671
2,831
1,360
1,826
313
21,056
3,191
1,855
2,354
564
3,055
1,491
1,743
241
19,486
3,191
1,788
2,183
509
3,230
1,183
1,580
208
20,357
2,728
1,661
1,728
414
2,723
23,446
845
8,737
2,688
837 i
June 7.
June 14.
June 21.
June 28.
23,947
569
7,672
2,146
185
475
120
2,362
11,708
6,951
4,605
3,801
5,973
3,778
15,313
297
58,231
1,294
7,874
6,917
927
1,179
15,428
443
5,785
2,249
184
355
193
1,853
10,309
4,658
3,186
1,437
5,388
3 030
12,762
283
51,562
1,300
9,630
4,769
808
1,330
15,444
574
7,349
2,488
274
428
197
2,160
10,692
5,792
3,938
2,057
5,814
3,568
17,951
267
55,539
1,475
10,456
5,776
767
1,376
15,876
587
7,213
2,590
240
381
197
3,264
11,100
5,499
3,772
1,948
5,569
3,611
15,011
306
62,501
1 463
9,614
5,046
1,086
1,350
16,840
521
7,815
2,400
166
460
185
2,593
11,664
5,964
4,286.
2,135
5,759
3,686
14,276
324
66,358
1,557
9,833
5,493
875
1,243
17,093
512
6,471
1,861
154
366
121
2,172
9,510
6,190
3,910
1,580
5,265
3,081
14,170
283
60,549
1,258
8,604
4,400
827
1,069
477
2,068
2 153
2,069
3,919
514,686
1,800
6 885
2,592
12019
99,052
2,339
5,370
5,936
3,231
12,050
3,490
2,447
2,580
5,867
722,014
2 500
8,192
3,584
18,584
123,450
3,343
5,844
7,601
1,990
15,530
906
2,790
2,128
2,101
5,371
625,775
2,200
7,650
3,056
15,138
121,203
2,697
5,916
7,195
2,994
14,600
791
2,948
2,461
2,072
4,987
704,427
2,300
7,951
3,048
16,040
130,508
2,938
7,483
7 136
2,687
14,735
599
2,625
2,098
1,916
4,293
583,940
2,400
6,069
2,998
15,694
116,981
2,754
5,914
6,829
2,916
13,406
26,974
3,914
3,344
4 763
1,983
44,672
1,683
860
1,700
6,085
3,641
33,710
3,880
4,138
7,830
2,620
57,788
2,590
1 169
2,400
9,472
4,854
34,343
5,036
3,714
5,909
2,571
56,222
1,865
1,046
2,000
7,928
4,599
36,466
3,851
4,361
6,029
2,888
57,070
1,955
1,086
2,500
8,901
4,626
32,876
5,584
4,270
6,524
2,256
49,329
1,328
887
2,100
7,864
4,373
14,110
5,405
4,072
17,420
8 470
5,862
16,429
6,840
5,887
16,422
7,945
6,028
15,383
6,264
4,639
2,878
3,393
3,406
3,470
3,142
9,849
9,397
9,086
6,056
"6," 867'
6,744
851
878
7,611
29,899
21,072
857
1,596
133,797
3,237
968
9,725
32,704
26,671
1,108
2,777
147,047
3,979
785
930
9,098
31,445
24,069
985
2,149
134,327
2,842
6,486
2,783
785
939
9,424
32,825
23,000
1,107
2,191
147,358
3,344
7,398
2,473
601
795
8,475
32,394
22,044
991
1,984
122,239
2,431
862
1,276
249
13,123
2,199
1,208
1,586
312
1,506
1,719
260
26,698
2,912
1,496
2,383
459
1,1
1,576
222
14,661
2,741
1,417
2,174
533
1,287
1,616
212
15,099
2,526
1,279
1,087
1,802
193
14,643
1,993
948
1,903
390
852
FEDERAL RESERVE BULLETIN.
JULY,
132».
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
1923
Week endingfay 30.
Dist. No. 9—Minneapolis—Con.
Lewistown, Mont
Minneapolis, Minn
Minot, N. Dak
,
Red Wing, Minn..."
St. Paul, Minn
Sioux Falls, S. Dak
Superior, Wis
Wmona, Minn
District No. 10—Kansas City:
Atchison, Kans
Bartles'ville, Okla
Casper, Wyo
Cheyenne, Wyo
Colorado Springs, Colo
Denver, Colo
Enid, Okla
Fremont, Nebr
Grand Island, Nebr
Grand Junction, Colo
Guthrie, Okla
Hutchinson, Kans
Independence, Kans
Jopun, Mo
Kansas City, Kans
Kansas City, Mo
Lawrence, Kans
McAlester, Okla
Muskogee, Okla
Oklahoma City, Okla
Okmulgee, Okla
Omaha, Nebr
Parsons, Kans
Pittsburg, Kans
Pueblo, Colo
St. Joseph, Mo
Topeka, Kans
Tulsa, Okla
Wichita, Kans
District No. 11—Dallas:
Albuquerque, N. Mex
Austin, Tex
Beaumont, Tex
Corsicana, Tex
Dallas, Tex
El Paso, Tex
Fort Worth, Tex
Galveston, Tex
Houston, Tex
Roswell, N. Mex
San Antonio, Tex
Shreveport, La
Texarkana, Tex
Tucson, Ariz
Waco, Tex
District No. 12—San Francisco:
Bakersfield, Calif
Bellingham, Wash
Berkeley, Calif
Boise, Idaho
Eugene, Oreg
Fresno, Calif
Long Beach, Calif
Los Angeles, Calif
Oakland, Calif
Ogden, Utah
Pasadena, Calif
Phoenix, Ariz
Portland, Oreg
Reno, Nev
Ritzville, Wash
Sacramento, Calif
Salt Lake City, Utah
San Bernardino, Calif
San Diego, Calif.
San Francisco, Calif
San Jose, Calif.
Seattle, Wash
Spokane, Wash
Stockton, Calif
Tacoma, Wash
Yakima,Wash
June 6.
June 13.
1922
Week endingJune 20.
June 27.
May 31.
June 7.
June 14.
June 21.
June 28.
1,005
77,629
1,111
883
824
659
621
623
698
653
71,459
75,676
66,602
54,085
62,399
65,382
60,012
785
548
567
952
492
885
456
640
414
802
661
771
532
767
511
594
486
32,659
2,812
1,438
48,396
4,231
1,816
1,280
39,229
3,847
1,728
1,145
43,987
3,535
1,758
1,050
40,882
3,182
1,781
29,184
2,517
1,366
39,885
3,138
1,627
1,719
33,514
3,030
1,708
998
40,630
3,673
1,533
1,133
37,555
2,502
1,641
1,296
2,281
3,244
1,430
2,679
34,594
2,100
1,498
3,416
4,578 •
2,850
3,337
41,823
3,132
997
1,409
781
843
2,775
2,211
3,461
4,529
94,318
1,135
1,472
2,300
4,676
2,043
3,030
35,443
2,274
1,012
1,297
1,424
2,643
4,500
1,778
2,982
41,116
2,707
1,364
2,733
4,516
2,563
2,686
32,465
2,904
1,045
2,445
2,244
1,323
1,968
30,084
2,093
1,106
2,692
3,254
1,645
3,070
32,390
2,750
1,201
2,424
3,163
1,673
2,513
33,958
2,708
1,121
3,007
3,428
1,973
2,279
33,324
2,420
923
616
839
911
624
1,064
1,038
1,199
883
706
787
754
2,533
4,922
3,167
5,224
86,544
1,336
559
625
544
900
548
351
804
1,240
1,113
2,650
3,251
1,838
3,566
35,067
2,717
1,091
1,255
2,377
2,307
2,647
5,019
71,241
850
985
879
5,783
17,378
2,257
47,992
5,731
18,357
2,009
46,327
737
63,627
631
415
809
513
872
516
574
1,894
2,238
2,522
4,256
60,005
802
701
4,063
15,208
1,582
39,708
838
6,247
26,810
2,191
51,509
2,306
1,831
3,444
4,613
74,900
990
,966
5,025
16,369
2,473
49,315
956
730
834
67, 576
688
563
653
2,026
2,023
2,138
3,672
60,371
2,692
1,673
2,769
3,273
72,018
1,161
5,116
15,006
2,419
39,032
653
632
916
804
628
515
511
579
2,915
2,523
2,678
3,191
68,603
3,060
2,887
2,799
3,911
76,660
1,153
2,610
1,803
2,734
4,826
71,948
1,016
5,433
21,036
2,085
46,071
5,947
16,986
1,626
44,302
1,028
3,622
11,959
3,352
34,291
9,686
6,009
19,846
2,342
46,395
1,164
1,160
3,352
12,058
3,303
27,160
11,132
1,014
3,417
9,931
2,849
26,531
10,277
2,238
3,127
3,438
2,434
2,619
3,992
1,764
2,472
2,612
29,243
6,528
21,486
11,991
19,848
617
925
909
883
699
432
986
838
818
1,327
2,621
12,045
2,343
22,985
7,471
1,376
4,677
17,449
4,319
24,330
12,887
1,672
3,253
14,346
3,305
24,468
9,592
1,375
3,426
12,637
3,692
27,305
8,677
1,596
3,717'
11,116
3,587
28,204
9,874
1,490
2,373
2,791
1,235
25,196
5,653
17,836
15,822
18,618
2,581
3,690
4,511
1,263
36,172
11,021
17,878
20,108
24,632
2,250
3,579
3,975
1,225
30,388
7,220
17,029
20,130
21,250
2,327
2,995
4,557
1,361
36,909
6,937
17,053
16,930
27,664
1,885
2,818
3,117
1,349
30,027
6,310
15,307
15,662
21,327
1,827
2,273
2,536
5,897
24,749
2,660
47,609
1,353
1,035
3,579
12,049
3,581
20,331
10,067
2,336
3,857
3,248
26,475
6,000
24,180
12,071
19,719
34,882
7,054
24,440
12,432
22,778
32,880
7,818
24,447
12,513
23,200
35,502
8,316
22,946
14,346
24,424
487
465
5,153
7,033
1,715
1,440
2,271
9,285
7,420
1,743
1,880
3,583
7,800
7,606
3,037
1,636
3,090
6,956
8,276
1,404
1,632
3,278
5,865
7,650
1,925
1,656
2,686
5,872
6,420
1,326
1,410
3,191
7,876
7,435
1,495
1,904
3,965
6,785
7,310
2,315
1,843
3,109
5,866
7,596
1,959
1,522
3,086
4,901
7,205
1,469
1,767
2,701
2,492
1,305
2,719
2,099
3,800
8,860
10,874
141,944
22,191
5,319
6,931
3,419
24,737
1,797
2,518
2,070
4,160
3,608
1,900
9,603
14,584
170,192
30,514
5,992
8,300
6,613
34,987
3,184
2,425
1,189
3,754
2,869
2,399
10,323
14,162
149,981
26,701
5,199
7,214
4,087
35,924
2,627
2,345
2,073
3,894
3,139
2,685
11,073
14,339
168,156
25,746
5,847
7,222
4,458
38,381
2,532
2,433
1,793
3,226
2,866
2,384
11,754
13,080
156,056
24,099
4,930
6,527
4,248
31,264
2,149
2,702
1,193
2,469
2,273
1,872
7,085
5,729
88,879
15,151
3,711
4,622
4,267
26,506
1,668
2,414
1,826
4,428
3,030
1,336
9,629
7,764
116,704
22,325
4,237
6,129
4,458
30,627
3,340
2,374
1,734
4,029
2,696
1,922
9,617
7,650
119,106
19,337
4,038
6,372
4,477
30,826
2,414
2,351
1,978
4,084
2,622
2,216
9,684
7,155
125,070
20,818
3,883
5,913
5,056
36,366
2,510
2,974
1,631
3,033
3,267
1,786
8,156
6,563
115,046
17,218
4,168
5,206
4,344
30,551
2,446
7,266
11,931
1,354
8,512
139,668
3,597
31,341
8,237
4,003
6,669
1,505
9,195
16,150
1,746
10,659
200,996
4,786
44,043
12,726
5,984
10,859
2,597
7,955
15,426
1,976
11,001
172,793
4,686
42,431
11,401
5,964
10,505
2,332
7,875
15,115
1,768
11,092
207,054
4,416
41,889
11,959
5,829
10,836
1,951
7,301
13,897
1,692
9,867
178,849
4,569
36,610
10,541
5,483
9,862
1,755
9,566
10,526
1,123
7,479
132,258
3,506
23,486
10,717
3,259
6,882
1,889
14,283
13,681
1,700
8,960
175,001
4,702
34,149
11,917
5,098
10,267
2,722
13,164
12,197
1,722
9,087
158,147
5,181
38,161
10,275
5,544
8,644
2,489
19,218
12,300
1,408
8,987
180,872
4,001
35,541
11,615
5,003
9,351
2,414
12,327
12,224
1,400
9,340
153,783
4,016
31,818
9,240
4,321
7,841
1,723
498
108
678
162
592
161
610
125
682
629
132
468
774
3,304
9,854
2,627
23,400
8,520
688
405
143
796
567
186
694
946
598
188
942
145
860
762
109
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS DURING MAY, 1923.
[Numbers in thousands. Amounts in thousands of dollars.]
Items drawn on banks located
in own district.
Federal reserve
bank or branch.
Items drawn
on Treasurer
Outside
of United
In Federal
reserve
States.
reserve bank or Federal
bank
or
branch city.
branch city.
Total items
handled,
exclusive of
duplications.
Items
Items
forwarded to forwarded to
other Federal parent banks
reserve banks or to branches
and their
in same
branches.
district.
Number of nonmember
Total items handled, including
duplications.
Number of banks at end of month.
member
banks
at end of
On par ! Not on par
month.
Number.
Amount.
list.
I list.'
NumNumNumNumNumNumber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount ber. Amount. 1923 1922
Boston
704 752,817
New York
2,213 4,429,898
Buffalo
222
130,053
Philadelphia
1,157
900,267
Cleveland
628' 578,669
Cincinnati
235 402,278
Pittsburgh....
599 748,927
Richmond
139 320,160
Baltimore
298 236,415
Atlanta
142 119,485
Birmingham.
59
53,039
Jacksonville...
65
82,597
Nashville
94,664
New Orleans..
52,398
Chicago
1, HO, 202
Detroit
326 363,310
St. Louis
364 384,256
Little Rock...
75
44,885
Louisville
122 157,455
Memphis
87
36,937
Minneapolis
283
130,087
Helena
27
15,974
Kansas City
451 229,192
Denver
144
50,128
Oklahoma City
73
48,622
Omaha
123
61,636
Dallas
258 140 728
El Paso
50
16,310
Houston
76
42,624
San Francisco
279 395,558
Los Angeles
492 216,736
Portland
71
95,029
Salt Lake City
55
33,042
Seattle
116
52,124
Spokane
45
19,486
169
518,833
748,287 1,154
16
62,623
164
331,406
98
193,598
78
93,649
56
126,172
55
2,244 321,194
60
829
82,886
42
415
49,360
14
224
17,486
11
202
24,233
18
250
26,775
42
165
18,380
403
4,475 375,768
42
710
72,913
117
97,783
1,608
10
23,874
366
41
30,463
524
13
13,302
220
62
93,615
1,722
9
9,379
138
96,769
1,406
103
36,207
369
29
76,555
11
1,029
36,953
38
617
37
1,352 169,399
10,279
17
135
31,528
17
378
75
794
60
1,840 136,624
15,061
23
248
25,834
18
440
19,582
46
262
11,369
12
196
4,406
5,014
518
2,544
1,608
905
1,035
16,515 5,279
137,517 8,381
2,844 756
3,865
6,919 2,334|
10,124 2 1,229|
5,729 1,690
5,781 2,438
11,832 1,187
4,712 599
1,446
297!
733 278i
1,678
337i
16,550 293
48,842 5,916
4,145 1,078
8,950 2,089
1,560 a 451
6,414 ' 687
2,940 ! "320
6,802 2,073
994 174
9,433 1,960
4,029 542
1,243 1,113
4,560 4 779
4,006 1,647
1,321
202
2,449 471
22,374 1,148
15,370 2,392
5,600 342
3,189
513
7,614
424
253
1,288,165 238
5,315,702 1,292
195,520
157
1,260,476 470
779,186
67
2 607,926
22
880,828
94
647,135
171
331,133
139
173,557
31
71,971
24
107, 563
35
123,117
6
87,328
49
1,534,812 396
21
440,368
490,989
50
70,269
1
194,332
11
53,179
2
2
235,648
77
26,347
4
136
90,364
87
126,420
54
•103,474
45
314,133
72
27,910
13
76,601
18
515,962
31
101
115,690
6
62,065
13
79,320
24
34,241
14
55,429
160,938
29,514
111,357
7,426
6,420
41,707
63,021
37,404
9,913
18,928
8,547
2,541
15,421
38,358
5,082
232
816
427
18,884
2,430
24,584
16,980
7,142
6,532
9,396
1,930
3,248
2,825
17,099
2,936
2,778
6,548
3,928
Total: May... 1,17112,545,93839,188 4,096,169 3,160 416,404 «3,537 '17,065,855 3,971 748,801
April.. 1,16811,997,866 57,606 3,915,283 3,430
52,220 16,265,953 4,055 743,172
1922
1923 1922
1923
1922 : 1923 1922
4,682 1,343,594
961,404 429 434 232 258!i
9,048 5,482,548 4,818,803 735 717 269 256
84
88
79
77'
181,292
851 246,272
4,967 1,371,833 1; 142,296 718 710 495 475;
2,222 798,814 392,792 314 316 515 511
518,654 205,996 225 223 314 319
1,161
934,796 364,714 347 344 253 250
1,552
2,306 719,723 440,836 474 468 691 709 556
161 163 263 263
377,588 269,543
1,261
188,432 215,139 223 230
90
94 454
1,122
93
81
33
33 145
494 126,418
82,626
76
117,686
76
62
63 148
50,367
278
89
126,624
87 143 145 156
50,750
300
56
57
49
51 223
71,951
269 103,539
5,633 1,576,020 983,246 1,315 1,318 3,979 3,971
123 125 260 263
908 450,864 217,277
497,875 320,541 397 379 1,684 1,717
1,911
71
70,944
70 t 237 231
40,498
398
95
93 IJ350 343
86,638
618 195,335
60
53,839
56 186 185 159
40,000
271
822
175
254,628
827
2,391 2,419
205.457
1,832
182 196 179 210
7
29,884
24,859
243
327
370,886
333
1,403
334,891
1,437
2,064
161 161 242 267
6
96,694
623 119,186
5
142,351
118,083 419 401 409 439
1,063
762 116,988 102,915 247 251 887 903 158
661
707
58
328,269
235,415
660
754
1,537
62
30,499
23,976
67
55
63
214
80,820
68,663 140 1351 252 256
461
193,165 190 2061 265 273
833 523,072
396,034 254,482 157 168 196 175
1,827
136 133 134 156
28
123,800
54,004
347
158 168 100 104
66,346
57,694
475
66
91,447
64,788
65
93
458
284
40,609
35,773 110 107 146 155
275
5,517
5,908 9,698
21,238 951
4,335
12,202 2,435
4,308 1,268
12,261 1,824
9,567 2,653
9,051 1,411
4,962 662
352
35,519
321
1,576
966 346
790 349
2,850 6,324
2,416 1,102
1,804 2,151
443 460
187 700
233 324
96 2,151
180
1,107
10,908 2,153
11,842 675
1,188
844
4,740 1,763
222
659
971
494
4,285 1,214
10,205 2,554
391
5,174
537
1,503
5,579
491
2,440
1923
578
487
119
144
161
223
162
172
1
176
41
816 201,56158,324 53,266 18,016,21712,807,562 9,927 9,90917,643 17,918 2,279 2,280
792 183,129 57,06750,513 17,192,25412,259,137 9,923 9,90417,663 17,943 2,280 2,293
> 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, 11,000 items, $1,875,000; Minneapolis, 6,000 items, $5,144,000;
Omaha, 1,000 items, $325,000. Total, 18,000 items, $7,344,000.
NOTE.—Number of business days in period for Atlanta, Birmingham, Jacksonville, New Orleans, ani Little Rock was 27, and for other Federal reserve bank and branch cities, 26 days.
00
Co
854
FEDERAL RESERVE BULLETIN.
JOLT, 1923.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 30, 1923.
Paper maturing—
Alter 90 days,
but within 6
months.
After 6 but
within 9
months.
Trade
acceptances.
Agricultural •
and live-stock
paper.
Agricultural
and live-stock
paper.
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
Within 90 days.
Federal reserve bank.
Commercial,
agricultural,
and live-stock
paper, n. e. s.
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
44
44
44
44
44
44
44
44
44
44
44
44
Secured byUnited States
Government
obligations.
Bankers'
acceptances.
44
44
44
44
44
44
44
44
44
44
44
1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
MONEY IN CIRCULATION JUNE 1, 1923.
[Source: United States Treasury Department circulation statement.]
Stock of money
in the United
States.
Gold coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
United States notes
Federal reserve notes
Federal reserve bank notes.
National-bank notes
Total
Comparative totals:
May 1,1923
June 1,1922
Nov. 1,1920
Apr. 1,1917
July 1,1914
Jan. 1,1879
1
Money held by
the U. S. Treasury and the
Federal reserve
system.
Money in circulation.
Amount.
Per capita.
$3,615,993,471
386,265,800
433,324,658
40,989,297
1,000
23,030,543
40,678,308
384,840,252
2,283,657
35,996,488
$407,256,724
338,884,659
57,974,746
365,129,875
1,462,583
245,493,559
306,002,708
2,228,122,698
21,584,343
734,011,504
{3.66
3.05
.52
3.29
.01
2.21
2.75
20.05
.20
6.60
8,536,623,659
34,963,433,474
4,705,923; 399
42.34
8,470,504,689
8,126,500,982
8,326,338,267
5,312,109,272
3,738,288,871
1,007,084,483
84,893,724,505
3 4,750,990,688
3 3,391,764,761
'3,896,318,653
•1,843,452,323
3 212,420,402
4,668,041,079
4,370,469,992
5,628,427,732
4,100,590,704
3,402,015,427
816,266,721
42.04
39.87
52.36
39.54
34.35
16.92
I $4,023,250,195
* (725,150,459)
491,:
1,299,404
"',119,1721
s (406,1
,463,583)
;,554 102
i, 681,016
346,1
1,962,950
2,612,(
1,868,000
23,1
0,007,992
770,
(
Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
* These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890
is included under gold coin and bullion and standard silver dollars, respectively.
»Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of
1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and
money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this
statement are shown in parentheses in the first column.
855
FEDEBAL RESEBVE BULLETIN.
JULY, 1923.
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Silver.
Gold.
Eleven months ending
May—
May—
Countries.
1922
1923
.
1922
1923
Eleven months ending
May—
May—
1922
1923
1922
1923
IMPORTS.
Denmark
France
Germany
8,118
702
139,311
151,024
4,230,508
32,060
41,081
76,706
12,501
718,645
208,482
169,748
3,029,481
72,387
$14,834,484 W, 115,469
$854,002 128,983,454 21,678,828
14,188,578 19,924,893 14,218,285
5,003
4,798,294
4,186,976 15,894,247
6,750,505
543,592
380,167
2,527
53,782
2,850 55,278,447
1,329,788
26,806,215 120,494,505 137,712,612
2,560,382
1,424,794 19,120,435 32,081,003
5,876,195
2,509,942
142,693
5,248,212
5,130,496
686,355
3,634,588
548,754
6,156
20,322
6,313
711
425,628
168,806
3,245
8,828,495
4,968,741
254,877
1,576,938
1,625,502
128,549
4,112,636
8,959
990,755
567,939
18,677
7,018,768
7,453,517
1,277,814
14,863,765
1,622,670
1,785,081
1,113,639
163,905
1,096,494
18),565 12,821,417
1,564,655
7,210,097
3,271,242
495,163
3,"i<S4*
624,374
9,573,480
9,518
1,338,91.4
8,993,957
46,156,195 455,341,637 264,656,011
5,511,553
$2,255,218
543,754
84
Netherlands
Spain
United Kingdom—England
Scotland
Canada
Central America
Mexico...
West Indies
Bolivia
Chile
4,800
1,919,853
20
.
Colombia
Peru
Uruguay
Venezuela
China
British India
Dutch East Indies
Philippine Islands
British Oceania
Egypt
Portuguese Africa
Allother
Total
103,298
414,449
648,164
524,215
47
2,274
396,237
107,132
162,097
1,706,631
52,262
81,035
830,642
12,725
$9,343
2,061
3,433
4,876
65
794
537
107
53,296
$844
237,890
5,726,340
$987
157,931
57,825
21,156
1,669
7,767
71,797
1,964
171,105
11,732
105,672
1,180
204,032
3,522,561
1,502,459
43,635,374
674,466
62,503
493,690
15,501
1,401,878
6,756
217,336
941,537
5,958,003
25,347
26
1,637
615
3,041
11,718
484,175
2,015
16,263
262
1,657
227
6," 263'
33,483
235,863
975
4,461,146
64,338,554
6,965,217
1,430,085
37,793,124
204,949
700,248
1,575,361
166,603
8,385,338
2,167
1,928
17,889
680,816
16,130
1,728
12,730
185,134
181,116
58,881,078
EXPORTS.
France
Netherlands
Spain
Sweden
Switzerland
United Kingdom—England
Canada
Central America
Mexico
West Indies
Colombia
Venezuela
:.
. . .
China
British India
Dutch East Indies
French Indo-China
Hongkong
Allother.
Total
702,200
2,721,013
6,724
126,676
349,898
3,000
7 527
101,322
561,120
2,303,672
12,127
4,885,628
3,350
2,660,000
19,000
20,000
1,362,207
151,355
22,110,873
4,655,074
899
500,000
1,645
1,500
1,200
i
540,661
246,061
2,000
189,730
2,031
312,000
96,641
114,916
3,200
189,304
1,940
7,664,073
1,598,860
10,594
1,724,583
57,111
10,000
11,002,217
4,367,786
8,543
2,033,286
38,200
762,703
649,000
16,876,749
6,087,322
21,349,938
12,777,900
5,418,939
320,010
400,205
13,411,518
135,010
1,930,140
777,676
2,166,877
686,751
20," 666"
124,240
3,700
84,470
9,132,415
238,450
2,990,820
56,530
1,676,456
239,729
3,168,000
10,085,550
1,610,900
7,087,997
40,474
3,406,658
824,444
25,744,528
48,473,491
5,676,755
3,499,358
56,690,256
52,325,875
50,005
2,639,134
160,010
856
FBDEEAL RESERVE BULLETIN.
JULY, 1923.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM MAT 25.I92J. TO JUNE 21,192S, INCLUSIVE.
[In thousands of dollars.]
Transfers.
Daily settlements.
Federal Reserve Bank.
Debits.
Boston
New York
Philadelphia
Cleveland
:
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, four weeks endingJune 21,1923
May 24,1923
June 22,1922
May 25,1922
Credits.
Debits.
Credits,
18,750
65,800
16,000
11,000
5,000
8,000
15,000
4,000
2,000
3,000
2,000
7,500
1,300
80,750
4,900
6,500
8,600
654,024
1,980,614
601,771
553,390
479,738
22,500
7,000
500
5,500
2,500
18,000
1,011,417
451,796
131,317
176,323
246,148
666,967
1,978,348
600,385
566,125
475,621
228,648
992,315
431,608
128,979
320,287
178,339
251,583
158,050
169,000
129,000
27,500
158,050
169,000
129,000
27,500
6,819,205
7,110,334
6,788,399
5,713,197
6,819,205
7,110,334
6,788,399
5,713,197
Changes in ownership
of gold through trans- Balance in
fers and settlements. fund at
close of
period.
Decrease. Increase.
4,507
12,684
12,486
........
61,339
283,227
8,235
11,602
17,188
3,838
911
2,516
15,935
51,049
51,049
694,763
698,472
529,732
488,014
DISCOUNT AND INTEREST RATES.
Discount and interest rates prevailing during the 30-day period ending
June 15, 1923, in the various cities in which the Federal reserve banks and
their branches are located, showed generally little change. Rates for prime
commercial paper in some western cities were reported slightly lower, while
in the eastern cities they remained unchanged. Compared with the 30-day
period ending June 15, 1922, rates on all types of paper, with the exception
of prime commercial paper ranging from four to six months, open-market
paper of four to six months' duration, and bankers' acceptances which
demanded higher rates, were lower in almost all centers. Paper secured by
stock-exchange collateral yielded lower rates in many western markets and
in some eastern markets than in the corresponding period in 1922. In most
eastern cities the customary rates were unchanged.
The actual discount and interest rates prevailing during the 30-day period
ending June 15, 1923, in the various 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 JUNE 15, 1923.
Bankers' acceptances,
60 to 90 days.
Prime commercial paper.
City. •
District.
Customers'.
30 to 90
days.
No. 1...
No. 2..
No. 3..
No. 4..
No.5...
No. 6...
No. 7...
No. 8..
No. 9...
No. 10..
No. 11..
No. 12..
1
4 to 6
months.
H. L. C.
Boston
5£ 5 5
NewYorki
j 6} 4} 5-51
Buffalo
7
Philadelphia.... 6 5 51
Cleveland
7 5 6
Pittsburgh
6 5 6
Cincinnati
6 5 6
Richmond
6
6
Baltimore
6 5* 51
Atlanta
7 5 6
I Birmingham
8 5 6
1 Jacksonville
8 4f 6-7
! Nashville
8 6 7
New Orleans
6J 51 6
Chicago
6 41 5-6
Detroit
6 5 6
St. Louis
6 4} 51
Louisville
6 5 6
Memphis
6 6 6
Little Rock
7 6 6
Minneapolis
6 51 Si
Helena
8 7 8
Kansas City
7 5 6
Omaha
7 5 6
Denver
8 6 6-8
Oklahoma City.. 8 41 61
Dallas
6 5 51
El Paso
10 6 6
Houston
7 5 6
San Francisco... 6 5 51
Portland
8 4} 7
Seattle
8 51 7
Spokane
8 6 7
Salt Lake City.. 8 6 7
Los Angeles
8 5 61
8 5
Open market.
30 to 90
days.
51 5 5
6 5 51
Interbank
loans.
H. L. C. H. L. C.
5} 5 5
"
4} 5-51
5 6
5 5
415
4§ 4i 41
6 6
5 5-51 4J4 4
6 6 6
4f 51
5 5 5
si 4i a
51 5 5
5 4J4f-5
Cattle
loans.
Indorsed.
4 to 6
months.
51 5 5
6 51 6
8
5 5
5 5
5 6
6 6
5 5 5
6 6
514|41
5 5}
5 5-51 4*4 4J
5
I 5-
5 5
6 41 5
5}41i
6 5 ;
6 41 5
5 5J
4J414J
Rates for demand paper secured by prime banker's acceptances—high, 5; low, 4; customary, 41.
Unindorsed.
H. L
4} 4
6 4,
5 4.
4| 4|
4} 4;
Demand.
3 months.
/ / . L. O.
6 51 51
6 5 5-51
6 5 6
6 5 5J
7 5 6
6 5 6
5 51 51-6
6 5 6
6 5 5J
7 5 6
5 5 5
8 5 6
8 5 7-8
8 6 7
5 4|4i
7 51 6
7 5} 6}
6 5 51
4} 4 4-41 6 5 51
6 51 6
6 51 6
61 5 51
6 5 6
6 6 6
6 6 6
8 6 6
8 6 7
6 51 51
6 4f51
5 4}4J
8 7 8
8 8 8
8 5 6
7 5 6
6 5 5*
5} 4- 5
8 4: 5-8 8 6 6
10 6" 7
10 6 7
8 5 61
5 6
10 8 8
10 8 8
7 5 6
8 6 7
6 5* 5J-6 6 5 6
414} 4 |
7 4} 6
7 6 7
8 66 6
8 6 7
515151
8 6 7
8 6 7
8 6 7
8 6 7
8 5 61
7 6 6{
H. L. C.
5 5 5
6 4 4J-51
7 5 6
6 41 5
7 5 6
6 5 6
6 5 51-6
6 5 6
6 5 51
7 5 6
8 5 6
7 5 6-7
???
6 6
516
7 8
5 5 5
5 5 5
5 6
5i 4} 5
5}4f 5
5 6
5 41 41 5} 5 5
6 7
51 41 51
6 5 51
7 4} 51
6 5 51
51 4 41 10 8
9 68
6 5 6
6 5 6
61 41 6
5} 5 5
51-6 51 51
51 4f 5
5}4f 5
7 66
51 41 5
51 4i 5
7 66
51 5 5-51 7
51 5" 5
66
6
51415}
51 41 5
Collateral loans—stock exchange.
3 to 6
months.
H. L. C.
6 51 51
6 5 5-51
6 5 6
6 5 51
7 5 6
6 5 6
6 6 6
6 5 6
6 5 51
6 5 6
8 5 6
8 5 6-7
8 6 7
7 516}
6 5 51
6 51 6
61 5" 51
6 5 6
6 6 6
8 6 7
Ordinary
loans to
Secured by customers
warehouse secured by
receipts.
Liberty
bonds.
H. L. C. II. L. C.
51 5 S
6 51 51
51
7 5 6
7
61
8
8 5 6
8
6 5 51
8
7 6 6
8
10 6 7
10
5 7
8
10 8 8
10
8 6 7
8
6 51 5}-6 Si
7 6 6
7
8 6 7
6
8 6 7
7
8 6 7
8
8
8 6 61
6 6
6 6}
718
6 6-7
6 7
6 6
6 8
7 71
8 8
7 7
51 5f
6 61
6 6
6 6-7
7 7
7 7
6 6
6 6
5 51
51 6
6 7
6 7
6 6-7
6 7
51 6
5} 51-6
6 6
5 51
5 6
6 6
6 6
5 5
8 8
5} 6
6 7
7 7-8
6 8
5 7
8 8
7 7
6 6
6 7
6 7
7 8
7 7
6 61
H. L. C.
5 5 5
5J 415
6 5 6
6 4 | 5-51
7 5 6
6 6 6
6 5 5-5}
6 4| 6
8 5* 6
8 6 6
8 6 6-7
7 6 6
6} 5- 6
6 41 5-51
6 5i 6
6 4^ 51
6 5 6'
6
6 6 6
8 6 6
515 51
8 8?
8 5 6
61 5} 61
8 516-8
10 5 7
8 41 6
10 8 8
6 5 51
6 5 51-6
8 6 7
8 6
6 7
6 7
5 61
00
858
FEDERAL RESERVE BULLETIN.
JCLY, 1923.
FEDERAL RESERVE AND MEMBER BANK DEVELOPMENTS DURING YEAR ENDING
JUNE 30, 1923.
EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS.
[In thousands of dollars.]
Bills bought in open market.
Bills discounted.
Total
earning
assets.
Date.
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
Jan.31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
1922.
1923.
56,718i
15,986 21,616 303,673 166,493
68,256i1 1,113
7,803 13,983 304,558
51,068 18,183, 30,992 8,256 585,212 121,169
168,038 25,174: 20,034! 2,923, 399,185
246,940 17,218: 21,427; 17,907 255.702
234,129 8,456 13,853 15,2261 40;223 8,492|
178,707
33,962
338 9,985 17,752
1,702,938
1,818,040
2,194,878
2,431,794
2,719,134
1,751,350
1,144,346
1,400,371
1,573,483
1,510,354
1,277,980
1,141,036
637,590
485,233
208,247
153,402
576,025
937,645
,274,606
842,096
452,331
1,177,995
> 1,082,961
•1,084,776
'1,190.762
'1,197,263
'1,213,807
'1,326,096
461,418
406,178
397,448
463,696
576,435
650,096
617,780
167,241
132,390
126,113
162,780
269,042
315,280
331,790
147,123
126,030
123,316
164,408
188,777
225,250
185,616
130,626
132,279
132,307
120,280
103,337
94,532
85,165
1,139,552
1,166,512
'1,212,673
1,181,871
597,251
595,760
377,482
356,039
372,768
386,079
406,824
407,356
131,367
157,244
242,134
249,021
263,372
317,308
75,997
'2,318,170
2,354,167
3,080,495
3,183,275
3,263,027
2,050,757
'1,523,691
Dec. 27,1918.
June 27,1919.
Dec. 26,1919.
June 25,1920.
Dec. 30,1920.
June 30,1921.
Dec. 31,1921.
Total.
Bankers' acceptances.
Member
United
banks'
AgriStates
colSecured
cultural
BankComTrade securiTrade lateral
by Govand
ers'
ties.
acceptacceptnotes
ernment mercial
Total.
live- accept- ances.
paper
ances.
n
^secured
DoFor- Dollar
obliga- n.
exe. s. stock
eign.
by
tions.
mestic.
change.
paper.
eligible
paper.
'1,221,433
'1,144,117
724,993
770,734
836,949
71,843
78,084
89,419
100,187
129,162
796
452,460
3,914
28,470
99,919
()
3,168
11,164
4,535
2,799
5,817
6,814
8,796
8,633
9,743
81 i 3,757
35i 3,654
43! 3,295
33j 3,696
352!
4,661
475|
5,053
330
4,844
12,590
11,790
12,374
12,499
10,266
9,506
10,035
161,112
140, 111
180,176
244,375
258,165
259,226
272,122
31,655
21,876
29,544
46,382
67,033
65,491
65,280
124,142
114,407
143,963
189,688
181,005
183,504
195,921
3,319
3,022
3,124
3,664
3,804
4,705
8,409
8,790
8,649
8,041
7,274
7,393
188,566
207,678
263,358
271,573
258,680
205,600
36,181
42,122
48,579
46,135
48,365
37,050
145,195
157,267
201,907
211,244
197,569
159,094
677
1,567
396|
104
41
7,222 311,546
231,569
7,66 300,405
352,296
288,191
259,184
218 233,703
780
1,029
852
1,491
1,331
1,598
1,178
555,465
536,669
507,131
482,676
362,639
304,461
436,155
6,052 1,138 353,735
6,917 1,372 363,074
10,756 2,116 250,360
12,472 1,722 185,305
11,557 1,189 191,964
7,833 1,623 101,503
1
Includes municipal warrants as follows: Dec. 27,1918, $13,000; Dec. 31,1921, $379,000; 1922: July 31, $3,000; Aug. 31, $21,000; Sept. 30, $15, OOOJ
Oct. 31, $24,000; Nov. 30, $24,000; Dec. 30, $39,000; 1923: Mar. 31, $41,000; May 31, $55,000; June 30, $65,000.
• Data not available.
DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, RESERVES, AND RESERVE PERCENTAGE OF THE FEDERAL RESERVE
BANES.
[Amounts in thousands of dollars.)
Deposits.
Date.
Total.
Dec. 27,1918
June 27,1919
Dec. 26,1919
June 25,1920
Dec. 30,1920
June 30,1921
Dec. 31,1921
June 30.
July 31
Aug. 31
Sept.30
Oct.31
Nov.30
Dee. 30
Jan. 31'.
Feb.28
Mar.31
Apr.30.
May 31
June 80.,
1
1922.
1923.
Government.
Member
bank
reserve
account.
Other
deposits.
Total deposits and
Federal
Federal
reserve
reserve
notes in
note
circulation. circulation
combined.
Gold
reserves.
Reserve
percent-
1,757,677
1,902,337
1,956,890
1,916,086
1,798,779
1,675,217
1,876,082
63,367
73,614
72,357
14,189
27,639
43,446
95,951
1,587,318
1,713,030
1,786,874
,831,916
,748,979
:, 603,845
,753,217
106,992
115,693
97,659
69,981
22,161
27,926
26,914
2,685,244
2,499,180
3,057,646
3,116,718
3,344,686
2,648,086
2,409,392
4,442,921
4,401,517
5,014,536
5,032,804
5,143,465
4,323,303
4,285,474
2,146,219
2,216,256
2,135,536
2,108,605
2,249,163
2,627,494
3,010,252
2,090,274
2,147,784
2,078,432
1,969,375
2,059,333
2,467,659
2,874,995
50.6
50.4
44.8
43.6
45.4
60.8
70.2
1,883,329
1,846,582
1,874,688
1,897,182
1,875,436
1,860,223
1,973,532
33,093
58,583
48,446
14,511
34,355
33,449
10,756
1,820,377
1,760,824
1,803,622
.,812,570
1,807,631
1,933,888
29,859
27,175
22,620
25,411
28,511
19,143
28,888
2,152,962
2,132,145
2,155,515
2,268,652
2,301,777
2,329,814
2,395,789
4,036,291
3,978,727
4,030,203
4,165,834
4,177,213
4,190,037
4,369,321
3,144,542
3,178,652
3,195,558
3,207,494
3,217,882
3,202,810
3,176,872
3,021,767
3,047,949
3,061,049
3,077,210
3,079,966
3,072,858
3,047,393
77.9
79.9
79.3
77.0
77.0
76.4
72.7
1,991,062
1,952,317
1,961,651
1,926,109
1,964,128
1,914,043
46,014
43,401
79,354
40,290
28,130
33,544
,913,446
,887,552
., 862,676
1,864,756
1,899.810
1,851,938
31,602
21,364
19,621
21,063
36,188
28,561
2,203,701
2,246,943
2,247,257
2,235,435
2,245,848
2,253,033
4,194,763
4,199,260
4,208,908
4,161,544
4,209,976
3,167,076
3,227,143
3,201,600
3,167,446
3,179,666
3,201,326
3,194,665
3,075,810
3,072,813
3,059,592
3,082,282
3,112,104
3,095,217
76.9
76.2
75.3
76.4
76.0
76.6
Net deposits were used in calculating the reserve percentages shown for dates prior to 1921.
Total
reserves.
859
FEDERAL RESERVE BULLETIN.
JULY, 1923.
PRINCIPAL ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK, 1918-1923.'
[Amounts in thousands of dollars.]
AcceptBills dis- ances purcounted for chased in
own memopen
ber banks. maiket.
Federal reserve bank.
Boston:
Dec 27 1918
June 27,1919..
Bee 2i> 1919
June 25, 1920
Dec. 30, 1920
June 30 1921
Dec. 31,1921
June 30 1922
Dec 30 1922
June 30 1923
New York:
Dec 27 1918
June 27 1919
Dec 26 1919
Dec 30 3920
June 30 1921
Dec 31 1921
June 30 1922
Dec 30 1922
June 30 1923
Philadelphia:
Dec 27 1918
June 27 1919
Dec 26 1919
June 25 1920
Dec 30 1920
June 30 1921
Dec 31 1921
June 30 1922
Dec. 30, 1922
June 30 1923
Cleveland:
Dec 27 1918
J u n e 27,1919
Dec 26 1919
J u n e 25 1920
Dsc. 30, 1920
J u n e 30 1921
Dec. 31,1921
June 30 1922
Dec 30 1922
June 30,1923
Richmond:
Dec. 27, 1918
J u n e 27 1919
Dec 20,1919
J u n e 25 1920
Dec 30 1920
June 30 1921
Dec 31 1921
J u n e 30 1922
Dec 30 1922
J u n e 30 1923
Atlanta:
Dec 27 1918
J u n e 27 1919
Doc 26 191*)
.
. . .
-- -
. ~~
Dec. 30, 1920
June 30 1921
Dec 31 1921
Juno 30,1922
Dec 30 1922
June 30 1923
Chicago:.
Dec 27 191S
June 27 1919
Dec 26 1919
June 25, 1920
Doc 30 1920
Tune 30 1921
Dec. 31, 1921
J u n e 3 ) , 1922
Dec. 30, 1922
June 30,1923
- -
. . . .
-- -- -
----
United
States
securities.
Deposits.
Members'
resen e.
"""
1
Total.
Federal
reserve
Total cash
notes in
reserves.
circulation.
Hesene
ratio.
162,572
155,174
194 836
134 088
161,968
87 943
59,171
30,796
61 584
63 752
31,087
23,242
86 405
28,181
19,532
8,648
13,149
25,083
25 407
19 467
8,521
17,485
22, 200
22,497
22,240
19,735
11,306
45,940
29,593
4,046
96,924
106,625
110 335
117 948
116, £00
104,484
110 7C0
119 352
126 342
126 077
91,835
102,438
108,572
111,189
104,893
109,959
120, 214
120,797
1-27. 856
128', 175
103,205
176,159
246, 455
280,617
291,196
250,158
202,535
1.55,675
201,314
213,533
115,168
115,574
156 103
222,362
219,158
260,762
251,760
195,380
220 877
267,854
41. 5
44 0
56 8
55. 3
72 4
78.0
70.7
67 1
78 4
652,375
621,117
788,194
719,601
904 239
35° 769
209 080
60, 289
184,289
192,598
109,25!
123, 216
249,513
194,736
116 819
15 549
72 593
46,536
60,864
43,308
203, 720
65,253
68, (;54
118,755
61,210
60,970
103 525
175,933
167,252
11,957
082,887 •
730, 278
706, 254
745,307
693 474
618,341
72" 098
725,942
749,006
688,578
763,230
800,002
714,874
722,422
662,271
643,131
773,165
744,9C9
760,963
716,143
736,552
737,437
824,944
859,232
864,516
(583,186
663,363
63P 960
597,071
546,104
637,295
834,523
616,040
620,103
610,242
944,250
1,131 540
1,173,022
988,098
1,001,573
42. 5
54. 3
40.0
39.2
40 0
71.2
78 8
84.9
72.8
84.1
195 519
249 153
9 425
860
4 698
2 012
12,893
15,895
19 003
23,380
19,540
11 419
23,218
31 914
37,477
32,181
29 341
12,362
33 879
29,190
17,381
92 955
100, 213
95 505
103,508
106,675
105 286
104,706
112 844
119,075
115,657
88,174
104,415
99,841
97,3fO
92,550
109,927
107,702
115,806
119,917
117,468
23.3,481
203,703
240,273
248,785
280,960
226,454
200,724
181,602
214,067
210, 259
143 556
124,873
138 880
155,671
202,257
193,505
219,653
222,956
250,394
231,675
44 6
40 5
40 8
45.0
54.2
57 5
71.2
75 0
75.0
70.7
105,731
1P3 219
167,577
122 542
117' 760
151, 856
114 594
37,301
38 541
76 748
39, 276
36 972
44,658
52 012
26 581
2,356
5 378
16,716
51 007
20 743
12,766
18 580
25,600
24 868
24,643
22.728
13' 682
75,821
25 739
10 400
114,860
123 903
127,627
138 379
145 617
131,910
130 933
139,192
144 487
149 862
102,029
123,163
119,706
120,176
135, 281
139,205
137,991
142,485
146,737
152,879
255,486
214,663
272, 884
315, 789
350, 725
25-1,066
214,775
197,945
242,565
234,558
198, 579
184,400
181,7S6
222,968
287,326
257, 785
243, 286
239,583
291,991
293, 891
55. 5
54 6
46.3
51.1
59.1
65.5
69.0
70.4
75.0
75.9
82 874
143 175
108 661
1°3 971
122 886
123 987
94,668
41 216
53 285
70 126
10 457
7 744
10 951
8,171
5 252
2 137
3' 558
'711
1 734
2 178
6,018
7 594
13,495
13 493
13 495
8 493
4 993
4, 793
1 291
1 341
52, 560
51 156
61,081
56 764
56 710
52 997
56 127
57,073
61 527
56 789
35,285
48,461
51, 091
47 572
39, 806
55,162
61,021
60, 257
62,960
59 583
138,118
109,630
148,693
122,109
155,162
119,679
107,101
82,380
101,147
79,323
88,234
67,667
81,731
70,716
88, 525
79,073
71,557
107,805
111,912
73,190
50.9
42.8
40.9
41.7
45.4
45.2
42.6
75.6
68.2
52.7
86 334
88,590
90 222
122,018
167 808
99 980
90 827
29,110
26 332
36 816
12 239
7^ 173
11 166
l' 621
3 492
977
3 686
6-15
11 422
9 160
6 618
10,982
16 045
15; 783
16,789
24 740
18 880
8,912
2 372
362
4-1,091
44,997
61 081
53,229
48,345
40 869
42 967
44,902
62 398
52 480
31,017
44,921
54 924
49,526
36,240
42,300
54, 516
48.118
53 744
55, 028
122,764
115,662
156,599
140,592
175,166
151,267
121,471
113,488
124,036
133,180
67,538
68,853
111,676
77,127
86,091
85,965
76,282
137,155
142,351
145,924
43.9
42.9
52.8
40.6
40.7
44.4
43.3
84.9
80.1
77.5
147,262
158 129
260,599
451,905
475 869
321 934
185, 520
63,130
73,871
80,968
33,894
40,4h3
62,932
54,048
25,961
3 500
8,489
21,475
14,565
44,196
20,121
29,088
44,230
44,108
4-4,102
40 712
26,644
57,424
62,833
11,427
219,664
23ii,012
253,864
252,674
240,241
232,919
237,012
265,608
282,901
277,413
208.28!)
235,131
228,842
230,499
215,182
239,05S
249, 214
270,565
285, S5-4
280,862
433,775
421,672
510,018
531,449
548,191
444,884
402,463
367,400
420,506
408,513
419, 842
405,202
374,184
304,469
308,333
3K5 956
455,472
528,686
5!>2,253
566,505
65.4
61.7
50. 6
40.0
40.4
53 5
69.9
82.9
79.5
82.2
190*421
156,454
140 595
88, 552
4S 241
49,610
80,762
NOTE.—Figure? shown in the first and second columns represent actual holdings plus accommodation received from other Federal reserve
banks, and lens accommodation extended to other Federal reserve banks.
1
Prior to 1921, figures represent net deposits.
860
FEDERAL RESEBVE BULLETIN.
JULY, 1923.
PRINCIPAL ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK, 1918-1923—Continued.
[Amounts in thousands of dollars.]
Federal reserve bank.
AcceptBills dispurcounted for ances
in
own mem- chased
open
ber banks. market.
8t. Louis:
Dec. 27,1918..
June 27,1919.
Dec. 26,1919..
June 25,1920.
Dec. 30,1920..
June 30,1921.
Dec. 31,1921..
June 30,1922.
Dec. 30,1922..
June 30,1923.
Minneapolis:
Dec. 27,1918..
June 27,1919.
Dec. 26,1919..
June 25,1920.
Dec. 30,1920.
June 30,1921.
Dec. 31,1921.
June 30,1922.
Dec. 30,1922.
June 30,1923.
Kansas City:
Dec. 27,1918..
June 27,1919.
Dec. 26,1919.
June 25,1920.
Dec. 30,1920.
June 30,1921.
Dec. 31,1921.
June 30,1922.
Dec. 30,1922..
June 30,1923.
Dallas:
Dec. 27,1918..
June 27,1919.
Dee. 26,1919..
June 25,1920.
Dec. 30,1920..
June 30,1921.
Dec. 31,1921..
June 30,1922.
Dee. 30,1922.
- June 30,1923.
San Francisco:
Dec. 27,1918..
June 27,1919.
Dec. 26,1919.
June 25,1920.
Dec. 30,1920..
June 30,1921.
Dec. 31,1921.
June 30,1922.
Dec. 30,1922.
June 30,1923.
1
Prior to 1921, figures represent net deposits.
•United
States
securities.
65,577
56,363
78,235
132,202
114,218
86,793
63,053
18,529
30,082
46,479
7,824
7,396
7,914
4,867
1,146
219
218
11,539
13,028
6,608
7,721
18,221
18,369
7,827
19,018
70,057
95,797
96,470
84.504
51,212
27,850
21,916
31,426
Deposits.
Members'
reserve.
TotaU
Federal
reserve
Total cash
notes in
reserves.
circulation.
Reserve
ratio.
17,235
13,020
7,933
25,507
19,551
7,251
57,083
58,762
67,092
65,885
65,660
58,848
64,613
63,281
73,798
69,120
50,097
56,313
59,038
63,958
63,359
61,699
69,264
65,653
76,936
72,061
120,722
102,860
148,452
126,289
136,610
103,116
95,246
67,878
93,659
74,123
100,892
87,908
96,507
79 631
88,904
83,338
106,641
93,961
117,887
94,255
59.1
55.2
46.5
41.9
44.5
50.6
64.8
70.4
69.1
64.5
9,941
18,786
14,401
4,205
1,413
5,286
7,286
8,596
8,602
8,596
5,611
4,565
13,556
13,071
12,885
48,487
51,051
51,532
44,660
43,882
41,795
43,524
44,947
49,310
47,395
43,925
50,249
42,643
41,189
42,204
43,872
46,965
46,548
61,026
48,871
97,361
82,032
87,475
77,728
80,067
58,863
56,789
48 840
58i 735
64,525
86,644
73,408
51 245
48,921
48,704
41,934
60,687
66,724
82,019
67,524
61.3
55.5
39.4
41.1
39.8
40.8
58.5
70.0
74.7
65.3
56,398
93 647
100,433
123,096
140,180
78,602
69,979
20 841
26,544
51,880
9,372
8
10,176
2,102
2,017
20
1,337
5
402
26
13,263
15,748
24,116
21,946
21,688
17,189
14,254
45,615
39,189
13,488
68,032
80,735
77,723
82,677
74,521
70,583
71,997
78,798
82,782
80,508
47,626
67,639
76,104
83,346
67,583
72,830
78,808
81,738
87,351
84,303
112,510
93,677
105,100
97,622
111,874
78,557
69,044
57,184
69,887
60,079
92,740
71,306
78,031
74,317
74,274
76,791
74,658
88,296
94,737
85,627
57.9
44.2
43.1
41.1
41.4
50.7
50.5
63.6
60.3
59.3
60,294
62,494
28,116
78,475
96,596
71,572
50,597
32,264
14,422
33; 931
2,678
1,020
1,556
405
247
150
165
2,876
26,827
12,355
7,900
9,654
13,056
12,461
12,279
6,379
4,530
5,981
11,308
1,780
32,767
43,583
58,423
51,140
44,593
42,607
43,372
45,807
54,461
46,242
28,046
39,871
41,237
40,492
34,612
45,794
48,013
48,343
55,639
48,527
59,578
46,937
74,886
82,351
79,474
46 175
35,470
26,241
37,761
28,946
35,353
35,570
57,347
50,912
47,632
35,797
35,964
43,176
46,549
36,529
40.3
41.0
49.4
41.4
41.8
38.9
43.1
57.9
49.8
47.1
80,175
67,961
72.193
137,688
164,686
150,815
67,093
45,851
37,304
71,463
28,229
37,678
80,842
42,625
40,349
2,202
20 795
16,523
43,486
22,019
8,187
8,430
14,070
13,837
13,724
10,266
10,854
62,104
34,766
9,185
77,008
85,715
116,357
121,745
112,661
103,176
121,108
122,631
137,801
141,807
63,339
78,091
107,598
114,494
110,209
112,282
129,209
138,050
143,549
150,113
211,692
194,748
241,867
234,155
270,745
231,681
240,411
217,369
235,041
209,890
150,378
146,974
192,006
181,408
187,717
202,338
282,752
247,798
267,804
270,118
58.3
53.9
54.9
52.0
49.3
58.8
76.5
69.7
70.7
75.0
JDLT, 1923.
861
FEDERAL RESERVE BULLETIN.
VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS.
[Amounts in thousands of dollars.]
Bills discounted.
Month.
December, 1918.
June, 1919
December, 1919.
June, 1920
December, 1920.
June, 1921
December, 1921.
Total all
classes.
8,118,734
6,771,913
8,449,946
7,800,839
10,659,740
4,799,534
4,870,435
Bills purchased.
United States securities.
Number of
AverAverage Average
banks Amount. Average
age Bonds. Victory TreasAmount.
rate
rate
ury
accommatumatunotes. notes.
charged. rity.
charged.
mority.
dated.
6,215,084
6,328,912
7,290,873
6,336,642
9,461,658
3,674,977
4,168,566
Per cent. Days.
4.18
8.54
4.19
9.79
4.67
11.52
6.20
14.48
6.49
11.55
6.14
19.29
4.91
11.67
Per cent. Days.
(')
45.60
4.24
57.11
4.84
45.72
6.07
6.08 38.43"
5.88 28.83
4.41 23.39
3,288
4,047
3,659
4,948
5,551
5,745
5,679
155,733
291,915
400,708
285,752
253,828
64,673
230,101
4,436
4,167
4,042
3,944
3,793
3,859
3,873
175,493
158,758
185,208
217,053
206,617
175,378
202,566
3.22
3.13
3.10
3.19
3.68
4.10
4.11
3,294 152,755
2,976 186,464
3,282 254,141
3,507 194,852
3,942 186,364
4.09
4.08
4.09
4.12
4.16
Certificates of
indebtedness.
2,135,173 1,159,318
1,606,899 1,317,602
1,471,469 1,094,307
1,920,587 1,267,358
2,825,699 2,172,114
3,400,191 3,155,775
4,465,624 3,315,593
4.54
4.39
4.34
4.36
4.34
4.29
4.30
15.61
11.97
13.48
13.43
9.99
8.43
9.00
1923.
January
February
March
April
May
5,636,299
4,038,996
3,971,427
3,543,496
3,880,337
3,691,259
3,720,547
3,519,700
3,291,071
3,532,512
4.25
4.28
4.49
4.50
4.50
6.08
6.70
8.86
9.04
9.45
1
warrants.
1,747,880
150,808
758,361
278
3
20,786
13,624
15,500
1,178,445
944,253
1,044,620
435,107
312
2,825
595
1,276
915
16,690
924
1,609
33,705
14,113
19,058
27,212
28,435
5,003
4,865
110,368
37,761
70,562
92,845
89,866
45,455
97,470
653,464
78,061
101,040
315,204
311,965
17,653
843,498
9
18
12
3
23
2,580
1,473
1,274
142
12,227
1,586
8,479
8,191
3,397
19,800
73,174
64,531
47,182
27,854
45,441
1,714,945
57,602
140,898
26,180
1
1,640
63
37.57
36.63
42.18
51.24
46.23
43.41
39.14
37.74
43.14
46.59
44.28
33.02
1922.
June
July
August
September
October
November
December
Municipal
41
'55
Figures not available.
FEDERAL RESERVE BANK DISCOUNT RATES IN EFFECT JULY 1, 1923, AND 1922.
Paper maturing—
After 90 days, After 6 months,
but within 9
but within 6
months.
months.
Within 90 days.
Federal reserve bank.
Commercial,
agricultural,
and live-stock
paper, n. e. s.
1923
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City....
Dallas
San Francisco.
4J
41
41
41
41
41
41
41
41
41
41
41
1922
4
4
41
41
41
41
41
41
Secured by
United States
Government
obligations.
1923
41
41
41
41
41
41
41
41
41
41
41
41
1922
4
4
41
41
41
41
41
41
5
5
5
41
Bankers' acceptances.
1923
41
41
41
41
41
41
41
41
41
41
41
1922
4
41
41
41
41
41
41
5
5
5
41
Trade acceptances.
1923
41
41
41
41
41
41
41
41
41
41
41
41
1922
4
4
41
41
41
41
41
41
5
5
5
41
i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
Agricultural'
and live-stock
paper.
1923
41
41
41
41
41
41
41
41
41
41
41
41
1922
4
4
41
41
41
41
41
41
5
5
5
41
Agricultural
and live-stock
paper.
1923
5
41
41
41
41
41
4i
41
41
41
1922
862
FEDERAL RESERVE BULLETIN.
JDLV, 192
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON THE LAST REPORT DATE IN EACH
MONTH SINCE JUNE, 1922.
[Amounts in thousands of dollars.]
1922
798
Loans and discounts, gross:
Secured by United States Government oMigaSecured by stocks and bonds (other than
United States Government obligations)
All other loans and discounts
United States Victory and Treasury notes
United States certificates of indebtedness
Other bonds, stocks, and securities
Total loans and discounts and investments...
Reserve with Federal reserve bants
Net demand deposits
Time deposits
Government deposits
.
....
Bills pavable and rediscounts with Federal reserve
banks:
Secured by United States Government obligations
All otiier
Aug. 30.
July 26.
June 28.
Sept. 27.
790
793
Oct. 25.
790
Nov. 29.
784
787
Dee. 27.
782
285,373
260,769
259,330
261,442
285,043
297,401
290,261
3,465,247
7,032,501
3,459,763
7,018,614
3,482,013
7,019,852
3,589,810
7,136,275
3,718,731
7,245,134
3,688,457
7,232,873
3,774,775
7,203,941
10,783,121
1,264,277
575,500
260,796
2,304,747
10,739,146
1,305,789
563,398
256,910
2,323,711
10,761,195
1,366,860
695,188
192,583
2,277,718
10,987,527
1,381,003
653,776
184,127
2,247,210
11,248,908
1,503,010
686,914
111,038
2,239,841
11,218,731
1,510,540
087,931
95,094
2,249,041
11,328,977
1,485,007
825,736
237,956
2,274,145
15,188,441
1,440,290
278 457
11,123,877
3,3*0,434
123,674
15.18S, 954
1,386,457
274,824
11,043,393
3,515,379
99,287
15,293,544
1,377,582
"274,189
10,942,232
3 598,688
177,680
15,453,643
1,358,358
281,349
11,OSS 421
3,573,401
146,493
15,789,711
1,345,743
289,452
11,161,802
3,628,187
259,678
15,761,337'
1,356,129
286,463
11,094,036
3,647,977
170,637
16,151,821
1,393,755
358,449
11,255,425
3,708,466
471,209
97,501
67 072
35,685
62 147
58,659
68,778
115,889
110,680
205,654
176,239
206,253
163,322
65,651
93,495
1923
Jan. 31.
Number of reporting banks
Loaus and discounts, gross:
Secured by United States Government obligations
Secured by stocks and bonds (other than United
States Government obligations^
All other loans and discounts
United States bonds
United States Victory and Treasury notes
United States certificates of indebtedness
Other bonds, stocks, and securities
Total loans and discounts and investments
Reserve with Federal reserve banks
('ash in vault
Government deposits
Bills payable and rediscounts with Federal reserve banks:
Secured by United States Government obligations
All other
780
Feb. 2*
Mar. 28.
Apr. 25.
774
776
777
777
May 29.
June 27.
774
276,332
282, 521
265, 268
261, 817
266, 535
250,827
3,723,182
7,440,484
3 799 71°
7 557, 140
3,765,
7,752 873
3 7<CJ 995
7, 784, 383
3 700 544
7 773, 756
3, 806 394
_ 7,793,196
11,439,998
1 480,693
952,341
193,617
2,221,957
11 639, 373
1 437, 357
op) 058
145, 704
2 186, 290
11.7K*
1,432
928
191
2,161
4l0
432
753
462
484
11, t-39
1, 414
908
15«
2, 151
195
691
642
5S6
772
11 ,F3P,F3o
1 ,379,486
991,751
129 732
? ,148 937
11, 850,417
1, 417,030
973,848
143,352
2, 158,134
16,28s,606
1,444,013
274,952
11 536,958
3,728,502
149,830
16 32S>, 788
1 408 310
077 ISO
11 >-,•),( 61 •>
3 775 827
100 109
16,497
1,394
282
11,082
3,948
337
611
778
544
059
420
323
16 470
1, 367
9S0
11 156
3 988
265
886
695
503
317
7f3
843
16 489
1 ,385
•>81
11 17>
4 ,004
191
741
551
879
706
052
646
16 542,781
1 390,388
282 040
11 104 201
4 000,009
255, 839
287,301
92,093
267 ISO
118 334
258 448
200 683
270,704
220,357
290 245
184 708
243 046
159 430
JULY,
863
FEDERAL RESERVE BULLETIN.
1923.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.
[In thousands of dollars.]
June 30,
1919 (8,822
banks).
Dec. 31,
1919 (9,066
banks).
J u n e 30,
1920 (9,399
banks).
Dec. 29,
1920 (9,606
J u n e 30,
1921 (9,745
banks).
Dec. 31,
1921 (9,779
banks).
J u n e 30,
1922 (9,892
banks).
Dec. 29,
1922 (9,859
banks).
Loans and discounts
15, 517.765
Overdrafts .
17,993
Customers' liability on account of
acceptances
440,411
United States
Government securities l . .
. . . 4, 036,899
Other 2bonds, stocks, and securities ..
3, 030,696
Banking house, furniture, and
19, 761, 783
22,
587
652,
001
2, 941,
655
3, 219,
382
397
69' 066
817
19, 744, 677
22, 676
18, 191.423
17, 468,936
14,588
14,582
17, 282,290
13,653
448,128
68.775
559 433
IS, 341, 241
403
22,
571
624,
426
3,
506,
441
3,
311,
483,
69, 177
691 173
565, 567
73, 901
677 925
443,577
608,812
80,786
529 764
18 061, 459
19,
328
372,
550
3 78S,
377
3, 899,
339
711, 917
123, 354
561 576
1 723 774
1 903 814
1 8?8 648
1 763 424
1 624 662
1 758 341
1 835 116
369, 612
579, 235
615, 116
544, 815
448,765
477,042
493, 335
635, 926
518 709
1 894 041
1 576 (S99
1 353 614
449 637
1 646 773
1 805 579
1 188 101
1 509 006
1 998 799
963 881
1 085,375
777 439
1 3 VI 390
1 405
109 046
147 ?,76
106 333
110 377
117 963
103
38 484
41 489
36 741
20 353
488
319, 650
36 800
19 471
012
382 771
36 869
18, 449
1 954
323 817
banks).
A p r . 3,
1923 (9,850
banks).
RESOURCES.
Cash in vault
Reserve with
Federal
reserve
Items with Federal reserve banks
Due from banks, bankers, and
9
Exchanges for clearing house, also
checks on other banks in same
place
Outside checks and other cash
Redemption fund and due from
United States Treasurer ..
United States securities borrowed.
9
269
38 505
566, 678
412,571
2, 759, 428
2
3, 360, 948
3,
91
999
38 350
661,078
100,607
36,264
299,179
343,559
2,
3,
3, 246,824
647,793
3, 815,247
512,891
642,503
87,152
478 416
680.225
108,695
464 614
1 939
IS, 554,
16, 842
378, 159
3, 883, 266
3, 877, 102
731, 082
134, 143
518 11°
1 908 ^ 6
601, 519
1 774 997
989 6?9
9^9
Other assets .
182 043
166 898
386, 892
447 001
344,011
36,672
35,710
381
276,749
Total. .
29 856 234
33 916 044
33 868 958
33 197 115
30 935,897
30 114,136
31 723 950
33,882 571
33 852 041
1 489 792
716
1
1 593 833
1 375 727
1 717 044
1 480 4?9
1 799 061
1 596 901
1 858,710
1 557,719
1 867,821
1 557,475
1 912 227
1 584 09?
1 940 916
1 6?5 7IK>
1 979 953
1 630 553
567 418
11 876
572 523
14 189
655 591
24 682
794 ?45
21 953
716,076
24,593
667,711
25,521
717 600
26 644
797 233
39 610
745 076
34 477
3 650 502
4 091 400
3 461 016
3 06? 304
„ 688,098
834,645
3 123 741
3 452 773
3 473 760
515
169
793
555
621
361
172
9?6
179
336
191
659
563,443
13 ,292,177
6 366,632
389,910
23 324,851
438,336
13 176,122
6 450,629
306,103
?3 231.356
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits less expenses
and taxes paid ^
Due to Federal reserve banks....
Due to banks, bankers, and trust
companies
Certified and cashiers' or treasurers' checks outstanding
Demand deposits
Time deposits
United States deposits
Total deposits
Bills payable (including all obligations representing money
borrowed other than rediscounts)...
Notes and bills rediscounted (including acceptances of other
banks and foreign bills of exchange or drafts sold with indorsement)
Cash letters of credit and travelAcceptances executed for cusAcceptances executed by other
banks for account of reporting
National-bank notes outstanding.
United Statessecurities borrowed
Other liabilities
Total
704 319
13 195 07?
4 343 38?
9 0 9 339
9 9 807 5?0
906
15 156
5 304
648
26 121
648
15 067
5 910
960
25 37?
593
14 019
6 187
316
?4 901
389
901
324
855
005
118
687
857
14 ,815
7 644
461
27 271
881
799
804
601 465
14 525 756
8 142 574
404 427
27 182 459
234
507
1 436.248
1 261 819
1 ?77 510
1 ?34 93?.
812,241
655,304
297 135
429 930
494 412
61? 505
1 299 788
1 674 657
01? 917
1,296,638
797,658
425 609
447 597
473 407
875
17 173
896
17 901
25,185
16,437
29 560
15 , 6 2 8
17 723
466 586
641 018
673 565
593 708
418,165
346,555
297 683
366 . 5 3 9
380 ,245
22,245
716,968
102,675
6,121
125,810
23 087
725,265
65,037
3.385
126,583
33 , 6 5 2
723 , 3 1 7
54 ,138
4 .960
171 ,092
41 ,126
727 ,574
52 ,542
6 ,115
120 ,866
30 ,114,136
31 ,723 ,950
33 ,88* ,571
33 ,852 ,041
94
98
j
676 ,657
233 ,638
6 697
241 ,582
685 ,237
182 ,665
5 578
159 ,062
687 ,653
130 ,860
4 ,582
165 ,835
693 ,415
140 ,451
4 377
177 ,548
13,722
703,654
100,324
2.830
105,782
28 ,856 ,234
33 ,916 ,044
33 ,868 ,958
33 ,197 ,115
3d ,935,897
1 Includes United States Government securities borrowed by national banks.
2 Includes other bonds and securities borrowed by national banks,
a Includes amounts reserved for interest and taxes accrued.
< Includes acceptances executed by other banks for account of reporting banks,
783
14 251
175
156
25 516
864
FEDERAL RESERVE BULLETIN.
JOLT, 1923.
PRINCIPAL ASSETS AND LIABILITIES OF ALL MEMBER. BANKS.
[In thousands of dollars.]
Federal reserve district and date.
All Federal reserve districts:
Dec. 31,1918
June 30,1919
Dec. 31,1919
June 30,1920
Dec. 29,1920
June 30,1921
Dec. 31,1921
June 30,1922
Dec. 29,1922
Apr.3,1923..
Boston:
Dec. 31,1918
June 30,1919..
Dec.31,1919
June 30.1920.. .
Dee. 29,1920
June 30,1921..
Dec. 31,1921
June 30,1922..
Dec.29,1922
Apr.3,1923
New York:
Dec.31,1918
June 30,1919
Dec.31,1919
June 30,1920
Dec. 29,1920
June 30,1921
Dec.31,1921
June 30,1922..
Dec.29,1922
Apr.3,1923
Philadelphia:
Dec. 31,1918
June 30,1919...
Dee. 31,1919
June 30.1920...
Dec. 29,1920
June 30,1921.
Dec.31,1921
" '.".'
June 30,1922
,..
Dec.29,1922. .
Apr.3,1923
Cleveland:
Dec.31,1918
June 30,1919.
Dec. 31,1919
June 30.1920
Dec. 29,1920
June 30,1921...
Dec. 31,1921...
June 30,1922
Dec.29,1922...
Apr. 3,1923
Richmond:
Dec. 31,1918
June 30,1919
Dec. 31,1919
June 30,1920 .
Dec. 29,1920
June 30,1921
Dec.31,1921
June 30,1922
Dec.29,1922
Apr. 3,1923
Atlanta:
Dec. 31,1918
June 30,1919
Dec. 31,1919..
June 30,1920
Dec. 29,1920
June30,1921
Dec. 31,1921 .
June 30,1922..
Dec. 29,1922
Apr. 3,1923
:;::.::.:
Chicago:
Dec. 31,1918...
June 30,1919
Dec. 31,1919..
June 30,1920
Dec. 29,1920..
June30,1921
Dec. 31,1921
June 30,1922
Dec.29,1922 .
Apr. a. 1923
!..'.".'."....'.
Loans and
discounts.
Investments.
Demand
deposits.
Time
deposits.
Bills payable
and rediscounts.
14,302,174
15,517,765
18,341,241
19,761,783
19,744,677
18,191,423
17,468,936
17,282,290
18,061, 459
18,554,983
6,368,216
6,827,260
6,629,624
6,025,595
5,975,548
6,001,501
6,088,021
7,016,699
7,650,153
7,722,127
13,309,303
13,195,072
15,156,169
15,067,172
14,019,901
13,292,177
13,176,122
14,251,855
14,815,507
14,525,756
3,834,320
4,343,382
5,304,793
5,910,926
6,187,921
6,366,632
6,450,629
7,175,005
7,644,881
8,142,574
1,969,851
2,048,753
2,561,607
2,952,167
3,247,849
2,108,879
1,452,962
722, 744
877,527
967,819
1,171,202
1,252,767
1,398,221
1,426,559
1,441,133
1,335,814
1,305,094
1,307,586
1,387,057
1,416,338
440,336
450,781
442,141
411,498
406,575
406,814
436,085
549,551
580,203
574,582
1,092,569
1,080,805
1,197,395
1,234,574
1,125,236
1,058,963
1,079,212
1,163,535
1,210,365
1,179,963
216,078
247,012
276,175
320,556
365,108
393,492
408, 778
480,337
510,961
551,328
203,532
192,572
255,624
164,834
194,195
101,144
76,020
50,839
86,769
85,104
4,557,820
5,085,381
5,683,139
5,875,745
5,840,301
5,107,841
4,892,388
4,797,111
5,035,670
5,092,353
2,055,138
2,052,921
1.936,201
1,786,654
1,745,881
1,816,899
1,916,636
2,404,964
2,533,807
2,473,201
5,045,425
4,757,737
5,211,484
5,200,065
4,801,087
4,792,722
4,688,513
5,104,448
5,104,682
4,681,979
562,115
637,772
804,785
881,858
965,107
981,168
1,047,905
1,343,726
1,438,246
1,578,708
745,720
692,528
927,257
913,562
1,068,358
427,997
276,403
148, 084
271,963
350,548
891,319
987,422
1,088,214
1,133,672
1,135,108
1,079,203
1,028,675
1,021,532
1,078,160
1,136,395
660,414
722,637
678,561
642,038
640,697
667,764
664,736
711,086
755,893
778,883
901,715
909,370
997,337
1,000,052
981,096
908,090
890,630
939,738
1,002,140
1,010,023
285,171
308.174
337,223
386,497
422,221
449,637
466,531
495,846
521,677
575,226
195,864
257,233
263,834
214,013
172,374
149,219
96,354
54,852
56,386
72,435
1,206,670
1,293,452
1,473,528
1,629,025
1 717,376
1,682,933
1,600,774
1,623,131
1,674,724
1,737,391
745,394
809,160
771,421
733,886
761,835
769,965
721,982
792,057
892,002
900,060
1,090,512
1,111,819
1,172,739
1,292,543
1,287,039
1,169,808
1,078,630
1,202,845
1,242,257
1,320,990
552,997
605,038
677,381
736,296
809,628
846,779
829,679
915,898
1,005,547
1,024,774
121,357
112,030
175,073
128,896
659,983
712,634
854,117
904,195
920,205
883,331
864,852
854,592
895,049
910,852
284,876
327,721
294,604
256,494
255,627
253,630
246,361
235,957
254,212
258,567
535,182
514,480
611,803
569,343
552,864
491,591
490,636
501,236
532,809
543,453
216,756
257,302
302,567
326,160
336,121
356,258
362,861
395,235
399.175
422,732
158,856
129,930
157,878
159,191
151,735
115,193
54,388
66,810
63,080
520,291
535,880
687,912
749,738
775,010
685,699
683,937
653,390
713,144
729,522
221,074
252,238
234,484
193,010
185,115
172,486
162,630
153,165
168,380
176,565
446,023
425,153
561,001
497,585
445,059
389,720
404,588
428,729
490,886
498,070
152,915
189,436
211,327
258,167
248,826
257,001
246,313
264,680
281,241
306,252
101,512
93,655
100,011
141,711
210,136
135,078
122,304
38,285
40,921
28,435
2,065,388
2,255,186
2,674,149
3,124,978
3,053,586
2,868,137
2,716,529
2,699,159
2,758,740
2,864,225
1,004,724
915,424
807,381
785,902
763,094
768,337
870,926
997,856
1,017,594
1,560,066
1,672,250
1,892,876
1,923,274
1,691,847
1,656,546
1,647,085
1,834,952
1,888,796
1,910,021
920,701
1,043,910
1,179,582
1,295,017
1,310,866
1,281,845
1,285,597
1,336,364
1,433,100
1,483,743
160,617
194,090
286,817
520,103
537,555
375,191
233,724
108,888
116,559
130,052
134,508
167,762
128,576
47,375
57,936
44,112
865
FEDERAL RESERVE BULLETIN.
JULY, 1923.
PRINCIPAL ASSETS AND LIABILITIES OF ALL MEMBER BANKS—Continued.
[In thousands of dollars.)
Loans and
discourts.
Federal reserve district and date.
St. Louis:
Dec. 31,1918.
June 30,1919.
Dec. 31,1919.
June 30,1920.
Dec. 29,1920.
June 30,1921.
Dec. 31,1921.
June 30,1922.
Dec. 29,1922.
Apr. 3,1923..
Minneapolis:
Dec. 31,1918.
June 30,1919.
Dec. 31,1919.
June 30,1920.
Dec. 29,1920.
June 30,1921.
Dec. 31,1921.
June 30,1922.
Dec. 29,1922.
Apr. 3,1923..
Kansas City:
Dec. 31,1918.
June 30,1919
Dec. 31,1919.
June 30,1920
Dec. 29,1920.
June 30,1921
Dec. 31,1921.
June 30,1922
Dec. 29,1922.
Apr. 3,1923.
Dallas:
Dec. 31,1918.
June 30,1919
Dec. 31,1919.
June 30,1920
Dec. 29,1920.
June 30,1921
Dec. 31,1921.
June 30,1922
Dec. 29,1922.
Apr. 3,1923.
San Francisco:
Dec. 31,1918.
June 30,1919
Dec. 31,1919.
June 30,1920
Dec. 29,1920.
June 30,1921.
Dec. 31,1921.
June 30,1922
Dee. 29,1922
Apr. 3,1923.
Investments.
Demand
deposits.
Time
deposits.
Bills payable
and rediscounts.
582,807
604,543
767,890
836,706
817,219
773,233
763,231
738,396
801,790
820,373
241,860
265,170
244,082
214, 341
214,615
216,142
219,865
260,644
315,913
331,811
464,067
463,314
573,468
535,046
518,955
479,371
505,192
524,251
603,323
610,596
162,227
182,826
211,177
240,461
255,017
271,819
284,143
313,782
340,447
362,186
77,883
66,749
86,666
157,895
140,163
102,723
74,795
27,165
37,827
35,627
569,305
604,340
749,824
812,739
789,589
756,633
711,554
686,274
693,023
695,120
170,357
195,583
182,103
158,918
153,524
151,285
150,067
172,540
189,855
203,032
396,785
392,611
433,695
416,003
373,056
351,226
347,491
361,889
385,660
380,767
277,460
319,167
349,144
378,271
371,802
372,937
363,010
373,566
390,583
408,234
10,048
21,427
82,094
122,462
127,783
109,903
74,017
50,944
38,260
31,885
784,850
858,169
996,648
1,043,287
1,003,661
905,524
866,435
840,633
864,517
874,999
228,796
237,990
248,944
213,398
209,225
192,034
190,713
224,766
248,723
257,082
646,691
673,738
806,042
771,494
710,056
637,893
620,218
705,776
723,724
738,841
179,813
202,697
221,979
252,124
243,203
247,633
242,616
262,921
273,040
285,648
68,847
104,975
128,624
150,678
175,838
110,071
95,019
31,238
35,873
32,607
480,537
491,818
632,454
711,403
706,754
636,488
591,860
586,500
606,749
618,155
130,367
151,798
185,726
143,841
135,286
114,609
117,646
119,709
139,814
149,467
396,377
434,798
642,804
592,380
537,638
459,661
456,524
480,258
540,408
528,546
54,298
65,400
73,278
96,908
104,026
108,700
104,835
116,888
120,460
133,776
91,903
78,941
34,024
107,677
125,846
98,889
70,032
46,516
20,000
26,475
812,002
856,173
1,335,147
1,513,736
1,544,735
1,476,587
1,453,607
1,473,986
1,552,836
1,659,260
350,722
356,537
495,933
464,136
481,266
476,779
492,963
521,334
573,495
601,283
733,891
758,997
1,055,525
1,034,813
992,988
896,586
967,403
1,004,198
1,090,457
1,122,507
253,789
284,648
660,175
738,611
755,998
799,363
808,361
875,762
930,404
1,009,987
93,583
75,697
91,653
172,458
201,902
179,167
90,525
64,170
48,223
67,459
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.
[In thousands of dollars.)
Distribution by Federal reserve districts.
Month.
Total
(141
centers).
New
York
City.
Boston.
New
York.
Philadelphia.
Cleveland.
Minne. Kansas
RichSt.
Chicago. Louis. apolis. City. Dallas.
mond. Atlanta.
San
Francisco.
1922.
June
July
August
September
October
November
December
39,236, 177 22,063, 382 1, 992,898 22,693,592 1,720,649 1, 927,948:681,167
36,055, 78819,713, 134 1,899,373 20,328,510 1,668,316 1, 911,065 636,506
34,136
8,287, 224 1, 586,094 18,854,442 1,589,819 1,850,6671616,520
35,768, 453 19,215, 298 1, 717,635 19,793,005 1,646,539 i,87^032 596,901
40,745, 186 22', 322',
322 276 2,087,622 22,967,053 1.891,067 2\,025,319J705,455
36,159,896 19
., 986,523 19,637,137 1,682,8451,867,671 660,697
40,436, 981 20; 85i; 135 2,126,314 21,546,408 1,939,197 2,,430,467 753.942
1923.
January
February
March
April
May
June
41,752,913 22,087,156 2,197,997 22,763,1,0181,914, 857 2,305,963 746,04? 1,005,714 4,810,8991,178,722 647,312 1,202,253 605,258 2,374,873
35,925,212 19,019,4911,889,899 19,595,7611,648,9251 ,949,930631,628 827,440 4,383,817 952,802 510,811 990 426 494,600 2,043,173
,926,493 2,!, 206,665 737,293 991,808 4,828,0411,112,395 600,805 1,199,481 547,188 2,581,355
42,185,143 22,541,298 2,222,088 23,231,
1,227,5701676,260 886,328 4,737,859 1,039,549 596,914 1,130,015 488,255 2,347,653
39,294,408 20,478,562 2,119,787 21,180,741 \, 863; 477 2,
40,071,906 20,703,871 2,139,645 21,399,850 1,973,625 21,266,8881701,164 922,45014,899,3901,076,560 634,217 1,142,172 486,003 2,429,942
40,573,595 21,041,296 2,172,872|21,789,805 2,083,113 21,278,941742,692 902,403 4,772,812 1,104,142 652,341 1,155,879 465,4612,453,134
785,2604,326,058 930,887 569,323 1,081,813 479,097 2,047,485
743,2973,995,629 871,384 554,605 l', 04i; 778 432', 9441,972,381
739,642 3,991,612 830,180 580,1,5501,056:
" " - ' — 449 440,7291,999,425
2,103,481
908; 393 654,4911,058; 493 541
800,64914,070,134 908,
,
2,218,498
901,535 4,438,2101,067,437 698; 732 - , - - ,
911,367 4,051,955 988,780 633,665 1,050,898 556,549 2,131,811
989,297 4,615,171 1,145,954 710,631 1,181,287 605,692 2,392,621
866
FEDERAL RESERVE BULLETIN.
JULY, 1923.
FOREIGN EXCHANGE RATES.
General index for June, 1923, 66; for May, 1923,66; for June, 1922, 71. Noan buying rates for cable transfers in New York as published by Treasury.
In cents per unit of foreign currency.]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
Low.
Monetary unit.
High.
Average.
Par of
xchange.
June
May.
June.
May.
June.
May.
Index (per cent of
par).i
June.
May.
Belgium
Denmark
France
Great Britain
Italy
Netherlands
Norway
Spain
Sweden
Switzerland
Franc..
Krone..
Franc.
Pound.
Lira
Florin..
Krone..
Peseta.
Krona.
Franc
19.30
26.80
19.30
4«6.65
19.30
40.20
26.80
19.30
26.80
19.30
5.1400
17. 5300
6. 0500
45S. 0000
4.3900
39.1500
16.3700
14. 4600
26. 4700
17. 6300
5.6200
18. 4600
6. 5500
460.7700
4. 7300
39.0300
15.9000
15.2000
26.5600
17.9500
5.6100
1.8.5100
6. 5000
482.9500
4.7000
39.2600
10.9200
15. 2000
26.6600
18.0600
5. S100
IS. 8500
6. 7400
463.9200
4. 8000
30.1800
17.1400
15. 2900
26. 7400
18. 0900
5. 3985
17.9573
6. 3012
4S1. 4381
4.5746
39. 2012
16. 6396
14.9242
26. 5596
17.9404
5.7231
18.6481
6.6385
462.5677
4. 8392
39.1304
16. 5362
15. 2327
26. 6462
18. 0277
27.97
67.00
32.65
94.83
23.70
97.52
62.09
77.33
99.10
92.96
29.65
69.58
34.39
95.05
25.07
97.34
61.70
78.93
99.43
93.41
Canada
Dollar
100. 00
97. 5078
97. 6484
97.9000
98. 0945
97. 6578
97.9403
97.66
97.94
Argentina.
Brazil
Chile
Peso (gold)..
Milrcis.
Peso (paper)
96.48
32.44
2 19. 53
78.9400
10.1300
12.9900
79,4000
10.1600
12.3500
81.6100
10.9700
13.6900
82.7200
10. 6100
13.1300
80. 4669
10. 4254
13. 4012
81.6785
10. 3477
12.8250
S3.40
32.14
68.62
84.66
31.90
65.67
China.
India..
Japan.
Shanghai tael.
Rupee
Yen
2
70. 5400
30.7600
48. 8900
73. 5600
30. 9700
48.8000
72. 8900
31. 0700
49. 2200
75.3000
31.3500
49. 2200
72.1746
30.99)9
49. 0450
74. 5342
31.0812
49. 0785
107.96
63.69
98.39
111. 49
63.87
98.45
66. 85
48.66
49.85
OTHER COUNTRIES.
0.0014
.7443
2.9706
2. 7481
.0014
1.1875
.0182
.0018
4.3400
. 4775
1.0338
0.0014
1. 2900
3.0061
2. 7775
. 0015
4.0943
.0189
.0019
5. 0300
. 5350
1.3040
0.0014
-1.0814
2.9884
2. 7822
. 0033
2.7371
.0197
. 0021
4. 7600
.5969
1. 0625
0.0014
1.1749
2.9934
2.7694
.0010
3. 0975
.0140
.0013
4.6604
.5168
1.1484
0.0014
.7982
2.9791
2.7705
.0022
1. 6883
.0191
.0021
4.4731
.5097
1.0499
0.01
0.09
0.01
4.14
14.35
.004
16.05
.07
14.35
.01
8.75
.09
108. 05
19.30
19.30
0. 0014
1. 0414
2.9818
2.7533
.0006
2.6189
.0099
.0007
4. 4300
. 5011
1.0867
4.31
2.68
5.95
4.14
2.64
5.44
Peso
....do
.do.
100.00
49.85
99. 9625
4S. 2969
99.9500
48. 2969
99.9938
48. 5417
100. 0391
48.6458
99.9753
48. 3721
99.9977
48. 4267
99.98
97.04
100. 00
97.14
103. 42
78.9600
79. 4300
82. 4500
82. 6500
80. 8492
80. 8638
78.18
78.19
Mexican dollar.
Dollar..
Singapore dollar..
2 48.11
2
47. 77
56.78
50. 9800
52. 2600
53. 3300
52. 8800
54. 2300
53. 7900
52.6900
53.8800
54.0000
54. 2500
55. 2100
55.3300
52.1315
53. 2085
53. 8458
53. 8415
54. 7958
54. 2635
108.36
111.38
94. S3
111.91
114.71
95.57
Austria
Bulgaria
Czechoslovakia
Finland
Germany
Greece
Hungary
Poland
Portugal
Rumania
Yugoslavia
Krone..
Lev.
Crown.
Markka ReichsmarkDraehma
Krone..
Polish mark.
Escudo
Leu
Dinar
Cuba
Mexico
Uruguay.
China
Hongkong
Straits Settlements
20.26
19.30
19. 30
23.82
19.30
20.26
«1913 aver
i Based on average.
SILVER.
[Average price per fine ounce.|
London (converted at average rate of exchange).
New York
June.
May.
$0.65677
. 65194
$0.67950
. 67455
867
FEDERAL BKSEKVE BULLETIN.
JULY, 1023.
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
ENGLAND.
[Amounts in millions of pounds sterling.J
Note a c c o u n t s and
Bank of England deposits.
Avcragoofendofmonth
figures:
1913
1920
1921
1922
1922, end of—
May
June
July
August
September
October
November
December
1923, end of—
January
February
Ma"ch
A nrll
May
Juiie
r
146
157
156
29 !
'
103 j 318 !
108 327 I
103 2I» !
57
147
136
130
157
157
154
154
151
154
154
154
103
103
104
103
101
101
102
104
2PS j 130
295 I 131
296 i 122
2«t
124
289
121
125
287
121
288
133
301
154
101
102
102
100
102
103
280
121
279 i 131
123
11(1
128
1
Held by tho Bank of Enjdand an-i by tlie Treasury as note reserve.
2
Less notes in currency notes account."
* Average weekly litnires.
FRANCE.
[Amounts in millions of francs.]
Bank of France.
Gold
reserve. 1
Average of end of month figures:
1913
1920
1921
1922
1922, end of—
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
Anril
Mav
June
1
Not including gold held abroad.
War
Silver advances
to
the
reserve. Government.
Note
circulation.
Total
deposits.
* .Still ist.
' B a n kers Magazine.
' Excluding Germany.
Savings
banks,
Price of Average
daily
excess of
3 per
clearings
deposits
ent per- of the
(+)or
petual
Paris
withrente.
banks. drawals
(-)•
New stock and
bond issues.
Value.
3,343
3,586
3,568
3,597
629
253
274
285
26,000
25,300
23,042
5,565
38,066
37,404
36,177
830
3,527
2,927
2,307
86.77
57.34
56.56
58.48
59
554
550
525
—65
+48
+67
+53
702
1,100
574
3,579
3,580
3,582
3,583
3,584
3,635
3,030
3,670
284
285
285
286
287
288
289
289
23,100
23,300
23,000
23,900
24,000
23,600
22,900
23,600
35,982
36,039
36,030
36,385
30,603
36,694
35,114
36,359
2,303
2,448
2,432
2,170
2,199
2,170
2,181
2,309
57.70
57.95
58.25
60.10
61.10
58.25
59.00
59.02
454
474
562
512
484
556
783
630
+55
+53
+62
+66
+58
+17
+43
+33
644
947
485
151
636
421
179
1,453
3,671
3,671
3,672
3,672
3.673
3,673
290
291
292
292
292
293
23,100
23,200
23,100
22,500
23,000
23,100
36,780
37,055
37,188
36,548
36,741
36,689
2,208
2,279
2,066
2,116
2,200
2,162
58.00
58.65
57.25
57.70
57.85
55.90
726
792
755
761
680
+44
+64
+44
160
—22
+14
Average
rate of
return.
6.70
6.41
6.37
6.30
6.02
6 32
6.36
6.41
6.59
6.22
6.57
868
FEDERAL RESERVE BULLETIN.
JULY, 1923.
ITALY.
[Amounts In millions of lire.]
Leading private banks.i
Banks of issue.
Gold.
Average of end of month figures:
1913"
1920
1921
1922
1922, end of—
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
April
Loans
Short- Index
and
term numdisDue
bers of
counts from
ParTotal treasury security
Cash. includ- corre- ticipadebills.
prices."
ing
spond- tions. posits.
treas- ents.
ury
bills.
Note
circulation.
Reserve.
Loans
Total
and For ac- For
dedisposits.
account
counts.
count
Total.
of
com- of the
merce. State.
1,375
1,043
1,074
1,120
1,661
2,088
2,020
1,998
857
6,335
7,586
9,466
2,284
7 035
9,304
9,734
10,581
9,064
8,214
318
2,474
2,475
2,759
1,118
1,122
1,104
1,106
1,125
1,125
1,125
1,136
1,141
1,128
1,956
1,964
1,963
1,976
1,991
2,021
2,024
2,039
2,034
2,042
9,899
10,181
9,391
9,573
9,118
9,142
8,858
9,082
8,680
9,345
9,589
9,360
9,259
9,615
9,947
9,695
9,924
9,782
9,892
8,935
8,523
8,350
8,061
8,049
8,050
8,050
8,066
8,075
8,074
8,076
2,890
2,663
2,751
2,935
2,681
2,779
2,661
2,638
2,634
2,602
965
908
841
845
861
763
769
781
781
1,126
1,127
1,129
1.129
2,021
1,994
1,983
1,983
8,552
8,672
8,478
10,102
9,117
9,004
8,661
8,057
8,036
8,031
8,024
2,610
2,675
2,488
2,461
129 1,093
1,308 10,594
1,200 10,677
917 8,594
914
5,945
5,575
3,265
55
446
465
318
1,674
15,810
16,001
11,810
8,250
8,572
8,500
8,800
8,846
8,877
8,706
8,659
8,797
9,166
3,157
3,180
3,232
3,180
3,272
3,286
3,460
3,568
3.SM
3,467
316
317
316
318
337
337
337
339
336
234
11,403 24,442
11,708
11,698
11,863 23,862
11,898
11,883
11,897 25," 574'
11,960
12,045
12,267
93.66
92.23
98.62
100.13
100.22
104.56
107.42
111.09
117.01
116.33
831
9,185
850 i 9,196
775
9,163
3,573
3,547
3,597
225
226
229
12,327
12,332
12,363
135.19
137.16
140.30
13,200
102.83
1
Includes Banca Commerciale Italiana, Credito Italiano, Banco dl Roma, and until November, 1921, Banca Italiana dl Sconto.
• Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31,1921-100.
• End of December figures.
GERMANY.
(Amounts In millions of marks.]
Reichsbank.
Discounts.
Note cir- Total
reserve. culation. deposits. Treasury! Commercial bills.
bills.
Total
clearings.
668
17,702
20,213
108,633
6,136
57,898
89,297
530,647
Gold
Average of end of month
figures:
1913
1920
1921
1922
1922, end of—
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
April
May
l,06»
1,092
1,056
1,002
1,958
53,964
80,952
339,677
151,949
,003
169,212
,004
189,795
,005
,005 238,147
,005 316,870
469,457
,005
,005 754,086
,007 1,280,095
,005 1,984,496
loos 3,512,788
1,005 5,517,920
920 6,545,984
758 8,563,749
47,980
83,133
338,147
72,211
33,128 167,794
37,174 186,126
39,976 207,858
56,124 249,766
110,012 349,770
140,779 477,201
240,969 672,222
530,526 1,184,464
762,264
1,582,981
2,272,084
3,854,275
5,063,070
1,609,081
2,947,364
4,552,012
6,224,899
8,021,905
179,370
3,377
4,752 191,414
8,122 243,493
21,704 374,858
50,234 473,715
101,155 789,341
246,949 1,463,766
422,235 2,078,969
697,216
1,829,341
2,372,102
2,986,117
4,014,694
3,826,206
7,444,323
7,257,658
8,177,378
13,345,002
Value of Index of security
prices.1
new stock
Darlehnsand
kassen- Treasury bond
scheine bills out- issues
in circu- standing. placed
10 do25
lation.
on Germestlc
man
stocks.
bonds.
market.
1220
13,145
192,832
8,861
475,835
11,217
9,440 289,246
10,374 311,600
12,234 307,810
13,383 331,000
13,995 451,000
14,009 614,000
13,809 839,000
13,450 1,495,000
13,395
12,625
12,600
12,491
12,378
2,082,000
3,588,000
6,601,000
8,440,000
10,274,850
Per cent. Per cent.
2,655
6,726
4,152
2,762
2,330
2,468
7,937
7,187
15,223
21,315
33,549
65,563
540,198
64,275
115,813
108
105
1,334
1,378
4,6«8
3,664
3,837
6,266
322
728
725
694
696
1
End of March, 1913.
> Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, Instead of for January, 1921, and eliminating the five
bonds In foreign currencies. Figures are as of beginning of month.
869
FEDERAL RESERVE BULLETIN.
JULY, 1923.
SWEDEN.
[Amounts In millions of kronor.]
Joint-stock banks.
Riksbank.
Gold coin
and
bullion.
Averages of end of month figures:
19131
1920
1921
1922
1922, end of—
May
July
October
December
1923, end of—
April
May . .
Total
deposits.
Note circulation.
and
Clearings. Loans
discounts.
Bills discounted
with
Riksbank.
Value of
stock
issues
registered
during
month.
Index
number
of stock
prices.
102
269
280
274
235
733
661
579
108
226
193
269
685
3,596
2,715
2,109
2,287
6,008
5,948
5,317
139
476
389
340
24
61
31
29
258
176
121
103
274
274
274
274
274
274
567
585
551
559
605
569
293
50
63
35
22
14
15
115
113
113
110
103
98
274
675
684
191
389
5,378
5,388
5,268
5,221
5,181
5,149
5,099
4,984
320
307
293
288
206
274
2,162
2,118
2,015
1,803
1,902
1,995
1,979
2,588
380
247
243
213
180
178
252
331
59
12
90
96
274
274
274
273
273
520
321
270
265
245
238
1,800
1,455
1,768
1,633
1,612
4,888
4,903
4,833
4,751
4,745
214
538
587
557
539
. 11
11
16
175
222
218
208
93
96
103
105
101
32
Index
number
of foreign
exchange
value of
krona.
112.9
121.8
128.4
124.8
125.6
127.0
128.8
130.5
131.7
132.2
129.9
129.8
129.9
129.5
130.0
' End of December figures.
CANADA.
[Amounts In millions of dollars.]
Chartered banks.
Gold
reserve
Individual against
deposits— Dominion
notes.
demand
and time.
Dominion
note circulation.
Bank
clearings.'
Current
loans and
discounts.
Money at
call and
short
notice.
Public and
railway
securities
Note circulation.
72
75
J.403
1,272
282
280
369
332
195
166
2,125
2,009
85
90
272
70
70
70
70
71
87
92
93
1,285
1,266
1,248
1,248
1,250
I 276
,255
1,230
288
274
272
277
279
301
313
156
166
152
158
177
179
303
317
170
83
85
87
89
91
93
96
251
284
341
176
2,059
2,053
2,016
1,979
1,985
2,020
2,036
2,061
222
323
331
322
310
129
257
L.27S
171
L.253
4«7
M9
1.55S
February
March
75
72
68
,197
,206
,220
281
270
292
356
377
385
153
157
173
241
247
243
1,607
1,067
,1OT
May
68
68
251
236
305
309
403
397
132
133
126
166
157
126
126
239
244
1,514
Gold
coin and
bullion.'
Average of end of month figures:
1921
1922
1922, end o f May
July
August
October....
1923, end of—
1
319
Includes gold In central gold reserve but not gold held abroad.
1,963
1,997
2,008
2,084
2,067
«Total for month.
240
233
231
229
235
240
1.454
1,353
4»7
3?3
168
870
FEDERAL RESERVE BULLETIN.
JULY, 1923.
ARGENTINA.
[Amounts in millions of pesos.]
Commercial banks.1
Banco de la NacKSn.
Cash.
field.
Paper.
Discounts
Total
and
deposits
advances (paper).
(paper).
Cash.
Gold.
Paper.
Caja de Conversion.
Clearings
in
Buenos
DisTotal
counts
and
deposits
advances (paper).
(paper).
reserve.
Note circulation (paper).
(paper).
End of—
1913. . .
1919
1920
1921.
1922, end of—
April
May
J u ly
October
1923, end of—
32
39
25
23
180
268
406
410
478
676
804
866
541
1,250
1 412
1 310
62
66
46
36
435
771
1 0X1
1,087
1,541
2,113
2 505
2,543
1,464
3,010
3 530
3,375
263
"399
470
470
823
1,177
1 363
1,363
1,471
2 S05
3 612
3,482
23
23
23
23
23
23
23
23
23
393
3X6
395
399
407
402
405
396
340
SR7
906
933
920
946
950
921
934
1 036
1.2X3
,294
,329
,322
,353
,346
,328
,345
3X9
3d
35
35
35
3o
35
35
35
35
999
1,016
1,060
1,013
1,041
1,048
1 028
1,053
1 025
2,4S9
2,401
2.461
2.473
2. 4«l
2,514
2,549
2.557
2 664
3,304
3,278
3.326
3,308
3,356
3,379
3,354
3.3'H
3 456
470
470
470
470
470
470
470
470
470
1.363
1,363
1,363
1,363
1,363
1.363
1 363
1,363
1 363
3,016
2 7)6
2,814
2 570
2,725
2 827
2,827
2 954
23
23
23
23
359
363
362
357
992
989
1.003
992
369
,3«6
379
358
35
34
34
34
1.01*i
993
1 000
992
2,651
2.6R7
2.666
2,693
3.45]
3.4fi4
3,4fi7
3,461
470
470
470
470
1 363
1.3IW
1 363
,1,363
3 415
2,S97
3 017
> Includes Banco de la Nacion.
' Figures for 1919 include 79,000,000 pesos, and for succeeding years 4,000,000 pesos, held in foreign legations.
JAPAN.
[Amounts in millions of yen.)
Tokyo banks.
Bank of Japan.
Specie Loans Advances
reand
serve
on
dis- foreign
for 1 counts.
notes.
bills.
Average of end of month figures:
1013
....
1921
1922
1922, e n d of—
April
May
July
August
October
November
1
GovPriernvate
ment deposdppns- its in
itsin
Japan. Japan.
7
Total
loans.
333
,932
,961
Total
1,789
364
2,572
2,834
8.38
9 00
9.31
32
186
124
2,809
3, 14:1
3. 178
2, 7(i(l
2.582
2,750
2,697
2.971
3.329
9.34
9.42
9. 45
9.38
9.42
9.38
9.38
9. 45
9.34
217
110
121
101
93
150
i)8
100
56
2,246
2,59?
363
,226
,291
297
409
50
36
129
1,263
1,203
1.223
,220
,132
,069
,0<>S
066
,064
267
178
179
133
241
134
160
183
375
61
50
98
82
90
115
142
141
205
,226
.203
,344
,224
,280
,237
,236
,241
,590
520
469
377
427
488
382
437
445
333
30
33
43
35
30
29
33
40
66
130
120
122
127
115
145
126
126
169
2.011
1.761
748
7<»8
,802
783
8W
,812
,828
,869
0fi2
,060
.0.-7
056
1,053
1,053
180
157
241
279
231
311
159
140
109
105
77
52
,308
,261
23«
. 536
1*225
1,371
380
396
4«3
501
452
371
34
31
29
30
28
49
113
117
190
142
121
2.002
2, Oil
2,256
1.999
1.984
,860
.894
2,143
1,851
1,854
o-^
Capital Index
issues of seIn
curif.
Japan. prices.*
its.
<l«*pos
33
39
94
,980
973
,998
,971
9W
,921
,926
Average
T..l»l
rlertf
ings.
47
107
208
Includes gold credits abroad, gold coin and bullion in Japan.
Cash
on
hand
2)6
1,200
1,172
1923, end of—
May
June
Note
circulation.
discount
rate.
3,077
3,518
• Tokyo market
137
131
194
160
168
170
165
165
152
160
1«1
INDEX.
Page.
Acceptances:
Page.
uba, Federal reserve bank agency in
772
Held by Federal reserve banks
839
854
Purchased by Federal reserve banks
837 Currency in circulation
Agricultural movements, index of
828 Czechoslovakia:
Retail food prices
818
Agriculture
777, 829
Wholesale prices
815
Argentina, financial statistics
870
Debits to individual accounts
849, 8C5
Australia:
Retail food prices
818 Denmark:
Foreign trade
823
Wholesale prices
815
Wholesale prices
815, 817
Austria, cost of living in
818
770, 785, 833, 835
Automobiles
783, 831 Department-store business
Bank debits
849, 805 Deposits:
Demand and time, of all member banks
795
Banking developments in the United States during
Savings, of commercial banks
824
• the first quarter of 1923
790
Discount and open-market operations of Federal reBelgium:
serve banks:
Cost of living
818
Retail food prices
818
Acceptances held
839
Acceptances purchased
837
Wholesale prices
815, 817
Bills discounted
830, 837
Brazil, foreign trade of
823
Bills held
838
Building industry
784, 832
Earning
assets
held
838
Bulgaria:
December,
1918-June,
1923
858
Retail food prices
818
Number of banks discounting
836
Wholesale prices
815
Rates of earnings
838
Business and financial conditions:
Volume of
836
Abroad
800, 867
December, 1918-May, 1923
861
Trend of, statistical summary
801
United States
775-787 Discount rates:
Federal reserve banks—
Canada:
On June 30
854
Cost of living
818
On July 1, 1922, and 1923
861
Financial statistics
809
Prevailing in various centers
857
Foreign trade
K23
Index of industrial activity
821 Division of analvsis and research and office of statistician consolidated
774
Retail food prices
818
815
Wholesale prices
812, 815, 817 Dutch East Indies, wholesale prices in
Egypt, wholesale prices in
815
Cash reserves, total deposits, note circulation, and
Employment, United States
780
reserve percentages of Federal reserve banks:
June and May, 1923
840 England:
Cost of living
818
December, 1918-June, 1923
858
Financial statistics
867
Chain-store statistics
835
Foreign trade
822
Charters issued to national banks
793
Index of industrial activity
819
Check clearing and collection:
Retail food prices
818
Gold settlement fund transactions
85€
Wholesale prices
812, 815, 817
Number of banks on par list
853
787
Operations of system during June
853 Failures, commercial
Supreme Court decisions in par clearance cases.
788 Federal reserve banks:
Agency established in Cuba
772
Board's statement on
773
Condition of
840, 859
China, wholesale prices in
815, 817
Discount and open-market operations of
830
Clearing-house bank debits
849, 865
Coal.. .*
780, 830 Federal Reserve Board:
Division of analysis and research and office of
Commercial failures
787
statistician consolidated
774
Condition statements:
Statement re par clearance
773
Federal reserve banks—
Statistical work of, 1922-23
794
Five weeks ending June 27
840
844
December, 1918-June, 1923
859 Federal reserve note account
Fiduciary powers granted to national banks
825
Member banks in leading cities—
774
Five weeks ending June 20
845 Financing, Government, during the month
818
June, 1922-June, 1923
802 Finland, cost of living in
781
Cost of living, foreign countries
818 Food manufacturing
800, 866
Cotton, raw"
778, 830 Foreign exchange
Cotton fabrics,
finishing
820 Foreign trade:
Brazil
823
Cotton manufacturing
781, 830
Canada
823
Credit position at midyear
767
II
INDEX.
Foreign trade—Continued.
Denmark
823
England
822
France
822
India
823
Italy
823
Japan
823
Netherlands
823
Sweden
823
United States
787,800,823
Index of
824
France:
Banking in, 1922
802
Cost of living
818
| Financial statistics
867
Foreign trade
822
Index of industrial activity
819
Retail food prices in Paris
818
Wholesale prices
812,815,817
Freight rates, ocean
825
Fruit, crop condition and shipments
779,829
Germany:
Cost of living .•
818
Financial statistics
868
Index of industrial activity
820
Retail food prices
818
Wholesale prices
815,817
Gold imports and exports
855
Gold settlement fund transactions
856
Grain, crop condition and marketing
777,828
Imports and exports of gold and silver
855
Index numbers:
Agricultural movements
828
Cost of living, foreign countries
818
Foreign exchange
866
Foreign trade
^.
824
Industrial activity, foreign countries
819
Manufacturing
828
Mining
828
Ocean freight rates
825
Production in basic industries
775,794,828
Retail food prices in foreign countries
818
Retail trade.
794,835
Wholesale prices abroad
811,812,815,817
Wholesale prices in the United States
811-816
Wholesale trade
794,834
India:
Cost of living
818
Foreign trade
823
Wholesale prices
815,817
Iron and steel
782,830
Italy:
Cost of living
818
Financial statistics
868
Foreign trade
823
Retail food prices
818
Wholesale prices
815, 817
Japan:
Banking conditions since the war
804
Financial statistics
870
Foreign trade
823
Index of industrial activity
821
Wholesale prices
812, 815
Knit-underwear manufacturing
782, 825
Leather industry
783, 830
Live-stock industry
779, 829
Lumber
783, 830
Manufacturing:
Condition, by industries
781
Index of production
828
Maturities:
Page.
Acceptances purchased
837
Bills discounted and bought
837, 843
Certificates of indebtedness
843
Member banks:
Abstract of condition reports, 1919-1923
863
Condition of—•
Five weeks ending June 20
845
June, 1922-June, 1923
862
On April 3, 1923, and December 29, 1922.. 799
Number discounting
836
Number in each district
836
State banks admitted to membership
793
Mineral products, index of
828
Money in circulation
854
National banks:
Charters issued to
793
Fiduciary powers granted to
825
Netherlands:
Cost of living
818
Foreign trade
82.3
Retail food prices
818
Wholesale prices
815
New Zealand:
Cost of living
818
Retail food prices
818
Wholesale prices
815, 817
Norway:
Cost of living
818
Retail food prices
818
Wholesale prices
:..
815
Ocean freight rates
825
Paper industry
783, 831
Par list, number of banks on
853
Par capita circulation
854
Petroleum industry
780,830
Physical volume of trade
827-831
Poland:
Cost of living
818
Wholesale prices
815
Prices:
Retail, in principal countries
818
Wholesale, abroad
811,812,815, 817
Wholesale, in the United States. 776, 786,812, 813,816
Production, index of
775, 794,828
Rates:
Discount
854, 861
Foreign exchange
800, 866
Reserve ratio of Federal reserve banks
840
Resources and liabilities:
Federal reserve banks
840, 859
Member banks in leading cities
845, 862-865
Retail food prices in foreign countries
818
Retail trade
775, 785, 833, 835
Review of banking, year ending June 30, 1923... 858-865
Savings deposits of commercial banks
824
Shoe industry'.
783,830
Silver imports and exports
855
South Africa:
Cost of living
818
Retail food prices
818
Wholesale prices
815
Spain:
Retail food prices
818
Wholesale prices
815
State banks and trust companies:
Abstract of condition reports
863
Admitted to system
793
Condition of, on April 3,1923, and December 29,
1922
796
INDEX.
Page.
Statistical work of the Federal Reserve Board,
1922-23
.--.-•-•.
Supreme Court decisions in par clearance cases
Sweden:
Financial statistics
Foreign trade
Index of industrial activity
Retail food prices
Wholesale prices
Switzerland:
Cost of living
Retail food prices
Wholesale prices
794
788
869
823
820
818
815
818
818
815
Ill
Page.
Textile industry
781, 830
Tobacco industry
778, 829
Trade:
Foreign. (See Foreign trade.)
Physical volume of
827-832
Retail
775, 785
Wholesale
775,785,833,834
Transportation
'.
784,831
Treasury financing during the month
774
Wholesale prices:
Abroad
811, 812,815,817
In the United States
776,786, 812, 813, 816
Wholesale trade, condition of
775,785,833,834
FEDERAL RESERVE DISTRICTS
MINNEAPOLIS'
S.DAK.
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
o
@FedFRASER