Full text of Federal Reserve Bulletin : November 1923
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
NOVEMBER, 1923
WASHINGTON
GOVERNMENT PRINTING OFFICE
1J23 -•
FEDERAL RESERVE BOARD.
Ex officio members:
D. R. GRISSINGER, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
ADOLPH G. MILLER.
CHARLES S. HAMLIN.
HENRY M. DAWES,
Comptroller of the Currency.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,
J. F. HERSON,
Director, Division of Research and Statistics.
M. JACOBSON, Statistician.
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 rear 1923.)
District No. 1 (BOSTON)
ALFRED L. AIKEN.
District No. 2 (NEW YORK)
PAUL M. WARBURG, Vice President.
District No. 3 (PHILADELPHIA)
L. L. RUE, President.
District
District
District
District
District
District
District
District
District
C. E. SULLIVAN.
JOHN M. MILLER, Jr.
EDWARD W. LANE.
JOHN J. MITCHELL.
FESTUS J. WADE.
G. H. PRINCE.
E. F . SWINNEY.
R. L. BALL.
D. W. TWOHY.
No. 4 (CLEVELAND)
No. 5 (RICHMOND)
No. 6 (ATLANTA)
No. 7 (CHICAGO)
No. 8 (ST. LOUIS)
No. 9 (MINNEAPOLIS)
No. 10 (KANSAS CITY)
No. 11 (DALLAS)
No. 12 (SAN FRANCISCO)
n
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
Governor.
Chairman.
Deputy governor.
Cashier.
Frederic H. Curtiss
W. P. G.Harding
New York
Pierre Jay
Benj. Strong
C. C. BuUen
W . W . Paddock
J.H.Case
L. F. Sailer
G. L.Harrison
E. R. Kenzel
Philadelphia
Cleveland
R.L.Austin
D.C.Wills
George W. Norris
E. R. Fancher.
Wm. H. Hutt
M. J. Fleming
L. H. Hendrlcks.«
J. D. Biggins, i
A. W. Gllbart.»
J. W. Jones.»
G. E. Chapin. •
W. A. Dyer.
J. C. Nevin.
Richmond
W. W. Hoxton
George J. Seay
C. A. Peple
Geo. H. Keesee.
A. S. Johnstone •
John S. Waiden •
L. C. Adelson
J.L.Campbell
C.R. McKay
JohnH. Blair
M. W. Bell.
Atlanta
Joseph A. McCord
M. B. Wellborn
Chicago
Wm. A. Heath
J. B. McDougal
St. Louis
Minneapolis
Wm.McC. Martin
JohnH. Rich
D.C. Biggs
R. A. Young
M. L. McClure
Lynn P. Talley
John Perrin..."
W.J.Bailey
B. A. McKmney
J.TJ.Calkins
Kansas City
Dallas
San Francisco
:
1
Controller.
W. Willett.
W. C. Bachman. >
K. C. Childs. i
J. H. Diliard.«
D. A. Jones. l
0 . J. Netterstrom. •
Clark Washburae.'
J. W. White.
Gray Warren.
O.M.Attebery
W.B.Geery
B. V. Moore
Harry Yaeger' 1
Frank C. Dunlop
C. A. Worthington
R. G. Emerson
Wm. A. Day
IraClerk'
L. C. Pontious'
» Assistant to governor.
J. W. Helm.
R. R. GUbert.
W. N. Ambrose.
»Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
W. W. Schneckenburger.
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
W. R. Cation.
W. P. Kincheloe.
J. J. Heflin.
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. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OP BULLETIN.
The FEDERAL BESERVE 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.
in
TABLE OF CONTENTS.
General summary:
Review of the month
Business conditions in the United States
Official:
Rulings of the Federal Reserve Board—
Discontinuance of collection of checks through agents other than banks
Purchase by Federal reserve banks of debentures of Federal intermediate credit banks
Bankers' acceptances to finance the storage of coal on docks
Reduction of capital of member State bank below amount originally required for membership
Law department—
Opinion of Attorney General on right of national banks to establish additional offices in same city as
head office
-. Regulations of the Comptroller of the Currency relating to establishment of additional offices by national
banks
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Business and financial conditions abroad:
Business trends in England and the United States
Statistical summary—Trend of business abroad
Price movement and volume of trade:
International wholesale price index
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
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 bankB
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
Deposits of all member banks
Money in circulation
Discount rates approved by the Federal Reserve Board
Discount and interest rates in various centers
Foreign exchange rates
Foreign—
England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan
Charts:
Percentage of bank resources outside of Federal reserve system
Index of production in basic industries and wholesale prices in the United States
Bank credit
Prices of corn and hogs
Prices of spring wheat and
flour
Production and prices of pig iron
Trend of mail-order sales
International wholesale price index—Federal Reserve Board
Volume of domestic business
Stocks and sales of department stores
!V
1175
1181
1194
1194
1194
1195
1196
1197
1214
1214
1214
1199
1200
1201
1203
1207
1208
1211
1213
1213
1215
1220
1121
1192
1225
1229
1232
1233
1214
1236
1240
1243
1242
1241
1243
1241
1244
1245
1246
1176
1181
1182
1185
1187
1188
1191
1201
1215
1221
FEDERAL RESERVE BULLETIN
NOVEMBER, 1923.
VOL. 9
REVIEW OF THE MONTH.
The relation of the Federal reserve system to
the banking structure of the country has been
under consideration during the
month b a
y J ° i n t committee of
inquiry.
Congress which has before it
the question whether changes in existing laws
or methods of administration may be desirable
to bring about, particularly in rural communities, a further growth of membership.
This committee, created by the agricultural
credits act of 1923 and consisting of three
members of the Banking and Currency Committee of the Senate and five members of the
corresponding committee of the House of Representatives, has been conducting hearings for
the purpose of learning the reasons that have
actuated eligible nonmember banks in remaining outside of the Federal reserve system.
Among those who have presented their views
to the committee are the Governor of the Federal Reserve Board, the Comptroller of the
Currency, other members of the Federal Reserve Board, members of the Federal Advisory
Council, the Director of the War Finance Corporation, members of the Farm Loan Board,
and representatives of banking and farm organizations.
This inquiry into the reasons why a larger
number of banks have not joined the system
gives current interest to the
E x t e n t of
facts concerning the growth
membership.
and present distribution of
membership. A practically continuous increase in the number of member banks has
taken place since the organization of the
system, so that at the present time approximately 33 per cent of all the banks, representing over 70 per cent of the total banking
resources of the country, are members of the
No. 11
system. The annual growth of membership
and its distribution between national and nonnational banks are shown in the table below.
On June 30, 1923, of the total of 9,856 members,
8,236 were national banks and 1,620 State banks
and trust companies. The most rapid growth
in nonnational membership occurred during
the years 1917 and 1918, State bank and trust
company members increasing from 37 at the
end of 1916 to 930 at the end of 1918 and to
1,620 at the present time.
Member banks.
End of year.
Total.
1914 . . .
1915
1916
1917 . . .
1918
1919
1920
1921 .
1922
1923 (June)
. . .
.
:
.
. .
. . .
. .
7,582
7,631
7,614
7,907
8,692
9,066
9,606
9,779
9,859
9,856
NonNational. national.
7,574
7,600
7,577
7,657
7,762
7,885
8 125
8,165
8,220
8,236
8
31
37
250
930
1,181
1,481
1,614
1 639
1,620
A survey of the distribution of membership
by Federal reserve districts shows that the
largest number of member banks is in the four
middle western districts, which have nearly
half the member banks, while the larger proportion of member-bank resources, as is to be
expected, is in the eastern districts, nearly a
third of the total resources being in the New
York district alone. The table following shows
the number and total resources of member
banks, separating national and nonnational, by
Federal reserve districts. The most important fact brought out by the figures is that
nonnational banks, which constitute less than
one-sixth of the number of member banks,
represent more than one-third of the resources.
This reflects the much larger average size of
State bank and trust company members than
1175
1176
of national banks. In fact, the total resources
of the more than 8,000 national banks are
about $22,000,000,000, or an average of about
$2,500,000, while the total for the £ 1,600
State bank and trust company members is
about $12,000,000,000, or an average of about
$7,500,000.
MEMBER BANKS, JUNE 30, 1923.
Resources (in millions
of dollars).
Number
Ftderal reserve
district.
Boston
NswYork . . .
Philadelphia
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
NOVEMBBB, 1923.
FEDERAL. RESERVE BULLETIN.
Na-
NonNonNananaAll
tional tional
tional banks. banks.
banks.
banks.
427
821
720
880
629
530
1,434
621
989
1,145
857
803
390
680
660
764
561
389
1,062
497
867
1,106
658
602
37
141
60
116
68
141
372
124
122
39
199
201
2,508
9,882
2,401
3,349
1,481
1,191
4,948
1,443
1,133
1,542
978
2,940
1,743
5,193
1,881
2,027
1 275
768
2,813
912
1,013
1,376
864
1,637
765
4,689
520
1,322
206
423
2,135
531
120
166
114
1,303
9,856
8,236
1,620
33,796
21,502
12,294
ber of nonmember banks. These banks are
on the average much smaller than member
banks, so that nonmember banks, which constitute about two-thirds of the total number
of banks, represent less than one-third of the
total banking resources. In resources, however, as in the case of numbers, the proportions
outside the system are in general largest in the
agricultural districts, and particularly in the
Middle Western States. Five States—North
and South Dakota, Kansas, Nebraska, and
Iowa—in each of which more than half of
the banking resources are outside the system,
have 7 per cent of the total population and
more than 20 per cent of all the banks in
the country. This is the region with a large
number of small banks doing a business largely
For the country as a whole two-thirds of all
the banks, both eligible and ineligible, are still
outside the system, but the geographic distribution of nonmember banks is far from uniform. The largest number of such banks is
concentrated in the agricultural districts, while
Percentages, by States, are shown on page 1180.
in the eastern financial and industrial districts local in character and serving chiefly rural comthe proportion of nonmembership is low. In munities. In some of the Southern States which
the New York district it is only 30 per cent,
have a large percentage of banks outside the
while in the St. Louis district it is 81 per cent,
system the proportion of resources held by
and in nearly all of the middle western and
nonmember banks is relatively low, as, for
southern districts it is more than 70 per cent.
example, in Louisiana, where nonmembers are
Following are the percentages of nonmember
82 per cent of all banks but hold only 33 per
banks by districts:
cent of the total banking resources.
Per cent.
Per cent.
The relation of the smaller nonmember banks
Boston
35 | Chicago
75
in
the agricultural districts to the financial
New York
30 j St. Louie
81
centers is through their correPhiladelphia
41 Minneapolis
73
Nonmember spO ndents, with whom they
Cleveland
55 Kansas City
73
an s an t e c a r r v balances and from whom
Richmond
71 j Dallas
55
Atlanta
74 i San Francisco
54
When measured in terms of total banking
resources, the proportion of banking power
outside the system is much less than is indicated by these percentages based on the num-
reserve banks.
J
.
they secure accommodation,
and most of these city correspondents are
members of the system. In fact, member
banks hold over 90 per cent of the total
bankers' balances of all banks. When the
NOVEMBER, 1923.
resources of these nomnember banks are not
sufficient to meet the needs of their customers,
they turn for assistance to their city correspondents who are members of the system,
and therefore the demand arising from nonmember banks indirectly reaches the Federal
reserve banks. This procedure, however, does
not give the Federal reserve banks an immediate contact with the sources of the demand
for credit which they help to supply and provides only an indirect relationship between
the nonmember bank and the Federal reserve
system. Such a relationship can hardly be
regarded as a substitute for membership.
Nonmember banks have less assurance of
accommodation during periods of unusual
demand for credit than they would have if
they joined the Federal reserve system, whose
function it is to furnish the additional credit
required to meet the seasonal and emergency
needs of its members.
In commenting upon the indirect relation
between nonmember banks and the Federal
reserve banks, the Joint Committee of Agricultural Inquiry in its report to Congress stated
t h a t " banks outside the Federal reserve system
are without direct access to the general reservoir of credit, consequently must rely for the
expansion necessary in times of stress or business expansion upon the accommodation which
it is possible to secure from their correspondents. These banks contribute little to the general reserves of the country, as those reserves
are now represented principally by deposits
in the Federal reserve banks. Consequently, if
they are permitted to borrow either directly or
indirectly from the Federal reserve banks in
times of stress or business expansion they must
do so at the expense of the reserves contributed
by the banks which are members of the Federal
reserve system."
The attitude of Congress toward the desirability of direct relationship between the rural
banks and the Federal reserve banks was apparently indicated by the provision in the agricultural credits act that the Federal reserve banks
shall not discount for Federal intermediate
1177
FEDERAL RESERVE BULLETIN.
credit banks paper bearing the indorsement of
such banks as are eligible but are not members
of the Federal reserve system. In June, 1923,
the Federal Reserve Board withdrew the general authority granted to member banks during
the war and post-war emergency period to
discount with Federal reserve banks paper
acquired from nonmembers, so that now this
practice is permitted only upon specific approval by the Federal Reserve Board.
Under the present law most of the banks
outside the system are eligible for membership.
While in passing upon applicaEligible
non-
member banks.
••
*
tl0DS f o r
,
-T-
,1-™ J
membership the Federal Reserve Board gives consideration to th.e financial condition of the
applying bank, the general character of its
management, and whether or not the corporate
powers exercised are consistent with the purposes of the Federal reserve act, the most definite provision with regard to eligibility is in
connection with capital requirements. Until
recently the capital required for admission was
the same for State banks and trust companies
as was required for the organization of national
banks, but the agricultural credits act of 1923
made eligible for membership State banks and
trust companies whose capital was 60 per cent
of that required for national banks, with the
provision that the difference in capital requirements shall be made up out of net earnings.
At the time of the amendment, of the 19,200
nonmember banks (exclusive of mutual savings
and private banks) about half were already
eligible to membership, and as a result of the
reduction in capital requirements about 4,200
additional banks became eligible, while about
5,300 banks remained ineligible. The eligible
banks outside the system are largely concentrated in the agricultural States of the Middle
West and South. It is in these sections that
the largest additions to eligible banks were
made by the amendment and where also there
remains the largest number of ineligible banks.
So far only one application for membership has
been received from banks made eligible by the
amendment, and it is clear that the provisions
1178
FEDERAL RESERVE BULLETIN.
regarding capital requirements have not been
the decisive influence operating against the
increase of membership.
An important factor affecting the status of
member and nonmember banks and entering
into the consideration of the
q
i
advantages and disadvantages
member and of joining the system is the dif-
NOVEMBBB, 1923.
than they were prior to the establishment of
the system. A further phase of the legislative
situation with regard to reserves is that 30
Stat es have authorized State member banks
to be governed entirely by the requirements of
the Federal reserve act, while in 18 States, in
the absence of such legislation, the State banks
which become members must conform to both
nonmember.
»
.
.
, the Federal and the State law.
lerence in reserve requirements
As an explanation why a larger number of
under Federal and State laws. The balances
the eligible banks have not joined the system,
carried with the reserve banks are the entire
the point is frequently raised
legally required reserves of member banks,
that the F deral reserve banks
'
f
corresponding to the vault reserve and the
do not pay interest upon reserve
balances with reserve city banks formerly required by the national bank act. In compar- balances carried with them by member banks.
ing the required balances which bear no interest In any consideration of the payment of interest
under the present law with cash in vault, on these reserve balances it must be borne in
which constituted the noninterest-bearing por- mind that the Federal reserve banks are the
tion of the reserves under the old law, it custodians of the ultimate banking reserves of
may be pointed out that cash in vault carried the country. In their capacity as reserve
by member banks has been much reduced. In banks they should be free to shape their
fact, the total required balances with the Fed- policies with a view to the proper administraeral reserve banks plus the till money now car- tion of credit and their management should not
ried by member banks is considerably less than be influenced by the necessity of making profits
the cash they formerly carried in vault. While sufficient to pay interest on reserve balances.
combined demand and time deposits of national Furthermore, since these balances may be
banks increased by $8,500,000,000 between 1913 maintained by borrowing from the reserve
and 1923, the amount of cash in vault declined banks, the payment of interest upon them
by $650,000,000. This reduction in cash hold- would tend to interfere with the effectiveness
ings is not merely a result of the changes in the of discount policy. The experience with reserve
law but also of the fact that under the Federal banking in other countries has shown the
reserve system currency to meet the demands wisdom of managing the central banking
of depositors is at all times more readily and reserve and of determining discount policy
without the necessity of considering interest
more promptly available.
In deciding upon the advantages and dis- payments. It is a pertinent fact that in no
advantages of joining the reserve system from country do central banks of issue pay interest
the standpoint of reserve requirements the non- on deposits.
The payment of interest at the rate of 2 per
tnember banks compare their existing status
cent
on reserve balances would amount to
under State laws with the requirements under
between
$35,000,000 and $40,000,000 a year,
the Federal reserve act. The lower reserve
and
in
ordinary
times the Federal reserve banks
requirements prescribed in the Federal reserve
have
not
had
sufficient
earnings to make such
act were predicated upon membership in the
payments.
In
order
to
meet
payments of such
system, but subsequent to the passage of this
an
amount
the
reserve
banks
would have to
act many of the States also enacted legismake
large
additional
investments
in compelation reducing reserve requirements, so that
tition
with
the
member
banks
who
would
while at the present time there is no uniformity
receive
the
interest.
This
would
more
than
in the State requirements, in general the reoffset
the
return
to
the
member
banks
and
serves required of nonmember banks are lower
NOVEMBER
1923.
would also tend to bring pressure upon the
reserve banks to pursue an open-market policy
with a view to making earnings rather than to
influencing the general credit situation. The
Federal Reserve Board has consequently placed
itself on record as opposed to the payment of
interest on member bank balances and has
been supported in this position by the Federal
Advisory Council.
Among other plans for increased participation of member banks in the earnings of Federal
reserve banks is one that would provide for
payment, after the 6 per cent dividend to
members of an equal amount to the Government, and then of an additional 3 per cent to
the members. Another plan presented to the
congressional committee would, after meeting
the 6 per cent dividend, pay to the Government
a 2 per cent tax on Federal reserve note circulation not covered by gold, and would distribute the balance of earnings among member
banks in proportion to their balances. Those
advocating this proposal base their argument
on the principle that the reserve banks, instead
of paying to the Government as a franchise tax
all their net earnings above 6 per cent on their
capital, should make their payments to the
Government in proportion to the use they make
of the privilege of fiduciary note issue.
In considering methods of securing a larger
membership it is clear that the system must
Effect of in- D0 ^ a dopt any plan at variance
creased member- with the principles and policies
ship on system. w h i c h e x p e r i e n c e h a s demonstrated are sound bases for reserve banking.
Larger membership in the reserve system
would undoubtedly increase its usefulness
by enabling it to reach more directly a greater
number of banks, particularly in the rural communities. Since the addition to membership of
the smaller rural banks, however, would
add little to the reserves of the system, while
it would increase its responsibilities, the
desirability of their admission rests not upon
their contribution to the strength of the system
but upon the fact that through their admission
the benefits of the reserve system would be
1179
FEDERAL RESERVE BULLETIN.
more widely distributed. The strength and
effectiveness of the Federal reserve banks is
not dependent upon increased membership, and
the desirability of further growth arises from
the advantages of membership to the banks that
join and to the communities which they serve.
NOTES.
Appointment of Secretary and Assistant Secretary.
The Federal Reserve Board on October 4,
1923, appointed as its secretary Mr. W. L.
Eddy, who has been connected with the board
since the establishment of the system. Mr.
Eddy succeeds Mr. W. W. Hoxton, who
resigned to become chairman of the board of
directors at the Richmond bank. Mr. J. C.
Noell, who has been with the Federal Reserve
Board's division of examination, has been appointed assistant secretary.
Hearings by Congressional Committee.
The joint congressional committee, which is
conducting an inquiry into the reasons why
eligible State banks remain outside of the
Federal reserve system, has announced that it
will hold hearings in the following cities:
Chicago, November 5 and 6; Omaha, November 7; Kansas City, November 8 and 9; St.
Louis, November 10; Little Rock, November
11 (Sunday, no formal hearing); Dallas, November 12; Houston, November 13; New
Orleans, November 14; Montgomery, Ala.,
November 15; and Atlanta, November 16.
Forthcoming Publication of Digest of Rulings.
The board has in course of preparation a
Digest of Rulings which is expected to be
ready for distribution in the near future, and
it makes this preliminary announcement in
order to advise all who may be interested of
the general scope and character of the publication.
The main part of the Digest is given over to
digests or summaries of all the board's rulings,
opinions of its counsel, and of the Attorney
General, court decisions, and similar matters
which have been published in the FEDERAL
1180
from its inception, on May
1, 1915, to date. These digests give in brief
and accessible form the gist of the rulings and
opinions which have interpreted the various
provisions of the Federal reserve act and other
legislation affecting the operation of the Federal reserve system, and they state the salient
facts and the conclusions reached in sufficient
detail to make it unnecessary in most cases to
refer to the full text of the rulings as published
in the BULLETIN. The digests are numbered
and arranged according to the sections of the
Federal reserve act and other acts to which
they primarily relate, and are further grouped
under appropriate headings and subheadings for
more ready reference. Cross references have
been provided wherever useful, and a table of
rulings in their order of publication in the
BULLETIN, together with their digest numbers,
is included. In this respect the Digest is
substantially an annotated edition of the
Federal reserve act.
In addition to this, the Digest will constitute
a handbook or manual of the Federal reserve
system. The attempt has been made to put
under one cover not only the interpretation of
the law, but also the text of the law, in its
original and amended forms, and all other material which might be helpful as a reference to
the development and administration of the
Federal reserve system. Thus, the Digest will
include the regulations of the Federal Reserve
Board; the full text of the Federal reserve act,
with appendices and index as published in the
1923 edition; the act, as originally enacted
December 23, 1913, followed by a composition
showing by italics and canceled words the
textual changes made in the original act by all
amendments thereto; a nontechnical summary
of all these amendments setting forth the purpose and effect of the changes made; a list of
officers of the Federal Reserve Board and of.the
Federal reserve banks, and the Federal Advisory Council; and a map of the Federal
reserve system.
RESERVE BULLETIN
NOVEMBEE, 1923.
FEDERAL EESEEVE BULLETIN.
The Digest of Rulings has been compiled with
the thought of making it a complete and ready
reference book to all questions concerning the
interpretation and administration of the basic
law under which the Federal reserve system
operates. It is confidently believed that the
Digest will fill a great need and will prove a
most valuable addition to the libraries of
bankers, lawyers, and business men throughout
the country.
The Digest will be published in book form of
convenient size (6 by 9 inches) and will contain
approximately 400 pages. The price will be
based upon the cost of printing and binding
and will be definitely announced later.
Resources of Nonmember Banks.
The following table shows the percentage of
total bank resources held by nonmember banks
on June 30, 1923, by States. These percentages
are graphically presented in the map on page
1176.
Per
cent.
Per
cent.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
|
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Ohio.
42.8
36.1
55.3
12.0
8.8
41.2
10.8
28.3
29.8
40.5
45.9
46.8
28. 2
45.6
45.9
46.4
31.5
40.6
25.8
68.4
33.0
18.9
40.2
34.1
39.1
26.4
Indiana...
Illinois
Michigan..
Wisconsin.
Minnesota.
Iowa.
Missouri
North Dakota.
South Dakota.
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico..
Oklahoma
Washington...
Oregon
California
Idaho
Utah
Nevada
Arizona
52.7
30.6
22.1
45.1
39.6
54.9
| 34.8
55.8
59.9
51.5
55.8
29.9
29.4
22.4
30.2
18.6
22.9
22.2
28.5
22.7
32.8
57.5
52.7
Total United States
28.0
NOVBMBEB, 1923.
1181
FEDERAL, RESERVE BTJULETIN.
BUSINESS CONDITIONS IN THE UNITED STATES.
Production of basic commodities declined during September, wholesale trade continued
large, while retail trade, though larger than a year ago, increased less than is usual at this
season of the year. Wholesale prices, particularly those of agricultural products, advanced
during the month.
Production.—Production in basic industries, according to the Federal Reserve Board's index,
declined 5 per cent during September, and was 10 per cent below the peak output of May. The
principal factors in this decline were the suspension of anthracite coal mining for over two
weeks and a substantial reduction in the production of iron and steel. Cement production and
sugar meltings were larger than in August. The decline in the production index, which is
corrected for seasonal variations and reflects chiefly changes in the output of raw and semifinished products, was not accompanied by a reduction of employment at industrial establishments. New building construction showed about the usual seasonal decline in September,
due to a curtailment in contracts for residences. Contract awards for business and industrial
buildings, however, were larger than in August.
Estimates by the Department of Agriculture on October 1 showed some reduction from
the September forecasts in the yields of corn, wheat, oats, and tobacco, but increased yields of
cotton, potatoes, and hay.
Trade.—Distribution of all classes of commodities by railroads continued at a high rate
throughout September. Wholesale trade, according to the Federal Eeserve Board's index,
in September reached the largest total in three years and was 9 per cent larger than a year ago.
Sales of meat, hardware, and drugs were considerably larger than in last September, while
INDEX OF PRODUCTION IN BASIC INDUSTRIES
PRICES
COMBINATION OF 22 INDIVIDUAL SERIES
CORRECTED FOR SEASONAL VARIATION
( 1313-100)
INDEX NUMBERS OF WHOLESALE PRICES
U. S. BUREAU OF LABOR STATISTICS
(1313' WO BASE ADOPTED BY BUREAU )
PERCENT
PERCENT
PERCENT
3001
PER CENT
1300
140
250
120
too
\
\r
/
120
100
\
\
\
80
/ *
eo
150
60
60
100
40
50
20
20
LATEST FIGURE I PTEMBCFt
0
1919
1920
1921
1922
1923
1919
1920
1921
1922
1923
1182
FEDERAL BESEEVE BULLETIN.
BANK CREDIT
BANK CREDIT
ALL FEDERAL RESERVE BANKS
800 MEMBER BANKS IN LEADING CITIES
BILLIONS Of DOLLARS
MILLIONS OF DOLLARS
BILLIONS OF DOLL
MILLIONS OF DOLLARS
16
16
12
NOVEMBER, 1923.
*% LOANS At*
D
\ DISCOUIITS
1
12
DIM AND
DEPOSITS/*
3000
T
to
10
2500
e
e
2000
6
5
1500
2500
\y\,»,orcSJ
\
\
; EARNING
i ASSETS
2000
1500
i
INVEST*
TIME
DEPOSITS^
-
.
—
^
LATEST FIGUBE OCT. 10
LATEST FIG JRC OCT. 17
0
1919
1920
1921
1922
1923
i
1919
i
1920
1921
1922
1923
shoe sales were smaller. Retail trade was slightly larger in September, but the increase was
much less than is usual at this season of the year. Department-store sales were 6 per cent
more than in September, 1922, and stocks at the end of the month were 13 per cent larger than
a year ago.
Prices.—Wholesale prices increased over 2 per cent during September, according to the
index of the Bureau of Labor Statistics, particularly large increases occurring in the prices of
clothing, farm products, and foods. Fuel prices, on the other hand, declined in September for
the eighth successive month, and prices of building materials and metals were also lower. During
the first three weeks of October prices of certain farm products continued to advance, wheat
and cotton reaching the highest points of the current year, while prices of hogs, coal, and metals
declined.
Bank credit.—Demand for bank credit showed a seasonal increase in September and the
early part of October, loans of member banks in leading cities increasing by $116,000,000 between
September 12 and October 10. This increase reflected chiefly the demand for commercial loans,
which on the latter date stood at a new high point for the year, almost $100,000,000 above
the total on September 12. Increases in the holdings of Government securities by these banks
were partly offset by reductions in corporate security holdings.
The demand for accommodation at the Federal reserve banks in some of the agricultural
districts increased, while at the reserve banks in the East the volume of discounts for member
banks declined. Federal reserve note circulation continued to increase and in the middle of
October was about $100,000,000 above the July level.
In October money rates showed an easier tendency and after the 15th of the month rates for
commercial paper in the New York market declined from a range of 5J-5J to 5-5J per cent.
1183
FEDERAL RESERVE BOTiBTIlT.
NOVEMBER, 1923.
AGRICULTURE.
Agricultural developments during September
and in early October indicated further improvements in the principal crop-producing sections
of the country. By October 1 harvesting had
begun in all Federal reserve districts, and in
many sections it had been completed. Crop
reports of the Department of Agricultui j , which
became available in October, furnished more
definite information on the volume of agricultural production and the prices at which the
crops are being marketed. Forecasts of the
principal grain and tobacco crops on October 1
were slightly lower than on September 1, but
were generally larger for the other important
crops. Farm prices continued to rise during
September, and on October 1 they were approximately 27 per cent higher than a year ago.
The rise in prices of agricultural products was
not accompanied by a similar rise in other commodities, and the purchasing power of the
farmer's dollar reached its highest point since
April, 1922. With the exception of a few
areas where excessive rains delayed field work,
weather conditions were generally favorable for
harvesting in September and October. Fall
preparation and sowing of winter grains made
good progress. In the St. Louis, Minneapolis,
Kansas City, and Dallas districts rains left the
soil generally in good condition and fall seedings are further advanced than during the previous season. In the Richmond district fall
preparation was handicapped by a lack of
labor, and in some sections dry weather retarded progress. The estimated yield of potatoes was greater on October 1 than on September 1, but it was approximately 50,000,000
bushels less than the production in 1922. The
quality and yield of the crop in the Eastern
States are good, but in some of the Western
States the crop suffered from early frosts, and
the yields are slightly lower than expected.
The estimated yield of sugar beets is considerably larger than last year, but the forecasted
production of sugar cane .is smaller. The estimated yield of rice shows a reduction of about
20 per cent from the production in 1922. The
crops in Louisiana and Arkansas are being
harvested rapidly, but threshing has been delayed by heavy rains.
Grain.
Threshing of small grains was generally completed in September and on October 1 preliminary estimates of the wheat, oats, and
barley crops became available. The total
wheat crop was estimated at 782,000,000
bushels, a decrease of 7,000,000 bushels from
the September 1 forecast. The decline was
due to a smaller estimate for spring wheat,
caused largely by rust and bad weather just
prior to the harvest. The forecasted yield of
corn was also lower than on September 1, but
it is still greater than 3,000,000,000 bushels
and is one of the four largest yields in the
history of the country. Frost damage, reported principally from the Chicago and Minneapolis districts, was largely responsible for
the decline in the estimated yield. In sections
where the crop had not matured frost was particularly injurious to the quality of the crop,
which is reported to be below that of last year.
In connection with the grain situation in the
Minneapolis district, the increased production
of flaxseed is significant. The estimated yield
is 20,000,000 bushels, compared with 12,000,000
bushels in 1922. The price of flax is likewise
considerably higher than last year, as shown
in the accompanying table. During September the farm price of all grains except corn,
which declined slightly, increased. Compared
with last year all grains with the exception of
rye are selling at higher prices. The following
table shows the farm prices, as reported by the
Department of Agriculture, prevailing on October 1, 1923, September 1, 1923, and October
1, 1922.
FARM PRICES.
[In cents per bushel.]
Commodity.
Wheat.
Corn...
Oats...
Barley,
Eye...
Flax...
Oct. 1,
Sept. 1,
93.2
85.7
38.6
53.1
58.2
212.1
88.7
86.6
37.3
50.7
56.2
204.8
1923.
1923.
Oct. 1,
1922.
90.4
61.6
34.5
46.?
63.2
188.1
Grain marketing during September, as indicated by receipts of all grains at 17 interior
centers and also by car loadings of grain and
grain products, was in smaller volume than
during the previous month or in September,
1922. In the Minneapolis district, however,
receipts were larger than in August on account
of the seasonal increase in the distribution of
spring wheat, which moves to market later
than winter wheat. The marketing of the old
corn crop was practically completed in September and early October. Stocks are low
and, as a result of small supplies in the face of
an active demand for corn m certain wholesale
cities, prices increased sharply in September
and the first weeks of October, but in more
1184
FEDERAL RESERVE BtTLLETIN.
recent weeks they have receded in anticipation of the new crop, which begins to come on
the market in late October and early November. The table on page 1217 gives in detail the
statistics relating to the movement of all grains.
NOVEMBER,
1923.
bales imported by England for the same period.
The cotton market reflected the increased demand from abroad and also unfavorable factors
affecting the crop. The market for upland
spot cotton, middling grade, at New York,
declined in the latter part of September, but
Cotton.
moved upward again in October, reaching
Conditions affecting the cotton crop in 30.45 cents on October 15.
September and October varied in different Tobacco.
sections of the belt. In the Dallas Federal
Although the tobacco crop suffered a severe
reserve district the crop was improved by rains,
but in sections where precipitation was ex- reduction during September on account of
cessive and prolonged the quality of the crop losses resulting mainly from early frosts in
was reduced. In the Atlanta district the con- Ohio and Wisconsin, the crop is estimated to
dition declined further in September, and the be 1,462,000,000 pounds, which is the third
forecast on October 1 was lower than on largest crop in the history of production. The
September 1 and also lower than the final yield quality of the crop is generally lower than in
in 1922, which was unusually small for the the previous season. The crop is being hardistrict. The crop in the Richmond district vested and cured, but markets have not gendid not deteriorate to the same extent as in the erally opened. In the Richmond district some
Atlanta district. The low conditions in the markets opened about October 1, while others
southeastern States were due to the boll opened earlier. The crop in South Carolina
weevil and excessive rains which materially has practically been harvested and sold.
affected the open cotton in the fields. Leaf The yield was good, quality satisfactory,
worms have contributed to the destruction of and prices were good. In North Carolina
the crop in all States, but the damage done in sales at auction warehouses were somewhat
the eastern States was greater than in Texas larger in September than in September, 1922,
and Oklahoma. The forecasted yield on Oc- but the prices were not as good as in 1922,
tober 1 was 11,015,000 bales, compared with chiefly on account of the lower quality of
10,788,000 bales estimated on September 1 tobacco this year. The approaching harvesting season in the tobacco districts is signifiand a production of 9,762,000 bales in 1922.
cant in that a large quantity of the crop is
The marketing of the new crop proceeded going to be marketed cooperatively. Recent
rapidly prior to September 1, when ginnings information furnished by the Department of
were exceedingly large for that season, but Agriculture shows that in 1922 eight cooperathe rapidity of harvesting failed to continue in tive tobacco marketing associations funcSeptember and October, resulting from unfavor- tioned and marketed approximately 600,000,000
able weather, and the number of bales ginned pounds of tobacco, which was nearly one-half
prior to October 18 was not as large as in the of the total crop.
previous year. Sight receipts of cotton at principal interior cotton centers were nearly three
Production of manufactured tobacco during
times as large in September as receipts in Au- September was in smaller volume than in the
gust. The increase is seasonal, but the percent- preceding month, and, with the exception of
age increase over August was larger than in any cigarettes, it was also smaller than in SepSeptember in the past three years. The tember, 1922. In the Philadelphia district
early marketing of the crop resulted in in- the demand for cigars under the influence
creased stocks at warehouses and large ex- of orders for Christmas trade was better
ports. Stocks at mills continued' to grow than during the previous month. Large
smaller and were lower than the previous low manufacturers are operating at close to capacity
figure of September, 1920, amounting to only and the best demand is for the better-grade
773,000 bales. Exports, on the other hand, cigars. Prices remained firm and unchanged,
were larger than any month since November, but stocks continued moderate. ^ '%£'
1922, amounting to 689,000 bales, compared
'"
|
"
'
'
with 244,000 bales in August and 368,000 Fruit!
bales in September, 1922. For the eight
With the exception of light frosts in some
months ending August 31, Germany was the Northern States in September, weather condibest foreign purchaser of American cotton, tions were generally favorable to the maturing
importing 510,000 bales compared with 443,000 fruit crops. Harvesting was general in most
NOVEMBEB, 1923.
1185
FEDERAL RESERVE BULLETIN.
producing sections and the yields are reported
to be good. The estimate of the total apple
crop on October 1 was 191,000,000 bushels,
compared with a yield of 201,000,000 bushels
in 1922. Although the total crop is slightly
smaller than in 1922, a greater quantity is to
be marketed than in the previous year. The
commercial crop is estimated to be 33,000,000
barrels, compared with 31,000,000 barrels in
1922. A larger yield of citrus fruits is indicated for Florida than in 1922. Crops of both
oranges and grapefruit are larger, but the
harvesting has not yet begun on a large scale.
Heavy shipments of fresh fruits from the San
Francisco district continued during September,
but in the first weeks of October, when the
seasonal movement of grapes became large,
transportation facilities were inadequate to
handle the crop. Compared with a year ago,
however, the transportation situation has
greatly improved. Shipments of deciduous
fruits from California are considerably greater
than in the previous season. The demand for
fruits for canning has not been as great as in
the preceding season and producers have
marketed a greater proportion of their crop in
the fresh-fruit markets. The demand for
canned fruits in recent weeks has improved
and the total volume of canned fruit is reported
to be slightly larger than previously estimated,
although it is still below the volume of 1922.
The large corn crop is making it attractive for
country feeding, but the relative price of corn
in wholesale markets is considerably higher
than the price of hogs. The following chart
shows that while the price of corn has been
increasing steadily the price of hogs has been
declining. The continuation of this difference
between the cash corn market and the hog
market is causing a divergence of opinion as to
the future course of corn and hog prices when
the new corn crop is ready for market. The
chart shows only the relative average monthly
prices through September. In the first weeks of
October the price of hogs declined, but corn
PER CENT
PER CENT
160
160
1*0
120
140
A
HCGS
\
1OO
80
1 s~ N
' /'COR
General improvement in the condition of
ranges and pastures has been noted throughout
the season. In recent weeks the droughts
which prevailed in sections of the Kansas City
and Dallas districts were relieved by general
rains, and prospects for winter feeding are considerably better than a year ago. Improvement in the condition of the ranges has been
reflected in the development of the cattle,
which are now in much better condition than
at the beginning of the autumn season a year
ago. Marketing of livestock during September
was in greater volume than in August, due
mainly to shipments of cattle, calves, and sheep
from the ranges to market. Compared with
the receipts in September a year ago sheep
were marketed in greater numbers, but cattle
receipts were not as large, reflecting the tendency to keep cattle on the ranges while the
pastures are good. Shipments of livestock
from the principal centers to the country districts for feeding purposes were in large
volume in September and were considerably
greater than in any September since 1919.
V-
120
100
/
80
60
60
40
40
20
20
O
Livestock.
>
n
1921
1322
1923
Monthly average relative prices of corn and hogs (1913—average 100).
showed further advances. Corn reached its
high point of the year during the week ending
October 12, but subsequently showed declines.
MINING.
Coal.
On account of the strike in the anthracite
fields, which lasted from September 1 to 19,
production was necessarily curtailed. Full
activity was restored shortly after the resumption of operations, and for the last week in
September and the first weeks in October production exceeded that for the corresponding
periods in 1922. In spite of the strike in
September, production for the first nine months
of 1923 was considerably greater than in previous years and was exceeded only during the
corresponding periods in 1918 and 1920. Production amounted to 71,000,000 tons for the
nine months ending September 31, compared
with 73,000,000 tons in 1920 and 77,000,000
tons in 1918. An increased demand for domestic eizes was evident with the approach of
1186
FEDKKAIi EESEKVE BULLETIN.
cooler weather and consumers are accumulating supplies for winter needs. Prices increased
slightly after the resumption of operations,
but remained at approximately the same level
during the first weelss of October.
Production of bituminous coal continued in
large volume, but it did not reach the quantity produced in August, when output was
accentuated by the threatened anthracite
strike. The industry was characterized by
increased demand during the period of the
anthracite strike, but with the resumption of
operation in the anthracite fields the demand
decreased and large stocks are on hand. In
southern and western regions the mild weather
during September retarded trade, and stocks
there are reported large. Under the influence
of heavy production and little demand stocks
have accumulated and prices have declined to a
point considerably lower than a month ago or
a year ago. Production of beehive and by-product coke was smaller than in August. Beehive
coke reached the lowest monthly figure for the
year and by-product coke was less than in any
month this year, with the exception of February. Prices of coke made further declines in
September and the early weeks of October
and are considerably lower than last year.
Metals.
Mine production of the more important
metals declined during September, partly as a
result of the fewer number of working days,
but continued to be substantially larger than
in September, 1922. The output of copper
mines totaled about 125,000,000 pounds, which
was 4 per cent less than in August. Prices,
nevertheless, have receded further, due to a
curtailment of both foreign and domestic purchases in September and an accumulation of
surplus stocks. Low prices proved some incentive for foreign buyers in October and a number
of large sales were reported at prices ranging
from 12\ to 13 cents delivered at New York.
Price quotations for refined zinc and lead
have shown little change during the past
month, but there has been some improvement
in the statistical position of these metals.
Production of slab zinc aggregated 39,100 tons
in September, while shipments amounted to
42,700 tons, causing a reduction of 3,600 tons
in the stocks. Some weakening occurred in
the price of both zinc and lead ores in the
Joplin section, and operators closed their
mines during the first week of October. It has
also been announced that mines will be closed
in the first week of November and the first week
NOVEMBER, 1923.
of December. Stocks of zinc ore at the
beginning of October totaled about 50,000 tons,
while there was very little surplus of lead ores.
Silver production was curtailed once more
and amounted to 4,988,000 ounces, which was
6 per cent less than in August. The price of
silver declined about 1 cent during trie first
two weeks of October.
Petroleum.
After an almost uninterrupted increase for
several months, the production of crude petroleum has finally been slightly curtailed. The
daily average production for September, it is
true, was a little greater than in August, but
the monthly total declined, and weekly figures
in the first two weeks of October showed further reductions in output. In the week ending
October 20, however, estimated daily production increased 10 per cent. Price declines
continued during September and October, the
most important being the reduction in Midcontinent oil on September 20 and that of the
higher grades of California oil on October 9.
Receipts of California oil at Atlantic ports fell
off in September, but they have increased some
since this price reduction. Production again
exceeded consumption in September and consequently stocks continued to increase.
Among refined products decreases were
announced in the prices of bunker-oil and in
tank-wagon quotations of both gasoline and
kerosene. On the other hand, some advances
were made in refinery prices of kerosene. Consumption of gasoline continues at a high rate
and exceeds the large production, thereby
bringing about a decline in refinery stocks.
This, of course, is expected during the early
fall months. Tank-wagon and service-station
prices were reduced 2 and 3 cents in the
Eastern States during October, but in the
South, Middle West, and West few declines
were made. Refinery quotations, which have
been considered low relative to dealers' prices,
remained practically unchanged.
MANUFACTURING.
Food products.
Production of wheat flour in September reflected the uncertainties which characterized
the wheat market. Domestic consumers purchased only for immediate needs and millers
were reluctant to make commitments for deferred shipments at the present level of prices.
The production of flour was slightly less than
in August, but there was a considerable reduction from the output in September, 1922.
NOVEMBER,
1923.
FEDERAL RESERVE BULLETIN.
1187
With the exception of September, 1920, pro- ticularly for lard and fats. Prices of meat
duction was lower than in any September in products have showed but little change under
recent years, amounting to only 11,995,000 the influence of heavy marketing of livestock
barrels, compared with 12,016,000 barrels in and a largo volume of packing. Goods have
August and 12,540,000 barrels in September, passed into distribution, and stocks on October
1922. Exports of flour during September, 1 were lower than in any previous month this
with the exception of 1919 and 1921, were year.
greater than in any September on record. Demand from abroad was accentuated by flour Textiles.
purchases for relief work in Japan. Flour
Buying of textile products during September
prices, which had been declining since early and October was only fair. Cotton prodin the year, turned upward in July and con- ucts improved slightly in September, but the
tinued to rise through September, but in market became irregular and uncertain in
October prices softened with the decline in the October, and the wool and silk markets conprice of wheat. The following chart, based tinued relatively inactive throughout the peupon the price of spring wheat at Minneapolis riod. Prices as a rule were higher in September than in previous months, but more recently
220 weakness has been noted in some lines.
Irregularity has generally prevailed in cotton
textile markets during recent weeks. The upward tendency in the raw cotton market caused
some increase in buying during August and
September, but relative inactivity was noted
early in October. This was reflected in the
upward movement of the Fairchild cottongoods index number from 15.612 on August 4
to 16.997 on September 22, to be followed by
a decline to 16.837 on October 20. Consumption, although less in the aggregate, was at
about the same rate in September as in August,
and employment in cotton-manufacturing establishments increased. Early in October,
however, one of the largest producers of ging40
hams in New England announced an indefinite
suspension of operations, and later other plants
20
did likewise. Southern mills, on the other
hand, reported no recent curtailment and some
1921
1922
1923
Cloth and
Monthly average relative pricos of s;
wheat and flour (1913 are, in fact, operating overtime.
average—100)
yarn production in the Atlanta district, howand flour in the same market, shows the close ever, was less in September than in August,
relation between the price of wheat and flour. although shipments and orders increased. All
While meat packing during September of these items except yarn shipments were beshowed further declines, continuing the down- low those of a year ago. The Philadelphia yarn
ward movement which began in June, it con- market has been quiet since September and
tinued in large volume and was greater than in prices have receded. Cotton finishers throughSeptember, 1922. With the exception of sheep, out the country reported slight improvement
all animals were slaughtered in smaller numbers during September in production, orders, and
than in August. The demand for meat prod- shipments, which, however, continued small
ucts for both domestic and export purposes relative to the early months of the year.
was generally good. Domestic demand for
Little change has been noted in the woolen
meat products has been greatly influenced and worsted industry during the past month.
by industrial activity and full employment Manufacturers of cloth continue to report a
which have been maintained throughout the fairly active demand for dress goods, accomyear. Export trade with Europe continued panied by dullness in the men's-^ear markets.
fairly satisfactory except with the United Manufacturing activity changed but little in
Kingdom. The demand from the Continent September; consumption of raw wool and active
has been for low-priced meat products, par- spindle hours declined, whereas the percentage
PERCENT
1188
FEDERAL EESEBVE BULLETIN.
NOVEMBER, 1923.
of active loom hours was somewhat greater. than during August. The raw-silk situation
Operations in many mills making men s wear has somewhat unsettled the hosiery market, as
were curtailed during October. This dullness many producers, because of higher raw main men's wear was reflected in the yarn and terial costs, have announced advances in prices,
raw-wool markets. Prices have been generally which customers generally refuse to pay.
unchanged, but some grades of yarns have
weakened. The new season for carpets and Iron and steel.
Iron and steel products were in relatively
rugs opened on October 1 with an auction sale
by the largest factor. Eugs were in better de- little demand during September, and, although
mand than carpets, and some liberal conces- buying of steel appeared to increase in October,
cessions were made in prices of the latter. the iron market continued to be weak. Steel
Rug quotations were about the same as those prices have remained practically unchanged for
of last season, with small advances on some several weeks, but quotations on pig iron have
moved steadily downward. Basic valley pig
items.
Openings of spring lines of men's clothing iron averaged $24 or less in October, as comhave generally been at prices on the same level pared with $25 in September and $30.60 for
as those at the last fall opening but above the last October. The weakness in iron is genprevious spring prices. Reports indicate that erally attributed to the unusually heavy profuture buying has been conservative, although
50
spot business has been fairly good. Chicago
tailors to the trade report that business in September was 10 per cent better than a year ago.
Sales by wholesale clothiers in the New York
district were smaller than in August but above
those of last September.
Despite reduction in the supply of raw silk
resulting from the Japanese disaster, buyers
refused to pay the higher prices demanded, and
quotations fell off considerably in October.
Prices are still above the level prevailing before
the disaster occurred. The weakness in raw
silk was the reason given for an equally inactive
goods market. Attempts to raise cloth prices
in accordance with raw material advances met
with strong resistance, and customers have re1919
1920
1921
1922
1923
frained from buying except for immediate
needs. Consequently production has been cur- Trend of production and prices of pig iron, by months, 1919-1923.
tailed by a number of manufacturers. Deliv- duction in the earlier months of the year,
eries of raw silk to American mills during which exceeded consumption by a large
September totaled only 26,929 bales, as com- margin. Output has been curtailed conpared with 33,547 bales in August. Exports siderably since May, and the total for Septemexceeded mill takings and warehouse stocks ber, 3,125,512 tons, was the smallest for any
therefore increased slightly.
month this year, although exceeding all
Statistics from manufacturers of knit goods months in 1921 and 1922. Total steel-ingot
indicate substantial increases during Septem- production in September likewise declined to
ber in orders for both underwear and hosiery. the lowest point of the year. Operations in
Unfilled orders on hand at the end of September steel mills were reduced further early in Octofor both branches of the industry were sub- ber, but increased slightly about the middle of
stantially larger than those held a year ago. the month. Unfilled orders of the United
Production of underwear was less than in States Steel Corporation at the end of SepAugust, as were shipments in most cases, tember totaled only 5,035,750 tons, the smallest
although mills in the Philadelphia district re- since March, 1922. Reports indicate that
ported an increase in shipments, particularly bookings of steel products in October have
of winter garments. Hosiery output in both been larger than in September.
the Philadelphia and Atlanta districts was
Orders for sheets have been particularly
below that of August, but greater than in Sep- heavy recently. Railroads have continued as
tember, 1922. Shipments were slightly larger active purchasers of rails, and inquiries on the
LLIONS OF TONS
DOLLARS PER TOM
NOVBMBER, 1 9 2 8 .
FEDERAL RESERVE BULLETIN.
part of the roads for new cars point to demand
for steel products. Locomotive manufacturers
have orders sufficient to run them for a few
months, even at the present high rate of operations. Automobile output and building construction continue large, despite the lateness
of the season. There is some buying of steel,
particularly of sheets, for Japanese account,
although probably not as much as was generally expected.
Automobiles.
Competition appears to be becoming more
of a factor in the automobile industry and is
being met by making new improved models,
by reducing prices, dmd by permitting payments on the installment plan. These inducements seem to be effective in disposing of cars,
as production continues at a high rate. September output of passenger cars totaled
298,600 cars, a seasonal decline of 5 per cent
below the August figure, and an increase of
60 per cent above that for September, 1922.
Shipments of automobiles showed similar tendencies. Reports by distributers in the Middle
West to the Federal Reserve Banks of Chicago
and St. Louis indicated decreases of about 10
per cent from August in September sales of
new cars. As compared with September, 1922,
sales by wholesalers were larger, whereas those
by retailers declined. Stocks of both new and
used cars increased during the month and
those of used cars were greater than a year 'ago.
Production of automobile tires and tubes,
although larger in August (the latest figures
available) than in July, continues at a rate
well below that of the early months of this
year. Beginning with July shipments have
exceeded production, and stocks have consequently been reduced. Inventories, however,
are rather large for this season, and prices
have been reduced by a number of manufacturers.
Leather and shoes.
Packer-hide markets were fairly active during October and a large volume of sales resulted. One or two fractional advances in
prices occurred, but as a rule quotations were
unchanged from the previous month. Dullness
continues to characterize leather markets, and
sales of both upper and sole leathers have been
small and chiefly for immediate delivery. The
Federal Reserve Bank of Philadelphia states
that upper leathers are more active than heavy
leathers, and that calfskins are still in demand,
1189
although sales have fallen off recently. The
September output of sole leather declined to
1,431,590 pieces, the smallest in over a year.
Shoe production declined nearly 10 per cent
in September as compared with August, and
preliminary reports indicate that total output
will be less than in September, 1922. Figures
for all previous months of this year have been
well above those for corresponding months of
1922. According to reports from the Federal
Reserve Banks of Boston, Philadelphia, and
Chicago, shipments increased during September and exceeded output.
Consequently,
stocks declined. Unfilled orders fell off in the
Boston and Philadelphia districts, but were
above those of last year, whereas the reverse
was true in the Chicago district. Factories
making fine shoes for women in the Philadelphia district report that orders on books are
small, and new business is needed to continue
production at the present rate. Shoe sales by
wholesalers in September were practically the
same as in August and smaller than a year ago,
whereas September retail trade showed a
seasonal increase.
Lumber.
Lumber manufacturers received a large influx
of orders during the latter part of September,
which was immediately reflected in shipments.
According to weekly totals compiled by the
National Lumber Manufacturers Association
from about 400 mills, orders reached the highest point since February during the week ending October 6, and one week later the reported
cut was greater than in any week during the
past three years. Orders dropped off rapidly
during October, but shipments and production,
although somewhat less, were fairly well maintained. Total cut and shipments for the month
of September were below the August figures,
but daily averages were no lower. Despite
the increase in buying, lumber prices fell
slightly during September, and "Lumber's"
hardwood and softwood indexes reached low
points for the year in the weeks of September
28 and October 5, respectively. Movements,
although at a higher level, were irregular during
the weeks following.
Manufacturers in practically all sections of
the country shared the increase in orders during September and continued operations at
practically the same rate as in August. Dealers in the Chicago district reported a weakening tendency in the market, with orders almost
entirely for immediate delivery. Reports from
1190
FEDERAL RESERVE BULLETIN.
the San Francisco district, on the other hand,
state that dealers in California, on the Atlantic
coast, and in the Middle West increased their
purchases of western lumber. Japanese importers have also been active purchasers.
BUILDING.
New building operations were slightly curtailed in September, but the reduction was less
than is usual in the early fall. Production of
most types of building materials was also
curtailed, and shipments were smaller than
in August.
The value of building contracts awarded in
10 Federal reserve districts (compiled from
figures gathered by the F. W. Dodge Co.)
amounted to $287,819,000 in September, which
was 3 per cent less than in August. Decreases
occurred in all reporting districts except Philadelphia, Cleveland, and Chicago. Awards of
business, industrial, and recreational buildings
reached a greater volume in September than
in August and contracts for hospitals were
over twice as large. Contracts for residences,
educational buildings, religious edifices, and
public buildings, on the other hand, were less
numerous than in August.
Prices of building materials declined over 2
per cent in September and showed an average
decrease of 11 per cent from the May peak.
Production of all types of brick and of house
flooring was reduced in August, yet there was
a slight accumulation of finished, stocks. Cement production reached the highest monthly
total on record, 13,109,000 barrels, but was
still less than shipments. Consequently, stocks
of cement were reduced to 5,492,000 barrels on
September 30, which is the smallest supply on
hand since October 31, 1922.
TRANSPORTATION.
The increased efficiency of the railroads continues to be one of the most favorable factors
in the present business situation. Car loadings
reached the highest total on record during the
last week of September, yet there continued to
be a net surplus of 18,000 freight cars on
October 8, owing to the reduction in number
of cars and locomotives awaiting repairs and
the delivery of much new equipment ordered
in the spring.
The large volume of railroad traffic in September was due to a continuance of heavy shipments of manufactured goods and grain,
together with an increase in shipments of livestock. There was a marked decline in ship-
NOVEMBER, 1923.
ments of coal, due to the temporary closing of
anthracite mines.
Prompt handling of traffic was much facilitated by an increase in the supply of serviceable equipment by about 42,000 cars and 1,000
locomotives during September. Over one-half
of this increase was due to a reduction in the
amount of equipment in bad order, while the
remainder consisted of deliveries from car
factories and locomotive works. Only 7 per
cent of all freight cars and 15 per cent of all
locomotives were awaiting repair on October 1.
September shipments of the three chief locomotive companies reached the largest aggregate of any month on record.
Net operating income of Class I railroads in
August was at the rate of 4.94 per cent on their
tentative valuation, as compared with an
average rate of 5.51 per cent in the seven
preceding months.
TRADE.
Wholesale trade.
Sales of wholesale dealers in September were
4 per cent larger than in August, according to
the Federal Reserve Board's index, and
reached the highest total value of any month
since October, 1920. Grocery and meat business showed the greatest improvement in September, and sales of drugs, jewelry, and diamonds also increased. The volume of trade
in clothing, automobile supplies, and machine tools, on the other hand, was smaller
than in August. Business in the eastern
industrial districts continued to be relatively
larger than in the agricultural sections of
the West.
September trade averaged about 9 per cent
larger than a year ago. Business was larger
in all reporting lines except shoes, women's
clothing, diamonds, and machine tools. The
greatest increases were recorded in sales of
agricultural implements and automobile supplies, while sales of hardware, drugs, and
men's clothing also showed substantial gains.
Statistics collected by the Federal Reserve
Banks of Chicago and Dallas indicate that
merchandise stocks in the hands of wholesalers declined during September, but were
somewhat larger than a year ago. Stocks of
dry goods, which are particularly heavy as
compared with a year ago, were reduced 13
per cent in the Dallas district and 10 per
cent in the Chicago district during September.
The only important reduction in stocks as
compared with a year ago is reported by shoe
dealers in the Dallas district and amounts to
11 per cent.
NOVEMBER,
1923.
1191
FEDERAL RESERVE BULLETIN.
Collections improved somewhat in most sec- there is usually some improvement at this
tions of the country during September, espe- season of the year. Detailed statistics of
cially in the case of dry goods firms.
wholesale and retail trade are published on
pages 1221 and 1224.
Retail trade.
Sales of retailers increased during September,
but the gain was less than is usual at this season
of the year. The largest gain occurred in the
sales of chain shoe stores and amounted to 34
per cent. Mail-order sales increased 25 per cent
in September,^ but this was slightly less than
the average increase over August. The accompanying chart indicates that if allowance be
made for seasonal fluctuations there has been
a downward trend in mail-order sales since
May. Sales of department stores and cigar
stores were also larger than in August, but
sales of candy stores, drug stores, and grocery
stores declined. This decline was partly due
ieor
PRICES.
The upward movement of prices which
commenced in the latter part of August continued throughout September and the first
half of October. The index of the Bureau of
Labor Statistics advanced 2.2 per cent in
September, due to increases in all important
groups of commodities except building materials, fuel, and metals. The largest gain
occurred in the price of clothing and amounted
to 5 per cent, while prices of farm products
and foods each showed an average increase of
about 4 per cent. Prices of building materials
have declined for five successive months and
in September averaged 11 per cent less than
the April peak.
Prices of most basic commodities increased
during the first two weeks of October but receded rather sharply in the third week of the
month. During the period of three weeks
prices of corn, cotton, barley, and eggs showed
substantial gains, while prices of hogs, coal,
coke, pig iron, steel products, copper, and
silver declined. The price of cash corn advanced 20 cents per bushel during this period.
EMPLOYMENT.
Industrial employment in September was
chiefly characterized by the failure to increase
as much as might ordinarily be expected in that
month. In fact, decreases were noted in a
1919
1920
1921
1922
1923
number of industries and in many States.
Trend of mall-order sales corrected for seasonal variations.
Similar tendencies were noted in pay rolls.
to the fact that there were only 24 working Changes in total industrial employment from
August to September, as reported by various
days in September.
Department-store sales averaged 6 per cent official agencies, are shown in the table below:
more in September than a year ago and were
States
No change.
larger in all districts except Kansas City and United
Massachusetts
—0. 6 per cent.
Dallas. The most important increases were New York
+0.5 per cent.
+1-6 per cent.
reported from the Cleveland and San Fran- Pennsylvania
New Jersey
—0.4 per cent.
cisco districts.
Illinois
—1.0 per cent.
Merchandise stocks at reporting department Wisconsin
—2.8 per cent.
stores increased about 8 per cent during September. This increase of stocks on shelves
As regards industrial groups, increases were
averaged twice as much in eastern department noted in food products, textiles, tobacco,
stores as in stores located west of the Mississippi vehicles, and nonferrous metals, whereas deRiver. Stocks at the end of September were creases predominated in iron and steel, lumber,
over 13 per cent greater than on September 30, leather, paper, chemicals, and stone, clay, and
1922.
glass products. The effect of the change to
Collections during September continued at shorter hours in the steel industry was shown by
about the same rate as in August, whereas statistics for Pennsylvania showing an increase
20
1192
FEDERAL RESERVE BULLETIN.
of 5 per cent in number employed in steel works
and rolling mills, accompanied by a decrease of
2 per cent in average weekly earnings, although
the basic rate per hour had been raised.
Eighty per cent of 5,620 reporting establishments throughout the country operated on a
full-time basis in September, as compared with
78 per cent in August. A smaller section of the
iron and steel industry ran full time in the later
month. The cotton industry, on the other
hand, increased both the number employed and
the percentage of full-time operations. Cement
plants operated 100 per cent full time.
Out of 51 industries, 35 reported wage increases in the month ending September 15,
averaging 15 per cent and affecting 2.5 per
cent of employees in all reporting establishments. The greatest increases, averaging 17
per cent, occurred in the iron and steel industry
and affected 20 per cent of employees in establishments reporting for that industry. Other
advances of importance were noted in glass,
foundry and machine-shop products, and
steam-railroad car building and repairing. Per
capita earnings increased in 39 of the 51 industries. Decreases occurred in clothing, boots
and shoes, automobiles, and in a number of
iron and steel and allied industries.
COMMERCIAL FAILURES.
Commercial failures reported by R. G. Dun
& Co. decreased 25 per cent to 3,376 for the
third quarter. Liabilities for the same quarter
have declined by 15.7 per cent to $98,754,559.
Insolvencies reported for the month of September, numbering 1,226, involved liabilities
amounting to $28,698,649, figures which represent decreases from those of the month previous of 7 per cent and 16 per cent, respectively, and from September, 1922, of over 20
per cent for both. Except for July of this
year the number of failures was the smallest
since November, 1920. In like manner, with
the exception of those for June of this year,
the liabilities stood at the lowest point since
August, 1920.
The number of failures as well as liabilities
among both manufacturers and traders was
reduced, the reduction in manufacturing insolvencies being considerably more substantial
than that in trading defaults, with the result
that the proportion of trading failures increased
to 70 per cent of the total number for the
month, as against 67 per cent for August and
67 per cent for September, 1922.
Reports for three weeks of October indicated a reduction of about 15 per cent in the.
NOVEMBER, 1923.
number of failures from those of a year ago,
1,035 defaults in the present month comparing
with 1,215 during the same period in October
of last year.
District figures comparing September of this
year with last indicate diminished liabilities in
the Boston, New York, Cleveland, St. Louis,
and San Francisco districts. Although the
Atlanta and Minneapolis districts show an
increase over the year, a comparison with last
month denotes a decrease, while Cleveland,
though showing a decrease from last year, had
an increase from August to September of this
year. Liabilities of insolvent interests in
both the St. Louis and San Francisco districts
were the smallest since before 1921.
COMMERCIAL FAILURES DURING SEPTEMBER.
Numbe
Liabilities.
Districts.
1923
First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh...
Twelfth
113
228
44
95
66
91
172
71
63
64
79
140
Total.
1,226
1922
118
376
61
128
128
120
212
100
50
66
70 i
137 ;
1 566
1923
1922
$1,476,871
6,283,981
2,695,645
2,741,378
984,349
2,840,497
6,219,732
536,652
637,652
1,622,295
1,757,766
921,831
$1,479,198
12,209,811
1,107,680
3,848,535
4,269,453
2,765,041
3,863,884
2,417,725
575,947
738,243
1,480,222
2,152,387
28,698,649
36,908,126
FOREIGN TRADE.
Foreign-trade figures for the United States
during the first nine months of 1923 show a
merchandise export balance of about $35,000,000. An excess of imports amounting to
$143,000,000 for the first six months of the
year, due chiefly to a heavy demand for raw
materials arising out of the large volume of
domestic production, has thus been more than
offset by the seasonal excess of exports for
July, August, and September.
A comparison of the export and import
figures month by month shows that the change
in the balance has been due in greater measure
to a decline in imports than to an increase in
exports. Imports for September were 35 per
cent less than in March, the peak figure for the
nine months, while exports for September were
$381,000,000, or only 25 per cent larger than
the July low of $303,000,000.
The increase of $70,000,000 in exports between August and September was due largely
to increased shipments of cotton, which totaled
690,000 bales in September as compared with
245,000 bales in August. Of the September
shipments, 476,000 bales, or slightly over twothirds of the whole amount, were sent to
Great Britain, Germany, and France—to Great
Britain 245,000 bales, to Germany 132,000
bales, and to France 99,000 bales.
MERCHANDISE TRADE BALANCE OP THE UNITED STATES.
[In thousands of dollars.]
of
Imports. Exports. Excess of Excess
exports.
Months.
February
May
August
November
January
February
March
April
May
June
July
August
September
1193
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1923.
1922.
|
:
I
i
I
1923.
215,743
252,817
281,376
291,805
j
I 329,245
303,465
398,178
364,230
372,545
320,257
287,335
275,382
255,000
250,620 |
307,569 i
301,775
380,000
34,877
54,752
20,399
88,195
GOLD IMPORTS AND EXPORTS.
335,417
306,957
341,376
57,802
325,492
38,738
316,363
56,182
320,038
219
303,030
15,695
311,352
35,970
381,000 •
' 126,000
GOLD MOVEMENTS.
Gold imports during the month of September
totaled $27,804,000, compared with $32,856,000
during August, and gold exports were $863,000,
compared with $2,201,000 for the month before.
Net gold imports for September were thus
$26,941,000, as against $30,655,000 in August
and an average of $20,963,000 for the first eight
months of the present year. Nearly 70 per
cent of the total gold imported during the
month came from England and Canada, about
13 per cent from Germany, and about 6 per
cent from France. Exports of gold during the
month were mainly to India, Mexico, and
Canada. Gold imports during the nine months
ending September of the present year totaled
$220,522,000, compared with $209,556,000 imported during the corresponding period last
year. Of the 1923 total about $127,409,000
came from Great Britain and Canada, $42,432,000 from Germany, $12,100,000 from
France, and $10,917,000 from the Netherlands.
About 87 per cent of the total imports for the
nine months of the present year is credited to
these five countries. Gold exports during the
same period totaled $25,878,000, compared
with $13,143,000 in 1922. Over one-half of
the gold exported during the nine months of
the present year was consigned to British India.
Silver imports during September, $8,518,000,
were larger than for any other month of the
present year except July. Over 90 per cent of
the total amount of silver brought to this
country during the month came from Mexico,
Peru, and Canada. Silver exports for the
month, $8,123,000, were in excess of any
monthly total since April, 1920. Over 95 per
cent of the September silver exports were to
British India, China, and Hongkong.
Gold imports and exports by principal countries for September and the nine months ending
September, 1923, are shown in the following
table:
9 months
September,
ending
1923.
September,
1923.
Country.
France
Germany
Netherlands
Great Britain
Canada
Mexico
Colombia
Allother
$1,571,460
I 3,500,000
j
460,794
I 17,034,473
2,350,786
]
360 560
425,691
I 2,100,197
Total
Switzerland
Canada.
Mexico
Colombia
British India
Hongkong
Allother
Total
I
i
I
I
!
$12,100,318
42,432,450
10,916,569
86,303,178
41,105,875
4.927,942
3,440,032
19,295,603
27,803,961 j 220,521,965
455,196
37,200
2,820
1,374,947
1,038,480
3,770,164
700,000
13,814,345
2,154,815
3,025,283
862,697
25,878,034
152,871
214,610
..
..
. .
FOREIGN EXCHANGE.
Foreign exchanges during October generally
continued their downward trend. Sterling declined from a peak of $4.72 on February 21 to
$4.4810 on October 25. This is the lowest
point touched since November 18, 1922, when
the pound stood at $4.49. Exchange rates on
leading foreign countries in September and in
October are shown in the table on page 1245.
The general foreign exchange index, representing a weighted average of rates on 17 countries, was 63 in both September and October.
1194
FEDERAL RESERVE BULLETIN.
NOVBMBEB, 1923.
RULINGS OF THE FEDERAL RESERVE BOARD.
Discontinuance of collection of checks through agents
other than banks.
nitely described in the lease and as far as practicable separated from the remainder of the
dock company's premises by partitions or
In order to conform to the fullest possible fences.
On each side, at each corner, and at
extent to the spirit as well as the letter of the each entrance
to such premises, the storage
recent decisions of the Supreme Court of the company will place,
and at all times maintain,
United States in the par clearance cases, the large signs stating that
the premises are leased
Federal Reserve Board has directed the Fed- to it and that the premises and all of the goods
eral reserve banks to discontinue the use of therein are in the exclusive possession and
agents other than banks for the purpose of control of the storage company. Upon the
making collections at par of checks upon non- delivery of the lease the lessor and a reprepar remitting banks in any district in which sentative of the storage company will go upon
such practice still exists.
the premises, and the lessor will thereon state
that he delivers the premises and all the goods
therein into the exclusive possession and conPurchase by Federal reserve banks of debentures of trol of the storage company, and thereafter the
Federal intermediate credit banks.
storage company will direct its representative
There is quoted below a resolution adopted to take and hold such possession and control
by the Federal Reserve Board on September for it. It will also employ an agent or custodian to represent it who shall be entirely
27, 1923:
Whereas the Federal Reserve Board has been requested independent of the dock company, and it is to
to express an opinion on the question of whether or not be distinctly understood between all parties
Federal reserve banks may purchase the debentures of concerned that the storage company's agent or
Federal intermediate credit banks issued under the terms custodian shall act exclusively upon its instrucof the agricultural credits act of March 4, 1923,
tions and shall have the exclusive possession
Be it resolved, therefore, That the Federal reserve banks
are authorized in their discretion to purchase the deben- and control of the leased premises and of all
tures of Federal intermediate credit banks issued in ac- goods therein, and that no goods shall be moved
cordance with the terms of the agricultural credits act of into or removed from such premises except
1923, provided such debentures have a maturity at the under his express direction and control. The
time of purchase not in excess of six months.
dock company will have no access to the premises except with the permission of the storage
company and will have no control over the
Bankers' acceptances to finance the storage of coal on premises or the goods stored therein. The
docks.
storage company's custodian shall make regular
The Federal Reserve Board has been asked reports to the storage company from time to
for a ruling as to the validity of financing the time, and the storage company shall give him
storage of coal on docks through the use of instructions with regard to the receipt and debankers' acceptances secured by warehouse livery of goods. Upon taking possession of the
receipts.
coal on the premises, and subsequently upon
It appears that the coal in question is now delivery of additional coal upon the premises,
stored on the docks of a dock company, which the storage company will issue warehouse rewishes to pledge it as collateral, and that the ceipts for such coal, and such receipts are to be
dock company proposes to lease a portion of pledged as security for bankers' acceptances
each dock to an independent storage company which are to be drawn under regular bankers'
which is financially and morally responsible, acceptance agreements.
has been in the business of stormg goods and
merchandise of others for profit over a period
The Federal Reserve Board is of the opinion
of forty or fifty years, and is qualified to do a that such warehouse receipts will comply with
storage business m the States in which the docks the requirements of the Federal reserve act and
are located. Such storage company is to be the board's regulations relating to the characallowed the privilege of using the portion of ter of warehouse receipts required as security
the dock leased as a public warehouse; the lease for bankers' acceptances used to finance the
of such premises is to be duly executed and domestic storage of readily marketable staples,
recorded in accordance with all legal require- provided they are in proper form to convey and
ments; and the leased premises are to be defi- secure title to the holder.
NOVEMBER, 1923.
FEDERAL RESERVE BULLETIN.
The board has frequently had occasion to
rule that coal is a "readily marketable staple"
within the meaning of section 13 of the Federal
reserve act, so that there is no question with reference to that particular requirement of the law.
The board is of the opinion, therefore, that
bankers' acceptances secured by such receipts
are eligible for acceptance by member banks
and for rediscount by Federal reserve banks,
provided they comply as to maturity and in all
other respects with all other provisions of the
Federal reserve act and the board's regulations.
Reduction of capital of member State bank below amount
originally required for membership.
The question has been raised whether a State
member bank may reduce its capital from
$25,000 to $15,000 without loss of membership, provided it increases its capital to $25,000
in accordance with the provisions of the amendment of March 4, 1923, to section 9 of tho
Federal reserve act, permitting State banks to
become members with reduced capitalization
under certain conditions.
The amendment of March 4, 1923, to section
9 of the Federal reserve act, permitting State
banks to become members of the Federal reserve system with a capital equal to 60 per
cent of the amount formerly requited, does not
authorize banks which are already members to
reduce their capital and remain members of
the Federal reserve system; because it relates
only to the admission of banks to membership
and not to the capital which they are required
to maintain subsequent to their admission.
The right of a member bank to reduce its capital, therefore, will depend upon other provisions of law.
1195
Section 9 of the Federal reserve act also provides in part:
State banks admitted to membership under authority of
this section shall be required to comply with the reserve
and capital requirements of this act and to conform to
those provisions of law imposed on national banks * * •
which relate to^the withdrawal or impairment of their
capital stock.
The provisions of law which relate to the
withdrawal of capital stock of national banks
are found in section 5204 of the Revised Statutes. In general, they prohibit a national
bank from withdrawing or permitting to be
withdrawn in the form of dividends or otherwise any portion of its capital, but expressly
except from this prohibition a reduction of
capital made under the provisions of section
5143 of the Revised Statutes. This latter section authorizes the reduction of capital stock
in national banks by a two-thirds vote of the
shareholders, but expressly provides that no
reduction of capital may be made below the
amount required for the organization of a national bank. The effect of these provisions of
law is to prohibit a State member bank from
withdrawing any portion of its capital except
upon a reduction of capital, and no reduction
may be made which would reduce the capital
below the amount required for the organization
of a national bank in the place in question.
The board is of the opinion, therefore, that a
reduction of the capital of a member State
bank to an amount less than that required for
the organization of a national bank would constitute a violation of the conditions of membership imposed upon it by law when it joined the
Federal reserve system and would subject it to
expulsion from the system.
1196
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1923.
LAW DEPARTMENT.
"Seventh. To exercise by its board of directors, or duly
Right of national banks to establish additional offices in
authorized officers or agents, subject to law, all such incisame city as head office.
dental powers as shall be necessary to carry on the business
There is published below the text of an of banking; by discounting and negotiating promissory
opinion rendered on October 3 by the Attorney notes, drafts, bills of exchange, and other evidences of debt;
receiving deposits; by buying and selling exchange,
General with reference to the power of national by
and bullion; by loaning money on personal security;
banks to open and operate offices at places coin,
and by obtaining, issuing, and circulating notes, according
other than their banking houses, and also the to the provisions of this title.
"SEC. 5190. The usual business of such national banking
text of the regulations on this subject issued
by the Comptroller of the Currency on October associations shall be transacted at an office or banking
house located in the place specified in its organization
26, 1923.
certificate."
DEPARTMENT OF JUSTICE,
WASHINGTON, October S, 1923.
SIR: I have your letter of August 30, 1923, requesting
my opinion on the power of national banking associations
to open and operate offices at places other than their banking houses for the performance of such routine services as
the receipt of deposits and cashing of checks for their customers. You request to be advised whether:
" (1) Assuming that a national banking association is
without power to establish and maintain a branch bank for
carrying on a general banking business, has it the corporate
power to open and operate an office or offices at a place or
places other than its banking house, for the performance of
such routine services as the collection of deposits and cashing of checks for its customers?
" (2) If a national banking association has the corporate
power to open and operate such an office or offices, must
they be located within the city limits of the place designated in the organization certificate of the association as the
Elace where its operations of discount and deposit would
e carried on?"
The statutes relating to national banking associations, so
far as they are material to our present inquiry, are sections
5133, 5134 (par. 2), 5136 (par. 6 and 7), and 5190, R. S.
The material parts of said statutes read as follows:
" SEC. 5133. Associations for carrying on the business of
banking under this title may bo formed by any number of
natural persons, not less in any case than five. They shall
enter into articles of association, which shall specify in
general terms the object for which the association )s formed,
and may contain any other provisions, not inconsistent
with law, which the association may see fit to adopt for the
regulation of its business and the conduct of its affairs.
"SEC. 5134. The persons uniting to form such an association shall, under their hands, make an organization certificate, which shall specifically state: * * *
"Second. The place where its operation of discount and
deposit are to be carried on, designating the State, Territory, or district, and the particular county and city, town,
or village.
"SEC. 5136. Upon duly making and filing articles of
association and an organization certificate, the association
shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in
the name designated in the organization certificate, it shall
have power—* * *
"Sixth. To prescribe, by its board of directors, by-laws
not inconsistent with law, regulating the manner in which
the stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its
general business conducted, and the privileges granted to
it by law exercised and enjoyed.
The provisions of section 5190 R. S., as to the place at
which the usual business of the bank shall be transacted
refers to the city or town in which the bank is located and
not the particular place within the city. McCormick v.
Market National Bank, 165 U. S. 538, 549.
National banks have only those powers specified in the
national banking acts, and such other powers as are necessarily incidental thereto. McBoyle v. Union National
Bank, 122 Pa. 458; First National Bank v. National Exchange Bank, 92 U. S. 122, 127; Logan Co. National Bank
v. Townsend, 139 U. S. 67, 73; Bullard v. Bank, 18 Wall,
589, 593.
In Bullard v. Bank, supra, the Supreme Court said:
"The extent of the powers of national banking associations is to be measured by the act of Congress under which
such associations are organized."
In Logan Co. National Bank v. Townsend, supra, the
court said:
" I t is undoubtedly true, as contended by the defendant,
that the national banking act is an enabling act for all associations organized under it, and that a national bank can
not rightfully exercise any powers except those expressly
granted by that act, or such incidental powers as are necessary to carry on the business of banking for which it was
established."
It is to be observed that section 5190 R. S. relates to the
"usual business" which, in my opinion, is to be construed the general banking business usually conducted by
national banks. There is no statutory requirement that
all the business of a national bank shall be transacted at
the general office or banking house of the association.
In my opinion, a national banking association may establish in the city or place designated in its certificate of
organization an office or offices for the transaction of business of a routine character, which does not require the
exercise of discretion, and which may be legally transacted
by the bank itself. It may not, however, establish a
branch bank to do a general banking business such as is
usually done by national banks. The establishment of
such a branch would be illegal, and subject the offending
bank to the forfeiture of its charter. 29 Op. 81.
It seems to be the intent of the national banking act
that the business of banking ordinarily transacted by a
national banking association shall be performed in the city
or place designated in ita organization certificate.
It has been held that a. national bank can not make a
valid contract for the cashing of checks upon it, at a
different place from that of its residence, through the
agency of another bank. Armstrong v. Second Nat'l
Bank, 38 Fed. 883, 886.
NOVBMBEH, 1923.
1197
FEDERAL RESERVE BULLETIN.
While national banking associations may exercise all
the powers expressly given them by the statute, and such
additional powers as may be necessary to carry on the
business of banking, the manner in which the powers may
be exercised are subject to the supervision of the Comptroller of the Currency. Should the Comptroller, in the
exercise of his supervisory powers over national banks,
ascertain that the directors or officers have knowingly
violated, or are violating the national banking laws, he
may proceed against such association, its officers and
directors as provided by section 5239, R. S., which reads
as follows:
"If the directors of any national banking association
shall knowingly violate, or knowingly permit any of the
officers, agents, or servants of the association to violate
any of the provisions of this Title, all the rights, privileges
and franchises of the association shall be thereby forfeited.
Such violation shall, however, be determined and adjudged
by a proper circuit, district or territorial court of the United
States, in a suit brought for that purpose by the Comptroller
of the Currency, in his own name, before the association
shall be declared dissolved. And in cases of such violation,
every director who participated in or assented to the
same shall be held liable in his personal and individual
capacity for all damages which the association, its shareholders, or any other person, shall have sustained in consequence of such violation."
Answering your specific questions I have the honor to
advise you as follows:
First. National banking associations have the power
to open and operate offices at places other than their banking houses, within the place specified in their organization
certificate, for the performance of such routine services
as the receipt of deposits and the cashing of checks for
their customers.
Second. National banking associations have no authority
to open offices for the purpose of receiving deposits, paying
checks, etc., outside of the limits of the city or place
designated in the organization certificate as the place of
its operations of discount and deposit.
Respectfully,
H. M. DAUGHERTY,
Attorney General.
The Honorable THE SECRETARY OF THE TREASURY.
therefor to the Comptroller of the Currency on a form prescribed or approved by him in which shall be set forth,
among other things, the following:
(a) The number of offices and the proposed street location or vicinity of each.
(6) A statement of the condition of the applying bank
as of the date of application.
(c) The number of banks with branches or additional
offices in operation in said city.
(d) A statement of the facts and conditions which, in
the opinion of the board of directors, make it necessary for
the applying bank to establish the proposed office or offices.
(5) Each application for one or more additional offices
shall be accompanied by a certified copy of a resolution of
the board of directors showing that such application has
been submitted to and approved by the board.
(6) After the comptroller has approved the application
of a national bank for one or more additional offices and
before such office or offices are opened for business, a statement shall be transmitted to the comptroller showing the
street location, the purchase price paid, the annual rental
cost, and the cost of equipment, for each such office.
(7) Operations of additional offices of national banks
established under these regulations shall be confined to
the receipt of deposits and the payment of checks and
other such routine or administrative functions.
(8) No investment in bonds or other securities for the
account of the bank shall be made at any such additional
office.
(9) No loan or discount shall be made to any customer
of the bank through any such additional office that has
not been authorized at the banking house by a resolution
of the board of directors, or by an appropriate committee
of such board, or by an officer or officers acting under
authority from such board, and no general authority issued
by the board of directors shall vest in any officer or employee at such additional office any discretionary authority
with reference to making such loans or discounts.
(10) A statement of the business conducted at such
offices shall be transmitted to the banking house as of the
close of business daily, shall be incorporated on the
books at the banking house at regular intervals, and shall
enter into all statements of the condition of the bank.
STATEMENT TO ACCOMPANY REGULATIONS.
OCTOBER 26,
REGULATIONS OP THE COMPTROLLER OF THE CURRENCY
RELATING TO ESTABLISHMENT OP ADDITIONAL OFFICES
BY NATIONAL BANKS.
OCTOBER 26,1923.
(1) Under the authority of the national bank act, as
construed by the Attorney General in opinions rendered
on May 11, 1911, and October 3, 1923, respectively, the
Comptroller of the Currency will permit national banks,
under the conditions hereinafter set forth, to establish one
or more additional offices.
(2) A national bank will be permitted to establish such
an office only in a city in which other banks are engaged
in, and under existing law or regulation are permitted
to engage de novo in, banking practices which make it
necessary for the national bank in question to operate such
an office in order effectively to conduct its banking business.
(3) National banks will be permitted to establish such
offices only within the limits of the city, town, or village
named in its organization certificate as the place where its
operations of discount and deposit are to r>e carried on.
(4) A national bank desiring to establish and to operate
one or more additional offices shall make application
1923.
DEAR SIR: The Attorney General in an opinion dated
October 3, 1923, has made the following ruling:
"A national banking association may establish in the
city or place designated in its certificate of organization,
an office or offices for the transaction of business of a
routine character which does not require the exercise of
discretion and which may be legally transacted by the
bank itself. It may not, however, establish a branch
bank doing general banking business such as is usually
done by national banks. The establishment of such a
branch would be illegal and subject the offending bank to
the forfeiture of its charter."
In this connection the Attorney General further held
that the manner of the exercise of the incidental powers
by virtue of which under the law national banks are
permitted to establish such offices, must be exercised
"subject to the supervision of the Comptroller of the
Currency."
In the opinion rendered by Attorney General Wickersham May 11,1911, it was held that a national bank is not
authorized under the national bank act to establish :
1198
FEDERAL RESERVE BULLETIN.
branch bank for the purpose of engaging in a general
banking business; that the establishment of such a branch
would be illegal and would subject the offending bank to
the forfeiture of its charter.
This view is confirmed and restated in the opinion of
October 3, in which Attorney General Daugherty elaborates
the earlier opinion by making a distinction between the
discretionary powers of a national bank (that is to say, the
corporate powers of the bank as exercised by its board of
directors) and the purely routine or administrative functions which may be performed by the bank employees.
Upon this theory, while denying to a national bank the
power to maintain a branch bank in which the discretionary authority of the board of directors could be exercised, he held that a national bank might establish an
office or offices within the city or town in which the bank
is located, at a distance from its banking house, and at or
through such office or offices the bank might perform
routine or administrative functions, leaving the discretionary authority of the bank to be exercised solely at the
banking house.
The right or power to establish such additional offices in
the city or town in which the bank is located, not being
expressly authorized by statute but being an implied incidental power, and the functions to be performed through
such offices, in the opinion of the Attorney General, being
limited to routine or administrative functions, it is necessary for the Comptroller of the Currency in the exercise
of his general supervisory powers to prescribe regulations
in which are set forth the conditions under which such
offices may be established and operated.
While the opinion of the Attorney General permits the
Comptroller of the Currency to afford a measure of relief
to national banks in certain cities where local banking
practices have put the national banks to a disadvantage, he
could not properly permit such national banks to establish
NOTEMBEB, 1923.
additional offices without restriction, or in localities where
the other banks are prohibited from enjoying similar
privileges. The establishment of such offices being an
exercise of an implied power, must be exercised only
where an actual necessity exists in each instance and only
after approval by the Comptroller of the Currency.
Where a bank desires through such offices to exercise
particular administrative functions not dealt with in existing regulations, an application should be made to the
Comptroller of the Currency for a special ruling.
With reference to applications to the comptroller by
national banks for permission to establish such an offics
or offices, the comptroller will not take into consideration
as a reason for his approval the fact that a bank has prior
to making such application invested funds in property for
the purpose of securing a site or sites therefor.
The above-mentioned opinion of the Attorney General
and the regulations of the Comptroller of the Currency, to
which reference is herein made; have no application to
branches of national banks acquired under the provisions
of the act of March 3,1865, by virtue of which a State bank,
having branches, may convert into a national bank and
elect to retain its branches; nor to branches of national
banks acquired as a result of the consolidation of national
banks under the provisions of the act of November 7,1918,
under which the branches of one or more of such consolidating banks, having been acquired under the act of 1865
above referred to, may be retained by the national bank
resulting from such consolidation.
A copy of the regulations of the Comptroller of the
Currency relating to the establishment of additional
office, together with application to establish such office,
is inclosed.
Yours very truly,
HENET M. DAWBS,
Comptroller of the Currency.
NOVEMBER, 1923.
FEDERAL RESERVE BULLETIN.
1199
BUSINESS TRENDS IN ENGLAND AND THE UNITED STATES.
Business developments in England and in the United States during the past year have in
general been similar in direction, though they have differed in extent. In both countries expansion of business during the early part of this year was accompanied by a rise in prices, and
the subsequent slackening of business was accompanied by price declines. In the United
States, however, the volume of production has been considerably above the pre-war level,
while in England it is still distinctly below that level.
Employment.—Both in England and in the United States employment has increased, but
while in this country the activity of trade has resulted in practically full employment, in Great
Britain unemployment continues to be a serious problem. Even in May and June, when trade
was most active, the number of unemployed out of 11.750,000 insured workers was as high as
1,300,000, or 11 per cent. This percentage, however, represents a considerable improvement
over the situation at the close of 1921, when 16.2 per cent of insured workers in the United
Kingdom were unemployed. In normal times before the war a figure of 3 or 4 per cent was
usual.
Production and trade.—Production of basic commodities reached a peak both in Great
Britain and the United States in May, 1923, and since that time there has been a moderate
recession in both countries. It should be noted, however, that while the general level of production in the United States was the highest on record, greater even than during the war, in
England the output in most lines was below the 1913 level. Nevertheless, there was marked
improvement in the British situation in the first six months of the year as compared with the
same period of 1922, the production of coal, pig iron, and steel being materially greater. The
textile industry has shown little recovery, and shipbuilding continues to be depressed.
British foreign trade during the first half of the year showed a considerable recovery, which
has not since been fully maintained. Comparing the second quarters of 1922 and 1923, the
volume of imports increased from 92 per cent of the 1913 volume to 97 per cent, and the volume
of exports from 65 per cent to 81 per cent. The value of both imports and exports likewise
increased, the exports for May being especially large. Although recent figures are somewhat
less favorable, British foreign trade is still more active than a year ago.
Commodity prices and money rates.—Because of the close trade relations between the
United States and Great Britain and the relative stability of sterling, prices in the two countries
have recently had similar trends. In both countries prices reached a peak in April, one month
before production was at its maximum, and then receded as business slackened. In September prices, particularly of foodstuffs and cotton, again advanced in both countries.
Money rates in this country reflected more promptly the increased demand for credit
arising out of the growing business activity, so that during the first half of 1923 rates were
considerably higher here than in England. In midsummer, however, with the raising of
the Bank of England rate, money rates in New York and London were brought more closely
into line. Since that time seasonal credit demands have resulted in some increase in rates in
both countries, although there has been less than the usual seasonal advance.
Domestic factors in Great Britain's business and financial position during the past year
have thus shown improvement, and the incompleteness of her business recovery has been
due largely to the limited buying power of continental markets, which have remained greatly
disturbed.
FEDERAL RESERVE BULLETIN.
1200
NOVEMBER, 1923.
THE TREND OF BUSINESS ABROAD.1
United
King- France.
dom.
Items.
Germany.
United
States.
1921—September
1922—September
1923—March
June
July
August
September
October
COMMERCIAL BANK DEPOSITS:
1921—September
1922—September
1923—March
June
July
August
September
October
1,186
1,007
992
1,028
1,024
1,007
1,003
12,834
13,354
13,402
13,950
13,821
13,979
1,771
1,660
1, —
1,638
1,638
1,611
1,609
12,540
13,167
13,512
13,807
13,688
13,887
P I G I R O N PRODUCTION (1913=100):
11,573
1921—September
10,988
1922—September
11,783
1923—March
11,850
June
11,716
July
11,677
August
11,877 ,
September
11,943 COAL PRODUCTION
(1913=100):
1921—September
1922—September
11,085
1923—March
11,082
June
11,104
July
11,078
August
10,890
September
10,891
11,158
CENTRAL BANK DISCOUNTS:
1921—September
1922—September
1923—March
June
July
August
September
October
2,460
100
2,104
400
2,685
6,924
2,487
8,747
2,472
72,066
2,634 1,151,863
2,511
3,089
CENTRAL BANK N O T E ISSUES:
1921—September
1922—September
1923—March
June
July
August
September
October
420
390
388
389
392
387
394
37,129
36,603
37,188
36,689
36,929
37,364
37,626
37,670
317
5,518
17,291
43,595
663,200
1,403
420
700
775
761
816
862
884
2,457
2,243
2,232
2,227
2,195
2,225
2,248
2,225
CENTRAL BANK DISCOUNT R A T E
(per cent):
1921—September
1922—September
1923—March
June
July
August
September
October
12
18
18
30
90
108
194
165
175
174
170
166
166
301
294
372
372
220
179
176
169
169
171
173
329
291
321
331
321
328
339
381
RETAIL PRICE INDEX (relatives):*
1921—September
1922—September
1923—March
June
July
August
September
432
6,425
39,898
283,599
3,063,358
12
114
2,627
6,979
33,300
FOREIGN EXCHANGE (per cent of
par):
1921—September
1922—September
1923—March
June
July
August
September
October
1
76.52
91.04
96.49
94.83
94.18
93.71
93.34
92.96
37.72 1.019
39.68 .287
32.77 .020
32.65 .004
30.52 .0014
29.27 .00014
30.34 .000008
30.82 .0000003
1921—September
1922—September
1923—March
June
July
August
September
BANK CLEARINGS: 1
1921—September
1922—September
1923—March
June
July
August
September
Germany.
United
States.
146
164
169
164
159
159
163
153
140
142
144
147
146
149
39
79
138
143
144
135
122
19
50
74
81
77
70
65
56
107
73
103
100
112
75
93
100
101
91
100
109
90
128
127
133
12.2
12.2
11.4
11.0
11.3
11.5
11.4
7,486
410
588
166
171
146
111
2,641
2,690
3,315
2,960
3,004
2,721
2,603
553
484
755
733
765
764
761
474
7,258
28,375
76,624
817,134
73
101
107
112
98
103
108
91
108
113
129
130
130
119
102
117
111
119
115
114
55,248
62,511
60,921
62,884
59,504
60,103
63,836
1,648
1,859
2,474
2,479
2,424
2,243
2,435
99
117
114
113
123
116
132
119
245
197
172
257
SHIPPING ACTIVITY (1913-100):
1921—September
1922—September
1923—March
June
July
August
September
1921—September
1922—September
1923—March
June
July
August
September
(rela-
tives): *
1921—September
1922—September
1923—March
June
July
August
September
UNEMPLOYMENT: »
VALUE OF E X P O R T S : '
P R I C E S AND E X C H A N G E .
PRICE INDEX
United
King- France.
dom.
PRODUCTION AND T R A D E .
CREDIT."
COMMERCIAL BANK LOANS:
WHOLESALE
Items.
VOLUME OF EXPORTS (1913=100):'
291
70
142
99
98
104
89
146
1921—September
1922—September
1923—March
June
July
August
September
86,878
76,944
90,022
1,952
1,881
2,487
2,558
76,818
88,743
83,266
2,616
2,633
2,613
92
114
112
111
134
132
130
137
15,498
16,553
19,644
19,532
18,184
17,308
17,260
134
145
104
137
155
149
133
324,863
313,197
341,376
320,038
303,030
311,352
381,531
96
87
82
78
89
113
VALUE OF IMPORTS: •
1921—September
1922—September
1923—March
June
July
August
September
91
103
102
99
100
100
422
503
179,292
229,493
398,178
320,257
287,335
275,382
253,645
VOLUME OF IMPORTS (1913-100):'
1921—September
1922—September
1923—March
June
July
August
September
42
197
262
206
166
153
128
A full explanation of this table, including a list of the sources employed, appears in the BULLETIN for February, 1923, p p . 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, where July, 1914, is taken as 1. German figures are as first of following month.
< United Kingdom and France—July, 1914 - 100; Germany—October 15,1913-June 15,1914 - 1 ; United States—1913 average - 100.
• United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Germany—number of
applicants for every 100 available positions; United States-Tan index of employment in 12 representative trades, 1919 being taken as 100.
• Amounts stated i n thousands of pounds sterling, millions of francs, millions of gold marks, and thousands of dollars.
' Figures for United Kingdom refer to quarterly period.
1201
FEDERAL EESERVE BULLETIN.
NOVEMBER, 1923.
PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEX.
In September the Federal Reserve Board's index numbers of wholesale prices rose 4 points
in the United States and 12 points in France, while in England the index was unchanged and
in Canada there was a decline of 1 point. Figures for Japan are not available.
For nearly a year the averages of commodity prices in the United States, England, and
Canada have maintained a remarkable degree of stability. In September, 1923, as compared
with September, 1922, prices in the United States were 1 point lower, in England 1 point
higher, and in Canada 4 points higher. In France, however, the September figure was 87 points
higher than that of the corresponding month of the preceding year, indicating an advance of
nearly 30 per cent during the period. This rise in French prices has been accompanied by a
compensating decline in exchange, which in September, 1923, left French prices reduced to a
gold basis 2 points lower than the figure of the preceding year and still materially below the
level in England and the United States.
While the averages of all commodities in England and the United States show little change
during the past 12 months, the movement of group indexes presents a number of significant
features. There has been a marked convergence of the group indexes in both countries. In
the United States in September, 1922, raw materials were 181, producers' goods 147, and
consumers' goods 154. The dispersion between the highest and lowest of these groups was
34 points. In September, 1923, the groups stood respectively at 167, 160, and 162—a maximum
dispersion of 7 points. The tendency in England has been similar, but much less pronounced.
In September, 1922, raw materials were 166, producers' goods 143, and consumers' goods 177—
a maximum dispersion of 34 points. In September, 1923, the figures were respectively 164,
152, 176—a maximum dispersion of 24 points.
INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
1913 =• 100
soo
550
500
/'
•fSO
V\
600
550
N
\
/
500
450
\
400
400
350
•
•
,
/
»
\NCE
>
350
300
300
/
250
•-.•***
S
250
1
\
7
/
•
\
'
s
i
ENGLAND
^
\
200
ZOO
JAPAN175
CANADA\
1
150
0 NITED STATE.
^
n
1
150
•
12S
100
175
125
100
J. F. M.A.M.J. J. A.5. 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. J. F. M.A.M. J. J. A. S. 0. N. D.
1919
1920
1921
1922
1923
1202
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
NOVEMBEE,
1923.
currencies and "converted to a gold basis."
The latter figures take into account the depreciation of the 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 England. 1 France.
States.'
Canada.
100
1922, average
1922.
October
November
1923.
February
March
Anril
l&y
June
July
Japan.
United England. 1 France.
States.'
Canada.
Japan.
100
218
233
156
150
100
174
124
126
100
199
223
150
147
100
181
182
100
211
239
149
158
144
145
147
147
179
174
172
173
164
165
164
165
148
146
149
155
117
112
109
118
144
145
147
146
171
168
167
179
148
152
155
156
155
153
151
149
148
176
183
185
185
187
186
182
166
166
169
170
167
164
159
159
163
158
162
166
167
164
162
158
154
153
112
113
122
126
125
121
113
108
115
147
150
152
153
152
150
147
146
144
172
178
180
181
184
183
178
100
211
239
149
158
100
241
310
198
165
100
207
250
167
149
100
478
321
298
164
165
164
185
163
160
162
164
294
294
307
315
166
166
169
170
167
164
159
159
163
165
168
173
175
173
171
168
164
164
324
355
372
364
363
372
369
369
381
175
175
OROUP INDEX NUMBERS OP WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.'
1922
1928
Sept.
Aug.
July.
June.
Sept.
UNITED STATES.1
A U commodities
Goods produced
Goods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
Sept.
Aug.
Sept.
July.
June.
151
149
164
142
136
168
168
153
151
166
146
141
168
167
144
140
170
133
133
154
157
182
184
173
192
179
176
186
186
187
184
198
186
185
187
179
183
156
18»
150
177
190
CANADA.
163
165
144
176
167
160
162
159
161
136
166
162
158
157
159
161
141
170
163
160
155
164
166
148
182
171
164
157
164
167
127
157
181
147
154
All commodities...
Goods produced...
Goods imported...
Goods exported...
Raw materials
Producers' goods..
Consumers' goods.
164
154
164
166
164
152
176
164
165
162
166
165
150
177
168
169
164
173
171
153
178
171
173
167
185
177
158
175
163
165
157
154
166
143
177
All commodities..
Goods produced..
Goods imported..
Goods exported..
Raw materials.
| Producers'goods..
Consumers' goods.
381
365
460
405
416
323
359
355
445
381
406
309
363
357
434
373
417
312
349
372
359
434
373
418
314
345
294
289
320
301
323
238
296
ENGLAND.
All commodities
Goods produced
Goods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
1922
1923
Countries and commodity
groups.
Countries and commodity
groups.
148
146
163
141
130
167
170
149
148
162
142
131
166
172
JAPAN.
FEANCE.
All commodities.
Goods produced
Goods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
1
Revised figures. See p . 1208.
' 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, 192;'; Canada—July, 1922; Japan—September, 1922.
1203
FEDERAL BESBBVE BUIJLETIN.
NOVEMBER, 1923.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
AIX-COMMODITIES INDEX NUMBERS.'
EUBOFE.
Bul- CzechosloBelDen- France;
vakia; mark; General
Year and month. gium;
Minis- Statis- Central Finans- Statistical
try of
tical Bureau tidBuLabor.' Bu- 5 of Sta- ende. 1 reau.*
reau. tistics.'
(128)
(38)
(126)
(33)
"100
1,355
"100
294
382
250
179
100
101
356
510
345
327
329
337
352
367
1922.
September...
October
November...
December
364
385
408
407
2,531
2,558
2,564
2,630
1,059
1,017
999
1,003
176
180
182
181
1923.
January
February
March
April
May....
June
July
August
September..
October
434
474
482
480
474
484
504
529
514
2,657
2,666
2,828
2,757
2,613
2,545
2,408
2,292
2,265
1,019
1,028
1,031
1,030
1,001
968
958
957
973
192
199
200
204
202
207
207
202
205
207
Is 100
sl
EUROPE—continued.
Year and month.
1913.
1914.
1919.
1920.
1921.
1922.
1922.
September
October
November
December
|
!
!
1923.
January
February
March
April
May
June
July
August
September
October
100
(44)
Netherlands;
Central
Bureau
of Statistics.'
(98)
(38)
(107)
(48)
(404)
»19.7
»21.3
327.2
100
109
304
292
182
160
M 115
Jlg22
382
432
945
1,674
2,054
287
566
1,151
1,475
582
601
596
580
152
155
158
155
7,159
2,785
387
6,770
422
6,585
6,425
424
4,888
8,237
415
5,212
407
14,980
8,170
409
39,898
19,385
407
283,599
74,787
413 3,063,358 331,695
424 182,953,500 2,390,000
575
582
687
588
580
568
566
567
569
563
157
155
156
156
149
149
145
142
143
Canada;
Bureau
of Statistics. 5
(271)
(238)
307
197
159
100
98
206
226
147
149
100
101
217
246
182
165
154
155
158
156
156
158
159
158
150
153
•153
152
153
154
156
156
157
158
160
162
160
159
157
161
163
163
165
164
160
155
155
160
160
153
155
156
157
155
150
147
147
150
156
157
159
169
156
153
151
150
154
"570
1,376
100
101
204
221
190
176
"100
116
330
347
211
162
225
221
221
220
1,524
2,013
2,766
3,464
174
172
174
172
158
155
154
155
165
171
172
220
224
229
231
233
230
235
231
234
237
5,447
8,518
9,885
10,589
11,254
18,814
30,700
53,569
73,022
170
170
171
174
171
170
170
171
174
156
158
162
159
158
160
157
163
155
175
181
188
187
181
180
175
173
181
100
AusChina
tralia; (ShangBureau hai);
of Cen- Minissus and
Statistics.* nance."
(147)
(92)
"100
»S26
195
168
South
Dutch India
New
(CalEast
Zealand; (CaSo); Africa;
Office
of
Indies; cutta);
Depart- DepartStatis- Department of ment of Census
tical ment of Japan. 1 Statis- Statis- and
Bu- Statistics."
tics. Statistics.'
reau.* tics.*
(106)
(23)
(187)
(56)
(75)
(17)
"100
208
241
170
150
"100
180
218
167
154
163
162
164
165 I
|
145
146
150
151
158
159
162
161
140
142
143
149
160
160 '
160
160 i
176
177
178
176
165
166
167
168
169
167
166
164
163
151
163
155
15«
155
155
154
153
155
163
161
163
166
170
178
180
175
172
153
158
159
158
158
155
155
153
157
161
172
174
172
171
166
160
179
180
181
178
177
175
170
171
174
!
I
j
;
|
1
I
(58)
Spain; Sweden;
InstiQ6te- Switiertute of borgs land;
GeogHan- Dr. J.
raphy
dels- Loreni."
and
tidStaning.10
tistics.'
(47)
(74)
(71)
ASIA AND OCEANIA.
Canada;
Department of
Labor."
100
101
242
295
188
155
155
158
(92) I
100
95
364
631
578
562
100
99
. 235
283
181
159
!
i
i
I
tiania); Central
Oekon- Statistical
omisk
Revue." Office.*
1.1
4.2
14.9
19.1
341.8
"1.0
NOETH AMERICA.
(45)
' The number of commodities or quotations
in each index is indicated by figures in parentheses
at head of each column.
J
Average of last half of month.
1
Figures as of the first of the following month.
• End of month.
• Average for the monl h.
• 38 commodities prior to 1920; 76 commodities during 1921. End of month.
Italy;
Riecardo
Bachi.«
.
United
United
United States;
KingKing- Bureau
dom;
Board Econo- dom; of Labor
of
Statist.* Sta- 5
Trade. 5 mist.*
tistics.
(150)
Germany;
Federal
Statistical
Bureau. 1
(45)
100
103
1,166
1,940
2,006
2,473
1913
1914
1919
1920
1921
1922
Germany;
Frankfurter
Zeitung. 1
»141 I
152
150 I
146 I
99
217
275
176
164
»100
198
204
181
180
' New series based on 48 articles instead of 53.
»Dec. 31,1913, to June 30,1914-100.. End of month.
»15th of the month.
10
Middle of month.
"1913
average-1.
11
July 1,1913, to June 30,1914-100.
15
April, 1914-100.
'•July, 1914-100.
" July 1,1912, to June 30,1914-100.
!
I
!
I
100
97
165
223
161
129
100
95
236
259
200
196
100
104
178
212
201
177
"100
225
299
171
145
103
190
188
183
174
174
175
172
140
144
147
129
184
192
196
196
199
198
192
171
173
174
174
176
177
176
175
177
141
137
131
1SW
133
134
128
123
120
123
126
124
" J u l y , 1914-1.
"21J a n u a r y , 1914-1.
December figure.
a
January figure.
" A« of last Wednesday in month.
" February, 1913-100.
* End of July, 1914-100.
» Jan. 1,1913, to July SI, 1914-100.
*• Revised figures.
1204
FEDERAL RESERVE 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 page. Group index
NOVEMBER,
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 1202. 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.
Raw materials.
Year and month.
1913
1919
1920
1921
1922
Agricul- Animal
Total
Forest Mineral raw
tural
maproducts. products. products. products. terials.
(88)
(35)
(21)
(21)
(11)
.
. .
1922.
September
November
December
1923.
January
March " .
April
May
. .
July . . .
August
September
.
.
. . . . .
.
.
.
.
Producers'
goods.
(117)
ConAU
sumers' commodi*
goods.
ties.
(199)
(404)
100
251
2SS
134
145
100
221
186
110
125
100
211
311
165
185
100
179
236
184
207
100
217
228
142
158
100
179
215
135
128
100
211
231
159
151
100
206
226
147
149
136
147
160
161
132
132
129
128
199
204
207
210
236
218
209
208
168
166
166
167
132
135
136
135
150
152
155
157
153
154
156
156
164
170
174
172
167
165
154
152
163
125
123
123
123
122
119
120
125
131
215
220
227
232
226
215
209
203
196
213
207
202
198
189
184
179
177
176
168
167
167
166
161
158
153
153
158
136
141
148
150
148
144
141
137
139
165
155
156
157
156
155
154
154
158
156
157
159
159
158
153
151
150
154
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
Year and month.
1913
1919
1920
1921
1922
September
October
November
December
January
February
March
April
May
June
July
August
September
Farm
products.
Foods.
(66)
(110)
(65)
(20)
(37)
(43)
House
furnishing
goods.
(31)
AU
Miscellaneous. commodities.
(25)
(404)
100
231
218
124
133
100
207
220
144
138
100
263
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
133
138
143
145
138
140
143
144
183
188
192
194
244
226
218
216
134
135
133
131
180
183
185
185
124
124
127
130
173
176
179
182
116
120
122
122
16}
154
156
156
143
142
143
141
138
138
135
139
144
141
141
143
144
144
142
141
142
147
196
199
201
205
201
198
193
193
202
218
212
206
200
190
186
183
178
176
133
139
149
154
152
148
145
145
144
188
192
198
204
202
194
190
186
182
131
132
136
136
134
131
128
127
128
184
184
185
187
187
187
187
183
183
124
126
127
126
125
123
121
120
121
156
157
159
159
156
153
151
150
154
1922.
1923.
Butldini? ChemCloths Fuel and Metals
and
and
mate- icals and
metal
clothing. lighting. products.
rials.
drugs.
NOVEMBER,
1205
FEDERAL RESERVE BULLETIN.
1023.
GROUP INDEX NUMBERS OF WHOLBSALE PRICES IN FOREIGN COUNTRIES.
SWEDEN.
[July, 1913-June, 1914=100.]
FRANCE.
[1913=100.]
i Septem- Auu gust,
S ber, 1923. 1923.
Groups.
All commodities
Allfoods
Animal foods
Vegetable foods
Sugar, coffee, cocoa..
All industrial material...
Minerals
Textiles
Sundries
413 i
382
404
330
439
439
395
557
410
424
408
423
341
514
437
385
556
413
July,
1923.
SepSeptember, tember,
1922.
1921.
407
385
393
340
455
425
376
527
408
329
318 |
346 |
279
333
339
279
418
341
344
352
373
311
389
338
253
388
370
GERMANY—FEDERAL STATISTICAL BUREAU.
[1913=1.]
All commodities
Goods produced.
Goods imported.
2,390,000 331,695 74,787
2,300,000 166,604 160,841
3,240,000 518,404 296,857
!
I
!
i
157
155
139
148
177
158
148
154
156
143
174
152
154
132
187
199
196
200
202
181
183
138 !
198 I
168
159 I
138
184
165
160
139
188
166
161
140
185
168
163
161
213
162
190
150 !
159 I
178 !
151
137 !
145 i
126 j
166 |
146
175
191
186
153
203
168
149
182
173
\
UNITED KINGDOM—STATIST.
[1913=100.]
All commodities.
Foodstuffs
Animal foods
Sugar, coffee, tea
Vegetable foods..
Materials
Minerals
Textiles
Sundries
150
159
159
191
146
145
135
167
137
147
155
161
167
143
142
134
158
136
147
155
155
180
144
142
135
156
137
AH commodities...
Animal foods
Vegetable foods
Coal and coke
Iron
Metals
Building materials.
Textiles
Hides and leather..
155
148
133
197
17«
168
153
147
127
196
178
168
184
168
184
165
154
147
126
199
179
170
99
184
166
145
144
144 j.
159
145
152
156
146
149
158
147
148
145 I
132 I
131
174
166
157
100
192
166
All commodities
Vegetable foods
Other vegetable products
Animal foods
Chemicals
Textiles
Minerals and m e t a l s . . . .
Building materials
Sundries
All commodities
Cereals
Other food products
Textiles
Metals
Fuel
Building materials
Industrial materials
153
150
149
154
157
164
162
163
155
153
154
156
156
168
161
171
157 !
156
134 !
158
146
179
182
183
208
149
180
121
200
191
88
201
149
150
188
121
200
198
87
197
151
150 I
190
123
200
198;
87
210
151 !
160
169
119
215
154
90
171
150
207
223
130
191
178
108
168
191
231
217
213
297
269
178
177
185
263
235
208
232
314
275
178
176
179
269
225
238
208
258
249
161
185
141
242
287
302
303
333
339
190
299
309
210
91
100
102
110
68
85
65
86
97
91
104
101
1114
68
K5
65
85
97
93
112
120
110
70
80
65
81
95
93
114
102
125
71
75
59
91
93
234
235
213
298
267
184
178
189
265
91
96
102
113
68
89
66
84
96
INDIA.
(July, 1914-100.]
August,
1923.
161 Tea
Other articles of food —
July,
1923.
June, August, August,
1923. 1922.
1923.
174
114
112
231
211
222
134
73
239
171
111
114
246
209
207
135
76
238
170
115
108
265
202
219
138
92
245
160
174
196
187
119
116
176
135
145
227
154
196
145
109
208
187
153
182
238
107
170
150
85
150
179
159
135
191
213
242
122
127
143
Other textiles—silk and
Other raw and manuBuilding materials—
NEW ZEALAND.
[1913-100.]
CHINA.
[February, 1913=100.]
157
153
150
155
167
166
166
173
163
164
142
ITALY.
[1920=100.]
CANADA—DOMINION BUREAU OF STATISTICS.
11913-100.]
All commodities
Vegetable products
Animal products
Textiles
Wood products
Iron products
N onferrous metals
Nonmetallic minerals
Chemicals
Kaw materials, or partly
manufactured
Manufactured, fully or
chiefly
Producers' goods
Consumers' goods
155
143
157
NORWAY.
[First half of 1914=100.)
155
153
135
152
172
156
145
158
159
139
160
179
157
143
All commodities
Vegetable foods
Animal foods
Raw materials for agriculture
Coal
Metals
Building materials
Wood pulp
Hides and leather
Textiles
Oils
287
258
431
UNITED KINGDOM-BOARD OF T R A D E .
[1913-100.]
All commodities
Total food
Cereals
Meat and fish
Other foods
Total, not food
Iron and steel
Other minerals and
metals
Cotton
Other textiles
Other articles
September,
1921.
Septem- August,
ber, 1923. 1923.
Groups.
140
140
129
139
130
170
165
185
154
140
134
158
150
173
177
258
All commodities
Agricultural products
Flour, bran, and oatmeal.
Wool, hides, tallow, butter, etc
General merchandise, etc.
Building materials
Leather
,
Chemicals and manures..
Coal
175
166
159
169
166
161
177
167
161
177
144
179
197
158
207
132
168
199
151
132
187
135
168
199
151
132
187
136
170
199
149
133
187
139
176
201
154
138
201
15S
207
328
175
171
211
1206
FEDERAL KESEBVE BULLETIN.
NOVEMBER, 1923.
REVISION OF THE INDEX OF WHOLESALE PRICES IN THE UNITED STATES.
The index number of wholesale prices in the United States, compiled by the Federal
Reserve Board, has undergone slight revisions to correct errors in calculation. The changes occur
chiefly in the goods produced group in the months following June, 1921, and have resulted in a
five or six point increase in the price level of such goods, accentuating the spread between the
prices of domestic and imported goods. The general level of all commodities has remained
unchanged except for an occasional adjustment of one point.
The entire index number in its corrected form is given below from June, 1921, to date:
Goods Goods Goods
proimexduc- port- ported.
ed.
ed.
Raw
ma-
terials.
Pro- Con- All
duc- sum- comers
ers modigoods. goods. ties.
Goods Goods Goods Raw- Pro- | Con- All
proimmadueoxcomduc- port- port- terimodied.
ed.
als. goods. ] goods. ties.
ed.
1922.
1921.
June
July
August
September..
October
November..
December..
146
149
150
150
149
148
145
102
103
104
106
107
108
111
126
126
127
149
146
143
141
133
134
133
138
140
141
140
143
136
133
133
132
128
127
154
162
167
162
158
157
153
143
146
147
147
146
145
143
1922.
January.—
February...
March
April
Miy
June
July
145
149
150
152
161
164
168
110
110
111
115
119
124
128
139
142
144
144
155
163
165
141
145
147
150
164
167
177
127
127
126
129
137
141
143
142
146
147
149
158
161
165
150
155
157
156
160
164
163
August
September.
October
November..
December..
1923.
January
February...
March
April
May
June
July
August
September.
169
167
168
166
167
127
127
134
136
137
162
157
163
173
174
184
181
179
177
177
144
147
150
150
149
156
154
156
156
157
166
164
165
164
165
168
168
171
172
169
166
161
161
165
139
145
153
155
155
148
141
136
144
180
187
193
186
179
182
170
166
176
182
181
184
181
176
171
163
162
167
150
156
165
169
167
164
160
158
160
156
154
155
158
158
157
155
157
162
166
166
169
170
167
164
159
159
163
REVISION OF THE INDEX OF WHOLESALE PRICES IN THE UNITED KINGDOM.
There have been revisions in the index numbers of wholesale prices in England which lower
the general level of all commodities about 2 points, and also change the gold basis figures.
Both series are given below from 1919 to date in their final form. There were no changes in
the group index numbers.
227
222
210
214
224
234
242
249
251
261
272
283
222
217
203
205
215
222
220
218
215
224
229
221
January
February...
March
April
May
June
July
August
September..
October....
November..
December..
301
316
325
330
336
334
322
317
311
293
277
257
1922.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
227
219
249
266
265
271
255
236
224
209
195
184
AU
com- Conmodi- verted
ties,
gold
index tobasis.
numbers.
Converted
to gold
basis.
1921.
1920.
1919.
January
February
March
April
May
June.
July
August
September...
October
November...
December
AU
commodi. ties,
index
numbers.
All
com- Conmodi- verted
ties,
index to gold
num- basis.
bers.
All
com- Conmodi- verted
ties,
gold
index tobasis.
numbers.
240
223
210
203
198
195
193
193
191
185
174
170
185
177
168
164
182
151
144
1*5
146
147
142
145
January
February...
March
April
May
June
July
August
September..
October
November..
December..
All
com- Conmodi- verted
ties,
gold
index tobasis.
numbers.
1923.
167
165
166
165
169
167
169
166
163
160
162
164
145
148
149
150
154
153
154
152
148
146
149
155
January
February...
March
April
May
June
July
August
September..
165
168
173
175
173
171
168
164
164
158
162
166
167
164
162
158
154
153
•
INDEX NUMBER OF RETAIL FOOD PRICES IN^ESTHONIA.
The following index number of retail food prices in Esthonia has recently been constructed
and is presented m the BULLETIN for the first time. The index is constructed by the Central
Statistical Bureau of Esthonia and is based on the retail prices of 24 foods. It is an unweighted
arithmetic average of relatives, with 1921 equal to 100.
[1921-100.]
1921
January...
February.
March
April
M y
Jane
115.8
111.5
111.5
106.1
103.7
100.2
1922
85.3
82.0
79.9
81.9
80.8
84.6
1923
92.2 || J u l y .
93.7 !| August.
102.3 September.
October
92.7 November.
92.3 December..
1921
98.1
93.9
94.0
92.7
87.1
85.1
1922
83.5
83.4
87.9
89.4
90.3
92.6
1923
NOVEMBER,
1207
FEDERAL RESERVE BULLETIN.
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 OTHER
COUNTRIES.
EUROPEAN COUNTRIES.
Year and
month.
AusGerFrance many
tria
Bel- Czechoslo(Par(Vi(71
gium. vakia.
is)." cities).
enna).
1914, July.
1920, Sept.
1921, Sept.
1
Germany
(Berlin).
NetherUnited
India New
Nor- Spain Swe- SwitItaly. lands
zer- King- United Can- Aus- (Bom- Zea(Am- way. (Madrid).' den. land." dom. States. ada. tralia. bay). land.
sterdam).
100
100
336
290 ""187"
100
307
228
«100
100
267
225
100
199
150
100
215
159
100
197
154
100
203
183
100
173
161
154
149
146
147
228
220
216
215
179
178
178
177
180
178
170
168
153
153
155
155
172
172
176
178
137
140
142
144
139
138
139
140
149
146
145
146
161
158
155
157
139
138
139
13S
148
149
149
149
147
145
145
143
143
214
214
214
212
214
213
218
220
218
180
181
178
180
178
170
172
178
178
166
165
166
163
161
161
160
161
165
155
154
156
158
161
165
164
162
177
162
175
173
171
168
162
160
162
165
168
172
141
139
139
140
140
141
144
143
146
142
142
145
143
140
138
137
142
141
145
144
145
146
148
162
164
165
161
151
150
149
150
148
146
148
149
149
Ut
>100
100
1,428
100
407
329
1
»13
16
1
13
17
•100
480
542
"100
422
Dec
13,531
11,886
11,145
10,519
384
406
433
429
1,105
1,016
984
962
291
290
297
305
154
266
550
807
176
288
606
832
537
555
561
557
1923.
Jan
Feb
Mar
Apr
»fey
June
July,
Aug
Sept
Oct
10,718
10,784
11,637
12,935
13,910
14,132
12,911
12,335
12,509
12,636
425
436
434
411
407
417
448
469
498
941
934
926
927
928
933
921
892
904
541
527
523
530
535
531
1922.
Sept
Oct
NOT
1
1,366
309
1,337
316 3,183
3,304
321 3,315
3,261
320 3,500
3,286
4,620
325
4,624
331 9,347
10,059
321 46,510
39,915
328 670,485 643,626
339
16,554,6S0
Includes, in addition to foodstuffs, certain items of fuel and light.
« April 15,1914.
• Average for 1913.
* June.
139
141
143
143
143
142
143
145
* July.
COST OF LIVING INDEX NUMBERS.
UNITED STATES AND OTHER COUNTRIES.
EUROPEAN COUNTRIES.
Year and
month. Austria Bel(Vien-
Fingium. land.
na).
i
•100
"100
471
386
'100
«931
1,278
11,306
10,332
9,701
9,375
371
376
384
384
1,160
1,178
1,169
1,158
9,454
9,601
10,151
10,897
11,440
11,513
10,903
10,496
....
10,841
11,027
383
397
408
409
413
419
429
439
458
1,150
1,149
1,147
1,116
1,096
1,109
1,111
1,163
1,172
1914, July.
1920, Sept.
1921, Sept.
1922.
Sept
Oct
NOT
Dec
1923.
Feb
Mar
£:::::::
June
July
Ang
Sept
Oct
France Ger(Par- many
(71
is).
cities).
100
295
289
»1
9
12
NetherGermany Italy
Nor(Mi- lands
(Am- way.
(Ber- lan).
sterlin).
dam).
1 <100
10
12 520
133
221
446
685
164
261
565
868
498
504
505
504
1,120
2,643
2,854
2,954
3,816
334 7.650
37,651
586,045
1,291
2,814
2,608
2,596
4,233
8,770
32,886
59,017
148,372
505
497
493
492
490
491
487
300
324
Poland.
United
India New South
States
Swit- United United
(Massa- Can(Bom- Zea- Afrizer- King- States
(32
land. dom. cities). chu- ads. bay). land. ca.
setts).
U00
100
1
a 100
296
398
203
100
261
220
' 100
199
175
246
238
154
155
158
158
179
178
180
180
166
176
1,077
1,284
1,710
2,310
172
237
3,627
5,706
7,618
8,351
9,467
236 12,780
20,937
43,956
230 51,755
158
157
158
160
163
166
166
164
178
177
176
174
170
169
169
171
173
175
173
173
177
170
169
170
172
100
}96
157
100
186
158
100
192
185
noo
162
153
154
154
147
147
147
148
165
162
160
161
144
143
143
143
120
121
122
121
154
155
154
155
156
156
157
156
157
149
150
151
150
147
146
146 i
148
148
156
155
154
155
153
151
153
154
154
142
142
143
143
144
145
145
146
120
120
119
120
120
120
lit
118
152
155
1
> Apr. 15, 1914-100. New series; food, clothing,
fuel, and lighting in 9 Provinces.
»1913-1914-1.
s
June.
< First half of 1914-100.
• 1910-11-100.
»July.
' 1913-100.
* 6 months moving average.
• 1914=100.
•100
130
1208
FEDERAL, RESERVE BULLETIN.
NOVEMBER,
1923,
INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.
UNITED KINGDOM.
TRANSPORTATION.
PRODUCTION.
Year and
month.
Coal.
Steel
inPig gots
iron. and
castings.
Raw
British
cotrailways.
VesVeston, Iron
Cotsels
sels
and
Fin- risible steel
ton
Raw Raw Raw under clearished sup- manumanu- Coal. cot- wool. wet
ing
Net Total
conhides. strucsteel. ply-« facfacton.
with ton- freight
tion. cargo- miles, retures. tures.
freight ceipts.
Long Long Long Long
Monthly av: tons.1 tons.1 tons.1 tons}
855 639
1913
23,953
1920
19,108 670 756 646
218
1921
18,388
302 238
349
1922
20,996 408
Long Square Long
Bales.' tons.1 yards.' Ions.' Lbsf
414 «596 6,117
181
374 2,078 158
1,397
271
244 2,0.55
1,234
142
98
352 5,350 119
1,064
283
1922.
September. •25,681
October...
21,207
November.
21,712
December. •25,841
430
482
494
534
556
565
601
546
393
410
407
853
882
1,056
1,138
279
347
372
341
399 7,083
357 6,195
402 6,571
364 5,955
60
128
183
205
1923.
21,219
January...
22,247
February..
March
•27,577
21,264
April
20,464
May
• 28,021
Tune
20,061
July
A u g u s t . . . . 19,108
September.. •26,925
568
543
634
652
714
693
655
600
559
634
707
803
749
821
768
640
568
480 1,123
507 1,104
56$ 1,034
513
871
537
762
528
602
453
535
451
583
353
318
36S
387
425
365
308
324
334
404
346
337
320
410
305
320
333
348
5,612
5,903
7.180
6,840
7,684
6,589
6,767
6,580
6,316
135
130
124
63
54
36
46
55
63
52
Oross
Lbs.1 tons.1
7,757 2,003
4,508 3,603
5,367 3,313
5,500 1,810
Ton- £ sta-1
Net
tons.1 miles.* ling.
5,652
3,049 1,546
3,033 1,108 9,132
4,974 1,401 9,636
8,220
5,701
6,160
5,711
5,731 1,464
5,590 1,545
5,653 1,568
5,145 1,429
1,617
1,492
1,338
'2,
5,281
4,985
6,043
5,980
6,444
6,339
5,540
5,833
Unemployed
among
12,000,000 insured
persons.*
Per
cent.
Unem- Net
ployed profits
of
among industrade trial
union- comists. panies.
13.8
13.3
Per
cent.
2.1
2.4
15.3
15.4
Per
cent.
11.7
15.2
10.3
7.0
9,204
9,922
9,954
8,887
12.2
12.3
12.6
12.4
14.6
14.0
14.2
14.0
9.1
1,616 9,828
1,505 9,183
1,695 10,345
1,530 9,353
1,598 9,470
1,517 9,159
13.0
12.1
11.4
11.2
11.0
11.0
11.3
11.5
11.4
13.7
13.1
12.3
11.3
11.3
11.1
11.1
11.4
11.3
1,271
9.9
9.8
>1 In thousands; 000 omitted.
* Figures for end of the month.
' Figures for 5 weeks.
In millions: 000,000 omitted.
' Expressed in yards.
• Figures subsequent to May, 1922, have been revised to include a due proportion of claimants to benefit in respect to systematic short time
previously not included. Differences from former results are usually less than 0.5 of 1 per cent.
FRANCE.
EXPORTS.
PRODUCTION.
Year and month.
Pig iron.
Monthly average:
1913.
....
1920
1921
1922
Metric1
tons.
•434
286
1922.
August
September...
October
November...
December...
1923.
January
February
March
Sfc::::
June
July
August
September...
1
280
427
Crude
steel.
Cotton
stock at
Havre.'
Metric1
Balu.h'
tons.
274
• 391
225
264
169
255
148
373
447
462
503
513
513
397
407
430
410
414
486
306
316
850
393
447
408
290
318
355
388
427
400
452
135
99
131
158
197
169
125
102
84
64
47
26
48
IMPOSTS.
TRANSPORTATIOK.
Unemployed
Average Receipts receiving
Raw
Raw
Coal
for
daily
municipal
Vessels
Total
Total, cotton for silk for
of princi- aid in
volume. volume. consump- consump- consumpcleared. freight
pal railcar
Paris.
tion.
tion.
tion.
loadings. ways.*
Metric
tons.1
1,840
1,071
1 333
1,885
Metric
tons.1
3,685
4,211
3,165
4,281
Metric
tons.
27,428
19,577
16,666
21,923
Metric
tons.
629
390
206
480
Metric
tons.1
1,658
2,005
1,472
1,861
1,797
2,415
2,034
2,034
2,429
4,471
4,138
4,543
4,577
4,930
16,291
17,302
27,877
20,387
36,468
579
550
722
526
436
1,767
1,692
1,768
1,965
2,177
2,399
2,359
2,336
2,455
2,366
50,875
54,431
57,185
56,046
55,848
546,310
720,210
563,314
532,152
691,539
606
410
272
285
414
1,896
2,490
1,822
1,513
1,880
1,799
1,921
1,645
2,681
4,111
3,884
4,087
4,175
4,502
4,932
4,864
4,803
5,063
33,275
18,405
19,867
17,270
17,093
12,550
14,292
12,497
11,101
238
230
285
176
298
276
205
610
971
1,888
1,732
2,053
1,927
2,193
2,561
2,473
2,239
2,946
2,146
1,892
2,467
2,485
2,832
2,804
2,817
2,841
2,592
54,432
55,890
56,972
54,930
54,272
56,757
54,541
55,412
'58,631
484,566
496,581
516,463
647,472
523,097
542,148
558,709
580,796
684
666
588
354
199
166
171
146
111
Tons.1 Number. Francs.1
2,176 . . . . . . . . . . •165,892
1,412
479,894
1,803
516,397
2,229
51,107 557,194
Number.
36,222
20,671
1,679
In thousands; 000 omitted.
» End of the month figure.
• Railways included are: State Railways, Paris-Lyon-M£diterran6e, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Cuillaume-Luxcmbourg.
* Bale of 50 kilograms.
• Figures do not include Lorraine.
* Excludes the Alsace-Lorraine and Guillaume-Luxenabourg Railways.
7
Figures for first three weeks.
NOVEMBER,
1209
FEDERAL. RESEKVE BULLETIN.
1923.
CANADA.
PRODUCTION.
Receipts
of
wheat
Receipts at
stockyards in
Toronto and
Winnipeg.
at
Year and month.
Pig
Iron.
Crude
steel.
Fort
William
Planks Preand i Cattle. Hogs.
served
and
Port
boards. flsh.
Machinery.
UnemployRail- ment
road among
retradeceipts. union
members.
Wood
pulp.
Wheat. Coal.
£6».
87,871
136,375
Bushels*
12,238
17,462
Tons.*
1,525
1 085
Lbs*
7,269
9,229
DolDollars.* lars*
2,292 33,885
1,895 34,021
169,611 11,587
180,068 9,233
154,019 37,593
173,180 55,316
140,001 40,669
440
663
1,465
2,127
1,964
8,459
4,276
4,383
11,284
16,980
1,963 i 35,546
1,918 39,693 '
1,931 47,641
2,114 44,259
1,986 36,758
3.6
2.8
3.9
6.2
6.4
139,749
100,929
150,304
103,660
119,832
177,996
167,846
183,114
1,876 20,0?6
1,601 12,426
1,903 14,362
9,633
1,432
7,567
1,620
6,520
1,794
4,810
1.905
2,025 3,699
1,981
2,033
2,938
2,410
2,397
2,606
2,541
2,361
7.8
6.4
6.8 !
4.6 i
4.5
3.4
2.9
2.2
Saw
cotton.
Business
failares.
Ar
Ai-
thur.
1921 average.
1922 average.
1922.
August
September..
October
November...
December...
1923.
January
February...
March
April
May
June
July
August
September .
Bush- Number.
Tons.'1 Torn.1 eU>
50
56 14,447 39,904
32
41 20,363 49,832
29
25
37
34
36
41
44
65
84
102
89
82
93
75
59
36
53
51
47
Number.
34,165
40,473
Feet.' Lbs*
85 11,007
166 9,488
3,681
36,986
65,120
56,847
32,044
75,212
67,579
87,092
80,084
45,705
29,381 i
26,154
39,806 i
56,328
49,244 '
213
191
239
205
187
48 11,574
46 3,176
89 5,992
93 7,641
104 10,561
96 6,907
74 6,032
105 2,036
66 28,318
42,126
31,323
36,429
44,969
48,493
34,531
53,089
65,796
61,456
64,219
45,554
45,756
58,771
59,044
38,962
44,096
40,224
35,923
168 7,325
124 7,272
205 10,856
152 5,452
218 8,693
228 7,300
259 8,208
224 7,386
' In thousands; 000 omitted.
7,607
20,675
13,239
! 9,995
8,614
9,740
7,129
6,614
5,143
11,932
22,229
12,665
11,419
»In millions; 000,000 omitted.
I
Per
cent.
12.5
7.1
30,686
26,238
32,833
33,128
34,848
33,902
36,145
fc7,898
38,944
Number.
47
74
64
65
72
76
82
88
82
77
60
60
58
59
'52
56
» Average for four weeks only.
JAPAN.
PBODXJCTIO1J.*
EXPORTS.
Raw
silk
stocks,
Silk
YokoYear and month, i
Cotton fabrics Paper. hama
mar*
yarns. (habutaye).
ket.
July
August
September..
October
November..
December...
1923.
January
February...
March
April
May.
June
July
August
September..
Silk
fabrics Cotton
(habu- yarns.
taye).
Sheetings
and
shirtings,
gray.
Iron
Raw
plates
Green cotton,
and
tea. ginned. Wool.
sheets.
Pound*.! Bales. Pieuls.' Pieuls.
16,857 2,302
53,111 14,557 2,264
149 44,538 I 58,477 21,836 1,702
145 52,445 44,832 28,697 1,721
Pieuls.
113,374
74,839
73,065
98,516
YardtA Piculs.i Pieuls.* Flculs. Piculs.*
537 13,162
132
7,921
648 46,918
28,465 14,357
720 22,278
23,210 9,240
312
716 47,096
24,260 16,619
545 i
183
179
179
193
199
190
159
116
121
118
123
117
45,848
56,032
48,810
48,472
75,419
68,304
34,541
36,198
35,959
35,970
26,804
31,133
1,793
2,017
1,686
1,839
1,253
1,608
51,660
40,075
68,773
118,431
101,406
129,466
25,284
22,343
17,668
25,259
22,537
29,463
28,243
39,512
30,677
22,118
16,244
15,533
433
731
766
330
339
805
37,431
29,936
17,559
16,994
47,469
46,182
175
183
189
196
195
193
182
116 57,119 47,394
90 57,837 30,900
124 61,624 30,714
73 63,893 26,783
117 64,801 33,474
97 63,229 36,923
116 62,341 49.172
46,771
14,985
25,399
16,928
27,696
16,797
17,207
717
1,129
738
862
672
950
73,769
54,298
98,505
98,376
72,292
22,989
24.431
30,499
33,003
29,995
2,149
2,914
2,193
1,650
6,645
31,611
918
1,126
880
944
53,280
35,093
94,970
75,727
61,999
Monthly average: Bales.
126
1913
151
1920
151
1921
185
1922
1922.
Silk,
raw.
TEAUSPORTATIOK.I
Hiti.'
53,734
54,553
53,326
54,892
54,340
56,306
ReVessels Freight
ceipts
cleared carried
on
of
in
State
foreign State
railrailtrade. ways.
ways.
Tons.
2,075
2,216
2,969
872
697
351
332
240
131
2,987
3,119
2,849
2,784
2,895
3,049
4,641
4,489
4,502
4,920
4,884
5,189
32,977
33,944
32,464
35,374
152
239
299
258
411
2,771
2,589
3,315
2.916
Si 330
4,496
4,580
5,414
30,166
28,909
37,513
42,405
144
' In thousands; 000 omitted.
1
One hiltl equals two pieces.
1
Yen.
Tons.
2,923
4,548
4,342
4,768
A picul varies from 133 to 140 pounds avoirdupois.
11,728
27,589
31,182
33,864
33,041
1210
FEDERAL BESEEVE BULLETIN.
NOVEMBER,
1923.
GERMANY.
UNEMPLOYMENT.
Year and
month.
Monthly aver1913.
1820.
1921.
1922.
1922.
August....
September.
October
November.
December..
1923.
January....
February..
March
April.
May.
June
July
August
September..
ProImduction of ports
of coal
coal
and
and
coke.
coke.
Iron
and
iron
manufactures.
Machinery Dyes
and
and
elecdyetrical stuffs.
supplies.
Half
manufactured
silk.
Raw
wool.
Coal.»
Cotton.'
Iron
ore.<
Metric
Metric I Mark Metric Metric
Metric Metric Metric I Metric Metric
tons.'
tons.6
tons.
tons.
tons.
tons.
tons. ' tons. tonsfi
tons.
17,003
928 541,475 60,919 21,812 2,881,126 16,608
920 | 43,424 1,225
13,043
30 145,883 46,772 8,462 608,749 «4,025
«232 12,490
538
13,664
179 1203,681 39,037 !8,530 518,937 '11,860
'619
1393 130,894
13,337 1,074 220,803 49,147 12,731 421,835 15,910
407 21,483 1,003
12,780
12,623
13,329
12,986
12,251
1,774
1,861
2,190
1,848
1,491
198,408
244,012
246,074
233,553
285,464
50,978
40,150
50,699
41,644
85,350
12,616
13,477
15,187
11,110
16,472
121,359 11,011
110,245 8,708
125,670 10,023
137,341 9,198
123,826 8,828
459
342
371
425
297
20,915
997
13,959 ! 1,090
10,584 I 1,316
20,622 I 842
! 25,942 1,038
Appli-1
cants j (Jnem- Busifor j ployed
failevery | persons ures.
100 i receivavail- 1 ing
State
able
aid.
positions.
Arrivals of
vessels in
Hamburg.
Number. Tons.'
1,256
1,182
401
374
700
794
907
1,084
1,005
945
1,016
877
936
Number.
1,171
1,208
1,272
1,046
1,041
165
131
107
119
134
162
187
Numbers
Number.
816
331
744
84
366
310
77
15 j
12 i
17 !
25 i
43 I
69
45
a
u
39
I
1,987
'1,554
1,897 236,709 42,209 13,651
1,438 209,965 34,438 12,077
3,470 143,853 36,608 11,443
4,658 143,213 30,038 9,244
2,591 135,605 30,464 10,223
3,094 107,151 24,856 9,716
2,477 131,870 37,482 8,924
90,626 11,448
120,947 10,240
34,237 8,635
142,219 26,170
92,735 9,998
75,315 11,867
68,633 15,129
254 26,382
244 19,030
278 10,655
202 19,423
249 16,380
455 5,604
316 7.39S
867
269
148
144
100
208
144
1,142
,1)47
381
,319
,314
1,313
1,411
1,364
1.351
993
900
,250
,165
,102
,158
,180
,203
214
242
245
265
211
197
172
257
85
150
190
222
266
255
138
244
24
17
30
45
32
35
18
13
9
> Figures for first 4 months not available. Average 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.
PRODUCTION.
Year and month.
Pig
lion.
October
November
1923.
January.
1
..
.
. .
In thousands; 000 omitted.
Paper
pulp.
Coal.
TRANSPORTATION.
Vessels
Vessels
cleared
entered
with cargo. with cargo.
Freight
carried
on State
railways.
Unemployed
workmen Businesi
failures.
per 100
vacancies.
Cubic
meleri.1
328
306
162
320
Metric
ton*.'
71
73
40
87
Metric
tons.1
408
234
122
220
Net tons.'
1,147
677
519
594
Net (OTU.I
49
37
17
26
1,147
692
482
642
Metric
torn.'
830
991
589
681
Number.
112
107
276
290
Number.
817
191
22
22
23
27
28
27
31
31
34
29
539
608
494
465
384
104
113
144
189
158
294
229
270
302
346
694
684
699
705
655
836
808
822
751
671
765
776
799
796
635
172
155
177
269
321
300
371
33f
361
309
22
6
10
10
12
10
10
30
15
0.4
1
2
2
2
2
37
97
15
38
74
311
442
364
352
308
41
12
9
18
98
84
227
201
218
243
363
310
270
309
404
679
603
783
718
756
826
785
861
639
517
729
720
932
1,168
1,080
1,067
643
669
785
747
702
696
755
346
308
231
165
135
146
141
140
126
387
338
322
273
301
305
261
217
268
61
39
26
22
1922.
March.. .
April
May . .
June
July
August . . .
September
Iron and Unplaned
steel Ingots. boards.
Metric
torn.'
Monthly average:
1913.
1920.
1921
1922 . ..
IMPOSTS.
EXPORTS.
Metric
(OTU.I
• 92
93
79
at
388
1211
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1923.
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 ol pounds sterling.]
Year and month.
Monthly average:
1913
1920
1921
1922
September..
October
November..
December..
January
February...
March
April
May
June
July
August
September.
1922.
Food,
drink,
and
tobacco.
Raw
materials and
articles
mainly
unmanufactured.
I
! 24,184
1 63,817
47,391
39,429
23,485
59,196
22,598
24,853
16,134
37,787
20,421
19,160
35,555
38,617
45,501
42,292
21,818
26,409
30,223
32,499
47,398
37,141
40,726
41,772
43,631
44,087
35,188
44,070
38,150
30,288
26,739
27,732
22,939
23,741
23,652
20,991
22,333
23,579
Articles I Miscelwholly jlaneous,
or
includmainly
ing
manu- parcel
factured. post.
Raw
materials and
articles
mainly
unmanufactured.
Articles Miscelwholly laneous,
including
mainly
manu- parcel
factured. post.
Total.
Food,
drink,
and
tobacco.
259
254
268
261
64,061
161,387
90,458
83,660
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
19,244
19,726
19,587
19,838
296
262
290
283
76,944
85,01fi
95,600
94,912
3,154
3,066
3,408
2,796
10,099
9,211
10,101
9,493
48,361
47,010
51,964
44,932
897
1,112
1,018
1,662
21,707
19,462
21,226
21,446
21,562
21,179
20,272
21,774
20,874
307
513
338
260
544
390
368
561
662
99,700
83,855
90,022
86,417
89,479
89,308
76,818
88,743
83,266
3,364
2,864
2,646
3,224
3,851
3,940
3,131
3,428
4,010
9,372
9,470
11,564
11,717
14,041
11,540
10,835
10,223
9,821
53,135
44,324
45,935
46,922
52,801
46,534
44,734
45,446
48,937
1,068
852
776
1,009
861
870
803
Total
exports
and reexports.
Total.
43,770
111,206
58,600
60,041
52,901
129,769
67,528
68,689
68,893
68,674
75,639
67,362
1923.
76,737
67,333
70,008
75, *00
83,»28
73,838
68,304
66,232
71,947
66,939
57,510
60,921
62,871
71,555
62,884
59,504
60,103
1,006
1,068
FOREIGN TRADE OF FRANCE.
IMPORTS.1
EXPORTS.'
In thousands of francs.
Manufac-
Food.
Monthly average:
1913
1920
19213
19223
1922.3
August
,
September
October
November
December
Total.
3,685
4,211
3,165
4,281
217,733
172,571
160,067
154,841
509,485
340,967
453,656
301,421
1,413,548
1,029,701
988,349
47,182
100,479
104,470
118,094
573,351
2,241,245
1,647,709
1,720,166
1,840
1,071
1,333
1,885
Food.
ManufacRawtured
materials. articles.
Parcel
post.
Total.
tons.
412,144
2,096,379
950,746
1,170,678
138,169
1,072,787
337,705
701,778
4,158,741
1,838,992
1,991,717
506,064
474,000
570,395
516,586
628,705
1,100,369
1,084,000
1,189,564
1,478,424
1,903,975
367,549
323,000
348,913
353,235
390,616
1,973.982
1,881,000
2,108,872
2,348,245
2,923,296
4,471
4,138
4,543
4,577
4,930
179,19J
505,603
139,000
554,000
195,467
493,804
196,112
537,370
249,079 1,185,596
963,599
1,086,000
1,098,983
856,421
1,119,980
158,036
80,000
149,213
116,596
224,292
1,806,432
1,859,000
1,937,467
1,706,499
2,778,947
1,797
2,415
2,034
2,034
2,429
457,976
551,134
613,952
582,489
599,368
569,370
603,994
645,454
604,000
1,374,222
1,445,337
1,508,160
1,628,170
1,611,688
1,654,438
1,657,197
1,635,462
1,651,000
312,096
346,543
364,624
349,539
385,825
334,528
354,457
352,301
358,000
2,144,294
2,343,014
2,486,737
2,560,198
2,596,881
2,558,336
2,615,W8
2,633,217
2,613,000
4,111
3,884
':,087
,175
,502
187,004
242,045
243,551
434,786
729,853
728,243
944,740
1,235,587
1,379,622
129,368
121,373
122,962
271,206
252,543
279,663
249,201
222,000
810,836
768,803
760,815
701,641
683,000
1,455,389
1,321,161
1,276,251
1,497,144
1,380,000
137,614
136,884
107,052
94,834
150,000
1,695,898
2,328,858
2,474,378
2,507,895
2,675,045
2,479,391
2,423,781
2,542,820
2,435,000
1,896
2,490
1,822
1,5U
1,880
1,789
1,921
1,645
2,681
409,220
5,063
> Exports calculated on 1921 value units until May, 1923.
' Calculated on basis of actual declared value.
»Not including reexport trade.
< Value of exports not available. Beginning with May, exports calculated on 1922 value units.
In
thousands of
metrio
151,465
989,576
479,026
483,334
1923.
January
February
March
April'
May
June
July
August
September
In thousands of francs.
In
thousands of
metric
tons.
Year and month.
1212
NOVEMBER, 1923.
FEDERAL BESERVE BULLETIN.
FOREIGN TRADE OF DENMARK. ITALY. NETHERLANDS SWEDEN. CANADA, BRAZIL, INDIA, AND JAPAN.
1
Netherlands.
Brazil.
India.
Canada.
Sweden.
Denmark.
Italy.
Japan.
(In millions of (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of
dollars.)
milreis.)
rupees.)
kronor.)
kroner.)
lire.)
yen.)
guilders.)
Year and month.
ImImExIm- i ExIm- i ExImExExIm- ExImExImExports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports, i ports. ports. ! ports. ports. ports.
i
i
Monthly average:
1913
1920
1921
1922
1922.
September
October
981
690
278
187
142
114
71
281
106
191
91
56
89
103
31
107
101
126
151 •2,235
121 '1,439
1,311
103
776
169
102
97
97
63
74
134
135
90
122
732
747
179
165
99
116
105
109
124
123
67
60
74
73
148
132
143
112
120
110
1,052
1,231
1,399
1,248
1,918
889
1,046
1,014
187
172
163
112
104
100
118
111
110
122
128
120
67
76
70
104
132
112
143
153
108
118
789
750
173
162
91
95
88
88
65
49
68
65
66
59
165
107
61
92
71
262
136
December
1923.
January . .
February
March
April
May
168
168
154
June
141
Julv
August
September
1
Ifi6
172
60
135
115
134
136
127
140
304
1,060
1,572
1,496
1,389
1,587
1,956
210
887
731
785
943
(i)
(i)
109
68
96
108
111
112
157
151
103
113
105
112
68
84
85
77
79
166
128
127
111
71
97
104
170
160
98
160
115
111
62
105
78
54
76
69
95
84
81
84 ! 82
174 i 146
141 : 142
138
194
:
61
fa
195 !
135 !
158
162
104
136
14«
150
1(11
147
132
202
169
186
182
202 |
299
237 250
212 2S2
182 ; 216
229 ! 216
207 289
192
281
137
135
105 '
183
142
222
177
185
169
184
248 .:
251 :
283
220 ''
223
194
179
214
194
186
211
193
ISO
164
150
»Based on 1920 value units.
Dutch figures tor 1913 not comparable with later figures.
134 ! 205
173 ; 272
280
214
201
244
295
317
327
307
301
299
261
116
143
13V
198
nil
156 i
197
188
203
123
121
150
UK
208
159 j
110
119
«Based on 1921 value units.
F O R E I G N TRADE O F UNITED STATES, CLASSIFIED ACCORDING T O STAGE O F MANUFACTURE.
[In thousands of dollars.]
Merchandise.
Merchandise.
FoodCrude stuffs ! Food- ManuManumatein | stuffs facfactures
Gold. Silver. rials crude i partly tures
for
for
condi-! or
ulu
tH
further
! i
use in tion ]whollyi'
use m
manu- and W m i - i a n u I uconm
Pfactur- food [ fac- !?. . 1 tion.
ani- jtured. ;
ing.
mals.
Total
merchandise.i
Monthly average;
1913
!.
1920
1921
1922
5,309
34,756i
57,606i
22,919!
2,989;!
7,338
5,270'
5,8»9i
50,414
145,995
71,087
96,756
18,399 16,529 28,354
48,136103,178,66,871
25,3-45! 30,737! 28,672!
27,484! 32,284! 46,056
34,453
73,060;
51,587
55,246
149,383 7,650[ 5,2311
439,873; 26,841 9,468
209,929! 1,991 4,
259,395 3,073 5,236
27,069
93,050
55,809
48,999
1922.
April
May
June
July
August
September'
October*
November
December
12,244!
8,994!
12,977;
42,987;
19,092':
24,464^;
20,866!
18,308
26,440;
4,800
5,512;
6,346]
6,957
4,944'
6,370,
3,940
5,855
7,848
69,800
87,877
91,146
87,366
110,304
86,818
137,651
111,146
123,937
25,711
31,264
26,176
27,596
22,481
18,729
37,465
32,650
31,221
32,487j
34,785
37,3421
38,5131
42,405
24,023
30,289
31, 770
26,196
50,818
58,268
57,453
49,475
55,857
54,036
71,746
1923.
January
February
March
April
May
June
July
August
September
5,825
3,792
4,626
4,262
4,461
6,066
10,066
6,466
27,804' 8,518
139,085
127,467
144,657
142,710
144,924
117,999
107,035
93,994
77,560
28,613 31,269 64,619 63,935!
28,59 38,641 55,413! 52,3201
71,024 73,047! 69,830|
32,866 60,359 64,821 [ 62,400;
28,839 59,893 73,074] 65,320i!
24,657 53,328 62,422 61,435
56,198 62,391
23,784
21,058 33,010 58,133 67,518
26,468 33,325 49,192 62,939
Year and month.
32,820r
8,383[
15,951!
9,188!
46,156;
19,434!
27,929
32,856
37,203j
39,595
47,527
47,960;
48,386!
41,767;
65,67-11
56, 759j
58,007
52,673
Manufactures
ready
for"
consumption.
Total
merchandise.'
14,132
76,499
57,681
38,219
33,0771
79,875'
33,323;
36,481i
64,998
267,071
135,450
107,693
207,002
685,668
373,760
313,758
217,023 1,579 5,109 79,497 31,162 47,770
252,8171 3,4071 5,677 64,374 34,151 50,369
260,461] 1,601 6,004 70,262! 40,998 55,471
251.772|!
6441 6,269 59,859] 41,959 49,225
281^376
956| 3,861 47,868, 61,314 46,074
229,4931 1,399! 3,735 66,611- 55,149 43,229,
345,104! 17,592; 3,269| 133,700! 40,798 47,921
291,805] 3,431 6,599! 144,333! 33,615 51,471'
293,789 2,710 6,913' 113,343; 26,021 49,362
37,999
40,422]
39,465!
35,625]
35,733
34,964
32,940!
33,850
35,867
113,846
112,161
121,319
109,596
104,853;
107,254
110,190l
110,275
113, 855!
318,470
307,569
335,117
301,157
301,775
313,197
370, 719
380,000
344,328
329,245] ( 8,472
303,465!! 1,399
398,1781] 10,392
364230!! 655
364,230!
655
372,545]
824
320,2571]
548
287,335! [ 523
275,382j 2,201
253,645
863
43,235]
39,382!
45,978;
49,916!
50,006!
49,219
49,318!
45,810!
45,040!
109,618
107,760
132,420
128,493
130,653
131,560]
129,453
127,061
124,293
335,417
306,957
341,377
325,492
316,364
320,038
303,030
311,352
375,010
1
Including miscellaneous merchandise imported not shown in the groups.
* Including miscellaneous and foreign merchandise exported not shown in the groups.
' Imports of merchandise under old tarifl law Sept. 1-21,1922, only.
< Imports of merchandise for Sept. 21-Oct. 31.
I
Foodstuffs Food- Manuin
stuffs faccrude ! partly . tures
for
condi- ; or further
tion ; wholly use in
and 'manu- manufood ! fac- facturani- tured. ing.
mals.
: Crude
mate[[Cold. Silver.! rials
;!
! for
i use in
I
||
! manufacturing.
6,921
2,191
4,732
4,336
3,499
3,581
6,233
7,032
8,123
64,072
155,897]
82,002
81,780
102,073!
77,207;
79,913!
71,136)
53,300
68,278
60,560
65,319
131,500
24,217i 50,741
27,167 i 49,807
19,364i 55,025
17,730 50,801
25,997 49,132
21,336 41,543
19,509 37,521
23,898, 42,666
27,056]
FOREIGN TRADE INDEX.
There are presented below the Federal Reserve 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 exported1 or imported each month by
fixed 1913 prices.
Year and
month.
1913,
1919,
1920,
1921,
1922,
year...
year.
year. _
year.
year.
EXPOETS.
IMPORTS.
ConProRaw ducsum- Total
mate- ers'
ers'
rials. goods. goods.
(12)
(10)
(29)
(7)
Ivaw duc- summate- ers'
ers' Total.
rials. goods. goods.
(27)
(12)
(5)
(10)
100.0
88.9
92.2
103.1
89.7
1213
FEDERAL RESERVE BULLETIN.
NOVEMBBK, 1 9 2 3 .
Pro-
;
Con-
100.0 100.0
157.5 192.9
135.8 227.5
113.6 162.8
157.6 253.1
100.0
147.5
138.9
141.4
143.0
100.0
168.4
168.8
135.6
189.1
129.7 94.5
127.6 82.6
156.5 106.9
150.5 106.0
155.4 99.4
169.2 107.4
133.5 95.0
126.3 96.7
111.5 96.2
121.0 119.8
117.2 112.4
122.8 96.5
118.4
128.3
148.1
125.5
144.6
148.7
146.9
174.2
183.5
155.0
195.1
219.1
228.7
281.3
306.8
236.1
227.9
273.3
266.3
255.5
244.0
241.6
244.0
263.0
135.2
133.5
161.1
152.0
168.0
137.3
137.5
120.3
133.4
138.8
144.4
153.9
160.1
183.4
206.5
169.1
177.9
191. C
187.7
194.2
196.7
172.4
204.1
224.0
78.8 126.5 137.3 95.8
62.2 133.6 129.6 83.5
March....
61.9 143.6 144.4 87.3
April .
89.1 141.9 136.5 83.6
May..
.. 56.0 149.4 130.8 81.0
June
63.6 145.8 113.3 82.3
July
57.4 159.6 106.2 77 9
August
69.0 149.5 127.1 89.2
September. 102.3 143.3 131.1 112.5
220.4
197.1
214.0
211.1
201.1
167 0
156.2
130.1
103.5
312.2
249.5
348.5
303.6
326.6
292.0
198.9
195.1
152.8
155.3
156.8
218.5
212.4
144.7
134.6
121.1
129.3
147.4
242.3
209.1
262.4
244.1
236.4
206. C
185.6
153.0
128.2
100.0
155.1
168.7
116.9
108.9
1922.
January..
February.
March......
82.6 104.3
68.5 86.0
89.8 121.7
90.5 120.9
Ma?
78.3 128.8
86.3 124.3
June..
July
79.1 124.0
August
88.8 90.0
September . 91.2 98.9
October
122.9 96.8
November 112.6 101.6
December • 86.7 109.9
1923.
Jumary..
February.
100.0
183.6
133.6
124.1
135.1
100.0
115.3
107.5
108.9
101.1
wire, acetate of lime, and gasoline. Consumers'
goods showed a slight increase, due to larger
exports of flour and sugar.
A decrease of more than 16 per cent was
shown in the index number of commodities
imported. Raw materials fell 20 per cent, reflecting declines in imports of copper, lumber,
silk, and wool; producers' goods fell 22 per
cent, due to declines in imports of rubber,
nitrate of soda, hemp, and wrocd pulp. The
increase of 14 per cent in consumers' goods was
chiefly due to increased imports of coffee.
An increase of more than 26 per cent was
shown in the September index number of commodities exported, the greatest rise being in the
raw-materials group, which rose from 69 in
August to 102.3 in September. This reflected
large increases in exports of cotton, together
with smaller increases in exports of wheat, corn,
oats, and tobacco, althoxigh these were partly
offset by decreased exports of anthracite coal.
The slight decline in producers' gocds was the
result of lowered exports of steel plates, copper
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
the following commodities: Grain, provisions,
cotton, cottonseed oil, and sack flour. Rates
in January, 1920, have been used as a base.
For the methods used in constructing the
index see the August, 1921, BULLETIN, pages
931-934.
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPEAN TRADE.
United States Atlantic ports t o Month.
January, 1920..
January, 1921..
1922.
January
February
March
April
May
June.... . . .
July
September
November
December
1923.
February
March
» The Ust includes 27 of the most important imports the value of which April
In 19! 3 formed 49.3 per cent of the total import values, and 29 of the most May
Important exports the value of which in 1913 formed 56.3 per cent oi the June
total export values. The classification of the originalllst of commodities July
used was given in the July, 1920, BULLETIN. The classification of 11 August
additional commodities of Imports was given in the April, 1921, BULLE- September
TIN, and 2 additional commodities in the November, 1921, BULLETIN. October
Exports of gasoline have been altered to include naDhtha.
United French NetherScandiKing- Atlantic. lands
and
navia.
dom.
Belgium.
MediAU
terranean. Europe.
100.0
60.7
100.0
30.2
100.0
34.1
100.0
42.9
100.0
43.2
100.0
43.3
31.7
34.7
33.1
27.8
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
24.6
23.4
22.7
24.0
24.4
25.3
21.8
23.1
22.6
22 3
21.2
20.2
20.1
20.8
23.4
24.7
22.6
23.6
24.2
23 7
23.5
21.5
22.2
22.5
24.4
19.8
18.0
20 0
21.9
21 0
19.9
18.1
17.7
19. S
23.1
22.3
22.3
22.3
22.3
22 3
22.3
22.3
22.3
22.3
22.3
21.2
20.6
19.5
22.0
20.9
20.6
18.9
19.6
19.0
20.3
22.9
21.1
21.9
22.6
22.1
21.3
19.9
20.0
20.7
22.9
1214
FKDEKAL RESERVE
NOVEMBER, 1923.
BULLETI}?.
State Banks and Trust Companies.
New National Bank Charters.
The following list shows the State banks and trust companies which were admitted to membership in the Federal
reserve system during the month ending October 30, 1923,
on which date 1,620 State institutions were members of
the system:
The Comptroller of the Currency reports the following
increases and reductions in the number and capital of
national banks during the period from September 22 to
October 26, 1923, inclusive:
Number of
banks.
Surplus.
Ninth Bank & Trust Co., Philadelphia, Pa
$1,500,000 $16,714,546
District No. 6.
Commercial Bank, Trust & Title
Co., Miami, Fla
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
1,395,246
Liquidations
Reducing capital
300,000
6,043,575
Consolidations of national banks under act of Nov.
7,1918
16,000
391,467
150,000
Total liquidations and reductions of capital..
District No. 7.
First Iowa State Trust & Savings
Bank, Burlington, Iowa
Webster County Trust & Savings
Bank, Fort Dodge, Iowa
Insolvent.—State Bank of Garfield, Panguitch, Utah; Banking Corporation of Montana, Helena, Mont.
Voluntary liquidation.—Sioux Falls Savings Bank, Sioux Falls, S. Dak.
(succeeded by a nonmember).
Withdrawn.—First Utah Savings Bank, Ogden, Utah; State Bank &
Trust Co., Harrodsburg, Ky.; Security State Bank, Neligh, Nebr.
Closed.—Discount and Deposit State Bank, Kcntland, Ind.; Farmers
Bank, Crawford, Ga.
Change of title.—The Falls Banking & Trust Co., Cuyahoga Falls, Ohio>
to The Falls Banking Co.
Fiduciary Powers Granted to National Banks.
During the month of October the Federal Reserve Board
approved applications of the national banks listed below
for permission to exercise one or more of the fiduciary
powers named in section 11 (k) of the Federal reserve act
as amended, as follows:
1. Trustee.
2. Executor.
3. Administrator.
4. Registrar of stocks and bonds.
5. Guardian of estates.
6. Assignee.
7. Receiver.
8. Committee of estates of lunatics.
9. In any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into
competition with national banks are permitted to act
under the laws of the State in which the national bank is
located.
The numerals opposite the name of each bank indicate
the power or powers it is authorized to exercise.
Place.
17 $2,900,000
1
150,000
12 2,925,000
New charters issued..
. .
Restored to solvency
Increase of capital approved
District No. S.
District
No.
Meriden, Conn
Lewiston, Me
Montrose,Pa
Allentown, Pa.
Richmond, Va
Etoanoke, Va
Sheffield, Iowa
Evansville, Ind
Marquette, Mich
Chippewa Falls, Wis...
Beaumont, Tex
Dallas, Tex
Galveston, Tex
Everett, Wash
Name of bank.
1 Home National Bank
1 Manufacturers National
Bank.
3 First and Farmers National Bank.
3 Second National Bank—
5 Planters National Bank...
5 Colonial National Bank...
7 First National Bank
8 Old National Bank
9 Union National Bank
9 First National Bank
11 Texas National Bank
11 Republic National Bank..
11 First National Bank
12 Security National Bank...
Powers
granted.
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net increase
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
5 to 9.
Ito9.
30
5,975,000
20
1
3,850,000
15,000
21
3,865,000
50,000
j
j 5,975,000
3,865,000
2,110,000'
SAVINGS DEPOSITS.
According to statistics furnished by 893
banks distributed throughout all sections of
the United States, savings deposits were 0.7
per cent greater on October 1 than on September 1 and 10 per cent greater than on October
1, 1922. Increases were indicated in all Federal reserve districts except in the Philadelphia, St. Louis, and Kansas City districts,
where very slight decreases were noted. Deposits for the entire country on October 1 were
$6,723,550,000, compared with $6,677,016,000
on September 1 and $6,096,691,000 on October
1, 1922. A comparison of savings deposits by
Federal reserve districts on October 1, 1923,
with deposits on September 1, 1923, and October 1, 1922, is shown in the following table..
The figures for the Boston and New York districts are those of large mutual savings banks,
but in all other districts reports of other banks
are included to make the figures representative.
SAVINGS DEPOSITS, BY FEDERAL RESERVE
[000 omitted.]
District.
Ito3,5to9
3, 5, and 9
Amount
of
capital.
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
DISTRICTS-
Num- !
ber of lOct. 1,1923. Sept. 1,1923. Oct. 1,1922..
banks.
18
35
15
61
117
74
$1,198,304 $1,194,152
1,873,986 1,854,412
461,474
461,922
447,247
443,884
290,092
288,652
220,055
218,052
869,114
866,146
130,128
130,158
88,820
90,326
104,341
104,326
89,539
89,581
936,938
948,946
6,723,579
6,677,016
$1,108,924
1,744,493
420,090
383,995
274,199
193,617
780,502
117,136
80,356
95,547
78,804
819,0286,096,691
NOVEMBER, 1923.
1215
FEDERAL EESERVE BULLETIN.
PHYSICAL VOLUME OF TRADE.
Business activity, as measured by physical
volume of trade, declined in September for
manufactured and mineral products, while
agricultural movements showed a seasonal increase. The general index of production in
basic industries, which includes minerals and
basic manufactured commodities and is corrected for seasonal changes, declined 5 per cent
during September to 114, the lowest point since
last October. On the other hand, the index of
manufacturing output, which includes many
commodities m the more advanced stages of
manufacturing, declined little more than in
September of previous years, and employment
in all industrial establishments remained practically unchanged during the month. Transportation of all classes of goods, although generally lighter than in August, continued heavy.
Although movements of agricultural products were very large in August, the September
index moved further upward, advances in the
marketing of livestock, cotton, cottonseed, and
tobacco offsetting a substantial drop in grain
receipts. Receipts of livestock at principal
centers continued heavy. Although hog receipts were slightly smaller than in August,
they continued to be large for the time of the
year. Grain movements fell off considerably
from the high point reached in August. Eeceipts
and shipments of wheat and oats declined, and
those of corn failed to advance as much as
usual. Stocks and the visible supply of wheat
are large, but in the case of corn they are unusually small. September sight receipts of cotton were larger than for the same month of any
year since 1919. Cotton seed received at mills
was also in large volume, although not up to
last year. Marketing of loose-leaf tobacco continued large in North and South Carolina, and
sales exceeded those of last September.
The anthracite miners' strike was responsible for the greater part of the decline in the
mining index for September, but all other components of the index likewise decreased. The
drop in pig-iron output was large, while the
amount. of bituminous coal mined was relatively small for September. Copper production fell from the August high point to about
the level prevailing during the three previous
months. Zinc output was the smallest since
September, 1922, but shipments were somewhat larger, resulting in a decline of stocks.
In practically all lines of manufacturing,
operations decreased during September, and
VOLUME OF DOMESTIC BUSINESS
( MONTHLY AVERASE, 1919 - 100 )
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. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. <J. N. 0. J. F. M.A.M. J. J. A.S. 0. N. D. J. r M. A. M. J. J. A. S. 0. H. D
1919
1920
1921
1922
1923
1216
NOVEMBER, 1923.
FEDERAL BESERVE BULLETIN.
low records for 1923 were established in steel,
beehive coke, wool consumption, sole leather,
paper, hogs slaughtered, brick, and maple
flooring. High points were attained only in
the cases of cement and locomotives. Dullness generally prevailed in the iron and steel
industry during September, resulting in a
decrease in production and orders. Building
materials, in general, continued fairly active,
although a number of seasonal recessions were
noted in production, orders, and shipments of
various products. Among food products, the
number of animals slaughtered and the output of
wheat flour declined, but the former remained
rather large. Sugar refining advanced somewhat from the low level which had prevailed in
the summer. Consumption of cotton, wool, and
silk all declined from the August figures, although
that of cotton remained above the low point of
the year reached in July. Sole leather production was the smallest in over a year, and the
output of shoes also declined. A smaller number of cigarettes were made than in August, but
an increase was noted in cigar production.
IXDEX OF PRODUCTION IN BASIC INDUSTRIES, WITH ALLOWANCE FOR SEASONAL VARIATION—Continued.
MINERAL PRODUCTS.
INDEX
1922.
September..
October
November..
December..
1923.
January
February...
March
April. .
May
June....
July
August
September..
OP PRODUCTION IN BASIC INDUSTRIES, WITH
ALLOWANCE FOR SEASONAL VARIATION.
[Monthly average, 1919-100.]
1919
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1920
107
100
96
99
93
93
102
103
105
101
98
103
1921
84
84
81
79
77
77
116
115
115
108
105
107
106
102
102
99
95
90
74
79
79
83
86
83
1922
87
91
95
86
92
94
95
94
100
107
116
116
1923
121
120
125
124
128
122
121
120
114
1922.
September
October
November
December
1923.
January
February
March
April
May
June
July
August
September...
Total Total Total
agricul- ani- grains.
ture.' mals.
129
154
138
121
107
132
122
107
73
78
108
84
70
70
66
82
113
124
151
136
118
129
105
88
88
97
88
97
104
109
116
76
83
70
52
61
95
»162
128
i Combination of 14 independent series.
Less than one-half.
• Revised.
!
140
228
204
139
38
41
49
100
80
37
40
26
32
24
25
50
143
100
118
159
149
198
166
114
92
87
1922.
September...
October
,
November...
December
100
119
120
125
107
118
119
122
68
116
114
115
144
150
152
159
80
104
112
121
90
96
95
98
84
102
102
109
95
108
113
109
1923.
January
February
March
April
May
June
July
August
September...
132
117
134
127
137
135
135
140
120
131
111
123
111
121
119
118
128
121
119
106
128
110
117
118
113
121
40
164
127
118
138
139
152
144
144
135
123
105
96
114
110
117
117
117
122
117
118
113
104
121
117
124
125
121
116
115
1
154
178
184
197
195
207
210
204
108
124
119
121
109
110
106
100
Combination of 7 independent series.
PRODUCTION OF MANUFACTURED GOODS.
Date.
Total
Pe- Tex- Leathman- Steel. Lum- Pa- troToufac-1
bet per. leum. tiles. er. Food. bacco.
ture.
_—
101
103
109
102
115
113
104
108
113
113
107
139
147
150
153
Ill
120
125
113
80
83
79
79
99
106
100
100
122
122
118
109
100
113
107
112
108
101
109
104
136
123
144
141
149
134
125
131
118
106
96
129
110
127
116
107
126
115
117
109
120
116
128
121
104
115
102
157
141
156
153
158
156
158
158
155
128
122
128
124
119
110
94
107
99
89
78
92
105
96
110
99
103
94
91
91
88
89
94
76
115
107
97
102
101
122
115
112
89
115
101
116
105
118
121
120
123
118
COMMODITY M O V E M E N T S .
Leaf
tobacco.
!
!
i
!
Anthra- Crude
Copcite petro- Iron. per. Zinc. Lead.
coal. leum.
' Combination of 34 independent series
INDEXES OF DOMESTIC BUSINESS UNCORRECTED FOR
SEASONAL CHANGES.
[Monthly average, 1919-100.]
AGRICULTURAL MOVEMENTS.
Date.
Total Bimin- tumieral
prod-1 nous
ucts. ooal.
Date.
86
145
96
97
38
101
September, 1923.
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)..}
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)..
August, September, 1922.
1923.
47,352
18,447
27,622
5,342
7,210
69,835
20,919
31,935
5,036
59,905
34,741
22,910
11,980
5,087
105,974
2,985
131,564
2,594
134,623
3,924
119,407
143,235
152,282
30,489
11,421
16,946
2,548
2,375
32,941
17,873
17,066
10,043
3,055
26,247
10,945 ,
16,266 I
3,272
3,886
3,839
60,616
4,356
80,217
80,978
6,404
83,264
109,798
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
September, 1923.
Grain and Flour—Continued.
Stocks at 11 interior centers at close of I
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Visible supply of grain east of the
Rocky Mountains (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels).
Flour (barrels)
Total grain andflour(bushels)..
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
production (bi'arrels, 000
Wheat,t flour
Hour pi
omitted)
Livestock.
Receipts at 57 principal markets
(head, 000 omitted):
Cattle and calves
Sheep
Horses and mules (42 markets)...
Total
Shipments at 52 principal markets j
(head, 000 omitted):
j
Cattle and calves
Hogs
Sheep
Horses and mules (42 markets)...
Total
Shipments of stockers and feeders
from 33 markets (head, 000 omitted):
Cattle and calves
Hogs
Sheep
Total
Slaughter at principal markets under
Federal inspection (head, 000 omitted):
Cattle
Calves
Hogs
Sheep
Total
Meats, cold-storage holdings first of
following month (pounds, 000
omitted):
Beef
Pork products
Lamb and mutton
Exports of certain meat products
(pounds, 000 omitted):
BeefCanned
Fresh
Piekled and other cured
1217
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1923.
August,
1923.
September, 1922.
51.342
1,234
12,216
12,179
2,499
79,470
45,741
944
7,360
10,816
1,072
65,932
18,708
8,072
29,562
3,736
1,295
61,373
69,635
2,474
18,510
61,887
1,927
10,962
36,610
13,041
37,458
16,796 !
807 i
2,114 j
1,809
3,411
24,937
1,634
32,294
14,934
943
1.512
1,272
3,470
22,131
1,813
30,291
18,878
3,943
5,406
4,452
4,500
37,179
1,778
45,181
6,127
132
6,558
105
10,940
3,136
11,038
10,277
1,007
2,768
558
2,356
16,966
11,995
12,016
12,541
8,448
2,185
3,641
1,787
31
7,644
2,345
3,011
2,207
39
7,602
1,142
1,318 i
1,700
46
4,206
1,048
1,434
892
28
3,402
1,234
1,142
1,235
37
3,648
622 !
99 I
878 I
1,599
475
59
339
874
594
32
524
1,150
810 I
338
3.212
990
5,350
820
403
3,556
957
5,736 :
796
353
2,748
1,013
4,910
1,004
432
3,245
2,260 I
3,535
2,606 !
47 ;
47,891
612,284
1,721
132
220
2,854
46,041
53,572
754,262 ; 483,096
1,785
3,473
339
1,551
287
209
2,841
Livestock—Continued.
Exports of certain meat products
(pounds, 000 omitted)—Continued.
Hog products—
Bacon
Hams and shoulders
Lard
Pork, pickled
Dairy Products.
Receipts at 5 principal markets (000
omitted):
Butter (pounds)
Cheese (pounds)
Eggs (cases)
Poultry (pounds)
Cold storage holdings first of following
month (000 omitted):
Creamery butter (pounds)
American cheese (pounds)
Eggs (cases)
Poultry (pounds)
Other Agricultural Products.
Cottonseed (tons):
Received at mills
Crushed
Stocks at mills at close of month...
Cottonseed oil (pounds, 000 omitted):
Production
Stocks
September, 1923.
August,
1923.
September, 1922.
45,161
31,749
83,630
5,158
33,004
36,190
83,758
4,311
30,448
20,592
61,120
4,009
51,287
18,445
991
18,848
58,814
22,291
1,205
18,068
46,419
17,729
815
17,229
96,088
62,485
8,718
33,106
102,957
63,330
9,931
34,106
96,680
49,473
7,924
25,984
547,624
247,845
419,330
159,218
52,453
119,551
674,766
332,281
408,443
70,058
34,457
14,464
7,431
96,615
55,961
Oleomargarine consumption (pounds,
19,854
000 omitted)
18,081
16,113
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
Bright beltVirginia
1,585
50,245
11,409
45,247
North Carolina
20,266
25,710
8,012
South Carolina
392
212
Burley
1,009
121
Western dark
121
Sale of revenue stamps for manufacture of tobacco, excluding Porto
Rico and Philippine Islands (000
omitted):
598,817
616,265
625,772
Cigars (large)
35,441
Cigars (small)
37,506
55,497
5,567,397 5,859,285 5,554,301
Cigarettes (small)
30,804
32,787
33,807
Manufactured tobacco (pounds)..
Fruit shipments (carloads):
457
Grapefruit
123
219
2,390
Oranges
2,383
1,173
443
Lemons
496
484
14,377
Apples
14,787
3,749
Vegetable shipments:
22,907
15,324
24,335
White potatoes (carloads)
3,701
2,168
4,609
Onions (carloads)
61,795
41,039
79,047
Rice (pounds, 000 omitted)
Sugar, all ports (long tons):
267,251
273,134
255,304
Receipts
345,600
Meltings
293,700
361,300
217,252
312,434
221,680
Raw stocks, close of month
Fishery Products.
Fish landed by American fishing
vessels, total catch (pounds, 000
omitted)
21,373
18,816
22,728
Cold storage holdings, frozen and
cured fish, on 15th of month
79,066
(pounds, 000 omitted)
61,110
73,343
Forest Products.
Lumber:
Number of millsNational Lumber Manufac554
574
turers' Association
551
182
182
Southern Pins Association
150
48
Western Pine Association...
50
West Coast Lumbermen's
127
120
Association
116
Production (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
1,519
1,404
1,207
Southern Pine Association
427
368
400
Western Pine Association
187
156
West Coast Lumbermen's
342
413
480
Association
1218
FEDERAL BESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
September, 1923.
Forest Products—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 close of month
Rosin (barrels)—
Receipts
Stocks close of month
Fuel and Power.
Coal and coke (short tons, 000 omitted):
Bituminous coal production
Anthracite coal production
Anthracite coal shipments
Coke—
Boe-hive 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)
Kerosene (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)
Electric power produced by public
utility plants (kilowatt-hours, 000,000 omitted):
Produced by water power
Produced by fuels
Total.
1,239
386
406
August,
1923.
COMMODITY MOVEMENTS—Continued.
September, 1922.
407
124
1,067
301
133
444
298
35,693
36,375
43,678
29,672
29,797
29,601
114,308
289,564
138,320
263,457
100,522
335,602
46,216
2,917
2,195
48,864
8,868
6,673
39,413
4,979
1,373
3,112
1,494
3,239
606
2,2t4
64,352
307,208
65,936
298,872
45,291
263,761
1,278
1,465
1,572
49
624
194
1,033
87
50
649
43
536
198
918
82
33
973
238
1,481
215
1,011
87
244
34
34
690
271
1,462
1,365
220
215
1,054
1,492
3,079
1,579
3,095
1,358
2,691
4,571
4,674
4,049
9,096
10,296
6,801
3,149
3,126
2,638
3,313
3,678
2,818
5,036
5,415
6,692
132,500
147,500
160,000
164,511
335,324
217,127
366, 754
206,448
322,632
47,574
50,515
97,919
4,988
5,293
5,325
125,289
78,210
45,786
85,366
10,170
5,291
131,088
83,250
52,942
72,788
12,342
6,467
94,975
66,268
37,612
71,914
11,312
2,769
Metals.
Iron and steel:
Iron ore shipped from Lake Superior (tons, 000 omitted)
Pig iron production
(long tons
000 omitted) 1
Steel ingot production
(long tons
1
000 omitted)
Unfilled orders, U. S. Steel Corporation (long tons, 000 omitted)'
Fabricated structural steel orders
(tonnage)
Steel barrels (number)—
Shipments
Unfilled orders
Steel castings-bookings (net tons).
Silver production (troy ounces, 000
omitted)
Copper production (pounds, 000
omitted)
Zinc (pounds 000 omitted):
Production
Stocks, close of month
Shipments
Tin (pounds, 000 omitted):
Deliveries to factories...
Stocks close of month...
Textiles.
Cotton (bales, 000 omitted):
Sight receipts
American spinners' takings.
Stocks at mills
1
1,487
443
773
538
224
807
Figures for October, 1923, September, 1923, and October, 1922.
NOVEMBER, 1923.
1,389
367
1,065
September, 1923.
'.Textiles—Continued.
Cotton (bales, 000 omitted)-Contd..
Stocks at warehouses
2,148
Visible supply
1,597
Consumption by mills
Spindles active during month
484
(number, 000 omitted)
Spindle hours active during month
33,930
(000,000 omitted)
Finished cotton fabrics:
7,482
Finished yards billed (yards, 000
omitted)
77,892
Orders received (yards., 000 omit• ted)
99,618
42,377
Shipments (cases)
46,665
Finished stocks (cases)
Knit underwear (dozens):
Production
322,883
New orders received
582,966
Shipments
354,868
Cancellations
4,004
Unfilled orders end of month
1,133,074
Wool:
Consumption (pounds, 000 omit46,616
ted)...
;
Percentage of active machinery to
total reported—
Looms wider than 50-inch reed
space
76.9
Looms 50-inch reed space or
less
79.8
Sets of cards
86.3
Combs
76.0
Spinning spindles, woolen
83.9
83.3
Spinning spindles, worsted...
Percentage of active hours to total
reported—
Looms wider than 50-inch reed
space
77.6
Looms 50-inch reed space or
less
67.4
Sets of cards
94.0
Combs
85.5
Spinning spindles, woolen
88.9
Spinning spindles, worsted...
Men's and boys' garments cut (331
establishments):
Men's suits, wholly or partly wool.
504,089
Men's suits, all other materials
43,749
Men's separate trousers, wholly or
partly wool
578,834
Men's trousers, all other material..
288,524
Men's overcoats
369,918
Boys' suits and separate pants
450,611
Boys' overcoats and reefers
133,608
Raw silk:
Consumption (bales)
26,929
Stocks at close of month (bales)...
27,367
Imports (pounds, 000 omitted)
3,747
Hides.and Leather.
Sales of raw hides and skins du ring
mouth (number, 000 omitted):
1,427
Cattle hides
943
Calfskins
178
Kipskins
1,512
G oat and kid
41
Cabretta
3,232
Sheep and lamb
Stocks of raw hides and skins at close
of month (number, 000 omitted):
5,487
Cattle hides
2,644
Calfskins
786
Kipskins
10,999
Goat and kid
,
914
Cabretta
9,203
Sheep and lamb
Production of leather (000 omitted):
Sole leather (backs, bends, and
sides)
1,432
Skivers (dozens)
39
Oak and union harness (sides
136
stuffed)
Boots and shoes, output (pairs, 000
omitted):
Men's
7,897
Women's
8,782
All other
10,793
Total
27,472
August
1923.
1,179
9H
492
33,709
7,569
September, 1922.
3,218
2,228
494
33,297
7,761
76,322
88,917
78,022
38,662
49,399
103,835
49,844
44,512
352,607
355,907
442,413
16,958
355,748
312,497
403,103
4,973
763,993
48,233
54,771
76.9
72.4
87.1
77.1
84.1
84.5
76.4
86.2
78.3
84.7
81.4
76.3
72.4
63.8
93.2
84.4
89.0
81.5
71.3
91.3
93.2
88.1
84.0
662,002
21,555
671,997
393,499
401,304
595,846
80,399
33,547
25,459
4,258
34,212
36,795
3,887
1,523
1,002
211
1,265
15
2.963
1,565
1,358
209
1,589
47
3,186
5,635
3,209
763
11,797
981
9,077
5,515
3,674
990
8,641
810
10,475
1,763
39
1,502
34
134
131
8,796
9,273
11,959
8,514
8,741
11,033
30,028
28,288
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
Septem- August, September, 1922.
ber, 1923.
1923.
Building Materials.
Brick (000 omitted):
Clay fire brickProduction
Shipments
Stocks at close of month
New orders
Unfilled orders, close of month
Face brick»—
Production
Shipments
Stocks in sheds
Unfilled orders, close of month.
Silica brickProduction
Shipments
Stocks at close of month
Paving brickProduction
Shipments
Stocks, close of month
Orders received
Unfilled orders, close of month.
Cement (barrels, 000 omitted):
Production
Shipments
Stocks at close of month
Oakflooring(feet, 000 omitted):
Production
Shipments
Orders booked
Stocks at close of month
Unfilled orders
Mapleflooring(feet, 000 omitted):
Production
Shipments.
Orders booked
Stocks at close of month
Unfilled orders
Enameled ware:
BathsShipments
Stocks at close of month
New orders
LavatoriesShipments
Stocks at close of month
New orders
SinksShipments
Stocks at close of month
New orders
Miscellaneous wareShipments
Stocks at close of month
New orders
,
Miscellaneous Manufactures.
Chemicals:
Acetate oflime(pounds,000 omitted"
Methanol (gallons)
Wood pulp (short tons):
Production
Consumption
:
Shipments
Stocks at close of month
Paper (short tons):
Newsprint—
Production
,
Shipments
.
Stocks at close of month
Book paperProduction
Stocks at close of month
Paper boardProduction
Stocks, at close of month....
Wrapping paperProduction.
Stocks, at close of month
Fine paper—
Production
Stocks, at close of month
Advertising (agate lines, 000 omitted):
Magazines
Newspapers
Rubber (pounds, 000 omitted):
India rubber imports
Consumption by tire manufacturers
2,505
2,502
4,612
3,255
3,684
6,457
3,578
4,304
6,951
3,501
3,559
5,165
37
46
249
48
46
263
83
67
200
298,600
27,841
313,972
29,982
187,456
18,830
36,885
37,400
8,500
38,250
45,942
10,027
26,335
30,177
8,118
313
22
335
259
13
272
113
6
119
1,102
76
1,178
1,406
91
1,497
1,347
116
1,463
85
20,906
84
25,217
76
15,834
40,355
746
28.5
38,513
712
28.2
30,453
690
26 3
210
165
743
56
303
306
1,012
1,534
4,329
234
154
869
61
344
361
1,079
1,576
4,678
221
152
735
37
244
229
981
1,408
1,110
971
1,001
Allegheny
899
195
Pocohontas
180
9,572
597
577
Southern
521,782
786
736
Northwestern
688
674
Central
western
272,679
301
292
Southwestern
239,801
Total
4,329
4,678
54,318
178 517 Freight car surplus (number):
73,512
59,371
Total
37,731
55,358
Box
125,402
13,941
5,452
Coal
117,229 Freight car shortage (number):
18,810
12,825
Total
2,583
4,386
Box
87,782
4,389
5,748
Coal
36,717 Bad-order cars (total)
189,014
175,327
198,248 Vessels cleared in foreign trade (tons,
• 000 omitted):
57,899
2,443
2,559
American
4,136
Foreign
70,329
3,521
6,695
54,843
Total
5,964
38.2
Percentage of American to total
41.0
31,576 Panama Canal traffic (tons, 000
36,213
omitted):
2,169
2,338
Total cargo traffic
1,485
1,507
1,556
American vessels
87,904 Commerce at Sault Ste. Marie Canal
(tons, 000 omitted):
44,345 Total freight
12,776
14,353
10,580
11,236
Eastbound
2,196
3,117
28,051
Westbound
i Figures for August, 1923, July, 1923, August, 1922.
975
867
117
511
642
647
248
48,839
52,693
156,899
59,771
79,511
30,635
28,630
66,811
53,338
38,291
35,260
91,839
61,066
51,674
43,621
100,559
80,886
9,967
9,830
41,723
12,397
12,260
41,586
12,861
11,332
37,108
40,878
40,423
112,169
33,673
103,818
39,538
43,512
95,011
33,566
101,157
13,109
13,698
5,492
12,967 i
14,971
6,080 ]
11,424
12,444
4,724
28,546
30,421
35,538
40,306
32,873
32,429
30,108
27,444
40,634
27,355
23,903
25,672
21,991
20,120
35,957
10,422
9,933
8,603
19,794,
17,671
12,447
11,718
7,163
19,552
18,681
12,518
12,705
12,093
23,111
22,397
83,593
28,005
71,029
87,439
29,225
73,169
75,766
21,195
79,722
107,737
38,849
85,704
118,439
41,381
97,125
88,161
52,826
99,232
102,521
47,113
89,225
112,516
49,394
99,288
90,456
58,034
112,951
51,714
40,933
44,567
59,670
46,995
51,842
47,450
49,975
57 813
12,815
649,053
149,999
147,786
21,162
98,409
172,295
174,004
23,832
116,202
110,209
110,240
24,663
132,604
129,173
25,674
51,205
25,671
59,744
23,971
96,477
29,314
117,932
27,777
49,678
48,496
50,563
46,813
23,395
38,233
22,859
37,179
1,780
93,014
1,505
80,653
25,903
42,741
Miscellaneous Manufactures—Con.
Pneumatic tires (000 omitted):
Production.
Shipments, domestic
Stocks at close of month.
Inner tubes (000 omitted):
Production.
Shipments, domestic
at close
of month.
SolidStocks
tires (000
omitted):
Production
Shipments, domestic
Stocks at close of month
Automobiles:
Production (number)—
Passenger cars
Trucks
Shipments—
Railroads (carloads)
Driveaways (machines)
Boat (machines)
Locomotives (number):
Domestic shipped
Foreign completed
Total
;
Unfilled ordersDomestic
Foreign
Total
Vessels built in United States and
officially numbered by the Bureau
of Navigation:
Number
Gross tonnage
Transportation.
Freight carried by Class I railways:]
Net ton-miles, revenue and nonrevenue (000 000 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
Livestock
Coal
Coke
Forest products
Ore
Merchandise, 1. c. 1
Miscellaneous
Total
Revenue freight loaded, classified
according to geographical divisions:
Eastern
2,35«
2,807
6,058
62,209
59,456
169,325
50,648
75,500
11,541
568,091
Septem- August, September, 1923. 1923.
ber, 1922.
2,030
2,624
5,398
55,839
50,727
173,493
48,446
73,219
24,597
21,258
> September, 1923, not comparable with previous months.
1219
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1928.
4,007
4,007
20,818
1,389
15,701
97,949
51,879
28,914
321,624
3,050
3,429
6,479
47.1
1,138
543
10,986
8,451
2,535
1220
FEDERAL RESERVE BULLETIN.
NOVEMBER,
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
No.l
No. 4
No. 2
No. 3
No. 5
(12
(22
(15
(14
(14
cities). cities). cities). cities). cities),
1922.
September...
2,734 |
8,427 j
1923.
March
April
May
June
July
August
September....
1, 993
3 536
4, 080
3,230
3, 081
3 064
049
3
13,
11,
11,
10,
10,
13,
10,
838
881
545
808
745
660
370
District District District District District District District District
No. 6
No. 7
Total
No. 8
No. 9
No. 10
No. 11 No. 12
(15
(19
(9
(20
(168
(5
(14
(9
cities). cities). cities). cities). cities). cities). cities). cities).
2,940
4,789 !
3,997
3,114
10,490
2,373
1,901
2,629
2,208
11,291 I
50,893
3,308
6,203
4,031
3,428
3,053
2,851
2,748
6,411
7,886
7,649
5,931
5,959
5,836
5,656
4,232
4,954
4,409
3,757
3,694
3,628
3,670
3,251
3,434
3,529
2,887
2,893
3,221
3,029
10,735
15,066
16,739
13,598
12,527
13,467
12,634
2,645
3,349
3,517
2,923
2,591
2,791
2,768
1,417
2,974
3,225
2,433
2,281
2,414
2,270
3,086
3,798
3,378
2,654
2,412
2,706
2,832
2,571
2,259
2,847
2,366
2,692
2,347
2,331
13,358
12,661
12,541
11,825
10,938
13,177
12,562
66,845
78,001
77,488
65,845
62,866
69,162
63,910
$6,326 i $31,545 \ $5,384 $4,761
$8,352
$5,056
5, 574
8,089
7,977
6,627
9,550
10,846
5,124
10,952
12,725
10,956
8,866
7,954
6,049
7,679
11,427
6,376
6,641
6,190
4,962
6,211
6,225
VALUE OF PERMITS ISSUED (000 OMITTED).
1922.
September
1923.
March
April
May
June
July
August
September
$8,656
$56,670
$15,869
$25,078
$12,970
10,986
15,304
13,623
13,792
11,348
8,307
9,492
167,410
58,589
59,843
73,249
67,007
73,236
55,072
31,845
28,781
18,691
12,894
14,883
13,295
11,605
23,264
25,203
21,500
17,710
22.453
17,361
15,980
14,156
25,126
12,149
11,328
12,007
12,659
9,210
7,498
11,195
8,384
7,989
7,922
7,631
5,S51
59,463
] 91,738
I 60,758
I 42,544
! 36,745
48,315
49,238
'•
:
;
.
j
8,641
8,368
8,408
5,884
5,490
5,919
8,546
$23,976 [ $204,643
40,203
35,423
39,270
39,492
31,952
40,470
30,847
BUILDING CONTRACTS AWARDED.
VALUE OF BUILDING CONTRACTS AWARDED, BY F E D E R A L R E S E R V E DISTRICTS, FOR ALL CLASSES OF
INGS (000 OMITTED).
(F. W. Dodge Co.)
District
No.l.
September
March
April
May
June
July
August.
September
1922.
1923.
$29,245
25,079
31,893
35,837
28,817
25,719
27,913
23i158
District
No. 2.
District
No. 4.
District
No. 5.
$64,299 j $24,948 ! $34,685
$22,997
52,793
48,786
51,865
36,960
43,922
32,975
40,413
30,147
39,364
43,862
24,146
18,559
22,698
16,988
98,412
96,267
88,362
84,843
82,940
82,304
77,573
District
No. 3.
31,265
30,553
29,172
19.801
19,497
15,324
23,172
District
No. 6.
District
No. 7.
District
No. 8.
District
No. 9.i
$5,868
1 $62,220 !
$25,538
20,817
37,700
31,003
25,054
27,045
21,245
59,868
75,240
70,229
83,007
53,268
45,783
50,830
District
No. 10.'
$17,
25,
31,
25,
23,
23,
17,
15,259
17,585
22.754
17,902
11,165
9,671
8,819
391,418
326,918
268,199
251,565
232,273
250,298
214,569
BUILD
Total.
3$244,262
$11,277
11,346
15,309
16, 407
9,794
9,478
367,590
397,192
426,804
368,116
313,263
296,977
287,819
1
Montana not included.
• Colorado, Wyoming, and Arizona not included.
Total for 7 districts only; figures for districts 6, 8, and 10, not available prior to 1923.
3
BUILDING CONTRACTS AWARDED, BY CLASSES OF CONSTRUCTION.
[Compilation by F. W. Dodge Co. for 27 Northeastern States.]
[Thousands of square foot.]
Residential i Industrial
buildings. | buildings.
September
March
April
May
June
July
August
September
1
1922.
1923.
Business
buildings.
Educational
buildings.
23,059
4,569
9,074
3,641
39,286
39,174
34,332
25,254
23,698
24,106
22,530
7,673
5,997
8,826
4,817
3,861
3,367
4,056
9,561
9,759
8.387
7,094
6,245
6,966
4,092
5,849
3,949
3,717
4,131
3,285
2,364
Includes miscellaneous building contracts as well as groups shown.
Hospitals Social and Religious
and
and insti- recreational memorial
tutions.
buildings. buildings.
PubUc
buildings.
1,855
1,035
198
44,275
1,643
1,736
1,743
1,589
1,210
867
1,150
1,270
1,062
1,007
885
982
479
274
264
216
161
153
384
182
64,920
64,527
60,430
46,344
42,021
39,786
38,968
1,172
672
508
1,346
931
549
1,207
Total."
1221
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1923.
WHOLESALE AND RETAIL TRADE.
Wholesale trade during September showed
about the usual seasonal increase over August,
and sales reached the highest total since
October, 1920. Retail trade was also larger
than in August, but the gain was somewhat
less than usually occurs at this season of the
year.
The chart at the bottom of the page shows
the trend of sales and stocks of department
stores since January, 1919. Both sales and
stocks have been larger each month this year
than in the corresponding months of 1922,
although this is partly explained by the rise
in retail prices during the past year. The most
noteworthy recent development in departmentstore business is the relatively high level of
stocks as compared with volume of sales.
This is indicated by the fact that stocks at
the end of September were 13 per cent larger
than a year ago, while sales for the month
were only 6 per cent greater than in September, 1922. Furthermore, the total value of
stocks at the end of September was greater
than in any month of the years 1919, 1921,
1922, and 1923, and was only exceeded in a
few months of 1920 at a time when prices were
on a much higher level.
A more detailed discussion of the current
condition of wholesale and retail trade is published on page 1190, together with a chart snowing the trend of mail-order sales after making
allowance for the usual seasonal variations.
Statistics of wholesale and retail trade by
lines and districts follow. Monthly sales of
chain systems since January, 1919, are published in this issue, as the figures have been
revised to include a number of additional
chains.
STOCKS AND SALES OF DEPARTMENT STORES
( 1919 = 10O )
PER
CENT
PER
CENT
,'1!
180
II
J!
160
(i
A
r
\
120
\
100
SO
/I
i
•
1*0
4
/ /
1
•
ftV
\
A
"
J
\
w
V
60
\
*I
1/7
V
y\
r
—
—
180
•
160
i
!
•vM
/
ii
K i/
j
!/
r\1/ A Iff
V
Y t\
V
y
1
'4
J
./
V
I
1
\
140
120
100
80
60
STOCKS
SALES
40
40
20
20
0
J . F. M . A . M . J . J J . S . 0 . N. D. J . F. M A . M . 0. J. A . S . 0 . N. D. •}. 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 . H . J . J . A . S . O N D
1915
1920
1921
1922
1923
0
FEDERAL RESERVE BULLETIN.
1222
WHOLESALE TRADE IN THE UNITED STATES, BY LINES.
NOVEMBER,
1923.
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued.
[Average monthly sales 1919-100.]
Percentage change in
September, 1923, sales
as compared with—
Dry Shoes. Hard- Drugs. Total.
Groware.
ceries. Meat. goods.
1922.
July
August..
September
October.
December
1923.
January
.
March.
April..
May
July.
August
September
82
90
7*
80
84
91
88
78
59
56
60
68
54
57
80
111
116
108
94
73
68
78
77
68
59
75
75
81
80
81
87
81
85
90
60
103
57
89
98
113
57
81
62
68
64
51
71
72
82
109
112
117
113
100
106
105
57
63
60
64
67
66
70
76
87
84
89
94
121
123
48
96
100
94
83
94
103
105
111
103
99
72
81
85
113
107
120
106
107
107
106
111
114
78
76
89
81
72
86
7S
8(
Si
SI
9(
94
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS.
Percentage change in
September, 1923, sales
as compared with—
August,
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 Roods:
United States
New York district....
Philadelphia district.
Cleveland district
Richmond district...
Atlanta district
Chicago district
St. Louis district
Minneapolis districtKansas City district..
Dallas district
San Francisco district
Shoes:
United States
New York district....
Philadelphia district.
5.5
-2.3
3.6
0.1
7.0
7.7
4.1
2.7
September,
1922.
7.7
2.6
2.0
14.3
9.0
13.1
9.4
5.4
4.0
1.0
13.4
-6.3
7.4
25.1
10.7
12.0
18.4
11.5
1.7
6.0
14.9
30.2
-4.2
18.8
13.9
6.4
8.7
15.3
15.5
11.1
-0.3
0.3
-41.9
-3.0
-1.1
-6.6
30.0
1.3
7.9
8.1
-7.5
-5.6
-2.7
9.6
5.5
6.6
17.3
0.0
August,
1923.
Shoes^-Continued.
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
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
St. Louis 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
September,
1922.
9.8
5.3
-5.3
-14.7
-11.4
7.7
-2.5
-3.0
-16.0
1.8
-9.4
7.7
-0.8
0.8
-1.3
0.7
-4.5
3.4
5.3
-16.7
-22.9
-2.3
-15.4
-2.1
9.8
7.5
7.1
7.8
7.2
13.2
7.8
10.9
-17.2
-9.3
1.6
6.8
3.3
14.8
-4.8
-0.7
0.1
-3.0
-4.4
-4.5
-3.9
2.4
2.3
9.5
13.0
4.9
9.2
6.1
9.4
7.0
-4.0
1.1
4.5
15.2
-20.5
0.4
-4.1
-2.3
14.4
9.9
16.4
0.S
-1.1
-9.3
5.2
6.0
25.8
-3.4
20.5
-20.4
22.1
8.6
55.8
8.0
-10.3
49.2
-1.3
7.2
-11.1
4.7
-8.8
-1.2
15.0
19.0
-18.2
13.2
-26.4
-12.3
-25.1
-4.1
23.3
-18.7
25.8
12.3
1223
FEDERAL, RESERVE BULLETIN.
NOVEMBER, 1923.
RETAIL TRADE BY REPORTING LINES.
[Average monthly sales, 1919—100.1
Chain stores.
Depart- Mail-order
ment
stores (304 houses(4
Fire and
houses).
Grocery
stores).
Ten (5
(27 chains). chains).
Drug (10
chains).
Cigar (3
chains).
Shoe (6
chains).
Music (4
chains).
Candy
(3 chains).
1919.
January
March .
April
May
TliTIP.
July
October
November
81
72
94
101
101
96
78
78
96
117
117
169
86
73
83
92
81
75
76
82
102
156
148
146
89
86
95
93
96
91
101
99
100
118
112
120
69
71
90
93
96
87
88
95
92
109
114
196
92
83
96
95
94
93
101
102
99
105
104
135
75
77
94
92
102
92
98
100
96
110
115
149
69
61
77
110
106
94
88
102
106
125
126
136
65
78
90
86
82
76
76
87
106
134
127
194
68
68
80
89
89
94
101
102
113
122
114
164
106
88
120
119
125
119
94
95
109
131
133
182
120
122
131
108
90
87
81
80
91
104
126
98
132
128
146
154
152
150
160
143
144
146
141
140
87
84
113
112
115
111
114
113
113
132
128
219
116
109
118
111
118
119
126
122
122
125
116
151
107
106
120
123
136
130
137
129
137
151
134
181
90
77
121
134
143
126
122
94
109
141
133
150
95
95
113
91
92
94
85
102
108
127
132
179
109
142
143
145
154
160
160
165
171
154
213
100
88
117
112
112
109
81
84
95
125
120
172
69
65
95
78
60
62
49
56
73
89
83
80
127
121
132
124
121
119
117
123
122
138
135
148
86
93
121
112
112
110
108
116
113
141
133
242
118
112
126
124
121
122
125
122
121
125
117
147
120
117
132
135
130
128
129
128
128
138
125
173
88
83
136
136
132
123
95
82
97
129
116
143
79
78
82
75
65
68
55
72
82
99
107
173
90
80
102
113
116
108
80
87
106
130
130
186
65
59
84
77
70
69
58
57
75
109
110
108
138
131
150
140
139
138
137
140
142
150
162
166
94
100
117
134
129
126
126
130
135
155
151
279
118
115
124
121
124
124
127
129
129
133
123
162
111
109
124
125
129
123
127
127
135
127
127
179
82
80
99
151
124
119
105
84
116
121
123
162
72
75
81
79
81
81
83
99
118
119
121
204
151
144
171
173
191
192
185
IS*
199
195
182
257
100
88
123
118
128
123
90
100
113
88
84
113
102
97
87
74
73
92
165
160
190
168
181
169
166
172
171
115
117
162
142
154
154
143
153
151
129
126
145
135
142
149
141
145
143
116
110
135
125
137
136
128
135
140
86
72
145
125
143
144
102
95
127
95
88
96
99
100
97
82
103
102
181
165
22«
225
244
264
256
253
244
1920.
February
March
April....
May
TlfTtA
.
July
September..
October
December
1921.
March
April.
May.
July...
August
October..
November
149
190
173
173
189
184
183
185
171
157
225
1922.
January...
February
. .
April
May .
TllT)fi ,
July
September
October..
.
1923.
April
May
July
1224
FEDERAL RESERVE BULLETIN.
NOVEMBER,
1923.
DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS.
[Average month, 1919=100.]
District
District
District
District
for
District
District
District
District
District
No. 3—
No. 12— Index
No. 9 No. 11—
United
No. 1—
No. 2—
No. 5—
No.6—
No. 7—
San
MinneDallas
States
Boston
New York PhiladelRichmond
Atlanta
Chicago
Francisco
apolis
(24 stores). (64 stores). (17phia
stores). (19 stores). (35 stores). (70 stores). (23 stores). (21 stores). (31 stores). (304 stores).
August
1922.
October
November 135
74
89
116
135
135
197
79
107
145
142
200
94
107
144
147
187
73
91
119
122
185
86
114
113
162
92
114
122
131
185
91
103
115
105
157
106
92
127
128
133
136
91
99
116
108
88
124
122
129
128
107
98
150
128
152
132
84
80
115
101
112
115
83
83
96
83
78
106
101
108
102
77
81
92
99
92
124
127
130
132
92
118
127
87
72
105
114
113
109
79
96
68
101
149
120
114
137
132
204
87
106
120
130
186
81
73
99
89
106
92
67
69
102
115
102
135
124
147
128
116
136
127
100
88
123
118
12S
123
90
100
113
105
105
1923.
February
March
April
May
June
July
. .
September
85
112
87
112
115
115
103
TREND OF DEPARTMENT STORE STOCKS.
[Average monthly stocks, 1919-100.]
District
District
District
District
for
District
District
District
District
District
No. 12— Index
No. 3—
No. 9 No.
11—
United
No. 2—
No. 5—
No. 6—
No. 1—
No. 7—
San
PhiladelMinneDallas
States
New York
Richmond
Atlanta
Boston
Chicago
Francisco
apolis
(24 stores). (64 stores). (13phia
stores). (19 stores). (22 stores). (59 stores). (15 stores). (19 stores). (29 stores). (264 stores).
August
1922.
October
December
109
122
125
130
111
110
121
125
132
111
130
141
148
147
124
105
109
120
130
126
103
119
121
123
101
125
129
135
137
115
96
102
107
112
120
125
124
116
109
116
129
107
112
123
127
125
116
111
119
131
118
135
148
153
148
143
137
152
166
100
113
124
126
122
115
121
122
141
105
112
119
121
121
113
111
120
130
112
127
139
141
136
128
128
141
151
93
101
113
111
113
108
105
110
115
106
108
90
Ill
118
120
119
94
115
114
121
123
127
110
123
127
130
109
97
107
115
119
117
110
121
128
136
130
125
124
132
138
107
117
127
131
12*
12C
US
127
138
1923.
February
March
May
July
August
September
UO
107
121
127
NOVEMBER,
1225
FEDERAL, RESERVE BULLETIN.
1923.
BANKING AND FINANCIAL STATISTICS.
DISCOUNT AND OPEN-MARKET OPERATIONS
OF FEDERAL RESERVE BANKS.
VOLUME OF OPERATIONS DURING SEPTEMBER, 1923.
Bills discounted for
member
banks.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: September, 1923.
September, 1922.
9 months endingSept. 30,1923
S e p t . 30,1922
United States securities
purchased.
Bills bought
in open
market.
Bonds and
notes.
Certificates of
indebtedness.
Municipal
warrants
purchased.
Total.
September,
September,
1922.
1923.
$1,155,300
44,678,000
$12,481,850
91,657,000
3,114,000
4,613,000
574,450
7,988,000
$30,913
"3,'625,"706'
2,189,500
48,500
19,523,500
3,072,500
897,500
1,652,000
2,000,000
1,000,000
159,420,054
217,052,760
59,610,950
120,971,250
140,059,850
315,203,000
296,913
2,981,349,429
1,664,927,309
1,370,127,111
564,271,760
939,843,900
2,450,493,060
2,229,561,500
413,077
137,632
34,694,743,602
$292,663,942
806,281,429
228,029,514
182,289,901
272,642,936
88,071,109
207,282,977
189,158,695
29,240.682
73,097,525
33,803,919
219,409,033
$14,771,530
76,777,150
9,990,900
5,635,667
205,000
5,006,203
26,608,592
2,621,961,662
1,267,357,685
30,014,638,396
13,439,405,613
75,000
9,463,747
10,886,265
266,000
$321,062,622
1,019,393,579
241, 134,414
192,538,568
272,847,936
93, 731,175
261,403,069
192,231,195
33, 163,882
77, 280,025
45, 267,666
231,295 298
$202,769,534
844,510,107
174,424,900
106,431,930
76,416,057
42,413,359
181,857,549
70,072,778
22,684,933
20,285,980
18,816,717
159,900,851
1,920,584,695
*i7,'979,"675,"756
VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Customers'
paper
secured by
Government
obligations.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
,
Total: September, 1923
August, 1923....
September, 1922
August, 1922....
$568,000
1,971,500
156,000
364,039
250,473
240,007
82,750
247,360
357
257,591
100
22,763
4,160,940
5,018,641
2,662.1X3
1,592,541
Member banks' collateral
notes.
Secured by
Government
obligations.
$100,
672,
158,
139,
219,
36,
151,
139,
20,
58,
21,
158,
Commercial Agricultural
paper, n. e. s.
paper
Otherwise
secured.
956,
492,
092,
064,
846,
377,
399,
395,
092!
055:
475
4U8,
$190,618,642
130,830,209
69,521,758
41,435.497
48,628.819
46,970,134
50,657,544
46,318,123
6,596,955
9,956,711
4,222,345
46,505,181
$284,564
418,787
231,957
234,792
2,353,923
3,010,658
4,922,436
2,321,679
1,210,678
1,505,840
744,978
1,573,583
14,176,513 692,261,918
15,117,203 . 670,828,703
24,357,058 | 404,427,412
26,072,966 ! 303,909,358
18,813,875
20,277,348
23,196,327
25,993,458
$84,500
453,550
159,818
10.000
899,245
561,330
12,008,070
1,875,659,260
2,330,982,180
802,270,810
727.893,985
Livestock
paper.
Sight
and
demand
drafts.
Bankers' acceptances.
Foreign.
Domestic.
$102,384
1,000
93,109
9,532
68,714
$148,529
40,197
176,485
267,467
163,230
3,312,873
8,580
1,108,963 5,672,404
380,956
83,974
$19,342
5,521,483
5,890,076
7,433,985
6,433,590
19,342
296,823
33,000
7,540
T o t a l , exclusive of sight 1
Trade acceptances.
Total, all
classes.
Federal reserve bank.
Foreign.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: September, 1923.
August, 1923
September, 1922.
August, 1922
Domestic.
and demand drafts, re- |
duced to a common
maturity basis.1
Amount.
Per cent
of total.
Member banks.
Number
in district
Sept. 30.
Accommodated.
Number.
17,849
425,908
$292,653,942
806,281,429
228,029,514
182,289,901
272,642,936
88,071,109
207,282,977
189,158,695
29,240,682
73,097,525
33,803,919
219,409,033
$148,612,887
602,796,606
158,380,443
156,895,275
189,596,994
230,376,417
390,298,235
250,837,502
72,756,033
117,778,635
48,732,377
248,783,344
5.7
23.0
6.1
6.0
7.2
8.8
14.9
9.6
2.8
4.5
1.9
9.5
423
831
722
882
629
536
1,440
624
991
1.155
'862
811
199
340
322
276
316
321
521
271
215
327
224
47.0
40.9
44.8
31.3
50.2
59.9
36.3
43.4
21.7
28.3
26.0
33.0
5,231,417
3,637,720
2,976,910
2,402,539
2,621,961,662
3,052,048,694
1,267,357,685
1,094,305,977
2,615,844,748
100.0
9,906
9,905
9,917
9,917
3,600
3,960
3,944
4,042
36.3
40.0
39.8
40.8
$123,852
567,183
27,099
1,013,664
1,404,930
909,949
60,729
670,256
10,000
1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.56) for system.
Percent.
1226
FEDERAL RESERVE BULLETIN.
NOVEMBER,
1923.
VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
4J per cent.
4 per cent.
Federal reserve bank.
New York. .
Philadelphia
H
j
o
h
m
o
T
i
r
l
,
.
Atlanta
.
.
. . . .
St. Louis.. .
Kf\"SHP City.
Dallas
Total: September, 1923
August, 1923
September, 1922 .
August 1922
$67i,i68,ii7
. . .
602,016,980
5 per cent.
Total.
Average
rate (365day basis).
Average
maturity,
exclusive
of sight
and
demand
drafts.
$292,653,942
806,281,429
228,029,514
182,289,901
272,642,936
88,071,109
207,282,977
189,158,695
29,240,682
73,097,525
33,803,919
219,409,033
$292,653,942
806,281,429
228,029,514
182,289,901
272,642,936
88,071,109
207,282,977
189,158,695
29,240,682
73,097,525
33,803,919
219,409,033
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
Days.
6.38
9.39
8.72
10.81
8.74
32.87
23.65
16.66
31.43
20.24
21.76
14.25
2,621,961,662
3,052,048,694
596,189,268
483,415,225
2,621,961,662
3,052,048,694
1,267,357,685
1,094,305,977
4.50
4.50
4.36
4.34
12.56
10.62
13.43
13.48
$8,873,772
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING SEPTEMBER, 1923, BY CLASSES.
Trade acceptances.
Bankers' acceptances.
Total bills
purchased.
Federal reserve bank.
Foreign.
$7,553,543
59,140,020
6,703,840
4,432,765
125,000
4,357,095
19,348,044
New York
Philadelphia
Atlanta
Dollar
Domestic. exchange.
Total.
$5,722,987 $1,495,000 $14,771,530
13,481,252 3,401,712 76,022,984
9,990,900
2,292,060
995,000
1,079,067
123,835 5,635,667
205,000
80,000
5,006,203
649,108
6,574,573
685,975 26,608,592
7,373,272
5,971,006
75 000
1,815,475
4,769,970
275,000
145,289
75,000
9,463,747
10,886,265
Total: September, 1923.... 115,004,585
109,471,641
August, 1923
160,792,652
September, 1922
August, 1922
144,236,793
36,539,492
46,561,116
50,270,374
34,287,658
7,121,811
4,018,025
4,580,859
6,303,646
158,665,888
160,050,782
215,643,885
184,828,097
Dallas.
1
Amount. Percent
of total.
Foreign. Domestic.
Total.
$754,166
$754,166
$14,771,530 $8,913,022
76,777,150 39,211,925
9,990,900 18,996,889
5,635,667 9 666 757
205,000
297,506 ;
5,006,203 6,138,124
26,608,592 47,571,410 |
75,000
9,463,747
10,886,265
754,166
321,886
1,184,950
379,034
$223,925
Total reduced to a
common
maturity
basis.1
754,166
321,886
1,408,875
379,034
5.0
24.6
11.9
«. T
.2
3.9
29.8
158,546
19,325,563
9,140,312
-1
12.1
5.7
159,420,054 159,420,054
160,372,668
217,052,760
185,207,131
100.0
Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (40.32) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING SEPTEMBER, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES.
Federal reserve bank.
Boston
New York
Philadelphia
.
Richmond .
St. Louis
Minneapolis
Dallas
San Francisco
Total: September, 1923
August, 1923
1
4 per cent. 4J per cent. 44 per cent. 4 | per cent. 4J per cent.
$1,973,160 $11,129,605 $1,398,608
5,242,165 1,206,634
68,949,815
8,760,057
597,573
604,701
1,290,293
1,205,844 2,842,084
205,000
612,217
3,033,664
3,160,905
5,592,189 15,181,908
$259,776
585,433
28,569
296,446
988,590
7,687,518
2,982,500
1,191,662
6,289,378
392,188
60,943
80,586,642
82,898,681
56,859,501
51,487,690
15,340,053
22,728,728
2,611,945
1,231,454
Per cent.
4.19
4.12
4.19
4.23
4.31
4.24
4.27
Day).
24.33
20.59
76.66
69.15
58.51
49.43
72.08
75,000
9,463,747
10,886,265
4.56
4.21
4.22
85.23
82.33
33.85
4,021,913
159,420,054
1,907,418 1160,372,668
4.21
4.20
40.32
38.85
1,000
i, 360,322
1,685,000
97,107
Includes $118,697 of acceptances purchased at 4 | 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 basis). maturity.
$14,771,530
76,777,150
9,990,900
5,635,667
205,000
5,006,203
26,608,592
$10,381
793,103
75,000
192,379
1,456,337
Total.
1227
FEDERAL RESERVE BULLETIN.
NOVEMBEB, 1 9 2 3 .
HOLDINGS OF EARNING ASSETS, BY CLASSES.
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEBEON, AND ANNUAL RATE OF EARNINGS
DURING SEPTEMBER, 1923.
Federal reserve
bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All classes
of earning
assets.
Discounted Purchased
bills.
bills.
$77,440,872 $63,561,356
239,805,148 191,526,426
I 97,813,451 60,691,839
101,182,124 54,590,724
77,409,256 75,418,736
68,262,611 59,044,139
133,800,174 81,204,345
69,945,805 65,877,267
42,444,237 29,341,340
54,821,141 41,589,948
52,904,406 38,804,953
107,705,266 86,296,019
Annual rate of earnings on—
Earnings on—
Average daily holdings of—
All
All
Pur- United
DisPurUnited classes
United classes DisStates
of counted
counted chased securichased
States
States
of
bills.
bills.
bills.
bills.
securities.
securities. earning
earning
ties.
assets.
$9,279,608
30,293,999
19,515,162
36,075,483
649,620
8,928,193
42,358,906
229,405
$4,599,908 $281,894 $235,169 $31,918
17,984,723 872,333 708,549 103,112
17,606,450 353,465 224,533 67,470
10,515,917 362,512
201,897 124,849
279,192
1,340,900 284,038
2,301
242,030
211,103 29,959
258,553
300,345 146,657
10,236,863 475,649
243,597
3,839,133 257,740
789
108,536
13,102,897 153,751
201,818
153,829
7,030
2,044,843 11,079,950
143,547 41,596
12,186,680 1,912,833 189,324
319,136 41,599
12,057,300 9,351,947 393,700
Total: Sept., 1923.. 1,123,534,551 847,947,092 173,619,259 101,830,074
Aug., 1923... 1,078,204,441 811,251,100 176,949,977
Sept., 1922.. 1,113,342,904 416,612,107 209,792,025 486,920,439
Aug., 1922... |1,053,098,212 396,243,184 159,020,851 497,824, 877
4,068,254
4,046,871
3,511,891
3,445,344
3,129,433
3,099,928
1,514,089
1,502,777
$14,807
60,672
61,462
35,7661
2,545
855!
28,647
13,354
45,215i
40:565!
4,181
32,965
597,280 341,034
629,388 317,497
535,565 1,462,166
420,119 1,522,410
Per
Per
PaPer
cent.
cent.
cent.
cent.
4.43
4.50
4.18
3.92
4.43
4.50
4.14
4.10
4.39:
4.50
4.20
4.24
4.36
4.50
4.21
4.14
4.46
4.50
4.31
2.31
4.46
4.50
4.22
4.16
4.33
4.50
4.21
3.40
4.48
4.50
4.18
4.23
4.41
4.50
4.20
4.48
4.50
4.45
4.18
4.35
4.50
2.66
4.15
4.45
4.50
4.29
4.20
4.41
4.42
3.84
3.85
4.19
4.19
3.11
3.11
4.50
4.60
4.4:
4.47
4.07
4.15
3.65
3.60
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: Atlanta, $31,726, $113 and 4.50 per cent; Kansas City, $106,400, $394, and 4.50 per cent. Total $138,126, $507 and 4.50 per
cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of September figures. In thousands of dollars.]
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
Member bants'
Custom- collateral notes.
ers'
paper
CommerAgricul- Livesecured
cial
tural stock
by Gov- Secured
paper,
ernment by Gov- Other- n. e. s. paper. paper.
obliga- ernment wise seobliga- cured.
tions.
tions.
58,544
192,683
62,519
53,459
79,286
74,587
' 93,180
76,133
29,641
47,235
29,879
80,401
1,149
1,019
444
367
524
293
257
433
5
248
8
153
23,613
128,632
39 006
30,439
29,873
16,352
45,991
23,476
7,500
15,935
5,253
30,216
Total, Sept. 29,1923.. ' 883,553
864,562
Aug. 31,1923..
463,696
Sept. 30,1922..
397,448
Aug. 31,1922..
4,900
4,800
2,553
2,525
396,286
407,512
160,227
123 588
"2340,053
398
419
458
546
7,241
11,054
10,320
8,092
9,112
4,207
8,435
10,715
575
3.679
11,744
6,797
2,063
7,532
7,402
12,499
12 374
371,200
330,145
104,408
123,316
71,657
79,033
86,823
97,404
26,077
30,533
33,457
34,903
56
Foreign.
Imports.
Exports.
Trade acceptances.
Foreign.
Domestic.
Im-
Exports.
ports.
101
33,185
61,975
22,565
20,726
40,385
44,405
35,994
42,540
8,039
15,031
9,127
36,628
239
110
360
480
Bankers' acceptances.
98
635
46
1,109
1,179
795
514
657
226
10
25
573
3
210
53
849
31
23
34
79
33
43
Domestic.
1
iifi
5,867
5,029
3,696
3,179
1228
FEDEBA1. EESEBVE BULJiETIN.
NOYEMBEB, 1 9 2 3 .
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of September figures. In thousands of dollars.]
Member bank.
Total.
Federal reserve bank.
National.
7,212
21,622
17,593
32,566
479
9,586
42,679
39
4,598
4,717
6,828
8,191
156
1,952
16,894
2,087
26,792
12,326
584
5,455
3,787
173,021
171,537
242,917
179,367
Private
banks.
Branches
and agencies of
foreign
banks.
754
5,163
1,703
5,432
323
3,125
4,444
714
3,698
1,675
8,277
202
2,689
773
2,138
1,148
1,135
1,515
1,025
8,354
4,034
383
4,850
1,291
95
5,418
1,666
2,715
1,548
53,169
58,824
100,672
74,182
56,892
56,291
82,867
61,808
27,468
24,313
27,900
23,246
23,826
24,015
19,139
12,482
11,666
8,094
12,339
7,649
172,987
171,436
242,884
179,324
53,135
58,746
100,639
74,147
56,892
56,268
82,867
61, 800
27,468
24,313
27,900
23,246
23.826
24,015
19,139
12,482
11,666
8,094
12,339
7,649
34
101
33
43
34
78
33
35
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: Sept. 29,1923
Aug. 31,1923
Sept. 30,1922
Aua. 31,1922
Purchased in open market:
Sept. 29, 1923
Aug. 31.1923
Sept. 30,1922
Aug. 31,1922
Discounted for member banks:
Sept, 29, 1923
Aug. 31,1923
Sept. 30, 1922
Aug. 31,1922
Nannational.
Nonmember banks
and banking corporations.
944
5,395
6,614
8,528
3,275
18,691
32
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of September figures. In thousands of dollars.]
All classes.
Federal reserve bank.
Total.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: Sept. 29,1923
Aug. 31,1923
Sept. 30,1922
Aug. 31,1922
Purchased in open market:
Sept. 29,1923
Aug. 31,1923
Sept.. 30,1922
Aug. 31,1922
Discounted for member banks:
Sept. 29,1923
Aug. 31,1923
Sept. 30,1922.
Aug. 31,1922..
7,310
22,568
17,639
33,675
1,658
10,381
43,193
696
220
2,097
20,817
12,899
Bankers' acceptances.
DisPur- counted
chased
for
in open memmarket.
ber
banks.
7,212
21,930
17,593
32,566
448
9,586
42,679
39
Trade acceptances.
Foreign.
Total.
Imports.
Exports.
Foreign.
Domes- Dollar
exTotal.
tic.
change
7,212
21,662
17,593
32,566
479
9,586
42,079
39
3,037
11,083
7,038
21,392
25
2,921
22,334
835
7,108
3,495
5,788
105
5,277
9,518
3,045
2,781
4,270
4,981
349
1,213
8,789
39
2,087
26,792
12,320
1,604
9,756
5,406
100
7,884
2,977
383
6,942
3,843
179,159
176,737
173,021
171,537
85,196
100,395
43,0S7
31,748
248,104
183,514
242,917 !
179,367
2,087
26,792
12,326
638
46
1,109
1,210
795
514
057
226
10
25
573
189,088
143,963
173,258
171,607
172,987 85,196
171,430 100,372
244,375
180,176
242,884
179,324
5,901
5,130
34
101
3,729
3,338
33
43
43,087
31,748
189,688
143,903
23
295
C90
2,190
425
Imports.
Exports.
Domestic.
271
2,210
100
900
46
1,109
1,179
795
514
657
226
10
25
573
635
46
1,109
1,179
795
514
657
226
10
25
573
36,615
33,200
8,123
0,128
6,138
5,200
271
171
5,867
5,029
46,415
29,587
6,SK
5,817
5,187
4,147
36,581
33,188
8,123
6,128
271
171
I 46,382 I 6,814
i 29,544 j 5,817
1,491
852
175
2,038
1,292
968
3,895
3,179
271
171
1,292
852
199
34 I.
78 I.
I
5,867 I
5,029
5,867
5,029
33 I
43
3,696
3,295
3,096
3,179
1229
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1923.
CONDITION OF FEDERAL RESERVE BANKS.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR OCTOBER
AND SEPTEMBER, 1923.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Federal reserve notes
in circulation.
Total deposits.
Federal reserve bank.
October.
Boston
New York
October. ] September. October.
303,416
978,983
258,201
325,032
92,400
98,839
551,750
77,427
73,840
82,401
65,297
286,699
281,849
982,575
259,563
327,351
77,133
110,363
574,495
80,171
69,815
95,499
56,239
271,947
131,417
703,598
116,959
162,213
64,317
54,417
275,414
69,094
49,093
80,113
58,214
154,463
129,647
695,205
117,165
164,646
62,613
53,772
280, 276
70,144
47,906
3,194,285
3,211,513
2,905,727
2,162,178
2,207,386
3,187,000
3,192,420
2,836,396
2,139,280
2,157,932
1,919,312
1,876,362
1,728,029
1,867,589
1,980,676
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: 1923.
1922.
1921
1920
1919
September.
September. October.
September.
52,651
151,909
229,123
467,466
215,271
244,009
96,675
134,333
413,615
75,441
69,330
62,853
58,859
219,413
226,649
482,425
219,402
246,349
85,500
129,392
415,040
72,406
57,314
63,402
48,694
217,607
84.2
83.6
77.7
80.0
57.4
52.4
80.1
53.6
68.1
57.6
55.8
76.7
79.1
83.4
77.1
79.6
52.1
60.3
82.6
56.2
66.4
65.6
55.5
73.6
1,908,193
1,866,300
1,716,162
1,912,070
1,930,969
2,276,388
2,309,013
2,456,121
3,336,768
2,738,394
2,264,090
2,225,457
2,493,910
3,275,535
2,627,295
76.1
76.7
69.4
143.1
148.5
76.4
78.0
67.4
143.3
150.4
82,259
i Calculated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABIUTIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 3 TO OCTOBER 24, 1923.
RESOURCES.
[In thousands of dollars.)
Total.
Gold and gold certificates:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Gold settlement
fund—F. R. Board:
Oct.3
Oct. 10
Oct.17
Oct. 24
Gold with F. R.
agents:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Gold redemption
fund:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Total gold reserves:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Reserves other than
gold:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Total reserves:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Nonreserve cash:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Boston.
New
York.
Phila- Clevedelphia. land.
Richmond. Atlanta. Chicago.
St.
Minne- Kansas
apolis. City. Dallas.
San
Francisco.
357,185
364.693
367.835
375,456
20,547
20,457
20,987
21,432
171,075
178,293
183,232
182,909
36,564
37,069
36,259
37,955
13,159
13,157
13,367
13,436
11,596
11,974
12,141
12,477
6,296
6,562
5,891
5,855
48,477
47,926
47,280
52,484
4,436
4,389
4,357
4,408
8,587
8,622
8 645
8,671
3,423
3,399
2,871
2,906
643,874
623,054
607,734
618,424
68,
60,295
68,551
67,621
159,252
143,646
140,835
151,349
37,556
33,430
24,118
41,177
95,482
99,662
89,181
94,020
38,213
36,870
29,711
32,191
13,368
10,189
16,804
14,088
95,508
94,876
90,427
77,764
18,551
22,920
28,157
26,067
23,401
20,985
22,118
22,168
34,190
34,427
32,287
31,222
16,821
15,506
19,867
17,785
42,650
50,248
45,678
42,972
2,055,663
2,074,372
2,087,371
2,089,358
192,325
198,759
195,801
210,451
634,833
634,657
634,528
634,443
171,268 207,619
171,313 207,493
170,052 209,277
165,953 208,805
28,006
36,952
45,789
44,622
71,830
73,248
67,391
401,380
401,276
401,145
401,053
35,171
35,495
35,122
34,125
38,692
37,658
37,365
37,461
42,085
41 753
40,597
35,464
26,455
26,898
27,378
29,052
205,999
20S 870
222,926
221,061
59,108
60,275
62,229
53,174
11,431
13,829
15,879
10,184
8,418
7,010
5,332
8,859
8,308
11,000
13,082
5,054
4,197
2,470
1,152
205
3,714
3,611
3,657
3,677
3,575!
3,958!
4,133
4,013
3,679
2,475
1,252
5,144
4,031
3,156
3,021
3,525
1,840
2,521
2,489
2,024
4,57611
4,418
5,032
4,682
2,248
2,114
2,095
2,309
3,091
3,713
5,105
3,498
3,115,830
3,122,394
3,125 169
3,136,412
293,185
293,340
301,218
309,688
973,578
963,606
963,927
977,560
253,696
252,812
243,511
250,139
320,457
322,782
312,977
316,466
81,529
89,407
91,298
92,967
95,069
93 957
94,219
90,834
549,044
546,553
540,104
536,445
62,189
65,960
70,657
68,123
72,520
69,786
70,617
70,324
84,274j
83,997
80,787!
74,2741
57,276
55,951
60,812
60,717
273,013
284,243
295,042
288,875
72,160
71,529
72,854
72,710
3,558
3,784
4,256
5,141
16,834
16,603
18,298
19,041
12,080
10,650
8,941
6,148
3,787
3,910
3,896
3,655
2,190
2,398
2,677
3,285
4,304
4,599
5,129
5,447
8,740
8,194
7,882
8,205
9,241
9,968
10,067
9,433
917
1,006
1,138
1,255
2,542
2,556
2,500
2,817
6,131
6,204
6,324
6,392
1,836
1,657
1,748
1,891
3,187,990
3,193,923
3,198,023
3,209,122
296,743
297,124
305,474
314,829
990,412 265,776
980,209 263,462
982,225 252,452
996,601 256,287
324,244
326,692
316,873
320,121
83,719
91,805
93,975
96,252
99,373 557,784
98,556 554,747
99,348 547,986
96,281 544,650
71,430
75,928
80,724
77,556
73,437
70,792
71,753
71,579
86,816
86,553
83,2S7
77,091
63, 407
62,155
67,136
67, KB
274,849
285,900
296,790
290,766
72,354
68,932
14,266
15,670
17,751
15,785
4,529
2,829
5,135
3,515
1,566
1,371
1,529
1,555
6,600
6,112
6,759
6,584
6,795
7,3r
6 -
1,157
1,531
1,153
1,356!
4,
4,502
4,161
4,457
1,814
2,315
1,876
2,946
7,621
7,719
8,652
10,860
74,877
78,872
10,819
9,837
10,749
11,118
2,0
1,8
2,3
1,8
10,602
7,864
7,902
8,639
11,752 21,273
11,433 21,412
11,472 21,333
11,571 21,344
1230
FEDERAL. EESEEVE BULLETIN.
NOVEMBER,
1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS. OCTOBER 3 TO OCTOBER 24,1923—Con.
EESOURCES—Coatinued.
[In thousands of dollars.)
Total.
Bills discounted:
Secured by U.S.
Government
obligations—
Oct.3
Oct. 10
Oct.17
Oct. 24
Other bills discounted—
Oct.3
Oct. 10
Oct. 17
:.
Oct. 24
Bills bought in open
market:
Oct.3
Oct. 10
Oct. 17
;
Oct. 24
i
U. S. bonds and
notes:
Oct.3
Oct. 10
Oct. 17
Oct. 24
IT. S. certificates of
indebtedness:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Municipal warrants:
Oct.3
Oct. 10
Oct.17
Oct. 24
Total earning assets:
Oct.3
Oct. 10
Oct.17
Oct. 24
Bank premises:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Five per cent redemption fund
against F. R. bank
notes:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Uncollected items:
Oct.3
Oct. 10
Oct.17
Oct. 24
All other resources:
Oct.3
Oct. 10
Oct.17
Oct. 24
Total resources:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Boston.
New
York.
RichSt.
mond. Atlanta. Chicago. Louis.
Phila- Clevedelphia. land.
Minne- Kansas Dallas.
apolis. City.
San
Francisco.
37,825
29,044
32,945
29,553
35,954
28,925
28,632
28,130!
26,874i
17,332
18,042
21,108
20,339
53,002
49,714
59,335
56,574
23,250
22,174
22,684
24,740
9,037
6,507
20,465
19,203
20,361
24,217
4,067 27,099
2,057 23,081
3,353 21,574
3,856 21,857
67,517
58,703|
54,215
52,440
18,396
18,356
20,253
20,558
22,732
26,564i
31,619i
27,3541
47,120|
45,328
45,433
44,173
53,545
57,122
61,389
63,101
52,284
51,382
55,727
55,377
52,507
48,258
49,260
49,838
20,841
20,771
20,274
23,563
30,042
30,739
32,399
32,631
22,803 59,194
20,863 53,895
19,459 49,643
18,497
8,021
8,903
10,247
10,734
22,357
32,741
43,727
36,097i
18,888
17,844
20,424
20,269
30,0021
28,2061
24,508
495
915i
1,141,
98 SOi
l,266j
9,108
9,026
5,452
5,671
40,188
42,659
42,155
37,751
89,628
86,808
86,251
79,907
3,657
3,568
3,567
3,567
10,424
5,176
7,644
1,349
17,367
17,367
17,367|
9,953
9,953
9,953
9,953
1,341!
1,341
1,341:
1,341
222
260
240
252
6,826
6,555
6,919
6,859
5,514
5,075
7,790
250
170
3,150
1,673
4,425
3,200
400,158
406,269
386,175
384,346
19,489
18,900
17,367
14,602
136,459
146,344
116,593
111,001
1
481,503
462,7481
468,346'
451,892!
34,522
30,767
28,675
16,277
172,902
182,407
190,518
179,747
33,442
36,529
17,367
336.
336.
393].
593j.
53
17
1
1
317
317
317
317
3,668
3,668
7,584
13,617
13,867
13,867
13,867
853L
215:.
60|.
1,755!.
2,247
2,215
2,199
1,520
28,470
27,966
29,214
27,127
13,069
11,874
11,394
10,360
11,588
1,780
6,280
6,280
6,279
9,185
9,185
9,185
9,185
178
178
178
178
51
51
51
51
2,345
2,500
2,500
266
266
266
1,150,022
1,143,624
1,139,397
1,104,495
66,592
62,388
60,026
45,180
239,907
244,637
226,604
204,087
88,134
90,137
95,165
96,060
92,067
98,004
96,026
102,748
77,881
76,216
76,045
73,654
80,311
84,518
88,241
89,415
153,153
150,525
164,196
158,316
79,432
74,107
71,951
74,585
42,092
43,357
43,250
44,006
64,786
62,189
65,291
68,700
57,120
59,511
60,806
58,259
108,547
98,035
91,796
89,485
55,173
55,202
55,640
55,895
4,434
4,434
4,434
4,434
13,396
13,396
13,756
13,762
744
744
744
744
9,676
9,684
9,700
9,720
2,617
2,617
2,617
2,6171
2,818
2,828
2,829
2,909
8,715
8,715
8,715
8,716
1,155
1,155
1,156
1,220
1,755
1,755
1,815
1,842
4,970
4,970
4,970
4,970
1,952
1,952
1,952
1,951
2,941
2,952
2,952
3,011
28
28
28
28
28
22
28
663,548
646,278
840,286
660,460j
61,769
56,287
78,871
62,753
147,181
130,388
193,389
138,274
61,496
55,275
74,759
54,719
63,802
62,304
90,325
62,749
63,237
63,831
74,012
65,603
24,953
25,225
29,655
26,027
82,114
79,739
102,042
84,054
37,672
42,286
47,450
36,216
15,672
17,453
17,935
16,417
35,247
37,140
40,854
39,151
30,854
33,295
36,964
31,855
39,551
43,055
54,030
42,642
13,1181
13,470
13,690
13,470
174
125
126
126
1,061
1,211
1,057
274'
2841
313
312|
303
321
326
354
478
619
484
477
674
660
661
648
484
484
522
507
104
108
50
50
2,399
2,379
2,532
2,523
637
692
1,049
913
2,1
2,903
2,900
2,842
3,684
3,670
3,620
5,142,233
5,121,457
5,321,941
5,120,342
443,978
436,034
466,682
443,107
1,402,776
1,379,678
1,427,780
1,364,940
418,523
411,750
425,826
409,988
494,621
499,834
518,385
499,207
229,498
236,459
248,662
240,158
218,731
219,651
228,636
223,919
ir~
808,850 196,588
800,322 200,912
830,220 208,148
802,826 197,818
136,512 196,942 158,013 437,201
137,267 196,046 162,159 441,345
138,438 199,612 171,662 457,890
137,723 195,282 164,990 440,384
I
LIABILITIES.
Capital paid in:
Oct.3
Oct. 10
Oct. 17=....
Oct. 24
Surplus:
Oct.3
Oct. 10
Oct. 17
Oct. 24
109,669
109,676'
109,688
109,709
7,867
7,867
7,867
7,867
29,289
29,302
29,302|
29,302!
9,865
9,865'
9,865;
9,865;
12,242:
12,242|
12,242'
12,242:
5,734
5,740
5,742
5,742
4,428
4,426
4,427
4,435
15,195
15,194
15,209
15,209
5,018
5,018
5,016
4,993
3,521
3,520
3,520
3,521
4,560
4,554
4,554
4,548
4,189
4,189
4,189
4,195
7,761
7,759
7,755
7,790
218,369
218,369
218,369
218,369
16,312
16,312
16,312
16,312
59,80*
59,8001
59,800!
59,800;
18,749!
18,749
18,749
18,749
23,495!
23,495j
23,495!
23,495|
11,288
11,288
11,288
11,288
8,942
8,942
8,942
8,942
30,398
30,398
30,398
30,398
9,665
9,666
9,665
9,665
7,473
7,473
7,473
7,473
9,488
9,488
9,488
9,488
7,496
7,496
7,496
7,496
15,263
15,263
15,263
15,263
1231
FEDERAL. RESERVE BULLETIN.
NOVEMBER, 1923.
BESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 3 TO OCTOBER 24,1923—
Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
I
Total.
Deposits:
Government—
Oct. 3
Oct. 10
Oct. 17
Oct24
Member bank—
r e s e r v e account—
Oct.3
Oct. 10
Oct. 17
Oct. 24
Other deposits—
Oct.3
Oct. 10
Oct. 17
Oct. 24
Total deposits:
Oct.3
Oct. 10
Oct. 17
Oct. 24
F. R. notes in actual
circulation:
Oct.3
Oct. 10
Oct. 17
Oct. 24
F. R. bank notes in
circulation—net
liability:
Oct.3
Oct. 10
Oct.17
Oct. 24
Deferred availability
items:
Oct.3
Oct. 10
Oct.17
Oct. 24
All otherliabilities:
Oct.3
Oct. 10
Oct.17
Oct. 24
Totalliabilities:
Oct.3
Oct. 10
Oct.17
Oct. 24
Boston.
New
York.
2,083
1,430
942
2,798
8,155
5,349
7,183
4,513
1,884,046 129,472
1,863,850 123,607
1,915,740 135,624
1,872,179 128,719
700,065
693,640
705,579
688,145
30,065
20,151
36,575
28,823
Philadelphia.
Cleveland.
RichSt.
mond. Atlanta. Chicago. Louis.
1,530
2,146
1,888
1,299
500
1,168
2,853
2,141
2,359
1,410
3,059
1,987
8,218
1,937
5,168
3,650
1,833
1,502
2,295
1,897
119,909 157,165
114,837 159,069
115,439 160.794
118,949 159;751
62,637
63,591
63,6051
61,635
52,083
51,273
53,504
52,969
268,229
266,221
277,769
268,52
65,957
66,544
67,508
67,128
1,109
1,246
1,146
971
598
472
533
439
1,232
337
1,226
335
Minneapolis.
Kansas
City.
Dallas.
San
Fran
Cisco.
1,036
951
2,C11
2,001
1,499
l.T"
2,:
2,620
540
1,867
5,619
48,101
47,846
46,468
47,418
79,500
75,942
78,213
75,213
53,633
54,153
57,759
56,865
147,295
147,127
153,448
146,863
376
334
393
332
596
532
487
504
241
229
218
237
4,156
4,318
4,640
4,515
49,557
55,373
55,718
60,184
59,722
151,991
153,312
163,707
154,798
56,737
58,272
59,583
59,509
219,546
220,293
220,519
218,486
m
2,124
2,162
22,126
21,754
23,007
22,536
169
278
270
197
13,037
12,553
13,194
13,343
273
455
634
617
1,296
1,060
1,191
1,068
14!
125!
126
129
144
188
1,936,237
1,905,755
1,975,322
1,923,538
131,724
125,315
136,836
131,714
721,257
711,542
725,956
706,001
121,414
115,629
117,329
119,901
159,991
162,275
163,873
162,118
63,288f
64,907
66,615
63,901
54,568
52,812
56,707
55,144
277,556
269,404
284,083
273,145
68,518
70,336
69,464
48,985
49,912
81,132
77,425
80,711
77,718
2,272,308 229,712
2,288,580 232,514
2,272,391 231,872
2,255,354 226,597
474,894
471,073
463,507
457,029
213,198
216,938
213,006
210,635
241,581
247,896
241,601
243,964
92,738
95,046
96,787
97,166
131,892
133,426
134,518
133,911
415,011
415,859
412,236
410,865
74,717
75,074
76,004
75,310
59.219
59,337
59,496
59,379
63,063
62,852
63,262
62,503
485
480
473
529
3,420
485
480
473
529
60,606
17,616
18,689
22,606
19,975
68,672
67,325
86,085
70,920
37,471
41,269
45,816
37,007
15,238
16,430
17,487
15,922
37,653
40,629
40,493
39,864
31,541
33,796
37,496
31,278
40,548
42,545
48,472
41,846
1,345
1,377
1,404
1,455
1,285
1,356
1,436
1,512
2,018
2,142
2,209
2,289
1,329
1,368
1,311
1,379
1,504
1,609
1,477
1,516
1,046
1,098
1,104
1,161
2,241
2,261
2,092
2,173
2,174
2,201
583,742
576,277
723,251
589,636
57,392
53,063
72,783
59,581
113,384
103,571
144,789
108,256
53,611
48,808
65,109
55,509
52,051
75,289
55,386
55,107
58,101
21,423
22,320
22,447
23,207
971
963
1,012
1,036
4,152
4,390
4,426
4,552
1,686
1,761
1,768
1,843
1,803
1,875
1,885
2,002
5,142,233 443,978 1,402,776
5,121,457 436,034 1,379,678
5,321,941 466,682 1,427,780
5,120,342 443,107 1,364,940
418,523
411,750
425,826
409,988
494,621
499,834
518,385
499,207
82.8
82.9
82.6
85.7
79.4
79.2
76.4
77.5
80.7
79.6
78.1
78.8
53.7
57.4
57.5
59.8
53.3
52.9
52.0
50.9
80.5
81.0
78.7
79.6
49.9
52.9
55.2
53.6
67.5
65.4
66.1
65.5
60.2
61.7
57.8
55.0
56.6
54.5
56.1
56.3
74.0
76.5
77.2
77.9
11,950
11,993
15,344
14,374
2,949
3,159
3,312
3,675
3,703
3,967
4,159
4,615
1,783
1,910
2,002
2,222
1,406
1,506
1,579
1,752
4,766
5,106
5,353
5, r "~
1,509
1,616
1,694,
1 —
1,165
1,249
1,309
1,453
1,474
1,579
1,656
1,234
1,322
1,386
1,548
2,372
2,608
2,734
3,034
229,498 218,731
236,459 219,651
248,662
240,158 223,919
196,588 136,512 196,942 158,013 437,201
800,322 200,912 137,267 196,046 162,159 441,345
830,220 208,148 138,438 199,612 171,662 457,890
802,826 197,818 137,723 195,282 164,990 440,384
MEMORANDA.
Ratio of total reserves to deposit
and F. R. note liabilities combined—
per cent:
Oct.3
Oct. 10
Oct. 17
Oct. 24
Contingent liability
on bills purchased
for foreign correspondents:
Oct.3
Oct.10
,
Oct. 17
!
Oct. 24
75.8
76.1
75.3
76.8
34,311
36,015
40,528
42,331
82.1
83.0
87.9
ir~
1232
FEDERAL, RESERVE BULLETIN.
NOVEMBER, 1923.
DisraiB'jrtoM OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
(In thousands of dollars • )
Total.
Bills discounted:
Oct. 3
Oct. 10
Oct.17
Oct.24
Bills bought in open market:
Oct.3
Oct.10
Oct 27
Oct.24
United States certificates of indebtedness:
Oct.3
Oct.10
Oct. 17
Oct. 24
Municipal warrants:
Oct.3
Oct. 10
Oct.17
Oct. 24
Within 15
days.
16 to 30
days.
31 to 60
days.
From 91
days t o 6
months.
61 to 90
days.
881,661
8S9,017
854,521
833,238
585,560
578,169
558,679
487,038
85,064
80,062
78,705
129,496
117,004
121,813
126,020
125,902
80,435
75,599
76,515
76,596
13,337
13,088
14,278
16,743
172,902
182,407
190,518
179,747
57,237
63.939
68,283
54,194
32,222
27,447
21,767
25,647
39,403
42 953
44,871
51,320
39,500
43,728
51,484
44,851
4,540
4 340
4,113
3,735
5,514
5,075
7 790
8 283
4,053
1,923
4,595
3,200
163
1,601
361
261
1
1,100
2,870
3,031
3,484
41
41
41
51
10
10
10
317
266
266
266
317
317
266
317
Over 6
months.
261
286
324
463
21
1
FEDERAL RESERVE NOTES.
FEDERAL RE3ERVE AGENTS' ACCOUNTS ON WEDNESDAYS, OCTOBER 3 TO OCTOBER 24, 1923.
[In thousands of dollars.)
Cleveland,
Net amount of F. R.
notes received
from Comptroller
of the Currency.
3,598,004 338,413 1,043,433
Oct.3
3,600,728 334,846' 1,040,164
Oct. 10
3,617,660 337,888' 1,037,316
Oct. 17
3,614,101 332,538' 1,033,533
Oct. 24
F. R. notes on hand:
Oct.3
861,504
92,950| 313,260
Oct. 10
860,844
87,350
313,260
Oct. 17
873,934
89,350
313.260J
Oct.24
877,249
86,350
313,2601
F. R. notes outstanding:
Oct.3
2,736,500 245.463] 730,1731
2,739,884' 247J496! 726,904
Oct. 10
2,743,726! | 248,5381 724,056
Oct.17
2,736,852 246,188 720,273
Oct 24
Collateral security for
F. R. notes outstanding:
Gold and gold
certificates—
35,300; 235,531
Oct.3
i 320,534
35,300; 235,531
Oct. 10
i 320,534
Oct.17
! 320,5341 35,300] 235,531
35,300' 235,531
Oct. 24
1 320,534|
Gold redemption
fund—
i
14,025'
28,302:
Oct.3
1 114,668
10,459:
28,126!
Oct.10
' 112,074!
17,50l|
27,997;
Oct.17
J 122,860!!
12,151;
27,912!
Oct. 24
i 113,435
I
Gold fund—F. R.
Board—
Oct.3
1,620,4611 143,000J 371,000
Oct. 10
1,641,7641 153,0001 371,000
371,000!
Oct.17
1,643,977 143,000
371,000!
Oct. 24
1,655,389 163,000
Eligible paperAmount required—
Oct.3...
680,837' 53,138
95,340,
Oct. 10..
48,737
665,512
92,247;
Oct. 17..
52,737
656,355
89,528
Oct. 24..
35,737
647,494
S5,830l
E x c e s s
amount
held—
Oct.3...
Oct. 10..
Oct. 17..
Oct. 24..
333,9591
342,032
349,483
318,182'
8,!
9,833
3,552
5,876
103,
117,
99,
86,
581
765
366
873
232,776
231,021!
232,7601
229,0601
7.0001
7,000!
7,000:
7,000:
St.
Atlanta; Chicago.
Minneapolis.
San
Dallas, j Francisco.
Kansas
City.
122,965
127,410
132,308
133,600
220,850
224,268
225,810
228,287
577,7631
579,6491
590,892i
594,454!
116,016
115,340
114,967
114,470
72,983
72,629
73,176
74,132
108,942
108,610,
108,013!
108,880:
87,348!
88,792!
88,272!
87,945!
327,863
326,574
325,849
327,285
23,150
24,390
26,350
25,950
73,722
75,262
75,382
77,027
116,340!
115,400!
127,000!
133,200
24,390
24,390
24,390j
24,390
10,085
10,605
10,015
11,295
35,813!
35,313!
34,513
35,513
25,774;
25,454:
25,354!
24,164!
67,600
67,600
67,600
65,800
270,232! 99,815
2«9,605'1 103,020
269,689 105,958
269,617j 107,650
147,128!
149,006!
150,428i
151,260!
461,423!
454,249
463,892,
461,254
91,626:
90,9501
93,577i
90,080!
62,898
62,024
63,1611
62,8371
73,129'
73,297j
73,500!
73,367!
61,574!
63,338;
62,918,
63,781;
260,263
258,974
258,249
261,485
2,400'
2,400'
2,400
2,400
!
11,080
11,080!
11,080!
11,080]
13,052
13,052
13,052!
13,052
!
7,391:
!
:
7,3911
7,391!
7,391!
279,776 301,652
281,421 301,025
283,760 299,409
279,660 299,317
47,000i
50,400
51,000]
50,600!
Richmond.
31,420
31,420
29,720
29,700
8,780!.
8,780.
8,780.
8,780.
i
!
12,879
13,924
15,663:
11,561
13,839!
13,713
15,497
15,025
4,211
3,157,
1,994!
3,827;
4,430
7,848!
6,991
6,46S
9,736
9j(,31
9,500
9,409
2,091!!
2,415
2,042!
2,045!
2,640!
1,606:
1,313!
1,409!
3,725 !
3,393
2,237
2,104;
3,564
4,007!
3,487>
4,161:
15,226
13,795
18,638
17,360
151,389
150,389
147,389
147,389
185,000
185,000!
185,000
185,000'
23,795
33,795'
43,795!
40,795!
65,000
63,000!
58,000;
58,000!
391,644
391,645
391,645
391,644
22,000!
22,000)!
22,000
21,000;
23,000!
23,000
23,000
23,000
38,360:
38,360
38,360!
33,300,
15,500!
15,500;
16,500!
17,500i
190,773
195,075
204,288
203,701
61,508
59,708
62,708!
63,107!
62,613!
62,112
60,412!:
60,812
71,809!
66,068!
60,169
63,028!
75,2981
75,758!
83,037:
84,392:
60,0431
B2,973'
62,747
60,201
56,455!
55,455
55.455
55,955
24,206;
24,366i
25,796!
25,376;
31,044
31,544!
32,903 :
37,903
35,119>
36,440;
35,540!
34,729
54,264
50,104
35,323
40,424
18,960
24,808
24,679
24,523
3,584)
6,769!
13,530i
8,876!
4,602:
8,362i
4,810
4,601
85,349:
80,584;
94,373!
89,359
19,272
14,874
16,419
18,520
21, 630
20, 247
21, 948
20, 342
19,769
13,882
15,790
14,112
44,125
37,864
46,432
39,048
1,
3
6
2
281
071
425
834
2,
3.
2,
3,
9121
973j
159!
220!
NOVEMBEH, 1 9 2 3 .
1233
FEDERAL, RESERVE BULLETIN.
CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OP REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM
SEPTEMBER 26 TO OCTOBER 17, 1923.
ALL EEPOETING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands ot dollars.]
Total.
Number of reporting banks:
Sept. 26
Oct. 3
Oct. 10
Oct.17
Loans and discounts, gross:
Secured by V. S. Government obligations—
Sept.26
Oct.3
Oct. 10
Oct. 17
Secured by stocks and
bondsSept. 26
Oct.3
Oct. 10
Oct. 17
All other loans and discounts—
Sept. 26
Oct.3
Oct. 10
Oct. 17
Total loans and discounts:
Sept. 26
Oct.3
Oct.10
Oct.17
V. S. pre-war bonds:
Sept.26
Oct.3
Oct. 10
Oct.17
U. S. Liberty bonds:
Sept. 26
Oct.3
Oct. 10
Oct. 17
U. S. Treasury bonds:
Sept. 26..."
Oct. 3
Oct. 10
Oct. 17
U. S. Treasury notes:
Sept. 26
Oct.3
Oct. 10
Oct. 17
U. S. certificates of indebtedness:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Other bonds, stocks, and
securities:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Total loans and discounts
and investments:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Reserve balance with F. U.
banks:
Sept.26
Oct.3
Oct. 10
Oct. 17......
Cash in vault:
Sept. 26
Oct.3
Oct.10
Oct. 17
Boston.
770
770
770
770
258,121
258,423
257,452
258,451
12,055
11,735
12,495
12,364
lanta.
Ill
111
112
112
55
105,565
105,198
103,612
102,608
18,202
18,210
17,981
18,841
28,065
27,677
27,965
27,S9S
579,630
578,886
584 157
584,161
140,140
140,960
141,626
140,964
336,624 341, 7431,., 143,148
338,424 346, 106 I, 153,893
338,602 350, 3631 ,160,926
338,043: 355, 903 1 ,166,219
313,254
316,497
315,253
315,906
415,0651,759,893
419,444 1,771,029
425,2191,781,834
431,4181,788,527
357,020
360,678
359,785
353,607
11,877,005
11,983,646
11,955,922
11,961,370
885,595 4,147,477
892,378 4,222:217
,
895,971 4,16O;iO7i
• -"-•-—'
896,232 4,172,332
642,599 1,127,997
646; 227 1,134,848
646,
- - 2461,137,535
637, 5851 132,550
1,053,456
1,043,067
1,045,385
1,042,500
77,644
77,754
78,554
78,104
474, 5331
468,842;
471,508:
471,003
87,092
86,457
85,997
85,409
4,812
4,533
4,534j
4,838
27,279i
27,343
26,574
26,538;
3,278!
3,281!
3,271 j
3,2691
855,604
860,058
875,390
874,010
29,115
29,3011
33,8%
33,939
458,559]
460,949!
466,067]
468,042!
49,626]
49,454
49,4941
*°
•""I
49,312
115,953
111,318
99,365'
90,863i
13,706
13,120
6,106
5,695
21,476!
20,982;
16,775;
16,126.
4,825!
4,778;
3,728'
3,7iS6]
i
171,950j
171,125]
171,808!
173,160!
731,336!
724,846;
730,320
730,39-1!
•
2,157,761]]
2; 145,849!!
2,139,838,
I 2,144,561' ;
48,231 10,6981
48,2571 10,698J
48,257! 10,698
48,130| 10,698
tie, 421,866: 1,195,35515,908,891
16,505,772; 1,200,913.5,973,436,
16,475,926] 1,203,410:5,919,608!
16,472,991; ;1,204,534 5,932,565]
4,566! 7,054
4,608! 7,120
4,455; 7,323
4,60l! 7,101
61,990
64,745
65, 893
66,526
643, 097 2,!, 541,778
645,360 2,561,748
647,—
925 %
2, 587,423
642, 580 2.!, 597,123
12,533
12,702
12,541
12,566
76
12,207!
12,107
12,679
12,392
7,942,376
7,987,517
8,033,757
8,038,007
274,995
275,379
274,029
274,278
36
37,115
38,250
36,751
38,147
267,377 404,829 121,420
267,3391
— - — 412 505 121,135
268,4S0 413,995 121,521
265', 137 410,624 120,162
I
467,306
468,779
469,756
467,999
Fran-
106
106
106
106
8,332
8,593
8,963
8,r"
230,4431,500,134
235,2831,555 271
235, 5511,469 072
241,2881,472 601
San
St.
Louis
9,262
9,220
9,633
9,794
3,676,508
3,737,706
3,664.713
3,664,912
695,103
694,1
695,575
694,028
Chicago.
3,139
2,93S
2,866
2,883
12,559
12,767
12,729
12,833
81,722
81,075
80,985
82,270
57,433
57,363
61,571
58,483
187,033
183,838
183,463
183,889
198,231
199,726
201,971
200,072
354,520
355,365
354,643
351,8841
209,962
211,728
217,157
218,932
807,896
803,326
804,134
803,710
465,601
469,564
469,558
469,262
244,154
243,640;
244,825!
243,480|
9,16l!
9,161!
8,661j
8,061
443,296 270,5341,007,488
443,560| 272,029 999,931
442,951; 281,594 ,000,326
441,255] 280,298 1,000,432
I
30,226
11,565[ 20,761
30,191
11,566! 20,961
ll,423i 20, 461 30,189
30,391
11,423, 20,516
41,3571
39,306
38,399!
38,807
47,888
47,890
47,896
47,990
29,410
29,410
29,419
29,427
14,476
14,475
14,475
14,470
24,742 15,304
24,764 15,304
24,805 15,204
24, P02 15,204
43,746 115,841
44,074 115,917
43,824! 117,489
43,887] 118,668
32,516!
32,032'
31,101'
27,799j
14,073
14,186
14,208
13,495
96,772
95,505
93,755
94,531
22,829
23,165
22,487
23,551
13,342i
13,345!
13,457i
13,033:
4,568
4,560
4,707
4,69"
4,059i
4,070!
4,129
3,739
1,666
1,666
1,670
1,670
12,493
12,227
12,224
12,185|
8,614
8,614
8,726
7,610
955;
955
955
955
58,983
59,430
59,311
58,267
12,853
12,702;
13,141!
14,895j
5,619
5,828
9,717
6,063
116,274]
119,737
120,057
120,705
19,662
19,048
18,594
18.410
3,155;
3,1471
2,970:
2,753
8,950
8,647
8,474
4,913l
22,785
21,121
21,083!
20,032
5,750
5,559
5799
5,861
3 924
3,910!
3,800
3,346
I
180,344] 299),061j 51,771
j , 639! 51,451
180,587 296,639
1
"°'> 51,224
il,224
180,063 296,634
180,044 296,074 61,127
42,923
42,538
38,392
43,445
340,384
335,432
331,461
332,378
84 498
84 Oil!
83,061
83,532
27, C20i
27,908!
27,468!
27,369!
1,343 622,258
601,070
. . . . . . 502,772 2,373
g
625,29a!
601,591 506,784 i,oii),815[
601,740 512,1552,385,219! 623,420!
2,393,160 623,430]
326,796
326,296
327,045]
324,670
594,K)2j
591,872;
593,095;
590.931!
9,598[
9,6071
9,318!
9,778
935,116 1,663,936
939,099 1,668,891
3241 ', 672', 890
937,3!
928,01611!
1,365,732!!
1,395,681]]
1,372,450;!
1,409,948::
83,815!
87,375]
83,334]
92,140
619,910]
628,577'
623,855:
633,169]
65,725
73,747
69,599
68,677
283,824h
286,926]]
305,200]
290,42211
18,552
19,499
21,100]
21,069!
79/J54 1
81,716;
89,254!
80,422!
15,910
15,919
17,872
16,6231
49,490! 13,765!
47,034! 13,766
48,817 13,783
48,757 14,323
4,795
4,588!
4,780]
5,450!
98,905
97,447
96,402
95,349
2,177
1,997]
1,9971
1,998;
12,396
12,623
12,430
12,460
27,640! 19,375] 14,387!
27', 379; IS, 863 14,397
27,873, 19,258! 15,372
27,826' 19,329! 15,373
43 511
>
42,970
42,610
41,849
I
4,049;
3,832!
3,810:
3,842:
5,102
4,305;
4,900l
4,044
12,633
12,308
12.605
10,707
61,962! 10,940'
62,429; 11,275
62,056: 11,293'
60,875! 11,559
154,972
157,580
156,058
154,604
337,6661,360,131
338,7301,353,050
349,4001,350,620
348,1111.345.792
32,086
32,379
31,083
33,102
195,223
196,263
191,901
203,637
37,953
38,744
38,706
39,530
21,545
22,831
22,320
20,896
47,09'
48,039
44.401
-•16,368
2-1,570!
23,605
2.5,000'
27,891
103,593
106,156
98,922
100,850
13 442 10,341
13 779 10,400
14 517 10,798
14 084 10,562
54,274
55,489
59,295
55,280
7,727
8,1051
8,220
8,163]
5,740
5,700
5,845
5,04"
12,880
12,337]
13,150
12,321
11,183
9,874'
10,324!
10,1711
22,081
21,424
22,775
23,297
101 512 32 673
99 632 36 243
106 991 36 338
106 311 37,377
31 740
32 684
32 050
32,783
66
65
65
1234
NOVEMBBB, 1923.
FEDEEAL EESEBVE BULLETIN.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM
SEPTEMBER 26 TO OCTOBER 17, 1923—Continued.
ALL R E P O R T I N G MEMBER BANKS IN EACH F E D E R A L R E S E R V E DISTRICT—Continued.
[In thousands of dollars.]
Total.
Net demand deposits:
Sept. 26.
Oct.3
Oct. 10
Oct. IT
Time deposits:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Government deposits:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Bills payable and rediscounts with. F. R. banks:
Secured by U. S. Government obligationsSept. 26
Oct.3
Oct. 10
Oct. 17
All other:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
MinSt.
Atlanta. Chicago. Louis. neapolis.
Kansas Dallas.
City.
San
Francisco.
797, 135 4,578,654
804, 8384 .674.825
815, 082 4,640,522
848,6514,717,232
681,066
698,012
690,568
686,309
902,981
917,083
915,618
917,670
321,139|
328,8221
336,900
340,620
253,0231,453,740
259,3111,447,425
261,9001,466,452
262,448% 466,097
325,439
327,719
333,924
333,606
197,835
198,673
198,970
198,315
425,867
427,341
418,891
416,032
227,821
234,725
243,129
247,734
726,630
725,862
737,939
751,336
4,019,613
4,015,597
4,010,199
4,023,620
270,567
269,279
268,741
268,937
906,769
895,989
894,142
906,734
103,006
104,884
104,863
104,785
591,570
596,289
596,177
598,423
152,481:
152,798
152,456!
151,584
181,107
180,064
178,423
179,415
781,944
783,804
787,908
788,754
187,841
188,842
189,230
190,183
84,452
83,612
83,707
83,026
134,702
134,941
134,991
133,814
75,543
76,027
73,869
75,905
549,631
549.068
545,692
542,060
238,222
236,358
209,040
131,371
41,037
41,037
36,354
23,086
59,614
59,599
52,381
32,027
19,812
19,812
17,135
9,758
23,954
22,154
20,590
15,741
9,188
9,188
8,007
4,726
11,089
11,485
10,285
6,860
26,330
25,939
22,817
13,368
8,647
8,646
7,888
5,658
5,199
5,199
4,501
2,567
2,743
2,743
2,456
1,635
8,264
8,264
7,177
5,061
22,345
22,292
19,449
10,884
294,534
293,567
297,920
280,310
9,378
9,451
8,240
7,179
126,996 18,948
117,391 14,869
127,820 17,939
97,934 18,991
20,061
18,195
21,650
17,481
19,989 11,155
18,535 12,155
17,960 12,632
17,890 15,370
25,747 15,554
38,440 14,504
35,187 13,552
45,027 13,616
6,735
6,185
7,065
8,215
14,246
18,577
17,036
18,112
2,984
2,160
773
2,298
22,741
23 105
18,066
18,197
278,770
304,852
291,726
301,623
24,248
27,364
24,504
22,728
19,028
16,209
20,262
25,886
24,580
26,110
25,107
25,958
27,134
29,917
28,133
32,622
33,601
38,217
34,068
35,060
7,093
6,255
6,532
6,694
17,966
17,261
18,047
19,370
5,308
5,662
5,590
5,852
34,427
37,747
34,929
30,717
10,891,330
11,044,636
11,059,895
11,186,050
45,099
58,836
50,059
46,375
15,503
13,665
13,180
15,022
24,783
27,609
31,315
35,339
REPORTING MEMBER BANKS IN F E D E R A L RESERVE BANK CITIES.
Number of reporting banks:
Sept. 26
Oct.3
Oct. 10
Oct. 17
Loans and discounts, gross:
Secured by U. S. Government obligationsSept. 26
Oct.3
Oct. 10
Oct. 17
Secured by stocks and
bonds—
Sept. 26
Oct.3
Oct. 10
Oct. 17
All other loans and discounts—
Sept. 26
Oct.3
Oct 10
Oct. 17
Total loans and discounts:
Sept. 26
Oct.3
Oct. 10
Oct. 17
U. S. pre-war bonds:
Sept. 26
Oct.3
Oct. 10
Oct. 17
U. S. Liberty bonds:
Sept. 26
Oct.3
Oct. 10
Oct. 17
U. S. Treasury bonds:
Sept. 26
Oct.3
Oct. 10
Oct. 17
U. S. Treasury notes:
Sept. 26
Oct.3
Oct. 10
Oct. 17
258
258
258
258
15
15
15
15
10:
10;
10;
97,389
96,706
95,141
94,121
16,774
16,790
16,569
17,143
7,815
7,741
7,452
7,450
1,545
1,819.1
1,575!
1,604;
2,585,319
2,646,786
2,567,154
2,569,490
174,4041,322,948
177,7871,374,836
181,1981,287,997
183,9971,292,149
233,533
234,002
235,327
232,362
162,360
167,119
166,440
165,984
19,593]
19,5121
19,367
19,315
11,514 430,234 96,308
11,542 432,734 96,562
11,581 436.4671 97,035
11,429 437,555 95,951
4,924,728
4,954,427
4,985,794
4,977,448
492,893 2,226,723
495,543 2,247,938
495,2812,272,127
490,696 2,275,722
324,650
328,388
327,711
321,477
316,484
313,858
315,344
315,151
68,848
69,693
69,910
69,899
58,082J
58,188:
58,925
60,461
673,657
679,457
684,315^
689,363:
182,034
182,864
179,498
175,118
7,692,360
7,783,273
7,732,417
7,726,832
676,872 3,647,060
682,577 3,719,480
686,437 3,655,265
684,552 3,661,992
574,957
579,180
579,607
570,982
486,659
488,718
489,236
488,585
89,986
90,724
90,852
90,818
71,6721,132,774
71,8721,141,839
72,621 1,149,089]
73,9931,156,420
6,558
6,558
6,558
6,558
4,525
4,525
4,525
4,525
1,805
1,805
l814
2,857
2,856
2,856
2,851
408,436 32,312
403,371 32,647
405,759 32,381
405,491 32,444
23,931
23,928
25,028
26,011
4,916
4,944
4,939
4,953
273
273
273
273
182,313
182,060
179,469
179,894
9,575
9,247
9,958
9,859
2,076
2,142
2,115
2,103
93,487
93,655
92,995
92,749
2,080;
2,249
2,088;
2,113.
636,362
627,685
629,846
631,984
32,910
33,016
33,466
33,354-
45,115
44,848
45,234
44,388
2,482
2,203
2,204
2,333
18,170
18,234
18,462
18,451
2,377
2,380
2,370
2,368
760
771
771
871
280
280
280
280
15
15
10
10
624,423
629,120
641,214
643 576
20,578'
20,643'
25,211
25,415
424,110
426,500
431,651
433,600
46,161
45,985
45,950
45,747
10,587
10,717
10,782
10,725
846
846
846
846
361
361
361
361
37,428
37,428
37,428
37,275
9,015
8,955
9,368
9,088
1,595
1,632
1,485
lf "
l.i
1,964
2,000
2,001
934
798
778
4,814
4,848
4,701
4,590
16,714 19,827! 12,760
16,444 19,734 12,526
15,725 19,554 12,924
15,748 19,896 11,418
85,124
83,988
83,539
83,686
102,753
103,530
104,658
105,161
111,737 53,601
111,885 55,792
111,511 60,314
109,216
313,266
307,291
306,200
306,195
287,357
288,381
285,901
280,157
121,062
121,606
121,868
122,555
133,462
133,583
133,065
131,113
4,095
4,125
4,117
4; 113
8,224
8,224
8,224
8,224
3,431
3,431
3,431
3,431
2,050
2,050
2,050
2,050
5,148
5,148
4,648
4,548
15,286
15,256
15,256
15,256
39,919
38,597
36,778
37,689
14,461
15,034
14,325
15,305
6,930
6,879
6,996
7,016
22,120
20,126
21,758
21,708
3,933
3,933
3,933
3,943
46,221
44,937
44,210
43,797
7,519
7,520
7,631
6,522
495
495
495
939
963
1,128
1,128
1,128
1,128
5,621
5,746
5,746
5,761
4,399
4,399
4,404
4,405
16,632
16,056
16,194
16,448
29,648
28,307
29,502
5,387]
5,207,
5,1981
68,173 13,705 12,007
71,875 13,589 11,801
72,824 13,887 12,301
73,205 13,675 12,301
6,864
6,348
6,803
67,295 403,204
69,186 396,127
74,036 394,440
71,185 394,480
1235
FEDERAL BESEKVE BULLETIN.
NOVEMBER, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANES IN LEADING CITIES ON WEDNESDAYS,
FROM SEPTEMBER 26 TO OCTOBER 17, 1923—Continued.
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
Total.
Boston.
New
York.
Philadelphia,
Cleveland.
Richmond.
MinAtSt.
lanta. Chicago. Louis. neapolis.
KanSan
sas Dallas. FranCity.
cisco.
V. S. certificates of indebtedness:
1,242
55,658
127 2,194
2,152
1,204
Sept. 26
12,101 16,778 3,685
7,417
4,904
449
3,405
1,402
52,498
127 2,194
2,131
808
Oct. 3
11,687
3,638
6,092
4,762
2,853
16,362
442
1,402
41,528
127 2,195
845
Oct. 10
4,983
2,588
6,237
4,961 2,117
3,533
12,151
1,402
2,107
883
Oct. 17
4,666
2,651
127 2,195
5,718
4,919
11,493
396 2,671
Other bonds, stocks, and
securities:
Sept. 26
78,495 523,067 144,371 73,423 5,398
3,823 166,339 52,766 13,215 12,265 2,880
62,394
71,349 5,367
Oct.3
1,124,751
77,708 514,419 144,610
3,702 161,746 52,791 12,888 13,084 2,874
64,213
71,170 5,326
1,124,633
78,290 519.731 144,054
3,968 157,932 52,156 12,479 12,517 2,798 64,212
Oct. 10
1,132,581
78,973 525,799 144,142 71,223 5,316
3,963 158,721 52,747 12,672 12,385 2,723
63,917
Oct. 17
Total loans and discounts
and investments:
10,285,841 825,518 5,075,049 810,421 601,127 103,358
195 1,424,104 388,936 159,292 178,091 88,188 550,562
Sept. 26
10,355,830 830;
273 1,429,481 390,301 159,231 176,502 89,521 543,143
Oct.3
830,083
083 5,135,794 814,998 601,410 104,093
10,307,867 832,679 5,080,447
813,508 602,914 104,184
2841,432,175 387,085 159,687 177,521 94,480 540,903
Oct. 10
5;
10,311,338 — 406 5,094,101
804,892 603,342 104,145
646 I!,441,072 381,549 160,577 175,463 90,603 540,542
Oct. 17
5,
Reserve balance with F. R.
banks:
65,692 573,055 59,399 31,232 5,223
5,907 134,710 24,707 10,991 17,250
6,829
41,803
Sept.26
976,798
6,069
579,408 66,538 32,681
5,746 135,439 25,352 12,177 17,378 6,989
43,570
Oct.3
1,000,171
36,901 7,054
66,225 579,552 62,112
6,035 132,722 26,220 11,562 14,262
6,569
36,989
Oct. 10
986,203
5,870 142,608 26,841 10,226 15,075 7,942
37,174
1,001,667
73,413 580,767 62,061 33,003 6,687
Oct. 17
Cash in vault:
8,794
1,992
29,089 3,451
1,916
2,454
141,921
7,961
65,186 12,746
1,338
5,995
Sept. 26
9,152
1,904
29,820 3,486
1,866
2,239
144,023
8,466
66,472 12,472
1,402
5,759
Oct.3
9,270 1,030
1,909
30,807 3,496
2,009
2,516
155,783
73,473 14,228
1,450
6,300
Oct. 10
9,095
937 1,904
30,248 3,520
1,776
2,421
144,544
65,341 12,987
1,673
5,775
Oct. 17.....
Net demand deposits:
7,413,691 612,713 4,103,787 593,440 250,536 52,869 44,705 971,908 220,527 94,288 148,680 61,683 258,555
Sept. 26
7,518,962 617,529
"~ 4.
1,191,750 609,441 251,857 51,750 43,500 967,521 222,216 96,221 146,225 64,699 256,253
Oct.3
7,509,958 628,687 4,
:, 160,437 602,922 251,658 54,295 44,007 981,659 226,716 92,919 142,075 68,117 256,466
Oct. 10
7,613,105
656,
936
4:
:, 227,681 598,757 246,164 53,488 45,705 985,491 224,401 93,490 143,331 70,016 267,645
Oct. 17
Time deposits:
1,960,446 118,127 621,085 82,582 342,074 25,599 23,476 365,201 105,323 41,817 13,049 11,693 210,420
Sept. 26
1,954,643 116,408 610,177 84,519 344,926 25,568 23,508 367,536 105,963 41,184 13,061 11,761 210,032
Oct.3
1,952,091 115,782 606,717 84,293 345,267 25,512 23,739 368,084 106,560 41,090 13,028 11,853 210,166
Oct. 10
1,962,943 115,680 617,648 84,224 346,798 25,547 23,774 369,154 106,896 40,374 12,945 11,848 208,055
Oct. 17
Government deposits:
6,500
1,548
11,054 7,155 2,089
1,757
5,886
38.582 53,758 16,872
873
9,011
155,085
Sept. 26
4,700
1,548
11,042 7,154
2,089
5,886
38,582 53,758 16,872
873
1,757
8,958
153,219
Oct.3
4,394
9,827 6,644
1,933
34,133 47,026 14,613
747
1,385
1,558 5,196
8,055
135,511
Oct. 10
3,412
6,340 5,079
1,451
21,555 28,130 8,377
404
915
994 3,819
5,055
85,531
Oct. 17
Bills payable and rediscounts with F. R. banks:
Secured by TJ. S. Government obligations—
583
15,046 6,953 4,085
1,075 2,423
17,500
5,918
97,161 15,548
173,156
Sept. 26
778 26,284 6,505
800 4,723
3,935 10,316
17,850
6,206
88,086 12,069
177,552
Oct.3
778 18,507 5,950
800 3,973
4,915
15,500
4,670
98,111 13,989
9,818
177,061
Oct. 10
778 28,506 4,997
900 3,484
6,165 11,134
14,734
3,709
67,765 15,341
157,563
Oct. 17
All other4,160
3,548
7,462
14,437 14,601 5,253
5,388
2,024 29,027
160,514
23,333 35,778 15,503
Sept. 26
3,358 7,524 5,183
16,846 16,985 4,488
5,268
2,616
30,070
180,418
26,496 48,421 13,163
Oct.3
7,025
14,905 12,575 4,950
28,993
7,976
5,438
5,101
2,686
165,917
23,851 39,739 12,678
Oct. 10
18,512 11,838 5,206
25,280
165,683
21,774 35,907 14,772
11,684 7,745 5,327
4,6361 3,002
Oct. 17
MEMORANDA.
Bank deposits:
Due to banksSept. 26
Oct.3
Oct. 10
Oct. 17
Due from banks—
Sept. 26
Oct.3
Oct. 10
Oct. 17
1,835,117
1,974,803
1,846,534
1,925,610
103,204
114,164
108,812
122,372
854,994
935,967
843,180
896,536
153,674
171,183
158,279
165,968
41,791
44,714
41,490
43,110
26,773
29,650
31,283
32,856
11,850
11,702
11,996
12,430
311,057
321,597
313,911
310,900
69,450
72,317
72,878
73,306
41,885 95,205
45,589 100,022
44,517 96,284
42,791 94,012
34,191
37,715
36,576
38,285
91,043
90,183
87,328
93,044
495,451
517,555
521,858
565,706
31,072
31,623
43,423
58,245
70,218
73,957
68,172
75,671
53,219
58,384
53,252
59,888
21,719
25,883
21,054
23,288
13,614
14,368
14,670
16,351
5,782
6,582
6,780
7,449
138,384
149,849
144,570
156,320
22,115
24,852
26,353
24,510
16,514 39,428 29,857
18,363 32,570 33,110
22,152 41,028 29,961
20,339
32,369
53,529
48,014
50,443
62,310
1236
FEDERAL BESEKVE BULLETIN.
NOVEMBER, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.
MONTHLY SUMMARY FOB BANKS IN 141 CENTERS.
(In thousands of dollars.)
Number
of centers.
Federal reserve district.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis....
10—Kansas City..
11—Dallas
12—San Francisco.
Total
New York City
Other cities
August,
1923.
September,
1923.
October,
1923.
August,
1922.
September,
1922.
October,
1922.
771,572
829,386
733,171
081,604
668,610
790,799
240,633
930,888
598,206
106,154
448,966
295,578
1,760,956
17,414,976
1,670,226
2,005,409
655,258
835,330
4,208,411
945.160
635,309
1,069,497
540,722
2,318,980
2,154,617
19,846,052
1,922,569
2,241,154
746,504
1,020,357
4,660,972
1,184,854
700,333
1,159,741
629,517 !
2,632,667 I
1,586,094
18,854,442
1,589,819
1,850,667
616,520
739,642
3,991,612
830,180
580,550
1,056,449
440,729
1,999,425
1,717,635
19,793,005
1,646,539
1,877,032
596,901
800,649
4,070,134
908,393
654,491
1,058,493
541,700
2,103,481
2,087,622
22,967,053
1,891,067
2,025,319
705,455
901,635
4,438,210
1,067,437
698,732
1,155,094
589,166
2,218,496
141
33,495,567
34,060,234
38,899,337 I
34,136,129
35,768,453
40,745,186
1
140
16,188,613
17,306,954
16,799,454
17,260,780
19,151,902
19,747,435
18,287,224
15,848,905
19,215,296
16,553,157
22,322,276
18,422,910
W E E K L Y SUMMARY FOR BANKS IN 246 CENTERS.
[In thousands of dollars.]
Federal reserve district.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis...
10—Kansas City..
11—Dallas
12—San Francisco.
Total
Number
of centers included.
1922
Week ending—
1923
Week ending—
Oct. 3.
Oct. 10.
Oct. 17.
Oct. 24.
Oct. 4.
Oct. 11.
16
13
18
23
23
24
33
12
15
28
15
26
546,714
5,104,309
513,110
666,061
308,433
243,002
1,136,142
285,315
169,550
282,272
185,615
664,002
482,942
4,654,759
464,084
586,150
282,890
230,115
995,694
277,522
163, 111
281,192
179,431
590,494
547,058
3,998,816
487,989
592,591
293.681
256,231
1,091,614
300,560
168,057
289,702
185,185
622,602
533,188
4,454,041
462,412
596,250
274,416
247,956
1,131,478
306,216
158,706
274,760
189,080
594,475
520,466
5,425,698
490,768
583,569
285,276
234,655
1,093,544
265,423
173,640
289,293
172,113
534,574
482,756
5,313,354
456,840
540,548
265,236
212,349
1,000,991
262,985
160,829
280,743
166,973
530,685
246
10,104,525
9,188,384
8,834,086
9,222,978
10,069,019
9,674,289
Oct. 18.
!
Oct. 25.
555,730
5.407.680
507,670
588,921
286,394
232,074
1,144,513
292,653
182,526
301,025
187,373
545,240
519,116
5,410,880
481,069
552,590
268,520
218,879
1,054,090
257,576
161,194
295,195
178,204
523,595
10,231,799
9,920,908
DATA FOR EACH CITY.
[In thousands of dollars.]
1922
Week ending—
1923
Week endingOct. 3.
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, Mo
Providence, R. I . . .
Springfield, Mass...
Waterbury, Conn...
Worcester, Mass
5,572
357,762
5,117
8,658
29,102
4,273
5,4206,438
5,104
6,975
22,235
12,584
33,326
18,199
9,237
16,712
Oct. 10.
3,640
304,365
4,240
9,283
24,663
5,013
5,348
7,297
4,466
6,892
21,726
11,413
34,601
16,588
7,686
15,721
Oct. 17.
4,570
361,211
6,972
9,088
24,469
4,079
5,349
7,032
4,923
7,762
24,197
9,933
37,193
15,870
7,019
17,391
)ct. 24.
Oct.
3,562
347,720
5,978
8,991
23,817
4,127
5,177
7,351
4,363
7,224
20,001
9,162
44,965
17,298
7,561
15,891
Oct. 4.
4,650
338,805
4,700
7,923
25,715
4,249
5,721
5,623
4,399
6,120
20,417
13,366
36,239
17,879
8,024
16,636
Oct. 11.
3,774
318,603
4,401
6,682
22,399
4,024
4,772
5,360
4,521
6,256
18,706
8,298
35,520
16,338
7,157
15,945
Oct. 18.
3,329
371,286
5,612
8,496
31,160
3,801
5,320
8,095
3,860
8,378
19,286
9,631
37,470
16,424
6,904
16,678
Oct. 25.
3,319
340,055
4,875
8,485
21,565
4,041
5,524
6,410
4,001
8,335
18,148
8,074
43,329
18,042
7,195
17,718
NOVEMBER, 1923.
1237
FEDERAL, KESERVE BULLETIN.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
1922
Week ending—
19-23
Week ending-
District No. 2—New York:
Albany, N. Y
Binghamton, N. Y
Buffalo, N. Y
Elmira, N. Y
Jamestown, N. Y
Montclair, N. J
Newark, N. J
New York, N. Y
Northern New Jersey Clearing House
Association
Passaie, N. J
Rochester, N. Y
Stamford, Conn
Syracuse, N.Y
District No. 3—Philadelphia:
Allentown, Pa
Altoona, Pa
Camden, N. J
Chester, Pa
Harnsburg, Pa
Hazleton, Pa
Johnstown, Pa
Lancaster, Pa
Lebanon, Pa
Norristown, Pa
Philadelphia, Pa
Reading, Pa
Scranton, Pa
Trenton. N. J
Wilkes-Barre, Pa
Williamsport.Pa
Wilmington, Del
York, Pa....
District No. 4—Cleveland:
Akron, Ohio
Butler, Pa
Canton, Ohio
Cincinnati, Ohio
Cleveland, Ohio
Columbus, Ohio
Connellsville, Pa
Dayton, Ohio
Erie, Pa
Greensburg, Pa
Homestead, Pa
Lexington, Ky
Lima, Ohio
Lorain, Ohio
New Brighton, Pa
Oil City, Pa
Pittsburgh, Pa
Springfield, Ohio
Toledo, Ohio
Warren, Ohio
Wheeling, W. Va
Youngstown, Ohio
Zanesville, Ohio
District No. 5— Richmond:
Asheville, N. C
Baltimore, Md
Charleston, S. C
Charleston, W. Va
Charlotte, N. C
Columbia, S.C
Cumberland, Md
Danville, Va
Durham, N. C
Greensboro, N. C
Greenville, S. C
Hagerstown, Md
Huntington, W. Va
Lynchburg, Va
Newport News, Va
Norfolk, Va
Raleigh, N. C
Richmond, Va
Roanoke, Va
Spartanburg, S. C
Washington, D. C
Wilmington, N. C
Winston-Salem, N. C
Oct. 11.
Oct. 18.
Oct. 25.
26,575
4,761
73,692
3,869
3,825
3,262
63.468
5,132,725
22,468
5,031
64,267
3,891
3,801
2,647
53,403
5,061,257
19,915
3,626
67,274
3,938
3,989
2,755
58,050
5,151,813
18,029
4,127
64,856
3,836
3,731
2,678
57,221
5,165,932
43,830
7,545
30,810
2,665
15,842
44,391
6,329
43,031
3,508
16,262
39,640
6,403
32,974
3,504
14,068
39,054
6,784
33,487
2,878
14,117
36,462
6,222
31,278
2,579
13,929
7,343
4,602
12,103
6,778
9,748
2,991
5,469
6,177
1,931
1,021
360,947
10,287
16,100
14,013
10,021
4,297
9,258
4,903
6,545
4,007
11,682
6,193
8,414
3,179
6,126
6,171
1,538
959
338,230
11,035
18,021
13,444
9,865
3,874
8,646
4,483
8,522
4,030
11,172
6,115
9,185
2,827
6,441
6,248
1,446
918
368,713
8,508
14,782
11,987
9,427
5,850
9,057
5,540
7,456
3,230
9,740
4,972
7,235
2,538
5,448
6,203
1,622
1,018
340,708
8,934
21,011
11,935
8,645
4,236
7,319
4,590
6,587
3,790
11,472
7,313
8,684
2,498
5,412
6,157
1,597
933
390,377
9,169
14,304
12,694
9,420
4,683
8,167
4,413
6,367
3,445
9,142
4,452
7,378
2,303
4,841
5,615
1,302
804
371,510
8,806
16,786
12, 111
7,909
4,443
9,427
4,428
15,406
3,640
10,955
69,541
145,289
33,556
1,301
14,935
7,480
4,509
1,111
4,314
3,961
1,546
2,886
2,750
187,804
4,527
39,152
2,783
9,997
15,639
3,068
15,702 !
3,082
9,956
75,206
150,283
32,575
1,334
16,220
7,940
5,814
979
4.520
4i 218
1,712
2,775
3,035
181,641
4,807
40,933
3,310
10,010
13,740
2,799
16,265
2,515
8,514
71,352
138,133
32,746
1,243
15,401
7,154
5,295
856
4,002
4,053
1,667
2,706
3,016
197,541
4,566
51,652
2,392
9,247
12,933
3,001
14,473
2,947
9,325
71,172
144,947
31,490
1,867
14,167
7,201
5,317
1,485
5,116
4,040
1,508
2,738
3,215
181,775
4,555
44,103
3,037
10,805
15,466
2,820
14,225
3,290
10.184
67,167
118,700
30,353
1,638
11,283
7,029
4,973
873
3,788
3,065
1,404
2,206
4,004
179,051
4,032
47,470
3,146
8,721
11,046
2,900
12,814
2,431
9,905
74,069
164,624
34,935
1,518
15,632
7,003
6,030
717
4,555
3,218
1,551
2,284
3,446
167,787
5,764
37,700
3,284
11,377
15,131
3,148
14,609
2,684
8,324
67,740
127,614
31,194
1,286
14,446
6,549
5,027
838
4,585
3,040
1,277
1,948
3,295
192,603
4,252
34,902
2,234
9,732
11,593
3,818
5,826
85,300
4,400
8,593
9,702
5,676
2,300
2,417
5,-102
6,705
7,391
2,6,7
5,7;'*
5 329
1,779
16,308
7,090
30,984
5,402
93,300
4,500
9,348
10,054
6,324
2,404
2,264
5,277
5 258
6,735
2,395
5,946
5,742
1,516
19,810
6,940
31,461
5,882
4 477
45,718
5,405
7,523
4,932
81,100
6,195
8,636
10,103
5,791
2,037
2,515
4,957
6,174
6,574
2,366
5,752
4,287
1,556
19,297
7,020
29,879
5,599
4,251
41,933
5,821
7,641
4,655
93,702
5,841
9,190
8,955
6,692
2,159
2,421
4,361
4,844
4,700
2,985
5,315
5,478
1,709
16,832
5,900
31,943
5,418
2,871
47,149
5,623
6,533
5,049
79,174
5,010
9,207
8,260
6,490
1,779
3,024
4,470
5,017
4,800
2,078
5,253
4,540
1,487
17,978
7,400
29,022
5,388
2,972
43,870
5,662
7,306
4,903
88,307
4,666
»,207
9,114
5,387
2,140
3,596
4,948
4,855
5,200
2,370
6,249
4,736
1,682
17,441
4,700
35,275
6,192
3,320
44,091
6,021
11,994
4,483
81,467
4,889
8,894
8,486
5,921
1,840
3,716
5,962
4,504
3,700
2,183
5,247
4,224
1,601
18,318
9,400
32,017
5 460
2,582
40,834
6,011
«,781
Oct. 3.
Oct. 10.
Oct. 17.
Oct. 24.
23,669
3,640
87,337
4,016
4,135
3,3S2
75,403
4,783,827
23,467
5,142
69,182
3,551
4,258
3,456
57,808
4,383,989
20,385
4,973
72,918
3,256
4,309
3,188
62,336
3,725,236
17,874
4,517
69,314
3,660
4,214
3,058
60,831
4,189,881
44,507
7,712
42,188
4,844
19,649
43,138
7,326
31,993
3,276
18,173
41,894
8,836
32,685
3,448
15,352
9,478
7,946
3,764
11,203
6,159
8,118
3,439
5,756
6,549
1,970
970
341,157
4,298
13,074
7,139
10,796
3,187
6,135
7,766
1,935
863
378,149
9,457
17,400
13,926
11,246
4,893
7,724
5,644
16,315
3,796
10,495 i
75,122
175,951
36,694
1,360
16,070
8,8X9
5,595
1,440
4,581
4.285
1,686
3,542
3,190
215,746
4,441
41,323
3,600
10,893
IS,101
2,966
5,106
101,600
5,884
9,469
11,249
6,200
2,334
2,513
5,185
5,325
7,384
2,671
6,096
5,675
1,822
19,121
6,400
34,014
".,929
3,125
47,570
5,831
7,831
16,700
14,120
10,042
4,081
8,523
4,704
4,442
45,152
6,087
7,870
1238
FEDERAL, EESEEVE BULLETIN.
NOVEMBER, 1923.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
1928
1922
Week ending—
Week ending—
Oct. 3.
District No. 6—Atlanta:
Albany, Ga
Atlanta, Ga
Augusta, Ga
Birmingham, Ala
Brunswick, Ga
Chattanooga, Tenn
Columbus.
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
Vicksburg, Miss
District No. 7—Chicago:
Adrian, Mich
Aurora, 111
Bay City, Mich
Bloomington, 111
Cedar Rapids, Iowa
Chicago, 111
Danville, 111
Davenport, Iowa
Decatur,IU
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
FlintjMch
Fort Wayne, Ind
Gary, Ind
Grand Rapids, Mich
Green Bay, Wis
Hammond, I n d
Indianapolis, Ind
Jackson, Mich
Kalamazoo, Mich
Lansing, Mich
Mason City, Iowa
Milwaukee, Wis
Moline,m
Muscatine, Iowa
Oshkosh, Wis
Peoria, 111
Rockford, 111
Saginaw, Mich
Sioux City, Iowa
South Bend, Ind
Springfield, 111
Terre Haute, Ind
Waterloo, Iowa
District No. 8—St. Louis:
East St. Louis and National Stock Yards
111
Eldorado, Ark
,
Evansviile, 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
Oct. 10.
1,220
33,080
9,600
27,330
760
9,164
3,742
926
308
4,663
12,073
7,632
4,523
1,923
7,033
6,218
18,245
503
67,328
1.842
15,250
6,790
1,184
1,675
1,155
29,613
7,066
25,849
713
8,316
3,414
815
362
824
3,428
2,917
2,528
8,486
705,133
3,500
9,576
4,064
18,065
147,832
3,431
8,184
9,251
3,402
16,393
2,690
4,230
34,357
4,979
5,243
6,800
2,650
64,985
1,975
1,329
2,500
9,822
5,692
5,141
17,542
10,224
7,051
5,400
4,608
731
3,541
3,328
2,508
8,008
593,206
4,100
8,538
3,549
18,262
118,904
3,325
7,264
9,300
4,436
14,698
2,807
4,840
33,994
4,622
4,628
6,500
2,342
69,779
2,003
1,279
2,400
8,901
5,651
5,795
10,226
1,884
7,916
3,548
821
1,162
13,980
38,268
31,390
1,360
2,637
170,424
3,583
11,139
1,936
7,217
3,560
1,036
1,416
17,647
1,397
1,830
387
21,343
3,213
2,229
1,778
3,780
12,247
7,257
4,715
2,088
5,602
6,671
17,403
434
68,431
1,809
12,662
6,705
1,196
1,812
10,400
5,746
5,985
4,124
33,880
35,578
1,570
2,593
158,198
Oct. 17.
1,320
36,050
7,999
29,075
762
9,285
4,016
828
428
3,526
12,690
8,934
5,111
2,362
7,298
6,496
19,281
565
77,793
1,302
10,931
6,829
1,074
2,276
1,113
34,444
9,071
28,712
655
9,413
3,450
909
382
3,373
12,354
6,950
5,320
2,501
6,842
6,058
15,900
438
69,409
1,486
19,495
6,623
1,007
2,051
Oct. 4.
Oct. 11.
Oct. 18.
Oct. 25.
1,322
28,723
7,881
24,530
660
8,437
3,245
1,034
310
2,559
10,360
6,930
5,385
2,183
7,141
5,182
17,154
585
79,788
1,550
11,086
5,701
1,090
1,819
1,130
29,167
7 146
23,443
778
7,632
3,835
800
259
2,851
9,908
5 871
4,917
2,450
5,792
5,170
16,740
422
63,911
1,287
10,430
5,380
1 211
1,819
1,300
30,846
72,862
1 351
9,980
5,549
1,087
2,107
1,033
27,311
7,568
18,896
677
7,253
3,646
1,023
244
2,557
11,231
5,813
4,830
2,397
7,526
5,330
17,146
462
72,957
1,411
10,931
5 357
1,013
2,267
742
2,637
2,403
1,859
5,816
648,408
2,500
8,900
3,189
13,665
114,724
3,095
5,959
7,387
2,620
14,179
775
3,681
2,482
2,435
5,450
752,272
2,600
8,023
3,475
17,137
122,664
2,892
5,279
7,518
3,185
16,136
659
2,959
2,440
2,233
4,922
654,477
2,300
7,609
3,556
19,363
143,468
3,304
7,421
6,971
2,563
14,920
3,290
34,759
4,275
4,822
6,100
2,504
69,493
1,496
1,536
2,200
9,163
4,972
4,375
17,137
8,042
5,906
2,770
28,045
3,878
4,480
6,100
2,053
57,065
1,542
1,762
2,400
7,088
6,013
4,878
17,259
3,570
32,194
4,234
4,350
6,533
2,519
63,828
1,920
1,467
2,300
9,160
4,550
4,785
16,105
8,080
5,161
8,342
24,579
622
8,624
3,502
900
246
3,034
10,537
7,605
5,293
2,730
7,788
5,539
17,257
394
720
3,569
2,848
2,805
6,854
634,683
3,600
7,292
3,260
19,123
171,346
3,406
7,583
9,085
3,693
15,031
2,909
3,830
37,200
4,986
5,070
6,900
2,135
68,944
2,258
1,447
2,700
9,793
5,792
5,946
17,894
10,310
6,634
5,325
4,877
363
3,764
2,629
2,221
6,502
689,272
3,100
7,331
2,960
19,445
170,664
3,506
8,058
8,416
4,037
14,730
2,749
3,940
34,413
4,512
4,524
6,900
2,582
62,643
1,944
1,805
2,300
8,758
5,167
5,954
18,700
10,300
5,466
5,730
4,572
782
3,159
3,020
2,560
5,996
689,607
2,400
9,811
3,331
16,613
136,394
3,081
5,728
9,029
3,037
15,075
5,242
3,400
41,903
4,325
4,884
6,400
2,076
63,850
1,886
1,516
2,400
10,528
5,181
5,046
17,205
7,979
5,849
3,851
"3,'638
4,081
4,169
11,893
1,814
7,635
3,670
837
1,555
19,206
37,547
40,230
1,565
2,547
170,392
11,502
1,847
6,948
3,416
796
1,500
16,893
36,982
36,449
1,244
2,323
184,970
3,193
10,643
10,255
10,136
10,280
7,512
3,420
754
1,346
13,800
31,807
35,200
937
2,332
154,749
2,923
6,650
3,410
968
2,230
15,432
32,531
34,078
1,187
2,543
150,925
2,776
6,949
3,677
1,013
2,240
15,166
35,416
39,333
1,212
2,665
171,528
3,318
7,349
3,551
933
2,106
15,491
33,635
38,068
1,025
2,377
139,896
2,865
1,524
1,819
328
26,545
3,484
1,374
1,700
309
24,241
3,469
1.429
416
25,037
3,272
1,217
1,975
393
20,467
3,250
2,035
2,640
2,763
3,483
1,716
2,170
399
20,189
3,429
2,276
2,391
Oct. 24.
1,433
2,230
348
21,160
4,028
2,541
2,278
1,249
2,000
350
19,978
3,067
2,358
2,479
2; loo
NOVBMBEK, 1 9 2 3 .
1239
FEDERAL RESERVE BULLETIN.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
1923
Week endingOct. 3.
District No. 9—Minneapolis—Continued.
Jamestown, N. Dak
LaCrosse, Wis
Lewistown, Mont
Minneapolis, Minn
Minot, N.Dak
Bed Wing, Minn
St. Paul, Minn
Sioux Falls, S. Dak
Superior, Wis
Winona, Minn
District No. 10—Kansas City:
Atchison, Kans
Bartlesville, Okla
Casper, Wyo
Cheyenne, Wyo
Colorado Springs, Colo
Denver, Colo
Enid, Okla
Fremont, Nebr
Grand Junction, Colo
Guthrie, Okla
Hutchinson, Kans
Independence, Kans
Joplin, 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
Eoswell, N. Mex
San Antonio, Tex
Shreveport, La
Texarkana, Tex
Tucson, Ariz
Waco, Tex
District No. 12—San Francisco:
Bakersfleld, 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
Ritzvffle, 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
Oct. 10.
Oct. 17.
1922
Week ending—
Oct. 24.
Oct. 4.
Oct. 11.
Oct. 18.
Oct. 25.
539
612
580
484
1,496
182,856
, 1,295
f
638
44,518
3,580
1,869
1,114
1,520
80,066
1,235
517
36,201
3,700
2,009
1,236
1,567
89,252
1,784
500
46,925
3,616
2,181
1,104
1,438
80,558
1,543
479
40,962
3,302
1,792
936
3,220
19,813
10,698
1,552
2,155
3,845
3,119
2,965
39,116
2,874
741
748
813
3,130
1,830
2,583
3,909
75,704
1,098
1,116
7,571
18,394
1,880
48,856
965
1,123
3,670
14,232
3,808
21,292
11,654
1,504
2,275
3,821
2,839
2,899
42,639
2,874
724
690
922
2,988
2,914
3,001
3,536
82,726
1,040
1,499
8,103
18,939
1,868
54,072
918
1,325
3,288
16,201
3,850
22,513
11,057
1,285
1,992
3,962
6,388
2,774
49,910
2,598
802
755
999
2,908
1,923
2,473
3,357
85,163
776
1,162
8,111
17,082
1,690
47,724
1,020
1,252
3,858
13,931
3,225
18,973
9,102
1,982
3,827
3,730
2,500
53,699
6,782
17,793
32,840
39,490
586
7,367
8,584
1,767
1,981
6,152
2,063
4,780
3,092
1,252
45,408
6,508
21,966
30,739
31,302
702
6,992
7,663
1,646
1,578
6,422
2,468
4,642
3,900
1,430
41,037
6,761
22,846
29,048
29,824
852
7,622
7,828
1,502
1,670
5,543
2,429
5,165
3,802
1,599
52,673
6,903
23,460
29,128
35,538
670
7,655
8,608
1,796
1,627
6,320
2,142
4,031
3,776
1,201
47,611
7,175
23.875
29,852
33,312
732
6,935
8,088
1,550
2,022
5,902
2,096
1,906
3,651
3,145
3,211
13,581
14,398
177,009
25,450
7,363
7,063
4,434
40,020
2,523
1,726
3,901
2,993
1,815
14,533
9.206
126,900
22,742
4,366
5,713
4,140
41,045
2,831
197
17,537
14,718
1,466
8,531
175,358
5,978
37,017
12,549
5,521
8,656
2,612
2,123
1,825
5,535
3,034
2,700
15,511
7,920
117,872
29,947
5,037
5,775
4,337
38,579
2,678
202
16,328
14,569
1,596
8,584
173,162
6,277
35,798
12,130
5,631
10,903
2,632
505
2,313
1,129
89,515
1,033
557
39,783
3,527
2,319
1,234
563
2,177
1,113
84,986
1,134
599
37,894
3,582
1,871
1,075
641
2,440
1,104
86,762
1,284
530
39,476
3,680
1,984
J,119
559
2,235
1,021
79,443
1,023
572
40,362
3,594
1,959
1,050
1,468
2,384
3,009
2,559
2,800
42,009
2,533
875
086
792
2,681
1,793
3,661
5,218
86,447
962
1,073
6,693
16,730
1,393
46,381
645
1,328
3,313
13,851
3,474
18,010
0,504
1,359 j
1,738
3,747
2,270
2,894
38,469
2 930
865
850
755
2,839
1,902
3,400
6,320
80,274
1,440
1,108
7,722
18,828
1,479
51,004
749
1,365
4,324
14,059
3,850
15,786
8,866
1,441
1,996
3,444
2,768
2,858
41,781
2,224
973
791
870
2,490
1,882
3,414
4,525
SI, 089
1,331
998
7,200
16,919
1,477
53,935
583
1,771
3,011
14,242
3,848
22,494
9,347
1,501
1,780
4,298
2,803
2,476
38,689
1,973
686
744
669
2,421
1,754
3,058
4,267
79,435
937
942
8,429
15,374
1,152
50,744
680
1,234
5,436
13,922
3,095
19,169
9,092
1,320
2,711
3,305 !
2,394 I
2,708 j
38,262
2,939 I
772
574 i
768 !
3,086
2,224
2,587
4,301
83,297
1,142
1,311
7,662
22,388
2,132
49,440
976
1,171
3,003
2,235 !
4,026 i
3,502
2,375
49,797
6,607 i
19,084
33,412
36,601
590
7,876
7,955
2,167
1,896
7,492
1,936
4,621
3,593
2,426
46,578
6,553
18,727
31,124
34,537
608
8,378
9,029
3,000
1,735
6,586
2,075
5,412
4,045
2,550
45,151
6,729
19,010
34,674
36,492
542
7,972
9,128
2,985
1,659
6,761
2,303
2,305
4,315
2,962
2,631
15,041
16,689
173,817
28,457
7,284
7,770
5,071
44,181
3,092
285
10,985
15,062
1,856
9,437
229,112
5,870
43,346
13,625
6,383
9,096
3,027
2,168
2,102
4,908
3,087
2,872
15,060
14,043
161,458
30,112
7,622
7,521
5,036
42,610
2,401
212
10,852
14,742
2,132
10,001
173,404
6,599
39,559
13,938
6,061
9,043
2,951
2,420
2,264
4,188
3,369
3,200
14,161
14,423
172,910
26,838
7,291
7,614
5,118
50,031
2,745
261
9,642
15,379
1,937
10,147
189,763
6,010
42,598
13,149
5,474
8,743
2,927
2,563 J
'214 |
9,764 l
15,179 i
2,098;
9,390
176,746 '
5,556 >
39,965 :
11,903
6,084 ;
8,815
2,871
1,956
1,943
3,942
3,018
2,220
18,747
11,009
132,573
26,294
5,473
6,020
4,065
38,999
2,769
216
18,605
14,921
1,468
9,404
166,277
5,258 '
39,000
13,417
4,808
10,077
2,761
1,733
1,689
3,634
2,957
2,600
17,022
9,569
123,543
2^,363
4 886
6,331
4,432
36,412
2,684
142
13,263
14,419
1,351
8,864
172,901
6,815
37,461
11,599
5,803
8,364
2,758
FEDERAL RESERVE CLEARING SYSTEM.
to
OPERATIONS DURING SEPTEMBER, 1923.
o
[Numbers in thousands. Amounts in thousands of dollars.]
Items drawn on banks located
in own district.
Federal reserve
bank or branch.
Total items
Items drawn
excluon Treasurer of handled,
sive
of dupliIn Federal Outside Federal United States.
cations.
reserve bank or reserve bank or
branch city.
branch city.
Items forItems forwarded to
warded to
other Federal parent banks
reserve banks or to branches
in same
and their
district.
branches.
NumNumNumNumber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount.
Boston
New York
• Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
; Baltimore
Atlanta
Birmingham
Jacksonville •
Nashville
New Orleans...
Chicago
Detroit
St. Louis
Little Rock....
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
:
Oklahoma City.
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City.
Seattle
Spokane
599
657,044 3,900
2,345 3,838,314 4,532
214
118,986
478
1,032
791,925 2,287
617
488,848 1,563
243
359,488
853
659,542
584
951
125
332,020 1,900
267
198,371
116
98,110
202
55
47,171
195
67
51,499
247
66
85,679
44,297
124
83
1,020
982,999 4,183
338
299,524
729
430
345,549 1,528
47
42,053
323
113
134,680
460
81
31,686
212
259
128,818 1,584
23
14,990
123
446
211,914 1,355
138
47,449
343
64
46,849
948
55,872
104
546
231
162,438 1,520
47
14,169
115
56
60,115
433
380,942
263
730
217,516 1,764
467
66
95,800
259
56
35,250
412
114
50,356
243
50
23,394
210
472,271
145
677,975 1,114
60,043
14
329,061 152
93
179,210
75
85,262!
53
114,256!
313,109| 52
56
82,680
41
47,141
15
16,360
10
17,980
161
25,308
361
16,232
367,025 378'
35l
72,652
93,128 142'
10]
20,625
41
26,549
12!
12,536
59;
94,360
8,907
87,224
38,736
66,355
33,365
239,448
9,111
44,867
44,848
133,282
16,631
26,490
20,058
12,538
io;
108;
27i
Hi
35j
351
16i
Hi
75:
60|
22
20
31
T o t a l : S e p t . . 10,826 11,153,657 36,4013,908,623 3,023!
A u g . . 10,86211,213,817 37,846 3,807,757 2,569:
14,359 4,644
97,542 7,991
2,029
706
27,571 3,471
5,597 2,273
7,592 81,180
4,830 1,588
5,398 2,077
6 172 1,092
3,716
537
1,637
272
898
272
1,321
329
3,820
243
5,581
3,581 1,102
8,410 2,100
1,170
380
4,010
614
1,609
305
7,535 »1,907
985
156
12,602 1,
3,310
508
1,402 1,023
3,355
4,394 1,
1,205
178
2,033
500
15,237
15,259 1,068
4,657 2,291
347
3,991
6,273
1,867
273
1,143,674
223
4,613,831 1,175
181,058
142
1,148,557
423
673,655
55
a 453,902
23
778,628
99
650,527
149
287,223
114
148,967
24
65,168
21
70,3771
38
112,308
64,349,
1,398,873
408
20
375,757j
49
450,087j
1
63,848!
14
165,2391
2
45,831!
84
» 235,730!
24,8821
7
311,740|
96
92
89,4951
47
114,606!
41
» 92,877!
53
406,280:
13|
24,485!
13!
107,015;
26
441,027,
79
366,057,
117,088;
65,731'
21
76,6871
12
37,799
54,144
146,310
25,987
101,634
8,047
6,809
39,731
72,238
38,878
8,439
16,265
5,156
2,518
11,576
39,179
7,233
4,155
191
1,656
450
19,374
2,483
22,829
17,429
6,534
5,433
7,423
1,728
2,361
3,134
13,653
3,833
3,330
5,366
3,149
334,216 50,265 15,403,358 3,622
315,055 51,293 15,343,833! 3,755
708,655
694,465
ll
Amount.
38
16
39
34
84
35
26
5
4
7
13
3
8
7
2
2
1
1
41
46
17
18
51
6
6
31
49
44
11
45
17
769
Total items handled, including
duplications.
Number of
member
banks
at end of
month.
Number.
Amount.
1923
4,867
4,8
9,190
16,634
886
3,894
10,678 2,366
4,644 1,219
10,146 1,726
8,636 2,260
8,118 1,290
4,424)
596
32,300
319
1,621
315
1,028
341
858
279
2,389 6,002
1,980 1,125
625 2,157
575
388
246
630
374
309
135 1,992
1,129
164
6,527 2,045
12,399
646
6,652 1,087
4,295
746
9,412 l,i
758
197
1,492
519
3,858 1,125
9,293 2,419
6,727
398
1,260
513
6,980
454
302
2,751
1922
1923
4,494 1,197,818
4 765,038
223,679
1,250,191
4,
692,380
2,250
465,355
1,150
828,505]
1,522
731,401
2,282
334,219
1,227
161,830
1,091
113,733'
441
77,154|
253
115,85*
321
76,783
203
5,715 1,440,441
384,970
919
454,867
1,951
64,614
432
167,1411
595
46,655!
284
255,239|
1,882
28,494!
255
341,0961
2,111
119,323
666
127,792
1,101
102,605
765
423,115
1,673
26,971
200
110,868!
502
448,019!
962
389,003!
2,058
127,648
345
70,321
488
89,033
442
43,699
272
1922
I 1923
Number of nonmember
banks at end of month.
On par lilt
1923
1922 i 1923 ! 1922
260'
429
230
1,000,783
423
720
261'
274
5,387,796
742
84
78'
81
185,666
89
714
479
501
1,194,021
722
314
514
511
437,630
313
224
314,
314!
221,908
224
344
249
252i
400,156;
345
468
6441 705
478,681
468
161
263'
268
272,275
161
239j
86
90[
235,205
225
83!
32
32!
101,155
93
69
60!
38,184
72
86!
145
148
55,228
90
56
48
51
73,611
56
1,054,263 1,315 1,318 3,910 3,984
252
257
126
251,899
125
383 1,650 1,704
333,666
398
227
229
48,728
72
70!
342
90,076!
95! 345
95
188
58j
183
46,930
59
825! 2,243 2,420
235,655
818
194
173
208
30,006
173
329 1,401 1,429
373,272
329
161!
232
265
101,589
160
400
411
427
136,149
421
875 •912
250
104,235
245
685
659]
741
335,063!
661
47
661
59
20,972j
60
138;
248
255
93,522
141
198!
266
274
263,452
186
164
206
178
282,442!
158
134
139
63,178
137
166
103
59,342!
154
65
92
64,159
66
150
109
141
37,687
110
1
591
"wi
453
146
147,
158
224
481
119
145
160
223
24
11
162! ""156
283|
174
4
4
8
4|
7
1661 158
73'
51
29 " " 2 4
183,841 54, 656 53,637 16,295,854|l4,108,584! 9,906 9,91717.255 17,863 2,580 2,276
188,305 55, 857 52,497 16,226,603 13,271,576] 9,905 9,91717,38117,885 2,489 2,281
1
3
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, 9,000items, $1,560,000; Minneapolis, 5,000items, $5,017,000; Omaha,
1,000 items, $285,000; total 15,000 items, $6,862,000.
NOTE.—Number of business days in period for Baltimore, San Francisco, and Los Angeles was 23 days, and for other Federal reserve bank and branch cities, 24 days.
z
I
1241
FEDERAL EESERVE BULLETIN.
NOVEMBER, 1923.
DEPOSITS OF ALL MEMBER BANKS.
NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, ARRANGED BY SIZE OF
CITIES AND TOWNS.
[In thousands of dollars.]
I
Banks in cities and towns having population of—
Total all
member
banks.
Federal reserve districts.
Less than
5,000.
5,000 to
14,999.
15,u00 to j 100,000 and i ? ™ 1 ^ ' 1 j Less than 1 5,000 to 15,000 to
Um
99,999.
99,999. I over.
™|nks ! 5 ' 0 0 0 > ;
' -
Amount on Sept. 26,1923.
NET
DEMAND DEPOSITS.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis....
Minneapolis..
Kansas City.
Dallas..
San Francisco
100,000
and
over.
Increase or decrease since preceding monthly report.
j
!
|
j
|
j
1,235,190
5,192,001
1,075,367
1,398,289
552,044
463,873
! 2,094,949
612,672
407,381
769,068
574,421
1,251,460
46,653
171,604
131,647
161,092
101,968
67,838
196,469
113,570
106,437
188,619
186,786
178,683
15,626,715
15,424,047
" — "
1,651,366
1,597,831
1,576,283
Total: Sept. 26,1923.
Aug. 29,1923
July 25,1923.
69,323
106,899
76,397 I
129,265
63,045 j
57,227 !
118,275 I
72,045 |
74,882 I
125,264
101,334 ;
84,425 j
198,343
920, 871 +15,639 i
+666
273,583 4,639,915 +61,634 i -2,161
135,814 i
731,509
+374 I
+397
194,457 ;
913,475 -27,117 ' -1,018
150,622 I 236,409 +14,941
+8,186
147,857 !
190,951 I
-735 j +3,412
345,289
1,434,916 +63,175
-1,902
81,965
345,092 -17,189
—5,262
69,049
157,013 , +13,064
+5,254
169,622
285, 503 ' -10,019 |
+301
109,108
177,193 | +73,333 i +37,206
144,620
843,732 ; +15,568 ; +8,456
1,078,381
2,020,329
1,059,082
2,009,748
1,057,760 ! 2,042,429
10,876,639 1+202,668 I +53,535
10,757,386 -284,354 +21,548
11,031,899 -48,018
-8,327
+3,600
—4,854
+5,082
-3,298
+3,687
-1,391
+2,396
-3,5x8
-1,042
-1,232
+5,600
+5,551
+9,906
+71,911
-6,313
-19,286
+134
-3,688
+61,415
-7,911
+6,751
-10,103
+16,965
-528
+19,299 ' +10,581
+1,292 -32,681
-6,926 -11,629
+119,253
-274,513
-21,136
+1,467
-3,262
+1,208
-3,515
+2, 934
+932
+1,266
-498
+2,101
+1,015
+13,562
+2,089
TIME DEPOSITS.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis...
Kansas City...
Dallas
San Francisco..
Total: Sept. 26,1923
Aug. 29, 1923
July 25, 1923
j
|
j
I
597,798
1,662,566
622,325
1,104,900
433,997
320,703
1,534,621
382,144
412,663
309,236
139,472 i
960,503 i
8,480,928
! 8,457,517
! 8,342,526
47,401
230,550
202,745
176,044
125,423
48,301
239,957
65.407
195; 070
94,229
18,344 .
101,975 I
1, 545,446
1,547,023
1,529,470
64,280
134,001
101,358
125,524
78,089
45, 111
140,984
40,894
97,563
57,524
22,978 I
45,299 !
953,605
951,382
942,937
143,441
340,058
181,650
173,463
124,604
119,058
352,593
62,413
58,274
65,200
50,264
94,332
1,765,350
1,760,116
1,743,416
342,676
957,957
136,572
629,869
105, 881
108,233
801,087
213, 430
61, 756
92,283
47,886
718,897
+4,806 ,
+7,795 !
-4,823 I
+5,686
+ 1,631 ;
+1,628
+2,537
-1.824
—4^251
-8,365
+116 I
+18,475 I
+204
+296
+2,051
+3,765
+451
-7,622
+814
+1,540
+560
+246
+660
+139
-860
+919
-881 I
-2,218 i
+158
-850 | -2,952
-172 i
-11
+3,261 ; +1,149
4,216,527 +23,411 ! - 1 , 5 7 7 ! +2,223
4,198,996 +114,991 +17,553
+8,445
4,126,703 -45,712 j +3,798 ! +14,075
+1,654
-533
+3,831
+571
-428
-33
+315
-1,232
-525
+535 ,
+1,121 !
+2,652
+2,512
-1,483
+2,761
+1,253
+862
+2,163
+290
-2,119
-4,038
-266
+12,944
+5,234 : +17,531
+16,700 j +72,293
-90,374
+26,789
DISCOUNT^ RATES OF FEDERAL RESERVE BANKS IN EFFECT OCTOBER 31, 1923.
Paper maturing—
Within 90 days.
Federal reserve bank.
Commercial,
agricultural,
and livestock
paper, n. e. s.
secured Dy
United States
Government
obligations.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
I Including backers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, *tc.
Agricultural •
and livestock
paper.
1242
FEDEBAL KESEBVE BULLETIN.
NoVEMBEK, 1923.
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTEIES.
Gold.
Countries.
Nine months ending
September—
September1922
Silver.
1923
1922
1923
Nine months ending
September—
September—
1922
1923
1922
1923
IMPORTS.
Denmark
France
Germany
Greece
Netherlands
Norway
Spain
Sweden
Great Britain—England
Scotland
Canada
Central America
Mexico
West Indies
Bolivia
Chile
Colombia
Peru
Venezuela
China
Dutch East Indies
Philippine Islands
British Oceania
Egypt
Portuguese Africa
All other
Total
2,070,389
2.766
4,798,294
4,842,500
542,120
113,608
8,442,467
231,941
250,522
674,190
120,402
140
17,377
651,371
191,181
53,741
970,556
227,447
143,377
79,571
5,959
33,847
24,464,235
$1,571,460
3,500,000
""460,'794'
$17,769,576
16,970,838
13,642
4,798,294
$3,561,829
12,100,318
42,432,450
357,312
992,965
10,916,569
168
27,292
2,865
83,742,794
2,560,382
41,105,875
1,859,314
4 927,942
484,032
12,065
196,988
3,440,032
1,608,453
332,311
3,325,359
1,612,299
1,137,879
1,233,309
1,341,146
711,443
1,848,851
27,803,961
209,555,865
220,521,965
13,000
707,000
2,660,000
15,000
500
3,448
17,034,473
2,350,786
226,763
360,560
307,998
3,136
38,424
425,691
305,292
35,688
139,087
134,467
169,214
108,416
270,952
4,958,516
8,422,696
34,943
32,501,205
84,441,232
151,320
8,945,454
3,454,696
4,524,172
1,606,331
18,193
354,425
5,655,558
1,151,560
705,812
5,796,986
1,171,999
499,766
3,800,785
335,173
479,728
$219
8,870
16,445
21,156
$10,505
3,120
1,700
307
356
42,688
"6," 623'
1,791
$987
202,505
698,034
21,156
182,232
5,087,982
1,271,766
33,956,439
87,237
598,293
1,143,089
98.890
10,133,267
4,251
8,523
639,134
16,155
1,788
15,619
88,825
383,893
54,082,745
812,843
152,153
5,396,820
4,573
201,291
78,908
2,185
784
43,964
4,411,914
1,082,148
36,862,589
493,681
769,346
1,505,840
217,532
5,849,068
2,262
6,684
470,808
7,656
1,154
58
125,429
164,327
6,730,279
8,517,971
53,163,329
218,887
1,791
611
50,468
4,644
71,819
1,790
191,898
727,316
90,977
4,155,275
32,624
93,062
75,318
50,313
890,898
19
4,940
74797
1,675
221
11,255
1,590,935
3,922
630
42,781
3,681
140
$198,058
114,439
EXPORTS.
France
Netherlands
Spain
,
Sweden
,
Switzerland
,
Great Britain—England.
Canada
Central America
Mexico
West Indies
Colombia
Peru
Venezuela
China
British India
Dutch East Indies
French Indo-China
Hongkong
All other
Total.
12,000
3,611
3,264
686,026
1,530
152,871
372,025
449
214,610
78,000
14,384
3,264
1,549,596
12,127
3,344,794
5,749
1,374,947
132,313
720
720
"606'
550
eoo'
1,500
1,150
134,713
21 000
138,894
1,740
7,211,099
1,767,049
6,850
1,744,182
26,805
3,959,605
1,111,386
73,844
1,323,008
52,895
1,038,480
175,407
301,764
3,770,164
15
700,000
109,753
1 646
10,000
90,005
13,814,345
60,010
763,590
651,923
3,912,336
3,648,473
364,000
15,232,731
7,204,863
22,957,499
14,892,559
805,703
366,000
100,000
30,000
455,196
100,000
4,395,339
435,010
190,990
242
37,200
1,290
2,282,570
201,810
2,154,815
67,440
1,719,775
265,754
1,320,000
10,291,079
50,503
1,871,327
38,614
1,398,607
862,697
13,142,643
25,878,034
3,735,178
8,123,460
46,026,184
46,649,387
1243
FEDERAL KESERVE BULLETIN.
NOVEMBER, 1923.
MONEY IN CIRCULATION, OCTOBER 1, 1923.
[Source: United States Treasury Department circulation statement.]
Money in circulation.
Kind of money.
Money held by L
the United States
Stock of money. 1 Treasury and |
the Federal Eei_
serve system. 5 r
Oct. 1,1923.
Sept. 1,1923.
Amount.
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:
Sept. 1,1923
Oct. 1,1922
Nov. 1,1920
Apr. 1, 1917
July 1,1914
Jan. 1,1879
• $4,135,466,456
'(844.753,659)
497,227,769
"(406,453,506)
8(1,451,177)
271,115,069
346,681,016
2,733 803,830
17,352,000
770,322,007
Oct. 1,1922.
Per capita, j
$3.56 i
4.17
.52 I
$397,341,912 I
441,154,839 ;
57,615,365 i
$412,894,448
214,956,729
60,581,489
3.37 !:
374,877,496 :
277,777,738
18,616,386 |
40,389,644
488,262,445
850,841 |
39,573,907
$397,980,664
465,279,009
57,941,538
375,688,052
1,451,177
252,498,683
306,291,372
2,245,541,385
16,501,159
730,748,100
.01
2.26 :
2.74 •
20.12!
.15
6.55 :
1,455,623 i
249,497,880 :
304,576,800 i
2,204,824,450:
17,612,842 :
728,949,604 j
1,500,823
236,357,030
281,493,275
2,249,855,937
55,526,489
729,951,335
8,771,968,147
* 5,174,705,350 j
4,849,921,139
43.45 i
4,777,906,811
!
4,520,895,293
8,707,407,229
8,388,237,342
8,326,338,267
5,312,109,272
3,738,288,871
1,007,084,483
1
4,777,906,811
4,520,895,293
5,628,427,732
4,100,590,704
3,402,015,427
816,206,721
42.85 :
41.04 !
52.36
39.54
34.35
16.92 :
$3,737,485,792
379,474,650
439,286,231
30,765,454
5,166,202,457 1
•4,876,861,796 j
< 3,394,764,761
*1 3, 896,318,653 i
1 , 843,452,323 '
* 212,420,402 j
!
1
Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve
banks.
* 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 columns.
6
Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM SEPTEMBER 21, 1923. TO OCTOBER 18, 1923 INCLUSIVE.
[In thousands of dollars.]
Daily settlements.
Transfers.
Federal reserve bank.
Debits.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas.
San Francisco..
Total four weeks ending—
Oct. 18, 1923
Sept. 20,1923
Oct. 20,1922.
Sept. 21,1922
Debits.
Credits
"s'soo'
583,927
2,031,050
625,467
562,627
512,531
245,510
972,023
479,055
141,010
335,395
5,000
2,000
"7*566'
256,810
624,277
1,978,346
616,181
588,828
533,802
247,208
961,955
480,515
144,117
312,374
309,416
264,354
48,000
65,500
159,500
116,500
48,000
65,500
159,500
116,500
7,041,373
6,251,754
6,767,793
5,730,197
7,041,373
6,251,754
6,767,793
5,730,197
18,500
3,000
6,000
2,000
Credits,
2,000
20,000
7,000
3,000
3,000
6,000
3,000
2,500 j
Changes in ownership
of gold through trans- Balance in
fers and settlements.
fund at
dose of
period.
Decrease. Increase.
23,850
35,704
8,286
4,201
24,271
1,302
16,068
7,460
607
17,521
5,448
13,044
78,881
74,057
152,919
22,254
94,582
28,534
18,540
82,799
24,937
21,375
28,388
17,151
43,497
78,881
641,891
598,661
528,538
DISCOUNT AND INTEREST RATES.
Discount and interest rates prevailing during the 30-day period ending
October 15 in the various cities in which the Federal reserve banks and their
branches are located show but little change from the rates of the preceding
30-days. In nearly all localities rates on all types of paper were higher
than during the corresponding period of 1922, the chief exception being
loans secured by stock-exchange collateral, by cattle, and by warehouse
receipts in a few western cities.
to
The actual discount and interest rates prevailing during the 30-day
period ending September 15, 1923, in the different cities, are given in the
following table. A complete description of the several types of paper for
which quotations are given will be found in the September, 1918, and
October, 1918, FEDERAL RESERVE BULLETINS.
DISCOUNT AND INTEREST KATES PREVAILING IN VARIOUS CITIE3 DURING THE 30-DAY PERIOD ENDING OCTOBER 15, 1923.
Prune commercial paper.
Bankers' acceptances,
30 to 90 days.
Collateral loans—stock exchange
Ordinary
loans
secured by
Liberty
bonds.
District.
Demand, i 3 months.
No. 1..
No. 2..
»••
No. 3...
No. 4..
No. 5....
No. 6....
No. 7..
No. 8..
No. 9...
No. 10..
No. 11.
No. 12..
Boston
New York
Buffalo
Philadelphia
Cleveland.
Pittsburgh
Cincinnati.
Richmond
Baltimore.
Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock
Minneapolis.
Helena
Kansas City.
Omaha.
Denver
Oklahoma
Dallas
El Paso
Houston
San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los An;
I 6
H.L. C.
54 5,
6 5
51
5 6
5
5 6
5
6 5 5}
6 54 6
6
8 51 6 -8
6J 51 6
6 7
6 5 51
6 5 6
6 5i 51
H.L.
a
4i H 4}
5 4i 4J-4*
M
CO
6
6
6
6
6 7
54 51-6
6 6
54 6
5
6 6
|
10
6
|
1245
FEDERAL RESERVE BULLETIN.
NOVEMBER, 1923.
FOREIGN EXCHANGE RATES.
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency.]
COUNTEIES INCLUDED IN COMPUTATION OF INDEX.
High.
Low.
Index (per cent ol
par).'
Average.
Monetary unit.
October.
September.
October.
General Index
Belgium
Denmark
Trance
Great Britain
Italy
Netherlands
Norway
Spain
Sweden
Switzerland
Franc.
Krone..
Franc..
Pound.
Lira
FlorinKrone..
Peseta.
Krona..
Franc..
4.9100
19.30
17.1S00
26.80
19.30
5.7600
486.65 448.1000
19.30
4.4200
40.20 38.7600
26.80
15.0400
19.30 13.2500
26.80 2fi. 2500
19.30
17.7800
Canada
Dollar..
100.00 | 97.8690
97.5296
98.9659
Argentina.
Brazil
Chile
Peso (gold)
Milreis
Peso (paper)..
96.48 ! 72.0100
32.44 ! 9.0400
2
19.53 ; 11.3200
73.2200
9.4400
12.1300
7.5.6000
9.7600
12.2400
China
India
Japan
Shanghai tael.
Rupee
Yen
'66.85 ' 69.5000
48.66 30.7300
49.85 ! 48.6100
69. 7100
30. 2800
48.4100
70.5600
31.4300
48.9200
September.
4. 5400
5.2800
17. 8500 17.7700
5.5300
6.1500
450.9900 456.1700
4.2400
4.5900
39.1800 39.3300
15.8800 15.8500
13.3300 13.6200
26.5000 26.5200
17.6600 17.9600
Se
October. I
ge? m " 'October.
September.
5.4400
5.0877 I
18.3900 17.5262
6.2600
5.9488 !
456.1200 452.3745 I
4.6200
4.5146 •
39.3600 39.1338
16.3000 15.5046
14.1900 13.4704 '
26.6900 26.3996 i
18.0500 17.8735
4.9017
18.1633
5.8550
454.2217
4.4375
39.3025
16.0758
13.5783
26.5496
17.8621
63
26.36
65.40
30.82
92.96
23.39
97.35
57.85
69.79
98.51
92.61
63
25.40
67.77
30.34
93.34
22.99
97.77
59.98
70.35
99.07
92.55
97.8713
98.5518 :
97.6506
98.55
97.65
76.0500
9.9100
12.5600
73.6581
9.4758 ;
11.7512 ;
74.8533
9.7317
12.3754
76.35
29.21
60.17 i
77.58
71.6100
30.8700
49.0900
69.9465 '
31.0627
48.8092
70.7S50
30.6017
48.6200
104.63
63.84
97.91
30.00
63.37
105.89
62.89
97.53
OTHER COUNTRIES.
Austria
Bulgaria
Czechoslovakia
Finland
Germany *
Greece
Hungary
Poland
Portugal
Rumania
Yugoslavia
I Krone
Lev
Crown
Markka..
1 Reichsmark,
< Drachma....
Krone
! Polish mark
I Escudo
j Leu
\ Dinar
Cuba
Mexico
• Peso
do
Uruguay
|
20.26 0.0014
19.30 .9775
2.9305
19.30 2.6675
23.82 s.0075
19.30 1.4495
20.26 .0054
.0000425
108.05 I 3.8700
19.30 .4586
19.30 1.1323
I
,
0.0014
.9971
3.0144
2.7689
'9.8500
1.8820
.0057
.00041
4.5900
.4772
1.1760
0.0014 '
1.0150
2.9705
2.6732
I
2
.0680 I
1.5432 !
.0054 I
.00011131
4.0035 i
.4688
1.1748
0.0014
.9590
2.9945
2.6996
2
1. 8800
1.7866
.0055
.00035
4.1663
.4642
1.0940
13.85
13.99
.0000003
.000008
8.00
I 9.26
.03
.027
3.71
2.43
6.09
3.86
2.41
5.67
97.43
0.01
5.26
0.01
4.97
100.00 99.8503
49.85 48.2969
99.7500
48.3208
99.9688
48.6075
99.9250 99.9086
49.0417 48.4303
99.8818
48.5692
99.91
97.15
103.42 72.0300
71.9900
75.6800 !
76.0700 73.6381
74.4592
71.20
72.00
'48.11 ;50.2900
« 47.77 !51.4700
56.78 J52.3800
50.4000
51.7300
53.0800
51.0000
52.1900
53.2500
51. 7900 50.6923
52.7500 51.8512
53.2500 52.9831
51.1579
52.3821
53.1896
105.37
108.54
93.31
106.34
109.65
93.68
do..
Mexican dollar
China
Dollar
Hongkong
Straits Settlements.. Singapore dollar
0.0014
0.0014
.9450
1.0371
2.9536
3.0017
2.6439
2.6800
».4030
2.3200
1.6361
1.6305
.0053
.0055
. 00028 .00026
4.0300
4.0600
.4536
.4781
1.0633
1.2238
• Based on average.
1
In cents per million marks.
,
• 1913 average.
SILVER.
[Average price per fine ounce.]
September.
London (converted at average rate of exchange)
New York
$0.64920
.64529
1246
FEDERAL RESERVE BULLETIN.
NOVEMBER,
1923.
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.
ENGLAND.
[Amounts in millions of pounds sterling.]
Note accounts and
Bank of England deposits.
Nine London clearing
banks.*
Government
floating debt.
a*
•3-3
M
Iff
\ M
Pi I I
Average of end of month
figures:
1913
1920
1921
1922
1922, end of—
October
November
December
1923, end of—
January
February
March.
April..
May...
June..
July..
August
September
;
:
i 38
1 146
! 157
156
• 154
I 154
! 154
i
154
155
li
155
1.55
155
155
i 155
j 155
£
29
103
108
103
! 57
34S ; 147
327 ! 136
296 ' 130
101
102
104
287
288
301
125
121
133
107 j 1,058
105
1,033
9S 1,031
106 j 1,030
101
280
102
279
288
102
284
100
287
102 i
287
103
289
103
285
125
2S3
102
121
131
133
123
119
128
120
120
118
108
103
104
100
109
113
104
99
102
wTilifo
1,046
1,023
992
994
1,005
1,018
1,024
1,007
1,005
IH
. 1,370 15
J 3,252 1,078
309 | 1,763 j 2,911 11,139
372 | 1,727 3,097 j 796
370 1,686 3,124
365 1,667 2,9S9
360 1,684 2,769
35? 1,692
3!9 1,644
333 1,59(5
327 1,606
325 1,608
331 1,638
338 1,638
339 1,611
337 1,009
3,262
3,008
3,315
3,339
3,067
2,960
3,004
2,721
1
1
Held by the Bank of England and by the Treasury as note reserve.
* Loss notes in currency notes account.
' Average weekly figures.
FRANCE.
• Statist.
• Bankers Magazine.
• Excluding Germany.
[Amounts in millions of francs.)
Bank of France.
War
| Gold
Silver * « ~ :
reserve.' reserve. I G » ^ .
ment.
Averai
1913
2920
1921
1922
1922, end of—
October....
November.
December..
1923, end of—
January....
February..
March
April
May
June
July
Aueust
September
October....
' Not including gold held abroad.
»«*•
^ n .
urfno
«f ' Average
P
| * ? L 0 ' i daily
p
clearings
cent per- of the
petual
Total
Paris
deposits. rente.
banks.
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
3,636
3,670
289
23,600
22,900
23,600
36,694
36,114
36,359
2,170
2,184
2,309
3,671
3.671 I
3.672 |
3,672 '
3.673
3,673
3,674
3,674
3,674
3,675
290
291
292
292
292
293
294
294
295
296
23,100
23,200
23,100
22,500
23,000
23,100
23,000
23,400 •
23,700
23,400
36,780
37,055
37,188
36,548 I
36,741
36,689
36,929
37,364
37,626
37,670
86.77
57.34
56.56
58.48
I Savings
I banks,
excess of
deposits
i (+)or
I wlthdrawals
New stock and
bond issues.
Value.
Average
rate of
return.
59
554
550
525
• Includes Fr. 3,000,000 issues of the Credit National.
'Includes Fr. 2,000,000 issues of the Credit National.
NOVEMBEB, 1923.
1247
FEDERAL, EESERVE BULLETIN.
ITALY.
[Amounts In millions of lira.]
Leading private banks. 1
Banks of issue.
Not*
circulation.
Reserve.
Loans
' and For ac-!
I discount j
Oold, ! Total. c o u n t s of j
commerce.
Average of end of month figures:
1913»
1920
1921
1922
1922, end of—
August
September
October
November
December
1923, end of—
January
February
March
April
May
June
July
August
September
,375
,043
,074
,120
1,661 |
857
2,088 6,335
2,020 7,586
1,998 9,466
,125
,125
,136
! 141
,126
2,024
2,024
2,039
2,034
2,042
9,142
8,858
9,082
8,680
9,345
,126
,127
,129
,129
1,130
1,130
1,133
1,133
1,134
2,021
1,994
1,983
1,983
1,985
1,977
1,978
1,917
1,853
8,552
8,572
8.478
10,102
8,851
9,860
9,724
9,982
10,421
Total
deFor
posits.
aecount
of the
State.
2,284 I
7^035 i 10,581
9,304 i 9,064
9,734 8,214
318
2,474
2,475
2,759,
9,695
9,924
9,782
9,892
9,935
8,075
8,074
8,076
2,779'
2,661
2,638
2,634
2,602
8,057
8,036
8,031
8,024
7,763
7,764
7,763
7,701
7,758
2,610
2,675
2,488
2,461
2,350
2,691
2,511
2,316
2,520
8,050
9,389 i
9,117 !
9,004
8,661
8,525
9,571
9,619
9,274
9,387
Loans i
and
dtscounts
Cash, includ-!
iug
treasury
bills.
129 j 1,093
1,308 I 10,594
1,200 10,677
917 8,594
763 8,877
769 8,706
781 i 8,659
781 8,797
9,166
831
850
775
753
771
833
776
9,185
9,196
9,163
9,271
9,168
9,340
9,231
Index
numDue
bers
of
Total security
from
Pardecorre- [ ticipaprices.'
spend-1 tions. posits.
ents.
914 I
5,945 !
5,575 i
55 1,674
446 15,810
465 16,001
318 ,11,810
102.83
3,286
3,460
3,568
3,554
3,467
337 .(11,883
337 11,897
339 11,960
336 12,045
234 12,267
104.56
107.42
111.09
117.01
116.33
3,573
3,547
3,597
3,537
3,393
3,697
3,707
225 12,327
226 12,332
229 12,363
230 12,388
239 12,250
251 12,627
251 12,507
135.19
137.16
140.30
153.94
150.77
153.22
155.43
3,265 !
I
1
Includes Banca Commerciale Italians, Credito Italisuo, Banco di Roma, and until November, 1921, Banca Italians di 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.)
Retchsbank.
Discounts.
Average of end
of montb figures?
1913
1920
1921
1922
1922, end of—
September.
October
November.
December..
1923, end of—
January
February..
March
April
May
June
July
August
September.
Gold
reserve.
Note circulation.
1,068
1,092
1,056
1,002
1,958
63,964
80,952
339,677
668
17,702
20,213
108,633
1,005
1,005
1,005
1,007
316,870
469,457
754,086
1,280,095
110,012
140,779
240,969
530,526
1,005
1 005
1 005
920
758
717
596
510
444
Total
deposits.
Treasury I CoiamerbiUs.
| dal bills.
Total
clearings.
Darlehns-j
kassenTreasury
scheme ! bills outIn circu- i standing.
i lation.
Value of
new stock
and
bond
issues
placed
on German
market.
6,136
57,898
89,297
530,647
13,145
8,861
11,217
192,832
475,835
2,655
8,726
SO, 234
101,155
246,949
422,235
473,715
789,341
1,463,766
2,078,969
13,995
14,009
13 809
13,450
451,000
614,000
839,000
1,495,000
7,937
7,187
15,223
21,315
1,609,081 ! 697,216
1,984,496
762,264
3,512,788 1,582,981 2,947,364 1,829,341
5,517,920 2,272,084 4,552,012 2,372,102
3,854,275
6,224,899 2,986,117
6,545,984
8,021,905 4,014,694
8,563.749 5,063,070
6,914,199
9,952,717
i
18,338,177
17,291,061
43,594,738 27,857,077 | 53,752,030 18,318,292
164,644,250
591,079,834
1987,218,783
663,200,050
328,228,815 " 16,966,617 h>45,21(;,224 »3,660,094
3,826,206
7,444,323
7,257,658
8,177,378
13,345,002
28,375,345
70,624,492
817,133,634
22,627,680
349,770 i
13,395
2,082,000
12,625
3,588,000
12,600
6,601,000
12,491
8,440,000
12,378
10,274,850
12,239
22.019,623
11,892
57,848,700
11,022 1,196,294,500
8,525 8 46,716,616
25
stocks.
10 domestic
bonds.
Per tent. Per cent.
1220
47.9S0
83,133
338,147 I
72,211
477,201
672,222 !
1,184,464 |
Index of security
prices. 1
105
1,334
1,378
4,638
33,549
3,664
65,563
3,837
540,198
6,266
64,275
16,451
115,813
84,861
384,256
441,248 329,311
1,883,675 3,703,999
•2,259,303 84,078,542
312
322
726
725
694
696
1,221
5,338
39,174
308,100
> End of March, 1913.
»Eecalculated 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.
» In trillions.
1248
FEDERAL RESERVE BULLETIN.
NOVEMBER,
1923.
SWEDEN.
(Amounts in millions ol kronor.]
Joint-stock banks.
Riksbank.
Averages of end of month figures:
1913»
1920
1921
1922
1922, end of—
September
December
1923, end of—
March
April
May
July.
.
August
September
Index
number
of foreign
exchange
value of
krona.
Loans and
discounts.
Bills discounted
with
Riksbank.
108
•Z26
193
269
585
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
112.9
121.8
128.4
180
178
191
389
1,902
1,995
1,979
2,588
6,181
5,149
5,099
4,984
288
206
252
331
14
569
575
584
103
98
90
96
130.5
131.7
132.2
129.9
520
538
587
557
539
586
543
561
600
321
270
265
245
238
183
150
128
117
1,800
1,455
1,768
1,633
1,612
1,695
1,517
1,502
1,542
4,888
4,903
4,833
4,751
4,745
4,738
4,751
4,763
4,741
214
175
222
218
208
198
152
134
157
11
93
96
103
105
101
98
99
129. S
129.0
129. S
130.0
131.3
131.7
133.0
132.9
133.4
Note circulation.
102
269
280
274
235
733
661
579
274
605
274
274
274
274
274
274
273
273
273
273
272
Index
number
of stock
prices.
Clearings.
Gold coin
and
bullion.
273
...
Value of
stock
issues
registered
during
month.
Total
deposits.
15
69
12
11
16
32
11
36
17
19
13
97
97
• End of December figures.
CANADA.
[Amounts in millloni of dollars.]
Chartered banks.
Average of end of month figures:
1921
1922
1922, end of—
October
November..
1923, end of—
January
,..
Februa'ry
March...
April
May.......:........::::.:::.
June
July
August
Dominion
note circulation.
Bank
clearings.8
Money at
call and
short
notice.
Public and
railway
securities
Note circulation.
72
75
1,403
,27?
282
280
369
332
195
166
2,125
2,009
85
90
272
240
1,454
1,35J
71
87
92
93
1,250
,276
1,255
1,230
279
301
303
284
322
310
317
341
177
179
170
176
1,985
2,020
2,036
2,061
(1
93
96
129
235
1,263
1,497
1,619
1,555
75
72
,197
,206
,220
,251
,236
,222
,201
1 .199
1,219
281
270
356
377
153
157
241
247
385
173
126
243
412
417
170
184
1,963
1,997
2 008
2,084
2,067
2,081
2,004
2,013
1,997
132
133
292
68
68
68
68
68
63
59
305
309
316
287
302
283
403
397
403
400
'Includes gold in centra] gold reserve but not gold held abroad
Qold
reserve
Individual
against
deposits— Dominion
demand
notes.
and time.
Current
loans and
discounts.
Gold
coin and
bullion.'
166
157
175
163
240
251
257
126
126
121
121
239
244
234
234
114
114
235
243
> Total for month.
1,607
1,067
1 199
1,168
1.514
1,465
1,332
1,307
1,220
NOVEMBBB, 1 9 2 3 .
1249
FEDERAL RESERVE BULLETIN.
ARGENTINA.
[Amounts in millions of pesos.]
Banco de la Nacidn.
Cash.
Gold.
End of—
1913
1919
1920
1921
1922, end of—
August....
September.
October
November.
December..
1023, end ofJanuary
February..
March
April
May
June
July
August
Paper.
Commercial banks.i
Discounts
Total
and
advances (paper).
(paper).
Cash.
Gold.
I Caja de Conversion.!
DisTotal
counts
deposits
and
advances (paper).
(paper). I
Paper.
Clearing s
in
Buenos
Note
cirAires
Gold
(paper).
reserve. culation
(paper).
32
39
25
23
ISO
268
406
410
478
676
804
541
1,250
1,412
1,310
435
771
1,081
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
2,805
3 612
3,482
23 I
23 I
23 i
23 ]
23 {
407
402
405
396
340
946
950
921
934
1,036
1,353
1,346
1 328
1,345
1,389
1,041
1,048
1,028
1,053
1,025
2,491
2,514
2,549
2,557
2,664
3,356
3,379
3,354
3,394
3,456
470
470
470
470
470
1,363
1,363
1,363
1,363
1,863
2,570
2,725
2,827
2,827
2,954
23
23
23
23
23
23
23
359
363
362
357
354
385
384
992
989
1,003
992
969
943
951
1,369
1,366
1,379
1,358
1,332
1,353
1,358
1,015
993
1,000
992
975
1,007
2,651
2,667
2,666
2,693
2,676
2,647
2,665
3,451
3,464
3,467
3,461
3,468
3,500
3,505
470
470
470
470
470
470
470
,363
,363
,363
,363
,363
,363
3,415
2,897
3,017
* Includes Banco de la Naclta.
> 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 Ad- 'Note
recirand vances
on
serve
culadis- foreign
for 1 counts.
tion.
bills.
notes.
Average of end of month figures:
1913
1921
1922
.
.
1922, end of—
December
1923, end of—
February
April
May
.
J U ly
October
47
216
1 200
1,172
107
208
33
39
94
1 226
1,291
297
409
1 068
1,066
1,054
160
183
375
142
141
205
1 236
1,241
1,590
437
445
333
1,062
1,060
1 057
1,056
1,053
1 053
1,053
1 053
1 060
1,062
180
157
241
279
236
311
244
296
518
499
159
140
109
105
77
52
46
50
1,308
1,261
1 238
1,236
1,225
1,371
1,278
1,287
1 460
1,449
380
396
463
501
452
371
361
386
331
350
I Iadudu fold credits abroad, gold coin and bullion in Japan.
GovPriernCash
vate
ment deposon
depos- its in hand.
its in
Japan. Japan.
76
86
363
7
50
36
Total
loans.
Total
deposifs.
Total
clearIngs.
Aver-
afst
count
rate.
Capital
issues
in
Japan.
1,932
1,961
304
129
1,789
2,572
2,834
8.38
9.00
9.31
32
186
124
33
126
126
169
1 926
1,929
2,011
1 812
1,828
1,869
2 697
2,971
3,329
9 38
9.45
9.34
100
56
34
31
29
30
28
49
32
38
125
113
117
190
142
121
133
139
2,002
2,051
2 256
1,999
1,984
2,024
2,195
1,860
1,S94
2,143
1,851
1,854
1,850
1,870
2,246
2,592
9.34
9.34
9.34
9.38
9.42
9.49
40
66
58
333
3,077
3,518
3.486
3,220
98
137
131
245
114
86
INDEX.
Acceptances:
Page.
Bankers' acceptances to finance the storage of coal on docks,
eligibility for rediscount
1194
Held by Federal reserve banks
1228
Purchased by Federal reserve banks
1226
Agents, use of, discontinued in check-collection transactions
1194
Agricultural movements, index of
1216
Agriculture
1183,1217
Argentina, financial statistics
1249
Attorney General, opinion of, relating to right of national banks
to establish branch offices
1196
Australia:
Eetail food prices
1207
Wholesale prices
1203
Austria, cost of living and retail food prices in
1207
Automobiles
1189,1219
Bank credit
1182
Bank debits
1236
Belgium:
Cost of living
1207
Eetail food prices
1207
Wholesale prices
1203
Branch offices of national banks:
Opinion of Attorney General on right to establish
1196
Regulations of Comptroller of the Currency
1197
Brazil, foreign trade of
1212
Building
1190,1219,1220
Bulgaria, wholesale prices in
1203
Business and financial conditions:
Abroad
1199,1246
United States
1181
Business failures
1192
Canada:
Cost of living
1207
Financial statistics
1248
Foreign trade
1212
Index of industrial activity
1209
Eetail food prices
1207
Wholesale prices
1202,1203,1205
Capital of State-bank members, reduction of, under amendment
of March 4,1923
1195
Chain-store statistics
1223
Charters issued to national banks
1214
Check clearing and collection:
Agents, use of, discontinued in collection transactions
1194
Gold settlement fund
1243
Number of banks on par list
1240
Operations of system during September
1240
China, wholesale prices in
1203,1205
Clearing-house bank debits
1236
Coal production
1185,1216
Coal stored on docks, bankers' acceptances to finance, eligibility of. 1194
Commercial failures
1192
Comptroller of the Currency, regulations of, relating to branch
offices of national banks
1197
Condition statements:
Federal reserve banks
1229
Member banks in leading cities
1233
Congressional hearings to ascertain why eligible State banks remain outside of system
1175 1179
Cost of living, principal countries
' 1207
Cotton manufacturing
1187 1218
Cotton, raw
.. k
1184,1218
Crops
;
1183
Currency in circulation
1243
Czechoslovakia:
Eetail food prices
1207
Wholesale prices
1203
Dairy products
1217
Debits to individual account
1236
Denmark:
Foreign trade
1212
Wholesale prices
1203
Department-store business
1191,1224
Deposits:
Savings
1214
Time and demand, of member banks
1241
Digest of rulings, publication of
1179
Discount and open-market operations of Federal reserve banks:
Acceptances held
1228
Acceptances purchased...
.
1226
Bills discounted
1225
Bills held
1227
Earning assets held
1227
Number of banks discounting
1225
Rates of earnings
1227
Volume of
1225
Discount rates:
Page.
Federal reserve banks
1241
Prevailing in various centers
1244
Dutch East Indies, wholesale prices in
1203'
Eddy, Walter L., appointed secretary of Federal Eeserve Board.. 1179
Egypt, wholesale prices in
1203
Employment, United States
1191
England:
Business trend
1199
Costofliving
1207
Financial statistics
1246
Foreign trade
1211
Index of industrial activity
1208
Betail food prices
1207
Wholesale prices
1202,1203,1205
Eevision of index
1206
Esthonia, retail food prices in
•
1206
Failures, commercial, in the United States
1192
Federal intermediate credit banks, purchase of debentures of, by
Federal reserve banks
1194
Federal reserve banks:
Condition of
1229
Discount and open-market operations of
1225
Purchase by, of debentures of Federal intermediate credit
banks
1194
Federal Reserve Board:
Eddy, Walter L., appointed secretary
1179
Noell, J.C., appointed assistant secretary
1179
Resolution of, relating to purchase of debentures of Federal
intermediate credit banks by Federal reserve banks
1194
Federal reserve note account
1232
Fiduciary powers granted to national banks
1214
Finland, cost of living in
1207
Food manufacturing
1186,1216
Foreign exchange rates
1193,1245
Foreign trade:
Principal foreign countries
1211,1212
United States
1192,1212
Index of
1213
France:
Costofliving
1207
Financial statistics
1246
Foreign trade
1211
Index of industrial activity
1208
Retail food prices in Paris
1207
Wholesale prices
1202,1203,1205
Freight rates, ocean
1213
Fruit crop, condition and shipments
1184,1216,1217
Germany:
Costofliving
1207
Financial statistics
1247
Index of industrial activity
1210
Eetail food prices
1207
Wholesale prices
-- 1203
Gold imports and exports
1193,1242
Gold settlement fund transactions
1243
Grain
1183,1216
Prices on farms
i " v 1183
Hearings, congressional, to ascertain why eligible State banks
remain outside of system
HSi'lilX
Imports and exports of gold and silver
119a, 124J
Index numbers:
Agricultural movements
1216
Cost of living, principal countries
1207
Foreign exchange
1245
lil3
Foreign trade
Industrial activity, foreign countries
1208-1210
Manufacturing
1216
Mining
1216
Ocean freight rates
1213
Production in basic industries
1216
Eetail food prices, principal countries
.'
1207
Construction of index for Esthonia
1206
Retail trade
-•• Jgg
Wholesale prices abroad
1302-1205
Revision of index for United Kingdom
1206
Wholesale prices in the United States
1202,1204
Eevision of index
1206
1222
Wholesale trade
Costofliving
1207
Foreign trade
1212
Eetail food prices
--•
J207
Wholesale prices
..-••- 1203,1205
Interest on reserve balances carried by Federal reserve banks — i n s
Iron and »teel
1188,1218
I
II
INDEX.
Pa e
Italy
S Cost of living
J207
Financial statistics
J247
Foreign trade
\f\£
Retailfood prices
-•- J207
Wholesale prices
1203,1205
Japan:
,„,„
Financial statistics
}2f9
Foreign trade
1212
Index of industrial activity
1209
Wholesale prices
1202,1203
Law department:
Branch offices of national banks—
Opinion of Attorney General on right to establish
1196
Regulations of Comptroller of the Currency
1197
Leather industry
"
^
'
^J?
118
Livestock industry
5« 1 2^
Lumber
1180,1217
Manufacturing:
Condition, by industries
U86
Index of production
1216
Maturities:
Acceptances purchased
1226
Bills discounted and bought
1226,1232
Certificates of indebtedness
1232
Member banks:
Capital of State bank members, reduction of, under amendment of Mar. 4,1923
1195
Condition of.
1233
Congressional hearings to ascertain why eligible State banks
remain outside of system
1175,1179
Deposits, time and demand
1241
Eligible State banks for membership in system
1177
Number discounting
1225
Number in each district
1225
Number in system, 1914-1923
1175
Reserve requirements, member and nonmember banks
1178
Resources, June 30,1923
1176,1180
State banks admitted to system during October
1214
Minerals and metals
1216,1218
Mining
1185
Money in circulation
1243
National banks:
Branch offices of—
Opinion of Attorney General on right to establish
1196
Regulations of Comptroller of the Currency
1197
Charters issued to
1214
Fiduciary powers granted to
1214
Netherlands:
Cost of living
1207
Foreign trade
1212
Retail food prices
1207
Wholesale prices
1203
New Zealand:
Cost of living
1207
Retail food prices
1207
Wholesale prices
1203,1205
Noell, J. C , appointed assistant secretary of Federal Reserve
Board
1179
Nonmember banks eligible for membership in Federal reserve
system
1177
Norway:
Cost Of living
1207
Retailprices
1207
Wholesale prices
1203,1205
Ocean freight rates
1213
Par list, number of banks on
....
1240
Per capita circulation
1243
Petroleum industry
1186,1218
Physical volume of trade
1216-1219
Poland:
Cost Of living
1207
Wholesale prices
1203
Prices:
Page.
Retail
1207
Construction of index numebr for Esthonia
1206
Wholesale, abroad
1202,1203,1205
Revision of index for United Kingdom
1206
Wholesale, in the United States
1182,1191,1202,1204
Revision of index
1206
Production, index of
1181,1216
Rates:
Discount
1241,1244
Foreign exchange
1193,1245
Regulations of Comptroller of the Currency relating to branch
offices of national banks
1197
Reserve ratio of Federal reserve banks
1229
Reserve requirements, member and nonmember banks
1178
Resources of member banks, June 30,1923
1176,1180
Resources and liabilities:
Federal reserve banks
1229
Member banks in leading cities
1233
Retail prices
1207
Construction of index number for Esthonia
1206
Retail trade
1181,1191,1223
Rulings of the Federal Reserve Board:
Agents, use of, discontinued in check-collection transactions.. 1194
Bankers' acceptances to finance the storage of coal on docks,
eligibility for rediscount
1194
Capital of State bank member, reduction of, below amount
originally required for membership
1195
Digest, publication of
1179
Purchase, by Federal reserve banks, of debentures of Federal
intermediate credit banks
1194
Savings deposits
12)4
Shoe industry
1189,1218
Silver imports and exports
1193,1242
South Africa:
Retoil food prices
1207
Wholesale prices
1203
Spain:
Retail food prices
1207
Wholesale prices
1203
State banks:
Admitted to system during October
1214
Capital, reduction of, under amendment of March 4,1923
1195
Congressional hearings to ascertain why eligible banks remain
outside of system
1175,1179
Membership in system, 1914-1923
1175
Number eligible for membership in system
1177
Resources, June 30,1923
".
1176,1180
Storage of coal on docks, eligibility of bankers' acceptances to
finance
1194
Sweden:
Financial statistics
1248
Foreign trade
1212
Index of industrial activity
1210
Retail food prices
1207
Wholesale prices
1203,1205
Switzerland:
Cost of living
1207
Retail food prices
1207
Wholesale prices
1203
Textile industry
1187,1218
Time deposits of member banks
1241
Tobacco industry
1184,1217
Trade:
Foreign
1192,1211,1212,1213
Physical volume of
1215-1219
Retail
1181,1191,1223
Wholesale
1181,1190,1222
Transportation
1190,1219
Wholesale prices:
Abroad
1202,1203,1205
Revision of index for United Kingdom
1206
In the United States
1182,1191,1202,1204
Revision of index
1206
Wholesale trade, condition of.
,
1181,1190,1222
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