Full text of Federal Reserve Bulletin : December 1921
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
DECEMBER, 1921
WASHINGTON
GOVERNMENT PRINTING OFFICE
1921
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
A. W. MELLON,
Secretary of the Treasury, Chairman.
D. R. CRISSINGER,
Comptroller of the Currency.
W. P. G. HARDING, Governor.
EDMUND PLATT, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
JOHN R. MITCHELL.
W. W. HOXTON, Secretary.
WALTER S. LOGAN, General CounseL
W, L. EDDY, Assistant Secretary.
H. PARKER WILLIS,
W. M IMLAY, Fiscal Agent.
J F. HERSON,
Chief, Division of Examination and Chief Federal
Reserve Examiner.
Director, Division of Analysis and Research.
M. JACOB SON, Statistician.
E. A. GOLDENWEISER, Associate Statistician.
E. L. SMEAD.
Chief, Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of— I
| Boston
Frederic H. Curtiss..
Chas. A. Morss
I New York.
Pierre Jay
Benj. Strong
George W. Norris.
E. R. Fancher
Richmond
R. L. Austin
D. C. Wills
Caldwell Hardy
I George J. Seay
Atlanta
Joseph A. McCord..
I M. B. Wellborn...
Chicago
Wm. A. Heath
j J. B. McDougal...
Philadelphia..
Cleveland
C. C. Bullen
W. W. Paddock
J. H. Case
L F Sailer
G. L. Harrison
E. R. Kenzel
St. Louis
Minneapolis..
Wm. McC. Martin..
J o h n H . Rich
D. C. Biggs
R. A. Young
Kansas City..
Dallas
San Francisco
Asa E. Ramsay
Wm. F. Ramsey...
John Perrin
J.Z. Miller, j r . . . . .
R. L. VanZandt..
J. U. Calkins
1
J
Controller.
Assistant to governor.
Cashier.
Deputy governor.
Governor.
Chairman.
W. Willett.
L. H. Hendricks.i
J. D. Higgins.i
A. W. Gilbart.i 1
Leslie R. Rounds.
J. W. Jones.* 1
Ray M. Gidney.
W. A. Dyer.
H. G. Davis.
Wm H Hutt jr
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
Geo. H. Keesee.
M. W. Bell.
W. C. Bachman.i
K. C. Childs.i
J. H. Dillard.i
0 . J. Netterstrom.i
A. H. Vogt.i
Clark Washburne. 1
J. W. White.
B. V. Moore.
0 . M. Attebery
W. B. Geery
Frank C. Dunlop l
S S Cook
C. A. Worthington
R. G. Emerson 3
Wm. A. Day
Ira Clerk <
L. C. Pontious *
s Acting deputy governor.
J. W. Helm.
R. R. Gilbert.
W. N. Ambrose.
* Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
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
Manager.
W. W. Schneckenburger.
L. W. Manning.
Geo. De Camp.
Morton M. Prentis.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B, Locke.
W. P. Kincheioe.
J. J. Heflin.
A. F. Bailey.
Federal Reserve Bank ofMinneapolis:
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 brand• h .
Spokane branch.
Manager.
O. A. Carlson.
L. H. Earhart.
C. A. Burkhardt.
C. E. Daniel.
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 with
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 sold, 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, November, 1921
Foreign exchange operations, 1918-19
Tobacco
financing
Business and financial conditions abroad—England, France, Germany, Italy, and Scandinavia
Official:
Rulings of the Federal Reserve Board
.
State banks admitted to system
Fiduciary powers granted to national banks
Banks granted authority to accept up to 100 per cent of capital and surplus
Charters issued to national banks
Price movement and volume of trade:
Domestic—
Wholesale prices in the United States
Foreign trade
Ocean freight rates
Physical volume of trade
Building statistics
Retail trade
Wholesale trade
Commercial failures
Foreign—
Comparative wholesale prices in principal countries
Comparative retail prices in principal countries
Foreign trade—United Kingdom, France, Italy, Sweden, Japan, and Germany
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
Bank debits
Operations of the Federal Reserve clearing system
Gold settlement fund
Gold and silver imports and exports
Money outside the Treasury and Federal Reserve System
Discount and interest rates in various centers
Discount rates approved by the Federal Reserve Board
Foreign exchange rates
Foreign—
England, France, Italy, Germany, Sweden, and Japan
Charts:
Net balances on open account owed by United States to foreign countries, February, 1918-June, 1919
Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes
of international comparisons
Physical volume of trade
Movement of principal assets and liabilities of Federal Reserve Banks
Movement of principal assets and liabilities of member banks
Debits to individual accounts
Foreign exchange index
IV
pi^.
1377
1387
1400
1413
1420
1435
1434
1434
1434
1436
1437
1441
1442
1442
1455
1457
1460
1434
1461
1468
1468
1470
1475
1483
1484
1488
1492
1491
1493
1495
1496
1495
1497
1499
1405
1437
1444
1475
1475
1488
1498
FEDERAL RESERVE BULLETIN
VOL.
7
DECEMBER, 1921.
REVIEW OF THE MONTH.
Current developments are making it increasingly clear that economic
and°budgets.rade rec<>very must await restoration of foreign trade, and that
improvement in foreign trade will involve
two factors—a rectification of currency and
exchange conditions as between countries
and a decided improvement in budgetary
conditions abroad. These two elements in
the problem are, of course, not independent
one of another, but call for joint and if possible simultaneous correction. The Brussels
Financial Conference reached the conclusion
that foreign exchange stabilization and rectification must be considered almost out of the
question in the absence of very much better
budget arrangements than existed at that
time. The conclusions then reached, in the
autumn of 1920, are even more cogent at the
present moment, since there has been little
or no betterment in the foreign exchanges
during the intervening months. The situation is in some respects worse. During the
past year a large amount of national revenue
in most countries has continued to be devoted
to the development of armaments, thereby
preventing the various Governments from
restoring their budgets to equilibrium and
compelling them to rely largely upon shortterm borrowing in the effort to meet current
obligations. In this issue of the BULLETIN
there is furnished a review and summary of
existing financial and banking proposals designed to relieve present difficulties of international finance as affected by the budgetary
outlook. A study of present conditions both
as affecting plans to promote international
financing and the granting of credit, and as
to efforts toward budget betterment, will disclose the obstacles which must be encountered
in effecting a return to stable conditions, as
well as the degree of progress that is being attained. In the last issue of the BULLETIN the
continued existence of a great international
balance still unfunded, in favor of the United
States, was explained, while it was also shown
No. 12
that commercial banking provision for the protection and carrying of our trade is declining
in adequacy. These must be taken as basic
data in the further discussion of the situation.
First, as to the foreign exchange situation
at the moment. Comparison is
Course of for- made in the following table
eign exchange.
with conditions of a year ago
as regards quotations in terms of the dollar,
both as to averages of actual rates and in terms
of the percentage of par for the principal currencies of the world.
AVERAGE RATES OF EXCHANGE OF PRINCIPAL FOREIGN
CURRENCIES AT NEW YORK.
November, 1920.
Foreign currencies.
Par
of exchange.
Belgian franc
Danish krone
English pound
French franc.
German mark
Italian lira
Netherlands florin
Norwegian krone
Spanish peseta
Swedish krona
Swiss franc
Canadian dollar.
Argentine peso (gold)...
Brazilian milreis
Chilean peso (paper)
Chinese (Shanghai) tael.
Indian rupee
Japanese yen
Cents.
19.30
26.80
486.65
19.30
23.82
19.30
40.20
26.80
19.30
26.80
19.30
100.00
96.48
32.44
19.53
66.85
48.66
49.85
Average
rate.
Cents.
6.3680
13.4060
343.7239
6.0100
1.3210
3.6200
30.1860
13.3800
13.0300
19.0990
15.5340
89.2700
76.8740
16.6000
14.0000
91.3000
29.7000
50. 7500
Per
cent of
par.
32.99
50.02
70.63
31.14
5.55
18.76
75.09
49.93
67.51
71.26
80.49
89.27
79.68
51.17
71.68
136.57
61.05
101. 81
November, 1921.
Average
rate.
Cents.
6.9391
18.4674
397.0196
7.1991
.3924
4.1213
34.9722
14.1209
13.7165
23.2335
18. 8035
91.5082 I
73.4739
12.5996
11.0380
75.9043
26.8739
47. 8961
General index (par=
100)
Per
cent of
par.
35.95
68.91
81.58
37.30
1.65
21.35
87.00
52.69
71.07
86.69
97.43
91.51
76.15
38.84
56.52
113.54
55.23
96.08
51.0
58.0
As appears from the figures, the general
movement of foreign exchange quotations has
shown no broad or uniform improvement. A
recovery of sterling at the middle of November
to $4 placed it for the time In a more satisfactory position than it had occupied, and there
has been some improvement in the exchanges
of the former European neutrals. But the
currencies of other countries, and particularly
that of Germany, have not only tended toward
lower levels but have been increasingly unstable
in their quotations. Two factors may be mentioned as contributing to the uncertainty of the
foreign exchange situation—the continuously
large foreign trade balance of the United States
which has raised the nominal unfunded in1377
1378
FEDERAL RESERVE BULLETIN.
debtedness of the country to a figure in the
neighborhood of $3,400,000,000, as was estimated in the last issue of the BULLETIN,
and to the continuously unfavorable domestic
budget conditions prevailing in the several
countries or lack of balance between receipts
from taxation and expenditures. The difficulty of reducing Government outlays has
proven to be very great in nearly all countries,
partly as a result of postwar readjustment
operations of various kinds, including allowances for unemployment and continued outlays for public objects. Debt charges have also
proven to be even more severe an economic
burden than had been expected, owing to the
fact that rapid decline of prices and the stagnation of business has in effect made the interest
charge on debts contracted at a much higher
level of prices a larger proportion of the current
income of the several countries.
As in commercial banking so in the various
proposals for governmental or
len plan.** eU" semigovemmental
financing,
only minor progress has been
made during 1921, save in the matter of discussion and development of detail. Renewed
interest in the Ter Meulen plan for the establishment of international credits has, however,
been aroused by the recent visit to this country
of Sir Drummond Fraser, appointed as organizer, following the adoption of the Ter
Meulen proposals by the Council of the League
of Nations. Certain outstanding features were
emphasized by Sir Drummond Fraser in his
address before the convention of the American
Bankers Association early in October. He
pointed out that as the usual means of obtaining payment for exports to countries whose
credit systems have been disrupted by war are
now either lacking or else entirely inadequate,
the logical recourse is to payment by the use
of long-term bond issues with acceptable
security behind them. The Ter Meulen plan
would provide for the issue of such secured
bonds upon application by countries having
specific assets to assign as security for commercial credits needed by their citizens. An
international commission would have to appraise the gold value of the pledged assets in
order to determine the amount of bonds that
could be safely issued against them, and the
bonds themselves would then be transferred to
responsible importers to be used as collateral
DECEMBER, 1921.
for loans made to them by foreign sellers of
goods. If the importer is unable to pay the
loan made to him by the exporter, the latter
(who is in possession of the bonds) may either
hold them as investments or sell them if the
issuing Government does not exercise its option
to repurchase within a limited period of time.
However, when the importer makes payment
to the exporter at the time agreed upon, the
bonds are to be released and returned to the
issuing Government.
It is evident, even from this cursory review
of the plan, that under the
most
favorable circumstances—
that is, assuming that the exporter is provided with unimpeachable security through possession of the bonds—there is
need for the intervention of other financial
agencies, if the exporter is unable or unwilling,
as would usually be the case, to wait any considerable length of time to be paid for his shipment. For this reason Sir Drummond Fraser
emphasizes the valuable services that can be
performed by corporations of the type provided for under the Edge Act. Such corporations by granting accommodation to exporters
against the pledge of Ter Meulen bonds would
enable the exporters in turn to grant longer
terms of credit to foreign purchasers of their
goods. It should be said at this point that as
Edge Act corporations are empowered to secure
funds through the sale of long-term debentures,
they are peculiarly fitted to make advances intended to be employed in investment and nonliquid commercial operations. The introduction of the Ter Meulen plan would, therefore,
accommodate itself to the type of financing
which it was hoped to foster by the passage
of the Edge Act, since it would give the Edge
corporations an acceptable type of security
which would enable them to expand the scope
of their operations with greater facility and
less risk.
Apparently there is an increasing disposiInvestment tion to believe that the maoperations most chinery which it is proposed
essential.
t o s e t u p u n d e r the Ter Meulen
plan and under various other credit schemes
to rehabilitate foreign trade will be chiefly
employed to finance investment rather than
short-time commercial operations. This belief is held by Sir Drummond Fraser, and it
was also expressed by Prime Minister Lloyd-
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
George in a speech recently delivered in the
House of Commons in which he urged certain
amendments to the act guaranteeing British
export credits—guaranties which would not be
required if the Ter Meulen plan, or some similar
arrangement, were in operation. Mr. LloydGeorge stated that, in his view, credit should
be extended for five or six years to cover capital equipment of various sorts, such as engineering orders, while Sir Drummond Fraser
says that his experience so far leads him to believe that countries resorting to the issue of
the Ter Meulen type of bond will largely issue
them to importers desiring to obtain materials
for production. Furthermore, many contemplated loans against the pledge of the Ter
Meulen bonds, even if not intended to be of a
long-time investment sort, would nevertheless
be wanted for a longer period than would be
regarded as desirable by banks doing a strictly
commercial business. For that reason such
banks would not be in a position safely to extend all the necessary accommodation desired
by the foreign trade even if satisfactory security could be had. However, corporations
established under the Edge Act are in a position to make advances both for short-time
banking and for long-period financing operations, and since in the disorganized state of
European finance and industry it would often
be difficult to classify loans with respect to
their purpose or liquidity there is need for the
establishment of that type of banking institution.
It is possible to exaggerate the advantages
that will grow out of the estabLimit of relief.
lishment of special agencies for
financing foreign trade. One should not lose
sight of the fact that such agencies do not
create capital in the sense of making purchasing
power where it did not exist before. The most
that can be done legitimately is to divert purchasing power from less effective to more necessary purposes. Edge Act corporations, for example, in selling debentures would have to
depend upon investment funds which would
otherwise find different outlets. The immediate result of an expansion of activity on the
part of these corporations would be a transfer
of purchasing power from investors to exporters
who in their turn are sending goods out of the
1379
country. The domestic consumer must, therefore, to a certain extent pay a price for the rehabilitation of the credit of the foreign importer.
This is a fact to be recognized but not to be
regretted, since in the end it leads to a desired
consummation, namely, a wider market for the
sale of many commodities whose prices have
been unduly depressed by the loss of foreign
custom. The indirect benefits would, moreover, be great, since, to the extent that European industry is reestablished, it will be able to
re-create a demand for our products through a
direct offer of goods in place of requests for
credit. Under the best of circumstances, a onesided credit device can only offer a provisional
basis for the carrying on of foreign trade.
Unless the proceeds of new loans, whether
secured by a pledge of bonds or in some other
way, are made effective in reestablishing orderly
industrial processes, they can but be an instrument for adding new indebtedness to existing indebtedness.
Whereas Edge Act corporations are intended
to be permanent institutions
w h i c h wil1
"
P r o v i d e f r e s l 1 credit
to meet current demands for
loans whose proceeds are to be used in financing
foreign trade, the sphere of action assigned to
the War Finance Corporation is of a rather
different sort. It is essentially concerned with
the problem of making temporary advances to
domestic agricultural producers whose products
have become for the time being unsalable
largely as a result of the enforced cessation of
foreign demand. Hence the amendment to
the act creating the War Finance Corporation,
passed August 24, makes provision for advances not only to exporters of agricultural
products but also, when the corporation believes that the public interest requires it, to
banks and cooperative associations of producers which need extensions of credit for agricultural and live-stock purposes. The corporation is likewise authorized to purchase
acceptances issued by Edge Act corporations
to assist in exporting manufactured as well as
agricultural products. As the War Finance
Corporation is empowered to secure funds by
issuing bonds or notes having several years to
run, it is in a position to employ its resources in
the financing of the live-stock industry and
1380
FEDERAL RESERVE B U L L E T I N .
other enterprises requiring accommodation for
a longer period of time than the usual commercial loan.
The amendment to the War Finance Corporation act, passed in August, grew out of an
acute situation, but it is nevertheless true that
it is at all times necessary to give attention to
the adaptation of our financing mechanism to
this intermediate type of loan. The War
Finance Corporation announces that from the
passage of the amendment on August 24 up to
November 6 it has extended credit in excess of
$22,600,000 to farmers and stockmen. These
credits have been established with about 82
financial institutions located in 19 States. The
loans range from a few thousand dollars to
$15,000,000, granted to a cooperative grainmarketing association. Funds have so far
been obtained from the corporation's balance
with the Treasury and no attempts have been
made to appeal directly to the investment market for funds. For the period from January 1
to November 15, 1921, inclusive, total advances
made by the corporation for export purposes
have amounted to $68,964,707 and for agricultural purposes to $50,118,076.
STATEMENT SHOWING, BY COMMODITIES, ADVANCES
APPROVED BY WAR FINANCE CORPORATION FROM JAN.
4, 1921, TO Nov. 15, 1921, INCLUSIVE.
DECEMBER, 1921.
Admitting the adequacy of the financial
Financial ma- mechanisms just described for
chinery no pana- meeting the peculiar needs of
a disorganized foreign trade,
if they could be practically applied under
favorable conditions, it must, nevertheless,
not be forgotten that no machinery, however nicely adapted to the ends sought, can
function effectively until the persistent fundamental causes of disorganization are removed.
Budgets must be balanced and internal financial
solvency achieved "before those countries most
in need of credit will be in a, position to release
and pledge assets to the repayment of further
loans. Moreover, in the case of the countries
of central Europe subordination of the liens
on State assets for reparations and relief credits
would be required before the proposed Ter
Meulen bonds could become acceptable security.
The process of valuing pledged assets on a gold
basis (for example, State revenues, real estate,
forests, etc., as proposed by Austria) would in
any case be most difficult, even if such assets
were entirely unencumbered by prior claims.
With continuing inflation, fixation of values
is made virtually impossible. Rehabilitation
of revenue and currency systems become, therefore, the immediately pressing problem whose
solution is antecedent to effective functioning
of any machinery devised to finance the international movement of goods.
Hon. Herbert Hoover, Secretary of Commerce, in a recent letter to Sir Drummond
Fraser, referring to the Ter Meulen plan, has
summarized the general situation as to financial
relief of every kind as follows:
Export advances approved by War Finance Corporation:
Cotton
$47,527,598.00
Tobacco
2, 399, 369. 00
Wheat
11, 500, 000. 00
Condensed milk
1, 000, 000. 00
Canned fruit and vegetables
400,000. 00
Dried fruit
1, 250, 000. 00
Economic recovery of the States in eastern and southMeat products
1,000,000. 00
eastern
Europe (and consequently a considerable fraction
Railroad equipment
2, 925, 000. 00
Copper
145, 600. 00 Of our own and of world commerce) is dependent upon
Sugar-mill machinery
317,140. 00 each State erecting (1) a balance in taxation and expendiAgricultural machinery
500,000. 00 ture; (2) currency reorganization and stabilization; (3) wise
control of their exports and imports; (4) credits for reproTotal
68, 964, 707. 00 ductive purposes.
It is hopeless to expect that private capital will extend
Advances for agricultural purposes apcredits for exports to these States upon any systematic
proved by War Finance Corporation:
basis until the first three have been complied with.
Wheat
15,000, 000. 00 Furthermore, attempts to secure these three vital reforms
Cotton
13,025,214.50 by action through various Governments foreign to them
Live stock.
5, 920, 016. 89 risks being wrecked on the rocks of conflicting political
General agricultural purposes
16,172,844. 82 objectives of such Governments.
The Ter Meulen plan proposes to facilitate credits for
Total
50,118,076.21
exports by the ordinary processes of business free from
Grand total
119,082,783. 21 political action, when these three primary reforms have
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
been initiated. This should act as a great pressure to
secure the reforms and if accomplished is at once ninetenths of the battle for rehabilitation of credits and commerce with these States.
I have the feeling, however, that something more is
needed than export credits to these countries if the three
primary reforms are to be accomplished, i. e., some assistance must needs be found to these States in credit for purposes directly of currency reform. I have already sug
gested in another place that some action might be taken
by the great banks of issue of the principal countries
looking to formulation of a plan to facilitate solution of
this portion of the problem; thus again keeping away from
political action in the economic and financial affairs of
each of these States. Such a plan in no way replaces the
Ter Meulen plan as the two plans would supplement each
other.
I may say I believe also that vital as all such steps are
(to which the Ter Meulen plan would be an admirable
contribution), yet again until there can be brought a?3out
some financial stabilization in Germany, all other European States will be adversely affected despite every effort
implied in any of these ideas.
Progress toward sound budgetary conditions
has been greatest in the United
Budgetary con- o ,
° . -^ , , ,
ditions In England States and in England during
and the United 1920 and 1921. In the United
States ordinary receipts up to
November 12, for the fiscal year beginning July
1, 1921, exceeded ordinary disbursements by
about $155,000,000. As compared with a year
ago this shows an excess of receipts approximately three times as great as for the corresponding period in 1920. The British budgetary situation has been less satisfactory during the current year than during 1920-21. Total expenditures during the first six months of the current
year (that is, between Apr. 1 and Sept. 30,
1921) amounted to £498,000,000, while during
the same period revenue amounted to £456,000,000, leaving a balance of £42,000,000,
which has had to be raised by borrowing.
This contrasts unfavorably with the situation
a year ago, when there had been accumulated
a balance of about £80,000,000 for debt reduction. As a result of this budget situation, there
has been an increase during the six months ending September 30 of £45,260,000 in the floating
debt. It must be remembered, however, that
the main factor in tax policy which accounts
for this unfavorable balance is the reduction in
receipts from the excess profits tax. Although
certain funds are still coming in on this account
1381
from excess earnings during earlier years, there
has been a decrease during the first six months
of this year of £82,336,000 irom the corresponding period last year.
In most of the continental countries the
Budgetary con- budget situation during the
ditions on the Con- past year has, on the contrary,
tment.
shown no real improvement; in
fact, the reverse, although in the case of France
and Italy a certain amount of relative advance
has been scored. In other words, the total
amount of outgo of these countries which has
had to be made, not from the proceeds of taxation, but either from short-term bank borrowing
or the issuing of currency, has increased rather
than diminished. Figures for Italian finances
for the fiscal years ending June, 1921, and June,
1922, are still in the form of estimates, the
actual accounts not being' available as yet.
According to the latest estimates, however, it
appears that the deficit for the current year will
be only about one-half that for the year ending
last June. In other words, the estimated
deficit for 1920-21 amounts to 10,300,000,000
lire, while the estimated deficit for 1921-22
works out at 5,000,000,000 lire. Of value, as
showing that Italian finances are on a somewhat firmer basis now than a year ago, are the
statistics showing the comparative size of the
note circulation of the banks of issue for the
account of the State at the end of July of this
year, and at the same time last year. At the
end of July, 1920, the circulation for the
account of the State amounted to something
over 10,000,000,000 lire, while a year later it
had been reduced to about 8,500,000,000 lire.
The French Government contemplated an expenditure for this year amounting to 42,412,000,000 francs, as contrasted with receipts of
23,312,000,000 francs, thus leaving a deficit
of about 19,000,000,000 francs to be procured by the flotation of loans. Of this
deficit, about 16,000,000,000 francs are regarded as eventually recoverable from Germany under the terms of the peace treaty.
Of the ordinary receipts, 14,558,000,000 francs
were expected from indirect taxes and monopolies. However, from January 1 to September 30 receipts from these sources were
856,000,000 francs below the budget estimates.
1382
FEDERAL, RESERVE BULLETIN.
DECEMBER, 1921.
It is reported that receipts from direct taxes getary outgo. It has, therefore, been thought
have also been unsatisfactory, but no separate worth while to compile statements designed to
figures on this phase of the subject are avail- show the comparative situation of the budget
able for 1921. The decline in receipts from in several of the principal countries, with a
indirect taxes and monopolies is relatively view to ascertaining approximately how each
small, and it is quite possible that it may be one of them stands in this matter of expendioffset by a decline in Government expenditures, ture for national defense, especially as comresulting from the decrease in prices which has pared with the prewar years.
taken place in France this year. During the
GREAT BRITAIN.
first half of 1921 the total public debt of France
[In thousands of pounds sterling.]
rose from 245,000,000,000 francs to 264,000,000,000 francs, calculating in both instances the
(a)
(c)
(d)
(b)
Per
Per
foreign debt at par. This figure does not inExpendicent
cent
Public
Net
tures for
(d)to
Net
(c)to
debt
clude loans floated by the cities and industries
national
(b).
revenues. expendi(b).
tures.
charges.
defense.
in the devastated regions, although the Government is responsible for their interest and repay- 1904-5 137,590 j 136,176
27,000 < 19.8
66,055
48.5
24,500
165,778
165,598
14.8
43.7
72,436
ment. In the case of Germany it is extremely 1912-13
127,250
546,974
1916-17
2,171,659
5.9
60.0
1,302,603
269,965
862,625
2,552,905
10.6
66.7
1,701,545
difficult to estimate the total amount of Gov- 1918-19
349. 599
1920-21 1,376,485 i 1,145,928
30.5
26.5
292,228
ernment expenditures for the current year.
No budget has been voted by the Reichstag
FRANCE.
for 1921-22, and the Government continues to
[In thousands of francs.]
cover the difference between receipts and ex3,453,634 1,205,124
34.9
1905 3,o02,034
1,143,820 i S3.1
penditures by discounting treasury bills with
1913 4,558,044
4,718,462 1,284,079
27.2
2,070,530 I 43.9
11.7 34,065,809 ! 81.7
1917 5,575,845 141,679,600 4,863,686
the Reichsbank. The consequent increase in
1919 10,161,214 149,026,587 7,986,823
16.3 35,811,390 ! 73.0
1920 17,760,789 152,183,217 11,833,174
22.7 26,432,545 j 50.7
prices has made it necessary to revise completely
estimates of Government expenditures made
][TALY.
last spring. For the first six months of the fis[In thousands of lire.]
cal year beginning April 1, 1921, the difference
1,701,430
680,050
37.6
1905 1,764,220
419,200
24.6
between income and outgo has amounted to
598,220
18.2
1913 2,385,130
3,289,010
1,666,660
50.7
1917 5,170,430 16,971,000 1,227,310
7.2 14.310,680
84.3
44,000,000,000 marks, and, in a recent speech
1919 9,372,360 32,150,100 2,705,200
8.4 26,974,420
83.9
before the Reichstag, Finance Minister Hermes
estimated that before the year was over the
GERMANY.
[In thousands of marks.]
deficit would reach 110,000,000,000 marks.
There has been a prevailing belief for a long
1905 1,110,451
1,310,290
112,047
8.6
1,052,288
80.3
1913 1,957,380
2,024,523
231,176
11.4
1,582,290
78.2
time past that the principal ele1917 2,122,304 27,821,047 2,616,793
9.4 24,920,907
89. e
War expendi- ment in the existing fiscal diffi1919 6,348,460 46,966,460 5,914,204
12.6 40,179,143
85.5
1920
14,379,439
61,470,870
8,922,692
14.5
37,033,588
60.2
tures.
culties of many countries is to
Total expenditures.
be found in their great outlay for war. This
statement is true in broad terms, but requires
Compared with 1913, the last prewar year,
to be qualified and limited in its application. the amounts of money expended for national
In some countries, such as the United States, defense by the Governments of France, Italy,
the outlay for war, while a very large part of and Germany show enormous expansion, but it
the total outlay, is in large measure an expense should be remembered that the purchasing
which serves to carry the cost of past wars in power of the currencies of these countries has
the form of interest on public debt. While undergone varying degrees of depreciation, and
naval and military expenditure is large in such that the larger amounts for the more recent
countries, it is a relatively moderate part of the years, when reduced to 1913 monetary equivaentire budget. In other countries, like France, lents, will not show the same degree of expanthe current cost of military support still con- sion as is indicated in the table. During the
stitutes a very important fraction of the bud- war years the proportion of the total expendi-
1
DECEMBER,
1921.
tures made for war purposes was in excess of 80
per cent in all three of these countries. In 1920
the proportion had declined to 60 per cent in
Germany, to about 50 per cent in France, and,
according to preliminary figures not included in
the table, to less than 40 per cent in Italy; in
Great Britain and the United States the proportion for the fiscal year 1921 was 26 and 24
per cent, respectively. Nevertheless, the financial burden upon the taxpayers of these countries due to military expenditures is much
heavier at present than before the war, since
national production and income have suffered
severely, and fiscal requirements for rehabilitation and reconstruction are an additional
drain on national resources and income.
While the proportion of total expenditures
devoted to military purposes is, according to
the fiscal returns, smaller in some countries at
present than before the war, these expenditures
undoubtedly constitute a larger proportion of
the diminished national incomes and are,
therefore, a more crushing load on the financially weakened countries of Europe.
In view of these conditions it can be seen
that an effective reduction in
navaf outlay. °f naval outlay, if carried through
to success, would result in very
material betterment at the present time, while
a reduction in military outlay would probably
furnish in many countries an even more important means of budget limitation. It can
further be appreciated that this step is the
necessary first approach toward the restoration
of banking Soundness and economic stability
with, as an eventual result, the stabilization of
foreign exchange or an approach thereto.
The program of Secretary Hughes, as announced at the Conference on the Limitation
of Armament which is meeting in Washington,
would provide for a capital saving estimated, in
the case of the United States, at probably from
$200,000,000 to $250,000,000 on the present
building program, while in the case of Great
Britain and Japan the reduction of outlay would
probably be as great for each as it would for
this country. With such a beginning it might
be expected that a lightening of the burden of
taxation and a better handling of the public
debt would result at an early date, with the
1383
FEDEEAL RESERVE BULLETIN.
natural effects to be expected from such a policy
in producing a better banking situation and a
more evenly balanced foreign trade.
In several European countries a substantial
part of Government expenses
has durin
§ t h e P a s t fe w m o n t h s
continued to be covered by
the short-term loans at banks already referred
to, while these loans have themselves given
rise to issues of bank notes with the consequent
effects upon prices that must always be expected from such action. The following tables
have been compiled for the purpose of showing
the relative increases of outstanding bank
notes and other currencies in the principal
countries as contrasted with the volume of
bank deposits and of gold reserves held therein:
BANKING CONDITIONS ABROAD.
ENGLAND.
[In millions of pounds sterling.]
I
Bank of
Currency
notes and Coin and England
certifi- bullion. 1 deposits
(public
cates outand
standing.
other).
Bank
notes.
Jan. 26,1921
Mar.30
June 29
Nov. 9
i
i
!
109
110
110
104
342
344
324
314
157 j
157 '
160 I
160 !
129
138
147
123
FRANCE.
BANK OF FRANCE.
[In millions of francs.]
Circulation.
Jan. 27, 1921
Mar 31
June 30
Nov 10
....
Gold re- Deposits.
serves.
37,913
38,435
37 422
37 376
3,553
3,556
3,572
3 576
3,429
3,103
2,861
2,527
GERMANY.
[In millions of marks.]
Reiehsbank.
CirculaGold
tion.
reserves
Jan. 31,1921..
Mar. 31
June 30
Nov. 7
66,621
69,417
75,321
92,610
i Held by Bank of England and Treasury.
1,092
1,092
1,092
DarlehenskassenI scheine
Deposits, incircu! lation.
15,834
28,043
• 20,393 I
13,860 !
11,341
10,168
8,707
7,198
1384
FEDERAL RESERVE
BANKING
CONDITIONS
BULLETIN.
DECEMBER, 1921.
[000 omitted.]
ABROAD—Continued.
ITALY.
B A N K S OP
October,
1920.
ISSUE.
[In millions of lire.]
Commercial circulation.
Jan. 31, 1921
Mar. 31
June 30
Sept. 30
8,673
9,233
9,437
9,726
CirculaGold
tion on
account reserve.
of State.
10,591
9,532
8,722
8,430
1,058
1,062
1,073
1,093
] Deposits
i and de| mand liabilities.
2,635
2,461
2,366
2,230
[In millions of pounds sterling.]
25, 1918
31, 1919
29, 1920
9, 1921
71
92
108
37
Bank of France—Advances
to the Government for purposes of
the war.
[In millions of francs.]
Dec.
Dec.
Dec.
Nov.
26, 1918
26, 1919
30, 1920
10, 1921
Reichsbank—Bills,
17,150
25, 500
26, n00
25,100
checks, and discounted treasury bills.
[In millions of marks.]
Dec.
Dec.
Dec.
Nov.
31, 1918
31, 1919
31, 1920
7,1921
'..
September,
1921.
RelaRelaRelaTotal. tive. Total. tive. Total. tive.
Bank of England—Government
securities held by the banking
department.
Dec.
Dec.
Dec.
Nov.
October,
1921.
27,416
41, 745
60,634
! 96, 095
Italian banks of issue—Circulation for the account of the State
(advances to treasury).
Receipts of live stock at 15 western markets (head)
5,305
Receipts of grain a t 17 interior
centers (bushels)
!95,955
Sight receipts of cotton (bales). 1,467
Shipments of lumber reported
by 3 associations (millionf eet).
699
Bituminous coal production
(short tons)
52,144
Anthracite coal production
(short tons)
8,056
Crude petroleum production
(barrels)
39,592
Pig iron production (long tons). 3, ~~~
Steel ingot production (long
tons)
3,016
Cotton consumption (bales)
400
Wool consumption ( p o u n d s ) . . . 38,444
100
5,637 106.3
91.8
100111,337 116.0134,370140.0
100
l , r ~ 132.4 1,,145 78.1
891 127.4
100
100 43,741
100
7,580
100; 35,638
100| 1,233
'40 105.8
83.9 35,105 67.3
94.0
7,124 88.4
90.0 36,469 92.1
37.4
29.9
1001 1,617 53.6 1,175 38.9
485 121.2
lOo!
495 123.
100167,287 175.0 62 131161.6
During the month ending November 10 the
net inward movement of gold
was
$41,236,000, as compared
with a net inward movement
of $54,529,000 for the month ending October
10. England and France combined furnished
over 71 per cent, or $34,528,000, of the
$48,160,000 of gold imported during the
monthly period ending November 10, other
countries of Europe, the Orient, and Canada
furnishing most of the remainder. Of the gold
exports, amounting to $6,924,000, over 78 per
cent, or $5,372,000, was consigned to Hongkong and the remainder to British India,
Canada, Straits Settlements, and Mexico.
Net imports of gold since August 1, 1914,
were $1,479,102,000, as may be seen from the
following exhibit:
[In millions of lire.]
Dec. 31, 1918
Dec. 31, 1919
Dec. 31, 1920
Sept. 30, 1921
7,166
10, 630
10, 743
8,430
[In thousands of dollars.]
Imports.
Aug. 1,1914, to Dec. 31,1918.
Exports.
Excess of
imports.
1,776,016
705,210
1,071,406
In the following table are presented the J a n . 1 to Dec. 31,1919
76,534
368,185
1291,651
J a n . 1 to Dec. 31,1920
417,068
322,091
94,977
Board's usual indexes of cur- J a n . l to Nov. 10,1921
625,737
21,367
604,370
rent production and marketing
Total
2,895,955
1,416,853
1,479,102
conditions. The figures show 1
Excess of exports.
that the heavy movement to market of agricultural products and live stock has continued,
Since the beginning of the present year net
while output in certain branches of manufac- gold imports totaled $604,370,000. The largest
tures indicates a marked increase over the gains are shown through imports from the
previous month.
following countries: England, $177,546,000;
France, $176,392,000; and Sweden, $60,109,000.
i On this total 95,339,603,000 marks represented discounted treasury
Gold exports during the present year were conbill*.
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
signed chiefly to the following destinations:
Hongkong, $9,264,000; Mexico, $5,352,000;
Sweden, $2,643,000; and Canada, $2,563,000.
The net inward movement of silver during
the monthly period under review was $871,000,
as compared with a net inward movement of
$458,000 for the month ending October 10.
Mexico furnished over 81 per cent, or
$5,161,000, of the $6,332,000 of silver imported during the monthly period ending
November 10, the remainder coming principally from Peru, Chile, and Canada. Silver
exports, amounting to $5,461,000, were consigned principally to China, England, and
Canada.
Net exports of silver since August 1, 1914,
were $444,351,000, as may be seen from the
following exhibit:
1385
corporate securities, but this increase is partly
offset by liquidation in Chicago and in other
large cities. An increase of $29,000,000 is
shown in the reporting banks7 holdings of
United States bonds and Victory notes, as
against a reduction of $17,000,000 in Treasury
notes,, Treasury certificate holdings show considerable fluctuations in connection with the
October 15 redemption operations and the
issuance of two new series at the beginning of
the following month, November 16 holdings
being about $10,000,000 larger than five weeks
earlier. A slightly larger increase is shown in
the volume of corporate securities held. Total
loans and investments of the reporting banks
indicate net liquidation for the five weeks of
about $215,000,000. In keeping with this
substantial decrease in their earning assets,
the reporting banks show a steady reduction
[In thousands of dollars.]
of $198,000,000 in their borrowings from the
Federal Reserve Banks, which constituted 4.7
of
Imports.
Exports. ' Excess
per
cent of their total loans and investments
exports.
on November 16, as against 6 per cent five
Aug. 1,1914, to Dec. 31, 1918
203,592
279,761 weeks before.
483,353
These reductions are accomJan. 1 to Dec. 31,1919...
89 410
149,611
239,021
Jan. 1 to Dec. 31,1920
88,060
113,616
25,556 panied by larger net withdrawals of GovernJan. 1 to Nov. 10,1921
42,591
110,577
53,168
ment balances and substantial increases in deTotal
434,230
878,581
444,351
mand and time deposits.
1
Excess of imports.
Weekly changes in the leading accounts of
Substantial loan liquidation, as against a the reporting member banks are shown in the
moderate increase in the in- following exhibit:
situation. *** m g vestment account of reporting
REPORTING M E M B E R B A N K S .
member banks, and * a cor[In millions of dollars.]
responding reduction of borrowings from
the Federal Reserve Banks, are indicated by
RedisLoans
of
the weekly reports of over 800 member banks
counts Ratio
Number and dis- and
bills accomNet
moda- demand
of recounts payable
in leading cities for the period between October
tion
porting and inwith
deposits.
Date.
(3-5-2)
banks.
vest11-12 and November 16. Further reduction
F. R.
ments. 1
Banks. (percent).
of the discount rates adopted by the reserve
banks during the early part of November,
while undoubtedly affecting the investment Oct. 11-12.
15,001
900
6.0
809
10,062
14,831
5.6
829
10,248
19
market, has not yet become reflected in a Oct.
14,729
5.5
807
10,192
Oct. 26....
808
5.2
14,849
767
10,180
Nov. 2
larger volume of discounting or rediscounting. Nov.
807
5.1
14,810
752
10,175
9
807
4.7
14,786
702
10,236
Total outstanding loans and discounts of Nov. 16....
reporting banks on November 16 were about 1 Including rediscounts with Federal Reserve Banks.
$250,000,000 less than four weeks before, the
decrease affecting loans secured by GovernFederal Reserve Bank figures, which cover
ment obligations (so-called Government paper) the five-week period between October 19 and
as well as ordinary loans and discounts. November 23, indicate a gradual decrease
Member banks in New York City report an during the first four weeks of $27,800,000 in
increase by $34,000,000 in their advances on the holdings of Government paper, followed
1386
FEDERAL RESERVE BULLETIN.
by an increase during the subsequent week of
$35,300,000, largely in the shape of member
banks' notes secured by Liberty bonds, this
increase being in sequence to the substantial
increase in United States bond holdings reported by the member banks. Other discounted bills show a continuous decline totaling
$132,100,000 for the period, holdings of acceptances purchased in open market increased
by $15,100,000, and total bill holdings of the
reserve banks show a reduction of $109,500,000
for the period under review. Rediscounting
operations of the Richmond, Atlanta, Minneapolis, and Dallas banks show a considerable
decrease for the period, the amount of bills
held under rediscount with the Boston, New
York, and Cleveland banks declining from
$42,700,000 to $19,700,000. The Minneapolis
bank was able to redeem all of its bills held
under rediscount with the New York bank
early in November and no longer figures
among the borrowing banks.
Pittman certificates show a further decline
of $25,900,000, other Treasury certificates,
largely held under repurchase agreements by
the New York Reserve Bank, increased by
$34,000,000, while other United States securities declined by about $600,000. Total earning assets, in consequence of the above changes,
show a reduction for the five weeks of $102,000,000, and on November 23 stood at $1,475,900,000, or about 57 per cent below the peak
figure reported on October 15 of last year.
Federal Reserve note circulation, with the
exception of one week in November, shows a
continuous decline, the November 23 total of
$2,389,900,000 being $51,000,000 below the
BECEMBER, 1921.
October 19 total and lower than any total
published since October 4, 1918. The banks
also report a reduction of $18,200,000 in their
net liabilities on Federal Reserve Bank notes
in circulation, though the amount outstanding, according to Treasury records, shows a
decrease of only $6,400,000 for the period.
Reserve deposits fluctuated within the narrow
limits of $1,650,700,000 on November 2 and
$1,675,100,000 on November 16, while total deposits varied between $1,717,700,000 on October 19 and $1,742,300,000 on November 2.
Gold reserves show a further gain of $62,500,000, offset by a loss of $6,100,000 in other
cash reserves. For the present year the
banks report a gain of $772,400,000 in gold
and a loss of $47,900,000 in other reserve
cash. The reserve ratio, mainly because of
the gain of gold, shows a further rise during
the five weeks from 70.3 to 72.3 per cent.
Weekly changes in the principal assets and
liabilities of the reserve banks are shown in the
following exhibit:
FEDERAL RESERVE BANKS.
[In millions of dollars.]
Bills discounted.
Date.
Oct. 19..
Oct. 26..
Nov. 2 . .
Nov. 9 . .
Nov. 16.
Nov. 23.
Secured
Cash
U.S.
reserves. by
Government
obligations.
2,922
2,937
2,946
2,961
2,969
2,978
460
462
454
454
432
467
F.R.
All
othe^r.
870
847
807
792
766
738
notes
Total
actual Reserve
deposits. incircuratio.
lation.
1,717
1,739
1,742
1,727
1,738
1,728
2,441
2,409
2,408
2,421
2,398
2,390
70.3
70.8
71.0
71.4
71.8
72.3
DECBMBBB, 1921.
"FEDEBAL RESERVE B l t L L E l M .
1387
BUSINESS, INDUSTRY, AND FINANCE, NOVEMBER, 1921.
Improvement in business conditions in November has not been as pronounced as during the
preceding two months. Several factors are responsible for this relative "slowing down." The
seasonal peak of demand has, for the time being, been reached and passed. Uncertainty
regarding prices of staples, particularly of cotton, has interfered somewhat with trade buying,
while the possibility of further reductions of freight rates has apparently tended to unsettle
prices and to retard the activity of industry in some of the chief manufacturing sections.
Recovery in the steel and iron trade has come to a halt for the time being, and stability has not
yet been achieved in that branch of production.
Nevertheless, the progress toward normal conditions achieved during November has been
continuous, as may be seen by a comparison with the corresponding month of a year ago, or
with the general movement of economic conditions since the beginning of this year. Cotton
and woolen textiles in some of the principal producing districts are almost on a normal basis.
Steel and iron, while working at about 50 per cent of capacity, are in much better condition than
was true a few months ago. In some industries which had accumulated large surplus stocks,
such as zinc, demand has been sufficient to carry off a part of the oversupply. Unemployment
has at least slightly decreased. Export trade continues in substantial volume, showing an
increase during October, and while laboring under many handicaps due to unsettled exchanges,
shows the result of strong foreign demand, especially for staples. This is particularly noteworthy when it is remembered that the prices at which cotton and cereals are now being shipped
are so much lower than those of a year ago. Banking conditions are reported slightly improved
practically throughout the United States.
Reduction of prices for cereals and failure of cotton to maintain the level attained in
September-October have proven a serious handicap to farming interests. Results of this
relatively low return for output have been a reduction in the demand of farming communities
in some parts of the country for consumable goods and a simultaneous tendency to check somewhat the process of liquidating loans at banks. Nevertheless, retail business continues to improve, taking the country as a whole, and has been materially helped by the improvement which
has taken place in employment conditions during the past few months. Improvement is also
observable in wholesale trade, sales comparing favorably with a year ago. Prices continue to
maintain a substantially stable position. The Federal Reserve Board's index for October shows
a recession of less than two points, and it is evident that the price changes which are now occurring do not represent any extensive movement toward modification of the average level.
Important financial developments have taken place during the month. In addition to a
general reduction of Federal Reserve discount rates, there has been a distinct tendency toward
decline in the level of market rates both for short and long term funds. This has been accompanied by a decided advance in the prices of bonds, and particularly of standard securities.
New offerings of capital issues have, in many cases, been readily absorbed, and the general
condition of credit has become easier. The one point at which financial conditions have shown
little or no improvement is in foreign exchange, where the German mark has continued its
downward movement, while other European currencies have been generally unsettled, with only
sporadic tendency to improvement.
The general situation of trade and industry is unmistakably more hopeful, and is improving
as steadily as can be expected, in view of the slowness of economic progress in other parts of the
world, particularly in western Europe. Another handicap to complete readjustment continues
to be the failure to bring about a proper coordination and mutual relationship of prices. This
is responsible for no small part of the slowness of economic recovery in certain branches of
business. On the whole, the best opinion now looks to a steady, even if locally interrupted,
progress back to normal conditions, although no immediate or sudden expansion or "boom"
is now in sight.
1388
FEDERAL RESERVE BULLETIN.
AGRICULTURE.
The preliminary estimates for the crops of
1921, issued as of November 1, indicate that
total agricultural production in 1921 will be
much lower than in 1920, and also considerably
less than the average production in the years
1915 to 1919. The estimated volume of every
important crop is smaller for 1921 than that
of 1920, but the 1921 production of corn, sugar
beets, sweet potatoes, and kafirs exceeds the
average production in, the preceding five-year
period. The preliminary estimate for corn
production is 3,151,698,000 bushels, which is
2.5 per cent less than the crop of 1920, but 12.6
per cent greater than the average outturn in
the years 1915 to 1919. Both district No. 10
(Kansas City) and district No. 8 (St. Louis)
report that corn husking has made rapid
progress and that a considerable portion of the
crop has been cribbed. Reports from district
No. 8 (St. Louis) indicate that corn is well
matured and the yield for both silage and
grain is good. The stock of old corn on farms in
the United States was estimated at 281,472,000
bushels on November 1, which is over three
times the average hold-over during the past
five years. The condition of the white-potato
crop continued to improve during October,
but the estimated production on November 1
was 16.9 per cent smaller than the crop of 1920
and 4.1 per cent less than the average total
yield in the years 1915 to 1919. District No. 9
(Minneapolis) states that over 60 per cent of
the current potato crop was shipped from the
farms by the end of October, whereas only 28
per cent of last year's crop was marketed at
the corresponding date in 1920. Reports from
district No. 7 (Chicago), on the other hand,
indicate that a large portion of the Wisconsin
potato crop is being stored. The estimated
production of sugar beets on November 1
amounted to 7,480,000 tons, which was 12.5
per cent less than in 1920, but 20.3 per cent
more than the average production in the
previous five years. Reports from district
No. 6 (Atlanta) indicate that the Louisiana
cane sugar yield will amount to about 223,000
tons, as compared with a production of 169,127
tons in 1920. The new winter wheat crop has
made good progress in most sections, but has
suffered from a lack of rain in Kansas, Nebraska,
Oklahoma, and Colorado. District No. 8
(St. Louis) states that winter wheat is in
prime condition to enter cold weather, although
unofficial reports indicate that the acreage will
be slightly less than last year. The winter
wheat and rye crops are well advanced in
district No. 7 (Chicago), and it is reported that
a larger acreage has been sown in Wisconsin
than in 1920.
DECEMBER, 1921.
COTTON.
Cotton ginned prior to November 14
amounted to 7,270,575 bales, as compared
with 8,914,642 bales in the corresponding
period of 1920. Considering the percentage of
the crop ginned to this date in previous years,
this indicates that the cotton crop of 1921 will
probably exceed 8,000,000 bales, whereas the
last Government estimate, as of September 25,
predicted a crop of 6,537,000 bales. As a result
of this increase in the known supply of cotton,
the price of spot cotton at New York has
declined from over 20 cents in September to
18.4 cents on November 23, but is still about
50 per cent higher than the prices prevailing in August. District No. 5 (Richmond)
states that the crop in the southern half of
South Carolina was practically a failure, whereas
a fair crop was gathered in the section north
of Columbia and in North Carolina. Reports
from district No. 6 (Atlanta) indicate that
cotton cultivation during the past season was
relatively much more successful in Mississippi, Alabama, and Tennessee than in the
eastern section of the district. Continued dry
weather has been favorable to the harvesting
of the cotton crop in district No. 11 (Dallas)
and very little cotton remains to be picked in
any part of that district.
TOBACCO.
The November 1 estimate for tobacco
showed an increase to 1,020,874,000 pounds,
but the crop is still only about two-thirds that
of last year, the reduction being found very
largely in the manufactured and export types.
The markets of North Carolina and Virginia
were active during October, but still larger sales
were witnessed during the first two weeks of
November because of better weather for the
preparation of leaf for market. Better prices,
averaging $30.87 per 100 pounds, were realized
during October than during either September,
1921, or October, 1920, and grades coming on
the market during November have shown some
further improvement, so that still better prices
have been realized. Medium and fine grades
are advancing steadily, and buyers appear to
be anxious to secure all good leaf offered, but
the demand continues poor for low-grade
tobacco, which comprises a large part of this
year's crop. In the western districts of Kentucky-Tennessee, whose tobacco moves to
market later than in the east, the outstanding
feature has been the announcement that the
Burley Tobacco Growers Cooperative Association had signed up about 85 per cent of this
year's crop and can now proceed with marketing arrangements. The cigar leaf tobacco
market in district No. 3 (Philadelphia) has had
the dullest fall it has experienced for yea^s,
1389
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
and the question of prices is a stumbling block
to recovery. October was the best month
experienced this year by the cigar manufacturing industry in that district, but there are
now some evidences of diminishing demand,
although the majority of manufacturers continue to receive orders faster than they can
fill them. The demand for manufactured
tobacco in district No. 5 (Richmond) has been
as strong during October as during any earlier
month this year, although export trade continues light, most of the orders coming from
Latin America. In both cigars and manufactured products the offering of new brands at
prices lower than those for established goods
continues.
FRUIT.
The apple crop continued to deteriorate
during October, and the estimated production
is only 102,290,000 bushels, which is 58 per cent
less than the production in 1920. The crop has
been a failure in almost all States east of the'
Rocky Mountains, whereas apple production
in States west of the Rocky Mountains will
amount to about 41,392,000 bushels in 1921,
as compared with 30,952,000 bushels in 1920.
Apples matured so rapidly in district No. 12
(San Francisco) that storage facilities were
inadequate, and a temporary glut of the markets ensued. Total production of citrus fruits
in 1921 will probably be considerably larger
than in 1920, despite the destruction of about
10 per cent of the Florida crops by a recent
storm. District No. 6 (Atlanta) reports that
more grapefruit will be shipped from Florida
this year than last year, but there may be some
diminution in the shipments of oranges. Reports from district No. 12 (San Francisco) indicate that shipments of the new crop of oranges
and lemons from California should be larger
than during the crop year ending October 31.
Prices of between $6 and $7 a box are being
paid for the better grades of Florida oranges,
while small and poorly colored fruit hardly
fetches a sufficient price to cover freight
charges. Production of wine and table grapes
in California amounted only to about 388,000
tons during 1921, as compared with 540,000
tons in 1920, but shipments totaled 29,515 cars
up to November 5, as compared with 25,809
cars in the corresponding period of 1920. The
California production of raisins was also unusually light during 1921, but the quality is
exceptionally good, due to a favorable drying
season.
farms have been very heavy. Wheat receipts at leading primary markets in October
were smaller than in September, but were
slightly larger than in October, 1920. Receipts of wheat at Minneapolis and Duluth
amounted to 27,744,836 bushels in October,
as compared with 32,108,426 bushels in September and 26,278,983 bushels in October,
1920. At the four principal markets of district No. 10 (Kansas City) 12,653,800 bushels
of wheat were received in October in comparison with 21,981,400 bushels in September and
12,394,150 bushels in October, 1920. Receipts at these four markets from July 1 to
October 31 were about 82 per cent greater
than in the corresponding period of 1920.
Corn receipts showed a slight decline in
October, but were very much larger than in
October, 1920. District No. 10 (Kansas City)
reports that new corn is beginning to move to
the markets, but that receipts continue light,
due to the low price at which it has been selling. Movement of other important grains
was also somewhat abated in October. Stocks
of grain at 11 interior centers were, however,
further augmented during the month. At
Minneapolis and Duluth stocks of wheat increased 43 per cent, corn 124 per cent, oats
15 per cent, barley 13 per cer*t, and rye 21
per cent. The most noteworthy change in
volume of grain stocks at eight seaboard
centers was an increase of 73 per cent in the
stocks of corn.
FLOUR.
Output of mills representing 75 per cent of
total production in district No. 9 (Minneapolis) was 2,989,089 barrels during October,
an increase of 7 per cent as compared with
2,788,421 barrels during September, and an
increase of 23 per cent as compared with 2,427,749 barrels during October, 1920. Production of mills in district No. 10 (Kansas
City), representing 65 per cent of the total
output of that district, amounted during
October to 2,295,789 barrels, an increase of
53 per cent over the October, 1920, figure of
1,502,721 barrels. In district No. 12 (San
Francisco), production of 63 mills during
October was 997,325 barrels, an increase of
2.8 per cent over the September figure of
970,632 barrels for 64 mills. Price declines
were reported on all grades of flour during
October, but a partial recovery was noted
during November. The trade is stated to
have been somewhat depressed by the decline in wheat prices. This was evidenced in
GRAIN MOVEMENTS.
district No. 10 (Kansas City) by reports of
The volume of grain movements showed curtailment of shipping instructions on old
some further curtailment during October, orders, as well as by the slowing down of new
but total shipments of 1921 crops from the orders. Business in district No. 8 (St. Louis)
78092—21
2
1390
FEDERAL RESERVE BULLETIN.
has been irregular and unsatisfactory to the
seller. Domestic demand continues in fair
volume, but is on a hand-to-mouth basis.
Some export business is reported in the district, mainly to western Europe, but export
demand in district No. 12 (San Francisco)
dwindled to small proportions in October.
Millers in that section are reported to be awaiting further developments in the wheat market
before buying stocks of wheat and expanding
operations.
LIVE STOCK.
Heavy movement of live stock to market was
reported during October. Receipts of cattle
>and calves at 15 western markets during that
month were 1,712,917 head, corresponding to an
indexnumberof 170, as compared with 1,417,259
head during September, corresponding to an
index number of 141, and 1,621,295 head during October, 1920, corresponding to an index
Dumber of 161. Receipts of hogs increased
from 1,783,827 head during September to
2,057,231 head during October, as compared
with 1,791,881 head during October, 1920, the
respective index numbers being 81, 94, and 82.
October receipts of sheep were 1,842,148 head,
as compared with 1,651,659 head during September and .1,864,728 head during October,
1920, the respective index numbers being 135,
121, and 136. October shipments of stocker
and feeder cattle and calves from 34 markets
were 57 per cent larger than during September,
although shipments of sheep and lambs were
slightly less, but in both cases the figures were
very much less than a year ago. Southern
cattle have been shipped to Montana this fall
for winter feeding, due to the abundance of
good winter range and the large forage supply
of high quality hay. Practically all cattle and
sheep in district No. 11 (Dallas) have been
driven to winter ranges and grazing conditions
are reported above normal, although rainfall is
now needed to start growth of winter and
spring feed. The activities of the War Finance
Corporation in that district have engendered
better feeling among cattlemen.
Twenty-five representative packers report an
increase of 6»3 per cent in October sales
(measured in dollars) over those during September, but a decline of 29.6 per cent as compared with October, 1920. Fresh meats and
lard for domestic trade have been moving well,
and there has been an improvement in the
demand for cheaper cuts of beef and pork in
many localities. There was improvement in
November in the demand from Great Britain
and the Continent for packing-house products.
The fresh-meat trade was reported generally
slow during October in district No. 10 (Kansas
DECEMBER, 1921.
City), and conditions were more stable than in
September, although retailers bought only for
the immediate requirements of their trade.
COAL.
Production of bituminous coal in October was
larger than during any month of the current
year. The steady improvement evident during
September and October was materially accelerated during the last 10 days of October, when,
under the threat of the strike, heavy demands
for spot deliveries appeared. After the strike
call was rescinded activity in the market
ceased. Production increased from 35,105,000
tons in September to 43,741,000 tons in October,
which was, however, below the October, 1920,
production of 52,144,000 tons. The respective
index numbers are 95, 118, and 141. District
No. 3 (Philadelphia) reports that although
prices rose somewhat when the strike threatened
they have gradually reacted and are now at the
levels prevailing during early October. District No. 7 (Chicago) reports that the reduction
in the production of domestic sizes has caused
a decrease in the amount of screenings in the
hands of operators, so that the price in the
open market has remained throughout October
at a level higher than during September. District No. 10 (Kansas City) states that generally
the coal situation is considered dull, although
the October percentage of loss of activity at
the mines on account of "no market" was very
materially reduced in Colorado, Missouri, and
Oklahoma, as compared with the month of
September.
The increased production of anthracite coal
during October was no doubt caused by the
speeding up at the time of the threatened railroad strike. Production was lower, however,
than in any month of October for the last eight
years. The output this October was 7,580,000
tons, as compared with the September figure
of 7,124,000 tons. The respective index numbers are 102 and 96. Although the demand
was stimulated temporarily, consumers are now
willing to purchase only in small lots. District
No. 3 (Philadelphia) reports that the demand for
steam coal is greater than it was in the summer,
but orders are small, and, due to the installation
of oil heating plants in many hotels and office
buildings, the market may be permanently
narrowed.
The improvement in the iron and steel industry in September and October continued to be
reflected in an increased production of coke.
Beehive coke production increased from 289,000
tons in September, corresponding to an index
number of 11, to 416,000 tons in October, corresponding to an index number of 16. By-
DECEMBER,, 1921.
FEDERAL RESERVE BULLETIN.
1391
IRON AND STEEL.
product coke production increased similarly,
from 1,423,000 tons in September to 1,734,000
During October distinct improvement was
tons in October, the respective index numbers
evident in the iron and steel industry. Pigbeing 161 and 197.
iron production during that month amounted
to 1,233,232 tons, corresponding to an index
PETROLEUM.
number of 53, as compared with 985,529 tons
During October there was a further narrow- during September, corresponding to an index
ing of the slight margin between domestic pro- number of 43. Steel-ingot production showed
duction of crude oil and its consumption. a somewhat greater increase, from 1,174,740
Reports for the several important oil fields tons during September to 1,616,810 tons during
indicate that output is still curtailed. It is October, the respective index numbers being
reported that the demand for and price of 51 and 70. On November 1 ; 95 furnaces were
gasoline weakened considerably, due mostly to in blast, as compared with 84 furnaces on
the bad weather prevailing in the North and October 1. The unfilled orders of the United
Northwest and the normal falling off of con- States Steel Corporation, however, not only
sumption at this time of the year. The price failed to respond, but actually showed a deof crude petroleum advanced in practically all crease, from 4,560,670 tons at the close of
September to 4,286,829 tons at the close of
fields.
District No. 10 (Kansas City) reports that October, the respective index numbers being
October development operations show a slight 87 and 81, the lowest since May 31, 1919.
decrease in the number of wells completed and November does not show a continuance of the
also in the number of barrels daily new produc- improvement during the previous month, but
tion as compared with September, while drilling indicates that conditions at best are merely
operations during October show a gain of 36 holding their own. In fact, district No, 3
new rigs as compared with September, but were (Philadelphia) reports "a distinct, though
35 per cent less than a year ago. Stocks of slight, reaction from the steadily increasing
crude oil held in Kansas and Oklahoma aggre- activity 77that occurred during September and
Prices reflect the slackening of
gated 65,936,148 barrels at the end of Septem- October.
demand.
After
a spirited advance during
ber, an increase of 1,097,643 barrels during the
month. Production of petroleum in Kansas September and October, they have again
and Oklahoma during the month of October weakened on practically all products. The
averaged approximately 404,125 barrels daily, advance of $5 on sheets, which was made some
according to unofficial reports. As compared time ago, has been lost, and the lower figure
with a year ago this indicates a reduction of itself has been shaded. Lessening of demand
7,750 barrels in average daily production and a has been most conspicuous in the lighter
total decrease of 240,250 barrels for the month. products, such as sheets and wire, which contributed greatly to the recent increase in steel
Production of crude petroleum in district production.
The heavier products which have
No. 11 (Dallas) continued to decrease. The been lagging up
to this time are reported from
total output during October was 9,941,748 district No. 4 (Cleveland)
to be making a better
barrels, which represented a 20,282 barrel de- showing under demands originating
with some
crease from September production. New com- increase of general business construction,
oil
pletions in this district numbered 192 wells, field work, and railroad buying, both for car
only 92 of which were producers, as compared
and rails. In district No. 3 (Philadelwith 116 producers out of 171 completions for repairs
phia)
output
at present is somewhat in excess
September. Due to the rise in prices, there of current deliveries.
The policy of purchasers
has been a resumption of drilling in this section. is
to
carry
over
as
little
material as possible
After nearly two months of dispute over wage into the new year, as lower
freight rates and
adjustments and working rules in the California production costs would necessitate
writing off
fields, a settlement has been obtained and work
Many inquiries for 1922 delivery
has been resumed on all leases. On account of inventories.
the strike the low figure of 227,957 barrels of are. however, being received.
average daily production was reported. AlAUTOMOBILES.
though consumption during October decreased,
it was still considerably in excess of output, and
Some of the larger manufacturers of autostored stocks were further reduced by 555,039 mobiles in district No, 7 (Chicago) further
barrels, only 33,116,456 barrels being held at curtailed production during the latter part of
the end of October. Thirty-two new wells, October, when they discovered cars piling up
with an initial daily production of 14,825 bar- in the hands of distributors and dealers, pendrels, were completed during the month.
ing the presentation of new models. In fact,
1392
FEDERAL RESERVE BULLETIN.
reduction of production schedules to conform
to approaching winter conditions, with their
lessened sales, has been general. Manufacturers' shipments during October were 17,323
carloads, as compared with 19,002 carloads
during September, but were slightly in excess
of the October, 1920, figure. October driveaways were 11,257 machines, as compared
with 13,840 machines during September. JBusiness in trucks during the past few months
has not been relatively as large as in passenger
cars.
NONFERROUS METALS.
The nonferrous metal markets are generally
quiet, with no unusual demand expected for
the remainder of the year. The October average prices show uniform advances over the
figures for September, and lead, zinc, and tin
averages were the highest since May or June.
The price of copper (New York, net refinery)
was 13 cents per pound on November 16, as
compared with 12.75 cents per pound on November 1, while the price of lead at New York
remained at 4.65 cents throughout the latter
part of October to the middle of November.
The demand for zinc has shown little improvement, and the price of 4.70 cents at St. Louis
has been maintained during the month. Copper
production in October amounted to 21,157,754
pounds in comparison with a production of
20,926,554 pounds in September. October production of copper in district No. 9 (Minneapolis), as indicated by the figures of companies
producing about 75 per cent of the refined
copper in that district, continued at the same
low level which has prevailed since the spring
of 1921. Zinc production during October remained at almost the same figure as for September. Shipments of zinc for October were
10,311 tons more than the amount produced,
so that stocks on hand were reduced from
81,135 tons at the beginning of the month to
70,824 tons on October 31. District No. 10
(Kansas City) reports that there was heavy
shipment of zinc ores during October, due in
some measure to a radical increase in the value
of the ore. A comparison of statistics for 1921
to the end of October with the same period in
1920 reveals that shipments of zinc ores have
been about one-half m amount and less than
one-third in value, while lead ore shipments
have decreased approximately one-third in
amount and two-thirds in value. District No.
12 (San Francisco) states that no further improvement in the gold and silver mining industries was reported during October, and the
copper mining industry continues greatly de-
DECEMBER 1921.
pressed. In this district the demand for lead
is stated to be strong, consumption outrunning
production.
COTTON TEXTILES.
The unsettling effect of a drop in the price
of raw cotton, following upon the initiation of
new price adjustments growing out of the
previous advance, has resulted in a slightly
lessened activity in the industry during October. The uncertainty manifested itself, however, rather in a hesitancy on the part of
buyers to place new orders than in any immediate curtailment of mill activity. An examination of cotton statistics makes it apparent
that mill activity was sustained during the
month, as consumption amounted to 494,745
bales in October, a gain of 2.1 per cent as
compared with September and an advance of
almost 25 per cent over the October figures of
the preceding year. In New England consumption was stated to be larger in October
than at any time during the past year. At
present, mills in that section are operating at
about 80 per cent of capacity, while in district
No. 3 (Philadelphia) the goods mills show a
lesser degree of activity, estimated at from 60
to 65 per cent. Orders in most cases are said
to be no more than sufficient to cover six
weeks' operations on the present running basis
in the case of the mills in the Philadelphia
district. But spring business in ginghams and
fancy fabrics offers a contrast to the general
market and is reported to be excellent. Yarn
prices have fallen somewhat, since weavers
and knitters covered their requirements very
largely in September, and few new orders are
being placed at the present time. The yarn
mills in district No. 3 (Philadelphia) showed a
slight reduction in activity, operating at about
65 per cent of capacity. As orders booked
will be filled within the next six weeks, reduction in the scale of operations is being contemplated by some manufacturers.
Activity in the southern mills continues to
be greater than in other sections of the country.
In district No. 6 (Atlanta) mills generally
throughout the district are operating on full
time and some are running night shifts. Cloth
production of 48 mills reporting to the Federal
Reserve Bank of Atlanta showed an increase
of 3.5 per cent in yardage in October as compared with September and of 17.4 per cent as
compared with October, 1920. Cloth shipments increased 7.5 per cent for the month and
73.2 per cent over those for a year ago. Orders
on hand at the end of the month had declined
5.2 per cent, but were 28.4 per cent above those
1393
FEDEKAL RESERVE BULLETIN.
DECEMBER, 1921.
for the end of October, 1920. A majority of
yarn as well as cloth mills are operating at full
capacity or even running overtime, although
reporting establishments said that a cessation
of orders had followed the recent drop in cotton
prices. Yarn production in pounds for 44 mills
was 1.6 per cent less in October than in September, out 33.6 per cent above the output
during October, 1920. Yarn shipments advanced 12.9 per cent and 62.1 per cent, respectively, as compared with the preceding
month and with the same month a year ago.
Orders on hand were 5.4 per cent above those
for the end of September and 85.8 per cent
above the totals for the end of October, 1920.
COTTON FINISHING.
Reports from 35 of the 58 members belonging to the National Association of Finishers of
Cotton Fabrics show that during the month of
October there was an increase in finished yards
billed, the total amounting to 105,286,414, as
compared with 101,824,795 for September.
However, a drop in finishing orders received
during the month was recorded, the figure for
October being 100,909,965, as compared with
107,336,429 for the preceding month. The percentage of average capacity in operation rose
slightly from 73 to 77 for all districts. The
average work ahead at the end of the month
fell from 11 to 10 days.
WOOLEN TEXTILES.
The strike of the New York garment workers
came at the end of the period covered by the
reports, and its effect upon the activity of the
mills manufacturing dress goods could not
therefore be gauged. In New England the
.woolen and worsted industry has been running
on a normal basis in spite of the fact that the
goods market at the present time is dull. In
district No. 3 (Philadelphia) dress-goods mills
have been. operating at about 80 per cent capacity. The manufacturers of knitting yarns
in district No. 3 (Philadelphia) continue to do
a good business, and many of them have orders
sufficient to enable them to run at full capacity
well into 1922. In district No. 4 (Cleveland)
reporting textile mills have not had as good
business in October as in September. In the
former month they were operating near capacity, but since then orders have fallen off, and in
October operations averaged only about 70 per
cent of normal. The census figures showing
the percentage of idle machine hours to the
total hours reported indicated a slight improvement for the month of October as compared
with September. On November 1, for ex-
ample, the percentage of idle hours for looms
wider than 50-inch reed space had dropped to
24.9 per cent as compared with 25.8 per cent
for October 1. The corresponding figures for
looms for 50-inch reed space or less were 27 per
cent and 27.5 per cent, respectively. The percentage of idle hours in the case of woolen
spindles dropped from 20.9 per cent to 18.3 per
cent, but the figure for worsted spindles showed
a slight increase from 7.8 to 8.1 per cent. The
market for raw wool showed an upward tendency, with a slight increase in volume of sales
during the period covered by the report.
Wool consumption for the month of October
was 67,287,000 pounds, as compared with
62,131,000 pounds for September, an increase of
8.3 per cent. District No. 1 (Boston) says that
"dealers report that there has been an appreciable reduction in the stocks of the more
popular wools and that it is sometimes difficult
to buy large quantities of the kinds desired
without causing the prices to advance."
CLOTHIXG.
The strike of approximately 50,000 members
of the International Ladies' Garment Workers7
Union, which began November 14, has wholly
tied up some of the larger women's apparel factories of New York, although numbers of the
smaller factories have signed contracts with
the union and are beginning to operate again.
The strike occurs between seasons and a
speedy settlement would mean that output
would consequently be only slightly affected
so far as loss of time is concerned. Statistics
of production for men's clothing from district
No. 7 (Chicago) and wholesale sales of both
men's and women's clothing in districts No. 2
(New York) and No. 8 (St. Louis) indicate that
conditions in the industry were favorable during October. In district No. 7 (Chicago) returns from six large manufacturers of men's
clothing showed that production and shipments had fallen off 16.4 per cent and 38.5 per
cent, respectively, as compared with September, but as a result of the very late season the
production figures were 45.5 per cent ahead of
those for last year and shipments were 30.2 per
cent larger. Orders placed for spring from
the opening of the season to date were 41.9 per
cent greater than for the corresponding period
in 1920. In the case of 15 tailors-to-the-trade,
the number of suits made In October as compared with September increased 29 per cent,
but totals were 1.7 per cent below those for
October, 1920. Shipments rose 26.8 per cent
as compared with September, but were 7.9 per
cent below last year. Orders were 27.4 per cent
greater in October than in September and
1394
FEDERAL RESERVE BULLETIN.
eight-tenths of 1 per cent below those for October, 1920. The figures for the five large cuttrim-make concerns show the same trend, but
" the improvement here is less marked than it
is in7 the other branches of the clothing industry.' The figures are as follows: For number of
suits ordered, an increase of 16.3 per cent as
compared with September and a decrease of
10.5 per cent as compared with October, 1920;
for number of suits made, an increase of 19.7
per cent as compared with September and a
decrease of 7.9 per cent as compared with October, 1920; for number of suits shipped, an increase of 18.8 per cent as compared with September and a decrease of 8.5 per cent as compared with October, 1920. Sales of 11 reporting wholesale clothing firms in district No. 2
(New York) showed an advance of 44.3 per
cent in October as compared with September,
and of 5.3 per cent as compared with October
of the preceding year. In district No. 8 (St.
Louis) sales of 23 leading clothing firms were
from 4 per cent to 12.5 per cent greater than in
September and from 7 per cent to 16 per cent
above sales for a year ago. It was stated,
however, that buying in that district was dull
in the early part of November.
SILK.
"Reports from the different sections in which
silk mills are located testified to a surprising
degree of unevermess within the industry. In
Paterson, N. J., as in previous months, operations remained at low ebb. The percentage
of active loom hours to total available was
only 18.5 per cent, on November 5, as compared with 24 per cent on October 8. In
North Hudson, the corresponding figure for
November was 50.8 per cent, which contrasts unfavorably with the October figure of
somewhat more than 62 per cent. Ileturns
made by 16 manufacturers of broad silk located in district No. 3 (Philadelphia) are of a
conflicting nature, although decidedly greater
activity is indicated than that prevailing in the
centers just mentioned. Half of the manufacturers state that business is poor and demand
decreasing, while the others assert that the reverse is true. The former group are averaging
about 56 per cent of operating capacity; the
latter, 67 per cent. Prices of raw silk have advanced, creating a considerable amount of indecision among prospective buyers. Imports
fell from 4,597,642 pounds in September to
3,140,516 pounds in October.
HOSIERY.
Manufacturers of silk hosiery in district No
3 (Philadelphia) continued to do an excellent
DECEMBER 1921.
business, and practically all the mills are sold
ahead for two or three months. There is a
demand for novelty lines for the holiday trade,
but fewer inquiries for mercerized hosiery have
been made, following price advances. Twentyfive firms in district No. 3 which sell to the
wholesale trade showed an increase in number
of pairs of hose manufactured during October
of 16.8 per cent as compared with September.
Shipments during the month increased 14.7 per
ent, and unfilled orders at the end of the month
were 27.1 per cent above those on hand at the end
of September. The nine reporting firms which
sell to the retail trade produced 4 per cent less
in October than during the preceding month,
and shipments and unfilled orders also fell off
by 12.1 per cent and 2.8 per cent, respectively.
There has been further improvement in the
manufacture of cotton hosiery in district No.
6 (Atlanta), wiiere reporting mills are operating
at the rate of 80 to 100 per cent of capacity.
The output of these mills is larger than for
the same period in 1920. There has been a
decrease in stocks on hand and an increase of
unfilled orders.
UNDERWEAR.
The comparative reports received from 36
mills engaged in producing underwear continue to show marked improvement for October as compared with the September returns
for the same mills. Production rose from
445,825 dozens in September to 487,996
dozens in October, a gain of 9.5 per cent.
Unfilled orders rose from 809,996 dozens September 1 to 1,171,960 dozens October 1, a
gain of 44.7 per cent., New orders fell off
from 865,492 dozens received during September to 537,928 dozens for October, a loss of
37.8 per cent. Shipments decreased from
497,854 dozens in September to 477,810 dozens
in October, a loss of 4 per cent.
Forty-one mills showing an actual production of 518,264 dozens for the month of October report unfilled orders on October 1 at
1,191,688 dozens and new orders received
during the month at 602,212 dozens, so that,
allowing for shipments and cancellations, the
balance of orders on hand amounted to
1,284,718 dozens on November 1, or nearly two
months actual product sold. Shipments rose
from 418,258 dozens in September to 503,261
dozens in October. The actual production of 56
mills reporting for October amounted to 675,205
dozens, or 87.3 per cent of normal, as compared
with 84.4 per cent of normal production for the
55 mills that reported in the preceding month,
and 50.4 per cent for the 61 mills that reported
in October, 1920. One mill opened up in October, leaving four mills still closed. Production
DECEMBER, 1921.
1395
FEDERAL RESERVE BULLETIN.
continues to increase slowly, despite the higher
prices due to advances in cotton and the fact
that there has been little or no reduction in
labor costs.
factories in district No. 8 (St. Louis) producing
such grades are operating at capacity. Shoe
prices were unchanged (luring October, but
were from 35 to 45 per cent less than in October,
1920.
SHOES AND LEATHER.
LUMBER.
Sales of hides and skins declined somewhat
during October, although prices were well
maintained. The market for packer hides
became very active in the third week of November, and prices registered a slight advance.
This activity has not as yet been reflected in
the market for country hides. Demand for
heavy leather continued to improve during the
first three weeks of November, and quotations
for heavy backs increased at both New York
and Chicago. District No. 3 (Philadelphia)
reports that the upper-leather market is more
active than it has been, the business being
chiefly in medium and lower grades. Exports
are steadily increasing, due to increased purchases bj Great Britain, Spain, and Japan.
A slight improvement in demand for leather
belting is reported from both district No. 3
(Philadelphia) and district No. 7 (Chicago).
Shoe manufacturing continued on a large
scale during October, although activity still
appears to be more general in the West than in
the East. October production was greatly in
excess of October, 1920, but that was a month
of extreme depression in the shoe industry.
The output of shoes during October reported
by nine large manufacturers in district No. 1
(Boston) was 5.7 per cent less than in September, but 80 per cent greater than in October,
1920. New orders were about 15 per cent in
excess of those received in September, and 13
per cent larger than in October, 1920. The
slight slackening of activity in production is
ascribed to the change in seasons. Forty-five
reporting firms in district No. 3 (Philadelphia)
produced 2.7 per cent less shoes in October than
m September, while shipments declined 1.6 per
cent. Orders booked increased 28.7 per cent,
and were 60.5 per cent in excess of the orders
booked in October, 1920. Although a few
large plants have booked orders for spring delivery, most shoe manufacturers are working
on orders for immediate shipment. Reports
from 27 manufacturers in district No. 7
(Chicago) show an increase of 5.9 per cent in
production during October. Unfilled orders
at the end of the month were 11.1 per cent
greater than at the close of September and 58.2
per cent greater than at the close of October,
1920. Eleven firms in district No. 8 (St. Louis)
report sales ranging from 32 to 40 per cent
larger than a year ago. Demand centers principally on moderate and low-price shoes, and
A marked improvement in demand, particularly for upper grades of lumber, is indicated
by the reports for October from the various
districts. District No. 6 (Atlanta) reports
some irregular improvement during the month,
with only a slight increase over the September
total in production for the district as a whole.
The threatened strike caused both orders and
production to decline toward the end of the
month. The statement of the Southern Pine
Association for the week ending October 28
showed actual production of the 130 reporting
mills to be 20.5 per cent below normal production. Stocks at mills are low and badly broken
and buyers find it difficult to cover their requirements in high-grade finish and flooring,
and as to dimension. Prices continue to rise
despite the numerous recent advances.
Operations of the Northern Hemlock and
Hardwood Manufacturers' Association, most
of whose members are located in district No. 7
(Chicago), show that for October shipments
were 214 per cent and that orders were 219 per
cent of production. Reports from district
No. 8 (St. Louis) indicate a heavy demand
for hardwoods and for structural lumber, advancing prices, heavy shipments, and depleted
stocks. The general price level of yellow pine
showed a gain of approximately 25 per cent
during the month. The volume of yard buying
diminished, but demand on the part of railways
for car-repair materials and the wood consuming industries increased. In district No. 9
(Minneapolis) the October lumber cut of 8,930,564 feet was 17 per cent less than in September and 53 per cent less than in October,
1920. October shipments totaled 15,699,808
feet, about the same as the September figure,
but orders booked during the month were 20
per cent larger than the September total and
35 per cent larger than in October last year.
Thirty-five mills in district No. 11 (Dallas)
report an average weekly production of 13,577,480 feet, which was 32 per cent below
normal. Average weekly shipments amounted
to 18,329,625 feet. In production no noticeable increase over the September total is shown,
but shipments have increased in volume.
Prices of low-grade lumber have been steadily
increasing, while prices of upper grades remained fairly constant.
In district No. 12 (San Francisco) the demand for lumber continued to strengthen dur-
1396
FEDERAL RESERVE BULLETIN.
ing October and showed a marked increase over
the previous months of the year. Price advances were generally maintained. Four factors contributed to the strength of the October
lumber market—an expansion of demand in
the woodworking industries, larger buying of
car material for repairs, increased yard buying,
sustained by an active demand for building
materials, and increased export shipments to
Japan. Statistical statements of the four
lumber associations of this district show a
volume of orders received during October
which was 18.9 per cent greater than actual
production and 12.2 per cent in excess of shipments, and which represents the largest amount
of business booked in any month since March,
1920. The October cut of the 161 reporting
mills was 380,406,000 feet and shipments
amounted to 392,970,000 feet. Production,
which, in September, was 75 per cent of normal,
is now estimated as 85 per cent of normal.
From 75 per cent to 80 per cent of the normal
output of logs is being produced and it is expected that all available rafts of logs will be
sold before camps close. Curtailment of production is reported in the shingle industry.
DECEMBER, 1921.
Co., decreased from $227,473,000 in September
to $203,954,000 in October. Increases were
shown in districts Nos. 1 and 3, while the figures
were practically unchanged in districts Nos. 5
and 9, and decreased considerably in districts
Nos. 2, 4, and 7.
District No. 3 (Philadelphia) reports that
building operations are not so extensive as the
number of permits granted would indicate, and
that the volume of contracts let has not increased correspondingly. The reduction in
wages and costs of some materials has resulted
in increased building of residences in district
No. 4 (Cleveland). All States of district No. 7
(Chicago) and most of the cities participated in
the increase of the number of permits granted in
that district, and all of the States except Michigan showed an increase in estimated cost. In
district No. 8 (St. Louis) there has been considerable growth in the construction of dwellings. The rural districts and smaller towns
have taken a much more important part in this
development. Further minor reductions are
reported in costs of clay products, cement, and
metal goods, while lumber prices have advanced. Construction activities in district
No. 12 (San Francisco) surpassed all records,
BUILDING.
both in the number and value of permits
during October. This was due chiefly
During the month of October the valuation granted
to
the
declining
prices of many building mateof building permits issued in 166 selected cities rials and the reduced
labor costs.
showed a slight increase over September in
districts No. 1 (Boston), No. 6 (Atlanta), No. 7
EMPLOYMENT.
(Chicago), and No. 9 (Minneapolis), and a subThe United States Employment Service restantial increase in districts No. 2 (New York),
No. 3 (Philadelphia), No. 4 (Cleveland), No. 10 ports an increase of 1.6 per cent in numbers
(Kansas City), and No. 12 (San Francisco). The employed in 14 selected industries of the. United
percentage of increase ranged from 0.4 per cent States in October. Such local reports as are
in district No. 6 (Atlanta) to 33.3 per cent in available indicate that increases in numbers
district No. 2 (New York). Decreases from the employed are slightly in excess of decreases.
September totals occurred only in districts Generalizations are, however, difficult because
No. 5 (Richmond), No. 8 (St. Louis), and No. 11 of the marked variations in employment con(Dallas). These decreases were 11.4 per cent, ditions within the same community as well as
38.5 per cent, and 36.7 per cent, respectively. between different regions, which grow out of
In comparison with the corresponding period of the unequal degrees of activity prevailing in
1920, the October statistics showed increases in the several industries. For example, district
districts No. 2 (New York), No. 3 (Philadel- No. 1 (Boston) reports that unemployment is
phia), No. 4 (Cleveland). No. 5 (Richmond), serious in the shoe industry in Lynn and HaverNo. 7 (Chicago), No. 8 (St Louis), No. 9 (Min- hill and also in the centers of the jewelry and of
neapolis), No. 10 (Kansas City), No. 11 (Dal- the metal industries. Reports from metal
las), and No. 12 (San Francisco). These in- goods centers are said to snow a decrease of
creases vary from 27.1 per cent in district No. 9 nearly 50 per cent in numbers employed as
(Minneapolis) to 230.5 per cent in district No. 2 compared with a year ago. On the other
(New York). Districts No. 1 (Boston) and hand, the situation in the cotton and woolen
No. 6 (Atlanta) show decreases from October textile industries is good and probably there
last year of 37.4 per cent and 25.5 per cent, has been a moderate increase in the number of
employees in most New England industries.
respectively.
While the total valuation of permits issued The New York State Department of Labor rethus increased from $151,974,000 to $172,204,- ports a gain of 2.5 per cent in numbers em000, the value of contracts let in seven Federal ployed in factories in October. Moderate
Reserve districts, prepared by the F. W. Dodge gains in employment in textile mills were coun-
FEDEKAL KESERVE BULLETIN.
DECEMBER, 1921.
terbalanced by losses in the manufacture of
clothing, but railroad-car building and repair
shops and railroad equipment factories took on
a larger number of workers. In district No. 3
(Philadelphia) the Pennsylvania State Department of Labor reported a slight improvement
in employment conditions in the six cities of
Altoona, Harrisburg, Johnstown, Philadelphia,
Scranton, and Williamsport. The numbers
unemployed were estimated at 198,635 on
November 15, a decrease of 1.4 per cent as
compared with October 31. Reports from
other parts of the district also indicated
improvement in employment conditions. In
district No. 5 (Richmond) a slight increase
in numbers unemployed was noted in the
cities, but in the rural sections of the Carolinas the demand for labor strengthened
with the resumption of a number of important lumber plants and other establishments.
In district No. 7 (Chicago) 271 firms employing
150,607 persons at the end of October reported
an increase of 2.5 per cent in numbers of employees as compared with the preceding month.
The most conspicuous increases took place in
iron and steel, railway repair shops, and in the
factories producing boxes and containers.
The chief decreases were in construction work
and in automobile and automobile accessory
plants. While the United States Employment
service figures revealed some improvement for
the firms employing over 500 men in Minneapolis and St. Paul, it is stated in the report
from district No. 9 (Minneapolis) that clerical
and domestic workers and those engaged in
other lines of employment are idle in increasing numbers. Outside of the cities and larger
towns unemployment is also growing, following the completion of harvesting. In Montana, coal mining and lumbering operations
are more active, but in copper mining and allied
industries, depression exists. In district No.
12 (San Francisco) the completion of harvesting and cessation of work on highways and public improvements in October has resulted in
increasing unemployment among unskilled
workers in certain sections. On the other
hand, there have been increases in numbers
employed in the manufacturing and building
trades.
WHOLESALE TRADE.
Seasonal factors are in large part responsible
not only for the quite general reduction in the
sales of wholesale dry goods during October,
but also for the equally pronounced increase
in the sales of hardware. In the case of dry
goods it is a striking fact that the value of
sales was above that of October, 1920, in seven
of the nine reporting districts, ranging from a
1397
minimum increase of 7.3 per cent in district
No. 4 (Cleveland), with five firms reporting, to
28.5 per cent in district No. 5 (Richmond),
with 18 firms reporting. In district No. 9
(Minneapolis) and district No. 12 (San Francisco) sales were still below the levels of a year
ago, with decreases of 20.8 per cent, with five
firms reporting, and 9.3 per cent, with 11 firms
reporting, respectively. As compared with
September, however, a seasonal falling off in
demand brought about a drop in sales in seven
out of nine districts. Decreases ranged from
3.7 per cent in district No. 2 (New York), with
three firms reporting, to 20.3 per cejit in district No. 9 (Minneapolis), with five firms
reporting. District No. 11 (Dallas) showed a
slight increase of 1 per cent in sales for 12
reporting firms.
Hardware sales increased in October as compared with September in eight of the ten
reporting districts. Advances varied from 1.6
per cent in district No. 10 (Kansas City), with
5 firms reporting, to 21.9 per cent in district No.
11 (Dallas), with 10 firms reporting. District
No. 11 states that the demand for small building hardware and for automobile accessories
was particularly strong. City sales have been
heavy, but country buying quite limited in
amount. District No. 3 (Philadelphia) also
calls attention to the fact that automobile
accessories and electric and heating supplies
have been selling well, but states that builders7
hardware has been in lesser demand. In district No. 7 (Chicago) there was a slight increase
in inquiries for builders' hardware, and in district No. 8 (St. Louis) this was also the case.
The decreases in sales in districts No. 9 (Minneapolis) and No. 12 (San Francisco) were negligible, being only 0.4 per cent in the former case,
with 11 firms reporting, and 0.7 per cent in the
latter case, with 23 firms reporting.
Wholesale grocery sales remained relatively
steady during October, with slight advances in
all reporting districts except district No. 7
(Chicago), in which 26 reporting firms showed
an average decrease of 1.1 per cent. Increases
ranged from 0.6 per cent in district No. 6
(Atlanta), with 29 firms reporting, to 17.3 per
cent in district No. 2 (New York), with 9 firms
reporting. Making due allowance for price
differences, sales compared favorably with
those for October, 1920, the maximum reduction being 31.6 per cent in district No. 6
(Atlanta), with 29 firms reporting. In that
district October sales this year were probably
anticipated in good part by September business, which was stimulated by the influence
of a substantial rise in the price of cotton,
followed by a price sag in October which,
together with two or three weeks of warm
1398
FEDERAL RESERVE BULLETIN.
weather, u caused business to drag." A fairly
substantial advance in sales occurred in the
two other southern districts, district No. 5
(Richmond) reporting an increase of 2.2
er cent, with 57 firms reporting, and district
o. 11 (Dallas) an increase of 3.4 per cent,
with 14 firms reporting. District No. 11
says that business has been very uneven, decreases having occurred in sections where the
cotton yield has been poor, while in regions
where oil activity has been renewed business
is excellent. City sales in this district have
remained fairly constant.
In districts No. 2 (New York), No. 5 (Richmond), No. 6 (Atlanta), and No. 7 (Chicago),
increases in wholesale sales of boots and shoes
have taken place during the month, the
percentages of increase beginning with 1.7
per cent in district No. 2 (New York), with
8 firms reporting, and rising to 13.3 per cent
in district No. 6 (Atlanta), with 11 firms
reporting. In district No. 12 (San Francisco),
on the other hand, a decrease of 7.6 per
cent was recorded, with 17 firms reporting.
In every district for which records are available for a year ago, sales were above the
totals for October, 1920, with the exception of
district No. 12 (San Francisco), in which the
sales averaged 9.1 per cent less, with 17 firms
reporting. However, there was a substantial
advance of nearly 30 per cent in September
sales in district No. 12 (San Francisco) as compared with August, a fact which would help
to explain the drop in October sales. Actual
increases as compared with a year ago ranged
from 2.1 per cent in district No. 7 (Chicago),
with 9 firms reporting, to 44.2 per cent in
district No. 5 (Richmond), with 18 firms
reporting.
S
RETAIL TRADE.
Retail trade, as shown by sales of 365 representative department stores throughout
the country, showed a substantial improvement in October as compared with the previous
month. The change is, however, less noticeable in the southern sections of the country,
and district No. 8 (St. Louis) reports that ' 'in
the southern sections the activity in retail
trade which accompanied the rise in raw
cotton 7 prices has subsided in a noticeable
degree. ' When compared with the October,
1920, figures, sales for the country as a whole
showed a decrease of 6.7 per cent. In districts No. 1 (Boston) and No. 2 (New York) increases amounting respectively to 4.4 per cent
and 2.8 per cent were, however, shown, but
these were more than offset by decreases of
3.2 per cent in district No. 3 (Philadelphia),
DECEMBER, 1921.
15.2 per cent in district No. 4 (Cleveland),
5.6 per cent in, district No. 5 (Richmond),
15.1 per cent in district No. 6 (Atlanta), 9.9
per cent in district No. 7 (Chicago), 8.7 per
cent in district No. 8 (St. Louis), 12.8 per
cent in district No. 9 (Minneapolis), 7.4 per
cent in district No. 10 (Kansas City), 16.7 per
cent in district No. 11 (Dallas), and 6.3 per
cent in district No. 12 (San Francisco). All
districts report that demand continues to be
confined to actual necessities. Accordingly,
ready-to-wear clothing, cotton fabrics, and
trimmings are in most active demand, while
the movement of heavy knit goods has been
unexpectedly slow, due to the continued warm
weather. Although stocks on hand are lower
than a year ago, they show a slight increase
over stocks at the close of September. The
amount of outstanding orders is, however,
slightly lower than a month ago, while the
same is true of the rate of stock turnover.
PRICES.
Prices in the United States were slightly
lower in October than in September. The
index of the Federal Reserve Board, constructed primarily for international comparisons, showed a drop of 2 points, from 143 to
141 (with prices in 1913 considered as 100),
while the index of the Bureau of Labor
Statistics showed a similar change, from 152 to
150. There were appreciable decreases in the
prices of leading agricultural commodities with
the exception of sheep, cattle, dairy products,
and wool. Lumber prices were only very
slightly lower, and minerals and metals higher.
During the first three weeks of November
prices of many leading; commodities continued
to decline, although the nonferrous metals,
corn, oats, wool, and some grades of cattle
hides showed small increases. It seems probable, however, that an average of prices
during this period would show a reduction
from the October level. In the cereal group,
wheat averaged lower than in October, but
was slightly higher in the third week of
November than in the first; corn and oats
showed slight gains over the October average.
Cotton has reacted downward from the September and October levels, but is still approximately 5 cents higher than in August, the
average of upland middling at New Orleans
being 17£ cents a pound in the first three weeks
of November as compared with 12J cents in
August. Sheep and hogs also declined heavily
during the early weeks of November, but steers
have been quoted slightly higher than in October.
Cotton yarns and doth have followed the
trend of the raw material and were Jquoted in
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
many cases at about the same point as during
September. In, spite of the relative strength
of raw wool prices, yarns have not advanced
during November.
An average of the prices of several types of
steel products works out somewhat lower for
the third week in November than for October.
Steel billets have also been reduced. The
nonferrous metals, on the other hand, including copper, tin, and zinc, have been rising
in price for the past several months. Bituminous coal is practically unchanged from the
September an,a October quotations.
Retail price statistics are not yet available
for November. During October, however, the
retail food index of the Bureau of Labor
Statistics showed practically no change (0.3
per cent decrease) from the September average.
SHIPPING.
The ocean freight market displayed distinctly firmer tendencies in November, the
demand from charterers for steamers in the
West Indian and Mediterranean trades being
particularly active. At the same time, the
rates on a number of commodities, including
grain and cotton, were reduced during the
month to bring them into line with lower
quotations on other goods which had previously been announced. American ships have
been carrying in recent months a smaller proportion of our foreign trade—whether this is
measured in terms of value or weight—than
was the case a year ago. According to the
records of the United States Shipping Board,
in September, 1920, American vessels carried
41 per cent of this country's sea-borne exports
and 59 per cent of our sea-borne imports, by
weight. In September of the present year
our ships carried but 33 per cent of our seaborne exports and 40 per cent of our seaborne imports, foreign ships carrying the remainder. In these figures cargoes of oil in
bulk are not included. Much the same story
is told by the value statistics of the Department of Commerce, according to which American ships are credited with carrying 38.6 per
cent of our water-borne exports and 31.6 per
cent of our water-borne imports in September,
1921, compared with 41.7 per cent and 42.7 per
cent, respectively, a year ago.
FOREIGN TRADE.
Small increases in the value of both exports
and imports are recorded for October as com-
1399
pared with September. The increased value of
exports is more than accounted for by an expansion of cotton shipments from 522,000 bales
in September to 875,000 bales in October, the
value of cotton exports rising by almost
$50,000,000 in the latter month, while exports
of all commodities rose only $20,000,000, to a
total of $346,000,000. Total imports in October were valued at $183,000,000, an increase of
$4,000,000 over the month preceding. Both
imports and exports, however, show very decided declines in value as compared with a year
ago. This is due in no small measure to the
lowered prices of practically every commodity
entering into our foreign trade, although contractions in the actual quantities of merchandise shipped have also had their effect.
As an indication of the volume of our foreign
trade in recent months compared with the same
months a year ago, reference may be made to
the statistics now compiled by the United
States Shipping Board on the actual weight in
long tons of our water-borne commerce. According to these figures, in the three months
ending September, 1920, total water-borne imports to the United States amounted to
8,996,363 tons, while in the same three months
of the present year the}?- were 5,484,808 tons, a
decline in weight of 39 per cent. The weight of
water-borne exports declined in the same
months from 16,778,124 tons to 13,513,269
tons, a reduction of about 20 per cent. If shipments of oil in bulk and Great Lakes cargoes
are omitted from the comparison, the remaining
sea-borne cargoes show a far greater contraction in the last few months than do the foregoing totals. The figures for imports then become 5,081,095 tons in the third quarter of
1920 and 2,346,998 tons in the same quarter of
1921, a decline of 54 per cent. Sea-borne exports, excluding oil in bulk, are • given as
15,530,787 tons in the third quarter of 1920,
compared with 8,152,327 tons in the same
period this year, the decline in the weight of
these exports being therefore 47 per cent.
Similar figures for prewar months are not available. A compilation of the weights of the principal commodities imported and exported in
1913 seems, nevertheless, to justify the conclusion that exports in recent months have
been substantially greater than in the same
months of 1913, while imports have been close
to the prewar level. If oil is disregarded, however, the present volume of all other imports is
materially less than in corresponding prewar
months.
1400
FEDERAL RESERVE BULLETIN.
FOREIGN EXCHANGE OPERATIONS,
1918-1919.
I. BALANCES ON OPEN ACCOUNT.
A chapter in war-time finance, which hitherto
has been left unwritten, is that relating to
transactions in foreign exchange during the
period of governmental control. The Federal
Reserve Board has felt that much of the statistical data on this subject, which was regularly reported to it and kept on file during the
war for confidential use in the regulation of
exchange operations, has permanent value from
an historical point of view, and more particularly because of the light it throws upon certain
aspects of the balance-of-trade situation.1 The
Division of Analysis and Research has therefore prepared a resume of such reports of the
Division of Foreign Exchange as seemed of
general interest at this time. This is the first
of three articles giving the facts contained in
those reports.
WAR-TIME CONTROL OF EXCHANGE.
The espionage act, approved June 15, 1917,
among its provisions prohibited the export of
coin, bullion, etc., except under regulations to
be issued by the President. By Executive
order of September 7, 1917, the President
directed that such regulations should be administered by the Secretary of the Treasury.
The trading-with-the-enemy act, approved October 6, 1917, extended the Government's executive control so as to include the regulation
of transactions in foreign exchange and the
transfer of credit in any other form for the
account of foreign persons. By the President's
Executive order of October 12, 1917, such regulatory authority was vested in the Secretary
of the Treasury, who was furthermore given
the power to demand from any dealer in foreign
exchange complete information relating to all
transactions, including the production of books
of account and other documents. An Executive order dated November 23, 1917, contained
the administrative procedure for carrying out
the order of October 12, and designated the
Federal Reserve Board as the agency of the
Secretary of the Treasury to administer it.
The Federal Reserve Board was vested with
additional administrative authority in the Executive order of January 26, 1918, in which
were prescribed the detailed orders and regulations to govern all foreign exchange dealings,
the exportation of bullion, and international
transfers of credit in any form. Dealers in
1
For a further discussion of the international balance of the United
States and its relation to foreign tradefinancing,see FEDERAL RESERVE
BULLETIN, November, 1921, pp. 1261-1269.
DECEMBER, 1921.
foreign exchange were divided into three classes
according to the character of their dealings, all
dealers being required to file applications for
registration certificates on or before January
31, 1918 (time extended to Feb. 5). The regulations prohibited any dealer from engaging in
foreign exchange transactions without a registration certificate after February 10, 1918 (time
extended to Feb. 15). Reports from all dealers
were required weeldy—or monthly, in some
cases—by the Division of Foreign Exchange
of the Federal Reserve Board, covering dealings
throughout the week or month preceding the
date of each report. In order to keep more
closely in touch with foreign exchange dealers,
the Division of Foreign Exchange opened an
office in New York City, the market in which
.about 97 per cent of foreign exchange business
in this country was being transacted.
The purpose of thus regulating exchange
transactions was, of course, to make sure that
there should be no transfer of funds that would
directly or indirectly benefit the enemy. At
the same time every effort was made not to
interfere with the legitimate business of American banks and business houses. The work of
the Division of Foreign Exchange, it may be
noted, was altogether distinct from operations
of the Treasury designed to stabilize the rates
of dollar exchange. The period of active control really commenced February 20, 1918, and
was terminated June 25, 1919. The President,
by proclamation of June 26, 1919, abrogated
the Executive order of January 26, 1918, with
certain exceptions, thereby terminating governmental control of foreign exchange and of
the exportation and importation of coin, bullion, currency, etc.
SCOPE OF THE REPORTS.
The statistical data collected by the Division
of Foreign Exchange cover the following points:
(1) Total net balances between United States
and foreign countries.
(2) Purchases of exchange.
(3) Sales of exchange.
(4) Debits and credits to dollar account.
(5) Arbitrage transactions.
(6) Foreign exchange transactions in securities.
(7) Securities held abroad for American account.
(8) Securities held abroad for foreign
account.
(9) Securities held in United States for foreign account.
Some of these call for more detailed consideration than others, but the principal findings, at
least, on each subject will be summarized. The
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
present article is concerned with the subject of
net balances.
The Division of Foreign Exchange compiled
each week, from the reports received, the total
net balances of each foreign country as they
stood on the books of American banks and
business houses engaging in foreign exchange
transactions. All institutions which either
held balances in the United States for banks or
individuals abroad or which maintained balances in foreign countries were required to
report the amounts of such balances on February 20, 1918, the beginning of governmental
control over exchange operations, and regularly
thereafter to record all purchases and sales "of
exchange. In this way the additions to and
deductions from each reporting institution's
balance with or for each country could readily
be ascertained. By consolidating these individual reports the total balance of the United
States with or for each country was drawn up
weekly. These reports were designed to
approximate as nearly as possible the true
unfunded balance each week, including all
items which could be obtained from bank
transactions. Thus the figures take account
of the great bulk of international payments during the period in question. A few items, such
as currency carried abroad by travelers and
soldiers, have not been included in the reports.
These items, however, do not affect the essential validity of the figures.
In preparing these balances for publication
the last week in each month has been chosen
throughout the period of control. The everchanging situation is thus thought to be adequately pictured, space preventing the publication of the balance in complete detail for each
of the entire 70 weeks. To show the condition
of affairs immediately after the armistice the
net balance on November 13, 1918, has also
been included. This material is shown by
countries in Tables I and II at the end of this
article. In addition, the total balance with
the world and with several of the more important countries is presented for each week in
Table III. Net balances owed by the United
States to foreign Governments are shown
separately in Table IV and are included also in
Tables I to III as part of the total balances.
BALANCE WITH WORLD AT LARGE.
There is so much of value and interest in
these figures that it seems worth while to examine them in detail. Consider first the total net
balances between the United States and the
world at large. Beginning with a balance of
$773,882,376 owed by the United States on
February 27, 1918, the figures rose steadily
1401
until a maximum of $1,065,598,994 was reached
on August 21, 1918. Thereafter the sum
declined consistently, aside from upward movements in November, 1918, and March, 1919, to
their lowest point of $643,047,223 at the termination of control on June 25, 1919. The
amount of the net balance owed by the United
States to the rest of the world on the date nearest to the armistice was $927,446,517 on November 13, 1918. At the close of 1918 the
total had been somewhat reduced to the figure
of $882,135,870. While it is not the purpose of
this article to attempt an explanation for all of
the movements shown in the tables here presented, a number of things stand out very
clearly. The chief reason for the large sums
owed by the United States to foreign countries as
unfunded balances was due to the fact that the
United States Government had extended large
credits to Europe, most of which were availed
of through credits on the books of American
banks. It is these credits which either directly
or indirectly have given rise to by far the
largest share of the balances just described.
It will be noticed that these balances attained
their highest figure a little before the armistice.
The reduction in the size of the outstanding
balance, which took place beginning with September, 1918, is undoubtedly to a considerable
extent to be accounted for by payments of foreign countries for the seasonal shipments of agricultural products, which naturally assumed large
proportions at that time of the year. The reason for the continuance of this decline after the
armistice seems clear. Advances by the United
States Government, while not ceasing immediately, were nevertheless granted in decreasing
amounts, while at the same time the various
Governments continued to draw upon their
dollar balances in this country for the settlement of war-time indebtedness.
DISTRIBUTION OF BALANCES BY GEOGRAPHICAL
GROUPS.
When the total balance is analyzed into its
component parts, it is seen, just as would
naturally be expected, that our transactions
with the European allies constituted the determining factor in the changes in the total of the
world balance; that is, the peak was reached
about the same time and the declines were
very much in the same proportion as for the
total. As a matter of fact, the net balances
in favor of the European allies over practically
the entire period under consideration formed
one-half or more of the balances due to the
world. Slight differences which may be noted
between the movement in this balance and
the total world balance are that, for the Euro-
1402
FEDERAL RESERVE BULLETIN.
pean allies, the maximum was reached in
July, 1918, and following the armistice the
decline in the balances owed by the United
States to the European allies was somewhat
greater than the reduction in the total owed
to the world. The balance in favor of the
European allies ranged from a minimum of
approximately $300,000,000 to a maximum of
about $600,000,000 during the period.
The balance owed to European neutrals
shows a very different movement from our
balance with the
European, allies. In the case
of the neutrals7 balance, the fluctuations were
of comparatively minor importance, and although the balance grew slightly until April,
1919, there is nothing striking in the changes.
This situation seems natural in view of the fact
that the United States granted no loans to the
European neutrals, with the result that such
balances as were built up by them at this
time seem to have been the result of foreign
trade operations with the addition of credits
transferred from the European allies in the
settlement of their debts with the neutral
countries. The size of this balance is next
below that of the European allies and at the
end of the7 period was almost as large, since
the allies balance had been, reduced very
materially while the balances of the neutrals
had been well maintained. At one point, in
February, 1919, the net balances on the books
of American banks in favor of the neutrals
actually exceeded that due to the European
allies. In the case of the Central Powers, the
records of American banks show that there
was a small balance due to the United States
throughout the period.
If now Europe is regarded as a unit, it is
seen that immediately after the armistice
European countries had net dollar balances
with this country
aggregating
about
$807,000,000, which had been reduced to
$733,000,000 at the close of 1918 and to
$550,000,000 by the end of June, 1919. The
balances with the rest of the world are much
smaller, though the proportionate changes in
them have been just as great if not greater
than those already mentioned. In particular,
Asia shows a large increase in the two or three
months preceding the armistice on account of
balances built up in this country by Japan.
The balance due to Asia fell off with extreme
rapidity toward the end of the period of exchange control, and on June 25, 1919, there
was a balance of $3,235,467 owed to the United
States. The North American balance shows
some wide fluctuations, but the total outstanding at any one time did not exceed
$100,000,000, and in the summer and fall of
1918 was especially low. Our balance with
DECEMBER, 1921.
South America discloses some unusual fluctuations. Beginning with only $2,499,153 at
the outset of the period, it rose rapidly to
nearly $50,000,000 in May, 1918, and then
fluctuated back and forth, ending the period
at $15,830,812. Our balance with Africa and
Australasia was comparatively unimportant,
and throughout practically the whole time
there was a small balance due to the United
States.
BALANCES WITH EUROPEAN COUNTRIES.
Taking up now the principal countries in
each group, France's financial position among
the European allies appears, according to the
figures, as perhaps the most unusual. At the
beginning of the period of exchange control
the net balance owed by the United States to
France was the largest owed to any country in
the world, a situation which obtained consistently until after the armistice. An important factor in bringing about this situation
was the arrangement of the United States Government whereby dollar credits were opened in
this country in favor of France in return for
French francs to be used in paying the expenses
of the American Army abroad. Loans to
France direct as well as credits granted to Great
Britain and later transferred to France have,
of course, played a large part in creating such
a balance on open account. The fall in France's
balance immediately after the armistice was
very sudden, when she used up the greater part
of her former balances in the course of two
or three months, ending the period with a
balance less than one-third that which she had
during the summer of 1918. This is explained
by the fact that France was cleaning up wartime indebtedness with the credits which the
United States had granted during the war,
while she was in no position to replace such
balances through her export trade. In actual
size, the French balance started at $141,679,586,
reached a maximum of $250,400,877 on June 5,
1918, and closed the period at $68,852,622.
Great Britain's balance, which during much
of the period was less than that of France,
shows some decided differences from the movements of the French balance. For one thing,
Great Britain had no need to build up an
unusually large balance with American banks,
inasmuch as her facilities and resources for
meeting obligations as they matured were more
adequate than those of France. This, no
doubt, is the explanation of the much lower
balance kept in the United States by Great
Britain, although at the same time, by reason
of the magnitude of the settlements which were
constantly being made, the balance on open
account shows considerable fluctuation from
week to week. In January, 1919, on account
of the falling off in the French balance, the
British balance became the highest for any
country, which position it retained for the remainder of the period. Like France, Great
Britain drew very largely on her balance immediately following the armistice, but in the
course of a month or so it was back at its former
level. The net amounts owing to Great
Britain by this country ranged from a minimum
of $32,935,687 on March 6, 1918, to a maximum
of $206,924,877 on September 4 of the same
year.
Italy's balance commenced with a figure of
$42,050,559, increasing during the summer of
1918 to $89,164,877 on July 31, though even
earlier it was slightly in excess of that sum for a
single week only. During the rest of the period
it varied between approximately $50,000,000
and $88,000,000, and near the end of the period
it was slightly above the balance due to France.
The only balance of any size among the other
European allies was that of Greece, which remained very nearly constant from week to
week. After the armistice the Greek balance
fell off somewhat, from an average of between
$50,000,000 and $60,000,000 to a little over
$40,000,000 for the rest of the period.
The net balances on the books of American
banks owing to the individual European
neutrals disclose little that is striking. In
general they each follow fairly closely the
movement of the total balance of the European
neutrals. Holland's balance was perhaps the
steadiest of this group, even increasing a little
in April and May, 1919, when that of the others
was declining. In the first part of the period
of control, three of the neutral countries,
namely, Denmark, Norway, and Holland, had
balances not far from one another, ranging
from about $55,000,000 to $80,000,000. Spain,
Sweden, and Switzerland had balances considerably less than this in the first part of 1918.
Toward the end of the period Sweden's balance,
which began at $23,895,040, had grown by
steady increases to over $50,000,000. The
balance owed to Switzerland shows some rather
decided fluctuations, but at no time did the
balance much exceed $30,000,000.
ASIA.
The story of Asia's balance runs parallel with
that of Japan, which constituted very nearly
Asia's total. Beginning with August, 1918,
Asia's total balance was less than Japan's,
because of the sums owed to the United States
by India which count as an offset. The records
disclose that the fluctuations in Japan's balance
1403
FEDEEAL RESERVE BULLETIN.
DECEMBER, 1921.
were extremely wide. Thus on March 27,
1918, her net balance is recorded as only
$33,249, but during the summer and early fall
this rapidly increased to a maximum of
$169,426,703 on September 11, 1918. In October, however, this balance was largely
reduced through shipments of gold from the
United States to Japan, the net balance declining from over $150,000,000 near the close
of September, 1918, to slightly over $80,000,000
a month later. In February, 1918, the United
States owed India a net balance of something
over $6,000,000, which, however, was soon
wiped out; and beginning with May up to the
end of the period India owed us a balance
ranging from $5,000,000 to about $16,000,000,
the maximum being reached in November,
1918. The other Asiatic countries do not call
for comment here, except to note that in the
space of several weeks their balances frequently
fluctuated back and forth bet ween net credit and
net debit sums. China and the Straits Settlements are good illustrations of this point.
Normally China is indebted to the United
States through importing more merchandise
than she exports to us. Owing to the high
price of silver during the war, however, China
was enabled more readily to pay her debts to
the United States in silver, a situation which is
clearly reflected in China's small balances with
the United States on open account.
NORTH AMERICA.
Canada and Mexico, as would be expected,
are the important factors in North America's
balance with the United States. The sums
owing to Canada were large at times, but
throughout most of October, 1918, there was
a small net balance on open account which
Canada owed to the United States. The
maximum amount owed to Canada (a little over $71,000,000) occurred at the beginning of the period, and, as has just been indicated, the balance was very greatly reduced
during the summer of 1918, increasing, however, to $55,435,236 on June 25, 1919. Canada
has for many years been a borrower from
the United States, and has been in the
habit of using part of the proceeds of loans
floated in the United States to pay for the excess of exports over imports that we were
sending her. The net balance shown by the
records of the Division of Foreign Exchange
may thus be explained as arising from Canadian
loans placed in the United States, much of the
proceeds from which was subsequently employed in settling Canada's debts incurred in
this country. The balance to the credit of
Mexico was much steadier than Canada's
1404
FEDERAL RESERVE BULLETIN.
balance and during most of the period remained
at a lower figure. The Mexican balance fell
somewhat in December, 1918, but increased
during the early months of 1919 to a maximum
of about $38,000,000 in May and June, 1919.
SOUTH AMERICA.
With the exception of Argentina, and Bolivia
on a much smaller scale, balances of the United
States with South American, countries were
chiefly owed by them to the United States, in
contrast with the situation for the countries of
Europe. The balances owing to the United
States were not large, although Brazil and
Chile together owed us sums ranging from
$17,000,000 to $42,000,000. Argentina, on the
other hand, by reason of large dollar credits of
the Argentine Government on the books of
American banks, and also as a result of grain
shipments to Europe, paid for by drafts on
New York, had a large balance on open account
for the entire period. This balance stood at
$28,662,502 on February 27, 1918, and increased rapidly to over $80,000,000 in May,
after which it remained fairly steady at a somewhat reduced figure for the rest of the period.
Because of the large amount of Argentina's
balance due from the United States, the balances owed us by the other South American
countries merely served to offset in part the
total due to Argentina, so that the United
States still owed a considerable balance to
South America taken as a whole.
FURTHER ANALYSIS OF NET BALANCES.
For the benefit of those who may wish to
study in greater detail the net balances between the United States and foreign countries, as given in Table I, the net debits
and credits from which the net balances have
been derived are presented in Table II. This
data for Great Britain, France, Canada, Japan,
total Europe, and total world appears in
graphic form in the chart on page 1405. The
net balances owed by the United States on
open account, which have been dealt with in
preceding paragraphs, represent net differences between sums owed by the United States
to foreign countries and sums owed by foreign
countries to the United States. The first column of Table II is accordingly devoted to dollar credits of foreign concerns carried with concerns in the United States, and the second
column to amounts which American concerns
carried in foreign currencies abroad. Wherever
overdrafts by foreign concerns are greater
than the credits to dollar account, no credits
to dollar account are shown in the table,
but instead the amount by which the overdrafts exceed the dollar credits. Such amounts
are indicated in Table II as overdrafts. The
DECEMBER, 1921.
net balances shown in Table I take these overdrafts into account as additions to the opposite column of Table II. Similarly, in arriving at net balances, overdrafts by American
concerns on their accounts abroad may be
counted as additions to sums owed by the
United States.
The net balances arrived at by offsetting
the sums owed to the United States against
the sums owed by the United States do not
take into consideration the question whether
American credits, abroad could in reality be
availed of to reduce the balances owed by the
United States. As a matter of fact, the balances held by Americans abroad were in many
cases speculative holdings of foreign currencies,
and in other instances they constituted holdings for special purposes, such as the purchase of
commodities. On the other hand, the dollar balances held by foreigners in this country represented to a great extent purchasing power which
those countries were waiting to exercise when
commodities should become more available,
and in part they represented suspended demand
for gold which became effective upon the raising of the gold embargo. The dollar balances
represented also unemployed sums which were
held in the United States as being in that
form less subject to fluctuation in value than
balances held in other currencies. In the
light of these facts, the dollar credits of foreign countries shown in Table II assume new
significance, since with the removal of the
gold embargo they may be regarded as constituting the gold debt of the United States.
FOREIGN GOVERNMENT BALANCES.
Included in the balances which have been
discussed in preceding paragraphs are credits
in, favor of foreign Governments on the books
of American, banks. These credits largely
grew out of the advances made to foreign
Governments by the United States Government after our entry into the war. The
amounts of the resulting balances due to foreign
Governments in the last week of each month
from June, 1918, to June, 1919, will be found in
Table IV.
It will be observed that the total foreign
Government balances with American banking
houses ranged from a little over $200,000,000
to nearly $400,000,000 in the 12 months ending June, 1919. A maximum of $387,170,354
was reached on November 13, 1918, immediately after the armistice. From January to
June, 1919, the balances owed to foreign, Governments declined steadily, on June 25, 1918,
amounting to $210,345,520. The fluctuations
in the total Government balance are due almost
entirely to changes in the sums owed to the
European allies. The amounts owed to the
1405
FEDEKAL RESERVE BULLETIN.
DECEMBER 1921.
NET BALANCES ON OPEN ACCOUNT
OWED BY UNITED STATES TO FOREIGN COUNTRIES,
FEBRUARY, 1918 - JUNE , 1919
A S REPORTED TO DIVISION OF FOREIGN EXCHANGE, FEDERAL RESERVE BOARD
AMOUNTS OWED BY U.S.
AMOUNTS OWED TO U. S.
NET BALANCES OWED BY U S.
MILLIONS
OF
TOTAL WORLD
TOTAL EUROPE
1500
1500
1250
1250
1000
1000
750
750
500
500
250
250
F. M, A.M. J. J. A. S. O. N. D. J. F. M.'A.'M J.
1918
1919
F. M.A. M. J. J. A. S. O. N. D. J, F. M. A. M J.
1918
1919
JTote; Cross hatched areas for Great Britain fbr March, April, and May, 1919, indicate
that figures are inclusive of orerdrafts.
78092—21
3
1406
FEDERAL, RESERVE BULLETIN".
Argentine Government varied but little during
the 12-months period, being not far from
$90,000,000 throughout. The fact that this
figure is greater than the net balances shown
for Argentina in Table I is accounted for by
overdrafts or offsets that reduce the total net
balance below the balance owed to the Argentine Government. Aside from the European
allies and Argentina, other foreign Governments had comparatively small balances in this
country, and therefore call for no particular
comment here.
Among the Governments of the European
allies, the British Government had the largest
balance, although in March and April, 1919, her
balance fell slightly below that of France.
The British balance attained a maximum of
$136,198,215 on November 13, 1918, and thereafter followed much the same course as has
been, indicated for the allied Governments as a
group. In the early part of 1918, and again
in November of the same year, the net credit
DECEMBER, 1921.
balance of the Italian, Government on open
account was above that of the French Government. After the armistice the Italian Government balance declined very rapidly from its
peak of $70,000,000 in the .middle of November, 1918, to a fairly even, level of about
$20,000,000 throughout the first six months of
1919. The net balance of the French Government at no time exceeded $60,000,000, the
high point being reached in November, 1918.
From March to June, 1919, the French Government steadily reduced its balance with banking
institutions in this country, and at the end of
June had a balance to its credit of only $28000,000, the lowest point to which this balance
was allowed to fall during the period for which
the records of the Division- of Foreign Exchange are available.
Detailed figures covering both total net
balances and foreign Government balances,
classified by countries and by groups of countries, will be found in the tables which follow.
TABLE I.—NET BALANCES ON OPEN ACCOUNT BETWEEN UNITED STATES AND FOREIGN COUNTRIES ON SPECIFIED DATES.
[Balances owed by foreign countries to United States are marked by minus (—) sign; balances not so marked are owed by United States to foreign
countries.]
Countries.
Feb. 27,1918. !Mar. 27,1918. Apr. 24,1918. May 29,1918. June 26,1918.1 July 31,1918. Aug. 28,1918. iSept.25,1918.Oct.30,1918.
European allies:
$141, 679,586
France,
92,699, 478
Great Britain
56,029,926
Greece
42,050. 559
Italy
1,936; 880
Portugal
34,071,947
Russia
2,904,450
Other points
European neutrals:
69,346,193
Denmark
63,037,005
Holland
63,793,797
Norway
20,979,125
Spain
23, 895.040
Sweden
24,296,052
Switzerland
Central Powers:
215,448
Austria-Hungary...
-2,872,377
Germany
Turkey
Asia:
2,849,711
China
7,269,998
East Indies
6,563,231
India
20,840,274
Japan
-596,533
Straits Settlements.
1,340,448
Other points
North America:
71,180,679
Canada
6,702,60S
Central America
20,940,763
Mexico
-214,237
West Indies
South America:
28,662, 502
Argentina
786,844
Bolivia
-9,176,195
Brazil
-9,156,789
Chile
—1,590,939
Colombia
-3,591,238
Ecuador
-2,524,408
Peru
-1,233,209
Uruguay
-497,990
Venezuela
820,575
Other points
-318,312
Africa
761,484
Australasia
$179,430,891 $191, 506,563 $206,119, 810 $201,531,224
123,624,937 102, 842,184 111,946,929 136,903,939
56,143,390 57,828,035 58,931,718
61, 436,783
52,707, 814 61, 737,133 85,568,227
85,686,041
3,240,163
4,056,437
3,405,912
4,031,847
31, 580,210 34,107,709 33,980, 784
30, 825,365
6,545,494
6,828,578
5,366,011
6,416, 985
$205,569, 065 $211,231, 998 $196,742,852 $197,095,544
192,137,699 175,208,126 159,967,342 159, 878,988
58,896,908
5 6 , 4 % 140 55,022,933 51,025,614
89,164,877
87,907^503 65, 045,435 62, 654,815
3, 342,528
2,926,828
3,975,358
2,504,323
15,648,677 21, 521,310
23,527,166
13,340,9*1
2,799,502
2,841,067
5,034,657
1,779,124
75,948,856
55,296,901
60,457,036
23,424,705
29,738,433
13,769, 286
76,218,477
59,426,186
68,214,013
27,515,241
29,436, 243
20,945, 688
78,499,116
60,376,513
64,116,998
28,793,999
31,432,959
16,581,685
-3,054,598
-5,795,547
155,197
-3,168,952
-2,746,602
35,493
-3,154,493
-5,977,627
39,640
-4,426,503
-8,106,137
-260,277
-1,059,796 —2,492,418
8,152,092
7,954,008
3,859,447
3,997,042
33,249 26,138,644
-502,585 -1,008,956
1,508,183
1,645,837
1,530,113
7,628,082
-5,708,887
44,425,546
2,322,118
2,235,732
1,848,834
1,707, 274
7,400,231
7,606,104
-6.062,783
-4,962,629
92', 779,681 i 101,385,296
434,963 ; -317,616
1,125,913 ;
227,832
-2,353,202
-679, 972 -1,190,633
5,025,411
3,948,791
4, 044,448
-9,221,586 -14,924,900 -12,708,365
155,993,900 150,351,959 80,927,949
—535,043
221,477
—310,816
102,674
359,170
258,170
48,693,128
7,186,911
23,144,811
6,594,908
14,578,812
7,811,317
23,110,306
1,192,190
15,407,603
8,406,333
22,872,780
-1,587,187
I 13,450,066
! 8,479,079
j 24,421,507
j -994,754
42,370
16,970,649
7,647,387
7,634,860
22,993, 639 22,368,257
-4,521,791 -8,175,867
80,225,476
82,384,920
61. 588,505
2,919,966
1,267,967
1,669,420
-9,611,870 -12,448,637 -17,463,447
-7,783,316 —4,440, 758 -3,944,913
-3,804,076 -6,894,413 -6,918,104
-3,698,524 -4,347,237 -5,105,361
-31689,577 -2,512,083 -2,584,506
698,048
-553,405
986,529
-2,457,353 -3,869,312 —3,576,451
-I', 962,946 -1,918,495 -1,958,053
-1,165,920 -1,258,926 -1,810,968
-681,961
-422,335 -1,600,124
70,945,794
2,770,015
-16,585,918
-8,323,227
-7,347,524
-4,793,796
-3,215,171
264,143
-2,937,997
—2,260,611
-1,916,942
-1,631,747
79,692,037
57,204,305
62,963,455
22,548,615
26,704,934
13,712,507
—3,444,588
-3,004,244
150,983
64,222,538
6,821,436
14,393,216
14,401,517
45,406,210
1,026,558
-11,446,555
-8,432,117
-2,421,101
-3,029,070
-2,569,533
-2,195,341
-2,145,346
230,543
-878,005
69,794
71,070,117
56,577,334
60,688, 815
22,220,193
27, 984, 356
20,231,088
80,211,641
61,689,572
60,133,703
31,536,608
33,279,195
15,556,446
82,445,441
61,215,713
64,021,141
34,421,826
31,996,967
19,724,229
84,125,909
59,308,487
66,190,008
32,213,324
35,951,125
27,575,181
-4,443,058 -4,860,998
- S , 486,864 -8,654,759
-148, 563
-27,985
-4,838,161
-8,083,267
—27,256
3,712,830
5,842,550
24,413,343
-9,767,012
68,196,919 55,008,687 62,766,760
3,268,683
3,586,309
3, 400,256
-16,115,815 -14,564,846 -12,104,917
-10,730,655 -12,655,454 —12,260,220
-7,557,195 -7,762; 486 —7,404,401
-4,591,369 -4,886,351 -4,460,173
-2,455,344
—47,247
2,482,820
168,349
-312,052
926,670
-3,518,548 -3,56i; 729 -3,610,744
—2,718,287 -2,989,995 -3,252,841
-1,983,313 -2,736,280 -3,445,254
-2,506,822 -1,545,648 -1,533,156
RECAPITULATION.
European allies
European neutrals
Central Powers
Asia
North America
South America
Africa and Australasia.
Grand total
371,372,826 452,259,165 457,807,281 507,432,483
265,347,212 262,825,853 258,771,903 258,635,217
-2,656,929 -6,297,849 -8,694,948 -5,880,061
38,267,129 11,990,590 36,234,157 52,432,704
98,609,813 99,838,707 85,619,758 46,692,625
2,499,153 14,424,248 29,295,405 48,609,934
443,172
—808,211 -1,847,881 -1,681,261
773,882,376 834,232,503 857,185,675 906,241,641
526,832,184 577, 257,200 555,921,133 498,569,269 496,459,718
281,785,848 279, 801,270 282,407,165 296,825,317 305,334,034
-9,092,480 -12, 792,917 -13,078,485 -13,543,742 -12,948,684
97,526,839 105,646,261
149,265,650 139,020,029 71,020,753
45,099,529
45,355,898
43,077,357 21,882,147 24,201,711
42,292,655
28, 515,708
11,784,836 26,483,177
23,946,738
-3,411,092
- 3 , 548,689
-4,490,135 -4,281,928 -4,978,410
981,033,483 1,020,234,731 1,037,049,423 950,255,928 905,602,299
1407
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
TABLE L—NET BALANCES ON OPEN ACCOUNT BETWEEN UNITED STATES AND FOREIGN COUNTRIES ON SPECIFIED
DATES—Continued.
[Balances owed by foreign countries to United States are marked by minus (—) sign; balances not so marked are owed by United States to
foreign countries.]
Countries.
European allies:
France
Great Britain
Greece
Italy
Portugal
Russia
Other points
European neutrals:
Denmark
Holland
Norway
Spain
Sweden
Switzerland
Central Powers:
Austria-Hungary
Germany
Turkey
Asia:
China
East Indies
India
Japan
Straits Settlements...
Other points
North America:
Canada
Central America
Mexico
West Indies
South America:
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
Other points
Africa
Australasia
Nov. 13,1918. Nov. 27,1918, Dec. 31,1918. Jan. 29,1919. Feb. 26,1919. Mar. 26,1919. Apr. 30,1919. (May 28,1919. June25,19l9.
$195,2O9>O12 $187,450,136 $144,122,473 $123,280,840
160,025,743
82,482,542 142,008,511 158,774,723
51,942,482 45,664,708 42,127,028
47,908,816
84,012,252 58,616,854 49,434,359
83,104,588
1,572,385
2,149,243
2,481,373
2,253,679
22,149,425 23,352,748 23,263,934
21,637,602
6,407,588
6,991,165
1,892,160
8,771,183
86,255,842
59,827,781
63,959,939
34,070,110
35,373,540
28,275,603
87,342,848
60,207,535
68,664,675
34,298,606
37,878,092
27,742,907
91,039,784
70,393,334
62,116,305
31,146, 756
41,652,177
27,191,007
-4,849,869
-8,239,277
-25,771
-4,325,492
-8,672,605
-17,860
-4,278,404
-8,901,764
-9,160
91,609,940
66,290,692
60,017,038
26,922,587
48,242,915
28,065,695
$59,820,028
120,012,356
43,715,677
50, 423, 704
1,556,338
20,166,307
8,580,181
95,477,974
72,416,348
59,967,469
26,201,205
49,935,488
27,521,328
$84,298,153 $84,153,737
165,316,015 154,188,925
42,024,666 45,230,177
62, 028,899 61,936,966
885,490
780,675
19,472,388 18,416,091
8,895,351
8,627,531
92,381,538
71,294, 221
56,720,208
25,198,865
52,702,728
28,635,320
80,259,454
81,539,699
43,575,667
28,911,213
56,439,405
30,093,653
67,170,134
73,838,392
31,054,310
33,170,414
46,214,438
20,013,508
-4,584,622 -5,051,055 -5,296,782 -6,037,767 -5,888,826 -5,927, 207
-8,699,964 -10,691,566 -12, 590,403 -13,215,460 -13,827,652 -14,257,417
9,127
-116,472
25,083
48,385
-292,919
-34,799
244,405
-518,571
2,999,591
601,589
4,292,541
3,331,096
4,372,586
3,580,483
-16,277,580 -15,689,511 -15,029,425 -13,344,511
81,133,783
82,059,848 99,816,033 79,331,612
-614,114 -1,012,476
-168,909
-1,516,963
-674,962
213,812
-966,715
1,192,205
-1,909,310 -1,828,569
3,074,281
2,816,184
—9,217,413 -15,672,134
64,180,757 39,183,286
1,890,421
2.459,522
-1,102,356
1.576,523
47,076,662 29,378,225 29,424,485 39,920,994 47,534,812
15,848,069
5,266,233
4,908,270
5,202,137
7,963,936 10; 174,979 10,394,919
25,014,135
24,167,845 19,703,676 25,128,595 29,183,607 32,253,816
-12,956,573 -19,955,870 -24,214,933 -33,513,003 -29,604,634 -31,693,711
66,510,049
3,394,412
-15,485,240
-14,349,951
-7,095,787
-4,202,440
2,551,247
1,285,544
-3,909,302
-2,982,749
-3,551,757
-1,706,036
87,164,814
81,178,020
49,129,994
26,338,308
58,680,515
30,524,577
$74,011,623 $68,852,622
159,354,930 105,363,541
42,499,871 43,000,841
76,657,847 78,239,156
422,423
-290,924
6,374,425
5,890,315
-908,821 -2,060,781
-3,228,294
2,869,801
-9,574,180
14,746,835
2,299,049
1,451,342
1,505,576 -2,686,812
3,683,112
3,795, 859
-9,804,585 -8,883,858
4,347,422 -1,965,968
4,834,314
4,162,140
777,632
2,455,919
37,645,550 42,680,012 55,435,236
11,225,590 12,571,367 13,283,019
37,589,975 37,877,551 37,808,808
-16,125,359 -13,189,919 -19,485,191
73,384,758 77,291,385 79,991,830 82,019,710 76,546,633 72,084,418 69,816,087
2,097,497
3,098,023
2,035,633
1,701,488
1,138, 754
3,262,305
3,316,658
-16,469,737 -16,627,060 -17,734,890 -16,169,878 -23,944,656 -17,629,329 -19,611,515
-13,603,317 -16,607,811 -18,202,424 -17,290,140 -18,269,790 -13,608,237 -11,278,794
-7,132,507 -7,736,792 -7,406,261 -10,265,725 -11,120,705 -15,577,642 -15,134,397
146,270 -1,490,993 -1,683,410
-114,754
—4,070,699 -2,036,149 -4,002,777
4,731,432
4,304,119
4,934,168
3,933,662
4,836,182
5,861,427
2,728,919
142,002
-806,418 -1,665,119
—758,625
-686,603
888,501
306,850
-3,950,164 -4,371,442 -3,493,315 -3,663,743 -2,992,343 -3,031,721 -2,643,095
-2,955,724 -2,831,447 -3,086,108 -2,710,976 -3,830,594 -3,814,767 -3,838,259
-3,758,188 -4,497,533 —4,628,174 -4,912,293 -4,924,739 —3,854,184 -4,234,532
-862,934 -1,167,175
-582,138
-251,844 -1,237,748 -1,207,063
-1,390,045
62,601,213
-404,284
-19,198,693
-8,641,166
-15,134,005
—680,953
4,580,869
-1,278,391
-3,142,770
-2,871,008
-5,068,060
-1,500,357
RECAPITULATION.
European allies
European neutrals
Central Powers
Asia.
North America
South America
Africa and Australasia..
Grand total
512,259,294 436,016,810 423,010,138 407,801,310 304,274,591 382,920,962 373,334,102 358,412,298 298,994,770
307,762,815 316,134,663 323,539,363 321,148,867 331,519,812 326,932,880 333,016,228 320,819,091 271,461,196
-13,015,957 -13,189,328 -13,319,385 -15,733,494 -17,862,102 -19,204,842 -19,832,950 -20,477,543
1-13,114,917
!
66,909,471 73,342,212
33,171,864 56,196,907
25,715,783 32,082,335
-5,257,793 -5,148,233
89,148,409
30,069,105
34,637,854
-5,079,671
67,955,785
29,004,013
34,142,262
-4,880,018
895,608,737
882,135,870
841, 852,834 758,101,046 I 792,945,948 783,945,022
! 927,446,517
56,916,380
49,674,946
37,598,852
-6,150,041
28,534,812
58,489,836
20,061,362
-6,131,802
8,564,553
70,335,756
22,616,313
-4,717,118
5,456,218
79,939,011
23,508,851
-5,401,707
-3,235,467
87,041,872
15,830,812
-6,568,417
762,900,812 643,047,223
TABLE II.—BALANCES OWED BY UNITED STATES TO FOREIGN COUNTRIES AND BY FOREIGN COUNTRIES TO UNITED STATES ON SPECIFIED DATES.
Feb. 27,1918.
Countries.
European Allies:
France
Great Britain
Greece
Italy
Portugal
Russia
Other point?
European neutrals:
Denmark
Holland
Norway
Spain 2
Sweden
Switzerland..
Central Powers:
Austria-Hungary
Germany
Turkey.'
Asia:
China
East Indies
Tndia
Japan
Straits Settlements
Other points
North America:
Canada
Central America
Mexico
West Indies
South America:
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
Other points
Africa
Australasia
Due by
United
States.
Due to
United
States.
Mar. 27,1918.
Due by
United
States.
Due to
•United
State.
$163,152,012 |$21,472,426 $200,950,993 $21,530,102
202,172,960 78,548,023
189,931,664 97,232,186
1
55,432,599
i 31,295
710, 791
55,998,631
57,937, 596 5,229,782
5,010,561
47,061,120
3,526,881
45, 752
1,982,632
120,969
40,658,562
8,157,541
9,078,352
42,229,488
5,648, 753
3,660, 849
282,742
6,565,299
69,641,419
295,226
61,238, 706 11, 798,299
65,282,528
1,488,731
19,111,534 M,867,591
24,234,120
339,0S0
24, 468, 462
172,410
80,157,447
465,410
55,737,644 i 1, 466,661
63, 213,723
250, 268
20,688.618 11, 859,997
26,751,346
46,412
13, 729, 719
17, 212
A p r . 21,1918.
Due by
United
States.
Due to
United
States.
M a y 29,1918.
Due by
United
States.
Due to
United
States.
$209, 438,908 $17,932,345 $232,285,640 !$26,105, 830
169,858,891 67,016,707
192,936,798 1 80,989,869
57,258,422
i 492,615
58,439,103
569,613
63,962, 248
90, 804,772 5,236,545
2,225,115
3,477,906
250, 280
4,306,717
237, 743
46,462,981 12,355,272
48,562, 834 14,582,050
349,969
7,178,547
296,017
6, 841, 511
300,952
71,371,069
54,254,615 12,322,719
60,908,622
219, 807
21, 013, 579 i 1,206,614
27,765,323
i 219,033
20,748,008
516,918
June 26, 1918.
Due to
United
States.
J u l y 31, 1918.
Due by
United
States.
Due to
United
States.
$223,763,099 $22, 231, 875
186,466,503 49,562, 564
852,553
62,289,336
91,911,798
6,225,757
4,129,726
97, 879
45,476,371 14,651,006
6, 800,252
383,267
$225,889,399
204,773,982
58,588.416
96,907,740
3,114,870
41,607,204
5,596,251
$20,320,334
12,636,283
1 308, 492
7,742, 863
188,042
18,080,038
561,594
1, 331,796
1 550,421
31,581
1355,033
1 728, 857
1135,699
79,728,157
58, 795,628
64,042,225
28,690,281
31,119,194
16,211,182
1,229,041
1 1, 580, 885
174,773
1 103,718
1 313,785
1 370,503
Due by
United
States.
231.322
76,180,178
53,030, 818 i 2,266,083
45,788
60, 502, 824
23,275,644 I 1149,061
i 101,587
29,636,846
13,752,061 J i 17,225
77,550, 273
58, 875, 765
68,245,594
27,190, 208
28, 707,386
20,809,989
3,346,624
4,000,427
24,349
i 163,640
689,127
174,548
3,005,312
3,435, 729
139,055
i 147,169
i 63,321
178,732
3,007,324 !
5,914,308
139,092 I
1123,780
1 553,663
175,106
4,302,723
7,552,474
435,383
4, 507,474
329,579
4, 579,948
50,181, 820
208,935
259,298
6,452,041
3,959,623
128,637
8,082,645
7,941,735
3,944,693
55,427,999 29,289,355
i 673,647
335,309
2,158,932
513,095
9,203,654
7,752,556
1,609,125
73,930,413
2,662,382
2,597,093
7,673,541
124,474
7,318,012
29,504,867
340, 264
361,361
9,572,282
7,576,632
2,359,180
114,911,199
948,462
1,543,483
7,723,448 '
176,401
8,421,963
22,131,518
513,499
417,570
11,201, 895
8,080,280
5,451,959
124,576,803
439, 271
776,959
9,494,621
474,176
10,414,588
23,191,507
756,887
549,127
82, 829,191
9,100,567
16,695,550
19,151,033
18,606,653
2,279,131
2, 302,334
4, 749, 516
80,218,000
9,197,971
25,057,169
19,058,436
59,636,095 45,057,283
2,445, 823
10,257,140
26,960, 821 3,850,515
22,154,119 20,961,929
67,979,012
11, 782,650
27,448,998
26,559,228
52,571,409
3, 376,317
4,576,218
28,140,415
77,569,406
11,539,518
31,155,254
26,368,719
64,119,340
3,060,439
6,733,747
27,363,473
56,582,912
2,644,021
i 6,097,450
221,285
1,782,204
i 1,963,660
4,459,362
U,850,670
i 241,165
371,933
i 64,991
1,350,045
11,176,702
1, 617,463
5,349,105
8,653,402
4, 203,305
1, 065,410
7,028, 895
344,671 i
1,904,181
144,390 !
813,014
1,280,251
69,956,747
8,368,242
94,458, 865 12,073,945
3,305, 514 2,037,547
3,512, 049 1, 842, 629
i 4,395,542 5,216,328
i 1,541,134 10,907,503
3,467,006 11,250,322
5, 849,633 10, 290,391
4,707,341
903,265
658, 871 7,553,284
i 2,615,236 1, 083,288
i 2, 892,096 1,455,141
8,643,604
4,954,027
7,125,426
4,613,343
284,965
i 268,440
260, 899
1,247,428
1
89, 466 2,367, 887
i 500,188 3,369,126
1
1,856 903
1.936.395
106,043
17.900
1,lie', 296
l', 629; 724
i 49,624
370,798
2,326, 853
1, 776,491 2,458,452
1,904,518
91, 850, 866
4,728, 787
i 5,024,338
5,820, 874
737,583
i 3,442, 744
5,091,129
1,206,711
i 145,442
1 16.820
522; 500
1,941,200
11,625,390
1, 808, 821
12,439,109
9,765,787
7,655,687
1,662,617
7,675,635
508,663
3,431,009 1
1,941,233 I
2,333,468
3,541,324
87,493,623
5,062,629
1 2,592,546
2,751,142
158, 892
1
3,073, 852
5,077,429
835,575
174,755
1272,964
683, 867
1,767,721
16,547,829
2,292, 614
13,993,372
11,074,369
7,506,416
1,719', 944
8,292,600
571, 432
3,112,752
1,987,647
2,600,809
3,399,468
634,514,411 127,081,928
256,378,371 i 2,256,846
700,035
6,580,096
97,755,223 45,322,519
119,008,175 72,315,550
105,424,673 56,814,739
2,275,316
3,956,577
620, 837,085
281,379,215
1 31, 758
136,911,238
133,769, 888
100,806,606
2,463,700
94,004,901
1406,633
9,060,722
39,384,399
88,670,359
58,513,951
5,874, 792
636,477, 862
278,586,667
1 502,337
150,527,167
146,632,897
95,614,683
2,45i; 588
59,220,662
11,214,603
12,290,580
44,880,906
101,276,999
67,098,975
6,000,277
997,113,488 223,231,112 1,084,548,319 250,315,816 1,099,306,095 242,120,420 |l, 216,056,204 309, 814,563 1,276,135,974 |295,102,491 1,309, 788,527
289,553,796
2,196,086
3,784,782
i 158,521
906,105
153,083
3, 286,067
3,910,349
2,100
2,338,377
5,188,088
712,040
7,982, 038
5,427,881
11,991,112
18,574,708
39,414,982
870,314
273,781
330,375
1,670,823
3,447,678
8, 481,671
8,439,395
50,215,069
i 293,650
1,767,481
9,172, 500
191,761
1, 472,374
5,666,086
41,006, 898 12,3*4,398
2, 696,092 1,909, 248
i 5, 873,697 3,302,498
3S7, 626 9,544,415
1,605,941
15,002
1
824, 784
2, 766,454
6,738,446
4,214,038
457,431
i 775,778
576, 295
78,305
35,577
856,152
263,033
i 55,279
714,187
1,475,671
2,411, 534
912,405
80,353,179
6, 894,369
22,413,137
5,451,849
292,026
i 1,795,120
179, 546
31,524, 872
2,011,060
1,912, 358
12, 463,528
RECAPITULATION.
European Allies
European neutrals
Central Powers
Asia
North America
South America
Africa and Australasia
Grand total.
506,920, 846
263,976,769
3,323, 939
66,520, 824
115,112, 534
39, 838,184
1,420,392
548,020
370,443
980,868
253,695
502,721
339,031
977,220
566,338,314 114,079,179
260,278,497 i 2, 547,356
900,667
7,198,516
72,057,644 60,067,054
127, 776,341 27,937,634
55,911, 772 41,487,524
1,285,054
2,093,265
557,300, 867
256,061,214
i 1,323, 548
76,897,287
133,531, 576
75, 111, 832
1,726, 867
99, 493,586
12,710,689
7, 371, 400
40,663,130
47,911,818
45, 816,427
3,574,748
O
00
g
33
Aug. 28, 1918.
Countries.
European Allies:
France..
Great Britain
Greece
Italy
Portugal
Russia
Other points
European neutrals:
Denmark
Holland
Norway
Spain 2
Sweden
Switzerland
Central Powers:
Austria-Hungary
Germany.
Turkey
Asia:
China
East Indies
India
Japan
Straits Settlements
Other points
North America:
Canada
Central America
Mexico
West Indies
South America:
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
Other points
Africa
Australasia
Due by
United
States.
Due to
United
States.
Sept. 25,1918.
Due by
United
States.
Oct. 30,1918.
Due to
United
States.
Due by
United
States.
Due to
United
States.
Nov. 13, 1918.
Due by
United
States.
Due to
United
States.
Nov. 27, 1918.
Due by
United
States.
Due to
United
States.
Dec. 31,1918.
Due by
United
States.
Due to
United
States.
$234,690,855 $23,458,857 $223,971,940 $27,229,088 $220,461,938 $23,366,394 $222,407,974 $27,198,962 $218,255,100 ($30,804,964 j $169,882,953 $25,760,480
184,748,274 9,540,148
170,325,376 10,358,034
166,997,096
7,118,108
201,299,145 41,273,402 117,584,055 35,101,513 ! 171,357,171 29,348,660
55,856,449
53, 876,371 i 1,146,562
50,027,847
1997,767
i 559,691
47,922,537
13,721
1 950,705
51,156,127
1 786,355 1 44,714,003
74,936,868
77,606,817 14,952,002
101,106,026 13,198,523
9,891,433
96,999,850 13,895,262
97,875,353 13,863,101 ! 70,284,091 11,667,237
4,349,243
4,225,467
3,415,229
910,906
1,006,715
889,609
880.859
250,109
3,370,982
2,444,293
871,908 j
3,134,538
34,537,565 18,888,888
39,690,586 18,169,276
37,090,483 18,749,542
39,601,731 17,964,129
40,224,312 I 18,074,887 ! 41,295,133 17,942,385
3,387,145
587,643
2,336,322
557,198
3,479,397
638,330
2,451,371
559,211
6,947,974
540,386 ;
7,523,025
531.860
,
81,588,766
1,377,125
59,526,902 i 2,162,670
60,728,638
594,935
31,690,924
154,316
1
32,316,246
982,949
15,672,712
116,266
}
i
I
!
!
;
I
i
I
... j
I
j
!
1,510,830
83,956,271
58,708,829 12,508,884
63,695,222
i 325,919
34,821,122
399,296
33,480, 832 11,516,135
19,461,192
1263,037
85,754,537
1,628,628
56,164,423 13,144,064
i 969,574
65,220,434
1616,654
31,596,670
1260,969
35,690,156
i 268,268
27,306,913
87,891,530 1,635,688
56,214,826 13,612,955
63,624,397
1335,542
32,222,265 1 1,847,845
35,340,467
133,073
1
27,565,207
710,396
1.482.227 I
88,825,075
56,110,837 1 4,096,698 I
68,750,426
85,751 !
32,257,529 1 2,041,077
38,009,702
131,610 I
26,300,572 11,442,335 j
92,560,594
71,625,694
63,706,615
30,193,207
41,093,313
25,509,702
1,520,810
1,232,360
1,590,310
1
953,549
1 558,864
11,681,305
1 471,646
11,346.377
1461,764
1 1.570.967
'505;112
3,816,640
7.330,797
'514; 272
14,408,681 11,407,090 I 11,584,044
5,707,722
1,335,136 ;
5,017,459
1 1,192,411 14,497,100
12,338,668
137,883,723 55,823,875 | 157,856,506
1,034,555
1,648,669 I
878,104
664,215
450,403 I
1,728,066
10,982,455
1,436,976
12,690,757
58,040,473
1,890,580
535,861
1
108,119
* 627,083
309,981
4,334,939
7,859,781
458,544
1492,321
i 905,395
441,023
4,368,677
7,749,364
469,008
i 465,868
11,115,610
470,205
4,372,293
6,967,657
497,461
1 471,856
1 1,140,699
471,704
4,378,013
7,098.578
497; 475
8,815,017
5,676,167
5,060,288
182,935,377
438,156
1,009,745
11,168,219
650.756
14,284,874
26,941,477
973,199
650,575
11,249,464
4,923,287
284,679
193,078,112
1,461,967
650,090
11,929,436
974,496
15,209,579
42,726,153
1,240,490
547,416
10,228,286
5,330,307
2,138,181
121,828,656
1,270,939
835,134
11,418,919
1,285,859
14,846,546
40,900,707
1,581,755
576,964
11,128,759
5,626,055
1591,214
129,447,411
124,039
1472,279
10,884,354
1,333,514
15,686,366
48,313,628
1,641,002
494,436
486J 813
78,739,991 61.769,342
11,171,630 3,536,770
29,867,478 6,873,839
24,108,061 28,629,852
69,980,456 69,938,086
11,096,318 3,448,931
29,575,588 7,207,331
20,755,644 28,931,511
63,006,707 59,293,877
9,235,425
3,392,875
30,914,887
6,501,544
16,900,901 28,667,913
65,341,986 49,493,917
8,491,962 3,225,729
31,465,221 6,451,086
15,991,747 23,948,320
78,234,716
8,337,973
30,639,480
8,522,049
87,510,978 19,314,059
5,591,794
2,323,111
i 1,259,765 14,856,050
1,087,281 11,817,936
122,414 7,679,609
i 2,953.693 1,637,676
8,372,983
5,917,639
721,541
889,890
1
142,929 3,375,619
1119,693 2,598,594
776,327 2,759,640
3,954,360
1,447,538
74,074,957 19,086,270
2,467,540
6,053,849
361,948 14,926,794
i 1,689,572 10,965,882
228,081 7,990,547
i 3,100,804 1,785,547
8,045,288
7,998,041
337,347
679,399
72,676 3,634,405
i 148,291 2,841,704
3,510,067
773,787
2,377,253 3,922,911
80,489,095 17,722,335 i
5,886,771
2,488,515
2,420,458 14,525,405
i 1,967,513 10,292,707 |
420,034 7,824,438
1,816,448
12,643,725
8,020,006 !
10,502,826
397,029
1,323,699
3,547,989
162,755
i 279,193 2,973,648
888,470 4,333,724
3,923,005
2,389,849
82,726,394 16,216,345
2,497,786
5,892,198
1,391,196 16,876,436
1 4.078,551 10,271,400
744,235 7,840,022
1 2,392,764 1,809,676
10,577,362
8,026,115
401,505
1,687,049
1386,970 3,522,332
1 45,662 2,937,087
904,946 4,456,703
2,410,498
4,116,534
614.053590
302,858! 692
1 1,140, 851
145,262,771
121,290,916
95,114,487
3,315,444
3,853,846 i
7.326.228 i
504,673 j
31,158,054 !
3,429,703 i
6,471,635
28,477,919
65,307,378
8,783,181
26,540,621
6,447,038
35,929,153
3,581,044
6,836,945
30,661,971
87,268,270 13,883,512
2,368,812
5/631,117
1 952,293 15,517,444
8,559,384
15,043,933
756,094 7,888,601
1,696,554
12,374,145
7,883,656
10,612,575
471,461
1,359,962
3,653,837
1296,327
1 36,917 2,918,807
971,551 4,729,739
4,268,699
2,878,654
87,939,229
5,740,327
11,409,250
18,012,463
342,745
1311,970
11,894,105
727,001
1 492,022
1167
879,815
3,950,589
10,647,844
2,423,669
15,217,810
8,595,348
8,079,537
1,724,179
7,960,443
420,151
3,879,420
2,831,280
5,377,348
4,532,727
534.487.214
310', 254', 141
1 1,331.210
158,504', 485
125,734,218
96,924,403
3,850,205
508.190.
324', 689'
il,527,
174,725,
107,078,
96,417,
4,830,
85.180.776
ll 149', 762
11,661,709
85,577,102
77,009,113
61,779,681
9,910,075
!,222 1,222,215,134 |316,612,835 1,281,755,049 354,308,532 1,228,423,456 332,814,719 1,214,404,1
332,268,218
O
tei
8
i
RECAPITULATION.
European Allies
European neutrals
Central Powers
Asia
North America ..
South America
Africa and Australasia.
Grand total.
621,196,951 . , . . . . , .
j 281,524,188
i 882,978
I
i 425,221 12,653,264
I 203,934,750 54,669,100
i 143,887,160 100,809,803
! 95,643,916 ! 72,697,178
2,223,865 j 6,714,000
565,384,508
294,121,468
i 956,693
211,647,599
131,408,006
84,188,212
3,151,050
.! 1,348,985,609 |311,936,186 1,288,944,150
815,239
703,849
587,049
627,570
525,859
403,376
432,978
-560,535,835
zbi', 733', 133
11,111,273
141,631,503
120,057,920
98,089,697
3,278,319
64.076-117
1 3,630,901
11,837,411
70,610,750
95,856,209 I
69,606,520
8,256,729
101-794.296
1 4', 904^ 123
11,974,066
78,353,300
88,119,052
70,398,704
8,573,237
98.470.404
i5',880',522
11,684,747
85,162,273
69,537,311
64,842,068
8,998,438
1
2
Overdrafts.
In these figures are not included balances arising out of the peseta credit negotiated by the United States Treasury in August, 1918, for the purpose of stabilizing dollar exchange in Spain. A
total credit of 250,000,000 pesetas was authorized, of which 155,000,000 pesetas were used, this sum hem? advanced largely by means of 90-day drafts drawn by a group of American banks on a group
of Spanish banks. The American banks in their reports to the Federal Reserve Board did not include these transactions in the amounts due by them in Spain, but considered them rather as obligations of the United States Government, as in reality they were. The Treasury paid off most of this Spanish credit in 1919 and the remainder in 1920.
O
CO
TABLE II.—BALANCES OWED BY UNITED STATES TO FOREIGN COUNTRIES AND BY FOREIGN COUNTRIES TO UNITED STATES ON SPECIFIED DATES—Continued.
J a n . 29, 1919.
Countries.
European Allies:
France
Great Britain
Greece
Italy
Portugal
,
Russia
Other points
European neutrals:
Denmark
Holland
Norway
Spain 2
Sweden
Switzerland
Central Powers:
Austria-Hungary
Germany
Turkey."
Asia:
China
East Indies
India
Japan
Straits Settlements
Other points
North America:
Canada
Centra 1 America
Mexico
West Indies
South America:
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
Other points
Africa
Australasia
Due b y
United
States.
Due to
United
States.
$146,193,856 $22, 913,016
191,153, 290 32, 378, 567
40, 357, 743 11, 769,285
57, 591, 833 8,157,474
798,430
2, 947, 673
39,682, 231 16,418,297
1
25,190
8, 745, 993
Feb. 26, 1919.
Due by
United
States.
Due to
United
States.
Mar. 26, 1919.
Due by
United
States.
D u e to
United
States.
Due by
United
States.
Due to
United
States.
$88,830, 386 $27,040, 358 $108,460,737 $24,162, 584 $108,125,396 $23, 971, 659
131,065,012 134,251,003 121,823,212 132,365,713
145,122,216 25,109,860
40, 909,473 1 4, 320, 704
39,909,468 i 2,115,198
42, 666,905 11, 048, 772
57, 521, 730 1 4, 415,238
64, 059, 215 2,030,316
57,689,503 7, 265,799
1, 735,145
954,470
1, 829, 272
943, 782
941,427
2,497, 765
35, 792,045 16, 319, 657 34,693,139 16, 277,048
36,605,171 16,438,864
12,162,
439
11,190,004 2, 294,653
3, 534, 908
10,989,681 2, 409, 500
93, 254,451 1,644,511
€7, 524, 608 1,233,916
6J, 823, 566 1, 808, 528
25, 774, 762 1 1,147, 825
48,137,265 1 2,105,650
25, 879, 823 i 2,185, 872
97,423,973 1, 945, 999
72,150,493 i 265, 855
61, 320,888 1, 353,419
25,571, 539 i 629, 666
48,705,459 11,230,029
25, 555,902 11, 935,426
95,088,095 2, 706, 557
71, 743,134
448, 913
57, 856, 896 1,136, 688
24,802, 571
i 396, 294
52, 525, 538 i 177,190
26, 916,135 1 1 , 719,185
90, 522,071
79,112,488
50,155,641
24, 701, 286
58,989,783
28,199, 913
1
442,154
i 1,531,230
516,273
4,142,468
7,168, 734
551,072
i 425, 258 4, 625, 797
i 1, 745, 707 8, 945, 859
551,072
560,199
i 417,424 4, 879, 358
i1, 588, 622 11, 001, 781
576,155
551,072
1392,611
5,645,156
11,558,770 I 11,656,690
12,400,807
4,685,436
11, 545,172
155, 245, 813
1,802,087
1110,935
12,919,378
1,354,340
11, 799,339
75, 914,171
1,970,996
564,027
12,105,431
4,465,666
1,113,052
156,261,750
4,152,066
i 479,119
14,014,741
1, 391, 385
10, 330, 465
92, 080,993
2, 261,645
623,237
58,660,200
11,396,688
32,147,276
i 858,157
29, 235,715
3,432, 752
7,018,681
32, 654,846
65,634,251
13, 789,161
37,090, 506
3, 565,549
25, 713,257
3,614,182
7, 906,899
33,170,183
73,987,072
14, 345, 596
40,243, 310
2, 795,267
89,462,877
5, 516,845
11,911,863
i 9, 712, 848
533, 252
i 2, 248,695
12, 751, 745
671,961
366,015
i 16, 906
921.388
4, 288; 329
9,471,047
2,418,822
15,823,027
8,489, 576
7,939,513
1,754,082
7,915,563
529,959
3,859,330
3,069, 202
5. 549. 562
4, 540^ 173
90,558,238
4,463,377
47,956
i 8,679, 340
i 2,287, 554
1,882,329
12,375,430
i 267,140
308, 261
192,100
984. 421
3, 348i 275
8, 538,528
2,427, 744
16,217,834
8,610,800 i
7,978,171 i
1, 7 36,059 I
8, 071,311
539, 278
3,972,004
2,903,076
5.896.714
4, 586; 023
86,448, 592 9,901,959
4,533,433 2,435,936
i 2,815,363 21,129,293
i 9, 973, 647 8, 296,143
i 2, 966,465 8,154,240
355,083 1, 846,076
13,026, 923 8, 295,491
i 600,227 1,064,892
1,066,288 4,058,631
i 804,703 3,025,891
1.094.500 6 019 239
3, 994,307 5; 20i; 370
606,880 !
Grand total.
States.
D u e to
United
States.
Due by
United
$98, 907, 748
136,202, 872
40, 049, 780
68, 998, 356
1, 353,167
22, 332,699
2,731,645
$24, 898,125
123,152,058
1 2,450, 091
1 7,659,491
930, 744
15,958,274
3,640, 466
$99, 268,438
129,402, 345
40, 784,469
74, 065, 945
641,686
21, 749,98o
2,705,194
83, 715, 543
79, 718, 477
45,369,096
25, 332, 580
58,906, 381
28, 607, 992
3, 456,089
1 1,821,222
1, 793,429
1 3, 578,633
466,976
11, 485, 661
1 52,699
5,127
11,654,787 12', 172,865
498,059
614,531
558,495
12,113,845 13,942,414
20,288,173 18,782,597
13,833, 555 I 17,081,849
5,213,998 1,418,139
4, 249, 887 1,433, 703
4, 212, 336! 1,342,535
i 1, 569,637 14,102, 497 1 2,016,400 I 7,557,780 11, 941, 996 7,862, 589
142,958,079 103, 774, 793 125, 399, 706|llO,652,871 120,138,145 115, 790, 723
5,181,303 2, 721, 781
5, 230, 383I 2,931,334
7,890,651 3,056, 337
2, 202, 896i 751,554
2, 315, 397
738,874
1, 589, 231
811,599
26,452,260
3,950,677
7, 989,494
34,488,978
65,303,609 j 27,658,059
15,075,402 3, 849, 812
45, 258, 543 ! 7,668,568
16,858,130 32, 983,489
82,553, 531
4,143,169
11 5,022,691
4, 785, 393
1 7,150, 342
1 57, 355
13,168,477
1 42,904
1,193, 713
1 930,624
2,650, 963
4, 227, 726
June 25, 1919.
Due by
United
3, 357, 257
1 2, 085, 554
1, 025, 647
11,637,022
309,268
1
2,324, 684
10,469,113
2,441,681
12,606,638
8, 822, 844
8, 427,300
1,626,055
8, 234,309
715,721
4,225,434
2,884,143 '
6, 505,147
5,090,660
D u e to
United
States.
States.
$30,415, 816
24,038, 804
1 2, 216, 372
14,173,211
932,610
15,859,671
4, 765, 975
4, 972,930
72,143,064
3,180,247
77,018, 639
33, 937,499
2, 883,189
27, 242,681 1 5,927,733
46,340,221
125,783
20, 610, 049
596, 541
1 36, 581
5,890,626
1 1, 984, 920 i 12,292,497
334,550 }
627,469
18, 559,813 21,246,625
1,508,676
5,191, 788
7,482, 822
11,401, 036
122,211,960 124,177, 928
3,175, 302
7, 337,442
885,422
3,341, 341
69,409,562
16, 827, 920
45, 381, 874
19, 501,603
26,729, 550
4,256, 553
7,504,323
32,691, 522
87,046,954 31,611,718
17,619,662 I 4,336,643
45,425,761 j 7,616,953
12,785,631 ! 32,270,822
79,863,108
3, 573,086
1 6, 701,795
1 2, 332, 338
1 6,683, 758
1,465, 793
14, 033, 513
231,454
1,048, 751
1 913, 889
2,649,055
4,099, 221
10,047,021
2,434, 332
12,909,720
8, 946,456
8,450,639
1, 580,547
8,172,086
918,057
4,291,846
2,924, 370
6,883,587
5,266,396
76,409,938
2,061, 816
1 6,118,260
194,028 !
13, 808,725
2,466,100
13,080,433
8, 835,194
8,225,107
1, 589,037
908,084
8,384,683
12,965, 552
1,080,450
1197,941
1,138,449 i 4,281,219
2,952,932
81,924
7,283,643
2,215,583
5,457,736
3,957,379
3
I
RECAPITULATION.
European Allies
European neutrals
Central Powers
Asia
North America
South America
Africa and Australasia.
May 28,1919.
Apr. 30, 1919.
488,672,619 78,871,309
320,394,475
i 754,392
1
1 , 457, 111 11,882,274
172,478, 036 104, 522,251
101, 346, 007 72,341, 994
95,412, 383 61,270,121
5,209, 717 10,089,735
382,431, 627 78,157,036
i 791,558
330,728, 254
11,610, 766 14,122, 728
177,618,846 120,702,466
120,079, 467 70,404, 521
98, 593,657 60, 994,805
4,332, 696 10,482, 737
392,305,753
328,932,369
11,429,891
165,248,874
131,371,245
88,269,914
5, 088,807
9,384, 791
1,999,489
16,432,211
136, 714,062
72, 881, 409
68, 208, 552
11,220,609
3,636,432
376, 970, 534
331,681,160 11,335,068
1
1, 344,501 17, 860, 341
148,862,476 140, 297, 923
142, 495,684 72,159,928
83,069, 581 60,453,238
11, 595,807
370,576,267
319,650,069
11,209,427
153,178,202
151,120, 959
84,183,925
6,748,276
12,163, 969
11,169,022
18,623, 523
147,721,984
71,181,948
60,675,074
12,149,983
368,618, 063
277,292,153
11,666,951
155,241,308
162,878,008
80,534,692
6,172,962
69,623,293
5,830,957
18,810,592
158,476,775
75,836,136
64,703,880
12,741,379
1,180,058,126 338,203,292 1,112,173,781 354,072,735 1,109,787,071 316, 841,123 1,088,613,623 304,668,601 1,084,248,271 321,347,459 1,049,070,235
406,023,012
1 Overdrafts.
2
See footnote on preceding page.
o
3
DECEMBER, 1921.
1411
FEDERAL RESERVE BULLETIN.
TABLE III.—WEEKLY NET BALANCES ON OPEN ACCOUNT BETWEEN UNITED STATES AND PRINCIPAL FOREIGN COUNTRIES
[Balances are owed by United States unless marked with minus (—) sign.]
Date.
Great
Britain.
France.
Italy.
Denmark.
Holland.
1918.
Feb. 27 $141,679,58e $92,699,478 $42,050,559 $69,346,193j $63,037,005
160,963,56£ 32,935, 687 70,722, 946 76, 878,988 56, 635,636
Mar.
Mar. 13 156,630,051 64,246,137 65,970,696 78,183, 804 58,384,398
Mar. 20 167,699,54] 107,802,212 54,461,161 78,402,649 59,280,003
Mar. 27 179,430,89] 123, 624, 937 52, 707,814 79,692,03~ 57,204,305
Norway.
Sweden.
Japan.
Canada.
Argentina.
Grand
total, all
countries.
$63,793, 79' $23,895,04( $20,840,274 871,180,67 $28,662,502 $773,882,376
63,429,16! 24, 081,10' 20,733,003 57, 585,485 34,120,370 746,866,084
63.337,96: 25,172, 94: 16,403,050 66, 403, 52f 40, 709,458 781,393,446
63,583,56< 25,419,66<
20,324,287 69, 213, 86C 43,996,076 831,059,590
62,963,45,
26, 704,9333,249 64, 222,535 45,406,210 834,232,503
165,020,884
167,013,297
171,494,952
191,506,563
120,399,217
80, 824,403
126,368,449
102,842,184
54,648,871
62, 788,298
59,538,863
61, 737,133
70,511,851
70, 760,095
71,877, 650
71,070,117
56,208, 641
58,135,924
57,365,464
56,577,334
62,136,96C
62,450,07'
61,588,73'
60,688,81^
26,239,726
26, 085,142
27,311,160
27,984,35f
7,568,040
9,091,044
11,119,870
26,138, 644
55, 720,266
55,305,952
54,133,180
48, 693,128
48,010,305
51,673,297
53, 960, 644
61,588,505
803,582,554
791,656,529
844.596,462
857,185,675
171,450,713
May
173,078,685
May
May 15 185,553,293
May 22 191,009,505
May 29 206,119,810
88, 247, 881
126,763,843
115,409,859
126,847,135
111, 946,929
81,180,681
91,037,298
75,603,540
81,141,996
85, 568,22:
69,723,186
72,133,520
72,924,171
74,407,293
75,948,856
56,015,947 58,942,670
55,957, 773 59,301,231
53,930,242' 57,970,478
53,648,237} 60,583,377
55,296,901 60,457,036
30,195,624
29,712,618
29, 570,887
29,926,459
29, 738,433
48,007,825
51,996,905
48,625,899
40,969,620
44,425,546
32,393,426
33,282,022
24,121,145
22, 571,293
14,578,81f
63,727,187
74,092,009
79,266,436
81,231,135
82,384,920
837,066,664
915,422,976
891,155,335
918,898,433
906,241,641
58,242,392
54,307,194
52,251,214
59,426,186
30,568,42S
30,040,368
28, 062, 266
29,436,243
55,162,749
62, 752,036
84, 686,182
92,779,681
8.522,48'
12', 227,313
16, 717,742
15, 407, 603
83,910,197
82,019,058
82,147,406
80,225,476
948.432,463
923,873,989
977,270,480
981,033,483
Apr. 3
Apr. 10
Apr. 17
Apr. 24
June
June
June
June
5
12
19
26
250,400,877
207, 788,661
206,038,845
201,531,224
103,838,611
110,931, 675
138, 771,687
136,903,939
79,007,312
84,318,112
85,778,150
85, 686,04:
76,416,096
77,870, 764
77,447,327
76,218,477
July
July
July
July
July
3
10
17
24
31
212,199,070
245,420,492
194,488,532
196,918,555
205,569,065
136,184, 783
144,663,485
155,045,460
175,325, 943
192,137,
80,778,973
75,999,933
70,588, 602
83,420,374
89,164,877
76,270,261 62,642,816 69,125,695
77,208,214 61,435,526 66, 761,360
77,488,469 60,544,514 69,755,514
77, 983,257 63,960,481 67,876,553
78,499, II61 60,376,513 64,116,998
32,301,858
32,933,488
32,550,692
31,444,094
31,432,959
89,157,670 - 3,267,995
91,333,001 7,336, 732
91, Q57,182 13, 935,479
98,486,450 10,494,645
101,385,296 13,450,066
75,820,281
74,306,113
72, 870,450
70,051,304
70,945, 794
954,181,119
994,006,628
950,232,939
985,718,419
,020,234,731
Aug.
Aug.
Aug.
Aug.
7
14
21
28
207,422,542
220,984,767
221,780,118
211,231,998
181,310,186
192,765,130
193,817,516
175,208,126
84,541,248
75,718,288
83,393,835
87, 907,503
79,417,404
80,426,072
81,025,929
80,211,641
63,502,550
58,929,007
53,894,025
61,689, 572
66,536,181
66,335,967
61, 751, 765
60,133, 703
33,982,731
34,689,963
32, 840,556
33,279,195
131,111,177 7, 977,881
142,885,025 3, 712, 645
156, 654,962 9, 963,398
155,993,900 16, 970,649
71,083,259
69,180,916
70,213, 666
68,196,919
,038,997,525
,054,191,454
,065,598,994
,037,049,423
Sept. 4
Sept. 11
Sept. 18
Sept. 25
200,029,064
199,396,473
200,677,334
196,742, 852
206,924, 877
195,439,959
161,659,986
159,967,342
79,316,771
83,426,660
72,098,113
65,045, 435
82,246,639
82,466,545
81,770,977
82,445,441
62,564, 877
59,960^,383
60,123,978
61,215,713
65,573,229
64,410,507
62,715,081
64,021,141
35, 863,163
34,333,553
34,380,266
34,996,967
165,063, 572
169,426,703
153,477,079
150,351,959
4, 356,852
3, 434,643
7, 095, 857
42,370
68,932,621
70,627, 521
72,447,206
55,008, 687
,061,098,036
,045,344,857
988,644,856
950,255,928
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
192,280,084
193,144,387
188,389,897
187,637, 421
197,095,544
195,512,514
175,429,319
178,670,147
151,513,521
159,878,988
54, 697,249
58,194,167
59,437,483
63,316,375
62,654,815
83,419,633
84,334,467
84,478,903
85, 525,889
84,125,909
63,460,016
61,583,307
58,866,212
59,305,421
59,308,487
64,223,311
63, 734,203
63,944,706
63,570,663
68,190,008
34,899,431
35,173,330
34,628,981
34,578, 795
35,951,125
132,243,089
116,331,032
88,062,158
88,055, 854
80,927,949
-12,539,023
- 9, 705,045
- 7,367,647
- 3,063,677
3, 712,830
56,419,161
59,745,217
62,113, 571
56,429,504
62, 766,760
947,626,292
918,571,179
897, 972,823
872,691,804
905,602,299
Nov. 6
Nov. 13
Nov. 20
Nov. 27
196,152,007
195,209,012
186,101,789
187,450,138
161,326,136
160, 025,743
116,433,500
82,482, 542
84,498,399
83,104,588
78,463,171
84,012,252
59,373, 867
59,827.781
56,077,170
60,207, 535
65,462, 797
63,959,939
66, 769,262
68, 664, 675
35,457,315
35,373, 540
38,165,397
37,878,092
82,388, 865 4,832, 074
81,133,783 15,848,069
83,141, 759 31,833, 740
82,059,848 47,076, 682
62,192,985
66,510,049
70,328,971
73,384,758
924,533,440
927,446,517
897,516,621
895,608,737
Dec.
Dec.
Dec.
Dec.
Dec.
183,991,031
160,949,929
155,743,421
157,021,113
144,122,473
80,897,440
73,836,650
95,637,626
112,363,592
142,008,511
72,498,967
60,174,029
50,563,864
60,455,300
58,616,8,54
84,792,839
86,255.842
86, 807,052
87,342,848
88,877,699
90,004, 641
91, 001, 594
91,128,220
91,039, 784
62,097,781
65,711,229
65,661,289
70,360,880
70,393,334
69,129,714
68,717,640
68,958,394
64,383,894
62,116,305
38,388,575
41,124,278
42, 588,181
41,795,747
41, 652,177
83,935,453 45,186,645
59,881,438 49,571,444
87,670,851 41,697,058
96, 073,633J 38,019,976
99,816,033 29,378,225
72,984,393
76,588,131
75,203,629
75,388, 571
77,291,385
875,691,106
826,314,221
864,814,873
880,284,066
882,135,870
1919.
Jan. 8 150,257,254 131,305,737 58,940,285 89,321,415
Jan. 15 130,871,419 134,946,586 51,350,577 90,543,686
Jan. 22 128,834,747 157,975, 575 54,809,679 90,908,435
Jan. 29 123,280,840 158,774, 723 49,434,359 91,609,940;
69,679, 904
65,762,648
68,452,632
66,290,692
63,644,948
62,489,366
64,295,055
60,017,038
46,298,702
47,819, 713
47,325,309
48,242,915
97,124,402
95,818,881
90,191,286
79,331,642
26,483,813 77,102,164 870,303,019
27,592,723 77,210,677 843,603,382
28,415,749 78,741,324 865,472, 685
29,424,485 79,991,830 841,852,834
67,205,113
69,055,007
68,885,623
72,416,348
61,485,640
60, 638,253
60,506,902|
59,967/"'
50,891,309
50,418,396
51,396,738
49,935,488
82,327,172
78,845,163
78,802, 797
64,180,757
35,582,356
42,200,995
46,304,607
39,920,994
79,691,080
81,710,051
80,407,955
82,019,710
'86,069,143
776,934,927
784,411,452
758,101,046
4
11
18
24
31
93,967,205
95,618,978
95,445,524
95,477,974)
I
65,029,441
64,208,285
66, 716,729
68,214,013
Feb.
Feb.
Feb.
Feb.
5
12
19
26
94,199,320 115,146,402
78, 850,837 111,020,275
67,885,276 120,420,078
59,820,028 120; 012,356
Mar.
Mar.
Mar.
Mar.
5
12
19
26
59,664, 62'
65,210,702
78,540,831
84,298,153
105,809,511 54,141,934 94,430,586
122,614,880 60,123,447 94,891,508
144,227,505 65,501,196 93,979,455
165,316,015 62, 028, 899 92,381, 538
70,412,079
67,338, 034
66,475,242
71,294,221
59,321,784
56, 709,323
56,599,997
56,720,208
48,138,534
46,391,543
47, 538,095
52,702,728
47,026,021
44,629,573
42,719,262
39,183,286
47,795,743
48,038,998
50,465,921
47,534,812
80,777,124
79,703, 719
78,874,595
76,546,633
727,393,272
747,928,288
785,089,699
792,945,948
Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16
23
30
80, 651,024
83,042,756
75,367,871
79,304,015
84,153, 737
168,802,087
168,489,216
164,566,476
172,463,778
154,188,925
64,912, 619
63,110, 752
66,117, 769
62,597,983
61,936,966
90,208,659
90,828,959
91,302,894
89, 632,414
87,164,814
73,304,356
75,993,914
80,861,926
79,135, 742
81,178,020
51,890,858
48,449,050
49,421,344
50,894,577
49,129,994
55,812,909
54,958,306
55,918,980
56,912,363
58,680,515
27,674,422
29,517,289
29,234,370
15,278,610
14,746,835
44,609,676!
34, 918,894;
40,994,379
37,435,624
37, 645,550
73,419,999
71,340,950
69,472,769
67,814,990
72,084,418
793,273,182
793, 503,882
801,976,458
795,358,332
783,945,022
May 7
May 14
May 21
May 28
75,751,706
66,147,211
65,878,126
74,011,623
154,596, 564
159,081,900
158,133,989
159,354,930
69,084, 040
64, 5S3, 797
68,451,394
76,657, 847
85, 760,623
84,134, 803
82,283, 7841
80,259,454
80,948,684
78,824,738
80,925,932
81,539, 699
48,406,046
46,407,722
47,331,717
43,575,667
58,539,255 14,461,792; 43,103,780 74,140,066
58, 758,986 8,352,689 45,362,297 72,705,154
57,801,525 3,942,621! 41, 058,210; 73,717,947
56,439,405 4,347,422 42,680,012 69,816,087
784,898,813
773,163,842
757,729,510
762,900,812
June
June
June
June
80,527,639
81,254,919!
77,699, 6721
68,852,622
156,227,643
148,362,083
129,816,876
105,363,541
86,120,287
85.295,815
76,985,389
78; 239,156
77,322, 639 80,029,590! 41,378, 663
73,823, 585i 77,841,273 37, 799,166
71,413,595| 74,951,673 33,329,517
67,170,134} 73,838,392 31,054,310
68,260, 571
67,018, 701
68, 059,234
62,601,213
777,457,710
751,798,674
716,442,067
643,047,223
4
11|
18 j
25 I
48,300,498
51,290,515
51,610,811
50,423,704
53,701,812
51,102,955
56,998,281
46,214,438
6,781,061
622,517
3,849,846;
1,965,968J
61.174,209
57! 568,151
58! 722,866
55, 435,236
1412
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
TABLE IV.—NET BALANCES ON OPEN ACCOUNT BETWEEN THE UNITED STATES AND FOREIGN GOVERNMENTS ON
SPECIFIED DATES.
[Balances owed by foreign Governments to United States are marked by minus ( — ) sign; balances not so marked are owed by United States to
foreign Governments.]
Governments.
European allies:
France
Great Britain
Italy
Russia
Other
European neutrals:
Denmark
Norway
Switzerland
Central Powers:
Austria-Hungary.
Asia—India
North America:
Central America..
Mexico
West Indies
South America:
Argentina
Bolivia
Brazil
Chile
Colombia
Peru
Australasia
Oct. 30, 1918. N o v . 13,1918. Nov. 27,11918.
June 26,1918. July 31, 1918.
$32, 422,035
120, 890,412
64, 902,015
$48,848,214 | $49,311,523
102,920,480 i 85,685,466
57,653,024
42,678,209
8,306,362
6,553,239
310,208
222,532 !
$54,146,095
88,145,558
31,335,368
11,824,953
912,948
$56,890,922
136,198,215
70,189,962
11,033,198
987,812
$58,062,778
63,719,503
58,280,434
11,505,311
5,638,859
:, 467,665
,152,045
$42,019,624
110,466,302
62,091,214
9,472,766
613,631
!, 387,078
>, 610,787
8,111
3,002,263
3,723,827
92,335
3,272,415
2,625,351
34,611
3,246,056
1,911,523
31,292
3,443,842
1,314,046
16,132
3,437,368
1,297,309
12,042
3,436,547
990,667
1,500
385,349
!, 462,430
385,349
6,500,455
385,349
6,649,531
2,775,313
4,239,379
1,850,938
1,664,650
., 072,799
352,051
t, 365,795
735,033
207,392
4,358,338
732,403
57,180
4,332,317
730,264
47,403
4,134,445
726,762
437,223
3,537,616
725,917
223,198
3,635,606
725,909
303,184
3,413,284
1,909,752
96,326,279
366,595
5,474,982
431,632
3,222,993
99,244,179
4,500,000
377,820
3,229,693
5,328
136,029
84,919,254
4,500,000
298,595
3,238,454
2,759
2,721,275
85,648,704
4,500,000
521,286
3,372,735
13,496
5,012,094
12,250
87,007,441
4,500,000
522,608
3,382,030
18,943
o, 245,268
11,577
87,112,707
4,500,000
519,796
3,382,030
15,400
5,903,536
11,008
115,347
132,4
RECAPITULATION.
European allies
European neutrals.
Central Powers
Asia
North America
South America
Australasia
Grand total.
Governments.
European allies:
France
Great Britain
Italy
Russia
Other
European neutrals:
Denmark
Holland
Norway
Sweden
Switzerland
Asia—India
North America:
Central America..
Mexico
West Indies
South America:
Argentina
Bolivia
Brazil
Chile
Colombia
Peru
Australasia
231,834,172
9,005,976
385,349
3,462,430
5,790,645
102,866,676
224,663,537
6,818,425
385,349
6,500,455
5,300,763
100,113,392
217,950., 612
5,932], 377
385,349
6,649,531
5,121,900
107,493,049
184,538,645
5,188,871
186,364,922
4,774,020
275,300,109
4,746,719
197,206,885
4,428,714
2,775,313
4,912,112
95,680,337
4,289,379
4,751,601
99,068,315
12,250
1,850,938
4,584,721
100,676,290
11,577
1,664,650
4,442,377
101,433,469
11,008
353,345,248
343,781,921
343,532,818
293,095,278
299,260,487
387,170,354
309,187,103
Dec. 31, 1918. Jan. 29, 1919. Feb. 26, 1919. Mar. 26,1919. Apr. 30,1919. \ May 28, 1919. J u n e 25,1919.
$50,
95,
30,
$52,783,716
122,476,662
20,334,811
8,467,858
7, 451,775
$41,122,830
76,718,770
18,345,298
6,953,889
7, 211, 747
$58,211,008
46,477,827
20,067,061
6,825,368
5,467,617
$44,776,822
32,699,926
14,731,604
4,217,007
4,902,876
$39,799,809
42,462,482
17,692,591
1,745,115
1,938,617
$28,266,929
44,114,376
21,218,691
823,104
1,557,116
1,644,303
890,734
1,305,928
94,748
1,385,717
892,800
103,379
23,974
3,443,112
3,295,752
3,071,368
233, 421
236, 475
1, 500
1, 826, 413
2,786,755
38,013
1,500
1,878,920
3,453,400
513,440
22,000
2,997,782
4,404,831
298,736
2,754,552
890,734
2,232,444
36,430
762,178
393, 111
78,068
195
749, 796
168, 874
5,696, 938
746,953
471,339
3,754,643
744,606
533,567
3,718,462
742,314
1,151,345
3,606,698
740,496
1,233,762
3,475,665
738,540
856,311
3,661,647
735,065
883,103
3,460,703
87, 107, 604 i
4, 500, 000 !
395, 391 '
392, 619
21, 008
106, 817
85, 366
88,566,504
2,000,000
387,139
4,573,307
32,608
7,754,473
41,222
91,135,966
2,000,000
405,004
4,482,756
29,952
7,784,803
149,671
92,230,141
2,000,000
368,583
3,866,877
16,246
7,920,061
66,474
92,594,866
2,377,582
350,391
3,881,061
15,051
8,535,572
24,831
92,643,496
1,883,444
331,837
3,888,575
1,640
8,892,854
17,392
92,594,866
348,201
352,912
3,906,754
| 191,869,953 i
i
9,027,485
I
1,826,413
j
4,015,608 i
I 102,523,439
!
&5,366
211,514,822
6,269,380
1,878,926
4,972,935
103,314,031
41,222
150,352,534
7,284,592
2,997,782
4,996,635
105,838,481
149,671
137,048,881
7,774,935
762,178
5,500,357
106,401,908
66,474
101,328,235
5,914,160
393,111
5,449,923
107,754,523
24,831
103,638,614
3,935,713
78,068
5,256,498
107,641,846
17,392
95,980,216
2,405,870
195
5,078.871
106,855,385
24,983
309,948,264 ; 327,991,316 ' 271,619,695
257,554,733
220,864,783
220,568,131
210,345,520
i
RECAPITULATION.
E u r o p e a n allies
European neutrals
Asia
N o r t h America
South America
Australasia
Grand total.
9,652,652
24,983
DECEMBER, 1921.
FEDEKAL RESERVE BULLETIN.
TOBACCO FINANCE.
The following is the fourth of a series of
articles describing the financing methods which
are employed in the tobacco industry. The
first, second, and third articles appeared in
the September, 1921, October, 1921, and November, 1921, issues. Data were obtained
partly through the cooperation of the Federal
Keserve Agents in the various districts, and
partly direct from banks and persons interested in the industry in various capacities, as
well as from other Government organizations.
To all of them acknowledgment is due.
IV. LEAF SALES WAREHOUSES.
As has been indicated in previous sections
of this study, the methods by which the cigar
types of leaf tobacco move to market differ in
important respects from those by which the
manufactured and export types do. This
makes it necessary to consider separately the
financing of the marketing process for each
of these types. In considering the manufactured and export types, moreover, it is necessary to give considerable attention to the leaf
sales warehouse, inasmuch as this organization has a considerable number of special
problems of its own. A previous section considered the methods by which the leaf sales
warehouseman extends accommodation to the
grower. In the present section are surveyed
instead the methods by which the warehouseman himself in turn provides for his own financial requirements, and the arrangements which
he consequently makes with his bank. These
requirements are twofold—(1) with respect to
paying off his daily sales, i. e., paying daily
those for whom he sells tobacco at auction on
the warehouse floor, and (2) with respect to
obtaining funds for this purpose, as well as in
certain cases to loan direct to growers.
A. PAYING OFF SALES.
A major part of the leaf sales warehouseman's financial and banking problem (and in
certain sections his entire problem) concerns
paying off his sales. The universal custom is
to pay the grower daily, i. e., on the day on
which the tobacco is sold. This is done in
the great majority of cases by giving the
grower a check on a bank made out in general
to himself or bearer. In two of the Virginia
markets, however, he is given cash instead,
while in five markets in the North Carolina
old bright belt, one market in South Carolina,
and three markets in the burley territory of
Kentucky, including Lexington, the largest
1413
burley market, he is given instead by some of
the warehousemen a bill of sale with coupon
or check attached. The coupon or check is
detached when he is paid. Arrangements are
made by the warehouseman with a bank to
cash the checks or coupons. Local stores generally also cash these checks, e. g., after the
bank has closed, while in a few instances in the
past a warehouseman has made regular arrangements with a store instead of a bank.
Prior to several years ago the system was
found in Winston-Salem, N. C. Its use at
present is reported by one of the smaller markets in the Virginia old bright belt, at which
there is no bank. Where it is employed, and
there is a local bank, the warehouseman draws
his check on the bank in the morning and obtains currency, which he gives to the store
paying off the sales. The seller in such cases
receives a sales slip.
Where a bank pays off the sales, the warehouseman in certain cases signs an agreement
releasing the bank from liability in cashing
the checks. For its services the bank frequently makes what is termed an exchange
charge, stated either as a percentage or as so
many dollars and cents per thousand dollars,
and figured on the amount of the checks which
are cashed. The warehouseman pays this
in addition to the interest on his loans. The
charge had its origin in the fact that it was
frequently necessary in the past for a bank to
ship currency, so as to have a supply on hand
sufficient to pay off the sales. In the larger
centers, with diversified business, there was
thus not the same degree of difficulty experienced. Accordingly, where the tobacco business in a given center plays a relatively minor
role, no charge in general is made. As will be
seen from the table herewith, no charge is
made.in almost all the markets in the Virginia
dark section. Similarly no charge is made in
any market in the western territory (KentuckyTennessee) .
A charge is, however, customary in the old
and new bright belts in the east, and is found
in all the leading markets in that section. It
is most frequently one-eighth of 1 per cent,
and to a lesser extent one-tenth or one-fourth
of 1 per cent. In infrequent cases one-sixth or
one-fifth of 1 per cent, or $1.50 per $1,000, is
specified. Two warehouses report a charge of
one-twentieth of 1 per cent, which differs from
that given by the majority of the houses in the
centers in question, and one bank gives a
charge of 55 cents per $1,000, increased from
40 cents. The charges in general, however, are
uniform in any one market, although some
other minor differences are reported, and one
banker in the North Carolina old bright belt
1414
FEDERAL RESERVE BULLETIN.
states that the charge varies with the size of
the amount involved, from one-tenth to onefourth of 1 per cent. The variation occurs to
some extent where the warehouses apparently
employ similar methods, although it may be
noted that in one South Carolina market, two
of the warehouses report that no charge is
made, while another which does not borrow
reports a charge of one-fifth of 1 per cent. In
one North Carolina market, when the warehouseman has arranged with a store to cash the
check, 40 cents per $1,000 is now charged by
the bank. One North Carolina bank states
that the charge is figured monthly.
While it is impossible to generalize concerning the length of time taken before checks are
cashed by the growers, and the extent to which
currency is withdrawn, instead of leaving the
amount on deposit, some interesting information along these lines has been obtained. The
experience of individual banks appears to differ
considerably. Some state that the grower generally carries home the funds left after paying
his bills and only later deposits the balance.
On the other hand, various bankers state that
they favor warehouse accounts, as they result
in contact with many growers, and in consequence a considerable number of accounts are
obtained. It is generally stated that the bank
retained a much smaller portion during the
sales season 1920-21 than would normally be
the case, one banker in eastern North Carolina, e. g., placing the figures at 5 per cent and
25 per cent.
In the eastern districts less than one-half
usually remains with the bank. Several banks
in the old and new bright belts of Virginia and
North Carolina place the usual figure at 20 to
25 per cent, while several show as high as 40
and 50 per cent, and some as low as 10 per cent.
A leading banker in one of the largest markets
in the Virginia dark section estimates that
roughly one-third of the amount of growers'
checks is deposited, and states that during the
height of the season there is a considerable increase in the deposits of the banks in his center—almost entirely in the savings department. A leading warehouseman in one of the
principal markets of the new bright belt of
western North Carolina estimates that onefourth of his checks are not cashed for about
two weeks, or are deposited by the growers in
their local bank, and take some time to return
to the bank in the market on which they are
drawn. A considerable part of the tobacco
sold on his floor is, however, shipped in rather
than hauled in by the grower. One South Carolina banker believes that there has been a
gradual increase in the amount retained.
DECEMBER, 1921.
In the western districts, a considerable number of banks show percentages in excess of onehalf, especially in the case of burley. One bank
in the latter district, however, states that, in
place of a normal figure of 75 per cent, it retained only 25 per cent last year. Another
banker observes that, while the check is usually
deposited, it is in general rapidly checked out,
and most tenant's accounts are closed in three
to four months.
The warehouses in any market in general
have similar customs as to the time when the
buyer of tobacco pays the warehouseman.
In the larger markets the buyer pays daily, i.e.,
payment is made to-day for yesterday's
purchases. The warehouseman deposits the
funds thus received in his bank to take care of
the checks cashed for the growers for whom he
sold the tobacco }7esterda3^ at his warehouse.
In the smaller markets, however, payment is
usually required only once (in some cases
twice) a week instead. It should be noted,
however, that three of the four reporting
warehouses in Lexington, Ky., the leading
burley market, permit payment within seven
days from date of sale (although one states
that the larger buyers actually pay in from
one to three days). Where weekly payment
is required, a given day, in general either
Monday or Saturday, is often specified. In
the western dark districts, Saturday is almost
universally specified where such weekly payment is the custom. Practice is not rigid in
all cases, however. Some warehousemen state
that payment is supposed to be made daily,
but that often buyers do not pay on time.
Buyers in some cases pay when they have
checked up purchases. In some markets no
time is specified when payment shall be made,
and one warehouseman in the burley section
of Kentucky stated that a few buyers in the
past have not paid until the close of the season.
In other markets some buyers pay daily,
while others pay weekly. A prominent Richmond banker estimates that warehouses in
the eastern districts have bills outstanding on
the average amounting to four days' sales.
In general larger buyers are stated to pay
daily, while smaller buyers pay weekly. Some
warehousemen state that commission buyers
pay weekly (or when returns are received),
while salaried buyers pay daily. In the
former case buyers act on order for firms
located elsewhere, and invoices are rendered
to the principal, who compares them with the
shipment, and then sends a check to the buyer.
Similarly in the bright belt several of the
larger companies pay from a central point,
such as Durham, N. C, or Florence, S. C,
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
for their purchases in some markets, and statements are then rendered to7 the office at the
central point. Several days time thus elapses,
so that it is necessary, states one South
Carolina warehouseman, "for the warehouseman to
carry a little heavier balance at the
banks.77 In general, however, it is stated that
the practice of these companies is to keep their
local buyers supplied with funds
sufficient for
the next three or four days7 purchases, these
funds being furnished regularly from the center
for that particular territory, such as Richmond, in which the principal balance of the
company is kept.
It may be noted in passing that drafts are
used in certain cases. Some order buyers
draw sight drafts on their principals, which
are then put through the banks. A banker
in the burley district states that at times
checks are drawn on the bank and accompanied by drafts on banks at other points
holding the drawer's funds, which take some
time to collect. A warehouseman in one of
the markets in the Virginia old bright belt
states that with a buyer who is not in a position to pay cash he uses a 5 or 10 day trade
acceptance, which the bank places to his
credit as if it were cash. A bank in the North
Carolina old bright belt reports the use, in the
case of heavy sales which make it necessary
for warehousemen to check beyond their balance, of acceptances which the buyers execute
and the warehousemen in turn rediscount with
their banks.
This problem does not exist at Mayfield, in
the Paducah 77
district of western Kentucky,
where "chute
sales are employed. The
buyer at that market pays the grower himself as soon as the tobacco is delivered with a
check on a local bank for the amount of the
tobacco, and the warehouseman does not
participate at all in this aspect of the transaction.
With the regular method which has just
been indicated, collections from buyers by the
warehouseman are slow in many cases. This
often means a considerable gap between the
time when the bank pays the checks given
to sellers of a lot of tobacco and the time when
the warehouseman, through collection from
the buyer of the amounts in question, places
in the bank funds to cover these checks. In
other words, the warehouseman must borrow
to bridge the gap. The shorter the gap is,
the less he borrows. Another method accordingly is employed at six markets in North
Carolina, in four of them, however, only by
some of the warehouses. In one of the other
two markets, which is located in eastern
North Carolina, the warehouse on the morning
1415
following the sale gives the bank a statement
of the amounts due from the buyers, together
with drafts it has drawn on these buyers. The
board of trade rule requires payment by the
buyers by a specified time that day, although
the warehouse may extend the time for payment, which is done in rare cases. The buyer
then pays the bank instead of the warehouse.
Under this system collections are prompter
than where the warehouseman himself makes
collections, and thus the warehouseman7s
borrowings from the bank are reduced. On
the other hand, more work on the part of the
bank is entailed, and thus the bank7s charge
may be greater.
In the market in question the general charge
is reported to be one-fourth of 1 per cent, i. e.,
$2.50 per $1,000, although an officer of a bank
in that market stated that in the case of a
warehouseman who also borrowed the charge
would probably be reduced. The charge in
the other markets differs somewhat. In two
other markets in the new bright belt, where the
method is employed only by certain of the
warehouses and not by others, the charge is
given as one-eighth of 1 per cent, and it is
stated that the charge is the same irrespective
of whether the buyer pays the warehouseman
or the bank. In two markets in the old bright
belt of North Carolina, where the method is
likewise employed only by certain of the warehouses, the charge is again given as one-eighth
of 1 per cent. In a third market in that section the charge is variously given by different
warehouses as one-fifth or one-fourth of 1 per
cent. In that market, too, it does not appear
that drafts are drawn by the warehouseman,
but a list of buyers7 bills is merely furnished
to the bank at the same time that the buyers
receive their statements. Several of the other
warehousemen from whom data were obtained
favor the use of a system of drafts. The following statement of a South Carolina warehouseman is typical: "If the warehouse
could
draw on the buyers for each day7s sales and let
the buyers pay the bank, it would be a great
saving to the warehouseman. As it is here,
the
warehouseman has to carry the buyers.77
The frequency with which each of the various
methods indicated above is employed is summarized in the following table. In certain cases
the classification has been somewhat arbitrary.
The prevailing practice in each market has
been considered, and no cognizance has been
taken of the exceptions which are found in
those markets where practice differs among the
several warehousemen. As data were not
obtained on bank charges in certain markets,
the total number of markets in any given
district shown under this head in the table does
1416
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
not in all cases correspond to the figure shown naturally be relied upon to a considerable exin the first column of the table.
tent to obtain these funds.* On the other
hand, while several of the burley warehouses
[Numbsr of marksts.]
state that small direct loans were made to
growers during the past season, only one LexSeller
Bank charges
Buyer
reington house mentions bank borrowing to pro(per cent).
pays—
ceives—
vide these funds. It states that " the money
to loan to farmers is generally borrowed in
Warehouse.
August, September, and October, as a rule to
District.
about one-third the value of the warehouse."
Only one South Carolina warehouse states that
it loans direct to growers, and borrows for this
purpose as well as to obtain funds to pay off
II
sales. This borrowing may take place either
in the spring or at harvest, funds being proPi
vided to cultivate or house the crop. The
Virginia dark
2 7
..!...! 2
Virginia old bright
greater part of borrowed funds, however, are
belt
7
5
>s! I .
used for the purpose of paying off sales.
North Carolina
old
bright belt 4
2i 6! .
In general the leaf sales warehouseman conNorth Carolina new
! I ... 3 5| 9i 5 7 3
bright belt
fines his borrowing entirely to his local bank.
2 2 15 1
South Carolina
new
36!
bright belt5
8 2| 1 3: 9| 2 1 1 ! . . This is natural in view of the fact that the
Kentucky bur ley...
30J..
I I
J
3 17
St..
major part of the accommodation is required in
Kentucky-Tennessee western
order to pay off sales, and arrangements must
dark
! 63: 9 6 ..
be made with the local bank in any event to
Total
209| 2 115 8 49 111 31 51 3: 19 39; 3644 6 pay off these sales, while the amounts required
moreover vary considerably from day to day
a Daily or weekly, less than weekly, or no specified time.
1
In one of these centers charge is reported from several sources as one- according to the volume of sales.
In certain
twentieth
and by one bank as one-twentieth and one-fortieth.
2
Includes 2 markets where buyer pays bank in case of certain ware- leading markets, however, local banking facilhouses.
ities are inadequate for heavy marketing and
3
Includes 1 market where buyer pays bank in case of certain warehouses.
the local bank in some cases arranges with other
< Includes Wake County, N. C.
* Includes Bladen, Columbus, and Robeson Counties, N. C. (6 ware- banks for a loan to supply the funds which the
houses in 5 markets).
local bank uses in paying off sales. Funds are
e Includes 1 market where buyer pays seller directly by check.
generally obtained from a leading center, in
particular Richmond in the East and Louisville
B. BORROWING.
in the West, although a warehouse in a smaller
The borrowing which the leaf sales ware- market may borrow in a neighboring center.
houseman must do is of two principal kinds— A Richmond banker told the writer that he
(1) in the spring or at harvest to provide funds loaned warehouses in three of the four leading
for direct loans to growers (where this is done, markets in eastern North Carolina. On the
instead of merely indorsing grower's notes), whole, however, borrowing from banks located
and (2) in the fall and winter, during the sales elsewhere takes place in considerable measure
season, to provide funds to be used in paying in connection with funds to be used for direct
off sales and for running expenses. As many loans to growers. In either case, such loans
warehouses do not make direct advances to are made for fixed periods, as will be indicated
growers, frequently no accommodation of the below. Turning to the several districts in
first kind is required. Some houses finance detail, only one warehouse in one of the smaller
themselves, but the great majority borrow the markets of the Virginia dark district reports
larger part of their working capital. In South that it borrows in Richmond as well as locally,
Carolina, however, the owners of the warehouse and it purchases about 25 per cent of the toare frequently local men, while the manager bacco offered for sale on its floor. One banker
merely operates it, and stays in the community in a leading market in that district stated to the
only during the sales season. The owner then writer that several years ago he loaned to a
often provides the necessary financial ar- warehouse at a smaller market which now
rangements. In the other districts, however, borrows locally. A warehouse in Danville, the
no use of this practice has been reported, with leading market in the Virginia old bright belt,
the exception of one burley market where two states that some years ago it borrowed in
of the houses are owned by Cincinnati firms, Richmond as well as locally, but has since discontinued outside borrowing. Warehouses in
who advance small sums for local needs.
Where direct advances are made by ware- two of the smaller markets in the North Carohousemen to growers, bank borrowing will lina old bright belt also borrow elsewhere,
2
;
25|.
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
Durham and Greensboro, N. C, being the
points specified as sources of such funds, and a
warehouse in another market in that district
borrows elsewhere for 5 to 10 days when sales
are heavy. In the new bright belt of eastern
North Carolina, warehouses in five markets report that they borrow outside as well as locally,
three of them being among the four leading
markets in that district. One of the latter
specifies Richmond as the additional source of
funds and the other that center and Norfolk
(on a note expiring Mar. 15 or Apr. 1). One of
them, however, purchases considerable tobacco.
A warehouse in one of the other two centers
states that it borrows elsewhere only when the
local bank is "loaded." Warehouses in four
markets in the South Carolina belt, which do
not loan directly to growers, state that they
borrow elsewhere as well as locally, while a
warehouse in another market, which loans
direct to some extent, also borrows elsewhere.
One authority states that the South Carolina
warehouseman in many cases deposits a check
on his home bank in Virginia or North Carolina,
and against this draws the checks to pay off
his sales. He may borrow this sum from his
home bank.
In the case of the western districts, warehouses in five burley markets state that their
local bank arranges with city banks, chiefly in
Louisville and to a lesser extent Cincinnati, for
the funds required. Warehouses in three
Kentucky western dark markets and in two
Tennessee markets also borrow other than
locally, one of the Tennessee warehouses specifying Nashville. Six of the warehouses in these
western districts state explicitly that they
borrow for fixed periods.
As is the case with loans to the grower and
the local store, the bank in the great majority
of cases obtains indorsed notes from the warehouseman. Where warehouses are incorporated the officers, directors, or stockholders may
indorse. A warehouse corporation in one of the
leading markets in the old bright belt borrows
for each of its warehouses at the opening of the
season on a note (for 30, 60, or 90 days) reading
"pay to the order of ourselves/' which it indorses. Subsequently, each manager gives his
demand note with his own individual indorsement for such additional funds as he needs. A
warehouse in the Kentucky burley district
states that its stockholders place notes in the
bank, while the warehouse pays the interest on
the loan. A few warehouses in various sections report that they borrow on their unindorsed and unsecured note. In many cases
collateral is given as either supplementary to,
or in lieu of, indorsement. For this purpose
real estate, bonds, in particular United States
141?
bonds, and bank stock have been stated to
be used, as well as crop liens or growers'
notes in the Virginia dark and ClarksvilleHopkinsville districts.
A variety of methods are open to the leaf
sales warehouseman with respect to the
maturity of his borrowing from the bank in
order to obtain the funds with which to pay
off sales. Unlike the situation with respect to
borrowings to obtain funds for direct advances
to growers, which are entirely for fixed periods,
practice accordingly is exceedingly complex.
Arrangements may be made at the opening of
the sales season for a loan sufficient to cover
approximate requirements, and a note given
for this amount for a fixed period of time, or
else the amount may be obtained in several
stages. Thus a warehouse in one of the
largest markets in the Virginia old bright belt
states that the regular amount of $15,000
borrowed at the opening of the season was
divided the past season into three lots of
$5,000 each, and $5,000 was merely borrowed
a;t first, then another $5,000 when it was found
necessary, and finally a third $5,000, making
loans of $15,000 in all outstanding. This
practice in fact points to one of the difficulties
inherent in financing the leaf sales warehouseman. His requirements fluctuate greatly during the
season, according to the amount of
sales,1 as well as considerably from day to day
within any given week. In fact, after the
period of heaviest sales, buyers will be withdrawn from the eastern markets and shifted to
the western districts, and sales will be small
in the eastern markets for some time prior
to the close of the season. Moreover, the
warehouseman expects, as the commissions
vhich he receives for selling the tobacco
accumulate, that he will not find it necessary
to borrow for some time prior to the closing
of the market.
The length of time for which the warehouseman's notes are made accordingly varies
somewhat with the size of the market, although
60-90-day notes are most frequent. Some
warehouses, however, make 30-day notes,
while some borrow for from four to six months.
The latter maturities will naturally not be
employed where the season is short, as in the
South Carolina belt, where borrowing occurs,
it is stated, from July 1 to September 15.
Borrowing in the eastern districts will occur
earlier than in the west,, in accordance with
the difference in the sales seasons, borrowing
in the Kentucky burley district, for example,
being stated by several warehouses to take
i Cf. the table of monthly warehouse sales in the Sept., 1921, BULLETIN,
p. 1065.
1418
F&DEEAL RESERVE BULLETIN.
place from December 1 or January 1 to April
1 or 15. The same warehouse in some cases
may give notes of several different maturities,
such as 15 and 30 days or 60 and 90 days,
according to its requirements. The maturity
of the note in certain cases may be merely
nominal, as the warehouseman may take it
up when he is able before the maturity date
(interest being rebated), or, on the other
hand, may have it extended if he finds this
necessary.
It may be observed that the problem of
providing for a volume of accommodation
fluctuating in amount from day to day is substantially similar in many ways to that of certifying broker's loans in New York, which was
raised some years ago. In that case arrangements were made daily between the broker and
his bank for his probable requirements in place
of the former practice of overcertification.
The overdraft might be used for the warehouseman's requirements. Thus one bank in a
market in the Virginia old bright belt states
that it simply agrees to take care of daily sales
and then charges interest on all overdrafts.
Two warehouses in one of the western dark
districts state that they employ overdrafts,
which they settle each Saturday, on which day
buyers pay them. Demand notes may be
given instead from time to time as required, or
notes for very short- periods, such as one, two,
three, or up to six days. In a market in the
Virginia old bright belt where weekly settlement prevails, the warehouse gives its note
each week. More frequent, however, is a combination of borrowing for a fixed period at the
opening of the season, with temporary borrowing later, when sales are heavy, for exceptional
requirements. The former then gives a working balance, such as, e. g., $7,000, $10,000,
$15,000, or $20,000, varying according to the
amount of sales. The additional borrowing
may take a variety of forms. A straight overdraft may^ be used or else a demand note or a
note running several days may be given. One
warehouse in the South Carolina belt states
that, in addition to its borrowing at the opening
of the season, it gives "what is known as an
overdraft note, paying interest on all overdrafts at the end of each month." By means
of this combination of fixed period and temporary borrowing there is a closer adaptation
of the amount of borrowing to the actual
needs of the warehouseman. A similar result
is achieved in one of the leading markets in
the North Carolina new bright belt, where one
warehouse gives the bank a note for $25,000
or $30,000 at the opening of the sales season,
but pays interest each month merely on what-
DECEMBER, 1921.
ever part of this sum it has used, while, if it
has overdrawn, it is charged interest also on
the overdraft. Only in very rare instances,
however, does this practice prevail, and practically all the warehouses making notes for
fixed periods pay interest on the face of the
notes. It may be remarked that a warehouse
in one of the leading markets in the North
Carolina new bright belt, in which the buyer
of tobacco pays the bank rather thanthe warehouseman, states that whereas several years ago
the bank required it to borrow $10,000 to
$15,000 at the opening of the season, this is
no longer required.
The warehouseman at times has tobacco on
hand which he has bought, due to the fact that
he himself bids in order to obtain the best price
for the seller. The usual practice is either to ship
the tobacco to a larger market (in the event that
it is bought on a smaller one) or to resell it shortly,
say the next day. The amount of tobacco
purchased in this manner is small. Many
warehouses stated that no tobacco was bought.
The percentage estimates which have been obtained from houses which thus purchase tobacco
ranged from 1 per cent to 30 per cent in the case
of individual warehouses. The latter figure
was found in only a few cases, and some of the
higher percentages were reported by those who
made it a regular practice to buy tobacco on
their own account. By far the most frequent
percentage reported was 10. No conspicuous
difference on the whole is apparent between the
larger and smaller markets with respect to the
prevalence of the practice. The warehousemen themselves by no means favor the practice
in all cases, as is evident from the following
statement of a warehouseman in the North
Carolina new bright belt:
It, in my judgment, is the only liability in the warehouse
business, and if it could be eliminated it would benefit the
business from all standpoints, * * * as it helps the
farmers very little and often breaks the warehouseman.
This very practice caused the warehouse business a loss of
at least $7,500 to $10,000 in
this year, with the market only selling 6,000,000 pounds.
The percentage of the crop which is so purchased and the difficulty experienced by the
warehouseman in disposing of his purchases has
been increased during the 1920 season because
of the general conditions existing.
The tobacco purchased in this manner in general does not provide a considerable financing
problem. The warehouseman, however, may
not find it possible in all cases to dispose of this
tobacco promptly, and at the close of the season
may find himself with a stock on hand, often of
low grade. He ma^ then borrow from his bank
(usually the one which pays off his sales, states
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
a South Carolina warehouseman), which he does
either on an indorsed note or by placing the
tobacco in public storage and using the warehouse receipts as collateral. These notes may
run for from two to six months, states the
South Carolina warehouseman just quoted.
Very rarely, however, is a warehouseman also
an active purchaser of tobacco. This varies
somewhat, of course, between the different districts. Thus some burley warehousemen say
that the warehouses purchase freely, although
1419
one remarks that most articles of incorporation
prohibit speculation in tobacco. The number
stating that they purchase tobacco in the eastern districts is very small, although in a few
cases warehousemen are also interested in separatefirmsof leaf tobacco dealers. In connection
with regular leaf tobacco purchases, however,
the leaf sales warehouseman faces merely the
same financial problems as confront the regular
leaf tobacco dealer, which will be indicated in
the next section.
1420
FEDERAL RESERVE BULLETIN.
D E C E M B E R , 1921.
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
Considerable contrast is to be found in
business conditions m the various J^uropean
countries. In England, the situation is somewhat better than last summer, industrial output is greater, unemployment less prevalent,
foreign trade larger, and wholesale and retail
prices and wages lower. But depression is
still acute, the construction industries being
in the worst condition. In Norway and
Sweden, also, conditions continue depressed,
although unemployment seems to be on the
decrease in Sweden. Denmark has apparently
suffered less from the industrial depression
than the other two Scandinavian countries.
In France, industry is in a rather more active
condition than a few months ago. The volume
of French exports has been steadily increasing
during the past three months, prices are no
longer consistently on the decline, and employment is improved, partly as a result of the
adjustment of the textile strike in the District
of the North. In Italy, in spite of the fact that
there has been a rise in prices, a fall in foreign
exchange, and considerable speculation in
stocks, industrial conditions remain inactive
except for a slight improvement in the textile
trades. The unemployment situation continues serious. In Germany another " catastrophe boom" is in process, prices are soaring,
speculation is rampant, and there are all the
other indications of a period of excessive inflation.
ENGLAND.1
REDUCTION IN FOREIGN TRADE.
It is hardly necessary to emphasize the importance of foreign trade to British industry,
nor the fact that the present international
situation has led to a serious reduction in
British exports. The extent of the reduction
since the war as compared with the prewar
period, and in 1921 as compared with 1920, is
indicated in the following table, which shows
the volume of exports of certain leading industries in 1913, 1920, and 1921:
VOLUME, OF EXPORTS OF UNITED KINGDOM FOR CERTAIN
LEADING COMMODITIES.
Monthly average.
Commodity.
Unit.
1913
1920
9 months
1921.
?
1,483 506
077, 654
G,
677
Tons
Coal
Iron and steel and
127 304
271, 102
414, 102
...do....
their products
10,066 000
Pounds. 17, 50,S 000
Cotton yarns
000
Yards... 589,604, 000 2 369 713; 000 2 205,538,000
Cotton cloth
Woolen and worsted
2,305,000
3 9,20 000
Pounds.
6,701. 000
yarn
"W^oolen cloth
Yards... 14, 031, 000 2 22 057, 000 2 9,332 000
1
British price, trade, and financial statistics maybe found on pp. 1463,
1464, 1468, and 1499.
2 Square yards.
N E W TRADE FACILITIES
BILL.
It was with a view to the necessity of reviving foreign trade that when Parliament
reconvened on October 19, Premier Lloyd
George in his opening speech outlined the purpose of a new Government bill in aid of foreign
trade. The so-called "trade facilities bill,"
in addition to amending the overseas trade act,
1920, and overseas trade amendment act, 1921,
provides for a Government guarantee of interest and capital on foreign loans on the condition that the proceeds axe spent for British
manufactures. The terms of the original export credit scheme and of last June's amendment have been
described in various issues of
the Bulletin.1 With the amendments made last
summer, it was possible for an exporter to be
guaranteed up to 85 per cent of the selling price
of his goods, on condition that he would be
responsible for one-half the loss in case the
transaction was not successful. It was customary for the export credit office of the Board
of Trade to require security from the importer
of the goods. In case of failure to remit, these
securities could be sold and the exporter reimbursed to this amount. If the selling value
of the securities did not cover the cost of the
goods, the Government was responsible for
one-half the loss and the exporter for the other
half. Banks might also receive Government
guarantees on the same terms, up to 70 per
cent of the value of the goods. In the original
act, there was another arrangement whereby
the exporter might receive a cash advance from
the Government for 80 per cent of the cost of
the goods. According to the terms of the
overseas trade act, loans had to be liquidated
by September, 1925. The countries to which
the scheme applied were mostly eastern European nations, although the British Empire was
added to the original list at the time of the
amendment of the act. It has been widely commented on in the British press that in spite of
these very favorable terms, the scheme has not
been used. The consensus of opinion seems to
be that the Board of Trade lacks the facilities
for determining the validity of a credit operation; also that short-term arrangements can
always be made through ordinary channels, if
there is an effective demand.
The new trade facilities bill goes further and
offers exporters a guarantee of 100 per cent of
the invoice value of the goods, allows for the
same recourse from the exporter in case of loss
as was provided under the terms of the 85 per
cent guarantee (in other words, up to 57^ per
i See Federal Keserve Bulletins for D e c , 1920, p. 1313; June and
Aug., 1921, pp. 691,954, 955.
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
cent of the bill), extends the terms to all countries, and the time limit for the liquidation of
the guarantees and advances to September 28,
1927. The same sum, £26,000,000, is still
available for the purposes of the act. This
means that with six years to run, certain of
these credits will be for capital expenditure.
It is also provided in the new bill that once a
firm has been approved by the export credits
office, it may obtain "floating" guarantees or a
line of credit, without going through the formality of having each individual transaction
approved by the export credits office.
In view of the reception given the earlier
scheme by traders (total credits extended during two years amount to less than £1,500,000),
it seems problematical whether there will be
any large increase in industrial activity as a
result of this extension of the scheme. It is
important, however, as an indication of British
policy in connection with the whole question of
stabilization of the international credit situation, and since this plan for the extension of
trade credits has been followed up by a Government scheme for guaranteeing interest on
capital loans, it represents an all-around scheme
for giving aid to poor or undeveloped countries
which may react very significantly upon British
domestic industries.
The Government plan for guaranteeing interest and capital of loans to the colonies and
foreign countries on condition that the proceeds
of the loans be spent on British manufactures
is also embodied in the trade facilities bill.
This scheme is apparently being entered into
on a rather modest scale, since £25,000,000 only
may be borrowed. This means that the liability
on the part of the Government for interest is a
relatively small sum.
The terms of the bill are in part as follows:
(1) If the Treasury is satisfied that the proceeds of any
loan proposed to be raised, whether within or without the
United Kingdom, by any Government, any public authority, or any corporation or other body of persons, are to
be applied toward or in connection with the carrying out
of any capital undertaking, or in, or in connection with, the
purchase of articles manufactured in the United Kingdom
required for the purposes of any such undertaking, and
that the application of the loan in the manner proposed is
calculated to promote employment in the United Kingdom, the Treasury may, subject to the provisions of this
section, guarantee in such manner and form and on such
terms and conditions as they think proper the payment of
the interest and principal of the loan or of either interest or
principal: Provided, That the aggregate capital amount of
the loans the principal or interest of which is guaranteed
under this section shall not exceed the sum of £25,000,000.
78092—21
4
1421
(2) No guaranty shall be given by the Treasury under
this section after the expiration of 12 months from the
commencement of this act.
(3) In this section the expression "capital undertaking " means an undertaking involving capital expenditure.
Several foreign loans are being floated in
London now, or their flotation is under consideration there. A £5,000,000 loan has just
been raised for Kenya Colony in East Africa,
a £3,000,000 loan is being floated for western
Australia, and it is reported that £15,000,000
will probably be raised for railroad construction in Jugo-Slavia. It is also understood that
the Government of Siam is trying to raise
£2,000,000 there. It is possible that the loan
to Jugo-Slavia may be guaranteed by the
British Government.
INTERNATIONAL DEBT READJUSTMENT.
British policy with regard to interallied debt
cancellations and the revision of the terms
of the reparations agreement is linked with
her policy of stimulating trade revival. In the
course of the past few months several organizations and individuals of prominence have declared themselves in favor of the cancellation
of a part or the whole of debts owed to Great
Britain by her allies. At the same time there
has been a repudiation of the suggestion that the
United States cancel Great Britain's obligations
to her. Among others the British National
Committee of the International Chamber of
Commerce has sent a resolution to the Government urging debt reduction or cancellation on
conditions to be determined. What these
conditions might be are not indicated, but
it ma3^ be assumed that Great Britain would
exact some such conditions as were indicated
as desirable for financial and economic rehabilitation by the Brussels Conference if she
offered to cancel foreign obligations.
During the past month the developments
with regard to reparations have not been encouraging. Discussion of the Wiesbaden agreement between the French and German Governments and the visit of the Reparations Commission to Berlin will be found on page 1429.
The attitude of the British member of the Reparations Commission with regard to the Wiesbaden agreement has been published officially
in England. It is not altogether favorable to
the scheme. Although recognizing the desirability of France receiving payments in kind
from Germany, Sir John Bradbury objects to
her receiving more than her share—the equal
1422
FEDERAL RESERVE BULLETIN.
of 52 per cent—of the next four annual reparations payments (even though they be payments
in kind), because he fears as a consequence that
the other Allies may not receive their annual
payments in full. He therefore recommends
"that a provision should be inserted for the
payment by France to the general reparation
account from time to time (within the limits
of the deferred debits for the time being outstanding) of any amounts which may be necessary to assure that the other Allies shall receive
their proper proportions of the amounts due
from Germany under the schedule of payments." In other words, the British member
recommends that in case Germany defaults in
her payments to Great Britain, Belgium, or
Italy at the same time that she makes deliveries in kind to France, more than equal to the
value of the French share of payments, France
apportion to the other Allies their ratio of her
receipts. The suggestion on the part of Germany that a method of reparations payments
in kind be developed for England, as has been
done for France in the Wiesbaden agreement,
has not met with approval in England. Declaration of a moratorium for Germany after the
f>ayment of February 15 seems to be more
avorably received.
PRICES.
It is generally recognized in England that
British export prices are as a rule higher than
those of other leading European countries. It is
doubtless to neutralize the effect of this, especially as it applies to the iron and steel industry,
that the Government has offered to guarantee
foreign capital loans if the funds borrowed are
spent on British manufactures. Measured in
terms of international value (taking the dollar
as a basis) British prices in October may be
estimated at an index of 145, French, 125,
Italian, 123, and German, 77, as compared with
141 for the United States in the same month.
These figures do not indicate the international
competitive position of individual commodities
but the approximate relationship of general
prices in these different countries in terms of
Considering the price level within the country, even with the reduction in wholesale prices
which has occurred during the past 18 months,
British internal prices are still between 75 and
100 per cent higher than before the war. In
the following table present prices of certain
leading commodities are compared with their
prewar and postwar peak prices:
DECEMBER, 1921.
PRICES FOR INDIVIDUAL COMMODITIES, OCTOBER,
1921.
[In pence.]
Unit.
1913,
average.
Peak.
October,
1921.
Cotton, middling
Pound
13.74
6.99
29.22
Wheat, red winter, j
American
'• 100 pounds.. 89.4
137.50
243
Tin plate
Box
254.25
166.5
924
11
Copper wire
Pound
10.08
Coal, steam smalls,
19
best Cardiff
Ton
228
151
Pig
i iron, No. 3,
1,155
Cleveland
1,440
704
do
Steel shapes, rounds
2,775
and squares
2,760
2,123.8
Cotton yarns, 40's
7,560
weft, American
10.53
Pound
23
Worsted yarns, 2/40's
61.15
worsted c r o s s breds, 46's
24.9
.do..
37
Cotton cloth, 35138
inch, 38 yards, 16
by 14
2.41
Yard
5.76
13.84
October,
1921,
per
cent
of
prewar.
197
154
153
109
151
205
130
178
149
239
During the past month prices have continued to decline, the index of the Board of Trade
for October showing a reduction in all commodities of 3.9 per cent, the Statist one of 7.4 per
per cent, and the Economist, which in the three
months immediately preceding had shown increases, a reduction of 6.8 per cent. Iron and
steel and other building materials prices have
continued to decline in November. Cotton has
been weak, and manufacturing on such a reduced scale that talk of an organized scheme of
short-time operation has been renewed. Prices
established at the November wool auction were
somewhat lower than the October level.
The increase of approximately £7,000,000 in
the value of the export trade for October is accounted for to the extent of over £3,000,000 by
exports of cotton yarns and cloth. There were
increases also in the exports of woolen manufactures and other textiles as well as in iron
and steel products, but the value of coal exports declined from the September average.
Reexports were also larger in October than in
September, cotton and wool showing the greatest increases over the preceding month. Imports were slightly lower in value in October
than in September, due to decreases in food
imports.
Production statistics for coal and iron and
steel indicate an improvement in coal and pigiron production as compared with the preceding month, but a reduction in the production
of semifinished steel.
FEDERAL RESERVE BULLETIN.
DECEMBEK, 1921.
VOLUME OF BRITISH COMMODITY PRODUCTION, SHIP
TONNAGE UNDER CONSTRUCTION, AND TONNAGE
MOVED ON BRITISH RAILWAYS.
Production (long tons, 000
omitted).
Coal.
ilya
1913..
1920
September..
October
November..
December..
Ship ton- British
nage under railways
tonconstruc- (net
miles,
Steel in- tion (gross 000,000
tons).
Pig iron. gots and1
omitted).
castings.
23,957
19,128
18,885
3 14,044
15,920
20,230
855
667
741
533
403
683
639 2 2,002,699
755 2 3,603,131
885
3,731,000
544
505
3,709,000
747
21,805
17,369
16,437
& 1,950
642
464
386
60
14
1
493
484
359 ^3,799,000
71
6
2 7 3,530,000
117
434
429 8 3,283,000
402
1,
556
944
469
1,323
1921.
January
February...
March
April
May
June
July
August
September..
October
6 179
3 15,214
16,594
20,635
3 21,090
•10
94
158 i
235
1,440
1
1,273
5Q7
498
520
1;088
1,311
1
Revised figures.
28 Average of 4 quarterly estimates.
5 weeks.
« Work suspended on all but 2,952,000 tons.
5
First week in April.
6
Production from Apr. 4 to July 4.
78 Work suspended on all but 2,351,000 tons.
Includes 731,000 tons on which work has been suspended and 457,000
tons delayed in completion.
The index of the cost of living constructed
by the Ministry of Labor decreased from 210
during September (as compared with 100 in
July, 1914) to 203 during October. Employment conditions were worse in October than in
September, however, the percentage of tradeunion members out of work averaging 15.6 at
the end of October, as compared with 14.8 at
the end of September. The percentage of unemployed among those people who are insured
under the unemployment insurance act increased from 12.2 at the end of September to
12.8 at the end of October. There were 1,611,000 people registered at employment offices on
October 28, as compared with 1,405,000 on
September 30.
FRANCE.1
RAILWAY REORGANIZATION.
On October 28 the Chamber of Deputies
passed a bill which had already been approved
by the Senate, reorganizing the railway system
of France. In France, as in most of the belligerent countries, the problem of railroad
finance became urgent as soon as the war was
over. The Government owed large sums of
money to the railroads and the railroads to the
Government. The French situation is only in
1
French price, trade, and financial statistics may be found on pp.
1463, 1465,1468, 1469, and 1499.
1423
part an outgrowth of the war. The debts of
the railroads to the State originated in 1883.
At that time the Government, in order to
encourage the extension of railway systems
into regions where the service would not be
immediately profitable, guaranteed the interest on money loaned by private investors to
the railroads. In 1913 part of the money
advanced by the Government on these interest
payments had been paid back, but the amount
still owed by the Orleans, the Midi, and the
Est railways totaled about 617,000,000 francs.
In that year three of the railroad companies,
the Nord, the Est, and the Paris-Lyons-Mediterranee, made profits which totaled 23,500,000
francs, the Orleans and the Midi had a deficit
of 8,500,000 francs, and the State railway had
a deficit of 84,000,000 francs. With the outbreak of the war all profits disappeared and
deficits, which, under a law of December, 1914,
were met by the State, increased. From 1914
through 1920 the total deficit is placed at
5,570,000,000 francs. The deficit for 1921 will
be less than that for 1920, but it is estimated
that it will amount to 1,500,000,000 francs.
Under the new system the railways are fused
into one financial organization which will pool
their common resources. Each line will pay a
fixed rate of interest on its stock and will
receive a bonus for improvements and efficiency
in management. Any surplus will be paid into
a common fund. The debt of the railroads to
the State is considered to be canceled by the
State's debt for war services and war damages.
Until 1927, if the operating expenses of the
system are not met by its income, the difference
will be provided for by the issue of bonds, the
interest on which will be guaranteed by the
State, and at that date a new set of regulations
as regards rate-making will be dr^awn up.
The combined roads will be managed by a
central railway council, which is to be composed
of representatives of the management and the
workers of each line and of the public, presided
over by the Minister of Public Works. Each
line will keep its own internal organization.
Before the reorganization of the railroads can
go into effect the plan must be approved by
the stockholders of the various lines, but there
seems to be every prospect of its being approved. It is thought that the new scheme
will not only relieve the State finances but
that it will improve the quality of French railway service. Plans for increasing the use of
electricity in the operation of the roads are
well under way. The Midi Railway began the
electrification of its system before the war.
The Orleans and the Paris-Lyons-and-Mediterraneen railroads have been proceeding with
this work more recently. There are at the pres-
1424
FEDEKAL RESERVE BULLETIN.
DBCEMKBB, 1921.
ent time about 9,000 kilometers of electrified varied in the last year. Their statements do
railways in France, and the use of France's not separate commercial and treasury bills
abundant water power in providing electricity discounted, and though the combined item
for this work results in a great saving of coal increased from 8,757,000,000 francs to 9,665,and a proportionate reduction of expense.
000,000 francs from August 31, 1920, to August
Although the burden of railway finance is 31, 1921, it seems probable that the increase
regarded as removed from the French budget consisted of treasury rather than commercial
for 1922, the Commission of Finance of the bills. The situation as to acceptance liabilities
Chamber of Deputies has reluctantly decided and deposit accounts is clearer, however.
that it will be impossible to balance receipts Acceptance liabilities have decreased from
and expenditures in the French budget next 200,829,000 francs to 107,330,000 francs within
year. The commission has been discussing the year. Ordinary deposits have remained
the question with the Minister of Finance ever at substantially the same level, but credits in
since late summer. Both took the position current account have fallen from 8,036,000,000
that the budget must be balanced, but the francs to 7,617,000,000 francs. The decrease in
commission wished to achieve this end mainly acceptance liabilities has taken place since
hj decreasing Government expenditures, the February, and the drop was particularly sharp
Minister of Finance mainly by increasing taxes. in July and August. The following table gives
Decreasing public expenditures was a difficult in comparative form the consolidated statetask. One-half of next year's budget is taken ments of the three most important private
by the charges on the public debt. One-half banks in France for December 31, 1913,
of the remainder is concerned with military August 31, 1920, and August 31, 1921:
expenditures which the French Government
feels to be indispensable. On the other hand, CONSOLIDATED STATEMENT FOR L E CREDIT LYONNAIS;
LE COMPTOIR NATIONAL D'ESCOMPTE DE PARIS; LA
the Commission of Finance is convinced that
SOCIETE GENERALE POUR FAVORISER LE DEVELOPPEthe industrial condition of France at the present
MENT DU COMMERCE ET DE L'INDUSTRIE EN FRANCE.
time does not warrant any increase in taxes.
[In thousands of francs.]
On October 28, after the Government had reduced expenditures as far as it felt was comAug. 31,
Dec. 31,
Aug. 31,
patible with public welfare, the Minister of
1913.
1920.
1921.
Finance presented the following estimates for
the 1922 oudget to the commission:
ASSETS.
Francs.
Expenditures
Receipts
24, 953,000,000
23, 328,000,000
Deficit
1, 625, 000, 000
However, these figures do not include costof-living bonuses for public employees, which
have been abandoned in principle as of December 31. It is very likely that these bonuses will
be returned to the budget by the Chamber of
Deputies itself or the Senate. They will add
700,000,000 francs to the public expenditures
for the year. The Finance Commission found
its way out of the dilemma presented by the
deficit by voting to issue short-term bonds to
the amount of 1,500,000,000 francs, and
increasing the tax receipts by improving the
efficiency of the tax-collecting agencies. It is
thought that bonds to this amount can be
issued without increasing the public debt,
since the war-profits tax is payable in Government rentes, and the Finance Minister estimates
that rentes amounting to 1,500,000,000 francs
will be canceled during 1922 by payments on
the war profits tax.
It is difficult to measure the extent of the
industrial depression in France. It is impossible to tell from the statements of the private
banks how the volume of commercial bills has
Cash in vaults and balance at
banks
Bills discounted and short-time
national-defense securities
Advances on securities, including
stock-exchange loans
Debits in current account
....
Securities, including rentes 1 2
Forward exchange operations2 , .'.
Due from banks and bankers
Customers'
liabilities on acceptances 2
2 3
Financial participations
,
,
Coupons uncollected 3
Agencies outside of Europe 2
Real estate
Sundry assets y
*.
Total.
Capital paid in
Reserve
Deposits (checking accounts, deposit certificates payable at
sight, discount account)
Credits in current account
Deposits pavable at fixed date...
Acceptance liabilities
Uncollected funds 1
Forward exchange operations 1 , 2 .
Agencies outside of Europe a
Profit and loss y
Sundry liabilities
Total.
1
470,967
1,239,436
1,188,775
3,493,548
8,756,985
9,664,520
1,058,257
1,463,905
63,200
94,277
790,750
3,423,314
79,508
231,621
182,986
580,395
2,182,621
68,369
156,514
156,294
175,076
74,869
42,300
17,575
101,410
119,005
89,270
54,710
20,117
""i()6,"422
189,542
54,276
42,122
21,122
11,675
106,422
236,898
7,174,389
15,164,661
14,470,003
700,000
328,861
4 732,038
318,780
750,000
321,748
2,071,097
3,066,837
296,865
493,032
4,788,837
7,617,441
243,649
107,330
90,231
156,514
18,371
199,326
4,785,373
8,035,653
294,228
200,829
158,245
231,621
1,041
10,910
395,943
7,174,389
15,164,661
14,470,003
15,124
379,129
Le Credit Lyonnai9.
' Le Comptoir National d'Eseompte de Paris.
s La Socie'te' Ge*ne"rale pour Favoriser le Developpemeni du Commerce
et de PIndustrie en France.
* This increase is due to the fact that the Comptoir National
d'Escompte de Paris authorized an increase of 50,000,000 francs in its
capital, of which 32,038,000 francs had been paid in on Aug. 31, 1920.
DECEMBEB,
1425
FEDERAL RESERVE BULLETIN.
1921.
Foreign trade figures for October show a month exceeded exports by 468,000,000 francs.
decrease in imports of 1,193,000 metric
The following table gives a brief survey of
tons and an increase in exports amounting business indexes for France:
to 68,000 tons. The value of imports for the
FRENCH BUSINESS INDEXES.
Coal.
Pig ! Crudej
iron
produetion.
I steel
j produe- |
I tion.
Produced.
Stocks
at
mines.1
Raw cotton imCotton
ported
stocks
Imported for
conat
for
Havre. 1
consump- sumption.
tion.
Metric
tons.
Thousands of metric tons.
Thousands of
bales of
50 kilograms.
Raw
silk imported
for consumption.
Total
imports.
Total
exports.
Metric
tons.
Thousands of
metric
tons.
Thousands of
metric
tons.
Number
of unemployed
receiving
State or
municipal aid.*
I
1913, average.
1920, average.
January
February..
March
April
May
June
July
August....
September.
October
3 436 »393
247
278
3,338
2,025
279
1,558
2,022
27,428
19,576
274
225
629
390
3,685
4,245
1,840
1,039
* 39,522
1,738
26,393
1,177 i 14,199
1,256 I 10,323
1,066 !I 12,696
731
7,710
608
14,013
660
6,539
1,065
10,700
1,874
11,769
•200
196
185
167
169
136
131
132
131
181
161
97
73
251
161
174
51
201
261
3,702
2,579
2,827
2,652
2,250
2,047
2,164
2,593
3,993
2,800
1,117
1,414
1,069
1,154
1,168
1,405
1,194
1,035
1,173
1,241
71,774
89,289
88,382
75,569
60,362
55,439
37,226
27,467
20,408
516,518
1921.
293
292
300
292
283
285
266
255
268
264
251
257
244
245
224
233
2,352
2,137
2,255
2,258
2,108
1,762
2,280
2,403
2,432
879
1,566
1,363
1,190
1,256
1,353
1,476
1
End of month.
*8 End of m-^nth. These figures represent only a relatively small proportion of the unemployed in France.
Does not include Lorraine.
< End of December, 1920.
* Provisional.
The general price level in France declined
slightly during October. The index number
of the French General Statistical Office decreased from 344 to 332 during the month.
However, in France as in the United States,
there is no general uniformity in the relation
of commodity prices to their 1913 level. During October raw silk prices in France were four
times as high as they were before the war;
gasoline and kerosene prices stood at 350,
meat prices at about 340, as compared with
100 in 1913, while the price of Para rubber
in October was only 50 per cent of its 1913
price. Of the prices which were below the
general level indicated by the General Statistical Office index number, metal prices make
up the most conspicuous group. English pig
tin in October cost only about 70 per cent
more than it did in 1913, pig iron cost about
100 per cent more, copper 114 per cent, and
lead 260 per cent more than it did before the
war, while the general level was about 230 per
cent above the prewar average. The following
table summarizes commodity price indexes for
France during the last two years. It uses 1913
prices as 100 and gives the highest price in
1920, the highest price so far in 1921, and the
October, 1921, price in relation to the 1913
level. The prices upon which this table is
based have been communicated to the office
of the Federal Reserve Board by the American
consul in Paris.
FRENCH COMMODITY PRICE INDEXES.
[1913=100.)
High point in 1920,,
High point in 1921.
Commodity.
Month.
Pig iron
Steel beams..
July
M a y-S e p teraber.
Copper b a r s . . . .
April
Pig tin
March.
April
Lead bars
do
Zinc bars
September.
Copper wire
Rubber.
March
April
Nitrate of soda..
Gasoline.
August-December.
April
Raw silk
Silk yarn
May
Raw cotton
April
Grease wool
do.
August-DeWheat, native
cember.
Barley, native
February...
NovemberPotatoes.
December.
December...
Beeves, live
April
Coffee
Cheese, Camembert March
Index.
722
622
378
408
512
516
517
137
574
429
962
895
1,081
800
305
433
515
545
518
396
Month.
January
do...
do
.....do
....do
do.
do
do
do
JanuaryApril.
September.
January
do
July
May
March
May
January
do.
February...
Index.
October
1921.
417
361
206
271
232
300
224
171
261
238
236
41
314
353
282
319
65
478
429
445
445
399
417
805
307
"4i7
424
599
341
284
515
219
421
*29i
274
220
337
ITALY.1
Between November, 1920, when wholesale
prices in Italy were higher than at any time
since the armistice, and June, 1921, prices
steadily declined; in the latter inonth the
Bachi index number for all commodities stood
1
Italian price, trade, and financial statistics may be found on pp. 1463,
1465,1468,1469, and 1500.
1426
FEDERAL RESEKVE BULLETIN.
DECEMBEE, 1921.
at 81.49, as compared with 107.33 in November, if so, it was not on a scale sufficient to account
1920, the average monthly prices in 1920 being for the complete change in the price trend.
taken as 100.
Neither do the latest available bank reports
Beginning with July, prices have increased seem to indicate the beginning of a new period
again, the index number for October (96) of credit expansion after the month of June.
being only four points under the 1920 average.
The most important general factor has unThe decline of prices between November and doubtedly been the fall in value of foreign
June was most important in the textile, exchange beginning with the month of June.
minerals and metals, and chemicals groups, The close connection between the movement of
the index numbers for these groups stand- foreign exchange rates and prices during the
ing at 45.8, 60.4, and 63.4 in June as com- first 10 months of this year is clearly shown in
pared with an average of 100 in 1920. If the following table, which contains, on the
these group indexes are compared with those one hand, the average monthly quotations of
for the spring months of 1920, when the peak the lira in New York and, on the other, the
of high prices was reached, it will be seen that monthly index numbers of prices in Italy:
the total decline of prices by June of this year
had amounted to about 65 per cent for the
Average
Bachi
monthly
textile group and about 48 per cent for both
Index
quotation
number
of
chemical products and minerals and metals.
of the lira wholesale
in New
prices.
Since June, the upward movement of prices
York.
has likewise been greatest in textiles. The
index number for this group increased from January, 1921...
103
$0. 036
February, 1921.
98
.037
46 in June to 76 in October, or over 65 per March,
1921
.039
97
.046
94
cent. During the same period the index num- April, 1921
.053
May, 1921
88
ber for chemical products increased from 63 June, 1921
.050
81
.045
83
July,
1921
to 75, or about 19 per cent, while that for August, 1921...
.043
87
.042
93
minerals and metals remained practically sta- September, 1921
.040
96
October, 1921...
tionary until September and showed in October an increase of less than 7 per cent over
June.
In certain instances, notably among the
For foodstuffs, both animal and vegetable, chemical products, the rise in prices may be
the lowest prices were likewise attained in accounted for to a certain extent, at least, by
June, and since then there has been an up- the provisions of the new tariff which went
ward movement. For both of these groups, into effect on July 1. As far as foodstuffs are
however, as may be seen from the table on concerned, a certain allowance has to be made
page 1465, the lowest monthly indexes for for seasonal fluctuations in such commodities as
this year were in the neighborhood of 100, that potatoes and eggs. In other instances the rise
is, approximately the same as the monthly in prices can be traced to deficient crops. This
average for 1920. By June, the decline from applies, however, only to a limited number of
the maximum in the case of vegetable foods commodities, such as wine and olive oil.
was about 10 per cent and in the case of ani- On the whole, as may be seen from the table
mal foods about 20 per cent. Between June below, the crop situation has been favorable
and October, however, the index numbers this year, most of the crops having been larger
for vegetable foods advanced again from 97 than in the two preceding years and in some
to 116, or about 20 per cent, and that for ani- cases even exceeding the crops of the years
mal foods from 101 to 129, or about 28 per immediately preceding the war:
cent. Wholesale prices for food, therefore,
were at the highest point ever attained in PRINCIPAL ITALIAN CROPS IN 1921, 1920, 1919, AND
1911-1913.
October of this year.
[In quintals.]
The general and steady rise in prices in
recent months does not appear to be connected
i 1911-1913
with any change in the monetary or banking
]921
1919
(annual
1920
situation. The deflation of the bank-note ciraverage).
culation continued later than June, the circulation for September 10 being 17,879,000,000 Wheat
38,466,000 46,204,000
51,972,000
51,200,000
1,369,000
1,300,000
1,153,000 1,161,000
lire as compared with 18,158,000,000 lire on Rye
813,000
Bailey
2,183,000
2 400,000
1,278,000 1,
516,000 5,036,000
5,454,000
Oats
June 30. Preliminary and very incomplete Rice
5,500,000
4,873,000
4,700,000
4,512,000 4,867,000
figures regarding the note circulation at the Maize
25,464,000
24,000,000
22,683,000 21,806,000
15,000;000
16,710,000
14,223,000 13,875,000
end of September seem to indicate an expan- Potatoes
Sugar beets
15,000,000
20,858,000
11,999,000 15,000,000
sion of circulation during that month, out,
DECEMBER,, 1921.
FEDERAL RESERVE BULLETIN.
The determining factor in the movement of
food prices relates to the question of Government control and the adjustment of prices to
new conditions of trade.
During recent
months there has been a gradual relinquishment of Government price control, accompanied by temporary provisions for the transition period. Rye and maize, for which
Government control was discontinued on
July 1, advanced 13 and 12 per cent, respectively, between June and September. Butter
and cheese advanced during the same period
67 and 27 per cent, respectively, as the result
of a decree authorizing the exportation abroad
of a certain amount of these commodities.
As regards wheat, free trade in domestic
wheat recommenced July 1 and the Government requisition of grain was discontinued
with this year's crop. As may be seen from
the table above, the wheat crop this year has
been very good, with the result that it is estimated that foreign grain imports will not exceed 8,000,000 quintals in 1921-22, while in
1920-21 it was necessary to import 20,000,000
quintals. Moreover, according to a statement by Minister of Finance Soleri, the Government acquired abroad a considerable
amount of grain when exchange rates were
favorable to Italy. In spite of these factors,
the price of soft grain advanced from 104.40
lire to 128 lire per quintal and that of hard
grain from 119 lire to 160 lire per quintal between June and September. This resulted
from various Government provisions which
were designed to protect the interests of agriculturists. Thus, although compulsory requisition of grain had ceased, the producers were
given the option of selling this year's grain to
the provincial government commissions at the
original requisition price which was fixed for
this year's crop a year ago last May (i. e., in
May, 1920). This price was considerably
higher than the requisition price for last
year. Although it appears that the amount of
wheat actually sold by the producers to the
provincial commissions has not been large, the
privilege of doing so has tended to drive free
market prices up to the level of the prices paid
by the Government commissions. On September 1 foreign wheat was placed on the list of
free imports, but the possible effect of this on
the price of wheat is difficult to estimate in
view of the depreciation of the lira abroad.
The advance in the price of textiles (which
have increased more than any other group in
the last few months) is due in the first place
to the rise in the price of cotton in the international market, a fact which has been further
aggravated for Italy by the depreciation of her
exchange. Another factor leading to higher
1427
prices of textiles is the shortage of raw silk.
International demand for Italian silk has been
greater than normal, because of the unfavorable position of the eastern currencies due to
the rise in the price of silver. There has also
been a large increase in the demand for woolens.
The textile trades seem to be the only ones in
which the advance in prices corresponds to an
actual though limited revival of industrial activity following upon the liquidation of last
year.
The latest official statistics of unemployment refer to September 1 and show a slight
decrease in the number of unemployed in the
textile industries as compared with August 1.
The total number of unemployed in industries
on September 1 was estimated at about
471,000, an increase of 8 per cent over the
number who were out of work on August 1
and of 88 per cent over those out of work on
May 1. The largest increase during the month
of August occurred in the building and construction trades, in the metal and machine industries, and in agriculture, absolute numbers
of unemployed workers in these industries
being 130,000, 73,000, and 69,000, respectively, on September 1. Over 186,000 workers
were employed in shifts and 34,000 were working part time.
Although no statistical data regarding industrial conditions during September and October are as yet available, reports from both
employers and labor organizations seem to
indicate a more serious business depression
than at earlier dates rather than an industrial
recovery. There has been widespread revision
of wages, and it is stated by the Minister of
Industry that 75 per cent of the workers had
accepted by the end of October new agreements based on a lower wage scale.
At the request of the General Confederation
of Labor, the Government has appointed a
commission to investigate the industrial situation as regards the question of the cost of production, the cost of living, foreign competition, and tariff provisions. The commission,
which consists of eight representatives of employers' associations, eight representatives of
labor organizations of various political shades,
and eight experts appointed by the Government, is to submit its report within one month's
time. The creation of this commission has
caused considerable apprehension among business groups, who see in it a new phase of State
and labor control over industry. The Minister
of Industries, on the other hand, has denied
that the commission is to do more than study
the general conditions of industry. Investigations of individual businesses are not to be
made.
1428
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
GERMANY.1
The most important events of an industrial
and financial nature in Germany during the
last of October and the first of November were
the partition of Upper Silesia, the fluctuation of
mark exchange, and the spectacular rise in
prices. The political consequence of the partition of Upper Silesia was the resignation of the
Wirth Cabinet. On October 26 Dr. Wirth again
appeared before the Reichstag as Chancellor,
with the portfolio of the Minister for Foreign
Affairs, and accompanied by a new Cabinet.
Two Cabinet positions remain to be filled,
however. The Minister for Food and Agriculture is at present also filling the post of the
Finance Minister, and the post of Minister of
Reconstruction is not being filled at all, in the
hope that Dr. Rathenau, who acted as Minister
of Reconstruction in the first Wirth Cabinet,
may decide to return.
Conjectures as to changes in the terms of
reparations payments have been rife during the
month, and fluctuations in mark exchange have
been extreme. During November the low quotations for the mark in New York were reached
on November 7 and 26, when it was quoted at
one-third of a cent. The average quotation for
the month was 0.38 cent.
Part of this depreciation of the mark is attributed by officials of the German Government to speculation in exchange, and the
Government is planning to introduce as one of
its new tax measures a bill taxing every exchange transaction. In this connection there
are also to be further attempts
to restrict imports. The " gold-agio7; by which customs
rates are multiplied if payments are made in
paper marks was increased to 3,900 on November 20 and more stringent measures are to
be taken to restrict luxury imports.
Foreign trade figures for September show
that the unfavorable balance in Germany's
foreign commerce increased during the summer.
Figures for the first four months of 1921 are
not available, but the following table gives
those for the succeeding five months of the
and shows the growing adverse balance:
GERMAN FOREIGN TRADE. 2
[In millions of paper marks.]
1921
May
June
July
August
September.
Imports.
Exports.
5.486
6,409
7,580
9,418
10,668
4,558
5,432 I
6,212 |
6,683 {
7,519
Excess of
"imports.
928
977
1,368
2,725
3,149
1
German price, trade, and financial statistics may be found on pp
1463,
1465, 1468, 1469 and 1501.
2
Not including deliveries on reparations account. All these figures
are subject to revision.
One reason that the value of the import
trade exceeds that of the export trade is
the disparity between German prices and those
of the rest of the world. The Germans
are selling cheap and buying dear, and the
difference between prices at home expressed
in terms of marks has increased during the
summer and fall. On page 1071 of the September issue of the BULLETIN there appears a
table comparing prices in the United States,
England, and France, expressed in marks,
with internal prices in Germany according to
the index number of the Frankfurter Zeitung.
Prices in the United States, England, and
France in terms of marks were obtained by
multiplying a wholesale price index number for
each country by an index showing the appreciation of the currency of that country in
terms of the mark. In the following table the
compilation which appeared in the September
BULLETIN is brought to date, and the increase in the disparity between internal and
external mark prices is made clear:
GERMAN PRICES.
[Prewar prices =100.]
External prices.
Internal
prices
In the
(index
United
In rang- ; In France number
States
(price j (price in
of the
(price in land
in marks j marks of
Frankmarks of
commodifurter
commodi- ofcornmod-i
ities in i ties in
Zeitung). <
ties in the England).21
France).»
United 1
States).
1921.
January
April
July
August
September
October
,
2,426.7 !
2,100.9 I
2,578.6 i
2,805.4 '
3,744.6
5,006. 3
3.021.8
2, 526.8
2' 704.6
2'. 930. 2
3'. 836.8
Si 198.8
2,125.4
1,971.0
2,482.0
2,702.7
3,399. 2
4,430.7
1,603
1,410
1,467
1,723
1,777
1,993
1
Cost of the dollar in marks (parity=100) X Federal. Reserve Board
index number
2
Cost of the pound sterling in marks (parity=100) X Board of Trade
index number
3
Cost of the franc in marks (parity = 100) XStatistique Generale index
number
4
First of month figures.
100
The effect of the unfavorable exchange rates
on internal prices in Germany is well brought
out by two group indexes of the wholesale
price index compiled by the German Federal Statistical Office. These group indexes
are similar to two of the group indexes of
the wholesale price index which is computed
by the Federal Reserve Board for the United
States. They show the relative prices of goods
produced in Germany as compared with goods
imported into Germany. The following table
1429
FEDEKAL RESERVE BULLETIN".
DECEMBER,, 1921.
shows the movement of these two groups as the cost of clothing, which is included in the
compared with the movement of wholesale other two indexes.
prices in general in Germany according to this
The increase in prices in Germany during the
index number.
last few months and the fall in the exchange
value of the mark have completely vitiated
WHOLESALE PRICE INDEX OF THE GEBMAN FEDERAL any plans made by the German Ministry of
STATISTICAL OFFICE.
Finance early in the summer. On November
4
the acting Minister of Finance presented to
[1913 prices=100.]
the Reichstag new estimates of expenditure
and revenue for the year which will end March
Goods
Goods All com- 31, 1922.
produced imported modities
(16 com- (22 com- (38 commodities) . Imodities). modities).
1920 average.
January
February...
March
April
May
June
July
August
September.
1921.
1,479
1,363
1,320
1,282
1,280
1,266
1,320
1,369
1,913
1,952
1,436
1,372
1,334
1,323
1,306
1,365
1,425
1,917
2,067
i
I
j
!
!
!
!
1,805
1,645
1,598
1,544
1,507
1,592
1,708
1,935
2,643
The panic of retail buying which has taken
place in Germany within the last month has
made it obvious that the difference between
internal and external prices in Germany will
probably not continue to increase. The decline
in the foreign exchange value of the mark has
made the whole German population want to possess goods rather than marks. According to
cable dispatches retailers' stocks have been
almost completely exhausted by the excited
buying. This depletion of stocks will naturally
result in an increase in wholesale prices which
will bring German internal prices into closer
harmony with prices abroad.
The latest figures available on the cost of
living in Germany show that according to the
index number of the Statistical Office in BerlinSchoneberg the cost of living rose from 1,212 in
September to 1,340 in October, in each case using
1913 as 100. The index of the Federal Statistical Office shows an increase from 1,062 in September to 1,146 in October. This index uses
1913-14 prices as 100. Information recently
made available in this country in regard to the
weighting of the Federal cost of living index
explains the difference between this index
number and those of Dr. Elsas in Frankfurt
and Dr. Kuczynski in Berlin-Schoneberg. The
Federal index is weighted according to the
present-day consumption of the working class
in Germany and thus compares the cost of their
present standard of living with what that same
standard would have cost before the war. The
other two indexes compute as nearly as possible
the cost of the prewar consumption of the
working class at the present time. In addition
the Federal Statistical Office does not include
ESTIMATES FOR THE 1921-22 BUDGET IN GERMANY AS OF
Nov. 4, 1921.
h1,253 |
2,609
[In millions of marks.]
! Receipts, j Expendii
j tures.
Ordinary
Extraordinary
Total
I
I
61,200 !
110,050 |
171,250!
114,250
57,000
171,250
The ordinary receipts Include revenue from
taxes and Government monopolies, while the
extraordinary receipts will consist exclusively
of loans. It was estimated that new taxes
proposed would yield from 40,000,000,000 to
42,000,000,000 marks in the fiscal year. From
April 1 to September 30, 1921, the Government has received 33,144,000,000 marks in
taxes, and in the same period Treasury bills
outstanding have increased 44,079,000,000
marks.
The new Government has not announced
plans for meeting the installments due on
reparations account on January 15 and February 15, 1922. Negotiations as to a loan
from German industrials continue, but have
not yet drawn to any definite conclusion, and
efforts to raise a loan in London have as yet
been without result.
In the second week in November the Reparations Commission went to Berlin to investigate
the situation there at first hand. The outcome of this visit was a telegram sent to Berlin on December 2, urgently requesting the
German Government to give its full attention
to the steps immediately necessary to insure
payments of the January and February installments due on reparations account. The
telegram emphasizes the fact that the Reparations Commission is persuaded that the difficulties encountered by the German Government—difficulties which are closely connected
with the recent fall of mark exchange—are of
a financial rather than an economic character
and are in great measure due to the failure
of the German Government to balance its
budget.
1430
FEDERAL RESERVE BULLETIN.
The Wiesbaden agreement has been approved only in principle by the Reparations
Commission, and has been referred to the
Allied Governments. Under this agreement
Germany agrees to furnish France with goods
for reconstruction purposes to the value of
7,000,000,000 gold marks within the next 4J
years, provided that they are ordered by the
"sinistreV' (French of the devastated regions). However, at the time of their delivery, Germany is to receive credit on reparations account for only a part of the goods delivered. According to the agreement, 35 to
45 per cent of the value of the goods delivered
in the next 4J years will be credited on reparations account in the year of delivery, but in no
case is the amount credited to exceed
1,000,000,000 marks. It is obvious that in
order to receive a credit of a billion gold
marks for goods delivered to France, it will be
necessary for Germany to turn over goods to
the value of at least 2,220,000,000 gold marks
in any one year. On the difference between
the value of the goods delivered and the
amount credited on reparations account, France
is to pay 5 per cent simple interest. Deliveries
under this agreement will cease in 1926. The
balances which are not credited on reparations
account currently are to be credited on that
account in the future, and in each year from
1926 to 1936 Germany will be credited with a
sum not to exceed France's share of reparations
payments in that year. Thus the sum owed
by France to Germany for 55 to 65 per cent
of the deliveries made from 1921 to 1926 will
gradually be diminished. In 1936 if there is
still a balance due to Germany it will be
settled in four half-yearly payments.
Although there may be some question as to
whether France can absorb goods to this
amount in the near future, it is obvious that,
if she can, this arrangement is very advantageous from the French point of view. Under
the terms of the May reparations agreement
she would probably receive about 1,664,000,000
gold marks each year during the next four
years (supposing the tax on exports to yield
1,200,000,000 gold marks a year). Under the
Wiesbaden arrangement, supposing that deliveries of the 7,000,000,000 gold marks' wqrth
of goods were spread evenly over the 4^
years, France would receive from Germany
each year 1,550,000,000 gold marks' worth of
goods, would credit her on reparations account
with not more than 697,500,000 gold marks (45
per cent), and would receive in addition 966,500,000 gold marks in other forms (that is,
the difference between the total sum due
France on reparations account, 1,664,000,000
DECEMBER, 1921.
gold marks, and 45 per cent of the value of the
goods delivered).
Sir John Bradbury, the British delegate
on the Reparations Commission, in reporting
to his Government on the subject, pointed
out .that Germany has by this agreement assumed an additional burden, inasmuch as
she has promised to make deliveries in excess
of those laid down in the London reparations
agreement The report goes on to say:
Regard being had to what has been said and written in
Germany, not merely by the general public, but by responsible members of the Government, of the difficulty
anticipated in carrying out the obligations imposed by
the schedule of payments themselves, it is somewhat
remarkable that Germany should now be prepared voluntarily to assume this additional burden.
Doubtless among the reasons which have led her to
do so are a genuine desire on the part of the present German
Government to remove the open sore constituted by the
ruins of northern France, and of belief—probably well
founded—that the industrial and financial circumstances
of Germany at the present time are such that it is advantageous to purchase a measure of relief from the burden of
finding foreign currencies even at the expense of a more
than equivalent obligation wMch can be discharged by
the export of merchandise.
But when full weight has been given to these considerations, the fact remains that the potential dimensions of
the additional burden are so great that it would be unwise
to assume that it can be borne without prejudice to the
performance by Germany of her obligations under the
schedule of payments.
If there were reasonable grounds for anticipating that
the obligations under the schedule of payments could be
maintained, and would be discharged, in full, during the
whole of the period contemplated by the Wiesbaden
agreement, the excess deliveries to France being made in
addition, it would be not unreasonable to allow to France
the full advantage of the acceleration in the payment of
her share of reparations for which she has been able to
arrange.
The obligations of the schedule of payments were, however, fixed as recently as May last and they then represented, in the opinion of the Reparations Commission and
of the allied Governments, the maximum burden which
in the light of the indications available Germany could be
expected to be able to bear.
In the event of the German Government finding itself
in difficulties in regard to the installments due on reparations account for the current reparation year or on subsequent installments, it is inevitable (whatever may be its
intentions at the present time) that the additional obligations undertaken to France would not only be pleaded as a
ground for consideration, but would, in fact, constitute in
favor of such consideration a plea which could not be
ignored by the Allied Governments.
It results from these considerations that the contingency
in which the additional deliveries to France would have,
in substance, to be treated by the Allied Powers as a
whole—notwithstanding the provisions for deferred credit
contained in the agreement—as an integral part of the
current effort of Germany to satisfy her treaty obligations
is one which can not be left out of account.
If that contingency should arise, the effect of the agreement would be, not that, thanks to a special voluntary
effort on the part of Germany, France would have secured,
without prejudice to her Allies, a part of her share of
reparation earlier than would otherwise have been possible, but merely that an alteration in favor of France and
to the detriment of the other Allies would have been
DECEMBER, 1921.
brought about in the distribution as between the Allies
of the available reparation receipts over a very considerable period. The other Allies would, in substance, be
advancing to France on a 5 per cent basis, their shares of
that part of the annual reparation payments of Germany
with which France was not currently charged, on the
security—not of the French Government—but of the
French share of whatever may be the current receipts in
respect of German reparation in the somewhat remote
future.
Opinions may differ as to the precise value of this
security, but unless the other Allied Powers are prepared
to modify in favor of France the existing treaty provisions and inter-allied agreements relating to priorities
and to the distribution of reparations receipts, it can
hardly be regarded as in itself providing adequate protection for the rights of the other Allies, and further safeguards will be required * * * .
The safeguards which are envisaged as necessary by
my Italian and Belgian colleagues on the Reparations
Commission and myself and for which we presume that
our respective Governments will desire to stipulate are—
(1) That a limit of time should be laid down after the
expiration of which no new deferment of debit should be
permitted, and the liquidation of the existing deferred
debits should commence to be made by regular annual
installments. The precise length of this period should
be determined upon an estimate of the time necessary^ to
carry out the main work of reconstruction, regard being
had to the time required by Germany to affect the necessary supplies. In view of the delays which are inevitable
in regard to operations of the magnitude of those contemplated, the prescribed period might be reasonably somewhat longer than the \\ years initial period under the
agreement, but it should not exceed seven years.
(2) That in no circumstances should the aggregate
amount for which debit against France for the time being
stands deferred be allowed to exceed a prescribed amount,
say, 4 milliards gold marks.
(3) That a provision should be inserted for the payment
by France to the general reparation account from time to
time (within the limits of the deferred debits for the time
being outstanding) of any amounts which may be necessary
to secure that the other Allies shall receive their proper
proportions of the amounts due from Germany under the
schedule of payments.
Subject to the introduction of these safeguards, to which
it would not appear that legitimate exception could be
taken, the arrangements contemplated by the agreement
may be expected to accelerate the solution of the reparation
problem on practical lines in a manner advantageous to
France without prejudicing the interest of other Powers,
and it is upon this ground that the Reparations Commission
has unanimously recommended them for favorable examination by the Allied Governments.
If the Allied Governments approve the general scheme,
subject to whatever safeguards they may decide to be
necessary, there will remain certain subsidiary points for
the Reparations Commission to consider—among others:
(1) The proposed omission of the excess deliveries from
the index figure determining the annual liability under
the schedule of payments, until such time as these
deliveries are finally brought to account for reparations
purposes.
(2) The special arrangements for substitution in respect
of articles of which France is entitled to restitution by
identity involving in certain cases money payments; and
(3) The special arrangements in regard to the delivery
of coal and the prices to be credited or debited which in
several particulars affect the interests of other Powers.
1431
FEDERAL RESERVE BULLETIN.
SCANDINAVIA.
The movement of wholesale prices in Nor}^ Sweden, and Denmark has followed the
same general trend as the world-wide course
of prices during the past three years. The
slump in prices which occurred in most countries after the armistice was also to be noted
in Scandinavia and was followed by a similar
sharp upward movement in the latter months
of 1919, which reached its peak in the summer
and autumn of 1920. Up to October, 1921,
the precipitous decline, which set in after the
turning point in the boom period, had carried
prices down 53 per cent from the peak for
Sweden, 50 per cent for Denmark, and 33 per
cent for Norway.
Prices in Sweden reached a crest in December, 1918, during the cycle of rising prices
preceding the post-armistice decline. In the
other two countries peak prices were attained
in the second upward movement of prices
which culminated in 1920. The Norwegian
price index registered its highest figure (425)
in September, 1920, whereas the peak of Danish prices (403) was not reached till October. Price declines in all these countries began
later than in the United States, where the
climax was reached in May, 1920.
PRICES AND EXCHANGE RATES.
It is interesting to note that Norwegian
prices, which had closely paralleled Swedish prices throughout the first few months of
1920, rose sharply above them following April,
1920. A sharp decline in Norwegian currency
as measured in Swedish money began in March.
Christiania kroner were quoted at 93.4 per cent
of Swedish kronor in January, 1920, and kept
at about this level through February. In
March, 1920, they dropped to 88.7 per cent, and
after a slight rally in April continued to decline
to the low figure of 69.4 in September. It is
thus seen that the advance in prices occurred
two months later than the beginning of the
decline in Norwegian exchange, attributable to
the fact that the exchange market is the more
sensitive one and reflects underlying changes
sooner than commodity prices. No further
marked peculiarities occurred in the price
movements of these three countries, as compared with the world movement, until July,
1921. The interval from September-October,
1920, to July, 1921, shows approximately the
same rate of decline as in England, followed by
1432
FEDERAL RESERVE BULLETIN.
a slowing down and slight stabilization in the
summer of 1921. Beginning in August, however, prices in the three Scandinavian countries
commenced to diverge from one another. In
Sweden and Denmark there occurred at this
time another very precipitous decline, while
Norway, on the other hand, showed only a very
moderate drop. In July there was an unusually
sudden and sharp drop in Danish prices, as compared, with the more gradual drop noted in the
Swedish price level. This is probably to be accounted for in part by the fact that Denmark
is a large reexporting center and that Danish
merchants in the past two years have imported
heavily with a view to carrying on an extensive transit trade with Germany and the
eastern European countries. It is generally
known that credit conditions in Germany have
made it difficult to reexport commodities, and
that as a result the free harbor of Copenhagen
has become heavily congested with goods that
could not be moved. The failure of this reexport plan has flooded Danish markets with these
products, and it is very probable that the
marked decline in prices in July is due in a measure to the fact that this surplus stock was being
thrown on the Danish market for disposal.
There is also a further factor to be taken into
consideration in studying the difference between Norwegian prices on the one hand and
Danish and Swedish prices on the other hand.
Norwegian exchange in Stockholm declined
from 67.3 per cent in May, 1921, to 57.5 per
cent in September, and it is therefore natural
that the general price level in Norway should
have fallen more moderately than in Sweden.
In the case of Denmark, however, an improvement in exchange was noted at this time. The
Danish krone rose from 75.4 in July to 81.5 in
September as compared with the Swedish
krona. This rise is even greater if compared
with Norwegian krone. It is therefore to be
expected that the decline in Danish prices during the last two months should have been much
sharper than the decline in Swedish prices during the same period, and much more precipitous
than the drop in Norwegian prices for this same
period.
It is believed in many quarters at the present
time that the Swedish krona is overvalued in
relation to other exchanges. This fact appears
on the surface to be borne out by the results of
calculations based on Prof. CasseFs method of
obtaining the real parity of exchange as determined by the relation of price levels in various
countries. The following table, excerpted from
DECEMBER,
1921.
the 0konomisk Revue, gives the wholesale
price indexes of Norway, Sweden, and Denmark7
and the so-called " purchasing power parity/
or theoretical rates of exchange, obtained by
calculating the ratio of the purchasing power
of Norwegian and Danish money to that of
Swedish money.
Nor- Swed;wegian ish
price price
1 index, index,
0kono- Svensk
! misk Han! Re- delstid1 vue. ning.
1920.
Jaii
Mar... -!
June...
Aug...
Sept... -i
Oct.... .
Nov... .
Dec... .:
1921.
Tan
Feb...
Mar...
Apr
May...
June...
July...
Aug...
333
425
419
403
377
319
354
386
365
362
346
331
299
344
319
312
297
294
294
300
297
267
250
237
229
218
218
211
198
351
382
417
Danish
price
index,
Finanstidende.
Norwegian
kroner in
Sweden.
Norwegian
kroner in
Denmark.
Danish
kroner in
Sweden.
Theo- Ac- Theo- Ac- Theo- Acreti- tual reti- tual reti- tual
cal
cal
cal
rates. rates. rates. rates. rates. rates.
394
398
403
373
341
95.8
100.9
95.8
87.5
85.2
82.6
82.1
79.3
92.0
90.0
74. 7
70.7
73.0
70.2
70. 2
78.0
94.5
93.6
96.2
92.6
90.5
290
280
270
257
254
253
256
224
77.6
78.4
76.0
77.1
74.2
74.2
70.3
66.7
85.0
77. 2
69. 2
67.0
67. 1
65.0
62.7
63. 7
84.3
87.8
86.5
86.5
86.4
86.0
85.3
75.4
110.2
106.2
100.5
99.0 92.6
101.6 91.0
99.2 85.9
100.0 88.8
100.1 87.9
96.0
96.5
89.2
85.7
87.0
85.0
84.3
76.5
92.2
89.3
87.8
88.3
85.8
86.2
82.4
88.4
82.7
85.0
74.0
72.0
72.0
70.7
70.3
78.0
89.0
80.7
78.5
78.2
77.4
76.4
74.4
82.7
The theoretical exchange rate is in every
instance higher than the actual exchange
quotations where a comparison is made between Sweden's currency and that of the
other two countries. But in studying the
relation between the actual and theoretical
rates of exchange between Norway and Denmark, the agreement between the two is particularly striking in the last five months. Too
much importance, however, should not be
attached to the above calculations, as various
statistical difficulties present themselves, particularly the fact that the price indexes are at
the present time rather imperfect and can only
approximately measure the actual currency
values.
PRICES AND NOTE CIRCULATION.
Another factor of importance in comparing
the price level in different countries is the relative extent to which the currencies are inflated.
In the following table the note circulations of
the three Scandinavian countries in recent
months are related to those of June 30, 1914.
The figures through 1920 are obtained from
the yearbook of Sweden's Itiksbank.
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
NOTE CIRCULATION OP THE CENTRAL BANKS OF THE
SCANDINAVIAN COUNTRIES.
Swe
Norway.
Denmark.
Per- Actual Per Actual Per
Actual cent
cent
(mill. cent
(mill,
(mill,
inininkr.). crease. kr.). crease. kr.).
crease
June 30, 1914
End of—
1914
1915
1916
1917
1918
1919
1920
Sept., 1920
Oct., 1920
June, 1921
July, 1921
Aug., 1921
Sept., 1921
Oct., 1921
239.0
100.0
123.9
100. 0
159. 8
100.0
304.1
327.9
417.5
572.7
813.5
747.6
759.9
779.8
772.8
678.8
629.4
632. 4
672.4
650. 3
127.2
137.2
174.7
239.6
340.4
312.8
318.0
326.3
323.3
284. 0
263.3
264.6
281.3
272.1
134.2
162.2
251. 7
326. 3
436.3
454.3
478.4
478.1
478.5
418.4
428.4
421.0
415.9
411.4
108.3
130.9
203.1
263.4
352.1
366.7
386.1
385.9
386.1
337.7
345.8
339.8
335.7
332.0
206. 6
220. 4
284. 9
337. 9
450. 0
489.3
556.7
559. 5
578. 0
496. 2
481. 6
480.6
481.4
468.1
129.3
137.9
178.3
211.5
281.6
306. 2
348. 4
350.1
361.7
310.8
301.4
300. 8
301. 3
292. 9
It will be seen that the peak of note expansion came approximately at the date of the
peak of prices. In Sweden the peak was
reached in December, 1918, when the index of
note circulation stood at 340, calculated on the
basis of June 30, 1914, equal to 100. This
date witnessed also the peak of prices. In
Norway note circulation reached its highest
point in October, 1920, one month later than the
peak of commodity prices. In Denmark the
crest of note circulation was reached in October, 1920, again the peak point of wholesale
1433
prices. This approximate coincidence of peak
note circulation with peak prices in these three
countries is unlike the situation in the United
States, where the highest level of prices was
reached in May, 1920, while the peak of note
circulation came five months later, in October,
1920. Studying the above table of relative note
circulation in the three countries, it is evident
that the increase in note circulation was greatest
in the case of Norway and least in the case of
Sweden. The least progress toward deflation has been made in Norway, where the
absolute decline in note issue from its high
level amounts only to 67,000,000 kroner. In
the case of Denmark this decline has amounted
to 109,000,000 kroner and of Sweden to
163,000,000 kronor. The table also shows that
the note circulation in all the three Scandinavian countries has not shown the same percentage reduction as prices. In the case of Sweden
an analysis has been worked out by Professor
Cassel showing that a considerable amount of
outstanding notes of 50 and 100 kronor denominations have been hoarded, thus retarding
the withdrawal of notes from circulation which
should have accompanied the fall of prices.
Furthermore, owing to the fact that reductions
in many wholesale markets have brought prices
below the cost of production, it is not possible
to have a general restoration of equilibrium
between prices and note circulation until the
maladjustments between production costs and
sale price are corrected.
FEDERAL RESERVE BULLETIN.
State Banks and Trust Companies.
£>HCEMBER, 1 9 2 1 .
Fiduciary Powers Granted to National Banks.
The applications of the following banks for permission
to act under section ll(k) of the Federal Reserve Act were
The following list shows the State banks and trust com- approved by the Board during the month ending Novempanies which were admitted to membership in the Federal ber 30, 1921:
DlSTEICT NO. 2.
Reserve System during the month ending November 30,
1921, on which date 1,624 State institutions were members Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
of the system, having a total capital of $581,517,142, total
Farmers National Bank, Allentown, N. J.
surplus of $528,164,584, and total resources of $9,946,170,045.
ADMISSIONS.
DISTRICT NO. 3.
Surplus. I Total
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Ashland National Bank, Ashland, Pa.
DISTEICT No. 5.
District No. 3.
The Olyphant Bank, Olyphant, Pa
$100,000
$20,000 |$1,854,861
District No. 4.
25,000
Peoples Savings Bank Co., Delta, Ohio.
35,000
498,758
District No. 5.
The Pleasants County Bank, St. Marys,
W. Va
I 50,000
Shenandoah Valley Bank & Trust Co., i
Martinsburg, W. Va
! 100,000
12,000
507,922
25,000
430,284
District No. 6.
Citizens Banking Co., Eastman, Ga
New Orleans Bank & Trust Co., New
Orleans, La.
100,000
20,000
518,014
400,000
100,000
1,028,309
DISTRICT NO. 7.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Indiana National Bank, Indianapolis, Ind.
DISTRICT NO. 8.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Murray, Ky.
DISTRICT NO. 10.
Executor and administrator:
National Bank of Gallup, Gallup, N. Mex.
District No. 8.
Arkansas Bank & Trust Co., Newport,
Ark
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Durham, N. C.
Riggs National Bank, Washington, D. C.
200,000
35,000
1,249,664
70,000
25,000
13,000
2,500
765,327
27,500
Commercial Failures Reported.
District No. 12.
Plumas County Bank, Quincy, Calif
Ritzville State Bank, Ritzville, Wash..
LIQUIDATION.
Great Lakes Trust Co., Chicago, 111.
WITHDRAWAL.
Potlatch State Bank, Potlatch, Idaho.
Magna Banking Co., Magna, Utah.
CONVEETED INTO NATIONAL BANKS.
Alliance Bank Co., Alliance, Ohio.
American State Bank, Okmulgee, Okla.
The First State Bank, Clinton, Okla.
Guaranty State Bank, Ardmore, Okla.
IN HANDS OF STATE AUTHORITIES.
The continued wide margin of increase in number of
failures over last year's comparatively moderate mortality
is evidenced by the 1,341 defaults reported to R. G. Dun &
Co. during three weeks of November as against 746 in the
same period of 1920. The returns for October, the latest
month for which complete statistics are available, disclose
1,713 commercial insolvencies in the United States, involving $53,058,659 of liabilities. Aside from January, the
number of October failures is the largest of any month
this year, and the indebtedness exceeds that of all months
except May, March, and February. Separated according
to Federal Reserve districts, the October statement reveals
an increased number of defaults, as compared with October, 1920, in every instance, while the liabilities are larger
in 7 of the 12 districts, the exceptions being the fifth,
seventh, eighth, eleventh, and twelfth districts.
FAILURES DURING OCTOBER.
American Bank & Trust Co., Savannah, Ga.
BANKS CLOSED.
Stockmens State Bank, Browning, Mont.
Bellevue Bank & Trust Co., Bellevue, Idaho.
Union State Bank, Nezperce, Idaho.
Acceptances to 100 Per Cent.
Since the issuance of the November BULLETIN the fol-
lowing 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:
Merchants & Illinois National Bank, Peoria, 111.
Peoples Savings Bank & Trust Co., Pine Bluff, Ark.
New Orleans Bank & Trust Co., New Orleans, La.
Number.
Liabilities.
District.
1921
1920
1921
1920
First
Second
Third
Fourth
Fifth
Sixth
Seventh—
Eighth
Ninth
Tenth
Eleventh...
Twelfth....
135
350
77
177
109
153
230
88
70
76
109
139
59
275
27
69
58
38
122
47
16
41
42
•129
$1,550,137
17,525,697
7,890,928
2,613,018
1,511,141
5,271,140
5,853,226
1,117,815
1,833,103
2,000,108
2,455,126
3,437,220
$938,595
15,462,866
2,902,609
1,933,886
1,644,702
613,307
6,259,566
1,280,507
83,769
775,366
2,947,957
4,071, ,,29
Total
1,713
923-
53,058,659
38,914,659
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
1435
RULINGS OF THE FEDERAL RESERVE BOARD.
Funds derived from sale of collateral security held by national bank
as trustee under corporate issue of bonds are trust funds within
the meaning of section ll(k) of Federal Reserve Act.
The Federal Eeserve Board was recently
asked to pass upon a question involving the
interpretation of section ll(k) of the Federal
Reserve Act; in particular, whether certain
funds received by a national bank constituted
trust funds awaiting investment or distribution
within the meaning of section ll(k) of the
Federal Reserve Act and Paragraph V of the
Board's Regulation F, Series of 1920, so as to
require a deposit of proper collateral security
in the bank's trust department as a condition
precedent to the use or deposit of such funds
in the bank's commercial department. The
facts which the Board was asked to consider
were stated to be as follows:
A national bank, which had been granted
permission to exercise fiduciary powers, was
named as trustee under an issue of bonds made
by a corporation and, as such trustee, was
made depositary and given control over certain securities and real estate pledged by the
corporation as collateral security to the bonds.
The trust agreement specifically provided that
the national bank should, as trustee, hold the
collateral, originally pledged, as security for
the corporation's bonded indebtedness, but
that in case of a sale of any of this collateral
the trustee bank should either hold the proceeds of such sale as substituted security or
use such proceeds in retirement of the bonds.
Part of the real estate so pledged as collateral
security was sold and the proceeds of the sale
were deposited in the bank's domestic or commercial department, and the bank took the
position that this deposit was not a deposit of
trust funds awaiting investment or distribution
within the meaning of section ll(k) of the
Federal Reserve Act and the Board's Regulation F, so as to require a counter deposit of
acceptable securities of equal value in the
bank's trust department.
On these facts the Board ruled that the
proceeds of the sale of the collateral security,
held by the national bank as trustee, and which
were themselves required by the trust agreement to be either held as substituted security
for the corporation's bonded indebtedness, or
used in retirement of such indebtedness, did
constitute trust funds within the meaning of
section ll(k) and the Board's Regulation F.
This ruling was based on the facts of the
particular case and was not intended to mean
that all funds which are deposited by a corporation with a national bank for the purpose
of providing for the payment of the corpora-
tion's maturing bonds or coupons are necessarily trust funds. Whether or not deposits
made for this or similar purposes are to be
deemed trust funds must depend in each case
upon the terms under which the particular
deposit is made, and it is obviously impracticable to make a general ruling covering all
possible situations. As a general rule, it may
be stated that the provisions of section ll(k)
of the Federal Reserve Act and of the Board's
Regulation F, Series of 1920, regarding the
deposit of approved securities in the bank's
trust department against funds used in its
commercial department, relate only to funds
which are required by the agreement of deposit or otherwise to be held by the bank in
trust.
Where a corporation having maturing obligations deposits, in its regular account or in
an account opened for this special purpose, an
amount sufficient to cover such obligations,
and authorizes the national bank, which is not
acting as trustee in holding collateral for such
obligations, to pay the obligations and to
charge the payments against the corporation's
account, the funds so deposited would not
ordinarily constitute trust funds within the
meaning of section ll(k) of the Federal Reserve
Act and Regulation F, although there might
be special provisions affecting the deposit
which would necessitate a contrary conclusion.
As indicated in the ruling, published in this
same issue, on reserve requirements against
funds deposited under a deed of trust, such a
deposit would ordinarily give rise to a deposit
liability against which the national bank would
be required to carry reserves, as provided in
section 19 of the Federal Reserve Act, but with
respect to the funds thus deposited the bank
would not be subject to the requirements affecting the use of strictly trust funds in a
national bank's commercial department.
liability for funds deposited with trust company and held under a
deed of trust is not a deposit liability against which reserves are
required.
The Board has been asked to rule whether
certain funds deposited in a trust company by
an electric corporation, to be used for the
redemption of the corporation's outstanding
bonds, should be classed as demand deposits or
as time deposits, against which reserves must
be carried, or not as deposits at all.
It appeared that the trust company is acting
as trustee under a corporate issue of bonds;
that the deed of trust requires the corporation
1436
FEDERAL RESERVE BULLETIN.
to make periodic payments to the trustee to
meet obligations maturing on specific dates;
that the money so paid to the trustee is not
credited to the corporation's account, is not
subject to withdrawal by the corporation but
can be used only in accordance with the terms
of the deed of trust, which restrict the use of
this money to the retirement of bonds.
The Board has already ruled that money
paid to a bank by a customer in anticipation of
the maturity of an acceptance made for his
account is not a deposit liability within the
meaning of the provisions of section 19 of the
Federal Reserve Act, if the money deposited is
not subject to withdrawal by check or otherwise, but is received in full or part payment of
the customer's obligation to put the bank in
funds at the maturity of the acceptance, or if
the money is received as a special deposit for
the purpose of meeting the acceptance when it
matures and the customer can not demand the
return of the money but can require only that
the bank apply the money in payment of the
acceptance of maturity.
The Federal Reserve Board is of the opinion
that the principle enunciated in its former
ruling is applicable to the present case, and
that if the money deposited in the trust company is held subject to the provisions of the
deed of trust, and the corporation which
deposited the money can not demand the
return thereof but can require only that the
money be paid to the bondholders in redemption of bonds in accordance with the terms of
the deed of trust, the liability of the trust
company is not a deposit liability, within the
meaning of the provisions of section 19 of the
Federal Reserve Act, against which reserves
must be maintained.
There may be, of course, and frequently are,
cases where deposits made by corporate debtors to meet maturing obligations are to be con-
DECTBMKEB, 1921.
sidered deposit liabilities within the meaning
of the provisions of section 19, Federal Reserve
Act, and the ruling laid down above is to be
confined to the state of facts upon which it is
predicated. If a corporation, haying maturing
obligations, makes a deposit in its regular account with a bank or trust company sufficient
to cover the obligations, or opens an account
for this particular purpose and authorizes the
depositary to pay these obligations as they
come due, charging the payments against the
corporation's account, but the deposit is not
made under a deed of trust and its disposition
is not restricted to paying the obligations, such
a deposit would ordinarily give rise to a deposit liability against wliicxi the depositary
would be required to carry reserves, as provided in section 19 of the Federal Reserve Act.
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 October 22 to
November 25, 1921, inclusive:
I Number Amount
of
of
I banks.
capital.
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
Total liquidations and reductions of capital
Consolidations of national banks under act of
Nov. 7, 1918
Aggregate Increased capital for period
Reduction of capital owing to liquidations, etc.
Net increase.
$1,550,000
50,000
2,990,000
4,590,000
1,960,000
200,000
2,160,000
20,000,000
4,590,000
2,160,000
2,430,000
1
Includes one increase in capital of $2,500,000 incident to a consolidation under act of Nor. 7,1918.
1437
FEDERAL RESERVE BUIJL.ETIN.
1>ECKMBHK, 1.921.
PRICE MOVEMENT AND VOLUME OF TRADE.
WHOLESALE PRICES IN THE UNITED STATES.
Wholesale prices decreased slightly during October. The index of the Federal Reserve
Board, constructed primarily for international comparison, moved from 143 in September to
141 in October (prices in 1913 = 100) and the index of the Bureau of Labor Statistics computed
on the same base, decreased from 152 to 150.
In the raw materials group there were appreciable reductions in the prices of agricultural
commodities such as wheat, corn, oats7 cotton, and hogs. Live stock other than hogs advanced
in price and the total index of animal products was slightly higher in October than September.
Forest products—i. e., lumber of various sorts—changed very little during the two months, while
mineral products,
including the nonferrous metals and petroleum, showed an increase of 4 points.
Producers7 goods showed little change during the month and consumers' goods decreased.
In the classification according to goods of domestic origin, imports and exports, the Federal
Reserve Board index shows a small decrease in the prices of domestic goods, a slight increase in
imports, and a reduction in exports.
The trend of the index during November has probably been toward lower levels. Although
there have been increases in such commodities as petroleum, the nonferrous metals, raw wool,
oats, corn, and a certain number of other important commodities, a larger number have shown
decreases or no change at all. This applies to cotton and cotton manufactures, steel products,
wheat and wheat flour, many highly manufactured goods, coal, and certain of the building
materials.
INDEX NUMBERS OF WHOLESALE PRICES I N 7 HE UMiTED STATES
1919-1921
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOS £ OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 1(
3 0 0 1—:—,
j1
1
j
1
1 -j
1
1
f—
j
—|
1
1
_^
280
_ „
PRODUCERS GOODSu_ _ _ _ . . GOODS IMPORTED s
««»GOODS EXPORTED 260
240
—*ML.
220
7 /
.
y
f
X
\
i
\_r
260
220
.„_
\
\j
200
V
\
\\
V
^160
180 v|
I
\
\
o
•si
v
120
—V
160^
o
..../
1
1
V
120
«*•""*
100
100
80
i
i
J . A. S. 0. N. 0. J . F. M. A . M.J
YEAR
280
240
\
200
300
1919
78092—21-
1
>
J. A . S
1920
i
i
i
0. N. D. J. P.M. A.M. J. J. A.S. 0. N. D.
1921
i
1 I
i
i
80
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 £ . 0. N. D
1919
1920
1921
YEAR
1438
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISONS
[Average prices in 1913=100.]
Goods
proi duced.
Date.
Goods
imported.
Goods
exported.
I
1919, average
1920, average
1920, October
|
1921.
January
February
March
April
May
June
July
August
September
October
j
!
I
!
i
I
!
:
j
209
236
213
174
191
142
214
227
181 |
166
156
152
145
145
141
144
145
145
143
114
113
114
109
105
102
103
104
106
107
142 ]
135 J
125 !
121 i
125 !
122 |
122 1
123
144 i
141 1
1
The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices.
Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has
seemed advisable to publish the American number, since it contains certain classifications of commodities not otherwise available, namely, the
prices of the important goods imported into this country, and of goods largely exported, and compares them with the general price level in the
United States. The number has been published monthly since May, 1920, but is computed for the years 1913, 1919, and the first of 1920 as well.
For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920,
pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The " weights"
assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in
BULLETINS for June, 1920, and June, 1921.
The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural
products (such as grains, live stock, and textiles), 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, dairy products, cotton and woolen
cloths, boots and shoes, and kerosene among the consumers' goods.
The index of "goods imported" consists of 18 quotations (9 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 the raw
materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers'
goods.
Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12
producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials;
vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheatflour,refined sugar, pork products,
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 domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 29,
and the consumers' goods 22.
•
The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations.
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 FOR PRINCIPAL CLASSES OF8 COMMODITIES—BUREAU
OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.
[Average prices in 1913=100.
Raw materials.
Year and month.
1920.
October .
January
February...
March
April
May
June
July
August
September..
October
Agricul- Animal Forest Mineral Total
tural
raw maproducts. products. products. products. terials.
Producers'
goods.
ConAll comsumers' modities.
goods.
191
172
339
272
230
200 |
224
242
155
145
136
126
131
125
122
123
142
134
119
114
116
106
104
102
109
112
104
105
245
225
210
205
205
204
203
200
194
193
220
207
197
189
188
182
177
175
172
176
175
164
157
149
149
145
145
145
146
145
155
149
143
140
137
134
132
133
133
182
171
168
159
153
152
153
162
160
158
177
167
162
154
151
148
148
152
152
150
1921.
* As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been reclassified 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 158. Raw
materials have been subclassified 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 RESERVE
BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor
Statistics.
1439
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
In order to give a more concrete illustration
of actual price movements, there are also presented in the following table monthly actual
and relative figures for certain commodities of
a basic character. The prices shown in the
table have been obtained from the records of
the United States Bureau of Labor Statistics,
except in the case of bituminous coal, prices
for which have been obtained from the Coal
Age.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES.
[Average price for 1913=100.]
Corn, No. 3,
Chicago.
Wheat, No. 1,
Cotton, middling, northern
spring,
New Orleans.
Minneapolis.
Wheat, No. 2,
red winter,
Chicago.
Year and month.
price per
bushel.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
100
pounds.
Relative
price.
Average
price per
pound.
$0.6155
1. 5800
1. 3968
100
257
227
$0.1270
.3185
. 3301
100
251
260
$0. 8735
2. 5660
2.5581
100
294
293
$0.9833
2. 5370
2. 5225
100
239
256
$8.5072
17.4957
14, 4856
100
206
170
$0.1839
.3931
.3122
100
210
174
.8778
143
. 20SS
164
2.1063
241
2.2047
224
14.6875
173
.2550
139
. 6553
.6350
.6180
.5547
.6090
.6075
.6019
5578
. 5344
.4647
106
103
100
90
99
99
98
91
87
76
.1450
.1322
.1105
.1116
.1178
.1101
.1147
.1290
.1963
. 1913
114
104
87
88
93
87
90
1. 7884
1.6713
1.6135
1. 4059
1.4923
1. 4994
1. 4384
1.3953
1. 4825
1.3191
205
191
185
161
171
172
165
160
170
151
1. 9613
1.9194
1.6798
1.3869
1. 5680
1. 4384
1. 2291
1. 2373
1. 2769
1.1938
199
195
170
141
159
146
125
125
129
121
9.8400
9.3125
9. 5625
8.7188
8.4250
8.0938
8. 4063
8. 7750
8. 3750
8.8750
116
109
112
102
99
95
99
103
98
104
.1675
.1363
.1150
.1013
.1188
.1395
.1388
. 1405
. 1406
.1481
91
74
63
55
65
76
75
76
76
81
Average
1913
1919
1920
1920.
October
1921.
!
January
February
March
April
May
June
July
September..
October
...
Hogs, light,
Chicago.
102
155
151
Wool, Ohio, J-§
grades, scoured,
eastern markets.
Hemlock, New
York.
Year and month.
Average
price per
100
pounds.
1913
1919
1920
October
January
1920.
. .
Relative
price.
Average
price per
pound.
$8.4541
18. 3260
14.7106
100 i $0.4710
217 i 1.1894
. 9712
174 i
14. 7875
175
. 7273
9.6700
9. 7063
10. 3063
8.8563
8. 4550
8.2500
10. 2000
10.3950
8.5000
8.1800
114
115
122
105
100
98
121
123
101
97
.5455
. 5455
. 5273
.5273
.5091
.4909
.4909
.4727
.4727
.4727
1921.
February
March
April
May
j une..
July
August
September. .
October
Hides, packers,
heavy native
steers, Chicago.
Cattle, steers,
good to choice,
Chicago.
Rela- Average, Relative price per tive
price. M feet. price.
100
248
203
Yellow pine,
flooring,
New York.
Coal, bituminous, Coal, bituminous,
run of mine, f.o.b. Pocahontas, f.o.b
spot at mines,
spot at mines,
Pittsburgh.
Columbus.
Average
price per Rela- Average Rela- Average RelaMfeet
tive price per tive price per tive
manufac- price. short ton. price. short ton. price.
tured.
$24.2273
39. 7500
56.6667
100
164
234
$44.5909
78.8333
145.4167
100
177
326
$1.3200
100
i $1.5710
10G
6.0133
458
5.8891
375
154 ; 57.0000
235
152.0000
341
8. 7500
663
8.3100
529
116
198
198
198
169
169
169
155
154
154
154
110.0000
95.0000
95.0000
91.0000
91.0000
91.0000
91.0000
92.0000
92.0000
90.0000
247
213
213
204
204
204
204
206
206
202
2. 5300
2.4200
2.2900
2.2500
2.1310
1.9000
2.0750
2.1300
2.2310
2.1800
192
183
173
170
161
144
157
161
169
4. 2500
3.7300
3.4000
3. 3625
3.4940
3.4250
3.2000
3.0600
2.9190
2.6800
271
237
216
214
225
218
204
195
186
171
116
112
112
108
104
104
100
100
100
48.0000
48.0000
48.0000
41.0000
41.0000
41.0000
37.5000
37.2500
37.2500
37.2500
165 i
i
i On Toledo market, average for last six months of 1913.
Relative
price.
1440
DliCEMBEIl, 1921.
FEDERAL RESERVE BULLETIN.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued.
i Coal, anthracite,
i stove, New York,
tidewater.
| Petroleum, crude,)
| Pennsylvania,
!
at wells.
Lead, pig,
desilverized,
New York.
ke Connells I Copper, ingot,
Valley,
at furnace.
Year and month.
; Average Rela- Average ! Rela- j Average Rela- Average i Rela- Average Rela- Average Relaprice per tive price per j tive j price per tive priceperi tive price per tive price per tive
pound. price. pound. ; price. barrel. price. long ton. price.
• long t o n . price. short ton.; price,
i
1913
1919
1920
;
S $5.0613 I
i 8.1639
..'<
9.42G5
100
161
180
$2.4390!
100 I $0.1573
4.7375 '• 194 |
. L911
10.8163
413
. 1797
1920.
October .
1921.
January
February
March
April
May
June
July
,
10.4732 j
!
I
10.0373 !
10.6382 i
10. G3S2 j
10.1380
10.2910 !
L0.3900 :
10. 5048
;
!
|
!
!
i
August
September
October
I 10.6036
I 10. 7075
; 10. 7125
207
210
210
210
200
203
205
208
210
212
212
587
5313
1875 :
0000
71S8 '
3250 '
0938!
9083
8000 i
1875 ;
2750
227
213
205
152
136
127
119
115
131
!
i
i
!
;
i
J
!
134 j
. 128S
. 1288
. 1223
. 1247
. 1283
. 1284
. 1253
. 1173
. 1200
. 1268
100 $2.4500
131
4.1346
184 | 5.9750
100
$14.7058 t
27.6971 t
42.2692 !
100
188
287
.0731
166
249 i 43. 7500 i
298
0497
0468
0405
0428
0495
0151
0440
0410
0461
0470
113
100
92
97
113
103
100
100
105
107
30.0000 ;
27.5000 !
24.2000 i
22.8750 |
22.0000 \
20.7500 |
19.3750 i
18.2000 I
19.1250 |
19.1875 \
204
187
165
156
150
141
132
124
130
130
100
122
114
$0.0440 i
. 0578 '
.0808
106
82
82
78
79 {.
82
82 !
80 ;
75 !
76
81 :
6.1000
: 5. 7750
4.3 875
3.0000
3.1875
3.3500 |
2.6250
2. 2500
2.2500
2.3125
3.1250
|
!
:
i
!
!
!
;
169 t
244 i
230 '
171 ,
122 S
130 !
137 '
107 |
92
92
94 '
128 ;
l
Cotton yarns,
northern cones,
10/1 Boston.
Year and month.
1913
1919
1920
Leather, sole,
hemlock, No. 1,
Chicago.
Steel billets,
Bessemer,
Pittsburgh.
Steel plates,
tank, Pittsburgh.
Steel rails,
open-hearth,
Pittsburgh.
Worsted yarns,
2-32's crossbred,
Philadelphia.
i Average | Rela- ; Average j Rela- ; Average Rela- Average Rela- ; Average Rela- I Average | Relaiprice per tive j price per tive , price per tive price per tive ! price per tive ; price per j tive
! pound. ! price, j pound, j price. , long ton. price. ; pound. price, long ton. price. < pound. | price.
1 $0.2213
.5340
j
.6245 i
100
241
282
$0.2821 J
.5283 j
.5342
100
187
189
$25.7892
40.5385
56.2596
190
.4900
174
, 0000
213
130
. 4000
.3S00
.3700
. 3700
. 3700
.3700
.3500
.3400
.3400
. 3400
142 ; 43.5000
42.2500
131 : 38.4000
131 37.5000
37. 0000
131
37.0000
131
124 32. 2500
121 ! 29.6000
121 29.0000
121 29.0000
169
164
149
145
143
143
125
115
112
112
100
157
218 '
$0.0148
.0271
.0328
100 i $30.0000 i 100
183 j 49.2642 j 164
222 ; 53.8269 ! 179
$0.7767 j
1.6274
1.8250 ;
100
210
235
1920.
.4343
October.
January..
February
March
April
M a y ..
1921.
...
j une
July
August
September
October
.2878 '
.2775
.2447 (
.2388 !
.2491 1
.2545 |
.2411
.2586
.3446 !
.3832 j
m
in
108
113
115
109
117
156
173
Beef, carcass,
carcass,
Beef,
d native
ti
good
steers, Chicago.
135 i
nnffAA T>in vr n 7
NewYork
New
X0Tk
'
Year and month.
i
1
!
!
;
i
. 0309
209 ; 54.5000 !
182 i
1.5000
193
. 0265
.0233
.0204
.0210
.0220
.0195
. 0185
.0178
.0164
.0160
179 I 47. 0000
157 I 47. 0000
138 j 47.0000
142 ]! 47.0000
149 47. 0000
132 | 47. 0000
125 1 47.0000
120 ! 47.0000
Ill : 47. 0O0Q
108 ! 45.2500
i
157
157
157
157
157
157
157
157
157
Ul
1.1500
1.1500
1.2000
1.2000 !
1.2500
1.2000
1.1500
1.1500
1.1500 !
1.1500 |
148
148
155
155
161
155
148
148
148
148
Flour, wheat, j
standard patents j Hams, smoked,
(1918, standard j
Chicago.
i
war),
'
Minneapolis, i
Illuminating oil, j
150° fire test, j
New York.
!
Sugar,
granulated,
New York.
l
Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive
pound. price. pound. price. barrel. price. I pound. price. gallon. price.
$0.1295
1913.
1919.
1920.
October .
January....
February...
March
April
May
June
July
August
September.
October
1920.
178
. 2520
195
. 0759
68
.1738
.1600
.1625
.1650
.1650
.1600
.1490
.1600
.1595
.1644
134
124
125
127
127
124
115
124
123
127
.0669
.0672
.0639
.0600
.0621
.0666
.0647
.0703
.0789
.0813
60 i
60 j
57 !
54 i
56
60 1
58 !
63;
71
73
1921.
100
160
108
.2304
Average Relaprice per tive
pound. price.
$4.5837
11.9982 j
12.6750 !
262 I
277
.3433
.3340
100 i $0.1233
207 I
.2004
201 !
.2629
100
163
213
$0.0427
.0894
.1267
100
209
297
11.2063
244
. 3575
215
.2900 I
235
.1078
252
9.6250
9.1813
8. 7300
7.9500
8. 7450
9.0063
8.9000
8.1200
8.3188
7.4250
210
200
190
173
191
196
194
177
181
162
.2488
.2600
.2725
.2763
. 2725
.2822
.3200
.3248
. 2756 I
. 2372 !
150
156
164
166
164
170
193
195
166
143
. 2900
. 2750
.2625
.2540
. 2400
. 2200
. 2200
. 2200
.2200
. 2320
235
223
213
206
195
178
178
178
178
188
.0757
.0709
.0784
.0725
.0632 t
177
166
184
170
148
133
128
137
131
122
100 j $0.1662
;
!
i
i
I
!
I
j
:
.0569
.0546
.0583
.0559
.0519
;
1
I
i
I
1441
FEDERAL RESERVE BULLETIN,
DECEMBER., 1921.
over the amount exported last month. The
There are presented below the usual indexes total volume of consumers' goods declined
designed to reflect movements in foreign trade considerably, being due in large measure to
of the United States, with the fluctuations due the decrease in wheat flour, refined sugar and
to price changes eliminated. The commodi- lard. Exports of cottonseed oil advanced
ties chosen for these indexes are those for sharply in volume during October as compared
which prices are compiled by the Federal both with last month and the same month a
Reserve Board in the preparation of its inter- year ago. Sole leather exports increased considerably and were greatly in excess of the
national price index.1
The total volume of exports for October amount exported during October, 1920.
varied only slightly from the figure for Sep- An increase was shown in the total volume
tember and showed a small decrease when of imports. The decline in the total volume
compared with October, 1920. While the of raw materials was due principally to the
total volume of raw materials increased over falling off of imports of raw silk and wool.
last month, exports of grain registered a sub- Cotton and leaf tobacco registered a material
stantial decrease, the largest decrease being in increase when compared both with last month
the case of corn. Although the amount of and the same month a year ago. The incorn exported during October was less than crease in the total volume of producers' goods
50 per cent of that exported in the month of was due mainly to the increased volume of
September the amount exported for the ten India rubber imported and the resumption of
months this year is far in excess of that for larger imports of extract of quebracho. The imthe corresponding period last year. This de- ports of manila hemp continued to decline and
crease in grain exports was counterbalanced were only about 13.5 per cent of the amount
by an increase of 70 per cent in cotton exports imported during October, 1920. Nitrate of
soda decreased still further and was only 15
per cent of the amount imported during the
l D u r r s \\w \ s i l u c of w h i c h
ini'lude<27ofthi' moM i
n v a l u e - , a i u l 2^ of i h e
i 1913 formed 49.3
corresponding period last year. In the coni:-> ioTitunl .")(>.:; j> T v(»iu
XK| important o\po rls thr value of whM
I i h o o i i ' / i n a l liM of c >mf the total export va luo-. TlK-cla^KU'ati
sumers' group the volume of imports of cocoa,
K'ilX. Tjh ( !a> viti< ; nod it iv< u^od "wa*- von in !ln> July,
y I92<
coffer, and tea increased, while bananas and
M- m \ e i i n 1 v \ ] > i i l ,
on of t'lovcn :i<!*li!
]K)l
<>mmo<iii ie^ Ml t l i " .\<'V<MH!'(T,
i i u l ••<> UJU)<
olive oil registered a slight decrease.
921, I>ru,F/n\.
FOREIGN TRADE INDEX.
T
("Mil Of U l O t ( i t ' l l
u
%
t
T
f
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913-= 100.]
Exports.
Imports.
Raw mate- ! Producers' Consumers'! „Dotal (29 : Raw mate-! P r o d u c e r s ' i Consumers'! Total (27
;
rials
j goods (1.2 I goods (5 ;
rials
: gOOds (10 i goods (7 :
com- ;
(10 com- !
comcom(12 com- ! commodities).
modities). modities). : modi ties).
modities). modities). : modities). j '
:
1913—Year...
100. 0 |
100.0
100.0 j
100. 0
100.0 :
100.0 :
100.0 '
100.0
1919—Year...
88.9 !
154.7
188.5 !
118.6
157.5 |
193. 0 :
147.5 !
168.4
92.2 !
142.5
138.0 ;
107. 7
135.8 !'
227.4 I
'
1S7.9
141. 0
104.4
102.7
8i.8
74.4
68.3
68.1
126.0
116.4
122. 4
322.5
i 12. 8
135.1
131.8 ;
164.1
147.5 ,
119.2 i
117. 6
101.6
91.1
89.9
100. 0
111.3
112.5
140.9
119. 9 1
117.6 j
74.5 !
118. 2
160.7
153.4
98.7
94.5
99.3 i
116.7 '
102.8 1
130. 8
143. 5
177. 5
177. 7
150.2
152. 5
126.5
165. 0 !
137. 8 i
173.5 j
1920—Year...
January
February...
March
April
May
June
July
August
September..
October....
1921.
105. 2
91. 0
78.2
76.6
07.7
107. 9
111.6
142, 7
115.7
121.7
i
;
:
!
j
!
79.1
83.5 '
96.2 ;
1
166.7
123.9
135. 5
178.9
185.1
162.1
130.4
121.4 !
129.8
99.4 i
116.5 ;
I
168.8
102.6
130. 0
169.7
167. 2
127.3
120.9
112.6
136.0
114.6
126.9
1442
FEDERAL RESERVE BULLETIN.
INDEX OF 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 constructing the index, see
the August, 1921, BULLETIN, pages 931-934.
Further important reductions in ocean freight
rates to Europe occurred during November, as
is shown by the index numbers in the accompanying table. The most recent figures indicate a level of rates well below that recorded
for any month since the war, with the single exception of the French Atlantic trade, in which
the November index number has not fallen below the point reached last March. Lower rates
on cotton and grain largely account for the declines in November as compared with October,
quotations on the other commodities included
in the index remainirg comparatively stable.
Average rates in the different trades here represented are about one-half as high as they were
a year ago, and in the case of the United
Kingdom the reduction has been even greater.
Compared with January, 1920, average rates
in the different European, trades show declines
ranging from 66 to 76 per cent. In contrast
to the lower trend of berth rates on various
commodities during November, it should be
noted that charter rates for full-cargo steamers
DECEMBER,
1921.
were distinctly firmer than in October. Charter rates, however, have declined more rapidly
since the war than have ocean freight rates on
individual commodities, and an index of charter rates commencing with January, 1920,
would show a somewhat greater drop than does
the index here presented.
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPE TRADE.
[January, 1920, rates=100.1
United States Atlantic ports to—
Month.
United French Netherlands ScandiKing- Atlantic. and ; navia.
dom.
Belgium
1920.
January
February..
March
April
May
June
July
August
September.
October
November .
December..
100.0
96.5
91.2
90.2
96.2
101.2
96.0
85.7
86.7
84.9
77.8
72.3
100.0
86.9
78.5
87.2
85.9
87.1
85.6
77.9
73.7
68.9
51.6
38.5
100.0
83.3
78.0
78.9
87.3
89.5
82.1
70.4
66.9
70.9
59.9
47.0
1921.
January
February - March
April
May
June
July
August
September.
October
November.
60.7
54.7
49.3
50.1
50.6
42.7
42.5
42.9
41.8
37.0
33.5
30.2
27.7
24.6
32.6
35.0
34.7
33.2
33.4
32.7
28.5
25.0
34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
35.8
30.7
25.2
100.0
90.1
|
84.6
!
82.7
i
82.5
;
82. l
1" 82.0
1 82.1
1 82.1
i
75.3
59.6
!
51.6
l
.
i
i
:
1
I
i
;
42.9 '
30.9
30.8
29.4
31.3 i
31.3
29.0
28.4
28.2
26.7
24.0
Mediterranean.
All
Europe.
100.0
91.1
79.5 j
72.2
75.2 I
76.5 |
75.3 i
73.2 I
71.6 |
69.6 I
59.2 ;
49.2 i
100.0
90.3
83.4
83.5
87.5
90.0
86.3
78.5
76.9
75.4
63.8
53.6
43.2
43.8 I
42.2 |
35.7 !
43.3
38.5
35.9
39.0
40.1
37.6
36.8
36.7
36.0
32.3
28.8
34.6 i
34.0 j
34.7 i
34.3 !
33.6 i
33.3 |
32.9
PHYSICAL VOLUME OF TRADE.
Production of mines and factories increased
moderately during October, and agricultural
products continued to move to market in large
quantities. The building and textile industries
were very active during the month, and cement
production reached a new high level.
Receipts of cotton and cotton seed continued
to show a marked increase in October and were
larger than in any previous month of 1921.
Live-stock receipts were also very heavy, but this
was partly due to the normal autumn movement to market. Grain receipts, on the other
hand, were noticeably smaller than in September, due to a substantial reduction in receipts of
wheat and rye. Receipts of citrus and deciduous
fruit, sugar, turpentine, and rosin also declined.
The increase in output of iron and steel noted
in September continued at an accelerated rate
during October. Pig-iron production was larger
than in any month since March and the output
of steel ingots greater than in any month since
February. Unfilled orders of the United States
Steel Corporation, however, once more registered a decline. Production of both copper and
zinc increased slightly during October, and there
was a large reduction in accumulated zinc stocks.
Fuel output showed a moderate improvement
due to a large increase in activity of bituminous
coal mines. Anthracite production also increased, but output of crude petroleum showed
a further slight decline.
A considerable increase in wool consumption,
together with a decrease in idle machinery,
indicates a continued increase in activity of
woolen mills. Consumption of cotton was
about 2 per cent larger than in September, and
shipments of cotton finishers increased for the
third consecutive month. The silk industry,
on the other hand, was depressed and October
imports of raw silk were over 30 per cent less
than in September.
Total production and shipments of five reporting lumber associations showed a substantial increase during October. Output of
wood pulp, paper, and cement also increased,
while locomotive production and automobile shipments were somewhat curtailed.
Railroad-car loadings increased in all operating regions and for all important groups of
commodities, except grain and ore. Tonnage
of vessels cleared, however, declined about 12
per cent.
DECEMBER 1921,
1443
FEDERAL RESERVE BULLETIN.
LIVE-STOCK MOVEMENTS.
[Bureau of Markets.]
Receipts.
Shipments.
Cattle and
calves, 59
markets.
Hogs, 59
markets.
and Total, all
Sheep, 59 Horses
43
markets. mules,
kinds.
markets.
1920.
Head.
i 2,189,749
Head.
2, 781,410
Head.
2,945,107
1921.
June
July
August
September.
October
1, 572,334
1,335,548
1,856,948
1, 889,057
2, 284, 561
3,559,165 i
2,717,247 !
2,647,965
2,646,127 ;
3,200,589
1,812,339
1,738,957
2,467,048 ;
2,544,530
2,932,433 \
October
Head.
38,434
Cattle and j Hogs, 54
calves, 54 I markets.
markets.
Horses and
mules, 43
markets.
Sheep, 54
markets.
Head.
Head.
Head.
7,954, 700 ] 1,159, 571 j 1,064,169
Head,
I
1,939,056 1
13,292 | 6,957,130 !
605, S22 j 1, 136,269 i 763,577
10,696 ! 5, 802,448 !
490,751 1 915,998 | 760,172
15,933 | 6,987,894 |
842, 254 1 927,962 j 1,110,134
" ~~~ | 7,100,807 |
21,093
905,136 | 944, 366 I 1,375,415
34,160 5 S, 451, 743 ; 1,185.599 i 1, 210,405 I 1,609,420
Total, all
kinds.
Head.
36,728
Head.
4,199,524
13,214
10,036
14,661
20,779
32,449
2,518, 882
2,176,957
2,895,011
3,245,696
4,043, 870
RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS.
[Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth,
Indianapolis, Louisville, Wichita. Monthly average,. 1911-1913=100.]
RECEIPTS.
Cattle and calves.
:
~ " T " -"!~
Head.
Relative. |
j "
Head.
!
j 1,621,295
161 j 1,791,881
1921.
I
! 1,117,111
940,173
j 1,418,237
I 1,417,259
j 1, 712,917
111
93
141
141
170
]
!
j
i
i
Head.
Relative.
1920.
October..
June
July
August
September
October
Sheep.
Hogs,
2,671,462
2,021,268
1,919,514
1,783,827
2,057,231
!
| Relative.
Total, all kinds.
Horses and mules.
Head.
Relative.
82
1, 804,728
136
25,096
122
1,130,874
1,035,674
1,568,584 i
1,651,659 i
1, 842,148
83
76
115
121
135
8,135
6,952
11,147 i
15,089
24,269 j
Head.
Relative.
5,303,000
4,927,582
4,004,067
4,917,482
4,867,834
5, 636,565
18
107
87
106
105
122
SHIPMENTS.
1920.
October..
866,327
121 ! 1,192, 912 !
584, 742 I
213 !
24,051
2, 668,032 j
I
1921.
414,814 ;
338,306 i
656,106 \
698,459 j
892,091 !
June
July
August
September
October
102 i
83
161
172 !
219 I
703,724
619,854
609,506
583,866
707,251
145
128 i
126 i
121
146
I
I
j
\
i
80
81
120
167
182
403,748 i
408,088 |
604,996 j
840,242 |
917,129 !
20 1,530,485
16 1,372,687
25
, ,
36 I 2,137,299
56 | 2,539,274
8,199 |
6,439 I
10,098 !
14,732
22,803 i
107
96
131
150
177
SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS.
1920.
I Cattle and |
1 calves, i
Hogs.
i
Head.
October
June
1921.
I
j
Head.
i
btieep.
i Total, all
Head.
i
!
I Cattle and
! calves.
k i d
571,025 j
59,123! 1,055,237!
I
195,039 1
i
31,373 |
1921.
July
August
j September...
314,714; October
Head.
\
Head.
120,429
353,619
390,090
612,838
1,685,385 |
'
88,302;
!
I
!
!
Total, all
kinds.
Sheep.
Hogs.
Head.
138,414
402,372
731,110
730, 780
Head.
15,493
21,564
38,081
43,442
Head.
274,336
777,558
1,159,281
1,387,060
ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION.
[Bureau of Animal Industry. Monthly average, 1911-1913=-100.]
Cattle.
Head.
1920.
October
1921.
June
July
August
September
October.
;
|
I
;
1
I
!
j
i Rela| tive.
843,136 j
'
640,164
579,028
680,419
689,043 j
749,756
Hogs.
Calves.
Head.
Relative.
Heart
Head.
Total.
Sheep.
Rela
t i v e
i
|
" '
.
Rela
"
tive>
Head. I Relative.
139:
314,791
178 : 2,486,940 |
88
1,067,821
89
4,712,688 |
98
105;
95 j
112 !
114
124
369,696
324,046
303,796
321,193
309,136
209 j 3,618,174
183 j 2, 820,616
172 1 2,530,459
181 ]I 2,422.350
175 2,866,133
128
100
90
1,116,069
1,059,902
1,236,992
1,249.032
1,285.430
103
104
107
5,744,103 i
4,783,592 i
4,751,666 !
4,681,618 I
5,210,455 i
117
100
m
102
97
108
1444
MOVEMENT OF
COAL AND PETROLEUM
AGRICULTURAL PRODUCTS
1919 - 1921
1919 -1921
—.
22Oi
• LJVE STOCK RECEIPTS
GRAIN AND FLOUR RECEIPTS
•»••• COTTON SIGHT RECEIPTS
ANTHRACITE COAL PRODUCTION
BITUMINOUS COAL PRODUCTION
CRUDE PETROLEUM PRODUCTION
INDEX NUMBERS. AVERAGE 1911-1913 = 100
1
1
1
1
'
1
1
"
1
1
1 22O
INDEX NUMBERS. AVERAGE 1911-1913 = 100
22O
TEXTILES
1919 - 1921
IRON AND STEEL
1919 - 1921
- PIG IRON PRODUCTION
- STEEL INGOT PRODUCTION
•• UNFILLED ORDERS, U.S. STEEL COR PORATIO N
INDEX NUMBERS. AVERAGE 1911-1913 = 100
200
18O
ieo
—
16O
too
8O
6O
s y
A
—
—
r
x
—
160
120
V
1919
-
1A-O
\
2O
YEAR
?00
1
2OO
120
—
—
1
j
14O
DTSCEMBEB, 1921.
FEDERAL RESERVE BULLETIN.
1920
100
eo
60
r
1921
20
YEAR
— COTTON CONSUMPTION
W0CL CONSUMPTION
MILLIONS
OF POUNDS
1445
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
EXPORTS OF CERTAIN MEAT PRODUCTS.
[Department of Commerce. Monthly average, 1911-1913= 100.]
Beef, canned.
Rela! Rela-j
I Pounds. tive.
Pounds. ! tive. Founds.
1920.
October
207,503
522,251 i
31
42 j 1,995,039
186,647 ! 28
351,566 j 53
914,418 138
286,805
43
562.372
85
Tune
July.........
August
September..
October
167,318
918,476
292,663 !
239,039 !
310,179 I
298 I 8,787,853
:
i
209 18,536,898
35,011.966
48,171,465
288 27,786,271 j
45,340,151
45,340,151
271 32,233,527 '
44,718,463
267 17,137,613
23,575,6111 141 12,110,375
75 j 49,838,768
!
1921.
P(1 ,,, 1(ls .
Poull(ls.
2,004,136
75
91
2,418,262
2,752,598 \ 103
107
2,857,076
1,971,222
•
Kda-
]>oll),ds.
| Rda,
59 i 54,173,97!
i
124 ; 67,655,776 |
186 | 83,329,134 |
216 I 87,410,516 i
115 104,740,783
81 i 50,885,933
Pom)ds.
123
154
189
199
238
129
j Rela-
3,549,450
3,337,759
3,368,482
3,212,347
2,990,328
2,857,113
j
!
!
I
I
76
73
68
RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS.
[Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo,
and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]
Wheat.
Corn.
Oats.
RelaBushels. !i Rela-!
tive. Bushels. $ £ j
Total grain.
Barley.
Rye.
Bushels. :**£- Bushels.
Flour.
Total grain and
flour.i
Rela- Bushels.
tive, j
Bushels, j
Barrels. J
Bushels. )**»-
1920.
October
45,403,825?
167J19,064,5081
85121,235,162
10b 1, 155,971):
404:5,795,028:
8] 95,954,502:
12312, 137,039'
109105,573,878! 122
1921.
June
July
August
September..
October
30,342,592
71,422,62477,026,777'
64,670,046:
46,758,327
112J35,816,899i
263 19,713,672i
284 30,983,238;
239 37,333,7641
172135,551.591
16021,921,817
88J25,527,442
138142,739,890
167121,791,603
.159122,008,158
109 1,164,530,
127 2,557,053'
213|6,207,749i
108:5.487,909
1093,006,330
133 3,859,432
232 3,073,358'
562 6,387,297
4975,086,281
272 4.012,646:
54 93,405,270
43 122,294,149'
89 163,344,951
71134,369,603
50 111,337,052'
120 865,219|
157 2,705,340.
210 3', 130,086;
172 3,421.1321
143 o,81l',890i
44: 97,298,756i
138134,468,1791
160177,430,338!
175149,764,697!:
195128,490,557
1
112
loo
205
173
148
Flour reduced to its equivalent in wheat on basis of A\ bushels to barrel.
SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS.
(Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Reck, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita;
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
;
Rela-S
| Bushels. tive.! Bushels.
1920.
October
1921.
June
i
!
i
live.
Oats.
Barley.
j
Total grain.
Rela-;
Total grain and
flour.i
Flour.
Rela-
Bushels. Rela»*£
Bushel, i ^ B a s h c t a . « £ Bushels.; ™£l Bushels, i ^ | Barrels.i ^ |
'
• j
i
!
|26,258,795i
:
j
21,550,026:
109;10,330,378;
;
138121,381,193:
72|10,601,178
i
15011,656,507
704,742,380
'
,
77 1,427,796
""--""—••
—
—
—•
-•
-
"-••
.
•
6704,529,091
!
i
2022,224,652
116; 50,407,822
!
.
57 58,240,174
—
59164,771,515
• —• —•
:
I
114JS-,75S, 735;
!
'
117i2,113,649
111; 73,382,130! 113
:
i
62! 67,751,5941 104
130!?:,842,046.
1131 82,060,7221
326
138
1
Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH.
[Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.)
Wheat.
1920.
October
Con.).
Bushels.
Bushels.
14,627, 524 ; 7,823, 807
Bushels.
28,941,148
1921.
June
July
August
September.........
October..-..
3,853,292 J 7,944,190 29,273,562
13,541,547 ! 10,392',384 ! 32,845,591
..: 21,927,695
6,906,590 50,835,039
' 29,727,378
7,794,625 ' 52,136,821
31.524,100 ; 12,089,459 56.202,298
Rye.
Barley.
Bushels.
658,084
Bushels.
2,096,517
;Total grain.
I
239,665
1,407,124]
025,975
1,406,742 j
2,571,473 ! 2,206,180 i
2,481,562 i 2,265,615 i
3,027,107
2,662,732 I
Bushels.
54,157,080
52,717,833
58,812,239
84,446,977
94,406,001
105,505,702
1446
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available from
Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]
Wheat.
Corn.
Oats.
Barley.
Rye-
! Total grain,
j
I Total grain and
!
flour.*
Flour.
i
Rela- Bushels, RelaRela- Bushels.!! Rela- Bushels. RelaBushels. tive.
fj
Bushels. tive.
tive.
I
tive.
1920.
October
29,028,202!
230)1,844,753!
RelaRelative. Bushels. tive.
tive. '
38 5,436,354| 3,82(3(2,558,270
154.40,(590,100.
1791,463,830! 140 47,283,335! 173
401,180,1191
831
658,295
^\J Xj l O U j l l i / j
UUl
\J<JVy *dU*J
147 3,143,438(2,212 4,626,343^
551,965,932! 1,384 6,089,131
471,185,645J 834 4,769,381
33 1,109,486!
2,928,178,
40X\J25,756,731!
**KJj I t/VJj »UX'
279 58,257,757!
367141,981,212!
287J43,442,041j
176 35,783,954;
1131,714,852!
1 X U l j J J . i j KJXJSJ 164
257 7,210,521
_
185i2,172,836! 208
1912,357,563' 226
1582.016,075| 193
52| 1,828,515
1921.
16,628,892| 132 5,385,639; 152| 1,903,786
June
July
34,142,124! 271 9,343,697! 203 7,002,155
August
29,364,52l| 233! 1,936,481
55 2,625,147
September . 33,049,9601 262 2,215,475
62 2,221,580
October
83; 1,586, 101
27,208,24(> 216 2,951,583;
-L'v/y \J£*Vy O*7^i
XtJAJ
Uy UWy
VJK.H7 •
X*J&
Xy &\JlJj I OV
33,473,565!
90,705,102!
51,758,974!
54,051,075!
44,850,2911
122
331
189
197
164
1 Flour reduced to its equivalent in wheat on the basis of 4£ bushels per barrel.
STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, Son Francisco. Compiled from reports of trade organizations at these cities.]
1920.
October..
1921.
June
July
August
September..
October
Wheat.
Corn.
Bushels.
17,277,003
Bushels.
1,292,818
Oats.
Bushels.
!
I Bushels,
2, 521, 04V) j
j 3,486,041 I 2,136,128
n9,972,506
(Y7O s;nn
i n o ne.n
1,113,767
12,934,198
955,694
17,626,696
999,184
18,365, 92S 1, 734,237
Rye.
1, 742,178
j Barley,
j Total grain.
j Bushels,
j
Bushels.
3, 577,450 j 26,410,498
:, 502,892
1,058,652 \ 157,397 1,664,674 ;
981,942 ! 386,710 3,738,401 16,193,326
1,592,072 j 1,389,338 3,997,970 ! 20,869,272
1,862.899 1,640,511 j 3,811,936 ! 25,941,226
1, 729, 840 I 1,907,172 j 3, 288,995 | 27,026,172
WHEAT-FLOUR PRODUCTION.
[January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.]
Barrels. \\
9,650,000 1 July
;! August.
•
'
i
September.
j 8,087,000 'I O c t o b e r . . .
1920.
October..
1921.
June
1921.
! Barrels.
j 10,720,000
' 13,266,000
13,349,000
13,917,000
COTTON.
[New Orleans Cotton Exchange. Monthly average crop years, 1911-1913=100.]
Sight receipts.
Bales.
November.
June
July
August
September
October
November
1920.
1921.
1
1,804,135 I
659,900 !
607,788 !
;
617,049
! 1,145,168
i 1,943,049 !
; 1,704,398!
Relative.
Port receipts.
Bales.
Relative.
Overland movement.
Bales.
I Rela-
482,944
465,143 !
406,823
667,845
1,135,498
760,310 ,
! Rela; tive.
1 tive.
144 ; 1,075,813
53
48
49
91
155
130
i
' Stocks at ports
; American spinners i a n d i n t e r i o r
'
takings.
: towns at close of
I month.
425,089 !
53
51
44 I
73 i
124;
83 !
112,955
78,106
95,025 '
106,343!
195,668 I
231.763 i
107
410,734
74
469,715
90
369,420
101
447,188
186
811,118
220 ; 1,076,444
94
90
103
81
98
179
237
p. ,
Bales
*
i Relative.
2,597,820 !
2,659,826
2,311,696
2,167,927
2,381,859
2,669,534
2,678,804 I
220
226
196
184
202
227
227
COTTONSEED.
[Bureau of the Census.]
Received
at mills.
October.
June
1920.
1921.
I On hand at !
Crushed, j mills (close i
! of month), j
Tms.
I
981,379 I
!
Tons. \
624,207 |
' • I
77,484 ;
98,646 !
Tons.
|
488,958 i July
i August
I September .
109,309 ; October.
Received
at mills.
1921.
Tons.
54,241
130,333
553,726
957,840
i On hand at
Crushed. I mills (close
I of month).
Tons. \
27,466 ;
100,496
296,258
611,890 I
Tons.
94,543
124,377
381,342
732,570
1447
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA.
[March, 1921, on, Bureau of Markets and California Fruit News.1 Monthly average, 1911-1913--]00.]
Oranges.
Carloads.
Relative.
i
Total
! deciduous
! fruits.
Total citrus fruits.
Lemons.
Carloads. | Relative.
Carloads, i Relative, i Carloads.
1920.
October.
228
11,880
1921.
June.......
July
August
September.
October
5,628
3,465
3,126
2,534
2.450
;
I
|
j
•
230
142
128
104
100
551
455
143
219
135
2,230
i;843
579
888
o-fei
7,858
5,308
3,705
3,422
2,995
276
186
130
120
105
i
i
!
!
:
2,200
3,439
8,113
16,166
11,180
* For previous sources, see April, 1921, Bulletin.
SUGAR.
[Data for ports of New York, Boston, Philadelphia, San Fraucisco, Galveston, Savannah, New Orleans. Weekly Statistical Sugar Trade Journal.
Tons of 2,240 pounds.]
October
1920.
Raw stocks
at close of ,
month.
Receipts.
Meltings.
153,404
172,654
204,402 |
301,835 !
;
Raw stocks
Receipts, i Meltings, j at close of
;
j month.
1921.
I
78,956 ,• July
ij August
I September.
244.253 j October
1921.
June.
221,706
416,170
240,211
205,624
i
I
!
i
307,081
423,677
253,811
261,783
144,904
136.421
145,390
83,810
TOBACCO SALES AT LOOSE-LEAF WAREHOUSES.
[Reports of State authorities.]
Bright belt.
! Virginia dark.j
!
!
1920.
Pounds.
259,535
October..
July....
August
September..
October
i7;^:v.i,
\irgmia.
'
;
,
i
Pounds.
84,387,499
,
2,200,905 ;
7,952,265 I
11,840,109 ': 37.950,177 j
41,756,009 [
2', 287,697
50,597,385
|
1,698,410 :
9.274,223 ;
Buriey.
Western
dark.
:
Pounds.
2,283,060
Pounds.
\
248,750 I
Pounds.
110,670,637
10,153,170
49,790,286 ;
45,742,116 ;!
59.871.60S
1,521,247
2.662,095
2,346,050
2.724,010
573,650
486,550
265,280
62,475
12,248,067
52,938,931
48,421,255
62,763,551
South
Carolina.
Pounds,
21,947,097 '
1921.
67,809
105,458
North
Carolina,
Grand total.
Total.
Pounds.
Pounds.
1,544,690 ; 107,879,292
S
|
1
!
NOTE.—Includes sale for growers and dealers, but excludes resales.
SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO AND
PHILIPPINE ISLANDS).
[Commissioner of Internal Revenue.]
Cigars.
Large.
1920.
October
June.
1921.
Number.
704,799,089
| 618,495,102
Cigarettes.
Small.
Small.
Number. i Number.
60,882,760 ; 3,840,334.800
:
i
50,175,400 l 4,219,727,623
Manufactured
tobacco.
j Pounds.
,
1921.
j 27,123,774 July
i
August
September
\ 31,737,525 ,, October
Cigarettes.
Cigars.
Large.
I Number.
\ 564,598,255
! 622,039,033
611,427,829
; 635,807, (597
Small.
Small.
Number.
Number.
47,362,340 4,161,217,573
53,630,000 5,130,577,133
! 55,799,900 4,791,397,910
i 60,574. 420 4,877,825,880
;
Manufactured
tobacco.
Pounds.
29,226,353
33,601,59C
31,488,809
33,718,294
1448
DE CE M BEE, 19 21.
FEDERAL RESERVE BULLETIN.
NAVAL STORES.
[ Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.]
Sx>irits of turpentine.
i Stocks
Receipts, i at close of
I month.
Barrels.
27,640
1020.
October..
June
1921.
33,533
Spirits of turpentine. |
Rosin.
Receipts,
Rosin.
Stocks j
| Stocks
Receipts, j at close of j Receipts, at close of
{ month.
month.
• Stocks :
at close of ;
; month, i:
! Barrels.
!
36,435
J
33,773
J
28,786
.1
23,440
Barrels. \ Barrels, ji
1921.
Barrels.
195,837 j| July
49,885 |
81,712
:
ii August
j! September...
8:), 943 ';
308,341 ! October
30, 949
j Barrels.
47,580
52,861
54,949
58.066
I
i
j
i Barrels.
i
90,382
j
92,580
!
83,484 !
79,275 1
Barrels.
328,224
328,907
322,898
313,904
COAL AND COKE.
[U. S. Geological Survey. Monthly average, 1911-1913-100.]
! Bituminous coal, esti- Anthracite coal, esti- '•»*«>,;
v p o o k n Pstinv.ted ! "By-product;
m a t e d m o n t coke,
h l T estimated monthly promated monthly pro- , B m^ t W V w^duSion
> P ro "
| duction.
auction.
j <"«niy production. > ( l u c t i o n >
Short tons. I Relative.
November.
1920.
1921.
June
July
August
September
October
November
i
!
i
!
Short tons.
Relative.! Short tons. | Relative. I Short tons. '\ Relative.
51,457,000 •
139
7, 441,000
33,852,000 ;
30,394,000
34,538,000 j
35,105,000 !
43,741,000 |
35,955, ooo |
91
82 ,
93
95 i
118 i
7,786,000
7,050,000
7,196, 000
7,124,000
7.580,000 .
1,022, 000 ;
105
95
97
96
102
!
:
!
i
i
9
7
9
11
16
232,000
181,000
248,000 ;
289,000 !
416,000 i
i
;
,
I
1,410,000
1,285,000
1,402,000 i
1,423,000
1,734.000 !
160
146
159
162
197
CRUDE P E T R O L E U M .
[Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42
gallons each. Monthly average, 1911-1913=100.]
Production.
Stocks at
close of
month
(barrels).
Barrels.
1920.
October
'
•
<
; 39,592,000 . 2i)7 ! 123,19S, 000
1921.
June.
40,405,000 i 211 ! 164,837,000
Production.
Producing
oil wells
completed.
Barrels.
2,080 I July.
August
j September
p
1,471 | O
Octobert
1921.
b
Stocks at
close of
month
! Rela- i (barrels).
40,328,000 !
j 40,966,000 1
1 36,615,000
, ,
jj
35,638.000
35638000 !
I
210
214
191
186
172,359,000
176,248,000
177,384,000
170,443,000
Producing
oil wells
com! pleted.
j
I
I
j
1,157
952
788
752
TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL.
[Bureau of Mines.]
OUTPUT BY MONTHS.
Crude oil run
(barrels).
Gasoline
(gallons).
I
Kerosene
(gallons).
Gas and fuel I Lubricating
(gallons). | (gallons).
:
1920.
October
40,687,250
405,787,745 !
213,742,156
823,114,603 j
93,229,723
July
August
September.
October
30,040,797
36,044,910 i
35,613,933 '
37,968,496 j
419,641,815
431,577,195 •;
416,913.000 j
440,955,'518 I
138,724,132 I
143,652,290 :
154,017,299
182,453,593 '
807,428,397
784,450/485
788,408,124
833,775,254
65,893,228
66,473,473
69,053,367
75,971,377
]
I
j
|
STOCKS AT CLOSE OF MONTH.
October 30..
July 31
August 31
September 30.
October 30
1920.
19,237,730
301,283,731
383,828,239
799,024,084
136,194,914
19,115,631
16,374,050
17,991,036
18,404,182
684,236,695
567,645,548
515,325,998
456,269,659 !
412,201,674
389,893,421
371,235,034
334,579,774
1,269,419,283
1,243,445,980
1,229,254,127
1,238,269,365
258,638,298
242,530,099
230,227,413
216,770,320
1921.
1449
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
IRON AND STEEL.
[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.
Iron-ore shipments !
from the upper | Pig-iron production.
Monthly average, 1911-1913=100.]
I Unfilled orders U. S.
i Steel Corporation
at close of month.
steel-ina
^
t
>:>l vl
Gross tons. | Relative. | Gross tons, j Relative. Gross tons. | Relative. | Gross tons. Relative.
1920.
88 ; 2,934,908 j
127 ' 2,638,670 1
59 \ 1,004,833 j
67
864,555 |
71 \
954,193 \
65 \
985,529 j
i 1,233,232 j
! 1,415,481 ;
46
1,003,406 :
37
803,376 i
41
1,138,071 !
43 I 1,174,740
53 ! 1,616,810 !
61 i 1,660,001
5,305,738 :
November.
1921.
June
July
August!]!.]/]]
September
October
November
i 3,600,989
4,047,687
' 4,329,158
!; 3;913,122
:
!
;
!
j
j
I
I
113 j 9,021,481
49
171
97
92
86
87
81
81
5,117,868
4,830,324
4,531,926
4,560,670
4,286,829
4,250,547
STRUCTURAL-STEEL ORDERS AND SHIPMENTS.
[Bridge Builders and Structural Society.]
i n ? S ? i ^ fir Vhr^tfvT
'• Structural-steel orders and shipments of the member tmougn
out country
"
ship of Bridge Builders and Structural Society.
Orders.
Per cent
shop
capacity.
Tonnage.
1920.
.49,200
November..
1921.
July
August
.
September..
October
November.
60,200 ;
59,300 1
86,000 |
97,800
!
Tonnage.
!
•
Per cent
shoppp
ity.
capacity.
Shipments.
j
!; Tonnage.
;
;
Per cent
shopp
ity.
capacity.
27.5
11,531
16.0
41,268 ]
57. {
33.5
33.0 i
48.0 i
54.0 !
21,847
18,010
32,099
28.150
13,221
32.0
26.0
47.0
41.0
63.0
22,186
23,558
23,197
26,406
25,211
32. 5
34. 5
34.0
38.5
36.5
PRODUCTION OF COPPER.
[American Bureau of Metal Statistics. Monthly average, 1911-1913=100.]
Relative, jj
Pounds.
June
July....
August.
1921.
18,033,954 !
16,389,507
20,013,569
18
Pounds.
September..
October.
i Relative.
1921.
20,926,554
21,157,754
21
21
ZINC.
[American Zinc Institute. Tons of 2,000 pounds.]
I Stocks
! Produced, j at end of
i month.
Produced,
1920.
33,318 i
November..
1921.
l
19,443
15495
15,495 i
June..
July..
64,390 ! August
September.
October.
89,889 !November...
92,408 |j
:
Stocks
at end of
month.
1921.
14,621 !
14,367
14,538 j
21,135 >
86,549
81,135
70,824
67,049
LEAD PRODUCTION.
[American Bureau of Metal Statistics. Tons of 2,000 pounds.]
Production. Relative. !j
June..
July..
1921.
28,348
27,827
Production. Relative.
August
September.
1921.
31,350
30,146
90
86
1450
FEDERAL RESERVE BULLETIN.
DECEMBER,
1921.
TIN.
[Imports, Department of Commerce. Deliveries, New York Metal Exchange. Monthly average, 1911-1913=* 100.]
Deliveries
Imports. Relative. to
factories*
Deliveries
! Imports. Relative. to
factories.
1920.
November
i Pounds.
} 9,550,535
1921.
June
July
Pounds.
7,004,800 , August
! September.
I October
3,561,600 ! November.
3,411,520
105
;
i 4,133,450
—I 3,565,767
Pounds.
7,436,800
5,835,200
5,107,200
Pounds.
5,200,504
5,796,186
4,351,541
1921.
TEXTILES—COTTON AND SILK.
[Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly average, 1911-
i Cotton consumption.
I
:
I
;
I
I Bales. I Relative,
1920.
October
June
1921.
Cotton
spindles
active
during
month.
Cotton consumpCotton
tion.
j spindles
active
during
| imports of raw silk,
I
11
|._..
jI
\
j
ij
] Pounds. Relative, j
I
j 401,325 i
89 j 33,771,988 j 1,531,850
461,656 j
103 | 32,665,315 j 3,871,327
Imports of raw silk.
Bales. 1 Relative. month.
1921.
75 ! July
I August
September
October
!
i 410,120
| 467,103 j
484,647
494,745 j
91
104
108
110
Pounds.
32,446,281
33,059>211
33,898,415
34,255,522
Relative.
4,867,985
5,114,901
4,597,642
3,140,516
238
250
225
154
TEXTILES—WOOL.
[Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.]
Percentage of idle machinery on first of month to
total reported.
Consumption
(pounds) .i
Percentage of idle hours on first of month to total
reported.
Spinning spindles.
Looms.
Looms.
Spinning spindles.
Wider 50-inch Sets of
Wider
Combs.
than
than
reed i cards.
50-inch space
• Woolen.! Worsted. 50-inch space
reed or less.!!
reed
space.
space. or less.
Woolen. Worsted.
._
28,090,047
46.9
39.5
42.8 !
32.8
34.8
54.1
47.'
45.9 ! 38.4
1
1921.
59,592,000
53,076,000
58,261, 000
62,130,667
67,287,000
June
July
August
September
November
1
j
I
1920.
November
20.5
18.7
20.4
22.0
23.7
23.3
25.2
25.2
26.4
28.4
25.8
24.6
21.6
21.3 ;
22.9
22.8 i
22.3 j
20.7 !
10.9 j
11.0 !
12.7 I
16.7 j
14.3 j
12.5
20.6
20.5
21.9
22.4 I
22.4
20.5
10.1
9.8
13.3
9.5
8.6
7.8
19.9
17.5
20.8
23.3
25.8
24.9
30.1
26.3
29.6
31.0
27.5
27.0
19.8 i
17.9 ;
20.6 !
21.1 I
21.0 |
18.0 |
1.4
4.1
12.6
8.8
2.4
0.5
I
46.7 I
38.5
18.6
18.2
20.0
21.2
20.9
18.3
10.4
6.6
14.3
11.5
7.8
8.1
Converted to grease-equivalent basis.
LUMBER.
[From reports of manufacturers' associations.]
Southern pine.
Number of
mills.
1920.
October
1921.
June
July
August
September.
October
Num-|
Pro-
of
as !ments.
«& ber
mills,
tion.
Mfeet.
Mfeet.
344,427
329,751
190 365,970
187 366,057
185 388,510
186 385,029
186 395,435
371,183
346,300
405,974
433,714
493,035
206
Western pine.
49
Produetion.
Douglas fir.
NumShip- ber
of
- mills.
ments
Mfeet.
146,424
Mfeet.
121,648
110,588
107,346
82,890
85,006
76,874
77,243
92,397
89,500
107,450 j
69,936
Production.
Eastern white pine.
Ship- Numof
ments. ber
mills.
Mfeet.
120
Mfeet.
355,614
299,704
114
107
103
103
100
232,407
191,257
290,877
231,559
311,119
230,970
187,165
321,553
216,763
304,090
19
Production.
North Carolina pine.
Ship- Numof
ments. ber
mills.
Mfeet.
40,724
Mfeet.
30,928
42,171
43,843
47,675
37,716
29,709
23,536
21,991
25,933
35,675
41,432
24
Production.
Shipments.
Mfeet.
Mfeet.
19,487
14,877
15,342
15,267
15,820
15,623
17,641
18,243
14,864
16,617
14,592
18,556
DECEMBER, 1921.
1451
FEDERAL RESERVE BULLETIN.
RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS.
[Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-191?!== 100.]
Shipments.
Receipts.
M feet,
1920.
November.
1921.
June
I
j
-
342,971
74 |
190,282 i
372,453
80 I
253,848 |
1921.
75 | July..
I August
| September
100 | October...
•I November
1
I
|
|
j
i Relative.
328,129
356,730
388,740
405,755
496,195
!
\
i
j
M feet,
i Relative.
85
93
97
106
120
216,908
235,736
246,602
270,448
305,188
711
77
84 !
87 |
107
PRODUCTION OF WOOD PULP AND PAPER.
[Federal Trade Commission.]
Wood
pulp.
1920.
October
1921.
June
News- ! Book.
print.
Paper
board.
• Net
Net
Net \ Net
! tons, i tons. ! tons, i tons.
! 319,877 124,818 j 93,849 I 196,604
:
I
| 189,389
87,724
i
53,934 ; 130,177
Wood
pulp.
Net | Net
tons.
tons.
73,100 | 34,526
I
!
50,332 | 17,511
>;
! Paper
*board.
—*
Wrapping.
Net \ Net
tons. I tons.
48,527 i 112,265
59,711 j 138,530
62,416 ! 160,207
72,139 ! 181,775
45,090
56,167
59,095
64,518
News- I aooKm
•D-.1_
print. |
: Net
1921.
tons.
July
178,173
l
ii August
195,176
11 September....! 193,479
ij October
j 233,618
| Net \
> tons. I
94,247 i
| 102,277 j
| 98,898
1 101,884
Net
tons.
Fine.
Net
tons.
16,327
18,833
20,555
24,635
CEMENT.
[U. S. Geological Survey.]
!
i Stocks at
Production, j Shipments.! close of
i
I month.
June....
July
August
1921.
I Stocks at
Production. Shipments.! close of
I month.
! Barrels. < Barrels, j Barrels.
! 9,296,000 j 10,577,000 11,150,000 September.
I 9,568,000 10,301,000 | 10,414,000 | October
i 10,244,000 ! 12,340,000 | 8,280,000 !
Barrels. \ Barrels.
10,027,000 ! 11,329,000
10,506,000 | 12,114,000 !
1921.
Barrels.
6,953,000
5,348,000
RAW STOCKS OF HIDES AND SKINS.*
[Bureau of Markets; July, 1920, on Bureau of the Census.]
Cattle
hides.
1920.
Oct. 31.
1
70,509 ! 3,850,183
1921.
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
i rnH<5
vin<j 'j TTir»qirin<!
Calfskins,
Kipskins.
7,077,950
i 6,448,869
6,494,281
I 6,086,225
5,990,633
Includes hides and skins in transit.
3,890,547
3,639,871
3,459,310
3,475,069
3,370,183
Goat
and
kid
and
Cabaretta. Sheep
lamb.
1,377,998
12,147,070
2,104,133 | 13,626,406
1,026,189
980,762
895,523
938,001
955,212
9,679,847
9,784,714
10,948,785
10,745,903
11,124,329
1,218,839
1,109,005 !
1,029,369 i
791,110
702,347
13,755,042
13,761,905
13,904,019
12,606,056
13,065,070
PRODUCTION O F LEATHER.
[Bureau of the Census.]
I
Sole and
belting.
1921.
January
February
March
April
May
June
July
August
September
Upper.
| Patent.
; Pounds. Square feet. Square feet. i
954,000
22,444,000 36,302,000
1,655,000
I 21,205,000 33, 570, 000
1,165,000
j 25,502,000 48, 955,000
1, 296, 000
I 24,000,000 50, 420, 000
1,917,000
I 25,242,000 53,532, 000
2,801,000
! 26,122,000 62,448,000
2,956, 000
! 25,028,000 63, 217,000
3,431,000
i 26,985,000 70,418,000
4,181,000
! 25,683,000 67,545,000
Glove.
Fancy
and bobk| binders.
Square feet. Square feet.
i, 147,000
6,037,000
1,351,000
5,078,000
1, 863, 000
6, 647, 000
1, 540, 000
5, 611,000
1,620,000
5,911, 000
2,252,000
7, 716,000
6,613,000
1, 720, 000
7, 022,000
2, 072, 000
6,889,000
2,093,000
Harness,
case,
welting,
etc.
Pounds.
2,160,000
2,157, 000
2, 797, 000
2,635, 000
2, 528, 000
2,640, 000
2, 543, 000
2, 828, 000
3,113,000
Offal.
j Miscellaj neous
! splits and
i upholstery.
Pounds.
6,624,000
5, 584,000
7, 539,000
7,080,000
8,016, 000
8, 091, 000
7, 924,000
8, 363,000
8,471,000
Squarefeet.
13,140,000
12,924,000
16, 592,000
17,063,000
19,621,000
18,438,000
20,346,000
23,493,000
23,403,000
1452
KEDEKAL KESEKYE BULLETIN.
DECEMBER, 1 9 2 1 .
AUTOMOBILE TIRES AND TUBES.
[The Rubber Association of America.]
i
June
July
August...
September..
October
Inner tubes.
Pneumatic tires.
r~ ~"
"T
"' "
'Production.; Stocks.
domestic.
Production.
Number. \ Number. \ Number. 'Number. \
2,313,205 4,154,450 i 2,043,8.50 '2,359,928 !
3,892,037 ; 2,757,581 3,020,981 |
! 2,570,524
3,934,583 ! 2,894,442
3,043,187
4,430,152 i
1,929,268 3,340,79S ! 2.047,929
3,274,822 i
| 1,928,000 3,545,000 1 1,675,000 I 2,844,000!
1921.
Solid tires.
r
Stocks.
!
Number, i Number.
Number.
3,835,098 .3,232,673 !
28,395
3,122,815 3,603,248 j
35,123
3,649,319 j 8,804,060
55,694
3,827,830 2,645,758
37,441
4,732,000 2,010,000 i
46,000
Shipments,
domestic.
Stocks.
Production.
Number.
49,867
55,678
66,866
50,276
46,000
Number.
240,336
220,003
216,367
161,832
163,000
SHIPMENTS OF AUTOMOBILES.
[National Automobile Chamber of Commerce.]
Railroad iDriveaways'. Boat (raa(carloads). j (machines)., chines).
November..'.
1920.
1921.
June.
July..
13,253 I
9,497 ;
20,269 i
19,514 ;
18,834 I
15,533 !
Railroad JDriveawaysj Boat (ma(carloads), (machines).! chines).
1921.
659 !i. August
l| September.
j| October
3,947 November.
3,726 i
3,595
2,959
2,214
1,385
15,218
13,840
12,808
10,509
20,758
19,002
17,676
14,061
I
OUTPUT OF LOCOMOTIVES AND CARS.
[Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.]
Output of cars.
Locomotives.
! Domes- Foreign i UD omr nepsi ,
j tic
i com- ! ?
"
i shipped. ; pleted. j UL*
i Number. Number. \ Number.
|
198
106 j
6,309
|
i
'
!;
43
36 !
2,540
31
25 ;
4,140
1920.
October..
June.
July..
Foreign.
1921.
Output of cars.
Locomotives.
Total.
Number. Number. ['
1921.
684
6,993 ; August
: i September..
'
I October
;
417 ;
2,957 :
;
441 ;
4,581 ;|
;
Domestic
shipped.
Foreign
completed.
Domes-
Number.
43
50
51
Number.
51
53
22
Number. J Number. Number.
2,364 |
2,546
182
1,971
1,597 i
374
Foreign.
Total.
VESSELS BUILT IN UNITED STATES/INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE
BUREAU OF NAVIGATION.
[Monthly average, 1911-1913=100.]
Number.
November.
June.
July..
1920.
1921.
]
Relative.
tonnage.
119 |
213,996
160
107 !
173,885
90,636 !
Number.
August.
September.
October
720 ,i! November.
375 !
885
1921.
75
67
71 j
79 |
Gross
tonnage.
90,205
105,352
50,265
61,599
Relative.
373
436
208
255
RAILROAD OPERATING STATISTICS.
[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.]
I
Net ton-miles,
revenue and
nonre venue.
September.
June.
July..
Net tons
per
train.
1920.
1921.
Net tons J
per
jj
loaded car. i
29.9
28,140,661,000 !
28,412,404,000 !
671 |
660 :
27.7 !'
27.5 u
Net ton-miles, Net tons
Net tons
revenue and
per
J
per
nonrevenue. j train, i loaded car.
August
September
1921.
!
30,381,958,000 J
j
670 I
679 ;
27.4
27.1
1453
FEDERAL RESERVE BULLETIN.
DECEMBER,, 1921.
RAILROAD REVENUE-FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
[American Railway Association. Carloads.]
REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO NATURE OF PRODUCT.
Grain
and grain
Live
stock.
Coal.
173, 705
146 832
969 636
69,134
260, 743
322, 921
181,080
239, 857
269, 878
239, 514
218,619
121
104
124
129
158
696, 312
634, 100
699, 193
705, 827
850 237
21,064
17, 057
19, 875
21, 406
28,431
221, 569
182,078
202, 545
201, 251
227,025
130, 838
947,162
131 666
879,382
142 961
968, 746
123 730
971,527
93 115 1,020,468
products.
Forest
products.
Cok
Ore.
Merchandise,
L. C. L.
Miscellaneous.
Total.
910,078
1,497,977
4,3ol,026
1,106,768
1. 072, 774
1,227, 599
1,248, 529
1,408,617
3,426, 544
3, 261,138
3,655,191
3,641,384
4,005,154
1920.
October
1921.
June
July
August
September
October
751
224
394
600
642
R E V E N U E - F R E I G H T L O A D E D , C L A S S I F I E D ACCORDING T O G E O G R A P H I C A L D I V I S I O N S .
Eastern.
Pocahontas.
Allegheny.
Southern.
Northwestern.
Central
western.
Southwestern.
Total.
1920.
October
1,068,855
915,218
163,314
571,965
713,618
617,782 i
300, 274
4, 351, 026
826,912
786, 454
890,199
882, 236
981,224
714, 503
651, 910
716, 717
710, 463
790,621
150, 331
122,958
120, 320
131, 712
156,234
497,093
465,145
493, 840
508, 984
570,528
519,090
489,118
579,035
555, 095
572,057
465,973
485,161
567, 883
574, 833
636,649
252,642
260,392
287,197
278, 061
297,841
3,426, 544
3,261,138
3,655,191
3,641,384
4,005,154
1921.
June
July
August
September
October
,
T O N N A G E OF VESSELS CLEARED IN T H E F O R E I G N T R A D E .
[Department of Commerce.
Net tonnage.
American. Foreign.
Monthly average, 1911-1913=100.]
Total.
1920.
October
June
Net tonnage.
PercentRela- age Relative. Ameri- tive.
can to
total.
American. Foreign.
Total.
PercentRela- age
Relative. Ameri- tive.
can to
total.
1921.
3,500,312
3,756,512
7, 256, 824
177
48.2
182
3,058,679
3,094,452
6,153,131
150
49.7
187
1921.
July
August
September
October
2,512,712
2,581,600
3,091, 960
2,702,587
3,362, 443
3,222, 908
2, 903,253
2,795,681
5, 875,155
5, 804, 508
5, 995, 213
5,498,268
144
142
147
134
42.8
44.5
51.6
49.1
161
168
194
185
C O M M E R C E OF CANALS AT SAULT S T E . M A R I E .
[Monthly average, May-November, 1911-1913=100.]
EASTBOUND.
Grain other than
wheat.
Bushels.
Relative.
Wheat.
Bushels.
Flour.
Relative.,
Barrels.
Iron ore.
Relative.
Total.
Short tons. Relative. Short tons. Relative.
1920.
October
7,198,311
81
28,470,696
148
1,142,991
98
8,656,823
146
9,876,641
141
11,358,929
10,839,026
10,298, 759
14,382,104
13,540,811
127
122
116
161
152
10,418,433
7,878,077
10,132,267
28,120,141
53,332,559
54
41
53
146
277
1,150,240
1,119,140
1,232,250
1,516,155
1,887,340
99
96
106
131
163
3,892,791
4,356,760
4,384, 949
3,610 454
383,302
66
73
74
61
6
4,628,067
5,011,900
5,128,043
5 017 941
2^519^390
66
72
73
72
36
1921.
June
July
August
September
October
. . .
78092 21
6
1454
FEDERAL RESERVE BULLETIN.
DECEMBER,
1921.
COMMERCE OF CANALS AT SAULT STE. MARIE-Continued.
WESTBOUND.
Total freight.
Total.
Soft coal.
Hard coal.
Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative.
1920.
October
June
July
August
September
October
. . . .
1921.
. . .
. . . .
.
.
376,388
121
2,493,907
130
3,123,658
126
13,000,299
137
247,048
445, 754
489,142
281,130
159,002
80
144
158
91
51
3,027,177
2,486,990
1,698,068
993,848
474,441
158
129
88
52
25
3,451,409
37126,683
2, 369,833
1,464,130
746,089
139
126
95
59
30
8,079,476
8,138,583
7,497, 876
6,482,071
3,265,479
85
86
79
68
34
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS.
[U. S. Geological Survey.]
Kilowatt hours.
Kilowatt hours.
October
1920.
1921.
June
Produced by
waterpower.
Produced by
fuels.
Total.
1,342,642,000
2,408,678,000
3,751,320,000
1,215,972,000
2,028,121,000
3,244,093,000
1921
July
August
September
October
Produced by
waterpower.
Produced by
fuels.
1,224,813,000
1,199,995,000
1,100,782,000
1,139,090,000
2,044,896,000
2,210,706,000
2,268,415,000
2,402,069,000
Total.
3,269,709,000
3,410,701,000
3,369,197,000
3,541,159,000
DECEMBER,
FEDERAL RESERVE BULLETIN.
1921.
1455
BUILDING STATISTICS.
BUILDING PERMITS IN 166 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
District District District District District District District District District District District District
No. 1
No. 3
No. 4
No. 5
No. 2
No. 8
No. 9
No. 6
No. 7
No. 10 No. 11 No. 12
(14
(12
(22
(14
(15
(19
(20
(14
(4
(9
(14
(9
cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities).
October
1920.
1,780
4,585
2,222
3,298
2,875
2,466
4,773
1,342
1,485
1,563
1,874
8,460
36,723
2,517
2,230
2,596
2,442
2,528
7,534
7,501
8,188
7,709
7,730
2,874
2,599
2,749
2,990
3,042
4,564
3,678
4,222
3,987
3,990
4,045
3,278
3,756
3,389
3,762
2,800
2,564
3,437
2,847
3,036
5,392
6,157
5,466
6,426
1,939
1,815
1,971
2,036
1,904
1,971
1,753
2,390
1,975
1,931
2,166
2,240
2,653
2,739
2,617
2,475
2,814
2,598
2,736
8,199
7,925
10,187
11,169
11,442
47,156
43,450
51,120
49,347
51,311
1921.
June
July
August
September...
October
Total
(166
cities).
2,784
VALUE OF PERMITS ISSUED.
District No.
1 (14 cities).
District No.
2 (22 cities).
District No.
3 (14 cities).
10,032,908
19,057,215
4,804,735
6,602,647
6,304,633
6,924,076
5,799,540
6,288,342
48,312,504
64,146,117
55,534,223
47,232,953
62,995;929
7,875,639
5,875,671
6,379,857
7,820,694
9,700,800
District No.
4 (12 cities).
District No.
5 (15 cities).
District No.
6 (14 cities).
District No.
7 (19 cities).
4,410,441
6,940,446
16,410,429
8,779,653
5,606,030
8,190,936
9,284,277
8,233,404
4,723,709
5,772,478
5,304,592
5,150,280
5,174,576
20,593,319
29,933,415
25,578,330
23,080,016
23,282,376
1920.
October .
7,714,6
1921.
June
July
August
September.
October . . .
District No.
8 (4 cities).
15,658,897
9,342,411
10,857,711
11,677,857
13,739,684
District No. District No. District No. District No.
9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities).
Total (166
cities).
1920.
October
1921.
June
July
August
September
October
1,716,311
3,311,176
4,237,772
2,604,567
14,367,909
95,608,597
4,448,228
3,485,150
3,325,791
5,820,895
3,581,849
5,602,586
3,906,381
5,423,460
4,004,238
4,209,233
5,452,181
5,496,947
7,529,619
6,286,923
8,066,527
4,155,740
4,133,026
6,401,268
5,680,968
3,597,942
15,450,694
15,298,705
17,226,365
20,134,993
23,333,741
147,655,797
159,300,964
158,676,228
151,973,634
172,204,403
VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.
[F. W. Dodge Co.]
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS.
1920.
November
1921.
June
July
August
September
October
November
District
No. 1.
District
No. 2.
District
No. 3.
District
No. 4.
16,562,889
31,415,111
5,547,400
14,855,121
8,882,352
29,898,998
4,169,120
15,308,072
19,298,334
19,276,295
15,282,766
20,498,363
17,442,920
63,561,928
54,500,566
62,043,905
90,730,134
74,429,237
59,810,680
14,796,800
13,563,100
22,350,500
16,197,500
18,295,400
13,137,500
39,928,314
35,669,377
26,665,555
36,041,601
26,969,803
29,951,636
20,428,761
16,026,969
17,337,624
19,597,191
19,463,402
19,053,420
45,199,007
41,119,866
44,680,034
41,461,283
36,250,434
32,542,270
8,762,123
12,651,007
9,173,552
8,162,640
8,047,792
5,436.706
District
No. 5.i
District
No. 7.
District
No. 9.2
2
i North and South Carolina not included prior to May, 1921.
Montana not included.
VALUE OF CONTRACTS FOR RESIDENTIAL B U I L D I N G S .
1920.
November
1921.
June
July
August
September
October
November
District
No. 1.
District
No. 2.
3,723,389
10,825,811
6,531,152
6,672,758
6,702,583
6,547,754
8,094,387
7,138,624
34,355,048
22,546,142
36,061,717
48,789,646
39,738,113
41,206,876
District
No. 3.
District
No. 4.
District
No. 5.1
District
No. 7.
1,524,200
5,067,994
2,669,461
4,908,178
945,910
3,543,700
2,971,900
5,331,500
5,526,400
5,449,400
4,304,500
8,198,377
8,319,248
8,209,645
8,987,610
8,991,474
11,952,875
4,090,859
5,335,545
5,938,417
6,171,436
5,937,599
6,643,425
9,880,273
7,382,427
10,424,029
11,655,497
11,660,499
11,847,385
2,554,420
3,758,504
2,975,503
2,476,134
2,256,545
2,202,353
i North and South Carolina not included prior to May, 1921.
2 Montana not Included.
District
No. 9.»
1456
FEDERAL RESERVE BULLETIN.
DECEMBER,
1921.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
September, 1921.
Totalfinishedyards billed during month:
District 1
2.
3
5
6
8
Total
Totalfinishingcharges billed during month:
District 1
2
3
5
6
8
Total
Total average per cent of capacity operated:
District 1
2
3
5
6
8
Average for all districts
Total gray yardage offinishingorders received:
District 1
cc
5
6
8
Total
Number of cases offinishedgoods shipped to
customers:
District 1
2
3
5
8
Total
Number of cases of finished goods held in
storage at end of month:
District 12
3
5
6
8
Total
Total average work ahead at end of month
(expressed in days):
District 1
2
3
5
6
8
Average for all districts
October,
1921.
White
goods.
Dyed
goods.
Printed
goods.
Total.
White
goods.
Dyed
goods.
Printed
goods.
18,117,269
7,858,443
5,878,445
5,497,316
235 807
21,463,815
2,413,638
6,967,341
15,076
715 556
14,114,626
3,886,613
57,975,054
20,411, 841
14,811,606
5,512,392
951 363
2,162,539
18,746,156
7,732, 537
7,155,668
7,414,784
299 522
22,085,997
2,125,889
7,305,281
49,656
878 682
12,459,518
3,543,287
37, 587,280
31,575,426
18,001,239
41,048,667
32,445,505
16,002,805
105,286,414
101,824,795
Total.
57,498,631
20,825,591
15,858,359
7,464,440
1 178 204
2,461,' 189
$335,353
129,868
201,958
122 086
4,056
$870,401
76,984
265,250
105
30, 879
$646,535
186,884
$2,006,265
520,484
494 697
122 191
34,935
25,019
$358,187
144,833
196 714
137 830
5,761
$860,051
65,204
319 780
168
42,738
$567,282
128,612
$1,946,112
499,711
541 286
137 998
48' 499
37,705
793,321
1,243,619
833,419
3,203,591
843,325
1,287,941
695,894
3,211,311
72
67
78
108
71
46
79
72
80
70
74
79
108
66
90
71
62
96
111
78
48
89
71
74
72
71
93
111
90
100
77
69
73
75
79
76
72
77
17,169,221
6,065,988
6,497,683
7,077,971
245,131
24, 579, 506
4,114,020
6,437,636
53,815
933,409
12,940,702
7,308,448
58, 786,249
21,511,757
15,141,290
7,131,786
1,178, 540
3, 586,807
14,736,439
6,141,406
7, 869,515
7,364,389
379,116
22,149,538
3,636,386
7,221,901
51,100
632,558
10,756,264
5,469,803
52,235,475
21,806,753
16,391,625
7,415,489
1,011,674
2,048,949
37,055,994
36,118,386
20,249,150
107,336,429
36,490,865
33,691,483
16,226,067
100,909,965
6,893
4 180
4,024
2,413
6,832
72
2,231.
4,091
29,885
9 846
7,017
4,140
7,477
3,710
4,990
2,477
6,944
100
3,208
4,078
31,405
10 203
9,064
4,352
18,654
10,252
4,078
55,949
17,510
9,135
4,091
51,439
5,136
3,300
119
213
3,800
398
316
3,151
23,952
10,044
5,730
1 064
60
327
4,608
2,978
145
261
3,966
75
323
3,010
23,159
10,394
5,730
1 063
110
269
8,768
4,514
3,151
41,177
7,992
4,364
3,010
40,725
5.6
7.7
16
21
10
6.4
19
14
17
9.8
7.5
17
21
15
23
4.7
7.6
14
22
10
3.9
21
12
16
8.7
7.6
17
22
9.2
15
11
14
11
11
12
10
551
925
9.9
9.3
1
The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has 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
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.
1457
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
REPORT OF KNIT-GOODS MANUFACTURERS OF AMERICA.
The total production of winter and summer
underwear for the six months ended October
31 was as follows:
Number Actual
of mills produc- Per cent
reporttion
of normal.
ing.
(dozens).
1921.
May
June
July
August
September
October
Winter underwear (October)...
Summer underwear (October).
1
2
62
60
61
M8
155
2 56
45
505,347
559,591
490,640
412,627
572,835
675,205
434,902
240,303
55.4
65.5
51.2
71.1
84.4
87.3
88.1
85.8
Dozens.
Unfilled orders first of month
New orders received during month.
Total (A).
1,793,000
77.9
9.2
509,182
Total (B).
Balance orders on hand Nov. 1 (A minus B) .
Production..«.
1,284,718
518,264
Thirty-six representative mills which reported for September and October furnish the
data for the following table:
[In dozens.]
Septem- October
ber (36 (36 mills)
mills).
5 other mills reported closed.
4 other mills reported closed.
Order and production report for month ended
October 31, 1921, follows. The number of
mills reporting was 45.
1,191,
602,212
503,261
5,921
Shipments during m o n t h . . .
Cancellations during month.
Per cent
of normal
production.
Unfilled orders first of month I 809,996 1,171,960
537,928
New orders
865,492
Shipments
497,854
477,810
Cancellations
I
5,617
5,921
Production
j 445,825
487,996
Gain.
Loss.
361,964
696
42,171
327,564
20,044
RETAIL TRADE.
The following tables are a summary of the
data obtained from 372 representative department stores in the 12 Federal Reserve districts.
Data from districts Nos. 1, 2, 5, 6, 7, 9, 117 and
12 were received in (and averages computed
from) actual dollar amounts. In districts Nos.
3 ; 4, 8, and 10 the material was received in the
form of percentages, and the averages for the
cities and districts computed from such percentages were weighted according to the volume of business done during the calendar year
1920.
The changes in retail trade for the United
States as a whole are obtained by combining
the district percentages, after multiplying them
by a system of weights based partly on population and partly on banking resources.
The tables for the month of October are based
on reports from 26 stores in district No. 1, 62
stores in district No. 2, 49 stores in district No.
3, 19 stores in district No. 4, 25 stores in district No. 5, 31 stores in district No. 6, 59 stores
in district No. 7, 21 stores in district No. 8, 15
stores in district No. 9, 12 stores in district No.
10, 20 stores in district No. 11, and 33 stores in
district No. 12.
Separate figures for Detroit and Little Rock
are shown for the first time this month.
1458
FEDEEAL RESERVE BULLETIN.
DECEMBER, 1921.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.
[Minus sign (—) denotes decrease.]
Percentage of increase in net sales as compared with corresponding period previous
year.
District and city.
July,
1921.
Aug.,
1921.
Sept.,
1921.
Oct.
1921.
11.5
- 1.5
- 8.5 - 1 4 . 1
- 3.1 - 1 2 . 3
2.1
-10.5
9.2
-12.3
-
- 4.5
June,
1921.
District No. 1:
Boston
Outside
District
District No. 2:
New York
City and
Brooklyn...
Buffalo
Newark
Rochester
Syracuse
Outside
! Jan. 1,
July 1,1921, to close of—
1921,
to close
of
Oct.
Aug., Sept.,
June, July,
1921.
1921.
1921.
1921.
1921.
5.8
.2
1.5
- 7.1
-11.5
-14.1
6.8
-12.4
- 7.8
-12.0
- 9.9
4.4
— .5
-12.3
- 8.4
- 9.0
- 8.7
- 3.4
- 4.4
2.4
- 9.2
- 7.7
-12.0
- 9.1
-13.8
- 6.0
-14.3
-14.9
- 4.1
- 6.2
- 6.4
- 3.1
- 9.4
— 11.2
-12.0
- 3.9
1.8
7.7
-13.4
- 7.3
4.4
1.3
- 2.1
- 3.8
- 6.8
.1
District
- 7.1
District No. 3:
Philadelphia.. - 9.5
Outside
- .8
District
- 7.3
District No. 4
-21.8
Cleveland
- 9.9
Pittsburgh
-11.0
Outside
-11.5
- 5.2
- 8.2
-13.8
- 6.4
- 2.9
- 6.7
-16.5
-12.3
-11.8
- 4.0
-29.2
-16.3
-17.0
-22.4
-22.5
-11.0
District
District No. 5:
Baltimore
Richmond
Washington...
Other cities...
-14.1
- 7.0
— 4.1
4.9
- 3.1
Ratio of outstanding orders at close of
month to total purchases during previous calendar year (per cent).
Oct.
1921.
Aug.,
1921.
Sept.,
1921.
7.5
7.4
7.3
6.1
6.3
7.3
7.4
6.9
5.4
8.3
5.5
4.2
3.7
7.3
6.9
9.2
6.0
7.5
7.5
10.0
5.7
11.7
6.5
9.0
4.8
8.5
June,
1921.
July,
1921.
3.6
- 8.7
- 4.9
6.9
5.5
6.7
- 4.9
-4.5
- 4.7
- 2.4 !
- 7.8 '
- 9.4
- 8.8 - 1 2 . 0
3.5 - 9.1
- 2.8 - 1 3 . 8
7.9 - 6.0
- 3.3 - 1 4 . 3
- 5.3 - 1 4 . 9
- 8.2 - 9.7
- 7.6 - 5.2
- 1 0 . 2 - 5.9
- 4.5 - .2
-12.0 -13.6
-14.3 -12.0
8.6
8.3
6.6
5.2
7.0
5.0
7.2
4,9
6.3
2.8
- 5.1
-11.5
- 8.6
- 8.4
- 4.8
6.2
8.0
8.3
7.1
6.0
- 3.3
1.9
-13.8
- 6.4
— 8.5 - 1 2 . 0
- 7.8 - 9.4
- 8.7
9.5
8.2
5.4
8.1
7.5
8.9
8.1
7.0
7.4
7.5
6.2
-15.3
- 1.5
- 8.0
- 3.2
-1.9
-11.8
- 8.3
-11.3
- 8.9
7.5
7.9
8.7
7.1
7.2
-26.9
-24.6
-15.8
-16.6
-15.6
-10.6
-11.8
4.9
2.1
-29.2
-16.3
-17.0
-22.8
-17.8
-17.4
-26.7
-23.5
-14.5
-23.5
-20.9
-15.0
5.3
4.3
5.3
8.6
5.8
9.4
8.6
7.1
11.3
6.1
5.8
8.3
6.5
5.6
6.6
-21.4
-21.0 ! -23.6 -15.2
— 1.1
-21.4
-19.3 • -22. 7 -20.8
4.7
7.2
8.0
6.4
6.0
-16.9
-15.9
- 4.2
-10.1
-17.4
- 4.9
- 1.4
- 9.2
-18.9
-12.9
-11.8
-19.8
- 5.9
- 2.4
- 1.4
-15.2
- 2.9
1.8
4.9
3.7
-16.9
-15.9
- 4.2
-10.1
— 17.2
-11.0
- 2.9
-10.1
7.9
10.7
7.7
8.9
9.5
12.5
7.6
9.6
9.8
12.0
6.9
9.0
7.9
12.7
6.4
6.3
5.6
8.9
5.3
4.6
District
- 4.2 — 11.7
District No. 6:
-32.1
Atlanta
Birmingham.
Nashville
'-i9.'6* "-22*3*
New Orleans. - 8.3 - 8.6
Outside
-18.6 -30.0
- 9.8
-16.2
- 5.6
.9
9.2
9.0
7.7
5.7
-35.1
-32.9
-15.7
-10.9
-28. 0
-36.7
-23.9
-22.1
-15.7
-26.9
— 16.1 - 2 5 . 5
-31.2
- 1 1 . 3 '-ii.'s* "-22." 3"
- 9.4 - 4.9 - 8.6
-14.1 -15.8 -30.0
19.9
5.5
7.6
11.8
7.2
9.6
6.0
7.0
10.9
4.7
9.8
5.2
5.2
8.4
2.4
-21.3
-22.9
-15.1
-12.4
- 7.6
-20.3
-17.2
— 7.7
10.7
-10.0
-14.7
-18.8
-15.3
- 9.9
-13.2
-20.9
-26.6
— 8.9 - 1 8 . 5
- 9.5 - 1 3 . 2
-21.4 -22.6
District
District No. 7:
Chicago
Detroit
Outside
-17.0
District....
District No. 8:
St. Louis
Louisville
Memphis
Little Rock
Outside
-17.3
District
District No. 9
District No. 10:
Kansas City
Denver
Outside
District....
District No. 11...
District No. 12:
Los Angeles..
San Francisco
Oakland
Sacramento..
Seattle
Spokane
Salt Lake City
-21.2
-12.0
-11.6
-17.8
-11.7
- 6.1
-13.0
-14.0
— 8. 8
- 4.5
-13.7
— 11.7 - 1 0 . 8
-12.7
-10.5
8.3
-36.4
-36.2
-17.5
- 9.9
-29. 0
-36.2
-33.3
-20.8
-12.3
-25.2
-30.6
-33.0
-17.7
-11.4
-23.8
2.4
4.9* """9*3*
10.1
8.5
6.3
3.1
-21.7
-22.2
-21.3
5.4
-10.4
- 9.4
-18.9
-17.7
-10.9
-17.4
-15.2
-14.7
-17.1
-16.0
-15.5
-13.2
-20.9
-26.6
— 11.1 - 1 4 . 2
-15.0 -10.7
-24.3 -23.7
-21.2
5.4
7.5
8.0
6.8
6.8
6.8
5.5
8.0
6.5
3.5
7.0
5.6
8.9
7.9
6.5
6.1
8.2
5.7
5.9
7.5
8.3
8.9
5.9
7.2
9.6
-12.9
-14.7
-15.2
- 9.5
- 7.1
- 6.3
6.3
-11.8
-12.9
-13.0
-14.0
-12.7
—11.1
-18.2
11.1
-15.1
6.6
11.4
7.7
6.3
4.4
14.2
6.4
4.9
- 7.9
-16.5
-11.7
-18.2
- 8.7
- 1.8
-16.5
-13.9
-15.3
-13.0
5.6
7.4
8.2
6.8
6.8
-16.8
-21.8
-11.0
-17.8
-12.8
-15.6
-21.8
-23.6
-17.2
-16.6
9.4
10.5
8.0
7.3
5.7
- 9.4
.7
-r-16.6
-11.8
- 8.7
-21.9
- 1.1
- 3.3
-21.9
-10.1
- 7.3
-18.1
10.8
- 7.7
- 8.7
— 8,2
- 7.8
-18.8
7.6
8.5
8.5
5.6
7.4
5.0
3.0
6.6
4.9
1
-10.8
-10.9
- 8.9
-13.8
- 7.4
- 4.3
-11.6
- 9.1
-10.9
5.9
9.9
8.1
5.8
4.4
-17.4
-22.1
-23.3
-22.7
-16.7
-15.2 | -22.1 -22.7
-23.0
-21.8
6.4
10.4
8.7
7.8
6.1
- 1.5
-11.6
- 7.9
-11.4
-18.6
-22.0
-16.2
.4
- 1.6
- 8.4
- 8.5
-12.5
- 8.6
-15.3
8.3
8.0
5.0
7.0
6.2
6.0
2.9
- 5.7
- 3.9
-13.8
— 13.5
-23.4
- 6.1
-10.9
- .3
- 4.7
-12.8
-21.6
-10.8
-11.4
-13.9
4.4
- 1.0
-8.8
-4.6
— 12.9
-20.5
-20.9
8.0 - 1.5
- 4.1 i - 1 1 . 6
.5 i - 7.9
- 9.2 - 1 1 . 4
-15.6 -18.6
- 8.2 1 - 2 2 . 0
- 7.3 - 1 6 . 2
- 1.2
- 6.3
— 1.7
-10.0
-15.4
-13.7
-15.8
- .2
.9
10.1
11.1
8.3
11.9
- 5.7 1 - 3 . 4
10.4
10.3
12.1
8.6
- 9.5 - 9.5
11.0
5.0
- 1 2 . 5 - 9.9
- 1 3 . 9 - 1 3 . 5 """*6."2" """7.*6* """8." 7* """7*i"
9.2
7.7
5.5
9.5
-12.8 -30.5
10.5
10.1
4.0
9.6
-15.7 -17.2
- 9.3
- 8.8
District
- 7.8
-12.9
- 6.2
- 8.7
- 6.3
-6.6
- 9.0
8.4
10.0
10.0
8.1
7.0
United States
-10.7
-15.1
-11.9
-15.1
- 6.7
- 6.0 | - 1 5 . 1 - 1 3 . 9 1 - 1 4 . 0 - 1 2 . 4
6.4
8.4
8.3
7.0
6.2
-12.9
1459
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued.
[Minus sign (—) denotes decrease.]
Ratio of average stocks at close of each
month to average monthly sales for
same period (per cent).
Percentage of increase in stocks at close of month compared with—
District and city.
Previous month.
Same month previous year.
District No. 1:
Boston
Outside
District
District No. 2:
New York City
and Brooklyn
Buffalo
Newark
Rochester
Syracuse
Outside
District
District No. 3:
Philadelphia..
Outside
District
District No. 4:
Cleveland
Pittsburgh
Outside
District
District No. 5:
Baltimore
Richmond
Washington...
Other cities
June,
1921.
July,
1921.
Aug.,
1921.
-16.6
-17.1
-15.6
-16.7
-16.8
June,
Aug.,
1921.
Jan. 1,
July 1,1921, to close of—
1921,
to
close of
Oct., June, July, Aug., Sept., Oct.,
1921. 1921. 1921. 1921. 1921.
1921.
1921.
July,
1921.
- 1 7 . 9 1 - 1 7 . 3 - 8.5
-19.1 -18.7 -15.9
-3.4
-5.8
-
3.4
.6
1.7
.5
10.9
10.2
5.9
6.5
283.0
416.0
422.1
432.6
405.0
458.0
378.0
478.0
343.0
458.0
-15.9
-18.2
-4.1
-
2.6
1.4
10.7
6.1
312.0
425.1
420.0
105.0
373.0
-17.6
-12.2
-26.2
-31.0
-21.5
- 5.0
-20.6
-18.3
-24.6
-30.2
-26.1
- 8.3
-23.1 -18.6 -15.2
- 2 1 . 6 - 1 7 . 8 — 12.9
- 5.9 ! - ^ 4 . 2 - 1 7 . 2
-25.1 -19.7 -26.7
-24.6 -19.0 -33.5
- 9.1 - 7.7 - 5.6
-5.9
-8.4
-8.9
-2.7
- .8
3.3
-
3.9
3.1
4.5
- 2.8
- 7.6
- 6.8
4.0
4.8
7.0
5.4
4.9
1.0
13.1
16.2
0.7
10.5
6.1
11.9
4.3
4.5
8.1
.1
2.4
4.6
329.6
396.4
330.3
387.0
411.7
472.5
443.6
470.9
451.9
433.8
469.4
487.3
455.6
462.0
459.1
445.2
498.1
557.4
444.8
456.6
428.6
431.6
488.5
579.0
382.2
436.3
392.1
404.3
431.6
553.5
-11. 5
-20.6
-19.7
- 1 8 . 0 | —15.5
-5.6
-
4.2
5.2
11.9
4.8
333.9
431.6
453.7
442.5
389.6
-
4.9
4.3
2.5
4.6
6.4
10.6
2.3
3.7
311.9
432.3
469.2
4:79. 0
442.2
525,5
440.7
546.4
388.4
514.5
Sept.,
1921.
Oct.,
1921.
I
-17.8
-11.0
-11.9
-12.9
-13.6
-15.2
-19.1
-20.0
-17.7
-12.6
-18.5
- 9.4
g
-4 6
-12.1
-14.0
-17.3
-16.4
-16.2
-1.7
-
4.7
7
7.4
2.6
341.0
471.9
462.8
466.8
419.5
-28.0
-14.9
- 9.0
-27.9
-14.9
- 9.1
-28.7
-13.4
-20.3
-26.8 -27.5
— 15.4 -17.9
-19.5 -17.4
-2.6
—3.6
1.7
- 6.0
- 5.4
-10.4
7.8
6.2
7.3
15.2
6.6
9.1
3.0
1.9
2.5
363.1
287.7
378.9
4.76. 3
362.7
483.1
461.0
443.1
588.9
462.5
487.2
441.9
420.7
422.5
558.6
-19.1
-19.6
-18.8
-19.6
-20.9
-2.8
-
6.1
6.8
9.7
2.3
319.5 1 416.9
467.3
470.9
441.1
-24. 2
-14.2
-27.5
-21.0
-27.8
-16.9
-23.9
-18.2
-26.1
-15.0
-20.8
-18.6
—21.1
-13.5
-17.5
-13.8
-18.7
-11.8
-16.3
- 9.9
-6.6
-2.2
-2.8
-1.2
-
4.2
1.9
2.3
2.3
6.7
5.4
8.9
4.7
17.4
15.4
11.8
17.0
2.4
4.8
.8
6.2
323.7
350.8
340.6
391.7
463.2
429.5
434. 8
480. 5
475.1
459.0
458.3
495.3
477.9
460.2
481.4
553.9
431.6
427.5
437.5
534.8
-24.2
-24.1
-22.3
-17.9
-15.8
-4.1
-
2.2
7.0
16.8
2.8
341.3
453.3
471.2
490.4
449.8
-23.3
-20.3
"-22." 9" - 2 2 . 8
- 6.6 - 1 5 . 2 - 1 7 . 4
—26.4 - 2 6 . 4 - 2 1 . 4
—22.6
-24.0
-20.4
-16.9
— 14.0
- .6
-22.3
-15.7
- 1 6 . 9 " - 2 . Y "-Ts"
2.4
-10.0
-4.9
- 27.4
—3. 6 - 2.6
S.3
0.0
10.0
3.2
9.9
15.0
7.9
8.3
14.0
7.4
.5
5.7
3.7
5.9
-6.1
442.7
350.8
536.6
(533.3
.510.9
644.3
656.1
809.7
556.7
510.9
805.8
573.8
911.2
497.9
472.7
626.0
593.8
636.8
428.3
467.9
503.3
District
District No. 7:
Chicago
Detroit
Outside
-17.4
-18.3
-18.3
5.3
11.0
425.3
,571.6
612.2
565.9
514.1
463.1
470.3
517.5
518.0
340.9
384.8
543.2
District
District No. 8:
St. Louis
Louisville
Memphis
Little Rock
Outside
-20.6
500.4
505.2
508.3
444.1
410.3
455.6
475.7
419.8
729.3
463.3
429.4
638.6
434.8
337.7
521.5
536.3
408.7
643.8
567.0
380.5
656.0
426.1
461.8
462.5
461.9
544.1
443.3
560.2
557.5
602.1
425.9
500.0
593.7
429.1
District
District No. 6:
Atlanta
Birmingham..
Nashville
New Orleans..
Outside
-21.8
*-i9.T
-21.6
-19.8
-14.3
-10.8
—23.2
-23.8
- 13.0
-29.4
-16.1
-20.0
-21.6
-21.5
-20.9
- 6.8
-18.4
- 7.4
- 7.6
-11.5
-20.6
-12.1
10.6
-21.3
-2.8
-4.0
-
.4
-
1.5
12.2
10.0
7.0
3.0
2.4
3.9
3.6
3.6
-
1.2
8.0
4.3
-
3.4
3.4
6.9
10.2
11.2
3.8
5.3
10.0
9.8
499.1
428.3
—.7
5.7
.7
.9
-15.6
-12.9
-11.6
-10.3
11.6
-29.1
— 13.5
- 8.5
-
9.6
11.2
12.9
~ 9.3
-10.7
-13.3
-12.5
-
.5
-
3.7
9.4
7.4
.5
27.4 - 2 1 . 6
D;strictNo.9
District No. 10:
Kansas City...
Denver
Outside
-17.0 -15.0
District
DistrictNo.il.... - 2 2 . 6 - 2 7 . 6
District No. 12:
Los Angeles... - 1 7 . 6 - 3.6
San Francisco- - 1 6 . 3 - 1 4 . 6
Oakland
-18.4 -16.6
Sacramento... - 3 2 . 6 - 3 2 . 4
Seattle
-28.3 -37.0
Spokane
-16.3 -17.2
Salt Lake City - 2 5 . 7 - 3 0 . 2
-21.1
18.1
-16.9 |
-5.7
-
.6
6.9
4.1
1.0
-13.1
-13.9
-19.8
-14.8
11.1
-18.2
- 7.9
10.9
-17.7
10.3
13.2
16.4
4.7
5.9
8.7
-15.1
-14.2
-10.9 j - 9 . 0
6.8
12.7
6.1
.5
378.1
497.1
527.9
543.3
522.9
-25.5
-26.0
-24.0
-4.6
-
2.2
16.9
7.3
.3
386.5
543.2
594.8 1 551. 8
511.3
- .6
- 9.2
-12.7
-14.5
-23.2
—15.5
-24.7
1.7
- 6.8
- 8.6
-15.5
-25.2
.1
—18.9
1.8
- 8.8
— 8.8
-17.6
25.1
-19.9
-17.5
-9.1
-8.6
-4.7
-6.8
-5.1
-7.1
-8.3
7.5
- .6
.7
- 2.6
- 6.8
-13.5
- 7.6
.6
7.9
7.0
22.9
13.5
7.3
13.1
5.3
10.2
9.1
6.6
4.0
2.4
8.9
.5
2.3
2.5
-3.7
1.4
— 1.1
1.0
376.0
394.4
468.2
422.0
410.1
575.5
393.7
406.0
490.7
424.3
410.8
575.5
394.1
404.5
498.9
448.1
404.0
5?<3.1
467.2
449.1
446.5
517.8
419.8
577.0
525.7
462.6
441.2
463.7
457.6
400.2
517.6
513.6
-18.3
-15.5
-15.7
-16.8
-7.6
-
.7
4.6
4.3
.6
469.7
478.3
455.7
479.8
464.9
-17.4" -19.1
-19.0
-18.2
—16.8
—4.4—2.0
6.6
8.7
2.7
369.3
468.0
487.0
483.5
443.4
'
-
District
District
9.9
-20.9
United States
I
-
344.2
.8
1.2
1.6
1460
DECEMREK, 1921.
FEDERAL RESERVE BULLETIN.
WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN OCTOBER, 1921, AS COMPARED WITH T H E PRECEDING
MONTH (SEPTEMBER, 1921).
Groceries.
District.
No 2
No 3
No 4
No 5
No -6
No 7
No 9
No 10
No.11
No. 12
Dry goods. Hardware.
Boots and
shoes.
Furniture.
Auto
supplies.
Drugs.
Farm implements.
Stationery.
Auto tires.
Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per NumPer ber
ber of
of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. fir Ins. cent. firms. cent. firms.
+ 17.3
+ 2.9
+ 3.9
+ 22
+ 0.6
1.1
+ 1.2
+ 3.4
+ 7.1
9- 3 . 7
48
15 + 5. 8
57 - 7 . 6
29 - 1 4 . 2
26 — 11 8
— 20..°'
6 17.6
14+ 1.0
29 — 8.6i
3 + 9.2
+11 6
5 + 2.5
18 + 5.2
20 + 15.4
8 + 20
5 — 04
3 4- 1.6
12+21.9
11;- 0.7
11 + 1.7
25
6
18 + 6.5
21 + 13.3
Ifi + 5 4
11
5
10
2 3 - 7.6
„
+ 27
8
is - 6 . 6
11 + 10.1
9
+ 11.9
17 + 6.0
+ 4.6
13
13 - 0 . 3
+ 06
+ 0.9
6
+22.3
3 — 20.9
6
5
11
+ 8.4
6
i
3
6.6
-0.6
15 + 7.0
3 34.3
9
11 - 5.1
3
20— 9.2
- 13.1
+ 18.2
+100.7
27 - 23.4
7
8
4
22 - 1 4 . 6
12
PERCENTAGE OF'INCREASE 1 (OR DECREASE) IN VET
1
SALES IN OCTOBER, 1921, AS COMPARED WITH OCTOBER, 19 20.
Groceries.
District.
No 2
No 3
No. 4
No.5
No 6
No 7
No 9
No 10
No. 11. .
No 12
Dry goods. Hardware.
Boots and
shoes.
Furniture.
Auto
supplies.
Drugs.
Stationery.
Farm implements.
Auto tires.
Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per N u m - Per Nump
Per Number of
ber of
ber of
ber of cent.
ber of
ber of
ber of
ber of
ber of
erof
cent
cent>
cent. bfirms.
firms.
firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms.
19.3
— 19 1
-31.3
-24.7
-31.6
-21.3
- 6.1
15.5
-22.1
9+22.0
48
1 5 + 7.3
571+28.5
29,+23.0
26!+24.3
i—20 8
6 ! +25.9
14+13.7
29 - 9. 3
3 -22.7
-27.1
5 -33.0
18 - 2 4 . 8
20 - 2 5 . 9
8 -27.7
5 -32.7
3 20.5
12 - 2 5 . 4
11 - 2 3 . 0
11 +11.2
25
6
18 +44.2
21 + 13.0
16 + 2 1
11
5
10
23 - 9.1
8
18 + 44.8
11 + 8.8
Q
17
+ 6.2
5
-16.9
6
13
13 - 6 . 3
-12.4
+25.2
3
+ 7.5
15 -
16.7
-27.8
1 1
5
11 - 2 5 . 0
3
9
6.2
11 - 9.7
-42.2
6
-30.0
3 -46.9
20—25.7
-50.5
-65.1
-49.4
27 - 4 3 . 1
i.
7
6
3
8
3
4
22 - 9 . 6
12
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN".
1461
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
The foreign index numbers published herewith are constructed by various foreign statistical offices, and are sent to the Federal
Reserve Board by cable.1 Besides the index
numbers which have been published regularly
in the BULLETIN for some months past, this
issue contains ten further all-commodities
index numbers which will appear currently
in the future. Lack of space prevents the
publication of the group index numbers for
these countries, but they can be obtained at
any time upon request. A brief description
and analysis of these new index numbers
follows.
The Frankfurter Zeitung index of wholesale
prices in Germany has been published currently
in the BULLETIN since May, 1921, and the
method used in its construction explained in
detail. A second index of German wholesale prices has been compiled by the Government Statistical Department and appears
each month in the official bulletin "Wirtschaft
und Statistik." The two indexes are interesting from a comparative standpoint, inasmuch as their construction differs widely in
certain essential details. The Statistisches
Reichsamt index consists of quotations of 38
commodities, only half as many as are included
in the Frankfurter Zeitung index. The Reichsamt divides its commodities into seven
groups, as follows: (1) Grain and potatoes;
(2) fats, sugar, meat, and fish; (3) hops, cocoa,
coffee, tea, and pepper; (4) hides and leather;
(5) textiles; (6) metals and petroleum; (7) coal
and iron. Each of these groups is weighted
according to the value of its commodity
consumption during the period from 1908 to
1912. The Frankfurter Zeitung does not
weight its four groups. In addition to the
above grouping, the Reichsamt classifies the
same commodities under two heads—goods
produced in Germany (16 commodities), and
i The BULLETIN for January, 1920, contains a description of the
Statist index for England, and 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, for the new Italian index number 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 for February and March, 1921. Complete information
regarding the computation of the index of the United States Bureau of
Labor Statistics appears in the publications of that bureau, and a
description of the index number of the Federal Reserve Board may be
found in the BULLETIN for May, 1920. The Danish index has been constructed only recently, is based upon the prices of 33 commodities, and
is roughly weighted according to consumption. The new British index
number, compiled by the Board of Trade, was described in the March,
1921, issue of the BULLETIN. In 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 computation, 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 ones are subject to revision. In certain cases the index
numbers for the war years were published in various issues of the
BULLETIN in 1920.
goods imported (22 commodities). Groups
1, 2, and 7 go to make up the former index
number while groups 3, 4, 5, and. 6 are included in the latter. Prices in 1913 are taken
as 100. A comparison of the two all-commodities index numbers during 1920 and 1921
reveals a general similarity in trend, though
the level of the Reichsamt index has been consistently lower than that of the Frankfurter
Zeitung since April, 1920. Prior to that
date—that is to say, during March and April
1920—there was a marked divergence between the two indexes. The figure for the
Reichsamt index reached a high point in
March, 1920, and subsequently declined with
great rapidity, while at the same time the
Frankfurter Zeitung figure rose correspondingly, until in May it touched the level at
which the Reichsamt index had stood in
March.
The index of wholesale prices in Switzerland, constructed by Dr. J. Lorenz, consists
of 71 commodities, divided into three main
groups—consumers' goods (33 commodities),
materials necessary for agricultural production (12 commodities), and materials used in
industry (26 commodities). Each of these
groups is in turn divided and 7 subdivided.
Under the heading of consumers goods the
principal classifications are food and drink,
clothing, and building materials. Materials
used in agriculture fall into two classes—
fodder and fertilizer. The third main group—
goods used in industry—is divided into minerals, textiles and leather, and miscellaneous.
The index is carefully weighted, a coefficient
being assigned not only to each individual
commodity^ but also to each subgroup and
main group. In the case of consumers' goods,
these weights are determined, wherever possible, by the relative importance of the various commodities in the latest officially published household budgets. Where this is impracticable the approximate importance of
the commodity in question is estimated and
a corresponding weight assigned to it. In
the two other main groups—agricultural and
industrial materials—the weighting of each
commodity and each subdivision is determined by its relative importance, according
to export figures, agricultural statistics, and
information obtained from about 35 correspondents in agricultural and industrial circles
in different sections of the country. The
three main groups are weighted on the basis
of 2:1:1, in view of the greater importance
attached to goods produced for direct consumption. July, 1914, is taken as a base
1462
FEDERAL RESERVE BULLETIN.
throughout, and in each case the figures are
given as of the first of the month.
The index of wholesale prices in Holland is
published monthly by the Central Bureau of
Statistics for the Netherlands and includes 52
commodities during 1920 and 53 commodities
since that time. The only classification, in
addition to the all-commodities index number,
is a group headed "foods," containing 31
commodities during 1920 and 33 commodities
since the beginning of 1921. Prices during
the years 1901-1910 are used as a base, but
for comparative purposes, 1913 has been
taken as 100 and the index recomputed on
that basis for publication in the BULLETIN.
No wholesale price index for Finland is calculated by an official government organization
in that country. The Kommerskollegium of
Sweden has, however, constructed such an
index from price quotations of commodities
quoted in the International Statistical Institute's periodical. The index is weighted, but
no information as to the method employed is
given. The index consists of 35 commodities,
including the most important producers' and
consumers' goods.
The 0konomisk Revue's index of wholesale
prices in Norway, which has been published in
the BULLETIN for the past six months, consists
of quotations for about 90 commodities, divided
into 11 groups. The general index is worked
out along the same lines as the Economist index,
the commodities being only roughly weighted
accordingly to their relative importance. The
average of prices at the end of December, 1913
and the end of June 1914, is taken as 100.
The wholesale price index for Bulgaria is
published currently by the Direction Generale
de la Statistique in Sofia. The index is
constructed with annual average prices in
1913 as 100, the data for that year being
obtained from 61 towns. In 1914 price
quotations were secured from 58 towns and
in 1915 from 66 towns, but since then—1916
to date—only four cities, Sofia, Plovdiv,
Varna, and Rousse, have been used as sources
for this material. The number of quotations
used in the index is not stated, but the commodities are divided into twelve groups, as
follows: Cattle, sheep, hogs, etc.; poultry;
animal foods; cereals; flour; other vegetable
products; hides; textiles; tobacco; alcoholic
beverages; lumber. These groups are all
weighted.
The statistical department of the Ministry
of Finance in Cairo publishes a wholesale
price index currently. It consists of prices of
23 commodities, 20 of which are foods, unweighted. No group index numbers are com-
DECEMBER, 1921.
piled. Prices from January 1, 1913, to July
31, 1914, are taken as 100.
The Office of Census and Statistics in Cape
Town publishes in its Quarterly Abstract of
Union Statistics wholesale index numbers for
the Union of South Africa. Prices of 187 commodities are used in the construction of this
index, their quotations in 1914 being taken as
a base of 100. The commodities are classified
in 11 groups, as follows: Metals; jute, leather,
and hides; grains, meal, etc.; dairy produce;
groceries; meat; building materials; chemicals;
fuel and light; soft goods; miscellaneous.
These groups are weighted, but the method
employed is not stated.
The index numbers for wholesale prices in the
Dominion of New Zealand are published currently by the Government in the Monthly Abstract of Statistics. The average of price quotations in four chief centers of the country is
used in compiling the index, but the actual number of commodities included is not stated. The
commodities used fall into eight groups which
are weighted. Group 1 includes agricultural
products; group 2 flour, bran, pollard, and
oatmeal; group 3 wool, hides, tallow, butter,
and cheese; group 4 general merchandise and
crockery; group 5 building materials; group
6 leather; group 7 chemicals and manures;
group 8 coal. The index is based on the
average annual aggregate expenditure in four
chief centers during the period from 1909 to
1913.
•
The Department of Statistics at Lima publishes a monthly wholesale index number,
which is composed of quotations for 58 commodities, obtained from wholesale commercial
and industrial concerns in Peru. This index is
unweighted, being simply the arithmetic average of the relative prices of the commodities
quoted. Group indexes are also published
under the following headings: Group 1, meats,
milk, and fats; group 2, cereals and vegetables;
group 3, miscellaneous food and drink; group
4, fuels; group 5, building materials; group 6,
textiles; group 7, metals; group 8, miscellaneous. The year 1913 is taken as a base throughout. An average for the month is given up to
September, 1921. After that date quotations
will be given as of the 15th of the month.
At present no detailed information is available in regard to the method used in compiling
the index for Shanghai. The index is officially
published by the statistical department of the
Government.
In the following table the all-commodities
index numbers for the whole series of countries
appear together to facilitate the study of comparative price levels.
1463
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
INDEX N U M B E R S OF WHOLESALE PRICES (ALL C O M M O D I T I E S ) .
United
States;
Federal Bureau
of
Reserve Labor
Board
Statis(90
(315
quota- tics
quotations). 2 tions).
2
United
States;
Canada; 9
Departm e n t of
Labor
(272
quotations). 5
United
Kingdom;
Board
of
Trade
(150
commodities).
United
Kingdom;
Statist
(45 commodities).s
France;
Bulletin de
la Statistique
Gene" rale
(45 commodities) .3
Italy; i
Prof.
Bachi
(38 commodities
until
1920,76
thereafter). 2
Germany;
Frankfurter
Zeitung
^commodities).*
Germany;
Statistisches
Reichsamt
(38 commodities).
Sweden;
Svensk:
Handelstidning;
(47
quotations), s
Christiania,
Norway;
Okonomisk
Revue
(93 commodities).*
Denmark;
Finanstidende
(33 commodities).?
Finland;
Kommerskollegium of
Sweden
(35 commodities).
•
1913
1914
1915
1916
1917
1918
1919
1920
100
101
110
135
177
206
217
246
100
206
233
100
100
101
124
176
196
212
243
208
190
225
207
163
154
150
143
142
139
141
143
143
141
177
167
162
• 154
151
148
148
152
152
150
100
.
.
1920.
October
.
i
.i
November.
1
1,479
8 100
116
145
185
244
339
330
347
io 115
159
233
341
345
322
377
niOO
138
164
228
293
294
382
981
1,384
1,582
1,647
1,462
1,506
346
331
419
403
398
403
1,388
1,407
1,603
1,473
1,419
1,410
1,428
1,387
1 467
1,723
1 777
1 993
2,687
3,283
1,436
1 372
1,334
1,323
1,306
1,365
1 425
1,917
2 067
267
250
237
229
218
2] 8
211
198
182
175
174
344
319
312
297
294
294
300
297
287
286
276
341
290
280
270
257
254
253
254
224
202
186
1,156
1,264
1,258
1,379
1 297
1,487
314
100
101
126
159
206
226
242
291
100
101
137
187
262
339
357
510
100
95
133
202
299
409
364
624
1,522
234
225
309
293
282
263
502
461
659
670
208
199
194
187
183
179
176
174
172
169
251
230
215
. 209
205
202
198
194
191
184
232
215
208
199
191
183
186
181
175
163
161
407
377
360
347
329
325
330
331
344
331
334
642
613
604
584
547
509
520
542
580
599
595
100
9 100
100
1921.
January
February
March.
A.pril
May
June
August
September
October
November
December
July
Australian
CalCom- cutta;
mon- India;
wealth; DepartBureau ment of
of Cen- Statissus and. tics (75
Statistics com(92 com- modi-2
modi- ties).
ties).3
1913
1914
1915
1916
1917
1918
1919
1920 .
. .
. .
.
. . . .
. .
Switzerland;
Dr.
Lorenz
(71 commodities).! 5
Holland;
Central
Bureau
of Statistics (53
commodities). i0
12 100
141
132
" 155
17{)
180
218
13 100
204
is 100
105
145
222
286
392
297
282
230
215
208
206
287
283
196
192
181
171
166
162
159
160
160
156
178
174
175
183
184
178
183
184
213
197
188
176
182
182
176
180
180
169
100
Bulgaria;
Cairo;
Department of
Statistics (23
commodities).
100
103
137
17
268
17 667
17 830
17 1,166
2 086
(19)
Direction
Generate
dela
Statistique.
New
Zealand;
Department of
Statistics.
Japan;
Bank of
Japan
for
Tokvo
(56 commodities)^
South
Africa;
Office of
Census
and Statistics
(187
commodities).
Peru;
Department of
Statistics
(58 commodities.) 23
Shanghai;
Department of
Statistics).
102
124
168
207
225
299
20 100
104
123
134
151
175
178
212
100
96
97
117
147
192
236
259
21 100
117
135
154
168
181
245
238
100
22 106
2.072
2 086
299
300
220
222
230
226
272
239
231
106
104
2,392
2,135
2,437
2 006
1,945
1 680
1,721
214
196
182
181
179
166
216
210
208
204
202
200
197
201
195
191
190
191
192
196
199
207
221
215
210
205
204
202
201
205
205
104
107
108
108
110
111
109
112
is 100
1920.
September
October
1921.
January
February
March.
. . .
\pril
May ..
June
July
August
September..
October
November. . .
.
. . .
184
238
230
219
208
186
185
179
177
181
184
182
i I n d e x n u m b e r s for 1920 a n d thereafter based upon prices of 76 commodities.
t h e B U L L E T I N for A p r i l , 1921.
- Average for t h e m o n t h .
» E n d of m o n t h .
4 Beginning of m o n t h b u t not a l w a y s the first.
r
•>
Middle of m o n t h .
« E n d of year a n d end of m o n t h .
7 First of m o n t h .
» J u l y 1,1913, to June 30,1914-100.
a Middle of 1914= 100.
10 Dec. 31,1913-June 30,1914= 100.
11 J u l y 1,1912-June 30,1914= 100.
12 J u l y , 1914=100.
13 E n d of J u l y , 1914= 100.
14
1,758
260
Computations arrived a t b y t h e m e t h o d described on p . 465of
Last six m o n t h s of 1917.
15 Prices as of first of m o n t h . 1914== 100.
*« Based upon prices of 52 commodities during 1920; 53 during 1921. 1913=100.
' • December figure.
*8 1913= 100.
w J a n . 1, 1913-July 31, 1914= 100.
20 Average a n n u a l expenditure, 1909-1913= 100.
211914= 100.
22
September, 1919= 100.
2
» Average for m o n t h u n t i l September, 1921; thereafter prices a s of 15th of m o n t h .
1464
FEDEKAL RESERVE BULLETIN.
DECEMBER, 1921.
In the following tables the index numbers for ! fore impossible to compare present levels with
individual groups of commodities are given for prewar levels in these cases. No group index
each country separately. In the case of the Ital- numbers are compiled by the Bank of Japan,
ian group index numbers, Prof. Bachi's new com- and the Danish index published by the Fiputations only are given. These can not be j nanstidende has only two group indexes, 77
one
referred back to the 1913 base and it is there- i for food and one for "other commodities.
1
1
T*
l» T»
1
• i
Til
•
Tnv
"I
•
1
I 1 * 1
1 1
ii
-T7\'
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
[1913=100.]
HouseMetals and Lumber
and
Chemicals
metal
building and drugs. furnishing
products. material.
goods.
All
commodities.
Date.
Farm
products.
1913
1914
1915
1916
1917
1918
1919
1920
October, 1920.
100
103
105
122
189
220
234
218
182
100
103
104
126
176
189
210
239
204
100
98
100
128
181
239
261
302
257
100
96
93
119
175
163
173
238
282
100
87
97
148
208
181
161
186
184
100
97
94
101
121
151
192
308
313
100
101
114
159
198
221
179
210
216
100
99
99
115
144
196
236
366
371
100
99
99
120
155
193
217
236
229
100
100
101
124
176
196
212
243
225
1921.
January
February
March
April
May
Juno
July.
August
September
Oetober
136
129
125
115
117
113
115
118
122
119
162
150
150
141
133
132
134
152
146
142
198 :
192
186
181
180 :
179
179
187
190 ,
228
218
207
199
194
187
184
182
17S
182
152
146
139
138
138
132
125
120
120
121
239
221
208
203
202
202
200
198
193
192
182
178
171
168
166
166
163
161
162
162
283
277
275
274
262
250
235
230
223
218
190
180
167
154
151
150
149
147
146
145
177
167
162
154
151
148
148
152
152
150
Food,
etc.
Cloths and i Fuel and
clothing. I lighting.
Miscellaneous.
ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
[1913-100.]
Cereals.
1920 average
October, 1920
Meat
and fish.
Other
foods.
I Total
food.
Other i
| Other
Iron and \ metals !
steel, i and J; Cotton. ! textiles.
; minerals.
273
292
263
287
278 I
27] !
272
283
406 ;
424
252
263
480 i
379 |
362
304
245
212
205
200
197
199
202
204
197
170
285
266
251
245
220
219
214
217
201
185
245
227
229
224
222
218
215
210
201
193
257
234
228
222
213
212
211
212
202
183
359
320
283
259
250
240
229
222
207
191
213
201
192
192
193
189
185
172
160
158
224
195
173
181
183
ISO
180
176
213
225
220
201
179
170
166
162
161
159
163
170
Other
articles.
All comTotal
not food. modities.
274 !
272 !
340
324
314
309
221 |
216 |
205 I
196 |
201 !
199 I
194 |
189 i
189
190
248
228
209
202
201
196
192
186
186
185
251
230
215
209
205
202
198
194
191
184
1921.
January
February
March
April
May
June
July
August
September
October
'
!
'>
!
!
|
I
i
I
I
|
i
!
!j
i
i
|
I
;
|
!
i
:
'
i
i
i
j
GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST.
[1913=100.]
Date.
1913
1914
1915
1916
1917
1918
1919
1920
November,
1920
Vege- Anitable mal
foods. foods.
100
110
155
193
252
248
252
321
Sugar,
!
! All
cof- Food- Min- Tex- Sun- j Mate-! cornfee, stutTs.i erals. tiles. dries, i rials.! m o d tea.
ities.
100
100
125
152
192
210
215
264
100
107
130
161
213
238
275
366
100
105
137
169
218
229
238
301
100
90
109
140
152
167
190
269
100
97
111
152
228
265
271
100
98
119
153
198
225
243
285
293
238
291
265
212
253 i 245 263
100 !
105
131
163
212 !
243 !
268 I
299 i 290 |
100
101
126
159
206
226
242
291
Date.
1921.
|
I January....,
I February..
j March
I April
i May
June
July
August
September
October...
November
All
Vege- Ani- Sugar,
table mal cof- Food- Min- Tex- Sun- Mate- comfoods. foods. fee, stuffs. erals. tiles. dries. rials. modtea.
ities.
234
206
214
212
211
226
222
221
203
175
173
283
270
262
249
223
206
212
213
186
170
170
192
187
182
180
158
156
144
159
153
145
150
251
234
232
225
209
207
206
207
191
168
168
225
200
179
176
177
•157
168
156
149
139
136
198
179
171
172
164
164
167
160
182
179
178
230
224
221
199
192
181
183
180
173
162
157
219
203
193
184
179
168
174
168
168
159
156
232
215
208
199
191
183
1S6
181
175
163
161
1465
FEDERAL, RESERVE BULLETIN.
DECEMBEK, 1921.
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.
[1913=100.]
Date.
1913
I9I4
I9I5
I9I6
I9I7
1918
1919
1920
. ..
Nove m b e r ,
1920
Raw
Sugar
Ani- Vege- coffee
Min- Tex- Sun- matemal table and Foods
(20). erals. tiles. dries rials
foods. foods. cocoa.
(25).
100
103
126
162
215
100
103
126
170
243
100
106
151
164
201
100
104
131
167
225
100
98
164
232
271
100
109
132
180
303
100
99
145
199
302
100
101
145
206
291
298
313
231
253
281
336
283
272
460
444
420
405
387
373
503
427
422
459
449
737
524
550
519
390
377
442
424
510
498
476
286
392
All
commodities.
Date.
Sugar,
Raw
Ani- Vege- coffee,
Min- Tex- Sun- matemal table and Foods
foods. foods. cocoa. (20). erals tiles. dries rials
(25).
100
1921.
483
101 January.
452
137 February
406
1*7 i March
262 ! April
396
339 ! May
379
357
Jure...
349
510
July
353
August .
371
401 i September... 373
October
.345
November.. 342
334
317
322
348
346
368
364
337
311
305
306
337
338
367
359
317
338
393
352
389
305
324
397
378
366
372
356
357
366
355
352
323
326
341
300
289
281
266
261
253
245
253
262
277
460
398
375
314
282
278
290
321
445
422
392
371
355
341
343
356
415
378
355
328
309
300
301
312
388
370
338
391
388
365
362
338
341
All
commodities.
407
377
360
347
329
325
330
331
344
331
334
GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI.
[1920=100.]
[
All |
Sun- com-1
dries. modities.
Nove m b e r,
1920
105
1921.
January
February
March
April
107
107
104
105
MinOther |
Vege- Ani- Chem- Tex- erals Build- vege- Suntable mal
and
tiles. met- mate- table
prod- dries.
foods. foods.
als. rials. ucts.
All
commodities.
1921.
108
May
June
July
103 i August
98 i September...
97
October
94
November..
102
97
100
107
114
116
114
112
101
109
113
125
129
126
107
102
95
92
91
91
90
76
63
65
68
71
75
76
110
95
92
96
102
114
114
88
81
83
87
93
9,
95
GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.
[Middle ol 1914=100.]
! All
Agricul- TexMiner- Miscel- comtural
tiles,
laneous.
modiprod- leather.
als.
ties.
ucts.
1920.
Average for the year...
Beginning of December
1,232
1,555
3,175
2,698
1,733
1,636
1,440
1,625
1,522
1,658
1921.
Beginning of—
January
February
March
1,353
1,265
1,204
2,643
2,507
2,371
1,678 !
1,580:
1,552 !
1,575
1,525
1,517
1,603
1,473
1,419
Agricul- Textural
tiles,
prod- leather.
ucts.
1921.
Beginning of—
April
May
June
July
August
September.
October
November.
December.
1,195
1,169
1,116
1,270
1,881
1,845
1,995
2,786
3,322
2,153
2,125
1,907
2,153
2,289
2,616
3,270
4,578
6,567
Miner- Miscelals.
laneous.
1,608
1,566
1,524
1,613
1,636
1,748
2,112
2,937
3,580
1,500
1,617
1,633
1,588
1,550
1,608
1,733
2,092
2,458
All
commodi-
1,410
1,428
1,387
1,467
1,723
1 777
1,993
2,687
3,283
1466
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
GROUP INDEX NUMBERS—SWEDEN— SVENSK HANDELSTIDNING.
[July 1, 1913-June 30,1914=100].
Vegetable
foods.
Date.
1913-14
19U1
1915
1916
1917
1918
1919
1920
November, 1920..
1921.
January
February
March
April
May
June
July
August
September
October
November
1
Animal
foods.
Raw materials
for agriculture.
Coal.
Hides
and
Textiles.
leather.
Wood
Metals.
100
136
151
152
181
221
261
262
264
100
101
140
182
205
419
409
296
290
100
114
161
180
198
304
340
312
303
100
123
177
266
551
856
804
1,007
910
100
109
166
272
405
398
258
278
253
100
104
118
165
215
275
286
371
387
244
231
238
232
221
237
236
217
183
167
161
266
241
229
231
217
206
227
230
208
198
196
281
248
240
236
245
236
216
214
207
200
197
371
362
279
291
369
371
315
250
223
202
194
230
204
185
178
153
149
149
130
130
130
133
320
319
298
236
237
224
199
198
191
211
239
100
116
233
267
300
308
675
520
511
510
510
197
183
178
169
181
All commodities.
Oils.
100
118
158
229
206
195
211
215
161
100
103
116
166
247
100
111
120
149
212
324
233
294
332
100
116
145
185
244
339
330
347
331
131
108
85
84
106
108
112
107
108
119
108
169
147
134
125
132
129
133
132
166
161
149
328
318
268
264
238
207
191
191
191
187
179
267
250
237
229
218
218
211
198
182
175
174
Average for 6 months ending Dec. 31,1914.
GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—0KONOMISK REVUE..
[Dec 31,1913-June 30,1914=100.]
Fuel.
Animal
foods.
Date.
E n d of—
1914
1915
1916
1917
1918
1919
1920
N o v e m b e r 1920
Vegetable
foods.
Feedstuffs
and fertilizers.
Coal
and
coke.
Petro- Iron.
leum
and
benzine.
Build-
Metals. ing ma-
terials.
Textiles.
Hides
and
leather.
All
Pulp
wood.
commodities.
Paper.
115
149
193
260
324
329
352
372
130
150
198
292
277
281
385
389
108
150
195
231
284
277
340
343
151
224
355
1,161
514
767
647
1,067
104
132
170
231
247
162
407
369
115
158
435
720
573
442
482
538
128
289
401
503
503
187
200
213
107
131
213
326
359
358
416
442
105
121
178
264
302
356
402
412
158
193
251
296
286
284
255
259
103
124
171
217
283
277
321
383
101
137
190
263
313
322
472
482
115
159
233
341
345
322
377
403
307
294
307
283
280
273
301
296
302
297
273
370
324
315
304
303
323
408
360
303
305
282
317
292
287
273
277
275
254
260
254
251
233
512
358
289
317
317
345
388
371
333
333
316
384
364
357
343
343
336
303
297
297
297
276
394
340
328
295
295
296
307
307v
339
335
319
165
167
169
166
166
167
190
190
190
197
184
378
362
339
329
324
308
309
305
299
297
293
374
352
350
329
324
324
319
315
309
315
320
217
212
203
199
190
197
197
197
210
228
219
321
289
289
289
289
289
276
262
227
227
227
472
472
472
413
413
413
392
392
377
350
338
344
319
312
297
294
294
300
297
287
286
276
1921.
January
February
March
April
May
June
July
October
November.
.........
GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS.
[July, 1914=100.]
Metals and
coal.
Date.
J u l y , 1914
1915
1916
1917
1918
1919
1920
October, 1920
etc.
Agricultural
products.
Dairy
products.
Groceries
and
tobacco.
. .
.
June
July
August .
September
October
.
.
Meat.
Building
materials. Chemicals.
All commodities.
100
117
154
213
220
193
209
222
100
93
131
207
232
217
243
220
100
202
113
110
135
186
229
208
100
127
124
116
121
137
184
214
100
110
127
131
138
147
186
196
100
150
155
155
147
145
201
226
100
116
136
194
245
261
295
289
100
149
172
243
315
282
277
276
100
141
132
155
170
180
218
215
215
214
203
202
145
132
107
114
108
105
111
116
143
147
197
192
176
164
161
160
158
160
159
208
206
207
178
175
171
166
164
146
129
197
197
198
196
195
188
188
190
187
189
191
184
178
144
140
134
119
120
110
98
279
303
303
284
279
250
238
231
226
210
244
242
234
231
224
233
220
224
220
220
196
192
181
171
166
162
159
160
160
1921.
January
March
April
May
Textiles,
leather,
194
195
195
194
193
193
157
156
1467
FEDERAL RESERVE BULLETIN.
DECEMBEE, 1921.
GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR. l
[1913 = 100.]
Date.
Grains Animals
and
and
fodder. meats.
Dairy
products.
Fruits
and
vegetables.
Build| Drugs
Hides,
Other
Imple- ing m a - Fuel and! a n d
Metals. ments.
foods. Textiles. leather,
terials,
lighting,
chemietc.
lumber.
! cals.
1913
1914
1915
1916..
1917
1918
1919
1920
October, 1920.
100
114
136
142
206
231
227
263
229
100
107
104
121
161
197
199
198
194
100
100
105
119
149
168
192
204207
100
99
93
130
233
214
206
261
177
100
104
121
136
180
213
222
258
249
100
102
114
148
201
273
285
303
292
100
105
110
143
168
169
213
192
156
100
96
128
167
217
229
173
203
203
100
101
106
128
174
213
228
245
259
100
103
97
100
US
147
171
268
265
100
94
92
113
163
188
201
255
295
100
106
160
222
236
250
205
204
211
1921.
January
February
March
April
May
June
July
August
September
October
186
171
168
154
150
146
146
152
144
127
175
171
171
169
158
146
143
143
133
134
216
185
174
161
126
124
133
142
141
149
184
163
175
162
162
169
157
182
170
171
212
205
203
189
189
183
174
173
170
162
228
204
198
191
187
180
179
181
183
185
131
126
118
115
114
106
106
101
100
100
174
167
158
145
147
154
147
145
143
143
257
257
243
241
236
236
236
237
235
234
248
239
231
229
224
218
217
192
189
190
247 j
234
196
233
226
216
212
207
206
206
210
181
180
178
175
175
176
171
169
1
All
commodities.
100
101
110
135
177
206
217
246
234
199
194
187
183
179
176
174
172
169
Unimportant groups omitted.
GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS.
[End of July, 1914-100.]
Date.
Build- Manu-|
Jute Other Oils,
Hides Cotton
ing
Raw manu- tex- musand manumate- tared M e t a l s skins.
fac- cotton. fac- tiles.
tard.
tures.
rials. articles
tures.
End of July, 1914.
Average for 1920..
October, 1920
100
138
154
100
231
1921.
January
February
March
April
May
June
July
August
September
October
158
147
153
147
151
149
149
143
143
141
226
239
242
262
244
237
242
247
251
Oil
Raw
jute. seeds. Tea.
100
238
245
100
147
96
100
354
343
100
153
142
100
149
136
100
162
164
100
128
132
100
104
104
100
173
184
247
243
255
255
254
245
245
241
214
214
81
80
86
97
110
119
116
121
120
122
324
305
301
311
312
303
316
301
302
310
107
104
98
119
124
129
136
150
217
193
104
101
91
97
94
100
102
107
127
112
149
149
143
123
126
132
147
135
147
148
116
97
90
110
112
114
115
116
115
106
85
80
81
85
75
76
80
85
102
88
130
124
122
131
142
145
157
150
145
122
184
1468
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
berg. Dr. Kuczynski bases his calculations upon the cost of living per
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:J
week of a family of four in Greater Berlin.
RETAIL PRICES IN THE UNITED STATES, PARIS, AND
SWEDEN; COST OF LIVING IN UNITED KINGDOM AND
BERLIN,
[July, 1914=100.]
1
Three of these index numbers—those for the United Kingdom,
Paris, and Sweden—are constructed on the basis of prices m July, 1914=
100. In the case of the United States, the original base, that of the year
1913, has been shifted to the July, 1914, base. The German index uses
the year ending July, 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 have 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
uel, 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 working-class 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 kroner.
The German index expresses upon a percentage basis figures compiled by Dr. R. R. Kuczynski of the Statistical Office of Berlin-Schone-
United United
Paris,
States,
Kingretail 1
retail 1 dom, cost2 prices.
prices. of living.
1919
1920
1920.
October
1921.
January
February
March
April
May
June
July
August
September
October
November
1
Sweden,
retail
prices.
Berlin,
cost of
living. 8
182
199
216
249
260
371
321
298
1,080
194
264
420
306
1,104
169
155
153
149
142
141
145
152
150
150
265
251
241
233
228
219
219
222
220
210
203
410
382
358
328
317
312
306
317
329
331
326
283
262
253
248
237
234
232
•234
228
218
211
1,111
1,087
1,035
976
990
1,080
1,125
1,177
1,212
1,340
2
Average for the month.
Beginning of month.
3 August, 1913-July, 1914=100.
FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, JAPAN, AND
GERMANY.
In the following table are presented figures
showing the1 monthly value of the foreign trade
of a group of important European countries
and Japan.
i 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,
current f. o. b. values. The same method is followed in Japan and
[ Sweden. In France and Italy the value of foreign trade is estimated
: not in terms of current prices but in terms of those of some earlier dated
usually the preceding year.
\ None of the figures presented below include the import or export
j of gold and silver. In the case of England and France, group figures
! are given as well as total values, while in the case of the other countries,
! total values only are presented. This does not mean that group figures
are not obtainable, merely that they are either delayed in publication
)h general jinterest as the French and English
or appear not to be of such
material.
Japanese figures for recent months are received by cable and subject
to revision.
FOREIGN TRADE OF THE UNITED KINGDOM.
Imports.
Exports.
In thousands of pounds sterling.
In thousands of pounds sterling.
Raw
mate- Articles
Food, rials
and wholly
drink, articles
or
and mainly mainly
tobacco unmanu- manufactured. factured.
Monthly average:
1913
1919
1920
1921.
January
February...
March
April
May
June
July
August
September..
October
34,281
53,457
93,394
1,008
1,528
43,770
66,553
111,297
7,650
9,131
13,729
*3,'292" 18,701
156 149,889
246 144,260
4,076
3,613
4,678
4,723
9,632
9,399
95,701
103,694
2,285
1,548
112,295
119,365
2,565
2,438
16,134
13 115
142
128
420 117,051
326 96,974
184 93,742
167 89,996
86,308
221
278 88,182
80,757
431
214 88,581
338 87,119
320 84,742
89,250
3,383
2,573
2,697
2,668
2,891
3,852
3,075
2,897
3,729
2,101
2,439
2,702
3,124
3,300
3,466
7,668
5,881
5,832
2,936
1,437
1,125
2,775
7,058
6,997
7,359
79,746
58,177
56,969
52,019
38,662
33,658
36,705
39,936
44,009
50,328
1,491
1,089
1,111
1,184
92,756
68,222
66,809
59,868
43,088
38,152
43,172
51,346
55,248
62,265
62,890
2,558
2,446
2,656
1,279
500
9,955
8,004
8,888
8,524
7,232
7,083
9,362
9,998
8,595
10,386
9,820
87
82
127
126
90
259
358
254
69,168
61,499
44,299
46,560
36,267
35,955
47,750
50,888
52,908
50,094
51,915
42,090
50,584
48,410
44,475
49,158
37,005
25,504
17,739
16,547
16,711
18,389
20,232
19,589
20,465
21,256
30,467
23,394
24,930
20,374
19,282
17,600
18,005
18,194
17,905
18,691
ing
parcel
post.
In
thouIn
In
thou- sands
thouof
sands pounds
sands
Total. of tons. ster- of tons.
ling.
5,825
9,274
12,138
16,134
24,663
37,902
Includes reexports.
Miscellaneous,
includ-
2,716
2,814
4,241
23, 485
50,565
59,292
November..
| Raw
In
thou- Food, I mate- Articles
sands drink,
i rials and wholly
or
Total. of tons. and | articles mainly
mainly
tobacco. ! unmanumanufactured. actured.
*3,"795"
24,184
59,927
63,948
1920.
October
November..
Miscellaneous,
including
parcel
post.
Reexports.
64,061
135,513
161,395
4,669
4,050
3,389
3,515
3,470
949
S89
930
991
1,228
942
1,113
1,350
3,747
4,128
4,297
152
*139
154
116
159
1469
FEDERAL RESERVE BULLETIN.
DECBMBBB, 1921.
FOREIGN TRADE OF FRANCE.1
Imports.
Exports.
In thousands of francs.
Raw
materials.
Food.
Monthly average:
19132
19193
19203
; Manufactured
articles.
Total.
In thousands of francs.
In
thousands of
metric
tons.
Food.
Raw
materials.
Manufactured
articles.
Parcel
post.
Total.
In
thousands of
metric
tons.
151,465
892,040
718,179
412,144
1,229,435
1,400,046
138,169
701,778
861,797 2,983,272
832,187 2,950,413
3,685
3,204
4,245
301,420
69,908 154,841
615,630
99,201 203,691
184,277 397,677 1,187,742
573,351
47,182
989,966
71,444
99,867 1,869,563
1,840
464
1,039
931,000
1,868,000)
967,000 3,766,000
4,511
281,000 560,000 2,041,000
134,000 3,016,000
1,096
346,703
386,169
455,545
390,315
419,229
490,615
434,001
555,545
691,972
717,091
1,101,267
803,231
786,352
887,151
690,553
871,374
704,069
855,697
1,204,213
1,191,860
534,498
424,531
501,011
501,593
455,726
361,545
331,047
320,052
329,494
318,000
3,702
2,579
2,827
2,652
2,250
2,047
2,164
2,593
3,993
2,809
188,546
172,992
162,901
176,333
151,724
148,237
123,303
112,654
146,467
132,424
115,605 1,882,618
85,074 1,899,444
108,418 1,686,426
1,117
1,414
1,069
1,154
1,168
1,405
1,194
1,035
1,173
1,241
1920.
October *
1921.3
January
February
March
April
May
June
July
August
September
October
I
i
I
1,982,468
1,613,931
1,742,908
1,779,089
1,565,508
1,723,534
1,469,117
1,731,294
2,225,679
2,226,951
436,069
478,561
379,281
468,453
415,057
540,722
439,534
445,312
444,891
482,376
1,142,398
1,162,817
1,035,826
1,179,683
986,583
977,129
925,868
1,084,193
1,087,457
1,041,594
107,799
95,271
84,376
74,350
82,933
95,852
103,078
1,932,268
1,648.635
1,950,464
1,563,055
1,726,092
1,774,653
1,759,472
1
2
3
Not including gold, silver, or the reexport trade.
Calculated in 1913 value units.
Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units only, 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.
FOREIGN TRADE OF ITALY, SWEDEN, ANE> JAPAN.
Italy.
(In millions of
Sweden.
(In millions of
kronor.)
Japan.
(In mulions of
yen.)
Imports. Exports. Imports. Exports. Imports. Exports.
Monthly average:
1913
1919
1920
304
1,385
1,322
210
506
650
71
211
281
68
131
191
61
181
195
53
175
162
3 452
1,165
283
331
308
325
224
268
230
233
220
157
123
118
184
154
175
154
1,939
2,197
2,498
2,234
1,988
2,598
773
870
871
902
697
1,169
122
116
99
106
95
93
98
103
126
101
91
89
75
69
82
69
94
113
105
99
105
119
137
139
149
148
110
131
127
128
75
77
94
115
105
107
99
105
95
109
1920.
June
July
August
September.
1921.
January
February..
March
April.
May
June
July
August .
September
October
1
1920 and 1921 figures based on 1920 value units.
FOREIGN TRADE OF GERMANY.
Imports.1
Exports.2
Imports.1
Gold
Merchan- In thou- andsil- Merchan- In thoudise (in sands of ver (in dise (in
sands of
thousands metric
thou- ! thousands metric
of marks). tons. sands of I of marks). tons.
marks).
Monthly average:
1913
1920
1920.
July
August
September
October
November
December
926,654
6,068
1,570
8,450
841,375
17,773 5,775,933
6,146
1,657
1,739
1,512
1,680
1,757
1,757
2,007
2,350
5,116
6,400
6,239
3,353
45,306
2,094
1,911
1,837
1,494
1,708
1,758
6,187,922
6,027,625
6,411,311
6,488,133
7,909,571
7,817,910
Merchan- In thoudise (in sands of
j thousands metric
i of marks). tons.
1921.3
May
June
July
August
September
October
5,486,000
6,409,000
7,580,000
9,418,000
10,668,000
113,900,000
1,534
1,824
1,925
' "2*5o6"
3,000
1
Not including philanthropic gifts.
« Not including deliveries on reparations account.
• Figures covering the first four months of 1921 are not available. Figures for 1921 are subject to revision.
78092—21
7
Exports.2
Gold
and silver (in
thousands of
marks).
Merchan- In thoudise (in sands of
thousands metric
of marks). tons.
4,558,000
5,432,000
6,208,000
6,683,000
7,519,000
9,700,000
1,145
1,509
1,558
"1*870
1,970
1470
FEDEKAL RESERVE BULLETIN.
DECEMBER, 1921.
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 October, 1921.
VOLUME OF OPERATIONS DURING OCTOBER, 1921.
Total.
U. S. securities purchased.
Bills disBills bought
counted for
in open
member banks.
market.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond. Atlanta
Chicago .
St. Louis..
Minneapolis
Kansas City
Dallas. . . .
San Francisco
Total: October, 1921
October, 1920
10 months ending Oct. 31,1921....
10 months ending Oct. 31,1920....
Bonds and
notes.
Certificates of
indebtedness. October, 1921. October, 1920.
$250,222,621
1,564,585,700
281,555,106
255,155,434
199,602,225
128,908,143
272,259,328
121,228,579
56,953,271
77,155,847
62,450,343
219,191,600
$13,880,466
85,278,359
8,777,866
4,4a3,344
2,939,105
4,107,514
10,626,197
753,948
1,572,774
155,000
6,506,752
42,500
4,869,500
$269,925,587
1,718,244,059
294,490,472
259,638,778
202,541,330
133,015,657
294,722,125
124,503,427
157,545,071
81,729,621
62,605,343
230,610,352
3,489,268,197
139,081,325
17,630,300
83,592,000
13,729,571,822
7,548,456,235
281,831,877
61,250
182,927,000
50,358,889,929
67,976,283,659
1,142,701,716
2.732.695.806
58,250,261
325,650
3,184,133,557
6,443,442,500
$1,840,000
9,976,000
107,500
$3,982,500
58,404,000
4,050,000
4,917,100
367,400
379,800
6,9i9,500
2,153,500
212,000
3,001,000
$413,248,334
5,136,229,443
407,303,356
199,582,593
248,615,499
230,844,209
535,297,565
210,673,322
83,997,982
169,347,570
114,961,546
263,174,943
8,013,276,362
54f 743,975,463
77,152,747,615
i Exclusive of $9,609 of municipal warrants purchased.
VOLUME OF BILLS DISCOUNTED DURING OCTOBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANES
ACCOMMODATED.
Federal Reserve Bank.
Member banks' collateral
notes.
Customers'
paper secured by
Government Secured by Otherwise
obligations. Government secured.
Bankers' acceptances.
Commercial
paper,
n. e. s.
Agricultural Live-stock
paper.
paper.
Foreign.
obligations.
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: October, 1921S e p tember,
1921
October, 1920.
S e p tember,
1920
Dollar
Domestic. exchange.
$161,857,076
796. 704.150
9i; 696', 043
$98,000 i 113,059,586
1,143,503
23,646,245
1 386 500 i
57 444 995
1,138,950
107,039,619
60,000
35,801,681
2,174,410
24,434,533
55,000
20,681,208
13,917,799
4,688,525
51, 762,812
24,629,142
$343,392
615,258
311,724
490,857
5,407,571
6,174,619
16,638,386
2,727,858
7,480,498
3,180,960
3 437 548
3,408,231
122,603
11,000
1,826,413,751
35,374,090
1,498,045,047
50,216,902
20,600,906
1,967,066
1,726,404
150,000
46,063,594
1,564,646,534
34,945,255
1,318,426,866
43,234,137
15,212,842
1,544,532
935,948
125,000
156,299,491
4,148,970,138
9,227,341
3,204,215,794
10,354,398
123,880,580
4,040,181,704
15,356,633
3,094,288,760
8,103,318
$6,875,993
3,251,931
10,056,758
6,039,518
1,230,377
3,528,564
5,935,544
2,651,522
669,958
1,880,968
368,131
2,538,104
$81,085,000
762,588,530
179; 385, 724
130,034, 765
166,750,178
58,0657 027
140,634,195
78,316,969
19,329,365
42,097,546
34,975,108
133,171,344
45,027,368
S400
21,146
155,173 $1,819,403
1,910
661 824
052,698 j
2,524,835
9,120,375
4 717 870
2,804,675
25,000
$985,000
$125,000
175 000
463,749
25,000
66,655
25,000
1471
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
VOLUME OP BILLS DISCOUNTED DURING OCTOBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED—Continued.
Total reduced to a common maturity basis.1
Trade acceptances.
Total
all classes.
Federal Reserve Bank.
Foreign. I Domestic.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total: October, 1921....,
September, 1921.
$5,000
$80,760
404,685
104,857
348,132
422,381
647,314
697,634
554,102
264,672
73,135
345,362
738,629
5,000
26,057
9,681,663
7,947,902
October, 1920
September, 1920..
1
Number
Accommodated.
Per cent in district
of total. October
31.
Number. Percent,
Amount.
$250,222,621
1,564,585,700
281,555,106
255,155,434
199,602,225
128,908,143
272,259,328
121,228; 579
56,953,271
77,155,847
62,450,343
219,191,600
3,489,268,197
3,033,108,667
$154,052,193
704,223,170
229,866,731
249,906,413
208,224,979
281,497,038
62S, 107,132
187,157,940
193,505,277
225,851,082
135,117,715
293,758,527
4.4
20.2
6.6
7.2
6.0
8.0
17.9
5.4
5.5
6.5
3.9
8.4
436
794
701
881
624
509
1,443
586
1,022
1,082
873
862
217
329
388
381
430
371
959
320
603
570
608
391
49.7
41.4
55.3
43.2
68.9
72.8
66.4
54.6
59.0
52.6
69.6
45.3
3,489,268,197
100.0
9,813
9,807
5,567
5,427
56.7
55.3
9,558
9,525
4,952
4,758
51.8
50.0
7,548,456,235
7,298,971,351
19,389,073
17,160,356
Member banks.
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (14.78) for system.
VOLUME OF BILLS DISCOUNTED DURING OCTOBER, 1921, 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
5 per cent.
$250,222,621
1,564,585,700
249,769,533
.
5J per cent.
$31,785,573
255,155,434
. . .
6 per cent.
$199,602,225
128,908,143
272,259,328
121,228,579
51,471,248
77,155,847
62,449,343
$5,482,023
219 191,600
Total: October, 1921
September, 1921
2,064,577,854
503,513,685
506,132,607
1,555,793,346
913,074,713
947,087,165
Total.
Average
rate
(365-day
basis).
$250,222,621
1,564,585,700
281,555,106
255,155,434
199,602,225
128,908,143
272,259,328
121,228,579
56,953,271
77,155,847
62,449,343
219,191,600
Per cent.
5.00
5.00
5.05
5.50
6.00
6.00
6.00
6.00
6.08
6.00
6.00
5.50
Days.
9.10
6.65
12.07
14.48
15.42
32.28
33.99
22.82
50.22
43.27
31.98
19.81
3,489,267,197
3,033,108,667
5.62
5.75
14.78
17.22
&h per cent.
5,482,023
26,714,471
Average
maturity.
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING OCTOBER, 1921, BY CLASSES.
Bankers' acceptances.
Trade acceptances.
Total
bills
purchased.
Federal Reserve Bank.
Foreign.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....'.
San Francisco
Domestic.
$7,283,499 $5,770,267
57,348,203 22,812,613
5,870,262 2,557,604
2,481,442 1 701,902
931,605 2,007,500
2,740,347 1,367,167
6,274,341 4,351,856
459,969
293,979
"*3,"998*6i4"
882,374
155,000
2,145,117
Total: Oct., 1921
Sept., 1921
87,912,692
54,691,113
44,211,369
23,591,388
Oct., 1920
Sept., 1920
203,020,366
196,307,696
66,263,653
52,960,631
690,400
Dollar
exchange.
Total.
Foreign.
Domestic.
$826,700 $13,880,466
5,117,543 85,278,359
350,000 8,777,866
300,000 4,483,344
2,939,105
4,107,514
10,626,197
753,948
363,021*
...
i
1
i 572,774
155,000
6,506,752
6,957,264 139,081,325
3,489,516 81,772,017
Total.
$110,878
10,878,149 280,162,168 934,908
6,589,660 255,857,987 1,926,831
$734,801
203,771
Amount.
$13,880,466 $7,554,638
85,278,359 62,058,885
8,777,866 10,723,927
4,483,344 5,188,461
2,939,105 5,598,534
4,107,514 8,225,956
10,626,197 28,327,628
457,533
753,948
1,572,774
155,000
6,506,752
$110,878
Total adjusted to a
common maturity
basis.i
5.4
44.6
7.7
3.8
4.0
6.0
20.4
.3
4,468,349
308,275
6,169,136
3.2
.2
4.4
139,081,325 139,081,325
81,882,895
100.0
1,669,709 281,831,877
2,130,602 257,988,589
* Total purchases multiplied by ratio of average maturity ol bills purchased by each bank to average maturity (25.77) for system.
Per cent
of total.
1472
DUCBMBEB, 1921.
FEDERAL RESERVE BULLETIN.
VOLUME OF ACCEPTANCES PURCHASED DURING OCTOBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES.
4f per
cent.
4f per
cent.
1,355,161
$9,232,803
4,493,705
7,975,944
128,172
$1,005,769
66,919,857
797,603
1,704,641
981,853
4,385,587
2,237,308
376,730
1,438,413
1,497,399
1,166,940
74,208,848
4§per
cent.
Federal Reserve Bank.
Boston
New York
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas..
San Francisco..
4A Per
cent.
$401,465
7,488,509
Total: Oct., 1921..
Sept., 1921.
11,665,401
$50,000
50,000
27,713,610
4£ per
cent.
5 per cent.
$321,103 $2,066,349
967,028 5,387,271
4,319
345,090
850,280
2,870,716
139,000
5&per
cent.
$37,314
12,664
25,000
105,733
15,000
238,218
908,889
460,573
376,077
5,551,826
3,129,810
8,874,525
41,737,631
704,273
5,591,799
!
5* per
cent.
Federal Reserve Bank.
Boston...
New York
Philadelphia. .
Cleveland
Richmond
Atlanta ..
Chicago
St. Louis .
Minneapolis
Kansas City.
Dallas.
San Francisco.
5| per
cent.
5* per
cent.
?ente.r
$765,6G3
9 325
.
$75 000
.
$119,512
....
30 656
.
Total: Oct., 1921
Sept., 1921
1
.
458,461
1,263,449
19,083,469
119,512
1,795,486
75,000
451,089
Total.
Days.
14.03
18.75
31.48
29.82
49.09
51.61
68.70
15.64
1,572,774
155,000
6,506,752
6.08
6.08
4.88
73.21
51.25
24.43
8,654,881 139,081,325
8,107,059 181,882,895
4.97
5.35
25.77
25.89
Includes $798,841 of acceptances purchased at 5| per cent.
NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on bills bought in open market.
Average
rate
Average
(365 day maturity.
basis).
Per cent.
4.82
4.81
4.70
4.80
6.08
6.07
4.79
4.97
$13,880,466
85,278,359
8,777,866
4,483,344
2,939,105
$2,939,105
3,988,002 4,107,514
10,626,197
753,948
1,572,774
155,000
...
$200,000
200,000
1,187,711
Wcent.
DECEMBER, 1921.
FEDERAL RESERVE
1473
BULLETIN.
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 at the end of October, 1921:
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS
DURING OCTOBER, 1921.
Average 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.
$95,081,663
358, 806, 062
124,185,175
151, 303,153
104, 519, 838
122, 840,768
244,233, 522
80, 556, 547
i 76,666,000
64,054,068
128, 711, 915
Discounted
bills.
Purchased
bills.
Annual rate of earnings on-
Earnings o n All
classes
U.S.
of
securities. earning
assets.
Discounted
bills.
All
Purclasses DisU.S.
counted chased
secuof
rities. earning bills
bills.
assets.
Purchased
bills.
$75,477.205 $4,322, .13 $15,281,945 $390,783 $344,691 $18,165 $27,927
272, 843,903 26, 997, ~ 58, 965, 03811,428,029 1,193, 359 108,749 125, 921
100, 970, 715 4, 024,
19,189,907)
447,197
16,619 35,174
132,250, 877 2, 579,
16, 472, 424) 663,692 623,237
10, 808 29,647
95, 980,124 3, 546,
18, 323 8,594
4, 993,400 516, 028 489, 111
98,219,138 5,659,
500, 971
29,171 53,937
18, 962, 562 584,079
209, 529,917 3, 838,
15, 417 60, 892
30, 864, 729 1,153,954 1,077,645
70,134,996
1,556 18,349
10, 053,942 377,079 357,174
367,
71, 506,000
9,031
5,156,000 1390,466! 381,415
74,120,053
407, 857! 377,888
14,694,401
966,
4,931 25,038
59, 346,479
4, 542,750 324,134 313, 844
164,
852 9,438
116, 534, 972 3, 729,
8, 447,623 580, 281 548, 772
15,939 15, 570
Per ct. Per ct. Per ct. Per ct.
4.84
4.95
5.38
2.15
4.69
4.74
5.15
2.51
4.73
4.87
5.21
2.15
5.16
4.93
5.55
2.12
5.81
6.08
6.00
2.02
5.60
6.07
6.01
3.35
5.56
4.73
6.06
2.32
5.51
4.
5.99
2.15
16.00
6.28
2.06
5.35
6.00
2.01
6.00
5.96
6.22
2.44
6.00
5.31
5.54
2.17
5.03
Total: Oct., 1921.... 1,640, 739, 5111, 376,914, 379 56,196, 411 207,624, 721 7, 315, 372 6,655, 304 240, 530 419,518
Sept., 1921.... 1, 740,473, 882 1, 445, 689,968 40,020,253 254,763,661 7,647, 567 j 6,951,881 175,311 520,375J
5.25
5.35
Oct., 1920
|3, 390,089, 524 2, 782, 055, 442 303,980, 844 304,053, 238! 17,085,802 14,953,963 1, 563,568,125
714
628,279
Sept., 1920... .13,329, 481,645 2,677, 052, 425 313, 863, 889 338, 565, 33l|l5, 843,314 13,656, 417 1, 558,618
5.95
5.81
1
U.S.
securities.
5.69
5.85
6.35
6.22
5.04
5.33
2.38
2.49
6.07
6.06
2.21
2.27
Includes municipal warrants.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of October figures. In thousands of dollars.]
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco
Total: Oct. 31,1921....
Sept. 30,1921...
Oct. 29, 1920....
Sept. 24,1920...
Total.
Member banks'
collateral notes.
Customers' paper
secured
Coramer- AgriLiveby Gov- Secured
cialpaper, cultural stock
ernment by Gov- Otherpaper. paper.
n.e. s.
obliga- ernment
wise
tions.
obliga- secured.
tions.
74,520
238,965
101,736
126,881
93,667
98,142
203,740
64,301
68,934
77, 313
56,072
108, 756
5,010
2,696
12,702
4,524
2,666
5,900
4,656
3,612
459
2,990
552
3,718
25,267
99,884
58,191
37,930
27,015
25,926
56,480
19,498
5,800
15, 885
7,202
33, 875
1,313,027
1,413, 013
2,801,297
2,704,464
49,485
67, 870
282, 733
295, 373
412,951
428,974
921,172
925,050
43,410
134,390
30,193
80,439
51,604
48,921
86,990
30,266
30,169
29,184
17,578
38,756
700
578
467
1,096
10,076
13,431
54,276
8,999
22,635
8,355
11,853
9,457
1,186
8,133
20,748
15,471
9,357
17,553 621,900
671,810
18,048
3,649 1,318,400
8,877 1,220,588
141,923
152,251
131,528
120,998
57,154
63,749
109,121
103,426
48
251
299
554
30
1,409
10
2,517
12,435
Bankers' acceptances.
Trade acceptances.
Dollar
Foreign. DomesForeign. Domesextic.
tic.
change.
3
143
475
32
1,749
10
240
25
188
25
67
162
14
570
503
304
342
11,539
8,072
25
54
25
130
1,264
183
2,129
2,023
1,916
784
524
254
74
899
928
54
11,108
9,375
91
23,155
22,080
1474
DECEMBER, 1921.
FEDEKAL RESERVE BULLETIN".
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of October figures. In thousands of dollars.]
All classes.
Federal Reserve Bank.
Total.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
3,709
54,260
7,246
5,524
5,750
7,933
4,211
795
329
1,756
1,104
5,554
Total: Oct. 31, 1921
Sept. 30,1921
Purchased in open market:
Oct. 31,1921
Sept. 30, 1921....
Discounted for member banks:
Oct. 31, 1921
Sept.30, 1921
98,171
55,353
Trade acceptances.
Purchased
in
open
market.
Total.
3,579
52,843
7,063
3,155
3,727
6,017
3,427
83
2,176
36,897
4,
2,224
1,012
3,681
2,253
Foreign.
Domestic.
54
130
1.264
183
2 129
2,023
1,916
784
524
254
74
899
928
11,217
9,592
109
217
11,108
9,375
55
126
55
126
11;102
9,466
54
91
130
1,319
183
2 129
2,023
1,916
784
524
254
74
899
982
55
11,108
9,375
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of October figures. In thousands of dollars.1
Member banks.
Federal Reserve Bank.
Total.
! National.
Nonnational.
Nonmember
banks and
banking
corporations.
Private
bankers.
Branches
and agencies of
foreign
banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3,579
52,941
7,063
3,395
3,727
6,017
3,427
271
75
1,682
205
4,572
2,128
18,364
2,785
1,207
3,427
1,605
1 436
81
50
1,225
205
1,910
1,281
17,901
2,253
1,183
300
4,191
1,921
185
25
457
693
226
354
Total: Oct.31,1921
Sept. 30, 1921
Purchased in open market:
Oct. 31, 1921
!
j
86,954 i
45,761 !
34,423
17,694
31,086
16,111
11,999
5,447
6,493
2,644
2,953
3,865
86,055
!
j
!
44,916 i
!
899 I
845 !
34,032
17,565
30,854
15,859
11,746 |
5,015 j
6,488
2,635
2,935
3,842
391
129
232
252
253 I
432 !
Sept. 30,1921
Discounted for member banks:
Oct.31,1921
Sept. 30,1921
1,3
154 I
8,675
16
5,841
107
2,160
140
299
221
70
18
23
FEDERAL RESERVE
DECEMBER, 1921.
1475
BULLETIN.
BANKING CONDITIONS DURING OCTOBER AND NOVEMBER.
Changes in the banking situation during the the period under review include the redemption
five weeks ending November 16, as indicated of the balance of $382,500,000 due on October
by the weekly statements of reporting mem- 15 and the issuance on November 1 of
ber banks, are characterized chiefly by sub- $231,500,000 of loan and tax certificates, also
stantial loan liquidation effected by both mem- payment on October 15 of interest on the
fourth Liberty bonds, and on November 15
ber banks and Federal Reserve Banks.
Announcement during the first week of of interest on the second Liberty bonds. These
November of a general reduction by the operations are reflected mainly in the figures
Federal Reserve Banks of discount rates snowing member bank holdings of Treasury
apparently has not yet affected the general certificates and in the Government deposit accredit situation to any considerable extent, count, both of which show large reductions in
though its effect on the investment market, the October 19 statement and substantial inparticularly on the bond market, can be creases in the November 2 statement. The
easily traced. Government operations during Federal Reserve Bank statements show further
WEEKLY C H ANGES IN
PRINCIPAL ASSET!5 AND LIABILITIES
<Dl
REPORTING MEMBER BANKS
FEDERAL RESERVE BANKS
1
2
3
4
5
RESERVE RATIO
T O T A L DEPOSITS
CASH RESERVES
F: R. N O T E C I R C U L A T I O N
U . S . SECURITIES
6 PURCHASED ACCEPTANCES
DISCOUNTS SECURED BY
U.S.GOVERNMENT OBLIGATIONS
8 TOTAL DISCOUNTS
9 T O T A L EARNING A S S E T S
MILLIONS
OF
DOLLARS
MILLIONS
OF
DOLLARS
3500
VV
3000
r
/
A*
11 Vv
f\
V
%
\
\
ft
\
\
\
\
\
\
A
-*
• ^
•**
,A
+^
15
1500
14
e: =s —
500
0
MILLIONS
OF
DOLLARS
RESERVE
RATIO
3500
PER
CENT
//+*
\
/
\
\
^ -
2000
«**
- A,
I*
1500
•.
.•
*•
14
4
v.
s
A*
A
"\
n
13
\.
12
S.
A
3
'>/ \
10
11
"N
f
-V
10
9
9
8
8
7
7
6
6
80
5
5
4
4
60
3
40
2
1000
20
500
MONTH J. F. M. A.M. J. J. A. SO. N. D. .F. M.A.M.J. J.A.S. O.N.D. MONTH
YEAR
1920
1921
YEAR
15
,, -
\
.-
\
100
-**
%
m
16
\
"9
N
3000
2500
16
2000
17
.A 5
\ V
12
*^
t
sa
V
f
1000
kv
0
18
13
-««
**.
V1
\
V
1000
500
18
V
2500
\
•\
BILLIONS
OF
DOLLARS
17
\
2000
1500
BILLIONS
OF
DOLLARS
3000
N
2500
A C C O M M O D A T I O N A T F E D E R A L RESERVE B A N K S
U.S. O B L I G A T I O N S A N D LOANS SECURED THEREBY
NET DEMAND D E P O S I T S
TOTAL LOANS
TOTAL LOANS A N D I N V E S T M E N T S
3500
V v>
V
V
1
2
3
4
5
\
\
y
-A
3
N
\
2
V ^«
2
>
t
1
**,
MONTH J. F. M. A. M, J. J. A. S. 0. N. D.J. F. MA. M. J. J.A.S. 0. N.D. MONTH
YEAR
1920
YEAR
1921
1476
FEDERAL RESERVE BULLETIN.
gains in gold and a practically continuous
decrease in Federal Eeserve note circulation.
Loans and discounts of reporting member
banks secured by Government obligations
show a moderate decline for the period, the
November 16 holdings of this class of paper,
$540,000,000, being $44,000,000 below the
total reported five weeks before. Loans
secured by corporate obligations, on the other
hand, in consequence of the very active issue
operations in the New York market show a
gain of about $25,000,000, a larger increase
under this head shown for the New York City
banks being partly offset by liquidation in
Chicago and in other large cities. All other
loans and discounts, comprising largely commercial and industrial loans, show a decrease
for the period of $230,000,000, liquidation
being heaviest during the latter part of October.
As against a moderate increase in the
holdings of United States Victory notes and
a $17,000,000 decrease in the holdings of
United States Treasury notes, member banks
report a continuous increase in their holdings
of United States bonds, the total gain for the
period being about $27,000,000. Treasury
certificate holdings, as mentioned above, show
considerable fluctuations in connection with
the redemption and issue operations of the
Government, the net increase for the period
being about $10,000,000. Holdings of corporate and other securities fluctuated between
a high of $2,093,000,000 on October 19 and a
low of $2,054,000,000 on November 2, the
November 16 total of $2,075,000,000 representing an increase of $12,000,000 over the
October 11-12 total. In consequence of the
changes stated, total loans and investments
on November 16 were about $215,000,000 below
the total shown five weeks before. This
decrease is accompanied by net withdrawals
of $267,000,000 of Government deposits and
increases of $174,000,000 in demand deposits
and of over $60,000,000 in time deposits.
Borrowings of the reporting member banks
from the Federal Reserve Banks likewise show a
continuous decline, amounting to $198,000,000
for the five weeks under review, or from 6 to
4.7 per cent of their total loans and investments.
In the following table are shown the principal
changes in the condition of reporting member
banks during the five weeks ending November
16. Corresponding changes since the beginning of 1920 are traced in the chart on page
1475.
DECEMBER, 1921.
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF
REPORTING MEMBER BANKS.
[In millions of dollars.]
Number of reporting
banks
Oct.
Oct.
Oct.
11-12.
19.
26.
Nov.
2.
Nov.
Nov.
9.
16.
809
809
809
808
807
807
584
572
565
546
539
540
3,034
7,984
3,032
7,873
3,041
7,816
3,070
7,782
3,069
7,779
3,059
7,755
Total loans and
discounts ' . . . 11,602
11,477
11,422
11,398
11,387
11,354
880
156
118
886
161
112
899
166
117
899
164
124
906
163
121
Loans and discounts:
Secured by U. S.
G o v e r n merit
obligations
Secured bv stocks
and
bonds
(other than U.
S. Government
obligations)
All other
U. S. bonds
U. S. Victory notes...
U. S. Treasury notes. .
U. S. certificates of
indebtedness
Other bonds, stocks,
and securities
879
161
138
158
107
94
216
177
168
2,063
2,093
2, (154
2,053
2,059
2,074
ments
3,399
3,354
3,307
3,451
3,423
3,432
Total loans and discounts l and invest-
15,001
14,83L
14,729
14,849
14,810
14,786
1,255
305
10,248
2,961
140
1,269
301
10,192
2,966
81
1,248
290
10,180
2,988
258
1,239
309
10,175
2,983
264
829
807
767
752
702
Total
invest-
ments . .
Reserve with F. R.
1,244
Banks Cash in vault
310
Net demand deposits. 10,062
2,942
Time deposits
481
Government deposits.
Bills payable and rediscounts with F.
900
R. Banks, total
1,269
303
10,236
3,003
214
Secure:! by U. S.
G overnment
obligations
AH other
304
596
262
567
264
543
258
509
262
490
239
463
Ratio of accommodation at F.R. Banks
to total loans and
investments
6.0
5.6
5. 5
5.2
5.1
4.7
1
Including bills rediseounted with Federal Reserve Banks.
Federal Reserve Bank figures, which cover
the five-week period between October 19 and
November 23, show for the first four weeks a
continuous decline in discounts. For the last
week 7under review, the amount of " Government' paper held by the reserve banks, which
had declined by about $27,800,000 during the
first four weeks, shows an increase of $35,300,000, largely through the discount of member
bank collateral notes secured by Liberty bonds,
the member bank holdings of which had
shown a steady growth during the weeks
immediately preceding. During the same
period Federal Reserve Bank holdings of other
discounts declined by $132,100,000. Holdings
of acceptances purchased in open market,
apparently in connection with the readjustment of|market rates to the reduced Federal
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
1477
sequent three weeks considerable liquidation
of rediscounts was effected, the Minneapolis
bank redeeming early in November all its outstanding paper rediscounted with the New
York bank. On November 16 rediscounts declined to $13,900,000, while at the close of the
following week, because of increased accommodation obtained by the Richmond and Dallas
banks, the total went up to $19,700,000. Reserve deposits and total deposits fluctuated
within comparatively narrow limits, the total
deposits on November 23, $1,728,500,000,
being $11,100,000 in excess of the October
19 total.
Federal Reserve note circulation, except for
the week ending November 9, shows a further
continuous decline, the November 23 total of
$2,389,900,000 constituting a new low record
for the year and a reduction of about 28 per
cent from the total shown for the corresponding
date last year. It is noteworthy that for the
period since the last Wednesday in July of the
present year Federal Reserve note circulation
shows a decrease of $147,700,000, as against an
increase of $205,400,000 for the corresponding
period in 1920. A further reduction from $93,MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF
000,000 to $74,800,000 is shown in the reserve
THE 12 FEDERAL RESERVE BANKS COMBINED.
banks7 aggregate net liabilities on Federal Refin millions of dollars.]
serve bank notes in circulation, this reduction
Nov.
Oct. 19. Oct.26. Nov. 2. Nov. 9. Nov. 16. 23.
being due largely to the deposit with the Treasury of lawful money. The amount of these
Reserves:
notes outstanding, according to Treasury rec2,921.8 2,937.1 2,945.7 2,960.8 2,969.5 2,978.2
Total
Gold
2,772.7 2,786.2 2,800.3 2,816.3 2,823.9 2,835.2 ords, shows a decrease for the same period
from $124,600,000 to $118,300,000.
Bills discounted:
Total
1,329.8! 1,308.' 1,260.4 1,246.0 1,198.0 1,205.2
Gold reserves show a further continuous gain
Secured by
IT. S. Govduring
the five weeks of $62,500,000, offset by
ernment
453.5
461.9
459.7
453.6
431.9 467.2 a loss of $6,100,000 in other cash reserves, the
obligations.
792.4
846.
806.9
766.1 738.0
870.1
Allother
November 23 gold holdings of $2,835,200,000
Bills bought in open
87.5
62.3
89.0
54.3
68.3
market
69.4 constituting a new high record.
For the presCertificates of indebt164.
157. 7
191.6
160.7
183. 8 168. 8 ent year the reserve banks report a gain of
edness
Total earning
1,577.9 1,562.0 1,549.5 1,561.4 1,482.2 1,475.9 $772,400,000 in gold and a loss of $47,900,000
assets
in other reserve cash, i. e.., legals and silver.
46.6
59.9
30.8
29.1
Government deposits
33.1
32.2
Members' reserve deThe reserve ratio, chiefly because of the gain
1,660.9 1,669.1 1,650. 7 1,670.1 1,674.1 1,670.7
posits
because
Total deposits.. 1,717.4 1,738.6 1,742.3 1,726.9 1,737.: 1,728.5 in gold and to a smaller extent
F. R. notes in circula2,440.9 2,408. 8 2,408.1 2,420.8 2,398.2 2,389.9 of the reduction in Federal Reserve note liation
F. R. Bank notes in
bilities, shows a further rise from 70.3 to 72.3.
circulation—net liaIn the following table are shown comparative
88.01
85.
93.0
bility
80.5
74.8
74.8
70.8
71. Oj
71.4
70.3
71.8
Reserve percentage...
72.3
figures of average daily cash reserves, deposits,
Federal Reserve note circulation and reserve
Bills rediscounted by the Richmond, Atlanta, percentages for the months of October and
Minneapolis, and Dallas banks reached a total November of the present and the two preof $43,800,000 on October 26. During the sub- ceding years:
Reserve rates, show a substantial increase
during the early part of November, the November 23 total being $15,100,000 in excess of the
October 19 total. Pittman certificates on
deposit with the Treasury to secure Federal
Reserve bank note circulation continued their
decline, the November 23 total being $25,900,000 less than five weeks before, Other
Treasury certificates, largely held under repurchase agreements by the New York Federal
Reserve Bank, likewise showed a large increase
during the early part of November, while other
United States securities show a nominal decrease for the five-week period. Total earning
assets of the Federal Reserve Banks on November 23 stood at $1,475,900,000, a reduction of
$102,000,000 for the five-week period and 57
per cent below the peak figure of $3,422,000,000
reported on October 15 of last year.
In the following table are given weekly
changes in the principal assets and liabilities
of the Federal Reserve Banks for thefiveweeks
ending November 23, while similar changes
since the beginning of last year are shown in
graphic form in the chart on page 1475.
1478
DECEMBER, 1921.
FEDERAL RESERVE BULLETIN.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR NOVEMBER AND OCTOBER, 1921.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Total deposits.
J! Federal Reserve notes
in circulation.
Federal Reserve Bank.
November.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: 1921.
1920.
1919.
1
264,394
,087.419
222,024
246,275
69,856
69,466
477,741
109,149
45,792
69,030
33,847
269,426
October.
November.
273,121
1,063,432
216,463
245,402
72,416 j
72,016 |
464,827 !
104,401 |
40,980 i
73,470 !
35,153 I
244,046 i
117,386
685,127
103,916
133,149
55,265
45,455
241,316
64,108
44,256
71,145
45,080
126,301
215,740
637,322
201', 128
216,385
108,917
123,204
407.591
102,343
57,350
69,828
38,024
224,610
230,668
636,921
201,916
221,872
108, 839
129,781
418,509
103,593
57, 894
72,619
40, 836
229,673
2,964,419
2,905,727 i 1,732,504
1,728,029 I 2,402,442
2,456,121
2,182,795
2,185,149
2,162,178 I 1,830,011
2,207,386 | 2,013,944
1,867,589 ! 3,327,632
1,980,676 | 2, 812,247
3,336,768
2,738,394
Calculated on the basis of net deposits and Federal Reserve notes in circulation.
114,571
683,527
104,376
136,437
55,307
45,084
243,453
63,283
43, 873
69,294
47,328
121,496
1479
FEDERAL RESERVE BULLETIN.
DECEMBBK, 1921.
CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCT. 26 TO NOV. 23, 1921.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
Oct. 26
448,280
Nov. 2
458,468
Nov. 9
469,250
Nov. 16
473,760
Nov.23
485,108
' Gold
settlement
fund —F.
R.
Board:
Oct. 26
496, 111
Nov. 2
502,647
Nov.9
500,723
Nov. 16
424,014
Nov.23
425,833
Gold with F. R.
agents:
Oct. 26
1,729,790
Nov. 2
1,708,670
Nov.9
1,723,523
Nov. 16
1,810,060
Nov.23
1,811,316
Gold redemption
fund:
Oct. 26
112,058
Nov.2
130,472
122,803
Nov.9
116,067
Nov. 16
112,972
Nov.23
Total gold reserves:
Oct. 26
2,786,239
Nov.2
2,800,257
Nov. 9
2,816,299
Nov.16
2,823,901
Nov.23
2,835,229
Legal tender notes,
silver, etc.:
150,909
Oct. 26
145,414
Nov.2
144,484
Nov.9
145,567
Nov.16
142,999
Nov.23
Total reserves:
2,937,148
Oct. 26
2,945,671
Nov.2
2,960,783
Nov. 9
Nov. 16
Nov. 23
2,978,228
Bills discounted:
Secured by U.S.
Government
obligations—
461,886
Oct. 26
453,501
Nov.2
453,621
Nov.9
431,891
Nov. 16
467,163
Nov.23
All other—
846,863
Oct. 26
806,929
Nov.2
792,399
Nov. 9
766,128
Nov.16
738,007
Nov.23
Bills bought in open
market:
62,316
Oct. 26
87,491
Nov.2
89,016
Nov.9
Nov.16
,
Nov.23
i 69,375
U. S. bonds and |
notes:
Oct. 26.....
33,207
Nov.2
36,831
Nov.9
34,117
Nov.16
32,127
Nov.23
1 32,486
Boston.
2,140
1,858
1,869
1,850
1,951
12,380
12,452
12,516
12,248
12,395
2,888
2,912
2,928
2,943
2,950
5,000
5,049
5,008
5,005
5,025
22,429
22,514
22,671
22,413
22,451
3,196
3,207
3,222
3,232
3,247
8,948
8,962
9,009
9,030
9,050
2,328
2,326
2,359
2,342
2,348
7,104
7,389
7,614
7,825
8,106
17,855
17,760
17,885
17,969
17,962
63,624
63,675
64,931
52,182
60,498
52,853
49,370
45,592
41,914
62,713
24,033
19,919
23,243
16,538
21,278
6,932
6,638
8,268
5,548
6,208
81,537
85,339
97,529
93,800
94,024
25,671
24,878
25,954
23,127
18,996
10,742
11,819
18,5(54
18,210
15,581
I 24,787
I 21,421
! 26,022
30,376
! 28,520
4,815
4,427
3,556
3,948
2,157
38,362
47,650
60,140
48,480
31,174
132,312 168,302
134,022 167,572
144,465 166,435
150,290 169,012
145,912 166,481
32,950
30,679
28,178
36,851
34,614
46,495
46,137
45,828
45,259
44,784
307,652
298,067
310,544
304,904
307,753
66,088
65,772
67,115
66,752
67,032
17,326
17,743
16,944
17,911
17,138
36,511
35,251
28,833
27,968
30,628
8,170 ; 5,384
10,138 ! 5,471
12,335 ! 4,973
5,952 | 4,594
7,958 ; 4,795
68,041 I 63.811
63,648 ! 63,295
66,684 ! 64,077
62,284 i 60,406
66,800 ': 60.812
32,182
41,640
29,003
34,509
31,495
4,112
4,406
3,041
3,392
3,093
3,061
2,533
3,265
2,1S3
2,913
2,362
3,603
4,997
5,645
2,818
4,339
2,865
1,769
2,327
2,558
5,202
4,923
4,855
6,386
4.121
I 443,800
447,560
459,747
455,626
455,723
99,067
98,263
99,332
96,503
92,368
40,077
41,057
47,782
47,334
44,712
65,988
62,601
62,211
66,331
64,314
27,332
27,116
26,350
26,888
24,772
244,086
247,544
265,856
275,787
267,076
13,404
13,376
13,242
13,182
14,554
387
486
498
478
541
5,030
5,241
5,424
5,846
7,218
6,634
6,566
6,802
6,709
4,223
3,831
3,587
3,314
3,411
73,493 ! 71,390 |464,914 112,471
69,374 ! 71,083 I467,939 111,639
72,209 71,728 I480,234 112,574
68,008 68,058 |475,554 109,685
72,582 68,613 !473,796 106,922
40,464
41,543
48,280
47,812
45,253
71,018
67,842
67,635
72,177
71,532
33,966
33,682
33,152
33,597
31,600
248,309
251,375
269,443
279,101
270,487
222 | 355,790 !
267 i 365,772 I
272 375,897 !
380,600 !
1,303
!,292 391,331 !
45,974 i 116,781
44,688 j 122,823
48,494
78,430
36,316 i 53,575
39,600 I 45,084
183,224
178,824
174,140
180,880
176,923
545,189
544,957
544,654
594,493
594,281
19,976
24,316
28,927
22,142
26,047
15,000
15,000
15,000
15,000
15,000
7,248
10,012
8,044
9,977
5,753
5,022
5,565
6,594
3,960
6,391
257,396
256,095
259,833
247,641
250,862
,032,760
,048,552
,013,981
,043,668
,045,696
205,324
209,567
219,309
214,299
214,114
238,557
234,959
231,137
227,134
247,980
18,001
16,823
16,097
15,518
14,948
56,485
52,521
52,401
53,619
48,870
7,105
6,797
5,524
6,181
7,300
5,495
5,880
7,246
7,416
7,673
275,397
272,918
275,930
263,159
285^810
1,089,245
1,101,073
1,066,382
1,097,287
|l, 094,566
25,767
28,243
23,781
22,681
26,133
116,532
92,548
113,335
91,091
120,786
68,767
67,356
66,008
63,932
70,007
40,734
41,701
45,633
45,601
44,589
30,934
37,677
37,147
38,580
32,842
32,033
31.571
30,181
29,840
30, 111
55,268
60,081
49,278
52,510
52,353
23,522
22,843
22,895
24,978
23,843
5,811
8,997
8,182
8,048
8,852
18,867
18,425
18,571
18,119
19,847
8,022
8,903
8,409
9,698
9,565
35,629
35,156
30,201
26,813
28,235
43,399
42,574
35,742
42,742
40,194
134,749
112,057
129,365
92,393
95,302
; 32,118
I 28,728
! 25,659
I 26,177
I 18,399
89,217
87,119
86,321
86,270
72,842
64,413
62,369
61,513
61,705
61,500
62,458 138,274
62,187 134,559
62.572 132,848
64,619 136,623
65,623 131,263
40,782
41,937
38,347
41,795
42,770
65,008
61,140
54,280
55,030
56,464
55,889
57,145
60,116
58,095
58,841
50.115
46,774
47,808
46.116
45,074
69,841
70,340
57,828
54,563
49,735
4,613
5,078
4,260
8,856
5,640
30,160
52,528
51,827
27,256
26,471
5,889
6,484
6,744
7,846
2,859
3,423
3,446
2,885
2,645
3,580
3,670
3,699
3,793
3,998
6,142
6,078
5,864
5,660
4,946
3,130
3,561
4,161
3,350
1,891
212
380
545
1,528
1,213
1,488
1,626
1,587
1,627
1,630
205
205
255
90
190
4,038
4,458
6,628
5,429
10,942
1,465
1,434
1,434
1,434
1,434
855
856
856
856
856
1,233
1,233
1,233
1,233
1,233
10,396
10,388
10,388
10,387
10,385
4,495
4,490
4,490
4,490
4,866
1,245
1,240
1,224
1,226
1,230
8,868
8,868
8,868
8,869
8,868
2,643
2,643
2,643
2,643
2,643
205
205
204
204
204
644
943
728
622
647
212,429 244,052
216,364 240,839
224,833 238,383
220,480 234,550
221,414 255,653
1,005 |
4 415 !
1,933 !
47 I
5,452 I
5,726 i
5,525 !
5,724 i
5,782 i
7,579 j 21,114
7,788 I 20,379
7 651 20,487
7,652 ! 19,928
7,801 | 18,073
153
116
116
116
120
11,074 182,667
12,435 177,211
13,411 182,976
12,788 202,952
11,951 213, 819
1480
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCT. 26 TO NOV.23,1921—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
U. S. certificates of
indebtedness:
One-year certificates (Pittman
act)—
Oct. 26
Nov.2
Nov. 9
Nov. 16
Nov. 23
All other—
Oct. 26
Nov.2
Nov. 9
Nov.16
Nov. 23
Municipal warrants:
Oct. 26
Nov.2
Nov. 9
Nov.16
Nov 23
Total earning assets:
Oct. 26
Nov.2
Nov.9
Nov. 16
Nov.23
Bank premises:
Oct. 26
Nov.2
Nov. 9
Nov. 16
Nov.23
5 per cent redemption fund against
F . R. Banknotes:
Oct 26 .
Nov.2
Nov.9
Nov. 16...
Nov.23
UncoUected items:
Oct. 26
Nov.2
Nov.9
Nov.16
Nov. 23
All other resources:
Oct. 26
Nov.2
Nov. 9
Nov.16
Nov. 23
Total resources:
Oct. 26
Nov.2
Nov.9
Nov.16
Nov.23
New
York.
Boston.
Philadelphia.
Cleveland.
Richmond.
3,760
3,760
3,760
3,760
3,760
149,875
144,875
138,500
132,500
131,000
13,436
11,936
10,916
10,450
10,450
43,276
41,276
39,276
37,400
37,400
16,280
15,780
14,955
14,000
13,500
13,299
13,299
11,299
10,040
10,040
7,864
19,822
53,099
51,262
37,834
216
408
497
546
1 276
5,000
13,332
46,385
45,977
33 383
2
1
180
175
175
193
193
10
10
616
10
22
I
410
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
1,900
1,900
1,900
1,900
1,900
8,564
8,564
8,564
8,564
8,564
23,112
22,612
22,112
21,167
20,167
8,068
7,568
7,568
7,069
7,069
4,980
4,980
4,950
4,950
4,950
5,320
5,320
5,320
5,320
5,320
1
1
1
1
1
2,375
5,523
5,800
4,105
2,308
76
64
87
170
239
206
41
38
8
13
112
23
18
16
10
10
10
10
c
>2
606
San
Francisco.
7,880
7,880
7,880
7,880
7,880
1
89
17
1,562,021
1,549,459
1,561,368
1,482,238
1,475,887
88,075
89,182
75,924
85,897
84,340
330,722
316,156
382,121
294,164
313,342
124,521
119,783
114,801
113,586
113,559
147,144
146,573
147,730
145,845
131,165
103,920
108,709
107,352
109,071
103,333
119,594
118,789
117,570
119,071
119,630
226,654
230,826
218,689
222,245
212,848
73,905
74,032
70,666
76,766
76,361
76,562
75,449
67,579
68,192
70,416
90,445
91,496
95,091
92,048
91,522
62,885
60,425
61,015
60,447
59,372
117,594
118,039
102,830
94,906
96,996
31,020
31,345
32,005
32,571
32,949
4,412
4,468
4,506
4,560
4,602
5,883
6,022
6,022
6,025
6,182
533
533
533
533
535
3,237
3,311
3,331
3,503
3,600
2,697
2,697
2,697
2,856
2,895
889
891
920
925
934
5,392
5,393
5,741
5,779
5,779
627
628
628
628
628
718
718
718
734
734
3,836
3,872
4,094
4,162
4,188
2,097
2,097
2,097
2,141
2,141
699
715
718
725
731
8,099
8,038
7,866
7,813
7,903
422
422
422
422
422
1,820
1,770
1,620
1,557
1,542
700
700
700
700
700
539
539
539
539
539
188
188
188
188
188
533
543
543
560
549
1,664
1,665
1,665
1,665
1,665
523
523
523
523
523
244
222
200
193
309
916
916
916
916
916
156
156
156
156
156
394
394
394
394
394
540,067
558,326
521,847
687,243
544,393
47,409
57,556
46,796
69,889
47,690
114,782
121,228
95,886
152,048
123,699
44,773
48,867
44,588
64,076
47,974
47,125
47,638
41,121
64,631
46,170
46,962
48,051
57,217
55,586
47,179
21,822
19,346
20,095
24,822
20,224
65,753
67,209
65,430
83,315
65,844
31,868
32,488
33,992
38,595
30,587
15,925
15,988
15,587
17,721
15,685
42,105
39,539
39, 658
43,809
38,424
25,828
24,489
24,666
29,756
23,416
35,715
35,927
36,811
42,995
37,501
16,560
18,684
17,999
18,497
18,732
464
478
467
465
450
2,975
3,812
3,587
3,181
3,440
451
435
458
414
463
1,304
1,063
1,010
1,030
1,015
377
617
423
434
339
639
684
650
640
698
1,884
1,893
1,872
1,871
1,812
801
782
771
804
787
732
750
782
849
901
445
473
542
560
574
2,142
3,127
2,150
2,800
2,753
4,346
4,570
5,287
5,449
5,500
5,094,915
5, 111, 523
5,101,868
5,197,830
5,058,092
416,179
425,024
404,045
424,392
403,314
1, 545,427
1,550,061
1,555,618
1,554,262
1, 542,771
383,407
386,682
385,913
399,789
384,645
443,401
439,963
432,114
450,098
438,142
227,637
229,636
240,086
236,143
226,516
214,867
211,336
211,606
214,076
210,648
766,261
774,925
773,631
790,429
761,744
220,195
220,092
219,154
227,001
215,811
134,645
134,670
133,146
135,501
133,298
208,765
204,138
207,936
213,672
210,156
127,074
123,976
123,236
128,897
119,438
407,057
411,020
415,483
423,570
411,609
LIABILITIES.
Capital paid in:
Oct. 26
Nov.2
Nov.9
Nov.16
Nov.23
Surplus:
Oct. 26
Nov.2
Nov.9
Nov.16
Nov.23
Reserved for Government franchise tax:
Oct. 26
Nov.2
Nov.9.
Nov.16
Nov.23
103,007
103,020
103,120
103,166
103,216
7,935
7,940
7,937
7,937
7,936
27,087
27,087
27,132
27,134
27,137
8,684
8,713
8,724
11,104
11,104
11,120
11,120
11,122
5,411
5,411
5,414
5,417
5,418
4,155
4,159
4,175
4,176
4,174
14,383
14,383
14,398
14,397
14,397
4,568
4,566
4,567
4,567
4,568
3,55(5
3,561
3,557
3,561
3,563
4,522
4,522
4,526
4,535
4,562
4,205
4,201
4,200
4,200
4,206
7,397
7,402
7,410
7,409
7,409
213,824
213,824
213,824
213,824
213,824
16,342
16,342
16,342
16,342
16,342
59,318
59,318
59,318
59,318
59,318
17,564
17,564
17,564
17,564
17,564
22,263
22,263
22,263
22,263
22,263
11,026
11,026
11,026
11,026
11,026
8,708
8,708
8,708
8,708
30,536
30,536
30,536
30,536
30,536
9,114
9,114
9,114
9,114
9,114
7,303
7,303
7,303
7,303
7,303
9,330
9,330
9,330
9,330
7,113
7,113
7,113
7,113
7,113
15,207
15,207
15,207
15,207
15,207
53,938
54,026
54,478
54,643
55,131
2,756
2,722
2,751
2,761
2,788
20,408
20,408
20,408
20,408
20,408
3,540
3,587
3,624
3,607
3,618
2,831
2,847
2,907
2,956
3,040
2,683
2,707
"2,776
2,825
3,878
3,932
4,000
4,073
4,165
9,491
9,465
9,545
9,545
9,612
1,448
1,423
1,461
1,468
1,509
2,083
2,131
2,192
2,208
2,257
1,929
2,002
1,966
1,970
1,967
8,684
2,891
2,802
2,848
2,822
2,868
1481
FEDEEAL RESERVE BULLETIN.
DECEMBEE, 1921.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCT. 26 TO NOV. 23, 1921—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
New
York.
Total. | Boston.
Deposits:
Government—
46,624
Oct. 26
59,917
Nov. 2 . . . . . .
30,792
Nov.9
33,103
Nov. 16
32,155
Nov. 23
Member bank—
reserve
account—
Oct. 26
1,669,059
1,650,746
Nov.2
1,670,124
Nov.9
1,674,064
Nov. 16
1,670,717
Nov. 23
All other—
22,873
Oct. 26
31,675
Nov.2
25,949
Nov. 9
30,549
Nov. 16
25 ; 625
Nov. 23
Total deposits:
1,738,556
Oct. 26
1,742,338
Nov. 2
1,726.865
Nov. 9
1.737' 716
Nov. 16
\, 728;497
Nov. 23
F. R. notes in actual
circulation:
2,408,779
Oct. 26
|2,408,122
Nov.2
Nov. 9
2,420,831
2,398,224
Nov. 16
2,389,916
Nov. 23
F. R. Bank notes in
circulation — net
liability:
Oct. 26
88,024
Nov. 2
84,985
Nov.9
80,524
Nov. 16
74,786
Nov. 23
74,765
Deferred availability
items:
Oct. 26
466,044
Nov. 2
481,623
Nov.9
478,024
Nov. 16
591,324
Nov. 23
468,110
All other liabilities:
Oct. 26
22,743
Nov.2
23.585
Nov.9
24,202
24,147
Nov. 16
24,633
Nov. 23
Total liabilities:
5,094,915
Oct. 26
5,111,523
Nov.2
5,101,868
Nov.9
5,197,830
Nov. 16
5,058,092
Nov. 23
Philadelphia.
Cleveland.
St. I MinneLouis. apolis.
mond'. ! A t l a n t a '
3,304
4,040
3,662
2,388
4,448
13,215
11,890
3,355
6,604
7,435
4,127
4,438
1,647
660
1,624
1,868
4,071
3,746
4,132
2,022
4,132
4,426
1,694
3,763
• 902
3,153
3,491
2,060
2,225
2,430
3,382
i 10,797
2,636
i
2,494
I
! 1,679
112,837
116,873
110,469
115,354
111,345
675,365
664,961
674,246
653,748
661,673
98,535
100,353
101,065
100,297
134,255
130,809
128,199
129,977
133,275
51,059
49,605
51,323
51,001
52,676
42,626
40,632
43,310
43,329
43,784
1,041
907
820
840
823
11,369
17,711
13,694
17,078
14,670
1,217
1,710
1,215
1,384
1,172
752
772
751
914
733
377
364
381
397
117,182
121,820
114,951
118,582
116,616
699.949
694', 562
691.295
677^ 430
683,778
103,879
106,501
101. 280
103;109
103,093
136, 875
135,652
132 696
135;023
136,030
55, 621
54,484
53,494
55,268
54,063
224,159
220,585
*17,944
215,458
213,519
623, 873
630, 748
643, 400
634, 716
637, 672
200, 853
198, 986
204, 422
200, 725
200, 324
218,555
215,448
218,941
216,598
216,793
107,128
107,688
109,840
109,224
107,960
7,406
5,906
4,886
4,420
4,500
22,736
21,251
19,591
17,101
17,607
4,907
5,175
4,930
4,582
4,480
7,896
8,007
6,112
4,859
37,
57,
40,
87,674
91,911
89; 442
113,527
92,157
42,849
45,074
44,260
60,281
45,558
42.542
43^285
36,624
55,774
42,527
1,
1,
1,
I,
1
4,382
4,776
5,032
4,628
4,694
1,131
1.111
i;i49
1,208
1,284
1,545,427
1,550,061
1,555,618
1,554,262
1,542,771
383,407
386,682
385,913
399,789
384,645
39.
4s;
416,179
425,024
404,045
424,392
403,314
430 ;
453 i
477|
504 j
485 !
!
!
i
i
4,857 !
3,674 I
3,731 !
3,741 i
3.750 !
3,745 i
! 40,753 I
! 43,212 j
52,431 j
! 47,215
i 39,973
1,335 j
1,357 I
1,451 j
1,505 i
1,510 I
1,341 !
1,377
1,364
1,418
1,432 j
46,156
44, 487
45.751
45,' 951
46,576
2,770
3,305
2,076
2,299
2,312
2,425
5,265
1,423
1,954
2,771
2,555
1,599
1,945
1,924
1,579
3,729
3,441
4,473
2,876
2,207
229,151
230,118
234,413
242,927
233,098
62,681 I
60,719 I
60,882 '
61,915 i
61,105 I
41,457
39,734
40,596
40,702
42, 462
65,502
62,756
67,872
68,605
69,640
43,475
40,830
42,070
43,220
41,326
112,116
113,356
118,326
122,221
120,036
2,078
2,278
2,514
2,486
2] 197
833 I
890 i
714 ! i
869
812 j
593
578
597
498
434
703
649
575
625
599
435
1,453
306
306
291
3,045
3,910
3,905
4,648
3,047
65,478 !
61,763 I
63;671 I
64,568
64,663
44.820
43'. 617
43; 269
43, 499
45,208
68,630
68,670
69,870
71,184
73,010
46,465
43,882
44,321
45,450
43,196
118,890
120,707
126,704
129,745
125,290
57,779
57,691
57,595
57,418
57,0C2
71,356
70.804
69;881
69,663
69,351
39,752 225,479
39,630 227,221
38,488 224,357
37,888 225,139
37,000 222,511
4,218 1
3,717 i
3,763 !
3,360 I
3,415 I
3,512
3,517
3,593
3,639
3,6£3
11,686
11,963
12,385
12,391
12,410
2,790
2,703
2,601
2,534
2,452
3,310
3,324
3,386
3 ; 527
3,647
52,895 I 32,157 |
54,317 32,100
56,695 33.362
70,337 39,713
53,211
30,718
14,243
15,460
14' 275
16;471
12,830
39,823
35,359
38,342
42,946
37, 771
24,951
24,634
24,613
29.828
23,532
31,938
32,293
33,542
37,715
32,618
1,240
1.264
l',240
1,297
1,317
1,349
1,390
1,362
I,4d2
1,442
1,489
1,488
1,636
1.653
1,755
1,798
1,813
1,900
1,884
1,939
1,945
2,064
2,029
2,006
2,059
220,195
220,092
219,154
227,001
215,811
134,64:5
134,670
133,11,6
135,501
133,298
208,765
204,138
207,936
213,672
210,156
71.9
71.6
73.9
72.8
73.7
67.2
66.5
68.0
65.5
64.7
39.4
41.0
47.9
47.4
44.3
50.7
48.6
48.4
51.2
50.2
39.4
3,808
3,808
3,808
3,808
3,808
1,504
1,504
1,504
1,504
1,504
864
864
8(54
864
864
1,536
1,536
1,536
1,536
1,536
832
832
126,163 411,710
125,780 410,396
123,676 410,311
122,823 405,658
121,557 405,720
17,182 I
15,691 |
16,605 |
20.039 !
17 014 !
1,080
1,132
1,174
1,166
1,173
San
Francisco.
1,964
3,154
2,075
1,784
2,746
234 611
213,193
239', 563
247,907
236,974
7,545
7,447 I
7,417 j
7,140
7,281 !
Kansas Dallas.
City.
8,344
8,244
8,119
7,483
6,678
4,291
4.391
4', 464
4, 566
4 ; 616
443,401 '227,637 I 214,867 766,261
439,963 229,636 211,336 1 774,925
432,114 240,086 211,506 773,631
450,098 236,143 214,076 790,429
438,142 226,516 210,648 761,744
101,972
103,145
101,976
102,914
100,507
127,074 407,057
123,976 411,020
123,236 415,483
128,897 423,570
119,438 411,609
MEMORANDA.
Ratio of total reserves to deposit
and F . R . note liabilities combined,
per cent:
Oct. 26
Nov.2
Nov.9
Nov. 16
Nov. 23
Contingent liability
on bills purchased
for foreign correspondents:
Oct. 26
Nov.2.....
Nov.9
Nov. 16
Nov. 23
70.8
71.0
71.4
71.8
72.3
32,308
32,313
32,312
32,322
32,319
80.7 I
79.7 !
82.9 i
78.8 i
80.5 ;
2,336
2,336
2,336
2,336
2,336
!
I
i
!
82.3 I
83.1 {
79.9
83. 6
82.8
12,052
12,057
12,056
12,066
12,063
69. 7 I
70.8 I
73.5 I
72.6 I
73.0 !
2,560
2,560
2,560
2,560
2,560
68.7
68.6
67.8
66.7
72.5
2,624
2,624
2,624
2,624
2,624
!
!
J
I
I
45.2
42.8
44.2
41.3
44.8
41.4
41.7
42.3
40.3
40.8
1,568
1,568
1,568
1,568
1,568
1,152
1,152
1,152
1,152
1,152
I
j
i
i
i
i
!
I
i
40.5
40.0
40.3
39.4
832
832
72.1
72.2
76.8
78.6
77.8
1,472
1,472
1,472
1,472
1.472
1482
FEDERAL RESERVE BTJLLETIH.
DECEMBER, 1921.
REDISCOUNTS OF BILLS BETWEEN FEDERAL RESERVE BANKS.
[In thousands of dollars.]
Paper rediscounted with other F. R. Banks.
Paper discounted for other F. R. Banks.
Federal Reserve Bank.
Oct. 26.
Boston
New York
Cleveland
Richmond
Atlanta
Minneapolis
Dallas
Total
Nov. 2.
N o v . 9.
N o v . 16.
N o v . 23.
15,000
15,956
4,366
8,465 !
4.2<Y)
15,263
955
7,251
5,000
10,668
5,495
970
2,487
43,787
27, 669
21,163
13 901
19 663
5,000
7,931
Oct. 26.
Nov. 2.
Nov. 9.
Nov. 16. Nov. 23.
18,454
19,366
5,967
17,071
5,155
5,443
12,918
5,000
3,245
6,741
5,000
2,160
10,000
535
43,787
27,669
21 163
13 901
19,663
9,128
10,000
7,176
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
Oct. 26
Nov. 2
Nov. 9
Nov. 16 .
Nov. 23
Bills bought in open market:
Oct.26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
U. S. certificates of indebtedness:
Oct.2S
Nov. 2
Nov. 9
Nov. 16
Nov.23
. .
Municipal warrants:
Oct. 26
Nov. 2 . .
Nov. 9
Nov. 16
Nov. 23...
Within 15
days.
16 to 30
days.
31 to 60
days.
61 to 90
Over 90
days.
1,308,749
1,260,430
1,246,020
1,198,019
1,205,170
771,132
732,102
701,686
674,047
693,057
143,281
146,971
171,739
152,974
143,726
229,112
212,353
204,247
194,373
188,202
129,937
125,384
120,863
124,915
125,554
35,287
43,620
47,485
51,710
54,631
62,316
87,491
89,016
68,320
69,375
33,351
58,207
59,795
37,797
40,270
12,261
10,756
10,818
10,368
10,092
10,602
12,188
12. 264
13.377
12, 810
5,766
6,232
6,067
6,705
6,203
336
108
72
73
157,739
164,697
191,599
183,762
168,834
6,724
30,480
27,498
9,878
2,400
3,100
499
20,100
26,105
16,036
21,883
28,197
10,345
8,900
13,059
8,602
5,602
4,900
4,618
126,244
124,388
126,821
120,918
119,333
7
10
10
10
10
3
12
10
10
616
10
22
606
1483
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, OCT. 26 TO NOV. 23, 1921.
[In thousands of dollars.]
Net amount of F. R.
notes received from
Comptroller of the
Currency:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
F. R. notes on hand:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
F. R. notes outstanding:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Collateralsecurity for
F. R. notes outstanding:
Gold and gold
certificates—
Oct26
Nov. 2
Nov. 9
Nov. 16
Nov.23
Gold redemption
fund—
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Gold fund—F.R.
Board—
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov.23
Eligible p a p e r Amount required—
Oct. 26...
Nov. 2 . . .
Nov. 9 . . .
Nov. 16..
Nov.23..
E x c e s s
am o u n t
held—
Oct. 26...
Nov. 2 . . .
Nov. 9 . . .
Nov. 16..
Nov.23..
New
Boston.
York.
Philadelphia.
Cleveland.
Richmond.
lant'a.
345,810
341,411
336,727
333,467
335,910
,1,060,713
11,068.673
j 1,067^ 210
jl, 075, 414
11,082,843
257; 000
253,710
249,152
246,977
248,600
279,780
279,030
275,392
278,869
274,139
137,844
139,573
139,371
143,950
146.613
208,855
206,997
205,447
205,578
203,804
864,565
879,945
855,296
853,606
874.852
104,440 ! 321,980
101,440 ! 325,060
99,840 | 317,990
98,760 313,350
103,360 319,930
37,220
35.220
30; 220
27,220
30,220
42,400
43,780
39,480
42,180
39,680
20,809
21,009
22,659
25,159
30,059
76,759
75,604
76,368
77,748
77,134
2,725,315
2,7J5,606
2. 708,845
2,716,943
2,7P4.639
241,370 738,733
239,971 I 743,613
236,887 I 749, 220
234,707 762,064
232,550 762,913
219,780
218,490
218,932
219,757
218,380
237,380
235,250
235,912
236,689
234,459
117,035
115,564
116,712
118,791
116,554
132,096
131,393
129,079
127,830
.126,670
Total.
3,589,880
3,595,551
3,564,141
3,570,549
3,579,491
Chica
S°-
Kansas
City.
71,217
75.894
75;095
74,062
73,289
82,267
81,007
79,589
78,925
85,025
63,724
63,084
62,061
61,437
60,601
314,151
317,095
312,860
307,835
313,303
11,335
15,190
14,460
14,230
12,950
4,290
4,290
3,890
3,250
9,050
20,172
20,052
19,849
19,849
19,849
34,860
39,960
39.960
36;360
42,360
I 123,312
S124,456
;122,698
I 123,536
I122 816
59,882
60,704
60,635
59,832
60,339
i 77,977
i 76,717
J 75,699
j 75,675
! 75,975
43,552
43,032
42,212
41,588
40,752
279,291
277,135
272,900
271,475
270,943
6,110
6,110
6,110
6,110
6,110
13,052
13,052
13,052
13,052
13,052
4,447
4,031
3,774
3,411
3,891
1,074
2,491
1,692
2,659
1,886
3,151
1,891
2,473
1,608
2,268
2,139
3,499
4,476
3,853
3,016
17,815
15,072
13,126
17,077
15,241
3,200
2,200
2,200
2,200
2,200
33,360
33,360
26,360
26,360
28,360
2,234
2,234
2,234
2,234
2,234
164,852
162,139
169,850
185,875
198,578
616,147
616,161
610,079
614,039
606,888
!152,372
I 152,916
!151,158
!149,996
I 148,476
!
161,240 29,060
166 880 28,460
162;120 28,460
169, 040 26,460
164,600 25,660
454,907
449,281
,447,959
;444,999
442,288
San
Frapcisco.
Minneapolis.
8 t
450.162
450,164
450.163
450,163
450,163
5,600
5,600
5,600
5,600
5,600
396,924
396,925
396,925
396,925
396,925
110,418
120,908
117.952
122' 569
112,822
17,624
13,224
18,540
15,280
11,323
17,265
27,032
26,729
26,568
26,356
11,923
16,633
12,076
14 901
151523
1,169,210
1,137,598
1,155,408
1,237,328
1,248,331
160,000
160,000
150,000
160,000
160,000
131,000
121,000
121,000
171,000
171,000
120,389
117,389
132,389
135,389
130,389
135,000
135,000
135,000
135.000
135,000
30,500
27,500
24, 500
34, 595
31, 595
40,500
38,500
40,000
37,800
39,300
292.644 I 55,531
282.645 I 55,631
294,644 ' 57,231
289,644 57,231
292,644 57,031
995,525
1,006,936
985,322
906,883
893,323
58.146
61.147
62,747
53,827
55,627
193,544
198,656
204,566
167,571
168,632
87,468
84,468
74,467
69,467
72,468
69,078
67,678
69,477
67,677
67,978
84, 085
84, 885
88, 534
81 940
81* 940
85,601
85,256
83.251
82,571
81,886
147,255
151,214
137,415
140,095
134,535
57,224
58,684
55,583
56,784
55,784
42,556
42,961
43,691
41,921
43 201
41,466
41,466
46,866
47,707
45,347
32,478
30,597
28,801
28,800
28,801
96,624
99,924
89,924
68,523
57,124
336,274
292,118
293,472
310,529
336,695
15,633
14,748
1,036
20,452
16,340
61,008
28,105
60,762
16.665
47;274
10,460
4,277
3,020
11,805
12 899
63,413
64,392
65,848
67,055
51,891
13, 438
17 916
9,945
20, 283
!*>652
14,976
14,413
15 199
17' 161
18,379
1 49,412
j 46,968
i 48.850
52,229
I 50,853
7,237
6,455
6,175
11,366
12,001
27,759
24,903
16,720
19,240
20,293
34,695
35,698
34,014
30,076
34 922
25,796
24,466
27,411
26,397
25,783
12,447
9,777
4,492
17,800
31,408
18,375
18,375
18,375
18,375
18,375
3,400 1
3,400 1
3,400
3, 400
3,400
14,927
2,450
14,197 I 3,179
13,060
3,678
15,637 I 2,256
3,019
13,106
2,595
4,237
2,428
4,059
2,084
15,008
15,422
15,900
15,260
15,109
6,701
6,702
6,701
6,701
6,701
1484
FEDERAL RESEBVE BULLETIN.
DBCEMBBB, 1921.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, | FROM OCT, 1»
TO NOV. 16, 1921.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[Amounts in thousands of dollars.]
New
York.
Number of reporting
banks:
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
Loans and discounts, including bills rediscounted with F. R.
Bank:
Secured by U. S.
Government obligations—
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
Secured by stocks
and bonds (other
than U. S. Government obligations)—
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
All other—
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
Total loans and discounts, including bills
rediscounted with F.
R. Bank:
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov. 16
U S. bonds:
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov. 16
XJ. S. Victory notes:
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov.16
U. S. Treasury notes:
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
U. S. certificates of indebtedness:
Oct. 19...
Oct. 26
Nov.2
Nov.9
Nov. 16
Other bonds, stocks, and
securities:
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov.16
Philadelphia.
San
Francisco.
RichAtSt. Minne- K a n s a s
mond. lanta. Chicago. Louis. apolis. City.
112
112
112
112
112
851
85!
85|
85|
85
112
112
112
111
111
807
807
Cleveland.
65
OS
65
65
65
20,012
16,562
17,629
16,661
16,310
72,997
73,755
71,943
71,577
76,745
18,846
18,426
18,435
18,840
18,684
11,890
11,674
11,512
11,806
11,185
18,499
18,375
18,695
19,375
18,921
7,054
6,803
6 690
6,585
26,171
26,406
26,034
25,115
25.145
337,466
338,154
334,483
332,837
331,548
110,302 51,883
108,201 50,924
107,291 51,601
107,068 51,479
106,573 51,668
433,531
427,202
432,430
435,003
425,868
119,556
120,424
121,741
122,220
121,434
31, 452
31,299
33,288
32,156
33,013
65,107 37,866
64,334 37,605
65,525 37,659
65,008 38,941
63,039 38,028
143,849
144,426
144,160
143,642
143,268
356,783
355,236
353,385
350,830
350,223
660,138
651,615
649,496
649,654
646,364
326,303
328,914
327,052
326,668
327,967
315,682
321,275
318,325
315,704
312,527
1,154,722
1,144,904
1,132,854
1,135,345
1,132,725
300,518
299,172
296,806
297,871
295,545
233,418
232,924
234,148
227,745
218,459
4,153,734
4,123,415!
4,108,348
4,111,497
4,114,308
604,108
607,823
609,813
603,815
599,759
1,051,904
1,013,808
1,037,012
1,031,569
1,029,524
459,268
459,889
456,403
455,624
456,558
387,577
388,761
387,555
383,844
380,505
1,661,250
1,645,861
1,637,227
1,641,925
1,635,338
42,6901
311,804
314,-682
323,427
326,758
329,~~
46,776
46,960
47,316
46,367
46,997
109,331 61,129
110,530 61,005
111,893 61,063
111,205 60,422
111,561 60,041
30,249
30,286
30,680
28,279
30,207
3,618|
3,599i
3,508|
3,563
3,681!
77,790
83,346
85,578
80,783
79,953
5,109
6,231
6,495
10,148
9,448
13,774
13,732
14,960
15,192
15,152
3,622
3,653
3,391
3,215
3,017
2,094
1,886
1,874
1,844
1,841
26,461!
26,369
26,735!
27,256
27,3311
1,965
1,710
1,167
1,540
1,585
810|
8031
807!
813
810
117,709
111,576
117,156
124,156
120,594
3,540J
3,456i
3,4911
3,888
3, 7011
75,238
75,974
76,967
81,429
82,145
9,564
7,744
7,742
7,717
8,074
5,026
3,202
3,121
2,939
2,909
4,228
2,215
2,414
3,256
3,005
232
22
8,634}
7,714|
8,6881
8,824
8,613!
1,222
402
137
185
189
107,493
93,742
216,395
176,574
167,834
5,7611
5,382
13,755
10,098
7,294
6,536
5,971
15,531
15,609
13, 714
2,269
2,409
4,190
3,047
2,300
16,0381
15,1691
39,112
30,429
25,222
1,282
1,005
5,615
3,265
3,258
2,092,861
2,054,411
2,052,867
2,059,233
2,073,581
142,328'
140,893!
140,424!
139,876
143/656
571,640
564,818
546,445
539,087
540,072
34,996
32,182
32,554
32,054
33,504
225,489!
225,347J
211,865
208,279
205,135
58,847
58,254
55,852
54,724
54,228
54,300
54,0091
53,063
52,078
51,612
3,032,079
3,040,953
3,069,905
3,058,680
3,059,193
190,230
192,094
195,388
192,944
197,611
1,322,359
1,331,957
1,345,763
1,349,121
1,351,835
188,478
194,333
200,576
198,261
195,308
7,873,541
7 810,405
7,782,099
7,779,284
7,755,054
596,273
597,807
599,221
601,933
591,123
2,605,886
2,566,111
2,550,720
2,554,097
2,557,338
11,477,260
11,422,176
11,398,449
11,387,051
11,354,319
821,499
822,083
827,163
826,931
822,238
880,133
885,818
898,675
898,695
906,517
39,594
39,471
40,201
41,465
155,929
161,527
165,853
164,544
162,699
41,724 8,388
38,869 5,386
85,997 15,654
72,782 11,448
78,388 8,401
744,808
719,195
718,588
724,912
725,383
156,833
156,822
158,290
158,246
158,019
277,676
276,924
274,986
275,139
274,584
22,663
22,774
22,060
21,888
22,018
1,993
793
782
4,>342
2,875
2,109
50,629 37,249
51,586 33,849
51,632 37,010
51,299 36,675
51,031 33,668
369,869!
370,993
374,148!
374,518
378,405
204,035
206,440
202,726
201,876
200,780
749,914
740,984
743,218
743,043
743,598
438,920 276,760 453,475!
438,022 275,897 453,702
436,982 278,948 458,368
438,931 271,707 458,901
435,663 262,657 460,365!
i
71,130 26,850 15,939 32,700
71,670 26,893 15,925 32,705
71,882 27,067 15,800 33,407
71,714 29,642 15,796 34,128
71,518! 30,001 15,753! 34,336
248,831
251,099
247,188
247,507
245,393
919,934
911,816
913,412
911,800
912,011
33,895
34,880
34,865
34,783
34,782
100,736
100,811
101,074
98,136
2,937
2,833
3,148
3,242
3,203
1,274
1,319
1,319
1,319
1,319
16,475
16,046
16,871
15,629
15,359
1,353
1,318
1,224!
1,223
1, 222
1,323
2,136
3,890
3,924
1,891
622
622
622
622
622
6,727
6,771
8,860
8,156
8,223
1,281
1,044
6,020
4,681
3,335
5,134
4,792
5,394
5,148
6,799
3,085
2,377
4,126
3,107
2,837
15,202
10,556
16,659
14,085
14,177
359,880 68,062 21,595
354,046 68,879 21,163
353,770 69,588 21,149
354,782 69,697 21,059
359,809 69,859 21,0751
47,712
47,134
47,724
48,109
48,960
10,250
10,158
10,117
10,425
10,492
175,839
173,762
169,589
169,014
177,045
1485
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCT. 19
TO NOV. 16, 1921—Continued.
ALL R E P O R T I N G MEMBER BANKS IN EACH F E D E R A L RESERVE DISTRICT-Continued.
[Amounts in thousands of dollars.]
Total.
Total loans and discounts and investments, including bills
rediscounted with F.
R. Bank: .
Oct. 19
Oct. 20
Nov.2
Nov. 9
Nov. 16
Reserve with F. R.
Bank:
Oct. 19
Oct. 26
Nov. 2
Nov. 9
?..
Nov.16
Cash in vault:
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov.16
Net demand deposits:
Oct. 19
Oct.26
Nov.2
Nov. 9
Nov.16
Time deposits:
Oct. 19
Oct.26
Nov.2
Nov.9
Nov. 16
Government deposits:
Oct.19
Oct.26
Nov.2
Nov.9
Nov.16
Bills payable with F . R .
Bank:
Secured by U. S.
Government obligations—
Oct. 19
Oct.26
Nov.2
Nov. 9
Nov. 16
All other—
Oct. 19
Oct.26
Nov.2
Nov.9
Nov. 16
Bills rediscounted with
F. R. Bank:
Secured by U. S.
Government obligations—
Oct. 19
Oct.26
Nov.2
Nov. 9
Nov.16
All other—
Oct. 19
Oct.26
Nov.2
Nov.9
Nov.16
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
AtMinne- Kansas
St.
lanta. Chicago. Louis. apolis. City.
Dallas.
San
Francisco.
1,464,247
1,454,167
1,457,533
1,454,653
1,447,444
581,145
580, 75:
579,093
576,863
575,952
458,194
455,586
461,461
455,510
448,330
2,143,393
2,120,829
2,137,414
2,134,930
2,127,831
538,301
536,911
540,556
543,260
540,555
543,281
543,302
551,931
553,452
555,554
297,957
300, 455
298,23'
297,—
295, 445
1,234,913
11,219,762
1,226,465
*,216,820
1 , 225,624
15,830 36,73f
18,937 37,355
18,203 35,060
18,019 40,060
18,401 40,716
19,989
21,655
19,401
20,633
22,172
77,519
72,928
72,978
78,629
81,713
12, 76C 10,037
13,003 9,820
12,650 9,460
12,577 9,476
11,954 9,091
23,270
24,812
24,081
25,071
25,649
14,831,
14,729,
14,849,
14,810,
14,785,
1,016,340
1,014,884
1,028,542
1,025,821
1,023,260
5,405,098
5,355,481
5,398,905
5,398,161
5,409,999
830,77!
830,966
845,310
837,741
830,698
1,254
1,268^
1,247,
1,239,
1,269,
77,369
75,683
79,000
74,789
77,922
601,463
618,260
605,999
585,787
595,943
63,513
59,569
62,847
61,392
63,829
87,874 31,618
92,163 31,469
88,802 29,750
86,375 31,212
88,392 30,058
26,16S
26,306
24,589
27,171
27,092
177,386
172,898
171,331
174,684
181,901
39,331
41,621
39,731
40,30P
40,920
305,
300,
290,
309,
303,
21,236
21,195
20,545
20,959
20,266
100,446
97,853
93,826
98,880
99,920
17,032
16,966
15, 754
19,181
17,133
30,678
28,493
27,084
30,066
30,003
14,921
14,868
13,748
15,035
14,74"
9,395
9,405
9,676
9,477
52,533
51,528
50,531
54,300
51,819
7,167
6,888
7,243
7,574
7,172
10,247,
10,192,
10,179,
10,174,
10,235,
747,654
751,160
757,133
752,970
755,452
4,650,639
4,636,456
4,636,815
4,611,953
4,652,621
619,231
619,213
626,643
630,800
625,391
825,808
801,129
782,731
770,911
775,498
300,805
297.648
295,943
297,117
294,392
217,071
215,245
217,880
217,306
216,995
1,290,783
1,279,535
1,276,697
1,286,192
1,284,288
287,189
295,661
290,823
294,362
292,368
169,262
171,733
177,414
178,826
177,282
353,705
352,503
353,754
355,406
363,074
2,961,
2,965,
2,987,
2,982,
3,002,
179,782
179,974
183,221
183,585
181,779
456,596 43,809
460,979 43,854
461,006 44,145
462,499 44,698
481,665 44,746
427,424
426,310
431,610
429,081
426,939
127.649
127,516
128,186
127.230
126,514
140,880
141,306
142,560
143,297
143,268
656,077
656,738
657,598
659,203
659,541
148,740
148,356
149,039
148,964
148,833
69,303
69,213
69,772
70,106
76,942
103,820
103,732
111,347
103,220
103,412
60,157
60,087
60,337
60,707
60,461
547,655
547,903
548,999
550,271
548,476
140,
80,
257,
263,
214,
11,409
6,391
20,483
20,456
16,440
65,076 11,987
36,586 6,721
106,530 23,216
106,524 23,316
84,194 19,210
11,469
6,348
24,014
24,203
20,208
4,632
2,613
9,156
9,034
7,085
2,336
1,144
6,215
5,942
5,617
12,360
9,338
33,358
33,621
27,685
4,533
2,583
8,865
8,881
7,222
4,783
2,627
8,397
8,127
6,514
3,189
1,776
2,093
4,942
3,791
3,139
1,628
1,244
4,245
3,734
5,533
3,004
14,420
14,410
12,626
215,
224,
218,
225,
200,
4,118
4,981
8,003
4,774
5,353
58,807 26,940
78,189 24,016
67,606 23,640
88,929 22,905
65,844 20,903
14,597 22,086
19,964 22,324
20,441 18,942
25,344 19,499
24,806 20,034
11,781
11,029
11,173
10,464
10,650
25,6'
17,3:
23,331
14,060
17,593
10,795
8,816
8,305
9,132
9,93f
3,083
3,477
8,469
2,103
1,910
6,848
7,788
7,349
7,225
6,618
5,365
5,706
5,672
4,291
3,463
25,852
21,086
20,759
16,631
13,882
614
465
694
185
185
420
460
437
591
711
2,147
2,160
2,393
2,659
2,493
266
232
140
130
150
2,728
2,821
2,801
3,103
2,493
29,053 33,060
30,264 33,793
26,648 34,791
19,078 36,914
27,633 j 14,752 35,173
16,065
16,176
15,083
14,344
12,781
28,507
30,597
33,573
22,403
20,575
78092—21
1,339
235
27
27
27
27
27
200
200
100
100
100
100
100
5,894
6,154
b, 830
6,662
6111
178
183
255
255
255
46,
39,
39,
36,
37,
3,911
3,929
4,971
5,187
5,593
2,737
1,925
2,194
1,832
2,367
14,038
13,923
12,374
11,789
11,253
3,711
3,257
3,687
2,473
2,819
1,684
1,682
1,377
1,312
1,7ir
6,877
3,833
4,226
3,742
3,375
4,540
2,748
2,955
2,593
2,851
2,871
2,425
2,270
1,824
2,747
565,
541,
507,
488,
461,
28,802
22,552
23,761
19,427
28,762
138,643
122,200
99,845
117,364
80,928
24,158
26,112
22,926
19,617
20,704
74,570
72,365
70,199
71,560
72,891
40,957
38,927
37,973
36,202
37,197
40,033
41,661
40,461
35,827
34,579
82,276
80,534
74,393
72,017
75,603
29,626
26,066
27,718
23,932|
8
317,738
316,150
323,948
315,279
304,852
612
43'
250
138
83
190,038 595,529
189,989 581,842
187,353 576,593
189,803 588,887
193,420 604,900
1486
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCT. 19
TO NOV. 16,1921—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
[Amounts in thousands of dollars.]
Total.
Number of reporting
banks:
Oct. 19
Oct.26
Nov.2
Nov.9
Nov.16
Loans and discounts,
including bills rediscounted with F. R.
Bank:
Secured by U. S.
Government obligations)—
Oct. 19
Oct.26
Nov.2
Nov.9
Nov.16
Secured by stocks
and bonds (other
than U. S. Government obligations)—
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov.16
All other—
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
Total loans and discounts, including bills
rediscounted with F.
R. Bank:
Oct.19
Oct. 26
Nov.2
Nov. 9
Nov.16
U. S. bonds:
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov.16
U. S. Victory notes:
Oct. 19
Oct.26
Nov.2
Nov.9
Nov. 16
U. S. Treasury notes:
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov.16
U. S. certificates of indebtedness:
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov.16
Other bonds, stocks and
securities:
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov.16
Total loans and discounts and investments, including bills
rediscounted with F.
R. Bank:
Oct.19
Oct. 26
Nov.2
Nov.9
Nov.16
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
Minne- Kansas
St.
<ouis. apolis. City. Dallas.
San
Francisco.
15
15
15
15
13
280
280
280
278
278
5,459
5,505
5,464
5,329
5,202
1,978
2,038
2,605
1,889
2,019
51,919
54,150
52,817
52,671
58,162
10,257
10,211
10,225
10,123
10,117
169,452
174,804
181,510
179,056
175,446
134,171 16,921
133,541 14,889
133,504 14,506
132,240 14,532
131,572 14,635
8,819
8,974
10,001
9,611
9,521
313,746
309,718
314,932
316,237
310,193
88,799
89,971
90,720
91,057
90,095
460,975 2,311,067
2,273,156
46l'408 2,257,428
464,497 2,262,789
454,252 2,266,249
322,123
320,787
318,612
315,940
316,328
277,380 61,924 52,748
275,059 63,326 52,494
272,671 62,347 51,060
272,76' 63,250 53,644
270,63'
54,053
736,289
730,171
716,892
719,453
718,020
178,241
175,953
174,002
175,245
176,612
111,133
111,36"
111,05:
109,040
100,800
128,619
129,058
130,595
130,264
132,143
52,299 371,897
52,751 363,952
51,760 369,058
51,793 368,664
51,353 369,539
7,616,701
7,570,040
7,551,860
7,555,653
7,536,683
635,732
633,794
638,871
639,070
634,373
546,689
550,105
552,796
546,583
542,922
427,034
425,078
422,61£
420,662
417,87$
84,304
83,720
82,317
83,111
82,782
63,545
63,506
63,666
65,144
65,593
1,101,954
1,094,039
1,084,641
1,088,361
1,086,375
277,297
276,135
274,947
276,425
276,824
133,127
132,496
132,528
129,897
121,491
158,939
158,988
161,395
160,800
160,667
63,995
64,816
63,791
63,872
63,171
448,273
441,939
445,183
443,600
443,800
451,473
454,418
463,425
464,914
468,933
10,818
10,806
10,930
10,93£
11,93£
267,927 34,258|
269,819 34,444i
276,546 34,333!
279,443 33,428
283,581 33,791
10,741
10,96!
12,27
12,244
12,223
7,1381
7,139
7 139
7,026
7,022
4,406
4,406
4,247
4 406
4,406
18,
19,23Cr
19,57.
20,11.
l«65
12,028
12,084
12,282
11,617
11,765
4,207
4,193
4,332
4,323
4,274
11,390
11,254
11,722
12,573
12,855
8,536
8,486
8,586
8,356
8,356
61,180
61,594
61,562
60,444
59,067
95,959
102,952
105,476
103,847
102,934
461
42$
432
49C
505
70,701
76,456
78,390
73,587
72,750
2,791
3,909
4,173
7,830
7,382
87!
71!
71!
71:
71'
81
81
81
63
63
11,285
11,596
11,563
12,04C
12,lir
464
405
418
511
598
187
186
186
186
186
994
1,013
1,047
1,162
1,092
31
8,079
8,122
8,430
7,224
7,491
87,631
86,144
94,035
93,023
1,14!
1,111
1,053
1,65C
1,751
70,321
71,123
72,194
76,657
77,373
7,161
7,159
7,133
7,441
573
553
53C
591
57i
4,13*
3,391
3,518
3,59C
3,512
1,014
204
58
35
33
419
1,632
3,385
3,415
1,379
27
27
27
27
27
881
942
937
937
931
65,275
55,388
151,458
118,740
117,958
1,651
l,40C
7,61$
6,052
5,046
36,506
34,825
79,748
67,51f
73,21
7,968
4,966
14,101
9,983
7,647
49S
55C
1,21'
72
61'
102
102
599
474
317
600
773
4,197
2,322
2,496
282
It
2,302
1,401
83!
430
179
782
559
2,306
1,1
76
817
587
6,637
5,690
27,407
20,450
16,87£
2,2QQ
1,505
1,235
9,234
5,679
9,315
6,937
6,882
1,156,758
1,123, 920
1,121, 144
1,129,146
1,142,191
66,35C
64,796
64,903
64,542
66,686
568,71
542,530
539,864
546,418
547,717
126,581
126,545
128,110
127,756
127,488
69,78'
70,46!
68,91:
69,64!
67,93<
4,122
4,024
4,006
3,966
3,966
3,404
3,454
3,47i
3,45(
3,45'
149,79!
145,33!
145, 47J
147,44!
152,891
44,650
45,544
46,298
46,23C
46,131
8,971
8,95J
8,85:
8,92:
8,64<
12,96S
12,65C
12,552
12,68*
ll,95f
1,564
1478
1,48C
1 46e
l,40C
99,858
98,139
97,216
96,612
103,905
716,151 4,689,97! 727,267
712,331 4,640,17' 727,130
723,80< 4,675,851 740,672
722,74J 4,681,755 732,713
720,29^ 4,695,438 726,671
509,50
508,33:
506,26'
504,571
499,94
95,751
95,066
94,142
94,640
94,050
71,66:
71,751
73,362
73,828
74,050!
75,307
75,607
76,015
75,257
74,2201
627,505
616,415
622,643
615,754
622,076
399,068
399,026
382,402
375,892
379,479
29,294
26,357
26,553
26,366
27,981
203,463
203,636
189,780
186,291
183,524
55,114
54,514
52,674
51,587
51,148
2,152,938
2,162,873
2,192,568
2,192,418
2,184,273
145,463
147,370
150,910
148,207
152,140
1,161,282
1,168,632
1,181,902
1,189,048
1,191,033
5,064,695
5,008,141
4,976,890
4,987,343
4,972,931
9,473,797
9,392,862
9,482,224
9,466,335
9,461,722
3,675,812
3,645,424
3,629,110
3,638,128
3,640,806
15,483
16,478
16,440
15,658
15,670
1,292,65:
1,279,2&
1,292,18(
12?20OJ
,
,
1,291,43
6,139
5,958
6,158
6,721
6,447
1,622
1,728
1,642
1,708
1,678
10,809
11,197
10,761
10,403
10,446
14,463 24,181
13,875 23,972
14,188 24,642
13,711 23,815
13,606 22,077
10,074
10,337
10,389
10,371
10,140
65,567
66,790
65,364
64,533
63,815
7,531
7,254
7,283
7,146
7,085
336,053 146,81 185,14:
335,145 145,90: 185,716
338,200 148,19! 190,883
144,721 191,197
337* 84' 135,43! 190,257
1487
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCT. 19
TO NOV. 16, 1921—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[Amounts in thousands of dollars.]
Total.
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
AtSt. Minne-* Kansas
lanta. Chicago. Louis. apolis. City.
Dallas.
San
Francisco.
Reserve with F. R.
Bank:
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Cash in vault:
Oct. 19
Oct.26
Nov.2
Nov.9
Nov. 16
Net demand deposits:
Oct. 19
942,681
929,630
915, 561
930,952
62,932
61,092
63,799
60, 353
63,287
557,771
575,139
561,912
543,306
549,390
57,176
53,593
56,511
55,947
57,474
27, 209
29,173
27,598
27, 044
5,337
5,153
4,415
4,706
4,708
5,053
4,915
4,024
4,668
5,336
129, 398
124,680
123, 287
124,733
128,105
27,967
30,203
29, 756
29, 445
29,726
6,137
8, 533
8,645
8,268
9, 000
12,474
12,620
12,605
15,020
13,952
4,952
5,482
4,946
4,974
6,058
36,963
32,098
32,132
37,097
37, 820
171, 525
168,409
162,607
182,090
170,197
11, 738
11, 544
11,676
12, 217
11, 319
S6, 892
84,923
81, 519
94, 003
13,932
13, 741
12,700
15, 989|
14, 046 j
7,205
7,312
6,493
7,722
7,815
984
897
1,018
1,358
904
1, 856
1,635
1,742
1,665
30, 435
29, 584
28,684
29, 970
29, 276
3,419
3,291
3,350
3,407
3,398
1,976
1, 970
1, —
2, 383
1, 950
2,920
3,221
3,907
3,191
2,972
1,727
1,647
1,392
1,538
1,564
8,489
8,423
8,334
8,570
8,482
7,260, 324
7, 223,050
7, 212,914
7,206, 594
7,244,026
584, 430
587, 519
594,100
593, 471
594,324
4,183,947
4,172,464
4,172,185
4,148, 515
4,186, 932
539, 563
539, 494
546,302
549,739
544,076
224,661
210, 669
200, 875
197,372
194, 813
47,316
45, 310
46, 321
45,684
46,007
37, 513
37,792
36, 216
36, 438
36, 846!
904,143
892, 790
886,839
885,172
885,347
197, 396
205, 311
202,129
202,640
202, 578
76, 334
77, 071
76, 739
81,147
79, 490
130, 295
130, 333
132, 939
134, 563
134, 490
52,979
52,008
49,736
51,268
53,924
281,747
272,289
1,387,357
* 1,388,581
1,397,376
1,398,721
1,412,939
74,869
75,064
75,260
75,605
74,889
286,217
289,897
291,337[
292,548
310,279 j
31,009
31,019
31,477
31,885
31,982
231,013
229, 792
235,371
232,844
231,090
23,103
23,070
23,009
22,929
22,884
21,492
21,403
21,368
21,643
21,479
312,860
312.38f
312,678
313,401
314,042
87,104
86,913
87, 254
87,531
87,400
28,073
27,932
28,012
28,779
27,941
14,858
14,741
14,978
14,519
14,496
7,118
7,123
7,186
7,219
7,237
269,641
269,241
269,443
269, 818
269,220
110,770
63,822
202,933
208,159
168,279
9,477
5,315
16,924
16,924
13,565
62,408'
35,089
101,549
101,593
SO, 179!
11,384
6,383
21,233
21,233
17,334
2,175
1,196
4,206
4,221
3,463
467
264
2,426
2,325
471
285
2, 371
2,371
2,001
8,597
6,520
29,615
29,615
25,681
3,845
2,222
7,160
7,214
5,772
2,359
1,269
4,349
4,079
3,298
2,630
1,470
1,796
4,645
3,732
2,687
1,409
1,057
3,728
3,312
4,272
2,400
10,247
10,211
8,242
110,843
117,431
107,672
116,300
96,672
2,150
3,043
5,935
2,311
2,930
40,853
59,502
45,874
66,653!
45,237
23,723
20,529
20,237
19,412
17,547
2,21(.
2,535
2,660
4,015
4,669
3,919
4,362
3,638
5,0181
5,420
555
555
555
555
555
8,376
3,771
6,714
1,259
4,924
5,642
3.847
3,678
4,417
4,966
660
660
314
167
1,967
1,027
1,321
1,320
1,227
700
1,350
1,200
20,250
16,250
15,200
11,026
9,000
413
119
119
745
780
806
882
907
22
22
23
23
1
1,688
1,797
1,786
1,730
1,731
19,843
21' 594
19,588
14,423
8,630
14,233
15,347
16,213
16,603
16,471
4,673
5,075
4,835
4,236
3,521
15,550
18,557
22,932
12,686
11,470
Oct. 2 6 . . .
Nov.2
Nov.9
Nov. 16
Time deposits:
Oct. 19
Oct. 26
Nov.2...
*...;.
NOV.9...]...;]
Nov. 16
Government deposits:
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov. 16
!
Bills payable with F.R.
Bank:
Secured by U. S.
Government obligations—
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
All other—
Oct. 19
Oct. 26
Nov.2
Nov. 9
Nov. 16
Bills rediscounted with
F. R. Bank:
Secured by U. S.
Government obligations—
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
All other—
Oct. 19
Oct. 26
Nov.2
Nov.9
Nov. 16
1,700
280, 585
285,199
100
100
100
100
100
100
100
100
100
100
25,392
25, G92
25,968
23,917
25,342
3,596
3,309
4,351
4,779
5,276
333,604
308,209
282,737
274,236
252,053
26,716
20,697
21,977
17,976
27,563
2,1
1,320
1,544
1,290
ir~~
13,537
13,407
12,370
11,789
11,253
1,753
2,348
2,792
1,639
2,090
112,485 23,553
95,054 25,542
71,713 22,455
89,557 19,200
56,098 20,342
57,131
53,260
51,616
54,151
55,097
7,493
6,921
5,782
4,574
3,861
117
235
229
228
159
1,695
1,136
1,384
1,100
1,566
728
619
564
448
471
3,256
2,653
3,701
3,288
4,084
37,368
35,388
32,083
31,405
36,101
11,303
8,121
9,842
6,137i
8,815
1488
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
BANK DEBITS.
Volume of business during the five weeks
ending November 23 remained at about the
same level as that reported for the preceding
four-week period.1 Week-to-week fluctuations
in the volume were considerable, but can be
attributed to fairly well defined temporary
causes. Larger figures for the week ending
November 2, as compared with the preceding
week, were due mainly to end-of-October payments. Comparatively small figures for the
weeks ending November 9 and November 16
were caused by the occurrence during the first
week of election day and during the second
week of Armistice Day. The total for the
most recent week shows a decided increase
over the preceding two weeks, but is somewhat lower than the high total shown for the
week ending November 2.
As compared with the corresponding period
in 1920, the volume of business for the five
weeks under review was about 16 per cent
lower, which is approximately the same lag as
was shown for the preceding four weeks.
Apparent differences in trend between the
two years are accounted for largely by the
fact that election day fell in the second week
of the period in 1920 and in the third week
this year and that Armistice Day was not a
holiday a year ago. Volume of business in
New York City was also on about the same
levjel for the five-week period as for the preceding four-week period, and was about 14
per cent below the 1920 level.
I )EEJITS 1"0 INDIVIDUAL ACXOUNTS
AT BANKS IN
RE.PO RTING CLEARING HOUSI1 CENTEF
1OOOO
90OO
8OOO
MILLIONS
DOLLARS
V*
\\
3^
Uv
7OOO
6OOO
5OOO
X
. it
A,
11
N V v\ J\
1
x
V
"/A
^ \
\
15
/
A
\i\
9OOO
fV
8OOO
7OOO
6OOO
A
'
1OOOO
v' '
/ \
AOOO
V
V
5OOO
AOOO
3ObO
3OOO
2OOO
2OOO
1 AND 2 : BANKS IN NEW YORK CITY
3 AND 4 : BANKS IN ALL REPORTIN S CENTER s
1OOO
—
1
O —
MILLIONS
OF
DOLLARS
AOOO
^ \
>•
AOOO
J
3OOO
V
3000
2OOO
2OOO
MONTH
1OOO
— O—
MILLIONS
OF
DOLLARS
\ \
1OOO
i The volume of business is measured by debits to individual accounts
reported to the Federal Reserve Board for banks in 154 clearing-house
centers.
DEBITS FOR 1921
DEBITS FOR 1920
MILLIONS
DOLLARS
KS C>UTS
DE OF NEWYC )RK( :ITY
1
1OOO
JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. MONTH
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
1921
Week ending—
Number
of centers
included.
Oct. 26.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas .
San Francisco
Total
Nov. 2.
Nov. 9.
Nov. 16.
1920
Week ending—
Nov. 23.
Oct. 27.
Nov. 3.
Nov. 10.
Nov. 17.
Nov. 24.
14
377,426
429,273
402,338
397,270
401,878
489,590
504,397
458,984
519,661
442,086
7 3,858,707 4,748,598 3,780,278 3,907,021 4,600,010 4,768,617 4,458,256 5,066,558 5,236,714 4,878,262
10
336,847
386,558
315,963
368,237
367,406
433,434
394,360
440,082
435,902
428,827
13
370,894
395,620
373,513
379,050
406,963
580,051
521,952
534,794
560,663
539,962
8
190,663
220,541
199,695
208,890
206,451
212,006
220,906
227,959
233,677
209, 207
15
188,161
187,706
190,341
190,209
177,300
233,115
225,258
238,157
237,041
223,719
23
936,561
970,815
879,669
893,876
944,414 1,121,034 1,006,555 1,115,451 1,174,708
978,855
5
178,593
198,272
185,966
193,085
184,419
217,919
204,431
219,061
234,073
206,483
12
142,997
151,775
139,244
129,480
131,249
197,356
176,429
225,619
216,180
194,823
15
233,508
220,800
237,030
228,361
232,436
320,507
299,135
314,965
334,612
324,639
12
131,934
135,297
130,308
128,258
130,679
165,497
156,138
160,327
150,718
149,060
20
475,765
515,424
479,836
476,202
504,837
556,285
513,314
577,448
607,941
542,619
154
7,422,056
8,560,679
7,314,181
7,499,939
8,288,042
9,295,411
8,681,131
9,579,405
9,941,890
9,118,542
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these
centers not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Charleston, S. C:
Greenville, S. C; Wilmington, N. C; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Atchison,
Kans.; Galveston, Tex.
1489
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS-Continued.
DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
1921
Week ending—
Nov. 2.
Nov. 23.
Oct. 27.
3,403
254,985
336,917
7,816
22,639
2,953
5,405
4,968
7,005
16,636
7,783
32,034
13,561
6,708
15,952
3,874
302,983
20,875
4,160
69,314
4,620,664
5,204
31,622
16,778
3,107
3 939
5,812
4,067
4 479
276,758
6,686
16 258
10 526
8,584
3,649
5,926
3,621
18,005
19 085
19 837
3,786
4,170
3,558
55,428
47,110
59,899
3 666 067 3,774 600 4,475,519
5,413
4,656
5,609
28,782
25,326
29,046
13,077
13,860
14,476
3,032
2,629
3,089
2,912
3,271
3,448
4 129
4 153
5,938
5,312
6,395
6,443
4,043
3,788
4,392
4,897
5,364
5 040
4 652
4 058
308,037
260,974
329,040
305,167
6,674
6,618
7,628
8,639
15,249
13,792
14,745
13 728
11,071
11,480
10,470
11,589
8,437
7,527
9,477
5,358
3,301
3,944
3,478
4,171
6,451
7,243
6,241
6,728
3,193
4,048
3,346
4,102
12,665
61,091
102 972
25,513
12 663
5,485
4,869
3,409
2 620
153,893
3,539
26,533
8 286
8 447
9,636
64,129
126 538
24,929
13 162
5,422
3,987
4,155
2 369
152,666
3,716
30,935
8,643
9 462
11,876
58,433
118,398
25,232
12, 739
5,029
3,293
4,140
2 274
144,491
3,287
26,977
7,299
8 478
12,534
62,759
118,225
26,215
12,875
6,126
4,061
3,521
2 775
142,300
3,273
29,025
7,912
10 208
11,195
63,263
132,879
24,474
11,713
5,391
3,463
2,851
2,248
162,869
3,002
31,117
8,240
7,521
115,282
.5,899
6,565
o, 357
3,700
6,873
14,827
3,700
30,033
37,904
5,482
23,872
5,776
14,146
7,605
9 136
5,876
1,063
5,940
3,754
28,115
53,941
1,725
11,195
4,679
1,883
95,890
4,786
6,662
6,341
3,999
4,508
13,226
3,750
28,614
40,704
5,283
104,822
5 200
6,229
5,022
4,167
4,679
16 011
3,400
31,550
37,177
5,092
102,685
23,649
5,371
12,580
7,858
9,293
5,552
3,795
6,536
3,868
28,165
63,988
1,483
11,205
5,203
1,795
25,740
6,699
12,530
8,364
8,999
6,323
4,244
5,435
3,769
26,108
62,279
1,675
10,330
5,758
1,956
23,805
6,097
13,122
9,207
8,902
6,254
4,129
5,318
3,578
28,577
49,773
1,110
10,450
5,341
1,637
Oct. 26.
District No. 1—Boston:
Bangor
Boston
Do . .
Fall River
Hartford
Holyoke-.
. .
Lowell
Manchester
New Bedford..
New Haven
Portland
Providence
Springfield
Waterbury
Worcester
..
. . .
District No. 2—New York:
Albany
Binghamton..
Buffalo.
.
New York
Passaic
Rochester. . .
Syracuse
District No. 3—Philadelphia:
Altoona
Chester
Harrisburs
Johnstown
Lancaster
Philadelphia
Reading
Pcranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
District No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton..
Erie .
Greensburg
Lexington
Oil City
Pttsburgh
Springfield
Toledo
Wheeling.
Youngstown ..
District No. 5—Richmond:
1
3,844
237,486
318 167
7,077
16 626
2,757
4,570
4 106
6,571
15,420
6 474
40 379
13,694
4,993
13 429
1
3,755
267,969
353,723
10,923
22 040
3,431
5,893
4 707
8,576
17,539
7 417
37,260
18,076
4,818
16 869
1
3,881
252,623
337,666
8,467
18,725
4,085
5,460
4,271
8,144
17,258
7,098
34,242
18,435
5,562
14,087
Nov. 16.
1
3,511
262,745
338,820
7,951
18,451
2,815
4,943
3,789
7,053
15,872
6 956
31,606
12,874
4,859
13,845
1
24 312
16 647
3,479
3 597
57,660
53,947
3 741 327 4 61] 602
4 939
' 5 005
30,987
25,534
15,619
12,650
94,655
Charleston
.
5,709
Charlotte
5,844
5,050
Columbia
3,648
Greenville S. C
•
4,434
Huntington
14 017
Norfolk
. .
3,600
Raleigh
25 620
Richmond
Washington
37,443
4,949
Wilmingt on
District No. 6—Atlanta:
25,081
Atlanta
6,793
Augusta
13 318
Birmingham
6,797
Chattanooga
8 711
Jacksonville
5,676
Knoxville
..
4,228
Macon
6 355
Mobile
3,819
Montgomery
28,185
Nashville
61,049
New Orleans
1,092
Pensacola
10,800
Savannah
4,408
Tampa
1,849
Vickaburg
1
Debits of banks which submitted reports
Nov. 9.
1920
Week ending—
in 1020
6,799
4,749
3,634
4,756
15,115
3,700
31,205
37,442
5,685
7,682
23,422
4,080
5,681
4,474
8,061
21,785
11,341
50,756
16,677
8,100
20,674 •
Nov. 10.
Nov. 17.
Nov. 24.
3,789
316,992
3,879
288,345
4,435
338,499
3,619
282,557
11,293
26 935
4,856
7,041
4,829
10,257
21,603
9 273
38,904
21,475
6,338
20,812
9,703
23,239
4,731
6,477
4,694
7,586
19,698
9,876
36,828
18,444
8,125
17,359
8,751
26,908
4,341
6,272
6,836
7,468
19,932
9,862
37,743
19,963
8,033
20,618
7,091
18,590
4,297
5,239
5,029
6,879
19,081
9,266
38,550
16,348
6,831
18,709
25,004
16 336
4,580
4,123
73,480
67,459
4,315 498 4,906,375
4,867
5,992
32,220
30,553
19,420
18,907
16,943
3,991
71,307
4,732,177
5,613
31,972
16,259
Nov. 3.
3,980
5,200
2,849
4,953
3,160
5,816
19,662
4,218
74,660
5,076,964
5,648
37,077
18,485
3,104
5,581
5,912
363,500
5,402
331,198
6,005
365,736
5,855
367,877
5,077
360,450
18,221
12,099
9,540
4,167
6,566
4,249
13,309
11,717
9,543
3,906
7,068
4,415
19,133
13,618
10,233
4,568
7,364
4,449
13,976
13,817
9,290
4,330
7,441
4,631
16,544
12,339
9,000
3,795
8,488
4,197
3,420
5,517
19,636
17,937
18,543
18,528
14,436
177,855
29,749
11,182
8,160
7,314
4,594
3,524
258,406
3,657
30,281
10,624
15,069
181,622
27,810
11,153
7,489
6,020
5,453
3 400
204,233
3,062
29,002
10,014
14,757
161,910
27,828
11,581
8,590
2,669
4,543
4,370
238,803
3,084
24,357
10,508
18,008
187,032
29,865
11,724
8,579
5,636
4,893
3,800
225,358
3,264
35,371
10,118
16,495
167,691
20,127
10,638
8,531
5,811
3,757
3,182
240,325
3,324
27,957
12,173
12,010
109,788
6,900
7,037
5,461
110,483
6,220
8,206
6,168
108,690
6,250
8,164
6,915
109,056
7,150
13,192
6,004
99,438
6,980
7,139
5,338
6,293
17,702
3,800
28,559
33,366
5,945
17,044
3,900
31,108
38,052
6,700
19,844
5,000
35,615
37,031
7,136
19,926
3,890
34,963
39,510
7,207
20,068
4,100
31 220
34,697
28,184
8,513
18,521
10,824
12,825
7,561
5,839
7,435
4,125
23,477
80,326
2,023
15,853
5,928
1,681
29,234
9,127
18,456
11,560
13,826
6,753
5,427
13,947
4,327
20,405
65,123
2,351
16,257
6,880
1,585
27,921
8,075
17,478
11,515
12,960
6,779
5,473
6,747
4,095
25,957
85,088
2,306
15,703
6,400
1,660
29,258
8,242
19,125
11,982
13,162
7,371
5,959
7,355
4,185
24,328
77,378
1,833
18,589
6,633
1,641
26,790
7,459
17,771
10,784
11,078
8,090
4,643
6,802
3,846
22,973
77,649
1,839
15,767
6,682
1,546
1490
FEDEKAL RESERVE BULLETIN.
DECEMBER, 1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1920
Week ending-
1921
Week ending—
Oct. 26.
District No. 7—Chicago:
Bay City
Bloomington
Cedar Rapids
Chicago
Davenport
Decatur
Des Moines
Detroit
Dubuque
Flint
Fort Wayne
Grand Rapids
Indianapolis
Jackson
Kalamazoo
Lansing
Milwaukee
Moline
Peoria
Rockford
Sioux City
South Bend
Springfield, 111
Waterloo
District No. 8—St. Louis:
East Ft. Louis and National
Stock Yards
E vansville
Little Rock
Louisville
Do
Memphis
Quincy
St. Louis
Do
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul
Sioux Falls
Superior
Winona
District No. 10—Kansas City:
Atchison
Bartlesville
Cheyenne
Colorado Springs
,
Denver
,
Joplin
Kansas City, Kans
Kansas City, Mo
Muskogee
Oklahoma City
Omaha
Pueblo
St. Joseph...
Topeka
Tulsa
Wichita
District No. 11—Dallas:
Albuquerque
Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana, Tex
Tucson
Waco
2;362
1,911
9,044
620,854
7,219
2,794
15,868
114,577
2,633
5,327
6,317
20,462
Nov. 2.
Nov. 16.
Nov. 23,
598,258
7,439
2,983
16,070
86,606
2,709
5,543
6,015
20,110
28,955
2,822
3,951
4,101
51,121
2,722
6,210
4,185
7,382
5,857
5,001
2,480
2,577
2,178
8,806
581,087
5,233
2,463
15,762
114,375
3,065
4,255
6,809
20,017
33,635
3,003
3,977
4,627
54,664
1,563
7,423
4,168
6,898
4,767
5,693
2,524
3,041
1,659
8,526
631,740
5,509
2,721
15,519
116,827
2,990
5,731
6,347
20,782
8,995
4,774
9,553
123,164
29,389
33,744
2,128
i 127,037
139,171
2,724
8,474
5,086
11,791
i 19,672
26,020
29,966
2,284
1
119,451
132,864
3,028
8,879
6,203
11,951
121,533
27,994
33,450
2,005
1
119,948
133,838
2,828
8,370
4,558
9,932
123,533
29,682
27,058
2,183
i 119,338
131,427
2,886
1,304
1,798
18,882
2,722
1,970
1,831
2,918
75,338
29,622
3,579
2,106
927
1,446
1,842
27,737
2,814
1,720
1,746
2,571
73,626
31,489
3,900
1,722
1,162
1,497
2,073
23,602
2,877
2,007
1,753
3,323
67,293
27,571
4,145
1,995
1,108
1,220
1,671
15,443
2,590
1,815
1,494
2,195
67,259
29,356
3,616
1,814
1,007
1,232
1,469
1,342
2,346
1,170
1,893
2,444
2,318
1,167
1,831
2,026
2,869
34,002
1,072
3,202
71,824
3,934
21,429
41,982
5,488
17,549
3,613
14,949
9,307
32,629
2,122
3,171
65,241
4,753
20,596
39,138
3,676
15,577
3,316
15,186
8,740
1,771
2,757
3,111
39,202
7,044
28,842
21,360
28,550
6,123
7,103
1,473
1,696
4,262
1,704
3,010
2,815
39,248
7,885
29,420
18,012
30,928
5,187
7,392
1,775 I
1,648
4,285 i
53,674
1,522
7,223
4,088
7,191
5,847
5,006
2,826
2,347
2,167
8,954
664,428
5,990
2,854
14,321
106,451
2,661
5,062
6,378
20,392
32,351
3,332
4,002
5,121
53,554
1,683
7,868
3,893
8,518
6,009
5,185
2,479
8,259
4,918
10,740
1
22,483
28,892
29,135
2,060
1
111,317
123,341
2,539
31,351
3,950
4,124
5,397
i Debits of banks which submitted reports in 1920.
Nov. 9.
2,313
2,091
9,746
31,567
3,888
3,995
3,900
54,329
1,546
5,693
3,808
7,488j
4,307
4,721*
2,501,'
Oct. 27.
N o v . 3.
N o v . 10.
Nov. 17.
3,395
2,587
9,980
758,503
8,490
3,607
17,990
158,107
2,620
5,745
7,855
21,291
37,721
4,359
5,854
4,670
80,266
2,681
8,907
6,107
14,559
5,739
3,559
1,997
10,277
642,040
6,580
3,360
17,189
118,293
3,738
5,703
7,891
21,599
33,053
4,209
5,250
5,969
53,730
2,849
7,330
4,710
12,397
3,949
Nov. 24.
3,122
2,278
12,354
739,647
8,508
3,332
19,177
140,494
3,784
6,734
7,098
22,062
34,574
4,127
5,474
5,070
62,574
2,498
9,477
5,644
13,928
5,987
2,820
2,479
9,549
648,623
6,887
2,832
13,125
5,970
2,863
2,413
12,908
723,849
7,289
3,627
21,568
136,690
4,269
6,677
8,524
22,739
36,961
3,539
5,735
5,519
69,262
2,847
9,593
6,152
13,109
5,145
3,091
3,024
4,173
3,675
3,183
5,515
11,296
25,743
5,140
12,071
26,378
5,475
8,474
26,557
5,681
12,570
29,605
4,674
12,038
22,910
14,792
130,754
3,132
7,201
7,536
23,623
30,624
4,463
5,328
5,995
61,614
1,913
8,194
6,077
31,628
29,113
32,868
33,021
30,016
143,737
"131," 729'
"l 45," 687'
"153*196
"136," 845
1,223
1,914
17,342
2,382
1,893
1,648
2,554
68,809
27,696
3,243
1,605
940
1,824
2,608
38,656
3,675
1,727
2,714
2,162
95,917
38,436
5,600
2,770
1,267
1,732
1,629
35.536
3,844
1,873
2,528
2,674
86,458
31,402
5,200
2,463
1,090
2,275
3,010
1,911
3,262
39,010
3,572
1,993
3,257
2,614
105,547
44,751
6,400
2,326
1,537
1,319
2,961
36,931
3,028
1,797
3,K8
2,639
99,482
35,113
5,000
2,253
1,152
1,233
1,508
1,892
2,342
35,678
2,183
3,022
67,024
3,420
21,824
38,467
14,235
15,499
2,812
14,298
8,232
3,743
1,915
2,760
55,471
2,954
4,189
88,324
5,772
29,715
56,572
4,726
18,892
3,763
29,829
11,882
3,959
2,343
2,750
3,106
2,216
3,305
42,501
2,015
3,322
74,768
3,678
23,554
36,259
3,647
14,645
3,861
12,867
9,187
1,210
2,156
1,670
2,480
32,769
2,237
3,074
72,237
3,082
21,316
32,902
7,198
16,636
3,538
17,681
9,385
49,502
2,890
4,017
88,597
5,252
23,642
49,861
3,992
19,624
3,919
26,932
11,855
51,130
3,207
4,528
94,385
4,924
26,439
54,037
6,760
19,215
4,311
26,841
10,561
3,930
1,979
3,110
51,149
2,493
4,497
99,403
7,989
26,269
50,665
16,814
17,012
3,635
32,587
13,080
3,695
2,050
4,618
53,006
3,166
4,131
92,910
5,227
32,425
52,646
17,809
16,176
2,947
24,486
9,34 V
1,954
4,475
3,058
36,998
8,385
29,860
18,001
25,163
6,653
6,671
1,648
1,907
3,536
1,746
3,367
3,123
35,485
7,400
29,940
16,245
27,080
6,294
6,254
1,752
1,775
4,042
1,912
3,232
3,251
1,688
4,275
4,071
1,898
4,445
4,410
2,218
4,308
4,112
48,061
9,841
28,461
47,486
9,631
22,397
2,310
3,595
4,503
46,832
10,440
26,986
44,981
9,626
26,860
2,011
3,723
4,520
45,201
10,228
25,181
45,032
8,018
7,710
1,878
1,485
4,977
43,081
6,797
8,426
1,846
1,501
4,220
39,143
9,037
9,035
•• 2,481
1,887
4,078
33,902
7,988
8,295
2,714
1,464
4,250
34,426
8,021
7,953
1,928
1.633
4,235
7,722
29,620
15,056
27,931
6,971
6,002
1,542
1,680
3,447
44,297
3,868
2,158
3,792
3,279
112,360
41,155
5,400
2,565
1,460
1491
FEDERAL RESERVE BULLETIN.
DECEMBER 1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS-Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week ending—
Oct. 26.
District No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
2,856
3,015
15,189
5,407
103,040
16,904
3,656
4,966
40,717
2,471
15,978
13,084
7,177
179,526
5,507
30,126
9,581
5,056
8,029
3,480
Nov. 2.
3,150
2,315
16,663
5,374
118,591
19,314
4,321
5,324
32,741
2,396
17,421
13,161
7,660
199,893
6,523
32,403
10,539
5,014
8,974
3,647
Nov. 9.
1920
Week ending—
Nov. 16.
,Nov. 23.
2,941
4,001
17,321
5,715
112,355
18,674
4,031
6,318
33,445
2,806
17,306
18,665
7,964
160,137
5,778
31,073
10,519
4,831
9,247
3,075
3,147
3,026
17,031
5,128
116,679
18, 820
5,708
5,943
27,638
2,616
18,444
16,720
8,138
195,665
4,613
31,226
9,698
4,012
7,771
2,814
4,183
2,856
13,664
5,981
108,762
18,983
4,342
4,630
30,045
2,438
18,802
14,202
7,920
179,524
5,203
30,692
11,211
4,696
9,964
3,738
Oct. 27.
2,449
2,753
18,672
5,092
102,800
19,187
3,912
5,026
42,007
2,868
17,519
18,565
7,675
224,000
7,533
40,849
14,766
5,459
11,067
4,086
Nov. 3.
2,111
2,678
16,432
5,344
93,219
19,476
6,001
4,324
49,143
2,253
16,221
17,153
7,128
194,634
7,008
39,832
11,452
4,971
10,397
3,537
Nov. 10.
3,940
3,358
17,448
5,547
103,365
21,406
4,085
6,018
48,767
2,782
21,030
18,340
8,905
231,066
6,957
39,608
14,223
4,288
12,142
4,173
Nov. 17.
Nov. 24.
2,946
3,323
20,795
6,332
112,998
20,584
6,147
5,540
49,113
3,344
23,047
19,700
9,382
238,683
7,545
41,631
14,725
7,107
11,316
3,683
2,718
3,091
15,559
4,783
104,200
20,115
6,657
5,890
41,828
3,421
14,329
18,508
7,845
221,472
4,669
37,138
13,275
4,221
9,634
3,266
GOLD SETTLEMENT FUND.
INTER-BANK TRANSACTIONS FROM OCT. 21 TO NOV. 23, 1921, INCLUSIVE.
[In thousands of dollars.]
Transfers.
Daily settlements.
Federal Reserve Bank.
Debits.
Boston
,
Ne> York
^'niladelphia..
Cleveland
,
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total, five weeks ending—
Nov. 23,1921
Oct. 20, 1921
Nov. 24,1920.
Oct. 21, 1920..
32,000
40,000
8,500
41,406
13,453
11,995
2,000
24,512
5,000
Credits.
Debits.
506,786
29,292
1,791,576
64,402
591,009
1,000
475,430
5,672
515,320
36,000
201,137
7,500
851,341
4,000
459,736
2,500
132,007
4,000
360,591
3,000
202,438
17,500
242,616
4,000 !
Credits.
Changes in ownership
of gold through trans- Balance
i fers and settlements. in fund at
end of
period.
Decrease. Increase.
503,437
:,722,066
600,994
497,757
523,793
207,811
864,774
454,966
147,062
346,983
203,095
257,249
6,057
45,108
72,398
178,866
595,083
178,866
595,083
6,329,987
6,604,843
6,329,987
6,604,843
999,245
891,988
999,245
7,957,841
8,946,146
7,957,841
8,946,146
10,985
19,499
3,067
721
17,433
2,270
7,060
12,608
6,355
i3,633
72,398
39,600
45,084
60,498
62,713
21,278
6,208
94,024
18,996
15,581
28,520
2,156
31,173
425,831
482,540
409,845
391,563
1492
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS FROM OCT. 16 TO NOV. 15, 1921.
[AIT figures shown in thousands.]
Items drawn on banks located
in own district.
Federal Reserve Bank lnF.R.Bankor
or branch.
branch city.
Outside F. R.
Bank or
branch city.
Items drawn
on Treasurer
of U. S.
forwarded Items forwarded Total items
Total items han- Items
to other F. R. to parent bank handled,
includdled, exclusive Banks
and their or to branch ing duplications.
of duplications.
branches.
in same district.
NumNumNumNumNumNumNumber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount.
Boston
New York
Buffalo
Philadelphia....,
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
\tlanta
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
740
576,987 3,513
1,376 1,517,184 4,397
84,383
436
197
683,036 1,973
1,617
370
194,928 1,231
193
115,759
421 217,540
133,811 1,962
115
675
149,155
247
366
63,052
117
148
37,565
243
139
17,253
63
199
52
29,066
114
41,545
60
845 579,564 3,
468
144,453
245
206,749 1,386
247
26,821
316
45
53,634
397
92
39,576
201
82
123,581 1,457
237
10,625 218
20
239,187 1,439
246
131
49,291
330
60,367; 946
65
48,094| 484
93
70,624! 1,285
158
130
41
9,958
324
72i
39,112
525
103,586
213
340
111,248 1,035
227
34,350
60
410
48
28,109
222
33,519
115
199
20,965
39
151
401,442
590,251 1,065
15
50,680
174
219,432
85
142,036
81
70,915
61
87,559
60
290,283
64
66,936
36
52,123
13
9,766
14,315
20,394
20
14,314
42
316,532 521
40
43,725
184
85,519
9
21,377
51
21,961
12
13,835
43
85,980
7
14,463
97,331
117
21,965
22
76,853
11
30,695
55
33
210,728
16
10,438
60
34,140
73
41,739
41
79,649
21
14,186
15
33,764
27
15,515
8
14,375
Total:
Oct. 16 to Nov. 15,1921. 9,215 5, 894, 677 32,454 3,315,216 3,241
Sept. 16 to Oct. 15,1921 9,231 6,173, 778 32,313 3,375,860 3,010
Oct. 16 to Nov. 15,1920. 7,614 7,923, 690 30,788 4,750,101 2,990
1
20,836 4,404 999,265
189
121,849 6,838 2,229,284 1,022
2,087
137,150 162
648
33,146 3,764 935,614 664
6,301
1,686 343.265
47
6,362 i 1,091 1 194,325
11
5,363
1,282 310,462
66
6,712 2,137 430,806
145
7,175
223.266
986
64
6,196
121.371
519
23
1,329
404
48; 66(
17
1,04]
32,60(1
210
22
1,586
51,046
14
271
7,915
63,774
38
216
51,733 5,059 947,829 285
4,395
192,573
753
10
12,105
43
1,817 304.373
1,029
49,227
370
10
3,674
79,269!
540
8
1,524
54,935!
2
295
4,336 1 1,739 1 214,887
82
803
25,891
245
5
351,376 275
14,858
77.058
5,802
67
1,323
45
1,022 1138,543
81,737
2,646
38
!633
4,597
60
1,476 285,949
22,015
1.619
9
187
75,565
2,313
15
456
213,200
23
67, 875
811
83
10,595
1,416 201,492
54,071
5
5,535
308
64,291
15
2,418
473
56,379
16
7,345
364
37,419
11
2,079
247
4,593 1,047,827
6,414 7,878 2,371,361
849
182,567
18,375
4,428 1,085,112
357,388
7,208 1,761
3,925 1,114
206,228
6,716 1,378
352,392
516,813
11,969 2,321
264,409
8,254 1,128
565
135.507
3,794
451
78,500
20,308
40,163
1,597
237
290
55,156
988
75,488
260
669
981,044
2,221 5,351
207,361
766
10,823
311,676
1,197 1,871
52,767
411
2,583
550
80,218
220
331
299
55,644
234,343
416 1,826
252
30,662
2,069
400,063
13,229 2,147
590
107,880
13,948
154,772
7,709 1,082
690
91,762
4,924
5,465 1,573
305,714
637
201
24,388
1,388
476
79,091
5,923
868 221,972
224,806
11.569 1,556
353
60,813
5,141
70,942
2,790
498
4,603
65,811
414
4,465
273
44,883
48,562
135,663
27,042
149,498
6,915
7,978
35,214
74,038
32,889
10,34:
9,532
5,957
3,122
11,045
30,994
3,965
6,106
957
729
378
19,040
2,702
35,458
16,874
8,520
5,101
14,300
1,736
2,138
2,849
11,745
1,601
3,861
4,829
2,999
436, 502 i 44,952 i 9,648,976 3, 591
734,679
468, 426 1 44,564 110,019,763 3,510
745,825
414,295 1 41,399'13,090,293 3,!
1,664,346
757
772
764
i,575, ^ 3
191,868 49,
206,076 48,
48', 846 10.1,971,664^
>, 051,767
297,128 45,963 15;
Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank.
NOTE.—Number of business days in period for New York, Buffalo, Philadelphia, Pittsburgh, Richmond, Baltimore, New Orleans, Littl
Rock, and Louisville was 24, and for other Federal Reserve Bank and branch cities, 25 days.
NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, NOV. 15, 1921, AND 1920
Nonmember banks.
Member banks.
Federal Reserve District.
1921
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta ..
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
-• •
.
.
... -
. .
.
Incorporated banks other than mutual savings banks.
-- •
..
Total
1
Not on par list.1
On pair list.
1920
436
797
701
881
624
511
1,443
585
1,020
1,085
861
861
434
782
700
871
611
454
1,404
569
996
1,083
846
824
9,805
9,574
1921
256
329
471
1 084
1 001
396
4,235
2,495
2 692
3,201
1,183
976
18,319
1920
258
323
437
1 077
1 264
412
4 278
2 526
2 925
3 398
1,261
1,029
19,188
1921
1920
573
1 165
340
1 206
167
131
182
181
2,218
1,727
1493
FEDEEAL KESEKVE BULLETIN.
DECEMBER, 1921.
GOLD AND SILVER IMPORTS AND EXPORTS.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Exports.
Imports.
Country.
During
10 days
ending
Oct. 20,
1921.
During During
11 days month
ending
of
Oct. 31, October,
1921.
1921.
During
10 days
ending
Nov. 10,
1921.
From
Jan. 1
to
Nov. 10,
1921.
From
Jan. 1
to
Nov. 10,
1920.
During
10 days
ending
Oct. 20,
1921.
During During During From
11 days month 10 days Jan. 1
of
ending
ending
to
Oct. 31, October, Nov. 10 Nov. 10
1921.
1921.
1921.
1921.
Austria
$9,000
3,760,711 $352,864
Belgium.
199,551
$174
706f
3,411,203
$174,706
Denmark
France
$7,093,978 5,510,217 18,596,507 $4,484,867 176,391,618 22,158,754
6,515
613,863
127,06( 17,089,668
Germany
419,698
97,860
128,700
5,003
720,748
Greece
Iceland
61,621
207,953
40,107
4,291
57,330
Italy
614,751
71 614,751
Malta...
248,012
Netherlands
64,651
93,730
80,968 18,830,025 1,163,121
3,324
1,534,985
Norway.
400
Poland and Danzig
23,040
25,364
"
2,148
Portugal
85,000 1,268,631
Russia in Europe .
238,322
49,215
49,215
26,828 3,319,281
Spain
60,108,8?3
714,610
95,394
1,031,982
13,875
4,204,83'
Sweden
572,957
4,937
Switzerland
488,484
46,294
Turkey in Europe...
8,400
4,775
3,851
United Kingdom:
England
4,334,749 5,512,450 9,890,934 7,591,398 177,546,119 218,382,243
45
Scotland
Total Europe.. 12,099,455 11,435,935 34,502,881 13,351,957 464,714,76e 244,687,088
400
103,290
400
Bermuda
* 20
British Honduras
36,445 1,024,097 1,147,403 1,094,452 33,260,856 33,378,901 $263,058 $116,486 $645,497 $112,504
Canada
115,019
575,024
781,459
13,000
23,753
Costa Rica
49,878
10,522
14,872
522,409
10,500
8,000
Guatemala
1,169
229,497
202,389
1,629
399
Honduras
76,874
712,231 1,080,335
20,118
24,863
Nicaragua
32,578
369,765
498,312
161,650 2,546,364
178,463
Panama
52,132
788,437 1,057,938
Salvador
27,055
800
45,355
108,122
334,819 630,545
129,525 4,804,311 4,153,275
1,560
Mexico
221
Newfoundland
2,212
15,090
1,906
306
362,637
Cuba
260,347
118,547
622,607
5,835
61,194
British West Indies..
88,827
150,000
Virgin Islands of U.S.
25,000
Dominican Republic.
4,800
309,809
30,215
Dutch West Indies..
539,649
98,123
160,536 5,552,643
23
Haiti..
Total North
436,126 1,663,035 2,782,265 1,652,604 50,434,633 41,808,304 290,113 117,286 690,852 114,064
America
131,217
1,059,237 1,707,682
1,217
Argentina
7,374
5,031
Bolivia
43,765
93,122
Brazil .
5,628
4,430
380,664
296,377
1,198
6,977
Chile
150,208
801,613 1,406,568
190,889 10,403,218 6,545,251
Colombia
188,722
644,518
61,201
523,893
558
Ecuador..
.
.
28,127
138,102
21,513
146,177
5,640
2,539
British Guiana
6,102
60,132
714
23,399
Dutch Guiana
158,359
1,365,137
47,114
1,043,309
41,657
183,800
Peru
850,405
743,760
159,109 6,286,853
Uruguay
93,630
72,062
Venezuela..
494,832
17,672 1,153,652
Total South
201,935 1,750,392 2,868,758
America
561,544 21,505,379 10,916,346
232,245
183,245
49,000
China
17,611,467
1,260
4,860
Chosen
British India
1,514,078
194 3,590,741
229,978 31,016,443
1,000,000
,124,000
Straits Settlements..
"""36*666
313
243,313
1,025,798 2,849,567
Dutch East Indies...
6,005,892
French East Indies..
245,574
98,6i6
119,490
72,847 1,268,051
Greece in Asia
80,000
80,000
5,660,825 30,191,910 121,450 5,150,170 5,761,620 100,510
Hongkong. . . .
2,208,234
Japan
886,092
4,708
Palestine and Syria..
1,448,793
Turkey in Asia
Total Asia
1,817,126
227,210 4,391,873
307,533 67,136,455 33,042,737 1,121,450 5,150,170 6,885,620 130,510
486,650
11,703,027
Australia
285,020
285,020
21,113 2,570,418 1,734,227
New Zealand
Tahiti....
124,021
93,636
Philippine Islands...
30,385
1,082,596
818,685
Abyssinia
21,965
13,250
British West Africa..
British South Africa.
51,823
423
Egypt
162,300
525,540 2,160,945 1,537,374 5,941,048
562,073
280,358
Portuguese Africa
Total
all
14,810,578 15,917,517 47,128,303 17,432,125 625,737,433 33,774,818 1,411,563 5,267,456 7,576,472 244,574
countries
Excess of imports or
exports
13,399,015 10,650,061 39,551,831 17,187,551 604,370,501 36,574,035
From
Jan. 1
to
Nov. 10,
1920.
$10,000
912
241,263
$200
2,643,013
2," 604
13,235
2,643,213
268; OH
2,563,346
5,015,216
19,000
20,000
5,351,664 17,605,798
250,844
500,000
10,000
44,000
8,165,854 23,214,014
89,995,000
24,300
280,000
400,000
700,000
236,000
6,300
3,653,376
12,850,000
184,000
24,300 108,304,676
28,286,750
1,179,000 6,512,371
30,000 6,683,454
60,000 12,065,105
2,290,000
9,264,265 29,243,862
80,293,091
0,533,265 165,374,633
300
39,446
21,366,932 97,200,783
i
1 Includes: Ore and base bullion, $30,986,000; United States mint or assay office bars, $428,000; other refined bullion, $452,499,000; United
States coin, $36,996,000; foreign coin, $104,828.
* Includes: Domestic exports—Ore and base bullion, $76,000; United Stages mint or assay office bars, $1,249,000; other refined bullion, $253,000;
coin, $15,656,000. Foreign exports—Ore and base bullion, $1,000; bullion refined, $2,005,000; coin, $2,127,000.
1494
FEDERAL RESERVE
BULLETIN.
DECEMBEE, 1921.
SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Exports.
Imports.
Country.
Belgium
Bulgaria
Denmark
France
Germany
Greece
Italy
Netherlands. .
Norway
Poland and Danzig
Portugal
Spain
Sweden
Turkey in Europe...
United Kingdom—
England
Total Europe..
During During
During
11 days m o n t h
10 days
ending
ending
of
Oct. 31, October, Nov. 10,
1921.
1921.
1921.
During
10 days
ending
Oct. 20,
1921.
SI, 009
54,416
$16,570
59,007
$18,823
157,622
Argentina..
Bolivia
Brazil...
Chile
Colombia
EcuadorGuiana
British
Dutch Guiana
Peru
Uruguay
Venezuela
Total South
America
$16
16,8251
370
172,291
5,250,347
225 234
22,8471
2,474
7,767
1 000
21,163
16 471
6^604
10 157
$800
56,702
3,656
781
143
1,324
192
55,617
75,577
217
366
1,185,549;
178,767
61,667
6,939,115
Bermuda
British Honduras
82,4481
46,577
301,400
Canada
Costa Rica
1,486
465
3,886
Guatemala
71,117
Honduras
71,107
2,"i67
14,763
Nicaragua
6,895
14,636
215,803
Panama
Salvador.
1,081,251 3,116,156 6,095,329
Mexico
5,895
6,574
679
Cuba
80
British West Indies
130
Virgin Islands of U.S.
Dominican Republic.
Dutch West Indies
French West Indies
Haiti..
Total North
America
From
Jan. 1
to
Nov. 10,
1921.
From
Jan. 1
to
Nov. 10,
1920.
$32.42S
42.240
24.026
54,861
14,453
7,978
69 682
31 395
4,821,678
642,600 11,094,037
4,909,558
6,100
69,097
3,343,627 3,355,418
55 345
62 802
24,534
1,020
905,409 2,280,610
212 869
632 590
148^199
601,771
41,610 3,725 765
33,702,571 48,225,248
71 (\m
84 227
2 115:
7 017
65,560
500
3,009
3,589
14
1,000
963,682
167
210,900
1,700
377,185
China
Chosen
British India
Dutch East Indies
French East Indies
Honckone
Japan
Russia in Asia
Palestine and Syria
Turkey in Asia
17,048
777
45
227,144
7
563
37,382
619,050
254,287
6,591,421 16,050,136
17
11,944
9,051
3
7,902 1,295,317
140
11,928
383,019 ' *2,*468,"896
127
127
606
773
396
!
19
144
Total Asia
Australia
NAW Zealand.
Philippine Islands...
Abvssinia
British West Africa..
British South Africa.
Portu&ni6S6 Africa
1,384
606
900
iij
2
117
2,000
616
19
:
19
960
509,359
92,0021
831,635
17,459
98.698 i,6i9,899
•
950,750 3,867,249
6,508,950
3,500:
3,500
5,300
60,9l5
176
2,001
226,043
50,000
25,133 1,875,722
319,201
100,553
4,500
391,510
3,000
542,000
14,576
176
109,461
3,047,074
1,250,904
27,356
25,000
316,000
9,000
i
975,883 6,447,968 12,125,294
113,450 1,086,491
900
12,723
2,333
239,500
1,402
10,000
240,400
527,627
26,458
878,71412.270.503 1,029,993 10,253,264 59,241,013
3,150,517
277,000
1,650
143,007
223,211
528,000 4,058,373
315,686 8,044,185 20,610,359
2,832,311 3,848,251
970
139,895
176,675
38,511
404,364
3,744,368
3 13fl
1 299
18,670
31
11 992
17 777
3,760
37,128|
6,097
93,321
527,627 1,021,721 2,864,073 1,345,679124,808,277 87,982,177
11,880
Total, all coun1,692,832 3,285,638 7,509,838 1,353,494 153,168,182 79,855,769
tries
Excess of imports or
exports
214,353
120,800
2,097
20
77
226,910
17,904
8,784
3
6
364,592
777
74
3
54,960
400
5,575
156,410
i
816,950 $214,353 $509,359 $831,635 $642,600 $11,094,037
1,206,166:
18,592
35,492
280,763 1,260,812
41,876
1,621
1,570,320 3,139,526
157,760
694,263
36,551
65.753
46
42
147
6,390
4,478,282 10,846,052
3,861
3,223
185
6,286
10,274
2,952
$32,920
ii2,i53
1,258,502 3,171,340 6,709,002 1,037,521 39,169,264 58,725,912
220,624
148
During
From
From
10 days J a n . 1
Jan. 1
ending
to
to
Nov. 10, Nov. 10, Nov. 10,
1921.
1921.
1920.
During During During
10 days 11 days m o n t h
ending ending
of
Oct. 20, Oct. 31, October,
1921.
1921.
1921.
841,391 1,641,108 2,727,639
10,577,500
1
851,441 1,644,530 4,782,199 2,964,162 »42,590,682 105,055,367
1,610,668
25,199,598
includes: Ore and base bullion, $38,038,000; other refined bullion, $6,479,000; United States coin, $2,811,000; foreign coin, $5,840,000.
»Includes: Domestic exports—Ore and base bullion, $15,000; United States mint or assay office bars, $152,000; other refined bullion, $20,317;
coin, $846,000. Foreign exports—Ore and base bullion, $2,000; bullion refined, $17,291,000; coin, $3,968,000.
DECEMBER,,
1495
FEDEKAL, RESERVE BULLETIN.
1921.
MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL
RESERVE SYSTEM, NOVEMBER 1, 1921.
Amount per
Held outside capita
outside
U. S. Treasury U.
S. Treasury
and
F. R. System. F. R.and
System.
Held in the i
S. Treasury |
General stock. U.
as assets of the1 I
Government. ;
Gold coin (including bullion in Treasury).
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve Bank notes
National-bank notes
Total:
Nov. 1,1921.
Oct. 1,1921.
Sept 1921.
Aug. 1921..
July 1921..
June 1921..
May 1921..
Apr. 1921..
Mar. 1921..
Feb. 1921..
Jan. 1921..
July 1920..
Jan. 1920..
July 1919.
Jan. 1919
July I! 1918
Jan. 1 1918
July 1 1917
$3,504,677,154
$394,633,632
346,681,016
2,712,957,310
124,763,400
743,288,847
6,816,970
3,500,685
1,466,440
16,941,825
< 74,451,028
262,974,679
20,933,788
7,150,341
$373,456,004
189,141,549
38,837,297
211,351,466
259,176,773
1.554,164
265,413,018
2,446,481,946
102,363,172
719,196,681
8,047,152,682
8,079,273,855
8,010,842,240
7,988,397,187 l
8,024,422,943 I
8,073,737,233 i
8,040,936,478 I
8,082,773,866 !
8,084,936,396
8,171,237,897
8,372,970,904
7,887,181,586
7,961,320,139
7,588,473,771
1 7,780,793,606 I
i 6,742,225,784 |
6,256,198, 271 I
5,480,009,884
457,988,002
430,580,014
431,623,906
432, 471,109
460,595, 721
499, 236, 987
508, 349,193
496, 945, 969
493,976,120
499,358,809
494,296,257
485, 057,472
604, 888, 833
578,848, 043
454,948,160
356,124, 750
277, 043,358
253,671,614
2,982, L92,610
2,985,684,106
2,907,188,113
2, 818, 800, 024
2,697, 553, 897
2,562,692, 917
2, 512, 465, 834
2, 534, 743, 843
2,385,101,578
2,438, 773,422
2,377,972,494
2,021, 271,614
2,044,422,303
2,167,280,313
2,220,705,767
2, 018,361,825
1,723, 570, 291
1,280,880, 714
4,606,972,070
4,663,009,735
4,672,030,221
4, 737,126, 054
4,886, 273,325
5,011,807,329
5, 020,121,451
5, 051, 084, 054
5,205,858,698
5, 233,105,666
5, 500,702,153
5,380,852,500
5,312,009, 003
4, 842,345,415
5,105,139,679
4, 367,739,209
4, 255,584,622
3,945, 457, 556
341,923,378
272,861,577
$1,851,980,449 !
695,465,520 '
"35,918,858
33,317,947
13,684,804 ' . .
"2*6," 943,646"
$42.41
42.98
43.11
43.77
45.02
46.43
46.57
46.91
48.41
48,73
51.29
50.19
49.81
45.00
47.83
41.31
40.53
37.88
1
Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption of outstanding gold and silver certificates and Treasury notes of 1890.
* Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes.
«Includes subsidiary silver.
< Includes Treasury notes of 1890.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT DEC. 1, 1921.
Paper maturing within 90 days.
Secured byFederal Reserve Bank.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.....*...
San Francisco
Treasury
Liberty
notes and
and
certificates bonds
Victory
of indebtednotes.
ness.
4J
4£
4*
5
5*
5i
5
5
5i
5
5*
5
44
4i
4J
5
54
54
5
5
54
5
54
5
Agricultural
Bankers'
and liveacceptances stock paper
Commercial, maturing
maturing
within 3 after 90 days,
Trade ac- agricultural,
and livemonths.
but within
ceptances. stock
paper,
6 months
n. e. s.
44
4^
5"
54
54 I
5 I
5 I
54 i
5 '
54
5
44
44
44
5
54
£•4
54
51
44
44
5
54
54
5
5
54
5
54
5
44
44
44
5
5
54
5
54
5
DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates
prevailing during the 30-day period ending November 15, 1921, 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 October, 1918,
FEDERAL RESERVE BULLETINS.
movement noted for some months past in rates for all classes of paper is
remarked. This reduction is noted particularly in rates for prime commercial paper, both customers and open market, and paper secured by warehouse receipts.
Present rates continue lower for all classes of paper—and particularly for
prime commercial paper, bankers' acceptances, and collateral loans—than
rates during the same period of 1920.
Quotations for new types of paper will be
added from time to time as deemed of interest.
During the period under review a further continuance of the downward
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING NOV. 15, 1921.
Prime commercial paper.
30 to 60
days.
No. 1..
No. 2..
No. 3..
No. 4..
No. 5..
No. 6..
No. 7..
No. 8..
No. 9...
No. 10..
No. 11..
No. 12..
Boston
New
York 1 .
Buffalo
Philadelphia
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
Chicago
Detroit
St. Louis
Louisville
Memphis
Little Rock
Minneapolis
Helena
Kansas City
Omaha
Denver
Oklahoma City .
Dallas
"...
El Paso
Houston
San Francisco...
Portland
Seattle
Spokane
Salt Lake C i t y . .
Los Angeles
Open market.
Customer's.
City.
District.
L. C.
5* 6
54 6
6 6
"6
6
6
6
6
6-64
6
6
7
7
7
4 to 6
months.
H. L. a
7 54 6
7 6 6
6 6 6
7 6 7
6 6 6
7 6
6 6 6
6 6 6
7 6 7
8 6 7
8 6 7
30 to 90
days.
Banker's acceptances,
60 to 90 days.
Interbank
loans.
4 to 6
months.
H. L. a H. L. a
6 5 54
6 5 54
6 5£ 5f-6 6 h\ 5^-6
6^ 5
7 6
Cattle
loans.
Indorsed.
'. L. a
5454
5
6
6
6
6
7
6
6
6
6
6
6
54 54
54 5f
54 6
5 | 5f
H. L. C. H. L. C.
,. C.
4|
4f 4§ 4f
54 54 54
44-41 54 4 | 44-5 7 4 54-6
, L. C.
6 64
5 6
6 6
6 6
6 7
1 1 1
5 4| 4|
6 54 51
6 5f 6
8 8 8
6
6
8
8
5i 5 |
6 6
6 7
8 8
6 54 54
6 54 5 |
64 5f 6
7f 5| 5f
7 6 64
7 6 6
6 54 54
7 6 64
6 5f 51
8 6 7
71-8 6-7 7
64 6 64
74 7 7
8 7 74
84 8 8
7 6 7
6f 6 6i
8 64 7
8 6 7
6 5| 5|
Q{ 6 6
8 6 7
8 6 7
7 6 6J
8 7 7
7 6 64
6 54 54-5f 64 6 6
7 6 7
6 54 5f
7 7 7
6 54 54
8 64 7
8 7 8
7f 5J 6
8 6 7
8 6 7
8 8 8
6
4f
4f
6
6 6
44 44
4 | 44
6 6
4f 41 44
44 4 | 4 |
6 6 6
5 4|4|
8 8 8
6
4|
54
4$
!8 8 8
6
4f
44
4f
6 54 6
6 4| 6
64 5 6
4£ 44
;44
54
44
44
4f
1 Rates for demand paper secured by prime banker's acceptances, high, 6; low, 4; customary, 5-6.
3 months.
6 7
6 6
7 7
6 54 o i
Unindorsed.
Demand.
7 6 64
64 54 6
5J 7
Collateral loans—stock exchange.
7
6
7
6
7
6
6
8
8
8
6 6
5 6
6 7
54 6
64 64-7
6 6
6 6
7 7
6 7
7 7
6 6
7 7
7
7
8 6 7
7 6 6-7
7 6 6-7
7 6 64
6 7
7 6 64
64
6 6 6
8 6 7
I8 7
8 7 8
!8 7
8 7 7
8 8 8
8 74 8
8 6 7
8 6 7
8 64 7
8 6 74
8 6 7
8 6 7
10 6 8
10 6 8
8 6 7
i 8 6 74
10 53 8
10 8 8
8 6 7
8 6 7
7 6 64
7 6 644
8 34 7
6 7
8 64 7
8 7 7
8 7" 7
8 7 7
8 8 8
8 6 7
3 to 6
months.
H. L. C.
64/ 6 64
7 5 6
7 6 6
6 5f6
7 6 7
6 54 6
7 64 7
6 6 6
6 6 6
8 7 7
8 6 7
8 7 7
8
7
7
7
6
6
6
6
6
6
8 7
7
84 8
8 6
8 6
8 6
10 6
8 6
10 8
8 6
7
8 6
8 7
8 7
7
6-7
7
64
6
7
8
74
8
7
74
7
8
74
8
7
6 7
Ordinary
loans to
customers
Secured by secured b y
warehouse Liberty
receipts. bon i a n d
certificates
of indebtedness.
H. L. C. H. L. C.
111
7'*64"64"
8 8 8
8 8 8
7 64 64
8 7 7
6 6 6
8
8
8
8
8
8
10
7 8
7 74
8 8
7 7
6 74
6 7
6- 8
7 74
10 8 9
7 7 7
7 64 7
8 64 7
1 1 1
10 7 8
64 74
1
6
7
6
6
1 1
6 6
64 64
6 6
6 6
8 7 7
8 6 7
8 7 7
6 7
64
7
7 6
7 6
74 6
6 6
8 6
8 7
64
6
7
8
74 6 4 '
7 4 7 74
8
8
8
0
8
10
8
7
8
8
8
8
8
6 7
6 74
6 7
7 7
7 74
8 8
7 7
64 64
642 7
7 74
7 7
7 8
6 7
H. L. C.
64 54 6
6 5 6
7 6 6
6 54 6
6 6 6
6 6 6
7 64 64
6 6 6
6 6 6
8 6 7
8 6 7
8 7 7
7 6 6
7 6 6-64
7
6
7
8
7
8
8
8
8
10
8
10
8
7
8
8
8
8
8
6 64
6 6
6 7
7 8
64 64
8 8
6 64
6
6 7
6 7
6 8
6 8
6 7
6 64
6 7
7 7
7 7
7 8
6 7
W
ej
1497
FEDERAL RESERVE BULLETIN.
DECEMBER, 1921.
FOREIGN EXCHANGE.
The foreign exchange index in November recovered from its decline during the A
month and stood again at 51, the same as in September, compared with 46 in October. The
principal changes during the month are an advance of about 10 cents in the average value of
the British pound, which was quoted at the end of the month at about $4, and a further decline
from an average of 68 cents per 100 to 39 cents per 100 in the value of the German mark.
The rise in sterling exchange was accompanied by an increase from 208 to 249 in the weight
for this currency (based on the volume of business during the preceding month), while the
weight of the mark declined from 125 to 75. These developments in sterling and mark
exchange largely account for the rise in the general index.
The rates used in the compilation of the table are noon buying rates for cable transfers in
New York, as published daily by the Treasury in accordance with the act of May 27, 1921.
FOREIGN EXCHANGE RATES.
C O U N T R I E S I N C L U D E D IN COMPUTATION OF I N D E X .
[Rates in cents per unit of foreign currency.]
Monetary unit.
Countries.
Belgium
Denmark
England
France
Germany
Italy....
Netherlands
Norway
Spain
Sweden
Switzerland
Canada
Argentina
Brazil. .
Chile
China
India
Japan
.
. . .
Franc
Krone
Pound
Franc
Reichsmark
Lira
Florin
Krone
Peseta
Krona
Franc
Dollar
'
Peso (gold)
Milreis
Peso (paper)
Shanghai tael
Rupee . . .
Yen
Low.
Par of
exchange. Novem- October.
ber.
19,30
6.5300
26.80 17.8700
486.65 392.0300
19.30
6.9200
23.82
. 3385
19.30
4.0300
40.20 34.0200
26 80 13 5300
19.30 13.3600
26.80 22.7800
19.30 18.3700
100.00 91.0313
96.48 72.4600
32.44 12.3300
19.53 10.5000
66.85 74.0800
48.66 26.4300
49.85 47.7700
High.
November.
October.
Average.
November.
6.9900
7.2500
7.1800
6.9391
17.9400 18.7600 19.3000 18.4674
372.8800 400.2100 395.5700 397.0196
7.0700
7.4000
7.3900
7.1991
.5420
.3924
.5385
.8278
3.8600
4.1213
4.2100 4.1100
31.9900 35.7900 34.7100 34.9722
11.9300 14 9400 13 5500 14 1209
13.0300 14.0700 13.4500 13.7165
22.2900 23.5900 23.4200 23.2335
17.3600 19.0200 19.2600 18.8035
90.8281 92.1641 92.1094 91.5082
71.3500 74.3600 74.4700 73.4739
12.4900 12.7900 13.0000 12.5996
11. 0000 11.6250 12.1250 11.0380
75.6000 77.7100 80.3500 75.9043
26.9800 27.2800 28.1900 26.8739
47.4100 47.9500 47.9100 47.8961
October.
7.1316
18.9220
387.2892
7.2524
.6832
3.9708
33.4544
12.6444
13.2520
22.9364
18.2332
91.3906
73. 0780
12.7080
11.7344
78.4016
27.4188
47.6552
Per cent of par.
November.
35.95
68.91
81.58
37.30
1.65
21.35
87.00
52 69
71.07
86.69
97.43
91. 51
76.15
38.84
56.52
113. 54
55.23
96.08
October.
36.95
70.60
79.58
37.58
2.87
20.57
83.22
47 18
68.66
85.58
94.47
91.39
75.74
39.17
60.08
117.28
56.35
95.60
Weight.
November.
24
9
249
120
75
55
31
9
21
20
9
168
18
21
6
44
29
92
October.
42
7
208
114
125
33
42
7
15
12
8
180
17
18
11
44
26
91
1498
FEDERAL RESERVE BULLETIN.
DECEMBER,
1921.
FOREIGN EXCHANGE RATES—Continued.
OTHER
COUNTRIES.
Low.
Monetary unit.
Austria
Bulgaria . .
Czechoslovakia
Finland
Greece
Hungary
Poland
Portugal
Rumania
exchange. November.
Krone
Leu
Krone
Markka
Drachma.
Krone
Polish mark »
Escudo
Leu
/Krone
\Serbian dinar
Peso....
Cuba
Mexico
Uruguay
China
Hongkong
Java. .
Straits Settlements
High.
Per cent of par.*
Average.
Par of
do
do ..
Mexican dollar
Dollar
Florin...
Singapore dollar...
20.26
19.30
20.26
19.30
19.30
20.26
23. 82
108.05
19.30
20.26
19.30
100. 00
49.85
103.42
48.11
4.7.77
40.20
56.78
0.0302
.6417
.9241
1.6286
3.9900
.0875
. 0223
7.9100
.4738
.2591
1.0388
99.5006
48.1975
64.9600
53. 6000
53.2100
33.6000
44.9200
October. November.
0.0481
.6620
.9372
1.4186
4.1300
.1272
.0156
8. 8700
.6554
.3281
1.3113
99.4592
48. 2300
65. 5600
55. 4000
54.9200
31.4200
42. 5000
October. November.
0.0491
.6892
1.0794
2.0214
4. 4500
.1328
. 0376
9.1000
.7875
.3766
1. 5160
99.6876
48. 4425
67.2200
56.1000
55.3800
35.0900
46.0800
October. November.
0.0360
.6704
1.0382
1. 8619
4.1426
.1078
.0290
8.4152
.6569
. 32-19
1.3058
99. 5892
48. 2895
66.4126
54. 5870
54.1404
34. 2896
45. 4739
0.0659
.7200
1.0903
1.6029
4. 7700
.1561
. 0256
9.9900
.9000
.4388
1. 7708
99. 7292
48.9344
67.7800
58.6300
57.9600
33. 7800
45.3300
October.
0.28
3.53
5.18
7.92
22.69
.71
.09
8.91
4.03
1.87
7.89
99.53
97.11
64.24
118. 20
118.25
81.59
77.35
0.18
3.47
5.12
9.65
21.46
.53
.12
7.79
3.40
1.60
6.77
99.59
96.87
64.22
113.4600
113.34
85.30
80.09
0.0561
.6814
1.0493
1. 5278
4.3792
. 1432
.0212
9.6228
. 7785
.3795
1.5227
99. 5258
48.4113
66.4388
56. 8638
56.4892
32. 7988
43.9204
1
Based on average.
Average price of silver per fine ounce: in London (converted at average rate of exchange) $0.69302; in New York $0.68470.
FOR E l<3 N E X C H A N G E 1 NDI K
1918 - 1921
GENERAL INDEX
ENGLAND
-.—FRANCE
GERMANY
- ITALY
- NETHERI-ANDS
ARGENTINA
JAPAN
PERCENT
PERCENT
no
HO
PAR-N
H
"7
90
- PAR
N
*
—s
80
•
•
N
\
V
7O
*
\
\
N
,
4O
\
2O
N. D.
YEAR
1918
6O
4O
—
- •
3O
2O
—-~
•••
MONTH
7O
N
/
•»••.
1O
8O
•
5O
^,
3O
—
—f
\
\
50
y
v
\
-N
6O
9O
\
%
IO
•••
... ... •••
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. MONTH
1919
1920
1921
YEAR
DECEMBER, 1 9 2 1 .
1499
FEDERAL RESERVE BULLETIN.
FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, AND
JAPAN.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
Similar material will be published regularly each month in the
BULLETIN.
BRITISH FINANCIAL SITUATION.
[Amounts in millions of pounds sterling.]
Deposit and note accounts,
Government floating
Bank of England and Treasury.
debt.
Nine London 3clearing
banks.
Discount rates.
Currency
notes De- Coin
Money Disand posits, and Treas- Tempo- Total at call counts
Bank1 certifiDepublic
and and ad- Investury
rary
adfloating
notes. cates and bul-2 bills. vances. debt. short
ments. posits.
lion.
vances.
notice.
out- other.
standing.
1913,average of
end of month
figures
1920, end of—
October...
1921, end of—
January...
February.
March
April
May
June
July
August
September
October..
29
57
38
15
Statist
index
Capital
numissues
ber of
of
foreign
United Three
Six
exKing- months' months' change
dom.4 bank trade value
of
bills.
bills.
£.
Net
profits industrial
companies.'
Per ct. Per ct.
Perct.
11 7
4S4
44
109
356
137
152
1,028
241
1,269
109
108
110
109
108
110
109
107
106
104
342
336
344
338
333
324
325
319
314
312
129
127
138
141
128
147
122
137
118
175
157
157
157
157
157
157
157
157
157
157
1,145
1,110
1,121
1,100
1,152
1,222
1,202
1,166
1,159
1,124
242
189
155
190
163
152
150
180
161
214
1,387
1,299
1,275
1,290
1,315
1,374
1,355
1,347
1,321
1,338
28
99
88
83
92
96
99
104
100
99
102
1,207
1,172
1,145
1,127
1,144
1,162
1,185
1,179
1,186
1,196
317
316
312
309
307
308
306
302
302
306
1,810
1,754
1,715
1,710
1 729
1,768
1,785
1,764
1 771
1,802
22
10
26
15
17
34
10
8
8
34
7£
108.7
6|
7
6i
7J
122.4 11.8
120.9
123.0
120.0 11 2
110.1
117.8
8 4
112.9
113.0
114.6
121.7 . . . .
7
7
5^
11
5-&
41
4f
%
3f
6
5f
51
1
2
Less notes in currency notes account.
Held by the Bank of England and by the Treasury as note reserve.
*
Average
weekly figures.
4
Compilation of London Joint City and Midland Bank, Government loans for national purposes excluded.
5 Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of rail
ways, mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has thererore a probable lag of six months
« Third quarter.
FRENCH FINANCIAL SITUATION.
[Amounts in millions of francs.]
Bank of France.1
Gold Silver
De- 2
rere- | posits.
serves.
1913, average...
1920, average...
1921—
January...
February..
March
April
May
June
July
August
September.
October...
I
3,343
3,586
9 3, 553
9 3, 555
» 3, 556
9
3, 566
»3, 570
» 3, 572
9 3, 573
» 3, 574
» 3, 575
9 3,575
8
Circulation.
Situation of the Government.
Advances
to the
Government
for purposes
of the3
war.
Government
reve-4
nue.
Internal
debt.
Value
of new Savings
stock banks, Average
and
Price bond excess daily
clearof 3
ings of
Exper
the
ternal5
cent upon withParis
perdebt.
the
draw- banks.
petual6 French als
(
)
.
rente. markets
629
253
830
3,527
5,565
38,066
26,042
320
1,005
268
264
267
271
272
274
275
277
277
278
3,429
3,293
3,103
3,018
3,041
2,861
3,252
2,749
2,509
2,563
37, 913
37,808
38,435
38,211
38, 233
37,422
36,941
36, 783
37,129
37,154
25,600
25, 600
26, 200
26,000
26,200
25, 000
25,100
24,900
24,900
25,100
1,204
921
972
1,248
1,004
1,030
1,242
1,016
1,011
1,305
86.. 77
57.34
35,000
220,344
32,523
229,055
35,286
59.16
58.15
58.17
56.92
57.15
56.26
56.35
56.50
56.20
54.30
995
1,861
344
1,085
H492
621
2,345
152
3,355
- 65
+ 48
+ 70
+181
+111
+ 66
+ 63
+ 45
+ 52
+ 72
+ 68
+ 33
59
657
591
556
600
666
582
433
467
553
463
End of month figures.
• Includes Treasury and individual deposits.
*1 Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917.
From indirect taxation and Government monopolies.
1
Foreign debt converted to francs at par.
1
Last Wednesday in the month.
' Figures of the "Association Nationale des Porteurs Fran<?ais de Valeurs Mobilieres." Bonds issued by the Government and the railroad
companies
not included.
8
Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December.
9
Not including about 1,948,000,000 francs held abroad.
i°
Average for 11 months.
II
Revised figure.
1500
DECEMBEB, 1921.
FEDERAL RESERVE BULLETIN.
ITALIAN FINANCIAL SITUATION.
[In millions of lire.]
1913, end of December..
1920, end of—
June
July
1921, end of—
January
February .
March
April
May. June
July.
August
September
Leading private banks. 1
Banks of issue.
Loans,
discounts,
Cash. dueand
from
correspondents.
Deposand
Total itsderemand
serve. liabilities.
Deposits and Loans Gold
due to and
recorre- disspond- counts. serve.
ents.
Government finances.
Com- Circulamer- tion for
cial
account
circuof the
lation. state.
129
2,007
1,674
857
J.375
1,661
318
2,284
874
14,996
14,060
6,784
6, 576
L,038
L,039
2,110
2,113
2,379
2,196
7,484
7,615
10,333
10,284
1,193
1,016
1,067
1,165
1,021
1,078
1,140
1,131
17,113
16, 842
17,096
17,162
17, 489
18,047
16,851
17,024
16,392
15,961
16,425
16,694
16,645
17,391
16,704
16,672
6,931
7,158
7,144
7,040
6,951
7,438
7,156
L,058
1,062
1,062
1,066
L, 070
1,073
1.076
2,046
2,007
2,043
2,138
2,165
1,989
1,990
2,635
2,351
2,461
2,349
2,198
2,366
2,290
8,673
8,619
9,233
8,677
8,809
9,437
9,433
10,591
10,308
9,532
9,601
9,219
8,722
8,507
State
currency
notes.
Principal reveShortnues
from
Total
term
treas- public taxation
and
moury
debt. nopolies
bills.
during
month. 1
Treasury
metallic reserve.
499
117
2,538
343
2,546
9,300
349
19,000
95,000
106,721
822
1,210
608
1,309
607
1,525
1,025
1,116
622
1
2
Banca Commerciale Italiana, 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.
SWEDISH FINANCIAL SITUATION.
[Values in millions of kronor.]
Riksbank.
Joint-stock banks.
Note cirGold coin
and bullion. culation.
1913, end of December
1920, average.
1920, end of—
October
November
1921, end of—
January
February
March
April
May
June
July
August
September
October
November
.
Loans and
discounts.
Number.
Value.
Business
failures.1
Foreign
exchange
index.*
Number.
Foreign
exchange
value of
the krona
abroad
(foreign
currencies
— 100).
Index
number
of stock
prices—
A list.i
102.1
269.2
234.5
732.9
138.9
476.3
2,286.9
6,008.2
4 314
3,586
6.4
309
196
112.9
258
176
282.4
282.4
772.8
752.8
501.5
• 446.0
6,079.0
6,117.8
4,218
4,114
7.9
" 7.9
219
239
115.3
113.8
154
144
281.9
281.8
281.7
281.8
281.6
281.4
280.3
285.0
275.9
275.5
275.0
672.5
687.6
716.9
680.5
651.1
678.8
629.4
632.4
672.4
650.3
628.0
429.2
451.3
442.2
400.9
377.6
365.1
362.6
344.8
329.7
340.9
6,172.6
6,119.2
6,093.6
6,065.3
5,982.7
5 949.2
5,929.9
5,937.1
5,900. 9
5,837.4
5,735.1
5,951
6,411
8,521
7,899
8,201
7 376
7,383
6,515
5,786
6,449
13.4
14.1
20.1
15.6
22.8
18 0
16.8
16.0
10.3
12.6
301
381
390
444
454
433
413
353
493
116.1
116.4
121.7
125.5
123.3
122.6
119.3
119.5
121.4
124.9
148
138
133
128
116
110
125
120
114
107
* Source: Kommersiella Meddelanden.
Bills
discounted
with
Riksbank.
Protested bills .1
1.9
505
DECEMBER,
1501
FEDERAL RESERVE BULLETIN.
1921.
GERMAN FINANCIAL SITUATION.
[Amounts in millions of marks.]
I
Reichsbank statistics.
Index numbers
of securities
prices.2
I Situation of the Government.
Value of
new stock
-i Darlehns-i—
and
bond
! kassenDiscounts. 1
i scheine
issues
! in circuplaced on
Gold \~
j
Note i
lation.1 j Receipts j Revenue Treasury German
15
25
re- 1 I Disr
P
circu- [Deposits.11 Clearings;
i from ! of State bills out-1 market.
stocks. bonds.
serve. I counted { medial i l a t i o n - 1
| taxes, 'railways. standing.
|
i Treasury
paper.
! bills.
1913, average.
1,068 j .
1920.
October
November...
1,092 i
1,092 !
1921.
January
February
March
April
May...
June
July
August
September...
October
November...
1,092 ;
j, 092 !
1,092 !
1,092
1,092 i
1,092 j
1,092 !
1,0 2 4 •
1,024
994 !
994 '
1,958
53, 807
!
53, 337
56, 451
66, 803
60, 894
62, 954
1,810
79,608 !
1,565
79,982 !
1,136
84,044 |
1,002
98,422 1
1,142
98,705
881
114,023
1,441
668 I
6,136 ;.
61,735 |
17,945 |
64,284 i
17,340 i 75,426 I
66,621
67, 427
69, 417
70, 840
71,839
75, 321
77,391
80, 073
86, 384
63,956
100,944
73,293
13,024 j
12,370
3,211 ! 1,400
1, 333
4,434
341
755
168
543
043
706
358
837
610
316
330 I
15, 834 j 79,917
17,357 ' 70, 499
28,043
74, 294
20,856 i 75, 255
14,093 i 66, 454
20,393
68, 764
15,814 j 78, 337
13,650 ! 79,172
19,980 i 98, 004
18,303
119,496
25,313 I.
741
766 i
846
357
108 :
735 :
566
145 '
908
•
1, 483
1,590
1,681
1, 832
1,841
2, 028
2, 269
2,416
2,599
M68
172
161,920
165,918
155,363
161,6oO
166, 329
172,634
176,643
185,032
190, 675
2,042
2, 397
894
2,559
1,468
2, 238
1,507
1,228
210,408 I
212,548 j
1, 534
2,889
* 122
126
200
155
166
163
111
117
113
4 195
5
« 131
143
195
259
320
481
1
End of month.
2 Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds at beginning of months (prices as of Jan. 1,
1920=100). Former calculations of securities prices published in the FEDERAL RESERVE BULLETIN were based on 25 stocks and 10 domestic bonds
only. The fire additional foreign bonds are as follows: 4 per cent Austrian gold rentes; 5 per cent redeemable Mexican bonds (silver); 4 per cent
Turkish (Bagdad) bonds, Series I; 4^ per cent redeemable Rumanian gold bonds of 1913: 4 per cent Hungarian gold rentes.
3 As of Oct. 23, 1920.
* As of July 29, 1921.
6 As of Sept. 9, 1921.
8AsofSept.l4, 1921.
JAPANESE FINANCIAL SITUATION.
[Amounts in millions of yen.]
Tokyo banks.
Bank of Japan.
deposits. |
1920, end of— i
June
JulyAugust
,
September.
1921, end of—
January
February...
March
April
May..
June
July
August
September..
October
.»i;
Note
circulation.
,as:,
1,165
1,120
1,201
1,078
381 |
273 j
278
180 ;
1,349
1,202
1,217
1,170
979
1,011
1,039
1,170
2,036
2,029
2,014
2,076
2,524
2,190
2,139
2,032
1,071
1,126
1,190
1,098
1,172
1,119
1,074
1,122
1,093
1,078
115
103
88
79
76
74
78
95
66
191
1,235
1,141
1,178
1,147
1,118
1,218
1,142
1,192
1,232
1,255
1,235
1,141
1,178
1,147
1,118
1,218
1,142
1,192
1,232
1,255
2,171
2,188
2,219
1,848
1,873
1,980
1,987
1,951
1,955
2,013
2,143
2,502
2,442
2,506
2,670
2,341
2,816
2,627
i
!
!
i
!
!
I
I
|
1
In case of Tokyo banks, and note circulation and specie reserve of B>ank of Japan, last day of month.
a It is generally understood that in recent years a certain portion of the reserve has been held abroad.
bank's own notes held in the bank.
78092—21
9
Tokyo
Tokyo
bank
Average
associated clearings discount
banks,
(total
rate
total
within
(Tokyo
loans.
the
market).
month).
Per cent.
10.99
10.95
10.33
9.71
9.23
9.16
9.05
8.91
8.36
8.43
Specie reserve figures do not include
INDEX TO VOLUME 7.
Acceptance liabilities:
Page.
British banks
801,1052
French banks
1052,1424
Member banks
171, 800,1050
November, 1919-November, 1920
171
Acceptance market, condition of
375,
394, 534, 648, 667, 775? 791,1268
Acceptances:
Against domestic shipping documents
1312
Agent of national bank for issuing
547
Agricultural commodities, bankers' acceptances
drawn by cooperative marketing associations
against warehouse receipts covering
963,1199
Amendment to Regulation B—Open-market
purchases of bankers' acceptances
545
Automobile parts as readily marketable staples. 699
Bankers' acceptances, maturities of, extended. 648
Banks granted authority to accept up to 100 per
cent of capital and surplus
188,
307,417,551,670, 814, 961,1078,1434
Bill-of-lading drafts, demand, collection of
1080
Buying and selling of, methods employed
1166
Cattle, shipping documents covering
815
Coffee, warehouse receipts covering
418
Consignment, goods shipped on
419
Cooperative marketing associations, acceptances
drawn by, against warehouse receipts covering agricultural commodities
963,1199
Correspondent bank as agent of national bank
for issuing
547
Dealers engaged in export and domestic sale of
same class of goods
70
Dealing in ; methods employed
1166
Domestic transactions; shipping documents . 70,1312
Export or import transactions—
Dealers engaged in both export and domestic sale of same class of goods
70
Goods shipped on consignment
419
Renewal drafts
699, 964
Security for accepting bank's
418
Shipping documents—
Acceptances against
1312
Meaning of, as used in Board's regulations
191
Goods shipped on consignment
419
Guaranteeing of, by national banks
547
Indorsement of accepting bank
699
Maturities of, extended
648
National bank appointing correspondent as
agent
547
Nonmember banks, eligible paper of, acquired
by member banks
963
Open-market purchases—
Amendment to Regulation B
545
By Federal Reserve Banks direct from accepting banks
699
Permission granted member banks to apply
for discounts acquired from nonmember
banks
963
(See also Discount and open-market
operations.)
Period for which acceptances should be drawn. 308
Permission granted to member banks to apply
for discounts of eligible paper acquired from
nonmember banks
963
Purchase, by Federal Reserve Banks, of bankers' acceptances direct from accepting banks. 699
A cceptances—Continued.
Purposes of original negotiation determines eligibility and classification of paper
1199
Readily marketable staples
699
Regulation B, amendment to
545
Renewal drafts
699, 964
Reserves against money paid to member bank in
anticipation of acceptances
815
Security for acceptance credits
418,1313
Shipping documents—
Against acceptances
1312
Covering cattle
815
Meaning of, as used in Board's regulations. 191
Time, length of, for which acceptances should
be drawn
308
Warehouse receipts—
Agricultural commodities
963,1199
Automobile parts
699
Coffee in foreign country
418
Tobacco
.'.
*
963,1199
Wine, sacramental, in bond, warehouse receipts
covering
419
Accommodation granted to correspondents by city
banks, methods employed
."
* 33, 536
Acts:
Amending Federal Reserve Act—
Sec. 25 (a)—Foreign banking corporations
310, 817
Sec. 11 (m)—Modifying 10 per cent limitation
73,310
Amending Revised Statutes—
Qualifications of national bank directors. .
549
Sub treasuries discontinued
33
Amending State banking laws—
Indiana
550
New Jersey
73
Oklahoma
550
Administrator, executor, etc. (See Fiduciary
powers.)
Advisory Council, Federal:
Meetings of
272, 655,1271
Members of
69
Agent of national bank for issuing letters of credit
and acceptances
547, 648
Agricultural commodities, acceptances drawn by
cooperative marketing associations against warehouse receipts covering
963,1199
Agricultural credit
775, 898,1027,1147
Attitude of Board regarding
898
Crop moving
775,1027,1030
Joint Commission of Agricultural Inquiry,
statement of
1030
Loans by member banks, March, 1920-April,
1921
1049,1150
Wrar Finance Corporation, loans by
1030,1380
Agricultural paper:
Discount rates on, September 1, 1920 and 1921. 1033
(See also Discount rates)
Growers' drafts accepted by cooperative marketing associations
963,1199
Held by Federal Reserve Banks. (See Discount and open-market operations.)
Notes of irrigation companies not classed a s . . . 964
Notes of packing and marketing associations
not classed as
1312
Purposes of original negotiation determines
eligibility and classification of paper
1199
i
II
INDEX TO VOLUME 7.
Agricultural products held on farms
377
Agriculture, monthly reports on condition
14,
142, 273, 384, 515, 657, 782, 909,1037,1156,1273,1388
Allies:
German reparation settlements
138.
269, 650, 674,1301,1308,1450
Loss of ships during war
184
Loans to, by Great Britain
565,1303
(See England, France, Germany, Italy.)
American shipping:
Before and after the war
183
Earnings and balance of trade
400
Growth of
906
(See also Vessels.)
Application for letters of credit, description of
1170
Argentina:
Balances due to and from foreign countries
1404
Condition of Banco de la Nacion
578
Foreign exchange
575
Foreign trade
574
Wholesale prices of commodities exported.
573
Asia, balances due to and from foreign countries... 1403
Assets and liabilities. (See Condition statements;
Resources and liabilities.)
Assets, quick, over current liabilities as bearing
upon eligibility of paper
546
Atlanta par clearance case, decision of Supreme
Court
700
Australia:
Note-issue functions transferred from treasury
to Commonwealth Bank
301
Wholesale prices
88,
210, 329, 604, 726, 845, 992,1108,1228,1344,1463
Austria:
Business and financial conditions
206
Budget
207
Landerbank and Anglo-Austrian Bank, reorganization of
1294
Public debt
207
Authority to purchase; meaning, classification, and
forms
926
Automobile industry, monthly survey of
518,
785,913,1040,1159,1276,1391
Automobile parts as readily marketable staples
699
Automobile tires and tubes, production of
1332,1452
Automobile trucks, eligibility of notes issued for
purchase of
191
Automobiles, shipments of
979,1097,1216,1332,1452
Bachi, Riccardo:
On business and financial conditions in Italy..
437
New index number for Italy
465
Balance of trade. (See Foreign trade.)
Balances due to and from foreign countries:
Asia
1403
Between United States and foreign countries. 1262,1407
Between United States and foreign Governments
1412
Distribution, by geographical groups
1401
European countries
1402
Foreign Government balances
1404
North America
1403
South America
1404
World at large
1401
Banco de Chile, condition of
578
Banco de la Nacion, Argentina, condition of
578
Banco do Brazil, condition of
578
Bank debits
104, 228, 347,487, 510, 634, 750,
877, 1009,1128,1247, 1361, 1488
Bank loans, warehouse receipts as collateral for
1314
Bank notes. (See Federal reserve bank notes.)
Bank of Belgium:
Condition of
262
Deposits, note circulation, and reserves, 19041921
1296
Page.
Bank of Copenhagen, condition of, 1914-1920
612
Bank of England:
Condition of, 1913-1920
260
Deposits, note circulation, and reserves, 19041921
1298 1382
Discount rates..'.."."..../. 374,"554,"568,*803, 954^ 1304
Deposits and securities, 1914-1920
570
Effect of war on
569
Note circulation, 1914-1920
570, 571
Bank of France:
Advances to Government for war purposes.. 177,1384
Annual report
434
Condition of, 1913-1920
260
Deposits, note circulation, and. reserves, 19041921
1297,1383
Discount rates
956
Note circulation, 1914-1920.
177
Bank of Italy:
Condition of, 1914-1920
611
Deposits, note circulation, and reserves, 19041921
1298,1384
Bank of Japan:
Condition of
87, 208, 326
Deposits, note circulation, and reserves, 19041921
1300
Bank of Netherlands:
Condition of
262, 434, 812,1197,1299
Deposits, note circulation, and reserves, 19041921
1299
Bank of Norway, condition of, 1914-1920
611
Bank of Spain, condition of, 1913-1920
261
Bank of Sweden, condition of, 1914-1920
612
Bankers' acceptances. (See Acceptances.)
Bankers' Live Stock Loan Corporation formed to
finance live-stock industry
775
Banking conditions. (See Business and financial
conditions; Conditions statements; England;
France; Germany; Italy; Japan, etc.)
Banking laws, amendments to:
Federal Reserve A c t Sec.
25 (a)—Foreign banking corporations
310, 817
Sec. 11 (m)—Modifying 10 per cent limitation
\
73, 310
Revised Statutes—•
Qualifications of national bank directors..
549
Subtreasuries discontinued
33
State laws—
Indiana
550
New Jersey
73
Oklahoma'.
550
Belgium:
Bank of, condition of
262
Deposits, note circulation, and reserves, 19041921
1296
Investment trusts in
64
Bill of lading drafts, collection of
1080
Bills discounted and bought. (See Discount and
open-market operations.)
Bolshevik (Russian) Government, export and exchange restrictions removed
69
Branches of Federal Reserve Banks:
Directors, election of
67
Helena branch, opening of
141
Managers of
67
Branches, foreign, of American banks:
Curtailment of
:
1267
Reserves against balances due from parent member bank
815
Brazil:
Condition of Banco do Brazil
578
Foreign exchange
575
Foreign trade
574
Wholesale prices of commodities exported
573
INDEX TO VOLUME 7.
Page.
British finance during the war
563 Certificates of indebtedness. (See Treasury certificates of indebtedness.)
(See also England.)
Charges, collection. (See Clearing and collection.)
Brussels Conference, resolutions of, on international credits
181 Charts:
Budgets:
Assets and liabilities of Federal Reserve
Conditions in United States and foreign counBanks. . 475, 622, 737, 865, 999,1116,1236,1352,1475
tries
, 1381
Assets and liabilities of member banks
481,
628,744,871,999,1116,1236,1352,1475
England
317, 554, 690, 803,1381
Balances on open account owed by United
France
80,
States to foreign countries, February, 1918138,175,198, 692, 804,1075,1305,1381,1424
June ,1919
1405
Germany
325, 561, 808, 958,1308,1382,1429
British treasury receipts
566
Italy
^
323,1076,1381
Debits to individual accounts
487,
National defense, expenditures for
1382
634,751,877,1009,1128,1247,1361,1488
Building operations, reports on
21,
and note liabilities, and cash reserves
150, 279, 391,522, 663, 788, 917,1044,1163,1280,1396 Deposit
of Federal Reserve Banks, 1919 and 1920....
27
Building permits
835, 981,1098,1219,1335,1455
Deposits and securities at Bank of England;
Bureau of Internal Revenue, regulations on use of
also bank and currency notes, 1914-1920
570
revenue stamps on time drafts
310
Discount rates on British treasury bills
568
Business and financial conditions:
Earning assets of Federal Reserve Banks, 1919
Austria
206
and 1920
26
England
77,195,317,420,552,
Earning assets. Federal Reserve note circulation, and cash reserves of Federal Reserve
608, 689,764,802,891, 952,1023,1068,
Banks; also imports and exports of mer1143,1186,1257,1302,1374,1420,1499
chandise and wholesale price index
672
France
79,198, 320,423,
673
555, 608, 691, 764, 804, 891, 955, 1023, Earnings of Federal Reserve Banks in 1920
Foreign exchange index... 1018,1142,1257,1373,1498
1074,1143,1189,1258,1305,1423,1499
French war
financing
180
Germany
83,201. 324,428.,
680
559, 609, 694, 765, 808, 958,1021,1070', Gold imports and exports, United States
Gold reserves of principal countries before and
1145,1193,1259,1308,1376,1428,1501
after the war.
677
Italy
82, 322,426,437, 557, 609, 693, 765,
Italy's war
financing
1178
807,957,1021,1076,1145,1191,1258,1375,1425
Loans and discounts of eleven New York City
Japan
86,
banks, 1913-1919
44,48
208,326,610,766,1022,1144,1260,1376,1501
Physical volume of trade
335,
Netherlands
431,
448, 586, 708, 824, 971,1089,1.208,1323r 1444
812,1195
SilverSweden
203, 327,429, 561, 610, 696,
Melting points of silver currencies
937
766,810, 960,1022,1072,1144,1259,1375,1500
Price of, and wholesale price index
937
United States
14,142,
Tobacco districts
1057
273,384,514,656,781,909,1036,1155,1272,1387
Wholesale prices, United States.... 90, 212,330,442,
Conference on method of reporting
272
580, 703, 819. 966, 1083,1201, 1317, 1437
Paper read by M. T. Copeland
291
69,189, 307,
Paper read by R. M. Falkenau
396 Charters issued to national banks
417, 551, 698, 814, 962,1081,1200,1315,1436
Review of, during year
25, 767-778, 849
Business failures
69,189, Check clearing and collection. (See Clearing and
collection.)
307,417, 550, 698, 817,962,1081,1200,1316,1434
During 1920...'
189 Chile:
Balances due to and from foreign countries
1404
Call money rates
375
Condition of Banco de Chile
578
Canada:
Foreign exchange
575
Balances due to and from foreign countries
1403
Foreign trade
574
Deposits, note circulation, and reserves, 1904Wholesale prices of commodities exported
573
1921
1299 China:
Wholesale prices
89, 210,
Balances due to and from foreign countries
1403
328, 465, 604, 727, 846,992,1108,1228,1344,1463
Gold and silver imports and exports
938
Cancellation of orders.
135. 267, 905
Merchandise impprts and exports
938
Effect of, on foreign trade
905 Circulation, deposits, and reserves in principal
Capital:
foreign countries, 1904-1921
1295
Federal Reserve Banks. (See Resources and
(See also Currency; Deposits; Reserves.)
liabilities.)
City banks granting accommodation to correspondMember banks. (See Resources and liabilients, methods employed
33, 536
ties.)
Clearing and collection:
State banks admitted to system
68,188,
Atlanta par clearance case, Supreme Court
307,415,551,698,814,961,1078,1198,1316,1434
decision
700
Stock of foreign banking corporations, right
Collection of demand bill of lading drafts
1080
of national banks to invest in
71
Gold settlement fund transactions—
Monthly
345,
Cassel, Gustav, on Swedish currency circulation... 203
756, 880,1012,1131,1250,1364,1491
Cattle, acceptances against shipping documents
Year ending June, 1921.
850
covering
815
Immediate credit, demand bill of lading drafts.. 1080
Cement, production and shipments.. 1093,1216,1331,1451
IV
INDEX TO VOLUME 7.
Page.
Page.
Clearing and collection—Continued.
Consignment, acceptances against goods shipped on. 419
Operations of system—
Cooperative marketing associations, acceptances
Monthly..."
113, 244, 362,
drawn by, against warehouse receipts covering
491, 639. 755, 881,1013,1132,1251,1365,1492
agricultural commodities
963,1199
Year ending May 15, 1921
850 Copeland. M. T., paper by, on methods of reporting
Par list, number of banks on
113, 244, 362, 491,
business conditions
291
639, 755, 850,881,1013,1132,1251,1365,1492 Copper production
978,1095,1214,1329.1449
Supreme Court decision in Atlanta par clearance
Com crop estimates
983,1099^ 1206,1334
case
700 Correspondent bank:
Clearing-house bank debits
104, 228, 347, 487,
As agent of national bank in issuing letters of
510, 634, 750, 877,1009,1128,1247,1361,1488
credit and acceptances
".
547, 048
Clothing industry, monthly survey of. 662,1042,1278,1393
Loans to, by city banks, methods employed.. 33, 536
Coal production:
France
320,1307,1425 Cost of living:
England
79,198.
England
79,
319, 605, 728, 847, 953, 993,1070,
198, 319, 422, 554, 690, 952,1068,1189,1305
1109, 1189, 1229, 1345, 1423,1468
Germany
429, 960,1194
France
'.. 200, 807,1306
United States
18, 99,144, 222, 275, 340,
Germany
429, 559,
386, 454, 517, 592, 659, 714, 784, 830, 912, 976,
605, 695, 728, 809, 847, 993,1072.
1039, 1093, 1158,1213,1275.1328, 1390, 1448
1109, 1229, 1345, 1429, 1468
Coal strike in England
'552, 689, 804, 952
Italy
807
Coffee, warehouse receipts covering
418
Sweden
1074
Cold-storage companies, eligibility of notes of
308
(See also Wholesale prices.)
Collateral for bank loans, warehouse receipts as
1314
Cotton:
Collection of checks. {See Clearing and collection.)
Collection of demand bill of lading drafts
1080
Crop estimates
983,1099,1206,1334
Commercial failures reported
69,189, 307,
Fabrics, production and shipments
23,
417, 550, 698, 817, 962,1081,1200,1316,1434
152, 284, 458. 597, 719, 836,
During 1920
189
985. 1101, 1220, 1336, 1456
Commercial paper:
Financing, study of
1066
Business, study of
920-931.1052
Reports on condition
274
Notes not negotiable as, unless indorsed by
384, 515, 657, 782, 9.10,1037,1156,1273,1388
party to the commercial transaction
1079
Stocks of
' 97.
Purposes of original negotiation determines
220, 338, 452, 590, 712, 828,1091,1211,1326,1446
eligibility and classification of paper
1199
Textile industry, monthly reports on
16
(See Discount and open-market operations.)
146, 277, 388, 519, 660, 785
Comptroller of the Currency, Crissinger, D. R.. ap914. 1041, 1160, 1277, 1392
pointed
383 Cotton seed, stocks at mills
220,
Condition statements:
339, 453, 590, 713, 828, 974,1091,1211,1326,1446
Banco de Chile
578 Counsel of Federal Reserve Board, opinions by.
Banco de la Nacion, Argentina
578
(See Rulings.)
Banco do Brazil
578 Credit:
Bank of Belgium
262
Agricultural
775, 898,1027,1147,1380
Bank of Copenhagen
612
Crop moving.
775,1027,1030
Bank of England
260
Joint Commission of Agricultural Inquiry,
Bank of France
260
statement of.
1030
Bank of Italy
611
War Finance Corporation permitted to
Bank of Japan
87, 208
grant
1030,1379
Bank of Norway
611
Brussels Conference, resolutions of, regarding..
181
Bank of Spain
261
Crop moving
775,1027,1030
Bank of Sweden
612
Discussion of
7, 379, 503, 646,1147,1267
Big five banks in England
295
Foreign
7, 379, 646,1267,1378
Federal Reserve Banks—
Fraser. Sir Drummond, on
1378
Monthly
12, 114,140, 237, 270, 356, 381,
Hoover, Herbert, on
1380
473, 512, 620, 654, 736, 780, 864, 908, 999
Plan for international credit adopted by
1034, 1116, 1153, 1236,1270,1351,1385,1475
Geneva Conference
10
Review, 1920
25, 767, 849
Ter Meulen plan
181,1378
German Reichsbank
261,1309
Frozen credit, elimination of
U51
Javasche Bank
1197
Letters of. (See Letters of credit.)
Leading European banks
.\
9
Policy of Federal Reserve System, letter to
Member banks in leading cities—
a United States Senator on
895
Monthly
12, 120,140, 245, 270, 363 381
WTar Finance Corporation
1030,1380
480, 512, 628. 654, 743, 780, 871, 908,1006' Crissinger, D. R., appointed Comptroller of the
1034, 1124, 1153, 1244, 1270,1358,1385,1484
Currency
383
Abstract of
255, 497, 851, 886,1137 Crops:
Netherlands Bank
262, 434, 812,1197,1299
Estimates
983,1099,1206,1334
(See also principal countries by name.)
France
424, 956
Conference on limitation of armaments
1383
Germany
959
Conferences with Federal Reserve Board:
Held on farms
377
Directors of Federal Reserve Ban^s
382, 513
Italy
1426
Federal Advisory Council
272, 655,1271
Moving of, credit for
775,1027,1030
Governors of Federal Reserve Banks... 382, 513,1271
Orderly marketing of, Gov. Harding on
4
On methods of reporting business conditions... 272 Cuban moratorium
302
INDEX TO VOLUME 7.
Currency:
Circulation—
Page.
Denmark
1433
In principal foreign countries
1295,1383
1904-1921
1295
India
29
Italy
1183,1383
Netherlands
1197
Norway;
1433
Per capita, in United States—
By months.
129, 254, 371, 496,
644, 762, 885,1017,1136,1254,1368, 495
June, 1920-June, 1921
853
Sweden
.
203,1433
Exchange values of foreign
794
(See also Foreign exchange rates.)
Receipts and payments, June, 1920-May. 1921. 854
Speculative purchases of foreign
1264
Stock of, in the United States—
By months
129, 254.
371, 496, 644, 762, 885,1017,1136,1254,1368,1495
June, 1920-June, 1921
853
Current liabilities, quick assets over, as bearing
upon eligibility of paper
546
Debits to individual account
104, 228, 347, 487,
510, 634, 750, 877,1009,1128,1247.1361,1488
Debt, public. (See Public debt.)
Decisions of counsel of Federal Reserve Board.
(See Rulings.)
Decision of Supreme Court in Atlanta par clearance
case
700
Delano, F. A., appointed director of Federal Reserve
Bank of Richmond
655
Demand loans on real estate
546
Denmark:
Balances due to and from foreign countries
1403
Condition of Bank of Copenhagen.
612
Note circulation
1433
Wholesale prices... 723, 842, 989,1105,1225,1341,1432
Deposit and note liabilities of Federal Reserve
Banks, 1919 and 1920
27
Deposits, note circulation, and reserves in principal
foreign countries
1295,1383
1904-1921
1295
Deposits of 11 New York City banks, 1913-1919
286
Deposits of Federal Reserve Banks, year ending
June, 1921
769, 850
Deposits of funds with trust company for redemption
of maturing obligations
1435
Deposits of securities in trust department of a national
bank to secure trust funds deposited in commercial
department
309
Directors of branches of Federal Reserve Banks,
election of
67
Directors of Federal Reserve Banks:
Conference of
382, 513
Election of
66
Delano, F. A., appointed class C director of
Richmond bank
655
Directors of national banks, act relating to qualifications of
549
Discount and open-market operations of Federal
Reserve Banks:
Acceptances held—
Each month
112, 236, 355.,
472, 619, 735, 863, 998,1115,1235,1350,1474
Year ending June 30
849
Acceptances purchased—
Each month
110,234, 353,470,
616, 733, 860,996,1113,1233,1348,147]
Quarterly
I l l , 234,471, 616, 861
Agricultural and live stock paper held—
Each month
112, 236, 354,472,
618, 734, 862, 998,1114,1234,1349,1473
Year ending June 30
849
Discount and open-market operations of Federal
Reserve Banks—Continued.
page.
Bills discounted—
Each month
110, 233, 353, 469,
615,733,860, 997,1112,1232,1347,1470
Quarterly
110, 234,470, 616, 861
Bills held—
Each month
112, 236, 354,472,
618, 734, 862, 998,1114,1234,1349,1473
Year ending June 30
849
Collateral notes held—
Each month
112, 236, 345, 472,
618,734,862,998,1114,1234,1349,1473
Year ending June 30
849
Dollar exchange bills purchased.... 110, 234,353,470,
616, 733, 860, 996,1113,1233,1348,1471
Earning assets held—
Each month
109, 233, 354, 471,
618, 734, 862, 997,1114,1234,1349,1473
Year ending June 30
849
Years 1919 and 1920
26
Earnings from each class of earning assets. 109,233, 354,
471, 618, 734, 862,997,1114,1234,1349,1473
Number of member banks accommodated—
Each month
108, 232, 351,467,
614,731,858, 996,1112,1232,1347,1471
Years 1917-1921
1032
Rates of earnings on earning assets—
By months
109,233, 354,471,
618, 734, 862, 997,1114,1234,1349,1473
June, 1920-May, 1921...
855
Rediscounts between Federal Reserve Banks.. 235,
617,1004,1122,1242,1356,1482
January-July, 1921
1032
June, 1920-June, 1921
854
Volume of
109, 232, 352,469,
615, 732, 859, 995,1111,1232,1347,1470
War paper discounted—
Each month
110, 233, 353, 469,
615, 733,860,995,1114,1232,1347,1470
Year ending June 30
770, 849
War paper held—
Each month
112, 236, 354, 472,
618,734,862,998,1114,1234,1348,1473
Year ending June 30
849
Discount policy:
Governor Harding to a United States Senator
regarding
895
Yearly review
775
Discount rates:
Agricultural paper, September 1,1920 and 1921. 1033
Call money rates in New York
375
Discussion of
5,510,651,775,1033
England
78,197, 319, 374,420, 554, 568, 803, 954
Federal Reserve Board objection to Senate bill
fixing maximum
5
France
956
In effect—
Monthly
129,254, 371,496,
644.762,885,1017,1136,1254,1369,1495
July, 1920 and 1921.
857
Maximum, objection to
5
Prevailing in various centers... 93, 215, 333,495, 643,
761,884,1016,1135,1255,1370,1496
Discounts and loans of eleven New York City banks,
1913-1919
41
Dividends:
Federal Reserve Banks
156,941
German banks
959
State bank members
763,1371
Division of Foreign Exchange, resume of work of.. 1400
Dollar exchange:
Bills purchased. (See Discount and openmarket operations.)
Countries in which banks may accept drafts to
furnish
188
VI
INDEX TO YOIAJME
Drafts:
Demand bill of lading, collection of
1080
Renewal
699, 964
Time, revenue stamps on
310
(See also Acceptances.)
Earning assets of Federal Reserve Banks, 1919 and
1920, chart showing
26
(See also Discount and open-market operations.)
Earnings of Federal Reserve Banks, Gov. Harding
on
671
Earnings on American shipping
400
Earnings of State bank and trust company members
\ . . . 763,1371
Earnings and expenses of Federal Reserve Banks:
Calendar year 1920
153
Six months ending June 30, 1921
939
Year ending June 30, 1921
851
Edge Act:
Amendment to.
310, 817
Credits by corporations organized under
1379
Federal International Banking Co. organized
under
69, 265
Foreign Trade Financing Corporation organized
under
'....'.
137, 265
Right of national banks to invest in stock of
corporations organized under
71
Edwards, G. W., articles by, o n Commercial letters of credit
158, 410, 681
Authority to purchase
926
Election of directors. (See Directors.)
Electric power, production of, by public utility
power plants.
981,1098,1218,1334,1454
Eligibility:
Automobile trucks, notes for purchase of
191
Cold-storage companies, notes of
308
Irrigation companies, notes of
964
Motor trucks, notes for purchase of
191
Notes of packing and marketing associations... 1312
Notes not eligible as commercial paper unless
indorsed by party to the commercial transaction
1
1079
Paper of nonmember banks acquired by member banks.
963
Purpose of original negotiation determines
eligibility and classification of paper
1199
Quick assets over current liabilities
546
Embargo on gold and silver exports, England
302
Employment conditions:
England
79,198, 319, 421, 552, 690, 803, 953,1069
France
693
Germany
560, 696, 809,1072,1310
Italy
1077,1427
Netherlands
432,1196
Sweden
431, 562, 696, 960,1073
United States—
Monthly reports on
19,148,
282, 391, 522, 664, 789, 917,1045,1163,1281,1396
Survey on, made by Federal Reserve
Board.
506, 526
Yearly review
774
(See also Wages.)
England:
Acceptance liabilities of English banks
801,1052
Agricultural situation
952
Balances due to and from foreign countries
1402
Bank of EnglandCondition of
260
Deposits, note circulation, and reserves. 1298,1383
1904^1921
1298
Deposits and securities, 1914-1920
570
Discount rates, reduction in
374,
554, 568, 803, 954,1304
Effect of war on
569
Note circulation
570, 571,1298,1383
England—Continued.
Page.
Barclay & Co. Bank, condition of
296
British finance during the war
563
British treasury receipts
566
Budget
.'
317, 554, 690, 803,1381
Business and financial conditions
77,
195, 317, 420, 552, 608, 689, 764, 802, 891,
952,1023,1068,1143,1302,1374,1420,1499
Coal mines emergency act
423
Coal production
79,
198,319, 422, 554, 690, 952,1068,1189,1305
Coal strike
552, 689, 804, 952
Terms of settlement
804
Condition of the big five banks in
295
Cost of living
79,198,
319, 605, 728, 847 953, 993,1070,
1109,1189,1229,1345,1423,1468
Debt
78,173,197, 319, 420, 565,1381,1421
1916-1919.
173
Deposits, note circulation, and reserves, 19041921
1298
Discount rates... 78,197, 319, 374, 420, 554, 568, 803, 954
Embargo on gold and silver exports
302
Exchange value of pound sterling
794
Export credit scheme
691, 954,1420
Foreign trade
79,198,
268, 319, 422, 606, 728, 848, 994,1110,
1188, 1230, 1304, 1345, 1420, 1468
Iron and steel production
79,
198, 319, 422; 554, 690, 952,1070,1189,1305,1423
Lloyd's Bank, condition of
295
Loans
565,1303,1421
London County Westminister & Parr's Bank,
condition of
296
London Joint City & Midland Bank, condition
of
296
London Joint Stock Bank, condition of
297
National defense, expenditures for
1382
National Provincial & LTnion Bank, condition
of
297
Note circulation
570; 571, 771,1383
Overseas trade act, amendment to
954
Parr's Bank (Ltd.), condition of
298
Railways bill. . .#
1188
Reparations receipts
1302,1421
Safeguarding of industries act
1187
Ship tonnage under construction
79,
198, 319, 554, 690, 952,1070,1189,1305,1423
Ships delivered under reparations agreement.. 1302
Tariff revision
1187
Tonnage moiled on British railways
952,
1070,1189,1305,1423
Trade facilities bill
1420
Treasury operations during the war.
563
Unemployment
79,
198, 319, 421, 552, 690, 803, 953,1069
Union of London and Smith's Bank, condition
of
297
Wages
422, 552, 804, 952,1069
Wholesale prices
78,197, 318, 421, 602, 724,
843, 990,1106,1189,1226,1304,1341,1422,1464
New index number
294, 421
Examination of State bank members, New Jersey
laws
73
Exchange rates, foreign. (See Foreign exchange
rates.)
Exchange values of foreign currency
794,1431
Executor, administrator, etc. (See Fiduciary powers.)
Export and exchange transactions with Russia,
restrictions removed
69
Export and import transactions:
Acceptances against goods shipped on consignment
419
Acceptances of dealers engaged in both
70
INDEX TO VOLUME 7.
vn
Export and import transactions—Continued.
Federal Reserve notes:
Page.
Renewal acceptances. .'
699r 964
Circulation, year ending June; 30
769, 850
Security for acceptances
418
Federal Reserve agents' accounts
119, 242, 361,
Shipping documents—
479,626,742,870,1005,1123,1243,1356,1483
Acceptances against
1312
Interdistrict movement of
627
Meaning of, as used in Board's regulations. 191
Issued and redeemed, May, 1920-May, 1921... 855
Export trade. (See Foreign trade.)
Stock of, in United States—
Exports. (See Imports and exports.)
By months
129, 254, 371,
496, 644,762, 885,1017,1136,1254,1368,1495
Failures, commercial, reported
69,189,
June, 1920-June, 1921
853
307, 417, 550, 698, 817, 962,1081,1200,1316,1434
During 1920
189 Federal Reserve System:
Address of Gov. Harding on earnings of
671
Falkenau, R. M., paper by, on reporting of business
Credit policy
V
895
conditions
396
Review of banking conditions.
25, 767,849
Federal Advisory Council:
Meetings of."
272, 655., 1271 Fiduciary powers:
Deposit of securities in trust department of a
Members of
69
national bank to secure trust funds deposited
Federal International Banking Corporation, organiin commercial department
309
zation of
69, 265
Exercise of, by banks outside of State where
Federal Reserve Act, amendments to:
located
816
Sec. 25 (a)—Foreign banking corporations... 310. 817
Funds derived from sale of collateral security
Sec. 11 (m)—Modifying 10 per cent limitation. 73, 310
held by national bank as trustee under corFederal Reserve bank notes:
porate issue of bonds are trust funds
1435
Outstanding June, 1920-June, 1921
856
Granted to national banks. .
QS, 189,
Retirement of, under Pittman Act
374
306, 416, 551, 688, 814, 961,1078,1198,1316,1434
Stock of. in United States—
Transfer agents, national banks acting as
545
By months
129, 254, 371, Fiscal agency department expenses of Federal Re496, 644, 762, 885,1017,1136.1254,1368,1495 serve Banks
157, 941
June, 1920-June, 1921
853 Flour:
Federal Reserve Banks:
Monthly reports on the industry
15,143,
Branches of. (See Branches.)
274, 385,516, 658, 783, 911,1038,1157,1274,1389
Condition statements—
Production
'.
219,
Weekly
12,114,140, 237, 270,
338,452, 590,712, 828, 974,1091,1211,1326,1446
356, 381, 512, 620, 654, 736, 780. 864, 908, 999,
Receipts and shipments
96, 218,
1034, 1116,1153, 1236,1270, 1351,1385.1475
337, 451,588, 711, 826, 972,1090,1210,1325,1445
Review, 1920
25, 767, 849 Foreign banking:
Credit policy
895
Federal International Banking Corporation orDiscount and open-market operations. (See
ganized to engage in
69
same.)
(Sec also Business and financial conditions; ConDividends paid
156, 941
dition statements; principal countries, by
Directors, election of
66
name.)
Earnings of, Governor Harding on
671 Foreign banking corporations:
Earnings and expenses—
Amendment to Federal Reserve Act regardCalendar year 1920
153
ing
310, 817
Six months ending June 30, 1921
939
Right of national banks to invest in stock of...
71
Year ending June 30, 1921
851 Foreign branches of American banks, curtailment of 1267
Fiscal agency department expenses
157, 941 Foreign branches of member banks, reserves against
Franchise tax paid to Government
156, 941
balances due from parent bank
815
Reserve ratio. (See same.)
Foreign credits:
Rediscounts between. (See same.)
Discussion of
7, 379, 646,1267,1378
Resources and liabilities. (See same.)
Eraser, Sir Drummond, on
1378
Review of banking conditions
25,767,849
Hoover, Herbert, on
1380
Sub treasuries taken over by
33
Plan for international credit adopted by
Geneva conference of League of Nations
10
Federal Reserve Board:
Ter Meulen plan
!.
181,1378
Conferences—
Directors of Federal Reserve B a n k s . . . . 382, 513 Foreign exchange:
Argentina
575
Federal Advisory Council
272, 655,1271
Balances on open account due to and from
Governors of Federal Reserve Banks
382,
foreign countries
1400
513,1271
Brazil
575
On method of reporting business condiChile
575
tions
"
272
Comparison between rates of representative
Harding, W. P. G., Governor—
European nations
779
On credit policy of Federal Reserve SysDivision of Foreign Exchange, resume of work
tem
895
of
'
1400
On economic developments
671
France
322, 692
On financial conditions
134
Germany
84, 203, 326, 959
On maximum discount rates
5
Mark, value of. . . . 326, 796,1071,1193,1311,1428
On orderly marketing of crops
4
Index of
1008,1141,1256,1372,1497
Mellon, A. W., appointed chairman
383
India
31
Mitchell, John R., appointed member
655
Italy
438, 957,1426
Rulings of. (See Rulings.)
Netherlands
433
Wills, D. C., retirement as member
383
Norway
795,1431
Federal Reserve Bulletin, index-digest of. 272,383; 513, 655
INDEX TO VOLUME 7.
VIII
Page.
Foreign exchange—Continued.
Pago- France—Continued.
Coal production
320,1307,1425
Quoted in New York. . . 8,136, 266, 380, 509, 907,1377
Cost of living
220, 807,1306
3 months ending—
Crop conditions
424, 956
December, 1920
130
Foreign exchange rates
322, 692
March, 1921
494
Foreign trade.
81, 201, 268, 320, 426, 556,607,
June, 1921
890
729, 806, 848, 994,1076,1110,1230,1346,1425,1469
Sweden
795,1431
Investment trusts in
62
Transactions during Government control
1400
Loans
179, 321, 691, 955,1305
War-time control of
1400
National defense bills
177
Foreign loans:
National defense, expenditures for
1382
England
565,1303
Number of farm animals
956
Floated in the United States
135, 942,1266
Note circulation
771
France
179
Pig-iron production
321,1305,1425
(See also Foreign credits.)
Price of 3 per cent perpetual rentes.. 80, 200, 321, 425
Foreign trade:
Argentina
574
Public debt
80,
Balance of trade, United States—
179, 200, 321, 425, 555, 692, 805, 955,1075,1305,1382
First 9 months of 1921
1261
Retail prices
81, 200, 322, 425,
Gold imports in settlement, of
903,1265
557, 605, 728, 847, 957, 993,1109,1229,1345,1468
International balances... .^
^ 1263,1400
Railway reorganization
1423
Owed to foreign countries on specified
Tariff revision
1189
dates
1262,1407
Tax receipts
176, 321, 555, 805,1306
Brazil
574
Unemployment
693
Cancellations, effect of, on
905
War financing, 1914-1920
174
Changes in, since the war
903
Wholesale prices... 81, 200, 322, 424, 464, 603, 725,806,
Chile
574
843, 957, 990,1107,1190,1227,1307,1342,1425,1465
Corporations to finance, list of
647 Franchise tax paid to Government by Federal ReDiscussion of . . . . . . 6,134,137,265,283,378,394,509,
serve Banks
..'.
. . . . 156, 941
646,649, 900,920,1048,1165,1261,1284,1377,1399 Fraser, Sir Drummond, on international credit. . . . 1378
England
79,198, 268, 319,422,606, 728, Freight rates, ocean
403, 931,1068,1206,1322,1442
848,994,1110,1188,1230,1304,1345,1420,1468 Frozen credit, elimination of
1151
Federal International Banking Corporation
Fruit industry, monthly reports on
15,
organized
69, 265
274, 515, 657, 782, 909,1038,1056,1273,1389
Foreign Trade Financing Corporation organFruits, shipment of
97, 220,
ized
137,265
339, 453, 591, 713, 828, 974,1091,1211,1327,1447
France
81,201,268,320,426,556, Geneva conference of League of Nations, credit
607, 729, 806, 848, 994,1076,1110,1230,1346,1469
plan adopted by
10
Germany
85, 808,1193,1231,1310,1346,1428,1469 Germanv:
Guaranteeing of credit in export trade
1267
Budget
325, 561, 808, 958,1308,1382,1429
Index of
76,194,
Business and financial conditions
83,
316,445, 583, 706, 822, 968,1085,1205,1321,1441
201, 324, 428, 559, 609, 694, 765, 808, 958,1021,
International balances, relation to foreign
1070, 1145, 1193, 1259, 1308, 1376, 1428, 1501
trade
1261-1269,1400
Coal production
429, 960,1194
Italy
83,269,
Cost of living
429, 559, 605, 695, 728, 809, 847,
440, 558, 607,729,849,994,1111,1231,1346,1469
993,1072,1109,1229,1345,1429,1468
209,
326, 607, 729, 849,994,1111,1231,1346,1469
Letters of credit, use of, in financing. 158,410, 681, 926
Netherlands
433,813,1196
South America
573
Sweden
206, 327, 430, 431,
607, 697, 729, 811, 849, 994,1111,1231,1346,1469
War Finance Corporation circular on
647
Yearly review
778
Foreign Trade Financing Corporation, organization
oi
-137,265
Foreign trade financing corporations, list of
647
Forms, letters of credit
410,1171
France:
Acceptance liabilities of French banks . . . . 1052,1424
Balances due, to and from foreign countries— 1402
Bank of France—
Advances to Government. . . 80,177, 200, 321, 425
1914-1920
177
Annual report of
434
Condition of, 1913-1920
260
Deposits, note circulation, and reserves,
1904-1921
1297,1383
Discount rates
956
Note circulation, 1914-1920
177
Budget
80,
138,175,198, 692, 804,1075,1305,1381,1424
Business and financial conditions
79,198,
320, 423, 555, 608, 691, 764, 804, 891, 955,1023,
1074, 1143, 1189, 1258,1305,1374,1423, 1499
Crop conditions
959
Darlehnskassenscheine in circulation
203,
324, 429, 695,1297,1383
1904-1921
1297
Dividends of the great German banks
959
Exchange rates, effect of, on prices
1071,1428
Foreign exchange
84, 203, 326, 959,1428
Foreign trade. 85, 808,1193,1231,1310,1346,1428,1469
Gold, price of
1194
Investment trusts in
66
Labor situation
560, 696, 809,1072,1310
Mark, value of
326,
796, 959,1070,1193,1311,1400,1428
National defense, expenditures for
1382
Note circulation
771,1297,1383
Public debt
84, 203, 324, 429, 808, 958,1308,1382
Reichsbank—
Condition of
. . . 261,1309
m
Reserves, note circulation, and deposits,
1904-1921
1297,1383
Reparations settlements
138,
Japan
269, 650, 674,1301,1308,1429
Protocol, text of
Tariff revision
Tax receipts
Unemployment
Upper Silesian decision
Wages
War loans
Wiesbaden agreement
674
1193
84, 203, 324, 429, 808
560, 696,1310
1310,1428
809,1072
1308
1430
INDEX TO VOLUME 7.
IX
Germany—Continued.
Page. Imports and exports—Continued.
Wholesale prices
85, 201,
Sweden
697, 810
325, 428, 603, 725, 808, 844, 991,
Value of selected commodities at 1913 prices... 446,
1071,1107,1227,1301,1343,1429,1465
584,707,822, 969,1086,1205,1321,1441
Expressed in marks
1071,1428
(See also Foreign trade.)
Gold:
Indebtedness of foreign countries to United States. 906,1400
China, imports and exports
938 Index-digest of Federal Reserve Bulletin
272,
Embargo in England
302
383,513, 655
Imports and exports
11,127, 252, Indexes:
270, 369, 380, 493, 511, 641, 654, 759, 779, 882, 907,
Eight groups of manufacturing industries
1148
1014.1034,1133,1153,1252,1270,1366,1384,1492
Exchange values of foreign currencies
794
1918-1921
679
Foreign exchange
1008,1141,1256,1372,1498
June, 1920-May, 1921
856
Foreign trade
76,194,
Year ending June 10, 1921.
771
316, 445, 583, 706, 822, 968,1085,1205,1321,1441
Imports in settlement of trade balances
903,1265
Ocean freight rates
403, 931,1068,1206,1322,1442
India, imports and exports
938
Retail prices in principal countries
605,
Production of the world, 1910-1920
678
727,847,993,1109,1195,1229,1345,1468
Reserves of principal countries before and
Wholesale prices abroad
77,195,
after the war
676
317, 463, 610, 723, 842, 988,1105,1225,1341,1461
Stock of, in the United States—
Netherlands
432,1195
By months
129, 254, 371, 496,
New, for England
294, 421
644, 762, 885,1017,1136,1254,1368,1495
New, for Italy
465
June, 1920-June, 1921
853
Wholesale prices in the United States
90,
Gold settlement fund transactions:
211, 442, 505, 580, 703, 818, 965,1082,1201,1317,1437
Monthly. 345, 640, 756, 880,1012,1131,1250,1364,1491
Year ending June, 1921
850 India:
Balances due to and from foreign countries
1403
Gourvitch, Alexander, article by, on Italy's war fiGold imports and exports
938
nance
1177
Imperial Bank of India, establishment of
299
Governor of Federal Reserve Board. (See Harding,
W. P. G.)
Merchandise imports and exports
938
Government control of foreign exchange
1400
Monetary and exchange developments in
2\)
Government loans, foreign, floated in the United
Silver imports and exports
938
States
943
Wholesale prices
88, 209,
Governors of Federal Reserve Banks, conferences
329, 465, 604, 727, 846, 992,1! 09, 1229,1344,1463
of
382, 513,1271 Indiana, amendment to banking laws of
550
Grain:
Indorsement:
Marketing of
15,143,
Notes not eligible as commercial paper unless
273, 385, 515, 658, 783, 911,1038,1157,1274,1389
indorsed by party to the commercial transacReceipts and shipments
96, 218,
tion
".
1079
337, 451, 588, 711, 826, 972,1090,1210,1325,1445
Purchase, by Federal reserve banks, of bankGreat Britain. (See England.)
ers' acceptances direct from accepting banks. 699
Guaranteeing of letters of credit and acceptances by
Industrial loans, foreign, floated in the United
national banks
547, 648
States
949
Guaranty Trust Co., statement prepared by, on forInterest rates:
eign loans floated in the United States... 135, 942,1266
Call money rates in New York
375
Hague rules, 1921
1292
Prevailing in various centers
93,
Harding, W. P. G.:
215, 333, 495, 643, 761, 884,1016,1135,1255,1370,1496
Letter to a United States Senator on credit
(See also Discount rates.)
policy of Federal Reserve System
—
895 Internal revenue stamps on time drafts
310
On financial conditions
134 International balances. (See Balances due to and
On maximum discount rates
5
from foreign countries.)
On orderly marketing of crops
4 International banking corporations.^ (See Foreign
On recent economic developments
671
banking.)
Hay crop estimate
983,1099,1206,1334 International debt, adjustment of
906
Helena branch bank, opening of
141 Investment changes, yearly review
777
Hides and skins, stocks of
101, Investment trusts
62
224,342,456, 594, 716, 832, 978,1096,1216,1331,1451 Iron and steel production:
Hoover, Herbert, on international credits
1380
England
79,
Hosiery industry, monthly reports on
17,
198, 319, 422, 554, 690, 952,1070,1189,1305,1423
147, 278, 388, 520, 661, 787, 915,1043,1161,1278,1394
France.....
321,1305,1425
Immediate credit, demand bill of lading drafts
1080
United States
18,100,
Imports and exports :
145, 223, 276, 341, 387, 455, 518, 592, 660, 715, 785, 831,
Argentina
574
912, 977,1040,1094,1159,1213,1276, 1329,1391,1449
Brazil
574
Chile
574 Irrigation companies, notes of, not, classed as agricultural paper
964
Gold...."
11,127,139,
252, 369, 380, 492,511,641,654,759,779,882,907, Italy:
1014.1034,1133,1153,1252,1270,1366,1384,1493
Balances due to and from foreign countries
1403
June, 1920-May, 1921
856
Bank of Italy, condition of, 1914-1920
611
Year ending June, 1921
771
Budget
323,1076,1381
Years 1918-1921
679
Business and financial conditions
82,
Silver
11,128,
322, 426, 437, 557, 609, 693, 765, 807, 957,
140, 253, 270, 370, 381, 493, 511, 642,
1021, 1076, 1145, 1191, 1258, 1375, 1425
654,760,779, 883, 908,1015,1034,1134,
Prof. Riccardo Bachi on
437
1153, 1252, 1270, 1367, 1384, 1494
Cost of living
807
June, 1920-May, 1921
856
Crops
1426
IKDEX TO VOLUME 1.
Page.
Italy—Continued.
Page. Letters of credit—Continued.
Practice of American banks in financing
Deposits, note circulation, and reserves, 1904foreign trade under
163
1921
1298,1384
Questionnaire on use of
164
Expenditures for national defense
1382
Study of
158, 410, 681, 926
Foreign exchange
438, 957,1426
547, 816
Foreign trade
83, Liability on letters of credit and acceptances
269, 440, 558, 607, 729, 849, 994,1111,1231,1346,1469Live-stock industry:
Animals slaughtered
450, 588,
Government price control relinquished
1427
710, 825, 972,1088,1209,1324,1443
Mineral production
441
Bankers' Live Stock Loan Corporation formed
New index number of wholesale prices
465
to finance
775
Note circulation
427, 771,1183,1298
Plan of Secretary of Treasury to finance
775
Public debt
82, 323,1076,1179,1382
Monthly reports on
15,143,
Tariff revision
1191
275, 386, 516, 658, 783, 911,1039,1157,1274,1390
Taxes..,
693,1180
Receipts and shipments
94, 216,
Unemployment
1077,1427
334, 449, 587, 709, 823, 970,1087,1207,1324,1443
War
financing
1177
War loans
1381,1185 Lloyd George on German reparations payments
651
Wholesale prices
82, 209, 328, Loans and discounts of 11 New York City banks,
437, 603, 725, 844, 990,1107,1227,1342,1426,1465
1913-1919
41
New index number
465 Loans:
Agricultural. (See Agricultural credit; Credit.)
Japan:
By city banks to correspondents, methods folBalances due to and from foreign countries
1403
lowed
33, 536
Bank of Japan, condition of
87, 208, 326
Demand, on real estate
546
Business and financial conditions
86.
Foreign—
208, 326, 610, 766,1022,1144,1260,1376, 1501
England.
565,1303,1421
Deposits, note circulation, and reserves, 1904 Floated in the United States
135, 942,1266
1921
1300
France.
179, 321, 691, 955,1305
Foreign trade
209, 326,
Germany
,
1308
607, 729, 849, 994,1111,1231,1346,1469
Italy
:
1181,1185
Wholesale prices
77,195,
(See also Credit.)
317,463, 601, 723, 842, 989,1105,1225,1341,1463
Locomotives and cars, output of
102,
Joint Commission of Agricultural Inquiry, statement
343, 457, 595, 717, 833, 980,1097,1217,1332,1452
by, relative to agricultural credits
1030 Lumber225,
industry:
Kains, Archibald, on cotton financing
1066
Production
98,
Knit goods production
23,151,
221, 340, 454, 592, 714, 829, 976,1093,1215,1330,1450
284, 458, 596, 720, 837, 984,1100,1221,1337,1457
Reports on
22,
Labor conditions:
144, 279, 390, 521, 663, 788, 916,1044,1163,1280,1395
England.. 79,198. 319. 422, 552, 690, 803, 804, 952,1069
67
France
693 Managers of branches of Federal Reserve Banks
Germany
560, 696, 809,1072,1310 Maturities:
Acceptances purchased—
Italy
1077,1427
Monthly
110, 234,
Netherlands
432,1196
353, 470, 616, 733, 860, 996,1113,1233,1348,1472
Sweden
431, 562, 696, 960,1073
Quarterly
I l l , 234, 471, 616, 861
United States—
Bills discounted and bought—
Monthly reports
19,148.
Monthly
110,119, 233, 241,
282,522, 664, 789, 917,1045,1163,1281,1396
353, 360, 469, 478, 616, 624, 733, 742, 860, 869, 997,
Survey on, by Federal Reserve Board... 506, 526
1005.1112,1122,1233,1242,1348,1356,1471,1482
Yearly review
774
Quarterly
110, 234, 470, 616, 861
(See also Wages.)
Treasury certificates of indebtedness.
119,
Law department. (See Rulings.)
241, 360, 478, 624, 742, 869,1005,1122,1242,1356,1482
Lead production
'....
1095,1214,1329,1449 Meat products, exports of
95,
League of Nations:
217, 336, 450, 588, 710, 826, 972,1088,1209,1325,1445
Brussels conference, resolutions of, relative to
Mellon, A. W., appointed chairman of Board
383
international credits
181 Member banks:
Geneva conference, international credit plan
Acceptance liabilities of
171, 800,1050
adopted by
10
November, 1919-November, 1920
171
Leather:
Agricultural loans by, March, 1920-April,
Monthly reports on the industry
17,148,
1921
1049,1150
279. 390, 521, 662, 787, 916,1043,1162,1279,1395
Borrowings frbm Federal Reserve Banks in
Production of..
1095,1216,1331,1451
agricultural and nonagricultural counties. 1049,1150
Letters of credit:
Condition statements
120,
Agent of national bank for issuing
547, 648
245, 363, 480, 628, 743, 871,1006,1124,1244,1358,1484
American courts on rights and liabilities arising
Abstract of
255, 497, 851, 886,1137
out of
162
Number accommodated through discount operaApplication for, description of.
1170
tions. .108,232, 351, 467,614, 731, 858,1232,1347,1471
British courts on rights and liabilities arising
Years 1917-1921
1032
out of
158
Number
in
each
district
108,
Comparison between authority to purchase
930
232,
351,
467,
614,
731,
858,
996,1112,1232,1347,1471
Correspondent bank as agent of national bank
State banks admitted to system
68,
for issuing
547, 648
188, 307, 415, 551, 698, 814, 961,1078,1198,1316,1434
Forms of
410 Merchandise
imports and exports, China and India. 938
Guaranteeing of, by national banks
547, 648 Methods followed
by city banks in granting accomLiability upon
547, 816
modations
to
correspondents
536
Limitations applicable to
816
INDEX TO VOLUME 1.
XI
Page.
Nonmember banks:
Mitchell, John R., appointed member of Federal
On par list
113, 244,
Reserve Board
655
362, 491, 639, 755, 850, 881,1013,1132,1251,1365,1492
Money:
Permission granted member banks to apply for
Call rates in New York
375
discounts acquired from
963
Stock of, in United States
129, 254,
371,496, 644, 762, 885,1017,1136,1254,1368,1495 Norway:
Balances due to and from foreign countries
1403
June, 1920-June, 1921
853
Bank of Norway, condition of
611
Moratorium in Cuba
302
Exchange value of krone
795,1431
Motor trucks, eligibility of notes issued for purchase
Note circulation
1433
of
191
Wholesale prices
726,
Municipal loans, foreign, floated in the United
845, 991,1108,1228,1343,1431,1463
States
945
Notes not eligible as commercial paper unless made
National bank notes:
or indorsed by party to commercial transaction. 1079
Stock of, in United States
129, 254,
371, 496, 644, 762, 885,1017,1136,1254,1368,1495 Notes of irrigation company not classed as agricultural paper
964
June, 1920-June, 1921
853
Notes of packing and marketing associations not
National banks:
classed as agricultural paper
1312
Acceptance liabilities of
172, 800,1051
983,1099,1206,1334
November, 1919-November, 1920
172 Oats, estimated crop
403, 931,1068,1206,1322,1442
Charters issued to
69,189, Ocean freight rates
99,
307, 417, 551, 698, 814, 962,1081,1200,1315,1436 Oil, output and stocks
222, 341, 454, 592, 715, 830, 976,1094,1213,1328,1448
Correspondent bank as agent for issuing accept550
ances and letters of credit
547, 648 Oklahoma banking laws, amendment to
Open-market purchases by Federal reserve banks: •
Deposit of securities in trust department to seAmendment to Regulation B
545
cure trust funds deposited in commercial deBankers' acceptances direct from accepting
partment
309
banks
699
Directors, act relating to qualifications of
549
(See also Discount and open-market operations.)
Fiduciary powers—
Opinions:
Deposit of securities in trust department to
American and British courts on rights and liasecure trust funds deposited in commerbilities arising out of letters of credit
158,162
cial department
309
Counsel of Federal Reserve Board. (See RulExercise of, by banks outside of State where
ings.)
located
816
Supreme Court in Atlanta par clearance case.. 700
Funds derived from sale of collateral secuPacking and marketing associations, notes of, are
rity held by national bank as trustee unnot agricultural paper
1312
der corporate issue of bonds are trust
101,
funds
1435 Paper production
225, 343, 457, 595, 717, 833, 979,1096,1216,1331,1451
Granted
68,189,
306,416, 551, 688, 814, 961,1078,1198,1316,1434 Par collection. (See Clearing and collection.)
113, 244,
Transfer agent
545 Par list, number of banks on
362, 491, 639, 755, 850, 881,1013,1132,1251,1365,1492
Guaranteeing of letters of credit and acceptances
547 Parent bank, reserves against balances due to foreign
branch
815
Letters of credit—
129,
Correspondent bank as agent for issuing . .
547 Per capita circulation in United States
254, 371, 496, 644, 762, 885,1017,1136,1254,1368,1495
Guaranteeing of
547
June, 1920-June, 1921
853
Right of, to invest in stock of international financial corporations
71 Petroleum industry:
Monthly reports
18,
Transfer agents
545
145, 276, 387, 517, 659, 784, 912,1040,1158,1275,1391
Trust powers. (See, supra, Fiduciary powers.)
Production
99,
National defense expenditures, Great Britain,
222, 341, 454, 592, 715, 830, 976,1094,1213,1328,1448
France, Italy, and Germany
1382 Physical volume of trade
94,
216, 334, 446, 585, 707, 823, 970,1087,1207,1322,1442
Naval stores
98, 221,
374
339, 453, 591, 714, 829, 975,1092,1212,1328,1448 Pittman Act certificates, retirement of
Prices:
Netherlands:
Discussion of
131. 378, 504, 652, 776,1152
Bank of Netherlands, condition of
262,
President of United States on
506
434, 812,1197,1299
Retail. (See Retail prices.)
Business and financial conditions
431,812,1195
(See Wholesale prices.)
Currency circulation
1197 ProfitWholesale.
and loss account of Federal reserve banks. 156, 941
Deposits, note circulation, and reserves, 1904of the German reparations commission
674
1921
1299 'Protocol
debt:
Foreign exchange
433 Public
Austria
207
Foreign trade
433, 813,1196
England
78,173.197, 319, 420, 565,1381,1421
Javasche Bank, condition of
1197
"1916-1919
173
Prices
432,813,1195
France
80,179,
Unemployment
432,1196
200, 321. 425, 555, 692. 805, 955,1075,1305.1382
New Jersey, amendment to banking laws of
73
Germany
'. - 84, 203, 324, 429, 808, 958,1308,1382
New York City:
Ttaly..."
82, 323,1076,1179,1382
Deposits of eleven banks in, 1913-1919
286
Public utility loans, foreign, floated in United
Loans and discounts of eleven banks in, 1913States
950
1919
41
of original negotiation determines eligibilNonferrous metals
19, Purpose
ity and classification of paper.
1199
146, 276, 386, 517, 660, 785, 913,1041,1159,1276,1392
xii
I2TDEX TO VOLUME 1.
Page.
Quick assets over current liabilities as bearing
upon eligibility of rjaper
546
Railroad loans, foreign, floated in the United
States
948
Railroad rate problem
507
Railway reorganization, France
1423
Railway statistics:
England
952,1070,1189,1305,1423
Sweden
960
United States
103. 226. 344, 458,
596, 718, 834, 980,1097,1217,1332,1452
Rates:
Acceptances purchased—
Each month
110,112, 234. 236, 353,
470, 616. 733, 860, 997,1113,1233. 1348,1472
Quarterly
Ill, 471. 861
Bills discounted—
Each month
110, 233, 353. 469. 616.
733, 860, 996,1112, 1234, 1348,1471
Quarterly
110, 470, 861
Discount—
Monthly
129,254.371,496.644,
762, 885,1017,1136,1254,1369,1495
July, 1920 and 1921
857
Earnings of Federal Reserve Banks
109, 233,
354, 471, 618, 734, 862. 997, 1114, 1234. 1349,1473
Foreign exchange. (See Foreign exchange.)
Readjustment situation
503, 645, 767
Real estate, demand loans on
546
Rediscount, eligibility for. (See Agricultural paper;
Commercial paper; Eligibility.)
Rediscounts between Federal" reserve banks
235,
617.1004,1122,1242.1356,1482
January-July. 1921
1032
June, 1920-June, 1921
854
(See also Discount and open-market operations.)
Regulations:
Bureau of Internal Revenue, governing use of
revenue stamps on time drafts
310
Federal Reserve Board—
Amendment to Regulation B—Open-market
purchases
545
Shipping documents, meaning of, as used
in
191
Renewal drafts
699,964
Reparations payments, German
138,
269, 650, 674,1301,1308,1429
Lloyd-George on
651
Protocol, text of
674
To England
1302,1421
Reserve ratio of Federal Reserve Banks
13,
133, 141, 154, 272, 377, 382, 510, 512,
655,780,908,1035,1131,1154,1271,1386
Reserves:
Against balances due from member bank to its
foreign branch
815
Against funds deposited with trust company for
redemption of maturing obligations
1435
Against money paid to member bank in anticipation of acceptances
815
Movement of, during year
27,771,850
Foreign branches of member banks, reserves
against balances due from parent bank
815
Gold reserves of principal countries before and
after the war
676
Reserves, deposits, and note circulation of
Federal Reserve Banks
352,
468, 621, 738, 866,1002,1118,1239,1353,1478
Reserves, deposits, and note circulation in principal foreign countries
1295,1383
1904-1921
1295
Resolutions of Brussels conference on international
credits
181
Page.
Resources and liabilities:
Federal Reserve Banks
116, 238,
357,476, 623, 739, 867,1002,1119,1240,1354,1479
Member banks in leading cities... 122,247,364,482,
630,745, 852, 873,1006,1124,1244,1358,1484
Year ending June, 1920.
852
Retail prices:
Comparative, in principal countries
605,
727,847, 993,1109,1229,1345,1468
Netherlands
1195
Retail trade, condition of
21, 74,149,
192, 281, 313, 393,460,523,598,666,720,790,837,
919, 986, 1047, 1102, 1164, 1221,1283,1337,1457
Revenue stamps on time drafts
310
Review of banking conditions
25, 767, 849
(See also Business and financial conditions.)
Revised Statutes, amendments to:
Qualifications of national bank directors
549
Sub treasuries discontinued
33
Rules of The Hague, 1921
1292
Rulings of the Federal Reserve Board; law department:
Acceptances—
Against domestic shipping documents
1312
Agent of national bank for i s s u i n g . . . . . . . .
547
Agricultural commodities; bankers' acceptances drawn by cooperative marketing associations against warehouse receipts covering
963,1199
Amendment to Regulation B—Open-market purchases of bankers' acceptances-.. 545
Automobile parts as readily marketable
staples
>
699
Bankers' acceptances drawn by cooperative
marketing associations against warehouse
receipts covering agricultural commodities
963,1199
Bill of lading drafts, demand, collection
of
1080
Cattle, shipping documents covering
815
Coffee, warehouse receipts covering
418
Consignment, goods shipped on
419
Cooperative marketing associations, acceptances drawn by, against warehouse
receipts covering agricultural commodities
963,1199
Correspondent bank as agent of national
bank for issuing
547
Domestic transactions; shipping documents
70,1312
Export and import transactions—
Dealers in both export and domestic
transactions
70
Goods shipped on consignment
419
Renewal drafts
699, 964
Security for accepting banks
418
Shipping documents—
Acceptances against
1312
Meaning of, as used in Board's
regulations
191
Goods shipped on consignment
419
Guaranteeing of, by national banks
547
Indorsement of accepting bank
699
National banks appointing correspondent 547
bank as agent
547
Nonmember bank, eligible paper of, acquired by member bank.
963
Open-market purchases by Federal Reserve
Banks—
Amendment to Regulation B
545
Bankers' acceptances direct from accepting banks
699
IJSTDEX TO VOLUME 7.
ini
Rulings of the Federal Reserve Board; law departRulings of the Federal Reserve Board; law department—Continued.
ment—Continued.
Acceptance—Continued.
Pace
Commercial paper—
Page.
Permission granted member banks to apply
Notes not eligible as, unless indorsed by
for discounts of eligible paper acquired
party to the commercial transaction
1079
from nonmember banks
96J
Purposes of original negotiation determines
Period for which acceptances should be
eligibility and classification of paper
1199
drawn
308
Consignment, goods shipped on
419
Cooperative marketing associations, acceptPurchase by Federal Reserve Banks of
ances drawn by, against warehouse receipts
bankers' acceptances direct from acceptcovering agricultural commodities
963,1199
ing banks
699
Correspondent bank as agent of national bank
Purposes of original negotiation determines
in issuing acceptances and letters of credit.. &47
eligibility and classification of paper.. 1199
Current liabilities, quick assets over, as bearing
Readily marketable staples
699
upon eligibility of paper
546
Regulation B, amendment to
545
decision of Supreme Court in A+1-«^ta par
Renewal drafts
699, 964
ci<c*} y p ^ n c e C c ^ t i t ; . .
.
... - . . - - . . . . » . . . . . . 7UU
Reserves against money paid to member
Demand loans on real estate
546
bank in anticipation of acceptances
815
Deposit of funds with trust company for reSecurity for
418,1313
demption of maturing obligations
1435
Shipping documents—
Deposit of securities in trust department of a
Against acceptances
1312
national bank to secure trust funds deposited
Covering cattle
815
in commercial department
309
Directors of national banks, qualifications of...
549
Meaning of, as used in Board's regulaDraftstions
191
Bill of lading, demand, collection of...... 1080
Time, length of, for which acceptances
Renewal
699,964
should be drawn
308
Time, revenue stamps on
310
Warehouse receipts—
(See also Acceptances.)
Agricultural commodities
963,1199
Edge A c t Automobile parts
699
Amendments to
310,817
Coffee in foreign country
418
Right of national banks to invest in stock
Tobacco
963,1199
of corporations organized under provisWine, sacramental, in bond, warehouse reions of
71
ceipts covering
419
Eligibility—
Automobile trucks, notes for purchase of..
191
Acts—
Cold storage companies, notes of
308
Amending State banking laws—
Irrigation companies, notes of
964
Indiana
550
Motor trucks, notes for purchase of
191
New Jersey
73
Notes not eligible as commercial paper unOklahoma
550
less indorsed by party to the commercial
Modifying 10 per cent limitation (sec. llm) 73, 310
transaction.
1079
Qualifications of national bank directors. - - 549
Notes of packing and marketing associations 1312
Agent of national bank for issuing
.. 547, 648
Paper of nonmember banks acquired by
Agricultural paper—
member banks
963
Growers' drafts accepted by cooperative
Purpose of original negotiation determines
marketing associations
963,1199
eligibility and classification of paper
1199
Notes of irrigation companies not classed as 964
Quick assets over current liabilities
546
Notes of packing and marketing associations
Examination of State bank members, New
not classed as
1312
Jersey law
73
Purpose of originial negotiation determines
Export or import transactions—
eligibility
1199
Acceptances against goods shipped on conAssets, quick, over current liabilities as bearsignment
419
ing upon eligibility of paper
546
Dealers engaged in both
70
Renewal acceptances
699, 964
Atlanta par clearance case, decision of Supreme
Security for accepting banks
418
Court
700
Shipping documents—
Automobile parts as readily marketable staples. 699
Acceptances against
1312
Automobile trucks, eligibility of notes issued
Meaning of, as used in Board's regufor purchase of
191
lations
191
Bank loans, warehouse receipts as collateral for. 1314
Federal Reserve Act, amendments to—
Bill of lading drafts, demand, collection of
1080
Sec. 11 (m)—Extension of 10 per cent
Branches, foreign, of member banks, reserves
limitation
73,310
against balances due to, from parent bank...
815
Sec. 25 (a)—Foreign banking corporaCapital stock of foreign banking corporations,
tions.. ^
.
310,817
right of national banks to invest in
71
Fiduciary powers of national banks—
Cattle, acceptances against shipping documents
Deposit of securities in trust department
covering
815
to secure trust funds deposited in comClearing and collection—
mercial department
309
Collection of demand bill of lading drafts.. 1080
Exercise of, by banks outside of State
Supreme Court decision in Atlanta par
where located
816
clearance case
700
Funds derived from sale of collateral
security held by national bank as
Coffee, warehouse receipts covering
418
trustee under corporate issue of bonds
Cold-storage companies, eligibility of notes of..
308
are trust funds
1435
Collateral for bank loans, warehouse receipt© as 1314
Transfer agents, national banks acting as.. 545
Collection of demand bill of lading drafts
1080
xrv
IKDEX TO
Rulings of the Federal Reserve Board; law department—Continued.
Page.
Foreign banking corporationsAmendment to Federal Reserve Act
310, 817
Right of national bank to invest in stock of
71
Foreign branches of member banks, reserves
against balances due from parent b a n k . . . . .
815
Guaranteeing of letters of credit and acceptances by national banks
547
Immediate credit, demand bill of lading drafts 1080
Indiana banking laws, amendment to
550
Indorsement—
Notes not eligible as commercial paper unless indorsed by party to commercial
transaction
1079
PurcriA^o by Federal Reserve Bank, of
bankers' accwvtanc^s dir<^ Aj.-uni accept
ing banks
.V..
699
International banking corporations, right of
national banks to invest in stock o f . . . . . . . .
71
Irrigation companies, notes of, not classed as
agricultural paper
964
Letters of credit—
Correspondent bank as agent for issuing., 547, 648
Guaranteeing of, by national banks
547, 648
Limitations applicable to
816
Liability upon letters of credit and acceptances.
816
Limitations applicable to letters of credit.. - . .
816
Loans, demand, on real estate
546
Motor trucks, eligibility of notes issued for purchase of
191
National banks—
Acting as transfer agents
545
Correspondent bank as agent for issuing
letters of credit and acceptances
547
Deposit of securities in trust department
to secure funds deposited in commercial
department
309
Directors, qualifications of
549
Fiduciary powers. (See, supra, Fiduciary
powers.)
Guaranteeing letters of credit and acceptances
547
Right of, to invest in stock of international
financial corporations
71
Trust powers. (See, supra, Fiduciary
powers.)
New Jersey banking laws, amendment to
73
Nonmember banks, eligible paper of, acquired
by member banks
963
Notes not eligible as commercial paper unless
made or indorsed by party to commercial
transaction
1079
Notes of irrigation companies not classed as
agricultural paper
964
Notes of packing and marketing associations
not classed as agricultural paper
1312
Oklahoma banking laws, amendment to
550
Open-market purchases of bankers' acceptances—
Amendment to Regulation B
545
By Federal Reserve Banks direct from
accepting banks
699
Opinion of Supreme Court in Atlanta par
clearance case
700
Packing and marketing associations, notes of,
are not agricultural paper
1312
Parent bank, reserves against balances due
from, to foreign branch
815
Permission granted member banks to apply for
discounts of eligible paper acquired from
nonmember banks
963
Purchase, by Federal Reserve Banks, of bankers' acceptances direct from accepting banks.
699
R-ulings of the Federal Reserve Board; law department—Continued.
Yage.
Purpose of original negotiation determines eligibility and classification of paper
1199
Quick assets over current liabilities as bearing
upon eligibility of paper
546
Real estate, demand loans on
546
Rediscount, eligibility for. (See Agricultural
paper; Commercial paper; Eligibility.)
Regulations of Bureau of Internal Revenue
governing use of revenue stamps on time
drafts...'
310
Regulations of the Federal Reserve Board—
Amendment to Regulation B—Openmarket purchases of bankers' acceptances
545
Shipping documents, meaning of, as used
in...
191
Renewal drafts
699, 964
Reserves against balances due from member
bank to its foreign branch
815
Reserves against funds deposited with trust
company for redemption of maturing obligations
1435
Reserves against money paid to member baiiE
in anticipation of acceptances
815
Revenue stamps on time drafts
310
Revised Statutes, amendment to, relative to
qualifications of national bank directors
549
Security for acceptance credits
418,1313
Shipping documents—
Acceptances against
1312
Covering cattle
815
Meaning of, as used in Board's regulations.
191
Stamps, revenue, on time drafts
310
State banking laws, amendments to—
Indiana
550
New Jersey
73
Oklahoma
550
Supreme Court decision in Atlanta par clearance case
700
Ten per cent limitation, act modifying (sec.
11 (m))
73, 310
Time, length of, for which acceptances should
be drawn
308
Tobacco, warehouse receipts covering
963,1199
Transfer agents, national banks acting as
545
Trust funds—
Deposit of securities in trust department of
a national bank to secure funds deposited
in commercial department
309
Proceeds derived from sale of collateral
security held by a national bank as
trustee under corporate issue of bonds.. 1435
Trust powers of national banks. (See, supra,
Fiduciary powers.)
Warehouse receipts—
Agricultural commodities.
963
Automobile parts
699
Coffee in foreign country
418
Cold-storage goods
308
Collateral for bank loans
1314
Tobacco
963,1199
Wine, sacramental, in bond, warehouse receipts covering
419
Russia, export and exchange restric tions removed..
69
Sault Ste. Marie Canal, commerce of
103,
226>718, 834,981,1098,1218,1333,1453
Secretary of the Treasury:
Mellon, A. W., appointed.
383
On retirement of Pittman Act certificates
374
On revival of War Finance Corporation
....
4
On future Treasury
financing
2,373, 777
Security for acceptance credits
418,1313
@FedFRASER