The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F E DE R AL D : S E ~ VE B 0 A n D X-}J97 For relaase in Afternoon Pap:.'lr,, Friday, D." cember 29, 1922. The follorvin 0 L "' surrrrr:ury of ger.. 2ral business con~i tic:n., throu~;:out th2 several Federal IL;;serve Dis~ricts 11urmg the month of Dec,m;b:n, c.~."' cont<olllic;d 1n tn-:0 forthcoming is sua of the F2J.ero.l I\d,Jn·::J Bull0tin. anCl financial Prouuction, employment anu trade contlnued to upward trend. in Novem·oer and. pri~..;s 1'::)21, Nhan production <VclS lo;:ar ~till tlL.m ...Lt :.;e~~;on increu31ng. cl11Y of tho: yd.J.r 1 S inc:; July, time: ln recent years, there has been an almost tmint.o:rrUiJt..:l.l rbe month by month. inde~( 1 in which allo'iv<:.mca ha"' b2;:;n rrLJ.Qd 1922. 7 wa~ 52 per cent p:r c::nc hiJur than in October, The chief ao.vances from OctoDar to Hovcmbar \18ra in mill con.:;umption of cotton 11hich raaclBd onca The for s-'3a6onal chunge"', sho·:s that production in b..1;;;1c ino.us1:.r1as J.unne; iJovember hi 0 her thm in July, 1':!21, and an rogi ~tareu. a furthar advance. Cont,rary to tha usual ',;rami :1t this production in basic inaustri.js i, o.l~O'N ~inc.c a r;,ont~ily total axceaeie,l only 1917, and in the pro-:1uction of pic; iron Nhich wa.s largar than at any time in th-: past two yaar;,. Construct1on operations ware maintained on a large uCa1a :iaspi to: tha dl)proach of winter I dua to a subst.;mtLll J:cpun,;;ion in res1etant Bl lluiLllng. X-3597 ... 2 - The. total farm v ~•1 u.::: of crops grovm in 19:22, basad on prices paid to farmers on Dac~rnbc:r cant mor.::: than in 1921j but 1920. l, ·vail a;.;tirn.1tei to be 25 per Jtill 17 p.2r c2nt less than in NJ.s The value of all imporLmt crops, excapt potatoe;;;, ;vas larger this year than last y0ar, ,,~.n..;. tna farm value of tha cotton crop was much eoraater ·than in l':;J2l or in 1920. Incraased proJ.uction freight movem:;Jnt, \Na:;; ~,ccompanied by continued heavy Th2 total numbar of railroad cars loaded during November J.ras only ) par cent le.s"' than in Octob..;r, :;.nd was substa:1tially lare:.er than in the correspon~in 6 month of previous years. in the proportion of car;:; out of repair have resul L:d in a considerabl.::: reduction in the frai< car shortae,e. Demand for labor oontinuad to incr c:;cJ.sa, a_, shown by the velum,:; of employment ~~t in;.lustrial 3Sta.blishrn,mts. Local 6hort.:l.,S2S of labor were: rcport,_;u.,by -.L;c:d mills, tc.;xtile mills, "md builu.ing contractors in aa"t8rn districts, but thara w:::.s a srrjall :;;urplu.; of corr.non labor in tr.a c:t 6 riculturc.tl distr1cts. ·.;'holasd.la Prices: . tha high,:;st laval "ince Maron, lCj2l. the Bura.J.u of L~bor The rL.,,3 of t:vo points in Statisti.:s ind,;:c to 15.:1 N ..l.- ciuc::; chidly to ad- vancas in the prices of L.irrr, prodc:ict:o, food::. _,nci clothln 0 , ros2 to the highest points of the year. than offset the u.eclin2s in th2 prices of fuels and matals. nhich .. I - 3- X-3597 Volums of Trade: The volume of payn1-.mt.; by .:h.>c.%, ordinarily a measure of business turnover, Qecre~sea. District except Atlanta. Naw York, was Nd.S io 5lightly in avery Fader~l R~serve T~a total for 140 cities, not including 7 par c::mt _,rrJd.llar ir. Nov2mb;:Jr than in October, but per cent larger than in Novembar, 1921. Wholesale tra.:.e vas smaller in Novembar in almost all lines ana all sections, but the trend is usually dovvnwara season of the year. S<:1loG mara ~ubstantially November, for all raporting lin.->s e~(Cept showaa. a small iJ:Tq?rovement in Novem·oer, this larger than in last .o.1oes, ...iHJ. d.t Hstail trade the Christmas busines::> is raporteu to have been larc,er than in any previous yaar. Bank Credit: Larger demand for .bJ.nk crai.ii t in the interior during rec,:mt weeks was accornpaniea. by liquidat'ion of both loans and investment~:) in New York and. Bo.;ton. Tha uero.anci. for bank funds was most pronouncad in tha Cleveland, hicl.1mona., St. Louis, and San Francisco ~istrict~. L:')ading citi~s .sho·N for the .!?;;rioa batN~.m November 15 ana. Dacamb~r 13 an incrca.;;e of $25,000,000 in loans and. a reauction of $9,0C0,000 in invastm:nts. During tha p2rioa betwaan Novembar 22 and D:3cember 20 Federal Re;;arv a ~anks hava baen call ad u._,on to sup.t-lY th: .;xtra currency needs of hol id.ay trade, an incr2.1se of I ~:157 ~n4. this daro.dnct is reflacted.. in ,000,000 in Fadaral :i:i:3sarv2 not3 circulation, i.. \ •. } - 4- X-3597 bringing the total to the highest point for the year. A decline of $43,000.000 in gold reserve was also largely:due to increased use of gold for currency purposes. The total earning assets of the Federal Reserve Banks rose during the period $145,000,000 partly in response to the demand for currency, and partly in consequence o£ the heavy government operations on December 15 • In the four weeks prior to December 13, the loans and investments of member banks in leading cities were little changed, though in the latter part of the period a renewed demand was manifested for commercial loans, offset to some extent by a decline in investments.
@FedFRASER