Full text of Federal Reserve Bulletin : October 1924
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
OCTOBER, 1924
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Crop Production and Prices in 1924
Business Conditions in the United States
World Wheat Crop and International Trade
WASHINGTON
GOVERNMENT PRINTING OFFICE
1924
FEDERAL RESERVE BOARD
Ex officio members:
D. R. CRISSINGKR, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
,ADOLPH C. MILLER.
Secretary of the Treasury, Chairman.
CHARLES S. HAMLIN.
HENRY M. DAWES,
GEORGE R. JAMES.
Comptroller of the Currency.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
WALTER WYATT, General Counsel.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,
Director, Division of Research and Statistics.
J. F. HERSON,
Chief, Division of Examination, and Chief Federal E. A. GOLDENWEISER, Statistician.
1
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.,
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
CHAS. A. MORSS.
District No. 2 (NEW YORK)
. PAUL M. WARBURG, President.
District No. 3 (PHILADELPHIA)
L. L. R U E .
District No. 4 (CLEVELAND)
C. E. SULLIVAN.
District NO. 5 (RICHMOND)
JOHN M. MILLER, Jr.
District No. 6 (ATLANTA)
OSCAR WELLS.
District NO. 7 (CHICAGO)
.'
JOHN J. MITCHELL.
District NO. 8 (ST. LOUIS)
FESTUS J. WADE.
District NO. 9 (MINNEAPOLIS)
G. H. PRINCE.
District No. 10 (KANSAS CITY)
E. F. SWINNEY, Vice President.
D i s t r i c t N o . i l (DALLAS)
District No. 12 (SAN FRANCISCO)
II
--
---
W. M. MCGREGOR.
D. W. TWOHY.
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Governor
Chairman
Boston
New York-
Frederic H. Curtiss.
Pierre Jay
W. P. G.Harding..
Benj. Strong
Philadelphia
Cleveland..
Richmond
Atlanta
Chicago
R. L. Austin
D. C. Wills
Win. W. Hoxton
Joseph A. McCord—
Wm. A. Heath
Geo. W. Norris...
E. R. Fancher
George J. Seay
M. B. Wellborn...
J. B. McDougal
St. Louis
Minneapolis..
Wm. McC. Martin.
JohnR. Mitchell...
D. C. Biggs
R. A. Young
Kansas CityDallas
M. L. McCIure
Lynn P. Talley
John Perrin
W. J. Bailey
B. A. McKinney..
J. U. Calkins
San Francisco.
1
Controller.
Cashier
Deputy governor
W. Willett.
L. H. Hendricks.i
A. W. Gilbart.'
J. W. Jones.1 1
G. E. Chapin.
Ray M. Gidney '
W. A. Dyer.
J. C. Nevtn.
Geo. H. Keesee.
John S. Walden, Jr.'
M. W. Bell.
W. C. Bachman.1
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.'
O. J. Netterstrom.1
Clarke Washburne.1
J. W. White.
Gray Warren.
Frank C. Dunlop.1
W. W. Paddock....
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kernel
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden.
C. A. Peple
R. H. Broaddus.....
J. L. Campbell
Creed Taylor
C. R. McKay
John H. Blair
0. M. Attebery
W. B. Geery
B.V.Moore
Harry Yaeger»
C. A. Worthington.
R. R. Gilbert
Val. J. Grand
Wm. A. Day.Ira Clerk a 8
L. C. Pontious
J. W. Helm.
R. B. Coleman.
W. N. Ambrose.
«Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager
W. W. Schneckenburger
L. W. Manning
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
:
A. E. Walker.
J. B. McNamara.
W. R. Cation.
W. P. Kincheloe.
V. S. Fuqua.
_. 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 branchSpokane branch
Manager
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
D. P. Reordan.
Fred Harris.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN
is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents.
THE FEDERAL RESERVE BULLETIN
TABLE OF CONTENTS
The month:
Review of the month—Crop production and prices in 1924
Business conditions in the United States
.
World wheat crop and international trade
Special article:
Prices of farm products
Official:
Fiduciary powers granted to national banks
Charters issued to national banks
Business statistics:
Industrial statistics in the United States
Estimate of production of crops, by Federal reserve districts
Wholesale and retail trade
Industrial statistics for foreign countries
Foreign trade of principal countries
Financial statistics for principal foreign countries
Price movements in principal countries:
Federal Reserve Board wholesale price indexes..
Comparative wholesale prices in principal countries
Comparative retail prices and cost of living in principal countries
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
Federal reserve note account
Holdings of earning assets
Discount and open-market operations of Federal reserve banks
Gold settlement fund
Discount rates of Federal reserve banks
Member banks—
Condition of member banks in leading cities
Changes in membership in the Federal .reserve system
Deposits of all member banks
Condition of all banks in the United States at the end of June, 1924
Bank debits
Money rates in principal cities
Money in circulation
Gold and silver imports and exports
Foreign exchange rates and index
IV
Page
765
770
788
789
793
793
795
794
801
803
804
805
...
:
—
....
806
808
809
810
814
815
816
827
825
817
823
827
819
826
828
825
829
830
FEDERAL RESERVE BULLETIN
VOL.
OCTOBER, 1924
10
REVIEW OF THE MONTH
September forecasts of crop yields make possible an approximation of the agricultural output of 1924, and, when conCrops in 1924.
y
'
'
...
sidered in connection with prevailing prices for farm products, furnish an indication of the return farmers will receive from
this year's operations. Crop production taken
as a whole promises to be hi about the same
volume as in the two preceding years and average prices at the farm this autumn have been
considerably above the level of a year ago and
as high as at any time in the past four years.
Present estimates indicate larger yields than
last year for most of the principal crops, except corn and tobacco, and in the case of wheat
the increase in yield is particularly large in
those sections where the crop was poor last
year. The increase in the current income of
the farmer arising from the larger yield and
better prices has been reflected in improved
financial and business conditions in the agricultural districts.
Production of the more important crops this
year, as indicated by recent estimates compared with the harvests in
Crop yields
1923, and present farm prices
and prices.
and those prevailing a year
ago, are presented in the following table. The
prices at the farm are averages for the country
as a whole, based on reports to the Department
of Agriculture from the various producing
regions, weighted by the volume of production in these regions.
Crop
Wheat, total
Winter
Spring. .
Corn __
Cotton
Oats...
Tobacco.
Potatoes.
Barley..
Rye...
Unit
__ Bushels,
do
.do .
_do
Bales
Bushels...
Pounds
Bushels..
do
.do
Sept. 1 forecasts.
Production
(in thousands)
1923
19241
785,741
572,340
213,401
3, 046, 387
10,141
1, 299, 823
1,491,000
412,392
198,185
63, 023
836, 754
589, 350
247,404
2,512, 888
12, 596
1,486,412
1,195, 099
412,761
194,445
65,800
Farm prices on
Aug. 15 (cents
per unit)
1923
1924
86.4
116.8
87.0
23.8
37.6
107.4
27.8
49.1
120.8
52.2
55.3
111.3
75.7
79.8
No. 10
The total wheat crop in this country is about
50,000,000 bushels larger than last year, but
the world crop is considerably smaller, and this
reduced production has been reflected in higher
prices. In Canada alone, where a crop of approximately 475,000,000 bushels, the largest in
the history of the country, was produced in
1923, the expected yield this year is nearly
200,000,000 bushels less and this accounts for
a large part of the reduction in the world's
crop. A smaller supply of wheat for export
purposes from that country has resulted in a
considerable reduction in the export surplus of
the world and in an improved export demand
for wheat i,n this country. Thus, owing to
smaller yields in competing countries, the somewhat larger domestic crop has resulted in a considerably increased total value of wheat produced in this country, and has been a factor in
bringing about an improvement in the agricultural situation. The most marked improvement in the condition of wheat farmers has been
in the principal producing areas where a larger
crop was harvested without an increase in acreage. In the Kansas City and Minneapolis
Federal reserve districts, which together will
produce about two-thirds of this year's crop,
the total wheat production, according to present indications, will be about 180,000,000 bushels larger than last year and will be harvested
from an estimated area no larger than last
year. In the Kansas City district the crop is
one of the largest on record, and at present
prices the crop in that district will sell at the
farm for about $150,000,000 more than last
year. Yields of spring wheat in the Minneapolis district, particularly in certain sections
where the crop was almost a complete failure
several times during recent years, are decidedly
heavier than last year and the quality is good.
Contrary to developments in these districts,
the yield of wheat in nearly all the other districts is smaller, especially on the Pacific coast,
where the crop was only one-half as large as
765
766
FEDERAL RESERVE BULLETIN
last year. The expected total yield of corn is
about 530,000,000 bushels less than last year,
owing to generally unsatisfactory weather conditions in the Corn Belt during the spring and
early summer months. The crop averages
from two to three weeks late, and its condition
is one of the lowest in the last 40 years. This
poor crop is in contrast to last year, when the
yield of corn was, exceptionally large. The
smaller supply of corn for feeding purposes will
be partly offset by an increased yield of oats.
It is estimated that the cotton crop this
year will be about 12,600,000 bales, the
largest since 1920, and an increase of nearly
2,500,000 bales over last year. Considerable
increases in yield are indicated in the Atlanta,
St. Louis, and Kansas City reserve districts,
and in general the increases are in those sections where the crop has been unusually short
in recent years. The geographical distribution
of the wheat, corn, and cotton crops for 1923
and 1924 is shown in the table below:
[In thousands]
Wheat
(bushels)
Federal reserve
ddistrict.
1923
Boston
New York....
PhiladelphiaCleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City.
Dallas
San Francisco.
Total...
1924
240
212
9,151
7,721
22,110 18,231
49,779 44,644
32, 202 24,948
5,960
3,997
82, 965 64, 762
83,426 55, 246
159,776 222,894
180, 333 300, 482
16,976 23,452
142, 823 70,165
Corn
(bushels)
1923
10,756
29,684
57,007
208, 310
188, 751
187,968
976,124
403,090
351, 852
514, 530
112,165
14,158
1924
11,252
29,237
46,709
130,746
124, 520
173,473
777,598
349,060
273,495
491,026
94,148
11, 624
Cotton
1923
1924
1,841 1,549
1,458 2,601
1,274 2,216
665 1,259
4,779 4,827
124
144
785, 741 836, 754 3, 054,395 2, 512,888 10,14112,596
In discussing the volume of the crops now
being harvested in relation to the supply
available for consumption durStocks and ing the coming year, consideraconsumption of t i o n m u s t fee i y e n t Q t h e g i z e
farm products.
» ,,
° £
, , •
oi the carry over trom last year.
The fact that agricultural production is seasonal in character, while the products are consumed at a fairly even rate throughout the
year, results in a large seasonal change in the
volume of stocks, with a peak immediately
following the harvest and diminishing during
the remainder of the year. Since existing
stocks constitute a part of the supply, they
have an influence on the prices at which the
crops are marketed. Stocks of the principal
crops, except tobacco, are smaller this season
than in recent years. Although stocks of corn
on the farm on March 1, the most recent date
for which official figures are available, were larger
than a year earlier, since that time a large
amount of corn has been fed on the farm and
moved to market, so that farm stocks are now
considerably less. Smaller requirements for
corn resulting from the reduction since last
year in the number of hogs to be marketed
during the winter and spring will in part offset
the smaller estimated corn crop. Stocks of
wheat on the farm and in country mills and
elevators are not so large as last year, chiefly
owing to the greater domestic consumption^
since exports of wheat for the year ending
June 30, 1924, were less than in the preceding
year. In August and September, however,
exports began to increase and were larger than
a year ago. This year's larger crop of cotton
comes on the market at a time when stocks are
less than a year ago and the carry over is one
of the smallest in a decade. Total consumption of cotton in this country for the crop year
ending July 31 was about 1,000,000 bales less
than in the preceding season, but there was an
equivalent increase in exports for the period.
Production of pork products during the winter
and spring, 1923-24, was in exceptionally
heavy volume, and since that time the output
has gradually declined and exports have been
smaller than last year. Domestic consumption, on the other hand, has continued large
and stocks of all meat products are lower than
a year ago.
Movement of wheat to market has been
more rapid than last year, while the marketing
of cotton has been delayed by
Marketing of the lateness of the season. A
crops.
generally favorable harvesting
season and rising prices resulted in July and
August in a prompter marketing of the wheat
crop than in 1923, when lower prices tended to
-delay the movement. Spring wheat during
the early weeks of September also began to
reach the markets in larger volume than last
year. At three primary markets in the Kansas
City district the receipts of wheat this year
liave been about 75 per cent greater than last
year and the farm price of wheat in Kansas
during August was 20 cents higher than in
1923.
In recent years there has been some change
in the method of marketing agriculutral products as a result of the growth of cooperative
marketing associations. An indication of the
extent of this growth is furnished by the increase in the volume of business done by agricultural cooperatives, which was estimated at
about $600,000,000 in 1915, $1,000,000,000 in
1919, and more than $2,000,000,000 in 1923.
PERCEOT
JPERCBIT
ISO
150
IND EX OF FARM PRI CES
(A JGUST, 1909 -JULY, 1914-1TO)
140
/
130
130
120
120
/
110
110
100
767
FEDERAL RESERVE BULLETIN
OCTOBBB, 1924
100
1922
1923
1924-
The volume of grain, dairy products, and fruits
and vegetables handled by cooperative marketing associations constituted more than one-half
of the total business done by these associations,
and there has been a rapid development of cooperative marketing of livestock, cotton, and
tobacco.
Prices paid for agricultural products at the
farm, after advancing continuously for three
Farm prices months, were in August 8 per
and farm in- cent higher than in May. In
come.
August the level of farm prices
was as high as in the spring of 1923 and higher
than at any other time in the past four years.
Since May prices of all classes of farm products,
except cotton and cottonseed, increased, an,d
by far the largest rise was shown for the grain
crops. In the following table are shown index
numbers of farm prices of 30 agricultural
products, as computed recently by the Department of Agriculture with a five-year pre-war
average as a base. The chart opposite shows
the movement of the general average for all
farm commodities during the past three years.
[August, 1909-July, 1914=100]
Dairy Cotand
Fruits
Unton
All Grains and Meat
ani- pouland classiYear and month groups
try cottonvege- mals
prod- seed fied
tables
(')
ucts
1923
August
September- October
November...
December...
1-28
130
132
133
135
109
111
113
110
108
151
131
123
114
114
112
106
100
98
138
130
141
151
152
190
204
221
238
253
1924
January
February
March
April
May..
June
i
July
August
134
134
128
128
127
128
130
137
110
113
114
113
114
116
130
141
118
123
123
128
132
146
142
138
101
102
104
106
107
105
103
116
140
138
123
114
111
111
111
112
255
247
219
226
222
219
215
219
104
101
100
94
99
98
99
98
94
95
101
103
1
Commodities included: Grains: Wheat, corn, oats, barley, rye, kaflr.
Fruits and vegetables: Apples, oranges, grapefruit, potatoes, sweet pota toes, beans, onions, cabbage. Meat animals: Beef cattle, calves, hogs,
sheep, lambs. Dairy and poultry products: Chickens, eggs, butter,
milk. Cotton and cottonseed. Unclassified: Horses, hay, flax,
tobacco, wool.
Prices of grains, meat animals, and cotton
were considerably higher in August than a year
ago, while prices of fruits and vegetables and
dairy and poultry products declined during the
year. Prices of cotton, which advanced rapidly in the autumn of 1923, declined during the
present year, but are still much higher with
reference to the pre-war average than other
groups. The advance in. grain prices, which
has been continuous since last April, brought
the index for that group to the highest point
since the closing months of 1920. Prices of
meat animals have been continuously lower
since early in 1921 than the general average of
the 30 farm commodities included in the index;
their advance in August was due largely to the
higher price of hogs.
At the higher level of farm prices and with
the total volume of crop production as large as
last year the farmer's income for 1924 is
expected to be considerably above that for
recent years. An important factor in increasing
the net return from wheat and cotton, the two
principal cash crops, has been the greater
768
FEDERAL, RESERVE BULLETIN
yields per acre and the consequently smaller
unit costs of production. In contrast to the
improved conditions among the growers of
wheat and cotton, the recovery in the livestock
industry has been much slower. In the sheepgrowing industry a reduced supply of sheep and
a growing demand for wool and lambs have
resulted in a considerable improvement of conditions, and in recent months there has also
been an advance in the price of hogs, owing
largely to the fact that there is a smaller supply
to be marketed. Beef and cattle prices, however, continue at a relatively low level, and in
certain sections of the Southwest the industry
has further suffered from the recent drought.
During the harvesting season, and particularly in September, the credit
Financing the
u i r e d f o r m a r keting crops
crop movement.
^
•i
has been reflected in a considerable increase in the volume of commercial loans.
In the middle of September loans for commercial purposes at banks in leading cities were
about $150,000,000 larger than three months
earlier and at the highest point this year.
During these months there has been also a
rapid growth in other classes of loans and in
investments and a continued increase of deposits. In the agricultural districts the volume
of commercial borrowing increased relatively
little, owing partly to the fact that the farmers
in certain sections have used a portion of the
proceeds from the early sales of their crops in
repayment of accumulated indebtedness at
the banks. These repayments have enabled
the banks in these districts to reduce their
borrowings at the Federal reserve banks, and
the volume of discounts in these districts, in
contrast to the usual course at the cropmarketing season, has declined. In these
sections the seasonal demand for currency has
resulted in a growth of Federal reserve note
circulation, and for the system as a whole
there has been a considerable decrease in
cash reserves as the result of the payment
of other kinds of currency into circulation.
The larger demand for currency is shown by
an increase during August of $109,000,000
in the total of money in circulation. With
OCTOBER, 1924
the value of crops to be marketed larger than
a year ago the banks of the country, owing to
the abundance of loanable funds, are meeting
the seasonal credit and currency demand
without increasing their borrowings at the
Federal reserve banks.
TREASURY FINANCE
New issue of Treasury certificates.
On September 8 the Treasury announced the
offering through the Federal reserve banks of
about $350,000,000 one-year tax certificates
(series TS-1925) in denominations of $500,
$1,000, $5,000, $10,000 and $100,000, dated
September 15, 1924, and maturing September
15, 1925, with interest at the rate of 2% per
cent, payable semiannually. The certificates
are tax exempt, except as regards inheritance
taxes, income surtaxes, and excess profits and
war-profits taxes now or hereafter imposed by
the United States. They will be accepted at par
and accrued interest in payment of income and
profits taxes payable at maturity, and will be
acceptable to secure deposits of public moneys.
Payment for these certificates might be made
in Treasury notes of series B-1924 maturing
September 15. Previously the Secretary had
authorized Federal reserve banks to redeem
these series B-1924 notes on or after September
4, at the holders' option, with accrued interest
to date of such optional redemption.
On September 11 the Secretary announced
that subscriptions for series TS-1925 certificates closed at close of business on September
10 and that reports from the Federal reserve
banks showed aggregate subscriptions of
$596,000,000 (for the offering of $350,000,000),
of which $126,000,000 represented subscriptions for which Treasury notes, series B-1924,
were tendered in payment. Subscriptions and
allotments for the several Federal reserve banks
are shown in the table following:
Federal reserve district
Boston
New York
Total subscriptions
received
Total subscriptions
allotted
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis,.
Kansas City..
Dallas
San Francisco
$47,385,500
240,836,500
61,346,000
69,851, 500
18,807, 000
12,242,000
51, S59, 500
6, 430, 500
8, 760, 500
12,462,000
11, 681, 500
64,483, 000
$36,778,500
147, 735, 500
41, 306,000
36,036,000
13, 578, 000
9,131, 000
44, 619, 000
5,117,500
8,056, 500
7, 564,000
7,656,000
33,791,500
Total...
596,145, 500
391,369,500
769
FEDERAL. RESERVE BUI__ETI_T
OCTOBER, 1924
It will be recalled that in March, 1924, the
Treasury offered $400,000,000 of one-year
Treasury certificates at 4 per cent, and that in
June following it offered $150,000,000 of Treasury certificates dated June 16 and maturing
December 15, 1924, at 2% per cent—this being
the lowest rate for any Government issue of
this maturity since the beginning of the World
War. The rate on the present issue of certificates, which is materially below that on the
March issue of corresponding maturity, is the
same as the rate on the June issue.
Together with cash in the general fund and
tax receipts, the proceeds of the new issue, it
was announced, would be used to pay off the
outstanding amount of the $377,000,000 Treasury notes running at 5}4 per cent, payable
September 15, to meet interest payments due
in September, October, and November, and
to meet other requirements of the Treasury up
to the December tax-payment date, when
further financing will be undertaken.
Silver dollars.
With the completion of the repurchase of
silver and coining of silver dollars to replace
the 260,000,000 silver dollars melted and sold
during the war for the use of the Government
of India, the Treasury has initiated a program
for restoring the circulation of silver dollars
to an amount more nearly equal to the amount
formerly in the hands of the public. It has
inserted silver dollars in the pay envelopes of
Treasury employees—one in each envelope—•
and proposes to invite other Government
departments, as well as bank and civic organizations, to cooperate in inducing the public to
accept silver dollars. Increased use of the
silver dollar, it is explained, will effect a material saving to the Government in the printing
of $1 bills and will enable the Treasury to
maintain its paper dollar circulation in better
condition.
been below those of the corresponding period in
the preceding year ($68,874,085, as compared
with $93,337,732). Miscellaneous internal revenue receipts also have run lower in the
current year ($179,348,397, compared with
$233,165,319). Total internal revenue receipts
in the current year have been about $78,000,000
below receipts in the corresponding period a
year ago. Customs receipts for the same period
have run somewhat higher for the current year
($107,419,617, as compared with $101,072,907).
The excess of total expenditures chargeable
against ordinary receipts, over ordinary receipts, has been somewhat greater in the current fiscal year ($44,215,370, as compared
with $32,658,098), although total expenditures chargeable against ordinary receipts (in
amount $495,721,955) were less by $72,531,010
than in the corresponding period a year ago.
A considerable portion of this decrease is on
account of smaller sinking fund debt retirements ($13,200,000 in the current fiscal year,
as compared with $58,367,600 in the corresponding period a year ago).
NOTES
Meeting of the Federal Advisory Council.
On September 25 the Federal Advisory
Council held its statutory autumn meeting
with the Federal Reserve Board at Washington.
Appointment of Federal Reserve Agent at Minneapolis.
The Federal Reserve Board has appointed
Mr. John R. Mitchell of St. Paul, Minn., as
class C director of the Federal Reserve Bank
of Minneapolis for the term expiring December
31, 1926, to succeed John H. Rich, who died on
May 21. Mr. Mitchell has been designated
Federal reserve agent and chairman of the
board of directors of the Minneapolis bank.
Receipts and expenditures.
He was a member of the Federal Reserve Board
Income and profits tax receipts during the from May 12, 1921. to May 12, 1923, and of the
current fiscal year to date, September 11, nave Federal advisory council in 1917 and 1918.
11176—24t-
2
770
FEDERAL RESERVE BULLETIN
OCTOBEB, 1924
BUSINESS CONDITIONS IN THE UNITED STATES
Production in basic industries was maintained during August at about the same level as
in the two preceding months and factory employment showed a slight increase. Wholesale
prices, especially those of agricultural products, showed a further advance.
Production.—The Federal Reserve Board's index of production in basic industries, adjusted
to allow for seasonal variations, continued in August at the same level as in June and July. Production of steel was substantially larger than in July and the output of pig iron and mill consumption of cotton also increased. Sugar meltings and production of anthracite and zinc, on
the other hand, were smaller. Factory employment increased slightly in August and average
weekly earnings increased 4 per cent, owing to less part-time employment. Larger working
forces were reported in the textile, leather, and automobile industries. Building contracts
awarded, contrary to the usual seasonal trend, were 3 per cent larger in August than in July.
Crop conditions showed further improvement in August and the September 1 estimates of
production by the Department of Agriculture were larger for wheat, oats, barley, and potatoes.
Estimated yields of corn, cotton, and tobacco, however, were smaller. Harvesting has proceeded
rapidly this year, and the August marketing of wheat was larger than in either of the last two
years.
Trade.—Bank debits, which reflect the volume of business transactions settled by check,
showed about the usual seasonal decrease in August, but were larger than a year ago. Railroad
shipments increased slightly, as a result of larger loadings of miscellaneous merchandise, grain,
and coal. Wholesale trade was 7 per cent larger than in July, owing to seasonal increases in sales
of dry goods, shoes, and meat, but continued to be smaller than a year ago. Departmentstore sales showed less than the usual increase in August and were 7 per cent smaller than last
year. Mail-order sales increased more than usual at this season and were 1 per cent larger
than in August, 1923. Merchandise stocks of department stores at the end of August for the
first time this year were smaller than on the corresponding date of 1923.
Prices.—Wholesale prices, as measured by the index of the Bureau of Labor Statistics,
increased 2 per cent in August and were at about the same level as a year ago. The advance
was due largely to further increases in prices of farm products and foods, though all other commodity groups except metals and fuel also advanced. During the first three weeks of September
prices of wheat, rye, wool, and rubber increased, while those of cotton! silk, petroleum, and
metals declined.
PRODUCTION IN BASIC INDUSTRIES
WHOLESALE PRICES
PERCENT
PERCENT
150
150
J
AT
1
100
\
\
L
100
50
50
PER CENT
PER CENT
300
300
200
200
100
100
0
0
1919
1920
1921
1922
1923
132%
Index of 22 basic commodities adjusted for seasonal variations.
(1919=100.) Latest figure, August, 94.
1919
1920
1921
1922
1923
1924-
Index of U. S. Bureau of Labor Statistics. (1913=100, base adopted
by bureau.) Latest figure, August, 150.
OCTOBER,
771
FEDERAL RESERVE BULLETIN
1924
RESERVE BANK CREDIT
MILLIONS OF DOLLARS
40001
"
DEPARTMENT STORE SALES
MILLIONS OF DOLLARS
11(000
PER CENT
PER CENT
200
111
u
J
Jw
150
I
JJ
150
V /
.£«.£y
WAL ADJUST1ENT
WITH SEASi.
S WITHOUT A0JUSTMENT
0
0
1920
1921
1922
1923
1924-
1919
Weekly figures for 12 Federal reserve banks. Latest figures for September 17.
100
I
SO
—
SALE
1919
zoo
v \P i/v w
100
50
I
1920
1922
1321
1924
1923
Index of sales of 333 stores in 117 cities. (1919=100.) Latest figures,
August.
Bank credit.—Loans and investments of member banks in leading cities continued to increase during the four-week period ending September 10, and on that date reached a record
figure about $1,000,000,000 above the level of three months earlier. The largest increase was in
loans on stocks and bonds, and commercial loans also increased, owing partly to seasonal demands for credit. The growth of investments by member banks continued, though at a
somewhat slackened rate.
At the Federal reserve banks there was a further increase in the holdings of Government
securities and of acceptances, with the result that in the middle of September, although discounts were at the low point for the year, the total volume of reserve-bank credit was higher
than at any time since last spring. • Seasonal increase in the demand for currency was reflected
in a decline in cash reserves, and at the reserve banks in certain of the agricultural districts in
an increase of Federal reserve note circulation.
Slightly firmer conditions in the New York money market in late August and early September
were reflected in a slight advance in the rate on commercial paper from 3-3 M t° 3 J4 per cent.
After the middle of September a recurrence of easier conditions followed Treasury operations.
The September 15 offerings of one-year Treasury certificates bore 2% per cent interest, the
same rate as the six-months' issue sold in June.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=100]
Production in
basic
industries i
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
1923
1924
Factory Building
employment contracts
awarded'
Kailroad
car
loadings'
Wholesale
trade
Department store
sal es'
Department store
stocks i
Unadjusted
Unadjusted
Adjusted
Adjusted
Bank
aeDitsl
127
122
121
120
114
118
116
110
103
103
101
101
101
101
100
99
130
117
112
112
128
151
167
172
127
121
119
123
112
117
120
113
81
83
79
88
92
97
85
72
128
126
89
100
113
148
142
202
124
126
119
128
124
130
126
126
129
122
119
129
139
146
149
123
130
128
128
130
130
131
133
132
113
110
105
105
101
105
105
106
120
120
116
114
103
94
94
94
98
99
99
97
93
90
87
87
170
163
164
150
129
125
121
133
118
131
115
121
117
103
111
111
80
78
79
78
76
75
78
83
109
102
115
133
127
120
91
93
125
127
115
130
123
120
122
119
115
127
138
140
135
127
122
126
131
135
137
136
135
133
130
124
105
110
109
112
109
103
108
108
i The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations.
The indexes of department store sales and stocks are shown both with and without seasonal adjustments
772
FEDERAL, RESERVE BULLETIN
OCTOBER, 1924
BANK CREDIT
AGRICULTURE
Total loans and investments of reporting
member banks in leading cities advanced between August 13 and September 17 to the highest point on record, about $1,000,000,000 above
the level which prevailed three months earlier.
During June and July this rise was occasioned
almost entirely by advances in loans secured
by stocks and bonds and in security investments, while since the beginning of August
:over one-half of the total increase has occurred
in loans chiefly for commercial and agricultural purposes. On September 17 the total of
this class of loans was higher than at any other
time this year and near the peak reached in
the autumn of 1923. In agricultural districts,
however, the growth of commercial borrowing
•has been smaller than might have been expected at this season in view of present crop
yeilds and prices.
The increased volume of commercial loans
this autumn in agricultural districts only partially reflects the demand for credit for cropmoving purposes, since there has been considerable liquidation in some sections of previously
existing loans out of the proceeds of the harvest.
The seasonal credit demand in the interior was
evidenced during August both in the movement of funds from New York through gold
settlement transactions and in the reduction
of correspondent balances in that center,
During the five weeks preceding September
17 there was a further growth of about $360,000,000 in the net demand deposits of reporting member banks, which carried the total to
a new high point. During this period, as the
result of a more rapid growth of deposits than
of loans during the past four months, demand
deposits exceeded loans for the first time since
February, 1923.
Although the discounts of Federal reserve
banks for member banks remained at approximately the lowest levels since 1917, total earning assets increased between August 20 and
September 24 by about $100,000,000, as a result of purchases of acceptances and United
States securities. In September deposits at
the Federal reserve banks reached the highest
level since the beginning of the system, and
on September 24 were about $200,000,000
above the level of the first six months of
the year.
A greater demand for currency during the
month of August was evidenced by an increase
of $109,000,000 in money in circulation, which
was drawn chiefly from the reserves and nonreserve cash of the Federal reserve banks.
In August and September further improvement was evident in the agricultural situation. Harvesting and marketing made rapid
progress and for most of the principal crops the
yields are larger and the prices at the marketing season are higher than in 1923. The
composite condition of all crops on September
1 was slightly higher than on August 1, though
it was not as high as the 10-year average condition for that date. With higher prices than
last year and a decidedly larger production of
wheat in the heavy producing areas of the
Kansas City and Minneapolis reserve districts, considerable improvement in the general
economic situation has become evident in those
areas and much of the indebtedness that resulted from crop failures in recent years is being
liquidated. In view of the larger wheat crop
in the United States and a smaller crop in other
principal producing countries, the foreign
demand increased in August and September,
and exports of wheat in those months were
heavier than in 1923, though the total volume
exported during the eight months ending in
August was smaller than during the same
period in 1923. Following the harvesting
season marketing has proceeded rapidly and,
due principally to exceptionally large wheat
receipts, the total volume of all agricultural
products distributed in August was the largest
on record for that month. Marketing of
cotton and tobacco was also larger than in
July, but livestock, fruits, and vegetables were
distributed in smaller volume.
Grain.
Conditions affecting the harvesting and
threshing of the small grains continued favorable in August and early in September, and
official estimates in September indicated an
increase over earlier estimates in the yields of
spring wheat, oats, barley, and flaxseed. An
increase in the expected yield of spring wheat
of 23,000,000 bushels over the August estimate resulted in a total estimated production of all wheat, amounting to 837,000,000
bushels, as compared with 786,000,000 bushels
in 1923. Greater significance attaches to the
increase, since it is confined almost entirely to
the Kansas City and Minneapolis Federal
reserve districts, where the greater part of the
country's wheat is produced and where the
acreage is practically the same as last year.
The oats crop was estimated to be 47,000,000
bushels more than ia August and is one of the
five largest crop on record. Unseasonably
OCTOBHR, 1924
cold weather late in August was decidedly unfavorable for the corn crop and the estimated
yield in September was 64,000,000 bushels
smaller than in August, and the condition of
the crop is one of the lowest in the last 40 years.
Since the beginning of the harvesting season
prices of all grains have advanced rapidly
and in August prices reached the highest
point since November, 1923. With a larger
crop and higher prices than last year, marketing has been in large volume. In fact, the
volume of wheat receipts at 17 interior cities
in August was the largest in the last five years.
Despite a rapid advance in the price of corn
in August and September, on account of the
lateness of the crop and the probability of an
early frost, the volume of corn marketed was
smaller than in the preceding month or August
a year ago. Smaller wheat crops than last
year in the other principal producing countries
have resulted in an increased demand for
American wheat for export purposes, and in
August the exports of wheat were larger than
in any month since October, 1922.
Cotton.
On the basis of the condition of the cotton
crop on September 16, the Department of Agriculture estimates a final yield of 12,596,000
bales, a decrease of 191,000 bales from the expected production on September 1. Rains late
in August and early in September ended the
drought that had been prevailing during the
greater part of the summer and checked the premature opening of bolls, but they caused considerable deterioration in the quality of the
fiber that was open in the fields. In August
and September damage by the boll weevils became more noticeable in the Richmond and
Atlanta Federal reserve districts, but as a rule
damage by the weevils thus far has been much
less than that of recent years.
Throughout the year the crop has been from
one to two weeks later than in 1923, and a
continuation of this is reflected in the volume
of ginning prior to September 1, which was
slightly smaller than in 1923. It is significant,
however, that in 1923 1,090,000 bales were
ginned in Texas prior to September 1 and this
year only 631,000 were ginned by the same
date. Marketing has also been in smaller
volume than in 1923, as shown by the receipts
at principal markets in August. The chart
shows the volume of ginnings prior to September 1 and receipts in August since 1919.
While receipts in August are affected somewhat by the carry-over at farms and small
773
FEDERAL, RESERVE BULLETIN
interior towns, they are determined primarily
by the marketing of the new crop.
Since the beginning of the harvesting season
the price of cotton as reported at the New
Orleans market has declined almost steadily
from 29 cents on August 1 to 21}^ cents on
September 19, and the demand for raw cotton
has been smaller than a year ago. Total takings
by American spinners during the first six weeks
of the season amounted to 302,000 bales,fas
compared with 410,000 bales in 1923. Exports, on the other hand, for the same period
have been in practically the same volume,
amounting to 384,000 bales, as compared with
386,000 bales last year.
THOUSANDS OF BALES
THOUSANDS OF BALES
1200
1200
COTTON
| Ginnings to September }
j Receipts in August
1000
1000
800
800
600
600
400
400
200
200
1919
1920
1921
1922
1923
1924
Tobacco.
Further deterioration in the tobacco crop was
evident in August and the expected yield is
now 1,195,000,000 pounds, as compared with
1,202,000,000 pounds a month ago. Reductions, however, were not noted in all of the
principal producing districts. In the Boston
Federal reserve district, where the crop suffered
from dry weather in July, rains in August
were very beneficial and the expected yield in
September was larger than in the preceding
month. In the Richmond district the estimated yield was increased from 465,000,000
pounds in August to 501,000,000 pounds in
September. As compared with earlier years
the total crop is smaller than for any.year
since 1916, except 1921. Smaller yields than
last year are expected in all Federal reserve
districts except the Atlanta district. In Georgia the growing of tobacco has been expanding
in recent years, and this year approximately
26,000,000 pounds were harvested, most of
which has been sold at satisfactory prices.
Harvesting progressed rapidly in the Atlanta
district and the bright tobacco sections of the
774
FEDERAL RESERVE BULLETIN
Richmond district, but the cutting of the
late planted crop, which constitutes a large part
of the total crop in the St. Louis district, progressed slowly. The total volume of tobacco
marketed in August was smaller than in 1923,
and the average price received by producers
in the bright tobacco sections of South Carolina and North Carolina where the heaviest
marketing occurred was $16.96 a hundred
pounds in South Carolina and $17.44 in North
Carolina. The average prices in August, 1922,
in North Carolina was $22.52 a hundred
pounds, as compared with an average price of
$23.80 a hundred pounds in South Carolina.
Production of cigars and cigarettes in
August was in smaller volume than in July,
but the output of manufactured tobacco products was slightly larger. As compared with
August a year ago, the output of cigars and
manufactured tobacco was smaller, but the
volume of cigarettes was 8 per cent greater.
The demand for cigars in the Philadelphia
district in September was slightly better than
in August, but it was smaller than in September, 1923. Orders were for delivery within
60 days, and prices were unchanged from the
preceding month. Plants were operating on
the average about 75 per cent of maximum
capacity, the same as a month earlier.
Fruits and vegetables.
Estimates by the Department of Agriculture
on September 1 indicated slight reductions in
the expected yields of apples, peaches, pears,
and grapes from the estimates in August.
While the total apple crop is smaller than the
final harvest in 1923, reductions are not evident
in all of the principal producing States. In
New York and Virginia, two of the heaviest
producing States, the crop is larger, but the
greatest reductions were noted in Ohio, Michigan, Idaho, and Washington. The total peach
crop is considerably heavier than the yield
last year and the average crop for the five
years, 1918-1922. The following table shows
the estimated production of the principal
fruits and vegetables and the final harvest in
1923:
Commodity
Apples
Peaches
Pears...
Grapes
Potatoes:
White
Sweet
Unit
Bushels.
do—
....doTons
Bushels.
do—
Forecast,
Sept. 1
179,000,000
51,700,000
17,300,000
1,780,000
413,000,000
75,000,000
OCTOBER, 1924
Weather conditions in August favored late
potatoes in the Northern States, and the estimated production in September was 14,000,000
bushels larger than in August, and the crop is exiected to be approximately the same as in 1923.
iweet potatoes, on the other hand, suffered
from the continued dry weather in the Southern
States, and the forecast in September was
approximately 6,000,000 bushels smaller than
in August and 22,000,000 bushels smaller than
in 1923.
Contrary to the usual seasonal increase in
the marketing of vegetables in August, the
volume distributed this year was considerably
smaller than in July, which was due mainly
to a reduction in the marketing of white
potatoes. Fruits were distributed in slightly
smaller volume in July, but, mainly due to
heavy shipments of peaches, the total volume
of fruit marketed was 31 per cent larger than
in August, 1923.
Livestock.
Lack of moisture during August resulted in
further deteroriation of the western ranges, and
the average condition on September 1 was 75
per cent of normal, as compared with 79 a
month earlier and 91 on September 1, 1923.
The low ranges were most seriously affected by
the dry weather, while the higher mountain
ranges continued in fairly good condition. In
all States, however, except North Dakota and
Oklahoma, the condition of the ranges was
lower than a year ago. In view of the deterioration in the condition of the ranges it is feared
that the supply of feed will be reduced earlier
than usual in some districts, and the outlook for
winter grazing is somewhat unfavorable. The
conditions of cattle and sheep did not decline
to the same extent as the ranges, but thev were
considerably lower than a year ago. In the
Kansas City district the shipment of cattle
from the summer pastures began later than
ordinarily, on account of the desire on the part
of the pasturemen to hold back for a longer
grazing period in view of the good range conditions which prevailed in the greater part of the
summer. By the end of August, however, the
movement was reported to be well under way,
and large numbers of cattle from the low ranges
Final harvest, in the Dallas district were also noted in the
1923
markets. Shipments of stocker and feeder
cattle and sheep into the feeding districts began
197,000,000
45, 700,000 to increase in August, but the number of cattle
17,400,000
2,010,000 was smaller than in August last year, while the
movement of sheep into the feeding areas was
412,000,000
97,200,000 decidedly heavier than a year ago.
OCTOBER, 1924
Marketing of cattle and sheep from the summer ranges increased in August, although the
number of cattle sold was smaller than m August, 1923, which was due in part to the smaller
number of cattle available for marketing during
the autumn and winter than last year. Receipts of sheep at the principal markets durini
the month were larger than last August ani
reflected the expected increase in marketing
from the southern ranges during the autumn
and winter. The number of hogs marketed in
August was 22 per cent smaller than in July
and 14 per cent smaller than in the same month
a year ago.
Dairy products.
775
FEDERAL RESERVE BULLETIN
MINING
Coal and coke.
With the approach of cold weather the longexpected increase in the buying of coal has
begun, and the depression noted during the
summer months has apparently come to an end.
Since the 1st of September inquiries have
increased perceptibly, and consumers are beginning to place orders for current needs and to
contract for the future. Production began to
increase in August, and in each week the dailv
average output has moved steadily upward.
Much of this advance is seasonal, and production is still well below previous years of activity,
such as 1920 and 1923. Loss of working tune
at mines attributed to lack of market has decreased materially in recent weeks. Prices
have been strong, and the Coal Age composite
advanced slightly to $2.04 a ton in the week
of September 22, the highest figure recorded
since June.
Following a marked slump during the latter
part of the summer, anthracite markets have
recovered. August production was the smallest for any month except April since the strike
of last September. A substantial increase in
output, however, occurred in the last week of
the month, and making allowance for Labor
Day, the rate of output continued high in September. Retailers in the cities report many
new orders and operators have noted a considerable enlargement of sales. Domestic sizes
have sold best, but the demand for steam sizes
has also increased somewhat. Company circular prices were raised the first of the month,
and independent operators and retailers have
generally made corresponding advances.
Reflecting greater activity m pig iron, the demand for coke has been larger since the middle of
August. Output of by-product coke increased
in August for the first time since last March,
and although the monthly total for beehive defined further, weekly production moved rather
steadily upward after the middle of August.
Furthermore, other furnaces are about to resume
operations. Yet production is still exceedingly
low. Market quotations remain practically unihanged at $3 per ton for spot furnace coke.
Although a seasonal decline in the production of creamery butter was noted in August,
the output exceeded the volume during the
corresponding month in 1923, and, in fact, it
was the largest August production on record.
Since April the monthly production of creamery butter has been greater than in the previous year, with the result that stocks of
butter in cold storage have increased rapidly,
and on September 1, when holdings are
usually at their peak, the volume was the
heaviest on record and amounted to 156,232,000 pounds, as compared with 131,388,000
pounds in 1919, the previous high record.
During the autumn and winter stocks of
butter are reduced and a low point is generally reached by the following May. It is
significant that on last May holdings amounted
to 8,977,000 pounds, which was a reduction of
93,980,000 pounds from the stocks on September 1, 1923. Assuming that production is as
large during the coming fall and winter as last
year, stocks will have to be reduced 147,000,000
pounds, the largest reduction on record, during
the autumn and winter if they are to be no
larger next May than they were in May, 1924.
Production and distribution of cheese was seasonally smaller in August than in July and,
contrary to the situation in the butter industry, it was smaller than last year. Stocks, on
the other hand, were the largest since October,
1919. In view of a continuation of large production and heavy stocks, prices of butter and
cheese are lower than last year, and the price Petroleum,
of butter in New York declined from 39 cents
A further increase in the production and
in the middle of August to 37J^ cents on Sepstocks of crude petroleum and a decline in
tember 19.
prices were the pnncipal factors characterizing
Receipts of milk at the New York market the petroleum industry in August. Total proshowed a seasonal decline in August.
duction amounted to 61,684,000 barrels, as
776
FEDERAL, RESERVE BULLETIN
compared with 61,083,000 barrels in July. The
output was smaller than in August, 1923, but
stocks were 18 per cent heavier at the beginning
of September than a year earlier. Prices of
crude petroleum continued to decline in August
for the fourth consecutive month and, according to the Oil, Paint, and Drug Reporter's
weighted average price for three producing
areas, amounted to $1.78 a barrel, a decline of
11 per cent from July and 3 per cent from
August, 1923. Declines occurred in practically
all fields except in California. In view of the
continued decline in prices since the spring,
efforts have been made to curtail production,
but thus far relatively little success has been
evident.
Production of gasoline increased in July
and was 30 per cent larger than in July,
1923, and, due to an increased demand in
July and June, gasoline stocks on hand at the
end of July were considerably smaller than a
month earlier. In fact, they were the smallest since February, though they continued
larger than in 1923. Continuation of the heavy
production and large stocks resulted in further
declines in prices, which in August reached the
lowest point since December, 1923.
OCTOBER, 1924
much new drilling activity. Shipments of
slab zinc also increased during August and were
in excess of production for the first time since
March. Stocks of ore at both mines and
smelters were reduced in volume. Quotations
for refined zinc and lead at St. Louis fluctuated
during the first three weeks of September, with
a slight downward tendency.
Silver production totaled 5,491,000 ounces
in August, which was 22 per cent more than
in July, but the price of silver at New York
continued to advance and on September 24
was 1 cent higher per ounce than a month
earlier. Substantial purchases were made for
export to China and demand from India continued to be large.
Quotations for straits tin declined more
than 5 cents per pound during the first two
MILLIONS OF'POUNDS
MILLIONS OF POUNDS
12
12
COPPER PRODUCTION OF U.S. MINES
( FIRST S MONTHS OF EACH YEAR )
10
Metals.
Mine production of nonferrous metals increased during August and September to the
highest rate reached since the war, and there was
some softening of prices in the latter half of
September. Copper output amounted to 133,000,000 pounds
in August, the largest monthly
total since v January. Blister copper production in the first eight months of 1924 was larger
than in the corresponding period of any of
the five preceding years, as is indicated by the
accompanying bar diagram. Since the end
of August mines in Montana, Arizona, and
Michigan are reported to have increased
further their rate of output. Demand for refined copper slackened somewhat during the
first half of September and quotations for
electrolytic delivered at New York receded
from 1 3 ^ cents per pound on September 4 to
12.975 cents on September 24. At the reduced
level the demand of American manufactures
has improved somewhat and there has been an
increase in German purchases.
Shipments of zinc and lead ores from the
Joplin section showed increases of 59 per cent
and 84 per cent, respectively, during August
and were almost twice as large as a year ago.
This large increase in demand was accompanied by rising prices and has resulted in
1919
1920
1921
1922
1923
1924-
Copper production during first eight months of 1924 was larger than
in the corresponding period ol any other post-war year. (Figures compiled by American Bureau of Metal Statistics.)
weeks of September, but this drastic price
decline resulted in a large increase in buying
and imports have been at a higher rate than
in any other recent month.
MANUFACTURING
Food products.
Activity in the food products industries in
August was characterized by an increase in the
production of flour, but smaller outputs of
flour and meat products than in the preceding
month. As compared with August, 1923, the
production of flour and meat products was
smaller, while the volume of sugar melting was
larger. Under the influence of rising grain
prices in July and August, buying became
more active in the flour market and the total
production of flour increased, but it was in
smaller volume than in any August in the last
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
777
improved markets in practically all lines and
by advances in prices, but toward the latter
part of that month and in September quotations on raw cotton and, to a much less extent,
on raw silk, weakened. Consequently, in
markets for finished products the increasing
activity in buying was somewhat checked.
This, to be sure, is the season for activity
among textiles, and this seasonal buying has
partially offset many unfavorable developments.
Rapid declines in raw-cotton quotations during August and September effectively checked
the active trading in cotton goods and yarns
noted during July and August. Furthermore,
prices on these products have receded considerably. The sharp advance in goods quotations
which occurred the middle of July has been
entirely wiped out, and the Fairchild index in
the week of September 20 fell to the lowest
point since October, 1922. The yarn index
declined from August 2 to September 20 and
reached the lowest level since September, 1922.
With the sharp rise in raw cotton on September
23, many cloth quotations were withdrawn
or raised. Reports indicate that, despite the
recent slackening, the volume of business
effected in August and September was considerably larger than in earlier months, and books
show many more orders to be filled. A small
increase in mill consumption of raw cotton was
noted during August, spindles and spindle
hours active were also more numerous, and
employment and pay rolls were augmented.
By Stales, the greatest increases in consumption were noted in Georgia and Massachusetts,
whereas further slight declines occurred in
Alabama, North and South Carolina, and New
Hampshire. Selected mills in the Atlanta
Federal Reserve District reported increases in
orders and shipments of goods as compared
with July and with the previous August.
Cotton finishers reported a substantial increase
in new orders during August, accompanied by
more moderate advances in the volume of production and shipments, with a depletion of
finished stocks to the lowest point since early
in 1923.
Since the middle of the summer manufacturers have been buying raw wool more
actively. It is now estimated that most of
the domestic clip has been sold by the growers,
and a good part of the supply is in the hands of
Textiles.
manufacturers. Prices an raw wool have
Textiles, in general, have recently been in advanced recently in both domestic and
much better demand than during the early part foreign markets. The Fairchild indexes have
of the summer. August was characterized by risen 18 per cent for domestic wools and 7
five years except in 1920. Increased activity
was more pronounced in the heavy winterwheat producing areas of the Kansas City district, where mills operated at 77 per cent of
full-time capacity as compared with 65 per
cent in July and. 70 per cent of capacity in
August last year. Following the rise in wheat
prices the price of flour advanced in July and
reached a peak in July and early in August.
Late in August the price of wheat declined
from the high level of the earlier weeks and
flour quotations were reduced, but they are
still considerably higher than last year.
The production of sugar was 17 per cent
smaller than in July, but it was 45 per cent
larger than in August, 1923. Final estimates
indicate that the total Cuban crop in 1924
was 4,066,000 long tons, the largest yield on
record. Estimates by the Department of Agriculture on September 1 indicated the production of sugar beets at 7,070,000 tons, a reduction of 370,000 tons from the estimate on
August 1. As compared with the final harvest
in 1923, the expected production is 60,000 tons
larger. Improvement in the prices of both
raw and refined sugar was noted in August and
early in September, but in the third week of
September there was a decline in the price of
refined sugar, although it continued higher
than in the preceding month.
Smaller marketing of hogs in August than in
the preceding month resulted in a smaller
production of pork products, but the number
of cattle, calves, ana sheep slaughtered was
larger. The number of sheep slaughtered was
larger than in August a year ago, but other
animals were slaughtered in fewer numbers.
As a result of smaller marketing of hogs
throughout the summer than in the summer
of 1923, the volume of pork products in storage
on September 1 was less than a year earlier.
The domestic demand for meat products, as
shown by sales by 49 meat-packing companies
reporting to the Chicago Federal Reserve
Bank, was larger than in either the preceding
month or August a year ago. Exports of beef
and beef products, bacon and pickled pork
were larger than in July, but shipments of
hams and shoulders and lard were smaller.
Compared with August, 1923, exports of all
products except corned and pickled beef were
smaller.
1117G—24t
3
778
FEDERAL RESERVE BULLETIN"
per cent for foreign wools since the 1st of
July, and now stand at about the highest
levels reached since the middle of 1920.
Kecent sales at important foreign markets
were also made at higher prices. Imports
during August totaled 8,631,020 pounds, an
increase over July, but less than in the corresponding month of the two previous years.
Reexports have been rather heavy recently.
In the goods markets there has been no such
activity as in raw wool. Since the openings of
men's wear in August, woolen goods have been
in fair demand, but worsteds have not sold as
well. The accompanying chart depicts the
recent relative positions of woolens and
worsteds. Although active spindle hours in
both branches had been falling until August,
the greatest decline was noted in worsted
spindle activity, which in July was down near
OCTOBER, 1924
broadsilks at the opening of the fall season
was reported to be better than in some months.
In September some recession in buying activity
was noted, the volume of sales on the raw
silk market was reduced, and prices fell
slightly. Later in the month this slackening
was also noticed in the demand for silk goods.
Mill operations were increased in August,
employment was larger in some sections, and
machinery activity greater. Takings of raw
silk by mills in August were slightly less than
in July. Imports increased considerably, totaling 4,587,377 pounds, the largest since July,
1923. As a consequence, the small stocks in
warehouses at the first of August were augmented. The strike of silkmill workers in
Paterson continued during September, and, as
a result, operations in that center were somewhat curtailed.
Knit goods markets have been somewhat
disturbed recently by fluctuations in raw
II
I WORSTEDS
WOOLENS
cotton and raw silk. In underwear there
- Spindle-hours active
• Piece goods prices
has been a fairly active demand for
120
120
heavyweight goods, but for lightweight
wear jobbers have been hesitant about
^100 p l a c m § orders, even at the lower prices
100
announced at recent openings. Hosiery
markets have, in general, remained rather
quiet, with occasional improvement in
80
demand for certain lines. Preliminary
statistics for August indicate increases
in orders for practically all lines. Pro60
duction and shipments were, in general,
smaller, although both of these items
40 L
were reported larger by manufacturers
1921
19221923
192*f
1921
1922
1923 1 9 2 *
of seamless hosiery in the Atlanta
Trend of activity of woolen and worsted spindles and Fairchild's
woolen and worsted piece-goods price indexes. Prices are announced
district. A few more price reductions were
in early fall for following season's goods.
made in September.
the low point reached in 1921. As a consequence the prices announced at. the recent Iron and steel.
openings for next spring, indicated on the
Improvement at a somewhat more moderate
chart by Fairchild's piece-goods indexes, were rate than during the preceding month was evireduced for worsteds and slightly advanced dent in iron and steel during September.
for woolens. Late in September these prices There was a sharp increase in the production
were raised. Dress-goods
lines for next spring
g
p g of steel in August, daily average output of
were opened by the American Woolen Co. on ingots advancing 37 per cent over July, and
September 23, 1924, at prices averaging about operations reached nearly 60 per cent of capac10 per cent below those of last year. Mill ity early in September. Since that time
activity increased somewhat in August, as indi- this rate has remained at practically the same
cated by statistics of raw wool consumption, level. Despite larger output, unfilled orders
active machinery hours, and employment. for steel increased, during the month. August
production of pig iron was likewise greater than
Men's and women's clothing markets have re- that of July, and in September a few more blast
cently noted seasonal activity in buying.
furnaces were blown in. The large stocks of
Production and sales of silk goods were at a merchant pig iron were slightly reduced, and
pg
gy
,
relatively high level during August and September. Prices of both, broad silk and raw unfilled orders showed an increase. Iron ore
silk are now much higher than at the low movement from Lake Superior, although much
point reached last June. In fact, business in restricted all this year, declined further in
OCTOBER, 1924
FEDERAL RESERVE BULLETIN
August and was the smallest for that month of
any of the past seven years except 1921.
Prices of steel have continued weak. The
Iron Trade Review's composite iron and steel
index fell in the week of September 24 to the
lowest level since August, 1922. The decline
in recent weeks has been due entirely to steel
as the Iron Age composite pig iron price has
remained unchanged at $19.46 for six weeks.
On the other hand, the corresponding steel
index fell slowly during September. The declines in steel have been in billets, bars, plates,
and wire. Some reductions in the week ending
September 23 were due to the change of prices
from the Pittsburgh plus basis to an f. o. b. mill
quotation.
Changing the basis of price quotations caused
some hesitancy in placing orders during the
first three weeks of September, and in many
cases bookings were reported to be below those
for the corresponding period in August. In
many lines, however, buying continued active.
Railroads have been most important factors in
the market with inquiries and orders for cars
and rails. The year's cumulative total of car
orders already nearly equals the 1923 aggregate.
Structural steel bookings fell off in August and
awards were small during the first two weeks
of September, but in the third week they increased to about 30,000 tons.
Automobiles.
Further slight recovery in production and
shipments of automobiles occurred during August. Output of passenger cars totaled 251,553,
an increase of 6 per cent over July. Production of trucks was also greater than in July,
the smallest month since last year. Factory
shipments and driveways showed similar increases, which were, however, hardly up to advances usually expected at that season.
Neither shipments nor production equaled corresponding figures for the same month in 1922
and 1923. More new models were put out in
August, and several additional price advances
were announced.
Although trade reports indicate that dealers
have recently secured a fairly good volume of
business, no substantial increase in sales is yet
evident. In fact, wholesale and retail sales of
new cars by important dealers reporting to
the Chicago Federal Reserve Bank were smaller
than in July. Wholesalers reported an increase as compared with a year ago. Used-car
sales were larger, however. The number of
new cars in Chicago warehouses was diminished, but dealers' stocks increased during
August and were 20 per cent larger than a
779
year ago. The General Motors Co. reported
another increase in sales of their cars to dealers during August, while dealers' sales to consumers were decreasing. The latter item still
exceeds the former, indicating diminution of
dealers' stocks.
Marked improvement in the tire industry,
first noted in July, continued during August
and into September. In August shipments of
pneumatic casings and production and shipments of inner tubes were the largest ever recorded. Stocks of both products were materially reduced. Crude rubber imports increased in August. Quotations on latex crepe
at New York ranged between 27 and 28 cents
during the month ending September 20.
Lumber.
Buying of lumber, which mounted rapidly
during July and early August, has lately
declined, and during the first weeks of September mills reported a much smaller volume
of sales. New orders received in August
exceeded shipments, and the volume of unfilled orders was augmented. For the two
large associations producing Southern pine
and Douglas fir, shipments were greater than
output, but the total cut reported by the
National Lumber Manufacturers' Association
in August exceeded the amount shipped,
indicating that in general manufacturers'
stocks increased a uttle. Production and
shipments are at a rather low level for this
season of the year.
Dealers generally report that fall buying
did not begin during the first part of September, as was expected. Industrial consumers, such as railroads and furniture and
box factories, have recently shown more
interest in the market, but the greatest part
of the demand still comes from the building
industry through retail yards. On the west
coast an increase in both domestic and foreign
buying was reported. Logging operations in
the Pacific Northwest continued curtailed
during August, as the supply was sufficient to
meet current demand. Some increase in
activity was noted in September.
Prices of hardwoods and softwoods have
recently moved in opposite directions, according to Lumber's indexes. Early in August
he softwood index reached a low point of
29.05; a rapid recovery followed during the
remaining five weeks to 30.74, only to be
succeeded by a sharp drop to 29.80 the next
week. Hardwoods, on the other hand, did
not reach a minimum until the week of September 5, and in the following two weeks the
780
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
index rose as rapidly as softwoods declined. slined in volume. The total value of contracts
This rise was largely in the better southern and awarded in 11 Federal reserve districts (acthe cheaper northern grades.
ording to reports compiled by the F. W. Dodge
Co.)
amounted to $370,000,000 in August, which
Hides, leather, and shoes.
was 2 per cent more than in July. This inIncreased business activity was reported by crease was due to larger operations in the Clevethe leather and shoe industries during August land, Richmond, Chicago, Kansas City, and
and early September. Buying of all products, Dallas districts. Awards were in greater volfrom country and packer hides to shoes, has ume than a year ago in all reporting districts
increased since the middle of the summer, and except St. Louis and Minneapolis. Statistics
production is somewhat larger. Available of contract awards and building permits, by
statistics show rather general declines in stocks geographical districts and classes of construcof hides and of leather, and the supply of shoes tion, are published on page 800.
is also limited as a result of several months of
Shipments of building materials by manufacrestricted production. Packer-hide markets
turers
were larger in August than in July and
were active in September and rather large sales
were effected at higher prices. July statistics there was also an increase in production. Both
show increases in raw hides and skins disposed shipments and production of cement were
of and further declines in stocks of all kinds larger than in any other month on record.
Prices of building materials were at about the
except calf and kip skins.
same level as in July and new orders were reLeather markets have continued fairly strong. ceived in large volume. Stocks of cement,
August data showed only a slight increase paving brick, silica brick, and sanitary ware
over July in production of sole leather from were reduced during August, while stocks of
1,162,000 to 1,174,000 backs, bends, and sides. face brick and clay fire brick increased.
Stocks in process were a little larger, while
tanners' finished stocks fell to a new low level.
TRANSPORTATION
Substantial increases were noted during July,
Railroad
developments
during August were
the latest statistics available, in output of
about
the
same
as
usually
occur
at that season;
cattle and calf upper leather, while that made
from goat and kid and sheep and lamb skins there was a moderate increase in shipments of
decreased. As with skins, stocks of calf and freight and a considerable reduction in the
kip leather increased, although supplies of the number of surplus cars. Car loadings, which
other kinds decreased furthe'r. Boot and shoe totaled 4,213,000 in August, were 5 per cent
manufacturers added somewhat to their stock more than in July, as a result of larger loadings,
of calf and kid and sole leathers, but as com- of grain, coal, and miscellaneous merchandise.
pared with a year ago their supplies were still Loadings of coal, coke, and ore were much
smaller than a year ago, while loadings of grain
small.
were somewhat larger.
Although buying of shoes has been rather
The increase of traffic in August resulted in a
active since the middle of July, production in reduction
of the number of surplus freight cars
August showed a smaller increase than is from 345,000
to 266,000. Bad-order cars inusual for this season, and output continued creased to 210,000,
the largest number since
rather small as compared with the correspond- June, 1923. Equipment
buying continued to
ing month of the two previous years. Em- be apathetic in August and
orders for
ployment and pay rolls, however, were con- locomotives were smaller atunfilled
the
end
of the
siderably larger in August than in July.
than at any time since March, 1922. In
Sales of shoes by wholesalers increased in month
first three weeks of September, however,
August, while chain stores reported a less than the
for freight cars reached a larger total
seasonal decline in sales. Reports indicate orders
than
in
any month this year except March.
that retail shoe business has been rather active
Gross revenues of Class I railroads totaled
in September.
$481,600,000 in July, which was 10 per cent less
BUILDING
than in the corresponding month of 1923.
The volume of new construction commenced There was a relatively greater reduction in exin August was larger than in July, which is con- penses, so that the operating ratio was slightly
trary to the usual trend in midsummer. lower than a year earlier. Net railway operatContracts for residential, inductrial, and insti- ing income for the first seven months of 1924,
tutional buildings increased, while awards for however, continued to show a lower rate of
business, educational, and public buildings de- earnings than that designated by the Interstate
OCTOBBB, 1924
FEDERAL RESERVE BULLETIN
781
Commerce Commission as a fair return on in- July, but the decline in the shoe business was
vested capital.
much less than usually occurs in August.
Department-store trade increased 2 per
TRADE
cent
in August, due to larger sales in the PhilaWholesale trade.
delphia, Cleveland, Chicago, Minneapolis, and
Business at wholesale establishments in- San Francisco districts, but was 7 per cent
creased 7 per cent during August, a smaller smaller than a year ago. Analysis of sales,
expansion than is usual at that season. by departments (made by the National Retail
Increases were more general in western and Dry Goods Association), shows that sales of
southern districts than in the East, which may silks, dress goods, jewelry, women's and
be ascribed to improved agricultural con- misses' ready-to-wear, millinery, and furniditions. Sales of dry goods, clothing, shoes, ture were substantially smaller than in the
millinery, furniture, stoves, and jewelry were previous August. The only departments which
substantially larger than in July, and sales of showed increases were those selling leather
meat, stationery, automobile supplies, and goods, toilet articles, and underwear.
electrical supplies showed small gains. DealMerchandise stocks at department stores
ers in drugs, machine tools, and agricultural
implements reported a slightly smaller volume increased 4-per cent in August, but the increase
of inventories in preparation for fall business
of business than in July.
was less than usual for the season in all disWholesale trade in August was 6 per cent tricts except New York. At the end of
smaller than a year ago. As prices were at August, for the first time this year, stocks were
about the same level as in August, 1923, this smaller than on the corresponding date of
decrease in dollar sales represents a diminution 1923.
in the physical volume of business handled
Outstanding orders of department stores
and at this season reflects in part the policy increased
during August for the fourth conof retailers to keep their stocks small. Sales secutive month,
but orders continued to be
were smaller than last year for all reporting considerably smaller
than a year ago. Stalines except furniture, agricultural implements, tistics of wholesale and
retail trade, by lines
and diamonds.
and districts, are published on page 801.
Eeports from five Federal reserve districts—
PRICES
Boston, Philadelphia, Richmond, Chicago,
and Dallas—indicate that there was a general
Prices of agricultural commodities continued
reduction in the volume of merchandise stocks to show large gains during August, and there
at wholesale warehouses during August. were also small increases in quotations of many
Stocks of dry goods and hardware were reduced industrial commodities. The index of the Buin all reporting districts and there were also reau of Labor Statistics increased 1.8 per cent
small decreases in stocks of shoes and drugs. and reached the highest point since February.
Wholesale grocers, on the other hand, slightly Prices of foods and farm products increased 4
increased tneir inventories.
per cent and 3 per cent, respectively, while
Accounts outstanding increased in size during smaller advances were shown by all other
August, as collections were somewhat slower, groups of the index except metals, which rebut continued to be smaller at the end of the mained unchanged, and fuel and lighting,
month than on the corresponding date of 1923. which declined 2 per cent.
Regrouping of this index by stage of manuRetail trade.
facture of commodities indicates that prices of
Reports of retail stores indicate that trade consumers' goods increased 2.3 percent, prices
was larger in August, and that dealers slightly of raw materials 1.8 per cent, and prices of
increased their stocks and their outstanding producers' goods 0.7 per cent during August.
orders. Sales of mail-order houses, 5-and-10- The rise in raw material prices was confined
cent chains, drug chains, cigar chains, and almost entirely to animal products, which
music chains showed more than the usual showed an average increase of 8 per cent.
seasonal gain in comparison with July, while Prices were at about the same level in August
sales of department stores and candy stores, as a year ago, as moderate increases in prices
which also increased, showed less tha,n the of consumers' goods and raw materials were
usual seasonal improvement. Sales of grocery offset by a 4 per cent decrease in prices of prochains and shoe chains were smaller than in ducers' goods.
782
FEDERAL RESERVE BULLETIN
Price movements were somewhat confused
during the first three weeks of September, with
about the same number of commodities showing net decreases as net increases. Quotations
on wheat, rye, flour, beef, sugar, wool, coal,
and rubber were higher on September 19 than
at the close of August, while prices of cotton,
cotton goods, silk, steel products, copper, lead,
and petroleum were lower.
COST OP LIVING
Changes in the cost of living since the beginning of 1920 are shown, by months, on the accompanying chart. It may be noted that since
the sharp decline in the cost of living during
the latter part of 1920, retail prices have been
PER CENT
PERCENT
1300
3001
COST OF LIVING IN THE UNITED STATES
250
250
200
150
150
100
too
50
Total
Food
Shelter
~—— Clothing
1920
50
1921
1922
1923
1924-
Cost of living has been comparatively stable since 1921. (Figures compiled by National Industrial Conference Board. July, 1914=100.)
comparatively stable. This stability in the
general level during the past three years, however, has been the resultant of increases in
rents and clothing prices and decreases in
prices of food and fuel. The cost of shelter is
now at the highest level on record, but expenses for other items in the family budget
are lower than in 1920. During August the
chief changes in the cost of living were increases
of 2.8 per cent in the average price of clothing
and of 0.7 per cent in retail food prices. Rents
and prices of fuel, light, and sundries were at
about the same level as in July.
OCTOBER, 1924
EMPLOYMENT
In August the decline in employment noted
during the preceding four months was checked.
As compared with July, the number on pay
rolls was slightly larger, and the value of pay
rolls, the average weekly earnings, the per
cent of operations to capacity all indicated
rather substantial increases in industrial activity. The index of employment increased
from 86.7 in July to 87.3 in August. It must
be considered, however, that the July data,
with which comparisons are being made, were
taken as of the pay-roll period near the middle
of the month, when many factories were
temporarily closed for holidays and inventories, and operations were considerably reduced. When compared with June, a month
in which employment and earnings were much
less than in previous months, it is found that
the August recovery did not even make up for
the July decline in number employed, total
pay rolls, or average earnings. Establishments in operation in August were employing
an average of 77 per cent of their full force of
employees, who were working 88 per cent of
full time, an increase over July and about the
same as in June. As compared with August,
1923, employment declined 15 per cent, pay
rolls 17 per cent, and average weekly earnings
nearly 3 per cent.
By geographical sections of the country,
slight decreases in total number employed
were noted in the New England, Middle Atlantic, West North Central, and Pacific States.
Pay rolls increased in all areas, the largest
advances occurring in the East North Central
and East South Central States. On the other
hand, as compared with a year ago, every
section showed decreased employment, led by
New England with a decline of 19 per cent. A
favorable development in August was the continued upward trend in the labor market
index, all six States included denoting advances.
By industries, conditions were somewhat
varied. The iron and steel group showed a
further very slight decline, as did food products and cement and brick. Textiles made a
marked recovery after the sharp drop of preceding months, and all industries in the group
except dyeing and finishing and men's furnishings reported either increases or no significant changes. Automobile plants showed
greater employment for the first time since
March. Marked seasonal advances occurred
in the shoe and leather industries. By groups,
783
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
the greatest advances in total pay roll were in
textiles, leather and products, and vehicles.
The largest increases in average earnings were
in the women's clothing, the iron and steel,
and the shoe industries. Decreases in wage
rates, affecting 3 and 4 per cent of the total
number of workers in all reporting establishments, were noted in August at cotton goods,
knit goods, and lumber factories. Additional
reductions, especially at cotton mills, have been
reported more recently.
yields which came within the 4-6 months
maturity class on September 15. The yield
on the issues of certificates previously included
in the average was 1.90 for the week ending
September 20.
Prime
commercial
paper,
4-6
months
Prime
bankers' acceptances,
90
days
Yield
on certificates
of indebtedness,
4-6
months
Average
yield Renewon4M al rate
on call
per
loans
cent
Liberty
bonds
MONEY RATES
Slightly firmer conditions were evident in the
New York money market at the end of August
and during the first week in September, owing
to the seasonal loss of funds to the interior and
to usual month-end requirements. This was
evidenced by the recovery of the open market
rate on prime commercial paper to 334 P e r cent,
after its decline early in August, and. in the
first rise of the call rate above 2 per cent since
the middle of July. Prices of United States
securities reflected the money situation and
yields on both bonds and certificates rose
slightly. The return flow of funds to New
York following the first week in September and
the excess of Treasury disbursements over
receipts in the process of the Government's
September 15 financing brought somewhat
easier rates. The call rate returned to 2 per
cent, the yield on Government securities declined somewhat and during the third week
in September brokers lowered their offering
rate on bankers' acceptances from 234 to 2J^|
per cent. One-year Treasury certificates issued
on September 15 to the amount of $391,000,000
bore a rate of 2% per cent, the same rate as
that paid on the six-months certificates
issued in June. The table below shows the
rates prevailing in the New York market
during the last two months, compared with
the corresponding months a year ago. In
explanation of the apparent rise in the yield
on certificates of indebtedness shown in the
table for the week ending September 20, it
should be noted that this average includes a
group of longer dated certificates with higher
August, 1923
September, 1923
August, 1924__
Average for week ending—
Aug. 30, 1924
Sept. 6, 1924
Sept. 13, 1924
Sept. 20,1924
Sept. 27, 1924
1
J4M
3-3M
4.01
1.90
4.43
4.45
3.93
4.97
4.93
2.00
3J
3J
3
3Ji
1.96
1.92
1.95
12.32
2.29
3.99
3.98
3.92
3.95
3.92
2.00
2.28
2.00
2.00
2.00
See explanation above.
In the London market money rates have
remained near the high levels reached in the
middle of August, after a continuous rise since
June. Three-months' bank bills were quoted
at 3y| per cent the second week in September
and Treasury bills were allotted at an average
rate of 3.76 per cent.
ACCEPTANCE MARKET
During the four-week period ending September 10 a continuation of the low money
rates and the increased demand for funds to
meet the seasonal need for credit arising in
connection with the marketing of cotton and
grain were the principal factors affecting the
acceptance market. The supply of new bills
coming into the market during the early part
of the period was substantially larger than
the demand, and in view of ample money at
low rates there was a substantial increase in
dealers' aggregate portfolios. In the closing
weeks of August and early in September, when
bills drawn to finance the seasonal movements
of cotton and grain began to reach the market,
dealers' offering rates were increased to 2 and
2J/£ per cent for 30-day bills and to 2J^ and
234 for 60 and 90 day bills in response to a
784
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
COMMERCIAL FAILURES AND BANK
rise in call-money rates. After the advance in
SUSPENSIONS
rates the demand for bills increased rapidly,
and early in September dealers' portfolios were
Commercial failures numbering 1,520, with
gradually reduced," and at the close of the
liabilities
to $55,153,981, were reperiod were smaller than at any previous time jorted by amounting
E,. G. Dun & Co., for the month of
this year. The demand for bills from commer- August. The
number of failures, although recial tanks was slightly less than in the pre- orded at the low
point for this year, lower also
ceding period, but sales to the Federal reserve than for the same month
both in 1921 and 1922,
banks were larger. The principal commodi- was almost 15 per cent higher than in August,
ties against which new bills were drawn were 1923. In all of the past months of the year,
grain, sugar, cotton, silk, coffee, and provisions. ixcept January, the number of failures has
Eates in the New York market at the close been higher than in the same months last year.
of the period ranged from 2}£ to 2 J | per cent The total amount of liabilities in default
bid and 2 to 2 ^ per cent offered for 30-day during August, except for the unusually high
bills to 2% to 2}4 per cent bid and 2% per figure for March, was the highest since October,
cent offered for 90-day bills. Longer maturi- 1923, and was about 60 per cent in excess of the
ties were demanding higher rates, but the total for August, 1923. The reason for this
greatest volume of bills which came into the large increase in total indebtedness was the
market was drawn with 30 to 90 day maturities. occurrence of a number of unusually large
failures. There were during August, 1923, 56
SAVINGS DEPOSITS
failures, each involving more than $100,000,
The total of savings deposits reported by with a total indebtedness of about $19,000,000,
909 banks distributed throughout the United whereas in August this year there were 53 such
States was $7,398,615,000 on September 1, failures, with liabilities totaling $36,000,000.
1924, as compared with $7,380,874,000 on
Of the total number of failures during the
August 1. Increases occurred in all districts month, 27.2 per cent occurred among manuexcept Chicago, but amounted to less than facturing enterprises and 67.4 per cent among
0.5 per cent in all except Cleveland, where an commercial concerns. Of the total amount of
increase of 1.5 per cent during the month of liabilities in default the former class of insolAugust followed an increase of 2.5 per cent in vency accounted for 54.3 per cent and the
July. Total savings deposits were 0.2 per cent latter for 29.7 per cent.
greater on September 1 than on August 1 and
With regard to the comparison by districts of
7 per cent greater than on September 1, 1923.
the
data for August of this year and last, it will
A comparison, by Federal reserve districts, of
savings deposits on September 1, 1924, with be seen from the accompanying table that failthose a month and a year previous is shown ures were less numerous this year only in the
in the following table. In the Boston and Boston, Philadelphia, Minneapolis, and Dallas
New York districts the figures represent only districts. Liabilities were less in the Philadeldeposits of mutual savings banks; in all other phia, Atlanta, Chicago, Minneapolis, and Daldistricts, where there are but few mutual las districts. Comparative data, by districts,
savings banks, savings deposits of other banks for the month of August are presented in the
following table:
are included.
FAILURES DURING AUGUST
SAVINGS DEPOSITS, BT FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
District
Number
of banks
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis _.
Kansas City..
Dallas
San Francisco.
Total...
Sept. 1,
1924
Aug. 1,
1924
64 $1,261,004 $1,256,927
30 1,977,476
1,974,972
79
490,249
489,114
68
770, 074
767,205
90
322,413
317, 767
94
230,057
228,920
202
905,152
906,084
32
138, 576
138,176
14
87, 033
86,922
52
101,030
101,316
113
99,934
99,915
71
1, 015,350 1,013,823
909
7, 398, 615
7, 380,874
Number
Sept. 1,
1923
$1,194,152
1,854,412
461,922
703,984
288, 652
214,166
858, 670
130,158
85,190
97,315
90,115
933,141
6,911,877
Liabilities
Federal reserve district
1924
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas C i t y . . .
11—Dallas,
12—San Francisco.
Total.
1923
102
280
63
158
101
102
183
91
57
123
52
208
118
1,520
1,319
1924
$1,635,381
28,414,523
1, 366,943
116
3, 620,367
94
4, 233,075
92
1,945,017
168
3, 461, 597
45
922,409
82
939,258
5, 418, 201
938,431
115 2,258,779
273
80
55,153,981
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
34, 334, 722
785
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
When allowance is made for the fact that
Reports to the Federal reserve banks indicate a total of 28 banks with an aggregate net gold imports for the period were some
capital and surplus of $1,399,000, closed during $89,000,000 larger than in the first eight
August, as compared with 54 banks with capi- months of 1923 and net silver exports nearly
tal and surplus amounting to $2,597,000, re- $14,000,000 larger, the change in the visible
ported for the preceding month. Two banks balance for the first eight months of the year
closed in February in the Minneapolis district is from an excess of imports of $266,523,000
were reported reopened during the month. Of in 1923 to a net export balance of $78,553,000
the 28 closed banks, 22, with capital and sur- in the current year.
plus of $822,000, were nonmember banks, and
6, with capital and surplus of $577,000, were MERCHANDISE TRADE BALANCE OF THE UNITED STATES
member banks. One of the latter was a mem[In thousands of dollars]
ber State bank and five were national banks.
Excess of
Excess of
Although the figures which appear in the folExports
Imports
Month
exports
imports
lowing table represent, as far as could be determined, banks which were closed by order of
supervisory authorities and not reopened dur- January 1923
6,163
329,254
335,417
303,407
306, 957
3,550
ing the month, it is not known how many of February
397,928
341,377
March
56,551
364,252
325, 492
38,760
these institutions may ultimately prove to be April,.
56,186
372,545
316, 359
May
solvent:
320,234
319, 957
277
June.
BANKS CLOSED DURING AUGUST, 1924
[Amounts in thousands of dollars]
All banks
Memberl
Nonmember
302,186
310,966
381,434
399,199
401,484
426, 665
14, 752
35, 528
127, 789
3, 792,066
4,167, 493
375,427
295, 506
332, 323
320, 503
324, 370
303, 000
274, 015
276, 819
254,630
395,271
365,765
339, 755
346, 951
334, 950
306, 475
276, 739
330,896
99, 765
33,442
19, 252
22,581
31,950
32,460
July
August.
September.-.
October
November. _.
December
287, 434
275,438
253, 645
308, 291
291, 333
Year...
288,
305
1924
Federal reserve
district
Total
Boston
New York
Chicago
St. Louis
Minneapolis
Kansas City
Dallas .
San Francisco..
. -
Num- Capital
Num- Capital
Num- Capital
and
and
and
ber surplus
ber surplus
ber surplus
28
1,399
6
577
1
1
1
5
5
9
1
1
4
250
24
32
305
179
337
32
32
208
1
250
1
50
2
139
2
138
22
822
1
1
4
5
7
1
1
2
24
32
255
179
198
32
32
70
> Includes one member State bank in the Chicago district and five
national banks in the other designated districts.
FOREIGN TRADE
January
February
March
April
May
June
July
August— ....
110,151
138,360
76,266
COMPARATIVE TRADE BALANCE OF THE UNITED STATES
FOR EIGHT MONTHS ENDING AUGUST, 1923 AND
1924
[In thousands of dollars]
Merchandise
Gold
1923
2,650,492
192,718
Imports
2,558,711
Exports.
25,015
Net imports (—) or
- 9 1 , 7 8 1 -167, 703
exports (+)
Silver
45, 565
38,526
Total
2, 888, 775
2, 622, 252
Imports of merchandise into the United
- 7 , 0 3 9 -266,523
States during August totaled $254,630,000, a
decrease of $22,200,000 as compared with July Imports 1924
2,694,783
2,382,868
263, 227
6,580
69,400 2, 773,336
and a decrease of $20,800,000 as compared with ExportsNet imports (—) or 2,697,356
August, 1923. Exports of merchandise during
+314,488 -256, 647 +20,712
+78,553
exports (+)
August were valued at $331,000,000, an increase of $54,000,000 compared with July and
FOREIGN EXCHANGE
an increase of $20,000,000 compared with
During the first three weeks of September
August, 1923. As a consequence there was in
August a net export balance of $76,000,000, fluctuations in the rates of leading European
compared with a net import balance of $80,000 exchanges were small, but the tendency for
in July and a net export balance of $35,528,000 several exchanges was to levels slightly below
in August, 1923. For the first eight months of those reached during August. The pound
1924 merchandise imports were $267,000,000 sterling, which had advanced to $4,557 per
less than in the corresponding period of 1923, pound on August 11, had dropped to $4.49 on
while merchandise exports were $138,000,000 August 30 and to $4,433 on September 8, from
greater.
which figure it rose to $4.45 on September 30.
11176—24f
4
786
FEDERAL RESERVE BULLETIN"
The course of the French franc was roughly
similar, falling from 5.7 cents per franc on
August 16 to 5.4 cents at the end of the month,
and to 5.24 cents on September 8, but recovering to 5.29 cents on September 30.
Swiss francs were especially strong, rising to
19.08 cents on September 29, compared with the
low for the year of 17.22 cents made last March.
The Danish krone continued its rise from 16.1
cents on the 1st of August to 17.36 cents on
September 29, as compared with its March low
of 15.30 cents. The Portuguese escudo, Yugoslav dinar, and Eumanian leu were firm, the
latter rising from 4.939 cents on the 1st of
September to 5.344 cents on the 13th. Other
European rates showed, in general, little
change.
The Canadian rate, which rose above the
United States dollar on August 30, has been
quoted slightly below par since that date. The
South American rates have shown marked
strength, the Argentine peso rising from 77.86
cents on the 9th to 81.72 cents on the 30th;
the Brazilian milreis from 9.76 cents on the
9th to 10.57 cents on the 25th; the Chilean
.peso from 9.65 cents on the 8th to 10.91 cents
on the 30th, and the Uruguay peso from 82.08
cents on the 1st to 85.23 cents on the 29th.
In the Far East, the Hongkong dollar and
the Shanghai tael have been strong, and the
Indian rupee on the 16th rose above its old
parity of 32.4 cents, or one-fifteenth of the
pound sterling. Japanese yen were heavy,
having fallen from 41.55 cents on August 13
to 39.96 cents on September 30.
OCTOBER, 1924
GOLD MOVEMENTS
UNITED STATES
Total gold imports into the United States
during August were $18,150,000, a decline of
about $680,000 from the preceding month.
This change reflected chiefly the decline from
$13,640,000 to $6,745,000 in gold imports
from Great Britain, offset in part by an import
of $6,251,000 from Argentina. Imports from
other countries showed only small changes.
Exports of gold during August rose to
$2,397,000, compared with $327,000 in July,
the increase being chiefly due to shipment of
$1,663,000 to British India. As a result, net
imports in August were about $2,754,000 less
than in July.
For the eight months of the calendar year
gross imports were about $70,500,000 larger
than last year, reflecting principally an increase of over $60,000,000 in imports from
Great Britain. A decrease of $34,000,000 in
imports from Germany and of $8,000,000 from
Canada was nearly offset by an increase of
$14,600,000 in imports from Argentina and of
$24,000,000 from the Netherlands. Net gold
imports were about $89,000,000 greater than
for the first eight months of last year, owing to
a falling off of nearly $19,000,000 in exports,
of which over one-half was accounted for by a
decline of nearly $11,700,000 in shipments to
India.
GOLD IMPORTS INTO AND EXPORTS PBOM THE UNITED
STATES
[In thousands of dollars]
September, 1924
August,
1924
First
week
August,
September,
Second Third Fourth 1923
week
week
week
1924
July,
1924
8 months 8 months
ending
ending
August, August,
1924
1923
IMPOETS
Average quotations
(cents):
Sterling
French franc
Italian lira
Netherlands florin
Swedish krona__
Canadian dollarArgentine peso._
Shanghai tael
Percentages of par:
SterlingFrench franc
Italian lira
Netherlands florin
Swedish krona__
Canadian dollarArgentine peso.Shanghai tael...
General index of 17
countries
6,745
602
449. 95 446.55 444. 85 446.46
5,32
5.31
5.46
5.32
4.39
4.37
4.44
4.38
446.60
5.28
4.39
454. 22
5.86
4.44
38.80
26.61
99.85
76.66
73.33
38.46
26.58
99.99
79.00
74.20
38.27
26.60
99.90
78.93
75.20
38.43
26.62
99. 92
80.48
75.47
38.59
26.61
99.96
80.99
75.69
39.30
26.55
97.65
74.85
70.79
92.5
28.3
23.0
91.8
27.6
22.8
91.4
27.5
22.7
91.7
27.6
22.7
91.8
27.3
22.7
93.3
30.3
23.0
96.5
99.3
99.9
79.5
109.7
95.7
99.2
100.0
81.9
111.0
95.2
99.3
99.9
81.8
112.5
95.6
99.3
99.9
S3. 4
112.9
96.0
99.3
100.0
83.9
113.2
97.8
99.1
97.7
77.6
105.9
61
61
60
61
61
63
Monetary unit and par of exchange in cents, for the countries listed:
Pound=486.65; franc=19.30; lira=19.30; florin=40. 20; krona=26.80;
dollar=100; Argentine gold peso=96.48; Shanghai tael = 66.85.
13, 640
353
2
China
Allother
Total-.-.-
2,421
467
6,251
2,024
429
157
138
626
201
350
732
741
18,150
1,105
18, 834
215
436
123
168
1,663
43
40
2,397
15, 753
130,877
10,704
4,822
34, 499
6,191
30, 899
3,752
14,715
1,522
1,905
4,103
2, 500
16, 737
263, 226
69,269
10, 529
38,933
10,456
3
38, 755
• 4,567
104
3,014
1,303
3,186
319
12,280
192,718
EXPOKTS
2,660
Mexico
Venezuela - All other
Total
Net imports
- -
-.
- -
6
30
1,114
2,297
1,102
1,663
151
252
13,359
2,118
2,436
327
18, 507
6, 579
256, 647
25, 015
167, 703
886
3, 556
787
FEDERAL. RESERVE BULLETIN
OCTOBBB, 1924
GREAT BRITAIN
Gold imports into Great Britain during July
totaled £4,250,000, an increase of £1,300,000
over June. The greatest change was shown in
imports from the Transvaal, which rose from
£2,600,000 to £3,900,000. Among the countries listed the only decrease in imports was
shown for Rhodesia—from £215,000 in June to
£194,000 during July.
Exports for July totaled £4,161,000, as
against £3,764,000 for June, an increase of
£400,000, which is less than one-third of the
increase in imports. Increases of £200,000
were shown for exports both to the United
States and to India and smaller increases for
Java, Straits Settlements, and Belgium. Exports to France declined by £30,000.
The net balance for July was an excess of
imports of £88,000, as against an excess of
exports of £831,000 during June. The July
balance was the first net import balance shown
since August, 1923, when excess imports
amounted to £432,000.
Comparison of figures for the seven-month
periods ending July, 1923 and 1924, shows a
decline of £2,000,000 in total imports and an
increase of £7,600,000 in total exports.
GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN
July, 1924
7 months 7 months
June, 1924 ended July, ended July,
1924
1923
IMPOSTS
Netherlands
United States
Egypt
£16,038
16,105
£10,106
2,329
193,889
3,912, 506
102, 443
8,755
214,665
2, 599,475
102,296
4,775
£103,119
33,028
10,525
1,392,183
23,047, 541
827,849
99,156
1,225,604
22,720,408
800,539
119,967
4, 249,736
2,933,646
25,513,401
27, 539,801
_
7,354
2,540
1,900
4,770
33,163
United States
British India
Java
Straits Settlements...
Egypt .
All other
3, 283,154
840,876
10,232
6,954
62,435
241,578
942, 111
132,384
3, 050, 589 28,357, 324
640, 071 6,687,186
24,277
4,045
179,075
3,799
1, 330,975
664, 226
27,840
57, 592
35,344
363,429
14,300
12, 222,091
16,701, 512
214,023
232,098
775,500
457,373
Total
Net imports
Net exports
4,161, 362
88, 374
3,764,277
38,621, 571
31,073,262
830,631
13,108,170
3, 533,461
Rhodesia
Transvaal
West Africa.
Allother
Total
£28,465
2,644,818
EXPOETS
Belgium
Netherlands
8,352
788
FEDERAL RESERVE BULLETIN
OCTOBEB, 1924
WORLD WHEAT CROP AND INTERNATIONAL TRADE
Total production of wheat in 1924 in the
Northern Hemisphere, exclusive of Russia and
China, is estimated to be smaller by about
300,000,000 bushels, or 12 per cent, than the
unusually large production of last year, and
slightly under the average for the five-year
period, 1918-1922. The largest decrease in
the wheat crop compared with last year was
in Canada, which had produced a record crop
in 1923; smaller declines in wheat yields
occurred in all the other important producing
areas, with the exception of the United States,
where the production was 50,000,000 bushels
larger than last year. The American crop,
however, is below the average for the five
years, 1918-1922, which included the war and
postwar years, when wheat production in this
country was unusually large, and this reduction in the American output is the chief reason
for the slight decline in the total wheat crop
of the Northern Hemisphere. The crop in
the Southern Hemisphere, where it is harvested in December and January, was large,
owing to increased acreage and favorable
weather conditions. The total amount of
wheat available for export this autumn, however, is smaller than a year ago and this decrease has been reflected in a considerable
advance in wheat prices.
In the surplus wheat producing regions the
size of the crop and prevailing wheat prices
are an important factor influencing the position of the exporting countries in international
trade. The effect on the financial position of
the American wheat farmer of this year's
relatively large crop, with the prevailing higher
prices, has been discussed elsewhere in this
issue. In Canada, the present crop, though
materially below that of last year, is somewhat larger than the average for the five
preceding years, and in view of present prices
the smaller crop does not represent a corresponding decrease in the return to the producers. In Argentina the trade position has
improved during this year as the result of
larger exports of both pastoral and agricultural products at higher prices. This increase
of exports, in which wheat was an important
factor, has contributed to the recent sharp
rise in Argentine exchange. In Australia,
where the wool clip now coming on the market is large, a favorable trade balance on
account of exports of agricultural and livestock
products has maintained the country's purchasing power abroad. Of the other important
wheat producing countries, Russia, which last
year exported considerable quantities of wheat?
is not expected to have any substantial surplus
this year, and India, with a wheat crop somewhat above the average and with good yields
of other agricultural products, is among the
countries whose trade position has been improved by the present harvest.
In considering higher wheat prices in relation to the trade position of importing countries it should be pointed out that in none of
these countries are wheat imports so important
a factor in trade as wheat exports are in the
producing countries. Furthermore, the volume
of wheat imports is affected not only by its
price but by a number of other factors, including the size of stocks on hand, the possibility
of using other breadstuffs, and changes in the
buying power of the industrial population, so
that in spite of the fact that wheat is a staple
for which a reasonably constant demand might
be expected, the volume of wheat imports
changes considerably from year to year. In
Great Britain, for instance, the quantity of
wheat imported rose from 96.4 million hundredweight in 1922 to 100.9 million hundredweight in 1923; but the value of the imports,
owing to lower prices, declined during the
same period from £58,800,000 to £53,800,000.
As a consequence of improved trade conditions caused chiefly by the higher price of
wheat, the exporting countries will have a
larger demand for manufactured goods and
will be a better market for the industrial products of the wheat-importing countries. In this
respect the relationship between agriculture
and industry in world trade is somewhat analogous to conditions in the United States,
where increased buying power in agricultural
sections of the country is reflected in an increased demand for the output of industrial
districts.
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
PRICES OF FARM PRODUCTS
Prices of agricultural products at the time
when the crops are harvested and marketed
are not only the most important factor in
determining the farmer's return from the
year's operations, but also have a bearing on
the rapidity with which the products move to
market and upon the volume of bank credit
required to finance the marketing and distribution of the crops. In 1924, since the beginning of the harvesting season in midsummer,
prices of grains have advanced rapidly and the
price index for all agricultural products combined reached in August a point as high as in
the spring of 1923 and higher than at any
other time in the past four years. This article
presents a discussion of price changes for some
PER
CENT
PER
CENT
I
WHOLESALE PRICES
( 1913 = 100)
250
250
20C
200
CROPS*
\
^
150 V
r
A/
150
ANIMAL PRODIJCTS
—-\
*
100
/
100
50
50
O
O
1921
1922
1923
of the more important agricultural commodities during the past three years, and their
present levels in relation to significant earlier
When prices of almost all commodities,
after reaching a peak in 1919 and 1920,
declined rapidly to low points in the summer
and autumn of 1921, the decline was
greater for farm products than for other
commodities, and this has resulted in serious
financial difficulties for the farmers in recent
years. Beginning with 1922 there was a
rapid and fairly continuous recovery of crop
prices, but the prices of livestock, after advancing esn-ly in 1922, turned downward in the
latter part of that year and continued to
789
decline almost uninterruptedly during 1923
and the spring and early summer of 1924.
The accompanying chart shows graphically
the movement of wholesale prices of crops
and animal products since 1921.
Crop prices.—Following a low point reached
in the summer of 1921; crop prices turned
upward and, with the exception of a slight
decline in the autumn months of that year,
advanced continuously until April, 1922.
Slight recessions occurred during the summer
of that year, but the low point of the preceding year was not reached. From September, 1922, to the spring of 1923, under the
influence of an increase in general business
activity, prices advanced rapidly and reached
a peak in March, 1923. In the summer of
1923 they receded somewhat from the high
levels of the spring, but without touching the
lowest point of the previous summer. In
September, 1923, they began to advance
again and in January, 1924, reached the
highest point since October, 1920. From
January to March of the present year crop
prices declined and remained fairly stable
from April to July, when they again began to
advance
More significant from the point of view of
the producers are the prices received at the
farm, and the United States Department of
Agriculture has recently constructed an index
of
such prices for 30 principal commodities.1 The
chart on page 767 shows this index and the
chart below shows the fluctuations since 1921
in the price of wheat and corn.
Since the beginning of the harvesting season
in midsummer, the advance in crop prices has
been due largely to rising grain prices. Following more definite indications of a large
reduction in the probable world production of
wheat, the price of that commodity began to
advance and in August reached $1.17, the
highest level since May, 1922. The price of
wheat is largely influenced by world-wide conditions, and the low prices that prevailed in
the latter part of 1923 and early in 1924 were
due largely to an exceptionally heavy world
production in 1923. Unlike many of the other
principal crops which reached low points in
1920 and 1921, the price of wheat declined less
rapidly and did not reach a low point until
the summer of 1923, when the average farm
price was 84 cents a bushel.
The price of corn reached a low point of 41
cents a bushel in November, 1921, and in view
of the relatively higher price for hogs, the
1
A detailed description of this index is published in Crops and
Markets, U. S. Department of Agriculture, August, 1924.
790
FEDEEAL BESEEVE BULLETIN"
number of hogs was increased rapidly in 1922
and 1923, with the result that the supply of
corn was reduced and the price advanced until
August, 1923, when the average farm quotation was 87 cents a bushel. As the new crop
began to come to market in October and
November, however, the price declined and
continued low during December. Early in
1924 the market strengthened in response to
a heavy demand for corn for feeding purposes
and the price began to advance, although a
pronounced increase was not evident until June
and July, when the indications that this year's
crop would be one of the smallest since before
the war caused a more rapid advance in price,
PER
CENT
PER
CENT
1
FARM PRICES
(AUGUST, 1909-JULY, 19!^ =100 )
250
250
OCTOBER, 1924
as compared with 63 cents, the -average price
in 1913, After the summer of 1923 it advanced
steadily until the end of the year. Although
there was a slight decline early this year, the
market in June reflected the improvement in
the prices of the other grains and the price averaged 80 cents a bushel in August, the highest
price since June, 1922. Barley reached a low
point in November, 1921, and began to increase early in 1922, but the advance was
short-lived and the price declined again in the
summer of that year. Since September, 1922,
the price has been advancing fairly steadily and
reached an average of 76 cents a bushel in
August, 1924.
The following table shows the average yearly
price of the principal grains at the farm for
the four years preceding the war and for the
years 1919 to 1924, and the average monthly
price from January to August, 1924:
FARM PRICES OF GRAINS
[In cents per bushel]
200
200
Wheat
150
/
i-
V
100
/
\WHEAT}
V /
\\
100
Average 1909-1913
1918-19
1919-20
1920-21
1921-22..
1922-23
1924
J-COPN
VSO
50
January 15
February 15
March 15
April 15
May 15
July 15
August 15
-
Corn
Oats
Rye
Barley
88.8
207.8
222.3
184.5
102.9
98.3
62.9
152.1
150.6
64.1
52.2
75.6
39.6
69.4
78.5
53.8
33.5
38.5
72.1
152.0
142.9
143.6
81.5
67.8
61.1
95.9
123.8
79.1
46.1
52.1
96.7
98.0
98.8
95.8
96.8
98.5
105.8
116.8
73.6
76.5
77.2
78.2
78.6
80.8
98.3
107.4
43.4
45.4
46.2
46.5
46.3
46.8
49.4
49.1
63.5
64.5
62.8
60.4
60.1
61.6
68.8
79.8
56.5
58.0
60.0
61.0
60.0
61.9
68.8
75.7
0
1921
1922
1923
which reached $1.07 a bushel in August, the
highest price since October, 1920.
The price of oats, from a high point of $1.05
a bushel in July, 1920, declined rapidly and
reached an average price of 29 cents a bushel
in November, 1921. Since that time it has
advanced almost continuously, though slight
recessions have been noted each year during
the harvesting and marketing season, and in
August, 1924, the average price at the farm
was 49 cents a bushel, the highest monthly
price since December, 1920. The price of
rye declined less rapidly than that of some
of the other commodities and the post-war
low point was not reached until August, 1923,
when the average price was 54 cents a bushel,
The prices of fruits and vegetables reached
a peak in May, 1920, when the index was 373.
After the spring of that year the market weakened and prices declined until April, 1921,
when the index was 124. In May, 1921, prices
advanced and continued to increase until the
beginning of the autumn months, when a slight
recession was noted. In January they turned
upward again and reached in May, 1922, the
highest level since August, 1920. Since May,
1922, the prices have been declining almost
steadily, except when slight seasonal increases
occurred, and the price index in August was
the lowest for that month since 1922.
The following table shows in detail the
changes in the farm prices of the principal
fruits and vegetables in recent years:
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
791
which prevailed at the beginning of the planting season of 1921, the acreage was reduced,
and this, together with an unfavorable growing
season, resulted in a curtailment in production
Sweet
Potatoes potatoes
Apples
to 8,360,000 bales, the smallest crop since
1896. In the summer of 1921, when reports
>79.8 indicated a smaller production, the price of
68.0
85.5
Average 1909-1913
139.2
126.2
149.8
1918-19
.
203.7
157.8
183.6 cotton advanced rapidly, although it receded
1919-20
137.0
149.7
138.3
1920-21
1921-22. ._
_..
122.6
109.8
186.0 somewhat during the picking and ginning
1922-23
72.6
95.0
114.2 season of that year.
In March, 1922, it
advanced again and continued to rise almost
1924
86.4
121.3 without interruption to April, 1923. With a
112.5
January 15.
__
February 15
88.1
123.7
125.0
87.8
129.0
129.1 cessation in general business activity in the
March 15
.. .
140.4
129.4
April 15
J
91.1
May 15
91.3
139.2
131.3 spring and summer of 1923 and under the
Tnnfi 15
100.7
138.9
159.3 influence of early indications of a considerably
109.0
130.7
141.3
July 15
111.3
151.4
121.6 larger crop than in 1922, the price declined
August 15
until July. In August the demand improved
1
Average, 1910-1913.
and prices increased almost continuously to
After reaching a peak in May, 1920, which January, 1924, when the highest price since the
was relatively higher than that for any other summer of 1920 was reached. From January to
leading farm product, the price of cotton March, 1924, the price declined, but in April
and May the market strengthened. Since
PER
PER
CENT
that time the forecast of the largest crop since
CENT
FARM F>R1CES
1920 has caused a recession in the price,
(AUGUST, 1 9 0 9 - .
ULY, 191"t = 1OO )
which is lower than a year ago, although it is
\
relatively higher, as compared with 1913, than
250
/
the price of any other farm product.
FARM PRICES OP FRUITS AND VEGETABLES
[Cents per bushel]
•
200
A/
200
V
COTTON/
150
100
50
1921
1922
1923
192^
declined more rapidly than that for any other
agricultural commodity and reached a low
point in April, 1921. From an average farm
price of 38 cents a pound in May, 1920, the
price declined to 9 cents a pound in April, 1921,
as compared with an average of 12 cents a
pound in 1913-14. The chart shows the
changes in the price of cotton since 1921.
Just as the decline of prices was more rapid
for cotton than for other commodities, the
recovery in cotton prices has been greater
than for other farm products. In view of the
exceptionally large stocks and low prices
livestock prices.—It has already been pointed
out that while the index of crop prices has advanced almost continuously since the depression and is approximately 75 per cent higher
than in 1913, prices of livestock and animal
products have failed to advance to the same
extent, and have remained near the levels of
1913. In comparing the movements of the
prices of livestock and animal products, it is
significant to note that while crops reached a
peak in the spring of 1920, prices of livestock
and animal products were at their highest
level as early as the summer of 1919. After
the peak in the summer of 1919 they declined
rapidly until the close of that year, and contrary to the movement of crop prices, the rate
of decline in the spring and summer of 1920
was much less than in 1919. In September,
1920, prices turned downward and continued
almost steady until the winter months of 192122, when the low point of the depression was
reached.
While the chart on page 789 shows the
fluctuations of the prices of livestock and livestock products at wholesale markets, another
index recently constructed by the Department of Agriculture and charted below shows
the prices of meat animals on farms and ranges.
In comparing the two charts it must be remembered that the former is constructed
792
FEDERAL EESERVE BULLETIN
with the average for 1913 as a base, while the
latter is based on the average price during the
five years 1910-1914. In comparing prices of
livestock with those prevailing before the war,
it should be borne in mind that in 1913 the
index of meat animals was higher than for
any other agricultural group -and considerably
higher than for either of the three preceding
years.
The price of hogs reached a peak in August,
1919, when it averaged $19.30 per hundred
pounds at the farm, but by the end of the
year it had declined to $12.66. From January to October, 1920, it remained fairly
stable, but in the latter part of October it
began a decline lasting until December, 1921,
and January, 1922. During 1922 prices for
hogs were relatively higher than for corn, and
in view of the large corn crops in 1921, 1922, and
1923 the supply of hogs was increased rapidly,
with the result that the average price of hogs
in 1923 was lower than in 1922, and this situation continued until the summer of 1924, when
the price of hogs began to advance. The average price for hogs in August was $8.54 a
hundredweight, the highest price since the
summer of 1922.
Prices of beef cattle at farms and ranges
reached a postwar peak of $10.84 a hundredweight, on the average, in May, 1919, and
began to decline in June. In December of
that year the price averaged $8.63, a level that
was fairly well maintained during the spring
and summer months of 1920. In September
and October of that year the next significant
drop occurred and prices declined constantly
until December, 1921, when a low point of
$4.62 was reached. In 1922 there was some
recovery in prices, which averaged $5.84 a
hundredweight in June, and in 1923 and 1924
they remained near this level. In fact, the
average price for August this year was $5.67
a hundredweight, as compared with $4.62 in
December, 1921, and an average price of
$5.24 during the four years 1910-1913. The
price of veal calves reached a peak of $13.43
a hundredweight in August, 1919, and declined
to $12.65 in November of that year, near
which level it remained until April, 1920.
In May of that year it receded again and continued almost without cessation until the low
point of $7.14 in December, 1921. In 1922,
1923, and 1924 prices advanced somewhat
from the low level of December, 1921, and in
August they averaged $7.94 a hundred pounds.
The prices of sheep and lambs reached
their peaks much earlier than those for other
OCTOBER,
1924
classes of livestock. In May, 1918, the price
of sheep was $12.32 a hundred pounds,
and that of lambs $15.39 a hundred pounds.
A large volume of marketing occurred during
the remainder of that year and in 1919, and
a decline in prices began in the summer of
1918, which continued through the autumn
and winter of that year. In the early months
of 1919 there was a slight advance in prices,
lasting until April, but after that time prices
turned downward again and continued to
decline during 1920, with the exception of a
slight seasonal rise in the spring, which was
of short duration, &nd reached the low point
of the year in December. From January to
May, 1921, the decline was not as rapid as
50
132!
1322
1923
during the preceding autumn, but in the summer prices dropped again and reached their
postwar low point 01 $3.84 for sheep and
$5.98 for lambs in October and November,
1921. In 1922 and 1923, under the influence
of an increased demand for lambs and wool,
the prices of sheep and lambs advanced almost
continuously and the average price for sheep
in 1923 was $6.65 a hundred pounds, as compared with $10.38 a hundred pounds for
lambs.
A comparison of farm prices of the different
classes of livestock in the years immediately
preceding the war, with those for the years
1919 to 1923 and those since January, 1924,
is shown in the following table:
793
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
Fiduciary Powers Granted to National Banks
FARM AND RANGE PRICES OF LIVESTOCK
[Dollars per hundred pounds]
Average 1910-1913..
1918-19.
1919-20
1920-21
1921-22
1922-23
1924
$7.01
16.60
13.43
8.52
8.10
7.34
$5.24
9.85
9.09
6.76
5.18
5.55
$6.60
12.76
11.80
7.81
7.68
7.99
$4.55
9.63
8.51
4.65
5.96
6.65
$5.75
13.54
12.94
8.88
8.06
10.38
6.59
6.54
6.63
6.70
6.68
6.55
6.60
8.54
5.38
5.47
5.63
5.82
5.94
5.79
5.65
5.67
8.36
8.51
8.43
8.33
8.14
7.91
7.88
7.94
6.71
6.82
7.22
7.45
7.33
7.09
6.60
10.19
10.53
11.22
11.32
11.43
11.21
10.50
10.15
January...
February..
March
April
May
June
July.
August
' Year beginning Nov. 1.
Year beginning Aug. 1.
1
3
Calendar year.
4
Year beginning June 1.
During the month ended September 21, 1924, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section
11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates;
(6) assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks,. trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.
Place
District
No.
Name of bank
Powers
granted
Prices of dairy and poultry products reached Middletown, Conn
Middletown National Bank. 5 to 9.
N. Y
,
National City Bank
Ito9.
a peak in December, 1919, when the index was Troy,
New York, N.Y...
Hamilton National Bank... Ito9.
217. From January through November, 1920, Newark, N. J
Citizens National Bank & Ito9.
Trust Co.
the level each month was higher than in the Woodbridge, N. J
First National Bank
Ito9.
Mahoning National Bank... 4 and 9.
corresponding month in the preceding year, Youngstown, Ohio.
Waynesboro, Va___.
First National Bank
Ito9.
but in December the index began to decline Wadesboro, N. C...
First National Bank.
Ito9.
Lake
Charles,
La...
First
National
Bank.
Ito9.
and reached a low point of 123 in the sum- Los Angeles, Calif..
Pacific National Bank
1 to 9.
mer of 1922. I n the autumn of that year the Corvallis, Oreg^
First National B ank
5 to 9,
usual seasonal advance occurred and the index
reached approximately the same level in
New National Bank Charters
December as in the previous year. While a
seasonal drop was noted in the spring of 1923,
The Comptroller of the Currency reports the folthe low point was only 133, as compared with lowing
increases and reductions in the number and
123 in the previous summer. Following a sea- capital of national banks during the period from
sonal advance in the autumn there was a rapid August 23 to September 19, 1924, inclusive:
decline from January to May, 1924, when the
index reached t h e lowest level since 1916,
Num- Amount
ber of
of
which was maintained during the summer.
banks
capital
Seasonal fluctuations in the prices of dairy
8 $1,915,000
and poultry products are more pronounced and New charters issued
to solvency
.
1
50,000
more regular than for any other group of agri- Restored
Increase of capital approved
__ _
5
715,000
cultural products, and many of the changes
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
14
since 1919 have been emphasized b y this
2, 680,000
factor. During the spring and early summer Liquidations l
9
1, 825,000
. ..
__
2
125, 000
prices decline and a low point is reached in Reducing capital
11
Total liquidations and reductions of capital..
June or July, after which months an advance
1, 950,000
begins and lasts until December. I n the spring Consolidations of national banks under act of
1
200, 000
and early summer production of these com- Nov. 7, 1918
modities is heavy, and since i t is in excess of
2, 680, 000
1,950,000
consumption t h e surplus flows into storage. Reduction of capital owing to liquidations, etc
730,000
In the autumn and winter months production
declines and as the demand increases the sur• Includes one reduction in capital of $100,000 incident to a consolidaplus is reduced and prices advance and reach tion
under act of Nov. 7,1918.
a peak near the close of the year.
11176—24t
5
794
FEDERAL RESERVE BULLETIN
OCTOBEB,
1924
ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS
On the basis of the September estimates by of leading crops in the different Federal reserve
the Department of Agriculture, the following districts. A discussion of agricultural contable has been prepared showing the production ditions in each district is given on page 772.
[In thousands of units]
Corn (bushels)
Federal reserve districts
Boston
New York
Philadelphia..,
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis.-.
Kansas City..
Dallas
San Francisco.
Total.-.
1
2
Spring wheat (bushels)
Forecast, Estimate, Forecast, Forecast,
Aug. 1,
A u g . 1,
Sept. 1,
1923
19241
1924
1924
11, 252
29,237
46, 709
130, 746
124, 520
173, 473
777, 598
349, 060
273, 495
491, 026
94,148
11,624
240
9,151
22,110
49, 779
32, 202
5,960
82, 965
83, 426
159, 776
180, 333
16, 976
142,823
212
7,718
18, 226
44, 620
24, 948
3,997
64, 707
55, 239
201, 685
300, 314
23, 438
69, 013
212
7,721
18,231
44, 644
24,948
3,997
64, 762
55, 246
222, 894
300, 482
23, 452
70,165
21, 972
49, 552
32, 202
5,960
79, 815
83,164
15, 616
168, 635
16, 686
89, 851
7, 468
18, 097
44, 422
24,948
3,997
61, 945
55, 052
16,191
288, 388
23,128
45,714
240
264
138
227
212
250
129
212
253
134
222
3,150
262
144,160
11, 698
290
52, 972
2,762
187
185,494
11, 926
310
23, 289
2,817
194
206,703
12,094
324
24,451
3, 054, 395 2, 576, 440 2, 612,888
785, 741
814,117
836, 754
572,340
589, 350
213, 401
224, 767
247,404
10,756
29,684
57,007
208,310
188, 751
187, 968
976,124
403, 090
351, 852
514, 530
112,165
14,158
Estimate,
1923
Boston
New York
Philadelphia..
Cleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
Winter wheat
(bushels)
Forecast, Forecast,
Forecast,
Estimate, Forecast,
Aug. 1, Sept. 1,
Aug. 1, Sept. 1, Estimate,
1923
1923
1924
1924
1924
1924
11,216
28,973
47, 467
142, 801
139, 428
196,459
790, 429
349, 046
292,864
471, 705
94, 447
11, 605
Oats (bushels)
Federal reserve district
Total wheat (bushels)
34,245
21,382
67,790
24,917
19, 439
490,254
52, 072
333,084
158, 756
49, 573
39, 323
Tobacco (pounds)
Forecast, Forecast,
Aug. 1, Sept. 1,
1924
1924
8,764
30,620
21, 630
73, 786
22, 130
13, 340
574,109
61, 761
376, 520
176, 637
52,195
27, 547
33,341
23, 612
82,442
19, 428
13, 215
585,121
61, 374
402, 911
175, 708
52,189
28,072
Estimate,
1923
14, 503
42,099
58, 950
181,143
622,288
101,404
50, 354
396, 737
2,886
4,422
Forecast, Forecast,
Aug. 1, Sept. 1,
1924
1924
12,576
33, 491
69,875
146,801
464,689
109,388
46,142
322,903
2,643
3,842
13,478
37, 940
57,024
136, 254
501, 387
105, 258
35,475
302,277
1, 974
4,032
1, 299, 823 1, 439,041 1, 486, 412 1, 474, 786 1, 202, 350 1,195, 099
Potatoes (bushels)
Estimate,
1923
ForeForeForeEsti- Forecast,
cast,
cast,
cast,
Sept.
1,
Aug.
1,
Aug. 1, Sept. 1, mate,
1923
1924
1924
1924
1924
41, 502
44, 445
25,442
19, 554
35, 651
11,930
72,091
18, 377
79, 169
30, 963
2,868
30, 769
412, 392 398, 821 412, 761
46, 485
43, 902
25, 036
21, 710
30, 440
11, 157
70. 752
18; 223
72, 842
33, 766
2,535
35, 544
Cotton (bales) ;
39,043
42, 539
25, 087
23, 567
31, 227
12, 775
68,301
18, 152
73, 726
41, 407
2,875
30,122
1,841
1,458
1,636
2,607
1,549
2,601
1,274
2,278
3 2, 216
665
4,779
124
1,264
5,005
166
1,259
4,827
144
10,141
12, 956
12, 596
Preliminary estimate made on Aug. 1.
In addition the following amounts were estimated grown in Lower California (Mexico): 1924, 68,000 bales; 1923, 86,000 bales.
' Includes 17,000 bales grown in miscellaneous territories. Figures for all hay not yet available. Tame hay production estimated at 89,017,000
tons, as compared with 89,098,000 tons in 1923.
795
FEDEBAL EESEEVE BTJL/UITIN
OCTOBBK, 1924
BUSINESS STATISTICS
INDUSTRIAL STATISTICS IN THE UNITED STATES
Industrial activity, as indicated by available
statistics, apparently showed a continuation
during August of the improvement which was
first noted in July, but, when allowance is made
for the usual seasonal increases which occur
at that time of the year, the upward trend is
less apparent. In fact the indexes of production in basic industries, of freight car loadings,
and of bank debits, which are adjusted to
allow for seasonal variation, remained unchanged or declined slightly. On the other
hand, the unadjusted indexes of manufacturing and mmeral production increased. Large
harvests and great building activity are respectively reflected in the substantial rises in
the indexes of agricultural movements and of
building contracts awarded. Contrary to the
general trend found elsewhere, these two measures are also substantially higher than in
August, 1923.
Record-breaking receipts of wheat at principal markets were almost entirely responsible
for the unusually high level attained by the
agricultural index. Fruit shipments were well
maintained, but cotton receipts were a little
smaller than in the corresponding month of the
three previous years. All components of the
mineral index, except zinc and anthracite coal,
increased in August. As compared with a year
ago, fuels are much lower, whereas nonferrous
metals as a group are higher.
The advance in the manufacturing index was
noted in all groups except food products and
tobacco, which declined, and textiles, which remained practically unchanged. The iron and
steel, rubber, automobile, and leather groups
showed the biggest increases. Production of
building materials was also seasonally greater,
and the output of all kinds of paper increased.
All of the groups are still well below the levels
maintained during 1923 and the early months
of this year except food products, tobacco,
petroleum, cement, brick, and rubber tires,
and these have declined to some extent.
INDEXES OF INDUSTRIAL ACTIVITY
PER CENT
175
(
PER CENT
MONTHLY AVERAGE, 1919 =100 )
1175
• ' ••••• MANUFACTURING PRODUCTION
MINERAL PRODUCTION
AGRICULTURAL MOVEMENTS
150
150
125
125
100
75
75
50
50
25
25
1919
1920
1921
1922
1923
1924
796
FEDERAL RESERVE BULLETIN
INDEX OF EMPLOYMENT IN MANUFACTURING
OCTOBER, 1 9 2 4
INDUSTRIES •
[Not adjusted for seasonal variations. Monthly average, 1919=100]
Metals and
products
General
index
1919
1920
1921
1922
1923
average.
average.
average.
average.
average.
July_.
August
April
May
June
July._
August
Group
index
100
104
83
90
101
Iron
and
steel
100
110
67
76
Textiles and products
Group
index
100
110
67
75
1923
100
100
96
96
102
95
101
101
Fabrics
Car
Lumber Motor build- Paper
and
ing
and
vehicles and re- printproding
pairing
ucts
Products
100
98
97
93
103
100
103
100
97
100
102
62
77
100
96
81
107
120
101
101
121
121
100
107
78
76
101
100
110
104
104
105
104
Foods Leather Stone, Toand
and
clay, bacco
prod- prodand products
ucts
ucts
100
101
96
105
110
100
101
76
73
79
114
115
77
78
115
117
115
111
110
77
74
70
67
100
103
100
92
83
89
91
103
104
Chemicals
and
products
100
1924
123
119
117
113
114
101
90
81
76
105
104
103
101
101
78
97
' This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components.
The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes
for the
2 above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923.
Preliminary.
INDEX OF PRODUCTION SN BASIC INDUSTRIES '
[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919—1C0]
Iron and steel
Year and month
Index
1922 average
April
Food products
General
1920 average . . . . .
July
Textiles
1923
June
July
August
Steel
ingots
Cotton
Hogs
100
91
95
106
131
100
101
76
102
124
65
100
112
106
122
102
68
72
90
99
105
127
91
82
136
157
115
127
97
80
70
71
72
97
93
88
83
105
105
107
118
99
115
109
111
125
104
98
107
86
116
111
108
117
118
102
109
102
99
91
136
124
116
141
136
127
117
104
'106
105
126
127
114
103
127
101
81
70
71
121
92
74
67
87
no
82
•95
94
Nonferrous metals
Copper
Tobacco products
Sole
leather
Year and month
Bitumi- Anthranous
cite
Sheep
100
86
103
87
92
144
130
1
Calves
100
103
97
106
114
121
120
1922 average - - - 1923 average
1923
July
August
1924
April . . . .
.
May
June
July
Cattle
Lumber
100
86
76
86
91
100
98
92
103
1919 average
1920 average
Sugar
meltings
100
90
97
132
111
100
118
58
102
128
Coal
Wheat
flour
100
84
92
95
96
100
119
55
88
131
94
94
Wool
100
89
98
98
110
100
105
80
98
120
1924
May
Animals slaughtered
Pig
iron
Newsprint
Cement
Petroleum
Zinc
Cigars
Cigarettes
Manufactured
tobacco
100
121
69
87
120
100
101
99
60
109
100
105
39
82
122
100
102
46
79
113
100
82
79
79
84
100
110
89
105
108
100
127
121
139
174
100
117
124
146
191
100
114
98
100
99
100
100
113
119
144
100
93
90
98
96
120
119
113
118
129
131
110
106
91
93
112
115
173
163
198
203
96
101
137
145
97
95
92
87
83
86
84
97
101
' 100
106
127
125
124
132
132
114
121
111
109
106
62
57
54
63
62
111
116
103
102
101
169
172
173
193
190
189
192
187
185
190
88
95
91
98
95
157
173
163
155
91
96
94
97
157
93
95
This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page
770, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal
fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series
! since January,1913, were published on pages 1414-1421 of the BULLETIN for December, 1922.
Revised.
COMMODITY MOVEMENTS—Continued
INDEXES OF INDUSTRIAL ACTIVITY •
[No seasonal adjustment. Monthly average 1919=100]
Aug.
Agricultural movements
Livestock
,
-.- -
Fruits
Tobacco
-
Ttif.nTninniif?
Pig iron
Zinc
Lead
-
Manufacturing production..
Textiles
.-
Lumber
Paper and printing
Tobacco
. -- --
July
120
89
127
218
38
107
144
63
114
97
90
196
74
132
106
141
104
'104
87
172
83
101
142
3 107
3 84
187
123
3158
August,
1924
1923
1924
Cotton
797
FEDEBAL BESEBVE BULLETIN
OCTOBER, 1924
June
100
94
166
118
21
137
148
2
112
106
83
194
70
129
109
:
138
95
97
67
162
2 81
103
136
2 102
2 75
2 176
154
127
125
86
92
165
67
19
146
140
6
109
105
78
188
79
127
111
143
111
2 97
75
151
2 77
97
139
2
113
76
176
156
123
126
July,
1924
August,
1923
Grain and Flour—Continued
Aug.
July
90
Ill
102
115
175
50
105
117
71
143
121
126
211
135
130
106
117
112
126
132
213
105
103
161
111
110
159
163
122
116
98
137
111
24
93
120
1
136
113
ne
20S
144
124
110
122
114
118
130
203
9£
9e
140
101
97
160
157
119
95
1 For description and early figures see BULLETIN for March, 1924.
Revised.
re lminary. C O M M O D I T Y MOVEMENTS
Receipts at 9 seaboard centers (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
_
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
Wheat-flour
omitted)
production
__.
13,973
878
2,332
1,107
2,911
7,942
1,101
3,349
I, 476
1,755
14,934
943
1,512
1,272
3,470
21,201
1,707
15, 622
1,434
22,131
1,813
28,884
22,076
30, 291
7,472
331
634
1,217
3,167
3,554
266
553
857
3,241
6,558
106
881
358
3,136
12, 822
8,472
11,038
11, 644
10,105
12, 016
1,898
3,115
1,971
30
1,765
3,990
1,632
16
2,184
3,640
1,787
31
7,013
7,402
7,642
815
1,183
1,000
27
634
1,447
688
14
1,048
1,434
S92
28
3,026
2,783
3,402
303
24
441
163
21
226
475
59
339
767
410
874
786
374
3,070
1,063
764
421
4,114
1,051
821
403
3,556
957
5,294
6, 350
5,736
48, 878
834,933
2,259
49,615
960, 501
2,254
46,041
870,122
1,785
166
167
2,264
65
152
1,620
92
339
1,551
24,149
24,772
75,937
2,864
21,728
28, 589
86, 706
2,367
33,004
36,190
83, 758
4,311
69,681
19,996
1,060
18,205
94,977
25,544
1,445
19,780
58,814
22, 291
1,205
18,068
(barrels, 000
Livestock
Receipts at 57 principal markets (head,
000 omitted):
Cattle and calves
Hogs
Sheep
Horses and mules (43 markets)
2
August,
1924
July,
1924
August,
1923
Total.
Shipments at 52 principal markets (head,
000 omitted):
Cattle and calves
Hogs
Horses and mules (43 markets).
Grain and Flour
Receipts at 17 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels)
'
Flour (barrels)
Total grain and flour (bushels)
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels
1
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
.
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
-.
Total grain (bushels)
Total visible supply of grain east of the
Rocky Mountains at close of month
(000 omitted):
Wheat (bushesl)
Corn (bushels)
Oats (bushels)..
Total
96,536
17, 958
31,871
4,736
3,791
46, 625
18, 051
11,189
4,954
1,498
69,835
20,919
31,935
3,839
5, 030
154, 892
3,071
82, 315
2,739
131, 563
2,594
168,713
94,642
143, 235
54, 390
9,210
9,882
2,274
1,888
21, 762
9,663
8,212
8; 138
1,155
77, 643
4,077
48,931
3,490
95, 991
64,636
50,107
3,303
9,566
12, 086
746
30, 386
2,977
1,776
10,746
243
75,809
46,127
76, 537
5,612
13, 210
43, 779
5,475
3,922
Shipments of stoekers and feeders from
33 markets (head, 000 omitted):
Cattle and calves
Hogs.
_.
Sheep
._
TotalSlaughter at principal markets under
Federal inspection (head, 000 omitted):
Cattle
Calves
Hogs
30, 489
11, 421
Total..
16,946
2,548 Meats, cold-storage holdings, first of
2,375
month (pounds, 000 omitted):
Beef
63,779
Pork products4,330
Lamb and mutton
Exports of certain meat products (pounds
83, 264
000 omitted):
BeefCanned
_
Fresh
45, 741
Pickled or other cured
944
Hog products—
7,360
Bacon
10,816
Hams and shoulders
1,072
Lard
Pork, pickled
65,932
Dairy Products
61, 887
1,927
10, 962
Receipts at 5 principal markets (000
omitted):
Butter (pounds)
Cheese (pounds)
_
Eggs (cases)
_
Poultry (pounds)...
798
FEDERAL BESERVE BULLETIN
COMMODITY MOVEMENTS—Continued
August,
1924
July,
1924
August,
1823
156, 232
76,431
8,756
33,862
Other Agricultural Products
Coal and coke (short tons, 000 omitted):
Bituminous coal production
133,402 102,957
Anthracite coal production
65, 716
63,330
Coke9,264
9,931
Beehive colse production
33,542
34,106
By-product coke production
Petroleum, crude (barrels, 00& omitted):
Production
.
Stocks at close of month
_
Producing oil wells completed (num11, 601 165, 313
ber)
19,352
55, 096 Oil refineries:
21, 534 123,003
Production (000,000 omitted) >—
Crude-oil run (barrels)
6,636
15,182
Gasoline (gallons)
_.
4,058
Kerosene (gallons)
7,588
Gas and fuel oils (gallons)
15,095
18, 081
Lubricating oil (gallons) __
Stocks (000,000 omitted)'—
Crude-oil run (barrels)
Gasoline (gallons)
11,409
Kerosene (gallons)
25,710
Gas and fuel oils (gallons)
113
212
Lubricating oils (gallons)
121
478
Electric power produced by public
utility plants (kilowatt hours, 000,000
omitted):
595,063 616, 265
Produced by water power
45,015
37, 506
Produced by fuels..
_
6, 583,240 5,858,334
31, 311
32, 787
Total.
202
2,862
1,036
2,312
22,938
2,057
13, 526
498, 646
515, 400
323, 715
Fishery Products
Forest Products
Lumber:
Number of m i l l s National Lumber Manufacturers' Association
Southern Pine Association
West Coast Lumbermen's Association
Production (feet, 000,000 omitted)—
National Lumber Manufac-.
turers' Association
Southern Pine Association
West Coast Lumbermen's Association
,
Shipments (feet, 000,000 omitted)—
National Lumber Manufacturers' Association
Southern Pine Association
West Coast Lumbermen's Association
_
Naval stores at 3 southern ports:
Spirits of turpentine (casks)—
Receipts
Stocks at close of month
Rosin (barrels)—
Receipts
___
Stocks at close of month
August,
1924
July,
1924
August,
1923
Fuel and Power
Cottonseed (tons):
Received at mills.
134, 656
Crushed
-.
63, 541
Stocks at mills at close of month
92, 649
Cottonseed oil (pounds, 000 omitted):
Production
17, 922
Stocks
8,347
Oleomargarine consumption (pounds,
000 omitted)
15, 857
Tobacco sales at loose-leaf warehouses
(pounds, 000 omitted):
Bright B e l t North Carolina
8,552
South Carolina
2-1, 672
Burley
-119
Western dark.
91
Sale of revenue stamps for manufacture
of tobacco, excluding Porto Rico and
Philippine Islands (000 omitted):
Cigars (large)
,
573, 627
Cigars (small)
46, 812
Cigarettes (small)
6,315,641
Manufactured tobacco (pounds)
32, 207
Fruit shipments (carloads):
Grapefruit
.__
__
77
Oranges
2,563
Lemons
•
1,216
2,927
Apples
_
Vegetable shipments:
White potatoes (carloads) _
15, 959
Onions (carloads)
2,405
Bice (pounds, 000 omitted)
13,092
Sugar, all ports (long tons):
Receipts
345,166
Meltings
426,000
Raw stocks close of month
218,342
Fish landed by American fishing vessels,
total catch (pounds, 000 omitted)
Cold-storage holdings, frozen and cured
fish, on 15th of month (pounds, 000
omitted)
1924
COMMODITY MOVEMENTS—Continued
Dairy Products—Continued
Cold-storage holdings first of following
month (000 omitted):
Creamery butter (pounds)
American cheese (pounds)
Eggs (cases)
Poultry (pounds).__
__
OCTOBER,
20,850
23, 245
71, 050
51,125
524
177
525
179
1,201
383
348
334
1,192
421
1,192
408
350
403
40,605
43, 567
45, 440
34, 200
124,876
274,625
129, 907
270,218
123
2,383
484
3,749
34, 767
7,086
32,284
7,782
48, 864
434
2,425
2,367
1, 494
3, 239
61, 684
361, 673
61, 083
356, 240
66, 422
307, 100
•1, 389
1,593
1,465
53
742
194
1,103
87
52
737
183
1,107
97
51
637
188
1,053
'40
1,467
301
1,604
41
1,619
249
34
1,165
269
1,401
225
1,520
3,214
1,603
3,800
1,579
3,095
4,734
5,403
4,674
7,280
10,296
1,785
3,449
1,869
3,696
Metals
Iron and steel:
Iron ore shipments at Lake Superior
(long tons, 000 omitted)
__
15, 324
Pig-iron production (long tons, 000
2,168
omitted
1,891
41,039
Steel-ingot production (long tons, 000
omitted)
2, 542
270,134
293,700
Unfilled orders, United States Steel
306,162
Corporation (long tons, 000 omitted)
._._
.___•
3,290
Fabricated structural steel orders
(tonnage)
153,400
Steel castings bookings (net tons)
36, 363
22,728 Silver production (troy ounces, 000 omitted)
5,491
Copper production (pounds, 000 omitted) 133,140
61,110 Zinc (pounds, 000 omitted):
Production
83, 550
Stocks, close of month
101,844
Shipments
87,116
Tin (pounds, 000 omitted):
Deliveries to factories__
10,763
574
Stocks, close of month__
__
7,737
182
Textiles
120
Cotton (bales, 000 omitted):
Sight receipts
395
1,519
American spinners' takings,
177
427
Stocks at mills
553
Stocks at warehouses
_
_.
811
823
Visible supply
357
Consumption by mills
Spindles active during month (000
1,286
omitted)
_._
.._.
407
Spindle hours active during month
(000,000 omitted)
5,400
444 Finished cotton fabrics:
Finished yards billed (yards, 000
omitted)
43,678
Orders received (yards, 000 omitted).
71,630
29,672
Shipments (cases)
_._
35,951
Finished stocks (cases)
41,850
138,320
1
Figures for July and June, 1924; and July, 1923.
263,457
3,187
5,415
179,400
38,191
148,200
50, 463
4,492
129, 574
5,293
131, 731
85, 826
105,410
79, 784
83, 250
52, 942
72, 788
8,803
11,332
12,342
6,467
254
168
720
674
933
347
538
224
811
1,172
914
492
28,710
33,705
5,158
7,569
58,322
59, 514
33,514
42, 378
76,322
78,022
38,662
COMMODITY MOVEMENTS—Continued
August,
1924
July,
COMMODITY MOVEMENTS—Continued
August,
1923
Textiles—Continued
Wool:
Consumption (pounds, 000 omitted).
Percentage of active machinery to
total reportedLooms wider than 50-inch reed
space
Looms 50-inch reed space or less.
Sets of cards
T
Combs
Spinning spindles, woolen
Spinning spindles, worsted
Percentage of active hours to total reported—
Looms wider than 50-inch reed
space
Looms 50-inch reed space or less .
Sets of cards
Combs
Spinning spindles, woolen
Spinning spindles, worsted
Men's and boys' garments cut:
Men's suits, wholly or partly wool...
Men's suits, all other materials
Men's separate trousers, wholly or
partly wool
Men's trousers, all other materials._„
Men's overcoats..
Boys' suits and separate pants
Boys' overcoats and reefers
Raw silk:
Consumption (bales)
Stocks at close of month (bales)
Imports (pounds, 000 omitted)
Hosiery (dozen pairs, 000 omitted):
Total, all classes
Men's
Women's..
Boots and 1 shoes, output (pairs, 000
omitted):
Men's..
_
Women's
_..
Allother.
,
Total
1
40,064
33,778
48, 233
59.7
73.8
75.1
67:2
72.9
58.2
61.9
72.8
75.9
62.2
74.0
54.8
76.9
80.9
87.1
77.1
84.1
84.5
58.4
54.3
73.0
68.2
72.1
51.1
58.4
50.2
76.8
53.4
71.5
44.1
76.3
63.8
93.2
84.4
89.0
81.5
930,073
49,635
662, 002
24,555
.619,388
344,607
449,933
703,858
110,192
671,997
393,499
401,304
595, 846
80, 399
30,952
23,213
4,047
33, 547
25,459
4,258
3,289
1,260
1,356
3,821
1,504
1,535
29, 518
30,075
4,587
3,770
3,303
8,906
6,252
3,063
3,197
9,196
6,321
5,931
4,260
11,572
9,573
1,434
1,094
951
2,715
1,281
1,185
810
2,166
1,407
1,310
1,486
3,196
1,174
6,026
6,637
1,162
5,015
7,139
1,763
6, 259
July,
1924
August,
1923
Clay fire b r i c k Production
Shipments.
_
_
Stocks at close of month
New orders
Unfilled orders, close of m o n t h . . .
Face brick ! —
Production
Shipments
Stocks in sheds
Unfilled orders, close of m o n t h . . .
Silica b r i c k Production
Shipments
_.
Stocks at close of month
Paving b r i c k Production.
Shipments
Stocks, close of month
Orders received
Unfilled orders, close of m o n t h . . .
Cement (barrels, 000 omitted):
Production
Shipments
Stocks, close of month
_
Oak flooring (feet, 000 omitted):
Production
Shipments...
Orders booked
__
Stocks at close of month
Unfilled orders
Maple flooring (feet, 000 omitted):
Production
_
_
Shipments
Orders booked
.
Stocks, close of month
Unfilled orders
Enameled ware (number):
BathsShipments
Stocks, close of month
New orders
LavatoriesShipments
Stocks, close of month
New orders
SinksShipments
Stocks, close of month
New orders
Miscellaneous w a r e Shipments
Stocks, close of month
New orders
47,701
48,027
228,624
46,525
62,265
45,199
44,510
227,954
44,990
80,334
62,209
59,456
169,325
50, 648
75,500
»-'
38,407
36,692
78,682
48,912
60,449
64,411
117,802
74,063
F38,291
I 35,260
I 91,839
[61,066
' 12,336
14, 567
39,953
11,555
12,720
42,184
[12,397
12,260
41,586
30,761
37,112
112,008
25,955
82,848
34, 792
36, 278
125, 459
34, 958
100,714
39, 538
43, 512
95,011
33,566
101,157
15,128
16,855
10, 593
14,029
16, 614
12,379
12,967
14, 971
35,180
39,574
48,847
45,136
50,262
34,057
33,713
43,080
48,842
41, 852
32,429
30,108
27,444
40,634
27,355
7,471
8,369
9,453
23,949
10,090
7,604
7,546
7,331
25, 557
9,074
12,447
11,718
7,163
19, 562
18,681
83, 705
56, 603
94,904
86,923
61,001
83, 792
87,439
29, 225
73,169
88,945
137, 670
B3, 966
84,905
152, 814
67, 789
118,439
41, 381
97,125
94,282
151, 021
104, 462
101, 331
139, 948
83, 248
112, 516
49,394
99, 288
48, 652
82,782
58, 357
56, 225
76,414
35, 633
59, 670
46, 995
61,842
7,479
12,960
654,822
164,264
165,838
16,840
167, 639
149, 821
153,129
17,428
174,692
172, 295
174,004
23,832
116,202
116, 477
115,997
28,207
113,952
117,916
28,427
132,604
129,173
2S, 674
80,136
37, 291
77,018
38,414
60,176
24, 066
119, 633
34,943
36,319
123,744
30,015
46, 521
65,545
39,745
63,179
50, 563
46, 813
Miscellaneous Manufactures
1,030
2,502
5,811
992
2,568
6,066
1,525
2,958
6,155
1,308
1,123
3,611
6,987
1,428
4,113
8,292
2,247
4,200
23,351
2,528
4,633
24,051
3,362
7,771
21,338
1,164
2,141
5,559
1,256
2,108
5,970
1,330
2,485
6,627
6,142
6,867
8,263
5,647
7,076
9,741
7,129
7,809
10,318
21,271
22, 464
25, 256
Figures for July and June, 1924, and July, 1923,
August,
1924
Building Materials
Brick (number, 000 omitted):
Hides, Leather, and Shoes
Raw hides and skins (000 omitted):'
Stocks at close of m o n t h Cattle hides
Calf and kip skins
Goat and kid skins
Sheep and lamb skins
Stock disposed of during month '—
Cattle hides
Calf and kip skins
Qoat and kid skins
Sheep and lamb skins
Sole leather, cattle (backs, bonds, and
and sides) (number, 000 omitted):
Production...
Stocks in process
Tanners' finished stocks
Upper leather: 1
Cattle (sides)—
Production
Stocks in process
Total finished stocks
Calf and kip skins>—
Production
Stocks in process
Total finished stocks
Goat and kid skins •—
Production
Stocks in process.
Total finished stocks
Sheep and lamb skins'—
Production....
Stocks in process
Total finished stocks.
799
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
Chemicals:
Acetate of lime (pounds, 000 omitted)
Methanol (gallons)
..
Wood pulp (short tons):
Production
_
_
Consumption.
Shipments..
Stocks, close of month
Paper (short tons):
Newsprint—
Production
_
Shipments
Stocks, close of month
Book p a p e r Production
Stocks, close of month
Paper b o a r d Production
__
Stocks, close of month
Wrapping paper—
Production
Stocks, close of month
Fine p a p e r Production
Stocks, close of month.._
!
22,013
21,851
22, 737
39,436
40,404
37,167
Figures not comparable with previous months after Sept., 1923,
800
FEDERAL RESERVE BULLETIN
COMMODITY MOVEMENTS—Continued
August,
1924
OCTOBER, 1924
COMMODITY MOVEMENTS—Continued
July,
1924
August,
1923
August,
1924
Miscellaneous Manufactures—Con.
Transportation—Continued
Advertising (agate lines, 000 omitted):
Magazines
—
Newspapers
Rubber (pounds, 000omitted):
Imports (pounds, 000 omitted):
Consumption by tire manufacturers.
Tires and tubes (number, 000 omitted):'
Pneumatic tires—
Production.
-Shipments, domestic
Stocks, close of month
Inner t u b e s Production
-•
Shipments, domestic. Stocks, close of month
—
Solid t i r e s Production
Shipments, domestic
Stocks, close of month
Automobiles:
Production ( n u m b e r Passenger cars
Trucks
Shipments—
By railway (carloads)
Driveaways (number)
By boat (machine)
Bad-order cars (total) 2 ..
Vessels cleared in foreign trade (tons, 000
omitted):
1,408
76,674
1,658
76, 408
1,505
80, 653
48, 770
43, 623
32, 625
42, 741
24,597
2,652
3,484
5,138
2,630
2,663
6,156
1,993
2,539
6,471
3,857
5,318
6,634
3,493
3,858
2,625
3,942
7,396
31
40
165
38
46
176
42
45
264
251, 553
26, 781
237,431
24,895
13,9723
29, 982
30,200
28,150
7,654
27,166
26,190
7,297
38, 371
45, 986
10, 055
Locomotives (number):
Domestic shipped...
Foreign completed...
Total
121
18
139
130
10
140
259
13
272
Unfilled ordersDomestic
Foreign
Total
55
361
416
67
483
1,406
91
1,497
Vessels built in United States and officially numbered by the Bureau of
Navigation:
Number
Gross tonnage..
105
3,965
104
18,070
84
25, 217
31, 949
706
26.7
38, 513
712
28.2
267
135
671
31
297
219
1,053
1,540
4,213
205
131
624
31
273
247
1,035
1,458
4,005
234
151
868
61
344
361
1,079
1,583
4,683
972
845
196
591
621
683
306
4,213
940
812
182
560
605
622
285
4,005
1,110
1,005
195
597
266,230
109,184
124,180
345, 583
146,341
161,188
73,512
55, 358
5,452
Transportation
Freight carried by Class I railways: i
Net ton-miles, revenue and nonrevenue (000,000 omitted)
Net tons per train
Net tons per loaded car
Revenue freight loaded and received
from connections (cars loaded, 000
omitted):
Classified by nature of productsGrain and grain products
LivestockCoalCoke
Forest products
Ore
Merchandise, 1. c. 1
Miscellaneous
TotalClassified by geographical divisions—
Eastern
_
Alleghany__
Pocahontas..
_
_..
Southern
Northwestern
Central western.
Southwestern
Total.
Freight-car surplus (number):
Total
Box
Coal
Freight-car shortage (number):
Total
Box
,
Coal
203
152
10
•2 Figures for July and June, 1924, and July, 1923.
Condition first day of following month.
301
2,583
4,389
Foreign
Total
Percentage of American to total
Commerce of canals at Sault Ste. Marie
(tons, 000 omitted):
East bound
Westbound- -.
- -.
Total
July,
1924
August,
1923
210,109
202,864
175, 327
2,877
3,877
2,724
3,905
2,559
4,136
6,713
42.9
6, 6301
41.1
6,695
38.2
7,413
2,637
8,710
2,429
11,236
3,117
10,051
11,139
14, 353
2,993
3,093
9,343
9,287
3,044 ' 3,394
5,656
•,5, 786
4,114
4,363
3,474
3,290
12, 835
12, 909
2,770
2,698
1,893
1,880
2,711
2,644
2,227
2,375
11, 576
10,331
3,064
10,156
2,951
5,708
3,628
3,221
13, 467
2,791
2,414
2,706
2,347
13,177
BUILDING STATISTICS
Building permits issued in 168 cities,
grouped by Federal reserve districts:
Number of p e r m i t s Boston (14 cities)
New York (22 cities).
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
_
St. Louis (5 cities)
__
Minneapolis (9 cities)..
Kansas City (14 cities)
Dallas (9 cities)
San Francisco (20 cities)
62,636
61, 950
65,630
Value of permits (dollars, 000 omitted)—
Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities)
_.
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities).
. .
Dallas (9 cities)
San Francisco (20 cities) ._ . _.
Total
13,124
51, 290
26,896
17, 649
12, 933
14,174
46, 263
6,109
5,950
8, 909
6,742
34, 352
244, 391
11,365
55, 043
16, 584
17,912
15, 290
9,996
45,031
6,220
6,287
7,457
7,183
30,844
229, 212
8,422
72,920
13, 295
16,873
12, 659
7,631
48, 315
5,919
10,846
6,049
6,211
40,470
249,610
Building contracts awarded:
By Federal reserve districts (dollars,
000 omitted)—
Boston _
.
>
New York..
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis
Kansas City
.
Dallas
_
.
Total (11 districts)
.
28,490
87, 430
25, 616
41, 476
29,364
34,837
62, 326
22, 312
8,130
15,426
15,067
370, 474
Total
By classes of construction (square
feet, 000 omitted)—
Residential buildings.
Industrial
.
Business...
._ . . . .
Educational
Hospitals and institutions
Social and recreational
Religious and memorial
Public
Total (27 States)».
24, 548
2,703
6,854
3,453
1,365
1,415
1,070
293
41,853
27,996
90, 681
27,918
37,721
26,031
38,665
54,610
22,415
9,373
13,006
13, 676
362, 091 <
20,891
2,416
7,436
4,846
1,269
1,173
1,432
41,179
27, 913
82, 304
15, 324
32,975
22, 698
27,045
45,783
23,786
9,672
3 9,477
296,977
24,106
3,367
6,245
3,285
549
867
982
384
39,786
• Does not include Colorado.
i1 Total 10 districts. No figures available for Dallas district.
Includes miscellaneous building contracts as well as groups shown.
801
FEDERAL. RESERVE BULLETIN
OCTOBER, 1924
WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES
WHOLESALE TRADE IN THE UNITED STATES, BY LINES
[Average monthly sales 1919—100]
CHANGE IN CONDITION OP WHOLESALE TRADE, BY LINES
AND DISTRICTS—Continued
Gen- GroDry Shoes Hard- Drugs
Meat goods
eral
ware
index ceries
1923
January. .
February. ..._..._
April
May
June .
July
78
76
86
79
81
83
79
76
74
81
80
81
88
81
61
60
65
62
64
62
64
101
95
108
86
83
88
83
61
60
86
67
73
68
56
89
83
109
112
118
114
100
113
107
121
106
107
107
106
Shoes—Continued
St. Louis district
Minneapolis district
67
114
74
111
86
106
88
San Francisco district...
115 Hardware:
92
90
76
106
75
117
112
129
99
76
81
117
October
97
United States
65
90
93
63
102
111
85"
New York district
65
66
99
72
51
90
76
Philadelphia district
Cleveland district
1924
Richmond district
,
66
98
80
51
91
116
78
Atlanta district
,
63
99
110
75
49
91
78
Chicago district
62
90
79
118
78
66
St. Louis district
,
103
81
61
68
115
78
April
78
108
Minneapolis district
64
73
76
80
54
104
111
May
Kansas City district...
64
70
82
50
96
106
June
. ...
75
Dallas district
,
67
79
82
44
113
78
93
July—...
San Francisco district..
82
69
103
83
58
93
108 Drugs:
United States
New York district
,
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
Philadelphia district...
AND DISTRICTS
Cleveland district
Richmond district
Percentage change
Atlanta district
in August 1924,
Chicago district
sales as compared
St. Louis district
with—
Kansas City district
Dallas district
San Francisco district..
August,
July,
Furniture:
1924
1923
Richmond district
Atlanta district
Groceries:
St. Louis district
,
United States
-4.3
0.0
Kansas City district
Boston district
-3.3
-9.2
San Francisco district.
New York district
- 6 . 9 Agricultural implements:
-2.3
Philadelphia district...
-7.0
—1.6
United States
Cleveland district
,
-10.0
-4.8
Atlanta district
Richmond district
-1.7
3.7
Minneapolis district
Atlanta district
4.3
9.0
Dallas district
Chicago district
,
-10.1
-1.3
San Francisco districtSt. Louis district
0.2 Stationery:
-0.4
Minneapolis district...
-9.1
0.3
New
York district
Kansas City district...
9.5
6.2
Philadelphia district...
Dallas district
9.4
14.7
Atlanta
district
San Francisco district..
-4.7
1.2
San Francisco district..
Dry goods:
Automobile
supplies:
United States
-10.0
30.4
San Francisco district..
New York district
17.4
- 4 . 2 Clothing:
Philadelphia district...
21.5
-17.5
New York district
Cleveland district
40.0
-28.9
St. Louis district
Richmond district
50.6
- 1 4 . 7 Machine
tools:
61.5
Atlanta district
2.4
New York district
15.3
Chicago district
-21.7 Diamonds:
61.4
St. Louis district
-1.3
New York district
51.5
Minneapolis district
- 0 . 5 Jewelry:
25.2
Kansas City district...
0.4
New York district
79.6
Dallas district
14.7
29.9
Philadelphia district...
San Francisco district..
-8.2
Shoes:
Electrical supplies:
United States
-21.9
31.0
Philadelphia district
Boston district
-25.8
22.7
Atlanta districtNew York district
-11.3
16.4
St. Louis district
Philadelphia district..
-28.7 Millinery:
18.8
Richmond district
-12.0
81.5
Kansas City district
Atlanta district
- 1 3 . 2 Stoves:
68.2
Chicago district
-39.4
27.3
St. Louis district
.
Percentage change
in August 1924
9.1
45.6
32.1
35.1
-34.9
-20.7
0.6
-5.8
— 1.6
0.4
11.7
13.1
-3.9
12.7
-3.2
4.0
15.7
3.1
-12.1
-17.6
-8.1
-9.1
-15.3
-7.8
-12.9
-0.5
-10.4
3.5
1.6
-14.0
-4.3
-7.8
-5.3
—1.1
1.0
3.2
-1.3
-4.7
-0.8
2.0
-3.3
-3.0
2.3
—0.7
-5.5
-1.5
-2.5
-9.6
-6.4
-0.3
-0.2
5.4
29.9
46.7
34.1
25.8
17.7
27.6
-10.4
-2.9
2.0
4.0
-0.5
1.8
3.4
1.6
-10.4
-12.1
5.2
28.2
18.8
6.1
8.7
51.1
33.6
—18.0
4.2
-4.5
175.7
45.6
-23.7
17.9
-3.7
-28.1
-10.1
4.0
-5.3
-9.2
-3.4
20.3
12.4
-10.2
-16.7
14.5
26.5
-5.1
-2.1
-28.8
-23.2
42.4
-33.1
72.0
-13.4
802
FEDERAL EESERVE BULLETIN
OCTOEEE, 1 9 2 4
RETAIL TRADE, BY REPORTING LINES
[Average monthly sales 1919=100]
Sales with seasonal adjustment
Sales without seasonal adjustment
I,
II
so
•a-a
• § |
is"
S©
Is
5
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
•g-i
Is
5s-
S
S
1923
128
126
89
100
113
148
142
86
74
73
92
134
122
118
189
183
177
179
182
200
201
201
154
154
143
153
151
180
176
331
142
149
141
145
143
152
141
185
137
136
128
135
140
138
134
193
143
144
102
95
127
139
131
171
203
198
197
208
211
197
207
199
126
140
163
178
174
162
163
172
141
143
149
145
150
143
148
153
119
124
136
130
143
131
129
138
93
118
178
150
140
113
108
100
97
82
103
102
137
149
214
170
176
176
179
176
185
174
261
124
126
119
128
124
130
126
126
110
101
100
97
97
104
188
186
184
187
191
193
200
192
168
158
161
162
166
168
179
144
152
139
145
145
149
150
152
134
140
129
138
140
132
135
143
124
135
112
121
133
123
121
130
120
122
111
115
102
113
119
113
176
188
180
179
178
181
183
178
154
166
181
208
189
176
184
184
125
127
115
130
123
120
122
119
100
101
91
111
100
105
93
99
202
198
182
205
210
200
214
173
179
170
190
183
177
179
181
146
150
147
149
153
145
147
153
137
140
140
136
141
134
129
141
130
132
118
153
130
132
123
138
102
112
110
104
99
94
97
102
183
188
179
208
196
188
188
184
1924
109
102
115
133
127
120
91
93
105
114
90
74
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]
District
United States
New York
Philadelphia., Cleveland
Eichmond
..
Atlanta.. . . . _
Chicago .
Minneapolis
Dallas
San Francisco
Number
of reporting
firms
Sales with seasonal adjustment
Sales without seasonal adjustment
1924
Aug.
July
June
1924
1923
May
Apr.
July
Aug.
Aug.
July
June
1923
May
Apr.
July
Aug.
359
93
91
120
127
133
100
89
119
122
120
123
130
128
24
63
22
54
23
35
63
23
21
31
86
83
85
101
78
72
1C8
89
70
136
89
91
131
126
123
126
118
95
125"
99
95
126
132
130
124
133
116
104
135
109
106
146
137
135
136
145
128 =..
107
145
115
101
139
99
87
98
112
80
81
120
96
69
136
90
85
114
124
117
122
109
92
130
98
99
139
124
131
122
122
116
96
130
98
101
139
123
125
119
124
114
100
126
98
100
133
125
126
120
128
115
99
129
107
104
141
130
132
131
130
128
136
112
103
145
106
98
140
82
94
85
73
99
81
71
116
82
96
80
77
96
79
67
116
124
141
125
104
143
•" 111
106
145
119
126
121
121
124
109
101
126
96
95
139
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]
District
United States
Boston __ .
New York
Philadelphia
Cleveland
...
Richmond
Atlanta
Chicago
Minneapolis __ . .
Dallas
San Francisco
Number
of reporting
firms
Stocks without seasonal adjustment
1924
Aug.
July
June
Stocks with seasonal adjustment
1923
May
Apr:
Aug.
1924
July
Aug.
July
June
314
126
122
127
135
140
129
119
124
130
133
24
63
13
52
19
22
51
22
19
29
113
121
144
123
116
109
149
106
121
132
116
112
141
119
113
109
142
102
110
132
119
119
146
128
122
113
145
106
113
134
126
128
152
138
130
121
153
113
120
141
128
134
162
141
134
124
161
112
125
148
116
119
152
124
114
120
158
108
121
131
109
111
137
119
113
111
135
103
107
124
119
125
146
123
118
109
144
107
115
109
126
123
151
125
120
116
152
108
118
138
125
125
151
131
130
119
154
111
119
141
1923
May
Apr.
Aug.
July
135
136
130
128
126
127
156
137
132
124
155
109
120
141
125
129
159
136
130
122
155
108
125
143
121
123
154
124
125
120
152
110
115
130
118
121
147
125
129
119
144
109
115
130
803
FEDERAL BESERVE BULLETIN
OCTOBEB, 1924
INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES
GERMANY
ENGLAND
1924
August
Production:
124,042
Coal (thousand long tons)
589
Pig iron (thousand long tons)
Steel ingots and castings (thou528
sand long tons)
Raw cotton, visible supply *
545
(thousand bales)
Exports:
Iron and steel and manufactures
301
(thousand long tons)
Cotton manufactures (million
377
yards)
5,075
Coal (thousand long tons)
Imports:
66
Raw cotton (million pounds)
32
Raw wool (million p o u n d s ) . .
Baw hides,wet (thousand pounds) 20,022
Transportation:
Ships cleared with cargo 8 (thou5,630
sand tons)
Freight-train receipts (thousand
pounds sterling)
Freight-train traffic (million tonmiles)
Unemployment:
7.9
Among trade-unionists (per cent).
10.6
In insured trades (per cent)
Index of security prices, D e c , 1921=
115.8
100
Capital issues (thousand pounds sterling)
.... 2,1B6
1
!
8
July
June
August
19, 382 18,699
616
608
19,108
600
652
568
656
452
584
340
324,
324
388
5,488
350
4,882
333
6,580
79
43
18,488
75
49
15,921
55
34
12,666
5,790
5,290
6,048
8,079
8,407
1,388
1,492
7.2
9.4
11. 4
11.8
115.2
115.5
114. 4
23, 755
19,149
1,216
7.4
9.9
1924
1923
June
May
July
116,529
107,260
118,303
122,366
33,613
26,740
29,280
37,482
9,250
126, 203
8,662
65,465
8,223
76, 562
8,924
68,633
6,683
17,004
Raw wool (metric tons)..
Silk, half manufactured
(metric tons)
403
411
Cotton (metric tons)
13, 326
22,864
Iron ore (metric tons)
137,244
257,053
Coal (metric tons)
1,391,390 1,191, 527
28, 558
15,129
Exports:
Iron and its manufacfactures (metric tons)..
Machinery and electrical
supplies (metric tons)..
Dyes and dyestufls (metCoal (metric tons)
August
Ship arrivals in Hamburg
(thousand net reg. t o n s ) . . .
Unemployment:
Applicants for every 100
Business failures
. . .
Capital issues (billion marks).
Index of security prices: l
25 domestic stocks, Janua r y ^ 1924-100
442
31(
29,811
16,59S
223, 384
144,445
897,541 2,286,010
June
1,252
344
288
26!
895
328, 111
1,125
223.8
239,688
586
^24.8
249,19!
13
1,884
1,364
49.4
J
• Last week of month figures.
1,232
August
1,275
65.7
In millions of gold marks.
CANADA
1924
August
FRANCE
1924
August
July
Production:
Coal' (thousand metric tons)
Pig iron (thousand metric tons)..
636
Crude steel (thousand metric
tons)
665
a
Cotton stocks at Havre (thousand bales)
45,443 74,589
Exports:
Total volume (thousand metric
2,317
2,498
tons)
Imports:
Total volume (thousand metric
5,410
4,457
tons)
Raw cotton for consumption
(metric tons)
11,300 15,692
1,645
1,628
Raw silk (metric tons)
3,170
2,285
Coal (thousand metric tons)
Transportation:
Ships cleared with cargo (thousand tons).
3,170
3,658
Railway receipts
(thousand
francs)
697,629
Freight-car loadings (average
daily number)
60,304 58, 708
Unemployment:
62
Number in Paris receiving a i d ' . .
59
Demands for employment not8
rilled (number men in France) . 5,781
5,946
Coal and lignite, including Lorraine and the Saar.
Bale of 50 kilos. End of month figures.
' End of month figures.
* Five weeks.
July
Number receiving State
Five weeks.
End of month figures.
Figures include Irish Free State.
1
1
1923
July
Production:
Pig iron (thousand tons).
Crude steel
_
Railway receipts (thousand
August
dollars)
Unemployment among tradeunionists (per cent). _
Business failures (number)'..
4,517 Authorized capital of new
companies (thousand dol486
lars)'
452 Bond sales (thousand dollars).
Security prices, average market prices, 20 industrial
25, 765
stocks.
Receipts of wheat at Fort
William and Port Arthur
2,174
(thousand bushels)
Receipts of livestock at stock
yards in Toronto and
4,815
Winnepeg:
Cattle (number)
12,497
Hogs (number)
610
2,239
4,543
639
555
95,349
2,468
4,582
16,056
620
1,810
2,975
2,841
•851,911 580,796
59,597
54,964
87
146
6,040
6,546
Exports:
Planks and boards (million feet)
Preserved fish (thousand
pounds)
,
Wood pulp (thousand
pounds)
,
Wheat (thousand bushels)
,
Imports:
Coal (thousand tons)
Raw cotton (thousand
pounds)...
Machinery ( t h o u s a n d
dollars)
1
Average for weeks reported.
1923
June
August
45
52
57
23
93
105
32,171
34, 308
34,103
37,697
30
5.4
39
5.8
41
2.2
52
7,647
50, 072
14,041
53,513
10,922
31, 635
10,206
2,292
92.0
90.7
89.2
88.5
13, 083
21,243
2,036
44, 622
55, 955
39,575
67, 020
65, 796
40,224
June
May
July
179, 582
178,668
158,372
259,019
6,400
7,963
5,676
8,208
104,465
116,285
124,988
167,846
16,135
24,075
41,228
12, 665
1,550
1,303
1,057
1,905
3,628
2,790
5,457
4,810
2,132
2,239
2,512
2,541
1923
June
July
July
804
FEDERAL, RESERVE BULLETIN
OCTOBBB, 1924
FOREIGN TRADE OF PRINCIPAL COUNTRIES
FOREIGN COUNTRIES
UNITED STATES
[Thousands of dollars]
1924
July
August
Cumulative
through
last
month
noted
Cumulative
through
last
month
noted
IMPORTS
By classes of commodities:
Total
_
--.
Crude materials for manufacturing '.
—
Foodstuffs in crude condition.
Foodstuffs partly or wholly
manufactured
Manufactures for use in manufacturing
_
Manufactures ready for consumption.
Miscellaneous.__
—
By countries:
Total Europe
France
Germany
Italy
United Kingdom
_.
Total North America
—
Canada
_
Total South America
ArgentinaTotal Asia and Oceania
Japan
Total Africa...
254,630
276, 819 2,382,868 2, 650, 492
83,630
31,480
89,171 801, 019 1,018, 310
39,145 275,151
226, 699
30, 400
40, 389 388,116
384,970
47, 211
45,270 424, 599
508, 017
60,128
1,781
62,108 482,938
504, 698
7,798
79,923
11, 060
11, 886
82,040
10,720
12, 502
5,049
23,050
81,137
32,115
41,368
6,494
69, 326
26, 755
2,947
11, 045
4,108
25,877
70,051
30, 279
34,433
4,277
67, 374
29, 613
2,848
1924
1923
682,261
92, 735
87, 770
43,163
222, 232
705,691
262, 49,0
307, 261
54, 299
637,819
207,166
49,836
779,461
97,213
104,700
57, 716
706,765
270,651
330, 537
98,069
765,021
234, 518
68, 706
EXPOETS
By classes of commodities:
Total
- 330, 896 276,739 2,697,356
Crude materials for manufac62, 913 55,972 671,205
turing-.
_
Foodstuffs in crude condition 1 31, 506 12,673 125, 967
Foodstuffs partly or wholly
44, 534 37, 367 357, 496
manufactured
Manufactures for use in manfacturing.
- 47,176 46, 240 402, 985
Manufactures ready for con138, 369 118,126 1,073,991
sumption..
3,787
Miscellaneous
477
320
61,925
Reexports.
5,831
6,043
By countries:
156, 349 126,071 1,339,514
Total Europe
20, 600 13,179 162,099
Fiance
19,281
12,836 237,392
Germany., i
Italy
--- 13, 225 8,142 105, 616
65, 725 56,608 518, 270
United Kingdom
94, 5.13 83, 337 674, 250
Total North America
45, 213 375, 217
Canada
. 50,348
30, 536 23, 352 201, 262
Total South America
12,
399
8,778 73,890
Argentina
_
43, 375 39,024 436,033
Total Asia and Oceania.
9,630
8,423 147, 610
Japan
6,123
4,956 46, 297
Total Africa
2, 558, 711
577,880
179, 225
377,187
372, 873
995, 907
3,809
51,830
1, 212, 552
155,200
191, 994
94, 534
478, 594
733, 559
448, 891
183, 258
80,191
387, 800
141, 916
41,543
July
August
France (million francs):
Imports
Exports
United Kingdom (thousand £
sterling):
Imports
Exports
Reexports
Canada (thousands of dollars):
Imports
Exports.
_
Japan (million yen):
Imports...
_
Exports.
South Africa (thousand £ sterling):
Imports
Exports
Cumulative
through
last
month
noted
3,072
2,967
3,100
3,014
26,043
24,296
19,93S
16,561
102,196
66,288
8,970
108,115
71,283
10,175
808,556
526, 036
93,273
704,010
502,286
78, 747"
61,970
74, 822
72, 631
88, 221
548, 914
638,412
618, 299
594,491
142
176
152
126
1,618
933
1, 269'
834
5,505
4,470
35, 42$
46,404
June
July
Belgium and Luxembourg (million francs):
Imports
Exports.
Denmark (million kroner):
Imports
Exports
_
Germany (thousand metric tons):
Imports
Exports
Italy (million lire):
Imports
Exports
Netherlands (million guilders):
Imports
_
Exports...
Norway (million kroner):
Imports
Exports
Sweden (million kroner):
Imports.
_
Exports
Brazil (million milreis) 1 :
Imports
Exports
__
Australia (thousand £ sterling):
Imports
_
_
Exports
India (million rupees):
Imports
Exports
1923
Cumulative
through
last
month
noted
1,493
1,164
1,379
1,074
10, 063
7,881
6,809»
4,547
177
177
199
147
1,327
1,180
1,127
556
573
753
475
5,038
3,401
3,688
3,038-
1,481
842
2,091
],218
10,936
7,514
10, 35&
5, 676.
198
134
189
111
1,346
891
135
101
119
85
863
533
459-
123
125
109
127
787
724
569-
214
235
174
207
940
1,266
709
1, 225-
13,637
7,610
11, 202
6,773
84,360
71, 684
78,106
63, 650
200
259
188
1,398
2,292
1,341
2,107'
1,147
1
Figures for April and M a y , and cumulative through M a y , 1924and 1923.
The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign
trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country and
principal European trade regions. For methods of construction of these indexes, reference may be made to
the FEDERAL RESBBVE BULLETINS for July, 1920, and August, 1921.
FOREIGN TRADE INDEX
INDEX OF OCEAN FREIGHT RATES
[January, 1920=100]
[1913=100]
1924
•
Imports:
Total
Exports:
Total
Raw materials
Consumers' goods
1923
August
July
June
May
162.5
115.5
225.6
164.1
173.4
125.4
234.5
182.6
171.3
131.3
2319
153.6
193.2
142.8
276.9
160.6
153.0
130.1
195.1
129.3
94.3
70.6
197.9
122.6
78.0
51.2
171.9
121.3
86.1
69.1
204.7
118.1
87.2
62.2
187.1
121.5
89.2
69.0
149.5
127.1
1924
August
1923
Sept. August July
United States Atlantic ports
toFrench Atlantic
Netherlands and BelScandinavia
All Europe
June
Sept.
29.0
28.2
23.7
22.9
22.8
23.4
25.0
24.5
20.8
22.6
26.5
23.5
21.9
26.6
20.8
23.5
20.4
22.4
20.3
23.5
20.5
22.1
21.4
23.5
20.8
23.3
19 8
22.3
19.0
20.7
805
FEDEKAX. RESERVE BULLETIN
OCTOBBB, 1924
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CANADA
[Millions of dollars]
ENGLAND
[Millions of pounds sterling]
August
Bank of England:
Issue departmentGold coin and bullion
Notes issued
_
Banking departmentGold and silver coin
Bank notes
Government securities
Other securities
Public deposits
Other deposits
Ratio of gold and note reserve to deposit liabilities..
Bank notes in circulation
Currency notes and certificates
Nine London clearing banks:
Money at call and short notice...
Discounts and advances
Investments...
Total deposits
Total clearings
Government floating debt:
Total
Treasury bills
Temporary advances
Index number of foreign exchange
value of the pound sterling
July
June
August
126
146
126
146
126
146
126
146
2
21
41
77
17
105
2
19
46
75
12
112
2
20
48
81
20
113
2
21
46
69
17
104
18.5
103
289
16.9
105
16.3
104
290
19.0
102
285
102
1,026
320
1,617
2,940
98
1,051
323
1,643
3,398
108
1,037
324
1,652
3,125
1,007
339
1,611
2,721
769
591
178
782
599
183
798
580
218
603
186
128.3
127.8
125.1
130.6
[Millions of lire]
1923
1924
June
May
1,128
1,831
7,621
10,049
7,476
2,975
1,127
1,830
6,596
9,063
7,484
3,002
June
May
54
1.160
267
507
155
1,999
97
211
1,461
2,323
54
1,168
279
510
171
2,059
97
210
1,260
2,057
54
1,163
302
495
169
2,011
97
217
1,432
2,290
Chartered banks:
Gold coin and bullion •
Current loans and discounts
Money at call and short notice
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes.
Dominion note circulation
Bank debits
1
1923
July
2
Not including gold held abroad.
August
Bank of France:
3,679
Gold reserve'
301
Silver reserve
22,800
War advances to the Government.
40,034
Note circulation
2,000
Total deposits
Commercial bank loans
Commercial bank deposits
Clearings, daily average of Paris
banks
Savings banks, excess of deposits (+)
+20
or withdrawals (—)..
Price of 3 per cent perpetual rente... 53.80
1923
July
June
1
1,046
8,541
3,701
368
12,305
8,197
3,770
354
11,984
2,428
237.12
August
40,325
2,158
15,162
15,172
23,000
39, 665
2,151
14,815
14,878
3,674
294
23,400
37, 364
1,929
13, 979
13,887
970
1,294
764
+15
52.00
54.45
+1
+35
57.45
3,679
300
23,000
3,679
300
' Not including gold held abroad.
JAPAN
[Millions of yen]
July
1,133
1,978
9,724
9,619
7,763
2,511
68
1,201
287
400
163
2,003
121
234
1,313
Total for month.
1923
1924
Banks of issue:
Gold reserve
_
_ 1,130
1,832
Total reserve
6,875
Loans and discounts
10,064
Note circulation for commerce
Note circulation for the S t a t e ' . . . 7,449
Total deposits
2,915
Leading private banks:
Cash
Loans and discounts
Due from correspondents
Participations
_
Total deposits
^
State note issue
--...
Index of security prices
July
FRANCE
[Millions of francs]
1924
ITALY
July
1924
1923
1924
August
Bank of Japan:
Reserve for notes 1 . .
_
. .
Advances on foreign bills
Note circulation
776
9,231
3,707 Tokyo banks:
251
Cash on hand
12, 507
Total loans .
Total
deposits
155. 43
Total clearings
.
June
1,065
1,064
1,061
355
102
346
77
400
90
1,300
305
35
.
July
117
2,615
1,861
2,443
1,291
287
35
1,389
309
56
113
122
2,537
1,846
2,547
2,585
1,897
2,610
August
*l,053
296
50
1,287
386
38
2,188
1,831
3,318
' Gold abroad, gold coin and bullion in Japan.
Not including gold held abroad.
DISCOUNT RATES OF CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Austria
Belgium
Bulgaria
O z e c h o s lovakia
Danzig
Denmark
Rate
In effect
since—
P.ct.
15
Aug. 13,1924
5H Jan. 22,1923
9
Dec. —1923
6
12
7
M a y 28,1924
Mar. 17,1924
Jan. 17,1924
1
Country
England
Esthonia
Finland
France
Germany
Greece
Hungary
Rate
P.ct.
4
9
9
6
'10
7K
12H
In effect
since—
July
May
Mar.
Jan.
Dec.
Jan.
Sept.
5,1923
19,1924
6,1924
17,1924
29,1923
14,1923
17,1924
Country
India
Italy
Japan
Latvia.
Netherlands
Norway
Poland
On Rentenmark and stable currency loans.
Changes lor the month— Hungary, Sept. 17, 1924, from 10 to 12H per cent.
Rate
In effect
since—
P.ct.
5
Aug. 21,1924
5H July 11,1922
8.03
8
5
7
12
Nov.
Feb.
Jan.
Nov.
Apr.
18,1919
16,1924
24,1924
10,1923
28,1924
Country
Portugal . . .
Rumania.!..
South Africa
Spain
Sweden
Switzerland.
Yugoslavia..
Rate
P.ct.
9
6
6
5
5^
6
In effect
since—
Sept.
Sept.
Dec.
Mar.
Nov.
July
June
12,1923
4,1920
29,1922
23,1923
9,1923
14,1923
23,1922
806
FEDERAL RESERVE BULLETIN"
OCTOBER, 1924
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
Wholesale prices in August, according to the
Federal Reserve Board's index numbers, rose
1 per cent in the United States, 0.4 per cent
in France, and 1.3 per cent in Canada, while
in England prices declined 0.4 per cent. When
these indexes are converted to a gold basis by
making allowance for the depreciation of the
foreign currencies in terms of the dollar, prices
in England rose 2.5 per cent, in France 7.2 per
cent, and in Canada 2.1 per cent.
In the United States the index numbers of
all commodity groups except export goods advanced. When grouped according to the stage
of manufacture, raw materials rose 0.7 per cent,
producers' goods rose 1.7 per cent, and consumers' goods rose 1 per cent. Compared with
a year ago, the index of all commodities in August was less than 1 per cent lower. The
greatest changes are shown for export goods,
which are 6.4 per cent higher, and producers'
goods, which are 5.4 per cent lower than in
August, 1923, while raw materials and imported
goods are only slightly higher than a year ago
and domestic goods and consumers' goods are
practically unchanged.
Wholesale prices in Japan in July stood at
191, practically unchanged from the June level.
Owing to somewhat firmer exchange rates, the
index converted to a gold basis rose from 156
to 158, a figure about 1 per cent above the
American and British gold index for the month.
In August Japanese prices rose materially, and,
as the exchange was little changed, the gold
index rose as well. The relation between
Japanese prices and exchange rates, which was
commented on in the September BULLETIN, is
illustrated in the accompanying chart. It
shows that the Japanese gold index, which had
since 1921 been constantly above the index of
gold prices in both England and the United
States, has, since the recent decline in the exchange, fallen nearer the level of prices in these
countries, although still somewhat above the
American figure.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
1913 = 100
550
100
CONVERTED TO GOLD BASIS
ON PAPER CURRENCY BASIS
MO
WO
3S0
300
250
250
200
200
150
150
Canada
101
100
1920
1921
1922
1923
1924-
1920
1921
1922
1923
OcTOBEta, 1924
807
FEDERAL RESERVE BULLETIN
The tables below give the all-commodities
and group index numbers of wholesale prices in
the five countries included in the Federal Reserve Board's indexes. In the first table the
all-commodities index for each country is
shown both in terms of paper currency and
converted to a gold basis. The latter figure
takes into account the depreciation of the
foreign currency in terms of the American
dollar (or gold) and the series indicates relative price levels in the several countries when
all prices are expressed in dollars.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES
On paper currency basis
Year and month
United
States
1913, average
1919, average.
1920, average
1921, average
1922, average
1923, average
England
France
100
Converted to gold basis
Canada
Japan
United
States
England
France
Canada
Japan
100
211
239
149
158
164
100
241
310
198
165
170
100
207
250
167
149
150
100
235
240
181
182
188
100
211
239
149
158
164
100
219
233
156
150
159
100
512
344
319
394
187
133
136
124
100
198
223
150
147
147
100
241
242
175
176
183
169
170
167
164
159
159
163
163
163
163
173
175
173
171
168
164
165
166
171
177
390
386
394
391
391
404
404
416
427
155
156
155
153
151
150
149
147
145
144
185
185
187
186
183
179
190
196
199
205
169
170
167
164
159
159
163
163
166
167
164
162
158
154
154
154
154
159
131
135
133
129
119
115
123
125
119
116
152
153
162
150
147
146
145
145
142
140
180
181
184
183
179
176
186
192
193
193
163
163
160
158
156
154
156
158
178
180
180
181
177
174
174
173
445
469
483
428
428
442
440
442
146
148
147
143
143
145
147
149
205
200
200
201
200
189
191
196
163
163
160
158
156
154
156
158
156
160
158
162
158
155
156
160
108
107
117
137
128
120
117
125
142
144
143
140
141
142
146
149
185
182
172
165
161
156
158
163
1923
March
April.
May
June
July
August
September
October
November
December
1924
January
February
March
April
May
June
July
August
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES 1
Grouped by stage of
manufacture
Year and month
All
commodities
Grouped by stage of Grouped by
origin
manufacture
Grouped b y
origiD
DoRaw Pro- ConImmes- ported
ma- ducers' sumers'
tic
terials goods goods goods
goods
Export
goods
UNITED STATES
1923—August....1924—March..
April
May
June
July
August
162
166
165
163
160
163
164
158
157
155
151
147
147
149
157
154
151
151
152
154
156
164
180
181
177
174
174
173
165
183
186
178
173
171
171
150
167
169
166
164
163
165
177
187
187
185
186
188
184
391
483
428
428
406
483
430
430
414
507
446
437
363
474
421
425
161
161
159
158
157
159
160
136
145
140
133
129
132
139
166
179
182
183
179
180
177
.
165
180
183
179
176
175
173
162
178
178
171
170
171
174
166
185
188
181
179
177
176
381
460
418
417
445
596
480
481
393
524
434
425
FRANCE
1923—August
1924—March..
April
May
Export
Con- Dogoods
ImPro- summa- ducers' ers' mestic ported
terials goods goods
goods goods
FKANCE—contd.
159
160
158
156
154
156
158
ENGLAND
1923—August
1924—March
April
May
June
July
August
Year and month
All
commodiRaw
ties
1924—June
July
August......
442
440
442
444
447
455
450
450
453
441
430
422
431
427
428
496
445
503 3 451
510 ! 452
150
. 147
143
143
145
147
149
131
129
126
127
128
133
134
166
167
164
160
157
153
153
172
168
162
162
165
163
169
148
145
141
141
143
146
148
162
165
159
159
156
156
157
142
132
130
132
138
148
152
179
200
201
200
189
191
196
170
211
220
214
199
198
206
173
203
199
199
190
186
194
187
193
191
193
184
188
192
182
200
199
197
187
186
194
164
199
214
216
208
208
207
185
207
198
192
175
178
194
CANADA
1923—August
1924—March
April
May
June
July
August
JAPAN
1923—August
1924—March
April
May
June
July
August
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
808
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
WHOLESALE PRICES IN THE UNITED STATES
INDKX O F T H E BUREAU O F LABOR STATISTICS
[1913=1001
Bureau of Labor Statistics groups
All
commodities
1922 average
1923 average
1923—August
1924—March
April...,
May
July
August
Federal Reserve Board groups
Raw materials
Metals Build- Chem- House
Cloths
Fuel
Pro- ConFarm
and
furMisand
sumand metal
icals nishing
prod- Foods clothcellaAni- Forest Min- Total ducers'
lightand
ers'
mateucts
ing neous Crops mal prod- eral
raw
ing
ing products rials drugs goods
prod- ucts prod- mate- goods goods
ucts
ucts rials
149
154
150
150
148
147
145
147
150
133
141
139
137
139
136
134
141
145
138
144
142
141
137
137
136
139
144
181
200
193
191
189
187
187
188
190
218
185
178
181
179
177
175
173
170
122
144
145
144
139
134
132
130
130
168
189
186
182
182
180
173
169
169
124
131
127
130
128
127
127
126
130
176
183
183
175
176
173
172
171
171
145
168
152
165
166
167
165
176
175
117
123
120
113
113
112
111
112
115
125
122
125
118
119
115
109
114
123
185
210
203
194
195
195
182
175
175
207
185
177
179
174
171
162
167
166
158
159
153
154
164
162
147
152
154
128
141
137
137
135
133
130
130
131
161
156
154
153
161
150
151
153
156
WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES
ALL-COMMODITIES INDEX NUMBERS
[Pre-war=100]
EUROPE
Year and month
Austria
August .._
Belgium
England
Germany;
Bul- CzechoDenFederal
slo- 1 mark' Board
France Statistical
garia vakia
of
Statist
Bureau
Trade
1923
1,657,400
1.779,400
529
514
2, 292
2,265
959
958
207
202
155
158
147
150
413
424
Gold basis
85.8
101.7
1,912,000
1,946, 500
1,946, 600
1, 828,200
1,913,300
2,013,600
626
555
557
565
Wi
547
2,612
2,798
2,651
2,811
2,737
1,036
1,022
1,015
981
965
997
227
228
225
219
220
233
231
165
165
164
163
163
165
161
161
161
160
163
162
499
460
459
465
481
477
120.7
124.1
122.6
115.9
115.0
120.4
Italy
NorNether- way
lands (Chris- Poland
tiania)
Zloty baits
567
569
142
145
231
234
579
579
571
666
567
155
154
153
151
151
266
267
263
264
271
274
1924
March
April
May
July
August
September
ECKOPE—continued
Year and month
Spain
August
March
April .
May
June
July
August
1923
.
NORTH AMERICA
ASIA ANE OCEANIA
United
States
China
Switzer(Bureau
Sweden land 1 of Labor Canada Austra(Shanglia
hai)
Statistics)
Dutch
East
Indies
India
(Calcutta)
109
104
101
102
109
AFRICA
Japan
New
(Tokyo) Zealand
Egypt
(Cairo)
171
174
162
162
175
173
150
154
154
155
175
172
153
157
191
193
171
174
190
210
175
177
120
123
180
184
179
179
182
182
162
161
160
158
157
160
180
182
180
178
173
171
150
148
147
145
147
150
154
151
151
152
153
158
167
166
165
163
163
158
154
154
152
152
149
204
179
174
176
176
179
189
206
207
205
199
195
200
180
178
179
180
180
136
134
135
131
132
143
South
Africa
1924
126
125
•First of month
figures.
.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of
commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.
OCTOBER,
809
FEDERAL. RESERVE BULLETIN
1924
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
[Pre-war-=100]
European countries
United
States
(51
Austria
eities) (Vienna)
Other countries
Neth- NorSwitBelAus- India New
EngGer- Italy erZea- South
Swe- zer- Cangium Czech- land*
ada tralia (BomFrance many (Mi- lands way Spain
osloland Africa
(Maden
(48
land
(9
(60
(30
(31
(9
(600
(Paris)
(71
(25
Prov- vakia' towns)
(6 towns) drid) towns) (33 cities) towns) bay)
cities) lan) cities)
towns) towns)
towns)
inces)
INDEX NUMBERS OF RETAIL FOOD PRICES
O
1823
Gold
basis
June
July....
Aug
Sept
Oct.
Nov....
Dec...
141
144
143
146
147
148
147
1,413,200
1,291,100
1,233,500
1,250,900
1,263,600
1,264,700
1,286,000
98
103
109
115
117
121
124
160
162
165
168
172
173
176
331
321
328
339
349
355
365
1924
Jan
Feb
Mar
Apr
May.
June
July....
Aug
Sept
146
144
141
138
138
140
140
141
1,352,700
1,382,100
1,393,000
1,383,800
1,416,900
1,445,700
1,436, 200
1,665,200
1, 562,300
126
130
128
121
113
118
175
177
176
167
163
160
162
164
166
376
384
392
380
378
370
360
366
151
127
117
120
123
126
120
126
122
502
496
490
496
502
503
499
145
145
143
142
145
149
149
213
218
220
218
217
221
226
165
164
162
163
162
166
167
138
137
142
141
144
144
145
182
164
165
161
157
157
156
146
148
149
149
147
147
152
142
142
143
145
146
147
147
118
116
115
115
117
120
118
615
616
523
524
519
518
508
150
151
152
152
151
151
150
230
234
241
240
241
241
248
257
168
167
167
165
165
168
168
166
145
145
143
137
133
133
134
137
155
153
152
150
151
149
148
154
151
147
143
143
150
149
150
150
150
150
149
120
122
122
123
122
120
117
117
151
153
154
154
152
153
157
145
145
146
147
147
148
149
131
130
130
131
132
133
133
158
156
153
150
150
153
156
160
150
151
152
133
134
134
134
134
133
132
132
147
151
156
INDEX NUMBERS OF COST OF LIVING
1923
June
July....
Aug
Sept
Oct.....
Nov....
Dec
156
157
156
157
168
157
168
1,151,300
1,090,300
1,049,600
1,084,100
1,102,700
1,114, 900
1,124,900
419
429
439
453
458
463
470
933
921
892
903
901
898
909
169
169
171
173
175
175
177
1924
Jan
Feb
Mar....
Apr
May....
June
July
Aug
Sept
157
166
156
154
154
154
155
1,174,000
1,194,000
1,199,600
1,197,300
1,220,900
1, 244, 200
1,239,100
1,314,200
1,316, 200
480
495
610
498
485
492
493
498
503
917
917
908
907
916
923
177
179
178
173
171
169
170
171
172
334
331
345
365
366
45
64
64
61
126
125
491
487
483
487
502
502
499
110
104
107
112
115
112
116
114
510
517
521
522
518
518
512
|
1
» New series: 1921=100.
174
236
173
230
178
231
179
236
173
244
170
172
178
178
174
177
182
161
160
161
165
165
164
164
166
166
164
164
164
167
168
146
146
148
148
149
150
150
178
190
180
195
180
186
182
180
163
162
162
159
159
158
169
168
168
166
166
168
169
166
150
149
148
145
143
143
143
145
156
152
150
i First of the month
figures.
. • Massachusetts Commission on the Necessaries of Life.
Information as to the number of foods included and the items entering into the cost of living indexes is available in the board's office. The
original bases of the indexes have been shifted to July, 1914, wherever possible. »
810
FEDERAL EESEEYE BULLETIN
OCTOBER, 1924
BANKING AND FINANCIAL STATISTICS
CONDITION OF FEDERAL RESERVE BANKS
EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR AUGUST AND JULY, 1924
[Daily averages. Amounts in thousands of dollars]
Total earning assets
Total cash reserves
Federal reserve notes
in circulation
Total deposits
Reserve percentages
Federal reserve bank
August
July
July
August
August
July
August
July
August
July
Boston
_._
New York
Philadelphia
Cleveland
Richmond,.Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o . . .
62,597
222,483
54,915
73, 587
40,248
33,427
110, 955
33, 423
41, 651
44, 770
51, 887
76, 591
49, 844
215, 294
67, 885
68, 970
52, 647
32, 666
108, 508
29, 462
40, 833
46, 380
47, 832
75, 678
296,210
975,294
262,132
328, 598
103, 828
155, 391
456, 751
107, 992
73,969
105, 723
46, 329
299, 238
302, 203
978, 512
270, 033
332, 224
91, 504
161,015
467, 584
114,891
78, 340
101, 462
49,158
301, 787
137,295
852,808
124, 716
174, 570
64, 548
66,435
314,326
73,968
47, 924
84, 826
49,458
158, 662
138, 866
834, 027
123,951
171, 623
64, 070
56, 817
307, 753
74,938
48,352
82, 358
49, 963
156, 834
197,630
317,822
169, 968
206,165
69, 550
132, 275
230, 988
58,201
64,205
64,118
41, 904
204, 644
199,708
336, 802
182, 600
210,069
71, 515
136, 481
247,201
60,648
67,621
63, 833
40, 653
208,129
88.4
83.3
89.0
86.3
77.4
82.3
83.8
81.7
66.0
71.0
50.7
82.4
89.3
83.6
88.1
87.0
67.5
83.3
84.3
84.7
67.6
69.4
54.2
82.7
Total: 1924
1923
1922
1921
1920
1919
836, 534
1, 078, 204
1, 053, 098
1, 841, 596
3, 233, 862
2, 442, 627
825,899
1,119, 787
1,127,888
2, 012, 699
3, 200,973
2, 478, 863
3, 211, 455
3,194, 364
3,195, 502
2, 740, 388
2,127, 305
2,146, 003
3, 248, 713
3,181, 220
3,158, 276
2, 655,179
2,118,899
2,176, 779
2,139, 536
1,890,069
1,869, 524
1,691,137
1,885, 062
1,911, 769
2,109, 552
1,919, 779
1, 882,118
1, 696, 481
1, 909, 221
1,959, 758
1, 757, 470
2, 228,947
2,151,185
2,512, 348
3,165,222
2, 544, 357
1, 825, 260
2, 242,143
2,157,405
2,604, 750
3,143,465
2,523,960
82.4
77.6
79.7
65.2
143.7
'50.0
82.6
76.4
78.2
61.7
'43.7
•50.4
1
Calculated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 27 TO SEPTEMBER 17, 1924
RESOURCES
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
2,059,620
2,019,186
2,035,611
2,038,632
206,010
207,325
209,286
210,620
619,956
569,936
569,895
569,868
186,787
184,633
183,625
184,022
215,450
214,901
216, 685
215,891
49,101
48,106
53,470
52, 311
118,483
122,972
127,797
128,881
236,444
236,406
236, 387
236,350
57,463
56,610
55,829
55,479
53,778
53,800
54,367
55,232
60,388
61,604
61,079
60,292
26,447
29,888
33,374
38,881
230,313
233,005
233,817
230,805
43,314
29,937
36,891
36,638
7,011
3,889
6,077
3,991
6,718
5,413
4,084
7,901
10, 860
2,196
4,355
5,071
3,036
2,380
3,197
2,548
3,147
3,291
1,955
2,137
1,838
1,756
2,286
1,521
2,609
1,835
5,738
4,721
2,567
2,985'
3,239
3,107
765
1,017
1,117
962
2,653
2,087
2,191
2,481
1,591
1,743
1,639
1,620
519
1,345
1,013
578
2,102,934
2,049,123
2,072, 502
2,075, 270
212,021
211, 214
215,363
214, 611
626,674
575,349
573,979
577,769
197, 647
186,829
187,980
189,093
218,486
217,281
219,882
218,439
52,248
51,397
55,425
54,448
120,321
124,728
130,083
130,402
239J053
238,241
242,125
241,071.
60,030
59, 595
59,068
58,586
54,543
54,817
55,484
56,194
63,041
63,691
63,270
62,773
28,038
31,631
35,013
40,501
230,832
234,350
234,830
231,383
608,095
656,187
619,422
611,304
52,531
58,565
47,433
46, 401
137,296
156,954
158*109
220,737
33,504
40,139
37,801
33,170
87,070
84,182
82, 493
60,574
38,463
39,849
34, 518
30, 769
16,148
18,789
15, 537
22,568
136,042
145,113
135,656
110,642
24,719
29,158
18,150
13,357
7,853
9,712
10,171
7,871
33,144
30,910
32,073
31,200
9,436
10,009
8,012
7,898
31,889
32,807
39,469
26,117
404,238
375,705
392,995
394,919
19,645
19,156
21,724
21, 536
187,149
165,475
171,738
173, 632
26,773
26,809
27,711
26,721
18,004
17,875
17,892
18,285
11,655
11,945
12,429
12,832
7,494
7,568
7,396
7,050
69,317
63,799
70,914
72,864
9,412
9,119
9,615
9,490
8,833
8,573
8,245
8,190
5,093
4,862
4,460
3,964
6,732
6,697
6,832
6,899
34,131
33,827
34,039
33,556
Total gold reserves:
Aug. 27
3,115,267
3,081,015
Sept. 3
Sept. 10
: 3,084,919
Sept. 17
3,081,493
284,197
288,935
284,520
282,548
951,119
897,778
903,826
972,038
257,924
253,777
253, 492
248,984
323, 560
319,338
320,267
297,298
102,366
183,191
102,372
98,049
143,963
151,085
153,016
160,020
444,412
447,153
448,695
424, 577
94,161
97,872
86,833
81, 433
71, 229
73,102
73,900
72,255
101,278
99,463
99,803
97,937
44,206
48,337
49,857
55,293
296,852
300,984
308,338
291,056
Gold with Federal
reserve agents:
Aug. 27.
Sept. 3
Sept. 10
Sept.17
Gold r e d e m p t i o n
fund with U. S.
Treasury:
Aug. 27
Sept. 3
---.
Sept. 10
Sept. 17
Gold held exclusively
against Federal reserve notes:
Aug. 27
Sept. 3
Sept.10
Sept.17
Gold settlement fund
with Federal Reserve Board:
Aug. 27
Sept. 3
Sept. 10
Sept.17
Gold and gold certificates held by
banks:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Francisco
811
FEDERAL RESERVE BULLETIN
OCTOBEK, 1924
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 27 TO SEPTEMBER 17,1924—Con.
RESOURCES—Continued
Total
Reserves other than
gold:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Total reserves:
Aug. 27
:.
Sept. 3
Sept. 10
_..
Sept. 17
Nonreserve cash:
Aug. 27
Sept. 3
Sept. 10
Sept. 17._
Bills discounted:
Secured by U. S.
Government
obligations—
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Other bills discounted—
Aug. 27
Sept. 3
Sept. 10..
Sept. 17
Total
bills
counted:
Aug. 2 7 . . .
Sept. 3
Sept. 1 0 . . .
Sept. 1 7 . . .
87,116
78, 748
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
83,919
8,717
7,272
8,163
7,477
17,158
14,417
19, 629
16, 624
3,797
3,122
2,605
2,051
4,339
4,876
4,812
5,064
3,224
3,080
3,976
3,533
10, 246
9,204
9,417
9,257
3,202,383
3,159, 763
3,171, 839
3,165, 412
292,914
296, 207
292,683
290, 025
968, 277
912,195
923, 455
988, 662
261,721
256, 899
256, 097
251,035
327, 899
324, 214
325,079
302, 362
105, 590
106,271
106,348
101, 582
154,209
160,289
162, 433
•169, 277
44, 469
37, 993
44,543
3,101
2,548
3,747
3,767
12, 614
10, 495
15, 789
14,484
1,290
1,408
1,320
1,190
2,833
2,317
2,860
4,006
2,184
1.1""
1,950
1,932
4,212
- 3, 726
3,903
3,446
5,932
5,364
5,911
5,624
77, 938
118, 073
84, 931
83, 601
5,025
5,114
4,949
4,291
19,973
59, 925
20,720
16,171
12,957
11,935
11,104
10, 614
10, 862
17,944
24,224
8,113
8,147
9,199
9, 234
2,917
2,637
1,986
1,750
184, 622
183, 876
176, 299
174,366
6,578
6,812
5,226
4,054
13,761
14,865
15,803
17, 255
6,840
7,309
6,840
6,237
6,192
5,875
4,571
5,293
26,107
26,546
26, 513
29,303
262, 560
301,949
261, 230
257,967
11, 603
11,926
10,175
8,345
33,734
74, 790
36, 523
33, 426
19,797
20,197
18,775
17, 341
16,806
16, 737
22, 515
29, 517
34,220
34,693
35, 712
38, 537
69,583
92,491
99,212
4,451
7,973
6,940
8,479
33,472
43,609
51,194
46,035
785
1,612
1,563
1,752
933
3,024
6,662
8,073
32, 391
32,-883
34,044
35,951
1,040
1,039
1,039
1,039
4,902
4,902
4,902
4,902
749
749
749
749
4,115
4,115
4,115
5,115
1,191
1,191
1,191
1,191
704
743
835
945
6,369
7,029
7,979
391,489
391, 532
412, 378
397,863
27,906
27,907
28, 739
26, 796
133, 092
133, 092
140, 585
136, 394
25, 355
25, 355
25, 771
25,426
39,322
39, 322
41, 824
38,229
2,938
2,939
2,811
1,106
1,147
1,356
1,372
117,746
117,730
121, 766
184, 915
9,305
9,305
9,455
15, 922
39,045
39,045
40,395
80,301
5,033
5,033
5,108
5,715
12,779
12, 779
13, 229
18, 400
995
995
1,123
541,626
542,145
568,188
6.18, 729
38, 251
38, 251
39, 233
43, 757
177,039
177,039
185,882
221, 597
31,137
31,137
31,628
31,890
56,216
56, 216
59,168
61, 744
5,200
1,750
1,750
1,750
1,750
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
1,525
1,314
3,095
2,564
2,''""
2,642
6,825
7,061
7,437
8,537
3,411
3,066
3,168
3,133
73, 299
74, 731
75,425
73, 569
104, 373
102,027
102,411
100, 579
51,031
55,398
57, 294
63,835
300, 263
304,050
311, 506
294,189
3,770
2,931
3,212
2,963
1,118
664
765
630
2,656
2,384
2,382
2,222
2,020
1,732
1,721
1,." "
2,739
2,598
2,538
8,501
8,482
8,938
7,636
3,877
3,677
4,819
376
373
323
253
654
691
746
580
2,718
3,008
2,648
1,800
2,194
2,069
1,866
1,739
26,966
26, 701
23, 964
23, 713
23,310
22, 007
21, 694
20, 775
14, 700
16, 200
16,583
18, 323
13,508
13,190
12,424
11,810
10, 782
10,248
9,914
9,619
20,178
19, 267
18, 577
13, 747
15,700
14,856
14,190
14,237
29,883
29, 338
25, 950
25, 463
31, 811
30,489
30,632
28, 411
18,596
20,077
20, 260
23,142
13, 884
13,563
12, 747
12,063
11,436
10, 939
10, 660
10,199
22,896
22, 275
21, 225
15, 547
17,894
16,925
16,056
15, 976
1,317
1,349
1,601
1,920
4,182
5,613
9,327
10, 211
2,568
3,758
129
273
908
1,647
130
534
2,138
3,676
1,985
1,753
2,965
3,889
3,194
6,625
9,772
600
600
600
7,970
7,761
8,073
8,036
1,802
1,805
1,611
1, 613
1,834
1,834
1,834
1,834
1,115
1,115
1,116
1,119
52, 546
52,546
54,836
53,143
11, 634
11, 634
12,883
12, 715
14, 930
14,930
15, 579
15,047
23,576
23, 576
24,828
24, 405
18, 990
18, 990
20,030
19,469
40,094
40,094
43,008
42,056
352
356
399
535
15, 971
15, 971
16, 383
19, 638
2,640
2,640
2,865
3,819
4,295
4,266
4,609
5,296
6,739
6,749
6,974
8,909
5,686
5,686
5,924
7,141
14, 905
14,905
15, 430
18,216
5,125
5,125
5,125
5,125
2,162
2,246
2,590
2,852
74,886
75,546
79,198
81, 489
14, 874
14,874
16, 348
17,134
27,195
26, 957
28,261
28,379
32,117
32,130
33, 413
34, 927
26, 510
26, 510
27, 788
28,444
56,114
56,114
59,554
61,391
39, 345
39, 818
40, 837
43, 662
43,189
47,088
50, 525
62,316
33, 362
32,933
30,141
30,235
110, 879
111, 648
119,157
120, 111
33,477
35,600
39,176
44,034
41, 208
40,793
41,916
42,089
43, 683
43,603
46,211
48,802
51, 391
50, 538
51,978
47,880
75,906
76, 233
82,235
87,139
22, 892 66,092
26, 374 78,846
26, 502 71, 725
33, 242 102, 874
27,249
31,422
31, 780
36, 504
11,588
12, 584
13,181
16,002
34, 710
39,022
40, 862
46, 332
21, 810
25, 697
29, 733
31,946
33,397
36,948
36, 447
46,336
10, 795
9,547
9,858
10, 607
13, 439
12, 910
13, 722
455, 207 107, 600
456, 700 110, 782
458, 553 100, 555
435,184 95,113
2,070
•1.1""
dis-
Bills bought in open
market:
Aug. 27
Sept. 3 . .
Sept. 10
Sept. 17
XJ-. S. Government
securities:
Bonds—
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Treasury notes—
Aug. 27
Sept. 3 .
Sept. 10
Sept. 17
Certificates of indebtedness—
Aug. 27
Sept. 3
Sept. 1 0 . . .
Sept. 17
Total U. S. Government securities:
Aug. 2 7 . .
Sept. 3
Sept. 10
Sept. 17.
All other earning asAug. 27..
Sept. 3 . .
Sept. 10.,
Sept. 17.,
Total earning assets:
Aug. 27
Sept. 3 .
Sept.10
Sept.17
Uncollected items:
Aug. 17
Sept. 3
,
Sept.10.
Sept. 17
|
1,750
1,750
1,750
1,950
855,225
915, 427
923, 659
982, 858
54,305
58,150
56,348
60, 581
244, 245
295, 438
273, 599
306,258
53,469
54,696
53,716
52,733
73,955
75,977
88,345
99,334
511,052
590, 970
580, 589
775,917
44,036
50, 615
49,681
64, 936
110,117
135,178
128, 380
189, 053
47, 217
54,058
51,011
74,493
48, 755
53,138
50,762
71, 883
812
FEDERAL RESERVE BULLETIN
OCTOBEB, 1924
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 27 TO SEPTEMBER 17,1924—Con.
RESOURCES—Continued
Total
Bank premises:
Aug. 27
Sept. 3
Sept.10
Sept. 17
All other resources
Aug. 27
Sept. 3
Sept. 10
Sept.17
Total resources:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
59,292
59,323
59, 376
59,672
4,312
4,312
4,312
4,312
16,419
16,426
16,427
16, 433
1,110
1,110
1,110
1,112
9,130
9,130
9,130
9,130
2,528
2,528
2,528
2,528
2,875
2,875
2,875
2,875
8,254
8,264
8,264
8,264
2,252
2,270
2,292
2,524
2,941
2,946
2,950
2,987
4,594
4,595
4,595
4,595
1,912
1,912
1,912
1,912
2,955
2,955
2,981
3,000
31,932
32,322
33, 383
26,464
158
173
212
131
13, 368
13, 520
14,743
8,448
329
365
380
240
338
351
356
204
195
209
198
234
1,922
1,924
1,909
1,891
586
585
641
663
141
144
144
144
5,280
5,320
5,273
5,200
1,261
1,274
1,238
1,065
3,548
3,687
3,599
3,562
4,80ft
4,77ft
4,690
4,682
4, 704,353
4, 795, 798
4,814,944
5,054, 866
398,826
412,005
406,983
423, 752
365,136
368, 536
363, 634
380,803
462,910
465,127
476, 532
486,919
193,031
197, 740
202,386
212, 254
219,472
228,121
227, 763
240,666
646,960
661, 407
664, 251
672,720
174,489
183,149
177,159
181,282
135,434
137, 038
139, 510
140, 477
191,277
192,905
197, 699
203, 595
131,712
138,964
146, 237
150,728
1, 365, 040
1, 383, 252
1,372,393
1, 523, 338
420,
427,
440,
438,
066
554
397
032
LIABILITIES
Federal reserve notes
in actual circulation:
Aug. 27 _
Sept. 3
Sept. 10
Sept. 17
Deposits:
Member bank—
r e s e r v e account—
Aug. 27
Sept.-3
Sept.10
Sept.17
Government—
Aug. 2 7 . . .
Sept. 3 . . . .
Sept. 10
Sept. 17.
Other deposits—
Aug. 27
Sept. 3 . .
Sept. 10
Sept. 17
Total deposits:
Aug. 27
Sept. 3._
Sept.10
Sept. 17_
_
Deferred availability
items:
Aug. 27
Sept. 3
Sept. 10_
Sept. 1 7 . . .
Capital paid in:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Surplus:
Aug. 2 7 . . .
Sept. 3
Sept. 10
Sept. 17
All other liabilities:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Total liabilities:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
,740,709
, 760,757
,750,670
,734, 666
197,168
202,902
200,633
197,472
311,733 163,974 209,920
312,052 164,913 208,900
306,741 157,929 212,574
304,218 154,358 206,761
68,644
71,143
71,324
71,220
130,874
133, 632
134,114
134, 595
226,085
225,725
222, 581
219,460
56,966
57,404
56,400
56,515
63,501
64, 232
64,546
64,340
64,679
64,744
64,990
43,139
46, 647
49,323
50,772
204,365
208, 528
209,761
209,477
082,481
101,923
138,893
261,255
136,320
133, 504
138,073
836,751
845,897
842, 563
962,042
123,734
120,258
126,962
130,603
168,422
166, 505
178,227
178, 616
62,004
62,881
63,407
62,870
54,967
57,476
57,472
63,965
311,422
313,700
324,842
320,134
70, 538
75,321
70,474
71,608
46,976
45,958
47, 647
46, 268
76,326
75,309
79,560
81,347
47,860
49, 591
51,058
51,456
150, 292
152,707
163,177
154,373
33,023
35,150
29,741
6,339
1,826
620
867
202
8,247
4,599
4,373
3,487
3,187
3,857
145
1,575
1,904
2,226
154
2,695
2,694
1,512
627
2,486
2,664
2,456
887
1,226
9,468
5,883
262
2,929
2,361
2,471
620
1,000
1,205
1,316
517
3,134
1,940
1,794
827
2,015
1,961
1,536
390
2,403
2,547
1,450
712
34,860
32,150
31,734
29, 583
172
148
163
467
23,507
20,781
21,074
18, 762
296
857
313
475
1,014
1,282
959
1,008
206
236
189
237
112
107
110
128
1,193
1,704
1,100
738
1,099
353
382
302
306
409
2,294
1,376
1,325
1,178
174
318
297
310
4,635
5,017
4,706
4,552
2,150,364
2,169,223
2,200,368
2,297,177
135,187
137,088
134,534
138,742
868,505 127, 517 171,011
871,277 124,302 169, 691
868,010 131,132 181,412
981,800 131, 223 179,778
64,905
65,811
65,108
63,734
57, 565
60,247
60,038
64,980
313,616
324,156
331,918
322,100
74, 567
78,420
74,044
72,481
48,358
47,465
49,269
47,194
81, 754
78, 625
82,679
83, 352
50,049 157, 330
51,870 160,271
52,891 169,333.
52,156 159, 637
468,103
520,905
518,542
678,050
41,875
47,393
47,172
62,919
93,096
108,277
105,881
145,616
42,918
48, 611
43,834
64, 526
44,664
49,257
45,210
63,079
41,038
42,323
47, 476
58,844
16, 058
19, 293
18,676
26,484
60,274
64, 613
62,748
84,209
27,283
31, 677
31,045
36,629
11, 369
13,121
13, 462
16,231
30, 703
35,130
35, 767
40,794
24,976
26, 917
30, 474
34,282
33,849
34,293
36, 797
44,437
112,014
112,003
111, 989
112,032
8 006
8,006
8,005
8,004
30,189
30,192
30,192
30,201
10,382
10,392
10,392
10, 392
12, 705
12, 705
12, 705
12,705
5,877
5,877
5,877
5,879
4,595
4,591
4,579
4,578
15.188
15.189
15,189
15,199
5,118
5,118
5,118
5,118
3 375
3,373
3,373
3,373
4,382
4,366
4,365
4,365
4,149
4,148
4,148
4,148
8,046
8,046
8,070
220, 915
220,915
220, 915
220, 915
16,390
16,390
16,390
16, 390
59,929
59, 929
59,929
59, 929
19, 927
19, 927
19,927
19, 927
23, 691
23, 691
23,691
23,691
11, 672
11, 672
11,672
11, 672
8,950
8,950
8,950
8,950
30, 426
30,426
30, 426
30, 426
10,072
10,072
10,072
10,072
7,484
7,484
7,484
7,484
9,496
9,496
7,577
7,577
7,577
7,577
15,301
15, 301
15, 301
15, 301
12, 248
11, 995
12,460
12,026
200
226
249
225
1,588
1,525
1,640
1,574
418
391
420
377
919
883
940
905
895
914
929
905
1,430
1,408
1,406
1,379
1,371
1,298
1,389
1,326
483
458
480
467
1,347
1,363
1,376
1, 367
602
609
648
598
1,822
1,805
1,824
1,793
1,173
1,115
1,159
1,110
4, 704, 353
1, 365,040 365,136 462,910 193,031
465,127 197, 740
4, 795, 798 412,005 1, 383, 252
4,814, 944 406,983 1,372, 393 363, 634 476, 532 202, 386
'5, 054, 866 423, 752 1, 523, 338 380, 803 486, 919 212, 254
219,472
228,121
227, 763
240, 966
174, 489
183,149
177,159
181, 282
135,434
137,038
139, 510
140, 477
191, 277
192, 905
197, 699
203, 595
646,960
661, 407
664, 251
672, 720
131, 712
138, 964
146, 237
150, 728
420, 066
427,554
440, 397
438, 032
813
FEDERAL. RESERVE BULLETIN
OCTOBER, 1924
KESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST27 TO SEPTEMBER 17,1924—Con.
LIABILITIES—Continued
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
82.0
77.1
78.6
76.9
87.9
86.1
85.6
82.5
78.2
79.1
77.6
77.9
75.3
81.8
82.7
83.7
84.8
84.3
83.1
82.7
80.4
81.8
81.6
77.1
73.7
6,334
6,693
5,550
2,763
2,681
2,329
2,108
3,333
3,233
2,809
2,543
1,624
1,575
1,369
1,239
1,253
1,216
1,057
956
4,245
4,118
3,578
3,238
1,396
1,354
1,177
1,065
Atlanta Chicago
St.
Louis
San
Francisco
Minneapolis
Kansas
City
65.5
71.4
71.2
69.5
54.8
56.2
56.1
62.0
83.0
82.4
82.2
79.7
1,310
1,271
1,105
1,000
1,082
1,050
912
2,165
2,100
1,825
1,652
Dallas
MEMORANDA
H a t i o of total reserves
to deposit a n d Federal reserve note liabilities combined—
per cent:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Contingent liability
on bills purchased
for foreign correspondents:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
82.3
80.4
80.3
78.5
88.1
87.1
87.3
86.3
28,280
25,927
23, 718
20, 959
66.3
65.7
1,026
995
782
MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS
COMBINED
[In thousands of dollarsj
Total
Bills discounted:
Aug. 27..._
Sept. 3
Sept. 10
,
._
Sept. 17
_
Sills bought in open market:
Aug. 27..._
_.
Sept. 3
Sept. 10.
Sept. 17
United States certificates of indebtedness:
Aug. 27
_
Sept. 3.
Sept. 10....
Sept. 17....
Within 15
days
16 to 30
days
31 to 60
61 to 90
days
From 91
days to
6 months
262,560
301,949
261,230
257, 967
122,499
164, 526
129, 354
137, 243
28, 218
36, 331
36, 812
31, 591
58,153
51,051
52, 324
47, 631
36,348
30, 811
31,843
16,928
13,131
11,528
9,260
49,289
69, 583
92, 491
99,212
10,906
23, 617
24,075
20,121
9,006
8,381
13, 595
14,200
8,261
10, 290
17,916
23, 902
12, 794
19, 074
29,566
32,438
8,322
8,221
7,339
8,551
1,000
1,001
3
98, 421
102, 786
103,040
104,021
23,152
117,746
117, 730
121,766
184, 915
35,001
Over 6
months
414
424
401
14,960
13,689
17, 742
27, 341
814
FEDERAL, RESERVE BULLETIN
OCTOBER, 1924
FEDERAL RESERVE NOTES
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, AUGUST 27 TO SEPTEMBER 17, 1924
[In thousands of dollars]
Total
Dallas
San
Francisco
102,545
88,831 102,160
88, 398 101,635
89,123 102, 049
71, 335
70, 776
74, 263
73, 769
312, 457
313,110
311, 221
316,350
26,100
26,100
26,100
26,100
21,990
21, 657
20, 797
21,177
31, 893
31, 693
30,033
30,533
21, 937
18, 937
18,107
16,907
70, 400
69, 60O
65,600
69,500
67,123
66, 270
66,899
67,174
67, 601
67,946
70, 652
70, 467
71, 602
71, 516
49, 398
51, 839
56,156
56,862
242, 057 •
243, 510
245,721
246,850
NewYork
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas
City
apolis
294,697
292, 012
288,973
294, 307
855,960
853,195
852, 357
851, 565
255, 634
253,480
250,473
248, 870
276, 663
273,114
275, 798
281, 284
115,780
114, 785
117,109
115,950
218,802
218, 292
224, 016
223, 601
474,862
471, 737
471, 595
471,011
93,223
92, 370
91, 588
91,238
77, 750
73,350
66, 750
72, 950
235,120
235,120
235,120
235,120
52, 200
52,200
50, 400
48,400
51, 020
48,020
44,620
51, 700
37,710
35,190
36,400
36,400
72,985
69, 795
73, 735
71, 835
229, 540
227,940
230,040
231, 420
216,947
218,662
222,223
221, 357
620,840
618,075
617, 237
616,445
203,434
201, 280
200, 073
200,470
225, 643
225,094
231,178
229,584
78, 070
79, 595
80, 709
79, 550
145, 817
148, 497
150, 281
151,766
245, 322
243, 797
241, 555
239,591
35,300
35,300
35,300
35, 300
238, 531
238, 531
238, 531
238, 531
7,800
7,800
7,800
7,800
8,780
8,780
8,780
8,780
11, 710
9,025
15,986
12,320
30.425
30, 405
30,364
30, 337
Boston
Net amount of Federal reserve notes
r e c e i v e d from
Comptroller of the
Currency:
3,160,847
Aug. 27
3,143,862
Sept. 3
3,147, 426
Sept. 10
Sept. 17
_. 3,159,117
Federal reserve notes
on hand:
Aug. 27
_- 928, 645
909,602
Sept. 3
897, 602
Sept. 10
912,042
Sept. 17
Federal reserve notes
outstanding:
2, 232, 202
Aug. 27
2, 234, 260
Sept. 3
2, 249,824
Sept. 10
2,247,075
Sept. 17
Collateral security
for Federal reserve
notes outstanding:
Gold and gold
certificates—
Aug. 27
331, 504
Sept. 3
331, 504
Sept. 10
331, 504
Sept. 17
331, 504
Gold redemption
fund—
Aug. 27
107, 736
105, 088
Sept. 3
111, 360
Sept. 10
113,459
Sept. 17
Gold fund—Federal
Reserve
Board—
1,620,380
Aug. 27
1, 582, 594
Sept. 3
1, 592, 747
Sept. 10
1,
Sept. 17
Eligible p a p e r Amount required—
Aug. 27. 172, 582
Sept. 3- 215, 074
Sept. 10- 214, 213
Sept. 17. 208, 443
Excess amt.
held—
Aug. 27- 129,851
Sept. 3- 141, 878
Sept. 10- 123,069
Sept. 17. 139, 926
158,000
163, 000
158,000
163, 000
10, 098 11, 670
12, 944 11,121
9,936 .12,905
13, 333 12, 111
3,500
3,500
3,500
3,500
65,138
9,985
9,985
9,985
13, 052
13, 052
13, 052
13, 052
14, 556
14, 556
14, 556
14, 556
3,806
2,811
1,675
3,516
4,983
4,472
8,297
7,381
5,799
5,761
5,742
5,705
3,478
3,625
2,844
3,494
1,226
1,248
1,315
1,680
5,028
4,244
3,719
4,932
3,391
16,122
. 3,832 15,600
3,318 15, 259
3,825
14, 825
351,000 168,889
301, 000 163, 889
301,000
301, 000
195,000
195,000
195,000
195, 000
45,295
45, 295
51,795
48, 795
110,000
115,000
116, 000
118,000
230,645
230, 645
230, 645
230, 645
44,000
43,000
43,000
42, 000
39,500
39,500
40,000
40, 500
55, 360
57, 360
57,360
55, 360
8,500
11,500
15, 500
20, 500
214,191
217, 405
218, 558
215,980
13,121
13, 374
13, 234
12, 714
10,264
8,863
10,523
11,224
22, 951
21, 951
22, 782
17, 981
11, 744
10, 505
11,904
16,045
647
125
38
543
1,095
2,403
2,075
2,463
1,671
2,026
1,380
1,435
6,374
7,951
9,227
8,122
11,937
11,337
12, 937
10, 737
48,139
47,342
46, 577
16, 647
16, 647
16, 448
16,448
10,193
10,193
14,493
13, 693
31,489
27,239
27, 239
27, 334
25,525
22, 484
22, 885
8,878
7,391
5,168
3,241
9,660
9,660
9,659
9,659
4,117
8, 562
4,178
6,087
63, 039
62, 855
31, 342
29,358
1,720
1,053
355
7,462
8,356
12, 732
23,427
4,876
3,080
8,173
11,176
3,845
5,141
"5, 021
4,447
28,604
34,694
35,284
8,929
11, 055
13,156
17, 229
815
FEDERAL. RESERVE BULLETIN
OCTOBBB, 1924
EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON,
AUGUST, 1924
[Amounts in thousands of dollars]
Phila- Clevedelphia land
Richmond
San
St.
AtMinne- Kansas
lanta Chicago Louis apolis City Dallas Francisco
250,534
55,895
76,448
40,444
34,370
113,182
36,766
41,131
43,864
51,592
76,537
37,367
36,128
177, 039
21,248
1,760
31,137
1,750
18,280
1,952
56,216
35, 319
5,125
30,700
1,438
2,232
32,332
5,585
75,265
21,325
567
14,874
13,895
293
26,943
11,242
492
32,130
22, 706
2,001
26,885
17,482
2,941
56,114
271
1
119
298
287
216
44
27
2
18
84
59
5,570
22,014
4,900
9,833
434
11,084
1,940
3,481
780
172
525
8,414
1,096
16, 782
8,186
15
539
2,427
977
15,419
10, 746
551
364
8,674
144
11, 501
11,350
310
347
1,773
10, 380
1,066
17
600
190
1,853
2,936
5,645
619
4,553
160
6,675
9,102
652
156
2,988
768
8,056
7,792
2 842
176
1,965
3,067
3,406
7,130
1 557
298
35,319
30,700
32,332
21,325
13,895
11,242
22,706
17,482
Total
Boston
New
York
876,732
55,969
Bills discounted for members.-_ 274,668
58,103
Bills bought in open market
542,211
U. S. Securities
•,
1,750
All other earning assets
12, 772
4,946
38, 251
HOLDINGS ON AUGUST
30, 1924
Total earning assets
Bills discounted
Customer's paper secured by
Government obligations
Member bank collateral notes:
Secured by Government
Otherwise secured
Commercial paper, n. e. s
Agricultural paper
Trade acceptances, "domestic
Total discounted bills
1,426
82, 054
16, 255
89,318
70,097
12,506
3,012
~~6~694~
788
1
48
185
13,455
2,666
4,445
473
5
85
274,668
12, 772
37,367
21, 248
18,280
33> 877
16, 292
7,208
726
1,823
1,970
1,153
24,524
9,249
2,049
306
1,020
273
467
1,200
361
341
50
1,120
318
2 153
1,828
1,304
300
377
110
80
202
79
12
180
72
240
831
519
611
40
1 567
711
633
30
58,103
4,946
36,128
1,760
1,952
1,438
5,585
567
293
492
2,001
2,941
14,464
21, 727
1,320
1,198
7,905
13,251
771
969
477
527
317
830
2,081
2,778
121
265
33
135
150
260
209
622
1,080
892
9,638
7,798
1,763
507
5,589
5,905
140
680
291
706
20
80
20
65
52
52
3
582
458
370
153
4,476
158
3,478
20
. 81
8
27
130
446
32, 571
391, 532
118,108
1,039
27,907
9,305
4,902
133,092
39,045
749
25, 355
5,033
4,115
39, 322
12, 779
1,191
2,939
995
732
1,147
353
6,749
52, 546
15,970
600
11, 634
2,640
7,740
14,930
4,273
1,805
23, 576
6,749
1,834
18,990
6,061
1 115
40,094
14,905
542,211
38, 251
177,039
31,137
56,216
5,125
2,232
75,265
14, 874
26,943
32,130
26,885
56,114
836, 534
269, 665
28,371
536,958
52, 597
11, 653
2,992
37, 952
222,483
31, 890
14,138
176,455
54,915
21,316
1,031
31, 028
73, 587
16, 931
1,155
55,501
40, 248
35,123
33, 427
30, 357
1,124
1,946
110,955
34, 763
2,238
73, 954
33,423
18,870
60
14,493
41, 651
14, 218
223
27, 210
44,770
12, 562
548
31, 660
51,887
22,428
3,236
26,223
76, 591
19, 554
1,626
55, 411
2,607
914
60
1,628
160
35
6
119
632
91
28
513
177
64
2
106
225
56
3
166
137
122
113
104
3
6
358
124
4
230
110
68
42
142
54
1
87
148
47
1
100
169
81
8
80
236
68
4
164
3.67
3 99
2.49
3.57
3.58
3.53
2.33
3.70
3.34
3.36
2.34
3.42
3.80
3.52
2.61
4.01
3.60
3.91
2.96
3.53
4.00
4.08
4.10
4.15
3.62
3.59
3.80
4 19
2.37
3.65
3.87
4.23
2.50
3.43
4.02
4.50
2.70
3.78
3.90
4.42
2.69
3.71
3.83
4.28
2.74
3.59
3.62
4.11
2.64
3.48
Bills bought
Bankers' acceptances:
-
Foreign, exports
Dollar exchange
Total purchased bills. -
•
Purchased Bankers' Acceptances, by Classes of Acceptors
National banks
-
Nonmember banks and banking
Branches and agencies of foreign
banks
128
U. S. Securities
U. S. bonds
Treasury notes
Certificate of indebtedness
Total U. S. securities
DAILY AVERAGE HOLDINGS DURING AUGUST
Bills discounted
Bills bought
U. S. securities
-
5,125
EARNINGS DURING
AUGUST
Bills discounted
Bills bought
- -
15
ANNUAL RATE OF
EARNINGS
Bills bought
U. S. securities
3.41
' Including Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $1,540,000; earnings, $5,000; rate of
earnings,
4.13 per cent.
2
Less than $500.
816
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS
FOR AUGUST, 1924
[Amounts in thousands of dollars]
Minneapolis
Kansas
City
San
Dallas Francisco
26,633
13,255
7,436
18,229
38,130
38,921
5,296
24,190
567
3,720
164
4,203
402
14,633
892
26,282
2,561
689
7,440
1,876
9,371
2,831
2,704
9,287
164
98
24
16
7
30
36
33,173
4,643
2,389
207
15
35, 625
1,938
8,178
2,554
5
8,152
1,350
11,473
1,567
35
27,147
299
8,551
2,794
11,112
1,135
9,938
1,763
73
857
522
1,172
951
208
1,464
425
669
676
931
6,273
1,282
4,501
1,642
562
14,861
7,568
2,023
1,089
532
67
55
279
27
320
106
66
87
9
1
31
343
212
131
27
146
116,154
54,655
40,787
48,807
23,022
38, 921
24,190
3,720
4,203
14,633
26,282
3.50
12.83
3.10
11.21
3.50
12.77
3.72
13.42
4.00
18.59
4.00
39.95
4.00
27.74
4.00
34.02
4.50
54.03
4.00
52.41
4.00
38.35
3.90
18.45
428,081
100.0
22, 319
5.2
68,295
16.0
36, 640
8.6
28,693
6.7
47,641
11.1
48,234
11.2
56,695
13.2
43,087
10.1
10, 526
2.5
11, 481
2.7
29,037
6.8
25,433
5.9
9,732
421
850
736
873
624
3,052
31.4
129
30.6
241
28.4
296
40.2
263
30.1
49, 041
7,843
470
3,908
1,832
35, 374
2,659
310
816
314
57, 354
5,740
38, 343
21, 938
5,485
28,795
651
145
340
3,112
1,333
1,191
104
2.25
54.55
Philadelphia
Cleve- Richland mond
Atlanta
57,756
46,588
49,185
24,817
51,657
116,154
38,343
54,655
1,130
40,787
1,153
48,807
23,022
1,106
3,085
13,457
1,471
4,648
378
442
28
13
26
293,484
38,633
77,459
13,985
2,363
16,101
18
16,628
338
1
94,487
12,669
8,588
183
1
44,232
6,784
3,351
221
427
1,715
20
215
428, 508
33,134
3.78
19.05
Total
Boston
New
York
543,599
41,959
167,954
428,508
57,354
33,134
5,740
57,237
St.
Chicago Louis
Volume of Operations
Total discount and open market operations
Bills discounted for member
Bills bought in open market
TJ. S. securities bought in open
market
Bills Discounted
Customers' paper secured by
Government obligations
Member bank collateral notes:
Secured by Government
obligations
Commercial paper, n. e. s
Demand and sight drafts (based
on agricultural products)
Trade acceptances, domestic
Total bills discounted
Average rate (365-day basis)—
Average maturity (in days)
Total reduced to a common
maturity basis (exclusive of
demand and sight drafts)
Number of member banks on
August 31
Number of banks accommodated during the month
Per cent accommodated
Bills Bought in Open Market
Bankers' acceptances:
Dollar exchange
Total bills bought
Distribution by rates charged
(365-day b»sis):
4 per cent
Average rate (365-day basis)—
Average maturity (in days)
Total reduced to a common
1
1
524
1,427
629
928
1,094
843
783
285
54.4
471
33.0
236
37.5
197
21.2
168
15.4
275
32.6
194
24.8
949
204
895
211
3,722
1,574
487
80
152
12
162
240
707
55
130
1,869
662
30
1,130
1,153
1,106
5,296
567
164
402
892
2,561
13, 444
2,297
22, 096
412
94
8
130
967
25
330
64
698
44
17
339
3,822
43
1,431
82
31
454
8
1
155
145
22
235
128
200
564
520
1,364
611
66
2.20
26.78
2.25
59.34
2.27
75.38
2.27
72.45
2.89
46.65
2.17
44.95
2.27
72.93
2.28
83.61
2.24
62.22
2.25
57.61
2.20
42.88
57, 354
100.0
2,818
4.9
41, 710
72.7
1,561
2.7
1,531
2.7
946
1.7
4,365
7.6
758
1.3
251
.4
459
.8
942
1.7
2,013
3.5
5,038
39,851
12,348
2,344
741
10, 225
3,232
1,118
353
3,579
1,069
287
91
432
216
41
1,076
4,836
1,528
1,426
450
2,741
4,330
2,300
786
1,546
499
1,770
934
3
8,174
1,110
57, 237
3,085
13,457
1,471
4,648
378
689
7,440
1,876
9,371
2,831
2,704
9,287
297
47.6 ,
393
34
340
V. S. Securities Bought in
Open Market
Treasury notes
Certificates of indebtedness
Total U. S. securities
1
Includes $500,000 Federal intermediate credit bank debentures.
817
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND UABILITIES OF ALL REPORTING BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM AUGUST 20 TO SEPTEMBER 10, 1924
[In thousands of dollars]
Total
Number of reporting banks:
Aug. 20
,
Aug. 27
Sept. 3
Sept. 10
_
Loans and discounts, gross:
Secured by TJ. S. Government obligations—
Aug. 20
Aug. 27.
Sept. 3
Sept. 10
Secured by stocks and
bonds—
Aug. 20
Aug. 2 7 Sept. 3_
Sept. 10
All other loans and discounts—
Aug. 20
Aug. 27
Sept. 3_
Sept. 10-__
Total loans and discounts:
Aug. 20
Aug. 27
Sept. 3
Sept. 10
U . S . pre-war bonds:
Aug. 20
-.
Aug. 27.._
-..Sept. 3
Sept 10.
U. S. Liberty bonds:
Aug. 20.._
_-Aug. 27
Sept. 3
Sept. 10
U. S. Treasury bonds:
Aug 20
Aug27
_
Sept. 3
_
Sept 10
U . S . Treasury notes:
Aug 20
Aug. 27
___
Sept. 3
_Sept. 10
U . S . certificates of indebtedness:
Aug. 20...
Aug. 27
Sept. 3 . . .
Sept. 10
Other bonds, stocks, and securities:
Aug. 2 0 . . . .
_
. Aug. 27
_
Sept. 3
_
Sept. 10
Total loans and discounts and investments:
Aug. 20
_
Aug. 27
Sept. 3
-Sept. 10
Reserve balance with Federal reserve banks'.
Aug. 20
Aug. 27
- Sept. 3
Sept. 10
,
Cash in vault:
Aug. 20
Aug. 27
Sept. 3
Sept. 10..
_
Boston
747
747
747
747
193,644
192,149
198,015
193,504
New
York
Philadelphia
San
Min- KanCleve- Rich- At- Chicago St. neaposas Dallas Franland mond lanta
Louis lis
City
cisco
104
104
104
104
108
108
108
108
18,481
18, 607
18,463
19,629
i, 372
i,452
i, 453
i, 134
32,707
32,455
33,021
34,101
66
66
66
8,923
8,680
9,085
2,898
2,717
2,804
2,961
4,885
4,802
5,761
6,419
3,310
3,102
3,197
3,233
9,706
9,615
9,582
9,507
661, 506 145,779
677,971 146,287
673,953152,793
680,460 151,473
46,801
46,739
46,729
50,720
81,012
81,117
81,779
82, 721
60,060
59,382
59,134
61,066
196,935
195,914
196,460
194,452
708,301333,071338,60211, 201,029 314,483 175,496 316,038 202,334
707,119 333,141341,7901;
1,203,550 311,727 176,941 316,719 204,657
706', 888 336,680 342', 909 1,198,591 311,048 181,486 318,236 205,624
712, 513 385,525 346,246 1, 213,511 312,653 186,720 320,378 211,339
797,058
799,481
800,409
804,440
80,408
79,846
84,117
76,751
9,719
9,638
9,568
9,641
4,315,746
4,291,482
4,371,749
4,318,093
254,4091 986,359
253,049 1, 944,504
,
264,583 2,004,
004,541
264,:, 855 1942,527
280,172
279,907
284,036
283,487
416,387 124,121
420,211124,645
421, 207 125,656
416, 619 128,532
7,941,846
7,940,247
7,867,547
7,967,561
629,628 2,555,
,388
626,666 2,
!, 549,300
619,6112,477,
1,477,742
625, 583 2.
1,522,968
370,418
369,156
368,323
375,685
12,451,236
12, 423,878
12,437,311
12, 479,158
892, 563 4,622,155
888,145 4, 573,650
,566,400
892, 650 4,
I, 542, 246
898,797 4,
660,309 1,143,169 463, 564 408,516 1,., 895,242 469,185 225,195 401,935 265,704 1,003,699
658,701 1,145,937
i; 145; 937 464;
464,238
238 411,
41i; 3511.
3511,913,976 466, 694 226,397 402,638 267,1411,005,010
661,927 1,146,558
'
468,789 411,295 1,905;
,905,565
565 472;
472,926
926 231',
231,019
019 405,776 267;
267,9551,006,451
668,8131,148,761470,191415,2301.., 928,072 473,092 240,401 409,518 275,638 1,008,399
8,526
8,430
8,456
8,359
7,709
7,805
7,508
7,—
62,205
61,756
60,878
61,181
14,770
14,768
14, 760
14,754
22,545
23,370
23, 366
23,364
14, 808
14,808
14,,"
14,833
8,475
8,475
8,530|
8,530
11,621
11,629
11,629
11,629
18,434
18,434
18,534
18,534
26,900
26,912
26,896
27,009
26,966 10,118
27,824 8,638
26,911 9,360
26,867 9,407
147, 808
145,036
147,022
147,056
24,092
23,197
22,997
23, 549
20,533
20,047
20,019
20,147
39,838
39,134
38,592
38,344
12,738
12,456
12,184
11, 752
116,261
111,428
113,486
114,420
10,987 2,574
11,078 2,574
10,949 2,523
11,143 ,2, 504
230
230
230
230
2,354
2,358
2,152
2,146
1,143
1,143
1,153
1,162
16, 641
16,923
16,657
16,996
120, 027 11,435 19,593 18,103
120,648
19,710 19,018
121, 790 10,793 19,400 20,299
122,867 10,254 19,400 22,425
9,069
9,308
9,339
9,529
34,440
34,063
34,635
33,281
7,113
7,513
7,523
6,480
2,462
2,472
2,384
2,432
2,725
2,725
2,685
2,678
12,786
12,682
12,366
12,422
26,418
26,430
26,729
26,064
59,434
59, 905
60,255
61,505
14,182
14,609
15,025
14,935
161, 079
162, 487
160, 329
158,950
270, 599
267, 380
267,664
15,025
15,023
13, 723
13,698
51, 249
51,505
51,496
51,498
10,692
10, 692
10,692
10,692
46,521
47,146
45, 111
45,661
1,358,748
1,373,124
1,408,588
1, 411,358
84,969
84,945
87,415
87,663
649, 320
658,041
681,816
684, 533
46,441
49,837
50,792
50, 318
179,664
192, 541
197,994
197,302
64,704
65,558
66,998
67, 504
6,860
5,875
5,860
5,860
18,855
18,924
20,598
20,590
2,435
2,892
2,883
2,987
1,970
1,909
2,037
2,040
647, 687
652,413
662, 068
656, 552
11,393
11,376
11,370
11,771
334, 784
337,912
344,581
340,460
25,027
25,703
24,720
23,760
102,456
98, 730
94,830
93,851
6,266
6,366
6,396
6,556
39,716
37,526
34, 532
34,472
5,626
4,970
4,970
4,966
6,178
5,972
5, 629
5,805
2,423
2,203
2,128
1,278
1,284
1,284
1,262
1,249
14,569
13,889
14,156
14,261
1,308
1,128
799
1,252
237,055
237,287
238,895
240,758
333,235
333,180
333, 593
338,934
55,772
56,926
57,122
58,514
41,734
42,689
41,225
40,533
375,802
372,441
374, 514
376,104
91,030
90,933
91, 813
92,344
2,624, 899
2, 630,488
2,633,788
2, 644,058
200,038 1., 029,120
1,031, 649
201,952"'
202, 8791,031,409
203,~1,894 ".,031,523
1
27,840
27,837
27,835
27,462
1,023
1,023
1,102
997
632
629
854
849
55,378 5,016
55,476 5,"""
66, 589 5,
55, 812 3,588
3,422
3,414
3,466
3,405
17,518,610 1,216,114 6,745,199 987, 585 1,766,115 582, 604 480,476 2, 586,980 614,432 307, 557 535,747 323,995
1
,371,806
17,514,790 1,213,682 6, 709,
1,207— 990,082 1, 782,161 585,137482,773
482,7732,
2,600,
600,438
438 610,
610,033
033
308,802
308, 537,154 325,816 1,369, 505
.
17, 570,963 1,220, " i,-"•
730,832 994,879 1,787,511 588,973 482,222
482,222 2,597,362
2,597,362 616;
616,659
659 ,313,450
313,
54lJ087 326,8751,370,820
17,620,145 1,228,239 6,705,322 1
.,002,2941,794.315 588,897 485,427
'"" '~ 2, 622,867 617, 828 321,252 547,
999 334,2281,371,477
1, 595, 677
1, 591,641
1,604,373
1, 625,634
93,899
90,016
93,692
89, 535
739, 643
761,280
768,925
755,334
78,947
77, 568
74,118
79,499
120, 050
113,305
112,361
126,066
36,899
36,720
38,649
38,067
35, 506
34,299
36,329
35,414
244, 902
237,147
239,083
249,407
46,120
42,670
47, 057
42,562
270,777
273,862
280, 512
293,445
19,374
18,860
19,674
21,359
76,410
75, 227
78,449
81,247
15,147
15, 348
15,067
15,746
28,446
28,770
29,639
30,599
13,127
12,719
12,759
13,483
10,157
10,676
10,436
11,335
52,573
54,287
54,937
58,977
7,272
7,722
7,520
22,190
30,340
25,404
25,333
107,365
100,217
102, 477
112,900
12,043 9,583
6,470 12,884 9,687
12,169
11,382
6,394
6,411 12, 736 11, 421
20,597
22,052
21,884
22,611
21,955
22,066
21,365
22, 572
48,201
46,013
44,913
48,945
818
FEDERAL RESERVE BULLETIN
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM AUGUST 20 TO SEPTEMBER 10,1924—Continued
[In thousands of dollars]
Total
Net demand deposits:
Aug. 20
_
Aug. 27
Sept. 3
Sept. 10
Time deposits:
Aug. 20
Aug. 27
Sept. 3
Sept. 10
_
Government deposits:
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Bills payable and rediscounts
with Federal reserve banks:
Secured by U. S. Government obligations—
Aug. 20
Aug. 27
_
,
Sept. 3
__..
Sept. 1O._
All o t h e r Aug. 20
Aug. 27
Sept. 3
_
,
Sept. 10
_-
NewYork
Boston
Philadelphia
325,i,3331.,: 036,905
325,i,322i;,028,705
328,910 1,031,733
330,0421,035,811
142,998
149,706
150,161
152,468
695,050178,465186,,408
698,135179,382187,
, , , 0 5 0
694,326179.268187,159
691,464181,436186,276
90,648
90,888
90,604
91,195
623,492
625,024
629,877
632,822
1,027
1,027
852
642
2,769
2,720
2,400
6,169
6,169
5,254
5,250
19
144
142
219
548
1,142
1,493
1,271
45
280
200
921
787
707
263
6,524
6,596
6,283
7,136
2,095
1,723
1,409
1,503
460,245 100,1,018
473,449 99,319
483,367 98,745
489,779 96,669
43,560129,268
44,060129,038
9,038
52,408136,
6,909
56,026 137,
7,828
18,515
17,645,
24,599
28,319
134,413
129,650
130,174
145,046
173,961
176,245
189,213
183,015
22,982
23,619
31,186
30,097
22,206
21,956
23,361
25,802
76,895
76,718
77,501
86,103
843,086 203,361
843, 559 203,918
843,947 203, 557
846,187 202, 770
95,604
95,574
86,005
74,747
14,255
14,255
13,853
13,369
19,501
19,501
16,673
13,264
12,407
12,180
10,909
9,376
13,145
13,145
11, 726
10,021
4,461
4,461
4,094
3,652
5,192
5,192
4,877
4,499
12,305
12>515
11,465
9,364
2,170
2,206
1,924
1,647
19,769
21,173
64,575
31,553
340
425
400
100
8,258
8,683
52,038
12,275
2,209
2,124
2,754
2,364
2,108
1,446
1,661
8,035
2,143
2,375
2,109
2,200
1,782
100
350
1,014
2,304
2,422
2,298
3,905
40, 771
37,652
43,081
42,330
797
8,911
10,224
11,481
12,230
2,351
2,342
2,930
2,987
1,847
833
1,
947
6,407
6,559
7,031
6,565
6,525
5,329
5,857
4,314
2,612
1,149
1,133
1,971
1,282
794
2,467
2,980
867
1,442
1,062
San
Francisco
725,874 978,795 333, 666 272,779 1, 717,179 361, 253 197,470 423,192 213,235765,269
723, 605 975,954 333,089 286,107 1,737,203 356,848 194,726 423,073 213,660 760,183
729,830 991, 418 341,746 274,079 1, 726,433 368,350 201,917 427, 613 216,860759, 539
781,295
738,258 1.., 008, 677 343,853 281,482 1, 760,971 365, 704 211,673 437,518 226, 410
12,418,613
5,573,013
12,423,550 849, 527 ~i,
5, 569, 575
12,478,181 856,012 5, 584,384
12, 598, 679 864,209 5, 578, 629
4.551,441
4,557,122
4,565,437
4, 576,615
Min- KanCleve- Rich- At- Chicago St. neaposas Dallas
Louis
land mond lanta
lis
City
89,945 135,750
89,907135,526
89,844136,051
90,554 135,590
2,203
2,203
1,978
1,705
170
499
449
515
372
BANK BALANCES IN FEDERAL RESERVE BANK CITIES
Due to banks:
Aug. 20
Aug. 2 7 . . . . . .
Sept. 3
Sept. 10
Due from banks:
Aug. 20
Aug. 27
Sept. 3
Sept. 10
2,515,178
2,492,396
2,561,569
2,611,046
132, 692
129,658
134,235
142,407
700,004
713,907
723,901
730,931
44,502
45,724
36,286
40,850
1,,185,321
I!,161,963
1,183,237
I!,203,245
61,045
13,203
62,671 32,306 13,158
62,814 32,511 14,275
59,531 33,818 14,983
202,946
199,479
208,295
203,395
84,741 94,306
83,471 97,602
87,644 100, 585
82,948 98,073
33,505
35,032
32,411
25,440
15,534
15,941
13,228
17,610
17,551
16,790
13,248
13,100
39,483
46,625
37,977
42,637
74,338
74,184
81,261
85,256
REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO
[Amounts in thousands of dollars]
Banks in New York City
Aug. 20
Number of reporting banks
Aug. 27
Sept. 3
Banks in City of Chicago
Sept. 10
Aug. 20
Aug. 27
Sept. 10
67
67
67
Loans and discounts, gross:
73,762
Secured by United States Government obligations.
1, 792,118
Secured b y stocks and bonds
2,247,960
All other loans and discounts
73, 280
1,753,159
2, 242, 612
77,512
1,814,183
2,177,427
70,332
1,742,791
2,222,309
25,217
502,364
717,747
25,210
517,189
723,884
25, 778
514, 098
715,978
518,93f
728,656
_. 4,113,840
4,069,051
4,069,122
4, 035,432
1,245,328
1, 266, 283
1, 255,854
1,274,168
40, 689
11,709
315,341
38,750
792,640
40,945
569, 577
11,790
318,480
36, 570
797,995
40,942
592, 525
13,536
325,151
33,491
788, 775
40,943
597,408
13,448
320,895
33, 511
789,818
4,133
74,983
3,520
88,515
5,757
178,846
4,125
72,130
3,610
89,628
5,768
176,380
4,131
72,404
90,506
6,023
177,386
4,129
72,148
3,469
91,466
6,044
177, 736
5,876,937
5,844, 408
5,863, 542
5,831,455
1, 601,082
1, 617,924
1, 609,790
1, 629,160
Reserve balance with Federal reserve banks
687, 282
708, 202
715,093
703, 357
169,183
62.194
61,289
64,159
Cash in vault
66,535
27,155
5,057, 512 5,055,017 5, 071, 763 5,062,174 1,184,924
Net demand deposits..
Time deposits
721, 450
711, 521
709,435
709,302
394, 503
Government deposits
16, 546
16,546
14,037
11,015
6,324
Bills payable and rediscounts with Federal reserve
banks:
45, 725
Secured by United States Government obligations.
2,025
2,850
5,375
175
6,891
All others
5,223
6,130
7,831
1,500
169, 421
27, 716
1, 204, 327
394,099
6,324
173, 822
1,199,989
393,079
6,072
178,115
29,741
1,222, 678
395,063
4,951
395
418
175
Total loans and discounts
United States pre-war bonds
United States Liberty bonds
United States Treasury bonds
United States Treasury notes
United States certificates of indebtedness
Other bonds stocks and securities
Total loans and discounts and investments
48
28,206
819
FEDERAL BESEKVE BULLETIN
OCTOBBK, 1924
CONDITION OF ALL BANKS IN THE UNITED STATES ON JUNE 30, 1924
Comparative figures showing the condition
of all banks in the United States, other than
mutual savings banks and private banks not
under State supervision, which have been compiled by the board and are presented in the
accompanying tables, indicate that between
March 31, 1924, and June 30, total loans and
investments increased by $485,000,000. Loans
and discounts increased by but $16,000,000,
standing at $27,323,000,000 at the end of
June, while investments show an increase of
$469,000,000. Total deposits, exclusive of
bank deposits, increased by $1,162,000,000,
while borrowings from Federal reserve and
other banks, reported as $780,930,000, declined by $184,754,000 since the end of March.
In addition to the usual tables, there is also
presented on page 822 a table showing the loans,
investments, deposits, and borrowings of mutual savings banks as of June 30, 1924. It
will be noted that loans of these banks increased $417,52(3,000 and their investments by
$30,240,000 during the past year, and that their
deposits show a growth of $406,764,000 during
the year. If the figures for the mutual savings
banks be added to the figures for other banks,
the total loans of all banks in the United States
on June 30,1924, will aggregate $31,101,000,000
and their total loans and investments $45,445,000,000, an increase in total loans and investments for the year of $1,538,000,000.
The following table shows in summary form
the amounts of loans, investments, and deposits of the banks for recent dates for which
figures are available.
There are also given herewith figures representing the principal resources and liabilities
of these banks arranged by Federal reserve
districts.
[Amounts in millions of doliars]
Loans and investments
Jof banks
reporting
All banks: 1
June, 1920
June, 1921
June, 1922
June, 1923
December, 1923
March, 1924 2._
June, 1924
Member banks:
June, 1920
June, 1921
June, 1922
June, 1923
December, 1923
March, 1924
June, 1924
Nomnember banks:
June, 1920
June, 1921
_.
June, 1922
_._.
June, 1923
_
December, 1923
March, 1924
June, 1924...
Total
deposits
exclusive
Invest- of bank
ments deposits
Total
Loans
28,715
29,477
29,092
29,342
28, 980
28, 671
36,813
34,318
34,166
37,359
37,439
37,964
38,449
28,177
25,857
24,647
26, 793
27, Oil
27,307
27,323
8,636
8,461
9,519
10,566
10,428
10,657
11,126
32,642
31,134
31,944
34,512
9,399
9,745
9,892
9,856
9,774
9,681
9,650
25,945
24,311
24,358
26, 675
26, 738
26,832
27,262
19, 784
18,206
17,296
18,880
19,052
19,176
19,264
6,161
6,105
7,062
7,795
7,686
7,656
7,998
21,887
21,612
22,366
23,837
24,974
24,768
25, 675
19,316
19,732
19,200
19,486
19,206
18,990
18,818
10,868
10,007
9,808
10,684
10,701
11,132
11,187
8,393
7,651
7,351
7,913
7,959
8,131
8,059
2,475
2,356
2,457
2,771
2,742
3,001
3,128
10,755
9,522
9,578
10,675
10,860
10,941
11,196
35,709
36,871
' Exclusive of mutual savings banks and private banks not under
State
supervision.
2
Revised figures.
STATE SUPERVISION, BY FEDERAL RESERVE DISTRICTS, ON JUNE 30, 1924
[Amounts in thousands of dollars]
Federal reserve district i
Boston
New Y o r k . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
._.
*
Total, June 30,1924...
Total, March 31,1924.
Number of
reporting
banks
Loans and
discounts
including
overdrafts
Investments
Total loans
and investments
Total deposits, exclusive of
bank
deposits
Rediscounts and
bills
payable
680
1,306
1,259
1,981
2,075
1,999
5,235
3,215
3,244
4,021
1,752
1,701
1,834,749
6,182,006
1,870,283
2,671,943
1,692,425
1,219,792
4,501,011
1,459,879
1,137,117
1,426,548
800, 928
2,526,678
3,309,660
1,122,455
1,351,838
395, 766
235,128
1,802,763
429,831
296,019
316,131
161,967
838,733
2,673,482
9,491,666
2, 992, 738
4,023, 781
2,088,191
1,454,920
6, 303,774
1,889, 710
1,433,136
1,742,679
962,895
3,392,066
2,528,945
9,401,651
2,639,941
3,771,201
.1,834,864
1,361,416
6,095,800
1, 717,465
1,432,096
1,731,772
916,618
3,438,838
36,000
94,715
54,304
48,976
111,468
78, 391
105,612
65,193
84,465
50,881
35,559
45,366
28,468
28,671
27,323,359
27,306, 557
11,125,679
10,656, 979
38,449,038
37, 963, 536
36,870,607
35,708,665
780,930
965,684
1
Figures for State banks and trust companies, segregated by Federal reserve districts, are not available for the States of Indiana, Kentucky,
Tennessee, and Missouri. Figures for these States have therefore been prorated by Federal reserve districts in accordance with such data as are
available.
Calls for condition reports by the banking de- as of June 30 and in compiling the figures the
partments of several of the States were not made latest available data were used for such States.
820
FEDERAL BESERVE BXJI^LETIN
OCTOBER, 1924
PRINCIPAL RESOURCES AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON MARCH 31, 1924, AND JUNE
30, 1924, OR DATES NEAREST THERETO FOR WHICH FIGURES ARE AVAILABLE
[Amounts in thousands of dollars]
Number of
reporting
banks
Mar., June,
1924
March,
1924
74,874
Investments
June,
March,
1924
1924
June,
1924
Total loans and investments
Total deposits, exclusive of bank deposits
Rediscounts
and bills payable
March,
March,
June,
1924
March, June,
1924
June,
1924
1924
40
96
14
, 82
54
26
40
95
14
84
447
203
27
782
750
449
206
27
776
748
District of ColumbiaMaryland
Virginia
West Virginia
North Carolina
South Carolina
32
148
340
226
472
330
32
148
341
225
471
330
72,162
193,025
171,038
171,846
212, 289
112,359
71, 580
197,117
173, 676
172,131
210, 571
111, 875
25 798
17,800
28, 811
17, 944
11,152
26,453
90,689
16,668
25, 737
17, 563
11, 494
97,960
281,064
188, 838
200, 657
230,233
123, 511
98,033
287,806
190, 344
197,868
228,134
123,369
Georgia
Florida
Alabama. -Mississippi-
563
233
259
320
562
245
257
322
193, 944
107, 054
195, 986
107,052
98, 652
104, 393
15,690
22,853
9,950
20, 984
15, 799
21,937
9,916
18, 724
209, 634
129,907
106,812
127,680
211,785
128,989
108, 568
123,117
Indiana
Illinois
Michigan-.
Wisconsin.
Iowa
-
851
1,405
593
837
1,312
855
1,404
597
832
I,;
352,707
357,183
1,331, 424 1,347,024
399,042
391,742
347,261
344,206
617,652
584,357
82, 783
457, 830
616, 633
98,074
25,332
79,438
435,490
489, 265 1, 789, 254
639, 379 1, 015,675
99, 235
445,335
21,789
642,984
436, 622
1,836, 289
1, 031,121
443,441
606,146
Tenessee...
Arkansas..
Missouri...
Kentucky.
461
396
397
Maine.
—
New Hampshire..
Vermont
Massachusetts—
Rhode Island
Connecticut
New York
New Jersey
Delaware
Pennsylvania..
Ohio 2
-.
54
1924
Loans and discounts
(including overdrafts)
478
77, 777
23,920
54,623
498,427
115,717
,
1 490,662
113,586
104, 440
2,901,907 2, 884, 615
496, 208
513, 689
40,495
41,003
1,193,824 1,175, 746
1,110,474 1,143, 398
106, 696
181,073
110,855
570, 730
175, 784
15~620
1 126,616
99,951
115, 826
64,131
144,438
17, 641
15,829 ""~68,~359
133, 821 '617,278
102,934
213, 537
118, 795
220,266
141,908
41, 561
70,452
632,248
218,651
225,483
1,285, 242
280, 503
21, 566
751, 461
328,712
1, 501, 336 4,187,149
292, 566
776, 711
22, 345
62,061
812, 508 1,945,285
345,985 1,439,186
4,385,951
806, 255
63, 348
1,988,254
1, 489, 383
69,564
115,198
19, 238
9,701
170, 987
38, 566
200, 311
120, 556
741,717
,717
214,:,350
" !
8,874
65,104
1 592,112
211,303
210,646
4,
136,595
37,549
68,193
636,294
215,931
219,211
4, 599,598
796,716
56,723
1,783,892
1,523,113
96,006
262,258
150, 992
190, 938
216, 247
115,283
96,081
276, 584 6,920
152,569 12,439
186,612 5,882
204,046 15,712
110,646
6,502
592
3,593
13,742
7,067
23,455
9,360
172,324
156, 736
119,877
132,649
171,718 23,548
148,954 1,642
107,700 3,626
121,046
5,796
27, 511
1,5387,041
10,637
436, 764
441,569 13,466
1, 808,159 1,877,154 24,313
1, 039, 111 1,034,047 5, " "
459, 601
454,858
635,914
13,885
18,824
9,490
7,389
28, 351
124,072
204,341
113,726
694, 532
195,126
115,455
10,717
8,576
17,964
9,124
11,557-
11,161
13,227
10,128
2,614
10, 776
13,018
9,0892,728
1,081
522
437
155
308,299
78,257
112, 497
38,867
299, 253
74,680
97,974
60, 674
5,198
2,632
10, 641
57,832
2,260
11,772
368,973
83,455
115,129
49,508
357,085
79,249
100,234
50,388
377,041
75,632
125,970
53,901
366,567
71,436
109,563
55,920
Nebraska..
Kansas
Oklahoma.
Colorado. .
Wyoming..
1,042
403
204
83
925
1,033
387
201
79
220,021
201, 682
48, 581
49, 508
18,303
214, 716
199, 559
47, 862
48,443
18,016
10, 627
20,369
10, 260
17,287
1,232
12,097
19,120
9,925
14, 802
1,432
230, 648
222,051
58, 841
66,795
19, 535
226,813
218, 679
57, 787
63,245
19,448
234, 572
228, 744
63, 088
72,401
20,478
246,441
220,361
59,407
71,816
20,660
Louisiana
TexasNew Mexico..
224
943
44
218
949
43
236, 747
213,487
231, 501
219, 587
8,311
41, 975
26,963
905
34, 277
24, 511
278, 722
240,450
9,795
265, 778
244,098
. 9,197
272,153
258, 659
8,736
263,879
251, 561
8,592
Arizona
Utah
Idaho
Nevada
California
Oregon
Washington.
47
95
108
23
416
180
44
96
107
23
410
180
267
31, 757
32, 399
66, 761
67,187
19,934
19, 967
15,007
14, 626
1, 383,428 1,392,184
72, 650
71, 318
95, 398
1 95, 546
6,902
15,635
5,099
2,514
7,734
16,803
5,662
2,671
447,155
25,015
39, 792
39,301
82,822
25,066
17,140
1,841,478
97, 539
1137, 030
39,491
83,561
25, 596
17,678
1,839,339
97, 665
135,190
Total-
20,561 • 20,388 5 15,346,542 8 15,338,142
1
2
3
4
5
458, 050
26, 221
41,484
5
5, 655, 535
6
5, 987, 958
5
21,002,077
!
4,078
"1,-463
20,334
4,718
2,046
245
4,265
3,30031,417
12, 716
193
26,438
16, 407
1,098
543
480
162
1
6,481
1924
22,703
15,162
141
30,279
19,897
7531798
53, 361
1,728,940
1,458,472
Minnesota
North DakotaSouth Dakota..
Montana
V"
1924
5,132
' 42, 561 5 43,742
75, 502
75,287
28,331
27, 688
20,196
19,034
1,894, 792 1,921,212
102,805
101, 532
140,580
1146,378
21,326,100 5 20,682,402 '21,351,361
Eevised figures.
Includes 3 mutual savings banks.
Includes amounts due to banks.
Includes miscellaneous liabilities.
Includes figures of Dec. 31, 1923, for Alabama, Indiana, Iowa, Kentucky, Nebraska and of June 30,1924, for New Hampshire.
•Includes May 15,1924, and Dec. 31,1923, figures for Tennessee and Kentucky, respectively, and Mar. 31 figures for other States for which later
figures are not available.
NOTE.—All figures used in March column are for March 31, except as follows: Maine, Mar. 19, 1924; Rhode Island, Feb. 29, 1924; New York,
Mar. 20,1924; Maryland, Mar. 4,1924; Tennessee, May 15,1924; Kentucky, Dec. 31,1923; Alabama, Dec. 31,1923; Indiana, Dee. 31,1923; Iowa, Dec.
31, 1923; Minnesota, Apr. 22, 1924; North Dakota, Mar. 15, 1924; Nebraska, Dec. 31,1923; Kansas, Feb. 18, 1924; Utah, Mar. 29, 1924. All figures,
used in June column are for June 30, except as follows: Nebraska, July 21, 1924; Kansas, May 12,1924.
821
FEDERAL EESERVE BULLETIN
OCTOBER, 1924
PRINCIPAL RESOURCES AND LIABILITIES OF ALL BANES OTHER THAN MUTUAL SAVINGS AND PRIVATE BANKS NOT
UNDEK STATE SUPERVISION, ON MARCH 31, 1924, AND JUNE 30, 1924, OR DATES NEAREST THERETO FOR WHICH
FIGURES ARE AVAILABLE
[In thousands of dollars]
Number of
reporting
banks
March,
1924
Maine
New Hampshire,.
Vermont
Massachusetts
Rhode Island
Connecticut
114
Loans and discounts
(including overdrafts)
June,
March,
1924
1924
March,
1924
251
31
144
113
81
86
252
31
146
83, 069
1,201,865
154, 487
242,180
139, 600
58,953
85, 922
1,193,486
156, 373
244,555
970
448
45
1,645
1,113
972
452
45
1,640
1,107
5, 337, 259
841,089
51,299
2,480, 094
1, 613, 964
5,461,445 2,455,007
870,562
548,077
51, 576
29,684
2,485, 751 1, 640,108
1,620,078
569, 098
District of Columbia.
Maryland
Virginia
West Virginia
North Carolina
South Carolina
46
233
522
351
555
412
46
233
523
350
554
411
140, 636
339, 288
433,804
303,031
336, 871
197,643
140,110
345,930
436,508
303, 563
331, 257
194,652
Georgia
Florida
Alabama...
Mississippi.
658
287
365
354
656
299
362
357
318, 703
196,365
194, 369
150,159
Indiana..
Illinois
Michigan..
Wisconsin.
Iowa
..
1,099
1,908
714
990
1,658
1,103
1,906
718
987
1,616
568,149
2,234, 819
646, 560
Tennessee.
Arkansas..
Missouri..
Kentucky.
568
484
1,620
616
Minnesota
North Dakota.
South Dakota..
Montana
1,436
713
596
256
1,415
687
553
248
673,825
137, 768
Nebraska
Kansas
Oklahoma
Colorado
Wyoming
1,114
1,306
827
346
122
1,100
1,293
808
342
116
Louisiana-.
Texas
New Mexico.
258
1,517
75
Arizona
Utah.
_~
Idaho
Nevada.. _
California...
Oregon
Washington.
115
180
34
686
277
379
Total..
28,671
New York
New Jersey
Delaware.
Pennsylvania...
Ohio.
135,897
June,
1924
Investments
121,795
June,
1924
115,789
41,094
37,531
Total loans and
investments
March,
1924
June,
1924
Total deposits, exclusive of bank
deposits
March,
1924
257,692
June,
1924
Kediscounts
and bills
payable
March, June,
1924
1924
255,389
234,806
100,047
120, 250
123,453
106,145
1, 552,320 1, 584,324 1,434,197
277,101
281, 790
262,468
423,065
429,198
390,486
239,763
84, 505
111, 579
1, 515, 686
267,416
405, 501
2, 785, 797
565, 721
30,357
1, 718, 216
581, 056
7,792, 266
1, 389,166
80,983
4,120, 202
2,183,062
8,247,242
1, 436, 283
81,933
4, 203, 967
2, 201,134
7,431, 807
1,328, 624
68,910
3, 593,323
2,099, 456
8,174,438
1,408, 279
72,966
3,691, 616
2,153,701
55,923
153,076
76,391
70, 964
38,976
31,400
55, 671
151, 507
71,987
65,022
37,908
30, 352
196, 559
492,364
510,195
373,995
375,847
' 229,043
195, 781
497, 437
508,495
368, 585
369,165
225,004
191,070
442,308
398, 561
342,022
338,894
207,809
191,074
459,886
404,602
331,473
318, 345
200, 519
319, 808
189,667
191.953
147,831
34,912
63, 725
40,495
35,526
33,843
62, 952
41, 571
33, 733
353,615
260, 090
234,864
185,685
353, 651
252, 619
233, 524
181, 564
289,930
286, 630
232,942
183, 871
291,023 32,440 35, 735
273, 761 3,257 2,025
220,508
12, 063
172,335 9,795 16,114
576.954
2, 281, 045
635, 604
589, 668
832, 598
178, 218
761,658
724,449
176,015
84, 251
170, 012
52, 370
24, 634
269,126
22,039
375,983
189,614
1,156,438
192,051
344, 775
175,876
1, 003,989
370,793
78,635
641, 970
132,141
148,814
78,475
183,976
19,176
24,409
25,404
178, 609
17,864
14, 516
27,132
857, 801
156, 944
179,405
104,039
820, 579
150,005
163, 330
105,607
811,204
146,841
189, 535
109,877
812,108 17,073 16,048
137,770 17,192 17, 761
170, 332 13,642 13, 375
113, 583 5,100
5,017
372,315
328, 827
243,922
184,235
55, 710
358,824
325,013
243, 329
178,839
52,940
38, 037
53, 211
70,191
80,544
8,334
39,866
53, 057
67, 739
81, 464
8,907
410,352
382,038
314,113
264, 779
64,044
378, 070
311, 068
260, 303
61,847
388,146
378,117
327, 747
276,416
65,574
399,470 17,161 8,295
372,430 15, 075 13,729
328,349 10,644 15,662
280,190 4,319
4,056
63,667 2,125
2,192
251
1,522
76
310,631
717,528
26,415
301,849
691,611
26,062
58,455
157, 467
4,280
46, 990
142,193
4,811
369, 086
874,995
30,695
833, 804
30,873
351, 270
832, 506
29,275
339, 687 23,504 15,074
790,363 17, 572 27,060
30,994 2,483 2,208
63
116
177
34
675
277
379
48, 338
95,569
55,412
23,674
1, 915, 676
169,064
249, 267
46, 765
95,368
53, 670
23,765
1,909, 522
165,952
246,930
11, 599
25,814
14, 764
6,288
637, 590
73,121
115,291
65, 736
12,027
59, 937
58, 792
66,166 2,509
26, 740
122,108
111,357
111,912 1,379
121,383
16,091
69,761
72, 753 5,288
71,812
70,176
6,646
30,411
33, 011
29, 962
30,943
626, 291 2, 553, 266 2,535,813 2, 526,664 2, 563,729 52,388
237,516
243,660 5,391
71, 564
242, 768
242,185
358,118
370,930 4,274
364, 558
381,273
111,188
873,479
323,613
164, 980
887, 312
346, 738
37,181
350,455
122, 614
180, 885
125, 417
184, 643
175,462
746,367
752,416
699,182
718, 281
799,138 2,996,477 3, 080,183 2,779, 377 2, 941,752
750,386 1, 371,009 1,385,990 1,387, 221 1, 391, 867
178, 834
774,404
768, 502
760,123
757,815
79,185
957,730
911, 783
902,012
867, 220
177,939
8,541
3,617
48,371
2,318
7,736
5,955
3,060
3,587
17, 769
832
5,662
129,593 81,695
34,662 24,077
788
561
77,697 54, 548
39,488 29,783
4,870
14, 222
36,245
13, 684
27,055
12, 221
3,656
8,443
31,355
17,170
38,297
14,129
23,703 21,378
49,026 27,504
7,847 11,682
12,749 10,553
53,163 44, 675
20,465
11,499
31,697
19,268
14, 276
2,425
1,514
5,500
27,126
4,282
5,434
27,306, 557 27,323,359 10,656, 979 11,125,679 37, 963, 536 38,449,038 35, 708,665 36,870,607 965,684 780, 930
NOTE.—Figures include those for State banks and trust companies as given in the preceding table, which in some cases represent the condition of
the banks as of dates prior to March 31 and June 30, respectively. The totals for the March column include figures for New Hampshire, and the
totals for the June column include figures for Tennessee, Missouri, and Kentucky as of the latest dates for which figures are available.
822
FEDERAL RESERVE BULLETIN
OCTOBBR, 1924
PRINCIPAL RESOURCES AND LIABILITIES OF MUTUAL SAVINGS BANES ON JUNE 30, 1924
[Amounts in thousands of dollars]
Number of
banks
Loans and
discounts
Investments
Total loans
and
investments
Maine
New Hampshire-.
Vermont
Massachusetts
Rhode Isalnd
Connecticut
37
42
19
196
14
78
27,843
61, 922
58,390
980,870
60,370
257,446
87,669
83,419
23,533
616,112
84,093
251, 241
115,512
145,341
81,923
New York
New Jersey
PennsylvaniaDelaware......
Maryland
148
27
10
2
17
1,993,468
99, 401
65,141
8,045
Total
deposits
144,463
508,687
107,470
135,665
78,763
1, 509,775
140,305
480,727
178
3,409,407
216,153
349,660
22, 549
152,874
3, 273,854
206,417
339,674
21,054
146,785
25
48,787
1,415,939
116,752
284,519
14,504
104,087
Ohio
-Indiana
Wisconsin..
Minnesota..
32, 915
14,918
2,612
6,723
35,532
3,743
2,396
48,162
68,447
18,661
5,008
54,885
71,891
18,072
5,235
55,364
California-..
Washington.
39,322
20, 251
37,403
8,008
76, 725
28,259
75,245
29,054
3,778,424
3, 360, 898
3, 217,112
3,186, 872
6,995, 536
6, 547, 770
6,695,350
6, 288,586
Total: June 30,1924.
June 30,1923.
614
618
Bills payable
and
rediscounts
35
238
269
OCTOBBK, 1924
FEDERAL. BESEBVE BULLETIN
823
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM BETWEEN
MARCH 31 AND JUNE 30, 1924
Changes in membership in the Federal
reserve system between March 31 and June 30
are shown in the accompanying table. As a
result of these changes, the total number of
member banks in operation decreased from
9,681 at the end of March to 9,650 at the end
of June, while their total resources increased
from 34,820,223 to 35,777,256. The decrease
of 31 in total membership compares with a
decrease of 93 for the previous three months,
and the increase of almost a billion dollars in
resources compares with a decrease of over
$400,000,000 in the earlier period.
Total membership in the system on June 30,
as indicated by the reports of condition required of active operating member banks on
that date, comprised 8,080 national banks, 30
less than on March 31, and 1,570 member State
banks and trust companies, 1 less than on the
earlier date. The resources of national banks
and of member State banks and trust companies each increased by about one-half billion
dollars during the period and at the end of
June the resources of national banks aggregated $22,555,273 and those of nonnational
member banks $13,221,983.
The reduction in membership resulted from
51 additions and 82 losses, excluding from these
figures compensatory gains and losses affecting
membership in the two classes of banks but
without1 effect on the total membership of the
system.
Of the additions to membership, 24 were
national banks newly organized and 21 were
former nonmember State institutions, 16 of
them retaining their status as nonnational
banks and 5 becoming national banks. In
addition, 6 banks formerly suspended in the
Atlanta, St. Louis, Minneapolis, and Dallas
districts were reopened.
The losses to the system included 10 voluntary liquidations, which terminated the existence of the institutions concerned as far as
could be determined.2 One of these was a
1
The succession or absorption of a bank in one class by one of the
other, for example, the absorption of a State bank by a national bank
does not affect the total membership in the system, and such items are
compensatory. The absorption of one bank by another results in no
addition to the number of member banks. In the case of an absorption
of one member bank by another, the number of banks is reduced and
total resources remain unchanged, the resources lost to one class of
members
being added to the resources of the other class.
2
Where the ultimate purpose of voluntary liquidation could be determined as other than the final termination of a bank's operations, the
bank was classified according to its ultimate status.
member State bank and nine were national
banks. There were also 20 mergers between
member banks, accounting for the loss of
3 nonnational members and 17 national banks.
In addition, 15 national banks were absorbed
or succeeded by nonmember banks.
There were 24 insolvencies during the period,
all of them among national banks, and 3
suspensions, 1 that of a State bank, and
2 of national banks. During the previous
three months there were in all 64 insolvencies
and 12 suspensions, a total of 76. Of the 27
banks closed or insolvent between March
31 and June 30, 9 were in the Minneapolis
and 11 in the Kansas City district. Ten
member State institutions withdrew from the
system.
With reference to the movement of banks
into and from the Federal reserve system
(apart from the organization of new institutions, the termination of the operations of
existing ones, and mergers between members)
it will be seen from the table that 16 nonmember banks joined the system as nonnational
members and 5 converted to national banks,
a total of 21 banks, with resources amounting
to $24,000,000. As against this number 10
nonnational member banks withdrew from the
system and 15 national banks were absorbed by
nonmember banks, a total loss to membership
of 25 banks, with resources of about $35,000,000.
Consideration of the changes during the
period with regard to the movement between
the national and State banking systems shows
a loss to national banks both in number and
resources during the three months ending
June 30. National banks gained, by conversion
of nonmember and member State banks and
trust companies and by the absorption of
member State banks, a total of nine banks,
with resources of about $21,400,000, while
national banks succeeded or absorbed by member and nonmember State banks and trust
companies numbered 23 and had resources
aggregating $38,500,000.
The data in the accompanying table are
classified with a view to showing the changes
in operating membership as indicated by the
required reports of condition at the beginning
and end of the period.
824
FEDERAL RESERVE BULLETIN
OOTOBBK, 1924
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANKS, MARCH 31, 1924JUNE 30, 1924
Resources,
all districts (in
thousands All
Bos- New
of dollars) districts ton York
Total membership:
M a r . 31,1924
June 30,1924
Net increase (+) or decrease
34,820,223
35,777,256
9,681
9,650
•+957,033
-31
22,053,198
22,555,273
8,110
8,080
' +502,075
-30.
12,767,025
13,221,983
1,571
1,570
1 +454,958
-1
421
421
National bank membership:
M a r . 31,1924
June 30,1924
. .
Net increase (+) or decrease
385
385
NUMBER
Philadelphia
Cleve- Rich- Atland mond lanta
Chi- St. Min- Kansas
cago Louis neapolis City
San
Dal- Franlas cisco
628
627
903
895
1,098
1,087
835
837
785
776
-1
-8
-11
+2
-9
1,056
1,058
498
497
803
794
1,064
1,064
652
651
596
588
+2
-1
-9
-10
-1
-8
134
133
367
364
130
130
100
101
34
33
183
186
189
188
-1
-3
+1
-1
+3
-1
519
518
843
840
724
730
876
873
626
624
-3
+6
-3
-2
.
697
696
656
660
758
753
560
559
385
385
-1
+4
-5
-1
146
144
68
70
118
120
66
65
+2
+2
-1
1,423
1,422
1
Nonnational bank membership:
M a r . 31,1924
June 30,1924
Net increase (+) or decrease
Changes in national bank membership:
Total additions .
Primary organization
Conversion of nonnational
Conversion of nonmember
Absorption of nonnational
Reopened following suspension
Total losses
Voluntary liquidation (terMerger between national'.
Absorption by nonnaAbsorption by nonmemSuspensions.. _-.
Changes in nonnational bank
membership:
Total additions
Nonnational banks joining
Absorption
of national
banks 3
.
Total losses
Voluntary liquidation (terMerger between nonnaAbsorption by national
banks
Conversion to national
Withdrawal
36
36
33, 381
7,535
37
24
11 375
2
1
7,821
5
1
2 244
(2)
4,406
6
113,367
67
33,662
40, 265
(8, 754)
9
24
9
21 098
8
17,420
922
15
2
37,310
16, 212
16
16
21,098
(8)
31,500
17
189
129
1
(10,470)
2,244
11,375
17, 563
1
1
5
3
4
4
3
2
4
3
6
2
5
3
2
2
1
2
(2)
1
1
6
5
2
1
1
1
1
3
1
2
1
1
1
1
1
2
2
1
16
6
10
1
3
8
1
1
11
1
1
2
2
1
1
1
2
1
3
1
2
5
5
1
1
1
1
5
3
1
1
2
2
(2)
3
2
15
2
2
1
2
2
2
2
2
2
(5)
(1)
1
1
4
2
1
1
2
2
2
2
1
1
1
1
2
1
2
1
1
2
1
1
1 Includes changes in resources due to reorganization, etc., in addition to changes enumerated.
Membership in the Federal reserve system as a whole not affected by succession or conversion between members.
3
4 Number not increased, only resources; both number and resources appear under losses by absorption in the other
Counted only among losses in number; resources of members not diminished.
6
3
1
1
1
2
2
10
1
1
-
class of banks.
\
825
FEDEBAL BESBBVE BULLETIN
OCTOBHR, 1 9 2 4
MONEY IN CIRCULATION SEPTEMBER 1, 1924
[Source: United States Treasury Department circulation statement]
Money in circulation
Money held by
theUnited States
Stock of money i Treasury and the
Federal Reserve
System 2
Kind of money
Sept. I, 1924
Aug. 1, 1924-
Amount
Gold certificates
Standard silver dollars
Treasury notes of 1890
Subsidiary
silver
United States
notes
-_
. _
Federal reserve bank notes
National bank notes
Total
Comparative totals:
Aug 1, 1924
July 1,1924
June 1, 1924 .
May 1, 1924,
Apr. 1,1924
Nov. 1, 1920
Apr. 1,1917
.
•.
Sept. 1, 1923
Per capita
644
931
304
322
672
$401,794,342
872,806,529
53,914, 528
385,499,270
1,416,626
253,732,146
308, 111, 085
1,746, 230, 376
9,228,848
741,144,522
$3. 56
7.73
.48
3.41
.01
2.25
2.73
15.47
.08
6.56
$398,498, 726
800,124, 539
53, 643, 676
372, 682,947
1,419,626
252,407,262
301,666,765
1,745,820,451
9,634,929
729,288, 344
$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, 676,373,198
« 5,603,179,349
4,773,878,272
42.28
4,665,187,268
4,777,906,811
8,704,148,255
8, 746, 400, 249
8, 750, 765,284
8, 776, 575,139
8, 757, 501, 955
8, 326, 338,267
5, 312,109, 272
« 5,710,322,146
6 5, 619,138,909
» 5, 531, 542,938
« 5, 564, 987, 552
« 5, 433, 529,484
' 3, 394,764, 761
« 3,896,318, 653
4, 665,187,268
4,755,403,035
4,815,401,455
4, 760,113, 559
4, 812,861, 042
5, 628, 427, 732
4,100, 590, 704
41.36
42.20
42.78
42.33
42.85
52.36
39.54
» $4, 531,150, 497
« (1,283, 202, 299)
504,944, 851
• (416,065,498)
* (1,416,626)
277,109, 790
346, 681,016
2,229,499,680
9,794,170
777,193,194
$4,129, 356,155
410, 395, 770
451,030, 323
30, 566,228
23,377,
38, 569,
483, 269,
565,
36,048,
1
Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve
banks.
*a Includes money held by the Cuban agencies of the Federal r&serve banks of Boston and Atlanta.
1 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is
included under gold coin and bullion and standard silver dollars, respectively.
«Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of
1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and
money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this
statement are shown in parentheses in the first column.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT SEPTEMBER 30, 1924
Paper maturingAfter 90 days
but within 9
months
Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
paper, n. e. s.
Boston
New York-...
Philadelphia Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis _ _
Kansas City..
Dallas
.
San Francisco
1
Secured by
United States
Government
obligations
31
31.
3
3
Bankers'
acceptances
34
4
4
4
4
4
4
4
4
4
4
4
4
44
44
44
34
34
31
Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
34
34
4
4
4
4
n
34
4
4
34
3i
3i
3
34
34
Agriculturall
and livestock
paper
34
3
31
31
4
4
4
4
Trade
acceptances
44
3
4
4
4
4
44
4
4
4
4
34
34
826
FEDERAL RESERVE BULLETIN
OCTOBER, 1924
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITffiS
[In thousands of dollars]
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
Number
of
centers
Federal reserve district
No. 1—Boston
No. 2—New York
No. 3—Philadelphia.
No.
No.
No.
Nn.
No.
No.
No.
.
.
11
7
10
13
7
.
6—Atlanta.
7—Chicago
8—St. Louis
9—-Minnaapnlis
10—Kansas* City
11—Dallas
12—San Francisco..
July
June
August
July
August
9
14
11
18
2,111,283
22,184, 731
1,902,728
2,139,964
676, 364
914,053
4, 654,974
994,401
634, 515
1,070,984
455,924
2, 391,152
1,989, 773
21,556,426
1,748,702
1,979, 554
674,370
848,971
4,469,357
959,857
696,031
1,083,918
449, 553
2,335,307
2,172,872
21,789,805
2,083,113
2,278,941
742, 692
902,403
4,772,812
1,104,142
652, 341
1,155,879
465,461
2,453,134
1,983,223
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
2,295,578
141
40,229,841
40,131,073
38,691,819
40,573,595
36,504,275
33,495, 567
1
140
21,925,659
18,304,182
21,468,874
18,662,199
20,915,784
17,776,035
21,041,296
19, 532,299
18,320,626
18,183, 649
16,188,613
17,306,954
5
Total
June
1923
2,040,544
22, 639, 521
1,936,205
2,105,227
673,372
872,788
4, 582,549
1,035,196.
613,515
963,496
447,735
2,319,693
15
21
New York City
Other cities.
1924
WEEKLY SUMMARY FOR BANKS IN 243 CENTERS
Federal reserve district
1924
Week ending—
Number
of centers
Aug. 27
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston..
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago-8—St. Louis
..
9—Minneapolis...
10—Kansas City..
11—Dallas
12— San Francisco.
Total.-
Sept. 3
Sept. 10
1923
Week ending—•
Sept. 17
Aug. 29
Sept. 5
Sept. 12
409,756
473,990
545, 410
398,731
389, 353 - 456,053
455,674
4,979,706 4,358,254 4,947,837 5,302,603 3,674,062 3,605,369 3, 931,176
407,715
437,389
508, 576
414,260
386, 583
444,483
418,476
468,602
533,839
611,913
506,382
528,841
572, 581
512,076
240,606
265,419
278,032
224,142
246,755
249, 762
247, 967
201,414
230,300
255,422
167, 870
176,182
204,540
199,705
938,324 1,009,848 1, 202,797
939,118
873, 249 1,072,513
1,049,130
223,947
256,576
278,846
213,563
219, 506
256,819
220, 786
141,157
181,328
200,763
137,308
137, 228
169,087
131, 240
239,710
289,227
287, 506 •247,302
244,639
278, 378
247,920
117,778
137,908
155, 395
114, 787 . 116,705
136, 805
108,502
518, 751
508,088
666, 692
495, 854
480,503
533,703
472, 652
243 9,043,834
8,266,014
9, 271,749 10,293,955
7,533,379
7, 404,913 8,305,900
Sept. 19
518, 686
4,838, 733
486, 720
609,621
296,023
237, 627
1,165,984
272,022
174,037
283, 712
159,691
670,134
9,712, 990
BANK DEBITS FOR F E D E R A L RESERVE BANK AND BRANCH CITIES
No. 1—Boston
No. 2—New York
Buffalo
No. 3—Philadelphia
No. 4—Cleveland
C incinnati
Pittsburgh
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
No. 7—Chicago
Detroit
:
No. 8—St. Louis.
Little Rock
Louisville
Memphis
No. 9—Minneapolis
Helena
No. 10—Kansas C i t y . . .
Denver
__
Oklahoma City
Omaha
No. 11—Dallas
.
El Paso
Houston
No. 12—San Francisco..
Los Angeles
Portland..
Salt Lake City.
Seattle
314,556
4, 743,145
56,302
310, 918
113,608
60, 486
185,395
27, 756
93,400
27, 675
22,155
11, 375
13, 875
63, 615
635, 276
167,942
127, 070
11,093
33, 223
22, 443
66, 547
1,594
80,397
38,008
14,544
38,952
30,526
6,115
26, 967
145, 020
129,495
32,705
13,420
36, 229
9,201
276,913
4,126,685
58, 273
308, 904
110, 894
55,246
156, 259
28,000
82,690
26,588
23,651
10,837
15, 994
58,978
587,122
127, 739
119,193
15,304
35,848
27, 360
79, 479
2,211
76, 848
32, 201
16, 011
38,706
35, 755
6,369
30, 250
167, 485
137,306
30,540
12,168
47, 257
9,697
320,626
4,667,157
64,831
321,616
123, 640
68, 762
160,174
29,328
83,680
29,232
25,191
12,375
17,137
65, 523
609,345
114, 111
145,949
15,119
38,199
27,428
97, 701
2,563
90,181
41,317
23,099
49, 648
42, 518
6,699
33, 500
152,152
131, 393
41,075
14,249
38, 701
11,264
371, 849
5,017,848
68,331
381,931
163, 674
74, 544
185, 072
27,099
92,404
33, 495
26,246
14,698
18,204
78,152
715, 098
181, 987
161,718
15, 708
40,405
30, 923
108,477
2,591
97,171
37,800
17,650
49,711
48, 342
7,872
38, 812
227, 557
184, 939
42, 057
15, 208
44,724
12, 643
252, 735
3,437,598
61,625
305, 843
122,037
57, 790
172, 060
26, 765
73,800
24, 308
20, 995
9,964
13,865
43, 713
567, 556
127,901
122,135
12,026
28,034
23,428
69, 215
1,711
79, 357
35,202
17,726
43,664
30,306
5,493
29,872
153, 798
141, 672
32, 715
12, 223
37, 920
8,855
251, 224
3, 383,494
64, 272
287, 625
120, 497
60,473
172, 267
30, 111
80,000
23,450
19,668
9,896
13, 217
49,450
518, 585
116,048
123, 298
12,809
27, 889
24,620
66, 865
2,061
83,336
32,866
16, 762
42, 221
34,868
5,527
29, 260
158, 093
127, 494
30, 064
12,120
34,751
10, 512
290,322
3,676,693
65,648
324,149
143,569
69,254
163, 252
33,129
69,400
28,144
22, 686
10,996
16,309
56,849
639, 668
144,630
148, 753
12, 696
35,436
27,465
83,596
2,098
85,907
43,344
16, 852
49,234
41, 593
6,188
33,867
152, 672
150, 655
39, 216
14,027
41, 301
12,375
343,479
4, 558, 806
72, 999
360, 746
167,567
79, 510
174, 623
33,910
99,700
32,953
26,082
12, 457
18,310
67, 861
697,783
166,151
159, 753
13, 471
37,362
28,822
87,790
2,234
90, 515
40,672
17,687
54, 573
48, 658
6,225
39, 747
220, 353
185,641
43, 882
14,905
45,980
12,130
827
FEDERAL, EESEEVE BULLETIN
OCTOBER, 1924
DEPOSITS OF ALL MEMBER BANKS
NET DEMAND AND TIME DEPOSITS OF MEMBER BANES IN EACH FEDERAL RESERVE DISTRICT, ARRANGED BY SIZE
OF CITIES AND TOWNS
[In thousands of dollars]
Banks in cities and towns having population of—
Total all
member
banks
Less than
5,000
15,000 to
99,999
5,000 to
14,999
100,000 and
over
Total all
member
banks
Less than 5,000 to
5,000
14,999
15,000 to 100,000
99,999 and over
Increase (+) or decrease (—) since preceding
monthly report
Amount on Aug. 27,1924
NET DEMAND DEPOSITS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
149,490
89,886
62,714
190,912
106,794
99,630
186,608
155,872
157,251
66,443
113,878
71,329
125,447
58,445
58,295
116,891
64,895
71,441
111, 858
87,123
77,498
197,730
976,838
291,272 5,635,544
132,921 - 775,974
200,456
992,515
146,172
252.897
163,074
199.898
347,698 1,722,644
85, 521
380,009
69,853
156,142
169,191
289,157
100, 532
166,565
130,010
883,724
-8,994
+92,481
+11,444
+29, 549
+34,810
+11,458
+114,849
- 5 , 588
+5,277
+27,011
+7,329
+29, 111
+2,174
+8,576
+3,065
+424
+1,313
+1, 503
+4,222
-2,288
-158
+9,219
+5,081
+3,101
-847
+5,044
+648
+451
+549
+860
+2,231
-1,188
+42
+2, 237
-68
+1,233
-2,183
-1,416
+1,805
+2,713
+4,382
+8,941
+279
+286
-1,684
+8,400
-570
+1,581
-8,138
+80,277
+5,926
+25, 961
+28, 566
+5,154
+108,117
-2,398
+7,077
+7,155
+2,886
+23,196
1,550,338
1,514,106
1,512,480
1, 023,543
1,012,351
1,021, 564
2, 034,430 12,431,907
2,016,896 12,148,128
2,004,410 11,855,928
+348,737
+297,099
+414,329
+36,232
+1,626
- 1 1 , 500
+11,192
-9,213
+3,136
+17,534
+12,486
+283,779
+292,200
+439, 592
693,671
1,882,782
725,033
1,256,184
477,894
352,396
1,645,640
417,571
408,794
299,705
160,201
1, 048,245
51,781
257,642
219,499
187,099
131,558
54,239
247,353
71,109
185,968
91,734
18,572
100,084
70,906
145,608
116,954
135,259
84,671
48,046
151,855
44, 591
96,578
56,574
27,815
46,959
59,819
66, 990
51,614
93,444
407,042
1,095,147
186,532
742, 736
123,444
113,317
867,979
233,212
66,429
84,407
62,200
807,758
+14,261
+40,148
+17,030
+16,223
+6,224
+2,125
+2,786
+6,737
+3,654
+1,240
+2,487
-16,677
+310
+6,942
+2,286
+254
-1,280
+866
+2,127
+988
+957
+287
. +205.
+3,396
+920
+243
+14
+122
+982
+204
+466
+956
-162
-459
+1,609
+6,713
+2,616
+1,453
+3,639
+3,022
+1,074
+456
+340
+1,056
-237
+1,887
+12,137
+23,097
+11,208
+14,273
+3,851
-1,885
-1,397
+5,089
' +1,891
-1,059
+3, 343
-16,045
9,368,116
9,271,878
9,148,320
1,616,638
1,605,418
1,588,443
1,025,816
1,018,929
1,016,429
1,935,459
1,911,831
1,890,041
4,790,203
4,735,700
4,653,407
+23,628
+21,790
+12,779
+54,503
+82,293
+85,106
1,286,094
6,219,902
1,107,114
1,467,908
547,400
483,981
2,378,145
637,219
397,066
756,814
510,092
.. . . .
45,083
179,208
Total: Aug. 27,1924... 17,040,218
July 23,1924.... 16,691,481
June 25,1924... 16,394,382
__
TIME DEPOSITS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco
^
Total: Aug. 27,1924...
July 23,1924
June 25,1924...
163,942
202,048
191,090
138,221
136,794
378,453
-457
-2,060
+96, 238 +11,220
+123, 558 +16,975
+107,074
+3,825
+6,887
+2,500
+5,364
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS FROM AUGUST 21, 1924, TO SEPTEMBER 17, 1924, INCLUSIVE
[In thousands of dollars]
Transfers
Daily settlements
Federal reserve bank
Debits
Boston
New York
Philadelphia-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis...
Kansas C i t y . .
Dallas
San Francisco..
Total 4 weeks ending —
Sept. 17,1924
Aug. 20,1924
Sept. 20, 1923
Aug. 23,1923
Credits
1,000
59,500
8,500
6,000
7,000
6,000
32,000
1,000
1,000
1,000
"i,"666"
1,000
2,000
7,000
7,000
70,500
4,000
65,500
19,500
70,500
4,000
65,500
19,500
Debits
Credits
579,083
1,969,059
604,030
536,366
399,011
221,766
1,015,276
453,699
141,131
372,643
223,770
283,024
572,324
1,966,486
607,329
518,618
399,877
244,549
1,025,416
438, 520
143,467
6,798,858
7,164, 556
6,251,754
6, 798,858
7,164, 556
6,251,754
6,110,114
6,110,114
Changes in ownership
of gold through trans- Balance in
fers and settlements
fund at
close of
period
Decrease
Increase
5,75
56,927
5,201
22, 748
6,134
17,783
21,860
15,179
1,336
5,667
242, 430
272,866
~Ie,~660'
" 10,158'
92, 706
92,706
46,401
220,737
33,171
60,574
30,769
22,567
110,643
13, 356
7,871
31, 200
7,899
26,115
611,303
604,191
641,891
618,195
MONEY RATES PREVAILING IN LEADING CITIES
The following table shows the customary rates charged on loans
and discounts in the various cities in which Federal reserve banks and
their branches are located, as reported by representative banks. These
rates are not averages but are those rates at which the bulk of paper of
each class is handled by reporting banks. Where it appears from the
reports that no one rate clearly covers the bulk of the paper handled,
a range of the rates most commonly charged is given. In making
Loans secured by stocks and bonds
Interbank loans
District and city
No. 1—Boston
No. 2—New Y o r k . .
Buffalo
N o . 3—Philadelphia
No. 4—Cleveland
Pittsburgh
Cincinnati.
No. 5—Richmond
Baltimore
No. 6—Atlanta
__
Birmingham
Jacksonville
New Orleans
Nashville
No. 7—Chicago
Detroit
No. 8—St. Louis
Louisville
Little Rock
No. 9—Minneapolis
Helena
No. 10—Kansas City
Omaha
Denver
Oklahoma City
No. 11—Dallas
El Paso
Houston
No. 12—San Francisco
Portland
Seattle
Spokane
...
Salt Lake City
Los Angeles
to
oo
comparisons between the rates charged during 1924 and rates charged
at earlier periods, it should be borne in mind that the earlier rates refer
to an entire month, while the latest figures cover only a week. Attention is also called to the fact that the method of reporting the rates has
been somewhat modified and that slight changes in the rates may
reflect these modifications. Rates reported for the week ending September 15, showed little change from those of a month previous.
Customers' prime-commercial paper
30-90 days
CO
4-6 months
Loans secured by
Liberty bonds
Loans secured by
warehouse receipts
Time
Demand
Cattle loans
Week
Week
Week
Week
Week
Week
Week
Month e n d i n g - Month ending- Month e n d i n g - M o n t h ending- Month ending— Month ending— Month ending— Month
ending
endin g
end ng
ending
endin g
ending
endin g
ending
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept Aug. 15,
Sept. Aug. 15, Sept. Aug. 15, Sept. Aug. 15,
Sept. Aug. 15,
Sept. Aug. 15, Sept. Aug. 15, Sept. Aug. 15,
15,
15,
15,
15,
15,
15,
15.
15,
15,
15,
1923 15,
1923
15,
15.
1923 15,
15,
1923
1923 15,
1923
1923
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
1924 1924
Week
ending—
4
4 -41
4 -4: 5 -5)
4
|
5 -6
6
51 4-41
41
6 51-6 51-6
51-6
6 5 -6 5 -6
5 -6
6 5f-6 51-6
51-6
5 -5} 51-6
51-6
i 45-51
51
51
61 5 -6 5 -6
5 -6
6 5 -6 5-6
5 -6 5 -6
6 6 -7 41-8
6
41-8
6 5 -7 51-6
4 -61 5 -6
6
7
5i-6
6
6
4 -5 4 -5 51-6 4 -5 4-4J
5 41-6 5 -51
5 -6 5 -51
5
4 -5
3J-5 4 -5
6
6
4
4J-5 5 -51
8
8
5 -6 5 -6
6 5 -6 5-6
4§-6 4i-6
4J-6 41-6
41-6 41-5 6-8 41-5 3i-5
6 -7 6 -7
6
7 6-7
4 -6 4 -6
6 5 -6 4}-6
8 6 -8
8 6 -8
8
5 -6 5 -6
6 5-6 5-6
41-51 41-51
51 41-51 44-Si
6
7
6
6
7
6 -7 6 -7
6-7
7
6 -7 4j-6
6
7 6 -7
6-7 6-7
6 -7 6-7
44
31-5
51-6
4-41
51-6
5 -6
5i-6
ti
4
51
51-51 4 -4J
5
6
5i 4 -41
5
6
6
5-51
5
6
5
5 -6
5 -6
6 5-6
6 -7 4}-6
6
6
7
5
51-6 4J-5
SI
*1
6
51-fl
5J-6
6-8
6 -7
4 -6
6 -8
41-5
5-6
6-7
4
3
3
5
51
4
41 5 -6 41-41
5i 2 -4J 2-4}
6 5 -6 51-6
5-6 5 -6
5
4
4
4 -41
51
61 4 -41 31-41
6
6
5
6
5 5 -6 5 -6
5
-6
5
-6
6 -6
6
6
6
6
5 -6 5 -5} Si-6 51-6
5 -51 5 -51 5 -6
5
-6
5-6
6 -6
41-6
51-6
6
6
5-51
51 41-51 5 -51
5i
5 -6 21-6
5 -6
41-6 41-6
6
5 -6
6
6
6
6
6
41-8
6
6 5-8
5-6
41-6 5 -6
51 5 -6 51-6
51-6
5 -6 5 -6
5i-6
51-6
6
41-5} 4 -5 5 -5§ 4 -5 4-4J
5^5i
5 -« 41-51
6 4HS 5 -r
5-51
5 -6 5 -51
51 4 -5§ 41-51
5
6
6
6
6
6
6 -7
51-6
4J-5J 5 -5J
7
51-6
41-5
5
5 -6 5 -6
Bfr-7
5 -6
5
6-7
5}-6
6
5i 5 -6
6 -7
6 -7
6
6 -8 6 -7
5 -6
4 -6 4 -6
6-8
8
8
41-5
6
5 -6
51 5 -6 5 -6
5 -6
5 -6 5 -6 5 -6 5 -6 5 -6
6 - 7 6 -7
7 6-7
7
6
6
6
7
6 -7
6
7
8
6 -7 6 -7
6 -7
6
7
6 -7 6 -7
6-7 6 - 7
5
5 -5-1
6
5i
6
6
51-6
6
5J
6
6
6 -7
6
45
31-4*
6
3J-4
6
6
5J-6
5 -6
4f-5i
5 -6
6
5 -8
5 -6
Sl-6
4i-Si
5-6
4}-5i
6
6 -7
*t
6
7
8
6
51-6
5
7
7 -8
7
61;
5 -6
51-6
6 -7
6 -7
8
5 -6
5 -6
6 -7
6
6 -7
7
6-7
31-5
6
8
5 -6
5i
5-5^
2f-7
6
6
51-6
4 -5
5- 6
41-5J
6
6-7
5
8
5J-6
5 -6
6 -7
6 -7
8
5 -6
5 -6
6 -7
6 -7
7
6 -7
6-7
51-5J
51-6
6
51
6
6
51-6
6
5J
6
6
6-7
6 -61
7
Si
6
?
7
4-41
6
41-6
61-6
6
51-7
5
51-55 -6
6
S -8
5 -7
51-6
41-5
51-6
5 -6
6
6 -7
5 -6
6 -7
6 6 -7
7 6-8
71 S -8
8
8
6 5 -51
6
6
7 6 -7
7
7 -8 6"-7'
7
7
6 -7
41-5
6
41-6
5}-6
6
51-7
51
54-5;"
5 -6
6
6
51-7
51-6
41-6
5 -6
5 -6
6
6
51-6
6 -7
6-7
6 -8
5 -8
8
5 -6
6
6-7
6 -7
6J-7
6-7
6
6
6
6
6
6
6
6
6
7
51-6
6
6
fed
1
Cj
5 -51 5 -51
Si
"<T
51
6 -7
6 -7
7 -8
7-8
8 -10
5 -S
6 -8
7 -8
8-10
6 -8
6
7
6i
8
6-8
7
6 -7 6 -7
6 -7
7
6 -7
71
8
7
829
FEDERAL RESERVE BULLETIN
OCTOBBR, 1924
GOLD AND SILVER IMPORTS AND EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
Gold
Eight months ending
August—
August—
Countries
1923
Silver
1924
1923_
1924
Eight months ending
August—
August—
1923
1924
1923
1924
IMPORTS
France _ -
-
$1,580,257
4,711,873
2,000
4,446,627
$601,891
2,100
14,414,862
6,744, 546
5,698,211
175,003
253,385
11,694
13,963
37,379
491,114
160,357
31,419
25,000
22,261
2,421,409
175,932
466,869
14,668
6,251,000
3,556
156,517
78,815
138,207
27,555
625,887
155,772
_ _. .
146,350
103,456
32, 880
182,722
315,284
209,139
54,205
1,102
5,535
4,375
.
32,856,097
Italy
10,901
England
Canada
..
Mexico
West Indies..
Chile
_„
.
. . .
Peru
.
China
Dutch East Indies.- ..
Philippine Islands
British Oceania
Egypt
All other
.
. . . . . .
.
.. _
Total
. . . .
_ . . ._
$3, 561,829
10,528,858 $10,702,910
38,932,450
4,821,127
77,431
2,736,792
10,455,775 34,499,147
23,844
53,302
6,191,559
66,708,321 130,876,061
2,560,382
38,755,089 30, 898, 595
1,632,551
1,479,051
4,567,382
3,752,313
176,034
282,493
118,658 14, 714,219
158,564
303,321
3,014,341
1,622, 111
467,010
588,717
1,903,171
1,303,161
296,623
193,557
3,186,272
4,102,016
1,477,832
1,497,417
318,640
2,500,000
968,665
4,222,495
1,124, 893
2,464,412
1,070,194
1,451,008
711,443
337,584
521, 762
1,134,312
18,149,981 192,718,004 263,226, 690
$25,998
$1,225
14,621
21,821
8; 884
9,517
170,959
$56,777
1,221,035
2,232
512
104,618
9,027
265, 111
1,109,020
186,115
4,713,969
6,080
5,833
116,377
14,736
4,765
762,962
55
264
67,285
4,275,139
1,119,613
28,559,619
82,664
60,926
924,202
87,635
26,255
8,542,232
329
7,893
596,353
4,667,802
1,304,401
29,383,039
57,059
32,304
886,987
98,402
31.426
9, 649,997
2,202
16,625
607,273
75,890
3,815
77
102
8,684
44
12,474
1,643
15,619
88,041
583,892
17,989
2,397
285
88,855
281,705
6,465,949
7,041,630
45,564,774
48,688,060
1,019,879
102, 536
4,190,308
11,283
2,506
86,512
16,633
901,527
22
1,385
861
369
15,619
$187,553
111,319
66,569
43,845
EXPORTS
France
Netherlands
Switzerland
England
Canada
Central America
West I n d i e s . .
10,000
30,000
17,477
. . . . .
.-
2,660,000
15,000
500
1,374, 947
130,783
885,609
119,984
215,171
287,140
435,685
3,555,554
15
700,000
1,663,136
.
. . . . .
700,000
107,000
700
195,000
20,000
1, H i , 899
1,000
2,297,557
395,121
144,884
30,000
125,793
2,830
42,000
Peru
British India
China..
Dutch East Indies...
Hongkong .
Allother
Total
1,500
1,036,360
42, 930
. 10,000
10.535
66,150
36,677
2,200, 961
2,397,457
25,015,337
6,579,709
20,000
.. .
. .
1,101,600
1,663,136
13,359,149
90,005
60,010
2,117,615
150,840
2,285,698
3,600,533
2.721,490
138,024
2,000
139,816
560
1,604
22,000
3,959,605
976, 673
52, 844
1,184,114
51,155
5,606,573
11,244,086
19,045,163
622
16,587,713
1,055,572
34,275
1,337,567
48,638
13,114
900,000
655,340
35,467,703
11,217,071
1,605,573
1
35,500
3,714
630,282
1,275,970
68,202
38,525,927
69,399,769
405,362
7,032,221
8,632,067
366,000
830
FEDERAL RESERVE BTJLKETIN
OCTOBER, 1924
FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX
Per cent of par i
Sept. 2 to 21, inclusive
Monetary unit
Par of
exchange
19.30
26.80
19.30
France
Franc
Great Britain
Pound
_- 486.65
19.30
Italy
Lira
40. 20
Netherlands
Florin . .
26.80
Norway. Krone
19.30
Spain
Peseta
26.80
Sweden _
Krone
_.Switzerland
19.30
Franc
Canada
100.00
Dollar
96.48
Argentina
. . _ Peso (gold)
32.44
2
Chile
Peso (paper) . . 2 19. 53
66. 85
China
Shanghai tael
48.66
India
Rupee
49.85
Japan
Yen.....
Franc
-
September
August
Low
General index
Bftlginm
August
Average
High
Low
High
Average
5. 2500
5.0219
49847
4 6400
4.9500
5.0900
16 3900 16. 9900 16.8247 16.1000 16.4200 16. 2115
5.7000
5,4635
5. 3165
5.1300
5.2400
5. 4200
443. 3100 449.1400 445. 9153 441. 0100 455. 7000 449. 9458
4.5300
4.3812
4. 3300
4. 3500
4.4300
4. 4446
38.1600 38. 6900 38. 3829 38. 2300 39.1400 38. 8035
13. 6900 13. 8300 13. 7647 13. 5700 14 0200 13.8665
13.1200 13. 2600 13.1982 13. 2500 13. 5300 13. 4088
26. 5500 26.6300 26. 5988 26.5600 26. 6700 26. 6142
18. 7500 18. 9000 18. 8235 18. 5900 19. 0100 18. 8219
99. 8115 100.0029 99.9329 99. 6834 100.0042 99. 8537
77. 8600 81.2100 79. 4994 74. 7700 78. 6500 76. 6558
9.9482
9.9162
9.5800 10. 0900
9.7600 10.1700
9. 7800 10. 2300 10.0004
9. 6500 10. 9200 10. 2488
73.9000 76.1700 74.9994 72. 4800 74. 3600 73. 3254
32.1800 32. 7400 32. 3747 31. 9900 32. 4300 32. 2642
40.4100 41. 2000 40. 8306 41. 0600 41. 5500 41. 2608
Month Fourth
week
First
week
Second
week
61
26.02
60.49
28.31
92.46
23.03
96.53
51.74
69.48
99.31
97.52
99.85
79.45
30.57
51.21
109.69
66.31
82.77
61
25.81
60.40
27.94
92.24
22.90
96.35
51.60
68.89
99.22
97.16
99.96
79.81
30.85
51.21
110.16
66.34
82.61
61
25.97
61.78
27.56
91.76
22.75
95.68
51.41
68.37
99.16
97.48
99.99
81.88
30.33
60.49
110.99
66.32
82.44
ftO
25.81
63.16
27.50
91.41
22.65
95.20
51.26
68.20
99.25
97.33
99.90
81.81
30.45
50.94
112. 49
66. 32
81.98
o.oi
3.80
0.01
3.79
0.01
3.80
0.01
3.79
0.01
3.79
13.02
13.01
13.01
13.01
13.01
9/30
.01
99.61
2.75
2.39
6.41
99.92
98.10
75.92
109.68
111.61
91.16
9.35
.01
99.62
2.81
2.46
6.44
99.93
98.12
76.64
110.53
111.53
91.85
9.35
.01
99.60
2.80
2.65
6.74
99.93
98.29
79.44
111.44
111.58
90.89
Third
week
61
25. 7a
63.2a
27.57
91.74
22.71
95.59
51.42
68. &&
99.32
97.77
99.92
83.42
31.17
55.67
112. 89
66.92
81.39
OTHER COUNTRIES
Austria
Krone.
20.26
19.30
Crown
. .
Markka.
Reichsmark _
Drachma
Krone
Zloty
19.30
23.82
19.30
20.26
19.30
Poland
108.05
Lev
19.30
Rumania
Dinar
19.30
Yugoslavia
Peso
100.00
Cuba
do
49.85
Mexico 103.42
do
2
China
Mexican dollar.. 2 48.11
47.77
Dollar
Straits Settlements- Singapore dollar - 56.78
Finland .
0.0014
.7289
2. 9854
2. 5090
3
.0238
1.7627
.0013
19.2000
2. 9900
.4939
1.2728
99. 9193
48. 9594
81.2900
53.4600
53.2100
51.2500
0.0014
.7364
3.0001
2.5123
8
.0238
1.8290
.0013
19. 2500
3 2300
.5344
1.3904
99. 9323
49.1042
84.7800
54.2500
53. 6800
51.8800
0. 0014
.7315
2.9945
2. 5108
'.0238
1.7869
.0013
19.2224
3.1059
.5227
1.3330
99. 9282
49.0035
82. 8629
53. 8982
53. 4065
51. 5035
0.0014
.7233
2. 9495
2. 5090
3
.0237
1. 7167
.0012
19.1800
2.8600
.4369
1.1920
99. 8750
48.7500
76. 2500
51. 6400
52. 7200
50.7800
0.0014
.7430
3.0005
2.5161
3.0239
1.8598
.0013
19. 2700
3.1100
.4962
1.2646
99. 9313
49.0417
80. 5500
53.8800
53. 7000
52.3300
0.0014
.7328
2. 9789
2. 5129
a
. 0238
1. 7947
.0013
19. 2254
2. 9704
.4605
1. 2383
99. 9194
48. 9031
78. 5162
52.7200
53. 3154
51.7623
9.24
9.20
.01
.01
99. &&
99.61
2.86 • 2.9&
2.72
2.75
7.14
6.81
99.93
99.93
98.25
98.36
79.60
81.31
112.07
112. 49
111. 80
111. 98
90. 5S
90.68
SILVER
[Average price per fine ounce]
July
$0.67937
.67497
London (converted at average rate oJ exchange).
New York
_
1
Based on average.
21923 average.
3
In cents per billion.
INDEX
Page
Page Germany:
Cost of living and retail food prices...
806
81S, 816
Foreign trade
804
783
Industrial statistics
803
797
Wholesale prices...
808
786,829
772,798 Gold imports and exports
827
765,789 Gold settlement fund transactions. . . _ ._ , _
flour
_.
772,797
.- 779,800 Grain and
771,772 Great Britain:
Financial statistics
805
826
Foreign trade
804
784
Gold imports and exports
787
_. 780,800
Industrial statistics
_
803
Retail food prices and cost of living. __
_
809
805
Wholesale prices
_
807
770,795
784 Industrial statistics:
Foreign countries
_
803
United States
795-800
_. 809
828
805 Interest rates prevailing in various centers
_
778,798
804 Iron and steel production.
_
803 Italy:
Financial statistics
_
805
807
Foreign trade..
804
768
Retail food prices and cost of living.__•
809
781,802
Wholesale prices
_
_
808
823
793 Japan:
Financial statistics
_
_
805
775,798
Foreign trade
-.
804
784
Wholesale prices
_
_
807
797
Leather industry
780,799
819 Livestock:
Monthly report on the industry
_
_
774,797
810
Prices on farms
_
791
817
Lumber industry
__
779,798
Mail-order
houses,
retail
trade
of.
781,802
.op estimate
794
776,797
'rices on farms
789 Manufacturing
of living
782,809 Member banks:
Changes in membership in the Federal reserve system
823
m:
Condition of
817
>rop estimate
794
Number discounting
_
816
lanufacturing
777,798
Number in each district
816
law
773,798 Metals.
776
Prices on farms
791 Mineral products, index of
797
Mining
775,797
ondition
..
772 Mitchell, John B., appointed Federal reserve agent at Minneapolis 769
stimate of production
794 Money in circulation
825
inancing the marketing of
768 Money rates
825,828
rices on farms
_
765,789 Oats:
r
orld wheat crop and international trade
788
Crop estimate
794
•products
775,797
Prices on farms
790
s to individual account
826 Ocean freight rates
.
804
•tment-store business
781,802 Per capita circulation
825
fits:
Petroleum industry
775,798
yvings
_
784 Potato crop estimate
794
ime and demand of member banks
827 Prices:
iits, note circulation, and reserves of Federal reserve banks. 810
Farm products7891
m t and open-market operations of Federal reserve b a n k s . . . 816
Food, in principal countries...
809
m t rates:
Wholesale
770,781,806
mtral banks
_
805 Production in basic industries, index of
770,796
:deral reserve banks.__
_
825 Reserve ratio of Federal reserve banks
810
evailingin various centers
_
783,828 Resources and liabilities:
lg assets of Federal reserve banks
815
All banks in the United States on June 30
819
lyment, United States
_
_. 782
Federal reserve banks
810
dexof.
_
796
Member banks in leading cities
_
817
id. (Sec Great Britain.)
Retail trade:
781,802
3S, commercial and bank
784 Savings deposits..
_
784
J advisory council, meeting of._
_
769 Shoe industry
780,799
.1 reserve agents:
Silver:
deral reserve note account
814
Imports and exports
829
tchell, John K., appointed agent at Minneapolis.
769
Price of
830
1 reserve note account
814 Silver dollars, increase in circulation of
769
ary powers granted to national banks.
793 State banks:
•ial statistics of principal foreign countries
_
805
Changes in membership in Federal reserve system
824
f products
798
Conditions of all banks on June 30
820
manufacturing
776 Textile industry..
_..
777,798
rices in foreign countries
809 Time deposits of member banks
827
I exchange
..785,830 Tobacco:
l trade:
Crop estimate
794
ncipal foreign countries
-•
-- 804
Monthly report on the industry
773,798
ited States
785,804 Transportation
780,800<
Treasury
finance
768
;t of living and retail food prices.
809 Wheat:
Crop estimate, United States.
794
ancial statistics.
805
Crop of the world
_
788
eign trade
804
Prices on farms
789
ustrial statistics
803
770,781,806
olesale prices
807 Wholesale prices
770,781,801
rates, ocean
804 Wholesale trade.
_
777,769»
•op and shipments
774,798 Wool and woolen industry
eptances:
Held and purchased by Federal reserve banks
Market for
icultural movements, index of
iculture:
Monthly statistics
Prices of farm products
omobiles, production of..
^
± credit
kdebits..
k suspensions
Iding statistics
_._
_
iness and financial conditions:
Abroad
.
_
United States..._
iness failures
ada:
Cost of living and retail food prices
Financial statistics
Foreign trade
[ndustrial statistics
Wholesale prices...
ificates of indebtedness, Treasury, issue of
n-stqre statistics
lges in membership in Federal reserve system
rters issued to national banks
and coke production
mercial failures
_
modity movements
_
* ' >n statements:
janks in the United States on June 30.
eral reserve banks
_
_
mber banks in leading cities
I
FEDERAL RESERVE DISTRICTS
•
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
•—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
@FedFRASER