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I MP E X
Monthly Review <8? Credit and Business Conditions,
January, 1921 - December, 1921

Note:

February issue was published March 1, in
accordance with change of date of issue
from the la s t day o f the month to the
f i r s t day o f subsequent month.
Page

BANK LOANS
Lending powers of the Reserve banks, November........... .
BANK LOANS AND DEPOSITS
January, p .2; March, d. 2; A p ril, p . 2.
BILL MARKET
Monthly beginning J a n u a r y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..............
BOND MARKET
Monthly beginning January,...................................................... ..
BUILDING
Cost, in Greater New York fo r main types e f b u ild in g s, M ay,.,*

12

2
4
11

Volume o f, monthly beginning January.............. 11
BUSINESS FAILURES
(See F ailures)
CALL LOAN MARKET
C all money secured by bankers' acceptances and Treasury
c e r t if i c a t e s in new market, D
e c e m
b e r . 1- 2
CHARTS
Acceptances, Bankers’ June, p . l ; July n .3; November, p . l ;
December, p . l .
Rates, 1920-1921, June....................................................................
1
January-June, 1921, J u ly ,....................... ..................
3
1917-1921, November......................................................... 1
1915-1921, December,..................
1
Bank notes; c ir c u la t io n o f , in three cou n tries, 1919-1920,
March.. . . . . . . . . . . .
2
Bank loans
1919-1921, March.................................................................................
1
December=i920-Marc h=1921, A p r il....................... ................
2
1918-1921, July........... ............................................................... .
2
1915-1921, September........................................................................
1
Building, New York and Northern New Jersey
Volume
1913-1921, June......................... .......................................................
10
1916-1921, July, p. 10; November, p. 9.
D ifferen t types, 1920-21, August......................... ........................ ..
8
C all loans, ,renewal rates on, July, p. 3; December, p . l
C e r t ific a t e s o f indebtedness, in te re st ra te s, 1920-1921, June,
p . l ; October, p . l .
Clothing, co st to consumer, December.............................................. .. 11
Commercial paper
In te re st ra tes on
A fte r C iv il War and World War, July...............
1
High, low and average, 1831-1920, March...........
3



T:dex to Monthly Review, e t c .

January, 1921-December, 1921

Page
CHARTS ( CONTINUED)




Commercial paper (Continued)

Outstanding, 11 d e a le rs, monthly beginning Jan u ary..............
S e llin g r a te s , 1917-1921, No-\ember,..............................................
Cost o f liv in g
Elements o f , 1919-1921, A p r i l ..........................................................
New York C ity , 1917-1921, J u ly ...... .................................................
United S ta tes, 1916-1920, January, p . 7; March, p . 8; May,
p . 7; J u ly , p . 7; September, p .9 .
Cotton industry, produ ction , November 1920-May 1921, J u l y . . . .
Currency
Circulation, 1913-1921, August................................. . .................. .
Purchasing power, May, p*5; August, p . 5 .
Deposits
Member bank reserve d e p o sits, M a y ................................................
Reporting member banks, J u ly ........................................ ..................
Savings banks, monthly beginning November, May.......................
Employment
New York State fa c t o r ie s , 1915-1921, January, p . 8; March,
p .9; A p ril, p . 8; June, p .9; O ctober, p .9; November, p .9 .
United States f a c t o r ie s , 1915-1921, June, p . 9; November,
p .9 .
Exchanges, deprecia tion o f , May, p . 5; August, p . 5 .
fa ilu r e s , bu sin ess, 1915-1921, August, p .11.
Federal Reserve Bgnk o f New Y0rk
Reserve percentages , 1920 , 1921, August.....................................
Federal Reserve Banks
Earning a s s e ts , 1915-1921, May, p .12; 1918-1921, J u ly ,p .2
Federal Reserve note c ir c u la t io n , 1915-1921, May, p .12;
J u ly , p .2 .
Reserve d e p o sits, J u ly ........................................................................
Reserve p ercen ta ge, 1920-1921
A ll d is t r ic t s , August.............................................................
Twelve banks, A p r i l....................... .................................... ..
Foreign trade, 1913, 1918-1920, March..................................................
Gold
Reservos o f p rin cip a l European Banks, 1914-1921, M a y . . . . .
Stock in the United S ta tes, 1913-1921, August...................
Immigration
New York Port, 1920, January ..................................... ....................
United S tates, J u ly ................................. ..........................................
P rices
R etail
Food, 1916-1921, March............................................................
Food, in fou r co u n trie s, 1915-1921, J u n e . . . . ...............
W holesale, 1916-1921, January, p . 7; March, p .8; May, p .7;
August, p .5; September, p .1 .
C iv il Ws.r and World War P eriod s, O c t o b e r . . . . . . . . . . . .
England and the United S ta tes, 1790-1920, June...........
12 basic com m odities, 1920-1921, J u l y . .................
Food, 1916-1921, March......................................... ..
Groups o f commodities, 1917-1921, J u n e ...............
In four lead in g oou n tries, 1915-1921, monthly begin­
ning J anuary........................................... ................................

3
1
7
7

9
12
12
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1

1

2
1
1
7
2
12
9
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udex to Mont illy Review, etc*

January, 1921-December, 1921

Pape
CHARTS (CONTINUED)
Purchasing power of currency, May, p. 5; August, p. 5.
R ailroads
Freight cars loaded in 1921, December .............................. ...................... . 9
Net earnings of 15 ra ilro a d s in the United States, 19161921, September ................................................................ .................. ..
11
R e ta il trade
Department store sales and stock s, 1919-1921, ..monthly be­
ginning, A pril .............................................................................. . ..................
9
Mail order houses' sa le s , 1919-1921, July, p. 11; August,
p. 10.
S e cu ritie s
Bonds, p r ic e s , 1919-1921, November, p . 4; 1915-1921, De­
cember , p . l .
L iberty bonds, B ritish war loan s, 10 r a i l s , and 10 industr ia ls , Mar ch .................................................................. ...................... ............ 4
Shipping, tonnage of world seagoing ships, 1914 and 1921, Sep­
tember ............. ........................ ............................................. .........................................
5
Silk industry, November, 1920 - May, 1921, July .............................................. 9
Wages
Common labor ra te , Secon’d D is t r ic t , 1915-1921, October . . . . . . . . . . .
9
New York State f a c t o r ie s , 1915-1921, January, p. 8; March,
p . 9; A p r il, p. 8; June, p. 9; September, p» 9; O ctober, p. 9;
November, p. 8.
Number of concerns making red u ction s, May ............................. .................. 8
United States f a c t o r ie s , June, p. 9; November, p. 8; Decem­
b er, p. 8.
Wholesale trade
Dollar value of sales and estimated p h y sica l volume, October,
1920 and 1921, December ........................................................ ........................ 9
Wholesale houses' sa le s, monthly beginning, September ........... .
10
Wool industry, July ........................... ....................... .................... ..............................
9
CHECKS
C o lle ctin g checks under the Federal Reserve System, July ........................... 12
Volume handled monthly by the Federal Reserve Bank of New York,
January, 1915 - May, 1921, 'July .............................................. .......................... 12
COMMERCIAL PAPER
In te re st ra te s, high, low and average, 1831-1920, March .
..........
3
Monthly beginning January .................................................... ...................................... 2
COMMODITIES
Production of b a sic commodities in the United States, monthly
beginning A pril ...................................................................................................
10
Stocks on hand in the United States, monthly beginning July ..................... 9
COST OF LIVING
In the United S ta tes, monthly beginning A p ril ................. .............................. .. 7
COTTON INDUSTRY
Monthly from January, p. 10, to June.
CREDIT
C onditions, monthly beginning January ..................................................................
1
Lending powers of the Federal reserve banks, November ................... ..
12
L iquidation of bank loans, July, p. 1; August, p . 1 .
Mechanism of expansion under the Federal Reserve System, Sep­
tember ............................................................................................................................ 12
R e tirin g excess cre d it under Federal Reserve System, July, p. 1 ;
O ctober, p , 12.




- 4 ndex to Monthly Review, e tc .

January,

1 9 2 1 -December,

CROPS
C onditions in Second D is tr ic t, May, p-11; July, p»10; August,
p. 11; September, p. 11; November, p. 11.
CURRENCY
Federal Reserve Banks and the currency. M a y , . . . . . , * .............. . . . .
United States currency in fo re ig n coun tries, J u n e , . . , . . , . . . . . . .
DEPOSITS
Bank loans and d ep osits, January, p . 2; March, p .2; A pril, p .2.
Savings banks, January, p . l ; monthly, May-December.
DISCOUNTS
Discount market and the Reserve bank, A p r i l ............................ ...
EMPLOYMENT, Monthly beginning January.............. ...................... .......................
E ffe c t s of unemployment on number o f fa m ilie s under care of
ch a rity organizations o f New York, O c t o b e r . .........................
EXCHANGE
Foreign, monthly beginning January....................................... ................. .
Rates and currency d epreciation
In three European co u n trie s, M a y .,,............................ ................
In fou r European cou n tries,
A u g u s t............................................
FAILURES
Business fa ilu r e s , monthly beginning January (except O c t o b e r ),..
FAFMS
Values and mortgages, August....................... ............ . . . . . . . . . . . . . . . . .
FEDERAL RESERVE SYSTEM
Discount market and the Federal Reserve Bank, A p r i l . ,
Federal Reserve Banks and the currency, M ay,,...........
T ransferring funds unde.r the Federal Reserve System, J u n e , ,,. .,
C o lle c tin g checks under the Federal Reserve System, J u l y . . . . . . .
Gold imports and the Federal Reserve System, A u g u s t ,
Mechanism of expansion under the Federal Reserve System,
September........................................... ...................... .......................................
R etirin g excess c r e d it under the Federal Reserve System,
O cto b e r.. . ..................................................... .......................... .
Lending powers of the Reserve Banks, N o v e m b e r ...................
How the Federal Reserve System is organized, D e ce m b e r...,...........
FINANCING, NEW, Monthly heginning J an u ary,.....................................................
FOREIGN EXCHANGE
(See Exchange Foreign)
FOREIGN TRADE
(See Trade, Foreign)
FUNDS
Movement o f, A p r i l . . . . . . . . . ................................... ............................. .
T ransfers through Federal Reserve System, June............................... .
GOLD
Gold imports and the Federal Reserve System, A u g u s t . . ,
Movements, monthly beginning January..................... ..
Reserves o f p r in c ip a l European banks, M a y .,............... .
GOSCHEN, VISCOUNT
Theory o f fo re ig n exchanges, May, p p ,4-5 j August, p .5.



Index to Monthly Review, e t c .

January, 1921-December, 191

Page
HARDING, W, P. G.
Address at C harlotte, N. C ,, E xtracts from, O ctober, p. 2; Novem­
ber , p. 12.
IMMIGRATION
New York Port, monthly from January, p. 8, to July
INTEREST RATES
Decline in sp ite of crop moving danands, November ........................... ..
Stock market money r a te s , monthly beginning January .................................
IRON AND STEEL
January, p. 11; March, p. 12; A p ril, p. 11; May, p. 11; July, p, 10 .

1
3

LA30R
E ffic ie n c y o f, December .......................................... .........................................
LIBERTY BONDS
(See S e cu ritie s )

8

NEW FINANCING
(See Financing, New)
PRICES
C iv il War and World War p rice changes, October . . . . . . . . . . . . . . . . . . . .......
R e ta il p rice s versus wholesale p r ic e s , December ................................. .. ...
Food, March ........................... .............. .................... ..................... . .......... ..
Wholesale
Food, March ............... .......................... ................ ...................................... ..
In the United States, comment, monthly beginning January
In the United States and England, 1790-1920, June ...........................
Index numbers in p rin cip a l cou n tries, monthly beginning
January ........................................... ................... .................... ..
World, monthly beginning January, (except March) .......................
PRODUCTION, Monthly beginning A p ril ..................... ................... ................................ ..
PURCHASING POWER
Changes fo r d iffe r e n t groups of workers, March ...................... .
R ela tion to exchange ra te s , May, p. 5; August, p. 5.
RAILROADS
Earnings, September . ................................. ........... .................... ........................ ....
T r a f f ic , January, 1921, January, p. 12; March, p. 12; A p ril, p. 11;
July, p. 11; O ctober, p. 10; November, p. 9; December, p. 9.
RENTS
New York C ity, March, p. 11; September, p. 9.
RETAIL TRADE
Chain s to r e s ' s a le s , August, p. 10; O ctober, p . 10; November, p. 11;
December, p. 10,
Department s to r e s ' sa le s, monthly beginning January ................................
Sales rep orted in d o lla rs rather than percentages, beginning
A pril .................................................. ..............................................................
Mail order houses’ sa le s, July, p. 11; August, p. 10; O ctober, p . 10;
November, p. 11; December, p. 10.
SECURITIES
United States s e c u r it ie s , monthly beginning January .................................
SHIPPING, WORLD SEAGOING, September ..................... .................................................... .




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Index to Monthly Review, et c,

January, 1921-December, 1921

Pap e
SILK INDUSTRY, Monthly from January, p. 10 to June.
STOCK CLEARING OPERATIONS, September ............................. i ., . . ..........
STOCK MARKET, Monthly beginning January ............. .
><. 4
STOCKS ON HAND IN THE UNITED STATES OF IMPORTANT COMMODITIES,
Monthly beginning July
TRADE
Foreign, monthly beginning January ..........................................................................
R eta il
(See R e ta il Trade)
Wholesale
(See Wholesale Trade)
TREASURY CERTIFICATES
(See S e cu ritie s )

O

4
9

5

UNITED STATES SECURITIES
(See S e cu ritie s )
WAGES
Discussion o f, monthly beginning January ........................... ..................................
Reduction in , May, pp. 7 -8 ; June, p. 8; July, p. 8; August, p. 9;
September, p. 10; October, p. 9; November, p, 8.
WAR LOANS
(See S e c u r itie s )
WHOLESALE TRADE, Monthly beginning August .................................................. ....................
WOOL INDUSTRY, Monthly from January, p. 10, to June,




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