Full text of Federal Reserve Bulletin : October 1923
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
OCTOBER, 1923
WASHINGTON
GOVERNMENT PUNTING OFFICE
1923
FEDERAL RESERVE BOARD.
Ex officio members:
D. R. CRISSINGER, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
ADOLPH C. 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.
WALTER W. STEWART,
W. M. IMLAY, Fiscal Agent.
J. F . HERSON,
Director, Division of Research and Statistics.
M. JACOBSON, Statistician.
Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician.
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL.
(For the year 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
II
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. G (ATLANTA)
No. 7 (CHICAGO)
No. 8 (ST. LOUIS)
No. 9 (MINNEAPOLIS)
No. 10 (KANSAS CITY)
No. 11 (DALLAS)
No. 12 (SAN FRANCISCO)
OFFICERS OF FEDERAL RESERVE BANES.
Governor.
Chairman.
Federal Reserve Bank of—
Boston
Frederic H. Curtiss
W. P. G. Harding.
New York
Pierre Jay
Ben). Strong
Philadelphia
Cleveland
R.L.Austin
D.C.Wills
George W. Norris
E. R. Faneher
Richmond
W. W. Hoxton
George J. Seay
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
Kansas City
Dallas
San Francisco
M.L.McClure
Lynn P. TaUey
John Perrin
W. J.Bailey
B. A. McKinney
J.TJ. Calkins
' Controller.
Deputy governor.
Cashier.
C. C. BuUen
W. W. Paddock
J. H.Case
L.F. Sailer
G. L. Harrison
E. R. Kenzel
W. Wfflett.
L. H. Hendricks. >
J. D. Higsins.l
A. W. Gilbart. >
J. W. Jones.'
G. E. Chapin.»
W. A. Dyer.
J. C. Nevin.
Wm. H. Hutt
M.J. Fleming
Frank J. Zurlinden
C. A.Peple
R. H. Broaddus
A. S. Johnstone'
John S. Walden»
L. C. Adelson
J. L. Campbell
C.R. McKay
JohnH. Blair
Geo. H. Keesee.
M. W. Bell.
W. C. Bachman. •
K. C. Childs.»
J. H. Dillard.»
D. A. Jones. l
0. J. Netterstrom.»
Clark Washbume.»
J. W. White.
Gray Warren.
0. M. Attebery
W. B. Geery
B.V.Moore
Harry Yaeger' 1
Frank C. Dunlop
C. A. Worthington
R. G. Emerson
Wm. A. Day
Ira Clerk'
L. C. Pontious3
• Assistant to governor.
J. W. Helm.
R. R. Gilbert.
W. N. Ambrose.
»Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES.
Federal Reserve Bank of—
New York:
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. MotherweU.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of tho 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 1915,191G, 1917, or 1918 are available.
m
TABLE OF CONTENTS.
General summary:
Re view of the month
Business conditions in the United States
Special article:
Seasonal movements of farm commodities
Official:
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Business and financial conditions abroad:
Agricultural conditions abroad
Recent developments in Russian banking and currency
The Bank of the Republic of Colombia
Price movement and volume of trade:
International wholesale price index
^
Wholesale prices of individual commodities in the United States
Comparative wholesale prices in principal countries
Comparative retail prices and cost of living in principal countries
Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan
Foreign trade of principal countries
Foreign trade index
Ocean freight rates
Physical volume of trade
Building statistics
Wholesale and retail trade
Commercial failures
October crop report, by Federal reserve districts
Banking and financial statistics:
Domestic—
Condition of all banks in the United States as of June 30,1923
Discount and open-market operations of Federal reserve banks
Condition of Federal reserve banks.. *
Federal reserve note account
Condition of member banks in leading cities
Savings deposits
Bank debits
Operations of the Federal reserve clearing system.
Gold settlement fund
Gold and silver imports and exports
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
lgland, France, Italy, Germany, Sweden, Canada, Argentina, and Japan
orices
of production in basic industries and wholesale prices in the United States
redit
lings of grain and grain products
ts of wheat and all grains
sight receipts
i stocks in warehouses
n stocks at mills
on ginned, 1914-1923
cotton consumption and output of finished fabrics
iding contracts awarded
ernational wholesale price index—Federal Reserve Board
lume of domestic business
holesale trade and department-store sales
IV
p
age1085
10S0
..
1103
1138
1138
1138
1138
1112
1114
1119
1124
1126
1128
1131
1132
1135
1137
1137
1139
1144
1145
1101
1111
1107
1147
1151
1155
1156
1137
1159
1164
1168
1167
1165
1166
1168
1169
1170
1171
1086
1090
1091
1103
1104
1105
1105
1106
1093
1096
1099
1124
1139
1145
FEDERAL RESERVE BULLETIN
OCTOBER, 1923.
VOL. 9
No. 10
terially below last year's and the price of
wheat, both at the farm and in the primary
During the autumn months the primary
markets,
has somewhat advanced. Wheat
concern of the banks of the country is to furnish
prices,
however,
are below those of last year
credit and currency for harvestand
only
slightly
above their pre-war level.
Financing the m g a n d m a r keting the year's
crop movement.
„,, .
. ,
The position of the wheat farmer in certain
crop. I his year the agricultural sections is still difficult. The cotton crop foredemand comes after a period of more than a cast also indicates a reduction from earlier exyear of credit growth arising from the increased pectations, which in July and August placed the
industrial and trade activity. Since midsum- crop at about 11,500,000 bales, compared with
mer of last year the banks have extended to the October estimate of 11,015,000 bales, with
commerce and industry a large amount of the result that the price of cotton has advanced,
additional credit and the present volume of particularly in recent weeks. This improvement
member bank credit in use is greater than ever in the outlook for the two principal cash crops is
before at this season of the year. The banks, important for the farmer, because it is the cash
particularly those in agricultural districts, are crop upon which his immediate income depends.
now meeting the additional demand for credit The following table shows the production of the
for crop marketing purposes through the use principal crops in 1920, 1921, and 1922, comof funds released by liquidation of loans made pared with the latest forecasts for 1923:
during the growing season and through increased accommodation at the Federal reserve
Production (000 omitted).
Crop.
Unit.
banks. Since the increased demand for credit
1922
1923 i
1920
1921
during the year has been largely concentrated
in the industrial districts, the banks in the Corn
Bushels. 3,021,000 2,890,712 3,068,569 3,208,584
9,762
Bales...
13,440
7,954
11,015
agricultural districts are in a strong lending Cotton
112,791
Hay, total
Tons
105,315
97,770
103,000
833,027
862,191
total
I Bushels. 781,737
814,905
position at a time of the year when the de- Wheat,
586,204
610,597
690,316
Winter
I . . . d o . . . . 568,386
222,430
275,887
Spring
j . . . d o . . . . 213,351
214,589
mand upon them reaches its seasonal peak.
Oats
I...do
1,302.000 1,201,436 1,078,341 1,4%, 281
Pounds. 1,462; 000 1,324,840 1,069,693 1,582,225
The volume of credit required in financing Tobacco
403.296
White potatoes
Bushels. 401,000
361,659
451,185
96,000
103, 925
98,654
109,534
potatoes
do
the crop movement is affected by the total Sweet
99,002
201,000
Apples
do
191,000
223,677
41,965
52,066
37,612
Rice
do
33,000
yield and the prices prevailing Barley
189,332
...do...
199,000
154,946
186,118
1923 crop
60,490
.
.
.
d
o
.
.
.
65.000
61,675
95,497
at marketing time, and these Rye
yield.
are also the factors that deterOctober 1 forecast.
mine the year's return to the farmer. The adAccording to the October estimate, the corn
vance in the prices of certain principal crops
during the past two months has partly re- crop is to be over 3,000,000,000 bushels for the
flected the lower estimated yields, and these fifth time in the history of the country, and
advances have been more than sufficient to off- the price of corn during recent months has adset in the total value the decline in expected vanced, as it has done almost uninterruptedly
output. The October 1 estimates of pro- since the beginning of 1922. This rise in the
duction indicate an expected wheat crop ma- price of corn was for some time accompanied
REVIEW OF THE MONTH.
1
1085
1086
OCTOBER, 1923.
FEDERAL RESERVE BULLETIN.
by a decline in the price of hogs and cattle, spring and early summer reflect expectations in
though more recently cattle and hog prices the speculative market and do not materially
have also increased, and this has brought about affect the farmer's returns, price advances dursome improvement in the outlook of the live- ing the crop-moving season are of direct benefit
to the farmer. The improvement in the
stock farmer.
The farmer's net return as a producer de- farmer's condition during the past year has
pends not only on the prices brought by his been due mainly to the large purchasing power
products, but also upon the ex- of the domestic consumer arising out of full
!
P e n s e o f m a k i l l g ^ e crops, and employment and larger earnings of the industhis year the cost of labor, fer- trial worker, this improvement in the domestic
tilizer, and other materials has been generally market being more than sufficient at present to
higher than last year. From the standpoint of counteract the effect upon prices of the less
the farmer as a consumer, however, the advance satisfactory condition of the foreign market.
during the past year in the prices of many farm The foreign demand for the American wheat
surplus is likely to be affected by the larger
PERCENT
PER CENT
1200
world production, and also by the fact that
2001
European countries which are the principal
FARM PRICES
importers of wheat are expected to produce a
larger crop than a year ago.
150
150
The market for this year's crops, as well as
the credit required in financing the marketing,
is influenced by the stocks left
Marketing the over from the crop of the previcrops.
100
100
ous year. The following table
shows the stocks of certain crops at the end
of the crop years 1920 to 1923:
STOCKS OP CERTAIN CHOPS ON FAKMS.
50
[000 omitted.]
Corn (bushels).
Year.
1921
1922
1923
On farms,
Mar. 1.
Nov. 1.
Cotton
Oats
Wheat
(bales, ex(bushels), (bushels), clusive of
Aug. 1.
July 1.
linters),
Aug. 1.
products, which has not been accompanied by 1920
54,819
1,045,575
139,083
49,546
3,563
1,564,832
56,707
161,108
285,769
6,534
a corresponding increase in retail prices, has 1921
1,305,559
32,359
1922
74,513
177,287
2,832
1,087,412
35,634
70,082
2,088
increased the purchasing power of the farmer's 1923
dollar. The chart shows the trend of farm
prices of 10 leading crops and 6 classes of live
It will be seen that the stock of wheat is
stock since 1921. It will be noted that crop somewhat larger than last year, but much less
prices are, on the average, considerably higher than in the preceding two years and that
than last year, while live-stock prices, though cotton stocks this year are exceptionally low.
higher than two months ago, are still consid- In considering the size of stocks carried in
erably below last year's level. In September this country it must be borne in mind that
the prices of some agricultural products showed decided changes have occurred since the war
further advances. The recent advance of crop in the practice of European buyers with respect
prices gains in significance because it has oc- to carrying stocks and that they now pursue
curred during the period when the farmer mar- more of a hand-to-mouth policy. This reduckets his crops. While price advances in the tion in the European stocks has resulted in
OCTOBER, 1923.
FEDERAL RESERVE BULLETIN.
1087
the necessity of a larger volume of crops being
The seasonal demand for credit this year
carried in this country.
comes at a time when the banking situation
A further influence both on the volume of
differs from that of a year ago
S a
in tQat
&« volume of loans
the crop offered for sale during the harvesting mand on meml
season and upon the character of the financing ber banks and after a year of growth is at a
reserve banks.
•, , . •,
,
,
»
T
required is the length of time the crops are
much higher level. Loans of
held on the farm. I t is well recognized that
member banks in the larger cities have infrom the time the crop is produced until it is
creased by nearly $1,000,000,000, the addiconsumed credit must be extended for carrytional borrowing being chiefly for commercial
ing it, but the character and the location of
and industrial purposes. Member banks have
the credit demand is different when it is held
met this growing demand for credit out of
by the farmer and when it has been passed
the addition of about $440,000,000 to their
on to the middleman. During the summer
time deposits, through an increase of a similar
months the movement of wheat to market was
amount in accommodation at the reserve
delayed by the low prices then prevailing, but
banks and through the use of gold imported
under the influence of somewhat better prices
from abroad. While most of the increase of
in late August and early September the marbank loans for the year occurred in the indusketing increased in volume and was larger
trial districts, during the past two months there
than during the corresponding weeks of the
has been an increased demand for credit at the
preceding season. Cotton has matured early
banks in the agricultural districts, and these
in certain sections, particularly in Texas, and
banks have met this demand in part by reducthe volume thus far marketed is about equal
ing their balances carried with correspondents
to that of last season. A factor affecting the
in financial centers.
movement of crops this year to a larger degree
During the current year the chief demand
than in previous years has been the activity
for reserve-bank accommodation has come
of cooperative marketing associations, to which
from the member banks in the agricultural disthe growers turn over the crops at harvest
tricts. From the middle of January to the
time to be financed until their final marketing.
middle of September, out of a total increase of
During the crop-marketing period the use of over $260,000,000 in reserve-bank discounts,
transportation facilities ordinarily reaches the about three-fourths represents an increase in
peak for the year, and during the current move- borrowings from the reserve banks in the cotment these facilities have been more adequate ton and in the wheat growing districts. In
than a year ago. At the end of August the the Dallas district the early marketing of cotrailroads reported a surplus of cars, while dur- ton has recently reduced the volume of boring the 1922 crop movement there was a freight- rowing at the reserve banks. The increase in
car shortage. Through the addition of new discounts at reserve banks in some of the agriequipment, a decrease in the number of cars cultural districts since the first of the year has
awaiting repairs, and a more efficient use of been accompanied by a reduction in their
cars the railroads have provided for the sea- open-market holdings, so that the total volume
sonal movement of agricultural products in of their earning assets has increased much less
addition to carrying a record volume of other than their discounts.
commodities. Adequate transportation, as
The reserve banks, particularly those in the
well as adequate credit, is essential to orderly agricultural districts, have recently felt the
marketing, and this year agricultural shipments seasonal demand for Federal reserve notes.
have not been delayed by lack of facilities.
The demand for currency, which has increased
1088
FEDERAL EESERVE BULLETIN.
throughout the year and has recently reflected
the crop-moving requirements, has chiefly been
met, however, by other forms of curency than
the Federal reserve note. The following table
shows the different classes of money in circulation on September 1, 1922, and September 1,
1923:
MONET IN CIRCULATION.
Sept. 1,1923. Sept. 1, 1922.
Increase (+)
or decrease
Gold and gold certificates... 1838,496,751 $610,375,435 +8228,121,316
564,954,874 + 118,491,490
Silver and silver certificates. 683,446,364
285,000,737
+19,576,063
United States notes
304,576,800
+63,518,501
Federal reserve notes
2,204,824,450 2,141,305,949
60,158,812
- 4 2 545,970
Federal reserve bank notes..
17,612,842
731,711,120
-2,761,516
National-bank notes
728,949,604
Total
4,777,906,811 4,393,506,927
+384,399,884
Of the total increase, $228,000,000, or about
60 per cent, was in gold and gold certificates, which corresponds approximately with
the net gold imports for the year. Thus the
imported gold has not been added to the reserves of the reserve banks, but has gone into
circulation to meet the currency demand. The
large increase in silver certificates and United
States notes is accounted for in part by the
retirement of Federal reserve bank notes and
in larger part by the demand for currency of
low denominations. The growth in Federal
reserve notes has constituted only about 17 per
cent of the total increase of money in circulation.
Since the currency demand has been largely
met by the use of the gold certificates representing additions to the country's gold stock,
and since the growth in discounts during the
year has been accompanied by a reduction in
open-market holdings, the total volume of reserve bank credit in use has not thus far shown
the usual seasonal increase. In the agricultural districts, however, there has been an increased use of Federal reserve bank credit and
currency in response to the requirements of
crop moving.
OCTOBER, 1923.
$290,000,000 of Treasury certificates fell due,
together with interest of about $145,000,000 on
the public debt, including semiannual interest
on the maturing certificates and on the third
Liberty loan bonds. There were also still outstanding about $53,000,000 of called and matured Victory notes and of about $30,000,000
of matured war savings certificates. Incometax payments during the September period
were expected to bring in about $340,000,000.
To meet the payments coming due in September over and above tax receipts and to
cover further cash requirements, the Treasury
offered for subscription a new series of 4^ per
cent Treasury certificates, running for six
months from September 15, 1923. Subscriptions for these certificates closed on September 12 and amounted to $553,678,500. This
total included $63,846,500 of subscriptions
for which Treasury certificates maturing September 15 were tendered in payment, all of
which were allotted in full, while allotments
on other subscriptions were made on a graduated scale.
Distribution of subscriptions and allotments, by Federal reserve districts, is shown
in the following table:
Federal reserve district.
Total subscriptions
received.
Total subscriptions
allotted.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$63,860,000
187,041,500
39,848,500
63,295,000
14,885,000
18,905,500
51,835,000
15,557,500
10,789,000
12,283,000
26,224,500
49,154,000
$30,693,000
78,348,500
16,535,000
23,405,500
053,000
032,500
32, 792 500
399,500
179,000
5,463,000
10,211,000
18 638,000
Total...
553,678,500
249,750,500
Announcement was also made by the
Treasury that the British Government had
made final payment to t e United States of
$30,500,000 on account of principal, together
with accrued interest, on its obligations
regarded as having been given for purchases of
TREASURY FINANCE.
silver under the Pittman Act. The total of
On September 15, the date of the third these obligations was originally $122,017,633.57.
installment of income and profits taxes, about In 1920 an agreement was made with the
OCTOBER, 1923.
FEDERAL RESERVE BULLETIN.
1089
British Government for the funding and payment of this amount, at which time $17,633.57
was paid with accrued interest in order to
reduce the amount to a round total of
$122,000,000. According to the agreement this
amount was to be repaid in equal annual installments in the years 1921, 1922, 1923, and
1924 in the proportions of 60 per cent on
April 15 and 40 per cent on May 15 of each
of these years. Accordingly payments aggregating $91,500,000 were made during the years
1921, 1922, and 1923. This left a balance of
$30,500,000, payment of which was made on
September 15, 1923.
The Federal Advisory Council, having heard Messrs.
Claiborne and Adams in support of the so-called ClaiborneAdams check collection plan and the recent amendments
thereto, is of the opinion that the plan is unsound, and
therefore unanimously recommends its rejection by the
Federal Reserve Board. The council concurs in the
essential objections to the plan as set forth in the report
of the advisory committee of governors of the Federal
reserve banks to the Federal Reserve Board dated August
1, 1923.
Meeting of Federal Advisory Council.
Publication of Pamphlet on Cotton Financing.
The Federal Advisory Council held its third
statutory meeting for the year 1923 on September 17 and 18. The council has reported to
the Federal Reserve Board upon the ClaiborneAdams check collection plan as follows:
The Federal Reserve Board has recently
issued as a separate pamphlet a series of articles which had appeared in the FEDERAL
RESERVE BULLETIN on financing the production and distribution of cotton.
The council also recommended some changes
in Regulation J, which is not yet in effect, the
chief of which was that Federal reserve banks
shall not receive on deposit checks on any
nonmember bank which are not collectible at
par. The council also opposed any charge by
Federal reserve banks for collecting checks
NOTES.
drawn on member banks even if indorsed by
nonmember
banks which refuse to remit at
Federal Reserve Agent at Richmond.
par.
Mr. Caldwell Hardy, chairman of the board
and Federal reserve agent at the Federal Opening of Federal Reserve Bank Agencies in Cuba.
Reserve Bank of Richmond, died on August
On September 1 the Federal Reserve Banks
26, 1923. Mr. W. W. Hoxton, who has been of Boston and of Atlanta opened agencies in
general secretary of the Federal Reserve Board Habana, Cuba. The opening of the agencies
since November 1, 1920, was appointed to had been authorized by the Federal Reserve
succeed Mr. Hardy, and took office on Septem- Board on June 28, 1923.
ber 15, 1923.
1090
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
BUSINESS CONDITIONS IN THE UNITED STATES.
The Tolume of merchandise distributed during August, as indicated by railway traffic
and wholesale and retail trade, was large. Production of certain basic commodities and industrial employment showed further slight decreases.
Production.—The Federal Reserve Board's index of production in basic industries declined
1 per cent during August and was at the lowest point for this year. The August output, however,
was 27 per cent larger than a year ago, and production in every month this year has been at a
higher level than in any month of the previous five years. The lower production index in
August reflected reduced output, after a correction for the usual seasonal trend, of pie iron,
woolen goods, flour, and cement. Cotton consumption, sugar meltings, lumber cut, and bituminous coal production increased. The number and value of new building projects, as measured
by permits granted in 168 leading cities, increased during August, but actual contract awards
were smaller than in July.
Employment at industrial establishments throughout the United States was slightly
smaller in August, while average weekly earnings advanced about 1 per cent. Increases in
wages amounting to 10 per cent were granted to anthracite coal miners, and readjustment of
wages and hours in the steel industry continued, but wage advances during August were fewer
than in any month since last winter.
The principal changes in crop estimates shown by the September 1 forecast of the Department of Agriculture were a large reduction in the expected cotton crop, slight decreases in the
probable yield of wheat, barley, and oats, and increases in yields of corn, tobacco, and potatoes.
Trade.—Railroad freight shipments were larger in August than in any previous month on
record. This was due to a seasonal increase in shipments of coal, miscellaneous merchandise,
and agricultural products. Wholesale trade, according to the index of the Federal Reserve
Board, increased 12 per cent in August, which is more than is usual at this season. Sales of
clothing, dry goods, and shoes showed substantial gains as compared with July and were larger
than a year ago. Retail trade also increased in August and sales in all reporting lines were larger
than in August, 1922. Department-store sales in all sections of the country averaged 13 per
cent above last year's level.
INDEX OF PRODUCTION IN BASIC INDUSTRIES
PRICES
COMBINATION OF 2 2 I N D I V I D U A L SERIES
CORRECTED FOR SEASONAL VARIATION
( /SfS'roo)
INDEX NUMBERS OF WHOLESALE PRICES
U. S. BUREAU OF LABOR STATISTICS
( )313*IOO BAS£ ADOPTED Br BUREAU)
PERCENT
160
PER CENT
160
140
PER CENT
3001
PERCENT
1300
140
250
250
\f
120
t
v
200
100
\
V
80
150
60
60
100
100
50
50
40
20
20
LATEST riCURE AU6US1
1919
1920
1921
1922
1923
1919
i920
1921
1922
1923
1091
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
BANK CREDIT
BANK CREDIT
ALL FEDERAL RESERVE BANKS
800 MEMBER BANKS IN LEADING CITIES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
16
14
14
* • . LOANS AN D
\D1SCOUI \ITS
MILLIONS OF DOLLARS
40001
Ml LUOWS OF DOLLARS
1*000
3500
3500
12
3000
10
10
2500
8
8
6
5
1500
1500
A
1000
1000
2
500
12
DEMAND
DEPOSITS/*
wvESn VNTSS""'
2
TIME
DEPOSITS^, ^
'
-
• . —
—
500
LATEST MO IRE SEPT. 12
LATEST riGURE SEPT. 19
0
0
1919
1920
1921
1922
1923
1919
1920
1921
1922
1923
Prices.—The general level of wholesale prices, according to the index offthe Bureau of
Labor Statistics, remained relatively constant in August, the change for the month being a
reduction of less than one-fifth of 1 per cent, compared with declines of about 2 per cent in
each of the three preceding months. Prices of building materials, house furnishings, and fuel
were materially reduced, while prices of farm products and foods increased. Prices of certain
raw materials, particularly cotton and silk, advanced substantially during September, while
prices of petroleum and copper declined.
Bank credit.—After a decline during July and the first part of August the volume of
bank credit in use showed a seasonal increase during the last week of August and the first two
weeks of September. Total loans and demand deposits of member banks in principal cities
increased during recent weeks, reversing the trend of the preceding two months. Loans,
chiefly for commercial and agricultural purposes, increased by $122,000,000 and reached a high
point for the year. Investment holdings of these banks, on the contrary, continued to decline
and on September 12 were lower than at any time since the middle of October of last year.
Between August 22 and September 19 the amount of accommodation extended to member
banks by Federal reserve banks in industrial districts declined, while in agricultural districts
the seasonal demand for credit and currency resulted in a considerable growth of reserve bank
credit in use.
The demand for currency arising out of crop moving and fall trade has been reflected in
an increase of $82,000,000 in money in circulation between August 1 and September 1. Of this
amount about $44,000,000 represents an increase in Federal reserve note circulation.
Money rates were firmer during the first two weeks of September but eased somewhat
after the 15th, partly because Government disbursements were temporarily in excess of tax
collections.
The Treasury offered on September 15, $200,000,000 of six months' certificates bearing
4 J per cent interest, compared with 4 per cent borne by six months' certificates issued in
i June.
1092
FEDERAL RESERVE BULLETIN.
AGRICULTURE.
By late August and September the harvesting
and marketing season had begun in all of the
staple crop-producing areas and more definite
harvesting returns began to become available.
Crop reports on September 1 showed that the
composite condition of all crops improved
during August and that the total production
of all crops is estimated to be slightly greater
than last year. Weather conditions during the
last weeks of August were generally favorable
for maturing crops and harvesting, but the high
temperatures, accompanied by unusually dry
weather in the Kansas City and Dallas districts,
were very unfavorable to the growing crops
and ranges. Late growths were prevented
and many crops were affected by prematurity.
The prolonged drought in these districts was
broken by general rains late in August and
September, which were generally beneficial,
although the open cotton in Oklahoma and
Texas was somewhat adversely affected. In
the small-grain areas the dry weather delayed
fall plowing and preparation for planting, but
following the rams the work was resumed.
Unseasonably cold weather, accompanied by
light frosts, in September delayed harvesting
irifjsome sections of the Chicago and Minneapolis districts. Some damage was done to
the corn crop by frost in sections of these
districts, but the extent of the damage varies
with the lateness of the crop. Harvesting of
the early field crops in the San Francisco district continued under generally favorable conditions. On account of excessive rains during
the growing season, which prevented proper
cultivation, the condition of rice and sugar
cane in Louisiana declined during August.
The condition of rice on September 1 was considerably below the 10-year average and, with
the exception of 1919, the condition of sugar
cane was lower than on any September 1
since 1911.
OCTOBER, 1923.
Grain.
Harvesting of small grains was generally
completed during August and early September
in all Federal reserve districts. Threshing was
practically finished in September and the
harvesting of corn has begun in some sections
of the Minneapolis, St. Xiouis, and Chicago
districts. The corn crop is in good condition,
although rainfall and cool weather durjng the
first part of September delayed the maturity
of the crop in the Chicago district. On
September 1 a yield of 3,076,000,000 bushels
of corn was forecasted, which was an increase
of 94,000,000 bushels over the estimated yield
of August 1 and also greater than the final
yield of 1922. Estimated production of spring
wheat, oats, and barley declined from the
forecasts of August 1. A greater yield of corn
is predicted for all Federal reserve districts
except the Boston, New York, Philadelphia,
Atlanta, and Dallas districts. While the first
three of these districts produce relatively small
quantities of corn, the Dallas and Atlanta
districts produce fairly large quantities. The
decline in the forecasted production of spring
wheat was due principally to conditions in the
Minneapolis district, where threshing returns
are indicating that both heat and black rust
injured the crop. The price of wheat, which
had been declining since February, moved
upward in August, but was still lower than
during the same month in 1922. Corn, on the
otherliand, was slightly higher in August than
in July, but the average change from July was
very small.
The marketing of grain during the present
season has been somewhat delayed, as the producers have been reluctant to dispose of the
crop at prevailing prices, but the upward movement oi wheat prices in August caused increased activity in marketing the crop. Eeceipts of all grains at 17 interior centers
amounted to 131,563,407 bushels, compared
According to the United States Department with 80,611,265 bushels in July and 129,426,911
of Agriculture, farm prices for the principal bushels in August, 1922. The table on page
crops increased about 0.4 per cent during 1141 gives in detail the movements of all grains.
August. During the past year farm prices
have increased approximately 22 per cent, but Cotton.
the index figure was 17 per cent lower than the
Weather conditions in the Cotton Belt
average for the past 10 years on September 1. showed varying tendencies during August and
Live-stock prices decreased 0.2 per cent from the early weeks of September. In the Dallas
July 15 to August 15, which compares with an and Kansas City districts continuation of the
increase of 0.5 per cent during the last 10 years summer drought during the early weeks of
for the same period. On August 15 they were 9 August materially affected the crop by causing
cent lower than a year ago and 28 per cent considerable deterioration to the plants. Dur{>er
ower than the 10-year average on August 15. ing the last weeks of the month and the first
OCTOBEB, 1923.
FEDERAL RESERVE BULLETIN.
weeks of September the dry areas received
excessive rains, and the crop, which was open
in the fields, was damaged and the quality
was somewhat reduced. I n sections where the
plants were not entirely killed by the heat and
dry weather some indications point to a top
crop, but the increased activity of the boll
weevils following the rains is an offsetting factor to a late crop. In the Richmond, Atlanta,
and St. Louis districts wet weather has delayed
early maturity, prevented picking, and aided
the activity of the weevils. Army worms and
boll worms are also reported in those districts,
and in sections of Georgia, Alabama, Mississippi, and Louisiana the damage is severe.
The result of generally unfavorable weather
was indicated in the condition report of the
Department of Agriculture, which gave the
THOUSANDS OF BALES
11200
1000
1000
800
800
eoo
600
4-00
400
mm
200
191<* 1915 1916 1917 1918 1919 1920 1921 1922 1923
Number of,bales of cotton ginned prior to September 1,1914 to 1923.
condition of the crop on August 25 as 54.1 per
cent of normal, a decrease of 13.1 per cent from
the condition reported on July 25. A crop
of 10,788,000 bales was estimated, but this was
728,000 bales less than the July estimate. All
States except Virginia, California, and New
Mexico showed declines in the condition between July 25 and August 25. The greatest
declines were in Florida, Mississippi, Louisiana,
Oklahoma, and Texas. Weevil activity, wet
weather, and army worms were the deteriorating factors in the first three States, while
hot and dry weather were responsible for the
declines in Oklahoma and Texas.
While the drought was responsible for decline
in the condition of the crops in the Southwest,
it was also responsible for early maturity of
the crop. Harvesting began late in July in
Texas and has advanced rapidly. The accompanying chart shows the number of bales of
cotton ginned prior to September 1 from 1914
to 1923. The number ginned this year was
the largest on record and was due entirely to
ginnings in Texas.
The condition of the cotton crop has been
reflected in recent price movements. From a
low point of 22.45 cents a pound on July 31
for upland spot cotton, middling grade, at New
York, the market has moved upward steadily
and reached 30.75 cents a pound on September
19. Since that time it has declined somewhat,
reaching 28.25 cents on September 27. Demand
for cotton from abroad was also greater during
August and exports were 244,415 bales, compared with 171,469 bales in July and 273,308
bales in August, 1922. American mill takings
were slightly less than in July, amounting to
224,000bales.
THOUSANDS OF BALES
12001
200
1093
Tobacco.
The tobacco crop in all sections of the country made further improvements during August,
showing on September 1 a gain of 3.5 per cent
over the condition on August 1. The indicated yield is 1,551,000,000 pounds, which is
larger than any yield since 1920, when the
largest yield on record was reported. The
crop has practically been gathered in the Richmond district. Some damage from wildfire
was indicated in Virginia, but the crop is
generally above the average. Markets in that
State will not open until about October 1, but
they opened in August in North Carolina, and
slightly more than 11,000,000 pounds were
sold by the producers, compared with 18,000,000 pounds sold in August, 1922. The
quality of the tobacco being marketed in North
Carolina at present is only fair, much of it
being of low grade. In the Atlanta district
good yields are reported in both Tennessee and
Georgia. A large part of the crop in Georgia
is bright tobacco and has brought good prices.
About 75 per cent of the crop in the St. Louis
district has been cut and/ housed. Some
damage from wildfire has been reported, but
part of the crop was cut while green in order
to protect it from wildfire damage. In Wisconsin the crop was injured somewhat by the
unseasonable frosts in September, but the
extent of the damage is yet indefinite.
Production of manufactured tobacco during
August was in greater volume than in the preceding month, but was smaller than in August
a year ago. Detailed figures for the production of all classes of manufactured tobacco are
1094
FEDERAL RESERVE BULLETIN.
given in the table on page 1141. In the Philadelphia district the demand for cigars was
greater than during the preceding month.
The demand for cigars for the Christmas
season was an important factor during the
month, but it was not as great as during September, 1922. Stocks of cigars are generally
moderate, although larger than a year ago at
many factories. Prices for tobacco and tobacco products were firm during the month
and showed little change.
Fruit.
Conditions affecting the fruit-producing sections of the country were generally favorable
during late August and early September.
Peaches began to move to market from the
Philadelphia and Cleveland districts late in
August and continued into September. Warm
weather in California during the entire period
was favorable for fruit drying. Citrus fruit
made good progress in Florida and on September 1 the condition of oranges was 94 per cent
of normal, which was a gain of 5 per cent over
the same date last year. The condition of
grapefruit is also higher than last year and the
indications are that the crop will exceed that of
last season because of the favorable condition
combined with many new groves which will
begin producing this season. In the San Francisco district the greater part of the deciduous
crops, with the exception of apples and grapes,
has been harvested and shipments of fresh
fruit have been greater than in any previous
corresponding period. Although prices for
deciduous fruits have been lower than during
the preceding season, they are reported to have
been more satisfactory to growers than returns
for canning and drying fruit. Shipments of
oranges and lemons from California up to
September 1 amounted to 53,000 cars, compared with 36,000 cars during the corresponding season last year, although shipments of
lemons were smaller. The total production of
apples in the United States was estimated on
September 1 to be 190,000,000 bushels, which
is slightly above the August 1 estimate but
below the final production of 201,000,000
bushels in 1922.
Live stock.
Pastures and ranges during August continued to afford sufficient grazing for live stock,
although the continued dry weather caused
some deterioration in the ranges in sections of
the Kansas City, Dallas, and San Francisco districts. Precipitation in the closing weeks of
OCTOBER, 1923.
the month and early September relieved the
drought in Oklahoma and Texas, and considerable improvement was noted in the ranges.
The deterioration in the pastures was not
reflected in a decline in the conditions of cattle
and sheep, which slightly improved and were
reported at 92 and 98, respectively, on September 1. The marketing of live stock continued in large volume in August, exceeding
the volume marketed in the preceding month
and in August, 1922. Receipts of all animals
except hogs increased. The decline in the marketing of hogs is seasonal, as many raisers are
waiting the harvest of the corn crop in order
to improve the quality by feeding. The increased receipts of cattle and calves reflected
the marketing of grass-fed products in the
Southwest. At markets in the Dallas district
receipts of cattle and calves exceeded all previous August records except 1917 for cattle
and 1921 for calves. The quality of the cattle
has been somewhat lower than earlier marketings. At this season the movement of stockers
and feeders into the country for fall and winter
feeding is significant. Better prices are offered
for the fed cattle and farmers are becoming
enthusiastic for feeding this year's corn crop.
The table on page 1141 shows in detail the movement of all live stock for August, 1923, July,
1923, and August, 1922. Prices of hogs moved
upward during August and in early September,
but prices of cattle showed relatively little
change. The outlook for the live-stock industry during the fall and winter has been slightly
improved.
MINING.
Coal.
Production of anthracite and bituminous
coal was in greater volume in August than in
the preceding month and in August, 1921. In
August, 1922, production was retarded on
account of the coal strike. The output of
bituminous coal in August increased, although
the gain was less than is usual at this season of
the year, and, with the exception of March,
anthracite reached the greatest monthly total
since March, 1918. Production of anthracite amounted to 8,868,000 tons in August,
compared with 8,320,000 tons in July and
7,459,000 tons in August, 1921. Production
was considerably curtailed during the first
week in September on account of the strike
which began on September 1. The strike,
however, lasted for only a short time, as on
September 8 the miners and operators accepted the peace proposal offered t»y the Gov-
OCTOBER, 1923.
FEDERAL RESERVE BULLETIN.
ernor of Pennsylvania. On September 17 the
plan was ratified b y the miners, and on September 19 the men returned to work under a
new contract to remain in force until August
31, 1925. The market was somewhat influenced by the strike, and the demand for domestic sizes, which was good prior to September 1,
became slightly more insistent after that date.
Prices, however, remained firm and unchanged.
Bituminous production during August
amounted to 48,864,000 tons, compared with
45,126,000 tons in July and 35,291,000 tons in
August, 1921. The market for bituminous
continued dull and prices showed slight recessions during August for certain grades, but became firm in September. Railroads continued
to be the most active purchasers. The manufacture of beehive coke and by-product coke
during August was slightly less than in July.
The production of beehive coke amounted to
1,494,000 tons, compared with 1,582,000 tons
in July, and by-product coke amounted to
3,239,000 tons, compared with 3,267,000 tons
in July. Productions of both were considerably larger than in August last year, but production during that month was curtailed on
account of the coal strike.
The United States Coal Commission in its
final report to the President recommended,
among other things, for the improvement of
conditions in the coal industry, that a system
of Federal control be established over the national coal industry and administered through
a separate division created in the Interstate
Commerce Commission.
Petroleum.
Efforts to curtail crude-petroleum produc
tion have been unsuccessful, for monthly output again exceeded previous records in August,
and weekly figures for September indicate a
continuation of this high rate of production.
Despite the enormous consumption of petroleum products, stimulated in part by recently
lowered prices, crude-oil stocks continue to
increase. Production of refinery products also
continues at a rapid rate. During these
months of greatest consumption refinery stocks
are being reduced, b u t they are still very large
for this late in the season, as after August
consumption generally begins to decline.
Drastic cuts in gasoline tank-wagon prices have
occurred. Reductions in crude prices continued in various fields, and the quotations are
now generally in line with or below those prevailing at this time last year. The largest
buyer of crude oil in the Mid-Continent sec-
1095
tion, which maintained its prices while other
companies were making cuts, about the middle of September announced substantial reductions in quotations.
Metals.
Mining of iron and of all the important nonferrous metals continues to be maintained at a
high level, although the output of iron, lead,
and zinc was slightly smaller in August than
in July.
Copper production amounted to
129,377,000 pounds in August, which was 3 per
cent larger than in July and was also larger
than in any month during the past four years.
The price of refined electrolytic copper delivered at New York declined from 14 cents on
August 21 to 13.25 cents on September 19 as a
result of the large mine output and imports and
the slackening demand. Substantial orders
have been received from Japan since the earthquake, b u t domestic buyers are hesitant. The
reason for the present low price of copper is the
small margin of exports over imports, whereas
prior to the war about one-half the American
mine output was consumed in foreign countries.
American consumption has been large during
1923, b u t it is not probable that there will be
any permanent increase in the price until foreign demand becomes substantially larger.
Production of lead and zinc declined 3.7 per
cent and 3.3 per cent, respectively, in August.
The price of prime western zinc declined
slightly in September, while quotations for
common lead continued firm. Shipments of
slab zinc were smaller in August than in July,
and stocks showed a further accumulation.
Joplin producers state that they have about
50,000 tons of zinc ore in bins, while the supply
of lead ore is practically negligible. In order
to prevent overproduction zinc mines in that
section will close for one week during October.
The price of silver advanced in September, due
to larger Indian purchases and the fact that
August mine output of 5,293,000 ounces was
2 per cent less than July production.
MANUFACTURING.
Food products.
Under the influence of seasonal factors and
a check in the downward movement in the
price of wheat the milling industry during
August was characterized by the greatest
activity of any month since November, 1922.
Total production of wheat flour in August
amounted to 12,016,000 barrels, compared
with 10,408,000 barrels in July and 12,332,000
barrels in August, 1922. I n the St. Louis district the best business was evidenced during
1096
FEDEEAL KESEKVE BULLETIN.
August since 1920. Domestic trade, particularly with the South, where wholesalers and
jobbers are stocking for fall and winter trade,
was good and demand from Europe and Latin
America improved. In Kansas City the flour
mills attained the largest weekly production
on record for the week ending September 1.
Exports of wheat flour during August amounted
to 1,273,000 barrels, compared with 1,169,000
barrels in August, 1922.
In connection with the wheat and flour situation and the relation of the American wheat
producer to the world markets, the Department of Commerce in a recent survey of world
trade in agricultural products points out that
the average pre-war exports of wheat grain
from the United States amounted to 57,000,000 bushels per year and flour exports
averaged 10,678,000 barrels. The average
grain exports during the past three calendar
years have been 221,000,000 bushels, while
flour exports averaged 17,227,000 barrels.
This represents an increase of 300 per cent over
the pre-war average in wheat exports and an
increase of 61 per cent in flour exports. In
both cases the largest importer was Europe,
but the relative proportion of wheat exports
taken by Europe decreased during the past
three years, and flour exports increased.
The volume of meat packing during August
was seasonally smaller than in the preceding
month, but continued greater than in the corresponding month in 1922. While the slaughter
of all animals, as indicated by animals slaughtered under Federal inspection, was smaller
than in July, the number of cattle and calves
killed was larger. Hogs and sheep declined
and the greatest decrease was in the number
of hogs slaughtered. Increased slaughter of
cattle and calves followed the summer movement to market of grass-fed animals from the
ranges of the Southwest. The numbers of all
animals slaughtered are given in the table on
page 1141. Domestic trade in packing-house
products continued in good volume. Sales by
37 packing companies reporting to the Chicago
Federal Reserve Bank were 5 per cent greater
in August than in July and 16 per cent greater
than last August. Improved industrial activity and better employment conditions than
last year have partly contributed to the better
demand for meat products. Foreign demand
for American meat products was somewhat
greater than in the previous month or a year
ago.
OCTOBER, 1923.
Textiles.
In textiles, conditions have varied recently
among the different branches of the industry.
In general, recovery from the summer lethargy
has been noted. Cotton goods and yarns were
particularly active, owing to the rapid advance
in raw-cotton prices, and quotations on the
manufactured products have likewise risen.
Although the raw-wool market has been
stronger, but little improvement could be noted
in the demand for woolen goods. Silk, of
course, has been affected by the disaster in
Japan, and trading is partially held up until
MILLIONS OF YAROS
140
THOUSANDS Of SALES
700
600
100
500
400 —
3O0
200
100
1920
1921
1922
1923
Eaw cotton consumption and output of finished fabrics.
more information as to the extent of the damage
becomes available.
Rapidly advancing raw-material prices
featured the cotton textile situation during
September. Quotations on yarns and goods
also moved up, but not to the same extent as
did raw cotton. Buying in the yarn and cloth
markets began to improve in August and under
the impetus of rapidly advancing prices activity
during late August and early September
became comparable with that of last spring.
More recently, however, buying has slackened
some, partially because many customers have
supplied their needs and partially because the
higher prices have curtailed demand. Spring
ginghams were opened on September 18 by
the largest factor at the same prices as were
FEDERAL, RESERVE BULLETIN.
OCTOBER, 1923.
named at the latest fall opening. Manufacturing activity has increased somewhat
from the low point reached in July, as shown by
statistics for August of raw-cotton consumption, active spindle hours, cloth and yarn production in the Atlanta district, and output of
finished cotton fabrics, and reports indicate
further improvement for September. Yet, as
compared with the preceding 10 or 12 months,
production continues to be somewhat curtailed. The accompanying chart shows the
trends of raw-cotton consumption and of the
output of finished cotton fabrics since the
middle of 1920. Attention is called to the
similarity of fluctuations in the two curves.
Advances of 5 per cent in the prices of better
grades of raw wool and firmness in other grades
at the London wool auction early in September
served to somewhat strengthen American
markets. Prices, which had declined in
August, became steadier, and buying increased slightly. Reports of a more optimistic
tone in the woolen and worsted yarn and
cloth markets were received, although actual
buying has as yet increased but little. Sales
of men's wear fabrics have been unsatisfactory,
and some mills producing these lines have
reduced operations. Statistics of active wool
machinery during August indicated sharp curtailment of manufacturing activity in all
branches of the industry. Consumption of raw
wool was slightly greater than in July but was
well below that of last August. Although
clothing manufacturers, particularly of men's
wear, have not been active purchasers of goods,
reports indicate that their sales have been fairly
large this season. August sales by wholesale
clothiers in the New York district were double
those of July, and a substantial increase was
noted in the St. Louis district. Material improvement was also noted as compared with
August of last year. One large manufacturer in
an early opening of spring lines of men's clothing
announced prices at practically the same level
as those prevailing in the previous opening.
All silk markets were disturbed throughout
September by the effects of the Japanese
disaster, and although trading was nominally
resumed about the middle of the month,
activity continued to be limited until more
definite information could be obtained as to
the degree of damage. Prices of Chinese and
Italian, as well as of Japanese, raw silk immediately moved upward by from $2 to $4 a
pound. Thrown and broad silk quotations
also rose, increases in the latter ranging from
10 to 20 per cent. These higher prices and
65288—23
3
1097
uncertainty as to the future restricted trading
later in the month, and buyers held back purchases. The same was true in the raw material
markets and prices eased off somewhat.
Knit-goods markets noted increased activity
during August and September, the Japanese
silk situation and advancing raw cotton prices
being responsible for the unusually great improvement in the later month. Silk-hosiery
prices were withdrawn early in September by
many manufacturers and reopened later at
higher prices. Cotton hosiery was also active
and advanced quotations were announced.
Production and orders in the Philadelphia and
Atlanta districts were slightly greater in
August than in July, as were also shipments of
cotton hosiery in the Atlanta district. All
items exceeded those of last August. In knit
underwear considerable improvement was noted
in buying during August and September, and
prices were advanced by some manufacturers.
Production, shipments, and new orders increased during August, but with many mills
these items were smaller than they were a year
ago.
Iron and steel.
Although buying of iron and steel was generally expected to improve after Labor Day,
most divisions of the industry report that
business has been only fan* since the middle
of August. Many varying factors have influenced conditions in the industry during
September. The dullness in petroleum has
naturally curtailed buying from that source,
the railroads and equipment manufacturers
have not been purchasing as heavily in many
lines as in the earlier months of the year, and
the end of the season of greatest activity in the
automobile industry and in building is approaching. Yet the continued high rate of
activity in automobile manufacturing and in
building, the quick settlement of the anthracite strike, the expectation of large orders from
Japan, and increased buying of pig iron early
in the month have been favorable factors.
Prices have been fairly steady, particularly
for steel. Pig-iron quotations were raised
early in September in anticipation of higher
prices for coke, because of the anthracite
strike, but when the strike was settled prices
fell off again.
Operations continue to be reduced, and production rates for August were less than during
any month since last winter. Pig-iron output
fell off considerably, although greater activity
ordinarily is noted in August, and the number
1098
FEDERAL RESERVE BULLETIN.
of furnaces in blast were reduced by 26. Total
estimated production of steel ingots was
greater than the July figure, but the daily
average output was the smallest this year.
Operating schedules, however, are stifl at
about 80 per cent of capacity and activity is
above that prevailing a year ago. Orders for
fabricated structural steel, although considerably less than for the earlier months of the
year, were larger in August than during July,
whereas new orders received for steel castings
continued to decline.
Automobiles.
After declines during June and July, the
production of automobiles and trucks again
increased in August. The figures, however,
indicate that activity was not quite at the
high rate noted during the unusually active
spring months; in fact, the increase during
August may be partly attributed to a larger
number of working days than in July, as a
similar trend has been noted in previous years.
Nevertheless, cars are still being produced and
d in large volume, and the output during
the first eight months of this year exceeded the
total output of 1922, a record-breaking year.
Price reductions were announced during August
and September by a number of manufacturers
on both low and high priced cars, and in several instances cars are now selling at very close
to previous minimum prices. New models recently placed on the market are said to have
evoked greater interest on the part of buyers.
Reports to the Chicago and St. Louis Federal Reserve Banks from dealers in the Middle
West indicated a decline in the distribution
of automobiles during August as compared
with July. The number of new cars sold
by both retailers and wholesalers and the
sale of used cars all participated in this decline. Sales by wholesalers were less in number than during August, 1922. Stocks of
new cars on August 31 were greater than those
held on July 31, 1923, and on August 31, 1922.
Production of automobile tires and tubes declined substantially during July, although
shipments were somewhat larger than during
the preceding months. One large tire manufacturer has recently announced price reductions on tires for Fords.
Leather and shoes.
Dullness continued in hide and leather
markets during August and September. About
the middle of the latter month some greater
activity was noted, and sales of packer hides on
OCTOBER, 1923.
the Chicago market totaled about 140,000,
with a general advance in price, but during the
following week the lethargy was resumed,
although prices remained unchanged. Leather
prices are barely steady. The greatest demand in the upper-leather market is for suede
calf in colors and blacks. The Philadelphia
Federal Reserve Bank reports that the slight
improvement noted in sales of heavy leather
last month has not continued. Sole-leather
output in August totaled 1,763,502 pieces, an
increase of 6 per cent over the revised figure
for July.
Shoe production, following the usual seasonal
trend, increased over 20 per cent in August as
compared with July and was somewhat greater
than during August, 1922. The increase over
July was noted in all sections and in New
England was greater than the average. Shipments during August by factories in the
Boston, Philadelphia, and Chicago Federal
reserve districts were greater than both in
July and in August of last year. New orders
were fewer than shipments, hence unfilled
orders declined. Wholesalers reported that
August sales were about 10 per cent greater
than a year ago. Retail shoe sales in the
Philadelphia district and sales by chain shoe
stores were less in August than in July but
above those of August, 1922.
Lumber.
Moderate improvement in lumber markets
was noted during August and early September,
but during the second week of September
really substantial increases occurred in production, shipments, and particularly in orders.
For the first time since February the volume
of orders received exceeded production. Practically all associations shared this increased
business, which is partly seasonal, as dealers
are buying for fall stocks. Increased orders
from Japan are expected, but have not yet
materialized in any appreciable volume. Softwoods have been particularly strong owing to
building demand, which is also responsible for
a greater call for the common grades of hardwood.
Prices continued to decline during August,
"Lumber's" softwood index reached a low
point during the week ending August 31,
strengthened slightly in the following two
weeks, and then fell off again to the lowest
figure since June, 1922. The hardwood index
was at the minimum since last fall in the week
of September 14. A drop of 10 per cent in
lumber prices in the Cleveland district was
OCTOBER, 1923.
1099
FEDEKAL KESERVE BULLETIN.
attributed to a slackening in local demand
because of curtailed building operations.
Both wholesale and retail demand is reported to have improved in most sections of
the country, and manufacturers of flooring,
furniture, and automobiles are active buyers.
The San Francisco Federal Reserve Bank reports that improved demand for Pacific coast
lumber on the Atlantic seaboard is reflected
in increased shipments. Local demand was
also good, and greater activity was noted in
the export market. Capacity operations at
western logging camps continue, but consumption has been so great that mills have been
unable to accumulate sufficient stocks of logs
to carry them through the winter.
received, most of the curtailment being reported
from the Middle West. Some expansion in
awards was reported from southern districts
and from New England. Statistics of value
and volume of contract awards and number and
value of permits granted are published on
page 1144.
The accompanying bar diagram shows a
comparison of the volume of building contracted in each of the four most important
classes in the first seven months of 1923, as
compared with the corresponding period of
1922. This indicates that the volume of
residential and industrial building has been
larger this year than last year, while there has
been some reduction in contracts for business
and educational buildings.
BUILDING.
Purchases of building materials—cement,
Construction activity continues to be very brick, oak and maple flooring, and sanitary
large in most sections of the United States, due ware—were larger in August than in July or
to the number of buildings projected in the August, 1922, as was shown by increased
shipments and a large increase in the volume
MILLIONS OF SQ. FEET
MILLIONS OF SQ. FEET
of new orders. The rate of production was
250
250
also increased slightly, but stocks of finished
materials declined except in the case of sanitary
ZOO
200 ware and maple flooring. The average price
of building materials, as indicated by the
index of the Bureau of Labor Statistics, declined during August, despite the large volume
of new orders, and was 9 per cent less than at
the April peak.
TRANSPORTATION.
50
RESIDENTIAL
BUSINESS
INDUSTRIAL
EDUCATIONAL
Volume of contracts awarded in first 7 months of 1923 compared with
first 7 months of 1922 in 27 Northeastern States.
spring months. The number and value of
building permits granted during August was
larger than in July or August, 1922, but the
value of new buildings contracted declined for
the fourth consecutive month and was 18 per
cent smaller than a year ago. This decrease in
new contracts was confined to buildings for
business or public use, as the awards for new
residences were somewhat larger than in July.
The value of contracts awarded in 10 Federal
reserve districts (compiled from figures gathered by the F. W. Dodge Co.) totaled $296,977,000 in August, which was 5 per cent less
than in July and 30 per cent below the peak
figures of May, 1923. Awards were smaller in
six of the districts from which reports were
Railroad traffic in August reached the largest
volume of any month on record. Car loadings
totaled 4,678,000, which was 9 per cent more
than in July and 20 per cent greater than in
August, 1922. Loadings have been maintained at a very high level since early in March,
yet the weekly volume of shipments continued
to show an upward tendency throughout
August and reached a new maximum in the
week ending September 1. The latest statistics
of railroad operations indicate that the average
load per car has also been increasing, but that
there has been some decline in the average car
mileage per day.
The surplus of freight cars has shown some
decline since the middle of July, but still
averaged 66,559 cars in the period ending
August 31. This surplus of equipment during
a period of exceptionally heavy traffic is entirely ascribable to the organized efforts of the
railroads, which have resulted in the putting
into service of 116,117 freight cars and 2,583
locomotives during the first eight months of
1100
FEDERAL RESERVE BULLETIN.
1923, and the reduction in the number of badorder cars to 40,684.
As a result of the large traffic and increased
efficiency, the Class I railways of the United
States reported earnings at the annual rate of
5.51 per cent on the tentative valuation fixed
by the Interstate Commerce Commission during the first seven months of 1923. The carriers in eastern and southern regions showed
a substantially larger rate of earnings during
this period than those in the West, as a result
of the greater activity of industrial business
and more general prosperity of industrial
workers and cotton farmers than of wheat
farmers and live-stock raisers.
TRADE.
Wholesale trade.
The wholesale trade of the United States was
12 per cent larger in August than in July, according to the Federal Reserve Board index, and
reached the largest volume of any month since
October, 1922. Increased sales were reported
from all districts and for almost all lines of
trade. Dealers in men's and women's clothing more than doubled their sales in August.
Shoe sales also showed large increases compared with July in all districts except St. Louis,
with an average gain of 45 per cent. Sales of
dry goods were larger in all reporting districts,
the increases ranging from 4 per cent in the
Chicago district to 71 per cent in the Minneapolis district, and dealers in furniture,
jewelry, and diamonds also reported substantially larger sales in August than in July.
The only lines showing decreased business were
agricultural implements and machine tools.
Prices of most wholesale merchandise showed
little change in August and September, but
dry goods has shown an advancing tendency
on account of increases in the prices of raw
cotton and silk.
Comparisons with a year ago indicate that
business is larger in all reporting lines. Sales
of machine tools, men's clothing, and hardware showed the greatest improvement as
compared with August, 1922, with increases
of 66 per cent, 49 per cent, and 18 per cent,
respectively. • In most other lines sales ranged
from 5 to 10 per cent higher than last year.
Detailed statistics of sales by lines and districts
are published in the table on page 1145.
Statistics collected by the Federal Reserve
Bank of Dallas show that stocks of merchandise
held by wholesalers decreased during August,
but were larger than a year ago. Dry-goods
OCTOBBB, 1923.
stocks, which showed the largest changes,
were 11 per cent less than on July 31, but 36
per cent more than on August 31, 1922.
Retail trade.
Retail business in August was considerably
more active than in July, and sales in all reporting lines were larger than a year ago. Sales of
chain music stores were 24 per cent larger than
in July, which was more than the usual increase
at this season, and sales of 5-and-10-cent stores
and cigar stores increased 7 per cent and 6 per
cent, respectively. The August trade of mailorder houses and grocery stores was of about the
same volume as in July, but mail-order sales
were 28 per cent larger than in August, 1922.
Department store sales increased 8 per cent
in August and were 13 per cent larger than a
year ago. The most pronounced gains during
the month occurred in the Chicago, San Francisco, and Minneapolis districts, while the only
decline in business occurred in the Richmond
district, and was comparatively small. Demand for house furnishings and men's and
women's clothing has been particularly large in
all sections of the country. Stocks of merchandise at department stores increased about 8 per
cent during August, as is usual in preparation
for fall trade, and were 12 per cent larger than
on August 31, 1922. The volume of both stocks
and sales continues to be relatively larger in
industrial districts than in agricultural districts.
PRICES.
In August wholesale prices declined slightly.
The index of the Bureau of Labor Statistics
dropped 1 point, but the price changes were
not sufficient to cause any change in the Federal Reserve Board's figure for July. The outstanding declines took place in sugar, lumber,
cotton and cotton goods, wool, copper, and
gasoline. Pig-iron prices continued to decrease slightly. Coal prices, on the other hand,
remained unchanged for the most part. Advances occurred in live-stock prices, such as
cattle and hogs, in wheat and wheat flour, and
in other staple food products, especially butter
and eggs.
As compared with August, 1922, prices are
now about 3 per cent lower, according to the
Bureau of Labor Statistics index. The present low level is due to a decrease of 34 per cent
in the group of fuel and lighting. All other
groups show an increase over 1922, the greatest
occurring in the cloths and clothing group,
which is 47 per cent higher than a year ago.
1101
FEDERAL BESEB.VE BULLETIN.
OCTOBEB, 1923.
EMPLOYMENT.
Employment at industrial establishments
showed a further slight reduction in August,
and there was also a reduction in the percentage of full-time operation of factories. Reports
ol 6,589 establishments to the Bureau of Labor
Statistics showed a decrease of 0.2 per cent in
number employed in August and an increase
of 0.9 per cent in average weekly earnings.
Increases of over 5 per cent in employment
occurred in the flour, fertilizer, pottery,
structural-iron work, and confectionery industries. These were more than offset by
large decreases in the machine-tool, automobiletire, sugar-refining, enamel-ware, and brick
industries. Only 78 per cent of the reporting
establishments operated on a full-time basis in
August, as compared with 80 per cent in July.
Increases in wage rates were reported by 156
establishments and affected 1 per cent of the
employees in all establishments, as compared
with increases which affected 1.4 per cent of
the employees in July. The most important
August wage increases occurred at the various
iron and steel plants which have been eliminating the 12-hour day. During September
a strike settlement was made in the anthracite
coal industry which increased miners' wages
10 per cent.
Gains and losses in employment were about
equal in August, according to the Federal
reserve banks and State bureaus which collect
figures. Small reductions in industrial employment occurred in most sections of the
East, while conditions were practically unchanged in the West. Farm labor has been
sufficient in most sections to meet the harvest
demands.
COMMERCIAL FAILURES.
Commercial failures throughout the United
States, according to R. G. Dun & Co., were
slightly greater in number and less in liabilities
than during July. As compared with August
of the two preceding years, both number and
liabilities showed declines. The number of
failures each month has gradually approached
the level of pre-war figures, but because of
higher values liabilities continue to exceed all
monthly data prior to 1920. The increase in
number of failures occurred among both manufacturers and traders, but the liabilities of the
former fell off, whereas those of the latter increased. During the first three weeks of
September the number of insolvencies was
over 20 per cent less than for the corresponding
period last September.
Liabilities of all defaults during August in
the Boston and Cleveland districts were the
smallest since 1920, and those in the Dallas
and New York districts have been smaller only
once since that year. Liabilities in the Philadelphia and Atlanta districts, on the other
hand, were unusually large and have been
exceeded only two or three times. The Richmond and Minneapolis districts likewise
showed increases in liabilities both as compared with July and August of last year.
Only in the New York, Philadelphia, and
Minneapolis districts were failures more numerous than during August, 1922.
COMMERCIAL FAILURES DURING AUGUST.
Liabilities.
Number.
District.
1923
No. 1—Boston
No. 2—New York
No. 3—Philadelphia...
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis...
No. 10—Kansas City..
No. 11—Dallas
No. 12—San Francisco
Total
118
273
80
116
94
92
168
45
o£
68
68
115
1,319
1922
1923
(966,830
5,734,168
5,027,408
1,870,656
2,907,919
5,598,050
6,163,449
694,960
1,314,746
1,083,184
1,020,596
1,952,756
*1,556,039
7,364,329
2,735,637
3,574,148
2,253,748
2,890,891
6,776,867
2 347,687
888,750
1,963,119
5,198,294
2,730,209
34,334,722
40,279,718
118
269
76
156
134
152
243
135
ftC
Oc
95
85
182
1,714
1922
FOREIGN TRADE.
Recent trends in the foreign trade of the
United States are indicated by the figures
below. The first table shows the monthly
value of imports and exports and the changes
that have recently taken place in the merchandise trade balance, while the second table
shows the percentage distribution of American
imports and exports by stage of manufacture.
MERCHANDISE T R A D E BALANCE OP THE U N I T E D STATES.
[In thousands of dollars.]
Months.
February
May
August
November
January
February
March
April
May
June
July
August
1922.
1923.
of Excess of
Imports. Exports. Excess
imports. exports.
215,743
252,817
281,376
291,805
250,620
307,569
301,775
380,000
329,245
303,465
398,178
364,230
372,545
320,257
287,335
276,382
335,417
306,957
341,376
325,492
316,363
320.038
303,030
311,352
34,877
54,752
20,399
88,195
6,172
3,492
57,802
38,738
56,182
219
15,895
35,978
1102
FEDERAL EESEBVE BULLETIN.
OCTOBER, 1923.
17
20
18
20
17
18
19
Silver imports during August, $6,466,000,
while considerably less than in July, were
larger than for any other month of the present
year. Nearly 95 per cent of the total silver
brought in during the month came from
Mexico, Canada, and Peru. Silver exports
for the month, $7,032,000, were in excess of
imports and showed the customary main destinations, viz, British India, China. Hongkong,
and England. A table showing gold and silver
movements in detail appears on page 1167.
MiscftllftnAnns , .
20
1
17
0
17
1
20
0
20
1
21
1
23
1
GOLD IMPORTS AND EXPORTS.
Total
100
100
100
100
100
100
100
16
21
16
17
9
16
26
9
16
39
9
14
16
21
16
26
12
16
32
7
13
PERCENTAGE DISTRIBUTION OP UNITED STATES FOREIGN
TRADE AMONG STAGES OF MANUFACTURE.
Stages of manufacture.
AuFeb- No- Au- 1922 1923
gust, May,
ruary vemaver- averber, gust,
1922. age. age.
1923. 1923. 1923. 1922.
IMPOSTS.
Crude materials
Foodstuffs, crude
Foodstuffs, manufactured
Manufactures for further
Manufactures
for
con-
39
8
15
39
8
16
42
9
13
38
11
11
39
8
15
37
11
12
34
12
11
EXPORTS.
Foodstuffs, crude
Foodstuffs, manufactured
Manufactures for further
Manufactures
for con-
Miscellaneous
Total...^
12
16
13
9
12
12
16
35
0
42
0
36
0
29
0
35
0
34
0
32
0
100
100
100
100
100
100
100
Gold imports for month of August totaled $32,837,000 and gold exports $2,201,000.
There was thus an addition of $30,636,000
to the country's gold stock during the month,
compared with $27,407,000 for July. Net
gold imports for the eight months ending
August of the present year were $167,684,000.
The table below shows gold imports and exports by principal countries for the month of
August and for the eight months ending in
August, 1923.
Of the gold imported during the eight
months, $69,000,000 has come from Great
Britain and about $39,000,000 each from Germany and Canada, these three countries accounting for over 75 per cent of the total
imports. Of the exports a large part has gone
to British India, China, and South and Central
American countries.
Eight
months
ending August, 1923.
IMPORTS.
France
.
Great Britain
Mexico
GOLD MOVEMENTS.
August,
Country.
British South Africa . . .
All other
.
Total
.
tl,580,257 $10,528,858
4,711,873 38,932,450
4,446,627
10,455,775
14,414,862
69,268,703
5,698,211
38,755,089
234,685
4,548,682
491,114
3,014,341
278,731
278,731
981,037
16,916,675
32,837,397
192,699,304
$10,000
17,477
119,984
287,140
700,000
20,000
1,036,360
10,000
$15,000
1,374,947
885,609
3,555,554
700,000
13,359,149
90,005
2,117,615
2,917,458
2,200,961
25,015,337
EXPORTS.
Mexico
British India
China
All other
Total
FOREIGN EXCHANGE.
Exchange rates on leading foreign countries
in August and in September are shown in the
table on page 1170. The general foreign exchange index, representing a weighted average
of rates on 17 countries, was 63 in September,
compared with 62 in August.
OCTOBER, 1923.
1103
FEDERAL RESERVE BULLETIN.
SEASONAL MOVEMENTS OF FARM COM- of the total crop. In some years when market
conditions are unfavorable the percentage
MODITIES.
Seasonal demand for bank credit in financing
agriculture, though it begins early in the year
for growing purposes, reaches its peak during
the harvesting, marketing, and crop-moving
season. On account of the diversity of agricultural production in the United States and
the different seasons in which the principal
staple crops are harvested and marketed, the
demand for credit appears at different times
in the several staple crop sections of the
country. A study of the periods for marketing
the crops in the various regions is significant
in disclosing the periods in which the greatest
needs for banking accommodation are evident.
The staple crops of the country which have the
greatest demand for credit to facilitate their
harvesting and marketing are the grain and
cotton crops.
GRAIN.
Harvesting of small grains begins in June
in the southernmost areas of the winter wheat
belt and is practically completed by late
July, while in the principal spring wheat producing States of the northwest harvesting begins in late July and early August. Marketing
of wheat follows rapidly upon the harvesting
and threshing season and continues in large
volume until November. The portion of the
crop that is marketed by the farmer in the five
months, July, August, September, October,
and November, is influenced somewhat by
market conditions during those months, but
approximately 60 to 75 per cent of the crop is
sold within that period. The average sales of
all wheat by farmers during those months for
the five years, 1917-1922, was 70.8 per cent
THOUSANDS OF CARS,
THOUSANDS Or CARS
300
300
250
200
200
150
150
100
100
1919
1920
1921
1922
1923
marketed during this period is smaller. On
the other hand, under favorable market conditions a greater percentage is distributed, as
in 1918, when 78 per cent of the crop was disposed of in the five-month period. The following table shows the percentage of the wheat
crop sold by months for five years, 1917-1922:
PERCENTAGE DISTRIBUTION OF SALES OP WHEAT BY
FARMERS, BY MONTHS. 1
Month.
July . . .
October
March . . . .
April
May . .
June
Total
1
....
1917-18 1918-19 1919-20 1920-21 1921-22
Average,
19171922.
7.4
12.4
19.3
18.0
13.7
7.6
4.7
3.9
3.7
4.1
3.1
2.1
17.6
19.9
18.0
13.8
8.7
7.3
4.6
3.1
2.0
1.6
1.9
1.5
17.1
23.2
15.6
11.1
7.5
5.7
4.2
3.0
2.9
3.1
3.4
3.2
12.1
14.3
15.9
10.6
6.9
6.2
5.5
5.3
4.9
5.0
6.4
6.9
19.1
18.2
16.4
10.6
6.8
5.4
4.4
4.9
3.9
3.2
3.5
3.6
14.7
17.6
17.0
12.8
8.7
6.4
4.7
4.0
3.5
3.4
3.7
3.5
100.0
100.0
100.0
100.0
100.0
100.0
United States Department of Agriculture Yearbook, 1922.
As the producer sells the greater part of his
crop in the months immediately following the
harvest, the greatest demand for transportation to move the crop is evident at that time.
Car loadings of grain and grain products, as
shown in the accompanying chart, begin to
increase in July and usually reach their peak
in August, but continue heavy in September
and October. In 1920 the crop did not move
to market as freely as in other recent years and
the peak was not reached until September.
Car loadings fell off considerably in September,
1922, owing to a lack of facilities resulting from
the shopmen's strike, but the movement was
accelerated in October and continued heavy
until November. During the present season
the prevailing prices of wheat have been influential in delaying the movement and the
July and August car loadings were less than
in 1921 and 1922, but greater than in 1919
and 1920.
As the wheat begins to move from the farms
the problem of financing becomes important.
The grower needs funds with which to meet
harvesting expenses and distributors need
credit to finance the carrying of the crop until
it is placed into the hands of the final consumer. The volume of wheat which reaches
the interior markets is an indicator, although
1104
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
not a direct measure, of the quantity of the following table shows the percentage of corn
crop that passes into the hands of those en- marketed by growers by months for five years,
gaged in its distribution. Receipts of wheat 1917 to 1922:
at 17 interior centers from which the Federal
Reserve Board collects figures each month PERCENTAGE DISTRIBUTION OP SALES1 OI CORN B Y
FAKMERS, BY MONTHS.
show that the volume of grain distributed
monthly corresponds closely with the seasonal
Aversales from the farm, railroad car loadings, and
age,
Month.
1917-18 1918-19 1919-20 1920-21 1921-22 1917'the demand for credit. The following chart,
1922.
which shows the relative receipts of wheat and
of all grains by months at 17 interior centers July.
5.4
4.9
5.4
6.7
4.5
5.3
5.6
7.3
5.9
6.8
5.6
10
from January, 1919, to August, 1922, indicates August
6.9
8.6
6.4
8.4
4.9
3.4
the influence which the seasonal movement of October.
5.3
6.7
5.6
67
5.6
3.8
7.8
November
8.8
9.2
7.1
6.6
7.3
wheat has upon the marketing of all grains.
12.6
12.2
12.1
15.0
11.3
12.4
1
January
250
250
200
zoo
14.2
16.1
13.7
15.0
7.2
7.5
7.1
5.6
5.8
100.0
March...
April
May. . .
June
Total
14.0
11.4
9.2
12.9
9.5
8.7
14.3
11.7
8.9
13.8
12.4
7.5
8.2
5.9
5.6
4.7
8.0
6.1
7.6
10.6
8.5
9.4
7.6
7.5
7.5
7.9
100.0
100.0
100.0
100.0
100.0
6.3
> United States Department of Agriculture Yearbook, 1922.
150
150
100
100
1919
1920
1921
1922
1923
Other grain crops—oats, rye, and barley—
are harvested during the late summer months
and come upon the market at the same time
as wheat, but as these crops are commercially
less important than wheat, their marketing does
not require as much bank credit as that of
wheat. Corn, on the other hand, is quantitatively the most important of all crops, and while
it is consumed largely on the farms the seasonal movements are significant, because an average of approximately 20 per cent of the corn
in the United States is shipped out of the
county where it is grown. Although the harvesting of corn begins in September and October, in some of the southern States the movement of the crop to market from the great
Corn Belt does not begin until about November
1. It follows the movement of wheat, as
the latter continues in large volume through
October. The months of November, December, January, and February are the principal
months for distributing corn, and during this
period approximately 45 per cent of the commercial crop is sold by the producers. The
On account of the fact that car loadings of
grain and grain products are influenced mainly
by heavy wheat marketing they reach a peak generally in August. But a slight seasonal increase
is again evident in December and January, indicating the movement of corn at that time.
Receipts of corn at principal interior distributing
centers, as shown in the following table, show
a seasonal movement which follows closely
the farm sales. Receipts begin to increase in
November or December and continue in large
volume until February. But market conditions and prevailing prices of corn and livestock are influential in determining the movement of corn to market. If the price of corn
is high and that of livestock low, farmers are
likely to market the crop more freely. On the
other hand, when corn is low and livestock
selling at good prices the prevailing tendency
is to market the crop through feeding it to
livestock.
RECEIPTS OF CORN AT 17 INTERIOR CENTERS.
[In bushels, 000 omitted.]
Month.
January
February
March
April
May
June
July
August
September
October
November
December
1919
1920
745,347
034,852
431,797
669,321
301,000
098,146
544,219
503,282
267,145
i 12,490,107
606,137
! 14,
i 23,9S3.657
24,139,1,094
26,051,,855
24,304,:,946
11,326,i,509
12,107,,950
27,251,,166
20,824,:,268
9,840,
20,696,1,320
i, 955
19,064,1,508
11,407,,224
19,390,714
1921
1922
1923
42,036, 8121 55,068, 801 37, 495,682
27,565; 779| 57,893, 22731, 557,178
34,165, 324; 30,650, 682 25, 672,335
12,160, 9331 15,356, 74417, 218,677
20,939, 570; 27,364, 113 11, 662,566
35,816, 899 32,693, 596 15, 099,009
19,713, 672 26,265, 949 18, 505,190
30,983. 238: 22,058, 396 20, 919,409
37,333; 764 34,740,
35,551 59l| 32,577,
17,471 999 24,021,
41J730; 5651 37,044,
T o t a l . . . .193,675,010 226,405,509355,470,146 395,835,602
1105
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
COTTON.
Following the demand for funds to finance
the marketing of the wheat and other grain
crops is the demand upon the banking system
to finance the distribution of the cotton crop.
Harvesting of cotton usually begins late in
August and marketing reaches its peak in October and November, but continues heavy until
late in December, after which time the movement falls off gradually, until the low point is
reached in August, the end of the crop year.
Weather and crop conditions generally determine the periods for harvesting, and prevailing
prices are influential in determining the rapidity
"with which the staple is marketed. The harvesting season opens in the southernmost areas
of the belt several weeks before picking begins
in the Atlantic uplands. The greatest demand
for credit for financing the crop comes during
the months of October, November, and December, but it is evident slightly earlier in the
southernmost areas of the belt than in the
States farther north. The rapidity with which
the crop comes to market is indicated in the
accompanying chart, which shows the relative
receipts of cotton at the principal interior cities
in the cotton States since August, 1918. The
chart also shows that during the past two years
the crop has moved to market earlier than in
former seasons, but this may be accounted for
by the small crops since 1920 and by an attempt to mature the crop early in order to
lessen the damage by the boll weevils.
and other expenses incurred during the producing season. After the cotton arrives upon the
market it immediately passes either into the
hands of spinners, is exported, or is stored in
warehouses where it awaits consumption. The
extent to which spinners buy cotton during the
harvesting season is determined by the market
conditions for raw cotton as well as for cotton
goods and prevailing prices of the staple. As
the mills receive cotton it passes into their
warehouses, and the extent to which they accumulate stocks in the harvesting season is
shown in the fluctuations in the warehouse
holdings of the mills. The following chart
shows the relative size of stocks of cotton in
mill warehouses by months since August, 1918:
( 1318-IS MONTHLY AVERAGE'lOO )
150
100
/\ A
/ \
A
^/ \
A
/
50
150
100
50
COTTON
STOCKS AT MILLS
. . . 1. .
Aug.
reb.
1918-19
Aug.
Feb.
1319-20
Au£.
Feb.
1920-21
Au|.
Feb.
1921-22
Aug.
Feb.
Au|.
1922-23
It will be noted from the chart that mill
stocks begin to increase in September and rise
rapidly until December and January, when
they begin to decrease as the cotton is consumed. Mills, however, are not primarily
influential in financing the cotton crop, as they
usually make cash payments to those from
( t$t8-'/9 MONTHLY AVERAGE'lOO)
250
eso
whom they purchase the raw product.1
The problem of assembling the greater part
of
the cotton crop and distributing it in accord200
ance with the demand falls upon those engaged
in the cotton trade, and as a large portion of the
crop is financed on the basis of warehouse
150
receipts representing stored cotton the months
in which warehouse stocks are the largest
are the periods of the greatest demand for
1OO
credit. The following chart shows that warehouse stocks reach their peak shortly after the
movement of the crop to market begins. The
50
proportion of the crop which enters public
warehouses is affected directly by the demand
by mills for cotton during the harvesting
Feb. Aug.
Feb. A u ^
Feb. Aug.
Feb. Aug.
Feb. Feb.
season. If mill stocks increase rapidly other
1918-19
1919-20
1920-21
1921-22
1922-23
warehouses receive less and the demand for
Funds for financing the initial movement of credit is not as great. Conversely, if market
the crop are needed to pay the producer for this conditions are such that mills are hesitant
product, or if the grower desires to warehouse about accumulating supplies a greater amount
his product and await further developments in 1 See article on Cotton Financing, Federal Reserve Bulletin, April
the market, he needs funds to meet harvesting 1,1923.
65288—23
i
1106
FEDERAL, EESEEVE BULLETIK.
flows into public storage. In 1920 the charts
show that mills did not accumulate supplies
and consequently stocks in other warehouses
increased and presented a big demand for
banking accomodation to finance them until
they could be passed into the channels of
distribution. In the fall of 1922 mills accumulated large stocks early in the season and a
smaller proportion of the supply went into
storage and the crop was financed more easily
than in 1920.
( ISIB-W
MONTHLY AVERAGE' IOO )
200
OCTOBER,
1923.
per cent of wheat exports were made in the four
months of July, August, September, and
October. On account of the expansion in total
exports during the war and other factors
influencing our wheat trade which grew out of
war conditions seasonal movements were not
regular during the period of the war. Since
1918, however, an average of about 48 per cent
of the wheat shipments abroad has been made
in the four months of July, August, September,
and October. The following table shows the
percentage of wheat exported by months, 1913
to 1922:
PERCENTAGE
DISTRIBUTION
OP WHEAT
EXPORTS, BY
MONTHS, 1913-1922.
150
Month.
100
50
~Au4
Feb Au4. Feb. Au£. Feb. hat,. Feb. Au£. Feb. Aug.
1918-19
1919-20
1920-21
1921-22
1922-23
EXPORTS.
The problem of extending credit to facilitate
the marketing of staple agricultural commodities is influenced to a large extent by the
foreign demand. Cotton and wheat are the
most important of our agricultural exports,
and the periods in which these staples were
shipped abroad prior to the war followed
closely the harvesting and marketing season,
but during the war the old methods of exporting and financing were found in many respects
impracticable and new methods were developed. European importers began to take the
commodities on a hand-to-mouth basis and
to maintain smaller stocks on hand. This
placed a greater burden on the American
banking structure to finance the commodities
until they could be shipped to foreign markets.
Changes "in the methods of shipping cotton
abroad were analyzed in the BULLETIN for May,
1923, and a table was there presented showing
the percentage of cotton exported by months
since 1913.
The total volume of wheat and flour exports
increased during the war and has continued
greater since the war than in pre-war years.
The periods for exporting wheat generally
follow closely the months of harvesting and
threshing, and during 1913 and 1914 about 55
Januarv..
February
March
April
May
June.. .
July
August .
September
October
November
December
Total
1913 1914 1915 1916 1917 1918 1919 1920 1921 1922
8.5
4.4
4.6
6.6
7.2
5.7
9.4
24.4
12.0
7.5
3.9
5.8
2.8
2.3
2.0
1.8
3.9
4.3
15.1
14.0
14.9
11.3
11.0
16.6
11.7
11.9
10.0
11.0
6.9
4.7
3.9
8.1
10.4
8.7
6.6
6.1
8.7
9.8
11.2
10.7
9.5
3.8
4.1
7.2
8.5
7.8
9.3
9.4
17.8
9.8
7.4
13.4
10.7
14.8
4.8
4.9
2.5
5.1
4.6
4.2
1.7
1.1
1.5
0.9
0.3
0.4
0.2
13.6
24.1
19.2
14.5
22.5
6.7
4.1
6.9
11.7
9.5
11.1
3.9
8.7
11.6
9.2
10.2
6.4
3.9
2.3
3.2
1.9
5.0
5.9
10.9
12.6
14.1
16.4
11.9
11.9
7.6
6.6
5.2
6.3
9.0
9.0
8.9
21.0
11.1
6.6
5.0
3.7
6.1
3.4
4.6
2.9
S.7
8.5
9.1
20.5
15.8
11.1
6.4
5.9
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Flour exports are more regular than wheat
exports, although there is normally a slight
seasonal increase during the closing months of
the year. Flour is exported somewhat later
than wheat on account of the time which is
required to convert wheat into flour. The
months in which the greatest amounts are
exported are September, October, November,
and December. In 1913 and 1914 the average
exports during those months were 43 per cent
of the total for the year. Conditions affecting
wheat exports during the war were also instrumental in influencing flour shipments
abroad, but the monthly exports of flour were
generally very regular, except in 1918. During
the years 1919 and 1920 exports were greatest
in the spring months of April, May, and June.
In 1921 the movement was somewhat later,
partly on account of the downward movement
m the price of wheat, and exports were greater
in the months of August, September, and
October. Normal seasonal movements were
again in operation in 1922, although the percentage of exports during October, November,
and December was not so large as during the
same period in the pre-war years. The following table shows the percentage of flour exported by months, 1913 to 1922.
OCTOBER,
[In millions of dollars.]
PERCENTAGE DISTRIBUTION OP FLOUR EXPORTS, BY
MONTHS, 1913-1922.
Month.
January
March
April. .
May
July
November..
December
Total.
1107
FEDERAL RESERVE BULLETIN.
1923.
Loans and investments. InNumdividber of
ual
banks
Investdereport- Total. Loans. ments.
posits.
ing.
1913 1914 1915 1916 1917 1918 1919 1920 1921 1922
9.1
8.8
7.6
7.6
7.3
6.3
6.5
7.2
10.0
10.3
10.4
8.9
8.2 11.3 11.5 8.0
6.3 9.9 9.3 5.1
6.1 10.7 10.5 7.3
7.0 9.2 9.1 6.8
7.1 8.6 9.3 7.8
6.7 5.8 9.8 8.9
6.6 5.3 6.5 5.4
5.7 5.1 6.0 7.3
9.7 6.8 7.8 7.3
10.6 8.0 6.4 9.7
11.7 8.2 7.3 9.2
14.3 11.1 6.5 17.2
10.8
9.7
10.7
11.6
10.8
11.2
11.2
4.5
1.5
3.3
6.0
8.7
10.2 4.3
8.3 6.3
8.5 11.1
11.6 .10.7
10.3 16.8
13.7 10.0
6.5 12.1
6.2 5.6
6.7 4.7
6.1 8.0
7.0 5.6
4.9 4.8
7.6
6.1
8.0
9.5
7.5
9.2
7.4
11.2
10.7
9.3
7.4
6.1
7 S
8.0
in o
8.0
71
6.2
All banks:
June. 1922
April, 1923
June, 1923
Member banks:
June, 1922
fi •>
April, 1923
7.8
June, 1923
8.7
10.1 Nonmember banks:
June, 1922
10 4
April, 1923
10.0
June, 1923
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 inn n
The result of the practice by European
countries since the war of purchasing commodities as they are needed has been to distribute the periods for importing and to
lessen the extreme seasonal movements. With
this change has come a greater and more continuous burden on the American banking and
financial structure to supply credit necessary
to finance the goods until they can be exported.
CONDITION OF ALL BANKS IN THE UNITED
STATES ON JUNE 30, 1923.
Comparative figures of principal assets and
liabilities of commercial banks in the United
States as of June 30, 1922 and 1923, based
upon data furnished to the State banking departments, to the Comptroller's office, and to
the Federal Reserve Board direct are presented in the tables below. The number of
reporting institutions shows a decrease from
29,540 to 29,230, smaller totals being reported
for many States, chiefly in the Middle and
Northwest. Notwithstanding this decrease,
the midyear consolidated report shows for the
preceding 12 months increases of $1,806,000,000, or 7.3 per cent, in loans and discounts,
of $1,348,000,000, or 14.2 per cent, in investments, and of $2,377,000,000, or 7.6 per cent,
in individual deposits. The growth of these
banking figures has been practically continuous, except in the case of investments, which
show a slight decline during the last quarter of
the period under review.
Loans of member banks show a relatively
larger growth during the year than those of
nonmember banks, 8.4 per cent as against 3
per cent; investments increased 21.9 per
cent at nonmember banks, compared with 9.4
per cent at member banks, and individual deposits show a much more uniform rate of change
for the two classes of banks. The following
table summarizes the figures:
29,540 34,215 24,705
29,209 36,633 25,778
29,230 37,369 26,511
9,892
9,850
9,856
24,358 17,296
26,332 18,572
26,675
19,648 9,857
19,359 10,301
19,374 10,694
7,409
7,206
7,631
9,510
10,855
10,858
31,216
33,402
33,593
7,062
7,760
7,795
21,427
22,668
23,071
2,448
3,095
3,063
9,789
10,734
10,522
Efforts were made to obtain data for both
member and nonmember banks by Federal
reserve districts and were largely successful,
owing to the cooperation of the banking departments of the various States that are
divided between two reserve districts. Thirteen out of sixteen of these States furnished the
board either with totals distributed by Federal
reserve districts, or else with sufficiently detailed information to enable the board to
segregate the State totals by reserve districts.
Since the banking departments of Illinois and
Indiana did not segregate the figures between
the portions of the States falling within the
Chicago and the St. Louis districts, these two
States were entirely included in the tabulation
in a territorial group which is considerably
larger than the seventh reserve district. No
report showing condition of the State banks at
the close of June having been received from
the Kentucky banking department, no separation of data for the Kentucky State banks
located in the Cleveland and in the St. Louis
districts was possible. Inasmuch as the larger
portion of the State falls within the eighth
Federal reserve district, however, it was
thought proper to include the latest available
data for all the Kentucky State banks (December, 1922, figures) with the total for group 8,
which includes, therefore, the whole of Kentucky, the eastern part of Missouri, the whole
of Arkansas, the western part of Tennessee,
and the northern part of Mississippi. Group',4
represents the Cleveland district less the eastern part of Kentucky. A comparison of the
estimated population of these three groups with
that of the corresponding reserve districts
follows:
[In thousands.]
Group.
4
7
8
Population.
9,265
17,973
8,518
35,756
Federal reserve district.
4
7
8
Population.
10,403
16,108
9,245
35,756
FEDEKAL1 RESERVE BULLETIN.
1108
OCTOBER,
1923.
Data for State banks and trust companies
It is hoped that before long the board will be
as of June 30, 1923, for nine reserve districts able to present a complete grouping by Federal
and for the three territorial groups, as defined reserve districts for both member and nonmember banks which will supersede the groupabove, are shown in the following table:
ing by 11 geographic districts adopted in the
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF ALL STATE
BANKS AND TRUST COMPANIES, BY FEDERAL RESERVE July BULLETIN and continued in this number.
DISTRICTS, ON JUNE 30, 1923.
[In thousands of dollars.]
Loans and discounts of all reporting banks on
June 30 of the present year were larger than a
Num- Loans and
ber of
year before in all the geographic groups, the
Investreport- discounts,
Federal reserve district or group.
ments.
including
greatest increases being shown for group 3,
ing
overdrafts.
banks.
particularly the States of Pennsylvania and
$818,924
$397,533 Ohio, and for group 6, particularly the States of
Boston
1,743,204 Illinois, Indiana, Iowa, and Wisconsin. Small
New York
581 3,024,456
821,558
522,112
Philadelphia
494
649,705 decreases are shown in the loan figures of the
1,504,476
1,038
Cleveland'
209,696
823,684
1,586
Richmond
103,666 banks in Montana, North Dakota, Kansas,
703,393
1,642
Atlanta
1,204,701 Arizona, and Idaho. Larger totals of security
4,753 2,952,155
Chicago*
818,111
193,276
2,365
St. Louis'
710,817
98,441 investments are shown for all geographic
2,855
Minneapolis
748,209
125,957 groups.
3,107
Kansas City
Individual deposits likewise show
270,240
24,975
1,132
Dallas
519,562 larger totals for all groups, though in New
1,152
1,489,198
San Francisco
5,792,828 York State figures for both member and
Total: June 30,1923
20,994 14,685,221
4,950,867 non-member banks are smaller than a year
June 30,1922
21,296 13,273,693
ago.
Individual
deposits,
Borrowings of the reporting banks, while 2.2
Total
Redisincluding
and dividends
counts
per cent larger than in June of last year, show
Federal reserve district or group. loans
investand
bills
unpaid
ments.
different developments in the several geographic
and postal payable.
savings.
groups. Thus, rediscounts and bills payable of
the banks in group 2 were more than twice as
$1,216,457 $1,154,780
$22,209
Boston
87,387 large as last year, while the banks in some of the
4,573,891
New York
.
4,767,660
41,350
Philadelphia ..
1,343,670 1 153,885
32,739 southern and western sections, particularly
1,933,062
2,154,181
Cleveland 1
57,244 those located in groups 5, 6, and 8, show sub1,033,380
924,782
Richmond
42,857
807,059
778,804
Atlanta 2
102,491 stantial reductions in their rediscounts and bills
4,156,856
4,127,772
Chicago
34,504 payable.
St. Louis»
1,011,387
961 147
59,755
Minneapolis...
809,258
790,141
37,957
Kansas City ...
874,166
895,517
In the following tables are shown compara21,448
Dallas
295,215
282,242
32,627 tive figures as of June 30, 1922 and 1923, for the
San Francisco.
2,008,760
1,979,125
572,568 more important asset and liability items of all
Total: June 30,1923 .
20,478,049 19,555,148
549,434 reporting banks, and of State banks and trust
June 30,1922 .
18,224,560 17,955,995
companies, including private banks subject to
1
Exclusive of the eastern part of Kentucky.
2
Including all of Illinois and Indiana.
State supervision, arranged by States and
> Exclusive of the southern parts of Illinois and Indiana and inclusive
groups of States:
of all of Kentucky.
PRINCIPAL ASSETS AND LIABILITIES OF ALL BANKS ON JUNE 30, 1922, AND JUNE 30, 1923.
[In thousands of dollars.]
Number of reporting banks.
June,
1922.
New Hampshire
Massachusetts
Rhode Island
Total, group 1
June,
1923.
Loans and discounts (including overdrafts).
June,
1922.
June,
1923.
Investments.
June,
1922.
June,
1923.
Total loans and
investments.
June,
1922.
June,
1923.
Individual d e posits (including
dividends unpaid and postal
savings).
June,
1922.
June,
1923.
Rediscounts
and
bills payable.
June,
1922.
June,
1923.
115
81
88
264
32
142
113 119,620 129,982
54,852
48,839
81
87
82,236
75,962
255 1,126,430 1,210,247
32 134,816 151,617
142 207,907 230,540
94,066
35,541
33,274
360,646
113,211
146,361
115,082 213,686 245,064 194,706
223,581
40,644
84,380
95,496
68,130
77,727
35,932 109,236 118,168
94,164
105,063
375,556 1,487,076 1,585,803 1,310,986 1,395,726
119,543 248,027 271,160 228,092
249,581
172,973 354,268 403,513 312,262
356,110
6,471
2,406
3,644
42,404
1,645
6,336
7,975
3,917
3,086
68,521
1,783
10,242
722
710 1,713,574 1,859,474
783,099
859,730 2,496,673 2,719,204! 2,208,340 2,407,788
62,906
95,524
1109
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
PRINCIPAL ASSETS AND LIABILITIES OP ALL BANES ON JUNE 30, 1922, AND JUNE 30, 1923—Continued.
[In thousands of dollars.]
Number of reporting banks.
June,
1922.
June
1923.
Loans and discounts (including overdrafts).
Investments.
June,
June
June,
1922.
1923.
1922.
June,
1923.
Total loans and
investments.
June,
1922.
June,
1923.
Individual d e posits (including
dividends unpaid and postal
savings).
June,
1922.
June,
1923.
Rediscounts and
bills payable.
June,
1922.
June,
1923.
New York
New Jersey
Total, group 2.
940
951 5,053,388 5,110,106 2,373,637 2,542,838 7,427,025 7,652,944 7,068,093 6,688,970
416 637,845 675,874
511,511
653,614 1,149,356 1,329,488 1,114,127 1,266,602
103,118
20,988
219,076
34,666
1,348
1,367 5,691,233 5,785,980 2,885,148 3,196,452 8,576,381 8,982,432 -8,182,220 7,955,572
124,106
253,742
Delaware
Pennsylvania
Ohio
55
1,611
1,120
39,841
43,905
59
29,715
27,120
73,620
59,580
66,961
63,787
1,617 2,050,623 2,363,841 1,482,578 1,656,492 3,533,201 4,020,333 2,969,227 3,391,118
1,116 1,375,114 1,574,351 477,501
563,792 1,852,615 2,138,143 1,722 107 1,885,958
1,305
88,460
34,119
1,018
140,415
40,598
2,701 3,465,578 3,982,097 1,987,199 2,249,999 5,452,777 6,232,096 4,750,914 5,340,863
Total, group 3
2,786
District of Columbia
Maryland
Virginia
West Virginia
North Carolina
South Carolina
50
230
509
347
582
454
Total, group 4
2,172
Alabama
Florida
Georgia
Louisiana
Tennessee
Total, group 5
Illinois
Indiana
Iowa
Michigan
Wisconsin
Total, group 6
Arkansas
Kentucky
Mississippi
Missouri
Total, group 7
Minnesota
Montana
North Dakota
South Dakota
Total, group 8
Colorado
Kansas
Nebraska
Oklahoma
Wyoming
Total, group 9
New Mexico
Texas
Washington
Total, group 11...
Total, U. S
182,031
56,679
149,522
72,414
63,953
31,696
29,542
59,595
191,050
79,740
69,178
36,912
29,909
179,476
428,295
389,777
334,937
300,504
189,587
4,832
6,832
22,298
13,746
28,150
21,898
9,912
19,734
36,557
13,796
35,729
12,961
2,188 1,564,993 1,666,851
403,806
466,384 1,968,799 2,133,235 1,695,228 1,822,576
97,756
128,689
223,136
219,418
358,683
351,756
358,921
206,883
226,325
288,770
332,349
351,397
11,743
2,633
31,485
12,222
16,214
8,704
2,413
34,227
14,371
12,229
360
289
680
266
570
122,594
304,549
386,871
261,849
295,890
193,240
159,824
132,795
296,318
269,740
273,113
179,273
454,071
459,285
325,802
327,586
222,782
197,631
494,551
502,813
363,274
352,910
222,056
170,012
425,183
359,157
292,464
275,631
172,781
182,277
160,953
320,812
295,596
304,741
31,953
47,112
36,516
43,604
45,829
2,157
2,165 1,131,790 1,264,379
205,014
247,535 1,336,804 1,511,914 1,203,114 1,405,724
74,297
71,944
1,906
1,089
1,681
695
996
1,917 2,042,190 2,218,253
1,105
522,298 573,780
1,674
825,157 867,019
701 589,468 612,567
993 540,482 583,244
662,844
165,042
74,332
557,970
143,765
762,289 2,705,034 2,980,542 2,439,943 2,742,026
187,759 087,340 761,539 637,181 706,893
90,432 899,489 957,451 780,708 895,306
665,046 1,147,438 1,277,613 1,116,421 1,252,138
166,489 684,247 749,733 637,875 715,153
51,399
18,914
71,917
21,413
23,770
52,759
27,045
47,424
19,816
21,862
6,367
6,390 4,519,595 4,854,863 1,603,953 1,872,015 6,123,548 6,726,878 5,612,128 6,311,516
187,413
168,906
486
601
351
1,651
491
604
356
1,625
163,124
321,687
141,294
879,946
19,737
89,194
28,631
193,542
166,893 190,026
26,
100,589 380,184 422,276
36,585 153,135 177,879
272,736 1,048,761 1,152,682
147,236 157,783
317,991 359,450
148,738 155,141
892 479 1,001,405
15,721
12,984
9,108
25,184
10,423
20,501
7,094
42,578
3,089
3,076 1,417,869 l,506,05l|
331,104
436,812 1,748,973 1,942,863 1,506,444 1,673,779
62,997
80,596
1,508
400
846
695
1,496
363
831
687
652,932
133,236
171,820
209,443
685,972
119,723
164,820
213,012
160,730
22,635
17,323
12,336
177,0)3
26,887
19,356
14,619
31,657
25,291
36,355
28,563
33,029
16,019
23,491
21,468
3,449
3,377i 1,167,431
1,183,527
213,024
237,905 1,380,455 1,421,432 1,217,226 1,310,940
381
1,364
1,153
933
146
367)
1,334
1,124
902
134
181,393
355,572
362,069
277,567
57,687
194,534
354,509
385,144
281,767
61,098
74,944
53,919
36,482
61,979
7,263
85,525
58,069
57,283
71,598
7,461
1,277,052]
234,587
279,936
356
280
686
264
571
147,156
290,990
124,504
855,219
40,859
58,465
37,871
56,160
54,180
191,777
179,907
332,834
313,344
318,942
813,662
155,871
189,143
221,779
256,337
409,491
398,551
339,546
64,950
863,015
146,610
184,176
227,631
280,059
412,578
442,427
353,365
68,559
166,040
184,955
253,514
304,519
294,086
738,126
130,619
148,769
199,712
801,188
134,625
160,400
214,727
121,8
94,007
276,112
390,112
432,012
352,687
67,510
7,943
16,548
18,038
23,007
3,473
8,944
15,329
22,450
18,482
3,121
1,402,643 1,518,433
252,370
377,085
371,561
340,885
60,742
J_
3,977
3,8G1! 1,234,2
9,009
68,326
110
1,538
101;
1,517
46,313
657,285
44,740
664,182
6,157
117,969
5,700
140,140
52,470
775,254
50,440
804,322
45,394
659,554
43,067
697,288
4,614
50,071
5,964
46,679
1,618
703;598
708,922
124,126
145,840
827,724
854,762
704,9
723
198
35
277
121
391
74
50,241
48,602
699 1,492,636 1,799,270
182
68,604
60,809
35
23,269
24,585
277
160,327 165,867
119
87,794
93,494
391
212,370 228,855
13,061
540,690
14,177
5,179
58,865
20,200
12,044
638,734
14,382
5,821
70,560
24,523
99,462
1,825
1,777 2,095,241 2,421,482
739,160
865,526 2,834,401
Total, group 10...
Arizona
California
Idaho
Nevada
Oregon
Utah
123,884
138,036
303,501
423,073
294,096
315,998
192,147
49
231
516
347
616
429
29,540 29,230 24,705,190 26,510.
1,468,875 1,556,9
740,355
54,685
52,643
63,302
60,646
64,927
64,289
2,033,326 2,438,004 1,962,515 2,294,312
82,781
75,191
68,949
69,919
28,448
31,037
30,406
28,536
219 192 236 427 212,376
232,898
107,994 118,017
92,882
105,745
299,358 328,317 301,503
308,519
5,391
38,636
15,196
636
6,977
5,180
7,251
3,942
67,653
9,408
25
6,321
2,571
9,962
3,287,008 2,732,658 3,105,749
79,267
99,882
9,510,220 10,858,134 34,215,410 37,368,812 31,215,863 33,593,295 1,058,186 1,296,290
1110
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANES AND TRUST COMPANIES ON JUNE 30, 1922, AND JUNE 30, 1923.
[In thousands of dollars.]
Number of reporting banks.
June
1922.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total, group 1
New York
New Jersey
Total, group 2
Delaware
Pennsylvania
55
25
39
105
15
78
Total, group 3
District of Columbia
Maryland
Virginia
West Virginia
North Carolina
group 4
South Total,
Carolina
Alabama
Florida
Georgia
Louisiana...
Tennessee*..
Total, group 5
Illinois
Indiana...
Iowa 2
Michigan..
Wisconsin.
Total, group 6
Arkansas...
Kentucky».
Mississippi.
Missouri2...
Total, group 7
Minnesota
Montana
North Dakota..
South Dakota..
Total, group 8
Colorado...
Kansas
Nebraska..
Oklahoma.
Wyoming.,
Total, group 9
New Mexico.
Texas
Total, group 10...
1
2
Investments.
I n d i v i d u a l deposits (including
dividends unpaid and postal
savings).
June,
1922.
June,
1923.
65,944
17,767
47,583
513,112
98,296
83,964
70,172
20,305
51,412
485,328
111,565
97,975
48,253
14,814
13,355i
151,3511
92,519
88.573;
63,981
16,735
14,927
132,532
97,447
107,833
826,666
836,757
408,865
433,455 1,235,531 1,270,212 1,182,087 1,204,866
June,
1922.
June,
1923.
June,
1922.
June,
1923.
June,
1922.
114,197
32,581
60,938
664,463
190,815
172,537
134,153
37,040
66,339
617,860
209,012
205,808
106,811
29,245
57,809
641,199
185,853
161,170
June,
1923.
12.5,182
33,503
64,595
587,700
202,163|
191,723
Rediscounts
and
bills payable.
June,
1922.
June,
1923.
4,710
5,357
1,564
13,608
659
3,048
724
12,189
125
4,846
23,5
23,241
2,412,60a! 2,735,978 1,212,695 1,364,521 3,625,300 4,100,499 3,998,938 3,925,058
714,960
364,618
348,009
640,001
281,966 392,547 646,584
740,556
21,316
7,654
78,725
15,036
613
617 2,777,223 3,083,987 1,494,661 1,757,068 4,271,884 4,841,055 4,638,939 4,640,018
28,970
93,761
3'
745
747
41
657
748
49,677
45,133
21,981
49,599
55,660
768,7051 1,576,289 1,863,450 1,379,380 1,597,497
320,823! 1,159,769 1,397,555 1,142,429 1,271,872
665
33,092
16,689
328
55,086
9,364
957,849 1,111,509 2,785,657 3,316,665 2,566,942 2,919,046
29,823
33,679
887,222 1,094,745
910,763 1,076,732
19,776
689,0671
249,0061
50,446
64,778
15,899
27,507]
12,7611
8,857
27,939
119,069
18,774
28,974
15,695
9,767
91,096
246,188
156,732
174,467
197,5671
124,454
98,855
268,262
187,571
195,230
217,078
120,420
87,846
255,530
129,158
162,637
170,894
99,459
93,284
250,826
147,879
188,,—
190,
105,614
756
2,453
7,879
7,994
16,816
13,308
4,592
15,730
6,846
22,130
867,198
176,564
220,218
990,504 1,087,416
905,522
976,470
49,206
59,149
232
485
79,150
66,756
186,290
199,621
154,247
92,680
85,751
210,609
224,472
168,119
7,070i
15,342'
14,012^
29,241
15,469!
9,978
18,568
16,466
38,851
19,305
86,220
82,098
200,302
228,862
169,716
102,658
104,319
227,075
263,323
187,424
81,074 100,927
90,278 116,838
154,150 1188,076
231,076 256,131
170,126 210,036
6,249
1,742
21,970
7,440
9,925
4,818
1,675
24,975
8,722
5,883
1,756
1,762
686,064
781,631
81,134i
103,168
767,198
884,799
726,704!
872,008
47,326
46,073
1,406
838
1,332
576
841
1,412 1,180,328 1,336,883
316,137 352,897
854
580,834 612,861
1,325
582 371,261 376,329
838 325,830 347,621
423,929!
71,908!:
25,298
458,112:
80,658:
467,122 1,604,2571 1,804,005 1,581,884 1,787,046!
383,601
434,508
82,070 388,045j 434,967
556,126 637,205
25,341 606,132] 638,202
555,419 829,373' 931,748 808,406 921,592
93,619 406,488! 441,240 392,574 443,974
30,451
12,556
51,729
16,096
16,913
30,416
13,954
34,233
16,383
10,023
4,224,3251
127,745
105,009
97,398]
185,772]
112,975;
708,810]
12,384
5,030
7,011
21,441
7,566
7,096
4,639
21,348
997,243 1,102,985J
45,866
40,649
366,061
70,363
85,485]
137,329
386,398
69,493
89,410
148,287
21,121
14,990
26,309
19,886
14,125
8,638
18,628
15,846
1,446 1,827,8
2,205,156
35
143
330
225
496
372
35
146
335
222
533
345
64,328
161,418
140,833
146,960
184,806
115,597
70,916
149,193
168,797
168.256
201 383
110,653
26,770
84.770j
1,601
1,616
813,940
249
218
589
230
470
254
228
4,993
5,011 2,774,390 3,026,591 1,059,905 [1,223,571 3,834,295 J4,250,162 3,722,591
402
465
319
1,5161
403
465
325
1,493
101,317
154,031
92,171
545,657
109,692
158,960
105,269
561,075
8,1471
32,803'
17,791
116,731
11,102|
37,319|
23,306
169,130
2,702|
2,686
893,176
934,9%
175,472j
240,857 l,088,64S| 1,175,853]
1,165
268
664
562
1,152
242
647
556
308,163
72,676
105,330
143,314
328,108
61,749
98,834
147,690
66,178
9,533
5,227
2,659
2,597
629,483
636,381
23S
1,097
970
486
99
2241
1,068
912
443
89
61,285
222,917
210,422
69,277
19,678
2,8
109,464!1
186,S34
109,962;
662,388!
120,794
196,279
128,575
730,205
98,852
171,007
112,202
615,182
1,374
8,477
58,683!
11,769
5,896
3,223
374,341]
82,209]
110,557
146,001
386,791
73,518!
104,730]
150,913
83,625j
79,571
713,108,
715,9521
693,588
82,306
57,237
65,595
217,140
221,002
59,415
20,105
24,181
20,150
10,145
9,779
1,139
26,658
22,883
22,308
10,265]
905!
85,466j
243,087i
220,5671
79,056!
20,817]
92,253!
240,0231
M 6 , 310:
69,680
21,010
86,771
226,794
225,647
74,571
19,909
93,551
234,213
276,930
70,782
21,597
2,27
11,771
12,165
10,399
1,379
3,002
9,560
9,047
7,293
1,030
2,687|
2,766
583,579
586,257
65,394
83,019
648,973;
669,276
633,692
697,073
37,991
29,932
63
983
59
956
16,747
217,661
16,238
210,907
1,546
15,913!
1,314 18,293,
16,832| 233,574:
17,552
227,739
16,895!
206,282
15,881
216,472
1,348
22,018
1,792
17,307
1,046
1,015
234,408
227,145
17,459
18,146
245,291
223,177
232,353
Includes $2,792 call money.
Figures for June 30,1923, not available. Report of Apr. 3, 1923, used.
» Figures for June 30,1923, not available. Report of Dec. 29,1922, used.
Total loans and
investments.
433
180
317
1,529
Ohio
June,
1923.
Loans and discounts (Including overdrafts).
251,867|
19,099
1111
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON JUNE 30, 1922, AND JUNE 30,
1923—Continued.
[In thousands of dollars.]
and disNumber of re- Loans
counts (includporting banks.
ing overdrafts).
June,
1922.
Arizona
California
Idaho
Nevada
Oregon
Utah
1,190
Total, group 1 1 . . .
21,296
Total U.S
Total loans and
investments.
Individual deposits (including
dividends unpaid and postal
savings).
Rediscounts and
bills payable.
June,
1922.
June,
1923.
32,787
32,491
947,441 1,213,211
27,071
22,905
14,434
15,548
67,123
69,999
60,023
65,216
78,373
79,476
8,198
354,732
4,127
1,989
21,837
12,122
26,934
7,309
40,689
42,269 •142,786
40,076
435,960 1,302,173 1,649,171 1,351,247 1,641,787:
4,923
31,198
27,439
26,817|
27,828
2,241
16,423
17,920
19,321i
17,789
88,960
91,077 '95,923|
25,809
95,808
72,145
63,067
15,450
80,666
72,948;
105,307 110,030 106,891
30,554
92,S34|
1,169 1,226,956 1,499,122
429,939
522,246 1,656,895 2,021,368 1,699,910 1,992,416;
32,623
33,640
20,994 13,273,693 14,685,221 4,950,867 5,792,828 18,224,560 20,478,049 17,955,995 19,555,148J
549,434
572,568
June,
1923.
54
429
109
24
180
97
276
119
24
181
97
283
Washington
Investments.
June,
1922.
June,
1923.
June,
1922.
June,
1923.
June,
1922.
June,
1923.
June,
1922.
3,507
12,493
6,215
473
2,
3 304
3,923
June,
1923.
5 3,074
18,094
3,875
2,930
2,017
3,650
6
Includes United States deposits.
' Includes cashiers' checks.
*5 Figures include items due to banks.
Includes other liabilities.
OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS.
[Forecasts of the Department of Agriculture. In thousands of units of measurements.]
Federal reserve district.
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total....
11,963
33,735
62,304
199,540
178,229
204,142
984,328
394,916
282,352
393,585
132,938
12,680
404
9,672
19,623
51,543
33,081
6,129
91,200
79,472
163,454
178,337
18,953
137,359
404
9,675
19,620
51,565
33,081
6,129
91,132
79,463
152,564
177,902
18,870
141,332
464
10,046
22,884
42,772
29,224
5,738
78,175
78,652
237,696
246,871
10,483
3,075,786 3,021,454 2,890,712
789,227
781,737
862,091
11,596
29,552
57,398
228,980
181,853
195,928
1,002,962
421,893
328,831
500,263
102,516
14,014
Federal reserve district.
Total.
1
Spring wheat (bushels).
Forecast, Forecast, Estimate, Forecast, Forecast, Estimate, Forecast, Estimate, Forecast, Forecast, Estimate,
Sept. 1,
Sept. 1, Oct. 1,
Oct. 1,
Sept. 1,
Sept. 1,
Oct. 1,
1922.
1922.
1922.
1922.
1923.1
1923.
1923.
1923.
1923.
1923.
1923.
11,706
30,486
56,725
208,544
182,830
193,643
969,465
406,836
333,946
508,496
104,718
14,059
Cotton (bales).
Boston
New York.
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
,
Minneapolis
Kansas City
Dallas
San Francisco..
Winter wheat
(bushels).
Total wheat (bushels).
Corn (bushels).
404
314
176
529
464
336
170
460
3,504
283
154,500
12,579
450
48,124
3,436
274
143,610
12,144
367
52,097
4,165
296
227,082
11,062
224
31,628
586,204 I 220,841
213,351
275,887
9,710
22,714
42,312
29,224
5,738
74,010
78,356
10,614
235,809
10,259
67,458
568,386
Oats (bushels).
Forecast, Forecast, Estimate, F ° r e cfs ep t
Sept. 1, Oct. 1,
19*> I 6 e1923.
!?h1'
1923.
1923.
1,371
1,949
9,151
34,014
20,173
69,869
22,582
19,459
494,214
52,003
334,188
162,678
1,643 I
2,029
1,708
1,769
1,947
1,781
850
4,201
3 118
M,656
3 119
670
3,617
3 70
11,015
9,762 1,311,
10,78
404
311
179
507
9,361
19,444
51,036
33,081
6,129
87,696
79,189
8,954
165,758
18,503
89,235
53,726
39,630
1923.
Hay, tame and wild (tons).
Forecast, Estimate,
(Estimate, Forecast,
Oct. 1,
Sept. 1,
1922.
i9»
1923.
1923.
9,404
33,810
25,954
57,835
22,222
19,621
401,600
35,861
341,874
126,889
36,240
30,120
4,400
6,704
2,202
5,064
2,994
2,879
15,986
7,084
17,478
16,635
1,270
15,310
4,519
6,949
2,350
5,318
3,528
3,025
16,745
7,486
17,841
17,626
1,708
15,819
4,486
7,297
3,533
7,168
4,518
3,647
20,677
8,217
19,351
16,781
1,777
15,339
1,302,453 |l,20I,436
8,006
102,914
112,791
,410
34 717
21 723
70 ,543
23: 177
18 ,704
483 583
50 289
336 744
161 968
52 414
39 ,181
Preliminary estimate on Aug. 1.
»Includes
all other cotton being grown in the United States.
8
In addition the following amounts were estimated grown in Lower California (Mexico): October, 1923, 88,000 bales; Sept. 1,1923, 87,000 bales;
October, 1922, 70,000 bales.
1112
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
Official estimates now available regarding the yield of the chief cereal crops in foreign
countries indicate generally larger yields this year as compared with last year's rather poor
harvests. Wheat production in 24 countries for which reports have been received by the
United States Department of Agriculture is estimated at 2,600,000,000 bushels this year,
representing an increase of about 8 per cent over the 1922 crop. Nearly every country reports
an increase in the prospective yield of wheat, with the exception of the United States, for which
the latest official estimate gives an anticipated reduction of 8 per cent, and Great Britain,
where a somewhat reduced crop is expected, while in Europe as a whole and in Canada increased
yields are indicated. The Argentine wheat crop harvested last spring was very nearly as
great as in the preceding year and was considerably above the average of recent years. Other
important crops, such as rye, barley, and oats, are reported to be larger in most countries than
they were a year ago.
Central Europe.—In central Europe this year's grain crops are especially promising.
Wheat, rye, barley, and oats all give indications of exceeding last year's production in Prussia
and Bavaria by more than 40 per cent. Imports of wheat into Germany have greatly fallen
off, while cheaper foodstuffs like rye have been imported in greater quantities. Much of Germany's imports of food has come from the United States, but there is a tendency, where possible, to import more from countries having depreciated currencies. Cereal production in other
central European countries, like Austria, Czechoslovakia, Rumania, and Yugoslavia, has been
favored by weather conditions and the prospects for increased yields are good.
France.—Crop conditions in France are generally good. Increased acreage and favorable
weather have increased the estimated yield of wheat by about 19 per cent over the poor crop
of last year and have brought it materially above the preceding five-year average. The French
crop, moreover, is supplemented by that of Algiers, Tunis, and French Morocco, which is
nearly double that of last year. In order to conserve the wheat supply, the Government has
required that wheat flour be mixed with a proportion of rice, rye, or potato flour. With the
continuance of these regulations, French officials expect that France will need to import little
or no wheat during the current crop year.
Italy.—Italian crops are reported as being exceptionally large. Wheat shows an increase
of 23 per cent over last year and is nearly 20 per cent above the average of the last five years.
Barley, oats, and rye have increased in about the same proportion. Wine and sugar beets
show increases and the hay crop is large. The output of olive oil is somewhat less than the
exceptional yield of 1922, but is above the average. The gross value of agricultural products
is estimated by the Ministry of Agriculture as about 4,000,000,000 lire greater than in 1922.
These facts make it clear that European countries, which are the chief customers of the
United States for surplus food products, are in a position this year to supply a larger portion
of their requirements than they were a year ago. The influence of this larger European supply
upon the demand for the American surplus is reflected in the world wheat markets and
partially explains the relatively low level of wheat prices.
1113
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
THE TREND OF BUSINESS ABROAD.1
United
King- France.
dom.
Items.
Germany.
United
States.
CREDIT.'
PRODUCTION AND T R A D E .
1,179
1,020
,031
,023
005
028
024
007
005
1921—August
1922—August
November
1923—February
June
July
August
September
11,491
10,761
11,219
11,639
11,840
11,850
11,716
11,677
11,877
12,584
13,051
13,265
13,348
13,734
13,950
13,821
DEPOSITS:
764
,688
1921—August
1922—August
November
1923—February
May
June
July
August
September
l!644
1,608
1,638
1,638
1,611
1,609
12,406
12,884
13,121
13,444
13,634
13,807
13,688
10,942
11,094
11,525
11,173
11,104
11,078
10,890
10,891
CENTRAL B A N K DISCOUNTS:
1921—August
1922—August
November
1923—February
May
June
July
August
September
80
76
68
79
71
81
71
69
71
2,458
2,194
2,818
2,684
2,372
2,487
2,472
2,634
2,511
85
271
919
4,777
9,914
8,747
72,086
151,863
1,492
404
614
596
731
775
761
816
862
427
396
390
381
390
389
392
387
394
36,783
36,385
36,114
37,055
36,741
36,689
36 929
37,364
37,626
80
238
754
3,513
8,564
17,291
43,595
663,200
2,481
2,153
2,330
2,247
2,250
2,227
2,195
2,225
2,248
CENTRAL BANK N O T E ISSUES:
1921—August
1922—August
November
1923—February
May
June
July
August
September
CENTRAL B A N K DISCOUNT R A T E :
1921—August
1922—August
November
1923—February
June
July..
August
September
P R I C E S AND E X C H A N G E .
WHOLESALE
PRICE
tives): 3
1921—August
1922—August
November
1923—February
May
June
Jujy
August
INDEX
S*
3
3
3
3
4
4
4
1921—August
1922—August
November
1923—February
May
June
July
August
222
181
180
177
170
169
169
171
1
75.08
91.74
92.06
96.39
95.05
94.83
94.18
93.71
93.34
1921—August
1922—August
November
1923—February
May
June
July
August
59
103
118
70
91
103
100
112
37
71
111
117
151
144
144
134
75
87
98
101
93
101
91
100
108
110
77
105
128
127
133
87
69
114
106
116
114
113
123
13.1
12.0
12.4
11.8
11.0
11.0
11.3
11.5
9,706
606
285
666
199
166
171
146
142
107
162
242
211
197
172
257
88
89
96
101
102
102
99
100
2,787
3,006
3,067
2,960
3,004
2,330
467
512
783
792
680
733
765
764
79
375
1,464
7,441
13,345
28,375
76,624
817,134
14,887
15,849
17,133
16,905
19,368
19,532
18,184
17,308
67
104
100
88
114
112
98
103
94
110
113
87
130
129
130
130
81
99
129
138
139
92
132
137
155
149
51,346
60,032
66,491
57,510
71,555
1,725
1,676
1,706
2,329
2,675
2,479
2,424
2,243
UNEMPLOYMENT: •
1921—August
1922—August
November
1923—February
May
June
July
August
B A N K CLEARINGS
(actuals):2
1921—August
1922—August
November
1923-February
May
June
July
August
SIOTPING ACTIVITY
(relatives):6
1921—August
1922—August
November
1923—February
1923—May
June
July
August
VOLUME OP E X P O R T S (relatives):'
29,116
167,495
307
677,000
355
363
14,980
372
39,898
369
283,599
359 3,063,358
146
165
164
166
166
163
159
159
1,192
317
•7,765
289
297
44,610
316
264,300
325
381,600
331
765,000
321 3,765,100
328
155
139
145
142
143
144
147
146
VALUE o r IMPORTS (actuals):'1
(percentofpary
1921—August
1922—August
November
1923—February
May
June
July
August
September
11
48
58
64
84
81
77
70
(relatives):5
COAT, PRODUCTION
1921—August
1922—August
November
1923—February
May
June
July
August
(rela-
195
168 |
165
170
175
174
170
167
1921—August
1922—August
November
1923—February
May...."
June
July
August
111
111
119
115
VALUE O F E X P O R T S (actuate):'
RETAIL P R I C E I N D E X (relatives): *
FOREIGN EXCHANGE
United
States.
P I G I R O N PRODUCTION (relatives):*
COMMERCIAL B A N K L O A N S :
COMMERCIAL B A N K
United
GerKing- France.
many.
dom.
Items.
40.20
41.23
35.54
31.84
34.39
32.65
30.52
29.27
30.34
4.993
.415
.058
.016
.009
.004
.0014
.00014
.000008
1921—August
1922—August
November
1923—February
May
June
July
August
1921—August
1922—August
November
1923—February
,
May
June
July
August
VoOTME OF IMPORTS (relatives):1
1921—August
1922—August
November
1923—February
May.
June.
July.
August.
59,504
60,103
81
88,555
82,661
95,600
83,855
89,479
76,818
88,743
97
255
255
361
142
97
112
84
81
82
78
65
97
111
135
102
98
104
89
1,731
1,960
2,348
2,343
2,597
2,558
2,615
2,633
82
122
124
103
122
134
132
130
366,888
301,775
380,000
306,957
316,363
320,038
303,030
311,352
545
536
446
69
194,769
281,376
291,805
303,465
372,545
320,257
287 335
275,382
136
194
204
209
236
206
166
153
A full explanation of this table, including a list of the sources employed, appears in the BULLETIN (final edition) for February, 1923, pp. 182-185.
2
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—1.
4
United Kingdom and France—July, 1914-100; Germany—October 15,1913-June 15,1914-1; United States—1913 average-100.
• 1913-100.
• 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—an index of employment in 12 representative trades, 1919 being taken as 100.
' Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks, and thousands of dollars.
»1913—100. Figures for United Kingdom refer to quarterly period.
» Series changed to include clothing as well as food, heat, light, and rent. April, 1922, without clothing, 3,175; with clothing, 3,436. July,
1923, without clothing, 3,330.000.
1114
FEDERAL KESEKVE BULLETIN.
RECENT DEVELOPMENTS IN RUSSIAN
BANKING AND CURRENCY.
During the past year some important changes
have taken place in1 the banking and currency
situation in Kussia. A number of public and
private banks have been created and the
Soviet Government has made an attempt to
find a way out of the chaotic currency situation. The rapid development of the State
Bank and the creation of an industrial bank
and other credit institutions indicated a great
demand for credit on the part of Governmentowned trusts as well as of private enterprises. So long, however, as the paper ruble
was the only available currency in the country,
the activities of the banks were limited and
hazardous, for the steady depreciation of the
currency tended, on the one hand, to keep
holders of funds from depositing them with
the banks and, on the other hand, to keep the
banks from extending credit. Banks and commercial enterprises therefore tried as far as
possible to convert their rubles into foreign
exchange or goods, and this further aggravated
the currency situation and contributed to the
decline of the paper ruble.
PRESENT CURRENCY SITUATION.
In its effort to remedy this situation and
to bring about more stable conditions in
industry and trade, the Soviet Government
on November 16, 1922, issued a decree, the
most important points of which are summarized below:
The State Bank is empowered to issue bank notes.
The bank notes are to be in denominations of 1, 2, 3, 5,
10, 25, and 50 chervontsi (1 chervonetz equals 10 prewar gold rubles, or roughly" £1).
These bank notes must be secured, to the extent of a
minimum of one-fourth of their value, by gold, precious
metals, or stable foreign currency, and as to the remainder
by readily marketable goods, short-term bills of exchange,
or other specified securities.
The amount of notes put into circulation and the composition of the security are to be published by the bank
twice monthly.
Bank notes will be accepted at their face value in payment of State taxes and dues (customs, railway fares,
etc.), and in all cases where the law requires payments in
gold.
The State Bank shall have the right to demand that in
all cases where loans were made in bank notes, or where
the redemption of bonds is provided for in bank notes,
payment or redemption shall be made in such notes.
Loans in bank notes made to the Commissariat of Finance
are to be secured by precious metals to a minimum of 50
OCTOBER, 1923.
per cent of the face value and as to the remainder2 by
interest-bearing bonds of the Commissariat of Finance.
Quotations of bank notes in terms of paper rubles may be
made on all the stock exchanges of the Russian Socialist
Federation of Soviet Republics.
When the State Bank was founded it was
not the intention of the Government to
bestow upon it the right of issue. The soviet
ruble depreciated so rapidly, however, that
it was almost impossible for the bank to
carry on its transactions in terms of paper
rubles. The State Bank, therefore, while it
received paper rubles on deposit in order
to attract funds, credited the depositors
with the gold equivalent at the current rate
of exchange. When deposits were withdrawn
the bank paid out paper rubles at the gold
rate of the day. In order to protect itself
against losses, the bank invested its ruble
holdings in foreign exchange and in old gold
rubles, thus increasing the demand for foreign exchange and gold. Since Russian gold
rubles were preferred by the peasants, who
were reluctant to accept foreign exchange,
the demand for gold rubles increased, and they
were at times quoted at a premium exceeding
the value of their gold content by as much
as 30 per cent.
This situation was terminated when the State
Bank began to issue notes, since the new currency had the same status as gold. The smallest unit of the new currency is 1 chervonetz,
worth 10 pre-war gold rubles. The high minimum value of the chervonetz notes was adopted
in order to confine the use of the new currency
to larger exchange transactions and to prevent
it from being hoarded, as would undoubtedly
have been the case if smaller units had been in
circulation. The new bank notes are intended
to meet the needs of industry and commerce
rather than to provide funds for the Government, and the State Bank has authority to
issue chervontsi notes for loans to the Government only by the special permission of the
Supreme Council of People's Commissaries,
and such loans must be secured up to 50 per
cent by gold, the balance being covered by
short-term, interest-bearing treasury bills payable in gold.
Cover of bank notes.—The issue department of
the State Bank is under supervision of a special
board which determines the value of the cover
offered as security for nt>tes. For this purpose
the following rules have been adopted. Gold is
accepted at its full value, merchandise up to 50
1
Developments in the field of Russian banking and currency since
the outbreak of the war up to the middle of 1922 were discussed in the
* The making of such loans is only allowed with the express pe. misAugust and October, 1922, issues of the BULLETIN.
sion of the Government.
OCTOBER,
1115
FEDERAL RESERVE BULLETIN.
1923.
per cent of its market value, Russian and foreign securities belonging to the bank at not more
than 75 per cent, and bills of exchange taken
over from customers of the bank up to 90 per
cent of their market value. Between November, 1922, when chervontsi notes were at first
put into circulation, and the middle of June,
1923, about 8,650,000 chervontsi were issued.
They are covered by assets representing a value
of about 9,930,000 chervontsi, of which
4,576,000 is Russian and foreign gold and
748,486 are drafts in dollars, Swedish kroner,
and sterling. Below are given statements of the
issue department of the State Bank as of January 2, February 1, March 1, April 1, May 1,
and June 1, 1923:
calculated in chervontsi and almost all banks
open accounts and grant loans in terms of
the new currency. Current accounts in chervontsi of the five large banks in Moscow have
grown forty five times since January, 1923,
and amounted to about 6,240,000 chervontsi
on the 1st of June, while from January 1
to May 1, 1923, the State Bank granted
loans amounting to about 22,000,000 chervontsi, as compared with the equivalent of
about 1,000,000 chervontsi during the same
period in 1922.
The relation of the chervonetz to gold or to
stable currencies may be seen from the following figures, comparing the quotation in paper
rubles of the 1923 issue of the chervonetz with
CONDITION OP THE ISSUE DEPARTMENT OP THE RUSSIAN STATE BANK.
[In eherrontsi.]
Feb. 1,
1923.
Mar. 1,
1923.
Apr. 1,
1923.
506,528
996,178
1,138,777
629,571
1,502,706
1,118,000
384,706
2,679,417
1,930,000
749,117
1,533,836
701,086
414,060
1,139,646
3,788,629
3,000,000
788,629
2,710,836 13,764,694
383,321
489,551
830,308 1,113,758
1,139,646
2,290,995
5,064,052 7,659,000
4,500,000 6,000,000
564,052 1,659,000
Jan. 2,
1923.
Gold cover
Foreign exchange
Discounted bills
Secured loans
Tol al assets
Bank notes handed over to the banking department
1
. . .
Mayl,
1923.
June 1,
1923.
3,978,627
742,567
1,617,946
2,663.537
9,002,678
8,000,000
1,002,678
Including 58,307 chervontsi in silver.
Chervontsi notes, although nominally redeemable in gold chervontsi, are in practice
not redeemed in gold but in soviet rubles at
the current rate of exchange. Their value,
therefore, rests upon the confidence of the
public in the State Bank and in the cover held
by it. State Bank notes are legal tender for
all payments to the Government and are the
only kind of currency accepted by the Government in payment of custom duties.
Quotation of chervontsi.—At first chervontsi
were at a discount in relation to gold, but the
confidence of the public in them soon increased,
and at the end of March, 1923, they were
quoted above the pound sterling and other
foreign exchanges. During May the chervonetz started to depreciate again and was at
times quoted at 30 per cent Tbelow par, but
through the efforts of the bank it soon recovered and is at present somewhat above the
pound sterling. The fact that chervontsi are
quoted regularly in some of the Scandinavian
countries and that the State Bank is always
ready to buy them at the daily rate of exchange
has further enhanced their popularity. At
present practically all larger transactions are
that of 10 ruble gold coins, the pound sterling,
and the dollar:
[In soviet rubles, 1923 issue—1,000,000 rubles of earlier issues.]
Stock exchange rate.
Official
quotation of
10 rubles Chervo- Pound
sterling. Dollar.
netz.
gold.
Date.
Jan. 1, 1923
Feb. 1,1923
Mar 1 1923
Apr. 6, 1923
Per cent increase since Jan. 1,
1923
. .
174
202
235
358
175
212
240
390
200
219
212
368
43
49
46
80
105
122
84
84
The higher stock-exchange quotation of the
chervonetz as compared with that of 10 gold
rubles is due to the fact that the official quotation is usually lower than the open-market
quotation. As a direct consequence of the
creation of chervontsi, the demand for foreign
exchanges decreased, which explains the smaller
percentage increase of the pound and the dollar in terms of paper rubles.
Relation
of chervonetz to soviet
rubles.—
Although the use of the chervonetz in daily
1116
FEDERAL. RESERVE BULLETIN.
transactions is steadily increasing, it has not
supplanted the paper ruble. The treasury
still issues paper rubles in large quantities and
in denominations up to 100,000,000 rubles. As
the amount of rubles outstanding reached a
fantastic sum, the Government on November
3, 1921, issued a decree creating a new type of
ruble, 1922 issue, the value of which was made
equal to 10,000 rubles of earlier issues. On
October 24,1922, a similar decree was published
creating rubles of the 1923 issue, the value of
which is equal to 100 rubles of the 1922 issue
or to 1,000,000 rubles issued before 1922.
Amounts of soviet rubles and bank notes outstanding during the first five months of the
year are given in the table below:
M O N E Y IN CIRCULATION IN R U S S I A .
[000 omitted.]
Total
money in
circulation State Bank
in terms of notes, in
chervontsi.
soviet
rabies
of 1923.
Date.
Jan. 1,1923.
Feb. 1,1923
Mar. 1,1923
Apr. 1,1923
May 1,1923
1,995,000
2,629,000
3,237.000
4,483,000
6,079,000
1,120
1,930
3,000
4,500
6,000
Recently the Soviet Government changed
its policy with regard to soviet notes in circulation, and issued a decree whereby the
amount of ruble notes issued during any one
month must not exceed the value of 30,000,000
gold rubles. Whether or not the new State
Bank notes will ultimately supplant the soviet
ruble altogether, it is difficult to predict, since
this depends largely upon the financial policy
of the Soviet Government. The new currency is a step in the direction of making it
possible for industry and commerce to emancipate themselves from the disastrous effects of
currency inflation. It is too early to determine what the final outcome will be of having
two currencies, in circulation both having legaltender value and one having adequate cover,
while the other is strictly fiat money and continues to be issued in enormous volume.
BANKING.
The adoption by the Soviet Government of
the "new economic policy," more tolerant of
private enterprise, and the creation of the
chervontsi notes made it possible once more to
engage in banking operations in Russia and
OCTOBER, 1923.
tended to increase the number and activity
of the banks. During the second half of 1922
and the first half of 1923 a number of public
and private banks were created. At the end
of March, 1923, there were in the territory of
the Soviet Republic 10 banks and 22 mutual
credit institutions, besides a large number of
smaller loan and credit associations, and their
resources are steadily growing. The increase
in resources is due mainly to the rapid growth
of deposits, which formed 21.6 per cent of the
total resources on February 1, 1923, 25 per
cent on March 1, and 37.5 per cent on April 1.
In some banks demand deposits surpass about
five times their capital and surplus. Most
banking institutions are located in Moscow,
and about 80 per cent of all bank resources
are concentrated in that city. Even in some
of the largest provincial cities, such as Rostov
on the Don, and Kharkov, the activities and
resources of the banks are insignificant.
The following table showing the operation
of the more important banking institutions
for the first four months of the present year
indicates the state of development of Russian
banking:
OPERATION
OP T H R E E
RUSSIAN
BANKS.
[In thousands of chervontsi.1
Total
resources.
Industrial Bank:
Jan. 1,1923...
Feb. 1,1923..
Mar. 1,1923..
Apr. 1,1923..
Commercial Bank:
Jan. 1 1923
Feb. 1,1923...
Mar. 1,1923..
Apr. 1,1923..
Municipal Bank:
Jan. 1,1923...
Feb. 1,1923..
Mar. 1,1923..
Apr. 1,1923..
Current
account
and other
deposits.
Percentage increase over
Jan. 1,1923.
Discounts,
time
Current Disand
counts,
acdeTotal counts time
mand
and
and
reloans. sources. other
demand
deposits. loans.
343
622
942
1,791
35
171
260
732
207
329
529
530
1,124
1,253
1,553
32
51
72
U46
294
575
2 iii
189
391
768
1,319
10
72
272
599
46
193
538
952
• Including letters of credit.
489
743
2,091
159
256
256
>138
2 159
'225
«201
"394
206
406
696
720
2,720
5,990
420
1,170
2,026
iii
274
522
' Increase of Feb. 1.
A brief description of some of the more
important individual banks at present in
operation in Russia may give an idea of the
general trend of Russia's banking development
under the new economic policy of the Government. Although private persons are allowed
to open banks and some private banks are
1117
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
already in operation, their activities are restricted and the most important banks are
owned and operated by the State or cooperative
associations. The policy of the Soviet Government thus far has been not to use the funds of
the banks for fiscal purposes, and this has enabled the banks to devote most of their resources to the financing of trade and industry.
The two largest banks, the State Bank and the
Industrial Bank, have a number of branches all
over Russia. The State Bank alone has more
than 100 branches in all important towns and
a larger number of correspondents and agencies.
In addition to the branches of the two
institutions already mentioned, the Government established banks such as the Bank of
the Ukraine, the Agricultural Credit Association of the Crimea, and other provincial banks
intended to serve particular provinces and
territories. The development of the provincial
banks has been slow, mainly owing to the lack
of capital and the general suspension of trade
and industry.
The State Bank.—The organization and operation of the State Bank has been fully discussed in an earlier issue of the BULLETIN, SO
that only those phases need be discussed here
which are of more recent development. The
creation of the cheryonetz had a beneficial
effect upon the operation of the bank. Up to
the time when the bank was authorized to
issue notes, its activities were hampered by
the rapid depreciation of the ruble, which made
the extension of credit risky. Under such conditions the bank was able to extend only
short-term credits at very high rates of interest.
The increased use of the chervonetz as a medium of account remedied this situation. It
resulted in an increase in the bank's resources
and caused a considerable decline in the rate
of interest, both on loans and deposits. The
rapid growth of the State Bank since the creation of the chervonetz may best be seen from
the following table showing the assets and
liabilities of the bank for the period February
1 to May 1, 1923:
CONSOLIDATED BALANCE SHEET OF THE RUSSIAN STATE BANK.
[000 omitted.)
Mar. 1,1923.
Feb. 1,1923.
In soviet
rubles,
issue of
1923.
Cash
Special advances to industry
Bills purchased:
' (a) Used as security for note issues.
(6) Other
Advances on merchandise:
(a) Used as security for note issues.
(&) Other
Advances to agriculture
Merchandise and securities.
Foreign currency (valuta) and precious metal:
(a) Used as security for note issues
(6) Other..
Due from branches and agencies
Current expenses, paid interest, and differences in exchange.
Allother
Total assets.
In
chervontsi.
125,287
342,388
In soviet
rubles,
issue of
1923.
In
chervontsi.
Apr. 1,1923.
In soviet
rubles,
issue of
1923.
In
ehervontsi.
May 1,1923.
In soviet
rubles,
issue of
1923.
In
chervontsi.
204,136
386,821
1,012
182
338,869
564,281
1,931
519
573,197
26,983
2,832
5,642
830
1,873
979
1,114
2,550
96,606
1,553
2,641
2,291
5,958
846
1.225
27,996
503
15,033
414
1,022
2,150
251,362
42,905
31,936
911
1,519
1
472
219,807
64,398
8,265
1,140
3,080
21
1,110
180,490
104,058
6,331
16,996
222,055
23,104
611,092
1,768
2,307
988
2
280
22,415
262,941
37,081
899,449
2,235
2,788
1,583
6
1,371
1,462
368,634
89,729
1,016,461
3,094
3,362
2,533
17
911
4,238
825,888
199,741
1,064,182
4,254
3,098
4,069
26
1,273
2,120,347
16,263
2,672,464
22,193
2,795,987
35,178
1,695,121
1,140
5,067
32
LIABILITIES.
Capital assigned to main office
Operating capital of offices and branches
Bank notes in circulation
Special funds for loans to industry
Current account and other deposits
Transfer operations
Due to branches, offices, and agencies
Interest and commissions received
Profits for the year 1922
Other liabilities
Total liabilities.
130.750
32,621
352,126
532,864
9 116
221,319
20,245
310,628
85,451
93
1,930
433
1,823
137
707
39
22
4,801
1,695,121
9,987
130,750
13,211
395,991
857,427
9,668
240,045
53,440
319,562
100,253
617
1,000
1,427
2 677
1,069
1,244
176
23
6,030
2,120,347
16,263
130,750
506
130,750
6,347
570,963
1,093,963
10,618
326,139
81,007
344,460
114,058
1,279
4,500
1,707
4,883
965
1,541
359
22
6,937
70,978
1,400,670
17,097
448,991
108,313
378,307
234,484
2,493
6,000
7,543
7,094
931
2,190
715
28
8,185
2,672,464
22,193
2,795,987
35,178
1118
FEDERAL RESERVE BULLETIN.
Through its foreign department the State
Bank facilitates the financing of Russia's
foreign trade. With this end in view the
bank established connections with other banks
abroad and recently opened a branch in London. It grants loans to Russian exporters,
provides importers with foreign exchange,
issues letters of credit, and undertakes the
collection of items all over European and
Asiatic Russia. The State Bank also transmits
funds within Russia and between Russia and
foreign countries in chervontsi and in foreign
currencies, if so stipulated. Although the
State Bank performs the functions of a bank
of issue, it is chiefly a commercial bank
intended to grant short-term credits to the
various industrial and commercial enterprises
of the country. According to various statements of officers of the bank, it exercises great
caution in granting credits and furnishes no
credits to State-owned enterprises which are
not profitable.
The Industrial Bank.—Next in importance
to the State Bank is the Industrial Bank,
founded October 24, 1922, for the purpose of
financing State-owned "trusts" and other industries. The object of the Government in
founding this bank was to concentrate the
financing of the most important industries in a
single credit institution which would be in close
contact with the Supreme Council of People's
Economy. The bank is a Government enterprise and its principal shareholders are the
Supreme Council of People's Economy, the
Foreign Trade Commissariat, the textile trust,
and a number of other trusts. The original
subscribed capital of the bank amounted to
about 3,000,000 gold rubles, but decreased
from the time of subscription to the time the
bank opened for business to about 1,700,000
gold rubles, the decline being caused by the
rapid depreciation of the paper ruble in which
subscriptions were made. The creation of the
chervonetz enabled the management of the
bank to invest its funds in a stable currency,
and at the end of June, 1923, the bank's capital
amounted to 5,637,000 gold rubles.
The principal customers of the bank are, as
already stated, the various industrial trusts
owned by the Government. They received
from^the bank during the first half of 1923 in
the form of credits and discounts the equivalent of about 30,000,000 gold rubles (3,046,000
chervontsi), which represents about 80 per
cent of the total credits granted by this institution. Of the balance, about 7 per cent represent loans to commercial enterprises, about 5
per cent loans to transportation companies,
3 per cent loans to cooperative associations,
OCTOBER, 1923.
and the rest loans to private individuals and
corporations. At the beginning of its operation the bank financed mainly the textile
industry, whose returns were more assured
than those of the "heavy" industries, loans to
the textile trusts constituting 34 per cent of
the bank's total loans.
The bank has 15 provincial branches, including one each in retrograd, Kharkov, and
Rostov on the Don. The establishment of
twenty-four more branches is planned. Provincial branches, however, are opened only in those
places where local capital is available to provide the branch with the necessary working
capital. During the first six months of existence its total resources in chervontsi increased
twelve times and its deposits twenty-nine times.
Foreign exchange transactions of the bank also
increased very rapidly. This increase is due
to the fact that a very close relationship exists
between the Industrial Bank and the Commissariat of Foreign Trade, and the commercial representatives of the latter act as agents
for the former.
Russian Commercial Bank.—This institution
is the first Russian bank of importance established with the aid of foreign capital. It was
founded by the Svenska Economiaktiebolaget
of Stockholm, with a subscribed capital of
10,000,000 gold rubles ($5,146,000). Of the
total capital of the bank 25 per cent was
deposited with the State Bank as a guaranty
against its domestic liabilities, and a part of
its funds was required to be converted into
Russian paper rubles. The main business of
the bank consists in making advances against
merchandise and in financing exports from
and to Russia. In a circular letter addressed
to various American banks the Russian Commercial Bank stated its readiness to execute
orders in Russian rubles of the 1923 issue, as
well as in dollars, and to make collections in
Moscow and other cities. The total resources
of the bank on June 1, 1923, amounted to
2,041,298 chervontsi, as compared with
1,120,000 chervontsi on February 1, when the
first balance sheet was published.
Moscow "Municipal Bank.—This bank had a
capital of 200,000 chervontsi on May 1, with
total resources amounting to about 2,000,000
chervontsi. The rapid growth of this institution can best be seen from the following figures:
The amount of discounted bills increased from
34,000 chervontsi on January 1, 1923, to about
468,000 chervontsi on April 1, an increase of
1,276 per cent, and deposits during the same
period rose from about 10,000 chervontsi to
about 600,000 chervontsi, an increase of 5,900
per cent. The rapid growth of the bank is due
OCTOBER, 1923.
FEDERAL RESERVE BULLETIN.
1119
partly to the fact that it serves as depository vincial branches of the Consumers' Cooperative
of all the liquid funds of the Moscow local Bank increased more rapidly than those of the
soviet. In this respect its activities also differ Moscow head office.
from those of other banks in that it finances the
SUMMARY.
construction and repairing of buildings. Of
the total loans granted, 82 per cent were to State
The creation in Russia of industrial trusts
undertakings, 13 per cent to cooperative asso- and commercial enterprises on a capitalist
ciations, and only 5 per cent to private persons. basis made it necessary to introduce a stable
Consumers' Cooperative Banlc.—The purpose currency and led to the creation of the cherof this credit institution is to finance the vonetz, which was an important step toward
various cooperative organizations in Soviet the restoration of Russia s financial activity.
Russia. Since the cooperative associations had The existence of a more or less stable curnot enough funds of their own to provide the rency acted as a stimulus for the establishment
necessary capital, bo'th the State Bank and of new banks and encouraged the making of
the Commissariat of Finance bought stock of deposits and the extension of loans. At
the new institution and deposited large sums present two independent currencies are in cirwith it. The growth of activities of the bank culation in Russia, the State Bank notes and
is reflected in an increase in deposits from the soviet ruble. The bank notes are the
25,000 chervontsi on February 1 to 93,000 almost universal unit of account and the basis
chervontsi on May 1. In contrast to other of foreign trade, while soviet rubles still constibanks, whose provincial branches are of rela- tute the actual medium of exchange in dotively small importance, the deposits of pro- mestic transactions.
THE BANK OF THE REPUBLIC OF COLOMBIA.
Following disastrous experiences with irre- par with Colombian money in an effort to put
deemable currency issued by Government insti- this currency into circulation. The customtutions, such as the Banco Nacional and the houses found it difficult, however, to dispose of
Banco Central, established in Colombia in 1880 the English paper money received in payment
and 1905, respectively, the people of that coun- of duties, and the law was finally rescinded. On
try since 1909 have used gold, silver, and cer- December, 1920, authorization was given the
tain foreign currencies as the circulating me- banks of the country to issue certificates,
dium of the country. In 1919 all the old issues which were to run for a three-year period from
of irredeemable paper were retired from circu- the date of issue and to be guaranteed by
lation by the Government at the rate of 100 commercial securities. The maximum amount
pesos of irredeemable currency to 1 peso gold for which these certificates might be issued
note, and the total amount of gold notes put was fixed at 8,000,000 pesos.
in circulation during that year amounted to
During the most recent period the money in
10,180,000 pesos, quoted at par in terms of circulation (mostly paper and silver) became
pounds sterling. This parity was maintained depreciated in terms of gold. Exchange rates
during the war, notwithstanding financial diffi- in Colombia on the United States—the only
culties of the country during that period which large free gold market of the world—have been
forced the Government to use for other pur- for some time considerably above gold par, and
poses the metallic reserves accumulated against gold has been at a substantial premium in the
the gold notes in circulation. Monetary con- domestic market. Gold has been moving out
ditions improved, for a time, however, when of Colombia rather than coming in, and reheavy importations of gold were made by demption of the paper currency has been susColombia from the United States in payment pended. In addition to coins of gold, silver,
for exceptionally large quantities of Colom- and nickel there were on May 1, 1923, the folbian staples exported. American gold coin lowing kinds of currency in circulation:
was thus put into free circulation in Colombia
Pesos.
at par with the English and Colombian gold. National notes (billetes nacionales)
10,200,000
In spite of the new forms of currency included Treasury notes (bonos del Tesoro1)
5, 111, 993
in the Colombian monetary system, the amount Treasury certificates (cedulas de Tesoreria).... 3, 215, 940
in circulation was not sufficient to take care of
Total Government currency
18, 527,933
the needs of the country, and new circulating Bank notes (bonos Bancarios)
820, 600
media had to be found. English paper money Bank certificates (cedulas Bancarias)
4,008, 664
was made receivable by the customhouses at
Total bank currency
"17829,264
Grand total
23,357,197
1120
FEDERAL RESERVE BULLETIN.
The dependence of the country upon these
various unsecured currencies, coupled with the
lack of cooperation and coordination between
the banks of the country, made the establishment of a central bank of issue and rediscount
a subject of paramount importance. Lack of
organization has been recently evidenced by
the failure of the Banco Lopez, the most important private financial institution of Colombia, which caused the opening of the new Bank
of the Kepublic to be effected on July 23, 1923,
earlier than had been originally planned, as an
emergency measure to prevent an impending
general banking panic.
The difficulties of the Banco Lopez in meeting the demands of its depositors started on
July 16, 1923. At the beginning a certain
amount of confidence was created in the public
mind by the payment of 750,000 pesos, largely
gold, by the Government for the Lopez building. In spite of this assistance, however, the
bank was forced on the following day to suspend
payments, after, however, having turned over
to the Government Board for the Conversion
of Paper Money sufficient funds to meet all
payments on account of savings deposits.
A committee for the organization of the Bank
of the Republic was appointed and a joint
meeting of this committee and of the Bogota
bankers was immediately called by the Secretary of the Treasury. On July 20, 1923, the
board of directors of the new bank was formed,
and on July 23 the bank began operations.
The Government subscribed to 5,000,000
pesos of stock of the new bank and paid its
initial installment (60 per cent), 3,000,000
pesos gold, in New York. Three Bogota banks
subscribed at once and paid in approximately
500,000 pesos in gold. The funds thus made
available rendered possible the rediscounting
of sufficient paper held by the local banks to
strengthen their reserves sufficiently to meet
any reasonable demands which might be made
upon them. On July 22 the bank rediscounted 1,900,000 pesos of commercial paper
for three banks in Bogota and issued to them
1,500,000 pesos of provisional notes, using for
this purpose, with some modification, unissued gold certificates of the Medellin mint.
On July 23 the Bank of the Republic and the
commercial banks opened for business at the
usual hour and the panic was broken.
The law creating the new bank of issue in
Colombia was based on the work of a mission
of American financial counsellors, headed by
Dr. E. W. Kemmerer, of Princeton University.
OCTOBER, 1923.
After a careful and detailed study of the economic and banking situation of the country,
the financial mission submitted for the approval of the Government of Colombia two
bills—one relating to existing banks and the
other providing for the establishment of the
Bank of the Republic. The latter bill became
law on July 11, 1923. Other financial measures were presented and adopted.
The financial mission presented also its
observations affecting the banking situation of
the country, the main points of which may be
summarized as follows: The scope of operations
conceded to the banks o'f Colombia is unduly
broad, including as it does investment banking,
the promotion and organization of industrial
and public utility undertakings, and the flotation of corporate securities; banking supervision
is inadequate; banking statistics as compiled
at present are not adequate for their purpose;
the majority of the banks do not keep their
assets in a sufficiently liquid condition; and
existing legislation with respect to the capitalization of the banks is not satisfactory.
A summary of the principal provisions of the
act providing for the establishment of the Bank
of the Republic follows:
Capital.—The capital of the bank shall
consist of 10,000,000 gold pesos, divided into
100,000 shares of 100 pesos each. These shares
shall not be transferred to foreign governments.
There shall be four classes of shares—shares of
class A, amounting to 5,000,000 gold pesos, to
be subscribed for and paid in gold by the
National Government. These shares do not
confer the right to vote, but the Government
is to have the right of appointing three members of the board of directors, whose term of
office shall be three years. The funds necessary to cover the payment of these shares shall
be included in the national budget, and the
Government may take them from the ordinary
resources of the treasury or from its extraordinary revenues, but the Government is not
authorized to discount for this purpose any of
the installments of the indemnity received from
the .United States. If the Government shall
reduce its holdings of class A shares below a par
value of 4,000,000 pesos, but hot below
2,000,000 pesos, its representation on the
board of directors shall be reduced from three
members to two; and if it shall reduce its
holdings below 2,000,000 pesos, its representation shall be reduced from two members to
one. The Government shall always have at
least one representative on the board of directors.
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
Shares of class B are to be subscribed for exclusively by the national banks engaged in commercial banking operations established in accordance with the laws of the country and whose
stock is owned wholly or in greater part by
Colombian citizens. Besides national banks,
mortgage institutions conducting commercial
banking departments are authorized to subscribe to the stock of the Bank of the Republic.
National banks may subscribe 15 per cent of
their total subscribed capital and surplus according to the statement of condition on June
30 previous to the purchase of stock, while the
amount of stock to be subscribed by the mortgage banks is 15 per cent of the total amount of
their capital and surplus assigned to the commercial department. Class B stockholders shall
elect four members of the board of directors of
the bank. Two members shall be bankers,
while the other two shall be persons engaged
in business, agriculture, or the professions.
Shares of class C are to be subscribed for exclusively by foreign institutions conducting a
commercial banking business in Colombia in
an amount equivalent to 15 per cent of the
part of their capital and surplus assigned to
operations in Colombia. Class C stockholders
shall elect two members of the board of directors of the bank, one to be a banker and the
other a business man, agriculturist, or professional man. Shares of class D shall be subscribed for and owned by the general public
and shall carry with them no right to vote
until an amount equivalent at par to 500,000
pesos has been subscribed for. At such a time
and so long as at least 500,000 pesos par value
of such shares are outstanding, one additional
member of the board may be elected by this
roup. Class D shares may be bought by
anks and converted into class B or C shares,
and conversely class B and C shares may be
converted into class D shares. The amount of
the bank's capital shall be increased whenever
the demand for shares on the part of the banks
to fulfill the requirements of the banking law
shall exceed the authorized capital.
Organization.—The period of existence of the
bank is to be 20 years from the date of the
registration of the bank's charter, b u t it may
be extended by legislative act. The control of
the Bank of the Republic shall be placed in the
hands of the board of directors, the majority of
whose members are to be Colombian citizens.
Members of the board shall hold office for two
years. The manager of the bank shall be
elected by the board by at least seven favorable
votes. The bank is authorized to open branches
f
g5288—23
6
1121
in the capitals of the departments and in
other important cities. Each branch shall be
administered by a branch manager appointed
by the board of directors. The branch manager shall be a member and ex-officio chairman of the branch board of directors, which
shall be composed of four members in addition
to the branch manager. Two of the members
shall be appointed by the board of directors
of the main office, one by the local stockholding
banks and the other member by the National
Executive. They shall hold office for two
years.
Functions.—The board of directors of the
bank shall determine in the by-laws of the institution the kinds of loans, discounts, and investments which the bank may make. The
bank shall not make any loans, discounts, or
investments with a maturity exceeding 90
days, except in the case of bills fully secured
by agricultural products or livestock, in which
case the maturity of the loan m a y be up to six
months, provided, however, that the bank
shall at no time hold such paper to an amount
exceeding one-third of its total paid-up capital
and surplus. The bank is not authorized to
grant credits without fixed maturity or to allow
overdrafts. The bank shall not be permitted
to purchase, discount, or accept as collateral
for loans, or in any other way make advances
upon the following kinds of paper: (a) Paper
bearing less than two responsible signatures,
one of the signatures being that of the bank
applying for rediscount, provided, however,
that for one of the nonbanking signatures there
may be substituted collateral security in the
form of bills of lading, warehouse receipts, or
other documents giving the bank control of
actually existing products, or merchandise in
process of production, transportation, or sale,
the current market value of which is at least
25 per cent larger than the amount of the loan;
provided also that the bank may purchase from
its member banks single-name paper in the form
of drafts drawn on foreign banks, the maturity
of which shall not exceed 90 days' sight, up to
such an amount as the board of directors may
provide in the by-laws; (6) paper, the proceeds
of which have been or are intended to be used
for speculative purposes; (c) paper, the proceeds of which have been or are intended to be
used for permanent investments, such as the
purchase of lands, buildings, mines, machinery,
and furniture; (a) promissory notes, acceptances, bonds, and other obligations of the national, departmental, or municipal governments
of Colombia in excess of 30 per cent of the
1122
FEDERAL RESERVE BULLETIN.
bank's paid-up capital and surplus; (e) its own
shares, or paper secured by its own shares or by
its own bank notes; and (f) shares of transportation, mining, commercial, industrial, or agricultural corporations or paper secured by such
shares.
The board of directors of the bank shall fix
from time to time the discount rates at which
it will rediscount the eligible paper of member
banks, and the rates at which it will discount
eligible paper offered by the public. These
rates may differ for different classes of paper.
No member bank shall be permitted to rediscount paper at the Bank of the Republic
if it is charging its customers on paper of the
same kind and maturity discount rates higher
than 3 per cent above the rate charged by the
Bank of the Republic.
The bank is authorized to engage in the following operations with its member banks: To
make loans and discounts, as explained above,
to receive deposits, to buy and sell bills of
exchange, to buy and sell gold bullion and
specie, and to act as a clearing house.
The bank is also permitted to engage in the
following operations with the general public:
(a) To buy and sell cable transfers; (6) to buy
and sell gold bullion and specie; (c) to buy and
sell or discount bank drafts on foreign countries
and foreign bills of exchange with a maturity
of not over 90 days, covering import or export
transactions. Such bills shall bear at least
two responsible signatures, or one signature
when accompanied by shipping documents,
warehouse receipts, or similar documents
giving to the bank control of produce or
merchandise having a ready market or in
process of being marketed; (d) to buy, sell, or
discount bank acceptances, bills of exchange,
or promissory notes, made and payable in
Colombia, with a maturity of not more than
90 days. Two responsible signatures are required, or one when accompanied by shipping
documents or warehouse receipts of readily
marketable products; (e) to receive deposits
payable at sight; and (/) to buy, sell, or accept
as collateral for loans (subject to the limitations imposed by the act), bonds, or other
obligations of the national, departmental, or
municipal governments of Colombia.
The bank shall be authorized to purchase,
hold, and convey real estate only when the
property is required for its immediate accommodation in the transaction of its business.
The bank, however, is permitted to accept real
estate as additional security for loans previously made or when it is tendered in satis-
OCTOBER, 1923.
faction of loans previously made by the bank,
and to purchase at public auction real estate
previously hypothecated to it for the liquidation of loans, but the bank is not authorized
to hold property so acquired for over two
years.
Note issxie.—The Bank of the Republic shall
enjoy the exclusive privilege of note issue for
a period of 20 years. In case of insolvency, the
bank's notes shall have a prior lien over all
other liabilities of the bank. The bank may
issue notes only for the following purposes:
(a) For the purchase of gold bullion or specie;
(i) for the purchase or discount of drafts and
bills of exchange on foreign countries having
a maturity of not over 90 days; (c) for the discount or rediscount of commercial or agricultural paper in accordance with the limitations
outlined above; and {d) for the purchase and
retirement from circulation of treasury certificates in an amount not exceeding 3,216,000
pesos.
Reserves.—The Bank of the Republic shall
maintain a gold reserve of not less than 60 per
cent of its notes in circulation and deposit liabilities combined. Demand deposits payable
in gold kept in foreign banks of high standing
may be counted as part of the reserve in an
amount not to exceed two-fifths of the total
reserve. The same proportion of reserve shall
be held against outstanding treasury certificates for the redemption of which in gold on
demand the bank obligates itself. Whenever
the bank's reserve shall fall below the legal
minimum the bank shall be subject to a penalty tax, graduated according to the degree of
deficiency. The discount or rediscount rate of
the bank shall not be less than 8 per cent per
annum when the bank's reserve shall have been
for one week or more continually below 60 per
cent. Whenever a deficiency tax is imposed,
an amount equivalent to at least one-half the
rate of the tax on the reserve deficiency shall
be added to the bank's discount and rediscount
rates; thus, if the rediscount rate is 8 per cent
and the deficiency tax rate is 6 per cent, the
bank should charge a discount of at least 11
per cent. The notes of the bank shall be redeemable in gold on presentation at the principal office of the bank. Notes presented to
the branch offices for redemption shall be exchanged, at the option of the holder, for gold
at sight up to the amount of funds available
and beyond that for checks on the main office
or for demand drafts on New York payable in
gold. In time of emergency the.bank may
substitute for domestic gold coin in the re-
OCTOBER, 1923.
FEDERAL, RESERVE BULLETIN.
demption of its notes sight or cable drafts on
New York payable in gold.
Every banking institution operating in Colombia, with the exception of the Bank of the
Republic, shall maintain a reserve in legal currency amounting to a minimum of 50 per cent
against its demand deposits and of 25 per cent
against its time deposits. Member banks of
the Bank of the Republic, however, shall be
required to keep reserves of only one-half of
the percentages above indicated. These banks
may count their demand deposits with the
Banco de la Republica which bear no interest
as lawful reserves up to one-half of the reserve
requirement.
The bank shall be the principal depositary of
national funds and the fiscal agent of the National Government, taking over the functions
of the conversion office. All funds in the hands
of the Junta de Conversion and the Junta de
Vigilancia shall be turned over to the bank.
Distributwn of net earnings.—The net profits
of the bank shall be distributed in the following manner: (a) 20 per cent to be paid into a
surplus fund until it shall amount to one-half
of the authorized capital and 10 per cent thereafter; (6) 5 per cent to the employees' benefit
and pension fund; (c) out of the balance a
dividend not exceeding 12 per cent on the
stock; and (d) of the remaining balance onethird shall be paid in dividends and the other
two-thirds shall be turned over to the National
Government as a franchise tax. All dividends
paid to the Government and all funds received
from the franchise tax and the tax on reserve
deficiencies shall be used to retire from circulation Government paper circulating as currency until all such paper shall have been completely retired.
The bank shall supply to the superintendent
of banking such information and shall submit
1123
to such examinations as he may require. The
bank shall also render weekly to the superintendent of banking a statement of condition,
showing in detail the amount of bank notes in
circulation; total amount of deposits classified
so as to show separately deposits of member
banks, deposits of the general public, deposits
of the General Government, and other public
deposits; cash on hand, the bank's deposits
abroad; loans and discounts and other advances, classified as to classes of borrowers
(member banks, general public, National Government, and other divisions of the Government) and as to maturity.
Summary.—The new bank has a twofold
character. It is an official bank in the sense
that the Government owns 50 per cent of the
capital stock and appoints three members of
the board, while the bank acts as Government
depositary and fiscal agent. On the other
hand, the majority of the members of the board
of directors are elected by the stockholding
member banks, and the most important function which the bank will perform will be that
of rediscounting for the member banks and the
issue of paper currency. The bank is also authorized to conduct directly with the public
certain specified classes of transactions.
Although several of the most important provisions of the act have been borrowed from the
Federal reserve act of the United States, the
Bank of the Republic of Colombia has been
organized with regard to banking conditions
and practices of the country. In this respect
the new bank differs in some essentials from
another recently organized Latin-American
central bank, viz, the Peruvian Reserve Bank,
whose organization and functions are more
closely modeled after the Federal reserve^ act
of .the United States.
1124
FEDERAL RESERVE BULLETIN".
OCTOBER, 1923.
PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEX.
Wholesale prices were unchanged in August in the United States and in France, according to the Federal Reserve Board's index numbers. In England and Canada there were declines
of 3 and 2 points, respectively.
There was a noticeable uniformity of trend among the various groups in the four countries.
Raw materials and producers' goods declined in all four, consumers' goods advanced in all
except England, where the decline was nominal. Goods produced dropped in all except the
United States, where the %ure yeas unchanged. Goods imported and goods exported rose
only in France, reflecting, perhaps, the decline of franc exchange during the month of August.
When converted to a gold basis, the British figure, which for five months had been identical
or nearly identical with that of the United States, was some 3 points lower.
INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
1913 = 100
600
550
600
550
r'\
i
500
500
J
*50
*\\
VX)
350
300
•
r
''
•
450
...
•^FRt \NCE
400
350
/
300
\
/
250
^
7
\
200
175
\
\N
\
250
ENGL.iND
^
JAPAN/
CANAM\
150
u WTED
200
......
s
-A
175
^
150
STATE:
125
125
100
1
100
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. J. F. M. A. M. J. J. A. S. 0. N. D.
1919
1920
1921
1922
1923
OCTOBER, 1923.
1125
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
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
States. England. France. Canada.
100
211
239
148
157
100
241
314
201
167
478
321
298
100
165
164
165
164
164
168
165
163
165
166
298
294
294
307
315
165
166
169
169
166
163
159
159
167
170
324
355
372
364
Japan.
United
States.
England.
France. Canada.
100
218
237
159
152
100
181
182
100
211
239
148
157
187
179
174
172
173
165
164
165
164
164
154
150
148
151
157
123
176
183
185
185
187
186
182
165
166
169
169
166
153
159
159
160
164
169
169
166
164
160
156
112
113
100
207
250
167
149
100
149
144
145
March
April
May
June ,
July . .
.
175
177
175
174
170
166
363
372
369
369
SoO
1923.
MM
1922.
October
155
156
155
153
151
149
100
199
223
150
147
174
124
126
149
144
145
147
146
117
112
109
118
147
150
152
153
152
150
147
146
122
126
125
121
113
108
Japan.
100
i75
175
179
171
168
167
170
172
178
180
181
184
183
178
GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES. ENGLAND, FRANCE, CANADA, AND JAPAN."
1923
Countries and commodity
groups.
July.
June.
May.
159
155
137
163
159
148
182
171
164
157
166
162
166
162
158
157
159
155
141
170
163
160
155
166
165
162
166
165
150
177
170
169
164
173
171
153
178
369
355
445
381
406
309
363
369
357
434
373
417
312
Aug.
Aug.
179
176
167
158
162
127
162
184
144
156
All commodities...
Goods produced...
Goods imported...
Goods exported
Raw materials
Producers' goods..
Consumers' goods.
174
173
167
185
177
158
175
175
175
167
189
179
159
177
168
170
155
159
170
143
183
All commodities...
Goods produced...
Goods imported...
Goods exported...
Raw materials
Producers' goods..
Consumers' goods.
372
359
434
373
418
314
345
363
351
420
365
412
318
326
298
296
309
296
329
238
303
155
165
ENGLAND.
All commodities
Goods produced
G oods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
Countries and commodity
groups.
Aug.
July.
1922
June.
May
Aug.
CANADA.
UNITED STATES.
All commodities
G oods produced
Goods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
1923
1922
149
148
162
138
131
166
172
151
149
164
142
136
168
168
153
151
166
146
141
168
167
182
184
173
192
179
176
186
187
184
198
186
185
187
155
152
171
148
144
169
166
149
146
166
144
136
154
166
187
188
187
192
160
189
161
187
202
JAPAN.
213
190
185
FRANCE.
All commodities
G oods produced
G oods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
349
1
Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920
June, 1921, and May, 1922; England—February, 1922; .France—August, 1922; Canada—July, 1922; Japan—September, 1922.
1126
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES.
In order to give a more concrete illustration of actual price movements in the United
States, there are presented in the following table monthly actual and relative figures for certain
commodities of a basic character. The prices have in most cases been obtained from the
records of the United States Bureau of L&bor Statistics. This table is published in the
BULLETIN at quarterly intervals.
[Average price for 1913-100.]
Corn, No. 3,
Chicago.
Year and
month.
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
July
1922.
September...
November...
December...
1923.
January
February
March
Mav
July
August
September...
1913
1914.
1915
1916
1917
1918
1919
1920
1921
1922
.
.
..
1922.
July.
September...
October
November
December...
1923.
January
February....
March.
April
May
July
August
September...
1
Wheat, No. 2,
red winter,
Chicago.
Cattle, steers,
good to choice,
Chicago.
Hogs, light,
Chicago.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
100
pounds.
Relative
price.
100
89
76
111
178
246
251
260
111
161
$0,874
1.003
1.306
1.411
2.325
2.191
2.566
2.558
1.466
1.345
100
115
150
162
266
251
294
293
168
154
$0,986
1.005
1.307
1.351
2.278
2.210
2.537
2.523
.435
.238
100
102
132
137
231
224
239
256
146
126
$8,507
9.039
8.702
9.573
12.809
16.368
17.496
14.486
8.780
9.438
100
106
102
113
151
192
206
170
103
111
$0,184
.196
.242
.262
.327
.300
.393
.312
.139
.180
100
107
132
142
178
163
214
170
76
98
$8,454
8.382
7.187
9.400
15.459
17.663
18.326
14.711
8.891
9.727
100
99
85
111
183
209
217
174
105
115
.221
.216
.209
.221
.255
.254
174
170
164
174
201
200
1.423
1.186
1.085
1.132
1.218
1.251
148
135
124
130
139
143
1.152
1.057
1.071
1.177
.273
.325
117
107
109
119
129
134
9.700
10.375
10.713
10.245
10.500
10.581
114
122
126
120
123
124
.182
.201
.213
.227
.228
.204
99
109
116
123
124
111
10.695
9.656
9.694
9.430
8.206
8.269
127
114
115
117
92
98
.273
.290
.305
.284
.268
.286
.255
.244
.273
215
228
240
223
211
225
201
192
215
1.221
1.241
1.232
1.279
1.250
1.139
1.084
1.144
1.176
140
142
141
146
143
130
124
131
135
1.258
1.360
1.321
1.320
1.289
1.189
1.011
1.017
1.048
128
138
134
134
131
131
103
103
106
9.780
9.356
9.263
9.015
9.538
10.313
10.590
10. 875
10.656
115
110
109
106
112
121
125
128
125
.200
.199
.193
.188
.187
.163
.146
.147
.141
109
108
105
102
101
89
79
80
77
8.395
8.069
8.344
8.250
7.619
7.075
7.440
8.375
9.025
99
95
99
98
90
84
88
99
107
Relative
price.
Average
price per
pound.
$0 616
.683
.722
.812
1.620
1.522
1.580
1.397
.565
.614
100
111
117
132
263
247
257
227
92
100
$0 127
.113
.096
.141
.226
312
.319
.330
.141
.204
.637
.617
.627
.686
.717
.722
103
100
102
112
117
117
.698
.724
.727
.785
.805
.834
.852
.872
.880
113
118
118
128
131
136
138
142
143
Relative
price.
Yellow pine,
flooring,
New York.
Coal, bituminous, Coal, bituminous,
run of mine. f. o. b. Pocahontas. f. o. b. Coke, Connellsspot at mines,
spot at mines,
vtlle, at furnace.
Pittsburgh.
Columbus.
Average
Average Rela- price per Rela- Average Rela- Average Rela- Average RelaM feet
tive price per tive price per tive price per tive
price per tive
pound. price. manufac- price. short ton. price. short ton. price. short ton. price.
tured.
$0,471
.440
.571
.680
1.145
1.439
1.189
.971
.508
.782
100
93
121
144
243
306
248
203
108
166
$44,591
42.750
39.591
39.375
50.909
60.750
78.833
145.417
93.708
94.583
100
96
89
88
114
136
177
326
210
212
.818
.818
.836
.836
.946
.946
174
174
178
178
201
201
92.500
92.500
92.500
92.500
100.500
102.500
.982
1.000
1.000
1.018
1.018
.982
1.000
.946
.946
205
209
209
213
213
205
209
198
198
102.500
102.250
105.250
110.250
110.250
110.250
110.250
110.250
102.250
Average Relaprice per tive
pound.
price.
Copper, ingot,
electrolytic,
refinery.
Average
price per
100
pounds.
Relative
price.
Lead, pig,
desilverized,
New York.
Average
price per
pound.
price.
Relative
Average
price per
pound.
Relative
price.
375
202
258
$2,440
1.808
1.785
3.246
8.250
6.000
4.738
10.816
3.636
7.136
100
74
73
133
338
246
194
443
149
293
$0,157
.134
.173
.275
.294
.247
.191
.180
.126
.134
100
85
110
175
187
157
122
114
80
.85
$0,044
.039
.046
.068
.091
.074
.058
.081
.046
.058
100
88
104
155
207
169
131
184
104
132
4.955
5.688
5.750
5.938
6.125
6.038
315
362
366
378
390
384
10.750
12.800
11.125
9.800
7.188
7.000
441
525
456
402
295
287
.137
.138
.138
.137
.136
.141
87
87
87
87
87
90
.058
.059
.062
.067
.072
.073
132
133
140
151
165
166
6.619
4.775
4.500
4.225
4.075
4.006
3.270
3.000
3.025
421
304
286
269
259
255
208
191
193
8.250
7.125
7.313
6.313
5.150
4.750
4.550
4.563
4.500
338
292
300
259
211
195
187
187
185
.146
.155
.169
.169
.156
.148
.144
.139
.134
93
98
108
108
99
94
92
88
85
.078
.082
.085
.083
.074
.072
.064
.067
.071
178
185
193
188
168
164
145
153
161
$1,320
100
•$1,571
100
6.043
2.203
2.813
458
167
213
5.889
3.180
4.048
207
207
207
207
225
230
4.600
3.675
3.163
2.725
349
278
240
206
230
229
236
247
247
247
247
247
229
3.319
2.838
2.450
2.000
2.060
2.125
1.975
2.088
2.163
251
215
186
152
156
161
150
158
164
Toledo market average for last six months of 1913.
Hides, packers,
heavy native
steers, Chicago.
Average
price per
bushel.
Average
price per
bushel.
Wool, Ohio, H
grades, scoured,
eastern markets.
Year and
month.
Wheat, No. 1,
Cotton, middling, northern
spring,
New Orleans.
Minneapolis.
1127
FEDERAL BESERVE BULJ^ETIN.
OCTOBER, 1 9 2 3 .
WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES—Continued.
Year and
month.
iron, basic,
Petroleum, crude, Pig
Mahoning and
Pennsylvania, Shenango
Valley,
at wells.
at furnace.
Cotton yarns,
northern cones,
10/1 Boston.
Average Rela- Average Rela- Average
price per tive price per tiye price per
barrel. price. long ton. price. pound.
S2.450
1.917
1.529
2.483
3.200
3.974
4.135
5.975
3.314
3.173
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
Leather, sole,
oak, scoured
backs, heavy,
Boston.
Rela- Average
tive price per
price. pound.
Steel billets,
Bessemer,
Pittsburgh.
Steel plates,
tank, Pittsburgh.
Rela- Average Rela- Average
tive price per tive price per
price. long ton. price. pound.
100
78
62
101
131
162
169
244
135
130
$14.706
12.873
13.741
19.768
38.904
32.509
27.697
42.269
21.668
24.264
100
88
93
134
265
221
188
287
147
165
$0,221
.197
.173
.265
.397
.600
.534
.625
.290
.361
100
89
78
120
179
271
241
282
131
103
$0.449
.471
.504
.640
.831
.796
.913
.856
.594
.562
100
105
112
143
185
177
204
191
132
125
$25.789
20.078
22.441
43.946
69.856
47.300
40.539
56.260
34.385
33.990
100
78
87
170
271
183
157
218
133
132
$0.015
.012
.013
.032
.056
.032
.027
.033
.019
.017
Steel rails,
open-hearth,
Pittsburgh.
Rela- Average Relative price per tive
price. long ton. price.
i
I
|
!
!
!
100
78
86
219
376
219
183
222
130
117
$30,000
30.000
30.000
33.333
40.000
56.150
49.264
53.827
45.654
40.692
100
100
100
111
133
187
164
179
152
136
1922.
July
August
September.
October...
November.
December.
3.313
3.000
3.000
3.000
3.000
3.000
135
122
122
122
122
122
24.250
26.600
32.625
30.900
27.750
24.813
165
181
222
210
189
169
.378
.387
.373
.391
.420
.430
171
175
168
177
190
192
.515
.515
.525
.535
.525
.525
115
115
117
119
117
117
35.000
36.100
39.500
40.000
37.750
36.500
136
140
153
155
146
142
.017 !
.019
.021
.021
.020
.020
115
127
142
142
135
132
40.000
40.000
40.000
42.250
43.000
43.000
133
133
133
141
143
143
1923.
January...
February..
March
April
May
June
July
August
September.
3.370
3.944
4.000
3.875
3.400
3.125
2.800
2.750
2.688
138
161
163
158
139
128
114
112
110
25.800
26.250
30.125
31.000
29.000
27.375
25.100
24.750
24.875
175
179
205
211
197
186
171
168
169
.435
.448
.462
.448
.423
.412
.404
.402
.448
197
203
209
202
191
186
183
182
203
.525
.525
.540
.540
.540
.540
.540
.515
.490
117
117
120
120
120
120
120
115
109
37.300
39.625
44.375
45.000
44.600
42.625
42.500
42.500
41.875
145
154
172
175
173
165
165
165
.021
.022
.024
.025
.025
.025
.025
.025
.025
139
151
162
169
169
169
169
169
43.000
43.000
43.000
43.000
43.000
43.000
43.000
43.000
43.000
143
143
143
143
143
143
143
143
143
Worsted, yarns,
2-32's crossbred,
Boston.
Year and
month.
Average
price per
pound.
Beef, carcass,
good native
steers, Chicago.
Rela- Average
tive price per
price. pound,
Flour, wheat,
Coflee,Rio,No.7, standard
patents,
New York.
Minneapolis.2
Rela- Average
tive price per
price. pound.
1S2
Hams, smoked,
Chicago.
Rela- Average
tive price per
price. barrel.
Relative
price.
Average
price per
pound.
Illuminating oil,
150° fire test,
New York.
Rela- Average
tive price per
price. gallon.
Sugar,
granulated.
New York.
Rela- Average
tive price per
price. pound.
Relative
price.
$0,777
.610
.788
1.050
1.556
2.109
1.627
1.825
1.179
1.413
100
82
101
135
200
272
210
235
152
182
10.130
.136
.129
.138
.167
.221
.233
.230
.163
.150
100
105
100
107
129
171
180
178
126
116
$0,111
.082
.075
.092
.093
.097
.179
.120
.072
.103
100
73
67
83
83
88
160
108
65
92
$4,584
5.096
6.663
7.261
11.391
10.131
11.998
12.675
8.326
7.282
100
111
145
158
249
221
262
277
$0,166
.167
.153
.185
.252
.318
.343
.334
.268
.264
100
100
92
111
152
191
207
201
161
159
$0,123
.120
.121
.122
.121
.170
.200
.263
.243
.208
100
97
98
99
101
137
163
213
197
169
$0,043
.047
.056
.069
.077
.078
.089
.127
.062
.059
100
110
130
161
181
183
209
297
144
139
July
August
September..
October
November..
December..
1.400
1.400
1.450
1.500
1.650
1.050
180
180
187
193
212
212
.118
.155
.155
.155
.155
.155
114
120
120
120
120
120
.104
.100
.102
.102
.108
.111
93
90
92
92
97
100
7.788
6.995
6.344
6.135
6.713
6.775
170
153
138
140
146
148
.301
.264
.235
.232
.213
.206
181
159
141
140
128
121
.200
.200
.202
.215
.220
.220
162
162
161
171
178
178
.066
.067
.063
.066
.068
.069
155
157
146
154
160
162
1923.
January
February...
March
April
May
June
July
August
September..
1.700
1.750
1.750
1.750
1.800
1.800
1.800
1.750
1.700
219
225
225
225
232
232
232
225
219
.154
.148
.145
.145
.145
.151
.158
.158
.175
119
114
112
112
112
117
122
122
135
.119
.130
.130
.115
.116
.117
.109
.107
.107
107
117
117
104
104
105
98
96
6.630
6.713
6.625
6.956
8.720
6.263
6.025
6.100
145
146
145
152
147
137
131
133
136
.202
.203
.206
.212
.211
.211
.217
.223
.223
122
122
124
128
127
127
130
134
134
.220
.220
.220
.218
.210
.210
.205
.205
178
178
178
176
170
170
166
166
166
.067
.073
.086
.092
.091
.092
.085
.076
.082
158
171
201
215
220
215
199
178
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1922.
1
Grade in 1918 is "standard war" instead of "standard patents."
.205
1128
FEDERAL KESEKVE BULLETIN.
OCTOBER,
1923.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
ALL-COMMODITIES INDEX NUMBERS.'
EUROPE.
Year and month.
Bul- Czechogaria;
sloDen- France;
Belgium; General vakia; mark; General
Minis- Statis- Central Finans- Statistical
try of
tical Bureau tidBuLabor.2 Buof Sta- ende.' reau.'
reau. tistics.'
(128)
1913
1914
1919
1920
1921
1922
15
.
1922.
September
1923.
March
May.
June
July.
August
September
100
(38)
21
100
103
(126)
(33)
«ioo
i'100
i*l 0
(58)
September
October
. . .
November
December..
1923.
February
March.
April
May...
June
July.
August . . .
September
175
174
172
174
172
163
158
155
154
155
166
165
171
172
175
5,487
8,591
9,885
10,589
11,254
18,814
30,700
53,569
170
170
171
174
171
156
158
162
159
158
175
181
186
187
181
160
170
171
157
160
180
575
582
586
588
580
157
155
156
156
149
220
224
229
231
233
568
149
230
145
156
235
231
434
474
482
480
474
2,657
2,666
2,828
2,757
2,613
2,545
2,408
2,292
1,019
1,028
1 031
1,030
1 001
192
199
200
204
202
387
422
424
415
407
566
567
21
201
115
21322
382
298
170
a 326
195
175
173
234
NORTH AMERICA.
100
101
100
101
100
98
235
242
206
307
197
159
283
181
159
295
188
155
226
147
149
246
182
165
156
158
152
155
164
154
155
158
156
156
158
159
158
150
153
153
152
153
154
156
156
163
162
164
165
157
158
161
163
153
155
156
157
160
163
156
159
162
160
164
164
157
155
159
156
168
169
159
157
160
155
155
150
147
147
153
151
150
167
166
164
163
217
AFRICA.
ASIA AND OCEANIA.
Canada
Bureau
of Statistics.
(238)
100
Australia;
Bureau
of Census and
Statistics.'
(92)
i« 100
China Dutch India
(Shang- East
(Calhai); Indies; cutta); Japan
Minis- Statis- Depart- (Tokyo);
of6
tical ment of Bank
BuStatis- Japan.
2
nance. * reau.
tics.'
(17)
(75)
(56)
(147)
"100
241
170
150
218
167
154
» 146
152
150
146
150
208
180
New
Zealand;
Depart- Department of ment of
Statis- Statistics.
tics.i"
(106)
(23)
100
95
100
104
" 100
236
178
225
100
99
» 166
217
275
176
164
198
204
181
180
259
200
196
178
195
177
139
176
177
178
176
193
190
188
183
174
174
175
172
138
140
144
147
129
131
212
201
177
299
171
145
155
142
163
145
146
150
151
158
159
162
161
140
142
143
149
160
160
160
160
165
166
151
153
163
161
171
173
141
137
163
161
172
184
192
155
153
162
179
180
167
196
166
170
178
180
158
158
172
171
166
178
177
196
199
174
136
156
155
181
174
176
133
134
175
170
171
198
192
177
169
175
128
123
120
155
154
153
159
155
155
153
154
South
Africa;
Office of
Census
and
Statistics.
(187)
174
100
165
223
161
129
126
1 ' '
The number of commodities or quotations
in each index is indicated by figures in parentheses
at head of each column.
2
Average of last half of month.
» Figures as of the first of the following month.
«End of month.
• Average for the month.
• 38 commodities prior to 1920; 76 commodities during 1921. End of month.
' New series based on 48 articles instead of 53.
1,358
1,524
2,013
2,756
3,464
2,785
7,159
5,585
6,770
4,888
6,425
5,212
8,237
14,980 8,170
39,898 19,385
409
407 283,599 80,580
412 3,063,358 331,695
331
329
337
352
362
'
1
168
227
225
221
221
220
178
176
180
182
181
155
162
156
152
155
158
155
1,155
1,059
1,017
999
1,003
United
United United
King- King- United States; Canada,
DepartBureau
Kingdom;
dom;
dom; of Labor ment of
Board EconoStatist.' StaLabor."
of
tistics.
Trade. mist.
(271)
(404)
(150)
(44)
(45)
1922.
176
571
582
601
596
580
2,526
2,531
2 558
2,564
2,630
100
99
'«100
192
287
566
1,151
1,475
291
432
945
1,66^
2,054
360
364
385
408
407
100
116
330
347
211
« 570
1,376
21.3
327.2
22
19.7
22
1.1
4.2
205
1913
1914
1919. .
1920
1921
1922
« 100
233
327
u 1.0
Spain; Sweden;
InstiSwitzertute of GSteland;
borgs
GeogDr.J. 3
Hanraphy
Lorenz.
delsand
tid-10
Statistics.' ning.
(74)
(47)
(71)
100
101
204
221
190
160
179
207
(92)
562
1,355
207
202
(48)
Poland;
Central
Statistical
Office.'
100
109
304
292
182
14.9
19.1
341.8
968
957
(100)
Norway
(Christiania);
Oekonomisk
Revue.'
100
95
364
631
578
100
101
356
510
345
367
484
(38)
294
382
250
EUROPE—continued.
Year and month.
(98)
(45)
1,166
1 940
2,006
2,473
504
529
GerGermany; Italy; Netherlands;
many; Federal
Frank- Statis- Rlc- Central
cardo Bureau
furter
tical
of StaZeiBu- 5 Bachi.' tistics.'
tung.' reau.
'9 Dec. 31,1913, to June 30,1914-100. End of month.
15th of the month.
10
Middle of month.
'21913 average-1.
u July 1,1913, to June 30,1914-100.
"15 Corresponding month in 1913= 100.
April, 1914-100.
" J u l y . 1914-100.
» July 1,1912, to June 30,1914= 100.
" J u l y , 1914-1.
"21J a n u a r y , 1914=1.
December figure.
22
January figure.
23
As
of last Wednesday in month.
2
'February, 1913-100.
* End of July, 1914= 100.
" Jan. 1,1913, to July 31,1914=100.
*>
September figure.
29
Revised figures.
OCTOBER,
1129
FEDERAL RESERVE BULLETIN.
1923.
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
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 1125. 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 BS
FEDERAL RESERVE BOARD.
Raw materials.
Agricul- Animal
Total
Forest Mineral raw
tural
maproducts. products. products. products. terials.
(21)
(21)
(35)
(88)
(11)
Year and month.
1913
1919
1920
1921
1922
100
251
255
134
145
100
221
186
110
125
138
136
147
160
161
127
132
132
164
170
174
172
167
165
154
152
100
(117)
ConAU
sumers' commodities.
goods.
(199)
(404)
207
100
217
228
142
158
100
179
215
135
128
100
211
231
159
151
100
206
225
147
149
261
236
218
209
208
173
168
166
166
167
129
132
135
136
135
149
150
152
155
157
155
128
191
199
204
207
210
125
123
123
123
122
119
120
125
215
220
227
232
226
215
209
203
213
207
202
198
189
1M
179
177
168
167
167
166
161
158
153
153
136
141
148
150
148
144
141
138
155
155
156
157
156
155
154
15$
155
150
211
311
165
185
100
179
236
184
Producers'
goods.
1922.
August
October
November
December
129
153
154
156
156
1923.
January
February
April
May
. . .
July
August
. . .
..
.
157
159
159
15«
153
151
GROUP INDEX NUMBERS-UNITED STATES—BUREAU OF LABOR STATISTICS.
Year and month.
1913
1919
1920 .
1921
:
1922
August
Foods.
(56)
(110)
Cloths Fuel and Metals
Building Chemand
and
mate- icals and
metal
clothing. lighting. products.
rials.
drugs.
(05)
(20)
(37)
(43)
(«)
House
furnishing
goods.
(31)
AU
Miscellaneous. commodities.
(25)
(404)
100
231
218
124
133
100
207
220
144
138
100
253
295
180
181
100
181
241
199
218
100
162
192
129
122
100
201
264
165
168
100
169
200
136
124
100
184
254
195
176
100
175
196
128
117
100
206
226
147
149
131
133
138
143
145
138
138
140
143
144
181
183
188
192
194
271
244
226
218
216
126
134
135
133
131
172
180
183
185
185
122
124
124
127
130
173
173
176
179
182
115
116
120
122
122
155
153
154
156
156
143
142
143
141
139
138
135
139
141
141
143
144
144
142
141
142
196
199
201
205
201
198
193
193
218
212
206
200
190
180
183
178
133
139
149
154
152
148
145
145
188
192
198
204
202
194
190
186
131
132
136
136
134
131
128
127
184
184
185
187
187
187
187
183
124
126
127
126
125
123
121
120
156
157
159
159
15S
153
151
150
1922.
October
December
January
Farm
products.
1923.
March.
April
May
July
August
1130
FEDERAL RESERVE BULLETIN.
OCTOBEH, 1923.
GROUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN
FEANCE.i
August,
1923.
Groups.
All commodities
All foods
Animal foods
Vegetable foods
Sugar, coffee, cocoa...
All industrial material...
Minerals
Textiles
Sundries
412
382
404
330
439
437
395
557
407
CANADA—DOMINION BUREAU OF STATISTICS.
July,
407
385
393
340
455
425
376
527
408
June, August,
1923.
1922.
409
388
400
346
447
425
367
544
406
331
327
354
292
336
334
275
421
330
August, July,
Groups.
331
355
371
337
352
312
245
321
356
1923.
All commodities
Vegetable products...
Animal products
Textiles
Wood products
Iron products
Nonferrous metals
Nonmetallic minerals.
Chemicals
331,695
166,604
518,404
80,580
19,385
17,029
31,166
Total food
Animal foods
Liquors
Total industrial materials...
Fuel and lighting
Textiles and leather
Metals
Building materials.
Chemicals
192
165
325
3,063,358 283,599 39,898
2,649,457 234,828 37,683
4,084,431 457,915 61,841
4,746,174 405,405 45,301
2,668,272 212,135 34,736
291
292
322
426
216
2,341,706
227
200,806
29,809
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
138
184
165
160
Groups.
147
155
161
167
143
142
134
158
136
157
155
139
148
177
158
148
159
153
141
148
168
163
153
146
160
151
169
161
154
133
190
211
205
216
210
ISO
197
139
188
166
161
147
197
169
165
142
186
165
162
172
176
158
189
152
165
186
156
141
144
124
166
146
181
207
213
159
221
165
156
160
175
147
155
155
180
144
142
135
156
137
150
154
157
190
137
148
138
169
141
CANADA—DEPARTMENT OF LABOR.*
All commodities
Grains and fodder
Animals and meats
Dairy products
Fruits and vegetables...
Other foods
Textiles
Hides and leather
Metals
Implements
Building materials—lumber
Fuel and lighting
Drugs and chemicals
1922.
J921.
150
14S
133
174
166
152
99
186
167
154
147
126
199
179
170
99
184
166
155
151
126
202
180
172
102
183
164
171
164
170
161
170
162
175
175
188
179
172
203
160
'152
179
172
185
160
164
165
175
172
147
151
232
146
242
155
154
177
166
187
158
155
152
177
167
184
158
232
146
282
146
July,
1923.
All commodities
Vegetable foods
UNITED KINGDOM-STATIST.'
All commodities.
Foodstuffs
Animal foods
Sugar, coffee, tea
Vegetable foods..
Materials
Minerals
Textiles
Sundries
1923.
166
158
183
174
202
169
151
194
196
143
163
266
180
ITALY.'
UNITED KINGDOM—BOARD OF TRADE.'
155
153
135
152
172
156
145
June, August, August,
SPAIN.i
GERMANY—FRANKFURTER ZEITUNG.'
All commodities
Foodstuffs and luxuries..
Textiles and leather
Minerals
Miscellaneous
Industrialfinishedproducts
1923.
153
147
127
196
178
168
98
184
165
GERMANY—FEDERAL STATISTICAL BUREAU.*
All commodities
Goods produced
Goods imported
COUNTRIES.
June,
1923.
July,
1922.
93
110
89
112
83
100
109
107
122
110
113
100
69
70
82
65
68
76
61
92
109
65
54
91
105
Animal foods
Chemicals
Textiles
Minerals and metals
B uilding materials
Sundries
May,
1923.
85
64
84
93
60
83
92
79
91
95
87
170
166
183
169
172
171
152
187
187
157
176
156
153
156
181
119
168
199
159
195
111
158
166
188
119
238
220
474
381
643
492
619
429
581
433
360
336
400
329
530
321
440
351
181
177
155
200
166
167
148
168
AUSTRALIA.*
All commodities
Metals and coal
Textiles, jute, etc
Agricultural products
Dairy products
Groceries and tobacco
Meat
Building materials...
Chemicals
180
166
188
169
167
170
223
178
193
178
165
195
168
173
171
200
185
186
BELGIUM.e
All commodities...
Food products
Fuel
Metals
Pottery
Chemical products.
Textiles
Building materials
504
437
643
541
641
433
607
460
484
408
639
501
645
430
580
447
SWITZERLAND.'
164
124
125
128
159
162
185
94
153
215
166
126
127
118
170
164
188
96
155
215
167
130
129
115
170
165
192
99
158
213
164
127
138
120
156
152
181
105
142
216
174
152
143
142
182
173
181
102
145
237
191
202
159
191
203
156
192
204
156
179
257
161
192
206
176
All commodities
Consumers' goods
Agricultural products
Industrial products...
175
176
138
193
180
177
151
198
181
209
144
145
11913=100.
a 1913=1.
* July, 1914—1; figures as of the beginning of the following month.
• July, 1914-100.
« April 15,1914-100.
' July, 1914=100; figures as of beginning of the following month.
vised.
Re-
1131
FEDERAL. RESERVE
OCTOBER, 1 9 2 3 .
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 N U M B E R S OF RETAIL FOOD PRICES.
UNITED STATES AND OTHER
COUNTRIES.
EUROPEAN COUNTRIES.
NetherItaly. lands
(Amsterdam).
Year and
month.
Austria
(Vienna).
1914, July.
1920, Aug.
1921, Aug.
1
UOO
496
427
100
100
373
317
1
'13
6 15
1
14
15
>100
464
534
Dec
7,224
13,531
11,886
11,145
10,519
377
386
406
432
429
1,290
1,105
1,016
984
962
289
291
290
297
305
97
154
266
550
807
111
176
288
605
831
1923.
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
10,718
10,784
11,637
12.935
13,910
14,132
12,911
12,335
12,509
426
439
439
417
414
426
459
478
453
941
934
926
927
928
933
921
892
309 1,366
316 3,183
321 3,315
320 3,500
325 4,620
331 9,347
321 46,510
328
1,336
3,319
3,323
1922.
Aug
Sept
Oct
NOT
Belgium.
GerCzecho- France Gerslo(Par- many many
(71
(Beris).'
vakia.
cities). lin).
Swit- United United
India N e w
Can- Auszer- King(Bom- Zealand.' dom. States. ada. tralia. bay). land.
Norway.
Spain
(Madrid).!
Sweden.
100
6 210
6 ISO
100
333
297
100
M90
»184
100
308
234
UOO
'239
6205
100
262
226
100
203
152
100
221
154
100
6 194
6 161
100
100
171
163
£31
537
555
561
557
139
141
143
136
137
232
228
220
216
215
178
179
178
178
177
181
180
178
170
168
152
153
153
155
155
175
172
172
176
178
136
137
140
142
144
141
139
138
139
140
149
149
146
145
146
159
161
158
155
157
141
139
139
139
138
542
527
523
530
140
142
141
139
135
136
214
214
214
212
214
213
218
220
ISO
181
178
180
178
170
172
178
166
165
166
163
161
161
160
161
155
154
156
158
161
165
164
162
177
175
173
171
168
162
160
162
165
168
141
139
139
140
140
141
144
143
142
142
145
143
140
138
137
142
145
144
145
146
148
162
164
165
151
150
149
150
148
146
148
149
149
139
139
141
142
143
142
' Includes, in addition to foodstuffs, certain items ol fuel and light.
' April, 1914.
COST OF LIVING INDEX
»Average for 1913.
Bel- Fin(Vien- gium.
land.
na).
1914, Julv.
1920, Aug.
1921, A u g .
1922.
July
Aug
Sept
Oct
Nov
Dec
1923.
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
1
«100
1100 '100
463 «931
384 U.214
2,645
5.932
11,306
10,332
9,701
9,375
366
366
371
376
384
384
1,142
1,159
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
383
397
408
409
413
419
429
439
1,150
1,149
1,147
1,116
1,096
1,109
1,111
1,163
France Ger- Ger- Italy
(Par- many m a n y (Mi(71 (Ber- lan).
is).
cities). lin).
Netherlands Nor(Am- way.
sterdam).
>1
9
12
• 1
11
12
UOO
•441
•494
289
1054
78
113
221
446
685
61
103
164
261
565
868
488
491
498
504
505
504
175
246
176
238
1,120
2,643
1,291
2,814
2,608
2,596
4,233
8,770
32,886
59,651
505
497
493
492
490
•191
172
324 2,854
2,954
3,816
7,650
37,651
• A p r . 15, 1914-100. N e w series; food, clothing,
fuel, and lighting in 9 Provinces.
»1913-1914=100.
«August, 1913-July, 1914-1.
> First half of 1914-100.
UNITED STATES AND OTHER COUNTRIES.
<100
«341
6 307
300
6 July.
NUMBERS.
KUROFEAN COUNTRIES.
Year and
month. Austria
< June.
6 1910-11-100.
• July.
' 1913-100.
• 1909-1913-100.
•1910-100.
States Can- India N e w South
Swit- United United
(Bom. Zea- AfriKing- States
zer(32 (Massachu- ada. bay). land. ca.
land. d o m . cities).
setts).
1
•100
304
205
100
255
222
788
908
1,077
1,284
1,710
2,310
159
154
154
155
158
158
184
181
179
178
180
ISO
3,527
5,706
7,618
8,351
9,467
12,780
238
9,365
43,956
158
157
158
160
163
166
166
164
178
177
176
174
170
169
169
171
173
6 100
100
»217 •302
6208 «293
173
United
Poland.
237
'100
217
180
100
194
158
100
188
157
166
153
152
152
153
154
154
146
165
147
164
147
165
147
Ifi9
147 1 lfin
161
148
150
150
150
149
149
148
116
116
117
119
120
118
154
155
154
155
156
156
157
156
149
150
151
150
147
146
144
144
148
148
148
149
150
151
120
120
119
120
120
120
119
170
169
170
100 • 100
191 156
180 162
156
155
154
155
153
151
153
154
154
>100
124
' Series changed to include clothing as well as
food, heat, light and rent. April, 1922, without clothing, 3,175; w i t h clothing, 3,436.
July, 1923, without clothing, 33,300.
1132
FEDERAL RESERVE BULLETIN^
OCTOBER,
1923.
INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.
UNITED KINGDOM.
PRODUCTION.
Year and
month.
Coal.
IMPORTS.
EXPORTS.
Steel
inPig gots
iron. and
castings.
TRANSPORTATION.
Long Long Long Long
Long Square
Monthly av: tons.1 tons.1 tons.1 tons.1 Bales.1 tons.1 yards.9
1913
23,953 855 639
414 «596
1920
19,108 670 756 646 1,397
271
374
1921
18,388 218 302 238 1,234
142
244
1922
20,996 408 486 349 1,064
283
352
Long
tons.1 Lbs? Lbs?
6,117
67
181
2,07S 158.
73
2,055
63
98
5,350 119
92
1922.
August
19,151
September- * 25,681
October
21,207
November.. 21,712
December.. '25,841
412
430
482
494
534
528
556
565
601
546
338
386
393
410
407
873
853
882
1,056
1,138
270
279
347
372
341
381
400
357
402
364
6,146
7,083
6,195
6,571
5,955
81
60
128
183
205
1923.
21,219
January
February... 22,247
'27,577
March
21,264
April
20,464
May
'28,021
June
20,061
July..
August — 19,108
568
543
634
652
714
693
655
600
634
707
803
749
821
768
624
583
480 1,123
507 1,104
568 1,024
513
871
537
762
602
535
451
353
318
368
387
425
365
308
324
404
346
337
320
410
305
320
333
5,612
5,903
7.180
6,840
7,684
6,589
6,767
6,580
135
130
124
63
54
36
46
55
Gross
Lbs.1 tons.1
7,757 2,003
4,508 3,603
5,367 3,313
5,500 1,810
107 8,154
52 8,220
60 5,701
60 6,160
70 5,711
Net
profits
of
industrial
companies.
13.8
13.3
Per
cent.
2.1
2.4
15.3
15.4
Per
cent.
11.7
15.2
10.3
7.0
9,398
9,204
9,922
9,954
8,S87
12.3
12.2
12.3
12.6
12.4
14.4
14.6
14.0
14.2
14.0
9.1
98
84
78
93
90
80
40
40
5,041
3,955
4,768
4,299
5,520
5,460
8,476
12,666
5,281 1,616 9,828
4,985 1,505 9,183
6,043 1,695 10,345
5,980 1,530 9,353
6,414
6,339
5,540
5,833 : : " " . :
13.0
12.1
11.4
11.2
11.0
11.0
11.3
11.5
13.7
13.1
12.3
11.3
11.3
11.1
11.1
11.4
Ton- £ sterNet
tons.1 miles.* ling.1
5,652
3,049 1,546
3,033 1,108 9,132
4,974 1,401 9,636
5,855
5,731
5,590
5,653
5,145
1,617
1,469
1,492
1,338
Unemployed
among
12,000,000 insured
persons.'
Unemployed
among
trade
unionists.
Eaw
British
cotrailways.
Ves- Veston, Iron
Cotand
sels
sels
visible
Finton
Eaw Raw Eaw under clearsteel manuished sup- manuCoal. cot- wool.
wet
ine
conNet Total
steel. ply.' facfacton.
hides. strucwith ton- freight
tures.
tures
tion. cargo. miles, refreight ceipts.
1,455
1,464
1,545
1,568
1,429
Per
cent.
9.9
9.S
1
In thousands; 000 omitted.
» Figures for end of the month.
> Figures for 5 weeks.
2 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.
Year and month.
Pig iron.
Metric1
tons.
'434
286
280
427
Monthly average:
1913
1920 .
1921
1922
July
1922.
September
October
November
1923.
February
March..
April
May
June..
July
.
Crude
steel.
IMPORTS.
EXPORTS.
PRODUCTION.
Cotton
stock at1
Havre.
Metric
«m«.> Bales.1'
'391
274
284
225
255
169
373
148
TRANSPORTATION.
Unemployed
Average
receiving
Raw
Raw
Eeceipts municipal
daily
princi- aid in
Total
Total. cotton for silk for Coal for Vessels
freight of
pal railcleared.
volume. volume. consump- consump- consumpcar
Paris.
tion.
tion.
tion.
loadings. ways.'
Metric
tons.1
1,840
1,071
1,333
1,885
Metric1
tons.
3,685
4,211
3 165
4,281
Metric
tons.
27,428
19,577
16,666
21,923
Metric
tons.
629
390
206
480
Metric1
tons.
1,653
2,005
1,472
1,861
Tons.1
2,176
1,412
1,803
2,229
Number.
Francs.1
•165,892
479,894
516 397
51,107 557,194
Number.
30,222
20,671
1,679
428
447
462
503
513
513
369
397
407
430
410
414
153
135
99
131
158
197
1,737
1,788
2,616
2,034
2,034
2,429
4,220
4,512
4,138
4,543
4,577
4,930
26,325
16,291
17,302
27,877
20,387
36,468
566
579
550
722
526
436
1,631
1,767
1,692
1,768
1,965
2,177
2,523
2,399
2,359
2,336
2,455
2,366
50,031
50,875
54,431
57,185
56,046
55,848
651,720
546,310
720,210
563,314
532,152
691,539
602
606
410
272
285
414
486
306
316
350
393
447
436
486
408
290
316
355
38S
427
400
452
203
169
125
102
84
64
47
26
1,896
2,490
1,822
1,513
1,880
1,799
1,921
1,645
4,111
3,884
4,087
4,175
4,502
4,932
4,864
4,803
33,275
18,405
19,867
17,270
17,093
12,550
14,292
238
230
285
176
298
276
808
1,888
1,732
2,053
1,927
2,193
2,561
2,817
2,146
1,892
2,467
2,485
2,832
2,804
2,817
2,841
54,432
55,890
56,972
54,930
54,272
56,757
484.566
496,581
516,463
647,472
523,097
542,148
558,709
580,796
684
666
588
354
199
1
iee
171
146
In thousands; 000 omitted.
* End of the month figure.
* Railways included are: State Railways, Paris-Lyon-Me'diterranee, Nord, Orleans, Est, Midi, Alsace-Lorraine, and GuUlaumc-Luxembourg •
< Bale of SO kilograms.
• Figures do not Include Lorraine.
• Excludes the Alsace-Lorraine and Guillaume-Luxembourg Eailways.
1133
FEDERAL EESERVE BTJUuETIN.
OCTOBER, 1923.
CANADA.
PRODUCTION.
Year and month.
1921 average.
1922 average.
1922.
July
August
September...
October
November...
December...
1923.
January
February
March
April.
May
June
July
August
Kg
Iron.
Crude
steel.
TOM.1
Tons.1
56
41
50
32
48
46
89
93
104
96
74
105
41
44
65
S4
102
S9
82
93
1
Receipts
of
Receipts at
stockyards in
Toronto and
Winnipeg.
wheat
at
Fort
William
and
Port Cattle. Hogs.
Arthur.
BushNumber.
ete.1
14,447 39,904
20,363
Number.
34,165
40,473
Planks Preand
served
boards. fish.
Feel.'
85
166
Wood
pulp.
11,007
9,488
Lbs.i
87,871
136,375
5,420 52,473 32,812
3,681 75,212 29,381
36,986 67,579 26,154
65 120 87,092 39,806
56,847 80,084 56,328
32,044 45,705 49,244
215 9,936
213 7,607
191 20,675
239 13,239
205 9,995
187 8,614
11,574 42,126 64,219
3,176 31,323 45,554
5,992 36,429 45,756
7,641 44,969 58,771
10,561 48,493 59,044
6,907 34,531 38,962
6,032 53,089 44,096
2,036 65,796 40,224
168 7,325
124 7,272
205 10,856
152 5,452
218 8,693
228 7,300
259 8,208
Wheat. Coal.
BusheUA
12,238
Tout.1
Raw
cotton.
Machinery.
UnemployRail- ment Busiroad among ness
refailtradeceipts. union ures.
members.
Dollars'
3,292
1,895
Dolfars.i
33,883
34,021
Per
cent.
12.3
7.1
Number.
47
74
17,462
1,085
Lb.
7,260
9,229
155,502
169,611
180,068
154,019
173,180
140,001
9,487
11,587
9,233
37,593
55,316
40,669
427
440
663
1,465
2,127
1,964
7,518
8,459
4,276
4,383
11,284
16,980
1,559
1,963
1,918
1,931
2,114
1,986
33,274
35,546
39,158
47,641
44,259
36,758
4.1
3.6
2.8
3.9
6.2
6.4
60
64
65
72
76
82
139,749
100,929
150,304
103,660
119,832
177,996
167,846
9,740
7,129
6,614
5,143
11,932
22,229
12,665
1,876
1,601
1,903
1,432
1,620
1,794
1,905
20,0?6
12,426
14,362
9,633
7,567
6,520
4,810
1,981
2,033
2,938
2,410
2,397
2,606
2,541
30,686
26,238
32,833
33,128
34,848
33,902
36,145
37,898
7.8
6.4
6.8
4.6
4.5
3.4
2.9
82
77
60
60
58
59
In thousands; 000 omitted.
2 I n millions; 000,000 omitted.
JAPAN.
Raw
silk
stocks,
YokoSilk
Year and month.
Cotton fabrics Paper. hama
maryams. (habuket.
taye).
1922.
September
October . . . .
November
December
1923.
January
February
March...
April
May
June
July....
Silk
fabrics Cotton
(habu- yarns.
taye).
Freight Receipts
Iron Vessels
cleared carried
Raw
of
on
plates
Green cotton,
in
State
tea. ginned. Wool. and foreign State
railrailsheets. trade.
ways. ways.
Sheetings
and
shirtings,
gray.
149 44,538
145 52,445
Piculs.* Plculs. Piculs. YardtA Piculs.1 PkulsA Pkuls.
16,857 2,302 113,374
537 13,162
7,921
74,839 28,465 14,357
648 46,918
53,111 14,557 2,264
73,065 23,210 9,240
1,702
720 22,278
58,477 21,836
28,697
98,516 24,260 16,619
1,721
44,832
716 47,096
181
179
179
193
199
190
159 53,734
116 54,553
121 53,326
118 54,892
123 54,340
117 56,306
45,848
56,032
48,810
48,472
75,419
68,304
34,541
36,196
35,959
35,970
26,804
31,133
1,793
2,017
1,686
1,839
1,253
1,608
51,660 25,284
40,075 22,343
68,773 17,668
118,431 25,259
101,406 22,537
129,466 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
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
32,882
33,041
175
183
189
196
193
1S2
116
90
124
73
117
97
116
57,119 47,394
57,637 30,900
61,624 30,714
63,893 26,783
64,801 33 474
63,229 36,923
49,172
14,985
25,399
16,928
27,696
16,797
717
1,129
738
862
672
73,769 22,989
54,298 24,431
98,505 30 499
98,376 33,003
72,292 29,9SS
2,149
2,914
2,193
1,650
6,645
885
916
1,126
880
944
53,280
35,093
94,970
75,727
61,999
152
239
299
258
411
2,771
2,589
3 315
2,916
3,330
4,496
4,580
5,414
30,166
28,909
37,513
42,405
Monthly average: Bales.
126
1913
151
1920
151
1921
185
1922
July
Silk,
raw.
TBANSPORTATION.'
IMPORTS.
EXPORTS.
PRODUCTION.'
HIM.' Poundt. Bales.
> i n thousands; 000 omitted.
1
One hlki equals two pieces.
1
Yen.
132
528
312
545
Tons.
2,075
2,216
2,324
2,969
Tons.
2,923
4,548
4,342
4,768
11,723
27,589
31,182
33,864
A picul varies from 133 to 140 pounds avoirdupois.
1134
OCTOBEB, 1923.
FEDERAL RESERVE BULLETIN.
GERMANY.
UNEMPLOYMENT.
PRODUCTION.
MaIron
chinery Dyes
and
and
Coal
and
elecand Lignite. iron
dyemanu- trical stuffs.
coke.
factures. supplies.
Year and
month.
Half
manufactured
silk.
Saw
wool.
Coal.»
Cotton.*
Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric
tons.*
tons.
tons.
tons.
tons.
tons.
tons.
tons.
tvns.* Ions.*
17,003 7,266 541,475 60,919 21,812 2,881,126 16,608
920 43,424 1,225
13,043 9,303 145,883 46,772 8,462 608,749 •4,025
•232 12,490 j
538
13,664 10,241 '203,681 •39,037 '8,530 '518,937 '11,860
'393 '30,894
'619
13,337 11,432 220,803 49,147 12,731 421,835 15,910
407 21,483 1,003
1922.
July
August
September
October
November
December
11,972
12,780
12,623
13,329
12,986
12,251
1923.
January....
February..
March
ApriL
May
June
July
August....
11,411
12,147
11,823
12,078
11,896
11,897
212,365
198,408
244,012
246,074
233,553
285,464
9,104 236,709
8,289 209,965
1,987
'1,554
143,853
143,213
135,605
107,151
131,870
44,162 12,671
50,978 12,616
40,150 13,477
50,699 15,187
41,644 11,110
85,350 16,472
42,209
34,438
36,608
30,038
30,464
24,856
37,482
13,651
12,077
11,443
9,24-1
10,223
9,716
8,924
Arrivals ol
vessels in
Hamburg.
Iron
ore.'
Monthly average:
1913
1920
1921
1922
Applicants
for
every
100
available
positions.
Number. Tons.6
1,256
1,182
401
374
700
794
907 1,084
Number.
169
165
131
14,119
11,011
8,708
10,023
9,198
435
459
342
371
425
297
26,085
20,915
13,959
10,584
20,622
25,942
962
997
1,090
1,316
842
1,038
793
1,005
945
1,016
877
1,065
1,171
1,208
1,272
1,046
1,041
104
107
119
134
162
187
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
244
278
202
249
455
316
26,382
19,030
10,655
19,423
16,380
5,604
7,398
867
269
148
141
100
208
144
993
900
1,250
1,165
1,102
1,158
1,142
1,047
1,381
1,319
1,314
1,313
1,411
1,364
214
242
245
2o5
211
197
172
199,961
121,359
110,245
125,670
137,341
123,826
I
Unem- Busiployed ness
failpersons ures.
receiving
State
aid.
Number.*
310
77
JVttmber.
816
331
744
84
81
59
45
43
34
39
85
150
190
222
266
255
138
24
17
30
45
32
35
18
13
1
Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months.
»Not including coal for reparations account.
• Includes linters.
* Includes manganese ore.
* In thousands; 000 omitted.
• Average based on 6 months.
' Coal-production figures only.
SWEDEN.
PRODUCTION.
Year and month.
Pig
iron.
Metric
tons?
Monthly average:
1913
1920
1921
1922
1922.
July
August
September
October
November...
December
1923.
January
February
March...
April
May
June
July
August
..
• In thousands; 000 omitted.
EXPORTS.
Iron and Unplaned
steel ingots. boards.
Paper
pulp.
IMPORTS.
TRANSPOETATION.
Coal.
Freight
Vessels
Vessels
carried
cleared
entered
on
State
with cargo. with cargo. railways.
61
39
26
22
Metric
tow.'
49
37
17
26
Cubic
meters.1
328
306
162
320
Metric
font.'
71
73
40
87
Metric
tons.1
408
20
22
22
23
27
28
27
27
31
31
34
29
608
539
508
494
465
384
89
104
113
144
189
156
214
294
22
6
10
10
12
10
10
15
0.4
1
2
2
2
2
97
45
38
74
311
442
364
352
41
12
9
18
98
84
92
93
227
201
218
243
363
234
122
220
229
270
302
346
310
270
309
Unemployed
workmen Business
failures.
per 100
vacancies.
Net tons.1
1,147
677
519
594
Net tons.'
1,147
692
482
642
Metric
torn.1
830
991
589
681
Number.
112
107
276
290
Number.
317
196
432
388
625
694
684
699
705
655
787
836
808
822
751
671
715
765
776
799
796
635
203
172
155
177
269
321
374
300
371
335
353
309
679
603
783
718
766
826
785
639
517
729
720
932
1,168
1,080
643
669
785
747
702
696
755
346
308
231
1«5
135
146
141
140
387
338
322
273
301
305
261
217
-
OCTOBER, 1923.
1135
F E D E R A L . R E S E R V E pTTT.T.TCTTTT.
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.]
IMPORTS.
Year and month.
Monthly average:
1913
1920
1921
1922
August
September
October
November
December
January
February
March
April
May
June
July
August
Food,
drink,
and
tobacco.
Raw
materials and
articles
mainly
unmanufactured.
Articles
wholly
or
mainly
manufactured.
Miscellaneous,
including
parcel
post.
Total.
Food,
drink,
and
tobacco.
Total.
43,770
111,206
58,600
60,041
9,131
18,563
8,921
52,901
129,769
67,526
68,689
Reexports.
24,184
63,817
47,391
39,429
23,485
59,196
22, 598
24,853
16,134
37,787
20,421
19,160
259
64,061
254 161,387
268
90,458
261' 83,660
2,716
4,245
3,122
3,027
5,825
12,126
5,297
8,501
34,281
949
93,312
1,523
49,055 ! 1,126
47,451
1,062
37,717
35,555
38,617
45,501
42,292
24,141
21,848
26,409
30,223
32,499
20,326
19,244
19,726
19,587
19,838
432
296
262
290
283
82,616
76,944
85,015
95,600
94,912
3,105
3,154
3,066
3,408
2,796
8,900
10,099
9,211
10,101
9,493
47,149
48,361
47,010
51,964
44,932
878
897
1,112
1,018
1,662
60,032
62,511
60,399
66,491
58,883
7,504
6,381
8,277
9,148
8,479
67,536
68,893
68,676
75,639
67,362
47,398
37,141
40, 726
41,772
43,631
44,087
35,188
44,070
30,288
26,739
27, 732
22,939
23,741
23,652
20.991
22,333
21,707
19,462
21,226
21,446
21,562
21,179
20,272
21,774
307
513
338
260
544
390
368
561
99,700
83,855
90,022
86,417
89,479
89,308
76,818
88,743
3,364 j
2,864
2,616 I
3,224
3,851
3,940
3,131
3,428
9,372
9,470
11,564
11,717
14,041
11,540
10,835
10,223
53,135
44,324
45,935
46,922
52, 801
46,534
44,734
45,446
1,068
852
776
1,009
861
870
803
66,939
57,510
60,921
62,871
71,555
62,884
59,504
60,103
9,798
9,823
9,086
12,429
11,773
10,955
8,800
6,129
76,737
67,333
70,006
75,300
83,328
73,838
68,304
66,232
1922.
1923.
"... .
Total
exports
and reexports.
Miscellaneous,
including
parcel
post.
1,006
FOREIGN TRADE OF FRANCE.
EXPORTS.'
IMPORTS,'
In thousands of francs.
Year and month.
Manufactured
articles.
Total.
In
thousands of
metric
tons.
Monthly average:
1913
1920
19213
1922
June *
July
August
September
October
November
December
January
February
March
Aprils
May
June
July
August
In thousands of francs.
Food.
ManufacRaw
tured
materials. articles.
Parcel
post.
Total.
In
thousands of
metric
tons.
151,465
989,576
517,158
483,334
138,169
412,144
2,096,379 1,072,787
412,045
1,033,170
337,705
1,170,678
701,778
4,158,741
1,962,373
1,991,717
3,685
4,211
3,165
4,281
69,908
217,733
161,031
160,067
301,421
154,841
509,485 1,413,548
463,219 1,067,413
988,349
453,656
47,182
100,479
104,430
118,094
573,351
2,241,245
1,796,092
1,720,166
1,840
1,071
1,333
1,885
466,816
489,136
510,597
473,000
570,395
516,586
628,705
1,094,023
1,190,600
1,096,903
1,087,000
1,189,564
1,478,424
1,903,975
291,144
317,000
352,229
333,000
348,913
353,235
390,616
1,851,983
1,996,607
1,959,729
1,893,000
2,108,872
2,348,245
2,923,296
4,313
4,220
4,512
4,138
4,543
4,577
4,930
385,222
132,055 441,485
114,169 441,165
910,079
179,407 408,005
931,066
141,000 477,000 1,055,000
195,467 493,804 1,098,983
196,112 537,370
856,421
249,079 1,185,596 1,119,980
92,368
66,944
157,836
68,000
149,213
116,596
224,292
1,551,130
1,532,357
1,676,000
1,741,000
1,937,467
1,706,499
2,778,947
1,800
1,737
1,78$
2,616
2,034
2,034
2,429
457,976
551,134
613,952
582,489
599,368
569,370
603,994
646.000
1,374,222
1,445,337
1,508,160
1,628,170
1,611,688
1,654,438
1,657,197
1,835,000
312,096
346.543
364,624
349,539
385,825
334,528
354,000
352,000
2,144,294
2,343,014
2,486,737
2,560,198
2, 596,881
2,558,338
2,615,6 J 8
2,633,000
4,111
3,884
4,087
4,175
4,502
4,932
4,864
4,803
187,004
242,045
243,551
434,786
944, 740
729,853 1,235, 587
728,243 1,379, 622
129,368
121,373
122,962
1,695,898
2,328,858
2,474,378
271,206
252,543
279,663
249,000
137,614
810,836 1,455,
768,803 1,321,161 j 136,884
760,815 1,276,251 107,052
95,000
702,000 1,497,000
2,675,045
2,479,391
2,423,781
2,243,000
1,896
2,490
1,822
1,513
1,880
1,799
1,921
1,645
1922.
,
,
,
1923.
1
Calculated on basis of actual declared value.
s Calculated on 1919 value units.
* Not including
reexport trade.
< Beginning with June, exports calculated on 1921 value units.
s
Value of exports not available. Beginning with May, exports calculated on 1922 value units.
1136
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
FOREIGN TRADE OF DENMARK. ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA.
AND
JAPAN.
Brazil.
Japan.
Canada.
India.
Sweden.
Netherlands.
Denmark.
Italy.
(In millions of (In millions of (In millions of (ID millions of (In millions of (In millions of (In millions of (In mulions of
milreis.)
yen.)
dollars.)
rupees.)
kronor.)
guilders.)
kroner.)
lire.)
Year and month.
Im- Exi m - ExIm- ExIm- ExIm- ExIm- ExExIm- ExImports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports.
Monthly average:
71
262
136
126
304
60
151 •2,235
121 •1,439
103 1,311
210
981
690
776
117
134
135
148
129
143
107
90
122
112
120
110
1,134
1,052
1,231
1,399
1,248
1,918
672
732
747
889
1,046
1,014
143
156
168
168
154
141
167
108
118
135
115
134
136
127
1,060
1,572
1,496
1,404
1,587
789
750
887
722
782
1913.
1920
1921
1922
m
71
281
106
97
68
191
91
97
84
174
141
13S
82
146
142
194
205
61
89
103
63
31
107
101
74
134
142
114
102
280
201
173
272
214
244
195
135
158
53
162
104
136
164
179
165
187
172
163
105
99
116
112
104
100
83
105
109
118
HI
110
113
132
123
122
128
120
61
67
60
67
76
70
72
74
73
104
132
112
109
147
132
202
169
186
154
182
202
299
237
250
182
212
182
229
207
192
245
252
216
216
289
281
142
137
135
105
116
143
144
146
150
161
139
158
173
162
165
170
160
160
91
95
107
97
104
88
88
109
115
111
111
103
65
49
61
62
105
112
105
68
65
92
68
84
85
77
79
66
59
78
54
76
95
84
81
183
142
222
177
185
248
251
283
220
223
214
194
186
211
193
100
295
317
327
307
300
299
150
156
197
188
203
208
159
95
123
121
150
115
110
119
0)
278
187
169
(')
1022.
July
August.
September
October
November
December
1923.
January .
February
March
April
May
June
July
August
...
98
i Dutchfigurestor1913 not comparable with later figures.
1
Based on 1920 value units.
> Based on 1921 value units.
FOREIGN TRADE OF UNITED STATES, GROUPED BY ARTICLES."
[In thousands of dollars.]
Groups of domestic exports.
Year and
month.
Vegetable
food
products.
Total
Total
imports. exports.
Animals
and
animal
products.
217,185
215,743
256,178
217,023
252,817
260,461
251,772
281,376
298,493
276,104
291,805
293,789
278,848
250,620
329,980
318,470
307,569
335,117
301,157
301,775
313,197
370,719
380,000
344,328
34,601
34,877
39,750
30,339
32,301
36,001
34,449
32,691
31,212
33,997
33,440
37,461
50,088
46,109
65,350
56,696
60,281
68,389
63,568
81,911
74,337
62,408
59,165
46,561
20,616
18,935
21,402
22,564
19,428
18 053
18,051
16,463
19,151
29,162
23,702
22,241
55,658
42,471
59,466
72,376
63,133
70,939
60,653
47,287
60,141
110,749
125,733
95,073
10,883
9,582
13,079
12,271
12,074
12,304
10,881
12,640
11,559
12,336
11,825
12,955
329,245
303,465
398,178
364,230
372,545
320,257
287,435
275,382
335,417
306,957
341,377
325,492
316,363
320,038
303,030
311,352
44,229
39,203
44,690
39,859
37 125
32,550
32,530
35,748
41,341
46,835
40,244
37,941
46,328
39,271
32,305
38 844
27.004
17,548
21 932
21,086
15,850
21 516
21,359
17,364
79,455
67,631
68,117
57,178
40,130
47,270
39,874
51,183
13,768
14,136
14,887
15,879
16,525
18,417
18,084
17,446
Other
vegetable
prod- Textiles.
ucts.
Wood
and
paper.
Ores,
Reexmetals, Machinports.
Nonand
Miscelmetallic manuery and Chemiminerals- factures vehicles. cals. laneous.
thereof.
1922.
January
February
March
April
May
June
July
August
September
October
November
December
1923.
January
February
March
April
May
June
July
August
35,662
37,353
36,207
34,201
41,298
47,075
44,846
45,679
25,211
23,215
32 349
29,310
29,394
31,107
27,013
26,265
26,380
25,480
25,041
27,742
24,492
23,773
29,466
30,644
30,778
37,789
31,025
30,040
29,157
30,252
33,724
35,391
7,923
7,665
10,472
9,561
10,426
8,660
8,465
8,371
8,199
8,160
9,329
8,879
5,284
5,624
7,541
9,085
8,449
7,044
6,177
6,380
6,128
6,567
7,744
7,269
4,237
4 487
6 815
7,138
5,643
7,478
4,669
5,525
5,634
4,543
5,452
5,077
46,597
42,378
50,311
51,658
56,158
56,510
52,236
50,779
25,861
33,232
34,735
36,762
36,042
36,961
35,174
33,372
33,428
41,290
41,587
41,730
41,541
43,272
41,431
8,622
9,316
11608
11,502
11,834
11,291
11,999
10,183
5,451
5,675
7,178
7,128
6 942
7,814
7,931
6,785
4,640
4,948
7,887
6,939
6,969
7,815
6,479
6,414
39,855
33,882
44,290
<* In the June BULLETIN and in previous issues the foreign trade of the United States is shown by groups of commodities classified according to
stages of manufacture. In the July and August BULLETINS the classification is by country; in the September BtnxETiN, by articles, as above.
OCTOBER, 1923.
1137
FEDERAL RESERVE BULLETIN.
rials also gained 12 points, due to larger exports
of wheat, barley, cotton and copper. The deThere are presented below the Federal Re- cline of 10 points in producers' goods reflects
serve Board's series of index numbers designed smaller exports of acetate of lime, leather, steel
to reflect relative quantity movements in the products, and gasoline.
foreign trade of the United States. Changes
in the level of prices have been allowed for by
INDEX OF OCEAN FREIGHT RATES.
multiplying the quantities of selected commodities exported1 or imported each month by
The accompanying table shows the monthly
fixed 1913 prices.
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
Year and Raw Pro- ConPro- ConRaw- ducmonth. mate- duc- sum- Total. !matesum- Total. the following commodities: Grain, provisions,
ers'
ers'
ers'
ers'
cotton, cottonseed oil, and sack flour. Rates
rials. goods.
rials. goods.
goods.
goods.
in January, 1920, have been used as a base.
(12)
(12)
(5) (27)
(10)
(7) I (29) (10)
For the methods used in constructing the
1913, year
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 index see the August, 1921, BULLETIN, pages
1919, year
88.9 155.1 183.6 115.3 157.5 192.9 147.5 168.4 931-934.
1920, year
92.2 I 158.7 133.6 107.5 135.8 227.5 138.9 168.8
FOREIGN TRADE INDEX.
1921, year.
1922, year.
103.1 I 116.9
89.7 i 108.9
124.1
135.1
108.9
101.1
113.6
157.6
162.8
253.1
141.4
143.0
135.6
189.1
1922.
January.
February
March...
April
May
June
July
August
September
October...
November.
December.
82.6
08.5
89.8
90.5
78.3
86.3
79.1
88.8
91.2
122.9
112.6
86.7
104.3
86.0
121.7
120.9
128.8
124.3
124.0
90.0
98.9
96.8
101.6
109.9
129.7
127.6
156.5
150.5
155.4
169.2
133.5
126.3
111.5
121.0
117.2
122.8
94.5
82.6
106.9
106.0
99.4
107.4
95.0
96.7
96.2
119.8
112.4
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
228.7 135.2
281.3 i 133.5
306.8 | 161.1
236.1 152.0
227.9 168.0
273.3 137.3
266.3 137.5
255.5 120.3
244.0 133.4
241.6 138.8
244.0 ! 144.4
263.0 153.9
160.1
183.4
206.5
169.1
177.9
191.0
187.7
194.2
196.7
172.4
204.1
224.0
1923.
January
February..
March
April
May
June
July
August
78.8
62.2
61.9
59.1
5fi.O
63.6
57.4
69.0
126.5
133.6
143.6
141.9
149.4
145.8
159.6
149.5
137.3
129.6
144.4
136.5
130.8
113.3
106.2
127.1 |
95.8
83.5
87.3
83.6
81 0
82.3
77.9
89.2
220.4
197.1
214.0
211.1
201.1
IH7.0
156.2
130.1
312 2
249.5
348.5
303.6
326.6
292.0
198.9
195.1
242.3
209.1
262.4
244.1
236.4
206.0
15 .6
153.0
155.3
156.8
218.5
212.4
144.7
134.6
121.1
129.3
1
The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 per cent of the total import values, and 29 of the most
Important exports the value of which in 1913 formed 56.3 per cent ol the
totalexport values. The classilication of the originallist of commodities
used was given in the July, 1920, BULLETIN. The classification of 11
additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 1921, BULLETIN.
Exports of gasoline have been alteied to include naohtha.
In August a further decline of 8 per cent is
shown in the board's index number of commodities imported. Raw materials show the greatest decline, accounted for chiefly by the falling
off in imports of cotton, hides, and silk. Producers' goods show a decline of only 4 points,
decreases in imports of nitrate of soda, jute,
rubber, and sugar being partly offset by increases in imports of hemp, paper, and wood
pulp. Consumers' goods show an increase of S
points, due to large imports of cocoa, coffee, and
olive oil.
The index number for commodities exported
shows an increase of 14 per cent. The greatest
increase, 21 points, is shown in consumers'
goods, due to large exports of wheat flour, lard,
illuminating oil, and cotton cloth. Raw mate-
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPEAN TRADB.
United States Atlantic ports t o Month.
January, 1920..
January, 1921..
1922.
January
February
March
April
May
June
July
August
September
October
November
December
1923.
January
February
March
April
May
June
July
August
September
United French NetherScandiKing- Atlantic. lands
and
navia.
dom.
Belgium.
Mediterranean.
All
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
27.3
27.9
27 5
28.8
29.2
27.0
25.3
28.0
27.1
22.7
25.9
26.5
24.8
25.5
26.1
25.9
23.4
24.1
23.9
23.4
25.6
23.3
25.2
24.9
22.7
22.8
23.0
22.6
20.7
19.1
18.9
21.3
22.2
23.4
23.3
23.4
24.0
23.4
23.4
23.0
22.4
22.6
22.9
22.9
22.7
32.2
31.8
30.1
27.1
27.4
27.4
26.4
24.0
22.2
21.6
21.3
21.8
27.1
29.1
28.3
25.4
25.7
25.7
259
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
24.7
22.6
23.6
24.2
23.7
23.5
21.5
22.2
22.5
19.8
18.6
20.0
21.9
21.0
19.9
18.1
17.7
19.8
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
22.9
21.1
21.9
22.6
22.1
21.3
19.9
20.0
20.7
SAVINGS DEPOSITS.
Savings deposits, as reported by 894 banks
distributed throughout all sections of the
United States, increased during August in all
Federal reserve districts except in the New
York, Richmond, and Atlanta districts. In
the Minneapolis district they remained relatively unchanged from the level of the preceding month. Deposits for the entire country on
September 1 were $6,659,615,000, an increase
of $4,811,000, or 0.07 per cent, over deposits on
August 1. Compared with deposits on Sep-
1138
OCTOBER, 1923.
FEDERAL RESERVE BULLETIN.
tember 1, 1922, increases were noted in all dis- Fiduciary Powers Granted to National Banks.
tricts, and for the entire country the increase During the month of September the Federal Reserve
was $619,247,000, or 10 per cent. A compari- Board approved applications of the national banks listed
son of savings deposits on September 1, 1923, below for permission to exercise one or more of the fiduciary
powers named in section 11 (k) of the Federal reserve act
with deposits on August 1, 1923, and Septem- as
amended, as follows:
ber 1, 1922, is shown in the following table. 1. Trustee.
The figures for the Boston and New York dis- 2. Executor.
3. Administrator.
tricts are those of large mutual savings banks,
Registrar of stocks and bonds.
but in all other districts reports of other banks 4.
5. Guardian of estates.
are included to make the figures thoroughly 6. Assignee.
representative:
'*
7. Receiver.
SAVINGS
DEPOSITS
BY FEDERAL
RESERVE
DISTRICTS.
[000 omitted.l
District.
Number
ofbanks.
Boston...
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Mlnnfl^pnliR
Dallas
San Francisco
Total
Sept. 1,
1923.
Aug. 1,
1923.
Sept. 1,
1922.
64 $1,194,152 $1,192,585
30 1,854,412 1,854,810
461,922
80
461,876
432,286
430,014
18
92
288,652
289,348
217,421
99
217,946
20S
858,657
858,068
35
130,158
129,740
88,820
88,821
15
59
101,468
101,391
94,082
118
94,729
936,938
75
936,123
893
6,659,615
6,654,804
$1,104,435
1,728,310
422,128
380,941
269,220
192,303
767,120
116,715
79,195
91,831
80,624
807,546
6,040,368
New National Bank Charters.
The Comptroller of the Currency reports the following
increases and reductions in the number and capital of
national banks during the period from August 25 to September 21,1923, inclusive:
8. Committee of estates of lunatics.
9. In any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into
competition with national banks are permitted to act
under the laws of the State in which the national bank is
located.
The numerals opposite the name of each bank indicate the
power or powers it is authorized to exercise, as given below:
Place.
Roscoe,N.Y
3carsda!e, N. Y
Dover, N. J
McKeesport, Pa
Newcastle, Pa
Columbia, 8. C
Jackson, Miss
Batavia, 111
Thornton, Iowa
Wausau,Wis
Gary, Ind.1
Owensboro, Ky. 11...
Paragould, Ark. ...
Vevay, Ind. 1
Denver, Colo
Reno, Nev
Long Beach, Calif..
District
No.
Powers
granted.
Name of bank.
1 to9
First National Bank
Ito9
Scarsdale National Bank
5 to 9
National Union Bank
1 to9
First National Bank
I to 9
Citizens National Bank
Ito9
Columbia National Bank
f Ito7
Jackson State National Bank... \ and 9
1 to 8
First National Bank
Ito9
First National Bank
I
First National Bank
Ito9
National Bank of America
1
to9
First National Bank
Ito9
First National Bank
Ito9
First National Bank
Ito9
Broadwav National Bank
land
4
Farmers and Merchants National
Bank.
Ito9
12 California National Bank
2
2
2
4
4
5
6
7
7
7
7
8
8
8
10
12
• Approved during July.
Number of
banks.
New charters issued
Increase of capital approved'
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital
Total liquidations and reductions of capital..
Consolidations of national banks under act of Nov.
7,1918
10
0
10
20
11
2
13
1
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net decrease
Amount
of
capital.
The following list shows the State banks and trust
$715 000 companies which were admitted to membership in the
Federal reserve system during the month ending Sep1,020,000 tember 29, 1923, on which date 1,625 State institutions
were members of the system:
1,735,000
reCapital. Surplus. Total
2,485 000
sources.
225,000
District No. S.
2,710,000
East Petersburg State Bank, East
$50,000
$5,000 $190,548
Petersburg, Pa
200,000 Atlantic Safe Deposit & Trust Co.,
Atlantic City, N. J
300,000 350,000 6,714,654
1,735,000
District No. 6.
2,710,000
Rutherford County State Bank, Mur975,000
25,000
75,000
freesboro, Tenn
50,000
1
Includes one increase in capital of $100,000 incident to a consolidation under act of Nov. 7,1918.
Acceptances to 100 Per Cent.
Since the issuance of the September BULLETIN the
following bank has been authorized by the Federal
Reserve Board to accept drafts and bills of exchange up
to 100 per cent of its capital and surplus:
The American Bank of San Francisco, Calif.
State Banks and Trust Companies.
District No. 10.
Federal Trust Co., Kansas City, Mo
200,000
40,000
495,356
Insolvent.—Eden State Bank, Eden, Idaho; Bank of Hansen, Hansen, Idaho.
Converted to national bank.—South Texas State Bank, Galveston,
Tex.; First State Bank, Graford, Tex.
Merged with another State member.—Illinois Trust & Savings Bank,
Chicago, 111., has merged with Merchants Loan & Trust Co., Chicago;
Battery Park Bank, New York, N. Y., has merged with the Bank of
America, New York, N. Y.; and the Security Bank & Trust Co., San
Francisco, Calif., has merged with the American Bank, San Francisco.
Succeeded 6y national bank.—Fort Scott State Bank, Fort Scott,
Kans.
1139
FEDERAL KESEBVE BUU^ETIN.
OCTOBER, 1923.
PHYSICAL VOLUME OF TRADE.
Commencement of fall activity was evident
in August statistics of the movement and
production of commodities. Wholesale and
retail trade increased; the volume of transportation, as shown by carloadings, continued
at a high rate; the marketing of agricultural
staples Decame substantially greater; the output of mineral products, as a whole, was
above that of any month since 1919; and the
production of manufactured goods increased
as compared with July. Most of these movements were entirely seasonal. In fact, the
index of production in basic industries, given
in the table below, which makes allowances
for normal seasonal changes, continued the
decline evident since June, thereby indicating
that the increases were not as great as is
ordinarily expected.
Agricultural movements reflected the marketing of recently harvested crops, and the
index, given below, increased more than in
any August within the past four years. All
items included in the index, except citrus
fruits, shared in this upward movement.
Grain receipts at principal centers were particularly heavy; in fact, as a whole they were
the largest since November, 1921. Wheat
receipts have not been exceeded since August,
1921. Corn, on the other hand, was received
in somewhat smaller volume than in August
of last year. Shipments of grain from these
centers were not so large as in August of
1921 and 1922, but were fairly comparable
with those of the two previous years. As a
result of large receipts and relatively small
shipments, interior stocks and the visible
supply of wheat on September 1 were unusually
large. Receipts and stocks of wheat at seaboard centers, as well as exports, were somewhat smaller than in August of previous years.
Movements of livestock, particularly receipts
of hogs, showed the usual seasonal increase in
August, although they were already at an
extraordinarily high level for this season.
Receipts of cottonseed at mills were unusually
large for August, and the movement of cotton
into sight was almost double that of July.
Loose-leaf tobacco markets opened during
August in North and South Carolina, and the
western market became more active. Orange
shipments from California, although less than
in July, were larger than usual for August.
Apple shipments were a little larger than in July,
and those of white potatoes were slightly less.
VOLUME OF DOMESTIC BUSINESS
( MONTHLY AVERAGE, 1919 = 100 )
PER
CENT
PER
CENT
160
14-0
120
100
100
80
80
60
SO
40
20
20
J. F. M. A. M. J. J. A. S. O. N. D. J. F. M.A. M. J. J. A. S. 0. N. D. J. F. M.A. M. J. J. A. S. 0. N. 0. 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
1140
Mining output, as indicated by the index,
rose to a new high level during August. Stimulated by the prospective strike, the production
of anthracite was, with two exceptions, the
greatest on record, and the amount of bituminous coal mined was also large. Crude petroleum output increased again to a new high
record and stocks were also considerably
enlarged. Copper production was the maximum since January, 1919. The manufacture
of pig iron declined rather substantially, and
silver, lead, and zinc output was also smaller.
Zinc shipments dropped further and stocks
increased to the largest figure within the past
year.
In manufacturing during August greater
production was noted in a number of industries, and the manufacturing index advanced.
This upward movement, however, was hardly
more than seasonal in most industries, and,
moreover, the records of earlier months this
year were not equaled except in a few cases—
sole leather, cement, lumber, and wheat flour,
for example. Of these, the increase in cement
and wheat flour from July to August was not
as great as ordinarily occurs at that time.
The average daily output of steel ingots during
August was the smallest this year, and shipments of and orders for most iron and steel
products declined. Slight recovery in textiles
was denoted by greater consumption of cotton,
wool, and silk, but the per cent of machineryactive in these industries was decreased.
Although building contracts awarded fell off,
permits increased, and the volume of building
actually under construction is large; therefore
production of building materials continues at
a high rate. Seasonal increases were noted in
automobiles, locomotives, leather and shoes,
paper, sugar, animals slaughtered, and tobacco
manufactures.
INDEX
OCTOBEBj 1923.
FEDERAL RESERVE BULLETIN.
OP PRODUCTION IN BASIC INDUSTRIES,
ALLOWANCE FOB SEASONAL VARIATION.
INDEXES OP DOMESTIC BUSINESS UNCOBRECTED
SEASONAL CHANGES.
FOB
[Monthly average, 1919=100.)
AGRICULTURAL MOVEMENTS.
Total Total
agriculaniture. 1 mals.
Total
grains. Cotton
Fruit.
Leaf
tobacco.
55
86
145
96
97
1922.
August."
September
October
November
December
107
129
154
138
121
97
107
132
122
105
154
151
136
118
129
48
140
228
204
139
43
38
41
49
100
1923.
January
February
March
April
May
June
July
August
107
73
78
70
70
6fi
82
113
108
84
88
88
97
88
97
104
116
76
83
70
52
61
95
161
80
37
40
26
32
24
25
50
100
118
159
149
193
166
114
92
i Combination of 14 independent series.
75
45
31
5
1
38
* Less than one-half.
MINERAL PRODUCTS.
Total Bimin- tumieral
prod- nous
ucts. 1 coal.
Date.
AnCopthra- Crude
cite petro- Iron. per.
coal.
1922.
August.
September..
October
November..
December...
100
119
120
125
58
107
118
119
122
2
68
116
114
115
147
144
150
152
159
71
80
104
112
121
1923.
January
February...
March
April
May
June
July
August
132
117
134
127
137
135
135
139
131
111
123
111
121
119
118
128
119
106
128
110
117
118
113
121
164
154
178
184
197
195
207
209
127
118
138
139
152
144
144
135
1
105
96
114
110
117
117
117
121
Zinc.
Lead.
80
84
102
102
109
97
95
108
113
109
118
108
124
119
121
109
110
106
113
104
121
117
124
125
121
116
Combination of 7 independent series.
PRODUCTION OF MANUFACTURED GOODS.
Date.
WITH
Total
man- Steel. Lumufac-1
ber
ture.
Paper.
PeTotro- Tex- Leath- Food. bacco
leum. tiles. er.
[Monthly average, 1919-100.]
1922.
1919
January..
February..
March
April..
May...
June
July.
August
September
October
November.
December
107
100
9fi
99
93
93
102
103
105
101
98
103
1920
116
115
115
108
105
107
105
102
102
99
95
90
1921
84
84
81
79
77
77
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
August
September.
October...
November.
December.
105
101
108
109
100
94
100
122
122
118
116
102
115
113
104
Ill
108
113
113
107
141
139
147
150
153
116
111
120
125
113
80 105
80
99
83 106
79 . 115
79 107
134
122
115
112
89
1923.
January...
109
February..
100
March
j 113
April...
107
112
Mav
lune
i 108
July
101
August
109
136
123
144
141
149
134
125
131
106
96
129
110
127
116
107
126
117
109
120
116
128
121
104
115
157
141
156
153
158
156
158
158
128
122
128
124
119
110
94
107
89
78
92
91
91
88
89
91
115
101
116
105
llf
121
12C
123
1
Combination of 34 independent series.
105
96
110
99
103
94
97
102
1141
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
COMMODITY MOVEMENTS—Continued.
COMMODITY M O V E M E N T S .
August,
1923.
Grain and Flour.
Receipts at 17 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Eye (bushels)
Barley (bushels)
July,
1923.
August,
1922.
69,835
20,919
31,935
3,838
5,036
42,043
18,505
16,587
1,458
2,018
62,644
22,058
26,519
14,085
4,121
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)...
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Eye (bushels)
Barley (bushels)
131,563
2,594
80,611
2,427
129,427
2,990
143,235
91,533
142,880
30,489
11,421
16,946
2,548
2,375
20,582
10,259
13,534
4,078
1,349
49,633
19,964
17,846
11,903
2,152
Total grain (bushels)
Flour (barrels
Total grain and flour (bushels)...
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
63,779
4,330
49,802
3,686
101,498
4,846
83,264
66,388
123,303
45,741
944
7,360
10,816
1,071
21,403
1,242
4,131
10,223
564
11,852
4,390
32,048
2,213
Total grain (bushels)
Visible supply of grain east of the Eocky
Mountains (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Eye (bushels)
Barley (bushels)
65,932
37,563
61,887
1,927
10,962
31,237
2,256
• 6,138
14,934
943
1,512
1,272
3,470
9,448
1,004
1,153
1,871
1,944
Total grain (bushels)
Flour (barrels
Total grain and flour (bushels)...
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn.(bushels)
Oats (bushels)
Eye (bushels)
Barley (bushels)
Total grain (bushels)
Wheat flour production (barrels, 000
omitted)
s f
Livestock.
Receipts at 57 principal markets (head,
000 omitted):
Cattle and calves
Hogs
Sheep
Horses and mules (42 markets)
Total
Shipments at 52 principal markets
(head, 000 omitted):
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
22,131
1,813
30,291
15,420
1,436
21,879
6,557
106
881
358
3,136
11,038
5,401
120
924
609
2,390
9,444
12,016
10,408
2,185
3,641
1,787
31
7,644
1,048
1 434
892
28
3,402 I
1,881
4,089
1,650
17
7,637
741
1,480
707
15
2,943
475
59
339
220
32
304
874
556
August,
1923.
Livestock—Continued.
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
Pickled and other cured
Hogproducts—
Bacon
Hams and shoulders
Lard
Pork, pickled
820
403
July,
1923.
725
379
August,
1922.
962
761
345
2,888
1,024
6,049
5,018
46,673
4o,893
867,730 !l, 009,738
2,019 |
2,752
48,291
739,425
3,376
3,556
957
5,736 |
92
339
1,551
174
271
2,016
258
300
2,621
33,004
36,190
S3,75S
4,311
27,581
36,683
69,478
3,376
32,591
18,761
68,907
3,384
Dairy Products.
Receipts at 5 principal markets (000
omitted):
58,814
75,692
Butter (pounds)
23,312
22,291
Cheese (pounds)
51,483
1,205
1,338
Eggs (cases)
18,068
16,6%
Poultry (pounds)
Cold storage holdings first of following
month (000 omitted):
30,586
102,957 101,774
Creamery buttery (pounds)
8,229
63,330
American cheese (pounds)
55,839
40,073
9,931
Eggs (cases)
10,509
34,106
41,250
Poultry (pounds)
32,480
Fishery Products.
6,261
3,847 Fish landed by American fishing vessels, total catch 'pounds, 000 omitted)
22,728
3,808
21,367
2,827 Cold-storage holdings, frozen and cured
fish on 15th of month (pounds, 000
omitted)
61,110
46,912
49,223
1,705
Other Agricultural Products.
56,895
Cottonseed (tons):
- Eeceived at mills
159,21S
13,314
Crushed
52,453
14,549
11,207
Stocks at mills at close of month
119,551
12,032
782 Cottonseed
oil
(pounds,
000
omitted):
2,814
Production
14,464
9,266
339
Stocks
7,431
5,036
3,415 Oleomargarine consumption (pounds,
000 omitted)
18,081
11,616
18,557
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
12,332
Bright b e l t North Carolina
11,409 I
South Carolina
25,710 !
Burley
212
177
Western dark
121
70
2,149
2,982 Sale of revenue stamps for manufacture
of tobacco, excluding Porto Eico and
1,866
Philippine Islands, (000 omitted):
24
Cigars (large)
616,265 589,176
7,021
Cigars (small)
37,506
36,620
5,859,285 '5,839,708
Cigarettes (small)
Manufactured tobacco (pounds)
32,787
31,210
1,028 Fruit shipments (carloads):
1,052
Grapefruit
123
187
855
Oranges
2,383
3,862
22
Lemons
484
838
3,749
3,153
Apples
2,957 Vegetable
shipments:
15,324 i 15,853
White potatoes (carloads)
2,168 | 1,396
Onions (carloads)
466
41,039 I 34,558
Eice (pounds, 000 omitted)
30 Sugar, al] ports (long tons):
273,134 265,143
Receipts
293,700 282,100
Meltings
844
312,434 35S,6S3
Raw stocks close of month
62,494
19,819
1,028
15.571
112,039
53,625
9,608
27,671
20,167
54,136
100,470
52,245
61,393
14,303
10,038
11,754
18,160
17,995
1,162
178
641,164
60,498
(,373,890
38,021
11
1,173
796
4,899
18,224
2,428
51,965
488,562
557,300
336,091
1142
OCTOBEB, 1 9 2 3 .
FEDERAL EESERVE BTJLJJETIN.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
August,
1923.
Lumber: Forest Products.
Number of m i l l s National Lumber Manufacturers' Association
Southern Pine Association
Western Pine Association
West Coast Lumbermen's Association
Production (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
Western Pine Association
West Coast Lumbermen's Association
Shipments (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
Western Pine Association
West Coast Lumbermen's Association
Naval stores at 3 southern ports:
Spirits of turpentine (casks)—
Receipts
Stocks at close of month
Rosin (barrels)—
Receipts
Stocks at close of month
Fuel and Power.
Coal and coke (short tons, 000 omitted):
Bituminous coal production
Anthracite coal production
Anthracite coal shipments
Beehive 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 (000,000 omitted)—
Crude-oil run (barrels)
Gasoline (gallons)
Kerosene (gallons)
Gas and fuel oils (gallons)
Lubricating oils (gallons)
Electric nower produced by public
utility plants (kilowatt-hours, 000,000
omitted)'
Produced by water power
Produced by fuels
. ..
Total.
Iron and steel: M e*»' s Iron ore shipped from Lake Superior
(tons, 000 omitted)
Pig-iron production
(long tons, 000
omitted) 9 .
Steel ingot production
(long tons,
000 omitted) 1 .
Unfilled orders, United States Steel
Corporation (long tons, 000
omitted) 2 ...
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
July,
1923.
July,
1923.
August,
1922.
Textiles.
574
182
48
570
181
51
535
174
52
120
114
120
1,519
427
187
1,297
405
170
1,327
437
169
480
332
426
1,286
407
124
1,115
394
109
1,230
411
156
444
336
385
43,678
29,672
40,580
21,285
34,346
26,089
138,320
263,457
127,098
219,135
106,008
329,268
48,864
8,868
6,673
1,494
3,239
45,126
8,320
6,260
1,582
3,267
27,538
161
65,716
297,933
65,247
293,054
46,521
262,707
1,465
1,733
1,709
50
649
186
1.011
87
51
637
188
1,053
94
44
550
184
944
89
34
1,054
244
1,462
220
34
1,165
269
1,401
225
34
704
2«6
1,367
221
1,594
3,061
4,655
1,666
2,870
4,536
1,495
2,580
4,075
539
1,794
10,296
10,411
9,016
3,126
3,449
2,034
3,313
3,678
2,818
5,036
5,415
6,692
140,000
125,000
170,000
217,127
366,754
50,515
210,621
422,478
52,066
244,291
309,044
63,416
5,293
5,406
6,562
129,377
125,249
99,726
83,250
52,942
72,788
86,130
42,480
77,996
62,846
43,258
76,824
12,342
11,883
9,462
» Figures for September, 1923, August, 1923, September, 1922.
August,
1923.
August,
1922.
Cotton (bales, 000 omitted):
Sight receipts
American spinners' takings
Stocks at mills
Stocks at warehouses
Visible supply
Consumption by mills
Spindles active during month
(number, 000 omitted)
Spindle hours attive during month
(000.000 omitted)
Finished cotton fabrics:
Finished yards billed
Orders received
Shipments
Finished stocks
Knit underwear:
Production
New orders received
Shipments
Cancellations
Unfilled orders end of month
Wool:
Consumption (pounds, 000 omitted).
Percentage of active machinery to
total reportedLooms wider than 50-inch reed
space
Looms 50-ineh reed space or less.
Sets of cards
Combs
Spinning spindles, woolen
Spinning spindles, worsted
Percentage of active hours to total
reportedLooms wider than 50-inch reed
space
Looms 50-inch reed space or less.
Sets of cards
Combs '.
Spinning spindles, woolen
Spinning spindles, worsted
Men's and boy's garments cut:
Men's suits wholly or partly wool...
Men's suits, all other materials
Men's separate trousers, wholly or
partly of wool
Mens' trousers, all other material
Men's overcoats
Boys' suits and separate pants
Boys' overcoats and reefers
Raw silk:
Consumption (bales)
Stocks at close of month (bales)
Silk imports (pounds, 000 omitted).
538
224
807
1,179
914
492
292
271
089
939
837
462
541
404
1, 025
1, 530
1, 597
526
33,709
34,238
32,492
7,569
7,136
8,033
76,322
78,022
38,662
49,399
70,931
61,451
35,361
50,279
96,879
87,249
48,04S
45,526
355,236
328,623
444,328
16,938
858,977
309,534
223,553
326,919
5,K61
991,620
377,114
329,270473,408
9,525
859,572
48,233
46,347
57,340
76.9
80-9
87.1
77.1
84.1
84.5
81.8
82.9
88.6
81.6
86.3
90.5
64.7
67.5
84.3
76.0
82.»
74.8
76.3
63.3
93-2
84.4
89.0
81.5
80.7
73.8
94.2
97.2
90.3
89.7
63.6
58.3
88.8
85.8
86.2
71.4
665,391
26,055
630,825
49,052
672,923
394,013
410,875
595,846
81,001
716,194
369,269
367,239
658,746
66,492
33,547
25,459
4,258
28,573
22,914
5,218
34,772
32,515
5,547
1,523
1,002
211
1,265
15
2,963
1,407
1,028
283
1,486
69
3,196
1,541
1,144
215
1,114
22
2,548
5,635
3,209
763
11,797
981
9,077
5,931
3,422
838
11,572
1,093
9,573
5,343
3,583
949
9,197
663
11,294
1,764
39
1,669
32
1,521
31
134
127
130
8,796
9,202
11,855
7,129
7,809
10,318
7,949
9.062
10,665
29,853
25,256
27,676
Hides and Leather.
Sales of raw hides and skins during
month (number, 000 omitted)—
Cattle hides
Calfskins
Kipskins
Goat and kid
Cabretta
Sheep and lamb
Stocks of raw hides and skins at close of
month 'number, 000 omitted):
Cattle hides
Calfskins
Kipskins
Goat and kid
Cabretta
Sheep and lamb
Production of leather (000 omittod):
Sole leather (backs, bends and sides).
Skivers (dozens)
Oak and union harness (sides
stuffed)
Boots and shoes, output (pairs, 000
omitted):
Men's
Women's
Allother
Total.
1143
FEDERAL BESEEVE
OCTOBEit, 1 9 2 3 .
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
August,
1923.
Building Materials.
Brick (000 omitted):
Clay fire brick—
"Production
62,209
Shipments
59,456
Stocks at close of month
169,325
50,648
New orders
75,500
Unfilled orders, close of month.
Face b r i c k 38,291
Production
35,260
Shipments
91,839
Stocks in sheds and kilns
61,066
Unfilled orders, close of month.
Silica brick—
12.397
Production
12,260
Shipments
41,586
Stocks at close of month
Cement (barrels, 000 omitted):
12,967
Production
14,971
Shipments
6,077
Stocks at close of month
Oak floorings:
32,429
Production
30,108
Shipments
27,444
Orders booked
40,634
Stocks at close of month
27,355
Unfilled orders
Maple flooring:
12,447
Production
11,718
Shipments
7,163
Orders booked
19,552
Stocks at close of month
18,681
Unfilled orders
Enameled ware:
Baths87,439
Shipments
29,225
Stocks at close of month
73,169
New orders
Lavatories118,439
Shipments
41,381
Stocks at close of month
97,125
New orders
Sinks112,516
Shipments
49,394
Stocks at close of month
99,288
New orders
Miscellaneous ware—
59,670
Shipments
46,995
Stocks at close of month
51,842
New orders
Miscellaneous Manufactures.
Wood pulp (short tons):
172,295
Production
174,004
Consumption
18,109
Shipments
116,202
Stocks at close of month
Paper (short tons):
Newsprint132,604
Production
129,173
Shipments
25,674
Stocks at close of month
Book paper—
59,744
Production
23,971
Stocks at close of month
Paper board—•
117,932
Production
27,777
Stocks at close of month
Wrapping p a p e r 50,563
Production
Stocks at close of month
46,813
Fine paper—
22,859
Production
37,179
Stocks at close of month
Rubber (pounds, 000 omitted):
42,741
India rubber imports
,
33,739
Consumption by tire manufacturers
Pneumatic tires (000 omitted):
2,356
Production
2,807
Shipments, domestic
6,058
Stocks at close of month
Inner tubes (000 omitted):
Production
3,578
4,304
Shipments, domestic
6,951
Stocks at close of month
Solid tires (000 omitted):
48
Production
46
Shipments, domestic
263
Stocks at close of month
July,
1923.
August,
August,
1922.
60,085
57,569
166,493
47.659
84,308
51,828
49,075
162.876
82.300
74,399
36,803
33,540
98.651
69,161
46,849
46,710
91.339
75,825
14,499
14, 581
41,450
9,666
11,687
35,743
12,620
13,712
8,081
11,664
14,361
5,746
30,489
22,501
17,924
40,708
32,000
27,669
27,037
25,971
21,054
37,173
10,590
10,515
5,671
18,829
21,715
13,047
14,002
11,950
23,272
22,668
76,479
26,428
64,979
78,435
22,775
82,536
94,769
42,973
75,494
94,219
58,483
98,765
99,473
45,241
75,539
95,235
59,400
102,617
51,067
45,457
47,597
42,634
59,088
56,516
162,246
155, J95
19,507
134,307
282,570
258,871
52,962
209,957
125,768
124,322
21,237
133,236
123,830
19,902
45,156
23,214
87,922
37,473
96,362
27,179
195,115
59,627
47,796
43,405
74,315
62,444
21,650
37,785
33,081
37,889
44,635
21,367
54,332
33,739
1,993
2,539
6,471
2,905
3,030
4,629
2,625
3,942
7,396
4,220
5,207
42
45
264
84
69
190
1923.
Miscellaneous Manufactures—Contd.
Automobiles:
Production (number)—
Passenger cars
Trucks
ShipmentsRailroads (carloads)
Driveways (machines)
Boat (machines)
Locomotives (number):
Foreign completed
Total
Unfilled orders—
Foreign
Total
Vessels built in United States and officially numbered by the Bureau of
Navigation:
Transportation.
Freight carried by class 1 railways:'
Net ton-miles, revenue and nonrevenue i (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
Coal
Coke
Ore
Miscellaneous
Total
Revenue freight loaded, classified according to geographical divisions:
Northwestern
Southwestern
Total
Freight car surplus (number):
Total
Box
Coal
Freight car shortage (number):
Total
Box
Coal
Bad-order cars (total)
July,
1923.
313,972
29,882
297,173
29,712
248,044
24,093
37,770
50,460
8,800
32,426
46.511
10,049
32,817
36,768
10,104
259
13
211
28
130
21
272
239
151
1,406
91
1,652
86
926
1(19
1,497
1,738
1,035
84
25,217
116
9,760
95
11,511
38,513
712
28.2
38,001
731
28.2
27,115
650
26.2
234
154
869
61
344
301
1,079
1,576
189
133
803
62
305
359
1,010
1,428
251
133
440
38
258
300
1,034
1,432
4,678
4,2S9
3,887
1,110
1,001
195
597
786
6X8
301
1,029
950
182
551
711
606
260
911
812
132
500
679
617
235
4,67«
4,289
3,886
73,512
55 35S
5,-152
7fi,110
56 466
5,300
121,387
9,603
95,134
8,899
2.583
4,389
189,014
7,481
1,7«2
3,754
190,411
42,919
28,251
8.654
345.013
2,559
4,136
2,612
4,34S
2,903
3,274
6 695
38.2
6 960
37.5
6,178
47.0
2,338
1,556
2,09i>
1,408
1,211
582
14,353
11,230
3,117
14,389
10,9«3
3,406
10,286
9,809
Vessels cleared in foreign trade (tons,
000 omitted):
Foreign
Total
Percentage of American to t o t a l . . .
Panama Canal
traffic (tons, 000
omitted): 1
Commerce at Sault Ste Marie Canals
(tons, 000 omitted):
Total freight
August,
1922.
i Figures for July, 1923, June, 1923, July, 1922
477
1144
FEDERAL EESERVE BULLETIN.
OCTOBER, 1923.
BUILDING STATISTICS.
BUILDING PERMITS ISSUED IN 168 SELECTED
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
CITIES.
District District District District District District District District District District District District District
No.l
No. 4
No. 2
No. 3
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10
No. 11 No. 12 Total
(14
(14
(12
(15
(15
(14
(20
(168
(19
(5
(9
(9
(22
cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities).
August
1922.
2,873
7,950
3,044
5,093
4,018
3,130
11,112
2,354
2,424
2,778
2,534
11,596
58,906
918
838
1,993
3,536
4,080
3,230
3,081
3,064
6,243
6,880
13,838
11,881
11,545
10,808
10,745
13,660
1,486
1,573
3,308
6,203
4,031
3,428
3,053
2,851
2,946
2,901
6,411
7,886
7,649
5,931
5,959
5,836
2,787
2,585
4,232
4,954
4,409
3,757
3,694
3,628
2,975
2,516
3,251
3,434
3,529
2,887
2,893
3,221
6,310
5,729
10,735
15,066
16,739
13.598
12,527
13,467
1,985
1,742
2,645
3,349
3,517
2,923
2,591
2,791
735
612
1,417
2,974
3,225
2,438
2,281
2,574
2,276
1,913
3,086
3,798
3,376
2,654
2,412
2,706
2,554
2,199
2,571
2,259
2,847
2,366
2,692
2,347
10,313
9,666
13,358
12,661
12,541
11,825
10,938
13,177
41,528
39,154
66,845
78,001
77,488
65,845
62,866
69,322
$222,060
1923.
January
February
March
April
May
June
July
August
...
VALUE OF PERMITS ISSUED (000 OMITTED).
August
1922,
1923,
January
February
March
April
May
June
July
August
$16,577
$49,511
$15,353
5,721
4,003
10,986
15,304
13,623
13,792
11,348
8,307
73,574
88,207
167,410
58,589
59,843
73,249
67,007
73,236
9,767
9,877
31,845
28,781
18,691
12,894
14,883
13,295
$11,605
$7,985
$40,453
$5,416
$8,896
$9,793
$5,010 ! $29,424
16,458 11,083
14,165 13,085
23,264
14,156
25,203 25,126
21,500 12,149
17,710 . 11,328
22,453 12,007
17,361
12,659
7,265
7,811
7,498
11,195
8,384
7,989
7,922
7,631
31,022
40,490
59,463
91,738
60,758
42,544
36,745
48,315
7,936
6,528
8,641
8,368
8,408
5,884
5,490
5,919
3,751
2,455
5,574
8,089
7,977
6,627
9,550
11,098
6,903
7,028
10,952
12,725
10,956
8,866
7,954
6,049
6,248
6,121
11,427
6,376
6,641
6,190
4,962
6,211
$22,037
26,164
28,830
40,203
35,423
39,270
39,492
31,952
40,470
205,892
228,601
391,418
326,918
268,199
251,565
232,273
250,550
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 BUILDINGS (000 OMITTED).
(F. W. Dodge Co.)
August
September
January
February
March
April
May
June
July.
August
September
1
f
3
1922.
1923.
District
No. 1.
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.
$26,780
29,245
$80,811
64,299
$43,819
24,948
$50,811
34,685
$20,984
22,997
21,806
13,759
25,079
31,893
35,837
28,817
25,719
27,913
23,158
65,233
58,614
98,412
96,267
88,362
84,843
82,940
82,304
77,573
16,770
18,780
31,265
30,553
29,172
19.801
19,497
15,324
23,172
25,691
38,546
52,793
48,786
51,865
36,960
43,922
32,975
40,413
17,633
20,219
30,147
39,364
43.862
24,146
18,559
22,698
16,988
District
No. 7.
District
No. 8.
District
No. 9.1
$56,954
$
,
62220
62,220
$22,051
34,775
25,538
20,817
37,700
31,003
25,054
27,045
21,245
43,137
46,764
59,868
75,240
70,229
83,007
53,268
45,783
50,830
District
No. lO.s
$288,409
244,262
$8,250
5,868
4,524
12,199
15,259
17,585
22,754
17,902
11,165
9,671
8,819
$17,864
21,193
17,961
25,340
31,714
25,230
23,345
23,786
17,332
Total.
$7,845
12,531
11,277
11,346
15,309
16,407
9,794
9,478
» 242,554
»277,.—
a 397,192
s426,804
' 368,116
3 313,263
3 296,977
8 287,819
Montana not included.
Colorado, Wyoming, and Arizona not included.
Figures for Districts 6, 8, and 10, not available prior to 1923, included in total.
BUILDING CONTRACTS AWARDED, BY CLASSES OF CONSTRUCTION.
[Compilation by F. W. Dodge Co. for 27 Northeastern States.]
[Thousands of square feet.]
Residential Industrial
buildings. buildings.
August
January
February
March
April
May
June
July
August
1
District
No. 6.
1922.
Business
buildings.
Educational
buildings.
Public
buildings.
Total.'
23,712
11,262
7,793
5,228
1,712
2,555
1,337
270
54,019
24,586
22,668
39,288
39,174
34,332
25,254
23,698
24,106
4,410
5,096
7,673
5,997
8,826
4,817
3,861
3,367
5,870
7,044
9,886
9,561
9,759
8.387
7,094
6,245
2,153
3,992
4,092
5,849
3,949
3,717
4,131
3,285
480
692
1,172
672
508
1.346
931
549
814
1,354
1,643
1,736
1,743
1,589
1,210
867
395
633
892
1,270
1,062
1,007
885
200
110
274
264
216
161
153
384
38,947
41,811
64,920
64,527
60,430
46,344
42.021
39,786
1923.
Includes miscellaneous building contracts ,as well as groups shown.
Hospitals Social and Religious
and
and Insti- recreational memorial
tutions.
buildings. buildings.
OCTOBER,
FEDERAL EESEBVE BULLETIN.
1923.
WHOLESALE AND RETAIL TRADE.
The volume of both wholesale and retail
trade was larger in August than in July, the
usual development at this season of the year.
Sales in most lines were also larger in August
than in the corresponding month of the two
previous years. The accompanying chart
shows a comparison of the trends of wholesale
trade and department-store sales without making any correction for seasonal variations.
This chart indicates that the gain in departmentstore sales, as compared with a year ago, is
considerably more pronounced than the increase in wholesale business. It is also worthy
of note that the dollar value of departmentstore trade in August, 1923, was larger than
in August, 1919, or August, 1920, whereas the
value of wholesale trade was much smaller.
This is partly due to a somewhat greater reduction in wholesale prices than in retail prices
WHOLESALE TRADE AND DEPARTMENT STORE SALES
( MONTHLY AVERAGE, 1919 -100 )
200!
200
180
180
160
160
140
1M3
120
120
100
100
80
80
60
60
40
40
• WHOLESALE TRADE
• DEPARTMENT STORE SALES
1919
1921
1920
1923
1922
since 1919, but also indicates that the growth
of business of department stores during the
past five years has been substantially larger
than that of jobbers and wholesale dealers.
Further discussion of the current condition
of trade is published on page 1100.
WHOLESALE TRADE IN THE UNITED STATES, BY LINES.
[Average monthly sales 1919=100.]
Dry
GroHardceries. Meat, goods. Shoes. ware. Drugs. Total.
1922.
July
August
September
1921.
January
February
March
April
May
June
July
August
74.5
79.6
83.6
59.2
55.9
60.5
80.2
111.2
116.1
47.5
67.6
77.5
75.0
75.0
80.7
79.9
SO. 7
87.1
80.8
84.6
60.4
56.8
63.3
60. H
64.2
67.4
66.1
69.6
102.6
98.0
113.0
87.0
81.5
88.7
94.6
120.1
56.6 88.7
56.9 82.4
81.3 109.3
62.4 111.9
67.5 117. 1
63.9 113 4
51.3 95.1
75.2 105.6
81.6
89.9
95.9
93.6
102.9
104.6
71.6
80.6
85.3
11.3.0
106.6
120.4
106.2
107.4
106.6
105.6
110.8
78.1
75.7
86.1
78.7
80.0
83.8
80.1
89.4
1145
CHANGE IN CONDITION OF WHOLESALE TRADE. BY LINES
AND DISTRICTS.
Percentage hange
in August 1923,
sales as comnared with—
Jvuy, 1923. Aug.,1922.
Groceries:
4.7
United States
6.3
Boston district
9.3
-2.4
New York district
2.4
6.3
Philadelphia district...
-1.1
15.7
Cleveland district
3.7
6.2
Richmond district
3.0
8.0
Atlanta district
12.7
12.0
Chicago district
5.3
-1.9
St. Louis district
8.5
2.4
Minneapolis district
8.1
14.4
3.3
Kansas City district....
13.3
Dallas district
8.9
19.0
San Francisco district..
1.4
-5.8
Dry goods:
United States
27.0
8.0
New York district
20.7
14.8
Philadelphia district...
9.8
31.8
Cleveland district
44.9
32.2
Richmond district
1.5
44.5
Atlanta district
44.1
-0.5
Chicago district
3.7
2.7
St. Louis district
28.8
-0.6
Minneapolis district
70.7
34.8
Kansas City district
8.3
1.5
Dallas district
52.7
11.5
San Francisco district..
8.1
35.1
Shoes:
United States
11.2
46.6
New York district
35.5
10.1
Philadelphia district...
50.7
32.1
Richmond district
5.3
57.8
Atlanta district
3.6
49.5
Chicago district
0.0
25.8
St. Louis district
6.0
-15.2
Minneapolis district
67.0
10.6
San Francisco district..
0.6
27.7
Hardware:
United States
11.7
18.1
New York district
9.1
16. &
Philadelphia district...
9.9
-0.3
Cleveland district
6.7
15.2
Richmond district.. .
20.6
23.3
Atlanta district
13.3
19.0
Chicago district
1.1
9.5
St. Louis district
12.0
16.0
Minneapolis district
1.0
95.1
Kansas City^ district
0.0
-4.6
Dallas district
2.5
36.0
San Francisco district..
5.4
8.4
Drugs:
7.7
United States
5.1
New York district
5.0
-3.1
Philadelphia district...
5.3
10.0
Cleveland district
8.0
3.7
Richmond district
9.1
16.9
Atlanta district
26. a
13.0
Chicago district
14.5
12.4
7.0
St. Louis district
1.0
Kansas City district
l.S
4.5
Dallas district
5.9
12.5
San Francisco district..
6.7
7.9
Furniture:
Richmond district
61.1
27.3
Atlanta district
25.5
32.7
0.0
St. Louis district
10.8
Kansas City district
-3.8
20.3
Dallas district
-2.6
37.3
San Francisco district..
11.5
20.2
Agricultural implements:
-18.4
-0.6
Atlanta district
Minneapolis district
-30.0
-22.5
7.5
Dallas district
-12.2
San Francisco district.
11.2
11.6
Stationery:
8.0
3.0
New York district
Atlanta district
31.7
-5.6
7.5
San Francisco district.
48.1
Auto supplies:
-8.4
0.3
Chicago district
2.8
San Francisco district.
15.5
Men's clothing:
123.6
49.0
New fork district
Women's clothing:
16.7
114.8
New York district
Jewelry:
24.5
5.1
New York district
1146
FEDERAL RESERVE BULJ^ETIN.
OCTOBER,
1923.
RETAIL TRADE BY REPORTING LINES.
[Average monthly sales, 1919=100.]
Chain stores.
Depart- Mailorder
ment
stores (306 houses(4
Five and
houses).
Grocery
stores).
Ten (4
(21 chains). chains).
1922.
April
May
June
July
August
September
October
November
December
,
1923.
January
February
March
April
May
June
July
August
Drug(10
chains).
Cigar (3
chains).
Shoe (5
chains).
Music (4
chains).
113.1
115.4
108.2
80.1
87.2
106.2
129.9
130.1
186.1
77.1
69.9
68.8
58.4
57.2
75.1
108.7
110.4
107.8
139.2
137.9
136.7
135.1
139.1
141.0
148.6
162.4
165.5
134.9
129.6
127.0
126.3
130.4
136.1
156.6
152.3
279.2
120.9
123.6
124.2
126.8
128.7
129.0
133.4
123.2
161.5
124.5
128.8
123.4
127.3
126.9
135.4
127.1
126.9
178.7
156.1
126.9
121.7
101.2
86.7
117.7
121.1
121.9
164.7
78.9
80.9
81.3
83.0
99.1
118.2
118.8
120.7
203.7
100.0
88.4
122.6
118.2
127.8
123.2
90.4
97.8
88.4
83.6
112.8
101.9
97.0
86.6
74.1
73.3
165.1
158.8
188.4
163.8
177.2
164.3
161.7
165.6
115.9
117.4
163.4
143.0
154.6
155.1
143.9
153.7
129.3
125.6
144.9
135.0
142,0
149.2
140.6
145.4
115.6
109.7
134.5
124.8
138.5
136.3
127.7
135.3
85.5
70.8
145.5
121.6
140.0
139.3
101.2
99.5
95.0
87.8
96.0
98.8
100.1
97.3
82 4
102.6
DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS.
[Average month, 1919-100.]
District
District
District
District
District
District
Index for
District
District
District
No. 3—
No. 12—
No. 9—
No. 2—
No. 5—
No. 6—
United
No. 1—
No. 7—
No. 11—
San
MinneNew York PhiladelRichmond
Atlanta
Boston
Chicago
Dallas
Francisco (306States
apolis
(19
stores).
(35
stores).
stores).
(24 stores). (64 stores). (18phia
(70
stores).
(21
stores).
stores).
(31 stores).
(24 stores).
April
M»y
1922.
July..-.
1923.
March
April
May
JUly
August
126.8
122.8
121.8
81.7
87.5
114.2
134.8
134.9
197.3
119.1
117.5
115.3
77.9
78.6
107.0
145.1
142.0
199.5
132.1
126.4
108.7
86.8
94.9
107.2
143.8
146.8
185.8
105.8
103.3
103.0
71.0
72.9
90.8
119.1
122.3
184.7
98.3
97.6
86.3
69.8
73.9
86.4
113.8
113.1
161.8
111.9
116.5
110.3
83.0
92.1
114.4
122.1
130.9
184.5
106.8
105.6
101.3
81.2
93.1
105.4
119.8
107.0
164.1
87.4
96.5
89.2
64.8
67.7
101.0
104.5
1019
149.2
110.8
132.5
111.6
95.9
119.3
112.5
137.0
132.2
203.7
113.1
115.4
108.2
80.1
87.2
106.2
129.9
130.1
186.1
106.3
92.3
126.9
127.9
133.4
136.2
90.5
98.7
108.1
87.7
123.9
121.6
128.6
128.2
84.7
87.0
106.1
98.0
149.0
127.2
150.7
131.5
111.3
114.3
83.9
79.6
115.3
100.5
111.6
114.5
82.7
82.5
83.0
78.2
105.5
101.2
108.4
101.5
76.9
81.7
99.4
92.2
123.8
127.4
129.8
131.5
92.4
118.2
92.1
77.0
105.3
114.3
113.5
109.3
83.7
96.9
81.0
73.3
99.4
88.9
106.2
92.3
66.8
69.4
114.6
101.5
134.6
124.4
147.1
127.8
115.9
136.3
100.0
88.4
122.6
118.2
127.8
123.2
90.4
100.5
TREND OF DEPARTMENT STORE STOCKS.
[Average monthly stocks, 1919—100.)
District
District
District
District
District
District
District
District
District
for
No. 3—
No. 9 No. 12— Index
No. 6—
No. 6—
No. 7—
No. 1 No. 2—
No. 11—
United
PhiladelMinneSan
Richmond
Atlanta
Chicago
Boston
New York
Dallas
States
apolis
Francisco
(24 stores). (64 stores). (13 phia
stores). (19 stores). (22 stores). (59 stores). (16 stores). (19 stores). (29 stores). (265 stores).
April
1922.
ifty
July
1933.
Mwch
April
May..
July
August
112.2
110.9
106.2
103.7
105.0
116.9
125.1
130.0
110.6
121.9
116.8
110.3
104.8
109.5
120.6
125.1
132.1
111.1
113.9
110.1
109.8
105.6
111.9
121.6
127.5
126.7
105.9
110.6
107.0
103.7
99.8
105.0
119.5
130.3
126.0
103.2
116.4
111.7
104.9
103.2
109.3
118.5
121.3
123.1
101.2
124.6
122.8
115.7
113.6
125.0
128.9
134.8
136.8
115.2
98.7
102.5
99.2
97.8
102.0
107.7
112.6
115.5
97.2
113.8
110.1
100.4
99.6
111.0
117.7
119.6
118.9
94.1
122.2
114.4
107.0
108.1
112.1
118.0
120.0
124.2
107.6
117.6
114.1
108.3
105.6
111.8
120 5
125.7
1*8.6
107.7
104.0
111. 5
119. S
125.2
124.1
115.9
108.6
112.4
106.8
111.5
122.9
127.3
125.0
116.1
110.9
118.5
102.2
116.5
127.5
132.1
127.7
123.1
118.1
131.4
99.6
113.0
124.3
125.8
121.7
114.8
121.1
122.4
105.2
112.2
100.0
107.2
117.1
117.3
115.8
103.9
97.3
103.8
97.0
106.8
115.4
118.0
117.2
109.9
107.1
121.3
107.4
117.7
124.6
131.8
126.7
121.2
120.5
127.5
105.6
115.3
IK. 3
128.9
125.9
118.1
115.5
124.3
111.9
118.9
121.4
120.8
113.4
111.4
119.8
127.2
138.7
140.5
136.0
128.0
127.6
141.2
1147
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
BANKING AND FINANCIAL STATISTICS.
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
VOLUME OF OPERATIONS DURING AUGUST, 1923.
Federal reserve bank.
New York
Philadelphia
Richmond
Chicago
Minneapolis
Dallas...
.
Total: August, 1923
August, 1922
8 months ending—
Aug. 31,1923
Aug. 31,1922
Bills discounted for
member
banks.
United States securities
purchased.
Bills bought
in open
market.
Bonds and
notes.
$359,754,330
1,137,184,815
284,242,937
220,704,410
290,577,727
52,628,105
195,873,690
201,896,445
26,483,542
52,765,365
42,516,198
187,420,830
Mi, 554,958
76,815,491
10,391,719
25,769,539
250,900
2,366,562
16,830,924
39,405
3,052,048,694
1,094,305,977
27,392,676,734
12,172,047,928
Total.
Certificates of
indebtedness.
$1,857,500
36,340,100
$1,305,750
15,683,500
287,700
8,923,800
35,000
10,391,000
2,479,500
6,028,000
489,000
205,500
160,372,668
185,207,131
55,916,600
90,895,300
1,505,507,255
1,153,074,351
504,660,810
818,872,650
1,611*859
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: August, 1923
Julj', 1923...
August, 1922.
July, 1922...
28,152,250
101,040,000
10,000
18,000
3,296,500,212
2,310,433,210
1,914,358,500
116,164
137,632
31,713,394,173
12,341,311
701,500
12,973,139
5,018,641
3,881,396
1,592,541
2,856,274
2,330,982,180
2,647,554,805
727,893,985
929,180,480
15,117,203
14,778,638
26,072,966
22,933,412
670,828,703
780,417,209
303,909,358
323,300,839
827,000
18,046
504,500
161,310
731,708
$52,591
592,029
24,646
1, 234,838
397,891
361,086
276,955
262,802
5,842
$173,000
$413,
271,
240,
138,
3,043,
2,788,
3,096,
2,442,
1,311,
1,111,
2,893,
2,526,
Amount.
$1,600
2,015
20,277,348
25,551,450
25,993,458
28,579,561
Total reduced to a common maturity basis.1
Total, all
classes.
Domestic.
Livestock
paper.
Foreign.
$178,996,875
142.175,086
96,703,737
52,825,575
36,599,970
25,764,320
43,207,724
42,242,664
4,129,542
8,669,376
11,689,131
27,824,703
Federal reserve bank.
Total: August, 1923.
July,1923....
August, 1922..
July, 1922
Bankers' acceptances.
$179,932,300
991,209,550
186,814,650
166,167,400
250,059,640
23,073,150
149,076,710
156,524,750
19,672,150
40,292,080
25,239,200
142,920,600
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas....."....
San Francisco.
16,058,491,061
ALSO NUMBER OF MEMBER BANKS
Commercial Agricultural
paper, n.e.s.
paper.
Otherwise
secured.
Trade acceptances.
$184,129,632
520,360,969
184,276,491
112,868,262
45,486,567
21,482,592
148,929,799
53,870,669
18,759,947
9,549,808
18,826,501
152,925,171
1,471,466,408
Member banks' collateral
notes.
Secured by
Government
obligations.
August,
1922.
$10,000
42,500
$357,900
2,922 047
459,892
294,141
274,100
56,513
54,300
206,516
12,901
152,058
107,308
120,965
Foreign.
August,
1923.
$377,472,53S
1 266,023 906
294,634,656
246 516 449
290,828,627
55 327,667
232,019,414
201,935,850
29,452,042
60,010,724
42,516,198
199,762,141
VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1923, BY CLASSES OF PAPER;
ACCOMMODATED.
Customers'
paper secured by
Government
obligations.
Municipal
warrants
purchased.
Per cent
of total.
$12,500
16,951
5,650
80,124
179,396
192,038
619,889
2,465,161
1,859,487
647,161
'74,'750
5,890,076
11,046,539
6,433,590
7,800,638
296,823
211,535
7,540
16,240
24,977
"5," 200
$22,731
"44," 987
Member banks.
Number
in district
Aug. 31.
Accommodated.
Number.
26,196
402,844
$359,754,330
1,137,184,815
284,242,937
220,704,410
290,577,727
52,628,405
195,873,690
201,896,445
26,483,542
52,765,365
42,516,198
187,420,830
$224,236,766
786,467,850
224,877,370
194,116,750
209,575,665
152,360,822
429,141,726
271,087,019
69,821,119
117,205,129
117,603,684
255,544,794
7.3
25.8
7.4
6.3
6.9
5.0
14.1
8.9
2.3
3.8
3.9
8.3
424
831
721
882
630
534
1,440
624
993
1,153
862
811
190
334
329
260
318
313
511
258
294
322
515
316
3,637,720
3,768,890
2,402,539
2,889,186
3,052,048,694
3,487,406,193
1,094,305,977
1,317,601,617
3,052,048,694
100.0
9,905
9,916
9,917
9,930
3,960
4,110
4,042
4,167
1 Total discounts multipled by ratio of average maturity of bills discounted by each bank to average maturity (10.62) for system.
Domestic.
Per cent.
44.8
40.2
45.6
29.5
50.5
58.6
35.5
41.3
29.6
27.9
59.7
39.0
40.0
41.4
40.8
42.0
1148
FEDEKAL KESEKVE BUJXETIN.
OCTOBER, 1923.
VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1923, BY BATES OF DISCOUNT CHABGED; ALSO AVERAGE RATES AND
MATURITIES.
4 per cent.
Federal reserve bank.
41 per cent.
$359,754,330
1,137,184,815
284,242,937
220,704,410
290,577,727
52,628,405
195.873,690
201,896,445
26,483,542
52,765,365
42,516, i98
187,420,830
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: August, 1923
July, 1923
August. 1922
July, 1922
1602,016,980
810,474,889
Total.
Average
rate
(365-day
basis).
S359, 754,330
1,137, 184,815
284. 242,937
220, 704,410
290, 577,727
52, 628,405
195, 873,690
201, 896,445
26, 483,542
52, 765,365
42, 516,198
187 420.830
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
Dapi.
6.62
7.35
$.40
9.34
7.66
30.75
23.27
14.25
28.01
23.60
29.39
14.48
3,052,048,694
3,487,406,193
1,094,305,977
1,317,601,617
4.50
4.50
4.34
4.39
10.62
10.0&
13.4S
11.97
5 per cent.
3,052,048,694
3,487,406,193
483,415,225
474,290,016
$8,873,775
32,836,712
Average
maturity.
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING AUGUST, 1923, BY CLASSES.
Total bills
purchased.
Federal reserve bank.
Philadelphia
Atlanta
Dallas
San Francisco
Total: August, 1923..
July, 1923
August, 1922..
July, 1922
Total reduced to a
common
maturity
basis.1
Trade acceptances.
Bankers' acceptances.
Foreign.
Dollar
Domestic. exchange.
$7,107,031
56,865,774
6 022,766
20,163,052
65,000
2,223,562
9,804,339
$6,547,927
$900,000
17,853,319 1,774,512
3,423,953
945,000
5,415,857
190,630
185,900
143,000
6,894 377
132,208
39 405
Total.
Foreign.
Domestic.
$14,554,958
76,493,605 $321,886
10 391,719
25,769,539
250,900
2,366,562
16 830,924
39,405
Total.
$321,886
Amount.
$14,554,958
76,815,491
10,391,719
25,769,539
250,900
2,366,562
16,830,924
39,405
$8,009,230
37,608,040
20,279,855
45,297,275
367,409
3,717,132
32,705,635
62,678
Per
cent of
total.
5.0
23.5
12.7
28.2
.2
2.3
20.4
1,011,859
1,011,859
2,023,914
1 3
75,675
12,341,311
12,341,311
10,301,500
6.1
109,471,641 46,561,116 4,018,025
133,431,955 43,055,017 10,280,436
144,236,793 34,287,658 6,303,646
125,333,111 30,243,235 2 653 505
160,050,782
186,767,408
184,828,097
158,229,851
160,372,668
186,826,824
185,207,131
158,759,144
160,372,668
100.0
903,952
107,907
6,316,165
5,949,471
321,886
59,416
379,034
529,293
321,886
59,416
379,034
529,293
i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (38.85) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING AUGUST, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES.
Federal reserve bank.
Boston
Philadelphia
Atlanta
.
St. Louis
Minneapolis
Kansas'City
Dallas
Total: August, 1923
July, 1923
4 per cent. 4J per cent. 4J per cent. 4| per cent. 4} per cent. 4| per cent.
$1,749,581 $10,458,560 $1,800,350
979,478
72,208,108 3,255,418
823,920
663,730 8,904,069
3,949,164 16,931,612 4,582,487
250,900
182,690 1,519,689
2,473,892 6,617,905 "6," 795,' 279'
39 405
$480,245
50,601
$48,222
221,189
172,982
i33,294
473,848"
664,183
470,000
$18,000
100,697
1,011,859
1,671,516
2,749,173
7,496,314
53,778
370,530
82,898,681
90,987,675
51,487,690
69,197,712
22,728,728
20,573,036
1,231,454
4,037,874
1,907,418
2,030,527
118,697
Total.
$14,554,958
76,815,491
10,391,719
25,769,539
250,900
2,366,562
16,830,924
39,405
Per cent.
4.18
4.10
4.20
4.21
4.31
4 25
428
4.18
Days.
21.38
19.02
75.81
68.29
56.89
61.02
75.49
61.79
1,011,859
418
77.70
12,341,311
4.24
32.43
160,372,668
186,826,824
420
4 20
38.85
40.51
NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.
Average
rate (365- Average
day basis). maturity.
OCTOBEH, 1923.
1149
FEDERAL RESERVE BUT.T.F.TIN.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
AVERAGE DAILY HOLDINGS O F EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATE OF EARNINGS DURING AUGUST, 1923.
Average daily holdings of—
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: August, 1923.
July, 1923....
August, 1922.
July, 1922....
All classes
of earning
assets.
Annual rate of earnings on—
All
All
Pur- United
United
Pur- United
DisDisDiscounted Purchased
classes of counted
States classes
States
States
chased
of counted chased securibills.
bills.
earning
securibills.
securities. assets.
bills.
bills.
bills.
ties. earning
ties.
assets.
$72,903,253 $56,799,641
240,406,147 197,757,661
101,899,032 64,587,331
106,993,734 57,773,397
71,622,419 68,885,057
52,868,403 44,176,091
130,025,863 75,579,836
57,991,545 51,273,934
40,380,086 28,406,783
52,004,331 40,921,699
49,787,104 47,327,731
101,322,524 77,761,939'
1.078,204,441
i; 119,786,863
1,053,098,212
1,127,887 —
Earnings on-
$11,947,1
34,856,933
19,930,701
39,009,995
1,396,462
$275,315
907,695
380,879
395,941
270,766
200,047
476,953
220,718
151,687
197,774
187,272
381,824
$217,128
755,758
246,887
220,675
263,026
168.837
288,860
195,983
108,571
156,396
180,811
296,996
176,949,977 89,988,203 4,046,871
185,807,248 96,922,298 4,201,564
159,020,851 497,824,877 3,445,344
154,010,451 545,546,588 3,737,104
3,099,928
3,199,029
1,502,777
1,636, " ~
8,456,884
44,337,027
1,192,417
876,159
679,873
14,265,641
811,251,100!
837,038,694
396,243,184
428,326,143
$4,155,727
7 791,553
17,381,000
10,210,342
1,340,900
220,267
10,109,000
5,525,194
11,973,303
10,206,473
1,779,500
9,294,914
$42,460
122,126
71,090
139,225
5,111
30,380
158,192
4,236
3,112
2,424
51,032
$15,727
29,811
62,902
36,041
2,629
772
29,901
20,499
43,116
38,266
4,037
33,796
629,388 317,497
658,902 343,562
420,119 11,522,410
416,0271.,684,189
Per ct. Per ct. Per ct. Per ct.
4.50
4.18
4.45
4.46
4.44
4.50
4.13
4.50
4.40
4.50
4.20
4.26
4.35
4.50
4.20
4.15
4.45
4.50
4.31
2.31
4.46
4.50
4.23
4.13
4.32
4.50
4.20
3.48
4.48
4.50
4.18
4.37
4.42
4.50
4.24
4.48
4.50
4.18
4.41
4.43
4.50
4.20
2.67
4.44
4.50
4.21
4.28
4.42
4.42
3.85
3.90
4.50
4.50
4.47
4.50
4.19
4.18
3.11
3.18
4.15
4.17
3.60
3.63
NOTE.—Thefiguresin the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate of
earnings thereon, as follows: Atlanta, $15,161, $58, and 4.50 per cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of August figures. In thousands of dollars.]
Federal reserve bank.
Philadelphia
Atlanta
Total: Aug. 31,1923
July 31,1923
Aug. 31,1922
July 31,1922
Member banks'
collateral notes.
Total.
Customers'
paper
secured
by
Government
obligations.
70,884
206,345
64,088
52,612
72,695
50,973
84,968
59,920
28,067
40,645
48,982
84,383
952
1,165
630
350
455
203
178
335
12
198
60
268
25,519
149,608
41,311
29,122
28,420
10,551
43,141
22,595
6,250
10,760
8,434
31,801
864,562
825,936
397,448
408,178
4,806
3,753
2,525
2,700
407,512
388,184
123,588
129,690
Bankers' acceptances.
Trade acceptances.
AgriComLiveculForeign.
Foreign.
mercial
Secured
stock
tural paper.
paper
by
OtherDomesn. e. s. paper.
DomesGovern- wise
tic.
tic.
ment
ExImImExobliga- secured.
ports.
ports.
ports.
ports.
tions.
334
6,255
43,948
54,427
21,599
21,335
34,534
27,359
31,894
28,315
6,623
12,388
16,659
31,064
337
547
494
476
8,333
11,272
9,079
7,665
10,258
3,953
14,740
11,879
590
4,172
13,316
8,693
2,424
7,402
7,247
12,374
11 790
330,145
311,165
123,316
126,030
79,033
78,112
97,404
96,813
30,533
32,368
34,903
35,466
12
202
64
535
43
589
54
1,138
854
371
612
395
217
30
62
661
85
9
179
59
1,015
40
25
23
5
23
23
79
211
43
35
116
5,029
4,873
3,179
3,651
1150
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
HOLDINGS OP BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OP ACCEPTING INSTITUTIONS.
[End of August figures. In thousands of dollars.]
Member banks.
Federal reserve bank.
Total.
Nonnatlonal.
National.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas.........
San Francisco.
Total: Aug. 31,1923
July 31,1923
Aug. 31,1922
July 31,1922
Purchased in open market:
Aug. 31,1923
July 31,1923
Aug. 31,1922
July 31,1922
Discounted for member banks:
Aug. 31,1923
July 31,1923
Aug. 31,1922
July 31,1922
Nonmember banks
and banking corporations.
Private
banks.
1,258
6,023
1,895
6,858
606
1,969
Branches
and
agencies of
foreign
banks.
73
2,306
635
3,303
10,883
34,919
19,629
40,877
993
7,676
41,993
41S
7,437
8,854
7,273
10,408
187
1,519
18,583
132
1,129
10,428
7,447
11,283
2,012
444
11,696
509
98
3,865
1,025
112
3,527
135
1,547
95
99
1,514
1,243
171,537
183,190
179,367
139,117
58,865
62,530
74,182
60,968
56,250
60,426
61,808
47,034
24,313
26,958
23,246
14,879
24,015
23,626
12,482
9,371
8,094
9,650
7,649
6,865
171,436
182,956
179,324
139,082
58,787
62,321
74,147
60,933
56,227
60,424
61,800
47,034
24,313
26,935
23,246
14,879
24,015
23,626
12,482
9,371
8,094
9,650
7,649
6,865
101
234
43
35
78
209
35
35
23
2
23
2,791
18,225
283
7,308
2,379
9,025
200
1,255
1,154
383
142
392
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of August figures. In thousands of dollars.]
Federal reserve bank.
Total.
Boston
New York
Philadelphia...
Cleveland...
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City.
Dallas.. .
San Francisco
Total: Aug. 31,1923
July 31,1923
Aug. 31,1922
July 31,1922
Purchased in open market:
Aug. 31,1923
July 31,1923
Aug. 31,1922
July 31,1922
Discounted for member banks:
Aug. 31,1923
July 31,1923
Aug. 31,1922
July 31,1922 .
10,926
35,640
19,722
42,015
1,847
8,047
42,605
810
217
2,042
506
12,360
Trade acceptances
Bankers' acceptances.
All classes.
Foreign.
DisPurDollar
Dochased counted
exTotal.
for
mestic. change.
in open
Exports.
Imports.
market. member
banks.
10,883
35,042
19,668
40,877
954
7,676
41,993
390
2,012
444
11,668
43
598
54
1,138
893
371
612
420
217
30
62
692
176,737
188,203
183,514
143,800
171,607
183,096
180,176
140, 111
'•'•
5,130
5,107
3,338
3,689
Imports. Exports.
100
187
2,000
3,629
111
43
721
93
1,138
854
371
612
395
217
30
62
664
171,537
183,190
179,367
139,117
100,395 31,748
104,874 35,207
143,963
114 407
33,266
35,019
29,587
21,911
6,128
8,090
5,817
2,799
5,200
5,013
4,147
4,683
171
140
968
1,029
171,436
182,956
179,324
139,082
100,372 31,748
104,851 35,207
143,963
114,407
33,188
34,808
29,544
21,876
6,128
8,090
5,817
2,799
171
140
852
1,029
171
140
852
1,029
10,883
34,919
19,629
40,877
993
7,676
41,993
415
.4,862
21,584
9,534
28,580
2,012
444
11,696
1,604
257
5,956
101
234
43
35
3,007
24,761
250
23
23
1,215
7,394
3,469
5,646
145
3,560
8,032
4,556
5,240
4,561
6,267
848
909
6,883
65
250
701
2,065
384
Foreign.
Total.
200
2,317
100
308
78
211
43
35
5,029
4,873
3,295
3,654
132
39
116
Domestic.
43
589
54
1,138
854
371
612
395
217
30
62
664
5,029
4,873
3,179
3,654
5,029
4,873
3,179
3,654
1151
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
CONDITION OF FEDERAL RESERVE BANKS.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR SEPTEMBER AND AUGUST, 1923.
(Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Federal reserve notes
in circulation.
Total deposits.
Reserve percentages.
Federal reserve bank.
September.
September.
August
September.
August.
September.
August
281,849
982,575
259,563
327,351
77,133
110,363
574,495
80.171
69,815
95,499
56,239
271,947
280,140
988,634
252,736
316,042
77,460
131,987
577,158
94,136
67,501
97,873
40,559
270,138
129,647
695,205
117,165
164,646
62,613
53,772
280,276
70,144
47,906
82,259
52,651
151,909
127,256
684,614
117,297
164,096
61,865
54,108
279,806
72,460
47,238
83,412
46,697
151,220
226,649
482,425
219,402
246,349
85,500
129,392
415,040
72,406
57,314
63,402
48,604
217,607
221,653
498,790
214,769
238,175
79,984
131,220
408,920
72,007
54,954
61,549
36,192
210,734
79.1
83.4
77.1
79.6
52.1
60.3
82 6
56.2
66.4
65.6
55.5
73.6
80.3
83.5
76.1
78.6
54.6
71.2
83.8
65.2
66.1
67.5
48.9
74.8
3,187,000
3,192,420
2,836,396
2,139,2,80
j 2,157,932
3,194,364
3,195,502
2,740,388
2,127,305
2,146,003
1,908,193
1,866,300
1,716,162
1,912,070
1,930,969
1,890,069
1,859,524
1,691,137
1,885,062
1,911,769
2,264,090
2,225,457
2,493,910
3,275,535
2,627,295
2,228,947
2,151,185
2,512 348
3,165,222
2,544,357
76.4
78.0
67.4
143.3
'50.4
77.6
79.7
65.2
143.7
150.0
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: 1923.
1922.
1921.
1920.
1919
August.
i Calculated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26,1923.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Gold
settlement
fund—F. R. Board:
Aug. 29
Sept.o
Sept. 12
Sept.19
Sept. 26
Gold with F . R .
Agents:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Gold
redemption
fund:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Total gold reserves:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Reserves other than
gold:
Aug. 29
Sept.o
Sept. 12
Sept.19
Sept.26
Boston.
New
York.
PhilaClevedelphia. land.
Richmond.
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
344,746
349,597
357,345
359,664
17,075
17,109
17,435
17,468
17,761
180,954
165,975
169,925
175,138
176,866
33,595
33,213
34,914
35,531
36,030
13,138
13,358
12,980
13,195
12,915
10,872
10,973
11,193
11,393
11,649
6,249
6,114
6,178
6,188
6,260
49,386
48,534
48,287
49,152
48,994
4,274
4,268
3,957
4,327
4,184
8,437
7,964
8,533
8,571
8,580
3,292
3,350
3,330
3,438
3,426
12,664
12,651
11,733
11,736
11,731
21,130
21,237
21,132
21,208
21,268
649,455
645,876
633,454
638,892
641,647
51,305
54,769
54,124
63,029
70,121
151,773
122,197
143,918
194,477
156,203
40,614
40,497
29,655
26,306
33,630
90,970
100,589
97,815
88,729
98,515
32,953
31,132
33,057
23,598
33,462
11,533
12,015
11,825
10,393
12,449
129,701
137,727
123,036
96,217
100,495
22,867
21,030
20,683
11,949
16,768
20,834
21,543
19,523
20,639
20,844
48,148
50,274
44,026
37,751
35,629
15,807
13,338
19,284
19,731
39,788
38,296
42,454
46,520
43,800
2,061,164
2,060,700
2,070,557
2,066,488
2,061,965
191,477
190,593
188,449
185,467
196,132
636,029
635,872
635,518
635,279
635,024
166,710
169,176
174,332
171,885
169,791
208,411
207,556
207,041
208,828
209,952
29,052
28,071
26,752
30,472
29,185
95,793
92,056
88,320
81,050
77,988
391,935
391,824
391,737
401,609
401,524
50,106
49,163
48,378
42,312
35,305
35,805
37,956
37,574
36,992
40,193
40,029
44,458
43,960
43,157
16,617
18,324
19,840
22,367
22,820
199,536
202,231
207,776
205,685
203,131
49,304
50,688
57,053
59,245
53,328
6,322
6,476
7,962
10,283
8,796
10,837
9,640
8,350
6,937
10,137
4,009
6,171
8,617
12,559
5,167
3,268
4,657
3,658
2,427
1,684
3,733
3,637
3,856
4,014
3,926
2,426
2,429
2,320
2,905
3,181
4,499
3,580
6',038
4,850
2,743
3,157
3,379
3,423
3,921
1,573
1,576
1,649
1,887
4,054
3,783
3,833
3,822
4,084
1,74a
1,893
1,626
1,819
3,772
3,692
4,511
3,369
3,606
979,593 244,928
266,179
933,684 249,057
268,947
957,711! 247,518
267,970
276,247 1,011,831) 246,281
978,230; 244,618
292,810
315,787
326,160
321,494
313,179
323,066
76,610 116,001
73,813 112,614
74,858| 108,043
69,477 100,536
99,878
78,222
575,521
581,665
570,425
553,016
555,863
79,990
77,618
76,397
62,011
61,142
66,474
66,885
67,588
68,433
68,303
95,687
97,436
95,647
88,971
86,296
39,993
48,675
46,537
55,206
56,371
264,226
265,456
275,873
276,782
271,805
12,417
12,841
12,468
12,878
13,455
3,508
3,587
3,675
4,202
3,646
11,137
10,187
10,649
10,607
10,368
1,085
945
981
981
1,053
2,436
2,604
2,850
2,783
2,750
5,038
5,240
5,535
5,343
6,00o'
1,717
1,580
1,593
1,638
1,691
3,120,989
3,102,010
3,110,661
3,121,970
3,116,604
80,245
76,324
77,004
77,832
76,094
4,863
4,404
4,462
4,840
4,096
18,774!
17,802|
17,367
3,280
3,083
3,054
3,0311
2,741
5,014
4,715
4,817
4,112
4,147
10,976
9,792
', 172|
i,615
: 77<d
8,775'
1152
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26,
1923—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
Total reserves:
Aug.29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Nonreserve cash:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Bills discounted:
Secured by U. S.
Government
obligations—
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Other bills discounted—
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Bills bought in open
market:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
U. S. bonds and
notes:
Aug. 29
Sept.5
Sept. 12
Sept 19
Sept. 26
U. S. certificates of
indebtedness:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26.....
Municipal warrants:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Total earning assets:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Bank premises:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Five per cent redemption
fund
against F . R. bank
notes;
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Uncoliected items:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Boston.
3,201,234
3,178,334
3,187,665
3,199,802
3,192,698
New
York.
Phila- Clevedelphia. land.
ChiRichmond. Atlanta. cago.
St.
Louis.
Minneapolis.
San
Kansas
City. Dallas. Francisco.
271,042 998,367 257,345
273,351 951,030 261,898
272,432 975,459 259,986
281,087 1,029,633 259,159
296,906 995,597 258,073
319,295
329,747
325,169
317,381
326,712
79,890
76,896
77,912
72,508
80,963
121,015
117,329
113,460
104,648
104,025
586,497
591,457
579,597
562,631
564,638
91,127
87,805
87,046
72,618
71,510
67,559
67,830
68,569
69,414
69,356
98,123
100,040
98,497
91,754
89,046
45,031
53,915
52,072
60,549
62,376
265,943
267,036
277,466
278,420
273,496
69,504
65,782
77,139
84,295
74,248
15,755
13,449
18,020
21,206
13,496
8,704
6,988
10,915
10,218
10,441
2,577
2,492
1,884
2,648
1,857
4,513
4,108
4,209
6,278
3,752
1,860
1,611
1,388
1,777
1,887
6,156
10,473
10,932
12,085
10,308
7,331
6,434
6,294
6,848
7,140
6,279
5,254
7,309
6,785
8,184
2,171
1,836
1,817
1,360
1,565
4,120
4,202
5,245
4,997
5,214
2,472
2,456
2,391
2,043
2,147
7,566
6,479
6,735
8,050
8,257
376,194
399,118
389,071
324,640
402,141
24,286
21,264
20,556
18,225
21,181
125,507
152,620
144,183
90,196
146,370
41,469
39,147
36,596
36,774
38,077
30,040
27,635
37,229
26,636
30,600
28,423
28,756
28,724
30,952
30, —
10,885
10,983
12,836
15,835
16,147
32,548
37,145
26,857'
29,4811
38,427
21,829
22,195
20,655
21,108
24,097
6,915
5,529
7,963
4,498
7,379
10,863
10,932
10,400
14,284
15,939
7,170
8,265
6,571
6,522
5,025
36,259
34,647
36,501
30,129
28,002
439,324
450,976
452,288
449,600
459,867
45,673
48,936
49,359
38,696
32,034
54,805
57,168
61,511
48,541
54,082
21,158
23,253
22,045
22,290
20,918
22,835
19,406
22,872
22,830
24,759
41,318
42,772
43,823
47,518
46,483
37,267
41,789
39,956
45,538
51,176
36,087
37,003
39,197
45,770
35,089
37,380
38,637
47,919
47,607
22,032
21,016
21,866
22,867
22,332
28,793
28,182
27,722
29,637
30,879
40,767
37,276
32,361
27,438
25,099
53,500
56,795
52,939
50,556
55,803
173,485
174,563
179,313
171,044
172,124
10,126
10,748
10,330
9,381
7,578
33,440
41,271
36,828
23,435
26,556
20, 213
19,866
19,778
18,333
19,256
42,704
39,056
36,281
34,524
32,610
954
723
708
478
548
7,780
8,505
9,044
9,383
9,142
43,081
39,897
41,932
43,955
40,257
390
389
389
40
39
2,012
2,012
2,012
2,087
2,087
464
435
9,999
17,872
22,546
12,321
11,661
12,012
11,556
11,505
91,478
96,320
94,718
84,670
87,737
3,614
3,728
3,947
3,569
3,""
12,201
16,881
13,407
3,924
7"~"
17,367
17,367
17,367
17,367
17,367
9,953
9,953
9,953
9,953
9,953
1,341
1,341
1,341
1,341
1,341
207
257
229
239
314
8,348
9,152
9,837
9,650
7,247
3,
3,668
3,668
3,668
10,988
10,173
11,173
10.877
10.878
1,779
1,779
1,779
1,780
1,779
9,185
9,185
9,185
9,185
9,185
355
210
1,500
3,843
6,120
2,020
2,052
2,452
5,139
7,919
4,148
3/""
12,827
12,836
12,832
13,117
14,368
1,269
324
682
1,252
1,200
281
305
305
263
336
20
20,
20 I
317
317
252
253
254
178
178
20
20
20
51
51
266
1,082,553
1,123,449
1,120,549
1,038,190
1,126,334
83,724
84,711
84,192
69,871
64,846
226,163
269,440
259,772
172,216
236,967
100,221
99,647
95,800
94,830
95,661
105,813
96,355
106,640
94,206
98,258
72,036
73,592
74,596
80,289
79,269
56,160
61,555
62,086
71,047
76,831
121,333
123,521
118,505
130,108
135,826
60,976
63,632
63,349
72,739
75,411
41,774
39,401
42,701
40,517
44,094
52,908
51,552
51,561
57,329
60,227
50,180
47,755
50,710
53,612
54,449
111,265
112,288
110,637
101,426
104,495
54,239
54,269
54,361
54,915
65,023
4,434
4,434
4,434
4,434
4,434
13,010
13,012
13,012
13,372
13,372
723
723
723
743
744
9,415
9,440
9,444
9,529
9,588
2,617
2,617
2,617
2,617
2,617
2,772
2,775
2,783
2,788
2,813
8,715
8,715
8,715
8,715
8,715
1,096
1,097
1,097
1,146
1,154
1,681
1,681
1,748
1,748
1,755
4,970
4,970
4,970
4,970
4,970
1,950
1,950
1,950
1,950
1,951
2,856
2,855
2,868
2,903
2,910
93
28
28
28
28
546,129
594,984
670,862
747,873
616,211
65
47,274
53,779
59,029
66,598
53,528
116,414
131,303
139,927
168,201
132,019
51,394
50,876
59,924
66,772
53,922
58,545
65,111
68,802
75,926
58,914
46,914
47,683
57,609
63,934
58,205
21,005
20,813
23,396
26,977
24,136
73,183
78,408
92,104
103,953
82,393
28
28
28
28
28
34,609
35,908
39,121
32,431
12,939
14,208
17,542
17,259
14,681
32,370
37,234
39,094
41,905
36,534
21,219 35,536
24,537 36,423
29,810 47,717
31,005 46,222
27,586 41,862
115a
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26..
1923—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
All other resources:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Total resources:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Boston.
13,477
13,339
13,532
13,332
13,717
132
144
152
107
131
4,967,229
5,030,185!
5,124,136
5,138,435
5,078,259,
422,361
429,868
438,259
443,303
433,341
New
York.
1,247
1,081
1,282
1,210
1,311
1,363,905
1,372,854
1,400,367
1,394,850
1,389,707!
Philadelphia.
Cleveland.
Richmond. Atlanta.
Chicago.
343
470
388
265
267
358
373
381
317
325
775
526
539
552
472
583
646
642
663
669
595
583
585
540
524
412,603
416,106
418,705
424,417
410,524
497,939
505,134
514,645
503,637
497,549
204,092
202,925
214,661
221,677
223,413
207,691
213,591
213,299
218,208
218,782
797,719
809,118
805,800
812,795
799,236
St.
Louis.
Minneapolis.
Kansas Dallas.
City.
San
Francisco.
791
792
811
1,064
927
2,:
2,732
2,778
2,886
2,1—
3,8323,843
3,853
3,743
3,721
188,931 128,020 193,282
192,520 126,982 198,790
194,835 134,372 200,178
192,513 132,179 202,019
188,797 133,854 196,918
123,688
133,373
139,739
152,073;
151,397
426,998
428,924
449,278
440,764
434,741
4,580
4,544
4,551
4,551
4,558
4,188
4,188
4,188
4,188
4,188
7,8407,841
7,771
7,771
7,771
117
123
126
104
107
1,
2,026
1,995
1,881
LIABILITIES.
Capital paid in:
Aug. 29
Sept.5
:
Sept. 12
Sept. 19
Sept. 26
Surplus:
Aug. 29
Sept.5
Sept. 12:
Sept. 19
Sept. 26
Deposits:
Government—
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Member bank—
R e s e r v e a ceount—
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Other deposits—
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Total deposits:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
P. R. notes in actual
circulation:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept.26
F. R. bank notes in
circulation—net
liability:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Deferred availability
items:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
109,751
109,718
109,682
109,644
109,657
7,8
7,8.
7,867
7,867
7,:—
29,342
29,342
29,342
29,282
29,282
9,829
9,830
9,850
9,850
9,850
12,235
12,234
12,235
12,234i
12,234
5,768
5,768
5,768
5,767
5,769
4,423
4,424
4,428
4,426
4,428
15,166
15,164
15,166
15,192
15,192
4,990
4,994
4,995
4,995
4,997
3,523
3,522
3,521
3,521
3,521
218,369
218,369
218,369
218,369
218,369,
16,312
16,312
16,312
16,312
16,312
59,800
59,800
59,800
59,800
59,800
18,749
18,749
18,749
18,749
18,749
23,495
23,495
23,495
23,495
23,495
11,288
11,288
11,288
11,288
11,288
8,942
8,942
8,942
8,942
8,942
30,398
30,398
30,398
. 30,398
30,398
9,665
9,665
9,665
9,665
9,665
7,473
7,473
7,473
7,473
7,473
7,496
7,496
7,496
7,496
7,496
15,263
15,263
15,263
15,263
15,263
37,960
38,534
39,597
37,970
56,279
3,442
3,797
3,295
4,353
7,203
8,024
4,991
16,536
17,086
16,428
2,369
1,395
1,651
2,567
3,773
3,398
5,164
2,674
772
3,081
2,757
1,727
1,668
537
4,135
1,788
1,002
2,194
1,068
4,422
3,450
10,472
1,199
3,641
4,011
3,430
3,860
2,600
1,341
2,449
1,599
346
1,434
225
1,500
1.738
1,359
951
1,695
4,180
4,091
2,989
3,631
2,614
2,925-
1,848,617
1,843,065
1,872,773
1,825,005
1,851,790
125,581
122,361
126,597
122,629
125,504
674,461
674,965
689,101
664,932
117,859
120,292
114,658
114,071
112,850
161,804
161,632
164,861
154,225
156,193
59,074
59,869
59,224
59,101
58,549|
50,690
52,838
51,052
52,677
53,019
273,910
267,141
271,723
269,634
267,618
68,302
67,877
68,764
65,698
64,399
46,639
43,602
47,688
45,078
46,659
78,093]
81,132!
77,838i
77,816!
78,753:
44,423
47,196
48,671
51,553
51,973
147,781
144,160'
152,596
147,591
145.465
21,005
20,776
24,086
24,865
22,004
207
182
483
239
188
11,986
12,251
12,413
14,636
13,406
544
363
1,025
485
456
967
1,040
2,295
1,157
1,170
132
123
132
151
161
145
129
532
130
109
1,419
1,277
1,634
1,553
964
517
519
656
533
472
315
332
468
275
280
407i
512!
437;
683!
526;
198
209
235
542
239
4,168
3,839
3,776
4,481
4,033
1,907,582
1,902,375
1,936,456
1,887,840
1,930,073
129,230
126,340
130,375
127,221
132,895
694,471
692,207
718,050
696,654
720,642
120,772 166,169
122,050 167,836
117,334 169,830
117,123 156,154
117,079 160,444
61,963
61,719
61,024
59,789
62,845
52,623
53,969
53,778]
53,875
57,550
278,779
278,890
274,556
274,828
272,593
72,249
72,256
72,020
67,572
67,320
48,553
44,280
49,590
45,578
48,439
80,374'
83,076!
80,039
80,570
81,451'
46,359
48,764
49,857
53,790
56,392
156,040
150,988
160,003
154,686
152,423
2,224,760
2,257,278
2,262,525
2,254,764
2,247,830
222,
228,297
227,148
228,208
224,640
484,705
486,765
481,804
478,053
469,443
215,674
218,611
220,316
218,244
214,104
242,910
241,383
250,045
242,498
247,792
80,480
82,493
82,955
85,049
88,320
126,776
128,483
128,051
128,673
129,467
409,967
417,207
414,481
412,134
412,250
71,585
71,527
72,297
72,310
73,038
54,755
56,691
57,163
57,954
58,002
63,598
63,997;
63,793;
63,308,
62,552!
40,394
44,290
45,796
49,970
51,653
211,021
217,534
218,676
218,363
216,569-
520
509
509
497
492
1,045
1,565
5091
4971
492
4S5,041
522,057
576,015
645,866
550,527l|
45,157
50,137
55,646
62,7371
50,6981
91,604
100,767
107,228
127,063
106,287
46,055
45,288
50,826
58,850
49,053
51,346
58,446
57,230
67,446
51,729]
43,467
40,478
52,424
58,533
53,911
13,855
16,664
16,980
21,129
17,158
60,212
65,657
69,285
77,493
66,783
29,274
32,883
34,619
36,627
32,398
12,329
13,641
15,142
16,216
15,011
34,258
36,714
41,335
43,085
37,855
22,630
26,041
29,746
33,997
29,010
34,854
35,341
45,554
42,691
40,634
1154
FEDERAL. RESERVE BULLETIN.
OCTOBER, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 28,
1923—Continued.
LIABILITIES—Continued
[In thousands of dollars.)
Total.
All other liabilities:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Total liabilities:
AUK. 29
Sept.5
Sept.12
Sept. 19
Sept.26
Boston.
NewYork.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
St.
Louis.
2,152
1,802
1,914
2,750
2,020
Minneapolis.
Kansas
City.
Dallas.
20,161
19,879
20,580
21,455
21,311
900
915
911
958
3,983
3,973
4,143
3,998
4,253
1,524
1,578
1,630
1,601
1"~
1,784
1,740
1,810
1,810
1,855
1,126
1,179
1,202
1,251
1,280
4,967,229
5,030,185
5,124,136
5,138,435
5,078,259
422,361
429,868
438,259
443,303
433,341
1,363,905
1,372,854
1,400,367
1,394,850
1,389,707
412,603!
416,106
418,705!
424,417
410,524
497,939
505,134
514,645
503,637
497,549
204,092
202,925
214,661
221,677
223,413
207,691
213,591
213,299
218,208
218,782
77.5
76.
75.9
77.2
76.
77.0
77.1
76.2
79.1
83.0
84.7
80.7
81.3
87.7
83.7
76.5
76.9
77.0
77.3
77.9
78.1
80.6
77.4
79.6
80.0
56.1
53.3
54.1
50.1
53.6
67.5
64.3
62.4
57.3
55.6
85.2
85.0
84.1
81.9
82.4
63.4
61.1
60.3
51.
50.
65.4
67.2
64.2
67.0
65.2
68.2
68.0
68.5
63.8
61.8
51.9
57.9
54.4
58.4
57.7
72.5
72.5
73.3
74.6
74.1
12,375 • 3,028
11,143
3,046
11,930
2,874
11,898
2,874
11,940
2,874
3,
3,824
1,831
1,842
1,738
1,738
1,738
1,444
1,452
1,370
1,370
1,370
4,895
4,923
4,645
4,645
4,645
1,549
1,558
1,470
1,470
1,470
1,197
1,204
1,136
1,136
1,136
1,514
1,523
1,437
1,437
1,437
1'
1,275
1,203
1,203
1,203
2,500
2,514
2,372
2,372
2,372
1,168
1 195
1,239
1,344
1,379
1,387
1,375
1,483
1,438
1,408
797,719 188,931
809,118 192,520
805,800 194,835
812,795 192,513
799,236 188,797
128,020
126,982
134,372
132,179
133,854
971
972
1,017
1,014
2,101
2,085
2,147
2,135
2,166
San
Francisco.
1,980
1,957
2,009
1,990
2,081
193,282 123,688 426,998
198,790 133,373 428,924
200,178 139,739 449,276
202,019 152,073 440,764
196,918 151,397 434,741
MEMORANDA.
Ratio of total reserves
to deposit and F. R.
note
liabilities
combined—percent:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Continsent liability
on bills purchased
for foreign correspondents:
Aug. 29
Sept. 5
Sept 12
Sept. 19
Sept.26
35,404
34,304
33,784
33,75f
33,794
3,609
3,609
3,609
TMATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
Aug. 29
Sept.5
Sept. 12
Sept. 19
Sept. 26
Bills bought in open market:
Sevi.6.'............................
Sept. 12
Sept. 19
Sept. 26
TJnited States certificates of indebtedness:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
-Municipal warrants:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Within 15
days.
16 to 30
days.
31 to 60
days.
61 to 90
days.
From 91
days to 6
months.
815,518
850,094
841,359
774,240
862,008
531,631
572,012
558,412
482,783
571,155
64,241
74,317
76,545
83,725
81,295
120,476
117,292
119,401
121,103
120,935
76,809
68,487
71,152
72,793
75,155
22,127
17,765
15,625
13,608
13,223
173,485
174,563
179,313
171,044
172,124
54,600
60,115
61,971
56,621
56,831
32,094
33,815
34,545
33,483
34,308
52,339
48,277
45,662
39,976
38,148
29,674
28,501
33,300
38,374
38,749
4,778
3,855
3,835
2,590
4,088
2,052
2,452
5,139
7 919
4,148
235
1,827
4,452
6,120
2,375
706
612
49
377
409
1,112
1,509
20
20
20
317
317
1
392
264
266
20
20
20
51
51
Over 6
months.
234
221
224
228
245
450
248
277
295
1155
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26, 1923.
[In thousands of dollars.]
Total.
Net amount of F. R.
notes r e c e i v e d
from Comptroller
of the Currency:
3,552,703
Aug. 29
3,563,431
Sept.5
3,584,439
Sept. 12
3,607,199
Sept.19
3,610,978
Sept.26
F. R. notes on hand:
865,944
Aug. 29
861,854
Sept.5
867,749
Sept. 12
885,464
Sept. 19
885,114
Sept. 28
F. R. notes outstanding:
Aug. 29
2,686,759
Sept.5
2,701,577
Sept. 12
2,716,690
2,721,735
Sept. 19
2,725,864
Sept.26
Collateral security
for F. R. notes outstanding:
Gold and gold
certificates—
Aug. 29
320,424
320,924
Sept.5
321,359
Sept. 12
320,959
Sept. 19
320,959
Sept. 26
Gold r e d e m p tion fund—
Aug. 29
124,045
Sept.5
119,710
Sept. 12
119,921
Sept. 19
116,797
120,813
Sept. 26
Gold fund—F.
R. Board—
Aug. 29
1,616,695
Sept.5
1,620,066
Sept. 12
1,629,277
Sept. 19
1,628,732
Sept. 26
1,620,193
Eligible p a p e r Amount required—
Aug. 29.. 625,595
Sept. 5 . . 640,877
Sept. 12. 646,133
Sept. 19. 655,247
Sept. 26.
E x c e s s
amount
held—
Aug. 29.. 324, S67
Sept. 5.. 340,070
Sept. 12. 333,937
Sept. 19. 244,671
Sept. 26. 327,216
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
St.
Atlanta. Chicago. Louis.
Minne-
Kansas
City.
Dallas.
San
Francisco.
324,164
323,280
327,536
346,554
342,219
1,053,649
1,054,741
1,051,833
1,045,832
1,047,465
277,217
279,523
287,240
288,393
284,298
295,219
296,063
300,148
301,835
304,159
115,090
115,570
114,251
118,471
120,144
223,212
222,475
221,740
220,470
222,007
584,752
582,862
586,993
588,757
582,526
114,090
114,848
114,383
113,717
115,714
72,396
72,396
73,047
73,185
72,604
101,049
104,886
110,315
110,816
110,014
71,525
77,152
76, 733
76,260
83,714
320,340
319,635
320,220
322,909
326,114
83,950
83,950
85,550
102,850
101,950
313,260
313,260
313,260
313,260
313,260
43,360
46,840
49,700
51,400
50,000
29,720
31,720
29,520
32,720
31,620
26,470
25,630
23,230
25,400
24,920
81,977
80,557
78,992
77,207
77,857
124,300
115,700
120,500
121,900
118,940
24,890
24,790
24,590
24,390
24,390
12,860
11,080
11,780
11,665
10,805
27,613
30,613
36,213
36,013
36,013
27,344
28,514
26,614
22,059
26,759
70,200
69,200
67,800
66,600
68,600
240,214
239,330
241,986
243,704
240,269
740,389
741,481
738,573
732,572
734,205
233,857
232,683
237,540
236,993
234,298
265,499
264,343
270,628
269,115
272,539
88,620 141,235 460,452
89,940 141,918 467,162
91,021 142,748 466,493
93,071 143,263 466,857
95,224 144,150 463,586
89,200
90,058
89,793
89,327
91,324
59,536
61,316
61,267
61,520
61,799
73,436
74,273
74,102
74,803
74,001
44,181
48,638
50,119
54,201
56,955
250,140
250,435
252,420
256,309
257,514
35,3O0 235,531
35,300 | 235,531
35,300 j 235,531
35,300 235,531
35,300 235,531
7,000
7,000
7,000
7,000
7,000
8,805
8,805
8,805
8,805
8,805
2,400
2,400
2,400
2,400
2,400
11,880
11,880
11,880
11,480
11,480
13,052
13,552
13,052
13,052
13,052
6,456
6,456
7,391
7,391
7,391
18,177
17,293
15,149
12,167
17,832
29,498
29,341
28,987
28,748
14,321
15,787
11,943
11,496
12,402
14,606
13,751
13,236
15,023
16,147
4,257
3,276
1,957
3,677
2,390
6,393
5,656
4,920
3,650
5,588
10,290
10,180
10,092
9,964
3,226
3,283
2,498
2,832
2,789
1,253
1,253
3,904
3,522
2,940
2,833
2,669
4,098
3,600
2,797
2,661
2,368
2,949
3,478
2,929
16,530
14,853
20,188
18,642
16,626
138,000
138,000
138,000
138,000
143,000
371,000
371,000
371,000
371,000
371,000
145,389
146,389
155,389
153,389
150,389
185,000
185,000
185,000
185,000
185,000
24,795
24,795
24,795
26,795
26,795
87,000
84,000
81,000
75,000
70,000
381,645
381,644
381,645
391,645
391,644
35,000
34,000
34,000
28,000
22,000
21,000
21,000
21,000
21,000
21,000
37,360
37,360
40,360
40,360
40,360
7,500
9,500
9,500
11,500
12,500
183,006
187,378
187,588
187,043
186,505
48,737
48,737
53,537
58,237
44,137
104,360
105,609
103,055
97,293
99,181
67,147
63,507
63,208
65,108
64,507
57,088
56,787
63,587
60,287
62,587
59,568
61,869
64,269
62,599
66,039
45,442
49,862
51,428
62,213
66,162
68,517
75,338
74,756
65,248
62,062
39,094
40,895
41,415
47,015
55,055
24,231
25,511
23,311
23,946
24,807
33,243
34,244
29,644
30,843
30,844
27,564
30,314
30,279
31,834
34,135
50,604
48,204
44,644
50,624
54,383
31,348
32,211
26,708
8,065
16,656
89,611
121,018
114,851
37, 214
101,633
3,658
4,432
4,997
591
1,512
37,425
28,880
31,517
22,851
24,986
7,419
7,745
6,945
13,442
10,146
10,455
11,346
7,366
8,507
10,249
43,171
38,682
33,161
53,916
65,242
18,199
19,055
18,250
22,037
16,673
4,016
289
5,872
2,785
4,268
8,406
6,870
10,480
15,141
18,025
20,790
15,537
18,062
19,5%
17,860
50,369
54,005
55,728
40,526
1156
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM
AUGUST 22 TO SEPTEMBER 19, 1923.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
(In thousands of dollars.)
Total.
Number of reporting banks:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Loans and discounts, gross:
Secured by U. S. Government obligations—
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Secured by stocks and
bonds—
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
All other loans and discounts—
Aug. 22
Aug. 29
Sept.5
Sept 12
Sept. 19
Total loans and discounts:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
U. S. pre-war bonds:
Aug. 22
Aug.29
Sept.5
Sept. 12
Sept. 19
U. S. Liberty bonds:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
U. S. Treasury bonds:
Aug. 22
Aug. 29
Sept.5
Sept.12
Sept. 19
tr. S. Treasury notes:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
V. S. certificates of indebtedness:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Other bonds, stocks, and
securities:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Total loans, discounts, and
investments:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
New
Boston. York.
Philadelphia.
Cleve- Rich- Atland. mond. lanta.
75,755
77,233
76,957
77,166
92,143
19,261
19,451
19,303
18,721
18,989
28,876
28,502
29 620
30,342
28,483
8,577
3,616,145
3,641,374
3.661,113
3', 660,242
3,696,676
241,1331,446,296
238,3861,490,958
235,5941,500,730
235,16011,491,127
240,195 1,507,455
257,428
257,132
261,251
264,496
265,488
7,832,964
7,836,176
7,880,194
7,948,210
7,949,674
,,724
630,168 2,507,
628,(816
f 2,,509,449
"'
633,1,357
i 2,,526,812
,554,152
645,'
640,i, 177 2,,555,819
357,258
356,350
355,361
357,838
357,999
227,398
230,001
229,243
231,783
245,301
11,676,507
11,707,551
11,770,550
11,840,235
11,891,651
8,711
8,820
35,991
35,805
34,614
36,259
35,720
11,876
12,264
12,290
12,445
12,244
401,277
402,304
400,556
399,182
406,442
120,473
119,215
120,319
121,039
121,269
62,480
64,112
63,993
63,815
65,085
586,557
573,127
577,793
582,760
582,969
138,376
138,288
140,034
139,697
140,389
699,145
698,686
694,297
696,592
690,294
327,753
330,064
333,109
334,763
334,699
329, ,8711,135,458
328,8781,133,573
1,151,836
330,
334,171 1,152,957
340,537 1,152,042
309,852
307,352
309,059
310,985
313,277
329 4,1,029,775 633,947 1.,129,298 456,803
359 4^1,077,640632,933 1.,129,492 458,172
399 4:1,104,499 635,915 1., 124,473 462,034
1,122,445 641, 055 1., 126,116 464,513
368 4,1,155,417 642,47i'61.,125,219 464,788
400,10: 1,758,006
400,98!
989 1.
1,742,505
402,347 1,764,243
406,061
06111,771,976
413,961 1,770,731
14,435
14,431
14,430
14,430
14,430
274,989
274,456
274,746
274,707
274,840
12,533
12,533
12,533
12,132
12,293
49,079
48,026
48,078
48,231
48,231
1,053,361
1,064,090
1,058,263
1,059,181
1,051,603
79,321
80,112
79,391
79,875
78,431
467,288
472,221
471,907
472,251
472,637
90,781
89,792
88,425
88,034
87,059
5,065
4,812
4,90Si
4,805!
4,80S
27,743
27,480
27,192
27,180
27,241
879,476
881,155
871,699
859,616
861,145
28,676
28,637
28,756
25,703
28 868
93,060
83,362
80,821
80,501!
135,7901
1,716
1,424
1,096
1,201
15,145
2,143,1'
2,143,9331
2,139,773]
2,146,444
2,153,932
16,211,346
16,244,339
16,284,277
16,348,7181
16,456,1—
76
76
76
76!
76j
7,756
7,999
7,978
8,075
8,339
12,028
12,157
12,448
11.878
11 996
883,
879,
881,
892,
892,
San
St. Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
106
106
108
106
106
110
110
110
111
111
769
770
770
Chicago.
10,698
10,697
10,698
10,698
10,"""
47,822 29,335
47,824 29,344
47,924 29,344
47,829 29,040
47,888 29,410
4,371
4,444
4,490
4,503
4,593
3,767
3,760
3,694
3,284
3,174
12,244
12,495
12,383
12,382
12,263
39,429 81,935 51,584
41,316 81,764 51,861
41,324 82,664 53,157
41,521 80,570 54,565
40,635 79,989 55,515
189,177
182,911
183,698
186,310
191,245
184,879
189,016
192,217
194,259
196,987
358,018
354,150
356,497
355,566
355,128
203,832
202,294
201,039
207.411
208,711
789,006
797,548
796,234
804,399
804,004
460,104
457,904
461,383
463,127
465,910
228,679
234,776
238,031
240,283
242,215
446,849
442,912
446,021
444,153
443,654
259,183 990,427
257,915 992,954
257,890 992,315
265,—
2601,003,091
267 400 1.,007,512
24,456
24,496
24,714
24,767
24,707
15,335
15,335
15,335
15,334
15,304
8,486
9,011
9,111
9,161
11,715
11,715
11,600
11,600
11,505
44,324 116,941
44,513 117,318
44,448 116,075
44,366 116,604
43,942 116,508
32,207
32,690
32,188
32,014
32,593
14,300
14,253
14,240
14,187
14,04'
96,242
100,091
99,227
100,362
95,5%
23,682
23,835
23,615
23,591
22,865
11,696
11,681
11,799
13,299
13,312
3,300
3,271
3,304
3,278
3,312
5,263
5,227
4,923
4,913
4,671
4,065
4,114
4,064
4,735
4,104
1,925
1,925
1,841
1,841
1,781
12,447
12,662
12,376
12,376
12,542
9,479
9,381
9,335
8,723
8,601
1,220
1,219
1,119
955
955
477,123 51,825
468,599 49,681
462,886 49,675
457,318 49,562
456,888 50,471
57,452
56,799
56,540
56,825
57,851
11,076
10,763
11,771
11,782
12,434
5,908
5,905
5,911
6,806
6,778
122,929
138,364
132,457
131,855
123,4lr
21,317
21,560
21,370
20,564
20,799
6,967
6,858
6,987
6,871
13,421
2,259
2,344
2,803
2,723
5,781
6,785
7,507
7,493
6,789
8,637
21,362
19,895
19,842
19,718
28,147
6,214
6,022
6,148
6,238
7,065
168,533 730,737 181,121 297,318
168,453 727,846 181,047 297,954
167,331 733,884 180,037 298,335
171,069 730,069 179,911 298,257
170,784 735, 111 180,577 297,967
51,247
51,187
51,186
51,201
51,286
41,125
41,249
41,172
41,798
41,920
19,025
11,696
11,321
11,192
25,755
1,179,173 5,800,770
1,175,330 5,833,50S
1,175,414 5,859,767
1,186,940 5,868,686
1,202,697 5,921,280
4,940
5,140
3,589
3,610
4,380
930,1551,661,061
927,2821,661,472
927,6661,655,257
932,4801,657,415
935,8561,663,525
586,992
588,614
593,400
596,008
600,396
6,896
66
66
66
66
66
341,664 84,864
342,664 85,116
333,929 84,393
335,402 84,886
337,534 85,189
484,585 2,377,106!
486,259 2,380,677!
487,434 2,386,788|
491,912 2,396,456!
501,554 2,392,672'
620,995
619,153
621,579
622,463
625,733
8,017
8,537
20,861
20,861
20,771
20,861
20,961
30,234
30,233
30,308
30,674
30,192
50,960 14,039
49,870 14,043
49,312 13,911
49.441 13,741
49,131 13,793
102,361
103,463
102,150
99,450
98,748
4,903
4,901
4,881
4,780
1,952
1,977
1,977
2,202
1,977
13,419
12,823
12,505
12,246
12,377
28,735 21,849
28,235 19,852
29,358 19,033
27,869 19.090
28,151 19;194
12,745
12,524
12,938
12,942
13,382
39,841
40,236
41,004
39,300
42,914
5,657
4,995
5,054
5,073
4,605
4,004
3,353
3,387
3,775
4,9401
11,859
11,861
11,448
11,659
13,952
28,973 59,773
29,137 59,934
28,512 61,092
28,704 61,059
28,330 60,422
10,687
10,746
11,116
10,866!
11,618!
147,130
148,600
148,776
153,222
153,194
2,272
2,267
1,653
1 652
3,962
310,061
316,276
319,483
321,873
326,086
4,r"
601,706
594,179
596,993
595,196
593,261
323,4711,335,271
321,4191,340,170
321,9901,338,506
329,6471,349,642
334,0711,358,889
1157
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM
AUGUST 22 TO SEPTEMBER 19, 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.
Boston.
New
Phila- CleveYork. delphia. land.
Reserve balance with F. R.
banks:
1,340,529
82,467 589,946 70,254
Aug. 22
1,305,588
83,921 602,981 70,773
Aug. 29
1,367,827
81,712 604,993 76,013
Sept. 5
1,379,717
84,464 614,745 68,394
Sept. 12
1,339,553
80,610 595,333 68,650
Sept. 19
Cash in vault:
281,274
19,357
79,824 16,140
Aug. 22
282,805
18,569
79,592 16,364
Aug. 29
286,663
18,808
81,831 15,867
Sept. 5
292,752
19,274
82,407 16,133
Sept. 12
286,427
18,956
81,358 15,928
Sept. 19
Net demand deposits:
Aug. 22
10,889,593 793,234 4.
1,500,679 688,788
Aug.
„„„. 29
10,880,405 786, 114 4'
:, 509,994 684,238
Sept. 5
110,963,233 790,843 4L 546,480 690,624
11.0S2.167 805,332 4'
1,581,851 691,184
Sept. 12
Sept.19
U,019,656J| 798,342 41,643,586 680,984
Time deposits:
3,981,112
268,622 891,388 103,003
Aug. 22
4,005,773 268,582 902,635 104,599
Aug. 29
4,009,236
269,383 905,403; 102,195
Sept. 5
4,004,610 269,0211 900,897 103,733
Sept. 12
4,012,034
269,629 904,079 103,411
Sept. 19
3
Government deposits:
20,702
132,315
37,199 12,26^
Aug. 22
19,662
121,642
33,040 12,19
Aug. 29
18,611
109,556
28,
10,591"!
Sept. 5
16,752
25,922
9,530i
Sept. 12
98,238
41,037
59,614 19.8121
Sept. 19
235,884
Bills payable and rediscounts with F. R. banks:
Secured by U. S. Gov-.
vernment obligations—
Aug. 22
256,246
10,608 107,949 18,097
Aug. 29
269,918
7,809 107,979 21,491
296,770
9,410 136,164 20,337
Sept. 5
288,191
8,777 127,936 18,146
Sept. 12
72,441 18,407
220,921
7,805
Sept. 19
All other—
I
233,147
28,506
36,420 16,815J
Aug. 22
251,335
40,293
46,628 15,736
Aug. 29
260,271
40,071
50,469 13,542
Sept.5
268,832
40,378
53,036 16,848
Sept. 12
17,492
270,
111
30,758
40,067
Sept. 19
Richmond.
Atlanta.
Chicago.
St.
Louis.
Minne- Kansas
apolis.
City. Dallas.
San
Francisco.
109,250
107,194
108,108
111,273
100,369
33,522
34,166
35,614
33,999
33,729
33,570
30,330
32,898
31,585
32,731
190,847
200,868
195,658
199,250
195,793
39,679
39,459
40,032
40,433
37,869
22,171
19,090
22,321
20,000
48,650
48,654
49,412
45,897
45,821
22,184
21,486
23,359
22,862
24,778
97,989
103,463
100,938
104,494
103,870
32,615
31,327
32,134
33,267
32,790
13,109
13,561
13,601
13,507
13,360
9,953
9,938
9,971
10,267
9,853
53,816
53.900
56,346
57,661
54,595
7,892
7,653
8,171
7,950
7,981
5,950
6,159
5.864
6,417
5,598
12,426
14,691
12,744
13,402
12,432
9,450
9,852
10,153
9,940
9,689
20,742
21,199
21,173
22,527
23,887
927,897
923,308
926,729
919,827
910,348
322,137
323,4431
326,890
330,205
322,162
266,4961 ,481,122
262,7481 ,495,870
263,236 1,502.878
266,8381 ,526,589
262,7551 ,484,245
336,270
335,069
339,567
344,204
329, •—
188,199
192,170
195,260
200,406
198,420
440,514
436,266
439,974
447,857
426,937
209,926
208,088
214,502
222,051
225,254
734,331
723,097
726,250
745,823
737,130
587,690
592,008
594,850
595,334
592,424
151,392
151,536
151,806
151,053
153,173
178,561
178,295
178,279
178,136
179,757
780,362
779,960
781,226
781,652
781,153
190,939
191,179
190,654
188,688
188,578
86,947
87,129
86,761
84,876
84,722
134,020i
134,5261
135,4871
135,013
134,329]
74,662
74,415
74,052
75,102
75,344
533,526
540,909
539,137
E41,105
545,435
7,522
6,789
6,198
5,588
21,839
5,513
5,110
4,685
4,222
9,218
6,304
5,814
5,508
4,753
11,089
16,948
15,544
13,611
12,245
26,050
4,328
3,603
2,976
2,678
8,636
3,152
2,942
2,762
2,485
5,237
1,579|
1,361!
1,139]
840
2,743
3,647
3,457
3,268
2,941
8,264
13,158
12,128
11,402
10,282
22,345
20,167
20,535
17,448
26,528
15,392
20,632
19,281
19,010
18,536
21,536
3,799
6,512
6,547
8,309
7,506
16,553
21,465
25,055
15,336
18,137
14,463
15,265
15,281
13,588
13,828
5,695
5,385
4,285
6,810
3,""
9,325
10,223
9,O6ll
8,843!
12,605j
5,263
3,813
5,609
4,039
4,213
23,395
30,160
28,563
31,363
25,366
19,858
17,652
14,887
17,975
19,102
18,336
19,503
20,807
21,475
25,771
12,110
12,513
15,843
15,413
19,985
23,124
15,140
17,051
18,813
25,545
24,769]
22,851
24,264
25,188
33,944
4,900
4,263
3,719
5,065
6,601
15,879i 11,163
14,7501 12,599
15,624 10,919
15,237! 9,025
17,019! 6,228
21,267
29,407
33,075
30,379
27,599
22'—
R E P O R T I N G MEMBER B A N K S IN F E D E R A L R E S E R V E B A N K C I T I E S .
Number of reporting banks:
Aug.22
257
257
Aug. 29
257
Sept.5
258
Sept. 12
258
Sept. 19
Loans and discounts, gross:
Secured by U. S. Government obligations—
149,777
Aug. 22
152,272
Aug. 29
152,374
Sept.5
153,167
Sept. 12
168,351
Sept. 19
Secured by stocks and
bonds—
2,526,601
Aug. 22
2,563,738
Aug. 29
2,578,666
Sept.5
2,575,180
Sept. 12
2,602,950!
Sept. 19
All other loans and discounts—
4,862,644
Aug. 22
4,860,370
Aug. 29
4,896,745
Sept.5
4,943,616
Sept. 12
4,936,733
Sept. 19
10
10
10
10
10
6
6
6
6
6
49
49
49
49
49
15
15
15
15
15
68,726
68,442
68,763
83,996
17,651
17,851
17,681
17,085
17,422
5,920
6,017
7,473
7,756
7,858
1,332
1,557
1,539
1,501
1,469
2,128
2,110
2,194
2,143
2,152
28,128
27,612
26,436
28,093
27,529
8,496
8,950
9,1141
9,198!
9,107]
1,402
1,479
1,494
1,.'"
1.'
2,106
2,089
1,996
1,981
1,958
1,329
1,335
1,336
946
958
4,826
4,861
4,727
4,816
4,795
184, 2031.,272,197
181, 8561.,316,122
179, 4471.,325,367
182, 064 1,311,657
183, 397 1.,329,918
220,537
222,257
226,798
229,760
231,834
157,795
161,339
158,552
158,323
162,864
18,964
18,960
19,618
19.525
19,672
10,921
11,346
11,811
12,245
11,937
435,084
423,629
428,362
433,063
432,436
96,265
95,847
96,356
95,686
96,860
13,503
15,515
15,923
16,162
16,289
20,278
20,146
20,011
20,172
20,100
11,943
11,971
11,995
11,506
11,529
84,911
84,750
84,426
85,017
86,414
,195,172
482,,056 2,
480,,744 2,
,,197,710
485,152 2,214,
,214,769
491,,,702 2,240,052
489,7512,240,8831
489
328,052
326,761
325,509
328,195
325,886
317,081
316,019
315,520
316,835
312,038
66,527
67,422
67,930
68,400
69,029
58,822
57,742
55,714
57,631
58,197
667,337
668,166
679,586
679,381
678,701
181,458
178,261
180,660
181,735]
182,6071
98,053]
99,727
101,650
101,737
103,325
115,467
114,554
113,951
112,978
112,543
49,793
49,436
49,852
53,678
53,871
302,826
303,828
306,452
311,292
309,802
9,574
9,685
9,942
9,386
9,519
1158
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM
AUGUST 22 TO SEPTEMBER 19, 1923—Continued.
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
Boston.
Total loans and discounts:
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept.19
FJ. S. pre-war bonds:
Aug. 22
Ang. 29
Sept.5
Sept. 12
Sept. 19
V. S. Liberty bonds:
Aug. 22
Aug.29
Sept.5
Sept.12
Sept. 19
US. S. Treasury bonds:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
U. S. Treasury notes:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
U.S. certificates of indebtedness:
Aug. 22
Aug. 29
Sept5
Sept. 12
Sept.19
Other bonds, stocks, and
securities:
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Total loans, discounts, and
investments:
Aug. 22
Aug. 29
Sept.5
Sept.12
Sept. 19
Reserve balance with F . R.
banks:
Aug.22
Aug. 29
Sept. 5
Sept.12
Sept. 19
Cash in vault:
Aug.22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Net demand deposits:
Aug.22
Aug. 29
Sept.5
Sept. 12
Sept.19
Time deposits:
Aug.22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Government deposits:
Aug.22
Aug.29
Sept.5
Sept.12
Sept. 19
7,539,022
7,576,380
7,627,785
7,671,963
7,708,034
New
Phila- CleveYork. delphia. land.
675, 833 3,,534,254
672, 285 3,582,558
674, 5413,608,578
683; 152 3,620 472
682,667 3,654,797
506,240
566,869
569.988
575,040
575,142
4«0, 796
483, 375
481, 545
482,914
482,760
Richmond.
Chicago.
At-
86,823
8711,130,549
87,939
, 198 I!,119,407
i, 719 1., 134,384
89,087
,140,537
:
89,426 72,
90,170 72,2861 ,138,666
St. Minne- Kansas Dallas.
Louis. apolis.
City.
San
Francisco.
286,219
283,058
286,130
286,619
288,274
112,958
116 721
119,067
119,398
121,202
137,851
136,789
135,958
135,131
134,601
63,065
62,742
63,183
66,130
66,458
392,563
393,439
395,605
401,125
401,011
94,316
93,256
93,299
93,203
93,260
2,080
2,080
2,080
1,679
1,840
38,328
37,275
37,275
37,428
37,428
6,558
6,557
6,558
6,558
6,558
4,525
4,525
4,525
4,525
4,525
1 805
1,814
1,814
1,814
1,805
2,861
2,857
2,856
2,856
2,856
4,085
4,075
4,068
4,121
4,095
8,225
8,225
8,225
8,224
8,224
3,231
3,231
3,281
3,381
3,431
2,050
2,050
2,050
2,050
2,050
5,148
5,148
5,148
5,148
5,148
15,420
15,419
15,419
15,419
15,300
635,063
644,110
641,685
641,511
633,795
34,320
35,092
34,353
34,824
33,587
401,209
406,257
405,886
406,637
406,547
32.940
33,132
33,063
32,964
32,520
24,515
24,521
24,065
24, 186
24,148
4,895
4,896
4,476
4,478
I,910
273
273
273
270
270
39,014
42,933
43,010
43,182
38,427
15,029
14,886
14,885
14,856
14,505
6,607
6,625
6,645
6,885
6,903
23,338
22,360
21,856
21,968
21,716
4,144
4,133
3,933
3,933
3,933
48,779
49,002
49,240
47,328
46,329
46,789
46,257
45,386
45,189
45,202
2,732
2,480
2,477
2,476
2,479
18,525
18,422
18,135
18,124
18,134
2,399
2,369
2,402
2,376
2,410
771
771
760
860
860
341
291
240
240
281
75
75
75
75
15
5,385
5,680
5,390
5,391
5,422
7,737
7,640
7,640
7,624
7,506
660
659
659
495
495
922
922
900
865
1,103
1,128
1,128
1,128
1,128
6,139
5,820
5,580
5,535
5,606
645,741
650,527
644,566
637,936
630,618
20,272
20,227
20,145
20,153
20,321
442,556
434,284
428,642
423,077
422,456
48,154
46,208
46,203
46,091
46,507
9,837
10,018
9,695
9,930
9 984
846
845
845
846
846
361
361
361
361
361
68,944
84,972
84,399
83,159
75,265
14,621
14,780
14,482
14,365
14,555
11,783
11,783
12,462
12,252
12,513
8,087
6,877
6,713
6,781
6,748
4,089
4,089
4,129
4,429
4,399
16,191
16,083
16,490
16,492
16,663
43,261
33,402
31,444
32,285
65,493
394
365
345
13,450
16,648
9,307
8,924
9,308
20,604
4,670
4,670
3,119
3,140
3,633
2,840
2,840
2,840
2,843
2,172
20
20
438
438
277
1,464
1,464
1,464
1,464
2,184
7,708
6,258
6,161
6,226
10,047
4,854
4,762
4,844
4,944
5,626
1,320
1,315
811
810
2,190
234
272
331
280
646
2,085
1,384
1,364
1,704
2 "-
733
716
783
783
1,775
1,130,027
1,128,315
1,129,597
1,132,123
1,139,971
76,591
76,197
75,036
75,607
77,733
525,250
521,549
527,515
524,403
527,611
145,436
145,301
144,336
144,212
144,852
72 699
73 140
72 867
73 2612
72 970
5 542
5 499
5 360
5 330
5,395
4,046
3,981
3,944
3,909
3,859
163,240
163,550
161,596
162,809
164,357
52,037
52,565
52,663
53,011
53,703
13,648 11,643
13,979 11,785
13,461 12,404
13,693 12,347
13,359 12,067
2,675
2,675
2,775
2,789
2,893
57,2?0
58,094
57,640
60,751
61,172
812,513 4,976,770
808,755:5,009,652
808,997 5,034,955
818,236 5,039,449
832,077 5,087,577
806,397
805,106
805,669
810,381
811,622
595,983
599,190
596 297
598,520
597 419
100,272
101 304
102,260
102,572
103,684
80,9511,418,925
80,209!l,426,875
78,692;i,439,008
80,9541,445,425
81,8311,436,279
388,722
385,916
388,869
389,643
392,393
150,207 184,125 82,309
10,134,219
10,172,247
10,213,762
10,254,210
10,316,373
154,313
156,386
156,914
160,093
181,055
180,212
179,422
178,694
81,299
81,660
85,261
86,848
537,045
538,573
540,757
547,433
547,856
943,288
962,293
973,406
978,119
947,371
64,975
65,761
64,529
65,011
63,208
541,535
554,599
558,407
563,581
547,920
63,733
63, Hr
69,800
61,679
61,636
35 410
32 384
36 607
38 074
31 293
4 542
5 842
6 116
5 340
5 730
5,120
4,585
5,899
5,768
5,427
130,991
138,392
135,596
135,341
132,458
25,546
24,753
26,213
27,885
24,975
11,419
11,477
8,648
12,092
9,337
16,770
14,778
16,346
16,279
15,862
5,940
5,796
6,357
6,099
6,670
37,307
40,781
38,888
40,970
42,855
141,
142,136
144,269
147,711
143,339
8,436
8,124
8,388
8,147
7,890
65,251
65,466
66,410
68,011
66,090
13,072
13,152
12,755
12,987
12,615
9 080
9,154
9 047
9 488
9; 459
889
937
851
940
995
1,1
1,627
1,865
1,904
1,894
28,836
29,206
30,067
30,435]
29,615
3,389
3,419
3,476
3,475
3,402
1,975
1,942
1,787
2,112
1,949
2,297
2,313
2,408
2,551
2,314
1,238
1,246
1,335
1,357
1,398
5,575
5,550
5,880
6,304
5,718
7,364,178
7,376,127
7,444,185
7,504,485
7,497,364
608,3014,022,508
603,753,4,036,891
607,22414,069,903
615,5514,098,661
610,628 4,164,240
600.033
596,656
603,597
603,118
593,804
251 344
253 267
255 906
254 134
24S
51 698
53 073
52 586
52 608
51 235
45,436 987,550
44,0631,000,820
44,9501,007,668
46,469|l,019,459
46,256 986,418
223,875
223,103
230,873
232,665
223,263
87,651
90,819
93,623
96,027
95,210
158,764
155,518
156,716
154,757
148,370
56,886
56,157
58,522
61,230i
62,264|
270,132
262,007
262,617
269, f 06
266,982
1,936,127
1,952,106
1,952,399
1,955,678
1,957,339
116,761
116,973
117,586
116,905
117,335
607,168
618,118
618,266
618,118
620,503
82,614
83,840
81,757
83,409
82,949
340 812
344 262
346 191
346 400
342; 053
25,760
25 640
25 696
25 715
25 638
23,561
23,489
23,571
23,588
23,570
363,970
363,946
364,779
365,534
364,862
107,014
107,049
106,700
105,609
105,582
43,727
44,184
43,938
42,046
42,073
13,162
13,077
13,094
13,036
13,060
11,623
11,595
11,453
11,496
11,698
199,955
199,933
199,368
203,822
208,016
86,316
78,394
69,963
62,796
153.409
19,382
18,531:
17,674
15,908
38,582
34,528
30,698
26,883
24,191
53,758
10,443
9,6861
8,940
8,045
16,872
1 592
1 405
1 218
1 097
4 725
626
558
501
451
873
803
735
650
585
1,548
6,755
6,114
4,860
4,372
11,126
3,146
2,522
1,996!
l,798l
7,144'
799
705
612
550
2,127
1,135
965
789
525
1,757
2,278
2,176
2,076
1,—
5,
4,829
4,299
3,764
3,40&
9,011
1159
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM
AUGUST 22 TO SEPTEMBER
REPORTING MEMBER
19,1923—Continued.
BANKS IN F E D E R A L R E S E R V E
BANK
CITIES—Continued.
[In thousands of dollars.)
Total.
Bills payable and rediscounts with F . R. banks:
Secured by U . S. Government obligations—
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept.19
All other—
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Boston.
ClevePhiladelphia. land.
New
York.
Richmond.
Atlanta.
Chicago.
San
St.
Minne- Kansas
FranLouis. apolis. City. Dallas.! cisco.
38
543
763
3,565
10,855
15,214
7,677
9,316
6,730
6,657
5,837
5,670
5,401
4,085
4,335
2,435
4,535
1,285
2,
2,948
2,271
2,869
6,384
1,140
450
1,500
209
9
20,746
26,098
24,093
28,188
21,270
5,384
6,473
6,974
7,061
8,555
2,456
2,248
2,557
2,452
2,390
12,075
6,332
7,637
6,634
13,714
13,504
10,547
11,132
12,372
16,307
3,072
2,252
1,840
3,388
5,345
6,737
5,088
6,190
5,865
6,459
4,034
6,054
5,372
4,902
2,360
16,950
24,451
27,398
25,052
22,086
43,519
43,053
47,574
44,474
44,078
25,530
24,355
26,368
26,385
28,300
11,645
11,011
12,090
12,302
12,880
322,393
337,942
352,095
355,551
331,000
71,807
68,965
72,759
72,181
71,044
35,598 100,861
37,852 98,686
42,066 104,577
43,494 101,709
43,520 98,217
14,653
16,384
23,179
28,193
31,121
92,553
87,013
92 790
96,100
93,790
19,966
19,015
21,793
20,851
21,273
12,779
11,321
12,728
13,723
15,639
6,628
5,444
7,384
6,457
6,607
142,933
133,799
148,315
149,206
146,529
21,372
21,262
22,741
22,458
22,223
15,794
13,582
18,466
19,143
20,471
15,264
16,084
22,859
26,872
28,206
46,242
47,463
48,447
50,136
51 467
2,692
1,840
2,6911
3,110
3,558
150,465
156,457
186,200
172,853
114,009
7,986
4,037
5,888
5,665
4,735
84,181
80,496
108,496
98,191
45,206
16,122
18,591
17 737
15,696
15,282
500
800
141,823
158,889
164,404
172,117
158,493
27,144
39,334
39,224
39,501
29,881
28,056
37,656
41,765
43,070
30,813
16,298
15,234
13,040
16,346
16,990
6,113
3,220
1,275
5,474
3,593
1,813,089
1,807,068
1,898,515
1,894,594
1,904,354
100,784
98,160
105,815
107,503
107,049
840,751
833,246
859,858
851,613
881,149
152,995
150,401
159,344
155,089
162,206
465,825
452,129
502,827
503,757
512,604
28,555
28,755
32,457
31,200
34,371
65,070
69,405
72,384
69,419
71,815
52,463
48,152
50,795
50,364
53,366
550
150
MEMORANDA.
B a n k deposits:
Due to banks—
Aug. 22
Aug. 29
Sept.5
Sept. 12
Sept. 19
Due from banks—
Aug. 22
Aug.29
Sept.o
Sept. 12
Sept. 19
38,759
37,847
44,458
43,928
40,637
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.
MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES.
[In thousands of dollars.]
Federal reserve district.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
Number
of cities.
1—Boston
2— New York
3—Philadelphia...
4—Cleveland
5—R ichmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas C i t y . .
11—Dallas
12—San Francisco.
Total
New York City
Other cities
1
140
July, 1923.
August, 1923.
September,
1923.
July, 1922.
August, 1922.
September,
1922.
1,983,223
19,008,372
1,826,560
2,237,042
681,119
837,023
4,509,455
980,103
593,964
1,081,943
420,874
2,344,597
1,771, 572
16,829,386
1,733,171
2,081,604
668,610
790,799
4,240,633
930,888
598,206
1,106,154
448,966
12,295,578
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
2,318,614
1,899,373
20,328,510
1,668,316
1,911,065
636,506
743,297
3,995,629
871,384
554,605
1,041,778
432,944
1,972,381
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
36,504,275
'33,495,567
34,059,868
36,055,788
34,136,129
35,768,453
18,320,626
18,183,649
16,188,613
i 17,306,954
16,799,454
17,2(50,414
19,713,134
16,342,654
18,287,224
15,848,905
19,215,296
16,553,157
W E E K L Y SUMMARY F O R B A N K S I N 246 C I T I E S .
[In thousands of dollars.)
1922
Week ending—
1923
Week ending—
Number of
Federal reserve district. centers
included.
Aug. 29.
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
Aug. 30.
Sept. 6.
Sept. 13.
Sept. 20.
Sept. 27.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
16
13
18
23
23
24
33
12
16
27
15
26
398,731
3,674,062
414,260
508,866
224,142
167,870
931,472
211,781
137,179
259,464
140,832
495,854
389,353
3,605,369
386,583
531,311
246,755
176,182
866,720
217,658
137,147
255,744
143,673
480,503
456,053
3,931,176
444,483
575,386
249,762
204,540
1,063,119
254,507
169,540
289,592
165,042
533,703
518,686
4,838,733
486,720
612,442
296,023
237,627
1,157,074
270,045
174,359
294,137
193,705
670,134
444,909
4,384,476
444,648
589,440
255,409
218,965
1,068,315
240,329
156,244
276,916
176,095
583,714
351,737
4,008,669
384,009
446,656
202,041
163,457
886,203
180,103
131, 248
232,923
115,816
405,743
357,215
4,105,263
361,944
454,951
215,464
170,938
847,718
195,376
135,655
228,311
132,212
466,178
407,468
4,555,707
397,408
521,153
222,897
189,423
923,903
223,916
160,039
282,159
161,525
506,738
496,662
5,215,474
470,815
571,296
259,991
214,152
1,073,201
258,180
173,193
285,887
173,247
564,927
426,946
4,464,122
419,018
530,860
227,863
195,484
988,007
224,606
158,278
254,941
163,612
478,353
246
7,564,063
7,436,998
8,336,903
9,749,685
8,839,460
7,508,605
7,671,225
8,552,336
4,757,025
8,531,790
1—Boston
2—New York
3—Philadeplhia....
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas C i t y . . .
11—Dallas
12—San Francisco..
Total
'Revised figures.
1160
FEDERAL EESERVE BULLETIN.
OCTOBEB, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANES IN SELECTED CITIES-Continued.
DATA FOB EACH CITY.
[In thousands of dollars.]
1923
Week ending—
Aug. 29.
Sept. 5.
Sept. 12.
Sept. 19.
District No. 1—Boston:
3,634
3,766
3,003
3,291
Bangor, Me
290,322
251,224
252,735
343,479
Boston, Mass
5,248
4,044
3,705
6,124
Brockton, Mass
6,831
6,033
5,796
8,212
Fall River, Mass
20,982
21,233
26,143
23,437
Hartford, Conn
3,160
3,209
3,675
4,071
Holyoke, Mass
4,442
4,368
4,876
5,402
Lowell, Mass
4,760
5,109
6,083
7,829
Lynn, Mass
3,905
4,789
4,955
3,846
Manchester, N. H
6,614
6,821
6,831
5,269
New Bedford, Mass
20,584
20,135
18,455
New Haven, Conn
18,010
10,136
9,692
7,981
8,388
Portland, Me
30,464
24,592
28,490
35,727
Providence, R. I
14,465
12,536
14,013
15,000
Springfield, Mass
6,471
5,986
5,881
7,629
Waterbury, Conn
15,511
16,397
13,040
Worcester, Mass
13,984
District No. 2—New York:
17,997
24,230
23,475
20,434
Albany, N. Y
4,134
4,108
4,969
4,851
Binghamton, N. Y
64,272
61,625
65,648
72,999
Buffalo, N. Y
3,502
3,315
4,259
5,129
Elmira, N. Y
3,376
3,705
4,351
4,531
Jamestown, N. Y
2,085
2,073
2,662
3,061
Montclair, N. J
47,764
56,443
64,199
Newark, N. J
52,095
New York, N. Y
3,437,598 3,383,494 3,676,693 4,558,806
Northern New Jersey Clear36,991
39,399
30,795
ing House Association—
33,060
7,344
8,897
6,280
8,844
Passaic, N.J
31,709
35,266
26,509
Rochester, N. Y
27,994
3,134
3,015
2,463
2,392
Stamford, Conn
13,49S
18,146
12,698
13,023
Syracuse, N. Y
District No. 3—Philadelphia:
6,977
7,453
5,550
5,495
Allentown, Pa
4,328
3,331
4,333
4,040
Altoona, Pa
11,769
9,601
10,592
11,321
Camden, N. J
6,867
4,540
5,062
4,718
Chester, Pa
9,120
7,214
8,544
8,701
Harrisburg, Pa
3,133
2,206
2,280
2,339
Hazleton, Pa
5,513
5,591
5,479
6,231
Johnstown, Pa
6,124
5,150
4,993
5,815
Lancaster, Pa
1,638
1,401
1,588
1,792
Lebanon, Pa
889
739
753
1,181
Norristown, Pa
324,149
360,746
287,625
305,843
Philadelphia, Pa
10,032
9,126
8,405
8,859
Reading, Pa
15,500
12,100
15,300
17,800
Scranton, Pa
14,160
10,316
11,189
14,945
Trenton, N. J
10,296
8,297
8,579
9,014
Wilkes-Barre, Pa
4,258
3,221
3,383
4,210
Williamsport, Pa
10,201
7,448
8,065
7,615
Wilmington, Del
4,693
3,848
3,923
4,509
York, Pa
District No. 4—Cleveland:
15,426
29,383
12,876
Akron, Ohio
16,758
2,938
2,370
2,266
Butler, Pa
2,884
10,139
9,132
8,896
Canton, Ohio
11,078
Cincinnati, Ohio
79,510
60,473
57,790
69,254
Cleveland, Ohio
,
167,567
120,497
122,037
143,569
Columbus, Ohio
41,032
32,235
28,632
38,101
1,291
929
1,192
Conuellsville, Pa
1,548
Dayton, Ohio
16,532
15,239
12,964
19,067
8,235
6,074
6,810
Erie, Pa
7,810
4,988
4,206
3,909
Greensburg, Pa
5,192
869
778
765
Homestead, Pa
900
4,203
3,468
3,320
Lexington, Ky
4,228
4,064
3,543
4,163
Lima, Ohio
4,284
2,539
1,516
1,273
1,644
Lorain, Ohio
2,821
2,470
2,484
New Brighton, Pa
2,805
2,731
2,407
2,580
2,738
Oil City, Pa
174,623
172,267
172,060
163,252
Pittsburgh, Pa
4,781
4,583
4,641
5,681
Springfield, Ohio
40,902
33,440
40,920
31,350
Toledo, Ohio
4,460
2,549
3,314
3,095
Warren, Ohio
9,064
9,806
8,501
10,047
Wheeling, W. Va
12,594
11,076
14,309
16,003
Youngstown, Ohio
2,561
3,037
2,486
3,181
Zanesville, Ohio
District No. 5—Richmond:
5,404
5,332
5,503
4,983
Asheville, N. C
99,700
80,000
69,400
73,800
Baltimore, Md
4,160
5,864
4,800
5,101
Charleston, S. C
9,695
6,632
8,971
7,390
Charleston, W. Va
10,328
7,757
9,304
6,371
Charlotte, N. C
1922
Week ending—
Sept. 26.
3,027
288,921
4,707
8,750 !
21,514 I
3,631 I
4,944
5,582
4,223
6,247
18,693
7,821
30,050
15,385
6,736
14,678
Aug. 30.
2,555
233,158
3,298
4,576
17,124
2,673
3,879
4,251
3,056
4,764
15,196
7,389
21,858
11,948
5,002
11,010
17,840
19,408
3,265
4,023
.50,892
62,075
2,763
4,442
3,003
3,733
1,840
2,859
44,150
55,742
,,141,946 3,813,641
Sept. 6. Sept. 13.
Sept. 20.
3,198
262,425
4,848
6,431
21,907
3,396
4,392
5,698
4,011
5,851
17,922
8,184
26,416
13,500
5,779
13,510
3,312
328,943
5,543
7,377
23,362
3,479
4,957
6,439
3,992
6,283
21,278
8,213
34,609
16,669
6,990
15,216
2,965
233,320
3,773
4,651
16,299
2,481
3,698
4,798
3,320
5,838
16,622
7,708
22,674
11,995
5,050
12,123
19,748
17,375
4,162
3,583
56,779
54,108
3,212
2,534
3,612
3,953
2,333
2,268
54,176
41,596
1,908,327 4,326,992
Sept. 27.
3,121
285,577
3,768
6,312
17,678
3,550
4,406
4,900
3,498
5,931
15,354
7,617
31,699
14,308
6,393
12,834
17,632
20,011
3,606
4,473
56,034
67,963
3,182
3,770
4,076
3,404
2,979
2,660
50,850
60,345
4,955,548 4,239,732
35,650
7,393
29,305
3,048
14,852
28,722
4,884
24,019
2,065
11,585
26,778
5,242
26,455
2,094
10,950
33,825
6,260
28,147
2,654
13,807
38,590
6,822
33,395
2,769
14,733
5,334
26,051
2,401
13,256
6,383
3,775
11,481
5,202
8,222
2,452
5,193
5,187
1,531
1,020
332,972
8,747
13,800
12,930
9,215
4,296
7,863
4,379
4,676
3,049
8,756
3,802
5,688
1,629
4,580
4,094
1,079
626
302,166
6,151
8,612
10,926
6,037
2,783
6,124
3,231
5,265
2,553
7,943
3,479
6,098
2,002
4,623
4,327
1,063
658
277,444
6,314
9,181
11,118
6,630
3.1R2
6,871
3,293
5,723
3,401
10,182
3,839
7,251
2,298
5,221
4,951
1,247
842
298,156
8,092
10,511
12,773
7,824
4,035
6,967
4,095
6,087
3,210
11,780
4,683
7,731
2,081
5,425
5,152
1,254
713
363,366
8,511
11,142
15,493
8,143
3,930
7,912
4,202
5,683
3,698
10,273
4,463
6,864
2,018
4,788
5,254
1,264
795
321,532
7,918
12,524
11,012
7,041
3,706
6,227
3,958
78,179
141,303
31,221
1,451
14,068
7,799
5,797
841
3,557
3,458
1,438
2,681
2,534
192,574
4,766
37,475
2,320
11,065
16,223
2,714
11,561
2,077
8,320
52,858
107, 111
24,984
1,638
11,141
5,698
3,907
583
3,333
3,282
1,053
2,033
3,015
147,687
3,646
28,682
2,249
8,164
11,513
2,121
13,657
2,209
7,640
53,721
114,671
33,249
1,240
14,214
5,002
3,657
699
3,011
2,766
1,303
1,960
2,725
136,527
4,628
29,958
2,220
7,108
10,085
2,701
14,549
2,493
8,921
64,756
132,666
32,443
1,576
12,053
5,916
4,830
767
4,223
3,288
1,149
2,402
2,887
155,861
6,237
35,473
3,635
8,016
14,153
2,859
14,079
2,459
9,983
78,891
149,165
32,226
1,374
13,795
7,074
4,606
750
3,807
3,086
1,407
2,389
2,846
173,454
4,591
36,480
3,121
9,419
13,805
2,489
13,870
2,533
8,956
66,782
128,598
26,728
2,118
12,442
6,676
6,062
795
3,851
3,187
1,442
2,177
2,829
179,119
3,918
33,102
2,131
9,163
11,911
2,470
5,183
77,400
4,970
8,349
9,538
3,761
70,743
4,910
6,078
5,404
3,989
68,274
5,684
5,968
7,183
4,373
64,212
3,168
7,483
7,621
4,722
87,954
2,651
7,719
4,337
73,622
3,893
7,543
7,138
16,153 I
3,030 !
1161
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES-Continued.
DATA FOE EACH CITY—Continued.
[In thousands of dollars.]
1923
1922
Week ending—
Week ending—
District No. 5—Richmond—Con.
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
Roanoke, Va
Washington, D. C
Wilmington, N. C
Winston-Salem, N. C.
D istrict No. 6—Atlanta:
Alban v, Ga
Atlanta, Ga.
Augusta, Ga
Brunswick, Ga
Chattanooga, Tenn
Columbus, G a . .
Dothan, Ala
Elberton, G a . . .
Jackson, Miss
Jacksonville, Fla
Knoxville, Tenn
Macon, Ga . . .
Mobile, A l a . . .
Montgomery, Ala ...
Nashville, Tenn
Newman, Ga
New Orleans, La
Pensacola, Fla
Savannah, Ga . "
Tampa, Fla
Valdosta, Fla
Vicksburg, Miss
District No. 7—Chicago:
Adrian, Mich
Aurora, 111 .
Bay City, Mich.. .
Danville, 111
Decatur, 111
Des Moines, Iowa .
Detroit, Mich
Dubuque, Iowa
Flint, Mich... .
Fort Wayne, Ind
Grand Rapids, Mich .
Green Bav, Wis
Hammond, Ind
Indianapolis, Ind
Jackson, Mich
Lansing, Mich..
Milwaukee, W i s . .
Moline, 111
Oshkosh, Wis
Peoria, 111. ..
Rockford,Ill
Saginaw, Mich
Sioux Citv, Iowa
South Bend, Ind
Springfield, 111
Terre Haute, Ind
Waterloo, Iowa
Aug. 29.
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
Aug. 30.
Sept. 6.
3,000
1,702
1,515
3,737
3,605
4,246
2,042
5,611
3,406
1,355
12,683
6,400
26,765
4,493
1,704
35,698
3,260
5,275
4,390
1,805
1,808
4,128
4,174
7,182
1,910
4,889
4,390
1,608
14,874
7,050
30, HI
5,041
2,160
36,583
3,549
5.518
5,558
1,845
2,091
4,255
4,657
5,500
1,890
6,160
4,857
1,565
15,151
6,950
33,129
5,213
2,185
40,273
3,831
6,674
5,474
2,630
2,121
4,808
5,294
4,300
2,887
6,567
4,486
1,670
20,402
6,459
33,910
5,835
2,445
45,365
4,428
7,655
5,800
1,913
1,654
4,942
4,352
6,138
2,403
5,521
3,968
1,597
15,805
5,900
28,860
5,433
2,467
41,167
4,951
7,098
3,000
1,666
1,418
3,821
3,059
2,919
1,727
4,245
3,043
2,111
12,596
3,189
21,730
4,427
1,283
32,253
3,939
4,719
4,114
1,690
1,576
5,641
4,500
3,455
1,626
3,931
3,347
1,447
12,130
4,000
24,553
5,163
1,506
35,996
4,647
5,046
4,117
1,679
2,183
4,649
4,062
3,838
1,765
5,006
4,200
.1,636
12,583
4,000
29,370
5,177
1,570
39,337
4,774
6,094
4,977
2,153
1,756
4,883
4,195
3,400
2,456
5,552
4,210
1,689
13,239
5,000
30,710
5,452
2,198
43,113
5,166
7,905
5,098
1.809
1 295
3,709
4,023
3,600
1,919
4,431
4,008
1,321
12,896
3,900
26,179
4,571
2,185
39,155
4,814
6,117
723
24,308
4,003
20,995
509
8,411
2,078
907
23,450
4,522
19,668
606
7,108
2,912
1,086
28,144
5,644
22,686
835
9,005
3,041
1,120
32,953
8,379
26,082
748
9,869
3,750
870
22,115
5,161
16,301
491
5,424
1,783
1,020
23,776
5,341
12,662
691
6,482
2,605
1,072
25,907
5,962
17,607
655
8,343
2,844
352
110
1,080
29,790
8,688
25,933
659
7,764
2,731
1,110
24,430
6,005
21,761
703
6,866
2 751
508
198
707
187
848
203
785
243
747
120
988
142
980
144
1,131
27,811
7,357
21,303
626
8,284
3,281
1,009
2,290
9.896
6,693
3,903
1,849
5,979
3,649
13,217
425
49,450
1,509
9,215
5,868
2,905
10,996
7,446
4,471
2,774
5,873
4,429
16,309
585
56,849
1,720
9,156
6,705
1 226
1,761
2,793
11,037
6,765
4,798
2,026
5,708
5,735
16,584
444
63,027
1,472
11,727
6,344
1 158
1,674
2,063
11,188
5,124
3,481
1,670
4,787
3,325
13,218
238
49,597
1,208
8,424
4,160
2,692
8,784
5,643
4,095
1,842
5.614
4,361
13,676
225
51,989
1,283
10.279
4,608
3,218
9,607
5,836
4,140
2,484
5,850
4,601
16,803
360
54,169
1,412
9,828
5,032
1 080
1,489
1,900
9,964
5,861
3.809
1,451
5,278
3,077
13,865
276
43,713
1,418
7,934
5,817
980
1,038
621
3,320
2,292
2,058
5,448
567,556
2,900
6,576
3,475
15,369
127,901
2,767
6,447
7 965
4,604
13,093
2,371
3,770
30,304
5,280
4,066
7,054
2,361
51,761
1,685
1,209
2,200
7,871
4,656
4,581
14,322
8,478
5 601
5,275
3,881
992
1,368
3,056
12,457
8,066
5,338
2,186
6,482
5,426
18,310
675
67,861
1,668
12,656
6,428
1 140
1,926
872
588
822
712
2,985
1,977
2,606
5,889
518,585
2,700
5,979
3,395
13,991
116,048
2,665
6,372
7,184
2.325
19,968
2,478
3,570
29,052
4,868
4 095
6,200
2,187
49.164
1,471
1,248
2.200
8,709
4,285
4,205
15,318
8,020
4,911
4,051
3,676
3 346
2,454
2 650
6,772
639,668
3,800
6,947
3,533
18,608
144,630
3,496
7 764
8 647
5,259
17,340
2 915
3,620
34,553
6 529
5 042
8 500
2,352
62,391
2,048
1,296
2,600
9,336
5 678
6,900
18 149
7,815
6,418
6 479
4,390
3,422
2,844
2,918
6,385
697,783
3,004
7,866
3,939
19,329
166,151
3,246
8,315
8,837
3,357
16,579
3 491
4,020
37,389
5,279
5 297
6,700
2,430
75,007
2,048
1,628
2,900
9,693
5 574
5,868
17 974
9,740
6,467
5.419
4,263
3 825
2,495
2 522
6,944
630,211
3,100
6,941
3,535
16,858
173,998
3,106
7,045
9 223
4,708
15,203
2 690
4,280
34,489
5,820
4 378
7 500
2,031
60,263
2,591
1,218
2,400
8,405
5 198
5,503
15 696
8,651
5,381
6 208
4,085
926
917
1,036
1,223
Sept. 13. Sept. 20. Sept. 27.
174
762
203
2,484
10,874
7,779
5,133
2,605
6,075
5.006
15,482
293
67,620
1,372
10,557
5,264
1 055
1,577
2,539
9 059
5,657
4,558
2,094
6 307
4,513
14,885
466
62,005
1,143
10,503
4 552
970
1,642
2,444
2,151
1,870
5,173
544,281
1,800
5,725
3,120
12,820
130,825
2,210
5,565
5 906
2,840
13,275
588
729
813
2 559
2,257
2 479
4,808
531,506
1,800
8,065
2,992
13,218
110,981
2,633
4 878
6 167
2,292
12,161
2,763
2,234
2,284
5,237
570,569
2,200
7,842
3,379
17,489
110,019
3,240
5,295
6,885
2,963
13,941
3 358
2 287
2 305
5,340
672,722
2,700
8,653
3,279
16,500
139,940
3,052
6 768
7 305
2,661
14,717
574
2 797
2 278
1 947
4,478
617,675
2,100
7,723
3,180
15,641
141,783
2,843
5 952
9 487
2,523
13,180
2,890
29,126
4,060
3 845
5,009
1,561
49,358
1,303
1,028
4,200
6,862
4,162
4,246
14 116
6,495
4,257
2,100
27,936
3,440
3 910
5 600
1,898
44,073
2,129
1,177
2,500
7,624
4 467
3,494
13 824
6,398
4,723
2,670
32,415
3,711
3 504
5 100
2,267
59,320
1,963
1,181
3,000
8,246
4 652
4,264
16 361
9,439
5,202
3,000
37,677
4 069
5 367
7 067
2,193
62,883
1,793
1,306
2,800
8,964
4 677
5,504
16 177
8,418
5,299
3,037
30,561
4 167
4 627
5 900
1,883
52,289
1,569
1,319
2,100
7,375
4 356
4,407
14 981
7,210
4,598
3,024
3,061
3,539
3,607
3,467
656
1162
FEDERAL, RESERVE BULLETIN.
OCTOBER, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA F O B EACH CITY—Continued.
[In thousands of dollars.]
1923
Week ending—
Aug. 29.
District No. 8—St. Louis:
East St. Louis and National
Stock Yards, 111
Eldorado, Ark
Evansville, Ind
Fort Smith, Ark
Greenville, Miss
Helena, Ark
Little Rock, Ark
Louisville, Ky
Memphis, Tenn
Owensboro, Ky
Quincy, 111
St. Louis, Mo
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen. S. Dak
Billings, Mont
Dickinson. N. Dak
Duluth, Minn
Fargo, N. Dak
Grand Forks, N. Dak
Helena, Mont
Jamestown, N. Dak
LaCrosse, Wis
Lewistown, Mont
Minneapolis, Minn
Minot, N. Dak
RedWing, 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
Jophn, Mo
Kansas City, Kans
Kansas City, Mo
Lawrence, Kans
McAlester, Okla
Muskogee, Okla
Oklahoma City, Okla....
Okmulgee, Okla
Omaha, Nebr
Parsons, Kans
Pittsburg, Kans
Pueblo, Colo
St. Joseph, Mo
Topeka, Kans
Tulsa, Okla
Wichita, Kans
District No. 11—Dallas:
Albuquerque, N. Mex
Austin, Tex
Beaumont, Tex
Corsicana, Tex
Dallas, Tex
El Paso, Tex
Fort Worth, Tex
Galveston, Tex
Houston, Tex
Roswell, N. Mex
San Antonio, Tex
Shreveport, La
Texarkana, Tex
Tucson, Ariz
Waco, Tex
Sept. 5.
1922
Week ending
Sept. 12.
Sept. 19.
Sept. 26.
10,868
1,782
6,307
1,821
486
902
12,026
28,034
23,428
971
2,004
122,135
2,799
10,418
1,848
8,403
2,249
618
990
12,809
27,889
24,620
1,127
2,070
123,298
3,187
12,485
2,312
6,104
2,679
759
988
12,696
35,436
27,465
1,186
2,498
148,753
3,458
11,761
1,977
7,203
2,737
768
986
13,471
37,362
28,822
1,175
2,510
159,753
3,497
10,089
1,728
6.912
2,921
726
866
12,488
33,639
28,727
1,102
2,252
137,129
3,478
1,303
1,550
262
16,145
2,451
1,543
1,711
497
2,285
613
69,215
897
435
35,024
2,807
1,925
801
1,360
1,732
276
14,849
2,475
1,558
2,061
409
2,413
774
66,865
807
459
36,813
3,390
2,358
961
1,635
2,014
341
22,854
3,181
2,200
2,098
666
2,603
856
83,596
1,206
571
4.1,377
3,873
1,962
1,110
1,557
1,980
386
23,146
3,285
2,074
2,234
555
2,562
810
87,790
1,155
571
41,863
3,718
1,973
1,262
1,342
1,590
307
22,381
2,835
1,969
1,550
493
2,101
1,003
79,923
988
489
35,189
3,304
1,964
917
1,392
2,124
3,737
4,328
2,665
35,202
2,597
604
478
675
2,760
1,647
3,122
4,484
79,357
786
850
4,738
17,726
1,491
43,664
569
1,592
3,002
11,552
2,457
19,052
8,304
1,341
1,780
4,354
3,230
2,784
32,866
2,796
855
525
628
2,597
1,732
2,872
4,626
83,336
852
676
4,078
16,762
1,233
42,221
577
1,073
2,813
12,669
2,682
14,477
10,542
1,294
2,458
4,407
1,815
3,051
43,344
2,705
868
790
752
2,640
1,665
3,981
4 744
85,907
928
1,051
5,442
16,852
1,501
49,234
739
1,706
3,715
17,275
3,322
19,252
9,655
1,406
2,057
3,515
1,745
3,496
40,672
2,520
771
754
680
2,395
2,408
3,618
4,840
90,515
955
1,308
5,523
17,687
1,666
54,573
737
1,296
3,961
14,038
3,340
18,816
10,511
2,304
3,624
2,987
2,091
30,306
5,493
13,943
25,595
29,872
468
7,737
7,296
1,914
1,348
5,404
1,808
4,511
2,828
1 793
34,868
5527
13,816
26,968
29,260
599
6,806
6,462
1,266
1,311
5,850
2,253
4,617
3,832
2,989
41,593
6,188
13,789
28,237
33,867
509
8,319
7,611
2,596
1,913
6 729
2,224
4,914
3,836
2 085
48,658
6 225
21,177
34,014
39,747
585
8,467
8,376
2,960
1,747
8,690
Aug. 30.
Sept. 6.
Sept. 13.
Sept. 20.
Sept. 27.
7,381
7,400
8,585
9,884
9,644
4,055
1,905
559
735
7,609
25,837
17,410
973
1,817
109,223
2,599
6,489
2,038
533
897
10,725
24,269
25,112
912
1,947
112,367
2,687
5,929
2,804
823
1,513
10,868
32,137
22,607
1,124
2,098
132,563
2,867
7,388
3,022
1,002
1,436
13,594
32,991
28,578
1,218
2,483
153,370
3,214
7,388
3,318
677
1,587
12,667
28,957
27,173
992
2,166
127,480
2,557
1,111
1,338
293
18,263
2,557
1,211
2,041
340
1,572
1,514
287
18,175
3,120
1,612
1,975
405
1,644
1,677
302
26,254
3,131
1,904
2,288
566
1,419
1,700
301
26,036
3,284
1,666
2,530
516
1,203
1,586
277
24,892
2,840
1,873
1,920
468
788
63,479
915
354
33,318
3,012
1,530
698
934
66,825
943
437
32,231
3,132
1,593
900
1,156
77,622
1,171
451
36,131
2,887
1,835
1,010
1,149
82,553
1,067
513
43,657
3,565
2,210
1,027
1,193
80,980
1,108
396
33,654
3,000
1,726
1,162
1,270
1,647
4,132
2,488
2,635
41,866
2,470
756
797
729
2,122
1,686
3,016
4,445
81,368
878
792
5,528
15,559
1,422
48,047
612
1,508
5,116
13,565
3,159
22,454
8,271
1,024
2,293
2,981
1,708
2,275
30,549
2,820
557
486
490
3,092
2,526
2,118
3,672
62,024
649
646
6,279
14,604
42,819
701
1,909
2,853
11,750
2,143
20,645
9,310
1,164
2,461
3,138
1,888
2,854
30,652
2,789
741
598
590
2,853
1,440
2,217
3,738
63,659
801
636
3,429
17,825
1,583
40,606
833
1,018
2,993
11,409
1,854
15,246
10,879
1,368
2,142
3,031
2,495
2,995
38,439
3,038
805
818
546
3,609
1,885
2,929
4,280
83,483
1,006
891
5,985
17,025
1,763
49,149
883
1,360
3,038
12,389
3,753
24,216
10,601
1,322
2,004
3,439
1,885
3,354
38,395
2,901
722
731
547
3,173
2,404
2,568
3,870
85,959
1,402
1,083
7,153
18,306
1,712
49,898
927
1,149
3,224
15,240
3,187
19,568
11,476
1,130
2,015
3,319
3,775
2,671
35,967
2,640
711
579
557
2,930
1,766
2,339
3,696
71,272
818
995
6,848
15,685
1,689
41,961
821
1,482
2,900
13,614
3,176
21,364
9,910
1,888
4,040
3,448
2,870
48,062
5,624
14,214
33,363
36,811
525
7,345
8,054
2,141
1,592
6,118
1,731
2 830
2,377
785
26,247
8,188
18,147
16,769
21,150
538
6,038
5,858
1,217
1,119
2,822
2,010
3,580
2,727
1,180
35,388
6,255
18,131
17,279
26,317
494
6,483
5,335
1,124
1,439
4,470
1,832
4,908
3,611
1,533
37,571
6,826
19,106
22,409
39,131
427
8,346
7,172
1,535
1,463
5,655
1,846
4,688
3,781
1,440
49,702
6,783
20,987
27,117
32,140
494
6,902
7,710
1,888
1,384
6,385
1,649
4,469
3,057
1,270
41,483
5,993
20,847
30,814
30,669
525
7,042
6,963
1,614
1,669
5,548
1163
FEDERAL BESERVE BULLETIN.
OCTOBER, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
1922
Week ending-
1923
Week ending—
Aug. 29.
District No. 12—San Francisco:
Bakersfield, Calif
Bellingham, Wash
Berkeley, Calif
Boise, Idaho
Eugene, Oreg
Fresno, Calif.
Long Beach, Calif
Los Angeles, Calif
Oakland, Calif.
Ogden, Utah
Pasadena, Calif
Phoenix, Ariz
Portland, Oreg
Reno, Nev
Ritzville, Wash
Sacramento, Calif.
Salt Lake City, U t a h . . . .
San Bernardino, Calif....
San Diego, Calif
San Francisco, Calif
San Jose,
Calif
Seattle1, Wash
Spokane, Wash
Stockton, Calif.
Tacoma, Wash
Yakima, Wash
2,787
1,742
3,478
2,108
2,255
10,790
13,258
141,672
21,320
4,856
5,318
2,799
32,715
1,904
111
7,776
12,223
1,650
8,000
153,798
4,493
37,920
8,855
4,757
7,419
1,850
Sept. S.
1,501
1,833
3,345
2,142
2,502
9,504
11,267
127,494
22,371
5,847
5,276
3,639
30,064
2,067
187
6,274
12,120
1,366
8,046
158,093
5,301
34,751
10,512
4,865
7,759
2,377
Sept. 12.
Sept. 19.
Sept. 26.
Aug. 30.
1,884
2,348
3,412
3,246
2,359
11,923
12,948
150,655
24,246
5,170
6,132
3,773
39,216
2,156
230
8,563
14,027
1,531
9,027
152,672
4,902
41,301
12,375
5,593
11,014
3,000
2,300
2,135
3,430
3,398
2,986
15,203
15,603
185,641
33,831
6,161
7,188
4,407
43,882
2,820
202
8,574
14,905
1,896
11,272
220,353
5,329
45,980
12,130
8,140
10,045
2,323
2,657
1,897
3,379
2,561
2,702
13,946
13,575
168,796
31,313
5,681
6,080
4,219
37,054
2,359
219
9,356
14,297
1,671
10,250
177,619
4,881
39,756
11,363
6,519
8,533
3,031
2,201
1,576
2,510
2,318
1,808
8,745
6,537
87,990
20,133
4,272
3,842
2,718
29,860
2,082
135
14,278
10,724
1,001
6,988
134,683
5,252
33,916
8,971
3,964
7,381
1,858
Sept. 6.
1,958
1,465
4 231
2,210
1,571
9,949
8,010
107.133
18,897
4,342
5,281
2,437
28,907
2,262
169
14,653
11,890
1,102
9,054
168,984
4,788
32,268
8,937
5,534
7,746
2 400
Sept. 13.
2,245
1,910
3,489
3,093
1,889
11,407
8,690
123,004
20,728
4,898
5,490
3,970
34,778
2,852
193
17,818
13,260
1,485
8,385
166,975
4,786
38,973
9 732
4,781
9,156
2,751
Sept. 20.
2,355
1,870
5,516
3,365
2,207
13,845
10,137
132,155
22,471
5,123
5,691
3,460
36,349
2,442
178
16,174
13,399
1,528
8,855
205,091
5,074
40,556
9,327
5,650
9,552
2,557
Sept. 27.
2,032
1,538
3,508
2,450
2,445
14,351
8,234
112,364
21,081
4,394
5,028
3,343
32,522
2,454
184
15,665
12,300
1,254
7 722
162,178
5,258
34,283
9,221
4,610
7,640
2,294
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS DURING AUGUST, 1923.
[Numbers in thousands. Amounts in thousands of dollars.]
Items drawn on banks located
in own district.
Items forItems forwarded to
warded to
Total items
Items drawn
on Treasurer handled, exclu- other Federal parent bank
of Fed- of United
sive of duplica- reserve banks or to branches
In Federal Outside
eral reserve
in same disand their
tions.
Federal reserve bank reserve
States.
bank
or branch.
trict.
branches.
bank
or
or branch city. branch cities.
NumNumNumNumNumber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond..
Baltimore
Atlanta
B irmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St.Louis
Little Rock
Louisville
Memphis
Minneapolii
Helena
Kansas City
Denver
Oklahoma City...
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City...
Seattle
Spokane
625
641,219 4,219
2,368 3,905,964 4,802
509
211
124,246
1,052
809,690 2,473
597
493,516 1,615
8991
260
362,886
999
648
667,391
130
295,767 1,949
800
280
213,796
375
109
102,696
207
57
46,455
187
69
62,584
251
69
86,308
135
90
49,618
900
971,378 4,294
318
357,144
771
391
358,170 1,566
-18
38,201
326
117
135,468
481
81
33,144
217
266
120,409 1,613
24
15,594
134
432
220,946 1,423
143
44,415
347
71
47,230 1,035
108
52,256
550
220
124.2S7 1,346
48
13,797
123
59
54,764
419
282
342,575
792
500
223,833 1,857
68
92,895
257
58
32,429
417
115
49,921
255
47
19,819
203
483,513
131
693,408 1,000
60,793
12
321,631
144
66
177,385
61
85,011
38
114,670
44
294,622
49
79,370
38
42,826
14
15,518
9
19,220
14
24,151
36
16,051
267
357,986
31
69,940
106
94,029
9
19,732
33
25,941
12
11,935
47
89,188
9
8,918
70
89,423
26
34,452
10
68,936
24
31,764
32
172,147
15
9,072
14
39,600
69
46,017
60
138,064
20
15,943
18
24,526
30
20,218
11
10,859
Total: August.. 10,86211,213,817i37,846 3,807,757
11,28311,505,114138,4653,917,683
July
2,569
2,512
15,249
102,031
2,357
31,068
5,388
,
4,976 1,139,981
251
8,170 4,701,401 1,161
732
160
187,396
3,669 1,162,395
444
2,278
48
679,289
,
25
2 457,840
7,359 21,230
103
786,875
4,814 1,685
158
596,121
5,732 2,123
122
300,244
7,078 1,129
24
149,580
4,058
21
1 632 522
278
63,605[
265
29
1,073
82,877i
334
6
1 103
111,562
261
35
4,152
69,821
391
40,365 5,461 1,369,729
21
3,956 1,120
431,040
54
7,743 2,063
459,942
383
1
916
58,849
631
13
3,001
164,410|
310
2
46,398
1,319
87
5,567 n,931 a 220,423
7
823
167
25,335
107
7,9
1,925
318,351
109
3,196
516
82,063
50
1 117 1,116
117,283
42
2,984 2 683 s87,265
64
3,939 1,598
300,373
15
1,660
186
24,529
13
1,433
492
95,797
30
5,998 1,143
394,590
102
8,716 2,417
370,613
7
2,858
345
111,696
15
2,672
493
59,627
24
5,410
400
75,549
14
261
30,984
306
52,894
143,064
27,316
96,174
6,697
6,751
41,768
66,905
39,128
8,594
13,995
4,689
1,946
12,427
36,778
6,276
5,422
186
1,230
466
19,251
1,007
23,135
17,393
5,721
7,093
7.689
1,880
2,573
3,042
15,753
5,227
2,790
5,961
3,244
305,055 51,29315,333,833 3,755
320,436 52,27715,750,366 3,822
694,465
706,731
25
809
823
Total items handled, including
duplications.
Number.
1923
5,227
5,250 9,356
934
18,400
4,113
10,774 2,359
4,806 1,272
11,459 1,829
9,898 2,320
10,521 1,343
579
4,486
326
32,262
301
1,497
342
629
302
611
2,265 5,864
1,935 1,144
835 2,126
392
453
645
216
315
339
101 2,019
175
2,370
6,905 2,082
678
10,986
9,301 1,186
745
4,314
5,331 1,706
208
504
512
1,695
4,037 1,206
8,709 2,576
395
6,856
1,233
518
470
7,024
292
2,303
1922
4,472
9,155
842
4,634
2,192
1,116
1,530
2,184
1,225
1,149
415
252
311
243
5,424
970
1,877
413
587
266
1,772
232
1/
676
1,077
719
1,531
197
470
928
2,121
328
480
458
263
Amount.
1923
1922
Number of nonmember
banks at end of month.
Number of
member
banks at
end of
on par
month.
On par list. Notlist.'
1923
1922
1923
1922
941,693
432
229 259
1,192,875
424
271 258
4,849,715 5,212,649
743
716
233,112
78
182,954
84
80
88
1,258,569 1,124,162
503
479
721
714
696,760
513
513
413,580
313
315
469,397
314
313
206,451
224
224
840,102
248
251
380,549
345
344
672,924
650
702
435,074
470
467
349,893
267
262
262,233
160
160
162,660
90
199,641
225
236
86
109,862
32
81,664
93
83
32
89,063
61
38,607
72
76
69
114,137
88
145
145
51,299
87
51
74,182
56
56
49
82,859
1,408,772
962,441 1,316 1,319 3,925 3,982
253
256
232,551
439,251
124
126
466,199
325,246
398
382 1,662 1,705
230
36,985
72
228
59,488
71
165,856
341
89,003
95
350
95
47,203
188
36,923
59
184
58
239,775
211,835
820
82? 2,311 2,415
28,712
208
25,029
173
175
194
348,391
360,848
326
330 1,404 1,435
110,442
236
266
100,770
160
161
132,305
403
430
124,691
420
411
98,672
917
96,504
247
880
250
313,393
685
745
233,753
661
659
47
26,913
59
22,426
60
66
248
100,065
255
79,323
141
138
266
401,669
187
274
250,266
199
205
395,075
177
260,027
157
163
130
123,779
141
58,143
137
133
100
63,650
104
54,633
154
166
92
90
88,534
71,330
66
66
143
36,531
151
34,111
110
109
1923 1922
589 573
463
146
147
158
223
52
8
15
9
2
161
228
5
2
483
119
146
162
223
156
179
7
6
162
72
6
1
1
30
158
47
22
188,305 55,857 52,497 16,216,603 13,271,576 9,905 9,91717,38117,865 2,489 2,281
180,838 56,922 51,851 16,637,93512,687,560 9,916 9,93017,56517,884 2,324 2,285
i Incorporated banks other than mutual savings banks.
• Includesitems drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 10,000items, $1,684,000; Minneapolis, 5,000 items, $5,259,000; Omaha,
1,000 items, $261,000; total, 16,000 items, $7,204,000.
NOTE.—Number of business days in period for Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, St. Louis, Little Rock, Louisville, Memphis, Minneapolis, Helena, Kansas City,
Oklahoma City, and Omaha was 27 days, Denver, 25 days, and for other Federal reserve bank and branch cities, 26 days.
1165
FEDERAL RESERVE BULLETIN.
OCTOBER, 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.]
Banks in cities and towns having a population of—
Federal reserve districts.
Total all
member
banks.
Less than
5,000.
5,000 to
14,999.
15,000 to
100,000 and
and over.
Total all
member
banks.
Less
than
5,000.
5,000 to
14,999.
15,000 to
99,999.
100,000
and
over.
Increase or decrease since preceding monthly
report.
Amount on Aug. 29, .923.
NET DEMAND DEPOSITS.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: Aug. 29.1923
July 25/1923
June 27,1923
2,031,774
629,861
394,317
779,087
501,088
1,235,892
45,987
173,765
131,250
162,110
93,782
64,426
198,371
118,832
101,183
188,318
149,580
170,227
67,856
110,161
75,189
132,780
60, 111
56,295
117,009
72,543
72,781
124,249
87,772
82,336
194,743
278,437
130,732
197,755
146,935
149,248
342,893
85,483
70,091
170,854
103,508
139,069
910,965 -34,247
4,568,004 -134,147
-3,908
737,822
932,761 —10,803
-5,340
236,275
194,639 -15,153
1,373,501 -98,711
353,003 -15,889
-5,289
150,262
295,666
+6,747
160,228 +15,444
•844 260
+16,942
+2,645
+3,117
+1,300
+786
-888
—3,546
+4,126
-3,686
-1,992
-752
+15,784
+4,654
-241
+3,428
+1,159
+251
-1,132
-2,501
-727
-2,428
—1,149
+1,752
+3,367
15,424,047
15,708,401
15,756,419
1,597,831
1,576,283
1,584,610
1,059,082
1,057,790
1,064,716
2,009,748
2,042,429
2,054,058
10,757,386 -284,354
11,031,899 —48,018
11,053,035 -136,302
+21,548
-8,327
-15,540
592,992
654,771
627,148
099,214
432,366
319,075
532,084
383,968
416,914
317,601
139,356
941,978
47,105
226,785
210,367
174,504
125,177
48,162
239,038
66,288
197,288
95,079
18,516
98,714
64,076
131,950
100,907
124,710
77,529
44,451
141,844
40,895
97,405
60.476
22,989
44,150
141,787
340,591
177,819
172,892
125,032
119,091
352,278
63,645
58,346
65,725
49,699
93,211
+8,105
+18,536
+14,903
+19,106
+600
-2,027
+38,788
+2,129
+2,349
+13,823
-512
-859
8,457,467
8,342,526
8,388,238
1,547,023
1,529,470
1,525,672
951,382
942,937
928,862
1,760,116
1,743,416
1,716,627
4,198,946 +114,941
4,126,703 —45,712
4,217,077 +97,194
1,219,551
5,130,367
1,074,993
1,425,406
537,103
464,608
-5,919
—1,574
+102
-1,683
-3,574
-4,313
-4,270
—3,618
-2,172
-1,790
-4,071
+201
-30,732
-139,118
-6,469
-10,157
+254
-4,793
-97,840
-6,157
+24
+7,537
+3b4
+12,574
+1,292
-6,926
-6,653
-32,681
—11,629
-6,141
-274,513
—21,136
-107,968
+553
+270
+11,599
+2,306
+1,136
-413
+1,444
-29
-1,536
—1,558
+9
+3,772
+1,132
-279
+ 726
+ 993
-652
—1,393
+3,100
+ 139
+1,547
+1,836
+975
+321
+2,393
+3,352
+2,708
+2,902
-450
+335
+5,559
+414
+135
-33
—1,241
+626
+4,027
+15,193
-130
+12,905
+566
-556
+28,685
+1,605
+2,203
+13,578
-255
-5,578
+17,553
+3,798
+45,977
+8,445
+14,075
+9,879
+16,700
+26,789
+11,089
+72,243
—90,374
+30,249
-487
TIME DEPOSITS.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas......
San Francisco
Total: Aug. 29,1923....
July 25,1923
June 27,1923
340,024
955,445
138,055
627,108
104,628
107,371
798,924
213,140
63,875
96,321
48,152
1
705,903
> Includes banks with scattered branches having combined deposits as follows: Net demand, $277,561,000; and time, $411,647,000.
NOTE.—The classification of cities and towns according to population was made on the basis of the 1920 census of incorporated places published
by the United States Bureau of the Census as supplemented by the bureau's estimates for July 1,1922.
1166
OCTOBEB, 1923.
FEDERAL. RESERVE BULLETIN.
MONEY IN CIRCULATION, SEPTEMBER 1, 1923.
[Source: United States Treasury Department circulation statement.]
Money in circulation.
Money held by
the United States
Stock of money. Treasury and the
Federal reserve
system.*
1
Kind of money.
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:
Aug. 1,1923
Sept. 1,1922
Nov. 1,1920
Apr. 1,1917
July 1,1914
Jan. 1,1879
214,109,052,543
3 (826,369,469)
495,464,404
(3 408,876,947)
3 (1,455,623)
269,510,124
346,681,016
2,698,808,330
18,946,000
768,944,812
$3,711,710,631
385,214,630
437,849,039
33,999,451
Per capita.
Amount.
$3.56
3.96
.52
3.36
.01
20,012,244
42,104,216
493,983,880
1,333,158
39,995,208
$397,341,912
441,154,839
57,615.365
374,877,496
1,455,623
249,497,880
304 576,800
2,204,824,450
17,612,842
728,949,604
8,707,407,229
« 5,166,202,457
4,777,906,811
42.85
8,647,824,946
8,303,549,241
8,326,338,267
5,312,109,272
3,738,288,871
1,007,084,483
<5,152,398,490
U , 918,691,521
* 3,394,764,761
« 3,896,318,653
•1,843,452,323
«212,420,402
4,695,769,125
4,393,506,927
5,628,427,732
4 100,590,704
3,402,015,427
816,266,721
42.16
39.93
52.36
39.54
34.35
16.92
2.24
2.73
19.77
.16
6.54
1
Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve
banks.
2
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.
* Includes $12,809,233 held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta.
CORRECTION.
Through a clerical error the figures for silver imports and exports for 1922, as published in
the FEDERAL RESERVE BULLETIN for September (p. 1015), were stated too low. The entire
table with corrected figures for 1922 is reproduced below.
SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES.
[In thousands of dollars J
1919
Country.
France
Germany
Great Britain
Canada..
Mexico
Chile
Peru
China
India
Hongkong
Japan
All other
Total
ExImports. ports.
.
76
6,588
62
7,171
63,303
1,927
8,863
15,635
7,854
1,926
Excess
of imImports
or ex- ports.
ports.
6,512
15,573
683
61,377
1,927
8,863
"77,"583" 77,583
109,181 109,181
20 10,245 10,226
3,946 3,946
7,988 6,063 1,925
Exports.
118
33
4
926 4,925
3,788 7,062
53,197 3,241
3,744
11,991
1,295 "6i,'348"
642
2 24,873
4,674
"i2,'995" 6,818
89,410 239,021 149,611 88,060 113,616
1
Revised figures.
NOTE.—Excess of exports in italics.
1921
1920
Excess
of imImports
or ex- ports.
ports.
Exports.
1922"
Excess
of imports
or exports.
Imports.
185
85
207
185
4 5,320
707
5,320
3,999 1,199 11,843 10,644
237
3,174 3,807 4,591
784 6,976
49,956 41,250 2,141 39,109 48,453
3,744
1,826
1,640
1,826
11,991 5,598
5,598 8,180
60,053
8 "i2,"783" 12,775
12
642
12 3,233 3,221
24,871
10,408 10,408
4,674
3,492 3,492
6,177 "4," 038" 3,084
""4,"395"
25,556 63,243
51,575
11,668
70,807
Exports.
January to July, 1923.
Excess
of imports
or exports.
ExImports. ports.
207
161
707
112
10,449
156
4,755 3,254
46,183 24,368
1,640
838
8,180
7,640
8
'20"226* 20,214
11,971 11,971
12,853 12,853
47
2,533
1,862
2,561
10,686
2,221
2,270
62,807
8,000
39,098
Excess
of imports
or exports.
24
15,445
8,959
1,201
161
112
3,409
2,423
23,310
838
7,616
16,437
8,969
1,201
410
2,151
31,493
7,605
3,565
831
1,058
OCTOBER,
1167
FEDERAL, RESERVE BULLETIN.
1923.
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Gold.
Countries.
Denmark
France
Germany
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.
Eight months ending
August—
August—
1922
$1,115,000
889,784
1923
1922
1923
tl,580,257
4,711,873
4,446,627
$17,769,107
14,900,449
10,876
116,016
7,880,576
34,943
$3,561,829
10,528,858
38,932,450
10,455,775
168
23,844
2,865
66,708,321
2,560,382
38,755,089
1,632,551
274
582,750
13,270,482 14,414,8
392,842
225,112
333,016
13,506
251,248
140,412
5,698,211
175,003
253,385
11,694
269
37,379
491,114
160,357
31,419
25,000
22,261
146,350
103,456
32,880
182,722
330,978
19,092,208
32,856,097
20,989
641,629
104,211
10,158
869,500
86,024
142,192
Silver.
32,387,597
75,998,765
151,320
8,713,513
3,204,174
3,849,982
1,485,929
18,053
337,048
5,004,187
960,379
652,071
4,826,430
944,552
356,389
3,721,214
335,173
473,769
959,118
4,567,382
176,034
8,929
158,564
3,014,341
1,303,161
296,623
3,186,272
1,477,832
968,665
1,124,893
1,070,194
711,443
1,491,539
185,091,630 192,718,004
Eight months ending
August—
August—
1922
1923
1922
1923
$41,432
8,465
$25,998
$768
193,635
681,589
$187,553
111,319
2,944
576
13,569
569,167
126,439
3,307,399
21,656
76,145
199,161
15,075
468,328
69
125
39,716
260
18,846
34,390
4,943,762
2,944
71,512
1,424
149,210
170,959
3,684,598
991,171
32,707,314
461,057
27,834
676,284
86,512
1,430,522
16,633
167,219
901,527 4,958,170
22
2,243
1,744
1,385
396,011
861
5,981
369
933
15,619
58
46,521
162,142
50,562
4,275,139
1,119,613
28,559,619
82,664
397,102
924,202
87,635
8,542,232
329
7,893
596,353
12,474
1,643
15,619
88,041
339,929
14,621
1,019,879
102,536
4,190,308
11,283
6,465,949
46,793,050
611
43,845
45,564,774
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.
10,000
3,651
17,477
138,539
"ii9,984
"368,'53O
287,140
'760,066
20,000
15,000
50,000
1,000
707,000
78,000
10,773
2,660,000
15,000
500
1,500
600
1,374,947
130,783
885,609
46,070
143,397
3,555,554
15
700,000
125,327
3,223
90,005
4,365,339 13,859,149
435,010
60,010
1,473,965
795,200
2,091,580
201,568
863,570
12,127
2,972,769
5,300
395,121
144,884
30,000
125,793
2,830
"42," 666'
379,675
458
1,036,360
10,000
2,117,615
66,150
1,273,998
955,853
2,200,961 11,744,036 25,015,337
3,861,180
7,035,692
1,465,285
6,850
1,634,429
25,159
795,703
3,959,605
976,673
52,844
1,184,114
51,155
"366,666
364,000
3,600,533 14,469,141
2,285,698 6,552,940
19,045,163
11,244,086
1,320,000
8,571,304
50,503
1,605,573
38,614
7,032,221 42,291,006
38,525,927
405,362
1168
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM AUGUST 24, 1923, TO SEPTEMBER 20, 1923, INCLUSIVE.
[In thousands of dollars.]
Daily settlements.
Transfers.
Federal reserve bank.
Debits.
Credits.
2,500
500
2,500
3,000
531,118
1,767,467
555,039
496,794
478,895
204,641
901,540
410,125
123,333
317,957
237,191
227,654
543,243
1,746,640
557,382
516,769
481,231
185,729
909,445
393,966
126,616
308,409
252,528
229,796
65,500
19,500
116*500
84,500
65,500
19,500
116,500
84,500
6,251,754
6,110,114
5,730,197
5,539,078
6,251,754
6,110,114
5,730,197
5,539,078
Debits.
1,000
14,500
3,000
10,500
8,000
1,000
22,000
2,000
1,000
Boston
New York
Philadelphia..,
Cleveland
Richmond
Atlanta
....
Chicago
St. Louis
Minneapolis,...
Kansas City
Dallas
San Francisco..
Total four weeks e n d i n g Sept. 20,1923
August 23,1923
Sept. 21,1922
Aug. 24,1922
Credits.
4,500
48,500
2,000
1,000
1,000
500
1,000
1,000
Changes in ownership
of gold through trans- Balance in
fers and settlements. fund at
close of
period.
Decrease. Increase.
4,664
19,412
13,095
17,159
15,625
13,173
1,343
10,475
2,283
17,837
2,642
63,378
63,378
70,208
190,302
24,540
96,381
22,540
12,222
93,358
15,497
21,268
36,874
18,002
641,891
618,195
528,538
522,933
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT SEPTEMBER 29, 1923.
Paper maturing—
After 90 days,
but within 6
months.
Within 90 days.
Federal reserve bank.
Secured by
Commercial,
agricultural, United States
and live-stock Government
paper, n. e. s.
obligations.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
44
44
44
44
44
44
44
44
44
44
44
44
Bankers'
acceptances.
Trade
acceptances.
44
44
44
44
44
44
44
44
44
44
44
i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
After 6 but
within 9
months.
Agricultural > Agricultural
and live-stock and live-stock
paper.
paper.
44
44
44
44
44
44
44
44
-44
44
44
44
5
44
5
44
44
44
44
44
44
44
44
44
DISCOUNT AND INTEREST RATES.
The actual discount and interest rates prevailing during the 30-day
Discount and interest rates during the 30-day period ending September
15 in the various cities in which the Federal reserve banks and their branches period ending September 15, 1923, in the different cities, are given in the
are located remained, with few exceptions,'unchanged from the levels of following table. A complete description of the several types of paper for
the 30 days ending August 15. Prime commercial paper rates for paper which quotations are given will be found in the September, 1918, and
purchased in the open market were slightly higher in some eastern centers. October, 1918, FEDERAL RESERVE BULLETINS.
Compared with the corresponding period ending September 15, 1922, rates
on all types of paper were generally higher, although interbank loan rates
were lower in some cities.
M
»
DISCOUNT AND INTEREST BATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING SEPTEMBER 15, 1923.
Bankers' acceptances,
60 to 90 days.
Prime commercial paper
City.
District.
3nto90
day?.
No. 1 . . . . Boston.
No. 2 . . . . New York i . . .
Buffalo
No. 3 . . . . P h i l a d e l p h i a . .
No. 4 . . . . Cleveland
Pittsburgh
Cincinnati
No. 5 . . . . Richmond
Baltimore
No. 6 . . . . Atlanta
Birmingham..
Jacksonville...
New Orleans..
Nashville
No. 7 . . . . Chicago
Detroit .
No. 8 . . . . St. Louis
Louisville
Memphis
Little Rock...
No. 9 . . . . Minneapolis...
Helena
No. 10... Kansas City...
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Oklahoma City in
7
No. 11 - Dallas...
El Paso
in
7
Houston
No. 12... San Francisco. 6
Portland
Seattle
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loans to
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6
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1170
FEDERAL RESERVE BULLETIN.
OCTOBER, 1923.
FOREIGN EXCHANGE RATES.
[Noon buying ratesforcable transfers in New York as published by Treasury. In cents per unit of foreign currency.]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
High.
Low.
Monetary unit.
General Index..
Belgium
Denmark
France
Great Britain
Italy
Netherlands
Norway
Spain
Sweden
Switzerland
Canada
Argentina
Brazil
Chile
China..
India..
Japan.
Par of
xchange
September.
September.
August.
Index (per cent of
par.).i
Average.
August.
ptem
September.
Se
August.
I
Franc.
Krone..
Franc..
Pound.
Lira..
Florin..
Krone..
Peseta..
Krona..
Franc..
DollarPeso (gold)
Milreis
Peso (paper)..
Shanghai tael.
Rupee
Yen
19.30
26.80
19.30
486.65
19.30
40.20
26.80
19.30
26.80
19.30
4.5400
17.8500
5.5300
450.9900
4.2400
39.1800
15.8800
13.3300
26.5000
17.6600
4.3500 !
17.9900
5.5000
454.5800
100.00
97.5296
97.5381
97. 8713
96.48
32.44
2 19.53
73. 2200
9.4400
12.1300
73.0000
9.0600
12.0600
76.0500
9.9100
12.5600
2 66.85
48.66
49.85
69.7100
30.2800
48.4100
69.3800
30.3000
48.7500
71.6100
30.8700
49.0900
August.
63
23.57
68.89
29.27
93.71
22.31
97.87
60.80
70.76
99.36
93.54
4.9017
4.5492
18.1633
18.4612
5.8550
5.6500
454.2217 456.0338
4.4375
4.3062
39.3025 39.3446
16.0758 16.2954
13.5783
13.6573
26.5496 26.6281
17.8621
18.0538
63
25.40
67.77
30.34
93.34
22.99
97.77
59.98
70.35
99.07
92.55
97.7274
97.6506 | 97.6666
97.65
97.67
76.8800
10.1900
12.3600
74.8533
9.7317
12.3754
74.4581
9.7481
12.2115
77.58
30.00
63.37
77.17
30.05
62.53
69.9900
30.6000
48.9600
70.7850
30.6017
48.6200
69.7096
30.4608
48. 8765
105.89
62.89
97.53
104.28
62.60
98.05
0.0014
1.0708
2.9444
2.7731
.000095
1.9444
.0060
.00047
4.6100
.5056
1.0772
0.0014
.9590
2.9945
2.6996
.00000188
1.7866
.0055
.00035
4.1663
.4642
1.0940
0.0014
.9583
2.9340
2.7723
.0000339
1.7462
.0056
00042
4.2119
.4677
1.0570
5.4400
4.7800
18.3900
18.6900
6.2500
5.8500
456.1200 457.2000
4.6200
4.3500
39.3600 39.4500
16.3000 16.6300
14.1900
14.1800
26.6900 26.7000
18.0500
18.2800
4.2600
39.3000
15.9100
13.2800
26.5700
17.8400
g£m-
OTHER COUNTRIES.
20.26
19.30
Finland
Markka
Krone
Escudo
Leu
Yugoslavia
Dinar
Cuba
Peso
Mexico
do
do
China
Mexican dollar
Hongkong
Dollar
Straits Settlements.. Singapore dollar
Poland
Portugal
19.30
23.82
19.30
20.26
108.05
19.30
19.30
0.0014
.9450
2.9536
2.6439
. 000000403
1.6361
.0053
.00028
4.0300
.4536
1.0633
0.0014
.8700
2. 9178
2.7581
.0000089
1.5163
.0047
.0004
4.0100
.4038
1.0468
0.0014
.9971
3.0144
2.7689
.00000995
1.8820
.0057
.00041
4.5900
.4772
1.1760
0.01
4.97
13.99
.000008
9.26
.027
0.01
4.97
14.36
.00014
9.05
.028
3.86
2.41
5.67
3.90
2.42
5.48
99.88
97.43
99.88
96.98
100.00 99.7500
49.85 48.3208
99.8438
48.2036
99.9250
49.0417
99.9125
48.4583
99.8818
48. 5692
99.8818
48.3432
103.42 71.9900
72.0400
76.0700
76.4800
74.4592
73.9662
72.00
71.52
2 48.11 50.4000
2 47.77 51.7300
56.78 53. 0800
50.3000
51.6600
53.1300
51.7900
52.7500
53.2500
50.8500
52.0500
53.3300
51.1579
52.3821
53.1896
50 5015
51.8746
53.2485
106.34
109.65
93.68
104 97
108. 59
93.78
' Based on average.
21913 average.
SILVER.
[Average price perfineounce.]
September.! August.
London (converted at average rate of exchange).
New York
$0.64920
. 64529
$0.63574
.63176
1171
FEDERAL EESEKVE BULLETIN.
OCTOBER, 1 9 2 3 .
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.
ENGLAND.
[Amounts in millions of pounds sterling.]
Note a c c o u n t s and
Bank of England deposits.
Nine London clearing
banks.'
Government
floating debt.
I
3
CO
-§
•a
1
•3
|
En
o
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
38
146
157
156
29
103
108
103
154
154
154
154
154
154
155
155
155
155
155
155
155
155
Per
Per
cent. cent. cent.
327
296
57
147
136
130
97
107
1,176
1,068
309
372
103
101
101
102
104
293
289
287
288
301
124
121
125
121
133
105
104
105
98
106
1,020
1,007
1,033
1,031
1,030
101
102
102
100
102
103
103
125
102
279
286
284
287
287
289
285
283
121
131
133
123
119
128
120
120
118
108
103
104
100
109
113
104
1,046
1,023
992
994
1,005
1,018
1,024
1,007
,768
,727
1,370
15
3,252 1,078
2,911 1,139
3,097
796
219
183
165
1,297
1,322
961
390
381
370
365
360
,667
,684
2,885
2,690
3,124
2,989
2,769
715
724
740
732
719
153
148
179
179
222
872
919
911
941
357
349
333
327
325
331
338
339
644
,596
,606
,608
,638
,638
1,611
3,262
3,006
3,315
3,339
3,067
2,960
3,004
715
698
616
589
592
604
602
603
629
206
154
194
201
184
206
200
186
179
Bank of France.
War
Gold 1 Sliver advances
to
the
reserve. reserve. Government.
1922
1922, end of—
August
September.:
October
November
December
1923, end of—
January
February
March
April
May
June
July
August
September
iNot including gold held abroad.
21
2
2
1:
922
852
810
790
776
819
802
789
i
2
2i
Held by the Bank of England and b y the Treasury as note reserve.
Less notes in currency notes account.
»Average weekly figures.
FRANCE.
[Amounts in millions of francs.]
Average of end of month figures:
1913
1920
1921
3t
T
1
1
Discount rates.
3,343
3,586
3,568
3,597
3,583
3,584
3,635
3,636
3,670
3,671
3,671
3,672
3,672
3.673
3,673
3,674
3,674
3,674
629
253
274
285
287
290
291
292
292
292
293
294
294
295
Note
circulation.
99.2
111.7
99.6
110.1
120. S
114.7
114.0
115.1
114.1
113.2
121.3
122.7
123.0
124.6
125.8
114.2
115.3
116.4
119.0
118.0
118.0
114.1
114.4
123.4
126.0
126.0
124.0
123.8
124.6
129.4
130.6
* Statist.
Bankers Magazine.
• Excluding Germany.
6
New stock and
bond issues.
Savings
banks,
Price of Average
excess of
daily
3 per clearings deposits
cent per- of the
(+)or
petual
withParis
Total
banks. drawals
deposits. rente.
Value.
Average
rate of
return.
26,000
25,300
23,042
5,565
38,066
37,404
36,177
3,527
2,927
2,307
86.77
57.34
56.56
58.48
554
550
525
-65
+48
+67
+53
702
1,100
574
6.70
6.41
23,900
24,000
23,600
22,900
23,600
36,385
36,603
36,694
36,114
36,359
2,170
2,199
2,170
2,184
2,309
60.10
61.10
58.25
59.00
59.02
512
484
556
783
630
+66
+58
+17
+43
+33
151
636
421
179
1,453
6 32
6.36
6.41
6.59
6.22
23,100
23,200
23,100
22,500
23,000
23,100
23,000
23,400
23,700
36,780
37,055
37,188
36,548
36,741
36,689
36,929
37,364
37,626
2,208
2,279
2,066
2,116
2,200
2,162
2,072
1,971
1,992
68.00
58.65
57.25
57.70
57.85
55.90
57.15
726
792
755
761
680
733
765
+44
+64
+44
-22
+14
+22
+11
160
»3,848
315
404
808
»2,417
6.57
6.11
6.26
6.32
6.40
57.45
2
Includes Fr. 3,000,000 issues of the Cr<5dit National.
•Includes Fr. 2,000,000 issues of the Credit National.
1172
FEDERAL, RESERVE BULLETIN.
OCTOBEB, 1923.
ITALY.
[Amounts in millions of lire.]
Banks of issue.
Note
circulation.
Reserve.
Gold.
Averages of end of month figures:
1913
1920
1921
1922
1922, end of—
July
August
September
October
November
December
1923, end of—
January
February
March
April
May
June
July
Loans
Total
and For ac- For
deAle*
aiscount
acposits.
of
count
Total. counts.
com- of the
merce. State.
J..175
1043
1,074
1,120
1,661
2,088
2,020
1,998
857
6,335
,125
,125
,125
,136
,141
,126
1,991
2,024
2,024
2,039
2,034
2,042
,126
2,021
1,994
1,983
1,983
1,985
1,977
1,978
127
1,129
1,129
1,130
1.130
] ,133
Leading private banks.'
Loans
Index
and
disDo*
bersof
counts from
ParTotal security
Cash. includ- corre- ticipadeing
spond- tions. posits. prices.*
treas- ents.
ury
bills.
9,466
2,284
7,035
9,304
9,734
10,581
9,064
8,214
2,474
2,475
2,759
9,118
9,142
8,858
9,082
8,680
9,345
9,947
9,695
9,924
9,782
9,892
9,935
8,050
8,050
8,066
8,075
8,074
8,076
2,681
2,779
2,661
2,638
2,634
2,602
861
763
769
8,552
8,572
8,478
10,102
8,851
9,860
9,724
9,389
9,117
9,004
8,661
8,525
9,571
9,619
8,057
8,036
8,031
8,024
7,763
7,764
7,763
2,610
2,675
2,488
2,461
2,350
2,691
2,511
7 586
318
1,093
10,594
10,677
8,594
5,945
5,575
3,265
446
465
318
3,272
3,286
3,460
3,568
3,554
3,467
337
337
337
781
982
8,846
8,877
8,706
8,659
8,797
9,166
831
850
775
753
771
833
9,185
9,196
9.163
9,271
9,168
9,340
3,573
3,547
3,597
3,537
3,393
3,697
129
1,308
1,200
917
781
914
55
1,674
15 810
16,001
11,810
102.83
339
336
234
11,896
11,883
11,897
11,960
12,045
12,267
100.22
104.56
107.42
111.09
117.01
116.33
225
226
229
230
239
251
12,327
12,332
12,363
12,388
12,250
12,627
135.19
137.16
140.30
153.94
150.77
153.22
155.43
1
Includes Banca Commerciale Italiana, Credito Italiano, Banco di Roma, and until November, 1921, Banca Italians dl Sconto.
» Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31,1921=100.
* End of December figures.
GERMANY.
[Amounts in millions of marks.]
Beichsbank.
DarlehnsDiscounts.
Gold
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
Note circulation.
Total
deposits.
1,068
1,092
•,056
,002
1,958
53,964
80,952
339,677
668
17,702
20,213
108,633
,005
,005
005
,005
238,147
316,870
469,457
754,0S6
1,280,095
56,124
110,012
140,779
240,969
530,526
1,005
1,005
1,005
920
758
717
596
510
Treasury
biUs.
Commercial bills.
Total
clearings.
scheine
in circulation.
Treasury
bills outstanding.
Value of Index of security
prices.'
new stock
and
bond
issues
placed
10 do25
on Germestic
stocks.
man
bonds.
market.
Per cent. Per cent.
47,980
83,133
338,147
72,211
6,136
57,898
89,297
530,647
13,145
8,861
11,217
192,832
475,835
2,655
6,726
21,704
50,234
101,155
246,949
422,235
374,856
473,715
789,341
1,463,766
2,078,969
13,383
13,995
14,009
13,809
13,450
331,000
451,000
614,000
839,000
1,495,000
2,468
7,937
7,187
15,223
21,315
697.216
1,984,496
1,609,081
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
6,545,984 3,854,275
6,224,899 2,986,117
8,563.749
8,021,905 4,014,691
5.063,070
17,291,061 9,952,717 18,338,177 6,914,199
43,594,738 27,857,077 53,752,030 18,318,292
663,200,050 591,079,834 987,218,783 164,644,250
3,820,206
7,444,323
7 257,658
8,177,378
13,345,002
28,375,345
76,624,492
817,133.634
2,032,000
13,395
3,588,000
12,625
6,601,000
12,600
8,440,000
12,491
12,378 10,274,850
12,239 22,019,623
11,592 57, SIS,700
11,022 1,196,294,500
33,549
65,563
540,198
64.275
115,813
249,766
349,770
477,201
672,222
1,184,464
1220
169
105
1,334
1,378
312
322
726
725
694
696
1,221
5,338
39,174
308,100
4,698
3,664
3,837
6,266
16,451
84,861
329,311
3,703,999
i End of March, 1913.
• Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating the five
bonds in foreign currencies.
OCTOBER,
1173
FEDERAL EESERVE BULLETIN.
1923.
SWEDEN.
[Amounts in millions of kronor.]
Joint-stock banks.
Kiksbank.
Gold coin
and
bullion.
Averages of end of month figures:
19131
1920
1921
1922
1922, end of—
July
August
September
October
November
December
1923, end of—
January
February
March
April
May
June
July
August
Note circulation.
Total
deposits.
Clearings.
Loans and
discounts.
Bills discounted
with
Riksbank.
Value of
stock
issues
registered
during
month.
Index
number
of stock
prices.
Index
number
of foreign
exchange
value of
krona.
102
269
280
274
235
733
661
579
108
226
193
269
585
3,596
2,715
2,109
2,287
6,008
5,948
5,317
139
476
389
340
258
176
121
103
112.9
121.8
128.4
274
274
274
274
274
274
551
559
605
569
575
584
243
213
180
178
191
389
2,015
1,803
1,902
1,995
1,979
2,588
5,268
5,221
5,181
5,149
5,099
4,984
307
293
288
206
252
331
113
110
103
98
90
96
127.0
128.8
130.5
131.7
132.2
129.9
274
274
274
273
273
273
273
273
520
538
587
557
539
586
543
561
321
270
265
245
238
183
150
128
1,800
1,455
1,768
1,633
1,612
1,695
1,517
4,888
4,903
4,833
4,751
4,745
4,738
4,751
4,763
214
175
222
218
208
198
152
134
93
96
103
105
101
98
99
97
129.«
129.0
129. i
130.0
131.3
131.7
133.0
132.9
i End of December figures.
CANADA.
[Amounts in millions of dollars.]
Chartered banks.
Average of end of month figures:
1921
1922
1922, end of—
July
October
1,403
1,272
282
280
369
332
195
166
2,125
2,009
85
90
272
240
1,454
1,353
70
1,248
1,248
1,250
1,276
1 255
1,230
272
323
331
322
152
158
177
89
91
231
229
235
301
303
284
310
317
341
179
170
176
2,016
1,979
1,985
2,020
2,036
2,061
87
277
279
93
96
129
240
251
257
1,273
i.i7a
1.253
1.497
1.619
1.551
1,197
1,206
1 220
1,251
1,236
1,222
1,201
1,199
281
270
292
305
309
356
377
385
403
397
153
157
173
166
157
132
133
126
126
126
241
247
243
239
244
403
400
175
163
121
121
234
234
412
170
114
235
70
71
72
68
68
68
68
6S
July
63
1
316
287
302
Includes gold In central gold reserve but not gold held abroad
Bank
clearings.'
72
75
75
March
April
Mav
Dominion
note circulation.
Current
loans and
discounts.
Public and
railway
securities
87
92
93
December
1923, end of—
Gold
reserve
Individual
against
deposits- Dominion
demand
notes.
and time.
Money at
call and
short
notice.
Gold
coin and
bullion.'
Note circulation.
1,963
1,997
2,008
2,084
2,067
2,081
2,004
2,013
•Total for month.
1,507
1,067
1,199
1,168
1,514
1,465
1.332
1174
FEDERAL RESERVE BULLETIN.
OCTOBEE, 1 9 2 3 .
ARGENTINA.
[Amounts in millions of pesos.)
Commercial banks.'
Banco de la NackSn.
Cash.
Gold.
Paper.
DisTotal
counts
deposits
and
advances (paper).
(paper).
End of—
1913
1919
1920
1921
1922, end of—
July
July
Gold.
Discounts
Total
deposits
and
advances (paper).
(paper).
Paper.
Clearing s.
in
Buenos.
Note cir- Aires
(paper).
reserve. culation
(paper).
32
39
25
23
180
268
406
410
478
676
804
866
541
1,250
1,412
1,310
62
66
46
36
435
771
1,081
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
23
23
23
23
23
399
407
402
405
396
340
920
946
950
921
934
1,036
1,322
1,353
1,346
1,328
1,345
1,389
35
35
35
35
35
35
1,013
1,041
1,048
1,028
1 053
1,025
2,473
2,491
2,514
2,549
2,557
2,664
3,308
3,356
3,379
3,354
3,394
3,456
470
470
470
470
470
470
1,363
1,363
1,363
1,363
1,363
1,363
2.8H
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
35
34
34
34
34
33
33
1,015
993
1,000
992
975
1,007
998
2,651
2.6B7
2,666
2,693
2,676
2,647
2,665
3,451
3,464
3,467
3,461
3,468
3,500
470
470
470
470
470
470
1,363
1,363
1,363
1,363
1,363
1,363
1,363
3,415
2,897
3,017
1923, end of—
February
March
April
May
Cash.
Caja de Conversion.
3,505
470
1
Includes Banco de la Naci<5n.
• 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 Adreand vances
serve
on
disfor
foreign
counts.
notes.'
bills.
Average of end of month figures:
1913
1921
1922
.
1922, end of—
Note
circulation.
GovPriernvate
Cash
ment deposon
depos- its in hand
its in Japan.
Japan.
7
216
1,200
1,172
47
107
208
33
3994
363
1,226
1,291
297
409
50
36
129
1,132
1,069
1,068
1,066
1,064
241
134
160
183
375
90
115
142
141
205
1,280
1,237
1,236
?41
1,590
488
382
437
445
333
30
29
33
40
66
115
145
126
126
169
926
.929
2; on
1,062
1,060
1,057
1,056
1,053
1,053
1,053
1,044
1,060
180
157
241
279
236
311
244
296
518
159
140
109
105
77
52
4«
50
76
308
,261
1,238
?36
1,225
1,371
1,278
.287
1,460
380
396
4S3
501
452
371
361
386
331
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
2,021
2,195
1023. end of—
January
February
April
.
May
July
1
. .
. . . .
Total
loans.
33.3
1,932
,961
,m
,921
Capital
issues
In
Japan.
Total
clearings.
I,7R9
3H4
2,572
2,834
8 38
9.00
9.31
32
186
124
1,783
1.822
,812
,828
,869
2,582
2,750
2,697
2,971
3,329
9.42
9.38
9.38
9.45
9.34
93
150
98
100
56
,860
,894
2,246
2,592
iw
,851
,854
,850
.870
i
Includes gold credits abroad, gold coin and bullion in Japan.
Aver-
Total
deposits.
3,077
3,518
3,486
3,220
discount
rate.
25.6
25.7
25.8
26.0
187
131
245
114
86
INDEX.
Page.
Agencies of Federal reserve banks of Boston and Atlanta opened
in Cuba
1089
Agricultural conditions abroad
1112
Agriculture
1086,1092,1140
Argentina, financial statistics in
1174
Australia:
Retail food prices
1131
Wholesale prices
1128,1130
Austria, cost of living in
1131
Automobiles
1098,1143
Bank of the Republic, Colombia, organization of
1119
Belgium:
Cost of living and retail food prices
1131
Wholesale prices
1128,1130
Brazil, foreign trade of
1136
Building
1099,1144
Business and financial conditions:
Abroad
1112
United States
1090-1102
Business failures
1101
Canada:
Financial statistics
1173
Foreign trade
1136
Index of industrial activity
1133
Retail food prices
1131
Wholesale prices
1125,1128,1130
Chain-store statistics
1146
Charters issued to national banks
1138
Check clearing and collection system
1164
Coal production
1094,1142
Colombia, bank of the Republic, organization of
1119
Commercial failures
1101
Condition statements:
All banks in the United States
1107
Federal reserve banks
1151
Member banks in leading cities
1156
Russian State Bank
1117
Cost ofliving, principal countries
1131
Cotton
financing
1105
Pamphlet on
1089
Cotton, raw
1092
Credit for crop moving
1085,1103
Crops
1092,1103,1111
Financing of marketing of
1085,1103
Production, 1920-1923
1085
Stocks on farms
1086
Currency in circulation:
Colombia
1119
Russia
1115
United States
1166
Debits to individual account
1159
Denmark:
Foreign trade
1136
Wholesale prices
1128
Department-store business
1146
Deposits, savings
1137
Discount and open-market operations of Federal reserve
banks
1147-1150
Discount rates
1168,1169
Employment, United States
1101
England:
Cost ofliving and retail food prices
1131
Financial statistics
1171
Foreign trade
1135
Index of industrial activity
1132
Payments to United States on obligations for silver purchases
under Pittman Act
1088
Wholesale prices
1125,1128,1130
Farm prices
1086,1092
Federal Advisory Council, meeting of
1089
Federal reserve banks:
Agency opened in Cuba
1089
Condition of
1151
Discount and open-market operations of
1147
Federal reserve note account
1155
Fiduciary powers granted to national banks
1138
Food manufacturing
1095
Foreign exchange, index of
1102,1170
Foreign trade:
Principal foreign countries
1135
United States
1101,1136
Index of
1137
France:
Cost of living and retail food prices
1131
Financial statistics
1171
Foreign trade
1135
Index of industrial activity
1132
Wholesale prices
1125,1128,1130
Germany:
Cost of living and retail food prices
1131
Financial statistics
1172
Page.
Germany—Continued.
Index of industrial activity
1134
Wholesale prices
1128,1130
Gold imports and exports
1102,1167
Gold settlement fund transactions
1168
Grain:
Exports, financing of
1106
Marketing, financing of
1092,1103
Hardy, Caldwell, death of
1089
Hoxton, W. W., appointed Federal reserve agent at Richmond.. 1089
India:
Cost of living
1131
Foreign trade
1136
Wholesale prices
1128
Iron and steel
1095,1097,1142
Italy:
Cost of living and retail food prices
1131
Financial statistics
1172
Foreign trade
1136
Wholesale prices
1128,1130
Japan:
Financial statistics
1174
Foreign trade
1136
Index of industrial activity
1133
Wholesale prices
1125,1128
Leather industry
1098,1142
Livestock industry
1094,1141
Lumber
1098,1142
Manufacturing
1095,1140
Member banks, condition of
1156
Mineral products, index of
1140
Money in circulation:
Colombia
1119
Russia
1115
United States
1166
Netherlands:
Cost of living and retail food prices
1131
Foreign trade
1136
Wholesale prices
1128
New Zealand:
Cost of living and retail food prices
1131
Wholesale prices
1128
Norway:
Cost of living and retail tood prices
1311
Wholesale prices
1128
Ocean freight rates
1137
Petroleum industry
1095,1142
Physical volume of trade
1139
Poland:
Cost ofliving
1131
Wholesale prices
1128
Prices. (See Retail prices; Wholesale prices.)
Production, index of
1090,1140
Resources and liabilities:
All banks in the United States
1107
Federal reserve banks
1151
Member banks in leading cities
1155
Retail prices
1131
Retail trade
1100,1145
Russia, recent developments in banking and currency
1114
Savings deposits
1137
Shoe industry
1098,1142
Silver imports and exports
1102,1167
Correction in September Bulletin
1166
South Africa:
Cost of living and retail food prices
1131
Wholesale prices
1128
Spain:
Retail food prices
1131
Wholesale prices
1128,1130
State banks:
Admitted to system
1138
Condition of all banks
1110
Sweden:
Financial statistics
1173
Foreign trade
1136
Index of industrial activity
1131
Retail food prices
1131
Wholesale prices
1128
Switzerland:
Cost of living and retail food prices
1131
Wholesale prices
1128,1130
Textile industry
1096,1142
Tobacco industry
1093,1141
Trade. (.See Foreign trade; Physical volume of trade; Retail trade;
Wholesale trade.)
Transportation
1099,1143
Treasury certificates, issue of
1088
Wholesale prices:
Abroad.
1128
In the United States
1090,1124-1127
Wbelesale trade, condition of
1090,1100,1145
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