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''931
X-3485
F E DE R AL
R E S E R V E :S 0 A R D.
STATEM:HB'r FOR '1'B.E PRESS
l.
For release in afternoon papars,
.A.u.gns t 2, 1922.
W~dnesdcq.
CONJ)ITION Oi i'HE ACCEPTANCE ~. JU'NE 15 TO -nJLY 15, 1922.
According to reports rgceiv~d. 1»1 '\he Federal. Raserva Board
from thit Federal Bssarva Ba.nks of the various districts • the
acceptBftce ma.rltet was i:rragul:;r throughout the entire period under raYiew and .allowed 'Rt slit#lt -.ips ot activity.
1'ha supply
-«'bills in most 41•tric\a ws.s lim1~~. bu.\ was adequate to •et
the smll. 44JalQ4.
In :District Jfo .. 1. (Boston)
tb~ IJ8.PPl.Y
ot bills showed.
8Z'l
up-
wa.rd tende1cy fl.t tha baginnin"' of· the :r.portiJli period, but fell
ott at 'the olosa..
DeJa~
tor bill• was very small, badkers and
C.Orporatioa.a ._o had idle f\md.$ pr.ete;rring ~ i.J:wast th$1'l in certitt.-ca.t,es ot
iDleb~aa
.-ather than
~
a=eptanoea.
At · the close of
the period• the bUl aerket ii4aloved aQJIBViha,t and bills of
30 tmd 60
<lqa• maturity moved trei:)lJ'•
In District No. 2 (New York}
~ q~
of bills in most ca.ses
l
i
was
su.Uic~ant to JlliMt the
was largely
intl~ced.
d...a..
the 'bill Jllal'ket in this District
by the pfeVa.iling mmer situo.tion.
Ban'k:ers
•old their b1Ua llfban mousy rat9s tandad. to fl,dvanee and increased
their hol41n-.
wtte11 110lle7 was
Pl~llti~.
'.lhe d.amond for bills for
torei&D ac~oUDt ocati$1.0. to bet a. atroa.g factor in this Distl"ict. ~
932
X-3485
- 2 is responsible for the continuance of thQ prevailing
rat~s
for bills of
longer maturities.
Districts No.7 (Chicago), No. t (St. Louis) and No. 12 (San Francisco) report a dull market throughout the entire
mantio~d District,
~:>eriod.
In the last
35 dealers report a decraase of $3,424,817, or 38%,
in the volume of acceptances bought and $998,772, or 19.4%, in the
amount of bills accepted during June as compared With the previous
month.
In District No. 7, howaver, a slight improvem!lnt was noticeable
at the close of the period, when gro.in bills were in fairly active demand and moved freely.
fluenced mainly by the
In this District, too, the bill market was inprav~iling
money situation.
In District No. 3
(P.hiladelPhia)'tha supply of bills was fair.
A slight iaprovement in tho acceptance market is noticeable in
Districts No. 4 {Cleveland), Uo. 10, {Kunsas City) and No·. 11 (Dallas).
In the last mentiondd District, the demand for bills was strong and
e.lceedad the available supply, 31 though theN was on inCrl3ased Volume
of acceptances arising out of domestic shipments and
goods in
war~houses.
creased.
th~
stora80 of
The volume of foreign acceptances, however, de-
T.ha opposite sit~tion prevail~d in District No.6 (Atlanta),
where the volume of bills arising in connection with
~orts ~d
ex-
ports increased about 31% over tha previous period.
The bulk of acceptances executed in the various districts were
based upon the exportation of cotton, wheat, :md rubber goo.:l.s, the importation of sugar and coffee and. the war.ahousing of crude oil
~d
corp.
In Dis~ricts No.2 (New York), No.4 (Cleveland) and No. 12 (San FranciseoJ
'J
933.
X-3485
- 3-
maturities of 60 to 90 dqs were preferred. In the other Districts, the
best demand was for 30 to 60 day bills. District No. 12 reports the distribution of maturities as follows:
Ma.turitl
30-da_vs
60-days
90-da.ys
120-da.ys
12
June 15 to Jull
10.4%
34.6%
49.0%
6.0%
The rates throughout the poriod wer'e as follows:
Bange du.ring period _ _....:C;.::l~os;:.;:e--.,__
iates on prime bills
30
60
No. 1
(:Boston)
11
"
30 cia¥ maturity
60 •
No. ·2
90 "
120
"
150 "
130
"
n
n
"
n
n
30 da.y maturity
No.3
. {P'niladelphia)
6o n
90 "
120
It
150 "
1SO R
30
No.7
(Chicago) .
3- 3t
3-1/6-Jt
~maturity
-~
n
90 "
120 •
(New York)
:Si<l.
n
3
If'
3-1/8- 3'i!.
~t- 3-3 8
If
·R
120
150
n
It
It
n
- n
"
3i
It
n - 3i
3-1/s - Ji
n
It
It
3-1/8 •
3t- 3-3
~t
3
II
3-l/8-
90
It
II
It
"
180
"
"
"
7-3/8
8
3
II
It
"
31'-3-3/8
3
3- 3-l/S
3 - 3-1/8
2-7/S -3
n
II
3-1/8
-3-l/8
3
- 3!
3-l/3 - 3-3/8
3
3-3/S
It
"
II
"
II
II
II
It
II
3
"
2-7/c - 3
3-l/8
"
" "
2-7/S - 3-1/8
•
da.y maturity
."
2-7/8-3-1/S
·=•'. "
- 3i
3-1/S
"
11
"
Offered
Bid
n
3in - 3i
n
n
6o
~3-3/8
"
n
n
Z•7/8 • 3-1/S
3
- 3-1/a
"
" "
3-l/c,; -3i
" •"
"
3-1/S
Offered
It
It
It
n
n
n
n
"
3-1/3
3 - 3-1/8
3-l/S-3-3/8 3- 3-1/6
n
n
n
3 - 3-1/8
3
II
"
"
II
II
It
n
3-1/o - }~'"
II
3-1/o-3-378 3 - 3-1/s
It·
It
"
...
FEDERAL RESERVE
STAT~~~JT
BOARJ)
FOR THE PRESS
X-3486
For release in Morning Papers,
Tuesday, August J. 1922.
The following is a summary of general business and
financial condi tfons throughout the several Federal
Reserve Districts during the month of July, as
contain0d in the forthcoming issue of th~ F8deral
Reserve Jullotin.
The outstanding feature of the greater part of the month has
been the continuance of business and industrial activity at the relatively high rate recently attained.
In fact, production has shown furth0r
incnases in soma lines, while in those which nonnally would be noticeably affectaci by seasonal influences,
relativdy slight.
decr0as~s
on the whole have been
Reflecting this movement, de.bits to individual
account, which are a fair index of volume of business, were considerably
higher in June them in May, althout,h they showed some decrease in July.
At th8 same time, prices have continued their upward tendency, the
index number of the Federal Reserve Board for June being 162, an increase of
4
points over the May figure, further increases being indi-
cated for July.
coal and
railro~
As the current month progressed, theeffacts of the
strikes began to make thamselves felt.
This in-
fluence has served recently to restrain productive activities in
various 1 ines, noticeably iron and steal.
The plans recently announc-
ed by the Administration are expactad to relieve tha situation.
The output in various lin2s of manufacture, showed furthar
improvement in June.
This was particularly noticeable in the
c~se
of
I'
- 2 iron and steel, copper, automobiles and tanning.
In the textile
industries, incraased output of both cotton and woolen goods was reported during June,
althou~
soma seasonal recessions have been ex-
perienced since the opening of July.
Construction activit1 has
been well sustained, only slight recessions occurrin6 in June, and
the production of lumber and other buildin3
mat~rials
accordingly
The amount of bituminous coal mined
has continued at a hi6h level.
in June showed a considerable increase, but since the opening of the
present month has fallen off greatly.
been further drawn upon.
Coal stocks have consequently
Anthracite production has been negligible,
and stocks, with the exception of pea sizes, are practically exhausted.
Petroleum output continues larc:;e; stocks are, in fact, accumulating.
A further reduction in the number of persons out of work
was reported during June, and scarcity of labor continued to be noted,
especially in the building trades.
scarcity of agricultural labor.
Cert:-:tin districts also reported a
Unemployment remained a factor. only
in those lines, such as textiles, coal and transportation, in which
labor difficulties exist.
Agricultural prospects are still very satisfactory for the
country as a
tion in the
whole, although
th~re
has been a considerable
condition of wheat and oats.
to be above the average, and the
tob~cco
deterior~-
Fruit crops are reported
outlook in general excellent.
Tne cotton crop shows some improvement during June, but it is 3till too
early to estimate the amount of damage from the boll weevil.
In wholesale trade there was a general improvement in most
·.
936
I
1
X-3486
- 3 lines during June.
showed
incre~ses
Groceries sales in particular were large, and
in all districts over last year.
The majority of
the districts likewise reported an increase in dry goods sales- Boot
and shoe sales declined slightly during the month
~f
June, and the
,.,..
situation in respect to hardware was not so satisfactory as in recent
rronths, nl though better than a year ago.
The volume of retail trade
was well sustained during June, although slightly less than in May.
Financially there have been few new developments noted for
the month.
The Federal Reserve Banks of Dallas and
S~
Francisco
reduced the discount rate to 4-1/2 and 4 per cent respectively.
much interest has been the announcement by the Treasury on July
Of
26
calling for redemption on December 15, 1922, of approximately
. $~,000,000,000 of the 4-3/4 per cent Victory notes.
Federal Il.e-
serve Bank portfolios show little change, while member bank loans,
other than those secured by stoCks and bonds, show a downward tendency.
Foreign exchange rates have remained steady, except for the mark, which
reached the lowest figure to date.
The foreign trade figures for
June show a substantial increase over r&ay, both for imports
ant
exports.
@FedFRASER