FEDERAL RESERVE BULLETIN OCTOBER, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Crop Production and Prices in 1924 Business Conditions in the United States World Wheat Crop and International Trade WASHINGTON GOVERNMENT PRINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGKR, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ,ADOLPH C. MILLER. CHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, W. M. IMLAY, Fiscal Agent. Director, Division of Research and Statistics. J. F. HERSON, Chief, Division of Examination, and Chief Federal E. A. GOLDENWEISER, Statistician. Reserve Examiner. 1 E. L. SMEAD, Chief, Division of Bank Operations., FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS. District No. 2 (NEW YORK) . PAUL M. WARBURG, President. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) C. E. SULLIVAN. District NO. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District NO. 7 (CHICAGO) .' JOHN J. MITCHELL. District NO. 8 (ST. LOUIS) FESTUS J. WADE. District NO. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) E. F. SWINNEY, Vice President. DistrictNo.il (DALLAS) -- --- W. M. MCGREGOR. District No. 12 (SAN FRANCISCO) D. W. TWOHY. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. W. P. G.Harding.. W. W. Paddock.... W. Willett. Pierre Jay Benj. Strong J. H. Case L. H. Hendricks.i New York- L. F. Sailer A. W. Gilbart.' G. L. Harrison J. W. Jones.1 E. R. Kernel G. E. Chapin.1 Ray M. Gidney ' Philadelphia R. L. Austin Geo. W. Norris... Wm. H. Hutt W. A. Dyer. E. R. Fancher M. J. Fleming J. C. Nevtn. Cleveland.. D. C. Wills Frank J. Zurlinden. Richmond Win. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus..... John S. Walden, Jr.' Atlanta Joseph A. McCord— M. B. Wellborn... J. L. Campbell M. W. Bell. Creed Taylor 1 Chicago Wm. A. Heath J. B. McDougal C. R. McKay W. C. Bachman. John H. Blair K. C. Childs.i J. H. Dillard.i D. A. Jones.' O. J. Netterstrom.1 Clarke Washburne.1 St. Louis Wm. McC. Martin. D. C. Biggs 0. M. Attebery J. W. White. JohnR. Mitchell... W. B. Geery Gray Warren. Minneapolis.. R. A. Young B.V.Moore Frank C. Dunlop.1 Harry Yaeger» Kansas City- M. L. McCIure W. J. Bailey C. A. Worthington. J. W. Helm. Dallas R. R. Gilbert R. B. Coleman. Lynn P. Talley B. A. McKinney.. Val. J. Grand San Francisco. John Perrin J. U. Calkins Wm. A. Day.- W. N. Ambrose. Ira Clerk a L. C. Pontious8 1 Controller. «Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Manager Federal Reserve Bank of— Manager New York: Minneapolis: Buffalo branch W. W. Schneckenburger Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch. D. P. Reordan. New Orleans branch Marcus Walker. Houston branch Fred Harris. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch : A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch W. R. Cation. Seattle branch- C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch V. S. Fuqua. Little Rock branch _. A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS The month: Page Review of the month—Crop production and prices in 1924 765 Business conditions in the United States . 770 World wheat crop and international trade 788 Special article: Prices of farm products 789 Official: Fiduciary powers granted to national banks 793 Charters issued to national banks 793 Business statistics: Industrial statistics in the United States 795 Estimate of production of crops, by Federal reserve districts 794 Wholesale and retail trade 801 Industrial statistics for foreign countries 803 Foreign trade of principal countries 804 Financial statistics for principal foreign countries 805 Price movements in principal countries: Federal Reserve Board wholesale price indexes.. 806 Comparative wholesale prices in principal countries ... 808 Comparative retail prices and cost of living in principal countries 809 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 810 Federal reserve note account 814 Holdings of earning assets : 815 Discount and open-market operations of Federal reserve banks — 816 Gold settlement fund 827 Discount rates of Federal reserve banks 825 Member banks— Condition of member banks in leading cities 817 Changes in membership in the Federal .reserve system 823 Deposits of all member banks 827 Condition of all banks in the United States at the end of June, 1924 819 Bank debits .... 826 Money rates in principal cities 828 Money in circulation 825 Gold and silver imports and exports 829 Foreign exchange rates and index 830 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 10 OCTOBER, 1924 No. 10 REVIEW OF THE MONTH The total wheat crop in this country is about 50,000,000 bushels larger than last year, but September forecasts of crop yields make pos- the world crop is considerably smaller, and this sible an approximation of the agricultural out- put of 1924, and, when con- reduced production has been reflected in higher Crops in 1924. y ' ' ... prices. In Canada alone, where a crop of ap- sidered in connection with pre- proximately 475,000,000 bushels, the largest in vailing prices for farm products, furnish an in- the history of the country, was produced in dication of the return farmers will receive from 1923, the expected yield this year is nearly this year's operations. Crop production taken 200,000,000 bushels less and this accounts for as a whole promises to be hi about the same a large part of the reduction in the world's volume as in the two preceding years and aver- crop. A smaller supply of wheat for export age prices at the farm this autumn have been purposes from that country has resulted in a considerably above the level of a year ago and considerable reduction in the export surplus of as high as at any time in the past four years. the world and in an improved export demand Present estimates indicate larger yields than for wheat i,n this country. Thus, owing to last year for most of the principal crops, ex- smaller yields in competing countries, the some- cept corn and tobacco, and in the case of wheat what larger domestic crop has resulted in a con- the increase in yield is particularly large in siderably increased total value of wheat pro- those sections where the crop was poor last duced in this country, and has been a factor in year. The increase in the current income of the farmer arising from the larger yield and bringing about an improvement in the agricul- better prices has been reflected in improved tural situation. The most marked improve- financial and business conditions in the agri- ment in the condition of wheat farmers has been cultural districts. in the principal producing areas where a larger Production of the more important crops this crop was harvested without an increase in acre- year, as indicated by recent estimates com- age. In the Kansas City and Minneapolis pared with the harvests in Federal reserve districts, which together will Crop yields produce about two-thirds of this year's crop, and prices. 1923, and present farm prices and those prevailing a year the total wheat production, according to pres- ago, are presented in the following table. The ent indications, will be about 180,000,000 bush- prices at the farm are averages for the country els larger than last year and will be harvested as a whole, based on reports to the Department from an estimated area no larger than last of Agriculture from the various producing year. In the Kansas City district the crop is regions, weighted by the volume of produc- one of the largest on record, and at present tion in these regions. prices the crop in that district will sell at the farm for about $150,000,000 more than last Production Farm prices on (in thousands) Aug. 15 (cents year. Yields of spring wheat in the Minne- Crop Unit per unit) apolis district, particularly in certain sections 1923 19241 1923 1924 where the crop was almost a complete failure Wheat, total __ Bushels, 785,741 836, 754 86.4 116.8 Winter do 572,340 589, 350 several times during recent years, are decidedly Spring.