View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE
BULLETIN




(FINAL EDITION)

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

DECEMBER, 1922

WASHINGTON
GOVERNMENT PRINTING OFFICE
1922

FEDERAL RESERVE BOARD.

-, Governor.

Ex officio members:

i EDMUND PLATT, Vice Governor

A. W. MELLON,

Secretary of tht Treasury, Chairman.

I ADOLPH C. MILLER.
CHARLES S. HAMLIN.

D . R. CRISSINGER,

JOHN R. MITCHELL.

Comptroller of the Currency.

W. W. HOXTON, Secretary.

WALTER WYATT, General Counsel,
WALTER W. STEWART,

W. L. EDDY, Assistant Secretary.

Director, Division of Analysis and Research.
W. M. IMLAY, Fiscal Agent.

M. JACOB SON, Statistician.
E. A. GOLDENWEISER, Associate Statistician.

J. F . HERSON,
Chief, Division

of Examination

and Chief Federal j E . L. SMEAD,

Reserve Examiner.

j

Chief, Division of Bank

Operations.

FEDERAL ADVISORY COUNCIL.
(For the year 1922.)
DISTRICT NO. 1 (BOSTON;.

PHILIP STOCKTON.

DISTRICT NO. 2 (NEW YORK)

PAUL M. WARBURG, Vice President.

DISTRICT NO. 3 (PHILADELPHIA)

L. L. R U E , President.

DISTRICT NO. 4 (CLEVELAND)

CORLISS E. SULLIVAN.

DISTRICT NO. 5 (RICHMOND)

J. G. BROWN.

DISTRICT NO. 6 (ATLANTA)

EDWARD W. LANE.

DISTRICT NO. 7 (CHICAGO)

JOHN J. MITCHELL.

DISTRICT NO. 8 (ST. LOUIS)

FESTUS J. WADE.

DISTRICT NO. 9 (MINNEAPOLIS)

G. II. PRINCE.

DISTRICT NO. 10 (KANSAS CITY)

E. F. SWINNEY.

DISTRICT NO. 11 (DALLAS)

R. L. BALL.

DISTRICT NO. 12 (SAN FRANCISCO)

D. W. TWOHY.

II




OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—

Governor.

Chairman.

Deputy governor.

Cashier.

I
C. C. Bullen
W. W. Paddock
J. IT. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel

Frederic H. Curtiss..

Richmond..

Benj. Strong

R. L. Austin
D.C.Wills..:
Caldwell Hardy

! Philadelphia
; Cleveland

Chas. A. Mcrss

Pierre Jay

Boston
N§w York.

George W. Norris.
E. R. Fancher
George J. Seay

i Atlanta

Joseph A. McCord..

i Chicago...

Wm. A. Heath

I J. B. McDougai...

j St. Louis....
I Minneapolis.

Wm. McC. Martin.
John II. Rich

D. C. Biggs...
j R. A. Young..

Kansas City...
Dallas
San Francisco.

M. B. Wellborn...

Asa E. Ramsay.
W. B. Nowsome
John Perrin

! W. J. Bailey
,
i B . A. McKinnoy..
.1 J. U. Calkins../...

Wm. IT. Hutt, jr
M. J. Fleming.
Frank J. Zurlinden
C. A. Peple
R. II. Broaddus
A. S. Johnstone*
JohnS. Walden 8
L. C. Adelson
J. L. Campbell.
C. R. McKay
S. B. Cramer,
John H. Blair.

O. M. Attebery
W. B. Geery
S. S. Cook
Frank C. Dunlop l
C. A. Worthington
R. G. Emerson
Wm. A. Day
Ira Clerk*
L. C. Pontious •

a Assistant to governor.

* Controller.

W. Willett.
L. H. Hendricks.i
J. D. Higgins.i
A. W. Gilbert.* 1
Leslie R. Rounds.
J. W. Jones.*
Ray M. Gidney.x
G. E. Chapin i
W. A. Dyer.
H. G. Davis
Geo. H. Keesee.
M. W. Bell.
i W. C. Bachman.*
K. C. Childs.i
J. II. Dillard.i
D. A. Jones.*
O. J. Netterstrom.i
A. II. Vogt.i
Clark Washburne.*
J. W. White.
B. V. Moore.
J. W. Helm.
R. R. Gilbert.
W. N. Ambrose.

3 Assistant deputy governor.

MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES.
Manager.

Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch..
Jacksonville branch..
Birmingham branch..
Nashville branch
Chicago:
Detroit branch...
St. Louis:
Louisville branch
Memphis branch
Little Rock branch...

!
j W. W. Schneckenburger.
L. W. Manning.
Geo. De Camp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamaira.
R. B. Locke.
W. P . Kincheloe.
J. J. Heflin.
A. F. Bailey.

i

Federal Reserve Bank of—

Manager.

Minneapolis:
Helena branch

R. E. Towle.

Omaha branch
Denver branch
Oklahoma City branch
Dallas:

L. H. Earhart.
C. A. Burkhardt.
C. E. Daniel.

Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
i
Seattle branch
Spokane branch
j

1

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 pric.e 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




IK

TABLE OF CONTENTS.
General summary:
Review of t h e month
«
Business, industry, and finance, November, 1922
I n d e x of production in selected basic industries
The first three years of German reparation: Part II—Fixing Germany's liability
Official:
Law d e p a r t m e n t Court decisions in the Atlanta and Cleveland par clearance cases
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Business and financial conditions abroad:
Survey for United Kingdom, France, Italy, and Germany
Financial and economic conditions in Central America
Economic conditions in Czechoslovakia
Price movement and volume of trade:
International wholesale price index—United States, England, France, Canada, a n d Japan
Comparative wholesale prices in principal countries
Comparative retail prices and cost of living in principal countries
Indexes of industrial activity—United Kingdom, France, Germany, Sweden, and Japan
1
Foreign trade of principal countries
Foreign trade index
Ocean freight rates
Report of knit-goods manufacturers of America
Production and shipments of finished cotton fabrics
Physical volume of trade
Building statistics
Retail trade
Wholesale trade
Commercial failures
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal reserve banks
Condition of Federal reserve banks
Federal reserve note account
Condition of member banks in leading cities
Savings deposits
Bank debits
Operations of the Federal reserve clearing system
Gold settlement fund
Gold and silver imports and exports
Money in circulation
Discount rates approved by the Federal Reserve Board
Discount and interest rates in various centers
Earnings and dividends of State bank and trust company members
Foreign exchange rates
Foreign—England, France, Italy, Germany, Norway, Sweden, Japan, and Argentina
Charts:
I n d e x of production in basic industries
International wholesale price index—Federal Reserve Board
I n d e x numbers of domestic business
Monthly sales of chain stores
Debits to individual accounts
German mark rate
•.
Foreign exchange index
IV




1389
]398
1414
1422
"1408
1407
1407
1407
1428
1439
1445
1453
1456
1461
1462
1464
1467
1468
1468
1469
1470
1476
1477
1480
1467
1481
1488
1491
1492
1467
1495
1499
1501
1500
1501
\ 500
1502
1505
1503
1506
1414
1453
1470
1477
1495
1503
1504

FEDERAL RESERVE BULLETIN
VOL.

8

No. 12

DECEMBER, 1922.
REVIEW OF THE MONTH.

Economic conditions in Europe at the present
time, and particularly the degree of economic
revival that has occurred, are

Industrial situation in Europe.

,,

matters

u

•, . ,

pon

whlch

,-,
e r e is

th

great diversity of opinion.
Lack of agreement among observers comes
partly from the fact that conditions differ
widely in various parts of Europe. Closely
as the several nations of the Old World are
related in certain respects, nevertheless there
are to-da}^ economically speaking, several
Europes rather than a single well-knit economic unit. Further cause for conflicting
interpretations arises from the varying importance attached by observers to different
aspects of the present situation. Conclusions based on figures showing productive
output and employment usually have a more
hopeful tone than those drawn from a study
of inflated currencies and fluctuating exchanges. The fact is that neither industrial
nor financial statistics taken alone, nor even
a combination of the two, can measure the
economic well-being of European countries.
To be able to appraise clearly the degree of
prosperity enjoyed by a country, it is necessary to have information, not only in regard
to the productive output of its industries, but
also in regard to the distribution of that
output. The evil effects of disordered currency systems upon distribution and upon the
processes of capital accumulation have been
generally underestimated, more attention being
given to statistics of output of leading industries
than to the effect on consumption and saving.
On the other hand, too exclusive insistence
upon the distributive disorders caused by
inflated currencies leads to an underestimate
of the economic achievements that are possible
in spite of such handicaps.




The purpose of this review is to survey
fundamental economic conditions now existing in various European countries. Attention will be confined chiefly to Great Britain,
France, and Germany, and the topics to be
treated will center around the industrial
situation, the object being, first, to set forth
in quantitative terms, so far as possible, the
condition of industry as indicated by prices,
production, and foreign trade; and, second,
to discuss certain banking and currency problems as they affect European business and
industry.
Under all circumstances, price movements
are intimately connected with business activity,
but they have never been more
Prices since ^
the armistice.

^
.

^
J?

during

the

". .

period following the armistice,
when the upward and downward movements
have been exaggerated by currency disorders
of an extreme sort. Before the war price levels
in various countries followed a fairly uniform
course and the markets of Europe were bound
to one another and to world markets by the
flow of commodities, credit, and gold, but
under present currency conditions prices move
in diverse directions and furnish no common
basis for international trade. The influence
exercised by these price movements has been
so important that a brief review of them may
be taken as a starting point for a wider survey
of economic conditions. In Great Britain the
movement of prices has been somewhat similar
to that of American prices. After the peak
was reached in both countries in the middle of
1920, a period of business liquidation, accompanied by rapidly falling prices, set in, which
in the United States continued for about a
| year and in Great Britain until the end of 1921.
Since the beginning of 1922 British prices have
been comparatively steady, with a slight tend-

1390

,i:u, 1922.

FEDERAL RESERVE BULLETIN.

ency to decline, while prices in the United
States have advanced over 10 per cent.
French prices, after reaching a much higher
level than cither British or American prices,
also fell sharply in the latter half of 1920, and
in the middle of 1921 became fairly stable at,
or a little below, 300 (1913 = 100), a level which
has been maintained with only minor fluctuations. Prices in Italy, where currency expansion in 1920 was greater than in France,
rose higher than French prices, and since
reaching their peak at about 675 have declined
comparatively little, fluctuating between 500
and 600 per cent of their pre-war level.
In Germany the mark has depreciated
almost continuously since the armistice, and
prices have advanced almost without interruption. It is true that between February, 1920,
and May, 1921, the German price level actually
fell somewhat, but since that time the index
numbers for each successive month have shown
increases. Since June, 1922, the rate of increase has been extraordinarily rapid, prices on
more than one occasion doubling in the space
of a single month.
WHOLESALE PRICE LEVELS IX UNITED STATES AND
PRINCIPAL EUROPEAN COUNTRIES.

converted to a gold basis by reducing them
in accordance with the rates of exchange of
foreign countries on the United States provide
a useful means of comparison. Such an allowTance for rates of exchange has been made in
the following table of prices in England,
France, Italy, and Germany, which shows the
general price levels in these countries on a
basis comparable with each other and with
the United States. In these index numbers
the effect of depreciation of currencies has
been eliminated and price advances thus represent simply changes in the relation between
gold and other commodities. In theory index
numbers on a gold basis should be approximately the same for all the countries, and in
fact differences between countries arc much
smaller on this basis than on the basis of
prices expressed in local currencies. The
differences that persist represent, in addition
to imperfections in the index numbers themselves, such local market conditions as have
not been reflected in exchange rates. The
chief significance of the index numbers on a
gold basis is in their bearing on international
trade.
WHOLESALE PRICE LEVELS IN UNITED STATES AND
PRINCIPAL EUROPEAN COUNTRIES—GOLD BASIS.

[1913=100.]

[1913 = 100.]

Federal Reserve Board index ;.
for—
Year and month.

1920.
January
April
July
October

Federal Reserve Bo
for—
Year and month.

United
Great
i.> nnnn ! Italy.
Stales. ; Britain, i J r a n c e -

248
267
2f)-l
214

I
|
I
|

305 :
334 ;
326
2 9 7 ••

417
525
485
483

:

507
664
604
659

G ermany.

;
!
I
:

168
146
145
145

1922.
January
April
July
A ugust. September...
October

142
149
165
165
164
165

!
i
!
j
I
I
i
|
!
:
|
j

387 I

244 i
206 !
196 !
187

333
312
295

170
167
171
168 :
165
163

286
299
306
297
293:
293 !

!

642
584
520 I
599 !
577

527 :
558
571
582
601

Croat !
Britain, i France.

Federal
statistical
office,
Germany.

1920.
January
April
July...
October

248
267
254
214

237
276
265
214

201 ;
189 !
215 !
169

188
158
135 |
I

91

1,439
1,326
1,428
2,460

1921.
January
April
July
October

168
146
145
145

188
166
146
149

129
125
126
111

118
139
122
123

97

3,665
6,355
10,059
17,985
27,419
66, GOO

1922.
January
April
July
August
September
October

142
149
165
165
164
165

148
151
156
154
150
148

121
143
131
123
116
112

131
147
132
133
129
130

80
92
87
76
80
79

At a time like the present, when currencies
in different countries are fluctuating widely in
value compared with one another, price levels
must be considered in relation to rates of
foreign exchange and not solely in terms of
domestic currencies. For this purpose, prices




United
States.

Riccardo,
Bachi,
Italy.

1,256
1,567
1,367
1,466

j

1921.
January......
April
July
October

1

89
110

78
71

This table shows that among the five
countries here considered prices in terms of
gold are highest in the United States, somewhat lower in England, Italy, and France,
and lowest of all in Germany. The decline

DECEMBER, 1922.

FEDERAL BESEEVE BULLETIN.

in the international value of the currencies as
measured by foreign exchange rates has been
greater than the decline in their purchasing
power at home. This means that goods can,
in general, be purchased with American dollars
more cheaply in all these countries, but
especially in Germany, than in the United
States. Whether in a given instance it would
be cheaper to purchase an article in this
country or abroad would, of course, depend
not merely upon the prices in gold in the two
countries but also upon export and import
duties, ocean freight rates, commissions, and
other charges. It should be noted also that a
price comparison based on commodities of
international commerce alone would probably
show less difference between the countries
in the table than is indicated by these index
numbers, which include additional commodities of only domestic importance.
In most of the important countries of
Europe the lowest point of the recent business
depression had been passed
Changes in in-, . -,~rtr> ci,1 , ,•
dustrial activity. early in 1922. bmcc that time
business has been gradually
improving in Great Britain, France, Belgium,
Italy, and Scandinavia, to mention only
the leading countries. The almost continuous
rise of prices that has followed as a consequence of inflation in Germany has served
as an artificial stimulus to business, but now
that many other countries are emerging from
business depression, signs are not wanting that
the trade boom in Germany, stimulated by inflation, has about run its course.
As compared with the improvement of
business that has occurred in the United States
since the first of the year, the progress in Great
Britain, France, and Italy has been slow. In
all of these countries unemployment has been
diminishing and production in basic industries
has been expanding. Prior to the war an unemployment figure of 5 per cent was regarded in
Great Britain as excessive, b u t at the beginning
of the present year the proportion of tradeunion unemployment stood at 16.8 per cent.
In the third quarter of 1922 the percentage had
dropped to 14.5. The other available index
of employment; for the United Kingdom, the
proportion of unemployed among 12,000,000
insured persons, also shows an appreciable




1391

improvement during the year—a decrease
from 16.2 per cent in January, 1922, to 11.9
per cent in September, 1922. Although in
France unemployment did not reach any such
proportions, due in part to the work entailed
by the reconstruction program and to the
limited supply of French labor, the improvement of labor conditions in the past year has
been noteworthy. In Germany, as has already
been suggested, unemployment has been small
on account of industrial activity stimulated
by the fall of the mark.
Furthermore, the
large number of workers in governmental and
public employment is a factor keeping down
the rate of unemployment.
Reports of productive output in many of the
principal industries in the United Kingdom
and France show greater activity this year
than in 1921. In the summer of that year
England was in the midst of a strike which
paralyzed not only coal mining but also very
seriously affected the iron and steel industry.
Although not affected by any serious industrial
disputes, the French iron and steel industries
were operating on a much reduced basis in
1921, in marked contrast to the steady expansion of operations this year. French pigiron production reached a low point qf 244,000
metric tons in September, 1921, and the very
definite improvement that has taken place
since then is indicated by the figure of 462,000
metric tons a year later. The textile industries
in both England and France are considerably
busier than a year ago, and the figures for a
number of other important industries, such as
the leather industry in England, show improvement. A difference between the situation in
Great Britain and France to be noted in the
reports for.the most recent months is that a
change for the better in Great Britain was the
greatest some months ago, whereas in France
the improvement from month to month has
been more noticeable recently.
One of the significant signs of industrial improvement in the United Kingdom is the substantial increase in the volume
Foreign trade o f r a w m a t e r i a l s imported in
K
^ n i t e d K i n g " the second and third quarters of
1922. The demand of British
manufacturers for such raw materials as cotton,
wool, and hides has been decidedly better this

1392

FEDERAL KESEKVE BULLETIN.

DECEMBER, 1922.

modity have expanded materially, partly, of
course, owing to the coal strike in the United
States, but also on account of increased demands from Germany, France, and the Netherlands. In September the exports of coal from
Great Britain were more than double those of a
year earlier and higher than the monthly
average of 1913. Less striking, but more
indicative of the industrial situation in the
United Kingdom, are the changes in the value
of British foreign trade from month to month.
The value of manufactured goods exported has
recently been a little higher than in the same
months of last year, notwithstanding the fact
that average valuations of goods have been
somewhat lower.
In France the figures for the first nine
VOLUME OF T R A D E OF U N I T E D KINGDOM, BY QUARTERS,
months of the current year conForeign trade
1920-1922, AT 1913 P R I C E S .
tinue to show an unfavorable
of France.
balance of trade, amounting to
[Expressed as percentages of corresponding figures for 1913.]
2,301,000,000 francs, compared with 798,000,000 francs for the corresponding period of
Imports.
last year. These figures mean that about 86
Year and quarter.
Raw
Manuper cent of this year's import trade of France
Total, i Food. j.
^materials. factures.
is balanced by exports of merchandise, as
1920.
against 95 per cent last year. This unfavor95.2 i
105.9 i
88.7
March quarter
78.5
96.6 i
90.3 j
111. 1
.1 une quarter
94.3 able balance is the result both of an increase in
90.6
11.2,2 j
September quarter
87.8
73.1
77.7 |
December quarter
74. 4 imports and a decrease in the value of exports.
1921.
Poor crops in France this year have not only
91.9 :
March quarter
71.3
61.8
06.6
99.4 !
75.5
65.7
55.6 reduced exports of food products but have inJune quarter
97.7 !
:
78.6 !
:
64.0
58,5
September quarter.
72.3
84.3
58.1
60.5 creased the amount of foodstuffs
December quarter..
imported
1922.
from abroad. On the other hand, the sharp
79.7
105.5 i
March quarter
56. 4
66.0
91.5
101.1 i
100.0
June quart or
77.1 decline in the total value of manufactured
92.1
85.7
88. i ;
September quarter.
78.2
goods imported into France, taken in connection with larger imports of raw materials for
Exports of United Kingdom produce,
use in manufacture, may be regarded as a
ReexYear and quarter.
ports.
ManuTotal.
favorable indication. Both of these changes
Food. ! Raw
•materials. factures.
give important evidence of the revival of
1920.
French industry and at the same time make
74.0
85.1
72.2
109.8
March quarter
7J.3
53.2 ,
47.2
79.7
94.9 less burdensome
the necessity of finding
June quarter
73.5
81. 3
79. 5
September quarter.
73.6
72.4
72.4 means to pay for goods purchased outside
December quarter.
65.4
1921.
of France. Further light upon the foreign
57.9
41.1 !
55.2
oo. S
March quarter
53. 5
48.2 '
20.3 j
40.4
63.2 trade situation in France is afforded by the
June quarter
38.4
50.6 ••
48.5 ;
45.6
111. 3
September quarter.
46.4
42.3 i
69.3 j
61.9
93.2 figures of volume or weight of the principal
D ecem b er qu ar tor.
60.7
1922.
classes of commodities imported and exported.
63.5
85.6 !
64.7
91.9
March quarter
67.1
60.8 i
61.3
78.1 As the accompanying table shows, the volume
June quarter
65.0
90.4 j
48.8 :
67.6
80.7
September quarter.
69.9
of both imports and exports has been largely
in excess of last year. Compared with 1913,
The chief single export of the United King- the volume of exports is practically at the predom is coal, and it is noteworthy that in the war level and the volume of imports is higher
last few months the shipments of this corn- than pre-war, the imports being affected by

year than last, which in turn reflects renewed
buying on the part of wholesalers following the
liquidation of surplus stocks of manufactured
goods which took place on an extensive scale in
1921. The volume of manufactured goods exported from the United Kingdom was at a
higher level in the third quarter of this year
than it has been at any time since the post-war
boom period ended in the middle of 1920, and
the same is true of the total volume of all
domestic exports. These developments are
clearly revealed in the Board of Trade's quarterly compilation of the relative volume of
British foreign trade by groups of commodities,
an abbreviated statement of which is presented below :




DECEMBER, 1922.

heavy receipts of British coal. It should be
borne in mind that foreign commerce is not the
chief factor in the economic life of France, so
that the position of her trade is not so good an
index of her general economic condition as is
the case in England.
SPECIAL COMMERCE OF FRANCE,

Groups of merchandise,

Value taintan, of
irancs), ursi. 9
months of»
1922

1921

1922

1921

Total

i} 084
9,476
2,960
16,520

3,582

2,768

7,897 1 32,470
3,788 j
1,265
15,62,'i i 37,317

23,289
1,144

3,941 |

27,201

EXPORTS,

Food
Materials necessary for manufacture
Manufactures
Parcel post....
Total....

1,572 !

642

3,227
8,785
927

3,104
9,301
850

13,700
1,758
18

14,219

14,827 I

16,118

945

Motric tons,
[000 omitted,]

1921—Monthly average (8 months)
1922—April
May
,
June
July
'.,
August
)
September
1

...

9,319
1,471 !
17 !
11,752

The foreign trade situation of Germany lias
been growing steadily more unForeign trade
favorable since the beginning
of Germany.
of the year. This is true in
spite of the fact that during the month of August a nominal excess of exports over imports
of about 3,500,000,000 marks was reported.
It is probable that the reported export surplus
for August is due to the fact that exports are
valued at a later date than imports for the
same month and that were the methods of
valuing imports and exports similar the results
would be less favorable than the reported figures indicate. In terms of weight German
imports have been increasing, while exports
have been declining. In August of this year
imports amounted to 6,765,000 metric tons—a
larger volume of goods purchased abroad
than the monthly average in 1913. In September the volume of imports declined to 4,829,000
metric tons. Exports during August were only
1,407,000 metric tons, which is less than onefourth the 1913 monthly average, and in September they totaled 1,587,000 metric tons.
This change in the volume of imports and exports is due in part to the movement of coal
from and to Germany and is accentuated by




the fact that shipments of goods for reparation
account are not included in the official export
figures, Germany has recently been importing
large quantities of coal from Great Britain and
Belgium for domestic use, since coal deliveries
in payment of reparation obligations have
taken a very considerable part of her own production and have left her industries short of
fuel. The coal shortage that has thus developed
in Germany is reflected in the drastic decline of
| coal exports, aside from, shipments inpayment
| of reparation. Exports of coal in recent months
| have been as follows:
!

IMPORTS,

Food.....
-...
Materials necessary for manufacture
Manufactures
„„

1393

FEDERAL RESERVE BULLETIN".

518.937
795, 940
701,941
528, 766
199,961
121, 359
110. 245

An analysis of total imports into Germany
shows that for the first eight months of the
current year about 62 per cent of imports (by
value) represented agricultural products and
11 per cent such, industrial raw materials as
minerals and coal.
It is often assumed that the high degree of
employment that has existed in Germany and
Austria and the activity of inCharacter of in- dustries working: to meet export
dustrial

activity -,

in German

-,

^

« ,,

. ,t

demand are proot that these
countries as a whole are fairly
well off. It is evident, however, that steady
increases in nominal wages have failed to enable
the workers of these countries to keep pace
with rising living costs, with a consequent impairment of existing standards of living. It is
equally evident that currency disorders and
uncertainties as to the future value of money
have checked the flow of investment funds into
industry. More serious still, since business
activity is based upon export demand, and
since that demand has been stimulated by the
existence of a lower level of internal than of
external prices, it is essentially temporary in
its nature. When the inevitable readjustment
occurs it will be evident how serious are the
industrial maladjustments that have resulted
from the fact that capital and labor have been
diverted into those industries for whose prod-

1394

FEDERAL RESERVE BULLETIN.

DECKMIJKK, 1022.

ucts a temporary external demand has been even if different in character from, the results
artificially created.
that follow steady-depreciation.
Rise of ex- T h e r i g c o f t h e Q ^
Any survey of the industrial conditions
C I w n
, ,
-.
now prevailing in Europe has to be made change in Czecho- „ r o m a
c i ni
*
<l u o t e ( l value of 1.91
with the fact constantly kept Slovakia.
cents in June to 3.3 cents in
Effect of cur- ^ m i n d t h a t ^ i n s t a b i l i t y o f
August (a rate since fairly well maintained)
rency disorders . ,
,
.
,
, ,,
upon production. mt erniil price levels, the con- affords an illustration in point. This upstantly fluctuating exchanges/ ward movement was due to currency stabiliand the financial and political uncertain- zation, to the improved condition of pubties, give an artificial and temporary charac- lic finances, and to many incalculable political
ter to much of the prevalent economic activ- factors, speculative influences and rumors of
ity. In some countries, falling exchanges are various sorts (see article on p. 1445 for further
found in conjunction with price levels rela- discussion of these points). Consequently, the
tively stable, at least momentarily, as, for rapid improvement in the Czech crown, comexample, in France. Elsewhere; as in Ger- bined with the maintenance of high domestic exmany and Austria, violent falls in exchange penses of production, caused a cessation of buyrates have been succeeded by price increases ing orders abroad which resulted in a serious
of 100 per cent or more in the course of a retardation of industrial operations, reflected
single month, while in the case of Czecho- in the export statistics for the month of August,
slovakia exchange rates have advanced much which were only three-fourths of the July volmore rapidly than internal prices have fallen. ume. The contemporaneous fall of the exAll such variations have immediate and pro- changes of neighboring countries to which
found effects, upon international trade and Czechoslovakia exports in quantity greatly agupon industrial activity within the countries gravated the situation. Lately, however, both
affected, as well as in all other countries wholesale and retail prices in Czechoslovakia
with which they have trade relations. For have fallen more rapidly than the crown has
example, the export premiums which have appreciated.
been a controlling factor in conditioning indusIt is true that the exchange advance in
trial activity in Germany and Austria are Czechoslovakia finds partial explanation in the
rapidly disappearing and there is therefore at fact that the country has been able to bring
present a lesser menace from the unregulated about a deflation of its currency, whereas in
competition produced by disparities between Germany unfavorable trade balances, reparaexternal and internal price levels. There was, tion payments, and inadequate governmental
indeed, a rise of prices in Austria so extreme revenues force a steady increase of inflation
during the period from the middle of August and explain why the mark continues to fall.
to the middle of September that the increase But neither the amount of the rise on the one
in the prices of many important articles hand nor the extent of the fall on the other
aroused the fear that there would be a very
can be measured solely by the degree of deflageneral stoppage of industries which were
tion or of inflation that has occurred. The
supported by an export demand. In German}^
contrast emphasizes tho essential instability
likewise, the extreme rise of prices in recent
months has tended to cut down existing export under existing conditions of all industrial acpremiums, since this rise proceeded at a faster tivity dependent upon exchange operations.
The situation illustrates the need of a prelimipace than the fall in exchange.
nary settlement of international difficulties as
On the other hand, rising exchanges and
falling prices, even if symptomatic of financial antecedent to the attempt by any single counsoundness, are not an unmixed blessing. A try, however strong, to carry through effective
sudden improvement in exchange rates which currency reforms.
In Germany, currency and credit shortage
either anticipates or exaggerates a fall in
internal prices may have an immediate effect had come to be a subject of complaint as
upon trade and industry quite as serious as, early as last February, and this shortage had
grown especially acute by the summer. By that




FEDERAL, RESERVE BULLETIN.

DECEMBER, 1922.

time it began to be very generally perceived
that there was a limit to the extent to which
industry could be financed by means of papermoney issues. The rate of deCredit shortage

in Germany.

• .•

e

, -,

-,

preciation of the currency became so rapid that the total
purchasing power of all the money outstanding
steadily diminished in spite of the creation of
fresh issues at a constantly accelerated rate.
In the early stages of inflation, however, the
increase of currency issues was greater than
the rise in prices, with the result that there
was an abundance of money with which to do
business at the current level of prices. Hence
swollen bank deposits, easy grains of credit,
and low interest charges characterized the banking situation. Later on, as prices continued to
rise, the purchasing power of the surplus funds
controlled by the banks was reduced to such an
extent as greatly to restrict their ability to
finance credit demands on the basis of the
higher price level.
Since the credit shortage was the inevitable
outcome of the steady price inflation which required vastly increased sums to finance a given
volume of business, it can notbe attributed to an
outgrowth of unsound banking practices, even
though such practices undoubtedly existed. Indeed, some of the unsound bank transactions
which are regarded as having contributed to
credit shortage in Germany are no doubt themselves effects of the situation created by inflation. Where incalculable price rises exhaust
current capital and prevent the creation of
savings funds, banks are compelled to extend
credit both for long and for short terms to their
hard-pressed customers and thus imperil the
liquidity of their assets. Moreover, the banking crisis which developed during the summer
was at least precipitated by the fall in mark
exchange which, as has been often pointed out,
was largely the result of political happenings.
The collapse of the exchanges led to sharp advances* in domestic prices, thereby further
accentuating the insufficiency of private working capital and multiplying demands for credit.
In this emergency the banks were forced to
rely more and more heavily upon the Reichsbank by discounting treasury bills, and when
supplies of these were inadequate they reverted to an increasing extent to the use of the




1395

documentary bill of exchange. The net result
of all these operations has been an increase in
the circulation of Reichsbank notes between
July 1 and November 30 amounting to 581,349,000,000 marks, while the index number of the
Frankfurter Zeitung has risen from 9,140 on
July 1 to 166,495 on December 1. The "monetary shortage" in Germany has become so
acute that issues of currency are no longer confined to the Reichsbank, but large amounts are
put in circulation by States, municipalities, and
even industrial corporations.
In discussing credit shortage in Germany it
needs to be remembered that the banks are concerned not only with the provision of funds to
meet short-term requirements, but that they
are actively engaged in financing the long-time
capital requirements of specific industries.
With the steadily increasing demand for current accommodation, they find it increasingly
difficult to meet these capital needs of industry.
Their customers become more disposed to sell
investment holdings as a means of obtaining
current funds than to buy fresh issues. The
result is that the banks find their funds more
or less tied up in securities which at an earlier
period had afforded an outlet for excess funds.
It is not surprising, therefore, that the value of
new stock and bond issues placed upon the German market has shown an absolute decline for
most months since March. In view of the price
rise of over 1,641 per cent between March 1
and November 1, the actual contraction has
been, relatively speaking, great. With the
latest price advances there has, however, been
a renewal of speculative activity within the
country.
It is evident from this discussion of the industrial and financial condiSummary.
tions in Europe that though
productive output in most lines is still far below the pre-war level, there has been an increase in industrial activity during recent
months. This improvement gives some ground
for encouragement, though there still remain
fundamental economic difficulties, such as currency inflation, fluctuating exchanges, and unbalanced budgets. In Great Britain, France,
and Italy there has been some recovery from
the lowest point of the post-war period of
depression, but problems of great magnitude

1396

DECEMBER, 1922.

FEDERAL. RESERVE BULLETIN.

still remain to be solved. The problems
of Germany, in view of her currency and financial troubles, are even more difficult and further
from solution than those of other European
countries.
THE BANKING SITUATION.

Increased loan activity of reporting member
banks, which started at the end of July and
continued until the middle of October, when
the refunding loan was allotted, has not been
sustained during the following four weeks. On
November 15 loans and discounts of reporting
banks stood at $11,233,000,000, marking a
decline of $72,000,000 from the total shown on
October 18, though still $494,000,000 above the
low point of the year reported on July 26. The
reduction was largest in loans secured by stocks
and bonds, which declined by $75,000,000, while
commercial loans were reduced $16,000,000,
and loans secured by Government obligations
showed a steady advance aggregating $19,000,000 for the four-week period.
Loan liquidation was largest in New York
City and Chicago, the member banks in these
two cities reporting reductions of $89,000,000
and $25,000,000, respectively, mainly in their
loans on stocks and bonds, this reduction being
due in part to recent declines of security prices.
Moderate loan reduction is also shown for the
Cleveland district, while for most of the other
districts nominal changes only are reported and
advances are shown for the Boston, Atlanta,
and Dallas districts.
Liquidation of the loan account was accompanied by a reduction of $44,000,000 in Government securities and of $39,000,000 in total investments, all the eastern districts, including
Cleveland, showing smaller investment totals
on November 15 than four weeks before. The
net result of these developments is seen in a
decrease of $111,000,000 in total loans and
investments of all the reporting institutions,
and of $119,000,000 in the loans and investments of the member banks in New York City.
Investments in Government securities at the
close of the period constituted 14.5 per cent of
total loans and investments, compared with
9.2 per cent a year ago, while the corresponding
share of commercial loans and discounts was




about 46 per cent, compared with 53 per cent
on November 16 of the past year.
In keeping with the decrease in loans, partly
also in consequence of substantial withdrawals
of balances by correspondent banks, net demand
deposits of the reporting institutions show a
decrease of $179,000,000, almost entirety in
New York City, partly offset by an increase of
$48,000,000 in time deposits. Government
deposits show a decline of $113,000,000.
Borrowings by member banks in leading cities
constituted 61.8 per cent of the total discounts
held by the reserve banks Ion November 15,
compared with 53.5 per cent four weeks earlier
and 58.6 per cent about a year ago.
Principal changes in the condition of reporting member banks during the four weeks under
review are shown in the following exhibit:
REPORTING MEMBER

BANKS.

[In millions of dollars.1

Date.

Redis- i
i
counts !
|
and
Num- Loans
bills
ber of and Invest- pay- i Ratio of ij
; accomreport- dis- ments. able i modation '
1
ing .
banks. counts.
i
reserve i
banks.
1

2

3

4

!

o

!

i
Oct. 18
Oct. 25
Nov. 1
Nov. 8 .
Nov. 15
1

787
787
786
786
785

11,305
11,249
11,275
11,265
11,233

4,580
4,541
4,539
4,524
4,541

274 :
227
341
396 !
403 1

Net
demand
de-

6

J
1.7

1.4

11,305
11,162

2.2 , 11,188
2.5 ! 11,133
2 . 6 ' 11,127

Including rediscounts with Federal reserve-banks.

Changes in the condition of Federal reserve
banks during the four-week period ending
November 22 include a further increase of $144,800,000 in discounts and a reduction of $113,500,000 in Government securities. Acceptances
purchased in open market show but little change
for the period, remaining at about $257,000,000.
This figure, however, represents an increase of
over $100,000,000 since the middle of August.
Open-market rates on bankers7 bills, which constitute the bulk of acceptances held by the
reserve banks, although showing some advances
during recent months, are still below the rates
on Government securities, which results in a
slackness of demand for investment purposes
and in a relatively large volume of bills finding
their way into the portfolios of reserve banks.

DECE IMBEK,

1922.

Holdings of all classes of Government securities show substantial reductions—United
States bonds and notes by $54,300,000,
Pittman certificates by $12,500,000, and other
Treasury certificates by §46,700,000. Pittman
certificates, which are held on deposit with
the Treasury to secure Federal reserve
bank-note circulation, have been reduced
to $28,500,000, a reduction of $102,500,000
in the holdings of these certificates since about
a year ago.
Deposit liabilities, while subject to considerable fluctuations from week to week, show an
increase of $48,200,000, all classes of deposits
showing moderate increases. Federal reserve
note circulation followed an, upward course
during the first two weeks of the period, but
declined to practically the October 25 level
during the subsequent two weeks.
Gold reserves show a decline of $11,300,000
for the first three weeks, offset in part by an
increase of $9,500,000 for the most recent
week. Other cash reserves, composed of silver
and legal tender notes, show an increase for the
period of $3,500,000. In view of the small decrease in total gold reserves, changes in the
gold reserves reported for the period by the individual reserve banks are to be ascribed
mainly to interbank shifting of gold through the
settlement fund. San Francisco reports the
largest increase in its gold reserves for the
period, viz, by $14,600,000, followed by Philadelphia and New York with increases of $13,300,000 and $11,100,000, respectively, while
smaller increases, totaling $7,700,000, are
shown for the St. Louis and Minneapolis
banks. By far the larger decrease in gold
reserves, viz, by about $31,000,000, is shown
for the Boston reserve bank, smaller decreases
aggregating $17,600,000 being shown for the
six remaining reserve banks. Since the beginning of the year the reserve banks have




1897

FEDERAL RESERVE BULLETIN.

gained a total of $208,300,000 of gold, compared with $772,400,000 for the corresponding
period in 1921.
The reserve ratio showed a decline for the
first three weeks from 77.6 to 75.2 per cent,
but rose to 76.7 per cent during the last week
under review, owing to the gain in reserves
and the simultaneous decrease in deposit and
note liabilities.
In the following table are shown the principal weekly changes in the condition of the Federal reserve banks during the four weeks under
review:
FEDERAL RESERVE BANKS.
[In millions of dollars.]

Date.

Oct. 25
Nov. 1.
Nov. 8
Nov. 15
Nov. 22

I Federal
reserve
Bills dis-i Govern- Total j notes in Reserve
ment
'counted, securiactual
ratio.
ecun- _ n e i1, . :i actual
! total.
ties. ! P° S ^- | circulai tion.
3,211.9 |
3/211.7 !
3,211.3 !
i 3,204.8 :
1 3,213. 7 !

469.4
587.8
640. 4
652.8
614. 2

408.6 i 1,841.8
300.3 ; 1,914.2
316.6 • 1,862.7
325.7-i 1.939.5
295.1 j L 890.0
I
!

2,298.5 i
2.309.3 .
2.340.1 :'
2.321.2
2.299.4 i

77.6
76.0
76.4
75.2
76.7

REQUEST FOR COPIES OF BULLETIN.

In order to make complete sets of the
FEDERAL RESERVE BULLETIN for 1915,

1916,

1917, 1918, and 1919, the Federal Reserve
Board desires to secure additional copies of
the following issues:
1915—May, June, August, November, and
December.
1916—January.
1917—February, April, July, and August.
1918—April, July, September, October, and
November.
1919—March.
Those having copies of the BULLETIN for
these months which they wish to dispose of are
requested to send them to the Secretary
Federal Reserve Board, Washington, D. C.

1398

.

FEDERAL RESERVE BULLETIN.

DBCEMBEB, 1922.

BUSINESS, INDUSTRY, AND FINANCE, NOVEMBER, 1922.
Substantial increases of productive activity were reported by basic industries during October.
Due principally to increased activity at anthracite coal mines, mineral output was 19 per cent
larger than in September. There was also a larger production of all other important minerals.
Production of pig iron was greater than in any month since October, 1920, and the blowing in
of additional blast furnaces during November indicates a further increase of activity. Mill
consumption of cotton has continued to increase, and the October total is the largest in over
two years, while operations of woolen and silk mills are approaching capacity. The total
number of railroad cars loaded was nearly at a maximum, and the car shortage on November 1
was the largest ever recorded. The large movement of manufactured goods is indicated by the
fact that loadings of miscellaneous freight by railroads were larger in October than in any month
since 1920. Live-stock receipts continue to be exceptionally large, as drought conditions on the
ranges during October necessitated unusually heavy marketing. During the first two weeks of
November there was a decline in car loadings and some reduction in the estimated car
shortage.
Increased production in October has been accompanied by continued increase in the volume of employment at industrial establishments. The average pay per worker was larger in
many industries, due in most cases to increases in hours of work rather than to increases in rates
of pay. Railroad repair shops and equipment factories made the largest additions to their
forces. Steel mills, metal mines, and building contractors still report shortages of skilled labor.
Anthracite coal mines, on the other hand, report a small surplus.
Wholesale trade showed comparatively little change during October. Sales of furniture,
hardware, groceries, and drugs showed a general upward tendency. Seasonal declines occurred
in sales of dry goods, shoes, and automobile supplies. Retail trade continues to be greater
than a year ago and throughout the country was larger than last month. The volume of payments by check also increased in every Federal reserve district compared to last month. The
total for 140 cities, not including New York, was 11 per cent larger in October than in September, and 13 per cent larger than in October, 1921. The increase over last October is partly
due to the increase in wholesale prices during the current year.
The wholesale price index of the Bureau of Labor Statistics was 154 in October, as compared
with 153 in wSeptember and 142 in October, 1921. Prices of farm products and clothing showed
particularly large increases during October and reached the highest level for the year. Fuel
prices continued to decline sharply and were about 17 per cent lower than in August.
The increased business activity has not been reflected in the movement of total loans of
member banks in leading cities. In fact, during the period between October 18 and November
15 the loans and discounts of member banks in leading cities showed a decline of over $70,000,000,
of which about $32,000,000 represented a reduction occurring in the last week. The reduction
for the four weeks' period, however, has been much less than the expansion of $366,000,000
occurring in the four weeks7 period ending October 18. Slight loan increases were registered
in the southern and western districts, and also in New England, but these increases were more
than offset by reductions in other districts, especially in New York and Chicago. Rates on
various classes of loans have remained firm or have shown a slight upward tendency.
Little change occurred in the position of the Federal reserve banks during the period from
October 25 to November 22. Earning assets increased by $31,000,000, while note circulation
remained at substantially the same point as a month ago. There has been a considerable
change in the character of earning assets, as investments in United States securities fell off by
$114,000,000 and bills discounted and purchased increased by $145,000,000.




DECEMBER,

FEDERAL RESERVE BULLETIN.

1922.

AGRICULTURE.

The weather during the latter part of October and early November was favorable to
agricultural operations. Fall seeding, which
was delayed in most districts by the protracted
dry weather in early October, has been completed. There is not as great a reduction in
the area planted to winter wheat as was anticipated, and district No. 8 (St. Louis) reports
a slight increase over the 1921 acreage.
Winter wheat is above ground, and despite
the drought is going into the winter in good
condition, according to reports from all the
wheat-growing districts. Corn harvesting has
progressed satisfactorily throughout the portion of the Corn Belt, in district No. 10 (Kansas
City) and returns indicate an excellent yield
per acre, especially in the Missouri Valley territory. The crops of white and sweet potatoes
are substantially larger than in 1921 or the
average for the years 1916-1920. District
No. 7 (Chicago) reports an unusually large crop
of white potatoes, and both the white and
sweet potato yield in Louisiana is well above
the average. The condition of the Louisiana
sugar-cane crop continues to decline. Grain
prices have advanced during the month and in
general farm values of the crops show an increase as compared with last year.
Grain movements.

Receipts of grain and flour at 17 interior
centers totaled 134,148,859 bushels, a decrease
of 12 per cent as compared with September
receipts, but an increase of 4 per cent over a
year ago.
Cotton.

Prior to November 14, 8,869,857 bales of
cotton were ginned, compared with 7,274,201
bales and 8,914,642 bales during the corresponding period in 1921 and 1920. The price
of middling upland cotton at New Orleans on
November 15 was 25.87 cents, compared with
22.50 cents on October 18. Stocks on hand at
mills and public warehouses on October 31
amounted to 5,709,672 bales, a decrease of
about 11 per cent from last year's figures.
Tobacco.

The preliminary estimate places the tobacco
crop at 1,330,275,000 pounds, 254,857 pounds
larger than the 1921 final estimate and 47,591
pounds less than the average for the years
1916-1920. The Kentucky burley crop, although unusually small, is of excellent quality.
The Virginia markets in both the dark and light
belts report satisfactory sales at prices well
above those obtained last year.
Cigar manufacturers in district No. 3 (Philadelphia) state that October sales have been




1399

larger than in any previous month this year.
Holiday trade, added to the regular demand,
has caused several large manufacturers to open
up additional factories. However, the large
manufacturers are still from a month to six
weeks behind in deliveries and many jobbers
are turning to the small manufacturers, who,
as a result, are busier than for many months.
Stocks in the hands of manufacturers continue
to decline and are in general very light. Raw
materials can be obtained in nearly any quantity at prevailing prices. Production of cigar
tobacco is actually much smaller this year
than last, in spite of the increased total output.
Fruit.

district No. 8 (St. Louis) reports that yields
of late fruits were heavy and of exceptionally
high quality. Shipments of most of the deciduous fruits have been practically completed.
Shipments of grapes increased during October
as compared with last month and with October, 1921, and the total for the current
season to October 28 is materially larger than
the total shipments for last season. Citrus
fruit shipments from Florida show an increase
over last year, both for the month and for
the season to November 1.
Live stock.

Movement of live stock to market during
October was unusually heavy. Receipts of
cattle and calves, hogs, sheep, horses, and
mules at 15 western markets were larger
than during last month or October, 1921.
Receipts of cattle and calves totaled 2,239,602
head, an increase of 22 per cent as compared
with September and of 31 per cent as compared with October a year ago. Receipts of
hogs amounted to 2,393,668 head, an increase
of 18 per cent compared with last month and
of 16 per cent compared with October, 1921.
Receipts of sheep were 1,951,512 head, increases of 48 per cent and 6 per cent as compared with last month and with the corresponding period a year ago. District No. 10
(Kansas City) continues to report a marked
shifting of live stock in increasing numbers
from the ranges to the Corn Belt lots in the
Missouri and Mississippi River territory. Receipts at e the six principal markets in the
district w r e the largest since October, 1919,
and receipts of cattle were the largest on
record. The movement of stockers and feeders
to the country broke all previous records.
Live stock is reported generally in good condition in districts No. 8 (St. Louis) and No. 12
(San Francisco). Pastures in California and
western Oregon and Washington have been
much improved by rains. Recent reports
from New Mexico indicate that November

1400

FEDERAL RESERVE BULLETIN.

rains have improved the condition of pastures
and ranges sufficiently to check the movement
of cattle to Mexico. Throughout the Panhandle and western Texas grass is still short
and feed scarce and high, but in other portions
of the State both live stock and ranges are in
good condition. Prices of sheep and lambs
advanced during the month, while prices of
cattle and calves declinedc
MINING.
Coal.
Production of coal continues to increase, but
consumption is so large that stocks have
shown only a moderate accumulation since the
settlement of the strike. October production
of bituminous coal totaled 45,154,000 tons,, as
compared with 40,964,000 tons in September
.and 43,741,000 in October, 1921^ Shortage
of shipping facilities is still the chief restricting
influence on mine operations. District No. 3
(Philadelphia) reports that in many cases
mines are receiving only a small fraction of
the number of cars needed and operations do
not average much more than 35 per cent of
capacity. Loss of production on account of
car shortage was much less in western fields
than in the East, and district No. 10 (Kansas
City) reports that production in October was
60.4 per cent of capacity.
Commercial stocks of coal on October 1
amounted to about 28,000,000 tons, which is
sufficient to supply all consumers for 22 days.
Stocks are heaviest at coal-gas plants and
amount to 38 days' supply, whereas reserves at
by-product coke plants are only sufficient for
14 days. A study of the geographical distribution of stocks" at industrial plants shows
that the supply in New England would last
about 90 days, which is about three times as
large as in other sections.
Anthracite coal stocks on October 1 were
very small. The amount in the bins of householders is much less than usual at this season
of the year, while retailers' supply is only
enough to last seven days and producers'
stocks have practically disappeared. The production of anthracite coal in October amounted
to 8,530,000 tons, as compared with 4,979,000
tons in September and 7,580,000 tons in
October, 1921. Practically all mines in district No. 3 (Philadelphia) are working at
capacity, and there have been few reports of car
shortage. A sufficient supply of labor is
available at the mines, so that in most cases
the production is only limited by the size of
the mouth of the mine.
Coke production increased substantially during October. The output of by-product plants
was 25 per cent larger than in September,
while beehive output increased 45 per cent.




DECEMBER, 1922,

The price of Connellsville foundry coke declined from $10 per ton on October 25 to $8
per ton on November 22.
Petroleum.

Production, shipments, and stocks of crude
petroleum increased during October, but there
was some curtailment in drilling operations.
Production amounted to 47,255,000 barrels,
as compared with 45,246,000 barrels in September and. 35,539,000 barrels in October, 1921.
Stocks of oil only increased 1,174,000 barrels in
October, but are 100,289,000 barrels greater
than a year ago. The October well completions totaled 1,388, as compared with 1,572
in September and 752 in October, 1921.
The most noteworthy recent development
has been that of the Smackover field in Arkansas, which is now producing over 70,000 barrels
of oil a day. In district No. 10 (Kansas City)
656 new wells with an initial production of
104,028 barrels were completed in October, as
compared with 831 wells with a production of
131,404 barrels in September. The number of
new wells completed in district No. 11 (Dallas)
declined from 517 in September to 400 in October, while the initial production decreased
from 66,556 barrels to 59,058. Daily average
production increased very slightly in both
districts* No. 10 (Kansas City) and No. 11
(Dallas). Prices are unchanged, but premiums of from 40 to 50 cents a barrel are paid
for spot crude oil in the north Texas fields.
The daily average production of crude
petroleum increased 6.4 per cent during October in district No. 12 (San Francisco). The
number of new wells completed and the daily
average new production were both somewhat
smaller than in September.
Metals.
Iron-ore loadings at Lake Superior ports in
October were 6,081,000 tons, which brought
the loadings in 1922 to a total of 39,193,000,
an increase of 79 per cent as compared with the
corresponding period of 1921.
Copper production was larger in October
than in any other month during the past two
years. Mine output totaled 103,273,000 pounds,
an increase of 7.1 per cent as compared with
September. The price of refined electrolytic
copper delivered at New York declined from
13.875 cents per pound on October 20 to 13.75
cents per pound on November 2. The market
tended to strengthen during November, and
practically all producers were quoting 13.875
cents per pound on November 15. Domestic
business is excellent and orders for future deliveiy are reported to be larger than is usual at
this season of the year. European demand was
small during October, but snowed a distinct
improvement during November.

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

Prices of zinc and lead both showed a marked
upward tendency during the past month.
The price of prime western zinc at St. Louis
rose from 6.85 cents per pound on October 20
to 7.275 cents on November 15, while the price
of common lead at New York rose from 6.50
cents per pound on October 20 to 7.05 cents,
per pound on November 15. Production of
slab zinc totaled 39,940 tons in October, an
increase of 21 per cent, while stocks showed
a further slight reduction. Lead production
incireased 18 per cent during October and was
larger than in any previous month this year.
Silver production continued to decrease
during October, and totaled 5,161,000 troy
ounces, as compared with 5,325,000 ounces in
September. Tin consumption, on the other
hand, increased 11 per cent and reached a total
of 5,603 long tons.
MANUFACTURES.
Food products.

Flour production during October was 13,581,000 barrels, compared with 12,540,000 barrels
in September and 13,917,000 barrels in October,
1921. Increases in production were most
marked in districts No. 7 (Chicago) and No. 9
(Minneapolis). October output in the former
district was 380,035 barrels, an increase of
13.8 per cent compared with September.
Sales, however, decreased during the month,
resulting in increased stocks at the mills.
Flour mills in the latter district produced
3,057,988 barrels in October, an increase of 8
per cent over last month, but a decrease of 4
per cent as compared with last October. A
good demand for clears is reported, despite the
fact that the largest bakers are considered to
be fairly well stocked and that there is a general
tendency to refrain from, buying in view of the
approaching inventory period. October production of 11 leading mills in district No. 8
(St. Louis) was 365,306 barrels, the largest for
any month in more trian a year. Demand,
particularly from the South, is more active than
earlier in the season. However, in the St.
Louis district also, a disposition on the part of
jobbers and retailers to hold off buying is
noted. Output of the mills in district No. 10
(Kansas City) was only 2,067,575 barrels, declines of 1.7 per cent and 6.2 per cent as compared with last month and with October, 1921.
No district reports any important export demand for flour. Prices, in spite of inactive
demand, remain firm and advancing in response to the increase in the price of wheat.
The heavy movement of live stock is reflected
in substantial improvement in the meat-packing industry. Purchases of cattle and calves
by packers in district No. 10 (Kansas City)
were the largest since December and October
2173&—22




2

1401

1919, and purchases of hogs and sheep the
largest since last October. An improved export trade is reported and domestic demand is
more active than during last month or October,
1921.
Textiles.

Increased activity in all branches of the
textile industry during October was evidenced
by the available statistics. Consumption of
533,950 bales of cotton exceeded the figures
for all previous months since June, 1920. Mills
in the cotton-growing States were particularly
active, but production of goods in New England has been increasing more rapidly in recent
months as labor problems become adjusted.
Statistics from both yarn and cloth manufacturers in district No. 6 (Atlanta) show substantial increases in unfilled orders. As a
result of improved demand and higher raw
cotton quotations, prices advanced rapidly
during October, but more recently they have
tended to become stabilized. Reports from
cotton finishers throughout the country indicate a material enlargement in the volume of
their business.
Woolens and worsteds, too, were in strong
demand during October. Worsteds particularly have improved recently, and more worsted
spindles were active on November 1 than on
any earlier date this year. The number is
still less than it was a year ago, whereas
woolen spindles are more active than on November 1 last year, but slightly less so than
on October 1, 1922. The number of looms
idle decreased materially during October and
at the end of the month was smaller than at
any time in over a year. The raw wool
market was active during the early fall, but
was quieter in November. Price advances
have been marked since September, and in
November reached the highest level attained
during the past two years.
Imports of raw silk and deliveries to American mills during October surpassed all previous records. More bales were also placed
in storage. Production schedules have been
enlarged and loom activity in Paterson increased from a low point of 17 per cent of
capacity on August 12 to 50 per cent on
November 18. Output in other sections also
was much larger. Cloth quotations have advanced from 10 to 20 per cent, but prices of
raw silk have reacted since their rapid rise
during October.
The demand for clothing is favorable in
most districts, although warm weather slackened the buying in some lines to a small
extent. Districts No. 4 (Cleveland) and No.
8 (St. Louis) report that buying of spring lines
is brisk but detailed statistics from district

1402

FEDERAL RESERVE BULLETIN.

DECEMBER,

1922.

No. 7 (Chicago) indicate that orders for ready- The industry is somewhat hampered by a
made clothing for spring wear during the first! shortage of both skilled and unskilled labor
month of the season were slightly less than and by delays in shipments of raw materials
they were last year. Tailors to the trade in and of finished products. District No. 4
the Chicago district have had excellent busi- (Cleveland) reports that there are heavy accuness this fall. In district No. 2 (New York) mulations of finished steel awaiting shipment
sales of women's clothing exceeded those of in both the Pittsburgh and Youngstown dislast October by 58 per cent, whereas men's tricts. Shipments and orders of stove and
clothing sales were 5 per cent less.
furnace manufacturers in district No. 7
Comparative reports from 29 underwear (Chicago) wore both over 20 per cent larger
manufacturers showed increases during Octo- in October than in September. Most recent
ber over September of 15 per cent in produc- ! orders have been for immediate shipment,
tion, 50 per cent in new orders, and 32 per but automobile manufacturers have comcent in unfilled orders at end of month. Ship- menced to place orders for delivery in 1923.
ments decreased 16 per cent. Production by Prices of pig iron, bars, and billets declined
38 mills was at 76 per cent of normal. De- considerably during November.
tailed information is shown in the table on Automobiles.
page 1468. Statistics from district No. 3 (PhilaProduction of automobiles increased subdelphia) show substantial improvement as com- stantially in October. The output of passenger
pared with September, but decreases in most of cars was 214,208, an increase of 15 per cent,
the important items since last October in both and. the output of trucks aggregated 21,104,
winter and summer lines.
an increase of 14 per cent. This increase in
Sales and production of hosiery were better factory operations was noteworthy, as it is
during October than during September in customary for automobile manufacturing to
districts No. 3 (Philadelphia) and No. 6 be materially curtailed in the fall months.
(Atlanta), particularly in the latter. Figures Shipments from factories showed moderate
in the Atlanta district were also more favorable increases during October, except in the case
than last year, whereas those in district No. of shipments by boat. District 4 (Cleveland)
3 were less so. The difference between the reports that the demand for closed cars contwo districts is attributed to the fact that the tinues to be active and that deliveries are being
figures for the southern district refer only to delayed by a shortage of shipping facilities.
cotton hosiery, which has been in better de- The volume of orders for trucks increased
mand than the silk, wool, and mixed lines during October. Tire sales have increased
which are included in the Philadelphia dis- in volume and production has recently been
trict reports.
expanded. This is due partly to the increased use of closed cars, which are driven
Iron and steel.
Production of iron and steel registered a throughout the winter. The percentage of
very pronounced increase in October and cord tires has increased and is now about
reached its highest level since October, 1920. one-half of the total output.
This expansion continued during the first Leather and shoes.
Demand for Chicago packer hides declined
three weeks of November, as was evidenced
by the blowing in of about 12 additional blast somewhat during November, but there was
furnaces and by increased operations at steel little change in the price quotations. Calf and
mills. The October production of pig iron goat skins maintained their October price adtotaled 2,638,000 tons, as compared with vances during November, but the volume of
2,034,000 tons in September and 1,247,000 purchases diminished.
tons in October, 1921, while steel ingot produc- Sole leather production totaled 1,551,000
tion amounted to 2,872,000 tons in October, sides in October, an increase of 4 per cent.
as compared with 2,374,000 tons in September Tanners in district No. 7 (Chicago) increased
and 1,617,000 tons in October, 1921. Un- their production during October and reported
filled orders of the United States Steel Corpora- sales of leather larger than in September, 1922,
tion increased from 6,692,000 tons on Sep- or October, 1921. The price trend has been
upward in the Chicago district and there is an
tember 30 to 6,902,000 tons on October 31.
District No. 3 (Philadelphia) states that improved demand for lower grades of leather.
foundries report increased orders from auto- District No. 3 (Philadelphia) also reports an
motive industries, railroads, mines, and build- increase of leather prices, but states that
ing contractors, and that manufacturers of buyers are hesitant and are reducing the size
pipe, machinery, and screws are doing an of their orders. Demand for belting leather
active business. Pig-iron producers, however, continued to be strong during November.
note a decline in the volume of new orders. Orders for glove leather are being received in




DECEMBER, 1922.

FEDERAL RESERVE BULLETIN.

satisfactory volume and prices are still advancing.
Shoe factories at all important centers have
been increasing their operations and reported
greater production in October, than in
September. District No. 1 (Boston) reports
that October production of New England shoe
factories was at a rate of about 85 per cent of
capacity, which was higher than in September,
1922, or October, 1921. Eight concerns in the
Boston district report that production increased 1.7 per cent during October, while shipments decreased 11.2 per cent and new orders
increased 8.4 per cent. In district No. 3 (Philadelphia) 42 firms report the following increases
in activity during October: Production, 6.7
per cent; shipments, 5.6 per cent; and new
orders, 49.2 per cent. Manufacturers in the
Philadelphia district have booked considerable
business for shipment during the first quarter
of 1923, and at present have more orders
for future delivery than for several months.
Patent leather continues to be the most
popular material for women's shoes, but
calf and kid are also being used in large
amounts.
Production of 30 shoe firms in district No. 7
(Chicago) increased 14.3 per cent during
October, while shipments and unfilled orders
increased 9.6 per cent and 36.2 per cent,
respectively. October sales of 11 reporting
interests in district No. 8 (St. Louis) were 21.6
per cent greater than in September and 7.6 per
cent more than in October, 1921. Orders in
the St. Louis district continue to be in excess
of capacity to ship goods, although factory
operations are being maintained at capacity.
Shoe prices in all sections show an upward
tendency.

1403

in the Philadelphia* district improved during
November. The general level of paper prices
has been firm for some time, although slight
fluctuations in certain grades have occurred.
Pulp prices are advancing.
Lumber.

Favorable weather during October and a
large volume of unfilled orders on hand postponed the usual fall curtailment in the production of lumber this year. Figures compiled by
the National LuimSer Manufacturers Association indicate that the weekly cut has exceeded
orders and shipments for some time, but not
until November 11 did the cumulative total of
feet cut during the year equal the total volume
of orders which had been received during the
same period. Largely because of limited transportation facilities during recent months, shipments are still lagging behind the other items.
Total production during October by 564 mills
amounted to 1,306,047,000 feet, as compared
with 1,207,220,000 feet by 551 mills in September.
Figures from 125 members of the Southern
Pine Association in district No. 6 (Atlanta)
indicate that production was at 93 per cent of
normal during October, as compared with 98
per cent by 115 mills during September. Shipments and orders showed little relative change,
but stocks on hand increased. Lumber dealers
in district No. 3 (Philadelphia) report that the
demand continues strong, and in district No. 7
(Chicago) sales were larger in October than in
September, but in district No. 8 (St. Louis) the
demand for building lumber is gradually
decreasing.
Lumber cut and shipments by eight manufacturers in district No. 9 (Minneapolis) decreased during October, but orders placed were
slightly larger in volume. All items, except
stocks, were greater than they were last October. Sales by retailers in the Minneapolis district have improved since September.
Production of lumber in October reached the
highest figure for two years in district No. 12
(San Francisco), and reports from four associations show substantial increases in production,
shipments, and unfilled orders as compared
with last year. Freight-car shortage cut down
October deliveries and curtailed the acceptance
of new business. Water-borne business continued to be heavy and foreign demand
increased.
BUILDING.

Paper.
Seasonal recessions in the production of the
various grades of pulp and paper are shown by
statistics for September, but demand has continued to be good for most lines. Newsprint
production for October totaled 130,682
tons, as compared with 125,402 tons during
September, and 101,884 tons during October, 1921. Output of paper board in September reached the highest point attained in
two years, but reports from district No. 3
(Philadelphia) indicate orders received by producers of card and box boards fell off in November, and operations have been accordingly
reduced. Dealers in both districts No. 1
(Boston) and No. 3 (Philadelphia) received a
large volume of business during October and
Construction operations decreased in Ocearly November. Most of the mills in district tober for the fifth consecutive month. The
No. 3 (Philadelphia) are operating at capacity total value of contracts awarded in seven
on back orders. The demand for paper boxes Federal reserve districts (compiled from sta-




1404

FEDERAL RESERVE BULLETIN.

tistics gathered by the F. W. Dodge Co.)
amounted to $222,226,483 during October,
which was 9 per cent less than in September,
but 9 per cent greater than in October, 1921.
Decreases from September totals occurred in
districts No. 1 (Boston), No. 3 (Philadelphia),
No. 4 (Cleveland), No. 7 (Chicago), and No. 9
(Minneapolis). These decreases ranged from
13.5 per cent in the Boston district to 22.9
per cent in the Minneapolis district. Increases
were reported from districts No. 2 (New York)
and No. 5 (Richmond) amounting to 1.2 per
cent and 1.4 per cent, respectively. Residential contracts let in these seven Federal
reserve districts had an aggregate value of
$100,527,800 in October, which was larger
than in any month since June. A particularly large increase in this type of building
occurred in district No. 7 (Chicago). Statistics of number and value of building permits
issued in 168 cities are published on page 1476.
Prices of building materials showed further
advances during October. Both production
and shipments of cement increased as compared
with September. Production of flooring was
also large, but there was some decrease in the
orders for various types of builders' hardware.
TRANSPORTATION.

Car loadings were extremely heavy throughout October, the total being 6.2 per cent
greater than in September and only slightly
smaller than in the peak month of October,
1920. Loadings of all major groups of commodities increased as compared with September, and loadings of live stock, coke, and miscellaneous freight were larger than in any previous month this year. All of the seven railroad operating groups, except the Pocahontas
and Northwestern, reported more cars loaded
in October than in any other month during
the last two years.
In spite of the large increase in October
loadings, reported shortages increased from
130,325 cars to 179,239 cars during the month.
Two facts are worthy of note in connection
with this car shortage—the fact that a shortage tends to be exaggerated, as most shippers
at such a time order more cars than they expect to obtain; and the fact that the delay in
shipping certain agricultural products helps to
prevent an excessive supply and lowering of
farm prices. Although it is easy to exaggerate
the importance of the shortage of cars, it is of
undoubted significance in so far as it limits the
mining and distribution of coal and in so far
as it shows a serious lack of reserve railroad
facilities. This shortage of railroad equipment should be somewhat relieved by a large
increase in operations of railroad car shops




DECEMBER,

1922.

during October and by the placing of numerous
orders with car and locomotive factories.
The number of bad-order cars decreased from
291,654 on October 1 to 249,960 on November
1. The shortage of cars and locomotives has
also caused substantial increases in the average
loading per car and per train.
TRADE.
Wholesale trade.

Wholesale trade during October was almost
universally better than during September, except that in certain districts dry goods and
shoes suffered seasonal declines, and in district
No. 9 (Minneapolis) sales of all lines fell off.
Trading in shoes, furthermore, was smaller
than during October a year ago in all reporting
districts except No. 3 (Philadelphia), No. 8
(St. Louis), No. 9 (Minneapolis), and No. 12
(San Francisco), and dry-goods sales were
lower than last year in the southern districts—
No. 5 (Richmond), No. 6 (Atlanta), and No. 11
(Dallas). Drugs also declined materially in
the Atlanta district and to a smaller degree in
district No. 8 (St. Louis), both as compared
with September and with October, 1921. In
most other lines business wTas reported to be
better than that prevailing a year ago, particularly in hardware and furniture, the demand for which has been favorably affected
by the building activity.
It is significant that sales of machine tools
in district No. 2 (New York) were 242 per
cent above those of a year ago. Dealers in
auto supplies received a smaller volume of
business than during September in the three
reporting districts, as did wholesalers of farm
implements in districts No. 6 (Atlanta), No. 9
(Minneapolis), and No. 12 (San Francisco).
AH reports available for agricultural implements indicate much larger sales than during
last October. Detailed statistics are provided
in the table on page 1480.
Retail trade.

The usual seasonal increase in retail distribution has been apparent during October, but the
increase over the corresponding period last
year is not as marked as in September. One
explanation of this slowing down is the cool
weather which stimulated buying in September and the warm weather in October, which
had the reverse effect. In district No. 8 (St.
Louis) substantial increases over September
sales in all lines, especially clothing, are reported. Demand is particularly active in
rural communities, reflecting the improved
condition of the farmers, who have received
more for their crops than they did last year.
District No. 12 (San Francisco) reports an increase of 10.3 per cent over October, 1921, and

states that sales were greater in value than in
any October since 1919. In district No. 7
(Chicago) sales of reporting department stores
are approaching in dollar amounts the 1920
level. Increased sales as compared with last
October were reported in all Federal reserve
districts except districts No. 6 (Atlanta), No.
10 (Kansas City), and No. ' l l (Dallas). Increases ranged from 0.6 per cent in district No.
5 (Richmond) to 11.3 per cent in district No. 4
(Cleveland). Stocks increased during the
month in all districts, but were larger than
on the corresponding date last year in only
three districts, No. 1 (Boston), No. 3 (Philadelphia), and No. 5 (Richmond). The rate of
turnover continues to increase but the ratio of
outstanding orders to purchases for 1921 remains
unchanged from last month.
PRICES.
There was a slight rise in the general level
of wholesale prices in October. The index
numbers of both the Federal Reserve Board
and the Bureau of Labor Statistics showed
an increase of one point, the former standing
at 165 and the latter at 154.
There was a decided upward movement of all
agricultural products, with grains, hides, cotton, wool, hay, and tobacco all showing price
increases. Prices of live stock, Jiowever, tended
to decrease. Food products showed varied
trends—flour, butter," cheese, lard, sugar, and
eggs increasing in price; mutton, hams, potatoes, and fruits declining; and beef, milk, and
tea remaining steady.
The upward movement of raw cotton and
wool was reflected in a similar movement in
prices of yarns and cloths. Steel products are
still increasing in price. The wholesale price
index number of the Federal Reserve Board
showed that while the general price level of
goods produced in this country remained unchanged, that of goods imported rose 7 points.
The groups within the Bureau of Labor index
showed the following changes: Both farm products and cloths and clothing increased 5 points;
building materials and house furnishings increased 3 points each; foods rose 2 points; and
metals 1 point. The largest change was in
the fuel and lighting group, which decreased
18 points.
COMMERCIAL FAILURES.

Total liabilities of commercial failures during October, as reported to R. G. Dun &Co.,
were for the fourth consecutive month less
than the total for the corresponding month of
1921. Furthermore, the October failures were
fewer in number than were those of the same




1405

FEDERAL, RESERVE BULLETIN.

DECEMBER, 1922.

month of the preceding year. This has notbeen true for any month since April, 1920.
The number of defaults during October totaled
1,708, as compared with 1,446 in September
and 1,713 in October, 1921. Liabilities for the
same months were, respectively, §34,647,438,
$36,908,126, and $53,058,659. With' the exception of June, 1921, when there was only a
nominal difference, the above figure for October was smaller than that for any month
since November, 1920. Further declines are
indicated by figures for the first three weeks of
November, when the number of insolvencies
aggregated 1,225, a reduction from 1,341 reported during the same period of 1921.
Contrary to the general trend, liabilities
were larger than during last October in districts No. 1 (Boston), No. 4 (Cleveland), No.
5 (Richmond), and No. 8 (St. Louis). The
number of insolvencies was larger than last
year in districts No. 1 (Boston), No. 2 (New
York), No. 7 (Chicago), No. 8 (St. Louis), No.
9 (Minneapolis), No. 10 (Kansas City), and
No. 12 (San Francisco). The greatest declines within the past year in both number of
failures, 22 per cent, and in liabilities, 67 per
cent, occurred in district No. 6 (Atlanta).
Comparative figures, by districts, are given in
the table on page 1468.
EMPLOYMENT,
Employment continued to increase during
October in all sections of the United States.
Twelve of the fourteen major industrial groups
showed increases in number employed, while
the only industry to show a substantial decrease was tobacco manufacturing. The most
noteworthy gains occurred in the steel, automobile, and silk industries, and at railroad repair shops. Shortages of metal miners continue to be reported from Western States, and
there is still a strong demand for skilled craftsmen in many localities. The supply of unskilled labor* is reported to be insufficient in
some States, while small surpluses are reported
from other States.
Employment conditions continued to be very
satisfactory in district No. 1 (Boston) during
October. Operations of textile mills*are approaching capacity at some centers, but many
New Hampshire operatives are still unemployed, as a result of the labor controversy
which commenced in February. A number of
granite plants and shipyards which have been
closed were reopened in October. The jewelry
and silverware business also showed much improvement, and the metal and machine industries generally report a shortage of labor.
There is also a shortage of unskilled labor in
many sections. The New York State Department of Labor reported an increase of 3 per

1406

FEDERAL RESERVE BULLETIN.

cent in employment during October. An increase occurred in every group of manufacturing industries except iood" products. The
most marked gain was reported by railroad
repair shops and equipment factories, which
increased their forces by about 30 per cent,
partly as a result of the"settlement of strikes.
Steel and machinery factories also added many
workers. Some sugar refineries, however, were
closed, causing some unemployment. In district No. 3 (Philadelphia) railroad equipment
plants, textile mills, and cigar factories report
shortages of labor. There is also a shortage of
bricklayers, plasterers, sheet-metal workers, and
other craftsmen. A small surplus of workers,
however, still exists in the clerical, machinery,
paper, printing, wholesale and retail lines.
Reports from district No. 4 ((Cleveland) state
that employment is increasing at iron and
steel mills, machine shops, and rubber factories.
Textile mills and fertilizer plants in the
southern part of district No. 5 (Richmond) expanded their forces during October. The
chemical, paper, and printing industries also
reported increased employment. There was a
rather general reduction, however, in the number employed by lumber mills and metal factories. In district No. 6 (Atlanta) textile mills,
railroad repair shops, lumber mills, and steel and
metal factories added to their number of employees, while plants manufacturing building materials and chemicals reported some reductions.
District No. 7 (Chicago) reports that 216
firms increased their number of employees 2.8
per cent during October and their total pay
rolls 11.4 per cent. This resulted in an increase
of 8.5 per cent in the average pay per man, as
compared with September. Shoe factories,
packing plants, and confectionery concerns
show substantial increases in employment and
pay rolls, while seasonal expansion occurred at
container, electrical goods, and musical instrument factories. Longer hours and overtime
work were responsible for most of the gains in
pay rolls. A shortage of labor exists in the
building trades and in the leather and steel
industries, according to reports from district
No. 8 (St. Louis). The number employed at
packing plants continued to increase. Demand for corn huskers and general farm hands
was very strong in district No. 9 (Minneapolis)
throughout October. Iron mines were running
full time and steel mills were increasing their
forces. In district No. 10 (Kansas City) demand for farm hands is rather light, but there
is very little unemployment. Employment at
packing plants, steel mills, and mail-order
houses has substantially increased. The opening of sugar factories has afforded temporary
employment to several thousand workers.
There still continues to be a slight surplus of




DECBMBKK,

1W22.

unskilled labor in district No. 11 (Dallas).
Agricultural employment has diminished, but
railroad shops, metal working industries, and
oil companies have slightly increased their
forces. Reports from district No. 12 (San
Francisco) state that there has been some temporary unemployment of farm labor, as many
crops" have been harvested, but most of the
unemploj^cd arc quickly absorbed. There are
still shortages of metal miners in several States,
and local shortages of experienced bricklayers,
plasterers, and carpenters. The supply of
clerical and professional workers still exceeds
the demand.
FOREIGN. TRADE.
The figures for the value of merchandise
exports for the month of October show three
distinctly encouraging facts. They are the
largest for any month of the current year,
the largest for any month since March, 1921,
and for the first time in 1922 the figures exceed
those of the corresponding month of last year.
In fact, it is the first month since December,
1920, that the figures for any given month have
exceeded those of the same month for the
preceding year. Amounting to §372,000,000,
they exceed those of September by $58,906,714
and those of October, 1921, by $28,669,185.
GOLD AND SILVER MOVEMENTS.
Net gold imports during October, $3,274,000
represent the smallest monthly total for the
present year, comparing with $27,917,000 for
September and $22,362,000 the monthly average for the preceding nine months. Of the
gross gold imports of $20,866,000 for the
month, $9,927,000 came from England, $4,878,000 from the Netherlands, and $2,635,000
from France. Gold imports from England
were largely preparatory to the second installment of the $50,000,000 interest payment
on the British debt to the United States
Treasury, while Dutch gold shipments, it is
stated, were for the purpose of strengthening
the Dutch central bank's gold holdings in this
country and of supporting florin exchange.
Nearly $1,000,000 is shown to have been
brought during the month from the Far East,
and over $1,000,000 from Central and South
America. Of the October gold exports, over
95 per cent, or over $16,763,000, were consigned to Canada, the then existing premium on
the Canadian dollar making such shipments
profitable. Net gold imports for the 10 months
ending October of the present year totaled
$199,688,000, compared with $587,161,000
for the corre#ponding period in 1921. Net imports of gold since August 1, 1914, aggregated
$1,741,777,000, as shown in the following
exhibit:

DECEMBER, 1922.

[In thousands of dollars.]

Fiduciary Powers Granted to National Banks.
F

t
Exports.

Imports.
Aug. 1, 1914 to Dec. 31, 1918
Jan. 1 to Dec. 31, 1919
Jan. 1 to Dec. 31, 1920
Jan. 1 to Dec. 31, 1921
Jan. 1 to Oct. 31, 1922
Total
1

1,776,616 ;
76,534 i
\ . 417,088 •
i
691,248 i
j
235,274
I 3,196,740

Excess of
imports.

705,210
368, .185
322,091
23,891
30,735

1,450,112 ;

;

1,071,405
i 291,651
94,977
667,357
199,688

1,741,777

Excess of exports.

Both silver imports for October, §3,940,000,
and silver exports for the month, §3,269,000,
present lowest monthly totals for the year.
Mexico and Peru shipped the bulk of the
silver received during the month from foreign
sources, while silver exports were consigned
largely to China, Hongkong, and British
India. Net exports of silver since August,
1.914, totaled $435,453,000, as may be seen
from the following exhibit:

During the month of November the Federal Reserve
Board approved applications of the national banks listed
below for permission to exercise one or more of the
fiduciary powers named in section 11 (k) of the Federal
reserve act as amended, as follows:
1. Trustee.
2. Executor.
3. Administrator.
Registrar of stocks and bonds.
Guardian of estates.
Assignee.
Receiver.
Committee of estates of lunatics.
9. In any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into
competition with national banks are permitted to act
under the laws of the State in which the bank is located.
The numerals opposite the name of each bank indicate
the power or powers it is authorized to exercise, as given
below:
Dis- !
trict !
No.

Place.

[In thousands of dollars.]
Excess of
exports.

Imports.

Total.....

Exports.

203,592
89,410
88,060
63,242
57,103

483,353
239,021
113,616
51,575
49,295

279,761
149,611
25,556
111,667
1
7,808

501,407 !

Aug. 1, 191.4 to Dec. 31, 1918
Jan. 1 to Dec. 31, 1919
Tan. 1 to Dec. 31, 1920
Tan. 1 to Dec. 31,1921
Tan. 1 to Oct. 31, 1922

1

936,860

435,453

Kxcess of imports.

State Banks and Trust Companies.
Admissions.
The following list shows the State banks and trust companies which were admitted to membership in the Federal
Reserve System during the month ending November 30,
1922, on which date 1,654 State institutions were members
of the system:
Capital.
District

Surplus.

Total

Ilion, N . Y .

S200,000

2

Collingswood, N. J...';
Ha'/lcton, Pa
'•
Lock Haven, P a
I
Athens, Ohio
St.Clairsville, Ohio..!
Mooresvillc. N C
s i l l c . N.
j
i
Winston-Salem, N. C.|
Portsmouth, Va
J
Dalton, Ga
i
Greencville, Tenn...:
Knoxvillo, Tenn
•
Batavia, 111
Chicago,' 111
j
Racine, Wis
Seattle, Wash

Manufacturers National
i Bank.
3 I Collingswood N a t i o n a l ;
! Bank.
I
3 ! IXa/lcton National Bank..;
3 '\ First National Bank
j
4 Athens National B a n k . . . . '
4 : First National Bank
'
5:
do
I
5 : Fanners National Bank &
Trust. Co.
5 : American NationalBank.. ;
6 i First National. Bank
,
6 !

6
7
7
7
12

do

Farmers Commercial Bank, Benson,
N.C

100,000

25,000 .

465,224

200,000

1,574,513

25,000

105,154

District No 11.
Guaranty State Bank, Talioka, T e x . . . .

5 to 9.
Ito9.
1 to 7 and 9.
1 to 7 and 9.
Ito9.
1 to 9.
1.
1 to 5.
1 to 9,

i

1 tO 7 913/1 9-

1 to 91 to 9.
I t o 3 , 5 to 9.
5 to 9.

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 28 to
November 24, 1922, inclusive:
Num.- Amount
ber of
of
banks, i capital.
New charters issued
Restored to solvency
Increase of capital approved 1
Aggregate of new charters, banks restored to
solvency, and banks increasing capital

No. 8.

Enston-Taylor Trust Co., St. Louis, Mo..

Ito9.
1 to 9.

' Union National Bank
. Batavia National B a n k . . . :
! Lawn dale National Bank..
:
First National Bank
do

8100,000 U, 959,464

District No. 5.

Powers
granted.

Name of bank.

No. 2.

Springfield Avenue Trust Co., Newark,
N.J

District

1407

FEDERAL RESERVE BULLETIN.

Liquidations
Reducing capital.
Total liquidations and reductions of capital..
Consolidations of national banks under act of Nov. .j
7, 1918
!

13 $1,275,000
0 i
0
12 I 1,380,000
25 ! 2,655,000
1,1.55,000
0
10

1,155,000

3 i 1,900,000
Bank closed—St. Anthony Bank & Trust Co., St. Anthony, Idaho;
Huntley State Bank, Huntley, Mont.
!
Converted into national bank. -Farmers Bank & Trust Co., "Winston- Aggregate increased capital for period
2,055,000
-. Salem, N . C .
Reduction of capital owing to liquidations, etc
j
\ 1,155,000
Withdrawals.—First-American State Bank, Golden Valley, N. Dak.
Thompson Savings Bank, Hudson, Mich.
Net increase..
1,500,000
Voluntary liquidations.—Central Bank & Trust Corporation, Atlanta,
Ga.; Garden City Bank & Trust Co., San Jose, Calif.; St. Anthony Falls
1
Bank, Minneapolis, 'Minn., Security Bank & Trust Co., El Paso, Tex.
Includes one increase in capital of 8100,000 incident to a consol;
(absorbed by the Border National Bank of El Paso).
dation undcSr act of Nov. 7,1918.




1408

FEDERAL RESERVE BULLETIN.

DHCBMBEK, 1022.

LAW DEPARTMENT.
Decision of Circuit Court of Appeals in Atlanta par clear- tailed to require payment in cash in such wise as to drive
ance case.
the drawees out of business or force them, if able, to subthe scheme of
Below is the opinion of the Circuit Court of mit toAmerican Bank making bank checks collectible at
par.
& Trust Co. v. Federal Reserve
Appeals for the Fifth Circuit rendered Novem- Bank, 256' U. S. 350. The conduct which the Supreme
ber 2, 1922, by Hon. Richard W. Walker, cir- Court decided to be wrongful and subject to be enjoined
cuit judge, in the case of American Bank & was the alleged threatened accumulation of checks for the
Trust Co. v. Federal Reserve Bank of Atlanta, purpose of using them in the manner alleged. It was not
decided or intimated that the appellee bank would be
popularly known as the " Atlanta par clearance guilty of any actionable wrong by merely presenting or
causing to be presented bank checks held by it to the
case."
over the counter. The alThe Circuit Court of Appeals affirmed in drawees for payment in cash for the purpose charged was
toto the decision rendered March 11, 1922,leged accumulation of checks
an essential feature of the alleged conduct which was deby the District Court for the Northern District cided to be wrongful. We arc not of opinion that a bank in
of Georgia, holding that Federal reserve banks receipt for collection of checks on. other banks is guilty of
may collect all checks payable on presentation, an abuse of its right as such holder when, in due course,
without
delay or
including checks drawn on nonmember banks, with reasonable promptness,manner, it designed or causes
accumulation, and in proper
presents,
but can not pay exchange charges, and may to be presented, those checks to the drawees for payment
employ any proper instrumentality or agency in cash. In so doing the collecting bank would be exerto collect checks drawn on banks which refuse cising its right as the holder of checks received by it for
collection,
of an
to remit without the deduction of exchange right for an and would not bo guilty holder abuse of that
unlawful purpose. If the
of the checks
charges. The Circuit Court of Appeals ex- is guilty of no wrong, the fact that the payee is inconpressly affirmed the finding of the district court venienced by having to pay in cash would not give the
to the effect that the plaintiffs failed to sub- latter a valid ground of complaint. Inconvenience reto one party from another's exercise of right in a
stantiate the charges which they made in their sulting way does not give the former a righta of action.
lawful
bill that the Federal Reserve Bank of Atlanta The most that the evidence relied on by the appellants
had acted or intended to act illegally, or had tended to prove was that at and prior to the time of filing
exercised or intended to exercise its rights so as the bill the appellee bank intended or proposed to deal in
the just stated manner with checks received *by it for colto oppress or injure the plaintiff banks.
lection, when the drawees did not consent to remit at par,
In the United States Circuit Court of Appeals for the
Fifth Circuit.
AMERICAN BANK & TRUST COMPANY ET AL.,

appellants,

v.

!>No. 3906.

FEDERAL RESERVE BANK or ATLANTA ET AL.,

appellees.
Appeal from the District Court of the United Stales for the
Northern District of Georgia.
Alex. W. Smith (Alexander W. Smith, Orville A. Park,
Smith, Hammond & Smith, and Theodore II. Smith on the
brief), for appellants.
Hollins N. Randolph, R, S. Parker, John W. Davis, and
M. B. Angell, for appellees.
Before Walker and Bryan, Circuit Judges, and Sheppard,
District Judge.
WALKER, Circuit Judge. Except as to a feature of the
bill mentioned below, nothing has occurred to require a
revision of or departure from the conclusions stated in the
opinion delivered by this court in this case when it was
here on a former appeal. American Bank & Trust Co. v.
Federal Reserve Bank of Atlanta, 269 Fed. 4. What was
held by the Supreme Court to show the existence of a
right to relief under the general prayer for relief was the
part of the bill containing allegations to the effect, that,
in pursuance of the alleged policy of the Federal Reserve
Board to bring about the colloctibility by banks of bank
checks at par, the appellee reserve bank and its officers
intended to accumulate, until they reach a large amount,
checks upon banks of the ("lass to which the appellant
banks belong, and then to cause them to be presented for
payment in cash over the counter, or by other devices de-




and that it was after this suit was brought that appellee
bank manifested its willingness to allow payment of such
checks to be made either in cash or in acceptable exchange.
The trial judge specifically found that "the charge that
the Federal Reserve Bank at Atlanta would accumulate
checks upon country or nonmember banks until they
reach a large amount, and then cause them to be presented
for payment over the counter, so as to compel the plaintiffs to maintain so much cash in their vaults as to drive
them out of business, or an alternative agreement to remit at par, is not sustained by the evidence." He further
found "the evidence insufficient to sustain any charge in
the bill that the Federal reserve bank was acting illegally
or exercising any right it had so as to oppress or inj ure the
plaintiff banks." The record before us does not warrant
the setting aside of either of those findings. We do not
think that the evidence adduced justified the granting of
any of the prayed for relief which was denied by the
decree appealed from. By that decree the appellee bank
was "enjoined and restrained from publishing, upon any
par list issued by the said defendant, the Federal Reserve
Bank of Atlanta, the name of any nonmember bank being
a plaintiff in this case unless such nonmember bank consents or has consented to remit at par."
Our attention has been called to an opinion rendered,
after this case was argued and submitted, upon the granting of a preliminary injunction in the case of Farmers &
Merchants Bank of Cattlettsburg, Ky., v. the Federal
Reserve Bank of Cleveland, Ohio, and Mary B. McCall,
pending in the District Court of the United States for the
Eastern District of Kentucky. That opinion shows that
the granting of a preliminary injunction in that case was
influenced by the showing made that the defendant bank,
by its authorized agents, adopted what well might be deemed
to be unwarranted methods in collecting checks on the
plaintiff bank. That case is plainly differentiated from the
instant one by the above quoted explicit finding in the

DECEMBER, 1922

1409

FEDERAL RESERVE BULLETIN.

latter to the effect that the evidence did not sustain any
charge in the bill as to improper conduct by the appellee
bank or its agents. We do not think that that opinion shows
that our above-indicated conclusions in the instant case
are incorrect.
In the absence of any showing that the appellee bank
consented to or approved of the use of any unlawful means
of enforcing or promoting the adoption or carrying out of
the policy or plan of making bank checks collectible at
par, the fact that the appellee bank was in accord with
other Federal reserve banks in adopting that policy and
attempting to bring about the general acceptance and
adoption of it can not properly be given the effect of making the appellee bank responsible for unlawful acts done,
in the effort to enforce that policy, by or at the instance
of other Federal reserve banks. An express or implied
agreement between the several reserve banks to promote
the adoption of the policy mentioned does not import a
common consent to the use by any party to such agreement
of unlawful means to effectuate the common lawful purposes. Assent by one party to concert of action with
others to accomplish a lawful purpose does not involve or
amount to the former consenting to or approving the unlawful conduct of any one. There was no evidence tending to prove that the appellee bank authorized, consented
to or ratified the use by or in behalf of other reserve banks
of illegally coercive methods to bring about the general
adoption of the above-mentioned policy. It follows that
the evidence offered to prove the use by or in behalf of
other reserve banks of unlawful means to accomplish the
alleged common purpose was properly excluded.
Tho court disallowed a proposed amendment of the bill
having the effect of adding as parties plaintiffs thereto
banks located in Federal reserve districts other than the
sixth. That ruling was not erroneous. The complaints
made by the bill are based upon what it alleged the apd to do in transactions between the
pellees did or p ^
appellee Federal Reserve Bank of the Sixth Federal Reserve District and the appellant banks, which are located
in that district. The banks unsuccessfully sought to be
added as parties plaintiff are so far strangers to the transactions mentioned, as to keep the alleged conduct complained of from giving to those banks a right of action
based on that conduct, with the result that those banks are
not entitled to be joined as parties plaintiff in this suit.
The same interrogatories were propounded by the appellants to several of the appellees. A separate answer
was made to each of those interrogatories, each person interrogated making such answer his own. The court overruled objections to such answers on the ground that answers
so made to interrogatories were violative of the provision
of Equity Rule 58 that "each interrogatory shall be
answered separately.'' What the quoted provision forbids
is the making of one answer a response to more than one
interrogatory. It does not forbid several persons to whom
an interrogatory is propounded joining in the making of
one separate answer thereto, The provision does not require the duplication or multiplication of answers to an
interrogatory when the parties interrogated desire to make
the same answer thereto. The answers made to interrogatories were not subject to objection on the ground mentioned.
The conclusion is that the record does not show any
reversible error. The decree is affirmed.

Bank of Catlettsburg, Ky., v. Federal Reserve
Bank of Cleveland, popularly known as the
"Cleveland par clearance case."
This was a decision granting a preliminary
injunction, and it may not be amiss to explain
briefly the nature of a preliminary injunction.
A preliminary injunction, as the name implies,
is merely one granted pending the final hearing
and determination of a case. Its object is
merely to maintain the status quo and to
protect the plaintiff from injury pending the
trial of the case on its merits and the final
determination by the court of the question
whether or not "the plaintiff is entitled to a
permanent injunction. The granting of a
preliminary injunction, therefore, does not
constitute a final adjudication as to the rights
of the parties.
The only evidence submitted during the
trial on the motion for a preliminary injunction
in this case was in the form of affidavits, and
the affiants or witnesses were not subjected to
cross-examination. The evidence, therefore,
has not yet been thoroughly presented and
sifted; and before the court decides whether or
not the plaintiff is entitled to a permanent
injunction the case must be tried on its merits
and the facts must be examined in the light of
a more complete presentation of the evidenco
and a cross-examination of the witnesses.
United States District Court, Eastern District of Kentucky.
FARMERS & MERCHANTS BANK OF CATLETTSBURG, KY.,

v.
THE

FEDERAL RESERVE BANK OF CLEVELAND, OHIO,
AND MARY B. MCOALL.

This cause is before me on plaintiff's motion for a preliminary injunction.
The plaintiff is a Kentucky corporation doing banking
business at Catlettsburg, a city with a population of about
4,500 in this district. It has a capital stock of 850,000,
surplus of about 840,000. and deposits of about §500,000.
The defendant bank is a national corporation and is the
Federal reserve bank for the Fourth District of the Federal
Reserve System of the United States. It has a branch
bank in Cincinnati. Ohio, and plaintiff is in the Cincinnati
division of such, district. The individual defendant is a
resident of Catlettsburg and, at the time this suit was
brought, to'wit, July 15, 1921, was acting as the defendant
bank's agent in the daily collection in cash over plaintiff's
counter of checks drawn on it by its depositors, payable
to persons at a distance from Catlettsburg, which had
come into such defendant's hands and had been sent to
her by the branch bank at Cincinnati for that purpose,
and in the transmission of such cash to such branch bank
by express or registered mail,
had been so
Decision of District Court in Cleveland par clearance continuously since March 23, and she The suit was acting
1920.
origicase.
nally brought in the State court, in whose territorial
There is printed below the opinion of the jurisdiction. Catlettsburg is situated, and it was removed
upon
petition of the two
United States District Court for the Eastern thence to this court groundthe jointarose under the Condefendants upon the
that it
District of Kentucky, rendered October 14, stitution and laws of the United States. It is the plain1922, by Hon. Andrew M. J. Cochran, district tiff's practice where such, checks are sent to it through the
judge, in the case of Farmers & Merchants mail for payment by other than one of its correspondent




1410

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922

banks to remit exchange on one of such banks and to who was handling the matter on behalf of plaintiff, in an
charge not exceeding one-tenth of 1 per cent of the amounts effort to have him agree to the par clearance method.
of the checks for so doing. By sending such checks as He stated that if they did not consent to it the Federal
come into its hands for collection, by an agent in cash reserve bank would continue its method of collection by
over the counter the defendant bank though it incurs the the express company demanding cash at the counter and
expense of so doing avoids having to pay such charges. It that it would be annoying and expensive to both banks
had been advertising for a year and a half that it would and that plaintiff could not stand that method of paying
collect all such checks on plaintiff free of charge. What items in cash. The reason for the express company's
plaintiff seeks to have enjoined is such conduct, i. e., the refusal to act further was that the task was too burdenme.
collection of such checks by defendants in this way and
the advertisement by defendant bank that it will collect
Thereupon Magee went to Catlettsburg and for several
such checks free of charge. It claims that it is injurious days, possibly until March 3, 1920, made the collections
to it in that it deprives it of such charges, requires it to himself. Each day during this time he went to a drug
keep a greater reserve in cash than it would otherwise store on the corner opposite plaintiff's bank, where
have to do, scandalizes it, affects its credit and humiliates there was a soda fountain, the most prominent place in
it. A temporary restraining order was granted by the the city, and remained there from three to live hours
clerk of the*State court when the suit was brought and has walking up and down in the storeroom and looking across
been in force ever since. The case is of the same general the street at the bank as though he were on the watch
character as that in the Northern District of Georgia for what was being done there. On that date he emcovered by the decisions in American Bank & Trust Co. ployed Frank K. Barbee, a resident of the city and night
v. FederafReserve Bank of Atlanta, 269 Fed. 4; American clerk in a hotel, to act as agent. He continued so to act
Bank & Trust Co. v. Federal Reserve Bank of Atlanta, until March 23, 1920, when he surrendered the job, and
256 U. S. 450; American Bank & Trust Co. v. Federal the,defendant, Miss McCali, was employed. Whilst BarReserve Bank of Atlanta, 280 Fed. 940; and that in the bee was acting as agent, Magee was in Cattletsburg the
district of Oregon covered by the decision in Brookings most of the time instructing Him and overseeing the
State Bank v. Federal Reserve Bank of San Francisco, performance of his duties. The place of instruction was
277 Fed. 430. Reference to these decisions relieves me the corner drug store heretofore referred to. Magee spread
in presenting the case here of doing more than calling the checks upon a refreshment table in front part of the
attention to its particular facts and then proceeding to store in a conspicuous place where those coming in and
dispose of the question which it calls for decision. I will out of the store could readily see and hear what was
first state the facts as they appear from plaintiff's affidavit. going on, assorted and listed and indorsed them, and
As early as January, 1918, the defendant bank began by explained to Barbee the details of presenting the checks
letter to solicit the plaintiff to enter into a written agree- at the counter and demanding payment in cash. Frement with it to remit exchange in payment of checks of quently he accompanied Barbee to the bank. He stated
the character stated at par, i. e., free of such charges. to Barbee that the reason and necessity for such method
This it continued to do at intervals until December, 1919. of collection was that the defendant bank insisted that
The 'plaintiff not yielding to such solicitations, at that the checks be cleared at par and such was the only method
time, it sent it's traveling representative, H. A. Magee, whereby plaintiff would be forced to an agreement so
who had in charge the matter of personally soliciting non- to do, and that though the method of collection -was far
member banks, i. e., State banking institutions, to enter more expensive to the defendant bank than the payinto such agreements, to Catlcttsburg to interview plain- ment of the clearance fees it was not the expense they
tiff on the subject. He made four separate visits for that cared about but was simply the principle of the matter,
purpose. Ho first attempted persuasion and, this failing, and that sooner or later the plaintiff would be forced to
he insisted and demanded that plaintiff agree and finally sign an agreement to clear all checks at par, or that it
threatened it with the consequences of a refusal to do so. would be forced out of business. He gave Barbee a numHe said that the American Express Co. would be employed ber of pamphlets containing an exposition of the merits
to collect the checks in cash, which would be very em- of universal par clearance and instructed him to call upon
barrassing to plaintiff; that, though this would be expensive as many of plaintiff's depositors as he could see from time
to the defendant bank, it did not matter, as there was a to time and leave one of those pamphlets with them.
principle involved, and plaintiff would be mighty glad
After Miss McCall's employment Magee remained in
to sign up before long, as no bank could exist that did not;
that the Federal Reserve System was like a mighty battle- Catlettsburg for some time, possibly until April 10, inship coming up as it were from a smooth sea and all banks structing her and overseeing the performance of her
that did not affiliate with it could not stand its swells duties. The place of instruction and the manner
and must get in its wake for safety, and that in the next thereof was exactly the same as in the case of Barbee.
Pie also accompanied her to the bank frequently. It
five years there would be no small banks.
' The plaintiff remaining recalcitrant, on January 6, should be said that both Barbee and Miss McCali, at
1920, the defendant bank employed the American Ex- Magee's instance, inquired of plaintiff whether it was
press Co. to collect such checks as came into its hands, agreeable for them to act as such agent and were told that
through its local agent at Catlettsburg. The checks ii any one was to be employed to render the services they
wouM be delivered to the company at Cincinnati by the might as well secure the position. Miss McCali was a
branch bank, carried to Catlettsburg and there presented maiden lady who had the respect of the people of Catlettsand payment in cash demanded by such agent and upon burg. Magee's manner whilst in and about plaintiff's
receir>t of same would carry it back to Cincinnati. The bank, as heretofore set forth, was domineering, dictatorial,
express company continued so to act until February 26, and boisterous. He sought opportunity to attract atten1920, when it refused to do so any further. During this tion of those who might be in or near the bank by loud
time Magee was in Catlettsburg from time to time looking and quarrelsome conversation. He took occasion to create
after the matter and frequently visiting the bank. As scenes and* disturbances at times when there Yvould be
the express agent would collect large sums in cash he many customers in the lobby of the bank. At the time
would, shortly afterwards, come in the bank and see when he undertook to collect checks after the express
whether or not the method used had broken the spirit company quit, plaintiff suggested that it had not received
of those in charge and suggest that they submit to the any letter designating him as agent. He made a row about
desire of his principal that plaintiff go on the par list. this, intimating that it was refusing to recognize his authorAbout the middle of January, 1920, he asked the plain- ity. Much disturbance was caused in the bank by the
tiff 's. assistant cashier to use his influence with the cashier. colloquy over this matter. During Barbee's agenc> he




DECEMBER, 1022.

FEDERAL RESERVE BULLETIN,

brought on a heated argument with plaintiff's assistant
cashier over a certain check.
Whilst the express company was acting as agent plaintiff
countered by stamping upon a great many of its blank
checks furnished its depositors an indorsement in these
words: "Payable in cash or exchange draft at the option
of the Farmers & Merchants Bank of Catlettsburg, Kentucky." Up to February 19, 1920, the defendant bank
accepted checks so indorsed and when presented for payment exchange drafts were accepted. From February 19
to February 28, 1920, it refused to accept them. From
February 28, 1920, to March 9, 1920, it again accepted
them.. Since then it has refused so to do. On February
28, 1920, Magee was acting as agent. He presented on
that date 14 checks so indorsed, amounting to $573.80,
and demanded and received 14 separate drafts, one for
each check in payment thereof.
On March 10,1920, during Barbee's agency, Magee visited
0. 0. Magann, who had the exclusive agency to handle
and sell Ford cars at Ashland, Ky., a neighboring cit,yT, in
the same county, and who was one'of plaintiff's depositors
at his place of business, introducing himself as a representative of defendant bank and stated that he wanted to
discuss some business with him. Magann took him into
his private office and he then stated that his check to the
Ford Motor Co. of date March 8, 1920, for $3,756.72, on
plaintiff, had been presented and payment thereof refused
and exhibited a letter to him from the Cincinnati branch
corroborating his statement. Magann immediately went
to Catlettsburg in his automobile and ascertained that his
check had been paid that day and that it had not been
presented for payment before then and payment thereof
had never been refused.
On March 26, 1920, during Miss McCall's agency, Magee
visited O. H. Salyern, another of plaintiff's depositors,
who owned and operated a store in Catlettsburg. lie
stated in the presence of Salyer's customers in an abrupt,
high-handed, and loud manner that he represented defendant bank and, presenting a check drawn by him on
plaintiff for $108.29 in favor of a Cincinnati party which
possibly contained the indorsement as to payment heretofore referred to, demanded to know of Salver why he had
not filled the check out in the proper manner, and stated
that he had presented it for payment and could not get
any money on it.
On the same day he visited F. H. Carpenter, secretary
of D. H. Carpenter & Co., engaged in wholesale and retail
dry goods and notions business in Catlettsburg and a depositor of plaintiff, introduced himself as a Federal reserve
man, presented a check drawn by his company on plaintiff
containing the indorsement referred to, inquired as to
why his company permitted the bank to put such an
indorsement upon the check, and stated that it was
injurious to the credit of his company and that to save its
credit it should do business with some other bank.
Magee whilst in Catlettsburg made inquiries of clerks
in the drug store, post office, and express company office
as to where the plaintiff was getting its cash from. He
also made inquiries as to the worth and standing of plaintiff
and the man in charge of its business.
As stated, Magee left Catlettsburg about April 10, 1920.
The reason for his leaving was that an indictment was
returned against him by the State grand jury in which that
city is situated, charging him with making and circulating
statements derogatory to the plaintiff contrary to the Kentucky statutes, and he has never been back since. He
continued in the defendant bank's employ until July
17, 1920. Whilst he was in Catlettsburg he made reports
of progress to the assistant cashier of defendant bank,
who vvas overseeing the matter.
For a while after Miss Me Call was employed it was her
custom to go to the bank with a gocart in which to carryaway from it the money received. Seemingly the plaintiff
purposely gave her more coin than she could otherwise
carry. One day she was given as much as 94 pounds in




141.1

silver. And at times it would wad the bills. Later on
the gocart seems to have been abandoned, possibly because not needed. It took much time to wait upon her
in counting the money and after she was waited, upon she
took much time in recounting it, in separating it into the
separate denominations and in mailing a list thereof,
which she was required to do. She carried an instrument
bearing defendant bank's seal, which was used in sealing
with lead a canvas sack in which the money was shipped.
She always carried openly a pistol to protect herself from
robbery and often was accompanied by one or two dogs.
After defendant bank refused to accept checks drawn
on plaintiff bearing the indorsement as to i>ayment in
cash or exchange at plaintiff's option, it did not content
itself with returning the checks to the banks from whom
they came, but took pains to write to the payees of the
checks giving its reason for not accepting them. That
was that the checks by reason of the indorsement were
nonnegotiablo. The concluding paragraph of each letter
was:
"We are writing this letter in order that you may be
advised that items bearing notation similar to that setforth on the check mentioned above are uncollectible
through a Federal reserve bank and for that reason as a
medium of payment the usefulness of such checks are
impaired."
About two weeks before May 18, 1920, defendant bank's
branch bank at Cincinnati wrote plaintiff's main Cincinnati correspondent, a national bank and member of the
Federal Reserve System, a letter in which it said:
"We are instructed by the head office to refuse to handle
checks bearing the indorsement of the Farmers & Merchants Bank of Catlettsburg. Accordingly in case any
checks with their indorsement are deposited with us, by
you, we shall return them. Please so instruct your transit
department. This is effective at once and until further
notice.''
Whilst the American Express Co. was acting as agent in
January and February, 1920, its general agent at Cincinnati, and local agent at Ashland, which had supervision
of the Catlettsburg office, called upon the manager of the
defendant bank's branch bank at Cincinnati to explain
delay in two or three shipments of proceeds of checks collected by the express company. They inquired of the
manager how long such method of collection would be
kept up, and, according to the general agent, he replied:
" I do not know how long it will be continued, but it
will be continued until the Farmers & Merchants Bank
agrees to handle our collections without charge to us."
According to the local agent, he replied that they would
continue their method of collecting checks over the counter until they had forced the plaintiff to handle them at
par, and intimated that it would not be long until it would
be forced to clear at par.
*
Such is the showing, in substance, made by the affidavits introduced on behalf of plaintiff. As against it, so
far as Magee's conduct is concerned, defendants have
introduced the affidavit of Magee and the oral testimony
of Miss McCall. In his affidavit Magee states that in his
various conferences with plaintiff's cashier he never endeavored to coerce the plaintiff into agreeing to clear checks
drawn on it at par, but at all times sought to point out to
him that the par collection system was a great progressive
movement in banking practice and that plaintiff as a representative banking institution in Catlettsburg should give
its sanction to this practice, and that he never uttered to
any person any statement derogatory to the reputation or
solvency of plaintiff. Other than these general statements he makes no denial of the statements in plaintiff's
affidavits as to his conduct. Possibly his affidavit is to
be understood as stating that he was not in Catlettsburg
any time whilst the express company was acting as agent.
If so, this statement may be said to amount to an indirect
denial of what is stated in plaintiff's affidavit as to his conduct in Catlettsburg at that time. Miss McCall testified

1412

FEDERAL RESERVE BULLETIN,

that Mr. Magee was never boisterous or ungentlemanly in
any way and was always quiet and gentlemanly when she
was thrown with him. There is no reason for not accepting this testimony as true. Possibly it can be reconciled
with statements in plaintiff's affidavit by the fact that
her presence had a restraining influence upon him. It is
to be noted, however, that seemingly the indictment was
not returned against him until over two weeks after Miss
McCall began to act as agent. In the light of the showing
made on both sides I am constrained to accept that made
by plaintiff as to Magee's conduct as being substantially
true. It is hard to believe some of it—that as to his conduct in relation to Magann, for instance. And a tendency
to exaggerate seems to pervade plaintiff's affidavits. Yet
with this said, in view of the number of them and the persons making them, all of whom are in good standing, I
have not other recourse than that stated.
The defendant bank's assistant cashier, who has represented it in this matter, testified that the conduct of
Magee complained of was never authorized by the defendant bank, and if he was guilty of any such conduct it was
absolutely unknown to it and that he never intimated
that he was doing anything at Catlettsburg except to carry
out instructions which was to endeavor to persuade plaintiff to agree to remit at par and to treat it politely. At one
time, however, a complaint of Magee was conveyed to
defendant bank through the president of plaintiff's principal Cincinnati correspondent. Magee was instructed to
see such president about it. He did so and explained the
matter to his satisfaction. The defendant bank learned
of Magee's indictment and inquired of him about the
matter. He gave an outline of his actions whilst in Catlettsburg, and according to that outline there was nothing
in his conduct which would indicate that the indictment
was based uppn well-established facts. But it made no
independent investigation in regard to the matter, sent
no one to Catlettsburg to inquire into Magee's conduct,
made no effort to have the indictment against him brought
to trial, expressed no regret to plaintiff for his conduct if
possibly he did go too far, and continued to keep him in
its employ until July 17, 1920, the reason for his then
quitting not appearing.
Seemingly the defendant bank would have the court,
in disposing of this motion, turn its back on Magee's conduct as a tiling long of the past when this suit was brought
and view it in the light of the fact that at that time all it
had to apprehend was Miss McCall's daily visits, with her
pistol by her side, accompanied at times with one or two
dogs. But that conduct is relevant, notwithstanding that
such is all that plaintiff has reason to apprehend in the
future. It gives color to defendant's bank's purpose in
initiating and continuing this procedure directed against
plaintiff. Possibly it may be true that it was not aware of
Magee's conduct, at least to the full extent to which he
went. But how is such conduct on Magee's part to be
accounted for? It can not be accounted for on any other
basis than knowledge on his part of what defendant bank's
purpose was in setting on foot the movement against
plaintiff. It was begotten by such purpose and hence
gives color to it.
The showing made by plaintiff's affidavits as to the
other particulars than Magee's conduct and as to his conduct except as stated are uncontradicted.
The facts as to two other matters should be stated. One
of them is as to the accumulation of plaintiff's checks by
defendant bank. There was no other accumulation than
such as was caused by its advertisement that it would
collect plaintiff's checks at par. This necessarily resulted
in an accumulation to some extent. It can be accepted
that this undertaking was availed of by all in whose hands
plaintiff's checks came who otherwise would have been
compelled to pay for remittances in payment thereof.
And because of this plaintiff was obliged to keep a greater
reserve than would have been the case had the checks
been allowed to straggle in one at a time as they did before




DECEMBER,

defendant bank set on foot the movement against it. The
other is as to the effect on plaintiff of defendant bank's
course of procedure. It deprived it of income from
remittance to the extent of from $800 to $1,000 a year. It
required it to keep a greater cash reserve and, therefore,
affected its income from loans to a certain extent. It
caused it to lose depositors. There was a shrinkage in
deposits in the time between the initiation of the movement and just before the bringing of this suit of nearly
$100,000. But it can not be said from this mere fact alone
that this shrinkage was caused by that movement. There
was a greater shrinkage in the same time of the deposits of
another banking institution of Catlettsburg. But the
cashier's affidavit gives the names of seven depositors
which plaintiff lost for this reason, and this statement is
uncontradicted. And the movement, especially whilst
Magee was at Catlettsburg, was calculated to cause plaintiff
to lose depositors. The movement scandalized plaintiff
in Catlettsburg and was calculated to injure its reputation
and credit. What was going on was a matter of public
notoriety. No attempt was made to keep it from the
public. And the procedure could not help being humiliating to plaintiff.
Yet still another fact should be stated in order to a full
presentation of this case. This is that when this suit was
brought the checks which came into defendant bank's
hands for collection and which were presented by it for
payment over the counter were dwindling in number. At
the time the movement was begun plaintiff had reason to
expect that checks amounting to as much as 88,000 might
be presented for payment at any time. At the time suit
was brought the reasonable expectation did not exceed
$3,700. This shrinkage was due to the indorsement on
its checks, which were increasingly being put there,
to the effect that payment might be mado in cash or
exchange, which checks the defendant bank refused to
handle.
It remains to determine the law- of this case. As to this
there can be no question, as it has been settled by the
decision of the Supreme Court in the Atlanta case. It all
depends on defendant bank's purpose in adopting this unusual and heretofore unheard-of procedure of seeking out
plaintiff's checks for collection and presenting them in a
body for payment over the counter, i. e., what was its immediate purpose in so doing? Was it for the purpose of
breaking down the plaintiff's business as then conducted?
If so, it was unlawful and subject to be restrained by a
court of equity. It does not follow that because the holder
of a check has a right to present it to the bank upon which
it is drawn for payment over the counter, that one has the
right to seek to become the holder of all the checks drawn
on a bank as they are drawn, and then present them in a
body for payment in cash over the counter. If such was
defendant bank's immediate purpose in so doing, it was
not justified by the ulterior purpose which it has in view,
to wit, of freeing commerce from the burden of such
charges. Here, as never, did the end justify the means.
Such a course of procedure is a kind of refined highwaymanship. It is a holdup. It is one of the inalienable
rights of a person to be unprogressive, selfish, and mean.
This is said without intending to so characterize plaintiff's
position. No other person has the right to coerce him into
being otherwise. The idea that there is such a right was
at the bottom of the Mght Rider troubles in Kentucky
some years ago. Those who were in the pool thought that
those who were out were selfish, and they undertook to
coerce them into joining the pool by shooting them into
their homes.
What then was the defendant bank's purpose in initiating this movement against plaintiff and keeping it up for
over a year and a half, i. e.? until stopped from further
doing so by the temporary restraining order? There is but
one answer to this question and that was to break down
plaintiff's business as it was being conducted; not to put
it out of business, but to compel it to do business in this

DECEMBER,

1922.

FEDERAL RESERVE BULLETIN.

particular as it would have it do and not as plaintiff desired. Notwithstanding it was having its way in conducting its business it was not willing that plaintiff should have
its way in conducting its business. It desired to impose
its will on plaintiff. That such was defendant bank's purpose is the meaning of the course of procedure adopted.
It can be accounted lor on no other basis. Such a purpose was avowed by those acting on its behalf, and it was
admitted on the witness stand by its assistant cashier that
if the plaintiff at any time had signed an agreement to
remit at par the agency would have been withdrawn.
Each side appeal to the decision in the Oregon case as
favoring its contention. It seems to me to favor that of
plaintiff. In that case the reserve bank had been maintaining an agent at Brookings, but at the time of the application for preliminary injunction that agent had been
withdrawn and the reserve bank had been forwarding to
the State bank checks drawn on it indorsing, them for collection only and remittance in full without deduction for
exchange, and, upon the State bank returning them unpaid, had been returning them, its correspondents advising
them that the State bank refused to pay and had not protested same and they must look to the State bank for their
protection, which was in effect that the checks had been
dishonored. A preliminary injunction was granted restraining the reserve bank from so advising its customers.
That in the decision of Judge Wolverton on which the
defendant bank relies, is his statement that the reserve
bank was acting within its authority in maintaining an
agent at Brookings for making collections over the counter
of plaintiff's bank and paying the expenses thereof. But
in making this statement'he was merely referring to the
corporate power of the reserve bank, and he based" this on
the decision in the Atlanta case. lie was not considering
the right of the reserve bank to so act as against the State
bank. On the contrary, he seemingly condemns the
action of the reserve bank in this particular as well as in
the particular as to which the injunction was granted. He
said:
"The question remains for determination as it respects
the motive that induced the defendant bank to pursue
the course it did in attempting to make collection from
the plaintiff bank. It appears by defendant's answer
that it expended §1.915.32 in making collections over




1413

the counter of plaintiff's bank of $102,850.33 during the
year from October 1,1920, to October 1,1921. The method
employed, considering the occasion for it, or rather the
lack of reasonable necessity, was to say the least extraordinary, extravagant, and unbusinesslike."
Again he said:
" I am persuaded, however, that the action of the
defendant bank in adopting the methods pursued by it
toward the plaintiff's bank, and in persistently adhering
to them indicates most convincingly that it was for the
purpose of coercing the latter bank into adopting the
policy of the reserve bank to remit at par. Although
the policy may be commercially sound, the plaintiff
was entitled to pursue its own method, without being
harrassed and annoyed because it persisted in so doing."
It is not unlikely that the withdrawal of the agent
from Brookings was due to the decision of the Supreme
Court in the Atlanta case and was an interpretation of
that decision as condemning such action.
The decision of Judge Evans in the Atlanta case after
its return consisted of certain findings in that case, based
upon its particular facts. In so far as such findings may
conflict with what I have held herein I am unable to
follow it.
The only thing that has given me any concern in this
case is plaintiff's delay in asserting its rights. No explanation is given of this. " Possibly it thought that it would be
able to wear out the defendant bank in the long run.
But it is not unlikely that under the influence of the
decision of the lower courts in the Atlanta case it thought
that the defendant bank had the right to make collections as it did and was not advised to the contrary until
the Supreme Court reversed those decisions. It was
shortly after such reversal that this suit was brought. 1
can not, however, make out from this delay any reason
why defendant bank should be permitted to continue to
make collections in this unlawful manner. The motion,
therefore, is sustained. A preliminary injunction is
granted restraining defendants from continuing so to
make collections of checks drawn on plaintiff and the
defendant bank from advertising that it will collect such
checks free of charge and from doing anything else for
the purpose of coercing plaintiff to remit at par.

1414

FEDERAL RESERVE BULLETIN.

INDEX OF PRODUCTION IN SELECTED
BASIC INDUSTRIES.
Accurate and current information concerning the trend of production is fundamental to
an interpretation of business conditions and to
the shaping of business policy. Such information, in order to have practical value, must be
as nearly current as possible, and it is with
special reference to this need that the construction of a new monthly index of production in
the United States, described in this article, was
undertaken. Monthly statistics of production

DECEMBER, 1922.

for a representative list of basic commodities are
available since January, 1913, thus making possible a measurement of monthly industrial activity for almost a decade. The chart below
shows graphically the course of production
during this period, and Table I presents the
index numbers upon which the chart is based.
This article is confined to presenting the
results of the study and a description of the
methods used in the construction of the index
number. For an adequate interpretation of
the changes in output measured by this index
it is desirable to know the trend of production

INDEX OF PRODUCTION IN BASIC INDUSTRIES
( 1919 = 100 )
INDEX
NUMBERS

INDEX
NUMBERS

K

A

120

/
100

J

\l\

80

\

1

120

\ AT
\ /

I

IV

100

80

60

60

40

40

20

£0

_ n

0 -

1913

W+

1915

1916

1917

1918

1919

1920

1921

1922

TABLE I.—INDEX OF PRODUCTION IN BASIC INDUSTRIES—COMBINATION OF 22 INDIVIDUAL SERIES CORRECTED FOR
SEASONAL VARIATIONS.
[Monthly average, 1919=100.]
1913
January
February
March
April
Ma:
•ay

June
July
August
September.
October
November..
December..




104.3
! 10]. 9
j 96.3
i 102.5
100.7
97.0
98.1
94.5
97.8
99.1
93.6
93.5

! 1914
91.2
94.0
95.1
94.4
89.8
95.6
90.5
83.5
86.4
82.3
78.0
78.4

1915

1916

1917

1918

1919

1920

78.5
83.2
87.2
91.8
90.9
96.2
98.3
97.2
103.9
105.1
109.7
117.6

112.7
116.9
114.6
111.5
114.3
114.9
109.8
113.2
114.1
117.4
121.4
116.8

119.1
114.1
116.4
119.7
122.9
. 118.7
111.9
111. 6
110.6
116.3
118.6
112.1

104.1
106.8
111.7
115.3
115.2
110.0
116.0
114.5
111.8
106.2
106.4
108.0

108.1
100.4
96.4
99.0
93.0
92.2
101.8
103.6
104.8
101.4
98.1
103.5

116.0
114.9
114.7
107.8
105.6
107.0
105.0
102.1
101,8
99.2
95.4 '
90.0

1921
84.0
84.5
81.2
78.8
76.9
77.0
75.1
78.7
79.3
82.7
85.6
83.5

1922
86.6
91.0
95.2
85.5
92.3
94.4
94.7
93.6
100.3
107.0

DECEMBER, 1922.

1415

PBDEBAL RESERVE BULLETIN.

over a longer period of years and to compare
the present index with an annual index of
production which includes a larger number of
commodities for which information concerning
output is available annually. Studies of this
character will be presented in later issues of the
BULLETIN. The description of the index here
presented is divided into two parts—an outline of the final results and a somewhat more
technical explanation of the method of constructing the index.
In the selection of data for this index several
considerations were kept in mind. The purpose required that the data be available by
months and not later than the 25th day of the
following month and that the series should
represent as many of the major industrial
groups as possible. Twenty-two series showing the production of basic commodities were
Imaily combined into the production index.
These commodities and the sources from which
the information was secured are indicated in
the following list:

|

Weights used in
index.
Main
groups.

Iron and steel
Pig iron
Steel ingots
Textiles
Cotton
Wool.
d pn
Wheat flour
Sugar
Hogs slaughtered..
Cat tl c si aughtered.
Calves slaughtered
Sheep slaughtered.
Lumber
Coal
Bituminous
Anthracite
Nonferrous metals
Copper
Zinc
Leather
Newsprint
Cement
Petroleum
Tobacco
Cigars
Cigarettes
Manufactured tobacco..

\
\
|
i

24.0
22.0

11.0
9.0
5.0

5.0
4.5
3.0
3.0
2.0

Iron and steel:
Pig-iron production
Steel-ingot production v
Textiles:
Cotton consumption
Wool machinery active
Food products:
Wheat flour
Sugar meltings
,
Animals slaughtered under
Federal inspection.
Lumber cut
Ccal:
Bituminous production
Anthracite production
Xonferrous metals:
Copper production at mines..
Slej.) zinc production
Sole leather production
'Newsprint production
Cement production
("rude petroleum production
Tobacco production measured
by sales'of revenue stamps.

1.5.0
7.0
5.8
1.2
2.4
1.7
.1
.3
1.1.0
7.0
2.0
3.0
2.0
5.0
4.5
3.0
3.0

100.0

Source.

Iron Age.
American Iron and Steel Institute.
United States Bureau of the Census.
Do.
Russell's Commercial News.
American Sugar Bulletin.
United States Bureau of Animal
Industry.
National Lumber Manufacturers' Association.
United States Geological Survey.
Do.
American .Bureau of Metal Statistics.
American Zinclnstitute.
United States Bureau of the Census.
Federal Trade Commission.
United States Geological Survey.
Do.
United States Commissioner of Internal Revenue.

Before the several series could be combined
into an index it was necessary to determine their
relative importance. The individual commodities were treated as representing certain groups
of industries and the weight attached to the
main group was then divided among the individual series. Thus, for example, textiles
have a weight of 22 on a scale of 100, and of
this weight 15 is assigned to cotton and 7 to
wool. In the construction of the index the
production of each commodity was weighted
by both the value added to it in all processes
of manufacture, and by the number of men
working upon it in all stages of manufacture as
shown by the census of 1919. The weights thus
obtained follow with the groups of industries
arranged in the order of their importance:




18.0
6.0

1.0
.7
100.0 I

Data.

Individual
series.

In order to combine production of different
commodities measured in different units, it is
necessary to convert the various series into
relatives. The relatives are the percentages
of the output in the various months to the
output in some selected base period. This
base period is considered as equal to 100, but
is not intended to represent normal production
in the industry. The average production in
the }^ear 1919 was considered 100 for the purposes of this study, as 1919 was the first year
after the war; was neither a year of excessively
high nor unduly low production; and was a
census year for which much detailed information was available. It is of interest that the
production in 1919 for the industries included
was larger than the output in 1913, 1914, 1915,
and 1921, but lower than in 1916, 1917, 1918,
and 1920. The 1919 production was about 13
per cent less than in 1917, the year of greatest
activity, and about 24 per cent more than in
1921, which had the lowest production in the
last decade. It is also of interest that production in 1919 was only 3 per cent larger than
in 1913, the last year before the war.
In studying month to month fluctuations of
production it becomes clear that output regularly decreases in certain months and increases
in other months. For this reason the series
of relatives were corrected to allow for regular
seasonal changes, thus eliminating the effect
of such movements from the final index. For
example, February output is smaller than
January in most industries on account of the

1416

FEDERAL RESERVE BULLETIN.

shortness of the month, and November output
is usually smaller than October on account of
the fewer working days. In certain industries
there are also regular seasonal variations due

DECEMBER,

1922.

to the character of the demand or of the supply
of materials. The table below shows the
seasonal fluctuations for various industries in
terms of an average month:

TABLE II.—-INDEX NUMBERS OF SEASONAL VARIATIONS.
,Tan- I Feb- . M n r p h
uary. ; ruary. I M a r c n -

Commodities.
Pig iron
Steel ingots
Cotton consumption...
Wheat flour
Sugar meltings
Hogs slaughtered
Cattle slaughtered
Calves slaughtered
Sheep slaughtered
Lumber out
Bituminous coal
Anthracite coal
Copper production
Sole leather
Newsprint
Cement
Petroleum
Cigars
Cigarettes
Manufactured tobacco.

i

99
99
1.0-1 :
112 I
69 i
112 .
102
Sf> \
104
80 .
107 j
97 "
100 i
102 i
106 ;
55 [
98 i
89;
95 !
94 i

89 i
97 i
89 !
93;

"l j
73
89
84
92
93
90
92
64
90
88
89
94

:

;

!

|
;
!
i
!
,
!

April.

103
102
107
89
128
99
88
102
91
97
102
100

J05 I

100
101
83
102
100
99
107

It will be seen that there is only a small
amount of seasonal fluctuation in the manufacture of steel, cotton goods, leather, and
paper, or in the extraction of anthracite coal,
copper, and petroleum. On the other hand,
there are quite decided seasonal trends in the
manufacture of flour, sugar, lumber, cement,
and meat products.
The actual steps involved in combining the
various series of data into the final index were:
(1) A base was obtained for each set of data by
averaging the monthly production in 1919;
(2) corrective factors for seasonal variations
were obtained by taking the median over a
period of years of variations for any one
month from the 12 months' moving average of
data centered at that month; (3) these corrective factors were multiplied by the bases,
thus securing an adjusted base for each calendar
month; (4) the original data were then divided
by the adjusted bases to obtain a series of
relatives for each commodity; (5) each relative
was multiplied by a weight in accordance with
the comparative importance of the industry
represented, and averages were obtained by
the arithmetic method. These weighted averages constituted the final index numbers.
The method of weighting the individual series
and the use of the year 1919 as a base period
have already been explained, but a more detailed
explanation is necessary of the method used
in making seasonal corrections. The method
adopted was developed b}^ Mr. F. R. Macaulay,
of the National Bureau of Economic Research.
It consists of the following steps:
(a) A 12-month moving average of the
monthly data is centered at the seventh month.
(5) The percentage of actual data to the
moving average is calculated for each month.




100
100
100
82 I
1.25 i
86 i
84 j
121 !
80
101
83
96
103
1.03
101
104
100
96
91
100

May.
102
102
105
84
121
99
86
128
83
119
92
105
104
108
101
120
102
100
99
102

Juno.
98
99
102
79
128
106
,92
114
90
113 j
95 !
105 !
102 |
109 j
102 i
117 :
101 j
105 !
106 !
102;

July.
100
100
99
77
127
84
96
109
100
1.07
97
100
97
98
98
109
105
103
114
100

AuSep- Octo- Novem- Decemgust. tember. ber.
ber.
ber.
104
104
100
106
126
65
99
96

no

113
106
102
100
101
101
119
103
103
108
107

101
101
95
113
99
62
111
99
120
110
106
99
97
97
95
117
99
103
104
106

|

!
!
!
I
;
I

105
107
99
124
71
83
128
100
117
109
113
11.0
103
103
103
121
103
113
110
108

102
102
95
124
60
109
122
92
110
92
104
102
97
92
98
105
98
106
99
95

95
97
121
53
146
111
81
106
75
103
100
99
97
102
86
99
94

(c) The median of the variations for each
calendar month is then determined from the
percentages for that month, (d) The 12
medians are adjusted to total 1,200. (e) The
average production in 1919 is multiplied by
these 12 medians to obtain a base for each
calendar month. (/) The actual data are divided by the base for that month, thus securing
a series of corrected relatives. The tables
below illustrate the treatment of data to
eliminate seasonal fluctuations in the case of
cotton consumption. The first two steps are
shown in Table III, the next three steps in
Table IV, and the final relatives in Table V.
TABLE III.-SEASONAL CORRECTIONS FOR COTTON CONSUMPTION.
[In hundreds of bales.]
Twelve
Ratio of
months'
Original total cen- Moving original
data to
data.
tered at average. moving
seventh
average.
month.
Januar y...
February..
March
April
May
June
July
August
September.
October
November.
December..
January...
February..
March
April
May
June
July
August
September.
October
November..
December..

1913.
5,097 I
4,481 |
4 625 !
4,785
4,820
4,412
4,622
4,324
4,424
5,119
4,564
4,563

...
i

55,835
55,911
55,982
56,291
56,502
56,350

4,653
4,659
4,665
4,691
4,709
4,696

99.3
92.8
94.8
309.1
96.9
97.2

o,173
56,400
4,552
56,261
4,934
55,774
4,996
55,498
4,667
54,898
4,461
54,542
4,483
54,487
3,837 I 53,993
4,149 I 54,074
4,519 ! 54,389
4,207
54,533
4,509
54,803

4,700
4,688
4,648
4,625
4,575
4,545
4,541
4,499
4,506
4,532
4,544
4,567

110.1
97.1
100.2
108.0
102.0
98.2
98.7
85.2
92.1
99.6
92.6
98.7

1914.

TABLE III

SEASONAL CORRECTIONS FOR COTTON CONSUMPTION—Continued.

TABLE III.- SEASONAL CORRECTIONS FOR COTTON CONSUMPTION—Continued .
[In hundreds of bales.]

[In hundreds of bales.]

Twelve
Ratio of
months'
original
Original total cen- Moving data to
data.
tered at average. moving
seventh
average.
month.

Twelve
Ratio of
months'
Original total cen- Moving
tered at average.
data.
seventh
j average.
month.
1915.

January...
February...
March
April.
May:
June.
July
August
September.
October
November..
December..
January...
February..
March
April
May
June
July
August
September.
October
November.
December..
January
February..
March
April
May
j urie
July
August
September.
October
November.
December..
January
February
March
April
May
June
July
August...
September
October
November
December
January...
February..
March.."
April
May
June
July.
August
September.
October
November.
December..
January
February..
March
April..
May
June
July
August
September.
October
November.
December..

4,938 ,
5,147 I
4,968 !
4,64.4 j
4,987 i
5,008 !
5,147 i
5,550 !

55,489
55,974
56,781
57,619
oS}108
59,048
60,090
60,832
61,606
62,495
62,672
63,489

4,624
4,664
4,732
4,802
4,842
4,921
5,007
5,069
5,134
5,208
5,223
5,291

5,421
5,407
6,138
5,317
5,756
5.706
4| 895
5,578
5,283
5,507
5,830
5,367

64,049
63,976
64,910
65,206
65,704
66' 387
66,204
66,797
66,862
66, 763
66,969
07.367

5,337
5,331
5,409
5,434
5,475
5,532
5,517
5,566
5,572
5,564
5,58.1.
5,614

0.01-1
5,472
6,039
5,522
0, L54
5, 741
5,378
5,695
5,224
5,849
5,901
5,165

67,402
67,885
68,002
67,943
68,286
68,360
68,158
67,384
67,013
60,688
06, 607
66,211

5,6.17 j
5.657 I
5,667 I
5,662 i
5,691. !
5,697
5,680
5,61.5
5,584
5,557
5, oi) 1

5,239
5,10L
5,714
5,441.
5,759
o,158
5:415
5i35()
4; 900
4.404
4,556
4,729

05,629
65,665
65,320
64,995
63; 550
62,201
01,765
02,095
61,327
59;947
59,205
58,386

5,409
5,472
5,443
5,416
5,290

5,569
4,333
4,335 i
4,759 |
4,879 i
4,743 i
5,103
4,973
4,911
5,560
4,913
5 , 117
'

57,971
57,659
57,283
57,294
r>s, 451

4,679
4,633
5,249
5,140

1916.

1917,

,:.

101.2
99.3
110.9
107.0
102.0
104.6
99.2
91.6
97.1
96.2
98.6
104.9
101.6
101.4

1:13.5
97.9
105.1
103.1
88.7
100.2
94.8
99.0
104.5
95.6

21739—22-




1921.

3,605
3,951
4,382
4,092
4,407
4,019
4,101
4,077
4,840
4,947
5,
5,118

50,080
48,927
48,702
49,029
49,963
51,902

87.8
96.9
107.8
100.2
105.8
106. 8

4,173
4,077
4,003
4,080
4,104
4,325

TABLE IV.—COMPUTATION OF CORRECTIVES.

Medians1 of
ratios.

Medians
adjusted
to total
1,200.

Corrected

5, 183
5,147
5,175
5, i 11
.
4,996
4,939
4, 865

58,807
59,195
59,516
60,370
61,793
62,703
63,237

4,831 i
4,805
4,774
4,774
4,871
4,901
4,933
4,962
5,03L
5,149
5,225 1
5,270 '

115.1
90. 2
90. 8
99.7
100.2
96.8
103. 5
100.2
97.6
108.0
94.0
97.1

64,046
64,197
64,060
63,729
02,182
60,596
58,432
56,177
54,972
53,596
52,019
51,013

5,337
5,350
5,338
5,311
5,182
5,050
4,869
4,681
4,581
4,466
4,335
4,251

110.9
96.4
107.9

5.51.8

1920.
5,919
5,157
5,758
5,609
5,414
5,552
o, 255
4,836
4,580
4,013
3,327
2,953

January
February..
March
April
May
June
July
August
September.
October
November.
December..

January
104.4
104
5,130
February...
96.8
97
4,785
March..".,..
107.2
107
5,278
April
100.4
100
4,933
107.1 May
104,8
105
5,179
96.7 Juno
102.0
102
5,032
106.6 July
99.2
99
4,884
97.5 August
100.2
100
4,933
108.1 September..
95
95.4
4,686
100.8 October
99
99.3
4,881
94.7 November..
95
95.5
4,680
1.01.4 December..
97
97.2
4,785
93.5
105.3
Total.
1,200
59,195
1,202.4
106.4
93.6
1 These figures arc- averages of the fourth andfifthitems when the rati os
for corresponding months are arranged in order of size.
95.8
93.2
105.0
100. 5
1.08.7
99. 5
105.2
103.4
95.9
88. 1
92.3
97. 2

191.8.

1919.

1417

FEDERAL RESERVE BULLETIN.

DECEMBER. 1022.

106. 7
104. 5
109.9
107.9
103.3
100.0
89.9
76. 8
69.5

Monthly data from January, 1913, to December, 1921, inclusive, were used in making
seasonal corrections, if available. All the
series wore corrected similarly to cotton consumption, except activity of wool machinery
and zinc production. As the data for wool and
zinc are for a brief number of years and the seasonal variations do not cluster or give any
evidence of regular seasonal fluctuation, relatives were obtained by dividing monthly figures by the 1919 average without any adjustment. The 22 series of relatives are shown in
Table V.
The index of production was calculated in
each month by multiplying the 22 relatives by
their weights, adding the weighted total, and
dividing by the sum of the weights, 100. An
index number was obtained for each month
from January, 1913, to date. In the earlier
years, when data were not available for all the
series, adjustment was made in tw;o ways. If
the series was only one of several in a main
group its weight was redistributed among the

1418

DECEMBER, 1922.

FEDERAL RESERVE BULLETIN.

other items of the group (e. g., weight of zinc
prior to 1917 was added to that given copper).
In the single case where a series was the
only one representing a group of industries—
sole leather—the total sum of the weights was
simply reduced by the amount of the weight of

that group. As a result of this method of compilation it is believed that the index gives a
reasonably accurate measurement of the trend
of production in basic industries by months
from January, 1913, to date.

TABLE V.—RELATIVES FOR INDIVIDUAL COMMODITIES-CORRECTED FOR SEASONAL VARIATIONS.
[Monthly average 1919=100.]

Iron and steel.

Textiles.

Food products.
Animals slaughtered.

Year and month.

Pig iron.

January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March..'.
April
May
June
July
August
September
October
November
December
January
February
March.
April
May
June
July
August
September
October
November
December
January...
February.
March
April
May
June
July
August
September.
October
November.
December..

1913.

Steel
ingots.

110.8
115.3
105.3
108.0
108. 6
105.3
100.5
96.1
97.-1 i
95.1 i
85.9 |
79.4 i

1914.

!
I
!

Sugar
meltings.

Cotton, i Wool.

74.9
68.6
67.7
83.0
88.3
82.8
86.2
100.1
98.7
92.7
83.3
77.0

110.2
104.7
112.4
116.3
108.5
106.1
106.4
102. 2
106.2
102.5
95.5
101.2

68.2
73.3
64.3
67.1
65.5
63.3
62, 6
62.2
69. 6
69.1 j
64.1 !
73.1 |

43.4
41.4
43.0
46.5
43.2
50.0
42.4
40.6
39.7
40.8
35.2
44.4

117.9
118.2
118.8
135.9
123. 6
116.9
110.7
106.8
108.7
107.6
95.6
101, 1

70.5
65.7
73.9
77.2
74.5
79.2
77.2
79.4
88.3
92.7
80.2
84,0

96.6
100.2
95.1
96.8
94.1
100.6
96.2
90. 5
88.4
78.0
70.9

86.6
93.4
99.9
85.5
83.2
87.9
85. 2
90.1
87.5
86.2
98. 4
107.0

59.7
57.2
80.2
79.6
87.8
90.5
94.4
92.2
99. 6
97. 5
99.8
128.8

75.1
101. 5
103.3
91.6
86.8
178.4
107. 6
95.2
93.4
91.2
79.0
73.3

85.5
71.1
87.0
70.3
87.1
86.6
81.4
96.0
99.3
69.5
110.9 I
117.6

9 1 . f) !.

87. 6 !

91.4 !.

104.8 i
97.4 i
95.4
100.8
95.1
93.5
101.3
90.1
88. 7
91.1

80.5 !.
70.8 i.
70. i
75.3 ;

108.4
102.1
91.7
124.0
128.4
119.2
120.4
100.5
117.1
122.4
108.1
114.5

72.5
71.9
65.4
78.6
75.6
71.9
73.5
69.9
70.3
65.1
58.7
63.2

97.0
93.1

74.7
84.2 !
89.4 |
89.1

49.4
48.9
42.1
53.0
48.4
51.7
50.5
46.9
48. 6
47. 5
40.4
, 45.5

100.1
83.2
71.3
57.9
67.1
73.9
84.0
91.7
95.1
76.0
81.6
89.2

99.4 i
93.6 !

Lumber.

SHI-.
58.4 j
60.7 I.

88.5
92.5
89.8
9-1.2 !

63.5
74.7
78.6
83.1
87.1
95.3
100. 6
104.9 !
110. 8
116. 8
116.8
128.2

91.2 i
96.8
99.4
104.2
95.3
102.3
101.7
9-1.1
106.4
102.5
109.8
116.0

84.9
91.3
71.5
76.2
77.0
84.0
85.7
73.5
89.5
92.5
103.3
92. 7

91.6
90.9
93.5
63.3
80.9
91.2
81.0
90.3
87.1
112. 6
123.4
146.8

66.8
68.4
74. 6
71.8
73.8
74.2
73. 8
70.9
68.7
68.4
68.4
73.0

38.8
39.8
46.2
49.7
48.4
52.2
44.9
44.4
42. 5
'44. 7
46.3
46.7

108.7
100.5
102.5
98.1
84.2
92.8
93.1
97.9
96.1
90.2
97. 3
92.9 I

126.2
132.9
127.2
126.7
129.3
128.6
126.5
120.9
124.4
131.1
127.4
127.3

105. 7
113.0
116.3
107.8
111.1
113.4
100.2
113.1
112.7
112.8
124.4
112.2

94.1
99.0
94. 6
93. 8
82.9
96.6
110. 6
95.5
85.2
83.3
99.4
66.8

98.0
106.0
93.6
91.0
95.2
82.4
72. 6
65.0
69.6
118.2
126.9
102.1

72. 6
80. 7
80.7
67.4
78.0
83.8
69.6
89.2
84.7
87.4
94. 7
90.4

45.9
59.2
56.0
58.2
63.1
60.5
49.4
65.2
56.8
61.7
71.3
69.1

88.7
96.0
89.5
90.9
97.3
104.0
87.9
100.8
91.2
94.7
96.4
92.1

108. 9
103.1
99.4
95.2
94.9
85.6
86.4
110.7
105.9
115.0
125. 6
103.5

108.1
106.8
113.3
110.5
115.3
116. 6
99.2
111. 6
115.9
125.1
125.5
136.7

124.9
117.6
123. 8
130.9
131. 4
130.
131.1
122.5
121.8
123.4
123.3
115. 4

117.2
114.4
111.4
111. 9
118. 8
114.1
11.0.1
115. 4
111. 5
119. 8
126.0
107.9

73.4
75. 0
83.2
105. 6
102.2
83.1
33. 7
48.6
84.0
100.7
120.7
127.2

89.3
84.3
86.0
90.0
96.0
87.8
89.6
93.5
98.5
72.6
40.1
40.5

96.0
97. 3
87.4
92.6
112. 7
109.1
97.0
104.0
102.5
111. 1
107.1
107. 5

72.2
75. 4
62. 5
71. 5
81.5
73.5
76.8
80.3
82.8
102.5
92.3
80.6

86.9
87.0
89.5
91.8
72.0
74.6
65.1
65.8
58.3
06.4
65.7
72.2

93.6
84.0
86.8
8813
89.4
72.7
82.4
75.3
61.2
75.9
80.1
73.2

137.2
124. 4
114. 8
119.1
123. 2
125.2
122, 5
115.8
111. 3
122. 8
127.9
119.4

73.2 I

1915.

,

;..
1916.

!

!

1917.




I

128. 0
120. 8
123.4
121.0
128. 7
127.6
118.3

120.2
120.0
121.0
122. 0
123. 0
116.2
115.0
118.3
120. 2
119.9
121.2
121. 8

DECEMBEH,

1419

FEDERAL RESERVE BULLETIN.

1922.

TABLE V.-RELATIVES FOR INDIVIDUAL COMMODITIES—CORRECTED FOR SEASONAL VARIATIONS-Continued.
[Monthly average 1919=100.]
Iron and steel.

Food products.

Textiles.

Year and month.

January
February
March
April
May
.tune
.luly
August
September.
October
November
December

January
February.
March...
April
May....
June
July
August
September
October.
November
December
January
February
March
April...
May
June
Julv
\ugu^t
September
October

Steel
ingots.

Cotton.

Wool.

Wheat
flour.

Sugar
meltings.

Cattle.

1918.

Calves.

Sheep.

Hogs.

95.6
103.4
322.4
129.0
132. G
133.1
131. 2
127.9
132. 8
130.3
129.0
137. o

91.5
128.1
125.3
130.0
132. 5
128. 0
128.0
121.9
130.1
128.8
123. 3
129.5

102.1
106.6
108.3
110.3
111.2
102. 5
110.9
108. 5
10 L 6
90.2
97.2
98.8

124.2
123. 7
124.6
123. 8
322.5
121.6
119.6
116.4
113. 7
106.9
105. 4
83.1

91.4
89.3
78.0
84.0
74. 9
62.9
76. 3
87.1
97.0
83.9
79.9
89. 5

74.8
78.2
77.0
78.8
100.5
82.5
78. 7
63.3
65.8
90.9
86.6
73.5

104.3
115.2
111.9
129.5
120.6
107.3
120; 4
118.0
122.5
116.2
120.3
124.3

74.7
79.9
77.1
87.7
84.3
82.7
98.2
86.3
96. 8
92.5
89.4
92.9

70.9
69.6
76.5
72.6
75.1
77.4
82.2
80.5
81.1
96. 5
97.9
86.6

80.1
74.7
113.8
109.8
89.6
75.4
100.5
100.8
91.7
104.4
132.7
111.3

152.7
115.9
107.4
114.6
113.0
98.1
111.1
121.7
104.9
94.6
99.4
108.0

130.9
131.1
117.7
97.2
81.1
84.7
95.3
103.5
96. 7
69.6
92.0
105.4

129.0
124.9
107.3
^ 92.1
77.7
92.1
103.1
108.5
1
97.7
i 69.2
1
93.1
1
110.3

108.5
90.6
82.1
96.5
94.2
94.3
104.5
100.8
104. 8
113.9
104. 8
106.9

69.6
64.1
80. 8
96.2
103.1
112.9
113.7
114.9
119.5
120.8
121.0
118.9

85.3
78.4
106. 4
124.0
115.3
81.4
88.9
102.4
112.4
309.1
98.3
95. 9

93.2
112.8
81.7
100.2
109.8
105.4
104.3
83.9
119. 0
126.1
87.6
66.1

130.5
103.0
86.5
88.1
99.7
83.3
105.9
303.2
91.6
99.7
101.4
102.9

104.9
87.0
87.4
95.7
92.4
86.7
111. 0
100.5
97.1
313.4
113.0
116.5

91.3
80.1
76.7
95.5
101.8
97.8
109.7
106.1
1.01. 8
114.3
105.5
110.2

118.2
102.9
99.8
107.1
108.5
100.9
98. f
>
86.1
92.4
92.9
86.1
94,2

98.5
96.4
100. 8
102.7
88.2
87.1
98.3
108.6
102. 7
310.0
105.6
106.0

119.5
132. 8
128.6
L07. 5
314. 9
121.9
120.3
.118. 7
121.6
123. 0
112.9
108.3

1919.
January.
February. ..
March..
April
May
Jurie
July
August
September
October. „
November
December
January
February
March
April....
May
June
Julv
August
September .
October
November
December.

Lumber.

Animals slaughtered.
Pig iron.

123. 2
132.3
133.0
108. 5
116. 2
123. 8
115.2
118.6
122.1
115.9
106.3
101.3

115.4
107. 8
109.1
114.9
104. 5
110.3
107.6
98. 0
97. 7
82. 2
• 71.0
61.7

122.1
117.9
320.8
318. 8
304.6
81.3
73.7
72.4
78.8
77.4
68.7
59.5

104. 7
96.8
87.4
81.0
88. 5
So. 2
77.1
77.0
72.6
71.9
05. 2

101. 3
105. 3
101.1
101.3
92.1
100. 9
99.2
95. 7
74.8
54.6
72.4
84.3

97.0
92.6
92.3
90.3
86.6
84.9
81.9
82.4
88.4
78.3
83.7
71.5

108.5
117.2
115.6
95. 4
87.2
114.3
95.3
1.04.6
100.3
95.2
103. 8
91.4

86. S
88.0
81.9
84.4
70.4
85.9
99.1
89.6
90.7
86.3
83.2
83.1.

102,6
7-1.9
100.9
86.4
103.9
96.6
90.3
96.7
91.6
86.0
87.7
78.3

120.6
116.1
315.0
116.4
100.3
95. 7
93.6
• 98.1
93.7
96.7
90.8
80.4

95.8
86.4
60.8
46.8
47.0
42.6
33. 9
30.0
38.3
46.6
54. 5
66.0

91. 5
80.8
63. 3
49.9
51.0
41. 7
33.0
45.0
47. 8
62.1
66.9
61.8

71.4
82.6
83.0
83.0
85.1
91.8
84.0
94. 8
103. 4
101.3
112.4
107.0

64.4
79.0
92.6
105.1
111.1
112.4
109.6
109.6
3.08. 8
110.0
106. 4
101.9

71.8
71.6
93. 0
103. 0
90.2
92.3
125.5
112.8
106.5
101. 2
73. 9
06. 0

58.8
82.7
111.8
89.9
79.8
78.1
77.9
97.9
75. 8
131. 0
14 L. 5
139. 4

80.4
76.7
84. 4
83. 7
77.4
82.7
71.7
81.7
73.8
69. 7
66. 9
62.8

100.3
104.4
107.3
91.5
86.7
98.1
89.9
95.7
98.0
93. 4
96.0
96.7

97.1
101.8
1.11.7
323.0
112.2
117.2
100.2
108.3
98.4
103.8
89.4
79.4

87.9
90.9
89.1
100. 2
94.9
98.0
96.4
1L1.7
112.1
99.1
90.8
74.8

70.6
75.3
77.7
72. 0
74.1
73. 0
70.1
73.4
70. 8
77.9
83. 4
82.4

65. 2
72.7
77.6
82.1
88. 7
94.5
91.4
68.4
79.0
98.6

66. 2
80.6
95.5
100. 5
109.3
109. 4
1.02. 2
87.5
96.6
110.4

102.6
98.9
98.2
90.6
95.7
100.9
94. 0
106.9
105. 7
109.3

98.2
102.3
97.2
89.6
93.9
95.0
94.7
97.2
105. 8
110. 8

76.4
93. 5
97. 8
86. 0
86.7
92.9
120.9
104.4
100.1

143.2
132.5
128.1
116.2
147.6
332.0
124. 3
136.0 !
112.2 !
108.8 :

74.8
S3. 6
91.0
83. 5
97.1
93.6
86.4
91.4
85.3
82.1

102.4
115.6
115.9
91.2
94.7
103.2
91.3
1.08. 7
107. 8
115.7

86.7
82.4
87.0
87.3
99.3
3.08.0
91.2
88.0

80.6
83.9
96.8
98.3
107.7
109.5
105.7
127.5
127.2
1.14.3

98. 5
87.2
86.2
85.5
94.0
88.6
90. 3
110.9
103.6
113.3

1920.

1921.

1922.

i Steel-ingot production estimated for months of steel strike in 1919.




98.8

79.8
79.3

1420

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

TABLE V. -RELATIVES FOR INDIVIDUAL COMMODITIES—CORRECTED FOR SEASONAL VARIATIONS—Continued.
[Monthly average 1919=100.]

Year and month.

Sole
leather.

bituminous.

Anthracite.

Copper.

103.5
105.5
96.4
107.8
305.9
103.1
104.9
102. 8
102.4
107.0
108 9
105.6

117.9
121.9
88.6
112.2
103.1
102.6
99.1
95.0
101.6
104.0
102.4
102.2

120.9
125.2
120.9
127.8
128.8
126.6
126.7
119.0
117.3
121.3
127 5
129.2

9S.4
101.0
116.7
74.5
81.3
86.6
92. 6
93.3
96. 4
87.4
84.1
91.2

1913.
January
February
"March
...
\pril
Mav
Tune
July
\llgivt
September .
October

Tobacco products.

Nonferrous metals.

Coal.

96.6
88.8
93. 5
114. 5
108. 3
105.7
97.6
97.3
] 1-1. 2
109.3
105.2
103.2

91.1
83. 5
81.7
94.6
88.1
93. 6
9G. 1
94. 3
101. 2
102. 5
112.7
110. 5

Newsprint.

Cement.

December. . . .

February .
Alarch
V pril
'
Mav
June
July
August
September
October
November
December

.

108.5
108.0
102.8
107.7
109.4
99.6
99.3
93.1
104.1
108.3
106 9
123.0

164.1 !
130.1 !
135.2 I

132.6
130.3
130.4
131.8
137.1
1-10.0
121.5
85.4
87.6
81.2
86.0
86.4

89.0
92.5
90.6
123. 8
101. 3
92.9
9J.I
95.6
102.1
108.5
113.7
109. 8

Alarch
April
May
June
Julv

--

Scntpmbor
October
N ovombor
December

^

117.4
117.8
122,9
132.1
134.1
129.1
125.0
117.1
111.5
112.1
120.1
112.0

1916.

January . .
February
Alarch
\pril
May

June
Ju^y
'Vugu^t
September
"NTovpinbo'*

December

119.4 !
111.6
105.3 |
108.0
107.5
110.5
111.2
99.0
113.8

121.1
118.0
107.2
122.1
114.6
109.0
115.3
110.2
117.3
118.4
115.2
122.7

35.5
33.2
30.0
33.2
33.1
32.1
31.9
32.8
40.4
40.5
39.3
42.2

113.8
106.7
95. 5
103.9
106.2
101.5
104.6
101.3
101.8
112.0
106. 7
110.8

103.0
101.9
100.1
103.1
101.5
100.2
97.2
91.7
101.8
93.5
94.5
93.9

108.5
113.7
86.3
103.7
107.1
111.9
120.4
121.7
112.3
106.6
104.7
89.5

71.0
71.0
73.8
72.8
75.4
74.9
71.7
63.5
64.5
69.1
68.4
67.4

120.2
113.6
112.1
112.2
111.5
113.2
120.1
112.5
114.2
109.9
100.3
98.4

36.6
32.3
37.1
35.0
33.9
38.1
38. 5
37.9
41.2
37.3
31.6
42.1

109.7
108.8
104.7
110.3
103.9
101.7
106.2
103.1
111.0
89.5
99.9
100.4

92.7
109.5
114.4
124.3
138.4
111.9
152.2
100.7
153.8
155.5
157.2
I.08. 8

91.7
91.1
87.4
87.9
80.3
79.9
85.2
87.1
89.4
91.5
90.8
92.3

85.5
81.9
104.5
112.2
ill. 2
113.2
98.6
106.3
103. 8
105.5
114.2
112.5

68.1
71.7
70.7
82.9
70.7
73.6
75.0
73.1
75.1
74.0
77.2
80.5

99.1
98.8
102.2
103.9
104.2
109.2
107.8
109.6
112.1
108.6
116. {)
109.9

37.6
33.1
32.0
37.8
38.8
40.5
40.5
43.0
42.1
42.0
47.4
45.0

105.3
101.0
107.2
106.1
103.1
110. 4
101,5
101. 5
102.6
102,7
112. 7
112.4

107.4
120.1
104. 8
83.5
93.6
95.1
96.2
96.0
99.1
94.5
104.0
98.9

138.6
158.9
156.2
174. 8
173.1
177.8
188.9
183.0
192.0
189.3
178.4
180.6

90.1
96.0
96.5
93.2
102.0
99.1
94.3
98.9
97.1
93.8
97.2
91.0

129.1
111. 7
110.4
112.6
110.8
108.5
106.7
109.4
113.2
114.1
120.2
122.3

75.1
80.2
79.5
76.3
81.0
80.3
. 76.8
77.7
8.1.1
82.5
82.0
. 83.0

105.6
112,2
108.9
101.9
117.4
111.1
107.6
114.0
112.4
116.7
117.4
127.9

46.8
50.1
48.0
46.5
56.1
58.5
56.7
67.2
58.7
61.0
62.5
61.4

1.07.8
110.0
110.9
100.9
113. 8
111.1
101.4
115.0
110.0
107.5
119.2
120.3

107.7
108.5
123.0
102.5
115.9
11.8.1
118.3
121.0
113.2
113.7
112.9
100.3

164.9
172.0
180.0
181.0
180.9
169.3
137.3
137.8
130.2
160.0
154.7
176.0

February
March
April
Alay
June
July

167.2
139.1
127.7
1.23.7
121.7
115.2
11.8.3
111.3
102.5
1.06.6
99.6
96.9

85.4
83.6
87.1
86.1
86.0
86.3
88.0
91.4
95.2
93.8
93.1
88.7

68.2
73.8
6S.6
76.5
83.1
81.1
81.0
81.1
74.7
82.9
85.2 i
72.3 i

122.7
3.1.5.9
3 09.4
111.0
127.6
116.6
111.8
113.8
104.0
120.7
301.3
110.3

.

...

.

A nctist

September
October
November
December
January

88.9
86.6
84.4
91.6
96.1
101.4
104.4
94.0

88.6 1
91.3 i
92.4
92.0
94.7
93.9
96.3
94.5
97.7
96.4
97.0 i
95.6 :

69.0
81.8
88.0
99.9
91.0
82.8
89.2
85.4
87.7
73.8
80.8
86.9

98.9
116.7
107.4
308.9
96.1
100.0
113.1
117.7
110.5
112.9
106.1
91.9

.

;
I

,
. .




!
1
|
1

159.8 1
141.5
167.8
160.4
164.3
151.2
146.8
139.9
128.8
136.1
127.5
122.5

95.1
97.2
101.5
95.6
107.2
102.0
90.2
305.7
100.0
93.5
92.6
87.7

j
!
j
!
i
i
!
i
!

j
!
!
!
]

3.35.1
328.1
126.7
125.0
135.9
117.7
113.2
116.4
111.9
119.6
116.1
111. 2

i
1
:
!
:
!
!
i
!
i
I
i

|

1918.

March
Mav
June
July
August
September
October
November
December

1

i
1917.

Jsinii&rv

Manufactured
tobacco.

63.2
64.2
63.5
65.4
66.3
65.7
65.1
65.1
65.8
65.7
67.4
69.6

.....i

1915.
T9.nil9.rV
I1 Gbrii£irv

Cigarettes.

Cigars.

1914.
Toniitirv

1

Zinc.

140. 8
128.7
112.6
106.1
110.5
104.1
102.9
105. 5
104.0
103.9
113.2
112.2

.

N nvpm ber

Petroleum.

103.4
124.7
123.6
145.3
143.6
141.0
148.5
136.2
126.5
121.3
110.6
102.2

102.1
121.5
127.8
116.5
13 5.2
114.9
124.4
123.6
110.6
J00.4
90.9
100.7

154.0 !
160.1 i
164. 5 !
147.5
162.1
152.1
152.8
154.1
151.6
152.4
152.8
152.1

101.5
111.0
137.0
108.2
101.9
120.9
101.9
126.2
102.9
101.0
123.7
107.1

!
!
j
'<

67.3 i
67.0 1
91.7
86.9
87.0
89.1
94.8
90.9
95.8
95.1
90.8
99.9

87.1
88.7
91.4
96.4
96.1
91.8
96.7
98.3
87.9
89.2
90.3
86.4

1
;

1

85.7

1
'•

73.4
72.4
74.2

107.2
111.8
111.4
114.9
107.1
97.4
109.8
105.4
99.3
92.2
89.8
98.9

1421

FEDERAL RESERVE BULLETIN".

DECEMBER, 1922.

TABLE V. -RELATIVES FOR INDIVIDUAL COMMODITIES-CORRECTED FOR SEASONAL VARIATIONS-Continued.

[Monthly average 1919=100.]
1

Sole
leather.

Year and month.
Bitu- ! Anthraminous. ! cite.

January..
February..
March
April
May...
June
"...
July
August
September.
October
November.
.December..
January
February..
March.
April
May
June
July
August
September.
October
November,
December..
January...
February..
March
April
May
June
July
August
September.
October
November.
December..
January
February..
March.
April
May
June
July
August
September.
October

1919.

Copper.

1921.

1922.




Zinc.

Newsprint. •

Cement.

Petroleum.

Manufactured
tobacco.

Cigarettes.

!
ioi.6 ;
89.9 !
86. G !
101.5 !
106.9 :
102.2 ;
115.3 :
106.0 ;:
117.2

.107.3
101.1
92.8
105.5
98.5
99.7
101.9
101. 5
105.2 |
98.5
95.0
92.6

95.7
98.0
99.1
100.5
9.1.5
98.3
101.5
98.0
102.4
106.1
103.9
1.05.1

83.7
82.3
82. 3
89.9
94.4
98.4
11.3.2
108.7
114.1
111.9
110.9
85.0

97.9
95.0
94.2
93.4
93.4
99.5
102.6
104.4
108.0
102.8
104.1
104. 3

105.2
96. G
100.4
96.3
96. 5
94.4
94.9
90.5
96.8 i
104.0 |
106.3 !
139.2 i

86.9
94.1
104.1
78.0
74.9
79.4
84.8
97.2
11.0.4
122.5
129.1
.1.42.7

96.4
90.3
84.4
92.7
101.0
94.9
104.6
102.2
106. 8
112.6
107.2
106.9

110.5
111.8
122.8
115.5
115.5
104.4
102.3
97.3
93.7
89.9
84.8
72.4

89.0
90.7
94.0
82.3
84. 2
87.3
82.3
69.8
75.6
75.5
76.2
72.7

106.8
108.4
.1.10.5
110.9
111.7
111.6
115.7.
111.3
111.2
105. 8
109.6
106.9

169.1
141.9
127.4
111. 6
110.6
1.13.4
117.3
117.3
119.3
126.5
134.3
131.6

1.09. 5
.115.5
111.6
113.0
113.7
116.2
115.6
120.3
120.4
122.1
125.5
125.0

128.6
114.7
128.0
118.8
116.6
1.1.4. 8
112.3
110.8
112.1
107.3
108.4
93.3

1.27.7
106.5
1.1.8.4
110.8
107.0
103.2
71.9
88.6
91.7
93.6
95.6
87.9

110. 5
.103.7
111.0
106.1
105. 7
103.7
95.8
92.8
93.6
77.6
60.2
56.2

85.3
81.6
84.2
49.2
23.2
18.9
18.2
21.3
21.4
23.7
22.9
18.6

66.0
45.2
40.1
42.1
45.9
49.5
39.4
37.2
36; 6
37.0
53.8
56.0

62,2
69.8
72.0
73.6
77.0
74.4
77.8
84.8
82.8
83.8
98.8
95.9

102.0
97.8
92.9
99.8
68.2
75.1
83.9
88.4 '
90.9
86.4
93. 2
92.4

111.5
102.4
121.9
124.5
115.7
118.9
131.4
128.8
128.3
129.9
127. 2
114.1

123.1
124.8
127.4
127.2
130.8
126.9
121.8
.126/1. |
117,2
109.6
122.8
134.6

93.9
101.0
100.0
99.7
96.7
100.9
94.1
103.9
103.1
97.6
99.8
85.6

1.10.1
124.1
121.0
112.0
112.0
106.7
97.8
127.3
.123.5
118.8
•114.5
93.4

81.4
89.1
93.0
87.8
86.9
96.2
90.3
97.1
91.8
96.5
90.:?
80.2

25.7
39.9
58.9
74.2
85.9
93.0
93.1
100.4
98.6
99.5

60.3
57.3
67.5
64.9
70.0
72.6
81.2
80.0
84.3
101.7

86.5
86.8
78.5
68.7
65.2
66.4
73.6
69.0
82.6
80.6

87.1
92.8
101.6
96.7
112.4
108.9
107.6
115.1
115.2
110.8

116.8
100.0
120.5
133.0
139.4
143.8
158.7
146.7
146.1
152.0

139.9
144.1
145.2
141.8
144.7
143.3
111.0
1.42.8
145.2
145.8

11.5.6
93.2
90.9
99.1
.1.01.5
107.6
107.9
104.8
104.8

104.5
94.1
98.4
101.6
124.5
134.0
123.3
158.1
143.1
109.5

101.7
96.1
99.3
88.3
98.5
106.3
100.7
109.8
98.6
98.7

130.4 :
47.1 !
93.1 .

1920.

Tobacco products;

Nonfcrrous metals.

Coal.

109.8
82.7
70.7
97.7
97.6
96.1
108.6
108.1
103.1
107.1
105.1
.110. 2

126.3
111.7
90.5
89.3
82.9
87.5
96.3
100. 5
104.3
104.1
112.5
96.8

.119. 2
114.4
120.8
.119.8
111.0
124.4
121.5
120.9
121.5
120.9
129.6
132.6

106.4
105.6
106.9
88.2
103.1
105.8
112.3
107.0
63. 8
99.8
99.4
115.2

113.5
.1.17.5
106.6
104.9
102.9
106.0
105.3
106.5
100.7
95.1
102.4
90.0

98.6
87.8
78.1
87; 0
94.9
93.4
82.1
85,4
86.8
101.4
90.6
78.8

104.1
124.9
100.9
109.3
97.3
101.0
96.0
96.1
98.0
92.6
91.6
81.5

92.1
116.6
128.9
49.8
57.8
61.5
45.9
55.0
101.2
104.7

87.9
109.7
119.3
.4
.5
1.1
1.6
2.2
68.5
105.6

!
!
i
i

1422

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

3
THE FIRST THREE YEARS1 OF GERMAN Versailles negotiations, of putting forward her
own estimate of the reparation to be made, nor
REPARATION.
of sending experts to the devastated regions
PART II. -FIXING GERMANY'S LIABILITY (JULY, with this end in view, nor of offering a lump
1919-MAY, 1921).
sum in settlement of her reparation liabilities.
Accordingly, the premiers met at Lympne,
For a period of about a year after the
signing of the treaty of Versailles the question May 14-16, for the purpose of formulating plans
of reparation, apart from the deliberations of as to the policy to be pursued at Spa. Here
the commission, was almost completely neg- France obtained what might have been an
lected. The powers during that time were con- important concession, for, though her priority
cerned mainly with ratification proceedings claims were disallowed, it was agreed that the
and other domestic affairs, and the disarming payment of her debt to England should be
of Germany. This last matter was the im- made pari passu with payments of reparation
mediate reason2 for the calling of the first of the by Germany. The recognition of the vital
long and complicated series of official con- connection between reparation and foreign
ferences and unofficial parleys with which this debts is not, then, merely .a recent developand succeeding chapters have to deal. The ment. As it happened, however, this partichistory of these negotiations—some confined ular understanding was set aside a month later,
to the Allies, some including German repre- owing to America's unwillingness to make
sentatives—is difficult to follow, owing to over- similar concessions.
There were now, then, two sets of deliberalapping of functions and to the lack, in several
cases, of official pronouncements on the re- tions going on with regard to reparation—
those of the Reparation Commission and those
sults of the conversations.
There were underlying the discussions three of the supremo council. To these the latter
prominent points of view. The Italian dele- added a third—a commission of French and
gates from the start favored a frank revision of British experts to fix, prior to the Spa conthe treaty. The French, on the other hand, ference, a minimum total of Germany's liaheld out tor its strict fulfillment. The British bilities, to determine methods of payment,
adopted an elastic policy, best expressed by examine the possibility of capitalizing the
Mr. Lloyd George's words in the House of debt, and to establish conditions for the
Commons, in replying to a question as to the division of the receipts between the Allies. In
work before the projected Spa conference, that considering Germany's capacity to pay, this
the conference was to deal in no way with commission was to take note of several facts:
revision, but only with application. Hence it First, that there appeared to be a deficit in
was not—and, indeed, could not be logically— Germany's current budget of 21,000,000,000
until after the promulgation of the decision of marks; second, that the German merchant
the Reparation Commission that any true fleet had decreased in gross tonnage from
modifications of the treaty were decided upon, 5,500,000 in 1913 to 500,000 in 1920; third,
that the production of coal, now that Alsaceexcept as regards immediate payments.
The first conference, April 19-26, 1920, at Lorraine and the Saar had been separated from
San Eemo, attended by the allied premiers, was Germany, had fallen 50 per cent from the 1913
concerned mainly with the Turkish treaty and figure; and fourth, that imports had diminished
the German military establishments, ft was in weight by about three-fourths from their
notable, however, for a suggestion made by 1913 level.
The Spa conference having been postponed
Mr. Lloyd George that Germany should be
invited to send delegates to discuss with the on account of the German elections, the presupreme council matters arising out of the miers met again at Lympne on June 20 and at
treaty. Accordingly, it was agreed to hold a Boulogne on June 21 and 22. During these
joint conference at Spa in the following month. conversations a scheme was discussed under
At the same time an allied manifesto was issued, which a minimum annual payment, to be made
pointing out that Germany had not seized the in gold, would become the basis of an interopportunity, presented to her during the national loan, a part of which would bo allotted
to Germany. The idea of a minimum payment
1
This is the second of a scries of four articles, the first of which ap- was adopted in order that, if Germany were
peared in the November Bulletin, pp., 1288-1293, dealing with tho history of the reparation problem from the treaty of Versailles to the to prosper, her payments could be increased
present time. Subsequent articles will deal with the developments accordingly.
The minimum determined upon
since May, 1921.
2
In April, 1920, following political disturbances in Westphalia and the here was 3,000,000,000 gold marks, and the

Ruhr Valley, France, as a protest against the concentration of German
troops there to an extent which was in contravention of the terms of the
treaty, occupied Frankfurt and Darmstadt,




3 See November BULLETIN, p. 1295.

DECEMBER, 1922,

FEDERAL RESERVE BULLETIN.

period during which it was payable was 35
years.
A further meeting was held at Brussels, July
2-4. to discuss the matter of the division of the
reparation payments among the Allies. Here
a previous agreement, as between France and
Great Britain (55:25), made earlier in the year,
was revised, the new distribution being as
follows (in percentages): France, 52; Great
Britain, 22; Italy, 10; Belgium, 8; Greece,
Rumania, the Serb-Croat-Sloven c State, and
others, a total of 6-J; Japan and Portugal, threefourths each. Belgium's priority on the first
two and one-half billions of marks paid, as
agreed upon and announced by Clemcnceau,
Wilson, Lloyd George, and Sonnino in July,
1919, and the transfer to Germany of her
liabilities or debts to the Allies, were confirmed.
Furthermore, Italy was given priority, up to
£200,000,000, on the payments received from
Hungary and Bulgaria.
These proportions and priorities were finally
agreed to at the Spa conference, July 5-16. It
was further agreed that one-half of the receipts
from Austria, Hungary, and Bulgaria should be
divided in the same proportions as the German
payments, while of the other half Italy should
receive 40 per cent and Greece, Rumania, the
Serb-Croat-Slovene State, etc., the remaining
60 per cent. Certain German credits in foreign
countries were handed over to Belgium as
covering for her prior claim of two and one-half
billions of marks. These included 400,000,000
kroner in Denmark received by Germany in
consideration of the cession of the northern
part of Schleswig-Holstein, and also the excess
value of German property confiscated in the
United States over American property confiscated in Germany. Immediately after the
satisfaction of Belgium's prior claim the Allies
were to be reimbursed for their loans to
Belgium.
Apart from these secondary decisions, nothing was accomplished at Spa with reference to
reparation, the chief matters under discussion
being the disarmament of Germany and the
coal deliveries. The latter will be dealt with
in the next article. On the whole, the Spa
conference proved disappointing in its results,
but it marks a definite step forward, in that
for the first time German representatives
were permitted to take part in the deliberations.
The first gathering of major importance,
however, was that ot the allied and German
experts at Brussels, December 16-22, 1920.
Here definite progress was made, though no
final decisions could be arrived at. A good
deal of information as to Germany's internal
situation was supplied, and a definite preference




1423

for payments in kind was voiced by the German experts. The proposal most generally
favored was (according to the London Times
correspondent) to demand an annual payment
of 3,000,000,000 gold marks for 5 years, with
the provisional suggestion of 6,000,000,000
for the next 5 years, and 7,000,000,000 for
the following 32 ye&rs. The Reparation Commission would have power to postpone a part
of the additional annuities of the last 37 years
and to fix interest payments thereon. As guaranties of payment, it was proposed that Germany deposit with the commission industrial
securities up to a value of 5,000,000,000 gold
marks, which could be sold in case of default; and
that the Allies be given a claim upon the gross
receipts of the German customs, with power to
veto any modifications of the tariff which might
tend to lessen the receipts. With these tentative conclusions the conference was closed,
but not before a list of 41 questions had been
submitted to the Germans, the answers to
which were intended to supply, and did in fact
supply, fuller valuable data as to the internal
condition of the country,
The supreme council met again in conference
at Paris January 24-30, 1921. At the outset
of the conference, M. Doumer, a French delegate, suggested that reparation be fixed at
240,000,000,000 gold marks, to be paid as an
annuity of 12,000,000,000 for 44 years. This,
clearly, was far above the experts' proposal for
an annuity of 3,000,000,000 for the first five
years. At the same time it was claimed that under the Boulogne agreement France could receive
only about 65,000,000,000 gold marks. Finally
a compromise was effected between the Brussels
and Boulogne plans, with the added element of a
levy on German exports. The annuities were to
be as follows: Two of 2,000,000,000 gold marks;
three of 3,000,000,000 gold marks; three of
4,000,000,000 gold marks; three of 5,000,000,000 gold marks; 31 of 6,000,000,000 gold
marks—the total being 226,000,000,000, payable in 42 years from May 1, 1921. In case of
payment being made in advance, Germany
was to receive a discount of 8 per cent on the
first two annuities, 6 per cent on the next two,
and 5 per cent on the remainder. Germany
was to issue bearer bonds covering these annuities. In addition to these fixed annuities,
however, Germany was to pay an amount
equal to a tax of 12 per cent ad valorem on the
whole of her exports, this tax being estimated
to yield about 1,000,000,000 marks per annum.
A power additional to those named in the treaty
was given to the Reparation Commission at
this point, Germany being permitted to embark
on no credit operation abroad without the
commission's approval.

1424

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

The London Times quotes from an " authoriThe conference also enunciated the "sanctions" it was prepared to enforce should Ger- tative analysis7' of the proposals, the following
many default in her payments as set out in the summary, the main features of which will
above scheme. These comprised seizure of all show their ^acceptability to the Allies:
or a part of the German customs by the Repara- (1) The 8 per cent rate of discount was only applicable
tion Commission; taking over of the adminis- to the first two annuities.
(2) The German plan ignored the variable annuities
tration and collection of the customs by the
on exports.
Reparation Commission; imposition of higher dependent Paris annuities were proposed as an addition to
(3) The
tariffs, at the instigation of the Reparation payments already made.
Commission; taking of "such measures as they
(4) The Reparation Commission assessed the deliveries
think justified7' by the allied powers, when already made at a total value of less than 10,000,000,000
7
notified by the commission of Germany's gold marks. discounting payments at 8 per cent, Germany
(5) While
default. The terms here outlined were sub- had reckoned on a loan at 5 per cent or less.
mitted to Germany for consideration, her dele(6) The German proposals included the relief of the
gates to present themselves at London in a German securities from taxation in the country of issue.
five
month's time to give her repty.
j be(7) Assuming the payments after the first valueyears to
3.000,000,000 for 25 years, the present
would
8
Thus, on March 1 to 7, 1921, in London, for have' been about 27,000,000,000. whereas the present
the first time since Spa, the German delegates value under the Paris plan, exclusive of the variable
met the supreme council and the other allied ' annuities, would have been, at 8 per cent, 53,000,000,000;
delegates. The Germans declared that fulfill- at 5 per cent, 83,000,000,000.
Hence it is not surprising that the Allies
ment of the Paris proposals was impossible,
and submitted a counterscheme of their own. rejected this proposal, and allowed Germany
Their experts, however, adopted the Paris pro- four days in which to signify her agreement to
posals as the basis of their calculations, dis- the Paris plan. In Mr. Lloyd George's speech
counting the fixed annuities at 8 per cent, and delivering the ultimatum he declared that the
arriving at a present value of 50,000,000,000 Allies had good reason to assume that the Gergold marks. The payments already made the}^ man Government was " deliberately in default;"
estimated at 20,000,000,000, thus leaving and that therefore, in the event of an unfavor30,000,000,000 remaining to be paid, a sum able reply, the Allies would proceed to occupy
which, they claimed, was as much as Germany Duisburg, Ruhrort, and Diisseldorf; to pass
could possibly pay. Most helpful, perhaps, was legislation compelling allied nationals to pay
the suggestion that some of the earlier install- to their Governments, instead of to the German
ments be paid in kind and labor and the state- seller, on account of reparation, a proportion
ment that Germany was prepared to assist of the price of goods imported from Germany;
in the physical work of reconstruction. In to insist on payment to the Reparation Comspite of Germany's unconditional agreement at mission of customs collected on the external
Versailles to pay to the utmost of her capacity,4 frontiers of the occupied territories, and to
the London delegation laid down conditions levy and collect customs at the Rhine bridgeupon fulfillment of which she would agree to heads occupied by the Allies.
During the four days' grace an alternative
pay the proposed 30,000,000,000 gold marks.
proposal to pay 3,000,000,000 gold marks annuThese were as follows:
ally for 30 years, together, with a 30 per cent
(1) Upper Silesia was to remain German.5
(2) Restrictions on commercial intercourse tax on exports, was presented to Germany and
between Germany and the rest of the world rejected. At the end of that time Germany
made a counter-proposal to pay according to
were to be removed.
(3) Germany was to be released from all the Paris plan (including the 12 per cent
further payments or deliveries under the treaty. export levy) for five years, during which a
(4) The Allies were to renounce their rights comprehensive scheme for 30 years of payment was to be negotiated. But the conditions
to liquidate German property.0
Furthermore, the means wherewith Germany that Upper Silesia, remain German and that
was to commence payment was to be a loan of the restrictions on German trade be abolished
8,000,000,000 gold marks at a low rate of were retained, and hence the proposals were
interest. An annuity of 1,000,000,000, together 7 Up to Apr. 30, 1921, Germany's payments, according to the latest
with interest on the loan, would be paid for figures, were as follows:
Gold marks.
112,000,000
five years, and in the meantime a scheme Payments in cash and sales of war material
Deliveries in kind
1,251,000,000
would be drawn up for the liquidation of the Armistice deliveries
1,183,000,000
Submarine cables
49,000,000
outstanding balance.
Heal estate, Saar mines, etc., and debts of German
States assumed by powers to whom ceded

• Treaty, article 236.
»
A plebiscite was due in Silesia, under article 88 of Part II of the treaty.
• Treaty, articles 200 el al. See November.BULLETIN, p . 1292.
ft




8

Total
But see note 7 on p . 1-127.

2,504,000,000

5,099,000,000

DECEMBER,

1922.

FEDERAL RESERVE" BULLETIN.

rejected. Accordingly, the three specified
German cities east of the Rhine were occupied;
and the Inter-Allied Rliineland High Commission took over the collection of customs in the
occupied area. The Allies forthwith proceeded
with the threatened legislation. The British
reparation recovery "bill, requiring importers
of goods from Germany to pay up to 50 per
cent of the price of the imported goods direct
to the customs officials, passed its third reading
on March 19.
The next move fell to the German Government, which, on April 24, handed to the
American charge d'affaires at Berlin a set of
proposals which, they declared, represented,
" according to their convictions, * * * the
utmost limit which Germany's economic resources could bear, even with the most favorable developments," and which, if it found
them acceptable, the United States Government was requested to lay before the Allies.
The proposals consisted of 12 points, summarized as follows:
(1) Germany would recognize 50,000,000,000
gold marks as her total liability, to be liquidated by suitable annuities totaling not more
than 200,000,000,000 gold marks.
(2) The raising of an international loan, in
which German}^ would participate.
(3) Germany to pay interest and amortization on the amount uncovered by the loan,
with a maximum, of 4 per cent.
(4) Amortization payments to vary with
German prosperity, as shown by an agreed
index.
(5) Germany to assist in rebuilding work.
(6) Germany to supply other reconstruction
materials and services.
(7) Germany to pay at once 1,000,000,000
gold mirks, in the shape of 150,000,000 in
gold, silver, and foreign bills, and 850,000,000
in treasury bills, redeemable within three
months in foreign bills and other foreign values.
(8) Germany, the Allies and the United
States being agreeable, to take over a part of
the Allies' American debts, to the extent of
her capacity.
(9) Determination of values of reparation
deliveries by a commission of experts.
(10) Assignment of public properties or
income as security for the loan.
(11) Cancellation of all other German reparation liabilities and release of German property abroad.9
» Germany still retained this condition (cf. p. 1424). Apparently the
dropping of the Upper Silesia condition may have been due to the
result of the Silesian plebiscite, which was, on its surface, favorable to
Germany, Eventually, the Allies being divided, the League of Nations
partitioned the district between Germany and Poland, according to the
nationality of the voters.




1425

(12) Abolition of the system of sanctions,
freeing of German commerce, and relief from
"all unproductive expenditure/'
Although this was by far the most favorable
proposition Germany had yet made, the
United States Government declined to transmit it to the Allies, who, in informal communications, had found in it "no acceptable basis
of discussion."
It seemed, then, that an impasse had been
reached. But the situation was saved by the
Reparation Commission, which, in accordance
with the terms of the treaty,10 announced its
decision on April 27. The allied premiers,
therefore, assembled in London on April 29,
together with the commission. The result of
the deliberations was the second ultimatum
presented to Germany on May 5, and accepted
by them on May 11. The text of the protocol
containing; the decisions arrived at, which
accompanied the ultimatum, is given in full
in the FEDERAL RESERVE BULLETIN, June,
1921. The terms of this ultimatum may be
summarized as follows:
(1) Apart from her restitution obligations,11
Germany was to pay 132,000,000,000 gold
marks, less amounts already paid and amounts
in consideration of ceded State properties and
sums credited to Germany received from other
ex-enemy powers, phis the amount of Belgium's debts to the Allies.
(2) In substitution for bonds delivered or
deliverable,12 Germany was to deliver by July 1,
1921, 12,000,000,000 of "Series A " bearer
bonds; by November 1, 1921, 38,000,000,000
of "Series B " bearer bonds; by November 1,
1921, 82,000,000,000 of "Series C"4 bearer
bonds, without attached coupons, which were
to be supplied as the commission saw fit, in
the light of Germany's capacity, to issue the
" C " bonds.
From the date of issue in each case Germany
was to pay annually 6 per cent on the amount
issued, out of which there should be paid 5 per
cent interest on the bonds outstanding, the
balance to go to a sinking fund for redemption
by annual drawings.
(3) The series were to be a first, second, and
third charge on the assets and revenues of the
German Empire and States,13 particularly on
(a) sea and land customs and duties; (b) a 25
per cent levy on all German exports, the
equivalent in marks to be repaid by the German Government to the exporter.
i° Article 233. (See November BULLETIN, p. 1921, column 1.)
n Part VIII, Section If, and article 238 of the treaty.
is Under the treaty, Part VIII, Annex JI, sec. 12 (c). (See November BULLETIN, p. 1293.)

« Article 248 of the treaty.

1426

FEDERAL, RESERVE BULLETIN.

(4) Germany was to pay 2,000,000,000 gold
marks annually plus an amount equal to 26
per cent of her exports. Payment of the fixed
annuity was to be made quarterly, on or before
January 15, April 15, July 15, and October 15,
and of the variable annuity, on or before
February 15, May 15, August 15, and November 15.
(5) Germany was to pay within 25 days, as
the first two installments of the fixed annuity,
1,000,000,000 gold marks.
(6) A committee on guarantees, consisting of
delegates from the powers represented on the
Separation Commission, was to be appointed,
with power to coopt not more than three representatives of other powers, when the commission should decide that the}^ held sufficient
of the bonds to be issued.
(7) This committee was to supervise the application to the debt service of the customs and
duties, the 25 per cent export levy, and such
taxes as the German Government, with the
permission of the commission, should earmark
as substitutes for or additions to the foregoing.
The committee was, moreover, to undertake the
periodic examination of Germany's capacity to
pay; 14 but "was not authorized to interfere in
the German administration.77
(8) Germany was to supply materials and
labor for restoration as demanded, such goods
and services to be valued jointly by one valuer
each appointed by Germany and the country
concerned, with final appeal to a referee appointed by the commission. But the valuation
15
of the shipping,18 reconstruction materials,16
17
coal, and dyes was unaffected by this arrangement.
(9) Germany was to facilitate the operation
of the British reparation (recovery) act 19 and
any similar acts of the other Allies, and was to
pay the equivalent of the levy in German currency to the exporter.
(10) The Allies were to pay to the commission, in cash or current coupons, for all goods
and services delivered to them within a month
of their receipt.
The ultimatum reiterated the charge of Germany's default in the matters of disarmament, reparation payments, trial of war criminals, etc. Germany was therefore required to
declare her resolve to "carry out without reserve
or condition the obligations defined by the
Reparation Commission/7 and to accept similarly the prescribed guarantees. Failure to do
so would be met by occupation of the Ruhr
i* Treaty, Fart VIII, Annex II, sec. 12 (b).
» Treaty, Part VIII, Annex III.
is Treaty, Part VIII, Annex IV.
« Treaty, Part VIII, Annex V.
« Treaty, Part VIII, Annex VI.
» See p. 1425.




DECEMBER, 1022.

Valley. As previously stated, Germany submitted unconditionally to these demands on
May 11, 1921.
In view of the decision as to the total amount
due from Germany, it is of interest to quote
from the report published by the Reparation
Commission on February 23, 1921, some of
the claims tendered to it by the leading allied
powers for examination ancl adjudication. In
order to bring these to a common denominator,
they have been converted into dollars at a rate
which is the average of the means of high and low
rates recorded during the months of December,
1920, and January and February, 1921.
Amount..

! ApproxiI mate
i dollar
| oquivaI lent.

I Millions.
France:
Damage to property (in- 110,707,603,011 francs
!
14,102
cluding interest).
:
Injuries to persons
77,833,993,070 francs
Great Britain:
Property damages, pen- | £2,542,070,375
|
9,380
sions, etc.
Separation allowances
7,597,832,080 francs
!
501
Italy:
;
Property damage, etc., ex- 33,088,836,000 lire
1,188
cluding shipping.
2,499
Pensions and allowances.. 37,926,130,395 francs.
472
£1.28,000,000
Shipping losses
Belgium:
2,307
Property damage, etc
34,25 l,64r>,893 Belgian francs.!
157
Pensions and allowances.. 2,375,215,993 French francs. .1
0,002
Rumania: Property losses, pen- 31,099,400,188 gold francs i . . . j
sions and prisoners.
f21,913,209,740 gold francs i . . . !
4,233
Poland
119
j\500,00(),000 gold, marks l
I
Yugo-Slavia:
i 8,490,091,000 dinars
240
Property damages
1.267
i 19,219,700,112 franc;;
Personal injuries
j 4,992,788,739 gold francs *
Greece
' 96-i
Czechoslovakia (including I] 7,012.432,103 francs
•502
!
losses through Bolshevist in89
:J 7,003,117,135 .kroner
,
vasion).
405
Japan: Shipping losses and I 832,774,000 yen
separation 'allowances.
Total.
1

44,793

Converted into dollars at par.

The total claims, of 844,793,000,000, amount,
approximately at par, to 188,000,000,000 gold
marks.20 Had the Reparation Commission accepted these estimates, the payments, omitting
minor claims not included in the above table,
would have been divided as follows:
Per cent.

France
Great Britain
Italy
Belgium
Rumania

Per cent.

32 Poland
22 ! Yugo-Slavia
9 Greece
6 • Czechoslovakia
13 i Japan

10
3
2
1
1

2
o The Keynes estimate is as follows, conversion being directly into
gold marks. The rate at which francs arc converted is that used by the
commission (2.20), thus causing a wide divergence between the French
claims as calculated above and below:

France
British Empire
Italy
Belgium
Japan

Billions of
gold marks.
99
54
27
10J
l|

Billions of
gold marks.
Yugo-Slavia
R o n i
Roumania.
Greece
Total

2
223J

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

As against this division, the actual proportions, as agreed at Spa and as applying to
the whole of the German and one-half of the
Austrian and Bulgarian payments, were:
Per cent. \

France
Great Britain
Italy

Per cent.

52 i Belgium
8
22 Greece, Rumania, etc.. CJ
.10: Japan, Portugal,, each.
$

In arriving at the final figure for reparation
it is useful to recall some of the proposals as to
the payments to be demanded of Germany.
The figures arc arranged chronologically:
[Amounts in billions oJ" gold marks.J

vXf

Total payments.

The Hughes claim i at the I 800-1,000 ;
Peace Conference, say
|
The American suggestion at :
100-125
tho Peace Conference.
i
.
The Keyncs "2 estimate
.'
137 '•.
The. Boiilogne miniumm, s '
; ] 05 pins a variable.
June. 1920.
;
I
The Brussels proposal.•* Do- :
• 269.
comber, 1920.'
\
\
The Doumer proposal 4 at j*
240 [ 528.
Paris, January, 1921.
!
5
;
6
The Paris agreement, Janu53-83 i 226 plus J2 per cent export
an-, 1921.
i
j tax.
Tho* German offer* at Lon- .
(27) s (50).
don. March, 1921.
i
;
The Allies' altornalivo offer 8 '
• 90 plus 30 per cent export
at London, March, 1921.
\
; tax.
The German proposal,9 com- !
50 200 (maximum).
municated to the United ;;
J
States April, 1921.
:
The decision of the Repara- :
137 ; (2 plus 26 per cent of extfon (Commission, London, \
.
\ ports) times unknown
May, 1921, say
•
j number of years.
1
Mr. Hughes,the Australian premier, claimed the whole cost of the war.
The estimate used is that of the State Department officials attached to
the American delegation at the Peace Conference and does not contain
an2 estimate of the value of property destroyed. '
"Economic Consequences of the Peace,' 1920.
3 Sec pp. 1422, 1423.
* See p. 1423.
s See p. 1423.
e Exclusive of export tax.
7
See p . 1424. Keyncs a n d ' t h o "Authoritative analysis," quoted
in The London Times, assume the 50,000,000,000 to have been the total
of proposed payments. This, however, seems unlikely to have been
the case, both in view of tho arithmetic process by which tho figure
was arrived at, of tho subsequent German proposal, and of the proposal at Versailles. (Bee November Bulletin, p . 1295.)
s See p. .1424.
9 See p . .1425.

It is difficult to compare the Paris and second
London schemes. It is clear that even with a
liberal allowance for the levy based on exports,
the present value of the latter is higher than
that of the former. The yearly payments
under the former, however, would be in the




1427

beginning smaller than under the latter (in
point of size) but the former would gradually
outstrip the latter as the feed payments grew,
probably more than the indeterminate payments. Under the circumstances any estimate of exports is so hazardous as to be practically useless, but it seems fairly safe to suppose
that the London program, if ever carried out,
will take even longer in fulfillment than would
the Paris program, even though that was
scheduled to last considerably longer than
Mr. Lloyd George's one generation.
The difference between the London and
Paris programs is by some explained as a
difference in function between the two presiding bodies, the supreme council and the
Reparation Commission, the latter being concerned mainly with what Germany ought to
pay, the former with what she can. Other
authorities, however, regard this distinction
as largely illusory, citing the fact that the
Reparation Commission, "under the terms of
the treaty, is required to give Germany "a.
just opportunity to be heard/' and to hear
arguments by Germany as to her capacity to
pay.
The final decision may be characterized as
resulting from two lines of development: The
element of a variable annuity, based on some
index of industrial prosperity, was suggested
at Boulogne, abandoned in the Brussels proposal, remcorporated in the Paris decision, and
finally given a, larger place on the London
schedule, Germany's export trade being accepted as the criterion of industrial prosperity.
The other line of development was in connection with the predetermined annuities. Apart
from the variable items, at Boulogne the simple
scheme of equal fixed annuities was adopted.
At Brussels the principal of progressive annuities was incorporated; it was further adhered to in the Paris agreement, and finally
abandoned in the London schedule, where the
regular predetermined annuity was fixed at
2,000,000,000 of gold marks. In tho final
scheme, therefore, the total payments were
made to rely for their elasticity on the variable
annuity alone, no provision being made for
the lessening of the burden of the payments on
the earlier years of fulfillment.

1428

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922,

BUSINESS AND FINANCIAL CONDITIONS ABROAD.
GREAT BRITAIN,
INDUSTRIAL SURVEY.

A survey of industrial conditions in Great
Britain indicates that, while in general home
industries appear to be very slow in recovering
from the depression, the export trade is advancing more rapidly. This statement is
supported by an examination of the figures
showing the volume of employment, the statistics of trade and transportation, and by such
facts as are obtainable concerning the activity
of particular industries.
Unemployment.—Though unemployment statistics are not an entirely satisfactory index of
industrial activity, the figures indicate that the
recent depression has been much more severe
than in the case of earlier periods of business
inactivity.
Before the war a trade-union unemployment
figure of 5 per cent was cause for alarm, and
8 per cent was a figure rarely surpassed. The
former mark was passed, however, at the end of
1920; unemployment mounted to extraordinary
heights in 1921, and has receded comparatively
little. The trade-union figures for the second
quarter of 1921, averaging 21 per cent, were
exceptional, owing to the coal strike. The
average for the fourth quarter, however, was
16 per cent, and for the third quarter of 1922,
14.5 per cent. The corresponding quarterly
average percentages of unemployed persons
included in the national insurance scheme were
16.8 (strike period), 14.9, and 12.1. The decrease shown by the last two figures is probably not substantially affected by the exclusion of the Irish Free State between the two
dates.
As measured by the degree of employment,
the recovery of business in Great Britain within
recent months has been less than in certain
continental countries. In the first six months
of 1922, for instance, the Dutch trade-union
percentage was cut in half; the Danish and
Belgian were reduced even more. French statistics indicated a reduction by about one-half,
and Italian by a third. The noticeable improvement since June of the present year, however,
is peculiarly significant, in view of the normal
seasonal trend in the opposite direction.
Such facts give some realization of the
enormous burden laid by the depression on
British productive operations. On an average,
one-eighth of the productive population has
received unemployment relief for the last two




years. Unemployment relief funds, raised
largely through contributions from employers
and workers rather than wholly from direct taxation, place a particularly inconvenient burden
on industry. The outlook for the immediate
future is by no means encouraging, and preparations are being made to cope with a repetition, if in somewhat lower degree, of the distress of last winter.
The jloiv of commodities.—In a country such
as Great Britain the volume of imports and
exports supplies a valuable index of industrial
activity. Dealing first with imports of raw
materials, the following table supplies a comparison between 1913 and 1922, and indicates
the extent of recovery in this branch of commerce.
PRINCIPAL RAW MATERIALS IMPORTED FOR THE MONTH
OP AUGUST AND FOR THE FIRST EIGHT MONTHS OF
THE YEARS 1913 AND 1922.

1922

1913

Commodity.

Iron ore

Copper, tin, and manganese
Raw cotton
Raw wool and rags
Flax, hemp, and jute
Hides, wet and dry
Wood pulp
Rubber

Unit.

1.000 tons.
..'.do
100,000 lbs.
...do
1,000 tons.
1,000 c w t 1,000 tons.
100,000 lbs.

! Au- | Firsts | Au- I Firsts
j gust.! months.! gust. | months.
52739
390
399
17
113
80
113

5.245 Oft"
' 521 29o
37
11,35-1 80S
7,205 1,107
384
12
1,006 : 117
596 105
1,040
115

2,161
172
8,555
8,899
152
642
519
946

It is obvious that 1922 has been far from a
normal year. Only in the case of wool have
imports during the first eight months exceeded
those for the corresponding period of 1913.
The decreases range all the way from 9 per
cent in the case of rubber to 67 per cent in
that of copper, tin, and manganese.
Comparisons for the month of August show
large increases for important commodities, such
as cotton and wool. In iron ore, however, the
decrease is very serious, though this figure constituted a small increase over July. Imports
of raw materials, on the whole, have been at a
high level since the middle of the year.
Turning now to exports, the quantity figures
are of doubtful value, inasmuch as highly manufactured goods, which occupy an important
place in the figures, are not readily susceptible
of comparison by weight or volume. Hence,
except in the case of coal, a separate important
export, the board of trade figures of th<3 physical
volume of exports are used, as follows:

VALUE

OF

PRINCIPAL EXPORTS OF U N I T E D
MANUFACTURES,
1922.

KINGDOM

T O N N A G E OF SHIPS WITH CARGOES E N T E R I N G AND L E A V ING
BRITISH
PORTS
(SEASONAL
CHANGES
ELIMINATED.1)

[On basis of 1913 prices. In thousands of pounds sterling.]

Groups of articles.

[Monthly averages, 1921-22. 10,000 tons.]

1922

Averago of
first
three
quarters,
1913.

| Entering.; Leaving.
Third
quarter.

First
quarter.

Second
quarter.

9,321
5,604
18,387

8,903
3,397
19,734

9,327
4,525
23,463

B y adjustments made to actual figures by Prof. A. L. Bowley,
based on 10 years pre-war experience.

6,938
2,273
2,948

7,576
2,333
2,898

7,984
2,958
2,694

6,137

2,935

3,742

The figures show a steady increase both in
tonnage entering and leaving British ports,
with the larger increase in the latter. The
remarkable increase in outgoing tonnage, however, must be largely due to the recent improvement in the coal export market, which
was so disastrously disrupted by the reparation
deliveries. It is interesting to note, incidentally, that shipping freights, which attained
their maximum in March, 1920, reached the
point of only 28 per cent of the 1920 average
in July and August of' the" present year.
These considerations, all taken together, seem
to give added weight to an encouraging view
of the condition of foreign trade, while supplying additional evidence of the tendency of
domestic activity to lag behind in the general
upward movement.
Special industries.—British agriculture is in
a most serious condition as a result of the disproportionate fall in the prices of farm products, notably cereals. The price of wheat is
typical. In December, 1920, it was 86s. 9d.
per quarter, as compared with 34s. 3d. as a
normal pre-war figure. By December, 1921,
it had dropped to 45s. 3d., and in the week
ending October 28, 1922, had reached 41s. 6d.,
that is, only 21 per cent above the 1914 level.
Barley, which sold at 41s. 2d. per quarter in
the week ending October 28, has suffered a
similar fall, from 92s. 9d. in the corresponding
week of 1920. Analogous figures for oats are
26s. 7d., as compared with 54s. 4d; that is
to say, all these commodities have fallen in
price by more than one-half during the past
two years. Potatoes reached a price in October
even lower than that general before the war.
As a reflection of these conditions, both the
National Farmers' Union and the Agricultural
Workers' Union have formulated appeals to the
Government " to save the agricultural industry
from ruin." Returns from stock, in contrast
to crops, however, have been satisfactory, sheep
proving'particularly profitable. The excessive

It will be seen at once that, while exports are
on a much lower level than in 1913, the present
year has witnessed little improvement. Only
in textiles and apparel have steady increases
been registered, while machinery and vehicles
have declined very considerably.
Transportation.—Statistics oi the movement
of goods by railways and ships give mixed
indications, agreeing substantially, however,
with those given by the figures of unemployment and trade. With regard to general
trade, as suggested by railway traffic statistics,
there has been little improvement so far, as
appears from the following table:
l

T O N N A G E OF F R E I G H T
W A Y S , 1921-22.

CARRIED

ON

RAIL-

[Monthly averages. 10,000 tons.]
General .

Period.

First quarter, 1921
Fourth quarter, 1921
First quarter, 1922
Second q uarter, 1922
August, 1922
1

!

1
j
!
1

485 i
465 I
469 j
445
438 I

Fuel.

1.311
1,493
1,001
1,492
1,594

By Ministry of Transport.

The only clearly marked trend to be noted
is the steady increase since the latter half of
1921 in "other minerals" moved, these consisting largely of iron. The increasing movement of the raw materials of the metallurgical
industries is an encouraging sign.
Since these figures are indicative of conditions of both internal and foreign trade, it is
important to see which is responsible for the
apparent general stagnation. The following
table is suggestive in this connection:




First quarter, 1921
Fourth quarter, 1921
First quarter, 1922
Second quarter, 1922
Third quarter, 1922

"

Iron and steel, and manufactures j
thereof
...J. 13.923
Machinery...
: 8,320
Cotton yarns and manufactures
j 31,636
Woolen and worsted yarns and |
manufactures
! 9,230
Apparel
j 5,342
Chemicals, drugs, dyes, and colors
j 5,006
Vehicles (including locomotives and •
ships)
! 6,268

ESTIMATED

1429

FEDERAL BESEBVE BULLETIN.

DECEMBER, 1922.

!
j
!
i
!

J \_

309!
316 !
323 i
372 ;
360 ;

293
402
452
460
526

x

i430

FEDERAL RESERVE BULLETIN.

fall in the prices of farm products is indicated
in the Economist's index number of wholesale
prices of cereals and meat, which was at the
end of October 153 per cent of July, 1914,
while the general number was 166.2.
The situation in the coal industry is a useful
index of general industrial conditions. The
last few months have witnessed a steady increase in output, the figure of 5,440,500 tons
being reached in the week ending November 11,
as compared with 4,597,800 tons in the first
week of July. This represents an increase of
over a million tons during the past 12 months.
How far is this due to increased export demand,
and how far to growing industrial activity at
home ? Undoubtedly the strike in the United
States increased Great Britain's exports considerably—over 2,500,000 tons were sent to
this country during the September quarter—
but the increase of output has persisted despite
the cessation of this demand. The following
are the figures of coal exported, by quarters:

DECEMBER, 1922.

trial conditions, the coal situation is not
encouraging.
The iron and steel industry has been recovering very slowly in output during the past 12
months, as shown in the following table:
[Thousands of tons.1,
1922
1921,
1920, OcJune. to- JanAu- Sepber. uary. April.1; July. gust. tember.
Output of pig iron
Output of steel
Exports of pig iron and
ferro-alloys 1
Total exports of iron land
steel manufactures
1

726
845

235 j 238
405 ! 32S
3
G

394
404

399
473

118

767 | 801 |

430
55ft

156 j 185 !

773

412
52 L

..j....
I

For quarter beginning with month at head of column.

The September pig-iron figure represented
about one-half of the 1913 monthly output,
the steel figure about 87 per cent.
[Thousands of tons.]
In September there were 139 furnaces in
blast, an increase of 13 over August and of 71
1922
over September, 1921. Tin-plate and sheetsteel mills working were 467 in number in
September, as compared with 486 in August
and 361 in the previous September. The shifts
worked per week were 5.1 per cent higher than
Exports
Bunkers
in August, but 4 per cent lower than a year
Coke exports
before. On the whole, employment has shown
a slow but steady improvement since May.
The value figures are at first sight veiy
Perhaps no trades have suffered as heavily
encouraging. In the first nine months of the from the depression as have engineering and
year coal exports valued £51,410,935, as com- shipbuilding. Of the membership of tradepared with £27,856,159 for the same period of unions reporting, 27.8 per cent were unem1921. The September figures for the two ployed at the end of September, an increase of
years >vere £8,110,083 and £5,194,356, re- 2.4 during the past 12 months. In engineering and iron founding alone, 22.9 per cent of
spectively.
Even allowing for the spurt due to the the insured workers were totally unemployed,
American strike, there is seen a steady increase and in shipbuilding 37.1 per cent. While
in the export trade. The September figures varying widely from district to district (in
were about up to the 1913 level. Bunkers Scotland 45.2 per cent of insured persons in
were much lower, however, owing to the in- the shipbuilding trades and 29.5 per cent in
creased use of oil as fuel. Fifty million gallons the engineering were wholly idle), there is
of fuel oil—a non-British product, be it noted— as yet no general improvement to be noted.
Lloyd's Register fails to give any more
were exported during the third quarter of 1922.
This increased export of coal more than coun- encouraging returns regarding shipbuilding
terbalanced the increased output. The output activity. At the end of September the gross
for the third quarter (allowing liberally for a tonnage of merchant vessels over 100" tons
bank holiday) was not more than 2,500,000 tons gross under construction in the United Kinggreater than in the first, while exports were dom was 1,617,045, of which 419,000 was
5,000,000 tons greater. So that it can not be tonnage on which work had been suspended
supposed that domestic consumption is increas- for some time. By comparison, the end of
ing with any considerable speed. On the con- June figure was 1,919,504, while the Septemtrary, support is given to the opposite view by ber, 1921, tonnage was 3,282,972. The averthe fact that imports, which reached a value of age during the 12 months immediately p r e over £12,000,000 in the first nine months of ceding the war was 1,890,000 gross tons.
1921, amounted to only £38 for the same period Tonnage commenced and tonnage launched,
of 1922. Thus, as an index of general indus- however, during the quarter, each showed




1431

FEDEEAL RESERVE BULLETIN.

DECEMBER, 1922.

large increases over the returns for the June
quarter. The plans passed for new vessels
during the year ended June 3O7 1922, were the
lowest in 35 years.
The textile trades, while never having
suffered so seriously as the equipment trades,
present a somewhat more encouraging prospect.
The returns made by employers to the Ministry of Labor showed that in the week ending
September 24 the workpeople employed had
increased since the corresponding week of the
past year by 5.9 per cent in the cotton trade,
17.5 per cent in the woolen, and 16.3 per cent
in the worsted trade. The total wages paid
had decreased by 7.5 per cent in the first case,
but had risen by 28.4 per cent and 13.9 per
cent, respectively, in the second and third.
These figures confirm the reports of little, if
any, improvement in the cotton trade. Organized short time is widespread, covering
in the week ending September 23, about 14
per cent of the workpeople included in the
returns above mentioned, the average extent
of the shortage being about 14 hours per week.
The wool and worsted trades, on the other
hand, show decided signs of revival. In the
latter short time has almost ceased, though it
is still prevalent in the former.
The following statistics give an indication
of the situation in the textile trades:
i September,
!
1921.

August,
1922.

till money, balances at the bank, credits with
other banks, and checks in course of collection. These movements may be taken as
evidence of increasing trade and industrial
activity.
FRANCE.
THE PUBLIC DEBT OF TRANCE.

Since the convening of Parliament in October, financial matters have furnished the chief
topic of discussion. This has centered about
the proposed ordinary budget for 1923, but the
situation has occasioned thorough consideration of the entire field of French public finance,
including reparations, taxation, and the public
debt.
In the Bulletin de Statistique ct de Legislation Comparee, the Government presented in
detail the public debt as of March 31, 1922,
compared with that of May 31, 1921, the date
of the last previous detailed public statement.
The following table summarizes the public debt :

T
Internal debt:
Perpetual and term(a) Ministry of finance
(b) Other ministries
Total
Floating'debt—
(a) Interest bearing
(ft) Nonintorost bearing

September,
1922.

Net imports of raw cotton (including linters)
lbs.. 02, 090,900
Exports of cotton yarn.. .do
| 15, 097,300
Exports of cotton piece goods i
square yards..; 265, 386,200
Net im ports of raw wool.. .lbs.. :j 3-i. 986,200
Exports of woolen and worsted
yarns
lbs.. I 2, 875,100
Exports of woolen and worsted •
tissu 3s
squarc vards.. : 9, 407,600
42,420
Exports of blankets
."pairs.. i

74,876,300
15,408,500

155,700
16,794,000

377,985,000
70,167,700

395, 823,900
30, 271,000

4,333,800

13,720,500
58,709

Total debt

4,158,500

17,525,900
61,457

External debt: 1
Terra
Floating
Total external

• 136,051,730,511 j 155,058,325,893
;
!

84,727,822,800
.1,403,855,900

86,555,322,300
494,989,800

86,131,678,700 j 87,050,312,100
:
:
:

i

!

222,183,415,2.1.1 j 242,108,637,993
j

4-1,603,621,000 ! 41,438,404,000
30.500,574,000
33,437,947,000
75,164,195,000 I 74,876,351,000

j 297,367,610,211 ! 316,984,988,953
i

1

Mar. 31,1922.

Francs.
Francs.
! 128,575,257,038 | 147,417,403,738
;
7,406,479,473 j 7,040,922,115

Total
Total internal

May 31,1921.

j

The foreign debt is carried at the rate of exchange for the given date.

The increase in the internal funded debt of
the ministry of finance amounts to 18,842,146,700 francs. This arose principally under
The most recent banking statistics give two heads—reconstruction and the 2-year
further support to the view of the industrial treasury bill issue of June, 1921, itemized, as
situation expressed above. For the first time follows:
Francs.
in 19 months, the October averages of
7, 703,400,000
nine London joint-stock banks showed a sub- Credit national loansdue for war damages.. 4,183, 600,000
Capital of annuities
stantial expansion of*advances, by £12,400,000 2-year treasury bills
5, 665, 342,000
(1.7 per cent) for the month. Acceptances,
which had been declining since December last,
The last item must be repaid or refunded in
rose by £7,000,000 (14 per cent). Deposits, June, 1923.
after falling off for three months, increased by
Discussion of the internal term or funded
£25,600,000 (15.4 per cent). This increase, debt—During the period, the internal funded
one-half of which was absorbed b}^ the growth debt increased by 13,986,589,342 francs, carryof advances, went also into discounts, which ing annual charges of 1,188,805,549 francs.
rose by £13,200,000 (4.4 per cent). A con- Since March 31, 1922, it has been increased by
traction of investments by some £11,400,000 the Credit National loan of July, amounting to
(2.8 per cent) was almost wholly balanced by 3,900,000,000 francs, and. by the 3-5 year
the expansion of the cash item, which includes treasury bonds of October. In this last issue




BANKING.

1482

final figures are not available, but the estimates
run above 8,000,000.000 francs. There is no
prospect that the internal funded debt will
decrease in the near future, but rather reason
to anticipate that it will be largely increased
for some years to come. The reconstruction
of the devastated regions is by no means completed, and estimates of the amounts of
capital yet to be expended are vague, that of
M. Bokanowski being 55,000,000,000 francs.
But these sums, devoted to restoring to productivity an area which has always been the
source of national income out of proportion to
its size, increase the potential financial resources of the French Government. L'Economiste Fran^ais of November 4 shows the progress of rehabilitation to July 1 of this year.
The total areas devastated amounted to 3,306,350 hectares, or almost 7,000,000 acres. Of this,
3,177,958 hectares had been cleared of projectiles and 3,015,120 hectares had been
cleared of projectiles, wire, and trenches.
Almost one-half (1,533,402 hectares) was under
cultivation this year. The population has
very largely returned. Out of a total of
4,690,062 inhabiting the region in 1914,
2,614,347 evacuated their homes on account
of the war. Most of them have returned, the
population being now given as 4,056,883. As
many of these refugees were obliged to depend
upon friends or relatives, or even upon public
funds during the period of their exile, their
return, alone, lifts some burden from the rest
of the country. House building has proceeded
slowly. Out" of 571,345 houses destroyed or
damaged, 221,533 have been completely repaired and 181,417 temporarily, the remainder
of the population, living in various types of
makeshift dwellings. Out of 22,161 factories
damaged or destroyed, 19,923 had been restored
more or less completely by April 1, 1922.
The total cost of this reconstruction is difficult
to discover, as it is usually reported in conjunction with other items, but it will probably
exceed 60,000,000,000 francs by the end of the
year. But it most certainly has increased the
resources of France by comparison with November, 1918, by many times that amount.
The ultimate solution of the internal funded
debt of France involves two factors—the value
of the franc and the terms of issue of several
loans. Since 1915, the year of the first war
loan, the value of the franc has undergone
wide fluctuations but always at a serious depreciation from its gold value, though this
fact was not appreciated until the removal of
artificial control of the exchanges. As a result
the return of the franc toward its pre-war value
would heavily increase the burden of the
public debt, as the entire wealth of France




DECEMBElt, 1922.

FEDERAL RESERVE BULLETIN.

in 1912 was estimated at only a little over
300,000,000,000 francs. Further complications
arise from the terms of issue of the several
loans. The four war loans were emitted considerably under par, the 5's of 1915 at 88
francs, the 5?s of 1916 at 88.75 francs, the 4's
of 1917 at 68.60 francs, the 47s of 1918 at 70.80.
These are perpetual and consequently no maturity is anticipated; on the other hand the 5's
of 1920 were issued at par and are amortizable
at 150. Many of the other loans issued or
guaranteed b}r the Government are repayable
at a premium.
The floating debt is almost entirely accounted
for by the Bons de la Defense Nationale in
circulation and the advances by the Bank of
France. The former showed a net increase of
9,027,273,000 francs, and the latter a decrease
of 4,700,000,000 francs. Both of these items,
especially the latter, fluctuate materially from
month to month. It is proposed to reduce the
advances by the bank at the rate of 2,000,000,000 francs a year; which would require its
reduction to 23,000,000,000 francs on January 1,
1923. On November 23, 1922, the figure stood
at 22,600,000,000 francs, compared with 21,500,000,000 on March. 31. The remainder of the
interest-bearing floating debt is composed of
ordinarv treasury bills, which declined from
2,837,734,000 francs to 1,261,715,000 francs,
and of sundry smaller items, including on May
31, 1921, the sum of 618,115,600 francs on the
current account of the United States Treasury,
which docs not appear on March 31,1922. The
total net increase under all headings of the
interest-bearing' internal floating debt was
1,827,499,500 francs, compared with an increase of 10,411,563,500 francs during the period
previously reported in detail from September
30, 1920, to May 31, 1921. The nonintercstbearing floating debt is composed of small
administrative items.
Tlie external debt.—The foreign term debt of
France was on March 31, 1922, entirely due
the United States, with the exception of the
Japanese loan of 100,000,000 yen, carried at
545,170,000 francs. It is itemized as follows:

Mar. 31,1922.

in francs.

Annual interest, in francs.

(L) Advances from the
U.S. Treasury
82,950,762,000 | 33,638,680,000
1,681,933,000
(2) Loan of 5100,000,94,605,400 | 1,078,497,000
135,500,000
000(L920),8porcent.
(3) Loan of $100,000,000 (1921), 7-i pel93,832,300
1,069,684,000 j
179,014,000
cent
".
(4) Loan of Lyon,Bordeaux, and Marseilles
40,586,000 ]
462,680,000 |
27,793,200
(5) O b l i g a t i o n s to
American Government for war stocks.
407,341,145
4,643,687,000
232,183,800

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

On these loans the total annual interest due
the United States amounted to 2,256,424,000
francs. Of this, 1,914,116,800 would he due
the American Treasury. On that date (March
31,1922) the franc wasVorth 9.03 cents. With
the franc at recent levels the annual charge on
this debt would be about 25 per cent higher.
The foreign floating debt is more widely distributed, and takes-two forms—treasury bills
and bank credits. It is distributed as follows:
Capital.

Con. verted
into francs.

Annual
charges (in
francs) on

i 572,524,500

28,620, 225,000

1,288,180,100

Designation of debt.

Treasury bills with British treasury
Treasury bills with Bank
of England
Treasury bills sold in
Japan
Bank credits:
Spain
Argentina
Holland
England
Uruguay

1 05,000,000

3,250,000,000 i

2 33,161,000

179,089,000 |

10,300,000

s355,000,000
•i 18,824. LIT
& 55,000', 000
1
2,950,000
0 15,000.000

(MMi, 000,000 :
507', 000,000
236,500,000
14.7,500,000 ;
130,000,000 I

4.3,952,000
9,SS2,000
13,115.000
5,400,000
0,750', 000

Total.

.1.95,000,000

i 33,437,947,000 \ 1,572,579,100

1

Pounds sterling.
Yen.
Pesetas.
Gold pesos.
•> Florins.
6
Uruguayan pesos.

2
a
1

Comparison with the figures of May 31, 1921/
shows that France had reduced the*term debt
to the United States by $29,028,855, effected
principally by the retirement of the city of
Paris loan carried at $47,587,000 on" the
earlier date.
/
Analysis of the floating debt shows a number
of interesting changes. Treasury bills placed
with the British Government increased by
£36,794,500; those with the Bank of England
remained unchanged at £65,000,000, while
treasury*bills amounting to £21,630,000 placed
in the United States had been retired. In the
matter of bank credits, the sums are smaller.
The two largest creditors of the external floating debt are Spain and England, both of which
accounts show marked decrease. A summary
of the changes with respect to the United States
shows the following total of repayments between May 31, 1921, and March 31, 1922:
To Treasury of the United States (francs)... 618,115, 000
On Government loans placed with American investors
$36, 370, 000
Treasury bills sold in the United States
£21, 030, 000

Converted at the rates of exchange of
March 31, 1922 (francs at 9.03 cents and
pounds sterling at $4.38), these repayments
amount to $186,925,238.
Against this is to be set an increase in sums
due the American Government on account
of war stocks of $7,341,145, and the fact that
21739—22




4

1433

no payment of principal or interest was made
on the item of the foreign term debt designated
"Advances of the American Treasury."
The total increase in the public debt in the
10-month period between May 31, 1921, and
March 31, 1922, was 19,617,378,742 francs,
with an increase in annual charges of 993,439,149 francs.
THE PRESENT SITUATION OF FRENCH PUBLIC
FINANCE.

The increasing figures of the public debt are,
for the most part, due to the large loans necessitated for pension payments and for the reconstruction of the devastated regions, or to the
deficits accumulated by the payment of interest on advances previously made for those
purposes. Under the treaty of Versailles these
expenditures are supposed to be met out of
reparation payments. However, the detailed
statement of the Reparation Commission,
recently published, credits German}?- with total
payments on reparation account of 6,976,813,000 gold marks. Of these France had
received a total of 1,345,077,000 gold marks/
to which must be added the share of the small
undivided remainder and of payments, in cash
or kind, made since April 30, 1922, and some
credits on account of the Saar mines, etc.
From this may be deducted the expense to
France of maintaining the army of occupation,
amounting to 1,185,164,000 gold marks, exclusive of costs of maintenance paid by Germany
in paper marks. According to these figures
the apparent net receipts of France arc 159,913,000 gold marks 1 down to April 30 of this
year. While such a balance is not to be regarded as final, owing to certain indefinite
items, such as the Saar mines, it is sufficient
to show that the reparation program has not
been of material assistance to France in meeting the two items of reconstruction and pensions. These are estimated in round numbers
at 96,000,000,000 francs to the end of the current year.
The temporary moratorium of August and the
application for its extension for a prolonged
period, together with the financial straits of
Germany, do not offer much prospect for increased reparation receipts for the immediate
future, and the volume of deliveries under
such agreements as that concluded between
M. de Lubersac and Herr Stinnes is problematical.
In 1921 the receipts from taxes and other
revenue amounted to 21,543.000,000 francs,
while expenditures were 52,023,000,000 francs,
making a deficit of 30,480,000,000 francs,
1
On October 27 M. de Lasteyrie stated in the Paris Chamber of Commerce that France had received 1,500,000,000 gold marks, which -was
exactly the cost of the army of occupation.

1434

FEDERAL RESERVE BULLETIN.

covered by borrowing. The increase in the
public debt during the current year emphasizes
the gravity of the situation. According to
M. Bokano.wski, the reporter of the budget, the
deficit this year will equal that of last. He
estimates the revenues from taxation and
other sources at 20,900,000,000 francs. The
ordinary budget provided for expenditures of
24,687,000,000 francs; the recoverable budget
(against which there have been no receipts
credited to Germany) at 10,558,000,000 francs,
while additional credits voted to date (end of
October) were 2,462,000,000 francs. Credits
proposed end likely to be passed this year
amounted to 422,000,000 francs. This gives a
total expenditure for the year of 38,129,000,000
francs, of which 17,229,000,000 francs must be
covered by borrowing. Further, the Credit
National has issued loans to the amount of
8,000,000,000 francs for the settlement of
claims, and groups of sinistres have floated
issues to the sum of 2,000,000,000 more.
Principal and interest of both these types of
obligation must be met by the State, thus
bringing the figure of Government liabilities
to 27,229,000,000 francs. To this figure M.
Bokanowski adds other miscellaneous debits
amounting to nearly 4,000,000,000 more francs,
as follows:
Repayments due lianque de France..
Interest on foreign commercial debt
Payments on special accounts
Payments on war claims (sinistres)

Francs.
1, 700, 000, 000
1, 000, 000, 000
500, 000, 000
1, 00(X 000, 0C0

This would make a grand total deficit of
over 31,000,000,000 francs, with expenditures
for the year totaling 52,329,000,000 francs.
-Mr. Bokanowski computes that nearly as
much money (30,000,000,000) must be' borrowed in 1923. Under his estimation the
total expenditures of 1921, 1922, and 1923
will each be far in excess of twice the expected
revenues of the Government from its regular
or temporary sources. It must always be
borne in mind that the budget at present
under discussion for 1923, on which an
estimated deficit of something less than
4,000,000,000 francs is shown, is the so-called
ordinary budget,1 while the expenditure for
war pensions and reconstruction is carried on
the recoverable budget, which has not yet
come up for discussion. M. Bokanowski's
figures are for total expenditures under all
categories.
Senator Beranger, president of the finance
commission of the Senate, presented similar
estimates:
1
The proposed ordinary budget for 1923 carries an item for interest
charges (about 4,000,000,000 francs) for sums borrowed by the French
Government on accounts chargeable to Germany under the treaty.




DECEMBER, 1922.

1923

Expenditures
Receipts
To be covered by borrowing

Francs.
54,519,000,000
19,285,000,000

! - Francs.
, 55.517,000,000
! 24.091,000.000
j 30.820,000,000

!

35,234,000,000

The statistics, of the situation candidly
presented to the public are so formidable that
it might have been expected that their publication would have occasioned some disquietude in public sentiment, especially as
reflected in the exchange and investment
markets. Exchange was, indeed, weak at
the time, and it is possible that the discussion
encouraged some speculation for the decline
and also the shifting of bank credits out of the
country. The security markets, however, remained firm, noticeable strength being registered in some departments. This phenomenon
has been ascribed to various causes. The
strength in Russian issues was explained by
the prospects of improved relations. In the
case of other foreign issues, such as American
and Spanish, it was credited to a desire to
acquire investments which would be secure
against a further dowmvard movement of the
franc. In the case of industrial, or other
issues not having a fixed rate of return, it was
compared to what has been known as the
"flight from the mark."
It is usually impossible to discover the exact reason for any
movement in speculative issues, and the
prospect of increased business at advancing
prices was also an element in the rise in industrial securities. In some instances such
a rise in prices would result from a decline
in franc exchange. That the rise in industrials
may have been linked to the decline of the franc
is suggested by the fact that the prices of such
securities declined when the franc rallied. As a
matter of fact, it would seem that, had these disclosures and predictions seriously disturbed public confidence, they would have been reflected
in the prices of such securities as the old 3 per
cent rentes, which, though somewhat lower
than last summer, have remained firm. The
issue of new 3-5 year treasury bills, which
were offered for subscription between October
9 and November 10, was well received. It had
been hoped that some 5,000,000,000 or
6,000,000,000 francs would be taken; the
latest estimate is 8,232,124,000 francs.
Evidently the public was reassured by the
analysis of the favorable features of the situation, as presented by the Minister of Finance,
M. de Lasteyrie, who issued a series of figures
showing that while current expenditures are
still formidable, the trend is distinctly en-

, 1022.

1435

FEDERAL R-ESEHVE B U L L E T I N .

couraging. First of all, Government borrowing
is declining on the following scale:

TAXES AND Onncn REVENUES.
Francs.

1918
51,331, 000. 000 1919
1920
42, 822, ()()(), 000
31,120, 000. 000 1921
21, 000, 000; 000

6, 791, 000, 000
11, 586, 000, 000
19, 821, 000, 000
21, 543, 000, 000

Francs.

1919
1920
192.1
J922

The last figure is disputed by M. Bokanowski
in his detailed statement given above; but at
its worst it shows that this year's figures are
not worse than last year's. At the same time,
it will be recalled that perhaps half of the
reconstruction has been paid for, and that the
great sums disbursed in 1920 and 1921 were
raised in years of depression, while the current
year is one of fair business activity.
There have been important economies in
Government expenditure, notably in military
costs, as follows:
Francs.

1919
1920
1921
1922

18,185, 000. 000
7, G48, 000', 000
6, 312, 000, 000
4, 910, 000, 000

Making adjustments due to the changed
value of the franc, the figures for the current
year are computed to be 7.9 per cent less than
in 1913. Of course, a large part of this economy is due to the utilization of war materials
purchased in other years, and a part to the
fact that 1913 was what, before the war, was
regarded as a year of excessive military costs.
But such criticism can not obscure the evident
and encouraging fact of declining expenditure
under this head, while the reduction of military
service to 18 months is an important contribution to the productive capacity of a nation
decidedly short of man power. It is also evident that military expenditure can be held
responsible for but a small fraction of the
total estimated deficit of the year. Civil expenditures also show a marked decline.

M. de Lasteyrie estimates that the total revenue for this year will run over 1,000,000,000
francs higher than last year.
The problem of French expenditure was
briefly summarized by M. de Lasteyrie on
October 27 before the Chamber of Deputies,
when he said that while there was a serious
deiicit in the ordinary budget, this would be
covered within two or three years by the return
from existing taxation; while the much larger
deiicit in the recoverable budget was more disquieting, as it could not be reduced without
suspending the payment of pensions or the
work of reconstructing the devastated regions.
ITALY.

Improvements' in Italian industry and finance which were noted in the spring and became more evident in the summer appear to
be maintained. In this recovery most industries have shared, though the iron industry, owing to its want of natural advantages, is
showing little rallying power.
One of the clearest evidences of this recovery
is to be found in the index of security prices.
In the following table the prices of December,
1918, arc taken as the base.
Business or activity.

Banks
"Railroads
Transportation:
Land
Sea
CoU'on
Julc
Francs.
Wool
Linen
1920
11, 377. 000. 000 Silk
1921
9, 938! 000; 000 Mining
1922 (estimated)
7, 023^ 000, 000 Iron. ."
'Machinery
Aiiiomobiles.'
But in spite of these economies, the fact re- Electricals
mains that at present the annual income of the Chemicals
Sugar
French Government is not sufficient, without Other food products..
Water works
borrowing, to meet current expenses, including Realty
interest charges on existing internal indebted- Specialties

ness and foreign commercial loans. This fact
has given rise to the idea that France was undertaxed. Whether or not this is true, the
revenue of the Government in recent years
shows a most encouraging growth, despite the
fact that the resources of the country are weakened by the war loss of at least 2,000,000 men
killed or seriously wounded.




j
J)ccemSep. bcr, March, =June, tember,
1922.
1922.
1922.
1921.

'
.. . .
.

94
50

58
54
125
102
118
155
: 153
.. .' 53
17
32
5G
07
59
,
!

i

101

107
i

90

1

100
112

90 .
52
61 •

47
115
108
118 :
124 '
128 :
50
14
18
17 •

08 !
54 :
97
98 '
87
93
103 '

92
55
71
53
136
100
131
150
183
50
14
18
57
70
01
100
100
84
92
103

94
50
84
74
150
127
143
165
201
59
10
22
64
73
70
115
125
84
103
121

The general index number is given as 63.84
for December, 1921; 60.54 for June, 1922; and
67.47 f£>r September. The recovery has been
most pronounced in the textiles, especially
silk, but probably the most encouraging
feature is the wide distribution of improvement.

1436

FEDERAL RESERVE BULLETIN.

The investment situation also points to a
return of confidence. In June and July capital withdrawn from industry, whether by
mergers, bankruptcies, or readjustments, exceeded the amounts of new capital invested.
This situation was reversed in August and
September, but recurred in October.
INCREASE OF CAPITAL INVESTMENT IN ITALY.
[Thousands oflire.]

Month.

Juno
July
August
:
September
October

!
Invest- : Withj incuts. | drawals. |

: 4.77,173 i 656,131 -178,958
i 207,520 j 299,533 \ —92,003
181,522 I 91,193 !
93,329
; 298,757
37,00-t ! 261.753
j 432,000 | 460,000 | -28,000

The situation of the banks of issue seems to
be improved, as may be seen in the table on
page 1507, carried down through October of
this year. The statistics show an increase in
total reserve to 2,039,000,000 of lire, which is
slightly over the average for 192.1 (2,020,000,000
lire).
Circulation for the account of the State
declined to 8,049,000,000 in June, the lowest
figure for the year, and 1,015,000,000 lower
than the average for 1921. Since June it has
shown a gradual tendency to expand/but it is
still materially lower than at any time last year.
Commercial circulation, on the contrary, is
considerably higher than in recent months, the
September figure having been exceeded only
three times - -in December, 1921, and January,
1922, when it was ascribed' to the Banca
di Sconto crisis, and in July, 1922. The most
probable explanation of the high volume of
currency issued against commercial needs lies
in the maintenance of a high price level. For,
unlike prices in many countries, Italian prices
never passed through a period of contraction.
Commercial circulation reached its low point for
the year in May, when it stood at 9,259,000,000
lire, and in the same month the index of wholesale prices reached the lowest figure (524) since
July, 1921. Since May prices have steadily
mounted to 601 for October, which compares
with the figure of 599 for the same month last
year. Despite rising prices and increased business activity, the banks of issue show a declining tendency in both deposit and demand
liabilities and in loans and discounts, though
both of these items are higher than a year ago.
GERMANY.
THE EXCHANGE SITUATION.

The catastrophic decline in the value of the
mark during the last few months has increased
the difficulties confronting the German Govern-




DECEMBER, 1922.

ment and the Reparation Commission. Factors which control mark exchange, discussed
in previous articles (see FEDERAL RESERVE
BULLETIN for September and October), continued to exercise their depressing influence,
with the result that the mark, as expressed in
•United States currency, decreased from 0.066
cent on September 11 to 0.0369 cent on October 11, a decrease of about 45 per cent in one
month. This drop further demoralized industry and commerce. Wholesalers and retailers
were willing to part with their goods only in
exchange lor foreign values, and in many;
instances the mark ceased to be a medium of
exchange or standard of value. In addition,
the "flight from the mark" assumed a velocity
previously unprecedented. These conditions
accelerated the need for stabilizing the value
of the mark to such an extent that the stabilization problem occupied first place in the deliberations of the Reparation Commission and
has become the principal issue of the Social
Democratic Party. Since, however, final stabilization of the mark can not be accomplished
before the reparation question is settled, other
preliminary measures were adopted to prevent
the entire collapse of the mark and to curb
speculation in foreign exchange. As the first
step, j;he German Government, under date of
October 12, issued a decree forbidding the billing and paying in foreign currencies for domestic transactions and the purchase of foreign
currencies for purposes of speculation or capital
investment. The seriousness of the situation
and the great importance attached to this new
foreign exchange decree can be gauged from
the fact that it was based upon paragraph 48
of the constitution of the Reich, which, states
that in case the public order is being disturbed
or seriously threatened, the President must take
the necessary steps "to reestablish a state of
security.77 The internal insecurity arises from
the fact that the precipitous drop in the value
of the mark has raised the cost of living to such
an extent as to leave the purchasing power of
large masses of the population further and
further behind.
The new law has aroused great interest all
over Germany. While approved by many,
especially by the socialists who asked the
Government to adopt all means to stabilize the
mark, it was bitterly attacked by almost all
banking and mercantile interests of the country
for reasons discussed later. This new act,
together with the general problem of stabilizing the mark, played also an important rdle in
bringing about the fall of the Wirth government.
The most important clauses of the decree
are embodied in paragraphs 1 and 2 and are
given in full below as translated from the origi-

DECEMBER, 1922.

L RESERVE BULLETIN.

1437

nal German text. The rest of the decree will statements or fail to furnish the necessary
data (par. 11).
be briefly summarized.
The executive regulations concerning this
Paragraph 1.—Payment in foreign currency in the
domestic trade, as described in paragraph 1, section 3, of decree, issued a few days later, contain some
the law on dealings in foreign credit instruments of Feb- additional provisions which declare that the
ruary 2, 1922,l shall not be" demanded, tendered, stipu- terms of the decree do not apply to business
lated, effected, or accepted.
In the retail trade the fixing of prices m. Gorman money transactions of the Federal and State authoron the basis of a foreign currency is also prohibited. The ities nor to transactions of the post and railway
German Government reserves to itself the right to issue administrations. They further state that paracorresponding regulations with respect to other domestic graph 1 of the law does not apply to transtrade. ''Foreign exchange," in the sense of this decree,
includes specie, paper bills, bank notes, etc., remittances, actions in which foreign currency is given by
foreigners in payment for goods and services.
orders to pay, chec'Ks, and bills of exchange.
Paragraph 2.—The purchase of foreign exchange is per- Nor does it apply to payments made in foreign
mitted only after authorization has been secured from the exchange within the border zone (Grenzbezirk)
"Prufungstello" (office of verification) within whose
jurisdiction the person giving the order has his industrial or the occupied territory, provided the value of
undertaking, or, in the absence of such, his domicile, or, the foreign exchange does not exceed 20,000
in the absence of both, his place of sojourn. No permit is marks at the current rate of exchange.
required if the order was given by the Reichsbank or by
Since the decree of October 12 left many
banks or bankers answering the description given in paragraph i, section. J, of the law on dealings in foreign credit questions unsettled, an additional decree supinstruments of February 2, 1922. or by a person or associa- plementing the first one was issued, on Oction registered in the commercial or corporate register and tober 27. Its main clause reads as follows:
to whom is issued by the competent chamber of commerce "Payment in foreign currency for domestic
a statement to the effect that the nature oi; their enterprise
involves business transactions, the performance of which purchases may be made where such payment
makes payments to foreign count lies necessary.
has been agreed upon before the decree was
enacted, provided such payment
not
Prufungstellen are the subsidiaries of the later than December 15, 1922. falls duepayWhere
Reichsbank and other offices designated for ment is to be effected after December 15 it
that purpose by the Federal Government in must be made in marks at the rate of exchange
agreement with the Reichsbank. Banks and
bankers who are authorized to seN foreign of the day of payment."
The new foreign exchange decree embraces
exchange may carry out such transactions only
after they have satisfied themselves as to the two different questions, namely, the billing
identity of the person giving the order, who and paying in foreign exchange for domestic
also must state the purpose for which the for- transactions and the purchase of foreign exchange. The prohibition of payment of foreign currency is intended (par. 3).
The Prufungstellen are required to verify the eign currencies in domestic transactions, alstatements transmitted to them as to whether though it has been favorably commented upon
the foreign values are used for purposes u essen- by a large part of the German press, is unjust to
tial to the interests of German economic life." many retailers, since this law does not apply
Purchases of foreign exchange for purposes of to wholesale transactions. Thus, while respeculation or investment of capital are re- tailers pay for their purchases, especially those
garded as " nonlegitimate " (par. 4). Persons imported or based upon foreign raw materials
who have purchased foreign exchange are mainly on the basis of a foreign currency, they
obliged to furnish to the Pmfungstelle any are prevented by law from calculating their
data, documents, or other material essential to sales on this basis. The cotton trade espeshow how the foreign exchange has been util- cially was very hard hit by the new regulation,
ized (par. 6). Imprisonment up to three years since for sometime it has been a general cusand a fine equal to one to ten times the value of tom in Germany to deal in cotton only on a
the foreign exchange is provided for deliberate dollar basis. The Bremen cotton exchange
violation of this law. In the same manner was, therefore, among the first institutions to
owners of banking institutions or their repre- take exception to the new regulation.
The second part, however, regulating the
sentatives are subject to the above punishment
if they deliberately sell foreign exchange con- buying of foreign exchange is by far more
trary to the provisions of paragraph two important. In the first place, many owners of
foreign exchange, knowing that it will be very
(par. 8).
A penalty up to 100,000 marks is further difficult in the future to acquire foreign values,
with their
provided for carelessness on the part of bankers have been very reluctant to partthat higher
holdings. The consequence is
or their employees (par. 9), and a fine up to prices must be paid for foreign currencies.
1,000,000 marks for persons who make false The new bill also eliminated the mark to a
1
Transactions between two panics, both of whom are domiciled in. or large extent from international arbitrage transresidents of Germany and whoso goods are nol destined for shipment actions and thus induced many foreigners to
abroad.




1438

FEDERAL. RESERVE BULLETIN.

DECEMBER, 1022.

liquidate their mark holdings. In addition it I Although it is thus seen that the new Gerinflicts serious damages upon the savings of man foreign exchange act was unable to premany German nationals not engaged in busi- vent a further decline in the value of the mark,
ness, for it prevents private citizens from it did eliminate speculation in foreign exinvesting their savings in values which are change almost entirely. This seems to indinot subject to depreciation and thus makes cate that speculation in mark exchange was
safe investments impossible. This undoubt- not playing so prominent a part in the rise
edly will induce many Germans to invest their and fall of the mark as has been attributed to
mark holdings in commodities, by which an it and. that the great demand for foreign
artificial demand for goods is created, followed currencies in Germany arises out of legitimate
in turn by an increase in prices. An artificial import transactions and the fiscal needs of the
inland demand further tends to increase do- Government. The steady decline in the value
mestic consumption, and thus it not only de- of the mark since October 12 showed also to
creases the quantity of goods available for what extent the valuation of mark exchange
export, but may ultimately result in an in- depends upon domestic and foreign political
crease of imports. To cope with this situation events, and that the quotation of the mark is
and to provide safe investment securities, often determined, not in Berlin, but in other
the Government was urged to issue gold cer- foreign exchange centers, especially in New
tificates, and in fact it approved in principle York.
the issuance of gold notes amounting to
The discount rate.--Even the huge increase
about 400,000,000 gold marks bearing 4 per in the amount of paper notes outstanding,
cent interest. As security for these notes the amounting to 120 billion in September and 153
receipts from taxes on exports and on coal, billion in October, was insufficient to overcome
and part of the gold of the Reichsbank were the prevailing credit shortage. This is mainly
mentioned. Up to the present time, however, due to the fact that prices and the cost of
no definite decision has been reached. In production increased more rapidly than the
many German circles it is believed that an amount of notes outstanding. The rapid
issue of gold notes is inadvisable before the increase in the cost of production forced many
bigger questions of stabilization and repara- enterprises to rely more and more on bank
tion are settled.
credit. The banks in turn, in orde&^to acThe passing of the new foreign exchange act commodate their customers, rcdiscounted their
seems to have had very little influence upon bills to an ever larger extent with the Kcichsthe recent development of mark exchange. bank. The latters 'holdings of commercial
Though the dollar, which on October 10 stood paper have increased very rapidly, as may be
at 3,000 marks, declined to 2,400 marks after seen from the following figures:
the promulgation of the foreign exchange bill
RrciCHSHANK HoLDlNCiH .,<>!< 0o.M M E KC1AL P A I ' K R .
on October 13, it rose to 4,000 marks on
October 20, and reached its highest point on
, I in millions of murks.]
November 7, when it amounted to 8,392 Oct. 14
(')?>, (y\\)
101, 155
marks. Since then the dollar has been quoted Oct. 31
125,877
at between 6,500 to 7,000 marks. It is, Nov. 7.
15
174, 884
however, difficult to state whether the foreign Nov. 30
Nov.
246, 949
exchange act retarded the downward moveThus the Kcichsbank is called upon not only
ment of the mark or not, since important
external and internal political events, such as to take care of the ever-increasing demand of
the downfall of the Lloyd George Cabinet in the Reich, but also of the growing needs
Great Britain and the indefinite answer of the of industry and commerce. In its attempt to
Reparation Commission, exercised a depress- check this huge demand for credit the Reichsing influence on the mark. It may. however, bank on November 13 increased its discount
be stated, that Government restrictions with rate from 8 to 10 per cent. This is the fourth
regard to foreign exchange transactions are increase since July 28, when the discount rate
in themselves unable to prevent the down- was raised from 5 to 6 per cent, and is at the
ward movement of a country's currency. present time the highest discount rate charged
The Austrian, Polish, and other central and by any central bank. In the present state of
eastern European Governments have issued business, however, the new increase can have
many similar decrees, which, however, in very little effect upon credit conditions in the
almost all cases were unable to prevent a. country, since the rate of interest charged by
further depreciation of the currency,
private banks is much higher.




DECEMBER, 1022.

FEDERAL RESERVE BULLETIN.

1439

FINANCIAL AND ECONOMIC CONDITIONS America, with the exception of Honduras, depends upon the coffee crop and the market
IN CENTRAL AMERICA.

price of this commodity. The soil and the
In view of the specialinterest in Central Ameri- climate are so well adapted to coffee growing
can affairs due to the political conference, called that other crops which might also prove
by the Secretary of State for December 4, 1922, profitable have been neglected. The majority
it is of importance to inquire into the finances of of the plantations of Guatemala are owned by
the Governments concerned. As a background foreigners, and in the other countries there has
to a discussion of fiscal policies, however, a been a tendency to sell the best plantations to
brief description of the economic resources and foreign planters. The reason for this is stated
trade relations of these countries is presented. to be the inadequacy of local facilities for
Central America comprises the Republics of financing the crops, whereas foreign owners are
Guatemala, Honduras, Ei Salvador, Nicaragua, able to finance themselves in foreign markets
and Costa Rica, which before 1821 constituted at low cost. Imports of Central American
a Capitania General under the general name of coffee into the United States are not consideraGuatemala. The soil, climate, and geographical ble, compared with our total imports of coffee.
aspect of the five countries arc similar. Their In 1921 they amounted to 11 per cent of
products are alike and ethnologically there is the total coffee imports into the United
much similarity among them. It is perhaps States, of which Guatemala furnished 76,000,due to these different reasons that the five 000 pounds, Salvador 36,800,000, Nicaragua
Central American Republics have recognized 17,700,000, and Costa Rica 16,200,000 pounds.
to some extent their common origin and inter- Exportation of other Central American prodests, and have, therefore, at different times ucts, such as gold, silver, hides, cocoa, sugar,
endeavored to establish themselves as a polit- coconuts, rubber, mahogany, and others, are of
ical unit. Up to the present time, however, minor importance. In fact, in 1913 coffee
all attempts have been unsuccessfiil. Geo- comprised 63 per cent and bananas 18 per cent
graphically, Central America may be divided of the total value of Central American exports.
into three distinct regions—the central moun- Imports into Central America comprise most
tains, the valleys, and the marshy sections of of the articles necessary to human subsistence,
the coasts. The principal cities are built on which shows the extent to which coffee growthe highlands of the interior, which makes it ing has led to the neglect of other crops, such as
difficult to provide for adequate means of wheat, which can be successfully grown in
transportation. The countries of Central several parts of Central America. The United
America are primarily two-product countries. States is in an advantageous position with
The highlands and the slopes of the mountains regard to Central American trade, due to the
are particularly well adapted to coffee growing proximity of the Caribbean ports to New
and the lowlands to the cultivation of bananas. Orleans and of Pacific ports to San Francisco
The condition of the coffee and banana crops and Los Angeles, and also to Now Orleans
is of great economic importance to the Central through the Panama Canal.
American countries.
Transportation facilities in Central America
A large portion of the coffee output of Cen- are inadequate and the improvements effected
tral America is shipped to England, but the by the fruit companies have been subordinated
United States is the largest market for bananas. to special purposes. Only two of the capitals
In point of fact, the banana industry in Central of the five countries have railroad connections
America has been developed almost entirely with ports on the Caribbean Sea and the Pacific
with American capital. At the close of 1920 Ocean. Tegucigalpa is connected with the
the largest fruit company had 40,000 acres of port of San Lorenzo by a highway, but no
land under cultivation in Honduras and railroad reaches this city. In Guatemala the
20,000 acres in Guatemala and Costa Rica. railroads have been more developed than in
The value of its investments was given as the other countries. One of the railroad lines
$13,100,000 in Honduras, $8,200,000 in Costa of the country connects with the Mexican
Rica, and $3,600,000 in Guatemala. Two system. American interests in Central Amerother companies have also under cultivation ican railroads are comparatively large. The
an extensive acreage in Honduras, and the main line of Nicaragua has been under American
steamship service, railroads, and other services ownership until lately, when it was returned
on the Caribbean Sea are almost exclusively to the government of that country. One of
in the hands of the fruit companies. This, of the American fruit companies owns about 440
course, does not apply to El Salvador, which is miles of railways in Guatemala, Honduras, and
the only country without an outlet to the Costa Rica, and about 190 miles have been
Caribbean Sea. The prosperity of Central j leased to this company in addition.




1440

FEDERAL RESERVE BULLETIN.

The following table presents for purposes of
comparison statistical data relating to the
economic position of the live Central American
countries:
Guatc- I. Hon.duras.
mala.
1922.

I Kl Sal! vador.

Nicaragua .

Costa
Rica.

;

Area (square kilome- .
;
34,126 150,657
54,000
120,000
tors)
113,030
Equivalent
in ;
4.6,250
13,176 49,552
18,691
square miles . . . !; 48,290
Population (cstimat650,109 1,500,000 638,119!
576,581
ed)
|2,232,000
Inhabitants per square,
10
o,
43
kilometer......'
\
12
500
403!
2,9871
4,000
Army in time of peace;
6 ; 950
807
399!
424
"Railroads (kilometers),
707
7,460!
3,867
4,547,
2,948
Telegraphic lines
'. 7,270
176
253
124!
301
Number ofpost offices.
420
1922-1923 budget and ;
foreign trade (Unit- I
ed States dollars): 2 i
Public debt in J9219; 544,1391139,129,977|12,560,465;9,505,935 ^13,398,670
4.3 i
214|
8.4 .
14.9
23.2
Per inhabitant
Military expenses.'J.,674,5S4 ! 1,063,00511,604,569! 132,292 1426,113
.75i
1.641
1.07'
.20
.74
Per inhabitant;
i
I
'
Public instruc- i
371.410
613,482- 63,313
651,918
tion expenses...;! ,083,721!
.49;
.58.411
.10
1.13
Per inhabitant
Budget for total
expenses
18, 258,182! 3,649,5166,868,605! 1,853,493" 4,425,043
Per inhabitant I
3.70
5.60 :
4.52
2.90
7.68
Total foreign trade (in :
thousands of dol- j
lars):
!
8,446:
1.9,011
15,509 : 13,482
1913
| 23,696
10,046'
17,999
15,755!
9,089
1914
! 22,085
9,332!
14,454
14,586'
7,726
1915
i 36,639
8,642!
17,264
17,900" 10,062
1916.,
! 39,177
11.64Gi
36,921
17,569i 12,368'
1917
16,865
J0,518i
13,363
16,607 i 13,684'
1918
17,9531
12,929!
25,273
3.1,930: 20,322
1919
! 36,6351
19,805!
32,194
30,590
24,665
1920
! 36,447
23,1531.
21,01.2
; 32,631
1921
Per inhabitant
(1920 and 1921
average)
i
16.33!
34.771
20.39;
19.80
44.79
i

!

1

4 colones t o SI.
2 S t e r l i n g a m o u n t s c o n v e r t e d a t S4.8665.
3 F r a n c s d e b t c o n v e r t e d a t §0.0828.

DECEMBER,

1022.

same as a dollar, but with the subsequent depreciation of this metal, which started in 1859,
the value of the silver peso fell steadily. In
1859 the price of silver was about $1.39 an
ounce; by 1895 it had fallen to SO.654, and the
value of the peso wa~s\thereby reduced to about
50 cents. The constant issue of unsecured
paper currency also contributed to lower the
value of the unit of currency. In 1898 the
Government, after borrowing from the banks
a large part of their metallic reserves held
against their note issues, relieved them of their
obligation to redeem their notes in silver. The
result was that silver coins disappeared from
circulation and by 1900 the value of the paper
peso had been reduced to about 15 cents.
Five 3rears later a peso was quoted at about 5
cents. The average quotation for a Guatemalan peso in 1921 was 2.003 cents. The
opening quotation for the year was 45.03 pesos
to $1 and the closing average rate in December
was 53.02 pesos to the dollar. According to the
average value of silver in the year 1921, the
standard Guatemalan peso would be worth
$0.5257. It is not possible at present to establish any value relationship between the
paper and the silver peso. The lowest ebb in
the value of the Guatemalan paper currency
was reached, in August, 1921, due mainly to
a severe drop in the prices of coffee and sugar.
The Government undertook to control the
exchanges and fixed the value of the peso at 2
cents in United States currency. This rate
was maintained during the months of October
and November, but later on, due to speculative
operations and political uncertainty on account
of the revolution in December, it dropped
sharply. During the current year no improvement has been manifested, the last quotation
in November, 1922, being 57 pesos to the dollar.
The floating debt of Guatemala on December 31, 1921, amounted to about $140,000 and
the external debt to Great Britain totaled
£1,940,643, the amortization during 1921
amounting to £323,340. Following is the
statement of the debt of Guatemala to Great
Britain as of December 31, 1921:

Political instability has been for a long time
one of the greatest difficulties which has confronted Central America in its economic development. Extraordinary expenses for military purposes have been in many cases the
responsible factors for unbalanced budgets.
The failure on the part of the Central American
countries to balance their budgets has been due
not only to excessive expenditures, but also to
the inadequate collection of revenues. Tax
systems are not efficient and in many inFOUR PER CENT EXTERNAL DEBT.
stances the amounts collected are not applied
to the expenditures as originally proposed.
Issue of 1895 (amount still outstanding)
£1, 482, 800
CURRENCY AND FINANCIAL PROBLEMS OF
GUATEMALA.

Issue of 1913
Less amount redeemed

The monetary system of Guatemala is nominally based on the silver peso as standard, which Deferred certificate
is 0.900 fine and weighs 385.8 grains. In 1874 the
value of the silver peso was approximately the
Total




29, 660
1, 512, 460
416,420
1, 096, 040
844, 603
1,940,643

DECEMBER, 1022.

1441

FEDERAL RESERVE BULLETIN.

The following table indicates the receipts regulated by the fluctuations of the market
and expenditures of the Government of Guate- price of silver. In 1919 and 1920, due to the
mala for the year 1921:
sudden rise in the price of this metal, practically all the silver coins disappeared from
circulation and United States dollars were imUnited
States
Pesos.
Items.
ported instead. Since the close of 1920, howcurrency.
ever, the price of silver has registered a severe
fall, and Honduras is now again confronted
REVENUES. '
814,920 145, 030,118 with the silver currency problem, since conCustoms.
71 425,551 siderable amounts of coins of several LatinLiquors.
759,308
Taxes, various
107,131
20
370,715 American countries, of authorized circulation,
Pension fund
9,935
4.4,573
Extraordinary revenues
101,988 have made their appearance lately in that
Tax for reconstruction after earthquake.
52,840 !
2,504 country.
Interest:
The banks do not, however, accept
148,921 ! 2, 724,631.
Post office
28,709 !
294,309 silver at par for the purchase of exchange, and
Telegraph
302,548 i 241,759,790 on the north coast merchants do not accept
Total.
silver in their mercantile transactions. In the
EXPENDITURES.
remainder of the country silver money circu344,727 ! 43.270,453
Justice
140,751
2,039,948 lates currently with American money at the
Foreign relations
,
192.097 20,069,345
Treasury
219;950 29,385,903 rate of 2 for 1, except in the purchase of
Promotion
328,802 03,890,413 foreign exchange, in which case the former is
• War
97,588 23,014,622
Public Instruction
51,007
1,595.078 at a discount.
Honduras has no Government
Agriculture
7,805 • 1,7()9; 316
Pensions
paper issues. The Banco Atlantida and the
Commissions
73,282
8,502 13,597,902 Banco dc Honduras enjoy the right of note
Municipal, expenses
50,715 !' 0,378,0.10
Charitable institutions
2,057
13,925 issue.
Floating debt
6,447 ; 2,850,074
Railroad of the " A l t o s "
There has been a rapid increase in the in177.626 : i
30,960
Centennial celebration.
33i;152
Railroad
debtedness of the country, although the peak
Discounts
5,017 j
i.
Telegraph
27,666 10,313,441 of military expenses, resulting from recent
4.1,403 i 6,880,708
Post of lico
political disturbances, has probably been
10,256 :
.
Gold stamps
226,996 I 64,668,000 reached.
External debt
Following is a comparative state3,943,195
Bonds of internal debt
1,580,151 ment of the budgets for the fiscal years 1921Bonds of the Northern R. I t .
Total
2,27.1,284 295,923,386 22 and 1922-23.
BUDGETS von YEARS 1921-22 AND 1922-23.

It may be seen from the above table that
[In thousands of pesos silver.]
the Guatemalan Government during the year
1921 incurred a deficit of 54,163,596 pesos, and
§1,908,736. These amounts are much larger
than the deficit for 1920, which amounted to
27,232,364 pesos. It is evident that expendi- Customs:
Import duties..
tures during the last two years have increased
Export duties..
Other dues
considerably on account of extraordinary expenses for the recent military activity of the
Total customs revenue
revenue
country, and that the deficit for the current Aguardiente saltpeter reveiiuo
Powder and
and stamped
year will probably amount to larger figures. Stampstelegraph, andpaper services..
Postal,
cable
On January, 1922, the Minister of Finance re- Sundry receipts
Roads and sanitat ion
ported that the current expenses of the GovTotal gross revenue
ernment totaled about 23,000,000 pesos per
month and that receipts amounted to only Reductions for sundry costs..
Net estimated revenue.
about 15,000,000 pesos, thus showing a monthly
deficit of about 8,000,000 pesos. The war Departments: EXPENDITURES.
expenditures of Guatemala amounted in 1920 Interior
Justice
to 56,206,926 pesos, whereas in 1921 this item
Foreign Affairs
Education
was increased to 63,896,413 pesos and $328,862,
Public Works, Development, and Agriculture.
as shown in the above table.
War and Navy
Finance
Public Crodil

GOVERNMENT FINANCES OF HONDURAS.

Total.

1921-22

1922 23

2,700 |
360 I
420 |

2,977
312

3,480 !
2,10,3 :
20 i
395 ;
190 !

3,778
2,227
20
446

559
425

748
450

7,1.74
500

7,949
650

6,674

7,299

1,683
252
267
708
1,297
1,812
433
222

1,225
306
293
743
1,438
2,126
604
564

6,674

7,299

The monetary unit of Honduras, as of Guatemala, is the silver peso, with subsidiary silver
The above table shows that, military exand copper coins. The value of this unit is penditures comprise the largest percentage of




1442

FEDERAL RESERVE BULLETIN.

the total expenses of the Government. During
the fiscal year 1920-21 the total war expenditures of Honduras totaled 3,417,475 pesos, or
45 per cent of the total amount of Government
expenditures. Since the fiscal year 1914-15,
the Honduras budgets have resulted in continued yearly deficits. The largest deficit occurred during the fiscal year 1919-20, amounting to 1,081,609 DCSOS, as against 72,437 pesos
in 1920-21.
The internal debt of Honduras amounted to
3,777,000 pesos on July 31, 1921. Not including certain loans on current account made to
the Government by banks and other corporations in the amount of about $1,000,000, this
amount of the internal debt shows an increase
over the previous year of 221,018 pesos.
According to the hi test statement of the
Corporation of Foreign Bondholders, the foreign
debt of Honduras "amounts to £28,188,047.
This sum is made up as follows:
5 per cent loan of 1807
Coupons in arroar (April, 1873, to October,
1921
Total
10 per cent loan of 1867
Coupons in arrear (January, 1873, to
January, 1922)

]

DECEMBER, 1922.

condition of which at the close of the first
semester of 1922, as reported in the Diario
Oficial, was as follows:
[In thousands of colones.]
Credits
Percentage of
in
G old ! National current j Circucash
held. | currency. account ; lation. reserve
(legal 40
and sighi;
percent).
deposits, j

J tanks.

Banco Salvadorcno
Banco Occidental
Banco Agricola-Cornorcial

1,004 '
.1,015 :
278

2,008
2,030

049
1,120

3,314
3,746

556

822

929

The following is a summary of the 1921-22
budget of El Salvador, as published in the
Gaceta Oficial of August 30, 1921:
BUDGET FOR 1921-23.

Estimated revenues:
Import duties
£78, 800
Export duties
Liquor revenue
193, 000
Stamped paper, etc
Direct taxes
271,860
Sundries
National services
900. 700
National properties

4, 458, 465

Total
Estimated expenditures:
Total
5, 359,165
National assembly
Presidency of the Republic
Of per cent loan of 1869
2,176, 570
Department of Government
Coupons in arrear (September, 1873, to
Department of Internal Development
September, 1921)
,. 7, 037, 577
Department of Agriculture
Department of Public Instruction
Total
9,214,147
Department of Foreign Affairs
Department; of Justice
10 per cent loan of 1870...
2, 242, 500
Department of Charity
Coupons in arrear (January, 1873, to
Department ot Finance
January, 1922)
11,100, 375
Department of Public Credit
Department of War and Navy
Total
13, 342, 875
General Ministry
Grand total

28,188, 047

56.67
48. 24
12.1.1

Total

Colones.
0,158, 000
1, 373, 800
2, 930, 000
582^ 000
850, 000
781, 000
943, 000
90, 270
13,714,070
09, 905
102, 940
3, 090, 229
1, 293,190
40, 420
1, 220, 904
304, 204
950, 772
004^ 852
912, 537
1, 000, 000
3, 209,137
200, 000
13, 737, 210

All foreign obligations of the Honduran GovBudgeted expenditures exceed estimated
ernment have been in arrears since 1873. revenues by 22,540 colones. Since 1910, the
Various attempts at settlement have been Government finances of El Salvador have
made, but so far without success.
resulted in continued deficits, with the exception of the calendar years 1916 and 1920.
The average annual deficit since 1910 has been
GOVERNMENT FINANCES OF EL SALVADOR.
1,135,000 colones.
The monetary unit of El Salvador is the gold
According to a statement of the Minister of
colon, with a par value of $0.50 United States Finance, the internal debt of the country as
currency. The average current quotation of of December 31, 1920, amounted to 15,793,913
the United States dollar in El Salvador at colones, and according to the Corporation of
present is 207 colones to $100. There are three Foreign Bondholders the external debt of El
banks of issue in the country, the financial Salvador, as per the new arrangement concluded in December, 1921, amounts to £958,i The amount of bonds in circulation is understood to be £60,900, the
288, as follows:
balance of £17,900 being in the hands of the Honduras Government.




DECKMUER,

1022.

( per cent sterling bonds, 1908
>

FEDERAL RESERVE BULLETIN.
£1. 000, 000

1443

viding for a foreign loan which was to be
secured by the customs duties. The customs
service was to be reorganized under the direcNet amount
756, 900 tion of an American expert.
This treaty was never ratified by the United
7 per cent sterling funding bonds of 1915
229, 908
States Senate. While it was still receiving conLess amount redeemed
28, 520 sideration, however, a group of New York
bankers had made the Government a temNet amount
201, 388 porary loan of §1,500,000 in September, 1911,
Total
' 958, 288 in order to make possible the reorganization of
In addition to the above amounts, the the currency. To afford better security for this
Government owes the Salvador Railway Co. loan the "Republic undertook to appoint a custhe sum of £44,000 on account of arrears in toms collector nominated by the bankers with
the approval of the Secretary of State. At the
subsidy.
The December, 1921, arrangement for settle- same time a national bank was established, 51
ment, as above reported, originated after the per cent of the stock of which was taken by the
February coupons of the 1908 and 1915 bonds bankers making the loan.
Since 1911 the foreign debt of the Republic
had gone into default.
The loan contract of June 24, 1922, made has been reduced, the internal debts have been
between a representative of the Government refunded, and in large part paid off. The
of El Salvador and a banker of New York monetary reform and. the reduction of GovernCity, provides for a loan of about $16,500,000, ment expenditures have made it possible to
divided into three series in the amounts of place the finances of the Republic on a sound
$5,000,000, £1,050,000, and §6,500,000, re- basis.
The National Bank has the exclusive privispectively, with the right to increase the last
to $11,500,000. Accordingly, the bonds of the lege of note issue and acts as Government
first series are to be purchased by the bankers at depositary. One of the principal functions of
88, bearing interest at 8 per cent, and to mature the institution was to undertake the conversion
July 1, 1947. Several stipulations are made as of the irredeemable paper currency into a new
to redemption before maturity at the option of monetary unit, the cordoba, which is equivalent
the Government. The second and third series to the United States dollar. In 1915 the bank
are to be issued at par and will bear interest became affiliated with the Mercantile Bank of
at the rates of 6 and 7 per cent, respectively. the Americas and started to undertake comBoth series are to mature July 1, 1956, but mercial banking business. The National Bank
are.. redeemable before maturity at Govern- is now controlled by the Bank of Central and
ment option. The purpose of the loan is to South America, of New York. According to the
refund the existing floating and internal and bank's statement for August, the total amount
external debts, and also to provide for funds of its notes in circulation for that month was
to be used for public works. As security for $2,026,915. Another important step taken was
the above bond issues, the contract calls for the purchase by the same group of New York
a first lien on 70 per cent of the total receipts bankers of 5l" per cent of the stock of the
of the net customs revenues. This percentage national railroad. This road is at present in
is to be raised in case the amounts collected good operating condition and the earnings
are not sufficient to cover the service of the obtained are satisfactory. The control and
loan. Also, in accordance with the contract, management of the railroad have remained,
a fiscal agent is to be appointed for the man- with the bankers, although, the Government
has owned the entire stock of the railroad
agement of the loan.
since 1920. A project to extend the line to
GOVERNMENT FINANCES OF NICARAGUA.
the Caribbean Sea is still in suspense.
In 1911 Nicaragua had just emerged from a
The Mixed Claims Commission, composed
protracted revolution which had brought about of a Nicaragua!! judge appointed by his
a complete disorganization of the Republic's Government and two American judges apfinances. The interest and sinking fund of the pointed by the Secretary of State, and later
external debt was in arrears and paper cur- •the Public Credit Commission, which was
rency had been printed in such amounts that similarly composed, have passed upon and
exchange had fallen to 5 cents United States settled a great volume- of claims against the
currency to the peso. In an effort to make I Republic.
possible the rehabilitation of the Republic's
The Government of Nicaragua has been enfinances the Government entered into a treaty deavoring to obtain a loan of about §4,000,000
with the United States on June 6, 1911, pro- to be used for the payment of the balance due
Less amount redeemed




243, 1.00

1444

FEDERAL RESERVE BULLETIN.

on the national railway, the construction of a
road to the Caribbean coast, and for the
refunding of certain debts.
The customs revenues of Nicaragua for 1921,
amounting to $1,077,256, compare unfavorably
with those of 1919 and 1920, which totaled
$1,370,264 and $2,055,989, respectively. According to the latest reports, this source of
Government revenue has undergone a further
reduction during the current year.
The following table shows the estimates of
revenue and expenditure for the fiscal year
1921-22:
BUDGET FOU 1921-22.

Estimated revenue:
Internal revenue
81,' 210, 920
Special taxes for public! works, public; instruction and service of guaranteed customs bonds
582. 408
Import duties
.'
1. 074! 000
Export duties
125'r 000
Consular and other dues
17;-). 200
Pacific Railway of Nicaragua
200. 000
National Bank
'.
14, 000
Total

3, 385? 528

Estimated expenditu re:
Legislature
Department of Government
Department of Police
Department of Justice
1...
Department of War and Navy
Department of Finance
Department of Interior and Public Works
Department of Foreign Affairs
Department of Public Instruction
Judicial power
Additional items of $26,666 per
month
Department of Interior, additional expenditures
General customs collection
Public d e b t Service of external
bonds of 1909
Service of internal
bonds, etc
Total

Si6,125
105,193
2(54, 413
75, 863
143, 827
185, 379
178, 447
86, 711
72. 052
101, 990
320, 000
301, 388
]., 881, 388
293,150

debt
368, 084
debt
255. 900
1

023,984
2, 798, 522

The above budget compared most favorably
with the Government budgets of the other Central American countries. This holds especially
true in the case of expenditures for army and
navy, which only amount to about 5 per cent
of the total expenditures, whereas in the budget
for the same year the war expenditures in
Guatemala, Honduras, El Salvador, and Costa
Rica amount to about 20 per cent, 27 per cent,
23 per cent, and 10 per cent, respectively.
The indebtedness of the Republic was much
reduced, after the settlement of the internal
and floating debts, by the issue of funding
bonds, the cash payment made by the United




DECEMBER,

1922.

States of §3,000,000 on the canal option, the
reorganization of finances and the adoption of
a limited budget. The Nicaraguan debt, according to the Corporation of Foreign Bondholders, amounted on January 1, 1921, to
$8,425,935, as follows:
Bonds of 1909 (£995,420)
84, 844, 211
Guaranteed customs bonds
3, 527, 600
Bonds of 1904
30, 000
Emergency issue of currency (unredeemed;. .
24,124
Total

8, 425, 935

For the safeguarding of the guaranteed customs bonds, a high commission, was formed,
which acts as trustee and fiscal agent.
GOVERNMENT FINANCES OF COSTA RICA.

The legal par of exchange of the colon, which
is the monetary unit of Costa Rica, is 2.15
colones to $1. The value of this currency has
depreciated, however, and at the present time
the dollar is quoted in Costa Rica at about
4.40 colones. A law recently passed by Congress provides for the establishment of a con-aversion office for the purpose of fixing the rate
of exchange at 4 colones to the dollar. A
law, which was passed b}" the National Congress on May 17, 1922, provided for the
unification of the paper currency, including
the Government silver certificates, and the
withdrawal from circulation of the notes of the
Banco Comercial which failed in 1914 and
whose notes were subsequently guaranteed by
the Government. According to this law the
Banco Internacional de Costa Rica is authorized to increase its emission by 4,282,250
colones, with the object of retiring from circulation the notes of the Banco Comercial and
the silver certificates of small denominations.
The idea is to give the Banco Internacional the
sole right of issue, declaring its notes legal tender. The bank will retire 4,282,250 colones
in Government silver certificates and notes of
the Banco Comercial, replacing the canceled
notes with those of its own issue and receiving
the silver deposit of 727,334 colones from the
Banco de Costa Rica.
The note circulation of the country will then
be reformed as follows:
[In colones.]
Banco International notes
Notes for conversion

14,161,434
4,282, 250
18,443, 684

Secured by—
Banco Internacional gold reserve
Government silver reserve. . .

1,083, 855
727,335
1,811,190

Total unsecured circulation

16, 632,494

DECEMBER, 1922.

The finances of the Government of Costa
Rica have resulted in a yearly deficit since
1912. The largest occurred in 1919, when expenditures exceeded revenue by 9,341,470
colones. The deficit for 1920, however, totaled
only 834,974, the reduction being due principally to increased customhouse revenues,
which amounted to 7,517,863 colones in 1920,
against 3,491,888 in 1919. A new income-tax
law has been sent to Congress, and, if passed,
at least 1,000,000 colones of additional revenue
will be collected by the Government in the first
year and about double that amount afterwards.
The budget for 1922, with percentages for the
different items, follows:
BUDGET FOR

1922.
Colones.

Customhouses
Alcohol
Fiscal stamps
Post office and telegraph
Pacific Railway.
Export duties."'.
Banana exports
Direct taxation and conversion duties
Sundry accounts

7,200,000 .
! 4,500,000
335,000
!
370,000
j
1,651,468
; 2,000,000
j
370,000
! 1,355,000
j
340,000
;

Total

j 18,121,468

100.00

260,000
1,229,228
1,043,980
2,492,661.
845,782
54,072
403,137
2,607,672
t, 715.174

1. 47
6.94
5.91
14.08
4.78
.31
2.28
14.73
9.86

EXPENDITURES.

Legislative power
Judicial power
Department of Interior
Department of Public Works
Department of Foreign Allah's
Department: of J ust ice
Worship and charities
Department of Public Lnsi ruction
Department of War and Navy
Departments of Treasury, Commerce, and Service on Public Debt '.
Total..

7,018,474

39. 64

17,700,172

100.00

The latest statement available with regard
to the internal debt of Costa Rica is the report
of the Minister of Finance for 1920, wherein
the amount of 38,924,830 colones is given as
the internal debt of the country. According
to the Corporation of Foreign Bondholders, the
external debt of Costa Rica amounts to
£3,266,148, as follows:
4 per cent, rising to 5 per cent, gold
refunding bonds of 1911:
Authorized amount
£2, 000, 000
Less redeemed
53, 520
£1, 946, 480
External 5 per cent, gold loan of
1911:
35,000,000 francs
Less redeemed

1, 389, 500
69, 832
1, 319, 668

Total

3, 266,148

In July, 1922, opinions were expressed in
Costa Rica to the effect that the Government
was prepared to float a loan for about




1445

FEDERAL RESERVE BULLETIN.

$1,500,000. Reports dated in October convened the impression that the Government
had under consideration the negotiation of a
loan of §4,000,000 with a New York banking
firm. Up to the present time no reports are
available pointing toward the realization of
these plans.
ECONOMIC

CONDITIONS
SLOVAKIA.

IN

CZECHO-

INTRODUCTION.

The economic crisis through which Czechoslovakia is passing at the present time is one
of the outstanding economic developments in
central Europe. The present situation has
often been compared with that of the United
States during .1920 and 1921, and the result of
the present Czechoslovakia!! crisis, it is commonly said, will be similar in its effects to the
readjustment which took place here. While
it is true that if the present currency reform is
carried through it will place Czechoslovakia
upon a sound financial basis, it is, however,
fallacious to compare the conditions existing in
the new Republic with those of the United
States or even of Great Britain, chiefly because of Czechoslovakia's economic position in
central Europe and especially her relation to
those States which formerly constituted the
Austro-IIungarian Empire.
Present economic developments in Czechoslovakia and the effects of the deflation that
has already taken place can be fully understood only if it is kept in mind that the new
State was once part of an empire which was,
economically speaking, at least fairly unified.
Although many different factors have been at
work to break up this unity and the various
new States have tried successfully to establish
other trade connections, the old economic
structure upon which the Austro-IIungarian
Empire was built is still of very great importance
and still influences almost all branches of industry and commerce. This study will, therefore, briefly survey the economic position of
Czechoslovakia in the old Austro-Hungarian
Empire as a necessary preliminary to analysis of
the present economic depression.
CZECHOSLOVAKIA'S ECONOMIC RELATION TO THE
SUCCESSION STATES.

The industrial importance in the Dual Monarchy of the territories which form to-day the
Czccnoslovakian Republic can be gauged from
the following figures: Ninety-two per cent of
the sugar, 80 per cent of the textile, 70 per
cent of the porcelain, and about 60 per cent of
the iron and steel industry of the Hapsburg

1446

FEDERAL RESERVE BULLETIN.

Empire having a population of 50,000,000 were
located in Czechoslovakia, with its 13,500,000
inhabitants. Out of a total number of 4.941,000 spindles in operation in the Empire,
3,565,000 were taken over by the new State,
which also controls between 80 and 85 per
cent of the total coal and about 60 per cent
of the total iron ore deposits. The industrial
character of the country becomes more evident
if one considers that about 70 per cent of the
total industrial population of the Empire
earned their livelihood in the territories constituting this new State. The distribution of
the chief industries of the Austro-Hungarian
Empire may further be seen from the table
below.
NUMBER OF WORKERS IN CERTAIN INDUSTRIES.
I
I Cherai! cals, ; Metals,!
j Food,
Porco- • fuels, jcxclud-! I Paper
arid
! drink,
kind- ! ing
! and ; tiles. lain and:: lings, i heavy ; print! stone.
tobacco.
• "indus- ' i n g .
"
fats, '•
andoils.; tries.
Total workers in
!.
IAustria-Hinigary... 192,307 345,099. 123,685 02,600 714,826] 92,543
Workers in. Czeclib- !
•
i
•
j
i
Slovakia
11.0,067 270,603 85,793' 32,44.6.347,4641 35,491
!
52; '
Per cent of total
60
SO
09
""•
4'"!
9
38

That the output of these industries was in
excess of the needs of the territories in which
they were located is self-evident. They were
the main source of supply of industrial products
to the population of the Dual Monarchy. Only
30 per cent of the goods produced in Czechoslovakia, were consumed there; the balance went
mainly to other parts of the Ilapsburg Empire and a small percentage was shipped to the
Balkans, the Near East, and Russia.
The collapse of the Austro-Hungarian Empire changed this situation entirely. Czechoslovakian industries found their activities hampered by barriers which did not exist before.
Formerly, within the borders of the old Empire
there was free trade, and a Prague or Pilsen
manufacturer could ship his goods free of any
tariff to all parts of the Empire. Uniformity
of the currency, a well-organized banking system, and a large network of railways connecting
producer and consumer were the best aids to
the industries of "Bohemia."
Through the territorial rearrangements, which
followed the collapse of the Austro-Hungarian
Empire, the Czechoslovakian industries were
separated by political boundaries from the consumers 7 of their products. Tims the "Bohemian' industries, Avhich formerly were producing mainly for domestic consumption, found
themselves largely dependent upon exports.
The entire country was confronted with an




DECEMBER, 1922.

important export question upon which the
prosperity of a large part of the population
depended. The effects of the economic rupture
and of the new political situation were not felt,
however, during the period from 1919 to the
middle of 1921. The great demand for manufactured goods, which existed after the war in
all countries, and especially in the enlarged
Balkan States, was a great stimulus to all
branches of the Czechoslovakian industries.
This industrial boom was further aided by the
exchanges of the different countries, since the
discrepancy in their value was not so pronounced as in 1922. Furthermore, during this
entire period (1919 to middle 1921) crown
exchange followed the trend of mark exchange,
so that German manufacturers did not enjoy
to the same extent as to-day the export advantages offered by depreciated currency. In
addition, the cost of production during this
time in England and in the United States was
so high that the industries of these countries
could not well compete with the Czechoslovakian industry.
During the second half of 1921 a great
change took place. The Czechoslovakian
crown struck out into a different direction
from that taken by the currencies of the
countries which were the largest consumers of
Czechoslovakian products. While crown exchange showed a continuous upward movement, the currencies of the Balkan States,
Poland, and especially Germany and Austria,
went rapidly down. This increase in the
value of the crown made exports to the
Balkans, Germany, Austria, and Hungary,
countries which in 1921 absorbed about 94
per cent of the total Czechoslovakian exports,
almost impossible. But even if the exchange
of the latter mentioned countries had remained
steady, Czechoslovakian industries would still
have suffered from \h.o appreciation of the
crown, since internal prices could not adjust
themselves downward as rapidly as the value
of the crown advanced. It happened, however, that the exchanges of Germany and
Austria, which two countries took in 1921 about
72 per cent of Czechoslovakia's total exports,
declined more rapidly than crown exchange
improved. Accordingly, Germany and Austria were not only less able to buy Czechoslovakian goods, but also were in a better position to underbid them where they competed
in neutral markets. In addition, the opposite
movement of crown and mark exchange created
a great discrepancy in the prices between German and Czechoslovakian goods, so that many
Czechoslovakian merchants found it more
profitable to import goods from Germany than
to buy them from domestic manufacturers.

DECEMBER,

1922.

FEDEEAL. RESERVE BULLETIN.

Thus, as seen from the above analysis, the
Czechoslovakia]! economic crisis has its initial
explanation in the rupture of the old AustroHungarian economic unit, a sound readjustment of which has not yet taken place. It
has been brought about by a too rapid appreciation of the crown and has been further
accelerated by the tremendous drop in mark
and Austrian crown exchanges.
THE. CURRENCY SITUATION.

Since the appreciation of the Czechoslovakian currency is regarded as the main immediate cause of the present industrial crisis, it
is necessary to survey the general currency
situation and to analyze the factors which
brought about this increase. The Czechoslovakian Government was first among the
central European countries to place its currency on a sound basis. This was no easy
task, for the Government had to consider not
only conditions at home, but also those in
countries which are the main outlets for
Czechoslovakian goods. Thus, at the beginning the Government undertook no steps
which would tend to increase too rapidly the
value of the crown abroad, but contented itself
with the prohibition of further inflation. The
lack of an adequate gold reserve was also an
important factor in the shaping of the currency reform.
Upjon the collapse of the Austro-Hungarian
Empire in October, 1918, Czechoslovakia had
no other currency than the Austrian krone, at
that time legal tender in all territories which
formerly belonged to the dual monarchy.
The Austrian krone, however, was a depreciated unit, for the gold reserves of the country,
which in 1914 amounted to 1,655,000,000 gold
kronen, decreased in 1918 to 342,000,000
kronen, while the notes in circulation increased
from 2,172,000,000 kronen in 1914 to 30,679,000,000 kronen in October, 1918. The first
step of the Government with regard to the
currency was the stamping of the old AustroHungarian bank notes, which took place between February 26 and March 9, 1919. After
March 9, unstamped notes ceased to be legal
tender. At the same time, the new Government took under its control the administration of the branch offices of the Austro-Hungarian Bank, and a new banking office "the
banking department" with all the functions
of a central reserve bank, was created under
the jurisdiction of the Ministry of Finance
(act 'of May 12, 1919). The stamping of the
krone was combined with a forced loan. Of
the sum of about 8,000,000,000 kronen which
were in circulation at that time and were
turned in for stamping, 2,450,000,000 were




1447

retained by the Government as a 1 per cent
loan, thus leaving in circulation about 5,500,000,000 kronen,. In addition, all check accounts and treasury notes of the branches of
the Austro-Hungarian Bank amounting to
about 2,085,000,000 kronen were taken over by
the Government, and of these only one-half
were returned to their owners in stamped
notes. There was also left in circulation about
332,000,000 kronen in 1 and 2 kronen notes,
which were not stamped, and a sum of several
million kronen of iron, nickel, and copper coins.
After the currency reform was carried through
the total notes in circulation amounted to
6,987,000,000 Czech osio va-ki an crowns. On
April 10, 1919, an act was passed in Parliament prohibiting; the issue of uncovered notes
beyond this limit. The stamped notes were
later replaced by newly-printed State notes
payable in Czechoslovakian crowns.
To reduce the amount of uncovered notes
outstanding, and those withheld at the time
of the stamping of the krone, a property and
capital tax was enacted on April 8, 1920.
The notes withdrawn from circulation may be
ultimately reissued through the banking department, but only when secured by commercial
paper and thus"under control of the institution.
At the present time, however, the relation
between the notes commercially secured and
those unsecured is such that the banking
department has not by its discount policy the
actual control over the total currency in
circulation, since the amount of uncovered
notes outstanding is by far larger than that
of notes secured by commercial paper.
Thus, from the very beginning of its existence the Czechoslovakian Government adopted
a very rigid policy with regard to its currency.
Further inflation through the issue of unsecured
notes was made impossible, and the Government made a serious effort to strengthen the
matallic reserve of the country. These measures, however, were not sufficient to prevent
further depreciation of the Czechoslovakian
crown. It declined steadily during the entire
period of 1919, 1920, and the greater part of
1921. During this time the Czechoslovakian
crown fell and rose almost in unison with the
German mark. The two countries being in
close commercial relationship, and many purchases and sales in Czechoslovakia being paid
in German marks, the same factors which
influenced the value of mark exchange influenced to a considerable extent the value
of the crown. Since October, 1921, however,
when the results of the London ultimatum
and reparation payments began to exercise
their depressing influence on the German mark,
the two currencies have moved in opposite
directions. From August, 1921, to August,

1448

FEDERAL RESERVE BULLETIN".

1922, the crown as expressed in United States
currency increased from 1.20 cents to 3.30
cents, while the German mark declined during
the same period from 1.16 cents to 0.07 cent.
The fluctuation of the crown since November,
1921, when its upward movement started may
be seen from the table below:

As may be seen from the following table the
Czechoslovakia!! Government was later able
to increase the revenues and to decrease the
deficit of the budget to a very considerable
extent.
CZECHOSLOVAKIA^ B U D G E T .

[In millions of Czech crowns.]

Value of 1 crown in United States cents.
November, 1921
December
January, 1922
February
March."
April

1.075
1.49
1. 95
3.77J
-1.915
1. 94

! May, 1922
! June
! July
j August
! September
\ October

19.19

1. 94
1.91
2.40
3.30
3.09
3. 15

It is interesting to note that the most
striking increase occurred during July and
August at the time when the German mark
dropped from 0.26 cent to 0.07 cent.
Causes of the appreciation of the crown.—The

increase in the value of the crown since June,
1922, has been so rapid that it is difficult to
state with accuracy all the causes by which it
has been brought about. The usual statement
that the appreciation of the crown is due
primarily to the currency policy of the Government does not seem to be a sufficient
explanation. For, as indicated above, the
limitation of the amount of unsecured notes
in circulation was carried through during
1919, and the amount of notes withdrawn from
circulation since then would not in itself
account for such a tremendous increase in the
value of the crown. Other factors of a fiscal,
economic, and speculative character have been
at work whose effects on crown, exchange are
more important than the limitation of unsecured notes.
The different factors which have influenced
the recent appreciation of the crown maybe
grouped in four main classes: (a) Government
finance; (b) foreign trade; (c) the collapse of
the mark and of other central European exchanges; and (d) speculation.
(a) Government finance—the

budget. — The

next important step toward the establishment
of a sound currency situation, after limiting
the amount of uncovered notes outstanding,
was the balancing of the budget. From the
inauguration of the new Republic the Government made the greatest effort to increase
revenues and to decrease expenditures. Owing
to necessary expenses incurred in connection
with the establishment of the State, and the
chaotic conditions of trade, industry, and
finance which existed after the collapse of the
Hapsburg Empire, the deficit of the budget
amounted in 1919 and 1920 to 4,905,000,000
crowns and 4,852,000,000 crowns, respectively.




DECEMBER, 1922.

!

-!
Receipts
Expenditures
Deficit.

1920 !

1921

1922

- I-

3,710 i
8,615 !

10,426 j
15,278 !

4,905 i

4,852 |

17,300
18,026
726 i

18,884
19,812
928

It also reduced the expenditures for unproductive items. Thus, expenditures for national
defense decreased from 20 per cent of the total
expenditures in 1919 to 16 per cent in 1922, and
the extraordinary after-war expenditures from
40 per cent in 1919 to 4 per cent in 1922.
The budget of the railways which are largely
state-owned (12,694,527 kilometer are state
and 968,924 privately owned) showed also a
considerable improvement. The deficit of
625,000,000 crowns in 1920 was converted
into a surplus of 265,000,000 crowns in 1921.
This improvement of the Government finances
strengthened the credit standing of the Czechoslovakian Republic abroad. It was enabled
to float successfully loans of $14,000,000 in
New York, £2,800,000 in London, and £500,000
in Amsterdam. Although the Government
pays a comparatively high rate of interest, it
was nevertheless the first central European
country to receive credit in these money
centers. The floating of the $7,500,000 loan
of the city of Greater Prague in New York in
May, 1922, was a further proof of Czechoslovakia's credit standing abroad.
The fiscal policy of the Government and its
improved credit standing at home and abroad
influenced the exchange value of the Czcchoslovakian crown which was further aided by
the favorable development of the country's
foreign trade.
(&) Foreign trade.—The balance of trade for
the last two years, 1920 and 1921, showed an
excess of exports over imports of about 5,000,000,000 crowns. This comparatively huge
sum loses somewhat in importance if one considers that the invisible balance of trade is
against Czechoslovakia, mainly due to the fact
that large quantities of industrial and mining
securities are held by foreigners. The fact however, remains that the large Czechoslovakia!!
banks possessed a considerable amount of foreign bills, which could be thrown on the market to prevent a too rapid drop in crown
exchange.

DECEMBER, i922.

FEDERAL RESERVE

BULLETIN.

1449

Export and import figures for the last two increase in the value of the crown, for the
years are as follows:
law limiting the amount of outstanding notes
Imports.

Exports.
Year.

1920
1921

Value (in Quantity
(in long
000,000
tons).
crowns). 1

Quantity
(in long
tons).
6,900,000
9,700,000

27,569
27,312

3,910,000
3,960,000
2

i Official.

Value.

2

23,384
22,435

Excess
value of
exports.

4,185
4, 877

Unofficial.

The discrepancy between the quantity and
value of the exports for the last two years is
due to the decrease in the price level of export
commodities in Czechoslovakia. The foreign
trade for the first eight months during 1922
amounts to 6,569,404 metric tons of exports
and 2,265,967 metric tons of imports. No
valuation figures have as yet been published.
From the given trade returns for 1922 it is
impossible to state whether they have been
influenced by the recent increase in the value
of the crown or not, since the rapid upward
movement started only in July and no valuation figures are available. Exports, however,
for August amounted to only three-fourths of
the July volume. The loss occurred mainly in
the export of coal and wood.
A brief analysis of the countries of destination of Czechoslovakia's exports is also necessary, as it shows from what sources the demand
for Chechoslovakian crowns comes, and to what
extent Czechoslovakian exports are liable to
be influenced by a further decrease in the value
of the mark and other Central European currencies.

was put into effect in 1919 and a favorable
balance of trade existed during the entire
period of 1920 and 1921. During this period,
the crown not only did not improve, but
reached its very lowest point, being quoted
in NewT York at the end of October, 1921
at 0.96 cent. The factors above mentioned
were more in the nature of preventing a
precipitous drop of the crown than of causing
a tremendous appreciation such as took place
during the past few months. In many circles
in Central Europe, especially in Austria and
Germany, it is believed that the present increase in the value of the Czechoslovakian
crown is due to a considerable extent to
foreign exchange transactions of the banking
department of the Ministry of Finance. I t
is impossible to state to what extent this
statement is correct.
(c) The collapse of the mark.—The collapse

of the German mark and of the exchanges of
other central European countries has to a very
considerable extent influenced the present
value of the crown. Whenever in the past
few months the German mark or the Austrian
krone decreased in value there was always a
great demand for Czechoslovakian crowns in
almost all large foreign exchange centers. The
instability of the German mark brought about
a situation whereby practically all transactions
between Germany and Czechoslovakia are paid
in crowns, a factor which tends to increase the
demand for the latter currency. This demand
has been further increased by the fact that
exports from and imports into Rumania, Yugoslavia, and other Balkan States are largely
EXPORTS OF THE CZECHOSLOVAKIAN REPUBLIC.
transacted on a crown basis. The flight of
capital from Germany and the "flight from the
[In long tons.]
mark and the Austrian krone" have also
influenced the present valuation of the crown.
1920
1921
Country.
(d) Speculation.—Speculation in exchange
Export
Export
has also played an important role in the recent
Per cent. volume. Per cent. volume.
development of crown exchange. The successful floating of foreign loans in the most impor0.2
22,771
0.1
Belgium
195,816
170,090 tant money centers, the firm policy of the bank2.8
1.8
France
173,905
143,105 ing department with regard to exchange rates
2.5
1.5
Italy
322,521
1,322,278
4.7
13. 7
Hungary
3,088,074
3.599,522 and the currency, and the often-mentioned
44.7
37.3
Germany
176,294
354,094
2.G
3.7
Poland
3,305,633 rumor that Czechoslovakian banking officials
34.3
3-1.7 2,393,114
Austria
34,811
80,099
.8
Rumania
131,940 intend to stabilize the crown at 20 Swiss
1.4
63,573
Yugoslavia
79,005 centimes has induced many foreigners to
.8
91,661
1.3
S witzerland
152,438
1.6
.4
25,891
G reat Britain
.2
25,460 purchase crowns for speculative purposes. In
.3
21,104
United States
.1
.1
8,235 many instances holders, of German and Austrian
9,304
Bulgaria
Other American coun.1
7,562 currency and securities exchanged them for
5,237
.1
tries
2.5
243,535
292,922
All other countries
4.0
crowns. The increased credit standing of the
100.0
9,645,767 Czecho-Slovak Republic in the United States
Total
100.0
6,902,221
has created in this country a great demand for
Influential as the factors above discussed crowns for speculative purposes.
Effects of deflation..-—The immediate results of
may have been, they can not be regarded
as the direct causes for the recent rapid the rapid increase in the value of the crown was
21739—22




5

1450

FEDERAL BESEEVE BULLETIN.

a depression in almost all branches of industry
and trade in Czechoslovakia. As stated in the
beginning of this article, the prosperity of
Czechoslovakia depends to a considerable extent upon her ability to export. The rapid
appreciation of the crown, however, caused a
discrepancy between the internal and external
value of the crown, which made exports to
many countries almost impossible. It further
caused a decrease in purchases on the part of
domestic buyers, since everybody expected a
drop in prices similar to the increase in the
value of the currency abroad. The discrepancy between the external and internal value
of the crown may be seen from the following
table, which compares the indexes of retail
prices of 37 commodities with that of the
dollar as expressed in Czechoslovakia!! crowns.

DECEMBER, 1922.

price of a carload of Czechoslovakian coal at the
beginning of October amounted to 4,844
crowns, while the same quantity and quality
of coal could be bought in Upper Silesia and in
England for 4,080 crowns and 3,360 crowns,
respectively. Since coal is one of the important factors in determining the cost of manufacturing, one can easily see its influence on
most industries. Other factors affecting the
cost of production were also unfavorable, as
neither taxes nor the cost of labor show a decrease commensurate with the increase in the
value of the crown abroad.
INDUSTRIAL SITUATION.

The industrial situation of the country may
be seen from the following facts: During the
last five months of 1921 the spinning mills of
RETAIL PHICE INDEX AND RELATIVE VALUE OP THE the country were employed at about «90 per
DOLLAR AS EXPRESSED IN CROWNS.
cent and the weaving mills at 80 per cent of
their full capacity. During June and July of
• Retail index. ; Relative 1922, however, the average operation of the
I
j value
spinning mills was estimated at 65 per cent,
i
•
i
I of the
i Group 1.1 Group II.I dollar.
that of weaving mills at about 55 per cent of
their full capacity. Accordingly, the consumption of raw cotton, which during the six
100.0
100.0
100.0
January
90.9
97.4
105.6 months August 1, 1921, to January 1, 1922,
February...
86.6
89.2
99.6
March
88.3 .
81.6
96.1 amounted to 158,495 bales, decreased for the
April
88.6 :
74.3
90.3 six months February 1 to August 1, 1922, to
May
87.9
65.9
99.0
June
81.9
64.8
104.1 114,313 bales. The number of employees enJuly
85.6 i . 66.5
109.2 gaged in the cotton industry also decreased
August
89.8 '
123.6
70.2 j
September..
92.5 i
135.8 from 140,000 at the beginning of February to
72.5 !
October
121.9
94.4 i
72.5 I
November..
87.9 about 100,000 at the beginning of July.
94.0
71.3
December..
As another striking example of the present
1922.
89.3 i
71.3
6/. 2 trade situation may be mentioned the result of
January
88.9 !
68.1
73.7
February...
86.1 ! .
65.4
68.4 the recent fair in Reichenberg (Liberce), which
March
86.1
63.0
67.5
April
87.9 j
62.2
67.5 showed a considerably lower turnover even at
May
89.7 .
60.3
68.7
June
87.0 i
57.9
54. 7 reduced prices. In 1921 the turnover reached
July
78.5 i
56.1
39.7 1,500,000,000 crowns, whereas this year it
August
67.3 I
49.0
42.5
September..
amounted to only 350,000,000 crowns. Coni
verted into Swiss francs at the approximate
In making up this table the index of retail rate of exchange at the two dates, the value
prices for January, 1921, and the value of the of the two figures is about 105,000,000 francs
dollar at the end of January, 1921, were taken for 1921 and 56,000,000 francs for 1922. The
as a basis. Group No. I comprises 23 com- greatest falling off was registered by the glass
modities, representing food, fuel, petroleum, and textile industries.
and soap. Group I I consists of 14 comIndustries depending mainly upon domestic
modities, representing cloth, footwear, and raw products are in still a worse position. The
men's hats. Thus, as seen from the above paper mills controlled by the German Paper
figures, while the value of the dollar as ex- Manufacturers7 Association, which comprises
pressed in crowns decreased by about 58 points, 55 enterprises, and represents one-half of the
prices decreased only by about 33 and 51 points, total Czechoslovakian paper industry, report
respectively. The difference in the decrease of that at the end of July only 17 mills, with
prices between Groups I and II is due to the 2,200 employees, were operating on full time.
fact that the commodities under Group II are Twenty-six mills, with 4,900 employees, were
made up to a large extent of imports, which working between two and five days a week,
react much quicker to changes in the value of while 12 firms stopped operation entirely.
the crown.
Conditions in the porcelain industry are the
The effects of the lower internal value of the same. Twenty-one concerns discharged all
crown upon the industry are plain. Thus the their employees and ceased operations en-




DECEMBER, 1922.

FEDERAL RESERVE BULLETIN.

tircly, while the rest of the firms are working
between three and four days a week. The
difficulty under which this industry operates
can be seen from the fact that a laborer receives about 150 per cent higher wages than a
similarly qualified workman in Germany. In
the shoe and leather industry almost 60 per
cent of all factories are idle. The coal industry has reached such a point that it is almost
impossible to continue to operate the coal
mines economically. Although the productive
capacity has considerably increased, the output of coal has decreased, mainly due to a
diminished demand at home and abroad. The
total output of coal in June, 1922, amounted
to 740,000 metric tons, as compared with
1,067,000 metric tons in March of the same year
and 1,186,000 metric tons, the monthly average for 1913. This situation, which threatens
the livelihood of 73,000 workers caused employers and employees to protest against the
coal tax. As a result the Government reduced the tax on coal from 30 to 20 per cent
of the market price and the tax on coke from
30 to 7\ per cent. In addition the export taxes
amounting to 3 per cent of the official price,
including the tax, have been abolished.
The slackening of the demand at home and
abroad, coupled with a decrease in prices, put
many firms in difficulties which resulted in an
increased number of insolvencies, as may be
seen from the following figures indicating bankruptcies and arrangements with creditors in
Bohemia.
Number of firms.
Bank- Arrangeruptcies ments
with
in Bohemia. creditors.
January
February..
March
April
May.
June
July
Total

136

384

In commenting upon the increasing bankruptcies of the country, the Minister of Finance
ascribes this situation to an unreasonable
holding back of stocks of merchandise. To
judge from unofficial reports the number of
failures during the last three months has increased.
The heavy losses suffered by manufacturers
of the country and the unstable conditions in
most industries induced the representatives
of the textile industry, upon which about
1,200,000 persons depend, to send a note to




1451

the Government in which the following demands were made:
(1) Reduction of all railway and postal
tariffs and the abolition of the coal tax.
(2) Total abolition of the turnover tax on
export commodities.
(3) Conclusion of commercial treaties with
countries which are large consumers of Czechoslovakian goods, such as Hungary, Yugoslavia,
etc.
(4) Reduction of the discount rate and the
granting of credit without interest by the
Government.
(5) Free trade in foreign exchange.
(6) Reduction in wages in accordance with
the increase in the value of the Czechoslovakia^
crown.
This note, which more or less represents the
opinion of most of the industrial interests of
the country, indicates that the chief difficulty
of Czechoslovakia's industries is the impossibility of exporting, caused by the inability to
reduce cost of production and especially the
cost of labor in proportion to the rise in the
value of the crown.
Effects upon labor.—The labor question
especially is very serious, since the number of
unemployed is steadily increasing. Official
figures of unemployment are not available,
but it was estimated by several independent
sources that the total number of unemployed
workers at the end of August ranged between
500,000 and 600,000.
The inability to sell their goods forced many
manufacturers to cancel their contracts with
labor unions. The Union of Workers of the
Clothing Industry and their related branches,
including the hat, glove, and shoe industries
received cancellations of all wage agreements
from all the larger firms. The large metal industries in Brunn decided to revoke the collective agreement as of November 1, 1922, and to
decrease the bonus, amounting to 165 per cent
of the total wages, to 65 per cent, which means
a decrease of 38 per cent of the total wages.
Reduction of wages of between 20 to 30 per
cent has taken place in the following industries :
Glass industry, 20 to 25 per cent; textile industry, 20 to 30 per cent; alcohol industries,
18 per cent; breweries, 12 per cent; northern
Bohemian metal industry, 20 to 30 per cent;
Austrian metal industry, 30 per cent. This
reduction in wages has often been followed by
serious labor troubles, since in most cases the
cost of living did not decrease to the same
extent. Thus the Ministry of Social Welfare
announces that during the month of May 51
stoppages of work occurred, of which 45 were
strikes and 6 lockouts, by which 42,910 employees were affected. On October 9, 1922,

1452

FEDERAL RESERVE BULLETIN.

about 43,000 coal miners in the Moravska
Astrova (Mahrisch Astrau) black coal district
went on strike because of an attempt on the
part of the operators to reduce wages by about
30 per cent. It was later reported that the
miners returned to work accepting a 25 per
cent wage cut. The situation in the coal districts, however, is far from satisfactory, since
there is no great demand for Czechoslovakian
coal either in Germany or elsewhere where
British coal and coke can be obtained at a lower
price.
In many instances laborers were not willing
to accept a reduction in wages, and factories
were closed, thus increasing the number of un-*
employed. In view of this difficult situation,
and in order to defend itself against the various
attacks on the part of organized labor, the
Government has issued a proclamation to the
general public in which it points out that the
present crisis has been caused by the appreciation of the crown and the steady depreciation of the currencies in the neighboring States,
and that the crisis can be overcome onty hj the
adaptation of the internal purchasing power of
the crown to its international valuation abroad.
The Government promises to introduce in the
next budget far-reaching economies with regard
to taxation and states that within the existing
laws it will take the following measures: "Control of prices of manufactured articles, energetic examination of causes which led to diminished production or closing down of works,
execution of necessary public works, lowering
the rate of interest on loans, and the amendment of the bill dealing with the coal tax.77
It further states that a proposal will be submitted to the National Assembly to raise
unemployment doles, to regulate by law the
period of notice to be given of lockouts, and to




DECEMBER,

1922.

establish an act directed against profiteering.
Finally, the customs duty coefficients will be
abolished, the railway tariffs lowered, and the
postal charges gradually reduced.
CONCLUSION.

The economic depression which the Republic
faces to-day indicates clearly to what extent the
prosperity of one central European country depends upon the purchasing power of the others.
The problems which the industries of the new
States face are not merely those of home markets, but to a large extent those of the markets
of the surrounding States, especially of Germany and Austria. The proposed stabilization
of the value of the crown will tend to exclude
the speculative element and make business
transactions between Czechoslovakia and other
countries less speculative* A readjustment between the external and internal value of the
crown will without doubt relieve the present
effects of deflation. It will not restore normal
conditions, however, since it can not increase
the purchasing power of those countries which
are the natural outlets of the country's surplus
of commodities, and upon whose capacity to
purchase Czechoslovakian goods the prosperity
of many industries depends. A restoration of
normal conditions in Czechoslovakia can not
take place so long as Germany, Austria, Poland,
Hungary, and the Balkan States are unable to
buy Czech products. Only a financial and economic recovery of these countries will enable
Czechoslovakian industries to work at full capacity, The reconstruction of Russia and the
restoration of her capacity to buy industrial
products will also be of no small importance in
the return of normal conditions in the Czechoslovakian Republic.

DECEMBER,

1922.

1453

.FEDERAL RESERVE BULLETIN.

PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEX.
The movement of wholesale prices during October was not uniform among the countries
covered by the Federal Reserve Board's index. The United States index increased one point,
the Canadian also increased one point, the French remained unchanged, while the British
declined two points, and the Japanese five points.
The October decline in England caused the level of wholesale prices in that country to
fall below that of the United States in terms of the respective currencies, and thus aligns it
with Canada in that respect.
When the indexes are converted to a gold basis, the price levels of the United States and
Japan are very nearly the same. The drop in French exchange in October caused the French
index in terms of gold to show a sharp decline.
Unlike last month, the trends of the group indexes were dissimilar. Raw materials in the
United States declined -because of the reduction of coal prices, although prices of agricultural
products were on the increase. In England, also, raw materials declined for similar reasons.
In Canada, agricultural prices caused an increase in this group, although other raw materials
remained fairly steady. In France, the prices of practically all raw materials increased.
Advances in raw silk prices and in most imported commodities caused raw materials in Japan
to increase seven points.
Producers7 goods in the United7 States continued the steady advance that this group has
shown since April, 1922. Producers goods in most other countries were only slightly affected.
In Japan, however, there was a decided drop, due chiefly to lower prices of chemicals. Consumers ' goods in France, England, and Japan continued downward, but the United States and
Canada reversed the decline of the last few months and showed sharp upward movements.
INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
1913 = 100

600

600

550

_____

500
450

\\

400

•* UN!T£r*
-ENGLA
-FRANC E
-«CANAC A
•• JAPAN

CTATC

550

.s

500
7

\

\

350

350
300

^ :

s

250

\\

y

450
. 400

300
250

\

4 *
200

200

\
150

100

X-

J . F M. A. M. J. J. A. S. 0. N. D. J . F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J . F. M. A. M. J. J. A. S. 0 . N. D.




1919

1920

1921

1922

150

100

1454

FEDERAL RESERVE BULLETIN.

D E C E M B E R , 1922.

INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD.
Converted to gold basis.

Based on prices in respective currencies.
Year and month.
I England. France. Canada.
1913,
1919,
1920,
1921,

average
average
average
average

October
November
December
January
February
March
April
May
June
July
August
September
October

100 i
211 !
i
239
148 i

145 I
145 i
142 ;
142
146 ;
147 j
149 ;
158 !
361 ;j
165
165 i
164
165

1921.

100
241
314
201

United
States

Japan.

En

SlancL

Fr

185 |
124 ;

100
199
223
150

175

149
144
147

111
109
117

136
133
135

193
189
186

148
150
151
151
156
154
156
154
150
148.

1 2 1 ••

137
145
145
148
152
151
152
149
144
145

181
176
173
171
171
176
184
176
169
105

100
221
242
159

100 ;

181

100
211
239
148

149
145
145

202
197
193

145
145
142

144
149
150
152
154
153
154
149
144
145

191
185
182
180
180
184
192
184
176
171

142
146
147
149
158
161
165
165
164
165

478
321

100
207
250
167

187
177
172

295
292
287

170
167
168
167
171
169
171
168
165
163

286
283
287
299
302
303
306
297
293
293

100

100

Japan.

ance. | Canada,

100

1922.

,

128 i
134
143
143
138
131
123 .
116
112 i

INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES.*
[Average prices in 1913—100.]
Year and month.

Goods
Goods ! Goods
Raw
produced, imported.! exported. materials.

I

Producers'
goods.

Con- =
sinners' ; All commodities.
goods.

214
242
148

174
191
108

221
235
136

209
235
141

198
237
142

221
244
160

211
239
148

143
142
140

107
108
111

146
143
141

140
141
140

132
128
127

158 jj
157 i
153 r

145
145
142

139
143
144
146
155
158
162
162
161
161

1919, average.
1920, average.
1921, average.

110
110
111
115
j 19
124
128
127
128
135

139
142
144
144
155
163
165
162
157
163

141
145
147
150
164
167
177
184
181
179

127
127
126
129
137
141
143
144
147
150

150 :i
155 ;j
157
156
160
164
163
156
154
156

142
146
147
149
158
161
165
165
164
165

1921.

October
November.
December..

1922.

January
February..
March
April
May
June
July
August
September.
October

l
A complete description of the United States index number, as originally published, may be found in the May, 1920, BULLETIN, pages
499-503. Revisions in prices or weights appear in the BULLETINS for June, 1920; Jane, 1921; and May, 1922.

INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND,
[Average prices in 1913=100.]
Year and month.

1919, average.
1920, average.
1921, average..
October
November.
December.,
January
February...
March
April
May
June
July
August
September..
October
November..
1

Consumers'
goods.

I Goods i Goods I Goods !
jproduced. imported.i exported.;

'• gold basis.

238
315
207 •

247
294
171

275
438
183

226 ;
291 !
197 |

261
355
178

241 j
292 I
219 j

241
314
201

221
242
159

192
182 i
176 j

163
154
152

175
164
158

187
177
173

166
153
147

200 |i
191 j
186|i

177 I

187 !

149
144
147

174
171
172 :
171 '
175 •
172 .
172 i
170
165 :
160
16;

14.9 i
118 !
147 j
148
153 I
154 !
158 :
loo ;
157 '
161 !
165 I

158
151
153
152
155
158
158

171
168
170
167
169
167
168
170 |

147
144
142
143
146
148
147
143
143
144
146

181 I
181 !i

1921.
172 !

1922.

159 i
154 !
149 I
154

186 j
165
166

183
183
191
186
190
183

177
170
172

A complete description of the British index may be found in the February, 1922, issue of the BULLETIN, pages 147-153,




. verted to

I!
||
i|
ii
j!
Ii

170
167
168
167
171
169
171
168
165
163 j

165 I

148
150
151
151
158
154
156
154
150
14^
151

DKCEMBER,

1455

FEDERAL RESERVE BULLETIN.

1922.

INDEX NUMBERS OF WHOLESALE PRICES IN FRANCE.*
[Average prices in 1913=100.]

Year and month.

466
322

536
313

512
288

506
341

433
248

474
348

478
321

185
124

291
290
284

314
304
303

291
294
283

319
315
313

238
233
?i0

304
305
294

295
292
287

111
109
117

284
282
288
302
305
305
308
295
287
285

1920, average....
1921, average

295
286
282
282
288
295
30S
309
320
333

277
275
272
274
279
292
297
296
301
308

308
300
305
318
322
327
332
329
323
328

229
227
229
228
226
230
236
233
234
235

299
300
306
327
333
327
325
303
296
290

2*6
283
287
299
302
303
306
297
293
293

,2,
128
134
143
143
138
131
123
116
112

1921.

0 ct ober
November
December

. .

.

...

:

1922.

January
February
March
April
May..
June....
July..
August
September
October
1

!
All com- Converted
to gold
modities.
basis.

Consumers'
goods.

ProRaw
Goods
Goods
Goods
produced. imported. exported. materials. ducers'
goods.

A complete description of the French index may be found in the August, 1922, issue of the BULLETIN, p p . 922-929.
INDEX NUMBERS OF WHOLESALE PRICES IN CANADA.1
[Average prices in 1913=100.]
!

1919, average
1920, average
1921, average

1

Consumers'
goods.

All com- Converted
modities. to gold
basis.

207
249 :
168 j

204 i
253 i
164 "

220
268
181

197
235
155

188
255
174

227
270
183

207
250
167

199
223
150

148
144 j
144 i

153 I
151 i
151

149
138
137

136
131
131

153
152
149

166
164
164

149
145
145

136
133
135

143
148
150
152
153
151
153
146
140
141

151
150
150
151
157
162
165
166
170
171

139
152
151
153
154
149
154
144
133
134

132
138
140
142
145
143
143
136
133
135

147
147
146
146
147
150
152
154
154
155

161
164
166
169
168
168
171
166
157
158

144
149150
152
154
153
154
149
144
145

137
145
145
148
152
151
152
149
144
145

1921.

October
November
December
January
Februsirv
March..".
April
May..
June....
July..
August
September
October

!

ProRaw
Goods ; Goods j Goods
ducers'
produced imported, exported. materials. goods.

Year and month.

.

.

1922.

.

;
i
'

!

I
i
!

:

!
|
i

A complete description of the Canadian index may be found in the July, 1922, issue of the BULLETIN, pp. 801-806.
INDEX NUMBERS OF WHOLESALE PRICES IN JAPAN.*
[Average prices in 1913= 100.]

Year and month.

January
February
March...
April
May
June
July
August
September
October
1

:

All com- Converted
modities. to gold
basis.

Consumers'
goods.

186

1921, average
October
November
Decem ber

ProRaw
Goods
Goods
Goods
ducers'
produced. imported. exported. materials. goods.

1921.

1922.

154

173

154

188 ,

193

181

175

208
204
201

172
162
154

185 i
183
192 i

171
167
167

209
193
192

217
215 j
209 I

202
197

193

193
189
186

198
192
187
186
185
188
197
189
180
173

153
151
153
151
157
166
167
160
156
159

197
186 !
175
176
183
192
196 I
189
189
195

168
163
157
157
164
168
170
161
159
166

:
191
183
183
183
182
191 i
195
187
177 !
171

203
198
195
192
189
191
203
196
185
174

!
!
j

191
185
182
180
180
184
192
184
176
171

181
176
173
171
171
176
184
176
169
165

1
i
1
I

A complete description of the Japanese index may be found in the September, 1922, issue of the BULLETIN pp. 1Q52-1Q5.




1456

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
ALL-COMMODITIES INDEX NUMBERS.*

Nether-1 Norway Poland;
lands* (ChrisFederal ! R i™2o\y Central -tiania);
a ,. QHc _ .Kiccardo, B u r e a u c-ekonotical
of Sta- ! misk
tistics.7 ! Revue.9 Office.

Year and month.

(53)

(93)

100 I.
105 i
145 i
222 ;
286 '
392 j
• 297 !
282 !
181 i

raph

och

Dr. J.
Lorcnz.3

(74)

(47)

(71)

(58)

"115
159
233
341
345
322
377
269

Spain; : Sweden;;
Goteborgs Switzerland;

"100

100
101
119
141
166
207
204
221
190

"100
116
145
185
244
i
339
!
330
!
347
211

!
j
i

100

195

j

595 !
1922.
March
April
May
June
July
August
September
October
November
December

350
344
348 j
356 !
360 I
360
364
385

2,287
2,514
2,695
2,436
2,489
2,526
2,531
2.55S

182
178
177
179
180
180
178
176
180

j
j
!
i
j
|
!
!

307
314
317
325
325
331
329
337

i
;
•
:

;

5,433
6,355
6,458
7,030
10,059
17,985
; 27,41.9
! 56,600
i 115,100
:

5,427
6,722
7,379 .
7,841 i
9,140 '

13,935
28,919
44,089
94,492
160,495

169
165
165

286
276
269

533 !
:
527
524
537 :
558 i
571 j
582 i
601 !

161
161
165
167
162
155
]53
156

240 73,729 ;
236 75,106; '
231
78,634
230 87,694::
232 101,587 .
227 135,786 ,
.
225 152,365 !
.
221 201,326 i.
221

185 I
184 ;
183 i

175174 |
172 !

184
182
178

176
185
176
177

164
165
164 |
164 !
165
163
158
155 !

171
163
161
160
161
163
163
163
169
170

. . .

!
;
i
;
i

i

EUKOPE—con-

NORTH AND SOUTH

tinued.

Year and month.

China ' Dutch j India
Aus(Caltralia; (Shang-1 East I cutta);
Bureau
Indies; |! Departhai);
of Census Ministry Statis- ! ment of
and Sta- OfFi- ; tical ! Statististics.4
Bureau. ' tics.e
nance. 2 1
I (75)
(92)
(58)
(147)
2100
100 |
104 i is ioo !
23 100
24 100
120 !
112
141 I
146 !
128
132
176 !!
147
155
212
180
170
232
220
198
133
180
281
238
204
140
218
226
205
181
145
186
167

: United United United j; Canada; Peru;
States;
t
V
i KingBureau Depart-1
dom; i King- of Labor!; ment of ! QS,+:
d
dom: 4
B
: Board of
11
Trade. Statist. Statis- j Labor. j ^l c2s 0 "
tics. !
i t I (150)

1913
1914
1915
1916
1917
J918
1919
1920
1921

ASIA AND OCEANIA.

AMERICA.

100

.197 '

(45)

(404) • (271)

100
101
126
159
206
226
242 I
295
182

100
98
101
127
177
194
206
226
147

100
101
110
135
177
206
217
246
182

163
161 j

169
168
170

203
195
190

156
151
148

146
144
146

175
170
166

:

157 j

11
-2
141
140

157 :
158 .
159 !
159
157 j
152 '
.150 ;
.153 !

142
143
148
150
155
155
153
154

167
1.66
167
165

190
187
186

146
148
155
156
157
155
1.58
.159

152
150
146
144
145
142
139
143
143

164
164
166
167
168
162
159 :

1921.

October
November
December
1922.
March
April
May
June
July
August
September
October
November
1

181 ;
173 |
168 |
160 !

loo !
160 !
160 i
160
156
154
155

166
164
163
162

|.
!.
I.
j.

T

The number of commodities or quotations used in the computation
of each index is indicated by figures in parentheses at head of each
column.
2 Average of last half of month.
8
First of month.
4
End of month.
* Beginning of month—not always the 1st.
8
Average lor the month.
7
Based upon price of 52 commodities during 1920; 53 during 1921.
* 38 commodities prior to 1920; 7 commodities during 1921. End of
G
month.
9
End of year and end of month,
10
15th of the month.
» Middle of month.
i2 July 1,1913, to June 30,1914-100,




(56)

New
Egypt
South
Zealand; (Cairo); Africa:
Jain
Depart- Depart- | Of lice of
ment of ment of : Census
Statis- Statis- and Statics, i tistics.
tics.
I
(23) ; (187)
(106)

100
96
97
117
147
192
236
259
200

100
104
123
134
151
175
178
212
201

184
180
180

219
214
209

182
182
187
183
181
178
176
177

201
197
194
197
201
195
193
190

25 100
102
124
168
207
225
299
171

26 100

195
191
188

180
171
160

143

180
180
177
175
177
177
174

153
148
141
139
138
139
138
140

127
145
158
170
231

132
131

" April, 1914=100.
July 1,1912, to June 30,1914=100.
« July, 1914=100.
is Dec. 31, 1913, to June 30,1914=100.
"January, 1914=100.
18
December figure.
19
January figure.
20 Average for month until September, 1921; thereafter prices as of 15th
of 21
month.
As of last Wednesday in month.
22 February, 1913=100.
23 As of Jan. 1.
24 End of July, 1914=100.
25 Jan. 1, 1913, to July 31,1914=100.
26 Average for year.
14

DECEMBER, 1922.

1457

FEDERAL RESERVE BULLETIN.

The foreign index numbers published on the
preceding page are constructed by various foreign statistical offices, and are sent to the Federal Reserve Board by cable. The BULLETIN
for January, 1920, contains a description of the
French, Australian, Japanese, and Canadian
indexes. A description of the method used in
the construction of the Swedish index number
appeared in the BULLETIN for February, 1921;
the British index number, compiled by the
Board of Trade, was described in the March,
1921, BULLETIN; and the Italian index number was discussed in the April, 1921, issue.
The December, 1921, BULLETIN contains a description of the index published by the Federal
Statistical Bureau for Germany," and the indexes for Switzerland, Netherlands, Norway,
Bulgaria, Egypt, the Union of South Africa, the
Dominion of New Zealand, and Peru. Tfte index number for the Dutch East Indies was
described in the BULLETIN for March, 1922,
that for Poland in the BULLETIN for July, 1922,
while a description of the Belgian index may be
found in the October, 1922, issue. The revised
index of the United States Bureau of Labor
Statistics was first published in the July, 1922,
BULLETIN; and a description of the Frankfurter
Zeitung's revised index was given in the issue
for September, 1922. Lack of space prevents
the publication of group index numbers for
many of these countries except occasionally,
but they can be obtained at any time upon
request. Reference may be made to the
September, 1922, BULLETIN, pp. 1092-1100,
for a more complete series of group index
numbers than appears in this issue.
In only a few of the index numbers is 1913
used as the basis in the original computations.
In most cases in which 1913 appears as the

basis for the computation the index numbers
have been shifted from their original bases.
The computations in such cases are, therefore,
only approximately correct. In certain of the
index numbers July, 1914, or the 12 months'
period immediately preceding is used as the
base.
A description of the international price index
numbers of the Federal Eeserve Board for the
United States, England, Canada, France, and
Japan may be found in the BULLETINS for
May, 1920; February, 1922; July, 1922; August,
1922; and September, 1922, respectively. A
comparative summary table showing the
Board's international index for these five
countries appears on page 1457.
Index numbers showing the price levels of
separate groups of commodities in the United
States and a few foreign countries are presented on the following pages. The Board of
Trade has revised and corrected its group index numbers for the United Kingdom. The
principal changes occur in the group including
iron and steel products. A table showing all
groups from 1920 to the present time will be
found on page 1460. Group index numbers computed by the Federal Reserve Board as part
of its international series of price indexes will
be found on pages 1454 and 1455 of this issue.
The revised series of group index numbers
for the United States, showing the Federal Reserve Board's regrouping of the new index of
the Bureau of Labor Statistics, based upon 404
notations, was published for the first time in
le September, 1922, BULLETIN. A similar
regrouping by the Federal Reserve Board of
the old index of the Bureau of Labor Statistics
first appeared in the October, 1918, issue.

a

GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY
FEDERAL RESERVE BOARD.
Raw materials.
•

Year and month.

Animal
(21)

1913.
1919.,
1920.
1921.

October....
November..
December..
January....
February...
March
April
May
June
July
August
September.
October




1921.

(21)

Forest
Mineral
products. products.
(11)

(35)

Total
raw materials.
(88)

Producers'
goods.
(117)

All
Consumers' commodities.
goods.
(404)

(199)

100
250
255 I
134 I
!
135 i
130 i
130 !

100
221
186
110

100
211
312
166

100
180
236
185

100
218
229
142

100
179
214
135

100
211
231
159

100
206
226
147

107
103
103

162
175
169

174
178

179

138
137
137

126
125
125

154
153
151

142
141
140

130
140
141
145
152
146
147
138
136
147

109
121
122
120
122
123
130
127
132
132

167
166
165
167
174
186
188
191
199
204

178
177
178
180
202
211
241
261
236
218

139
146
147
148
157
159
171
173
168
166

123
118
120 i
122
125
127
129
129
132 j
135

146
148 :
150 i
149 •
150 i
151
152
149
150;
152 I

138
141
142
143
148
150
155
155
153
154

1922.
:
!
!
.
i
i
I

r

1458

FEDERAL RESERVE

BULLETIN.

DECEMBER, 1922.

GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.

Farm
products.

Foods.

(56)

Year and month.

(110)

House
All
Cloths Fuel and Metals Building Chem- furnish- i Misceland
and
mate- icals and
ing
; laneous. commodmetal
ities.
clothing. lighting. products.
drugs.
rials.
goods.
(404)
(43)
(41)
(31)
; (25)
(20)
(37)
(65)

100
231
218
124

100
207
220
144

100
253
295
180

100
181
241
199

100
162
192
129

100
201
264
165

100
169
200
136

100
184 !
254 ;
195 :

100
175
196
128

100
206
228
147

124

140

180

189

116

159

197
199

114
113

118
119
121

131

176

195

112

157

124

135
137
137
138
140

174
172
171
175
179

191
191
194
216
225

110
109
113
119
120

156
155
156
160
167

123
125
124
122
122

117
117
117
116
116
114
114
115
116
120

138

131
130
129
132
131

180 ;
178
178 •
|
178 ;i
177
175
175 i
176 :
176
173 :
173 i
173 i
176 i

142

180
180

163
158

131

139
336

122

1913 . . .
1919
1920
1921 . .
1921.
October

121
120

December

129
127

1922.
January
February
March
April

May
June
July
August
September
October

135

142

180

254

121

131
133
138

138
138
140

181
183
188

271
244
226

126
134
135

170

121

172
180
183

122
124
124

-

141
140

142

143
148
150
155

155
153
154

GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.

Textiles.

Sundries.

(6)

(12)

All industrial
materials.
(25)

All commodities.
(45)

100
444
737
355

100
373
550

100
357
510
345

362

341

332

392
421
418
446
468

GROUP INDEX NUMBERS—GERMANY—FRANKFURTER

100
405
524
374

388

1913 a v e r a g e . . . . . . .
1919 average
,
1920 average
1921 average
1921.
November
1922.
July
August
September
October
November

326
330
341
347
363

322
334
339
357
369

325
331
329
337
352

ZEITUNG.

[July, 1914=100.]
!

Year and month.

| Foodstuffs ! Textiles
and
and
leather.
luxuries.
(16)

(26)
July, 1914
January, 1920-.
January, 1921..
January, 1922..
Beginning of—
July
August
September.
October
November..
December




100
1,972
2,019
3,840
1922.

I
!
!
!

(18)

Miscel- i Industrial ; All comlaneous.
products. modities.
(17)
(98)
(21)

100
3,407
3,840
7,168

100

100

100

100

2,749
2,780
5,178

1,101
1,776
3,149

1,343
1,594
3,159

1,997
2,127
4,238

13,938
21,910
36,398
72,688
153,896
266,622

12,168
18,355
42,648
54,905
128,982
219,395

6,881
10,993
21,605
32,134
72,038
134,177

6,750
8,549
19,352
35,025
57,683
118,385

9,140
13,935
28,919
44,089
94,492
166,495

!

,

!

6,323 i
13,691 !
29,175 j
38,595 !
88,980 !
14753
144,753 i

DECEUBEK,

1459

FEDERAL RESERVE BULLETIN.

1922.

G R O U P INDEX N U M B E R S - ^ G E R M A N Y — F E D E R A L STATISTICAL BUREAU.
[1913=100.]

Goods I Goods
produced. | imported.
(16)
!
(22)

Year and month.

1913 average..
1919 average.
1920 average.,
1921 average..

100;
385 i
1,253 i
1,786 |

All commodities.
(38)

100 ;
558
2,652 ;
2,533 !

Year and month.

1922.

100
416
1,486
1,911

June
July
August
September.
October
November.

1921.

November.

3,416

6,540
9,300
15,084
24,280
49,850
95,300

9,479
13,854
32,491
43,113
90,340
214,100

Other
vegetable
products.

7,030
10,059
17,985
27,419
56,60C
115,100

Sundries.

GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI.
al
Vegetable : Animal
foods. I foods..
(25)
!
(13)

Year and month.

1920

i
'

1922.

January
July...".
August
September
October
November

100 .

Minerals
Textiles. ''and metals.

Chemicals.

(.12)

(H)

ng
(6)

(16)

,ls.

All commodities.
(100)

(12)

(5)

100

100 '•

114
100
100
110
114
112

73
68
69
70
72
71

100

72 j
76 :
78
80
85
82 ;

100

100

100

92
79
81
81
86
88

100

112
.113
119
120
124
127

94
91
93
95
96
100

100

;

1 1 2 '•.
112
115
112
113
112 :

i

89
92
96

G R O U P INDEX N U M B E R S — S W E D E N — G O T E B O R G S H A N D E L S O C H SJCJFARTSTIDNING.i
[July 1,1913-June 30,1914-100.]
j
j Vege- "
•

Year and month.

j ^
|
^

1913-14
1919
1920
1921

(16)

;
i

100
261
262
210

|
:

1921.

j

October
Juno
July
August
September
October
1

Animal
! foods.

1922

\
,.
,
!
•
:

167 !
i
174
174 i
168 !
146
1-13 ;

|
'•
!

(7)

Raw materials
for agriculture.
(5)

1

Hides i
and
Textiles.
leather.

'• Building | Wood
Metals. , mato! rials, i pulp.

Coal.
(2)

|

100 j
801 !
1,007
285 j

100 !
409 !
296 !

100
340 •
312

198

200

202 !

165
164
168
179
166

170
167
162
160
158

155
160
167
169
169

(3)

(7)

(5)

ioo;

j

L

121 I

:
;
;
•

209
215
213
215
216

121
123
119 I

117!

I

:

100
211
215
107

1

. 169

286
371 !
243 ;
!
211 ;

130 j

|

100
308
675
310

ioo;

258 •
'
278 :
159 ;

(5)

119

!

87 1
88 !
90
90
91 '

144
149
149
154
160

All commodities.

(2)

(5)

Oils.

(47)

100

100

324
144

294
228

100
33C
347
211

16!

187

175

172
179
170
171
176

154
154
154
150
150

164
165
163
158
155

Formerly published in Svensk Tlandelstiding.
GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.

Year and month.

Grains j Animals
and : and
fodder. , meats.
(15)

100
227 j
263 !
150 !

1913
1919
1920. .
1921

October

I (17)

Dairy
products.

Fruits
and

(9)

(20;

Other
foods.
(25)

; Hides,
Textiles, j leather,
! etc.
(20)

!

(11)

Metals.

Implements.

(23)

(10)

Drugs
Building ma- Fuel and and
terials, lighting. chemicals.
lumber.
(14)
(10)
(16)

All
commodities.
(264)

100
199
198
149

100
192
204
157

100
206
261
172

100
222
258
181

100
285
303
189

100
213
192
110

100
173
203
150

100
228
245
240

100
171
268
211

100
201
255
218

100
205
204
177

100
217
246
182

134

149

171

162

185

100

143

234

190

210

169

169

144
143
138
132
131

117
120
120
128
141

180
1.78
156
137
139

153
154
152
156
153

180
184
18L
181
183

99
100
1.05
105
103

137
138
142
144
146

213
216
216
218
218

173
178
179
179
180

221
234
257
243
232

162
160
161
160
159

165
166
164
163
162

1921.

127 :
1922.

June
July.. ...
August
September
October.




>:

143
143
130 1
121 !
119 :
i

1460

, 11)22.

FEDERAL RESERVE BULLETIN.
REVISED GROUP INDEX NUMBERS-UNITED KINGDOM -BOARD OF TRADE.

Year and month.

Cereals. | Meat and
! Ash.

Other
foods.
(19)

(17)

1913 average..
1920 average..
1921 average..
January...
February..
March
April
May
June
July
August
September.
October
November.
December..

: Other
Iron and : metals
steel, i and
! minerals.
(24)
(20)

Total
food.
(53)

Other ; Total not:,
I articles.
articles, j food.
(22)

100 I
273
194 !

100
263
219

100
279
214

100
272 i
209

100 '
358 !
210 !

J00
252
17
.9

243
242
266
279
282
286
282
280
282
292
291
263

259
242
233
246 .
240 !
243
268
279
281
286
292
291

265
283
297
302
298
303
283
268
263
271
264
257

256 !
256
265
276
273
277
278
275
275
283
281
270

296
321
344
359
378
391
387
383
383
375
356
337

233
245
243
239
257
260
261
264
266
263
257
235

540
610
61.2
614
595
556
5.1.9
506
462
379
316
254

246
212
206
203
199
200
202
205
196
170
158
153

284 !
265
251
244
219 .
218 '<
213 :
216
200 ;
184
178 i
180 '

245
228
230
224
228
220
216
210
202
193
195
186

257
234
228
223
216
2J3 i
211 j
211
199
183
177
173

318
284
250
229
221
2,1.2
202
197
183
172
160
152

213
201 j
192 !
192
193
189
185
172
161
158
153
152

150
156
160
157
159
155
156
151
143
145

176
180
166
171
174
172
170
169
174
169

;
!
•

182 !
188 !
187 !
187 !

:

179
181
161
152
157

169
174
171
172
172
169
169
160
156
157

147
143
140
140
139
138
137
133
132
131

149 .
145 '
143
143
142
139
138
142 :
140
139

(97)

(150)

100 i
273 i
196 :

100
329
.191

100
307
197

420
443
444
441.
419
385.
353
338
338
301
270
237

271
285
293 I
295 :
285 ;
274 :
27 J
269
275 !
272 j
256 !
235 .

322
345
353
356
358
350
34.1
336
333
314
290
261

297
310
319
325
326
322
317
3L3
311
302
287
264

224
195
173
181
183
180
180
176
213
225
199
188

219
200
178
169
165
160
159
158
162
168
167
165

220
215
204
195
202
198
193
189
190
189
183
177

24.0 i
221. !
202 •
195 i
194
190
186
180
181
180
171

246
225
211
205
202
198
194
190
187
18
.1
173
168

180
168
172
173
179
187
191
186
185
184

167
162
158
158
164
1.65
166
165 I
168
170

173
168
166
164
162
163
161.
160
160
165

161 .
156 ;
•
154 i
154 M
155
1.55 :
1.55 '
1.54
153
154 .'
,

164
162
160
160
160
160
160
156
154
155

1920.
!
|
|
'
:
;
,

1921.

January
February..
March
April
May
June
July
August
September.
October
November.
December..
1922.
January...
February..
March
April
May
June
July
August
September.
October




181 I
:

.
i

!
:
I
!
I

i
I
I
I
i
I

DECEMBER,

1461

FEDERAL RESERVE BULLETIN.

1922.

COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following table are presented statistics showing the trend of retail prices and the
cost of living in the United States and certain other countries:
INDEX NUMBERS OF RETAIL PRICES AND COST OP LIVING.
Retail prices.
Year and
month.

Cost of living.

United Czecho- France1 Italy.
sloStates. vakia. (Paris).

Austria
Bel(Vienna). gium.

Sweden.

2 100

1913
1914
1920
J921

3 1()()

3 100

199
150

4 ioo

GerGermany many
(Ber(46
cities). lin).

Inland.

434

3 100
371
337

454
548

3 100
298
237

329
331
326
323

542
581
583
585

228
218
211
202

319
307
294
304
317
307
297
289
291
290
297

576
559
546
524
530

190
66,900
189
77.000
185
77,800
182
87.200
109', 300
178
187,100
179
264,500
179
593 '200
181
J80 11.130.600
178

3 [00

8J3
1,047

6
100
1 080
1,236

28,622

422
439
451
447

1,062
1,146
1 397
1,550

1.212
1,340
1 767
1,934

418
394
372
368
365
373
372
369

1,640
1,989
2,302
3,175
3,462
3,779
4,990
7,029
11,376
19,504
40,047

Switz- United India South
erland. dom. (Bom- Africa.
bay).

f 100
>

3 100

7 100

3

ioo

New
Zealand.
8 100

3 10()

210

3 100
249
226

173

155
133

39,817
48,656
47,628
46,740

203
199
192
189

220
210
203
199

185
183
182
179

130
128
127
124

162
161
160
158

1,903
46.883
2,177 48,085
2,740 52,358
3,177 58,627
3,455 63,911
4,149
68,406
6,122
78,798
10,271 90,823
16 368 107,663
26,069
56,497

186
175
170
162
156
155
159
154
154

192
188
186
182
181
180
184
181
179
178
180

173
165
165
162
163
163
165
164
165

122
120
120
122
122
121
120
120
120

157
156
153
1.52
152
151
150
150

1921.

September
October.
Xo vein her
December

150
150
149
147

1922.
Januarv
Februarv
March

139
139
136
136
136
138
'39
1.30
137

•Vpril

Vi'dv

June
rulv. .
August
September
October
November

no

1,428
::

::

1,467
1,461
1,41.4
1^415
1,444
1,475
1,430
1,290
1,105
1,016

522

53,300

!
1

Average for the month.
2 Average for the vear.
»July.

4 Apr. 15, .1.914=100.
• 1913-1914= 100.
»
6 August, 1913-July, 1914=100.

The American index number, constructed by the
Bureau of Labor Statistics, was based upon the retail
prices of 22 articles of food, weighted according to family
consumption, until January, 1921, when it was increased
to 43 articles reported by dealers in 51 important cities.
The method of weighting continues the same, although the
actual "weight" applied has been changed. The original
basis, that of the year 1913, has been shifted to July, 1914.
The index number for Czechoslovakia is based on the
retail prices of 23 commodities including foodstuffs, fuel,
petroleum, and soap.
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 Italian retail price index for the most important
cities, computed by the Italian Ministry of Labor, consists
of retail prices of 21 commodities. Of the commodities included, 20 are foods and the other commodity is charcoal.
The Swedish index number consists of the retail prices
of foodstuffs, fuel, and lighting and is based upon the
prices'of 51 articles in 44 towns (in 1920, 50 articles in 49
towns), weighted according to the budget of a workingman's family which before the war had a yearly income
of 2,000 kronor.
The Austrian index, computed by the Paritatische
Kommission, includes food, clothing, fuel, lighting, and
rent. Prices, collected from cooperative associations and
firms, are those ruling on Vienna markets. An average is
obtained for each article and weighted according to the
theoretical weekly expenditure of a normal person.
The Belgian index number of cost of living, constructed
by the Ministry of Labor, consists of the retail prices of 30
commodities, weighted according to a standard budget
based on an inquiry into the expenditures of 848 families
of the laboring and small middle classes.
The German cost of living index for 46 cities is furnished
by the Federal Statistical Bureau and includes food, fuel,
light, and rent.




i june.
s 1909-1913=100.

The Berlin index, computed by Dr. R. Kuczynski, is
based on the minimum cost of subsistence for a workingclass family of four persons in Berlin. The groups included in the budget are food, clothing, heating, lighting,
and rent.
The Polish Central Statistical Office furnishes an index
including food, clothing, heating, lighting, rent, and miscellaneous expenditures. Official prices are used for
State-controlled goods, but when the official ration is less
than a standard budget the balance is reckoned at the
trade price. The system of weighting is according to a
theoretical budget for a working-class family of four
persons in Warsaw.
The Swiss index number, computed by the social
statistics service of the Bureau of Labor, is based on an
investigation into household budgets made in 1920, and
refers to about one-third of the entire cost of living of the
family of a skilled worker.
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.
Iletail clothing prices, rents, and the cost of fuel, lighting,
and miscellaneous household items are also taken into consideration. The index number is weighted according to
the importance of the items in the budgets of workingclass families.
The Indian index, including food, clothing, heating,
lighting, and rent, is computed by the labor office secretariat. Prices are collected twice a week from 10 retailers
in Bombay. The index is weighted according to the
average aggregate expenditure of the whole of India during
five years before the war.
^ The South African index, computed by the Office of
Census and Statistics, includes food, heating, lighting, and
rent. Until December, 1919, it was weighted according to
a standard budget, but since then the aggregate expenditure method has been adopted.
The index number for New Zealand includes food, rent,
fuel, and lighting. It is computed by the census and
statistics office, on the basis of average annual aggregate
expenditure, in four chief centers, 1909-1913.

1462

DECEMBER,

FEDERAL RESERVE BULLETIN.

1922.

INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.
UNITED KINGDOM.
PRODUCTION.
Raw

Finished
steel.

Long
Long
Long
tons I tons
tons
(000). (000).
(000).
855 I
23,953
639
670
19,108
756
218 i
13,696 |
302

(000).

Coal.

Monthly average:
1913
1920
1921

cotton,

Steel
ingots
and
castings.

Year and month.
.Pig
iron.

1921.

September...
October
November.
December
.

16,517
3 21,090
17, 875
|3 22,594

1922.
January
February
March
April
May
June
July
August
September.
October

i
! 17,693
i 19,764
i 19,921
322,875
19,146
15,827
23,135
19,151
125,681
21,207

Long
tons

646

!

™J

visible: »™

^PP^mlnt

factures.

Cotton
manufactures.

Long
Bales \ tons
Sq. yds.
(000). i (000). (000,000)
;
" 414- 2 596
374
1,397
271
1,234
142
244

158
236
272
275

429
405 |
444 :
381

322
304
330
292

1,060
1,123
1,216
1,271

288
300
390
394
408
369
399
412
430

328
419
519
404
462
400
473
528
556

271
321
369
294
334
316
345
338

Unemployed
among
approxunder Vessels imately
12,000,construc- cleared. 000 insured
tion.
persons.

i

Raw
cotton.

Coal.

Long
tons Pounds Pounds !Pounds Pounds
6,117
2,078 I
2,055 i

1,298
1,240
1,112
1,181
1,143
1.111
890
864
853

1 Figures for end of the month.

133
156
194
205

3,407
345 !! 3,406
366 3,594
333 4,309

74
733
195
166 ;

253
224
296
258
272
236
252
270
279
347

!
I
I
!

6,927
4,02o
4,792

181
158
98

342
254
307
305
345
315
447
381
400
357

134
99
83
101
120
127
111
81
60
128

4,021
4,014
5,201
4,097
5,057
4,794
5,064
6,146
7,083
6,196

7,655
6,407
8,967
| 7,875

I

(000).
5,189
6,277
2.469

Gross
tons.
Tons
(000). (000).
2,003
5,652
3 603 3,049
3,313
3,032

Per
cent.

12.2
12.8
15.7
16.2

2,636 : 3,283
4,101
4.226 :
; 4,056
4,504 •
'
! 3,944
3,800 I 2,6.40 : 4,003

j
3,919
90 ; 4,557 4,186 !
112 ! 12,184 12,882 !
3,891
123 !i 4,568 4,102 i 2,236 : 4, 814
117 3,164 3,590 ! . . . . . . . . : 4,187
" " "
138 2,994 2,471 . . . . . . . . 5,104
97 2,772 '
4,975
1,920 :
79 7,390
4,828
107 7,281 4',422
5,855
52 7,339 3,616
1,617 i 5,731
5,590 I
60 5,090 6,571

2 Expressed in yards.

16.2
15.2
14.6
14.4
13.5
12.7
12.3
12.0
11 9
12.0

3 Figures for 5 weeks.

FRANCE.
! EXPORTS.

PRODUCTION.
!

Year and month.

TRANSPORTATION.

Cotton
stocks

Pi ir

S °»-j steel:

Havre.1

Total. ! Total.

i Unom! ployed
receiving
Raw I Raw
Coal for Vessels Receipts municipal
of
con 1 mp
: aid in
consump-j consump- ?l T " cleared. principal2 ! Paris.
tion. I +;«„
! tion.
railways.
i-;nn
lion.

L

!

Monthly average:

Metric ! Metric
tons (000).\tons (000).
'

Metric
tons.

Metric
Metric
torn, \tons (000)

j

(000).

Number.

3,685
4,211
3,165

27,428
19,577
16,666 '

629 i
390 ;
206 i

1,558
2,005
1,472

2,176 I 5165,892
1,412
479,894
1,802
516,397

236
260
277
302

131
181
192
208

1,172
1,252
1,515
2,507

3,993
2,809
5,161
5,197

11,769 !
25,757 I
29,059

261
385 !
277;

1,874
1,301
3,291 i
2,895 1

1,972
2,007
1,862
1,992

697,979

315
317
367
324
364
358
369
397
407

188
163
127
138
169
145
153
135
99
131

1,554
1,520
1,570
1,794
1,538
1,799
1,936
1,788
2,616
2,034

3,396
4,126
4,434
3,787
4,396
4,307
4,223
4,512
4,138
4,543

14,870
14,714
20,978
17,391
18,090
32,380
26,325
16,291
17,302

502
467
408
207
404
391
566
579
550

1,676
2,153
2,081
1,538
2,058
1,829
1,631
1,767
1,692

1,735
1 744
1,934
2,088
2,340
2,473
2,523
2,399
2^58

454,323 :
468,175
472,779 :
608,764 !
472,607 .
:
504,431 !
651,720 !
546,310 ;
720,210:

312
323
386
383
442
416
428
447
462

1922.

January...
February..
March......
April
May
June
July
August
September.
October

I Francs

1,840 !
1,071 i
1,333 I

4 391
254
255

1921.

September.
October
November.
December..

Tons
(000).

274 .
225 I
169

4 434 !
286 !
280 !
244
256
295
301

1913
1920
1921

Bales 3
Metric \ Metric
(000). tons (000).'tons (000).

I
I
!
!
i
!
I
:

j
'
j
!
!
;
!
i

483,216
641,887

3,022
20,671
7,486
5,348
3,730
4,175
4,658
4,385
3,546
2,447
1,636
958
602
606
410
272

1
End of the month figure.
2 Railways included are: State Railways, Paris-Lyon-Mediterranee, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg.
3
Bale of 50 kilograms.
4
Figures do not include Lorraine.
5 Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railways.




DECEMBER,

1463

FEDERAL RESERVE BULLETIN.

1022.

GERMANY.

Iron
1
! Coal
and
and Lignite.: iron
;
! coke.
manu:
factures.

Year and month.

UNEMPLOYMENT.

IMPORTS. 1

PRODUCTION.

Ma-

Half
Raw manufacCoal.* : wool.
!
tured
silk.

Cotton.3

Arrivals of
vessels in
Hamburg.

Iron
ore.4

plies.

i Applicants
for
every
100
avail-"able
positions.

Unemployed
I persons
| receivi ing
State
aid.

Monthly average:
1913
1920
1921

j (000)

i Metric. Metric.'
• tons
tons '. Metric Metric ,
(000). : tons.
tons.
'
i 17,003 7,266 541,439 60,919
:
9,303 145,883 46,772
13,043
j 13,664 10,241 203,681 39,037 i

Tons I
Metric Metric ; Metric Metric Metric Metric
Number
tons. Number. (000). \Number. (000).
tons. < tons.
tons.
tons.
tons.
:
21,812 12,881,126 16,608
920 43,424 1,224,951 1,256 I 1,182
8,462 :! 608,749 . 5 4,025
'401 !'
5 232 12,490 537,535
374 i
169
366
8,530 518,937 . 11,860
700
165
794 !
30,894 619,194
310

1921.
September
October
November
December

!
I 13,885
, 14,373
| 14,052
14,343

10,359
10,567
10,479
11,029

225,331 34,615
246,115 33,067
233,204 35,697
214,812 46,397

10,156 '
10,255 I
9,953 :
9,212 j

14,640
13,655
15,931
13,800
, 14,670
,
! 11,416
i 11,972
I 12,780
I J 2,623
|617,753

10,978
10,091
12,260
10,634
11,437
10,487
11,411
12,147
11,823

221,743
172,709
211,979
200,677
209,432 I
213,220 j
212,365 i
198,408 j
214,012 :

1922.

January
February
March
April
May
June
July
August
September
October

,
,

!

649,158
576,048
569,657
640,877

17,688
12,506
12,628
10,984

447 28,766
774 j 29,739
346 27,242
28,313

39, 470 9,552 '•752,340
45,689 9,332 i 669,433
48,813 12,299 • 795,200
46,112 11,095 i 795.940
47,354 12,629 : 701.941
49,347 16,335 i 528,766
44,362 |12,671 : 199,961
50,978 j 12,616: 1.21,359
40,150 13,477 : 110,245

10,400
26,202
26,988
24,091
25,619
15,723
14,119
11,011
8,708

347
383
440
462
486
436
435
459
312

957
915

564,827
919,822
937,26,8
790,8fl

1,018 !
1,047 '
881
873

23,426 941,972
17,915 492,705
26,130 809,722
24,070 865,778
26,112 1,519,365
22,037 1,159,329
26,085 961,768
20,915 996,962
i 13,959 1,089,972

745 :
461 [
894 i

972 i
1,143 i
1,092 .
7 9 3 '•

1,005 :
945 i
1,01.6 i

232
186
150
149

875
716
969
1,112
1,244
1,287
1,065
1,171
1,208
1,272

503

132
128
136
148
150
145
113
113
107
103
106
109
122

165
203
213
116
65
29
20
15

1

Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months.
2 Not including coal for reparations account.
3 Includes linters.
< Includes manganese ore.
s Average based on 6 months.
«Coal, excluding coke.
SWEDEN.
PRODUCTION.

Year and month.
Pig
Iron.

Monthly average:
19.13
1921.
September.
October
November.
December..
January
February..
March
April
May
June
July
August
September.

1921.

TRANSPORTATION.

Iron and
Unplaned
steel ingots. boards.

Coal.

Vessels
entered.

Metric tons Metric tons
Cubic
Metric tons Metric tons \ Net tons
(000).
(000).
meters (000). (ooo). •[ (ooo).
; (000).
61
49
328
1,147
71
408
39
37
306
677
73 :
234
162
26
17
519
40
122
325
370
361
356

1922.




Paper
pulp.

49
54
99
104

,
;
i
i

28 !

500
539
508

ii:
36 i
21 i
76 i
80 !
89 !
104 i

113 i

Freight
carried
on State
railways.

Vessels
cleared.

Net tons
(000).

279
219
192
246

609
670
601
575
442
285
617
524
600
596
625
694
648

409
255
509
485
633
738
787
836
756

Metric tons
(000).
Number.
112
830
107
991
276

578

114
62
197
206
230
172
214
294
229

Unemployed
workmen
per 100
vacancies.

566
691
721
558

i
!
i
|
i
i
i

227
263
384
473

485
630
730
622
578
645
715
765

482
479
381
368
257
215
203
172

1464

FEDERAL RESERVE BULLETIX.

DECEMBER, 1922.

JAPAN.
TRANSPORTATION.

PRODUCTION.

Year and month.

Silk
• Cotton fabrics
i y a r n s . (habutaye).

Paper.

i Raw
i silk
' stocks,
1
Yokoi hama
, mar! ket.

I
!

Bales

l

Iliki

I

Pounds \

i

1

126
151
151

149

44,538

Bales. | Piculs*' Piculs. Piculs.
113,374
. 16,857 ! 2,302
1
53.111 14,557 '' 2,264 74,839
73,064
58,477 21,836 I 1,702

130
149
159
168
1.78

144
136
145
170
169

46,244
45,559
45,969
45,658
46,781

55,012 . 25,808 ' 1,896
59,450 ' 22,563 ' 1,632
22,563 ' 1,632
53,535 24,006 i 1,253
48,832 29,169 i 1,855 '
~
44,766 37,250 ; 1,857 '

168
174
184
19 i
.
194
190
181

166
129
153
110
160
173
159

i 46,488
46,605
i 49,644
: 52,687
:
53,975
. 52,79J
53,734

{ooo). I (ooo).

Lilly a
1913..
1920.
1921.

(ooo). ;

Vessels Freight [ ReIron cleared earried i ceipts
on i of
plates
State 1 State
and
rail- '. railsheets.
ways. ; ways.

! ShcetI ings
Raw
Cotton \ and
yarns. ; shirt- cotton, Wool.
ginned.
: ings,
i gray.

Silk
fabrics
(habutaye).

Silk,
raw.

Yards
(000).
7,92).
28,465
23,21.0

Yen

Piculs '• Tons
Tons
(000). 1 (000).
(000).
132
2,075 j 2,923
528
2,21.6 ! 4,548
312
2,324
4,342

(000).
11,723
27,589
31,182

2,552
2,328
2,491
2,611
2,7.18

4,141
4,286
4,625
4,610
4,922

32,958
30,580
34,960
31,729
32,520

462 j 2,749
594
2,817
637
3,094
582
2,971
752
3,287
890
3,024
872
2,987
697
3,119

\ Piculs
j (000). Piculs.
I
537 13,162
:
648 46,918
718 22,277

4,102
4,261
5,086
4,968
5,225
4,965
4,641

28,576
28,036
36,337
42,074
38,486
32,180
32,977
33,944

1921.
August.
September.
October
November..
December..

January
February
March
April
May
June
July
August

1922.

1

| 40,561 j 16,924 !
| 32,213 ; 18,102 !
44,701 16,647 =
! 40,777 I 27,380 !
i 18,293 • 35,147 ;
18,547 ' 29,569 .
4o,84S " 34.541 !
56,032 i 36;196 i

!

1,080
1,551 •
2,003
1,669
1,977
2.176 :
I',793
2,017
2

One hiki equals two pieces.

44,479
36,996
53,506
53,484
68,032
61,414
63,719
123,605
138,226
146,354
139,057
51,660
40,075

19,080 I
13,309 :
13^289 !
16,707 •
20,382 i

899 17,799
893 i 32,246
685 I 34.013
696 14; 639
646 24,064

19,124 ; 1,161
24,990 I 1,168
24,194 ! 1,081
24,725 i
707
25,82.1
580
29,713
490
25,284
433
22,343
731

323
101
218
296
371

41,724
93,411
64,865
76,416
24,753
68.415
37', 431
29,936

A picul varies from 133 to 140 pounds avoirdupois.

FOREIGN TRADE OF PRINCIPAL COUNTRIES.
In the following tables are presented figures from official sources showing the monthly value
of the foreign trade of a group of European countries, India, Canada, Brazil, Japan, and the
United Slates.
FOREIGN TRADE OF UNITED KINGDOM.
[In thousands of pounds sterling.]

Raw

Articles Miscel- 1
wholly laneous,,
or
includ- I
ing
parcel
!
t
;factured.

Year and month.

Monthly average:

.

:

24,184 ! 23,485 ! 16,134
63,817 , 59,196 ! 37,787
47,271
22,598 j 20,421

1913
1920
1921
1921.

February
March
April
May
June
July
August
September
October




320
154
165

84,742 i
89,259
85,312

,

33,972 j
32,257
45,261 1
40,097 i
43,075 ,
39,936 ;
38,817 i
37,762 i
35,555 i
38,617 <

24,565
20,220 I
22,095 :
21,404 I
25,358 I
25,242 !
24,237 !
24,141 !
21,848 !
26,409 !

17,710
16,576
20,309
18,962
20,207
18,857
18,579
20,326
19,244
19,726

3,466
3,586
3,187

21
4
322
215
199
176
263
151
432
296
262

76,488 :;
69,375
87,879
80,661
88,814
84,298
81,784
82,661
76,944
85,015

Raw
materials and
articles
mainly
unmanufactured.

2,716
4,245
3,122

i

1922.
January

and
tobacco.

259 | 64,061 j
254 161,387 :|
268
90,557 i

i
:
j 44,467 ' 21,256 I 18,691
I 41,246 : 29,946 I 17,913
39,063 ! 27,792 • 18,291

October
November
December

TotaL

Food,
; drink,

7,359
7,046
7,446

Total
exports
and
reexports.

949 ! 43,770 |! 9,131
1,523 ' 111,206 .'" 18,563
1,126 ; 58,600 1 8,921
1

52,901
129,769
67,521

50,328
51,094
47,364

1,113 i 62,265 j ! 10,386
1,169 'i 62,895 ii 9,823
1,378 ' 59,375 ii 9,204

72,651
72,718
68,579

51,821 !
48,000 i
51,760 i
44,336 :
45,073 i
40,556 :
48,455 I
47,149 !
48,361 i
47,010 I

1,429 1 63,147 jj 8,459 !
712 ; 58,335 ,i 10,174 i
1,085 ; 64,581 ii 10,154 I
785 ' 55,508 .' 9,200 !
58,045 1 8,965 I
1,171
52,146 i1 8,720 !
875
60,419 •! 8,317
1,117
60,032 i1 7,504 ,
878
62,51.1. il 6.381. !
897
60,399 ! 8,277 ;
1,112

71,606
68,509
74.735
64,708
67,010
60,866
68,736
67,536
68,893
68,676

5,825 i 34,281
12,126
93,312
5,297
49,055

2,861 1 7,032
6,869
8,465
3,270 j
3,011 !
7,376
3,045 j
8,757
3,044 ! 7,671
8,041
2,806:
3,105 '• 8,900
3,154 I 10,099
3,066 ' 9,211

2,754 I

Articles Miscelwholly laneous,
or
includmainly
ing
manuparcel
factured.
t

DECEMBER,

1922.

1465

FEDERAL RESERVE BULLETIN.
FOREIGN TRADE OF FRANCES

In thousands of francs.
Year and month.
Food.

Raw
materials.

I Manufactured
! articles.

Monthly average:
1913
1920
1921

151,465 ; 412,144
989,576 2,096,379
517,158 1,033,170

!

In thousands of francs.
:
-! thousands of
Total.
I metric
! tons.

i Raw
Food. 1 materials.

Manufac- I

a£.

\

thousands of

Total. r £ °

I

69,908
217,733
161,031

154,841
301,421 : 47,182 I 573,351 ] 1,840
509,485 ; 1,413,548 i 100,479 ! 2,241,245 1,071
463,219 ! 1.007,413 i 104,430 I 1,796,092 ; 1,333

2,226,951 ; 2,809
2,333,730 ! 5,161
3,154,264 i 5,197

132,424
157,180
259,605

482,376
478,875
549,495

1,487,652
1,847,026
1,931,965
1,743,640
1,810,125 |
1,851,184 !
1,995,746
1,959,729
1,893,000
2,109,000

121,526 458,460 ! 994,852
153,892 448,455 i 1,106,507
130,595 456,930 ! 1,189,712
136,000 461,000 ! 1,231,000
132,000 498,000 i 1,127,000

138,169 : 701,778 I 3,685
1,072,787 j 4,158,741 ! 4,211
412,045 ! 1,962,373 <. 3,165

1921.*

October
November
December
January
February
March.
April
May
June*
July
August..
September
October

717,091 1,191,860 I
564,012 ! 1,446,125 ;
754,671 ! 1,856,148 i

1922.3

352,572
385,021
460,765
438,000
504,000
483,356
476,813
510,597
473,000
570,000

318,000
323,593
543,445

I 887,253 j 247,827
!
1,137,855 : 324,150
! 1,005,463 j 465,737
i 983,000 I 323,000
1
996,000 I 310,000
j 1,082,371 '• 285,448
I 1,200,764 I 318,169
;
1,096,903 ' 352,229
i 1,087,000 ' 333,000
: 1,190,000 i 349,000

3,396
4,126
4,434
3,787
4j 307
4,223
4,512
4,138
4,543

1,041,594 103,078 ; 1,759,472
992,256 : 120,343 ! 1,748,654
1,193,161 ! 180,059 2,182,320

1,252
1,515
2,507

! 63,903 '• 1,638,741 1,554
i 144,458 : 1,853,312 1,520
j 99,431 1,876,668 ! 1,570
I 134,000 1,962,997 ! 1,794
111,000 i 1,886,964 ; 1,538

113," 435" "374," 959"i 885,029
59,619
179,407 408,005
931,066 157,836
141,000 477,000 1,055,000 i 68,000
195,000 494,000 1,099.000 ! 149,000

!
! 1,433,042
\ 1,676,000 !
' 1,741,000 i
! 1,937,000 i

1,799
1,936
1,788
2,616
2,034

1
8
3

Not including reexport trade.
Calculated on 1919 value units.
Imports calculated on basis of actual declared value.
• Value of exports not available. Beginning with June, exports calculated on 1921 value units.
FOREIGN TRADE OF GERMANY.
IMPORTS.1

Year and month.

Monthly average:

EXPORTS.2

Merchandise.
Gold and
silver (in
thousands
In thouIn thousands of
of marks). . ^ H o n s sands of
of marks. metric tons.
|inetrictonS-j

Merchandise.
. Gold and
, silver (in
• thousands
of marks).

36,553

890 !

17,756

1913
1920.
1921 3.

9,910 j

6,073
1,570
2,194

8,450 i
17,773 !
34,901 :

841
5,776
8,295

6,141
1,651
1,715

2,533
3,065
2,535
2,086

26,832 i
30,013 :
44,073 ;
86,227 !

7,492
9,681
11,886
14,468

1,871
1,973
1.908
1)930

134,054 !
57,425 i
46,898 !
51,451 j
.
75,844
109,298 •
124,178 !
152,906

14,394
14,482
21,285
22,948
27,080
30,232
35,708
60,295

2,027
1,747
2,153
2,176
2,093
1,880
1,636
1,407
1,587

1921.

September..
October
November..
December..
January
February...
March
April
May
June
July
August
September.

26,674 !
60,693
5,312
4,922

10,642
13,814
12,273
13,702

!
1
I
j

1922.
132,336 i
46,409 j
7,566
12,315
31,910
18,018
37,215
39,445

i

12,641 i
12,001 I
22,919 .
'
32,417 :
34,364 i
45,748 j:
56,472
4 364

2,309 !
1,475 j
2,645 i
2,889 !
3,810 j
4,029 !
4,798 •
"
4,676
4,829 '•

"i

1

Not including philanthropic gifts.
2 Not including deliveries on reparations account.
3 Average for 8 months. Figures covering first 4 months of 1921 are not available.
* In gold marks.

NOTE.—Currencies have not been converted to a common unit, nor are methods of valuation the same in all countries. In England, Sweden, India, Japan, and Brazil imports are given c. i. f. values; exports and reexports current
f. 0. b. values. 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 period,, usually the preceding year. In the Netherlands imports are given in declared values
for about 110 articles of the import schedule. In other cases official valuations are applied to both imports and
exports. Canadian imports and exports are quoted at the fair market value at the point of origin. In the United
States imports represent either actual foreign market value or the export value including any export tax imposed by
the country of exportation, whichever is higher; exports are expressed in terms of their value at the time of exportation, with the exception of reexports from bonded warehouses, which are expressed in their import value.
21739—22
6




1466

FEDERAL RESERVE BULLETIN.

D E C E M B E R , 1922.

FOREIGN TRADE OF DENMARK, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN.
Denmark.
(In millions of
kronor.)

Netherlands. ;.
Sweden.
(In millions of |: (In millions of
guilders.)
\\
kronor.)

India.
j
Japan.
(In millions of ! (In millions of
rupees.)
.j
yen.)

Exports.

Im- ! Ex- r Im- | Exports. | ports. I' ports. I ports.

Imports.

E x - i Imports. :ports.

134
173
280

205 !!
61
272 ! 195
214 | 135

53
162
104

Year and month.
Imports.
Monthly average:
1913
1920
1921

(2)
!
278 !
187 !

158
137
143 |
143 j
155 |

156 j
124 i
113 i
102 :
107 :

187 !
197 :
179 |
176;
180 i

143
136
.115
107
97

J02
70
103
126
159
140
117
135
134

SO
76
100
76
10S
125
101
90
121

152
153
180
167
194
151
164
179
165

86 :
77
86 :
49
113 i
109
93 :
!
102
108
97
101 " 93
105
83
100
105
128 i
109

.!

i

1921.

1922.

January
February
March
April
May
June
July
August
September

2

71 !
281 i
J06 '•

60
151
121

August
September
October
November
December

1

(2)
'!
142 :i
114.'.

71 !
262 !
136 !

=

.
:
:

;!
•
!
!
=

68
191
91

Exports.

:
103
J26
101
95
112

i
•
:
j

113
105
99
103
108

62 :
60 :
81
88 ,
87 |

61
38
71
60
90
104
113
132
123

104
101
112
96
113

144
183
166
155
175

208
197
235
264
232

196 :
200 j
182 ^
199
218 :

132
129
130
152
161

100
96
112
121
146

47 :
47 i
61 j
33 !
70 '
73 :!
72
74

:;
!j
j.
!j

92
101
131
127
127
129
109
146

199
161
172
187
141
149
154
182

276
189
215
178
191
164
182
212
182

230
222 i
277 .
239 j
273 !
192 1
1
244 !
252
216 :

179
198
208
185
169
157
142
137 I
135 !

87
101
115
129
154
146
144
140
150

Italian yearly figures for 1921 based on average for six months only.
Dutch figures for 1913 not comparable with later figures.
FOREIGN TRADE OF UNITED STATES.
[In thousands of dollars.]
IMPORTS.

Merchandise.
;
i
Food-1
| Crude stuffs | Food- j Manu- Manu-:
! mate-1 in '• stuffs! facfac- I
Gold. : Silver/ rials crude partly tures tures : Total
for
for condi-j or further ready
merfor
use in; tion wholly
chanmanu-1 and manu-!: use in con- ; dised
manii- sump- i
facfactur-i food
ing. i ani- tured. !factur- tion. i
1
ing.
mals.

Year and month.

!

Gold.

•

Monthly average:
1913
1920
1921

j
i 5,309 2,989' 50,414! 18,399' 16,529
1 34,756, 7,338145,995 48,1361103,178
: 57,606j 5,270 71,090 25,331i 30,737

1921.
October
November
December

47,110: 7,510! 59,460
| 51,860. 5,912 70,039
' 31,68o! 5,516: 94,016

1922.
January
February
March
April
May
June
July
August
September»
October4

Merchandise.

28,354 34,4531 149,383
66,871 73,060! 439,873
28,669 51,577 209,085

7,650
26,841
1,991

! Food-:
Crude i stuffs ! Foodmate- \ in ! stuffs
rials I crude partly
for | condi- or
use in tion wholly
znanu- and manufactur- food
facing.
ani- ! tured.
mals. j

5,231 64,072 14,132! 27,069
9,468|155,897 76,499j 93,050
4,298; 82,002 57,681 55,809

Manu-1
factures
for
further
use in
manufacturing.

Manufactures Total
ready
merfor
chancondise.2
sumption.

33,077 64,998 207,002
79,875 267,071 685,668
33,323 135.450: 373,760

j

7,576
23,326! 23,883] 27,707 51,665 188,028
607
29.338! 26,205! 30,398 53,365 211,027
32,707, 25,473; 32,083 51,171 237,373 !: 2,162

I

26,571
28,701
33,488
12,244i
8,994*
12,969!
42,987
19,092;
24,464
, : . . . 20,860

6,496: 82,639
4,771 80,971
"6,953' 86,910
4,800. 69,804
5.512! 88,088;
6i 346! 91,146!
6,957: 87,298!
4,944 U 0,285
6,370i 86,818

27,498
22,370!
28,756!
25,711:
31,264!
26,170
27,596:
22,489:
18,769!

25,900:
27,762j
36,0141
32,482|
34,7851
37,346!
38,511:
42,404:
24,0231

30,272
34,041!
42,820|
37,252|
39,398
46,471
48,398
48,430
41,026

3.940=
i
1
Including miscellaneous merchandise imported.
2
Including miscellaneous and foreign merchandise exported.
3 Imports under old tariff law September 1-21,1922, only.
* Import figures delayed owing to change in tariff.




49,811
49,375!
59,8801
50,820'.
58,254!
58,439i
49,464'
55,858:
54,038!

217,195 | !
215,743 I256,178 I:
217,073 ii
252,817 i|
280,391 h
252,128 "
281,412 j .
228,795 j .

4,7821121,3221 40,205
4,804 88,5
30,052
7,145 '
28,737
3,977! 72,838!
7,092| 55,8951
4,302! 73,001:
5,109! 79,511
5,677 64,441
6,004 70,219
6,289 60,024!
3,861 47,872!
3,735 66619
3 , 3 5 66,619
,
3269:
3,269:133,

31,054
27,799
34,507
31,174
34,143
41,000
41,958
61,339
55,142
40,798

48,018
41,449
38,282

28,129
33,260
35,145

43,019
45,164
58,899
47,372!
50,376!
55,4851
49,226|
46,071'
43,231:
47,919!

35,143
32,193
43,632
37,969
40,467
39,086
35,676
35,708
35,566
32,943

98,323 343,597
95,538 294,437
98,370; 296,306
91,8101
84,684
112,765
113,876
112,112
121,284
109,544
104,8711
106,542'
110,177

278,898
250.748
3301267
318,100
307.689
334,684
301,313
301,804
313,092
370,720

DECEMBER,

1922.

1467

FEDERAL RESERVE BULLETIN.

FOREIGN TRADE INDEX.

There are presented below the usual indexes
designed to reflect the movements in foreign
trade of the United States, with the fluctuations due to price changes eliminated. Delay
in receiving import figures, due to the new
tariff provisions, makes it necessary to omit
the index of import trade in October.
INDEX OF VALUE OF FOREIGN TRADE IN 1 SELECTED
COMMODITIES AT 1913 PRICES. '

doubled the September figures. Other commodities in this group to show advances were
corn, leaf tobacco, and bituminous coal. There
were reductions in such items as wheat, barley,
refined copper, pig iron, and crude oil, the last
two items returning to their August level after
unusual increases last month.
Among consumers' goods a decrease of over
one-half in exports of sugar was sufficient to
counteract in part the increases in exports of
wheat flour, lard, and illuminating oil.

[Monthly average values, .1913=100.)
Imports.

Exports.

-s

SAVINGS DEPOSITS.

ConHaw Promate- due- ! sinners' | ers'
rials goods | goods
(12
(10
(7
com- <rcom- I corni
modi- modi- j modities). fies), ties).

Total
(29
commodities).

.1.00.0 .1.00.0 '
88.9 i 155.1
92.2 ! 158.7
103. I. ! 11.6.9 !

1.00.0
183.6
133. G
121,1

L00.0
1.15.3
107.5
108.9

.1.00.0 .100.0 I 100.0
1.57.5 | 192.9 ! 1.47.5
135.8 227.5 ; 138.8
113.6

100.0
J.68. 4
168.8
135.6

105.2
91.0
78. 0
76. 5
97. 6
.1.07.9
111. 6
1.42. 7
115.7
121, 7
95.1
93. 8

208.6
162.4
135.1
132.5
96.4
94. 2
78.6
99.6
89.7
1.07. 0
LOO. 2
96. 0

1.26. 2
.1.19.4
.120.2
1.16. 4
110. 8
132.2
133.8
160.7
142.3
113.2
106.2
107. 8

120. 2
104. L
92.7
90. 5
100.3
111. 5
112. 9
142.1
1.1.8. 6
1.18. 4
98.1
96. 9

74. 5 130. 9
118. 2 143. 7
160.6 : 1.77. 2
1.53.3 I 1.77.6
98.7 : 150. 0
94. 5 152.3
99.3 I .126.6
1.1.6.8 j 165.1
102.8 i 137.7
96.1 : 173. 5
11.5.1 i 199. 4
133.0 ! 21.9.1

123.9
135. 4
178.9
.1.85.1
162.1
130.1
12.1.4
1.29. 8
99. 3
116.5
149.2
164. 8

102.6
130.1
.169.5
167.1
127.2
120.8
.112.6
.136.0
114.6
126.9
150.6
168.7

1.922.
82.6
January
February.. 68.5
89.8
March
90.5
April.
78.3
May.
80.3
June
79.1
July
88.8
August
September. 91.2
122.9
October

104. 3
86.0
121.7
120.9
128. 8
124.3
124. 0
90. 0
98.9
90. 8

129. 7
127.6
L56.5
150.5
155.4
169. 2
133. 5
126.3
111. 5
121. 0

94.5 118.4 ;
82.6 123.3 !
106.9 148.1. j
106. 0 125.5 !
99.4 144.6 i
107. 4 148. 7
95. 0 146.9 ;
96.7 i 174.2
96.2 143.3
119.8

135. 2
133. 5
161. 1
152. 0
168. 0
137. 3
137. 5
120.3
90.6

160.1
1S3.4
206. 5
169. 1
177.9
191. 0
187.7
194, 2
148.6

1.9.1.3,
.1919,
1920,
1921,

year
year
year
year

1921.
January..
February
.March
April
May
June.
July
August
September.
October
November .
December..

228.7
281.3
306.8
236.1
227.9
273. 3
266.3
255.5
182.7

j Con-

Total
goods !|
(5
com- modimodi- ties).
ties).

i The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 per cent of the total import values, and 29 of the most
important exports the value of which in 1913 formed 56.3 per cent of the
total export values. The classification of the original list of commodities
used was given in the July, 1920, BULLETIN, The classification of .11
additional commodities of imports was given in the April, 1.921, BULLETIN, and 2 additional commodities in the November, 1921., BULLETIN.
Exports of gasoline have been altered to include naphtha.

The index of the volume of exports in October increased to 119.8. the highest figure since
August, 1921. The greatest increase was in
the group of raw materials which rose 35 per
cent. Consumers7 goods showed a 9 per cent
increase. Producers7 goods, on the other hand,
showed a slight decrease.
The gain in raw materials was mainly due to
extraordinary increases in exports of anthracite coal, which were twice those of any previous month of this year, and five times those
of September, and of cotton, which more than




Comparison of savings deposits on November 1, 1922, with deposits on October 1, 1922,
and November 1, 1921, are shown for 886
banks distributed throughout all sections of
the United States. The figures for districts
No. 1 and No. 2 are those of large mutual
savings banks, but in all other districts reports
of other banks are included to make the figures
thoroughly representative. In all districts
where reporting commercial banks subdivide
their time deposits, statistics of savings deposits subject to notice (excluding time certificates of deposit) are used. This is in accordance with the definition given in the board's
Regulation D, series of 1920.
During October the volume of savings deposits increased in ten Federal reserve districts. Declines of less than 1 per cent were
registered in districts No. 2 (New York) and
No. 3 (Philadelphia). District No. 5 (Richmond) again showed the most important gain
during the month. During the }^ear ending
November 1 savings deposits increased in all
districts. The most noteworthy increases were
11 per cent in districts No. 5 (Richmond) and
No. 12 (San Francisco) and 12 per cent in
district No. 8 (St. Louis).
SAVINGS

DEPOSITS.

[000's omitted.]

^22

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

1— B oston
2—New York
=
3—Philadelphia.
" '•""4—Cleveland...

5—Richmond..
6—Atlanta
7—Chicago
8-St. Louis...
9—Minneapolis
10--Kansas City
11—Dallas....:
1.2—San Francisco

Total.

|

S
!

Nov. 1,
1921.

I 1,114,412 i 1,108,924 1.062,542
1,741,543 ; 1,744.493 1,653,338
409,581
420,090
i" 419,073!
389,0L3 I
378,789
383,995
250,397
| 278,077 j 274,199
147,747
| 158,164 • 157,293
795,050 ! 784,904
766,480
118,058 j
117,136
105,279
80,827
76,273
80,891 !
95,701
88, 897
Go
98,032 !
ll2
70,178
61,017
70,596 i
711,457
789,559 : 782,673
75

64
30
""
80
18
93
80
219
35
15

886

6,052,968 ; 6,020,413 i 5,711,797

1468

DECEMBER, 1922.

FEDERAL EESEEVE BULLETIN.

COMMERCIAL FAILURES
OCTOBER.
Number..

DURING

Thirty-five representative mills which reported lor September and October, 1922, furnish the data for the following table:
[In dozens.]

Liabilities.

District.
1922 i 1921
First
Second
Third
Fourth....
Fifth
Sixth
Seventh-..
Eighth....
Ninth
Tenth
Eleventh.,
Twelfth...

:

-

364
76
151
91
119
232
91
86
92
91
161

135
350
77
177
109
153
230
88
70
76109
139

1922

i Septem! bcr(35
I mills).

1921

$3,950,610
6,239,259
2,122,521
5,653,108
2,317,926
1,716,140
5,185,636
1,661,606
1,496,211
1,272,315
1,014,291
2,017,785

SI, 550,137
17,525,697
7,890,928
2,613,018
1,511, ill
5,271,140
5,853,226
1,117,815
1,833,103
2,000,108
2,455,126
3, 437,220

34,647,438

Loss.

53,058,659

1,708 ; 1,713 |

Unfilled orders,
month
New orders
Shipments
Cancellations
Production

end

of I
i 859,389
:
414,308
j 420,566
]
5,698
j 377,535

1,178,619
680,540
363,809
7,501
419,294

INDEX OF OCEAN FREIGHT RATES.

The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
between United States Atlantic ports and the
REPORT OF ASSOCIATED KNIT UNDER- principal European trade regions. The figures
WEAR MANUFACTURERS OF AMERICA. are derived from the actual rates quoted on
the following commodities: Grain, provisions,
The total production of winter and summer cotton, cottonseed oil, and sack flour. For
underwear for October is compared with pre- the methods used in constructing the index
see the August, 1921, BULLETIN, pages 931-934.
vious months in the following table:
Total..

Number Actual
of report- production in
ing mills. dozens.

RELATIVE OCEAN FREIGHT R A T E S I N U N I T E D STATES A N D
EUROPE TRADE.

[January, 1920, rates=100.]
United States Atlantic ports to—

1922.
May
June
July
August
September
October
Winter underwear (October)..
Summer underwear (October)

522,035
518,150
564,893
422,872
519,511
524,486
283,242
241,244

Order and production report for the month
ended October 31, 1922, follows. The number
of reporting mills was 37.
Unfilled orders, 1st of month

866, 583

New orders received during month

733, 251

Total (A)
Shipments during month
Cancellations during month
Total (B)
Balance orders on hand Nov. 1 (A-B)
Production




1, 599, 834
396,112
7, 501

1921.
January—
February
March
April
May
June

!
!
i

July

i

!
August
September
October
November....
December

1922.
January
February
March
April
May
June
July
August

September

October
403,613 November

1,196, 221
455,081

United French Nether- ScandiKing- Atlantic. lands
and
navia.
dom.
Belgium.

Month.

Mediterra-

All
Europe.

nean.

60.7
54.7
49.3
50.1
50.6
42.7
42.5
42.9
41.8
37.0
33.5
32.4

30.2
27.7
24.6
32.6
35.0
34.7
33.2
33.4
32.7
28.5
25.0
22.7

34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
35.8
30.7
25.2
22.9

42.9
30.9
30.8
29.4
31.3
31.3
29.0
28.4
28.2
26.7
24.0
23.3

43.2
43.8
42.2
35.7
34.6
34.0
34.7
34.3
33.6
33.3
32.9
32.3

43.3
38.5
35.9
39.0
40.1
37.fi
36.8
36.7
36.0
32.3
28.8
27.2

31.7
34.7
33.1
27.3
27.9
27.5
28.8
29.2
27.0
25.3
28.0

22.7
25.7
26.5
24.8 i
25.5
26.1
25.9 I
23.4 i
24.1
23.9
23.4

23.3
25.2
24.9
22.7
22.8
23.0
22.6
20.7
19.1
18.9
21.3

23.4
23.3
23.4
24.0
23.4
23.4
23.0
22.4
22.6
22.9
22.9

32.2
31.8
30.1
27.1
27.4
27.4
26.4
24.0
22.2
21.6
21.3

27.!
29.1
28.3
25.4
25.7
25.7
25.9
24.6
23.4
22.7
24.0

DECEMBER, 1921!.

1469

FEDERAL RESERVE BULLETIN.

PRODUCTION AND SHIPMENT OF FINISHED COTTON FABRICS.1
September.

Total finished yards billed during month:
District 1
2
3
5
6
8

Total

White
goods.

Total.

Dyed
goods.

Printed
goods.

12,260,208 21,574,598 10,145,265 47,246,265 15,247,370 26,403,046
6,892,553 | 2,034,862
1,575,782 15,327,972 7,802,232 ;; 1,659,723
7,855,034 j 7,534,986
7,122,887
' 15,390,020 9,011.504
8,278,347 :
10,862
8,920,714
38,649
8,289,209
441,785 ;
680,905
,
: 441,785
2,221,251
35,727,927 | 31,155,308

Total average per cent of capacity operated:
District I.'.
:
2

Printed
goods.

Dyed
goods.

White
goods.

October.

11,721,047 I 88,916,502 | 41,662,725

57
72
100
76

50 I
28 !

Total.

9,937,645
2,814,966

54,830,907
18,357,176
16,134,391
8,959,363
680,905
2,196.519

35,224,305 12,752,611

101,159,261

68
80
116
77

71
67
101
77

93
Average for all districts
Total grey yardage of finishing orders received:
District 1
2

69

46

14.440,389
S;363,226
8,490,015
9,495,300

|
27,877,701 I 8,836,215
3,354,301 ! 4,301,759
6,985,722
60,649 j.

86
83

52

73

14,728,539
7,570,026
10,753,713
9,310,930

31,259,713
5,207,358
8,358,734
110,353

10,063,009
4,215,681

60,181,601
22,376,961
19,112,147
9,421,283

42,363,208

44,936,158

14,278,690

113,621,307

6,288
4,192
5,148
2,154

6,942
373
2,584

2,729

29,414
10,091
7,732
4,530

64

"I"
54,911,459
21,338,937
15,475,737
9,555,949
2,553,278

Total.

40,788,930 | 38,278,373 13,137,974 103,835,396

Number of cases of finished goods shipped to
customers:
District 1
2.
3
5.
6.

I
2,775

26,905
9,883
8,319
4,235

10,378

2,775

49,844

17,782

9,899 j

2,729

52,266

5,612
532
475

2,543

22,123
1.2,832 I
7,700 I
1,356 !

5,031
5,402
347

5,312
517 I
444

2,283

22,022
13,553

7,004
340 i
3,034 !

4,866
4,503j
5,285
1,584

8

Total
N umber of cases of finished goods held in storage at end of month:
District 1 . . . . .
2

2,529,315

502
16,238

499

i
4,812 i
6,048
285

l!297

201
Total
Total average work ahead at end of month
(expressed in days):
District 1
2

11,145

6,619 I

2,543 I

4.2
13
15
12

15 I
6.2;
18 j.

14
12

14

14

4.4,512 [

11
9.4
17
12

228

10,780

6,273

4.8
13
17
14

16
o 2
19

2,283

17

8.9

10

Average for all districts.

9.1

44,913

12
9.9
18
14
11

9.7!

1.5

|

15

i The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board have arranged for a monthly survey within
the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement
concerning the tabulation:
The accompanying figures are compiled from statistics furnished by 34 out of 58 member firms of this association. It is probably fair to state
that in the absence of having specific detail at hand, but according to our best estimate it is probably well within the fact that the figures given for
the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 72 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both' for the totals
and. for the subdivisions, and., therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore the column headed " Total" does not always represent the total of the subdivisions, but is a correct total for the district




1470

FEDERAL RESERVE BULLETIN.

DECHMBEK,

1922,

PHYSICAL VOLUME OF TRADE.
The indexes of business activity showed a
general rise during October. This was especially marked in the case of agricultural movements, despite a seasonal decline in grain receipts. Wheat flour produced exceeded that for
any month for a year. Receipts, shipments, and
slaughter of all kinds of live stock increased
over both September, 1922, and October, 1921.
Cotton sight receipts were higher than for
any month since November, 1919, and consumption of raw cotton by mills has not been
as high since June, 1920*. Silk consumption
during October was higher than for any month
on record, with a total of almost 38,0*00 bales.
Stocks of raw silk were also exceedingly high,
amounting to 40,743 bales.
Anthracite coal production during October
was 71 per cent larger than in September,
while bituminous output increased 10 per cent.
Both classes of coke showed greatly increased
output over September.

The pronounced improvement of the fuel
situation was reflected in the pig-iron industry
and the October output of pig iron was almost
30 per cent in excess of the Spetember tonnage.
The production of steel ingots increased 21 per
cent during October and was 78 per cent higher
than for last October. In spite of this increase
in steel production the unfilled orders of the
United States Steel Corporation were 3 per
cent larger at the end of October than at the
end of September.
Copper, lead, and zinc were produced in
greater quantities during October than in September and the zinc output was greater than
for any month since July, 1920.
The number and value of building permits
issued in 168 selected cities showed increases
over September totals and were much in excess
of figures for last October. Freight-car loadings for all classes of commodities, except ore,
increased during October.

INDEX NUMBERS OF DOMESTIC BUSINESS
1919 - 1922
PER
CENT

PER
CENT

14-0

140

130

130

120

120

110

110

100

100

90

90

80

80

70

70

60

60

50

50

40

40

• AGRICULTURE
-MINING
•MANUFACTURE

30

30

2.0

20

10

10

0

- J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S: 0. N.- D. 0




1919

1920

1921

1922

, 15)2 2.

INDEXES OF DOMESTIC BUSINESS.
[Monthly average of 1919=100.]
AGRICULTURAL MOVEMENTS.

mals.

g r a i n s . ••

66.3
73.6
82.2
93.4
116.7
115.3
130.9
104.6
93.9

74,2
77.3
81.9
68.1
85.4
85.9
107.0
99.2
82.0

60.5
96.0 i
151.9 j
195.5 !
151.6
121.3
65.3 :
79.0 i

175.1
139.0
183.3
123.8
86.4
79.9
69.9
34.7
83.6

107.6
188. 5
117.0

! 88.9
| 77.7
70.7
j 57.4
82.6
!
75.1
; 79.8
! 106.7
! .128.8
i 154.2

91.8
76.5
79.2
71.8
90.2
88.7
81.2
96.5
106. 6
132.0

83,8
76.8 ! 96.1
92.3 ! 43.3 : 55.5
73.0
42.8 130.4
103.0
49.6
37.0
92.5
50.1 ; 105. 7
77.1 ;. 43.0 i 93.8
106.4
33.4 ! 59.3
153.8 ! 48.3 i 43.1
38.0
150.6 i 139.5
40.(5
135.7 227.8

113.2
101.2
27.5
5.5
3.9
1.5
12.3
55.2
83.9
144.7

Date.
:

!
j
;
:
:

:
;

1922.
January...
February
March..
April...
May...
June
July
August
September
October..
1

COMM OD1TY MoVEMENTS.

Total
agricul
ture. 1

1921.
April
May....
June...
July....
August.
September
October
November
December

;

Total

Total

(

71.7 i

Fruit.

51.3
67.4
57.8
52.7
56.0
114.7
195.3
163.2
133.4

Leaf
tobacco.
24,1
8.9
4.1
12.1
54.7
79.3

Combination o! 14 independent series.
MINERAL PRODUCTS.
I

Date,

1921.
April
May
June...
July
August.
September.
October.....
November.
December..

1471

FEDEBAL RESERVE BULLETIN,

Total BiAnmin- tumi- thra- Crude
eral nous cite petro- Iron.
prod- coal. coal. i.leum.
ucts.1

Copper.

Zinc. Lead.

Sept..

Oct.,
1922.

1922.'

Oct.,
1921.

Per cent of average same month
1919-1921.
Oct., Sept. Oct.,
1922. 1922. 1921.

GRAIN AM) FLOUR. j
Receipts at 17 interior ;
centers (000 omitted):
Wheat (bu.)
Corn (bu.)
i
Oats(bu.)
!
Rye(bu.)
i
Barley (bu.)
;

48,987
32,577
25,093
7,867
4,007

59,905'
31,741
22,910
11,980
5,087!

46,758'
35,552
22,008.
3,006!
4,013|

102.81 99.5 98.1
loi.O! 140.3 158.9
114.01 86.4 100.3
.197.8! 217.8 75. 6
96.3| 89.6 83,8

119,131" 134,623: 111,3371 1.18.3 109.8 110. 6
3,812| 1.06.8 141.2 121.4
3,337, 3,924

Total grain (bu.).
Flour (bbls.)

Total grain and '
flour (bu.)
: 134,149: 152,282
Shipments at 14 interior centers (000
omitted):
Wheat (bu.)
Corn (bu.)
Oats(bu.)
Rye(bu.)
Barley (bu.)

32,941
17,873!
17,066!
10,043.
3,055|

128,491 116.9: 112.

23,711
21,773
13,076
2,219
2,243

111.9

HO.4! 90.4 93.4
168.7" 132.0 166. 5
327.71 117.7 97.1
157.0 247.0 79.4
71.1 90.1 68.2

Total grain (bu.).
Flour (bbls.)
Total grain and
flour (bu.)
J

78.7
84.7
83,9
76.7
82.8
81.6
93.9
86.0
82.0

72.2
87.3
88.7
79.6
90.5
91.9
114.6
94.2
81.1

104.8 127.3 46.8
102.0 133.6 47.9
105.9 I 128.4 41.8
95.9 1 128.1 33.9
97.9 130.2 37.4
96.9 116.3 i 38.7
103.1 113.2 48.993.3 = 120.0 55.5
81.4 133.3 64.7

47.6
22.6
18.1
16.6
19.9
19.5
22.9
20.8
17.3

42.1
45.9
49.5
39.4
37.2
36.6
37.0
53.8
56.0

77.8
78.0
74.6
72.4
87.8
79.7
100.4
103.3
103.2

Stocks at 11 interior
centers at close of
month (000 omitted):
Wheat (bu.)
Corn (bu.)
Oats(bu.)
Rye (bu.)
Barley (bu.)

1922.
January
90.0
February.. 94.9
March..!... 117.1
April
58.6
May
67.9
June
70.6
July
65.4
August
67.5
September. 99.9
October.... 118.5

98.5
107.3
131.5
41.3
53.1
58.4
44 5
58.3
107.3
J18.3

85.1
92.0
119.1

64.3
63.9
79.9
81.3
90.5
92.6
94.2
71.1
67.7 . 1-13.8 79.8
1.16.1 .150.1 103. 5

24.1
34.8
58.0
71.7
83.7
89.0
85.0
93.9
89.8
96.2

60.3
57.3
67.5
65.6
69.8
72.6
81.2
79.9
84.3
.101.6

101.0
93.4
93.0
88.8
89.0
89.1
84.4
96.7
95.3
112.9

Total visible supply
(000 omitted):
Wheat (bu.)
Corn(bu.)
Oats (bu.)

1

Total grain (bu.).
137.1 ;
129.7 !
149.1 j
. 3 : 141.9 !
. 6 : 147.7
1.1 : 143.8
1.6 148.0 j
2.2 147.1

Combination of 7 independent series.
PRODUCTION OP MANUFACTURED GOODS.
Totali
|
:
man-|ab lft/>1 iLum-! Pa,. e e
ufac-!
H ber. per.
ture.1;
;

1921.
April...
May
!
June
I
July
I
August
I
September .
October
November..
December..

83.1.
84.4!
87. lj
80.11
90.7
90.2
94.6
89.5
81.3

|
48.3| 87.5:
50.3 100.4
39.9! 89.6
31.9! 85.3
45.3! 99.7,
46.7:1 92.9
64. 3 103.1
66.0 100.6
92.2

'

i
I
Petro-! Tex- Leath-i
. leumJ tiles.: er. !
!
'
:

81.7! 113.8!
72.4 114.7
70.2 110.1
65.6 108.3:;
75.6i 110.6
78.6! 110.2;
90.8! 119.7.
95.8 117.1:
94.7j 119.6s

1922.
January
87.0 63.4 100.7; 95.0 119.0
February... 80.2 69.3 95.41 90.0 108.6
March..".... 90.9 94.3 102.5! 108.4 123. 9
84.7 97.Oj 98.1 99.9 124.4;
April
98.1 107.8; 121.1 112.3 132. 2j
May
99.1 104.8! 104.4 110.6| 133.8;
June
95.3 98. 9i 104.3 99.9 146.2
July
August
| 104.6 88.1 116.2 HO.?! 141.2
September . : 100.3 9-1.4: 10L.5 107.8 139.1
October....:* 107.0 114.2j 115.3 112.9
1
3

Combination of 34 independent series.
Partly estimated.




91.5;
95.01
101.9|
94.5!
103.4
105.5
104.8!
100.41
99.7
112.2
96.8
107.
91.3
108.9
107.1
95.0
115.7
110.7
120.0

75. 8'
83.2i
81, l!
76.3!
85.7!
80.3:
86.2i
90.91
93.0
88.2
78.1!
78.51
70.7!
70.4j
72.4
72.1!
80.4
79.5^
82.7.

Receipts at 9 seaboard |
centers (000 omitted):
Wheat (bu.)
Corn(bu.)
Oats(bu.)
y.
Rye(bu.)
/..
Barley (bu.)
'AS, 786:
J, 955

Total grain (bu.).
Flour (bbls.)
Tobacco.

37,180;
1,778

Total grain and
flour (bu.)

35,784 118.0! 91.
108. 9
2,016 97.71 87.6 100. 8
44,856 113.7

Stocks at 8 seaboard,
centers at close of
84.0 95.5
month (000 omitted):
82.2! 99.3
Wheat (bu.)
85. l! 106.8
Corn(bu.)
85.5i 100.6
Oats(bu.)
98.5! 117.2
Rye(bu.)
92.8; 111.6
Barley (bu.)
99.8 115.8
89.4 102.9
Total grain (bu.)85.2 76. 8
Whcat (lour product: ion (bbls.)...
91.3! 90.6
88.5!, 83.8
96.5 98.4
84.9j 89.6
96.8; 108.1
98.91 119.8
97.5| 114.8
104.5; 134.1
97.8j 121.6
106.71 115.0

27,208": 74.9 61.1
2,952; 497.3 282.7
1,586 191.1. 152.5

90.6 107.1

.10,026
2.620
2; 177
2,170.
2,638:

10,277
1,007;
2,768"
5581
2,356'

18,366 49.3 56.8 90.4
1,734 262.0! 130.3 167.3
1,730 106.21 134.8 84.4
1,907 157.5 36.6 138.4
3,289 79.6! 59.0 99 2

19,631

16.966

27,026

96.2

13,581!

12,540!

13,91'

108.2

LIVE STOCK.
Recei pis a (; 59 f>ri ncipal : !
markets (head, 000
omitted):

••

Cattle and calves... :
Hogs
Sheep
!
Horses and mules .
(43 m a r k e t s ) . . . i
Total

;

j

'

2,917
3,657.
3,253'
' ;
56;

2,359:
3,043
2,2171

9,983|

7,658

39!

2,297 117.1 108.0 92.2
3,203 120.2 122.8 105.3
2,962 102,6! 72.4 93.4

85.1 53.2

52.1

8,4.96 113.8 98.2

96.8

34

1472

FEDERAL RESERVE BULLETIN,
COMMODITY MovEMENTS—Continued.

Oct.,
1922.

Sept.,
1922.

Oct.,

Oct.,
1921.

Sept.,
1922.

1922.

Per cent of average same month
1919-1921.

j Oct., Sept., Oct.,
I 1922. 1922. 1921.

LIVE STOCK—Contd.!

Continued.
I
1,551
1,287
2,159

1,234
1,143
1,233

36
5,058

Total.

3,646

1.186 120.5 118.0i 91.7
1,216 114.1 125.0: 107.8
1,609 113.4j 68.1 84.5
33

84. ()! 50.7i

4,044 115.2

50.1

told-storage holdings
at close of month (000
omitted):
Creamery butter
(lbs.)
American cheese
(lbs.)

94.9, 92.1
OTHER

Receipts at 15 western !
markets (head, 000 |
omitted):
!
Cattle and calves...
Hogs
Sheep
Horses and mules..

73,850

96,680

78,014! 79.1

89.2

83.5

40,837
5,723

49,473
7,924

43,015 74.5 81.9
4,387 129.0 129.0

78.5

959,340
590,235

680,841
332,281

957,840
611,890

94.8 162.9
90.5 145.8

94.6
93.9

771,197

403,223

732,57o! 126.4 189.9 120.0

178,406
96,872

!
54,906

16,180

16,113

AGRICUL-

TURAL PRODUCTS.
2,240
2,394
1,951
39

Shipments at 15 west- I
ern markets (head, j
000 omitted):
j
Cattle and calves...I
Hogs
|
Sheep
|
Horses and mules.. j
~

Shipments of stockers
and feeders from 34
markets (head, 000
omitted):
I
Cattle a n d calves...!
Hogs.

Total.
Slaughter at principal
centers under Federal inspection (head,
000 omitted):
Cattle
Calves
Hogs
Sheep
Total

1,839
2,033
1,316
29

1,713 118.9 109.8i 90.9
2,057 119.5 121.11 102.7
1,842 64.2 61.3! 90.4
24 92,6! 61.4 56.7

6,624

Total.

5,217

5,636 111. Oj 94.1

1,203
3G

984
618
678
27

3,12C

2,307

1,18$
692

832

2, or

599
32
515
1,146

94.5

892 122,4 123.4 91.8
106.7 114.0 109.0
103.2 54.6 78.7
23 83.6 57.5 53.7
2,539 110.3

81.6

613 124.1 122.2
4* 68.5 62.7
73: 107.5 54.3
1,387 112.2

91.3
62.4
69.2

77.2

76.9

88'
38!
3,30i
98:

796
353
2,748
1,013

750 99.5 100.8 84.4
309 115.0 107.4 92.9
2,860 123.3 128.8 107.0
1,285 78.1 82.3 102.4

5,5oi

4,910

5,211

107.7 109.6 101.0

Meats, cold storage
holdings at close of
month (lbs., 000 omitted):
Pork products
Lamb and mutton.
Exports of certain meat
products (lbs., 000
omitted):
BeefCanned
Fresh
Pickled
and
other cured..
Hog productsBacon
Hams and
shoulders
Lard...:
Pork, pickled..

67,28!
395,17'
3,47;

53,566
489,514
3,539

64,15C
408,312

53.9
78.3
16.4|

47.1 51.3
74.5 78.4
26. 8j 32.3

i
19!
371
2,36!
28,851
22,09
66,33;
4,22!

287
20S

561
311

2,841

1,97:

96.4 108.1

80.3

30,4.48

23,57i

66.6| 63.7

54.5

20,592
61,120
4,009

12,110 279.7! 139.3! 106.
56,886 130.9! 97.5 112.2
2,857 125.11 133.2 84.7

46,419
17,729
815

43,785 110.3 103.8 116.
16,382 115.6 156.3 103.
732 105.3 96.1' 109,

23.3
3.5

41,35
18,23
7021

Cotton seed (tons):
Received at mills..
Crushed
,
On hand at mills at
close of month
Cottonseed oil (lbs., 000
omitted):
Production
Stocks
Oleomargarine
consumption (lbs., 000
omitted
Tobacco sales at looseleaf warehouses (lbs.,
000 omitted):
D a r k belt—Virginia
Bright b e l t Virginia
North Carolina.
South Carolina.
Burley
Western dark
Sale of revenue stamps
for manufacture of tobacco, e x c l u d i n g
Porto Rico and Philippine Islands (000
omitted):
Cigars (large)
Cigars (small)
Cigarettes (small)..
Manufactured tobacco (lbs.)
Fruit shipments (carloads): 1
Grapefruit
Lemons
Apples
White potatoes, shipments (carloads)
Sugar, 7 ports (long
tons):
Receipts
Meltings
Raw stock at close
of. month

I
186,444! 89.4 139.3
102,957! 8ft n 93.5
21,497! 56.8

1,850
19,153
61,578

63.4

75. 4

44.8
84.1

45.2
63.9

105 127.2
8,670 99.8
50,597; 77.7

316

693,941
53, T'
32,74C

93.5
95.3

7.2

2.724: 23.
62! 71.8

72.2
14.2

625,772 6 3 5 , , . .
55 497
60,5741 86.9
,554! 301 4,877,826! 98.2

94.5
97.9
106.4

98. C

101.0

1,009
121

33,807

33,718

llj
7961
1,173
4,315

337
851
2,479
13,146

23,267

43,250

221,485
280,003

243,571
312,909

205,624
261,783

94,04;

180,577

83,810

564
17
5C

551
150!
50:
116!

478
186
56
100

1,30
40!
161
41'

l,207i
368!
156,
342'

21
496
1,17
12,65:

105.4 121. 8

FOREST PRODUCTS.

51.2! 65.8
6.6!
2.9

DAIItY PRODUCTS.
Receipts at 5 principal i
markets (000 omit- :
ted):
.
!
Butter (lbs.)
'
Cheese (lbs.)
\




; Oct., Jept.,1 Oct.,
I 1922, .922. 11921.
DAIRY PRODUCTS—

Shipments at 54 prin- I
cipal markets (head, i
000 omitted):
j
Cattle and calves... I
Hogs
,
Sheep
!
Horses and mules !
(43 markets)... i

Total

1922,

COMMODITY MOVEMENTS—Continued.

Per cent &[ average same m o n t h
1919-1921.

Oct.,
1921.

DECEMBER,

Lumber:
Number of m i l l s National Lumber Mfg.Assn
Southern pine.
Western p i n e . . .
Douglas fir
Production
(ft., .
000,000 omitted)—1
National Lum- =
ber Mfg.Assn.
Southern pine..
Western pine..;
Douglas fir
•
Shipments
(ft., j
000,000 omitted)—
National Lumber Mfg.Assn.
Southern pine..
Western p i n e1. . j
Douglas fir.. ...

1,067s
301:
133;

900 119.3 116.3 82.2
103.9 93.7 10'.'. 2
85 129.8 116.4 < J . 7
311 115.4 118.9 i-6.0

1,036 105.1 114.1 102.1
493 85.4! 76.2 125.5
107 102.31 122.31 100.5
*.6\
304 101.61 124.6 96.7
1.&
J Figures for September, 1922, August, 1922, September, 1921.
1,061
331
10
32

1473

FEDERAL, RESERVE BULLETIN.

DECEMBEK, 1922.

COMMODITY MOVEMENTS—Continued.

Oct.,
1922.

Oct.,
1921.

Per cent of average same month
1919-1921.

COMMODITY MOVEMENTS—Continued.

Oct., : Sept.,
1922.
1922.

Per cent of average same month
1919-1921.

Oct.,
1921.

Oct., Sept., Oct.,
1922. 1922. 1921.

Oct., Sept.,| Oct.,
1922.
1921.

FOREST PRODUCTS—
M ETALS—Continued.
Continued.
Receipts at Chicago and
Iron and steel (long
507,934 548,378 405,755 122.5 137.5| 97.8
St. Louis (M ft.)
tons, 000 omitted)—
Shipments at Chicago
Continued.
and St. Louis(Mft.).. 321,713!! 332,417 270,448 126.5 130.5' 106.3
Unfilled orders U.S.
6,840J
Oak flooring (M ft.):
Steel Corp.2
6,902
4,251 100.6 100.5 62.5
16,266!.
26,357,
Production
Fabricated struc21,209 j .
Shipments
25,672
tural steel con29,185;
Stocks at end of
tracted for (ton27,742.
19,0141 20,120
month
nage)
97, 800
121,763 136,587
32,296; 35,957
Unfilled orders
Silver production of
Naval stores at 3 southUnited States (troy
eastern ports:
ozs., 000 omitted).
5 325
4,724
5 161
Spirits of turpenCopper
production
24,614 126.5 123.3 30.1
tine (casks)—
(lbs., 000 omitted).... 103,273
96,408
23,440 130.0 108.9; 99.8 Zinc (lbs., 000 omitted):
Receipts
30,519| 29,954
Stocks at close
Production.
66 268 29 076
79,880
30,6811 28,444
58,066 68.0 67.5; 128.7
of month
Stocks at close of
Rosin (bbls.)—
month
37,612 141,648
36,086
98,804; 92, 487 79,27; 130.0 109.8; 104.3 Tin (lbs., 000 omitted):
Receipts
Stocks at close
Imports
320,213; 334,785 313,904 138.0 145.4; 135.3
of month
Deliveries to fac11,312
tories
5,107 196.1 123.3 79.8
12,551
FUEL AND POWER.
Stocks at close of
Coal and coke (short
1,236
morth
2,041
2,859
tons, 000 omitted):
Bituminous coal
TEXTILES.
production (est.).
45,154
40,964
43,741 89.0
86.3
Anthracite coal proCotton (bales. 000 omitduction
7,580 105.4 77.6| 93.7
4,979
leuj.
1,943 133.3 163.4 111. 2
1,389
2,331
CokeSight receipts
Beehive pro803
Port receipts
1,278
1,135 122.2 175.7 108.6
duction (est.).
606
878
416 71.6 47.81 33.9
Overland
move196 122.1 82.1 149.3
41
By-product,
160
ment..
!
production
American spinners'
811 129.4 109.9 133.1
367
2,244
1,734
takings
788
2,806
(est.)
Stocks at ports and
Petroleum, crude (bbls.,
2,670 92.3 70.0 112.6
1,280
interior centers...
2,188
000 omitted):
47,255
45, 246
Production
35,539 130.7 125.6 98.3
1,065
Stocks at mills
1,380
1,405 111.8 103.3 113.8
Stocks at close of
Stocks at ware4,982 114.8 100.5 116.8
274,438 273,264J 174,149 190.2: 189.4| 120.7
3,218
4,330
month
houses
4,624 87,2 72.3 119.2
2,228
Visible supply
3,385
Producing oil wells
completed (numConsumption by
752 85.9 92.3, 46.6
495
534
494 110.3 103.6 102.2
1,572
ber)
15.9|
mills.
. .
If
Spindles
active
Oil refineries:l
Total production
during
month
(000 omitted)—
( n u m b e r , 000
omitted)
Crude oil run
33,297
33,859
34,206 99.3 97.8 100.3
42,534
43,817
35,613 117.3 121.5. 98.2 Wool:
(bbls.)....
Consumption by
Gasoline (gals.). 536,492 549,958 416,913 133.0! 137.2i 103.3
m i l l s (grease
Kerosene (gals.) 197,935 184,383 154,017 107.5| 100.2| 83.6
Gas and fuel oil
equiv. in lbs.,
917,858; 944,289 788,408 119.3 122.9J 102.5
54,771
59 282
000 omitted)
53,589
(gals.)
(g )
Percentage of idle
Lubric
ubricating
i
1
82,057
machinery on 1st;
109.2 115.6 91.9
(gals.)
l)
Stocks at close of
of month to total
reported—
month (000 omitLooms wider
ted)—
than 50-inch
Crude oil run
1
27.6
reed space
22.9
23.3 80.9 93.2 82.3
33,615
34,030
17,991 198.71 206.4 106.4
(gals.)
690,051 703,738 515,326 176.2! 159.31 131.6
..Looms, 50-inch
Gasoline (gals.).
reed space or
Kerosene (gals.) 270,577! 285,520 371,235 76.4; 80.5: 104.8
23.6
less
20.9
24.6 77.1 87.1 91.7
Gas and fuel
13.8
Sots of cards...
14.2
20.7 62.8 60.3 91.6
1,364,957 1,366,612! 1,229,254143.1; 147.4J 128.8
(gals.)
21.7
Combs
13.2
12.5 78.2 140.0 74.0
Lubricating
Spinning spin214,728 220,668| 230,227 124. o| 121.71 132.9
(gals.)
15.3
dles, woolen..
I'x 6
20.5 63.9 62.7 88.0
Electric power proSpinning spini
duced by public
7.8 78.4 133.8 47.6
10.9
.18.6
dles, worsted.
utility power plants !
Percentage of idle
(000 kw. hours): * :
hours on 1st of
Produced by water <
month to. total repower
1,391,073 1,486, S )|l,101,576; 93. Oj 97.7 73.6
ported.T-.J
Produceda T y J> i~ \n at!A *7Afvr> cna r
b fuels.. ;2,664,709;2,576,089;2,273,127; 14081 135.3 120.1
Looms wider
than 50-inch
Total
|4,055,782J4,063,058 3,374,703j 123.4 118.5 99.6
21.4
27.6
reed space
24.9
METALS.
Looms '50-inch
reed space or
Iron and steel (long
less
22.3
28,7
27.0
tons, 000 omitted): 2!
6.2
8.7
Set of cards.
18.0
2,850;
2,638
1,415! 126.8; 123.6| 63.0
Pig-iron production '
Combs
0.5
0.0
6.8
Steel-ingot produc- !
;
Spinning spin2,889J
2,872
l,660| 127.2 120.61 73.1
tion»:....
9.4
11.9
21.9
dles, woolen..
1
Spinning spinFigures for September, 1922, August, 1922, September, 1921.
2
6.0
16.0
12.6
dles, worsted.
Figures for November, 1922, October, 1922, November, 1921.




I

1474

DECEMBER, 1922.

FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.

Oct.,
1922.

TEXTILES-Contd. j
Raw silk:
i
Imports (lbs., 000 j
omitted)
j

Sept.,
1922.

(bales)1..'
I 35,467
Stocks at close of j
month (bales)
• 40,743
;

Per cent of average same month
1919-1921.

Oct.,
1921.

3,141

37,621

24,955

36,795

19,304

87.5 109.2

HIDES AND
!
LEATHER.
|
Sales of raw hides and I
skins during month !
(number, 000 omit- |
ted):
1,730
1,565
999
Cattle hides..
1,121
566
1J358
Calfskins
254
203
209
Kip skins
1,059
1,
1,589
Goat and kid.
23
61
47
Cabretta
3,876
1,598
3,186
Sheep and lamb
Stocks of raw hides and
skins a t close of
month (number, 000
omitted):
5,838
5,515
Cattle hides
3,463
3,674
3,370
Calfskins
955
1,089
990
Kip skins
8,681
8,641
11,124
Goat and kid
810
702
Cabretta
841
10,474
13,065
Sheep and l a m b . . . .
10,561
Production of leather:
Sole leather (sides). .551,000 1,491,000 1,676,000
34,046
19,896
Skivers (dozens}- - - 34,594
Oak a n d union
harness
(sides
131,265 55,879
stuffed)

91.2 91.1 93.6
112. ( 12.1. 5 109.6
95.3 100.0 83.5
63.8 62.1 81.8
46.9 42.4 39.2
86.1 96.7 106.5

Boots and shoes, outp u t (pairs, 000 omitMen's
Women's
Others

8,55:
9,495
13,041

8,514
8,741
11,706

Total.

31,093

28,961

MISCELLANEOUS
MANUFACTURES.
Wood pulp (short
tons):
284,642
Production
Consumption
Shipments
Stocks, end of
136,931
month
Paper (short tons):
Newsprint—
130,682
Production
129,747
Shipments
Stocks, end of
19,745
month
Book paper pro92,865
duction
Paper-board pro- |
ductioife
! 196,769
Wrapping-p a p e r |
production
\ 74,630
Fine paper produc- ,
tion
I 33,774
Building materials (000 ;
omitted):
Clay fire brick— ;
55,996
Production
Shipments
'• 59,299
Stocks, close of ;
month
j 152,101
New orders '< 51,120
Unfilled orders.
70,860
Silica brick—
j
:
15,755
Production
13,161
Shipments
Stocks, close of j
39,730
month
Face brick—
i
57,185
Production
41,062
Shipments
Stocks in sheds
101,782
and kilns
:
1 Figures for November,




;

272,679
239,801
54,318

233,618 99.0 108.4
111.0
88.7

178,517

161,822

125,402
126,494

101,884 111.4 113.5
109,110 107.1 113.1

81.3

110.1 105.6

96.0

86.9
90.1

77.1 111.9

18,810

23,015

87,782

72,139 109.1 110.8

84.7

198,248

181,775 101.6 105.5

93.9

70,329

64,518 109.4 109.1

94.5

31,576

24,635 107.8 109.3

78.7

48,8

30,409 110.3 103.0
32,115 107.1 100.0

59.9
58.0

52,693;

156,899! 139,311 109.2 116.8 107.4
59,771: 30,133 111.4 129.6 65.6
79,511 25,149 76.:
"" - J "
78.7 27.0
12,861
11,332

Oct.,
1922,

Oct., Sept., Oct.,
1922. 1922. 1921.

3,887

Consumption !

COMMODITY MOVEMENTS—Continued.

4,888
5,161

37,108

45..163

51,674!
43,621!

47,0861 104.9
38,3151

MISCELLANEOUS
MANUFACTURES—
Continued.
Building materials (000
omitted)—Continued.
Face brick—Contd.
Unfilled orders,
close of month
Cement (bbls., 000
omitted)—
Production
Shipments
Stocks, close of
month
Rubber (lbs., 000 omitted):
Imports of crude
rubber
Consumption bytire manufacturers
Pneumatic tires (000
omitted):
Production
Shipments, domestic
Stocks
Inner tubes (000 omitted):
Production
Shipments, domesStocks*.*."."*. " " ! " ;
Solid tires (000 omitted):
Production
Shipments, domestic
Stocks
Automobiles:
Production (number)—
Passenger cars..
Trucks
Shipments—
By railroad
(carloads)
Drive aways
(machines)...
Boat (machines)
Locomotives (number):
Domestic, shipped.
Foreign, completed.
Vessels built in the
United States and
officially numbered
by the Bureau of
Navigation:
Number
Gross tonnage
TRANSPORTATION.
Railroad operating statistics.
Net ton-miles, revenue and nonrevenue (000,000 omitted)
Net tons per train..
Net tons per loaded
car
,

Sept.,
1922.

Per cent of average same month
1919-1921.

Oct.,
1921.

Oct.,iSept.,i Oct.,
1922, 1.922. ! 1921.

65,558

80,886

37,919

12,287
12,854

11,424
12,444

10,506
12,114

4,157

4,724

5,348

44,345

47,642

28,051

19,602

2,505

1,928

2,50^
4,612

1,675
3,545

2,67i

3,788 3,501

2,016
4,732

71
214

6:
200

46
163

214,208
21,104

186,163
18,353

26,980|

25,950

17,808

33,320
7,040

30,055
8,002

12,971
2,226

133
12

113
6

51 117.7 117.7 45.1
22 19.7 10.31 36.1

7l! !
33,815jj

15,834

71 53.0
50,265 16.0

56.3
6.4

34,270;

30,453

30,864

93.6

83.3 j 84.3

116.2
107.9
89.6
96.5
102.4
95.9
114.9!
99.4!

105.3 111.7
109.6 96.9
91.0 91.5
84.1 59.7
91.6 89.9
43.7
119.2 118.0
90.2

76

Revenue-freight loaded
and received from
connections, classified according to nature of production
(short tons):
Grain and grain
products
225,942 222,336 217,197
Live-stock
174,861 151,783 157,094
845,630 738,88£ 863,827
Coal
45,987 37,52f
28,428
Coke
258,503 246,441 226,987
Forest products...
202,956 227,275
92,544
Ore
Merchandise, 1. c. 1 998,361 984,91" 1,025,526
Miscellaneous
1,549,248 1,441,705 1,425,203

100,559; 139,5
81.9 85.6 112.4
1922, Octobet, 1922, and November, 1921.

Total..

! 1.42.7. 127.7

2,844

3,42l|
3,559
5,488i 5,165

89.1; 48.4

4,301,488 4,050,868 4,016,806 101.5 101.3

53.0
23.8

94.8

1475

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

COMMODITY MOVEMENTS—Continued.

Sept.,

• Oct.,
i 1.922.

•SB:

COMMODITY MOVEMENTS—Continued.

Per cent of average same month
1.91.9-1921.

Oct.,
192.1.

Per cent of average same month
Oct.,
.1922.

Sept.,
1922,

; Oct., Sept.,! Oct.,
| 1922. 1922. | 1921.

TRAN SPORTATI0 N Continued.
Revenue freight loaded,
classified according to
geographical
divisions:
Eastern
Allegheny
Pocahontas
•Southern
Northwestern
i
Central western — '
Southwestern
i
Total

!
060,446 984,511! 990.553:
889,410 865,550i 792; 771:
129.542 1.16,719 156,329
592,336, 523,15
523,151 569,606;
:
663,171 658,485 572,523
658485
656,226; 6.1.4,644 635,359j
310,357' 291,808 299,685
!

102.2
101.6
79.1
102.1
100.6
104.5
105.5

1.02.51
104.2|
76.9
96.9!
IOO.O:
106.6!
104.5;

95.5
90,6
95.4
98.2
86.0
101.2
101.8

;

3,716!
265
1,584|
179,239!
91,039'
47,273.
249,960i

130,325
66,529
38,954
291,654

11,219
5,301!
4,339
364,372

427.3
420.1
345.0
104.1

271.01
229.8
328.91
1.1.6.3'

6,136,008:6,478,757:5,498,268 111.6 107.7
Total
Percentage of Amer54.7!
47.1.
49.i; 107.0 92.8
ican to total

26.8
24.5
31.6
151.8

P a n a m a Canal traffic
(000 omitted): 1
Total cargo traffic..
American vessels...
Bri tish vessels
Commerce of canals a t
Sault Stc. Marie (000
omitted) :*
Eastbound—

Grain other
than wheat
(bu.)
Wheat (bu.)--Flour (bbls.)...:
Jron ore (short I
tons)...
I
Total (short ;
tons)
Westbound—
I
(short tons)..:
Soft coal (short j
tons)
i
T o t a l (short !
tons)
j
Total freight j
(short tons)..;

1,138
543
372

1,1661
564'
336i

.18/295
75,087
1)441

8,572
56,707;
.1,4021

3,658

5,872i

3,210| 118.8

53.7

7,996

4,943 142.7 109.6

67.8

282

268!

755 142.8 134.8
384 . . .
209 . . .

96.8

9,119, 170.9 124.4! 132.4
41,837! 208.7 183.81 135.6
1,843] 93.8 93.4 122.1

279i 88.5

69.6

72.5

2,455

2,689!

1,211 277.8 148.2

65.4

2,909

3,237;

1,709 2.16.4 139.8

68.5

9,468

11,233'

6,652 159.4 114.7

68.0

94.4
96.1

Figures for September, 1922, August, 1922, September, 1921.




Oct., Sept., Oct.,
1922. 1922. 1921.

Hardcoal!

Vessels cleared in foreign trade (net tons):
3,358,360,3,049,976!2,702,587 113.9 lOO.l; 91,6
American
!
2,777,64S|3,428,781(2,795,681 96.6 114.4 97.2
Foreign

1

1919-1921.

TRANSPORTATION
Continued.

j4,301,48S 4,050,868 4,016,806 101. S 101.3. 94.8

.Freight car surplus.
(number):
Total
Box.
Coal
Freight car shortage
(number):
Total
Box.
Coal
Bad order cars, total...

Oct.,
1921.

2 Figures for November, 1922, September, 1922, November, 1921.

1476

FEDERAL RESERVE BULLETIN.

DECEMBER,

1922.

BUILDING STATISTICS.
BUILDING PERMITS IN 168 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 I Total
No. 2
No.l
No. 3 j No. 4
No. 5
No. 7
No. 8
No. 9
No. 10 No. 11 No. 12 i
No. 6
(22
(14
: u i (12 ! (
(14 !! (
(14
(15 i (1
(19 I (4 ! (9
3°.
les). ! cities). ! cities).
cities). cities). cities). | cities). cities). cities), j cities). cities). ! cities), cities). citii
2,582 j 7,730
3,042 ! 4,117 ! 3,762 \ 3,036 j 9,082
1,969 ! 1,931 ' 2,793 j 2,766 j 11,538 , 54,348
|
!
28,884
1,724 i 2,188 ] 2,155 ! 3,498 : 1 , 1 4 1 I
878 I 4,176 !
523 , 1,336 j 1,653 | 8,298
;
4
7,600
1,024 j 4,210 j 2,081 ! 2,619 I 2,305 i 2,568
1 434
1,758
517
?15 i 2,218 i ! 1,493 ' 2 711 i! 2,114! 11,196! 33,043
60,453
2,367
13,284 ! 3,557 i 4,986 I 4,101 i 3,211 i
3,011 ! 9,056 ! 4,386 I 6,149 i 4,397 j 3,215 i 11,546
2,650 ! 3,342
3,103 ! 2,586 ' 10,966 ! 64,407
69,334
11,266
2,018 i 10,136 ! 3,991 i 6,666 j 5,321
3,443 j 13,799
2,955 i 3,391
3,554 ! 2,794
5,839 i 4,509 i 3,085 : 11,898
2,945 j 9,r>72 I 3,624
2,507 j 2,422
2,888 | 2,545 ! 10,156 ; 61,990
10,385
2,597
7,761 ;I 3,029 i 4,680 i 3,756 j 2,978
2,291 ! 2,125
2,467 ! 2,238 i 9,415 I 53,722
58,604
2,873
7,828
3,044 ; 5,093 '; 4,018 j 3,130 ! 11,112
2,354 i 2,244
2,778 i 2,534 i 11,596
2,717
8,424 j 3,680 I 4,789 i 3,997 ! 3,114 • 10,553
2,373 ! 1,923
2,629 ! 2,223 ! 11,291 ! 57,893
11,988
2,812
9,679 i 3,169 : 5,064 ! 3,930 j 3,335 i
2,492
2,906 | 2,470; 12,254 I 62,128
2,029

1921, October..
1922.
January
February
March
April
May
June
July
August
September
October

VALUE OF PERMITS ISSUED.
, District No. District No. ; District No. ! District No. j District No. ! District No.
1
1(14 cities). 2 (22 cities). ; 3 (14 cities), i 4 (12 cities). | 5 (15 cities), j 6 (14 cities).
1921, October
January
February..
March
April
May
June
July
August
September.
October

86,288,342 j $62,995,929
1922.

$9,700,800 | §14,753,769 |
!
;

7,380,701 i 50,145,296
9,280,827 i 50,372,553
10,995,500 i 119,964,783
13,812,829 I 54,704,292
9,109,108 i 57,843,585 ,
73,352,564 .
10,657,535
47,144,023 j
9,174,687
49,210 637 ;
16,633,8iJ
50,670,108
8,343,783
66,963,524 :
9,282,856

S8,233,404 I

6,878,523 i
8,275,338 ;
14,116,292 |
17,020,500 j
13,844,813
18,177,759 j
15,898,696 !:
15,352,655
15,868,670 i
13,806,295 j

8,352,615
7,513,542
11,329,049
11,971,471
13,348,592
15,736,766
15,514,625
11,605,153
12,969,812
11,291,795

5,713,209
7,829,585
13,814,868
15,693,183
22,614,084
22,428,251
26,558,680
22,036,882
25,076,766
14,906,540

|
1
i
;
|
i
;
i
i

District No.
7 (19 cities).

$5,192,070

$23,012,199

3,734,262
4,630,052
6,021,211
4,951,558
7,262,167
6,498,677
7,516,036
7,985,212
6.326,074
8; 04 8,880

18,905,561
20,419,417
33,747,135
35,089,303
53,806,499
49,934,583
38,151,182
40,452,972
31,550,169
34,088,484

District No. District No. ! District No. District No. District No. ; Total (166
cities).
8 (4 cities). 9 (9 cities). ! 10 (14 cities). 11 (9 cities). 12 (20 cities).
83,688,484

1921, October.
January
February...
March
April
May
June
July
August
September.
October

1922.

2,579,894
4,150,487
5,012,607
6,076,684
7,443,855
5,855,459
5,698,792
5,815,805
5,381,042
6,353,637

$4,209,233 !
2,110,424 ;
1,569,774 :
4,526,209 :
8,196,110 !
9,913,853 '
6,020,186 !
7,663,443 j
8,284,659 |
4,737,015 i
4,716,802 I

§8,066,527

$4,179,282 i $23,333,741
;

5,023,603
4,336,011 '
7,165,925 !
8,384,552 i
10,807,084 |
8,894,131
8,040,606 |
9,793,352 !
8,352,440 i
8,989,079 !

4,960,078
4,419,789 !:
5,630,336
6,228,385 "
4,752,642 !:
5,276,819
5,861,650 ••
5,010,204 !
4,980,057
4,765,340

$173,653,780

22, 872,876
18,917,868
27,432,286 ;
30,195,052 .
28,271,238
29,598,278 '.
22,391,016
29,424,332 :
23,968,073 .
29,338,159 :

138,631,902
141,715, 243
259,754,421
212,323,019
239,017,520
252,431,008
209,613,436
221,605,682
204,227,009
212,551,391

VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.
[F. W. Dodge Co.]
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS.
District
No.l.
1921, November...
1922.
January
February
March
April
May
,
June
July
:
August
September
October
November

District
No. 2.

$17,442,920 i $59,810,680
15,302,453 i 54,962,847 !
14,799,476 ! 60,152,424 j
26,212,330 i 90,088,870 j
42,196,915 ! 117,814,585 !
31,589,783
91,441,141 i
36,259,420 ! 81,614,205
24,910,926 i 79,819,084
26,780,103 ; 80,810,922
29,245,087 ! 64.298,556
25,305,051 : 65,060,956
25,297,599 ' 77,700,081

District
No. 3.
$13,137,500
12,128,900
11,828,700
24,558,100
24,795,800
25,739,294
26,630,900
28,768,377
43,818,911 !
24,947,916 •
20,439,852 !
16,929,289 I

District
District
District
No. 5.
No. 7.
No. 4.
829,951,636 j §19,053,420 : $32,542,270 .
21,066,282 i
20,602,823
29,661,058 '
38,089,754 ,
58,432,714
46,801,800
52,224,001
50,811,596 '
34,634,723 ,
35,164,630 :
29,337,240 I

14,002,399 ,
16,518,079 j
24,116,011 !
25,618,120 '
32,268.767 |
30,668,191 !
25", 362,187 !
20,983,619
22,997,450 \
19,684,627 :
19,848,004 j

29,182,324 •
32,344,424 i
58,081,526 i
64,236,566 i
71,117,055 i
77,560,940
83,159,795 :'
56,954,434 !
62,219,681
52,048,241 "
45,428,673 j

District
No. 9.1

j
Total
| (7 districts).

85,436,706
3,613,148
5,192,824
11,933,270
9,878,501
12,455,410
12,153,061 I
9,304,325 i
8,249,905 !
5,868,200 !
4,523,126 j
4,810,120 I

§177,375,132
150,258,353
161,438,750
264,651,165
322,630,241
323,044,164
311,688,517
303,548,695
288,409,490
244,261,613
222,226,483
219,351.006

VALUE OF CONTRACTS FOR R E S I D E N T I A L BUILDINGS.
1921, November...
1922.
January
February
March
April
May
June
July
August
September
October
November
1

Montana not included.




§7,138,624 | $-11,206,876 • 84,304,500 j $11,952,875 j
4,767,597 ,
4,179,944 !
11,897,086 j
13,524,827
14,018,303 !
12,518,840 I
12,644,574! \
11,945,451
11,509,627
13,552,663
13,667,239

35,652,203 j
38,657,156 !
51,116,514 !
53,677,473
39,943,547 ;
40,483,063
33,364,787!
29,091,738 !
34,536,710 i
33,237,936 !
51,891,842 :

6,280,200
5,647,700 ! :
9,552,500
10,408,700:
11,168,868! ;
11,275,517
7,826,581 i
8,828,667 .
8,142,367
10,072,260 !
7,397,453 j

6,279,459;
5,545,073 :
10,641,177 i
16,127,627 |
19,121,798 !
16,036,790 !
8,074,163 i
6,320,030
8,595,717
7,416,108
7,997,513

86,643,425 ; $11,847,385
6,597,861
7,209,608
9,796,405
10,297,280
13,009,760
17,434,095
15,406,301
13,409,258
12,736,605
13,729,840
11,405,407

!
I
!
,
I
;
j

10,601,761
9,388,615
17,225,204
17,661,586 :
24,574,835
28,206,838
20,633,345!
18,833,050
15.011,664-1
20;291,379 !
22,307,994

82,202,353 \ 885,296,038
1,049,594 ;
962,757 j
2,348,511 :
4,175,963 !
4,240,047 i
2,677,184 I
2,415,438 !
2,535,590 i
2,453,723 j
2,227,614 !
2,847,452 |

71,228,675
71,680,853
112,577,397
125,873,456
126,077,158
128,632,327
100,365,189
90,963,784
92,986,413
100,527,800
117,514,900

DECEMBER,

1477

FEDERAL EESEEVE BULLETIN.

1922.

RETAIL TRADE.

The following tables are a summary of the trict No. 4 (Cleveland) are shown separately,
data obtained from 508 representative depart- this month, for the first time.
A comparison of monthly changes in activity
ment stores in the 12 Federal reserve districts.
In districts Nos. 1, 2, 3, 5, 6, 7, 9, 11, and 12 the of different types of retail business since Janudata were received in (and averages computed ary, 1921, is shown in the second of the folfrom) actual dollar amounts. In districts Nos. lowing tables. The 176 department stores are
4, 8, and 10 most of the material was received located in districts Nos. 1, 2, 3, 5, 6, 9, 11, and
in the form of percentages, and the averages 12, while the mail-order houses do business in
for the cities and districts computed from such all parts of the United States. The United
percentages were weighted according to volume States index for department stores is computed
of business done during the calendar year 1921. by weighting the districts according to the
The tables for the month of September are buying power, as measured by population and
based on reports from 25 stores in district No. 1 banking resources.. Chain-store figures are
(Boston), 64 stores in district No. 2 (New based upon the total sales of the same reporting
York), 145 stores in district No. 3 (Phila- chains for each, month, but the actual number
delphia), 28 stores in district No. 4 (Cleve- of stores in these chains varies slightly.
land), 25 stores in district No. 5 (Richmond),
Mail-order business for the month, of October
35 stores in district No. 6 (Atlanta), 72 stores in shows a great improvement over September
district No. 7 (Chicago), 20 stores in district and is higher than in any month since last
No. 8 (St. Louis), 24 stores in district No. 9 March. Sales of grocery and 5-and-10-cent
(Minneapolis), 16 stores in district No. 10 chains have largest increase during the month,
(Kansas City), 21 stores in district No. 11 while cigars have registered a decrease of 8.3
(Dallas), and 31 stores in district No. 12 (San per cent. The greatest improvement over last
Francisco). Figures for Chester, Lancaster, year's sales is shown in grocery, 5-and-10, and
Williamsport, and York in district No. 3 music chains.
(Philadelphia) and Akron and Canton in disAVERAGE MONTHLY VALUE OF SALES
OF

DRUG CHAINS, CIGAR CHAINS AND MUSIC CHAINS
1919-1922
( AVERAGE MONTH, 1919 = 1 0 0

)

INDEX
NUMBERS

INDE1X
NUMBERS
RUG CHAINS ( 7 )
GAR CHAINS ( 3 )
USIC CHAINS (A-)

l

200

A

180

160

r4

120

t

\ \

100

y/

.A'

180

I
!\

* /j

h

140

200

1

/•Ai

\
• * - ^ ^ — • -*•>*«

, ^

•
*
J_

i

VA
:
:

160

140

V

120

:

i

80

100

30

\

CO

60

40

40

20

20

J. F. M. A. M. J. J. A. S. 0. N. D. J. F M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.




1919

19E0

1921

1922

1478

FEDERAL RESERVE BULLETIN.

DBCBMBEB, 1922.

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 1,1922 to close
of—
Oct.,

1

Oct.,
1922.

.11.1
6.8

7.6
-2.4

6.7
—4.4

17.9

7.9

10.0

4.7

18.5
9.5
12.1
11.8
11.7
15.0
6.7

7.7
4.9

:
.
j
|
j

10.1
2.9

5.2
6.4
1.5
4.5
0.4

3.0
6.3
0.4
5.2
5.2

4.5;

16.1

6.5

5.4
11.9 !
-1.0
33.7
o. u

6.0
7.0
-0.8
20.4
11.0
—6.3
-0.9

—1.1
-7.9
17.5
—5.4
10.7

18.5
21.3
8.2
52.9
36,3
0.4
13.7
18.2
-12.5
15.2
—3.1
—5.6
26.0
22.6
8.7

4.7

3.6 i
!
3.8
9.1
9.6
6.8
3.9
2.8
-9.7

;

7.4
7.6

3.5

7.0 !

11.4

354.0

376.4

7.4 :

7.9

-2.8
-7.8
-3.7
-3.4
— 1.7
-0.3
-7.3

-1.1
-7.2
1.0
-9.6
-0.9
-0.7
-10.6

2.0 !
3.9
3.1 !
7.0 i

10.7
10.6

417.6
440.8
406.6
383.7
405.5
408.0
574.0

8.5
8.9
6.5 '
6.8
7.3
7.2
7.3

8.1.
9.1
6.8
7.8
5. 0
8.2
8.4

7.7

-2.5

6.7
7.4
—0.5
Jo. 5
13.8
—9.4

-0.7
1.8
—11.7

3.6

10.2

365.1

412.5

8.2

7.8

-4.0
-2.6
-10.7

7.0
-1.3

12.5
9.0

9.1

8.9

412.0
644.0
514.8

9.1
4.8

9.3
4.2
11.5

7.2
7.4

19.1
9.4

1.3
2.4

8.8

7.9

11.8
11.4
9.0
11.0
15.6

-2.6

6.0

11.9

435. 4

-0.04
—9.1
-10.9
-5.6

6.7
2.4

7.2
-2.2

17.2

2.7
-9.1
-10.6
-4.4
7 1
2.2
1.0

-o.i

3.2
3.6
5.1

10.4

-4.2

-5.7

4.0

3.3

2.9

12.9
-2.7
-2.9

16.5
-1.4
-3.3

2.5
-6.4
11.7
-8.4

—6.1
-7.6
4.9
-8.2

11.4
12.6
6.9
4.4

15.7
11.6
12.0
11.3

2.0

2.6

-3.2

13.4 !
=====
13.9
.9
-.9
• 7.0
3.3
—.4

4.2

0.4

16.3
10.3
-1.6
7.7
14 2
15.4
27.0

27.9
18.0
3.5
12.0

17.9
— 1.7
8.9

25.0

16.5
10.0
— 1.7
8.5
13.6
10.0
23.7

District

11.3

18.8

10.8

District No. 5:
Baltimore
Richmond.,. .
Washington
Outside. .

-5.1
-2.0

4.1
5.7

10.6
21.6
7.3
8.8
10.6

1.5

.6

2.2

-1.8

J.8

4.2

District

11.9 .

9.0
4.6

11.3

15.3

6.6

1.6
5.2
8.4

363.0
379.2
362,7
362.0
384.7
408.2
560.2

7.4

7.6

1.3

10.2
—21.8
8.2

8.3

9.3
—3.8
-2,5
0. 8
8.1
—0.9
-9.4
-1.0
-6.7
—5. 5
10.1

—

District No. 6:
Atlanta
Birmingham
Chattanooga •
Nashville
.'..
New Orleans...
Savannah
Outside
tr.

8.9
21.9
.5
11.1
-3.8
-9.6
4.2

4.6

3.6

11.5
—15.1
-3.3
-7.0
-30.2
-8.0

12.6
-8.3
1.3
-6.9
-21.6
-4.0

17.3
-15.0

District

-5.8

3.8

-3.2

1.7

.6
28.2
4.6

District No. 7:
Chicago
Detroit
Milwaukee
Indiana, Doli1^
DesMoines
Outside
'District...




.4

9.4
7.4
9.3

363.7
595.0
479.3 !
!
502.3
466.4
534.8
619.2
452.6 :
458.0
493. 2
433. 4
694.9
545.9
595.9 _

-12.7

-0.6
4.2
6.4
7.0
2.6

433.5

9.3

7.8

425.2
350.0
478.3
535.3

466 9.
371.2
509.9
567.6

8.6
10.6
7.0
6.7

8.4
13.4
6.5
7.0

448.6 j

483.0

8.0

8.0

i

4.8
7.1

6.9

-.5.1

.7
2.4
4.0

-2.7
-3.5

4.3
-6.3

3.5
-5.9

-2.7

-2.5

4.3

9.4 |

404.1 i

1.2

4.6
-1.2
-2.1

8.5

10. 8

8.4

554.9

6.2

15,2

7.6
7.4
8.8
6. 4

540. 7

11. 5
8.3
8.6
6.0
9.7
7.9
12. 8

8,6

20.5
-3.0
6 4
10.3
-1.2

8.9

378.5
408.0
574.0
388.4

7.0

387.5 !377.1 !
524.0 i
367.7
357.2
808.4
403.2

9.0
8.5

9.4
5.4

2.4

4.7

to 6
8.6
5.2

9.0

-6.3

-7.6

21.8
-3.4
4.1
9.4
-2.5

8.3

7.2
9.2
13.4

-1.6

8.0
17.3

482.5

6.1

4.8

9.5
4.4

. 9.8

3.1
3.5
3.2

-5.3
-16.8
-2.6

509.0
486.8
571.4
663.7
5L9.1
489.4
577.1
526.5
800.7
570.9
615.6

7.3
5. I
6.5

550.9
638.3
847.8
534.1
513.5
623.5
571.4 j

"6.8
-3.9
—17. 0
-7.8
-4.0
-22.7
-14.4

4.8

10.0

8.3

6.5
-9.1
—17.0
-6.8
-6.8
-20.5
-13.2

24.9
-1.1
5
6.9
-1.8

1922.

7.5
6.8 .

0.6

2.3

—5.6

1922.

Sept.,

1922.
Sept.,
1922.

358.8
433.0

3.3

1.8

-4.1

Oct.,

333.4
424.0

—10.3
-2.9
7.0
8.1

•

Sept.,
1922.

Oct.,
1922.

13.0
7.2

-7.8
-5.4
11.1
3.7

District

July 1,1922 to close
of—

6.8
7.6 1

1.5
0.4
-0.6
10.8
— 1.7
-8.8
6.2
-2.6
—4.7
18.1

District No. 4:
Cleveland.
Pittsburgh
Cincinnati
Toledo
Akron
Canton
Outside

Sept.,
1922.

9.2
3.6

District
District No. 3:
Philadelphia...
AUentown
Altoona
Chester
Harrisburg
J ohnstown
Lancaster
Reading
Scranton
Trenton
Wilkos-Barre...
Williainsport...
AVilmington
York
Outside
. ..

Previous month.

Oct.,
Sept.,
1922.

17.5
19.1

5.6
-3.6

District
District No. 2:
NQW York and
Brooklyn
Buffalo..
Newark
Rochester
Syracuse
Bridgeport
Outside

Same month previous year.

1922.

Oct.,
1922.
District No. ] :
Boston
Outside

0 ' month compared with—

Percentage oH outstanding orders
at close of month
to total purchases
during previous
calendar year.

Sept.,

1922.

Percentage of average stock at close
of each month to
average monthly
sales for same
period.

Per eenta ^e of increase in stocks at close

591.1
470.7
295.2
575.1
565.3
704.4
634.2

8.6

—:~

4.6
6.2

5.1
7.2

9.0

8.9
5.1
6.3

6.9
11.2
6.2
5.7

550.1

7.4

8.0

310.9
335.3
661.5

4,4

2.5

314.5
323.5
613.9

12.6
4.7

5.1
11.1
6:k0

5.7
8.1

318.5
567.3

316.2
588.5

6.8
5.4

6.8
7.1

2.7

417.9

428.8

9.0

8.8

1479

FEDERAL EESERVE BULLETIN".

DECEMBER, 1922.

CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS-Continued.
[Minus sign (—) denotes decrease.]

Percentage of increase in net sales as
compared with corresponding period
previous year.

District and city.

July 1,1922 to close
of—
Oct.,
1922.

District No. 8:
St. Louis . .
Louisville
Memphis
Little Rock
Outside

Sept.,
1922.

Oct.,
1922.

Per centage of increase in stocks at close
of month compared with—

Percentage of average stock at close
of each month to
average monthly
sales for same
period.

Same month previous year.

Percentage of outstanding orders
at close of month
to total purchases
during previous
calendar year.

July 1,1922 to close
of—

Sept.,
1922.

Oct.,
1922.

Previous month.
Sept.,
1922.

Oct..
1922'.

Sept.,
1922.

Oct.,
1922.

Sept.,
1922.

Oct.,
1922.

Sept.,
1922.

4.8
—.1
9.0
-13.9
-2.6

3.0
1.4
11.6
-16.9
-5.0

-.8
—18.1
—5.9
.6
-5.2

-4.3
-18.9
—7.3
2.8
-12.6

3.3
7.9
5.4
1.9
1.1

5.0
13.1
15.1
16.8
6.6

383.7
373.5
488.5
477.2
539.2

470.3
395.1
534.4
557.2
552.3

7.1
6.3
12.4
6.4
4.7

9.2
6.8
11.2
7.0
9.1

8.6

3.4

2.3

-4.0

-6.4

4.1

8.7

409.2

480.8

.7.7

9.0

4.1

3.8

1.7

-.5

-3.0

; 4.3

4.9

452.9

472.9

6.2

7.7

-5.5
6.3
.9

-2.6
-4.1
5.9

-7.0
.8
-3.1

-7.7
-1.5
.0

-13.4
—1.6
-1.8

-11.9
.3
-5.2

-1.9
-2.0
2.8

1.9
0.2
8.2

487.2
486.0
542.1

530.0
517.4
578.9

5.0
10.9
7.6

6.2
10.7
9.8

-.5

.7

3.8

-3.3

-6.4

-6.6

.2

5.5

507.0

542.5

7.1

8.2

25.5
16.4
3.0
-6-1
10.4

2.9
.0
-.7
-16.6

on

2.8
—1.8
-11.0

-7.9
-8.8
-9.1
-16.6

-12.0
-9.1
-10.0
-14.5

2.9
2.9
3.2
-1.9

3,7
8.9
4.2
8.9

453.4
508.9
538.6
475.1

471,4
536.1
591.9
507.2

9.2
7.1
5.0
5.7

8.9
7.9
7.7
5.2

District

-9.2
-5.6
1.4
-14.4 !
-8.4 '

-2.8

.0

-10. 8

-11.9

1.6

6.0

483.3

511.3

7.6

7.7

District No. 12:
Los Angeles
San Francisco..
Oakland
Seattle
Spokane.. . .
Salt Lake City..

16.0
9.6
6.5
10.6
-1.4
7.2

4.3
3.9
3.6

6.0
3.7
—.2
10.5
—5.6
-1.9

-12.9
-2.9
-4.1

-13.1
-3.6
-4.0
1.6
-1.7

4.1
7.6
5.6
4.0
4.5
6.5

390.9
435.7
541.8
389.1
593.5
549.3

411.6
458.1
571.3
388.8
653.4
590.7

7.5
8.1

.7
-1.4

-.4
3.0
2.4
5.9
-2.2
3.0

12.7
10.8
6.3
6.5

-.4

8.6
5.4
1.5
10,5
—4.4
.8

9.5
7.4
4.5

10.3

3.7

6.0

4.3

-4.7

-5.7

1.9

5.7

434.4

455.7

10.7

7.9

4.5

31.9

iTeT

5.1

-2.8

-3.8

4.1

8,1

426.5

457.4

8.2

8.2

8.6
--3.6
7.7
0.1
0.7

9,9
-0.6
19.3
-5.6
6.2

District

6.0

District No. 9

8.2

District No. 10:
Kansas City
Denver
Outside
District
District No. 11:
Dallas.
Fort Worth
Houston
Outside

District. . .
United States

8.6

-6.1

4.4

i

VALUE OF RETAIL TRADE.
[Average monthly value 1919=100.]

Depart- I Mail-order!.
ment
I
stores "• houses ), Grocery Fi nd
|(176 stores).|(4 houses). !<166hains).\*J«^
f4o

January
February..
March
April
May
June
July
August
September.
October
November.
December..

1921.

j Drug (7
s)>i

09.1 I
04.8 .
95.1 i
77.5:
00.2
62.1
49.3:
50.4 :
72.7 :
88.0 ,
83.3
80. 3

L24.0
118. 4
128.7
121.7
L18.8
116.0
115.1
121.4
L18.3
135.2
133. 5
144.5

87. 2
80.0
10.1.5
11.1,9
113.9
105.8
78. 4
84. 8
102.5
131.2

05.3
59,4 j
S3. 5 !
77.1 !
09.9 I
68.8 j
58.4 I
57.2 !
> 70.1
i 10.0

135. 8
127.0
145. 4
137.4
136.5
.133.2
1.29. 5
137.4
138.4
»148.4

86.1. !
92.9 I
121,1 '
LI 1,9 :
LI 2.2 !
109.7 !
108.0 !
1.10.0 :
L13.4 !
1.4.1.9 i
134. 1 .
241.0 I
94.0 !
100.8 !
118.4 i
134.9 i
129.6 i
124.9 !
126.3 :
130.4
".136.1 |
156.6 j

i
i Partly estimated.




Cigar (3
chains).

Shoes (5
chains).

117.3
110.7
123.0
121.8
119.2
120.0
1.22.1
.1L9. 8
119. 4
1.24. 2
1.15.2
140.1

119.9
116.5
131.8
134.7
129. 5
127.8
L28.5
.127.0
.128.0
138.0
124,8
172.7

85.8
82.5
141.0
139.7
136. 5
127.0
.100.9
86.6
1.03.1
135. 4
1.19.1
149.6

117.0
114.5
123. 2
1.20.3
122.9
123. 5
125.7
127.9
128.4
133.0

111.0 !
.1.09.3
124.3
124. 5
128. 8
105. 8
127.3
126.9
.135. 4
127.1

80.0
80.7
102.0
156.3
127.1
121,9
101.3
80.8
117.8
121.2

chains).

Music (4
chains).

j

101.0
87.3
116.3
111.7
111.3
108. 5
79.7
S3. 2
92.7
127. 8
121.3
175.8

1922.

January....
February..
March
April
May
June
July
August
September.
October

Chain stores.

79.0
78. :i
81.9
75.1
05.1
59.9
55.0
71.6
82.3
99.2
107.0
172.0
;

:
!
!
i
:

i
:
'
!

71.7
75.0
80.0
78.9
80.9
8.1.3
83.0
99.1
118.2
118.8

1480

FEDERAL RESERVE BULLETIN.

DECEMBER.

1922.

CONDITION OF WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN OCTOBER, 1922, AS COMPARED WITH THE PRECEDING
MONTH OF SEPTEMBER.
Groceries. | Dry goods, j Hardware.
I

District.

I

._

Boots and
shoes.

Furniture, j

Auto supplies.

Drugs.

Stationery.

Farm implements.

Auto tires.

_.

_ iNum- Per !Num- Per
Num-i -par. |Num- : PoT . j !Num- Per Num- Per Num-j Per Num- Per Numir
I ber of
i ber of
ber of
ber of
ber of I
ber of; * ® ! ber ofi _T®i ber of
V
ber of
firms.! c e n ' !firms.- c e n t - :firms. cent. firms. cent. firms I cent. firms. cent. firms. cent. 1 firms. cent. i firms. j cent.

No. 2.
No. 3 .
No. 4 .
No. 5.
No. 6.
No. 7.
No. 8.
No. 9.
No. 10
No. 11
No. 12

42;
66
24>
45j
38!
37!

1.9!
6.3i
3.3!
-6.7|

-L01
171-10.3!
g •j.

56

8
23!
14
loj
23
10:
5"
6!

11 - 1 . 8

5. fv

io. o;
2.2
-. 5
11. 4:
4.5
7.3
-1.0.3
3.3.

Hi - 4 . 2
3o!
7.0

"I

13.0
15.4

16j - 3 . 5
25!

...i
5.5
...! - 3 . 7

10. el

2()j 2.] I
4i 21.6
lol - 4 .
9
12 — . 2 '
22

...j 13.4
...: 5.1
...' 7.
7| 1.7
17-36.3

...j

5.4

""141 14*. 5!

I

I

4!
2;
17,
I

9.0
1.9
.8

37.6i

.1.

12
4
11-12.8
41-18.4
8
!
9 -2.5|

-12.9;
-r,.
i
17; - 3 . 3

3! - 3 . 1 :
-9.5 !
...j 46.3
27 - 9 . 8 !

-5.7

PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN OCTOBER, 1922, AS COMPARED WITH OCTOBER, 1921.
Groceries.
District.

No.2
No. 3
No. 4.
No. 5
No. 6.
No.7
No. 8
No.9
No. 10 .
No. 11
No. 12

.

Dry goods. Hardware.

Shoes.

Furniture.

Auto supplies.

Drugs.

Stationery.

Farm, implements.

Auto tires.

Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Number 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. ber of cent. firms. cent. firms.
firms.
!
12.5!
2. li
1.8i1
.3
12.8
7.0
4.8
5.6
-.1i
20.6
20.3 !




42 3.3
.7
66
2.4
24
4-5 - 7 . 1
38 - 3 . 4
37 3.2
17 10.7
56 8.0
8 5.8
-3.4
31 1.0

8
23
14
15
23
10
5
6
3
12
15

17.6
13.6
23.0
3.8
12.5
15.7
2.4
20.4
3.9
12.4
18.8

11 - 5 . 3
35 8.7
11
16
25 - 1 7 . 9
10 8
20 - - 5 . 4
4 5.7
15 2.8
9
12
22 6.1

10
13
20 66.8
12 20.9
10
6
6
4.6
14.5
14 12.5

12.7
3.9
1.2
7 3.5
17 - 2 3 . 0
10.5
-9.9
4 -.8
2 4.7
17 — 1.2

6
16
13
12
4
11 47.3
4
4
8
9

5.6

2.6

31.3

6

17.5

3

44.7

6

42.1

8

9
4
17

II. 7

27

33. 5
33.2

5
24 - 8 . 0

16

1481

FEDERAL, RESERVE BULLETIN.

DECEMBER, 11)2 i>.

DISCOUNT AND OPEN MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
Following is a set of tables showing the volume of bills discounted and of acceptances,
municipal warrants, and Government securities purchased by the Federal reserve banks during
October, 1922:
VOLUME OF OPERATIONS DURING OCTOBER, 1922.

I
| Bills disI counted for
|
member
!
banks.

Federal reserve bank.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

notes.

096,636
421,765
340,918
484,269
337,718
885,029
077,083
578,237

S230, 690,003
,040, 396,173
20-1,682,729
109,090,892
111, 121,091
!
39, 312,110
160, 891,789
72, 163,059
14, 336,140
830,834
29, 076,233 i
140,522,379 I
!79

'.

United States securities |
purchased.
Municipal
:
r—! warrants

Bills bought
in
open market.

T o t a l : October, 1922
: 2,172.114,105 :
206,615,536
October, 1921
: 3,4S0,268,197 ;
139,081,325
10 m o n t h s ending October 3 1 , '•
1922
.'
15,611,519,718 j 1,576,742,647
10 m o n t h s ending October 31, !
!
1921
o0,359,290,806 " 1,142,300,856
,

$7,337,000 :
258,429,000
887,000 :
5,140,000 !

324,"350"i
16,252,300 :
68,600
4,789,500
211,400

243,500
26,418,500
1,892,000
1,488,500
2,284,000
7,844,500

134,990,750
17, (530,300
1,074,834,650
58,900,050

October,

j indebtedness, j chased.

§2,047,000 .
109,988,400 •
1,053,700 I
255,500

291,500
662,900
439,481

Total.
October,
1921.

1922.

§267,171,239 8269,925,587
1,497,235,338 1,718,244,059
294,490,472
218,964,347
259,638,778
124,970,661
202,541,330
112,458,812
133,015,657
52,764,989
294,722,125
218,639,672
124,503,427
79,701,906
57,554,680
20,626,340
81,729,621
32,617,734
62,605,343
32,583,693
230,610,352
167,961,860

,

S12,200

12,200 2,825,696,591
9,609

311,964,000
83,592,000

3,729,581,431

2,567,525,500 | 149,832 20,830,772,347
9,609 ;

3,184,880,557
1

54,745,381,938

!

VOLUME OF BILLS DISCOUNTED DURING OCTOBER, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Member bank collateral
notes.
!
Secured by ! o t h e n v l s o
Government ; S P P l i r p ( i
obligations. ! s c c u i c a -

Customers' paper
secured by
Government obligations.

Federal reserve bank.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

i
!
!
;

S566,550
1,652,003
50,000
342,918
194.664
219/J26
144,435
181,213
11,029
297,799
3,500
125,624

Total: October, 1922
j
September, 1922.... i
October, 1921
!
September, 1921... j

3,792,661
2,639,183
45,023,385"
46,059,694

!

i
I

'•
i
I
I
I
;
!

S79,690,950
861,808,100
131,427, 750
74,741,950
92,531,744
10,937,500
97,4(51,300
54,462,755
5,31.1,900
15,323,875
5,478,200
66,070,572

| 1,495,2-16,596
j 802,270,810
I 1,826,563,751
j 1,561,636,534

Bankers' acceptances.

;

! Commercial
:
paper, n. e. s.
;
;

$420,
290,
273,
288,
3,221.
23,838,01.3 3,365,
51,892,962 11,146,
14,409,383 2,027,
4,286,242
3,242,
6,903,484
1,784,
4,424,217
1,013,
53,029,792
1,151,

! §149.888,155
:. 181,972,658
!
72,848,084
819,000 i
32,935,910
1,098,400 !
13,615.150

321,500 i
146,400 i
!
660,284 '
548,305 :
19,113,383 ;
21,907,272
24,357,058
35,221,090
34,920,255

i
610,044,080
i
404,496,350
! 1,498,064,426
| 1,318/105,581

i
Trade acceptances. J

I

Federal reserve bank.
Foreign.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

j
\
j
!
!
<
.

Total: October, 1922....
September, 1.922.
October, 1921
September, 1921.
1

$461,300

:
!

Domestic. I

SI 19, 620 i
122, 874 !
83, 615
512 776
383, 999
351, 189
99,
797,

;
;
;

%

461,300

2,654,172 !
2,968,305 j

9,681,170
7,984,509

Agricultural
paper.

Live-stock •
paper. :

So,171
3,300

Foreign, j Domestic.

$73,550 i

249,320 .
75,425 :
.
278,742 i.
47,847 i
820,774 !
5,518,941 :
1,603,555
(565,902

28,224,969 9,268,977 .
23,158,994 7,433,985 '
50,197,467 20,665,438
43,283,772 15,212,842

Amount.

233,445

195,000
73,550

Per cent
of total.

Number

Accommodated.

district
Oct. 31.

Number, j Per cent.

430
804
•714
882
630
54.2
1,444
607
1,018
1,152
862
833

2,172.114,105 ; 2,172,114,105
1,267; 357,685 |.

100.0

9,91.8
9,917

3,489,268,197 L
3,033,108,667 1.

9,813
9,807

165
295
304
282
322 I
303
774
260
314
327
175 !
272 !
3,793
3,944
5,572
5,427

Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.99) for system.

21739—22




7

-

2,700

Member banks.

6.2
18.9
7.1
6.2
6.1
7.8
23. 5
5.7
3.9
6.1
2.5
6.0

j
j
i
!
i
i
j

437,828
33,000
3,848,470
2,605; 480

8134,310,723
411,466,519
154,692,192
134,882,502
131,441,282
168,970,777
510,920,058
124,838,872
83,937,149
13.1,942,858
5-1,866,2.16
129,844,957

S230. 690,603
1.046' 396,1.73
' 204; 682,729
109, 090,892
111. 121,094
39' 312,110
160', 891,789
72, 163,069
U 330,140
29', 830,834
13; 076,293
IK)! 522,379

$2,700

:

Total reduced to a common maturity basis.1
Total, all
classes.

89,383 |

Dollar
exchange.

•38.4
36.7
42.6
32.0
51.1
55.9
53.6
42.8
30.8
28.4
20.3
32.7
38.2
39. 8
56. 8
55.3

1482

FEDERAL RESERVE BULLETIN.

DECEMBER,

1922.

VOLUME OF BILLS DISCOUNTED DURING OCTOBER, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
Federal reserve bank.

A\ per cent.

4 per cent.

Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.:
San Francisco

$230,690,603
3,046,396,173

I
I
I
!
|

Total.

$204, 682,729
109, 090,892
111, 121,094
39, 312,110
160, 891,789
72, 163,069
14, 336,140
29; 830,834
076,293

$230, 690,603
1,046, 396,173
204; 682,729
109, 090,892
111, 121,094
39, 312,110
160, 891,789
72, 163,069
14, 336,140
29, 830,834
13. 076,293
140; 522,379

754,504,950
596,189,268

671,168,417

Per cent.
4.00
4.00
4.50
4. 50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.00

2,172,114,105
1,267,357,685

140,522,379

Total: October, 1922....
September, 1922..

Average
Average
rate (365day basis). maturity.
Days.
5.82
3.93
7.55
12.36
11.82
42.96
31.74
17.29
58. 51
44.20
41.93
9.23

4.34 !
4.36 j

13.43

VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING OCTOBER, 1922, BY CLASSES.
!

Trade acceptances.

Bankers' acceptances.

Total bills
purchased.

Federal reserve bank.
Foreign, j Domestic. Dollar exchange.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: Oct., 1922
Sept., 1922..
Oct., 1921
Sept., 1921
1

$13,303,358
54,398,913
5,938,276
7,037,921
460,083
8,201,029
8,113.154
4,162; 110

Total.

|*11,583,278 $2,210,000 $27,096,636
| 25,910,862 1,361,629 81,671,404
i 6,252,642
150,000 12,340,918
! 2,576,348
870,000 10,484,269
1,337,718
;
877,635
12,885,029
1 4,684,000
i 6,940,929
23,000 15,077,083
5,578,237
1,396,127
20,000

Foreign. [Domestic.

Total.

$607,036

$750,361

291,500 !
11,662,900 !
27,421,002 i

6,686,662
18,087;809

291,500
3,586,939
9,151,068

126,389,315
L60,792,652

73,251,328
50,270,374

6,206,053 205,846,696 i 625,515
4,580,859 215,643,885 ; 1,184,950

87,912,692
54,691,113

44,211,369
23,591,388

6,957,264 139,081,325 !
3,489,516 SI, 772,017 I

1,3

182,125

$143,325

18,479 i.

110,878

Per cent
of total.

Amount.
$27,096,636 $25,011,113
82,421,765 39,879,124,
12,340,918 21,516,639
10,484,269 16,184,075
1,337,718 2,054,801
12,885,029 18,047,411
15,077,083 25,331,144
5,578,237
6,581,425

12.1
19.3
10.4
7.8
1.0
8.7
12.3
3.2

19,755,074
31,862,741

.2
9.6
15.4

768,840 206,615,536 206,615,536
1,408,875 217,052,760

100.0

18,479
143,325
223,925

Total reduced to a
common maturity
basis. 1

291,500
11,662,900
27,439,481

139,081,325
110,878 I 81,882,895

Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (46.23) for system.

VOLUME OF ACCEPTANCES PURCHASED DURING OCTOBER, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES.
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total: October, 1922
September, 1922
Federal reserve bank.

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: October, 1922
September, 1922.,

3 per cent, j 3£ per cent, 3\ per cent. | 3j| per cent. 3} per cent. 3|-per cent. 3£erpcent. 3-5 per cent. 4 per cent.
$35,000
136,014

I

$829,002
$91,778
118,534 40,508,056
i688,iO5

5,111
85,729

332,961

$4,156,338
1,049,080
5,302,330
1,017,010

244,585
1,131,021
225,000

1,460,870
1,938,063
1,603,264

$3,918,754 $2,491,396 $2,886,312
772,484 8,401,730
1,063,975
169,956
258,723
209,447 !
432,555
1,519,567
721,196 i
209,383
327,000 !.
1,662,922 2,195,281
1,533,770
193,500
3,058,176
1,508,909
1,035,539
5,136,150
1,309,682
338,040
1.353,692
50,000

133,413
3,983,573

1,865,200
4,746,861

2,437,251
5,661,197

$7,159,967
15,813,624
6,187,925
2,654,904

629,002 48,742,755 I 23,139,046 45,816,496
176,125
73,918,629 54,659,312 77,068,975 I 3,726,012 3,745,279

2,452,282
4,360,481

$21,447
238,148

$5,767 !
15,529 i

155,822

$19,242
74,249

159,966 i
383,082
1,769,560 I 1,690,929

18,871,324 23,036,490
93,195
228,281

11,721,968 i 25,429,905
79,125 !
79,510

801,335
4,184,401

291,500
52,147

3,187,138

467,564

21,296

5,370,727
2,156,092

Total.

5,700

$27,096,636
82,421,765
12,340,918
10,484,269
1,337,718
12,885,029
15,077,083
5,578,237

Per cent.
3.65
3.65
3.52
3.68
4.25
4.06
3.66
3.69

Days.
42.67
22.37
80.60
71.36
71.01
64.75
77.66
54.54

4.56
3.67
3.59

62.16
78.30
53.68

206; 615,536
1217,052,760

3.68
3.19

46.23
51.24

1 Includes $1,298,350 of acceptances purchased at 3 ^ per cent.
NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.




Average
Average
rate (365
day basis). maturity.

291,500
11,662,900
27,439,481

$5,700

355,557
100,753
78,626
963,870

1,409,700
827,939
597,806

4,153,080
3,877,902

4-| per cent. 4£ per cent. 4$ per cent. 4£ per cent. 4£ percent.

$344,608
653,490
83,072
607,162

$5,137,025
13,571,152
129,465
1,682,807

DHCUMISKR,

1483

FEDERAL RESERVE BULLETIN.

1922.

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, 1922:
AVERAGE DAILY H O L D I N G S O F E A C H CLASS O F E A R N I N G A S S E T S , E A R N I N G S T H E R E O N , A N D ANNUAL R A T E S O F E A R N I N G S
D U R I N G O C T O B E R , 1922.
Average daily holdings of—

Earnings o n -

Annual rate of earnings on—

I

Federal reserve bank. | All classes :
Discounted
j of earning
!
bills.
assets.

Boston
Now York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas "City
Dallas.
San Francisco

i

Purchased
bills.

_!

! AH
United j classes
States I of earnsecurities.
ing
assets.

All
!
;
United | classes Dis- I Pur- United
\ Dis- j Pur- !
States
. I of• earn- .counted! chased securii counted i chased ! secunx,in™ d!I bills.
bills.
I bills. : bills. .' u e b
ties.
* i assets.
|
|
j

$82,052, 076, §30, 045,294-S22, 0 8 \ 498 $29,92P, 284 $255,749 5102,1991 530,997:
315, 537, 754! 96, 225,150! 83, 531^ 015 135, 781, 589 974,478 327,203 : 228,369'
97,412,3461 42,687,631! 21,836,933' 32,887)782 334,035 163,18V 59,073:
123,638,843: 32,976,638' 36,365, 00S 54, 297.197j 402,004 126,181 :i 98,556
47,615,040. 42,026,841' 1,242,138' 4,346, 061 j 172, 692 160,618
4, 539:
46, 890,634| 34, 579,322! 7,172,494: 5, 138, 818; 166,859 132,37()i 22,533
:
71,608,8181 16,613,400. 42,676, 5611 444,9071 273,697| 45,340.
130,898,779
62,637,049; 26,887,240i j 9,384,90!. = 26,364,908! 214,066] 102, 752J 25,274..
24,151; " :
37, 379,94.4 i ~" "" 677 .
, 13,20o,995| 13S, 494 i 96,656!.
225,1.94 42,635,28Sj 231, 085
65.848,359: 22,987,877i
90,785;
873
077 rw)-i' 9,959", ,m.i'
43', 303,6911 23, 067,193; 10, 277, 094! n (\r.f\ 401! 14.7,1821 90,969! 29,927'
131,485,964; 37,199,918, 42, 890, 21.1; »\, 395, 835j 421,164 j 128, 044J 117,317;

i Per ct. j Per ct. Per ct. Per ct.

S92,553'
418,906s
111,781
177, 2671
7, 535;
11,956;
125, 87O.:
86,040!
41,752;
139,427 i
26,286,:
175, 803

3.67:
3.64!
4.031
3.83!
4.27!
4.191
4.OO! .
4.02'
4.36!
4.13
4.00i
3.77

4.00
3.25
4.00;
3.22
4.50*
3.18
4.501
3.19
4.50;
4.30
4.51j
3.70
3.21,1
4.50i
3.17|
4.50 !
4.71!
4.651 """4.*56!
4.641
3.431
4.05 :
3.22!

3.64
3.63
4.00
3.84
2.04
2.74
3.47
3.84
3.72
3.85
3.11
4.03

Total: Oct., 1922..
Sept., .1922.,

."1,184, 700, 479i 484, 443, 599i251,6.18, 8Ki 448, 615, 722:3,902,71o'l. 794,655! 692,798 1,415,176i
.1,11.3,337,037! 410,612,107 209, 786,158 486,920, 439,3,511, 891ji) 514,089j 535, 5651, 462,166

3.8
3.8

4.36!
4.42

3.24!
3.11

3.71
3.65

Oct., 1921...
Sept., 1921..

. ! 1, 640, 739,51111,376, 914,379! 0% 195, 411:207, 624, 7217,318,159k), 658,3is! 240, 4.00 419,396!
. ;l, 740, 473, 882:1, 445,689,968' 40,020,253.254, 763, 6617, 647, 56716, 951, 881 [ 175,311; 520,375.

5.25
5.35.

5.85!

5.04
5.33

2.38
2.49

NOTE.—The figures for Minneapolis in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and
annual rate of earnings thereon, as follows: 822,272, $86, and 4.57 per cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of October figures. In thousands of dollars.]

Federal reserve bank.

Boston
N e w York L
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

. . .

Total.

36,115
161,658
48,611
36,319
42,146
34,104
76,331
32,004
23,925
26 733
18,843
39,646

Customers'
paper
secured
by
Government
obligations.

Meniber
banks' c ollateral
not cs.
ComAgriLivemercial cultural stock
paper, paper.
Secured
paper.
by Gov- Other- n. e.s.
ernment ; wise
obliga- secured.
tions.

12
101

12,985
123,872
31,196
19,170
15,427
2,287
2.7,880
11,396
2,833
4', 916
1,142
12,673

586

729
164
476
348
261
249
218

19
102

Bankers' acceptances.

9,106

21,528
36,017
16,709
14,518
18,603
22,, 114
20,944
13,150
4,026
6,930
4,766
9,472

6,712
8,539
26,789
5,823
10,322
4,970
3,570
5,780

Foreign.

Domes- Dollar Forextic.
change. eign.

6,164
9,810
9,106
2,270

•'"

3

339
150
69
359
240

846

13

434
414 : : : : : : : :
605

Domestic.

157
74

443
113
409

9

3

297

1

205

223
128
1,104
604
344
400
946

266

202
5
7
244

Total: Oct. 31,1922
Sept. 30 1922

576,435
463,696

3,265
2,553

265,777
160,227

10,266
12;499

188,777
164,408

74,804
86,823

28,533
33,457

74

Oct 31,1921
Sept. 30 1921

1,313,027
1,413,013

49,485
67,870

412,951
428,974

17,553
18,048

621,900
671,810

141,923
152,251

57,154
63,749

570
503




Trade
acceptances.

275

3

297

4,364
3,696

25

54
91

11,108
9,375

33
304
342

i484

FEDERAL RESERVE

DECEMBER, 1922.

HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of October figures. In thousands of dollars.]

Federal reserve bank.
Total.

Boston
New York
Philadelphia..
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.

29,294
79,343
19,777
34,555
2,590
13,934
14,240
11,311
202
398
15,195
42,339

Total:'Oct. 31, 1922
Sept.30, 1922
Oct. 31, 1921
Purchased in open market:
Oct. 31,1922
Sept. 30, 1922
Oct.31, 1921
Discounted for member banks:
Oct. 31,1922
• Sept. 30, 1922
Oct.31, 1921.

Trade acceptances.

Bankers' acceptances.

All classes.
PurDischased counted
in
for
open member
market. banks.

Total.

DoForeign. mestic.

Dollar
exchange.

11,947
15,356
7,523
8,248
1,413
3,702
3,511
1,956

DoForeign. mestic.

Total.

15,188
42,095

1,212
202
5 I

7 I

244 I

263,178 i
248,104 i
98,171 |
258,165
244,375
86,110

5,013
3,729
12,061

15,210
59,254
11,811
24,253
573
9,888
10,090

15,188
42,043

9,603
32,008

393
4,196
9,063

972

157
1,749
128
1,154
604
344
400
946
202
5
7
296

67,308
46,415
26,574

8,799
6,814
3,814

5,992
5,187
11,217

256,834 ! 181,005
242,884 189,688
55,996
86,055

157
606
128
1,104
604
344
400

29,137
77,594
19,649
33,401
1,986
13,590
13,840
10,365

257,186- ! 181,079
242,917 | 189,688
86,954 j 56,566

29,137
78,737
19,649
33,451
1,986
13,590
13,840
10,099

67,033
46,382
26,270

8,796
6,814
3,789

1,331
1,491

74

275
33
304

352
33
899

"570

1,980
2,984
315
900
239
20

2oi

157
465
128
1,154
604
344
400
946
202
5
7
244

1,28-4
j
!
!
|
j
!
I
I
i
i

52
1,336 !
1,292 ;
109 |

4,656
3,895
11,108

1,039 i

292
199

1,292 i
55 I

4,661
3,696
11,162

297 !
54

;

4,364
3,696
11,108

HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of October figures. In thousands of dollars.]
Member banks.
Federal reserve bank.

Total.
National.

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: Oct. 31,1922
Sept. 30,1922
Oct. 31,1921
Purchased in open market:
Oct. 31,1922
Sept. 30,1922
Oct. 31,1921
Discounted for member banks:
Oct. 31,1922
Sept. 30,1922
Oct. 31,1921




29,137
77,594
19,649
33,401
1,986
13,590
13,840
10,365

16,598
24,925
7,537
11,527
1,310
1,634
6,933

15,188
42,043

j Nonmem; ber banks
• and bankNon- j ing cornational. i porations.
9,598
26,060
7,670
13,959
327
7,072
5,764
4,915

2,578
10,421
2,125
3,515

5,384
16,602

257,186
242,917
86,954

Private
banks.

Branches
and agencies of
foreign
banks.

288
10,987
1,443
2,525
349

75
5,201
874
1,875

4,884
1,007
1,193

115

136
803

6,094
12,779

1,705
4,720

1,063
3,964

942
3,978

96,182
100,672
34,423

94,238
82,867
31,086

32,148
27,900
11,999

20,734
19,139
6,493

13,884
12,339
2,953

256,834
242,884
86,055

96,075
100,639
34,032

94,039
82,867
30,854

32,144
27,900
11,746

20,705
19,139
6,488

13,871
12,339
2,935

352

107
33
391

199

29

13

232

253

DKCEMBER,

1485

FEDERAL RESERVE BULLETIN.

1922.

BANKING CONDITIONS, BY FEDERAL RESERVE DISTRICTS.

Discounts of the Federal reserve banks show
an increase of $144,800,000 for the four weeks
ended November 22. More than one-half of
this increase, $75,100,000, is reported for the
New York reserve bank and $33,800,000 for
the Boston bank. The Chicago bank reports
an increase of $14,600,000, much smaller increases being shown for most of the other
banks and small decreases for the St. Louis,
Minneapolis, and Dallas banks.
The following table shows the holdings of
discounted bills on December 31, 1921, July
31, 1922, and November 22, 1922, classified as
rediscounts and collateral notes, each class
being further subdivided as paper secured by
Government obligations and other paper:
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[In millions of dollars.]
Rediscounts.

Collateral notes.

! Secured
i by
Federal reserve
bank and date.

Total.

Boston:
Dec. 31, 1921..
59
July 31,1922....
30
Nov. 22, 1922 .
64
New York:
Dec. 31,1921 .
209
42
July 31,1922
Nov. 22, 1922.*."!
161
Philadelphia:
Doc. 31, 1921
88
Julv 31, 1922
42
Nov. 22, 1922...
47
Cleveland:
Dec. 31, 1921....
115
July 31,1922....
26
Nov. 22, 1922...
43
Richmond:
Dec. 31, 1921....
95
July 31,1922....
36
Nov. 22, 1922...
45
Atlanta:
Dec. 31,1921.... . 91
July 31,1922
30
Nov. 22, 1922...
37
Chicago:
Dec. 31, 1921....
185
July 31,1922.... 1 52
Nov. 22, 1922...
So
St. Louis:
63
Dec. 31, 1921....
19
Julv 31, 1922
28
Nov. 22, 1922.. .
Minneapolis:
Dec. 31,1921...
51
July 31, 1922....
26
Nov. 22, 1922...
21
Kansas City:
Dec. 31,1921....
70
July 31, 1922....
19
Nov. 22, 1922 .
29
Dallas:
Dec. 31, 1921
51
July 31, 1922....
34
Nov. 22, 1922...
15
San Francisco:
Dec. 31, 1921
67
July 31, 1922....
50
Nov. 22, 1922...
39
Total:
Deo. 31, 1921.... 1,144
Julv 31, 1922....
406
Nov. 22, 1922...
614




Secured
by

! u.s. All
u. s. All
Total. Gov- other. Total. Gov- other.
ernernment
ment
obliobligagations.
tions.
42
20
43

5
1
1

56
18

3

17
10
21

37
19
42

17
10
21

53
18

153
24

153
24

26

135

135

10

22
11
12

56
31
35

56
31
35

72
10
21

3
1
1

69
9
20

43
16
22

43
16
22

55
27
25

3
1

52
26
25

40
9
20

39
9
20

71
28
32

5

66
28
32

20
2
5

20
2
5

130
38
53

5

125
38
52

55
14
32

54
14
32

44
12
16

3

19
7
12

19
7
12

9
2
3

7
2
2

16
2
7

16
2
7

40
32
14

.11
2

2
1

1

9
1
1

42
27
18

22
23
21

11
12
13

11
11
g

26
32

12
n

42
24
18
51
17
22

1

2

40
32
14
45
,27
18

3

683
264
300

42
3
3

41
12
16
42
21
18
52
17
22

641
261
297

,

.461
142
314

444
130
305

1

This table was prepared in order to throw
light on the increase in paper secured by Government obligations since last summer. It
will be remembered that reserve bank holdings
of this class of paper reached their peak in 1919
after the flotation of the Victory loan and declined almost continuously from that time,
while other discounts continued to increase
rapidly until December, 1920. This continuous and prolonged decline in paper secured by
Government obligations appears to have come
to an end last July, and the total of Government secured paper has increased since that
time. The table shows that total discounts of
reserve banks increased by §208,000,000 between July 31 and November 22, 1922. Of
this increase, $175,000,000 was an increase in
the volume of collateral notes of member
banks secured by United States Government
obligations. It thus appears that borrowings
on collateral notes backed by Government securities have been the principal type of borrowings from reserve banks in recent weeks.
During the last few months this increase in
borrowings has occurred chiefly in the New
York reserve bank, whose holdings of collateral
notes secured by Government obligations increased from $24,000,000 on July 31 to
$135,000,000 on November 22. The increase
in Chicago amounted to $18,000,000, and
smaller increases are reported for practically
all the other banks. The resumption of borrowing on a larger scale during the last two
or three months has thus been chiefly in the
New York reserve bank and on collateral notes
secured by Government obligations.
Following is a table showing the increases
and decreases in the principal items in the
Federal reserve bank statement between October 25 and November 22:
CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF
EACH FEDERAL RESERVE BANK BETWEEN OCTOBER 25
AND NOVEMBER 22, 1922.

1

[Amounts in millions of dollars.]
Total reserves.

Government
securities.

Discounts.

Fcderalreservebank.
2

In-

De-

1

17
12
9

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total...,

30.6

9.8
10.9

7.8
4.0
14.7
1.8

3.2
5.4
2.9
.1
1.3
1.9

InDeInDecrease.: crease. crease.! crease.
33.8
75.1
6.3
5.1
3.8
4.9
14.6

9.4
49.6
1.6
21.8
.5
1.1
7.3

0.8
2.6

0.2

5.4

2.5
.4
14.6

4.3
"3.*5
144.8 |

!

;

113.5

1486

DECEMBER, 1922.

cEDEEAL BESBEVE BULLETIN.

CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF
EACH FEDERAL RESERVE BANK BETWEEN OCTOBER 25
AND NOVEMBER 22, 1922 Continued.
[Amounts in millions of dollrrs.]

Total deposits.

c

latton

percntage.

Federal reserve bank.
In- i Decrease. ' crease.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City....
Dallas
,
San Francisco.,

crSse.ldSSe.; 0 ^ 25 -^' 22 2.0 '
14.9 :

j
!
j

35.0 i
5.5 ;
i
:
3.4
5.9
2.4

4.4
1.7

4.8 ;
1.4 .

.3 i

.2 !
.1 !
3.3 !

1.3 i

2.7
.9

48.2

73.0 !
63.9
61.. 7
67.1

68.3
82.9
76.7
73.5
73.1
74.8
82.3
69. 8
75. 9
62. 4
61. 3
70.8
76.7

78.0 J
83.7
68.6 I

. 1 i

4.5 '
0.4 ,

.9 i

Total.

76.7
83.4
75.7
74.0
76. 4

77.6

2.4

j

All the reserve banks, with the exception of
Minneapolis, show reductions in Government
security holdings, the decreases amounting to

$49,600,000 in the New York bank, $21,800,000
in the Cleveland bank, and $14,600,000 in the
San Francisco bank. It is to be noted that the
holdings of Government securities, which began
to increase in January of this year, reaching a
maximum in the middle of June with a total of
$629,700,000, have declined steadily since that
time and stood on November 22 at $295,100,000, or only about $76,000,000 above the
lowest figure of the year reported for January
11. Federal reserve note circulation shows
practically no change for the four-week period,
decreases in Boston, New York, Dallas, and
San Francisco being slightly more than offset
by increases in the other eight banks. With
cash reserves increasing by $1,800,000 and
deposits by $48,200,000, the reserve ratio
shows a decline from 77.6 per cent on October
25 to 76/7 per cent on November 22.
Increases and decreases in the principal
assets and liabilities of reporting member banks
in leading cities for the four weeks under
review are shown in the table below:

CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
DISTRICT BETWEEN OCTOBER 18 AND NOVEMBER 15, 3922.
[Tn millions of dollars.]
United States Other bonds,
Government stocks, and
sccuiilies.
securities.

Loans and
discounts.

Accommodation at Federal reserve
banks.

Time
deposits.

Demand
deposits.

Federal reserve district.

In- ! DeInDeInDeInDeIn- : DeInDecrease, crease. crease, crease. crease. jcrease. crease. crease. crease, 'crease. crease, icrcase.

I

Boston
New York
New York Cily
Philadelphia
Cleveland
Richm o n d . . . .
\tlant a
Chicago
Citv of Chicago
St. Loiii"

Minneapolis
Kansas City. .
Dallas
San Francisco
Total

11 :;

s

89

!

5

-

. . .

p
17
13

3

j

!

1

]

1
1
1

25

f
>

2

9,

•j

8
10
4

2

i

72

10
184
175

12

13
16

is

1

""u

The decrease in- loans and discounts of reporting member banks was the result of reductions of $89,000,000 in New York City and
$25,000,000 in Chicago, offset in part by increases in most of the other cities. The only
other Federal reserve district which shows
smaller loans and discounts is the Cleveland
district, for which a reduction of $5,000,000 is
reported. This reduction in loans has been
accompanied by a decline in Government
security holdings, while corporate security
holdings show but little change. Demand




i

101

1
1
1
6

i

44

2
13
12
4
13
7

i"

9
U
19
179

3

14
12
2
1
5
lo

11
3
5
1
3

48

27
84 : .
72 •

10
4 :
2 :

.

1

!
7 ''
1 ...
5

..
14
18
..
1

6
130 ;
!

deposits declined by about $179,000,000 for all
of the reporting cities, $175,000,000 being the
decline for the member banks in New York
City alone. Increases in time deposits are
shown for all the reserve districts, with the
exception of Boston, for which a small decline
is shown, and Minneapolis, which reports unchanged figures. Accommodation of member
banks at Federal reserve banks increased by
$130,000,000, larger figures being shown for all
the districts, except Atlanta, Chicago, and
Dallas,

1487

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR
NOVEMBER AND OCTOBER, 1922.
[Daily averages. Amounts in thousands of dollars.]
Total deposits.

Total cash reserves.
Federal reserve bank.

Boston
New Y ork
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

„

October.

November.

November.

October.
197,384

127,020
724,217
111,875
147,638
61,703
51,690
265,787
67,849
48', 801
83,313
57,302
139,827

127,096
720,184
112,084
149,087
60,333
51,746
266,684
65,850
47,157
83,306
55,238
137,597

194,925
594,222
203,463
228,591
97,106
125,294
397/490
94,574
57,126
68,601
41,858
221,615

' 607,779
195,305
223,160
94,053 i
124,162 !
391,325 I
.
85,642 |
56,238 I
66,843 !
43,720 i
223,402 j

13,208,752 j 3,211,513
2,964,419 I 2,905,727
2,182,795 I 2,162,178
2,185,149 ! 2,207,386

1,890,022
1,732,504
1,830,011
2,013,944

1,876,362
1,728,029
1,867,589
1,980,676

2.324,865
2,402,442
3,327,632
2,812,247

2,309,013 ;
2,456,121 i
3,336,768 I
2,738,394 j

213,009
1,079; 813
236,862
274,568
• 118,164
] 35,463
; 549,879
: 1 IS, 895
!
80,631
:
93,036
!
60,267
i 253,165

:

Calculated on basis of net deposits and Federal reserve notes in circulation.




October.

252,518
059,214
233,315
273,295
115,413
139,103
554,264
103,131
76,343
95,339
64,725
244, 853

i

.•

Total: 1922..,
1921
1920
1919
1

November.

Federal reserve notes
in circulation.

Reserve percentages.
Novem- October.
ber.
66.2
81.9
75.1
73.0
74.4
75.3
82.9
70.1
76.1
61.2
60.8
70.0

77.8
79.8
75.9
73.4
74.8
79.1
84.2
68.1
73.8
63.5
65.4
67.8

76.1
71.7
i 43. 7

76.7
69.4
i 43.1
i 48.5

M6.8

1488

FEDERAL RESERVE BULLETIN.

DECEMBER,

1922.

CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 1 TO NOVEMBER 22, 1922,
RESOURCES.
[In thousands of dollars.]

I

Total, j Boston.

Gold and gold certificates:
266,718
Nov. 1
267,207!
Nov. 8
Nov. 15
: 276,414:
!
281,750
Nov. 22
Gold s e t t l e m e n t !
fund—F. R. Board: I
Nov. 1
! 618,527 I
Nov. 8
| 648,4291-1
Nov. 15
! 651,930ii
651,862 j;
Nov. 22
Gold with F. R.
agents:
2,126,535!!
Nov. 1
2,094,050!
Nov. 8
2,078,901! I
Nov. 15
Nov. 22
2,077,582!!
Gold
redemption |
fund:
|
66,269
Nov. 1
i
Nov. 8
1
71,069
Nov. 15
J
66,603'
Nov. 22
!
69,131
Total gold reserves: \
Nov. 1
i 3,078,049! I
Nov. 8
\ 3,080,755i!
Nov. 15.
! 3,073,848!"
:
Nov. 22.
3,083,325!
Legal-tender notes,
silver, etc.:
Nov. 1
133,696j
Nov. 8
'
130,527j
130,912!
Nov. 15
|
130,358:
Nov. 22
.;
i;
Total reserves:
i
Nov. 1
1 3,211,7451
Nov. 8
•-..' 3,211,282;!
Nov. 15
3, 204.760;!
Nov. 22
! 3,213', 683".
!
Bills discounted:
Secured by U. S. ;
Government •
obligations— i
Nov. 1
! 271,497i!
Nov. 8
: 300,337'1
Nov. 15
: 330,285'307,976'!
Nov. 22
'
Other bills dis- ;
counted—
!
316.267!!
Nov. 1
Nov. 8
! 340,075!
322,520-!
Nov. 15
Nov. 22
! 306,215 j
Bills bought in open :
, market:
i
260,658 !
Nov. 1
i
258,656
Nov. 8
:
260'. 894
Nov. 15
•.
I
257,405
Nov. 22
U. S. bonds and
notes:
191,095!
Nov. 1
188,821.!
Nov. 8
171,732 ;
Nov. 15
151,731 ;
Nov. 22
U. S. certificates of
indebtedness:
One-year certificates ( P i t t m a n j
act)—
i
Nov. 1
38,000J;
34,500!'
Nov. 8
31,500
Nov. 15
28,500!,
Nov. 22

Phila- j Clevcdelphia. j land.

New
York.

Chicago.!

St.

Minneapolis.

Kansas
City.

San
Francisco.

Dallas.

16,020i
21.2651
18,950i
18,971

150,639
145,1681
156,950!
152,167;

6,5376,6191
6,702:
6,785

13,635
13,727
13,712
13.778

4,521
4,640
4,654
4.862

5,6031
5,608'
5,622
5.619

25,881
26,056
26.256;
39', 4271

3,692;
3,7221
3,282'
3,482

20,494
22,324!
39.580'
43)403

207,096!
186,209;
197,038;
239,291

33,3051
34,651'
47'.1621
40.704

69,7261
66,54.6
62,291!
65,257!

34,636
41,629
32,102
28,200

2l,573 :
26,062
24,811
22,361

97,416
121,303
110,407:
87,309!

27,260:
27,668'
22,589;
15,881

2",531
24 157
26 749
26,827

31,474
29,820
33,121
32,687

13,615
23,168
16) 577
16,398

34,401
44,892
39,503
33.544

180,434'
142,4011
133,969
130,824

680,711
680^490
660;243
660 049!

162,712
167,065
167,527'
170,344 i

180,929i
181,452:
181,113|
180,309!

67,663
66,057=
69.631
68; 006-

99,757
98,999
98,242s
97,163'

373,780:
376,4711
372,039:
374.622

72,262
73,256
75,643
80,776J

41,307!
43,388!
43,964!
43,514

55,846
55,002
54,782
51,"""

26,079
25,643
25,255
25)813

185,055
183,826
196,493
191.177

7,509|
9.253
11'357
13,386

6.563:
9) 085
10,805
9,029;

8,900]
12,882!
4,196
769
"h

4,293i
3,8624,088
5,158

4,186
4,566
4.30.1.
4', 705!

2,229;
2,135:
ll 9271
2,222!

2,883
2,587
2', 698
2)483|

2,005 :
2,437 :
2,338;
2,348

1,725
1,562
1,104
1^247

4,457
5,168
3,937
3,804

51,336
60,434
53,025
53,179

243,865
253,895
259,853
251,093

7,586'
7,5761
7,607

2,752
2,746
2,701
2,763

. 9,917
10,061
10,089
9,721

19,952
20,009
19,920
19,568

22-1,457
195243
195,243i
203,856!
206,584

1,045,009;
1,020.9521'
1,025', 036
1.060'.536;

211, 454
221,217
225,587
225)602

268,583
265,587
261,204
264,502

111,006;
116,892
110.688
105)773

129,162!
132,804
130,602
127'. 365;

517,443
539,839
527)506:
516,413!

106,097
107,233
104,212;
102)622

78,412!
77.56880)627j
80,296;

1,153'
1,523 :
l'.048i
l)925j
!
91,225!
89,091
91,652
89,360

11,213
ll,566i
11,881:
12', 638

37,300!
34,667
34,457j
33,056:

15,782!
14,913i
13,852;
13,737.

8,877!
8,120'
7,954,
8.2901

8,473
7,607":
9,288*
9.706"

5,932!
6,138!
6,948:
6,724"

25,973!
23,581
22,168'
20)826

5,538!
9,259'
8,887!
9,521'

888^
705;
668!
756|

3,799!
3,975j
4,038!
4,318;

6,209
6 714
7,110
6,992

3,712
3,282
3,661
3,794

235,670:
206,809'
215.737".
219)222!

1,082,309;
1,055', 6191,059,493
1)093,592!

227,236 277.46(): 119,479 135,094!
236,130! 273)707! 124,-199 138,942
239,439! 269, 158! 119,976 137,5501
239)339, 272,792! 115.479! 131,089

543,416'
563,420
549,674:
537,239"

111,635'.
116.492!
113.0991
112,143.

79,300 !
78,273:
81,295!
81,052

95,024'
93,066!
95,690!
93,678;

57,545i
67,1481
60,135
60,171

^1,011
247,577
257,177
263,514
254,887

14,071:
24,285j
21.855i
22) 079

1.21,125!
.127,649!
159,96 li
134,900|

33,386,
32,775!
35,467j
35,374

23,406:
33,257;
29,106!
22,878i

1.4,743!
1.4,385,
18,523 :
19,905!

3,812!
3,334
3,576!
5,052.

28,631.
29,241!
26,829
32,706

.1.0,481
11, 564
13,721;
12,077"

2,7222,360;
2,0311
2,187:

4,9221
5,890!
7,406;
6,6251

27,481:
36,698
47,113;
41,617!

39,893
55,953
34,495
26,077

16,011.
18,54.6i
18,768!
11,937I

19,493,
20,540!
18,945=
19,672!

25,9S5|
25,199:
23)320
25,117!

30,708'
32,251
29,975
32,130 !

50,577.
47,732
47,856.
52,254.

20,076
IS, 290
18,281!
15,999

20,453
20,060
19,4251
19,153 i

20,834
21,280:

16,994
16,121
15,384
14,211

27,762
27,405
26,612
26,089

29,245
31,983!
31)69629,420

79,636
75)345!
75,200!
60,225!

19,600
17,167
15,941!
16,9061

33,82.1!
39, 111
45,825:
50,415|

1,911;
2,057, ,
2, 2001
2,183:

13,586.
13,320 j
12,405
13,124

13, S4S;
14, S06
12,943
13.009

10,513;.
.10,383 _
9,730 .
11,222;.

791

15,826
17,099
20,070
20,

41,881
36,693
34,169
40,235

11,480:
12,361i
5,956
5,64.2

25,791
26,100
23,41.9
18) 731!

24,117!
23,971i
23,987,
23 ; 987|

27,647!
22,197
22,157
11,852

1,241:
1,241!
J,24i:

135!
12o!
J23i
149!

6,370
8,627
6,232
6,327

36,775:
16,770
16,770!
16,764

9,595:
9,587!
9,5901

27,436
27,336
27,225
27,176!

2,815!
2,8161
2,728j
2,654j

2,500
2,500
2,000
2,000

2,500
2,500
1,500
1,500

2,960
2,460
2,460
2.460

2,499
1,
'999
l)999
999

4,66:
3,667
3,667
3.167

2,571
2, 571
2,571.
2,071

2,500
2,500
2,500
2,000

2,821
l)821
821
82.1

1,900
1,900
1,900
1 900
,

2,332
2,332
2,332
1,832

2,031j
2,031!
2,051!
2.041:

31,913
30,842
31,073
28.210

4,343
4,374
2.874
2,874

499
499
499
514

11,941
11,941
11,946
10,946

8,310
8,309
8,310
310

7,353
7,353
7,353
7,353

i

20,366i
16,009'
18,804! •
15.055!

1,154! 13,044
l,808| 13,789
1,211 10,599
1,019 13,174

i
71.5
300j

37,682
37,682
32,307
27,618

1
2,25ui
1,750
1,750
1,250

•

Other
cates—
Nov.
Nov.
Nov.
Nov.

Atlanta.

Richmond.

'

- .

ccrtifi- !
1
8
15
22




!

j

:

131,216 :
123,268.1
122,482"
114,888; :

13,561
12,329!
12,278
12,352.!

32,713
26,922
27,101
24,290;

5,1481
5,148!
5,148!
4,148i

13,404
13,520!
13,849*
13,850'

DECEMBER, 1922.

1489

FEDERAL RESERVE BULLETIN.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 1 TO NOVEMBER 22,
1922—Continued.
RESOUBCES—Continued.
[In thousands of dollars.]
Total.

Municipal warrants:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Total earning assets:
Nov. 1
Nov. 8...
Nov. 15
Nov. 22
Bank premises:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
5 per cent redemption fund against
F. R. bank notes:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Uncollected items:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
All other resources:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Total resources:
Nov. 1
NOT. 8
Nov. 15
Nov. 22....

New | Phila- CleveYork. ! delphia. land.

Boston.

Richmond.

Atlanta.

St.
Chicago. Louis.

24
27
27
27

I

Minne- Kansas
City.
apolis.

24
27
27
27

Dallas.

San
Francisco.

•I-

1,208,757
1,245,684
1,239,440
1,166,742

98,088
119,406
120,648
112,360

307,661
320,469
327,176!
270,723

100,762
100,107
101,311
94,352

120,271
131,125
131,382
120,167;

46,840
45,342
47,744
50,906

52,771
53,060
50,129
54,495

136,006;
134,915!
128,600,
135,673!

64,759
63,952!
63.947
61,007

35,801
35,041
34,069
33,471

68,745
68,960
71,459
68,827

45,295
45,420
45,650
46,204

5,251
5,251
5,251
5,251

9,940
9,940
9,964
10,323

613
621
624
624

6,615|
6,668!
6,733!
6,8151

2,571
2,571
2,571
2,571

1,871
1,889
1,955
1,989

7,716!
7,755i
7,755!
7,764j

971
971
971
971

985
985
986
1,020

5,097
5,103
5,136
5,136

2,094!
2,093
2,094
2,087!

1,571
1,570
1,610
1,653

3,635
3,635
3,535
3,410

422
422
422
422

424
424
349|
324!

250
250
250
250

239|
239|
239!
239:

148
148
123
123

468
468
468
468

665|
665:
665
665

183
183
183
183

196
196
196
196

400
400
400
300

146
146
146'
146

94
94
94
94

657,379!
583,827|
821,132:
684,519

63,023
59,389
73,580
65,954

150,684!
118,012!
176,584
147,358

51,554
45,646'
69,509^
56,090.

58,841!
49,430
76,614:
63,80l!

56,238|
55,779!
71,854
59,690

23,677
24,449
34,392
27,151

40,258
36,166
55,754
41,794

18^*17
18,478
22,956
19,475

43,156
42,768
49,620
43,978

30,620!
27,8651
36,003!
27,107!

42,178
34,184
55,332
45,362

15,358
15,611
15,070
14,605

590
603
510
476

2,377
2,375|
2,016;
1,598

590
631 i
645;
624

963!
941!
912!
794

.567!
545:
537!
516;

175
149
152
152

78,703j
71,661:
98,934|
86,759:
i
603'
690;
643!
633;

465
494
469
482

1,493
1,562
1,610
1,664

736
759
829
850

1,968
1,9511
1,958!
1,920!

4,831
4,911
4,789
4,896

! 5,142,169 403,044 1,553,395
5, lt)5,459 391,880! 1, ouo ».
II, »ou: 1,506,839
5,329,587 41.6",
.6,148 *
1,575,582
5,129,163 403,
13,685' 1,523,918

381,005 :
383,388!
411,778
391,279 ;

464,389!
462,110!
485,038:
464,608i

225,843:
228,884!
242,805!
229,2851

214,056
218,957
224,646
218,344

767,1.091 218,271
779,106 218,258
786,271 234,423
768,733 216,580

136,222
134,535
141,112
136,878

213,158
211,056
223,134
212,769

139,372.147,256!
149,939!
139,891!

!
i
:

46,999i 130,054
48,053! 125,254
49,603! 113,372
48,4601 116,301

426,305
423,190
438,7.11
423,193

LIABILITIES.
Capital paid in:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Surplus::
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Deposits:
Government—
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Member bank—
r e s e r v e a ceount—
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Other deposits—
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Total deposits:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
,
F. R. notes in actual
circulation:
Nov. 1
,
Nov. 8
,
Nov. 15
Nov. 22
,
F. R. bank notes in.
circulation—net liability:
Nov. 1
Nov. 8
Nov. 15
Nov. 22




106,292
106,355
106,448
105,495

i

27,779
27,821.
27,895
27,922

9,196
9,196
9,326
9,326

11,689
11,689
11,708
11,708

5,638
5,639
5,582
5,590

4,346
4,349
4,350
4,354

14,753
14,753
14,747
14,748

4,795
4,795
4,801
4,800

3,559
3,557
3,539
3,538

4,582
4.583
4.584
4,589

4,210|
4,2Ll|
4,211!
4,210]

7,610
7,612
7,561
7,566

60,197
60,197
60,197
60,197

17,945
17,945
17,945
17,945j

22,509
22,509
22,509
22,509

11,030
11,030
11,030
11,030

9,114
9,114
9,114
9,114

29,025
29,025
29,025
29,025

9,388
9,388
9,388
9,388

7,468
7,468
7,468
7,468

9,646
9,646
9,646
9,646

7,394!
7,394'
7,394
7,394

15,199
15,199
15,199
15,199

215,398
215,398
215,398
215,398

8,1351
8, ISO!
8,144!
8,144;
16,483;
16,483
16,483
16,483

36.047
26,402
57,252
40,198!

1,700
2,014
1,809:
3,619,

10,797
6,986
33,913
13,056

835
904
2,953!
2,834

1,671
84
1,654
2,645

265
2,493
2,105
2,340

2,169
2,895
2,308
1,322

6,229
3,458
1,907
980

3,612
169
1,987
2,676

1,968
726;
1,05"
1,177

2,101
999
3,016
2,947

2,330:
1,836!
1,911:
2,397|

2,370
3,838
2,632
4,205

l,847,i
1,812,051
1,859,652
1,829,069

127,439;
125,025
131,528
123,722,

720,186
683,356
711,072
713,569

105,52<
105,074
113,354:
109,049

149,357
148,202
149,786
140,208

60,065
58;690
59,255;
58,699

51,756
55,141
52,699
53,681

253,175
262,022
256,149
253, 872

64,943
67,010
65,187
63,722

47,754
47,759i
47,506 i
48,1.24!

81,239
76,076
79,879!
77,495|

50,966 :
55,817
56,049
54,752

135,284
127,879
137,188
132,176

30,508
24,235
22,606
20,721

326
197
299
211

20,806
14,583
13,143
12,338

614
279
408
312

950
887
842
687

95
143
13;

324
133
122

1,438|
1,190
1,497

961
533
527
422

93;
54.6
395

779;
967
984J
l,044|

309
259
226
244

3,731
3,688
4 171
3,350

1,914,248
1,862,688
1,939,510
1,889,"™'

129,465
127,236
133,636
127,552

751,789
704,925
758,128
738,963

106,978
106,257
116,715
112,195

151,978
149,173
152,282
143,540

60,425
61,326
61,497
61,138

260,581
266,918
259,246
256,349

69,516
67,712
67,701
66,820

50,081
49,422
49,109
49,696

84,1.19J
78,042|
83,879!
81,486!

53,605
57,912
58,186
57,393

141,385
135,405
143,991
139,731

2,309,265,
2,340,074 !
2,321,219'
2,299,391

196,274
195,052
195,257
193,56S

598,761
604,301
588,415
580,198

197,845
201,726
204,362
200,029

222,537
227,931
229,100
227,57

95,895 124,381 i 391,768
96,830 126> 328i 399,695
97,101 125,192: 396,171

91,742
93,990
95,792
93,8991

56,778
57,6231
56,975
57,090

67,879J
68,893j
68,982
68,734;

43,314 222,088
43,541 224,164
41,""" 221,984
40; 687| 220,439

1,617
1,115
1 111
646

7,186
7,710
6,214
5,779

2,008
2,008
1,558
1,508

2,452;
2,454;
2,456!
1.95fil

1,1 .
1,816!
1,872!
1,379!

5,361i
4,245,
4,261'
4.191;

35,573;
32,441!;
29,327j:
26,220!i

2,441
2,422
1,4391
1.4181

1

54,326
58,360 j
55,140 !
55,125|

1T7

124,046! 396,260

2,418
1,947
1,882
1.894J

2,272i
1,812'
1,792:
1.776!

4,553
3,481
3,377
2.822

2,409
2,390
2,317
2.269

1,027
1,041
1,048
582

1490

DECEMBER, 1922".

FEDERAL RESERVE BULLETIN.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 1 TO NOVEMBER 22,
1922 —Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
"[
Total,

Minne-

j Boston, j

Dallas, j
! cisco.
j

Deferred availability •
items:
!
Nov. 1
Nov. 8
Nov. 15

536,140
522,564
691,406.
56*. 796" |
All other liabilities: i
1
Nov. 1
25,253,.
Nov. 8
•
25.939.
Nov. 15
26; 279 j
Nov. 22
,
26,875-'
Total liabilities:
"
:.
Nov. .1
5,142, 169!
Nov. 8
5,105,459:!
:
Nov. 15
5,329, 587. :i
Nov. 22
5, 129,163 .
MEMORANDA.

:

__

4.9,410
42,108
59,6S6
55,400

102,183!
96,274
.1.28,886
105,146

45,174:
44,333'
59,943
48.270J

50,921
45,927
65,471
55,212

49,205
50,860 :
64,483
51,499

18,337
17,654
27,753
22,55C

62,983:
61,826
80,329 ;
66,035 1

39,373 i
38,875 !
53,231
38,618!

15,036
13; 151
20,661
16,195

40,262!
44. 285:
50; 403|
42.696'

26,718
30,038:
34,162;
26,137!

36,538
37,233
46,392
37,032

1,660'
1,736.

5,497
5,611:

1.859i
i',m\

2,314
2,459;

1,831.;
1,8921

5,8-1-71
5,7I3i

1,929
2,006|

2,529|
2,649|

1,232
1,252
1,230!
1,265!

1,280
1,340!
1,305.
1,373

3,446 !
3,408;
3,376"
3,494!

l,005|
1,044!
l,051j
1.099:

1.4741
l'49Si
1,485!
1)512

1,306.
1,362
1,379!
l,427j

1,722'
1,7701
1,781:
1,801'

2,458
2,536
2,536
2,644

225,843! 2I4,056 :
228,884'. 218,957;
242', 805! 224,646 ;
229,285; 218,344

767,109
779,106
786,271
768,733'

218,271:
218' 2581
234,423'
216,580j

136,222
134,535
141,1121
136,878

213,158!
~ " """
211.', 056
223,1341
212,769

139,372':
147,256!
149,939!
139,891.!

426,305
423,190
438,711
423,193

59.4:
66.2
60.1!
6L.3I'

68. 2
71.5
72.0
70.8

878
878
878
829

1,554
1,554
1,554
1,467

403,0-141
391,880
416,148!
403,685'

1,553,3951 38J,005i 464,381)
1,506,839! 383,3881 462,110;
1.575,5821 41.1,778' 485,038,
1,523.918' 391,279. 464,608!

:

I

.i

Ratio of total reserves to deposit
andF. R.notelia- :
bilities combined—
per cent:
Nov. 1
,
Nov. 8
"
Nov. 15
:
Nov. 22
:
Contingent liability :
on bills purchased ;
for foreign corre- !
spondents:
Nov. 1.
;
Nov. 8
;
Nov. 15
!
Nov. 22
,

|_

i

I

;|

!

l!

76.01!
76.4J
75.2,1
76.7:
!!
|

72. 3:

33,388:
32,475;
32,50J
31,494

2,466;
2,466
2,466i
2,328:

64.2
65. 6:
68.3;

75.675.2
76.3 :
74.8

83.3J
84.5 ;
83.9.
82.3

69.21
72.0!
69.2!
69. 81.

74.2
73.1
76.6

73.51

76.4
78.7
75.6
73.1J

75.91

62. 5
63.3j
62.61
62.4.

2,770!
2,770!
2,770|
2,615!

1,6551
J,655|
1,655
1,563

1,216
1,216
1,21(5
1,148

4,020;
4,020 :
4,020!
3,795^

l,58Si
1 \ 588j
1,588]
I', 499!

912
912
912
861

1 62.1
,
1,621
1,621
1,531

80.1:
80.6j
78. T
82.9j

74.5
76.7:
74, 6
76.7.

74.1;
72.61
70. 6;

12,415!
11.502!
l.i;528
11,715

2,293
2,293i
2,293:
2,143"

i
I
I

MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Within 15
davs.

Total.
Bills discounted:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Bills bought in open market:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
United States certificates of indebtedness:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Municipal warrants:
Nov. 1
Nov. 8
Nov. 15
Nov. 22




16 to 30
davs.

31 to 60
days.

587,764
640,4.1.2
652,805
614,191

397,712
449,209
444,240
418,318

48,506
52,444
62,840
50,636

74,822
74,174
77,989
74,195

260,658
258,656
260,894
257,405

64,162
63,762
66.127
61,797

39,272
43,127
42,040
42,733

74,632 ;
76,499 !
87,143 :

169,216
157,768
153,982
143,388

2,606
733
1,933
2,471

599
1,398
1,086
507

24
27
27
27

92,365 I
6,437 j
6,726 !
5,720 i.
4,220 !

24 :
27 i

61 to 90
days.

Over 90
davs.

43,190
39,838
41,492
42,694

23,534
24,747
26,244
28,348

64,749
52,642
49,383

12,899
10,519
12,942
11,127

3,220
500

156,354
148,411
145,243
136,114

1491

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, NOVEMBER 1 TO NOVEMBER 22, 1922.
[In thousands of dollars.]

Boston.

Total.

Philadelphia.

Cleveland.

Richmond.

Atlanta.

245,880
246,232
254,695
267,512

272,546
272,369
278,330
275,127

134,942
133,836
132,410
132,2ST)

201,676 505,034
200,919 514,525
199.661 520,894
203', 583 528,436

410,870
407,110
404,410
401,410

30,420
30,820
33,360
48,360

31,260
27,040
32,240
29,340

31,090
29,810
26,760
26,760

71,429
69,479
68,559
73,279

796,201
798,983
795,505
789,538

215,460
215,412
221,335
219;152

241,286
245,329
246 0(J0
245,787

103,852
104,026
105,650
105,525

130,247
131,440
131,102
130,304

Now
York.

Net amount of F. R.
notes r e c e i v e d
1
from Comptroller
of Currency:
3,544,204 302,121 !
1,207,071
Nov 1
3,547,643 1 299,088 i 1,206,093
Nov. 8
•

3,561,781 i 295,655 1,199,915
3,583,482 i 301,511 1,193,948

Nov. 15
Nov. 22

F. R. notes on hand:
Nov. 1
Nov 8
Nov. 15
Nov. 22
F. R. notes outstanding:

860,353
852,173
862,148
888,838

!
.
•
i

86,400
82,400
81,400
90,400

2,683,851 1 215,721
Nov. l
N o v . 8 . . . . 2,695.470 1 2i6,688
2,699,633 2i4 255
N o v 15
2,694,644 ! 2ii*in
N o v . 22

Collateral security
for F.R. notes outstanding:
Gold and gold
certificates—
386,467 i 5,300
Nov. 1
Nov. 8
i 391,367
10,300
Nov. 15 . . . 376,367
15,300
Nov. 22
376,317
15,300
Gold redemption
fund—
Nov.l
12,134
122,629
124,744
19,101
Nov. 8
126,496
15,669
Nov. 15
12,524
128,489
Nov. 22
Gold fund—F.
R. Board—
1,617 439 163,000
Nov 1
Nov. 8
'1,577,939 113!000
1,576,038 103,000
Nov. 15
1,572,776 103,000
Nov. 22
Eligible paperAmount required—
Nov. 1... 557,316
35,287
74,287
Nov. 8... 601,420
620,732
80,286
Nov. 15..
80,287
Nov. 22,. 617,062
Excess
a mount

San
Francisco.

St.
Louis.

Minneapolis.

Kansas
City.

134,016
134,791
139,318
138,951

71,098
71,179
71,875
71.125

89,883
90,239
92,418
93,222

64,058 315,879
63,722 314,650
63,333 313,277
62; 941 314,541

77,640
85,640
91,200
93,920

25,520
24,720
26,920
25,720

10,820
11,370
11,530
10,880

12,620
11,560
13,560
14,560

16,474
16,414
16,399
16,999

55,810
55,810
55,810
54,210

427,394
428,885
429,694
434,516

108,496
110,071
112,398
113,231

60,278
59,809
60,345
60,545

77,263
78,679
78 858
78 662

47,584
47,308
46,934
45,942

260,069
258,840
257,467
260,331

11,610
11,610
11,610
11,610

13,052
13,052
13,052
13,052

Chicago.

Dallas.

•

neiQ—

Nov.
Nov.
Nov.
Nov.

1...
8...
15..
22..




260,415
256,406
258,263
218,463

35,510
18,679
20,378
12,829
!

333 1^4
333,184
313,184
313,184

13,275
13,275
13,275
13,275

2,400
2,400
2,400
2,400

7,646
7,546
7,546
7,496

10,823
10,176
11,638
11,455

12,654
13,177
12,838
12,034

2,868
1,262
2,836
4,211

4,357
3,599
4,842
3,763

14,135
12,826
16,394
16,977

4,852
4,346
4,233
4,866

1,255
1,336
1,912
1,462

3,486
4,642
4,422
3,625

3,433
3,097
2,709
3,317

16,105
14,876
12,944
18,390

311 000
311', 000
311,000
311,000

151 889
156,889
155,889
158,889

155 000
155,000
155,000
155,000

64,795
64,795
66,795
63,795

93 000
93,000
91,000
91,000

359,645
363,645
355,645
357,645

55 800
57,300
59,800
64,300

27 000
29,000
29,000
29,000

52,360
50,360
50,360
48,360

15,000
15,000
15,000
15,000

168,950
168,950
183,549
175,787

115,490
118.493
135,262
129,489

52,748
48,347
53,808
48,808

60,357
63,877
64,977
65,478

36,189
37,969
33,019
37,51.9

30,490
32,441
32,860
33,141

53,61.4
52,414
57,655
59,894

36,234
36,815
36,755
32,455

18,971
16,421
16,381
17,031

21,417
23,677
24,076
26,677

21,505
21,665
21,679
20,129

75,014
75,014
60,974
66,154

112,929
125,308
116,123
71,488

5,018
1,218
8,385
7,310

13,175
25,709
24,619
24,089

5,464
2,228
6,333
7,022

17,472
16,328
12,956
17,024

39,430
39,338
29,916
38,072

4,836
3,112
4,976
6,842

2,212
4,464
3,520
3,064

5,117
4,185
6,379
2,205

11,636
13,055
14,459
15,179

7,616
2,782
10,219
13,339

36,527
36,306
36,059 :
35,865 ,

JLtjijy

\.i\.r\f

1492

DBCEJIBEK, 1922.

FEDERAL RESERVE BULLETIN.
CONDITION OF MEMBER BANKS IN LEADING CITIES.

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCTOBER 25
TO NOVEMBER 15, 1922.

ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars.]
I

Total.

Boston.

New
York.

Phila- Clevedelphia. land.

Richmond.

Atlanta.

Chicago.

!
!
Kan- j
I San
sas i Dallas, i FranCity. '
Cisco.

MinneSt.
Louis. apolis.

„[_.
Number of reporting banks:
47 j
1051
Oct. 25
105 j
471
Nov. 1
10o!
780
47:
Nov. 8
105!
401
Nov. 15
785
Loans and discounts, including bills rcdiscouritcd
with V. R. banks:
Secured by U. S. Government obligations—
285,0415 ! 15,678! 103,961! 15,676
30,646j
Oct. 25
292,007f
17,400J 105,098| 18,031
31,355!
Nov. 1
287,119| i 17,627 100,5811 18,954
31,242:
Nov. 8
303,072
15,791 114,9541 19,075
31,373;
Nov. 15
Secured by stocks and
bonds (other than
U. S. Government
obligations)—
241,544! 1,702,41.2; 249,082 359,985
3,718,731
Oct. 25
3,754,642
238,488 1 1,734.406i 246,378 357,126!
Nov. 1
3,706.407
244,818)1,686; 413 246,886 356,371i
Nov. 8
3,686', 779 241,3301,655,973 247,733 354,642
Nov. 15
All other—
7,245,134! 580,792 2,226,564j 335,193 644,904
Oct. 25
7,228,137 ! 587,468;2,212,435 334,747 645,118;
Nov. 1
7,271,735
594,39312,238,300 336,890 645,254!
Nov. 8
7,243,367 j 587,039:2,218,383 336,816 645,188
Nov. 15
Total loans and discounts,
including
bills
rediscounted with F . II. banks:
11,248,908 1 838,014 4,032,93' 599,951 1,035,535!
Oct. 25
11,274,786. 843,356 4,051,939 • 5 9 9 ,156 1 033,399!
" " V,
Nov. 1
11,205.261!! 856,8384,025.294 602, '30 1 ,032,867;
Nov. 8
Ll,233;218j| 844,160=3,989) 3.10 603, 624 1 ,031,203!
Nov. 15
U. S. bonds:
1,503,010
105,794| 610,986 64,199 179,646!
Oct. 25
1.491,825
103,499! 604,279 65,281 177,642'
Nov. 1
\, 503,786
103,952; 614,288; 64,829 177,8311
Nov. 8
1,506,639
103,328| 618,OSSj 63,189 177,808!
Nov. 15
U. S. Victory notes:
36,034
3,174
2,501;
6961 13,047i
Oct. 25
82,982
2.122!
639!
1.1.419! 2.748
Nov.!
33,396
Il8o4 :
66! j
11.814: 2; 697
Nov. 8
32', 527
l'.52Ci
9531 li;938|
Nov. 15
775
!
U. S. Treasury notes:
650,880 j 21,6101 404,062! 26,334
37,535 1
Oct. 25
654.181 ! 22,255: 412.469' 25,962
36,731 i
Nov. 1
648' 921
22,5791 408,765 26,113
35,637!
Nov. 8
655,794.
22,266 410,882! 25,752
31,836j
Nov. 15
U. S. certificates of indebtedness:
111,038
6,308
r>. 331
22,4471 5,316
Oct. 25 •.
107,227 •
4; 517:
0,226
21,265
4,750
Nov. 1
4,421.!
96.598 i
14,825
3.427
4.762
Nov. 8
3.975
12,384
3; 403
93)947
4', 419
Nov. 15
Other bonds, stocks, and
securities:
2,23918411! 168. S20j 770,890 181,849 277,1811
Oct. 25
2; 252,85-11 169'. 2I.4! 779,220 180,691 280,323,
J . O U , U17J.J
Nov. 1
2.2-ll r 320J. 171', 055! 759', 344 181,2321 280,097!
Nov. 8
2\ 251,675 ! 171) 740 767,8911 182,2621 280.195i
Nov. 15
Total loans and discounts
and investments, including bills rediscounted
with F . 11. banks:
141,242 ! 5,854,369! 880,823 1 537,729:
Oct. 25
145,189 ! 5,880,591! 878,588j 1, 534,734!
Nov. 1
159,847i5,834,3301 881,02811' 532,7071
Nov. 8
15; 773', 800 I', 116; 866 5,810,490 879,005 I 526,543j
Nov. 15
Reserve with F . R. banks:
J,345,743
87,901 622,399 64,886 100,552!
Oct. 25
1,400,091!
87,216 657,2341 64,885 104,172;
Nov. 1
1,369,9501
84,892 620,197j 66,090 100,068!
Nov. 8
1,391,55
89,802| 643,355! 68,924) 103,537!
Nov. 15
Cash in vault:
289,4521
20,004:
87,0451 16,439J
30,128 !
Oct. 25
278,181 i! 19,441
83,734i 15,300| 29,944!
Nov. 1
315,707|l
31,810.
19,454! 95,623! 17,809]
Nov. 8
30,426|
294,115 ; 19,300!
87,949- 19,820
Nov. 15
Net demand deposits:
11,161,802 ! 832,019 4,859,303! 690,083 872,39l!
Oct. 25
11,188,058! 846,868.4,865,371: 686,407 864,715:
Nov. 1
Ill, 133,38S ! : 823,062'4,801,049' 694,768- 854,820!
Nov. 8
111,126,53711 824,528 4,791,045 693,603! 862.508
Nov. 15




41 j
41
4l!
41

11,045
12,084
11,974
11,887

7,601
7,653
7,526
7,628

116,187
117,581
118,644
117,389

58,186
58,192
57,136
58,377

109
109
109!
109

37
37
3"
3"

45,4271 14,8531
45,620 15,753
43,807 15,9571
46,702 16,029!

32
32
32:
32

8,445
8,321
8,298
8,334

79:
79!
79:
79!

10,990!
10,458!
10,602:
10,544!

52:
52!
521
52!

66
66
66
66

4,220:
4,395:
4,357:
4,694!

16,501
16,039
16,194
16,061.

I
147,615
148,072
145,400
148,117

552,361
554,245
545,886
554,832

131,656
132,034
132,666
134,119

312,047
311,387
309,599
312,658

324,4831,027,121
327,39411,010,561
334,4431,009,427
335,71611,006,798!

291,191
294,133!
294,269':
291,349

193,562'
197,3791
201,899!
198,891!

352,993
357,362
357,352
358,158!

228,673;
220,539!
219,721!
219,268:

439,279
441,0521
440,217
441,934

390,270 1 ,624,9(
393,2391 ,610,426
399, lOoll ,599,120
401,721|l ,608,332

437,700
441,920!
442,8921
441,497j

243;443|
248,398'
254,786!
251,976!

440,338
441,694'
442,926.
444,6761

274,805 891,727
276,482i 893,725
276,704! 891,782
277,504i 897,281

727,611
729,614
730,188
733,103

65,352
64,506
65,261
65,348

27,439
28,172
28,194
28,039

139,523
136,983!
137,0111
137,950|

52,695!
52,4271
52,557!
51,354

26,539!
25,040
25,096'
25,790!

60,340:
62,765s
62,677!
63,-571!

36,132!
35,809i
35,633i
35,420;

134.365
135', 422
136,457
136,757

574
431
137
483

1,682
1,350
1,394
1,462

4,530
4,482
4,10l!
3,667I

2,544
2,668
2,592
2,714

264!
265:
21 ol
216 i

1,415
1.454:
I'.9»>:
1)809"

5401
495
497:
497

5,067
4,906
5,118
6,487

4,284
4,420
3,869
3,863

4,590
4,477
4,466
4,527

78,332|
76; 052|
75,195
85; 280

13,056
12.160
12'. 272
12; 256

oi
9,882! 16,726
9.882! 16,470:
9; 8951 16.398i
9,893: 1.5; 450:

7,181!
6,177j
6,0981
7.510-

27,288
27,126
27,634
26,279

2, 774
2,788
3,387
3,287

6,812
6,775
7,141
7,675

30,262
29,311
27,927
28,210

3.653
3', 607
3,561
3,443

4,822
4,913
4,703!
4,6471

4,170|
4)936!
4,586!
4,799j

12,513
11,502
11,838
11,324

33,901
34,072
35,539
35,014

407,299
4.09,306
409,700
411,515

86,309
86,045
86,874
87,433

464,694 2,284,855
468,08512,266,560
475,839^,253,054
478,438 2,274,954

595,957j
598,827
600,748
598,697

312,415
316,363:
322,2791
320,563|

35,227
38,418
41,5.10
39,161

23,012!
23,540|
23,629
22,504

54,523
7,692
52,800|
7,779 !
61,1011 10,384!
55,143
8,205!

6,588

328,872'
336,322!
341,210!
340,370'

199,449'
207,114 1
208,156^
204,061i

57,282
56,579
56,999
55,698

569,545
569', 779
570,170
570,613
36,677
36,523
35,809
34,95l!

30,572
33,285
35,5051
33,084

14,35l|
13,484
15,081
14,123

9,937i
8,854!
11,133 1
9,658!

332,088"
335,671
336,894
333,763

181,552
188,486!
197,330
188,212

264,8941,439,081
286,2141,429,458
273,8051,447,133|
277,227 : 1,436,639'

6,630'
6.637j
6', 018'
6,381;

27,4651 59,286J
27,865 59,2771
27,5S4| 59.658!
28,041 58; 734;

8,025; 161,534
8,396! 161, 866
8,607! 164,631
8,85i: 164,301

584,7351 330,8531,
588,297i 332,295i:
589,663. 332'. 125" L
590,621 ! 334;5811:
!
47,619; 27,772;
50,905 : 23 2691j
j
44,647 28,00.1
47,735! 27,269"

12,243!
ll,626i
7J269; 12,691:
6,732! 11,540 :

10,070
9,386.
11.387
10/194 :

232.491
234;547
237, -190
242,122
87,544
92,1 oS
92,272
93,025
20,432
19,642
21, 965
20,725

j

447,825;
446,638 !
441,721|
439,636-

239,796 656,001
240,468 662,812
244,28L: 666,489
248,125 675.032

1493

FEDERAL, RESERVE BULLETIN.

DECEMBER, 1922.

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCTOBER 25
TO NOVEMBER 15;, 1922—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars.]
i

Time deposits:

I

Oct. 2 5 . , . . ' . Nov. 1
Nov. 8
Nov. 15
Government deposits:

! 3,628,187!'
" 3 642,1031'
.
i 3,647,510j'
3,65.1,8051 j
:l

259,678i!
221,720i;
200,863 !
189,515 i

Nov. 1
•
"
Nov. 8
!
Nov. 15
....:
Allother—
j
Oct. 25
.:
Nov.l
I
Nov. 8
i
Nov. 15
i
Bills rediscountcd w i t h F . :
R. banks:
;
Secured b y U . S. Goverament obligations—;
Oct.25
i

186,961211,5061
234,170'
!
150
392!
958;!
699:|

Nov. 8
N o v . 15
Allother—
Oct. 25
Nov.l
Nov. 8
N o v . 15

'

242,376
240,303
240,236
239,780

775,383 56,289
786,847 56,833
785,945 56,929
784,642j 57,

512,882
516,862
515,716
516,295

28,329
22,868
21,726
19,605

115,766: 22,018
95,020; 19,733
9L1901 18,823
82,137! 16,988!

18,788
15,132
14,019
11,727

9,295
7,565;
7,129.'
6,464

8,796
7,1231
6,7111
6,070!

51,194: 10,733! 10,773
12,711
21,681
16,935

7,047,'
8,114!
7,564
11,408i

345
1,366;
690!
990

14,280
16,0041
IS', 987i
14,628!

i
:
114,260'

;
5,9811

1,976M

208;

1,322,
1,677. i
j
j
|
; 110,530 I
:
151,284-1
| 182,065!
1 166,6211

San
Francisco.

69,578 559,012
67,729 559,060
68,394 560,665
68,314 560,380

81,793
81,591
81,247
82,034

121,674
121,988
122,229
122,500

24,792
9,409
20,182 15,740;
18,969
< 992!
17,278! 13,501 i

5,344
4,318!
4,0321
3,6641

5,360
4,342
4,124
3,726

3,157
2,606
2,476
2,257

8,624
7,091
6,672
6,098

4,3.1.
5,356j
6.491
6; 491|
8,051!

213!
1,333!
1,158
1,003,

2,317
3,427
4,263
5,776

375
300
975
450

6,690
10,165
11,175
7,705

734,6531 177,409

130
• 122
113
104

;

;!
i|
.j
1,629;

;

Dallas,

i

6,775 108,088! 13,322;
!
14,3471 114,314. 12,861
9,414i 142,761! 15,049'
'
.
;.
|
\
;
;
285!

j

1

Kansas
City.

Atlanta.

Cleveland.

!.

Oct. 2o....f.
!
Nov. 1
1
Nov. 8
i
Nov. 15
I
Bills payable with F . R.
banks:
Secured by U. S. Government obligations— j
Oct. 2 5 . . . .
'

Nov.l

Richmond.

PhilaNew
York. delphia

! Total.
i

783:
7131
241
573:

207:
55
2061
i7,881 ;
18,816
13,68()i
35,483 12,504]
22,700;
30,776: 51,390|
39,2541 30,1761 15^631

146!
146|
157
175|

14:
10:
180.
168!
10,304, 10,554!
13,2951 9,S27j
14,465'
9,698:
12,896
9,046

116.
109j.
102
108:

11,213J
8,911!
12,109! 10,341:
12,962! 9,605
12,052 10,057

i

I

!

!

3,625
2,830!
2,7961
2,586'

27
28
59
92

391
39
25!

1

6,919 !
8,333
8,655
9,766|

4,652
4,482
4,095
4,446

5,332
8,555
9,308
9,363

MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting banks:
Oct.25
Nov. 1
Nov.8
Nov.15
Loans and discounts, including bills rediscounted
with F. 11. banks: .
Secured by U. S. Government obligations—
Oct.25
Nov.l
Nov. 8
Nov. 15
Secured by stocks and
bonds (other than
U. S. Government
obligations)—
Oct.25
Nov. 1
Nov. 8
Nov. 15
All other—
Oct.25
Nov.l
N6v. 8
Nov. 15
Total loans and discounts,
including bills rediscounted with F. R. banks:
Oct.25
Nov. 1
Nov. 8
Nov. 15
U. S. bonds:
Oct.25
Nov.l
Nov. 8
Nov. 15
U.S. Victory notes:
Oct.25
Nov.l
Nov. 8
Nov. 15




15
15
15
15

266
266
265

35,986
35,889
34,518
36,303

5,539
5,428
5,406
5,454

2,464
2,347
2,512
2,439

1,366
1,527
1,507
1,861

5,675
5,682
5,711
5,781

100,019 20,751 20,723
100,878 21,163 19,881
100,777 21,604 20,694
102,157 22,130 21,118

10,535
10,474
10,452
10,428

63,806
65,318
65,245
65,798

11,427
12,224
12,479
12,484

93,04:
94,518
89,910
104,320

13,911
16,274
17,208
17,040

2,763,842
2,791,531
2,744,531
2,721,801

189,5261,525,178
185,9941,560,570
192,3211,515,297
189,336jl,485,080

228,297
225,470
225,917
227,302

151,587 18,531
146,235 19,823
143,595 20,690
143,031 18,506

10,039 424,850
10,061 425,664
10,287 417,652
10,361 426,554

4,456,785
4,448,568
4,483,583
4,456,324

438,573jl,937,185
443,9511,928,277
449,682!l,954,563
443,95511,934,178

304,744
304,011
306,517
306,361

292,149 63,703
295,662 64,316
292,844 61,981
294,262 64,462

49,367 640,738 165,627
48,598 626,583 166,429
51,399 625,555 165,656
52,374 622,490 162,764

96,740
96,921
100,809
99,369

117,546 61,111 289,302
119,335 62,402 292,083
118,149 62,349 294,079
117,120 62,353 296,636

7,412,896
7,438,162
7,422,058
7,386,734

640,94013,555,410
644,400 3,583,365
656,598 3,559,770
646,176 3,523,578

546,952 450,126 84,208
545,755 448,248 86,080
549,642 442,885 84,872
550,703 443,711 85,084

61,0551,101,574
60,086! 1,088,136
63,1371,077,725
64,2431,085,347

277,073
279,531
278,912
277,405

123,030
123,512
127,819
126,953

140,733
141,563
141,355
140,677

192,269!
198,063i
193,944
208,609

12,841
11,455
14,595
12,885

859,411
858,940

47,434
45,162
45,706
45,607

20,683
19,828
20,258
19,472

142
85
105
396

862,152

6,351
6,446
6,418

1,974
1,941
2,201
2,116

527,275 49,032
518,238 50,276
526,800 49,814
526,836 48,168

31,100
30,701
30,646
30,732

5,624
5,312
5,314
5,448

3,142
2,709
2,657

164
230
179
206

1,649
1,427
1,451
1,508

5,156
5,1.66
5,166
5,196

55,081
52,795
53,923
54,459

34,284
33,103
33,305
32,908

6,979
6,605
6,686
6,699

23,095
23,067
23; 107
24,338

10,596
10,797
10,767
10,713

66,496
67,046
68,177

729
729
729

4,006
3,790
3,556
3,085

192
246
291
251

6
6
6
6

206
251
423
492

65
28
28
28

1,540
1 546
1,692
2,833

63

10,327
10,208
10,592
10,712

, 734

73,012 358,783
74,403 363,083
74,308 365,035
74,642 368,215

1494

FEDERAL RESERVE BULLETIN.

DidCEMBEB, 1&22.

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM OCTOBER 25

TO NOVEMBER 15, 1922—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK

CITIES—Continued.

[In thousands of dollars.]
Total.

U. S. Treasury notes:
Oct. 25
Nov. 1
Nov. 8
Nov.15
U. S. certificates of indebtedness:
Oct. 25
,
Nov.!
Nov. 8
,
Nov. 15
Other bonds, stocks, and
securities:
Oct.25
Nov.l
Nov.8
Nov. 15
Total loans and discounts
and investments, including bills rediscounted
with F. 11. banks:

New
Phila- CleveYork. delphia. land.

23,808
23,616
23,587
23,225

6,229
6,239

18,617;
17,481|
11,035!
9,006J

4,775
4,209
2,886
2,862

580.021
582,772
562,791
571,734

146,139
144,605
145,690
145,970

790,454 5,077, S48|
792,135 5,106,670
805,545 5,061,890
795,693 5,034,997

771,170
774,276
771,662

521,930
528,131
523,224
532,393

18,021
18,995
18,670

386,198!
394,606!
390,9021
393,131!

63,627
61,136
51,765
49,621

5,643
5,661
4,245
3 <*«

1,206,094
1,208,724
1,198,186
l,208,oor:

78,274
78,161
79,896
80,947

Oct.25
0,087,382
Nov. 1....
0,104,249
Nov.8
0,074,902
Nov. 15
L0, 056,045
Reserve with F. R. banks:
Oct.25
971,212
Nov.l
1,017,871
Nov.8
986,923
Nov. 15
1,006,500
Cash in vault:
Oct. 25
152,943
Nov. 1
148,636
Nov.8
165,526
Nov.15
154,308
Net demand deposits:
Oct. 25
7,733,755
Nov. 1
7,751,545
Nov.8
7,691,536
Nov. 15
7,683,752
Time deposits:
Oct. 25
1,784,873
Nov.l
1,798,243
Nov.8
1,798,775
Nov.15
1,796,020
Government deposits:
Oct.25
188,030
Nov.l
163,602
Nov.8
146,481
Nov.15
140,983
Bills payable with F. R.
banks:
Secured by U. S. Government obligations—
69,500
Oct.25
125,748
Nov.l
138,959
Nov.8
163,794
Nov.15
All other—
Oct. 25
Nov.l
Nov.8
Nov.15
Bills rediscounted with F.R,
banks:
Secured by U. S. Government obligations—
1,240
Oct. 25
1,06""
Nov.l
oft
Nov.8
911
Nov.15
All other—
55,540
Oct. 25
91,136
Nov.l
113,179
Nov.8....
98,950
Nov.15




Boston.

70,227
70,197
68,742
71,153
8,927
8,513
8,467
8,440

i

577,386 59,057
612,757 58,845
575,375 61,647
594,596 65,732
73,771
70,921
80,317
74,403

644,31! 4,361,082
757 4,
659,75' 4,369,809
639,770 4,310,086
•=,298,835
>,478 4
108,595
105,675
105,529
105,485
22,506
18,232
17,322
15,632

773,848

13,443
12,444
14,654
13,878

285'
208;
207!
206;

783
713
241
573
12,437
29,316
41,671
19,622

7,855
12,468
15,315
15,612

Kansas
Citv.

St.
MinneLouis. apolis.

54,994
53,024
51,901
61,051

9,406
8,844
8,841
9,266

2,921
2,411
2,372
1,872

1,317
1,316
1,315
.1,315

3,896
3,896
3,412
3,360

15,943
15,1001
15,908|
16,883!

2,780
2,755
2, car

61,038
62,580
63,478
63,319

7,293
6,614
7,207
6,341

2,919
2,947
2,989
2,970

172,417i
172,742!
174,017;
174,658;

54,059
54,067
55,784
55,824

551,578
550,409 99,741
545,788 99,126
546,068 98,601

75,030
73,915
76,513
77,578

1,404,015
1,385,587
1 377,030
1 395,483

377,794
378,541
379,888
" " '"
378,321

144,179 184,785

a, 22s
6,228

6,383
6,437
6,294
5,179

3,405
3,266
3,117
3,129

11,853
11,923
11,861
11,021

2,276
2,367
2,234
2,126

1,182
1,318
1,171
1,089

1,687
1,337
1,550

2,586
2,940
3,095
2,994

11,888
12,036
11,843
12,335

13,186
13,354
13,107
13,481

1,640
1,824
1,979
2,064

77,220
77,022
79,405
79,212

90,409
144,526 185,990 92,005
185,457 91,536
1.48,588
148,119 185,256 92,126

518,478
523,560
529,265
532,141.

12,630 16,240
11,608 18,275
11,251 14,569
11,654 17,450

8,235
5,810
8,271
7,483

32,004
35,478
35,733
34,959

•2,365
2,301
2,686
2,364

1,400
1,368
1,555
1,513

6,216
5,989
6,470
5,915

53,483 43,683 995,441 225,698 95,753 154,537
57,880 43,778 984,423 229,278 97,410 156,295
59,073 45,876 993,567 230,962 99,112 153,649
154,135
57,390 47,577 986,245 232,962

67,398
69,239
69,951
71,139

248,831
252,013
252,036
256,170

31,270
33,853
31,476
33,011

5,604
6,017
6,657
5,528

5,094
6,010
5,661
6,145

129,151
133,235
140,671
131,378

24,314
25,786
26,870
27,411

8,065
7,860
7,845
7,849

1,018
873
1,212
970

2,064
1,977
2,083
1—

29,962
29,016
33,264
31,059

3,534
3,343
4,327
3,900

24,280
24,302
24,386
24,367

•4 a A

»-rt/i

1 O "

2,178
2,031
2,646
2,120

l"W\n

19,871 352,616 101,010
19,885 351,357 101,646
20,099 353,159 102 916
20,167 353,578 103,767

34,497
34,177
33,839
33,967

9,455 231,190
9,580 230,588
9,788 231,005
9,873 229,464

15,039
15,316
14,597
14,529

4,400
3,610
3,385
3,039

1,329
1,075
1,021
910

2,380
1,928
1,824
1,639!

13,841
11,245
1.0,680
9,616

5,661
12,748
2,170
10,985

2,728
2,206
2,048
1,902

2,91'
2,387
2,267
2,04!

l,150i
350!

221

354
154
154
1,654

2 955
2^019
3,059
5,109

812
1,068
1,687
2,352

153
133
83
83

932|
1,002!
1,018'
l018|

50
907
8H
1,177

1,916
945
94,

55
55
55
55

13,637!
22,429:
30,276!
38,589'

Chicago.

1,174
1,091
1,080
1,080

544,917 40,462 302,941
558,378 40,973 306,356
557,075 40,829 305,553
553,579 41,661 305,583

4,981!
8,933
3,465! 96', 180 11,047
10,582, 101,285 10,96:
5,399! 127,105 12,949
!

Atlanta.

419
418
413

610,399 233,138
606,467 225,196
615,388 222,066
613,926 228,626

103,578 20,749
85,153 18,591
81,905 17,738
73,672 16,008

Richmond.

1,704
1,380
1,311
1,193

I
500

6,207
5,047
4,810
4,339

6,450
9,530
9,280
7,000

77
77
7
77
4,538
7,318
6,604
4,451

3;433
2,886
2,429
1,844

547
465
457
498

5,616
4,956
4,69f
5,24:

1,0081
l,696i
1,866
2,394

1,74!
1,785
1,606
1,951

2,755
5,965
6,502
6,606

DECEMBER,

1495

FEDERAL EESERVE BULLETIN.

1922.

! material slackening in business activity, as
November normally shows some decline comBank debits for the four weeks ending No- pared with October, also in view of the fact
vember 22 were on an average level about 5 that the only low week during the most recent
per cent lower than for the preceding four four-week period was the week which included
election day and, therefore, contained only
I five business days. The decline was about 8
DEBITS TO INDIVIDUAL ACCOUNTS
AT BANKS IN
I per cent for New York City and about 2.5
REPORTING CLEARING HOUSE CENTERS
: per cent for the other reporting centers. The
-DEBITS FOR 1922
-DEBITS FOR 1921
I reduction in the volume of debits in New York
{ IN BILLIONS OF DOLLARS )
City is no doubt due in part to the consider• able decline in securit}^ values which has
! occurred during the last month.
Compared with the corresponding period in
1921, debits in. New York are 14 per cent
"higher, while those in other cities are about 10
per cent higher.
Debits to individual accounts are reported
to the Federal Reserve Board for banks in
about 250 leading centers, of which 165 are
Included in the summary by Federal reserve
districts, because for these centers comparable
_1 AND 2: BANKS IN NEW YORK CITY
figures for the four weeks and for the corre3 AND4-- BANKS IN ALL REPORTING CENTERS
sponding period in 1921 are available.
I
t
i
1
l
.
l I
I
I
BANK DEBITS.

WEEKLY AVERAGE DEBITS TO INDIVIDUAL ACCOUNTS.

A1922

4 weeks ending—
BANKS OUTSIDE OF NEW YORK CITY
Jan.

1921
4 weeks
ending
Oct. 25. j Nov. 23.
(3)
(2)
!

Nov. 22.
(1)

Feb. Mar. Apr.' May June July Aug. Sept. Oct. Nov. Dec.

New York City.

weeks and about 12 per cent higher than for Other centers/.
All reporting
the corresponding period in 1921. The slight
centers
reduction in debits compared with the preceding four-week period is not indicative of a | i Decrease.

Percentage of
increase.
(1)
over
(2).

$4,718,025 §5,127,932 :S4,131,947
'4,375,552 4,491,091 . 3,985,095
9,093,577

9,619,023 8,117,042

(1)
over
(3).

12.5

14.0
9.8

i 5.5

12.0

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]

Federal reserve district.

!

1922
Week ending—

:

Number
of centers
, included.

1921
Week ending—

Nov. 1.

Total




165

Nov. 15.

Nov. 22.

N o v . 2.

N o v . 9.

N o v . 16.

536,463
5,409,014
447,780
507,000
228,410
201,602
987,757
259,502
155,741
272,056
160,423
526,879

No. 1—Boston
No. 2—New Y o r k . . . . . .
No. 3—Philadelphia....
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No. 10—Kansas C i t y . . .
No. 11—Dallas
No. 12—San Francisco.

N o v . 8.
556,487
4,296,091
371,119
440,642
207,004
211,989
878,833
236,152
138,674
244,431
164,853
466,670

490,583
4,877,468
452,443
497,011
230,228
236,273
1,067,120
271,302
156,275
264,109
167,044
545,383

513,767
4,884,301
443,469
490,855
220,667
238,349
1,028.679
255; 230
157,374
268,529
171,311
540,966

515,027
4,748,598
405,526
428,814
235,622
187,706
976,000
230,478
150,029
221,970
153,309
515,424

487,381
3,780,278
331,681
404,969
213,763
190,341
884,670
219,513
137,491
238,197
148,309
479,836

473,345
3,907,021
387,663
412,784
223,349
190,209
899/569
227,148
127,986
229,571.
144,503
476,202

483,810
4,600,010
384,061
439,109
220,524
177,300
949,135
216,096
129,601
233,669
145,735
504,837

9,692,627

8,212,945

9,255,239

9,213,497

8,768,503

7,516,429

7.699,350

8,483,887

N o v . 23

1496

DECEMBER, 1922.

FEDERAL RESERVE BULLETIN.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.

DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
1922
Week endingNov.l.
District No. 1—Boston:
3,557
Bangor, Me
359,507
Boston, Mass
5,532
Brockton, Mass
11,329
Fall River, Mass
24,563
Hartford, Conn
4,929
Holyoke, Mass
5,859
Lowell, Mass
5,990
Lynn, Mass
4,133
Manchester, N. H
9,760
New Bedford, Mass
18,760
New Haven, Conn
10,159
Portland, Me
36,705
Providence, R. I
22,112
Springfield, Mass
7,151
Waterbury, Conn
17,939
Worcester, Mass
District No. 2—New York:
28,269
Albany, N. Y
4,341
Binghamton, N. Y
69,205
Buffalo, N. Y
3,297
Elmira,N. Y
3,833
Jamestown, N. Y
2,763
Montclair, N. J
60,999
Newark, N. J
5,252,295
New York, N. Y
Northern New Jersey Clearing House As57,224
sociation
I
6,507
Passaic,N. J
[
!
32,007
Rochester, JSL Y
2 627
Stamford, Conn
j
16,390
Syracuse, N . Y
District No. 3—Philadelphia:
|
5,997
Allentown, Pa
I
3,820
Altoona, Pa
!
10,476
Camden, N. J
4,489
Chester, Pa
7,342
Harrisburg, Pa
3,071
Hazelton, Pa._
5 836
Johnstown, Pa
5,558
Lancaster, Pa
1,517
Lebanon, Pa
882
Norristown, Pa
354,575
Philadelphia, Pa
7,521
Reading, Pa
15,092
Scranton, Pa
12,941
Trenton, N. J
10,162
Wilkes-Barre, Pa
5,026
Williamsport, Pa
11,110
Wilmington, Del
4,308
York, Pa
District No. 4—Cleveland:
13,509
Akron, Ohio
2,998
Butler, Pa
8,180
Canton, Ohio
70,321
Cincinnati, Ohio
141,711
Cleveland, Ohio
31,479
Columbus, Ohio
1,937
Connellsville, Pa
12,679
Davton, Ohio
6,130
Erie, Pa
5,374
Greensburg, Pa
863
Homestead, Pa
5,814
Lexington, Ky
3,140
Lima, Ohio
1,811
Lorain, Ohio
2,189
New Brighton, P a . . . . . .
3,467
Oil City, Pa
190,354
Pittsburgh, Pa
4,368
Springfield, Ohio
33,881
Toledo, Ohio
2,880
Warren, Ohio
9,765
Wheeling, W. Va
12,029
Youngstown, Ohio
2,558
Zanesville, Ohio.. ?
District No. 5—Richmond:
4,277
AsheviUe, N. C
93,331
Baltimore, Md
4,891
Charleston, S. C
8,265
Charleston, W. Va
8,334
Charlotte, N. C
5,539
Columbia, S.C
1,901
Cumberland, Md
4,862
Danville, Va
4,738
Durham, N. C
5,177
Greensboro, N. C
5,300
Greenville, S.C
2 069
Hagerstown, Md




Nov. 8.

Nov. 15.

3,157
387,563
5,756
11,414
22,688
5,491
6,511
7,454
4,738
10,115
18,972
9,145
32,600
21,876
6,806
15,411

3,322
327,906
5,784
10,094
23,520
3,650
6,002
6,478
4,293

1921
Week ending—
Nov. 22,

Nov. 2.

Nov. 9
.

Nov. 16.

Nov. 23,

3,755
353,723

3,881
337,666

3,511 |
338,820 j

3,403
336,917

10,923
22,040
3,431
5,893

8,467
18,725
4,085
5,460

7,951
18,451
2,815
4,943

7,846
22,639
2,953
5,405

18,062
8,113
36,744
16,722
6,304
17,012

3,462
350,542
6,189
9,332
24,304
4,732
6,593
6,344
4,412
7,126
17,981
7,884
37,183
16,975
7,220
16,021

4,707
8,576
17,539
7,417
37,260
18,076
4,818
16,869

4,271
8,144
17,258
7,098
34,242
18,435
5,562
14,087

3,789
7,053
15,872
6,956
31,606
12,874 i
4,859 !
13,845 |

4,968
7,005
16,636
7,783
32,034
13,561
6,708
15,952

19,819
3,923
58,992
2,879
3,207
2,577
48,723
4,161,333

20,993
4,952
72,201
4,221
4,176
3,049
57,220
4,721,295

20,435
4,477
67,394
3,472
5,344
3,121
60,646
4,737,178

24,312
3,479
57,660

19,085
3,558
47,110

19,837 !
4,170 !
59,899 |

18,005
3,786
55,428

4,611,602

3,666,067

33,851
5,801
28,821
2,633
17,402

40,355
7,265
33,697
2,879
17,065

42,159
6,824
33,005
2,521
14,988 j

5,752
3,107
7,865
3,632
6,843
2,231
4,991
4,791
1,270
873
291,724
7,495
14,218
11,625
7,871
3,473
7,674
3,675

8,206
3,753
11,007
5,530
8,193
2,825
5,558
5,844
1,544
'954
357,200
9,217
17,347
13,894
10,425
4,234
6,861
4,357

7,012 !
3,402 I
10,731 !
5,402
7,643
2,250
5,219
5,939
1,312 I
923
351,213
8,944
15,544 !
12,518 !
9,781
5,775
7,594
4,495

12,945
2,452
8,617
69,346
120,508
30,694
1,172
12,729
5,739
3,659
832
6,689
3,068
1,327
1,933
2,590
151,476
4,726
34,846
2,423
8,764
10,777
2,562

14,287
2,533
8,928
69,696
139,114
31,939
1,565
13,800
7,260
4,179
711
7,401
4,016
1,568
2,582
3,365
178,053
4,897
49,706
3,024
10,048
12,972
2,975

14,376
2,218 ;
8,360 •
71,049
131,432
31,571
1,336
13,272
6,797
4,845
736
5,615
3,513
1,409
2,144
3,410
181,997
4,531
39,354
2,560
10,424
11,536
2,814

4,616
72,975
5,107
8,497
8,668
6,803
1,647
3,081
4,880
5,192
5,800
1,909

- 4,927
85,669
9,623
8,594
8,247
6,257
2,329
3,344
5,654
5,721
6,998
2,276

4,761
86,785
7,566
9,529
9,200
5,469
1,904
3,224
5,000
5,346
5,200
2,170

3,774,600 | 4,475,519

4,939
30,987

4,656 |
25,326 j

5,609
29,046

15,619

14,476

13,860 I

2,912

2,629

4,153
6,443

3,448
5,312

4,129
6,395

3,271
5,938

4,897
4,652

3,788
4,058

4,392
5,040

4,043
5,364

329,040
7,628
13,728
11,480
5.358
3,944
7,243
4,048

260,974
6,618
13,792
10,470
7,527
3,478
6,241
3,346

305,167
8,639
14,745
11,589
, 9,477
4,171
6,728
4,102

308,037
' 6,674
15,249
11,071
8,437
3,301
6,451
3,193

9,636

11,876

12,534

11,195

64,129
126,538
24,929

58,433
118,398
25,232

62,759
118,225
26,215

63,263
132,879
24,474

13,162
5,422
3,987

12,739
5,029
3,293

12,875
6,126
4,061

11,713
5,391
3,463

4,155

4,140

3,521

2,851

2,369
152,666
3,716

2,274
144,491
3,287

2,775
142,300
3,273

2,248
162,869
3,002

7,912
10,208

8,240
7,521

104,822
5,200

102,685
4,754

6,229
5,022

6,799
4,749

4,167 i

3,634

8,643
9,462

115,282
6,565
5,357

3,700

7,299 |
8,478 !

95,890
4,786
6,662
6,341

3,999 I

5,413
28,782
13,077
3,032

DECEMBER, 1922.

1497

FEDERAL, RESERVE BULLETIN.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued..

DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week ending—

1922
Week ending—
Nov. 1.
District No. 5—Richmond—Continued.
|
!
.lluntington, W. V a
Lynchburg, Va
!
Newport News, Ya
i
Norfolk, Va
i
Raleigh, N . C
i
Richmond, Va
'.
Roanoke, Ya
:
:
Spartan burg, 8. C
Washington, D . C
Wilmington, N . C
Winstoii-Salem, N . C
District; No. 6—Atlanta:
'
i
Albany, Ga
j
Atlanta, G a
i
Augusta, Ga
i
Birmingham, Ala
;
Brunswick, Ga
;
Chattanooga, Teim
;
Columbus, (Ja
Cordele, Ga
Dothari, Ala
Elberton, Ga
'••
Jackson, Miss
;
Jacksonville, Fla
Knoxvillo, Tenn
•
'
Macon, Ga
•
Meridian, Miss
i
Mobile, Ala,
!
Montgomery, Ala
;
Nashville, Tenn
!
Newnaii, Ga
!
New Orleans, La
;
Pensacola, Fla
;
Savannah, Ga
Tampa, Fla
•
Valdosia, Ga
i
Yicksburg, Miss
,
Dislrict No. 7—Chicago:
|
;
Adrian, Mich
Aurora, 111
:
Bay City, Mich
Bloomington, 111
|
Cedar Rapids, Iowa
Chicago, 111
i
Danville, 111
'
Davenport, Iowa
Decaiur, 111
Des M oines, Iowa
•
Detroit, Mich
|
Dubuquc, Iowa
'<
Flint, Mich
<
:
Fort Wayne, I n d
Gary, I n d
!
Grand Rapids, Mich
:
Hammond, I n d
;
Indianapolis, I n d
Jackson, Mich
;
Kalamazoo, Mich
:
Lansing, Mich
I
Mason City, Iowa
'
Milwaukee, Wis
i
Moline,Ill
*
j
Muscatine, Iowa
!
Oshkosh, Wis
!
;
Peoria, 111
Rockford, 111
Sagmaw, Mich
i
Sioux City, Iowa
i
South Bend, I n d
•
Springfield, 111
;
Waterloo, Iowa
i
District No. 8—St. Louis:
i
East St. Louis and National Stock Yards, :
111
..;
Evansville, I n d
•
Fort Smith, Ark
Greenville, Miss
I
Helena, Ark
.'
!
Little Rock, Ark
!
Louisville, K y
\
Memphis, Term
Owensboro, K y
Quincy, 111
St. Louis, Mo
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen, S. Dak
Billings, Mont

21739—22-




Nov. 8.

Nov. 15. i Nov. 22.
4,990 |
4,641 j
1,637 I
18,561 !
7,200 I

5,671 i
4.295 i
"
L608 i
15,273 !
8,500 ;
34.293 '
5'SI 9 i
3,597 I
41,440 '•
5; 838 :
6)874 :

5,136
3,999
1.342
14)748
6,250
31.697
5)764
2.840
43) 542
6,278 !
5)955 j

34,643 :
5,550 I
2; 902 .
42)472 !
5, ot)S !
6)761 ;

1.100
28)834 •
7,740 :
23,813
661
7,297 .
3,129 :
503 ,
975
237 :
2,661 i
10', 993 :
0.390 •
4)734 :
2,272 !
6,890 I
5,370 !
15,908 i
309 I
62,758
1,524 i
11,679 '
5,423 !
3,3.21 ;
2,249 I

.1,190 I
28,981
7,679
24,332
8SG
8,537
3.472
'5J.8
1, .100
299
2.995
10)802
5,652
4,846
2,359
7,585
4,939

1,270 1
28)407 ;
8,508 i
24,100 ;
- 668 i
8.539 I
3)956 i
'597 :
J.0-10 !
'244 i
3,472 =
11,23.1 i
6,339 !
5.669 j
2)198 i
7,035
5,375 ;

15,633
416
73,495

17,696 !
414 !
93,940 '
1,403 i
9,768 ;
5,742 I
1,264 !
2,521 i

679

J , 5oiS

10,099
5,663
1,220
2,191

643

2.714
2,136
2,575
5,243
635,263
2,500
8,128
3,236
16,695
125,984
2,784
6,261
7,729
3,187
13,659
3,200
33,23.1
4,37.1.
4,504
6,152
2,100
59,833
1,827
3,157
2,100
8,853
4,577
4,617
18,187
7,879
5,330
3,340

3,082
2,299
2) 162
4,967
563,396
2,400
9,909
3) 158
15,834
105,738
2,889
5,669
6.967
2) 6! 5
12.838
2,6.10
32,098
3)774
4, 1.68
5,729
2,031
52,086
3.650
1)409
2,500
• 8,8.1.3
4,581
5)294
14,480
7,091
5,387
3,150

10,345
7,367
3,288

814
2,742
2,499
2,597
5,312
680,655
2,800
8,323
3,401
20,043
143,534
3,31.7
6,736
8,158
4 225
36,920
3,450
39,547
4,232
4,661
6)300
1,936
60,500
1,799

i
j
!

i
j

6,873 ;

14,948
5.700
32'. 490
5'. 965
2,804
41,671
5,265
7,152
1,250
31,537 ;
8,005 !
26,369
'658
8,
3,255
583
1,040
257
3,705
12.968
8)1.1.1
5,4.1.2
2,754
6,780
5,406
17,162
340
87,425
1,575
9,983
6,418
.1,413
2,200
748
2,931.
2,559
2,401
5,086
631,679
2,400
8,694
3,467
18,165
154,570
3,143
7,016
8,621
3,128

2,300
9,4.02
5,029
5,658
1.4,777
9,794
6,007
3,577

2,073
15,754
30,726
40,812
1,216
2,211
149,489
2,798

8,971
7,026
3,776
1,151
2,224
16)145
31,582
38,795
1,164
2,430
127,870
3,333

10,801
7,24.4
3,451
1,129
1,915
14,313
34,079
43 529
1,241
2,340
155,668
3,328

11,426
6.624
3) 561
1,198
1,916
14,483
36,395
47,238 i
1,255 !
2,323 j
132,790
3,951

1,364
2,080

1,372
1,970

1,224
2,160

917

998

j
i
i
•

i Nov. 9.

6,373
4,628
1,511

M, 135
3,440
39,192
3,787
4,890
7)100
2,246
65,089
2,098 1
1,352 !
2,500
9, 258
4,745
5,559 j
15,488 i
7,774 !
5,422 ;
4)000

i
!

Nov. 2.

1,576
2,201

I Nov. 16. i"J|Nov. 23.

4,508 :

4,679 i

14,827 !
3,700
30.033 i

13,226
3,750 :
28,614 •

:

16,011
3,400 :
31)550

15,115
3,700
31,205

37,904
5.482

40,704
5,283

37,177 !
5,092 I

37,442
5) 685

9,136 !
5,876
4,063

9,293
5,552
3,795

8,999 !
6,323
4,244

8.902
6'. 251
4' 129
.,

53,94L i
1,725 i
11,195 i
4,679 !

63,988
1,483
11,205
5,203

62,279
1,675
10,330
5,758 !

5,990 j
2,854 i
14,321 I
106,451 '
2,66i j
5,062 V
6,378 !

7,4.39
2,983
16,070
86,606
2,709
5,543
6,01.5

5,233
2,463
15,762
114,375
3,065
4) 255
6,809

4,756

49,773
1,110
10,450
5,341.

5,509 '
2,721
15,519
13.6,827
2,990
5,731
6,347

20,392 I

20,110 '

20,0.17

20,782

32,351 j
3,332 j
4,002 :
5,121 !

28,955 !
2,822
3,953.
^,101

33,635
3,003
3,977
4,627

33,567
3,888
3, 995
3,900

53,554 1

53,121
2,722

54,664
1,563

54,329
1,546

1,683 I

7,423
4,168

5,693
3,808

8,518 !
6,009 i
5,185 i
2;479 I

6,210 ;
4,185 ;
7,382 ..
5,857 :
5,00.1.
2,480 :

6,898
4,767
5,693
2,524

7,488
4,307
4,721
2.501

8,995 !
4,774 I

8,474
5,086

8,879
6,203

8,370
4,558

9,553 1
29,389 •
33,744 !

11,791
26,020
29,966

11,951
27,994
33,450

9,932
29,682
27,058

2,128 i
139,171 !
2,724 !

2,284
332,864.
3,028

2,005
133,838
2,828

2,183
131,427
2,886

1,446 I
3,842 !

1,497
2,073

1,220
1,671

1,223
1,914

7,8
3,8

1498

DECEMBER, 1922.

FEDERAL RESERVE BULLETIN.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.
DATA FOR EACH REPORTING CENTER-Continued.
[In thousands of dollars.]

District No. 9—Minneapolis—Continued.
Dickinson, N. Dak
Duluth, Minn
Fargo, N. Dak
Grand Forks, N. Dak
Helena, Mont
Jamestown, N. Dak
Lewistown, Mont
Minneapolis, Minn
Minot, N. Dak
Red Wing, Minn
St. Paul, Minn.
Do.
Sioux Falls, S. Dak
Superior, Wis
Winona, Minn
District No. 10—Kansas City:
Atchison, Kans
Bartlesville, Okla
Casper, Wyo
Cheyenne, Wyo
Colorado Springs, Colo...
Denver, Colo
Enid, Okla
Fremont, Nebr
Grand Island, Nebr
Grand Junction, Colo
Guthrie, Okla
Hutchinson, Kans
Independence, Kans
Joplin, Mo
Kansas City, Kans
Kansas City, Mo
Lawrence, Kans
j
McAlester, Okla
:
Muskogee, Okla
Oklahoma City, Okla
Okmulgee, Okla
Omaha, Nebr
Parsons, Kans
Pittsburg, Kans
Pueblo, Colo
St. Joseph, Mo
Topeka, Kans
Tulsa, Okla
Wichita, Kans
District No. 11—Dallas:
Albuquerque, N. Mex
Austin, Tex
Beaumont, Tex
Corsicana, Tex
Dallas, Tex
El Paso, T e x . . .
Fort Worth, Tex
!."...!!....
Galveston, Tex
Houston, Tex.
Roswell, N. Mex
!•!!.!.!!"...
San Antonio, Tex
Shreveport, La
Texarkana, Tex
Tucson, Ariz
WTaco, Tex
District No. 12—San Francisco:
Bakersfield, Calif
. Bellinghain, Wash
Berkeley, Calif
Boise, Idaho.
Eugene, Oreg
Fresno, Calif
Long Beach, Calif
Los Angeles, Calif
Oakland, Calif.
Ogden, Utah
Pasadena, Calif
Phoenix, Ariz
Portland, Oreg
Reno. Nev
Ritzville, Wash
Sacramento, Calif
Salt Lake City, Utah..
San Bernardino, Calif .
San Diego, Calif
San Francisco, Calif...
San Jose, Calif
Seattle, Wash
Spokane, Wash
Stockton, Calif
Tacoma, Wash
Yakima, Wash
1

435
26,918
3,057
2,324
2,593
476 !
1.719 j
77,655
1,335 !
585 I
133,216 I
38,624 !
3,353 !
1,918
1,263

404
21,688
2,833
2,323
2,659
534
1,530
69,820
1,195
51.1
129,830
35,760 I
3,338
.1,905
936

372
24,661
3,048
2,025
2,512
524 I
1,42? !
81,053 I
1,177 !
554
1 32,758
38,473
3,727
1,869
1, 238

.1,303
2,891
3,298
2,165
2,267
36,857
2,4.57
694
1,311
698
858
2,725
1,920
2,674

1,195
1,741
3,684
2,607
2,379
33,931
2,960
796
1,452
702
962
2,616
1,553
2,619
3,611
74,746
1,207
1,159
7,504
18,558
1,784
"46,454
933
1,281
3,334
14,965
3,728
16,504
10,555

1,535
2,259
3,364
2,770
2,736
36,707
2,498
730
i, 088
651
976
2,604

2,221
4,260
3,334
1,175
45,039
6,780
25,176
23,498
30,890
620
6,661
8,981
1,512
1,905
4,596

2,222
4,201
3,520
1,300
44,278
8,492
26,321
23,645
29,438
656
7,366
8,818
1,694
1,764
5,285

2,672
4,364
4,009
1,150
47,231
6,944
25,446
22,805
32,152
659
7,502
8,638
1,746
2,851
4,951

2,927
1,944
4,404
3,225
2,654
17,157
11,311
133,239
25,025
8,236
(5,422
4,781
36,329
2,902
119
16,011
14,682
1,591
9,495
178,170
6,860
39,571
10,998
7,744
10,471
3,131

2,512
1,856
3,861
3,223
2,629
17,919
9,952
137,263
24,105
8,044
6,652
4,826
33,636
2,791
183
12,728
17,731
1,462
9,752
172,433
6,539

4,211
82,773 S
955 !
1,350 I
7,459 j
19,032 |
1,820 j
48,794
725
2,508
3,385
16,969
3,050
27,887
10,339
1,919
3,683
3,005
1,096
43,778
6,891
23,412
25; 349
30,740
550
6,522
7,033
1,734
1,500
4,857

i

2,827 !
1,574 I
3,405 j
2,948 I
2,300 i
16,579 I
10,009
.134,217 !
23,124 !
5,302 !
5,603 i
4,312 :
32,428 •
2,388 !
161 j
13,348 !
13,885 ;
1,366 i
9,163
181,411
6,731
38,911
11,127
5,643
7,967
2,690

Debits of banks which submitted reports in 1921.




j
!
j

2,987
1,545
4,066 |
3,148 i
2,400 j
16,913 I
9,285 !
112,491 i
21,354
7,773
5,756
4,746 i
30,823 I
2,457 I
168 !
12,804
17,194
1,283
8,712
151,308 !
5,851
32,804
8,023
5,214
7,933
2,761

3,318
4,318
84,295
1,069
1,615
7,972
20,293
2.152
44; 148
820
1,838
3,705
10,696
3,214
24,684
11,459

360
20,271 I
2,909 '
1,929
2,714
567
1,497
81,724
1,228
483
1 37,552
43,719
3,786
1,595
1,117

27,737
2,814
1,720
2,571

23,602
2,877
2,007
3,323

15,443
2,590
1,815
2,195

17,342
2,382
1,893
2,554

73,626

67, 293

67,259

68,809

31,489 I

27,571

1,170
1,893

1,167
1,831

1,210
2,156

1,233
1,508

2,444
2,318
32,629

2,026
2,869
42,501

1,670
2,480
32,769

1,892
2,342
35,678

2,122
3,171
65,241

2,015
3,322
74,768

2,237
3,074
72,237

2,183
3,022
67,024

4,753
20,596

3,678
23,554

3,082
21,316

3,420
21,824

39,138

36,259

32,902

38,467

3,676
15,577
3,316
15,186
8,740

3,647
14,645
3,861
12,867
9,187

7,198
16,636
3,538
17,681
9,385

14,235
15,499
2,812
14,298
8,232

1,954
4,475
3,058

1,746
3,367
3,123

1,912
3,232
3,251

36,998
18,001
25,163

35,485
7,400
29,940
16,245
27,080

37,369
7,722
29,620
15,056
27,931

6,653
6,671
1,648
1,907
3,536

6,294
6,254
1,752
1,775
4,042

6,971
6,002
1,542
1,680
3,447

3,150
2,315

4,183
2,856

2,941
4,001

3,147
3,026

16,663
5,374
118,591
19,314
4,321
5,324

13,664
5,981
106,762
18,983
4,342
4,630

17,321
5,715
112,355
18,674
4,031
6,318

17,031
5,128
116,679
18,820
5,708
5,943

32,741
2,396

30,045
2,438

33,445
2,806

27,638
2,616

17,421
13,161

43,717 !
11,458 .
6,721 I
9,617 I
2,824 I

3,243
1,605
940

5,187
7,392
1,775
1,648
4,285

i
i
i

3.616
1J814
1,007

39,248
7,885
29,420
18,012
30,928

I
!
I
i
I
1

27,696

4,145
1, 995
1,108

1,704
3,010
2,815

1,539
2,304
3,801
2,806
2,661
37,301
2,843
675
1,238
668
885
2,829
2,121
2,922
3,526
84,439
995
1,422
7,594
20,363
1,902
48,323
1,041
1,286
9,843 I
10,796 '
3,562
20,478
10,072

29,356

3,900
1,722
1,162

18,802
14,202

17,306
18,665

18,444
16,720

7,920
179,524
5,203
30,692
1.1,211
4,696
9,964
3,738

7,964
160,137
5,778
31,073
10,519
4,831
9,247
3,075

8,138
195,665
4,613
31,226
9,698
4,012
7,771
2,814

7,660
199,893
6,523
32,403
10,539
5,014
8,974 I
3,647 |

FEDERAL RESERVE CLEARING SYSTEM.
O P E R A T I O N S D U R I N G O C T O B E R , 1922.

[Numbers in thousands. Amounts in thousands of dollars.]
I Items drawn on banks located
i
in own district.
i
j Items drawn
i on Treasurer
Outside Fed- ! of United
In Federal
eral reserve
States.
Federal reserve bank or reserve bank
bank
or branch city. branch or
branch.
city.

Total items
i otai n e m s
handled, exclusive of duplications.

Items forwarded to
w a r a e a to
other Federal
other Federal
reserve banks
i
and their
i
branches.

Num- Amount. Num- Amount.^™- Amount.
ber.
ber.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond..
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
Total: Oct..
Sept.

677,529 4,011
644
2,242 5,203,667 5,350
495
101,849
212
893,544 2,388
1,942
279,538 1,506
783
879
133,618
216
954
270,106
554
156,774 2,256
126
791
166,398
279
420;
202,274
647
215i
51,525
228
160;
19,758
64
248
34,683
64
121
55,158
83
670,964 4,260
1,046
616
178,344
311
260,423 1,586
322
393
33,008
73
462
65,287
110
253
51,421
82
I
1,723
! 282 145,269
254
13,373
! 37
j 369 245,485 l,465i!
389
56,797j
! 149
65,424! 1,100!
74
>
631,
60,546
= 103
•
112,601 1,603!
215
!
135!
10,740
45
i
51,354
80
I
j 320 146,046
| 490 146,689 1,530::
246.
42,624!
! (56
!
439'
33,045!
63
13,231!
127
257:
22,593
44
219,

455,695;
59,230!
293,647!
175,226:
84,003!
115,416:
331,362!
84,062!
55,203'
19,438:
15,677:
22,402'.
16,328
364,9031
54,545|
98,849!
27,260 i
26,028
20,381
103,077
18,869
105,355
25,183
81,034
40,552
261,859
9,806
38,487
51,837
109,173
15,496
31,833
18,080
13,234

16,632 4,840
185
1,211 128.633
121
2; 173
20
26,821 4,470
190
6,033 2,407
118
8,423 3 1,205
98
4 980 1,577
69
5,426 2,445
63
6,557 1,136
66
4,895 1, 111
44
458
1,473
15
237
1,050
13
331
1,587
19
245
41
10,300
54,366 5,847
541
971
4,128
44
192 j 11,302 2,100
476
923
10
623
4,116
348
1,492!
|
7 4 . 1 3 2.063
,11
53
1,030! ' 303
12
11,015 1,972
138
7,026
570
32
992 1,186
12
2,661
3 785
50
5,183 1,853
35
1,392
18
198
1,664!
44
.
516
80,622! 1,095
80
9,580: 2,078
58
4,362.
26
338
3,3.05!
21
523
8,472!
32
416
i; 408j
15
278

l

.0,701,685
12,49210,70.1,68,- 38,392 3,942,331 3,629
9,355,722|34,560|3,514,998 3,140!
11,696 n " " " """

Items forwarded to
parent bank
or to branch
in same district.

Amount ber. Amount.
222
1,149,856
6,031,101 1,240
163,252j
148
1,214,012!
466
460,797;
60
3 228,000
14
390,502
81
493,562
172
257,017
125
262,372i
26
72,436
20
36,485
31
58,672
10
81,786
41
1,090,233
339
237,017
20
370,574
42
61,191
5
95,431
9
73,294'
2
3 260,781!
87
33,272'
6
361,855! 242
89,00879
55
147,450!
40
3 104,253:
80
379,643'
13
21,938
14
9.1,505
38
278,505!
265,4421
116
62,482
6
67,983'
15;
69,783
23!
37,235
13:

447,23313 54,531 315,098,723! 3,900;
395,037! 49,4111 13,269,859; 3,437|

55,043
155,928
26,144
101.951
1,037
5,3681
42,829;
81,0111
43.5651
9,406i
16,990:
5,040
1,644
13,774'
35,893
5,914'
4,792
1,373
684
476
19,177
6,050
35,762
18,359
12,166
5,798!
9,639
1,837
2,284
4,512
20,364
2,135
4,315
5,983
2,769
766,012
662,587

Number of nonmomber
banks.

Total items handled, including
duplications.

Number of
member
banks.
Number.

1922

5,062
5,879 10,070
914
19,136
4,936
8,193 2,498
4,304 1,236
9,387 1,690 :
10,616 2,655
8,725 1,348|
4,775 1,167*
509'
39,699
274.
1,247
315;
858
291!
589
3,541 6,197
995
1' 558
1,378 2,153
2,929
504
140
634
454:
353
464! 2,157
l,89l!
310
14,785'" 2,284
13,691!
701
8,532! 1,260
5,0141 844i
5'. 8711 1.977!
'538 ! '217!
1,083;
536
4,236j 1,169
9,16Sj 2,263
4,921j
383
3,145:
549
5,03748!
3,680
310

19212

Amount.

1922

19212

on
On par list. Notlist.!par

Oct. Oct. Oct.
31,
15,
31,
1922. 1921. 1922.

Oct. Oct.
15,
31,
1922. 1921.

998,739
430
259
436!
1,204,899
,830,316
260
710J
720
6,192,908
180,685
85
84
78
208,532
701 i 482
1,315,963 , 11.8,195 714
317!
314
514
385,011
476,027
221!
314
224
237,672'
199,828
342|
252
344
442,718
378,391
4631
702
585,189:
511,675
469
569j
159!
263
309,307;
272,584
161
223i
276,553:
229
146,779
90
129., 125:
93
80,792
751
35
42,772 !
76
37,154
60
70!
61,174:
88
52,252
158
160
147
85 !
56
76,414
96,149:
51
223
229
54!
1,129,667- 1 ,053,036 1,318 1,3211 3,985
221,386| 126
244,489
258
123|
320,7011 383
376,744:
366! 1,701
70
52,365
65,493!
232
69!
95
96,255!
344
95
83,246!
59
74,224 !
50,380|
187
55
826
280,422'
241,2041
818 2,415
192
41,213;
203
29,586
203
412,402!
331 1,425
330
428,294
121,056!
161
161
1.08,822
263
168,148!
334
412
155,320
424
115,065!
257
934i
172
249
912
101,146
395,153
660
658
741
322,407
66
24,313
23,016
59
71
94,872:
85,934j 138
255
133
287,253:
274
212
197
217,557
294,974j
183
176
220,6961
161
138
133
<>0,403' 136
69,538!
104
181
75,443 :
67,437
165
68,623
80,803
92
65
61
42,953
149
109
102
43,684•I253,327 9,918 9,803 17,85118,388 2,28l! 2,200
205,464|59,275 49,086 16,070,199 j 11,
,.000
'" "
108,584:10, 175,591 9,917 9 , 7 9 5 1 7 , 8 6 3 1$,503: 2,2761 2,121
V™
4,370
8,207
802
4,477
1,757
1,077
1,326
2,223
1,088
565
413
219
273
253
5,363
780
1,815
384'
532
264
1,851
246
2,183
617
1,046
743
1,743
192
445
875
1,465
348
478
395
271

i
1

Incorporated b a n k s other t h a n m u t u a l savings b a n k s .
2 Sept. 16 t o Oct. 15,1921.
8
Includes items d r a w n on b a n k s in other Federal reserve districts forwarded direct to drawee b a n k s as follows: Cincinnati, 12,000 items, $1,956,000; O m a h a , 1,000 i t e m s , $494,000; Minneapolis,
5,000 i t e m s , $5,024,000. Total, 18,000 items, $7,474,000.
N O T E . — N u m b e r of business days in period for Dallas, E l Paso, a n d H o u s t o n was 24, for R i c h m o n d , Atlanta, Nashville, Detroit, St. Louis,, Memphis, Minneapolis, Kansas City, Denver, a n d
Oklahoma. City, was 26, a n d for other Federal reserve b a n k s a n d b r a n c h cities, 25 d a y s .




CD
CO

1500

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Gold.

Countries.

10 months ending
October—

October—

.1922

1921
IMPORTS.
Denmark
France
Germany
Netherlands
Norway
Spain.
Sweden
i:ruled Kingdom:
England
Scotland
Canada
Central America
Mexico
West Indies
Argentina.. .

1921

S 1.73,847
18,596,507
(313,863
248,0.1.2

'.
S2,635,25-1
'
.
j
4,878.147

49,215
4,204; 830
9,890,934

\
!

.'

$17,769,576
19,606,092
13,642
9,836,663
8, 423,246
' 34,943
32,796,992

169,954,721

94,599
440,013
320. :M2
114,890

32, 100,404
5.346,392
•i674,780
6,594,447
1,059,237
289; 400
10.212,329
I.. 181,337
(>; 127,744
i ; 135,980
17.611,407
30; 780,405
.1,025,798
5, OOO, 825
1.082,590
14,252,332
4,403,074
19. 784.871

94,368,639
151,320
9,040,053
3,901,309
4.850,514
j ; 721,227
20,983
354,653
6,236,616
1.270,354
' 273,689
780,838
6, 393,038

228
5SI.05S
L24,79!
75,020 j
596.052

1.0 months ending
October—

October—

1921

1922

$18,823
157,622

1921

1922

S370
171,491
5,1.93,645
2,474
4,11.1
16,328
6,604

SI, 989
5,324
302

1,324

$987
204,494
698,034
9,968
72,121
1,790

217

7,175

1,1.85,183

199,073

301,400
305, 569
6,095,329
6, 701

251,702
39,499
2,492,220
.19,1.41

226,910
17,904
364,592

6, 852
10,239
940,934

74
127
773

1, 292
305

4,663,616
1,121,647
39.354,809
512,822
0,149
1,512,692
233:771.
6,796', 002
2,167
3,554
7,049

2,000
1.1.9

"2," 818'

3,278,067
1.816,012
32', 738, 889
298,775
18,592
1,558,376
148; 709
4,251,138
3,851
2,600
7,902
11,928
383,019
396
18,670
4,429

9,574

88,339

693,066

230,422,021 I

7,509,838

3,940,349

51,814,688

57,103,678

707.000
78', 000
3,204 '
.18,312,288
12,127
3,673,524
5,749

831,635
1.019,899
3; 500
60,915
2,177

153,356
500
137.167
1,453

.1,179,000
60,000

130. 000
213.308
170,05!
9.4'>5
240,609

530,808
75
10,474
1,3.12
58
1,160,206

5,350,104
250,84.4

so;ooo

!

S3,410,344
171,906,751
16,962,608
18,749,057
1,534,985
3,292,453
o9,076,841

9,927,407

.1.24,021.
297, 500
2,160,945
1, 172,734

Total

1922

295,787

1,147,403
573,349 .
630'. 5-15
430,968
131
5, 628
1,400,568 |
' 158,359 I
S50.405 I
9:?, 630
232/245 !
3,590,741 j
2-13,313

c h i l " " " " ' " " " " • " " • * "

Colombia
Peru
Uruguay
Venezuela
China
British India
Dutch Has I Indies
Hongkong
Philippine Islands
"British Oceania
Egypt
Allother

Silver.

100,000
4,4 = 0,339
435^ 01.0

2,270, 503
277,000

1, .187.480
758,160

10,451,437
2,916,499
284,843
1,850; 589
421,6.14
239, 500
9,223.271.
3, .149; 057

600
7,211,099
1,920,405
7,350
1,881,349
28.258
805J703
16,420,211.
7,963,023

47,100,839 |

1,301,999
14,730
71.3,074
3,970, 836
344,608
6,226,387

60,000

1SXPORTS.

Spain
Sweden
United Kingdom—England.
Canada
Central America
Mexico
West Indies
Colombia
China.
British India
....'_

Dutch East Indies
French East 1 ndics
Hongkong
Japan
All other

;

200
2,643,01.3
045,497

10,762,692 |

2,450,842

45,355

j.
'\

1,124,000

15,000

'475^455"I" '9/L63^755'|

.
"

:

"2,"758. 025'

.
""9*718";
7.576. 472 I

Total.

•' ''

I

238*912*;

24* OOO";

17,591, 595 |

2.1,122,358 I

I

30.734,238

I
I
i
I

139.895 j
.176,675 !
!

1,029,690 !
•
925 i

528,000
7.728,499
2,832.311
900

1,320,000
1.1,320,769
47.237
368,91.1.

4,782,199!

3,268,73! I

39,026,520

49,294,915

" I ' " ' :

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT DECEMBER 1, 1922.
Paper maturing within 90 days.
Secured b y Federal reserve bank.
Trade
.
acceptances.

Treasury notes
U n

Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco




4
4
41
4J

41

4
4*

4
44
4

Commercial,
agricultural,
and live-stock
paper, n. e. s.

Bankers'
acceptances
maturing
within
3 months.

Agricultural
and live-stock
paper
maturing
after 90 days,
but within
6 months.

4
4

44
44
44
44
4£
44
44
44
4

44
44
44
44
44
44
44
44
44

4

DECEMBEK,

1501

FEDERAL RESERVE BULLETIN.

1922.

GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM OCTOBER 27, 1922, TO NOVEMBER 23, 1922, INCLUSIVE.
[In thousands of dollars.]

Transfers.
Federal reserve bank.
Debits.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
".
San Francisco

:
:

:
:

:

Credits. :' Debits.

9,000
10,500
3,000
6, 000
2,000
3,000
5; 000
5, 000
8,000
1,000
1,000

000
000
000 :
000
000
,000
500
000
000

Total, 4 weeks ending—
Xov. 2H, 1922
Oct. 26, 1922
Nov. 23, 1921
Oct. 27, 1921

;

48,500 "
176,500
112,403
330,200

! Changes in ownership
of gold through trail s- Balance in
fers and settlements, j fund at
;
_
_ I close of
i
I period.
Credits.
Decrease. : Increase. '

.Daily settlements.

571,657
539,667 ;
1,845,820 ! 1,900,764 I.
612,712 !
621,845 i.
529,739
526,981 i
458,507 i
446,936 :
224.889 ;
225,206 i
886,772 .
871,170 ;
478.0S3 •
482,457 :
128,448
131,876 ..
332,019 ;
332,445 :.
228,733 !
228,265 !
251,527 :
241,294 ;

48,500
6,548,906 .
170,500
7,012,719
112,463 . 5,005,308
330.266
5,218,798 ;

37,990 ;

35,524
251,730
40,981
72,446
27,387
20,427
84,316
17,834
26,052
32,172
15,514
28,879

>9,444
7,133
4,758
10,571 !
2,683 :
13,602
126
428
426
1,468 ..
6,233 I.
r

6,548,906
7,012,719 : . . . .
5,005,308 '....
5,248,798 . . . .

,431

7,431 !

653,862
614,912
425,831
497,573

MONEY IN CIRCULATION, NOVEMBER 1, 1922.
[Source: United States Treasury Department circulation statement.]

Kind of monov.

I Stock of money
J in the United
i
States.

Cold coin and bullion
Gold certificates
Standard silver dollars
i,.
Silver certificates
Treasury notes of J890
Subsidiary silver
United States notes
Federal.reserve notes
Federal reserve bank notes.
National bank notes
Total
Comparative totals:
Oct. 1,1922
Sopt 1, 1922
Oct. 1, 1921
A p r . 1. 1.917
J u l y 1, 1914

Jan.. 1, 1879
1
2

1 S3,901,857,711
* (681,027,769)
114 .41,1.404
• (329,012.952) I
2
(I, 492,623) i
>,8S5,995
209,
1,681,016
346!
1,938,910
2,688,
i,204,400
56;
!.
760! 679,187

Moncvheldby !'
the U . S . " .
Treasury and the!
F. R. system. ;
§3,473, 481,204 !
447; 286,630 i
353! 739,885 1
970,050
1.000 .
30, .108,281
69, 480,036 !
407, 508,586
483,470 !
38,85854.998 .

8.438,661,623 I

i
j
...!

» 4,879,9 14, 140

8,388,237,342
S,303,549,24L
S, 150,752,689 ;
5.312,109.272 :
3,738.2SS. 871 I
1,007,084,4.83

3 4,876,861.796
M , 918,691; 521
» 4,601,232,48.1 :
M , 601,232,48.1
: 3,896.318,653
«
:5
1,843.452,323
a 212', 420,402

;

Money in circulation.
Amount.

| Ver capita.
j

48,720.930
721,824,189

S3.-88
2.12
.55
2.5L
.0!.
2.18
2. 5.1
20.69
.44
6. 55

4,570,280,827 I

41,44

4,520,895,293
4,393,506.927
4,664,697,904
-4,100,590,701
3,4.02,015,427
816,266,721

41.04
39.93
42.99
39. 54
34.35
16.92

8428,376,507
233,741,139
60'. 674.519
1277,042,902
1.491.623
239,777,714
277,200,980
2. 28.1,4.30,324 j

Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
These amounts arc not included in the total, since the money hold in trust against gold and silver certificates arid Treasury notes of 1890 is
included under gold coin and bullion and standard silver dollars, respectively.
;{
Includes gold held in trust against gold certificates and standard silver dollars held in. trust against silver certificates and Treasury notes of
1890, the- aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and
money in circulation to arrive at the stock of money in the United Slates, The amounts of such gold and silver held in trust as of the date of this
statement are shown in parentheses in the first column,




DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates prevailing during the 30-day period ending November 15, 1922, in the various
cities in which the several Federal reserve banks and their branches are
located. A complete description of the several types of paper for which quotations are given will be found in the September, 1918, and October, 1918.
FEDERAL RESERVE BULLETIN.

O
to

A comparison of discount and interest rates prevailing in various centers
during the 30-day period ending November 15 and the 30-day period ending
October 15 shows relatively little change. There is, however, some indication of an upward tendency particularly noticeable in prime commercial
paper in the open market. Compared with the corresponding period last
year, current rates are still uniformly lower.

DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING THE 30-DAY PERIOD ENDING NOVEMBER 15, 1922.
I Bankers' acceptances,
60 to 90 days.

Prime commercial paper.

Collateral loans—stock exchange

Ordinary
loans to
Secured
customers
warehouse secured by
receipts.
Liberty
bonds.

Demand. ; 3 months

Boston
New York i
Buffalo
Philadelphia
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
Chicago
Detroit.
St. Louis
Louisville
Memphis
Little Rock
Minneapolis
Helena
Kansas Cit\
Omaha
Denver
Oklahoma City
Dallas
El Paso
Houston
San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los Angeles
1

//. L. V.

54 42- 5
6£ 4
i 7 4-2 6

H. L. C.
5 5 5
6 41 4f-5
5 6-7

Rates for demand paper secured by prime bankers' acceptances, high, 6; low, 4: customary, 4£-5.




G
6
7
8
7
8

4
5
5 6
6 6-7
6 7
51- 6

8
10
8
10
8

74
6-7
7
6 7
6 8
74 7*
8 8
6 6
5 6
6* 7

8 6 7-8
8
8 61 6-1

k

DECEMBER,

1922,

1503

FEDERAL RESERVE BULLETIN.

FOREIGN EXCHANGE.
Sterling exchange advanced almost continuously throughout the month and stood at
the end of November at about $4.52, the highest point on record since July, 1919, four
months after the official support of exchanges
was discontinued. The rise in the pound
sterling during the present year is due in part
to the fact that prices in the United States
advanced materially, while British prices remained stable. Continued gold movement
from England to the United States and the
payment of two $50,000,000 installments on
account of interest on the war debt also contributed to the strengthening of the pound.
The average quotation of the pound for November was $4.48, compared with $4.44 the month
before, the rise being from 91 to 92 per cent of
par.
French and Italian exchanges, which showed
continuous declines through October, rallied
somewhat toward the middle of November.
Continental neutral exchanges show advances
for the month. The Canadian dollar, which
was above par throughout October and the
larger part of November, was quoted slightly
below par toward the end of the month. This
decline is due in part to the export of gold to
Canada, which improved the position of the
United States dollar. Argentine and Brazilian
exchanges show advances for the month, while
the Chilean peso declined. The price of silver
dropped from an average of $0.68405 in October to one of $0.65485 in November, and
Chinese exchange shows a corresponding de-

cline. In India the improved trade position
has resulted in a rise of the rupee to slightly
over 30 cents. The Japanese yen moved
slightly upward. The foreign exchange index
has remained unchanged at 67, compared with
61 for November, 192].
The German mark declined further and
stood on November 29 at 1.2 cents a hundred,
or about 0.05 per cent of par.
GERMAN MARK RATE
( PER CENT OF PAR)
8.0

jTT"M

A. M. J . J- A. S. O. N. D. 0. F. M. A. M. J . J. A. 3. Q. N. D.

1921

1922

FOREIGN EXCHANGE RATES.
[General index for November, 1922, 67; for October, 1922,67; for November, 1921,61. Noon buying rates for cable transfers in New York as
published by Treasury. In cents per unit of foreign currency ^]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.

Monetary unit.

Index (per cent
Wei
High.
Average.
Low.
of par). 1
Par of
exchange. NovemNovem- Octo- Novem- OctoOctober. Novem- October. Novem- October.
ber.
ber.
ber.
ber.
ber.
ber.
ber.

Belgium
Denmark
France
Great Britain
Italy
Netherlands
Norway
Spain
Sweden
Switzerland

Franc
Krone
Franc
Pound
Lira
Florin
Krone
Peseta
Krona
Franc

19.30
26.80
19.30
486.65
19.30
40.20
26.80
19.30
26. 80
19.30

5.6400
20.1300
6.2000
444.8800
4. 0600
39. 0700
18.1900
15.1600
26.7600
18.2100

Canada

Dollar

100.00

99.9236

Argentina
Brazil
Chile

Peso (gold)...
Milreis
Peso (paper).

32.44
219.53

81.5100
11.2700
11.8100

80.3200
.11.0200
13.2500

82.2500
84.0500
12,6200 , 11.5700
13.4200 [ 13.8000

China
Indis
Japan

Shanghai tacl
Rupee
Yen

2 66.85
48.66
49.85

70.4300
29.1.000
48.1000

73.0700
28.4200
47.9300

73.8400 ; 76.7400
30,0600 : 29.1000
48.5200 ! 48.2100




6.3900
6.7600
19.9200
20.4100
6.8900 i 7.2100
438.6900 I 452.1000
3.8900 I 4.8200
38.7000 j 39.5800
17.1600 I 18.5400
15.1300 15.3900
26.3900 26.9600
18.0300 18.7900 :

100.0122 100.1014

!

7.1500
20.5900
7.6100
447.4800
4.3000
39.2000
18.2600
15.3900
26.7700
18.7300

6.3700
20.2071
6.8583
447.9921
4.5063
39.2729
18.3658
15.2750
26.8442
18.4358

6.8580
20.1908
7.3704
443. 8484
4.1720
38.9624
1.7.8600
.15. 2496
26.6488
18.4208

33.01
75.40
35.54
92.06
23.35
97.69
68.53
79.15
100.16
95. 52

35.53
75.34
38.19
91.20
21.62
96.92
66.64
79.01
99.44
95.44

30
12
91
266
43
37
9
20
21
9

32
12
95
261
42
37
9
20
23
9

100.1399

100.0290

100.0807

100.03

100.08

187

187

82.2283
11.9488
12.3825

81.4140
11.3476
13.6068

85.23
36.83
63.40

84.38
34.98
69.67

33
31
14

31
31
13

71.8725
29.5108
48.3729

74.8500
28.8424
48.0732

107. 51
60.65
97.04

111. 97
59.27
96.44

52
28
117

52
29
117

1504

FEDERAL RESERVE BULLETIN.

DECEMBER, 1022.

FOREIGN EXCHANGE RATES—Continued.
OTIIER COL'NTltlES.
High.

Low.
Monetary
uuil.

I <>«ober.! * - « " " I October. > ™
A ust ria
Bulgaria
Czechoslovakia
Fi nlancL
Germany
Greece.
Hungary
Poland "

Krone
Lev
Krone
Markka
Reiehsmnrk
Drachma
Krone
Polish mark..

•.

Porlimal

i
I
i.
•
;
|
:

! Escudo

Rumania

I

j Leu

.
*

;

{SSS?:::::::::::i

Cuba
Mexico
Uruguay
China
Hongkong
•Straits Settlements

i Peso
;
!
do
:
i
do
•
! Mexican dollar...
j Dollar
;
j Singapore dollar.j:
I

Index (per 1cent of
par).

Average.

Par of ex-; _
change, j

20.20 !
19.30 i

0.0014
.0314
3.0997
2.2119
.0210
2.0100
. 0390

0.001.3
.0550
3.1500
2. 4975
19.30 !
.OILS
23. S2 •
1.4300
19.30
. 0399
20.20
. 0000
.108. 05 :
4.3400
.01.09
19.80
.3319
1.3329
100. 00
99. 8003
49. 85 ! •IS. 2025
103.42
77. 5500
* 4.8.11 j 51.3300
-47.77 : 52. 9300
5(5.78
51.7500

0.0014 !
.7000 :
3.2439 j
2.7403 !
.0224 2.0400 i
.0429 I
.0072-i
0.4100 j
.0028 I

0.0014
. 7000
3,5922 :
2.4880 !
.0551. i
2. 8800 i
.0411. !
.0118
0.7000
. 0531
.1.128 i
. 4700
1.0500 :
.1.8850
99.9250 i 99.9125
49.7344 i 48.4L25
81.1.300 ! 77. 7000
53. 8300 i ~^. 0900
55.1300
57. J 000
52. 3300
52. 0-100

.0071
3.7200
.0100
. 3100

1.30.12
99. SI25
48. 1719
70. 1.400

53. 4000
5-J.0000

5.1.0800

j October.

October.

0.0014
. 0835
3.1758
2. 5009

0.01.
3.36

12.04
.14
.12.38
.20

. 01.47

1. 5925
.0413

. 0005
4.9921
. 6-117
. 3912
1.5091.
99. 8779
48. 7020
79.4013
52.4842
53.81.50
52. 0058

'

1

- 1913 average.

Based on average.
SILVER.

Average price per fine
ounce.
November, j
London (converted at average rate of exchange).
New York

October.

SO. 00331 '
.05485

$0. 08950
.08405

FORE IGN EXCHANGE IN DEX
1918 - 1923
FR ANCE

GENERAL INDEX(E.XCLUDING GERMANY
ENGLAND

IT/
•

»

»

«

i

»

u

»

»

\\

F

AR GENTINA

THERL ANDS "-Hi—™—JA PAN

PER
CENT
110

80

—

I

50

PAR

\

\l

60

110

*

s

90

i

•*
/ */*****
•

*•»

PAR-

70

PER
CENT

!

\
\ \\ V\
\^

90
80
•
y

y

70

" N

S—"

60

\

\

50

\
\

y

y'"

*\

40

/*

••

40

" s.
\

30

30

20

20

—

10

10

i
M. D. J. F. M. A.M. J. J. A. S. 0. N. D. J. F. M. A. M- J. J. A. S. 0. N. D. J. F. M.A. M. J. J. A. S. 0. 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

1918




1919

1920

1921

1922

1923

DECEMUEU,

1505

FEDERAL RESERVE BULLETIN.

1022.

EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS
ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL
RESERVE SYSTEM FOR THE FIRST SIX MONTHS OF 1922, ARRANGED BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
! District District; District District District! District District
No. 3
No. 4
No. 5 | No. 6 i No. 7
; No. I
No. 2
! (40
(1.17
(132
(56
(69 I (Ml I (38.1.
• banks). banks). banks). b a n k s ) . banks).! banks). 1 banks),

|District District District! District District!
I No. 8 No. 9 No. 10 | No. 11
!
I (117
(.138 | (43 | (199
i banks). banks).! banks).I banks).

I
Capital stock paid in
Surplus fund

;

•

38,056 | 185,905 i 27.(534
! 41) 010 ! 1 82, 891 | 50)864

71,659
82^ 591

Total capital and surplus..! 79,066 ! 308,796 | 78,198

151,250

27,397 i 47,692

25,035

4,284 i 9,265

Gross earnings:
Interest and discount '••
Exchange and collodion
charges
Commissions
Oilier earnings

•

j
|
17,135 :' 75,081 i 8,635
;
'
i
103
I
41 "
.
-162 i
115
I
427 ! 2,284. i
i 2,817
23',09") i 3,255

Total gross earnings

= 20,420

Expenses:
i
Salaries and wages
; 3,644
Interest and discount on .
borrowed money
'• 339
]
Interest on. deposits
7,834
Taxes
; 1", 630
Other expenses
| 2) 213

.101,522 i 12,108
17,14.8

125
277
8,319 !

1.6,970 29,420 . 106,201. | 34,-153
tO, 427 | 18)272 \ 89,094 J 22,639
;

371.
53 j
422
923 i 1,208

33,786 | 5,301: 11,266

i

1.0,417 ! 9,735 i 13.825 j 6.1,481 : 605,759
1,273 [ 3,695 ! 5)731 | 23)686 j 535,773

.195,295 j 57,092 | 14,690 i 1.3, 130 j 19,556 I 85,170 |l, 1-11,532
44,497 ! 1.1,531
523 ! 302
1.624 J 434
8)945 j 2,461
55,589 ! 14,728

2,180 ; 1.0,046 i 2,730

3,63-! i 3,453 ; 3,829 j 26,081 i 232,463
39 |
151. i

7!)7 I

5t
25
127

260
281
3, 597

2,404
6,384
56,319

3,952 ! 4,638 \ 4,035 j 30,225 ! 297,570
940 i

S55

j
166!
; 1.381 i
j '210 i
!
834 \

1,009 | 6,70S

54,421

432 j
604:
5,952
629 I 11,750 • 98,039
'
21L i 1,070 '
1.4,847
590 j 3,926 ' 33)647

957
17,942
3,760
5,877

569
3,878
882
1,953

15,660

38,582

10,012

N et earnings since last: report... i 4,760
Recoveries on charged-otf assets, j
745

17,007
952

4.716
'624

370
70

1,189
152

1,164
84

6,167 j
699 I

90,664
8,744

3,489 ; 17,959

5,340

440

1,341

1,248

6,866 i

99,408

Total ex | >cnses

:

Total net earnings and
recoveries

5,505 j 38,519

Losses charged off:
|
On loans and discounts
j 2,957
On bonds, securities, e t c . . . !
578
Other losses
Total losses charged olT.. J
Net addition to profits
Dividends declared
Ratio of dividends declared to
capital stock (annual basis)—
per cent
Ratio of dividends declared to
capital and surplus (annual
basis)—per cent
Ratio :>f net profits to capital.
and surplus (annual basis)—
per cent




j

3,582 i 3,449 j 2,871 j 24,058 j 206,906

54.8 .
207 !
144 i

585
4,120 j

353
1,513
204
572

6,915

2,4.98 | 2,309 I
426 i
116 !
715 !
96 i

315 i
17
32

689 |
11
6 !

4.82
188

1,594
377
576

17,835
2,869
4,186

899 |

3,639 j 2,521 j

364 j

706

670

2,547

24,890

76

635

578

4,319

74,518

505 j

24.1.

3,543

4.0,055

10. 1 i
!

3.5

1.1. 5

13.2

8.3

7.0

10.1

13.1

2,590 | ~~li,"li20~ j 27819" i
1,527 |
10.4 |
6.4

6,428 I 1,932 j
12. I
6.6 I
14.7 i

286

11.2 i
6.8 i

3.9

1506

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922,

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
ENGLAND.
[Amounts in millions of pounds sterling.]
Deposit and note acBk

Nine London clearing
banks.3
'

i
!

Year and
month.

Average of end of
month figures:
1913
1920
1921
1921, end of—
October
November.
December.
1922. end of—
January.
February,
March
April
May
June
July
August
September
October 7
November

Per ! Per
cent. •• cent

306
311
315
1,192
1,152
1,097
1,065
1,061
i,070
],056
1,020
1,007
1,033
1,031

1,802
1,793
1,818

333 | 1,826
357 | 1,802
369 1,747
378 1,737
392 1,745
388 1,755
386 1,730
390 1,688
381 1,660
370
365 L667

3,399
3,088
3,452
3,305
3,307
2,917

118.2
118.0
118.3
118.0
118.2
118.2
120.3
121.3
122.7
123.0

1
8
1

Less notes in currency notes account.
Held by the Bank of England and by the Treasury as note reserve.
Average weekly figures.
* Compilation of the Statist.
;
* Statist figure revised to exclude Germany.
6
Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways,
mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months.
six
7
Figures represent end of fourth week, except those for nine London clearing banks.
FRANCE.
[Amounts in millions of francs.]
Bank of France.
Year and
month.

Government finances.
Value of
new
' Advances
stock
j to the
Price of and bondi
I Govern- I Govern- Internal I External 3 per
issues
jinentfor! merit 2 debt, i debt.s cent per- placed
| purposes j revenue.
petual upon the
rente.*
!
of
French
market.
I the war.
;

I Gold 1 Silver
Dei reserves. reserves. | posits.2

1913, average
1920, average
1921, average

I
i
'

1921.

3,343
3,586
3,568

629
253
274

830
3,527
2,927

5,565 i.
38,066 '[
37,404 j

26,000 i
25,300 i

320
1,005 i
1,103 :

3,575
3,576
3,576

278
279
280

2,563
2,563
2,743

37,154
36,336
36,487

25,100
24,500
24,600 I

1,305
1,051
1,228

3,576
3,577
3,578
3,579
3,579
3,580
3,582
3,583
3,584
3,635
3,636

280
281
2S2
283
284
285
285
286
287

2,392
2,429
2,236
2,412
2,303
2,448
2,432
2,170
2,199
2,170
2,284

36,433
36,151
35,528
35,787
35,982
36,039
36,050
36,385
36,603
36,694
35,789

23,000
22,500
21,500
22,100
23,100
23,300
23,000
23,900
24,000
23,600
22,600

1,323
1,014
1,154
1,381
1,176
1,225
1,472
1,168
1,154
1,503

•

October
November
December
1922.
January
February
March..'.
April
May
June
July
August
September
October
November 7

j
I
i
;
!

i
j
1

1
2
3

Not including gold reserve held abroad.
From indirect taxation and Government monopolies.
Foreign debt converted to francs at par.
«, Figure for the last Wednesday in the month.




i
I
!
i

86.77
57.34
56.56

35,000

.,
8 242,758 :

243,857

248,283

Savings
banks, Average
excess
daily
of deposits^) clearings
of the
or
Paris
withbanks.
drawals ( - ) .

35,286
34,779

35,716

35,685

4,654
1,100

- 85
+ 48
+ 67

54.30
54.90
54.75

1,355
434
853

-I- 33
-0.5
+ 38

55.55
59.55
56.70
57.60
57.70
57.95
58.25
60.10
61.10
58.25

759
5,062
377
459
644
947
485
151
636

4- 41
4-100
•+ 49

+
+
+
+
+
+
+

59
5 554
550
I

489

489
455
411
454
474
562
512
484
556

58
55
53
62
66
58
17
•I-

6 Average for 11 months.
Estimate in the French Senate.
November figures for Bank of France represent end of fourth week only.

6
7

433
505
527

1507

FEDERAL RESERVE BULLETIN.

DECEMBER, 1922.

ITALY
I Amounts in millions of lire.)
Leading private banks. 1

Banks of issue.

Government finances.
!

I Loans, \
I
| dis- I DeposI counts, its and Loans
Gold
i and ; due to and
re,;duefroni; c o r r e .
disserve.
i corre- '• spond- counts.
j spond- ents.
ents. •

Year and
month.

Circula- State
tion for !
account j
of the j
state. n o t e s <

! Treas- i Short! ury
term
; metal- i treasi lie re- i ury
i serve. , bills.

Principal

Total i

public i

;

Index
numbers of
securities
prices.4

month. 3

i

I
129
1913,end of Dec!
1920,end of Dee. 1,308
1921, a v e r a g e . . . I 1,200
1921, end of— !
1,052
October . . . 1,364
November. 1,174
December . 1,997

2,007
16,539
16,242

1,674
15,810
16,001

17,223 16,825
17,185 17,022
12,844 '12,778
11,797 12,502

1,661
2,077
2,020

857
1,375
7,074 ! 1,058
7,509 i 1,074
7,327
7,816 i
7,810
10,020 ;

1,073 |
1,086 !
1,089 ;
1,092 !

i
1922, and of—
J a n u a r y . . . 1,426 ! 11,334 11,616 10,156 i 1,109
February.. 1,081 ! 11,446 11.482 10,029 i 1,100
March
065 I 11,407 i 11,403
9,833 i 1,118
April
908 I 11,752 ! 11,708 10,113 ; 1,122
May
841 11,732 i 11,698 9,323 ! 1,104
June
9 , 5 0 5 •• 1,106
845 11 980 i 11,863
July
j
861 12 118 i 11,896 9,051 i 1,125
9,086 ; 1,125
August.... |
763 12,16-1 i 1 ,883
1
8,804 I 1,125
September.;
8,501. i 1,156
October....!

318
2,563
2,352

1,966
1,990
1,948
1,999

2,124 9,785 '
2,243 9,746 i
2,151 9,435 j
2,913 10,301

1,996
1,971
1,956
1,964
1,983
1,976
1,991
2,024
2,024
2,039

2,848
2,562
2,687
| 2,473
2,572
j 2,740
! 2,524
i 2,305
; 2,499
! 2,041

2,284 !
8,988 |
9,30-1 !

10,183 '•
9,631 i
9,589
9,360 !
9,259 '
9,615 :
9,947 I
9,695 ;
9,924 j
9,782 :

117
161
170

10,743 i 2,268 :
9,061
2,267 i

13,200
1,019

87.12

8,395
8,554
8,485
8,505

2,267 :
2,267j .
2,207
2,267 ,

159 21,612
159 22,997 110,754 I
159
170 24,600 |lll,900 j

564
1,404
648
1,458

87.04
91.07
83.99
80.13

8,570
8,620
8,523
8,350
8,061
8,0-19
8,050
8,050
8,066
8,075

2,267:
2,267;
2,267
2,267 i
2,287
2,267 i
2,267
2,207 i

170
170
170
170
169
170 24,108 ,113,204 |
170

909
1,366
759
1,337
667
1,454
783
1,306
682
1,354

96.01
94.10
88.82
88.43
93.13
94.83
95.19
103.01
105.86
109.90

25,202 ;

1
2

Includes Banca Cornmerciale Italiana, Credito Italiano, .Banco di Roma, and JSanca Italiano di Sconto until November, 1921.
Includes paper circulation of the State and of banks on account of the State.
3 Revenues from State railways; from post, telegraph, and telephone; from State domain; from import duties on grain; and from Government sales of sugar are not included from November, 1921.
4 Figures for 1921 based on quotations of Dec. 31, 1920=100; those for 1922 on quotations of Dec. 31, 1921=100.
GERMANY.
jAmounts in millions of marks.]
Index of securiGovernment finances.
„ ,
ties prices.9
i
i Value of
Darlehns-i
,new stock
kassen- '
j
jand bond
scheme ;
j
I issues
in circu- !I Receipts j Revenue! Treasury placed on
25
|
15
Deposits.1 Clearings. lation. 1
from
of state ! bills out- \ German
T
; taxes, railways, standing.1! market. stocks.! bonds.

Reichsbank statistics.
Year and
month.

ComDisi counted mercial
paper.
\ i ' treasury
disserve.4 : bills.
*•
counted.
Gold
re

1013, average.
1920, average.
1921, average.

1,068
1 092
056

Note
circulation.1

1,958
53,964
80,052

47,980
83,133

17,702
20,213

6,136
57,898
89,297

207
13,145
8,861

1921.

October
November...
December
1922.
January
February
March
April
May
June
July..
August
September
October
November

994
994
995
,

98,705
114,023
132,331

881
1,446
1,062

91,528
100,944
113,639

996
996
997
1,001
1,003
1,004
005
1,
005
1,
1,005
1,
005
1,
005

126,161
134,252
146,531
155,618
167,794
186,126
207,8.58
249,766
349,770
477,201
672,222

1,592
1,857
2,152
2,403
3,377
4,752
8,122
21,704
50,234
101,155
246,949

115,376
120,026
130,671
140,420
151,949
169,212
189,795
238,147
316,870
469,457
754,086

18,303
119,406
25,313
140,493 !
32,906 i 120,835 |

23,412
26,520
33,358
31,616
33,12$
37,174
39,970
56,124
110,012
140,779
240,909

i 116,680
| 109,816
; 170,357
j 175,977
; 179,370
| 191,414
; 2-13,493
! 374,850
473,715

7,316 ;
7,330 !
8,325
8,046
7,977
8*701
9,183
9,440
10.374
12;234
13,383
13,995
14,009
.13.809

13

3 220 i

6,285 I "2,"358" " 192,' 832* j 2,655 i.

I

6,185 1
7,044 I
8,016 I
8,802 :
9,614 !
14,065 ;
13,193: !
17,619
17,77(5 i
21,547
31,466
31,692
50,175

i
2,825 I 218,000 i
3,397 i 226,676
4,329 ! 246,921 ;
4,415
4,659
7,096
8,997
10,984
12,781
15,396
18,053
25,332
58,161

255,678!
262,817;
271,935
280,935 1
289,246 i
311,600 !
307,810 •
331,000 '
;
451,000 j
004,000 I
839 i

2,889 i
7,135 I
5,965 :
4,831
2,101
6,416
3,992
4,152
2,762
2,330
2,468
7,937
7.187 I

<269
6 206

U81
s 147

223
222
274
265
242
224 !
282 !
299
445
653
2, 123

152
154
169
268
297
298
430
662
1,933
2,662
4,472

* E n d of month.
'l Calculated by t h e Frankfurter Zeitung with prices of 25 stocks, *0 domestic and 5 foreign bonds d>rices as of Jan. 1,1921 =-100).
figures, recently revised, now include subscription privileges which were heretofore omitted. Figures are as of beginning of m o n t h .
3 E n d of March, 1913.
« As of Nov. 10,1921.
« As of Dec. 30,1921.
»




These

1508

FEDERAL RESERVE BULLETIN.

1922

NORWAY.

[Amounts in millions of kroner.]
Norges Bank.

Year and month.

Gold
I Note
! T^
*
holdings, j circulation.: Deposits.

1914, end of July.
1920, average
1921, average
1921, end of—
October
November...
December
1922, end of—
January
February
March
April
May
June
July
August
September..
October

Private commercial banks (103).
Loans
Loans and Clearings at
discounts. IChristiania. '•• and
discounts.

• Total
Deposits ; aggregate
; resources..

liumber.

147 !
147 j

123
451
417

14 :
102 i
111 [

8S '
419 :
443 :

652
537

3,921 :
3,840 ;

3,382 i
3,338

147 !
147 i
147

411
395
410

113
121 !
14] :

453 .
439 :

589
538
551

3,742
3.677 i
3,508 ;

147 i
147 ;
"
3 4- :
147 .
147;
117;
147 i
3 i7 :
147 i
147 !

378
376
385
386
375
385
382
385
384
383

131 ':
141 !
151 : ;
143
152 : ;
133 1
137
133 !
135 i
173 i

433
428
449 '

3,413
3,346

447 •

524
494
628 :
516

440 :
441 i
445
-145 :
444
490 :

532 :
:
1(56
468
447
5S1

3.275 !
3,231
3,305 '
3.202 :
3! 1.72 :
"
3,124
3,118 I
3,080 :
3,080
3,083
3,030 .
3.004
2.91)6

184 j

: Bankruptcies.

476 ;
•

;

3,280 ;
3,302 |
3,307 i
3,354 j
3,364 I
3,295 ;
3,260 :
3.178 i

32
86

5,104
5.196 •

5J13 i

79
88
84

4,805 !
4,755 :.
4,690
4,755
4,783
4,804 •
4,810 "
4,781
4,737 :
•1,636 ,

89
78
107
78
129
94
68
79
59

4,944 :

i Includes balances abroad.
SWEDEN,
[Amounts in millions of kronor.]

Year and month

.1913, end of December..
1920, average
1921, average
1921, end of—
September
October
N ovember
December
1922, end of—
January
February
March
April
May
Jane
July
August
September
October
1

Gold
coin
and
bullion.

102 i
269 i
280 I

276 '
276

Note
circu- Delation posits.

ings

-

235 ;
733 !
661 :

108
226
193

628
585;
3,596 i 1,281
2,715 i
!

672 !
650 |
|

113
126
188
331
3.17
316
312
301
203
24 7
243
213

2,609
2,310
2,364
3,305

275

628

275
274
274
274
274
274
274
274
274
274

563
579
626
582
567
585
551
559
605
569

Source: Koinmersiella MeddelandeD.




Foreign
exI Busi- change
durIng month>1 •' ness index,
:
fail- value of
krona
I Bills !
ures
abroad
Floatdis- i ,-L o b l ]_
• during1 (foreign
ing icounted!, d d iS Num!
Value. ! month. ; curber.
with
rencies
Riks- counts.
bank.

Government
finances.

Riksbank.

2,332
2,122
2,354
1,936
2,162
2,1.18
2 015
1,803
1.902
1,995

1,368 •
1,393 i
1,409 i

1.433 i
1.434 !
1.435 :
1,435 -.
1,434 !

Joint-stock
l

i

OlllS

i

20 |
248 i

139
476
389

2,287
6,008

4, Si 4
3,586
6,907

2.
6i
15

309
196
432

63
77 :
78

330
34 i
354
464

5,901
5,837
5,735
5,656

5,786
6,449
6,089
6,298

10 !
13 .

13 ;
10 i

421
429
447
404
380
320
307
293
288
206

5,654
5.572
5,474
5,430
5,378
5,388
5,268
5,221
5,181.
5.149

493
505 ! i
491
528 :
509 '
398
513
400
430

84 ;
87
9 0 '•

92:

6,345
• 6,272

7,559
6,965
7,581
6,599
6,417
5,461

10
13
12
10
10
12
6

374
300
371

i Index
! numi ber of
! stock
; prices• A list.»

112.9 !
121.8 |
121.4
124.9 ,
124.0 :
126.3 ;
126.6 !
129.2 :
•

128. 3 i
126.6 i
124.8 i
125.6 I
127.0 I
128.8 I
130.5 !
131.7 i

Value
of stock
issues
tered
during
the
month.

258
176
121

24
61
31

114
307
104
107

17
19
21

109
94
89
100
115
113
113
110
103

18
18
23
15
50
63
35
22

1509

FEDEfiAL KESERVE BULLETm.
JAPAN.*
[Amounts in millions of yen.]
"Bank of Japan.

Gov- PriAdernNote Specie Loans vances ment
vate Cash
on
circu- reserve and
on
depos- its in hand.
for 2 disforeign its in
lation.
notes. counts. bills.
Japan.
Japan.

Year and month.

1913, average...
1921J average-..
1921.
E n d of—
October
November
December

363
1,226

.1
!

i
| 1,255 i
j 1,283 j
| 1,246 !

1922.
;
End o:'—
|
January
!
February
|
March
!
April
!
May
.June
July
i
August
I
]
September
October
November...:;

1,377
1,246
1,289
1,226
1,203
1,344
L224
1,280
1,237
1,236
1,241

216
1,200

1,255
1,264
1,246

157
197
298

1,241
1,223
1,289
1,263
1,203
1.223
11220
1,132
1,069
1.06 8
1,066

224
172
248
267
178
179
133
241
134
160
183

()

47
107

1
2
3

297

30
30 i
26 i

56 •

26
58 •

61 '
50 :
98 :
82;
90
115
142

141

i

Government
finances.

Tokyo banks.

|

' Index
Capital; of
pro- ! securiExter- jected.! ties
nal
I prices.3
loans.

Total
loans,

Total
clearings.

Average
discount
rate.

7i
50 :

333
1,932

364
2,572

8.38
9.00

1,075
1,956

1,484
1,044

32 :
.
186;

34 •

1,993 •
1,989 '
2,000

2 , 7 8 3 ••

8.50
8.79
9.20

2,088
2,118
2,149

1,362
1,362
1,362

222

198
190
191

2,162
2,185
2,235
2,264
2,241
2,277

1,359
1,359
1,359 !
1,359 :
1,359 I

200
163
217
110
121
101
93

196
188
182
160
168
170
165
165

309 !
325 i
203 |

37
35

277
328
422
520
469
377
427
488
382
437
445

35
27
29
30
33
43
35
30
29
33
40

1,984
1,950
1)963
1,980
1,973
1,998
1,971
1,928
1,921
1,926

110
113
141
130
120
122
127
115
145
126

2,679

:

3,340

1,743
1,751
1.749
1,761
1,748
1,798
1,802
1,783
1,822
1,812

2,246
2,438
3,099
2,809
i 3,143
i 3, 1.78
2.766
' 2' 582
2,750
2,697
i
:

9.02
9.02
9.09
9.34
9.42
9.45
9.38
9.42
9.38

Internal
loans.

i;362:

198:
146 •

194

Figures apply to last day of month in case of Bank of Japan to last Saturday of the month for other items.
This includes the specie segregated against notes only. . It includes gold credits abroad as well as bullion and coin at home.
Tokyo market.
* During January, February, April, October, November, and December, 1913, Government deposits averaged 4,198,000 yen. During the rest
of the year there was an average monthly overdraft of 8.942,000 yen.
ARGENTINA.
[Amounts in millions of pesos.]
Banks.i

I LiabiliClear; ties of
Cash.
Disings
Gold : bankCash.
Disin
counts
bonds ! ruptcounts
1
Note
DeBuenos circu- Gold
Deand
cies
deand
posits
posits
Aires lation
readposited I during
adi month
in
(paper)- vanccs Gold. • Paper. (paper). vances Gold. Pa- i (paper). (paper). serve.
1
•;
per.
(paper).
j (paper).
lega(paper).|
tions.

Year and. mouth.

End of—
1913..
1919..
.1920..
1.921..

Caja de Conversion.

Banco de la Nacion.

1,464 i 1,541
3,010 i 2, 113
3,530
2,505
3,375 ' 2.5J3

62 i
66 :
46
36 ;

435
771
l ; 08i.
1,087

54L !
1,250 |
1,412 I
1.310 \

2.492
2l 467
2,501
2,543

36
36
36
36

1,152
1,172
1,150
1,087

1,350
1,31.1
1,293
1,310

816
803
840 !
866

3,362
3,362
3.313
'6,304
3,278
3.326
3', 308
3,356
3,379

2,529
2,565
2,51.2
2,489
2,461
2,461.
2,473
2,491
2,514

36
36
36
36
35
35
35
35
35

1,064
994
981
999
1,016
1,060
1,013
1,041
1,0 IS

1,310
1,310
I! 272
1,283
1,294
1,329
1,322
1,353
1,346

887
913
884
887
906
933 !
920 i
916
950

180 1,471. I 823
268 : 2,805 1,177
406 i 3,612 ! 1,363
410 : 3,045 i 1,363

478
676
804
866

3.447
3,39L
3,359
3,375

_•
..
.!
.!

263
320
476
476

431. ! 3,076
448 : 2,909
463 ! 2,133
410 3.482

1,363
1,363
1,363
1,363

466
466
466
466

4
4
4
4

419
383
383
393
386
395 .

1,363
1,363
1,363
1,363
1,363
1,363

466
466
466

4
4
4
4
4
4
4
4
4

14
3
12

1921.

End of—
September.
October
November.
December..

23 !
23 ;
23
23 i

16
13
13

1922.

End of—
January
February..
March
April
May
June
July
August
September.
1

Including figures of Banco do la Nacidn.




3,014
2,593
3,298
3,016
2,716

399 '•
! 1,363
407 I . . . . ; . . . ! 1,363
402 !
i 1,363

4.66

466
466
466
466
466

10
8
16
17
13
7
10

INDEX TO VOLUME 8.
Page.

Abstract of condition reports of State member
tj&nks
371, 630, 870,1142
Acceptances:
Acceptance liabilities—
British banks
284, 515,1049
French banks
284
Italian banks
284
Member banks
283, 514, 771,1048
Amendment to Regulation A
433
"Bankers' acceptances, holdings of, by Federal
reserve banks
'.
283. 514. 771,1048
(See also Discount and open-market operations.)
Banks granted authority to accept up to 100 per
cent of capital and surplus
922. .1042,1170
Bills of exchange drawn against actually existing values within the meaning of section 13
of the Federal reserve act
1280
Cooperative marketing associations, eligibility
of paper of
931,1044
Cotton factors' paper
432
Held by Federal reserve banks—
Each month
90. 232, 346,
468, 607,736, 876, 992,11.2.1,1240. 1364,1484
Year ending June 30
'.
862
Maturity of, ruling on
52
Purchased bv Federal reserve banks—
Each month
88. 229, 344,
466. 604, 734. 873, 990,1119.1238. .1.362,1482
Year ending May, 1922......
865
Regulation A, amendment to
433
Security, character of, to be held by accepting
bank
52
Acts:
Amending Federal farm loan act, views of Federal Reserve Board on
318
Amending Federal reserve a c t Section 9-—Limitation on discounting for
State banks
831. 933
Section 10—
Increasing membership on Federal
Reserve Board
830
Report of House Banking and Currency Committee on
501
Limiting cost of Federal reserve bank
buildings
830
Amending German bank act
522, 688
Amending national bank act, providing succession for 99 years to national banking associations
831
Creating new bank of issue in Austria
1.083
Creating World War Foreign Debt Commission. 386
Federal reserve act of Peru
515
Reserve act of South Africa
1329
Actually existing values, bills of exchange drawn
against, rulings on
1286
Administrator, executor, etc. (See Fiduciary powers.)
Advisory Council, Federal. (See Federal Advisory
Council.)
Agricultural conditions in Mexico.,
1080
Agricultural credit:
Crop-moving problem
1151
Discussion of
2, 261, 498, 771,1151
Export situation in relation to
267
Federal Advisory Council on
263
Federal Reserve Board on
264, 267




Agricultural credit—Continued.
Joint Commission of Agricultural Inquiry,
work of
".. 262
Questionnaire of Department of Agriculture... 266
Agricultural exports from the United States
268
Agricultural movements, index of
295,
455, 592, 721, 851, 980,1109,1227,1352,1471
Agricultural paper:
Bill recommended by Joint Commission of
Agricultural Inquiry, relative to loans on,
views of board on
31.8
Cooperative marketing associations, eligibility
of paper of
931,1044
Discounted by Federal reserve banks
87,
228, 343,465, 603, 733, 872, 989,1118,1237,1361,1481
Held by Federal reserve banks—
Each month
90,
231, 345, 467, 606, 735, 875,
992, 1120, 1239, 1363,1483
Year ending June 30, 1922
862
Margin between discount rates charged by
member banks and Federal reserve banks... 266
Rediscount of, during crop-moving season
1153
Agricultural prices
498
Agriculture, monthly reports on condition
10,
133, 272, 391, 505, 650, 777, 911,1033,1160,1275,1399
Allies. (See Reparations.)
Amendment to German bank act
522, 688
Amendment to national bank act providing succession for 99 years to national banking associations. 831
Amendments to Federal reserve act:
Section 9—Limitation on discounting for State
banks
833, 933
Section 10—
Increasing membership on Federal Re:
serve Board
880
Report of House Banking and Currency Committee on
501
limiting cost of Federal reserve bank
buildings
830
American Foreign Banking Corporation, New York
City, foreign branches of
1299
Argentina:
Budget
562
Clearings in Buenos Aires
1388,1509
Condition statements—
Banco de la Nacion
316,
493, 638, 764, 955,1150,1266,1388,1509
Buenos Aires banks
822,11.91,1509
Caja de Conversion
316,
493, 638, 764,1150,1266,1388,1509
Private banks
316,
493, 638, 764,1150,1266,1388,1509
Debt
316,493, 638, 764, 954,1071,1189
Failures, business
316,
493, 638, 764, 822, 955,1071,
1150, 1190, 1266, 1338,1509
Farming industries
1072
Financial conditions
314,
493, 638, 764,1150,1266,1388,1509
.Foreign exchange
316,
493, 566, 569, 638, 764, 822,1071,1150,1266
Index numbers
116,
253, 366,489,629,756,896,
1016,1141,1262,1384,1504
Foreign trade
428, 565, 587, 717, 821,1190,1314
Government finances
1315

n

INDEX TO VOLUME 8.
Page.

Argentina—Continued.
Live-stock industry
1314
Loans to
I
.566, 567,822,1189
Meat industry
954
Monetary system
314
President's message
1070,1315
Prices
565
Railway statistics
564
Reserves,* note circulation, and deposits, 1913,
1918, and 1922
758
Stock exchange transactions...'
1071
Strikes in Buenos Aires
1316
Wool industry.
954,1190
Armament, limitation of
125
Armenia, debt to United States
645
Asia Banking Corporation, New York City, foreign
branches of
1299
Assets and liabilities. (See Resources and liabilities.)
Atlanta par clearance case
436, 500.1408
Austria:
Budget
'
644
Cost of living
1342, .1461
Debt to United States
-645
Foreign exchange
116, 253,
1
366, 489, 629, 756, 896,. 1016.1141,1262,1384, .1.504
New bank of issue created
1083
Reparations treaty
•.
1295
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Australia:
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Wholesale prices
•- 80, 83,
220, 224, 325,329,443,446, 580, 583. 710,
713,837,967,1090,1098,1212,1338,1456
Authority to purchase, foreign trade transactions. 299,414
Automobile tires and tubes, production and shipments
70. 213,
338, 458, 595, 725; 856, 983,. 1112.1230,1355,1474
Automobiles:
Monthly review of industry
J4,1.36,
275, 393, 508, 653, 780, 914,1036,11.63,1278,1402
Production and shipments
70. 213.
338, 458, 595, 725, 856, 983,1112.1230,1355,1474
Bailey, W. J., elected governor of Federal Reserve
Bank of Kansas City."
909
Balance of trade. (See Foreign trade.)
Balfour, Lord, on interallied debts
1047
Banca di Sconto (Italy), liquidation of. . .1.90. 310, 686, 810
Banco de Chile, condition of
570
Banco de la Nacion, Argentina, condition of
31.6.
493, 510, 638, 764, 955,11.50,1266,1388,1509
Banco do Bras.il, condition of
570, 698, 823.1192
Bank debits:
Monthly
104, 243, 358. 479,
620, 747, 887,1004,1132,1251,1270,1375,' 1495
Year ending June, 1922
' 870
Bank notes. (See Federal reserve bank notes; National-bank notes.)
Bank of Belgium, condition of, 1913-1921
256
Bank of Central and South America, New York
City, foreign branches of
.1299
Bank of England:
Condition of
254, 381
Discount rates
304^ 807
Bank of France:
Advances to Government
117, 258, 376,
490,635,761, 897,1017,1147,1263,1385.1506
Annual report for 1921
427
Condition of
117, 255, 258, 376. 381,490, 635,
685, 761, 897, 944,1017,1147,1263,1385,1506
1913-1921
255
Discount rates
420




Page.

Bank of Italy, condition of, 1913-1921
368
Bank of Japan, condition of
119,194, 367, 378,
493, 638, 764, 900,1020,1150,1266,1388,1509
1913-1921
367
Bank of-Netherlands, condition of, 1913-192.1
257
Bank of Norway, condition of, 1913-1921
369
Bank of Russia, State, new
1203
Bank of Spain, condition of, 1913-1921
256
Bank of Sweden, condition of, 1913-1921
369
Banters' acceptances. (See Acceptances.)
Bankers Trust Co., New York City, foreign branches
of
.'. *
"
1299
Banking laws:
Amending Federal farm loan act re discount
of agricultural paper, views of Federal Reserve Board on
318
Amending German bank act
522, 688
Amending national bank act providing succession for 99 years to national banking associations
."
y
83i
Creating Austrian bank of issue
1083
Creating World1 War Foreign Debt Commission. 380
.Federal reserve act, amendments to—
Section 9—Limitation on discounting for
State banks
831. 933
Section 10—
Increasing membership on Federal
Reserve Board
'.
830
Report of House Banking and. Currency Committee on
50.1.
Limiting cost of Federal reserve bank
buildings
830
Federal reserve act of Peru
515
Reserve act of South Africa
3329
Bankruptcies. (See Failures.)
Belgium:
Bank of Belirhim. condition, 1913-1921
256
Cost of living
12.1.7,1342,1461
Credit practice of banks
41.0
Debt; to United States
64.5
Foreign exchange
116, 253, 366,
489. 629, 756, 896,1016,1141,1262,1384,1504
Reserves, note circulation, and. deposits, 19.1.3,
1918, and 1922
'
758
Russia's debt to
938
Wholesale prices
325,443,
580, 710, 837, 967.1090, J212,1214, .1338,1456
Revised index numbers
j21 ;
>
Bills discounted and bought. (See Discount and
open-market operations.)
Bills of exchange drawn against actually existing
values, within meaning of section 1.3 of Federal
reserve act, ruling on
1286
Bolshevik government. (See Russia.)
Bonds, Treasury, of 1947-1.952, issue of
1272,1296
Allotments and subscriptions, by Federal reserve districts
*
.
1273
Boots and shoes, production
338,
458, 595, 725, 855, 983, . 112,1230,1355,1474
1
Branches, foreign, of American banking institutions. .1298
Brazil:
Banco do Brasil, condition of
570. 698, 823,1192
Budget
957, .1074,11.92,1317
Centennial exhibition
699
Coffee prices, bill for protection of
957
Coffee crop
1072,1316
Condition of principal banks
698,1073
Debt....
823,11.93
Economic and financial conditions
566,
694. 822, 955,1072,1191,1316
Foreign exchange
567. 569, 696, 957,1073
Index numbers
116, 253, 366,
489, 629, 756, 896,1016. .1141,1262,1384,'1504
Foreign trade. 566, 696, 699, 955,1191,131.6, 1347,1466

INDEX TO VOLUME 8.

Ill

Pa
Page.
Brazil—Continued.
s° • Business and financial conditions—Continued.
Russia
1200
Government
finances
823,1317
Salvador
1442
Loans floated
567, 823
Sweden
45,119,259, 377,426,492, 637,
Monetary conditions
1318
690, 763, 899, 951,1019,1149,1265,1387,1508
Railway statistics
698,1193
United States
,
10,132,271,
Reserves, note circulation, and deposits, 1913.
390, 504, 649, 776, 902, 910,1032,1159,1267,1274,1398
1918, 1922
.' 758
(See also Physical volume of trade; Retail
Brick production
338,
458, 595, 725, 855, 983,1112,1230,1355,1474
trade; Wholesale Trade.)
Brussels Financial Conference
124 Business failures. (See Failures.)
Budget:
Argentina
562 Canada:
Chartered banks, condition of, 1913-1921
370
Austria
644
Foreign exchange
116, 253,
Brazil
957,1074,1192,1317
366, 489, 629, 756, 896,1016,1141,1262,1384,1504
Chile
959
Foreign trade
1347,1466
Costa Rica
'
1445
Reserves, note circulation, and deposits, 1913,
Cuba
960
1918, 1922
758
Czechoslovakia
1448
Wholesale prices
79,
England
417, 553, 643, 682
83, 220, 224, 325, 329, 443, 447, 580, 584, 710,
France..
187, 305, 554, 643,1433
714,837,842, 967, 971,1088,1090,1098,1206,1209,
Germany
192, 312, 560,1067,1185
1212,1216,1336,1338,1341,1454,1455,1456,1459
Guatemala
«
1441
International price index number, construction
Honduras
1441
of
801
Italy
559,644,1066,1184
.
121
Nicaragua
1444 Cannes Economic Council
Russia
644 Capital:
Salvador
1442
Federal reserve banks. (See Resources and liabilities.)
Sweden
45
Switzerland
644
Member banks. (See Resources and liabiliBuilding operations
18,139,279,
ties.)
397, 511, 656, 784, 918,1040,1167,1282,14.03
State banks admitted to system
50,195,
Building permits
72,215,
317, 431, 571, 700, 829, 921,1043,1169,1285,1407
459, 597, 727, 857,985,1113,1232,1357,1476
Required of national banks in Wisconsin applyBuildings for Federal reserve banks, act limiting
ing for permits to exercise fiduciary powers.. 196
cost of
'830 Capital issues:
Bulgaria:
France
117, 258, 376. 490,
Foreign exchange
116,253, 366,
635, 761, 808, 897, 944,1017,1147,1263,1385,'1506
489, 629, 756, 896,1016,1141,1262,1384,1504
Germany
118, 259, 377,
Reparations treaty
1295
491, 636, 762, 898,1018,1148,1188,1264,1386,1507
Wholesale prices/.
80,220, 325,
Great Britain
39,117, 257, 375, 490,
443, 580, 710, 837, 967,1090,1212,1338,1456
551, 635, 761, 897,1017.1147,1178,1263,1385,1506
Business and financial conditions:
Italy
421, 946,1065,1436
Argentina
314,493, 562, 638,764, 820,
Japan
1388,1509
954,1070,1J50,1189,1266,1314,1388,1509
Sweden
119, 259,
Brazil
566, 694, 822, 955,1072,1191,1316
377, 492, 637,
Central America.
1439 Cars, railway, output 763, 899,1019,1149,1265,1387,1508
70,
Chile
568, 824, 958,1074,1194
214, '339, 459, 596, 726, 856, 984,1112,1231,1356,1475
Costa Rica
1444 Cattle industry, financing of
1171
Cuba
825, 960,1079 Cement production
. 69,
Czechoslovakia
1445
1230, 1355,
Europe, discussion of conditions in
1389 Centra] 213, 338, 458; 595, 725, 856, 983, 1112,conditions 1474
America, financial and economic
France
117,186,258,305,
in
1439
376, 417, 490, 554, 635, 683, 761. 808, 897, 942,
(See also names of individual countries.)
1017,1061,1147,1179, 1263, 1385, 1431,1506
Germany
42,118,191,259,311, Certificates of indebtedness. (See Treasury certificates of indebtedness.)
377,422, 491, 560, 636, 688, 762, 812, 898, 948,
78,
1018,1067,1148,1185, 1264,1386, 1436, 1507 Chain stores, retail trade
219, 341, 463, 601, 731, 860, 988,1116,1235,1360,1479
Great Britain
38,117,184,257,
Charges, collection. (See Clearing and collection.)
303, 375, 415,490, 551, 635, 682, 761, 807, 897,
51
1017,1060,1147,1177, 1263, 1385,1428, 1506 Charters issued to national banks
195, 317, 431, 571, 700, 829, 922,1043,1170,1285,1407
Guatemala
1440
Honduras
1441 Charts:
Index of production in selected basic indusAssets and liabilities of Federal reserve and
tries, construction of, for United States
1414
member banks
93,
Index of trade and production in the United
234, 347, 470, 608, 648, 774, 880, 908,1030,1157
States, construction of
292
Banking in South Africa
1327
Industrial situation in Europe
1389
Cotton consumption and prices
1269
Italy
40.118,188, 258,308,
Debits to individual account
105, 243,
376, 420,491, 556. 636, 686/762, 810, 898, 946.
358, 497, 620, 747, 887,1004,1132,1251,1375,1495
1018,1063,1148,1184,1264,1386, 1435, 1507
Deposits, note liabilities, and cash reserves of
Japan.
119,193, 378,
Federal reserve banks, 1920 and 1921
25
493, 638, 764, 900,1020,1150,1266,1388,1509
Discounted bills, Federal reserve notes, and
Mexico.
1080,1195,1318
total reserves of Federal reserve banks, 1921
Nicaragua
1443
and 1922
864
Norway
119, 260, 378,
Earning assets of Federal reserve banks, 1920
492, 637, 763, 899,101.9,1149,1265,1387,1508
and 1921
24
21739—22
9




IV

INDEX TO VOLUME 8.
Page.

Pago.

Charts—Continued.
Clarke, Chief Justice, Supreme Court of North
Foreign exchange
115, 254,
Carolina, opinion of, in North Carolina par clear367, 488, 628, 755, 895,1015,1140,1261,1383,1504 ance case
701
Revision of
1261 Clearing and collection:
German mark rate
1140,1260,1383,1503
Atlanta par clearance case.
436, 500,1408
Gold imports and exports, United States
661
Cleveland par clearance case
1409
Gold reserves of principal countries
660
Gold settlement fund transactions- Index of domestic business
'..".:
62,
Monthly
108,
205, 294, 454, 591, 721, 852, 979,1108,1226,1351,1470
246, 363, 483, 624, 751, 891,
Pig-iron production and prices
1269
1008,1138,1255,1381,1501
Production in basic industries
1414
Year ending June, 1922
868
Prices of consumers' goods and raw materials.. 1268
North Carolina par clearance case
701
Rediscounting between Federal reserve banks,
Operations of system—
1920 and 1921
28, 29
Monthly
109,
Reserve ratio of Federal reserve banks, 1920
247,362, 484, 625,752,892,
and 1921
31
1010,1136,1256,1379,1499
Sales of chain stores
986,1114,1358,1477
Year ending May, 1922
866
Sales of department stores and mail-order
Par and nonpar list...
109,
houses
858,1233
247, 362, 484, 625, 752, 892,
Silver, price at which currencies meet the
1010,1136,1256,1379,1499
melting point
663
Year ending May, 1922
866
Silver, price of, and wholesale price index
665 Clearing-house bank debits:
Wholesale pricesMonthly
104, 243, 358,
Canada, international index
805
479, 620, 747, 887, 1004, 1132, 1251,1375, 1495
Comparison, United States, with England,
Year ending June 30
870
France, Canada, and Japan
1054 Clearings:
England. 152, 321,439, 577, 706, 834, 965,1086,1208
Argentina
1388,1509
Fluctuations in prices in 18 countries
London banks
117, 257, 375,
during 1920 and 192.1
156
490, 635, 761, 897, 1017, 1147, 1263, 1385, ]506,
France
928
Paris banks
117, 258, 376,
International price index... 1086,1206,1335,1453
490, 635, 761, 897, 10.17, 11.47, 1263, 1.385, 1506
Japan, comparison with other index num1409
bers
1055 Cleveland par clearance case
1.6, 137
United States
55, 197, 320, 438, 576, Clothing industry, monthly reports
276, 395, 509, 654, 782, 9.16, J037,11.64,1279J1401
705,833, 964,1087,1207
452,
United States and England
319, Coal, imports, Sweden
589, 7.19, 846, 975,121.9,1344,1463
437, 574,704, 832, 963,1086
Wood-pulp industry
790 Coal and coke production:
England
86,227,
Wool production and prices
1269
332. 451, 588,718,845,974,
Chattanooga discontinued as a reserve city
922
1103,1218,1343,1430,1462
Check clearing and collection. (See Clearing and
France
86, 227, 333,
collection,)
451, 588, 718, 845, 974, 1104, 1218, 1343, 1462
Chile:
Germany
227. 333, 452, 589,
Banco de Chile, condition of
570
719, 846, 975, 1104, "1219, 1308, ] 313,1344, 1463
Budget
959
Shortage
.'
1308
Business and financial conditions
568,
United States
13, 66,134, 209, 273,
824,958,1074,1194
337,392,457,507. 594,652, 724, 779, 854, 9.13,
Condition of 27 commercial banks
1076,1078
982,1035, IS 11, 1162, 1229,1277, 1354,1400,1473
Cost of living
1079
1308
Debt
1195 Coal situation in Germany
Reparations payments
:
1294
Foreign exchange
568, 824,1074
957,1072,1316
Index numbers
116, Coffee crop, Brazil
Bill for protection of prices
957
253, 366, 489, 629, 756, 896,
1016,1141,1262,1384,1504 Coin. (See Gold and silver.)
Foreign trade
958,1075 Coke production. (See Coal and coke.)
Loans floated
567,569, 825,1194 Collateral for Federal reserve bank notes, year ending June 30
867
Nitrate industry
568, 824,1194
Collateral notes held by Federal reserve banks:
China:
Monthly
90, 231,
Foreign exchange
116,
345, 467, 606, 735, 875, 992,1120,1239.1363,1483
253, 366,489, 629, 756, 896,
Year ending June 30...,
862
1016,1141,1262,1384,1504
Wholesale prices
80, 220, Collection of checks. (See Clearing and collection.)
325,443, 580, 710, 837, 967, Commercial failures:
Argentina
316, 493,
1090,1099,1212,1338,1456
638, 764, 822, 955, 1071, 1150, 1266, 1388, 1509
Circulation:
Czechoslovakia
1451.
Federal reserve notes. (See Federal reserve
Norway
119, 260,
notes.)
378, 492, 637, 899, 1019, 1149, 1.265, 1387, 1508
Selected countries, 1913, 1918, and 1922
758
Sweden
119, 259, 377,
(See Currency.)
492, 637, 763, 899, 1019, 11.49, 1265, 1387, 1508
Circulation, reserves, and deposits:
United States
51, 195, 317
Federal reserve b a n k s 431, 571, 700. 831, 921,1043,1170,1285,1405,1468
Monthly
955
1893-94, 1907-8, 1920-1922
901
235, 350,471, 610, 739, 879,
996,1124,1243,1367,1487 Commercial paper:
Year ending June 30
862
Discounted by Federal reserve banks
87,228,
Selected countries, 1913, 1918, and 1922
758
343, 465, 603, 733, 872, 989,1118,1237,1361,1481




INDEX TO VOLUME 8.
Commercial paper—Continued.
1'age.
Held by Federal reserve banks:
Each month
90, 231, 345,
467, 606., 735, 875, 992,1120,1239,1363,1483
Year ending June 30
862
Condition statements:
Argentine banks
316, 493, 570,
638, 764, 822, 955, 1150, 1191, 1266, 1388, 1509
Banco de la Nacion
570, 955
Buenos Aires banks
822,1191
Bank of Belgium, 1913-1921
256
Bank of Netherlands, 191.3-1921
257
Bank of Spain, 1913-1921
256
Brazil Banco do Brasil
570, (598, 823,1192
Commercial banks
698,1073
Canadian chartered banks, 19.13 192!
370
ChileBanco de Chile
570
Commercial hanks
1076,1078
Denmark—
National Bank of Copenhagen, 1913-192L. 370
England —
Bank of England
254, 381
Joint stock banks
416,1177
e
Federal reserve banks
96, 236,
351, 472, 61.1. 740, 880, 997.1244,1368,'1488
Comparison, May, 1921, and May, 1922.... 863
Monthly review'..... 9. 94,130/233, 269. 347, 388,
469.502,608.646,737,773, 877, 907. 993,
1029, 1.122. 1156, 1241, 1365, 1396, 1485
Review, year 1921...'
'
1. 22
Review, year ending June 30, 1922
765, 862
France—
Bank of France
117,
255, 258, 376,381,490,635, 685, 761,
897'. 944; 1017.1147,1263,1.385,1506
1913-1921
'....'.
255
Annual report for 1921
427
Commercial banks
1062
Germany—
Commercial banks
950
Reichsbank
118. 255, 259, 377. 381, 491. 636,
689, 762, 898, 1018, 11.48, .1264,1386,1507
1913-1921
255
Italy—
*Uanca di Sconto
190, 310, 686,810
Bank of Italy, 1913-1921
368
Banks of issue and private banks
118, 258,
376, 49], 636, 762, 898,1018,
1066, 1148, 1264, 1386,1507
Japan—
Bank of Japan
119,194, 367, 378, 493,
638, 764, 900,1020,1150,1266,1388,1509
1913-1.921
367
Tokyo banks
119.194, 367, 378, 493, 638,
764, 900,1020.1150,1266,1388,1.509
Member banks
'.
101, 240, 355,476, 616,
744, 884,1.001,1128.1248,1372,1492
Abstract of
'.
371, 630, 870, 1142
Monthly review
8,101,130. 233, 269, 347, 388,
469. 502, 61.6, 646, 737, 773, 877, 907. 993,
1029, 11.22, 1156, 1.241, 1365, .1396, 1485
Year ending June, 1922
869
Netherlands, Bank of, 1913-1921
257
Norway—
Bank of Norway, 191.3-1921
369
Norges Bank.. *
119, 260, 378.
492, 637, 763, 899,1019,1149,1265,1387,1508
Private banks
763,
899,1019,1149,1265,1387,1508
Sweden—
- Bank of Sweden, 1913-1921
369
Joint-stock banks
119, 259, 377,
492, 637, 763, 899, .1019,1149, .1265,1387,1506




Condition statements—Continued.
Sweden—Continued.
Riksbank
119, 259, 377,492, 637,
694, 763, 899,101.9,1149.1265,1387,1508
1913-1922
694
Switzerland National Bank, 1913-1921
368
ConferenceAgricultural
264
Brussels Financial
124
Genoa.
642
Governors and Federal reserve agents
646,1272
Hague
935,1021
Cooperative marketing associations, eligibility of
paper of
".
931,1044
Copper production
67, 211,
337, 457, 594, 724, 855, 982,1L11,1229,1354,1473
Corn crop:
1921
202
1922
861,984,1117,1236,1349
Corporation securities, foreign, loans on, placed in
the United States
I
1050
Cost of living:
Austria.
1342,1461
Belgium
1217,1342,1461
Chil c
1079
France
307
Germany
84, 225, 330, 448, 584,
714, 842, 971,1100,1187,1217,1342,1461.
Great Britain
;
84, 225, 330, 448,
584. 714, 842. 971,1100.1217,1342,1461
India
'.
1
'..... 1342^ 1461
Italy
.1063
New Zealand
1461
Poland
1342,1461
•South Africa
1342,1461
Switzerland
1217,1342,1461
Costa Rica:
Budget
1445
D obt
1445
Monetary conditions
1444
Cotton:
Crop
202, 861, 984,11.17,1236
•Monthly reports on
11,133, 272, 391,
505, 650, 777, 9.1.1,1033,1160,1275,1399
Fabrics, production and shipments
74,850,
978,1107,1224,1350,1469
Imports—
France
86,227,333,451,
588, 71.8, 845, 974,1104,1218,1.343,1462
Germany
227, 333, 452, 589,
719, 846, 975,1104,1219,1344,1463
Manufactures. England, exports
86, 227, 332, 451,
588, 718, 845, 974,1103,1218,1343,1462
Stocks—
France
1343,1462
Great Britain
86, 227, 332,451,
588, 718, 845, 974,1103,1218,1343,1462
United States
68, 211, 337,457,
594, 724, 855, 982,1111,1229,1354,1473
Textile industry
14,136, 275, 394,
" 508, 653, 781, 915,1036,1163,1278,1401
Yarns, Japan
1220,1345,1464
Cotton factors' paper, eligibility of
432
Cotton seed, stocks
64, 208, 336, 456,
593,723,853, 981,1110,1228,1353,1472
Courts, decisions of, in par clearance cases:
Atlanta
436, 500,1408
Cleveland
1409
North Carolina
701
Credit:
Agricultural—
Crop-moving season
11.51
Discussion of
2, 261, 498, 771,1151
Export situation in relation to
267
'Federal Advisory Council on
263

VI

INDEX TO VOLUME 8.

Credit—Continued. m
Agricultural—Continued.
Federal Reserve Board on
264, 267
Joint Commission of Agricultural Inquiry,
work of
262
Questionnaire of Department of Agriculture
266
Cattle industry
1171
Discussion of
2,3,124,
261, 498, 642, 765, 771, 901,1151
Foreign
124,
282, 386, 642, 906, 938,1021
Brussels Conference
124
Genoa Conference
642
Germany
1395
LamonK Thos. W., on
644
Russia
642,938,1021
State Department on
282, 386
Study of
795
Ter Meulen plan
124
Frozen loan problem
." - - 2, 771
Live-stock industry
1171
Tobacco industry
285,403
Wood-pulp industry
787
(See also Loans.)
Credit information, foreign, method of handling.... 795
Credit insurance, study of
.- 667
Credit practice of Belgium. Holland, and Italian
banks
'.
410
Credit practice of German banks
158
Credit practice of Japanese banks
296
Credit Union, Germany
43
Crops:
Argentina
1072
United States—
Carry-over
1152
Crop-moving credit problem.
1151
Estimates
202, 861, 984,1117,1236,1349
Price and production, 1921 and 1922
1152
Cuba:
Budget
^
960
Debt
..m
-- 645,962
Economic and financial conditions
825,960,1079
Foreign currencies imported and exported....
962
Foreign exchange
116, 253, 366,489,
629, 756, 896,1016,1141,1262,1384,1504
Foreign trade
826
Legislative program
1079
Liquidation of banks
828
Moratorium
827
Population
825
Sugar production
826
Currency:
Costa Rica
1444
Cuban imports and exports
962
Czechoslovakia
1447
German decree forbidding the billing and paying in foreign currency
1436
Guatemala
1440
Honduras
1441
Mexico
1318
Nicaragua
1444
Received from and paid to member and nonmember banks, 1921-22
867
Report of financial commission of Genoa Conference on reform of
678
Russia
1200
Salvador
1442
South Africa
1324
United States
112, 251, 364, 486,
626, 753, 893,1011,1138,1258,1381,1501
June 1,1921, Dec. 1,1921, and June 1,1922. 769
Czechoslovakia:
Budget
1448
Crown, value of
1394,1448
Factors influencing
1449
Currency situation
1447




Czechoslovakia—Continued.
Debt to United States
Economic conditions in
Failures, commercial
Foreign exchange

Page.
645
1445-1452
1451
116, 253, 366,489,

629, 756, 896,1016,1141,1262,1384,1504

Foreign trade
1449
Industrial situation
1450
Labor situation
1452
Number of workers, in chief Industries
1446
Output of chief industries
1446
Relation to succession States
1445
Retail price index and value of dollar as expressed in crowns
1450
Retail prices
1461
Unemployment
1451
Dairy products
336,
456, 593, 723, 853, 981,1110,1228,1353,1472
Debits to individual account:
Monthly

104, 243,358,
479, 620, 747, 887,1004,1132,1251,1375,1495

Year ending June 30
870
Debt:
Argentina
316,493, 638, 764, 954.1071,1189
Brazil
'. 823,1193
Chile
1195
Costa Rica
1445
Cuba
645, 962
Foreign countries to United States
1.28, 645
France
117,188,258,376,
490, 635, 761, 897,1017,1026,1147,1263,1385,1431
M. Poincaire on
1026
Germany
1185
. (See also Reparations.)
Great Britain
'.
117, 257,375,490,
635S 643, 761, 897,1017,1147,1263,1385,1506
Secretary of Treasury on
1024
Guatemala
'
1440
Honduras
1442
Interallied—
French views on
1026
Lord Balfour on
1047
Lloyd George on
1025
Secretary of Treasury on
1024
Italy
"
.
.
118,189,258,376,491,
636,762,898,1018,1148,1184,1264,1386,1507
Japan
1388,1509
Nicaragua
1444
Salvador
1443
Sweden
47,48,119, 259, 377,
492, 637, 763, 899,1019,1149,1265,1.387,1508
Russia
645,683,937
Repudiation of foreign debts.
683, 938
To Belgium
938
To France
683
To Italy
939
To United States
940
World War Foreign Debt Commission, act
creating
386
Decisions of counsel for Federal Reserve Board.
(SM Rulings.)
Decisions of courts in par clearance cases:
Atlanta
436, 500,1408
Cleveland
1409
North Carolina
701
Denmark:
Foreign exchange
116,253,366,
489, 629, 756, 896,1016,1141,1262,1384,1504
Foreign trade
1466
National Bank of Copenhagen, condition of,
1913-1921
370
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Wholesale prices
79, 220,325,
443,580, 710, 837, 967,1090,1212,1338,1456
Department of Agriculture, questionnaire of, on
agricultural credit
266

INDEX TO VOLUME 8.

VII

Department of State:
Page. Discount and open-market operations of Federal Page,
Letter of, to bankers, relative to foreign loans
reserve banks—Continued.
placed in the United States
386
Government securities—
(See also Secretary of State.)
Holdings of—
Department stores, retail trade
7.8, 219, 341,
Each month
89, 231, 345, 467,
463, 601, 731, 860, 988, 1116,1235,1360, 1479
606, 735, 875, 991,1120,1239,1363,1483
Deposits:
?
Year ending June 30
862
SavingsPurchase of—
France
117,258,376,490,
Each month
87, 228, 342,464,
635,761, 808, 897,1017,1147,1263,1385,1506
603,732,872,989,1118,1237,1361,1481
Italy
421,1066
Year ending May, 1922
865
Sweden
,.
427
Live-stock paper—
United States
602,
Discount of
87, 228, 343,465,
732, 848, 976,1105,1224,1349,1467
603,733, 872,989,1118,1237,1361,1481
Selected countries, 1913,1918, and 1922
758
Holdings of—
Deposits, reserves, and note circulation:
Each month
90, 231, 345,467,
Federal reserve banks—
606,735, 875, 992,1120,1239,1363,1483
Monthly
95, 235, 350,
Year ending June 30
862
471, 610, 739, 879, 996, 1124, 1243, 1367, 1487
Municipal warrants purchased
87, 228,
Year ending June 30
862
342.464, 603, 732, 872, 989,1118,1237,1361,1481
Selected counties, 1913, 1918, and 1922
758
Year ending May, 1922
865
Directors of Federal reserve banks, election of
50
Number of member banks accommodated—
Discount and open-market operations of Federal
Monthly
87. 228,, 343,
reserve banks:
465, 603, 733, 865, 872, 989,1118,1237,1361,1481
Acceptances—
Year ending May, 1922
865
Amounts discounted
87, 228, 343,465,
Rates of discount on bills discounted
88, 229,
603, 733,872, 989,1118,1237,1361,1481
343.465, 604, 733, 873, 990,1119,1238,1362,1482
Amounts held—
Year ending May, 1922
865
Each month
90, 232, 346,468,
Rates of earnings on earning assets—
607, 736, 876, 992,1121,1240,1364,1484
By months
89,231,
Year ending June 30
862
345.467, 606, 735, 875, 991,1120,1239,1363,1483
Amounts purchased—
Year ending May, 1922
865
Each month.
88, 229, 344,466,
Rediscounts between Federal reserve banks. 26, 98, 865
604.734,873,990,1119,1238,1362,1482
Volume of operations
87, 228,
Year ending May, 1922
865
342,464, 603, 732, 872, 989,1118,1237,1361,1481
Agricultural paper—
Year ending May, 1922
865
Amounts discounted
87, 228, 343,465, Discount rates:
603, 733, 872, 989,1118,1237,1361,1481
Federal reserve banks—
Amounts held—
Comparison, 1921 and 1922
866
Each month
90, 231, 345,467,
Discussion of
500,768
606.735, 875,992,1120,1239,1363,1483
In effect, monthly
112, 251, 364,486,
Year ending June 30
862
626, 753, 893,1011,1137,1258,1380,1500
Bills discounted—
France, Bank of
420
Each month
87, 228, 343,465,
German Reichsbank... J
1070,1438
603, 733,872,989,1118,1237,1361,1481
Great Britain
39,117, 257,304,375,490,
Year ending May, 1922
865
635, 761, 807, 897,1017,1147,1177,1263,1385,1506
Bills held—
Japan
119,194,
Each month
90, 231, 345,467,
378,493, 638, 764, 900,1020,1150,1266,1388,1509
606.735,875,992,1120,1239,1363,1483
Margin between rates charged by member banks
Year ending June 30
862
and Federal reserve banks
266
Collateral notes held—
Prevailing in various centers
113, 252,
Each month
90, 231, 345,467,
365, 487,627,754, 894,1014,1139,1259,1382,1502
606, 735, 875, 992,1120,1239,1363,1483 Discounting for State member banks, amendment to
Year ending June 30
862
Federal reserve act limiting
831, 933
Commercial paper discounted
87, 228. 343,465, Discounts of Federal reserve banks, selected dates,
603, 733, 872,989,1118,1237,1361,1481
1919-1922
403
Commercial paper held—
Dividends of State bank members
757,1505
Each month
90, 231, 345,467, Dividends paid by Federal reserve banks:
606, 735, 875, 992,1120,1239,1363,1483
Calendar year 1921
146
Year ending June 30
862
Six months ending June, 1922
1013
Dollar exchange bills held
90, 232, 346,468,
January, 1921-June, 1922
865
607.736, 876,992,1121,1240,1364,1484 Division of Analysis and Research:
Earning assets held—
Stewart, W. "W., appointed director
1031
Each month
89, 231, 345,467,
Transfer of, to Washington.
389
606, 735, 875, 991,1120,1239,1363,1483
Willis, II. Parker, resignation as director...
389
Year ending June 30
862 Dollar account, credit to, during Government conEarnings from each class of earning assets
89, 231,
trol of foreign exchange, 1918-19
181
345, 467, 606, 735, 875, 991,1120,1239,1363,1483 Dollar exchange:
Government obligations, paper secured by—
Bills held'by Federal reserve banks
90, 232,
346.468, 607, 736, 876, 992,1121,1240,1364,1484
Discount of
87, 228, 343,465,
Countries on which drafts are authorized
50, 680
603, 733, 872, 989,1118,1237,1361,1481
Holdings of—
Dutch East Indies, wholesale prices in
325,326,
443, 580, 710, 837, 967,1090,1099,1212,1338,1456
Each month
90, 231, 345,467,
606,735,875, 992,1120,1239,1363,1483 Dyes and dyestuffs, German exports
227,
Year ending June 30
862
333,452, 589, 719, 846,975,1104,1219,1344.1463




VIII

INDEX TO VOLUME 8,

Earning and assets of Federal reserve banks:
1'as
Federal reserve act, amendments to Continued.
Vase.
Held each month
89. 231'
Section 10
345, 467, 606, 735, 875. 091,3.120, .1239,1363,1483
lacreasiuu: membership on. federal Reserve
Year ending June 30
86*2
Board.!:
,...
830
Earnings and expenses of Federal reserve banks:
Report of House Banking and Currency
Calendar year 1.92J
1.43
Committee on
501
Six months ending ,1 line, 1922
1012
Limiting cost, of Federal reserve? bank
January, 1921- J une, 1922
865
buildings
830
Earnings of State bank members
757,1505 Federal reserve act of Peru
515
Edge Act, Federal Pacific Banking Corporation
Federal reserve agents:
organized under
1287
Conference of
,.
.
1272
Egypt, wholesale prices in
80, 220,
Dallas—
325, 443, 580, 710, 837, 967,1090,1212,1338,1456
Newsome, \V. V>., appointed
1272
Ramsey, Win. F., death of
1272
Election of directors of Federal reserve banks
50
Electric power production
*.
72, 215, Federal reserve bank notes:
112, 251. 364,486,
337, 457, 594, 724, 854, 982,1111,1229,1354,' 1473 Circulation
(526, 753, 893, JOLl. 1138,1258,1381,1501.
Emigration, Italy
421
June 1, 1921., December 1, 192.1, and June
Employment:
•• 1, 1922
769
Czechoslovakia
1451
Outstanding, and collateral pledged as security,
England
86. 227. 305. 332,
year ending June 30
867
451. 588. 718. 845, 974,1103.1218.1343.1428.' 1462
France
.........
86,227,333. Federal reserve banks:
Buildings, amendment to act limiting cost of. - 830
451, 588. 718, 845, 942, 974,1104, 1218.1343,1462
Condition statements
96, 236, 351, 472,
Germany
227,313,
611. 7 10, 880, 997. 1.125, 1244.1368,1488
333. 452. 589, 719. 846. 975.1104.1219.1344.1463
Comparison, Mav, .1921, and May, 1922.... 863
Italy
...............
'.. 421. 947,1063
Review, 192 L. .*.
*
1, 22
Sweden
452. 589. 719, 846, 975.1219. 13<R 1463
Review, year ending June 30, .1922
765, 862
United States
'....'
1.9, 140,
Directors, election oi'
50
280, 397, 511. 657. 784, 919,1040.1167, 1282.1405
Discount and open-market opera!ions. (See
Empire Trust Co., Xew York City, foreign branches
same.)
of
"
1299
1) iscount rates—
England. (Sec Great Britain.)
Comparison, 1921 and 1922
866
Equitable Eastern Banking Corporation, New York
Discussion of
500, 768
City, foreign branches of
1299
In effect, monthly
112,251,364/486,
Equitable Trust Co., New York City, foreign
626, 753, 893,101.1,1137,1258,1380,1500
branches of
1299
Dividends—
Esthonia, debt to United States
645
Calendar year 1.921
146
Europe, industrial and financial conditions, in . . . 1389
Sin months ending June, .1.922
101.3
(See also names of individual countries.)
January, 1921-June, 1922
865
learnings and expenses—
Evans, Judge Beverly I)., opinion of, in Atlanta par
Calendar year 1921
143
clearance case
*
436, 500
Six months ending June, 1922
10.12
Exchange, foreign. (See Foreign exchange.)
January, 1921-J une, 1922
865
Executor, administrator, etc.
(See 'Fiduciary
Fiscal agency expenditures—
Powers.)
Calendar year 1921
146
Export situation in relation to agriculture
267
Six months ending June, 1922
101.3
Export trade. (See Foreign trade.)
January, 1921-June, 1922
805
Exports. (See Foreign trade; Imports and exports.)
Franchise tax paid to Government, year 1921.. 146
Failures, commercial:
Governors, conference of
646,1272
Argentina
493, 638, 764,
Rediscounting between
26, 98, 865
822, 955,1.071,1150,1190,12(;0,1388,1509
Reserve ratio":
9,13.1, 270, 389, 503,
Czechoslovakia
14 51
648, 770. 775, 863, 909,1031.1.158,1367,1487
Norway
119. 2(-0, 378
Actual and adjusted, .1.920 and 1921
30
492, 637, 899.101.9,1149.1265.1387,1.C08,
Year ending June 30
,
863
Sweden
"119. 259, 377,492,
Reserves—
637. 763. 899,1.019,1149,1265.1387,1508
Gold, interdistrict movement of
4.00
United Stales
51,195. 317,431. 571. 700,
1919-1922, selected dates
403
831, 901, 921,1043.1170,1285.1405,' 1468
Reserves, deposits, and note circulation—
1893-94, 1907-8, 1920-22....'.. 1
90i
Monthly
95,235,350,
Farm products, England, prices of
1429
471, 610, 739, 879, 996, !124,1243,1367,1487
Farmers Loan & Trust Co., New York City, foreign
Year ending June 30
862
branches of
!
1299
Review of operations—
Federal Advisory Council:
Year 1921
I, 22
O n agricultural credit
2'63
Six months ending June 30, 1922
765
Wade, Festus J., elected member
775
Surplus account, year 1921
1.40
Watts, F. O., resignation as member
775
(See also Condition statements: Discount and
Federal farm loan act, amendment to, recommended
open-market operations: Reserves.)
^ by Joint Commission of Agricultural Inquiry
318 Federal Reserve Board:
Federal Pacific Banking Corporation organized unAmendment to act, increasing membership
830
c
der provisions of Edge A ct
.
1.287
Report of House Banking and Currency
Federal reserve act, amendments to:
Committee on
501
Section 9—Limitation on discounting for State
Conference with governors and Federal reserve
banks. . . . . . . . . , . . . , . , . „ „
, ' . „ , , . , , 831, 933
agents
".
646,1272




INDEX TO VOLUME 8.

IX

Paac
Federal Reserve Board—Continued.
ru-go. Foreign exchango-—Continucd.
•
Division of Analysis and Research
Hoover. Herbert, on
122
Stewart, Walter \ \ \ , appointed director. . , .1031
Index numbers
116, 253, 366,
Transfer of, to Washington
389
488, 628. 755. 895. 101.5, 1140, 1260, 1383,1503
Willis, II. Parker, resignation as director ..
389
Revision of...'
1260
1 iOgan, W. S., resignation as counsel
1158
I n(er-American High Commission, statement
Rulings of. (See Rulings.)
by, on
."
122, 1.53
Views on bill recommended by Joint CommisI j-alV
380.1028,1064
sion of Agricultural Inquiry
3.18
Norway
1.19, 260, 378, 492, 637
Views on agricultural credits'!
264, 267
Operations during Government; control in the
Wyatt, Walter, appointed counsel
1.158
United States
163, 528
Federal Reserve Bulletin, request for copies of
1397
Purchases and sales during Government conFederal reserve notes:
trol in the United States
170-183, 530
Circulation
95,112, 235, 251, 350, 364,
Report of financial commission of Genoa con471, 486, 610, 626, 739, 753, 879. 893. 996,1011,
ference
678
1124, 1138, 1243, 1258, 1367. 1381, 1487, 1501
Stabilization
127, 640
1919-1922
.........
403
Swedish krona
119, 259, 377.
June 1, 1921, December 1, 1921, and June
492, 637, 763, 899.1.019,11.49,1265,1387,1508
1,1922
769 Foreign loans:
Year ending June 30
862
Debts to United States by foreign governFederal reserve agents' accounts
100, 239,
ments
128, 645
354, 475, 615, 743, 883,1000,1128,1247,1371,1491
French loans held in the United States
419,11,81
I nterdistrict movement of, 1917-1921
403
Placed in the United States.. 386, 419, 644,1027,1050
Retirement of
1155
Lamo.nl, Tlios. W.. on
644
Fiduciary powers:
State Department on flotation of
' . . . 282, 386
Capital required of national banks in Wiscon(See Loans, foreign; Credits; Debts.)
sin applying for permits to exercise
196 Foreign trade:
Granted to national banks
50,195,
Argentina
428, 565, 587, 717, 821,1190,1314
317, 431, 571, 700, 829, 921,1043, 1170,1285, 1.407
A uthority to purchase, form of
299, 414,
Reserves against trust funds held by national
Brazil...".
566, 696. 699, 955.1.191,131.6,1347,1466
banks.
!
572
Canada
'....'....'.
1347,1466
Financing:
Chile
958,1075
Live-stock industry
, 1171
Credit information. study of
795
Tobacco industry.
285, 403
Credit practice of Belgian, Holland, and
Wood-pulp industry
792
I talian banks
"....'
410
Finland:
Credit practice of German banks
158
De bt to United. States
645
Credit practice of Japanese banks
296
Foreign exchange
116, 253, 366.
Cuba.
826
489, 629, 756. 896,1016,11.41,1262,1384,1504
Czechoslovakia
1449'
Reserves, note circulation, and deposits, 1913.
Discussion of
129
1918, and 1920
/
......'
758
Denmark
1466
Wholesale prices
80, 220
France.....
85,226,
First National Bank. Boston. Mass.. foreign branches
307, 331, 418, 449, 585, 715, 809, 843, 944,
of
'.
1299
972, 1027, 1102, 1179, 1221, 1346, 1392, 1465
Fiscal agency expenses of Federal reserve banks:
Germany
6,85,
Calendar year 1921
146
226, 332, 382,450, 497, 586,690,716,813, 815, 844,
Six months ending June. 1922
.1.013
973, 1024, 1027, 1102,1186, 1222, 1346, 1393,1465
January. 1921-Juiie, 1922
865
Great Britain
84,
Flour:
184, 225, 305, 330, 382, 449, 552, 585, 715, 808, 843,
Monthly reports on the industry
J 2.134. 273.
972. 1027, 1060, 1101, 1220, 1345, 1391,1428, 1464
392, 506, 651, 778, 91.2,1034,1.161,1.276,' 1401
India....'
1347,1466
Receipts and shipments
63, 64, 206, 335,
Italy
40,
455, 592, 722, 853, 980. 1109, 1227, 1352, 1471
85, 226, 331, 420, 450, 586, 716, 844,
Foreign branches of American banking institutions.. 1.298
973, 1027, 1064, 1101, 1221, 1347, 1466
Foreign business and financial conditions. (See
First 6 months of 1921
40
Business and financial conditions.)
Japan
85, 226,
Foreign credit information, method of handling
795
331,450,586,716, 844,973,1101,1221,1347,1466
(See also Credit, foreign.)
Letters of credit
158, 296,410
Foreign exchange:
Mexico
1198
Arbitrage transactions, 19.1.8 and 19.1.9
534-542
Netherlands
1347,1466
Argentina
31.6.
Norway.. 85, 226, 331,450, 586, 716, 844,973,1101,1221
493, 566, 569. 638. 764. 822.1071.1150.1.266
Russia.
940
Brazil
567, 569, 696. 957J 1073
Securities, transactions in, 1918 and 1919
543-548
Chile
568'. 824,1074
South Africa
1324
Czechoslovak crown, value of
1394,1448
Sweden
85, 226,
Discussion of
'.
6.127. 379, 640, 1028
331,450, 586, 716, 844, 973,1101,1221,1347,1466 .
France
380,418. 810, 945. 1028,1179
Trade bills in financing
522
Germany
'. 308. 423, 561,11.85
Trust receipt in financing
32, 299
Decree regulating buying "hi foreign exUnited States
1103,1222,1347,1466
change
\
1436
Index of
59, 201,
Mark depreciation
11.85.1436
334,453,590,720,848, 976,1105,1223,1348,1467
Great Britain
304, 380, 552, 807,1028', .11.78
Monthly reports
22,142,
Exchange value of pound sterling.'. 117,257, 375,
281, 399, 513, 658, 786.921.1042,1169,1284,1406
490, 635, 761, 897,1017,1147,1263,1.385,1506
With Europe, 1913-1922
382
High and low rates during year 1921
114 Foreign trade corporations, Russia
940




INDEX TO VOLUME 8.
Forms:
Page. France—Continued.
PageBailee receipt
36
Russia's debt to
683, 938
Credit insurance policy
668
Savings bank deposits
117, 258, 376, 490,
Foreign credit information
799,800
635, 761, 808, 897,1017,1147,1263,1385,1506
Foreign exchange operations during GovernSecurities placed on market.... 117, 258, 306.376,490,
ment control
167,168
635, 761, 808, 897,1017,1147,1263,1385,1506
Letters of credit
160,297,410
Shipping
'
1343,1462
Trade bills
523
Silk imports
86,227,333,
Trust receipt
35
451, 588, 718, 845, 974,1104,1218,1343.1462
Taxation
306,555,1434
France:
Unemployment
86. 227, 333, 451,
Acceptance liabilities of banks
284
588, 718, 845, 942, 974,1104,1218,1343,1462
Army of occupation
1433
Bank of France—
Wholesale prices
79,81,220,
Annual report for 1921
427
222, 307, 325, 327, 443, 445, 580, 582, 686,
Condition of
117, 255,
710, 712, 837, 841. 922, 967, 969, 1088, 1090,
258, 376, 381, 490, 635, 685, 761,
1094, 1179, 1206,' 1209, 1212, 1215, 1336,
897, 944, 1017, 1147, 1263, 1385, 1506
1337, 1338, 1340, 1454, 1455, 1456, 1458
1913-1921
255
International price index, construction of.
922
Budget
.
. . 187, 305, 554, 643,1433 Franchise tax paid to Government by Federal
Business and financial conditions
117,186,
reserve banks
146
258, 305, 376, 417, 490, 554, 635, 683, 761, 808, 897, Freight rates:
942, 1017, 1061, 1147, 1179, 1263, 1385, 1431, 1506
Ocean
59, 202. 339,
Capital issues
117.258,376,490,635,761,
. 460, 598, 728, 849, 977,1106,1224,1348,1468
808, 897,944,1017,1147,1263,1385,1506
Railway, in England
1302
Clearings of Paris banks
117, 258, 376,490, 635,
(See also Railway statistics.)
761, 897,943,1017,1147,1263,1385,1506 Frozen loan problem
2, 771
Coal imports
86, 227, 333,451, 588, Fruit industry, monthly reports on
11,133, 272,
718, 845, 974,1104,1180,1218,1343,1462
391, 505, 651. 778, 912,1034,1161.1275,1399
Condition of commercial banks
1062 Fruits, shipments
65. 208, 336,
Cost of living
307
456? 593, 723; 854, 981,1110,1228,1353,1472
Cotton imports
86, 227, 333,451, Genoa International Conference
121,
588,718,845,974,1104,1218,1343,1462
m 303, 385, 495, 549, 639, 678, 681,1021
Cotton stocks
1343,1462
Invitation to United States Government to
Credit National loans
306
attend
385
Debt
117,188, 258, 376,490, 635, 645, 683,
Memorandum to Russian Government
549
761, 897,1017,1147,1263,1385,1431,1506
Report of financial commission
678
Of Russia, to
683
Russia's reply to note
681
To United States
645 Germany:
Discount rates of Bank of France
420
Bank act, amendment
fo>.
522
Economic conditions during first 6 months of
Banking conditions during 1921
949
1922
942
Budget
192, 312, 560,1067,1185
Foreign 'exchange.".*......" 380," 418," 810," 945,1028.1179
Business and financial conditions
42,118,191, 259
Index numbers
116, 253, 366,
377, 422, 491, 560, 636, 688, 762, 812, 898, 948,
489, 629, 756, 896,1016,1141,1262,1384,1504
1018,1067,1148,1185,1264,1386,1436,1507
Foreign trade
85, 226,
Capital issues
118, 259, 377, 425, 491,
307, 331, 382, 418, 449, 585, 715, 809, 843, 944,
636, 762, 898,1018,1148,1188,1264, "1386,1507
972, 1027, 1102, 1179, 1221, 1346, 1392,, 1465
Coal production and exports
227, 333, 452. 589,
Industrial activity, index of
86, 277, 333,
719, 846, 975,1104,1219,1308,1314,1344,' 1463
451, 588, 718, 845, 974,1104,1218,1343.1462
Coal situation
1308
Interest rates
306, 419, 554
Condition of principal banks
950
Investments in Russia
683
Cost of living
84, 225, 330, 448,
Investments in Turkey
1182
584, 714, 842, 971,1100,1187,1217,1342,1461
Iron and steel production
86, 227, 333,
Cotton imports
227,
451, 588, 718, 845, 974,1104,1218,1343,1462
333, 452, 589, 719, 846, 975,1104,1219,1344,1463
Loans held in the United States
1181
Credit practice of banks i n .
158
Loans placed in New York
419
Credit shortage
1395
National defense bills, interest rates
306
Credit Union
43
Pig-iron production
943
Darlehnskassenscheine in circulation.... 118, 259, 377,
Poincare on interallied debts
1026
491, 636, 762, 898,1018,1148,1264,1386,1507
Price of 3 per cent rente
117,258,376,
Debt
1185
490, 635,761, 897,1017,1147,1263,1385,1506
(See Reparations.)
Prices, food
.
686
Decree forbidding the billing and paying in
Railway situation
1303-1308
foreign currency.
1436
Current operations
1307
Discount rates of Reichsbank
1070,1438
Operations during the war
1304
Dyes, exports of
227,
Size of principal lines
1303
333,452, 589, 719, 846, 975,1104,1219,1344,1463
Railway statistics
588,
Foreign control of finances
1067
718, 845, 944, 974,1104,1218,1343,1462
Foreign exchange
116, 253,
Reparations payments to
555, 945,1063,1433
308, 366, 380, 423, 489, 561, 629, 756, 896,
Reserves, note circulation, and deposits, 1913,
1016, 1141, 1185, 1262, 1384, 1436, 1504
1918, and 1922
758
Foreign trade
6, 85,
Retail prices
84,225,330,
226, 332. 382, 450, 497, 586, 690, 716, 813, 815, 844,
448, 584, 714, 842, 971,1100,1217,1342,1461
973,1024,1027,1102,1186,1222,1346,1393,1465
Revenues
117, 258, 376, 490, 635,
Gold prices
313
761, 897,1017,1147,1263,1385,1433,1506
Government employees
'. 1070




INDEX TO VOLUME 8.

XI

Germany—Continued.
Government securities:
Page.
Industrial activity, index of
227,
Foreign, floated in the United States
282,
333, 452, 589, 719, 846, 975,1104,1219,1344,1463
386.419, 420, 644,1027,1050
Iron and steel imports and exports
227,
333, 452, 589, 719, 846, 975,1104,1219,1344,1463 Prices—•
Germany
45,118. 259. 377, 424, 491. 636,
Loan, forced, to meet reparations
812
Loan, international, failure of
812
762,898,10J8,1148,1188.1264,1386,1507
• Mark quotations
1024,1185,1436
Great Britain
39
Money stringency
1187
Italy
118, 258, 309, 376, 491, 636,
Moratorium
1022,1026
687, 762, 898,947.10 L8,1148,1264,1386.1507
Reichsbank—
Japan
1.388,1509
Amendment to law governing
522, 688
Sweden
119. 259, 377,
Annual report of
951
492, 637, 763, 899,1019,1149,1265,1387,1508
Condition of
118, 255, 259, 377, 381. 491,
(See also Discount and open-market operations;
636, 689, 762, 898,1018,1148,1264,1386,'1507
Foreign loans.)
1913-1921
255
Reparations
38,43,123, 301,311,415,422, Grain:
550, 561, 641, 688, 812, 949,1023,1186,1288,1422 Marketing of
12.133. 273, 392, 506, 651,
Damages Germany is to pay
1292
778, 912,1034,1161,1276,1399
Government's note to Reparations ComReceipts and shipments
63. 206, 335,
mission
42, 311
455, 592, 722, 853, 980,1109,1227,1352,1471
Reparations Commission memorandum establishing foreign control over finances.. 1067 Great Britain:
Review of lirst three years
1288,1422
Acceptance liabil ities of British banks.. 284, 515,1049
Reserves, note circulation, and deposits, 1913,
Balfour, Lord, on interallied debts.
1047
1918, and 1922
758
Bank of England—
Revenues
45,118,259, 377,
Condition of
254, 381
491, 636, 762,898,1018,1148,1264,1386,1507
1913-1921
254
Securities prices
45,118, 259, 377,424,491, 636,
Discount rates
304, 807
762,898,1018,1148,1188,1264,1386,1507
Budget
417, 553, 643, 682
Ship arrivals
227,333,
Business and financial condition?,. 38,117,184, 257,
452, 589, 719, 846,975,1104,1219,1344,1463
303, 375. 4.15, 490. 551. 635, 682, 761, 807, 897,
Silk imports
975,1104,1219,1344,1463
1017,1060.1147. 1177, 1263. 1385,1428,1506
Taxes. (See Revenues.)
Capital issues
39.117. 257, 375. 490. 551,
Unemployment
227, 313, 333.
635, 761. 897,1017,1147,1178.1263,1385.1506
452,589,719,846,975,1104,1219,1344,1463
Clearings
.'
.'
117, 257, 375. 490,
Wages
1187
635. 761, 897,1017,1147.1263.1385,1506
Wheat imports
227,333.452. 589. 719, 846
Coal production.
86. 227, 332, 451, 588,
'Wholesale prices
79, 82, 220. 222, 325, 327, 443.
718, 845,974,1103,1218,1343,1430,1462
445, 580,582, 690. 710, 712,837,' 842, 948, 967, 970l
Cost of living
84, 225, 330. 448,
1090,1095,1186,1212,1215,1338, 1340, 1456, 1458
584, 714, 842r 971,1100,1217.1342,1461
Comparative, with United States
690
Cotton manufactures, exports
86, 227, 332, 451.
Revision of Frankfurter Zeitung index
1091
588, 718, 845, 974,1103,1218,1343,1462
Wool imports
975.1104,1219,1344,1463
Debt
117. 257, 375, 490,
Gold:
635, 643, 761, 897,1017,1147,1263,1385,1506
Coin and certificates, stock of, in the United
Secretary of Treasury on
•
1024
States
112. 251, 364,
To United States...."
645
486, 626, 753, 893,1011,1138,1258,1381,1501
Deposit and note account
117. 257, 375,490,
Imports and exports—
635, 761, 897.1017,1147.1263.1385.1506
Great Britain
1060
Discount rates
39.117. 257. 304. 375. 490, 635. 761,
United States807, 897., 1017,1147,1177,1263,1385.. 1506
Monthly. ... 7,110,129, 249, 269, 363,387,483,
Expenditures, reduction in
417
501,624,746,751,773,891,907,1009, 1029,
Farm products, prices of
1429
1137,1156, 1257, 1284, 1380, 1406, 1500
Foreign exchange
40, 304, 380. 552, 807,1028,1178
Calendar year 1921
248
Exchange value of pound sterling.. 117. 257, 375,
Fiscal year 1922
871
490, 635, 761, 897,1017,1147,1263,1385,1506
1918-1922
661
Index numbers
116, 253, 366.
Interdistrict movement of
400
489; 629, 756, 896,1016,1141,1262,1384,1504
Prices in Germany
- 313
Foreign loans
551
Production of the world, 1910-1921
660
Foreign trade
84,184, 225,
Reserves of principal countries, 1913-1922.•.. 659, 666
305, 330. 382, 449, 552. 585, 715, 808, 843, 972,
Stock of, in United States
770
1027, 1060, 1101, 1220,1345,1391,1428,1464
Gold-settlement fund transactions:
Freight rates, railway
1302
During crop-moving season
1155
Goddcs' report on Government expenditures. . 304
Monthly
108, 246, 363,
Gold imports and exports
1060
483,624,751, 891,1008,1138,1255,1381,1501
Imports of raw materials
1428
Year ending June, 1922.
868
Industrial activity, index of
86. 227, 332,
Gold standard, restoration of
125, 495, 640
. 451, 588, 718, 845, 974,1103,1218,1343,1462
Government control of exchange operations,
Interest rates
39
1918-19
_
163, 528
Iron and steel production and exports. 86, 227, 332.451,
Government control of railways:
588, 718, 845, 974,1103,1218,1343,1429,1462
England
1300
Joint-stock banks, condition of
415,1177
France
1304
Labor situation
552
Governors of Federal reserve banks:
London clearing-house banks, condition of... 117, 257,
Conference of
646,1272
375, 490, 635, 761, 897,1017,1147,1263,1385,1506
Kansas City—
Lord Balfour on interallied debts
„
1047
Bailey, W. J., elected
909
Lloyd George on interallied debts
1025
Miller, J. Z., resignation of
909




XII

INDEX TO VOLUME 8.

Great Britain—Continued.
Pago. Imports and exports—Continued,
'X'<-Railway situation
1300-1302
Silver—
End of Government control
1300
Monthly
... 7,11!.!30,
freight rales
1302
250, 269. 363. 387, 483. 501. 624. 746,
Railway act of 102.1
J301
751, 773, 891, 907, 1009, 1029, 1137,
Railway statistics
86. 227,
1.156, 1257, 1284, 1380, 1406, 1500
332, 451, 588, 718. 845. 974. 1103. 1218,1429
Calendar year, 1921
248
Reparations
303
Fiscal year, 1922
871
Reserves, note circulation, and deposits, 1913,
Value, selected commodities at 1913 prices.. 59, 201,
1918, and 1922
758
334. 453, 590, 720. 848, 976,1105, .1223, 1348,146/
Securities held in the United States for British
(See also Foreign trade.)
Government
533 Indexes:
Shipping
86,227,332,
Agricultural movements
295,
451. 588, 718, 845, 974.1103.1218,1.343.1429,1462
455, 592. 721. 851. 980,
Stock exchange prices
39
1109, 1227, 1352, 1471
Russia's debt'to
939
Foreign exchange
1.16,
Unemployment
40. 86. 227. 305. 332, 451,
253, 366, 488, 628. 755, 895,
* 588, 718, 845, 974,1103.1.21.8,1343,1428,1462
1015,1140,1260,1383,1503
Wages
305
Foreign trade
59,
Wholesale prices
79. 8]. 220. 222, 321. 325,
201.334,453.590,720.848,
327, 439, 443. 444. 576. 580. 706. 710. 834. 837,
976,1105,1223,1348,1467
841'. 965, 967. 969.1088.1090. .1097.1206,1208,
Industrial activity, England, France, Germany,
1212, 1216.^1336, 1338, 1341, 1454, 1456,1460
Norway, Sweden, and Japan
86,
Construction of index
147
227.332,451.588,718.845,
Revision of Board of Trade index
1460
974,1103,1218,1343,1462
Wool imports
1313,1162
Manufactured goods
295,
Greece:
455. 592, 722, 852, 980\
Debt to United States
645
1109, 1227, 1352, 1471
Foreign exchange
116, 253,
Mineral products
295,
366,489, 629, 756, 896, 1016, 1141.1262,1384; 1504
455. 592. 722. 851. 980,
Reserves, note circulation, and deposits, 1913,
"1109, 1227, 1352, 1471
1918, and 1922
758
Ocean freight rates
59,
Guaranty Trust Co., Xew York City:
202, 339, 460, 598, 728, 849,
Foreign branches of
1299
977,1106, 1224, 1348, 1468
Statement by, on foreign loans placed in the
Production in selected basic industries, conUnited States
386,1050
struction of
1414-1421.
Guatemala:
Physical volume of trade
60,
Budget
1441
203. 335. 454. 591. 720, 851,
Debt
1440
979', 1108, 1226, 1351, 1470
Monetary system
1440
Retail prices and cost of living, selected counPeso quotations
1410
tries.
\
84,
Hague Conference
935,1021
225.330. 448. 584, 714, 842,
Hay crop
'.
202, 861. 984| 1117
971,1100, 12.17,1342,1461
Hides and skins, stocks of
69, 2L3,
Trade and production, construction of
292
338. 458. 595, 725. 855. 982,1111.1230,1355,'1474
Uruguay, prices in
1334
Holland:
Wholesale prices—
Credit practice of banks
410
British price index—
Wholesale prices
80, 220,
Construction of
• 147
325, 443, 580, 710, 837, 967,1090,1212
Revised group index numbers
1460
Honduras:
Comparative, abroad
79,
Budget
1441
220, 325, 443, 580, 710, 837,
Debt
1442
967, 1090, 1212, 1338, 1456
Monetary conditions J
1441
Fluctuations in prices in 18 countries
Hongkong, foreign exchange
116, 253,
during 1920 and 1921
156
366, 489, 629, 756, 896,1016.1141,1262,1384,1501.
Germany, revision of Frankfurter Zeitung
Hoover, Herbert:
index'.
1091
On exchange situation
122
International price index, construction o—
f
On foreign financial situation
642
British..
147
x
Home, Sir Robert, chairman of financial commission '
Canadian
801
of Genoa Conference, report of
678
French
922
Hosiery industry
16,138,
Japanese
1052
277, 395. 509, 655, 782, 916,1038,1165,1280,1402
Sweden, new series
816
Hungary:
United States
55, 56, 79, 80,197,198, 220, 320,
Debt to United States
645
325, 326,438, 443,444, 575, 580, 705, 710, 833,
Foreign exchange
116, 253,
837, 838, 964, 967, 968,1087,1089,1094,1210,
366,489, 629, 756, 896,1016,1141.1262,1384,1504
1212, 1214, 1336, 1338,1340,1454,1456,1457
imports and exports:
Revision of Bureau of Labor Statistics
Agricultural, from the United States
268
index
838,1091
GoldMonthly
7,110.129, India:
249, 269, 363. 387, 483. 501. 624'. 746,
Cost of living
1342,1461
751, 773, 891, 907, 1009, 1029, 1137,
Foreign exchange
116, 253, 366,
11.56,, 1257, 1284, 1380, 1406, 1500
489, 629, 756, 896,1016,1141,1262,1384.1504
Calendar year, 1921
248
Foreign trade
1347^ 1466
Fiscal year, 1922
871
Reserves, note circulation, and deposits, 1913,
1918-1922
661
1918, and 1922
758




INDEX TO VOLUME 8.
p
India—Continued.
*go.
Wholesale prices
80, 83,
220, 224, 325, 329, 443. 447, 580, 584, 710,
714,'837,'967,1090,1099,1212,1338,145(5
Insurance:
Credit, study of
(5(37
.Premiums and losses, three companies, for 10
years
076
Inter-American High Commission, statement by,
on exchange situation
122,153
Interdistrict movement of Federal reserve notes,
1917-1921
.'
403
Interdistrict movement of gold
400
Interest rates:
England
39
France
306, 419, 554
New York City banks
768
Prevailing in various centers
113, 251, 365,
487, 627, 754, 894,1014,1139,1259,1382,1502
(See also Discount rates.)
International Banking Corporation, New York City,
foreign branches..."
1299
International price index, construction of:
Canada
801
French
922
Great Britain
147
Japan
1052
Iron and steel, production, imports, and exports:
England
'
. ' . . . . 86, 227, 332, 451,
588. 718, 845, 974,1103,1218.1343, 1.430,14(52
France
86, 227, 333,
451, 588. 7.1.8, 845. 974,1104,1218,1343,1462
Germany
'....'
227, 333,
452, 589, 719, 846, 975,1104,1219,1344.1463
Japan
1220,1345,1464
S w e d e n . . . . 452. 589, 719, 846, 952, 975.1219,1344,1463
United States
14. 67,135, 210. 274. 337,
393, 457, 507, 594, 653, 724. 780^ 854', 914'. 982,
1035,1111,1163,1229, 1277, 1354,1402,1473
Italy:
Acceptance 1 Labilities of banks
284
Banca di Sconto, liquidation of
190. 310, 686, 810
Bank of Italy, condition of, 1913-192]
368
Banking situation in 1921
310
Banks of issue, condition of
118, 258. 376. 491, 636,
762, 898,1018,1066,1148,1264,1386,'1507
Bond issues
687
Budget
559, 644,1066,1184
Business and financial conditions
40,118.188,
258. 308, 376, 420, 491, 556, 636, 686, 762, 810, 898.
946; 1018.1063,1148,1184, 1264,1386. 1435,1507
Capital issues
421, 946,1065,1436
Condition of banks of issue
1066
Cost of living
1063
Credit practice of banks
410
Debt.
118.189, 258, 376, 491, 636, 645,
762, 898,1018.' 1148.1184,1264,1386,1507
To United States
645
Deposits, savings
421,1066
Emigration
'.
421
Foreign exchange
116. 253, 366, 380,489, 629, 756,
896,1016,1028,1064,1141,1262,1384.1504
Foreign trade
40, 85, 226, 331, 382, 420,450, 586,
716, 844, 973,1027,1064,1101,1221.1347,1466
First six months of 1921
40
Income tax
557
Private banks, condition of
118. 258. 376,
49L 636, 762, 898; 1018,1148,1264,1386,'1507
Reparations claims
308
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Retail prices
309, 330,
448, 584, 714, 842, 971.1100.1217,1342,1461
Revenues
118.258, 376,
491, 636, 762, 898,1018,1148,1264,1386,1507
Russia's debt to.
939




XIIT

Ital y—Continued.
"Pago.
•Securities prices
118, 258, 309, 376, 491, 636, 687,
762, 898, 947,1018,1148,1264,1386,1435,1507
Taxes.:
556
Unemployment
421, 947.1063
Wholesale prices.... 79. 81, 220, 222, 309. 325. 327. 443,
445, 580. 582, 710, 712. 811, 837, 841, 967, 969,
1063,1090, 1095,1212, 1338,1341,1456,1459
Japan:
Bank of Japan, condition of
119.194, 367, 378,
493, 638, 764. 900,1020,1150.1266. 1388,'3 509
1913-1921
367
Business and financial conditions
119.193, 378,

493, 638, 764. 900,1020,1150.1266.1388,1509
Capital issues
'.
.....'
' 1388,1509
Cotton goods, production and exports. 1220.1345,1464
Credit practice of banks
296
Debt
1388,1509
Discount rates, Tokyo banks
119,194, 378,
493, 638, 764, 900,1020,1150,1266,1.388,1509
Foreign exchange
1.1.6, 253. 366,
489, 629, 756, 896.1016.1141.1262.1384.' 1504
Foreign trade
'
' . . . 85. 226. 331,
450, 586. 716, 844. 973,11.01,1.221.1.347,'1466
Industrial activity, index of
1220,1345,1464
Iron aiid steel imports
1220,1345,1464
Railway statistics
1220? 1345! 1464
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Securities prices
1388.1509
Shipping..
1.220,1345,1464
Silk imports and stocks
122(X 1345,1464
Tokyo banks, condition of
119,194. 367. 378,
493; 638, 764, 900,1020, .11.50,1266,1388,' 1.509
Wholesale prices
80,
220. 325, 443. 580, 710, 837, 967, 1089. 1090,
1.206,1209.1212.1336,1338,1454,145o, 1456
International price index, construction of. 1052
Wool imports
1220,1345,1464
Java:
Foreign exchange...'.
116
Reserves, note circulation, and deposits, 1913,
1918, and .1922
'... 758
Joint Commission of Agricultural Inquiry:
Legislation proposed by
263
Views of Federal Reserve Board on bill recommended by.
318
Work of
262
Joint stock banks, England, condition of
415,1177
Knit goods production
1.7. 75.138, 2.17. 277, 339,
396. 461, 510, 598, 655, 728. 782, 849J 917, 977,
1038,1106,1166, 1224.1280,1349,1380,' 1468
Labor. (See Employment; Unemployment.^
Lamont, Thos. W., on foreign loans..'.
644
Latin America. (See Names of individual countries).
Latvia, debt to United States
645
Lead production
67, 211
Leather industry:
Monthly reports.
17.138. 278,
396, 510, 655, 783. 917,1039,1166, 1280.' 1402
Production
69, 213, 338,
458, 595, 725, 855, 982,1111,1230,1355,'1474
Letters of credit:
Belgium, Holland, and Italian banks
410
G erman banks
158
Japan banks
296
Liberia, debt to United States
645
Liberty bonds, price of
4
Live-stock industry:
Argentina
'.
1314
Mexico
J 081
United States—
Animals slaughtered
61, 204, 336,
456, 593, 722, 853, 981,1110,1228,1353,1472
Financing of, study of
1171

XIV

INDEX TO VOLUME 8.

Live-stock industry—Continued.
Page. Member banks—ContinuedCurrency received from and paid to June, 1921United States—Continued.
May, 1922
867
Monthly reports
12,134,273,
Foreign branches of
1299
392, 506, 651, 778, 912,1034,1161,1276,1399
Number accommodated through discount operReceipts and shipments
61, 203, 336,
ations—
455, 592, 722, 853,980,1109,1227,1353,1471
Monthly
87, 228, 343,
Views of Federal Reserve Board on bill
465, 603, 733, 872, 989, 1118, 1237, 1361, 1481
recommended by Joint Commission of
Year ending May, 1922
865
Agricultural Inquiry
318
Number in each district
87, 228,
Live-stock paper:
343, 465, 603, 733, 872, 989, 1118, 1237, 1361,1481
Held by Federal Reserve Banks—
Number on par list
109, 247,
Each month
90, 231, 345,
362, 484, 625, 752, 892,1010,1136,1256,1379,1499
467, 606, 735, 875,992,1120,1239,1363,1483
May, 1921-May, 1922
866
Year ending June 30, 1922
862
Lithuania, debt to United States
645
State bank members—
Lloyd George:
Admissions to system
50, 195, 317,
On Genoa International Conference
121
431, 571, 700, 829, 921, 1043, 1169, 1285, 1407
On interallied debts
.
1025
Earnings and dividends of
757,1505
On stabilization of exchange
495
Rediscounts, effect of amendment to secLoans, foreign:
tion 9 of Federal reserve act. .1
933
Argentina
566, 567, 822,1189 Mexico:
Brazil
. 567, 823
Agricultural conditions
1C80
Chile
567,569,825,1194
Commercial position
1080
England
551
Currency
1318
France, placed in United States
419,420,1181
Economic and financial conditions... 1080,1195,1318
Placed in the United States
386, 644,1027,1050
Foreign exchange
116, 253,
Lamont, Thos. W., on
644
366,489,629,756,896, 1016, 1141, 1262, 1384, 1504
Secretary of State on
282, 386
Foreign trade
1198
Russia
939
Live-stock industry
1081
Sweden
48
Metals and minerals, production of
1082
(See also Credits; Debts.)
Mining
1082
Loans on cattle
1171
Oil legislation
1196
Locomotives, railway, output
70,
Petroleum production
1082,11.95
214, 338,458, 595, 725, 856, 983,1112,1230,1356,1474
Railroads.
- 1320
Logan, W. S., resignation as counsel of Federal
Taxation of petroleum
1197
Reserve Board
1158 Miller, J. Z., resignation of, as governor of Federal
Lumber:
Reserve Bank of Kansas City
909
Exports, Sweden
452, Mineral products, index of
295,
589, 719, 846, 952, 975,1219,1344,1463
455, 592, 722. 851. 980,1.109,1227,1352,1471
Monthly reports on the industry
17, Mining, Mexico
'
1082
139, 278, 396, 510, 656, 783, 918,1039,1166,1281,1403
Production, receipts, and shipments
68, Monetary conditions:
Brazil
1318
212, 336,456, 593, 723, 854, 981,1110,1228,1354,1472
Costa Rica
1444
Mail-order houses, retail trade of
78,
Czechoslovakia
1447
219, 341,463, 601, 731, 860, 988,1116,1235,1360,1479
Guatemala
1440
Manufactured goods, index of production
295,
Honduras
1441
455/592, 722, 852, 980,1109,1227,1352,1471
Mexico
1318
Marketing associations, cooperative, eligibility of
Nicaragua
1443
paper of
931,1044
Salvador
1442
Maturities:
South Africa
1324
Acceptances—
Purchased monthly
88, 230, 344, Money in circulation:
Selected countries, 1913, 1918, and 1922
758
466, 605, 734, 873, 990,1119,1238,1362,1482
United States—
Ruling on
52
By months
112, 251, 364,
Bills discounted—
486, 626, 753, 893, 1011, 1138, 1258, 1381, 1501
Each month
.,
88, 229, 343,
June, 1921-June, 1922
769
465, 604, 733. 873, 990,1119,1238,1362,14*1
(See also Circulation; Currency.)
Year ending May, 1922
.
865
Money market
499
Distribution of bills, certificates of indebtedness
and municipal warrants
99, 238, 353, Moratorium:
Cuba
827
474, 614, 742, 882, 999,1127,1246,1370,1490
Germany
1022,1026
Meat industry, Argentina
954
Meat products, exports of
63, Municipal loans, foreign, placed in the United
States..'
1050
206, 336,456, 593, 723, 853, 981,1110,1228,1353,1472
Municipal warrants purchased by Federal reserve
Member banks:
banks:
Acceptance liabilities
283,514,771,1048
Monthly
87, 228,
Analysis of section 5200, as to loans to State
342, 464, 603, 732, 872, 989, 1118, 1237,1361,1.480
member banks under amendment to section
Year ending May, 1922...'
865
9 of Federal reserve act
934
Condition statements
101, 240, National-bank act, amendment to, providing sue-,
cession for 99 years to national banking associa355, 476, 744, 884,1001,1128.1248,1372,1492
tions
831
Abstract of.
371, 630, 870,1142
Monthly review
8, 101, 130, 233, 269, National-bank notes, stock of, in United States:
By months
112, 251, 364,
347, 388, 469, 502, 616, 646, 737, 773, 877,
486, 626, 753, 893,1011,1138,1258,1381,1501
907, 993, 1029, 1122, 1156, 1241, 1365, 1485
June, 1921-June, 1922
769
Year ending June, 1922
869




INDEX TO VOLUME 8.
Page.

XV
Page.

Panama Canal traffic
339,
National banks:
459, 596, 726, 856, 984,1112,1231,1356,1475
Acceptance liabilities
283,514, 771,1048
Paper industry:
Amendment to act providing succession for 99
Monthly reports on
1281,1403
years to
831
Production
69, 212, 338,458.
Capital required of national banks in Wisconsin
595, 725, 787, 855, 983,1112,1230,1355,1474
applying for permits to exercise fiduciary
Pulp exports, Sweden
452,
powers
196
589, 719, 846, 975,1219,1344,1463
Charters issued to
51,195, 317,
431, 571, 700, 829, 922,1043,1170,1285,1407 Par clearance. (See Clearing and collection.)
Fiduciary powers granted to
50,195, 317, Par list. (See Clearing and collection.)
112, 251,364,
431, 571, 700, 829, 921,1043,1170, ] 285,1407 Per capita circulation
486, 626, 753, 893,1011,1138,1258,1381,1501
Reserves against trust funds held by
572
Permits, building
72, 215,
National City Bank, New York City, foreign
459, 597, 727, 857, 985,1113,1232,1357,1476
branches of
1299
50,195,317,
Naval stores
66, 209, 337, Permits to exercise fiduciary powers
431, 571, 700, 829, 921,1043,1170, 3.285,1407
457, 594, 724, 854, 982,1111,1229,1354,1473
Peru:
Netherlands:
Federal reserve act of
515
Bank of Netherlands, condition of, 1913-1921.. 257
Wholesale prices
80, 220,325,
Foreign exchange
116, 253, 366,
443, 580, 710,837, 967,1090,1212,1338,1456
489, 629, 756, 896,1016,1.141,1262, ]384,1504
Foreign trade
1347,1466 Petroleum industry:
Monthly reports
13,135, 274,
Reserves, note circulation, and deposits, 1913,
392, 507, 652, 779, 913,1035,1162,1277,1400
1918, and 1922
758
Production, Mexico
1082,1195
Wholesale prices
1338,1455
Production, United States.
66, 209, 337,
New Zealand:
457, 594, 724, 854, 982,1111,1229,1354,1473
Cost of living
.
1461
m
Reserves, note circulation, and deposits, 1913,
Taxation of, in Mexico
1197
1918, and 1922
758 Physical volume of trade in United Slates... 60,203,335,
Wholesale prices
80, 220, 325,443,
454, 591, 720, 851, 979,1108,1226,1351,1470
580, 710, 837, 967,1090,1100,1212,1338,1456 Poland:
Newsome, W. B., appointed Federal reserve agent
Cost of living.
1342,1461
at Dallas
1272
Debt to United States
645
Nicaragua:
Foreign exchange
116, 253, 366,
Budget
1444
489, 629, 756, 896,1016,1141,1262,1384,1504
Debt
1441
Wholesale prices
837, 967,1090,1212,1338,1456
To United States
645 Portugal:
Monetary conditions
1448
Foreign exchange
116, 253, 366,
National Bank
1443
489, 629, 756, 896,1016,1141,1262,1384,'1504
Nitrate industry, Chile
568, 824,1194
Reserves, note circulation, and deposits, 1913,
Nonferrous metals
~
14,136, 275,
1918, and 1922....
758
394, 508, 653, 780, 914,1036,1163,1278,1400 Postal savings deposits. (See Deposits.)
Normalcy, return to
379, 901 Prices:
North Carolina par clearance case
701
Discussion of
498,1267,1389
Norwav:
Retail. (See Retail prices.)
Bank of Norway, condition of, 1913-1921
369
Securities. (See Securities.)
Business and financial conditions
119, 260, 378,
Uruguay
1334
492,637,763,899,1019,1149,1265,1387,1508
Wholesale. (See Wholesale prices.)
Failures, business
*
119, 260, 378,
492,637, 763,899,1019,1149,1265,1387,1508 Production, index of, in selected basic industries,
construction of, for United States
292,1414
Foreign exchange
119, 260, 378,492, 637
951
Index number*
116, 253, 366, Pulp industry, Sweden
489, 629, 756, 896,1016,1141,1262,1384,1504 Railway situation:
France
1303
Foreign trade
85,
Great Britain
1300
226, 331,450, 586, 716, 844, 973,1101,1221
Mexico
1320
Industrial activity, index of
847
Norges Bank, condition of
119, 260, 378, Railway statistics:
Argentina
564
492, 637, 763, 899,1019,1149,1265,1387,1508
Brazil
698,1193
Private banks, condition of
763,
England
86,227,
899,1019,1149,1265,1387,1508
332,451, 588, 718, 845, 974,1103,1218,1429
Reserves, note circulation, and deposits, 1913,
France.... 588, 718, 845, 944, 974,1104,1218,1343,1462
1918, and 1922
758
Japan
1220,1345,14.64
Wholesale prices
79, 82, 220, 223, 325, 328,443,446,
Russia
564
580, 583, 710, 713, 837,1090,1096,1212,1338,1456
Sweden
452, 589, 719, 846, 975,1219,1344,1463
Oats crop
".. 202, 861, 984,1117,1236
United States
70. 214,338,
Ocean freight rates
59, 202, 339,
458,596,725,856,983,1112,1230,1356,1474
460, 598, 728, 849, 977,1106,1224,1348,1468
Ramsey, W. F., Federal reserve agent at Dallas,
Oil. (See Petroleum.)
death of
1272
Oil refineries, output and stocks
66, 210,337,
457, 594, 724, 854, 982,1111,1229,1354,1473 Rates:
Acceptances purchased—
Oleomargarine consumption
336,
Each month
88,230,344,
456, 593, 723, 853, 981,1110,1228,1353,1472
466, 605, 734, 873, 990,1119,1238,1362,1482
Opinions of counsel of Federal Reserve Board. (See
Year ending May, 1922
865
Rulings.)
Bills discounted—
Opinions of courts in par clearance cases:
Each month
88,229,343,
Atlanta
436,500,1408
465, 604, 733, 873, 990,1119,1238,1362,1481
Cleveland
1409
Year ending May, 1922
865
North Carolina
701




XVI

INDEX TO VOLUME 8.

Page.
Rates—Continued.
Page- Reserves:
Against trust funds held by national banks
572
Discount—
Federal reserve banks—
Agricultural paper, margin between rates
Gold, interdistrict movement of
400
charges by member banks and Federal
1919-1922
403
reserve banks
266
Gold, of principal countries, 1913-1922
659, 666
• In effect, monthly
112,251, 364,
Selected countries, 1913, 1918, and 1922
758
486, 626, 753, 893,1011,1137,1258,1380,1500
Silver, selected countries
665
Prevailing in various centers
113,252, 365,
487, 627, 754, 894,1014,1139,1259,1382,1502 Reserves, deposits, and note circulation:
Federal reserve banks—
Earnings of Federal reserve banks
89, 231,34.5,
Monthly
95,235, 350,
467, 606, 735, 875, 991,1120,1239,1363,1483
471. 610, 739, 879, 996,1124,1.243,1367,1487
Year ending May, 1922
865
Year ending June 30, 1922
862
Foreign exchange
116, 253,
Selected countries, 1913, 1918, and 1922
758
" 366, 489, 629, 756, 896,1016,1141,1260,1383,1504
Ratings, credit, of insurance companies
673, 674 Resources and liabilities:
Federal reserve banks
96, 236, 351,
Redemption of Victory notes outstanding
929
472, 611, 740, 880, 997,1125,1244,1368,1488
Rediscounting between Federal reserve banks. 26, 98, 865
Foreign banks. (See Condition statements.)
Member banks.. /.
101. 233, 355,476,
1920-21...
26
;
61.6, 744, 884,1001,1128,1248,1372,1492
During crop-moving period
1153
June, 1921-Juner, 1922
'.
869
Rediscounts:
Retail prices:
Analysis of section 5200 R. S., as to loans to
State member bants
934
Czechoslovakia
1461
What a Federal reserve bank may rediscount
France
84, 225, 330,
for its member banks
'.
934
448, 584, 714, 842, 971,1100,1217,1342,1461
Italy
309, 330.
Regulation A, amendment to
"
433
448, 584, 714. 842, 971,1100,1217,1342,1461
Reichsbank. (See Germany.)
Sweden
84, 225, 330,
Reparations
38,
448, 584, 714, 842, 971,1100,1217,1342,1461
42, 123, 184, 301, 302, 415, 422, 550, 555, 561, 641,
United States
84, 225, 330,
688, 812, 945, 949,1021,1063,1067,1186,1288,1422
448. 584, 714, 842, 971,1100,1217.1342,1.461
Amounts, proposed, to be demanded of GerMonthly reports on
2.1, 281, 513
many, table showing
1427
Animals required in. payment of
1293 Retail trade:
Condition of
21, 75,142, 217, 281, 34.0.
Armies of occupation..".
550
398, 461, 512, 599, 658, 729, 785, 858, 920, 986,
Claims of various countries
1422
1.041,1114,11.68,1233,1283,1358.1.404.1477
Coal required in payment of
1294
Value of
78, 219, 341,
Damages Germany is to pay
1292
463, 601, 731, 860, 988,1116,1235,1360,1479
Distribution between Allies
302,1422
Events, chronological table of
1288 Revenues, Government:
France
117.258. 376,
Genoa Conference
303
490, 635, 761, 897,1017,1147,1263,1385.'1433
German Government's note to Reparations
Germany
118,259, 377,
Commission
42, 311
491, 636, 762, 898,1018,1148.1264,1.386,1507
Italian claims
308
Italy
118. 258; 376.
Methods of payment
1293
491, 636, 762, 898,1.018,1148,1264,1386,1507
Payments.. 301, 302,415, 555, 561, 945,1068,1288,1423
* To England
303 lie view of Federal reserve banking:
Year 1921
1, 22
To France
ODD, 945,1063,1433
Six months ending June 30, 1922
765, 862
Reparations Commission:
Decision of, on German moratorium
1022 Riksbank, Sweden. (See Sweden,,)
'.
338.
Duties and powers
1290 Rubber consumption
458, 595, 725, 856, 983,1112,1230,1355,1474
i London decision
1425
Report by Federation of British Industries
38 Rulings of the Federal Reserve Board; law department:
Review of first three years
1288,1422
Acceptances—
Settlement proposed by allied finance minisBills of exchange drawn against actually
ters
550,1068
existing values
1286
Shipping, damage to
1294
Cooperative marketing associations, eligiSpa Conference
1423
bility of paper of
931,1044
Treaty between United States and Germany.. 1296
Cotton factors' paper
432
Treaty of Versailles
1289
Domestic—
Treaty with Austria
.1295
Maturity of
52
Treaty with Bulgaria
1295
Security, character of, to be held by
Treaty with Turkey
,
1296
accepting bank
52
Wiesbaden agreement
302
Regulation A, rediscounts under section 13
Report of financial commission of Genoa Conference 678
of Federal reserve act, amendment to
433
Reserve bank:
Actually existing values, bills of exchange
Peru
515
drawn against
1286
Analysis of section 5200 U.S., as to loans to State
South Africa
1329
member banks
934
Reserve banks. (See Federal reserve banks.)
Reserve city:
Atlanta par clearance case
436, 500,1408
Chattanooga discontinued as
922
Bills of exchange drawn against actually existing values within the meaning of section 13
St. Louis reclassified as
'.
658
Reserve ratio of Federal reserve banks..... 9.131, 270, 389.
of Federal reserve act
1286
503. 648, 770, 775, 909,1031,1.1.58.1367.1487
Capital required of national banks in Wisconsin
Actual and adjusted, 1920-21
30
applying for permission to exercise fiduciary
Year ending June 30, 1922
863
powers
". 196




INDEX TO VOLUME 8.

Page.

Page,

Rulings of the Federal Reserve Board; law department—Continued.
Collection of checks—
Atlanta par clearance case
436, 500,1408
Cleveland par clearance case
, 1409
North Carolina par clearance case, decision
by Supreme Court of North Carolina. . . 701
Cooperative marketing associations, eligibility
of paper of
931,1044
Cotton factors' paper, eligibility of
432
Fiduciary powers—
Capital required of national banks in Wisconsin applying for permission to exercise.
196
Trust funds held by national banks, reserves against
572
Marketing associations, cooperative, eligibility
of paper of
931,1044
Maturity of acceptances
52
National b a n k s Capital required of national banks in Wisconsin applying for permits to exercise
fiduciary powers
:
196
Reserves against trust funds held by
572
Opinion of courts in par clearance cases—•
North Carolina
701
Atlanta
436, 500,1408
Cleveland
1409
Rediscounts—
By State bank members, effect of amendment to section 9 of the Federal sererve
act
933
What a Federal reserve bank may rediscount for its member banks
934
Regulation A, rediscounts under section 13 of
Federal reserve act, amendment to
433
Reserves against trust funds held by national
banks
".
572
Section 5200 R. S., limitations on loans under,
as affected by amendment to section 9 of Federal reserve act
933
Security, acceptances
52
Trust funds held by national banks, reserves
against
."
572
Wisconsin banks exercising fiduciary powers,
capital required
196
Rumania:
Debt to United States
645
Foreign exchange
116, 253, 366,
489, 629, 756, 896,1016,1141,1262,1384,1504
Reserves, note circulation, and deposits. 1913,
1918, and 1922
'
758
Russia:
Aid to
642,1021
Secretary of State on
642
Banking conditions
1203
Budget
644
Claims of foreign governments against
938
Currency circulation
1200
Debt of
645, 683, 937, 939
To United States
645
Foreign banks, liquidation of
1203
Foreign trade
940
Soviet decree on control of
941
' Foreign trade corporations
940
Gold held by the Russian State Bank
1202
Laws regulating contracts of bills of sale
1205
Meeting of government representatives at the
Hague
935
Memorandum of Genoa Conference to Soviet
Government
549
Railway statistics
564
Remittances of money from abroad, regulations
governing
1205
Reply to note of Genoa Conference
681
Repudiation of foreign debts
683




XVII

R ussia—Continued.
Reserves, note circulation, and deposits, 1913,
1918, and 1922
Russian State Bank, regulations governing
St. Louis reclassif ied as a reserve city
Salvador:
Budget
Debt
•
Loan to, b y New York bankers
Monetary conditions
Sault Ste. Marie, commerce of canals

758
1205
608
1442
1443
1443
"1442
71,

726, 856, 984,1112,1231,3356,1475
Savings deposits:
France
117.258.376,490,
635, 761. 808, 897,1017,1147,1263,1385,1506
Italy
421,1066
Sweden
427
United States. 602, 732, 848, 976,11.05,1224, 1349,1467
Secretary of State:
On financial aid to Russia
642
On notation of foreign loans
282, 380
Reply of, invitation to attend G enoa Conferenee. 385
Secretary of the Treasury:
Bond refunding program
1273,1296
Letter to banks, on redemption of Victory notes. 929
On interallied debts
1024
Section 5200 R. S., limitation on loans under, as
affected by amendment to section 9 of Federal
reserve act
933
Securities:
Foreign exchange, transactions in, 1918 and J 919
532
Foreign, floated in the United States
282,
386, 419, 420, 644, .1.027, 1050
Held in United States for British Government. 533
Prices —
Germany
118. 259, 377, 491,
* 636, 762, 898,1018,1148,1264,1386,1507
G reat Britain..:
39
Italy
118. 258, 376,491, 63C,
762, 898,1018,1148, 1264, 1386, 1435,1507
Japan
,
1388,1509
Sweden
119, 259, 377, 492,
637, 763, 899,1019,11.49,1265,1387,1508
(See also Discount and open-market operations;
Foreign loans.)
Security on acceptances
52
Serbia, "debt to United States
645
Shipping:
England
86,227.332,451,588,
718, 845, 974,1103, 1218,1343,1429,1462
France
1343,1462
Germany
227,333,
" 452, 589, 719, 846, 975. 1104, 1219,1344, 1463
Japan
' . . . . ' . . . . . 1220,1345,1464
Reparation for damage to
1294
Sweden
452, 589, 719, 846, 975,1219,1344,1463
United StatesReports on the industry
21,142, 282
Tonnage cleared in foreign trade..... 71, 215, 339,
' 459, 596, 726, 856, 984,1112,1231,1356,1475
Vessels built
70,
214, 595, 725, 856, 983.1112,1230,1356,1474
Shoe industry
17,138, 278,
396, 510, 655, 783, 917,1039,1166,1280,1402
Silk industry:
Imports and exports—
France
86,227,333,
451, 588, 718, 845, 974,1104,1218,1343,1462
Germany. - 975,1104,1219,1344,1463
Japan..:
1220,1345,1464
United States....
68, 211, 338,
458, 595, 724, 855, 982,1111,1230,1355,1474
Monthly reports
16,137, 277,
395, 509, 655, 782, 916,1038.1165,1280,1401

xviii

INDEX TX) VOLUME 8.

Silver:
Imports and exports—
British
1060
United S t a t e s Monthly.... 7, 111, 129, 250. 269, 363, 387, 483,
501, 624,746, 751, 773, 891, 907,1009,1029,
1137, 1156, 1257, 1284, 1380, 1406, 1500
Calendar year 1921
248
Fiscal year 1922
871
Melting points
663
Price of, and wholesale price index
664
Production, United States
594,
724, 854, 982,1111,1229,1354,1473
Production of the world
662
Reserves of selected countries
665
Stock of, in the United States
112, 251, 364,
486, 626, 753, 893,1011,1138,1258,1381,' 1501
South Africa:
Banking act of 1920
1329
Cost of living
1342,1461
Currency and banking conditions
1324
Foreign trade
1324
Reserve bank
1329
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Wholesale prices
80, 220,
325, 443, 580, 710, 837, 967,1090,1212,1338,1456
South America. (See Names of individual countries.)
Spain:
Bank of Spain, condition of, 1913-192]
256
Foreign exchange
116, 253, 366,
489, 629, 756, 896,1016,1141,1262,1384,1504
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Wholesale prices
967,1090,1212,1338,1456
Speculative activity, discussion of
4
State bank members:
Acceptance liabilities
283, 514,1048
Admissions to system
50,195, 317,
431," 571, 700, 829, 921,1043,1169,1285,1407
Amendment to Federal reserve act limiting discount of paper
'...
831, 933
Converted into national banks
50,
195, 317, 431, 571, 700, 829, 921,1169,1407
Earnings and dividends
...
757,1505
Withdrawals from system
50,
195, 317, 571, 700, 921,1169,1407
Steel and iron. (See Iron and steel.)
Stewart, Walter W., appointed director of division of
"; and research
1031
Stock market:
Argentina
1071
Germanv
424
Italy
309, 687
Sweden
426
(See also Securities prices.)
Sugar:
Production, Cuba
826
Receipts, meltings, and stocks
65, 208,
336,456, 593, 723, 854, 981,1110,1228,1353,1472
Surplus account, Federal reserve banks, calendar
year 1921
146
Supreme court of North Carolina, decision by, in
par clearance case
70]_
Sweden:
Bank of Sweden, condition of, 1913-1921
369
Blast furnaces in operation.452, 589, 719, 846, 975,1219
Bond issues
49,426
Budget
45
Business and financial conditions
46, 119,
259, 377,426,492,637, 690, 763, 899,
951, 1019, 1149, 1265, 1387, 1508
Capital issues
119, 259,
377, 492, 637, 763, 899, 1019, 1149,1265,1387,1508
Coal imports.. 452, 589, 719, 846, 975, 1219, 1344, 1463




Sweden—Continued.
Page.
Debt
47, 48,119,259,
377, 492, 637, 763, 899,1019, 1149,1265,1387, 1508
Deposits of commercial banks
427
Failures, commercial
119, 259,
377,492, 637, 763, 899,1019,1149,1265,1387,1508
Foreign exchange
116, 253,
366,489,629, 756, 896,1016,1141,1262,1384,1504
Foreign trade
85, 226,
331,450, 586, 716, 844, 973,1101,1221,1347,1466
Industrial activity, index of
452, 589,
719, 846, 975,1219,1344,1463
Iron and steel production
452, 589,
719,846, 952, 975,1219,1344,1463
Joint stock banks, condition of
119, 259,
377,492, 637, 763, 899, 1019, 1149, 1265,1387,1508
Krona, exchange value of
119, 259,
377, 492, 637, 763, 899, 1019, 1149,1265,1387,1506
Loans, government
48
Lumber exports
452, 589,
719,846, 952, 975,1219,1344,1463
Paper pulp exports
452, 589,
719,846,975,1219,1344,1463
Public finance
46
Pulp and paper industries
951
Railway statistics
452, 589,
719,846,975,1219,1344,1463
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Retail prices
84, 225,
330, 448, 584, 714, 842, 971, 1100, 1217, 1342, 1461
Riksbank—
Condition of
119, 259. 377, 492,
637, 694, 763, 899, 1019, 1149,1265,1387,1508
Earnings and expenses of
693
Operations of.
*
690
Securities prices
119, 259,
377,492,637,763, 899,1019,1149,1265,1387,1508
Shipping
. 452, 589, 719, 846, 975,1219,1344,1463
Stock market
426
Taxes
46
Unemployment. 452, 589, 719, 846, 975,1219,1344,1463
Wages
953
Wholesale prices
79,82,220,
223, 325, 328, 443, 446, 580, 583,730,713,816,837,
967,970,1090,1096,1212,1216,1338,1341,1456,1459
New series of index numbers
816
Switzerland:
Budget
644
Cost of living
1217,1342,1461
Foreign exchange
116, 253, 366,489y
629, 756, 896,1016,1141,1262,1384,1504
National Bank of Switzerland, condition of,
1913-1921
368
Reserves, note circulation, and deposits, 1913,
1918, and 1922
758
Wholesale prices
80,220,325,443,
580, 710, 837, 967,1090,1097,1212,1338,1456
Taxes:
France
306, 555,1434
Franchise, Federal reserve banks
146
Germany
45
Italy
556
Sweden
46
Ter Meulen plan, international credits
124
Tin imports and stocks
68, 211, 337,
457, 594, 724, 855, 982,1111,1229,1354,1473
Tires, automobile, production, stocks, and shipments
70, 213, 338,
458, 595, 725, 856, 983,1112,1230,1355,1474
Tobacco:
Financing of, study of
285,403
Reports on condition
11,133, 272,
391, 505, 650, 777, 911,1033,1160,1275,1399
Sales at warehouses
65,208,336,
456, 593, 723, 854, 981,1110,1228,1353,1472

INDEX TO VOLUME 8.

XIX

Tobacco—Continued.
Uruguay;
Page.
Sales of revenue stamps for manufactures
Foreign exchange
:
:
116, 253,
of
*
65.209.336,
366, 489, 629, 756, 896,1016,1141,1262,1384,1504
456, 593, 723, 854, 981,1110, "1228,1353,1472
Prices....'
1334
Trade acceptances. (See Discount and open-marReserves, note circulation, and deposits, 1913,
ket operations.)
1918, and 1922
..'
758
Trade bills in financing foreign trade
522 Vessels. (See Shipping.)
Victory notes:
Trade:
Exchanges of, for Treasury bonds of 1947-1952. 1272
Foreign. (See Foreign trade.)
Redemption of
*
929
Index, construction of
292
Physical volume of..,
60, 203, 335, Wade, Festus J., elected member of Federal Advisory Council
775
454, 591, 720, 851, 979,1108,1226,1351,147.0
Retail, condition of
21, 75,142, 217, 281, 340, Wages:
England
305
398, 461, 512, 599, 658, 729. 785, 858, 920', 986!
Germany
1187
1041,1114,1168,1233,1283,1358,1404,1477
Sweden*.
953
Wholesale. (See Wholesale trade.)
Treasury bonds of 1947-1952, issue of
1272.1296
(See also Employment; Unemployment.)
Allotments and subscriptions, by Federal reserve districts
1273 Watts, F. ()., resignation as member of Federal 775
Advisory Council
Treasury certificates and Treasury notes allotted
Wheat crop
202, 861, 984,1117,1236
through Federal reserve banks from. July 1, 1921,
227, 333,452, 589, 719, 846
to June 30,1922
*
868 Wheat imports, Germany
Wholesale prices:
Treasury notes, issue of, to redeem Victory notes
Australia
80, 83, 220, 224, 325, 329.443,446, 580,
outstanding
929
583,710,713,837, 967,1090,1098,1212,1338,1456
Treaty of Versailles
1289
Belgium
32.5,
Trust company members of Federal reserve system.
443,580,710, 837, 967,1090,1212,1338,1456
(See State banks.)
Bulgaria
'
80,2205
Trust funds held by national banks, reserves against 572
325,443, 580, 710, 837, 967,1090,1212,1338,1456
Trust receipt in foreign trade transactions
."
32, 299
Canada
,
79, 83,
Turkey:
220, 224, 325, 329, 443, 447, 580, 584, 710,
Condition of Imperial Ottoman Bank
1183
714, 837/842, 967, 971,1088,1090,1098,1206',
French, English, and German investments in.. 1182
1212, 1216,1336, 1338, 134.1,1454.1456,1459
Public debt.
1182
China
80.220,325,443.
Reparations treaty
1 296
580,710,837,967,1090,1099,1212,1338,1456
Underwear:
Comparative, abroad
79. 220,325,
Production
,:
75. 217. 339,
443, 580, 710, 837, 967,1090,1212,1338,1456
461, 598, 728, 849, 977, HOC, 1224,1349,' 1468
Foreign price levels as compared with
.Reports on the industry
.'... 17,138. 277,
American,
,
5, 38.1
306, 510, 655r 782, 017,1038, J166,1280,'1*102
]>cnDiark
79. 220, 325,
Unemployment:
443, 580, 7.1.0, 837, 967,1090,12.12,1338,145ti
Czechoslovakia
,
,
,. 1451
.Discussion
5, 381,497,1389
England
40, 86, 227. 305, 332. 451, Dutch Eastof
Indies
325, 326,443,
588, 718, 845, 974,1103,1218.1343,1427,1462
580, 710. 837, 967,1090,1099,1212,1338,1456
France
86,227. 333, 451,
England
79,81, 220, 222, 321, 325, 327, 439, 443,
588, 718. 845, 942, 974,1104,1218.1343,1462
444, 576, 580, 706, 710, 834, 837, 841, 965,
Germany
227, 313, 333,
967, 969, 1088, 1090,1097,1206,1208,1212,
452, 589, 719, 846, 975.1104,1219,1344,1463
1216,1336,1338,1341,1390,1451,1456,1460
Italy
'.
421. 947,1063
Revision of Board of Trade index
1460
Sweden
452, 589, 719, 846, 975,1219,1344,1463
Finland
80, 220
United States
19.140, 280,
Fluctuations in prices in 18 countries during
397, 511, 657, 784, 919,1040,1167,1282,14().:>
1920 and 1921.
". 155
United States:
France
79, 81, 220, 220, 307, 325, 327,443, 445,
Debt of foreign Governments to
128,645
580, 582, 710, 712, 837, 841, 922, 967, 969,
Employment
19,140,280,
1088,1090,1094,1179,1206,1209,1212,1215,
397, 511, 657, 784, 919,1040,1167,1282,1382
1336,1337,1338,1340,1390,1454,1456,1458
Foreign loans placed in
386, 644,1027,1050 •
Food prices
686
Foreign trade. (See Foreign trade.)
Germany.
79, 82,
Gold production
660
220, 222, 325, 327, 443, 445, 580, 582, 690,
Gold imports and exports. (See Gold.)
710, 712, 837, 842, 948, 967, 970, 1090, 1095,
Money, stock of. (See Money.)
1186,1212,1215,1338,1340,1390,1456,1458
Prices. (See Retail prices; Wholesale prices.)
Comparative, with United States
690
Russia's indebtedness to
939
Revision of Frankfurter Zeitung index
.1091
United States notes, stock of, in the United States. 112, 25.1,
International price index, construction of- 364,486, 626, 753, 893,101.1,1138,1258,1381,' 1501
British.
147
United States securities:
Canadian
801
Held by Federal reserve banks—
French
,
922
Each month
89, 231,
Japan
1052
345,467, 606, 735, 875, 991,1120,1239,1363,1483
India
80,83,
Year ending June 30
862
220, 224, 325,329.443,447, 580, 584, 710,
Purchased bv Federal reserve banks—
714,837,967,1090,1099,1212,1313,1456
Monthly
87,228,
Italy
79,81,
342,464, 603, 732, 872, 989,1118,1237,1361,1480
220, 222, 309, 325, 327, 443, 445, 580, 582,
Year ending May, 1922
865
710, 712, 811, 837, 841, 967, 969, 1063, 1090.
Treasury certificates and notes allotted through
1095,3212,1338,1343,1390,1454, 1456,1459
Federal reserve banks, July-June, 1922
868
21739—22
10




XX

INDEX TO VOLUME 8.
Pago.

Page.

Wholesale trade:
Wholesale prices Continued.
Condition of
78, 219, 342, 464, 602, 731,
Japan
80, 220, 325, 443, 580, 71,0, 837, 967,
861, 988,1116,1235,1360,1480
1089,1090,1206.1209,1212,1336,1338,1456
Monthly reports on
20,141, 280,398,512, 657,
Netherlands
80, 220,
325,443, 580, 710, 837, 9G7,1090,1212,1338.1456
785, 919,1041,1168,1283,1404
New Zealand
' 80, 220, 325,443,580, 710, Wiesbaden agreement
302
837, 967,1090,1100,1212,1338,1456 Willis, II. Parker, resignation as director of DiviNorway
79,
sion of Analysis and Research
389
82, 220, 223, 325, 328. 443, 446, 580, 583,
Wisconsin banks exercising fiduciary powers,
710, 713, 837,1090,1096,1212,1338,1456
196
Peru.
80, 220. 325, capital required
443, 580, 710, 837, 967,1090,12.1.2,1338,'1456Wood pulp:
Financing the industry
,.
792
Poland
837, 967,1090,1212,1338,1456
Manufacture of
787
South Africa
80, 220, 325,
Production
69, 212, 338,458,
443, 580, 710. 837, 967,1090,1212,1338,1456
595, 725, 855, 983,1112,1230,1355,1474
Spain
967,1090,1212,1338,1456
788
Sweden
79, 82, 220, 223, 325, 328, Supply
Sale of
790
443, 446, 580, 583, 710. 713, 816, 837, 967,
970,1090, 1096,1212,1216,1338,1341,1456 Wool imports:
Germany
975,1104,1219,1344,1463
New series of index numbers
816
Great Britain
1343,1462
Switzerland
80, 220, 325, 443, 580, 710, 837,
Japan
1220,1345,1464
967,1090,1097,1212,1338,1456
Wool industry, Argentina
954,1190
United S t a t e s Index numbers
55, 56, 79, 80, Wool and woolen industry:
197, 198, 22], 319,320,325,326,
Monthly reports
15,137, 276, 394,
437, 438, 443, 575, 580, 705, 710,
508, 654, 781, 915,1037,1164,1279.1401
832, 837, 838, 964, 967, 968, 1087,
Textiles
68, 212, 337,457,
1094,1206,1210,1212,1214,1336,
594, 724, 855, 982,1111,1229,1354,1473
1338,1340,1390,1454,1456,1458
International comparisons
55, World War Foreign Debt Commission:
Act creating
386
56, 197, 198, 319, 320,
438, 575, 705, 833, 963,
Personnel of
645
1089, 1206, 1336, 1453 Wyatt, Walter, appointed counsel of Federal ReMonthly reports
21,142, 281, 399,
serve Board
1158
513, 658, 786, 920,1042,1169,1283,1405 Yugoslavia, foreign exchange
116, 253, 366,489,
Revision of Bureau of Labor Statistics
629, 756, 896, 1016,
index
838
1141,1262,1384,1504
As regrouped by Federal Reserve
Zinc production
67, 211, 337,
Board
1092
457, 594, 724, 855, 982,1111,1354,1473




FEDERAL RESERVE DISTRICTS

ARK. ' A e l f c - ,
L,Htle*Rock/

— i BOUNDARfES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
%
FEDERAL RESERVE BANK CITIES
9
FEDERAL RESERVE BRANCH CITiES
O FEDERAL RESERVE FJANK AGENCY