federal reserve bulletin october 1923 - st. louis fed...recent developments in russian banking and...

FEDERAL RESERVEBULLETIN

(FINAL EDITION)

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

OCTOBER, 1923

WASHINGTONGOVERNMENT PUNTING OFFICE

1923

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD.

Ex officio members:

A. W. MELLON,

Secretary of the Treasury, Chairman.

HENRY M. DAWES,

Comptroller of the Currency.

D. R. CRISSINGER, Governor.

EDMUND PLATT, Vice Governor.

ADOLPH C. MILLER.

CHARLES S. HAMLIN.

GEORGE R. JAMES.

EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.

W. M. IMLAY, Fiscal Agent.

J. F. HERSON,Chief, Division of Examination and Chief Federal

Reserve Examiner.

WALTER WYATT, General Counsel.

WALTER W. STEWART,

Director, Division of Research and Statistics.M. JACOBSON, Statistician.

E. A. GOLDENWEISER, Associate Statistician.E. L. SMEAD, Chief, Division of Bank Operations.

FEDERAL ADVISORY COUNCIL.

(For the year 1923.)

District No. 1 (BOSTON) ALFRED L. AIKEN.District No. 2 (NEW YORK) PAUL M. WARBURG, Vice President.District No. 3 (PHILADELPHIA) L. L. RUE, President.District No. 4 (CLEVELAND) C. E. SULLIVAN.

District No. 5 (RICHMOND) JOHN M. MILLER, Jr.District No. G (ATLANTA) EDWARD W. LANE.

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.District No. 11 (DALLAS) R. L. BALL.

District No. 12 (SAN FRANCISCO) D. W. TWOHY.II


OFFICERS OF FEDERAL RESERVE BANES.

Federal Reserve Bank of—

Boston

New York

PhiladelphiaCleveland

Richmond

Atlanta

Chicago

St. LouisMinneapolis

Kansas CityDallasSan Francisco

Chairman.

Frederic H. Curtiss

Pierre Jay

R.L.AustinD.C.Wills

W. W. Hoxton

Joseph A. McCord

Wm. A. Heath

Wm. McC. MartinJohnH. Rich

M.L.McClureLynn P. TaUeyJohn Perrin

Governor.

W. P. G. Harding.

Ben). Strong

George W. NorrisE. R. Faneher

George J. Seay

M. B. Wellborn

J. B.McDougal

D.C. BiggsR. A. Young

W. J.BaileyB. A. McKinneyJ.TJ. Calkins

Deputy governor.

C. C. BuUenW. W. PaddockJ. H.CaseL.F. SailerG. L. HarrisonE. R. Kenzel

Wm. H. HuttM.J. FlemingFrank J. ZurlindenC. A.PepleR. H. BroaddusA. S. Johnstone'John S. Walden»L. C. AdelsonJ. L. CampbellC.R. McKayJohnH. Blair

0. M. AtteberyW. B. GeeryB.V.MooreHarry Yaeger'Frank C. Dunlop1

C. A. WorthingtonR. G. EmersonWm. A. DayIra Clerk'L. C. Pontious3

Cashier.

W. Wfflett.

L. H. Hendricks. >J. D. Higsins.l

A. W. Gilbart. >J. W. Jones.'G. E. Chapin.»W. A. Dyer.J. C. Nevin.

Geo. H. Keesee.

M. W. Bell.

W. C. Bachman. •K. C. Childs.»J. H. Dillard.»D. A. Jones.l

0. J. Netterstrom.»Clark Washbume.»J. W. White.Gray Warren.

J. W. Helm.R. R. Gilbert.W. N. Ambrose.

' Controller. • Assistant to governor. »Assistant deputy governor.

MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES.


New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branch

Atlanta:New Orleans branchJacksonville branchBirmingham branchNashville branch

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branchLittle Rock branch

Manager.

W. W. Schneckenburger.

L. W. Manning.Geo. DeCamp.

A. H. Dudley.

Marcus Walker.Geo. R. De Saussure.A. E. Walker.J. B. McNamara.

W. R. Cation.

W. P. Kincheloe.J. J. Heflin.A. F. Bailey.


Minneapolis:Helena branch

Kansas City:Omaha branchDenver branchOklahoma City branch

Dallas:El Paso branchHouston branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branchSpokane branch

Manager.

R. E. Towle.

L. H. Earhart.J. E. Olson.C. E. Daniel.

W. C. Weiss.R. B.Coleman.

C. J. Shepherd.Frederick Greenwood.R. B. MotherweU.C. R. Shaw.W. L. Partner.

SUBSCRIPTION PRICE OF BULLETIN.

The FEDERAL RESERVE BULLETIN is the Board's medium of communication withmember banks of the Federal Reserve System and is the only official organ or periodicalpublication of the Board. It is printed in two editions, of which the first contains theregular official announcements, the national review of business conditions, and othergeneral matter, and is distributed without charge to the member banks of tho FederalReserve System. Additional copies may be had at a subscription price of $1.50 perannum.

The second edition contains detailed analyses of business conditions, special articles,review of foreign banking, and complete statistics showing the condition of FederalReserve Banks. For this second edition the Board has fixed a subscription price of$4 per annum to cover the cost of paper and printing. Single copies will be sold at40 cents. Foreign postage should be added when it will be required. Remittancesshould be made to the Federal Reserve Board.

No complete sets of the BULLETIN for 1915,191G, 1917, or 1918 are available.

m


TABLE OF CONTENTS.

General summary: page-Re view of the month 1085Business conditions in the United States 10S0

Special article:Seasonal movements of farm commodities . . 1103

Official:State banks admitted to system 1138Fiduciary powers granted to national banks 1138Charters issued to national banks 1138Banks granted authority to accept up to 100 per cent of capital and surplus 1138

Business and financial conditions abroad:Agricultural conditions abroad 1112Recent developments in Russian banking and currency 1114The Bank of the Republic of Colombia 1119

Price movement and volume of trade:International wholesale price index ^ 1124Wholesale prices of individual commodities in the United States 1126Comparative wholesale prices in principal countries 1128Comparative retail prices and cost of living in principal countries 1131Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 1132Foreign trade of principal countries 1135Foreign trade index 1137Ocean freight rates 1137Physical volume of trade 1139Building statistics 1144Wholesale and retail trade 1145Commercial failures 1101October crop report, by Federal reserve districts 1111

Banking and financial statistics:Domestic—

Condition of all banks in the United States as of June 30,1923 1107Discount and open-market operations of Federal reserve banks 1147Condition of Federal reserve banks.. * 1151Federal reserve note account 1155Condition of member banks in leading cities 1156Savings deposits 1137Bank debits 1159Operations of the Federal reserve clearing system. 1164Gold settlement fund 1168Gold and silver imports and exports 1167Deposits of all member banks 1165Money in circulation 1166Discount rates approved by the Federal Reserve Board 1168Discount and interest rates in various centers 1169foreign exchange rates 1170

lgland, France, Italy, Germany, Sweden, Canada, Argentina, and Japan 1171

orices 1086of production in basic industries and wholesale prices in the United States 1090redit 1091lings of grain and grain products 1103ts of wheat and all grains 1104sight receipts 1105

i stocks in warehouses 1105n stocks at mills 1106

on ginned, 1914-1923 1093cotton consumption and output of finished fabrics 1096

iding contracts awarded 1099ernational wholesale price index—Federal Reserve Board 1124lume of domestic business 1139holesale trade and department-store sales 1145

IV


FEDERAL RESERVE BULLETINVOL. 9 OCTOBER, 1923. No. 10

REVIEW OF THE MONTH.

During the autumn months the primaryconcern of the banks of the country is to furnish

credit and currency for harvest-Financing the m g a n d marketing the year's

crop movement. „,, . . ,crop. I his year the agricultural

demand comes after a period of more than ayear of credit growth arising from the increasedindustrial and trade activity. Since midsum-mer of last year the banks have extended tocommerce and industry a large amount ofadditional credit and the present volume ofmember bank credit in use is greater than everbefore at this season of the year. The banks,particularly those in agricultural districts, arenow meeting the additional demand for creditfor crop marketing purposes through the useof funds released by liquidation of loans madeduring the growing season and through in-creased accommodation at the Federal reservebanks. Since the increased demand for creditduring the year has been largely concentratedin the industrial districts, the banks in theagricultural districts are in a strong lendingposition at a time of the year when the de-mand upon them reaches its seasonal peak.

The volume of credit required in financingthe crop movement is affected by the total

yield and the prices prevailing1923 crop at marketing time, and these

are also the factors that deter-mine the year's return to the farmer. The ad-vance in the prices of certain principal cropsduring the past two months has partly re-flected the lower estimated yields, and theseadvances have been more than sufficient to off-set in the total value the decline in expectedoutput. The October 1 estimates of pro-duction indicate an expected wheat crop ma-

yield.

terially below last year's and the price ofwheat, both at the farm and in the primarymarkets, has somewhat advanced. Wheatprices, however, are below those of last yearand only slightly above their pre-war level.The position of the wheat farmer in certainsections is still difficult. The cotton crop fore-cast also indicates a reduction from earlier ex-pectations, which in July and August placed thecrop at about 11,500,000 bales, compared withthe October estimate of 11,015,000 bales, withthe result that the price of cotton has advanced,particularly in recent weeks. This improvementin the outlook for the two principal cash crops isimportant for the farmer, because it is the cashcrop upon which his immediate income depends.The following table shows the production of theprincipal crops in 1920, 1921, and 1922, com-pared with the latest forecasts for 1923:

Crop.

Production (000 omitted).

Unit.

Corn Bushels.Cotton Bales . . .Hay, total TonsWheat, total I Bushels.

Winter I . . . do . . . .Spring j . . . d o . . . .

Oats I...doTobacco Pounds.White potatoes Bushels.Sweet potatoes doApples doRice doBarleyRye

. . . d o . . .

. . . d o . . .

1923 i

3,021,00011,015

103,000781,737568,386213,351

1,302.0001,462; 000

401,00096,000

191,00033,000

199,00065.000

1922

2,890,7129,762

112,791862,191586,204275,887

1,201,4361,324,840

451,185109,534201,00041,965

186,11895,497

1921

3,068,5697,954

97,770814,905690,316214,589

1,078,3411,069,693

361,65998,65499,00237,612

154,94661,675

1920

3,208,58413,440

105,315833,027610,597222,430

1,4%, 2811,582,225

403.296103, 925223,67752,066

189,33260,490

1 October 1 forecast.

According to the October estimate, the corncrop is to be over 3,000,000,000 bushels for thefifth time in the history of the country, andthe price of corn during recent months has ad-vanced, as it has done almost uninterruptedlysince the beginning of 1922. This rise in theprice of corn was for some time accompanied

1085


1086 FEDERAL RESERVE BULLETIN. OCTOBER, 1923.

by a decline in the price of hogs and cattle,though more recently cattle and hog priceshave also increased, and this has brought aboutsome improvement in the outlook of the live-stock farmer.

The farmer's net return as a producer de-pends not only on the prices brought by his

products, but also upon the ex-! P e n s e o f m a k i l l g ^ e crops, and

this year the cost of labor, fer-tilizer, and other materials has been generallyhigher than last year. From the standpoint ofthe farmer as a consumer, however, the advanceduring the past year in the prices of many farm

PER CENT2001

150

100

50

FARM PRICES

PERCENT1200

150

100

1921 1922 1923

products, which has not been accompanied bya corresponding increase in retail prices, hasincreased the purchasing power of the farmer'sdollar. The chart shows the trend of farmprices of 10 leading crops and 6 classes of livestock since 1921. It will be noted that cropprices are, on the average, considerably higherthan last year, while live-stock prices, thoughhigher than two months ago, are still consid-erably below last year's level. In Septemberthe prices of some agricultural products showedfurther advances. The recent advance of cropprices gains in significance because it has oc-curred during the period when the farmer mar-kets his crops. While price advances in the

spring and early summer reflect expectations inthe speculative market and do not materiallyaffect the farmer's returns, price advances dur-ing the crop-moving season are of direct benefitto the farmer. The improvement in thefarmer's condition during the past year hasbeen due mainly to the large purchasing powerof the domestic consumer arising out of fullemployment and larger earnings of the indus-trial worker, this improvement in the domesticmarket being more than sufficient at present tocounteract the effect upon prices of the lesssatisfactory condition of the foreign market.The foreign demand for the American wheatsurplus is likely to be affected by the largerworld production, and also by the fact thatEuropean countries which are the principalimporters of wheat are expected to produce alarger crop than a year ago.

The market for this year's crops, as well asthe credit required in financing the marketing,

is influenced by the stocks leftover from the crop of the previ-ous year. The following table

shows the stocks of certain crops at the endof the crop years 1920 to 1923:

STOCKS OP CERTAIN CHOPS ON FAKMS.

[000 omitted.]

Marketing thecrops.

Year.

1920192119221923

Corn (bushels).

On farms,Mar. 1.

1,045,5751,564,8321,305,5591,087,412

Nov. 1.

139,083285,769177,287

Wheat(bushels),

July 1.

49,54656,70732,35935,634

Oats(bushels),

Aug. 1.

54,819161,10874,51370,082

Cotton(bales, ex-clusive oflinters),Aug. 1.

3,5636,5342,8322,088

It will be seen that the stock of wheat issomewhat larger than last year, but much lessthan in the preceding two years and thatcotton stocks this year are exceptionally low.In considering the size of stocks carried inthis country it must be borne in mind thatdecided changes have occurred since the warin the practice of European buyers with respectto carrying stocks and that they now pursuemore of a hand-to-mouth policy. This reduc-tion in the European stocks has resulted in


OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1087

the necessity of a larger volume of crops beingcarried in this country.

A further influence both on the volume ofthe crop offered for sale during the harvestingseason and upon the character of the financingrequired is the length of time the crops areheld on the farm. It is well recognized thatfrom the time the crop is produced until it isconsumed credit must be extended for carry-ing it, but the character and the location ofthe credit demand is different when it is heldby the farmer and when it has been passedon to the middleman. During the summermonths the movement of wheat to market wasdelayed by the low prices then prevailing, butunder the influence of somewhat better pricesin late August and early September the mar-keting increased in volume and was largerthan during the corresponding weeks of thepreceding season. Cotton has matured earlyin certain sections, particularly in Texas, andthe volume thus far marketed is about equalto that of last season. A factor affecting themovement of crops this year to a larger degreethan in previous years has been the activityof cooperative marketing associations, to whichthe growers turn over the crops at harvesttime to be financed until their final marketing.

During the crop-marketing period the use oftransportation facilities ordinarily reaches thepeak for the year, and during the current move-ment these facilities have been more adequatethan a year ago. At the end of August therailroads reported a surplus of cars, while dur-ing the 1922 crop movement there was a freight-car shortage. Through the addition of newequipment, a decrease in the number of carsawaiting repairs, and a more efficient use ofcars the railroads have provided for the sea-sonal movement of agricultural products inaddition to carrying a record volume of othercommodities. Adequate transportation, aswell as adequate credit, is essential to orderlymarketing, and this year agricultural shipmentshave not been delayed by lack of facilities.

The seasonal demand for credit this yearcomes at a time when the banking situation

differs from that of a year agomand Sona meml i n t Q a t &« volume of loansber banks and after a year of growth is at areserve banks. •, , . •, , , T »

much higher level. Loans ofmember banks in the larger cities have in-creased by nearly $1,000,000,000, the addi-tional borrowing being chiefly for commercialand industrial purposes. Member banks havemet this growing demand for credit out ofthe addition of about $440,000,000 to theirtime deposits, through an increase of a similaramount in accommodation at the reservebanks and through the use of gold importedfrom abroad. While most of the increase ofbank loans for the year occurred in the indus-trial districts, during the past two months therehas been an increased demand for credit at thebanks in the agricultural districts, and thesebanks have met this demand in part by reduc-ing their balances carried with correspondentsin financial centers.

During the current year the chief demandfor reserve-bank accommodation has comefrom the member banks in the agricultural dis-tricts. From the middle of January to themiddle of September, out of a total increase ofover $260,000,000 in reserve-bank discounts,about three-fourths represents an increase inborrowings from the reserve banks in the cot-ton and in the wheat growing districts. Inthe Dallas district the early marketing of cot-ton has recently reduced the volume of bor-rowing at the reserve banks. The increase indiscounts at reserve banks in some of the agri-cultural districts since the first of the year hasbeen accompanied by a reduction in theiropen-market holdings, so that the total volumeof their earning assets has increased much lessthan their discounts.

The reserve banks, particularly those in theagricultural districts, have recently felt theseasonal demand for Federal reserve notes.The demand for currency, which has increased


1088 FEDERAL EESERVE BULLETIN. OCTOBER, 1923.

throughout the year and has recently reflectedthe crop-moving requirements, has chiefly beenmet, however, by other forms of curency thanthe Federal reserve note. The following tableshows the different classes of money in circu-lation on September 1, 1922, and September 1,1923:

MONET IN CIRCULATION.

Gold and gold certificates...Silver and silver certificates.United States notesFederal reserve notesFederal reserve bank notes..National-bank notes

Total

Sept. 1,1923.

1838,496,751683,446,364304,576,800

2,204,824,45017,612,842

728,949,604

4,777,906,811

Sept. 1, 1922.

$610,375,435564,954,874285,000,737

2,141,305,94960,158,812

731,711,120

4,393,506,927

Increase (+)or decrease

+8228,121,316+ 118,491,490+19,576,063+63,518,501- 4 2 545,970-2,761,516

+384,399,884

Of the total increase, $228,000,000, or about60 per cent, was in gold and gold certifi-cates, which corresponds approximately withthe net gold imports for the year. Thus theimported gold has not been added to the re-serves of the reserve banks, but has gone intocirculation to meet the currency demand. Thelarge increase in silver certificates and UnitedStates notes is accounted for in part by theretirement of Federal reserve bank notes andin larger part by the demand for currency oflow denominations. The growth in Federalreserve notes has constituted only about 17 percent of the total increase of money in circula-tion.

Since the currency demand has been largelymet by the use of the gold certificates repre-senting additions to the country's gold stock,and since the growth in discounts during theyear has been accompanied by a reduction inopen-market holdings, the total volume of re-serve bank credit in use has not thus far shownthe usual seasonal increase. In the agricul-tural districts, however, there has been an in-creased use of Federal reserve bank credit andcurrency in response to the requirements ofcrop moving.

TREASURY FINANCE.

On September 15, the date of the thirdinstallment of income and profits taxes, about

$290,000,000 of Treasury certificates fell due,together with interest of about $145,000,000 onthe public debt, including semiannual intereston the maturing certificates and on the thirdLiberty loan bonds. There were also still out-standing about $53,000,000 of called and ma-tured Victory notes and of about $30,000,000of matured war savings certificates. Income-tax payments during the September periodwere expected to bring in about $340,000,000.

To meet the payments coming due in Sep-tember over and above tax receipts and tocover further cash requirements, the Treasuryoffered for subscription a new series of 4^ percent Treasury certificates, running for sixmonths from September 15, 1923. Subscrip-tions for these certificates closed on Septem-ber 12 and amounted to $553,678,500. Thistotal included $63,846,500 of subscriptionsfor which Treasury certificates maturing Sep-tember 15 were tendered in payment, all ofwhich were allotted in full, while allotmentson other subscriptions were made on a grad-uated scale.

Distribution of subscriptions and allot-ments, by Federal reserve districts, is shownin the following table:

Federal reserve district.

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco.

Tota l . . .

Total sub-scriptionsreceived.

$63,860,000187,041,50039,848,50063,295,00014,885,00018,905,50051,835,00015,557,50010,789,00012,283,00026,224,50049,154,000

553,678,500

Total sub-scriptionsallotted.

$30,78,16,23,

32,

5,10,18

693,000348,500535,000405,500053,000032,500792 500399,500179,000463,000211,000638,000

249,750,500

Announcement was also made by theTreasury that the British Government hadmade final payment to t e United States of$30,500,000 on account of principal, togetherwith accrued interest, on its obligationsregarded as having been given for purchases ofsilver under the Pittman Act. The total ofthese obligations was originally $122,017,633.57.In 1920 an agreement was made with the



British Government for the funding and pay-ment of this amount, at which time $17,633.57was paid with accrued interest in order toreduce the amount to a round total of$122,000,000. According to the agreement thisamount was to be repaid in equal annual in-stallments in the years 1921, 1922, 1923, and1924 in the proportions of 60 per cent onApril 15 and 40 per cent on May 15 of eachof these years. Accordingly payments aggre-gating $91,500,000 were made during the years1921, 1922, and 1923. This left a balance of$30,500,000, payment of which was made onSeptember 15, 1923.

NOTES.

Federal Reserve Agent at Richmond.

Mr. Caldwell Hardy, chairman of the boardand Federal reserve agent at the FederalReserve Bank of Richmond, died on August26, 1923. Mr. W. W. Hoxton, who has beengeneral secretary of the Federal Reserve Boardsince November 1, 1920, was appointed tosucceed Mr. Hardy, and took office on Septem-ber 15, 1923.Meeting of Federal Advisory Council.

The Federal Advisory Council held its thirdstatutory meeting for the year 1923 on Septem-ber 17 and 18. The council has reported tothe Federal Reserve Board upon the Claiborne-Adams check collection plan as follows:

The Federal Advisory Council, having heard Messrs.Claiborne and Adams in support of the so-called Claiborne-Adams check collection plan and the recent amendmentsthereto, is of the opinion that the plan is unsound, andtherefore unanimously recommends its rejection by theFederal Reserve Board. The council concurs in theessential objections to the plan as set forth in the reportof the advisory committee of governors of the Federalreserve banks to the Federal Reserve Board dated August1, 1923.

The council also recommended some changesin Regulation J, which is not yet in effect, thechief of which was that Federal reserve banksshall not receive on deposit checks on anynonmember bank which are not collectible atpar. The council also opposed any charge byFederal reserve banks for collecting checksdrawn on member banks even if indorsed bynonmember banks which refuse to remit atpar.

Opening of Federal Reserve Bank Agencies in Cuba.

On September 1 the Federal Reserve Banksof Boston and of Atlanta opened agencies inHabana, Cuba. The opening of the agencieshad been authorized by the Federal ReserveBoard on June 28, 1923.

Publication of Pamphlet on Cotton Financing.

The Federal Reserve Board has recentlyissued as a separate pamphlet a series of arti-cles which had appeared in the FEDERALRESERVE BULLETIN on financing the produc-tion and distribution of cotton.



BUSINESS CONDITIONS IN THE UNITED STATES.The Tolume of merchandise distributed during August, as indicated by railway traffic

and wholesale and retail trade, was large. Production of certain basic commodities and in-dustrial employment showed further slight decreases.

Production.—The Federal Reserve Board's index of production in basic industries declined1 per cent during August and was at the lowest point for this year. The August output, however,was 27 per cent larger than a year ago, and production in every month this year has been at ahigher level than in any month of the previous five years. The lower production index inAugust reflected reduced output, after a correction for the usual seasonal trend, of pie iron,woolen goods, flour, and cement. Cotton consumption, sugar meltings, lumber cut, and bitu-minous coal production increased. The number and value of new building projects, as measuredby permits granted in 168 leading cities, increased during August, but actual contract awardswere smaller than in July.

Employment at industrial establishments throughout the United States was slightlysmaller in August, while average weekly earnings advanced about 1 per cent. Increases inwages amounting to 10 per cent were granted to anthracite coal miners, and readjustment ofwages and hours in the steel industry continued, but wage advances during August were fewerthan in any month since last winter.

The principal changes in crop estimates shown by the September 1 forecast of the Depart-ment of Agriculture were a large reduction in the expected cotton crop, slight decreases in theprobable yield of wheat, barley, and oats, and increases in yields of corn, tobacco, and potatoes.

Trade.—Railroad freight shipments were larger in August than in any previous month onrecord. This was due to a seasonal increase in shipments of coal, miscellaneous merchandise,and agricultural products. Wholesale trade, according to the index of the Federal ReserveBoard, increased 12 per cent in August, which is more than is usual at this season. Sales ofclothing, dry goods, and shoes showed substantial gains as compared with July and were largerthan a year ago. Retail trade also increased in August and sales in all reporting lines were largerthan in August, 1922. Department-store sales in all sections of the country averaged 13 percent above last year's level.

INDEX OF PRODUCTION IN BASIC INDUSTRIESCOMBINATION OF 2 2 INDIVIDUAL SERIES

CORRECTED FOR SEASONAL VARIATIONPERCENT ( /SfS'roo)160

PER CENT160

140

80

60

40

20

\f v\

t

LATEST riCURE AU6US1

140

120

100

60

2 0

1919 1920 1921 1922 1923

PER CENT3001

2 5 0

100

50

PRICESINDEX NUMBERS OF WHOLESALE PRICES

U. S. BUREAU OF LABOR STATISTICS( )313*IOO BAS£ ADOPTED Br BUREAU)

V

1919 i920

PERCENT1300

250

200

150

100

50

1921 1922 1923



BANK CREDIT800 MEMBER BANKS IN LEADING CITIES

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

16

14

12

10

8

6

2

0

DEMANDDEPOSITS/*

TIMEDEPOSITS^, ^ - —

* • . LOANS AN\D1SCOUI

wvESn

' • . —

D\ITS

VNTSS""'

LATEST MO IRE SEPT. 12

14

12

10

8

5

A

2

01919 1920 1921 1922 1923

BANK CREDITALL FEDERAL RESERVE BANKS

MILLIONS OF DOLLARS40001

3500

1500

1000

500

Ml LUOWS OF DOLLARS1*000

LATEST riGURE SEPT. 19

3500

3000

2500

1500

1000

500

1919 1920 1921 1922 1923

Prices.—The general level of wholesale prices, according to the index offthe Bureau ofLabor Statistics, remained relatively constant in August, the change for the month being areduction of less than one-fifth of 1 per cent, compared with declines of about 2 per cent ineach of the three preceding months. Prices of building materials, house furnishings, and fuelwere materially reduced, while prices of farm products and foods increased. Prices of certainraw materials, particularly cotton and silk, advanced substantially during September, whileprices of petroleum and copper declined.

Bank credit.—After a decline during July and the first part of August the volume ofbank credit in use showed a seasonal increase during the last week of August and the first twoweeks of September. Total loans and demand deposits of member banks in principal citiesincreased during recent weeks, reversing the trend of the preceding two months. Loans,chiefly for commercial and agricultural purposes, increased by $122,000,000 and reached a highpoint for the year. Investment holdings of these banks, on the contrary, continued to declineand on September 12 were lower than at any time since the middle of October of last year.

Between August 22 and September 19 the amount of accommodation extended to memberbanks by Federal reserve banks in industrial districts declined, while in agricultural districtsthe seasonal demand for credit and currency resulted in a considerable growth of reserve bankcredit in use.

The demand for currency arising out of crop moving and fall trade has been reflected inan increase of $82,000,000 in money in circulation between August 1 and September 1. Of thisamount about $44,000,000 represents an increase in Federal reserve note circulation.

Money rates were firmer during the first two weeks of September but eased somewhatafter the 15th, partly because Government disbursements were temporarily in excess of taxcollections.

bearingin June.

The Treasury offered on September 15, $200,000,000 of six months' certificates4 J per cent interest, compared with 4 per cent borne by six months' certificates issued i



AGRICULTURE.

By late August and September the harvestingand marketing season had begun in all of thestaple crop-producing areas and more definiteharvesting returns began to become available.Crop reports on September 1 showed that thecomposite condition of all crops improvedduring August and that the total productionof all crops is estimated to be slightly greaterthan last year. Weather conditions during thelast weeks of August were generally favorablefor maturing crops and harvesting, but the hightemperatures, accompanied by unusually dryweather in the Kansas City and Dallas districts,were very unfavorable to the growing cropsand ranges. Late growths were preventedand many crops were affected by prematurity.The prolonged drought in these districts wasbroken by general rains late in August andSeptember, which were generally beneficial,although the open cotton in Oklahoma andTexas was somewhat adversely affected. Inthe small-grain areas the dry weather delayedfall plowing and preparation for planting, butfollowing the rams the work was resumed.Unseasonably cold weather, accompanied bylight frosts, in September delayed harvestingirifjsome sections of the Chicago and Minne-apolis districts. Some damage was done tothe corn crop by frost in sections of thesedistricts, but the extent of the damage varieswith the lateness of the crop. Harvesting ofthe early field crops in the San Francisco dis-trict continued under generally favorable con-ditions. On account of excessive rains duringthe growing season, which prevented propercultivation, the condition of rice and sugarcane in Louisiana declined during August.The condition of rice on September 1 was con-siderably below the 10-year average and, withthe exception of 1919, the condition of sugarcane was lower than on any September 1since 1911.

According to the United States Departmentof Agriculture, farm prices for the principalcrops increased about 0.4 per cent duringAugust. During the past year farm priceshave increased approximately 22 per cent, butthe index figure was 17 per cent lower than theaverage for the past 10 years on September 1.Live-stock prices decreased 0.2 per cent fromJuly 15 to August 15, which compares with anincrease of 0.5 per cent during the last 10 yearsfor the same period. On August 15 they were 9

{>er cent lower than a year ago and 28 per centower than the 10-year average on August 15.

Grain.

Harvesting of small grains was generallycompleted during August and early Septemberin all Federal reserve districts. Threshing waspractically finished in September and theharvesting of corn has begun in some sectionsof the Minneapolis, St. Xiouis, and Chicagodistricts. The corn crop is in good condition,although rainfall and cool weather durjng thefirst part of September delayed the maturityof the crop in the Chicago district. OnSeptember 1 a yield of 3,076,000,000 bushelsof corn was forecasted, which was an increaseof 94,000,000 bushels over the estimated yieldof August 1 and also greater than the finalyield of 1922. Estimated production of springwheat, oats, and barley declined from theforecasts of August 1. A greater yield of cornis predicted for all Federal reserve districtsexcept the Boston, New York, Philadelphia,Atlanta, and Dallas districts. While the firstthree of these districts produce relatively smallquantities of corn, the Dallas and Atlantadistricts produce fairly large quantities. Thedecline in the forecasted production of springwheat was due principally to conditions in theMinneapolis district, where threshing returnsare indicating that both heat and black rustinjured the crop. The price of wheat, whichhad been declining since February, movedupward in August, but was still lower thanduring the same month in 1922. Corn, on theotherliand, was slightly higher in August thanin July, but the average change from July wasvery small.

The marketing of grain during the presentseason has been somewhat delayed, as the pro-ducers have been reluctant to dispose of thecrop at prevailing prices, but the upward move-ment oi wheat prices in August caused in-creased activity in marketing the crop. Ee-ceipts of all grains at 17 interior centersamounted to 131,563,407 bushels, comparedwith 80,611,265 bushels in July and 129,426,911bushels in August, 1922. The table on page1141 gives in detail the movements of all grains.

Cotton.

Weather conditions in the Cotton Beltshowed varying tendencies during August andthe early weeks of September. In the Dallasand Kansas City districts continuation of thesummer drought during the early weeks ofAugust materially affected the crop by causingconsiderable deterioration to the plants. Dur-ing the last weeks of the month and the first


OCTOBEB, 1923. FEDERAL RESERVE BULLETIN. 1093

weeks of September the dry areas receivedexcessive rains, and the crop, which was openin the fields, was damaged and the qualitywas somewhat reduced. In sections where theplants were not entirely killed by the heat anddry weather some indications point to a topcrop, but the increased activity of the bollweevils following the rains is an offsetting fac-tor to a late crop. In the Richmond, Atlanta,and St. Louis districts wet weather has delayedearly maturity, prevented picking, and aidedthe activity of the weevils. Army worms andboll worms are also reported in those districts,and in sections of Georgia, Alabama, Missis-sippi, and Louisiana the damage is severe.The result of generally unfavorable weatherwas indicated in the condition report of theDepartment of Agriculture, which gave the

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200mm191<* 1915 1916 1917 1918 1919 1920 1921 1922 1923

Number of,bales of cotton ginned prior to September 1,1914 to 1923.

condition of the crop on August 25 as 54.1 percent of normal, a decrease of 13.1 per cent fromthe condition reported on July 25. A cropof 10,788,000 bales was estimated, but this was728,000 bales less than the July estimate. AllStates except Virginia, California, and NewMexico showed declines in the condition be-tween July 25 and August 25. The greatestdeclines were in Florida, Mississippi, Louisiana,Oklahoma, and Texas. Weevil activity, wetweather, and army worms were the deterio-rating factors in the first three States, whilehot and dry weather were responsible for thedeclines in Oklahoma and Texas.

While the drought was responsible for declinein the condition of the crops in the Southwest,it was also responsible for early maturity ofthe crop. Harvesting began late in July in

Texas and has advanced rapidly. The accom-panying chart shows the number of bales ofcotton ginned prior to September 1 from 1914to 1923. The number ginned this year wasthe largest on record and was due entirely toginnings in Texas.

The condition of the cotton crop has beenreflected in recent price movements. From alow point of 22.45 cents a pound on July 31for upland spot cotton, middling grade, at NewYork, the market has moved upward steadilyand reached 30.75 cents a pound on September19. Since that time it has declined somewhat,reaching 28.25 cents on September 27. Demandfor cotton from abroad was also greater duringAugust and exports were 244,415 bales, com-pared with 171,469 bales in July and 273,308bales in August, 1922. American mill takingswere slightly less than in July, amounting to224,000bales.

Tobacco.

The tobacco crop in all sections of the coun-try made further improvements during August,showing on September 1 a gain of 3.5 per centover the condition on August 1. The indi-cated yield is 1,551,000,000 pounds, which islarger than any yield since 1920, when thelargest yield on record was reported. Thecrop has practically been gathered in the Rich-mond district. Some damage from wildfirewas indicated in Virginia, but the crop isgenerally above the average. Markets in thatState will not open until about October 1, butthey opened in August in North Carolina, andslightly more than 11,000,000 pounds weresold by the producers, compared with 18,-000,000 pounds sold in August, 1922. Thequality of the tobacco being marketed in NorthCarolina at present is only fair, much of itbeing of low grade. In the Atlanta districtgood yields are reported in both Tennessee andGeorgia. A large part of the crop in Georgiais bright tobacco and has brought good prices.About 75 per cent of the crop in the St. Louisdistrict has been cut and/ housed. Somedamage from wildfire has been reported, butpart of the crop was cut while green in orderto protect it from wildfire damage. In Wis-consin the crop was injured somewhat by theunseasonable frosts in September, but theextent of the damage is yet indefinite.

Production of manufactured tobacco duringAugust was in greater volume than in the pre-ceding month, but was smaller than in Augusta year ago. Detailed figures for the produc-tion of all classes of manufactured tobacco are



given in the table on page 1141. In the Phila-delphia district the demand for cigars wasgreater than during the preceding month.The demand for cigars for the Christmasseason was an important factor during themonth, but it was not as great as during Sep-tember, 1922. Stocks of cigars are generallymoderate, although larger than a year ago atmany factories. Prices for tobacco and to-bacco products were firm during the monthand showed little change.

Fruit.Conditions affecting the fruit-producing sec-

tions of the country were generally favorableduring late August and early September.Peaches began to move to market from thePhiladelphia and Cleveland districts late inAugust and continued into September. Warmweather in California during the entire periodwas favorable for fruit drying. Citrus fruitmade good progress in Florida and on Septem-ber 1 the condition of oranges was 94 per centof normal, which was a gain of 5 per cent overthe same date last year. The condition ofgrapefruit is also higher than last year and theindications are that the crop will exceed that oflast season because of the favorable conditioncombined with many new groves which willbegin producing this season. In the San Fran-cisco district the greater part of the deciduouscrops, with the exception of apples and grapes,has been harvested and shipments of freshfruit have been greater than in any previouscorresponding period. Although prices fordeciduous fruits have been lower than duringthe preceding season, they are reported to havebeen more satisfactory to growers than returnsfor canning and drying fruit. Shipments oforanges and lemons from California up toSeptember 1 amounted to 53,000 cars, com-pared with 36,000 cars during the correspond-ing season last year, although shipments oflemons were smaller. The total production ofapples in the United States was estimated onSeptember 1 to be 190,000,000 bushels, whichis slightly above the August 1 estimate butbelow the final production of 201,000,000bushels in 1922.

Live stock.Pastures and ranges during August con-

tinued to afford sufficient grazing for live stock,although the continued dry weather causedsome deterioration in the ranges in sections ofthe Kansas City, Dallas, and San Francisco dis-tricts. Precipitation in the closing weeks of

the month and early September relieved thedrought in Oklahoma and Texas, and consid-erable improvement was noted in the ranges.The deterioration in the pastures was notreflected in a decline in the conditions of cattleand sheep, which slightly improved and werereported at 92 and 98, respectively, on Sep-tember 1. The marketing of live stock con-tinued in large volume in August, exceedingthe volume marketed in the preceding monthand in August, 1922. Receipts of all animalsexcept hogs increased. The decline in the mar-keting of hogs is seasonal, as many raisers arewaiting the harvest of the corn crop in orderto improve the quality by feeding. The in-creased receipts of cattle and calves reflectedthe marketing of grass-fed products in theSouthwest. At markets in the Dallas districtreceipts of cattle and calves exceeded all pre-vious August records except 1917 for cattleand 1921 for calves. The quality of the cattlehas been somewhat lower than earlier market-ings. At this season the movement of stockersand feeders into the country for fall and winterfeeding is significant. Better prices are offeredfor the fed cattle and farmers are becomingenthusiastic for feeding this year's corn crop.The table on page 1141 shows in detail the move-ment of all live stock for August, 1923, July,1923, and August, 1922. Prices of hogs movedupward during August and in early September,but prices of cattle showed relatively littlechange. The outlook for the live-stock indus-try during the fall and winter has been slightlyimproved.

MINING.Coal.

Production of anthracite and bituminouscoal was in greater volume in August than inthe preceding month and in August, 1921. InAugust, 1922, production was retarded onaccount of the coal strike. The output ofbituminous coal in August increased, althoughthe gain was less than is usual at this season ofthe year, and, with the exception of March,anthracite reached the greatest monthly totalsince March, 1918. Production of anthra-cite amounted to 8,868,000 tons in August,compared with 8,320,000 tons in July and7,459,000 tons in August, 1921. Productionwas considerably curtailed during the firstweek in September on account of the strikewhich began on September 1. The strike,however, lasted for only a short time, as onSeptember 8 the miners and operators ac-cepted the peace proposal offered t»y the Gov-



ernor of Pennsylvania. On September 17 theplan was ratified by the miners, and on Sep-tember 19 the men returned to work under anew contract to remain in force until August31, 1925. The market was somewhat influ-enced by the strike, and the demand for domes-tic sizes, which was good prior to September 1,became slightly more insistent after that date.Prices, however, remained firm and unchanged.

Bituminous production during Augustamounted to 48,864,000 tons, compared with45,126,000 tons in July and 35,291,000 tons inAugust, 1921. The market for bituminouscontinued dull and prices showed slight reces-sions during August for certain grades, but be-came firm in September. Railroads continuedto be the most active purchasers. The manu-facture of beehive coke and by-product cokeduring August was slightly less than in July.The production of beehive coke amounted to1,494,000 tons, compared with 1,582,000 tonsin July, and by-product coke amounted to3,239,000 tons, compared with 3,267,000 tonsin July. Productions of both were consider-ably larger than in August last year, but pro-duction during that month was curtailed onaccount of the coal strike.

The United States Coal Commission in itsfinal report to the President recommended,among other things, for the improvement ofconditions in the coal industry, that a systemof Federal control be established over the na-tional coal industry and administered througha separate division created in the InterstateCommerce Commission.

Petroleum.Efforts to curtail crude-petroleum produc

tion have been unsuccessful, for monthly out-put again exceeded previous records in August,and weekly figures for September indicate acontinuation of this high rate of production.Despite the enormous consumption of petro-leum products, stimulated in part by recentlylowered prices, crude-oil stocks continue toincrease. Production of refinery products alsocontinues at a rapid rate. During thesemonths of greatest consumption refinery stocksare being reduced, but they are still very largefor this late in the season, as after Augustconsumption generally begins to decline.Drastic cuts in gasoline tank-wagon prices haveoccurred. Reductions in crude prices con-tinued in various fields, and the quotations arenow generally in line with or below those pre-vailing at this time last year. The largestbuyer of crude oil in the Mid-Continent sec-

tion, which maintained its prices while othercompanies were making cuts, about the mid-dle of September announced substantial re-ductions in quotations.Metals.

Mining of iron and of all the important non-ferrous metals continues to be maintained at ahigh level, although the output of iron, lead,and zinc was slightly smaller in August thanin July. Copper production amounted to129,377,000 pounds in August, which was 3 percent larger than in July and was also largerthan in any month during the past four years.The price of refined electrolytic copper deliv-ered at New York declined from 14 cents onAugust 21 to 13.25 cents on September 19 as aresult of the large mine output and imports andthe slackening demand. Substantial ordershave been received from Japan since the earth-quake, but domestic buyers are hesitant. Thereason for the present low price of copper is thesmall margin of exports over imports, whereasprior to the war about one-half the Americanmine output was consumed in foreign countries.American consumption has been large during1923, but it is not probable that there will beany permanent increase in the price until for-eign demand becomes substantially larger.

Production of lead and zinc declined 3.7 percent and 3.3 per cent, respectively, in August.The price of prime western zinc declinedslightly in September, while quotations forcommon lead continued firm. Shipments ofslab zinc were smaller in August than in July,and stocks showed a further accumulation.Joplin producers state that they have about50,000 tons of zinc ore in bins, while the supplyof lead ore is practically negligible. In orderto prevent overproduction zinc mines in thatsection will close for one week during October.The price of silver advanced in September, dueto larger Indian purchases and the fact thatAugust mine output of 5,293,000 ounces was2 per cent less than July production.

MANUFACTURING.Food products.

Under the influence of seasonal factors anda check in the downward movement in theprice of wheat the milling industry duringAugust was characterized by the greatestactivity of any month since November, 1922.Total production of wheat flour in Augustamounted to 12,016,000 barrels, comparedwith 10,408,000 barrels in July and 12,332,000barrels in August, 1922. In the St. Louis dis-trict the best business was evidenced during


1096 FEDEEAL KESEKVE BULLETIN. OCTOBER, 1923.

August since 1920. Domestic trade, particu-larly with the South, where wholesalers andjobbers are stocking for fall and winter trade,was good and demand from Europe and LatinAmerica improved. In Kansas City the flourmills attained the largest weekly productionon record for the week ending September 1.Exports of wheat flour during August amountedto 1,273,000 barrels, compared with 1,169,000barrels in August, 1922.

In connection with the wheat and flour situa-tion and the relation of the American wheatproducer to the world markets, the Depart-ment of Commerce in a recent survey of worldtrade in agricultural products points out thatthe average pre-war exports of wheat grainfrom the United States amounted to 57,-000,000 bushels per year and flour exportsaveraged 10,678,000 barrels. The averagegrain exports during the past three calendaryears have been 221,000,000 bushels, whileflour exports averaged 17,227,000 barrels.This represents an increase of 300 per cent overthe pre-war average in wheat exports and anincrease of 61 per cent in flour exports. Inboth cases the largest importer was Europe,but the relative proportion of wheat exportstaken by Europe decreased during the pastthree years, and flour exports increased.

The volume of meat packing during Augustwas seasonally smaller than in the precedingmonth, but continued greater than in the cor-responding month in 1922. While the slaughterof all animals, as indicated by animals slaugh-tered under Federal inspection, was smallerthan in July, the number of cattle and calveskilled was larger. Hogs and sheep declinedand the greatest decrease was in the numberof hogs slaughtered. Increased slaughter ofcattle and calves followed the summer move-ment to market of grass-fed animals from theranges of the Southwest. The numbers of allanimals slaughtered are given in the table onpage 1141. Domestic trade in packing-houseproducts continued in good volume. Sales by37 packing companies reporting to the ChicagoFederal Reserve Bank were 5 per cent greaterin August than in July and 16 per cent greaterthan last August. Improved industrial ac-tivity and better employment conditions thanlast year have partly contributed to the betterdemand for meat products. Foreign demandfor American meat products was somewhatgreater than in the previous month or a yearago.

Textiles.

In textiles, conditions have varied recentlyamong the different branches of the industry.In general, recovery from the summer lethargyhas been noted. Cotton goods and yarns wereparticularly active, owing to the rapid advancein raw-cotton prices, and quotations on themanufactured products have likewise risen.Although the raw-wool market has beenstronger, but little improvement could be notedin the demand for woolen goods. Silk, ofcourse, has been affected by the disaster inJapan, and trading is partially held up until

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Eaw cotton consumption and output of finished fabrics.

more information as to the extent of the damagebecomes available.

Rapidly advancing raw-material pricesfeatured the cotton textile situation duringSeptember. Quotations on yarns and goodsalso moved up, but not to the same extent asdid raw cotton. Buying in the yarn and clothmarkets began to improve in August and underthe impetus of rapidly advancing prices activityduring late August and early Septemberbecame comparable with that of last spring.More recently, however, buying has slackenedsome, partially because many customers havesupplied their needs and partially because thehigher prices have curtailed demand. Springginghams were opened on September 18 bythe largest factor at the same prices as were


OCTOBER, 1923. FEDERAL, RESERVE BULLETIN. 1097

named at the latest fall opening. Manu-facturing activity has increased somewhatfrom the low point reached in July, as shown bystatistics for August of raw-cotton consump-tion, active spindle hours, cloth and yarn pro-duction in the Atlanta district, and output offinished cotton fabrics, and reports indicatefurther improvement for September. Yet, ascompared with the preceding 10 or 12 months,production continues to be somewhat cur-tailed. The accompanying chart shows thetrends of raw-cotton consumption and of theoutput of finished cotton fabrics since themiddle of 1920. Attention is called to thesimilarity of fluctuations in the two curves.

Advances of 5 per cent in the prices of bettergrades of raw wool and firmness in other gradesat the London wool auction early in Septemberserved to somewhat strengthen Americanmarkets. Prices, which had declined inAugust, became steadier, and buying in-creased slightly. Reports of a more optimistictone in the woolen and worsted yarn andcloth markets were received, although actualbuying has as yet increased but little. Salesof men's wear fabrics have been unsatisfactory,and some mills producing these lines havereduced operations. Statistics of active woolmachinery during August indicated sharp cur-tailment of manufacturing activity in allbranches of the industry. Consumption of rawwool was slightly greater than in July but waswell below that of last August. Althoughclothing manufacturers, particularly of men'swear, have not been active purchasers of goods,reports indicate that their sales have been fairlylarge this season. August sales by wholesaleclothiers in the New York district were doublethose of July, and a substantial increase wasnoted in the St. Louis district. Material im-provement was also noted as compared withAugust of last year. One large manufacturer inan early opening of spring lines of men's clothingannounced prices at practically the same levelas those prevailing in the previous opening.

All silk markets were disturbed throughoutSeptember by the effects of the Japanesedisaster, and although trading was nominallyresumed about the middle of the month,activity continued to be limited until moredefinite information could be obtained as tothe degree of damage. Prices of Chinese andItalian, as well as of Japanese, raw silk imme-diately moved upward by from $2 to $4 apound. Thrown and broad silk quotationsalso rose, increases in the latter ranging from10 to 20 per cent. These higher prices and

65288—23 3

uncertainty as to the future restricted tradinglater in the month, and buyers held back pur-chases. The same was true in the raw materialmarkets and prices eased off somewhat.

Knit-goods markets noted increased activityduring August and September, the Japanesesilk situation and advancing raw cotton pricesbeing responsible for the unusually great im-provement in the later month. Silk-hosieryprices were withdrawn early in September bymany manufacturers and reopened later athigher prices. Cotton hosiery was also activeand advanced quotations were announced.Production and orders in the Philadelphia andAtlanta districts were slightly greater inAugust than in July, as were also shipments ofcotton hosiery in the Atlanta district. Allitems exceeded those of last August. In knitunderwear considerable improvement was notedin buying during August and September, andprices were advanced by some manufacturers.Production, shipments, and new orders in-creased during August, but with many millsthese items were smaller than they were a yearago.

Iron and steel.Although buying of iron and steel was gen-

erally expected to improve after Labor Day,most divisions of the industry report thatbusiness has been only fan* since the middleof August. Many varying factors have in-fluenced conditions in the industry duringSeptember. The dullness in petroleum hasnaturally curtailed buying from that source,the railroads and equipment manufacturershave not been purchasing as heavily in manylines as in the earlier months of the year, andthe end of the season of greatest activity in theautomobile industry and in building is ap-proaching. Yet the continued high rate ofactivity in automobile manufacturing and inbuilding, the quick settlement of the anthra-cite strike, the expectation of large orders fromJapan, and increased buying of pig iron earlyin the month have been favorable factors.Prices have been fairly steady, particularlyfor steel. Pig-iron quotations were raisedearly in September in anticipation of higherprices for coke, because of the anthracitestrike, but when the strike was settled pricesfell off again.

Operations continue to be reduced, and pro-duction rates for August were less than duringany month since last winter. Pig-iron outputfell off considerably, although greater activityordinarily is noted in August, and the number



of furnaces in blast were reduced by 26. Totalestimated production of steel ingots wasgreater than the July figure, but the dailyaverage output was the smallest this year.Operating schedules, however, are stifl atabout 80 per cent of capacity and activity isabove that prevailing a year ago. Orders forfabricated structural steel, although consider-ably less than for the earlier months of theyear, were larger in August than during July,whereas new orders received for steel castingscontinued to decline.

Automobiles.

After declines during June and July, theproduction of automobiles and trucks againincreased in August. The figures, however,indicate that activity was not quite at thehigh rate noted during the unusually activespring months; in fact, the increase duringAugust may be partly attributed to a largernumber of working days than in July, as asimilar trend has been noted in previous years.Nevertheless, cars are still being produced and

d in large volume, and the output duringthe first eight months of this year exceeded thetotal output of 1922, a record-breaking year.Price reductions were announced during Augustand September by a number of manufacturerson both low and high priced cars, and in sev-eral instances cars are now selling at very closeto previous minimum prices. New models re-cently placed on the market are said to haveevoked greater interest on the part of buyers.

Reports to the Chicago and St. Louis Fed-eral Reserve Banks from dealers in the MiddleWest indicated a decline in the distributionof automobiles during August as comparedwith July. The number of new cars soldby both retailers and wholesalers and thesale of used cars all participated in this de-cline. Sales by wholesalers were less in num-ber than during August, 1922. Stocks ofnew cars on August 31 were greater than thoseheld on July 31, 1923, and on August 31, 1922.Production of automobile tires and tubes de-clined substantially during July, althoughshipments were somewhat larger than duringthe preceding months. One large tire manu-facturer has recently announced price reduc-tions on tires for Fords.

Leather and shoes.Dullness continued in hide and leather

markets during August and September. Aboutthe middle of the latter month some greateractivity was noted, and sales of packer hides on

the Chicago market totaled about 140,000,with a general advance in price, but during thefollowing week the lethargy was resumed,although prices remained unchanged. Leatherprices are barely steady. The greatest de-mand in the upper-leather market is for suedecalf in colors and blacks. The PhiladelphiaFederal Reserve Bank reports that the slightimprovement noted in sales of heavy leatherlast month has not continued. Sole-leatheroutput in August totaled 1,763,502 pieces, anincrease of 6 per cent over the revised figurefor July.

Shoe production, following the usual seasonaltrend, increased over 20 per cent in August ascompared with July and was somewhat greaterthan during August, 1922. The increase overJuly was noted in all sections and in NewEngland was greater than the average. Ship-ments during August by factories in theBoston, Philadelphia, and Chicago Federalreserve districts were greater than both inJuly and in August of last year. New orderswere fewer than shipments, hence unfilledorders declined. Wholesalers reported thatAugust sales were about 10 per cent greaterthan a year ago. Retail shoe sales in thePhiladelphia district and sales by chain shoestores were less in August than in July butabove those of August, 1922.

Lumber.

Moderate improvement in lumber marketswas noted during August and early September,but during the second week of Septemberreally substantial increases occurred in pro-duction, shipments, and particularly in orders.For the first time since February the volumeof orders received exceeded production. Prac-tically all associations shared this increasedbusiness, which is partly seasonal, as dealersare buying for fall stocks. Increased ordersfrom Japan are expected, but have not yetmaterialized in any appreciable volume. Soft-woods have been particularly strong owing tobuilding demand, which is also responsible fora greater call for the common grades of hard-wood.

Prices continued to decline during August,"Lumber's" softwood index reached a lowpoint during the week ending August 31,strengthened slightly in the following twoweeks, and then fell off again to the lowestfigure since June, 1922. The hardwood indexwas at the minimum since last fall in the weekof September 14. A drop of 10 per cent inlumber prices in the Cleveland district was


OCTOBER, 1923. FEDEKAL KESERVE BULLETIN. 1099

attributed to a slackening in local demandbecause of curtailed building operations.

Both wholesale and retail demand is re-ported to have improved in most sections ofthe country, and manufacturers of flooring,furniture, and automobiles are active buyers.The San Francisco Federal Reserve Bank re-ports that improved demand for Pacific coastlumber on the Atlantic seaboard is reflectedin increased shipments. Local demand wasalso good, and greater activity was noted inthe export market. Capacity operations atwestern logging camps continue, but consump-tion has been so great that mills have beenunable to accumulate sufficient stocks of logsto carry them through the winter.

BUILDING.

Construction activity continues to be verylarge in most sections of the United States, dueto the number of buildings projected in the

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RESIDENTIAL BUSINESS INDUSTRIAL EDUCATIONAL

Volume of contracts awarded in first 7 months of 1923 compared withfirst 7 months of 1922 in 27 Northeastern States.

spring months. The number and value ofbuilding permits granted during August waslarger than in July or August, 1922, but thevalue of new buildings contracted declined forthe fourth consecutive month and was 18 percent smaller than a year ago. This decrease innew contracts was confined to buildings forbusiness or public use, as the awards for newresidences were somewhat larger than in July.

The value of contracts awarded in 10 Federalreserve districts (compiled from figures gath-ered by the F. W. Dodge Co.) totaled $296,-977,000 in August, which was 5 per cent lessthan in July and 30 per cent below the peakfigures of May, 1923. Awards were smaller insix of the districts from which reports were

received, most of the curtailment being reportedfrom the Middle West. Some expansion inawards was reported from southern districtsand from New England. Statistics of valueand volume of contract awards and number andvalue of permits granted are published onpage 1144.

The accompanying bar diagram shows acomparison of the volume of building con-tracted in each of the four most importantclasses in the first seven months of 1923, ascompared with the corresponding period of1922. This indicates that the volume ofresidential and industrial building has beenlarger this year than last year, while there hasbeen some reduction in contracts for businessand educational buildings.

Purchases of building materials—cement,brick, oak and maple flooring, and sanitaryware—were larger in August than in July orAugust, 1922, as was shown by increasedshipments and a large increase in the volumeof new orders. The rate of production wasalso increased slightly, but stocks of finishedmaterials declined except in the case of sanitaryware and maple flooring. The average priceof building materials, as indicated by theindex of the Bureau of Labor Statistics, de-clined during August, despite the large volumeof new orders, and was 9 per cent less than atthe April peak.

TRANSPORTATION.

Railroad traffic in August reached the largestvolume of any month on record. Car loadingstotaled 4,678,000, which was 9 per cent morethan in July and 20 per cent greater than inAugust, 1922. Loadings have been main-tained at a very high level since early in March,yet the weekly volume of shipments continuedto show an upward tendency throughoutAugust and reached a new maximum in theweek ending September 1. The latest statisticsof railroad operations indicate that the averageload per car has also been increasing, but thatthere has been some decline in the average carmileage per day.

The surplus of freight cars has shown somedecline since the middle of July, but stillaveraged 66,559 cars in the period endingAugust 31. This surplus of equipment duringa period of exceptionally heavy traffic is en-tirely ascribable to the organized efforts of therailroads, which have resulted in the puttinginto service of 116,117 freight cars and 2,583locomotives during the first eight months of


1100 FEDERAL RESERVE BULLETIN. OCTOBBB, 1923.

1923, and the reduction in the number of bad-order cars to 40,684.

As a result of the large traffic and increasedefficiency, the Class I railways of the UnitedStates reported earnings at the annual rate of5.51 per cent on the tentative valuation fixedby the Interstate Commerce Commission dur-ing the first seven months of 1923. The car-riers in eastern and southern regions showeda substantially larger rate of earnings duringthis period than those in the West, as a resultof the greater activity of industrial businessand more general prosperity of industrialworkers and cotton farmers than of wheatfarmers and live-stock raisers.

TRADE.Wholesale trade.

The wholesale trade of the United States was12 per cent larger in August than in July, accord-ing to the Federal Reserve Board index, andreached the largest volume of any month sinceOctober, 1922. Increased sales were reportedfrom all districts and for almost all lines oftrade. Dealers in men's and women's cloth-ing more than doubled their sales in August.Shoe sales also showed large increases com-pared with July in all districts except St. Louis,with an average gain of 45 per cent. Sales ofdry goods were larger in all reporting districts,the increases ranging from 4 per cent in theChicago district to 71 per cent in the Min-neapolis district, and dealers in furniture,jewelry, and diamonds also reported sub-stantially larger sales in August than in July.The only lines showing decreased business wereagricultural implements and machine tools.Prices of most wholesale merchandise showedlittle change in August and September, butdry goods has shown an advancing tendencyon account of increases in the prices of rawcotton and silk.

Comparisons with a year ago indicate thatbusiness is larger in all reporting lines. Salesof machine tools, men's clothing, and hard-ware showed the greatest improvement ascompared with August, 1922, with increasesof 66 per cent, 49 per cent, and 18 per cent,respectively. • In most other lines sales rangedfrom 5 to 10 per cent higher than last year.Detailed statistics of sales by lines and districtsare published in the table on page 1145.

Statistics collected by the Federal ReserveBank of Dallas show that stocks of merchandiseheld by wholesalers decreased during August,but were larger than a year ago. Dry-goods

stocks, which showed the largest changes,were 11 per cent less than on July 31, but 36per cent more than on August 31, 1922.Retail trade.

Retail business in August was considerablymore active than in July, and sales in all report-ing lines were larger than a year ago. Sales ofchain music stores were 24 per cent larger thanin July, which was more than the usual increaseat this season, and sales of 5-and-10-cent storesand cigar stores increased 7 per cent and 6 percent, respectively. The August trade of mail-order houses and grocery stores was of about thesame volume as in July, but mail-order saleswere 28 per cent larger than in August, 1922.

Department store sales increased 8 per centin August and were 13 per cent larger than ayear ago. The most pronounced gains duringthe month occurred in the Chicago, San Fran-cisco, and Minneapolis districts, while the onlydecline in business occurred in the Richmonddistrict, and was comparatively small. De-mand for house furnishings and men's andwomen's clothing has been particularly large inall sections of the country. Stocks of merchan-dise at department stores increased about 8 percent during August, as is usual in preparationfor fall trade, and were 12 per cent larger thanon August 31, 1922. The volume of both stocksand sales continues to be relatively larger inindustrial districts than in agricultural districts.

PRICES.

In August wholesale prices declined slightly.The index of the Bureau of Labor Statisticsdropped 1 point, but the price changes werenot sufficient to cause any change in the Fed-eral Reserve Board's figure for July. The out-standing declines took place in sugar, lumber,cotton and cotton goods, wool, copper, andgasoline. Pig-iron prices continued to de-crease slightly. Coal prices, on the other hand,remained unchanged for the most part. Ad-vances occurred in live-stock prices, such ascattle and hogs, in wheat and wheat flour, andin other staple food products, especially butterand eggs.

As compared with August, 1922, prices arenow about 3 per cent lower, according to theBureau of Labor Statistics index. The pres-ent low level is due to a decrease of 34 per centin the group of fuel and lighting. All othergroups show an increase over 1922, the greatestoccurring in the cloths and clothing group,which is 47 per cent higher than a year ago.


OCTOBEB, 1923. FEDERAL BESEB.VE BULLETIN. 1101

EMPLOYMENT.

Employment at industrial establishmentsshowed a further slight reduction in August,and there was also a reduction in the percent-age of full-time operation of factories. Reportsol 6,589 establishments to the Bureau of LaborStatistics showed a decrease of 0.2 per cent innumber employed in August and an increaseof 0.9 per cent in average weekly earnings.Increases of over 5 per cent in employmentoccurred in the flour, fertilizer, pottery,structural-iron work, and confectionery in-dustries. These were more than offset bylarge decreases in the machine-tool, automobile-tire, sugar-refining, enamel-ware, and brickindustries. Only 78 per cent of the reportingestablishments operated on a full-time basis inAugust, as compared with 80 per cent in July.Increases in wage rates were reported by 156establishments and affected 1 per cent of theemployees in all establishments, as comparedwith increases which affected 1.4 per cent ofthe employees in July. The most importantAugust wage increases occurred at the variousiron and steel plants which have been elimi-nating the 12-hour day. During Septembera strike settlement was made in the anthracitecoal industry which increased miners' wages10 per cent.

Gains and losses in employment were aboutequal in August, according to the Federalreserve banks and State bureaus which collectfigures. Small reductions in industrial em-ployment occurred in most sections of theEast, while conditions were practically un-changed in the West. Farm labor has beensufficient in most sections to meet the harvestdemands.

COMMERCIAL FAILURES.

Commercial failures throughout the UnitedStates, according to R. G. Dun & Co., wereslightly greater in number and less in liabilitiesthan during July. As compared with Augustof the two preceding years, both number andliabilities showed declines. The number offailures each month has gradually approachedthe level of pre-war figures, but because ofhigher values liabilities continue to exceed allmonthly data prior to 1920. The increase innumber of failures occurred among both manu-facturers and traders, but the liabilities of theformer fell off, whereas those of the latter in-creased. During the first three weeks ofSeptember the number of insolvencies wasover 20 per cent less than for the correspondingperiod last September.

Liabilities of all defaults during August inthe Boston and Cleveland districts were thesmallest since 1920, and those in the Dallasand New York districts have been smaller onlyonce since that year. Liabilities in the Phila-delphia and Atlanta districts, on the otherhand, were unusually large and have beenexceeded only two or three times. The Rich-mond and Minneapolis districts likewiseshowed increases in liabilities both as com-pared with July and August of last year.Only in the New York, Philadelphia, andMinneapolis districts were failures more numer-ous than during August, 1922.

COMMERCIAL FAILURES DURING AUGUST.

District.

No. 1—BostonNo. 2—New YorkNo. 3—Philadelphia...No. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—Minneapolis...No. 10—Kansas City. .No. 11—DallasNo. 12—San Francisco

Total

Number.

1923

1,319

1922

11827380116949216845o£6868115

11826976156134152243135ftCOc9585182

1,714

Liabilities.

1923

(966,8305,734,1685,027,4081,870,6562,907,9195,598,0506,163,449694,960

1,314,7461,083,1841,020,5961,952,756

34,334,722

1922

*1,556,0397,364,3292,735,6373,574,1482,253,7482,890,8916,776,8672 347,687888,750

1,963,1195,198,2942,730,209

40,279,718

FOREIGN TRADE.

Recent trends in the foreign trade of theUnited States are indicated by the figuresbelow. The first table shows the monthlyvalue of imports and exports and the changesthat have recently taken place in the mer-chandise trade balance, while the second tableshows the percentage distribution of Americanimports and exports by stage of manufacture.

M E R C H A N D I S E T R A D E B A L A N C E O P T H E U N I T E D S T A T E S .

[In thousands of dollars.]

Months.

1922.FebruaryMayAugustNovember

1923.JanuaryFebruaryMarchAprilMayJuneJulyAugust

Imports.

215,743252,817281,376291,805

329,245303,465398,178364,230372,545320,257287,335276,382

Exports.

250,620307,569301,775380,000

335,417306,957341,376325,492316,363320.038303,030311,352

Excess ofimports.

57,80238,73856,182

219

Excess ofexports.

34,87754,75220,39988,195

6,1723,492

15,89535,978


1102 FEDERAL EESEBVE BULLETIN. OCTOBER, 1923.

PERCENTAGE DISTRIBUTION OP UNITED STATES FOREIGNTRADE AMONG STAGES OF MANUFACTURE.

Stages of manufacture.

IMPOSTS.

Crude materialsFoodstuffs, crudeFoodstuffs, manufacturedManufactures for further

Manufactures for con-

MiscftllftnAnns , .

Total

EXPORTS.

Foodstuffs, crudeFoodstuffs, manufacturedManufactures for further

Manufactures for con-

Miscellaneous

Total. . .^

Au-gust,1923.

398

15

17

201

100

162116

12

350

100

May,1923.

398

16

20

170

100

179

16

16

420

100

Feb-ruary1923.

429

13

18

171

100

269

16

13

360

100

No-vem-ber,1922.

381111

20

200

100

399

14

9

290

100

Au-gust,1922.

398

15

17

201

100

162116

12

350

100

1922aver-age.

371112

18

211

100

261216

12

340

100

1923aver-age.

341211

19

231

100

327

13

16

320

100

GOLD MOVEMENTS.

Gold imports for month of August to-taled $32,837,000 and gold exports $2,201,000.There was thus an addition of $30,636,000to the country's gold stock during the month,compared with $27,407,000 for July. Netgold imports for the eight months endingAugust of the present year were $167,684,000.The table below shows gold imports and ex-ports by principal countries for the month ofAugust and for the eight months ending inAugust, 1923.

Of the gold imported during the eightmonths, $69,000,000 has come from GreatBritain and about $39,000,000 each from Ger-many and Canada, these three countries ac-counting for over 75 per cent of the totalimports. Of the exports a large part has goneto British India, China, and South and CentralAmerican countries.

Silver imports during August, $6,466,000,while considerably less than in July, werelarger than for any other month of the presentyear. Nearly 95 per cent of the total silverbrought in during the month came fromMexico, Canada, and Peru. Silver exportsfor the month, $7,032,000, were in excess ofimports and showed the customary main desti-nations, viz, British India, China. Hongkong,and England. A table showing gold and silvermovements in detail appears on page 1167.

GOLD IMPORTS AND EXPORTS.

Country.

IMPORTS.

France . .

Great Britain

Mexico

British South Africa . . . .All other

Total

EXPORTS.

Mexico

British IndiaChina

All other

Total

August,

tl,580,2574,711,8734,446,627

14,414,8625,698,211

234,685491,114278,731981,037

32,837,397

$10,00017,477

119,984287,140700,000

20,0001,036,360

10,000

2,200,961

Eightmonths

ending Au-gust, 1923.

$10,528,85838,932,45010,455,77569,268,70338,755,0894,548,6823,014,341

278,73116,916,675

192,699,304

$15,0001,374,947

885,6093,555,554

700,00013,359,149

90,0052,117,6152,917,458

25,015,337

FOREIGN EXCHANGE.

Exchange rates on leading foreign countriesin August and in September are shown in thetable on page 1170. The general foreign ex-change index, representing a weighted averageof rates on 17 countries, was 63 in September,compared with 62 in August.



SEASONAL MOVEMENTS OF FARM COM-MODITIES.

Seasonal demand for bank credit in financingagriculture, though it begins early in the yearfor growing purposes, reaches its peak duringthe harvesting, marketing, and crop-movingseason. On account of the diversity of agri-cultural production in the United States andthe different seasons in which the principalstaple crops are harvested and marketed, thedemand for credit appears at different timesin the several staple crop sections of thecountry. A study of the periods for marketingthe crops in the various regions is significantin disclosing the periods in which the greatestneeds for banking accommodation are evident.The staple crops of the country which have thegreatest demand for credit to facilitate theirharvesting and marketing are the grain andcotton crops.

GRAIN.

Harvesting of small grains begins in Junein the southernmost areas of the winter wheatbelt and is practically completed by lateJuly, while in the principal spring wheat pro-ducing States of the northwest harvesting be-gins in late July and early August. Marketingof wheat follows rapidly upon the harvestingand threshing season and continues in largevolume until November. The portion of thecrop that is marketed by the farmer in the fivemonths, July, August, September, October,and November, is influenced somewhat bymarket conditions during those months, butapproximately 60 to 75 per cent of the crop issold within that period. The average sales ofall wheat by farmers during those months forthe five years, 1917-1922, was 70.8 per cent

THOUSANDS OF CARS,300

250

200

150

THOUSANDS Or CARS300

200

150

100 100

1919 1920 1921 1922 1923

of the total crop. In some years when marketconditions are unfavorable the percentagemarketed during this period is smaller. Onthe other hand, under favorable market con-ditions a greater percentage is distributed, asin 1918, when 78 per cent of the crop was dis-posed of in the five-month period. The fol-lowing table shows the percentage of the wheatcrop sold by months for five years, 1917-1922:

PERCENTAGE DISTRIBUTION OF SALES OP WHEAT BYFARMERS, BY MONTHS.1

Month.

July . . .

October

March . . . .AprilMay . .June

Total . . . .

1917-18

7.412.419.318.013.77.64.73.93.74.13.12.1

100.0

1918-19

17.619.918.013.88.77.34.63.12.01.61.91.5

100.0

1919-20

17.123.215.611.17.55.74.23.02.93.13.43.2

100.0

1920-21

12.114.315.910.66.96.25.55.34.95.06.46.9

100.0

1921-22

19.118.216.410.66.85.44.44.93.93.23.53.6

100.0

Aver-age,1917-1922.

14.717.617.012.88.76.44.74.03.53.43.73.5

100.0

1 United States Department of Agriculture Yearbook, 1922.

As the producer sells the greater part of hiscrop in the months immediately following theharvest, the greatest demand for transporta-tion to move the crop is evident at that time.Car loadings of grain and grain products, asshown in the accompanying chart, begin toincrease in July and usually reach their peakin August, but continue heavy in Septemberand October. In 1920 the crop did not moveto market as freely as in other recent years andthe peak was not reached until September.Car loadings fell off considerably in September,1922, owing to a lack of facilities resulting fromthe shopmen's strike, but the movement wasaccelerated in October and continued heavyuntil November. During the present seasonthe prevailing prices of wheat have been in-fluential in delaying the movement and theJuly and August car loadings were less thanin 1921 and 1922, but greater than in 1919and 1920.

As the wheat begins to move from the farmsthe problem of financing becomes important.The grower needs funds with which to meetharvesting expenses and distributors needcredit to finance the carrying of the crop untilit is placed into the hands of the final con-sumer. The volume of wheat which reachesthe interior markets is an indicator, although



not a direct measure, of the quantity of thecrop that passes into the hands of those en-gaged in its distribution. Receipts of wheatat 17 interior centers from which the FederalReserve Board collects figures each monthshow that the volume of grain distributedmonthly corresponds closely with the seasonalsales from the farm, railroad car loadings, andthe demand for credit. The following chart,which shows the relative receipts of wheat andof all grains by months at 17 interior centersfrom January, 1919, to August, 1922, indicatesthe influence which the seasonal movement ofwheat has upon the marketing of all grains.

2 5 0

zoo

150

250

200

150

100 100

1919 1920 1921 1922 1923

Other grain crops—oats, rye, and barley—are harvested during the late summer monthsand come upon the market at the same timeas wheat, but as these crops are commerciallyless important than wheat, their marketing doesnot require as much bank credit as that ofwheat. Corn, on the other hand, is quantita-tively the most important of all crops, and whileit is consumed largely on the farms the sea-sonal movements are significant, because an av-erage of approximately 20 per cent of the cornin the United States is shipped out of thecounty where it is grown. Although the har-vesting of corn begins in September and Octo-ber, in some of the southern States the move-ment of the crop to market from the greatCorn Belt does not begin until about November1. It follows the movement of wheat, asthe latter continues in large volume throughOctober. The months of November, Decem-ber, January, and February are the principalmonths for distributing corn, and during thisperiod approximately 45 per cent of the com-mercial crop is sold by the producers. The

following table shows the percentage of cornmarketed by growers by months for five years,1917 to 1922:

PERCENTAGE DISTRIBUTIONFAKMERS, BY

Month.

July.August

October.November

January

March...AprilMay. . .June

Total

1917-18

5.31 03.43.88.8

12.214.216.113.7

7.15.65.8

100.0

1918-19

6.76.88.46 77.3

12.115.07.27.58.28.06.1

100.0

OP SALES OIMONTHS.1

1919-20

4.55.64.95.69.2

15.012.99.58.75.97.6

10.6

100.0

1920-21

5.45.66.95.37.1

11.314.311.78.95.68.59.4

100.0

1 CORN

1921-22

4.97.38.66.76.6

12.413.812.47.54.77.67.5

100.0

B Y

Aver-age,1917'-1922.

5.45.96.45.67.8

12.614.011.49.26.37.57.9

100.0

> United States Department of Agriculture Yearbook, 1922.

On account of the fact that car loadings ofgrain and grain products are influenced mainlyby heavy wheat marketing they reach a peak gen-erally in August. But a slight seasonal increaseis again evident in December and January, in-dicating the movement of corn at that time.Receipts of corn at principal interior distributingcenters, as shown in the following table, showa seasonal movement which follows closelythe farm sales. Receipts begin to increase inNovember or December and continue in largevolume until February. But market con-ditions and prevailing prices of corn and live-stock are influential in determining the move-ment of corn to market. If the price of cornis high and that of livestock low, farmers arelikely to market the crop more freely. On theother hand, when corn is low and livestockselling at good prices the prevailing tendencyis to market the crop through feeding it tolivestock.

RECEIPTS OF CORN AT 17 INTERIOR CENTERS.

[In bushels, 000 omitted.]

Month.

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober i 12,November ! 14,December i 23,

1919

745,347034,852431,797669,321301,000098,146544,219503,282267,145490,107606,1379S3.657

1920

1,09424,139,26,051,24,304,11,326,12,107,27,251,20,824,9,840,

20,696,19,064,11,407,19,390,714 41J730;

,855:,946i,509,950,166:,2681,320i, 9551,508,224

1921 1922

42,036,27,565;34,165,12,160,20,939,35,816,19,713,30,983.37,333;35,55117,471

8121 55,068,779| 57,893,324; 30,650,9331 15,356,570; 27,364,899 32,693,672 26,265,238: 22,058,764 34,740,59l| 32,577,999 24,021,5651 37,044,

801 37,22731,682 25,74417,113 11,596 15,949 18,396 20,

Tota l . . . .193,675,010 226,405,509355,470,146 395,835,602

1923

495,682557,178672,335218,677662,566099,009505,190919,409



COTTON.

Following the demand for funds to financethe marketing of the wheat and other graincrops is the demand upon the banking systemto finance the distribution of the cotton crop.Harvesting of cotton usually begins late inAugust and marketing reaches its peak in Oc-tober and November, but continues heavy untillate in December, after which time the move-ment falls off gradually, until the low point isreached in August, the end of the crop year.Weather and crop conditions generally deter-mine the periods for harvesting, and prevailingprices are influential in determining the rapidity"with which the staple is marketed. The har-vesting season opens in the southernmost areasof the belt several weeks before picking beginsin the Atlantic uplands. The greatest demandfor credit for financing the crop comes duringthe months of October, November, and Decem-ber, but it is evident slightly earlier in thesouthernmost areas of the belt than in theStates farther north. The rapidity with whichthe crop comes to market is indicated in theaccompanying chart, which shows the relativereceipts of cotton at the principal interior citiesin the cotton States since August, 1918. Thechart also shows that during the past two yearsthe crop has moved to market earlier than informer seasons, but this may be accounted forby the small crops since 1920 and by an at-tempt to mature the crop early in order tolessen the damage by the boll weevils.

eso( t$t8-'/9 MONTHLY AVERAGE'lOO)

250

200

150

1OO

50

Feb. Aug. Feb. Au^ Feb. Aug. Feb. Aug. Feb. Feb.1918-19 1919-20 1920-21 1921-22 1922-23

Funds for financing the initial movement ofthe crop are needed to pay the producer for thisproduct, or if the grower desires to warehousehis product and await further developments inthe market, he needs funds to meet harvesting

65288—23 i

and other expenses incurred during the produc-ing season. After the cotton arrives upon themarket it immediately passes either into thehands of spinners, is exported, or is stored inwarehouses where it awaits consumption. Theextent to which spinners buy cotton during theharvesting season is determined by the marketconditions for raw cotton as well as for cottongoods and prevailing prices of the staple. Asthe mills receive cotton it passes into theirwarehouses, and the extent to which they ac-cumulate stocks in the harvesting season isshown in the fluctuations in the warehouseholdings of the mills. The following chartshows the relative size of stocks of cotton inmill warehouses by months since August, 1918:

150

100

50

( 1318-IS MONTHLY AVERAGE'lOO )

A/ ^

A/ \

COTTONSTOCKS AT MILLS

. . . 1 . .

/\/ \

A150

100

50

Aug. reb. Aug. Feb. Au£. Feb. Au|. Feb. Aug. Feb. Au|.1918-19 1319-20 1920-21 1921-22 1922-23

It will be noted from the chart that millstocks begin to increase in September and riserapidly until December and January, whenthey begin to decrease as the cotton is con-sumed. Mills, however, are not primarilyinfluential in financing the cotton crop, as theyusually make cash payments to those fromwhom they purchase the raw product.1

The problem of assembling the greater partof the cotton crop and distributing it in accord-ance with the demand falls upon those engagedin the cotton trade, and as a large portion of thecrop is financed on the basis of warehousereceipts representing stored cotton the monthsin which warehouse stocks are the largestare the periods of the greatest demand forcredit. The following chart shows that ware-house stocks reach their peak shortly after themovement of the crop to market begins. Theproportion of the crop which enters publicwarehouses is affected directly by the demandby mills for cotton during the harvestingseason. If mill stocks increase rapidly otherwarehouses receive less and the demand forcredit is not as great. Conversely, if marketconditions are such that mills are hesitantabout accumulating supplies a greater amount

1 See article on Cotton Financing, Federal Reserve Bulletin, April1,1923.


1106 FEDERAL, EESEEVE BULLETIK. OCTOBER, 1923.

flows into public storage. In 1920 the chartsshow that mills did not accumulate suppliesand consequently stocks in other warehousesincreased and presented a big demand forbanking accomodation to finance them untilthey could be passed into the channels ofdistribution. In the fall of 1922 mills accumu-lated large stocks early in the season and asmaller proportion of the supply went intostorage and the crop was financed more easilythan in 1920.

200

150

( ISIB-W MONTHLY AVERAGE' IOO )

100

50

~Au4 Feb Au4. Feb. Au£. Feb. hat,. Feb. Au£. Feb. Aug.1918-19 1919-20 1920-21 1921-22 1922-23

EXPORTS.

The problem of extending credit to facilitatethe marketing of staple agricultural com-modities is influenced to a large extent by theforeign demand. Cotton and wheat are themost important of our agricultural exports,and the periods in which these staples wereshipped abroad prior to the war followedclosely the harvesting and marketing season,but during the war the old methods of export-ing and financing were found in many respectsimpracticable and new methods were devel-oped. European importers began to take thecommodities on a hand-to-mouth basis andto maintain smaller stocks on hand. Thisplaced a greater burden on the Americanbanking structure to finance the commoditiesuntil they could be shipped to foreign markets.Changes "in the methods of shipping cottonabroad were analyzed in the BULLETIN for May,1923, and a table was there presented showingthe percentage of cotton exported by monthssince 1913.

The total volume of wheat and flour exportsincreased during the war and has continuedgreater since the war than in pre-war years.The periods for exporting wheat generallyfollow closely the months of harvesting andthreshing, and during 1913 and 1914 about 55

per cent of wheat exports were made in the fourmonths of July, August, September, andOctober. On account of the expansion in totalexports during the war and other factorsinfluencing our wheat trade which grew out ofwar conditions seasonal movements were notregular during the period of the war. Since1918, however, an average of about 48 per centof the wheat shipments abroad has been madein the four months of July, August, September,and October. The following table shows thepercentage of wheat exported by months, 1913to 1922:

PERCENTAGE

Month.

Januarv..FebruaryMarchAprilMayJune . . .JulyAugust .SeptemberOctoberNovemberDecember

Total

DISTRIBUTION OP WHEAT EXPORTS,MONTHS, 1913-1922.

1913

8.54.44.66.67.25.79.4

24.412.07.53.95.8

100.0

1914

2.82.32.01.83.94.3

15.114.014.911.311.016.6

100.0

1915

11.711.910.011.06.94.73.98.1

10.48.76.66.1

100.0

1916

8.79.8

11.210.79.53.84.17.28.57.89.39.4

100.0

1917

17.89.87.4

13.410.714.84.84.92.55.14.64.2

100.0

1918

1.71.11.50.90.30.40.2

13.624.119.214.522.5

100.0

1919

6.74.16.9

11.79.5

11.13.98.7

11.69.2

10.26.4

100.0

1920

3.92.33.21.95.05.9

10.912.614.116.411.911.9

100.0

1921

7.66.65.26.39.09.08.9

21.011.16.65.03.7

100.0

BY

1922

6.13.44.62.9S.78.59.1

20.515.811.16.45.9

100.0

Flour exports are more regular than wheatexports, although there is normally a slightseasonal increase during the closing months ofthe year. Flour is exported somewhat laterthan wheat on account of the time which isrequired to convert wheat into flour. Themonths in which the greatest amounts areexported are September, October, November,and December. In 1913 and 1914 the averageexports during those months were 43 per centof the total for the year. Conditions affectingwheat exports during the war were also in-strumental in influencing flour shipmentsabroad, but the monthly exports of flour weregenerally very regular, except in 1918. Duringthe years 1919 and 1920 exports were greatestin the spring months of April, May, and June.In 1921 the movement was somewhat later,partly on account of the downward movementm the price of wheat, and exports were greaterin the months of August, September, andOctober. Normal seasonal movements wereagain in operation in 1922, although the per-centage of exports during October, November,and December was not so large as during thesame period in the pre-war years. The follow-ing table shows the percentage of flour ex-ported by months, 1913 to 1922.



PERCENTAGE DISTRIBUTION OP FLOUR EXPORTS, BYMONTHS, 1913-1922.

Month.

January

MarchApril. .May

July

November..December

Total.

1913

9.18.87.67.67.36.36.57.2

10.010.310.48.9

100.0

1914

8.26.36.17.07.16.76.65.79.7

10.611.714.3

100.0

1915

11.39.9

10.79.28.65.85.35.16.88.08.2

11.1

100.0

1916

11.59.3

10.59.19.39.86.56.07.86.47.36.5

100.0

1917

8.05.17.36.87.88.95.47.37.39.79.2

17.2

100.0

1918

10.89.7

10.711.610.811.211.2

4.51.53.36.08.7

100.0

1919

10.28.38.5

11.610.313.7

6.56.26.76.17.04.9

100.0

1920

4.36.3

11.1.10.7

16.810.012.1

5.64.78.05.64.8

100.0

1921

7.66.18.09.57.59.27.4

11.210.7

9.37.46.1

100.0

1922

7 S8.0

in o8.07 16.2fi •>7.88.7

10.110 410.0

inn n

The result of the practice by Europeancountries since the war of purchasing com-modities as they are needed has been to dis-tribute the periods for importing and tolessen the extreme seasonal movements. Withthis change has come a greater and more con-tinuous burden on the American banking andfinancial structure to supply credit necessaryto finance the goods until they can be exported.

CONDITION OF ALL BANKS IN THE UNITEDSTATES ON JUNE 30, 1923.

Comparative figures of principal assets andliabilities of commercial banks in the UnitedStates as of June 30, 1922 and 1923, basedupon data furnished to the State banking de-partments, to the Comptroller's office, and tothe Federal Reserve Board direct are pre-sented in the tables below. The number ofreporting institutions shows a decrease from29,540 to 29,230, smaller totals being reportedfor many States, chiefly in the Middle andNorthwest. Notwithstanding this decrease,the midyear consolidated report shows for thepreceding 12 months increases of $1,806,-000,000, or 7.3 per cent, in loans and discounts,of $1,348,000,000, or 14.2 per cent, in invest-ments, and of $2,377,000,000, or 7.6 per cent,in individual deposits. The growth of thesebanking figures has been practically continu-ous, except in the case of investments, whichshow a slight decline during the last quarter ofthe period under review.

Loans of member banks show a relativelylarger growth during the year than those ofnonmember banks, 8.4 per cent as against 3per cent; investments increased 21.9 percent at nonmember banks, compared with 9.4per cent at member banks, and individual de-posits show a much more uniform rate of changefor the two classes of banks. The followingtable summarizes the figures:

[In millions of dollars.]

All banks:June. 1922April, 1923June, 1923

Member banks:June, 1922April, 1923June, 1923

Nonmember banks:June, 1922April, 1923June, 1923

Num-ber ofbanksreport-

ing.

29,54029,20929,230

9,8929,8509,856

19,64819,35919,374

Loans and investments.

Total.

34,21536,63337,369

24,35826,33226,675

9,85710,30110,694

Loans.

24,70525,77826,511

17,29618,572

7,4097,2067,631

Invest-ments.

9,51010,85510,858

7,0627,7607,795

2,4483,0953,063

In-divid-

ualde-

posits.

31,21633,40233,593

21,42722,66823,071

9,78910,73410,522

Efforts were made to obtain data for bothmember and nonmember banks by Federalreserve districts and were largely successful,owing to the cooperation of the banking de-partments of the various States that aredivided between two reserve districts. Thir-teen out of sixteen of these States furnished theboard either with totals distributed by Federalreserve districts, or else with sufficiently de-tailed information to enable the board tosegregate the State totals by reserve districts.

Since the banking departments of Illinois andIndiana did not segregate the figures betweenthe portions of the States falling within theChicago and the St. Louis districts, these twoStates were entirely included in the tabulationin a territorial group which is considerablylarger than the seventh reserve district. Noreport showing condition of the State banks atthe close of June having been received fromthe Kentucky banking department, no separa-tion of data for the Kentucky State bankslocated in the Cleveland and in the St. Louisdistricts was possible. Inasmuch as the largerportion of the State falls within the eighthFederal reserve district, however, it wasthought proper to include the latest availabledata for all the Kentucky State banks (Decem-ber, 1922, figures) with the total for group 8,which includes, therefore, the whole of Ken-tucky, the eastern part of Missouri, the wholeof Arkansas, the western part of Tennessee,and the northern part of Mississippi. Group',4represents the Cleveland district less the east-ern part of Kentucky. A comparison of theestimated population of these three groups withthat of the corresponding reserve districtsfollows:

[In thousands.]

478

Group. Popula-tion.

9,26517,9738,518

35,756

478

Federal reserve dis-trict.

Popula-tion.

10,40316,1089,245

35,756


1108 FEDEKAL1 RESERVE BULLETIN. OCTOBER, 1923.

Data for State banks and trust companiesas of June 30, 1923, for nine reserve districtsand for the three territorial groups, as definedabove, are shown in the following table:PRINCIPAL RESOURCE AND LIABILITY ITEMS OF ALL STATE

BANKS AND TRUST COMPANIES, BY FEDERAL RESERVEDISTRICTS, ON JUNE 30, 1923.


Federal reserve district or group.

BostonNew YorkPhiladelphiaCleveland'RichmondAtlantaChicago*St. Louis'MinneapolisKansas CityDallasSan Francisco

Total: June 30,1923June 30,1922

Num-ber of

report-ing

banks.

581494

1,0381,5861,6424,7532,3652,8553,1071,1321,152

20,99421,296

Federal reserve district or group.

BostonNew York .Philadelphia ..Cleveland 1

RichmondAtlantaChicago2

St. Louis»Minneapolis...Kansas City . . .DallasSan Francisco.

Total: June 30,1923 .June 30,1922 .

Totalloans and

invest-ments.

$1,216,4574,767,6601,343,6702,154,1811,033,380

807,0594,156,8561,011,387

809,258874,166295,215

2,008,760

20,478,04918,224,560

Loans anddiscounts,includingoverdrafts.

$818,9243,024,456

821,5581,504,476

823,684703,393

2,952,155818,111710,817748,209270,240

1,489,198

14,685,22113,273,693

Individualdeposits,includingdividends

unpaidand postalsavings.

$1,154,7804,573,8911 153,8851,933,062

924,782778,804

4,127,772961 147790,141895,517282,242

1,979,125

19,555,14817,955,995

Invest-ments.

$397,5331,743,204

522,112649,705209,696103,666

1,204,701193,27698,441

125,95724,975

519,562

5,792,8284,950,867

Redis-counts

and billspayable.

$22,20987,38741,35032,73957,24442,857102,49134,50459,75537,95721,44832,627

572,568549,434

1 Exclusive of the eastern part of Kentucky.2 Including all of Illinois and Indiana.> Exclusive of the southern parts of Illinois and Indiana and inclusive

of all of Kentucky.

It is hoped that before long the board will beable to present a complete grouping by Federalreserve districts for both member and non-member banks which will supersede the group-ing by 11 geographic districts adopted in theJuly BULLETIN and continued in this num-ber.

Loans and discounts of all reporting banks onJune 30 of the present year were larger than ayear before in all the geographic groups, thegreatest increases being shown for group 3,particularly the States of Pennsylvania andOhio, and for group 6, particularly the States ofIllinois, Indiana, Iowa, and Wisconsin. Smalldecreases are shown in the loan figures of thebanks in Montana, North Dakota, Kansas,Arizona, and Idaho. Larger totals of securityinvestments are shown for all geographicgroups. Individual deposits likewise showlarger totals for all groups, though in NewYork State figures for both member andnon-member banks are smaller than a yearago.

Borrowings of the reporting banks, while 2.2per cent larger than in June of last year, showdifferent developments in the several geographicgroups. Thus, rediscounts and bills payable ofthe banks in group 2 were more than twice aslarge as last year, while the banks in some of thesouthern and western sections, particularlythose located in groups 5, 6, and 8, show sub-stantial reductions in their rediscounts and billspayable.

In the following tables are shown compara-tive figures as of June 30, 1922 and 1923, for themore important asset and liability items of allreporting banks, and of State banks and trustcompanies, including private banks subject toState supervision, arranged by States andgroups of States:

PRINCIPAL ASSETS AND LIABILITIES OF ALL BANKS ON JUNE 30, 1922, AND JUNE 30, 1923.


New Hampshire

MassachusettsRhode Island

Total, group 1

Number of re-porting banks.

June,1922.

1158188

26432

142

722

June,1923.

1138187

25532

142

710

Loans and dis-counts (includ-ing overdrafts).

June,1922.

119,62048,83975,962

1,126,430134,816207,907

1,713,574

June,1923.

129,98254,85282,236

1,210,247151,617230,540

1,859,474

Investments.

June,1922.

94,06635,54133,274

360,646113,211146,361

783,099

June,1923.

115,08240,64435,932

375,556119,543172,973

859,730

Total loans andinvestments.

June,1922.

213,68684,380

109,2361,487,076

248,027354,268

2,496,673

June,1923.

245,06495,496

118,1681,585,803

271,160403,513

Individual d e -posits (includingdividends un-paid and postalsavings).

June,1922.

194,70668,13094,164

1,310,986228,092312,262

2,719,204! 2,208,340

June,1923.

223,58177,727

105,0631,395,726

249,581356,110

2,407,788

Rediscounts andbills payable.

June,1922.

6,4712,4063,644

42,4041,6456,336

62,906

June,1923.

7,9753,9173,086

68,5211,783

10,242

95,524



PRINCIPAL ASSETS AND LIABILITIES OP ALL BANES ON JUNE 30, 1922, AND JUNE 30, 1923—Continued.


New YorkNew Jersey

Total, group 2.

DelawarePennsylvaniaOhio

Total, group 3

District of ColumbiaMarylandVirginiaWest VirginiaNorth CarolinaSouth Carolina

Total, group 4

AlabamaFloridaGeorgiaLouisianaTennessee

Total, group 5

IllinoisIndianaIowaMichiganWisconsin

Total, group 6

ArkansasKentuckyMississippiMissouri

Total, group 7

MinnesotaMontanaNorth DakotaSouth Dakota

Total, group 8

ColoradoKansasNebraskaOklahomaWyoming

Total, group 9

New Mexico

Texas

Total, group 10...

ArizonaCaliforniaIdahoNevadaOregonUtah

Washington

Total, group 11. . .

Total, U. S


June,1922.

940

1,348

551,6111,120

2,786

50230509347582454

2,172

356280686264571

2,157

1,9061,0891,681695996

6,367

486601351

1,651

3,089

1,508400846695

3,449

3811,3641,153

933146

June1923.

J _

1101,538

72319835277121391

1,825

29,540

951416

1,367

591,6171,116

2,701

49231516347616429

2,188

360289680266570

2,165

1,9171,1051,674701993

6,390

491604356

1,625


June,1922.

5,053,388637,845

5,691,233

39,8412,050,6231,375,114

3,465,578

122,594304,549386,871261,849295,890193,240

1,564,993

159,824132,795296,318269,740273,113

1,131,790

2,042,190522,298825,157589,468540,482

4,519,595

147,156290,990124,504855,219

3,076 1,417,869

1,496363831687

652,932133,236171,820209,443

3,377i 1,167,431

367)1,3341,124

902134

181,393355,572362,069277,56757,687

3,977 3,8G1! 1,234,2

101; 46,3131,517 657,285

1,618 703;598

74 50,241699 1,492,63618235277119391

68,60423,269160,32787,794212,370

1,777 2,095,241

29,230 24,705,190 26,510.

June1923.

5,110,106675,874

5,785,980

43,9052,363,8411,574,351

3,982,097

138,036303,501423,073294,096315,998192,147

1,666,851

182,277160,953320,812295,596304,741

1,264,379

2,218,253573,780867,019612,567583,244

4,854,863

163,124321,687141,294879,946

Investments.

June,1922.

511,511

June,1923.

2,373,637 2,542,838653,614

2,885,148 3,196,452

27,1201,482,578

477,501

1,987,199

56,679149,52272,41463,95331,69629,542

403,806

31,95347,11236,51643,60445,829

205,014

662,844165,04274,332557,970143,765

1,603,953

19,73789,19428,631193,542

l,506,05l| 331,104

685,972119,723164,820213,012

1,183,527

194,534354,509385,144281,76761,098

160,73022,63517,32312,336

213,024

74,94453,91936,48261,9797,263

1,277,052] 234,587

44,740664,182

708,922

48,6021,799,270

60,80924,585165,86793,494228,855

2,421,482

6,157117,969

124,126

13,061540,69014,1775,17958,86520,200

29,7151,656,492563,792

2,249,999

59,595191,05079,74069,17836,91229,909

466,384

40,85958,46537,87156,16054,180

247,535

762,289187,75990,432665,046166,489

1,872,015

26,100,58936,585272,736

436,812

177,0)326,88719,35614,619

237,905

85,52558,06957,28371,5987,461

279,936

5,700140,140

145,840

12,044638,73414,3825,821

70,56024,52399,462

739,160 865,526


June,1922.

7,427,0251,149,356

8,576,381

66,9613,533,2011,852,615

5,452,777

179,273454,071459,285325,802327,586222,782

1,968,799

191,777179,907332,834313,344318,942

1,336,804

2,705,034087,340899,489

1,147,438684,247

6,123,548

166,893380,184153,135

1,048,761

1,748,973

813,662155,871189,143221,779

1,380,455

256,337409,491398,551339,54664,950

1,468,875

52,470775,254

827,724

63,3022,033,326

82,78128,448219 192107,994299,358

2,834,401

June,1923.

7,652,9441,329,488

8,982,432 -8,182,220

73,6204,020,3332,138,143

6,232,096

197,631494,551502,813363,274352,910222,056

2,133,235

223,136219,418358,683351,756358,921

1,511,914

2,980,542761,539957,451

1,277,613749,733

6,726,878

190,026422,276177,879

1,152,682

1,942,863

863,015146,610184,176227,631

1,421,432

280,059412,578442,427353,36568,559

1,556,9

50,440804,322

854,762

60,6462,438,004

75,19130,406236 427118,017328,317

3,287,008

Individual d e -posits (includingdividends un-paid and postalsavings).

June,1922.

7,068,0931,114,127

59,5802,969,2271,722 107

4,750,914

170,012425,183359,157292,464275,631172,781

1,695,228

166,040184,955253,514304,519294,086

1,203,114

2,439,943637,181780,708

1,116,421637,875

5,612,128

147,236317,991148,738892 479

1,506,444

738,126130,619148,769199,712

1,217,226

252,370377,085371,561340,88560,742

1,402,643

45,394659,554

704,9

64,9271,962,515

69,91928,536

212,37692,882

301,503

2,732,658

9,510,220 10,858,134 34,215,410 37,368,812 31,215,863 33,593,295 1,058,186 1,296,290

June,1923.

6,688,9701,266,602

7,955,572

63,7873,391,1181,885,958

5,340,863

179,476428,295389,777334,937300,504189,587

1,822,576

206,883226,325288,770332,349351,397

1,405,724

2,742,026706,893895,306

1,252,138715,153

6,311,516

157,783359,450155,141

1,001,405

1,673,779

801,188134,625160,400214,727

1,310,940

276,112390,112432,012352,68767,510

1,518,433

43,067697,288

740,355

64,2892,294,312

68,94931,037232,898105,745308,519

3,105,749


June,1922.

103,11820,988

124,106

1,30588,46034,119

123,884

4,8326,832

22,29813,74628,15021,898

97,756

11,7432,633

31,48512,22216,214

74,297

51,39918,91471,91721,41323,770

187,413

15,72112,9849,10825,184

62,997

31,65725,29136,35528,563

121,8

7,94316,54818,03823,0073,473

9,009

4,61450,071

54,685

5,39138,63615,196

6366,9775,1807,251

79,267

June,1923.

219,07634,666

253,742

1,018140,41540,598

182,031

9,91219,73436,55713,79635,72912,961

128,689

8,7042,41334,22714,37112,229

71,944

52,75927,04547,42419,81621,862

168,906

10,42320,5017,09442,578

80,596

33,02916,01923,49121,468

94,007

8,94415,32922,45018,4823,121

68,326

5,96446,679

52,643

3,94267,6539,408

256,3212,5719,962

99,882



PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANES AND TRUST COMPANIES ON JUNE 30, 1922, AND JUNE 30, 1923.


MaineNew HampshireVermontMassachusettsRhode IslandConnecticut

Total, group 1

New York

New Jersey

Total, group 2

Delaware

Pennsylvania

Ohio

Total, group 3

District of ColumbiaMarylandVirginiaWest VirginiaNorth CarolinaSouth CarolinaTotal, group 4

AlabamaFloridaGeorgiaLouisiana...Tennessee*..

Total, group 5

IllinoisIndiana...Iowa2

Michigan..Wisconsin.

Total, group 6

Arkansas...Kentucky».Mississippi.Missouri2...

Total, group 7

MinnesotaMontanaNorth Dakota..South Dakota..

Total, group 8

Colorado...KansasNebraska..Oklahoma.Wyoming.,


June1922.

Total, group 9

New Mexico.Texas

Total, group 10...

5525391051578

317

433180

613

3'745747

1,529

35143330225496372

1,601

249218589230470

1,756

1,406838

1,332576841

June,1923.

617

41657748

1,446

35146335222533345

1,616

254228

232485

1,762

1,412854

1,325582838

4,993

402465319

1,5161

5,011

403465325

1,493

2,702| 2,686

1,165268664562

2,659

23S1,09797048699

2,8

63983

1,152242647556

Loans and dis-counts (Includ-ing overdrafts).

June,1922.

65,94417,76747,583513,11298,29683,964

June,1923.

70,17220,30551,412

485,328111,56597,975

826,666 836,757

2,412,60a! 2,735,978364,618 348,009

2,777,223

29,823887,222910,763

1,827,8

64,328161,418140,833146,960184,806115,597

813,940

3,083,987

33,6791,094,7451,076,732

2,205,156

70,916149,193168,797168.256201 383110,653

867,198

79,15066,756186,290199,621154,247

686,064

92,68085,751210,609224,472168,119

781,631

1,180,328316,137580,834371,261325,830

Investments.

June,1922.

June,1923.

48,25314,81413,355i

151,351192,51988.573;

63,98116,73514,927

132,53297,447

107,833

408,865 433,455 1,235,531


June,1922.

114,19732,58160,938664,463190,815172,537

1,212,695 1,364,521 3,625,300281,966 392,547 646,584

1,494,661 1,757,068

19,776 21,981689,0671 768,7051

249,0061 320,823!

957,849 1,111,509

26,77084.770j15,89927,507]12,76118,857

27,939119,06918,77428,97415,6959,767

176,564 220,218

7,070i15,342'14,012^29,24115,469!

9,97818,56816,46638,85119,305

4,271,884

49,5991,576,2891,159,769

2,785,657

91,096246,188156,732174,467197,5671124,454

June,1923.

134,15337,04066,339

617,860209,012205,808

1,270,212

4,100,499740,556

4,841,055

55,6601,863,4501,397,555

3,316,665

98,855268,262187,571195,230217,078120,420

990,504 1,087,416

86,22082,098200,302228,862169,716

81,134i 103,168 767,198

102,658104,319227,075263,323187,424

884,799

2,774,390 3,026,591

101,317154,03192,171545,657

893,176

308,16372,676105,330143,314

2,597 629,483

22411,068

91244389

2,766

59956

1,046 1,015

61,285222,917210,42269,27719,678

583,579

16,747217,661

234,408

1,336,883352,897612,861376,329347,621

1,059,905 [1,223,571

109,692158,960105,269561,075

934,9%

328,10861,74998,834

147,690

636,381

65,595217,140221,002

59,41520,105

586,257

16,238210,907

227,145

423,929!71,908!25,298:458,112:80,658:

467,12282,07025,341555,41993,619

1,604,2571 1,804,005388,045j 434,967606,132] 638,202829,373' 931,748406,488! 441,240

Individual de-posits (includingdividends un-paid and postalsavings).

June,1922.

106,81129,24557,809

641,199185,853161,170

1,182,087

3,998,938640,001

4,638,939

45,1331,379,3801,142,429

2,566,942

87,846255,530129,158162,637170,89499,459

905,522

June,1923.

12.5,18233,50364,595

587,700202,163|191,723


June,1922.

4,710

1,56413,608

6593,048

1,204,866

3,925,058714,960

4,640,018

23,5

June,1923.

21,3167,654

28,970

49,6771,597,4971,271,872

2,919,046

66533,09216,689

50,446

93,284250,826147,879188,,—190,105,614

7562,4537,8797,99416,81613,308

976,470 49,206

81,07490,278154,150231,076170,126

726,704!

1,581,884383,601556,126808,406392,574

3,834,295 J4,250,162 3,722,591

8,1471 11,102|32,803' 37,319|17,791 23,306

116,731 169,130

109,464!186,S341109,962;662,388!

120,794196,279128,575730,205

98,852171,007112,202615,182

175,472j 240,857 l,088,64S| 1,175,853] 997,243

66,1789,5335,2272,687|

58,68311,769!

5,8963,223

374,341]82,209]

110,557146,001

386,79173,518!

104,730]150,913

100,927116,838

1188,076256,131210,036

872,008

6,2491,742

21,9707,4409,925

47,326

1,787,046!434,508637,205921,592

443,974

30,45112,55651,72916,09616,913

4,224,3251 127,745

97,398]185,772]112,975;708,810]

12,3845,0307,011

21,441

1,102,985J 45,866

366,061 386,39870,363 69,49385,485] 89,410

137,329 148,287

83,625j 79,571 713,108, 715,9521

24,18120,15010,1459,7791,139

65,394

26,65822,88322,30810,265]

905!

85,466j243,087i220,567179,056!20,817]

92,253!240,0231M6, 310:69,68021,010

83,019 648,973; 669,276

1,546 1,314 18,293,15,913! 16,832| 233,574:

17,552227,739

17,459 18,146 251,867| 245,291

86,771226,794225,64774,57119,909

633,692

693,588

93,551234,213276,93070,78221,597

697,073

16,895!206,282

223,177

15,881216,472

232,353

21,12114,99026,30919,886

82,306

2,2711,77112,16510,3991,379

37,991

1,34822,018

1 Includes $2,792 call money.2 Figures for June 30,1923, not available.» Figures for June 30,1923, not available.

Report of Apr. 3, 1923, used.Report of Dec. 29,1922, used.

5,357

72412,189

1254,846

23,241

78,72515,036

93,761

32855,0869,364

64,778

1,3744,592

15,7306,846

22,1308,477

59,149

4,8181,675

24,9758,7225,883

46,073

30,41613,95434,23316,38310,023

105,009

7,5667,0964,63921,348

40,649

14,1258,63818,62815,846

57,237

3,0029,5609,0477,2931,030

29,932

1,79217,307

19,099



PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON JUNE 30, 1922, AND JUNE 30,1923—Continued.


ArizonaCaliforniaIdahoNevadaOregonUtah

Washington

Total, group 11. . .

Total U.S


June,1922.

11924

18197

283

1,190

21,296

June,1923.

5442910924

18097

276

1,169


June,1922.

32,491947,44127,07114,43467,12360,02378,373

1,226,956

20,994 13,273,693 14,685,221

June,1923.

32,7871,213,211

22,90515,54869,99965,21679,476

1,499,122

Investments.

June,1922.

8,198354,732

4,1271,989

21,83712,12226,934

429,939

4,950,867

June,1923.

7,309435,960

4,9232,241

25,80915,45030,554

522,246


June,1922.

40,6891,302,173

31,19816,42388,96072,145

105,307

1,656,895

June,1923.

40,0761,649,171

27,82817,78995,80880,666110,030

2,021,368

Individual de-posits (includingdividends un-paid and postalsavings).

June,1922.

42,2691,351,247

27,43917,92091,07763,067106,891

1,699,910

5,792,828 18,224,560 20,478,049 17,955,995 19,555,148J 549,434

June,1923.


June,1922.

•142,7861,641,787:

26,817|19,321i

'95,923|72,948;92,S34|

3,50712,4936,215

4732,3 3043,923

1,992,416; 32,623

* Figures include items due to banks.5 Includes other liabilities.

6 Includes United States deposits.' Includes cashiers' checks.

June,1923.

5 3,07418,0943,875

2,9302,0173,650

33,640

572,568

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS.[Forecasts of the Department of Agriculture. In thousands of units of measurements.]


BostonNew York... .Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco.

Total....

Corn (bushels).

Forecast,Sept. 1,

1923.

11,59629,55257,398

228,980181,853195,928

1,002,962421,893328,831500,263102,51614,014

3,075,786

Forecast,Oct. 1,1923.

11,70630,48656,725

208,544182,830193,643969,465406,836333,946508,496104,71814,059

Estimate,1922.

11,96333,73562,304199,540178,229204,142984,328394,916282,352393,585132,93812,680

3,021,454 2,890,712

Total wheat (bushels).

Forecast,Sept. 1,

1923.

4049,672

19,62351,54333,0816,129

91,20079,472

163,454178,33718,953

137,359

789,227


Estimate,1922.

4049,675

19,62051,56533,0816,129

91,13279,463

152,564177,90218,870

141,332

781,737

46410,04622,88442,77229,2245,738

78,17578,652

237,696246,871

10,483

862,091

Winter wheat(bushels).

Forecast,Sept. 1,1923.1

Estimate,1922.

9,36119,44451,03633,0816,129

87,69679,1898,954

165,75818,50389,235

568,386

9,71022,71442,31229,2245,738

74,01078,35610,614

235,80910,25967,458

Spring wheat (bushels).

Forecast,Sept. 1,

1923.

404311179507

3,504283

154,50012,579

45048,124

586,204 I 220,841


Estimate,1922.

404314176529

3,436274

143,61012,144

36752,097

213,351

464336170460

4,165296

227,08211,062

22431,628

275,887

Cotton (bales). Oats (bushels).

Federal reserve district. Forecast,Sept. 1,

1923.

BostonNew York.Philadelphia...ClevelandRichmondAtlantaChicagoSt. Louis ,MinneapolisKansas CityDallasSan Francisco..


Estimate, Fs°e

rp

etcf-

19*> I 6 e ! ? h 1 '

1,643 I 1,7082,029 1,769

1,947

8504,2013 118

Total. 10,78

1,781

M,6563 119

11,015

1923.

1,3711,949

6703,617

3 70

9,762 1,311,

9,15134,01420,17369,86922,58219,459

494,21452,003

334,188162,67853,72639,630

(Estimate,i9»1923.

34217023:18

48350

3361615239

,410717723,543177,704583289744968414,181

9,40433,81025,95457,83522,22219,621

401,60035,861

341,874126,88936,24030,120

1,302,453 |l,20I,436

Hay, tame and wild (tons).

Forecast,Sept. 1,

1923.

4,4006,7042,2025,0642,9942,879

15,9867,084

17,47816,6351,270

15,310

8,006


Estimate,1922.

4,5196,9492,3505,3183,5283,025

16,7457,486

17,84117,6261,708

15,819

4,4867,2973,5337,1684,5183,647

20,6778,217

19,35116,7811,777

15,339

102,914 112,791

1 Preliminary estimate on Aug. 1.»Includes all other cotton being grown in the United States.8 In addition the following amounts were estimated grown in Lower California (Mexico): October, 1923, 88,000 bales; Sept. 1,1923, 87,000 bales;

October, 1922, 70,000 bales.


1 1 1 2 FEDERAL RESERVE BULLETIN. OCTOBER, 1923.

BUSINESS AND FINANCIAL CONDITIONS ABROAD.Official estimates now available regarding the yield of the chief cereal crops in foreign

countries indicate generally larger yields this year as compared with last year's rather poorharvests. Wheat production in 24 countries for which reports have been received by theUnited States Department of Agriculture is estimated at 2,600,000,000 bushels this year,representing an increase of about 8 per cent over the 1922 crop. Nearly every country reportsan increase in the prospective yield of wheat, with the exception of the United States, for whichthe latest official estimate gives an anticipated reduction of 8 per cent, and Great Britain,where a somewhat reduced crop is expected, while in Europe as a whole and in Canada increasedyields are indicated. The Argentine wheat crop harvested last spring was very nearly asgreat as in the preceding year and was considerably above the average of recent years. Otherimportant crops, such as rye, barley, and oats, are reported to be larger in most countries thanthey were a year ago.

Central Europe.—In central Europe this year's grain crops are especially promising.Wheat, rye, barley, and oats all give indications of exceeding last year's production in Prussiaand Bavaria by more than 40 per cent. Imports of wheat into Germany have greatly fallenoff, while cheaper foodstuffs like rye have been imported in greater quantities. Much of Ger-many's imports of food has come from the United States, but there is a tendency, where possi-ble, to import more from countries having depreciated currencies. Cereal production in othercentral European countries, like Austria, Czechoslovakia, Rumania, and Yugoslavia, has beenfavored by weather conditions and the prospects for increased yields are good.

France.—Crop conditions in France are generally good. Increased acreage and favorableweather have increased the estimated yield of wheat by about 19 per cent over the poor cropof last year and have brought it materially above the preceding five-year average. The Frenchcrop, moreover, is supplemented by that of Algiers, Tunis, and French Morocco, which isnearly double that of last year. In order to conserve the wheat supply, the Government hasrequired that wheat flour be mixed with a proportion of rice, rye, or potato flour. With thecontinuance of these regulations, French officials expect that France will need to import littleor no wheat during the current crop year.

Italy.—Italian crops are reported as being exceptionally large. Wheat shows an increaseof 23 per cent over last year and is nearly 20 per cent above the average of the last five years.Barley, oats, and rye have increased in about the same proportion. Wine and sugar beetsshow increases and the hay crop is large. The output of olive oil is somewhat less than theexceptional yield of 1922, but is above the average. The gross value of agricultural productsis estimated by the Ministry of Agriculture as about 4,000,000,000 lire greater than in 1922.

These facts make it clear that European countries, which are the chief customers of theUnited States for surplus food products, are in a position this year to supply a larger portionof their requirements than they were a year ago. The influence of this larger European supplyupon the demand for the American surplus is reflected in the world wheat markets andpartially explains the relatively low level of wheat prices.



THE TREND OF BUSINESS ABROAD.1

Items.UnitedKing-dom.

France.Ger-

many.UnitedStates. Items.

UnitedKing-dom.

France.Ger-

many.UnitedStates.

CREDIT.'COMMERCIAL BANK LOANS:

1921—August1922—August

November1923—February

JuneJulyAugustSeptember

COMMERCIAL BANK DEPOSITS:1921—August1922—August


MayJuneJulyAugustSeptember

CENTRAL BANK DISCOUNTS:1921—August1922—August



CENTRAL BANK NOTE ISSUES:1921—August1922—August



CENTRAL BANK DISCOUNT RATE:1921—August1922—August


1,1791,020,031,023005028024007

12,58413,05113,26513,34813,73413,95013,821

JuneJ u l y . .AugustSeptember

PRICES AND EXCHANGE.

WHOLESALE PRICE INDEX (rela-tives): 3



MayJuneJujyAugust

RETAIL PRICE INDEX (relatives): *1921—August1922—August


MayJuneJulyAugust

FOREIGN EXCHANGE (percentofpary1921—August1922—August



005

764,688

l!6441,6081,6381,6381,6111,609

807668797181716971

427396390381390389392387394

S*3333444

195168 |165170175174170167

222181180177170169169171

75.0891.7492.0696.3995.0594.8394.1893.7193.34

12,40612,88413,12113,44413,63413,80713,688

2,4582,1942,8182,6842,3722,4872,4722,6342,511

36,78336,38536,11437,05536,74136,68936 92937,36437,626

307355363372369359

317289297316325331321328

40.2041.2335.5431.8434.3932.6530.5229.2730.34

29,116167,495677,00014,98039,898283,599

3,063,358

1,192•7,76544,610264,300381,600765,000

3,765,100

4.993.415.058.016.009.004.0014.00014.000008

11,49110,76111,21911,63911,84011,85011,71611,67711,877

10,94211,09411,52511,17311,10411,07810,89010,891

85271919

4,7779,9148,74772,086151,863

80238754

3,5138,56417,29143,595663,200

1,492404614596731775761816862

2,4812,1532,3302,2472,2502,2272,1952,2252,248

146165164166166163159159

155139145142143144147146

PRODUCTION AND TRADE.PIG IRON PRODUCTION (relatives):*



May... ."JuneJulyAugust

COAT, PRODUCTION (relatives):5



MayJuneJulyAugust

UNEMPLOYMENT: •1921—August1922—August


MayJuneJulyAugust

BANK CLEARINGS (actuals):2


November1923-February

MayJuneJulyAugust

SIOTPING ACTIVITY (relatives):6


November1923—February1923—May

JuneJulyAugust

VALUE OF EXPORTS (actuate):'1921—August1922—August


MayJuneJulyAugust

VOLUME OP EXPORTS (relatives):'1921—August1922—August


MayJuneJulyAugust

VALUE or IMPORTS (actuals):'1


November1923—February ,

MayJuneJulyAugust

VoOTME OF IMPORTS (relatives):1



May.June.July.August.

1148586484817770

758798

10193

10191

13.112.012.411.811.011.011.311.5

2,787

3,0063,0672,9603,0042,330

671041008811411298103

51,34660,03266,49157,51071,555

59,50460,103

81

591031187091103100112

10010811077105128127133

9,706606285666199166171146

467512783792680733765764

9411011387130129130130

1,7251,6761,7062,3292,6752,4792,4242,243

6597

11113510298

10489

88,55582,66195,60083,85589,479

76,81888,743

97

1,7311,9602,3482,3432,5972,5582,6152,633

82122124103122134132130

142107162242211197172257

79375

1,4647,441

13,34528,37576,624

817,134

8199

111111119115

255255361

545536446

69

3771

111117151144144134

8769

114106116114113123

888996

10110210299

100

14,88715,84917,13316,90519,36819,53218,18417,308

12913813992

132137155149

366,888301,775380,000306,957316,363320,038303,030311,352

14297

11284818278

194,769281,376291,805303,465372,545320,257287 335275,382

136194204209236206166153

1 A full explanation of this table, including a list of the sources employed, appears in the BULLETIN (final edition) for February, 1923, pp. 182-185.2 Amounts stated in millions of pounds sterling, millions of francs, billions of marks, and millions of dollars.» Monthly average in 1913 is taken as 100, except for Germany where July, 1914—1.4 United Kingdom and France—July, 1914-100; Germany—October 15,1913-June 15,1914-1; United States—1913 average-100.• 1913-100.• United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Germany—number of

applicants for every 100 available positions; United States—an index of employment in 12 representative trades, 1919 being taken as 100.' Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks, and thousands of dollars.»1913—100. Figures for United Kingdom refer to quarterly period.» Series changed to include clothing as well as food, heat, light, and rent. April, 1922, without clothing, 3,175; with clothing, 3,436. July,

1923, without clothing, 3,330.000.


1114 FEDERAL KESEKVE BULLETIN. OCTOBER, 1923.

RECENT DEVELOPMENTS IN RUSSIANBANKING AND CURRENCY.

During the past year some important changeshave taken place in the banking and currencysituation in Kussia.1 A number of public andprivate banks have been created and theSoviet Government has made an attempt tofind a way out of the chaotic currency situa-tion. The rapid development of the StateBank and the creation of an industrial bankand other credit institutions indicated a greatdemand for credit on the part of Government-owned trusts as well as of private enter-prises. So long, however, as the paper rublewas the only available currency in the country,the activities of the banks were limited andhazardous, for the steady depreciation of thecurrency tended, on the one hand, to keepholders of funds from depositing them withthe banks and, on the other hand, to keep thebanks from extending credit. Banks and com-mercial enterprises therefore tried as far aspossible to convert their rubles into foreignexchange or goods, and this further aggravatedthe currency situation and contributed to thedecline of the paper ruble.

PRESENT CURRENCY SITUATION.

In its effort to remedy this situation andto bring about more stable conditions inindustry and trade, the Soviet Governmenton November 16, 1922, issued a decree, themost important points of which are sum-marized below:

The State Bank is empowered to issue bank notes.The bank notes are to be in denominations of 1, 2, 3, 5,

10, 25, and 50 chervontsi (1 chervonetz equals 10 pre-war gold rubles, or roughly" £1).

These bank notes must be secured, to the extent of aminimum of one-fourth of their value, by gold, preciousmetals, or stable foreign currency, and as to the remainderby readily marketable goods, short-term bills of exchange,or other specified securities.

The amount of notes put into circulation and the com-position of the security are to be published by the banktwice monthly.

Bank notes will be accepted at their face value in pay-ment of State taxes and dues (customs, railway fares,etc.), and in all cases where the law requires payments ingold.

The State Bank shall have the right to demand that inall cases where loans were made in bank notes, or wherethe redemption of bonds is provided for in bank notes,payment or redemption shall be made in such notes.

Loans in bank notes made to the Commissariat of Financeare to be secured by precious metals to a minimum of 50

1 Developments in the field of Russian banking and currency sincethe outbreak of the war up to the middle of 1922 were discussed in theAugust and October, 1922, issues of the BULLETIN.

per cent of the face value and as to the remainder byinterest-bearing bonds of the Commissariat of Finance.2

Quotations of bank notes in terms of paper rubles may bemade on all the stock exchanges of the Russian SocialistFederation of Soviet Republics.

When the State Bank was founded it wasnot the intention of the Government tobestow upon it the right of issue. The sovietruble depreciated so rapidly, however, thatit was almost impossible for the bank tocarry on its transactions in terms of paperrubles. The State Bank, therefore, while itreceived paper rubles on deposit in orderto attract funds, credited the depositorswith the gold equivalent at the current rateof exchange. When deposits were withdrawnthe bank paid out paper rubles at the goldrate of the day. In order to protect itselfagainst losses, the bank invested its rubleholdings in foreign exchange and in old goldrubles, thus increasing the demand for for-eign exchange and gold. Since Russian goldrubles were preferred by the peasants, whowere reluctant to accept foreign exchange,the demand for gold rubles increased, and theywere at times quoted at a premium exceedingthe value of their gold content by as muchas 30 per cent.

This situation was terminated when the StateBank began to issue notes, since the new cur-rency had the same status as gold. The small-est unit of the new currency is 1 chervonetz,worth 10 pre-war gold rubles. The high mini-mum value of the chervonetz notes was adoptedin order to confine the use of the new currencyto larger exchange transactions and to preventit from being hoarded, as would undoubtedlyhave been the case if smaller units had been incirculation. The new bank notes are intendedto meet the needs of industry and commercerather than to provide funds for the Govern-ment, and the State Bank has authority toissue chervontsi notes for loans to the Govern-ment only by the special permission of theSupreme Council of People's Commissaries,and such loans must be secured up to 50 percent by gold, the balance being covered byshort-term, interest-bearing treasury bills pay-able in gold.

Cover of bank notes.—The issue department ofthe State Bank is under supervision of a specialboard which determines the value of the coveroffered as security for nt>tes. For this purposethe following rules have been adopted. Gold isaccepted at its full value, merchandise up to 50

* The making of such loans is only allowed with the express pe. mis-sion of the Government.



per cent of its market value, Russian and for-eign securities belonging to the bank at not morethan 75 per cent, and bills of exchange takenover from customers of the bank up to 90 percent of their market value. Between Novem-ber, 1922, when chervontsi notes were at firstput into circulation, and the middle of June,1923, about 8,650,000 chervontsi were issued.They are covered by assets representing a valueof about 9,930,000 chervontsi, of which4,576,000 is Russian and foreign gold and748,486 are drafts in dollars, Swedish kroner,and sterling. Below are given statements of theissue department of the State Bank as of Jan-uary 2, February 1, March 1, April 1, May 1,and June 1, 1923:

calculated in chervontsi and almost all banksopen accounts and grant loans in terms ofthe new currency. Current accounts in cher-vontsi of the five large banks in Moscow havegrown forty five times since January, 1923,and amounted to about 6,240,000 chervontsion the 1st of June, while from January 1to May 1, 1923, the State Bank grantedloans amounting to about 22,000,000 cher-vontsi, as compared with the equivalent ofabout 1,000,000 chervontsi during the sameperiod in 1922.

The relation of the chervonetz to gold or tostable currencies may be seen from the follow-ing figures, comparing the quotation in paperrubles of the 1923 issue of the chervonetz with

CONDITION OP THE ISSUE DEPARTMENT OP THE RUSSIAN STATE BANK.

[In eherrontsi.]

Gold cover . . .Foreign exchangeDiscounted billsSecured loansTol al assetsBank notes handed over to the banking department

Jan. 2,1923.

506,528996,178

1,502,7061,118,000

384,706

Feb. 1,1923.

1,138,777629,571

2,679,4171,930,000

749,117

Mar. 1,1923.

1,533,836701,086414,060

1,139,6463,788,6293,000,000

788,629

Apr. 1,1923.

2,710,836383,321830,308

1,139,6465,064,0524,500,000

564,052

Mayl ,1923.

13,764,694489,551

1,113,7582,290,9957,659,0006,000,0001,659,000

June 1,1923.

3,978,627742,567

1,617,9462,663.5379,002,6788,000,0001,002,678

1 Including 58,307 chervontsi in silver.

Chervontsi notes, although nominally re-deemable in gold chervontsi, are in practicenot redeemed in gold but in soviet rubles atthe current rate of exchange. Their value,therefore, rests upon the confidence of thepublic in the State Bank and in the cover heldby it. State Bank notes are legal tender forall payments to the Government and are theonly kind of currency accepted by the Govern-ment in payment of custom duties.

Quotation of chervontsi.—At first chervontsiwere at a discount in relation to gold, but theconfidence of the public in them soon increased,and at the end of March, 1923, they werequoted above the pound sterling and otherforeign exchanges. During May the cher-vonetz started to depreciate again and was attimes quoted at 30 per cent Tbelow par, butthrough the efforts of the bank it soon recov-ered and is at present somewhat above thepound sterling. The fact that chervontsi arequoted regularly in some of the Scandinaviancountries and that the State Bank is alwaysready to buy them at the daily rate of exchangehas further enhanced their popularity. Atpresent practically all larger transactions are

that of 10 ruble gold coins, the pound sterling,and the dollar:

[In soviet rubles, 1923 issue—1,000,000 rubles of earlier issues.]

Date.

Jan. 1, 1923Feb. 1,1923Mar 1 1923Apr. 6, 1923Per cent increase since Jan. 1,

1923 . .

Officialquota-tion of

10 rublesgold.

174202235358

105

Stock exchange rate.

Chervo-netz.

175212240390

122

Poundsterling.

200219212368

84

Dollar.

43494680

84

The higher stock-exchange quotation of thechervonetz as compared with that of 10 goldrubles is due to the fact that the official quota-tion is usually lower than the open-marketquotation. As a direct consequence of thecreation of chervontsi, the demand for foreignexchanges decreased, which explains the smallerpercentage increase of the pound and the dol-lar in terms of paper rubles.

Relation of chervonetz to soviet rubles.—Although the use of the chervonetz in daily


1116 FEDERAL. RESERVE BULLETIN. OCTOBER, 1923.

transactions is steadily increasing, it has notsupplanted the paper ruble. The treasurystill issues paper rubles in large quantities andin denominations up to 100,000,000 rubles. Asthe amount of rubles outstanding reached afantastic sum, the Government on November3, 1921, issued a decree creating a new type ofruble, 1922 issue, the value of which was madeequal to 10,000 rubles of earlier issues. OnOctober 24,1922, a similar decree was publishedcreating rubles of the 1923 issue, the value ofwhich is equal to 100 rubles of the 1922 issueor to 1,000,000 rubles issued before 1922.Amounts of soviet rubles and bank notes out-standing during the first five months of theyear are given in the table below:

MONEY IN CIRCULATION IN RUSSIA.

[000 omitted.]

Date.

Jan. 1,1923.Feb. 1,1923Mar. 1,1923Apr. 1,1923May 1,1923

Totalmoney incirculationin terms of

sovietrabies

of 1923.

1,995,0002,629,0003,237.0004,483,0006,079,000

State Banknotes, in

chervontsi.

1,1201,9303,0004,5006,000

Recently the Soviet Government changedits policy with regard to soviet notes in cir-culation, and issued a decree whereby theamount of ruble notes issued during any onemonth must not exceed the value of 30,000,000gold rubles. Whether or not the new StateBank notes will ultimately supplant the sovietruble altogether, it is difficult to predict, sincethis depends largely upon the financial policyof the Soviet Government. The new cur-rency is a step in the direction of making itpossible for industry and commerce to emanci-pate themselves from the disastrous effects ofcurrency inflation. It is too early to deter-mine what the final outcome will be of havingtwo currencies, in circulation both having legal-tender value and one having adequate cover,while the other is strictly fiat money and con-tinues to be issued in enormous volume.

BANKING.

The adoption by the Soviet Government ofthe "new economic policy," more tolerant ofprivate enterprise, and the creation of thechervontsi notes made it possible once more toengage in banking operations in Russia and

tended to increase the number and activityof the banks. During the second half of 1922and the first half of 1923 a number of publicand private banks were created. At the endof March, 1923, there were in the territory ofthe Soviet Republic 10 banks and 22 mutualcredit institutions, besides a large number ofsmaller loan and credit associations, and theirresources are steadily growing. The increasein resources is due mainly to the rapid growthof deposits, which formed 21.6 per cent of thetotal resources on February 1, 1923, 25 percent on March 1, and 37.5 per cent on April 1.In some banks demand deposits surpass aboutfive times their capital and surplus. Mostbanking institutions are located in Moscow,and about 80 per cent of all bank resourcesare concentrated in that city. Even in someof the largest provincial cities, such as Rostovon the Don, and Kharkov, the activities andresources of the banks are insignificant.

The following table showing the operationof the more important banking institutionsfor the first four months of the present yearindicates the state of development of Russianbanking:

O P E R A T I O N O P T H R E E R U S S I A N B A N K S .

[In thousands of chervontsi.1

Industrial Bank:Jan. 1,1923...Feb. 1,1923..Mar. 1,1923..Apr. 1,1923..

Commercial Bank:Jan. 1 1923Feb. 1,1923...Mar. 1,1923..Apr. 1,1923..

Municipal Bank:Jan. 1,1923...Feb. 1,1923..Mar. 1,1923..Apr. 1,1923..

Totalre-

sources.

343622942

1,791

1,1241,2531,553

189391768

1,319

Currentaccountand otherdeposits.

35171260732

325172

1072

272599

Dis-counts,

timeandde-

mandloans.

207329529530

U46294575

46193538952

Percentage increase overJan. 1,1923.

Totalre-

sources.

iii274522

2 iii>138

206406696

Currentac-

countsand

otherde-

posits.

489743

2,091

2 159'225

7202,7205,990

Dis-counts,timeandde-

mandloans.

159256256

«201"394

4201,1702,026

• Including letters of credit. ' Increase of Feb. 1.

A brief description of some of the moreimportant individual banks at present inoperation in Russia may give an idea of thegeneral trend of Russia's banking developmentunder the new economic policy of the Govern-ment. Although private persons are allowedto open banks and some private banks are



already in operation, their activities are re-stricted and the most important banks areowned and operated by the State or cooperativeassociations. The policy of the Soviet Govern-ment thus far has been not to use the funds ofthe banks for fiscal purposes, and this has en-abled the banks to devote most of their re-sources to the financing of trade and industry.The two largest banks, the State Bank and theIndustrial Bank, have a number of branches allover Russia. The State Bank alone has morethan 100 branches in all important towns anda larger number of correspondents and agencies.In addition to the branches of the twoinstitutions already mentioned, the Govern-ment established banks such as the Bank ofthe Ukraine, the Agricultural Credit Associa-tion of the Crimea, and other provincial banksintended to serve particular provinces andterritories. The development of the provincialbanks has been slow, mainly owing to the lackof capital and the general suspension of tradeand industry.

The State Bank.—The organization and oper-ation of the State Bank has been fully dis-cussed in an earlier issue of the BULLETIN, SOthat only those phases need be discussed herewhich are of more recent development. Thecreation of the cheryonetz had a beneficialeffect upon the operation of the bank. Up tothe time when the bank was authorized toissue notes, its activities were hampered bythe rapid depreciation of the ruble, which madethe extension of credit risky. Under such con-ditions the bank was able to extend onlyshort-term credits at very high rates of interest.The increased use of the chervonetz as a me-dium of account remedied this situation. Itresulted in an increase in the bank's resourcesand caused a considerable decline in the rateof interest, both on loans and deposits. Therapid growth of the State Bank since the cre-ation of the chervonetz may best be seen fromthe following table showing the assets andliabilities of the bank for the period February1 to May 1, 1923:

CONSOLIDATED BALANCE SHEET OF THE RUSSIAN STATE BANK.

[000 omitted.)

CashSpecial advances to industryBills purchased:

' (a) Used as security for note issues.(6) Other

Advances on merchandise:(a) Used as security for note issues.(&) Other

Advances to agricultureMerchandise and securities.Foreign currency (valuta) and precious metal:

(a) Used as security for note issues(6) Other..

Due from branches and agenciesCurrent expenses, paid interest, and differences in exchange.Allother

Total assets.

Feb. 1,1923.

In sovietrubles,issue of

1923.

125,287342,388

27,996

251,36242,90531,936

16,996222,05523,104611,092

1,695,121

LIABILITIES.

Capital assigned to main officeOperating capital of offices and branchesBank notes in circulationSpecial funds for loans to industryCurrent account and other depositsTransfer operationsDue to branches, offices, and agenciesInterest and commissions receivedProfits for the year 1922Other liabilities

130.75032,621

Total liabilities.

352,126532,864

9 116221,31920,245

310,62885,451

Incher-

vontsi.

503

9111,519

1472

1,7682,307

9882

280

931,930

4331,823

1377073922

4,801

1,695,121 9,987

Mar. 1,1923.


1923.

204,136386,821

15,033

219,80764,3988,265

22,415262,94137,081899,449

2,120,347

130,75013,211

395,991857,427

9,668240,04553,440

319,562100,253

2,120,347

Incher-

vontsi.

1,012182

4141,022

1,1403,080

211,110

2,2352,7881,583

61,371

16,263

6171,000

1,4272 6771,0691,244

17623

6,030

Apr. 1,1923.


1923.

338,869564,281

2,150

180,490104,058

6,331

1,462368,634

89,7291,016,461

2,672,464

130,750506

16,263

570,9631,093,963

10,618326,139

81,007344,460114,058

2,672,464

Ineher-

vontsi.

1,931519

8301,873

1,1405,067

32

3,0943,3622,533

17911

22,193

1,2794,5001,7074,883

9651,541

35922

6,937

22,193

May 1,1923.


1923.

573,19726,983

979

96,6061,5532,641

4,238825,888199,741

1,064,182

2,795,987

130,7506,347

70,9781,400,670

17,097448,991108,313378,307234,484

2,795,987

Incher-

vontsi.

2,8325,642

1,1142,550

2,2915,958

8461.225

4,2543,0984,069

261,273

35,178

2,4936,0007,5437,094931

2,19071528

8,185

35,178



Through its foreign department the StateBank facilitates the financing of Russia'sforeign trade. With this end in view thebank established connections with other banksabroad and recently opened a branch in Lon-don. It grants loans to Russian exporters,provides importers with foreign exchange,issues letters of credit, and undertakes thecollection of items all over European andAsiatic Russia. The State Bank also transmitsfunds within Russia and between Russia andforeign countries in chervontsi and in foreigncurrencies, if so stipulated. Although theState Bank performs the functions of a bankof issue, it is chiefly a commercial bankintended to grant short-term credits to thevarious industrial and commercial enterprisesof the country. According to various state-ments of officers of the bank, it exercises greatcaution in granting credits and furnishes nocredits to State-owned enterprises which arenot profitable.

The Industrial Bank.—Next in importanceto the State Bank is the Industrial Bank,founded October 24, 1922, for the purpose offinancing State-owned "trusts" and other in-dustries. The object of the Government infounding this bank was to concentrate thefinancing of the most important industries in asingle credit institution which would be in closecontact with the Supreme Council of People'sEconomy. The bank is a Government enter-prise and its principal shareholders are theSupreme Council of People's Economy, theForeign Trade Commissariat, the textile trust,and a number of other trusts. The originalsubscribed capital of the bank amounted toabout 3,000,000 gold rubles, but decreasedfrom the time of subscription to the time thebank opened for business to about 1,700,000gold rubles, the decline being caused by therapid depreciation of the paper ruble in whichsubscriptions were made. The creation of thechervonetz enabled the management of thebank to invest its funds in a stable currency,and at the end of June, 1923, the bank's capitalamounted to 5,637,000 gold rubles.

The principal customers of the bank are, asalready stated, the various industrial trustsowned by the Government. They receivedfrom^the bank during the first half of 1923 inthe form of credits and discounts the equiva-lent of about 30,000,000 gold rubles (3,046,000chervontsi), which represents about 80 percent of the total credits granted by this insti-tution. Of the balance, about 7 per cent repre-sent loans to commercial enterprises, about 5per cent loans to transportation companies,3 per cent loans to cooperative associations,

and the rest loans to private individuals andcorporations. At the beginning of its opera-tion the bank financed mainly the textileindustry, whose returns were more assuredthan those of the "heavy" industries, loans tothe textile trusts constituting 34 per cent ofthe bank's total loans.

The bank has 15 provincial branches, in-cluding one each in retrograd, Kharkov, andRostov on the Don. The establishment oftwenty-four more branches is planned. Provin-cial branches, however, are opened only in thoseplaces where local capital is available to pro-vide the branch with the necessary workingcapital. During the first six months of exist-ence its total resources in chervontsi increasedtwelve times and its deposits twenty-nine times.Foreign exchange transactions of the bank alsoincreased very rapidly. This increase is dueto the fact that a very close relationship existsbetween the Industrial Bank and the Com-missariat of Foreign Trade, and the commer-cial representatives of the latter act as agentsfor the former.

Russian Commercial Bank.—This institutionis the first Russian bank of importance estab-lished with the aid of foreign capital. It wasfounded by the Svenska Economiaktiebolagetof Stockholm, with a subscribed capital of10,000,000 gold rubles ($5,146,000). Of thetotal capital of the bank 25 per cent wasdeposited with the State Bank as a guarantyagainst its domestic liabilities, and a part ofits funds was required to be converted intoRussian paper rubles. The main business ofthe bank consists in making advances againstmerchandise and in financing exports fromand to Russia. In a circular letter addressedto various American banks the Russian Com-mercial Bank stated its readiness to executeorders in Russian rubles of the 1923 issue, aswell as in dollars, and to make collections inMoscow and other cities. The total resourcesof the bank on June 1, 1923, amounted to2,041,298 chervontsi, as compared with1,120,000 chervontsi on February 1, when thefirst balance sheet was published.

Moscow "Municipal Bank.—This bank had acapital of 200,000 chervontsi on May 1, withtotal resources amounting to about 2,000,000chervontsi. The rapid growth of this institu-tion can best be seen from the following figures:The amount of discounted bills increased from34,000 chervontsi on January 1, 1923, to about468,000 chervontsi on April 1, an increase of1,276 per cent, and deposits during the sameperiod rose from about 10,000 chervontsi toabout 600,000 chervontsi, an increase of 5,900per cent. The rapid growth of the bank is due



partly to the fact that it serves as depositoryof all the liquid funds of the Moscow localsoviet. In this respect its activities also differfrom those of other banks in that it finances theconstruction and repairing of buildings. Ofthe total loans granted, 82 per cent were to Stateundertakings, 13 per cent to cooperative asso-ciations, and only 5 per cent to private persons.

Consumers' Cooperative Banlc.—The purposeof this credit institution is to finance thevarious cooperative organizations in SovietRussia. Since the cooperative associations hadnot enough funds of their own to provide thenecessary capital, bo'th the State Bank andthe Commissariat of Finance bought stock ofthe new institution and deposited large sumswith it. The growth of activities of the bankis reflected in an increase in deposits from25,000 chervontsi on February 1 to 93,000chervontsi on May 1. In contrast to otherbanks, whose provincial branches are of rela-tively small importance, the deposits of pro-

vincial branches of the Consumers' CooperativeBank increased more rapidly than those of theMoscow head office.

SUMMARY.

The creation in Russia of industrial trustsand commercial enterprises on a capitalistbasis made it necessary to introduce a stablecurrency and led to the creation of the cher-vonetz, which was an important step towardthe restoration of Russia s financial activity.The existence of a more or less stable cur-rency acted as a stimulus for the establishmentof new banks and encouraged the making ofdeposits and the extension of loans. Atpresent two independent currencies are in cir-culation in Russia, the State Bank notes andthe soviet ruble. The bank notes are thealmost universal unit of account and the basisof foreign trade, while soviet rubles still consti-tute the actual medium of exchange in do-mestic transactions.

THE BANK OF THE REPUBLIC OF COLOMBIA.

Following disastrous experiences with irre-deemable currency issued by Government insti-tutions, such as the Banco Nacional and theBanco Central, established in Colombia in 1880and 1905, respectively, the people of that coun-try since 1909 have used gold, silver, and cer-tain foreign currencies as the circulating me-dium of the country. In 1919 all the old issuesof irredeemable paper were retired from circu-lation by the Government at the rate of 100pesos of irredeemable currency to 1 peso goldnote, and the total amount of gold notes putin circulation during that year amounted to10,180,000 pesos, quoted at par in terms ofpounds sterling. This parity was maintainedduring the war, notwithstanding financial diffi-culties of the country during that period whichforced the Government to use for other pur-poses the metallic reserves accumulated againstthe gold notes in circulation. Monetary con-ditions improved, for a time, however, whenheavy importations of gold were made byColombia from the United States in paymentfor exceptionally large quantities of Colom-bian staples exported. American gold coinwas thus put into free circulation in Colombiaat par with the English and Colombian gold.In spite of the new forms of currency includedin the Colombian monetary system, the amountin circulation was not sufficient to take care ofthe needs of the country, and new circulatingmedia had to be found. English paper moneywas made receivable by the customhouses at

par with Colombian money in an effort to putthis currency into circulation. The custom-houses found it difficult, however, to dispose ofthe English paper money received in paymentof duties, and the law was finally rescinded. OnDecember, 1920, authorization was given thebanks of the country to issue certificates,which were to run for a three-year period fromthe date of issue and to be guaranteed bycommercial securities. The maximum amountfor which these certificates might be issuedwas fixed at 8,000,000 pesos.

During the most recent period the money incirculation (mostly paper and silver) becamedepreciated in terms of gold. Exchange ratesin Colombia on the United States—the onlylarge free gold market of the world—have beenfor some time considerably above gold par, andgold has been at a substantial premium in thedomestic market. Gold has been moving outof Colombia rather than coming in, and re-demption of the paper currency has been sus-pended. In addition to coins of gold, silver,and nickel there were on May 1, 1923, the fol-lowing kinds of currency in circulation:

Pesos.National notes (billetes nacionales) 10,200,000Treasury notes (bonos del Tesoro1) 5, 111, 993Treasury certificates (cedulas de Tesoreria).... 3, 215, 940

Total Government currency 18, 527,933Bank notes (bonos Bancarios) 820, 600Bank certificates (cedulas Bancarias) 4,008, 664

Total bank currency "17829,264Grand total 23,357,197



The dependence of the country upon thesevarious unsecured currencies, coupled with thelack of cooperation and coordination betweenthe banks of the country, made the establish-ment of a central bank of issue and rediscounta subject of paramount importance. Lack oforganization has been recently evidenced bythe failure of the Banco Lopez, the most im-portant private financial institution of Colom-bia, which caused the opening of the new Bankof the Kepublic to be effected on July 23, 1923,earlier than had been originally planned, as anemergency measure to prevent an impendinggeneral banking panic.

The difficulties of the Banco Lopez in meet-ing the demands of its depositors started onJuly 16, 1923. At the beginning a certainamount of confidence was created in the publicmind by the payment of 750,000 pesos, largelygold, by the Government for the Lopez build-ing. In spite of this assistance, however, thebank was forced on the following day to suspendpayments, after, however, having turned overto the Government Board for the Conversionof Paper Money sufficient funds to meet allpayments on account of savings deposits.A committee for the organization of the Bankof the Republic was appointed and a jointmeeting of this committee and of the Bogotabankers was immediately called by the Secre-tary of the Treasury. On July 20, 1923, theboard of directors of the new bank was formed,and on July 23 the bank began operations.

The Government subscribed to 5,000,000pesos of stock of the new bank and paid itsinitial installment (60 per cent), 3,000,000pesos gold, in New York. Three Bogota bankssubscribed at once and paid in approximately500,000 pesos in gold. The funds thus madeavailable rendered possible the rediscountingof sufficient paper held by the local banks tostrengthen their reserves sufficiently to meetany reasonable demands which might be madeupon them. On July 22 the bank redis-counted 1,900,000 pesos of commercial paperfor three banks in Bogota and issued to them1,500,000 pesos of provisional notes, using forthis purpose, with some modification, un-issued gold certificates of the Medellin mint.On July 23 the Bank of the Republic and thecommercial banks opened for business at theusual hour and the panic was broken.

The law creating the new bank of issue inColombia was based on the work of a missionof American financial counsellors, headed byDr. E. W. Kemmerer, of Princeton University.

After a careful and detailed study of the eco-nomic and banking situation of the country,the financial mission submitted for the ap-proval of the Government of Colombia twobills—one relating to existing banks and theother providing for the establishment of theBank of the Republic. The latter bill becamelaw on July 11, 1923. Other financial meas-ures were presented and adopted.

The financial mission presented also itsobservations affecting the banking situation ofthe country, the main points of which may besummarized as follows: The scope of operationsconceded to the banks o'f Colombia is undulybroad, including as it does investment banking,the promotion and organization of industrialand public utility undertakings, and the flota-tion of corporate securities; banking supervisionis inadequate; banking statistics as compiledat present are not adequate for their purpose;the majority of the banks do not keep theirassets in a sufficiently liquid condition; andexisting legislation with respect to the capitali-zation of the banks is not satisfactory.

A summary of the principal provisions of theact providing for the establishment of the Bankof the Republic follows:

Capital.—The capital of the bank shallconsist of 10,000,000 gold pesos, divided into100,000 shares of 100 pesos each. These sharesshall not be transferred to foreign governments.There shall be four classes of shares—shares ofclass A, amounting to 5,000,000 gold pesos, tobe subscribed for and paid in gold by theNational Government. These shares do notconfer the right to vote, but the Governmentis to have the right of appointing three mem-bers of the board of directors, whose term ofoffice shall be three years. The funds neces-sary to cover the payment of these shares shallbe included in the national budget, and theGovernment may take them from the ordinaryresources of the treasury or from its extraor-dinary revenues, but the Government is notauthorized to discount for this purpose any ofthe installments of the indemnity received fromthe .United States. If the Government shallreduce its holdings of class A shares below a parvalue of 4,000,000 pesos, but hot below2,000,000 pesos, its representation on theboard of directors shall be reduced from threemembers to two; and if it shall reduce itsholdings below 2,000,000 pesos, its representa-tion shall be reduced from two members toone. The Government shall always have atleast one representative on the board of di-rectors.



Shares of class B are to be subscribed for ex-clusively by the national banks engaged in com-mercial banking operations established in ac-cordance with the laws of the country and whosestock is owned wholly or in greater part byColombian citizens. Besides national banks,mortgage institutions conducting commercialbanking departments are authorized to sub-scribe to the stock of the Bank of the Republic.National banks may subscribe 15 per cent oftheir total subscribed capital and surplus ac-cording to the statement of condition on June30 previous to the purchase of stock, while theamount of stock to be subscribed by the mort-gage banks is 15 per cent of the total amount oftheir capital and surplus assigned to the com-mercial department. Class B stockholders shallelect four members of the board of directors ofthe bank. Two members shall be bankers,while the other two shall be persons engagedin business, agriculture, or the professions.

Shares of class C are to be subscribed for ex-clusively by foreign institutions conducting acommercial banking business in Colombia inan amount equivalent to 15 per cent of thepart of their capital and surplus assigned tooperations in Colombia. Class C stockholdersshall elect two members of the board of direc-tors of the bank, one to be a banker and theother a business man, agriculturist, or profes-sional man. Shares of class D shall be sub-scribed for and owned by the general publicand shall carry with them no right to voteuntil an amount equivalent at par to 500,000pesos has been subscribed for. At such a timeand so long as at least 500,000 pesos par valueof such shares are outstanding, one additionalmember of the board may be elected by this

f roup. Class D shares may be bought byanks and converted into class B or C shares,

and conversely class B and C shares may beconverted into class D shares. The amount ofthe bank's capital shall be increased wheneverthe demand for shares on the part of the banksto fulfill the requirements of the banking lawshall exceed the authorized capital.

Organization.—The period of existence of thebank is to be 20 years from the date of theregistration of the bank's charter, but it maybe extended by legislative act. The control ofthe Bank of the Republic shall be placed in thehands of the board of directors, the majority ofwhose members are to be Colombian citizens.Members of the board shall hold office for twoyears. The manager of the bank shall beelected by the board by at least seven favorablevotes. The bank is authorized to open branches

g5288—23 6

in the capitals of the departments and inother important cities. Each branch shall beadministered by a branch manager appointedby the board of directors. The branch man-ager shall be a member and ex-officio chair-man of the branch board of directors, whichshall be composed of four members in additionto the branch manager. Two of the membersshall be appointed by the board of directorsof the main office, one by the local stockholdingbanks and the other member by the NationalExecutive. They shall hold office for twoyears.

Functions.—The board of directors of thebank shall determine in the by-laws of the in-stitution the kinds of loans, discounts, and in-vestments which the bank may make. Thebank shall not make any loans, discounts, orinvestments with a maturi ty exceeding 90days, except in the case of bills fully securedby agricultural products or livestock, in whichcase the maturi ty of the loan may be up to sixmonths, provided, however, that the bankshall at no time hold such paper to an amountexceeding one-third of its total paid-up capitaland surplus. The bank is not authorized togrant credits without fixed maturi ty or to allowoverdrafts. The bank shall not be permittedto purchase, discount, or accept as collateralfor loans, or in any other way make advancesupon the following kinds of paper: (a) Paperbearing less than two responsible signatures,one of the signatures being that of the bankapplying for rediscount, provided, however,that for one of the nonbanking signatures theremay be substituted collateral security in theform of bills of lading, warehouse receipts, orother documents giving the bank control ofactually existing products, or merchandise inprocess of production, transportation, or sale,the current market value of which is at least25 per cent larger than the amount of the loan;provided also that the bank may purchase fromits member banks single-name paper in the formof drafts drawn on foreign banks, the maturi tyof which shall not exceed 90 days' sight, up tosuch an amount as the board of directors mayprovide in the by-laws; (6) paper, the proceedsof which have been or are intended to be usedfor speculative purposes; (c) paper, the pro-ceeds of which have been or are intended to beused for permanent investments, such as thepurchase of lands, buildings, mines, machinery,and furniture; (a) promissory notes, accept-ances, bonds, and other obligations of the na-tional, departmental, or municipal governmentsof Colombia in excess of 30 per cent of the



bank's paid-up capital and surplus; (e) its ownshares, or paper secured by its own shares or byits own bank notes; and (f) shares of transpor-tation, mining, commercial, industrial, or ag-ricultural corporations or paper secured by suchshares.

The board of directors of the bank shall fixfrom time to time the discount rates at whichit will rediscount the eligible paper of memberbanks, and the rates at which it will discounteligible paper offered by the public. Theserates may differ for different classes of paper.No member bank shall be permitted to re-discount paper at the Bank of the Republicif it is charging its customers on paper of thesame kind and maturity discount rates higherthan 3 per cent above the rate charged by theBank of the Republic.

The bank is authorized to engage in the fol-lowing operations with its member banks: Tomake loans and discounts, as explained above,to receive deposits, to buy and sell bills ofexchange, to buy and sell gold bullion andspecie, and to act as a clearing house.

The bank is also permitted to engage in thefollowing operations with the general public:(a) To buy and sell cable transfers; (6) to buyand sell gold bullion and specie; (c) to buy andsell or discount bank drafts on foreign countriesand foreign bills of exchange with a maturityof not over 90 days, covering import or exporttransactions. Such bills shall bear at leasttwo responsible signatures, or one signaturewhen accompanied by shipping documents,warehouse receipts, or similar documentsgiving to the bank control of produce ormerchandise having a ready market or inprocess of being marketed; (d) to buy, sell, ordiscount bank acceptances, bills of exchange,or promissory notes, made and payable inColombia, with a maturity of not more than90 days. Two responsible signatures are re-quired, or one when accompanied by shippingdocuments or warehouse receipts of readilymarketable products; (e) to receive depositspayable at sight; and (/) to buy, sell, or acceptas collateral for loans (subject to the limita-tions imposed by the act), bonds, or otherobligations of the national, departmental, ormunicipal governments of Colombia.

The bank shall be authorized to purchase,hold, and convey real estate only when theproperty is required for its immediate accom-modation in the transaction of its business.The bank, however, is permitted to accept realestate as additional security for loans pre-viously made or when it is tendered in satis-

faction of loans previously made by the bank,and to purchase at public auction real estatepreviously hypothecated to it for the liquida-tion of loans, but the bank is not authorizedto hold property so acquired for over twoyears.

Note issxie.—The Bank of the Republic shallenjoy the exclusive privilege of note issue fora period of 20 years. In case of insolvency, thebank's notes shall have a prior lien over allother liabilities of the bank. The bank mayissue notes only for the following purposes:(a) For the purchase of gold bullion or specie;(i) for the purchase or discount of drafts andbills of exchange on foreign countries havinga maturity of not over 90 days; (c) for the dis-count or rediscount of commercial or agricul-tural paper in accordance with the limitationsoutlined above; and {d) for the purchase andretirement from circulation of treasury certifi-cates in an amount not exceeding 3,216,000pesos.

Reserves.—The Bank of the Republic shallmaintain a gold reserve of not less than 60 percent of its notes in circulation and deposit lia-bilities combined. Demand deposits payablein gold kept in foreign banks of high standingmay be counted as part of the reserve in anamount not to exceed two-fifths of the totalreserve. The same proportion of reserve shallbe held against outstanding treasury certifi-cates for the redemption of which in gold ondemand the bank obligates itself. Wheneverthe bank's reserve shall fall below the legalminimum the bank shall be subject to a pen-alty tax, graduated according to the degree ofdeficiency. The discount or rediscount rate ofthe bank shall not be less than 8 per cent perannum when the bank's reserve shall have beenfor one week or more continually below 60 percent. Whenever a deficiency tax is imposed,an amount equivalent to at least one-half therate of the tax on the reserve deficiency shallbe added to the bank's discount and rediscountrates; thus, if the rediscount rate is 8 per centand the deficiency tax rate is 6 per cent, thebank should charge a discount of at least 11per cent. The notes of the bank shall be re-deemable in gold on presentation at the prin-cipal office of the bank. Notes presented tothe branch offices for redemption shall be ex-changed, at the option of the holder, for goldat sight up to the amount of funds availableand beyond that for checks on the main officeor for demand drafts on New York payable ingold. In time of emergency the.bank maysubstitute for domestic gold coin in the re-



demption of its notes sight or cable drafts onNew York payable in gold.

Every banking institution operating in Co-lombia, with the exception of the Bank of theRepublic, shall maintain a reserve in legal cur-rency amounting to a minimum of 50 per centagainst its demand deposits and of 25 per centagainst its time deposits. Member banks ofthe Bank of the Republic, however, shall berequired to keep reserves of only one-half ofthe percentages above indicated. These banksmay count their demand deposits with theBanco de la Republica which bear no interestas lawful reserves up to one-half of the reserverequirement.

The bank shall be the principal depositary ofnational funds and the fiscal agent of the Na-tional Government, taking over the functionsof the conversion office. All funds in the handsof the Junta de Conversion and the Junta deVigilancia shall be turned over to the bank.

Distributwn of net earnings.—The net profitsof the bank shall be distributed in the follow-ing manner: (a) 20 per cent to be paid into asurplus fund until it shall amount to one-halfof the authorized capital and 10 per cent there-after; (6) 5 per cent to the employees' benefitand pension fund; (c) out of the balance adividend not exceeding 12 per cent on thestock; and (d) of the remaining balance one-third shall be paid in dividends and the othertwo-thirds shall be turned over to the NationalGovernment as a franchise tax. All dividendspaid to the Government and all funds receivedfrom the franchise tax and the tax on reservedeficiencies shall be used to retire from circu-lation Government paper circulating as cur-rency until all such paper shall have been com-pletely retired.

The bank shall supply to the superintendentof banking such information and shall submit

to such examinations as he may require. Thebank shall also render weekly to the superin-tendent of banking a statement of condition,showing in detail the amount of bank notes incirculation; total amount of deposits classifiedso as to show separately deposits of memberbanks, deposits of the general public, depositsof the General Government, and other publicdeposits; cash on hand, the bank's depositsabroad; loans and discounts and other ad-vances, classified as to classes of borrowers(member banks, general public, National Gov-ernment, and other divisions of the Govern-ment) and as to maturity.

Summary.—The new bank has a twofoldcharacter. It is an official bank in the sensethat the Government owns 50 per cent of thecapital stock and appoints three members ofthe board, while the bank acts as Governmentdepositary and fiscal agent. On the otherhand, the majority of the members of the boardof directors are elected by the stockholdingmember banks, and the most important func-tion which the bank will perform will be thatof rediscounting for the member banks and theissue of paper currency. The bank is also au-thorized to conduct directly with the publiccertain specified classes of transactions.

Although several of the most important pro-visions of the act have been borrowed from theFederal reserve act of the United States, theBank of the Republic of Colombia has beenorganized with regard to banking conditionsand practices of the country. In this respectthe new bank differs in some essentials fromanother recently organized Latin-Americancentral bank, viz, the Peruvian Reserve Bank,whose organization and functions are moreclosely modeled after the Federal reserve^ actof .the United States.


1124 FEDERAL RESERVE BULLETIN". OCTOBER, 1923.

PRICE MOVEMENT AND VOLUME OF TRADE.INTERNATIONAL WHOLESALE PRICE INDEX.

Wholesale prices were unchanged in August in the United States and in France, accord-ing to the Federal Reserve Board's index numbers. In England and Canada there were declinesof 3 and 2 points, respectively.

There was a noticeable uniformity of trend among the various groups in the four countries.Raw materials and producers' goods declined in all four, consumers' goods advanced in allexcept England, where the decline was nominal. Goods produced dropped in all except theUnited States, where the %ure yeas unchanged. Goods imported and goods exported roseonly in France, reflecting, perhaps, the decline of franc exchange during the month of August.

When converted to a gold basis, the British figure, which for five months had been identicalor nearly identical with that of the United States, was some 3 points lower.

600

550

500

*50

VX)

350

300

250

200

175

150

125

100

INTERNATIONAL WHOLESALE PRICE INDEXFEDERAL RESERVE BOARD

1913 = 100

\

•

i

J

r

7

r'\

'' •

/ ^\

\N\

*\\

\

u

•^FRt

ENGL.

\NCE

iND

^ JAPAN/

CANAM\

WTED STATE:

s

-A

/

......

...

^ 1

J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.

600

550

500

450

400

350

300

250

200

175

150

125

100

1919 1920 1921 1922 1923



The tables below give the all-commoditiesand group index numbers of wholesale prices inthe five countries included in the Federal Re-serve Board's international index. In thefirst table the all-commodities index for eachcountry is shown both in terms of the respective

currencies and "converted to a gold basis."The latter figures take into account the depre-ciation of the foreign currencies in terms ofthe American dollar and indicate relative pricelevels in the several countries when all pricesare expressed in dollars.

INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD.

Year and month.

1922.

October

1923.

MarchAprilMayJune ,July . . .

Based on prices in respective currencies.

UnitedStates.

100211239148157

165164165164164

165166169169166163159159

England.

100241314201167

168165163165166

167170175177175174170166

France.

100

478321298

298294294307315

324355372364363372369369

Canada.

100207250167149

149144145

SoO

MM

155156155153151149

Japan.

100

181182

187179174172173

176183185185187186182

Converted to gold basis.

UnitedStates.

100211239148157

165164165164164

165166169169166153159159

England.

100218237159152

154150148151157

160164169169166164160156

France.

100

174124126

123117112109118

112113122126125121113108

Canada.

100199223150147

149144145147146

147150152153152150147146

Japan.

100

i75175

179171168167170

172178180181184183178

GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES. ENGLAND, FRANCE, CANADA, AND JAPAN."

Countries and commoditygroups.

1923

Aug.

159155137166162158157

166165162166165150177

369355445381406309363

July.

159155141170163160155

170169164173171153178

369357434373417312349

June.

163159148182171164157

174173167185177158175

372359434373418314345

May.

166162155179176167158

175175167189179159177

363351420365412318326

1922

Aug.

165162127162184144156

168170155159170143183

298296309296329238303

Countries and commoditygroups.

1923

Aug. July. June. May

1922

Aug.

UNITED STATES.

All commoditiesG oods producedGoods importedGoods exportedRaw materialsProducers' goodsConsumers' goods

ENGLAND.

All commoditiesGoods producedG oods importedGoods exportedRaw materialsProducers' goodsConsumers' goods

FRANCE.

All commoditiesG oods producedG oods importedGoods exportedRaw materialsProducers' goodsConsumers' goods

CANADA.

All commodities...Goods produced...Goods imported...Goods exportedRaw materialsProducers' goods..Consumers' goods.

JAPAN.

All commodities...Goods produced...Goods imported...Goods exported...Raw materialsProducers' goods..Consumers' goods.

149148162138131166172

151149164142136168168

182184173192179176186

153151166146141168167

187184198186185187

155152171148144169166

187188

213190

185

149146166144136154166

187192160189161187202

1 Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920June, 1921, and May, 1922; England—February, 1922; .France—August, 1922; Canada—July, 1922; Japan—September, 1922.



WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES.

In order to give a more concrete illustration of actual price movements in the UnitedStates, there are presented in the following table monthly actual and relative figures for certaincommodities of a basic character. The prices have in most cases been obtained from therecords of the United States Bureau of L&bor Statistics. This table is published in theBULLETIN at quarterly intervals.

[Average price for 1913-100.]

Year andmonth.

1913191419151916191719181919192019211922

1922.July

September...

November...December. . .

1923.JanuaryFebruaryMarch

Mav

JulyAugustSeptember...

Year andmonth.

19131914. . .1915191619171918191919201921 . .1922

1922.Ju ly .

September...OctoberNovemberDecember. . .

1923.JanuaryFebruary. . . .March.AprilMay

JulyAugustSeptember...

Corn, No. 3,Chicago.

Averageprice perbushel.

$0 616.683.722.812

1.6201.5221.5801.397.565.614

.637

.617

.627

.686

.717

.722

.698

.724

.727

.785

.805

.834

.852

.872

.880

Rela-tive

price.

10011111713226324725722792

100

103100102112117117

113118118128131136138142143

Wool, Ohio, Hgrades, scoured,eastern markets.

Averageprice perpound.

$0,471.440.571.680

1.1451.4391.189.971.508.782

.818

.818

.836

.836

.946

.946

.9821.0001.0001.0181.018.982

1.000.946.946

Rela-tive

price.

10093

121144243306248203108166

174174178178201201

205209209213213205209198198

Cotton, middling,New Orleans.


$0 127.113.096.141.226312

.319

.330

.141

.204

.221

.216

.209

.221

.255

.254

.273

.290

.305

.284

.268

.286

.255

.244

.273

Rela-tive

price.

1008976

111178246251260111161

174170164174201200

215228240223211225201192215

Yellow pine,flooring,

New York.

Averageprice per

M feetmanufac-

tured.

$44,59142.75039.59139.37550.90960.75078.833

145.41793.70894.583

92.50092.50092.50092.500

100.500102.500

102.500102.250105.250110.250110.250110.250110.250110.250102.250

Rela-tive

price.

100968988

114136177326210212

207207207207225230

230229236247247247247247229

Wheat, No. 1,northern spring,

Minneapolis.


$0,8741.0031.3061.4112.3252.1912.5662.5581.4661.345

1.4231.1861.0851.1321.2181.251

1.2211.2411.2321.2791.2501.1391.0841.1441.176

Rela-tive

price.

100115150162266251294293168154

148135124130139143

140142141146143130124131135

Coal, bituminous,run of mine. f. o. b.

spot at mines,Pittsburgh.

Averageprice pershort ton.

$1,320

6.0432.2032.813

4.6003.6753.1632.725

3.3192.8382.4502.0002.0602.1251.9752.0882.163

Rela-tive

price.

100

458167213

349278240206

251215186152156161150158164

Wheat, No. 2,red winter,

Chicago.


$0,9861.0051.3071.3512.2782.2102.5372.523.435.238

1.1521.0571.0711.177.273.325

1.2581.3601.3211.3201.2891.1891.0111.0171.048

Rela-tive

price.

100102132137231224239256146126

117107109119129134

128138134134131131103103106

Coal, bituminous,Pocahontas. f. o. b.

spot at mines,Columbus.


•$1,571

5.8893.1804.048

4.9555.6885.7505.9386.1256.038

6.6194.7754.5004.2254.0754.0063.2703.0003.025

Rela-tive

price.

100

375202258

315362366378390384

421304286269259255208191193

Cattle, steers,good to choice,

Chicago.

Averageprice per

100pounds.

$8,5079.0398.7029.573

12.80916.36817.49614.4868.7809.438

9.70010.37510.71310.24510.50010.581

9.7809.3569.2639.0159.538

10.31310.59010. 87510.656

Rela-tive

price.

100106102113151192206170103111

114122126120123124

115110109106112121125128125

Coke, Connells-vtlle, at furnace.


$2,4401.8081.7853.2468.2506.0004.738

10.8163.6367.136

10.75012.80011.1259.8007.1887.000

8.2507.1257.3136.3135.1504.7504.5504.5634.500

Rela-tive

price.

1007473

133338246194443149293

441525456402295287

338292300259211195187187185

Hides, packers,heavy native

steers, Chicago.


$0,184.196.242.262.327.300.393.312.139.180

.182

.201

.213

.227

.228

.204

.200

.199

.193

.188

.187

.163

.146

.147

.141

Rela-tive

price.

1001071321421781632141707698

99109116123124111

10910810510210189798077

Copper, ingot,electrolytic,

refinery.


$0,157.134.173.275.294.247.191.180.126.134

.137

.138

.138

.137

.136

.141

.146

.155

.169

.169

.156

.148

.144

.139

.134

Rela-tive

price.

10085

11017518715712211480

.85

878787878790

9398

1081089994928885

Hogs, light,Chicago.

Averageprice per

100pounds.

$8,4548.3827.1879.400

15.45917.66318.32614.7118.8919.727

10.6959.6569.6949.4308.2068.269

8.3958.0698.3448.2507.6197.0757.4408.3759.025

Rela-tive

price.

1009985

111183209217174105115

1271141151179298

9995999890848899

107

Lead, pig,desilverized,New York.


$0,044.039.046.068.091.074.058.081.046.058

.058

.059

.062

.067

.072

.073

.078

.082

.085

.083

.074

.072

.064

.067

.071

Rela-tive

price.

10088

104155207169131184104132

132133140151165166

178185193188168164145153161

1 Toledo market average for last six months of 1913.


OCTOBER, 1 9 2 3 . FEDERAL BESERVE BULJ^ETIN. 1127

WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES—Continued.

Petroleum, crude,Pennsylvania,

at wells.Year andmonth.

1913191419151916191719181919192019211922

1922.JulyAugustSeptember.October.. .November.December.

1923.January . . .February..MarchAprilMayJuneJulyAugustSeptember.

Averageprice per

barrel.

S2.4501.9171.5292.4833.2003.9744.1355.9753.3143.173

Rela-tive

price.

1007862101131162169244135130

3.3133.0003.0003.0003.0003.000

3.3703.9444.0003.8753.4003.1252.8002.7502.688

135122122122122122

138161163158139128114112110

Pig iron, basic,Mahoning and

Shenango Valley,at furnace.

Averageprice perlong ton.

Rela-tiye

price.

$14.70612.87313.74119.76838.90432.50927.69742.26921.66824.264

24.25026.60032.62530.90027.75024.813

25.80026.25030.12531.00029.00027.37525.10024.75024.875

1008893

134265221188287147165

165181222210189169

175179205211197186171168169

Cotton yarns,northern cones,

10/1 Boston.


$0,221.197.173.265.397.600.534.625.290.361

.378

.387

.373

.391

.420

.430

.435

.448

.462

.448

.423

.412

.404

.402

.448

Rela-tive

price.

1008978120179271241282131103

171175168177190192

197203209202191186183182203

Leather, sole,oak, scoured

backs, heavy,Boston.


$0.449.471.504.640.831.796.913.856.594.562

.515

.515

.525

.535

.525

.525

.525

.525

.540

.540

.540

.540

.540

.515

.490

Rela-tive

price.


100105112143185177204191132125

115115117119117117

117117120120120120120115109

Steel billets,Bessemer,

Pittsburgh.

$25.78920.07822.44143.94669.85647.30040.53956.26034.38533.990

35.00036.10039.50040.00037.75036.500

37.30039.62544.37545.00044.60042.62542.50042.50041.875

Rela-tive

price.

1007887

170271183157218133132

136140153155146142

1451541721751731651651651S2

Steel plates,tank, Pitts-

burgh.


Rela-tive

price.

$0.015.012.013.032.056 i.032 I.027 |.033 !.019 !.017 !

.017 !

.019.021.021.020.020

.021

.022

.024

.025

.025

.025

.025

.025

.025

1007886

219376219183222130117

115127142142135132

139151162169169169169169

Steel rails,open-hearth,Pittsburgh.


$30,00030.00030.00033.33340.00056.15049.26453.82745.65440.692

40.00040.00040.00042.25043.00043.000

43.00043.00043.00043.00043.00043.00043.00043.00043.000

Rela-tive

price.

100100100111133187164179152136

133133133141143143

143143143143143143143143143

Worsted, yarns,2-32's crossbred,

Boston.Year andmonth.


1913.1914.1915.1916.1917.1918.1919.1920.1921.1922.

1922.JulyAugustSeptember..OctoberNovember..December..

1923.JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..

$0,777.610.788

1.0501.5562.1091.6271.8251.1791.413

1.4001.4001.4501.5001.6501.050

1.7001.7501.7501.7501.8001.8001.8001.7501.700

Rela-tive

price.

10082101135200272210235152182

180180187193212212

219225225225232232232225219

Beef, carcass,good native

steers, Chicago.Coflee,Rio,No.7,

New York.

Average Rela-price per tivepound, price.

10.130.136.129.138.167.221.233.230.163.150

.118

.155

.155

.155

.155

.155

.154

.148

.145

.145

.145

.151

.158

.158

.175


100105100107129171180178126116

114120120120120120

119114112112112117122122135

$0,111.082.075.092.093.097.179.120.072.103

.104

.100

.102

.102

.108

.111

.119

.130

.130

.115

.116

.117

.109

.107

.107

Rela-tive

price.

1007367838388

1601086592

9390929297

100

1071171171041041059896

Flour, wheat,standard patents,

Minneapolis.2

Averageprice perbarrel.

$4,5845.0966.6637.261

11.39110.13111.99812.6758.3267.282

7.7886.9956.3446.1356.7136.775

6.6306.7136.6256.9568.7206.2636.0256.100

Rela-tive

price.

100111145158249221262277

170153138140146148

145146145152147137131133136

Hams, smoked,Chicago.


$0,166.167.153.185.252.318.343.334.268.264

.301

.264

.235

.232

.213

.206

.202

.203

.206

.212

.211

.211

.217

.223

.223

Rela-tive

price.

10010092

111152191207201161159

181159141140128121

122122124128127127130134134

Illuminating oil,150° fire test,New York.

Averageprice pergallon.

$0,123.120.121.122.121.170.200.263.243.208

.200

.200

.202

.215

.220

.220

.220

.220

.220

.218

.210

.210

.205

.205

.205

Rela-tive

price.

100979899

101137163213197169

162162161171178178

178178178176170170166166166

Sugar,granulated.New York.


$0,043.047.056.069.077.078.089.127.062.059

.066

.067

.063

.066

.068

.069

.067

.073

.086

.092

.091

.092

.085

.076

.082

Rela-tive

price.

100110130161181183209297144139

155157146154160162

158171201215220215199178

1 Grade in 1918 is "standard war" instead of "standard patents."


1128 FEDERAL KESEKVE BULLETIN. OCTOBER, 1923.

COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.

ALL-COMMODITIES INDEX NUMBERS.'

Year and month.

19131914 .1919192019211922

1922.

September

1923.

March

May.JuneJuly.AugustSeptember

Year and month.

191319141919. .192019211922

1922.

SeptemberOctober . . .NovemberDecember..

1923.

FebruaryMarch.AprilMay. . .JuneJuly.August . . .September

Bel-gium;Minis-try of

Labor.2

(128)

15 100

367

360364385408407

434474482480474484504529

Bul-garia;

GeneralStatis-ticalBu-

reau.

(38)

100103

211,1661 9402,0062,473

2,5262,5312 5582,5642,630

2,6572,6662,8282,7572,6132,5452,4082,292

Czecho-slo-

vakia;CentralBureauof Sta-tistics.'

(126)

«ioo

1,355

1,1551,0591,017

9991,003

1,0191,0281 0311,0301 001

968957

EUROPE—continued.

UnitedKing-dom;Board

ofTrade.

(150)

100

307197159

156154155158156

157158160162160159157155

UnitedKing-dom;

Econo-mist.

(44)

10099

235283181159

158156158159158

161163163164164160155155

' 1 ' '

UnitedKing-dom;

Statist.'

(45)

100101242295188155

152150153153152

153155156157155150147147

Den-mark;

Finans-tid-

ende.'

(33)

i'100294382250179

178176180182181

192199200204202207207202205

France;GeneralStatis-ticalBu-

reau.'

(45)

100101356510345327

331329337352362

387422424415407409407412

Ger-many;Frank-furterZei-

tung.'

(98)

u 1.02219.722 21.3

327.2

291432945

1,66^2,054

7,1596,7706,4258,237

14,98039,898

283,5993,063,358

NORTH AMERICA.

UnitedStates;Bureauof Labor

Sta-tistics.

(404)

10098

206226147149

155153154156156

156157159159156153151150

Canada,Depart-ment ofLabor."

(271)

100101217246182165

164163162164165

165166167168169167166164163

CanadaBureauof Sta-tistics.

(238)

100

208241170150

150145146150151

151153155156155155154153

EUROPE.

Ger-many;FederalStatis-ticalBu-

reau.5

(38)

i*l 01.14.2

14.919.1

341.8

192287566

1,1511,475

2,7855,5854,8885,2128,170

19,38580,580

331,695

Aus-tralia;

Bureauof Cen-sus and

Sta-tistics.'

(92)

i« 100180218167154

155158159162161

163161163166170178180

Italy;Rlc-

cardoBachi.'

(100)

10095

364631578562

571582601596580

575582586588580568566567

China(Shang-

hai);Minis-

nance.2*(147)

"100

» 146152150146

142140142143149

153162159158158155155153154

Nether-lands;CentralBureauof Sta-tistics.'

(48)

100109304292182160

156152155158155

157155156156149149145156

Norway(Chris-tiania);Oekon-omisk

Revue.'

(92)

2111521322

382298233

227225221221220

220224229231233230235231234

Poland;CentralStatis-tical

Office.'

(58)

201

« 5701,376

1,3581,5242,0132,7563,464

5,4878,5919,885

10,58911,25418,81430,70053,569

ASIA AND OCEANIA.

DutchEast

Indies;Statis-ticalBu-reau.(17)

10099

217275176164

163160160160160

161172174172171166

India(Cal-

cutta);Depart-ment ofStatis-tics.'(75)

» 166198204181180

178176177178176

179180181178177175170171

Japan(Tokyo);Bank ofJapan.6

(56)

10095

236259200196

195193190188183

184192196196199198192

Spain;Insti-

tute ofGeog-raphyandSta-

tistics.'(74)

100101204221190176

175174172174172

170170171174171170170171

NewZealand;Depart-ment ofStatis-tics.i"

(106)

100104178212201177

177174174175172

171173174174176177169175

Sweden;GSte-borgsHan-dels-tid-

ning.10

(47)

« 100116330347211162

163158155154155

156158162159158160157160

Switzer-land;Dr.J.

Lorenz.3

(71)

'«100

a 326195168

166165171172175

175181186187181180175173

AFRICA.

Depart-ment ofStatis-tics.

(23)

" 100225299171145

139138140144147

141137136133134128123120

SouthAfrica;Office ofCensus

andStatis-

tics.(187)

100

165223161129

129

131

126

1 The number of commodities or quotationsin each index is indicated by figures in paren-theses at head of each column.

2 Average of last half of month.» Figures as of the first of the following month.«End of month.• Average for the month.• 38 commodities prior to 1920; 76 commodi-

ties during 1921. End of month.' New series based on 48 articles instead of 53.

' Dec. 31,1913, to June 30,1914-100. End of month.915th of the month.10 Middle of month.'21913 average-1.u July 1,1913, to June 30,1914-100." Corresponding month in 1913= 100.15 April, 1914-100." Ju ly . 1914-100.» July 1,1912, to June 30,1914= 100." Ju ly , 1914-1.

"January, 1914=1.21 December figure.22 January figure.23 As of last Wednesday in month.2 'February, 1913-100.* End of July, 1914= 100." Jan. 1,1913, to July 31,1914=100.*> September figure.29 Revised figures.



The foreign index numbers published on thepreceding page are constructed by variousforeign statistical offices and are sent to theFederal Reserve Board by cable. Referencesto the BULLETINS in which these are describedmay be found in the January, 1923, issue.

Index numbers showing the price levels ofseparate groups of commodities •in the UnitedStates and a few foreign countries are presentedbelow and on the following page. Group index

numbers for the other countries are publishedonly occasionally, but such figures may beobtained from the Division of Research andStatistics at any time upon request.

A comparative summary table showing theboard's international index for the UnitedStates, England, France, Canada, and Japanappears on page 1125. Group index numbers,computed as part of this international series,will also be found on that page.

GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BSFEDERAL RESERVE BOARD.

Year and month.

19131919192019211922

1922.August

OctoberNovemberDecember

1923.JanuaryFebruary

April . . .May

July . . .August . . .

Raw materials.

Agricul-tural

products.(21)

100251255134145

138136147160161

164170174172167165154152

Animalproducts.

(21)

100221186110125

127132132129128

125123123123122119120125

Forestproducts.

(11)

100211311165185

191199204207210

215220227232226215209203

Mineralproducts.

(35)

100179236184207

261236218209208

2132072021981891M179177

Totalraw ma-terials.

(88)

100217228142158

173168166166167

168167167166161158153153

Pro-ducers'goods.

(117)

100179215135128

129132135136135

136141148150148144141138

Con-sumers'goods.

(199)

100211231159151

149150152155157

155155156157156155154155

AUcommodi-

ties.

(404)

100206225147149

155153154156156

15$15715915915«153151150

GROUP INDEX NUMBERS-UNITED STATES—BUREAU OF LABOR STATISTICS.

Year and month.

1913 :19191920 .19211922

1922.August

October

December1923.

January

March.AprilMay

JulyAugust

Farmprod-ucts.

(56)

100231218124133

131133138143145

143142143141139138135139

Foods.

(110)

100207220144138

138138140143144

141141143144144142141142

Clothsand

clothing.

(05)

100253295180181

181183188192194

196199201205201198193193

Fuel andlighting.

(20)

100181241199218

271244226218216

218212206200190180183178

Metalsand

metalproducts.

(37)

100162192129122

126134135133131

133139149154152148145145

Buildingmate-rials.

(«)

100201264165168

172180183185185

188192198204202194190186

Chem-icals and

drugs.

(43)

100169200136124

122124124127130

131132136136134131128127

Housefurnish-

inggoods.

(31)

100184254195176

173173176179182

184184185187187187187183

Miscel-laneous.

(25)

100175196128117

115116120122122

124126127126125123121120

AUcommod-

ities.

(404)

100206226147149

155153154156156

15615715915915S153151150


1130 FEDERAL RESERVE BULLETIN. OCTOBEH, 1923.

GROUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN COUNTRIES.

FEANCE.i

Groups.

All commoditiesAll foods

Animal foodsVegetable foodsSugar, coffee, cocoa...

All industrial material. . .MineralsTextilesSundries

August,1923.

412382404330439437395557407

July,

407385393340455425376527408

June,1923.

409388400346447425367544406

August,1922.

331327354292336334275421330

331355371337352312245321356

GERMANY—FEDERAL STATISTICAL BUREAU.*

All commoditiesGoods producedGoods imported

331,695166,604518,404

80,580 19,38517,02931,166

192165325

GERMANY—FRANKFURTER ZEITUNG.'

All commoditiesFoodstuffs and luxuries..Textiles and leatherMineralsMiscellaneousIndustrial finished prod-

ucts

3,063,3582,649,4574,084,4314,746,1742,668,272

2,341,706

283,599234,828457,915405,405212,135

200,806

39,89837,68361,84145,30134,736

29,809

291292322426216

227

UNITED KINGDOM—BOARD OF TRADE.'

All commoditiesTotal food

CerealsMeat and fishOther foods

Total, not foodIron and steelOther minerals and

metalsCottonOther textilesOther articles

155153135152172156145

138184165160

157155139148177158148

139188166161

159153141148168163153

147197169165

146160151169161154133

142186165162

UNITED KINGDOM-STATIST.'

All commodities.FoodstuffsAnimal foodsSugar, coffee, teaVegetable foods..MaterialsMineralsTextilesSundries

147155161167143142134158136

147155155180144142135156137

150154157190137148138169141

152165186156141144124166146

CANADA—DEPARTMENT OF LABOR.*

All commoditiesGrains and fodderAnimals and meatsDairy productsFruits and vegetables...Other foodsTextilesHides and leatherMetalsImplementsBuilding materials—lum-

berFuel and lightingDrugs and chemicals

16412412512815916218594

153215

191202159

16612612711817016418896

155215

191203156

16713012911517016519299

158213

192204156

164127138120156152181105142216

179257161

190211205216210ISO197

172176158189

181207213159221165156160175

174152143142182173181102145237

192206176

CANADA—DOMINION BUREAU OF STATISTICS.

Groups.

All commoditiesVegetable products...Animal productsTextilesWood productsIron productsNonferrous metalsNonmetallic minerals.Chemicals

August,1923.

15314712719617816898

184165

July,1923.

15414712619917917099

184166

June,1923.

155151126202180172102183164

August,1922.

15014S13317416615299

186167

August,J921.

SPAIN.i

ITALY.'

AUSTRALIA.*

All commoditiesMetals and coalTextiles, jute, etcAgricultural productsDairy productsGroceries and tobaccoMeatBuilding materials...Chemicals

180166188169167170223178193

178165195168173171200185186

170166183169172171152187187

157176156153156181119168199

BELGIUM.e

All commodities...Food productsFuelMetalsPotteryChemical products.TextilesBuilding materials

504437643541641433607460

484408639501645430580447

474381643492619429581433

360336400329530321440351

SWITZERLAND.'

All commoditiesConsumers' goodsAgricultural productsIndustrial products...

175176138193

180177151198

181177155200

166167148168

166

Total foodAnimal foods

LiquorsTotal industrial materials...

Fuel and lightingTextiles and leatherMetalsBuilding materials.Chemicals

171164188155154177166187158232146

170161179155152177167184158282146

170162172160

'152179172185160232146

175175203164165175172147151242158

183174202169151194196143163266180

Groups.

All commoditiesVegetable foods

Animal foodsChemicalsTextilesMinerals and metalsB uilding materialsSundries

July,1923.

June,1923.

911051091076985648493

May,1923.

931101221107082658392

July,1922.

891121131006876617991

8310092

1096554609587

159195111158166188119238220

181209144145

11913=100.a 1913=1.* July, 1914—1; figures as of the beginning of the following month.

• July, 1914-100.« April 15,1914-100.' July, 1914=100; figures as of beginning of the following month. Re-

vised.


OCTOBER, 1 9 2 3 . FEDERAL. RESERVE 1131

COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.

In the following tables are presented statistics showing the trend of retail food prices andcost of living in the United States and certain other countries. Descriptions of these indexnumbers were given in the BULLETINS for January and April, 1923. Wherever possible the indexnumbers have been shifted to a July, 1914, base, instead of being shown on the different basesused in the original computations.

INDEX NUMBERS OF RETAIL FOOD PRICES.

Year andmonth.

1914, July.1920, Aug.1921, Aug.

1922.AugSeptOctN O TDec

1923.JanFebMarAprMayJuneJulyAugSept

Aus-tria

(Vi-enna).

1

7,22413,53111,88611,14510,519

10,71810,78411,63712.93513,91014,13212,91112,33512,509

Bel-gium.

UOO496427

377386406432429

426439439417414426459478453

Czecho-slo-

vakia.

100

1,2901,1051,016

984962

941934926927928933921892

France(Par-is).'

100373317

289291290297305

309316321320325331321328

EUROPEAN COUNTRIES.

Ger-many

(71cities).

1'136 15

97154266550807

1,3663,1833,3153,5004,6209,347

46,510

Ger-many(Ber-lin).

11415

111176288605831

1,3363,3193,323

Italy.

>100464534

£31537555561557

542527523530

Neth-er-

lands(Am-ster-

dam).

1006 2106 ISO

139141143136137

140142141139135136

Nor-way.

100333297

232228220216215

214214214212214213218220

Spain(Mad-rid).!

100M90»184

178179178178177

ISO181178180178170172178

Swe-den.

100308234

181180178170168

166165166163161161160161

Swit-zer-

land.'

UOO'2396205

152153153155155

155154156158161165164162177

UnitedKing-dom.

100262226

175172172176178

175173171168162160162165168

UNITED STATES AND OTHERCOUNTRIES.

UnitedStates.

100203152

136137140142144

141139139140140141144143

Can-ada.

100221154

141139138139140

142142145143140138137142

Aus-tralia.

1006 1946 161

149149146145146

145144145146148162164165

India(Bom-bay).

100

159161158155157

151150149150148146148149149

NewZea-

land.

100171163

141139139139138

139139141142143142

' Includes, in addition to foodstuffs, certain items ol fuel and light. ' April, 1914. »Average for 1913.

COST OF LIVING INDEX NUMBERS.

< June. 6 July.

Year andmonth.

1914, Julv.1920, Aug.1921, Aug.

1922.JulyAugSeptOctNovDec

1923.JanFebMarAprMayJuneJulyAugSept

KUROFEAN COUNTRIES.

Austria(Vien-

na).

1

«100

2,6455.932

11,30610,3329,7019,375

9,4549,601

10,15110,89711,44011,51310,90310,49610,841

Bel-gium.

1100463384

366366371376384384

383397408409413419429439

Fin-land.

'100«931

U.214

1,1421,1591,1601,1781,1691,158

1,1501,1491,1471,1161,0961,1091,1111,163

France(Par-is).

<100«3416 307

289

300

324

Ger-many

(71cities).

>19

12

105478

113221446685

1,1202,6432,8542,9543,8167,650

37,651

Ger-many(Ber-lin).

• 11112

61103164261565868

1,2912,8142,6082,5964,2338,770

32,88659,651

Italy(Mi-lan).

UOO•441•494

488491498504505504

505497493492490•191

Neth-er-

lands(Am-ster-

dam).

6 100»2176208

175

176

172

173

Nor-way.

100•302«293

246

238

237

238

Po-land.

1

304

788908

1,0771,2841,7102,310

3,5275,7067,6188,3519,467

12,7809,365

43,956

Swit-zer-

land.

•100

205

159154154155158158

158157158160163166166164

UnitedKing-dom.

100255222

184181179178180ISO

178177176174170169169171173

UNITED STATES AND OTHER COUNTRIES.

UnitedStates

(32cities).

'100217180

166

170

169

170

UnitedStates

(Massa-chu-

setts).

100194158

153152152153154154

154155154155156156157156

Can-ada.

100188157

146147147147

India(Bom.bay).

100191180

165164165Ifi9

147 1 lfin148

149150151150147146144144

161

156155154155153151153154154

NewZea-

land.

• 100156162

150150150149149148

148148148149150151

SouthAfri-ca.

>100

124

116116117119120118

120120119120120120119

•Apr. 15, 1914-100. New series; food, clothing, 6 1910-11-100.fuel, and lighting in 9 Provinces. • July.

»1913-1914=100. ' 1913-100.«August, 1913-July, 1914-1. • 1909-1913-100.> First half of 1914-100. •1910-100.

' Series changed to include clothing as well asfood, heat, light and rent. April, 1922, with-out clothing, 3,175; with clothing, 3,436.July, 1923, without clothing, 33,300.


1132 FEDERAL RESERVE BULLETIN^ OCTOBER, 1923 .

INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.UNITED KINGDOM.

Year andmonth.

Monthly av:1913192019211922

1922.AugustSeptember-OctoberNovember..December..

1923.JanuaryFebruary. . .MarchAprilMayJuneJuly . .August —

PRODUCTION.

Coal.

Longtons.123,95319,10818,38820,996

19,151* 25,681

21,20721,712

'25,841

21,21922,247

'27,57721,26420,464

'28,02120,06119,108

Pigiron.

Longtons.1

855670218408

412430482494534

568543634652714693655600

Steelin-

gotsandcast-ings.

Longtons.1

639756302486

528556565601546

634707803749821768624583

Fin-ishedsteel.

Longtons.1

646238349

338386393410407

480507568513537

Eawcot-ton,

visiblesup-ply. '

Bales.1

1,3971,2341,064

873853882

1,0561,138

1,1231,1041,024

871762602535451

EXPORTS.

Ironandsteel

manu-fac-

tures

Longtons.1

414271142283

270279347372341

353318368387425365308324

Cot-ton

manu-fac-

tures.

Squareyards.9

«596374244352

381400357402364

404346337320410305320333

Coal.

Longtons.16,1172,07S2,0555,350

6,1467,0836,1956,5715,955

5,6125,9037.1806,8407,6846,5896,7676,580

IMPORTS.

Eawcot-ton.

Lbs?181158.98

119

8160

128183205

1351301246354364655

Rawwool.

Lbs?67736392

10752606070

9884789390804040

Eawwet

hides.

Lbs.17,7574,5085,3675,500

8,1548,2205,7016,1605,711

5,0413,9554,7684,2995,5205,4608,476

12,666

TRANSPORTATION.

Ves-sels

undercon-

struc-tion.

Grosstons.12,0033,6033,3131,810

1,617

1,469

1,492

1,338

Ves-sels

clear-ine

withcargo.

Nettons.15,6523,0493,0334,974

5,8555,7315,5905,6535,145

5,2814,9856,0435,9806,4146,3395,5405,833

Britishrailways.

Netton-

miles,freight

Ton-miles.*

1,5461,1081,401

1,4551,4641,5451,5681,429

1,6161,5051,6951,530

: : " " . :

Totalfreight

re-ceipts.

£ ster-ling.1

9,1329,636

9,3989,2049,9229,9548,S87

9,8289,183

10,3459,353

Unem-ployedamong12,000,-000 in-suredper-

sons.'

Percent.

13.813.3

12.312.212.312.612.4

13.012.111.411.211.011.011.311.5

Unem-ployedamongtrade

union-ists.

Percent.

2.12.4

15.315.4

14.414.614.014.214.0

13.713.112.311.311.311.111.111.4

Netprofits

ofindus-trialcom-

panies.

Percent.

11.715.210.37.0

9.1

9.9

9.S

1 In thousands; 000 omitted. » Figures for end of the month. > Figures for 5 weeks.2 In millions: 000,000 omitted. < Expressed in yards.

«Figures subsequent to May, 1922, have been revised to include a due proportion of claimants to benefit in respect to systematic short t imepreviously not included. Differences from former results are usually less than 0.5 of 1 per cent.

FRANCE.

Year and month.

Monthly average:19131920 .19211922

1922.July

SeptemberOctoberNovember

1923.

FebruaryMarch..AprilMayJ u n e . . .July

PRODUCTION.

Pig iron.

Metrictons.1

'434286280427

428447462503513513

486306316350393447436486

Crudesteel.

Metric«m«.>

'391284255373

369397407430410414

40829031635538S427400452

Cottonstock atHavre.1

Bales.1'274225169148

15313599

131158197

20316912510284644726

EXPORTS.

Totalvolume.

Metrictons.1

1,8401,0711,3331,885

1,7371,7882,6162,0342,0342,429

1,8962,4901,8221,5131,8801,7991,9211,645

IMPORTS.

Total.volume.

Metrictons.1

3,6854,2113 1654,281

4,2204,5124,1384,5434,5774,930

4,1113,8844,0874,1754,5024,9324,8644,803

Rawcotton forconsump-

tion.

Metrictons.27,42819,57716,66621,923

26,32516,29117,30227,87720,38736,468

33,27518,40519,86717,27017,09312,55014,292

Rawsilk for

consump-tion.

Metrictons.

629390206480

566579550722526436

238230285176298276808

Coal forconsump-

tion.

Metrictons.1

1,6532,0051,4721,861

1,6311,7671,6921,7681,9652,177

1,8881,7322,0531,9272,1932,5612,817

TRANSPORTATION.

Vesselscleared.

Tons.12,1761,4121,8032,229

2,5232,3992,3592,3362,4552,366

2,1461,8922,4672,4852,8322,8042,8172,841

Averagedaily

freightcar

loadings.

Number.

51,107

50,03150,87554,43157,18556,04655,848

54,43255,89056,97254,93054,27256,757

Eeceiptsof princi-pal rail-ways.'

Francs.1•165,892

479,894516 397557,194

651,720546,310720,210563,314532,152691,539

484.566496,581516,463647,472523,097542,148558,709580,796

Unem-ployedreceiving

municipalaid inParis.

Number.

30,22220,6711,679

602606410272285414

684666588354199iee171146

1 In thousands; 000 omitted.* End of the month figure.* Railways included are: State Railways, Paris-Lyon-Me'diterranee, Nord, Orleans, Est, Midi, Alsace-Lorraine, and GuUlaumc-Luxembourg •< Bale of SO kilograms.• Figures do not Include Lorraine.• Excludes the Alsace-Lorraine and Guillaume-Luxembourg Eailways.


OCTOBER, 1923. FEDERAL EESERVE BTJUuETIN. 1133

CANADA.

Year and month.

1921 average.1922 average.

1922.JulyAugustSeptember...OctoberNovember...December...

1923.JanuaryFebruaryMarchApril.MayJuneJulyAugust

PRODUCTION.

KgIron.

TOM.1

5032

414465S4102S98293

Crudesteel.

Tons.15641

48468993

1049674

105

Re-ceipts

ofwheat

atFortWil-liamandPortAr-

thur.

Bush-ete.1

14,44720,363

5,4203,681

36,98665 12056,84732,044

11,5743,1765,9927,641

10,5616,9076,0322,036

Receipts atstockyards inToronto andWinnipeg.

Cattle.

Num-ber.

39,904

52,47375,21267,57987,09280,08445,705

42,12631,32336,42944,96948,49334,53153,08965,796

Hogs.

Num-ber.

34,16540,473

32,81229,38126,15439,80656,32849,244

64,21945,55445,75658,77159,04438,96244,09640,224

Planksand

boards.

Pre-served

fish.

Feel.'85

166

215213191239205187

168124205152218228259

11,0079,488

9,9367,607

20,67513,2399,9958,614

7,3257,272

10,8565,4528,6937,3008,208

Woodpulp.

Lbs.i87,871

136,375

155,502169,611180,068154,019173,180140,001

139,749100,929150,304103,660119,832177,996167,846

Wheat.

Bush-eUA

12,23817,462

9,48711,5879,233

37,59355,31640,669

9,7407,1296,6145,143

11,93222,22912,665

Coal.

Tout.1

1,085

427440663

1,4652,1271,964

1,8761,6011,9031,4321,6201,7941,905

Rawcotton.

Ma-chin-ery.

Lb.7,2609,229

7,5188,4594,2764,383

11,28416,980

20,0?612,42614,3629,6337,5676,5204,810

Dol-lars'3,2921,895

1,5591,9631,9181,9312,1141,986

1,9812,0332,9382,4102,3972,6062,541

Rail-roadre-

ceipts.

Dol-fars.i

33,88334,021

33,27435,54639,15847,64144,25936,758

30,68626,23832,83333,12834,84833,90236,14537,898

Unem-ploy-ment

amongtrade-unionmem-bers.

Percent.

12.37.1

4.13.62.83.96.26.4

7.86.46.84.64.53.42.9

Busi-nessfail-ures.

Num-ber.

4774

606465727682

827760605859

1 In thousands; 000 omitted. 2 In millions; 000,000 omitted.

JAPAN.

Year and month.

Monthly average:1913192019211922

1922.July

SeptemberOctober . . . .NovemberDecember

1923.JanuaryFebruaryMarch...AprilMayJuneJuly....

PRODUCTION.'

Cottonyams.

Bales.126151151185

181179179193199190

1751831891961931S2

Silkfabrics(habu-taye).

HIM.'

149145

159116121118123117

11690

12473

11797

116

Paper.

Poundt.

44,53852,445

53,73454,55353,32654,89254,34056,306

57,11957,63761,62463,89364,80163,229

Rawsilk

stocks,Yoko-hamamar-ket.

Bales.

53,11158,47744,832

45,84856,03248,81048,47275,41968,304

47,39430,90030,71426,78333 47436,92349,172

EXPORTS.

Silk,raw.

Piculs.*16,85714,55721,83628,697

34,54136,19635,95935,97026,80431,133

14,98525,39916,92827,69616,797

Silkfabrics(habu-taye).

Plculs.2,3022,2641,7021,721

1,7932,0171,6861,8391,2531,608

7171,129

738862672

Cottonyarns.

Piculs.113,37474,83973,06598,516

51,66040,07568,773

118,431101,406129,466

73,76954,29898,50598,37672,292

Sheet-ingsand

shirt-ings,gray.

YardtA7,921

28,46523,21024,260

25,28422,34317,66825,25922,53729,463

22,98924,43130 49933,00329,9SS

Greentea.

Piculs.1

14,3579,240

16,619

28,24339,51230,67722,11816,24415,533

2,1492,9142,1931,6506,645

IMPORTS.

Rawcotton,ginned.

PkulsA537648720716

433731766330339805

885916

1,126880944

Wool.

Pkuls.13,16246,91822,27847,096

37,43129,93617,55916,99447,46946,182

53,28035,09394,97075,72761,999

Ironplatesand

sheets.

132528312545

872697351332240131

152239299258411

TBANSPORTATION.'

Vesselscleared

inforeigntrade.

Tons.2,0752,2162,3242,969

2,9873,1192,8492,7842,8953,049

2,7712,5893 3152,9163,330

Freightcarried

onStaterail-

ways.

Tons.2,9234,5484,3424,768

4,6414,4894,5024,9204,8845,189

4,4964,5805,414

Re-ceipts

ofStaterail-

ways.

Yen.11,72327,58931,18233,864

32,97733,94432,46435,37432,88233,041

30,16628,90937,51342,405

> in thousands; 000 omitted. 1 One hlki equals two pieces. 1A picul varies from 133 to 140 pounds avoirdupois.


1134 FEDERAL RESERVE BULLETIN. OCTOBEB, 1923.

GERMANY.

Year andmonth.

PRODUCTION.

Coaland

coke.Lignite.

Monthly aver-age:

1913192019211922

1922.JulyAugustSeptemberOctoberNovemberDecember

1923.January.. . .February..MarchApriLMayJuneJulyAugust . . . .

Metrictvns.*17,00313,04313,66413,337

11,97212,78012,62313,32912,98612,251

1,987'1,554

MetricIons.*7,2669,303

10,24111,432

11,41112,14711,82312,07811,89611,897

9,1048,289

Ironandiron

manu-factures.

Metrictons.

541,475145,883

'203,681220,803

212,365198,408244,012246,074233,553285,464

236,709209,965143,853143,213135,605107,151131,870

Ma-chinery

andelec-tricalsup-

plies.

Metrictons.

60,91946,772

•39,03749,147

44,16250,97840,15050,69941,64485,350

42,20934,43836,60830,03830,46424,85637,482

Dyesanddye-

stuffs.

Metrictons.

21,8128,462

'8,53012,731

12,67112,61613,47715,18711,11016,472

13,65112,07711,4439,24-1

10,2239,7168,924

Coal.»

Metrictons.

2,881,126608,749

'518,937421,835

199,961121,359110,245125,670137,341123,826

90,626120,94734,237

142,21992,73575,31568,633

Sawwool.

Metrictons.

16,608•4,025'11,86015,910

14,11911,0118,70810,0239,198

11,44810,2408,63526,1709,99811,86715,129

Halfmanu-

fac-turedsilk.

Metrictons.

920•232'393407

435459342371425297

254244278202249455316

I

Cot-ton.*

Ironore.'

Arrivals olvessels in

Hamburg.

Metrictons.

43,42412,490 j

'30,89421,483

26,08520,91513,95910,58420,62225,942

26,38219,03010,65519,42316,3805,6047,398

Metrictons.*1,225

538'619

1,003

962997

1,0901,316

8421,038

867269148141100208144

Num-ber.1,256

401700907

7931,005

9451,016

877

993900

1,2501,1651,1021,158

Tons.61,182

374794

1,084

1,0651,1711,2081,2721,0461,041

1,1421,0471,3811,3191,3141,3131,4111,364

UNEMPLOY-MENT.

Appli-cants

forevery

100avail-ableposi-

tions.

Num-ber.

169165131

104107119134162187

2142422452o5211197172

Unem-ployedpersonsreceiv-

ingStateaid.

Num-ber.*

31077

85150190222266255138

Busi-nessfail-ures.

JVttm-ber.

81633174484

815945433439

2417304532351813

1 Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months.»Not including coal for reparations account.• Includes linters.* Includes manganese ore.* In thousands; 000 omitted.• Average based on 6 months.' Coal-production figures only.

SWEDEN.

Year and month.


1922.JulyAugustSeptemberOctoberNovember...December

1923.JanuaryFebruary . .March...AprilMayJuneJulyAugust

PRODUCTION.

Pigiron.

Metrictons?

61392622

202222232728

226

1010121010

Iron andsteel ingots.

Metrictow.'

49371726

272731313429

150.412222

EXPORTS.

Unplanedboards.

Cubicmeters.1

328306162320

608539508494465384

97453874

311442364352

Paperpulp.

Metricfont.'

71734087

89104113144189156

41129

1898849293

IMPORTS.

Coal.

Metrictons.1

408234122220

214294229270302346

227201218243363310270309

TRANSPOETATION.

Vesselsentered

with cargo.

Net tons.11,147

677519594

625694684699705655

679603783718766826785

-

Vesselscleared

with cargo.

Net tons.'1,147

692482642

787836808822751671

639517729720932

1,1681,080

Freightcarried

on Staterailways.

Metrictorn.1

830991589681

715765776799796635

643669785747702696755

Unem-ployed

workmenper 100

vacancies.

Number.112107276290

203172155177269321

3463082311«5135146141140

Businessfailures.

Number.317196432388

374300371335353309

387338322273301305261217

• In thousands; 000 omitted.


OCTOBER, 1923. FEDERAL. R E S E R V E pTTT.T.TCTTTT. 1135

FOREIGN TRADE OF PRINCIPAL COUNTRIES.

In the following tables are presented figures from official sources showing the monthly valueof the foreign trade of a group of European countries, Canada, Brazil, India, Japan, and theUnited States:

FOREIGN TRADE OF UNITED KINGDOM.

[In thousands ol pounds sterling.]

Year and month.


1922.AugustSeptemberOctoberNovemberDecember

1923.JanuaryFebruaryMarchApril " . . . .MayJuneJulyAugust

Food,drink,

andtobacco.

24,18463,81747,39139,429

37,71735,55538,61745,50142,292

47,39837,14140, 72641,77243,63144,08735,18844,070

Rawmate-

rials andarticlesmainly

unmanu-factured.

23,48559,19622, 59824,853

24,14121,84826,40930,22332,499

30,28826,73927, 73222,93923,74123,65220.99122,333

IMPORTS.

Articleswholly

ormainlymanu-

factured.

16,13437,78720,42119,160

20,32619,24419,72619,58719,838

21,70719,46221,22621,44621,56221,17920,27221,774

Miscel-laneous,includ-

ingparcelpost.

259254268261'

432296262290283

307513338260544390368561

Total.

64,061161,38790,45883,660

82,61676,94485,01595,60094,912

99,70083,85590,02286,41789,47989,30876,81888,743

Food,drink,

andtobacco.

2,7164,2453,1223,027

3,1053,1543,0663,4082,796

3,364 j2,8642,616 I3,2243,8513,9403,1313,428

5,82512,1265,2978,501

8,90010,0999,21110,1019,493

9,3729,47011,56411,71714,04111,54010,83510,223

Miscel-laneous,includ-

ingparcelpost.

34,28193,31249,055 !47,451

47,14948,36147,01051,96444,932

53,13544,32445,93546,92252, 80146,53444,73445,446

9491,5231,1261,062

878897

1,1121,0181,662

1,068852776

1,009861870803

1,006

Total.

43,770111,20658,60060,041

60,03262,51160,39966,49158,883

66,93957,51060,92162,87171,55562,88459,50460,103

Re-exports.

9,13118,5638,921

7,5046,3818,2779,1488,479

9,7989,8239,08612,42911,77310,9558,8006,129

Totalexportsand re-exports.

52,901129,76967,52668,689

67,53668,89368,67675,63967,362

76,73767,33370,00675,30083,32873,83868,30466,232

FOREIGN TRADE OF FRANCE.

Year and month.


1922.June *JulyAugustSeptember ,OctoberNovember ,December ,

1923.JanuaryFebruaryMarchAprilsMayJuneJulyAugust

IMPORTS,'

In thousands of francs.

151,465989,576517,158483,334

466,816489,136510,597473,000570,395516,586628,705

457,976551,134613,952582,489599,368569,370603,994646.000

412,1442,096,3791,033,1701,170,678

1,094,0231,190,6001,096,9031,087,0001,189,5641,478,4241,903,975

1,374,2221,445,3371,508,1601,628,1701,611,6881,654,4381,657,1971,835,000

Manufac-tured

articles.

138,1691,072,787

412,045337,705

291,144317,000352,229333,000348,913353,235390,616

312,096346.543364,624349,539385,825334,528354,000352,000

Total.

701,7784,158,7411,962,3731,991,717

1,851,9831,996,6071,959,7291,893,0002,108,8722,348,2452,923,296

2,144,2942,343,0142,486,7372,560,1982, 596,8812,558,3382,615,6J82,633,000

Inthou-

sands ofmetrictons.

3,6854,2113,1654,281

4,3134,2204,5124,1384,5434,5774,930

4,1113,8844,0874,1754,5024,9324,8644,803

EXPORTS.'

In thousands of francs.

Food.

69,908217,733161,031160,067

132,055114,169179,407141,000195,467196,112249,079

187,004242,045243,551

Rawmaterials.

271,206252,543279,663249,000

154,841509,485463,219453,656

441,485441,165408,005477,000493,804537,370

1,185,596

434,786729,853728,243

810,836768,803760,815702,000

Manufac-tured

articles.

301,4211,413,5481,067,413

988,349

385,222910,079931,066

1,055,0001,098,983

856,4211,119,980

944,1,235,1,379,

Parcelpost.

47,182100,479104,430118,094

92,36866,944157,83668,000149,213116,596224,292

740 129,368587 121,373622 122,962

1,455,1,321,1,276,1,497,

137,614161 j 136,884251 107,052000 95,000

Total.

Inthou-

sands ofmetrictons.

573,3512,241,2451,796,0921,720,166

1,551,1301,532,3571,676,0001,741,0001,937,4671,706,4992,778,947

1,695,8982,328,8582,474,378

2,675,0452,479,3912,423,7812,243,000

1,8401,0711,3331,885

1,8001,7371,78$2,6162,0342,0342,429

1,8962,4901,8221,5131,8801,7991,9211,645

1 Calculated on basis of actual declared value. s Calculated on 1919 value units.* Not including reexport trade. < Beginning with June, exports calculated on 1921 value units.

s Value of exports not available. Beginning with May, exports calculated on 1922 value units.



FOREIGN TRADE OF DENMARK. ITALY, NETHERLANDS,

Year and month.

Monthly average:1913.192019211922

1022.JulyAugust.SeptemberOctoberNovemberDecember

1923.January .February . . .MarchAprilMayJuneJulyAugust

Denmark.(In millions of

kroner.)

Im-ports.

71262136126

117134135148129143

143156168168154141167

Ex-ports.

60151121103

10790

122112120110

108118135115134136127

Italy.(In millions of

lire.)

Im-ports.

304•2,235•1,4391,311

1,1341,0521,2311,3991,2481,918

1,0601,5721,4961,4041,587

Ex-ports.

210981690776

672732747889

1,0461,014

789750887722782

Netherlands.(In millions of

guilders.)

Im-ports.

0)278187169

164179165187172163

173162165170160160

Ex-ports.

(')142114102

10599

116112104100

9195

10797

10498

SWEDEN, CANADA, BRAZIL, INDIA.

Sweden.(ID millions of

kronor.)

Im-ports.

7128110697

83105109118HI110

8888

109115111111103

Ex-ports.

681919197

113132123122128120

65496162

105112105

Canada.(In millions of

dollars.)

Im-ports.

m89

10363

616760677670

6865926884857779

Ex-ports.

3110710174

727473

104132112

6659785476958481

Brazil.(In millions of

milreis.)

Im-ports.

8417414113S

109147132202169186

183142222177185

Ex-ports.

82146142194

154182202299237250

248251283220223

AND JAPAN.

India.(In millions of

rupees.)

Im-ports.

134173280201

182212182229207192

214194186211193100

Ex-ports.

205272214244

245252216216289281

295317327307300299

Japan.(In mulions of

yen.)

i m -ports.

61195135158

142137135105116143

150156197188203208159

Ex-ports.

53162104136

144146150161139158

95123121150115110119

i Dutch figures tor 1913 not comparable with later figures. 1 Based on 1920 value units. > Based on 1921 value units.

FOREIGN TRADE OF UNITED STATES, GROUPED BY ARTICLES."[In thousands of dollars.]

Year andmonth.

1922.

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


Totalimports.

217,185215,743256,178217,023252,817260,461251,772281,376298,493276,104291,805293,789

329,245303,465398,178364,230372,545320,257287,435275,382

Totalexports.

278,848250,620329,980318,470307,569335,117301,157301,775313,197370,719380,000344,328

335,417306,957341,377325,492316,363320,038303,030311,352

Groups of domestic exports.

Animalsand

animalprod-ucts.

34,60134,87739,75030,33932,30136,00134,44932,69131,21233,99733,44037,461

44,22939,20344,69039,85937 12532,55032,53035,748

Vege-tablefood

prod-ucts.

50,08846,10965,35056,69660,28168,38963,56881,91174,33762,40859,16546,561

41,34146,83540,24437,94146,32839,27132,30538 844

Othervegetable

prod-ucts.

20,61618,93521,40222,56419,42818 05318,05116,46319,15129,16223,70222,241

27.00417,54821 93221,08615,85021 51621,35917,364

Textiles.Woodand

paper.

55,65842,47159,46672,37663,13370,93960,65347,28760,141

110,749125,73395,073

79,45567,63168,11757,17840,13047,27039,87451,183

10,8839,582

13,07912,27112,07412,30410,88112,64011,55912,33611,82512,955

13,76814,13614,88715,87916,52518,41718,08417,446

Non-metallic

minerals-

Ores,metals,

andmanu-

facturesthereof.

39,85533,88244,290

35,66237,35336,20734,20141,29847,07544,84645,679

46,59742,37850,31151,65856,15856,51052,23650,779

25,21123,21532 34929,31029,39431,10727,01326,26526,38025,48025,04127,742

25,86133,23234,73536,76236,04236,96135,174

Machin-ery andvehicles.

24,49223,77329,46630,64430,77837,78931,02530,04029,15730,25233,72435,391

33,37233,42841,29041,58741,73041,54143,27241,431

Chemi-cals.

Miscel-laneous.

7,9237,665

10,4729,561

10,4268,6608,4658,3718,1998,1609,3298,879

8,6229,3161160811,50211,83411,29111,99910,183

5,2845,6247,5419,0858,4497,0446,1776,3806,1286,5677,7447,269

5,4515,6757,1787,1286 9427,8147,9316,785

Reex-ports.

4,2374 4876 8157,1385,6437,4784,6695,5255,6344,5435,4525,077

4,6404,9487,8876,9396,9697,8156,4796,414

<* In the June BULLETIN and in previous issues the foreign trade of the United States is shown by groups of commodities classified according tostages of manufacture. In the July and August BULLETINS the classification is by country; in the September BtnxETiN, by articles, as above.



FOREIGN TRADE INDEX.

There are presented below the Federal Re-serve Board's series of index numbers designedto reflect relative quantity movements in theforeign trade of the United States. Changesin the level of prices have been allowed for bymultiplying the quantities of selected com-modities exported or imported each month byfixed 1913 prices.1

Year andmonth.

1913, year1919, year1920, year1921, year.1922, year.

1922.January.FebruaryMarch...AprilMayJuneJulyAugustSeptemberOctober. . .November.December.

1923.JanuaryFebruary..MarchAprilMayJuneJulyAugust

Rawmate-rials.

(12)

Pro-duc-ers'

goods.(10)

100.0 100.088.9 155.192.2 I 158.7

103.1 I 116.989.7 i 108.9

82.608.589.890.578.386.379.188.891.2

122.9112.686.7

78.862.261.959.15fi.O63.657.469.0

104.386.0

121.7120.9128.8124.3124.090.098.996.8

101.6109.9

126.5133.6143.6141.9149.4145.8159.6149.5

Con-sum-ers' Total.

goods.(7) I (29)

100.0183.6133.6124.1135.1

129.7127.6156.5150.5155.4169.2133.5126.3111.5121.0117.2122.8

137.3129.6144.4136.5130.8113.3106.2127.1 |

100.0115.3107.5108.9101.1

94.582.6

106.9106.099.4

107.495.096.796.2

119.8112.496.5

95.883.587.383.681 082.377.989.2

! Raw-mate-rials.

(10)

100.0157.5135.8113.6157.6

118.4128.3148.1125.5144.6148.7146.9174.2183.5155.0195.1219.1

220.4197.1214.0211.1201.1IH7.0156.2130.1

Pro-duc-ers'

goods.(12)

100.0192.9227.5162.8253.1

228.7281.3 i306.8 |236.1227.9273.3266.3255.5244.0241.6244.0 !263.0

312 2249.5348.5303.6326.6292.0198.9195.1

Con-sum-ers'

goods.(5)

100.0147.5138.9141.4143.0

135.2133.5161.1152.0168.0137.3137.5120.3133.4138.8144.4153.9

155.3156.8218.5212.4144.7134.6121.1129.3

Total.

(27)

100.0168.4168.8135.6189.1

160.1183.4206.5169.1177.9191.0187.7194.2196.7172.4204.1224.0

242.3209.1262.4244.1236.4206.015 .6153.0

1 The list includes 27 of the most important imports the value of whichin 1913 formed 49.3 per cent of the total import values, and 29 of the mostImportant exports the value of which in 1913 formed 56.3 per cent ol thetotalexport values. The classilication of the originallist of commoditiesused was given in the July, 1920, BULLETIN. The classification of 11additional commodities of imports was given in the April, 1921, BULLE-TIN, and 2 additional commodities in the November, 1921, BULLETIN.Exports of gasoline have been alteied to include naohtha.

In August a further decline of 8 per cent isshown in the board's index number of commodi-ties imported. Raw materials show the great-est decline, accounted for chiefly by the fallingoff in imports of cotton, hides, and silk. Pro-ducers' goods show a decline of only 4 points,decreases in imports of nitrate of soda, jute,rubber, and sugar being partly offset by in-creases in imports of hemp, paper, and woodpulp. Consumers' goods show an increase of Spoints, due to large imports of cocoa, coffee, andolive oil.

The index number for commodities exportedshows an increase of 14 per cent. The greatestincrease, 21 points, is shown in consumers'goods, due to large exports of wheat flour, lard,illuminating oil, and cotton cloth. Raw mate-

rials also gained 12 points, due to larger exportsof wheat, barley, cotton and copper. The de-cline of 10 points in producers' goods reflectssmaller exports of acetate of lime, leather, steelproducts, and gasoline.

INDEX OF OCEAN FREIGHT RATES.

The accompanying table shows the monthlyfluctuations in ocean freight rates prevailingbetween United States Atlantic ports and theprincipal European trade regions. The figuresare derived from the actual rates quoted onthe following commodities: Grain, provisions,cotton, cottonseed oil, and sack flour. Ratesin January, 1920, have been used as a base.For the methods used in constructing theindex see the August, 1921, BULLETIN, pages931-934.

RELATIVE OCEAN FREIGHT RATES IN UNITED STATES ANDEUROPEAN TRADB.

Month.

January, 1920..January, 1921..

1922.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1923.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

United States Atlantic ports t o -

UnitedKing-dom.

100.060.7

31.734.733.127.327.927 528.829.227.025.328.027.1

25.321.823.122 622.321.220.220.120.8

FrenchAtlantic.

100.030.2

22.725.926.524.825.526.125.923.424.123.923.425.6

24.722.623.624.223.723.521.522.222.5

Nether-landsand

Belgium.

100.034.1

23.325.224.922.722.823.022.620.719.118.921.322.2

19.818.620.021.921.019.918.117.719.8

Scandi-navia.

100.042.9

23.423.323.424.023.423.423.022.422.622.922.922.7

22.322.322.322.322.322.322.322.322.3

Medi-terra-nean.

100.043.2

32.231.830.127.127.427.426.424.022.221.621.321.8

21.220.619.522.020.920.618.919.619.0

AllEurope.

100.043.3

27.129.128.325.425.725.725924.623.422.724.024.4

22.921.121.922.622.121.319.920.020.7

SAVINGS DEPOSITS.

Savings deposits, as reported by 894 banksdistributed throughout all sections of theUnited States, increased during August in allFederal reserve districts except in the NewYork, Richmond, and Atlanta districts. Inthe Minneapolis district they remained rela-tively unchanged from the level of the preced-ing month. Deposits for the entire country onSeptember 1 were $6,659,615,000, an increaseof $4,811,000, or 0.07 per cent, over deposits onAugust 1. Compared with deposits on Sep-



tember 1, 1922, increases were noted in all dis-tricts, and for the entire country the increasewas $619,247,000, or 10 per cent. A compari-son of savings deposits on September 1, 1923,with deposits on August 1, 1923, and Septem-ber 1, 1922, is shown in the following table.The figures for the Boston and New York dis-tricts are those of large mutual savings banks,but in all other districts reports of other banksare included to make the figures thoroughlyrepresentative: '*

SAVINGS DEPOSITS BY FEDERAL RESERVE DISTRICTS.

[000 omitted.l

District.

Boston...

Philadelphia .ClevelandRichmondAtlantaChicagoSt. Louis .Mlnnfl^pnliR

DallasSan Francisco

Total

Numberofbanks.

643080189299

20S351559

11875

893

Sept. 1,1923.

$1,194,1521,854,412

461,922432,286288,652217,421858,657130,15888,820

101,46894,729

936,938

6,659,615

Aug. 1,1923.

$1,192,5851,854,810

461,876430,014289,348217,946858,068129,74088,821

101,39194,082

936,123

6,654,804

Sept. 1,1922.

$1,104,4351,728,310

422,128380,941269,220192,303767,120116,71579,19591,83180,624

807,546

6,040,368

New National Bank Charters.

The Comptroller of the Currency reports the followingincreases and reductions in the number and capital ofnational banks during the period from August 25 to Sep-tember 21,1923, inclusive:

New charters issued

Increase of capital approved'

Aggregate of new charters, banks restored tosolvency, and banks increasing capital

LiquidationsReducing capital

Total liquidations and reductions of capital..

Consolidations of national banks under act of Nov.7,1918

Aggregate increased capital for periodReduction of capital owing to liquidations, etc

Net decrease

Num-ber ofbanks.

100

10

20

112

13

1

Amountof

capital.

$715 000

1,020,000

1,735,000

2,485 000225,000

2,710,000

200,000

1,735,0002,710,000

975,000

1 Includes one increase in capital of $100,000 incident to a consolida-tion under act of Nov. 7,1918.

Acceptances to 100 Per Cent.

Since the issuance of the September BULLETIN thefollowing bank has been authorized by the FederalReserve Board to accept drafts and bills of exchange upto 100 per cent of its capital and surplus:

The American Bank of San Francisco, Calif.

Fiduciary Powers Granted to National Banks.During the month of September the Federal Reserve

Board approved applications of the national banks listedbelow for permission to exercise one or more of the fiduciarypowers named in section 11 (k) of the Federal reserve actas 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 intocompetition with national banks are permitted to actunder the laws of the State in which the national bank islocated.

The numerals opposite the name of each bank indicate thepower or powers it is authorized to exercise, as given below:

Place.

Roscoe,N.Y3carsda!e, N. YDover, N. JMcKeesport, PaNewcastle, PaColumbia, 8. CJackson, MissBatavia, 111Thornton, IowaWausau,WisGary, Ind.1Owensboro, Ky.1...Paragould, Ark.1...Vevay, Ind.1

Denver, ColoReno, Nev

Long Beach, Calif..

Dis-trictNo.

22244567777888

1012

12

Name of bank.

First National BankScarsdale National BankNational Union BankFirst National BankCitizens National BankColumbia National BankJackson State National Bank...First National BankFirst National BankFirst National BankNational Bank of AmericaFirst National BankFirst National BankFirst National BankBroadwav National BankFarmers and Merchants National

Bank.California National Bank

Powersgrant-

ed.

1 to9I to95 to 91 to9I to 9Ito9

f Ito7\ and 9

1 to 8Ito9

II to91 to9I to9I to9Ito9

land 4

Ito9

• Approved during July.

State Banks and Trust Companies.

The following list shows the State banks and trustcompanies which were admitted to membership in theFederal reserve system during the month ending Sep-tember 29, 1923, on which date 1,625 State institutionswere members of the system:

District No. S.East Petersburg State Bank, East

Petersburg, PaAtlantic Safe Deposit & Trust Co.,

Atlantic City, N. J

District No. 6.Rutherford County State Bank, Mur-

freesboro, Tenn

District No. 10.Federal Trust Co., Kansas City, Mo

Capital. Surplus.

$50,000

300,000

50,000

200,000

$5,000

350,000

25,000

40,000

Total re-sources.

$190,548

6,714,654

75,000

495,356

Insolvent.—Eden State Bank, Eden, Idaho; Bank of Hansen, Han-sen, Idaho.

Converted to national bank.—South Texas State Bank, Galveston,Tex.; First State Bank, Graford, Tex.

Merged with another State member.—Illinois Trust & Savings Bank,Chicago, 111., has merged with Merchants Loan & Trust Co., Chicago;Battery Park Bank, New York, N. Y., has merged with the Bank ofAmerica, New York, N. Y.; and the Security Bank & Trust Co., SanFrancisco, Calif., has merged with the American Bank, San Francisco.

Succeeded 6y national bank.—Fort Scott State Bank, Fort Scott,Kans.


OCTOBER, 1923. FEDERAL KESEBVE BUU^ETIN. 1139

PHYSICAL VOLUME OF TRADE.

Commencement of fall activity was evidentin August statistics of the movement andproduction of commodities. Wholesale andretail trade increased; the volume of trans-portation, as shown by carloadings, continuedat a high rate; the marketing of agriculturalstaples Decame substantially greater; the out-put of mineral products, as a whole, wasabove that of any month since 1919; and theproduction of manufactured goods increasedas compared with July. Most of these move-ments were entirely seasonal. In fact, theindex of production in basic industries, givenin the table below, which makes allowancesfor normal seasonal changes, continued thedecline evident since June, thereby indicatingthat the increases were not as great as isordinarily expected.

Agricultural movements reflected the mar-keting of recently harvested crops, and theindex, given below, increased more than inany August within the past four years. Allitems included in the index, except citrusfruits, shared in this upward movement.Grain receipts at principal centers were par-ticularly heavy; in fact, as a whole they were

the largest since November, 1921. Wheatreceipts have not been exceeded since August,1921. Corn, on the other hand, was receivedin somewhat smaller volume than in Augustof last year. Shipments of grain from thesecenters were not so large as in August of1921 and 1922, but were fairly comparablewith those of the two previous years. As aresult of large receipts and relatively smallshipments, interior stocks and the visiblesupply of wheat on September 1 were unusuallylarge. Receipts and stocks of wheat at sea-board centers, as well as exports, were some-what smaller than in August of previous years.Movements of livestock, particularly receiptsof hogs, showed the usual seasonal increase inAugust, although they were already at anextraordinarily high level for this season.Receipts of cottonseed at mills were unusuallylarge for August, and the movement of cottoninto sight was almost double that of July.Loose-leaf tobacco markets opened duringAugust in North and South Carolina, and thewestern market became more active. Orangeshipments from California, although less thanin July, were larger than usual for August.Apple shipments were a little larger than in July,and those of white potatoes were slightly less.

PERCENT

100

80

60

40

20

VOLUME OF DOMESTIC BUSINESS( MONTHLY AVERAGE, 1919 = 100 )

PERCENT

160

14-0

120

100

80

SO

20

J. F. M. A. M. J. J. A. S. O. N. D. J. F. M.A. M. J. J. A. S. 0. N. D. J. F. M.A. M. J. J. A. S. 0. N. 0. J. F. M.A.M. J. J. A. S. 0. N. D. J. F M. A. M. J. J. A. S. 0. N. D.

1919 1920 1921 1922 1923


1140 FEDERAL RESERVE BULLETIN. OCTOBEBj 1923.

Mining output, as indicated by the index,rose to a new high level during August. Stim-ulated by the prospective strike, the productionof anthracite was, with two exceptions, thegreatest on record, and the amount of bitumi-nous coal mined was also large. Crude petro-leum output increased again to a new highrecord and stocks were also considerablyenlarged. Copper production was the maxi-mum since January, 1919. The manufactureof pig iron declined rather substantially, andsilver, lead, and zinc output was also smaller.Zinc shipments dropped further and stocksincreased to the largest figure within the pastyear.

In manufacturing during August greaterproduction was noted in a number of indus-tries, and the manufacturing index advanced.This upward movement, however, was hardlymore than seasonal in most industries, and,moreover, the records of earlier months thisyear were not equaled except in a few cases—sole leather, cement, lumber, and wheat flour,for example. Of these, the increase in cementand wheat flour from July to August was notas great as ordinarily occurs at that time.The average daily output of steel ingots duringAugust was the smallest this year, and ship-ments of and orders for most iron and steelproducts declined. Slight recovery in textileswas denoted by greater consumption of cotton,wool, and silk, but the per cent of machinery-active in these industries was decreased.Although building contracts awarded fell off,permits increased, and the volume of buildingactually under construction is large; thereforeproduction of building materials continues ata high rate. Seasonal increases were noted inautomobiles, locomotives, leather and shoes,paper, sugar, animals slaughtered, and tobaccomanufactures.

INDEX OP PRODUCTION IN BASIC INDUSTRIES, WITHALLOWANCE FOB SEASONAL VARIATION.

[Monthly average, 1919-100.]

January. .February..MarchApril . .May.. .JuneJuly.AugustSeptemberOctoberNovember.December

1919

1071009fi999393

10210310510198

103

1920

116115115108105107105102102999590

1921

848481797777747979838683

1922

8791958692949594

100107116116

1923

121120125124128122121120

INDEXES OP DOMESTIC BUSINESS UNCOBRECTED FOBSEASONAL CHANGES.

[Monthly average, 1919=100.)

AGRICULTURAL MOVEMENTS.

1922.August."SeptemberOctoberNovemberDecember


Totalagricul-ture.1

107129154138121

107737870706fi82

113

Totalani-

mals.

97107132122105

108848888978897

104

Totalgrains.

154151136118129

116768370526195

161

Cotton

48140228204139

8037402632242550

Fruit.

43384149

100

10011815914919316611492

Leafto-

bacco.

5586

1459697

75453151

38

i Combination of 14 independent series. * Less than one-half.

MINERAL PRODUCTS.

Date.

1922.August.September..OctoberNovember..December...

1923.JanuaryFebruary. . .MarchAprilMayJuneJulyAugust

Totalmin-eralprod-ucts.1

100119120125

132117134127137135135139

Bi-tumi-nouscoal.

58107118119122

131111123111121119118128

An-thra-citecoal.

Crudepetro-

268

116114115

119106128110117118113121

147144150152159

164154178184197195207209

Iron.

7180104112121

127118138139152144144135

Cop-per.

10596114110117117117121

Zinc.

8084102102109

118108124119121109110106

Lead.

9795108113109

113104121117124125121116

1 Combination of 7 independent series.

PRODUCTION OF MANUFACTURED GOODS.

Date.

1922.AugustSeptember.October...November.December.

1923.January. . .February..MarchApril. . .MavluneJulyAugust

Totalman-ufac-ture.1

105101108109100

109100

j 113107112

i 108101109

Steel.

94100122122118

136123144141149134125131

Lum-ber

116102115113104

10696

129110127116107126

Pa-per.

I l l108113113107

117109120116128121104115

Pe-tro-

leum.

141139147150153

157141156153158156158158

Tex-tiles.

116111120125113

12812212812411911094

107

Leath-er.

8080837979

8978929191888991

Food.

10599

106. 115

107

10596

11099

1039497

102

To-bacco

13412211511289

115101116105llf12112C123

1 Combination of 34 independent series.



C O M M O D I T Y M O V E M E N T S .

Grain and Flour.Receipts at 17 interior centers (000

omitted):Wheat (bushels)Corn (bushels)Oats (bushels)Eye (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)Eye (bushels)Barley (bushels)

Total grain (bushels)Flour (barrels

Total grain and flour (bushels).. .Stocks at 11 interior centers at close of

month (000 omitted):Wheat (bushels)Corn (bushels)Oats (bushels)Rye (bushels)Barley (bushels)

Total grain (bushels)Visible supply of grain east of the Eocky

Mountains (000 omitted):Wheat (bushels)Corn (bushels)Oats (bushels)

Receipts at 9 seaboard centers (000omitted):

Wheat (bushels)Corn (bushels)Oats (bushels)Eye (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)Eye (bushels)Barley (bushels)

Total grain (bushels)Wheat flour production (barrels, 000

omitted)s f Livestock.

Receipts at 57 principal markets (head,000 omitted):

Cattle and calvesHogsSheepHorses and mules (42 markets)

TotalShipments at 52 principal markets

(head, 000 omitted):Cattle and calvesHogsSheepHorses and mules (42 markets)

TotalShipments of stockers and feeders from

33 markets (head, 000 omitted):Cattle and calvesHogsSheep

Total

August,1923.

69,83520,91931,9353,8385,036

131,5632,594

143,235

30,48911,42116,9462,5482,375

63,7794,330

83,264

45,741944

7,36010,8161,071

July,1923.

61,8871,927

10,962

14,934943

1,5121,2723,470

22,1311,81330,291

6,557106881358

3,13611,038

12,016

2,1853,6411,787

31

1,0481 43489228

42,04318,50516,5871,4582,018

80,6112,427

91,533

20,58210,25913,5344,0781,349

49,8023,686

66,388

21,4031,2424,13110,223

564

65,932 37,563

31,2372,256

• 6,138

9,4481,0041,1531,8711,944

15,4201,436

21,879

5,401120924609

2,3909,444

10,408

1,8814,0891,650

177,644 7,637

7411,480

70715

3,402 I 2,943

47559

339874

22032

304

August,1922.

62,64422,05826,51914,0854,121

129,4272,990

142,880

49,63319,96417,84611,9032,152

101,4984,846

123,303

11,8524,39032,0482,213

51,483

30,5868,22940,073

32,4806,2613,8473,8082,827

49,2231,70556,895

11,207782

2,814339

3,41518,557

12,332

2,1492,9821,866

247,021

1,0281,05285522

2,957

46630

556 844

COMMODITY MOVEMENTS—Continued.

Livestock—Continued.Slaughter at principal markets under

Federal inspection (head, 000 omit-ted):

CattleCalvesHogsSheep

Total.

Meats, cold-storage holdings, first of fol-lowing month (pounds, 000 omitted):

BeefPork productsLamb and mutton

Exports of certain meat products(pounds, 000 omitted):

Beef-CannedFreshPickled and other cured

Hogproducts—BaconHams and shouldersLardPork, pickled

Dairy Products.Receipts at 5 principal markets (000

omitted):Butter (pounds)Cheese (pounds)Eggs (cases)Poultry (pounds)

Cold storage holdings first of followingmonth (000 omitted):

Creamery buttery (pounds)American cheese (pounds)Eggs (cases)Poultry (pounds)

Fishery Products.Fish landed by American fishing ves-

sels, total catch 'pounds, 000 omitted)Cold-storage holdings, frozen and cured

fish on 15th of month (pounds, 000omitted)

Other Agricultural Products.Cottonseed (tons):

- Eeceived at millsCrushedStocks at mills at close of month

Cottonseed oil (pounds, 000 omitted):ProductionStocks

Oleomargarine consumption (pounds,000 omitted)

Tobacco sales at loose-leaf warehouses(pounds, 000 omitted):

Bright b e l t -North CarolinaSouth Carolina

BurleyWestern dark

Sale of revenue stamps for manufactureof tobacco, excluding Porto Eico andPhilippine Islands, (000 omitted):

Cigars (large)Cigars (small)Cigarettes (small)Manufactured tobacco (pounds)

Fruit shipments (carloads):GrapefruitOrangesLemonsApples

Vegetable shipments:White potatoes (carloads)Onions (carloads)Eice (pounds, 000 omitted)

Sugar, al] ports (long tons):ReceiptsMeltingsRaw stocks close of month

August,1923.

July,1923.

820403

3,556957

725379

962

August,1922.

5,736 | 6,049

46,673 4o,893867,730 !l, 009,738

2,019 | 2,752

92339

1,551

33,00436,190S3,75S4,311

58,81422,291

1,20518,068

102,95763,3309,931

34,106

22,728

61,110

159,21S52,453

119,551

14,4647,431

174271

2,016

27,58136,68369,4783,376

75,69223,3121,338

16,6%

101,77455,83910,50941,250

21,367

46,912

13,31414,54912,032

9,2665,036

18,081 11,616

11,409 I25,710 !

212 177121 70

616,265 589,17637,506 36,620

5,859,285 '5,839,70832,787 31,210

1232,383484

3,749

1873,862838

3,153

15,324 i 15,8532,168 | 1,39641,039 I 34,558

273,134293,700312,434

265,143282,10035S,6S3

761345

2,8881,024

5,018

48,291739,4253,376

258300

2,621

32,59118,76168,9073,384

62,49419,8191,02815.571

112,03953,6259,60827,671

20,167

54,136

100,47052,24561,393

14,30310,038

11,754

18,16017,9951,162178

641,16460,498

(,373,89038,021

111,173796

4,899

18,2242,42851,965

488,562557,300336,091


1142 FEDERAL EESERVE BTJLJJETIN. OCTOBEB, 1923.


Lumber: Forest Products.Number of mi l l s -

National Lumber Manufac-turers' Association

Southern Pine AssociationWestern Pine AssociationWest Coast Lumbermen's Asso-

ciationProduction (feet, 000,000 omitted)—



ciationShipments (feet, 000,000 omitted)—



ciationNaval stores at 3 southern ports:

Spirits of turpentine (casks)—ReceiptsStocks at close of month

Rosin (barrels)—ReceiptsStocks at close of month

Fuel and Power.Coal and coke (short tons, 000 omitted):

Bituminous coal productionAnthracite coal productionAnthracite coal shipments

Beehive coke productionBy-product coke production

Petroleum, crude (barrels, 000 omitted):Production.Stocks at close of monthProducing oil wells completed

(number)Oil refineries:

Production (000,000 omitted)—Crude-oil run (barrels)Gasoline (gallons)Kerosene (gallons)Gas and fuel oils (gallons)Lubricating oils (gallons)

Stocks (000,000 omitted)—Crude-oil run (barrels)Gasoline (gallons)Kerosene (gallons)Gas and fuel oils (gallons)Lubricating oils (gallons)

Electric nower produced by publicutility plants (kilowatt-hours, 000,000omitted)'

Produced by water powerProduced by fuels . . .

Total.

Iron and steel: Me*»'s-Iron ore shipped from Lake Superior

(tons, 000 omitted)Pig-iron production (long tons, 000

omitted)9.Steel ingot production (long tons,

000 omitted)1.Unfilled orders, United States Steel

Corporation (long tons, 000omit ted) 2 . . .

Fabricated structural steel orders(tonnage)

Steel barrels (number)—Shipments .Unfilled orders

Steel castings—bookings (net tons).Silver production (troy ounces, 000

omitted)Copper production (pounds, 000

omitted)Zinc (pounds. 000 omitted):

ProductionStocks, close of monthShipments

Tin (pounds. 000 omitted):Deliveries to factories

August,1923.

57418248

120

1,519427187

480

1,286407124

444

43,67829,672

138,320263,457

48,8648,8686,673

1,4943,239

65,716297,933

1,465

50649186

1.01187

341,054

2441,462

220

1,5943,0614,655

10,296

3,126

3,313

5,036

140,000

217,127366,75450,515

5,293

129,377

83,25052,94272,788

12,342

July,1923.

57018151

114

1,297405170

332

1,115394109

336

40,58021,285

127,098219,135

45,1268,3206,260

1,5823,267

65,247293,054

1,733

51637188

1,05394

341,165

2691,401

225

1,6662,8704,536

10,411

3,449

3,678

5,415

125,000

210,621422,47852,066

5,406

125,249

86,13042,48077,996

11,883

August,1922.

53517452

120

1,327437169

426

1,230411156

385

34,34626,089

106,008329,268

27,538161

5391,794

46,521262,707

1,709

4455018494489

347042«6

1,367221

1,4952,5804,075

9,016

2,034

2,818

6,692

170,000

244,291309,04463,416

6,562

99,726

62,84643,25876,824

9,462


Textiles.

Cotton (bales, 000 omitted):Sight receiptsAmerican spinners' takingsStocks at millsStocks at warehousesVisible supplyConsumption by millsSpindles active during month

(number, 000 omitted)Spindle hours attive during month

(000.000 omitted)Finished cotton fabrics:

Finished yards billedOrders receivedShipmentsFinished stocks

Knit underwear:ProductionNew orders receivedShipmentsCancellationsUnfilled orders end of month

Wool:Consumption (pounds, 000 omitted).Percentage of active machinery to

total reported-Looms wider than 50-inch reed

spaceLooms 50-ineh reed space or less.Sets of cardsCombsSpinning spindles, woolenSpinning spindles, worsted

Percentage of active hours to totalreported-

Looms wider than 50-inch reedspace

Looms 50-inch reed space or less.Sets of cardsCombs '.Spinning spindles, woolenSpinning spindles, worsted

Men's and boy's garments cut:Men's suits wholly or partly wool...Men's suits, all other materialsMen's separate trousers, wholly or

partly of woolMens' trousers, all other materialMen's overcoatsBoys' suits and separate pantsBoys' overcoats and reefers

Raw silk:Consumption (bales)Stocks at close of month (bales)Silk imports (pounds, 000 omitted).

Hides and Leather.

Sales of raw hides and skins duringmonth (number, 000 omitted)—

Cattle hidesCalfskinsKipskinsGoat and kidCabrettaSheep and lamb

Stocks of raw hides and skins at close ofmonth 'number, 000 omitted):

Cattle hidesCalfskinsKipskinsGoat and kidCabrettaSheep and lamb

Production of leather (000 omittod):Sole leather (backs, bends and sides).Skivers (dozens)Oak and union harness (sides

stuffed)Boots and shoes, output (pairs, 000

omitted):Men'sWomen'sAllother

August,1923.

Total.

538224807

1,179914492

33,709

7,569

76,32278,02238,66249,399

355,236328,623444,32816,938858,977

48,233

76.980-987.177.184.184.5

76.363.393-284.489.081.5

665,39126,055

672,923394,013410,875595,84681,001

33,54725,4594,258

1,5231,002211

1,26515

2,963

5,6353,209763

11,797981

9,077

1,76439

134

8,7969,20211,855

July,1923.

292271089939837462

1,1,1,

541404025530597526

29,853

34,238

7,136

70,93161,45135,36150,279

309,534223,553326,919

5,K61991,620

46,347

81.882.988.681.686.390.5

80.773.894.297.290.389.7

630,82549,052

716,194369,269367,239658,74666,492

28,57322,9145,218

1,4071,028

2831,486

693,196

5,9313,422

83811,5721,0939,573

1,66932

127

7,1297,809

10,318

August,1922.

25,256

32,492

8,033

96,87987,24948,04S45,526

377,114329,270-473,408

9,525859,572

57,340

64.767.584.376.082.»74.8

63.658.388.885.886.271.4

34,77232,5155,547

1,5411,144

2151,114

222,548

5,3433,583

9499,197

66311,294

1,52131

130

7,9499.062

10,665

27,676

» Figures for September, 1923, August, 1923, September, 1922.


OCTOBEit, 1923. FEDERAL BESEEVE 1143


Building Materials.Brick (000 omitted):

Clay fire brick—"ProductionShipmentsStocks at close of month

New ordersUnfilled orders, close of month.

Face b r i ck -ProductionShipmentsStocks in sheds and kilnsUnfilled orders, close of month.

Silica brick—ProductionShipmentsStocks at close of month

Cement (barrels, 000 omitted):ProductionShipmentsStocks at close of month

Oak floorings:ProductionShipmentsOrders bookedStocks at close of monthUnfilled orders

Maple flooring:ProductionShipmentsOrders bookedStocks at close of monthUnfilled orders

Enameled ware:B a t h s -

ShipmentsStocks at close of monthNew orders

Lavatories-ShipmentsStocks at close of monthNew orders

S inks -ShipmentsStocks at close of monthNew orders

Miscellaneous ware—ShipmentsStocks at close of monthNew orders

Miscellaneous Manufactures.Wood pulp (short tons):

ProductionConsumptionShipmentsStocks at close of month

Paper (short tons):Newsprint-

ProductionShipmentsStocks at close of month

Book paper—ProductionStocks at close of month

Paper board—•ProductionStocks at close of month

Wrapping p a p e r -ProductionStocks at close of month

Fine paper—ProductionStocks at close of month

Rubber (pounds, 000 omitted):India rubber imports ,Consumption by tire manufacturers

Pneumatic tires (000 omitted):ProductionShipments, domesticStocks at close of month

Inner tubes (000 omitted):Production

August,1923.

Shipments, domesticStocks at close of month

Solid tires (000 omitted):ProductionShipments, domesticStocks at close of month

62,20959,456

169,32550,64875,500

38,29135,26091,83961,066

12.39712,26041,586

12,96714,9716,077

32,42930,10827,44440,63427,355

12,44711,7187,16319,55218,681

87,43929,22573,169

118,43941,38197,125

112,51649,39499,288

59,67046,99551,842

172,295174,00418,109116,202

132,604129,17325,674

59,74423,971

117,93227,777

50,56346,813

22,85937,179

42,74133,739

2,3562,8076,058

3,5784,3046,951

4846263

July,1923.

60,08557,569166,49347.65984,308

36,80333,54098.65169,161

14,49914, 58141,450

12,62013,7128,081

30,48922,50117,92440,70832,000

10,59010,5155,67118,82921,715

76,47926,42864,979

94,76942,97375,494

99,47345,24175,539

51,06745,45747,597

162,246155, J9519,507134,307

125,768124,32221,237

45,15623,214

96,36227,179

47,79643,405

21,65037,785

44,63521,367

1,9932,5396,471

2,6253,9427,396

4245

264

August,1922.

51,82849,075162.87682.30074,399

46,84946,71091.33975,825

9,66611,68735,743

11,66414,3615,746

27,66927,03725,97121,05437,173

13,04714,00211,95023,27222,668

78,43522,77582,536

94,21958,48398,765

95,23559,400102,617

42,63459,08856,516

282,570258,87152,962209,957

133,236123,83019,902

87,92237,473

195,11559,627

74,31562,444

33,08137,889

54,33233,739

2,9053,0304,629

4,2205,207

8469

190


Miscellaneous Manufactures—Contd.Automobiles:

Production (number)—Passenger carsTrucks

Shipments-Railroads (carloads)Driveways (machines)Boat (machines)

Locomotives (number):

Foreign completed

TotalUnfilled orders—

Foreign

TotalVessels built in United States and offi-

cially numbered by the Bureau ofNavigation:

Transportation.Freight carried by class 1 railways:'

Net ton-miles, revenue and non-revenue i (000 omitted)

Net tons per trainNet tons per loaded car

Revenue freight loaded and receivedfrom connections, classified accordingto nature of products (cars, loaded,000 omitted):

Grain and grain products

CoalCoke

Ore

Miscellaneous

TotalRevenue freight loaded, classified ac-

cording to geographical divisions:

Northwestern

Southwestern

TotalFreight car surplus (number):

TotalBoxCoal

Freight car shortage (number):TotalBoxCoal

Bad-order cars (total)

Vessels cleared in foreign trade (tons,000 omitted):

Foreign

TotalPercentage of American to to ta l . . .

Panama Canal traffic (tons, 000omitted):1

Commerce at Sault Ste Marie Canals(tons, 000 omitted):

Total freight

August,1923.

313,97229,882

37,77050,460

8,800

25913

272

1,40691

1,497

8425,217

38,513712

28.2

23415486961

344301

1,0791,576

4,678

1,1101,001

1955977866X8301

4,67«

73,51255 35S5,-152

8,8992.5834,389

189,014

2,5594,136

6 69538.2

2,3381,556

14,35311,230

3,117

July,1923.

297,17329,712

32,42646.51110,049

21128

239

1,65286

1,738

1169,760

38,001731

28.2

18913380362

305359

1,0101,428

4,2S9

1,029950182551711606260

4,289

7fi,11056 4665,300

7,4811,7«23,754

190,411

2,6124,34S

6 96037.5

2,09i>1,408

14,38910,9«33,406

August,1922.

248,04424,093

32,81736,76810,104

13021

151

9261(19

1,035

9511,511

27,115650

26.2

25113344038

258300

1,0341,432

3,887

911812132500679617235

3,886

121,3879,603

95,134

42,91928,251

8.654345.013

2,9033,274

6,17847.0

1,211582

10,2869,809

477

i Figures for July, 1923, June, 1923, July, 1922


1144 FEDERAL EESERVE BULLETIN. OCTOBER, 1923.

BUILDING STATISTICS.BUILDING PERMITS ISSUED IN 168 SELECTED CITIES.

[Collected by the 12 Federal Reserve Banks.]NUMBER OF PERMITS ISSUED.

DistrictNo.l

(14cities).

DistrictNo. 2

(22cities).

7,950

6,2436,880

13,83811,88111,54510,80810,74513,660

DistrictNo. 3

(14cities).

3,044

1,4861,5733,3086,2034,0313,4283,0532,851

DistrictNo. 4

(12cities).

DistrictNo. 5

(15cities).

4,018

2,7872,5854,2324,9544,4093,7573,6943,628

DistrictNo. 6

(15cities).

3,130

2,9752,5163,2513,4343,5292,8872,8933,221

DistrictNo. 7

(19cities).

11,112

6,3105,729

10,73515,06616,73913.59812,52713,467

DistrictNo. 8

(5cities).

2,354

1,9851,7422,6453,3493,5172,9232,5912,791

DistrictNo. 9

(9cities).

2,424

735612

1,4172,9743,2252,4382,2812,574

DistrictNo. 10

(14cities).

2,778

2,2761,9133,0863,7983,3762,6542,4122,706

DistrictNo. 11

(9cities).

2,534

2,5542,1992,5712,2592,8472,3662,6922,347

DistrictNo. 12

(20cities).

11,596

10,3139,666

13,35812,66112,54111,82510,93813,177

DistrictTotal(168

cities).

1922.August

1923.JanuaryFebruaryMarchAprilMayJuneJulyAugust . . .

2,873

918838

1,9933,5364,0803,2303,0813,064

5,093

2,9462,9016,4117,8867,6495,9315,9595,836

58,906

41,52839,15466,84578,00177,48865,84562,86669,322

VALUE OF PERMITS ISSUED (000 OMITTED).

1922,August

1923,JanuaryFebruaryMarchAprilMayJuneJulyAugust

$16,577

5,7214,003

10,98615,30413,62313,79211,3488,307

$49,511

73,57488,207

167,41058,58959,84373,24967,00773,236

$15,353

9,7679,877

31,84528,78118,69112,89414,88313,295

$22,037

16,45814,16523,26425,20321,50017,71022,45317,361

$11,605

11,08313,08514,15625,12612,149

. 11,32812,00712,659

$7,985

7,2657,8117,498

11,1958,3847,9897,9227,631

$40,453

31,02240,49059,46391,73860,75842,54436,74548,315

$5,416

7,9366,5288,6418,3688,4085,8845,4905,919

$8,896

3,7512,4555,5748,0897,9776,6279,550

11,098

$9,793

6,9037,028

10,95212,72510,9568,8667,9546,049

$5,010 ! $29,424

6,2486,121

11,4276,3766,6416,1904,9626,211

26,16428,83040,20335,42339,27039,49231,95240,470

$222,060

205,892228,601391,418326,918268,199251,565232,273250,550

BUILDING CONTRACTS AWARDED.VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS, FOR ALL CLASSES OF BUILD-

INGS (000 OMITTED).(F. W. Dodge Co.)

DistrictNo. 1.

$26,78029,245

21,80613,75925,07931,89335,83728,81725,71927,91323,158

DistrictNo. 2.

$80,81164,299

65,23358,61498,41296,26788,36284,84382,94082,30477,573

DistrictNo. 3.

$43,81924,948

16,77018,78031,26530,55329,17219.80119,49715,32423,172

DistrictNo. 4.

$50,81134,685

25,69138,54652,79348,78651,86536,96043,92232,97540,413

DistrictNo. 5.

$20,98422,997

17,63320,21930,14739,36443.86224,14618,55922,69816,988

DistrictNo. 6.

DistrictNo. 7.

DistrictNo. 8.

DistrictNo. 9.1

DistrictNo. lO.s Total.

1922.AugustSeptember

1923.JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptember

$56,95462220

$22,05134,77525,53820,81737,70031,00325,05427,04521,245

$ ,62,220

43,13746,76459,86875,24070,22983,00753,26845,78350,830

$8,2505,868

$17,86421,19317,96125,34031,71425,23023,34523,78617,332

4,52412,19915,25917,58522,75417,90211,1659,6718,819

$7,84512,53111,27711,34615,30916,4079,7949,478

$288,409244,262

» 242,554»277,.—

a 397,192s426,804' 368,1163 313,2633 296,9778 287,819

1 Montana not included.f Colorado, Wyoming, and Arizona not included.3 Figures for Districts 6, 8, and 10, not available prior to 1923, included in total.

BUILDING CONTRACTS AWARDED, BY CLASSES OF CONSTRUCTION.[Compilation by F. W. Dodge Co. for 27 Northeastern States.]

[Thousands of square feet.]

Residentialbuildings.

Industrialbuildings.

Businessbuildings.

Educa-tional

buildings.

Hospitalsand Insti-tutions.

Social andrecreationalbuildings.

Religiousand

memorialbuildings.

Publicbuildings. Total.'

1922.August


23,712 11,262

24,58622,66839,28839,17434,33225,25423,69824,106

4,4105,0967,6735,9978,8264,8173,8613,367

7,793

5,8707,0449,8869,5619,7598.3877,0946,245

5,228

2,1533,9924,0925,8493,9493,7174,1313,285

1,712

480692

1,172672508

1.346931549

2,555

8141,3541,6431,7361,7431,5891,210867

1,337

395633892

1,2701,0621,007885

270

200110274264216161153384

54,019

38,94741,81164,92064,52760,43046,34442.02139,786

1 Includes miscellaneous building contracts ,as well as groups shown.


OCTOBER, 1923. FEDERAL EESEBVE BULLETIN. 1145

WHOLESALE AND RETAIL TRADE.The volume of both wholesale and retail

trade was larger in August than in July, theusual development at this season of the year.Sales in most lines were also larger in Augustthan in the corresponding month of the twoprevious years. The accompanying chartshows a comparison of the trends of wholesaletrade and department-store sales without mak-ing any correction for seasonal variations.This chart indicates that the gain in department-store sales, as compared with a year ago, isconsiderably more pronounced than the in-crease in wholesale business. It is also worthyof note that the dollar value of department-store trade in August, 1923, was larger thanin August, 1919, or August, 1920, whereas thevalue of wholesale trade was much smaller.This is partly due to a somewhat greater reduc-tion in wholesale prices than in retail prices

WHOLESALE TRADE AND DEPARTMENT STORE SALES( MONTHLY AVERAGE, 1919 -100 )

200!

180

160

140

120

100

80

60

40• WHOLESALE TRADE• DEPARTMENT STORE SALES

200

180

160

1M3

120

100

80

60

40

1919 1920 1921 1922 1923

since 1919, but also indicates that the growthof business of department stores during thepast five years has been substantially largerthan that of jobbers and wholesale dealers.

Further discussion of the current conditionof trade is published on page 1100.

WHOLESALE TRADE IN THE UNITED STATES, BY LINES.[Average monthly sales 1919=100.]

1922.JulyAugustSeptember


Gro-ceries.

74.579.683.6

75.075.080.779.9SO. 787.180.884.6

Meat,

59.255.960.5

60.456.863.360. H64.267.466.169.6

Drygoods.

80.2111.2116.1

102.698.0

113.087.081.588.794.6

120.1

Shoes.

47.567.677.5

56.656.981.362.467.563.951.375.2

Hard-ware. Drugs.

81.689.995.9

88.782.4

109.3111.9117. 1113 495.1

105.6

93.6102.9104.6

11.3.0106.6120.4106.2107.4106.6105.6110.8

Total.

71.680.685.3

78.175.786.178.780.083.880.189.4

CHANGE IN CONDITION OF WHOLESALE TRADE. BY LINESAND DISTRICTS.

Groceries:United StatesBoston districtNew York districtPhiladelphia district. . .Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis districtKansas City district....Dallas districtSan Francisco district..

Dry goods:United StatesNew York districtPhiladelphia district.. .Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis districtKansas City districtDallas districtSan Francisco district..

Shoes:United StatesNew York districtPhiladelphia district...Richmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis districtSan Francisco district..

Hardware:United StatesNew York districtPhiladelphia district...Cleveland districtRichmond district.. .Atlanta districtChicago districtSt. Louis districtMinneapolis districtKansas City^ districtDallas districtSan Francisco district..

Drugs:United StatesNew York districtPhiladelphia district...Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtKansas City districtDallas districtSan Francisco district..

Furniture:Richmond districtAtlanta districtSt. Louis districtKansas City districtDallas districtSan Francisco district..

Agricultural implements:Atlanta districtMinneapolis districtDallas districtSan Francisco district.

Stationery:New York districtAtlanta districtSan Francisco district.

Auto supplies:Chicago districtSan Francisco district.

Men's clothing:New fork district

Women's clothing:New York district

Jewelry:New York district

Percentagein Augustsales as

hange1923,com-

nared with—Jvuy, 1923.

4.7- 2 . 4

2.4- 1 . 1

3.73.0

12.75.38.5

14.43.3

19.0- 5 . 8

27.020.731.844.944.544.1

3.728.870.78.3

52.735.1

46.635.550.757.849.525.8

-15.267.027.7

11.79.1

- 0 . 36.7

23.319.01.1

12.01.00.02.55.4

5.1- 3 . 1

5.33.79.1

13.012.41.04.5

12.57.9

27.332.710.820.337.320.2

-18.4-30.0-12.2

11.2

3.031.748.1

0.32.8

123.6

114.8

24.5

Aug.,1922.

6.39.36.3

15.76.28.0

12.0- 1 . 9

2.48.1

13.38.91.4

8.014.89.8

32.21.5

- 0 . 52.7

- 0 . 634.81.5

11.58.1

11.210.132.15.33.60.06.0

10.60.6

18.116. &9.9

15.220.613.39.5

16.095.1

- 4 . 636.0

8.4

7.75.0

10.08.0

16.926. a14.57.0l . S5.96.7

61.125.50.0

- 3 . 8- 2 . 611.5

- 0 . 6-22.5

7.511.6

8.0- 5 . 6

7.5

- 8 . 415.5

49.0

16.7

5.1


1146 FEDERAL RESERVE BULJ^ETIN. OCTOBER, 1923.

RETAIL TRADE BY REPORTING LINES.[Average monthly sales, 1919=100.]

1922.AprilMayJuneJulyAugustSeptemberOctober ,NovemberDecember


Depart-ment

stores (306stores).

113.1115.4108.280.187.2

106.2129.9130.1186.1

100.088.4

122.6118.2127.8123.290.497.8

Mailorderhouses(4houses).

77.169.968.858.457.275.1

108.7110.4107.8

88.483.6

112.8101.997.086.674.173.3

Chain stores.

Grocery(21 chains).

139.2137.9136.7135.1139.1141.0148.6162.4165.5

165.1158.8188.4163.8177.2164.3161.7165.6

Five andTen (4

chains).

134.9129.6127.0126.3130.4136.1156.6152.3279.2

115.9117.4163.4143.0154.6155.1143.9153.7

Drug(10chains).

120.9123.6124.2126.8128.7129.0133.4123.2161.5

129.3125.6144.9135.0142,0149.2140.6145.4

Cigar (3chains).

124.5128.8123.4127.3126.9135.4127.1126.9178.7

115.6109.7134.5124.8138.5136.3127.7135.3

Shoe (5chains).

156.1126.9121.7101.286.7

117.7121.1121.9164.7

85.570.8

145.5121.6140.0139.3101.299.5

Music (4chains).

78.980.981.383.099.1

118.2118.8120.7203.7

95.087.896.098.8

100.197.382 4

102.6

DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS.[Average month, 1919-100.]

1922.AprilM»y

July..-.

1923.

MarchAprilMay

JUlyAugust

DistrictNo. 1—Boston

(24 stores).

126.8122.8121.881.787.5

114.2134.8134.9197.3

106.392.3

126.9127.9133.4136.290.598.7

DistrictNo. 2—

New York(64 stores).

119.1117.5115.377.978.6

107.0145.1142.0199.5

108.187.7

123.9121.6128.6128.284.787.0

DistrictNo. 3—

Philadel-phia

(18 stores).

132.1126.4108.786.894.9

107.2143.8146.8185.8

106.198.0

149.0127.2150.7131.5111.3114.3

DistrictNo. 5—

Richmond(19 stores).

105.8103.3103.071.072.990.8

119.1122.3184.7

83.979.6

115.3100.5111.6114.582.782.5

DistrictNo. 6—Atlanta

(35 stores).

98.397.686.369.873.986.4

113.8113.1161.8

83.078.2

105.5101.2108.4101.576.981.7

DistrictNo. 7—Chicago

(70 stores).

111.9116.5110.383.092.1

114.4122.1130.9184.5

99.492.2

123.8127.4129.8131.592.4

118.2

DistrictNo. 9—Minne-apolis

(24 stores).

106.8105.6101.381.293.1

105.4119.8107.0164.1

92.177.0

105.3114.3113.5109.383.796.9

DistrictNo. 11—Dallas

(21 stores).

87.496.589.264.867.7

101.0104.51019149.2

81.073.399.488.9

106.292.366.869.4

DistrictNo. 12—

SanFrancisco

(31 stores).

110.8132.5111.695.9

119.3112.5137.0132.2203.7

114.6101.5134.6124.4147.1127.8115.9136.3

Index forUnitedStates

(306 stores).

113.1115.4108.280.187.2

106.2129.9130.1186.1

100.088.4

122.6118.2127.8123.290.4

100.5

TREND OF DEPARTMENT STORE STOCKS.[Average monthly stocks, 1919—100.)

1922.ApriliftyJuly

1933.

MwchAprilMay. .

JulyAugust

DistrictNo. 1 -Boston

(24 stores).

112.2110.9106.2103.7105.0116.9125.1130.0110.6

104.0111. 5119. S125.2124.1115.9108.6112.4

DistrictNo. 2—

New York(64 stores).

121.9116.8110.3104.8109.5120.6125.1132.1111.1

106.8111.5122.9127.3125.0116.1110.9118.5

DistrictNo. 3—

Philadel-phia

(13 stores).

113.9110.1109.8105.6111.9121.6127.5126.7105.9

102.2116.5127.5132.1127.7123.1118.1131.4

DistrictNo. 6—

Richmond(19 stores).

110.6107.0103.799.8

105.0119.5130.3126.0103.2

99.6113.0124.3125.8121.7114.8121.1122.4

DistrictNo. 6—Atlanta

(22 stores).

116.4111.7104.9103.2109.3118.5121.3123.1101.2

105.2111.9118.9121.4120.8113.4111.4119.8

DistrictNo. 7—Chicago

(59 stores).

124.6122.8115.7113.6125.0128.9134.8136.8115.2

112.2127.2138.7140.5136.0128.0127.6141.2

DistrictNo. 9 -Minne-apolis

(16 stores).

98.7102.599.297.8

102.0107.7112.6115.597.2

100.0107.2117.1117.3115.8103.997.3

103.8

DistrictNo. 11—Dallas

(19 stores).

113.8110.1100.499.6

111.0117.7119.6118.994.1

97.0106.8115.4118.0117.2109.9107.1121.3

DistrictNo. 12—

SanFrancisco

(29 stores).

122.2114.4107.0108.1112.1118.0120.0124.2107.6

107.4117.7124.6131.8126.7121.2120.5127.5

Index forUnitedStates

(265 stores).

117.6114.1108.3105.6111.8120 5125.71*8.6107.7

105.6115.3IK. 3128.9125.9118.1115.5124.3



BANKING AND FINANCIAL STATISTICS.DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.

VOLUME OF OPERATIONS DURING AUGUST, 1923.

Federal reserve bank.

New YorkPhiladelphia

Richmond

Chicago

Minneapolis

Dallas... .

Total: August, 1923August, 19228 months ending—

Aug. 31,1923Aug. 31,1922

Bills dis-counted for

memberbanks.

$359,754,3301,137,184,815

284,242,937220,704,410290,577,72752,628,105

195,873,690201,896,44526,483,54252,765,36542,516,198

187,420,830

3,052,048,6941,094,305,977

27,392,676,73412,172,047,928

Bills boughtin openmarket.

Mi, 554,95876,815,49110,391,71925,769,539

250,9002,366,562

16,830,92439,405

1,611*859

12,341,311

160,372,668185,207,131

1,505,507,2551,153,074,351

United States securitiespurchased.

Bonds andnotes.

$1,857,50036,340,100

287,7008,923,800

2,479,5006,028,000

55,916,60090,895,300

504,660,810818,872,650

Certificates ofindebtedness.

$1,305,75015,683,500

42,500

35,00010,391,000

489,000205,500

28,152,250101,040,000

2,310,433,2101,914,358,500

Municipalwarrants

purchased.

$10,000

10,00018,000

116,164137,632

Total.

August,1923.

$377,472,53S1 266,023 906

294,634,656246 516 449290,828,62755 327,667

232,019,414201,935,85029,452,04260,010,72442,516,198

199,762,141

3,296,500,212

31,713,394,173

August,1922.

$184,129,632520,360,969184,276,491112,868,26245,486,56721,482,592

148,929,79953,870,66918,759,9479,549,808

18,826,501152,925,171

1,471,466,408

16,058,491,061

VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKSACCOMMODATED.


Customers'paper se-cured by

Governmentobligations.

Member banks' collateralnotes.

Secured byGovernmentobligations.

Otherwisesecured.

Commercialpaper, n.e.s .

Agriculturalpaper.

Livestockpaper.

Bankers' accept-ances.

Foreign. Do-mestic.

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total: August, 1923Julj', 1923...August, 1922.July, 1922...

$357,9002,922 047

459,892294,141274,10056,51354,300

206,51612,901

152,058107,308120,965

$179,932,300991,209,550186,814,650166,167,400250,059,64023,073,150

149,076,710156,524,75019,672,15040,292,08025,239,200

142,920,600

827,00018,046

504,500161,310

731,708

701,50012,973,139

$178,996,875142.175,08696,703,73752,825,57536,599,97025,764,32043,207,72442,242,6644,129,5428,669,376

11,689,13127,824,703

$413,271,240,138,

3,043,2,788,3,096,2,442,1,311,1,111,2,893,2,526,

$1,6002,015 $12,500

16,9515,650

80,124179,396

192,038619,889

2,465,1611,859,487

647,161

24,977

'74,'750

"5," 200

5,018,6413,881,3961,592,5412,856,274

2,330,982,1802,647,554,805

727,893,985929,180,480

15,117,20314,778,63826,072,96622,933,412

670,828,703780,417,209303,909,358323,300,839

20,277,34825,551,45025,993,458

5,890,07611,046,5396,433,590

28,579,561 7,800,638

$22,731

"44," 987

296,823211,535

7,54016,240


BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City. . .Dallas.. . . .". . . .San Francisco.

Total: August, 1923.July ,1923. . . .August, 1922..July, 1922

Trade acceptances.

Foreign.

$173,000

Domestic.

1,

$52,591592,02924,646

234,838397,891361,086276,955262,802

5,842

26,196402,844

3,637,7203,768,8902,402,5392,889,186

Total, allclasses.

$359,754,3301,137,184,815

284,242,937220,704,410290,577,72752,628,405

195,873,690201,896,44526,483,54252,765,36542,516,198

187,420,830

3,052,048,6943,487,406,1931,094,305,9771,317,601,617

Total reduced to a com-mon maturity basis.1

Amount.

$224,236,766786,467,850224,877,370194,116,750209,575,665152,360,822429,141,726271,087,01969,821,119117,205,129117,603,684255,544,794

3,052,048,694

Per centof total.

7.325.87.46.36.95.0

14.18.92.33.83.98.3

100.0

Member banks.

Numberin districtAug. 31.

424831721882630534

1,440624993

1,153862811

9,9059,9169,9179,930

Accommodated.

Number. Per cent.

190334329260318313511258294322515316

3,9604,1104,0424,167

44.840.245.629.550.558.635.541.329.627.959.739.0

40.041.440.842.0

1 Total discounts multipled by ratio of average maturity of bills discounted by each bank to average maturity (10.62) for system.


1148 FEDEKAL KESEKVE BUJXETIN. OCTOBER, 1923.

VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1923, BY BATES OF DISCOUNT CHABGED; ALSO AVERAGE RATES ANDMATURITIES.

Federal reserve bank. 4 per cent. 41 per cent. 5 per cent. Total.

Averagerate

(365-daybasis).

Averagematurity.

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City. . .DallasSan Francisco.

$359,754,3301,137,184,815284,242,937220,704,410290,577,72752,628,405195.873,690201,896,44526,483,54252,765,36542,516, i98

187,420,830

Total: August, 1923July, 1923August. 1922July, 1922

1602,016,980810,474,889

3,052,048,6943,487,406,193

483,415,225474,290,016

S359,1,137,

284.220,290,

52,195,201,

26,52,42,

187

754,330184,815242,937704,410577,727628,405873,690896,445483,542765,365516,198420.830

Per cent.4.504.504.504.504.504.504.504.504.504.504.504.50

$8,873,77532,836,712

3,052,048,6943,487,406,1931,094,305,9771,317,601,617

4.504.504.344.39

Dapi.6.627.35$.409.347.66

30.7523.2714.2528.0123.6029.3914.48

10.6210.0&13.4S11.97

VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING AUGUST, 1923, BY CLASSES.


Philadelphia

Atlanta

DallasSan Francisco

Total: August, 1923..July, 1923August, 1922..July, 1922

Bankers' acceptances.

Foreign.

$7,107,03156,865,7746 022,766

20,163,05265,000

2,223,5629,804,339

903,952

6,316,165

109,471,641133,431,955144,236,793125,333,111

Domestic.

$6,547,92717,853,3193,423,9535,415,857

185,900143,000

6,894 37739 405

107,907

5,949,471

46,561,11643,055,01734,287,65830,243,235

Dollarexchange.

$900,0001,774,512

945,000190,630

132,208

75,675

4,018,02510,280,4366,303,6462 653 505

Total.

$14,554,95876,493,60510 391,71925,769,539

250,9002,366,562

16 830,92439,405

1,011,859

12,341,311

160,050,782186,767,408184,828,097158,229,851

Trade acceptances.

Foreign.

$321,886

321,88659,416

379,034529,293

Domes-tic. Total.

$321,886

321,88659,416

379,034529,293

Total billspurchased.

$14,554,95876,815,49110,391,71925,769,539

250,9002,366,562

16,830,92439,405

1,011,859

12,341,311

160,372,668186,826,824185,207,131158,759,144

Total reduced to acommon maturitybasis.1

Amount.

$8,009,23037,608,04020,279,85545,297,275

367,4093,717,132

32,705,63562,678

2,023,914

10,301,500

160,372,668

Percent oftotal.

5.023.512.728.2

.22.3

20.4

1 3

6 .1

100.0

i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (38.85) for system.

VOLUME OF ACCEPTANCES PURCHASED DURING AUGUST, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGERATES AND MATURITIES.


Boston

Philadelphia

Atlanta .

St. LouisMinneapolisKansas'CityDallas

Total: August, 1923July, 1923

4 per cent.

$1,749,58172,208,108

663,7303,949,164

182,6902,473,892

1,671,516

82,898,68190,987,675

4J per cent.

$10,458,5603,255,4188,904,069

16,931,612

1,519,6896,617,905

39 405

1,011,859

2,749,173

51,487,69069,197,712

4J per cent.

$1,800,350979,478823,920

4,582,487250,900

"6," 795,' 279'

7,496,314

22,728,72820,573,036

4| per cent.

$480,24550,601

172,982

473,848"

53,778

1,231,4544,037,874

4} per cent.

$48,222221,189

i33,294

664,183470,000

370,530

1,907,4182,030,527

4| per cent.

$18,000100,697

118,697

Total.

$14,554,95876,815,49110,391,71925,769,539

250,9002,366,562

16,830,92439,405

1,011,859

12,341,311

160,372,668186,826,824

Averagerate (365-

day basis).

Per cent.4.184.104.204.214.314 254284.18

4 1 8

4.24

4204 20

Averagematurity.

Days.21.3819.0275.8168.2956.8961.0275.4961.79

77.70

32.43

38.8540.51

NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.


OCTOBEH, 1923. FEDERAL RESERVE BUT.T.F.TIN. 1149

HOLDINGS OF EARNING ASSETS, BY CLASSES.AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATE OF EARN-

INGS DURING AUGUST, 1923.


Average daily holdings of—

All classesof earning

assets.Discounted

bills.Purchased

bills.UnitedStates

securities.

Earnings on-

Allclasses ofearningassets.

Dis-counted

bills.

Pur-chasedbills.

UnitedStatessecuri-ties.

Annual rate of earnings on—

Allclasses

ofearningassets.

Dis-counted

bills.

Pur-chasedbills.

UnitedStatessecuri-ties.


Total: August, 1923.July, 1923....August, 1922.July, 1922....

$72,903,253240,406,147101,899,032106,993,73471,622,41952,868,403

130,025,86357,991,54540,380,08652,004,33149,787,104

101,322,524

$56,799,641197,757,66164,587,33157,773,39768,885,05744,176,09175,579,83651,273,93428,406,78340,921,69947,327,73177,761,939'

$11,947,134,856,93319,930,70139,009,9951,396,4628,456,884

44,337,0271,192,417

876,159679,873

14,265,641

$4,155,7277 791,553

17,381,00010,210,3421,340,900

220,26710,109,0005,525,194

11,973,30310,206,4731,779,5009,294,914

$275,315907,695380,879395,941270,766200,047476,953220,718151,687197,774187,272381,824

$217,128755,758246,887220,675263,026168.837288,860195,983108,571156,396180,811296,996

$42,460122,12671,090

139,2255,111

30,380158,192

4,236

3,1122,424

51,032

$15,72729,81162,90236,0412,629

77229,90120,49943,11638,2664,037

33,796

Per ct.4.454.444.404.354.454.464.324.484.424.484.434.44

Per ct.4.504.504.504.504.504.504.504.504.504.504.504.50

Per ct.4.184.134.204.204.314.234.204.18

4.184.204.21

Per ct.4.464.504.264.152.314.133.484.374.244.412.674.28

1.078,204,441i; 119,786,8631,053,098,2121,127,887 —

811,251,100! 176,949,977837,038,694 185,807,248396,243,184 159,020,851428,326,143 154,010,451

89,988,20396,922,298497,824,877545,546,588

4,046,8714,201,5643,445,3443,737,104

3,099,9283,199,0291,502,7771,636, "~

629,388658,902420,119 1416,0271

317,497343,562

1,522,410.,684,189

4.424.423.853.90

4.504.504.474.50

4.194.183.113.18

4.154.173.603.63

NOTE.—The figures in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate ofearnings thereon, as follows: Atlanta, $15,161, $58, and 4.50 per cent.

HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.

[End of August figures. In thousands of dollars.]


Philadelphia

Atlanta

Total: Aug. 31,1923July 31,1923Aug. 31,1922July 31,1922

Total.

70,884206,34564,08852,61272,69550,97384,96859,92028,06740,64548,98284,383

864,562825,936397,448408,178

Cus-tomers'paper

securedby

Govern-mentobliga-tions.

9521,165

630350455203178335

1219860

268

4,8063,7532,5252,700

Member banks'collateral notes.

Securedby

Govern-mentobliga-tions.

25,519149,60841,31129,12228,42010,55143,14122,5956,250

10,7608,434

31,801

407,512388,184123,588129,690

Other-wise

secured.

12

20264

535

3346,255

7,4027,247

12,37411 790

Com-mercialpapern. e. s.

43,94854,42721,59921,33534,53427,35931,89428,3156,623

12,38816,65931,064

330,145311,165123,316126,030

Agri-cul-tural

paper.

337547494476

8,33311,2729,0797,665

10,2583,953

14,74011,879

79,03378,11297,40496,813

Live-stockpaper.

85

17959

1,015

5904,172

13,3168,6932,424

30,53332,36834,90335,466


Foreign.

Im-ports.

23

2323

Ex-ports.

Domes-tic.

9

40

25

5

792114335

Trade acceptances.

Foreign.

Im-ports.

Ex-ports.

116

Domes-tic.

4358954

1,1388543716123952173062

661

5,0294,8733,1793,651



HOLDINGS OP BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OP ACCEPTING INSTITUTIONS.


Federal reserve bank. Total.

Member banks.

National.Nonna-tlonal.

Nonmem-ber banksand bank-ing corpo-rations.

Privatebanks.

Branchesand

agencies offoreignbanks.

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...Dallas.........San Francisco.

10,88334,91919,62940,877

9937,676

41,99341S

7,4378,8547,273

10,408187

1,51918,583

132

1,12910,4287,447

11,283

2,79118,225

283

1,2586,0231,8956,858

6061,969

7,3082,3799,025

2001,2551,154

732,306

6353,303

142392

2,012444

11,696

50998

3,865

1,025112

3,527

383135

1,547

9599

1,514 1,243


Purchased in open market:Aug. 31,1923July 31,1923Aug. 31,1922July 31,1922

Discounted for member banks:Aug. 31,1923July 31,1923Aug. 31,1922July 31,1922

171,537183,190179,367139,117

171,436182,956179,324139,082

1012344335

58,86562,53074,18260,968

58,78762,32174,14760,933

782093535

56,25060,42661,80847,034

56,22760,42461,80047,034

232

24,31326,95823,24614,879

24,31326,93523,24614,879

24,01523,62612,4829,371

24,01523,62612,4829,371

8,0949,6507,6496,865

8,0949,6507,6496,865

23

HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.



BostonNew YorkPhiladelphia...Cleveland...RichmondAtlantaChicagoSt. Louis.MinneapolisKansas City.Dallas.. .San Francisco


Purchased in open market:Aug. 31,1923July 31,1923

Aug. 31,1922July 31,1922

Discounted for member banks:Aug. 31,1923July 31,1923Aug. 31,1922July 31,1922 .

All classes.

Total.

10,92635,64019,72242,0151,8478,047

42,605810217

2,042506

12,360

176,737188,203183,514143,800

Pur-chasedin openmarket.

10,88335,04219,66840,877

9547,676

41,993390

2,012444

11,668

171,607183,096180,176140, 111

Dis-counted

formemberbanks.

4359854

1,1388933716124202173062

692

'•'•

5,1305,1073,3383,689


Total.

10,88334,91919,62940,877

9937,676

41,993415

2,012444

11,696

171,537183,190179,367139,117

171,436182,956179,324139,082

1012344335

Foreign.

Imports.

.4,86221,5849,534

28,580

3,00724,761

250

1,604257

5,956

100,395104,874

Exports.

1,2157,3943,4695,646

1453,5608,032

100187

2,000

31,74835,207

143,963114 407

100,372104,851

31,74835,207

143,963114,407

2323

Do-mestic.

4,5565,2404,5616,267

848909

6,88365

308

3,629

33,26635,01929,58721,911

33,18834,80829,54421,876

782114335

Dollarex-

change.

250701

2,065384

2002,317

100

111

6,1288,0905,8172,799

6,1288,0905,8172,799

Trade acceptances

Total.

4372193

1,1388543716123952173062

664

5,2005,0134,1474,683

171140852

1,029

5,0294,8733,2953,654

Foreign.

Imports.

13239

171140

Exports.

9681,029

171140

8521,029

116

Do-mestic.

43589

541,138

8543716123952173062

664

5,0294,8733,1793,654

5,0294,8733,1793,654



CONDITION OF FEDERAL RESERVE BANKS.

CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR SEPTEM-BER AND AUGUST, 1923.

(Daily averages. Amounts in thousands of dollars.]


BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco.

Total: 1923.1922.1921.1920.

3,187,0003,192,4202,836,3962,139,2,80

1919 j 2,157,932

Total cash reserves.

September. August.

281,849982,575259,563327,35177,133

110,363574,49580.17169,81595,49956,239

271,947

280,140988,634252,736316,04277,460

131,987577,15894,13667,50197,87340,559

270,138

3,194,3643,195,5022,740,3882,127,3052,146,003

Total deposits.

September. August

129,647695,205117,165164,64662,61353,772

280,27670,14447,90682,25952,651

151,909

1,908,1931,866,3001,716,1621,912,0701,930,969

127,256684,614117,297164,09661,86554,108

279,80672,46047,23883,41246,697

151,220

1,890,0691,859,5241,691,1371,885,0621,911,769

Federal reserve notesin circulation.

September. August.

226,649482,425219,402246,34985,500

129,392415,04072,40657,31463,40248,604

217,607

2,264,0902,225,4572,493,9103,275,5352,627,295

221,653498,790214,769238,17579,984

131,220408,92072,00754,95461,54936,192

210,734

2,228,9472,151,1852,512 3483,165,2222,544,357

Reserve percentages.

September. August

79.183.477.179.652.160.382 656.266.465.655.573.6

76.478.067.4

143.3'50.4

80.383.576.178.654.671.283.865.266.167.548.974.8

77.679.765.2

143.7150.0

i Calculated on basis of net deposits and Federal reserve notes in circulation.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26,1923.

RESOURCES.


Gold and gold cer-tificates:

Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Gold settlementfund—F. R. Board:

Aug. 29Sept.oSept. 12Sept.19Sept. 26

Gold with F . R.Agents:


Gold redemptionfund:


Total gold reserves:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Reserves other thangold:

Aug. 29Sept.oSept. 12Sept.19Sept.26

Total.

344,746349,597357,345359,664

649,455645,876633,454638,892641,647

2,061,1642,060,7002,070,5572,066,4882,061,965

49,30450,68857,05359,24553,328

3,120,9893,102,0103,110,6613,121,9703,116,604

80,24576,32477,00477,83276,094

Boston.

17,07517,10917,43517,46817,761

51,30554,76954,12463,02970,121

191,477190,593188,449185,467196,132

6,3226,4767,962

10,2838,796

266,179268,947267,970276,247292,810

4,8634,4044,4624,8404,096

NewYork.

180,954165,975169,925175,138176,866

151,773122,197143,918194,477156,203

636,029635,872635,518635,279635,024

10,8379,6408,3506,93710,137

979,593933,684957,711!

1,011,831)978,230;

18,774!

17,802|17,367

Phila-delphia.

33,59533,21334,91435,53136,030

40,61440,49729,65526,30633,630

166,710169,176174,332171,885169,791

4,0096,1718,617

12,5595,167

244,928249,057247,518246,281244,618

12,41712,84112,46812,87813,455

Cleve-land.

13,13813,35812,98013,19512,915

90,970100,58997,81588,72998,515

208,411207,556207,041208,828209,952

3,2684,6573,6582,4271,684

315,787326,160321,494313,179323,066

3,5083,5873,6754,2023,646

Rich-mond.

10,87210,97311,19311,39311,649

32,95331,13233,05723,59833,462

29,05228,07126,75230,47229,185

3,7333,6373,8564,0143,926

76,61073,81374,858|69,47778,222

3,2803,0833,0543,03112,741

Atlanta.

6,2496,1146,1786,1886,260

11,53312,01511,82510,39312,449

95,79392,05688,32081,05077,988

2,4262,4292,3202,9053,181

116,001112,614108,043100,53699,878

5,0144,7154,8174,1124,147

Chi-cago.

49,38648,53448,28749,15248,994

129,701137,727123,03696,217100,495

391,935391,824391,737401,609401,524

4,4993,580

6',0384,850

575,521581,665570,425553,016555,863

10,9769,792

St.Louis.

', 172|i,615: 77<d8,775'

4,2744,2683,9574,3274,184

22,86721,03020,68311,94916,768

50,10649,16348,37842,312

2,7433,1573,3793,4233,921

79,99077,61876,39762,01161,142

11,13710,18710,64910,60710,368

Minne-apolis.

8,4377,9648,5338,5718,580

20,83421,54319,52320,63920,844

35,30535,80537,95637,57436,992

1,5731,5761,6491,887

66,47466,88567,58868,43368,303

1,085945981981

1,053

KansasCity.

3,2923,3503,3303,4383,426

48,14850,27444,02637,75135,629

40,19340,02944,45843,96043,157

4,0543,7833,8333,8224,084

95,68797,43695,64788,97186,296

2,4362,6042,8502,7832,750

Dallas.

12,66412,65111,73311,73611,731

15,80713,33819,28419,731

16,61718,32419,84022,36722,820

1,74a1,8931,6261,819

39,99348,67546,53755,20656,371

5,0385,2405,5355,3436,00o'

SanFran-cisco.

21,13021,23721,13221,20821,268

39,78838,29642,45446,52043,800

199,536202,231207,776205,685203,131

3,7723,6924,5113,3693,606

264,226265,456275,873276,782271,805

1,7171,5801,5931,6381,691



RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26,

1923—Continued.

RESOURCES—Continued.


Total. Boston.NewYork.

Phila-delphia.

Cleve-land.

Rich-mond. Atlanta. Chi-

cago.St.

Louis.Minne-apolis.

KansasCity. Dallas.

SanFran-cisco.

Total reserves:Aug.29Sept.5Sept. 12Sept. 19Sept. 26

Nonreserve cash:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Bills discounted:Secured by U. S.

Governmentobligations—


Other bills dis-counted—


Bills bought in openmarket:

Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

U. S. bonds andnotes:

Aug. 29Sept.5Sept. 12Sept 19Sept. 26

U. S. certificates ofindebtedness:

Aug. 29Sept.5Sept. 12Sept. 19Sept. 26.. . . .

Municipal warrants:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Total earning assets:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Bank premises:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Five per cent re-demption fundagainst F. R. banknotes;


Uncoliected items:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

3,201,2343,178,3343,187,6653,199,8023,192,698

69,50465,78277,13984,29574,248

376,194399,118389,071324,640402,141

439,324450,976452,288449,600459,867

173,485174,563179,313171,044172,124

91,47896,32094,71884,67087,737

271,042273,351272,432281,087296,906

15,75513,44918,02021,20613,496

24,28621,26420,55618,22521,181

45,67348,93649,35938,69632,034

10,12610,74810,3309,3817,578

3,6143,7283,9473,5693,""

2,0522,4525,1397,9194,148

2020,20 I317317

1,082,5531,123,4491,120,5491,038,1901,126,334

54,23954,26954,36154,91565,023

9328282828

546,129594,984670,862747,873616,211

355

998,367951,030975,459

1,029,633995,597

8,7046,98810,91510,21810,441

125,507152,620144,18390,196146,370

54,80557,16861,51148,54154,082

33,44041,27136,82823,43526,556

12,20116,88113,4073,9247"~"

2101,5003,8436,1202,020

83,72484,71184,19269,87164,846

4,4344,4344,4344,4344,434

47,27453,77959,02966,59853,528

257,345261,898259,986259,159258,073

2,5772,4921,8842,6481,857

41,46939,14736,59636,77438,077

21,15823,25322,04522,29020,918

20, 21319,86619,77818,33319,256

17,36717,36717,36717,36717,367

319,295329,747325,169317,381326,712

4,5134,1084,2096,2783,752

30,04027,63537,22926,63630,600

22,83519,40622,87222,83024,759

42,70439,05636,28134,52432,610

9,9539,9539,9539,9539,953

281305305263336

79,89076,89677,91272,50880,963

1,8601,6111,3881,7771,887

28,42328,75628,72430,95230, —

41,31842,77243,82347,51846,483

954723708478548

1,3411,3411,3411,3411,341

121,015117,329113,460104,648104,025

6,15610,47310,93212,08510,308

10,88510,98312,83615,83516,147

37,26741,78939,95645,53851,176

7,7808,5059,0449,3839,142

207257229239314

586,497591,457579,597562,631564,638

7,3316,4346,2946,8487,140

32,54837,14526,857'29,481138,427

36,08737,00339,19745,770

43,08139,89741,93243,95540,257

8,3489,1529,8379,6507,247

1,269324682

1,2521,200

226,163269,440259,772172,216236,967

13,01013,01213,01213,37213,372

100,22199,64795,80094,83095,661

723723723743744

105,81396,355106,64094,20698,258

9,4159,4409,4449,5299,588

72,03673,59274,59680,28979,269

2,6172,6172,6172,6172,617

2020205151

56,16061,55562,08671,04776,831

2,7722,7752,7832,7882,813

121,333123,521118,505130,108135,826

8,7158,7158,7158,7158,715

65

116,414131,303139,927168,201132,019

51,39450,87659,92466,77253,922

58,54565,11168,80275,92658,914

46,91447,68357,60963,93458,205

21,00520,81323,39626,97724,136

73,18378,40892,104103,95382,393

91,12787,80587,04672,61871,510

6,2795,2547,3096,7858,184

21,82922,19520,65521,10824,097

35,08937,38038,63747,91947,607

3903893894039

3,3,6683,6683,6683/""

67,55967,83068,56969,41469,356

2,1711,8361,8171,3601,565

6,9155,5297,9634,4987,379

22,03221,01621,86622,86722,332

12,82712,83612,83213,11714,368

60,97663,63263,34972,73975,411

1,0961,0971,0971,1461,154

41,77439,40142,70140,51744,094

1,6811,6811,7481,7481,755

34,60935,90839,12132,431

12,93914,20817,54217,25914,681

98,123100,04098,49791,75489,046

4,1204,2025,2454,9975,214

10,86310,93210,40014,28415,939

28,79328,18227,72229,63730,879

2,0122,0122,0122,0872,087

10,98810,17311,17310.87710.878

252253254178178

45,03153,91552,07260,54962,376

2,4722,4562,3912,0432,147

7,1708,2656,5716,5225,025

40,76737,27632,36127,43825,099

464435

9,99917,87222,546

1,7791,7791,7791,7801,779

265,943267,036277,466278,420273,496

7,5666,4796,7358,0508,257

36,25934,64736,50130,12928,002

53,50056,79552,93950,55655,803

12,32111,66112,01211,55611,505

9,1859,1859,1859,1859,185

266

52,90851,55251,56157,32960,227

4,9704,9704,9704,9704,970

32,37037,23439,09441,90536,534

50,18047,75550,71053,61254,449

1,9501,9501,9501,9501,951

2828282828

21,21924,53729,81031,00527,586

111,265112,288110,637101,426104,495

2,8562,8552,8682,9032,910

35,53636,42347,71746,22241,862


OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 115a

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26..

1923—Continued.

RESOURCES—Continued.


Total. Boston. NewYork.

Phila-delphia.

Cleve-land.


cago.St.

Louis.Minne-apolis.

KansasCity. Dallas.

SanFran-cisco.

All other resources:Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

Total resources:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

13,47713,33913,53213,33213,717

4,967,2295,030,185!5,124,1365,138,4355,078,259,

132144152107131

422,361429,868438,259443,303433,341

1,2471,0811,2821,2101,311

1,363,9051,372,8541,400,3671,394,8501,389,707!

343470388265267

412,603416,106418,705424,417410,524

358373381317325

497,939505,134514,645503,637497,549

775526539552472

204,092202,925214,661221,677223,413

583646642663669

207,691213,591213,299218,208218,782

595583585540524

797,719809,118805,800812,795799,236

117123126104107

188,931192,520194,835192,513188,797

1,2,0261,9951,881

128,020126,982134,372132,179133,854

791792811

1,064927

193,282198,790200,178202,019196,918

2,:2,7322,7782,8862,1—

3,832-3,8433,8533,7433,721

123,688 426,998133,373 428,924139,739 449,278152,073; 440,764151,397 434,741

LIABILITIES.

Capital paid in:Aug. 29Sept.5 :Sept. 12Sept. 19Sept. 26

Surplus:Aug. 29Sept.5Sept. 12:Sept. 19Sept. 26

Deposits:Government—


Member bank—R e s e r v e a c-eount—


Other deposits—Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Total deposits:Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

P. R. notes in actualcirculation:

Aug. 29Sept. 5Sept. 12Sept. 19Sept.26

F. R. bank notes incirculation—netliability:


Deferred availabilityitems:


109,751109,718109,682109,644109,657

218,369218,369218,369218,369218,369,

37,96038,53439,59737,97056,279

1,848,6171,843,0651,872,7731,825,0051,851,790

21,00520,77624,08624,86522,004

1,907,5821,902,3751,936,4561,887,8401,930,073

2,224,7602,257,2782,262,5252,254,7642,247,830

7,87,8.7,8677,8677,:—

16,31216,31216,31216,31216,312

3,4423,7973,2954,3537,203

125,581122,361126,597122,629125,504

207182483239188

129,230126,340130,375127,221132,895

222,228,297227,148228,208224,640

1,565

50914971492

4S5,041522,057576,015645,866550,527l|

29,34229,34229,34229,28229,282

59,80059,80059,80059,80059,800

8,0244,991

16,53617,08616,428

674,461674,965689,101664,932

11,98612,25112,41314,63613,406

694,471692,207718,050696,654720,642

484,705486,765481,804478,053469,443

45,15750,13755,64662,737150,6981

91,604100,767107,228127,063106,287

9,8299,8309,8509,8509,850

18,74918,74918,74918,74918,749

2,3691,3951,6512,5673,773

117,859120,292114,658114,071112,850

544363

1,025485456

120,772122,050117,334117,123117,079

215,674218,611220,316218,244214,104

46,05545,28850,82658,85049,053

12,23512,23412,23512,234i12,234

23,49523,49523,49523,49523,495

3,3985,1642,674772

3,081

161,804161,632164,861154,225156,193

9671,0402,2951,1571,170

166,169167,836169,830156,154160,444

242,910241,383250,045242,498247,792

5,7685,7685,7685,7675,769

11,28811,28811,28811,28811,288

2,7571,7271,668537

4,135

59,07459,86959,22459,10158,549|

132123132151161

61,96361,71961,02459,78962,845

80,48082,49382,95585,04988,320

4,4234,4244,4284,4264,428

8,9428,9428,9428,9428,942

1,7881,0022,1941,0684,422

50,69052,83851,05252,67753,019

145129532130109

52,62353,96953,778]53,87557,550

126,776128,483128,051128,673129,467

51,34658,44657,23067,44651,729]

43,46740,47852,42458,53353,911

13,85516,66416,98021,12917,158

15,16615,16415,16615,19215,192

30,39830,39830,398. 30,39830,398

3,45010,4721,1993,6414,011

273,910267,141271,723269,634267,618

1,4191,2771,6341,553

964

278,779278,890274,556274,828272,593

409,967417,207414,481412,134412,250

1,045

60,21265,65769,28577,49366,783

4,9904,9944,9954,9954,997

9,6659,6659,6659,6659,665

3,4303,8602,6001,3412,449

68,30267,87768,76465,69864,399

517519656533472

72,24972,25672,02067,57267,320

71,58571,52772,29772,31073,038

29,27432,88334,61936,62732,398

3,5233,5223,5213,5213,521

7,4737,4737,4737,4737,473

1,599346

1,434225

1,500

46,63943,60247,68845,07846,659

315332468275280

48,55344,28049,59045,57848,439

54,75556,69157,16357,95458,002

12,32913,64115,14216,21615,011

4,5804,5444,5514,5514,558

78,093]81,132!77,838i77,816!

78,753:

407i512!437;683!526;

80,374'83,076!80,03980,57081,451'

63,59863,997;63,793;63,308,62,552!

34,25836,71441,33543,08537,855

4,1884,1884,1884,1884,188

7,4967,4967,4967,4967,496

1.7381,359951

1,6954,180

44,42347,19648,67151,55351,973

198209235542239

46,35948,76449,85753,79056,392

40,39444,29045,79649,97051,653

520509509497492

22,63026,04129,74633,99729,010

7,840-7,8417,7717,7717,771

15,26315,26315,26315,26315,263

4,0912,9893,6312,6142,925-

147,781144,160'152,596147,591145.465

4,1683,8393,7764,4814,033

156,040150,988160,003154,686152,423

211,021217,534218,676218,363216,569-

34,85435,34145,55442,69140,634


1154 FEDERAL. RESERVE BULLETIN. OCTOBER, 1923.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 28,

1923—Continued.

LIABILITIES—Continued

[In thousands of dollars.)

Total. Boston. New-York.

Phila-delphia.

Cleve-land.


cago.St.

Louis.Minne-apolis.

KansasCity. Dallas.

SanFran-cisco.

All other liabilities:Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

Total liabilities:AUK. 29Sept.5Sept.12Sept. 19Sept.26

MEMORANDA.

Ratio of total reservesto deposit and F. R.n o t e liabilitiescombined—percent:


Continsent liabilityon bills purchasedfor foreign corre-spondents:

Aug. 29Sept. 5Sept 12Sept. 19Sept.26

20,16119,87920,58021,45521,311

4,967,2295,030,1855,124,1365,138,4355,078,259

77.576.75.977.276.

35,40434,30433,78433,75f33,794

900915911958

422,361429,868438,259443,303433,341

77.077.176.279.183.0

3,9833,9734,1433,9984,253

1,363,9051,372,8541,400,3671,394,8501,389,707

1,5241,5781,6301,6011 " ~

412,603!416,106418,705!424,417410,524

84.780.781.387.783.7

12,37511,14311,93011,89811,940

76.576.977.077.377.9

• 3,0283,0462,8742,8742,874

1,7841,7401,8101,8101,855

497,939505,134514,645503,637497,549

78.180.677.479.680.0

3,3,8243,6093,6093,609

1,1261,1791,2021,2511,280

204,092202,925214,661221,677223,413

56.153.354.150.153.6

1,8311,8421,7381,7381,738

207,691213,591213,299218,208218,782

67.564.362.457.355.6

1,4441,4521,3701,3701,370

2,1521,8021,9142,7502,020

797,719809,118805,800812,795799,236

85.285.084.181.982.4

4,8954,9234,6454,6454,645

1,1681 1951,2391,3441,379

188,931192,520194,835192,513188,797

63.461.160.351.50.

1,5491,5581,4701,4701,470

1,3871,3751,4831,4381,408

128,020126,982134,372132,179133,854

65.467.264.267.065.2

1,1971,2041,1361,1361,136

971972

1,0171,014

193,282198,790200,178202,019196,918

68.268.068.563.861.8

1,5141,5231,4371,4371,437

2,1012,0852,1472,1352,166

123,688133,373139,739152,073151,397

51.957.954.458.457.7

1 '1,2751,2031,2031,203

1,9801,9572,0091,9902,081

426,998428,924449,276440,764434,741

72.572.573.374.674.1

2,5002,5142,3722,3722,372

TMATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12FEDERAL RESERVE BANKS COMBINED.


Total. Within 15days.

16 to 30days.

31 to 60days.

61 to 90days.

From 91days to 6months.

Over 6months.

Bills discounted:Aug. 29Sept.5Sept. 12Sept. 19Sept. 26

Bills bought in open market:

Sevi.6.'............................Sept. 12Sept. 19Sept. 26

TJnited States certificates of indebtedness:Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

-Municipal warrants:Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

815,518850,094841,359774,240862,008

202020317317

531,631572,012558,412482,783571,155

173,485174,563179,313171,044172,124

2,0522,4525,1397 9194,148

54,60060,11561,97156,62156,831

2351,8274,4526,1202,375

64,24174,31776,54583,72581,295

32,09433,81534,54533,48334,308

706

120,476117,292119,401121,103120,935

52,33948,27745,66239,97638,148

76,80968,48771,15272,79375,155

29,67428,50133,30038,37438,749

612

1392264

266

22,12717,76515,62513,60813,223

4,7783,8553,8352,5904,088

49377409

1,1121,509

2020205151

234221224228245

450248277295



FEDERAL RESERVE NOTES.FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26, 1923.


Net amount of F. R.notes r e c e i v e dfrom Comptrollerof the Currency:

Aug. 29Sept.5Sept. 12Sept.19Sept.26

F. R. notes on hand:Aug. 29Sept.5Sept. 12Sept. 19Sept. 28

F. R. notes out-standing:

Aug. 29Sept.5Sept. 12Sept. 19Sept.26

Collateral securityfor F. R. notes out-standing:

Gold and goldcertificates—


Gold r e d e m p -tion fund—


Gold fund—F.R. Board—


Eligible p a p e r -Amount re-

quired—Aug. 29..Sept. 5 . .Sept. 12.Sept. 19.Sept. 26.

E x c e s sa m o u n theld—

Aug. 29..Sept. 5..Sept. 12.Sept. 19.Sept. 26.

Total.

3,552,7033,563,4313,584,4393,607,1993,610,978

865,944861,854867,749885,464885,114

2,686,7592,701,5772,716,6902,721,7352,725,864

320,424320,924321,359320,959320,959

124,045119,710119,921116,797120,813

1,616,6951,620,0661,629,2771,628,7321,620,193

625,595640,877646,133655,247

324, S67340,070333,937244,671327,216

Boston. NewYork.

324,164323,280327,536346,554342,219

83,95083,95085,550102,850101,950

240,214239,330241,986243,704240,269

1,053,6491,054,7411,051,8331,045,8321,047,465

313,260313,260313,260313,260313,260

740,389741,481738,573732,572734,205

35,3O0 235,53135,300 | 235,53135,300 j 235,53135,30035,300

18,17717,29315,14912,16717,832

138,000138,000138,000138,000143,000

48,73748,73753,53758,23744,137

31,34832,21126,7088,06516,656

235,531235,531

29,49829,34128,98728,748

371,000371,000371,000371,000371,000

104,360105,609103,05597,29399,181

89,611121,018114,851

37, 214101,633

Phila-delphia.

277,217279,523287,240288,393284,298

43,36046,84049,70051,40050,000

233,857232,683237,540236,993234,298

7,0007,0007,0007,0007,000

14,32115,78711,94311,49612,402

145,389146,389155,389153,389150,389

67,14763,50763,20865,10864,507

3,6584,4324,997591

1,512

Cleve-land.

295,219296,063300,148301,835304,159

29,72031,72029,52032,72031,620

265,499264,343270,628269,115272,539

8,8058,8058,8058,8058,805

14,60613,75113,23615,02316,147

185,000185,000185,000185,000185,000

57,08856,78763,58760,28762,587

37,42528,88031,51722,85124,986

Rich-mond.

115,090115,570114,251118,471120,144

26,47025,63023,23025,40024,920

88,62089,94091,02193,07195,224

4,2573,2761,9573,6772,390

24,79524,79524,79526,79526,795

59,56861,86964,26962,59966,039

7,4197,7456,94513,44210,146

Atlanta.

223,212222,475221,740220,470222,007

81,97780,55778,99277,20777,857

141,235141,918142,748143,263144,150

2,4002,4002,4002,4002,400

6,3935,6564,9203,6505,588

Chicago.

584,752582,862586,993588,757582,526

124,300115,700120,500121,900118,940

460,452467,162466,493466,857463,586

10,29010,18010,0929,964

87,00084,00081,00075,00070,000

45,44249,86251,42862,21366,162

10,45511,3467,3668,50710,249

381,645381,644381,645391,645391,644

68,51775,33874,75665,24862,062

43,17138,68233,16153,91665,242

St.Louis.

114,090114,848114,383113,717115,714

24,89024,79024,59024,39024,390

89,20090,05889,79389,32791,324

11,88011,88011,88011,48011,480

3,2263,2832,4982,8322,789

35,00034,00034,00028,00022,000

39,09440,89541,41547,01555,055

18,19919,05518,25022,03716,673

Minne-

72,39672,39673,04773,18572,604

12,86011,08011,78011,66510,805

59,53661,31661,26761,52061,799

13,05213,55213,05213,05213,052

1,2531,2533,9043,5222,940

21,00021,00021,00021,00021,000

24,23125,51123,31123,94624,807

4,016289

5,8722,7854,268

KansasCity.

101,049104,886110,315110,816110,014

27,61330,61336,21336,01336,013

73,43674,27374,10274,80374,001

2,8332,6694,0983,6002,797

37,36037,36040,36040,36040,360

33,24334,24429,64430,84330,844

8,4066,87010,48015,14118,025

Dallas.

71,52577,15276, 73376,26083,714

27,34428,51426,61422,05926,759

44,18148,63850,11954,20156,955

6,4566,4567,3917,3917,391

2,6612,3682,9493,4782,929

7,5009,5009,50011,50012,500

27,56430,31430,27931,83434,135

20,79015,53718,06219,5%17,860

SanFran-cisco.

320,340319,635320,220322,909326,114

70,20069,20067,80066,60068,600

250,140250,435252,420256,309257,514

16,53014,85320,18818,64216,626

183,006187,378187,588187,043186,505

50,60448,20444,64450,62454,383

50,36954,00555,72840,526



CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES.PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM

AUGUST 22 TO SEPTEMBER 19, 1923.

ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.

(In thousands of dollars.)

Number of reporting banks:Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

Loans and discounts, gross:Secured by U. S. Gov-

ernment obligations—Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

Secured by stocks andbonds—

Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

All other loans and dis-counts—

Aug. 22Aug. 29Sept.5Sept 12Sept. 19

Total loans and discounts:Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

U. S. pre-war bonds:Aug. 22Aug.29Sept.5Sept. 12Sept. 19

U. S. Liberty bonds:Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

U. S. Treasury bonds:Aug. 22Aug. 29Sept.5Sept.12Sept. 19

tr. S. Treasury notes:Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

V. S. certificates of indebt-edness:


Other bonds, stocks, andsecurities:


Total loans, discounts, andinvestments:


Total.

769770770

227,398230,001229,243231,783245,301

3,616,1453,641,3743.661,1133', 660,2423,696,676

7,832,9647,836,1767,880,1947,948,2107,949,674

11,676,50711,707,55111,770,55011,840,23511,891,651

274,989274,456274,746274,707274,840

1,053,3611,064,0901,058,2631,059,1811,051,603

90,78189,79288,42588,03487,059

879,476881,155871,699859,616861,145

93,06083,36280,82180,501!

135,7901

2,143,1'2,143,93312,139,773]2,146,4442,153,932

16,211,34616,244,33916,284,27716,348,718116,456,1—

Boston.

12,02812,15712,44811.87811 996

NewYork.

Phila-delphia.

110110110111111

75,75577,23376,95777,16692,143

241,1331,446,296238,3861,490,958235,5941,500,730235,16011,491,127240,195 1,507,455

630,168 2,507,628, f "'633, i645,'640,

(816 2,1,357 2,

i, 177 2,

883,879,881,892,892,

329 4,359 4̂399 4:

368 4,

, , 7 2 4,509,449,526,812,554,152,555,819

12,53312,53312,53312,13212,293

79,32180,11279,39179,87578,431

5,0654,8124,90Si4,805!4,80S

28,67628,63728,75625,70328 868

1,7161,4241,0961,20115,145

168,533168,453167,331171,069170,784

1,029,7751,077,6401,104,4991,122,4451,155,417

49,07948,02648,07848,23148,231

467,288472,221471,907472,251472,637

27,74327,48027,19227,18027,241

477,123468,599462,886457,318456,888

19,02511,69611,32111,19225,755

730,737727,846733,884730,069735, 111

Cleve-land.

19,26119,45119,30318,72118,989

257,428257,132261,251264,496265,488

357,258356,350355,361357,838357,999

633,632,635,641,642,47i

947 1933 1915 1055 1'61

1,179,173 5,800,7701,175,330 5,833,50S1,175,414 5,859,7671,186,940 5,868,6861,202,697 5,921,280

10,69810,69710,69810,69810,"""

44,32444,51344,44844,36643,942

3,3003,2713,3043,2783,312

51,82549,68149,67549,56250,471

4,9405,1403,5893,6104,380

181,121181,047180,037179,911180,577

28,87628,50229 62030,34228,483

401,277402,304400,556399,182406,442

699,145698,686694,297696,592690,294

.,129,298

.,129,492

., 124,473

., 126,116

.,125,219

47,82247,82447,92447,82947,888

116,941117,318116,075116,604116,508

5,2635,2274,9234,9134,671

57,45256,79956,54056,82557,851

6,9676,8586,9876,871

13,421

297,318297,954298,335298,257297,967

930,1551,661,061927,2821,661,472927,6661,655,257932,4801,657,415935,8561,663,525

Rich-mond.

8,577

8,7118,820

120,473119,215120,319121,039121,269

327,753330,064333,109334,763334,699

456,803458,172462,034464,513464,788

29,33529,34429,34429,04029,410

32,20732,69032,18832,01432,593

4,0654,1144,0644,7354,104

11,07610,76311,77111,78212,434

2,2592,3442,8032,7235,781

51,24751,18751,18651,20151,286

586,992588,614593,400596,008600,396

At-lanta.

7,7567,9997,9788,0758,339

62,48064,11263,99363,81565,085

,8711329,328,8781330,334,171340,537

989 1.

0611

400,10:400,98!402,347406,061413,961

14,43514,43114,43014,43014,430

14,30014,25314,24014,18714,04'

1,9251,9251,8411,8411,781

5,9085,9055,9116,8066,778

6,7857,5077,4936,7898,637

41,12541,24941,17241,79841,920

Chi-cago.

106106108106106

35,99135,80534,61436,25935,720

586,557573,127577,793582,760582,969

,135,458,133,573

1,151,8361,152,9571,152,042

1,758,0061,742,5051,764,2431,771,9761,770,731

24,45624,49624,71424,76724,707

96,242100,09199,227

100,36295,5%

12,44712,66212,37612,37612,542

122,929138,364132,457131,855123,4lr

21,36219,89519,84219,71828,147

341,664342,664333,929335,402337,534

St.Louis.

11,87612,26412,29012,44512,244

138,376138,288140,034139,697140,389

309,852307,352309,059310,985313,277

460,104457,904461,383463,127465,910

15,33515,33515,33515,33415,304

23,68223,83523,61523,59122,865

9,4799,3819,3358,7238,601

21,31721,56021,37020,56420,799

6,2146,0226,1486,2387,065

84,86485,11684,39384,88685,189

484,585 2,377,106! 620,995486,259 2,380,677! 619,153487,434 2,386,788| 621,579491,912 2,396,456! 622,463501,554 2,392,672' 625,733

Minne-apolis.

KansasCity.

4,3714,4444,4904,5034,593

39,42941,31641,32441,52140,635

184,879189,016192,217194,259196,987

228,679234,776238,031240,283242,215

8,486

9,0119,1119,161

11,69611,68111,79913,29913,312

1,2201,2191,119955955

28,73528,23529,35827,86928,151

2,2722,2671,6531 6523,962

28,97329,13728,51228,70428,330

310,061316,276319,483321,873326,086

Dallas.

76767676!76j

6,896

8,0178,537

81,93581,76482,66480,57079,989

358,018354,150356,497355,566355,128

446,849442,912446,021444,153443,654

11,71511,71511,60011,60011,505

50,96049,87049,31249.44149,131

4,9034,9014,8814,7804,r"

21,84919,85219,03319.09019;194

5,6574,9955,0545,0734,605

59,77359,93461,09261,05960,422

601,706594,179596,993595,196593,261

3,7673,7603,6943,2843,174

51,58451,86153,15754,56555,515

203,832202,294201,039207.411208,711

259,183257,915257,890265,—267

2601400 1

20,86120,86120,77120,86120,961

14,03914,04313,91113,74113,793

1,9521,9771,9772,2021,977

12,74512,52412,93812,94213,382

4,0043,3533,3873,7754,9401

10,68710,74611,11610,866!11,618!

SanFran-cisco.

6666666666

12,24412,49512,38312,38212,263

189,177182,911183,698186,310191,245

789,006797,548796,234804,399804,004

990,427992,954992,315

,003,091.,007,512

30,23430,23330,30830,67430,192

102,361103,463102,15099,45098,748

13,41912,82312,50512,24612,377

39,84140,23641,00439,30042,914

11,85911,86111,44811,65913,952

147,130148,600148,776153,222153,194

323,4711,335,271321,4191,340,170321,9901,338,506329,6471,349,642334,0711,358,889



PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM

AUGUST 22 TO SEPTEMBER 19, 1923—Continued.

ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.


Total. Boston. NewYork.

Phila-delphia.

Cleve-land.

Rich-mond.

At-lanta.

Chi-cago.

St.Louis.

Minne-apolis.

KansasCity. Dallas.

SanFran-cisco.

Reserve balance with F. R.banks:

Aug. 22Aug. 29Sept. 5Sept. 12Sept. 19

Cash in vault:Aug. 22Aug. 29Sept. 5Sept. 12Sept. 19

Net demand deposits:Aug. 22Aug. 29

1,340,5291,305,5881,367,8271,379,7171,339,553

281,274282,805286,663292,752286,427

10,889,593„„„. - 10,880,405Sept. 5 110,963,233Sept. 12Sept.19

Time deposits:Aug. 22Aug. 29Sept. 5Sept. 12Sept. 19

Government deposits:Aug. 22Aug. 29Sept. 5Sept. 12Sept. 19

Bills payable and redis-counts with F. R. banks:

Secured by U. S. Gov-.vernment obligations—

Aug. 22Aug. 29Sept. 5Sept. 12Sept. 19

All other—Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

11.0S2.167U,019,656J|

3,981,1124,005,7734,009,2364,004,6104,012,034

132,315121,642109,55698,238235,884

256,246269,918296,770288,191220,921

233,147251,335260,271268,832270, 111

82,46783,92181,71284,46480,610

19,35718,56918,80819,27418,956

793,786,790,805,798,

234 4.114 4'843 4332 4'342 4

268,622268,582269,383269,0211269,629

20,70219,66218,61116,75241,037

10,6087,8099,4108,7777,805

28,50640,29340,07140,37830,758

589,946602,981604,993614,745595,333

79,82479,59281,83182,40781,358

1,500,679:, 509,994L 546,4801,581,8511,643,586

891,388902,635905,403;900,897904,079

37,19933,04028,25,92259,614

107,949107,979136,164127,93672,441

36,42046,62850,46953,03640,067

70,25470,77376,01368,39468,650

16,14016,36415,86716,13315,928

688,788684,238690,624691,184680,984

103,003104,599102,195103,733103,411

312,26^12,1910,591"!9,530i

19.8121

18,09721,49120,33718,14618,407

I16,815J15,73613,54216,84817,492

109,250107,194108,108111,273100,369

32,61531,32732,13433,26732,790

927,897923,308926,729919,827910,348

587,690592,008594,850595,334592,424

7,5226,7896,1985,58821,839

20,16720,53517,44826,52815,392

19,85817,65214,88717,97519,102

33,52234,16635,61433,99933,729

13,10913,56113,60113,50713,360

322,137323,4431326,890330,205322,162

151,392151,536151,806151,053153,173

5,5135,1104,6854,2229,218

20,63219,28119,01018,53621,536

18,33619,50320,80721,47525,771

33,57030,33032,89831,58532,731

9,9539,9389,971

10,2679,853

266,4961262,7481263,236 1266,8381262,7551

178,561178,295178,279178,136179,757

6,3045,8145,5084,753

11,089

3,7996,5126,5478,3097,506

12,11012,51315,84315,41319,985

190,847200,868195,658199,250195,793

53,81653.90056,34657,66154,595

,481,122,495,870,502.878,526,589,484,245

780,362779,960781,226781,652781,153

16,94815,54413,61112,24526,050

16,55321,46525,05515,33618,137

23,12415,14017,05118,81325,545

39,67939,45940,03240,43337,869

7,8927,6538,1717,9507,981

336,270335,069339,567344,204329, •—

190,939191,179190,654188,688188,578

4,3283,6032,9762,6788,636

14,46315,26515,28113,58813,828

24,769]22,85124,26425,18833,944

22,17122'—19,09022,32120,000

5,9506,1595.8646,4175,598

188,199192,170195,260200,406198,420

86,94787,12986,76184,87684,722

3,1522,9422,7622,4855,237

5,6955,3854,2856,8103 , " "

4,9004,2633,7195,0656,601

48,65048,65449,41245,89745,821

12,42614,69112,74413,40212,432

440,514436,266439,974447,857426,937

134,020i134,5261135,4871135,013134,329]

1,579|1,361!1,139]

8402,743

22,18421,48623,35922,86224,778

9,4509,85210,1539,9409,689

209,926208,088214,502222,051225,254

74,66274,41574,05275,10275,344

3,6473,4573,2682,9418,264

9,32510,2239,O6ll8,843!

12,605j

15,879i14,750115,62415,237!17,019!

5,2633,8135,6094,0394,213

11,16312,59910,9199,0256,228

97,989103,463100,938104,494103,870

20,74221,19921,17322,52723,887

734,331723,097726,250745,823737,130

533,526540,909539,137E41,105545,435

13,15812,12811,40210,28222,345

23,39530,16028,56331,36325,366

21,26729,40733,07530,37927,599

REPORTING MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES.

Number of reporting banks:Aug.22Aug. 29Sept.5Sept. 12Sept. 19

Loans and discounts, gross:Secured by U. S. Gov-

ernment obligations—Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

Secured by stocks andbonds—


All other loans and dis-counts—


257257257258258

149,777152,272152,374153,167168,351

2,526,6012,563,7382,578,6662,575,1802,602,950!

4,862,6444,860,3704,896,7454,943,6164,936,733

9,5749,6859,9429,3869,519

184,181,179,182,183,

203185614471064 1397 1

482,480, ,485,152 2,214,491,489

,056 2,,744 2,

,702 2

68,72668,44268,76383,996

.,272,197

.,316,122

.,325,367,311,657.,329,918

17,65117,85117,68117,08517,422

220,537222,257226,798229,760231,834

,195,172 328,052,197,710 326,761,214,769 325,509

, ,240,052 328,195489,7512,240,8831 325,886

5,9206,0177,4737,7567,858

157,795161,339158,552158,323162,864

317,081316,019315,520316,835312,038

1010101010

1,3321,5571,5391,5011,469

18,96418,96019,61819.52519,672

66,52767,42267,93068,40069,029

66666

2,1282,1102,1942,1432,152

10,92111,34611,81112,24511,937

58,82257,74255,71457,63158,197

4949494949

28,12827,61226,43628,09327,529

435,084423,629428,362433,063432,436

667,337668,166679,586679,381678,701

8,4968,9509,11419,198!9,107]

96,26595,84796,35695,68696,860

181,458178,261

1,4021,4791,4941 , . ' "1.'

13,50315,51515,92316,16216,289

2,1062,0891,9961,9811,958

20,27820,14620,01120,17220,100

98,053] 115,46799,727

180,660 101,650181,735] 101,737

114,554113,951112,978

182,6071 103,325 112,543

1,3291,3351,336946958

11,94311,97111,99511,50611,529

49,79349,43649,85253,67853,871

1515151515

4,8264,8614,7274,8164,795

84,91184,75084,42685,01786,414

302,826303,828306,452311,292309,802




AUGUST 22 TO SEPTEMBER 19, 1923—Continued.

REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.


Total loans and discounts:Aug. 22Aug. 29Sept. 5Sept. 12Sept.19

FJ. S. pre-war bonds:Aug. 22Ang. 29Sept.5Sept. 12Sept. 19

V. S. Liberty bonds:Aug. 22Aug.29Sept.5Sept.12Sept. 19

US. S. Treasury bonds:Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

U. S. Treasury notes:Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

U.S. certificates of indebted-ness:

Aug. 22Aug. 29Sept5Sept. 12Sept.19

Other bonds, stocks, andsecurities:


Total loans, discounts, andinvestments:

Aug. 22Aug. 29Sept.5Sept.12Sept. 19

Reserve balance with F. R.banks:

Aug.22Aug. 29Sept. 5Sept.12Sept. 19

Cash in vault:Aug.22Aug. 29Sept.5Sept. 12Sept. 19

Net demand deposits:Aug.22Aug. 29Sept.5Sept. 12Sept.19

Time deposits:Aug.22Aug. 29Sept.5Sept. 12Sept. 19

Government deposits:Aug.22Aug.29Sept.5Sept.12Sept. 19

7,539,0227,576,3807,627,7857,671,9637,708,034

94,31693,25693,29993,20393,260

635,063644,110641,685641,511633,795

46,78946,25745,38645,18945,202

645,741650,527644,566637,936630,618

43,26133,40231,44432,28565,493

1,130,0271,128,3151,129,5971,132,1231,139,971

10,134,21910,172,24710,213,76210,254,21010,316,373

943,288962,293973,406978,119947,371

141,142,136144,269147,711143,339

7,364,1787,376,1277,444,1857,504,4857,497,364

1,936,1271,952,1061,952,3991,955,6781,957,339

86,31678,39469,96362,796153.409

Boston.

675,672,674,

833 3,,534,254,582,558,608,578

683; 152 3,620 472682,667 3,654,797

285 35413

2,0802,0802,0801,6791,840

34,32035,09234,35334,82433,587

2,7322,4802,4772,4762,479

20,27220,22720,14520,15320,321

394365345

13,450

76,59176,19775,03675,60777,733

NewYork.

Phila-delphia.

38,32837,27537,27537,42837,428

401,209406,257405,886406,637406,547

18,52518,42218,13518,12418,134

442,556434,284428,642423,077422,456

16,6489,3078,9249,308

20,604

525,250521,549527,515524,403527,611

812,513 4,976,770808,755:5,009,652808,997 5,034,955818,236 5,039,449832,077 5,087,577

64,97565,76164,52965,01163,208

8,4368,1248,3888,1477,890

541,535554,599558,407563,581547,920

65,25165,46666,41068,01166,090

608,3014,022,508603,753,4,036,891607,22414,069,903615,5514,098,661610,628 4,164,240

116,761116,973117,586116,905117,335

19,38218,531:17,67415,90838,582

607,168618,118618,266618,118620,503

34,52830,69826,88324,19153,758

506,240566,869569.988575,040575,142

6,5586,5576,5586,5586,558

32.94033,13233,06332,96432,520

2,3992,3692,4022,3762,410

48,15446,20846,20346,09146,507

4,6704,6703,1193,1403,633

145,436145,301144,336144,212144,852

806,397805,106805,669810,381811,622

63,73363, Hr69,80061,67961,636

13,07213,15212,75512,98712,615

600.033596,656603,597603,118593,804

82,61483,84081,75783,40982,949

10,4439,68618,9408,045

16,872

Cleve-land.

4«0,483,481,482,

796375545914

482,760

4,4,4,4,4,

24,24,24,24,24,

9,

525525525525525

515521065186148

771771760860860

83710,0189,9,9

695930984

2,8402,8402,8402,8432,172

7273727372

6991408672612970

595,983599,190596 297598,520597

3532363831

9

419

410384607074293

0809,15499047488

9; 459

25125325525424S

340344346346

344267906134

812262191400

342; 053

11114

592405218097725

Rich-mond.

86,82387,93989,89,90,

11,1,1,1,

087426170

805814814814805

4,8954,4,896476

4,478I,

5555

910

341291240240281

846845845846846

2020438438277

542499360330

5,395

100,272101 304102,260102,572103,684

45655

5153525251

542842116340730

889937851940995

698073586608235

25,76025252525

640696715638

626558501451873

At-

8711, 198 I!i, 719 1

:72,72,2861

2,8612,8572,8562,8562,856

273273273270270

7575757515

361361361361361

1,4641,4641,4641,4642,184

4,0463,9813,9443,9093,859

Chi-cago.

,130,549,119,407., 134,384,140,537,138,666

4,0854,0754,0684,1214,095

39,01442,93343,01043,18238,427

5,3855,6805,3905,3915,422

68,94484,97284,39983,15975,265

7,7086,2586,1616,226

10,047

163,240163,550161,596162,809164,357

80,9511,418,92580,209!l,426,87578,692;i,439,00880,9541,445,42581,8311,436,279

5,1204,5855,8995,7685,427

1,11,6271,8651,9041,894

130,991138,392135,596135,341132,458

28,83629,20630,06730,435]29,615

St.Louis.

286,219283,058286,130286,619288,274

8,2258,2258,2258,2248,224

15,02914,88614,88514,85614,505

7,7377,6407,6407,6247,506

14,62114,78014,48214,36514,555

4,8544,7624,8444,9445,626

52,03752,56552,66353,01153,703

45,436 987,55044,0631,000,82044,9501,007,66846,469|l,019,45946,256 986,418

23,56123,48923,57123,58823,570

803735650585

1,548

363,970363,946364,779365,534364,862

6,7556,1144,8604,37211,126

Minne-apolis.

112,958116 721119,067119,398121,202

3,2313,2313,2813,3813,431

6,6076,6256,6456,8856,903

660659659495495

11,78311,78312,46212,25212,513

1,3201,315811810

2,190

13,64813,97913,46113,69313,359

388,722 150,207385,916388,869389,643392,393

25,54624,75326,21327,88524,975

3,3893,4193,4763,4753,402

223,875223,103230,873232,665223,263

107,014107,049106,700105,609105,582

3,1462,5221,996!l,798l7,144'

154,313156,386156,914160,093

11,41911,4778,648

12,0929,337

1,9751,9421,7872,1121,949

87,65190,81993,62396,02795,210

43,72744,18443,93842,04642,073

799705612550

2,127

KansasCity. Dallas.

137,851136,789135,958135,131134,601

2,0502,0502,0502,0502,050

23,33822,36021,85621,96821,716

922922900865

8,0876,8776,7136,7816,748

234272331280646

11,64311,78512,40412,34712,067

184,125181,055180,212179,422178,694

16,77014,77816,34616,27915,862

2,2972,3132,4082,5512,314

158,764155,518156,716154,757148,370

13,16213,07713,09413,03613,060

1,135965789525

1,757

63,06562,74263,18366,13066,458

5,1485,1485,1485,1485,148

4,1444,1333,9333,9333,933

1,1031,1281,1281,1281,128

4,0894,0894,1294,4294,399

2,0851,3841,3641,7042 " -

2,6752,6752,7752,7892,893

82,30981,29981,66085,26186,848

5,9405,7966,3576,0996,670

1,2381,2461,3351,3571,398

56,88656,15758,52261,230i62,264|

11,62311,59511,45311,49611,698

2,2782,1762,0761 , —5,

SanFran-cisco.

392,563393,439395,605401,125401,011

15,42015,41915,41915,41915,300

48,77949,00249,24047,32846,329

6,1395,8205,5805,5355,606

16,19116,08316,49016,49216,663

733716783783

1,775

57,2?058,09457,64060,75161,172

537,045538,573540,757547,433547,856

37,30740,78138,88840,97042,855

5,5755,5505,8806,3045,718

270,132262,007262,617269, f 06266,982

199,955199,933199,368203,822208,016

4,8294,2993,7643,40&9,011




AUGUST 22 TO SEPTEMBER 19,1923—Continued.

R E P O R T I N G MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES—Continued.

[In thousands of dollars.)

Bills payable and redis-counts with F. R. banks:

Secured by U. S. Gov-ernment obligations—

Aug. 22Aug. 29Sept.5Sept. 12Sept.19

All other—Aug. 22Aug. 29Sept.5Sept. 12Sept. 19

MEMORANDA.

Bank deposits:Due to banks—


Due from banks—Aug. 22Aug.29Sept.oSept. 12Sept. 19

Total.

150,465156,457186,200172,853114,009

141,823158,889164,404172,117158,493

1,813,0891,807,0681,898,5151,894,5941,904,354

465,825452,129502,827503,757512,604

Boston.

7,9864,0375,8885,6654,735

27,14439,33439,22439,50129,881

100,78498,160

105,815107,503107,049

28,55528,75532,45731,20034,371

NewYork.

84,18180,496

108,49698,19145,206

28,05637,65641,76543,07030,813

840,751833,246859,858851,613881,149

65,07069,40572,38469,41971,815

Phila-delphia.

16,12218,59117 73715,69615,282

16,29815,23413,04016,34616,990

152,995150,401159,344155,089162,206

52,46348,15250,79550,36453,366

Cleve-land.

550150

500800

6,1133,2201,2755,4743,593

43,51943,05347,57444,47444,078

19,96619,01521,79320,85121,273

Rich-mond.

2,6921,8402,69113,1103,558

5,3846,4736,9747,0618,555

25,53024,35526,36826,38528,300

12,77911,32112,72813,72315,639

At-lanta.

38543763

2,4562,2482,5572,4522,390

11,64511,01112,09012,30212,880

6,6285,4447,3846,4576,607

Chi-cago.

3,56510,85515,2147,6779,316

12,0756,3327,6376,63413,714

322,393337,942352,095355,551331,000

142,933133,799148,315149,206146,529

St.Louis.

6,7306,6575,8375,6705,401

13,50410,54711,13212,37216,307

71,80768,96572,75972,18171,044

21,37221,26222,74122,45822,223

Minne-apolis.

KansasCity.

4,0854,3352,4354,5351,285

3,0722,2521,8403,3885,345

35,59837,85242,06643,49443,520

15,79413,58218,46619,14320,471

2,2,9482,2712,8696,384

6,7375,0886,1905,8656,459

100,86198,686104,577101,70998,217

38,75937,84744,45843,92840,637

Dallas.!

1,140450

1,5002099

4,0346,0545,3724,9022,360

14,65316,38423,17928,19331,121

15,26416,08422,85926,87228,206

SanFran-cisco.

20,74626,09824,09328,18821,270

16,95024,45127,39825,05222,086

92,55387,01392 79096,10093,790

46,24247,46348,44750,13651 467

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES.



No. 1—BostonNo. 2— New YorkNo. 3—Philadelphia...No. 4—ClevelandNo. 5—R ichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—MinneapolisNo. 10—Kansas Ci ty . .No. 11—DallasNo. 12—San Francisco.

Total

New York CityOther cities

Numberof cities.

1140

July, 1923.

1,983,22319,008,3721,826,5602,237,042

681,119837,023

4,509,455980,103593,964

1,081,943420,874

2,344,597

36,504,275

18,320,62618,183,649

August, 1923.

1,771, 57216,829,3861,733,1712,081,604668,610790,799

4,240,633930,888598,206

1,106,154448,966

12,295,578

'33,495,567

16,188,613i 17,306,954

September,1923.

1,760,95617,414,9761,670,2262,005,409655,258835,330

4,208,411945,160635,309

1,069,497540,722

2,318,614

34,059,868

16,799,45417,2(50,414

July, 1922.

1,899,37320,328,5101,668,3161,911,065636,506743,297

3,995,629871,384554,605

1,041,778432,944

1,972,381

36,055,788

19,713,13416,342,654

August, 1922.

1,586,09418,854,4421,589,8191,850,667616,520739,642

3,991,612830,180580,550

1,056,449440,729

1,999,425

34,136,129

18,287,22415,848,905

September,1922.

1,717,63519,793,0051,646,5391,877,032596,901800,649

4,070,134908,393654,491

1,058,493541,700

2,103,481

35,768,453

19,215,29616,553,157

W E E K L Y SUMMARY FOR BANKS IN 246 CITIES.[In thousands of dollars.)


No. 1—BostonNo. 2—New YorkNo. 3—Philadeplhia....No. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—MinneapolisNo. 10—Kansas C i ty . . .No. 11—DallasNo. 12—San Francisco..

Total

Num-ber of

centersin-

cluded.

161318232324331216271526

246

1923Week ending—

Aug. 29.

398,7313,674,062

414,260508,866224,142167,870931,472211,781137,179259,464140,832495,854

7,564,063

Sept. 5.

389,3533,605,369

386,583531,311246,755176,182866,720217,658137,147255,744143,673480,503

7,436,998

Sept. 12.

456,0533,931,176

444,483575,386249,762204,540

1,063,119254,507169,540289,592165,042533,703

8,336,903

Sept. 19.

518,6864,838,733

486,720612,442296,023237,627

1,157,074270,045174,359294,137193,705670,134

9,749,685

Sept. 26.

444,9094,384,476

444,648589,440255,409218,965

1,068,315240,329156,244276,916176,095583,714

8,839,460

1922Week ending—

Aug. 30.

351,7374,008,669

384,009446,656202,041163,457886,203180,103131, 248232,923115,816405,743

7,508,605

Sept. 6.

357,2154,105,263

361,944454,951215,464170,938847,718195,376135,655228,311132,212466,178

Sept. 13.

407,4684,555,707

397,408521,153222,897189,423923,903223,916160,039282,159161,525506,738

7,671,225 8,552,336

Sept. 20.

496,6625,215,474

470,815571,296259,991214,152

1,073,201258,180173,193285,887173,247564,927

4,757,025

Sept. 27.

426,9464,464,122

419,018530,860227,863195,484988,007224,606158,278254,941163,612478,353

8,531,790

'Revised figures.


1160 FEDERAL EESERVE BULLETIN. OCTOBEB, 1923.

DEBITS TO INDIVIDUAL ACCOUNTS BY BANES IN SELECTED CITIES-Continued.

DATA FOB EACH CITY.


District No. 1—Boston:Bangor, MeBoston, MassBrockton, MassFall River, MassHartford, ConnHolyoke, MassLowell, MassLynn, MassManchester, N. HNew Bedford, MassNew Haven, ConnPortland, MeProvidence, R. ISpringfield, MassWaterbury, ConnWorcester, Mass

District No. 2—New York:Albany, N. YBinghamton, N. YBuffalo, N. YElmira, N. YJamestown, N. YMontclair, N. JNewark, N. JNew York, N. YNorthern New Jersey Clear-

ing House Association—Passaic, N.JRochester, N. YStamford, ConnSyracuse, N. Y

District No. 3—Philadelphia:Allentown, PaAltoona, PaCamden, N. JChester, PaHarrisburg, PaHazleton, PaJohnstown, PaLancaster, PaLebanon, PaNorristown, PaPhiladelphia, PaReading, PaScranton, PaTrenton, N. JWilkes-Barre, PaWilliamsport, PaWilmington, DelYork, Pa

District No. 4—Cleveland:Akron, OhioButler, PaCanton, OhioCincinnati, OhioCleveland, Ohio ,Columbus, OhioConuellsville, PaDayton, OhioErie, PaGreensburg, PaHomestead, PaLexington, KyLima, OhioLorain, OhioNew Brighton, PaOil City, PaPittsburgh, PaSpringfield, OhioToledo, OhioWarren, OhioWheeling, W. VaYoungstown, OhioZanesville, Ohio

District No. 5—Richmond:Asheville, N. CBaltimore, MdCharleston, S. CCharleston, W. VaCharlotte, N. C

1923Week ending—

1922Week ending—

Aug. 29.

3,291252,735

3,7055,796

21,2333,2094,3685,1093,9056,614

18,0108,388

28,49014,0135,881

13,984

24,2304,108

61,6253,3153,7052,073

52,0953,437,598

33,0608,844

27,9942,392

13,023

5,4954,333

10,5925,0628,5442,2805,4794,9931,588

753305,843

8,85915,30011,1898,5793,3838,0653,923

12,8762,2668,896

57,790122,03728,6321,19212,9646,8103,909765

3,3204,1631,2732,4842,580

172,0604,64133,4402,5499,06412,5942,561

4,98373,8005,1017,3906,371

Sept. 5.

3,003251,224

4,0446,033

20,9823,1604,4424,7603,8465,269

18,4557,981

24,59212,5365,986

13,040

17,9974,134

64,2723,5023,3762,085

47,7643,383,494

30,7956,280

26,5092,463

12,698

5,5503,3319,6014,5407,2142,2065,5915,1501,401

739287,6258,40512,10010,3168,2973,2217,4483,848

29,3832,3709,13260,473120,49732,235

92915,2396,0744,206

7783,4683,5431,5162,4702,407

172,2674,583

31,3503,0958,501

14,3092,486

5,33280,0005,8646,6327,757

Sept. 12.

3,634290,322

5,2486,831

26,1433,6754,8766,0834,7896,821

20,58410,13630,46414,4656,471

15,511

23,4754,969

65,6484,2594,3512,662

56,4433,676,693

36,9917,344

31,7093,134

13,49S

6,9774,040

11,3214,7188,7012,3396,2315,8151,7921,181

324,1499,126

17,80014,9459,0144,2107,6154,509

16,7582,884

11,07869,254

143,56938,1011,548

19,0677,8105,192

9004,2284,2841,6442,8052,738

163,2525,68140,9024,46010,04716,0033,181

5,50369,4004,8008,9719,304

Sept. 19.

3,766343,479

6,1248,212

23,4374,0715,4027,8294,9556,831

20,1359,692

35,72715,0007,629

16,397

20,4344,851

72,9995,1294,5313,06164,199

4,558,806

39,3998,897

35,2663,01518,146

7,4534,328

11,7696,8679,1203,1335,5136,1241,638

889360,74610,03215,50014,16010,2964,25810,2014,693

15,4262,93810,13979,510167,56741,0321,29116,5328,2354,988869

4,2034,0642,5392,8212,731

174,6234,78140,9203,3149,80611,0763,037

5,40499,7004,1609,69510,328

Sept. 26. Aug. 30.

3,027288,921

4,7078,750 !

21,514 I3,631 I4,9445,5824,2236,247

18,6937,821

30,05015,3856,736

14,678

19,4084,02362,0754,4423,7332,85955,742

,,141,946

35,6507,39329,3053,04814,852

6,3833,775

11,4815,2028,2222,4525,1935,1871,5311,020

332,9728,747

13,80012,9309,2154,2967,8634,379

16,153 I3,030 !

78,179141,30331,2211,451

14,0687,7995,797

8413,5573,4581,4382,6812,534

192,5744,766

37,4752,320

11,06516,2232,714

5,18377,4004,9708,3499,538

2,555233,1583,2984,576

17,1242,6733,8794,2513,0564,764

15,1967,389

21,85811,9485,002

11,010

17,8403,265

.50,8922,7633,0031,840

44,1503,813,641

28,7224,884

24,0192,065

11,585

4,6763,0498,7563,8025,6881,6294,5804,0941,079

626302,1666,1518,61210,9266,0372,7836,1243,231

11,5612,0778,32052,858107, 11124,9841,63811,1415,6983,907583

3,3333,2821,0532,0333,015

147,6873,64628,6822,2498,16411,5132,121

3,76170,7434,9106,0785,404

Sept. 6.

2,965233,3203,7734,65116,2992,4813,6984,7983,3205,83816,6227,708

22,67411,9955,05012,123

17,3753,58354,1082,5343,9532,26841,596

1,908,327

26,7785,24226,4552,09410,950

5,2652,5537,9433,4796,0982,0024,6234,3271,063658

277,4446,3149,18111,1186,6303.1R26,8713,293

13,6572,2097,64053,721114,67133,2491,240

14,2145,0023,657

6993,0112,7661,3031,9602,725

136,5274,628

29,9582,2207,108

10,0852,701

3,98968,2745,6845,9687,183

Sept. 13.

3,198262,425

4,8486,431

21,9073,3964,3925,6984,0115,851

17,9228,184

26,41613,5005,779

13,510

19,7484,162

56,7793,2123,6122,333

54,1764,326,992

33,8256,260

28,1472,654

13,807

5,7233,401

10,1823,8397,2512,2985,2214,9511,247

842298,156

8,09210,51112,7737,8244,0356,9674,095

14,5492,4938,92164,756132,66632,443

1,57612,0535,9164,830

7674,2233,2881,1492,4022,887

155,8616,237

35,4733,6358,016

14,1532,859

4,37364,2123,1687,4837,621

Sept. 20.

3,312328,943

5,5437,377

23,3623,4794,9576,4393,9926,283

21,2788,213

34,60916,6696,990

15,216

20,0114,473

67,9633,7704,0762,97960,345

4,955,548

38,5906,82233,3952,76914,733

6,0873,21011,7804,6837,7312,0815,4255,1521,254713

363,3668,51111,14215,4938,1433,9307,9124,202

14,0792,4599,98378,891149,16532,2261,374

13,7957,0744,606

7503,8073,0861,4072,3892,846

173,4544,591

36,4803,1219,419

13,8052,489

4,72287,9542,6517,719

Sept. 27.

3,121285,577

3,7686,312

17,6783,5504,4064,9003,4985,931

15,3547,617

31,69914,3086,393

12,834

17,6323,606

56,0343,1823,4042,66050,850

4,239,732

5,33426,0512,40113,256

5,6833,698

10,2734,4636,8642,0184,7885,2541,264

795321,532

7,91812,52411,0127,0413,7066,2273,958

13,8702,5338,956

66,782128,59826,7282,118

12,4426,6766,062

7953,8513,1871,4422,1772,829

179,1193,918

33,1022,1319,163

11,9112,470

4,33773,6223,8937,5437,138



DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES-Continued.

DATA FOE EACH CITY—Continued.


District No. 5—Richmond—Con.Columbia, S.CCumberland, MdDanville, VaDurham, N. CGreensboro, N. C. .Greenville S CHagerstown, MdHuntington, W. VaLynchburg, Va.Newport News, Va. .Norfolk, Va.Raleigh, N. C

Roanoke, Va

Washington, D. CWilmington, N. CWinston-Salem, N. C.

D istrict No. 6—Atlanta:Alban v, GaAtlanta, Ga.Augusta, Ga

Brunswick, GaChattanooga, TennColumbus, Ga. .Dothan, AlaElberton, Ga . . .Jackson, MissJacksonville, FlaKnoxville, TennMacon, Ga . . .

Mobile, Ala. . .Montgomery, Ala ...Nashville, TennNewman, GaNew Orleans, LaPensacola, FlaSavannah, Ga . "Tampa, FlaValdosta, FlaVicksburg, Miss

District No. 7—Chicago:Adrian, MichAurora, 111 .Bay City, Mich.. .

Danville, 111

Decatur, 111Des Moines, Iowa .Detroit, MichDubuque, IowaFlint, Mich... .Fort Wayne, Ind

Grand Rapids, Mich .Green Bav, WisHammond, IndIndianapolis, IndJackson, Mich

Lansing, Mich..

Milwaukee, Wis . .Moline, 111

Oshkosh, WisPeoria, 111. . .Rockford,IllSaginaw, MichSioux Citv, IowaSouth Bend, IndSpringfield, 111Terre Haute, IndWaterloo, Iowa

1923Week ending—

Aug. 29.

3,0001,7021,5153,7373,6054,2462,0425,6113,4061,355

12,6836,400

26,7654,4931,704

35,6983,2605,275

72324,3084,003

20,995509

8,4112,078

352110

1,9009,9645,8613.8091,4515,2783,077

13,865276

43,7131,4187,9345,817

9801,038

6213,3202,2922,0585,448

567,5562,9006,5763,475

15,369127,901

2,7676,4477 9654,604

13,0932,3713,770

30,3045,2804,0667,0542,361

51,7611,6851,2092,2007,8714,6564,581

14,3228,4785 6015,2753,881

Sept. 5.

4,3901,8051,8084,1284,1747,1821,9104,8894,3901,608

14,8747,050

30, HI5,0412,160

36,5833,5495.518

90723,4504,522

19,668606

7,1082,912

508198

2,2909.8966,6933,9031,8495,9793,649

13,217425

49,4501,5099,2155,868

9921,368

8722,9851,9772,6065,889

518,5852,7005,9793,395

13,991116,048

2,6656,3727,1842.325

19,9682,4783,570

29,0524,8684 0956,2002,187

49.1641,4711,2482.2008,7094,2854,205

15,3188,0204,9114,0513,676

Sept. 12.

5,5581,8452,0914,2554,6575,5001,8906,1604,8571,565

15,1516,950

33,1295,2132,185

40,2733,8316,674

1,08628,1445,644

22,686835

9,0053,041

707187

2,90510,9967,4464,4712,7745,8734,429

16,309585

56,8491,7209,1566,7051 2261,761

5883 3462,4542 6506,772

639,6683,8006,9473,533

18,608144,630

3,4967 7648 6475,259

17,3402 9153,620

34,5536 5295 0428 5002,352

62,3912,0481,2962,6009,3365 6786,900

18 1497,8156,4186 4794,390

Sept. 19.

5,4742,6302,1214,8085,2944,3002,8876,5674,4861,670

20,4026,459

33,9105,8352,445

45,3654,4287,655

1,12032,9538,379

26,082748

9,8693,750

848203

3,05612,4578,0665,3382,1866,4825,426

18,310675

67,8611,668

12,6566,4281 1401,926

8223,4222,8442,9186,385

697,7833,0047,8663,939

19,329166,151

3,2468,3158,8373,357

16,5793 4914,020

37,3895,2795 2976,7002,430

75,0072,0481,6282,9009,6935 5745,868

17 9749,7406,4675.4194,263

Sept. 26.

5,8001,9131,6544,9424,3526,1382,4035,5213,9681,597

15,8055,900

28,8605,4332,467

41,1674,9517,098

1,08029,7908,688

25,933659

7,7642,731

785243

2,79311,0376,7654,7982,0265,7085,735

16,584444

63,0271,472

11,7276,3441 1581,674

7123 8252,4952 5226,944

630,2113,1006,9413,535

16,858173,998

3,1067,0459 2234,708

15,2032 6904,280

34,4895,8204 3787 5002,031

60,2632,5911,2182,4008,4055 1985,503

15 6968,6515,3816 2084,085

1922Week ending—

Aug. 30.

3,0001,6661,4183,8213,0592,9191,7274,2453,0432,111

12,5963,189

21,7304,4271,283

32,2533,9394,719

87022,1155,161

16,301491

5,4241,783

747120

2,06311,1885,1243,4811,6704,7873,325

13,218238

49,5971,2088,4244,160

9261,036

6562,4442,1511,8705,173

544,2811,8005,7253,120

12,820130,825

2,2105,5655 9062,840

13,275

2,89029,1264,0603 8455,0091,561

49,3581,3031,0284,2006,8624,1624,246

14 1166,4954,257

3,024

Sept. 6.

4,1141,6901,5765,6414,5003,4551,6263,9313,3471,447

12,1304,000

24,5535,1631,506

35,9964,6475,046

1,02023,7765,341

12,662691

6,4822,605

988142

2,6928,7845,6434,0951,8425.6144,361

13,676225

51,9891,283

10.2794,608

9171,223

5882 5592,2572 4794,808

531,5061,8008,0652,992

13,218110,981

2,6334 8786 1672,292

12,161

2,10027,9363,4403 9105 6001,898

44,0732,1291,1772,5007,6244 4673,494

13 8246,3984,723

3,061

Sept. 13.

4,1171,6792,1834,6494,0623,8381,7655,0064,200

.1,63612,5834,000

29,3705,1771,570

39,3374,7746,094

1,07225,9075,962

17,607655

8,3432,844

980144

3,2189,6075,8364,1402,4845,8504,601

16,803360

54,1691,4129,8285,0321 0801,489

7292,7632,2342,2845,237

570,5692,2007,8423,379

17,489110,019

3,2405,2956,8852,963

13,941

2,67032,4153,7113 5045 1002,267

59,3201,9631,1813,0008,2464 6524,264

16 3619,4395,202

3,539

Sept. 20.

4,9772,1531,7564,8834,1953,4002,4565,5524,2101,689

13,2395,000

30,7105,4522,198

43,1135,1667,905

1,13127,8117,357

21,303626

8,2843,2811,009

1742,484

10,8747,7795,1332,6056,0755.006

15,482293

67,6201,372

10,5575,2641 0551,577

8133 3582 2872 3055,340

672,7222,7008,6533,279

16,500139,940

3,0526 7687 3052,661

14,717

3,00037,6774 0695 3677 0672,193

62,8831,7931,3062,8008,9644 6775,504

16 1778,4185,299

3,607

Sept. 27.

5,0981.8091 2953,7094,0233,6001,9194,4314,0081,321

12,8963,900

26,1794,5712,185

39,1554,8146,117

1,11024,4306,005

21,761703

6,8662 751

762203

2,5399 0595,6574,5582,0946 3074,513

14,885466

62,0051,143

10,5034 552

9701,642

5742 7972 2781 9474,478

617,6752,1007,7233,180

15,641141,783

2,8435 9529 4872,523

13,180

3,03730,5614 1674 6275 9001,883

52,2891,5691,3192,1007,3754 3564,407

14 9817,2104,598

3,467


1162 FEDERAL, RESERVE BULLETIN. OCTOBER, 1923.

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.

DATA FOB EACH CITY—Continued.


1923Week ending—

Aug. 29. Sept. 5. Sept. 12. Sept. 19. Sept. 26.

1922Week ending


District No. 8—St. Louis:East St. Louis and National

Stock Yards, 111Eldorado, ArkEvansville, IndFort Smith, ArkGreenville, MissHelena, ArkLittle Rock, ArkLouisville, KyMemphis, TennOwensboro, KyQuincy, 111St. Louis, MoSpringfield, Mo

District No. 9—Minneapolis:Aberdeen. S. DakBillings, MontDickinson. N. DakDuluth, MinnFargo, N. DakGrand Forks, N. DakHelena, MontJamestown, N. DakLaCrosse, WisLewistown, MontMinneapolis, MinnMinot, N. DakRedWing, MinnSt. Paul, MinnSioux Falls, S. DakSuperior, WisWinona, Minn

District No. 10—Kansas City:Atchison, KansBartlesville, OklaCasper, WyoCheyenne, WyoColorado Springs, ColoDenver, ColoEnid, OklaFremont, NebrGrand Junction, ColoGuthrie, OklaHutchinson, KansIndependence, KansJophn, MoKansas City, KansKansas City, MoLawrence, KansMcAlester, OklaMuskogee, OklaOklahoma City, Okla.. . .Okmulgee, OklaOmaha, NebrParsons, KansPittsburg, KansPueblo, ColoSt. Joseph, MoTopeka, KansTulsa, OklaWichita, Kans

District No. 11—Dallas:Albuquerque, N. MexAustin, TexBeaumont, TexCorsicana, TexDallas, TexEl Paso, TexFort Worth, TexGalveston, TexHouston, TexRoswell, N. MexSan Antonio, TexShreveport, LaTexarkana, TexTucson, ArizWaco, Tex

10,8681,7826,3071,821

486902

12,02628,03423,428

9712,004

122,1352,799

1,3031,550

26216,1452,4511,5431,711

4972,285

61369,215

897435

35,0242,8071,925

801

1,3922,1243,7374,3282,665

35,2022,597

604478675

2,7601,6473,1224,484

79,357786850

4,73817,7261,491

43,664569

1,5923,002

11,5522,457

19,0528,304

2,3043,6242,9872,091

30,3065,493

13,94325,59529,872

4687,7377,2961,9141,3485,404

10,4181,8488,4032,249

618990

12,80927,88924,6201,1272,070

123,2983,187

1,3601,732

27614,8492,4751,5582,061

4092,413

77466,865

807459

36,8133,3902,358

961

1,3411,7804,3543,2302,784

32,8662,796

855525628

2,5971,7322,8724,626

83,336852676

4,07816,7621,233

42,221577

1,0732,813

12,6692,682

14,47710,542

1,8084,5112,8281 793

34,8685527

13,81626,96829,260

5996,8066,4621,2661,3115,850

12,4852,3126,1042,679

759988

12,69635,43627,4651,1862,498

148,7533,458

1,6352,014

34122,8543,1812,2002,098

6662,603

85683,5961,206

5714.1,3773,8731,9621,110

1,2942,4584,4071,8153,051

43,3442,705

868790752

2,6401,6653,9814 744

85,907928

1,0515,442

16,8521,501

49,234739

1,7063,715

17,2753,322

19,2529,655

2,2534,6173,8322,989

41,5936,188

13,78928,23733,867

5098,3197,6112,5961,9136 729

11,7611,9777,2032,737

768986

13,47137,36228,8221,1752,510

159,7533,497

1,5571,980

38623,1463,2852,0742,234

5552,562

81087,7901,155

57141,8633,7181,9731,262

1,4062,0573,5151,7453,496

40,6722,520

771754680

2,3952,4083,6184,840

90,515955

1,3085,523

17,6871,666

54,573737

1,2963,961

14,0383,340

18,81610,511

2,2244,9143,8362 085

48,6586 225

21,17734,01439,747

5858,4678,3762,9601,7478,690

10,0891,7286.9122,921

726866

12,48833,63928,7271,1022,252

137,1293,478

1,3421,590

30722,3812,8351,9691,550

4932,1011,003

79,923988489

35,1893,3041,964

917

1,2701,6474,1322,4882,635

41,8662,470

756797729

2,1221,6863,0164,445

81,368878792

5,52815,5591,422

48,047612

1,5085,116

13,5653,159

22,4548,271

1,8884,0403,4482,870

48,0625,624

14,21433,36336,811

5257,3458,0542,1411,5926,118

7,381 7,400 8,585 9,884

4,0551,905

559735

7,60925,83717,410

9731,817

109,2232,599

1,1111,338293

18,2632,5571,2112,041

340

78863,479

915354

33,3183,0121,530

698

1,0242,2932,9811,7082,275

30,5492,820

557486490

3,0922,5262,1183,672

62,024649646

6,27914,604

42,819701

1,9092,853

11,7502,143

20,6459,310

1,7312 8302,377

78526,2478,188

18,14716,76921,150

5386,0385,8581,2171,1192,822

6,4892,038

533897

10,72524,26925,112

9121,947

112,3672,687

1,5721,514

28718,1753,1201,6121,975

405

5,9292,804

8231,513

10,86832,13722,6071,1242,098

132,5632,867

1,6441,677

30226,2543,1311,9042,288

566

93466,825

943437

32,2313,1321,593

900

1,1642,4613,1381,8882,854

30,6522,789

741598590

2,8531,4402,2173,738

63,659801636

3,42917,8251,583

40,606833

1,0182,993

11,4091,854

15,24610,879

2,0103,5802,7271,180

35,3886,255

18,13117,27926,317

4946,4835,3351,1241,4394,470

1,15677,6221,171

45136,131

2,8871,8351,010

1,3682,1423,0312,4952,995

38,4393,038

805818546

3,6091,8852,9294,280

83,4831,006

8915,985

17,0251,763

49,149883

1,3603,038

12,3893,753

24,21610,601

1,8324,9083,6111,533

37,5716,826

19,10622,40939,131

4278,3467,1721,5351,4635,655

7,3883,0221,0021,436

13,59432,99128,5781,2182,483

153,3703,214

1,4191,700

30126,0363,2841,6662,530

516

1,14982,5531,067

51343,6573,5652,2101,027

1,3222,0043,4391,8853,35438,3952,901722731547

3,1732,4042,5683,87085,9591,4021,0837,15318,3061,71249,898

9271,1493,22415,2403,18719,56811,476

1,8464,6883,7811,44049,7026,78320,98727,11732,140

4946,9027,7101,8881,3846,385

9,644

7,3883,318677

1,58712,66728,95727,173

9922,166

127,4802,557

1,2031,586277

24,8922,8401,8731,920468

1,19380,9801,108396

33,6543,0001,7261,162

1,1302,0153,3193,7752,67135,9672,640711579557

2,9301,7662,3393,69671,272

818995

6,84815,6851,68941,961

8211,4822,90013,6143,17621,3649,910

1,6494,4693,0571,27041,4835,99320,84730,81430,669

5257,0426,9631,6141,6695,548


OCTOBER, 1923. FEDERAL BESERVE BULLETIN. 1163

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.

DATA FOR EACH CITY—Continued.


1923Week ending—

Aug. 29. Sept. S. Sept. 12. Sept. 19. Sept. 26.

1922Week ending-


District No. 12—San Francisco:Bakersfield, CalifBellingham, WashBerkeley, CalifBoise, IdahoEugene, OregFresno, Calif.Long Beach, CalifLos Angeles, CalifOakland, Calif.Ogden, UtahPasadena, CalifPhoenix, ArizPortland, OregReno, NevRitzville, WashSacramento, Calif.Salt Lake City, U tah . . . .San Bernardino, Calif....San Diego, CalifSan Francisco, CalifSan Jose, CalifSeattle1, WashSpokane, WashStockton, Calif.Tacoma, WashYakima, Wash

2,7871,7423,4782,1082,25510,79013,258141,67221,3204,8565,3182,799

32,7151,904

1117,776

12,2231,6508,000

153,7984,493

37,9208,8554,7577,4191,850

1,5011,8333,3452,1422,5029,50411,267127,49422,3715,8475,2763,63930,0642,067

1876,27412,1201,3668,046

158,0935,30134,75110,5124,8657,7592,377

1,8842,3483,4123,2462,359

11,92312,948150,65524,2465,1706,1323,77339,2162,156230

8,56314,0271,5319,027

152,6724,90241,30112,3755,59311,0143,000

2,3002,1353,4303,3982,98615,20315,603185,64133,8316,1617,1884,40743,8822,820202

8,57414,9051,89611,272

220,3535,329

45,98012,1308,14010,0452,323

2,6571,8973,3792,5612,70213,94613,575168,79631,3135,6816,0804,219

37,0542,359

2199,356

14,2971,671

10,250177,619

4,88139,75611,3636,5198,5333,031

2,2011,5762,5102,3181,8088,7456,537

87,99020,1334,2723,8422,718

29,8602,082

13514,27810,7241,0016,988

134,6835,252

33,9168,9713,9647,3811,858

1,9581,4654 2312,2101,5719,9498,010

107.13318,8974,3425,2812,43728,9072,262

16914,65311,8901,1029,054

168,9844,78832,2688,9375,5347,7462 400

2,2451,9103,4893,0931,88911,4078,690

123,00420,7284,8985,4903,97034,7782,852

19317,81813,2601,4858,385

166,9754,78638,9739 7324,7819,1562,751

2,3551,8705,5163,3652,20713,84510,137132,15522,4715,1235,6913,46036,3492,442

17816,17413,3991,5288,855

205,0915,07440,5569,3275,6509,5522,557

2,0321,5383,5082,4502,44514,3518,234

112,36421,0814,3945,0283,34332,5222,454

18415,66512,3001,2547 722

162,1785,25834,2839,2214,6107,6402,294


FEDERAL RESERVE CLEARING SYSTEM.OPERATIONS DURING AUGUST, 1923.

[Numbers in thousands. Amounts in thousands of dollars.]

Federal reserve bankor branch.

BostonNew York

BuffaloPhiladelphiaCleveland

CincinnatiPittsburgh

Richmond..Baltimore

AtlantaB irminghamJacksonvilleNashvilleNew Orleans

ChicagoDetroit

St.LouisLittle RockLouisvilleMemphis

MinneapoliiHelena

Kansas CityDenverOklahoma City...Omaha

DallasEl PasoHouston

San FranciscoLos AngelesPortlandSalt Lake City...SeattleSpokane

Total: August..July

Items drawn on banks locatedin own district.

In Federalreserve bank

or branch city.

Num-ber.

6252,368

2111,052

59726064813028010957696990

900318391-18

11781

26624

432143

71108220

4859

2825006858

11547

Amount. Num-ber.

641,2193,905,964

124,246809,690493,516362,886667,391295,767213,796102,69646,45562,58486,30849,618

971,378357,144358,17038,201

135,46833,144

120,40915,594

220,94644,41547,23052,256

124.2S713,79754,764

342,575223,83392,89532,42949,92119,819

Outside of Fed-eral reserve

bank orbranch cities.

Amount. Num-ber.

4,2194,802

5092,4731,615

8991999

1,949800375207187251135

4,294771

1,566326481217

1,613134

1,423347

1,035550

1,346123419792

1,857257417255203

10,86211,213,817i37,846 3,807,75711,28311,505,114138,4653,917,683

483,513693,408

60,793321,631177,38585,011

114,670294,622

79,37042,82615,51819,22024,15116,051

357,98669,94094,02919,73225,94111,93589,188

8,91889,42334,45268,93631,764

172,1479,072

39,60046,017

138,06415,94324,52620,21810,859

Items drawnon Treasurer

of UnitedStates.

Amount.

1311,000

121446661384449381491436

267311069331247970261024321514696020183011

2,5692,512

15,249102,0312,35731,0685,388

Total itemshandled, exclu-sive of duplica-

tions.

Num-ber.

4,9768,170

7323,6692,278, ,

7,359 21,2304,814 1,6855,732 2,1237,078 1,1294,058 5221 6321,0731 1034,152

40,3653,9567,743

9163,0011,3195,567 n,931

8237,93,1961 1172,9843,9391,6601,4335,9988,7162,8582,6725,410

306

278265334261

5,4611,1202,063

383631310

1671,925

5161,1162 683

1,598186492

1,1432,417

345493400261

305,055 51,29315,333,833320,436 52,27715,750,366

Amount.

Items for-warded to

other Federalreserve banks

and theirbranches.

Num-ber. Amount.

1,139,9814,701,401

187,3961,162,395

679,2892 457,840

786,875596,121300,244149,58063,605[82,877i

111,56269,821

1,369,729431,040459,942

58,849164,410|46,398

a 220,42325,335

318,35182,063

117,283s87,265300,373

24,52995,797

394,590370,613111,69659,62775,54930,984

2511,161

160444

4825

1031581222421296

35391

2154

1132

877

1071095042641513301027152414

3,7553,822

52,894143,064

27,31696,1746,6976,751

41,76866,90539,128

8,59413,9954,6891,946

12,42736,778

6,2765,422

1861,230

46619,251

1,00723,13517,3935,7217,0937.6891,8802,5733,042

15,7535,2272,7905,9613,244

Items for-warded to

parent bankor to branchesin same dis-

trict.

ber. Amount.

25

694,465706,731

809823

5,25018,400

10,7744,806

11,4599,898

10,5214,486

32,2621,497

629611

2,2651,935

835453216339101

2,3706,905

10,9869,3014,3145,331

5041,6954,0378,7096,8561,2337,0242,303

Total items handled, includingduplications.

Number.

1923

5,2279,356

9344,1132,3591,2721,8292,3201,343

579326301342302

5,8641,1442,126

392645315

2,019175

2,082678

1,186745

1,706208512

1,2062,576

395518470292

1922

4,4729,155

8424,6342,1921,1161,5302,1841,2251,149

415252311243

5,424970

1,877413587266

1,772232

1 /676

1,077719

1,531197470928

2,121328480458263

Amount.

1923

1,192,8754,849,715

233,1121,258,569

696,760469,397840,102672,924349,893162,660109,862

89,063114,13782,859

1,408,772439,251466,199

59,488165,85647,203

239,77528,712

348,391110,442132,30598,672

313,39326,913

100,065401,669395,075123,77963,65088,53436,531

1922

941,6935,212,649

182,9541,124,162

413,580206,451380,549435,074262,233199,641

81,66438,60751,29974,182

962,441232,551325,24636,98589,00336,923

211,83525,029

360,848100,770124,691

96,504233,75322,42679,323

250,266260,027

58,14354,63371,33034,111

Number ofmemberbanks at

end ofmonth.

1923

42474388

721313224345470160225

93728856

1,316124398729559

82017332616042024766160

14118715713715466

110

188,305 55,857 52,497 16,216,603 13,271,576 9,905180,838 56,922 51,851 16,637,93512,687,560 9,916

1922

432716

8471431522434446716023683768756

1,319126382719558

82?194330161411250659

6613819916313316666

109

Number of nonmemberbanks at end of month.

On par list.

1923

2292718050351331424865026786326914549

3,925253

1,662228350184

2,311175

1,4042364038806854724826620513010090143

9,91717,38117,8659,93017,56517,884

1922

2592587847951331325170226290326114551

3,982256

1,705230341188

2,415208

1,4352664309177455925527417714110492151

Not on parlist.'

1923

589

4631461471582235281592

1612285276

16272611

30

1922

573

483119146162223

156179

15847

22

2,489 2,2812,324 2,285

i Incorporated banks other than mutual savings banks.• Includesitems drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 10,000items, $1,684,000; Minneapolis, 5,000 items, $5,259,000; Omaha,

1,000 items, $261,000; total, 16,000 items, $7,204,000.NOTE.—Number of business days in period for Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, St. Louis, Little Rock, Louisville, Memphis, Minneapolis, Helena, Kansas City,

Oklahoma City, and Omaha was 27 days, Denver, 25 days, and for other Federal reserve bank and branch cities, 26 days.



DEPOSITS OF ALL MEMBER BANKS.NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, ARRANGED BY SIZE OF

CITIES AND TOWNS.


Federal reserve districts.

NET DEMAND DEPOSITS.


Total: Aug. 29.1923July 25/1923June 27,1923

TIME DEPOSITS.

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDal las . . . . . .San Francisco

Total: Aug. 29,1923....July 25,1923June 27,1923

Banks in cities and towns having a population of—

Total allmemberbanks.

Less than5,000.

5,000 to14,999.

15,000 to 100,000 andand over.

Amount on Aug. 29, .923.

1,219,5515,130,3671,074,9931,425,406

537,103464,608

2,031,774629,861394,317779,087501,088

1,235,892

15,424,04715,708,40115,756,419

592,992654,771627,148099,214432,366319,075532,084383,968416,914317,601139,356941,978

8,457,4678,342,5268,388,238

45,987173,765131,250162,11093,78264,426198,371118,832101,183188,318149,580170,227

1,597,8311,576,2831,584,610

47,105226,785210,367174,504125,17748,162239,03866,288197,28895,07918,51698,714

1,547,0231,529,4701,525,672

67,856110,16175,189132,78060, 11156,295117,00972,54372,781124,24987,77282,336

1,059,0821,057,7901,064,716

64,076131,950100,907124,71077,52944,451

141,84440,89597,40560.47622,98944,150

951,382942,937928,862

194,743278,437130,732197,755146,935149,248342,89385,48370,091

170,854103,508139,069

2,009,7482,042,4292,054,058

141,787340,591177,819172,892125,032119,091352,27863,64558,34665,72549,69993,211

1,760,1161,743,4161,716,627

910,9654,568,004

737,822932,761236,275194,639

1,373,501353,003150,262295,666160,228

•844 260

10,757,38611,031,89911,053,035

340,024955,445138,055627,108104,628107,371798,924213,14063,87596,32148,152

1 705,903

4,198,9464,126,7034,217,077

Total allmemberbanks.

Lessthan5,000.

5,000 to14,999.

15,000 to99,999.

100,000andover.

Increase or decrease since preceding monthlyreport.

-34,247-134,147

-3,908—10,803-5,340

-15,153-98,711-15,889-5,289+6,747

+15,444+16,942

-284,354—48,018-136,302

+8,105+18,536+14,903+19,106

+600-2,027

+38,788+2,129+2,349

+13,823-512-859

+114,941—45,712+97,194

+2,645+3,117+1,300

+786-888

—3,546+4,126-3,686-1,992

-752+15,784+4,654

+21,548-8,327

-15,540

+553+270

+11,599+2,306+1,136

-413+1,444

-29-1,536—1,558

+9+3,772

+17,553+3,798

+45,977

-241+3,428+1,159

+251-1,132-2,501

-727-2,428—1,149+1,752+3,367

- 4 8 7

+1,292-6,926-6,653

+1,132-279

+ 726+ 993

-652—1,393+3,100

+ 139+1,547+1,836

+975+321

+8,445+14,075+9,879

-5,919—1,574

+102-1,683-3,574-4,313-4,270—3,618-2,172-1,790-4,071

+201

-32,681—11,629-6,141

+2,393+3,352+2,708+2,902

-450+335

+5,559+414+135-33

—1,241+626

+16,700+26,789+11,089

-30,732-139,118

-6,469-10,157

+254-4,793

-97,840-6,157

+24+7,537

+3b4+12,574

-274,513—21,136

-107,968

+4,027+15,193

-130+12,905

+566-556

+28,685+1,605+2,203

+13,578-255

-5,578

+72,243—90,374+30,249

> Includes banks with scattered branches having combined deposits as follows: Net demand, $277,561,000; and time, $411,647,000.

NOTE.—The classification of cities and towns according to population was made on the basis of the 1920 census of incorporated places publishedby the United States Bureau of the Census as supplemented by the bureau's estimates for July 1,1922.


1166 FEDERAL. RESERVE BULLETIN. OCTOBEB, 1923.

MONEY IN CIRCULATION, SEPTEMBER 1, 1923.

[Source: United States Treasury Department circulation statement.]

Kind of money. Stock of money.1

Money held bythe United StatesTreasury and theFederal reserve

system.*

Money in circulation.

Amount. Per capita.

Gold coin and bullionGold certificatesStandard silver dollarsSilver certificatesTreasury notes of 1890Subsidiary silverUnited States notesFederal reserve notesFederal reserve bank notesNational-bank notes

TotalComparative totals:

Aug. 1,1923Sept. 1,1922Nov. 1,1920Apr. 1,1917July 1,1914Jan. 1,1879

214,109,052,5433 (826,369,469)

495,464,404(3 408,876,947)

3 (1,455,623)269,510,124346,681,016

2,698,808,33018,946,000

768,944,812

$3,711,710,631385,214,630437,849,03933,999,451

20,012,24442,104,216493,983,8801,333,15839,995,208

$397,341,912441,154,83957,615.365

374,877,4961,455,623

249,497,880304 576,800

2,204,824,45017,612,842

728,949,604

$3.563.96.523.36.01

2.242.7319.77.16

6.54

8,707,407,229

8,647,824,9468,303,549,2418,326,338,2675,312,109,2723,738,288,8711,007,084,483

« 5,166,202,457

<5,152,398,490U , 918,691,521* 3,394,764,761« 3,896,318,653•1,843,452,323«212,420,402

4,777,906,811

4,695,769,1254,393,506,9275,628,427,7324 100,590,7043,402,015,427

816,266,721

42.85

42.1639.9352.3639.5434.3516.92

1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reservebanks.

2 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.* These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is

included under gold coin and bullion and standard silver dollars, respectively.* Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of

1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system andmoney 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 thisstatement are shown in parentheses in the first columns.

* Includes $12,809,233 held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta.

CORRECTION.

Through a clerical error the figures for silver imports and exports for 1922, as published inthe FEDERAL RESERVE BULLETIN for September (p. 1015), were stated too low. The entiretable with corrected figures for 1922 is reproduced below.

SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES.

[In thousands of dollars J

Country.

FranceGermany .Great BritainCanada..MexicoChilePeruChinaIndiaHongkongJapanAll other

Total

1919

Im-ports.

76

627,171

63,3031,9278,863

20

7,988

89,410

Ex-ports.

6,588

15,6357,8541,926

"77,"583"109,18110,2453,9466,063

239,021

Excessof im-portsor ex-ports.

6,512

15,573683

61,3771,9278,863

77,583109,18110,2263,9461,925

149,611

1920

Im-ports.

1184

9263,788

53,1973,744

11,9911,295

2

"i2,'995"

88,060

Ex-ports.

33

4,9257,0623,241

"6i,'348"642

24,8734,6746,818

113,616


854

3,9993,174

49,9563,744

11,99160,053

64224,8714,6746,177

25,556

1921

I m -ports.

1855,3201,1993,807

41,2501,8265,598

812

"4," 038"

63,243

Ex-ports.

11,8434,5912,141

"i2,"783"3,233

10,4083,4923,084

51,575


1855,320

10,644784

39,1091,8265,598

12,7753,221

10,4083,492

11,668

1922"

Im-ports.

207707237

6,97648,4531,6408,180

12

""4,"395"

70,807

Ex-ports.

10,6862,2212,270

'20"226*11,97112,853

472,533

62,807


207707

10,4494,755

46,1831,6408,180

20,21411,97112,853

1,862

8,000

January to July, 1923.

Im-ports.

161112156

3,25424,368

8387,640

8

2,561

39,098

Ex-ports.

3,565831

1,058

2415,4458,9591,201

410

31,493


161112

3,4092,423

23,310838

7,61616,4378,9691,201

2,151

7,605

1 Revised figures.

NOTE.—Excess of exports in italics.



GOLD AND SILVER IMPORTS AND EXPORTS.

IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.

Countries.

DenmarkFranceGermanyNetherlandsNorwaySpainSwedenGreat Britain—England.

Scotland.CanadaCentral AmericaMexicoWest IndiesBoliviaChileColombiaPeruVenezuelaChinaDutch East IndiesPhilippine IslandsBritish OceaniaEgyptPortuguese AfricaAll other

Total.

EXPORTS.

FranceNetherlandsSpainSwedenSwitzerlandGreat Britain—EnglandCanadaCentral AmericaMexicoWest IndiesColombiaPeruVenezuelaChinaBritish IndiaDutch East IndiesFrench Indo-ChinaHongkongAll other

Gold.

August—

1922

$1,115,000889,784

274

582,75013,270,482

392,842225,112333,01613,506

20,989641,629104,21110,158869,50086,024

142,192

251,248140,412

19,092,208

1923

tl,580,2574,711,8734,446,627

14,414,8

5,698,211175,003253,38511,694

26937,379491,114160,35731,41925,00022,261146,350103,45632,880182,722330,978

32,856,097

Eight months endingAugust—

1922

$17,769,10714,900,449

10,876116,016

7,880,57634,943

32,387,59775,998,765

151,3208,713,5133,204,1743,849,9821,485,929

18,053337,048

5,004,187960,379652,071

4,826,430944,552356,389

3,721,214335,173473,769959,118

185,091,630

1923

$3,561,82910,528,85838,932,45010,455,775

16823,8442,865

66,708,3212,560,382

38,755,0891,632,5514,567,382

176,0348,929

158,5643,014,3411,303,161

296,6233,186,2721,477,832

968,6651,124,8931,070,194

711,4431,491,539

192,718,004

2,660,00015,000

500

Silver.

August—

1922

$41,4328,465

2,944

57613,569

569,167126,439

3,307,39921,65676,145

199,16115,075

468,32869

12539,716

260

18,84634,390

4,943,762

1923

$25,998

14,621

1,019,879102,536

4,190,30811,28327,83486,51216,633

901,52722

1,385861369

15,619

50,562

6,465,949

Eight months endingAugust—

1922

$768193,635681,589

2,94471,5121,424

149,210

3,684,598991,171

32,707,314461,057676,284

1,430,522167,219

4,958,1702,2431,744

396,0115,98193358

46,521162,142

46,793,050

1923

$187,553111,319

61143,845

170,959

4,275,1391,119,613

28,559,61982,664397,102924,20287,635

8,542,232329

7,893596,35312,4741,643

15,61988,041339,929

45,564,774

10,000

3,651

138,539

"368,'53O

17,477

"ii9,984

1,000707,00078,00010,773

287,140

'760,066

863,57012,127

2,972,7695,300

1,374,947130,783885,609

46,070143,397

3,555,55415

700,000

125,3273,223

395,121144,88430,000125,7932,830

"42," 666'

7,035,6921,465,285

6,8501,634,429

25,159795,703

364,00014,469,1416,552,940

1,500600

3,959,605976,67352,844

1,184,11451,155

"366,666

Total.

15,00050,000

20,0004,365,339435,010

90,00513,859,149

60,010

1,473,965795,200

3,600,5332,285,698

379,675458

1,036,36010,000

2,091,580201,568

2,117,61566,150

1,273,998 405,3621,320,0008,571,304

50,503

955,853 2,200,961 11,744,036 25,015,337 3,861,180 7,032,221 42,291,006

19,045,16311,244,086

1,605,57338,614

38,525,927



GOLD SETTLEMENT FUND.

BostonNew YorkPhiladelphia..,ClevelandRichmondAtlanta . . . .ChicagoSt. LouisMinneapolis,...Kansas CityDallasSan Francisco..

INTERBANK TRANSACTIONS FROM AUGUST 24, 1923, TO SEPTEMBER 20, 1923, INCLUSIVE.



Total four weeks ending-Sept. 20,1923August 23,1923Sept. 21,1922Aug. 24,1922

Transfers.

Debits.

1,00014,5003,000

10,5008,0001,000

22,0002,0001,000

2,500

65,50019,500116*50084,500

Credits.

4,50048,5002,0001,0001,000

5001,0001,000

5002,5003,000

65,50019,500

116,50084,500

Daily settlements.

Debits.

531,1181,767,467555,039496,794478,895204,641901,540410,125123,333317,957237,191227,654

6,251,7546,110,1145,730,1975,539,078

Credits.

543,2431,746,640

557,382516,769481,231185,729909,445393,966126,616308,409252,528229,796

6,251,7546,110,1145,730,1975,539,078

Changes in ownershipof gold through trans-fers and settlements.

Decrease.

4,66419,41213,09517,159

63,378

Increase.

15,62513,1731,343

10,475

2,283

17,8372,642

63,378

Balance infund atclose ofperiod.

70,208190,30224,54096,38122,54012,22293,35815,49721,26836,87418,002

641,891618,195528,538522,933

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT SEPTEMBER 29, 1923.


BostonNew YorkPhiladelphia.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Paper maturing—

Within 90 days.

Commercial,agricultural,

and live-stockpaper, n. e. s.

444444444444444444444444

Secured byUnited StatesGovernmentobligations.

Bankers'acceptances.

4444444444444444444444

Tradeacceptances.

After 90 days,but within 6

months.

Agricultural >and live-stock

paper.

4444444444444444-44444444

After 6 butwithin 9months.

Agriculturaland live-stock

paper.

5445444444444444444444

i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.


DISCOUNT AND INTEREST RATES.

Discount and interest rates during the 30-day period ending September15 in the various cities in which the Federal reserve banks and their branchesare located remained, with few exceptions,'unchanged from the levels ofthe 30 days ending August 15. Prime commercial paper rates for paperpurchased in the open market were slightly higher in some eastern centers.Compared with the corresponding period ending September 15, 1922, rateson all types of paper were generally higher, although interbank loan rateswere lower in some cities.

The actual discount and interest rates prevailing during the 30-day Mperiod ending September 15, 1923, in the different cities, are given in the »following table. A complete description of the several types of paper forwhich quotations are given will be found in the September, 1918, andOctober, 1918, FEDERAL RESERVE BULLETINS.

DISCOUNT AND INTEREST BATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING SEPTEMBER 15, 1923.

District.

No. 1 . . . .No. 2 . . . .

No. 3 . . . .No. 4 . . . .

No. 5 . . . .

No. 6 . . . .

No. 7 . . . .

No. 8 . . . .

No. 9 . . . .

No. 10...

No. 11 -

No. 12...

City.

Boston.New York i . . .BuffaloPhi lade lphia . .ClevelandPittsburghCincinnatiRichmondBaltimoreAtlantaBirmingham..Jacksonville...New Orleans..NashvilleChicagoDetroit .St. LouisLouisvilleMemphisLittle Rock. . .Minneapolis...HelenaKansas City...

DenverOklahoma CityDallas...El PasoHoustonSan Francisco.

PortlandSeattle

Salt Lake CityLos Angeles...

Prime commercial paper

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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.

General Index..BelgiumDenmarkFranceGreat BritainItalyNetherlandsNorwaySpainSwedenSwitzerland

Canada

ArgentinaBrazilChile

China..India..Japan.

Monetary unit.

Franc.Krone..Franc..Pound.Lira..Florin..Krone..Peseta..Krona..Franc..

Dollar-

Peso (gold)MilreisPeso (paper)..

Shanghai tael.RupeeYen

Par ofxchange

19.3026.8019.30

486.6519.3040.2026.8019.3026.8019.30

100.00

96.4832.44

2 19.53

2 66.8548.6649.85

Low.

Septem-ber.

4.540017.85005.5300

450.99004.240039.180015.880013.330026.500017.6600

97.5296

73. 22009.440012.1300

69.710030.280048.4100

August.

High.

Septem-ber.

I

4.3500 !17.99005.5000

454.58004.260039.300015.910013.280026.570017.8400

97.5381

73.00009.060012.0600

69.380030.300048.7500

5.440018.39006.2500

456.12004.620039.360016.300014.190026.690018.0500

97. 8713

76.05009.910012.5600

71.610030.870049.0900

August.

4.780018.69005.8500

457.20004.350039.450016.630014.180026.700018.2800

97.7274

76.880010.190012.3600

69.990030.600048.9600

Average.

Septem-ptember.

4.901718.16335.8550

454.22174.437539.302516.075813.578326.549617.8621

August.

4.549218.46125.6500

456.03384.306239.344616.295413.657326.628118.0538

97.6506 | 97.6666

74.85339.731712.3754

70.785030.601748.6200

74.45819.748112.2115

69.709630.460848. 8765

Index (per cent ofpar.).i

S e g £ m - August.

6 325.4067.7730.3493.3422.9997.7759.9870.3599.0792.55

97.65

77.5830.0063.37

105.8962.8997.53

6323.5768.8929.2793.7122.3197.8760.8070.7699.3693.54

97.67

77.1730.0562.53

104.2862.6098.05

OTHER COUNTRIES.

Finland

PolandPortugal

Yugoslavia

CubaMexico

ChinaHongkongStraits Settlements..

Markka

Krone

EscudoLeuDinar

Pesododo

Mexican dollarDollarSingapore dollar

20.2619.30

19.3023.8219.3020.26

108.0519.3019.30

100.0049.85

103.42

2 48.112 47.77

56.78

0.0014.9450

2.95362.6439

. 0000004031.6361.0053.00028

4.0300.4536

1.0633

99.750048.3208

71.9900

50.400051.730053. 0800

0.0014.8700

2. 91782.7581

.00000891.5163.0047.0004

4.0100.4038

1.0468

99.843848.2036

72.0400

50.300051.660053.1300

0.0014.9971

3.01442.7689

.000009951.8820.0057.00041

4.5900.4772

1.1760

99.925049.0417

76.0700

51.790052.750053.2500

0.00141.07082.94442.7731.000095

1.9444.0060.00047

4.6100.5056

1.0772

99.912548.4583

76.4800

50.850052.050053.3300

0.0014.9590

2.99452.6996.00000188

1.7866.0055.00035

4.1663.4642

1.0940

99.881848. 5692

74.4592

51.157952.382153.1896

0.0014.9583

2.93402.7723.0000339

1.7462.005600042

4.2119.4677

1.0570

99.881848.3432

73.9662

50 501551.874653.2485

0.014.97

13.99.000008

9.26.027

3.862.415.67

99.8897.43

72.00

106.34109.6593.68

0.014.97

14.36.00014

9.05.028

3.902.425.48

99.8896.98

71.52

104 97108. 5993.78

' Based on average. 21913 average.

SILVER.

[Average price per fine ounce.]

London (converted at average rate of exchange).New York

September.!

$0.64920. 64529

August.

$0.63574.63176


OCTOBER, 1923. FEDERAL EESEKVE BULLETIN. 1171

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.

ENGLAND.[Amounts in millions of pounds sterling.]

Note accounts andBank of England de-posits.

3CO- §•3

o

Nine London clearingbanks.'

•a

1En

Governmentfloating debt.

I

|

Discount rates.

Average of end of monthfigures:

1913192019211922

1922, end of—AugustSeptemberOctoberNovemberDecember

1923, end of—JanuaryFebruaryMarchApril ,MayJuneJulyAugustSeptember

38146157156

154154154154154

154155155155155155155155155

29103108103

103101101102104

101102102100102103103125102

327296

293289287288301

279286284287287289285283

57147136130

124121125121133

121131133123119128120120118

97107

10510410598106

108103104100109113104

1,1761,068

1,0201,0071,0331,0311,030

1,0461,023992994

1,0051,0181,0241,007

309372

390381370365360

357349333327325331338339

,768,727

,667,684

644,596,606,608,638,6381,611

1,3703,2522,9113,097

2,8852,6903,1242,9892,769

3,2623,0063,3153,3393,0672,9603,004

T

151,0781,139796

715724740732719

715698616589592604602603629

Percent. cent.

Percent.

219183165

153148179179222

206154194201184206200186179

1,2971,322961

872919911941

922852810790776819802789

3t21

221:

i22i

99.2111.7

114.7114.0115.1114.1113.2

114.2115.3116.4119.0118.0118.0114.1114.4

99.6110.1120. S

121.3122.7123.0124.6125.8

123.4126.0126.0124.0123.8124.6129.4130.6

1 Held by the Bank of England and by the Treasury as note reserve.1 Less notes in currency notes account.»Average weekly figures.

FRANCE.

[Amounts in millions of francs.]

* Statist.6 Bankers Magazine.• Excluding Germany.

Bank of France.

Goldreserve.1

Sliverreserve.

Waradvances

to theGovern-ment.

Notecircu-lation.

Totaldeposits.

Price of3 per

cent per-petualrente.

Averagedaily

clearingsof theParis

banks.

Savingsbanks,

excess ofdeposits(+)orwith-

drawals

New stock andbond issues.

Value.Averagerate ofreturn.

Average of end of month figures:1913192019211922

1922, end of—AugustSeptember.:OctoberNovemberDecember

1923, end of—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

3,3433,5863,5683,597

3,5833,5843,6353,6363,670

3,6713,6713,6723,6723.6733,6733,6743,6743,674

629253274285

287

290291292292292293294294295

26,00025,30023,042

23,90024,00023,60022,90023,600

23,10023,20023,10022,50023,00023,10023,00023,40023,700

5,56538,06637,40436,177

36,38536,60336,69436,11436,359

36,78037,05537,18836,54836,74136,68936,92937,36437,626

3,5272,9272,307

2,1702,1992,1702,1842,309

2,2082,2792,0662,1162,2002,1622,0721,9711,992

86.7757.3456.5658.48

60.1061.1058.2559.0059.02

68.0058.6557.2557.7057.8555.9057.1557.45

554550525

512484556783630

726792755761680733765

- 6 5+48+67+53

+66+58+17+43+33

+44+64+44-22+14+22+11

7021,100

574

151636421179

1,453

160»3,848

315404808

»2,417

6.706.41

6 326.366.416.596.22

6.576.116.266.326.40

iNot including gold held abroad. 2 Includes Fr. 3,000,000 issues of the Cr<5dit National.•Includes Fr. 2,000,000 issues of the Credit National.


1172 FEDERAL, RESERVE BULLETIN. OCTOBEB, 1923.

ITALY.

[Amounts in millions of lire.]

Banks of issue.

Reserve.

Gold.

J..17510431,0741,120

,125,125,125,136,141,126

,126127

1,1291,1291,1301.130] ,133

Total.

1,6612,0882,0201,998

1,9912,0242,0242,0392,0342,042

2,0211,9941,9831,9831,9851,9771,978

LoansandAle*ais-

counts.

8576,3357 5869,466

9,1189,1428,8589,0828,6809,345

8,5528,5728,478

10,1028,8519,8609,724

Notecirculation.

For ac-count

ofcom-

merce.

2,2847,0359,3049,734

9,9479,6959,9249,7829,8929,935

9,3899,1179,0048,6618,5259,5719,619

Forac-

countof theState.

10,5819,0648,214

8,0508,0508,0668,0758,0748,076

8,0578,0368,0318,0247,7637,7647,763

Totalde-

posits.

3182,4742,4752,759

2,6812,7792,6612,6382,6342,602

2,6102,6752,4882,4612,3502,6912,511

Leading private banks.'

Cash.

1291,3081,200

917

861763769781781982

831850775753771833

Loansanddis-

countsinclud-

ingtreas-urybills.

1,09310,59410,6778,594

8,8468,8778,7068,6598,7979,166

9,1859,1969.1639,2719,1689,340

Do*fromcorre-

spond-ents.

9145,9455,5753,265

3,2723,2863,4603,5683,5543,467

3,5733,5473,5973,5373,3933,697

Par-ticipa-tions.

55446465318

337337337339336234

225226229230239251

Totalde-

posits.

1,67415 81016,00111,810

11,89611,88311,89711,96012,04512,267

12,32712,33212,36312,38812,25012,627

Index

bersofsecurityprices.*

102.83

100.22104.56107.42111.09117.01116.33

135.19137.16140.30153.94150.77153.22155.43

Average of end of month figures:1913s

192019211922

1922, end of—JulyAugustSeptemberOctoberNovemberDecember

1923, end of—JanuaryFebruaryMarchAprilMayJuneJuly

1 Includes Banca Commerciale Italiana, Credito Italiano, Banco di Roma, and until November, 1921, Banca Italians dl Sconto.» Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31,1921=100.* End of December figures.

GERMANY.

[Amounts in millions of marks.]

Beichsbank.

Average of end ofmonth figures:

1913192019211922

1922, end of—AugustSeptemberOctoberNovemberDecember

1923, end of—JanuaryFebruaryMarchAprilMayJuneJulyAugust

Gold

1,0681,092•,056,002

,005,005005

,005

1,0051,0051,005

920758717596510

Note cir-culation.

1,95853,96480,952

339,677

238,147316,870469,457754,0S6

1,280,095

1,984,4963,512,7885,517,9206,545,9848,563.74917,291,06143,594,738

663,200,050

Totaldeposits.

66817,70220,213108,633

56,124110,012140,779240,969530,526

762,2641,582,9812,272,0843,854,2755.063,0709,952,717

27,857,077591,079,834

Discounts.

Treasury Commer-biUs. cial bills.

Totalclear-ings.

47,98083,133

338,147 72,211

249,766349,770477,201672,222

1,184,464

1,609,0812,947,3644,552,0126,224,8998,021,905

18,338,17753,752,030

987,218,783

21,70450,234

101,155246,949422,235

697.2161,829,3412,372,1022,986,1174,014,6916,914,19918,318,292

164,644,250

6,13657,89889,297

530,647

374,856473,715789,341

1,463,7662,078,969

3,820,2067,444,3237 257,6588,177,378

13,345,00228,375,34576,624,492

817,133.634

Darlehns-

scheinein circu-lation.

13,1458,861

11,217

13,38313,99514,00913,80913,450

13,39512,62512,60012,49112,37812,23911,59211,022

Treasurybills out-standing.

Value ofnew stock

andbondissuesplacedon Ger-

manmarket.

1220

192,832475,835

331,000451,000614,000839,000

1,495,000

2,032,0003,588,0006,601,0008,440,000

10,274,85022,019,62357, SIS,700

1,196,294,500

2,6556,726

2,4687,9377,187

15,22321,315

33,54965,563

540,19864.275

115,813

Index of securityprices.'

25stocks.

Per cent.

169

1,3341,378

4,6983,6643,8376,266

16,45184,861

329,3113,703,999

10 do-mesticbonds.

Per cent.

105

312322726725694696

1,2215,338

39,174308,100

i End of March, 1913.• Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating the five

bonds in foreign currencies.


OCTOBER, 1923. FEDERAL EESERVE BULLETIN. 1173

SWEDEN.

[Amounts in millions of kronor.]

Kiksbank.

Gold coinand

bullion.Note cir-culation.

Totaldeposits. Clearings.

Joint-stock banks.

Loans anddiscounts.

Bills dis-counted

withRiksbank.

Value ofstockissues

registeredduringmonth.

Indexnumberof stockprices.

Indexnumber

of foreignexchangevalue ofkrona.

Averages of end of month figures:19131192019211922

1922, end of—JulyAugustSeptemberOctoberNovemberDecember

1923, end of—JanuaryFebruaryMarchAprilMayJuneJulyAugust

102269280274

274274274274274274

274274274273273273273273

235733661579

551559605569575584

520538587557539586543561

108226193269

243213180178191389

321270265245238183150128

5853,5962,7152,109

2,0151,8031,9021,9951,9792,588

1,8001,4551,7681,6331,6121,6951,517

2,2876,0085,9485,317

5,2685,2215,1815,1495,0994,984

4,8884,9034,8334,7514,7454,7384,7514,763

139476389340

307293288206252331

214175222218208198152134

258176121103

113110103989096

9396

103105101989997

112.9121.8128.4

127.0128.8130.5131.7132.2129.9

129.«129.0129. i130.0131.3131.7133.0132.9

i End of December figures.CANADA.

[Amounts in millions of dollars.]

Average of end of month figures:19211922

1922, end of—July

October

December1923, end of—

MarchAprilMav

July

Goldcoin andbullion.'

7275

707071879293

7572686868686S63

Currentloans anddiscounts.

1,4031,272

1,2481,2481,2501,2761 2551,230

1,1971,2061 2201,2511,2361,2221,2011,199

Chartered banks.

Money atcall and

shortnotice.

282280

272277279301303284

281270292305309316287302

Public andrailway

securities

369332

323331322310317341

356377385403397403400412

Note cir-culation.

195166

152158177179170176

153157173166157175163170

Individualdeposits-demand

and time.

2,1252,009

2,0161,9791,9852,0202,0362,061

1,9631,9972,0082,0842,0672,0812,0042,013

Goldreserveagainst

Dominionnotes.

8590

8789919396

129

132133126126126121121114

Dominionnote cir-culation.

272240

231229235240251257

241247243239244234234235

Bankclearings.'

1,4541,353

1,273i.i7a1.2531.4971.6191.551

1,5071,0671,1991,1681,5141,4651.332

1 Includes gold In central gold reserve but not gold held abroad •Total for month.


1174 FEDERAL RESERVE BULLETIN. OCTOBEE, 1923.

ARGENTINA.

[Amounts in millions of pesos.)

End of—1913191919201921

1922, end of—July

1923, end of—

FebruaryMarchAprilMay

July

Banco de la NackSn.

Cash.

Gold.

32392523

232323232323

23232323232323

Paper.

180268406410

399407402405396340

359363362357354385384

Dis-counts

andadvances(paper).

478676804866

920946950921934

1,036

992989

1 003992969943951

Totaldeposits(paper).

5411,2501,4121,310

1,3221,3531,3461,3281,3451,389

1,3691,3661,3791,3581,3321,3531,358

Commercial banks.'

Cash.

Gold.

62664636

353535353535

35343434343333

Paper.

435771

1,0811,087

1,0131,0411,0481,0281 0531,025

1,015993

1,000992975

1,007998

Dis-counts

andadvances(paper).

1.5412,1132,5052,543

2,4732,4912,5142,5492,5572,664

2,6512.6B72,6662,6932,6762,6472,665

Totaldeposits(paper).

1,4643,0103,5303,375

3,3083,3563,3793,3543,3943,456

3,4513,4643,4673,4613,4683,5003,505

Caja de Conversion.

reserve.

263»399

470470

470470470470470470

470470470470470470470

Note cir-culation(paper).

8231,1771,3631,363

1,3631,3631,3631,3631,3631,363

1,3631,3631,3631,3631,3631,3631,363

Clearing s.in

Buenos.Aires

(paper).

1,4712,805.3 6123,482

2.8H2,5702,7252,8272,8272,954

3,4152,8973,017

1 Includes Banco de la Naci<5n.• Figures for 1919 include 79,000,000 pesos, and for succeeding years 4,000,000 pesos, held in foreign legations.

JAPAN.

[Amounts in millions of yen.)

Average of end of month figures:191319211922 .

1922, end of—

1023. end of—JanuaryFebruary

A p r i l . . . . .May

July . .

Bank of Japan.

Speciere-

servefor

notes.'

2161,2001,172

1,1321,0691,0681,0661,064

1,0621,0601,0571,0561,0531,0531,0531,0441,060

Loansanddis-

counts.

47107208

241134160183375

180157241279236311244296518

Ad-vances

onforeignbills.

3339-94

90115142141205

15914010910577524«5076

Notecir-

cula-tion.

3631,2261,291

1,2801,2371,236

?411,590

308,261

1,238?36

1,2251,3711,278.287

1,460

Gov-ern-mentdepos-its in

Japan.

297409

488382437445333

3803964S3501452371361386331

Pri-vate

depos-its in

Japan.

75036

3029334066

3431293028493238

125

Tokyo banks.

Cashon

hand

129

115145126126169

113117190142121133139

Totalloans.

33.31,932,961

,m,921926

.9292; on

2,0022.0512 2561,9991,9842,0212,195

Totaldepos-

its.

I,7R9

1,7831.822,812,828,869

,860,894iw,851,854,850.870

i

Totalclear-ings.

3H42,5722,834

2,5822,7502,6972,9713,329

2,2462,592

3,0773,5183,4863,220

Aver-

dis-countrate.

8 389.009.31

9.429.389.389.459.34

25.625.725.826.0

Capitalissues

InJapan.

32186124

9315098

10056

187131245114

86

1 Includes gold credits abroad, gold coin and bullion in Japan.


INDEX.

Page.Agencies of Federal reserve banks of Boston and Atlanta opened

in Cuba 1089Agricultural conditions abroad 1112Agriculture 1086,1092,1140Argentina, financial statistics in 1174Australia:

Retail food prices 1131Wholesale prices 1128,1130

Austria, cost of living in 1131Automobiles 1098,1143Bank of the Republic, Colombia, organization of 1119Belgium:

Cost of living and retail food prices 1131Wholesale prices 1128,1130

Brazil, foreign trade of 1136Building - 1099,1144Business and financial conditions:

Abroad 1112United States 1090-1102

Business failures 1101Canada:

Financial statistics 1173Foreign trade 1136Index of industrial activity 1133Retail food prices 1131Wholesale prices 1125,1128,1130

Chain-store statistics 1146Charters issued to national banks 1138Check clearing and collection system 1164Coal production 1094,1142Colombia, bank of the Republic, organization of 1119Commercial failures 1101Condition statements:

All banks in the United States 1107Federal reserve banks 1151Member banks in leading cities 1156Russian State Bank 1117

Cost ofliving, principal countries 1131Cotton financing 1105

Pamphlet on 1089Cotton, raw 1092Credit for crop moving 1085,1103Crops 1092,1103,1111

Financing of marketing of 1085,1103Production, 1920-1923 1085Stocks on farms 1086

Currency in circulation:Colombia 1119Russia 1115United States 1166

Debits to individual account 1159Denmark:

Foreign trade 1136Wholesale prices 1128

Department-store business 1146Deposits, savings 1137Discount and open-market operations of Federal reserve

banks 1147-1150Discount rates 1168,1169Employment, United States 1101England:

Cost ofliving and retail food prices 1131Financial statistics 1171Foreign trade 1135Index of industrial activity 1132Payments to United States on obligations for silver purchases

under Pittman Act 1088Wholesale prices 1125,1128,1130

Farm prices 1086,1092Federal Advisory Council, meeting of 1089Federal reserve banks:

Agency opened in Cuba 1089Condition of 1151Discount and open-market operations of 1147

Federal reserve note account 1155Fiduciary powers granted to national banks 1138Food manufacturing 1095Foreign exchange, index of 1102,1170Foreign trade:

Principal foreign countries 1135United States 1101,1136

Index of 1137France:

Cost of living and retail food prices 1131Financial statistics 1171Foreign trade 1135Index of industrial activity 1132Wholesale prices 1125,1128,1130

Germany:Cost of living and retail food prices 1131Financial statistics 1172

Page.Germany—Continued.

Index of industrial activity 1134Wholesale prices 1128,1130

Gold imports and exports 1102,1167Gold settlement fund transactions 1168Grain:

Exports, financing of 1106Marketing, financing of 1092,1103

Hardy, Caldwell, death of 1089Hoxton, W. W., appointed Federal reserve agent at Richmond.. 1089India:

Cost of living 1131Foreign trade 1136Wholesale prices 1128

Iron and steel 1095,1097,1142Italy:

Cost of living and retail food prices 1131Financial statistics 1172Foreign trade 1136Wholesale prices 1128,1130

Japan:Financial statistics 1174Foreign trade 1136Index of industrial activity 1133Wholesale prices 1125,1128

Leather industry 1098,1142Livestock industry 1094,1141Lumber 1098,1142Manufacturing 1095,1140Member banks, condition of 1156Mineral products, index of 1140Money in circulation:

Colombia 1119Russia 1115United States 1166

Netherlands:Cost of living and retail food prices 1131Foreign trade 1136Wholesale prices 1128

New Zealand:Cost of living and retail food prices 1131Wholesale prices 1128

Norway:Cost of living and retail tood prices 1311Wholesale prices 1128

Ocean freight rates 1137Petroleum industry 1095,1142Physical volume of trade 1139Poland:

Cost ofliving 1131Wholesale prices 1128

Prices. (See Retail prices; Wholesale prices.)Production, index of 1090,1140Resources and liabilities:

All banks in the United States 1107Federal reserve banks 1151Member banks in leading cities 1155

Retail prices 1131Retail trade 1100,1145Russia, recent developments in banking and currency 1114Savings deposits 1137Shoe industry 1098,1142Silver imports and exports 1102,1167

Correction in September Bulletin 1166South Africa:

Cost of living and retail food prices 1131Wholesale prices 1128

Spain:Retail food prices 1131Wholesale prices 1128,1130

State banks:Admitted to system 1138Condition of all banks 1110

Sweden:Financial statistics 1173Foreign trade 1136Index of industrial activity 1131Retail food prices 1131Wholesale prices 1128

Switzerland:Cost of living and retail food prices 1131Wholesale prices 1128,1130

Textile industry 1096,1142Tobacco industry 1093,1141Trade. (.See Foreign trade; Physical volume of trade; Retail trade;

Wholesale trade.)Transportation 1099,1143Treasury certificates, issue of 1088Wholesale prices:

Abroad. 1128In the United States 1090,1124-1127

Wbelesale trade, condition of 1090,1100,1145


FEDERAL RESERVE DISTRICTS

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® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


federal reserve bulletin october 1923 - st. louis fed...recent developments in russian banking and...

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