Full text of Federal Reserve Bulletin : August 1922
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
AUGUST, 1922
WASHINGTON
GOVERNMENT PEINTING OFFICE
1922
FEDERAL RESERVE BOARD.
Ex officio members:
\ W. P. G. HARDING, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
ADOLPH C. MILLER.
D. R. CltlSSINGER,
CHARLES S. IIAMLIN. '
Comptroller of the Currency.
JOHN R. MITCHELL.
W. W. TTOXTON, Secretary.
I WALTER S. LOGAN, General Counsel.
W. L. EDDY, Assistant Secretary.
\ W. II. STEINER,
i
W. M. IMLAY, Fiscal Agent.
Acting Chief, Division of Analysis and Research.
M. JACOB SON, Statistician.
J. F. IIERSON,
j E. A. GOLDEN WEISER, Associate Statistician.
Chief, Division of Examination and Chief Federal U E. L. SMEAD,
Reserve Examiner.
Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL.
(For the year 1922.)
DISTRICT NO. 1 (BOSTON)
PHILIP STOCKTON.
DISTRICT NO. 2 (NEW YOMK)
PAUL M. WARBURG, Vice President.
DISTRICT NO. 3 (PHILADELPHIA)
L. L. RUE, President.
DISTRICT NO. 4 (CLEVELAND)
CORLTSS E. SULLIVAN.
DISTRICT NO. 5 (RICHMOND)
J. G. BROWN.
DISTRICT NO. 6 (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—
!
Chairman.
"
Governor.
| Boston
!
j Frederic H. Curtiss..
.! Chas. A. Morss
• New York
| Pierre Jay
. Benj. Strong
,
!
i R. L. Austin....
J). C. Wills
i Caldwell Hardy
Philadelphia
Cleveland
Richmond
Atlanta
i Chicago
.! George W. Norris.
. E. R. Fancher
George J. Seay
Joseph A. McCord..
M. B. Wellborn...
Win. A. Heath
J. B. McDougal...
St. Louis
Minneapolis.
Win. McC. Martin
JohnH. Rich
.: I). C. Biggs
.! R. A. Young
Kansas City
Dallas
San Francisco
Asa E. Ramsay..
Wm. F. Ramsey.
John Perrin
.; W. J. Bailey
.1 B. A. McKinney..
.: J. U. Calkins
1
Controller.
C. C. Bullen
I! W. W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
!
Wm. II. H u t t j r
M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus
A. S. Johnstone »
John S. Walden *
L. C. Adelson
J. L. Campbell
C. R. McKay
S. B. Cramer
John H. Blair
W. Willett.
L. II. Ilendricks.i
J. D. HIggms.i
A. W. Gilbart.*
Leslie R. Rounds.i
J. \V. Jones.»
Ray M. Gidney.i
W. A. Dyer.
II. G. Davis.
Geo. II. Keesee.
M. W. Bell.
W. C. Bachman.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.*
O. J. Netterstrom.i
A.H. Vogt.1
Clark Washburne 1
J. W. White.
B. V. Moore.
O. M. Attebery
W. B. Geery
S. S. Cook..'
Frank C. Dunlop 1
C. A. Worthington
It. G. Emerson
Win. A. Day
IraCh-rk"
L. C. 1 'ontious *
-' Assistant to governor.
J. W. Helm.
It. R. Gilbert.
W. N. Ambrose.
3 Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS,
Manager.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
i
j W. W. Schneckenburger.
L. W. Manning.
Geo. De Camp.
A. II. Dudley.
Marcus Walker.
Geo. R. De Saussure.
• A. E. Walker.
: J. B. McNamara.
:
: R. B. Locke.
s
W. P. Kincheloe.
J. J. lleflin.
A. F. Bailey.
!
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Manager.
I
j It. E. Towie.
L. H. Earhart.
' C. A. Burkhardt.
C. E. Daniel.
i:
W. C. Weiss.
Floyd Ikard.
| C. J. Shepherd.
• Frederick Greenwood.
• R. B. Motherwell.
C. R.Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve 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 eold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available
in
TABLE OF CONTENTS.
General summary:
Review of the month
Business, industry, and finance, July, 1922
Federal Reserve Board's price index for France
Redemption of Victory notes outstanding
,.
•...
Official:
Rulings of the Federal Reserve Board
Law department
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Business and financial conditions abroad:
:
The Hague Conference
Russia's foreign indebtedness and international trade
Survey for France, Italy, Germany, Sweden, Argentina, Brazil, and Chile
Economic and. financial conditions in Cuba
Price movement and volume of trade:
International wholesale price indexes—United States, England, and Canada
Comparative wholesale prices in principal countries
Comparative retail prices in principal countries
Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany
Indexes of industrial activity—England, France, Germany, and Sweden
Foreign trade index
Ocean freight rates
Report of knit-goods manufacturers of America
Production and shipments of finished cotton fabrics
-.
.Physical volume of trade
Building statistics
Retail trade
Wholesale trade
August crop report, by Federal reserve districts
Commercial failures
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal reserve banks
Condition of Federal reserve banks
Federal reserve note account
:
Condition of member banks in leading cities
Savings deposits
,
Bank "debits
:
.'
Operations of the Federal reserve clearing system
Gold settlement fund
."
Gold and silver imports and exports
Money in circulation
Discount rates approved by the Federal Reserve Board
Discount and interest rates in various centers
Earnings and expenses of Federal reserve banks, six months ending June 30, 1922
Foreign exchange rates
Foreign—England, France, Italy, Germany, Sweden, Norway, and Japan
Charts:
Movement of principal assets and liabilities of Federal reserve and member banks
Index numbers oil wholesale prices in France
Index numbers of wholesale prices in the United States and England
Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes
of international comparisons
Index numbers of wholesale prices in England
Index numbers of domestic business
Monthly value of sales of chain stores
Debits to individual accounts
Foreign exchange index
IV
Vw
901
910
922
929
931
933
921
921
922
922
935
936
942
960
963
967
971
972
974
976
977
977
978
979
985
986
988
984
921
989
997
1000
1001
976
1004
1010
1008
1009
1011
1011
1014
1012
1015
1017
988
928
963
964
965
979
986
1004
1015
FEDERAL RESERVE BULLETIN
VOL.
AUGUST, 1922.
8
REVIEW OF THE MONTH.
With the rapid progress toward more normal
conditions in business and banking that has
been characteristic of the past
Establishment fow m o n t h s , there has been
of normal credit.
'
associated a change in the character of credit and collection conditions. This
improvement throws a valuable light upon the
general banking situation. As business improves, collections after a certain period become
better and business more truly liquid. Banking is correspondingly nearer to the standards
of liquidity which represent or correspond to
real soundness in mercantile and financial
organization. Changes in business credit are,
therefore, of significance, not merely in themselves, but also because of their direct bearing
upon the banking position. This closeness of
relationship has long been recognized by all
who were interested in central banking practice
or theory. The Federal reserve act recognized
the necessity of scientific study and analysis of
credit and laid a basis for regular and careful
collection of data on the subject, while the
regulations and rulings of the Federal Reserve
Board have steadily called for the complete
analysis of commercial credit conditions. Of
fundamental importance in the study of such
conditions are the situation as to terms of sale,
varying as it does from time to time; the methods employed for the systematic study and
analysis of credit conditions (to both of which
the board has devoted continuous study for a
long time past); and the position as to business
embarrassments. The latter are most frequently taken as an index of change in business
conditions, although the other elements just
cited are to be regarded as of equal or greater
importance, though not usually so treated.
The following compilation shows the present
situation with respect to failures, contrasted
^ J* J ^ with that which existed after
Credit and the _
.
_ _
depression of the panic of 1907 and after
1920-21.
are
those of R. G. Dun & Co., and seem to
No. 8
show that the upward movement of failures
reached its peak in number during December,
1921, and January, 1922, and has since been
steadily receding, while in amount of liabilities
a definite "peak" was reached in December,
1921, with distinct, although somewhat irregular, recession since that month. This conclusion also agrees with data derived from other
sources. Comparing the present situation with
that which existed after 1907, it is interesting
from a chronological standpoint that the peak
in number of failures was reached in January,
1908, subsidence occurring quite steadily and
largely from that month onward. The early
symptoms of trouble in 1907 had hardly made
themselves felt much before June, while bank
suspension was agreed upon in October. After
the panic of 1893, a peak in number of failures
was reached about the close of that year, the
most acute stage of the panic occurring during
the early spring, with bank suspension later.
In both 1907-3 and 1893-94 liabilities showed
roughly the same course as the number of failures. During the troubles of 1920-21 the
arrival at the peak in commercial failures has
been somewhat longer deferred than on either
of the other two preceding occasions. Recession of prices started, it will be recalled, in
May, 1920, while a high point in liabilities of
failed concerns was not reached until March of
the following year, and was again exceeded at
the close of 1921 and opening of 1922.
COMMERCIAL FAILURES.
[B. G. Dun & Co.]
NUMB EH.
Month.
j 18S» i ISO!
!
1920
1...
January...
February.
3,20L>j
March.
April
I)
!
l
May
\ 3J99I
June
;)
!
July
August ; ; ; : : : : : : : : : [ 4,015!
September
ber
I)
j
October...
4,826!
November
December.
Total.
1,3551 1.9 M>
'924! 1,621
S53| 1,339
1,309
857| 1.379|
2,73!
815j 1' 112
777 1,232'
850! 1,199j
2,80S.
856 1,026!
,139i 1,187
,180 ! 1,120,
3, 979
I 1,331Gi 1,217"
4,30!
15,2-12 13,
11,721 j 1-V)90.
5691 1,895
492i 1.041
5661 1.336
504 1,487
547. 1,356
674i 1,32C
681 j ], 441
073 J, 562
677; 1,166
!)•-# 1,713
1,050: 1,988
1,525 2,444
8, SSI
2,723
2,331
2,4.63
2,167
1,960
1,740
19,622 13,384
901
•902
EEDEKAL RESERVE BULLETIN.
COMMElieJAL FAILUREs—-Con tinned.
AUGUST, 1922.
had the effect of giving time for the extrication
of these concerns from their difficulties if they
([In thousands of dollars.]
held out prospects of future recovery. I t
undoubtedly avoided great numbers of indus1907 ' 1908 ; 1920 ; 1921 1922
* Month.
trial catastrophes which would have occurred
January
!
j 1.3,628: 27, 10(ll 7, 240| 52,137 73.796 under the old system and which would have
February
47,338| 64,13" LO; 28-51 27! 055, 9,763! GO, 852 72,608 entailed great losses. I t was at one time felt
March.."
R, 164s 21; r>4'; 12,699i 67,409 71,608
April
j ' i
13.22-11 38.56S 73,059 that this process might go too far and result
May
9,9051 13,
10',826i 57' 066 44, '103
Jurio
32', 991 i31,6391 38,243 in preserving a good many concerns that actu16, 4-H>i 14,
\\ 1.21,541; 37,59i 12.33")! 14',
July
21,906" 42, 774!
August:
28,373' 42,901 j
lo',19S 23.
ally had no claim to existence. Study of the
29.55*: 37,021 j
September
18,935i 12.
82,469, 29,411 27; 415; 15;
38'.9L.r>j 53.059
October
figures
of failures and consideration of the
53,470
30,758
November
17,037 1.2,
58,873! 87, 502
December
36.297j L4.
relatively long period of months over which
95,4311 41,848
Total
I 346,78()| 172,993 197,3S0'222 310.295,1221627, 401 i373.717 they have been protracted shows that such a
i
i
i
i ' :
,
i '
fear was without foundation.
The facts thus set forth have an important
The financial situation of business houses,
bearing upon the working of the Federal reas a whole, after this period of severe strain
serve system; partly as affordand its effect upon them, is
Working of the mtog a test of the system,
partly
Situation of indicated in the financial stateJ
Federal
reserve
.
,
,-,
,
1
business houses.
as
ments submitted by such houses
system.
snowing how the system
itself has reacted upon the to their banks in 1922. In spite of the marked
commercial situation. Federal reserve exten- increase in both the number and liability of
sion of credit, it will be recalled, did not reach failures at the opening of the present year, the
its highest level until about six months after 1922 statements show material improvement
recession of credit had set in, or at about the over a year ago in most lines. Especially is
beginning of November, 1920, when the portfolio this true with respect to the "liquid" position,
of bills held was $3,127,000,000 (November 5). as shown by the current ratio, or comparison
When this fact is considered it will be observed of quick assets with current liabilities. As is
that the working of the banking system as now well known, this test is very frequently emorganized has tended to make the approach ployed by credit men. The current ratio is
to a "peak" more gradual. The high record materially higher this year than last, reflectfor any month of 1920-21 in volume of liabili- ing changes in several other items in the
ties was in December, 1921; while the low statement. Merchandise inventory had alpoint, subsequent to May, 1920, was in July ready been written off to some extent in 1920
of the same year. Failures for the former date to correspond with lower values resulting from
were approximately one-fourth in value those the drop in prices experienced in many lines
of the latter. For the disturbance of 1907, the during that year. But, by and large, the
high point (in value) was about three and one- January, 1921, statements showed considerhalf times the aggregate during the lowest able inventory on hand. In fact, in some
month of the period. The relatively slower lines it was greater in point of physical volume,
advent of widespread commercial embarrass- even if not when measured in terms of dollar
ment is the more remarkable when the larger volume, than it had been at .the opening of
volume of assets employed by the community 1920. In 1921 considerable further writing
as well as the larger volume involved in fail- off occurred, and. furthermore-, stocks themures during 1920-21 is considered. Bankers selves were considerably reduced. This was
met the situation more adequately than ever a usual reaction from the situation which
before, carrying concerns that were in difficul- had existed when business reached its peak
ties until it became certain that they could of activity. Business houses at that time
not be saved, The organization of creditors had placed orders aggregating several times
committees, created to give to bankers and their actual requirements, and then found
others a participation in the operation of en- that vthe entire quantity ordered was delivterprises that were financially embarrassed, ered. As a result, business men have cur-
LIABILITIES.
!
;
AUGUST, .11)22.
tailed greatly the volume of their "forward"
orders, in addition to keeping smaller stocks
on hand. In seasonal lines especially, wholesalers and retailers have compelled manufacturers to carry stocks of goods, because they
themselves have ordered their own supplies
only from time to time as needed.
At the same time that inventory was
written down, sales decreased (reflecting in part
the lower price level prevailing), while "payables" remained at their full amount. Accordingly, the current position became lower.
At the present time, however, stocks are much
smaller, and inventory has been pretty well
written off. Corresponding to this decrease,
although somewhat less in amount, there has
been a decrease in the volume of accounts
and notes payable. As inventory has been
reduced, obligations have been repaid. The
great decrease came in 1921, and is reflected in the January, 1922, statements.
This decrease in payables, however, has been
much more largely in the nature of a reduction of indebtedness of business houses to
banks than of business houses to each other.
Receivables show a relatively smaller decrease than do payables. This corresponds
in part to the smaller dollar volume of business, but also reflects a lagging in paying
merchandise creditors. The relatively greater
decrease in merchandise than in payables has
resulted in a decrease in net worth. Many
firms showed deficits from current operations
during the past two years, and the surplus
account suffered correspondingly. Since the
opening of the present year, however, volume
of business has increased, and actual earnings are again generally shown.
The above analysis indicates that the
financial position of business houses is decidedly better than a year ago. Inventory
on the whole has been written off sufficiently.
It has also moved from distributers7 hands,
so that stocks maintained have been considerably reduced. Trade obligations have
not yet shown a corresponding decrease, but
liquidation of indebtedness to banks has made
great progress. Finally, the bankers in general do not at present need to make certain
allowances when considering the net worth
903
FEDERAL BESEBVE BULLETIN.
shown by the borrower, while profits are
taking the place of previous operating deficits. This process of readjustment has gone
further in some industries than in others.
Some lines experienced price decreases at an
early date and wrote off inventory correspondingly, but in others prices changed more
slowly and readjustment to the new conditions
was delaved. Accordingly, in these lines the
J>*~"Icay, 1922, statements show improvement
far less than the average, but a better outlook
is indicated for the mid-year statements. In
such lines progress has been made only since
the opening of the present year.
During the last few years the length of the
credit period granted the buyer by the seller
has increased perceptibly.
Mercantile ^ i s is not,7 however, reflected
credit conaitions.
'
to a very marked degree m the
regular terms of sale which arc quoted in different industries. On the contrary, these tend
in many cases to continue unchanged; if business houses do not universally adhere to them,
it is nevertheless felt that they represent an
ideal or standard condition and as such exert
a wholesome influence.
Furthermore, the
shortening of terms evident during the period
of prosperity generally did not go far enough
to supplant the regular terms, but rather
represented exceptions to them. Accordingly,
the record of collections affords a much more
accurate indication of the trend of mercantile
credit conditions. Collections have two aspects: The extent to which buyers take cash
discounts or anticipate the due dates of their
bills, and the promptness with which they
pay at the time the bills are due net. Business
houses obtain from the banks the major part
of the funds they use to take advantage of the
cash discount. As heavier demands are made
upon the banks toward the peak of prosperity,
funds are less easy to obtain and accordingly the
number of those who discount their bills tends
to decrease. Such, in fact, appears to have
been the case early in 1920. In 1921, after
business conditions had unmistakably changed,
the number of those taking the cash discount
may likewise be expected to have been relatively small, and during the present year only
gradual improvement is shown. Collections,
904
FEDERAL RESERVE
as distinct from discounting of bills, show a
similar condition. The relatively slower decrease in receivables already noted affords an
indication of this tendency, and trade reports
confirm it. In short, merchandise creditors
had to carry their customers when the latter
were unable to move their inventory. This
condition is reflected in the reports at various
times in the past that new purchases were paid
more promptly, while old accounts already outstanding were but slowly reduced. Collections have continued to lag relatively until
late this spring, May and June in particular
evidencing improvement.
The period under consideration affords interesting evidence of the relative degree of
liquidity of the various classes
i of l o a n s m a d e b
-
7 b a n M n « ?"
stitutions. There is always difference of opinion as to this matter. The view
generally accepted for many years was that
loans growing out of commercial transactions
were most liquid; more recently this has been
seriously questioned. No hard and fast rule
can be laid down. It is, of course, true that
loans made for capital purposes are not liquid.
This has been amply demonstrated by the
experience of the last several years. Borrowers who undertook plant expansion with
funds borrowed from the banks, hoping to
repay the loans shortly out of anticipated
profits, were in a difficult situation when general conditions changed and profits did not
materialize. The plant did not provide the
wherewithal to repay the loan. Bui those
who borrowed apparently for commercial purposes in many cases likewise experienced difficulty. In the expectation that prices would
continue to rise, they accumulated stocks of
commodities, which, when economic reaction
set in and prices fell, proved far in excess of
market demand and had to be revalued at the
new and lower price levels. Loans meanwhile
remained unchanged in amount, and current
operations, especially in view of diminished
sales, did not.provide the means of repayment.
Accordingly it became necessary for creditors to
carry such borrowers temporarily while the
loans remained "frozen." Some light upon
the relative degree of liquidation of each class
AUGUST, 1922.
of loan is afforded by the following figures for
national banks taken from the annual report
of the Comptroller of the Currency for 1921.
[In thousands of dollars.]
Paper
secured
Paper
by
other
with one
personal
or more
Paper
securities,
individual
secured
: or firm
by stocks including
merchan, names (not and bonds. dise,
wareI secured by
house
! collateral).
receipts,
etc.
|
;
Jun c 30, 1919
1920
1921
:
!
5,848,884
8,312,200
7,214; 148
Total.
3,438,385 i 1,331,359 I 10,618,628
3,117,890
1,782,399 !•' 13', 212,489
2,699,167
1,602,717
11,606,032
In considering these data it should be
remembered that the figures in the first and
third columns may represent in part loans, the
proceeds of which were employed by the recipients for capital purposes. The decrease in
loans secured-by stocks and bonds between
1919 and 1920, in the face of an increase in
unsecured loans and commodity loans, therefore possesses only limited significance. Most
important appears the fact that the decrease
in commodity loans between 1920 and 1921
was relatively smaller than in the case of either
of the other two classes of loans. But, as just
indicated, in considering the above figures it
should be borne in mind that loans are not
classified according to the actual use made of
the proceeds, and thus the source from which
the borrower is enabled to liquidate the loan
can not be fully determined.
A prominent aspect of the general situation
this spring has been the issue of bonds by industrial enterprises. The proPresent status
ceeds of many of these have
of banks.
been used to pay up bank loans
or to supply working capital. The experience
of the last several years has shown the need
of keeping a sufficient margin of working
capital, at the same time that the necessity for
writing off inventories, etc., has in some cases
decreased the capital invested in the business.
Accordingly outstanding short-term indebtedness has been funded, or obligations incurred
to supply additional funds. While this process
is relatively more expensive than bank borrowing, it has the advantage of providing the business house with funds for a longer period of
time, and permitting the concern to retire the
AUGUST, 1922.
FEDERAL, RESERVE BULLETIN.
obligations when convenient out of future
earnings.
While this development has been taking
place, banks' loans direct to customers havebeen decreasing until lately. In fact, both the
issue of bonds and the flotation of paper in the
open market have played a considerable role
in enabling business houses to liquidate their
indebtedness to the banks. As pointed out in
the July BULLETIN, banks have otherwise invested the funds so released. This has taken
the form of increased purchase of paper in the
open market and of heavier purchase of securities of one kind or another, as well as of increase in loans on securities. But enlargement
of commercial demand may now be expected,
with the increase in business activity which is
taking place. Tn these circumstances the question now confronts our banking institutions,
what is the "portfolio policy" which they
should pursue? How should they endeavor to
strike a balance between the different uses to
which they put their funds, in order to render
maximum service to the business community?
The open market for commercial paper reflects clearly both the general business situation
in relation to the borrower and
The commercial t h e x i s t e nce of surplus funds
paper market.
. . .
m tne hands ol banking institutions. While dealers' outstandings on the
whole show a steady increase from the low
point reached in the latter part of 1921, paper
remains scarce. The increased volume of paper
in the market is due, not to increased business
demands, but rather to a shift of borrowing
from customers7 own banks to the open market
because of the lower level of rates prevailing
in the latter. Many firms are reported to have
taken advantage of the situation to "clean up"
with their own banks. Added to this is the fact
that, with the present volume of business
carried on at lower unit cost, many houses find
at most a small amount of bank accommodation suffices in addition to the funds they can
obtain in the open market. New borrowing is
strictly limited and confined largely to current
requirements. Several months ago it was felt
by some banks that poorer names were in relatively better supply .than first-class names, but
905
little difference is now reported. Paper of the
very "largest" names, however, is on the whole
scarce. These concerns are in a strong financial position now, especially where they adopted
a conservative dividend policmy and did not pay
out completely the substantial profits they
made. Furthermore, in view of the decreased
volume of business, their requirements are less.
At the same time it may be noted that the
market on the demand side at present shows
a more normal tendency. Large city banks are
now purchasing for their own account, while
there is less country bank buying.
Bank credit methods have been adapted to
the changes in general business conditions. At
certain times some informat i o n is m o r e i m o r t a n t a t o t h e r
P ' ;
times other information. Two
years ago market conditions were unstable and
constant shifting occurred. Special attention
was therefore given to obtaining statements
more frequently and supplementing them with
operating data and data as to the probable
high point of borrowings. At the present time,
while more data are probably obtained, emphasis is chiefly placed upon the ability and
character of the men behind the concern. Older
business houses are approved by reason of the
fact that they succeeded in passing through the
previous period of stress, but close scrutiny is
made of the past history of those connected
with new concerns. A development of the past
two years has also been the use, when applying
for credit, of a financial budget by business
houses to supplement the statement proper.
This practice has been confined largely to those
houses whose statement is only fair. It is
probably largely the outcome of inquiries by
banks as to what the peak of the concern's
indebtedness would probably be, and how the
concern would liquidate the debt. The shifting conditions found two years ago further
caused banks to follow commodity price fluctuations more closely, as well as to consider
particularly the influence of general business
conditions in the industry, which often overshadow the immediate situation of the individual concern. Slight change in loan forms
is, however, shown, only minor modification
in the interest of greater security to the lend-
906
FEDERAL RESERVE BULLETIN.
ing bank being reported in more or less isolated
cases.
Changes which have occurred on the foreign
side of the credit practice of banks are also
noteworthy—particularly so in
Foreign bank
view of the developments
credits.
which have been taking place
in the organization of our banks for the treatment of foreign credits. The experience of the
past two years has resulted in credit study of
the same sort that has been employed in the
analysis of domestic conditions. Heavy losses
suffered in connection with foreign advances
are currently ascribed to lack of information
analogous to that obtained through domestic
credit study by those most conversant with
the situation. The fact that banks in extending commercial accommodations against foreign shipments have almost uniformly insisted
upon retaining right of recourse to the local
house engaged in the particular transaction
and have, of course, extended such accommodation in the majority of cases to concerns
whose credit was known to be sound, has in
large measure acted as a buffer against loss,
but only indirectly, since the local exporting
or importing house has had to bear the brunt
of losses. Such houses, however, which do
not themselves have good credit connections
abroad have found it necessary to rely on the
banks for credit information as to foreign
customers. Experience has shown that where
such credit information was obtained from
foreign branches of American banks it has
usually been of satisfactory character. This
has increased regret at the tendency to reduction in the number of foreign branches, but
has led business houses largely engaged in the
export trade to feel the necessity of attempting
a more thorough organization of their credit
system to cover the foreign field. In some
cases they are dispatching skilled credit men
to travel abroad in the territory in which the
business is being done; while American banks,
in those countries in which they still maintain
branches, are tending more and more to develop their credit systems on the lines pursued
in domestic trade. The experience of 1920-21
has unquestionably emphasized the necessity
of such action and is tending to bring about a
marked alteration of methods.
AUGUST,
1022.
The above survey indicates clearly that the
credit problems confronting both business
houses and banking instituBanking and tions change to a marked decredit.
gree from time to time during
the course of the business cycle. Furthermore,
it is seen that the methods adopted, both by
banks and business houses, to deal with these
credit problems change accordingly. New devices arc introduced from time to time, and
varying importance is attached to existing
devices and methods in an effort to provide
the maximum degree of safety and liquidity
in the credit system. It is clearly desirable
that central banking institutions be fully cognizant of developments. No less is it desirable
that the banking system maintain close contact
with the various methods used, and that it itself
employ such of these methods from time to
time as it deems desirable. Only in this way
may it maintain the most effective regulation
of the general credit system. Activity along
the lines indicated is necessary to supplement
the more general regulation of credit by the
traditional method of the discount rate. To
the extent that this is realized the functioning
of the banking system is made more effective.
The Federal Reserve Board's usual indexes
of general production and marketing conditions are shown in the following
Index of busi- table. Coal production was
ness conditions. slightly higher than in May,
whereas shipments of grain and lumber were
somewhat lower. Iron and steel production
continued to be much higher than in the corresponding month of 1921.
[000 omitted.]
June, 1921. ' June, 1922. | May, 1922.
RelaRela- 1
Toi• a l . tive, j Total. l i v e . T o t
_.
•I—
Receipts of live stock al 15
western markets (head)
4,928! 100.0' 5,141 104.3,
Iloccipis of grain at 17 interior centers (bushels)
93,
! IOO.O, .,019 83.51
1
507 76.8!
Sight receipts of cotton (bales)
" 100. 0:
shipments of lumber reported by 3 associations
(Mfeel).."
957 HO. 9j
079 100. 0
Bituminous coal production
(short tons)
8521 100.0; 22,309 65.91
Anthracite coal production
(short tons)
;
7S6; 100. ol
84 1.1;
Crude petroleum production
(barrels)
100. Oi 45,247 11.2.1:
Pig-iron production (long
tons)
100.0, 2,361 221.7
I
Steel-ingot production (long
tons)
003 i 100. Oi 2,634 262.6
Cotton consumption (bales).'.
5081 110.0|
100.0.
| Relative.
L
4,991 101.3
86,458
594
92.6
90.0
l,10J
162. 2
20,290
59.9
35
46,473
.4
115. 2
2,307 210.6
2,711 270.3
496 107.4
FEDERAL, RESERVE BULLETIN.
AUGUST, :1922.
Net gold imports for the month of June
totaled $11,368,000, as compared with net
imports of $5,587,000 in May.
Nearly 70 per cent of the total
gold imports for the month,
§12,969,000, came from Europe. Arrivals of
gold from Great Britain, mainly of South
African origin, after a practical suspension for
two months, totaled §4,160,000, while other
imports from Europe consisted chiefly of shipments from Danish and French ports. Gold
exports for the month totaled $1,601,000, most
of which was consigned to Hongkong and
Mexico. Net imports of gold since August 1,
1914, totaled $1,654,949,000, as may be seen
from the following exhibit:
[In thousands of dollars.]
I Excess of
imports_
Tmports.
Aug. 1, 1914, to Dec. 31, 1918
Tan. 1 to Dec. 31, 1919
Jan. 1 to Dec. 31, 1920
Jan. 1 to Dec. 31, 1921
Jan. 1 to June 30, 1922
3,084,471 : 1,429,522 1,654,949
!
j
Total.
1
1,776,616 : 705,210 1,07.1,406
7(5,534
3(58, "185 1 291,651
94,977
" ' """
417, OoS ; 322,09!.
23.891. '
607.357
i 691,248 i
! 123,005 :
10,143 ! 112; 80O
Excess exports.
Silver imports for the month were valued at
$6,346,000 and silver exports at $6,004,000,
leaving thus an excess of imports of $342,000,
as against an excess of exports of $165,000 for
the preceding month. Over 70 per cent of the
silver imports is credited to Mexico and over
12 per cent to Peru, the remainder coining
mainly from Canada and Central America.
Nearly three-fourths of the silver exported
during the month was consigned to China and
Hongkong, while shipments to England and
British India account for nearly 20 per cent of
the total silver exports for the month. Net exports of silver since August 1, 1914, totaled
$440,530,000, as shown in the following exhibit:
[In thousands of dollars.]
! Tmports. Sports.!
Aug. 1, 1914, to Dec. 31, 1918.
Jan. 1 to Dec. 31, 1919
Jan. 1 to Dec. 31, 1920
Jan. 1 to Dec. 31, 1921
Jan. 1 to May 31, 1922
Total
1
Excess imports.
483,353 i
203,592
239,021
89,410
88,060 ! 113,616 i
j 63,242 I 51,575 j
32,161
! 34,8T"
279,761
149,611
25,556
111,667
i 2,731
: 479,196
440,530
919,726.
907
Developments in the banking field during the
five weeks ending JuLy 19 differed but little
from those described in the
BULLETIN amonth ago. LiquisliuSon
dation of commercial loans by
the member banks continued, but was more
than offset by the increase in investments,
mainly in United States securities. Total
loans and discounts of about 800 member banks
in leading cities show a total reduction during
the five weeks under review of $136,000,000, of
which §46,000,000 represents a reduction in
loans secured by Government obligations,
$7,000,000 a reduction in loans secured by corporate and other obligations, and $83,000,000
a reduction in all other loans and discounts,
composed largely of commercial loans proper.
Under the general head of investments United
States bond holdings of the reporting banks
show a continuous growth, aggregating
$46,000,000 for the five-week period. Changes
in the other classes of Government ocurities
are traceable largely to the refunding operations of the Government, involving the exchange of Victory notes for Treasury notes
bearing a lower rate of interest and maturing
three and one-half years from June 15, and to
the issuance on that date of a new series of
Treasury certificates. Investments in corporate securities showed an upward trend until
July 5, but declined during the two subsequent
weeks, and the July 19 total is only about
$10,000,000 larger than five weeks" before.
Total loans and investments of the reporting
banks fluctuated between $15,264,000,000 on
June 21 and $15,188,000,000 a week after and
stood at $15,197,000,000 on July 19, a decline
of about $16,000,000 for the five weeks, but an
increase of §247,000,000 since July 20 of last
year. Investments in Government securities
constituted 14 per cent of total loans and investments on July 19, 1922, compared with 8
per cent about a year ago, while the corresponding share of "all other77 loans and discounts
shows a decline during the same period from 54
to 46 per cent. As against substantial reductions in Government and other demand deposits, time deposits show a stead}^ advance of
$205,000,000 for the period under review.
Borrowings of the reporting banks from the
Federal reserve banks advanced to $206,000,000
908
FEDERAL RESERVE BULLETIN.
on July 5, mainly in connection with the large
holiday demands for currency. Since then the
return flow of currency has enabled the banks
to reduce substantially the ;e borrowings from
the reserve banks. The proportion which the
borrowings of reporting member banks constitute of the total discounts held by the reserve
banks was 35.5 per cent on July 19, compared
with 27.9 per cent five weeks earlier.
The following exhibit presents the principal
changes in the condition of reporting member
banks during the five weeks under review:
AUGUST, 1022.
REPORTING MEMBER
BANKS.
[In millions of dollars.]
Redis- •
counts j
and bills I Ratio of Net
payable accommo- demand
with • dation
d eposFederal -(4-S-2+3). its.
reserve ;
banks. ;
Loans
b ™r I
,0°l\ and ;lnvestments>
Date.
Time 14.
June 21.
June 28.
July 5...
July 12..
July 19..
1
4,269
4,379 I
41405 I
4,401 ;
4,372
4,389
800 .10,944
799 !10,885
799 : 10,783
796 10, 839
795 10,839
795 10,80S
116
123
165
206
142
158
0. 8
8
l! 1
1. 4
9
I! 0
11,198
11,192
11,124
11,088
11,199
1.1,101
Including rediscounts with Federal reserve banks.
WEEKLY C HANGES IN
PRINCIPAL ASSET cJ AND LIABILITIES
c
FEDERAL RESERVE BANKS
REPORTING MEMBER BANKS
•
1 RESERVE RATIO
2 TOTAL DEPOSITS
3 CASH RESERVES
A F . R.NOTE CIRCULATION
5 PURCHASED ACCEPTANCES
6 U.S.SECURITIES
_ DISCOUNTS SECURED BY
U.S.GOVERNMENT OBLIGATIONS
8 TOTAL DISCOUNTS
9 TOTAL EARNING ASSETS
MILLIONS'
MILLIONS
OF
DOLLARS
OF
DOLLARS
1
2
3
A
5
LOAMS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial)
U.S. GOVERNMENT OBLIGATIONS
7 N E T DEMAND DEPOSITS
ACCOM MODATION A T F. R. BANKS
8 TOTAL LOANS
STOCKS, BONDS E T C .
9 TOTAL LOANS AND INVESTMENTS
LOANS SECURED BY STOCKS A N D BONDS
BILLIONS
BILLIONS
OF
DOLLARS
DOLLARS
17
17
3000
p-
\
\
\
\
\
Y
1500
V
\ \ V\
^
2000
X
i
3.
^\
\
A
V\
\
7
• \ ^v
10
9
-
~*
S
2000
500
RESERVE
RATIO
3000
2500
11
3
\ •s
1500
1
k
\
11
'%
10
9
\
8
8
7
7
6
6
5
5
90
t
A
80
70
60
50
4
4
3
5
v> «^«
40
1000
30
20
500
10
J. F. M. A.M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.
K?
100
,**
1921
'N * A
V.
PER
CENT
s
2
1
A
A
\
6
O
MILLIONS!
OF
DOLLARS \—
\
12
\
...
o
**,
\
>*/
13
H8
12
1000
N.
*>•
-**
V\
\
14
13
\
\ V
15
J
14
1500
w
[7
1000
\
15
<
\
\
2000
2500
i
\
" 500
16
16
V
V%
-V
2500
9
3000
H..
1922
^=
^" >
3
**
4
2
•v
*»«
2
1
S
J: -
VN
-••
-•- s
1
- -
J . F. M. A M. J . J . A . S. 0. N. D J . F. M. A . M. J . J . A. S. O. N. D.
1921
2
1922
AUGUST, 1922.
At the Federal reserve banks the principal
developments for the five weeks ending July
26 include a further reduction of $41,600,000
in discounted paper and of $14,700,000 in Government securities, as against an increase of
$34,700,000 in acceptances purchased in open
market. Total earning assets of the reserve
banks on July 26 stood at $1,076,900,000, as
compared with $1,098,600,000 five weeks earlier and $3,421,600,000 at the peak reached on
November 5, 1920. Decreases in discounts for
the five weeks under review are shown for all
the Federal reserve banks except Boston and
Dallas, which show small increases, by far the
largest reduction being reported for the Cleveland bank, whose discounts declined from
$42,100,000 on June 21 to $25,000,000 on July
26. During the first two weeks of the period
discounts showed an upward tendency, partly
as the result of end of fiscal year settlements
and of currency demands in connection with
the July 4 holiday, but for the next three weeks
a reduction from $498,900,000 on July 5 to
$380,000,000 on July 26 is shown.
Federal reserve note circulation, which had
increased to $2,194,300,000 on July 5 in response to the holiday demand for currency,
declined to $2,126,800,000 on July 26, this
amount being but $500,000 in excess of the
June 21 figure. Increases of $36,100,000 in
Government deposits and of $3,200,000 in
members7 reserve deposits, together with a reduction of $5,600,000 in other deposits, resulted
in an advance of $33,700,000 in the reserve
banks' total deposit liability. Gold reserves
909
FEDERAL RESERVE BULLETIN.
show an increase of $34,600,000 for the period
and cash reserves an increase of $33,800,000
The Chicago bank reports the largest increase
in gold reserves, $59,300,000, smaller increases
being shown for five other reserve banks, while
the New York, Philadelphia, Atlanta, St. Louis,
Minneapolis, and Dallas banks show decreases
in their gold reserves. With Federal-reserve
note circulation practically unchanged and the
increase in deposits practically offsetting gains
in reserves, the reserve ratio of the reserve
banks shows but a nominal advance from 79.1
to 79.2 per cent. Net liability of the reserve .
banks on Federal reserve bank notes declined
from $67,700,000 on June 21 to $63,600,000 five
weeks later.
Weekly changes in the principal asset and
liability items of the Federal reserve banks
are shown in the following exhibit:
FEDERAL RESERVE BANKS.
[In millions of dollars.].
-,•>„,._
•ualG'
June 21
June 28
July 5
July 12
July 19
July 26
!
1
Federal
|
Bills Governi reserve ;
iI uasn
Cash • disment
Total
'
notes
~~f i ment
Total ' notes iinn : Reserve
lieserv
co
\ deposits.! circulaactual
ratio.
Iircserve.sJ }£r~: securities
total. •
tion.
! 3,147.7
3,148.4
| 3,133,9
3,157.0
j 3,169.3
:
3,181.5
:
j
!
.
I
!
j
421.6 !
469.1 i
498.9 '
429.9 |
443.5 '
380.0 j
555.5 ' 1,854.4
556.6 , 1,939.3
550. 5 1,884. 7
556.8 i! 1,924.9
541. 8 1,942.5
540. 8 j 1,888.1
2.126.3
2.124.4
2,191.3
2,158.1
2,132.8
2,126.8
79.1
77.5
76.8
77.3
77.8
79.2
Mr. W. J. Bailey has been elected Governor
of the Federal Reserve Bank of
Personnel.
Kansas City, effective July 1,
1922, to succed Mr. J. Z. Miller, Jr., resigned.
910
FEDERAL EESEKVE BULLETIN.
AUGUST, 1922.
BUSINESS, INDUSTRY, AND FINANCE, JULY, 1922.
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 further increases in some lines, while in those which normally would be noticeably affected by seasonal influences, decreases on the whole have been relatively slight. At
the 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 figures, further increases
being indicated for July. As the current month progressed, the effects of the coal and railroad
strikes began to make themselves felt. This influence has served recently to restrain productive activities in various lines, noticeably iron and steel. The plans recently announced by
the administration are expected to relieve the situation.
The output in various lines of manufacture showed further improvement in June. This
was particularly noticeable in the case of iron and steel, copper, automobiles, and tanning. In
the textile industries, increased output of both cotton and woolen goods was reported during
June, although some seasonal recessions have been experienced since the opening of July. Construction activity has been well sustained, only slight recessions occurring in June, and the production of lumber and other building materials accordingly has continued at a high level. The
amount of bituminous coal mined in June showed a considerable increase, but since the opening of the present month has fallen off greatly. Coal stocks have consequently been further
drawn upon. Anthracite production has been negligible, and stocks, with the exception of
pea sizes, are practically exhausted. Petroleum output continues large, and 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. Certain districts also
reported a scarcity of agricultural labor. 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 whole, although there
has been a considerable deterioration in the condition of wheat and oats. Fruit crops are reported
to be above the average, and the tobacco outlook in general excellent. The cotton crop shows
some improvement during June, but it is still too early to estimate the amount of damage from
the boll weevil.
In wholesale trade there was a general improvement in most lines during Juno. Grocery
sales in particular w^ere large and showed increases in all districts over last year. The majority
of the districts likewise reported an increase in dry goods sales as compared with May. Boot
and shoe sales declined during the month of June, and the situation in respect to hardware
in most of the districts was not so satisfactory as in recent months, although generally 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 San Francisco reduced the discount rate to 4-J- and 4 per cent,
respectively. Of much interest has been the announcement by the Treasury on July 26 calling
for redemption on December 15, 1922, of, approximately $1,000,000,000 of the 4-| per cent
Victory notes. Federal reserve bank portfolios show littlp 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 May both for imports and exports.
AGRICULTURE.
The average condition of winter wheat on
July 1 was 77, compared with a condition on
June 1 of 81.9 and a condition of 77.2 on July
1, 1921, and is four points below the 10-year
average for July 1. The production estimate
for the entire'United States is 569,276,000
bushels—practically 38,000,000 bushels under
the June 1 estimate. The major part of this
loss occurred in district No. 10 (Kansas City),
due to premature ripening and shriveling of
the grain during the dry weather and to the
difficulty of securing sufficient workers when
the crop rapidly matured. The harvesting of
spring wheat in district No. 8 (St. Louis) is
completed. Early returns show uneven conditions, the chief source of complaint being the
light weight of the grain, due here also to premature ripening. District No. 7 (Chicago) and
district No. 12 (San Francisco) report deterioration of the crops during June. A long period
of unusually dry weather in the latter district
has seriously damaged the condition of spring
wheat and has reduced the yield of winter
wheat both in quality and quantity.
The condition of the oats crop has greatly
deteriorated throughout the oats-growing section, and some fields have been abandoned.
Corn has made good progress during June in
district No. 8 (St. Louis) and in district No.
10 (Kansas City). In the latter district, however, the rains, which were badly needed in
early July, did considerable damage through
floods and soil washing, so that in spite of the
increased acreage the yield will be less than
in 1921. The barley harvest in California has
been practically completed, and the yield is
estimated at 36,720,000 bushels, an increase of
7,020,000 over last year's crop. The white
potato crop is generally very good, and the
sweet potato crop is unusually good in district
No. 8 (St. Louis). The sugar-cane crop in
Louisiana is estimated at 19 per cent less than
last year, due to unfavorable weather conditions.
COTTON.
During June weather conditions were favorable, and the cotton prospects improved in
most districts. The price of middling upland
cotton at New Orleans on July 12 was 21.7
cents, as compared with 19.4 cents on June 14.
Cotton stores at mills and public warehouses
on June 30 amounted to 3,268,000 bales—about
41 per cent less than on June 30, 1921. The
Texas acreage is estimated to be approximately
11 per cent greater than last year's, with a forecasted yield of 3,525,000 bales, compared with
a total production of 2,200,000 bales in 1921.
911
FEDERAL. RESERVE BULLETIN.
AUGUST, 1922.
In district No. 8 (St. Louis) cotton made good
progress under improved weather conditions.
Fields in this district, as a rule, show the
results of intensive cultivation and are clean
and clear of weed growth. Numerous reports
of the presence of boll weevils have been
received, but it is impossible as yet to determine the extent of the damage. District No.
10 (Kansas City) reports an increased acreage,
while the condition of the crop indicates an
improvement over the May condition and is a
shade better than a year ago. The weevils
appeared much earlier in this district than last
year, but are being actively combated, and in
some sections their number has decreased since
their first appearance. The condition of the
crop in district No. 6 (Atlanta) is less favorable
than in May, due to excessive rains and the
activities of the weevil. Tennessee alone of
the States in that district reports that the crop
•as a whole is in splendid condition—decidedly
above the average. The Georgia crop has suffered the most, due to continuous rains which
prevented cultivation, induced the growth
of grass, and leached out much of the fertilizer.
TOBACCO.
Reports from tobacco-growing districts are
very favorable, and in district No. 5 (Richmond) the growth is well advanced. The
slight damage from heavy rains is confined to
low and poorly drained fields. The estimated
production from the increased acreage is
161,515,000 pounds. The South Carolina crop,
which is at present being cured, is reported as
of rather inferior quality, due to excessive
moisture during the growing season. The
burley tobacco crop in district No. 4 (Cleveland) is in excellent condition. It is believed
that a large part of the crop will be cut in
August, and early cutting means good quality.
Practically all of the old burley has been sold
and the farmers appear well satisfied with the
work of the marketing association. A continuation of the June increase in business still
prevails among the cigar manufacturers in
district No. 3 (Philadelphia). The larger
firms, especially those located in Philadelphia,
and haying a national distribution, report
that their business has shown a decided improvement. Demand during the summer
months is stimulated by a large vacation trade
in the better grades of cigars. Orders are
still very largely for immediate delivery, but
there is a growing tendency on the part of
jobbers and wholesalers to order ahead and
return to the old practice of placing orders for
regular weekly shipments.
912
FEDERAL RESERVE BULLETIN.
FRUIT.
In district No. 12 (San Francisco) the
warm weather has hastened the maturity of
the fruit crops, and there have been no reductions in previously estimated yields. The
estimates for the peach and pear crops are well
above last year's production. Car-lot shipments of fresh deciduous fruits are expected to
be unusually large this season, and grape
growers estimate that they will require over
40,000 cars to move their crops. The apple
prospect in Georgia continues to improve and
the production will probably be greater than
for several years. The crop for the entire
United States is estimated at 94,239,000
bushels, compared with the 1921 yield of
63,612 bushels. The yield of Georgia peaches,
however, lias been less satisfactory than was
anticipated a month ago. Production of
watermelons is running above that of last year,
due chiefly to increased acreage, and the cantaloupe production has been three or four times
that of last year. The fruit crop in district
No. 10 (Kansas City) is the best for several
years and is bringing very large revenue to the
growers. Prices of deciduous fruits are expected, however, to be slightly lower than in
1921, due to the abundant crop. The condition of oranges in Florida improved during
June, but there was no similar improvement in
the condition of grapefruit, which is below that
of a year ago. Shipments of citrus fruits from
California are somewhat smaller than during
May and substantially less than in June last
year. Prices of oranges are well above last
year's price, but there is a reduction in prices
of lemons.
GRAIN MOVEMENTS.
Grain receipts at 17 interior centers totaled
78,018,402 bushels, a decrease of 10 per cent
compared with last month, but are still well
above the April figure. Receipts of corn and
barley increased, but there was a marked
decline in receipts of wheat, oats, and rye,
with flour receipts showing practically no
change. In the cases of wheat, corn, and oats,
receipts at Chicago register the most important
changes and are responsible for the difference
between total receipts this month and last,
other increases and decreases practically offsetting each other. June wheat receipts at the 17
centers totaled 21,092,993 bushels, a decrease
of 30 per cent as compared both with May and
with June, 1921. Receipts of corn during
June amounted to 32,693,596 bushels, an increase of 19.5 per cent compared with last
month and a decrease of 12.8 per cent compared with last year. Although June wheat
AUGUST, 1922.
receipts at four leading markets in district No. 10
(Kansas City) show decreases as compared with
last month and with June, 1921, receipts for
the w~heat year 1921-22 ending June 30 show an
increase of 23,734,350 bushels, or 6.7 per cent
over the receipts for the previous '1920-21
wheat year. "This increase reflects something
of the activities of farmers in disposing of their
wheat under the more favorable market prices
of recent months." Grain prices, which continued to decline early in July, have shown a
tendency to recover since the middle of the
month.
FLOUR.
Flour production during June was 8,136,000
barrels, compared with 8,073,000 barrels during
May and 8,087,000 barrels during June, 1921.
In district No. 9 (Minneapolis), however, output decreased from 1,889,755 barrels in May to
1,829,635 barrels in June, an increase of 7.1
per cent over June last year. The mills in
district No. 10 (Kansas City) manufactured
1,535,506 barrels of flour in June, a decrease of
1.2 per cent compared with last month, but an
increase of 7.8 per cent compared with June
last year. Output of 11 leading mills in district No. 8 (St. Louis) was 223,428 barrels, or
23 per cent less than during May. Forty-two
mills in district No. 7 (Chicago) produced
412,456 barrels, an increase of 12 per cent over
last month and of 22.9 per cent over the corresponding period last year. In district No. 12
(San Francisco) production of 63 mills amounted
to 480,738 barrels, compared with 520,800
barrels produced by 65 mills in Ma}^. Throughout June the demand for flour from all sources
was quiet in district No. 8 (St. Louis). Domestic buyers there and in district No. 12 (San
Francisco) were taking only what they needed
for immediate distribution. Reduced flour
buying during the month,is probably the result of an anticipated price decline, in response
to falling wheat prices. Export interests have
made some inquiries, especially since the first
of July, for flour to be milled from the new
crop, but in both districts contracting for
future requirements has been unusually light.
LIVE STOCK.
Movement of cattle, calves, and hogs to
market during June was greater than during
June, 1921, but the reverse was true of sheep.
Receipts of cattle and calves at 15 western
markets declined during June, but receipts
of hogs and sheep this month were slightly
larger than during May. Receipts of cattle and
calves during June totaled 1,228,489 head, a
decrease of 6 per cent compared with last
month and an increase of 5 per cent compared
with June a year ago. June receipts of hogs
were 2,865,301 head, an'increase of 3,6 per
cent over May receipts and of 7 per cent over
those of June, 1921. Receipts of sheep
amounted to 1,038,519 head, an increase of 11
per cent as compared with last month and a
decrease of 8 per cent as compared with June
last year. A survey recently completed by
the "United States Department of Agriculture
shows a net increase of 14.5 per cent in the
number of pigs raised in the Corn Belt States
during the first half of 1922 as compared with
the first half of 1921. It is suggested that this
increase may overcome the present shortage in
meat stocks. District No. 12 (San Francisco)
reports that unusually hot and dry weather has
caused a rapid deterioration of pastures in the
Pacific Northwest and in the Intermountain
States during June, and hay crops in these
sections will be light. At present, however,
live stock is reported to be in good condition,
dry grass and stubble forage affording a sufficient supply of feed for current needs.
Sales of 31 packers show an increase of 0.2
per cent in June as compared with May, and of
7.1 per cent as compared with June, 1921. A
few companies report improvement in rural
buying, but this has been offset to some extent
by a falling off in sales in the coal mining districts. Storage stocks of cured meats and lard
at principal packing points in the west show
substantial increases over those on June 1, but
are still below those for a year ago.
COAL.
Production of bituminous coal in June
amounted to 22,309,000 tons, as compared
with 20,290,000 tons in May and 33,852,000
tons in June, 1921. The steady acceleration
of mining activity, which w^as the feature of
the months of May and June, was not maintained during July, and there was a continuous decline in average daily production
from the week ending June 24 to the week
ending July 22. This decrease in output
during July was largely due to congestion of
railroad traffic at the mines of Kentucky and
West Virginia, which is a result of the strike
of railway shopmen. Demand for all grades
of bituminous coal increased substantially
after the reduction of freight rates on July 1.
Railroads, steel mills, and cement plants have
been particularly active buyers. High-grade
steam coals have been in great demand, but
are now difficult to obtain.
Anthracite production is still practically
negligible on account of the strike, and consists mainly of river dredgings. The June
output amounted to 84,000 tons, as compared
4210—22
913
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
2
with 35,000 tons in May and 7,786,000 tons
in June, 1921. The number of unbilled cars
of anthracite at the mines was reduced from
2,815 on April 8 to 525 on July 8. All anthracite mine workers, except maintenance
men, are reported by district No. 3 (Philadelphia) to be still on strike.
Stocks of both anthracite and bituminous
coal have shrunk steadily since April 1 and
are now very low. This condition is most
serious in New England and the Northwest.
District No. 1 (Boston) reports that hard coal
stocks are nearly exhausted, except for pea
sizes, while soft coal reserves are " dangerously
low." Reports from district No. 9 (Minneapolis) indicate that stocks at Duluth and
Superior on July 1 were only about one-third
as large as a year ago, while stocks at Minneapolis and St. Paul were only one-fifth as great
as on July 1, 1921.
By-product coke production increased from
2,537,000 tons in May to 2,580,000 tons in June,
and is now very near the maximum monthly
output. Beehive coke production also increased, and amounted to 458,000 tons in
June, as compared with 432,000 tons in May.
Prices of Connellsville furnace coke advanced
from $6.50 per ton on June 13 to $9.50 per ton
on July 11.
PETROLEUM.
Crude petroleum production continued
through June and the first half of July at
about the same high level as in May. The
total flow of United States wells amounted to
45,247,000 barrels for 30 days of June, as compared with 46,473,000 barrels for 31 days of
May. Drilling operations continued to increase during June, and the number of new
wells completed totaled 1,662 in comparison
with 1,511 in May. Stocks of oil continue to
accumulate rapidly.
District No. 12 (San Francisco) reports little
change in the June level of production from
that prevailing in May, while the number of
new wells completed increased from 64 to 68.
In district No. 10 (Kansas City), also, drilling
activity showed considerable acceleration and
753 wells, with 149,020 barrels of production,
were completed, in June, as compared with 669
wells which had a 144,780 barrel output in
May. The number of new wells drilled in
district No. 11 (Dallas), on the other hand,
declined from 507 in May to 473 in June. In
that district there has been a marked reduction
in the output of the Mexia field, but the
Pioneer field continues to add important new
producing wells.
There has been some divergence in movement of crude-oil prices during July. On July
914
FEDERAL RESERVE BULLETIN.
15 the leading refining company in California
announced a general reduction of 25 cents per
barrel in its buying prices for all grades of oil
in the San Joaquin Valley and WhittierFullerton fields. A similar reduction of 25
cents per barrel was announced early in July
for leading grades of mid-continent crude oil.
District No. 11 (Dallas), on the other hand,
reports an increase of 25 cents per barrel in
Curry crude oil, and the prevalence of increased
premiums for both Mexia and North Texas
crude oil. Refinery prices for gasoline have
shown a tendency to soften during July, but
there has been an increase of 25 cents per
barrel in the price of bunker oil at New York.
AUGUST, 1922.
month. The output of passenger cars
amounted to 262,384, an increase of 13.2 per
cent over May, while the June production of
trucks totaled 25,372, an increase of 9.4 per
cent. Carload shipments registered a slight
decline, but this was partly counterbalanced
by increases in the number of driveaways and
shipments by boat. Replacement buying continues to be an important factor in the enlarged demand. Reports from 230 dealers in
district No. 8 (St. Louis) indicate that sales of
new cars increased in both cities and rural districts, while the used-car market was stronger
than in any previous month this year. There
has been a large increase in the percentage of
closed cars to total passenger cars, and this has
caused a very great improvement in the body
IRON AND STEEL.
industry. District No. 4 (Cleveland) reports
Conditions in the iron and steel industry that most of the increase in volume of truck
have continued to be encouraging, although production is confined to the three-quarter ton
there is temporarily some curtailment of ac- trucks.
tivity due to the coal and railroad strikes.
NONFERROUS METALS.
Unfilled orders of the United States Steel CorProduction of all important nonferrous
poration increased 7.3 per cent during June
and amounted to 5,635,531 tons at the end of metals continued to increase during June and
the month. June production of pig iron and mine operations were, as a whole, on a largersteel ingots totaled 2,361,028 tons and 2,634,477 scale than in any month since August, 1920.
tons, respectively. This represented an in- Copper production totaled 93,739,847 pounds,
crease in average daily output as compared which was 5.7 per cent in excess of the May outwith May, although the total production of put and 420 per cent larger than in June, 1921.
steel ingots showed a slight decline. A num- Demand continues to be about sufficient to
ber of blast furnaces were forced to bank dur- absorb the increased production, as is eviing the third week in July, and operations of denced by a maintenance of the general selling
steel mills are reported to have slackened some- price of electrolytic copper delivered at New
what, due to the shortage of fuel and of ship- York at about 13.875 cents per pound since
ping facilities. District No. 3 (Philadelphia) early in June. There has recently, moreover,
reports that one of the most encouraging fac- been considerable improvement in the average
tors in the present situation is the diversity of price received for copper exports. Domestic
demand, while district No. 4 (Cleveland) states inquiries are generally for moderate tonnage,
that in some lines, particularly certain types of but orders are numerous.. Conditions in the
steel bars, deliveries on new orders require zinc industry are also improving steadily,
three or four months. The continued activity although the revival is much more gradual
of automobile factories has resulted in an than in the case of copper. The June output
active market for sheets, while builders con- of retorts was 28,547 tons, which was 4.1 per
tinue to purchase large quantities of shapes. cent higher than in May and 48 per cent
Railroad demand continues good, and orders greater than in June, 1921. Stocks of zinc
for over 100,000 new cars were placed during declined from 40,409 tons on May 31 to 29,576
the first six months of this year. The market tons on June 30, and are now less than the
for machinery and machine tools is improving, amount required for one month's consumption.
and the stocks of tools are being gradually The general selling price at St. Louis rose from
reduced. Prices of most iron and steel prod- 5.425 cents on June 14 to 5.80 cents on July 19.
ucts have advanced during July, while pre- Shipments of zinc ore from district No. 10
miums are being paid for prompt delivery of (Kansas City) were slightly larger in June than
certain grades of steel. Slight recessions have in May, while the average price per ton rose
been reported, however, in certain grades of from $29.51 to $31.96.
pig iron.
Pig lead production was about 1.6 per cent
higher in June than in May. The market
AUTOMOBILES.
price at New York is unchanged at 5.75 cents
Automobile production continued to ex- per pound, while the price at St. Louis has
pand during June for the sixth consecutive shown a decided decline. District No. 10
AUGUST, 11)22.
FEDERAL RESERVE BULLETIN.
915
white goods, dyed goods, and printed goods.
Orders received increased slightly, whereas
shipments fell off a little. There was an average of 9.4 days' work ahead at the end of the
month as compared with 9.1 days at the end
of June. The greatest increases in total finished yards billed occurred in district No. 1
COTTON TEXTILES.
(Boston), and the average percentage of
capacity operated during the month declined
Cotton consumption and active spindles in in all reporting districts except No. 1 (Boston)
June showed an increase over the May figures, and No. 8 (St. Louis).
and consumption was greater than during
June of last year, but in July uncertainty as to
WOOLEN TEXTILES.
the prospects for the new cotton crop and
fluctuations in raw cotton prices have been deThe active buying noted in the raw-wool
terrent influences in the cotton textile markets. market during May, when the domestic clip
In district No. 1 (Boston) more cotton was was coming into the market, has subsided.
consumed in June than during any month District No. 1 (Boston), however, reports that
since the strike started early in February, and, a fair amount of wool is still being sold each
although the questions involved are not yet week. In district No. 3 (Philadelphia) trading
settled, the industry in that district is now is reported to be extremety quiet. District
operating at close to 70 per cent of maximum No. 7 (Chicago) also reports a decline in actual
capacity. Uncertainty as to the raw cotton sales, although shipments of raw wool from
situation is discouraging future buying of cot- Chicago arc larger than in May. From diston goods. Orders for yarns in district No. 73 trict No. 10 (Kansas City) comes the informa(Philadelphia) are more numerous than the} ^ tion that sheep growers have been selling their
were prior to June 15, but individual sales are wool this season at prices ranging around 40
smaller in size. On the other hand, extreme cents a pound as compared with 11 cents,
quietness is reported to be the distinguishing the prevailing quotation in the spring of 1921.
feature of the cotton goods business in that It is generally reported, however, from the
district. The price question is also of impor- central markets that the recent rapid price
tance there and in district No. 5 (Richmond). advances have been halted, and some moderate
District No. 6 (Atlanta) reports that cotton recessions have occurred since the latter part
cloth production in 35 mills was 8 per cent of June.
greater during June than in May and 46.2 per
The event of chief importance in the woolencent in excess of the June, 1921, output, but goods market was the announcement on July
shipments were 13 per cent and orders 7.8 per 17 of prices on spring lines by the largest
cent smaller than during May. These items producer. The opening quotations, reflecting
showed an increase, respectively, of 34 per the recent advances in raw wool to only a
cent and 65 per cent over the figures for last small extent, were on the whole a little higher
June. The situation among the yarn manu- than those at last year's opening, but were
facturers was more favorable, and June pro- lower on many lines than prices prevailing
duction exceeded the May output by 30 per more recently. The woolen industry in discent, while shipments were only 3.6 per cent trict No. 1 (Boston) is operating at over 80
less and orders were slightly larger than in per cent of capacity, which is less than last
May. As compared with June, 1921, all items summer and is at a much lower rate than that
showed marked betterment and production prevailing during the early months of this year.
was 77.6 per cent, shipments 37 per cent, and In district No. 3 (Philadelphia) there has been
orders over 40 per cent greater. Prices in a slight improvement in the demand for
general are firm and many items are advancing, worsteds and a decline in that for woolens,
reflecting the recent rise in the raw cotton but woolen mills are operating at 80 per cent
market.
of capacity, whereas the worsted output is
only about 50 per cent of the possible maxiCOTTON FINISHING.
mum. The third district further reports that
Reports from 35 of the 58 members of the the yarn markets are inactive. Yarn prices
National Association of Finishers of Cotton have been unchanged since July 1. District
Fabrics show an increase in total finished yards No. 7 (Chicago) reports that manufacturers
billed from 92,254,873 yards in May to are receiving a satisfactory volume of orders
99,874,093 in June. The improvement oc- for fall delivery, although less than usual at
curred in all three of the groups, namely, this time of the year.
(Kansas City) reports that the surplus stocks
of lead ore were entirely exhausted during
June. Drilling operations are under way in
many parts of the district. June silver production amounted to 4,760,160 ounces, an increase of 12 per cent over the May output.
916
FEDERAL RESERVE BULLETIN.
Department of Commerce statistics indicate
a slight increase in production in June, as the
percentage of idle machine hours on July 1 to
total hours reported continued the decline
noted during the previous month. For looms
wider than 50-inch reed space there was a decline in the percentage of idle hours to total from
37.6 on June 1 to 36.2 on July 1. For smaller
looms the percentage fell from 44.8 to 40.1.
The rate of decline in idle hours was practically
the same for both woolen and worsted spindles.
The former fell from 11.4 to 10.1 per cent and
the latter from 34.7 to 31.5 per cent of the
total reported. Despite improvement within
the last two months, manufacturing activity,
as indicated by the above figures, is still less
than that prevailing during the 12 months
prior to April of this year, except in the case
of woolen spindles, which are more active
than at any time within the last two years.
CLOTHING.
Inactivity generally prevailed in the clothing
trade during June and July. In district No. 2
(New York), sales by 21 firms in June were
93 per cent of those of June, 1921. The position of the trade in that district has also
declined since last month, as May sales were
114 per cent of those during the corresponding
month of 1921. Sales of men's clothing by 8
firms were 9 per cent less in June than they
were last June, but those of women's clothing
by 14 firms were only 2 per cent less. Manufacturers, however, report that orders are now
beginning to be placed in larger volume. In
district No. 7 (Chicago) there was an increase
in the production of men's clothing by 5 firms
of 173 per cent over May, but a decline of 20
per cent in the number of suits shipped. As
compared to June, 1921, there were decreases
of 20.7 per cent in production and 11.6 per cent
in shipments. Orders for fall received this
season were 18.8 per cent less than those booked
during the corresponding period last year.
Seven tailors to the trade in that district reported a falling off from May of 31 per cent
in orders, 27 per cent in production, and 29
per cent in shipments, but as compared to last
June there were increases of approximately
40 per cent in all three of these items. Clothing firms in district No. 8 (St. Louis) report
that orders for future delivery- are in excess of
those of last year.
SILK TEXTILES.
Raw silk consumption fell from 33,284 bales
in May to 29,529 bales in June. This figure is
also smaller than that for last June, 31,192
bales, but exceeds the amount consumed during
AUGUST, 1.922.
any month since last October, with the exception of January and May. The advance in
prices of raw silk noted in June caused a lull
in buying, according to reports from district
No. 3 (Philadelphia), and since July 10 a
decline in quotations has resulted.
Broad silk manufacturers in district No. 3
(Philadelphia) are beginning to receive more
orders as jobbers' stocks, which have been large
for some months, become smaller. Most orders
continue to be for delivery immediately or in
the near futures Production has also increased
in that district, and plant operations now
tverage 50 per cent of capacity as compared
with 40 per cent during the previous month.
Manufacturers' stocks are large because of
continued production during the period in
which jobbers were supplying retailers' demands.
Statistics from Paterson show that operations
on July 15 amounted to 24.83 per cent of total
available loom hours, as compared with 24.25
per cent on July 1, 21.39 on June 17, and
42.54 on July 16, 1921. Out of a total of
15,000 looms 3,993 were operating on July 15.
In the north Hudson section, 2,048 looms from
a total of 4,115 were producing on July 15,
and the percentage of loom hours operated to
the total was 45.23, to be compared with 51.65
per cent a year before. No material change
occurred in this percentage during the preceding month.
HOSIERY.
New business received by hosiery manufacturers in July fell below the volume of the preceding month. Reports from district No. 3
(Philadelphia) indicate that manufacturers of
woolen and full-fashioned silk hosiery are not
affected by the present dullness as much as are
producers of seamless silk and artificial silk
hosiery, because the former were booked to
capacity for the next three months, whereas
the latter have nearly filled the few contracts
they have which call for future delivery. June
figures for the Philadelphia district in the case
of 36 firms selling to the wholesale trade show
little change in production as compared with
May, a slight reduction in finished stocks, increases of 10 per cent in orders booked and of
6 per cent in shipments, and a decline of 16
per cent in unfilled orders on hand at the end
of the month. All items are larger than were
the coresponding figures for June, 1921. The
1.2 firms selling to the retail trade reported
increases of 13 per cent in production, 15 per
cent in orders, 9 per cent in shipments, and 20
per cent in unfilled orders on hand as compared
to the May figures, with a decline of 8 per cent
in finished product on hand. Production was
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
31 per cent greater than during June, 1921, and
stocks were larger by 38 per cent; orders and
shipments showed little or no change, but unfilled orders were nearly 30 per cent less than
they were a year ago. Cancellations for both
groups of firms were smaller in June than
during May.
Reports from four mills in district No. 6
(Atlanta) reflect a decline in business said to be
usual during the summer months. Manufactures were smaller than in May by 5.5 per cent,
orders booked declined 20 per cent and unfilled
orders on hand 4 per cent, whereas stocks of
hosiery were 2.3 per cent and of raw material
34 per cent larger than at the end of May.
Increases over June, 1921, ranged from 22 per
cent in production to 56 per cent in unfilled
orders. Finished stocks were slightly smaller
than a year ago.
UNDERWEAR.
Production of underwear during June by 47
producers totaled 564,893 dozens, which was an
increase of 46,743 dozens over the May output
of the same number of mills, and 5,302 dozens
over the figures for 60 mills in June, 1921. The
output for June of this year was only 72.2 per
cent of normal, a decline from 74.2 per cent in
May, but an improvement over June, 1921, in
which month production was only 65.5 per
cent of normal. Manufactures of winter underwear increased from 298,080 dozens in May to
345,605 during June. On the other hand, the
output of summer garments was only 219,288
dozens, a nominal reduction from the previous
month, which is, of course, to be expected at
this time of the year.
Comparative reports for 26 mills show a loss
in new orders booked, which, together with an
increase of 54,524 dozens in shipments, caused
a decline in the volume of unfilled orders on
hand at the end of the month. All of these
items showed exactly opposite tendencies dur-^
ing May. Cancellations decreased further.
The percentage of new orders received in June
to normal production for that month, as reported by 38 mills, was 77.9 per cent; shipments were 66.5 per cent; cancellations, 1.9
per cent, and production, 80.5 per cent of
the normal production for these same mills.
Returns from 14firmsmaking summer underwear in district No. 3 (Philadelphia) show a
decrease in production during June of 40 per
cent below. May and 55 per cent below June,
1921. Orders booked, however, increased 35
per cent and shipments fell off 30 per cent as
compared with May, resulting in an increase ot
unfilled orders on hand of 53 per cent. Orders
booked were 20 per cent greater in volume than
917
during last June, whereas shipments were 55
per cent and unfilled orders 47 per cent less than
the June, 1921, figures. Seven firms producing
winter underwear report increases in June over
the May figures of 7.5 per cent in output, 21 per
cent in finished stocks, and 145 per cent in
orders, which with only a 47 per cent growth in
shipments resulted in a 15 per cent larger
volume of unfilled orders on hand. The better
position of the group making winter garments is,
of course, seasonal. Prices for fall weights are
firm and generally higher than the opening quotations of last January.
SHOES AND LEATHER.
Sales of hides and skins were large during
the first three weeks of July and prices of
Chicago packer hides have continued their
strong upward swing which began in April.
Calfskin prices have advanced even more
rapidly than hides, and goatskins have been
sold during July at prices from 10 to 20 per
cent higher than those prevailing in the early
part of June.
Demand for leather continued to improve
during June and July. Prices have advanced
from 5 to 15 per cent, and the volume of both
domestic and foreign sales has increased.
The improvement has been shared by almost
all branches of the industry, but is perhaps
most pronounced for calf, kid, and glove
leathers. District No. 3 (Philadelphia) reports that prices of all heavy leather are from
2 to 3 cents per pound higher than in June.
Leather belting sales continue to increase,
reflecting a general improvement in industrial
activity.
The volume of shoe production in June
showed a seasonal decline of about 5 per
cent for the country as a whole, and amounted
to 25,559,094 pairs. Reports from eight important concerns in • district No. 1 (Boston)
indicate that the output of New England
factories was about 0.7 per cent larger
than in May and 19.1 per cent larger than
in June, 1921. Shipments and new orders
of seven [of these reporting firms increased
12 per cent and 5.3 per cent, respectively,
above the figures for May. In district No.
3 (Philadelphia) 46 manufacturers report reductions of 8.6 per cent in production and 9.8
per cent in shipments during June, but new
orders were 17 per cent larger than those
received in May. Orders for early autumn
delivery continued to be placed in considerable volume during July, and factories are
reported to be better supplied with business
than for several months. Production of 25
shoe firms in district No. 7 (Chicago) increased
918
FEDERAL. RESERVE BULLETIN.
6.1 per cent during June, but the volume of
shipments continued to decline. There was
a substantial increase in the volume of unfilled orders. June sales of shoes reported by
11 manufacturers in district No. 8 (St. Louis)
were from 3 to 14 per cent larger than in May,
while the volume of new orders was much
stimulated by an increasing firmness in prices.
Factory operation in that district' was at
from 92 to 100 per cent of capacity.
LUMBER.
Lumber cut, shipments, and new orders were
all slightly less in June than in May, but
were each about 50 per cent larger than in
June, 1921. The total cut of the slightly varying number of mills which report to the
National Lumber Manufacturers Association
was about 1,032,868,000 feet in June, as compared with 1,055,854,000 feet in May and
748,680,000 feet in June, 1921. The volume of
new orders reported weekly to the association
has shown a downward tendency since the
latter part of May and only amounted to
161,756,252 feet in the week ending July 8, as
compared with 301,837,237 feet in the week
ending May 20. Railroad shipments of forest
products also registered a moderate decline in
June, aggregating 271,358 cars, as compared
with 273,204 cars in May.
Conditions in the lumber industry of district
No. 12 (San Francisco) continued to improve
during June, and both production and shipments of 194 reporting mills were higher than
in May. New orders were less than the cut for
the first time this year. Lumber was shipped
in large quantities from the Pacific Northwest
to the Atlantic Coast States and southern California, but there was a considerable reduction
in foreign shipments. Log production is now
reported to amount to about 95 per cent of
normal capacity, and present prices for logs are
the highest in the history of the industry.
District No. 6 (Atlanta) reports that the cut
of 117 mills belonging to the Southern Pine
Association aggregated 308,552,342 feet in
June, as compared with 346,992,585 feet cut by
122 mills in May. Excessive rainfall has
greatly hindered logging in certain sections and
has forced some mills to reduce operations.
The production of 41 reporting southern pine
mills in district No. 11 (Dallas) increased
slightly during June, while orders and shipments were slightly smaller than in Ma;
Prices of southern pine have continued steady
with a few minor reductions.
Production of reporting lumber manufacturers in district No. 9 (Minneapolis) was some-
AUGUST, 1022.
what smaller in June than in May, while shipments and orders both increased. The physical
volume of lumber sold by 18 reporting retail
companies in that district was 26 per cent
larger than in May and 8 per cent larger than in
June, 1921.
BUILDING.
Building operations continued at a record
rate throughout June in almost all sections of
the United States. The value of contracts
awarded in seven Federal reserve districts
(compiled from statistics gathered by the
F. W. Dodge Co.) amounted to $311,688,517
in June, as compared with $323,044,164 in May
and $207,985,005 in June, 1921. In four of
these seven districts there was some decline in
the value of contracts let, but June contracts
for district No. 7 (Chicago) totaled more than
in any month since October, 1919; while figures
for district No. 3 (Philadelphia) were the
largest since April, 1920. Residential building
reached a new high level during June, and contracts awarded for such purposes in seven
Federal reserve districts aggregated $128,632,327, which was 86 per cent greater than in
June, 1921, 218 per cent greater than in June,
1920, and 34 per cent greater than in June,
1919. Construction of houses and apartments
is now proceeding at a rate which is considerably higher than is necessary to care for
the estimated annual growth in population.
However, as a result of the accumulated shortage of the war years, the present rate would
have to be maintained several years before
housing accommodations could be restored to
as high a level as that existing in 1914. Statistics of number and value of building permits issued in 166 cities are published on
page 985.
District No. 1 (Boston) reports that building
continued to be very active during July, and
that the total volume of construction under
way in New England is larger than for several
years. The cost of construction is slowly
rising, as a result of increased costs for labor
and materials. Higher building costs are also
reported from district No. 3 (Philadelphia,),
but they have not as yet resulted in any noticeable curbing of activity. District No. 4
(Cleveland) reports an unprecedented volume
of suburban house building. A number of
large business structures are under way in
Pittsburgh and Columbus. Building operations in district No. 8 (St. Louis) have been
somewhat retarded by delayed deliveries of
materials. A shortage of skilled workers in
building crafts is reported from many sections
of the country.
AUGUST,
EMPLOYMENT.
Employment conditions continued to improve during June and the first two weeks of
July, despite a considerable amount of voluntary unemployment due to strikes in the coal,
railroad, and textile industries. The supply
of agricultural labor seems about sufficient to
meet the demand for the country as a whole, but
a scarcity has developed in certain sections.
There has also been a shortage of skilled or
semiskilled workers in the building trades,
railroad equipment plants, machine and tool
factories, textile mills, and lumber plants.
District No. 1 (Boston) reports that the demand for men in the metal-working industry
is very large and that the supply of dependable
farm labor is totally inadequate to meet current
needs. There has been some decline in the call
for men skilled in the building trades, and a
surplus of carpenters, painters, and paper
hangers is reported from Springfield. Reports
from district No. 2 (New York) indicate a
growing scarcity of unskilled workers, whereas
there are still more applicants than vacant positions in the clerical and skilled manual occupations. The New York State Department of
Labor reports that employment in factories
throughout the State increased 2 per cent, and
that average wage payments also continued to
increase. The most important increase in
employment was noted at railroad equipment
factories and repair shops. The New York
Merchants Association estimate the number
of unemployed in New York City during June
at about 295,000, a decline of 14 per cent
since October, 1921. In district No. 3 (Philadelphia) the Pennsylvania State Department
of Labor estimates that 82.400 persons were
unemplo3^ed on July 15 in the cities of Altoona,
Harrisburg, Johnstown, Philadelphia, Scranton, and Williamsport, a decrease of 20.8 per
cent from the total on June 15. Labor shortages are reported in the steel, building, and
textile industries.
District No. 5 (Richmond) reports that textile mills, lumber plants, tobacco factories, and
furniture factories are employing approximately their average number of workers, while
there is a shortage of labor in certain of the
building trades. The number of employed has
increased in all the leading cities of district No.
6 (Atlanta). There has been a substantial increase in employment at Alabama and Tennessee coal mines, while operations of Mississippi
lumber mills are deterred by a shortage of labor.
919
FEDERAL RESERVE BULLETIN.
1922.
Reports from 173 firms in district No. 7 (Chicago) show that there was an increase of 6.1 per
cent in the number employed during June,
while the average pay per worker increased 2.5
per cent. The largest gain in employment was
reported by railway repair shops, while the
most marked decline occurred at box and container factories. Some difficulty is being experienced in obtaining a sufficient number of
bricklayers and plasterers. District No. 8 (St.
Louis) reports a scarcity of both skilled and
unskilled workers in the steel and building industries, but states that there has been a satisfactory supply of farm laborers at the same
wage rates as prevailed last year. A strong
demand is reported from district No. 9 (Minneapolis) for plasterers, plumbers, and electricians and for permanent farm labor.
A survey of 311 industrial plants in district
No. 10 (Kansas City) on July 1 shows that
there was very little change in the number employed from that on June 1. The unemployed
in the cities have been absorbed by the harvest
and threshing demand of rural districts. District No. 11 (Dallas) reports increased employment of metal miners, as a result of the reopening of several mines in Arizona and New
Mexico. District No. 12 (San Francisco) states
that the number of men on the pay rolls of 40
manufacturing firms in Los Angeles, Portland,
San Francisco, and Seattle was 43,410 on June
30, an increase of 1.6 per cent as compared with
figures for May 31. An improvement is noted
in the demand for both skilled and unskilled
workers in the agricultural, lumber, and building industries.
WHOLESALE TRADE,
PERCENTAGE OF INCREASE (OR DECREASE) IN N E T SALES
IN J U N E , 1922, AS COMPARED WITH THE PRECEDING
MONTH (MAY, 1922).
[Minus sign (—) denotes decrease.]
16
920
FEDERAL RESERVE BULLETIN.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES
IN JUNE, 1922, AS COMPARED WITH THE SAME MONTH
LAST YEAR (JUNE, 1921).
Groceries.
District.
Numcent.
No. 2..
No. 3..
No. 4..
No. 5..
No. 6..
No. 7..
No. 9..
No. 10.
No. 11.
No. 12.
• • • " •
7.1
1.9
0.1
3.8
7.0
7.3
• 7.9
5.9
1.2
18.4
firms.
Dry goods.
Per
cent.
42 -11.7
51 -11.9
25 - 7 . 6
44
0.04
34
5.4
39
6.4
42 - 2 . 9
12
2.9
12 - 9 . 1
2.7
30
Hardware.
Number of
firms.
8 11.5
14 0.5
13 10.1
16 -0.08
23 - 2 . 3
12 18.9
2 10.8
6 15.9
12 0.5
16 18.9
Boots and
shoes.
ber of Per
firms. cent.
11 -17.7
28
12
18 - 8 . 7
21 - 7 . 3
21 17.2
11 -11.4
13
11
21 - 5 . 0
Number of
firms.
10
i9
8
10
5
16
Improvement in sales of wholesale groceries
occurred during June in every reporting district with the exception of district No. 6 (Atlanta), where there was a slight decline as
compared to the May figures. Some of this
increase is attributed by district No. 3 (Philadelphia) to the active demand for sugar for
preserving and canning. There has also been
a substantial rise in the price of this staple.
An encouraging feature of the June returns is
the increase over last June reported in every
district. This is the first time since 1920 for
some districts that sales have been larger than
in the corresponding month of the previous
year. This, too, may be attributed to the better
demand for sugar and, according to district No.
2 (New York), to the higher level of prices.
Dry goods sales also improved in June, except in districts No. 6 (Atlanta) and No. 11
(Dallas), whereas in comparison with figures for
last June increases and decreases were evenly
divided among the reporting districts, with
the size of the changes heavier in case of the
declines. Hardware sales receded or improved
only slightly in most sections of the country.
Districts No. 9 (Minneapolis), No. 10 (Kansas
City), and No. 12 (San Francisco), however,
report substantial improvement in June sales
over those for May. District No. 3 (Philadelphia) attributes the falling off in June sales
to the coal strike and states that dull business
in July is also reported. Credit is generally
given to the present building boom for the
larger volume of hardware sales this June as
compared with June, 1921, which is found in
all districts except No. 5 (Richmond) and No.
6 (Atlanta).
Wholesale business in boots and shoes declined during June infour out of the six reporting
districts. This falling off in sales is said to be seasonal by district No. 6 (Atlanta), as the booking
of fall orders has not yet begun. Sales are also
smaller than they were last June in every dis-
AUGUST, 1922.
trict except No. 7 (Chicago), where there was
an increase of 17 per cent, which, however,
was the first gain in this item since January
and is attributed to improvement among the
larger stores. Drug sales show slight and varying changes among the reporting districts,
ranging from an increase of 5.6 per cent for
five stores in district No. 10 (Kansas City) to
a decrease of 5.5 per cent for 15 stores in district No. 3 (Philadelphia). They are larger
than they were last June in all districts except
No.-5 (Richmond), No. 10 (Kansas City), and
No. 11 (Dallas). Furniture sales increased 12
per cent for 14 stores in district No. 12 (San
Francisco) and slightly in district No. 5 (Richmond), but fell off in*No. 6 (Atlanta), No. 10
(Kansas City), and No. 11 (Dallas). A substantial improvement as compared with June,
1921, is noted for all reporting districts. Farm
implements are in much better demand than
a year ago, but June sales were materially
below those of May.
RETAIL TRADE.
Distribution at retail continued in large
volume duriog June, but was on a smaller scale
than in May. The decrease under last June's
sales was due partly to unfavorable weather,
but particularly to the coal and railroad strikes.
Vacation needs have been a factor in the
purchasing for the month, and the increases in
residential building have been reflected in the
buying of house furnishings. In agricultural
districts the excellent crop prospects have
increased the purchasing power of the farmers
during the past few months.
Reports from 464 department stores in the
United States indicate a decrease of 1.3 per
cent in the dollar value of sales as compared
with a year ago. Reference to the table on
page 987 shows trade in district No. 7 (Chicago)
to have registered the most important increase,
3.9 per cent, while the trade of district No. 11
(Dallas) suffered a decrease of 10.2 per cent.
The selling value of stocks on hand at the end
of June throughout the United States was 1.4
per cent less than on the same date a year ago
and 5.3 per cent less than at the end of May,
1922. The rate of turnover has improved in
spite of the decreased sales, as the ratio of
stocks to sales is 405.1 as compared with 426.8
for last month. The increasing ratio of outstanding orders to purchases for 1921 reflects
the continued placing of fall orders.
PRICES.
The Federal Reserve Board index number of
wholesale prices for June stood at 162. This
is 4 points higher than the index for May, and
represents an increase of 2.5 per cent.
921
FEDERAL RESERVE BULLETIN".
AUGUST, 1022.
The numerals opposite the name of each bank indicate
Cotton, cattle, lumber, pig iron, coke, and
power or powers it is authorized to exercise, as given
coal show a marked rise in price. Slight the
below:
increases ha,ve also taken place in hides,
leather, tobacco, cement, silk, and yarns.
DisPowers,
Prices of grains have dropped decidedly, while
Place.
Name of bank.
trict
granted.
No.
nonferrous metals have remained unchanged.
The Bureau of Labor Statistics index rose in
2 Larchmont National Bank 1 to 9.
Larchmont. N. Y . . .
June to 150, an increase of 2 points. The New
York,N.Y....
2 Lincoln National Bank.... 1 to 9.
Riverton,
N.J
3
Cin n amin son National Ito9.
largest gains among groups of commodities
Bank.
are fuel and lighting (9 points) and building Philadelphia, Pa... 3 Southwestern National 1 to 8.
Bank.
materials (7 points). Foods, cloths and cloth- Stroudsburg, Pa
3 Stroudsburg N a t i o n a l 1 to 9.
Bank.
ing, and metals also increased. Farm products Lexington, Ky
4 Phoenix National Bank 1 to 9.
fell 1 point, while chemicals and house furnish& Trust Co.
Raleigh, N. C
5 Citizens National Bank... 1 to 9.
ing goods did not change,
Aurora, 111
7 Merchants National Bank. 1 to 9.
FOREIGN TRADEi.
The official returns for June disclose a substantial gain over the preceding month in the
value of exports, while a somewhat smaller
increase is reported for imports. Specifically,
exports rose from $308,000,000 in May to
$334,000,000 in June, and for the same months
imports increased from $253,000,000 to
$260,000,000. The excess of exports over
imports for June amounted, therefore, to
$74,000,000, which is larger than the export
balance in any previous month since last
October, with the exception of April, when the
balance was approximately $100,000,000. In
the fiscal year ending with June, exports were
valued at $3,770,000,000, as compared with
$6,517,000,000 in the previous fiscal year.
This reduction by nearly 50 per cent in the
value of our export trade is partly accounted
for by the lower price level prevailing in
1921-22. There has nevertheless been a
material shrinkage in the volume of our
overseas trade. Imports have also diminished
in value, the total for the fiscal year just closed
being $2,608,000,000 as against $3,654,000,000
in 1920-21.
Fiduciary Powers Granted to National Banks.
During the month of July the Federal Reserve Board
approved applications of the national banks listed below
for permission to exercise one or more of the fiduciarypowers named in section 11 (k) of the Federal reserve act
as 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 into
competition with national banks are permitted to act
under the laws of the State in which the bank is located.
Freeport, 111
Washington, Iowa..
Corning, Ark
Columbia, Ky
Sedalia, Mo
Bismarck, N. Dak...
Durango, Colo
Okanogan, Wash...
Rosalia, Wash
7
7
8
8
8
9
10
12
12
Second National Bank
Washi n gton N a t i o n a l
Bank.
First National Bank
do
Third National Bank
First National Bank
Burns National Bank
First National Bank
Whitman County National
Bank.
Ito9.
5 to 8.
1 to9.
1 to 3, 5 to 8.
1 to 3, 5 to 7.
1 and 9.
1 to 7.
1 to 9.
1 to 9.
State Banks and Trust Companies.
ADMISSIONS.
The following list shows the State banks and trust
companies which were admitted to membership in the
Federal Reserve System during the mo.nth ending July 31,
1922, on which date 1,655 State institutions were members
of the system:
i Capital. Surplus.
District No. 3.
j
Ilightstown Trust Co., Hightstown, N. J. j 8100,000
District M. 6.
Total
$16,000
S319,853
j
Planters Bank, Carlton, Ga
\ 25,000
Farmers Bank of Crawford, Crawford, ;!
Ga
100,000
Bank of Locust Grove, Locust Grove, :
Ga
j 25,000
3,000
92,732
50,000 |
544,317
5,000!
129,722
Consolidation and change of name.—The First State Savings Bank,
Evart, Mich., a member bank, and the Evart Savings Bank of Evart,
a nonmember bank, have consolidated under the name of Evart State
Bank, which continues membership.
Converted into national banks.—Northwestern State Bank, Bcllingham,
Wash.; First State Bank, Garfield, Wash.; Citizens Bank, Emporia, Va.
Insolvent.—Sfcockmens State Bank, Browning, Mont.
Withdrawals.—Midwest Reserve Trust Co., Kansas City, Mo.; Battery
Park Bank Asheville, N. C.
Change of name.—Jenkintown Trust Co., .Tenkintown, Pa., to Jenkintown Bank & Trust Co.; Old Dominion Trust Co., Richmond, Va.,
to State & City Bank & Trust Co.
Commercial Failures Reported.
A further narrowing of the margin of increase in number
of failures over those of last year has recently been witnessed, the 1,205 defaults reported to R. G. Dun & Co.
during three weeks of July comparing with a total of 985
for the corresponding period of 1921. The returns for
June, the latest month for which complete statistics are
available, disclose 1,740 commercial insolvencies in the
922
FEDERAL, RESERVE BULLETIN.
United States for $38,242,450 of liabilities. The number
of June failures is less than that of all months since last
October, though being considerably in excess of the 1,320
defaults of June, last year, and the indebtedness is the
smallest of all months back to last September. In June,
1921, the liabilities aggregated $34,839,375. Separated
according to Federal reserve districts, the June statement
reveals numerical increases, as compared with last year's
returns, in all districts except the third district, while the
indebtedness is larger in the first, second, fifth, seventh,
ninth, and twelfth districts.
FAILURES DURING JUNE.
Number.
Liabilities.
District,
1922
150
273
57
136
137
147
230
125
79
86
114
206
First
Second
Third
Fourth....
Fifth
Sixth
Seventh...
Eighth....
Ninth
Tenth
Eleventh..
Twelfth...
Total
• 1,740
| 1921 |
136
232
71
98
82
130
140
102
31
73
105
120
1922
'
1921
; $4,888,902 I S2,546,879
! 7,642,247 ! 4,736,685
1,573,360 j 1,939,408
3,521,377 ! 4,744,487
2,183,739 ;j 1,478,512
2,041,013
3,522,511
i 6,369,831 I 4,476,283
! 1,525,233 i 1,974,278
i 1,307,894 !
454,553
! 2,149,987 . 4,764,647
2,481,679 | 2, 588,787
2,557,188
1,412,345
1,320 ; 38,242,450
34,639,375
New National Bank Charters.
The Comptroller of the Currency reports the following
increases and reductions in the number and capital of
national banks during the period from June 24 to July 28,
1922, inclusive:
Number of
banks.
New charters issued
Restored to solvency
Increases of capital approved
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Liquidations
Reducing capital i
Total liquidations and reductions of capital
Consolidations of national banks under act of Nov.
7,1918
Amount
of
capital.
15 §1,210,000
0
0
46 6,534,850
61
7,744,850
19
3
2,825,000
2,065,000
22
4,890,000
3
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net increase
11,025,000
< 7,744,850
4,890,000
2,854,850
1
Includes 1 reduction in capital aggregating §2,000,000 incident to consolidation under act of Nov. 7,1918.
Acceptances to 100 Per Cent.
Since the issuance of the July BULLETIN the following
banks have been authorized by the Federal Reserve
Board to accept drafts and bills of exchange up to 100 per
cent of their capital and surplus:
Republic National Bank, Dallas, Tex.
-Central National Bank, Richmond; Va.
Chattanooga Discontinued as Reserve City.
Effective August 1, the designation of Chattanooga as a
reserve city has been terminated.
AUGUST, 1.922.
INTERNATIONAL PRICE INDEXES.
The French Index Number,1
The fourth in the scries of wholesale price
indexes, being constructed by the Federal Reserve Board for purposes of international comparison, traces the course of prices in France
from January, 1920, up to the present time.
The indexes previously published in this series,
those for the United States, Great Britain, and
Canada, include 1919, but the industrial disorganization which prevailed in France in that
year made it impractical to compute the French
index before the beginning of 1920.
The purpose of this series of index numbers
is to provide a more accurate means of comparing changes in the level of wholesale prices
on an international basis, by constructing
price indexes for several different countries according to a uniform plan, thus eliminating
any variations in the series which might be
due to differences in construction. The method
which has been used in the construction of the
Federal Reserve Board's price indexes has been
explained in previous issues of the BULLETIN.2
Each index in this series is a weighted arithmetic average of from 90 to 100 price quotations for about 70 commodities. The weights
represent the quantity of production and trade
for each commodity in 1913 in the country to
which the index applies; for example, the indexes of "goods imported" represent the relationship of the quantity of goods imported in
1913 at their prices in that year to the same
quantity of goods at their prices in 1920 and the
succeeding years. When this method of weighting was chosen it was recognized that important
changes had occurred in the quantity of production and trade since 1913, but it was felt
that the situation in that year was more nearly
t}^pical of the normal industrial life of the
countries concerned than in any year since
that time. Another and very important reason
for using the 1913 figures as weights is that
complete production figures are not available
for any postwar year.
The "All commodities indexes" represent
the successive values of "goods produced" plus
"goods imported." Six group indexes are
regularly published for each country, giving
price variations
for (1) raw materials, (2) producers7 goods, (3) consumers7 goods, (4) goods
imported, (5) goods produced, and (6) goods
exported. The weights for each one of these
groups have been checked, wherever possible,
1 Prepared under the direction of F . M. Williams, of the Division of
Analysis
and Research, with the assistance of R. P . Cornwall.
2
See FEDERAL RESERVE BULLETIN, May, 1920; June, 1920; June, 1921;
February, 1922; May, 1922; and July, 1922.
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
by multiplying the given quantity figure by
the 1913 commodity price and comparing the
result with pre-war value figures obtained from
other sources, and, if necessary, revising the
quantity figure. In certain cases the weights
for semifinished goods have been increased for
the purpose of giving representation to highly
manufactured products for which price quotations are not available. In weighting hay
and certain other agricultural products (in the
case of the French index these include live
stock, meat, and potatoes) estimates of the
amounts leaving the farms, rather than the
actual production figures, have been used as
weights.
THE CONSTRUCTION OF THE FRENCH INDEX.
In the case of France, the weighting of a
wholesale price index with 1913 production
and trade figures is especially open to question.
The change wrought by the war in French industrial life was greater than that which occurred in the United States, England, or
Canada. On that account allowances have been
made to include the production, imports, and
exports of Alsace-Lorraine in the case of raw
cotton, cotton manufactures, iron ore, iron and
soft steel products, potash, and coal. On the
other hand, the omission of flax from the import
group, woolen yarn from the " goods produced;;
group, and wheat and wheat flour from the
"goods exported" group testify to the changes
which have taken place in the business life of
France itself in the last eight years. The only
other deviation from the 1913 figures occurs in
the weights for linen yarn, which have been
reduced by two-thirds in the "goods produced"
and "goods exported" groups. This change
seemed advisable because of the fact that
France is still to a great extent cut off from her
normal supply of Russian flax and because
many of the iinen yarn producers in the Lille
district have not yet returned to their pre-war
productive capacity.
The Federal Reserve Board French index
number is made u p of 39 raw materials price7
quotations, 36 price quotations of producers
(semifinished) goods, and|23 price quotations
for consumers' (finished): [goods. The mechanism of price reporting was not so well developed
in France in 1914 as in the United States and
England, and the reporting services which did
exist at that time were badly disrupted by war,
so that the task of collecting prices for France
has been a particularly difficult one. The'
923
board is indebted to the Bulletin de la Statis™
tique Generale for certain price quotations for
1920 which appeared in its January, 1921,
issue and which are not available elsewhere.
All the quotations used in the index (with two
exceptions) have been obtained from published sources. The broad-silk quotations'
(those for tafeta and mousseline) are furnished
by a private firm in Lyon, through the courtesy of the American consul in that city. The
most conspicuous omissions from the index,
aside from those mentioned above, are shoes,
woolen cloth, and linen cloth. It has been
impossible to obtain regular quotations for
these commodities either before or since the
war.
Practically all of the productionfiguresused in
weighting the French index have been obtained
from three publications of the French Government, the Annuaire Statistique de la France,
the Statistique Agricole Annuelle de la France,
and the Rapport General sur Tlndustrie
Fran? aise; s& Situation, son Avenir, published
by the French Ministry of Commerce in 1919.
Production figures for finished and semifinished manufactured products have in most
cases been obtained from the last-named
volume. French statisticians have criticized
the figures of the Rapport General as being
incomplete, but the fact remains that they furnish the best information obtainable in regard
to French production in many lines. The production figures for butter and cheese are estimates based on the number of milch cows in
France, since there has been no census of dairy
products in France since 1892.
The import and export weights represent the
"general trade' 7 of France (minus the transit
trade when that item is of any importance).
This method was used in making up the import
and export weights in order to include the reexport trade and yet to eliminate goods which
are shipped through France without actually
entering into French trade. The following
tables list the price quotations which make up
the various groups of the French index. The
least satisfactory is the export group, for the
reason that French export trade is so largely
made up of highly manufactured commodities
that do not lend themselves readily to price
comparisons over a period of years. In 1913
the value of the commodities included in the
export index totaled only 33 per cent of
total French exports in that year, as compared with 62 per cent in the case of the
import index.
924
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
A. GOODS PRODUCED.
Commodity.
j
Grade.
I. Raw materials. \
Wheat
Native, red
Rye
Oats
Barley
Corn
Cattle
Sheep
Hogs
Hides
Skins
Do
Silk
Flax
Hay
Iron ore
Coal
Do
Coke
Pig iron
Zinc.
Lead
Aluminum
Lumber
100 kilos
For grinding.
Gray
j
Native, for grinding
!
Native
'
Live, third quality
j
.do
.do.
Cattle, 110-119 d. k.; cow, 59 d. k. and
under.
Calf, 16-24 d. k
Goat
Raw, Cevenncs (extra and first grade),
11-13,12-16.
White, superior quality
First quality
Briey
Scmibituminous, run of mine, 30-35...
Bituminous, run of mine, 30-35
Metallurgical
P. R. 3, ordinary
G ood grades
Ordinary grades
98-99 per cent, in ingots of 3 kilos or
more.
Oak, ordinary up to 0.29 in width and
up to 8 meters loiig.
Poplar planks, all sizes
Do
II. Producers' goods.
Sugar
Beet, raw, No. 3
linen yarn
No. 35, woof, wet
Native, crust
Native, smooth
Beams, ordinary I and P. N
Bulletin des Halles, Bourses ot
Marches,
.do.
i
....do
,.
-I
do
....do
.! Brienon...
.....do
.1 LaVillctte
.do
do
do
.do.
do
.11 Halle aux Cuirs, I! Marcel Dclamaire.
Paris.
I
do
|
do
"I"
!
do...
|
do
! Lyon
; Bulletin des Hallos, Bourses et
Marches.
! Lille
....do
I Montrouge
....do
At mine
La Mctallurgic
Nord and Pas de L'Usine, La Metallurgy
Calais districts,
do
....do
do
•. . . . d o
Mcurthe-et-Moselle,1 La Metallurgie
La Place de Paris.. L'Economiste Frangais
.do.
.
do
!
do
do
do....
.do....
do....
100 kilos...
do....
do....
Cubic meter.
Brick.
do
100 kilos
j Paris
, Epinal
Rouen
Lyon
Package of
16 kilos.
lkilo
.do..
..i
do
Domestic, 1st quality
Per t h o u• sand.
Portland, 2d quality
i Metric ton..
White, for printing, 48-55 gr. and over.! 100 kilos
20-21. per cent
'.
j
do
53° Baume
:
do
First, white, crystallized, powdered, j lkilo
or granulated.
.100 kilos....
Muriate of potash.. 50 to 60 per cent of potash (Alsace)
Denatured, 90°
Hectoliter..
Alcohol..
HP
100 kilos....
Turpentine
Glycerine
Colza oil
Peanut oil
III. Consumers'
goods.
Wheat flour
Sugar
Beef
Brown, 28°..
Refined
Industrial...
Mutton
Pork products..
Butter
Cheese
Margarine
Potatoes
3d quality
Ham
Normandy
Camembert, Normandy
Oleo
Common white
Wine
Soap
Cotton cloth.,
Do
Broad silk....
Do
Red and white
! 1 hectoliter.
Brown, extra pure
i 100 kilos
Renforce 3-4, 20-20, 20-26
\,
.p_
Calicot, 2, 20-20
,|1 meter
Moussoline, good quality, plain color.. 1 meter
Taffeta, all silk, plain color
do
Good
Refined
Hindquarters, 3d quality
Nancy
do
Plates, 3 xn/m
do
Shapes
do
Rails
!
do
Special grade for tools
!
do
0.25 m/m., 510 by 710 in., 112 sheets to ; Caso of 82
a case.
kilos.
:
i 100 kilos
Copper products... Copper wire, red, 9-10 and over
Window, 3d choice
Case
Glass
,
Cement
Paper
Sulphate of ammonia.
Sulphuric acid
Tartaric acid
70,. 000'
.do.
.do.
do
520 kilos...
Metric ton
do....
American cotton, warp, 28 bobin
: 1 kilo
American cotton, warp, divided, No. 20!
do
1 kilo
Silk .yarns".".".!!!!".!" France, extra
Weight
(000's
omitted).
Source.
! Chartres
do..
do..
do..
do..
lkilo....
.do.
do..
50 kilos..
do..
Piece
lkilo....
Cotton yarns
Leather
Do
Iron and soft steel
, products.
Do
Do
Do
Hard steel
Tin plate
Market.
Unit.
.do.,
.do..
.do..
. 100 kilos.,
'
do...,
lkilo
j
do
!
do
j
do
! 100 cheeses.
I 100 kilos....
j 100 kilos
Lille
Paris
.do..
La Place de Paris.
....do..
.do..
do..
....do..
Paris...
22,000
5,300
43,000
44,700
4.000
9; ooo
679
300
135
7,900
do
9,300
|:Bulletin des Halles, Bourses et
j Marches.
i L'Industrie Textile.
i
do..
Bulletin des Halles, Bourses et
Marches.
.do..
295,000
625
L'Index des Industries aux Cuirs
.do..
La Metallurgie.
45,800
],500
73,800
.do
.do.,
.do.,
.do.,
.do..
do
La Technique Moderne.
....do
....do
Paris
....do
Le Papier
La Technique Moderne..
.dodo.
Chambre Syndicale des Couleurs et Vernis.
Marseille
do
do
240
1,030
647
:
' La Technique Modernc
!
do
Syndicat dos Negotiants
des
verres a vitres.
Paris
..do..
.do..
12,700
51,800
10,400
5, 400
1,171,000
181,000
917,000
1,920
8,400
463
1,090
390
475
.do..
1,930
7,000
750
11,600
8,580
1,500
3,000
250
.do.,
.do..
.do..
.do.,
.do..
.do.,
.do..
.do..
200
4,000
i
Paris
La Reforme Economique
!
Lyon
Bulletin de la Statistique Gene"rale..j
Hallos Centrales, Bulletin des Ilalles, Bourses et :'
Paris,
Marches.
.do.
.do.
.do.,
.do.,
.do.,
.do..
.do..
.do..
Marseille
La Reforme Economique
Ilalles Centrales, Bulletin des Hallos, Bourses et
Paris.
Marches
Bcziers
do
Marseille
do
Epinal
L'Industrie Textile
Lyon
Private firm
.....do
do
64,910
9,700
619,000
96,000
486,000
154,000
800
265
68,000
44,000
3,600
2,400,000
48,000
925
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
B. GOODS IMPORTED.
Weight
Commodity.
Grade.
Market.
Source.
(000's
omitted).
I. Raw materials.
Wheat
Corn..
Plata,soft
Plata, red
j L' Economistc Francais
' Bulletin dos Halles, Bourses et
; Marches.
Louisiana
.50 kilos
Havre
i L'Economiste Frangais
Buenos Aires, grease
1 kilo
do
do
Japanese filature H, 13-15
do
Lyon
I
do.
.do
; do
Canton, best, 7-11/9-11,16-18
j
do
!
Peanuts, Coromandel
100 kilos
Marseille
'Bulletin des Halles, Bourses ct
i .Marches.
Rio de Janeiro, salt
50 kilos
Havre
j L'Index des Industries aux Cuirs.. .
English
"
" * Cornwall
"•
"
lOOkilos
La Place de Paris. L'Economiste Francais
....do
do
do.
Ingots, suitable for brass
....do
do
! do.
Ordinary grades
....do
do
do.
G ood grades
German, run of mine, bituminous, Metric ton... By rail at frontier.! L' Usine, La Mctallurgie..
20-25.
i
do
do
German Ruhr, coking coal, 8-25
•
do
Ruhr foundry
!
do
do
; La Metallurgie
Cotton, raw
Wool, raw
Silk, raw
Do
Oilseeds
Cattle hides.
Tin
Copper
Lead
Zinc
Coal
Do.
Coke...
Marseille
Bordeaux
20,800
6,150
8,330
3,300
3,700
3,200
100
970
803
380
30,000
3,078
II. Producers'goods,
Linseed oil
H. P .
Hemp.,
Chambrc Syndi- : La Technique Modcrne
cale des Coulews ct Vends. ,
.do.
Marseille
B ullctin des Ilalles, B ourses ct
; Marches,
do
do
do.
lkilo
Paris
La Technique Moderno.
Case of 82
do
j La .Metallurgie
kilos.
Foot
'
do
! L'Index des Industries anx Cuirs h
.do.
.do.
.do.
1 hectoliter..
do
' B ulletin des Halles, B ourses et
.! Marches.
lOOkilos
do
La Technique Modemc
lOOkilos....
Naples, extra...
Jute..
Rubber
Tin plate
British Indian.
' Para, fine...
! 0.25 m/in, 510 by 710 m
Leather
Do
Gasoline
| B ox calf, black, plain, grade B
| Kid, black, first choice
Refined
Nitrate of soda.,
1,200
261
1,330
16,900
418
40,000
2,600
3,240
///. Consumers'
goods.
Coffee
Cacao
Cheese
Kerosene
Lard
Rice
Wine
Olive oil
i Santos, good average.
! Caraquo, natural
Gruyere, Swiss
50 kilos..,
do.
lOOkilos....
Havre
do
Ilalles Centralcs,
Paris.
1 hectoliter. Paris
Refined, available
lOOkilos....
! American, in tierces
.do
do
. Lyon
„
....
Indo-China
Spanish, red and white, 12 per c e n t . . . 1 hectoliter..' Bordeaux
!
' Tunis, Spanish
100 kilos
Marseille.
13/v«,l««
L'Economiste Frangais
do
j Bulletin des Halles, Bourses et
; Marches.
' do.
1 La Roformc Economique
i Bulletin de la Statisticue Generate..
Bulletin des Halles, Bourses ct
Marches.
..do
!
*>"S..T1_J'
-3
1 i
._ n
_
ii
_
_i
3,600
683
210
1,300
61
1,660
5,600
230
C. GOODS EXPORTED OR REEXPORTED.
I
Commodity.
Unit.
Grade.
I
Market.
'
Source.
Weight
(000's
omitted).
I. Raw materials.
Cotton, raw
Wool, r a w
Silk, raw
Louisiana, ordinary.
j ure&su,
Grease, x>ueuus
Buenos Aires
50 kilos
Havre
i L'Economisto Francais.
uo
uu
do
do
, Lyon
| B ulletin des Halles, Bourses et
|
! Marches.
'
do
' L'Economiste Francais.
i
do
do
;
I Halle aux Cuirs, !| Marcel Delamaire
| Paris.
do
I
do
do
!
do
i
do
do
i 1 metric ton. i At mine
La Metallurgie
!
do
| Mourthe-ot-Moselle
do
Do
Do
Hides and skins
! Cevennes, average extra and first or- :I 1 kilo
j der, 11-13,12-16.
! Canton, best, 7-11,9-11,16-18
> do
Japan, filature, H , 11-13
do
Cattle hides, 110-119 d.k
' 50 kilos
Do
Do
Iron ore
Pig iron
i Cowhides, 59 d. k. and under
! Calfskins, 16-24, d. k
I Briey
j P. R., No. 3, ordinary
II. Producers1 goods. |
Vegetable oils
Do
Glycerine...
Rubber
Linen yarn
J
j Colza oil, refined
jj Peanut oil, industrial
Brown, 28°
Para
No. 35 woof, wet
Iron and soft steel ! Beams, ordinary, I and P. N
products.
i
Do
i Plates, 3 m/m
Do
Shapes, first quality
Do
Rails
:
. . . . . •j lOOkilos
iuu-K.IJ.US
| 100 kilos
I
do
j
•
I Marseille
;
do
do
'I
do
1 kilo
\ Havre
1 package, : Lille
I weighing :'
i 16 kilos.
' lOOkilos
Paris
I
:
:
do
do
•
do
'
do
!
do
;
do
1,520
430
2,500
1,607
18,600
1,400
j
; La Technique Modern©
| Bulletin des Halles, Bourses et
Mh
I Marches.
' L a Technique Moderne
!
do
Bulletin des Halles, Bourses et
; Marches.
!
I La Metallurgie
,
|
'
do
do
,
do
818
11,000
300
7,000
926
FEDERAL RESERVE BULLETIN.
AUGUST,
1922.
C. Goods exported or reexported—Continued.
Commodity.
Grade.
Unit.
Market.
Weight
(OOO's
omitted).
Source.
II. Producers' goodsContinued.
Hard stoel
Semifinished copper products.
Cotton yarn
Do
I I I . Consumers'
goods.
! Special, for tools
Copper wire, red, 9-10 and over
i
[
'> American cotton warp, 28-bobbin
I lkilo
; American cotton warp, divided, No. !
do
! 20.
I
\
\
I
Cotton cloth
Do
Broad silk
Do
Cheese
: Calicot, f, 20-20
, Renl'orce, $, 20x20, 20-26
; Plain taffeta, all silk, 100 cm. wide
• Mousseline, pure silk, 100 cm. wide
\ Camembert, Normandy
Butter
Wine
W
i
Sugar
Coffee
Cacao
,
| Normandy
!R
Red
d andd white h
Refined
' Santos, good average
I Caraque, natural
: Brown, extra
!
100 kilos
do
i
t
!
j Meter
j
do
i
do
!
do
i 100 kilos...
! Paris
|
do.
i
Epinal.
! Rouen.
!
\
Epinal
do
Lyon
-do.
Halles Centrales,
Paris,
.do.
j 1 kilo
1
Beziors
H Hectoliter..
t
100 kilos.... I Lyon
50 kilos
Le Havre
'
do
do
! 100 kilos.... , Marseille
2,423
269
La Mctallurgie.
do
....
L'Industrie Textile.
do
do
do
Private firm
do
Bulletin des
Marches.
do
do
La Statistique
L'Economiste
do
Bulletin des
Marches.
12,000
875,000
24,000
Hallos,
Bourses et
234
Hallos, Bourses et
17,770
3,030
1,630
1,200
443
520
:
Gcneralo
Franc, ais
I
REPRESENTATION OF INDUSTRIES IN THE PRICE
INDEX.
that of 34,000,000,000 francs spent in France
in that year 18,900,000,000 francs, or 55.9 percent, were spent for food.
The index thus constructed gives the following representation to the various branches of THE EFFECT OF GOVERNMENT CONTROL ON
French business life:
FRENCH PRICES.
RELATIVE VALUE OF COMMODITY GROUPS REPRESENTED
IN THE FRENCH INDEX NUMBER OF WHOLESALE
PRICES.
I n 191.3.
I n Mav,
1920.
Grains
Live stock and meats
Other foods
23.3
14.0
15.2
15. b
11.3
12.3
Total foods
Textiles .
Iron and steol products
Coal and coke.
52.5
13.8
13.3
G. 4
2.9
2.8
2.5
1.4
4.4
42.1
25. 7
10.3
9.4
2.3
2,4
3.3
1.0
3.r>
100.0
.100.0
O t h e r "mo,1f>.lf? nnrj TniTifirqis
Hides and leather
Building materials
Chemicals
Miscellaneous
Grand total
. . ..
The change in the relationship of the value
of foods to the total value of the commodities
included in the index from 1913 to May, 1920,
is accounted for by the regulation of grain
prices by the Government, which persisted up
to August, 1921. The relative importance of
agricultural and food products in the 1913
index seems to be in accordance with the
organization of French life at that time.
M. Rene Pupin in his study, "La Richesse de
la France devant la guerre/' estimates that in
1911 the products of French agriculture were
worth 12,500,000,000 francs and the products
of French industry 11,500,000,000 francs, and
Throughout the first 18 months of the period
covered by this index number prices in France
were very largely affected by the price control
exercised by the French Government. They
are still affected by that control to some extent
because of the Government regulation of the
price of alcohol, and its control and sale of the
German coal, coke, and sulphate of ammonia
delivered on reparations account. The commodities included in the Federal Reserve
Board's price index for France which were still
being regulated by the Government in 1920
are kerosene, gasoline, coal and coke, alcohol,
sulphate of ammonia, wheat, wheat flour, vje,
and sugar. Government control of sugar
prices ceased in August, 1920, and of prices for
wheat, wheat flour, and rye in August, 1921.
Control of gasoline and kerosene was relaxed
in July, 1921, and an announcement of January
11, 1922, stated that the State's supply of
kerosene had been entirely disposed of and that
importers were no longer required to purchase
from the State a quantity equal to their
imports.
The effect of Government control of the
prices of these important commodities during
1920 was to keep the general level of French
prices somewhat lower than it would otherwise have been. It also changed the movement of the general level of prices in 1920.
Most commodities not controlled by the Gov-
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
eminent reached their highest prices in France
in April or May, 1920, while the Governmentcontrolled prices were at their peak in the
autumn of that year, and the upward movement of French price indexes in August, 1920,
is to be explained by a radical increase in
Government prices of wheat, wheat flour, and
rye in that month.
COMPARISON WITH THE STATISTIQUE GEXKRALE
INDEX NUMBER.
The only other wholesale price index published for France at the present time is that
compiled by the Bureau de la Statistique
Generale, the French Government's statistical
office. Although the general trend of the
Federal Reserve Board's new index follows
that of the index of the Statistique Generale
in several important respects,1 the level of the
Board's index is distinctly lower than that of
the other number and the trend is different in
the spring and summer of 1920 and in the
autumn of 1921. The difference in the level
of the two indexes is to be explained by
the fact that, while the Statistique Genorale
index consists exclusively of food and raw
materials prices, the Board's index represents
wholesale prices of semifinished and finished
products as well. The difference in the
trend of the two indexes is caused largely
by the difference in the representation of
nonferrous metals and of iron and steel
in the two indexes. The Statistique Generale
is an unweighted arithmetic index of 45
price quotations, of which two represent
iron products and four represent nonferrous
metals. In 1920 nonferrous metal prices fell
very rapidly, while iron and steel prices did
not begin to decline until the end of the summer. The fact that nonferrous metals are
relatively so important in the Statistique
Generale index caused it to break sharply in
April, 1920, while in the case of the Federal
Reserve Board index the decline began a
month later and was more gradual. In this
connection it is interesting to note that the
Statist index in England, which is constructed
in much the same way as the Statistique
Generale index, gave April as the peak for
prices in that country, while the indexes of
the Board of Trade and the Federal Reserve
Board for England gave May as the month
when the high point of the general price level
was reached.
1
See the graph on p. 928.
927
THE COURSE OF FRENCH PRICES.
The accompanying graphs trace the course
of French prices, according to the groups into
which the^ Federal Reserve Board index is
divided. The highest point was reached by
the index for imported goods, which registered 655 in May,* 1920, but the "goods exported" index was not far below it, and it
reached 653 in the same month. The fact
that the index for goods produced in France
was at that time 140 points below the indexes
for goods entering into foreign trade is
accounted for, in the first place, by the fact
that prices of some of the most important
commodities in the " goods-produced" index
were still being kept very low hj the French
Government in the spring of 1920, and, in the
second place, by the fact that prices of textiles,
which arc imported into France in large
quantities in their raw state and exported as
semifinished and finished goods, rose to great
heights at this time. .
In France prices of raw materials rose
higher as compared with their 19137 level than
did either consumers' or producers goods, in
spite of the fact that the Government regulated the prices of raw sugar, wheat, rye, coal,
and coke. The shortage of raw materials in
France in 1919 and 1920, which caused the
extreme price rise, is too well known to need7
comment. The index for prices of consumers
goods did not rise so high as that for raw materials, while the index for semifinished goods
at its peak was the lowest of the three groups.
This latter fact is the result, in part at least,
of the Government regulation of coal prices,
which influence the price of semifinished
goods to such a large extent. During the
spring of 1920, before the industrial depression
and the break in raw .materials prices began,
the Government kept domestic coal prices
relatively low, and this helped to keep down7
the prices of some of the important producers
goods, notably those of iron and steel products, at the time when textiles and nonferrous
metal prices were at their height.
The fact that French prices in the late
spring of 1922 were about 200 per cent above
their 1913 level, while prices in the United
States were only about 60 per cent above
that level, should be considered in connection
with the great increase in the note circulation
of the Bank of France. In 1913 the average
note circulation in France amounted to
5,565,000,000 francs; in 1920 it averaged
38,066,000,000 francs; in 1921, 37,404,000,000
928
FEDERAL, RESERVE BULLETIN.
AUGUST,
1922.
INDEX NUMBERS OF WHOLESALE PRICES IN FRANCE
1920 - 1922
( AVERAGE PRICE LEVEL OF 1913 = 100 )
750
750'
FEDERAL RESERVE B0AR£) SROUP INDEX NUMBERS
700
700
•f*t\—
650
A
600
550
/
V
500
650
600
\zl '£%
/
1
450
\\
\
400
350
\
\
\\\\
\
550
500
450
NX
400
350
^
-s.
300
r
300
—.7.r.
250
250
200
200
i ill
150
-ALL COMML->D/r/E s
-GCQ£ S IMPORTEL•>
-GOOl ^S EX/ iQRTE 0
"RAW
-PROL
\$Q
•f?/ALS
SGQOt
S GOOl
-
100-
-100
•
80
750
C 'HMPAP^IQASU W I T H
•wmrniritOUinj YY 1 3 n
700
IMnPlf
iroUEi/v
ATWFE5
Ul ntrt
Miiypr^C
V\UM
OtLf\Us ~" n
700.
650
650
tfj}/
600
550
500
\
zA
/
N
\
N
450
/?>t
UN/TED STATES
t
I
600
FRANCE, IN FRANCS \
h
"
—»~.FRANCE,C0NVERTED TO GOLD BASIS 550
NGLAND CCNVkRTEDT0 GOLD
500
\
U l
r
400
4S0
400
350
350
^
300
^.
^
300
—-^
s
250
V
250
\
j
200
V
150
IST1QLEGENl RALE INDEX
ZBOARD INDt X FOR FRANC?E
-FEDE RAL/f ESERVJ.
\N
\
200
A
150
X
• 100
10080
,80.
J. F. M.A.M.J. J.A.S.O.N.D.J.F.M.A.M.J.J.A.S.O.N.D.J.F. M.A.M.J.
1920
1921
J. F. M.A.M.J. J.A.S.O.N.D. J. F. M.A.M.J. J.A.S.O.N. D. J. F. M.A.M.J
1922
1920
1921
1922
francs; and at the end of June, 1922, although
it had fallen to 36,039,356,000 francs, it remained at about 650 per cent of its 1913 level.
The course of French prices during the period
covered by the Federal Reserve Board's inclex
has been affected also by Government price
regulation, by a shortage of commodities, and
later by business depression and falling off in
demand.
The following table gives the all-commodities' index and the various group indexes for
1920, 1921, and through May, 1922.
INDEX
NUMBERS
OF W H O L E S A L E
P R I C E S IN
FRANCE.
[Constructed by the Federal Reserve Board for the purpose of intcrna
tional comparison. Average prices in 1913=100.]
Month.
929
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
Pro- ConAll
Goods G oods Goods Raw ducsum- comproimox- mate- ers'
ers'
modiduced. ported. ported. rials. goods. goods. ties.
1920.
January
February .
March
. .
'Vpril
May.
j une
July
August .
September
October
November
December...
1921.
January' .
February
March
April
May.
June
July
August .
September
October . .
November
December
1922.
Jan i lary...
February
March
\ pril
May. . .
401
419
458
498
ol2
484
477
494
493481
454
422
495
542
579
65 L
655
574
524
532
517
489
400
408
489
535
563
633
653
539
496
500
501.
463
400
373
455
483
5L0
549
559
518
503
523
520
508
496
452
373
408
437
482
498
482
459
453
441.
417
396
350
398
409
468
522
535
488
48.1
503
506
496
447
430
417
441
479
525
537
500
485
500
497
483
456
420
387
•366
348
334
330
317
317
304
298
291
290
284
383
349
330
326
285
279
282
290
314
314
304
303
352
330
305
280
209
256
261
261
276
291
294
283
406
382
358
354
335
332
328
322
328
319
315
313
304
276
269
259
240
226
232
229
240
238
233
230
422
404
384
361
368
347
348
330
309
304
305
294
387
364
345
333
323
311
312
302
301
295
292
287
284
282
288
302
305
295
286
282
282
288
277
275
272
274
279
30S
300
305
318
322
229
227
229
228
226
299
300
306
327
333
286
283
287
299
302
The final chart on page 928 shows the Federal
Reserve Board index for the United States, for
England, and for France, the last two adjusted
in accordance with their respective foreign
exchange rates on New York. The spread
between the lines showing the three indexes
indicates the difference between gold prices in
the three countries and shows that French
gold prices were relatively low during 1920 and
1921. At the present time gold prices in
France appear to be coming closer to the level
of prices in the United States. The following
table gives the figures upon which this graph
is based.
4210—22
3
FEDERAL R E S E R V E BOARD I N D E X OF AMERICAN PRICES
AND THE BRITISH AND F R E N C H I N D E X B S REDUCED TO
A GOLD BASIS.
[1913 average priccs=100.]
Month.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
Federal
Reserve
Board
index of
British
prices
converted
to gold.
248
248
253
267
269
262
254
210
232
214
196
179
237
227
207
276
274
278
265
245
231
214
198
186
201
171
188
189
221
217
215
197
181
169
142
129
168
' 157
152
146
145
142
188
180
172
145 •
142 j
164
153.
146
146 j
148 I
149 i
114 '
147
129
135
126
125
140
]30
126
121.
113
111
109
117
142
146
147
149
15S
148
150
151
.151
156
121
128
134
143
143
Federal
Reserve
Board
index of
French
prices
converted
to gold.
1920.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
January..
February..
March
April
May
Federal
Reserve
Board
index of
American
prices.
166 I
145 I
146 I
1-16 I
145 !
1922.
:
!
I
!
TREASURY REFUNDING OPERATIONS.
In announcing on July 26 the call for redemption before maturity of about half the
Victory notes outstanding, and the offering
of a new issue of $300,000,000 or thereabouts
of short-term Treasury notes, the Secretary
of the Treasury addressed the following letter
to banks and trust companies:
DEAR SIR: The Treasury is announcing to-day a call
for the redemption on December 15, 1922., of about half
of the 4f per cent Victory notes which remain outstanding, and at the same time is offering on the usual terms a
new issue of $300,000,000, or thereabouts, of short-term
Treasury notes bearing interest at 4-} per cent, with provision for additional allotments up to a limited amount in
exchange for 4-| per cent Victory notes.
These two operations mark an important further step
in the development of the Treasury's refunding program,
and I am sending this letter to the president of every banking institution in the country in order to draw attention
to the significance of the announcements and ask the
cooperation of the banks in affording to their customers
ample facilities for investing in the new notes. The call
for the partial redemption of 4J per cent Victory notes
affects about $1,000,000,000 face amount r > iotes, and
930
FEDERAL RESERVE BULLETIN.
makes the notes thus called for redemption payable on
December 15, 1922, leaving the balance of the Victory
liberty loan to mature on May 20, 1923, according to its
terms. The notes called for redemption bear the distinguishing letters A, B, C, D, E, or F prefixed to their
serial numbers, and can thus be readily distinguished
from the notes not affected by the call. Copies of the
official circulars will come to you from the Federal reserve
bank of your district and additional copies may be obtained
upon application.
The notes now offered for subscription are designated
Treasury notes of Series 13-1926, are dated August 1, 1922,
will mature. September 15, 1926, and will not be subject
to call for redemption before maturity. The amount of
the offering is $300,000,000, or thereabouts, but the Secretary of the Treasury reserves the right to allot additional
notes up to a limited amount to the extent that 4f per
cent Victory notes are tendered in payment. Subscriptions may be closed at any time without notice, and the
right is reserved to reject any subscription and to allot
less than the amount applied for. Holders of outstanding 4$ per cent Victory notes, whether or not called for
redemption, thus have an opportunity now, within the
limitations of the offering, to exchange their notes for
new securities of the Government bearing interest at
4J per cent and running for a period of over three years
after Victory notes would mature or be redeemed. Applications for the Treasury notes now offered will be received
in regular course through the several Federal reserve
banks, as fiscal agents of the United States, from which
further particulars concerning the offering may be obtained. This is the fourth exchange offering which the
Treasury has made in order to facilitate the refunding of
the Victory Liberty loan, and on this offering, as on
previous offerings, 1 hope that banks and trust companies
throughout the country will extend to their customers
every possible assistance in effecting exchanges.
The Treasury's program for dealing with the short-dated
debt of the Government has now progressed to such a
point that I believe it is worth while to recite what has
already been accomplished and call attention to what
remains to be done within the current fiscal year. On
April 30,1921, when the situation was first outlined in my
letter of that date to the chairman of the Committee on
Ways and Means, the gross public debt on the basis of
daily Treasury statements amounted to about $23,995,000,000, of which over $7,500,000,000 was short-dated
debt maturing within about two years, made up of over
$4,050,000,000 in Victory notes, over §2,800,000,000 in
Treasury certificates of indebtedness, and about $650,000,000 in war savings certificates. By June 30, 1922, the
gross public debt had been reduced to about $22,963,000,000, a reduction of about $1,032,000,000 during the
period of 14 months. This reduction has taken place, for
the most part, in the short-dated debt, and has been
AUGUST, 1922.
accomplished through the operation of the sinking fund
and other public-debt expenditures chargeable against
ordinary receipts, the application of surplus revenues to
the retirement of debt, and the reduction of the balance
in the general fund. At the same time the Treasury has
been engaged, through its refunding operations, in distributing substantial amounts of the remaining shortdated debt into more convenient maturities, and in this
manner has refunded about $2,250,000,000 of early maturing debt into Treasury notes of various series maturing in
1924, 19-25, and 1926. As a result of these operations the
amount of outstanding Victory notes has been reduced
from over $4,050,000,000 on April 30, 1921, to about
SI,990,000,000 on June 30, 1922, and the amount of outstanding Treasury certificates from over $2,800,000,000 to
about $1,825,000,000. In addition there are about $625,000,000 of war savings certificates of the series of 19.18
which become payable on January 1, 1923, so that on
June 30, 1922, there still remained outstanding about
$4,440,000,000 of short-dated debt, all of which matures
in the current fiscal year.
The refunding of this debt, most of which will have to
be accomplished within the next 10 months, presents a
problem of first importance. The $300,000,000, or thereabouts, of Treasury notes offered for subscription on the
usual terms will provide for the Treasury certificates
maturing August 1 and for the Treasury's remaining cash
requirements between now and September 15, 1922, while
the offering to allot additional notes in exchange for 4 |
per cent Victory notes should accomplish the refunding
of some more of the Victory Liberty loan and correspondingly reduce the amount of Victory notes to be provided
for upon redemption or maturity. At the same time the
call for the redemption of about half of the outstanding
Victory notes before maturity will make that much of the
Victory loan payable on December 15 of this year, and
enable* the Treasury to deal with it before maturity by
appropriate refunding loans. This will mean that by
January 1, 1923, the outstanding Victory notes will have
been reduced to about $1,000,000,000, or, in other words,
a manageable maturity which can be dealt with as opportunity offers without spectacular refunding operations
that would upset the security of markets and disturb the
course of business and industry.
The current offering of notes is thus an essential part of
the refunding program on which the Treasury is engaged,
and the banking institutions of the country by extending
their facilities for the exchange of outstanding 4f per cent
Victory notes for the new notes will be performing an
important service for the country as well as for their
customers..
Cordially yours,
A. W. MELLON, Secretary.
To the president of the bank or trust company addressed.
AUGUST, 1922.
FEDERAL, RESERVE BULLETIN.
931
RULINGS OF THE FEDERAL RESERVE BOARD.
Eligibility of paper of cooperative marketing associations.
Several questions were recently submitted to
the Federal Reserve Board with reference to
the eligibility of paper created by a tobacco
growers' cooperative marketing association for
rediscount at Federal reserve banks.
The association in question, like that described in the ruling published on page 1199
of the FEDERAL RESERVE BULLETIN for October, 1921, is a nonstock and nonprofit corporation, and its members consist exclusively of
growers of tobacco who have agreed to sell
and deliver to the association all the tobacco
grown by or for them, or acquired by them as
landlords or lessors. The agreements between
the growers and the association provide for the
distribution of the proceeds of each pool prorata among the growers who have contributed
to that pool. The association is given power
to sell the tobacco in such form and upon such
terms as may be deemed most advantageous
to the growers, it being contemplated that a
part of the tobacco will be sold without being
redried and that such of the tobacco as can not
be sold at a reasonable price in that form will
be redried and stored by the association and
sold as there is a demand for redried tobacco.
The association is also specifically given the
right to "borrow money in its name on the
tobacco, through drafts, acceptances, notes, or
otherwise, or on any warehouse receipts or bills
of lading or upon any accounts for the sale of
tobacco or on any commercial paper delivered
therefor"; and it is agreed that the association
"shall prorate the money so received among
the growers equitably, as it may determine,
for each district and period of delivery."
(1) The first question is as to the eligibility
for rediscount at Federal reserve banks of
notes made by the association and discounted
at banks for the purpose of obtaining funds
with which to make payments to the growers
for tobacco delivered by them. This question
depends upon whether the payments are to be
regarded as payments on account of the purchase price of goods bought by the association,
in which case the proceeds of the association's
notes may be said to be used for a commercial
purpose, which would make the notes eligible,
or are to be regarded as advances or loans, in
which case the proceeds must be said to be
used for a finance purpose, which would make
the notes ineligible.
The agreement between the association and
the growers puts the transaction in the form
I of a sale and transfers title in the tobacco to
the association and gives the association full
control over the tobacco and over the resale
thereof, so that unless the form of the transaction is to be disregarded the proceeds of the
association's notes may be said to be used for
the commercial purpose of buying the tobacco
from the growers and the association's notes
may be considered eligible for rediscount when
they have maturities not in excess of 90 days
and when they otherwise comply with the provisions of the law and the board's regulations.
It is true that the sales of tobacco by the growers to the association have the unusual feature
that the purchase price is not fixed at the time
of delivery, but is dependent upon the price
at which the tobacco is resold by the association, so that the risks incident to resale by the
association are borne by the growers; and for
this reason the board has held that for some
purposes the transactions between growers and
such associations should be regarded in substance as consignments rather than sales. Considering, however, that a cooperative marketing
association is a nonprofit corporation and in
the last analysis the participating members
rather than the association itself must assume
the ultimate risk of loss and must benefit directly
from any gain resulting from the operation of
the association, these transactions between the
association and its members conform to the
usual type of sale as closely as they can consistently with the nature and purposes of an
association of this character. In other words,
there is no material difference between these
transactions and ordinary sales except that
the sellers, the growers, have the ultimate hope
of gain and risk of loss resulting from resale by
the purchaser, the association, and this difference exists by reason of the relation that necessarily exists between the association and its
members; so that to conclude that the transactions are not sales when considered from the
point of view of the association would be in
effect to say that it is impossible for the
association and its members to engage in
purchase and sale transactions between
themselves.
The board is of the opinion, therefore, that
the notes of the association, the proceeds of
which have been or are to be used to make
payments to the growers for tobacco delivered
to the association, may be considered eligible
for discount by Federal reserve banks with
maturities not in excess of 90 days, provided,
of course, that the notes comply in other re-
932
FEDERAL RESERVE BULLETIN.
spects with relevant provisions of law and the
regulations of the Federal Reserve Board.
(2) The second question relates to the eligibility of drafts drawn upon the association by
the growers, accepted by the association, and
discounted by the growers at their banks. As
was held in the ruling published in the October,
1921, BULLETIN, such drafts are eligible for
rediscount as agricultural paper if the proceeds
are used by the growers for an ag icultural
purpose. The point is made, however, that
practically the only use which the growers are
likely to make of the proceeds of such drafts
when discounted is to pay debts previously
incurred by them in growing and harvesting
the crop, and that, unless this can be held to
be using such funds for an agricultural purpose, little or no agricultural paper can be
created in this way.
In defining the character of notes, drafts,
and bills of exchange eligible for rediscount,
in Section II of its Regulation A, the board
has determined that " (a) It must be a note,
draft, or bill of exchange which has been issued
or drawn, or the proceeds of which have been
used or are to be used in the first instance, in
producing, purchasing, carrying, or marketing
goods in one or more of the steps of the process
of production, manufacture, or distribution,
or for the purpose of carrying or trading in
bonds or notes of the United States." The
board has held heretofore that for all practical
purposes any note which is secured by Government bonds usually may be considered to be
drawn either for the purpose of carrying or
trading in those bonds within the meaning of
the Federal reserve act, and it should not be
incumbent upon a Federal reserve bank to look
further than that fact in order to determine
the technical eligibility of such a note. That
holding was based on the theory that if the
owner of bonds has obligations which he can not
meet without cither selling his bonds or borrowing money on them, the borrowing of money
on such bonds with wh ch to meet his obligations enables him to "carry" the bonds. Similarly, money borrowed by a grower to enable
him to meet his obligations without selling his
crop immediately enables him to "carry" the
crop. When a grower delivers his crop to a
cooperative marketing association which is
actually engaged in orderly marketing, therefore, and when the grower is obliged to borrow
money for ordinary general purposes, such as
the payment of obligations previously incurred
in growing or harvesting the same crop, a draft
drawn by the grower on the association for a
part of the market value of the crop may
properly be considered to be drawn for an
agricultural purpose.
AUGUST, 1922.
It is well recognized that agricultural products should not be dumped upon the market
as soon as grown, but on the contrary should be
marketed gradually as and when there is a
normal demand. Consequently, the carrying
of tobacco and other agricultural products
for such periods as are reasonably necessary
in order to accomplish the orderly marketing
thereof is a legitimate and necessary step incident to normal distribution, and the board
has held heretofore that a farmer's note which
is drawn, or the proceeds of which are used, to
finance the carrying of the farmer's products
for such reasonable period is a note which has
been issued or drawn for an agricultural purpose within the meaning of section 13 of the
Federal reserve act and which may, therefore,
be eligible for discount by Federal reserve
banks. It is hard to imagine how a grower
could use the proceeds of a loan to finance the
carrying of a crop except by using them to
meet obligations or make necessary expenditures which would necessitate the immediate
sale of his crop if he did not obtain a loan.
It must be recognized, however, that there
is a distinction between carrying agricultural
products for such periods as are reasonably
necessary to effect orderly marketing and mere
speculative withholding from the market, at a
time when there is a normal demand, in the
hope ultimately of obtaining a higher price.
Such withholding is not an agricultural purpose within the meaning of section 13, and if a
marketing association should engage in such
a speculative holding of a crop instead of
marketing it in an orderly manner, draftsx
drawn to finance the growers of such a crop
during the holding of it for speculation should
not be considered to be drawn for an agricultural purpose. The exact dividing line between
legitimate carrying and speculative withholding
is, of course, very difficult to determine. The
question of whether a doubtful case falls on
one side or the other of this line is a question
of fact which it is not for the Federal Reserve
Board to determine but which should be determined rather by the local bank whose customer desires the loan and by the Federal reserve
bank if the paper representing the loan is offered
for rediscount.
(3) The third question relates to the eligibility of paper created by the association and
secured by warehouse receipts for tobacco
stored in warehouses which, although they may
be owned by the association or by corporations
organized and controlled by the association,
yet have independent management and organization. Inasmuch as the eligibility of paper
other than bankers' acceptances is not dependent upon the existence of character of
AUGUST, 1922.
FEDERAL RESERVH BULLETIX.
collateral security, the question whether such
paper of the association is technically eligible
for rediscount is not dependent upon whether
the warehouse issuing the receipt offered as
collateral security is independent of the borrower. The character of a warehouse receipt
or other security offered as collateral for paper
other than bankers' acceptances is material
only as bearing upon the acceptability of the
paper as distinguished from its eligibility, and
the question of the acceptability is for the
determination of the Federal reserve banks
rather than the Federal Reserve Board.
The subject of the eligibility of bankers'
acceptances drawn by cooperative marketing
associations against warehouse receipts covering
agricultural commodities was discussed in a
ruling published on page 963 of the FEDERAL
RESERVE BULLETIN for August, 1921, and acceptances drawn by the association now under
consideration against warehouse receipts issued
933
by warehouse corporations organized by it
would come within the principles set forth in
that ruling. Inasmuch as this association
takes title to the tobacco and is given full control thereof and is, moreover, specifically given
the right to borrow money in its own name on
warehouse receipts issued against the tobacco,
it is clear that it can store the tobacco and
obtain negotiable warehouse receipts conveying security title. The board has indicated
already the general principles to be applied by
Federal reserve banks in determining under
what circumstances warehouses arc to be considered independent of the borrowers in passing
upon bankers' acceptances, and the application of those principles to specific cases involves
questions of fact which are primarily for the
determination of the Federal reserve banks.
(See rulings on pages 31, 634, and 862, respectively, of the 1918 BULLETIN.)
LAW DEPARTMENT.
The act approved July 1, 1922, broadens the rediscount
privilege of member State banks and puts them upon
a basis of equality with national banks in this respect.
The act approved July 1, 1922, the text of
which was published in the Law Department
of the FEDERAL RESERVE BULLETIN for July,
1922, amended section 9 of the Federal reserve
act by striking out the following proviso in
the tenth paragraph:
That no Federal reserve bank shall be permitted to
discount for any State bank or trust company notes,
drafts, or bills of exchange of any one borrower who is
liable for borrowed money to such State bank or trust
company in an amount greater than 10 per centum of the
capital and surplus of such State bank or trust company,
but the discount of bills of exchange drawn against actually
existing value and the discount of commercial or business
paper actually owned by the person negotiating the same
shall not be considered as borrowed money within the
meaning of this section.
and substituting in lieu thereof the following:
That no Federal reserve bank shall be permitted to
discount for any State bank or trust company notes,
drafts, or bills of exchange of any one borrower who is
liable for borrowed money to such State bank or trust
company in an amount greater than that which could be
borrowed lawfully from such State bank or trust company
were it a national banking association.
The provisions of section 5200 of the Revised
Statutes determine the amount which a single
customer may legally borrow from a national
bank, and the effect of the amendment to section 9 of the Federal reserve act is, therefore, to
permit a Federal reserve bank to rediscount
for a member State bank the eligible paper of
a customer of that State bank whenever the
total loans of the State bank to that customer
are not in excess of the limits prescribed by
section 5200 of the Revised Statutes. This
section excludes from consideration as money
borrowed, as did the old provision of section
9 of the Federal reserve act, the discount of
bills of exchange drawn in good faith against
actually existing values, and the discount of
commercial or business paper actually owned
by the person negotiating the same, and
provides also that certain other kinds of paper,
which were not referred to in section 9, may be
discounted in excess of the normal limit of 10
per cent of the bank's capital and surplus. The
effect of the amendment is, therefore, to
broaden the rediscount privilege of member
State banks and to place these banks on an
equality with national banks in this respect.
The amendment does not, of course, affect any
part of section 9 except the proviso which is
specifically referred to, and under the terms of
the sentence that immediately followed this
proviso it is still necessary that "The Federal
reserve bank, as a condition of the discount
of notes, drafts, and bills of exchange for such
State bank or trust company, shall require a
certificate or guaranty to the effect that the
borrower is not liable to such bank in excess
of the amount provided by this section, and
will not be permitted to become liable in excess
of this amount while such notes, drafts, or
bills of exchange are under discount with the
Federal reserve bank."
ANALYSIS OF SECTION 5200 R. S.
In view of this amendment, and for the information of member State banks particularly,
the Federal Reserve Board deems it appropriate at this time to republish the analysis of
the provisions of section 5200 of the Revised
934
FEDERAL RESERVE BULLETIN.
Statutes which was previously published on
page 1055 of the FEDERAL RESERVE BULLETIN
for November, 1919.
The analysis states the amount which may
be loaned to any person, company, firm, or
corporation (including in the liability of a
company or firm the liability of the several
members thereof) under the various clauses
of section 5200, as last amended by the act
approved October 22, 1919. These amounts
are stated in terms of the percentage of the
paid-in and unimpaired capital and surplus
of the lending bank.
Character of loans.
Amount loanable.
(A) Accommodation or straight loans, j Xfaximum limit, 10 per cent of
whether or not single name.
j bank's paid-up and unimpaired capital and surplus.
(B) "Bills of exchange drawn in good j No limit imposed by law.
faith, against actually existing values."
The law expressly provides that this
phrase shall also include:
(a) Drafts and bills of exchange
secured by shipping documents
conveying or securing title to
goods shipped.
(/J) Remand obligations, when
secured by documents covering commodities in actual
process of shipment,
(c) Bankers' acceptances of the
kinds described in section 13 of
of the Federal Reserve Act.
(0) Commercial or business paper ((of ; No limit imposed by law.
other makers)) actuallyy owned by the
person, company, corporati
tion, or firm
negotiating the same.
(D) Xotes secured by shipping docu- :| 1") per cent of bank's capital
and surplus, in addition to
ments. warehouse receipts, or other
such documents conveying or securing . the amount allowed under
title covering readily marketable non- • (A); or if the full amount
perishable staples, including live stock.! allowed under (A) is not
No ban!; may make any loan under j loaned then the amount
(D), however.
j which may be loaned in the
manner described under
(D) is increased by the
(a) Unless the actual market value
loanable amount not used
of the property securing the obligaunder
(A). In other words,
tion is not at any timeless than 11.5
per cent of the face amount of the ! the amount loaned under
(A) must never be more
note, and
(b) Unless the property is fully cov- I than 10 per cent, but the
ered by insurance, arid in no event j aggregate of (A) and (D)
shall the privilege afforded by (D) ; may equal, but not exceed,
be exercised for any one customer j 25 per cent.
for more than 6 months in any con- j
secutivc 12 months.
j
(E) Notes secured by not less than a like
face amount of bonds or notes of the
United States Issued since April 24,1917,
or by certificates of indebtedness of the
United States.
10 per cent of bank's capital
and surplus, in addition to
the amount allowed under
(A); or if the full amount
allowed under (A) is not
loaned, then the amount
which may be loaned in
the manner described under (E) is increased by the
loanable amount not used
under (A). In other words,
the amount loaned under
(A) must never be more
than 10 per cent, but the
aggregate of (A) and (K)
may equal, but not exceed,
20 per cent.
(F) Notes secured by United states No limit, but this privilege,
Government obligations of the kinds ' under regulations of the
described under (K) the face amount of ! Comptroller of the Curwhich is at least ccjual to 105 per cent of ' rencv, expires December
the amount of the customer's notes.
31,1922.
AUGUST, 1922.
SOME EXAMPLES or WHAT MAY B E LOANED TO ANY
ONE CUSTOMER UNDER SECTION 5200 OF THE REVISED
STATUTES, EXPRESSED IN TERMS OF PERCENTAGE OF
THE LENDING BANK'S CAPITAL AND SURPLUS.
Illus- Illus- Illus! tration tration tration
2.
1.
3.
Per cent..Per cent. Percent.
(A) Accommodation or straight loans...
5
10 |
15
(D) Notes secured by warehouse receipts, etc.. I
15
(E) Notes secured by a like face amount of i
15
United States "Government obligations. |
10 :
10
Total.
35 I
35
35
(B) Bills of exchange drawn against actually i No limit imposed by
existing values.
* j law.
(G) Commercial or business paper
j
Do.
(F) Notes secured by at least iO5 per cent of |
Do.
United States Government obligations.,
WHAT A FEDERAL RESERVE BANK MAY REDISCOUNT FOR ITS MEMBER BANKS.
A Federal reserve bank may not, of course,
under any circumstances, rediscount paper
other than that which is eligible under the
terms of the Federal reserve act. So also
the limitations imposed upon the amounts
of rediscounts which Federal reserve banks
may make for member banks, whether State
or National, are determined by the provisions
of the Federal reserve act and are not in any
way affected by the amendment to section
5200.
Under the provisions of section 13 of the
Federal reserve act any Federal reserve bank
may rediscount for any member bank, whether
State or National, eligible paper of any one borrower to the extent of 10 per cent of the member
bank's capital and surplus, but it is expressly
provided that " this restriction shall not apply
to the discount of bills of exchange drawn
against actually existing values."
In the opinion of the Federal Reserve Board
this phrase " bills of exchange drawn against
actually existing values" includes "drafts or
bills of exchange secured by shipping documents conveying or securing title to goods
ed" and "bankers' acceptances of the
kinds described in section 13 of the Federal
reserve act," even though section 13 (unlike
the amendment to section 5200) does not
expressly state that those two classes of paper
are bills of exchange drawn against actually
existing values. In the opinion of the board,
however, accepted demand bills on which the
drawer is released from liability are not " bills
of exchange" within the meaning of section
13, and must, therefore, be included in determining the limits on the amount of paper of
any one borrower which a Federal reserve
bank may rediscount for any member bank.
AUGUST,
FEDERAL RESERVE BULLETIN.
1922.
935
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
THE HAGUE CONFERENCE.
In accordance with plans made at Genoa
the non-Russian commission of economic experts, representing 25 nations, met at The
Hague on June 15 to discuss the program and
procedure to be followed in subsequent sessions with the Russian delegates. The conference was organized on the basis of a general
commission, with three subcommissions on
credits, debts, and private property. In its
preliminary sessions the general commission
decided to formulate no program or order of
procedure until the Russians came.
On June 26 the Russians arrived at The
Hague. They insisted on meeting the commission on credits first, since for them credits
were of prime importance. On the other
hand, from the point of view of the other
powers represented at the conference the recognition of Russian debts was regarded as a prerequisite in any discussion of credits. The
Russians, however, in meeting with the subcommissions on debts and private property refused
to recognize the debts of former Governments or the principle of the restitution
of private property. They would be willing to make certain concessions along these
lines provided that they were granted sufficient credits and were assured of a moratorium
of 20 to 50 years. Even so, they stated, it
would be as a matter of expediency, not of
right.
In order to understand the economic situation
in Russia more fully, the non-Russian commission asked for a statement of the Russian budget
and of other financial affairs of the Government. Thefiguresthat were presented, although
inconsistent with other data previously made
public in Russia and elsewhere, nevertheless
served to emphasize the deplorable condition
of the country. The circulation of paper
money was shown to have increased so enormously that currency stabilization and the rehabilitation of the country are hopeless without
financial assistance from abroad. In spite of
this fact and the repeated warnings from the
non-Russian experts that credits could be obtained only when confidence was restored, the
Russians refused to retreat materially from
their position with respect to debts and property rights.
Finally, on July 13, after trying ineffectually for three weeks to obtain any basis for
an agreement, the other delegates sent word
to the Russians that they would not meet them
again unless the Russians had new proposals to
present. On July 16 the Russians asked to
meet the conference again, and on July 19 they
presented their proposals. They stated then
that if the experts would refer their proposals
to their Governments they would ask the
Russian Government whether, assuming that
credits in the sense intended \vere not forthcoming, the debts due by former Russian
Governments wrould be recognized; and
whether, furthermore, the Russian Government would agree to give effectual compensation to foreigners for nationalized property,
provided that terms were left to be decided
between the Russian Government and the
persons concerned. The non-Russians did
not feel that these proposals were a satisfactory basis on which to continue negotiations,
especially as they would have to wait seven
days to hear from Moscow. At the same time
they stated that if the Russians loyally carried
out their proposals it would contribute to the
establishment of confidence necessary for reconstruction and would create an atmosphere
favorable for further negotiations. The nonRussians then proceeded to bring the conference to a close. On the recommendation of
the subcommissions, resolutions were adopted
to the effect that the delegates from the various
countries would use their influence to prevent
their nationals from accepting concessions from
the Soviet Government involving property in
Russia formerly owned by foreigners.
The Hague conference, therefore, came to an
end without arriving at a basis for negotiations
between the Russian Government and the
other nations. The Russians and the other
groups of delegates, it should be remembered,
came to the conference with views diametrically opposed as to the logical and proper
approach to the problems in hand. The nonRussian delegates took the position that
recognition of debts by Russia must precede
any discussion or negotiation with regard to
credits. They felt that such recognition was
essential to slunv Russia's good faith and to
restore confidence abroad as to Russia's intention to meet her obligations. The Russian
delegates, on the other hand, regarded credits
as the matter of most vital importance; but
they were unwilling to recognize Russia's debts
in advance of receiving credits to an amount
approximating their requirements. They went
to The Hague expecting to bargain for credits in
return for industrial, mining, and other economic concessions in Russia. They based their
hopes upon the rich natural resources of their
country, in which they expected foreign
936
FEDERAL RESERVE BULLETIN.
capitalists would be willing to invest. The
non-Russians refused to conduct negotiations
along these lines, and, since neither side would
modify its position, the conference ended
in a deadlock.
RUSSIA'S INDEBTEDNESS AND FOREIGN TRADE.
One of the results of the conferences at
Genoa and The Hague, and especially of the
commercial treaties concluded by representatives of the soviet regime with a number of
western European nations, has been to lift
many of the barriers which have surrounded
Russia for more than three years. The vast
natural resources of the country and the lack
of domestic funds have always attracted foreign
capital. As a result, foreigners have always
been particularly interested in the political and
business conditions of this country. The
World War and the Russian revolution inflicted severe losses upon the old Russian
Empire. Valuable territory was lost; production in most industries ceased; transportation,
including railroads and navigation, reached an
extremely low degree of efficiency; and, instead of being, as it once was, the granary of a
large part of Europe, exporting largely food
and food products, Russia is at present forced
to import bread for the starving population.
- Russia to-day may be said to be without
production or transportation. With a currency whose purchasing power approaches
zero, and with the unstable business and
political conditions now prevailing, it is not a
country for the business man who looks toward
immediate trade and interchange of commodities, but merely a potential market for the
investor. Russia, above all, is in need of
capital to rebuild her railroads, to stabilize her
currency, and to increase the productive power
of the country.
This is the first of a series of articles which
will survey the most important phases of
economic conditions in Russia. It should be
kept in mind, however, that the country is in
a chaotic condition, and that figures bearing
on Russia's economic life are far from being
wholly reliable.
GExYERAL ECONOMIC SURVEY.
AUGUST, 1022.
was stated to be 182,000,000, whereas the
number of persons at present under control of
the soviet regime docs not exceed 130,000,000,
according to Russian official figures. It is not
necessary to survey the territory under Russian
rule. Nothing in this respect is fixed and
changes are likely to take place from day to
day. In western Europe, countries like Finland, Esthonia, Latvia, and Lithuania have
been entirely carved out of Russia. Poland
received her most important territory from
former Russian lands, while Rumania acquired
the Russian Province of Bessarabia. In the
Caucasus and Ukraine several attempts were
made to establish new border States, but
in most cases without success. In Siberia,
also, important changes took place. Subsequently, however, the number of persons under
soviet control has increased considerably. The
extent of more recent territorial changes can be
seen by comparing the figures of 1919 with
those of later date. In 1919 the total population under soviet control was 8*5,000,000; at
the end of 1920, 100,000,000; while at the
present time, June, 1922, 130,000,000.
The economic policy of the soviet government underwent important changes since 1918,
and three distinct periods can be traced: (1)
The breaking up and destroying of the old system through nationalization and confiscation;
(2) the creation of a ne/vv, highly centralized
apparatus entirely operated and controlled by
the State; (3) the new economic policy tending
toward decentralization of industry and trade,
restitution of private property, and a more
friendly attitude toward foreign concessions.
These three phases of Russian economic development can be seen in the internal as well
as the external policy of the soviet regime.
The internal policy is expressed in the attitude
of the Government toward banking, currency,
production, and transportation, while the attitude toward foreign trade and foreign indebtedness marks its external policies. The foreign trade of Russia, as will be seen later in
this survey, has dwindled to a very small percentage of its pre-war volume and can recover
only after the productive power of the country
has been increased. This, however, can take
place only with the aid of foreign capital, which
will not go into the country until the status of
property held by foreigners and Russia's indebtedness to other countries are fixed. Hence
these two points were the main topics of dis-^
cussion at the Genoa and Hague conferences
and seem to be the crux of the Russian question.
It is very difficult to compare the present
"Russian Socialist Federal Soviet Republic"
with the Imperial Russian Empire as it existed
before the war. Not only has the economic
structure with respect to distribution of wealth
and income been changed entirely, but the
I. RUSSIA'S FOREIGN INDEBTEDNESS.
political borders of the country have also
undergone important engages. Shortly before
As in the case of the indebtedness of most
the war the population of the Russian Empire European countries, Russia's domestic as well
FEDERAL RESERVE BULLETIN.
937
as foreign debts were incurred mainly during
debts
the war. In January, 1914, the total debts of Pre-war
Foreign Avar loans
the Russian Government were:
Guaranteed loans
Rubles.
4, 200, 000,000
7,428,000, 000
870,000,000
422, 000| 000
AUGUST,
1922.
General loans
State railway loans
State guaranteed loans
Total
5, 726, 661, 481
3, 097, 862, 866
3, 803, 216, 579
12, 627, 744, 926
They were largely long-term loans, bearing
interest from 3 to 6 per cent. It is difficult
to state how much of these debts was held
abroad. France claims that about one-third
of Russia's total pre-war indebtedness was
owned by French citizens, and the "Bureau des
Biens et Interets Prives/' an association for
the protection of French capital invested in
Russia, estimates the total holdings of Russian
pre-war Government securities at 8,926,728,650
gold francs. As British and Belgian citizens
held large blocks of Russian Government or
Government-guaranteed securities, one might
safely state that between one-third and one-half
of Russia's pre-war debt was held abroad.
From the outbreak of the war in August,
1914, until November, 1917, debts of about
25,000,000,000 rubles were incurred as follows:
Loans raised, in rubles of one-tenth an imperial or in foreign currency
Loans, raised in rubles of one-fifteenth of
an imperial
Short-term loans at home
Short-term loans abroad
Total
Rubles.
2, 794, 931, 228
11,696,041,767
6, 500, 000, 000
4,179, 963, 000
25,220,936,895
The above figures include domestic and foreign loans. The exact sums subscribed
or
floated abroad can easily be traced, as the}7 were
issued in the currencies of the respective foreign countries. Government loans floated by
Russia during the war in some of the allied
countries are:
Original currency.
Great Britain (pounds)
France (francs)
Japan (yen)
Ttaly (lire)
United States 1 (dollars)
568, 200, 000
3, 950, 000, 000
255, 000. 000
36, 000, 000
223, 000,000
Russia's total indebtedness in November,
1917, at the time of the accession of the present
regime to power, thus consisted of two elements, as follows:
Rubles.
Pre-war loans
War loans
Total
12, 627, 740, 926
25,220,936,895
37, 848, 677, 821
Out of this total indebtedness about 13,000,000,000 rubles, or 32 per cent, were held
abroad. The foreign holdings may be classified as follows:
1
Of this amount, loans with private banks and the United States
Treasury were: (1) Five-year 5£ per cent gold Treasury bonds, $25,000,000; (2) internal 5£ per cent ruble bonds of 1910; (3) three-year O-J per
cent credit, $50,000,000.
Municipal loans
Total
Rubles.
12, 920,000,000
These debts represent merely Government or
Government-guaranteed loans. They do not
include loans of private organizations, railroads, public utilities, etc., floated and held
abroad.
After the inauguration of the soviet regime,
the question of cancellation of debts became
acute, and in January, 1918, the Council
of .the People's Commissaries passed a decree whereby the entire indebtedness of the
Russian Government, domestic as well as
foreign, was canceled. The principal clauses
of the decree, translated from the original
Russian, follow:
(1) All state loans concluded by the Government of the Russian landowners and Russian bourgeoisie, which are enumerated in the
inclosed statement, are being annulled (canceled) as of December 1,1917. The December
coupons are not subject to paymenl.
(2) In the same way all guaranties are being
annulled, which have been given by the abovementioned Governments on the loans of
various concerns and institutions.
(3) Absolutely and without any exceptions
all foreign loans are being annulled.
(4) Short-time obligations and series of the
state chancellery are remaining in force.
Interest on them is not paid, but their obligations have the same validity as the credit
notes.
Paragraph 4 was included mainly to provide
additional currency, as the printing press could
not put out enough currency to meet the demands of the Government. Certificates of
short-term notes were declared legal tender
and put on an equal basis with the notes already in circulation. The rest of the decree
deals mainly with the rights of holders of small
amounts of internal loans, and does not refer
to foreigners. Attention is called to the wording of the decree which explicitly states that
" all foreign loans are canceled absolutely and
without any exceptions.M This decree imposes a loss upon foreign investors as well as
Governments, especially Great Britain, France,
Belgium, and the United States, of about
13,000,000,000 gold rubles.
The soviet regime was not satisfied with the
cancellation of the total Government indebtedness, but also nationalized all private property in „ the country. Thus all enterprises
owned or controlled by foreigners became the
property of the Russian state. The nationalization was carried through without any
938
FEDERAL RESERVE BULLETIN.
compensation to the original owners. In addition, the Government confiscated the property
and deposits of domestic and foreign banks,
thus increasing the total losses suffered by foreigners.
The countries most affected by the cancellation of debts and the nationalization of private
property are France, Great Britain, Belgium,
the United States, and, to a smaller degree,
Italy. In these and other countries protective
committees have been formed by the holders of
claims against Russia. Germany, it may be
noted, was never a large investor in Russian
enterprises. Her total investments in Russia
at the end of the war probably did not exceed
1,000,000,000 rubles, but as all debts between
Russia and Germany were provisionally canceled by the treaty of Rapallo no further consideration need here be given to German holdings.
CLAIMS OF FOREIGN COUNTRIES
RUSSIA.
AGAINST
France.—The cancellation of debts and the
nationalization of private property by Russia
affected to a very large extent the national
wealth of France. A large proportion of her
pre-war savings were invested in Russian
Government, railway, and municipal securities. They were widely distributed among
small and large investors and actively traded
in on the Paris stock exchange. It is difficult to obtain accurate figures of the total
claims of French citizens against Russia.
There are many elements of uncertainty,
such as the value of stocks and property
left in Russia, w^hich can not be accurately
valued. It is, however, possible to give
more or less reliable figures of the amount
of Russian pre-war Government obligations
held in France. According to estimates of
the "committee for the protection of French
property in Russia," based upon sums paid
in interest, the par value of these securities
amounted to 8,926,728,650 gold francs. Their
actual value decreased rapidly and they were
c[uotcd in June, 1914, at 8,000,000,000 francs;
in February, 1917, at 5,210,000,000 francs;
and in January, 1920, at 3,170,000,000 francs.
After that period Russian securities ceased
to be quoted regularly on the Paris stock
exchange. If the sum of 750,000,000 francs
for bonds not quoted in France and 1,675,000,000 francs for various Russian industrial
shares are added, the total of French investments in Russia before the war amounts to
11,351,728,650 gold francs, consisting of the
following items:
AUGUST, 1022.
Francs.
Russian State bonds
6, 480, 212, 000
Russian railway bonds
212, 575, 000
Russian railway bonds quoted "en
Ganque"
42, 333, 000
Russian railway bonds quoted officially... 1, 676, 706, 000
Bonds of Russian land credit banks
451, 791, 000
Credit Foncier Mutuel bonds.
63, 111, 000
Bonds not quoted in France
750, 000, 000
Various Russian industrial securities
1, 675, 000, 000
Total
11, 351, 729, 000
All these debts were held by private citizens.
The French Government appeared as Russia's
creditor only after the outbreak of the war,
when it advanced to the Russian Government
funds of an approximate value of 4,000,000,000
francs. This amount consisted mainly of
treasury bonds negotiable through the Bank
of France, transfers for all unpaid materials,
and Russian coupons accepted in payment of
subscriptions to French loans. The total Russian indebtedness to France, therefore, according to the above figures, is:
Francs.
Pre-war debts
War debts
Total
,
11, 351, 728, 650
4,000,000, 000
15, 351, 728, 650
These figures do not differ materially from
estimates of the Russian Government, of
about 13,000,000,000 francs, in which sum,
however, the item "various Russian securities77
is not included. But the above total docs differ
from data taken from other French sources.
Thus, for instance, the French Minister of
Foreign Affairs estimated Russia's war debts
to France at 5,000,000,000 francs and the total
pre-war indebtedness at 16,000,000,000 francs.
The total indebtedness would thus be 21,000,000,000 francs, not including Russian interior
war loans subscribed in France and various
French properties and concessions estimated
at 7,000,000,000 gold francs.
Belgium.—As in the case of France, it is
difficult to determine with accuracy the total
value of Belgian capital invested in Russia.
Unlike France, however, Belgium was not
mainly interested in Government securities,
but invested largely in industrial, mining, and
public utility enterprises. M. Witneur, secretary of the Association for the Protection of Belgian Owners in Russia, estimated the total
value of the claims of Belgian citizens against
Russia at 3,500,000,000 francs. It is difficult to check the accuracy of this sum, since
the bulk of the claim consists of properties,
largely of industrial and mining enterprises, the
value of which can be only roughly estimated.
M. Witneur divides the Belgian claims into four
939
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
The items specified in group 3 are:
categories and estimates the respective values
as follows:
Cash deposits in banks and other instituFrancs,
tions
(1) Industrial property (properties of
Safe deposits in special boxes
industrial and public utility enterFrancs,
due from Russian debtors to Belprises)
2,350,000,000 Amounts
gian creditors
(2) Government obligations and similar
funds
640,000, 000
Total
3) Financial properties
450,000,000
4) Miscellaneous properties
105,000,000
Group 4 includes such items
Total
3,545,000,000
A further analysis of these four groups
shows the following details. Group 1 is composed of the following items:
37 mining, coal, and metallurgical enterFrancs.
prise3
1,160, 000, 000
81 various industrial enterprises
680,000,000
43 public utility enterprises
582,000,000
Total
2,350,000,000
Group 2 comprises the following securities:
Francs.
Government loans
Railway loans
Municipal loans
Loans not specified (mainly war loans)...
Total
385,000,000
103,000,000
37,000,000
115,000,000
640,000,000
193,000,000
87,000,000
125, 000,000
405,000,000
as houses,
furniture, land property, and other valuables
left by Belgian citizens in Russia.
Although the aggregate of group 1 is ver}'
large, it nevertheless seems plausible, since
it is generally known that Belgian capital controlled many Russian industrial and
public utility enterprises. With regard to
the other three groups, however, there are
certain items which appear more or less open
to question.
Italy.—The claims of the Italian Government
and Italian citizens against Russia are not
large and are classified in the table below.
They are stated mainly in foreign currencies,
the actual value of which can not very well be
determined. Russian bonds arc given at nominal value, although it is a well-known fact that
they were sold considerably below par.
APPROXIMATE CREDITS OP THE ITALIAN GOVERNMENT AND OF ITALIAN CITIZENS AGAINST RUSSIA.
Currency.
Creditors and classes of credits.
Sterling.
(a) Credit of the State, subscription to bonds of national Russian loans
(&) Credit of syndicate of Italian banks for war materials furnished Russian Government
i
(c) Credits of banking institutions and private persons:
(1) Bank deposits in bonds and in cash in Russian institutions and active
accounts opened in Italy
(2) Commercial (supplies, goods billed, various operations)
(3) Bonds of Russian public debt (nominal value)
(4) Expropriations and forced abandonments of industrial establishments,
real property, administrations, and other property
Total.
1
French
francs.
German
marks.
34,855,500 !
19,235,444
4,537,522
200,000,000
45,523,808
l
3,912, 9 «
149,228
2,713,591 j
1,950,938 '
600
147,373
39,520,029 j
147,973
Value of real property.
Great Britain.—The claims of the British
Government and British citizens against Russia
have not been published in detail. Russian
Government loans held in Great Britain, including the advances of the British Government, have been estimated by Russian officials
to be about 5,000,000,000 gold rubles, while
British sources place the figure at £650,000,000.
To judge from various statements made by high
British officials at Genoa and The Hague, the
total amount of British capital invested in
Russian industrial and mining enterprises must
be very high, and probably surpasses by far
the total claims of France and Belgium.
United States of America.—Russia's indebtedness to the United States is comparatively
small and was incurred mainly during the war.
Including the claims of American citizens filed
with the Treasury Department, estimated at
$350,000,000, all debts probably do not exceed
$800,000,000.
Russian loans floated either entirely or
partly in the United States have been as
follows:
(1) $25,000,000, 5J per cent 5-year gold Treasury bonds.
They were issued in November, 1916; fell due on December 1, 1921. Principal and interest was made payable in
New York in United States gold coin. The semiannual
interest payment due December 1, 1919, was defaulted
on that date.
(2) Internal 5J- per cent ruble bonds of 191G. The total
issue amounted "to 2,000,000,000 rubles. How much was
subscribed in the United States is uncertain. These
940
FEDERAL RESERVE BULLETIN.
bonds arc redeemable in Russia and in rubles. Their
value in United States currency depends thus upon the
ruble exchange.
(3) §50,000,000, (H per cent 3-year short-term notes,
due July 10, 1919. Interest was payable in United States
gold coin. This loan is a direct external obligation of the
Russian Government.
The advances made by the United States to
the Russian Government may be seen from the
following figures showing the situation at the
beginning of February, 1922:
Principal amount of obligations
8192, 001., 2<)7
Interest accrued and unpaid up to and including the last interest period
30, 558, 955
Total indebtedness
Interest paid prior to February, .1.922
223, ! 60, 252
5,107, 536
II. RUSSIAX FOREIGN TRADE.
Having considered Russia's indebtedness to
foreign countries, we pass now to the commercial relations of Russia with other countries.
By the decree of the Peoples7 Commissariat of
April 24,1918, the entire foreign trade of Soviet
Russia was made a Government monopoly.
Private persons, corporations, and trade organizations were strictly prohibited from undertaking any transactions involving the shipment of
goods to or from Russia. A Commissariat for
Foreign Trade was established, vested with unrestricted power regarding all matters of export
and import. It prohibited the foreign trade
operations of cooperative societies and thus
completed the Government monopoly. A subordinate organization called "The Foreign
Trade Council" was established, with the duty
to pass on the various applications of Government institutions for the exportation and importation of goods.
During 1918, 1919, and 1920 very little international trade was carried on between Russia
and other
countries. Most of the border territories wTerc occupied by antisoviet troops, and
the blockade by the western European countries made any business transactions with Soviet
Russia practically impossible. That under
such conditions Russian foreign trade should
shrink to almost nothing is self-evident, and
can be seen from the following figures: In 1913
Russia's total exports amounted to 1,476,081,000 pood, but in 1919 to only 1,252,000
pood, or 0.07 per cent of the pre-war volume,
and in 1920 to-only 676 pood.
The treaty with Esthonia and the trade
agreement with Great Britain, concluded in
March, 1921, practically ended the foreign
blockade. Other countries, such as Germany
and the border States, established trade relations with. Russia a little later.
The lifting of the blockade did not materially improve the foreign-trade situation, and
AUGUST, 1022.
the soviet officials soon recognized that Government monopoly and high centralization of
international trade were the main obstacles to
any further development. In 1921 the severe
restrictions regarding domestic trade were
superseded by more liberal provisions, which,
however, did not affect the attitude of the
soviet with regard to the monopoly and the
centralization of foreign trade. This policy
of the soviet officials as to foreign trade was
severely criticized at the Ninth Soviet Congress
in December, 1921. It indorsed the monopoly
of foreign trade, but objected to its centralization, and decided that other institutions
should be created for the carrying on of foreign
trade between Russia and other countries. As
a first step, the Central Organization of Cooperative Societies, or Centrosoyous, endeavored to
regain its old rights and privileges, and started
to operate as an independent institution. In
addition, new corporations were created by the
State in which private individuals, domestic as
well as foreign, were permitted to participate.
According to the decree of March 13, 1921,
the following organizations and institutions
were permitted to engage in foreign trade: (1)
The Commissariat for Foreign Trade; (2) cooperative societies; (3) State institutions; (4)
combinations of such State institutions (socalled trusts); (5) provincial Soviets; and (6)
stock companies founded by the Government
for that purpose. All these organizations and
institutions, with the exception of the Central
Organization of Cooperative Societies, are subject to the supervision of the Commissariat for
Foreign Trade.
The greatest hope of the soviet regime seems
to be based upon the foreign trade corporations.
They maybe founded only by State institutions,
who hold at least 51 per cent of the total stock.
The/rest of the shares may be offered to private
individuals, domestic as well as foreign. A
number of foreign trade corporations have been
established up to the present time, the most
important of which are:
(1) The Russian Export & Import Co. All
shares are held by soviet institutions.
(2) The German-Russian Trading Co., the
minority stock of which is held by German
capitalists.
(3) Naphtexport, organized for the collection and sale of all mineral-oil products. The
shareholders are the Commissariat for Foreign
Trade, the State Fuel Board, and the Azerbayan and Grosny Petroleum Administration.
(4) Koshirio. Its main business is the buying and selling of hides, leather, and other
animal products and raw materials. The share
holdings are divided between the Commissariat
for Foreign Trade, the Supreme Economic
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
Council, and the Central Soyous, which institutions hold shares for 9,000,000 gold rubles.
The rest of the shares, par value 6,000,000 gold
rubles, are held by a group of German merchants. Among the comparatively large number of corporations in which foreign capital
has been invested, the following may be mentioned as among the most important: (1)
Russanglolyes, a Russian-English company,
carrying on trade between Russia and Great
Britain; and (2) the Russhollandlyes, a company of similar nature, which carries on trade
with Holland. German capitalists are now
very active in Russia, their interests covering
practically every branch of industry and transportation.
A translation of the soviet decree of March
13, 1922, superseding that of June 11, 1920, is
reproduced below.
TEXT OF SOVIET DECREE ON FOREIGN TRADE
CONTROL.
941
ORGANIZATION OF STOCK COMPANIES.
II. The Commissariat of Foreign Trade also organizes
with the confirmation of the Soviet of Labor and Defense,
special stock companies—Russian, foreign, or combined—
for the purpose of attracting foreign capital, of preparing
export goods within the country, of selling them abroad,
and of importing articles necessary for the reestablishment
of national economy and for internal barter. Such companies may be organized for trading in general, or for special operations, or for special lines of trade; and for their
transactions within the country and abroad these stock
companies may use the facilities of the Commissariat of
Foreign Trade" or establish their own offices. They may
also organize and operate industrial establishments for
the production of export goods. Such stock companies
may be organized, also, by other State organizations, on
condition that they receive the approval of the Soviet of
Labor and Defense and that they work under the control
of the Commissariat of Foreign Trade. The Commissariat
of Foreign Trade is to participate in the discussions of the
Soviet of Labor and Defense when the by-laws of such
companies are under consideration.
RECENT DEVELOPMENT OF FOREIGN TRADE.
To foster foreign trade and to facilitate
I. The foreign trade of the Russian Socialist Federal credit for institutions engaged in international
Soviet Republic is a state monopoly, conducted by the commerce, the Commissariat for Foreign Trade
Commissariat of Foreign Trade on the following principles: contemplates the establishment of a bank for
(a) Export.—(1) The Commissariat of Foreign Trade dis- foreign trade with a capital of 25,000,000 gold
poses on foreign markets of export merchandise produced rubles. The organization of this institution is
by State organizations or by itself. The proceeds are put
the same as that of other corporations. The
into the State "valuta" fund.
(2) The Commissariat of Foreign Trade disposes on for- capital stock will be divided into 50,000
eign markets on a commission basis, under contract, of shares, of which 25,500, or 51 per cent, will
merchandise turned over to it by State organizations or be held by the Commissariat for Foreign
prepared by itself, by trusts, or by cooperatives, and uses
the proceeds to buy goods in foreign markets, according Trade, the remainder to be offered to domestic
and foreign investors. The bank will be
to orders of the above-mentioned organizations.
(3) The Commissariat of Foreign Trade is given the under control of a board of directors elected by
right to permit Government organs, trusts, or cooperatives the shareholders. Negotiations are also proto engage in direct dealings in foreign markets, their contracts and agreements being subject to previous approval ceeding for the -establishment of a Central
of the Commissariat of Foreign Trade or its representatives. Asiatic bank to facilitate foreign trade in
(4) The Centrosoyus is given the right to market its central Asia.
export goods by direct contract with foreign cooperatives
Statistics of Russian foreign trade are not
in agreement with and under the control of the Commisvery accurate, and due allowance must be
sariat of Foreign Trade and under its general direction.
(b) Import.—(1) The import orders of the several Peo- made for that fact in dealing with them.
ple's Commissariats and central organizations, made in The figures for 1921, however, arc more
accordance with state plans, are executed (by the Commissariat of Foreign Trade) with participation of experts and reliable than those of previous years, for the
specialists chosen by those organizations. These special- reason that since 1921 the frontiers of the
ists are entitled to initiative as far as technique is con- Russian Empire have been more or less fixed
cerned.
and have not undergone such changes as were
(2) Purchases of State organizations on commission basis
(see subdivision (a), par. 2) in more important cases are frequently taking place before. This analysis
conducted with direct participation of the members of will, therefore, be confined mainly to the trade
those organizations.
of 1921 and of the first two months of 1922.
(3) The Commissariat of Foreign Trade is given the
According to Russian sources, the foreign
right to permit the above-mentioned organizations to make trade of Soviet Russia for 1921 was:
their purchases in foreign markets directly, but on condition that their contracts and agreements must be
approved in advance by the Commissariat of Foreign
Value
Quantity
(1,000
Trade.
(1,000
gold
pood).
(4) The same procedure is applied to the Centrosoyus
rubles).
and other all-Russian cooperative unions. At the same
time, the Centrosoyus is given the right to deal directly
248,557
55,306
with foreign cooperatives, and in order to carry on such Imports
12,963
20,200
dealings it may have agencies abroad, but working in Exports
agreement with the Commissariat of Foreign Trade and
68,269
268,757
Total
under its general control.
942
FEDERAL RESERVE BULLETIN.
Although these figures show a decided increase over the last three years, they are very
small and insignificant when compared with prewar figures. During 1913, the last normal year,
Russia's foreign trade amounted to 1,220,500,000 gold rubles in imports and 1,420,900,000 rubles in exports. The trade figures for
1921 constitute, however, only 2.8 per cent of
the quantity and 9.6 per cent of the value of
the pre-war figures of foreign trade. Even
after making allowances for loss of important
territories, these figures show how great the
decrease of Russia's foreign trade has been.
A further analysis of imports and exports to
and from Russia shows another very important
change. Before the war imports into Russia
were mainly machinery, finished products, and
food products, ranking in the order named.
The food products imported consisted of luxuries such as tea, coffee, wine, and spices. Exports were made up largely of grain, which
amounted to 56 per cent of the total, forest
products and raw materials coming next in
rank. At the present time, 44.8 per cent of the
total volume of imports consists of food and
food products, while such goods as are exported are mostly partly finished forest products, which amount to 70 per cent of exports.
The following table analyzes the imports of
Russia in 1921, according to the main classes of
commodities:
Class of commodities.
Quantity Value
| (in 1,000 (in 1,000
j pood).
gold).
Food and animals
\ 20,04.1.4
669.0
Food products
i
Wood, wood products, and I
793.2
76.5
Pottery
16,399.3
Fuel
608. 7
Raw products and chemicals.
Ores, metals, and metalprod1] 148 4
ucts
» Paper
1,763.8
Flax
598.6
Clothing
72.1
Various, including 2,653,329 !
pood for starving population! 3,135.3
Total
55,306.3
Percentage.
Quantity. Value.
36.3 !
1.2 !
32,122
79,210
1,008
453
5,571
4,005
29.6 i
1.1
.4
.2
2,2
1.6
58,367
7,954
30,411
26,263
20.3
3.3
1.0
.1
23.5
3.2
12.2
10.6
12.9
31.9
3,133
5.6
1.3
248,497
100.0
100.0
As seen from this table, necessities of daily life
constituted three-fourths of Russia's total imports. The exports of Russia consisted mainly
of half-finished forest products. The principal
items of the 12,963,000 pood of goods exported
were 9,577,809 pood of wood and half-finished
wood products; 618,000 pood of flax; 48,000
pood of wool, hides, and skins; 396,000 pood of
benzine. Oil products amounted to only
157,000 pood.
The countries sharing the bulk of Russian
imports were Great Britain, Germany, and the
United States.
AUGUST, 1922.
DISTRIBUTION OF IMPORTS INTO RUSSIA, BY COUNTRIES,
IN 1921.
Country.
Great Britain...
Germany
United States
Pood.
.
19,478,000
13,253,000
8,725,000
.>
Per cent
of total
imports.
35.2
24.0
15.0
The share of the Scandinavian countries was
10 per cent. The United States shipped chiefly
food and food products. Fifty per cent of the
imports from Germany were agricultural machinery and implements, while 62 per cent of
shipments from Great Britain were food and
clothing. Russia's best customers during this
period were Great Britain, taking 47 per cent
of Russia's total exports; Latvia, 22.7 per cent;
Norway, 12.9 per cent; and Germany, 5 per
cent.
The foreign trade for January and February,
1922, showed a further increase of imports over
exports. The total imports for the two months
amount to 14,039,500 pood, against exports of
1,241,100 pood. Exports, therefore, during
these two months are only 8.85 per cent of the
total volume of trade. They were in January
18.98 per cent, but dropped in February to 2.39
per cent. The reason for this situation is the
increased imports of food products shipped
mainly from the United States. In February
alone 4,021,500 pood of food products, or 4*7
percent of the total imports, were shipped from
the United States to Russia.
FRANCE.
ECONOMIC CONDITIONS DURING THE FIRST SIX
MONTHS OF 1922.
A review of the past six months shows little
change in French economic conditions. Although it appears that at no time since the
war has France passed through a period of
depression so severe as in a number of other
countries, conditions are now noticeably better
than a year ago and somewhat better than at
the beginning of this year. Consideration of a
number of leading factors in the economic
situation offers a measure of the extent of this
improvement.
Unemployment.—Foremost among the indexes of prosperity are unemployment statistics. Figures on this subject are not complete,
as they show only those persons who come
within the scope of certain governmental
funds. These exist in only 31 departments
out of 90 and in 233 municipalities. As out of
264 funds in existence only 73 are actually
functioning, it will be appreciated that their
AUGUST,
1922.
943
FEDERAL RESERVE BULLETIN.
reports are more in the nature of an index quire elaboration. The two following tables
than of a complete picture.
show the production of pig iron in metric tons:
In December, 1920, 39,522 persons were
Monthlyaverages.
receiving unemployment allowances. The ac- Year,
434, 000
companying table shows the trend of these 1913
1919
201, 000
figures since that time.
1920
276, 000
1921:
January
February
March
April
May
June
July
August
September.....
October
1921—Continued.
63, 962
November
89,039
December
91,225 1922:
84,896
January
70,383
February
47,331
March
33,7311
April
28,665;
May
21, 797 i
June
14,322 |
10,346
10,032
9,640
9,244
7,915
6,354
5,686
4, 534
Since these figures cover the important industrial centers where unemployment is "most likely
' to appear, notably in Paris, where about twothirds of those receiving allowances reside, the
data are fairly satisfactory. A still more encouraging evidence of industrial activity is
found in the figures for June 30, showing that
while 10,139 were out of work, 10,085 positions were reported seeking workers.
Various reasons may be given to account
for this situation. ' The following may be mentioned—the number killed and disabled in the
war, the vast amount of labor required to
restore the devastated regions and to repair the
accumulated deterioration of physical wealth
from the war period, and the facility with
which the French workman turns to agriculture
if other work is slack. Further, French relief
systems have been by no means prodigal, of
unemployment doles, thus offering little encouragement to idleness.
An enormous amount of materials and labor
have been, and for some years will continue to
be, required for the restoration of the devastated regions and other repair work. If capital is
available this will keep France busy for some
time; and capital seems to be in large supply.
The materials for this work have been largely
of French origin. Practically the only reparations in kind received by France have been
coal, the latest available figures for which
were published in last month's BULLETIN. TO
the end of April general reparations in kind
received in France totaled 9,000,000 gold
marks. In addition to the reconstruction of
the devastated regions, there is throughout
France an enormous amount of what may be
called deferred maintenance work. Railroads,
farms, dwellings, and factories depreciated
seriously during the war period.
Production of pig iron.—The activity in
restoration is appearing distinctly in the increase in the production of pig iron, the value
of which as an index is too well known to re-
1921
1922 (5 months)
280,000
369, 000
,
These last three years include the AlsaceLorraine production, with a monthly average
of 93,000 metric tons. A statement by
months shows steady progress in this industry.
1921:
1921:
January
293,000
December
February
292,000 '
March
:.. 300,000
Average
April
292,000
May
, . 283,000 1922:
June
285,000
January.......
July..
267; 000
February
August
255, 000
March
September
244^000
April
October
256,! 000
May...
November
295^000
301,000
280,000
312,000
323,000
385,000
383,000
442,000
From the low point of last September, the
figures show a marked and steady advance.
It will be noted, however, that even with the
addition of the valuable fields of Alsace and
Lorraine, production is below the 1913 figure.
Clearing-house returns.—Clearing-house figures are not perfect indexes of business activity, for the reason that they include items of
speculation. In France, their usual disadvantages are aggravated by fluctuations in
the gold value of the franc (external value)
and its commodity value (internal value).
The comparatively small use, also, which the
French people make of checks impairs the value
of this indicator. Since, however, clearinghouse figures have some utility for comparative
purposes, the following table is presented
showing the clearings of Paris, in millions of
francs. To make these comparisons more
effective, the index number of wholesale prices
is also given (1913 base).
Month.
January...
February.
March
April
May
June
January..
February.
March....
April
May
June
Clearings.
Wholesale
price
index.
1921.
16,426
14,187
14,447
15,599
15.976
15;144
407
377
360
347
329
325
12,229
11,745
12,286
9,859
11,805
11,855
314
306
307
314
317
325
1922.
944
FEDERAL RESERVE BULLETIN.
Taking into consideration the decline in
prices, the figures for the first quarter of 1922
tend to show that the volume of business activity is about the same as that of last year.
Balance of trade.—French foreign trade is
showing marked improvement. It is impossible to come to any definite conclusions from
a study of the monetary value of French
foreign trade, as exports were still computed on
a table of prices established in 1919 until the
end of June, 1922. But a comparison of tonnages gives ground for encouragement.
AUGUST, 1922.
Financial conditions.—While production and
trade show improvement, the financial situation is less distinct. The statements of the
Bank of France as of the end of December,
1921, and June 29, 1922, follow:
[In thousands of francs.]
Dec. 31,1921. June 29,1922.
Note circulation..
Deposits
Discounts
Loans
36,487,457
2,743,206
2,505,826
36,039,355
2,448,373
2,331,739
2,174,769
[Thousands of metric tons.]
Exports.
Imports*
First five months:
1913
1921
1922
17,992
15,243
20,138
8,330
6,470
7,977
This shows that in quantity French foreign
trade is approximating pre-war levels.
In addition to this healthy trend of foreign
trade, revenue from tourists has been very
large this year, affecting the invisible balance
of trade in favor of France. Although definite
statistics of tourists and their expenditures
are not published, it is believed that the figures
of 1913 are largely surpassed, and perhaps
multiplied several times. Before the war one
of the largest invisible items of the trade balance was the income from foreign securities.
So many of these held by France are now in
default that their importance in the balance of
trade has been reduced; but it is by no means
improbable that, even though visible foreign
trade figures run against France, the income
from external securities and from tourists will
swing the balance in her favor for the year.
Freight receipts.—Although not a perfect
index, the gross receipts of all French railways
are also useful in showing the activity of trade.
1.922:
January
February
March
April
May
June
Francs.
454,323, 000
468,175,000
472, 779,000
608, 764,000
472,607,000
504,430, 000
These indexes indicate recent improvement
but do not show anything in the nature
of a boom in business as yet. In fact, a boom
based upon the reconstruction of ruins and the
repair of general deterioration of the physical
equipment existing in 1913 would not be entirely sound.
The greatest volume of note circulation was
in the first week of the year, reaching 37,421,830,000 francs, declining to a low of 35,281,790,000 francs in the third week in March, a
total maximum decrease of 2,140,040,000 •
francs, or about 6 per cent. On June 29 note
circulation had advanced again to 36,039,355,000 francs, as compared with 37,422,087, 000 francs at the end of June, 1921. But
while the note circulation was undergoing this
small contraction,
the volume of short-term
treasury bills wTas mounting. The net increase
of treasury bills in each of the first five months
of the year, as compared with the preceding
month, has been as follows:
1922:
Francs.
January
February
March
April
May
,
Total increase, first 5 months
1,366, 829, 900
305,430, 000
746, 706. 000
689,242,000
1, 362, 000,000
4, 470,207,900
The increase in treasury bills and the decrease in note circulation have tended, in fact,
to offset each other, but the item of treasury
bills is often ignored. Such bills may be used
by the Government in settling its obligations
in lieu of opening credits with the Bank of
France, which would result in an increased
note circulation. In some respects these treasury bills resemble interest-bearing currency,
although their influence upon credit, prices, and
exchange is difficult to measure.
Capital issues.—During the period under
consideration a large number of new capital
issues have been put out. As was implied in
earlier paragraphs of this article, a great part of
this capital goes, not into creating new capital
assets, but rather for repairing the wreckage
and forced undermaintenance of the war
period. Recent figures are given in the following exhibit:
FEDERAL RESERVE BULLETIN.
AUGUST, i922.
945
ulation, however, is well employed; there is a
great amount of necessary work at hand and
Industrials
apparently a large amount of available capita]
and mis- Railroads.
cellaneous.
to facilitate that work. There are indications
(in pig-iron production and railroad revenues)
1922.
that distinct improvement may soon appear.
1918,069
First quarter
6,198,738
3 150,703 The volume of foreign trade is near pre-war
April
458,559
643,824
185,971 levels, and the balance of trade is being favorMay
ably affected by the expenditures of tourists
1
Does not include 94,340,875 lrancs issue sold in England by the
in France. On the other hand, it must be
Faris-Ly on-M editerranee.
-'.Does not include figures for the Orleans line, nor the 336,352,658 remembered that a great part of the labor,
francs issue floated in the United States by the Paris-Lyon-Mediterranee.
energy, and capital of France are now, and for
some
to come will be, devoted to restorForeign exchange.—In attempting to analyze ing theyears
real
of the country to the physithe economic situation of France at the present cal conditionassets
of
1913.
Until that is done relatime, with a view to discovering the trend of tively little can be undertaken
in the way of
conditions, very little help can be derived from new projects.
a study of exchange rates. During the first
five months of the year the gold value of the
REPARATIONS.
franc advanced and then in one month canReparations are always uppermost in French
celed its gain. The following table shows the
course of the franc in New York from the be- thought, although so far their direct influence
on French economic conditions has been much
ginning of the year:
January 3
$0. 0803 less than the discussion devoted to the problem
January average
0816 would lead one to suppose. Tt is true that coal
February average
0873 deliveries have been important. The total
March average
0900 amount of coal delivered to France, including
April average
0923
May average
0912 the credits for the Saar mines, is valued at
June average
0876 2,300,000,000 gold marks, according to a disThe high point reached this year was SO.0935 patch of June 30, 1922, from Berlin. From
on April 24, though the May high (May 1) was November 11, 1918, to April 31, 1922, repara$0.0922, and the June high (June 6) was tions in kind, excluding coal, d}^estuffs, etc.,
delivered under Appendix IV of the treaty,
$0.0915.
From the first trading day of the year to the were as follows:
Gold marks.
high point the advance was about 16 per cent. Belgium
389,000
Several reasons were given for the rise. Among Italy
6,327,000
these the decline in note circulation was given Serbia
37, 204, 000
0
a very prominent place and was an undoubted France
aid to speculation for the advance.
Deliveries in kind for the devastated regions
Starting from the June high of $0.0915 on to the same date have been apportioned as
June 6, and following the adjournment of the follows:
bankers' conference, which had failed to proGold marks.
18, 041, 000
duce an acceptable plan of action, the franc Belgium
Italy
6, 327, 000
declined precipitately. This decline was as- Serbia
l, 233,000
cribed to the uncertainties of German politics, France
8, 991, 000
to purchases of dollars in anticipation of grain
and cotton movements, to the reparation payCash reparations which, with the July 15
ments, to English pressure for interest on her payment of 32,000,000 gold marks, have
loans to France, and to other causes. While reached a total of almost 1,500,000,000 gold
it is impossible to state a positive conclusion, marks, are held by the Reparations Commission.
it is by no means improbable that a part of the The Wiesbaden agreement, providing for reprise of the franc was caused by speculative arations in kind according to a rather elaborate
sentiment encouraged by several promising plan, had not been adopted by France up to
factors, which neither individually nor collec- June 30, 1922, and consequently has never
tively .justified the advance, and that what had gone into operation. It may be made effective
been built on such an insecure foundation in the near future.
Meanwhile, the uncertainty of the present
crumpled easily on bad news.
Summary.—From the foregoing survey no outlook is apparent. In three and a half
very distinct conclusions appear. The finan- years France has received approximately
cial or monetary indexes have registered little 9,000,000 gold marks in kind, while the prochange during the past six months. The pop- gram calls for" 950,000,000 gold marks delivered
[In thousands of francs.]
4210—22
4
946
FEDERAL BESEBVE BULLETIN.
in kind this year alone. Consequently a new
plan is being sought. The latest proposal
provides for the construction by German workmen, with German materials at German cost,
of great public works throughout France. The
press accounts mention water-power developments, harbor developments, inland waterways,
and the channel tunnel. The cost of this
interesting program is estimated at 18,500,000,000 paper francs. The plan has not
matured sufficiently to make possible any
definite conclusions with regard to the practicability of such proposals.
ITALY.
The industrial situation in Italy is still unsatisfactory. The severity of the depression
may be measured by three indexes—the volume of new capital available for industry, the
market price of industrial shares, and the
volume of unemployment.
Capital investment.—In Italy very accurate
figures are at hand, not only of capital issues (including both new enterprises and new capital
added to old concerns) ,but of " disinvestments.''
" Disinvestments" are reductions of investment capital by failure, reorganization, etc.
The difference between investment and "disinvestments" is the net investment of the
month.
The war caused an enormous increase in
industrial activity in Italy, which w^as shown
in the increase of new capital available. The
totals of new capital issues (net investments) were
in 1911, 159,300,000 lire; in 1912, 168,900,000
lire; and in 1913, 133,600,000. The outbreak
of the war virtually stopped investment^ the
total for 1915 reaching only 72,300,000 lire, or
one-half that of 1913. In 1916 the war boom set
in, with a net investment of 276,050,000 lire. In
1917 the figure was 1,333,700,000 lire, almost
exactly ten times the amount of 1913. This was
the result partly of the increase in prices, but
still more of the enormous activity generated by
war demands. By this time inflation was an
important factor, but the true situation was not
generally realized, for two reasons: (a) the pegging of the lire exchange concealed the external measure of values, and (b) the utility
of index figures in measuring the value of money
was not so well appreciated as it is now. As a
matter of fact, too, such artifices as subsidies,
Government price fixing, etc., combined to
befog the indexes. The following table shows
the amount of subsequent new capital issues:
AUGUST, 1922.
[Millions of lire.]
First semester, 1918
1,149. 0
Second semester, 1918
1, 886. 4
Total
3,035. 4
First semester, 1919
1, 497. 6
Second semester, 1919
1, 533. 2
Total
3,030. 8
First semester, 1920
2, 557.1
Second semester, 1920
2,400. 4
Total
4,957.5
First semester, 1921
Second semester, 1921
Total
1, 939. 9
583. 0
2,522.9
The greatest volume of capital available for
industrial development was in 1920, when the
figure was thirty-seven times that of 1913. In
1921 the total, though enormously greater than
1913, was only about one-half that of the peak
year.
One of the best available measures of this industrial expansion is the index of wholesale
prices. The figures of Professor Bachi, based
on 1901-1910 prices, slunv an index of 120 for
1913 and 748 for 1920. During that period,
therefore, prices had advanced about six times,
while the volume of capital issues had expanded
thirty-seven times, showing distinctly that the
increase of commodity prices was only one factor of this great expansion.
By 1920, also, the volume of "disinvestments" began to be significant, though it was
not until the latter half of 1921 that it became
ominous.
[Millions of lire.]
Capital
increase.
Period.
First semester, 1919
Second semester, 1919
First semester, 1920
Second semester, 1920
First semester, 1921
Second semester, 1921
i
1
|
!
1
1,558
1,603
2,707
2,512
2,130 !
1,330
Capital
decrease.
79.0
70.6
149.9
111. 7
191.0
746.7
In the latter half of last year the ratio of
capital increase to capital decrease was as 2
to 1. The first column in the table above
shows that the flow of new capital into Italian
industry had been checked; the second column,
which corresponds in part to figures of the
volume of business failures in the United States,
reflects the depression which had already become acute, particularly in the iron industry.
AUGUST, 1922.
947
FEDERAL RESERVE BULLETIN.
Enormously overdeveloped to meet war needs,
DeDeDeMarch,
that was the first industry to feel the severity
cember, cember, cember,
Industry or business.
1922.
1921.
1920.
1919.
of peace-time readjustments. It should be
noted that the index of wholesale commodity
94
90
109
103
prices shows only a moderate decline from Banks
52
92
62
50
Railroads.
the 1920 average of 748 to a 1921 average of Transportation:
61
58
Land
85
70
692. Consequently this sudden decline in the
47
54
103
Sea. .
. . .
83
115
137
125
119
Cotton
last half of 1921 seems to represent a drying Jute
102
108
95
118
118
104
118
101
up of capital investment rather than any Wool
124
•121
155
Linen
152
deflation of commodity prices. As a matter Silk
147
153
128
172
50
104
74
53
of fact, the strong deflationary movement Mining
14
17
47
1 ron
87
32
18
90
55
seems to have started with February, 1922, the Machinery.
47
112
56
72
Automobiles
January, 1922, average being identical with Electrical
68
93
67
67
54
93
80
59
Chemical.
.
the average for the whole year 1921. The Sugar
97
.101
107
108
107
112
98
106
decline from the average of 1920 (748) to the Other food products
90
100 j
Waterworks
87
• 87
average for January, 1922, was only 56 points. Realtv
93
100
1.05
100
112
103
104
130
The decline during the months of February Miscellan eous
and March, 1922, alone was 53 points. The
78
104
85
Average ..
|
financial effects of this decline in commodity
prices must be awaited in later figures.
The average of security prices has declined
The distribution of capital investment is
instructive, as it shows which lines of industry 22 per cent since the end of December, 1918.
have so far felt the depression most severely: At that time the exchange was still pegged
near its parity. As the above percentages are
based on prices in paper lire, it is evident that
they do not reflect gold values.
I New capital (millions
!
of lire).
However, very little satisfaction can be
Industry or business.
found in deductions based on the gold ex1921
1920
change value of seriously depreciated currencies. A better index is that of wholesale
Banking
1,015.5
198.2
In the period under dis372.1
237.4 commodity prices.
Chemical
407.4
465.7 cussion the averages were (1901-1910 base):
Electrical
551.3
272. 5
Textile
9G
Manufacturing.
Transportation.
Commercial
Miscellaneous..
236.1
300.0
267.7
368.4
137.0
44.7
261.2
181.2
The only industry which still was capable of
attracting large amounts of capital in 1921 was
the electrical.
Although the concerns which engaged most
extensively in war work were overdeveloped,
it may be doubted if Italian industry as a
whole is overdeveloped. Not only is there a
certain amount of war devastation to be reconstructed but there is a great amount of
undermaintenance, taking the word in its
broadest sense, accumulated during the war
period. But it appears that Italian industry
is not at present attracting much capital
for such undertakings.
Current valuation of industrial shares.—The
same causes which have discouraged the investment of new capital have reduced the valuation
of the shares of existing concerns. At the
recent General Assembly of the Associazione
Bancaria Italiana interesting figures were
brought out showing the current values of the
principal groups of industrial shares. The
figures of December, 1918, are taken as a base.
19181
1919
1920
1921
1922:
January
February
March.."
!
491
438
748
692
692
674
639
It will be noted that, while during 1920,
prices were making a sensational rise of about
300 points, most securities were nearly stationary in price. During the next year, while
wholesale prices showed little change, the decline in security values was noticeable. In the
first quarter of 1922 the decline both in prices
and securities was severe. The total decrease in
commodities by this scale is about 15 per cent,
while the drop of security prices in paper lire
is about 25 per cent. In spite of this drastic
decline, there is little evidence that foreign
capital is being attracted into Italian industries in any considerable amounts.
Unemployment.—The figures for unemployment are further evidence of the severity of
the depression. Although Italy has a comparatively small devastated area, it suffered,
1
As Italian industry changed so radically during the war, there is no
advantage in making comparisons with 1913 figures in this connection.
948
FEDERAL RESERVE BULLETIN.
like the other belligerents, a long period of
severe undermaintenance, which has by no
means been made up. It appears that, as yet,
capital is not available to undertake the
needed work of restoration. The following
figures show the situation:
UNEMPLOYMENT IN ITALY AT FIRST OF EACH MONTH.
1921.
July
August
September
October...
November
December
Number.
.". 388,744
435,194
470,543
473,216
462,368
512,260
—
1922.
January
February
March
April
May.
Number.
541, 775
606,819
576,284
. . . . 498.606
431,724
The peak of unemployment was reached
about the first of February, but a serious
proportion of a population of less than
40,000,000 is still without work. It remains
to be seen whether this decrease in unemployment represents an improvement in industry
or a readjustment of labor, by the return to
the farms of workmen drawn into industry
during the period of war-time inflation.
GERMANY.
ECONOMIC CONDITIONS DURING THE. FIRST SIX
MONTHS OF 1922.
German economic conditions during the past
half year were largely governed by two factors:
(1) The steady decrease in the exchange value
of the mark, and (2) the rapid increase in
prices. It may be said that the prevailing
business activity and " prosperity" of the
country were wholly the result of these two
basic phenomena. The effects of continued
and progressive currency inflation, such as is
now taking place in Germany, are cumulative,
and have resulted in foreign exchange depreciation, accompanied by a more rapid increase
in prices and wages. This fact is illustrated in
the following table, which compares indexes of
the volume of outstanding paper notes, the
value of the dollar in Berlin, and wholesale
prices in Germany at the opening of each
month in the current year. The figures for
January, 1922, are put equal to 100.
Month.
January..
February.
March
April
May
June
1
1922.
Monthly average.
of Wholesale
Notes in. Value
prices in
dollar
circulation. the
in Berlin.i Germany.
100.0
103.6
107.8
116.5
125.9
136.9
100.0
109.5
143.1
155.3 I
153.7 I
167.4 j
100.0
111. 0
136. 7
171.2
184.4
191.0
AUGUST, 1922.
No reliable comparative figures are available
for wages, but it is a known fact that they also
have increased between 30 and 50 times over
the pre-war level. In so far as the increase in
wages and salaries has followed closely the rise
in the cost of living, the purchasing power of
the population was not impaired.
The steady rise in prices created a desire to
exchange paper notes for tangible commodities,
which resulted in a great activity in production
and in imports and exports. The volume of imports into Germany decreased in January and
February but increased during the following
four months, and their value, due to the depreciation of the mark, rose rapidly. The quantity
of imports showed an upward movement, with
a monthly average so far this year amounting
to 2,895,000,000 metric tons, as compared
with 2,194,000,000 metric tons for 1921 and
6,073,000,000 metric tons for 1913. The
exports of the country show the same upward
tendency and indicate an improvement over
1921. , However, they were unable to offset
the balance of imports and thus caused a
further decline in the value of the mark.
The monthly average quantity of exports
was 2,013,000,000 metric tons in the first
half of 1922, as compared with 1,715,000,000
metric tons in the year 1921 and 6,141,000,000
metric tons in 1913.
The capital market throughout the six
months was active, but very irregular. The
total amount of securities issued was 24,253,000,000 marks and exceeded by 12,654,000,000
marks the issues of the same period in 1921.
Prices of bonds, domestic as well as foreign,
increased considerably. An interesting feature
in the bond market was the rise in the price
of Government bonds. Their average monthly
quotation for 1922 showed an increase of 49
points over 1921. Prices of stocks, on the
other hand, showed no important movement,
and were influenced to a very large extent by
the money situation prevailing in Germany.
The monthly average index number of the
Frankfurter Zeitung, based on 25 stocks,
stood at 222 in January, 263 in March, 238
in May, and 229 in June. These figures show
an upward movement at the beginning of the
year and a downward tendency at the end.
They further indicate that stocks were more
or less independent of the valuation of the
mark.
The shortage of money, which appeared at
the end of 1921, became more acute during
1922. The increase in the amount of paper
notes, from 113,000,000,000 marks in January
to 169,000,000,000 marks on June 30, did not
offset the more rapid increase in prices and
wages. The money stringency was further
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
aggravated because a number of banks were
loaded with a considerable amount of new
securities which they could not dispose of in the
open market. Interest rates for commercial
and stock exchange purposes increased in some
instances from 4 per cent to 9 per cent.- The
forced loan, combined with heavy taxation and
the hoarding of money abroad, tend further to
curtail the supply of money available for industrial and business purposes.
The figures of the Reichsbank, issued from
week to week, reflect clearly the prevailing7
situation. The amount of discounted treasur}
bills has risen constantly, increasing during the
past six months by 68,278,000,000 marks. The
shortage of money caused a further increase in
the amount of discounted commercial paper,
which increased from 1,746,000,000 marks at
the beginning of the year to 4,752,000,000 marks
at the end of June.
GERMAN REPARATIONS.
Recent developments in the reparations situation may briefly be reviewed as follows: At
Cannes the Allied Supreme Council fixed the
reparations payments for 1922 at 720,000,000
gold marks in cash and 1,450,000,000 marks in
kind. In accordance with the Cannes agreement, Germany paid 31,000,000 gold marks
every 10 days from January 16 to April 15.
For the rest of the year she was to pay
50,000,000 gold marks* at the 15th of each
month up to November, and 60,000,000 gold
marks monthly in November and December.
Germany paid the installments due in May and
June, but on July 12 she presented to the
Reparations Commission a formal request for
complete relief from the remaining cash payments during 1922, including the reduced installment of 32,000,000 gold marks due July 15.
Her representatives further asked "that the
moratorium be extended for the cash payments provided for 1923 and 1924 under the
schedule of May 5, 1921." In its reply to the
German Government the Reparations Commission insisted that the July installment
be paid, but promised to consider the
rest of the German request after the guaranties committee had made its report.
Upon receipt of the latter's report the
Reparations Commission issued a memorandum on July 22 outlining the conditions under
which it would be willing to consider a moratorium. The memorandum gives the guaranties committee full supervision over Germany's
revenues and expenditures and is divided into
949
two parts. The first part explains the manner in which the control over Germany's
finances will be exercised by the guaranties
committee. This committee will nave full
access to all records connected with the Government's finances and will have two members
accredited to the Reich's Finance Ministry.
The second part of the memorandum deals
with the exportation of capital. In addition,
Germany is to furnish the committee at short
intervals with full statements regarding revenues, expenditures, and floating debt. The
control is to be effective November 1, 1922.
The German Government, it was announced,
has accepted the terms of the memorandum.
GERMAN BANKING DURING 1921.
The financial statements of the largest
German banking institutions, made public at
the end of June, together with the annual report of the Reichsbank, show to what extent
Germany's economic situation has differed
from that in other countries. While the rest
of the world went through a period of readjustment and deflation, which caused heavy
iosses to both banks and mercantile institutions,
Germany witnessed one of the greatest boom
periods since the " Granderjahre." The flood
of new paper notes, closely followed by a
rapid rise in prices, increased the business
activities of the banks, with the result that
items such as deposits and loans advanced
into billions of marks and the turnover into
trillions. The issue of 32 billion new securities
further increased the business of the banks.
The increase in the amount of the various
items in the case of certain banks is partly
due to the concentration of banking in fewer
hands, a movement which continued throughout the year. The larger banking institutions
absorbed a number of smaller banks and replaced them by their own branches. The
most important merger which occurred during
the year is the fusion of the Bank fur Handel
und Industrie (Darmstadter Bank) with the
National Bank fur Deutschland. The final
fusion took place in November, 1921. The
merged institutions have a combined capital
and surplus of 1,050,000,000 marks and operate
under the name of "Darmstadter and National
Bank."
The principal items of the combined statement of the largest German banking institutions, presented below, depict very well the
unsound and "feverish" economic situation
prevailing in Germany throughout the entire
year.
950
FEDERAL RESERVE BULLETIN.
A U G U S T , 1922.
FINANCIAL STATEMENTS OF PRINCIPAL GERMAN BANKS, DECEMBER 31, 1921.
[Tn millions of marks.]
Deutsche Bank.
1921
Increase
over
1920.
DiscontoCesellschaft.
1921
Drosdncr Bank.
Increase
over
1920.
1921
Increase
over
1920.
National Bank. und Commerz
Privat Bank.
Darmstadter
Bank.
1921
Increase
over
1920.
1921
Increase
over
1920.
1921
Increase
over
1920^
ASSETS.
Cash, and with Reichsbank
Other bank deposits
Bills and treasury notes
Other quick assets
1,479
3,863
24,244
1,222
269
2,678
8,216
394
2,531
3,340
8,878
839
1,433
2,163
2,648
540
839
2,734
3,480
1,901
169
1,839
1,712
1,309
714
2,626
3,670
2,685
2.203
' 674
2,212
683
566
1,201.
1,620
348
353
598
1,074
345
578
3,012
2,422
123
391
606
1,772
Total quick assets
Nonliquid assets
30,808
8,027
11,586
5,515
15,588
6,678
6,783
3,211
13,953
5,506
4,835
2,928
9,695
4,648
5,367
2,906
4,070
1,580
2,375
665
6,357
3,243
2,685
1,682
400
450
38,835
400
240
22,266
90
100
10,153
550
361
19,454
290
281
7,763
368
196
14,345
148
.149
8,274
262
72
17,101
5,651
112
25
3,040
350
322
3,601
150
v 272
4,368
76
85
66
69
62
70
49
64
44
45
41
58
148
248
412
223
359
577
89
14
• 50
111
204
314
34
10
20
105
160
267
78
14
50
60
94
155
40
10
30
141
311
453
98
16
30
60
183
2,422
50
12
10
737
355
• 277
LIABILITIES.
Capital stock
Surplus
Deposits, etc
Percentage of quick assets to
liabilities
PROFIT AND LOSS STATEMENT.
Miscellaneous earnings
Earnings on interest . .
Cross profit
Net profit
Dividends (per cent)
Reserves
Turnover, in billions
465
695
1,172
278
24
130
195
25 L
449
104
18
504
3,052
364
679
222
20
99.
123
144
275
68
16
29
323
478
836
203
16
50
2,125
844
1,463
623
1,664
The capital and surplus of all banks, although
largely increased, were entirely out of proportion to deposits. This situation impaired to
a large extent the liquidity of practically all
banks. The percentage of quick assets to
quick liabilities decreased and reached a dangerously low point in some institutions. This
decrease in the liquidity is the more remarkable,
as it occurred for the first time in many years.
The increase in deposits, coupled with a
great demand for capital, increased the earnings and expenditures of all banks. The bulk
of the income was derived from interest and
commissions charged to the customers, who at
the prevailing stage of business activity could
easily bear the burden. The ever increasing
expenditures of the banks must ultimately
prove fatal when the income decreases more
rapidly than expenditures can be reduced.
German banks were perfectly aware of the
unsound conditions upon which their earnings
are based, and made ample provisions for the
coming storm. Their dividends, although high,
were small if compared with the huge sums set
aside for reserves and the large depreciation
charges made during the year.
A more detailed analysis of the assets of the
banks shows one wholesome fact, namely, the
increasing tendency toward private as against
government financing. Government paper
held by banks decreased steadily and released
'
12
20
1,574
funds for private business transactions. The
large banks were unwilling to discount treasury
bills of the State to the same extent as in
former years, which resulted in ever increasing
holdings of treasury notes by the Reichsbank.
Another item of interest is the rapid increase
of deposits carried with other banks. Such
deposits undoubtedly consist to a large extent
of funds deposited with foreign banks by customers who prefer to hold them abroad. From
the available data, however, it is impossible to
determine the amount of funds kept abroad,
since both domestic and foreign deposits arc
combined in one item. A separation of these
two classes of funds would be very desirable,
inasmuch as the foreign deposits are not so
liquid as the domestic, which can be withdrawn
upon demand.
The resumption of business relations with
foreign countries continued steadily during the
year. New affiliations were made abroad,
especially in Holland. The branches in London and in other former enemy countries were
not reopened, so that a large percentage of
Germany's foreign trade which before the war
would have been financed through London
was financed through Amsterdam. The foreign business of the banks consisted largely in
providing foreign credits to German importers
and in the buying and selling of foreign exchange.
The latter was carried on very extensively and
FEDERAL EUSERVE BULLETIN.
AUGUST, 1922.
951
caused the failure of at least one important 000,000 marks in 1920 and 4,500,000,000 marks
banking institution, the Pfalzische Bank.
in 1919. The sources of these huge earnings
were the large amount of discounted treasury
ANNUAL REPORT OF THE REICHSBANK.
bills held in the portfolios of the bank, the
profits from foreign exchange transactions, and
The report of the Reichwbank for the past the sale of 24,000 kilograms of gold to the
year reflects the same situation as do the state- Reich. The expenditures, including losses of
ments of the large commercial banks. The 8,100,000,000 marks incurred in guaranteeing
steady decline in the value of the mark both at foreign currency credits for the Reich,
home and abroad, coupled with the huge defi- amounted- to 9,712,921,629 marks. The net
cits of the Government and the increasing un- profits for the year were 64,806,169 marks.
favorable balance of trade, created requirements which the Reichsbank met by the issue
SWEDEN.
of paper notes. During the year the number of
Current reports from Sweden reflect a
notes in circulation rose rapidly and increased
by 44,834,000,000 marks. The tremendous noticeable improvement in the industrial outinflation and the depreciation of the currency look and gradual progress toward the complealso accounted for the huge turnover figures of tion of business readjustment. In general,
the Reichsbank, which during 1921 reached 20 wage deflation, the settlement of important
trillion marks. The increase of notes out- labor conflicts, an increase of employment, the
standing and the turnover for the last four reduction of freight rates and taxation, and
years can be seen from the following figures: the stabilization of commodity prices are some
of the outstanding developments in the first
half of 1922.
Year.
1918
1919
1920
1921
Notes in c?imilalion.
Turnover.
THE PULP AND PAPER INDUSTRIES.
3,312,900,000,000
22,187,000,000
35,698,000,000
68,805.000,000
"i 2." 770," 736," 666." 666
113, m, ooo, ooo
20,090,60J, MO', 000
Except for the great increase in the amounts
of the various items, especially in the number
of discounted treasury bills and in the volume
of income and expenditures, no important
changes took place.
The metallic reserves fluctuated only slightly
and stood at a monthly average of 1,073,345,000
gold marks, as against 1,104,037,000 in 1920.
The gold reserves, however, decreased from
1,091,600,000 in December, 1920, to 995,400,000 in December, 1921, or by 96,200,000 gold
marks. This decline was largely due to the
use of 68,000,000 gold marks for reparations
payments.
Discounted treasury note$ held by the bank
rose from 57,626,000,000 gold marks at the
beginning of the year to 132,330,000,000 at the
end. This upward movement runs parallel
with changes in the floating debt of the Reich,
which increased from 152,000,000,000 marks
at the beginning of 1921 to 247,000,000,000 in
December of the same year. The increase in
the holdings of treasury bills by the Reichsbank
is due to the inability of the public or banks
further to absorb treasury bills. At the beginning of 1921, 62 per cent of the total floating
debt was held by the public, whereas at the
end of the year only 46 per cent was so held.
Gross profits of the Reichsbank for the year
were 9,800,000,000 marks, as against 7,800,-
Evidence of a distinct revival of productive
activity is apparent in several of the basic
industries. The betterment is particularly
noticeable in the chemical pulp industry, which
came almost to a complete standstill in the
early part of last year and has been laboring
under the greatest difficulties in its history.
In the first half of 1921 the demand for sulphite
cellulose, which is the particular specialty of
the Swedish pulp industry, was adversely
affected by the general curtailment of output
in the paper mills throughout the world.
For this reason large stocks of sulphite pulp
were necessarily on hand in the paper mills,
and no further orders were placed in the open
market. A large part of such orders as were
placed, moreover, went to Germany, Norway,
and Finland on account of the foreign exchange
advantage afforded by their depreciated currencies. But for the fact that the market in
Sweden was sustained by the demand from the
United States, the industry would have been
in a disastrous position. Not only was it
affected by the depressed conditions in the
paper market, but it also was handicapped by
prolonged labor conflicts, a combination of
circumstances which curtailed production of
sulphite during 1921 to an amount representing
about two-thirds of the normal annual output.
The production in the first quarter of the present year, notwithstanding the continuance of
the exchange advantages of the competitive pulp-producing nations, has increased
to a point which indicates that the industry is
952
FEDERAL RESERVE BULLETIN.
approaching the period of recovery. The
manufacture of sulphite pulp in the first quarter
of the present ye&r amounted to 151,000 tons,
or 70 per cent of the factory capacity, in contrast to about 126,000 tons, representing the
quarterly average of production in 1921.
A similar revival has taken place in the
manufacture of sulphate pulp, the production
of which normally amounts to somewhat less
than one-fourth of the output of sulphite.
Production of sulphate in 1921 amounted to
only about 43 per cent of the productive
facilities of the plants, but according to the
statistics for the first quarter of the present
year there is every indication that the total
output will approximate three-fourths of the
mill capacity. Not only do production figures
give prospects of better conditions in the pulp
industry, but also the foreign trade returns
warrant the same conclusion. In the first
four months of 1921 exports of paper pulp,
including mechanical and the two kinds of
chemical pulp, amounted to 24,900 tons, while
for the corresponding months of the present
year exports totaled about 95,000 tons, an
increase of 171 per cent.
The same influence of renewed demand is
being felt in mechanical wood-pulp production.
This branch of the industry, it should be noted,
was at no time during 1921 quite so seriously
affected as were the chemical pulp lines. This
is attributable to the fact that the newsprint
paper market, the outlet for ground pulp, was
better able to sustain itself than the market
for the more specialized grades of paper upon
which the chemical pulp industry depends.
This circumstance and the general absence of
labor troubles, except in a few local and
sporadic instances, combined to keep the
mechanical pulp industry from approaching
collapse. The productive output was, nevertheless, greatly curtailed, amounting to only
about 48 per cent of normal capacity. During
the first quarter of 1922 production had increased to 70 per cent of the facilities of the
plants.
In the paper industry, which is closely allied
with pulp production, a similar improvement
in production may bo noted. In the case of
wrapping and newsprint paper, the output in
the middle of April, 1922, amounted to 90 per
cent of the normal capacity of the factories.
Production of other varieties of paper increased
to a point twice as great in April, 1922, as in
the summer of the preceding year. As in the
case of pulp, the exports of p'aper|in the [first
four months of this year also showed a small
but nevertheless perceptible increase as compared with corresponding periods of last year.
AUGUST, 1922.
EXPORTS OF LUMBER.
The lumber industry, which is the most
important in the national economy of Sweden,
has likewise experienced a decided stimulus
during the first quarter of the current year.
In 1921 the industry suffered from the effects
of the overproduction of the first half of the
preceding year. Foreign trade in 1921 reflects
particularly the difficult position in which the
industry was placed. The quantity of lumber
exported in 1921 amounted to only a little
over one-half of the quantity normally exported, namely, 544,000 standards, which is the
lowest figure reported since lumber production
became a key industry. The present year, on
the other hand, has seen a marked improvement in foreign trade in Swedish lumber
products. About 54,000 standards were exported during the first three months of the
present year, as compared with about 31,000
in the corresponding period of the previous
year. Altogether the wood shipments for the
first four months represent about 22 per cent
of the calculated shipments of the present year,
while in 1921 only 4 per cent of tho year's shipments had left the export centers in the same
period. The foreign trade figures for 1922
thus far published, however, do not give a true
indication of the extent of the revival in the
industry, since lumber shipments do not gain
momentum until May, with the opening of
navigation to the northern Baltic ports. An
acceleration of export activity, already well
begun, may therefore reasonably be expected
within the present summer. Considerable demand for Swedish lumber products is being
manifested in France, due to the progress of
reconstruction work in the devastated regions.
England also has been buying recently in
larger volume, while Spain, heretofore chiefly
a customer of Finland, has lately been placing
her orders with Sweden as a result of her
tariff controversy with the former country.
IRON AND STEEL PRODUCTION.
The iron and steel industry was characterized
by an unprecedented period of depression in
1921. Pig-iron production amounted to but
313,000 metric tons, the lowest figure in half
a century. Only 68 blast furnaces, or about
half of the total number available, were in
operation during 1920. Production of pig
iron in March, 1922, still continued on a small
scale, but showed an improvement over the
output in any of the eight preceding months,
thus indicating a slight upward trend in the
industry. Evidences of revival are more dis-
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
953
tinctly apparent in the March production Swedish goods has recently been considerably
figures for steel manufacture, which show an reduced.
output of 24,000 tons, the highest yield since
The textile manufactures of Sweden are
December, 1920, but still only a little more experiencing a decided quickening of activity.
than half of the monthly average in 1913. In This industry, in fact, is one of the few which
contrast to low production in the iron and steel has recently shown a steady increase in labor
industry, 1921 witnessed a considerable in- personnel. A rapid reduction in the number
crease in the amount of iron ore mined. The of unemployed textile workers began as early
quantity of iron ore produced was no less than as the middle of 1921, and during the last
43 per cent greater than in the preceding year, half of the year unemployment figures fell
and came close to the volume produced in 1913 from 40 per cent to about 8 per cent at the
and the three subsequent years. This increase close of December. This ratio was still further
was mainly to be noted in the mines operating reduced on the 1st of April of this year.
for the production of export ore of high phos- The revival of productive activity is, however,
phoretic content, for which there was a con- more or less uneven within the textile industry
siderable foreign demand during 1921. In the as a whole, particular branches such as woolen
iron industry the number of persons employed manufacturing still being obliged to face serious
may be taken as accurately reflecting the difficulties. The significance of the general
position of the industry. The number of increase in textile manufactures is all the more
workers in the iron mines operating chiefly for noteworthy when considered in conjunction
the export trade had increased to 76 percent of with the fact that imports of textile goods in
the normal number on May 1, 1922, as com- 1921 and the first quarter of 1922 have been
pared with 59 per cent on September 1, 1921. very heavy. This indicates that the Swedish
The mines operating mainly for domestic con- market is at present able to assimilate large
sumption, on the other hand, showed a decrease quantities of foreign textiles and clothing in
from 37 per cent of normal employment on addition to the normal domestic output.
January 1, 1921, to 33 per cent on May 1 of the All of the more important industries of
present year. In the iron works an increase of Sweden have already made drastic wage
12 per cent had occurred in the period between
September 1, 1921, and the beginning of May. reductions in order to bring expenses of proNot only did the iron-mining industry show a duction down to a more reasonable basis.
very striking increase in production during Up to May, 1922, new wage agreements have
1921 but also a noteworthy expansion in the affected about 200,000 workers. The following table indicates the wages within a number
volume of foreign shipments.
of the more important industries expressed as
A total of 4,333,000 metric tons of ore was an index with the wages of January, 1914, as a
exported in 1921, as compared with 3,736,000 base :
tons in 1920.
INDEX
CONDITION OF OTHER INDUSTRIES.
OF HOURLY WAGES IN
INDUSTRIES.
REPRESENTATIVE
Many of the manufacturing industries, on
[January, 1914=100.]
the other hand, are still in an uncertain position. On April 1, 1922, the labor personnel
Latest
Peak
wage
Industries.
in this group of industries had fallen to 25,200,
wages.
agreemen
is.
which represents a decrease of 58 per cent from
the number employed on September 1, 1920.
In.certain lines, especially those filling orders Textile:
Men
376
226
Women
415 : i
250
for Soviet Russia, there is a considerable con- Tanning:
Men...
348
258
centration of employment, but the manufac- Boots and shoes:
;
Men
325
238
turing industries as a whole continue in a
Women
383
254
slack condition. During 1921 the competition Sugar:
Men
432
243
from German sources was relatively keen, but
Women
374-439 '
207-243
trades:
this has not been aggravated on any large Building
Masons
358
239
Carpenters...
387
scale during the present year. Difficulties
258
Laborers
440
290
relating to German export trade control, in
Tinners
369
246
Painters
320
220
addition to delays in production, render the Coal mining
383
217
delivery of German goods less satisfactory,
thereby counterbalancing to a certain extent
the competitive exchange advantage which the
Distribution as well as production! has begun
German goods enjoy. [Moreover, the differ- to show evidences of the beginning of trade
ential between the prices of German goods and revival. The total volume of goods carried
954
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
on the State railroads in March amounted to
730,000 tons, which is the highest figure recorded since the end of 1920. Freight tariffs
have already been subjected to a series of
downward revisions, but railway rates are
still maintained at a height which seems out
of relation to the reduced level of wholesale
prices. According to an official report of the
Swedish Tariff and Treaty Commission dated
March 2, 1922, index numbers for different
freight tariffs on the State railways vary from
204 to 458, using 1913 rates as the base. The
average freight rate for carload lots in comparison with pre-war figures stands at 253,
while the rate on smaller shipments is represented by the index 327. As a result of its
findings, the commission has officially recommended extensive and early reductions in
freight rates by both State and private railways in order to hasten the revival of agricultural and industrial activity.
The Banco de la Nacion Argentina has
adopted resolutions providing for substantial
assistance to cattle raisers in the way of longterm credits not to exceed five years and for
amounts not over 50,000 pesos (paper) in each
case.
The wool industry, on the other hand, has
shown remarkable improvement lately, due to
the reopening of the German and Belgian markets. Exports of wool amounted to 378,465
bales during 1921, against 232,691 bales in the
previous year and 349,200 during 1919.
Heavy stocks of this commodity that were
held over since 1919 have been disposed of.
This fact, coupled with decreased production
as a result of the commercial depression of
1920, leads to the belief that supply will not
exceed demand in the coming years and the
wool industry will be active and prosperous.
ARGENTINA.
According to authoritative reports from
Buenos Aires, the Federal Government is in
negotiation with London bankers for a loan
of £10,000,000, one-half of which will be used
in the extension of State railroads and the other
half to cancel certain Government short-term
obligations. The floating debt at the beginning of the current year has been reported at
650,417,478 paper pesos, about $232;947,000 at
prevailing exchange rates, as follows:
MEAT AND WOOL INDUSTRIES.
A general feeling of depression still seems to
prevail in the meat producing circles throughout the Argentine Republic. Cattle prices
have not materially increased. Estancia owners, not having been successful in finding sufficient purchasers, have had to keep part of
their herds and flocks over the winter, involving heavy additional expenses. Prices for cattle prevailing in Argentina at present are not
exceedingly low if compared with prices in
pre-war years. The considerable difference between prices for meat and its by-products in
producing centers and those in consuming centers is mostly due to the excessive cost of distribution and transportation, a condition which
would be improved, in the opinion off Argentine
financial authorities, if the cattle industry in
that country were organized upon a basis of
more extended cooperation. Cost of production is higher than in pre-war years, thus
increasing the financial difficulties of cattle
raisers. Exports of frozen and chilled meat
showed a general decrease during 1921, although an appreciable increase in exports of
frozen beef took place in the last quarter of the
year, as shown in the following table:
EXPORTS OF FROZEN AND CHILLED MEAT FROM ARGENTINA DURING 1921.
First quarter..
Second quarter
Third quarter.
Fourth quarter
Frozen lamb
(carcasses).
Frozen beef
(quarters).
873,500
653,300
598,600
320,800
1,294,500
659,300
483,600
528,900
Chilled beef
(quarters).
304,900
463,700
768,600
610,800
FINANCIAL AND BANKING CONDITIONS.
Advances to the Government by the Banco
de la Nacion Argentina on current account.
Other advances of the same institution
Loan of $50,000,000
Treasury bills
Short-term loans
External debt service
Balance from previous years
Other credits
Total
Paper pesos,
110, 644, 928
7.1, 999, 663
11.7, 772, 728
.1.2, 630, 272
275, 769, 887
7, 600^ 000
19, 000, 000
35, 000, 000
650,417, 478
Argentina paid off 2,500,000 paper pesos in
reimbursement of short-term loans maturing
on May 31, and renewed 15,000,000 pesos for
six months, with interest at the rate of 5f
per cent.
The floating debt of the Province of Buenos
Aires is estimated at about 80,000,000 paper
pesos, and the exigencies of the situation seem
to indicate the advisability of contracting a
new loan to consolidate such indebtedness. It
has been reported that this Province will cancel
within six months its outstanding foreign loan
of 1913 for £421,890, which originally amounted
to 11,100,000 francs and was floated through
the Credit Mobilier Francois, and that an
internal loan for 50,000,000 pesos has been
recommended by the governor.
The floating debt of the Province of Santa
Fe amounts to 17,000,000 paper pesos, accord-
AUGUST,
ing to the message delivered by the governor to
the provincial legislature, and it is very likely
that provincial loans for that amount will be
floated in the near future.
The Banco de la Nacion Argentina has been
successful in meeting the difficulties created by
the severe financial depression during the last
year. Reference has already been made to the
financial assistance rendered" by this institution
to cattle raisers, who have profited by the
provisions of Law No. 9644 on rural property
guaranties, and have obtained long-term loans
amounting to 132,867,723 pesos on December
31, 1921.
. Other industries also received substantial
help from the Banco de la Nacion. During
1921 loans were granted by this institution to
finance production and marketing of staples to
the following extent:
Paper pesos.
Cotton
Rice
Sugar
Chickpeas
Tobacco
Wines
Lumber
Cheese
373,090
278, 050
409, 221
185,038
,.
77,600
2.440,284
50, 394
485,000
The movement of loans and discounts,
deposits, and cash on hand of the Banco de la
Nacion for the years 1905, 1913, and 1919 to
1921 is shown below:
!
End of-
1905
1913
1919
1920
1921
i Loans and
! discounts,
I
legal.
; currency.
;
i
i
!
;
955
FEDERAL RESERVE BULLETIN.
1922.
164,295,894
477,695,736
676,005,331
803,846,069
904,104,160
I
Deposits,
legal
currency.
|
:
(,
M
,
176,781,405
541,383,243 i
1,249,730,567
1,412,351,161 i
1,310,049,978 '
Cash.
...
:
• Legal.
.: c u r r e n c y .
11,328,868 ! 51,257,251
32,272,702 ! 180,056,047
38,958,628 , 267,963,298
24,725,707 405,731,497
23,174,114 i 410,159,748
Gold.
Legal currency.
LIABILITIES.
Capital
Surplus...
Conversion *und, law 3871
Conversion account
Mobilization of the conversion fund,
laws 9479 and 10251
Deposits, time and demand
Discounts, interest unearned but
collected
Due to branches
Other liabilities
Total
150 ,038,9-12.14
21, 262. 541.67
30, 000, 000.00
35, 892, 783.59
3, 197.. 210.05
45 ,454,545.45
1,294 ,143,388.97
S48 371.54
25.00
30.96
29 ,839,720.27
13,150,369.47
527,760.30
94, 200, 962.81
1,533 ,154,726.60
According to statements of the Treasury Department of Argentina, the total custom receipts
during 1921 amounted to 243,458,791 paper
pesos, as compared with 297,685,843 pesos in
1920. This decrease has been explained by a
reduction in the returns from duties on exports,
which only amounted to about 50 per cent of
the estimates. Internal revenue during the
month of March amounted to 8,525,268 paper
pesos, as compared with 7,644,409 pesos for
the same period in 1921, or a difference in
favor of the former of 880,858 pesos. On the
other hand, the Buenos Aires customhouse
collected to April 20, 57,550,610 paper pesos
as against 65,514,676 pesos for the same period
last year, or a decrease of 7,964,066 pesos.
Liabilities of commercial failures during the
month of May are placed at 12,592,032 pesos,
against assets of 11,182,169 pesos. A schedule
indicating liabilities of commercial failures
since January, 1922, was published in the July
issue of this BULLETIN. .
BRAZIL.
The general situation in Brazil appears to
be easier than at the beginning of the year, and,
according to local opinion, the worst is over.
Recent political developments in Brazil have
The following statement shows the condi- contributed to hinder the process of finantion of the Banco de la Nacion Argentina at cial readjustment, but with the help of the
the close of business on May 31, 1922:
Government confidence has been restored and
a general improvement is expected shortly.
Legal currency.
FOREIGN TRADE.
ASSETS.
Due from foreign correspondents
Advances on current accounts
Bills receivable
Accounts for collection guaranteed..
Bills discounted and rediscountcd...
39,712.00
Rediscounts (law 9479 and 9577)
Doubtful debts
i
Heal estate
National public funds
j 9,802,701.05
Mobilization of conversion fund, I
laws 9479 and 10251.
' 20,000,000.00
•Furniture and fixtures
j
Due from the Treasury, law 10251... !
Conversion account
I
Due, according to the agreement j
with Eneland and France, law |
10350 /
i 33,839,115.29
Cashonhand
! 23.257,116.75
Other assets
!
536,670.00
Total
326,699,293.02
2,560,614.36
15,638,218.60
562,183,382.14
17,560,757.68
14:328,963.39
23,799,403.33
21,740,389.15
988,166.70
71,999,663.25
81,574,507.48
386,179,182.40
7,902,185.10
; 94,200,962.81 ; 1,533,154,726.60
Although it is true that Brazilian markets
have reached a point where depletion of stocks
would make new purchases necessary, the
figures of Brazil's foreign trade during the first
four months of 1922 do not show a,n appreciable
improvement in the import situation. Foreign
exchange is undoubtedly the basic factor operating against buying on a large scale, importers
purchasing only in amounts sufficient to meet
current demands. Although in terms of volume imports into Brazil during the period
above referred to indicated a substantial increase over the same period in 1921, in terms
956
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
of value a decrease of £14,817,000 was regis- ume during the same period, but increased in
tered, or a reduction of over 50 per cent. value, as may be seen in the folio wing f comExports, on the other hand, decreased in vol- parative table:
FOREIGN TRADE OF BRAZIL.
METRIC TONS (GROSS WEIGHT).
Imports.
1919
1920
1921
1922
1913
1919
1920
1921
1922
1921
456,754
452,035
518,298
521,314
218,520
194,802
223,011
216,659
163,735
246,811
259,569
248,084
268,033
236,581
205,262
190,938
187,592
213,038
305,995
265,456
124,292
93,899
85,556
76,205
193,704
177,273
179,256
157,649
147,483
117,800
178,336
162,653
180,022
149,147
175,549
148,428
162,314
142.733
150)516
186,166
-88,011
-87,431
-29,71.3
-42,510
-25,249
-70,305
-155,480
-79,290
1,918,431
852,992
918,199
900,814
972,081
379,952
707,882
606,272
653,146
641,759
-217,668
-330,321
1913
January
February
March
April
Total
Balance in. favor of
or against exports.
Exports.
1922
V A L U E IN P O U N D S S T E R L I N G (000 O M I T T E D ) .
January
February
March
April
.
Total
6,236
5,354
6,187
5,849
6,000
6,757
6,559
6,204
6,520
8,641
7,645
8,278
10,451
6,990
6,732
4,759
2,833
3.152
4,197
3,933
7,829
5,561
4,403
3,515
8,814
10,859
10,923
10,296
12,272
10,930
13,854
10,021
4,949
4,591
5, 111
4,501
6,168
5,022
5,511
5,915
5,502
-2,399
1,621
-258
+ 3 335
+ 1,870
+ 1 314
+ 1,982
23,626
25,520
31,084
28,932
11,115
21,308
40,892
47,677
19,152
22,616
-9,780
+ 8,501
The total import trade during the first four
months of 1922 increased in volume over the
same period in 1921 by 71,267 tons; the unfavorable balance of trade, consequently,
turned from 247,668 tons in 1921 to 330,324
tons for the same period of four months in
1922. In terms of value, however, the-figures
show a balance favorable to Brazil of 8,501,000
pounds sterling as compared with a debit balance of 9,780,000 at the end of April, 1921.
A final table is presented showing exports of
Brazilian products by groups of commodities
during the periods of January 1 to March 31
in the years 1913 and 1919 to 1922.
Quantity.
1913
;
1919
Value f. o. b . , contos of reis (paper).
1920
10,431 i
47,578
Animals and their products (tons)
23,661
89,204
Minerals and their products (tons)
Vegetables and their products (tons) 1 ... 252,585 ! 376,501
2,744
4,088
Coffee (1,000 bags)..,.
14,323 ! 32,862
Sundries
Total of exports (26 commodities
303,747 i 550,233
and sundries)
1921
1922
1913
1919
!
1920
1921
39,611 ! 40,816
32,574 i 106,063
353,068
339,279
2,877 |
3,304
15,489 ! 15,256
16,057
37,571
375,994
3,475
22,496
10,109
2,275
102,385
149,260
2,862
73,695
10,920
115,926
342,692
19,803
443,619 ! 504,718
455,593
266,891
563,036 | 504,763 | 369,218
72,982 i
5,065 S
163,157 :
253,357 j
10,202 i
49,131
12,631
102,976
195,962
8,518
1922
34,824
4,780
115,715
364,612
11,937
531,868.
I
Increase (+) or decrease (—) in
1922 compared with 192L
Value f. o. b . , equivalent in £1,000.
1913
Animals and their products (tons)
Minerals and their products (tons)
,
Vegetables and their products (tons) l
Coffee (1,000 bags)
Sundries
Total of exports (26 commodities and
sundries)
i Coffee excepted.
1919
1920 .
1921
1922
Contos of |
Quantity. reis
(paper).
£1,000.
674
152
6,824
9,951
192
4,000
593
6,294
18,637
1,072
5,361
371
11,983
18,591
750
1,947
502
4,087
7,775
340
1,094
150
3,635
11,446
' 376
-24,759
-68,492
+36,715
+ 171
+7,240
-14,307
-7,851
+ 12,739
+168,650
+3,419
+3,671
+36
17,793
30,596
37,056
14,651
16,701
-49,125
+ 162,650 j
+2,050
-853
-352
-452
AUGUST, 1922.
957
FEDERAL RESERVE BULLETIN.
structure of the country would suffer in consequence of a decrease in exports and the reThe Brazilian National Congress has passed sulting adverse effect upon the balance of trade.
a bill providing for permanent protection
of prices of coffee and other produce. This
EXCHANGE SITUATION.
plan authorizes the Government to buy coffee
up to a maximum of 300,000 contos paper for
In spite of the increased gold reserve, the
valorization purposes. A translation of the exchange situation has not shown improvement.
bill in question follows:
Local financial authorities contend that so
Chapter II, article 6, of the project for permanent pro- long as banks and exchange are under official
tection of national agricultural and pastoral products pro- restrictions, those factors which under normal
vides for the establishment of an institution which will conditions would favorably affect the exchange
be administered by a commission composed of the Secre- situation will lose most of their force.
tary of Finance as president, the Secretary of Agriculture
In the June issue of the FEDERAL RESERVE
as vice president, and five other members of recognized
important iinancial and commercial standing, to be ap- BULLETIN a table was published showing the
pointed by the President of Brazil.
monthly range of Brazilian exchange rates in
I. The Institution for the Permanent Protection of New York from January, 1916, to March, 1922.
Coffee will be domiciled in the Federal Capital. Branches
and agencies may be opened in such important towns as The following table indicates the changes
which occurred during the three subsequent
considered necessary by the Government.
II. (Omitted in source.)
months, and serves as a supplement to the
III. The functions of the Institution for the Permanent table referred to.
Protection of Coffee will be as follows:
PERMANENT VALORIZATION PLAN.
(a) To grant loans, at moderate rates of interest and for
periods to be determined by the commission, against coffee
stored in reliable warehouses or establishments owned by
the Brazilian Union or the States.
(6) To purchase coffee and withhold it from the market
at any time the commission may deem necessary for
purposes of price stabilization.
(c) To inaugurate an information and propaganda bureau,
with a view to increasing consumption and suppressing
substitutes.
IV. The capital of the Institution for the Permanent
Protection of Coffee will be 300,000,000 milreis paper.
V. This amount will be obtained from the following
sources:
(a) Profits derived from sale of stock already held by the
Government.
6) Net benefits from other coffee operations.
c) Contributions by the States.
d) Internal or external loans, provided the Executive
is able to obtain suitable terms as to time and interest;
and, should it be considered necessary,—
(e) To issue paper currency in amounts sufficient to
complete the amount required as capital. The Government is hereby authorized to issue the necessary amounts.
VI. Emissions will be guaranteed by that part of the
gold reserves tendered as guaranty for paper currency,
not referred to as guaranty under decree No. 3546 of
October 22,1916, as well as by 80 per cent of the coffee purchased by the commission, or by warrants in favor of
other parties.
VII. As operations are concluded, notes corresponding
to the emissions will be burnt monthly.
VIII. Should it be considered necessary to obtain warrants against coffee purchased by the commission in order
to raise funds, such warrants shall be on a basis of 50
per cent of the current prices of coffee.
Month.
April..
May..
June..
High.
1922
|
13.690 ;
13.940 i
14.125 I
Low,
13.470
13.550
13.875
The total amount of paper currency in circulation at the close of 1921 has been placed
at 1,900,000 contos. The following indicates
the gradual increase in paper currency since
1913:
1913
1914..
1915
1916
1917
1918..
1919
1920
1921
•.
Milreis.
601,488:304
822,496:019
982, 089:528
1,122, 559:762
1, 389,414:967
1, 679,176:059
1, 729, 061:523
1, 730, 000:000
1, 900, 000:000
The gold reserves of Brazil have increased
since the beginning of the present year. On
May 31, the total gold reserves in the Caixa
de Oonversao and the Treasury was 85,203
contos, against 83,766 contos at the close of
1921. Of that amount, 1,011 contos, the
equivalent of £113,710, are in the hands of the
agents of the Brazilian Treasury in London.
This represents profits accrued from purchases of Brazilian Government securities in
that market to the amount of £1,500,000.
The ratio of gold reserve to total circulation
is at present 4.4 per cent.
Vehement criticism has been expressed by
some of the most conservative financial authorities of Brazil with regard to the advisability of
adopting such a project. They seem to object
strongly to the issuing of new Government
paper currency, which would only aggravate
ESTIMATED BUDGET FOR 1923.
the already serious exchange situation. Furthermore, although the planter would unThe estimates for expenditures for 1923
doubtedly be benefited by the proposed plan, have been sent to the National Congress for
consumption would decline and the economic discussion. Reducing all amounts to paper
958
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
currency, the 1923 budget shows a net deficit 443,753,136 pesos represent exports. These
figures are 73,776,428 pesos and 347,768,236
of 171,252:000 paper milreis, as follows:
pesos, respectively, below those of 1920. This
decrease is distributed as follows :
Paper
Gold
contos.
contos.
IMPORTS.
652,755
847,902
95,156
87,191
Revenue
Expenditure
Deficit
Surplus
. .
Premium on gold, 200 per cent, at 9d. exchange
195,147
7,965
23,895
15,930
Pesos.
Products of extractive industries
Manufactured products
Coin and precious metals
27,021,662
45, 711, 892
1,042, 874
Total
73,776,428
171,252
Net deficit
EXPORTS.
The budget estimate for 1923 is based on
figures for the 1922 budget, vetoed by the
President, and still under discussion in Congress. It is to be expected that substantial
changes will be made to reduce the deficit for
1923 to a considerable extent. The proposed
expenditures by the different ministries for
1923 have been as follows:
In contos of reis.
Ministry.
Paper.
Gold.
Justice and Interior
Foreign Affairs
Marine.
War
Public Works.
Agriculture...
Finance
:
94,438
2,467
3,240
5,398
84,074
128,150
288,946
47,710
202,117
4,100
1,700
474
363
61,916
Total..
77,191
847,902
I
A comparison of estimated budget figures for
1923 can not be made with those for 1922, since
the latter are still under discussion by the
National Congress, but the revenue for 1922,
which is not expected to undergo material
change, will compare with that of 1923, as follows :
Products of extractive industries
Manufactured products
.v
Coin and precious metals
Total
342, 78§J.68
4, 378, 315
601, 753
347, 768, 236
The general reduction in the foreign trade of
Chile is almost entirely due to the precarious
situation of the nitrate industry. Chile's mainstay is nitrate, and until the heavy stocks still
held in Europe and in the "oficinas" in Chile
are completely disposed of, no material improvement may be expected. Out of the total
decrease of 347,768,236 pesos in exports for the
year 1921 the sum of 342,788,168 pesos corresponds to extractive industries. Of this figure
nitrate showed a reduction of 253,033,602 pesos
from the total of the previous year, copper
followed with a decrease of 56,610,903 pesos,
and wool with a decrease of 22,242,341 pesos.
The purchasing power of the country has been,
consequently, substantially reduced. Stocks
of nearly all kinds of manufactured articles are
still heavy, and in a considerable number of
commodities sales have been made at a loss in
order to create ready cash. The following
table gives the figures of Chile's trade with several important countries in 1921. The increasing volume of trade between Germany and
Chile during that year is worth noticing.
In conto s of reis.
[In gold pesos of 18d.]
Year.
Gold.
Paper.
Countries.
1922
1923.
Increase or decrease for 1923
92,276
95,156
652,755
727,673
+2,880.
-74,918
CHILE.
FOREIGN TRADE.
The annual message of the President of Chile
was read at the formal opening of the National
Congress on June 1. According to his exposition of the country's economic and financial
developments during 1921, the foreign commerce
of Chile with the entire world in that year was
placed at 825,055,642 gold pesos (of 18d.), of
which 381,302,506 pesos represent imports and
United States
Great Britain
Germany
France
Belgium
Italy
Spain
Holland
Sweden
Norway
Japan
Imports.
105,096,104
102,771,205
38,034,092
22,341,017
10,432,403
7,092,220
6,920,936
3,256,304
2,846,224
2,442,696
1,998,231
Exports.
74,462,652
67,524,549
15,051,267
21,867,342
3,307,798
9,030,186
2,558,673
15,722,138
779,934
686,794
5,332,612
These figures do not include nitrate exports.
Exportation of that commodity to all countries
totaled 182,758,629 pesos during 1921.
The following is a comparative table showing
the figures of Chile's foreign trade from 1911 to
1920 in terms of United States currency, converting the Chilean gold peso at the par rate
of 36.5 cents United States currency (18d.
sterling).
Year.
1913
1914
1915
1916
1917
1918
1919
1920
959
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
Imports.
8120,274,001
98,461,195
55,922,218
81,220,102
129,603,115
159,167,034
146,483,331
166,103,811
Exports.
Difference in
favor of ( + )
or against
exports ( - ) .
8144,053,312
109,381,534
119,529,802
187,458,432
259,985,495
291,863,277
115,696,658
288,905,301
+5524,379,311
+ 10,920,339
+63,607,674
+ 106,238,330
+ 130,382,380
+ 132,696,243
-30,786,673
+ 122,801,490
IMPORTS INTO CHILE.
[In thousands of dollars.]
Country of origin.
United States
United Kingdom
Peru
France
India
Germany
Argentina
,
Spain
,
Mexico
Brazil
Sweden
,
Belgium
Norway
,
Italy
,
Japan
Bolivia
Netherlands
All others
1916
1917
1918
34,459
20,050
5,596
3,462
4,551
453
2,513
2,033
477
1,134
717
67
541
1,752
590
199
351
2,274
63,535
23,566
10,176
5,152
5,341
68
7,682
3,251
2,454
863
800
4
295
1,652
1,193
659
116
2,795
74,260 • 70,027
29,728 j 28,423
11,588 11,788
5,037 : 6,277
9,183
255
11,307 j 3,853
4,421
4,488
2,666 I lr687
789 j 1,437
1,173 •
789
4
9
212
232
1,302
1,305
4,293
2,941
1.327
1,355
66
256
2,367
3,965
I
!
i
!
1919
1920
51,199
42,401
12,398
10,320
8,814
7,692
6,224
3,353
3,230
3,208
3,102
2,500
2,062
2,061
1,538
1,070
1,007
.3,923
Due to the complete closing of the German
and central European markets, the foreign trade
of Chile during 1914 showed a considerable
reduction. The favorable balance of trade
Total
,
81,220 129,603 159,167 146,483 166,104
of the country was reduced by over $13,000,000
and the purchasing power of Chile was thus
EXPORTS FROM CHILE.
considerably impaired. The effects of this
situation were reflected in the following year,
[In thousands of dollars.]
when imports fell by over $42,000,000, while
exports, on the other hand, showed substantial Country of destination. | 1916 1917 i 1918 I 1919
1920
increases. The result was that the favorable
1._ _ L
balance increased from $10,920,339 in 1914 United States
92,034 154,943 178,483 47,623 ; 125,737
55,269 66,476 25,984
59,823
Kingdom
48,147
to $63,607,674 in 1915. Purchasing power was United
11,643
11,543
5,758
France
1,548
14,088
2,764
7,602
3,391
Netherlands
,
2,415
greater, and consequently imports showed Spain
1,570
6,151
3,123
771
1,567
considerable increase during the next year. Japan
3,639
5,461
3,090
3,019
1,409
7,577
5,207
5,005
9,616
4,492
Exports also increased due to the growing Argentina
1,266
4,780
5,218
6,632
Peru.
942
1,231
3,968
356
j
962
demand by the belligerent nations for Chilean ni- ggyp
330
509 ! 3,540
Belgium
trates for the manufacture of war materials, and Italy
3,473
1,064
1,886 i 4,795 |
475
2,673
37
Germany
at the end of 1916 the favorable balance in- Hawaii.
2,587
944
1,697 j
1,393
606 ! 2,291
creased to $106,238,330. The year 1917 marked Denmark
660 I
1,419
2,183
2,922
!
1,453 :i 2,905
757
the beginning of a period of overtrading and Bolivia.
195 j 1,604
1,333
1,178
654 j
Australia
5,054 | 6,052 i 4,152 ! 6,150
8,565
All others
expansion. Nitrate was exported in unprece- Foreign
merchandise
dented quantities at high prices. Correspond- exported
2,782 ! 3,192 j 13,141 i 5,664 ! 4,612
167 i 29,520
4,055 ' 1,897 !
258 !
ing war wages were paid to the workers who On orders
Total
I
187,458
\
259,985
.
291,863
115,697
288,905
spent freely, and purchases abroad were made in
great quantities. Imports at the end of the
year reached the figure of $129,603,115; This
PUBLIC FINAXCE.
abnormal situation continued until 1919, when
the demand for nitrate became far more
The Chilean National Congress has still unlimited and a period of liquidation and read- der consideration the budget for the current
justment was inaugurated. The balance of year. According to a statement of the Minister
trade for this year underwent a very severe of Finance before Congress, the total expendichange. As compared with a favorable balance tures for 1922, excepting those which will be
of $130,382,380 in 1918, the foreign trade fig- met with special funds, will amount to approxiures shifted to an adverse balance of $30,786,673 matety 322,714,849 paper pesos and 55,747,976
for 1919. Exports of nitrates in 1920 are gold pesos. The balances resulting from special
placed at 535,602,880 pesos against 127,077,042 laws enacted in 1921, creating obligations for
in 1919.
1922, amounting to 6,596,474 pesos, should be
The following table presents imports to and added to the probable total expenditures.
exports from Chile for the years 1916 to 1920, Those for 1922, representing expenditures of
1,173,537 pesos, should also be added. Unby countries of origin and destination:
960
FEDERAL RESERVE BULLETIN.
foreseen and probable special expenditures
have been placed at 10,000,000 pesos. On the
other hand, the revenues for the current year
have been estimated at 59,832,000 gold pesos,
which would create a surplus of 4,084,024 gold
pesos. The receipts in paper currency are
placed at 206,806,115 pesos, to which amount
there must be added the surplus in gold revenue
converted into paper pesos, which makes a
total paper revenue of 219,058,187 pesos. A
deficit may thus be expected of about 121,426,673 paper pesos. This deficit will have to
be made up, according to the Secretary of
Finance, by the floating of a loan.
1922.
interchange of views as well as the reaching of
a better understanding of the position of the
two Governments. This will undoubtedly
prove beneficial in the consideration of financial
assistance which may be extended to Cuba
when matters such as the budget are adjusted.
The question of a loan by the United States
to Cuba for $50,000,000, applied for by the
Government of that country, is still in suspense. It is believed that a study of recent
Cuban budgets will throw light upon the question whether a loan is really needed or to what
extent Cuba is entitled to financial assistance,
The following table indicates the figures for
budget and revenue of the Government of
Cuba since the fiscal year of 1910-11:
ECONOMIC AND FINANCIAL CONDITIONS
IN CUBA.
In the July issue of the BULLETIN (p. 825),
the commercial position, foreign trade, and
banking conditions of Cuba were discussed.
The following article continues the consideration of economic and financial conditions in
Cuba, with a discussion of public finance and
imports and exports of foreign currencies.
AUGUST,
Budget law
or estimate.
Fiscal year.
1910-11
1911-121
1912-13
1913-Ui...
1914-15
1915-161...
1916-171
1917-18
1918-19...
1919-201
1920-211...
Revenue
obtained.
$30,996,599
34,024,582
33,974,147
37,756,914
38,862,905
40,369,994
42,828,497
45,921,521
64,430,773
66,621,151
71,993,003
$36,345,367
37,842,506
39,602,318
39,623,399
37,977.652
40,992,501
52,054,947
64,534,136
70,028,628
93,004,954
107,923,087
BUDGET AND FOREIGN DEBT.
1
No budget for the year was approved by Congress; amounts represent
figures submitted to Congress by the President.
A financial mission was appointed by the
President of Cuba in August, 1921, for the
purpose of approaching the American Government and financial authorities. Its object was
to bring about a mutual understanding between
both countries, in an endeavor to solve the
present difficult economic problems of the
island. The sugar tariff and readjustment of
Cuba's financial affairs were the two most important matters considered.
Although no definite understanding or arrangement was concluded, the visit of the
mission to the United States made possible an
According to this table, the revenues obtained by the Government have always exceeded expenditures, with exception of the
year 1914-15. It must be borne in mind,
however, that the budget provides for regular
expenses, but presidential decrees and laws
passedj^by Congress during the fiscal years
provide^for additional appropriations, so that
expenditures at the end of any given year are
far in excess of the budget appropriations.
The following table indicates the percentage
distribution of expenditures for the budgets of
1914-15 to 1922-23:
Items of expenditure.
Public debt
Congress
J udiciary..
. .
Total
Executive:
Presidencv.
.
State...
Justice. .
Interior
Treasury
Treasury, additional
Public instruction
Public works.
Public health and charities . .
Agriculture, commerce, and labor..
War and navy.
.
Total..
Reserve fund
Total
. . .
. .
Budget,
1914-15.
Project,
1915-16.
Project,
1916-17.
Budget,
1917-18.
Budget,
1918-19.
Project,
1919-20.
Project,
1920-21.
Budget,
1921-22.
11.07
2.21
4.58
15.73
2.20
4.59
14.47
2.17
4.33
9.74
2.77
4.24
9.38
2.39
3.80
15.40
2.45
3.70
14.18
3.00
5.32
14.36
3.63
5.69
13.39
3.38
5.33
17.86
22.52
20.97
16.75
15.57
21.55
22.50
23.68
22.10
Project,
1922-23.
.42
.42
.39
.38
.33
.33
.31
2.40
2.24
2.23
1.96
.33
2.03
.35
2.26
2.06
2.12
2.13
.57
.57
.54
.52
.41
.42
.41
.67
.44
9.61
7.51
1.04
12.91
12.67
10.59
2.62
18.46
9.35
6.32
1.19
13.00
12.10
9.93
2.65
19.55
9.77
6.34
1.13
13.05
12.63
9.72
2.44
20.78
9.57
6.36
1.09
13.96
14.04
12.23
2.68
20.19
9.72
6.23
3.52
16.15
10.95
9.55
2.17
23.44
9.01
6.15
1.83
14.75
10.25
8.95
2.07
22.66
9.16
5.77
2.00
13.65
11.81
8.46
2.00
21.83
11.05
5.37
2.93
15.87
6.76
8.92
1.86
20.44
11.78
5.70
2.74
14.79
7.47
8.93
1.58
22.03
78.66
3.48
77.48
79.03
83.25
84.43
78.45
77.50
76.32
77.90
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
AUGUST,
961
FEDERAL RESERVE BULLETIN.
1922.
The figures for the budget of 1921-22 are
represented, as readjusted by the President on
January 9, 1922, and those for the budget of
1922-23 are estimates submitted to Congress
on November 14, 1921. The Cuban budget for
the current year has been balanced at S54,800r
000 and represents a cut of §9,622,665 from the
original project.
A comparison of the percentages for the
1919-20 budget and those for 1921-22 reveals
that the appropriations for nearly every
division were increased at the expense of
provisions for public debt, agriculture, public
health, and public works. Provision for the
reserve fund was made only for the year
1914-15. The following table indicates . the
changes made in the budget during the war
period. The first column shows the budget
figures for the first year of war when conditions
in Cuba were normal. The second column
presents figures for the year 1918-19, when
Cuba was enjoying a period of wide prosperity
and inflated trade. The fiscal year 1921-22
was a period of liquidation and adjustment.
The budget figures for the year 1921-22 are
shown in the third column of this table:
I '"erccntagcs-
Budget.
Items of expenditure.
Public debt..
Congress...
Judiciary
1914-1.5
. . .
Total
Executive:
Presidency
State
"
Justice
Interior.
Treasury....
Treasury, additional...
Public instruction
Public works .
Public health and charities .
Agriculture, commerce, and labor
War and navy
Total
Reserve fund
:
1918-19
1921-22i
1918-19
1914-15
1921-22
S6,044,210 $8,623,651.
1,511,138
2,178,060
• 2,450,26 L 3,421,672
11.07
. 2.21
4.58
9.38
2,39
3.80
14.36
3.63
5. 69
15. 57
23.68
7,191,063
10,035,909
14,223,383
17. 86
168,080
911,679
229,000
3,870,960
3,022,098
41.9,299
5,196,421
5,101,666
4,264.388
1,056,260
7,431,992
209,620
1,261, 804
265,260
6,261,586
4,01.8,728
2,263,204
10,406,127
7,056,140
6,1.52,341
1,400, 880
15,099,171.
200,620
1,275,204
403,100
6,639,624
3,225,10 L
1, 758,701
9,528,317
4,059,225
5,354,207
1,116,450
12,273,316
.42
2. 26
. 57
9.61.
7.51
1.04
12.9L
12.67
10. 59
2.62
18.46
.33
.33
1.96
2.12
9.72
6. 23
3. 52
16.15
10.05
9. 55
2.17
23. 44
11. 05
5.37
2. 93
15. 87
6.76
8.92
1.86
20.44
31,671,843
54,394, 864
45,833,895
78.66
84.43
76.32
100.00
100.00
1,100,000
Grand total
1
84,457,963
889,620
1,843,480
. .
40,262,906
.41
.67
3.48
6-1,430,773
60,057,278
100. 00
Projected.
The budget for 1922-23, according to the
project presented to the Congress of Cuba,
made provisions' for expenses totaling
$64,422,665. As revenues were placed at
$54,000,000, there was a deficit of over
$10,000,000. The Government of Cuba, taking into account this fact and also that actual
yearly expenditures always exceed those provided for in the budget, started negotiations
for a loan in the United States, with which to
Items of expenditure.
provide for current expenditures and also for
the payment of the floating debt. No satisfactory solution has as yet been reached in
regard to this loan, but the budget has been
finally balanced at $54,800,000. The following table serves to compare the budget figures
for 1921-22 with, the projected budget for
1922-23 and with a suggested budget presented
by a high official of the United States Government for the same period:
Budget of
1921-22 as
readjusted
by T decree
]S o. 19.
Per cent for—
Project,
1922-23.
Suggested
budget
for 1922-23. Budget,
1921-22.
Project,
1922-23.
Project,
1922-23.
Public debt
Congress
Judiciary
.$8,623,651 ! 88,623,651 $8,623,651
2,178,060 j 2,178,060
1,700.000
3,421,672 3,435,671 2,600;000
14.36
3.63
13.39 !
3.38 i
5.33 i
15.97
3.14
4.82
Total
Executive:
Presidency
State
. Justice (including census)..
Interior
Treasury
Treasury, additional
Public Instruction
Public works
Health and charities
Agriculture, etc
War and navy
Total
14,223,383
23.68
22.10 !
23.93
Reserve or surplus..
Total
j...
I 1,986,319
60,057,278 "64,422,665 |547"600,~000
4210—22-
14,237,382
12,923,651
200,620
200, 620
200,000
1,275,204 1,371, 604 1,000,000
403,100
286, 100
390,000
6,639,624 7,589, 440 j 5,400,000
3,225,101 3,670, 777 2,900,000
1,758,701 1,767, 701
1,500,000
9,528,317 9,529, 717 : 8,600,000
4.059,225 4,813, 840 ; 4,800,000
5; 354,207 5,752, 042 i 4,800,000
1,116,450 1,013, 900 : 1,000,000
12,273,346 14,189, 542 i 8,500,000
45,833,895 | 50,185,283 | 39,090,000
!
76.32
.31
2.13
.44 .
11.78 ;
5.70 i
2,74
14.79 !
7.47 |
8.93 I
1.58 I
22.03
77.90 I
72.39
100.00 i
100.00 ,
"lobToo
. 33
2.1.2
.67
1.1.05
5.37
2.93
.15.87
6. 76
8.92
1.86
20. 44
.37
1.85
.72
10.00
5.37
2.79
15.92
8.89
8.89
1.85
15. 74
3.68
962
FEDERAL, BESEKVE BULLETIN.
The imperative need of limiting expenditures
for the current year is all too obvious. In the
proposed budget, high salaries paid to Government officials and employees during the war,
when living expenses in Cuba were exorbitant,
were not reduced. The provision for army
and navy was increased by almost $5,000,000
over the previous year, which amount alone
exceeds the total sums allotted to a number of
important departments of the Cuban Government. Appropriations for the departments of
interior and state were also considerably increased. It is not only in the matter of
salaries, which amounted to 61 per cent of
the total budget for 1921-22, but in the proper
control of Government finances with a view to
keeping within the limits prescribed by the
budget figures, that immediate consideration
will have to be given by the Cuban Government. Heretofore the President of the Republic has had the power to create special
appropriations outside of budget figures,, there
being no reserve fund with which to meet such
expenditures.
The indebtedness of the Cuban Government
on July 1, 1922, the beginning of a new fiscal
year, were considerable. It remains to be
seen whether the revenue collected during the
fiscal year of 1921-22 has been sufficient to
meet expenditures, which, according to the
budget provisions alone, will amount to
$60,057,278. The following table indicates
the revenue obtained by the Government during the first nine months of the fiscal year
1921-22:
1922:
1921:
January... . . $4,334,506
July
$5,518,055
February.. . . 4,570.067
August
5,361,653
March.... . . 5, 599; 478
September... 4, 630, 486
October
4,239,669
November.... 4, 350, 931
T o t a l . . . . 42,737,849
December
4,133, 004
Placing the average monthly receipts at
$4,800,000, by the end of the year the total
revenue would amount to $57,137,849, which
will not be sufficient to cover the expenditures
provided for by the budget as readjusted by
decree No. 19.
The table in the next column indicates the
present status of the Cuban debt.
1
Currency of—
United States
Spain
France
Mexico
England
Other countries
Total..
[Amounts in United States dollars.]
• r
J. t i l l I for
1U1
II Paid
j
Due date. \LIost.
PT"I amortization.
Amount.
Per j
cent. ;
FOREIGN DEBT.
1,
Loans of Spcyor & Co.... { f j>» gjg, 000 Mar.
Aug. 1,
Feb. 1,
Jan. 22,
1944 5 ! 12,076,500
1949 i 4i
812,000
1949 ' 5 !
860,000 "
1923 j
Total foreign debt.; 66,500,000
Total a m o u n t s ,
paid for amorti- ,
zation on foreign :
-debt
_r
r
. : 13,748,500
INTERNAL DEIST.
Internal debt, 1905
11,169,800
7,000,000
Extension oi' internal
debt, 1917.
30,000,000
Treasury bonds, 1917
Total internal debt 48,169,800
Total a m o u n t s
paid for amorti- I
zation on internal debt
Nov. — , 1931
5 i
798,500
5 j 2,000,000
Dec. 31, 1929
0 j 4,434,800
7,233,300
;
Total foreign and
!
internal debt... 114,669,800 \
Total a m o 11 n t s
paid for ainorti- j
zation on foreign
and i n t e r n a 1
debt
; 20,981,800
The most immediate payment of importance,
a loan of $5,000,000 by Morgan & Co., falls
due on January 22, 1923. Against this loan,
which was floated at 99^, the Government of
Cuba gave its note for one year for $5,000,000,
with interest at 6 per cent, and deposited bonds
as collateral security, the majorit}?" of which
were Cuban Government obligations.
IMPORTS AND EXPORTS OF FOREIGN
CURRENCIES.
According to statements of the chief of the
Coinage Bureau of the Cuban Treasury Department, the total of foreign currencies exported from Cuba during the calendar year
1921 amounted to $91,740,230. The table
below indicates in detail the distribution of
currency exports in gold, silver, and paper
currency. Imports of currency into Cuba
during "1921 were placed at $20,088,015, of
which $17,645,082 were American currency.
Gold.
i Amounts
I
in
• respective
j foreign
units.
' 255,000
I
57,580
i 114,260
'
13,776
! 940 10 0
!
.1.
AUGUST, 1022.
Paper currency.
Silver.
i
Equiva- Amounts
Equiva- Amounts
EquivaRate of
lent
lent
in
Rate of
in
lent
exin U. S. ! respective
in U. S. respective
exin U. S.
change.
curcur- •
foreign
change.
foreign
currency.
rency.
units.
units.
rency.
S255,000
10,940 j
92,222 j
21,881 !
6,819
218 •
4,552 12 10 0 !
1,264
300,456 !
§0.145
$13,372
.40
4.325
13,513
90.701,213
4', 711,015
399,617
5,500
182 10 0
$90,701,213
SO. 1525 S
718,521
3,637
.091
1,004
.1825
802
4,395
1,084
Total
in U. S.
currency.
£90,956,213
' 742,833
25,518
7,910
5,408
2,348
91,426,261 ! 91,740,230
963
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES, ENGLAND, AND
CANADA.
In June our index number of wholesale prices in the United States stood at 162; which was
an increase of 4 points over the May number. Prices in England moved in the opposite direction, our index number showing a decrease of 2 points, while prices in Canada remained nearly
the same, falling 1 point.
In the group index numbers it is to be noted that raw materials declined 2 points in both
England and Canada, and rose 5 points in the United States. Producers' goods, on the other
hand, rose in all three countries, while consumers' goods followed closely the trend of the allcommodities index numbers.
In the United States prices advanced for wool and cotton, coal and coke, and also for
lumber, cattle, and pig iron. In England prices of raw materials showed an increase in some of
the metals, but wool decreased and lumber remained the same. In Canada the only increases
are found in furs, lumber, cattle, copper, and lead.
Among producers' goods there is a rise in leather, yarns, paper, cement, and sugar in the
United States and Canada, but in England only cotton yarn and jute show an increase.
In the group of consumers' goods, the general trend of prices in the three countries is
entirely dissimilar. The United States index for this group was influenced principally hj
increases in the prices of fruits, cotton cloth, sugar and butter.
INDEX NUMBERS
OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND
FEDERAL RESERVE BOARD, 1919-1922
AVERAGE PRICE LEVEL OF 1913 = 100
500
500
4-50
450
400
400
350
350
300
300
250
250
\
200
200
150
150
- UNITED STATES
- ENGLAND (IN STERLING)
•ENGLAND (CONVERTED TO GOLD BASIS)
100
80
100
J. F. M. A.M. J. J. A. S.O..N. D. J. F. M. A. M. J. J. A.S. O. N. D. J. F. M. A. M. J. J. A.S. O.N. D. J. F. M. A. H J. J. A. S. 0. N.D.
1919
1920
1921
1922
80
964
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
INDEX NUMBER OF WHOLESALE PRICES IN THE UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD
FOR THE PURPOSE OF INTERNATIONAL COMPARISONS.!
[Average prices in 1913=100.]
ProGoods
Goods
Goods j Raw \ Hlucors'
lIport;,
produced, imported, exported, imatorials. UULOi:>
goods.
Year and month.
Consumers'
AH com-
goods, j. modities.
!
1919, average
1920, average
1921, average
214
242 .
148
174
191
108
221 ;
235 !
136 j
209
235
141
1 1 0 ••
143 •
102
103
104
105
107
I OS
111
1.26
1.26
127
149
146
143
14 L
134
133
13S
140
14 L !
140
no
139
142
144
144
155
1G5
198
237
142
221
244
160
211
239
148
140
154
162
Io7
162
158
157
153
142
145
146
146
145
145
142
• 150
142
146
147
149
158
162
1921.
June
July
August
September
October
November
December
Ml :
144.
113
142
140
1922.
January
February
March
April
May
June
139 ;
143
144 !
!
.-
159 ,
1J0
111
115
119
123
i
141 i
145 .
147 I
i
150 I
104
1(39 I
1.30
133
133
1.32
128
127
127
127
120
129
137
141.
155
157
156
160
164
i The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices.
The number has been published monthly since May, 1920, but is computed for the years 1913, 1919, and the first of 1920 as well.
pages
assigned to the amerent commodities in constructing i
BULLETINS for June, 1920, June, 1921, and May, 1922.
The index of "goods produced" consists of 85 quotations (30 raw materials, 24 producers' and 31 consumers' goods). These include agricultural
products (such as grains, live stock, and tex-tiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products,
refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, eggs, dairy products, fruits, cotton
and woolen cloths, underwear and hosiery, boots and shoes, and kerosene among the consumers' goods.
The index of "goods imported" consists of 19 quotations (10 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton,
Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among tha raw
materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and cotfee for consumers'
goods.
coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods.
The index numbers of "raw materials," "producers' goods," and "consumers' goods," consist of the commodities mentioned above which fall
into these classes, whether they are of domostic or foreign origin. The raw materials group include 40 quotations, the producers1 goods 31, and
the consumers' goods 33.
The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the
Bureau of Labor Statistics In its larger compilation of prices and are furnished to the Board by that bureau.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES
1920-1922
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1S13 = 1OO
500
A. S. 0. HI D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A.M. J. J. A. S.
M. A. M. J. J. A. S. O. N. D. U. F. M. A. M. 0. 0. A. S. O. M. D. J. F. M. A. M. A.
J. M.
J.J.A.J.S.
1920
1921
1922
1920
1921
1922
80
AUGUST,
965
FEDE11AL EKSEJIVE BULLETIN.
1022.
INDEX NUMBERS OF WHOLESALE PRICES IN GREAT BRITAIN—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISONS.!
[Average prices in 1913=100.]
Produc- Con sum-; All com- I COTlGoods
Goods
Goods
Raw
ers'
ers'
! verted to
jproduced.jimported.. exported, materials. goods.
goods. modities. gold basis.
Year and month.
i
1919, average..
1920, average..
1921, average..
238
315
207
247 i
294 i
171 |
275
438
183
226
291
197
261
355
178
208 i
204 i
199
192
182
176
163 !
164 '
165
170
163
154
152
179
174
168
171
175
164
158
196
192
193
195
187
177
173
173
165
161
165
166
153
147
174
171
172
171
174
172
149
148
147
148
153
154
158
153
152
155
158
171
168
170
167
169
167
147
144
142
143
146
147
241
292
219
241
314
201
221
242
159
213
222
223
212
200
191
186
197
196
195
194
187
177
172
153
146
146
148
149
144
147
170 |
167
168
167
171
169;
148
l.r)0
151
151
156
154
1921.
June
July
August
September
October
November
December
:
j
!
j
|
1922.
January...
February .
March.....
April
May
June
1.31
:
i
:
.
:
181
181
183
183
191
186
i
:
;
!
i
:
1
The British index number is the second of the series of wholesale price indexes to be completed by the Federal Reserve Board for the purpose
of international comparisons. It was published for the first time in the FEDERAL RESERVE BULLETIN for February, 1922, but is also computed for
the years 1913,1919, 1920, and 1921.
'Detailed information regarding the make-up of the number may be found in the FEDERAL RESERVE BULLETIN for February, 1922, pages 147-153.
The entire list of commodities included in the different groups is furnished there with exact specifications and markets indicated. The "weights"
assigned to the different commodities in constructing the index numbers are also given in detail.
The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index
of American prices.
The index of" goods produced" consists of 55 quotations (16 raw materials, 26 producers' and 13 consumers' goods). These include agricultural
products (grains, live stock, wool, and hides), pig iron, coal and coke among the raw materials; cotton yarns, woolen yarns and wool tops, semifinished iron and steel products, building materials, chemicals, leather, etc., among the producers' goods; cotton cloth, boots and shoes, food
products, and tobacco among the consumers' goods.
The index of "goods imported" consists of 43 quotations (23 raw materials, 9 producers' and 11 consumers' goods). These include American
and Australian wheat, American tobacco, American and Egyptian cotton, Australian wool, Straits tin, American, copper, Swedish lumber, etc.,
among raw materials; West Indian sugar, India jute, Para and plantation rubber, American petroleum products, etc., among the producers' goods;
and Argentine beef, American pork products, coffee, tea, kerosene, etc., among the consumers' goods.
The index of "goods exported or reexported" includes cotton, wool, coal, pig iron, etc., among raw materials; cotton and woolen yarns, iron
and steel products, rubber, etc., among the producers' goods; and cotton cloth, boots and shoes, coffee, tea, and tobacco among the consumers' goods.
The index numbers of "raw materials," "producers' goods," and "consumers' goods" consist of the commodities mentioned above which fall
into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 35, and the
consumers' goods 24.
The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 98 different quotations.
As a general rule quotations have been obtained from trade journals which have well organized price collecting services, or from individual
firms. The American consul in London supervises the collecrion of the. prices each month and cables them to the "United States about the 7th of
the following month. The index number is constructed here and is ordinarily ready for publication by the 10th or loth of each month.
INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND
1920 -1922
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 1OO
500
500
450
450
RAW MATERIALS
400
\
350
300
400
.————.GOODS IMPORTED
•
GOODS EXPORTED
CONSUMERS GOODS
350
\
\
300
\\
250
250
\
\
200
kl
-
-p.. ; v o .^ —
LOGAft
X:
I
150 |
100
80
100
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.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. H. J. J. A. S.
1920
1921
1922
1920
1921
1922
so
966
FEDERAL RESERVE BULLETIN.
AUGUST,
1022.
INDEX NUMBERS OF WHOLESALE PRICES IN CANADA—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE
PURPOSE OF INTERNATIONAL COMPARISONS.!
[Average prices in 1913=100.1
Year and month.
ProRaw
Goods
Goods
imported. exported. materials. ducers'
goods.
1919, average.
1920, average.
1921, average.
ConAll comsumers' modities.
goods.
220
208
181
197
235
155
188
255
174
227
270
183
207
250
167
190
185
188
175
149
138
137
157
153
155
147
136
131
131
168
164
162
159
153
152
149
176
177
182
174
166
164
164
165
163
166
158
149
145
145
139
152
151
153
154
149
132
138
140
142
145
143
147
147
146
146
147
150
161
164
166
169
168
168
144
149
150
152
154
153
1921.
June
July
August
September.
October
November.
December..
1922.
January...
February.
March
April
May
June
1
A complete description of the Canadian index may be found in the July, 1922, BULLETIN, pp. 801-806.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF 1COMMODITIES—BUREAU
OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.
[Average prices in 1913=100.]
Raw materials.
Year and month.
1920, average 2
192L, average'^
Producers'
goods.
Total
Forest
Mineral
products. products. raw materials.
Consumers'
goods.
333 ;
208 :
235
187
240
151
235
140
252 I
1.61 I
205
204
203
200
1.94
193
200
208
188
1.82
177
175
172
176
J78
178
149
.14.")
145
145
146 :
145 !
145:
146
1.40
137 I
134
132
133
133 j
130
130
153
152
153
162
1.00
158
1.57
155
January
February
March
April
May
207 I
207 !I
207
206 :i
203
177
176
176
181
192
147
153
153
154
159
127
127
128
128
132
151.
153
153
151
154
243
153
i
1921.
May
June
July
August
September
October
November
December
All commodities.
j
i
'
i
151
148
.148
152
152
150
149
149
1922.
'
I
I
'
,
!
.
!
j
148
151.
1.52
152
1 As the old index number of the Bureau of Labor Statistics (based upon 315 quotations) has been rcclassificd by the Federal Reserve Board,
the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers'' goods of \oS. Raw materials
have been subclassiflea into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based upon
the same number, forest products based upon .11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESFJIVE BXTLLETIN
for October,
1918, contains a list of the commodities in each group. The weights arc the same as those used by the Bureau of Labor Statistics.
2
These reclassified averages, with the exception of those for the "all commodities," arc based on the 12 monthly, not the weeklv, figures for the
year,3 as are the original averages compiled by the Bureau of Labor Statistics.
*
On account of the revision of the Bureau of Labor Statistics index, the old "all commodities" series was disconl iuued with the April number
The revised index of the Bureau of Labor Statistics is being regrouped by the Federal Reserve Board in the same manner as the old index presented
In this table, The board's new regrouping will appear in the next issue of the Bulletin and regularly thereafter.
' ' '
, AUGUST,
967
FEDERAL RESEEVE BULLETIN.
1922.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
ALL-COMMODITIES INDEX NUMBERS.i
Year and month.
1913...
1914...
1915...
1916...
1917...
1918...
1919
1920
1921
BelBulgium;
garia;
Don- France; j
Depart- Gferioral mark: : General!
Statis- j Finans-'. ^.•^f"
;
; meritt ;, S
! of Sta-i
tical ;i:idonde.»j U c a l !
:
tistics.2 ! Bureau, i
•'
! (130) i
I (33) ; (45)
It'ilv i ( C n r i s -
1
;
|
•
•
Institute Sweden:
1,166
1,940
2,006 |
1921.
June
July
1,680 i
1,721 :
2,052
2,061 j
2,155 !
1,438
1,517
2.067
2,798 !
3,348 '
January
February
March
April
May
June
July
2,172
2,272
2,287
2,514
2,695
2,436
3,562 ;
3,955
4,876 i
6,101
October
November
December
United,
Kingdom; i
(Board
of;
1
Trade. |
3,665
1,103
5 433 !
6,355 j
j 573 : 6,458! '
6,809 ' 7,030
7,978 !
59,231
63,445
73,465 ,
75,106 !
78,634
230 ! 87,820 j
232
States: j Canada: | rC^lrV tralia; (Shang- Kast
Bureau 1 Dcj)aiM-i'^;CJ1:," j Bureau i hai); Indies;
of Labor! merit- of i oL^i,, ,of Censiisl Ministrv. Statisti-
1,000
1,174
1,345
1,542
1,679
1,808
2,449
1,922
1922.
January
February
March"
April
May
June
July
A
The number of commodities or quotations used in the computation
of each index is indicated by figures in parenthesis at head of each
column.
a Average of last half of month.
3 First of month.
«.Kud of month.
B6 Beginning of month—not always the 1st.
Average for the month.
7 Based upon price of 52 commodities during 1920; 53 during 1921.
« 38 commodities prior to 1920; 76 commodities during 1921. Average
for the month.
s End of vear and end of month.
io 15th of the month.
" Middle of month.
"^Prices as of the 1st of month.
is July 1,1913, to June 30, 1911=100.
« April, 191.4= 100.
is July 1, 1912, to June 30, 1914=100.
is Middle of .1914= 100.
" Doc. 31, 1913, to Juno 30, 1914=100.
is
January, 191.4=100.
19
December figure.
21
Average for month until September, 1921; thereafter prices as of 15th
of22month.,
As of last Wednesday in month.
23 February, 1913-100."
24 July, 1914=100.
25 As of Jan, 1.
ze End of July, 1914=100.
a? Jan. 1, 1913, to July 31,1914=100.
968
FEDERAL RESERVE BULLETIN.
A U G U S T , 1922.
INTERNATIONAL PRICE INDEX NUMBERS—FEDERAL RESERVE BOARD.
i In terms of local currencies. :|
Year and month.
Canada, i Franco. England. -!
1913.
1919..
1920.
1921.
100 i
207 :I
250
167 i
478
321
165 :
163 j
166 I
158 !
1-19 :
145 :[
145
311
312
302
301
295
292
287
114
119
150
152
154
153
286
283
287
299
302
100
France. I Canada.
; England.
L
100
241
314
201.
i
!j
.!
I,
100
211 !:
239
148 !
100
221
242
1.59
100- ;
197
196
195
191
187
!!
;
.
•'
j
1 12
145 i
146
146 ,
145 '
1 15 ,
112
153
146
1.46
1.48
1,19
144
147
130
126
121.
113
111
109
I
!
I
I
!
117 I
147
144
150
141
136
133
135
142 j
148
150
151
151
156
154
121
128
134
143
143
!
.
|
I
!
137
145
145
148
1.52
]921.
Juno
July
August'
September.
October
November.
December..
Converted to gold basis.
Unifed
States.
:
. 177 i'
172 :.
185 I
12-1 .|
100
199
223
150
1922.
January...
February.
March..."..
April
May
June
The foreign index numbers published on the preceding
page are constructed by various foreign statistical offices,
and are sent to the Federal Reserve Board by cable. The
BULLETIN for January, 1920, contains a description of the
French, Australian, Japanese, and Canadian indexes.
A description of the method used in the construction of
the Swedish index number appeared in the BULLETIN
for February, 1921; the new Italian index number was
discussed in the April, 1921, issue of the BULLETIN; and
the method used by the Frankfurter Zeitung in the case
of the German index number was described in the BULLETINS of February and March, 1921. The newly revised
index of the United States Bureau of Labor Statistics
appears in the July, 1922, BULLETIN. The Danish index
is weighted roughly according to consumption. The
British index number, compiled by the Board of Trade,
was described in the March, 1921, BULLETIN. The
December, 1921, issue contains a description of the
index published by the Federal Statistical Bureau for
Germany, and the indexes for Switzerland, Holland,
Norway," Bulgaria, Cairo, the Union of South Africa,
the Dominion of New Zealand, and Peru. The index
numbers for the Dutch East Indies and Belgium were
i
i
!
I
170
107 : j
168 !
167 :i
17L
169 !
1-lfl
1.47
149
158
162
i!
'
j
!!
|
i
i
|
i
!
described in the BULLETIN for March, 1922, while a
description of the Polish index may be found in the
July, 1922, BULLETIN. Lack of space prevents the
publication of group index numbers for these countries,
but they can be obtained at any time upon request. La
the case of the two American index numbers, 1913 is
used as the basis in the original computations. In most
other cases, in which 1913 appears as the basis for the
compulation, the index numbers have been shifted from
their original bases. The computations in these cases
are therefore only approximately correct. In certain
cases July, 1914, or the year immediately preceding that,
is used as the base. Since the figures are for the most
part received by cable% the latest are subject to revision.
A description of the international price index numbers
of the Federal Reserve Board for the United States,
England, and Canada may be found in the BULLETINS
for May, 1920, February, 1922, and July, 1922, respectively. The board's index for France is fully described
on pages 922-929 of this issue.
Index numbers showing the price levels of separate
groups of commodities in some of the more important
countries are presented below.
REVISED GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
1913
1920
1921
1921.
Juno
July
Angus!.September
October
November
December
1922.
January
February
March . . ' .
April
May
Jmic
AUGUST,
969
FEDERAL RESERVE BULLETIN.
1922.
GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
[1913=*100.]
I
1913 average.,
1920 average..
1921 average..
June.
July
August
September.
October
November..
December..
January...
February.
March
April
May . . ..
June
Meat
and fish.
Cereals.
Year and month.
Other
foods.
Total
food.
Iron and
steel.
Other
metals
and
.minerals.
100
314
202
100
263
222
100
278
214
100
272
210
100
406
243
100
252
ISO
200
202 ;
205 "
195
170
157
153 :
218
213
216
200
184
178
181
220 !.
215
210 ,
201 '
193 ;
195 =
186 ,
213
210
210
199
183
177 '
173
240 •
228
222
207
194
181
172
189
185
172
161
158
153
152
180
180
176
213
225
199
188
162
161
159
163
170
169
167
149
155
159
15t)
159
176
178
166
171
174
173
182
187 !
186 ! j
186
181
179
169
174
171
172
172
169
106
162
1.59
158
158
157
149
145
143
143
142
139
180
168
172
173
179
187
169
164
159
160
166
167
100 i
273 ,
195
All commodities.
Total
i
1921.
1922.
i
'
!
!
•
|
I
!
'
190
190 j
183
178
196
192
186
187
186
176
171
202
198
194
191
185
176
171
174
169
167
164
163
163
167
161
159
159
1.60
160
168
165
163
163
164
163
199 i
194
189 i
i
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.
[1913-100.]
Animal
foods.
Year and month.
100
503
J913 average
1920 average
1921 average
July
August .
September
October
November
Vegetable
foods.
380
1921.
353
.
Dop.ftiTibo.r
.
.
.
371
373
315
331
321
a
Sugar,
coffee, and F o o d s (20).
cocoa.
309
303
341
362
362
363
359
May
j une
Julv
Sundries.
Raw
materials
(25).
All commodities.
100
427
330
100
422
3-13
100
459
355
100
449
275
100
737
100
524
100
550
100
510
355
374
338
345
36-1
337
311
305
306
303
393
352
3S9
305
324
300
366
355
352
323
321
313
253
215
253
262
277
269
290
3-13
321
388
391
388
375
356
370
365
362
364
301
289
288
2S5
310
310
318
293
306
318
326
320
319
334
339
302
301
3t7
335
334
341
330
258
242
2-12
215
249
255
265
303
345
326
319
338
372
392
350
341
328
321
323
322
326
1922.
January
February
March
April...
Minerals. " Textiles.
330
312
338
338
341
337
331
344
331
332
326
324
311
300
297
303
313
322
314
306
307
314
317
325
325
GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI.
[1921=100.]
Year and month.
1921.
foods.>.
foods.
Chemicals.
Textiles.
January...
February.
March
April
May
June
products, i
100
100 .
100
1.00
100
100 !
100
112
109
107
105
1.06
109
114
112
97
1(>3
94
97
73
73
72
70
67
76
72 i
64
62
59
58
58
57
1922.
63 I
66 i
74 i
i
Other
Building
Minerals
and metals. materials.
vegetable Sundries.
11.2
111 i
103 "
92
96 .
105
£ £ S
mocuties.
100
100
94
92
87
88
88
87
92
90
85
84
84
86
970
FEDERAL RESERVE
BULLETIN.
AUGUST,
1922.
GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.
[Middle of 1914=100.]
Miner-
All
Miscelcomj lancous. I modi-
I
July, 1914
1920 average
1921 average
I
|
1921.
Beginning of—
August
September
October
November
December..
!
I
'
|
i
100
1,223
1,678
100
3,107
|
!
1,867 ::
1,841
1,981 •
2,766 j
3,159 I
i
2,240
2,560
3,200
4.613
6,427
Year and month.
I ties.
!
100 ;
1,925 I
2,268 !
100 ;
1,417 I
1,672 i
1,811
1,935
2,337
3,251
5,635
1,525
1,582
1,705
2,057
2,418
100
1,580
1,862
1,798
1,843
2,067
2,798
3,34S
GROUP INDEX NUMBERS
Agricul- i
tural '
prod- i leather.
ucts. '
1922.
Beginning of—
January
February...
March
April
May
June
July
1
All
Miner- i Miscel- : comals. i laneous.! modii
i ties.
6,427
3,351
3,551
6,827
4,712
7,200
5,794
9,147
5,829 ! 10,053
6,073
10,347
7,260 i 11,920
4,025 , 2,984 I
4,520 i 3,393
5,650 i 4,016 ]
7,028 • 4,983
7,709 ! 5,934
7,771 " 6,221 !j
10,124 i 6,639
3,562
3,955
4,876
6,101
6,573
6,80©
7,978
i
GERMANY-FEDERAL STATISTICAL BUREAU.
[1913 = 100.]
Year and month.
All commodities
(38 commodities).
Goods j Goods
produced : imported
(10 com- ! (22 commodities), modifies).
1913 average.
1920 average.
1921 average.,
100
1,253
1, 786
100
2,652
2,533
100
1,486
1,911
1,369
1,913
1,952
2,235
2,967
3,170
1,721
1,935
2,643
3,585
5,662
5,071
1,428
1,917
2,06?
2,460
3,416
3,487
1921.
July
August
September.
October
November..
December..
Goods
produced
(16 commodities).
Year and month.
Goods
imported
(22 commodities).
All commodities
(38 commodities).
1922.
January
February
March
April
May
June
3,383
3,763
5,027
5,985
6,026
6,540
GROUP INDEX NUMBERS—SWEDEN—SVENSK
5,075
5,800
7,463
8,203
8,617
9,479
3,665
4,103
5,433
6,355
6,4587,030
HANDELSTIDNING.
[July 1, 1913-Junc 30, 1914=100.]
}'?&;
Animal
Date.
1913-14.
1920
1921
R a w materials
for agriculture.
Building
materials.
Wood,
pulp.
Hides
and
leather.
Textiles.
s.
All commodities.
1.00
290
220
100
312
227
100
1,007
285
100
278
159
100
371
243
100
075
310
100
21.5
107
100
324
144
100
294
228
100
347
211
937
230
2!7
1X3
107
10.1
150
200
227
230
208
198
196
236
21.6
2.14
207
200
1.97
202
371
315
250
223
202
194
197
.149
149
1.30
130
130
133
134
224
199
198
191.
21.1
239
213
280
197
183
1.78
109
1.81
189
108
112
107
108
119
.108
110
129
133
132
100
1.01
149
140
207
191
191.
191
1.87
179
179
218
211.
198
182
175
174
172
108
1.70 '
173 ,
171. i
170
1.71.
.1.73
159
153
I5)
154
202
170
108
109
1.70
170
.179
ISO
170
177
179
1.55
131
130
129
128
.124
121
228
220
225
229
2.12
209
189
178
167
159
147
144
104
97
91
90
144
138
140
1.40
150
172
179
179 i
179 !
162
154
154
170
166
104
165
L04
164
ISO
1922.
January...
February.
.March
April
May
June
Metals.
1.00 •
202 •
210 |
1921.
June
July
August
September.
October
November December..
Coal.
GROUP INDEX NUMBERS—CANADA—DEPARTMENT
[1913-100.]
Year and month.
1913
1920
1921
| Grains j Animals'
: and i and
fodder. j meats.
100
263 ,
,
1921.
July
August
September.
October
November....
December
1922.
January.
February..
March
April
May
June
1
971
FEDERAL RESERVE BULLETIN.
AUGUST, 1.922.
I
Hides, J
(Textiles, leather, i Metals,
etc. !
tabfet
150 i
100
198
149
146
152 :
144 :
127
125
131 ;
143
143
133
134
113
122
100
204
157 i
I
133
142
141 |
149
158
170
133
145
149 |
152 !
153
143 I
129
140
138
US
144
114
149
141.
122
127 I
116 ;
117 .
OF LABOR.1
Build- |
Drugs
Ail
Imple- ' ing ma- 'Fuel and
and
comments. !, terials, '.lighting.; chemi- modij lumber.
; "als.
ties.
100
261
172
100
258
181
100
303
189
100 i
192 I
110
100
203
150
100
245
240
100 !
268
211 '
100
255 I
218 !
157
182
170
171
170
188
174 '
173 j
170
162
158 !
106 !
101 |
100 i
100 !
159 I
179
181
183
185
179
176
147 |
145 i
143
143 !
340
141 !
237
235
234
232 !
232 |
217
192
189
190
180
180
207
206
206
210
211
211
155 !
155 !
158
157
154
153
176
171
174
174
175
180
99 '
97 I
96 !
142
141
137
135
136
137
216 j
2.13
213
213
213
204
204
203
202
180
ioo !
100 j
99 i
231 I
'
i
'
'
180
179 !
174 |
174
173 ;
173
206
204
206
206
221
221
I
100
204
177
100
246
182
175
176
171
169
165
166
176
174
172
169
16S
170
163
164
166
165
166
162
168
169
166
166
167
165
Unimportant groups omitted.
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following table are presented statistics
showing the trend of retail prices and the cost
of living in the United States and important
European countries:
INDEX NUMBERS OF RETAIL PRICES AND COST OF LIVING.
[July, 1914=100.]
1
;
Year
month.
1920
1921.
,
1921. j'
Julv
August;
September.
October...
NOT ember i
December.
1922. !
January.. February.i
March
April
!
Mav
,
June
July
!
XJnilcd i
iJnited
States; . King- ,
retail dom; cost,,
prices.1 of living.2.
j
France
(Paris);
retail
prices.1
199
150
2-19 !
371
337
145
152
150*
150
149
147
219 '
222 !
220 i
21.0
203 1
199 ,
139
139
136
1.36
130
1.92
188
186
.182
1.81.
180
181
220 i
:
,
1
i
|
!
!
iGcrmaiw",'
l
\
K
Sweden; 5tSic!>L Ital Y :
retail i
1 cost of ! P r
living. 3 ;
1
30C>
317
329
331.
326
323
3L9
307
291
301
317
307
298 i
237
!
I
232 !
234 !
228 j
2L8 |
211 1
202 !
j
190
189 i
185 .
182 !
1.78 |
179 j
i
;>
813 i
1 , 0 4 7 ••
^54
548
|
963 1
.1,045 '
1,062 1
1,146 .
1,397 '
1,550 i
501
534
542
581
5S3
585
|
1,640
1,989
2,302 !
3,175 ; .
3, -162
3 779 i
576
559
546
.
i
1
2
Beginning of month. 31913-L4-- 100.
Average for the month.
* L9.L3=100. & Average for11 inonlhf-
Throe of these index numbers- -those for the United
Kingdom, France, and Sweden—arc constructed on the
basis of prices in July, '.1914 =100. In the case of the
United States, the original base, that of the year 191.3, has
been shifted to the July, 1914, base. The German index
uses 1913-1914, as a base.
The American index number, constructed by the Bureau
of Labor Statistics, was based upon the retail prices of 22
articles of food, weighted according to family consumption,
until January, 1921, when it was increased to 43 articles
reported by dealers in 51 important cities. The method of
weighting continues the same, although the actual
''weight" applied has been changed.
The British index number of the cost of living constructed by the Ministry of Labor consists of the retail
prices not only of foodstuffs but of other articles as well.
Retail clothing prices, rents, and the cost of fuel, lighting,
and miscellaneous household items are also taken into
consideration. The index number is weighted according
to the importance of the items in the budgets of workingclass families.
The retail price index for Paris, compiled by the French
General Statistical Office, consists of"retail prices of 13
different commodities, weighted according to the average
annual consumption of a workingman's family of four persons. Eleven of the commodities included in this index
are foods, and the other two are kerosene and alcohol.
The Swedish index number consists of the retail prices
of foodstuffs, fuel, and lighting and is based upon the prices
of 51 articles in 44 towns (in 1920, 50 articles in 49 towns),
weighted according to the budget of a workingman's
family which before the war had a yearly income of 2,000
kronor.
The German cost of living index furnished by the Federal Statistical Bureau is based upon the average for 46
cities and includes food, fuel, light, and rent.
The Italian retail price index for the most important
cities, computed by the Italian Ministry of Labor, consists of retail prices of 21 commodities. Of the coinmodi tics included, 20 are foods and the other commodity
is charcoal.
972
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN,
AND GERMANY.
f. o. b. values. The same method is followed in Japan and
In the following table are presented figures current
Sweden. In France and Italy the value of foreign trade is estimated
in terms of current prices but in terms of those of some earlier, dated
showing the monthly value of the foreign trade not
the preceding year.
of a group 1 of important European countries usually
None of the figures presented below include the import or export
of gold and silver. In the case of England and France, group figures
and Japan.
are given as well as total values, while in the case of the other countries
1
Currencies have not been converted to a common unit, nor are
methods of valuation the same in all countries. In England imports
are given current c. i. f. values in England; exports and reexports,
total values only are presented. This does not mean that group figures
are not obtainable, merely that they are cither delayed in publication
or appear not to be of such general interest as the French and English
material.
FOREIGN TRADE OF THE UNITED KINGDOM.
[In thousands of pounds sterling.]
Exports.
Imports.
Year and month.
Raw ! Articles ! Miscel- i
wholly ; laneous,
or
i includ- |
mainlv ! ing \ TotaL
parcel !
post. |
factured
i
Food,
I.._..
i
I
Monthly average:
1913
1920
1921
'
1921.
Ju no
July
August
September
October
November
December
: 24,184
23,485
' 63,817 j 59,196
' 47,271
22,598
16,134 i
37,787 !
20,421 j
259 i 64,061
254 I 161,387
268 ! 90,557
2,716
4,245
3,122
I
18,389
20,232
19,589
20,465
21,256
29,916
27,792
17,600
18,005
18,194
17,905
18,691
17,913
18,291
278 | 88,182
80,757
431
214 ' 88,581
338 j 87,119 I
33,972
32,257
,' 45,261
40,097
43,075
39,936
24,565
20,220
22,095
21,404
25,358
25,242
17,710 ,
16,576 !
20,309 I
18,902 ;
20,207 !
18,857 !
241
322
215
199
176
264
;
i Miscel•. lancous,
. incJudi ing
parcel
post..
_... I
!
| 51,915
i 42,090
i 50,584
• 48,410
i 44, -175
• 41,246
.. • 39,003
1922.
January
February
March
April
May
June
.!...._..
I Articles
: wholly
!
or
i mainlv
Food,
drink,
and
tobacco.
320 •
151 •
165 i
84,742 I
89,259 !
85,312 j
75,488 I
69,375 i
87,879 !
' 80,661 I
i 88,814 '
• 84,298 j
i
i
2,439
2,702
3,124
3,300
3,466
3,586
3,187
5,825 ' 34,281
12,126
93,312 i
5,297 j 49,055 |
1,125 !! 33,058
2,775
36,705
7,058
39,936
6,997 j 44,009
7,359
50,328
7,016 ' 51,094
7,446 ; 47,364
2,861 :. 7,032 !i 51,824
2,754
6,869 48,000
3,270 . 8,465 , 51,760
3,011
7,376 ' 44,336
3,0-15
8757
8,757 45,073
3,044
7,671 j 40, Xti
43,770
9,131
111,206
18,563
58,600 ! 8,921
7,083
9,362
9,998
8,595
10,386
9,823
9,204
38,152
43,172
51,346
55,2,18
62,205
62,895
59,375
63,147
8,459
58,335 . 10,174
64,581 i 10.154
55,508 ' 9,200
58,015
8,965
52,146 ! 8,720
FOREIGN TRADE OF FRANCE. 1
Imports.
Exports.
In thousands of francs.
! In
i thou•sands of
Year and month.
Food.
Monthly 2average:
1913
1920<3
1921
!
1921.
i
June
Julys
August 3
Septembers
Octobers
Novembers
Decembers
January
February
March
April
May
' • 151,165 ; 412,144
! 989,576 I 2,096,379
i 517,158 j 1,033,170
871,374
490,615
704,069
j 434,001
855,697
j 555,545 1,204,2 L3
: 691,972 l,191,S60
I 717.091 1,446, 125
I 564', 0J 2 1,856,148
, ,
| 754,671 I 1,856,148
|
887,253
' 352,572
I 385,021 ! 1,137,855
i 460,765 j 1,005.463
! 438,000 j 983,000
I 504,000 . 996,000
!
1922.5
Raw
materials.
Manufactured
articles.
Total,
In thousands of francs.
I Raw
Food. ! matei rials.
Manufactured
articles.
TotaL
In
thousands of
.1 metric
tons.
I
138,169
1,072,787
412,045
701,778
3, 685
4,158,741 ;! 4,211
3,165
1,962,373
69,908 | 154,841
217,733 509,485
161,031 i 463,219
301,420 ! 47,182
1,413,548 ; 100,479
1,007,413 ' 104,430
573,351
2,241,245 !
1,796,092
977,129 i 84.370
925,868 i 74', 350
1,084,193 !I 82', 933
95,852
1,087,4-13
1,041,594 j 103,078
992,250 120,343
1,193,161 ' 180,059
1,750,404
1,563,055
1,725,092
1,774,053
1,759,472
1,748,654
2,182,320
1,840
1,071
1,333
!
148,237 i 540,722
123,303 • 439,534
112,654 445,312
146,467 444,891
132,424 4S2;376
5,16.1 ! 157,180 478,875
5,197 259,605 549,495
361,545
331,047
320,052
329,494
318,000
323,593
543,445
1,723,534
1,469,117 !
1,731,294
2,225,679 j
2,226,951 •
2,333,730 I
3,154,264 |
247,827
324,150
465,737
323,000
310,000
1,487,652 I 3,396
1,847,026 ! 4,126
4,434
1,931,965
3,787
1,743,040
1,810,125 i 4,396
2,047
2,164
2,593
3,993
2,809
121,526 |
153,892 '
130,595 i
136,000 !
132,000
458,460
448,455
456,930
461,000
498,000
:
'
i
j
,
i
i
994,852 63,903 1,638,741
1,106,507 144,458 1,853,312
1,189,712 i 99,431 | 1,876,068 ,
1,231,000 134,000 i 1,902,997 !
1,127,000 I 111,000 j 1,880,904
1,405
1,194
1,035
1,172
1,252
1,515
2,507
1,554
1,520
1,570
1,794
1,538
1 Not including gold, silver, or the reexport trade. Latest figures subject to revision.
Calculated in 1913 value units.
Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at
the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade.
* Calculated in 1920 value units.
5 Exports calculated in 1919 value units. Imports calculated on basis of actual declared values.
2
3
973
FEDERAL RESERVE BULLETIN.
AUGUST, .1.922.
FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN. 1
Year and month.
Imports.. Exports. Imports, i Exports.
Monthly average:
1913
1920
1921
304
a 1,322 I
210
2 650
3
557
«981 i
3 962 :
» 1.101 i
«l f 'l25 '
»1.521
3441
3 5S7
3 659
3 6S3
«718
3 856
1.309
1,056
1,169
1,313
620
716
719
691
Japan.
(In millions of
yen.)
Norway.
(In millions of
kroner.) *
Sweden.
(In millions of
kroner.)
Italy.
(In millions of
lire.)
I m p o r t s . • Exports. imports.
Exports.
71
281 :
106 :
68
191
91
46
253
128
33
104
63
61
195
135
53
162
104
93
98
103 i
126
101
95
112 •
69
94
113
105
99
103
108
10-1
134
14S
176
153
146
129
36
61
19,
S?
8?
65
8?
118
L10
132
129
130
152
161
107
99
106
96
112
121
146
179
198
20S
185
169
157
*7
101
115
129
154
146
1921.
fime .
Julv
•Vugust.
September
October
November .
December
,
1922.
February
March.
April
May
i
77
49
109
102
97
fune
J
1
2
Subject to revision.
Based on 1919 values.
3
. ..._..._
!
61
38
71
60
90
I
Based on actual current prices.
* Estimates of Farmand.
FOREIGN TRADE OF GERMANY.!
Imports. 2
Exports .3
Merchandise.
1
Gold and
silver (in
In thouthousands
of marks). In millions I sands of
of marks. ! metric tons.
Year a n d m o n t h .
Monthly average:
1913
1920
19214
36,553
Gold and
silver (in
thousands
ol m a r k s ) .
Merchandise.
!
\
; In millions In thousands of
, ofmarks>
] metric tons.
;
!
6,141
1,651
1,715
6,073
1,570
2,194
8,450
17,773
34,901
30,081
37,567
13,514
26,832
30,013
44,073
86,227
5,438
6,175
6,670
7,4.92
9,681
11,886
14,468
1,509
1,558
1,828
1,871
1,973
1,908
1,930
134,054
57,425
46,898
51,45.1
75,844
14,394
14,482
21,285
22,955
27,076
30,232
2,027
1,747
2,153
2,760
2,093
1,880
17,756 ;
9,910
154
8,376
35,765
26,674
60.693 i
5^312
4,922
6,409
7,572
9,382
10,642
13,814
12,273
13,702
1,824
1,925
2,111 '
2,533 j
3,005 !
2,535 !
2,086 i
12,641
12,001
22,919
28,266
32,412
31,364
2,309
1,475
2,645
2,889
3,8.1.0
4,030
841
5,776 !
8,295 j
1921.
June
,
July
August
September.
October
November..
December..
January...
February.,
March
April
May
June
1922.
132,336
46,409
7,566
12,315
31,747
I
1
2
3
4
Latest figures subject to revision.
Not including philanthropic gifts.
Not including deliveries on reparations account.
Average for 8 m o n t h s . Figures covering first 4 m o n t h s of 1921 are not available.
FEDERAL RESERVE BULLETIN
y/4
A U G U S T , 1922.
INDEXES OF INDUSTRIAL ACTIVITY.
ENGLAND.
Exports.
Per cent
of unRaw
employed
Ship ton- Railways Iron and Cotton
cotton
among
visible nage under net ton
steel
manuCoal
approxiconstrucmiles
manu- factures
(long
Finished supply
(thou- tion (gross (000,000 factures (sq.
mately
yds.,
tons,
000 12,000,000
steel.
sands of
omitted).
tons).
(long
omitted).
bales).*
insured
tons, 000 ooo;ooo
persons.
omitted). omitted).
Produc tion (long tons, 000 omitted).
Year and month.
Coal.
Monthly average:
1913.
1920
1921
Steel
ingots
and
castings.
Pig iron.
i 2,002,699
1
3 603 J31
13,312,983
23,953
]9 108
13,696
855
670
2L8
639
756
302
646
238
i 397
2 15,215
16 5S9
J 0,517
2
2I,090
17,875
2 22,594
1
10
94
158
236
272
275
3
117
434
429
405
444
381
185
137
321
322
304
330
292
1,379
1,310
1,194
1,060
1,123
1,216
1,271
17 693
19 764
19i921
22 875
19 146
15,827
288
300
390
394
408
369
328
415
549
404
462
400
271
321
369
292
1,298
1 240
1,112 7 2,235.998
1,181
1,143
1,919,504
1,234
1,108
414
271
142
«596
374
244
6,117
2,078
2,055
520
1,0X8
1,311
1,297
1,325
1,368
1,306
65
64
77
133
156
194
205
154
179
214
268
345
366
333
8
816
3,103
3,407
3,406
3,594
4,309
17.8
14.8
13.2
12.2
12.8
15.7
16.2
253
224
29o
258
272
342
254
307
305
345
4,021
4,014
5,201
4,097
5,057
16. f>
15.2
14.6
14.4
i 546
1921.
June
July
August
September..
October
November
December
.
3,530,047
3
3,282,972
B
2,64*6,315
1922.
January
March
April
Mav
2
June
1
2
Average of 4 quarterly estimates.
Five weeks.
34 Work suspended on. all but 2,094,000 tons.
End of month.
Year and month.
Crude
steel
production.
Pig
iron
production.
13.5
12.7
* Work suspended on all but 1,918,319 tons.
e Yards.
1 Work suspended on all but 1,619,000 tons.
FRANCE. 1
Raw cot-
Coal
imported
for
tion.
sumution.
Thousands of metric tons.
Metric
tons.
r
Thousands of
bales of
50 kilograms.
Raw
silk imbuu : Total ! Total ! ' l m i i m l
3on- j imports, j exports. | l ' F r e n ^ ' Number
of unemployed
receiving
municipal
aid in
ThouThouThouParis.1
Metric sands of sands of sands
of
tons.
metric
metric
francs.
tons.
tons.
Monthly average:
1913
1920
1921
1,558 :
2,005 i
1,472
27,428 ,
19,577 !
16,666 ;
274
225
169
629
390
206
245
223
232
236
260
277
302
608
660
1,065
1,874
1,301
3,291
2,895
14,013 ;
6,539 i
10,700
11,769
25,757
29,059
30,835
136
131
132
131
181
192
208
174
51
202
261
385
277
382
3,685
4,211 ;
3,105 !
i
2,017 [
2,164 !
2,593
3,993
2,809
5,161
5,197
315
317
367
324
364
1,676
2,153
2,081
1,538
2,058
14.870
14,714
20,978
17,391
18,090
188
163
127
138
109'
145
502
467
408
207
-10-1
3,396
4,126
4,434
3,787
4,396
-» 434 1
286 !
280 I
4 391
254
255
285 '
267 !
255 j
244
256 !
295
301
312
323
386
383
442
1921.
June
July
August
September.
October
November..
December..
1,840 ; a 165,892
1,071
479,894
1,333 j 516,397
3,022
20,671
1,1.05;
1,194
1,035
1,172
1,252
1,515 483,216
2,507 j 641,887
10,616
9,706
7,486
5,348
3,730
4,175
1922.
January..,
February..
March
April
May
June
1
j
!
i
j
1
I
1,554
1,520
1,570
1.794
1,538
454,323
468,175
472,779
608,764
472,607
4,658
4,385
3,546
2,447
1,636
958
Latest figures subject to revision,
s End of month.
8 Railways included are: State railways, Paris-Lyon-Meditorranfe, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg
Railways.
« Does not include Lorraine.
& Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railways.
975
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
GERMANY.
Production
(OOO's of metric
tons).
Imports (metric tons).1
Year and month.
Coal
and
coke.
Raw
wool.
Lignite.
Half
manufac- Iron ore.2
tured
silk.
Cotton.3
Iron
and
iron
manufactures.
Machin-
ery and Dyes
and
electridye
cal sup- stuffs.
plies!
Unemployment.
Ship arrivals
in Hamburg.
Exports (metric tons).1
Number of
ships.
Coal.<
Tonnage
(net
registered
tons)
(000
omit-
ted).
Number of
applicants
for
every
100
available
posi-
Number of
unemployed
persons
receiving
State
aid (000
omittions. ted).
Monthly average:
1913
1920
1921
17,003
13,043
13,604
7 266 16 608
9,303 "4,025
10,241 11,860
12,5.1.8
12,949
13,974
13 885
14,373
11,052
14 343
10,055
10,065
10,606
10,359
10 567
10,479
11 029
8,529
10,81.5
14 725
17 688
12 506
12,628
10,984
288
354
328
447
774
346
388
462,741
493,434
356 397
564 827
919 822
937,268
790,811
14,640
13.655
151931
13,800
14,666
6
9,037
10,978
10,091
12,260
10,634
11,440
10,400
26,202
26,988
24,091
25,619
347
911,972
383
492,705
440
809,722
462
865,778
1,519,365
486
541 439
60 919
145,883 3 46,772
203,681
39,037
21,812 2 881,126
8,462
608,74.9
8,530
518,937
25,025
35,176
52 433
28,766
29 739
27,242
28,313
162,297
177,773
240 071
225,331
246 115
233,204
214 812
43,455
51,416
37 456
34,615
33 067
35,697
46,397
6,877
7,353
9 618
10,156
10 255
9,953
9,212
23,426
17,915
26,130
24,070
26,112
221,743
172,709
211,979
200,677
209,432
39,470
45,689
48,813
46,11.2
47,354
9,552
9,332
12,299
11,095
12,629
920 1 224 951 43,424
537,535 12,490
393
619,194 30,894
s 232
1,256
401
700
1,182
371
794
169
165
366
310
355,582
453,173
613,739
649 158
576 048
569,657
610 877
612
809
942
957
915
838
503
588
888
955
1 018
1 047
881
873
169
151
142
132
128
136
148
357
314
267
232
186
150
149
752,340
669,433
795,200
795,940
701,941
745
461
894
875
716
969
150
' 145
113
165
200
209
1,092
1,287
1921.
.Tune
July
A ugust
September
October
..
November
December
,.
1922,
January
February
March
April
Mav
June
1
Import and export figures for first 4 months of 1921 not available; 1921 averages based on 8 months.
2
In eludes man ga n ese ore.
3
Includes
linters.
4
Not
including coal for reparations account.
0
Average base on 6 months.
s Coal, excluding coke.
SWEDEN.
Shipping.
Exports.
Railway
traffic,
volume
Imports,
of freight
Net tormage of
coal
carried
(OOO's of loaded Messels in
Unplaned Paper
on State
foreign t rade (000 railways
metric
pulp
boards
omitted).
(OOO's of (OOO's of tons).
(000's
metric
cubic
metric
tons).
meters).
tons).
Entered. Cleared.
Year and month.
Monthly average:
1913
1920
1921
Production (OOO's of
metric tons).
Pig
iron.
Iron
and
steel
ingots.
Blast
furnaces
in
operation
(per cent
of total).
Unemployment,
number
of
workmen
per 100
vacancies.
-
328
306
162
71
73
40
408
234
122
1.147
'677
519
1,147
692
482
830
991
589
61
39
26
49
37
17
44
119
205
325
370
361
356
18
41
66
49
54
99
104
6
20
148
279
219
192
246
463
455
592
609
670
601
575
431
487
536
536
595
578
582
423
503
575
566
691
721
558
19
17
16
16
18
19
17
16
15
16
16
22
17
87
25
63
66
99
28
11
36
21
76
114
62
197
206
230
442
285
617
524
409
255
509
485
485
630
730
622
22
112
107
276
1921.
May
July
August
October
November
. -.
1922.
J3.HU3XV
February
May
18
17
13
17
22
M
14.9
15.7
16.4
15.7
16.5
261
235
227
263
384
473
482
479
381
976
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE INDEX.
There are presented below the usual indexes
designed to reflect the movements in foreign
trade of the United States, with the fluctuations due to price changes eliminated. The
commodities chosen for these indexes are those
for which prices are compiled by the Federal
Reserve Board in the preparation of its international price index.1
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED
COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913=100.]
Exports.
Imports.
Pro- ! Conduc- I sum- Total
ers' i ers'
(27
com(12 1 (10
modicom- i t [--- --,-. com- , com- ties).
modi- ;imcomoS
a
modi-; t i e s ) ' =; ™^ , modi- j modities). ties),
j ties). ;
, tlcs) * I ties), ties).
Pro- ConRaw ducRaw
' Tata*
matemate-:
, ^
ial !! goods
goods , (29
rials
ers
I
1913,
1919,
1920,
1921,
year.
year.
year.
year.
100.0
88.9
92.2
103.1
1921.
January...
February.
March
April
May
June
July
August
September
Octobqr...
November
December.
105.2
91.0
78.0
76.5
97.6
i 107.9
i 111.6
! 142.7
j 115.7
121.7
95.1
1922.
January...
February.
March
April
May
June
i
100.0 100.0
155.1 !i 183.6
158.7 133.6
116.9 | 124.1
100.0
115.3
107.5
108.9
100.0, I •100.0 i 100.0
157.5 !' 192.9 ! 147.5
135.8 227.5 ! 138.8
113.6 162.8 | 141.4
i
99.3 i
116.5
149.2 I
164.8 j
102.6
130.1
169.5
167.1
127.2
120.8
112.6
136.0
114.6
126.9
150. 6
168.7
135.2 I
! 133,5 i
. 161.1 !
' 152.0 !
' 1G8.0 I
137.3 '
160.1
183.4
206.5
169.1
177.9
191.0
74.5 130.9
208.6 126.2 120.2
162.4 119.4 101.1 118.2 143.7
92.7 160.6 177.2
135.1 120.2
90.5 153.3 177.6
132.5 116.4
96.4 110.8 100.3 ! 98.7 150.0
94.2 132. 2 111.5 ; 94.5 152.3
78.6 1 133.8 112.9 ! 99.3 126.6
99.6 160.7 142.1 116.8 165.1
89.7 , 142.3 118.6 ! 102 8 137.7
107.0 1 113.2 118.4 . 96.1 173.5
100.2 ! 106.2 98.1 115.1 199.4
96.0 : 107.8 96.9 i 133.0 219.1
93.8
123.9
135.4
178.9
185.1
162.1
130.4
121.4
129.8 i
!
I
82.6 | 104.3
86.0 !
121.7
120.9
,
90.5
78.3 123.8 •'
8G.3 124.3 ,
100.0
168.4
168.8
135.6
129.7
127.6
156.5
150.5
155.4
169. 2
94.5 ! 118.4
82.6 | 123.3
106.9 148.1
106.0 125.5
99.4 144.6
107.4 148.7
228.7
281.3
306.8
236.1
227.9
273.3
]
AUGUST, 1922.
most important increase was in exports of
wheat, which were the largest on record. Exports of other grains, cotton, copper, and
bituminous coal also showed increases as compared with last month, and exports of leaf
tobacco suffered the most important decline.
There 7was a slight decrease in exports of producers goods, resulting from decreases in exports of sole leather, structural iron and steel,
steel plates, cottonseed oil, fuel and .gas, oil and
gasoline. Exports of steel rails registered the
only important increase in the group.
The volume of imports continued to increase
during June, and with the exception of last
April reached the highest point since June,
1920. Substantial gains were recorded7 in imports of raw materials
and producers goocjs,
but consumers7 goods, the least important
group, showed a marked decline. The increase
in imports of raw materials resulted from increases in imports of copper, tin, hides and
skins, silk, and lumber, in the face of very substantial decreases in imports of tobacco and
wool. Imports of hides and skins and lumber
were the largest since July and August, 1920,
respectively. In the group of producers7 goods,
India rubber, cane sugar, and burlap, the most
important items, showed the largest gains.
The only losses were in the imports of quebracho, nitrate of soda, and manila 7 hemp.
The decrease in imports of consumers goods
was due to losses in four of the five commodities included, ranging from 4.7 per cent in tea
imports to 33.7 per cent in imports of cocoa.
Imports of bananas alone showed an increase.
SAVINGS DEPOSITS.
The volume of exports during June not only
recovered the loss sustained last month but
reached the highest point since October. The7
largest relative increase was in consumers
goods, exports of which were greater than during any month since May, 1920. With the
exception of wheat flour and boots and shoes,
every commodity in this group showed increased exports as compared with last month.
Exports of hams and shoulders were the largest
since August, 1919, with the exception of
August, 1921, and sugar exports were the largest on record. Exports of raw materials, which
registered an increase of 10.3 per cent over last
month, are still below the figure for May. The
1
The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 per cent of the total import values, and 29 of the most
important exports the value of which in 1913 formed 56.3 per cent of the
total export values. The classification of the original list of commodities
used was giverKin the July, 1920, BULLETIN. The classification of 11
additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additic fi.commodities in the November, 1921, BULLETIN.
Exports of gasoline' &ve been altered to include naphtha.
Savings deposits of 852 banks on July 1, 1922,
arc compared with deposits for the same banks
on June 1, 1922, and July 1, 1921, in the following table. The figures for districts No. 1 and
No. 2 are exclusively those of large mutual
savings banks, but in all other districts reports
of other banks are included to make the figures
thoroughly representative. In all districts
where reporting commercial banks subdivide
their time deposits, statistics of savings deposits subject to notice (excluding time certificates of deposit) are used. This is in accordance with the definition given in the board's
regulation D, series of 1920.
During June the volume of savings deposits
increased in all Federal reserve districts. The
most important increases during the month
were 2.9 per cent in district No. 12 (San Francisco) and 3.0 per cent in district No. 5 (Richmond) .
AUGUST,
1922.
Num- j
ber of ! July 1,1922. | June 1,1922.
banks. ,
District.
Total
1
July 1,1921
64 '$1,097,919,000 $1,091,620,000 $1,067,743,000
j 1,672,087,000
30 ! 1,738,814,000 1,701,562,000
423,.rs82,000 I 414,354,000
424,063,000
392,492,000
377,299,000
381,994,000
18
243,289,000
268,659,000
276,648,000
93
150,698,000
150,251,000
154,099,000
78
737,848,000
753,315,000
751,070,000
U89
114,341,000
115,556,000
106,343,000
35
70,825,000
71,300,000
69,880,000
14
80,379,000
81,769,000
75,614,000
60
70,946,000
72,576,000
66 619,000
116
747,296,000
768 704,000
75
726,318,000
No.l
No. 2
No.3
No. 4
No. 5
No. 6
No.7
No. 8
No. 9
No. 10
No. 11
No. 12
977
FEDERAL RESERVE BULLETIN.
852
5,934,512,000
5,835,055,000 i 5,738,305,000
Two banks previously included have been merged into one.
INDEX OP OCEAN FREIGHT RATES.
The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
between United States Atlantic ports and the
principal European trade regions. The figures
are derived from the actual rates quoted on
the following commodities: Grain, provisions,
cotton, cottonseed oil, and sack flour. For
the methods used in construction the index
see the August, 1921, BULLETIN, pages 931-934.
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPE TRADE.
[January, 1920, rates=100.]
in other trades and leaving the all-Europe
index practically unchanged from the level of
the previous month. Pronounced activity was
displayed in the charter market for steamers to
carry coal from British ports to the United
States. A very considerable number-of vessels
were chartered for such business, and charter
rates on coal advanced materially as a result
of the active demand for shipping space.
REPORT OF KNIT GOODS MANUFACTURERS OF AMERICA.
The total production of winter and summer
underwear for the six months ended June 30
was as follows:
Number Actual
of mills produc- Per cent
of normal.
reporttion
ing.
(dozens).
December
1921.
49
519,231
67.0
55
53
54
53
47
47
38
25
642,490
663,346
756,249
522,035
518,150
564,893
345,605
219,288
68.4
72.0 .
74.3
72.0
74.2
72.2
72.4
71.9
1922.
January
February
March
April
May
Jane
AVinter underwear (June)..
Summer underwear (June)
1
Order and production report for month
ended June 30, 1922, follows. The number of
mills producing was 38.
United States Atlantic ports t o United French !i NetherKing- Atlantic! lands
and
dom.
Belgium
Month.
Dozens.
1921.
January
February
March
April
May
June
July
August
September
October
November
December
1922.
January
February
March
April
May
June
July
i
|
i
j
|
|
j
|
j
60.7
54.7
49.3
50.1
50.6
42.7
42.5
42.9
41.8
37.0
33.5
32.4
30.2
27.7 |
24.6
32.6
35.0
34.7
33.2
33.4
32.7
28.5
25.0
22.7
34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
35. 8
30.7
25.2
22.9
31.7
34.7
33.1
27.3
27.9
27.5
28.8
22.7
25.7
26.5
24.8
25.5
26.1 '
23.3
25.2
24.9
22.7
22.8
23.0
22.6
25.9 I
Unfilled orders first of month
New orders received during month
Total (A)
27.1
29.1
28.3
25.4
25.7
25.7
25.9
Per cent
of normal.
808,500
413,254
77.9
1,221,754
Shipments during month
Cancellations during month.
Total (B).
362,912
Balance orders on hand July 1 (A minus B ) . . .
Production
858,842
426,845
352,694
10,218
66.5
1.9
50.5
Twenty-six representative mills which reported for May and June, 1922, furnish the
data for the following table:
[In dozens.]
As the foregoing table indicates, changes in
ocean freight rates during July were comparatively small. In most trades the tendency
was toward slightly lower levels, but grain
rates from American ports to the United Kingdom advanced somewhat toward the end of
July, counterbalancing the declines registered
4210—22
6
!
May I June j
(26 mills).'(26 mills).
!
Unfilled orders end of month
New orders
Shipments
Cancellations
Production
692,265z
435,296
261,291
11,032
369,409
646,306
386,369
315,815
9,834
372,969
Loss.
45,959
48,927
54,524
3,560
1,198
978
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
June, 1922.
May , 1922.
White
goods.
Total finished yards billed during month:
District 1.
. . .
Dyed
goods.
Printed
goods.
Total.
White
goods.
Dyed
goods.
Printed
goods.
Total.
9,098,392
3,523,557
47,999,916
18,849,771
13,31L, 929
7,425,588
3,245,737
1,421,932
13,937,588
4,999,045
7,793,552
8,239,917
788,244
22,599,446
2,344,550
6 528 034
64,820
1,128,238
10,260,643
4,1.97,156
53,727,846
19,835,144
14 321 586
8,304,737
1,916,482
1,768,298
34,037,083 32,074,905 12,621,949
Total
Total average per cent of capacity operated:
52
71
/
60
District 1.
47
52
63
2
92,254,873
35,758,346
32,665,088
14,457,799
99,874,093
60
68
86
75
111
62
65
48
97
68
0
79
62
72
62
56
67
60
84
68
45
75
67
66
75
61
67
51,696,875 15,667,611
' 22,466, 873 6,910,760
13, 839,072
8,078,178
9,394,359
6,905,446
1,723,387
116,646
1,721,442
23,036,942
3,592,237
6,895,391
58,076
1,493,820
11.016,873
5,073,582
57,381,660
19,026,664
14,973,569
6,963,522
1,610,466
2,811,679
2
3.
5
8
6
3
5
6
8
Average for all districts
12,198,986 22,141,927
2,236,646
5,551,175
7 458 408 5 853,521
89,157
7,336,431
1,492,083 1,753,654
99
75
96
73
70
68
Total gray yardage of finishing orders
received:
14 290 521 22,585,536
District 1.
7,071,043
7,998,093
9,240,976
172,890
2
3.
g
g
4,943,311
5,840,979
153,383
1,550,497
38,773,523 35,073,706
Total
Number of cases of finished goods shipped
to customers (case equals approximately
3.000 yards):
6,032
6,617
District 1
2.
3
5
6.
Total
Number of cases of finished goods held in
storage at end of month:
District 1
2.
3
5
6.
8
2.
3
5.
15,071,170
100,842,008
37,678,641
35,076,466
16,090,455
102,767,560
2,703
27,126
11,4L6
6,810
4,215
000
6,277
2,691
4,664
1,976
000
7,347
501
2,219
2,972
28,162
8,820
6,873
4,306
000
3 090
4,594
1 967
598
2,216
15,683
9,431
2,703
49,859
15,608
10,067
2,972
48,487
5,100
4,573
360
6,047
1,021
393
1,953
24,437
12,615
5,940
1 755
4,768
4,735
243
5,767
1,051
402
2,790
24,667
11,409
6,338
1,857
45,815
10,062
7,220
2,790
4.8
11.0
14.0
17.0
11.0
5.5
8.3
11.0
292
263
000
Total
Total average work ahead at end of month
(expressed in days):
District 1
8.
Average for all districts.
9,346,662
5,724,508
'ooo
8
6
51
.. .
900
168
10,296
7,461
1,953
4.0
10.0
10.0
13.0
11.0
11.0
10.0
16.0
7.9
.0
8.3
8.1
9.1
16.0
20.0
326
316
000
315
206
9.8
12.0
9.1
6.8
6.8
.0
8.1
9.2
8.4
11.0
26.0
12.0
4.4
8.6
44,792
10.0
13.0
9.4
i The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board have arranged for a monthly survey
within the industry. The results of the inquiries are herewith-presented in tabular form. The secretary of the association makes the following
statement concerning the tabulation:
The accompanyingfiguresare compiled from statistics furnished by 35 out of 58 member firms of this association. It is probably fair to state
that in the absence of having specific detail at hand, but according to our best estimate it is probably well within
the fact that thefiguresgiven
for the various classes of work would cover, approximately, the following percentages of the entire industry: WThite goods, 72 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. Thefiguresgiven represent reports from exactly the samefinishersfor the two months, both for the totals
and for the subdivisions, and, therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore the column headed " Total" does not always represent the total of the subdivisions, but is a correct total for the district.
AUGUST,
979
FEDERAL RESERVE BULLETIN.
1922.
for June of last year. Beehive coke production increased moderately during June compared with the May figure, and showed an
output twice as large as that for June, 1921.
Total crude petroleum production showed little
change, but 151 more producing wells were
completed than in May.
Production of pig iron showed a small
increase in spite of fuel difficulties, reaching a
total of 2,361,028 tons, which was larger than
any month since January, 1921; 2,634,477 tons
of steel ingots were produced in June, a figure
somewhat less than that for May, but larger
than for any other month since October, 1920.
Unfilled orders of the United States Steel Corporation were approximately 300,000 tons in
excess of the May figure and larger than in any
month since April, 1920. Allnonfcrrous metals
showed further increases in production and
zinc w^as at its highest point since the close of
1920. The production of both passenger
automobiles and trucks was greater in June
than in May. A. total of 114 locomotives
were completed in June as compared ,to 80
for May. Cotton consumption increased during June and reached a higher total than in
any month this year except April.
Shipments of ore again this month were responsible for practically the whole increase in
car loading figures.
PHYSICAL VOLUME OF TRADE.
The business indexes for June showed little
change. The comparative stability was due to
a balancing of increased demand by increased
impediments to production, which resulted
from a shortage of fuel and transportation
facilities.
With the exception of corn, the receipts of
all grains at 17 interior markets experienced
a drop in June as compared with the unusually
high figures for May. Receipts of flour for
June were only slightly different from the
May figure, but showed a total which was
152 per cent in excess of the receipts for June,
1921. Receipts of live stock at 59 markets
and shipments at 54 markets showed a small
decrease as compared to last moiith's figure,
but were higher than for June, 1921. Receipts of butter arid cheese at five principal
markets showed higher figures than in any
month for several years, and amounted to
93,139,000 pounds of butter and 22,756,000
pounds of cheese.
Xhe anthracite production for June was
84,000 tons, which was more than double the
May output but only about 1 per cent of the
usual production. Output of bituminous coal
for June, while 2,000,000 tons above the May
figure, was only 65 per cent of the production
INDEX NUMBERS OF DOMESTIC BUSINESS
1919 - 1922
PER
CENT
PER
CENT
K
140
140
\
1
r \ _i
1 \ ,";
I.,.,
/
130
120
110
100
90
/-
i
r i—?
-WT '
\!
\
A_
J
30
70
-
-v
h
1
J
*
V
V
* /
V
60
\
\
130
120
110
100
90
80
w
50
70
60
50
40
t
30
t
40
AGRICULTURE
11N1NG
MANUFACTURE
30
20
20
10
10
J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. 0. A. S. 0. N. O. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D.
1919
1920
1921
1922
980
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS.
I N D E X E S OF DOMESTIC B U S I N E S S .
[Monthly average of 1919=100.]
Relative index.
AGRICULTURAL MOVEMENTS.
Leaf
Total Total Total
toagricul- ani- grains. Cotton. Fruit.
bacco.
ture.1 mals.
Date.
1921.
January
February
March
April
May
June
July
August
September..
October
November...
December...
105.0
81.1
79.4
66.3
73.6
82.2
93.4
116.7
115.3
130.9
104.6
93.9
1922.
January
February...
March
April
May
June
88.9
77.7
70.7
57.4
82.6
75.1
1
96.5
73.9
76.4
74.2
77.3
81.9
68.1
85.4
85.9
107.0
99.2
82.0
97.9
66.7
77.5
60.5
71.7
96.0
151.9
195.5
151.6
121.3
65.3
79.0
110.8
77.1
57.8
51.3
67.4
57.8
52.7
56.0
114. 7
195.3
163.2
133.4
94.6
95.5
137.4
175.1
139.0
183.3
123.8
86.4
79.9
69.9
34.7
83.6
195.7
297.4
181.1
24.1
8.9
4.1
12.1
54.7
79.3
107.6
188.5
117.0
92.3
73.0
49.6
92.5
77.1
76.8
43.3
42.8
37.0
50.1
43.0
96.1
55.5
130.4
103.0
105.7
93.8
113.2
101.2
27.5
5.5
3.9
1.5
91.8
76.5
79.2 i
71.8 i
90.2 ;
88.7 i
Combination of 14 independent series.
MINERAL PRODUCTS.
Total Bimin- tumi- Anthra- Crude Iron.
eral
OLIS : cite petroprod-1 ii
leum.
ucts. coal. ! coal.
Date.
1921.
January...
February..
March
April
May
June
July
August
September
October...
November
December.
105.5
80.8
79.6
72.2
87.3
88.7
79.6
90.5
91.9
114.6
94.2
81.1
100.8
104.8
100.8
104.8
102.0
105.9
95.9
97.9
96.9
103.1
93.3
81.4
120.3
111.2
130.2
127.3
133.6
128.4
128.1
130.2
116.3
113.2
120.0
133.3
Copper.
94. 8
76.0 i
62.6 I
46.8
47.9 ;
41.8 ;
33.9 i
37.4 !
38.7 i
48.9 i
55.5 I
64.7 !
Zinc. Lead.2
80.0
71.2
83.0
47.6
22.6
18.1
16.6
19.9
19.5
22.9
20.8
17.3
65.9
45.2
40.0
42.1
45.9
49.5
39.4
37.2
36.6
37.0
53.8
56.0
109.1
94.3
86.1
77.8
78.0
74.6
72.4
87.8
79.7
100.4
103.3
103.2
24.1
34.8
57.6
71.3
82.6
92.7
60.3
57.3
67.5
65.6
69.8
72.6
101.0
93.4
93.0
88.8
89.0
90.4
ii
1922.
January...
February.
March
April
May
June
98.5 85.1 137.1
107.3 ! 92.0 129.7
131.5 119.1 149.1
41.3 !
. 3 141.9
53.1 !
.6 147.7
58.4! 1.1 143. 8
64.3
63.9
79.9
81.3
90.5
92.6
1
Combination of 7 independent series.
2 Revised figures.
Total
man- Steel. Lum- Pa- Petro- Tex- Leath- Food. Toufacber. per. leum. tiles. er.
bacco,
ture.
1
1921.
January
February...
March
April
May
June
July
August
September .
October
November..
December,.
84.5
77.4
87.8
83.1
84.4
87.1
80.1
90.7
90.2
94.6
89.5
81.3
1922.
January
February...
March
April
May
June
87.0 63.4
80.2 69.3
90.9 94.3
84.7 97.0
98.1 107.8
104.8
1
87.6 67.7
69.6 75.7
62.5 89.3
48.3 87.5
50.3 100.4
39.9 89.6
31.9 85.3
45.3 99.7
46.7 92.9
64.3 103.1
66.0 100.6
56.8 92.2
100.7
95. 4
102.5
98.1
121.1
104.4
87.8
79.5
84.4
81.7
72.$
70.2
65.6
75.6
78.6
90.8
95.8
94.7
127.7
106.8
113.0
113.8
114.7
110.1
108.3
110.6
110.2
119.7
117.1
119.6
72.0
73.1
90.8
91.5
95.0
101.9
94.5
103.4
105.5
104.8
100.4
99.7
63.5
62.8
72.0
75.8
83.2
81.1
76.3
85.7
80.3
86.2
90.9
93.0
88.2
77.4
88.1
84.0
82.2
85.1
85.5
98.5
92.8
99.8
89.4
85. 2
95.0
90.0
108.4
99.9
112.3
110.6
119.0
108.6
123. 9
124.4
132.2
112.2
96.8
107.6
91.3
108.9
107.4
88.2
78.1
78.5
70.7
70.4
72.4
91.3 90.6
88.5 83.8
96.5 98.4
84.9 89.6
96.8 108.1
98.9
Combination of ?4 independent series.
87.8
94.1
106.1
95.5
99.3
106.8
100.6
117.2
111.6
115.8
102.9
76.8
June,
1921.
May,
1922.
June,
1922.
L
ay, June,
1921.
122,
GRAIN AND FLOUR.
Receipts at 17 interior
centers (000 omitted):
Wheat (bu.)
Coin (bu.)
Oats (bu.)
Rye(bu.)
.Barley (bu.)
21,093
32,694
19,139
1,824
3,269
30,126
27,364
21,471
4,56-1
2,933
30,342 106.4 156.8 153.0
35,817 116.5 189.4 127. 7
21,922 94. 5 125.2 108. 2
1,465 73.6 145. 5 59.1
3,859 50.4 64.6 59. 5
Total grain (bu.).
Flour (bbls.)
78,019
2, 1.98
86, 458
2,20-1
93,4.05 101.2 147. 8 121. 2
135.0 112.9 53.1
Total grain, and
Hour (bu.)
83,411
96,377
97,299
Shipments a t 11 interior
centers (000 omitted):
Wheat (bu.)
'..
Corn
(bu.)
Oats(bu.)
Rye(bu.)
Barley (bu.)
22,502
17,048
21,716
2,986
2127-
26,261
21,988
22,8387,783:
2,800
21,550 135. 5
21,381 127.5
31,656 162.4
1,428 93.3
2,225 49.6
Total grain (bu.).
Flour (bbls.)
66,589
3,551
81,677
3,624.
58,210 130.1 138.9 113.8
2,114 118.3 111.7 70.4
Total grain and
flour (bu.)
82,584.
97,984!
67,752 127.7 133. 5 104. 7
10,487
21,356
34,857
643
85(
1.7,563
15,819
40,369
1,747|
641:
3,853 180. 156.9 66.2
17,914 260.9 325. 8 219.3
29,274 212.5 320. 2 203.7
210 17.1 39.4
6.4
31.9 24.8 52.4
1,407
52,718 197.'
Stocks at 11 interior
centers at close of
month (000 omitted):
Wheat (bu.)
Corn (bu.)
Oats(bu.)
:....
Ryc(bu.)
Barley (bu.)
Total graii) (bu.). j
98. 8 14;}. 2 115.2
110.5 129.4
223.8 159.9
137.1 87.2
147.7 44.6
85.5 18.6
68,199
76,139i
Total visible supply at
close of month (000
omitted):
Wheat (bu.)
Com(bu.)
Oats (bu.)
48,816
33,068
53,365
67,853. 21,027 175.0 155. 4 75.4
31.170! 27,363 288.8 364.4 239.0
&2, 424!.
Receipts at 9 seaboard i
centers (000 omitted): j
Wheat (bu.)
I
Corn(bu.)
Oats(bu.)
!
Rye(bu.)
i
!
Barley (bu.)
13,391
5,204
7,280
4,278
1,494
] 2,703"
31,707
1,579
33,-191
1,870
25,75; 113.7 133.1
1,715 85.5 101.8
92.3
92.8
38,814
41,907
33,474 107.2 126.3
92.4
Total „._.„
Flour (bbls.)
PRODUCTION OF MANUFACTURED GOODS.
Date.
June,
1922.
Total grain and .
flour "(bu.)
i
Stocks at 8 seaboard
centers at close of
month (000 omitted):
Wheat (bu.)
I
:
Corn (bu.)
Oats(bu.)
I
Rye (bu.)
i
Barley (bu.)
j
Total grain (bu.).
Wheat flour production
(bbls.)....
(>,223J
8,731'
3,771'=
2,063!
16,629
5,386
1,90-1
1,180
658
213.4 152.8
99.8
123.9
189.9 200.6 19-1.3
L12.3 283.31 37.2
113.1 82.7 31. 2
53.3 111.7 23.5
5,91.9
3,403
3,199
364!
1,224!
5,020;
5.907J
2,7-15; ;
761
1,382
3,48f 109.9 67.0, 01.7
2,136 303.3 855.0, 228.1
1,059 1-29.1 137.81 42.7
157 40.3 55. 5 17.4
1,6651 38.1 02.5: 51.8
14,109:
15,815;
8,503
8,136:
8,073i
8,087
1,750'
3,703;
],676 !
1,807'
3,720
1,046
114.9; 05.8
89. 3! 108.8
LIVE STOCK.
Receipts a t 59 principal
markets (head, 000
omitted):
Cattle a n d calves...!
Hogs
i
!
Sheep
Horses a n d mules "
(43 markets)
•
Total
|
14
7,203!
20;
7,253J
1,573 104.6 109.4 94.0
3,497 102.6 98.1 95.3
1,8.12 98. 104.2 0G.7
13 49.8
6,895J
62. 8 47.0
102.0. 97.5
981
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
Relative index.
June,
1922.
May,
1922.
099! . 775]
1,110
1,114
770
801
591 i 104.0 107. 8 88.5
1,107; 92.7 92.6! 93.4
750 101.6 104.7, 98.8
13 53.1
2,461
i
98.3
1,228
2,805
1,039
1,308
2,734
936
1,117 104.6
2,072 101.9
1,131 95.8
8 46.4
5,1-11
4,991'
4,928 101.1
552
695.
322:
10'
415 108.3
704 92.8
404 104.7
8 45.4
489
705
412
1,614
1,579' 1,531
99.5
03.4i 47.4
100.4
93.3
112.5 91.8
95.4 92.6
95.7 102, 8
5o. 8 44.3
100.3
94.3
80.0
77.8
49.4
307
55
182
359!
66:'
1 K>
195 125. 8 111.5
32 136.0 121.9
88 101.7 93.1
544
570!
315 117.4 107.2 68.0
725
389
4,046
1,028
702|
401'
3,717;
872
610 11L.
370 103.5
3,618
1,110 107.7
110.5 98.9
106.9 98.3
105.2 99.5
102.6 116.9
6.188
5,692|
5,744 110.2
105.5 102,3
36.1 72.0
65.6 80.6
17.6 162,4
56,892
634,845
2,312
64,506i
591,241!
2,071'
109,552
801,387
15,877
37.3
63.
23.7
237
268.
2171
187
107
5.3
2.0
6.7
3.4
4.1
1.8
82.5
73.8
64.4
36.5
39.2
90.8
95.8
83.0
40.7
89.4
96.3
189
2,567
24,067
31,553
57,249
3,000
1,928.
2,004
19,070|
35,012
24,988'
50,817 !
2,342|
18,537
67,656
3,338
68,893:
18,809:
2,587
82,882 120.8 125.8 107.5
21,619 106.4i 100.8 101.1
1,539 111.7 128.0 89.1
69.3
75.6
86.8
93,139
22,756
l/~
13,125
3,830 !
15,346
8,043
10,867,
4,648:
21,682
Cotton seed (tons):
Received at mills..
Crushed
On hand at mills at
close of month
Cottonseed oil (lbs.):
Production
Stocks
Oleomargarine
consumption (lbs., 000
omitted)
Tobacco sales at loose111. 4 95.1
leaf warehouses (lbs.,
E)5.1
000 omitted):
99.91 101.3
Virginia dark
64.21 42,6
Bright belt
Virginia
101.7 96.9
North Carolina.
South Carolina
DAIRY PRODUCTS.
Receipts at 5 principal
markets(000 omitted):
Butter (lbs.)
.'.
()
Cheese (lbs.)
Eggs (cases)
Cold-storage holdings at
close of month (000
omitted):
Creamery butter j
(lbs.)
American cheese !
(lbs.)
May,
1922.
June,
1921.
1922.
May,! Tune,
1922. ! 1921.
33.0
20.3
15.8J 142.5
23.9i 118.7
OTHER AGRICULTURAL
PRODUCTS.
LIVE STOCK—COn.
Shipments at 54 principal markets (head,
000 omitted):
Cattle and calves...
Hogs
Sheep
Horses and mules
(43 markets)
Total
Receipts at 15 western
markets (head, 000
omitted):
Cattle and calves...
Hogs
Sheep
Horses and mules..
Total
Shipments at 15 western markets (head,
000 omitted):
Cattle and calves...
Hogs
Sheep
Horses and mules..
Total
Shipments of stackers
and feeders from 34
markets (head, 000
omitted):
Cattle and calves...
Hogs
Sheep
Total
Slaughter at principal
centers under Federal inspection (head,
000 omitted):
Cattle
Calves
Hogs
Sheep
Total
Meats, cold - storage
holdings at close of
month (lbs., 000
omitted):
Beef
Pork products
Lamb and mutton.
Exports of certain meat
products (lbs., 000
omitted):
BeefCanned
Fresh
Pickled or other
cured
Hog products—
Bacon
Hams a n d
shoulders
Lard
Pork, pickled..
Relative index.
Juno,
1921. i Juno, May, : .Tune,
1922. 1922, . 1921.
61.51 46.1 101.7
17,814 105. l' 88.8 122.0
6,844 133.4, 134.6 113.5
17,93o!
21,823
13,559
36,210
77,484
98,040
19,431!
23,319
109,309
31.8
25.9 178.7
7.115!
12,194
12,389
23,80J
30,411
47,851
26.
24.0
25.,9 114.0
29.0 96.5
12,765
7,014
I
52.8
45.0
.10.7
49
Total
Burley
Western dark
Grand total
Sales of revenue stamps
for manufactures of
tobacco, excluding
Porto Rico and Philippine Islands (lbs.,
000 omitted):
569,209! 618,495
Cigars (large)
.1 56,503
50,175
Cigars (small)
4,601,37314,219,728
Cigarettes (small)..
Manufactured to32,511
31,738
bacco
Fruit shipments (citrus)
from California (carloads):
3,151
2,191
Oranges
2,230
1,829
Lemons
1,829
Apples, shipments
422
1,163
1,096
(carloads)
Apples, cold-storage h o l d i n g s
445
944
314
(bbls.)
White
potatoes,
shipments (car17,629
20,-322
loads)
21,645
Strawberries ship1,763
12,857
2,677
ments (carloads).
Sugar, 7 ports (long
tons):
Receipts
508,299 556,511 264,462
532,052 577,330' 301,835
Meltings
Raw stocks at close
277,150 276,890 244,253
of month
FORF.ST PRODUCTS.
Lumber (M feet):
Number of m i l l s •172
190
Southern pine..
157
55
52-!
51
Western pine..
114
119'
120
Douglas fir
ProductionSouthern pine.. 379,838 437,479 365,970
Western pine.. 163,127 158,153! 121,648
350,284 411,529| 232,407
Douglas fir
Shipments—
Southern pine.. 413,617 507,767 371,183
Western pine... 172,205 160,809! 76,874
371,418 431,975! 230,970
Douglas fir
Stocks at end of
monthSouthern pine.. 931,0081,023,370 1,220,355
Receipts at Chicago
626,992 587,407J 372,453
and St. Louis
Shipments at Chicago and St. Louis 403,305 383,748| 253,848
Oak flooring21,9141 13,636
23,495
Production
1O nof1
13,767
28,646
Shipments
25,251
Stocks at end
23,534
oi,ooo
20,245
of month
38,434
Unfilled orders
40,417| 11,095
95.8 97.5
98.0 99.2
127.1 110.6
100.7
97.9
52,3 60.4 134.3
103.0 133.
125.6
424.7 108.4 163.5
139.4 195.8 115.8
107.1 270.8
70.5
102.5 106.3
103.1 109.4
119.9 116.0
98.8
76.9
79.5
114.41 124.0 102.6
150.8 144.2 67.3
134.2i 117.6 83.5
83.0
91.4 108.8
160.6 171.9
95.4
167.4 176.1 105.4
982
FEDERAL, RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
ArrGUST, 1 9 2 2 .
COMMODITY MOVEMENTS—Continued.
! Relative index.
Juno,
1922.
May,
1922.
June,
1921.
Relative index.
June,
1922.
June, May, June,
1922. 1922. 1921.'
FOREST PRODUCTS—
METALS—continued.
continued.
Naval stores at 3 southeastern ports:
Spirits of turpentine (casks)—
Receipts
Stocks at close
of month
Rosin (bbls.)—
Receipts
Stocks at close
of month.
Copper production(lbs.,
000 omitted)
Zinc (lbs.,000 omitted):
Production
Stocks at close of
month
Tin (lbs., 000 omitted):
Imports
Deliveries to .factories
Stocks at close of
month
28,823!
29,295
533
97.
130.1 113.6
13,3591
4,795
41.4 15.7 122.7
90,588
95,712
9431 114.6 159.3 102.4
293,083
253,787
308, 34li 137.7 122.8 144.8
June,
1921.
May,
1922.
June, Mav, June,
1922. 1922. 1921.
93,740,
88,714
19,434i 121.5 114.8
25.2
57,094:
54,
38,996* 84.5
77.3
57.5
59,152
179,778'...
12,552,
8,490
4,133j 243.3 220.1
80.1
ll,49l[
10,618
3,562| 188.6 296.6
58.5
5,311;
4,303
507
365.
594
491
82".
67
FUEL AND POWER.
Coal and coke (short
tons, 000 omitted):
Bituminous coal
22,309
20,290
33,852
production (est.).
Anthracite coal—
Production
84
35;
7,7!
(est.)
....!
6,032
Shipments
CokeBeehive pro432
duction (est.)
232
458
By - product,
production
2,580
2,537
1,408
(est.)
Crude petroleum:
Production (bbls.,
46,473
45,247
40,354
000 omitted)
Stocks at close of
month (000 omit254,901] 246,059 162,463
ted)
Producing oil wells
1,662
1,511
1,471
(No.)--.
Oil refineries:
Total production
(000 omitted)—
Crude oil run
42,562 36,941
(bbls.)
513,659 430,344
Gasoline (gals.)
173,824
141,63"
Kerosene (gals.'
Gas and fuel
936,742
826,355
(gals.)
Lubricating
79,848
(gals.)
Stocks at close of month
(000 omitted):
35,475 21,009
Crude oil (bbls.)--856,607 750,644
Gasoline (gals.)
318,890 435,057
1,321,438 .,248,664
Kerosene (gals.)...
226,293 260,883
Gas and fuel (gals.)
Lubricating (gals.)
Electric power produced by public utility power plants (kw.
.hours):
Produced by water
power.
1,584,827 1,646,616 1,215,972
Produced by fuels. 2,246,68112,179,145 2,028,121
. Total
,
METALS.
Iron and steel (long
tons, 000 omitted): i
Pig - iron production
,
Steel-ingot production
,
Unfilled orders 17.
S. Steel Corporation
Structural steel
tons):
Fabricated structural steel contracted for (tonnage)
Silver production of the
U. S. (troy ounces,
, 000 omitted).
55.4: 87.5
1.1
.5: 100.1
100.7
44.5 33.0
22.5
125.1 128. 5 111.1
180.7 180.0 115.2
88.0
81.0
78.0
125.4 110.1
130.1 109.1
101.0 86.0
Sets of cards
Combs
Spinning spin101.6 85.0
dles, woolen..
Spinning spindles, worsted.
202,6 116.8
Percentage of idle
130.3 121.8
hours on first of
85.7 117.7
month to total
154.2| 138.6
reported118.8! 137.4
Looms wider
than 50-inch
reed space...
Looms 50-inch
reed space or
less
Sets of cards...
107.2 106.3 82.3
Combs
Spinning spin125.0 122. 5 112.8
dleSj woolen.
Spinning spin3, S31,508 3,825,761 3,244,093 117.0 115.2 99.1
dles, worsted
Raw silk:
Imports (lbs., 000
omitted)
Consumption(bales'
2,361
2,400
86c 113.2 113.8 40.8
Stocks at close of
month
2,634
2,487
803 122.0 127.4 39.4
129.1 115.4
367
372
103.9 124.5
106.3
660
483!
83.9
113
158.0
1,187:
1,332;
1,503
1,420
411
2,660
4,205
96.9
1,936|
2,568;
2,561
3,001
4,306
4,454j
62.0 139.8 137.8
67.6 74.8 117.2
31,653
32,761
5,776
4,760
5,636
4,83C
80.5 80.5
67.3
119,000
146,20C
66.0
81.0
4,258
4,022
62.6
97.4
103.1 101.2
508i
31,. 8771
94.5
87.7
93.8
94.5
97.1
i
36.4
37.3
18.7 131.5 145.7
67.1
33.4
14.2J
25.0|
35.3
13.9!
27.1
120.1 142.9
21.3 61.7 71.7
11.0. 139.7 205.3
90.6
92.6
61.4
14.5
20.5! 60.1
74.0
86.1
31.9
,33.2
9.8 170.
219.9
52.4
36.2
37.6
17.5
40.1
9.0
18.8
44.8
10.3j
20.8;
26.3
17.9,
!
10.1
11.4
18.2:
31.5
34.7
6.6
14.3|
I
5,077 4,217 i 3,871
29,529! 33,284
31,192
26,89s] 20,826
139.
15,521
HIDES AND LEATHER.
1 Figures for J u l y , 1922, J u n e , 1922, J u l y , 1921.
57.7
Cotton (bales, 000 omitted):
Sight receipts
Port receipts
Overland
movement
,
American spinners
(takings)
,
Stocks at ports and
interior points
Stocks at mills
Stocks at warehouses
Visible supply
Consumption by
mills
Spindles active during month
Wool:
Percentage of idle
m a c h i n e r y on
first of month to1
total reported—
Looms wider
than 50-inch
reed space
Looms 50-inch
reed space or
Sales of raw hides and
skins during month
(number, 000 omitted):
Cattle hides
j 77,3701 769,971
Calfskins
.1,019,2791,001,155
182,634 151,7431
Kip skins.
1,234,299H,
069,21l!
Goat and kid
Cabretta
,
27,650! 61,1251
Sheep and lamb..., 2,737,603,2,134,002!
724,543
960,363
206,7
909,0641.
38,334!.
978,5361.
107.0 106.1
983
FEDERAL. RESERVE BULLETIN.
AUGUST, 1922.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
i Relative index.
June,
1922.
!
May,
1922.
Relative index.
Juno, !
1921. i June, May,
June,
1
1922. 1922. 1921.
June,
1922.
niDES AND LEATHER—
continued.
MISCELLANEOUS MANUFACTURES—con.
Stocks of raw hides and
skins at close of
month (number, 000
omitted):
7,078 89.2 90.2
Cattle hides
5,317!
5,3G2
Calfskins
3,320
" ~ " 116.3 114.3!
3,598,
3,891
903
Kip skins
876."
1,026; 105.21 116.29,839
Goat and kid
10,799
9,680'. 73.9 73.6'
!
919
Cabretta
878
1,219' 52.8 49.7|
Sheep and lamb
10,9711 11,142
13,755; 100; 11 110.0.
Production of leather:
Sole leather (sides). 1,358,973,1,320,635 1,521,521!.
Skivers (dozens).'..j ' m16^815j
14,753".
" ~ "
16,099
Oak and Union har-i
57,196:.
ness (sides stuffed)
95,953; 90,813
Boots and shoes, output
(pairs, 000 omitted):
6,495
Men's
0,2141
8,714
•>•• W o m e n ' s
8", 257'.
Other
11,0881 11,692
Inner tubes (000 omitted):
Production
Shipments, domestic
Stocks
Solid tires (000 omitted):
Production
Shipments, domestic
Stocks
Automobiles:
Production, number)—
Passenger cars..
Trucks
Shipments—
Railroad (carloads)
Driveaways
(machines)...
B o a t (m achinos)
Locomotives (number):
Domestic shipped..
Foreign completed.
Vessels built in the
United States and officially numbered by
the Bureau of Navivigation:
Number
Gross tonnage
MISCELLANEOUS MANUFACTURES.
Wood p u l p (short tons):|
Production
•
Consumption
|
Shipments
j
Stocks,
end of
month
Paper (short tons):
'
Newsprint—
Production
Shipments
Stocks, end of
month
Book production
\
Paper board production j
Wrapping paper pro- ;
duction
Fine paper production.
Building materials (000
omitted):
Clay fire b r i c k Production
Shipments
i
Stocks, end of
month
!
New orders
j
Unfilled orders.'
Silica b r i c k Production
Shipments
Stocks, close of
month
Face b r i c k Production
Shipments
Stocks in sheds
and kilns
Unfilled orders
at close of
month
Cement (bbls., 000
omitted)—
Production
Shipments
Stocks at close
of month
Rubber (lbs., 000 omitted):
Imports of crude
• rubber
Consumption by
tire
manufacturers
Pneumatic tiros (000
omitted):
Production
Shipments, domes-
313,259 i 331,691
250,978| 257,986
48,662
54,151
189,389 116.9 113.9
163,406i 118.1 119.0
36,640I 82.1 90.8
246,072
275,559: 103.2
232,453
127,230' 129,950
128,64-1 j 130,04."
23,367|
83,517
183,7591
24,781
82,574
176,790
70.
76.
61.
95.5 114.9
87,724.! 114.6 124.2
92,2931 114.4 119.3
79.0
82.1
26,629! 91.4 91.7 104.1
53,934 113.5 111. 4 73.3
130,177 110.6 108.8 78.4
68,371
31,291
71,491
30,129
50,332 111.5 U9.0
17,511 119.: 122.0
82.1
66.7
48,367
45,772!
46,791
44,120
26,967 107.8 111. 3
21,862 j 105.4 102.9
60.1
50.4
153,517|
57,805i
56,861j
152,259
51,041
45,300
11,57SJ
10,670
12,233
10,704
142,283 j 109.8 110.0 101.7
22,397. 141.9 111.1 55.0
34,365' 48.7 38.6 29.4
4,150:'.
2,621 .
'y.i-r)
38,747!
37,845
59,756!
56,762j
54,867
56,433
.118,7561
121,540
89,860J
87,626
42,476 96.9
11,245
13,470
11,176
12,749
9,296.
10,5771.
10,668j
12,897
11,150!.
51,986
36,727
34,625 135.9
39,655
29,068
21,208
2,722J
2,313
"I
|
2,839j
45,928.
41,303^ 129.7 123.7 89.7
34,266.
' I
118,192' 106.2 107.9 105.7
3,133J
2,639
2,644!.
5,042;
5,523
4,154i.
Stocks*.".".!!!!!!!!!!
i Figures for May, 1922, April, 1922, a n d May, 1921.
118.0
125.7
123.2
60.3
73.3
125.6
96.8
45.8
90.5
June,
1921.
3,131,
2,971
3,974'
6,187
2,939
7,190
3,233
3,835
66,
58
28
63,
170!
61
171
50
240
262,3841
372|
25,372i
231,829
23,189
33,000!
34,321
20,268 ! .
3O,5Oo!
28,760
18,83i|.
7,900
129
16,959
June, May, June,
1922. 1922. 1921.
3,947;.
67
47
133
21,419
43 66.3
36: 92.2
55.7
29.6
42.6
70.6
160 61.4
173,885: 5.9
72.7
9.0
76.2
60.4
TRANSPORTATION.
Railroad operating sta'tistics: 1
Net ton - miles, revenue and nonrevenuo (000,000
omitted)
Net tons per train..
Net tons per loaded
car
614
674'.
85.2
93.5
24.4
27.8'.
87.1
99.3
Revenue freight loaded,
a n d received from
connections, classified
according t o
nature of product
(short tons):
i
Grain a n d grain i
I
.
!
i
products
! 171,658' 189,845! 179,488. 112.5 128.6 117.6
Livestock
I 126,5351 132,967' 120,163! 105.2 107.3 100.0
!
Coal
406,190 371,230' 687,063! 53.9 53.0 91.2
Coke
! 40,873! 39,587| 20,833! 110.9 112.9 56.5
Forest p r o d u c t s . . . . 271,358j 273.204j 221,350i 109.0 113.5 88.9
Ore....
i 234,236'
82,735- 130,750i 96.4 46.7 53.8
!
Merchandise, 1. c. 1. jl, 060,194J1.084,292
951,366, 147.3 157.6 132.2
Miscellaneous
! 1,379,654! 1,348,151' 1,099,554! 103.3 105.6 82.3
Total
19.2
May,
1922.
3,690,6
Revenue freight loaded, j
classified according ,
t o geographical divi- j
sions:
Eastern
'
Allegheny....
j
Pocahontas
,
Southern
Northwestern
;
Central western
;
Southwestern
I
Total
830,063
712,928
188,196
563,910
648,497
485,431
261,673
!, 522,0113,410,567 102.2 103.9
.833,405!
664,281'
1813,278'
577,888',
528,288,
478,354!
256,517:
94.5
827,575! 94.1 102.7 93.9
703,872' 95.6 93.8 94.4
155,152| 126.4 129.4 104.2
492,212! 111.4 115.8 97.2
505,309! 107.6 100.4 83.8
474,921' 100.5 105.1 98.3
251,526! 108.3 103.3 104.1
'3,690,698 3,522,011J3,410,567J 102.2 103.9
94.5
984
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
Relative index.
June, i May, i June,
1922.
1922. !. 1921. June,: May, June,
1922. j 1922. 1921.
Relative index.
June,
1922.
May,
1922.
June,
1921.
June, May, I June,
1922. 1922. 1921.
TRANSPORT ATION—COn.
Freight car surplus:
239,225 305,198 373,791
total
69,714 146,298
Box
60,101
Coal
147,558 195,439 162,537
Freight car shortage:
663
1.714
4,803
Total
"
1,397
Box
1' 094
310
Coal
3,148
423
Bad-order cars, total. -. 340,822 327,704 341,337
Vessels cleared in foreign trade (net tons):
2,625,434 2,621,206 3,058,679
American
3,028,052)2,553,505 3,094,452
Foreign
Total
5,653, 486 5,174,7116,153,131
Percent of American to total
46.4
49.7
50.7
Panama Canal traffic
(tons 000 omitted):*
793
1,046
Total cargo traffic..
1,159
416
499
American vessels...
609
230
297
British vessels
319
TRANSPORT ATION—COn.
Commerce of canals at
108. h 119.9 169.5
Sault Ste. Marie (000
64.4 67.7 156.7
omitted): 2
170.2 184.5 187.4
Eastbound—
G r a i n other
4.8 ! 1.6
t h a n wheat
11.«
6.4
5.6!
.9
(bu.)
24. X: 3.91! 2.4
Wheat ( b u . ) . . .
144. h 159.9 145.0
Flour (bbls.)--.
Tron ore (short
tons)
Total (short
91.6 108. li 106.7
tons)
103.8 98.0: 106.1
WestboundHard coal (short
97.8 102.9| 106.4
tons)
Soft coal (short
105.3| 1 0 0 - 5
tons)
|
Total ( s h o r t
tons)
I
144.3 137.81 98.8
Total
freight
(short tons)..
1
6,987
17,209
12,
8,913)
6,6is|
4,357J.
9,827
7,597!
I
5,0121.
|
248
4871.
468
127|.
8,066
1391.
6
|"
1721
408
446,.
!
10,23o!
2 Figures for July, 1922, June, 1922, July, 1921.
1 Figures for May, 1922, April, 1922, May, 1921.
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS.
Forecasts of crop production, issued by the in excess of last year's estimated production.
United States Department of Agriculture as of While the forecast of spring wheat production
August 1, 1922, are shown in the table below, in the Minneapolis district was considerably
together with estimates of production in 1921. larger than was expected a month ago, there is
The forecast of corn production is consider- a material decline in winter wheat crop exably better than was expected a month ago, pectations in the Kansas City district. The
and the present forecast falls only about cotton forecast for the year is 11,449,000 bales,
63,000,000 bushels below the 1921 estimate. which is about 400,000 bales better than was
For the Chicago, St. Louis, and Kansas City expected a month ago and about 3,500,000
districts, in which the larger part of the corn bales more than last year's production. Both
crop is raised, the August forecasts are con- the oats and the hay crops arc expected to be
siderably better than were expected in July, better than last year, the latest forecast being
The wheat forecast, on the other hand, is not so even higher than July expectations.
good as that of a month ago and only slightly
PRODUCTION OF CORN, WHEAT, COTTON, OATS, AND HAY, BY FEDERAL RESERVE DISTRICTS—FORECASTS OF THE
DEPARTMENT OF AGRICULTURE AS OF AUGUST 1, 1922, COMPARED WITH ESTIMATED PRODUCTION FOR 1921.
[In thousands of units of measurement.]
Corn
(bushels).
Federal reserve
district.
1922
12,842
34,809 .
64,495 !
211,957 I
182,563 !
220,712 i
952,502
429.388
285,464
468,418
142,252
11,548
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1
2
1921
Total wheat
(bushels).
1922
1921
Winter wheat
(bushels).
1922
492
14,447
313
42,872 10,006 9,778 9,605
69,416 23,228 21,126 23,021
209,377 42,532 35,254 42,032
173,687 28,922 24,863 28,922
250,255 5,716
5,677 5,716
967,277 72,468 62,922 66,913
416,543 72,448 66,442 72,140
302,344 215,438 153,483 9,180
442,158 226,636 271,130 212,482
8,891 21,986 8,649
180,803
11,193 98,421 121,919 63,149
3,016,950 3,080,372 805,201 794,8
1921
Spring wheat
(bushels).
1922
492
1921
Cotton
(bales).
1922
1921
313
401
9,416
362
20,944
207
182
34,786
500
468
24,863
5,677
58,102
5,555 4,820
66,110
308
332
7,208 206,258 146,275
258,286 14,154 12,844
21,664
245
322
79,976 35,272 41,943
1,699 : 1,547
2,330 1,693
2,241
1,662
870
4,190
199
2,499
167
541,809 1587,032 263,392 207,861 Hl,449
Oats
(bushels).
1922
1921
1922 I 1921
9,569
8,247
4,940 ! 3,372
39,301
26,500
7,937 1 5,295
26,302
22,216
3,319 i 2,643
66,606
53,402 7 111 i 5,787
21,988
19,830 3,845 i 3,418
19,025
21,987 3,154 ! 3,190
480,822 385,091 19,762 ! 16,034
40,538
59,090 7 861 I 6,934
336,291 229,772 20,055
16,877
140,060
163,401 16,934
15,589
41,442 I 36,858 1,504 j 1,641
29,209
34,343 13,946 ; 16,022
7,946 1,251,156 jl, 060,737 110,368
In addition, the following amounts were estimated grown in Lower California (Mexico): 1921, 50,000 bales; 1922, 79,000 bales.
Cotton grown outside of cotton belt included as follows: 1921, 9,000 bales; 1922, 20,000 bales.
Hay, tame and
wild (tons).
96,802
AUGUST,
985
FEDERAL RESERVE BULLETIN.
1922.
BUILDING STATISTICS.
BUILDING PERMITS IN 166 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
i Districtj District District District District \ District District District District j District District District
No. 9 I No. 10 No. 11 No. 12
No. 6
No. 7
No. 2
No. 4 I No. 5
No. 1
No. 3
(20
(9
I (14
(14
(22
(12
(15
(19
(9
(14
(14
cities). ' cities). cities). cities).
cities), j cities). cities). cities).
cities). | cities).
cities).
1921.
'•
June
1922.
January
February
March
April
May
June
:
2,517
7,534
,
•
!
I
:
878
1,024
2,367
3,011
2,018
2,945
4,176
4,210
13,284
9,056
1 0 , 1 3 6 '••
9,572
2,874
4,564
4,045 i
2,800
5,930
1,623
2,081
3,557
4,386 .
3,991 i
3,624 I
1,724 '
2,619
2,188
2,305
4,101
4,397
5,321
4,509
2,155
2, 566
3,211
3,215
3,443
3,085
3,498
4,815
8,806
11,546
13,799
11, 898
6,149 ;
6,666 i
5,839
Total
(166
cities).
1,971 I
2,166
2,617
8,199
47,156
523
517
1,493
3,342
3,391
2,422
1,336
1,758
2,711
3,103
3,554
1,653
2,114
2,623
2,586
2,794
2,545
8,298
7,600
11,196
10,966
11,266
10,156
28,884
33,043
60,453
64,407
69,334
61,990
VALUE OF PERMITS ISSUED.
District No. ! District No.
1(14 cities). 2 (22 cities).
District No.
3 (14 cities).
S6,602,647
§48,312,504
S7,875,639
815,658,897
88,779,653
S4,723,709
§20,593,319
380,701
280,827
995,500
812,829
109,108
657, 535
50,145,296
50,372,553
119,964,783
54,704,292
57,843,585
73,352,564
6,878,523
8,275,338
14,116,292
17,020,500
13,814,813
18,177,759
5,713,209
7,829, 585
13,814,868
15,693,183
22,614,084
22,428,251
8,352,615
7,513,542
11,329,049
11,971,471
13,348,592
15,736,766
3,734,262
4,630,052
6,021,211
4,951,558
7,262,167
6,498,677
18,905,561
20,419,417
33,747,135
35,089,303
53,806,499
49,934,583
1921.
June.
1922.
January...
February.
March
April
May
June
District No.
8 (4 cities).
District No. District No. District No. District No.
9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities).
1921.
June
District No. District No. District No. District No.
4 (12 cities). 5 (15 cities), j 6 (14 cities). 7 (19 cities).
S4,448,228
85,602,586
$5,452,181
2,579,894
4,150,487
5,012,607
6,076,684
7,443,855
5,855,459
2,110,424
1, 569,774
4,526,209
8,196,110
9,913,853
6,020,186
5,023,603
4,336, Oil
7,165,925
8,384,552
10,807,084
8, 894,131
$4,155,740
Total (166
cities).
Ho, 450,694
§147,655,797
!, 872,876
!, 917,868
138,631,902
141,715,243
259,754,421
212,323,919
239,017,520
252,431,008
1922.
January
February
March
April
May
June
4;
1. 960,078
UUV/, U ( O
4,419,789 j
5,630,336 i
6,228,385
4,752,642
5,276,819
30,195,052
28,271,238
29,598,278
VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.
[F. W. Dodge Co.]
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS.
District
No. 1.
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.
District
No. 7.
District
No. 9.1
Total
(7 districts).
841,119,866
$12,651,007
8192,829,219
29,182,324
32,344,424
58,081,526
64,236,566
71,117,055
77,560,940
83,159,795
3,613,148
5,192,824
11,933,270
9,878,501
12,455,410
12,153,061
9,304,325
150,258,353
161,438,750
264,651,165
322,630,241
323,044,164
311,688,517
303,548,695
1921.
July
819,298,334
January
February
March...
April
May
June
July
$54,500,566 i 813,563,100
835,669,377
1922.
15,302,453
14,799,476
26,212,330
42,196,915
31,589,783
36,259,420
24,910,926 '
54,962,847 |
60,152,424 I
90,088,870
117,814,585 i
91,441,141 i
81,614,205
79,819,084
12,128,900
11,828,700
24,558,100
24,795,800
25,739,294
26,630,900
28,7(58,377
21,066,282
20,602,823
29,661,058
38,089,754
58,432,714
30,668,191
25,362,187
14,002,399
16,518,079
24,116,011
25,618,120
32,268,767
46,801,800
52,224,001
VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS.
1921.
July
January
February
March
April
May
June
July
1
,
86,672,758
822,546,142
82,971,900
88,319,248
85,335,545
87,382,427
83,758,504
856,986,524
35,652,2*03
6,280,200
38,657,156
5,647,700
51,116,514
9,552,500
53,677,473
10,408,700
39,943,547 j 11,168,868
11,275,517
40,483,063
7,826,581
33,364,787
6.279,459
5,545,073
10,641,177
16,127,627
19,121,798
16.036,790
8;074,163
6,597,861
7,299,608
9,796,405
10,297,280
13,009,760
17,434,095
15,406,301
10,601,761
9,388,615
17,225,204
17,661,586
24,574,835
1,049,594
962,757
2,348,511
4,175,963
4,240,047
2,677,184
2,415,438
71,228,675
71,680,853
112,577,397
125,873,456
126,077,158
128,632,327
100,365,189
1922.
,
Montana not included.
4,767,597
4,179,944
11,897,086
13,524,827
14,018,303
12,518,840
12,644,574
20,633,345
986
FEDERAL RESERVE BULLETIN.
AUGUST,
1922.
RETAIL TRADE.
ary, 1919, is shown in the second of the folThe following tables are a summary of the lowing tables. The 159 department stores are
data obtained from 463 representative depart- located in districts Nos. 1, 2, 5, .6, 9, 11, and
ment stores in the 12 Federal reserve districts. 12, while the mail-order houses do business in
In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the all parts of the United States. Chain-store
data were received in (and averages computed figures are based upon the total sales of the
from) actual dollar amounts. In districts Nos. same reporting chains for each month, but the
3, 4, 8, and 10 most of the material was received actual number of stores in these chains varies
in the form of percentages, and the averages slightly.
There was a pronounced improvement in
for the cities and districts computed from such
percentages were weighted according to vol- mail-order business during June, which is quite
ume of business done during the calendar year unusual at this season of the year. Cigar busi1921. The changes in retail trade for the ness showed a rather marked reduction and
United States as a whole are obtained by com- was smaller than in any month since Septembining the district percentages after multiply- ber, 1919. Comparison with Juno, 1921, shows
ing them by a system of weights based partly an increase in business of all types of reporton population and partly on banking resources. ing stores, except cigar and shoe stores.
The course of business of grocery chains, 5
The tables for the month of June are based on
reports from 25 stores in district No. 1 (Boston), and 10 cent chains, and shoe chains is shown
64 stores in district No. 2 (New York), 104 on the accompanying chart by months since
stores in district No. 3 (Philadelphia), 33 stores January, 1919. Allowance should be made for
in district No. 4 (Cleveland), 25 stores in dis- the fact that many new stores have been added
trict No. 5 (Richmond), 37 stores in district by reporting chains in making comparisons
No. 6 (Atlanta), 63 stores in district No. 7 between the level of the curves in different
(Chicago), 20 stores in district No. 8 (St. Louis), years, but the seasonal trends indicated within
21 stores in district No. 9 (Minneapolis), 17 any single year are nevertheless highly sigstores in district No. 10 (Kansas City), 22 stores nificant. It will be noted that Christmas buyin district No. 11 (Dallas), and 32 stores in ing causes a very sharp peak in the sales of 5
district No. 12 (San Francisco). Figures for and 10 cent stores each December, while shoe
Reading in district No. 3 (Philadelphia) are chains have seasons of heavy selling every
shown separately for the first time this month. spring and autumn. Grocery business, on
A comparison of monthly changes in activity the other hand, has no marked seasonal
of different types of retail business since Janu- tendencies.
AVERAGE MONTHLY VALUE OF SALES
OF
GROCERY CHAINS, FIVE AND TEN CENT CHAINS AND SHOE CHAINS
1919-1922
( AVERAGE MONTH, 1S19 = 100 )
INDEX
NUMBERS
ROCERY CHAINS f 16)
IVE AND TEN CENT CHAINS (**•)
HOE CHAINS ( 5 )
220
-i
qp / \\_
200
100
it
i:
160
120
\ i-
100
80
60
1
J
220
j";
200
i\
-.
180
. ID
180
Wi
i f
V
INDEX
NUMBERS
24-0
120
100
5 —L
\.J
^ / /
60
? / /
60
4=0
20.
20
•
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. M. 0.
1919
1920
1921
.1922
0
987
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.
[Minus sign (—) denotes decrease.]
Percentage of
Percentage of
average stocks
outstanding
Percentage of increase in net Percentage of increase in stocks at close of each orders at close
at close of month compared month to aversales as compared wit] I correof month to
with—
age monthly total purchases
sponding period prevkms year.
sales for same ,during previous
period.
calendar year.
District and city.
•
Jan. 1, 1922,to
close of—
District No. 1:
Boston
. . .
.
Outside
District
District No. 2:
New York and Brooklyn
B uflalo
Newark
Rochester
Syracuse
Bridgeport
Out side
District .
District No. 3:
Philadelphia. .. .
Trenton
Wilmington
Chester
Harris burg
Lancast er
Reading
Outside..
District
District No. 4:
Cleveland
Pittsburgh
Cincinnati
Toledo
Outside
District
District No. 5:
Baltimore
Richmond
Washington
Outside
...
District
District No. 6:
Atlanta
TJirminfrham ..
Nashville.
..
New Orleans
Savannah
...
Outside
District
District No. 7:
Chicago
Detroit
....
.
. ..
May,
1922.
June,
1922.
5.5
-2.5
3.7
May,
1922.
June,
1922.
May,
1922.
June,
1922.
1.0
-.7
-.6
-0.8
-7.1
-2.2
-0.4
-6.0
-1.7
4.9
-.4
3.2
3.9
—1.2
-.8
-1.1
-4.2
-3.8
-4.1
294.5
453.2
329.9
288.4
* 440.4
322.4
5.3
1.6
—.6
-1.7
-2.8
-6.4
2.6
3.6
1.7
—1 3
—3.8
-4.6
"-1.6
—6.7
.7
1 0
-1.6
—10.7
—1.3
-6.6
-7.7
—11.0
-1.0
-2.7
-1.0
-9.1
—1.7
-6.3
-6.7
-10.3
-.7
-2.1
1.6
-4.0
-1.1
-1.4
-16.3
4.0
-.7
.9
2.1
-4.4
-4.7
—3.2
-2.9
-.8
-4.6
1.6
-3.0
-4.2
-4.9
-8.9
-8.1
-2.3
.6
.3
2.5
-5.2
347.9
430.8
350.9
365.1
395.2
445.3
575.3
351.4
341.8
404.4
342.0
346.1
388.3
444.5
564.5
344.6
4.6
4.4
3.6
3.9
5.6
6.9
5.0
4.9
71
5 6
3.7
3.8
8 1
3.8
5 2
1.4
.7
9.2
-6.8
—.6
-6.8
-4.3
.7
1 6 -3.0
-7.4
1.9
24.7
12 7
-.9
—1.1
- 9 . 1 -10.7
1 0
- 1 2 . 2 -i6.2
—1 9 - 5 . 7
-1.1
2.5
-19.0
—1.5
—6.0
-3.1
-2.8
-2.0
.8
—.5
1.7
-.5
-7.7
-3.4
.3
314.4
439.8
664.0
6.2
7.6
3.2
4.3
10.8
-4.0
—2.7
333.8
454.2
691.4
1,339.5
-2.8
411.2
-3.6
471.0
—1.4
-.8
501.5
-5.4
392.3
—6.7
-15.8
-6.9
-5.3
-7.0
-10.3
-4.1
-2.4
-5.4
-22.7
—1.5
-10.0
3 8
-13.1
—5.8
-4.6
-13.9
-6.6
-2.8
-8.9
-9.0
- 5 . 1 -10.7
-6.9
-3.4
-8.9
-7.6
-14.5 -15.8
— 7 1 -10.5
12.9
8 2
5.3
73
82
5.7
12.4
49
12.3
74
6.7
4.4
5.2
8.4
6 1
-4.8
.1
—7.3
13.3
—6.5
..
Little Rock .
Outside
District
District No. 9
District No. JO:
Kansas City
Denver
Outside
District No. 11:
Dallas
Tort Worth
Outside
District
District No. 12:
Los Angeles
Oakland
Seattle
Salt Lake City
District
United States
.
....
June,
1922.
June,
1922.
77
-4.0
-4.3
29
3.0
4
—2.7
—5 9
-4.1
-8.1
-4.0
-1.1
- 7 . 8 -10.6
-14.5 -15.9
— 10.5 —9.0
-7.2
—8.8
. .
May,
1922.
May,
1922.
-3.5
4.0
-1.6
-5.6
--2.5
.
Jan. 1,1922, to
close of—
June,
1922.
4 5
14.8
6.2
Outside
District
District No. 8:
St. Louis
Louisville
Previous
month.
May,
1922.
6.7
-3.5
.7
2.5
6.3
1.0
..
Same month
previous year.
-13.4
-23.4
-9.5
-11.4
-21.8
-12.0
-13.8
— 15.9
.8
—11.6
—3.2
-6.8
— 4
-17.3
5.6
445.9
481.3
592 2
473! 2
389.6
7.6
-7.5
-.4
—1.8
-.2
—1.3
-8.2
2.4
—1.7
-1.7
-1.9
-2.5
-3.9
-5.9
—4.6
-1.2
—3.7
-2.9
-3.5
-8.9
-4.8
-2.1
—4.0
368.3
352.1
522.0
455.4
467.4
396.3
369.1
357.6
512.0
444 1
428.7
393. 7
5.2
7.7
4.3
8.9
5.7
-9.1
-6.3
-8.6
-15.8
-9.6
.2
-.5
6.2
2.8
2.5
-.3
-1.8
6.2
5.9
2.8
-4.9
-3.1
-2.8
-1.2
—3.5
-6.2
-3.2
-2.4
-.8
-3.8
392.9
392.2
416.4
533.1
419.5
385.4
376.8
407.6
501.3
408.0
6.0
4.8
3.7
5.9
5.4
—11.8
-20.4
-8.2
-11.3
-20.9
—11.7
—12.6
16.6
-5.5
-2.1
-.2
-10.7
-4.2
-.7
-4.1
-1.8
-1.2
-12.6
-5.3
-2.4
7.5
—1.1
-5.6
-1.1
-4.7
-1.3
-4.8
-3.9
-7.3
-.8
-2.6
-8.4
-3.8
-5.5
-5.9
570.4
560.1
491.0
488.2
607.8
611.8
527.8
375.3
646.0
428.7
479. 7
598.2
545.7
514.1
5.8
5.1
3.2
5.9
2.0
—.3
1.5
1.2
-2.5
-5.6
10.7
-4.2
-14
—7.9
-5.3
293.4
320.0
-1.5
-1.5
-6.3
-4.0
-3.0
-2.5
—5.7
-4.0
-4.9
426.7
322.1
611.4
325.7
-3.3
-11.4
-5.8
-16.1
—15.5
10.4
-3.6
-7.2
2.0
—2.6
—5.1
—.7
-4.1
-2.7
-2.8
2.0
.8
3.4
5.2
3.2
11.5
-13.1
-5.3
—2.9
-6.7
14.2
-13.4
.2
-1.4
—5.8
-6.1
—1.4
—5.3
4.5
—6.1
1.6
—1.8
—2 7
—12.6
-8.2
-11.7
—11.0
— 11.1
-6.2
—8.4
—9 1
—9.9
4.5
5.9
-7.0
—8.2
-4.8
-9.0
—1.5
—7.1
— 10.3 —15.4
- 6 . 6 -10.2
—14.1
-16.4
—7.8
—18.1
-14.5
-13.2
-14.9
—7.8
—17.7
—13.8
1.0
-4.1
-5.2
—10.5
-4.2
4.9
.3
—12.5
-3.8
—11.9
-14.2
-1.2
-7.5
5.2
.9
—11.1
-2.1
-11.5
-12.6
-.7
-6.5
— 11.1 - 9 . 4
-7.9
-7.6
—11.2
-7.4
-18.9 -18.2
- 1 2 . 8 -12.6
-9.6
-11.4
—10.7 -10.2
5.4
4.9
-?:!
—1.8
584.9
438.2
308 6
506.9
381.7
-19.9
-5.7
-2.8
-5.8
-2.7
361.9
588.6
553.3
427.3
507.2
430.2
541.2
—9.6
-1.8
—2.5
—4 6
—16.5
-5.2
-4.7
—9 2
-8.6
-6.5
—2.8
—16.1
-9.3
.3
-4.9
—.6
—9.1
-3.3
-5.5
1.8
.7
-.4
2.6
4.1
—1.9
-1.4
-9.9
-8.7
.1
-.4
—3.5
-3.4
—6.3
-3.3
4.4
-2.3
-2.7
—4.1
-17.7
—7.1
-4.1
—2.3
7,1
4.4
—4 8
5.7
—4.3
-5.5
3.0
-1.3
-2.1
-15.1
.9
-1.5
1.1
3.6
-4.9
4.7
2.3
-4.2
- 73
-6.4
3.9
24.0
19.5
3.1
9.4
—8.1
-3.3
15.5
.8
—.2
5.7
5.7
5.7
-.7
— 1.5
-8.0
2.9
-15.0
-6.8
1.3
3.1
15.5
-4.8
-2.5
4.3
1.1
4.8
3.7
-7.5
1.8
2.2
-9.0
— 7
5.3
6.1
5.6
3.5
4.1
10.0
3.8
59
6 6
6.5
6.6
1 8
6.2
6.3
7.5
4.8
4.5
6.1
13.1
4.0
6.7
7 5
5.2
9.5
355.0
585.6
517.0
391.7
539.1
417.7
5.8
1.9
9.6
3.0
3.0
5.3
5.8
6.3
2.8
5.5
3.9
3.5
5.6
8.3
490.3
663.3
558.8
567 6
470.1
526.7
561.3
518 9
1.2
8.3
7.5
5 4
6.6
13.0
7.9
8 8
—7.3
-5.0
—14.0
-9.5
-8.9
462.4
526.3
474.3
430.3
445.0
461.2
513.3
448.0
429. 6
456.8
7.2
3.6
1.0
4.5
5.5
6.5
7.9
4.1
4.2
5.8
-4.8
-7.6
—7 0
-2.9
—6.3
-5.7
—6.0
-5.3
443.9
450.4
602 8
435.1
694.2
542.9
462.7
426.8
425.1
450.6
576 9
419.8
667.2
526.9
463.0
405.1
9.0
10.0
12.1
12.1
11.4
6.9
10.5
10.6
7.3
11.3
7.2
-1.5
9.1
5.8
988
AUGUST, 1922.
FEDERAL RESERVE BULLETIN.
AVERAGE M O N T H L Y VALUE OF RETAIL T R A D E ,
[Average month, 1919=100.]
Chain stores.
Department Mail-order
stores
houses
(159 stores). (4 houses).
Grocery
(16-chains).
Five and
ten (4
chains).
Drug
Cigar
Shoe
Music
(7 chains). (3 chains). . (5 chains). (4 chains).
i_
1921.
January
February...
March
April
May
June
July
August
September-.
October
November-.
December..
103.7
88.4
116.9
112. 5
112.5
110.9
79.2
82.0
94.5
130.4
125.0
182.4
69.1
64.8
95.1
77.5
60.2
62.1
49.3
56.4
72.7
88.6
83.3
80.3
124.6
118.4
128.7
121.7
118.8
116.0
115.1
121.4
118.3
135.2
133. 5
144.5
86.1
92.9
121.1
111.9
112.2
109.7
108.0
116.0
113.4
141.9
134.1
241.6
117.3
110.7
123.6
121. 8
119.2
120.6
122.1
119.8
119.4
124.2
115.2
146.1
93.9
81.8
105.1
113.6
116.9
110.9
65.3
59.4
83.5
77.0
169.4
191.7
135.8
127.6
145.4
137.4
136.5
13-3.2
94.6
100.8
118.4
134.9
129.6
124.9
117.0
114.5
123.2
120.3
122.9
123.5
119.9
116.5
131.8
134.7
129.5
127. 8
128. 5
127.6
• 128.0
138.0
124.8
172.7
85.8
82.5
141.0
1.39.7
136. 5
127.6
100.9
86.6
103.1
135.4
119.1
149.6
79.0
78.3
81.9
75.1
65.1
59.9
55.6
71.6
82,3
99.2
107.0
172.6
80.0
80.7
102.0
156.3
127.1
1
123.1
71.7
75.0
80.6
78.9
80.9
81.3
1922.
January...
February..
March
'April
May
,
June
,
111.0 ''
109.3 ,
124.3 :
124.5 :
128. 8
105.8
i Partly estimated.
CONDITION OF WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) I N N E T SALES I N JUNE, 1922, AS COMPARED WITH T H E PRECEDING M O N T H
(MAY, 1922).
Groceries.
District.
No.2
No. 3
No.4
No. 5
No. 6
No.
No.
No.
No.
N®.
7
9 .
10
11
12
Dry goods. Hardware.
Boots and
shoes.
Furniture.
Al t
P
p gc^ "
Drugs.
Farm implements.
Stationery.
Auto tires.
1
|
NumNum- Per Num- p e r Num- Per Num-, p ! Num- For N u m - Per- Num- p
NumPer Number of Per ber of Per ber of cent.
ber oftulLp®[ ber of
bcr of ,',-i ber of
ber of
ber of
cent. firms. cent. firms. cent. firms.
cent. firms.. " firms.
cent. firms. cent. firms.;tenl'
firms.
firms.
j
14.1
9.2
11.8
0.7
1.3
18.2
18.2
9.4
3.1
10.9
91
42
51
25
9.5
44
34 - 4 . 6
38
6.8
49 14.0
16.0
-2.8
1.5
30
11
14
13 = *
0.8!
16 - 4 . 0
23 —4.1
12
1.5
8 1
6.0
6
12 — 1.8
16
7.8
11
98
12
18
21
21
31
13
11
21
36
— 2.8
—9 4
—3.1
— 11 6
0.7
1
10
I
19
1.91
8 —4 9
10
—6.9::
—4.4
16 12.4i
•
46
5 5
1.1
9 -1.8
2.0
17
0.6
5.6
7
3 —0 3
14
2.5
6
15
13:
11!
*
i]
7
8;
-,,
V.
r,
: : : : : : : : : ::::::
.
ii.4
i
8.0
16
18
01
""io.'o
23 1
6
67
29 4
—30 8
""26 -1.7
7
3
4
25
j
30.8
22
PERCENTAGE OF INCREASE (OR DECREASE) I N N E T SALES I N JUNE, 1922, AS COMPARED W I T H T H E S A M E M O N T H LAST
YEAR (JUNE, 1921).
Groceries.
District.
cent.
No.2
No. 3
No. 4
No. 5
N0.6
No.7
No.9
No. 10
No. 11
No. 12
7.1
1.9
0.1
3.8
7.0
9.4
7.9
5.9
1.2
18.4
B
42
51
25
44
34
38
42
12
12
30
Dry goods. Hardware.
Furniture.
shoes.
Per NumPcr
ber of Per
firms;
firms.
11.7
-1.1.9
—7.6
0.04
5.4
6.4
-2.9
+2.9
-9.1
2.7
8 11.5
14
0.5
13 .10. J
16 - 0 . 0 8
23 - 2 . 3
12 18.9
2 10.8
6 15.9
* 1? 0.5
16 1.8.9
11 — 17.7
28
12
1.8 "—8.*7
21 - 7 . 3
21 17.2
11 - 1 1 . 4
13
11
21 - 5 . 0
Per beHf
10
19 " "9.'3
8 27.2
10
i
5
12.9
16
+3.0
11.9
Auto supplies.
Drugs.
Per
Stationery.
p i S n ^ j ^ t o tires.
!
Num- Pcr NumNumNumNum- 1 p
ber of Per ber of Per ber of p^i ber of
firms. cent. firms. cent. firms.. c e n t > firms.
10.0
1.6:
8.3i
q —1.6!
8.5 !
17
7.81
6
15
13
H
4
11
7 —2.0.
3 —6.5
14
7.3!
5
7
8
—6 6
6
19 1
3
66 7'
54 9
71
A
26
44 8
13.8
|
57.7
7.3
io
18
7.0
6
25i
i. i!
22
989
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
Following is a set of tables showing the volume of bills discounted and of acceptances and
Government securities purchased by the Federal reserve banks during June, 1922:
VOLUME OF OPERATIONS DURING JUNE, 1922.
Federal reserve bank.
Bills discounted for
member
franks.
United States securities
purchasedi
Bills bought
in open
market.
Bonds and
notes.
Certificates of
indebtedness.
$82,738,512
345,164,080
186,639,246
121,959,918
71,671,628 i
21,845,215 !
93,238,347 j
90,922,695
21,288,029 '
14,393,268
16,825,424
92,632,354
S30,022,774
66, 858,834
14,165,210
5,072,614
513,200
2,581,474
35,663,234
609,936
Total, June, 1922
1,159,318,716
. J une, 1921
3,674,977,034
6 months ending j
June 30,1922... I 9,760,140,334
6 months ending
June 30, 1921...! 36,588,772,400 ]
175,494,026
64,673,129
146,898,300
15,263,900
809,108,076
675,509,100
767,364,052
24,158,550
Boston.
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
1,910,971
18,095,779
$1,108,100
95,493,000
10,626,350
500,000
875,939, 500
464,429,500
10,062,000
35,605,500 I
1,352,500
15,729,700
3,256,250
4,413,150
11,919,250
2,997,000 I
38,146,500 i
31,454,500
3,758,000 !
6,307,000 •
2,075,000 i
8,689,500 !
"" 2," 500," 666'
Total.
Municipal
warrants
purchased.
679,464,000 .
1,041,619,500 j .
I
1,761,258,500 j
June, 1922.
June, 1921
8189,808,886
971,945,414
221,492,806
163,138,032
72,184,828
28,776,189
182,777,781
126,243,381
29,459,179
32,619,51.8
20,811,395
121,917,633
$333,568,864
2,066,886,849
431,834,973
372,482,872
247,186,656
132,348,665
455,443,258
177,168,747
68,661.719
77,4io; 034
67,654,755
368,886,171
2,161,175,042
4,799,533,563
$111,029
13,006,127,039 I
2,475,074,557
39,855,369,559
VOLUME OF BILLS DISCOUNTED DURING JUNE, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Federal reserve bank.
Customers'
paper
secured by
G 0 verninent
obligations.
Secured by
Government
obligations.
Bankers' acceptances.
Commercial
paper,
n.e. s.
Otherwise
secured.
838,765,900
266,934,535
138,927,560
93,407,890
54,804,150
7,395,050
52,667,536
81,916,364
11,356,240
6,173,130
4,398,844
36,749,742
$129,173
520,000
283,300
590,000
6,500
843,i02
1.6,000
768,540
22,853,442 |
543,112,712
74,927,537
47,042,171
26,856,717
12,263,663
9,676,606
30,767,306
5,897,904
3,967,092
3,958,907
4,028,960
27,559,332
4,426,532
3,946,347
793,496,941
732,368,832
26,010,057
26,652,038
290,058,907
301,251,671
96,160,831
129,890,303
1,961,999,011
2,578,728,882
29,408,562
23,152,575
1,490,444,999
1,427,211,911
Total: June, 1922
May, 1922....'
Foreign.
June, 1921.
May, 1921..
8380,927
8106,381
970,907
13,117
302,373
256,083 j
84,471 !
3,420,949 i
38,153 I
3,625,760 .
543,776 '
7,635,816 I
2,602,034
135,523 !
525,000 .
3,193,578 j 1,895,514 j
I
I
1,446,062 : 2,723,114 '•
i
:.
4,485,589 •. 3,103,391 I
I
'
3,856,085 ! 1,141,022
889,974 !
j.
32,176,163
35,599,567
9,784,462
§89,974
10,398,643 ! 44,987
56,233,595 \ 26,926,398
50,828,201 1 27,794,905
Total
all classes.
Federal reserve bank.
Total: June, 1922.
May, 1822..
Livestock
paper.
Total reduced to a
common maturity basis.1
Trade accopta n ces.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Agricultural
paper.
Foreign, j Domestic/
8301,910
1,220,186
326,590
310,576
272,021
84,418
1,496,562
140,456
16,672
76,055
2.1,899
159,187
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
June, 1921
May, 1921
Member banks' collateral
notes.
Domestic. !
870,682 |
1,097,798 i
40,552
915,008
352,692
236,305
81,127 j
198,9.14 I
15,831 I
Per cent
of total.
Amount.
882,738,512
345,164,080
186,639,246 •!
121,959,918 !
71,671,628 i
21,845,215
93,238,347
90,922,695
21,288,029
14,393,268
16,825,424
92,632,354 j
$3,790,373
6,562,956
Member banks.
Number • Accommodated.
in
ldistrict.
N umber. Per cent
863,397,823
167,652,073
106,270,285
92,559,279
81,058,354
68,936,346
189,941,009
56,733,350
70,134,762
49,526,554
76,137,698
136,971,183
5.5
14.4
9.2
8.0
7.0
5.9
16.4 I
4.9
6.0
4.3
6.6
11.8
433
803
711
884
630
532
1,4.44
605
1,023
1,152
862
849
3,250,680 ! 1,159,318,716 | 1,159,318,716
3,556,680 1 1,113,931,285 ; .
100.0 j
18,201 ;
223,570 !
$10,013,265
9,693,998
3,674,977,034
j 4,253,863,731
I
I
25,000 !
1.12,520 :
205
328
347
331
356
300
754
249
415
381
431
339
47.3
40.8
48.8
37.4
56.5
56.4
52.2
41.2
40.6
33.1
50.0
39.9
9,928 ;
9,909 !
4,4.16
4,636
44.7
9,770
9,770
5,745
5,632
58.8
57.6
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (15.61) for system.
990
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
VOLUME OF BILLS DISCOUNTED DURING JUNE, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND
MATURITIES.
Federal reserve bank.
;
4 per cent.
Boston
Now York
Philadelphia.
Cleveland
Richmond
Atlanta..
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$30,810,653
135,266,909
4i per cent.
5 per cent.
$51,927,859
209,897,171
186,639,246
121,959,918
71,671,628 i
21,845,215
93,238,347 •
90,922,695 :
1521,288,029
14,393,268
16,825,424
92,632,354 j
Total: June, 1922.
May, 1922..
166,077,562
940,734,433 j
1,058,472,669
52,506,721
55,458,616
Average
rate
Average
(365-day maturity
Total.
-$82,738,512
345,164,080
186,639,246
121,959,918
71,671,628
21,845,215
93,238,347
90,922,695
21,288,029
14,393,268
16,825,424
92,632,354
1,159,318,716
1,113,931,285
Per cent.
4.32
4.24
4.50
4.50
4.50
4.50
4.50
4.50
5.00
5.00
5.00
4.50
4.54
4.59
Days.
11.96
7.58
8.89
11.85
17.66
49.27
31.81
9.74
51.44
53.73
70.66
23.09
15.61
17.44
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JUNE, 1922, BY CLASSES.
Trade acceptances.
Bankers' acceptances.
Total,
bills
purchased.
Federal reserve bank.
Foreign.
B ton
New York
Philadelphia
$20, 460,106
52, 462,557
10 694 686
3, 459,316
165 450
2 309,974
761 196
574 936
CIPY eland
Richmond
Atlanta
C-hicacro
St L/Ouis
Domestic.
Dollar
exchange.
$8,1.02,668 SI,460,000
1,879,560
11,739,359
2 932,868
505,000
1.408,298
205,000
347 750
271,500
541 224
8 360 814
' 35,000
Foreign. Domestic.
Total
S30,022, 774
66,081. 476
14
S777, 358
32 656
•too
Total.
.$777, 358
32, 656
5,072, 614
Si 3 ^00
2, 581 j 474
35
936
Total reduced to a common maturity basis.1
Amount.
$30,022,774 831,247,778
66,858,834
39,841,882
14,165,210
17,319,513
5,072,614
4,912,898
513,200
501,889
2,581,474.
1,886,760
35 663,234
59,7L8 544
609,936
1,714,660
Per cent
of total.
17.8
22.7
99
O
1.1
34 0
10
Minneapolis
673,021
3,962,955
225,000
125,000
1, Q10, 071
18, 095, 779
Total: June, 1922.. 131,908,995
May, 1922.. 114,746,968
37,834,233
32,239,091
4,940,784
3,620,502
174, 684, 012
150, 606, 561
810 014
43,000,328
85,207,323
17,263,676
27,224,489
4,334,512
25,547,853
64, 598, 516
137, 979, 665
74 613
621. 540
1, 012,950
14, 007,824
Dallas
San Francisco
June, 1921..
May, 1921..
1,910,971
18,095,779
2,020,981
16,329,121
9.3
810, 014
175,494.026
150,606; 56L
175,494,026
100.0
74, 613
621, 540
64,673,129
138,601,205
i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (37.57) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING JUNE, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: June, 1922..
May, 1922..
3 per cent. 3-J per cent. 3£ per cent. 3§ per cent. 3J per cent. 13$ per cent. 3f per cent.
$4,334,006 S20,383,391
80,429 16,720,022
3,575,261 8,898,116
4,608,355
$5,020,816
1,825,256
1,659,176
87,440
$114,408
373,141
19,490
19,355
21,464,655
1,298,375
10,461,129
314,451
1,670,450
2,067,000
1,240,586
1,910,971
12,813,051
1,893,093
1,700,668
191,501
30,694,937
9,749,970
77,703,346
43,238,498
12,470,682
37,481,554
4,294,062
8,029,787
48,168,506
50,378,729
$84,267
47,567,861
13,167
188,210
$55,000
220,000
$72,125
7,457
"i44,"347
123,500
256,880 ;
539,337 j
294,434
216,472
201,419
AUGUST,
991
FEDERAL BESEEVB BULLETIN.
1922.
VOLUME OF ACCEPTANCES PURCHASED DURING JUNE, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES—Continued.
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond..
Atlanta
Chicago
St. Louis . . .
Minneapolis
Kansas City
Dallas
San Francisco
3£ per cent.
4 per cent.
4J per cent.
Per cent.
3.19
3.37
3.19
3.19
4.56
3.97
3.12
3.17
Days.
39.10
22.39
45.94
36.39
36.74
27.50
62.91
10.56
1,910,971
18,095,779
3.17
3.19
39.73
33.90
.1,358,348 1.75,494,026
871,043 1150,606,561
3.22
3.28
37.57
37.01
.
$17,450
.
8513,200
845,148
.
Total' June 1922
May, 1922
30,886
7,686
17,450
71,149
Average
rate
Average
(365-day maturity.
basis).
$30,022,774
66,858,834
14,165,2 L0
5,072,614
5.13,200
2,581,474
35,603,234
609,936
$30,885
.
Total.
1
Includes $203,292 and $19,000 of acceptances purchased at 4J and 5 per cent, respectively.
NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
Following is a set of tables giving a detailed analysis of the different classes of earning
assets held by the Federal reserve banks during June, 1922.
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON. AND ANNUAL RATES OF EARNINGS
DURING JUNE, 1822.
Average daily holdings of—
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
All classes
of earning
assets.
Discounted
bills.
Purchased
•bills.
Earnings o n All
United
States
of earnsecurities.
ing
assets.
$93,826,065 $21,798,524 §20,006,769 $52,020,772. 8287,886
278,125,909J 51,099,960 35,996,026 191,029,923; 845,736
96,251,724! 46,228,790! 18,827,6971! 31,195.237J 321,328
39,169,163 13,754,312 74,712,563; 414,807
127,636,038
42,234,323
916,173 4,793,400! 170,990
47,943,896
30,910,932 :
913,617 7,452,096; 131,577
39,276,645
61,019,738 18,516,716' 80,320,100' 525,518
159,856,554
189,857
57,440,526; 20,831,841; 8,332,955i 28,275,7271
40,106,000
26,169,600
13,936,400; 144,335
65,046,104
22,550,6161
5,000 42,490,488 222,002
149,907
39,432,738
31,918,125! 2,084,113| 5,430,500
121,674,30-ij 44,856,800 15,827,475! 60,990,029; 413,181
Annual rate of earnings o n -
All
Pur- United
Disclasses DisPur- United
States of
States
counted chased securiearn- counted chased securibills.
bills.
ing
bills,
bills.
ties.
ties.
assets.
$80,089
184,128
170,650
144,911
159,424
115,160
230,433
77,770
107,885
92,351
133,015
166,196
Per cent Per cent Per cent Per cent
3.73
3.20
4.47
3.63
3.70
4.38
3.42
3.57
4.06
4.50
99,594
3.30
3.88
3.95
4.50
3.80
233,609
3.20
4.34
4.59
2.03
8,003|
4.73
4.08
4.53
2.15
4.31
13,182
4.00
4.59
3.74
3.18
246,644!
4.02
4.54
3.88
3.19
90,240'
4.38
5.01
3.18
36,450
4.1,
5.00
3.71
5.04
21; 129,630!
4.63
5.07
2.56
3.20
5,479
11,413
4.13
4.51
4.10
41,485 205,500
3.19
$52,576
101,250!1
51,084
36,287!
3,563!
3,235'
48,441;
21,847i
$155,221
560,358
Total: June, 1922.. 'l, 166,616,503 438,788,415 135,180,853 592,647,235 3,817,124 1,662,012 365,2681,789,844
May, 1922.. 1,188,849,317| 481,627,272! 103,073,301,604,148,744, 4,119,881 1,912,902 306,4611,900,518
3.98
4.08
4.61
4.68
3.29
3.50
3.67
3.70
June, 1921.. 2,175,175,179-1,817,748,880 54,7.15,853 302,710,44610,131,273 9,265,160 268,315 597,798
May, 1921.. 2,353,794,3601,966,646,008 84,394,913,302,753, 43911,571,365 10,502,633 428,792; 639,940
5.67
5.79
6.20
6.29
5.97
5.98
2.40
2.49
992
FEDERAL RESERVE BULLETIN".
AUGUST, 1922.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of June figures. In thousands of dollars.]
Member banks'
Custom- collateral notes.
ers'
paper
Federal reserve bank.
Total.
b y (iov-
Otherwise
obliga- secured.
tions.
Trade acceptances.
Bankers' acceptances.
ComAgriLive
mercial cultural ' stock
paper
paper.
paper.
n.e. s.
|
Dollar
DomesexForeign.
Foreign.
tic.
change.
D
?£es"
1 ''
1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
529
19,353
17.635 ! 1.1J8
14.155 i
712
11.462 1
HI 5
17.955
9,043
14,793
9,761
20,812
25,437
4,115
6,51.4
4,028
12,751
5,103
2,815
14,743
4,880
9.15fi
15,120
30,796
66,289
48,241
37,301
41,216
29,110
63,130
18,529
27,850
20,841
32,264
45,851
748 ! 9,993
677
46,400
416
32.813
22,803
634
454 . 12,800
2,217
147
iR.nr>2
19L
173
6.988
22
3,277
2,572
221
i nxx
34
266 ! 6,255
...
30
244
100
291
3
398
16
368
11,140
Total: June 30, 1922
May 31, 1922
461,418
471,490
3,983 ifiS 2-W
5,009 •" 166-097
12,590
12,228
147,123
150,224
June 30,1921
May 31, 1921
1,751,350
1,907,913
15,226
12,006
842,096
855,608
113,803
159,563
523,787
627,681
!
!
404
63
1,800
i
471
7,181
10,114
11,113
3,592
81
98>)20
34,844
33,974
81
103
157,871
152,749
76,258
76,718
Qr>. 782
67
459
145
1 053
657
292
347
184
193
106
7,779
7,804
677
1,638
j
|
i
!
j
...
30
38
322
1
!
3,757
5,235
80 !
134
13,773
13,982
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES
[End of June figures. I n thousands of dollars.]
Bankers' acceptances.
All classes.
Dis- i
counted i
for
• Total.
member i
banks. !
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total J u n e 30,1922
"May 31,
' 1922..
June 30,1921
Purchased in open market:
June 30,1922
May 31,1922
June 30,1921.
,..
Discounted for member banks:
June 30,1922
May 31,1922
June30,1921
25,150 I
46,995 !
19,148 !
17,769 :
1,368 !
937
21,822
11,804
193
5
2,914
16,845
25,083
46,536
19,003
16,716
711
645
21,475
11,539
2,876
16,523
67 !
1,053 |
657 i
292
347
265
193
38
322
! 164,950
123,520
62,532
161.112
118,182
40,223
5,338
Trade acceptances.
Dollar
Foreign. Domestic. exchange.
Foreign, j Domestic.
25,083
45,866
18,893
16,716
711
645
21,475
11,620
16,713
36,962
14,333
14,244
226
389
15,135
10,291
6,827
7,750
3,980
2,167
485
256
5,916
965
1,543
1,154
580
305
5
2,876
16,523
2,127
13,722
724
2,661
25
140
160,413
118,204
48,586
124,142
88,004
36,249
31,736
26,599
9,169
4,535
3,601
3,168
4,537
5,316
13,946
780
. 81
173
160,332
118,101
40,130
124,142
88,004
28,470
31,655
26,496
8,492
4,535
3,601
3,168
780
81
780
81
93
81
103
8,456
7,779 j
81
103
677
424
364
67
1,129
255
1,053
657
292
347
184
193
670 |
110 !
38
322
38 !
322 !
3,757
5,235
13,853 !
67
459
145
1,053
657
292
347
184
193
3,757
5,235
13,773
3,757
5,235
13,773
993
FEDERAL, RESERVE BULLETIN.
AUGUST, 1922.
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of June figures. I n thousands of dollars.]
Member banks.
Federal reserve bank.
Total.
National.
Nonmember
banks
and
Nonbanking
national, i corporations.
Private
banks.
Branches
and
agencies
of
foreign
banks.
_!
Boston.
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
893
716 I
711
645 ! !
475
620 j
5 j
876:
523 I
Total, June 30, 1922
May 31, 1922
June 30, 1921
Purchased in open market:
June 30, 1922
May 31, 1922
June 30, 1921
Discounted for member banks:
June 30, 1922
May 31, 1922
J une 30, 1921
13,076
21,610 i
6,622 :
7,871 j
711 i
356
10,402
4,583
5
909
6,337
8,358
12,864 !
5,361 I
5,942 !
3,304
4,910
2,703
1,706
154
3,305
1,581
847
191
3,177
2,626
350
289
9,378
5,104
1,154 :
1,284 I
256
596
285
53
1,525 :
5,829 j
200 I
1,699 |
167
1,285
75
1,373
160,413 !
118,204 !
48,586 '
72,482
53,780
18,871
54,650
37,750
13,949
16,960 ,
14,683 !
9,009 i
8,191
6,117
3,470
8,130
5,874
3,287
160,332 I
118,101 •
40,130 I
72,444
53,768
15,280
54,607
37,659
11,507
16,960 i
14,683 !
6,960 '
8,191
6,117
3,391
8,130
5,874
2,992
103 j
8,456;
38
12
3,591
43
9L
2,442
2,049 ,
79
295
BANKING CONDITIONS BY FEDERAL RESERVE DISTRICTS.
Developments in Federal reserve and mem- ! Francisco, but the bulk of it, amounting to
ber bank conditions for the country as a whole ;! $104,000,000, is reported for New York City
are discussed in the paragraphs on the banking banks, the decrease for the Boston district being
situation in the review of the month, page 907, I $22,000,000 and for the Chicago district $14,and graphically shown in the chart on page 908. 000,000. Demand deposits of reporting member
The text tables here presented show changes in I banks declined by $97,000,000 during the period
condition of individual Federal reserve banks I under review, a much larger decline in New York
and of reporting member banks in each reserve : City being partially offset by increases elsedistrict.
where. Time deposits, on the other hand, inAs is stated in the review of the month, the I creased by $206,000,000, of which $160,000,000
principal change in the condition of member represented the share of New York City banks.
banks for the five-week period ending July 19
A table comparing total loans and discounts
was a decrease of $136,000,000 in loans and dis- of reporting member banks on January 7, 1921,
counts and an increase of §110,000,000 in Gov- the earliest date for which separate figures for
ernment securities held. Liquidation of loans loans and discounts are available, and on July,
is shown for reporting member banks in all the 1922, with demand deposits for the same dates
districts except Cleveland, Atlanta, and San is given below:
4210—22
7
994
FEDEEAL RESERVE BULLETIN.
AUGUST, 1922.
TOTAL LOANS AND DISCOUNTS, NET DEMAND DEPOSITS, AND RATIO OF DEPOSITS TO LOANS OF REPORTING MEMBER
BANKS IN LEADING CITIES.
[In millions of dollars.]
Federal reserve district.
Deer ease.
Jan. 7,
1921.
Boston
New York
New York City
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
City of Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco .
Total
July 19,
1922.
Amount. Per cent.
507
308
536
413
234
427
288
993
234
864
54
129
16.2
20.7
22.2
18.2
10.4
13.1
21.4
19.0
17.1
18.5
24.0
20.3
18.8
13.0
13,219
10,808
2,411
18.2
934
4,987
4 488
682
1 111
488
453
1,932
1 269
783
3,954
3,492
558
996
424
356
1,565
1 052
151
1,033
996
124
115
64
97
367
217
94
74
109
Loans and discounts of reporting member
banks declined by $2,411,000,000, or 18.2 per
cent, between January 7, 1921, which was not
far from the peak date, and July 19, 1922.
Declines are shown for. all of the reserve districts, but are less pronounced in the Cleveland,
Richmond, and San Francisco districts than in
the rest of the country. While loans were
declining throughout this period, demand
deposits of reporting banks reached their lowest
level in September, 1921, and increased in
most of the districts since that time. Since
January, 1921, deposits show an increase of
$163,000,000, or 1.5 per cent, declines being
shown only for the Cleveland, Richmond, St.
Louis, and Dallas districts.
The increase in deposits, which is shown for
the latter part of 1921 and for 1922 in the face
of loan liquidation, reflects three major features of recent financial developments: (1)
An increase in the banks' investment in
Government and other securities. Between
January 7, 1921, and July 19, 1922, the investment account of the reporting banks increased
by $1,048,000,000, of which §795,000,000
represents the increase in holdings of United
States obligations. Since a substitution of
investments for loans in a bank's portfolio
does not affect the deposit account, this
growth of investments explains over $1,000,000,000 of the difference between the changes
shown in loans and in deposits. (2) Contraction of the currency, chiefly the reduction of
Federal reserve note circulation, which declined by $1,137,000,000 between January 7,
1921, and July 19, 1922. Currency contraction represents the excess of cash deposits
received by the banks over cash withdrawals.
Ratio of deposits to loansper cent.
Net demand deposits
Total loans and discounts.
Jan. 7,
1921.
July 19,
1922.
Incr ease.
Jan. 7,
1921.
Sept. 21,
1921.
July 19,
1922.
Amount. Per cent.
784
4,954
4! 453
673
898
340
238
1,322
799
4,971
4,470
686
852
331
246
1,448
207
623
3
37
15
17
9.5
6.3
U.O
1.6
9.3
12.4
2.8
83.9
99.3
99.2
98.7
80.8
69.7
52.5
68.4
72.9
64.1
60.7
74.4
73.6
61.0
925
325
187
399
983
312
190
436
212
606
10,938
11,101
163
1.5
82.7
15
17
17
13
*46
!9
1268
58
1
13
1.9
.3
.4
1.9
1
5.2
12.6
3.4
84.9
106.2
107.6
98.7
74.5
61.1
53.8
74.3
77.8
62.1
60.7
80.0
73.9
62.7
102.0
125.7
128.0
122.9
85.5
78.1
69.1
92.5
93.4
75.5
81.2
102.1
88.5
72.1
85.2
102.7
(3) The importation of gold from abroad.
Net imports of gold to the United States
were $780,000,000 between the beginning of
1921 and the end of June, 1922. Another
way of stating this is to say that deposits
can increase either through loans granted by
the banks to their customers and credited to
their accounts; through the purchase of securities by the banks and the crediting of the
sellers7 accounts with the proceeds, or through
the deposit of cash. Cash deposits in turn
can consist either of currency withdrawn
from domestic circulation, or of gold imported
from abroad. During the period under discussion the liquidation of loans exerted an
influence toward the reduction of deposits,
but this was somewhat more than offset by
the increase in investments and the deposit
of domestic currency and of foreign gold.
The economic causes back of these developments are worthy of consideration. Deposits
generally tend to increase in relation to loans
in times of depression. This is due partly
to the gradual reduction of inventories by
merchants, who pursue a hand-to-mouth
policy and build up their deposit accounts in
preparation for the revival of business. It is
due also in part to the gradual liquidation of
frozen domestic and foreign loans, especially
as the upward swing of business begins to
manifest itself. This liquidation of loans,
to which no deposits correspond on the books
of the banks, as these deposits have been
previously drawn out, tends to increase the
ratio of deposits to loans. In addition, in a
depression there is less strain on the resources
of business, with a consequent slowing down
in the turnover of deposits and an increase
AUGUST,
995
FEDERAL RESERVE BULLETIN.
1922.
in the length of time that deposits remain
in the banks. This also results in a relative
increase of deposits as compared with loans.
During the past two years the decline in prices
reduced the public demand for currency and
correspondingly reduced withdrawals of deposits in currency from the banks by business concerns and private individuals, who
needed less cash to transact their business.
All these causes have operated to increase
the ratio of deposits to loans, wThich was 82.7
per cent on January 7, 1921, rose to 85.2
per cent on September 21, 1921, when deposits began to increase, and advanced further
to 102.7 per cent on the latest report date.
It is interesting to compare this ratio for
different sections of the country. On July
19, 1922, deposits in New York City banks
constituted 128 per cent of loans and in the
entire district of New York 125.7 per cent;
in the Philadelphia district the ratio was
122.9 per cent, in the Boston district 102 per
cent, and in the Kansas City district 102.1 per
cent. None of the other districts show deposits in excess of loans. In the Atlanta district they constituted only 69.1 per cent of
loans, the ratio being relatively low in all the
southern districts and in the middle and far
west, although in Chicago the ratio was 92.5
per cent. In general, the table shows that,
while there has been nearly as much loan
liquidation in the interior of the country as in
the industrial centers on the coast, the relative
increase in deposits has been more pronounced
in the latter. An explanation of this difference
may be found in part in the fact that the
liquidation of foreign loans was largely confined to the industrial centers, and that this
liquidation of foreign obligations by the shipment of gold was an important factor in
the reduction of loans out of proportion to
deposits.
CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
DISTRICT BETWEEN JUNE 14 AND JULY 19, 1922.
[In millions of dollars.]
United States Gov- Other bonds, stocks, Demand deposits.
ernment securities.
and securities.
Loans and discounts.
Federal reserve
district.
Time deposits.
Accommodation at
Federal reserve
banks.
Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease.
Boston
New York
New York City.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
City of Chicago..
St Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
Total
22
102
104
9
2
1
14
20
8
2
1
7
1
2
1
3
2
12
8
2
2
9
110
18
34
15
25
17
6
1
1
5
10
10
168
160
1
8
•
7
1
3
3
2
1
4
97
206
11
Liquidation of loans and discounts, amounting
to $41,600,000, for the 12 Federal reserve banks
combined during the five-week period ending
July 26 was reported, the Boston and Dallas
banks being the only ones reporting increases.
The heaviest decline, amounting to $17,100,000,
was reported by the Cleveland bank. Government security holdings show a decrease of
9
191
203
2
4
1
5
5
130
1
7
5
7
69
64
6
9
10
1
56"
62
i
3 !
!
1
3
'A
3
2
2
1
2
42
$14,700,000, the largest decrease amounting to
$38,800,000 being reported for the Chicago
bank, while the St. Louis, Minneapolis, and San
Francisco banks showed smaller reductions.
For the other eight reserve banks increased
totals of Government securities are shown, the
principal increase, amounting to $15,900,000,
being shown for the New York bank.
996
A U G U S T , 1022.
FEDERAL RESERVE BULLETIN.
CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK BETWEEN JUNE 21 AND
JULY 26, 1922.
[Amounts in millions of dollars.]
Total reserves.
Government
securities.
Discounts.
Federal reserve
bank.
Federal reserve
notes in circulation.
Total deposits.
"Reserve
percentage.
Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. June 21.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago ..
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
8.0
11.3
21.0
2.3
3.4
3.0
2.9
17.1
11.2
3.7
60. o
11.1
1.7
2.3
.2
Total.
4.3
.9
7.8
1.3
2.9
.8
2.9
;;•••;;:
11.7
3.1
1.0
41.6
9.2
1. 7
1.3
. .:
l.s
.8
2.2
2.1
.2
.9
L S
14.7
33.7
72.2
87.9
SO. 7
69. 7
75.5
83.0 >
8L.3
68. 4
70.3
61. 5
61.8
70. 2
72.2
85.6
74.0
71.7
78. 8
81.6
89. 0
65.6
71. 7
66.0
57.0
70.6
79.1 !
!
79.2
j
. 5
i
No substantial change in Federal reserve
note circulation is shown, increases shown
for the Boston, Chicago, and Kansas City
banks being practically offset by declines
reported for the other banks. The reserve
ratio, which advanced from 79.1 to 79.2 per
cent for the system as a whole, shows varying
changes for the different districts. For the
,New York bank a decline from 87.9 to 85.6 per
cent is shown as a result of a decrease in
5:2
3.3
38.8
i.i
1.7
33.8
i
o. 7
4.2
3.8
1.1
.9
-1.0
1.3
.7
4.8
5.4
10.2 !
.9
24.2
15.9
4.1
J u l y 26.
!
reserves and an increase in deposit liabilities.
Other banks for which reduced reserve ratios
are shown are the Philadelphia, Atlanta, St.
Louis, and Dallas banks. The Boston bank's
reserves remained unchanged at 72.2 per cent.
The largest increase in reserve ratio, from 81.3
to 89 per cent, is shown for the Chicago bank,
reflecting chiefly the increase of $60,500,000 in
the bank's cash reserves.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR JULY
AND JUNE, 1922.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Total deposits.
j percentages.
Federal reserve bank.
July.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
.-
T o t a l : 1922.
1921
1920
1919
1
June.
July.
207,436
1,136,406
221,195
244,702
107,879
136,783
557,730
88,441
68,640
92,900
42,577
253,587
195,846
,173,711
225,616
240,715
108,366
139,834
501,244
96,179
67,289
87,959
45,985
253,631
124,461
739,801
110,713
145,616
61,058
50,914
266, 532
65,261
46,260
83,772
47,562
140,168
3,158,276
2,655,179
2,118,899
2,176/779
3,136,375
2,605,779
2,102,985
2,248,265
1,882,118
1,696,481
1,909,221
1,959,758
Calculated on bapis of net deposit? and Federal reserve notes in circulation.
I
June.
July.
::
121,327
762,334 ;.
109,187
142,027 •
60,026 !:
50,762
262,790 i
70,637 !
45,985
79,965
47,328
140,223
1,892,591
1,723,271
1,974,537
1,940,647
Juno.
July.
June.
153,470
621,970
180,283
197,745
84,660
115,419
364,012
69,074
49,139
57,850
26,339
218,469
72.2
83.1
76. 0
71.2
76.1
83.3
87. 4
66.5
71.6
65.1
57. 5
70.4
71.3
84.8
77.9
70. 8
74.9
84.1
80.0
68.8
70. 7
63.8
62.4
70.7
2,157,405 i 2,138,430
2,604,750
2,682,560
3,143,465
3,113,9-19
2,523,960
2,500,969
78.2
61.7
143.7
1
50.4
77. 8
59.1
162,942 I
627,653
180.393
198^ 095
80,664
113,238
371,527
67,725
49,627
58.935
26)440
220,166
M3.3
152.6
AUGUST,
997
FEDERAL RESERVE BULLETIN.
1922.
CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 28 TO JULY 2G, 1922.
RESOURCES.
[In thousands of dollars.!
New
York.
Total.- I Boston.
;
Philadclphia.
San
St.
Atlanta, Chicago. Louis.
Clove- : Richl a n d . : ino.ud.
!
Gold and gold certificates:
June 28
July 5
July 12
July 19
July 26
Gold settlement fund—
1\ R. Board:
June 28
July 5
July 12.
July 1.9
July 26
Gold "with F. R.
agents:
. June 28
July 5
July 12
July 19
July 26
Gold redem ptioti fu nd:
June 28."
July 5
July L2
July 19
July 26
Total gold reserves:
June 28
July 5
July 12
July 19
July 26
Legal 'tender notes,
silver, e i c :
June 28
Julv 5
July 12
July .19
July 20
Total reserves:
June 28
July 5
July 12
July 19
July 26
Bills discounted:
Secured by U. S.
Government obligationsJune 28
July 5
July.12
July 19
July 26
Other "bills discounted—
June 28
July 5
Julv .12
July .19
July 26
Bills bought in open
market:
316,937
.117,0-10
.317,832
31.7,980
317,459
532,351
51.8,079
514,590
490,620
498,309
!
' 13,8*20
i 13,671
| 13,874
; 1.3,976
j 14, 100
iI 31, 125
I 39,4.13
I 36,093
j 33,002
31,061
2,123,373
2,123,816
2,161,560
2,195,062
2,197,645
129,470
126,713
140,089
146,264
148,315
48, 207
61,142
41.. 851
41; 673
41,118
8,725
10,833
6,712
9,422
3,020,868
3,020,677
3,035, 833
3,045,335
3,054,531
183, 1.40
190,630
1.96, 768
202,664
199, 824
127,198
11.3,252
121,207
123,987
126,967
.1.1,991
8, 706
8,950
8,537
8,685
3. 118,366
3', 133,929
3,157,040
3,169,322
3, .181, 198
195,131
199.336
205, 728
211.201
208', 509
! 5,600
I 5,471.
5,472
; 5,499
" 5,657
13,368
1.3,31.3
1.3,378
13,225
13,300
3,229
3,259
3,318
3,286
3,316
5,659
5,670
5, 621
5,645
5,668
24,049
24,136
24,314
24,482
24,770
4,215
4,276
4,324
4,438
4,083
7,1.89:
7,174 i
7,211 :
7,231 i
7,280 !
2,525
2,54.1
2,550
2,577
2,585
10,467
9 822
156,274
42,-764
70,207 ! 51,526
88,734 j 44,149
53,4.70 : 46, .144
92,991
29, 891
45,120
44; 548
43,891.
45,910
50,699
i 39,655
! 37,575
: 34,231
35,3.13
| 38,790
2.1,492
27,945
22.846
2i; 424
19,1.83
89,223
1.37,088
150,055
148,817
134,273
16,145
18,096
6,033
8,681
11,398
23,404 !
27,885 i
28,661 !
29,438 !
27,991 j
27,506
30,548
26,733
32,723
28,930
6 089
4 466
5 151
101,027 364,604
100,518 360,207
99, 730 366,844
98,912:
98,418
57,570
57,422
60,030
57,646
56,081
30,452 :
29,932
29,675
29,194 i
29,609 ;
50,937 : 19,221 1.88,065
50,162 ! 19,8"" 195,066
53,456 19,545 198,677
52,705 20,216 198,789
54,021 19,803 194,562
207,847
207,977
207,669
207,273
206,765
804,156 | 153,315 170,010 : 54,5
54,546
803,9-16 :. 156,301 j 170,026 ". 53,6
53,614
803,771 | 159,382 I 172,612 • 57,7
57, 749
833,587 1 16.1,032 17l!054 56,811.
833,440 161,960
5,11.3
9,066
7,880
• 6,789
5,782
6,3J8
169,699
o~y, 838
2,182
2,944
3,193
3,495
3,663
3,973
3,920
3,879
3, 793
3,851
7,996
8,943
2,674
3,787
5,054
,173,390 209,675
,091,196 :222,241 ;
, 108, 054 211,677
,101,119 216,462
, 138,978 202, 562
230,680
230,831
233,074
233,684
237.361
i
9,753
10 025
19,683
19,527
19, 792
1.9, 881
20, 113
10,309
8 205
31,438
26,4.17
27,075
3.1,232
27,951
7,43 L
10,290
13,673
6,223
3,156
5, 155
1,999 I
1,844 |
1,729 :
1,683
1,823 i
2,130
2,070
2,278 !
1,630 !
1,479
1,770
1,994
2,231.
2,377
726
921
994
742
589
3,344
3,857
2,990
2,672
3,459
101,403 ! 129,297 : 488, L66
98,368 I 135,219 i 535, 164
99,177 ! 129,595 | 547,436
99,203 127,560 : 545,307
101,795 124,796 i 540,097
79,367 I
81,793 '
72,231 •
72,494
73,245
62,868 :
67,1.21 ;
67,617 I
68,141 I
66,510 !
82,447
85,021.
84,733
90,236
87,913
37,905
38,226
36,937
35,891
35,365
I 242,530
244,867
! 248,534
i 252,574
| 246,085
709 '
604 i
536 ,
601 :
644 i
5,041
4,775
4, 708
4,890
4,584
1,119 j
1,086 |
1,398 !j
1,579
1,527 j
1,437 .
|
Juno 28
July 5
July 12
July 19
July 26
U. S. bonds and notes:
June 28
July5
July 12
July 19
July 26
U. S. certificates of
indebtedness:
One-year certificates (Pittman
Act)—
June 28
July 5
July 12
July 19
July 26
30,443 !
i
27, 184 j
31,536 I
33,611 i
34,255 !
. 203,833
; 118,380
, 1.39, 590
, 134,730
,173,233
, 484 I
7,
7,10") i
7,533 I
8,404 !
8,992 !
217,159
229,346
21.9,210
224,866
211,554
j
I
"
I
!
10,142
8, 813
" —
9,472
9,159
9,693
7,298
6,556
6,686
6,718
7,496
j
!
;
I
i
6,362 '
6,390 I
6,243 :
6,952
7,421 !
240,822 108,701 135,659
239.644 104;924 : 141,609
242.; 546 105,863 . 135,838
242,843 1.05,921 134,512
247,054 109,291 132,217
21, 11.7
21,018
508,401
553,036
568,112
566,424
561,115 !
|
I
189,909
185,390
157,555
176.263
115; 238
10. 1.14
8,201
6,523
7.970
70,233
68,295
58,506
69.495
16', 216
32,660
30,365
29.628
30', 021
29,263
279,192
3.1.3,482
272,387
267, 205
264, 743
14,795 j
23,587 !
1.5,505 i
.12,930 !
18^ 077 •
17.607
40' 200
15,182
2-1,231
14,391
.1.2,055
13,453
9,859
8,128
12,015
151, 060
155,065
157,675
1-18,970
156,138
24,206 j 46,226
23,520
46,924
22,17L
•16,363
19,055
40,399
.19,138
37,572
12,427
I
224,638 i 1,567 :
216,237
4,567
208,424
4,567
4, 566
201,901
4,567
20i; 621
I
' 23,640
1 23,795
' 15,339
I 22,400
: 14,828
!
! 13,310
1 17,597
I .19,318
13,553
j 10,139
18,201 '
17,901 !
19,711
2i; 013 j
24,734 '
66,250
23.561
56,574
23; 581
51.956 ! 23,581
49; 358 - 23; 581
•19,358 j 23,580
15,651
13,636
13,5-10
12, 175
11,982
20,235
17, 872
20,676
95,018
95,429
85,771
84,669
85227
85,227
!
'
i
'
i
j
I
I
I
.16,200
16,062
16,988
15,316
21,738
870
7L0 I
496
423 !
409 j
26,392
26,392
26,893
26,893
26,893
1,233 I
1,233
1,233
1,233
1,233
6,100
5,305
5,231
5,396
5,694
87,488 43,947 ! 248,630
89,796 44,532 ! 250,172
89,441 43,023 I 253,765
95, 1.26 42,318 257,970
92,497 41,868 i 251,779
I
|
12,544 ! 2,456 ! 14,769 I 7,576
12,009 ! 2,204 , 17,298 j 6.658
.1.2,864 i 2,031 ! 13,815 ! 5; 722
11, 760
2,488 j 14,198 i 5,898
9,665
1,796 ; 14,949 | 5,054
27,700
26,610
26,369
26,257
26,144
63,577 i
67,725
68,153
68153
68, 742 i
67,154 :
6,042 i
6,306 !
6,086 !
6,427 i
6,503 j
42,090
42,850
39,362
37,473
37,297
12,011
11,562
11,211
11,203
10,973
16,318
667
19,167
1,306
19,568
746
670 i 20,106
904 : 15,893
11,538
11,511
13,856
14,415
15,344
7,355
8,642
7,182
6,254
6,219
11,410
11,410
11,453
1.1,767
11,916
27,629
26,939
26,761
28,574
28,172
.188 !
208 i
241 I
265 j
147 I
2,889
2,746 !
1,978 | 2,373
1,613
1,625
1,666 i ' 1,513
1,514 , 1,470
1.220
i; 378
1,028
i; 183
J, 476
9,118
11,007
18,225
17,687
16,937
16,863
16,735
31,536
30,745
31,562
32,002
32,380
38,289
38,258
36,807
32,823
34,027
2,876
2,498
2,512
2,917
2,909
16,953
15,461
15.264
47.810
47; 810
45,310
41,700
41,682
23,945
23,994
23,514
23,168
24,390
4, 751
4,702
4,738
4,590
4,343
28,302
28,302
28,454
28,378
28,370
2,816
2,816
2,816
3,316
3,316
4,000
3,571
4,000
3,571
3,571 I 4,000
3,571 ! 4,000
3,571 ' 4,000
4,321
4,321
4,321
4,321
4,321
1,900
1,900
1,900
1,900
1,900
!
I
'
1
6, 7-J9
8,923
7,183
14; 656
17,497
i
74,000
74,000
74,000
74,000
72,000
!
'
!
!
i
5,450
19,500 j
5,450
.19,500 I
5,450 ! 19,500 I.
5,450 I 19,500 ;
5,450 " 18,500 '
5,500 '
5,500
5,500 !
5,500 !
5,500 '
5,500
5,500
5,500
5,500
5,500
3,560
3,560
3,560
3,560
3,560
6,699
6,699
6,699
6,699
6,199
8,667
8,667
8,667
8,667
8,667
i
!
.
'
•
5,332
5,332
5,332
5,332
4,832
998
FEDERAL RESERVE BULLETIN.
AUGUST,
1922.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 28 TO JULY 26, 1922—Contd.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
U. S. certificates of
indebtedness—Con.
Other certificates—
June 28
July 5
July 12
July 19
July 26
Municipal warrants:
June 28
JulyS
July 12
July 19
July 26
Total earning assets:
June 28
Julv5
July 12
July 19
July26
Bank premises:
June 28
July 5.. r
July 12
July 19
July 26
5 per cent redemption
fund against F. R.
bank notes:
June 28
July 5
July 12
July 19
July 26
Uncollected items:
June 28
July 5
July 12
July 19
July 26
All other resources:
June 28
July 5
July 12
July 19
July26
Total resources:
June 28
July o
Julvl2
July 19...
July 26
Boston.
New
York.
Philadelphia.
i
92,730
94,605
127,769
118,624
119,274
3,805
5,405
5,410
5,410
5,410
43,935
43,945
43,945
43,955
1,179,768 99,946
1,204,445 104,177
1,144,394 91,823
1,134,296 86,921
1,076,927 93,777
312,546
326,098
319,276
321,607
255,314
95,785
96,205
93,689
93,653
100,502
128,851
133,281
127,983
127,607
123,053
45,907
44,122
44,522
43,233
41,011
41,568
41,642
41,985
42,417
42,494
5,248
5,249
5,249
5,249
5,249
8,743
8,745
8,750
600
600
601
601
601
5,332
5,370
5,587
5,660
5,671
2,571
2,571
2,571
2,571
2,571
7,587
7,496
7,551
7,496
7,527
422
422
422
422
422
899
849
700
700
700
700
700
539
539
539
539
539
511,571
514,725
611,733
592,345
537,883
48,919
47,269
63,210
58,518
49,388
104,799
119,444
141,071
134,269
119,069
45,114
41,338
50,123
47,720
44,568
2,701
3,130
3,105
3,401
507
496
534
541
596
257,969 38,501
260,271 j 36,939
274,349 i 35,929
265,948! I 38,397
267,175 38,575
San
Francisco.
St.
Minne- Kansas :
Cleve- | Rich- Atlanta. Chicago.
Louis, i apolis.
City. |
land, i mond.
i
!
J
!.
2,031
2,031
2,031
2,031
2,031
41,132
38,302
17,991
17,645
17,959
775
1,765
1,765
1,265
1,265
7,462
8,962
11,462
11,463
11,462
| 66,735 41,123
65,681 41,102
! 64,318 41,583
; 64,078 42,583
| 63,899 43,246
122,595
124,746
121,358
115,092
120,507
2,093
2,093
2,093
2,093
2,093
1,187
1,212
1,226
1,267
1,279
4,524
10,207
10,551 I 4,783
10,715
4,339
10,726 I 3,439
10,752 I 3,489
12,993
12,993
12,993
13,003
13,003
4
9
9
8,993
39,670 130,33 L
39,387 134,926
38,509 106,585
40,727 104,343
39,249 100,984
56,313
55,263
56,528
57,580
57,610
1,424
1,424
1,499
1,546
1,553
7,552
7,552
7,580
7,632
7,631
928
936
936
936
944
188
188
188
188
188
468
468
468
468
468
753
719
715
726
721
I 2,023
51,126
52,132
55,409
58,079
52,474
43,360
42,774
49,017
47,611
43,146
20,734
18,802
23,154
23,440
1,072
1,078
1,159
1,223
1,283
358
604
298
315
340
166
110
117
121
121
39,966
39,457
38.220
36,872
37,775
914
4,976
914
4,976
4,976
917
4986
920 '. 4,986
92
923 I 4,986
!
i
!
'
;
i
\
:
15,988
16,206
; 16,069
1 16,186
! 16,805
636 .
631 '
657 !
693
722
! 2,023
I 2,023
! 2,023
254
197
256
190
276
916
916
916
916
916
146
146
146
146
146
279
279
279
279
279
65,507j ! 28,091
61,698 25,393
74,727 ' 32,556
76 199 32,842
65,298 ; 30,372
13,375
13,947
16,131
15,001
13,452
35,126
34,663
40,319
38,475
36,728
19,838
22,713
21,184
24,055
37,017
37,427
43,303
39,007
37,294
562
498
505
524
545
1,371
1,350
1,353
1,357
757
717
729
763
795
1,838
1,851
1,841
1,827
1,830
5,339
5,032
4,981
5,028
182,935 119,457 195,998 107,550
179,542 123,590 196,749 109,562
178,319 125,030 200,699 111,399
178,574 123,082 204,344 110,151
176,721 120,956 199,821 113,238
414,596
419,175
424,963
418,596
416,166
831
714
736
768
2,023
!
;
I
i
4,904,848 350,302 |1,633,788 359,865 427,742 201,085 198,121 713,409
!4,918,413 357,084 !l, 576,267 368,685 432,044 195,183 201,800 758,762
! 433,223 202,459 199,585 758,433
4,978,772 367,089 1,612,716 364,857
o*o nDi i 435^951 199,839 200,814 756,060
4,962,062 363,004 .1,603,566 368,081
4,863,134 358,067 1,560,859 358,521 ! 430,074 196,547 195,647 736,517
I
LIABILITIES.
Capital paid in:
Juno 28
....
July 5
July 12
July 19
July 26
Surplus:
June 28
July 5
July 12
July 19
July 26
Deposits:
GovernmentJune 28
Julys
July 12
July 19
July 26
Member bank—reserve account—
June 28
July 5
July 12
July 19
July 26
Other deposits—
June 28.:
July5
July 12
July 19
July 26
105,078
105,217
105,224
105,239
105,198
7,981
7,981
7,980
7,981
7,981
27,570
27,572
27,572
27,572
27,572
8,991
9,003
9,003
9,003
8,999
11,603
11,603
11,603
11,603
11,603
5,538
5,598
5,592
5,592
5,591
4,271 14,615
4,279
14,620
4.280 : 14,619
4.281 I 14,621
4,281 ! 14,658
4,770
4,767
4,769
4,769
4,770
3,569
3,571
3,571
3,573
3,574
4,622
4,623
4,623
4,186
4,186
4,194
4,201
4,549 I 4,199
7,362
7,414
7,418
7,421
7,421
215,398
215,398
215,398
215,398
215,398
16,483
16,483
16,483
16,483
16,483
60,197
60,197
60,197
60,197
60,197
17,945*
17,945
17,945
17,945
17,945
22,509
22,509
22,509
22,509
22,509
11,030
11,030
11,030
11,030
11,030
9,114 I 29,025
9,114 I 29,025
9 114 ' 29,025
9,114 29,025
29,025
9,114
9,388
9,388
9,388
9,388
9,388
7,468
7,468
7,468
7,468
7,468
9,646 ! 7,394
9,646 j 7,394
9,646 7,394
9,646 i 7,394
9S646 I 7,394
15,199
15,199
15,199
15,199
15,199
43,780
36,677
20,837
49,376
46,455
3,071
127
426
2,092
1,985
10,223
9,520
5,306
16,529
12,482
3,810
4,097
1,703
3,867
2,<614
3,103
307
1,197
1,718
2,459
4,846
1,048
664
1,384
4,277
3,037
2,615
2,061
3,025
3,123 I
10,733
368 ;
4,252 j
4,805 |
2,360
1,941
1,726
1,972
3,041
1.711
l',435
860
1,205
1,526
2,316
1,763
1,792
6,824
2,893
2,411
1,061
1,275
2,470
2,711
3,769
2,030
3,459
4,227
4,637
865,199
818,996
875,229
864,145
815,278
119,715
122,517
122,403
123,553
.122,907
805,166 !
724,200 I
771,550
759,212
731,617
103,347
107,467
L0(i,053
108,555
LOS,459
140,261
144,205
1.43,122
148,117
145,440
55,253
54,617
57,336
57,708
55,799
47,623
51,382
47,963
48,514
47,140
240,565 !!
263,825
272,456 ; i
267,886 :
257,151
66,380
64,695
30,297
29,029
28,871
29,010
26,381
408
428
399
394
10,941
10,436
10,637 ;
10,732
9,740 !
773
841
1,344
1,351
823
1,479
1,394
1,015
229
268
248
234
266
595
476
518
516
384
1,174
961
1,753 •
1,577
1,971
1,422
1,566
i
!
I
i
41,515 i 77,141 44,772 123,461
45,800 75,479 44,469 120,340
44,355 77,169 46,038 127,820
60,008 ! 43,139 77,509 44,649 125,295
59,807 j 42,804 I 78,124 44,577 124,453
!
621 '
285 ;
531
163 12,586
618
315 :
522
179 11,856
545
434
462 ;
197 11,1.43
393
581
169 11, 738
304
392
613
165 10,664
291 I
58,964 '•
999
FEDERAL RESERVE BULLETIN".
AUGUST, 1922.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 28 TO JULY 26, 1922—Contd.
LIABILITIES—Continued.
[In thousands of dollars.]
Total.
Total deposits:
June 28
11,939,276
July 5
1,884,702
July 12
-1,924,937
July 19
1,942,531
July 26
1,888,114
F. R. notes in actual '
circulation:
:
June 28
2,124,422
July 5
2,194,323
July 12
12,158,122
July 19
2,132,848
July 26
,2,126,809
F. R. bank notes in !
circulation—net j
liability:
June 28
• 67,259
/ Julyo
i 68,146
July 12
67,380
July 19
66, 053
July26
63,622
Deferred availability
items:
j
June 28
1 430,314
July 5
! 430,161
Julyl2
! 486,360
Julyl9
1 479,274
July 26
! 442, 713
All other liabilities: •
June 28
' 23,103
JulyS
| 20,496
July 12
! 21,351
July 19
: 20,719
July 26
21,280
Total liabilities:
June 28
July 5
July 12
July 19
July 26
MEMORANDA.
I
•
69,361
67,254
61,235
62. 561
63,461
43,511
47,550
45,677
44,648
44,621
79,988
77,764
79,395
84,726
81,409
47,346
45, 709
47,510
47, 288
47,453
139,816
134,226
142,422
141,260
139,754
81,896 i 113,336 : 362,162 67,307
82, 780 I 114.573 ! 376, 213 68, 787
80,970 ! 113; 478 I 373,185 67,717
79, 791 i 112, 696 | 369, 03966,907
~ —
111,403 367,079
66, 458
48,628
50, 547
49, 927
49, 482
49, 051
57, 267
59,143
58.958
58; 975
58, 807
25,624
27, 250
25,963
26,283
26, 022
217,104
226,172
218,939
217, 870
216,648
8,510
8, 524
8, 549
8, 371
8,367
2,712
2, 658
2,689
2, 593
2,605
3,219
3,262
3,144
3,080
2,534
34,796 18, 499
36, 026 20.711
38,478 2i; 952
20,714
23, 861
29,929
31,151
35,991
31,930
32, 702
1,789
1, 654
1,697
1,678
1,704
1,967
1,751
1, 850
1,836
1,908
123,194
123,072
123,228
126, 039
125,276
107,930 144, 843
744; 156 112,405 1 145,906
787,493 109,100 I 145,334
786,473 ; 113,773 151, 009
753,839 ! 108,896 j 148,860
60,328
55,933
58,248
59,326
60,342
157,164
162, 748
164, 875
161, 816
618, 785
642, 355
622, 754
616,469
616, 779
5,192
5,180
5,182
4,928
4, 714 !
40,312
48, 071
44, 453
38, 837
!
1, 502 j
.1,308 I
1,270
1, 304
1,310
15,719
16 387
15,935
15, 540
14, 244
177, 870
183, 751
180, 087
178,133
177,105
i
j
i
!
I
197, 279
200, 004
201,269
195, 387
195, 555
5,133
5,138
5,138
5,138 !
5,078 I
4,921
4,932
4,977
4,991
80,361
40, 582
81, 649 39, 229
94,636
42, 329
93,197 I 42, 808
83,994 ! 39,117
45, 047
4, 826 i 1,414
I 1,214
j 1, 255
! 1,281
I 1,381
1,788
1,455
1, 519
1, 513
1,612
3,951
4,129
4,118
4, 234
44,799
45, 635
46, 012
427, 742
432, 044
433,223
435,951
430,074
2,756
2,749
2,758
2,779
2,747
77.5
76.8 •
77.3
77.8:
79.2 j
!
'.
!
i 51,188 1 245,441
i 54,592 I 276,135
" 50,500 ! 274,795
51,868 273,560
: 50,681 263,522
i
!
!
!
38,246
35,947
42,732
40,166
37,262 I
1,291
1,146
1,129
1,155
1,139
'
•
;
:
I
4,743 ,
4,898
4,848
4,758
4,259
14,203
13,215
16, 240
16,964
14, 759
1,266
1,129
1,125
1,133
1,150 |
7,820
8,018
UJ.O
™«
7,746
7, 543
7,879
3,352
3,289
3,343
3, 291
3,312
3,182
3,111
3,071
3, 041
2,995
50,673
51, 057
54,941
58, 795
50, 851
27,788
25, 265
31,036
30, 825
28, 463
11, 652
9,964
13, 942
13, 494
11, 837
3,673
969
792
831
833
1,447
1,379
1,374
1, 376
1,410
182,935
179, 542
178,319
178, 574
176, 721
119, 457
123, 590
125,030
123, 082
120,956
7O,
4,122
3,477
3,503
201, 085 '198,121 i 713, 409
195,183 201, 800 i 758, 762
202,459 : 199,585 758,433
199, 839 ! 200, 814 756, 060
196, 547 ; 195,647 736, 517
!
1,169
1,023
1,050
1,015
1,060
195,998
196, 749
200,699
204,344
199, 821
07,550 414,596
09,562 419,175
11,399 424,963
10,151 418, 596
L3, 238 416,166
I
;
\
!
34,586
34,592
26,378
25,993
25,867
Kansas
City.
PhilaClevedelphia. land.
4,904, 848 j 350,302 1,633, 788
4,918, 443 = 357, 084 ;1, 576, 267
4,978,772 ' 367,089 1,612,716 364,857
14, 962, 062 • 363, 004 '1, 603, 566
j4, 863,134 358, 067 1, 560, 859 358, 521
Ratio of total reserves
to deposit and F . R.
note "liabilities com- \
bined—per cent:
June 28
July 5
"
July 12
July 19
July26
Contingent liability
on bills purchased ;
for foreign corre- i
spondents:
i
June 28
.!
July5
j
July 12
!
July 19
1
July 26
1
Minneapolis.
New
York.
1
San
Dallas. Francisco.
St.
[Atlanta, Chicago. Louis.
Boston.
69.6
69.7
71.4
73.4
72.2
83.3
80.7
80.8
80.9
85.6
76.0
77.4
75.8
77.0
74.0
70.4
69.3
70.0
70.1
71.7
76.4
75.6
76.0
76.1
78,8
82.5 i
83.7 !
82.8 j
81. 7 j
81.6 i
83.7
84.8
87.7
88.1
89.0
69.5
70.1
66.5
65.4
65.6
69.0
69.0
71.3
73.0
71.7 '
63.7
65.6
64.6
66.2
66.0
60.2
61.0
58.6
57.5
57.0
'
;
I
1
69.4
70.2
71.8
70.6
i
j
I
2,514
2,514
1,932
1,900
1,880
12, 783
12, 789
9,621
9,513 j
2,756
2,756
2,118
9, 540 j
2, 060
2,824
2,824
2,171
2.134
2; 112
1,688
1.688
1,297
1,275
1,262
1,240 I
1,240 I
4,099
953 ! 3,150
953
3,097
953 j 3, 065
1,619
1,619
1,244
1,223
1,210
930
715
703
1,653
1,653
1,271
1,249
1,235
677 !
670 i
1,584
1,584
1,218
1,187
1,185
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE
12 FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Total.
Rills discounted:
June 28
JulyS
July 12
July 19
July 26
Bills bought in open market:
June 28
JulyS
July 12
July 19
July 2
United States certificates of indebtedness:
June 28
July 5
July 12
July 19
July 26
Municipal warrants:
. June 28
July 5.
July 12.
July 19.
July 26.
469,101
498,872
429,942
443,468
379,981
16 to 30
days.
Within
15 days.
263,576
289,805
224,711
247,264
187,036
31 to 60
days.
61 to 90
days.
Over 90
days.
38,675
39,586
39,243
33,234
30,536
61,811
64,650
59,959
58,007
58,108
50,208
53,983
57,801
59,402
59,744
45,561
44,557
54,831
50,848
154,060
155,065
157,675
148,970
156,138
59,415
66,992
58,775 I
59,016
52,682
27,845
29,628
37,783
30,883
29,203
43,064
34,629
34,562
27,831
27,978
15,156
16,580
20,220
24,888
31,065
8,580
7,236
6,335
6,352
15,210
331,969
334,271
348,349
339,948
339,175
4,106
5,813
10,645
22,959
23,261
1,500
22,930
24,235
3,900
4,689
26,292
14,027
3,900
38,361
42,965
40,873
42,057
52,792
47,541
41,870
259,198
249,444
256,777
227,187
226,390
!
1000
FEDERAL RKSKRVK BULLETIN.
AUGUST, 1922.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 28 TO JULY 26, 1922.
[In thousands of dollars.]
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
1,131,490,
1,141,332
'1,149,418
,1,149,583
1,152,345
247,982
245,969
244,050
247,700
251,127
245,708 j
246,304 I
250,369 !
249,412 l
247,057 !
121,305
120,373
120,008
119,070
118,097
185,946
184,938
190,149
189,332
188,337
490.81.9
491)981
498,299
501,167
495,214
106.025
104)877
110,884
111.000
111)035
62,683
62,443
62,866
62,945
62,360
87,074
86,299
87,293
86,542
85,858
48,124
47,753
50,369
50,040
49,627
305,349
304,310
315,040
312,793
308,906
91,650 i 271,150
90,850 i 271,250
81,650 '• 277,650
91,250 : 277,650
88,250 : 277,650
45,120
42,920
34,920
34,920
40,920
33,405 ! 31,520
32,140 ! 31,520
33,620 ! 31,470
35,120
30,910
36,720
30,610
67,049
66,914
70)994
72,404
71,724
86,120
84,460
88,900
88,900
88,180
22,450
22)450
27,250
27,250
27,150
11,650
9,695
9,695
10,500
10,035
17,900
16,800
16,800
16,400
16,100
19,633
18,413
21,333
20)833
20,433
58,930
52,130
58)130
60,930
58,330
1IS,897
118.024
119)155
116,928
116,613
404,699
407,521
409.399
412)267
407,034
83,575
82)427
83,634
83,750
83,885
51,033
52.748
53)171
52,4.45
52,325
69,174
69,499
70,493
70,142
69,458
28,491
29,340
29,036
29,207
29,194
246.419
252,180
256,910
251,863
250,576
11,210
11)210
11,210
11,210
11,610
13.052
13)052
13,052
13,052
13,052
3,560
4,412
4,020
3,136
4)671
1,400
'880
1.623
L142
1,557
2,577
3,802
3,096
4.345
3,661
1,519
2,148
1,844
2,515
2,102
14,613
13,346
18,237
16)989
14,443
Boston, i
Net amount of F. II.
notes received from
Comptroller of Currency:
3,294,062
Tune 28
July 5
3,301,379
July 12
3,341,921
3,350,935
July 19
July 26
',338,365
F. II. notes on hand:
June 28
756,577
JulyS
739,542
July 12
752', 412
Julv 19
767.067
July 26
766;402
F. R. notes outstanding:
June 28
2,537,485
July 5
2,561,837
July 12
2;589,509
July 19
2,583,868
July 26
2,571,963
Collateral security for
F. R. notes outstanding:
G old and gold certificates—
June 28
416,123
July 5
416.122
July 12
416,122
July 19
416,122
416,522
July 26
Gold redemption
fundJune 28
127,309
July 5
-. 124,985
126.010
July 12
127', 651
July 19
124,016
July 26
Gold hind—F. R,
BoardJune 28
1,579,941
1,582,709
July 5
July 12
1,619,428
July 19
1.651,289
July 26
1)657,107
Eligible paperAmount requiredJune 28... 414,112
438,021
July 5
July 12.... 427,949
July 19.... 388', 806
July 26.... 374,318
Excess amount
held—
June 28... 192,536
197,610
Julys
July 12.... 148,684
July 19.... 196)436
July 26.... 149,486
261,557
264.800
263)176
271,351
268,402
169,907
173,950
181,526
180,101
180,152
:
j
!
I
!
860.340
870,082
871)768
871,933
874,695
202,862
203,049
209>130
212,780
210,207
212,303
214)164
216,749
214,292
210,337
5,300
5,300
5,300
5,300
5,300
363,184
363,184
363,184
363,184
363,184
16,170
13,413
11,789
7,964
15.015
39,972
39,762
39,587
39,403
39,256
14,926
12,912
10,993
13,643
11,071
11,735;
11,751 j
14,337
12,779
11,424
108,000
108,000
123,000
133,000
128,000
401.000
401.000
401)000
431,000
43.1,000
138,389
143,389
148,389
147,389
150. 889
145,000
145,000
145,000
145,000
145,000 i
40,437
47,237
41.437
33)837
31,837
56,181
66,136
67,997
38,346
41,255
49,547
46,748
49.748
51,748
48) 247
10,991
9.984
4)440
4,671
13)348
73,481
84,320
50,165
93,959
24.439
3,468
3,931
3,030
3,165
9,776
89.785
88,853
88,538
88.160
87,487
2,400
2,400
2,400
2,400
2,400
13,275
13,275
13,275
13,275 !
13,275 i
7,702
7 701
7,701
7.701
7,701
1,751 1
3,819
2,954
5.016 I
4,043 ;
4,127
3,118
2,330
4,512
3,518
52,795
49,795
54,795
51)795
51,795 ,
94,500
95', 000
95.000
92.000
92)500
349,645
344', 645
351,644
352,645
362,644
42,800
41,800
44,800
43,300
39,800
16,000
16,000
15;000
15)000
15,000
48.360
46'. 360
50)360
48) 360
50. 360
10,000
10)000
10,000
10,000
10,000
173,452
181,720
180,440
181,800
180,119
35,239 !
42,293
44,138: 35,239:
44,137 : 30,789 !
31,349 i
43,238
40)638 "• 31,649
17,870
17,506
19,425
18,016
18,195
40.095
47', 254
42.555
43,415
31,135
26,005
25)005
23.604
26'104
27)804
20,581
22,816
23,496
23,251
22,716
18.237
19)337
17.037
17)437
15,437
9,270
9,491
9,491
8,991
9,391
58,354
57,114
58,233
53,074
56,014
9,806:
13,230
6,093
7,892
5,006 •
12.704
12) 783
9,954
13,541
12,516
33,041
31,912
30,190
28,347
37.001
5.110
4) 690
7,163
5,407
3,561
5,798
2,680
1,386
1)329
2,987
2,879
698
1,480
939
2, 768
26,248
24,997
25,518
27,045
27,331
3,503
5,325
763
3,412
6,339
14,959;
15,622
15,200
16,207
13)255
I
5,507
3,060 !
8,502
6,729 ,
4,414;
AUGUST,
1001
FEDERAL RESERVE BULLETIN.
1022.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL R E S O U R C E S A N D LIABILITIES OF M E M B E R B A N K S I N L E A D I N G CITIES O N W E D N E S D A Y S , F R O M J U N E 21 TO
JULY 19, 1922.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[Amounts in thousands of dollars.]
Phila- Clevedelphia. land.
Total.
AtRichSt.
Minne- Kansas
mond. lanta. Chicago. Louis. apolis. City.
I
N limber of reporting b a n k s :
Time 21
J u n e 28
July 5
J u l y 12
J u l y 19
Loans and discounts, including bills re-discounted with
F. R. b a n k s :
Secured b y U . S. Governmerit obligations—
J u n e 21.
June
2
8
T
!
i
1
1
i
!
i
:
|
I
j
799
799
796
795
79i
49;
49!
49 i
49,
49|
107
...108
.107
106
106
84!
84:
84;
84
84!
31,974 12,14o!
8,212
54,011I 16,127
289,312 17,07ij 93,038 18,398
31,690! 12,865i
8,451.
50,885i 16,200:
28o', 373 16,2391 90,371 19,128
30,858 12,144;
7,940
46,356 15,904!
286538 16,021. 90,192 17,943
July 5
! 286,
30,650 12,021;
7,783
46,215' 15,673
July 12
! 270,993 15,529i 86,034 16,032
34,348 11,570]
7,738
79,956 15,401
42,810 15,509 i
July 19
262,671 U, 616
Secured by stocks and
bonds (other than U. S.
!
Government
obligations)—
June 21.
3,512,046 194,1381,714,413 216,803 330,605 135,347 55,106 477,849 119,4511
215,720.1,637,775 219.878) 332,73.1 115,969 54,525 484,141 120,437.
June 28
3,465,247
1
, ,
,
, ,
219,294! 331,408 118,240 59.154| 476,726 123,055 !
July 5
•""" 224,339.1,7.14,935
3,536,754 224,624
"1,678', 007 225,121! 330,162! 113,444 58', 883i 495,640 122,988'.
July 12
, 3,551,078'
3 5 3 6 7 5 4 ' 210;02711',651,086\
' " ' " " ' ' """"' — 230,0041 332,440! 117,116 58,133; 507,633 123,429)
3,51.9,283
July 19
All o t h e r 7.083,429 575,520:2,266,995 31.4,669 624,45el 300,988 289,8111, 010,564 272,0171!
June 21
7,032,501 556,40412,232,730 316,690: 623,3571 301.369 291,1 oOll' 015,593 267,9911
June 28
7,001,732 556,238 ! 2,214.817 317.3211 629,727! 294', 726 283,418i 1 018,279 269,752!
Julvo
7,03.1,414 555,995 2 , 2 2 1 J 21; 315; 246! 634,283] 300,567 284,874!.!. 021,304 272,545!
July 12
7,025,59r 558,025:2,222,9631 312,415 629,588 295,4.45 290,234ji; 014,128 273,547=
July 19
Total loans and discounts, including bills rediscouiited
w i t h F . R. banks:
10,884,787 786,732 4,074,446 549,8701 987,035; 428,480J ! .353,129 1,542,424 407,595
June 21
10,783,12.1 788,363 3; 960.876; 555; 696! 987,778! 430,203! 354,1264,550,619 404,628
June 28
" " """ 408,711
554,5581 991,993, 425,110,: '350,512 1,541,361j
10;839,348 797,198:4,019,944'
July 5
10.839,161 796,148 ! 3,985,162 556,399j 995,0951 426,0321I 351,540.1,563,159! 411,206!
July 12
10,807,529 782,668 3,954,005 557,820' 996,382! 424,131 ! 356', 105!i; 564; 5711 412;485 !
July 19
I
U. S. bonds:
1,247,6S9 83,822' 517,390' 54,524 141,621; 56,972 ! 26,646. 119,540: 28,722:
June 21
1,264,277 86.643: 522,752 54,888! 143,720: 57,650 27.135; 118,872,! 29; 152
June 28
1,269,883 88;129 • 524,160, 54,463: 146,187! 57,0591 27; 646! 118,8911 28,552,
July 5
J, 276,041 90,552i! 526,376' 54,467! 145,323! 55,956! 27,481 118,472 28,718
July 12
.1,286,484 88;835 532,837! 55,340! 148,292! 55,423! 25,636 119j 5431 30,552:
'July 19
U. S. Victory notes:
7,697i
2,305
54,902
1,786!
19,729I
6,025
683 i 1,389!
1,608 s
June 21."
1,561
9,620
7,456i
40,526 1,627,
2,340i
3,956|
1,820,
597
Juno 28
1,517
9,652;
3,396 !
7,449
37,386 1,649'
2,032!
77l!
JulyS
708!
1,684
9,8031 8,523!
3,955,
703.
39,096 1,630
2,233;
July 12
726
1,732
3,746!
721
9,419I
42,981 2,017; 11,753
l,939j
July 19
1,643
U.S. Treasury notes:
:
1,710
505,427 19,734 329,565 20,164i: 27,462 3,250
48,091! 10,939i
June 21
534974
June 28
i 534;
974 19,731 344,3501 19.429 28,444 3,0201 1,716! 60,066 ! 10,661
59,738 10,456!
July 5
534.356 19,756! 343,925' 19,663; 28,150 4,212| 1,722
July 12
515,647 19,769 349,610 19,708i 27,487, 4,229! 1,722 s 49,45l| 9,765:
31,393' 3,7941 1,711
7,378
July 19
531,674 19,793, 352,008 20,148
57,477;
U. S. certificates of indebtedness:
I
26,797, 11,012
June 21
272,042 12,167! 121,590' 13,310i 18,038 5,298
7,982i 127,464! 12,767;
29,143 10,4S0j
7,798,
11,299 3,874
June 28
260,796
9,453! 3,5971 7,784! 28,301, 9,444
July 5
248,102 8,900 126,6021 10,820
29.536'
6,789;
9,366,
8,857 3,256
July 12
; 250,129 9,290; 117, 664 10,796
6,908! 129,536
6,0241 23,446 11,592
9,824 3,208
8,835;
July 19
! 246,536
Other bonds, stocks, and securities:
.
June 21
; 2,298,804 171,747: 836,643^ 183.175 277,609 53,531 33,015I 409,108 79,928
June 28
' 2,304,747 170.936; 842,185; 185,034• 282,812 54,765 33,166! 401,532! 80.387
July 5
,2,310,430 170;347; 837,422! 185.2361 282,340 54,232 33,133 406,584' 81,149
July 12
! 2,290,911 168', 2741 835.295 182,953 278,182! 54,718 33,298: 401.294 81,491
July 19
, 2,282,214 168,756, 827,458: 184,998, 275,222! 54,588 33.830 397;815 81,528
Total loans and discounts and !
investments, including bills
rediscoimted with F. R.
banks:
June 21
15,263,6511,075,810;5,899,3631 828,7401 454,070 548.214 424,522,2,151,985 539,982
June 28
15,188.44l!l,075,282 5,807.247 835.270,1 455,614 550', 109' 425.761!2.164,188
537,648|
July 5
'15,239,505 l,085,979'5,861.705, 832,189'l! 459,640 544,981:! 42i; ,r>05i2; 158,271 : 540.344
July 12
15,210,985 1,085,663 5,823,910! 832,846ii 456,628- 544,894 421,5562,165,867 542',779|
July 19
15,197,418 l,068,977i5'. 807,597, 836,560^ 4()2,845. 541,865. 424,94912,166,598, 545,414]
52
52
52'
521
52!
109
.109
.1.09
109
109
8,554 10,073
68
68
68
9,749
10,299!
10,213!
9,165
10,182
10,456
10,271
10,250
4,633
4,672,
4,704
4,595!
4,540
15,073
14,941
23,121
15,977
16,768
35,784
30,754
31,746
32,029
31,770
62,887
63,365
64,467
65,900
65,299
43,1841
43,154!
42,746,
41,979 :
42,645;
146,479
146,798
144,968
147,977
149,675
191,558
191,997
191,916
190,748
193; 424
352,410
351,514
349,775
348,424
351,705
188,325':
188,853
186,574!
186,813i
186,737
696,116
694,853
689,189
699,494
697,384
235,896 425,370 236,142 1 857,668
232,500 425,061 236,679: 856,592
233,961 424,698 234,024; 857,278
232,990! 424,595 233,387 863,448
234', 359 427J254 233,922. 863,827
24,097
25,523
25,479
26,317
25,642
52,472
53,621
53,010
55,125
56,524-
244
235
235
2561
281
1,929
2,055
1,383
1,329
1,172
2,771 !
893'
567;
600
570
7,237
7,157
8,157
7,157
7,157
12,938
13,161
12,916!
6,012!
5,002!
8,'
6,872
6,872
6,953
V
18,608
18,784
18,7S9
13,865
18,860
11,702
9,583
9,503
8,003
7,213
9,618
10,292
9,928
18,432
16,941
7,004
6,432
6.043
6,024
5,703
26,873
23,682
17,727
22,116
17,306
7,956
8,112
8,163
8.158
7,211
165,328
165,410
169,790
166,908
168,410
24,057 56,707:
24,164 56,2441
23,461 58,573
23,108 57,232
23.729 58.669;
303,233
299,162
300,796
297,831
298,381
33,063, :108,820
34,023i :110,298
34,730; 111,577
34,848= :112,406
34,927; 112,936
I '
8,786
8,367
8,027
7,654
7,988
559,034' 292,6651,186,033
560,434 294,5931,183,133
560,508.: 290,399:1,183,188
562,725 289,889; 1,186,397
565,559. 289,286|1,189,327
1002
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 21
TO JULY 19, 1922-Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[Amounts in thousands of dollars ]
I .;
Phila- Clevedelphia. land.
Reserve with F. R. banks:
1,385,971
658,6821
June 21
743,876! 64,051
1,440,290
June 28
663,417' 69,604
1,400,669
July 5
707,154! 65,787
July 12
1,438,146
—,012j 68,567
July 19
1,432,051
Cash in vault:
June 21
276,845! 17,364! 87,529' 14,861
278,457J 18,064 88,8571 14,863
June28
298,258 18,116! 94,471j 15,172
July 5
July 12
298,115 20,056! 96,669' 15,687
283,549 18,892j 87,221j 15,268
July 19
Net demand deposits:
June 21
11,192,404 791,933'5,187,646! 665,015
11,123,877 786,609'o, 107,474! 667,252
June 28
11,087,684 802,06714,999,952: 675,705
July 5
11,199,139 808,316,5,037,857 684,436
July 12
11,101,473 799,125'4,971,466 686,153
July 19
Time deposits:
June 21
3,328,680 232,245 619,7511 50,787
3,380,434! 231,462.: 665,806! 50,838
June 28
July 5
3,470,561! 233,252, 749,856j 50,684
July 12
3,482,541; 233,239 762,387! 51,086
3,487,015| 229,391.' 769,398 51,232
July 19
Government deposits:
June 21
178,444 15,589
61,450 14,063
123,674 11,208
41,452! 9,478
June 28
12L,428i 11,208
July 5
41,452; 8,527
July 12
110,070i 10,089
37,300. 7,675
100,245
July 19
9,079 33,566i 7,675
Bills payable with F. R. banks:
I
Secured by U. S. Government obligations—
. June 21
50,230 1,31.0
6,495i
9,165
96,534 3,325 54,835' 10,727
June 28
8,949
July 5
94,862 1,605
55,145|
8,658
July 12
73,752 1,584
46,705i
9,257
July 19
96,049
59,745
All otherJune 21
205
204
June 28
184
JulyS
365
July 12
182
July 19
Bills rediscounted with F. R.
banks:
Secured by TJ. S. Government obligations—
225
June 21
967
225
359
June 28
225
506
1,183
July 5
55
528
979
July 12
7
55
1,030
87
July 19
All other8,270 6,620
72,183 11,079
June 21
9,814
66,868 9,327
June 28
.*..
110,164 19,073 32,909
July 5
8,355 4,729
66,786 10,705
July 12
60,339 5,918 18,6481 2,794
July 19
St.
|Minne- JKansa
Louis, apolis.; City.
33,524
33,516
34,296
35,129
35,903
Dallas.
San
Francisco.
45,833 21,224; 50,900, 22,305 82,730
41,770 18,073 46,686! 23.072 80,489
40.441 21,894! 45,147 22,287 80,412
3.1,921 20,310, 45,795i 23,684 86,142
22,391 85,204
36,626 19,359 46.906, 22391
31,578
29,8211
33,766j
30,057,
31,0361
182,264
177,0-16
200,430
206,338
200,961
13,999 9,005!
14,137 9,190,
13,736 9,794
14,084 10,010
13,741 9,332
52,801
50,953
56,170
54,943
52,059
6,603
6,555
7,820
6,841
6,647
5,860,
6,291!
5,903,
6,5891
5,826|
1.1,871!
12,215i
11,969!
12,558
16,194
8,675
8,655
9,725
9,258
9,196
19,704
20,353
25,104
21,617
20,122
831,752 320,904 244,50011,387,760
844,801i 327,080 244,819il,400,916
840,633' 329,278 250,953'l,421,586
849,1351 330,408 248,29811,459,849
852,096 330,940 245,7171,447,486
318,786
307,995
320,758
319,500
311,926
189,114j
186,643'
190,343,'
192,234^
190,226j
434,3991
433,2811
436,586j
442,6171
436,060!
207,855
208,737
206,697
209,523
206,983
612,740
608,270
613,126
616,966
623,295
99,185
99,068
99,895!
99,2151
102,761
1
28,573|
28,324!
28,278!
29,803
29,051
488,278
486,157
493,406
490,648
490,342
148,280
149,473
146,329
144,961
144,750
149,576
150,442
149,967
150,796
151,872
677,051
681,109
680,179
679,276
679,718
161,743
159,965
163,037
162,397
163,156
78,086i
77,417!
77,282,
77,307!
77,278i
114,485i
115,956!
115,138
114,916
115,777
64^80
64,964
65,544
65,525
65,419
543,718
546,845
545,887
550,003
548,682
17,583
13.262
li;830
11,543
10,681
5,404
3,460
3,629
3,315
3,048
5,562
3,760
3,755
3,372
3,035
20,586
14,165
14,057
12,546
11,383
6,765
4,610
4,610
4,131
3,730
4,763
4,207
4,288
3,844
3,414
7,139
4,!
4,397
3,959
4,683
3,159
3,159
2,843
2,559
14,857
10,024
10,024
9,015
8,116
10,471
11,579
11,699
3,724
10,386
4,577
4,312!
3,127
5,095
4,187,
6,298
3,854
5,059
2,519
3,454
2,918
3,768
3,925
2,034
2,025
2,225
963
148
38
900
4,574
2,274
4,240
3,178
4,850
653j
153!
145
145
745
644
744
522j
72
22
298
205
204
184
165
182
"266!!
20
55
11
11
11,965
5,916
11,222
12,797
7,879
109i
91'
102.
971
88 !
6,934;
6,035
5,496
5,506|
31
31
31
7
65
3
30
3,952
3,003
3,628
3,053
4,516
6,224
6,166
6,872
4,044
2,705
2,232
2,028
2,060
1,555
1,482
10
10
10
10
16
62
1,817
2,317
2,608
2,099
3,283
3,589
3,477
3,684
3,222
8,574
9,318
11,788
8,609
4,151
105
500
1,233
1,887|
1,8231
1,660
1,190
82
78
63
97
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
[Amounts in thousands of dollars.]
Number of reporting banks:
June 21
June 28
July 5
July 12
July 19
Loans and discounts, including bills rediscounted with
F. R. banks:
Secured by U. S. Government obligationsJune 21
June 28
July 5
July 12
July 19
273
274
273
272
272
194,984
190,542
183,632
176,539
165,467
26
26
26
26
26
13,857,
13,125
13,6461
12,657
11,744
8
8
8
8
8
82,403j
79.590i
79,691
75,941
16,046
16,989
16,023
14,091
13,470
8,101
7,958:
7,150'
7,137!
6,918,
2,186i
2,134!
2,155|
2,308;
2,328;
1,644
1,926
1,622
1,575
1;599
50
50
50
50
60
13
13
13
13
13
10
10
10
10
10
16
16
16
16
16
8
8
8
8
8
15
15
15
15
15
43,810 12,498
40,592 12,511
36,179 12,432
36,032 12,222
32,926 12,006
5,608
6,807
5,912
5,652
5,768
2,424
2,416
2,411
2,329
2,416
1,480
1,610
1,575
1,545
1,477
4,927
4,884
4,836
5,050
5,035
AUGUST,
1003
FEDERAL RESERVE BULLETIN.
1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANK IN LEADING CITIES ON WEDNESDAYS FROM JUNE 21 TO
JULY 19, 1922—Continued.
MEMBER BANKS IN F E D E R A L RESERVE BANK CITIES—Continued.
[Amounts in thousands of dollars.]
New
Boston. York
Loans and discounts, etc.—
Continued.
Secured by stocks and
bonds (other than IT. S.
Government
obligations)—
June 21
Juno 28
July 5
July 12
July 19
All o t h e r June 21
Juno 28
JulyS
July 12
July 19
Total loans and discounts, including bills rediscounted
with F. R. banks:
June 21....
June 28
JulyS
July 12
July 19
U. S. bonds:
June 21
Juno 28
,
JulyS
July 12
July 19
U . S . Victory notes:
June 21
June 28
July 5
July 12
July 19
U. S. Treasury notes:
June 21
June 28
July 5
July 12
July 19
U. S. certificates of indebtedness:
June 21
June 28
July 5
July 12
July 19
Other bonds stocks and se- I
curities:
June 21
J
June 28
July 5
July 12
July 19
Total loans and discounts and
investments including bills
rediscounted with F . R.
banks:
June 21
June 28
JulyS
July 12
j
July 19
!
Reserve with F . R. banks:
I
June 21
June 28
JulyS
"..!
July 12
i
July 19
;.J
Cash in vault:
•
June 21
June 28..
July 5.
deposits:
. e 2L
Juu e 28
Jun 5
jy 112.2 : ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ' ; ;
July 9
Julyi
PJiiladelpbia.
RichAtmond. lanta.
Cleveland,
Chicago
San
Minne- Kansas
St.
FranLouis. apolis. City. Dallas. cisco.
2,608,672
2,552,291
2,628,079
2,612,511
2,586,941
145,3021,L552,164
166,; 9981L,' 471,921;
174,t, 5511L, 540,776'
175,>, 079 L,1 506,097
160,1,3991L, 477,786
197,102
200,581
197,896
204,157
208,663
134,576 15,031 i
135,416 15,042
134,5381 21,793:
134,032 15,367;
133,574 15,559j
10,581
10,057
10,698
10,958
11,578
356,601
360,484
352,293
369,877
380,383
89,972
90,587
93,311
93,742
94,480
4,445,239
4,395,845:
4,382,253!
4,398,048
4,397,628
284 1.,986,351
436,28418,45:
458 1.,951,4141
420,165 1,936,949
419,255 1,940,9201
4 2 1 ,4721,
' " " ".,94-1,082!
282,938
284,824
287,481
285,765
283,186
281,092 59,73l! 48,731
278,370 61,544: 49,997
282,053 57,746. 49,343
284,891 62,894;1 48,541
286,032 60,506 50,481
644,882
647,924
647,069
647,241
639,121
163,671
160,751!
163,079|
165,232.
166,899
7,248,895
7,138,678
7,193,964
7,187,098;
7,150,036
595, 443 3.!, 620,918
— 581 3,502,925
598'
608,362 3,557,416
606,
" " 9913,522,958
593,615 3,491,648
496,086
502,394
501,400
504,013
505,319
423,769i
421,744j
423,7411
426,060
426,524
9561[,045,293
980 I!L, 049,000
663 L,
I 035,541
074 L,
I 053,150
L,
658 I 052,430
266,141
263,849
268,8221
271,196
273,385|
5,550
5,455
5,455
5,301
3,701
52,415
51,465
50,657
49,408
50,240
:
2
1
1
1
701
4,775
3,379j
2,861|
3,466!
3,172
4,632
4,225
4,204
4,305
4,470
30,5751
41,649i
41,204'
30,888
38,918
6,508
6,181
6,510
6,530
6,592
76,948!
78,720
81,69*1
80,569!
724,767 38,485
729,226 39,585
731,5411 39,659
733,991 39,934
741,215 37,663
460,570
462,357
463,315
464,486
471,010
41,930
42,160
41,491
41,378
42,135
16,516J
17,4571
19,641
19,687:
20,302;
37,988
26,232
24,998
27,281
30,491!
189
202
224
201
579
16,525
7,990
8,079
7,416
7,419
7,403
8,408
9,322
'lOll
108.
111.
434,816
433,069
421,273
433,749
17,532
17,531
17,532
17,545
17,569
316,061 18,134
332,145 17,441
331,726 17,514
336,82l| 17,557
338,815! 17,997
1,655
827
927
1,228
6,976
188,287
189,053
185,260
184,205
189,513
11,292
7,295
8,194
12,058
11,515
9,977
9.953
8', 329
3,008!
2,957;
2,557
2,015
3,164!
1,119
871
771
771
771
4,106 . 13,551;
16,241
4,106
15,895
4,106,
6,294
114,
120,668,:
120,3961
112,513!
124,301!
1,282,208
1,280,684
1,283,152!
1,273,913
1,260,505
77,498
78,553
77,809
77,910
78,895
642,179
647,033
643,154
644,540
635,618
148,198
149,361
149,992!
147,8111
150,871!
58,551:
59,292!
58,870;
59,795!
55,637!
4,600
4,769
5,840
6,130
3,125!
3,224 ;
3,112:
3,308i
3308i
3,400
8,288
10,148
723,8221
730,290
727,777
729,180|
733,973'
9,890,583
9,799,289
9,851,984
9,827,701
9,805,509
1,020,658
1,079,950
1,020,872
1,002,715
1,053,781
149,266
150,906
162,421
161,913
149,425
71,505
66,440
71,817
Ho, 885
69,030
613,5411 63,683;
699.823 57,404i
616,194! 64,044;
657,029' 60,393!
647,397' O2,539j
9,09-1
8,224
74,710' 12,0331
76,012. 12,435
79,866; 12,27ll
82,5311 12,748!
74,340i 12,4-ioi
' 7,923,340 616,210 1,700,999!
: 7,842,533 612,025 I '
: 7,763,630
,1 7,838,402 0 , 1 1 2 ! 4 5 3 9 5 0 i
7,767,340 6 2 3 , 9 0 9 4,470,275 :
f%)fJ
? 85,281;
587,009:
595,051!
604,351!
607,155 !
5,017]
4,923!
4,526 :
4,526'
4,544
114L
77;.
100.
100!.
100!.
ioo : ;
503,600' 87,790
502,385; 89,383
505,847! 92,9311
""
92 090
512,680| 89,8011
16,650
10,919
191,709'
181,201
186,714
179309
179,309
16,232
11,163
12,326
12,776
12,676
17,869
17,912
18,138
18,261
18,286
89,505 126,950
90,737 125,572
90,395 124,577
91,025 123,205
91,7501 124,084
111,345
108,707
108,633
109,453
110,194
147,243
145,900
145,126
143,795
144,786
19,678
19,954
20,626
21,197
22,557
13,116
13,391.
12,992 !
13,226
14,902:
9,562 63,680
9,714 62,416
9,458 62,301
9,275j 62.890
9,2931 64; 264
46,887
48,373|
47,941;
47,573i
47,724
278,217
277,881
275,455
281,506
282,291
57,929 346,824
345,181
58', 974 342,592
58,393 349,446
351,590
9,138
9,169
9,266
9,261
9,261
55,198
55,985
56,692
57,517
57,437
7,941
7,158
5,734
5,880
5,969
8,209
7,772
6,947
6,929
10,255
792!
792,
758
742
735,
83,723
83,484
83,199
81,016
81,189
174,885
50,484
51,152
51,930
52,137
51,934
73,739,1,338,318
74,- 766' 1,342,9951
74,337:1,332,872
73,579|l,332,93l|
75,334i 1,330,564
343,653
342,734
347,047
350,022
353,560
134,454
130,694
130,224
130,303
130,099
191,292
190,825
190,560
190,177
191,316,
77,769
78,138!
75,592'
75,0011
74,780
504,826
502,214
498,931
504,694
507,247
10,927
7,817
11,008
10,455
8,820
18,891
16,516
15,041;
15,931;
15,824.
5,!
6,582
6,596
6,403
6,280
30,864
29,180
28,427
33,248
31,485
2,587
2,646
2,726
2,568
2,294;
1,409
1,524
1,753
1,632
1,644
5,968
6,158
9,486
6,416
5,698
32,384!
32,757:
33,921:
31,612|
30,703:
5,205
4,825:
5,480:
5,732,
5,691;
6,203
4,568
5, (595
5,883
0,105'
127,916
123,664
140,248
146,549
145,529
33,583
30,314
28,395
23,595
24,372
7,529
7,936
8,364
8,528
8,117
•
I
;
|
!
936!
870
869
1,009
955
29,460
1,681
1,651 -28,236
31,287
1,809
1,9071 30,050
28,680
2,0-19
3,211
3,193
3,782
3,207
3,141
2,073|
2,017|
1,9801
219,332J
224,729'
221,527
224,088:
229,260]
47,218
47,347
49,579
49,674
48,538
950,917| 219,909
959,519 211,509
970,643 223,566
988,484 221,651
983,039 216,299
89,921
85,691
88,297
88,736
40,837!
40,518
41,817
42,175
43,072
2,223!
1,838
162,431' 60,024; 230,261
161,143 61,541 227,637
159,823: 60,154 228,241
160,692 60,584 232,354
160,749, 59,916 238,195
1004
FEDERAL RESERVE BULLETIN.
AUGUST,
1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JUNE 21 TO
JULY 19, 1922— Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[Amounts in thousands of dollars.]
Number of reporting banks.
Total. Boston.
Time deposits:
June 21
1,583.779
June 28
1,62< 965
July 5
1,71.5.143
July J2
.1,727; 635
July 19
1,726,364
Government deposits:
Juno 21
. 128,418
June 28
89,161
July 5
87,887
July 12
79,213
July 19
72,052
Bills payable with F. R. banks:
Secured by U. S. Government obligationsJune 21
25.901
June 28
67; 238
July 5
70,024
July 12
57,488Julvl9
73,138
All otherJune 21
June 28
July 5
July 12
'.
July 19
Bills rediscbunted with F. R.
banks:
Secured by U. S. Government obligationsJune 21
409
June 28
745
July 5
919
July 12
729
July 19
20.1
All otherJune 21
40,685
June 28
35,917
July 5
74.686
July 12
33,265
July 19
29.790
San
Francisco.
New | PhilaYork. dclphia.
.1.03,689:
.102,752!
103,454'
JOS,876 •
98,950.
419,781.:
465,108:
547,052:
555,821
560,705
13.713
9^942
9,942
8,948
8,053
57,355
38,695
38,695
34,818
31,336
200
1,715
1,195!
l,095 !
580.
4,520|
48:720!
50;110i
43,330i
57,520;
284,556
281,899
289,734
288,625
288.267
322,590
324,492
322,481
321,025
320,648
i,18i
5,519
5,519
4,961
4,468
78!
71
89
m
87:
10,227!
8,063I
.1.7, 8-46!
9,972 :
5,414.
2,774
3,506
26,782j
3,506!
14,021i
3
6
8
1
2
6171
806!
669
729:
7781
o, 823'
1, 569
1, 890
1, 787
1, 568
1, 525
1, 986!
3, 719!
3, 0521
1. 453
/5
111
26 L
326
361
3,593
3,069:
4,824
2,236
1,2-ir
j
Volume- of business for the five weeks ending
July 26 was on a level about 3 per cent lower
than that maintained for the preceding four
weeks. The 3 per cent decline reported last
month was thus repeated, the downward trend
being attributable largely to the mid-summer
dullness of business. For Now York City the
decline was 4 per cent, compared with 6 per
cent shown last month.
That this reduction in the volume of business
is largely seasonal rather than cyclical is indicated b}^ the fact that the figures for the
system as a whole are 16 per cent higher and
for New York City 24 per cent higher than
corresponding figures for 1921. The spread
between the two years shown last month was
12 per cent for the system and 18 per cent for
New York City alone, so that when related to
last year's trend the most recent live weeks
show an increase in business activity as compared with the immediately preceding weeks.
The volume of business is measured by debits
to individual accounts as reported to the
Federal Reserve Board for banks in leading
centers.
150;
773 i
750|
6381
50!
1,08S
912
801
653
569
1,4881
1,336j
1,468.
1.3S6.
1'. 298 .
7,246
7,380
7,779
5,1.99
1,080
35
85
•
BANK DEBITS.
232,067
232,547
231/738
237,384
236,430
DEBIT s TO INDIVIDUAL ACXOUNTS
AT BANKS IN
REPOR TIN G CLEARING HOUSE CENTERS
)EBIT S FOR 1921
DEBITS FOR 19 2 2
( IN BILLIONS OP DOLLARS )
ii
10
11
u
10
k
9
k
V
7
V
6
k
A
vS \A
K\ vVA % x r J- \J\ M
j
A. S\f\\ \r
8
i
A
V
J
5
\ A \ AM
rV
A.
4
3
\J
\
i
0 -
3
7
6
4
3
2
AND 2: BANKS IN NEW YORK CITY
2 AND4: BANKS IN ALL REPORTING CENTER!
1
5
8
5
2
4
9
l
1
1
1
I
I
-O
V
5
M
/ *' \
A
/
AA
V
\
\
4
3
2
2
1
1
BANKS DUTSIDE OF NEW YORK CITY
Jan. Feb. Mar. Apr.' May June'July Aug.'Sept. Oct.' Nov.' Dec.
1005
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
1921
Week ending—
1922
Week e n d i n g -
Number of
centers
included.
June 28. | July 5.
July 12. ! July 19.
July 26.
June 29. I July 6.
July 13.
July 20.
July 27.
401.918*! 432,780
431,939
! 3,742;943 i 4.217.547 3,874,472
369,089 j 383.503
364,908
391.940 : 423,415 ! 418.283
j 201,660 l- 215,763 j 211,296
'. 155.526 , 180,5-10 ! 167.774
I 802,780 ! 855,469
913,871
:
185,158 • 203,360 '
207.199
118.491 I 120,782 ,
129.609
209,658 j 221,590 I 235.860
I 121,191
119,686
128,771
• 406,109 I 433,595 i 460,642
467,988
3,946,421
386.721
414,091
200,962
181,486
920,427
213,175
125,172
241,590
131.267
398,969
374,231
3,592,910
328,947
384,273
176,911
156,621
844,077
183,548
119,536
232,189
112,234
398,092
8,847,744 | 8,671,559 j 8,242,940 I 7,106,469 j 7,808,030 \ 7.544,624
7,628,269
6,903,569
i
Boston
New Y o r k . . . ,
Philadelphia.
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
,
Minneapolis..
Kansas Citv..
Dallas
:..
San Francisco
Total...
412,576
481,991
4,940,708 1 4,816.262
389.293 I 359,656
469,940
506,901
194,677
201,984
167,986
186,111
904,466
927,844
206,613
239.598
121,419
122,986
241,452
244,476
113.987
123,770
442,287
443,916
165 i 8,605,404 j 8,655,495
449,698
493,701
4.906,346 4,649,606
398,819
'468,148
471.379
475,626
217.824
204,928
180,553
175.252
959,780
980,563
231,925 ! 228,729
137'609 ! 129,340
264,186
254.828
128,985
127i226
500,640 j 483,612
482,210
4,582,601
374,513
j 454,569
! 184,597
161,662
907,821
I 193.933
'. 125,165
' 234,350
114,064
I 427,455
DATA FOR EACH REPORTING CENTER,
I In thousands of dollars.)
1922
Week ending—
1921
Week ending—
j
! June 28.
July 5.
District No. 1—Boston:
Bangor, Me
2,774
3,408
Boston, Mass
330,678
284,194
4,212
Brockton, Mass
3,787
6,833
Fall River, Mass
6,417
Hartford, Conn
25,559
20,511
Holyoke, Mass
3,440
2,628
Lowell, Mass
.•
4,346
3,383
Lynn, Mass
5,456
5,479
Manchester, N. H
3,988
3,280
6,679
New Bedford, Mass
5,663
New Haven, Conn
18,102
13,656
Portland, M e . . . . :
9,069
7,259
Providence, R . I
31,948
29,699
Springfield, Mass
13,548
15,890
Water bury, Conn
5,093
6,209
Worcester, Mass
14,471
15,842
District No. 2—New York:
Albany, N. Y
31,051
20,955
Binghanton, N. Y
:
4 111
3,635
Buffalo, N. Y
•
76,799
54,207
Elmira, X. Y
i
3,464
3,501
Jamestown, N. Y
i
3,542
3,082
Montclair, N. J
\
2,304
2,241
Newark, N. J
'
59,792
50,784
New York, N. Y
= 4,815,943 4,647,704
Northern Now Jersey Clear- j
ing House Association
'
33,073
36,740
Passaic, N. J
1
3,747
5,880
Rochester, N. Y
'
36,740
28,271
Stamford, Conn
j
2,731
2,442
Syracuse, N. Y
16,110
11,817
District No. 3—Philadelphia: !
6,802
Allentown, Pa
i
5,779
Altoona, Pa
j
2,630
3,042
8,344
Camdcn, N. J
'
9,046
Chester, Pa
4,024
3,813
Harrisburg, Pa
7,299
6,560
Hazleton, Pa
2,389
1,829
Johnstown, Pa
4,471
4,443
Lancaster, Pa
5,040
5,110
Lebanon, Pa
1,351
1,288
Xorristown, Pa
755
851
Philadelphia, Pa
288,133
32.1,312
Reading, Pa
7,330
7,354
Scranton, Pa
12,133
11,244
Trenton, N. J
11,103 • 11,887
Wilkes-Barre, Pa
8,148
7,493
Williamsport, Pa
4,094
4,447
8,189
Wilmington, Del
6,790
York, Pa
3,608
3,936
District No. 4—Cleveland:
Akron, Ohio
14,717
12,278
Butler, Pa
2,710
2,249
8,134
Canton, Ohio
7,313
Cincinnati, Ohio
65,820
73,770
July 12.
July .19.
3,367
297,377
4,465
7.470
22; 775
3, 301
5,265
5,901
3,834
6,436
20,401
8,697
33,163
17,209
6,258
14,145
3,235
344,497
4,633
6,681
22,787
3,173
4,718
5,745
3,783
6,902
23,105
7,822
31,075
14,1,70
6,456
15,297
35,677
5,551
28,081
2,835
16,029
35,218
5/361
32,852
2,718
12.935
6,638
3,347
9,932
4,693
7,765
2,325
4,791
5,268 •
1,358 I
835 I
15,932
2,812
9,424
67,345
2,931
352,606
3,941.
5,926
21,069
2,968
4,150
5,606
3,313
5,920
18,106
7,451.
25,237
14,082
5,925
12,526
!
:
j
!
5,932
3,116
10,670
4,796
8,657
2,255
4,964
5,306
1,180
873
395,117
7,824
10,614
12,099
6,801
4,321
8,062
4,295
13,294
2,186
9,344
72,222
July 13. ! July 20. | July 27.
[
3,242 i
3,514
! 281,563 ! 288,633
.
.
5,017
j 18,417
!
2,819
3,846
:.
j
3,873
4,105
!
4,947
5,085
1.3,727
18,231
5,239
5,701
: 29,238
33,319
! 1.1,624
13,851
5,239
6,313
I 13,127
14,836
34,767
20,729
31,373
37,006
4,154
3,624 I
3,361
4,274
63,180
59,287 ; 49,498
69,064
3,609
3,048 !
3,817
3,645 !
2,351
2,199 i
56,209
5] 272
4,496,357. 4,454,686 ! 3,617,372 4,050,119
"
21,285
4,418
67,292
3,624
3,749
2,681
54,864
4,763,690
324,151
7,998
12,920
11,992
7,046
4,380
8,098
4,368
July 26. ! June 29. ! July 6.
38,041
5,345 I
26,177 !
2,304 !..
12,753
4,616
24, 599 :'
3,348 1
330,913 ,
5,542
22,276
2,931.
4,496
5,923
20,863
2,956
4,743
3,184
257,183
5,729
18,221
2,507
4,001
4,382
4,559
6,594 i
5,987 .
17,198 • 18,178 !
6,499 j
7,309
31,515 '
30,043
11., 590 j
12,800
5,188 '• 5,639
14,845 j
14,259
4,512
5,138
15,094
6,792
25,664
10,222
4,366
11,618
23,673
3,977 I
61,146 !
18,264
3,447
49,708
18,563 I
3,747 !
56,115 i
3,737, 133 3,821,102 j 3,483,112
5,070
35,991
5,694
28,580
27,700 j
4,514
23,050
16,023
14,269
13,226
10,815
.
12,124
4,093 .
295,258
2,
3,187 |
2,759
3,209
3, U6
3,
3,881 •
6,541
3,800 i
6,835 :
4,078
6,853
4,753 !
7,115 I
*3"914
5,102 i
4,277 :
4,765 :
4,391 •
4,962
4,390
4,913 !
4,217 j
4,068
3,966
ij
4;
4,
1,
307,
7,
10,
11,
5,
3,
14,673
2,093
9,062
61,711
295,195
8,486
16,096
10,013
8,135
3,529
9,651
3,479
i 311,122 ' 289,66-8
i
8,630 !.
: 14,213 ! 1.7,474
I
9,793 i 10,552
i
7,000 j
8,578
:
4,089
4,295
11,019 !
7,132
!
3,717 i
3,717
2,895
312,507
8,1.34
11,959
14,521
8,178
3,925
7,378
4,139
259,427
6,147
17,145
10,254
8,182
3,388
6,362
3,427
12,976
14,700
13,662
15,216
13,083
56,149 =
58,132 j
59,871
63,294 j
55,021
1006
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1922
Week e n d i n g June 28.
District No. 4—Cleveland—Con.
Cleveland, Ohio
Columbus, Ohio
Connellsville, Pa
Dayton, Ohio
Erie, Pa
Greesnburg, Pa
Homestead, Pa
Lexington, Ky
Lima, Ohio
Lorain, OMo
New Brighton, Pa
Oil City, Pa
Pittsburgh, Pa
Springfield, Ohio
Toledo, Ohio
Warren, Ohio
Wheeling, W. Va
Youngstown, Ohio
Zanesville, Ohio
District No. 5—Richmond:
AsheviUe, N. C
Baltimore, -Md
Charleston, S. C
Charleston, W. Va
Charlotte, N. C
Columbia, S. C
Cumberland, Md
Danville, Va
Durham, N. C
Greensboro, N. C
Greenville, S. C
Hagerstown, Md
Huntington, W. Va
Lynchburg, Va
Newport News, Va
Norfolk, Va
Raleigh, N. C
Richmond, Va
Roanoke, Va
Spartanburg, S. C
Washington, D. C
Wilmington, N. C
Winston-Salem, N. C
District No. 6—Atlanta:
Albany, Ga
Atlanta, Ga
Augusta, Ga
Birmingham, Ala
Brunswick, Ga
Chattanooga, Term
Columbus, Ga
Cordele, Ga
Dothan, Ala
Elberton, Ga
Jackson, Miss
Jacksonville, Fla
Knoxville, Tenn
Macon, Ga
Meridian, Miss
Mobile,Ala
Montgomery, Ala
Nashville, Tonn
Newnan, Ga
:
New Orleans, La
i
Ponsacola, Fla
Savannah, Ga
|
Ta mpa, Fla
•
Valdosta,Ga
i
Vicksburg, Miss
:
District No. 7—Chicago:
|
Adrian, Mich
\
Aurora,111
Bay City, Mich
Bloomington, 111
Cedar Rapids, Iowa
.'
Chicago, 111
Danville, 111
Davenport, Iowa
Decatur,Ill....
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Flint,Mich
July 5.
July 12.
1921
Week e n d i n g -
July 19. j July 26
2,
9,221
11 292
2,397
148,367
28,877
906
16,354
6,240
3,721
1,044
5,476
3,251
1,410
2,704
3,525
177,738
5,372
33,926
2,578
9,052
24,081
2,969
131,172
32,546
1,121
15,932
6,142
3,981
808
5,182
3,680
1,195
2,354
3,086
162,563
4,957
39,804
2,412
8,724
13,817
2,724
141,308 \ 122,822 •
31,977 j 29,736 |
1,202
1,178
13,035
14,071 !
6,021 .
5,558
4,125
4,485 !
587
797 |
3,689
4,457! .
3,022
3,560
1,080
1,226 !
2,196 ,
2,028
3,013
2,800 '
158,401 i 167,515
4,776 !
4,614
43,869 j 36,575
3,122 '
2,221
9,512 I 10,123
12,302 i 13,955
2,473
2,465 !
3,487
88,225
4,330
6,809
6,267
4 155
1,805
1,615
4,211
3 242
2,906
1 829
4,842
3,796
1,820
15,230
3,900
20,848
4,371
2 009
40,021
3,953
5^080
4,137
80,876
0,199
6,550
7,877
5,151
2,156
1,492
3,921
3,285
• 4,112
2,326
4,903
5,096
2,024
15,296
3,700
27,044
5,514
2,232
42,927
3,899
6,386
4,348
92,514
6,955
7,308
7,281
4,100
' 2,317
2,192
4,526
3,714
3,790
2,360
4,742
5,243
2,183
16,642
3,800
25,318
5,227
2,082
47,434
5 248
5,245
4,156
4,734 I
83,068 ! 76,267
6, 111
5,380
7,266
8,014
8,387
6,880
3,450
4,073
1,099
2,047
1,498
1,719
. 5,741
4,176
3,104
4.293
3,437
3;317
1 710
4,711
4,661
3,457
4,018
1,406
1,596
12,774
17,096
4,100
8,000
23,224
24,809
4,485
5,455 j
1,781
2,066
37,909
43,480
4,227
4,164
4,471
5,0(31
760
21,627
4,789
807
27,927
4,438
18,184
600
6,864
2,405
149
502
183
2,171
10,861
6,925
4,503
1,695
6,187
3,185
16, 572
706
62,376
1,553
9,996
5,186
917
1,354
792
25,894
5,535
17,520
752
6,754
2,684
216
450
212
2,967
10,002
5,928
4,634
1,918
5,677
3,164
15,843
417
62!, 021
1,362
9,758
5,222
1,116
1,239
746
2,555
2,231
2,210
5,780
575,910
3,100
9,887
3,060
15,328
127,100
3,150
5,302
750
2,992
2,495
2,285
8,637
595,856
3,300
7,605
3,498
17,362
130,381
3,300
5,116
124,263
35,403
1,308
12,082
5,788
3,720
625
3,780
3,006
1,233
1 982
3,071
169,242
3,585
'512
6,471
1,861
154
366
121
2,172
9,510
6,190
3,910
1,580
5,265
3,081
14,170
283
60,549
1,258
8,604
4,400
827
1,069
2,625
1,916
4,293
583,940
2,400
2,996
15,694
116,981
2,754
5,914
!
j
!
i
!
!
;
787
25,887
5,081
16,093
540
6,483 I
2,148
198
506
136 i
2,331
10,713
6,014
5,208
1,788
5,601
3,259
15,465
325
59,885
1,283
7,943
5,174
915
1,163
706
2,605
2,166
2,484
8,344
611,936
2,900
8,623
3,301
15,991
139,130
3,022
5,575
21,538
4,840
15,616
599
6,174
2,026
146
368
155
1,635
8,905
5,505
4,127
1,655
5,349
2,844
13,096
330
56, 219
1,268
8,222
6,687
770 !.
1,272;
June 29. ; July 6.
July 13.
July 20. I July 27.
102,281 i
27,343 |
117,554
27,242
122,935
29,242
11,196 I!
5; 449
13,568
5 892
12,952
6,405
4,924
3,143 j
4,166
3,097
2,161 !
145,778 i
3,377 "•
2,453
152,123
4,007
1,992
139,406
4,400
7,544
10,670
7,273
12,423
7,305
11,492
6,521.
9,845
7,214
9,816
93 899 i
5,000 ;
99,260
7,019
94,092
5,220
87,814
5,149
5,750
5,630 I
5,865
4,300
101,330
6,742
4,994
4,985
4,555
4,653
4,433
3,713
2,543
3,640
2,574
2,472
2,390
4,353
4,540
*4,*960"
4,995
4,229
12,131
4,400
21,766
13,888
4,350
26,505
15,147
4,100
23,087
13,799
4,900
24,259
11,582
3,870
19,036
41,548
4,640
41,357
5,039
37,830
5,547
37,621
4,396
30,443
4,252
20,473
4,007
11,991
24,697
5,308
14,552
23,577
5,326
10,696
23,652
5,116
12,025
20,230
4,408
10,595
6,839
7,906
8,222
8,205
6,460
8,804 i
4,495
3,731 j
9,788
6,197
4,166
9,965
4,688
3,997
9,954
6,721
4,599
7,887
4,570
3,519
5,097 •I2,602
23,844
5,709
2,400
24,992
5,820
2,171
22,277
5,733
2,547
33,177
4,702
2,390
25, 821
48,954
1,234
8,172
4,237
56, 872
1,406
10,329
4,908
54,601
1,464
8, 761
4,976
52,866
1,407
9,186
5,110
50,027
1,3S2
8,453
4,238
1,046
1,310
1,233
1,188
939
2,224
2,720
9,613
544,121
2,624
2,074
10,347
548,414
2,292
2,465
9,025
586,027
2,044
2,054
8,253
546,417
7,151
2,673
13,391
104,800
3,212
5,639
6,056
3,035
15,386
160,515
2,581
5,074
5,957
3,996
15,787
122,774
2,603
7,465
6,034
3,436
14,237
106,407
2,499
4,994
551 ;.
2,531 L
2,027
2,162 i
2,144
2,087
8,403
6,245 ,
555,001 i 523,449
2,100 .
5,562
2,550
3,380 :
14,396
14,675 ;
89,665
141,881 '
2,379
2,247 j
4,876
5,040 1
112,857 j 104,438
26,401
31,350
13,137 !
5,536 I
5,109 :
3,595
12,839
5,606
3,919
3,134
1,934 ,
2,033
141,526 ' 136,825
3,344
4,171 I
1007
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week e n d i n g -
1922
Week e n d i n g June 28. ! July 5.
District No. 7- -Chicago—Con. !
6,829
Fort Wayne, Ind'.
|
2,916
Gary, Ind
"
13,406
Grand Rapids, Mich
i
Hammond, Ind
'
32,876
Indianapolis, Ind
5, 584
Jackson, Mich. *
4,270
Kalamazoo, Mich
6,524
Lansing, Mich
2,256
Mason City, Iowa
49,329
Milwaukee, Wis
1,328
Moline/lll
i
887
Muscatinc, Iowa
\
2,100
Oshkosh, Wis
i
7,864
Peoria,Ill
'
4,373
Rockford, 111
|
15,383
Sioux City, Iowa
!
6,264
South Bend, Ind
4,639
Springfield, 111
|
3,142
Waterloo, Iowa
!
District No. 8—St. Louis:
j
East St. Louis and National i
9,648
Stock Yards, 111
7,398
Evansville, Ind
-.
2,473
Fort Smith, Ark
i
601
Greenville, Miss
j
795
Helena, Ark
!
8,475
Little Rock, Ark
[
32,394
Louisville, Ky
!
22,044
Memphis, Tenn
991
Owensboro, Ky
|
1,984
Quincy, 111
j
122,239
St. Louis, Mo
2,431
Springfield, Mo
District No. 9—Minneapolis:
j
1,087
Aberdeen, S. Dak
j
1,802
Billings, Mont
!
193
Dickinson, N. Dak
i
14,643
Duluth, Minn
!
1,993
Fargo, N. Dak
i
948 !
Grand Forks, N. Dak
1,554
Great Falls, Mont
:
1,903
Helena, Mont
390
Jamestown, N. Dak
;
653
Lewistown, Mont
;
60,012
Minneapolis, Minn
i
594
Minot,N.Dak
i
486
Redwing, Minn
:
37, ooo
St. Paul, Minn
:
132,530
Do
2,502
Sioux FaUs, S. Dak
1,641
Superior, Wis
j
804
Winona, Minn
District No. 10—Kansas City: I
1,121
Atchison, Kans
:;
3,007
Bartlesville, Okla
3,428
Casper, Wyo
;
1,973
Cheyenne, Wyo
;
2,279
Colorado Springs, Colo
|
33,324
Denver, Colo
I
2,420
Enid, Okla
624
Fremont, Nebr
1,199
Grand Island, Nebr
'
511.
Grand Junction, Colo—
579
Guthrie, Okla
2,610
Hutchinson, Kans
1,803
Independence, Xans
2,734
Joplin, Mo
4,826
Kansas City, Kans
71,9-18
Kansas City Mo
i
1,016
Lawrence, Kans
'
699
McAlester, Okla
5,947
Muskogee, Okla
j
16,986
Oklahoma City, Okla
I
L626
Okmulgce, Okla
!
44,302
Omaha, Nebr
860
Parsons, Kans
1,014
Pittsburg, Kans
3,417
Pueblo, Colo
9,931
St. Joseph, Mo
1
Debits of banks which submitted reports
July 12.
July 19.
7,951 !
7,917
• 3,218 I 2,743
12,682 i 14,372
3,278 '
3,602
32,922!
35, 863
4,120 •
4,063
3,888 "
4,203
6,735
6,507
2,139
2,329
59,526
57,927
1,969
3,129
1,108
2,300
1,900
8,175 :
8,770
4,791 i
5,190
16,612
15, 762
8,802
8,216
6,317
7,415
3,573
3,734
8,349
9,100
2,351
674 !
878 !
8,048 !
34,511 !
24,295
1,097
2,030
150,414 I
2,851 j
10,704
8,542
2,302
1,226
939
8,251
33,543
23,860
1,633
2,323
141,666
3,036
1,229
1,767
288
15,437
2,861
1,397
1,487
2,002
372
852
62,664
988
607
33,275
* 27,366 i
3,750
1,702
1,324
1,537
1,973
298
15,977
2,930
1,392
1,498
2,601
537
794
69,430
829
557
1,116
3,072
3,413
1,721.
2,922 |
34,676
2,986 !
772 '
1,152
577
565
2,674
2,439
2,636
3,217
71,149
1,001
803
4,815
20,533
1,984
43,183
916
1,049
3,707
13,153
in 1921,
39,968
133,254
4,082
1,638
1,297
1,216
2,587
3,150
2,007
3,307
38,608
3,115
843
1,216
653
607
3,804
1,943
2,844
3,175
70,297
1,043
921
5,964
21,149
2,133
48,152
1,001
1,211
4,512
16,177
7,207
2,479
13,479
3,100
31,336
4,871
3,876
5,695
1,864 :
57,040 I
1,680
1,018
1,900
7,994
4,300
14,549
6,093;
5,054
2,947 i
7,151
3,308
15,133
3,1,60
36,379
4,323
4,416
6,264
2,023
56,546
2,569
1,170
2,500
8,655
4,771
16,433
8,055
5,761
3,535
7,221
2,124
699
1,040
8,416
32,101
23,057
1,244
2,220
143,884
2,934
1
1,339
1,824
318
15,756
3,029
1,303
1,346
2,088
418
755
64,188
858
492
37,677
31,691
3,970
1,851
955
1,279
2,519
2,915
2,288
2,713
34,229
3,421
715
1,264 i
462
612 '
3,364 :
2,437 i
2,477 '
5,128 !
71.501 i
'847 •
769
6,160 i
20,938 i
1,709 i
46,503
880 |
1,081 '
4,251 :
14,826 !
June 29.
July 26.
July 13.
July 20.
July 27.
7,948
5,811
8,162
5,372
6,957
2,769
094
5 541
2, 248
490
1, 008
7, 129 i
28, 697 !
19,
8,259
28,82.1
17,401
7,337
29,307
19,887
906 I
426
2, 537 !
1,789
113,397
2,324
2,093
129,196
2,875
2,286
129,121
2,638
1,266
1,383 ••
221 .
14,537
2,291
1,153 :
1,314
1,229
1,486
1,167
1,667
1,536
1,854
1,397
1,574
1,024
1,573
16,301 i
2,133
905 j
1,514
2,136
15,498
2,654
1,146
1,352
2,657
17,559
3,041
1,216
1,526
2,481
15,381
2,466
1,219
1,636
2,287
13,780
2,387
1,034
1,568
1,845
8} 837
60,946
65,153
64,686 |
58,582
2 , 0 9 3 '••
1
July 6.
8,356
4,811
9,194
31,397 !
16,915 !
8,063
28,698
22,471
7,710
25,330
16,158
2,628 i
135,318 !
2,498
2,016
116,855
2,346
410
664
62,616
816
354
37,623
32,860
3,340
1,406
'.
j.
|
I.
L
j.
.
26,693
4,587
1,794
876
26,069
4,602
1,797
1,227
27,682
• 4,149
2,007
1,405 I
27,533
3,957
1,863
1,173
31,227
3,728
1,996
792
1,047
2,186
3,222
2,230
2,622
34,186
3,016
739
1,118
563
471
3,716
1,708
2,248
3,752
66,630
818
683
6,275
18,097
1,758
43,520
968
971
3,602
12,401
;
!
1,104
1,965
970
2,219
1,204
2,073
1,558
2,645
1,126
1,812
,
i
;
!
1,920 I
2,269 !
32,657
2,538 I
2,316 i
32,115 i
2,132
2,719 I
31,020
.1,746
2,696
30,838
1,382
2,645
30,216
1,750 i
3,582 !
60,689 i
1,673
3,339
63,567
2,042
3,0.12
72,010
2,028
3, 719
76,533
1,681
2,896
74,037
3,050 j
16,465 !
3,825 |
21,058
3,202
20,570
2,859
19,466
2,823
17,763
38,595 ;
38,052 I
41,316
44,6
45,073
2,788
12,887
4,482 :
13,551 i
4,192
16,453
3,790
16,971
17,372
;
1008
FEDERAL RESERVE BULLETIN.
AUGUST, 1022.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
Juno 28.
District No. 10—Kansas CityContinued.
Topeka Kans
Tulsa Okla
Wichita. "Cans
District No.'11—-Dallas:
Albuquerque, N. Mex
Austin, Tex
Beaumont, Tex
Corsicana Tex
Dallas Tex
Fl Paso Tex
Fort Worth, Tex
Galveston, Tex
Houston, Tex
Rosowcll N Mex
San Antonio Tex
Shreveport La
Texarkana, Tex
Tucson, Ari/
Waco, Tex
District No. 12—San Francisco:
Bakersfield Calif
"Bpllinsrham "Wash
Uerkolov, ('alii
Boise Idaho
Eujzent' Ore fr
Fresno Calif
Lon{j Beach Calif
Los Angeles, Calif
Oakland, Calif
Oujden l^tah
Pasadena Calif
Phoeni\ \riz
Portland Orejr
Reno, Nev
"Rit/villp Wash
Sacramento, Calif
Salt Lake Oil v, Utah
San Bernardino Calif
San Dies?o Calif
San Francisco, Calif
San Jose Calif
Seattle, Wash
Spokane Wash
Stockton, Calif .
Tacoma, Wash
Yakima, W a s h .
1922
1921
Week ending-
Week ending-
July 5.
J u l y 12.
J u l y 19.
J u l y 26.
June 29.
J u l y 6.
J u l y 13.
J u l y 20.
J u l y 27.
2,849
26,531
10,277
3,249
22,591
12,736
4,163
27,602
.12,426
3,38.1.
24,831
11,804
3,046
22,394
10,114
2,620
18,669
8,648
3,985
1.7,378
10,522
4,495
16,954
12,466
3,409
15,134
13,535
2,773
14,954
11,713
1,764
2,472
2,612
762
29,243
6,528
21,486
11,991
19,848
465
4,901
7,205
1,469
1,767
2,701
2,280
2,997
3,110
856
30,01.7
7,768
20,970
14,251
23,450
466
4,801
7,420
1,571
1,767
3,368
2,734
3,485
3,610
1,016
31,258
8,313
2L,876
14,542
21,450
585
6,930
7,261
1,742
1,824
3,960
2,312
2,407
3,363
773
32,104
6,871
19,795
17,574
2.1,872
775
7,008
7,652
1,811
1,705
2,752
1,767
2,326
2,907
575
27,391
6,863
2.1,170
12,896
20,998
611
5,430
6,722
1,508
1,649
2,437
1,357
2,268
2,649
1,891
2,541
2,908
2,124
3,265
3,350
1,744
2,271
3,133
1,398
2,163
2,482
27,799
7,405
19,941
15,980
25,176
27,81.9
7,750
18,420
16,344
24,342
27.607
7) 093
18,920
19,222
28,045
33,960
6,343
20,1.10
20,965
24,258
25,022
5,695
21,420
17,474
20,500
7,306
5,684
1,140
1,782
2,704
5,646
6,034
1.580
1,089
3,322
6,875
5,957
1,182
2,038
3,093
6,401
5,555
1,515
1.852
3,160
5,559
5,299
975
1,462
2,785
2,974
1 633
3,033
3,267
1 786
8,156
6.563
115;046
17,218
4,168
5,206
4 344
30,551
2,446
109
12,327
.12.224
1' 400
9,340
153,783
4,0L6
31,818
9,240
4,321
7,841
1,723
2,493
1 603
3,581
3) 034
1 518
9,200
8,537
106,4.08
18,955
3)501
5,646
4,513
32,495
2,991
L49
1.2,611
13,543
1,275
9,804
158,885
5,093
25,688
8,967
4,539
8,269
2,169
2,602
I 497
4,186
3,229
2 18L
10,057
9,151
123,252
23,093
4,348
6', 963
3,884
32,969
2,713
167
15,739
13,728
1,911
10,680
171,043
5,966
35' 145
9,968
5,870
10,079
2,461
2,408
1 848
3,918
2,731
2,14L
9,915
9,704
120,451
19,703
3,973
6,019
4,142
32,171.
2,625
129
15,266
13,489
1,528
9,590
170,191
4,610
31,529
11.116
5,149
8,995
2,467
2,774
2,388
3,234
3,207
2,970
3,034
2,391
2, 705
7,971
6,441
98,610
19,942
2,908
5,337
9,170
6,042
104,876
18,682
3,208
5,303
8,300
5,866
99)727
18,1.09
3.088
5,195
7,599
5,137
93,122
16,111
1,938
3,965
30,702
3". 517
31,650
3,084
29,503
2,170
28,179
2,323
11,275
13, 514
13,705
.1.3,937
12,769
1.3) .181
11,8.1.0
11,357
8,490
158)645
5,0.12
29,335
10,96.1.
4,405
9,373
1,995
9,503
1.69,216
5,039 i
33,727
11,259
4,890
8.744
2,166
7,841.
126.400
4)169
31.577
10,357
4,156
8,637
.1,920
6,636
152,789
3,910
26,763
9,000
3,965
6,7-19
1,643
2,245
1 587
2,325
2,793
2,675
2,526
1,862
8,584 . . . .
6,865
8,254
4,924
92,355
108,23.1
1.6,629
17,146
2,731
3, 270
4,390
5,053
3,564
29,523
28,01.0
2,718
2,569
106
.11,231
12,790
11,468
11,305
1,334
7,271.
7,970
158,310
148,682
3,517
3,922
27,989
32,937
8,984
8,999
3,642
4,150
6,61.1
8,257
1,951
2,007
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM JUNE 23, 1922, TO JULY 27, 1922, INCLUSIVE.
fin thousands of dollars.]
Debits.
i Changes in ownership
! of gold through trans- j Balance 'n
i fers and settlements.
close Oi
period.
Credits.
Decrease.
Increase.
6,000
530,313
2,113,326
660,541
581,060
432,048
208,207
1,108,768
484,871
146,572
380,501
181,611
285,121
544,042
2,084,473
657,257
587,322
436,246
207,026
1,143,975
463,785
148,789
386,735
175,296
277,993
35,000 i
35,000
7,112,939
7,112,939
136,000 |
380,084 :
413,598
136,000
380,084
413,598
7,296,400
5,765,340
0,005,904
7,296,400
5,765,340
6,005,904
Daily settlements.
Transfers.
Federal reserve bank.
Debits.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
:
!
!
'
June 22, 1 9 2 2 . . . . .
July 28, 1921
June23, 1921
5,000
7,000
8,000
4,000
2,000
2,000
10,000
5,000
6,000
6,000
4,000
Total five weeks e n d i n g July 27,1922
!
;
1
Credits.
3,000
2,000
10,729 !
I
2,262 |
5,198 |
1,181
36,207
15,086
2,217
4,234
6,315
1,128
60,847
60,847 i
32,629
86,324
34,056
47,965
40,475
20,923
134,632
11,443
28,665
31,948
4,571
30,676
504,307
529,732
421,776
403,621
1009
FEDERAL RESERVE BULLETIN.
AUGUST, 1922.
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Silver.
Gold.
Countries.
IMPORTS.
Denmark
France
Germany
Greece
Netherlands
Spain
Sweden
United Kingdom:
England
Scotland
Canada
Central America
Mexico
West Indies
Argentina
Chile
Colombia
Peru
Uruguay
Venezuela
China
British India
Dutch East Indies
Hongkong
Philippine Islands
British Oceania
Allother
Total.
$232,891
7,482, 1-16 .
4-19,907 :.
57,703 ..
6,347,500 .
.18,509,346 ;
4,230,452 •
4.91,224 !j
308,278
1,277,712
1,549 .
10,033 I
764,580 !
78, 118 i
6,567
36,673 ,
454,186 I
.1,5-15,988 ..
169,576 j
$1,089,626 ! S3,361,748
667,019 j 103,836,999
15,851
322,704,592
4,008,638
151,320
388,664
297,638
591,106
27,621
" "233^605"i
422,969 j
137,758 j
"""45^561"
322,116
111,994
99,041
904,952
77,818
14,730
60,428
189,885
1,223,283
43,576,476 j
12,968,636
158,430 I
69,368
$18,924,110
129,650,473
19,924,893
5,003
4,186,976
330,167 .
55,294,298 .
14,982
1,139,445
16,653,867
. 3,514,600
41,656,643
!
31,862,135 :
6,030,581. j
5,-189,812 |
6,055.219
2,473; 380
204,284
14,507,936
1,485,673 :
2,969,997 •
1,202,843
14,186,275
1.7,145, 788
941,373 i
LI,702,483 I
1.157,991 '
10; 627,836 :
14,633,323
124,503,143
151,320
19,509,099
0,173,833 j
5,812,318 •
3,662,209
265,191 '
659,233
9,251,164 .
1,714,696 j
4,112,636 :!
1,036,316
7,340,884 ;
14,863,765 i
1,700,488 I
549,159 j.
1,17-1,067
13,011,302 :!
24,473,230
638,559,805 i 468,310,273 \
S4,568
82,997
15,435
87,223 ;
1.8,045 ;
158
10,627
506,118 ;
115,836 I
2,261,534 !
65,624 '
886 :
131,346 I
8,715 !
309,280
2,763
2,057 !
1,183 :
224 I
30,000
10,882
350,362
204,103
4,519,223
79,717
S370
142,021
252,811 I
267,474 I
24,846 !
110,555 I
36,645 1
S844
245,113
5,744,385
1,281,246 ;
181,987
1,669
71,955
1,9M
47,640
75
1,146
136
243,957
3,964,019
2,627,300
36,239,127
148,718
30,486
2,818,522
• 704,828
7,250,413
2,763
3,347
1,289,881
650
1,031,094
192
19,981
4,515
1,149,046
3,872,923
1,706,562
48,151,597
654,183
12,6o8
1,469,192
2. Jo, 009
6,7J1,878
25,3i7
2,8 6
3,057
11,718
531,815
279
17,409
1,793
1,002,145
6,345,744
59,430,850
70,681,298
236,857
167,943
1,000
33,269
2,800
788,505
123,472
2,500
171,876
1,066
33,000
8,859,387
2,780,647
371,005
2,097,819
898,715
239,500
11,790,722
4,491,258
11,043
2,205,162
39,266
795,703
147,825
60,298
2,681,089
440,719
15,352,082
2,095,480
19,557,8.^8
6,5*8, Oil
480,130
293,888
1,759,624
13,207,132
6,603,136
31,268
3,168,000
11,845,174
1,610,204
652,266
52,536,171
62,694,677
2,019
1,332
74,728
3,627,272 |
67,314
17,673
776,875
1,199
16
EXPORTS.
United Kingdom—England..
Canada
Central America
Mexico
West Indies
Colombia
Pern
China
British India
Dutch East ladies
French East Indies
Hongkong
Japan
Allother
600,473 j
14,700 ;
4210—22-
419,885 j
2,000 I
7,029,928
793,494 :
2,373,040
12,127
5,305,513
5,350
; 3,653,376 :
j 12,000,000 i
100,400 !I 1,414,461 !
5,519,339
40,000 !
600,000
360,010
2,290,000 i.
10,025,595
893,180 I 9,004,120
I 92,537,289 !
75,921 j
174,062
3,744,308
I
773,603 >
Total.
85,565
3,955,607
1,600,754
133,537,902 !
27,345,282
2,"570*
1,424,010
6,004,421 !
FEDERAL RESERVE CLEARING SYSTEM.
o
OPERATIONS DURING JUNE, 1922.
O
[Numbers in thousands. Amounts in thousands of dollars.]
Items drawn on banks located
in own district.
Federal reserve bank or
branch.
In Federal
reserve bank
or branch
city.
Num- 1,
her. \
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham...
Jacksonville
Nashville
New Orleans...
Chicago
Detroit
St. Louis
Little Rock....
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City.
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City..
Seattle
Spokane
Total: June...
May...
552,049
,253,158
88,805
1,9331 767,588
757
246,054
216
115;346
235,690
.1.22,862
120l
149,739
274
683 139,692
255
34,879
61
20,249
60
27,882
59'
41,570
619,958
189,837
323'| 233,759
64:
19,979
104|
56,881
80!
27,372
246! 109,710
24j
8,408
|
330. 213,162
141!
44,385
76=
45,985
1011
53,223
1351
63,946
44
10,073
72^
36,147
2071 111,891
372. 129,543
6
33,568
50
24,047
11
38,682
4.2
17,255
606!
i 2,(
Outside Federal reserve
b a n k or
b r a n c h city.
Items drawn
on Treasurer
of United
States.
i
Num.-; *
ber. 1
Num.- 1
IN urn-, 4
Amount. i her. :A
ber.
3.835j 405,566
181
5; 075 652,092 1,053
53,583
4761
14
156
2,325! 274,776
91
1,138. 157,232
75
74,282
8611
51
97,082
907!
50
1, 9801 263,787
64
71,284.
770!
39
38,789
354
11
11,465
162
9
16,051
162
12
.18,559
229
38
13,410
116
378
4,177 330'. 451
53)967 " 41
592
1,470 82,310 124
7
15,289
295
29
25,306
466
10
9,265
174
44
80,489
1,571
7
11,283
215
81
1,417 92,862
25
352 20,706
8,
65,440
961
33!
592 36,496
28,
1,319 154,431
15'
9,751
137
52;
340 26,598
76!
38, 883
501
48
96,581
1,361
236
403
244
204
Total items
handled, exclusive of
duplications.
Items forwarded to
other Federal reserve
banks
and their
branches.
12,944
24,971
16,222
10,657
Si
42
Hi
11,850 8,884,27435,717|3,362,860 2,938,
523 8,
8,419,776'34,418 3,213,236 2,788'
i
981,8551
21,210 4,622!
200'
5-1,123
105,240 8,164. 5,010,790; 1.093
121,118
' 747
2,300
144. OKs! ' 127:
21', 877
30,972 4,41.4
I,073;333:
652
135,173
6,850 2.286'410,736!
33!
7,278
7,458 > 1)1.63! 3 198,9871
5,2S0
.13
4,586 1,501
81 = 41,666
337,358
155'
5,793 2, 1501
59,839
392,442
108
35,35!
7,059
228,082
251
8,550
9,163: 1^0731
187)611
4281
1,111
11,492
47,155
lxl
232!
767 •
37;067i
5,145
23
301:
1,055i
47', 496!
2,651
16
213 j
13,44.4!
.10,322
68,424
39
33,2<X:
3'.290' 5,639'
981/iM
|
'9411
5,114
3; 788.
151
247,592
4,238
8,486! 1,917,
324,555
366!
680.
1,146|
35,94S
599
1,339
4,875!
87,062
264 i
1,756!
32-i
38,393
1
3
17,075
6,643! 1,863 • 197,782
246!
2,790i
1,081
20,772
35,820'
10,682 1,828;
316,706
518:
18,545!
3,278'
68,369
238i
1,308, 1,045:
7,03l!
112,733
731
3
2,305! » 727 i
5,926
92,4441
48|
5, 764! 1,482!
224,1411
9,198!
44!
196:
1,573'
1,684|
21,397
79,
1,852 • 4(34:
2,597 !
64,597!
ll!
784!
110,204
250,978!
3,077;
15
15,930,
242,054!
16,3841
25
324!
6,566!
53,078j
1,696!
103
4703,089:
52,1071
3,232
5
4031
11,825
06,729'
5,438
15
257j
1,520
29,432:
1,818;
22
121
457,533j 3 50,519 ! n2,707,928 ! 3,730 697,635
344,845: 48,7411 11,981,179| 3,739 663,510!
1
i
Tteins
forwarded
t-) parent
bank or
to branch
in same
district.
Nutn'| A m o u n t .
Total items handled, including
duplications.
Number
of m e m b e r
banks.
Number.
1922
1.9212
Amount.
1922
4,8221 4,479 1,035,978"
26
40
"29
13
28
37
23
29
7
8
10
4
12
33!
i
1
66
44
191
!
'6
30
65
44 j
9
48
17
Number of nonmember
banks.
.19212
list.
I .June
30,
1022.
984,317
• i . 7411 9.2*3 S, 017 5,136.649 2,935,669
18; 168
' 91.4
182,463
805 ' 181)733
""5," 51.6
3,705
6,657
9', 061
7)644
4.030
21)515
1,343
991
539
3.563
i;529
1,335
1,999
128
246
222
1,0331
13,068
10,115
6,695
5,005
4,299
621
1,004
4,245
8,185
4, 768
1,833
5,124
2,490
On Dar
5,06(5 4,762 l,20S,509i 1,134,-101
2,318 1,627
A7.\,rm
3-19/290
1,
207,973;
203;351j
1'. 049
385,681!
389,3»5J
1,613 1)390
461,342.
435,042!
2,342 2,226
271,080'
256,105!
1,300 1.092
200,224:
107.007
1,121
536
80.462
66)511
475 456
43] ^r>.
45,391
262 25-11
1
51,141
53.127
325
335
79', 285
76)505
257 259!
5,9*5 5,026' J,02i;552! 955,413'
200,974;
960i 745j 254,235
1,9691 1,696! 330,128! 28N,09o!
39,093
41,463
408 351
88,529;
79,539
613 525
38,965
32,891'
267 234
215,079'
210,887
1,946 1,823
24,595
24,090
253
239
365,594^
376,076!
2,132, 3,025
97,029;
89,198"
635
512!
1,110 1,0281 126,459| 142)474
96,616
790 748! 103,3751
237,638;
238,127:
1,603 1,828
23,702i
24,706
213: 19"
i% 198
76,009
485 "453
268,300
245,172
839
787
266,6231
21.1,683:
1,949 1,350
59,542 j
51,2831
373
316
57,172:
72,469*
494 479
77,29l!
64,759
473
410
33740:
31,264
286 247
433
719
84
711
316
223
345
468
162
231
82
70'
87l
561
• Not on par
.I
list J
J u n e 1 .June . J u n e
30, i 15,
30,
1922. !1921. 1922.
438
707
84
700
315
222
342
460
160
21.7
72
68
84
52
258j
255;
77|
474
511
312
251
706!
2631
!
63
145
51
1,3091 3,975j
12l|
' 254
3-S2]
364! 1,71.2
70
70J
230!
95
95 j 342
58
54 ' 188
827
814 2,419
196
201
208
333
332 1,434!
16.11
162
2661
408;
338i
434
250!
261
912!
661
661
754
66
72
61
135
135
257
206
213|
273
170|
176.
180!
133
128!
151 i
166'
184
1041
66
92.
107
154
255'
251
77
455
523
325
236
756
2741
107
33
64
116
51
4,005
258
1, 750
232
342 :
183
2,547
223
1,458
289
548
•"i!::::::
|
;
761
276!
2801
163
171
115
101
1661
June
15,
1.921.
577 j
554
485
119
145
162
223
52(1
122
.1.4.5
1.57
221.
156
175
4
167
79
166
42
12
161,412 5 5 , 0 6 0 J 4 9 , 3 3 6 1 3 , 5 6 6 , 9 7 5 10,772,4031 9 , 9 2 5 9,775117,889.18,716| 2,275 1,965
1 6 2 , 8 7 3 : 5 3 , 2 6 6 k ) , 434 1 2 , 8 0 7 , 5 6 2 : 1 0 , 2 0 9 , 9 5 3 9,909 9,747:17,918J18,781: 2,280 1,937
1
Incorporated b a n k s other t h a n m u t u a l savings b a n k s .
» May 16 t o J u n e 15, 1921.
Includes i t e m s d r a w n on b a n k s in other Federal reserve districts forwarded direct t o drawee b a n k s , as follows: Cincinnati, 11,000 i t e m s , SI ,901,000; Minneapolis, 2,000 i t e m s , $940,000; O m a h a , 1.000
i t e m s , §420,000.
3
N O T K . — N u m b e r of business d a y s in period for Boston, A t l a n t a , Birmingham, Jacksonville, Nashville. New Orleans, Little Kock, Memphis, Dallas, E l Paso, a n d H o u s t o n was 25, and for other Federal b a n k a n d branch cities, 26 d a y s .
1011
FEDERAL RESERVE BULLETTN.
AUGUST, 1922.
MONEY IN CIRCULATION JULY 1, 1922.
The table printed below showing money in
circulation presents figures comparable with
those previously printed under the title " Money
held outside the United States Treasury and the
Federal reserve system." This change in title is
occasioned by the fact that the United States
Treasury revised its circulation statement
beginning with the issue for July 1, 1922. In
commenting on this change the Treasury says:
held by the Federal reserve banks (other than money held
by or for Federal reserve agents, and Federal reserve notes
held by the issuing banks in their own vaults) was included
in the" amount in circulation. Under that method of
computing money in circulation transfers of gold between
a Federal reserve bank and a Federal reserve agent resulted in an apparent change in the amount of money in
circulation, and there are instances where the circulation
statement owing to such transfers showed a decline in
money in circulation when, as a matter of fact, there had
been an actual increase, and an increase when in fact there
had been a decrease. The new form shows a per capita
On the new form of statement only money outside of circulation on July ], 1922, of §39.87. whereas under the
the Treasury and the Federal reserve banks is included in form of statement heretofore used, it would have been
circulation/ In previous circulation statements money $49.17.
[Source: United States Treasury Department circulation statement.]
:
i Money held
! Stock of
by the U.S.
J money in the Treasury and
United States. | the F.* R.
system.
Kind of money.
G old coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
United States notes
Federal reserve notes
Federal reserve bank n otes
National bank notes
I
i
i
|
Money in circulation.
Amount.
iS3,785,520,512 S3, 368,394,320 I
8417,126,192
' «(695,000,480)
521,058,270 I
173,342,219
'
381,176,85L I
323,103,509 !
58,073,342
2
j (304,066,593)1
38,731,219 |
265;335,374
2
j
(1,510,543)1
1,000
1,509,543
j
271,464,942 j
41,900,963 j
229,563,979
'
346,68.1,016
54,338,020 !
292,342,996
2,555,061,660
416,348,629 j 2, 138,713,031
80', 495,400
71,867,941
8,627,459 I
727,681,036
758J 202,027
30,520,991
Total.
Comparative totals:
J u n o l , 1922
July 1,1921
Apr. 1,1917
July 1, 1914
Jan. 1, 1879
Per capita.
S3. 80
1.58
.53
2.42
.01
2.09
2.66
19. 49
.66
6. 63
8,178,602, 408 j 3 4,803,624,380 j 4,375,555,653 |
39. 87
8,126,500,982 j » 4,750,990,689
8,096,033,684 3 4,176,065,219
5,312,109,272 "3,896,318,653
3,738,288,871 a 1,843,452,323
3
1,007,084,483
212,420,402
39. 87
44.78
39. 54
34.35
16.92
4,370,409,991 i
4,839,611,851 j
4,100,590,704
3,402,015,427
816,266,721
1
2
Does noL 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.
3
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 leseno system and
money in circulation to arrive at the slock of money in the United States. The amounts of such gold and silver held in trust as of the date of this
statement are shown in parentheses in the first column.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT AUGUST 1, 1922.
Paper maturing within 90 days.
Secured by—
Federal reserve bank.
Trade
acceptances.
Treasury notes Liberty bonds
and
Victory
. certificates of andnotes.
I indebtedness.
Commercial,
agricultural,
and live-stock
paper, n. e. s.
! Agricultural
Bankers'
and live-stock
acceptances i
paper
maturing : maturing
within
after 90 days,
3 months. j but within
! 6 months.
-IBoston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
4
4
4*
44
44
4*
4i
44
5
5
44
4
4
4
!
4
44
44
4*
4
4
44
44
44
4J
4J
44
5
5
44
4
4
4
44
44
44
44
4J
44
5
5
44
4
4
44
44
44
44
44
4*
5
5
44
4
4
4
44
44
44
4£
44
5
5
EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK FOR THE SIX MONTHS ENDING JUNE 30, 1922.
O
I—i
EARNINGS.
!
Discounted bills
Purchased bills
United States securities
Transfers, net earnings
Deficient: reserve penalties
Miscellaneous
Total earnings
Total.
.1*15, 456,378 i
.! 1, 942,551
. ! 8, 361,072 !
7,163 i
313,391 .
557,120 .
Boston.
New
York.
Philadelphia.
Cleveland.
to
Richmond.
Kansas
City.
Atlanta. , Chicago.
§700,592 j $861,001.
41,225
343,053
153,415 i
983 j
60,724 '.
24,048 j
1,044
8,671
8750,377 '81,963,078 81,362,821 !si,42C>, 348 $1,631,510 81,212,102 82,316,208
r
• ' 40,029
334,840
225,223
650,280
99* 993 t fi*fi
9Xrt
S:U
Xdft ' 101,714
101 7 1 4!
.50,843
>() 843
4fi. 029 300,097
110, L72 1,374,850
48,815 !
45?; 058
894,879 !
753,709 2,799,191
803
4,749 i.
13.398 I
47,000 :
24,779
23,893
6,777
4,987
2.\ 708
152,560
2,778
j;847
1,240
6,718 ,
8,235
.197, 774
26,638,275 • 1,742,531 j 5,044,037
2,168,21.4 I 2,443,800 | .1,780,075
j
San
Francisco.
Dallas.
i
$942,032 I 8979,772 81,250,477
3,514
6,173
176,607
573,071
59,081
793,778
628
23,652
24,765
31,600
92,853
29,222
54,178
1,394,322 \ 4,108,411 ; 1,177,589 ; 1,077,227 ; 1,636,350 j 1,099,013
2,308,640
CURRENT E X P E N S E S .
Salaries:
[
Bank officers
, 81,237,733
Clerical staff
i 7,337,209
!
All other
1,039,478
2,647
Governors' conferences
:
7.1.7 !
Federal reserve agents' conferences
5,012 i
Federal Advisory Council
76,583
!
Directors' meetings
153,517 j
Traveling expenses 1
331,471
i
Assessment; for Federal Reserve Board expenses.
40,185 j
Legal fees
j
Insurance (life, fidelity, casualty, workmen's j
205,588
compensation and general liability)
Banking house:
130,379
Taxes.
4,174
Fire insurance
91,842
Light, heat, and power
Repairs and alterations (not of permanent
48,420
character)
17,273
All other
589,100
Rent
5,784
Fire insurance—furniture and equipment
230,300
Office and other supplies
413,132
Printing and stationery
100,471
Telephone
298,228
Telegraph
Postage (other than, on money and security
535,031
shipments)
Expressage (other than on money and security i
23,639 j
shipments)
74,087 I
Security shipments
403,890
I
Currency and coin shipments
Federal ^Reserve currency:
803,347
Original cost, including shipping charges
Cost of redemption, including shipping
207,243
charges
190,550 i
Taxes on Federal reserve bank note circulation..
383,275 j
All other expenses
Total current expenses
1
S70,250
474,131
08,300
173
197
250
3,048
5,356
25,395
766
$247,244
1,830,419
224,907 !
222 i
250
11,465
14,909
90.803
3^ 482
16,791
42,772 j
37,016
38,900
1,169
13,957
14, 592
174
10,184 !
10, 729
22
360
37,995
185
17,111
44,390
11,127
4,507
732 !
2,265
180,319
173
27,505
44.932
25'. 009
34; 657
SI 84,681
881,375
$77,317
385,305 : 254,897 ' " 987,784
60.092 i
34.133
178,728
'200
44 i
70
84
.1
444
380
623
2,941
11,215
4,341
12,992 • 10,549 i
22,479
17,117
13,835
45,060
11,900 i
8,150
1,365
i
8,902 j 15,986 i
16,094
49,406
20,451
004
6,815
749
17
18 458
291904
11, 778
880
3,599
9,938
83.254
'482
21,126
34,611
8,327
19,519
11,265 I
727 !
2,490
241
17,000
24,601
3,058 I
16,101;
761 !
12,536 i
149 i
8,202 !
15,747 :
2.521.;
3.1.; 204
18,001 I
11,1.39 :
s
$77,794
436,180
32,100
159 i
5,400 '.
175 ..
5,353
17,441
614
4,235
»!
I
!
I
155,117
1,791
42,391
65,545 !
1.0,352 :
31,538
542
6,289
11,073
14, 551
2,8.16 1
710
6,043
14,982
11,479
6,002
24,087 '
12,053
14,966
11,236
15,729
1,222 i
85 i.
1,671 j
8!0
575
7,279
1,173
15,960
15,979
7
11,590
3,576
173
3,441
14 j
102 j
35,920!
481 '
1.0,290 ,
19.535 i
4,217 1
2i;744 :
1, 237
10
21,509
223
12,595
23,829 •
3,994
1.1,205
18,099
3,110
8,808
735
19,403
28,898
5,329
38,549
38,539
425
2,393
9,841
20,363
13,349
9,190
19,155
39,082
61,627
39,112
43,652
28,053 I
08,405
45,151 :
1,743 i
0,737 i
59,801
2,141
20,875
97,162
1,979 .
3', 033
59; 406
1,326
8,853
44; 499
1,41.8 i
3,949 !
24,027
97 3 !
1,810 ;
25,730 :
1,824
3,855 j
55,757 ;
1,497 '
4,368 I
18,414
6,228
325,379 !
76,894 :
77,099
37, 1.62
43,111
59,604 !
30,465 !
17,723 •
20,578 '
52,654
45; 523
66,13.1
30,259 i
17,750
22,278
28,955
Li, 971
35,920
10,385
7, 575
13,854
19,953
14,857 i
14,915 |
9,239 i
19', 754 !
03,003 i
15,178,317 i 1,017,403 : 3,484,567 \ 1,077,426
1,277,467
836,239 j
662,700 j 2,069,438
j
865,701! 8118,897
350,772 ! 811,622
68,554
99,155
261 .
728
308
390
250
283
14,046
3,41.9
5,591
14,597
17,610
9,060
12,061 :
23,477
14,819 I
1,805
2,486!
512 ,
!
37,411 i
Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
I 854,140
864,749 I SI10,050
499,102 I 549,871
69,177 ; 104,058
210
04 !
88
40 ;
516
374 :
!
4,511
3,074
10,055
9,249
35,119
27,749
841'.
4,400
5,331 i
9, 000
18,135 !
807,124
236,977 :
19,803
202
385,535
5.14,089
79,805
302
I
i
1,428 j
685
3,003
410
17,148
28.360
6; 255 I
32,418 I
47,340
897
24,945
52,780
8,444
47,780
59,221
34,716
40,002
2,626
7,089
17,381
1,844
2,249
24,986
5,843
8,270
26,286
35,443
3,664
108,000
22,190
22,328
23,583
10,197
6,879
27,203
22,266
6,000
57,860
I
;
557,633 j .1,072,768 I
755,699 I 1,559,793
i
w.
I
W
cj
RECAPITULATION.
.Earnings
Current expenses
Current net earning
Dividends paid
$26,638,275 |$1,742,531 S5,644,037 $2,168,21.4 $2,443,866 $1,780,075 !|1,394,322 $4,108,411 $i, 177,589 j$l,077,227 !$1,636,350 \$l,099,013 '$2,306,64C
i, 640
793
I 15,178,317 ; 1,017,463 ; 3,484,567 ! 1,077,426 1,277,467!
836,239!
062,700 ; 2,009,438
807,124;
557,633 | 1,072,768
755,699 ! 1,559,79^
.; 11,459,958 j
j 3 ]20 797 ]
943,836 I
725,068 2,159,470 1,090,788 : 1,166,399
n
°'iQ9',n o020
" OAf7
: C 115',
2 6 7 . o n " O / l n ' 'iic> 2;1>70
172' i 164,971!
731,622 ' 2,098,973 ; 370,465
127", 095 • 434,511
139,494
519,594
107,016
563,582
138,074
343,314
125,918
746,847
221,319
§49,1.37'
10,319 j
$26,636
3,113
$39,818
4,017
70,894 !
63,763 |
59,456 j
46,371. !
29,749
1.8,424
43,835
28,347
13,131.
13,085 ;
11,325
15,488
REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT.
"Total expenses Tan. 1 to Tune 30,1922
Amounts reimbursable Tan. 1, 1922
Total
Reimbursements received during 1922
Balances reimbursable July 1, 1922
§429,364
63,113
§19,780
2,216
$53,159
3,910
S 1.9,305
2,101
$33,319
7,148
$19,580 1
1; 299 |
$20,474
3', 485
$51,1.66 j
11,488 ;
$28,833
5,280
492,477
362,284
21,996
18,996
57,069
19,798
21,406
19,059
40,467
33,483
20,879 i
16,405 !
23,959
16,323
62,654 !
53,440 ;
34,113
27,815
130,193
3,000
37,271
2,347
6,984
4,4i4 j
7,636
9,214
. 6,298
SOS, 157
8,737
!
:
i
w
d
1
o
00
DISCOUNT AND INTEREST KATES.
A comparison between rales prevailing during the 30-day period ending
July 15 and the 30-day period ending June 15 shows that relatively little
change has occurred. Rates for indorsed bankers' acceptances were generally
lower. Prime commercial paper in the open market, which has shown the
most marked decline during the past year, averaged about the same as last
month. Compared with the corresponding period last year, all the rates are
lower.
In the following table are presented actual discount and interest rates prevailing during the 30-day period ending July 15, 1922, in the various cities
in which the several Federal reserve banks and their branches are located.
A complete description of the several types of paper for which quotations
are given will be found in the September, 1918, and. Oct
*
October,
1918, FEDERAL
RESERVE BULLETIN'S.
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JULY 15, 1922.
Bankors' acceptaiicos,
00 to 90 days.
Prime commercial paper.
District.
City.
Ordinary
I Interbank
;
loans.
Open market.
Cn indorsed.
Indorsed.
30 to 60
days.
Collateral loans—stock exchange
4 to G
months.
Demand.
_ _j
No. J...
No. 2...
No. 3 . . .
No. 4...
No. f>...
No. 6...
No. 7...
No. 8...
No. 9...
No. 10..
No. 11..
No. 12..
1
Boston
New York*
Buffalo
Philadelphia
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham
.) acksoiivillc
Nevv Orleans
Nashville
Chicago
Detroit:
St. Louis
Louisville
Memphis
Lit Me Rock
MiiMcapoJis
Helena
Kansas City
Omaha
Denver
Oklahom a City
Dallas
El Paso
Houston
San Francisco
Portland
Seattle.
Spokane
Salt Lake City
Los Angeles
77.
41
44
l
5
: 5£
| 64
i7
L.
4
4
4J
4
C.
i 77. L. C.
4
! 4" 4 4*
4 -4J| 4.', 4
! 44 41
4
j 4J 4 4-1
4* 4} 4i
0 5 0
4i
04.
54.
5
0
44.
5
44
0
!
04
|
64.
i
54.-6
7
I
5 -54*
0
i
54.
0
7:}
8
8
6
7
4?
! 41 41 4i
i.O 54 0
; 4} 4" 41
5i 0J
0 6^
5 G
0 0
1
544 44
| 444i
5 4} 4:}
a t
I'
!o o o
1
•"5""3J":i"-5" '7*"o"'64
'I
3 2* 3
6
4£ 33 4
P-7
1!
44 44
44 4 41
0 410
H
0
10 8 8
4
. _ 4
! 54 4 4 i
4 4
41 44
i
3 3
. .
44, 4 4-i
..1
i
0
6 -7
0
6
8
6
(i
I 7
! 7
: 7
II 78
5 0
5 5:}
5 0
5J 6i
0 0-J8" 5 6
i6
0
0
4:| 5 -5.'
4 o4
10 5 0
6
6
o4 4i 4:|
8 7 74
5 4-1 4±
44 4 4±
5i 4 41
5J 4 4i
'4-14 4
7 41 5
3 3 3
4 4 4
: o
j 6
44 4 41
4
77. L. C.
4i
4^ 44
5 0"
IS
i 0
4-1 44
I*
44 4 4|
44 4 4|
0 4 5
44 41
I 77. L. C.
\ II. L. C.
; 3 3 3
: 31 3 3
54 3 3J-34I 54 3 3f-i
0
! 5 4i -
Rates for demand paper secured by prime bankers' acceptances, 44,, 2-i, 3 34..
! II. L. C.
113
3-i
78 72
5
34 3-J
*6 *3 0
0 7
5J6
8 8
5 0
0 7
5 6-1
0 8
5 04
0 8"
0 7
5 0
0 7
6 7
7 7
7 7
3-1 04
OS
1015
FEDERAL RESERVE BULLETIN".
AUGUST, 1922.
FOREIGN EXCHANGE.
Foreign exchange rates remained steady in
July, the further drop of the German mark
being the only notable feature. Sterling rates,
which showed a moderate upward trend toward
the end of June, continued to advance slowly
in July, reaching a peak of 84.4605 on the 24th
but receding to $4.4447 by the end of the month.
The French franc, quoted at 9.1.0 cents at the
opening of June, slowly lost ground, with some
fluctuations, throughout the months of June
and July and on the 31st stood at 8.11 cents.
The progressive demoralization of the German
mark, which was accelerated by Rathen.au7s
assassination toward the end of June, continued.
to be increasingly manifest in July as the hopes
of an agreement on a feasible settlement of Germany's international financial obligations become more remote. Short-lived rallies in the
mark rate, caused chiefly by speculative interests
are to be observed in July. At the end of the
month the mark was quoted at 15.27 cents per
100, or at about two-thirds of 1 per cent of par.
All the other leading European currencies, with
the exception of the Dutch florin, the Swedish
krona, and the Swiss franc, showed sympathetic
declines during the month. Only slight changes
are shown in the values of Canadian, South
American, and Oriental currencies.
The general foreign exchange index declined
from 5(3 in June to 54 in July.
FOREIGN EXCHANGE INDEX
1918 - 1922
•GENERAL INDEX
• ENGLAND
•FRANCE
• GERMANY
ITALY
- — -—NETHERLANDS
-ARGENTINA
« JAPAN
PERCENT
110
PAR
90
80
70
60
50
40
30
20
10
N. D. J. F. M. A. M. J. J. A. S. 0. H. D.' 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. O. N. D.
1S18
1319
1920
1921
1922
1016
FEDERAL RESERVE BULLETIN.
AUGUST,
1922.
FOREIGN EXCHANGE RATES.
[General index for July, 1922, 54; for June, 1922, 56; for July, 1921, 5 9 . Rates in cents per unit of foreign currency.]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
High.
Low.
Par of
exchange.
Monetary unit.
July.
July.
June.
Average.
June.
'
July,
r
j June.
Weight.
July. . June, j July.
June.
i
Belgium
Denmark
France
Germany
Groat Britain
Italy
Netherlands
Norway
Spain."
Sweden
Switzerland
: Franc
j Krone
! Franc
Iteichsmark...
Pound
j Lira
I Florin
• Krone
' Peseta
j Krona
I Franc
Canada
j Dollar
Argentina
Brazil
Chile
!
Peso (gold)
; Milreis.
!
Peso (paper)...
96.48 ! 80.8900 i 80.3400 | 83.0900
32.44 : .13.4900
13.5600 : 13.6200
M 9 . 5 3 I 12.7000 i 11.9375 | 13.6100
China
India
Japan
Shanghai tael.
I Rupee
Yen
2 66.85 ! 77.1100
48.66
28.6600
49.85 i 47.6500
19. 30
26. 80
19.30
23.82
480.65
.19.30
40.20
26.80
19.30
26.80
19.30
,
|
;
,
!
i
7.9400
7.4400
21.1500
21.4200
8.3500
7.8000
.2645
.1527 !
442.4000 i 438.3800
4.6400
38.5000 | 38.1800
1.6.3900 ! 16.0300
15.4700 j 1.5.4600
25.000 I 25.4900
18.9700 ; 18.9000
'
j
j
|
!
!
j
!
!
!
8.4400
8.0200 ;
21.7000 I 22.1800
9.1500
8.5300
.3740
.2497 !
446.0500 450.9500
5. 2300
4.7400
39. 0900
38. 8900
17.9000
17.1.300
15.8700
15.6700
26.1400
26.1 LOO
19.1800
19.2100
7.8068
8.2212
21.5364
21.6562
8.2372
8. 7646
.2041 !
.3185 !
444.6368 ' 445.1862 '
4.5748 ; 4.9619 :
38.7684 I 38.7069
1.6.6832 ! 17.0654 |
15.5632 i 15.6869 :
25.9128 i 25. 8092
19.0952 : 19.0388 i
40.45
80.36
42.68
.86
91.37
23.70
96.44
62. 25
80.64
96.69
98.94
42.60
80.81.
45.41
1.34
91.48
25. 71
96.29
63.68
81.28
96.30 j
98.65
30
17
72
81
231
36
40
9
19 ;
10 i
8
100.00 j 98.2514 | 97.9965 ! 99.3472 ! 99.1347 ' 98.9231;! 98.8401 \ 98.92; 98.84
83.3200 i 81.8468 I 81.8554 ! 84.83 •
13.9000 ! 13.5520 i 13.7215 : 41.78 '
13.0000 | 12.9701
12.6394 ; 66.41
79.9500 ! 77.8176
77.9800 ". 79.7100
28.5600
29.0400 i 29.1800 j 28.8908
47. 5000
47.9300 i 47.9800
47. 7688
79.0342
28.9112
47. 7504
84.84
42.30
64.68
116.41 1.18.23 !
59.37 • 59.4.1.
95. 83
95.79
!
28
13
77
83
240
36
32
9
14
14
7
171 •
174
36
26
20
34
34
17
;
31
1.12 ;
49
30
109
OTHER COUNTRIES.
Monetary unit.
High.
Low.
! Par of
i exchange.
July.
June.
^ July.
,
• Index (per cent of
!
par).i
Average.
June.
July. I
"!
June, i
July.
June.
j
Austria
Bulgaria
Czechoslovak ia
Finland
Greece
Hungary
Poland
Portugal
Rumania
Yugoslavia
Cuba...
Mexico.
Uruguay.
China
Hongkong
Straits Settlements.
20.26
19.30
Krone
Lev.
Krone
Markka...
Drachma.
Krone.
Polish mark..
Eseudo
Leu.
f Krone
\ Dinar
19.30
19.30
20.26
"108105" I
19.30 !
Peso...
do.
.do
Mexican dollar.
Dollar.
Singapore dollar..
:
0.0028
.7200
1.9103
2.0750
2.7200
.0581
. 0163
7.0400
.5550
. 2940
1.1771
0.0048 I
. 7096
1.9081
2.1031
3.0300 !
. 0953
. 0220
7.0700
. 6129
.3153
1.2675
!
0.0052
. 7483
2.4122
2.2513
3.1800
. 0978
. 0221
7.3300
. 6475
.3243
1.3029
0.0093
. 7183
1.9483
2.2763
4.2300
.1228
.0255
7.7300
. 6869
.3622
1.4471
99.8250
48.8625
99.8906 .
48.7188 .
0.0067
.7358
1.9236
2.1616
3.8346
. 1079
. 0237
7. 5096
.6584
. 3146
1.3801
0.02
3.78
11.12
15.33
.38
11.20
19.87
.53
6.62
3.13
6.95
3.41
6.33
7.15
99.7981
48.5229
99.8357
48.1812
99.80
97.34
99.84
97.25
0.0038
. 7293
2.1845
2.1162
2.9596
. 0760
.0185
7.1568
. 6045
. 3053
1.2218
100.00
49.85
99.7750
48.2625
99.7750
48.3350
103.42
80.2500
79.8800
81.9000
82.6300
81.3956
80.9450
78.70
78.27
2 48.11
2
47.77
56.78
56.3000
57.6000
50.3300
56.5500 j
57.3400
50.5800
57.7500
58.6600
51.0000
57.9000
58.3900
51.6300
50.7528
57.9104
50.7184
57.1938
57.7208
51.1435
117.96
121.29
89.32
118.88
120.83
90.07
1 Based on average.
* 1913 average.
Average price of silver per fine ounce: In London (converted at average rate, of exchange), $0.71311; in New York, $0.70693,
0.03
3.81
AUGUST, 1022.
1017
FEDERAL RESERVE BULLETIN.
FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN,
NORWAY, AND JAPAN.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
BRITISH FINANCIAL SITUATION.
[Amounts in millions of pounds sterling,]
I Deposit and note ac- : Government float- !
: counts, Bank of Eng- <
ing debt.
j
! land and Treasury. •
Year and
month.
Hi I
Nine London 3clearing
banks.
0
I
!|! a
1st
i£
Average of end
month figures:
1913
1920
1921
1921, end of—
July
August
September
October
November
December
1922, end of—
January
February
March
April
May
June
Of |
29
103
108
j 109
107
100
j .104
106
107
103 !
102
j 103
! 102
! 103
103
:
57-!
147
136 !
348
327
32f> I
122 j
319 '
314 i
312 I
137 !
118
175
144
123
313 I
326 :
!
305
298
'
300
303
298
29")
'
38
146 ! 1,078
157 I 1,139
|
157 ' 1,202
157 i 1,166
:
157 1, 159
157 1,124
157 j 1,108
157 : 1,060
135 i 157 i 1,039
138 | 157
957
1 5 7 I 882
1•5-•1
134 157 | 759
130 157 : 771
131 157 ,' 761
:
219 j
182 ! 1,322
97 i 1,176 309 i 1,768
150 i 1,355 ;
180 , 1,317
161 1,321
214 1,338
193 i 1,300 '
200 1,260 !
116
112
147
193
172
205
' 1,154
1,0*9
, 1,030
! 9-"l
943
( 965
!
101
100
102
96
114
111
103
!
107
•• 109
" -113
;
'
;
1,191
1,179
],lh6
1,196
1,205
1,191
1,370 ;
s 3,252
2,911
•
1,785
i 302 1,764
302 1,771
' 306 1,802
; 311 1,793
31.5 1,818
! 1,192 333
| 1,152 i357
! 1,097 369
: i,065 ; 378
! l', 061 '392
1,070 i 388
2,961
2,787
2,641
2,938
2,921
3,173
1,826 . 3,399
1,802 3,088
1,747 3,452
1,737 3,305
1,745 3.307
1, 755 2,917
1
Less notes in currency notes account.
'3 Held by the Bank of "England and by the Treasury as note reserve.
Average
weekly figures.
4
Compilation of London .
6
Compilation of London
mines, insurance coinpa
FRENCH FINANCIAL SITUATION.
[Amounts in millions of francs.]
Bank of France. 1
Year and
month.
j Gold ! Silver
• reserves. reserves.
Deposits. 2
:
1921.
July
August.
.
September..
October
November..
December..
1922.
January
February
March
April
May
June
j
I
I
Of
3,343 .
8
3,586 !
• 3,568
629 ,
253 !
274
830
3,527
2,927
5.565 :.
38,066 .. 26,000
37,404 ! 25,300
320
1,005
1,103
9
3,573
9
3,574
9
3.575
9
3j
575
9
3,576
9
275
277
277
278
279
2S0
3,252 I
2,749
2,509 i
2,563 j
2,563 ;
2,743
36,941 j
36,783
37,129
37,154
36,336 !
36,487
25,100
24,900
24,900
25,100
2 < 500
24,600
1,242
1,016
1,011
1,305
1,051
1,228
9
280
281
282 i
283 I
36,151 .
35,528
35,787 •
35,982 i
36,039 i
23,000
22,500
21,500
22,100
23,100
23300
23,300
1,323 i
1,014 |
:
!
3,576 !
dobt.5
:
3
the war. !
I
1913, average
1920, average
1921, average
! Value of! Savings
new ; banks,
stock j
a y
Price of and bond of denl? 3 per
issues i posits(+) c l ^ n p
cent per-! placed
or
1 ^_uf}®
petual j upon the j
7
rente.fi Ij market.
French , als (—).
Situation of the Government.
'! Advances;
•
- to the J
;
!
Governj
GovernCircula- merit for
ment • Internal
tion.
purposes i revenue.* debt.
35,000 !.
229,055 :
35,286
I
,i
I
,
I
"242,758
!
86.77 I
57.34 !
56.56 I
- 65
4,654 i + 48
1,100 I + 67
56. 35
56. 50
56.20
54.30
54.90
54. 75
2,345j
152
234
3,355
434 '
853 '
+
-f
+
+
+
56-55 !
59.55 ;,
56.70
57.60 !
57.70 j
57.95 \
5,062 !
377
459 i
644 '
+ 41
+100
+ 49
+ 58
+ 50
+ 53
52
72
68
33
0.5
38
59
10 554
550
438
467
553
463
505
527
i
3,576
"3,577
9
3,578
"3,579
9
3,579
3,580
1
8
284 j
285 !
2,392
2,429 .
2,236 '
* 2,412 .
2,303 '
2,448
1,154 I
i
!
243,857 ,
i
35,716 i
1,381 !
!
1,176 i
!
I
4
5
!
489
489
455
411
454
End of month
figures.
From indirect taxation and Government monopolies.
Includes Treasury and individual deposits.
Foreign debt converted to francs at par.
«7 Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917.
• Last Wednesday in the month.
Figures of the "Association Nationale des Porteurs Francais de Valeurs Mobilieres."
Bonds issued by the Government and the railroad
companies
not included.
8
Not including 1,978,000.000 franCvS held abroad from January through August and 1,948,000,000 francs from September through December.
»Not including about 1.948,0,00,000 francs held abroad.
*° Average for 11 months.
u Estimate in the French Senate..
1018
FEDERAL RESERVE BULLETIN.
A U G U S T , 19!22.
ITALIAN FINANCIAL SITUATION.*
[Amounts in millions of lire.]
Leading private banks. 1
Year and
month.
Government finances.
Banks of issue.
I Loans, j
I dis- i Depos! counts,, i its and Loans
! and i due to and
Cash. idue from1 corre1
| corre- spondi spond- ents.
! ents.
Deposand
Total itsderemand
serve. liabilities.
Gold
reserve.
Com- Circula- State
mer- tion for curury
cial account
metalcircu- of the nrency
"ogt e sJ J ! lic
lie rerelation. state. !
- serve.
p
j Shortj term
I treasury
I bills.
Total
:nuesfrom
. sec.ri
during
month.* I
!
i
1913, end of Dec
2,007
129
1920,end of Dec. 1,308
10,539
1921, average... 1,200
16,242
1921. end of—
1,078 ;; 1V>47
Juno
1,140 ! 16,851
July
August . . . . 1,131 ! 17,024
September. 1,052 ! 17,223
October . . . 1,304 I 8 17,185
November. «1,174 ! 3 12,844
December . •1,997 j 3.11,797
1922, end of—
J a n u a r y . . . j31,426 1• 311,334
February.. •1 3 1,081 ! » 11,446
March
3 9(35 3 1L 407
April
908 ' M 1,752
May
! 3 1 1,732
June
857 ' 1,375 I 1,661
i 1,674
! 15,810
j 1(5,001
7,074 ;
7,509
! 17,391
16,704
1
16,672
i 16,825
; 17,022
312,778
\'12,:.O2
7,438 i
7,156
7,315
7,327
7,816
7,810
10,020
1,0 3
1,076
1,079
1,073
1,086
1,089
1,092
!
10,156
10,029
9,833
10,113
9,323
9,.540
1,109
1,100
1,118
1,122
1,104
'1,124
3U,616
1811,482
I'll,403
'311,708
'311,699
i
i
:
i
1,058 I
1,074 j
2,077
2,0^0
1,989
1,990
1,961
1,966
1,990
' 1,948
1,999
!
,
!
1,996
1,9U
1,9">6
1,964
1,963
L,977
318
2,5f53
2,352
2,284
8,988
9,301
199 ,
13,200
8,722 ;
8,507 !
8,352 i
8,395 :
8,554 | 2,546 : .
8',485
'
'
8,505
2,366 i 9, 437
2,290 j 9,433
9,491
2,143
9,785
2,124
9,746
2,243
9,435
2,151
2,913 10,304
2,848
2,5;>2
2,687
2,473
2,572
2,741
117
10,743
9,06i !
10,183
9,631
9,589
9,360
9,259
9,615
i,"6l9"i""87*i2
j
1,525 |
348
318
20,276
21,173
21,612
22,997
!
1108,729
:
i 110,754 i
24,600
U1,900 •
693 !
1,381 j
564
1,401
648
1,458
SO. 76
78.71
82.87
87.04
91.07
83.99
80.13
909 I 96.61
1,366 I 994.10
4 0
759 ! 88.82
8882
1,337
93.13
667
94.83
1,454
8,570
8,626
8,523
8,350
8,061
8,019
j
a1 Latest figures subj. ct to revision.
Banca Commerciale ltaliania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma.
* Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government
sales of sugar are not included.
• Excluding Banca Italiana di Sconto.
« Figures f:>r 192L are basod on quotations of Dec. 31, 1920=100. Those for 1922 are based on quotations of Dec, 1921 = JOO.
. 5 Revised.
GERMAN FINANCIAL SITUATIONS
I Amounts in millions of marks.]
;
Reichsbank statistics.
Discounts.1
Year and I
month.
, Gold
i re" 1
Com! serve. j counted
mercial
! treasury paper.
| bills.
i
1913, average.... 1,068
1920, average...! 1,092
1921, average...! 1,056
1921.
June
July
August
September
October
November
December
Note
circulation.1
Darlehnskassenscheine
in circuP
15
lation.1 Receipts I Revenue! Treasury Gennan 25
1
Deposits. Clearings
from ! of state ; bills out- i m a rket. stocks. bonds.
taxes, i railways, 'standing.1'
I
1,958
53,964 i
80,952
47,980
83,133
Index numbers
of securities
prices.2
Value of
— new stockj
and bond!
Situation of the government.
668
17,702
20,213
I
6,136 :
57,898
13,145
89,297
8,861
68,764
78,337
79,172
98,004
119,496
25,313 ' 140,493
32,906 i 120,835
1,092
1,092
1,024
1,024
994
994
995
81, 173
1,136
79,982'
1,002
84 044
1,142
98, 422
881
98, 705
1,446
114, 023 :
132, 331 ; 1,062
75,321
77,391
80,073
86,384
91,528
100,944
113,639
20,393
15,824
13,650
19,980
996
997
1,001
1,003
1,004
1,005
126, 160
134,252
146, 531
155, 6! 8
167, 794
186, 126
207, 858
1,592
1,857
2,152
2,403
3,377
4,752
8,122
115,376
120,026
130,671
140,420
151,949
169,212
389,795
23,412
26,526
33,358
31,616
33,128 I
37,174 i
39,970 j
|
!
i
j
207
13
6,285 i
8,705
8,358
7,837
7,610
7,316
7,330
8,325
5,735
5,566
5,145
4,908
6,185
7,044
8,016
8,046
7,977
8,701
9,183
9.440
10,374
12,234
8,802
9,614
14,065
13,193
17,619
!
,
i
'
i
.i.
»220 !
2,358 ! 192,832
2,655 ,
2,028 I 185,127 '
190,770
2,269
2,416 ! 202,872
210,504 ,
2,599
2,825 ' 218i000 i
3,397
226,676
4,329 , 246,921
2,238
1,507
1,228
1,534
2,889
7,135
5,965
i
,
i
255,678 |
262,817 !
271,935 ;.
280,935 i
289,246 I
311,600
4,831
2,101
6,416
3,992
4,152
2,762
,
j
!
I
;
<269
206
US1
>147
223
222
274
265
242
224
282
152
154
169
268
297
298
430
5
1922.
January
February
March
April
May
June
July
116,680
109,816
170,357
175,977
179,370
19.1,414
'
i
!
!
4,415
4,659
7,096
8.997
10,984
•
!
•
....,...j
|
a1 Latest figures subject to revision.
End of month.
* Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921-100).
figures,
recently revised, now include subscription privileges which were heretofore omittecL. Figures are as of beginning of month,
8
End of March, 1913.
« As of Nov. 10,1921.
e As of Dec. 30,1921,
These
1019
FKDKRAL RESERVK B17LLETIX.
AUGUST, .1022.
SWEDISH FINANCIAL SITUATION.
[Amounts in millions of kroner.]
Busi- ;
Situation of the
Government.
Riksbank.
ness Foreign
failex;duringmontl,.jd^g,*ange
Value
month.1.
Index ofstock
Pr
Joint-stock
banks
'
fe
ted
Year and month.
Gold
coin
and
bullion.
1913, end of December..
1920, average
1921, average
1921, end of—
Juno
July
August
September
October
November
December
1922, end of—
January
February
March
April
May
June
1
Bills
Float- disLoans Num- j!
ing counted and
dis- ber. Value,
State with counts,
j
debt. lliks|
bank.
r w ! rClearFunded
lonr
Degt t
posits ! ings.
SebL
Note
102
269 :
280 i
235 :
783 '
661 .
108
220 !. 3,596
193
2,715
628
1,281 .
281 |
280
285
276
276
275
275
679 !
629
632 i
672 '
650 !i
628
628
157 2,479
177 ! 2,528
152 2,316
113
2,609
126 j 2,310
188 : 2,364
331
3,305
1,331
1,341
1,360
1,368
1,393
1,409
1,433
128
J34
137
60
63
77
78
365
363
345
330
341
354
464
275
274
274
274
274
274
563 !
579
626 ;
582 !
567 .
337
34G
312
301
293
i 2, 332
i 2,122
I 2,354
' 1,936
,.
1,434
1,435
1,435
1,433
84
87
9-)
92
421:
429
447
404 ,
38a!
•|
!
i
I
I:
20
139
•
476
389
,
.
I
!
I
Number.
num- issues
ber of regisValue
stock
tered
of the prices— during
krona A list."
the
abroad
month.
(foreign
currencies
=100).
309
190 i 112.9
432 : 121.8 ,
4,314 :
2,287
3,586
6,008
5,948 : 6,907
5,949
5,930 :
5,937 :
5,901 I
5,837
5,735
5,656
7,376
7,383 •
6,515 :
5,786 ,•
6,449 i
6,089 :
6,298
18
17
16
10
13
13
10
5,654
5,57-!
5,474
5,430
5,378
5,888
6,345
6,272
7,559
6,965
7,581
258
24
61
31
no
121
433 |
413 !!
353
493
505 i
491 !
528 j
122,6
119.3
119. 5
12.1.4
124.9
124.0
126.3
110
125
120
114
107
104
107
9
10
509
13
12
10
513
400
430
126.6
129.2
128. 3
126.6 i
124.8 i
109
94
89
100
115
33
67
31
13
17
19
21
|
!
18
18
23
15
9
|
1
Source: Kommersiella Meddelanden.
NORWEGIAN FINANCIAL SITUATION.
[Amounts in millions of kroner.]
Private commercial banks (103).
Norges Bank.
Year and month.
1914, end of July
1920, average
1921,average
1921, end of—
Juno
July
August
September
October
November
December
1922, end of—
January
February.....
March
April
May
1 Includes balances abroad.
I.
I
!
1*4'
147
147
123 ,
451
417
•
:
j
!
147
147
147
147
147
147
147
.
!
,
,
i
\
147
147
147
147
147 i
41S :.
428
421
410
411 !
395
410
,
378 '•
376
385
386
375
Loans
Clearings at
and
Christian i a. discounts.
Deposits.
Total
aggregate
resources.
Bankruptcies.
Number,
14 I
102 !
111 ..
j
107
100 j
110 '
85 1
113 |
121
141
88:
419 ;
443 j
652
537
3,921
3,840
3,382
3,338
•140
452
455
426
453
439
476
j
!
!
j
'
:
I
508
541
580
637
589
538
551
3.8S3
3,958
3,95-1
3,844
3,742
3,677
3,508
3,303
3,313
3,340
3.319
3,275
3,231
3,305
5,249
5,256
5,224
5.1%
5; 113
4,944
116
96
101
102
78
89
81
131
141
151
143
152.
433 j
428 !
449
447
446
524
494
628
516
3,413
3,346
3.280
3,302
3,307
3,202
3,172
3.121
3,118
3,086
4,805
4,754
4.690
4,755
88
76
108
32
86
1020
FEDERAL RESERVE BULLETIN.
AUGUST, IO:.'2.
JAPANESE FINANCIAL SITUATIONS
[Amounts in millions of yen.]
Bank of Japan.
Year and month.
1913, average.
1921, average.
Note
Specie
circulation.! ^ l i ? ® •
Tokyo banks.
Ordinary Advances
es
gn
loans and ! on foreign
discounts. | bills.
Current
Government deposits in
Japan.
Private
deposits
in Japan.
Total
Tokyo
bank
loans
Tokyo
clearings,
associated
total in
bank.
the month.
Average
discount
rate
(Tokyo
market).
7 !
50 ,
333
364
297
1,932
2,572
8.38
9.00
23
31
32
30
30
26
330
345
293
309
325
203
7(> :
35
30
31
37 .
35
1,987
1,951
1,955
1,993
1,989
2,000
2,341
2,816
2,627
2,679
2,783
3,340
8.36
8.43
8.28
8.50
8.79
9.20
56
26
58
61
50
98
82
277
328
422
520
469
377
427
35 !
27 ;
29
30
33
43 :
35
1,984
1,950
1,963
1,980
1,973
1,998
2,246
2,438
3,099
2,809
3,143
3,178
9.02
9.02
9.09
9.34
9.42
363
1,226
216
1,200
47 i
107 !
33
39
1,172
1,192
1,232
1,255
1,283
1,546
1,172
1,192
1,232
1,255
1,264
1,246
43 |
107 !I
101
157 :
197 j
298 ;
1,377
1,246
1,289
1,226
1,203
1,344
1,224
1,241
1,223
1,289
1,263
1,203
1,223
1,220
224
172
248
267
178
179
133
CO
1921.
End of—
July
August
September.
October
November.
December..
.
1922.
End of—
January..,
February.
March....
April
May
June
,
July
-
1
1 Figures apply to last day of month in case of Bank of Japan, to last Saturday of the month in the case of the other items.
This includes the specie segregated against notes only. It includes gold credits abroad as well as bullion and coin at home.
During January, February, April, October, November, and December, 1913, Government deposits averaged 4,193,000 yen. During the,
remainder of the year there was an average monthly overdraft of 8,942,000 yen.
2
3
INDEX.
Page.
Acceptances:
Banks authorized to accept up to 100 per cent of
capital and surplus
922
Held by Federal reserve banks
992
Purchased by Federal reserve banks
990
Agricultural movements, index of
980
Argentina:
Commercial failures
955
Condition of Banco de la Nation
955
Financial and banking conditions
954
. Meat and wool industries
954
Revenues
955
Australia, wholesale prices in
967
Bailey, W. J., elected governor of Federal Reserve
Bank of Kansas City
90i)
Bank debits
1001
Belgium claims against Russia:
938
Brazil:
Budget for 1923
957
Foreign exchange
•
957
Foreign trade
955
Valorization plan
957
Building statistics
985
Business and financial conditions:
Argentina
954
Brazil
955
Chile
958
Cuba
960
England
1017
France
942,1017
Germany
948, .1.018
Index of
906, 979
Italy
946,1018
Japan
1020
Norway
1019
Sweden
951.1019
United States
910-921
Canada, wholesale prices in
967, 971
Charters issued to national banks
922
Charts:
Assets and liabilities of Federal reserve and
member banks
908
Comparison of sales of chain stores
986
Debits to individual account
1004
Foreign exchange index
1015
French wholesale price index
928
Index numbers of domestic business
979
Wholesale prices in England
965
Wholesale prices in United States
964
Wholesale prices in United States and England.
963
Chattanooga discontinued as a reserve city
922
Check clearing and collection:
Gold settlement fund transactions
1008
Number of banks on par list
1010
Operations during June
1010
Chile:
Foreign trade
958
Public finance
959
Clearing-house bank debits
1004
Commercial failures
921
Condition statements:
Federal reserve banks
907, 993, 997
Member banks in leading cities
907, 993,1001
Cooperative marketing associations, eligibility of
paper of
931
Page.
Cost of living in England and Germany
971
Cotton fabrics, production and shipments
978
Credit situation, discussion of
901
Crop report, by Federal reserve districts
984
Cuba:
Budget for 1923
960
:
Debt
960
Economic and financial conditions
960-962
Imports and exports of foreign currencies
962
Currency in circulation
1011
Debits to individual account
1004
Denmark, wholesale prices in.
967
Deposits, savings, of commercial banks
976
Discount and open-market operations of Federal
reserve banks:
Acceptances held
992
Acceptances purchased
990
Bills discounted
989, 990
Bills held
992
Earning assets held
991
Number of banks discounting
989
Rates of earnings
991
Volume of
989
Discount rates:
In effect August 1
1011
Prevailing in various centers
1014
Dividends of Federal reserve banks
1013
Earnings and expenses of Federal reserve banks,
six months ending June 30
1012
Egypt, wholesale prices in
967
England:
Claims against Russia
939
Cost of living
971
Financial conditions
1017
Foreign trade
972
Index of industrial activity
974
Wholesale prices
963, 965, 969
Failures, commercial
921
Federal reserve banks:
Condition of
907, 993, 997
Discount and open market operations of
989
Earnings and expenses of, six months ending
June 30
1012
Federal reserve note account
1000
Fiduciary powers granted to national banks
921
Fiscal agency department expenses, six months
ending June 30
1013
Foreign exchange:
Brazil
957
France
945
Index of
1015
Foreign loans to Russia
936
Foreign trade:
Brazil
955
Chile
958
England
972
France
944, 972
Germany
973
Index of
976
Italy
973
Japan
973
Norway
973
Russia
940
Sweden
973
i
II
INDEX.
Pago.
Page.
Franco:
Business and financial conditions
942,1017
Capital issues
944
Claims against Russia
938
Foreign exchange
945
Foreign trade..."
.. 944, 972
Freight receipts
944
Index of industrial activity
974
Pig-iron production
."
•... 943
Price index, description of
922
Reparations
945
Retail prices in Paris
"
971
Unemployment
.942
Wholesale prices
967, 969
Freight rates, ocean
977
Germany:
Annual report of the Reichsbank
951
Business and financial conditions
948,1018
Condition of largest banks
950
Cost of living.
971
Foreign trade
973
Indexes of industrial activity
975
Reparations
.
949
Wholesale prices
967, 970
Gold imports and exports
907,1009
Gold settlement fund transactions
1008
Governor of Federal Reserve Bank of Kansas City
elected...
". 909
Hague Conference
935
Holland, wholesale prices in
967
Imports and exports:
Gold
907,1009
Silver
907,1009
Index numbers:
French price index, description of
922
Foreign exchange
1015
Foreign trade
: 976
Industrial activity, England, France, Germany, and Sweden
974
Ocean freight rates
977
Physical volume of trade
979
Retail prices in principal countries
971
Trade and production
980
Wholesale prices abroad
967
Wholesale prices in. the United States
963
India, wholesale prices i ri
967
Interest rates prevailing in various centers
1014
Italy:
Business and financial conditions
946.1018
Capital issues
946
Claims against Russia
939
Foreign trade
>
973
Retail prices
971
Unemployment
947
Wholesale prices
967, 969
Japan:
Financial statistics
1020
Foreign trade
973
Wholesale prices
967
Knit goods production
977
Law department:
Rediscount privilege of State member banks
broadened'"by act of July 1, 1922
933
Manufactured goods, index of
980
Maturities:
Acceptances purchased
991
Bills discounted and bought
990, 999
Certificates of indebtedness
999
Member banks:
Condition of
907, 993, 1001
Number discounting
989
Number in each district
989
State banks admitted to system
921
Mineral products, index of
980
Money in circulation
1011
National banks:
Charters issued to.
922
Fiduciary powers granted to
921
New Zealand, wholesale prices "in
967
Norway:
Financial conditions
1019
Foreign trade
973
Wholesale prices
967
Ocean freight rates
977
Par list, number of banks on
1010
Per capita circulation
1.0! 1
Peru, wholesale prices in
967
Physical volume of trade
979
Poland, wholesale prices in
967
Prices:
Retail, in principal countries
971
Wholesale, abroad
963-971
Wholesale', in the United States
963, 964, 966
Rates, discount
1011,1014
Redemption of Victory notes by Treasury
929
Rediscount privilege of State member banks broadened by act of July 1, 1922
933
Reparations. German
945, 949
Reserve ratio of Federal reserve banks
909, 996
Reserves, deposits, and note circulation of Federal
reserve banks
996
Resources and liabilities:
Federal reserve banks
'.
997
Member banks in leading cities
1001
Retail prices in principal countries
971
Retail trade, condition of
920, 986
Rulings of the Federal Reserve Board:
Eligibility of paper of cooperative marketing
associations
931
Russia:
Foreign indebtedness
936
Foreign trade
940
Savings deposits of commercial banks
976
Silver imports and exports
907.1009
South Africa, wholesale prices in
907
State bank members:
Admissions to system
Oil
Rediscount privilege broadened by act of
July 1, 1922
."
" ..'
S 33
Sweden:
Financial conditions
,
951, 1 C.1.9
Foreign trade
S)"t 3
Index of industrial activity
Iron and steel prod uction."
Lumber exports
Pulp and paper industries
Retail prices
Wages
Wholesale prices
Trade:
Foreign. (See Foreign trade.)
Physical volume of..
Retail
Wholesale
Unemployment:
France
•
Italy
:
United States
Victory notes, redemption of. by Treasury
Wholesale prices:
Abroad
French price index
In the United States
Wholesale trade, condition ofm
97 5
952
I?c2
Vol
971.
953
967, 970
979
920, 986
919,988
942
947
919
929
963-971
928
963, 964, 966
919, 986
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