Full text of Federal Reserve Bulletin : February 1922
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FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON FEBRUARY, 1922 WASHINGTON GOVERNMENT PRINTING OFFICE 1822 FEDERAL RESERVE BOARD. W. P . G. H A R D I N G , EX OFPICIO A. W. MELLON, Secretary of the Treasury, Chairman. Comptroller of the Currency. J O H N B^ MITCHELL. WALTER S. LOGAN, General Counsel. Secretary. H. PARKER WILLIS, W. L. EDDY, Assistant Secretary. W. M. IMLAY, Fiscal n Directory Division of Analysis and Research. Agent. J. F. HERSON, Chief, Division of Examination Reserve Examiner. &BQLPH .Q* M I L L E R . CHARLES *% H A M L I N . D. R. CRISSINGER, W.-W. H O X T G N , Governor. E D M U N D PLAIJT, Vice Governor. M. JACOBSON, Statistician. E. A. GOLDENWEISER, Associate and Chief Federal Statistician. E. L. SMEAD, Chief, Division of Reports and Statistics. OFFICERS OF FEDERAL RESERVE BANKS. j Federal Reserve Bank of— Chairman. ; Boston New York Frederic H. Curtiss i Pierre Jay Philadelphia Cleveland Richmond R. L. Austin D.C.Wills I Caldwell Hardy _... C. C. Bullen W. W. Paddock.... J.H.Case L. F. Sailer G. L. Harrison E. R. Kenzel ! Chas. A. Morss i Benj. Strong ! George W. Norris. E. R. Fancher • George J. Seay ! Atlanta Chicago Joseph A. McCord M. B. Wellborn. St. Louis Minneapolis Wm. McC. Martin.. John H. Rich Kansas City... Dallas San Francisco. AsaE. Ramsay.. Wm. F. Ramsey. John Perrin Wm. A. Heath 1 Governor. i.. I .... J. B. McDougal. D.C. Biggs R. A. Young : J.Z. Miller, jr ! B. A. McKinney.. ! J.U. Calkins../... Controller. W. Willett. L. H. Hendricks.1 J. D. Higgins.i A. W. Gilbart.i Leslie R. Rounds.* J. W. Jones.* Ray M. Gidney.i W. A. Dyer. H. G. Davis. Wm. H. Huttjr.... M. J.Fleming. Frank J. Zurlinden.. C. A. Peple R. H. Broaddus A. S. Johnstone * JohnS. Walden*.... L. C. Adelson J. L. Campbell C. R. McKay S. B.Cramer JohnH. Blair Geo. H. Keesee. M. W. Bell. W. C. Bachman.i K. C. Childs.i J. H. Dillard.i D. A. Jones.i O. J. Netterstrom.1 A. H. Vogt.i Clark Washburrie.1 J. W. White. B. V. Moore. O. M. Attebery W. B. Geery Frank C. Dunlop 1 .. S. S. Cook C. A. Worthington.. R. G. Emerson Wm. A. Day Ira Clerk 3 L. C. Pontious a »Assistant to governor. J. W. Helm. R. R. Gilbert. W. N. Ambrose. »Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES. Federal Reserve Bank of— New York: Buffalo branch Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Atlanta: New Orleans branch Jacksonville branch Birmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch Little Rock branch Manager. W. W. Schneckenburger. L. W. Manning. Geo. De Camp. Morton M. Prentis. Marcus Walker. Geo. R. De Saussure. A. E. Walker. J. B. McNamara. R. B. Locke. W. P. Kincheloe. J. J. Heflin. A. F. Bailey. Federal Reserve Bank of— Minneapolis: Helena branch Kansas City: Omaha branch Denver branch Oklahoma City branch Dallas: El Paso branch Houston branch San Francisco: Los Angeles branch Portland branch Salt Lake City branch Seattle brancn Spokane branch Manager. R. E. Towle. L. H. Earhart. C. A. Burkhardt. C. E. Daniel. W. C. Weiss. Floyd Ikard. C. J. Shepherd. Frederick Greenwood. R. B. Motherwell. C. R. Shaw. W. L. Partner. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN foj 1915,1916, 1917, or 1918 are available. in TABLE OF CONTENTS. General summary: Page. Review of the month 1.21 Business, industry, and finance, January, 1922 ' 132 Earnings and expenses of the Federal Reserve Banks 143 International price indexes—the British number .147 Effect of the exchange situation on inter-American commerce 153 Recent international price fluctuations '. 155 Commercial credit practice of German banks 158 Foreign exchange operations, 1918-19 163 Business and financial conditions abroad—England, France, Italy, and Germany 184 Japanese banking statistics .193 Official: Rulings of the Federal Reserve Board 190 State banks admitted to system 195 Fiduciary powers granted to national banks 195 (•barters issued to national banks 195 Price movement and volume of trade: "Domestic;— Wholesale prices in the United States : 197 Foreign trade 201 Ocean freight rates 202 Crop production, by Federal Reserve districts ? 202 Physical volume of trade 203 Building statistics 215 Retail trade 217 "Wholesale trade . 219 Commercial failures 195 Foreign— Comparative wholesale prices in principal countries 220 Comparative retail prices in principal countries 225 Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany 225 Indexes of industrial activity—England, France, and Germany 227 Banking and financial statistics: Domestic— Discount and open-market operations of Federal Reserve Banks 228 Condition of Federal Reserve Banks 233 Federal Reserve note account 239 Condition of member banks in leading cities 240 Bank debits 243 Operations of the Federal Reserve clearing system 247 Gold settlement fund -. 246 Gold and silver imports and exports 248 Money outside the Treasury and Federal Reserve System 251 Discount and interest rates in various centers 252 Discount rates approved by the Federal Reserve Board 251 Condition of principal European banks of issue, 1913-1921 254 Foreign exchange rates 253 Foreign— England, France, Italy, Germany, Sweden, Norway, and Japan 257 Charts: Index numbers of wholesale prices in England : 152 Index of wholesale prices in leading countries 156 Tndex number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes of international comparisons 197 Physical volume of trade -~ 205 Movement of principal assets and liabilities of Federal Reserve Banks 234 Movement of principal assets and liabilities of member banks 234 Debits to individual accounts 243 Foreign exchange index 254 IV FEDERAL RESERVE BULLETIN VOL. FEBRUARY, 1922. 8 REVIEW OF THE MONTH. During the past two months the increasing seriousness of economic condi1 tions in confereSces™ European countries has once more led to the conclusion that an international conference for the purpose of discussing problems of common interest will be necessary. At the sessions of the Supreme Economic Council held at Cannes during the early part of January, it was determined to hold a general international session at Genoa beginning on April 8, and invitations have accordingly been issued not only to the countries included in the League of Nations but also to Germany, Russia, and to the United States. The session at Genoa will be the first meeting of the kind that has taken place since the so-called Brussels Financial Conference, which occurred in September, 1920. The results of the Brussels Financial Conference have been important in the development of public opinion and in the diffusion of better understanding in regard to the issues which must be met and settled before a satisfactory disposition of pending international problems can be made. The practical outcome of the Brussels conference in a financial way was the proposal of the so-called "finishing credits plan77 and the Ter Meulen plan for international financing of commodity movements. Neither plan has thus far been successfully applied in practice, but, on the contrary, the conditions which these plans were intended to remedy have, if anything, become more acute than they were at the time. In issuing the invitation to the United States for participation in the sessions a t Genoa > t h e a l l i e d governments have furnished the following " agenda/7 or list of matters which are expected to enter into the proceedings of the conference: First. Examination into means for putting into execution the principles contained in the Cannes resolution of January 6, 1922. No. 2 Second. Establishment of European peace upon a solid basis. Third. Conditions necessary to the restoration of economic confidence without endangering or altering existing treaties. Fourth. Financial questions, such as currency, paper money, banks, and banking systems. Fifth. Economic and financial questions. The third item, which has been the cause of misunderstanding and disagreement between Premier Lloyd-George, of Great Britain, and Premier Poincare, of France, reads in the English translation of the text, " without injury to existing treaties.77 The very broadest scope is evidently given to the field of economic and financial discussion which is to be allowed. Questions of international indebtedness, of foreign exchange, and probably of tariff relationships, will naturally be germane to the program stated in these broad terms. Indeed, the preliminaries to the Genoa conference have already included the formation of a corporation whose function it will be to promote the rehabilitation of Russia and neighboring nations, provided that such nations are willing to assent to certain specified terms. The question which nations should be admitted to participate in the thePconfSce.in conference has naturally received much attention. A certain section of opinion in Europe has held to the view that those only should be invited who are already members of the League of Nations. In discussing this view of the case, Mr. LloydGeorge, in an address before the Coalition Liberal Convention on January 21, stated reasons for believing that no such limitation would be feasible, and then said: There is a conference to be held at Genoa, in many respects the greatest international conference ever held. The nations of Europe without distinction have been invited to come. Why have they all neon invited to come? Because we want to put an end to these constant wars and 121 122 FEDERAL RESERVE BULLETIN. rumors of wars, which are just as bad, or a.t least almost as bad, for international business as war itself. * # . -* -x* When you come to that conference, if men go there, if statesmen of all the nations go there determined to do their best, determined to remove difficulties and not to create them, determined to allay suspicions and not to arouse them, determined to help and not to hinder, there will be a great pact of peace as a result of the conference, and I would appeal from here as far as my feeble voice shall extend, not merely in this room, but, even more, I would appeal to all men in power, to all rulers of men who have got the opportunity to determine it, to go there in the spirit of peace and peace will ensue. Without peace it is no use having economics. For that reason we have placed deliberately on the agenda of this conference the first question of establishing peace in Europe. We put it first, why? Because unless you can do that it is no use somebody asking the experts to discuss finan-' cial schemes, trade-credit schemes. The trader won't go out in bad weather, he has had enough of it, he is drenched to the skin, and there is nowhere yet to dry his clothes. You must first of all sweep the clouds away, give him a fair and clear atmosphere, and he will go out, and the trader will become the missionary of peace. Schemes may expedite and schemes may facilitate, but without peace every scheme must fail. I have one other word to say about the Genoa conference. * * * If you give work to the League of Nations which for special reasons it is not adapted to discharge, you do harm to the League of Nations. The League of Nations is in the making and you can not make things by written constitutions. You must create confidence in it, and confidence can only be created by achievement, and every failure which the league could very well afford when it was well established, every failure at this stage, is a ruinous one. It is like the fall of an infant; it may get a broken spine, and it would simply limp for the rest of its days. It must establish itself, but it can not do that if you entrust it with duties which at the moment it is obvious, for special reasons, it is unfit to carry through to such a full issue. The inclusion of Russia has already been the subject of discussion because of the viewthat her participation in the conference would imply a recognition of the present Russian Government or an assent to its policy by other participating Governments. Premier Pomcare, of France, in succeeding M. Briand, has apparently held to the view that France could not well be represented at the conference without a previous undertaking on the part of Russia to allow full faith and credit to her prewar debts. On all these points the issues at stake are "political*7 in the broad sense of that term rather than economic, many regard the conference as unlikely to be FEBltUAHY, 1922. successful in the economic sense unless it adjusts issues affecting the rehabilitation of Russia, Germany, Austria, and southeastern Europe generally. Somewhat the same position is taken as regards the suggestion that no reference be made at the Genoa conference to the question of German reparations. Within the past month or more it has been contended more positively than ever before that the reparations problem is an almost inevitable element in any discussion which aims to develop a general solution for European questions at large. The Secretary of Commerce, as chairman of the Inter-American High Commission, issued on January 23 a statement relative to the general exchange situation of countries of the Western Hemisphere. He emphasizes the dependence of exchange recovery in the world at large upon the economic restoration of Europe, and as an integral factor of it the reparation situation. The statement proceeds: The European-American business fabric is constructed on a triangle, with one point resting in Europe and two points in South and North America. Any consideration of the effect of the exchange problem on the trade of the American Republics must therefore involve the question of exchange stability between Europe and the Western Hemisphere. So long as the European vertex of the economic triangle remains unstable, the establishment of stability in inter-American exchange will be attended with difficulty. A review of Europe's situation—the weak, disturbed, and unstable storm center in international trade and finance—draws us to the inevitable conclusion that there can be no stabilization of exchange upon any footing until there is a cessation of inflation in the principal continental States. Inflation is the result of unbalanced budgets, which themselves are the result of the necessary expenditures upon reconstruction, the unsettled situation of German reparations, the maintenance of land armaments, and increasing debts. The disturbing forces are indeed predominantly European, and while Europe has made great progress in agricultural, industrial, social, and political stability since the war, the fiscal situation continues to disrupt exchange with great severity. The German Government is not meeting its reparation obligations by taxation; while other countries are unable to mobilize enough taxable resources to cover their expenditures for reconstruction, for military forces, and for other purposes. There can be no hope of stability in the world's exchange until, in the first place, German reparations payments have been put upon a basis not only securing a definite flow of economic strength into the just task, of rehabilitating the devastated countries, but also , 1922. FEDERAL RESERVE BULLETHST. 123 calculated to be within the practical power of the German reparations has been placed on a basis which people to pay. Furthermore, it is necessary for economic squares with economic activity. stability that land armament on the continent of Europe Belief that the war damage must be repaired should be reduced. Armies in many States are of such has not been modified, but the size as to necessitate continuing inflation, either through New view of best means for repairing it have currency or short-time bills. The economic loss in pro- war payments. ductivity of the nations is not measured alone by the certainly not yet been found. number of men under arms but by the spirit that sur- It seems to be more and more admitted that rounds the entire situation. Yet, in spite of this continuous discussion of the subject, the amount of the Reparations reparations payments to be r situation. . / f... made in 1922 still remains unsettled. After the German note of December 16, which stated the inability of that Government to meet the installments due in January and February, the heads of the German and the Allied Reparations Commissions conferred in Paris, but no tangible results were reached. It had been hoped that the question might be settled at the meeting of the Supreme Economic Council at Cannes during the first week in January, but the only outcome of that meeting, as far as reparations were concerned, was the granting of a short delay. This delay was made conditional upon the payment of 31,000,000 gold marks every 10 days, from January 16 until a final agreement has been reached, and upon the presentation within a fortnight by the German Government of a memorandum setting forth budget and currency reforms, and a program for reparations payments in cash and in kind during 1922. The Government is endeavoring to enact tax laws for 1922 and to draw up a program of fiscal reform which will enable it to balance its budget. It has been announced that the bread subsidy will be materially reduced on February 16. The price of a 4-pound loaf of bread will be increased from 7-| to 13J marks, thus bringing about a saving to the State of several billion marks. The Government is also considering further increases in import duties, coal prices, and freight rates. It appears essential that German plans for fiscal reforms and reparations payments during 1922 should be completed as soon as possible and that the scheme of reparations payments should be worked out by the Allies by the time of the Genoa conference, since discussion of the reorganization of European finance and trade is likely to be futile until the matter of the best way of paying France in the next few years will be by an extension of the method provided in the Wiesbaden agreement, although the use of German labor in the devastated regions, which was contemplated in that agreement, may not prove to be practicable. Payments in kind will not, however, ultimately solve the French situation, because of the large French public debt. During a debate over the budget in December it was stated in the French Senate that the Government has already spent 69,000,000,000 francs on reconstruction, and various cities and industrial groups in the devastated regions have borrowed 2,000,000,000 francs more on bonds which the Government has guaranteed in anticipation of reparations payments. As for the other allied countries, payments in kind can only be regarded as acceptable in very small amounts. On the other hand, extensive payments in "cash" presuppose an export balance on the part of Germany which can be built up only upon the basis of a world demand which does not exist at present, and which will not exist until currency and trade conditions have been reorganized in Europe. Germany exported large quantities of goods in 1921, but her internal and external price levels have been so out of harmony that until December, when a small export balance was achieved, the value of her imports exceeded that of her exports. The problem of reparations payments and reconstruction throughout Europe are so closely interrelated that it is difficult to distinguish them, but it seems reasonable to say that a delay granted Germany in the matter of "cash" payments would greatly facilitate reorganization not only in Germany but in the rest of Europe. The reparations situation, however, has a bearing much broader than is found in the relations between France and Germany. This lies in its significance in respect to the investment of 124 FEDERAL HESERVK BULLETIN. capital. Not only machinery for the safeguarding of international trade is needed but also active support from the various countries which may participate at Genoa in putting this machinery to work. In the course of the past two years several plans have been promulgated both in Europe and America for the financing of trade with countries with depreciated currencies, but none of them has been widely enough accepted to be of much practical assistance. The Ter Meulen scheme, which was first suggested at the time of the Brussels conference, is the official plan of the League of Nations. No actual use has been made of the scheme, however, although the terms are well known and generally approved. Sir Drummond Fraser, the organizer, has studied conditions in the countries which would be the most likely lenders and borrowers (or sellers and buyers) under the scheme, but the commission provided for in the plan to pass upon the gold value of the assets to be offered by the borrowers has not yet been created. The details of the Ter Meulen scheme, which have been frequently commented upon, provide for the creation of bonds by an international commission on the basis of the gold value of the assets of countries desiring to create commercial credits for their citizens. The bonds thus created would serve as collateral for loans made to importers in these countries by foreign exporters, who could in turn hold them until payment was made or obtain bank accommodation on the basis of them. The creation of bonds on behalf of a country is made conditional upon domestic financial reforms, such as the balancing of the budget, the removal of trade barriers, the embargo of nonessentials, etc. In order to put such a scheme as this into operation, there must be one of two conditions—either governments of countries whose credit is impaired must definitely want Ter Meulen bonds created on their behalf, or exporters and bankers in selling countries must insist upon the security of such bonds in their foreign trade transactions. If the assets upon which the bonds are based have prior claims upon them, however, their value is to that extent vitiated. FEBRUARY, 1922. At the time of the Brussels conference, business conditions in the leading in, du f rial countries of the world had not yet suffered from depression in any considerable degree. The development of the Ter Meulen scheme on the part of the western European countries, therefore, was more or less entered into from altruistic motives. wSince that time, however, the demoralizing effect of the conditions in eastern Europe has reacted very directly upon trade elsewhere, with the result that recently there have been several proposals looking to the rehabilitation of the purchasing power or buying capacity of Russia, Poland, Austria, etc. The proposal which appears to have been officially accepted by the Supreme Economic Council at Cannes provides for the incorporation of an international organization based upon private capital, the participants to include representatives of Great Britain, France. Italy, Belgium, theUnited States, Germany, and possibly others if they so desire. The declared purpose of this organization is the rebuilding of railroads and other means of communication in Russia, and the plan contemplates the creation not only of a central international corporation with headquarters in London but of affiliated corporations in the participating countries as well. Contributions to the capitalization of the corporation are to be made in the currencies of the several contributing countries, but control is to be exercised by the central organization. Obviously this plan differs considerably from the Ter Meulen bond Relation to Ter proposal, since its purpose is Meulen plan. exclusively that of providing long-term credit. It is also less a Government than a commercial proposition. Although it presupposes relatively stable political conditions in the countries to which loans are to be made, the latter need not be granted on the condition that domestic financial reforms be undertaken, as is the case with the Ter Meulen plan. In fact, this new international corporation resembles very closely the measure which Mr. Lloyd-George introduced into Parliament last October for the encouragement of KEBKUARY, 1922. FEDERAL RESERVE BULLETIN. British foreign trade. At that time £25,000,000 was voted by Parliament to guarantee the capital and interest on loans to foreign Governments for capital undertakings on the condition that the proceeds of the loans be spent for British goods. The international corporation seems to be an extension of this idea, except that the capital of the corporation is not to be drawn from public sources. One of the strong features of the Ter Meulen scheme is that it not only takes care of shortterm financing but of long-term as well and that it gives countries with depreciated currencies a stable unit of value, based upon gold, to be used in foreign transactions. The international corporation does not aim at creating machinery which will stabilize currencies and facilitate ordinary short-term commercial relationships, but it is concerned rather with the development of certain public undertakings in countries where these have collapsed. Aside from the provisions which have been made in the United States in the Edge Act for the creation of corporations to advance funds both for long and short time operations in foreign trade, and in the War Finance Corporation Act for the handling of agricultural paper, most of the plans which have been put forward here for the rehabilitation of eastern Europe have had for their purpose the substitution of a new international currency based upon gold for the debased currencies of Europe. This type of reform presupposes the active assistance of the United States, since it is the only country which can spare gold to build up reserves for foreign currencies. Actual plans for the execution of such a reform are less developed, however, than is the case with the other proposals which have been discussed. But none of these propositions has any considerable weight of public opinion behind it except the Ter Meulen scheme. This plan seems to have the support and approval of western European as well as American bankers and financial experts, probably because it appears to meet the needs of the various types of foreign trade financing. If the Genoa conference could bring about a recognition on the part of potential borrowers of the necessity of domestic financial reforms and on the part of lenders of the de- 125 sirability of the security furnished by the gold bonds, the necessary machinery could be almost immediately made effective. The savings which will result from the limitation in armaments decided upon PubSic finance. at the Washington conference will, unfortunately, affect immediately only the three countries whose finances are already in a relatively sound condition. It is estimated that the reduction decided upon for the United States will save about $200,000,000 on the present building program. The saving in England and Japan will reach an amount approximately equivalent. In France and Italy, however, no increase in naval armaments had been contemplated in the near future, and the savings brought about at Washington will not affect their immediate problems. It is particularly important in the present situation not only that governmental budgets should be balanced, so that short-time borrowing by the Government may be discontinued, but also that the sum of Government expenditures should be decreased in order to reduce the tax burden of the business community. In most countries, however, curtailment of taxes seems highly problematical at present. Only in the United States has it been attempted. Any savings which result in England next year from a decrease in expenditures will probably have to be applied to debt reduction. The situation is much the same in France. In Italy the difficulty of increasing Government revenue to meet expenditures is almost as great. In Germany the balancing of the budget is complicated by the fluctuating value of the mark, and large increases in taxes are planned for the coming year. From the preliminary announcements of Return to gold unofficial character, as well as standard. from the "agenda," it is clear that discussion at Genoa is likely to relate in no small measure to the restoration of the gold standard, or, in lieu thereof, to the development of some plan for the stabilization of foreign exchange. Much difference of opinion exists concerning the specific means to be employed and the incidental difficulties likely to be encountered in bringing about a return to the gold standard in Europe. But there is 126 FEDERAL RESERVE BULLETIN. a gratifying unanimity of opinion among leading economists, financiers, and statesmen to the effect that any permanent rehabilitation of credit and currency systems will necessitate a return to a gold basis of some sort. I t is quite obvious, however, that prior to any attempt to reinstate the gold standard, many complex problems will have to be solved. These are problems connected with reparations payments, with domestic and foreign indebtedness, with the effect of national policies upon the amount and direction of current expenditures. The issues involved necessitate far-reaching international adjustments that are likely to be the subject of prolonged negotiations. Extraterritorial interference wdth power to raise money or to spend it is rightly regarded as an interference with the sovereignty of a State, and can only be justified in extreme cases. On the other hand, a simple ultimatum to insolvent nations to the effect that obligations must be met and budgets must be balanced, will not bring about a solution of international difficulties. The capacity of the several nations to defray recurrent expenditures out of regular sources of income must be carefully appraised, and expenditures in excess of ability to pay must be eliminated before budgets can be balanced and inflation consequently stopped. Until some sort of international agreement based upon recognition of this patent fact has made possible the cessation of deficit financiering, no program of currency reform involving a return to the gold standard has any chance of success. The argument in favor of the restoration of as an international standPosition of gold as a stand- ard of value is twofold—first, ard * that no superior or better basis for prices has as yet been developed, and, second, that the use of gold as an international currency or price basis affords strong protection against pressure to bring about expansion of credit. In international trade the gold standard also constitutes a nexus between the price levels of various countries. I t can by no means be said to be an ideal means of payment, but under normal conditions it has been very effective in preventing the price level of any one country from falling too markedly out FEBKUAHY, 15)22. of line with that of others. When currency and credit systems are erected upon a gold basis, loss of gold following an excess of imports tends to check the process of further credit expansion, and the knowledge that gold may be wanted for export is under all circumstances a deterrent to indefinite credit expansion. In short, international purchases and sales tend to offset one another except to the extent that occasional adverse balances can be covered by means of gold shipments. However, if there is no attempt to maintain the gold standard or to link gold in any way with the internal price level, the process of gold denudation can go on to the point of exhaustion. In fact, that is what has virtually happened in a number of countries. Ordinarily the rising interest rates that would accompany an outflow of gold would check such a movement. But if credit expansion by means of paper issues goes ahead unrestricted by the need of redemption, either immediate or prospective, no effect upon interest rates need ensue. Meanwhile the unequally progressive rates Exchange sta- °f inflation within the several bilization and the countries, resulting in varying gold exchange degrees of depreciation of the standard. local currencies, are reflected in erratic fluctuation of exchange rates. But, as has been repeatedly shown, the exchange rates are so influenced by speculative purchases and sales, by the consideration of probable future developments, and by various incalculable factors t h a t they have become an imperfect and sometimes misleading index of the course of internal prices. The unhealthy stimulus thereby given either to the import or to the export of goods, as the case may be, because of this lack of correlation between the course of internal prices and of exchange rates, is at present an evidence of abnormally disordered financial conditions. But even an improvement in world finances of such a fundamental sort as to make possible balanced budgets and cessation of inflation will nevertheless leave open for subsequent solution the subsidiary b u t important problem of exchange stabilization. The problem would then assume a less aggravated form, b u t it would still be necessary to FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. devise some plan for controlling minor fluctuations. Even under normal prewar conditions, the existence of exchange fluctuations such as occurred in transactions between gold and silver using countries constituted a vexatious problem and afforded abundant evidence of the need for some common standard of value in terms of which all international payments should be expressed and liquidated. The difficulties were solved for some silver-using countries by the introduction of a gold-exchange standard, and it now looks as if the most workable plan for the reintroduetion of gold as an international standard of value would be the utilization of some form of the gold-exchange standard. The introduction of a gold-exchange standQuestion of &rd would, of course, involve parity, many difficult questions as to the basis upon which a new parity should be established between the stabilized paper currencies of the several countries and the gold placed at their disposal under any redistribution plan that might be arranged by international agreement. However, such difficulties are slight compared to those that would be encountered if attempts were made to inject gold into general circulation. Even if visible gold supplies were ample enough when redistributed to make it possible to introduce specie payments within the countries now on a paper basis, the experiment would be highly dangerous. The confidence of the people in the purchasing powers of their present currencies having been destroyed, any attempt to reintroduce gold payments within a country would probably be impossible, as a tendenc}^ to hoard would lead to disappearance of coin and the exhaustion of gold reserves before any substantial degree of improvement could be achieved. Hence it would seem wise to restrict attempts to reintroduce a gold standard to the international field. Governments, either directly or through central banks, or a combination of banks, would have to maintain a rigid supervision over exchange operations, and they would also have to be in a position to enforce an effective control over domestic credit policies, with a view to the maintenance of the selected parity between paper and the 127 gold exchange. Experience with the gold exchange standard in India, its subsequent introduction into the Philippines by the United States Government, and its utilization in other parts of the Far East throw some light on the problems that would have to be faced, although, of course, the difficulties are infinitely greater in attempting to establish a goldexchange standard for the world at large than they are when only restricted areas are involved. It is sometimes urged that the gold-exchange standard is essentially a system whose successful operation is dependent upon its limited application; that it is fitted only to the conditions of a colony or dependency connected with gold-using countries. In answer to this objection it has been pointed out by a number of economists that the system in force in certain European countries before the war, such, for example, as Austria, was not essentially different from the gold-exchange standard. For that matter, the actual use of gold was everywhere being confined more and more largely to international transactions. The fact that the gold-exchange standard did break down during the war, and that it will inevitably break down in the face of too abnormal trade balances, does not condemn it. No conceivable system can be expected to function properly until a reasonable equilibrium in trade relationships is restored and until extraordinary payments on indebtedness, for reparations, etc., are either eliminated or at least removed from the field of exchange operations for an indefinite period. Attempts to stabilize by artificial methods Stabilization of controlling exchange operawithout resort to tions such as were employed gold standard. during the war period are essentially of an emergency character. Their inadequacy as a means of correcting fundamental maladjustments of trade balances has been made so obvious by experience and has been a subject of such lengthy comment that it does not require further elucidation. It is, however, conceivable that the stabilization of exchange and the reestablishment of a satisfactory system of internal payments could be accomplished by a rigorous control over credit and currency without return to the gold stand- 128 FEDERAL RESERVE BULLETIN". ard. But it is highly unlikely that such control would be sufficiently rigorous and discriminating to prevent exchange fluctuations from continuing to be of a magnitude sufficient to constitute a serious interference with foreign trade. It may be that the use of the discount rate as a means of price stabilization could with wise manipulation, unhampered by political pressure, be effective in some countries. Changes in discount rates would then act as a means of encouraging the expansion or forcing the contraction of credit-created currency without either an inflow or outflow of gold. But such a scheme presupposes a centralized control over money markets that was by no means assured even in prewar times, and it also presupposes a sensitive response to variations in the interest rate that implies the existence of highly organized international markets which no longer exist. It is evident from all that has been said that Argument for the United States has an interredistribution of est in the introduction of some gold supplies. form o f gold standard as a means to the resumption of trade relationships through the effective stabilization of exchange. At present, furthermore, the abnormal concentration of gold in this country is a source of danger, because it is a false guide in matters of credit policy—no longer an index of the outside limit of legitimate credit expansion. Considerations of national interest alone are, therefore, a sufficient reason for a careful weighing of proposals looking to a redistribution of the gold supplies of the world and involving, a return of some part of the gold held by the United States for use elsewhere. No proposals of any sort should, however, be entertained until far-reaching guaranties of fiscal reform have been secured from the countries that require aid. Otherwise the assistance would be detrimental to the extent that it would lead to the postponement of the necessary fiscal reforms which must be made preliminary to the rehabilitation of currency systems and the reestablishment of stabilized exchange relationships. The unofficial announcement in London that the Chancellor of the Exchequer has stated the British Government's intention to permit the reestablishment of an unrestricted market for FERRUAKV, 102iJ. gold at the earliest date at which the state of exchange renders this course possible and desirable, recognizes the necessity of early restoration of the gold standard in a real sense, in order to combat evils of the kind already described. In November, 1921, a detailed estimate of Our present the net unfunded balance due international bal- to the United States from ance abroad was presented. Exclusive of the war-time debts of foreign Governments to the United States Government, which amount to $10,000,000,000, roughly speaking, it was estimated that on October 1, 1921, there was owing to private creditors in the United States a net unfunded balance of $3,408,000,000. During October, November, and December exports of merchandise exceeded imports by a little less than $300,000,000; and for the same period net imports of gold and silver were but slightly short of $125,000,000, leaving a net addition to our unfunded balance from " visible" sources of $175,000,000. When, however, the remaining or "invisible" items in the balance are taken into consideration and summed up, it is likely that they constituted a net debit for the three months of between $175,000,000 and $200,000,000. The result is that the visible items during these three months have been fully offset or possibly a little more than offset by the invisible elements in the balance, leaving the former estimate substantially unchanged and if anything slightly reduced at the close of 1921. In view of all the available facts, therefore, it seems fair to take $3,400,000,000 as the approximate amount of our unfunded international balance on January 1, 1922. Of very great interest and significance is the recent tendency toward a reduction rather than an augmentation of our international balance. In October, 1921, exports of merchandise and gold exceeded imports by $115,000,000 which, after due allowance for invisible offsets, still resulted in a net addition to our unfunded balance. The situation was reversed, however, in November. The extent to which the balance has been reduced during November and December is small, to be sure. In fact, the reduction just about offsets the increase in the balance during October, PRBKUARY, 1922. leaving the net sum outstanding on January 1, 1922, about the same as on October 1, 1921. Nevertheless, the fact that we have ceased to add large sums monthly to the huge amount already owed us by foreign debtors and that instead, during the last two months for which figures are available, the tendency has been in the opposite direction are considerations of no small importance. The striking fact in connection with recent official foreign trade reports is t h e l0W lGVel t0 Whlch C X P°rts fell in the last two months of 1921. Not since August, 1915, have exports been so low, measured in terms of value. During the spring, summer, and autumn months the value of exports maintained a fairly consistent level, averaging a little less than $350,000,000 monthly. The returns for November and December, therefore, of only about $295,000,000 in each of these months would seem to indicate a definite renewal of the declining tendency in our foreign trade that was so evident in the trade statistics of ten or twelve months ago. The rate of this new decline, however, has been much less than that which occurred in the early part of 1921. It is none the less serious, inasmuch as price reductions, which were chiefly responsible for the former decline, can not be held to apply at the present time to any great extent. As was pointed out in a preceding section, the decrease in the value of exports, coupled with an increase in merchandise imports and the large inflow of gold, has resulted during the last two months in a reversal in the direction of our total trade, both visible and invisible. There seems no reason to doubt that this is due to the difficulty of further financing our export trade, and is but an illustration of the universal tendency of a one-sided and unbalanced trade movement to right itself. That such a process of readjustment if left to itself might result in a most serious curtailment of our export trade for many months to come, unless steps are taken to facilitate payments to this country in goods and other forms, is a conclusion that can hardly be escaped. The foreign trade of the United 129 FEDERAL RESERVE BULLETIN. States has been maintained remarkably well up to this time in the face of tremendous obstacles. Recent developments, however, point unmistakably to the necessity for laying a more solid foundation if American export trade is to prosper. In the following table are presented the Board's usual indexes of current Index of busi- pro duction and marketing conness conditions, j . . . -,-> • , c • -, ditions. Keceipts oi gram and production of pig iron and pretroleum were larger in December than in November, but activity in all other lines declined. Textile manufacturing was on a much larger scale than in December, 1920, and grain movements were somewhat larger. [000 omitted.] December, I December, j November, 1920. 1921. 1921. Total. live. Total. Relative. Total.' Receipts oi1 live stock at 15 I t (head) () western markets 4,80 ,809 Receipts R i t off grain i att 17 interior i t i centers (bushels) j71,467 '. Sight receipts of cotton (bales). 1,580 '• Shipments of lumber reported i by 3 associations (million j J feet) I 515 | Bituminous coal production I i (short tons) 52,123 | Anthracite coal production '• (tons) 8,454 !I Crude petroleum production i (barrels) 38,901 i Pig-iron production (long tons) 2,704 i Steel-ingot production (long 2,340 j tons) Cotton consumption (bales).. 295 , Wool consumption (pounds).. 24,372 ! 100 4,639 95.3 ; 5,217 I 107.1 100 •'«;>, 013 114.1 '58,953 79.2 100 j 1,484 93.9 • 1,704 107.9 I I 100 ( 039 ;124.1 713 ; 144.3 i 100 30,975 59.4 135,955 09. 0 100 5,981 70.8 0,859 81.1 100 41,957 107.7 '37,880 97.2 100 j 1,049 01. 0 1,415 52.3 100 1,427 . 61.0 1,660 100 512 !173.6 i 527 100 61,283 J251.4 i65,326 70.9 178.7 208.0 During the 21 days ending December 31 the net inward movement of gold Gold and silwas $18,598,000, as compared ver movements. with a net inward movement of $33,534,000 for the 20 days ending November 30. England, France, and Denmark combined furnished over 53 per cent, or $11,007,000 of the $20,548,000 of gold imported during the 21 days ending December 31, other countries of Europe furnishing over 10 per cent, and Canada, Australia, and Egypt most of the remainder. Gold exports amounting to $1,950,000 were consigned principally to Mexico and Canada. Net imports of gold since August 1, 1914, were $1,542,119,000, as may be seen from the following exhibit: 130 FEDERAL BESERVE BULLETIN. [In thousands of dollars.] . Imports. Exports. 705,210 368,185 322,091 23,880 1,071,406 1291,651 94,977 667,387 1,419,366 1,542,119 Aug. 1, 1914, to Dec. 31,1918 : 1,776,616 Jan. 1 to Dec. 31,1919 i 76,534 ; J a n . l t o D e c . 31,1920 417,068 J a n . l t o D e c . 31,1921 *...; 691,267 Total 1 | 2,961,485 Excess of imports. Excess of exports. Net gold imports for the past calendar year totaled $667,387,000. The largest gains are shown through imports from the following countries: England, $202,091,000; France, $190,688,000; and Sweden, $66,356,000. Gold exports during the past year were consigned chiefly to the following destinations: Hongkong, $9,611,000; Mexico, $7,090,000; Canada, $2,914,000; and Sweden, $2,643,000. Net imports of silver during the 21 days ending December 31 were $1,097,000, as compared with net imports of $2,719,000 for the 20 days ending November 30. Mexico furnished over 71 per cent, or $2,623,000 of the $3,685,000 of silver imported during the 21 days ending December 31, the remainder coming principally from Peru, Canada, and Chile. Of the silver exports, amounting to $2,588,000, over 70 per cent, or $1,826,000, was consigned to the Orient, and the remainder principally to Canada and England. Net exports of silver since August 1, 1914, were $443,261,000, as may be seen from the following exhibit: [In thousands of dollars.] 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 Total. 1 : Exi ports. Excess of exports. 203,592 483,353 89,410 ! 239,021 88,060 i 113,616 63,242 | 51,575 279,761 149,611 25,556 Ml, 667 444,304 443,261 887,565 I Excess of imports. Compilation of the statistics of gold and silver imports and exports has been resumed by the Bureau of Foreign and Domestic Commerce and publication of the 10-day reports of these movements will be discontinued by the Federal Reserve Board. Monthly figures only will be compiled and made public by the Conir merce Bureau beginning with January, 1922. FEBRUARY, 1922. Continuous loan liquidation by both member banks and Federal Reserve Banks > mainly in connection with the large return flow to the banks of Federal Reserve notes and other currency, and a moderate increase in demand deposits at the member banks are the main developments in the banking field during the four-week period between December 21, 1921, and January 18 of the present year. Reports from over 800 member banks in leading cities indicate a reduction of $274,000,000 in outstanding loans and discounts, the decrease affecting fairly uniformly loans secured by Government and corporate obligations as well as other loans and discounts, i. e., ordinary commercial loans. As against this substantial loan liquidation, the reporting member banks show an increase of $58,000,000 in their investments in Liberty bonds and Victory notes and of $23,000,000 in total investments. Total loans and investments of the reporting institutions during the four weeks under review show a continuous decline, the January 18 total of $14,611,000,000 being $252,000,000 below the total reported four weeks earlier. Aggregate borrowings of the reporting institutions from the Federal Reserve Banks show a reduction for the period from $743,000,000 to $468,000,000, or from 5 to 3.2 per cent of the banks' combined loans and investmentsMember banks in New York City show for the same period a reduction of their accommodation at the local Federal Reserve Bank from $158,000,000 to about $84,000,000, or from 3.3 to 1.8 per cent of their aggregate loans and investments. Of the total discounts of the Federal Reserve Banks, the amount discounted for reporting banks, i. e., member banks located in the larger cities, constituted 51.2 per cent on January 18, compared with 60.7 per cent four weeks earlier and 77.9 per cent about a year ago. Since January 21, 1921, accommodation of reporting member banks at the Federal Reserve Banks has declined from $1,933,700,000 to $467,800,000, or 76 per cent, while accommodation of nonreporting member banks, i. e., those located in the smaller towns and in the agricultural sections of the country, has declined during the 131 FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. same period from $549,300,000 to $446,000,000, or only 18.8 per cent. Net demand deposits reached a low level of $10,174,000,000 on December 28, i. e., the Wednesday following Christmas. Return of currency accounts probably for most of the increase of $253,000,000 in demand deposits shown during the following two weeks, while the reduction of $95,000,000 in these deposits shown for the last week under review is in keeping with the volume of loan liquidation effected during that week. Net withdrawals of Government balances, practically continuous during the period, aggregated $105,000,000, while time deposits show a gain of over $50,000,000. The course of member bank operations during the four weeks under review is indicated in a general way in the following exhibit: Date. Dec. 21 Dec. 28 Jan. 4 Jan. 11 Jan. 18 cline of $352,800,000. Reserve deposits fluctuated between $1,735,600,000 on January 11 and $1,652,300,000 on January 25, while Government deposits, after reaching a low level of $15,300,000 on January 11, increased to $95,900,000 at the close of the period under review. During the four weeks under review the return movement of Federal Reserve notes aggregated $259,500,000, compared with $253,900,000 for the corresponding period a year ago. In addition the Federal Reserve Banks show a gain of $32,000,000 in reserve cash other than gold, composed largely of silver certificates and greenbacks withdrawn from circulation channels. Gold reserves at the close of the review period show the record total of $2,904,200,000, an increase of $34,600,000 over the December 28 total, while total cash reserves REPORTING MEMBER BANKS. reached the total of $3,058,900,000, a gain of [In millions of dollars.] $66,700,000 during the period. The reserve ratio, mainly because of the reduction in note RedisLoans counts Ratio of . Number and dis- and N , liabilities, shows a practically continuous rise bills of recounts pavable J S 0 ? " demand porting and induring the four weeks from 71.1 to 77.2 per with (3^2) deposits. banks. vestF.R. ments.1 Banks. cent. 4 \ 5 3 1 Principal weekly changes in the condition of the Federal Reserve Banks during the period 5.0 j 10,248 808 14,863 743 4.7 i 10,174 under review are shown in the following ex698 806 14,780 647 4.4 10,416 808 14,771 531 3.6 ! 10,427 hibit: 808 14,681 806 14,611 468 3.2 10,332 FEDERAL RESERVE i Including rediscounts with Federal Reserve Banks. Figures of the Federal Reserve Banks which cover the four-week period between December 28,1921, and January 25, 1922, indicate continuous liquidation of discounted bills aggregating $329,600,000, a reduction of $31,500,000 in acceptances, a decrease of $6,500,000 in Pittman certificates, and an increase of $8,800,000 in other Treasury certificates, largely held by the Boston, New York, and Chicago Federal Reserve Banks. Reserve bank holdings of United States bonds and notes show an increase of $6,300,000, and their total earning assets a de- BANKS. [In millions of dollars.] Bills dis- counted. SeCash Date. re- serves. cured by U.S. Government Total All deposits. 692.6 635.1 500.0 525.2 492.3 1,704.5 1,829.1 1,776.9 1,784.9 1,778.8 other. F. R. notes in Reactual serve circula- ratio. tion. obliga- tions. Dec. Jan. Jan. Jan. Jan. 28,1921 4, 1922 11,1922.. 18,1922 25,1922 2,992.2 3,009.8 . . 3,041.3 3,051.5 3,058.9 487.2 477.5 427.5 388.7 357.9 2,443.5 2,405.3 2,293.8 2,229.7 2.184.0 71.1 71.1 74.7 76.0 77.2 132 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. BUSINESS, INDUSTRY, AND FINANCE, JANUARY, 1922. Production and trade show no striking departures from the conditions prevailing at the time of the last report. At this season there usually occurs a period of slackening in various lines of manufacture, and this has been true during the past month. Such recession as there has been does not, however, go beyond the proportions to be expected at this time of the year. In a number of lines productive activity has been unusually well sustained. The already pronounced tendency toward stabilization of prices has continued. The Federal Reserve Board's price index for December shows a reduction of only two points, as compared with a month earlier, while the United States Bureau of Labor Statistics shows no change in its index. On the productive side interest has been largely centered about the iron and steel trade. The activity in that branch of business has, on the whole, been slightly on the increase, the end of the year showing a slowing down due to the usual inventory period, while during the first part of January better inquiry, particularly from railroads, has tended to increase the volume of orders on hand as well as the activity of the plants. Demand for nonferrous metals continues quiet. In cotton and woolen textiles no material change has taken place. In other manufacturing lines there has been, if anything, a moderate tendency toward improvement. This is true of shoe manufacturing in the western districts. But little recovery from the depression in silk is yet to be noted. Demand in the automobile trade remains little altered but with reports of fair prospects for spring trade. Prices of staple farm products have, on the whole, about held their own, with fair export demand. Minor agricultural crops have shown satisfactory yields. The interest in the agricultural situation now centers about the preparations for the new season. Some anxiety is expressed with reference to credit conditions in various parts of the West and South, due to the fact that banks in those regions already hold considerable amounts of paper representing the " carry over" from last year. Combined bank figures show continued liquidation and recession in the loan account, but this has been far more pronounced in urban and manufacturing sections than in the agricultural districts. A slight increase in unemployment is attributable largely to seasonal recession and indicates no important changes in the general demand for labor. Building operations have been unusually well maintained especially for this season of the year, being about double those reported for the corresponding month a year ago. The demand for lumber has likewise been well maintained, but with considerable variation as to prices between different grades and classes. Wholesale trade lines have shown great variation. Sharp declines have occurred in dry goods and boots and shoes, while hardware sales, although not declining in so marked a degree, have fallen off substantially. Groceries also show a lessened volume of demand. In the Southern States decline in wholesale lines has been especially pronounced in dry goods and shoes. The figures, however, make a distinctly favorable showing as compared with a year ago. In retail trade, buying demand in the manufacturing districts of the East and North still shows improvement, while demand in the agricultural regions of the West and South indicates sharp decrease as compared with the corresponding period a year ago. While, as already noted, the general price level has shown but little change, some important items have suffered from instability. Among these are raw wool, wThile in cotton, variations in export demand have prevented prices from assuming a fixed position. Some uncertainty in iron and steel prices has also been noted. Building materials have in some cases, such as brick and cement, moved downward. Slight recovery in raw sugar has been noted during the latter part of the month. Financially the month of January has shown growth in the reserve strength of Federal Reserve and member banks. Commercial demand for credit has tended downward, while market quotations for money have eased. A lower rate on bankers' acceptances has become general. Foreign exchange quotations have fluctuated within a considerably narrower range than during December. 133 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. AGRICULTURE. Weather conditions have thus far been excellent for the growth.of winter wheat in the States east of the Mississippi Kiver and in district No. 9 (Minneapolis), but have not been so favorable in districts No. .10 (Kansas City), No. 11 (Dallas), .and No. 12 (San Francisco). Winter wheat and rye were reported to be in good condition in early January throughout district No. 7 (Chicago), and there was plenty of snow to protect the plant in Wisconsin, Iowa, and Michigan. District No. 8 (St. Louis) reports that the winter wheat plant has good growth, and that the color of the top growth indicates an exceptionally healthy condition. In district No. 9 (Minneapolis) there has been a pronounced increase in acreage of ry ( and some increase in wheat sowing due to the favorable conditions for fall planting and the relatively favorable prices received for rye in 1921. District No. 10 (Kansas City) states that the condition of wheat in Kansas and Nebraska is very low, as the result of a long-continued drought, while the deficiency of moisture in Colorado and Wyoming has been partly remedied by recent snows and rains. Copious rains during December and January have improved the condition of winter wheat in district No. 12 (San Francisco), which had previously suffered from a prolonged drought, and a light layer of snow now covers thefieldsof Idaho and Washington. The Louisiana crop of cane sugar has been much benefited by ideal weather throughout the harvesting and grinding season, and cane production for 1921 amounted to about 3,671,000 tons, an increase of 47 per cent in comparison with 1920. Grinding operations are completed, except for certain large factories. COTTON. infested by the pink bollworm, and that post may soon be exterminated. TOBACCO. The markets in Virginia and North Carolina were closed from December 20 until after New Year's Day. Subsequent sales have been comparatively- light, due to unseasonable weather for the preparation of the leaf for market, but the warehousemen estimate that about 80 per cent of the year's production has already been sold. Prices of burley tobacco not signed up by the growers' cooperative association have averaged materially higher than in 1920. The association expects to open the selling season in a short time. The cigar-leaf market in district No. 3 (Philadelphia) continues dull, and movement of the Lancaster County crop has not yet begun. Cigar manufacturers in the district are now in the midst of their usual winter inactivity, factories with few exceptions being closed down during the latter part of December for the purpose of taking stock. Many plants, particularly those of the smaller firms, are still closed. The demand for cigars is exceedingly light, and orders in most cases can be filled from stock. Both manufacturers and retailers in district No. 5 (Richmond) reduced prices on most cigarettes and some cigars during the second week of January, and some price reductions have been announced in district No. 3 (Philadelphia). FRUIT. The unpicked citrus fruit of California is reported to have suffered considerable damage from recent frosts, but both California and Florida production is well above the average output of recent years. The orange crop is estimated to amount to 22,500,000 boxes in California and 8,200,000 boxes in Florida, as compared with 18,700,000 boxes and 8,100,000 boxes, respectively, in the previous year. The lemon production of district No. 12 (San Francisco) is estimated at 4,664,000 boxes, as compared with 3,750,000 boxes in 1920. Grapefruit production is also somewhat larger than last year and amounts to 5,400,000 boxes in district No. 6 (Atlanta), an increase of about 6 per cent. Shipment of the present crop of citrus fruit from Florida has been more rapid than during the last season, but the volume of California shipments up to December 31 was less than in the corresponding period of 1920. Cotton ginnings from December 13, 1921, to January 15, 1922, inclusive, amounted to only 114,513 bales, as compared with 1,138,479 bales in the corresponding period of the previous year. Despite this early curtailment in ginning activity the price of middling-upland cotton at New York declined from 18.80 cents on December 24 to 17.75 cents on January 24. District No. 11 (Dallas) reports that the winter has been mild and fears that this may permit extensive hibernating of boll weevils. The establishment of large noncotton zones during the coming year to be alternated with other zones in subsequent years has been strongly advocated as a method of ending the costly ravages of the weevil, but there seems little prospect of concerted action GRAIN MOVEMENTS. of this sort during 1922. However, definite steps have been taken to stop cotton planting Volume of grain movements increased slightfor a year in certain sections of Texas which are ly during December, due to exceptionally 87690—22 2 134 FEDERAL- RESERVE BULLETIN. heavy marketing of corn and a moderate increase in receipts of oats and rye. Wheat receipts amounted to 24,572,000 bushels at 17 reporting interior centers, a decline of 4.4 per cent as compared with November. Particularly heavy declines were registered at Toledo and Duluth, which were partly counterbalanced by a large increase in the amount of wheat received at Kansas City". District No. 10 (Kansas City) reports that wheat stocks on the farms on December 31 were much smaller than at the close of 1920. December receipts of corn at 17 interior centers totaled 41,731,000 bushels, an increase of 139 per cent in comparison with November, and the largest monthly receipts since January, 1921. Increases of over 100 per cent in corn receipts were recorded at each of the following important centers: Chicago, Duluth, Kansas City, Milwaukee, Minneapolis, Omaha, and Peoria. This acceleration in the movement of corn from the farms is partly seasonal, but has been much aided by large exports to Europe. Stocks of grain have shown a slight tendency to increase at both interior and seaboard centers, although there has been some decline in stocks of oats and barley. Corn stocks increased 92 per cent at 11 reporting interior centers, and 132 per cent at 8 reporting seaboard centers during December. FLOUR. December production of flour showed a further decrease in all districts. District No. 9 (Minneapolis) reported an output of 1,754,654 barrels, a decline of 24 per cent from the November figure of 2,290,084 barrels. December production reported in district No. 10 (Kansas City) was 1,540,102 barrels, as compared with 1,673,034 barrels in November, while the output of 11 leading mills in district No. 8 (St. Louis) decreased from 261,400 barrels in November to 248,600 barrels in December. In district No. 7 (Chicago), 43 representative millers produced 311,182 barrels, which was 0.5 per cent less than in November, while in district No. 12 (San Francisco) 61 mills produced 775,139 barrels, as compared with 856,079 barrels produced by 71 mills in November. Jobbers and bakers in district No. 7 (Chicago) are reported to be buying very little flour, but in district No. 8 (St. Louis) December brought forth much better shipping instructions on|'iold orders, although the volume of new business was disappointing. In districts No. 8 (St. Louis) and No. 10 (Kansas City) there has been much better inquiry since January 1. In the former this was especially true of the south, but virtually all was for prompt shipment. In the latter a considerable number FEBRUARY, 1922. of sales resulted, due largely to depleted stocks. What is known as the small trade did most of the buying. There is practically no export demand in district No. 12 (San Francisco), and, while domestic inquiries are frequent, few sales have resulted. LIVE STOCK. December receipts of cattle and calves and sheep at 15 western markets were less than in November, although receipts of hogs were greater. Sheep receipts alone were greater than a year ago. In the case of cattle and calves, 975,330 head were received during December, as compared with 1,394,217 head during November, and 984,309 head during December, 1920. Receipts of hogs during December were 2,673,947 head, as compared with 2,559,916 head during November and 2,932,052 head a year ago. Receipts of sheep decreased from 1,244,214 head during November to 974,034 head during December, as compared with 942,858 head during December, 1920. The condition of live stock in district No. 10 (Kansas City) is generally good, although the number of cattle and sheep on feed in the Mountain States and on the Great Plains is less than last year. Live stock in all parts of district No. 11 (Dallas) is reported to be wintering well, in spite of the fact that winter rainfall is still much below normal, and in many sections ranges are seriously affected by drought. In district No. 12 (San Francisco), recent rains have improved ranges in California and Arizona, but the condition of Oregon ranges is below normal. Twenty-three representative packers report an increase of 2.3 per cent in December sales (measured in dollars) over those for November, but a decline of 20.5 per cent from those for December, 1920. District No. 7 (Chicago) reports a better domestic demand for meats and lard toward the close of December, but a tendency toward irregularity in the opening weeks of January. Seasonal falling off in export trade set in during December, and it was comparatively dull in early January. COAL. Total production of coal in the United States during 1921 amounted to 495,000,000 tons, which is the smallest annual output during the last 10 years. The decrease was due principally to the lessened output of bituminous coal, as anthracite mines maintained a large production until the last of November. Production of bituminous coal showed a decrease during December. The output for the month was 30,975,000 tons, as compared with the November production of 35,955,000 tons and a production of 52,123,000 tons in December, 1920. District No. 3 (Philadelphia) reports that the consumers' market is still inactive, although the removal of the transportation tax on January 1 caused a slight reduction in prices. Prices at the mines have decreased slightly, due to competition between union and nonunion operators. District No. 7 (Chicago) states that " steam coal and screenings are slightly stronger in demand and price.77 Exports have declined, as British competition has become more active. Production of anthracite coal decreased from 6,859,000 tons in November to 5,984,000 tons in December, which is considerably lower than the output of 8,454,000 tons in December, 1920. District No. 3 (Philadelphia) reports a noticeable increase in the sales to consumers of domestic sizes, although steam sizes still move sluggishly. Due to the fact that both retailers and operators have large stocks, many companies have curtailed production and the industry is now operating at about 60 per cent of capacity. The production of beehive coke for December was 514,000 tons, as compared with 477,000 tons in November and 1,515,000 tons in December, 1920, while December production of by-product coke was 1,860,000 tons, as compared with 1,766,000 tons in November. Byproduct producers have a considerable advantage at present, as they are not entirely dependent on the manufacture of iron and steel. PETROLEUM. Reports from district No. 11 (Dallas) show a production of 13,419,760 barrels of crude oil for December, as compared with 10,617,880 barrels during November. This was the largest amount produced during any one month of 1921 in that district. The Mexia field, which brought in 33 producing wells, was largely responsible for the enormous increase and showed a daily average production for the month amounting to 104,530 barrels. During December, 203 producing wells were completed in district No. 11 (Dallas) with an initial production of 328,984 barrels, as compared with 132 producing wTells completed in November, with an initial production of 208,341 barrels. However, production of crude petroleum in this district for the year was almost 5,000,000 barrels less than during 1920. On account of a reduction in price, drilling operations have been much curtailed in the MiS-Continent field. On January 9, 1922, the price of Corsicana light and heavy stood at $1.30 and $0.95, respec- 135 FEDERAL RESERVE BULLETIN. FEUKUAUY, 1922. tively, as compared with $3 and $1.75, respectively, on January 1, 1921. In district No. 12 (San Francisco) crude petroleum production reached the high figure of 114,849,924 barrels during 1921, or an increase of 9,128,738 barrels, when compared with 1920. During the year 657 new producing wells were completed. The daily average production of petroleum in California during December was 325,478 barrels, as compared with 293,323 barrels during November. On account of the seasonal slackening in consumption and the continued increased production, the stored stocks on December 31, 1921, amounted to 35,021,912 barrels, as compared with 33,486,350 barrels on November 30, 1921, and 22,240,271 barrels on December 31, 1920. Forty-four new producing wells, with an initial daily production of 16,160 barrels, were completed in district No. 12 (San Francisco) during December. IRON AND STEEL. A better tone is reported in the iron and steel industry, although the actual volume of business received has increased only slightly in January. Unfilled orders of the United States Steel Corporation at the close of December amounted to 4,268,414 tons, as compared with 4,250,542 tons a month earlier. Pig iron production, however, showed a substantial increase, from 1,415,481 tons in November to 1,649,086 tons in December, and the month showed a net gain of four furnaces in blast. On the other hand, December steel-ingot production was only 1,427,093 tons, as compared with a November figure of 1,660,001 tons, due to widespread cessation of operations during the holidays. Some tendency of buyers to figure definitely on future requirements, and the appearance of large contracts in the market, is. reported from, district No. 4 (Cleveland). District No. 3 (Philadelphia), however, still notes hesitancy on the part of buyers to place orders at existing prices, due largely to uncertainty as to possible changes in freight rates. Railroads have placed some contracts, while the automobile industry, in anticipation of increased operations, is buying somewhat more freely, especially of sheets. Seasonal decrease in purchases of plates and pipe by oil interests is, however, reported. Lake shipyards have let some contracts, while tin plate and tubular goods on the whole are said by district No. 4 (Cleveland) to be making the best showing of any steel lines at the present time. Prices have shown little further decrease since the opening of the year, and concessions are said to be largely of the character 136 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. of dividing advantages of location with the buyer. Operating conditions in district No. 3 (Philadelphia) average 40 per cent of capacity, which is still somewhat less than for the industry as a whole. Most plants in that district have expanded their operations somewhat during January. 4,718 tons to 9,897 tons, respectively. The unsold surplus, however, decreased from 78,000 tons to 70,000 tons in the case of zinc blende ore, and from 1,700 tons to 600 tons in the case of lead ore. The end of the year saw a gradual resumption of operations in that district by many mines long closed down. AUTOMOBILES. COTTON TEXTILES. As was to be expected, December production of passenger cars showed, a sharp decrease from the November figure. Companies reporting produced 61,586 cars in December, as compared with 97,981 in November and 85,957 in December, 1920. The scope of the inquiry is indicated by the fact that these reporting companies produced 93.7 per cent of the total output reported for November. Companies reporting produced 6,279 trucks in December, as compared with 7,188 in November and 5,315 in December, 1920. The reporting companies produced 71 per cent of the total output of trucks reported for November. December factory shipments were 19 per cent less than in November, but 5 per cent greater than a year ago. The extent of consumers' demand is as yet uncertain, and manufacturers are proceeding cautiously. Further price reductions were announced during the past month on many cars and trucks in an effort to stimulate orders for spring delivery. Dealers in many cases have been compelled to absorb severe losses on used cars that have been accepted in part payment for new ones. "A 7veritable glut exists in the used-car market/ states district No. 3 (Philadelphia). NONFERROUS METALS. Cotton consumption in December amounted to 511,800 bales, a decline of 14,810 bales from the November total. There were no important developments during the month. The New England mills continue to maintain a high rate of activity. The report from district No. 1 (Boston) notes the fact that recent upward price revisions have been moderate and have been confined to cloths the prices of which had not previously responded to the autumnal rise in raw cotton. In district No. 3 (Philadelphia) the demand for cotton yarn is reported to be dull, and neither dealers nor sellers are disposed to consider orders for future delivery. Mills in district No. 5 (Richmond) are operating on much the same basis as during the preceding two months. A few have forward orders that will keep them busy well into 1922. In district No. 6 (Atlanta) reports made to the Federal Reserve Bank by 39 representative cotton cloth mills showed a slight reduction in yardage output in December oi 4.3 per cent as compared with November. Shipments were 1.6 per cent below those of the previous month, but orders on hand at the end of the month had increased 2.7 per cent. As compared with December, 1920, cloth production was 38 per cent greater, shipments 126.7 per cent larger, and orders on hand at the end of the month 22.1 per cent above those of December 31, 1920. The fact that some mills closed for a few days during the holiday season would explain at least a part of this reduction. Mills in the district, generally speaking, are operating at full capacity, and in certain cases are running night shifts. Thirty-three mills engaged in the production of cotton yarn in the district reported production to be 2.4 per cent less than in November, but 80.3 per cent larger than in December, 1920. Shipments were 4.2 per cent less than November totals and 141.5 per cent above December, 1920, shipments. The orders on hand at the end of the month were 3.8 per cent less than at the end of November and 54.8 per cent in excess of those on hand on December 31, 1920. The nonferrous metal markets have been quiet during January. From a price of 14 cents per pound, reached in mid-December, copper (New York, net refinery) declined to 13.50 cents by mid-January. Copper production for December was 18,545,182 pounds, as compared with 22,347,984 pounds for November. Stocks on January 1, 1922, are reported as 793,000,000 pounds, or 331,000,000 pounds less than a year ago. Lead continues to be quoted by the leading interest at 4.70 cents per pound. December zinc production increased to 22,013 tons from the November figure of 21,135 tons, but stocks at the close of the month showed a small decrease, from 67,049 tons to 66,608 tons on December 31. Demand has decreased somewhat and prices have shown a tendency to decline slightly. December production of both zinc blende and WOOLEN TEXTILES. lead ores in district No. 10* (Kansas City) was much greater than in November, increasing At the beginning of January the percentage from 31,636 tons to 50,031 tons, and from of idle woolen and worsted machinerv and of FEBRUARY, 1022. idle hours to totals reported, according to the census figures, showed a slight advance in most cases. In the case of looms wider than 50-inch reed space, the percentage of idle machinery rose from 26.6 per cent on December 1, 1921, to 30.3 per cent on January 3, but there was a slight reduction from 21.7 per cent to 21.2 per cent in the case of looms 50-inch reed space or less. The corresponding percentages for spindles rose from 22.4 per cent to 25.1 per cent for woolen spindles and from 10.2 per cent to 13 per cent for worsted spindles. The percentage of idle hours to total reported increased in all cases with the exception of combs. The percentages for looms wider than 50-inch reed space increased from 28.7 per cent to 32.9 per cent; for looms 50-inch reed space or less, the increase was from 25.7 per cent to 27.8 per cent. The percentage of idle spindle hours rose from 21.9 per cent to 25.6 per cent in the case of woolen spindles and from 12.6 per cent to 13.8 per cent in the case of worsted spindles. A certain amount of reduced activity is to be expected at the end of the year immediately prior to the display of fall offerings. The opening of the American Woolen Co.7s lines of staple worsted and staple and fancy woolens on Monday, January 23, had been awaited with special interest, and the fact that prices were on the average lower than last year is taken as a favorable augury for sustained mill activity. The settlement of the prolonged dispute in the garment trades in New York City is certain to have a stimulating effect upon the market for women's wear, but the settlement is too recent to have been reflected to any extent as yet in mill activity. District No. 1 (Boston) states that the mills in that district are running at as high a rate as could be expected, even if business throughout the country were in a prosperous condition. On the other hand, the goods mills in district No. 3 (Philadelphia) are much less active, and the average rate of production is estimated not to be in excess of 55 per cent. This average is probably not representative, as some mills are closed or running at greatly reduced capacity, whereas at least one corporation reports that its mills are operating at capacity and that it has unfilled orders sufficient to keep it working at top speed for six weeks. The demand for carpet and knitting yarn has been good, although there are said to be very few requests for weaving yarn. As a result, yarn mills in district No. 3 (Philadelphia) are operating at about 80 per cent of capacity, with sufficient orders to insure a maintenance of this rate for about three months. The raw-wool market has been very active of late, and prices have advanced materially, largely as a result of in- 137 FEDERAL RESERVE BULLETIN. creasing scarcity which, combined with tariff restrictions, has stimulated speculation and trading. A statement issued by the Boston Wool Trade Association showed that there was a very general scarcity of raw wools, as the Boston dealers on January 1, 1922, held the smallest amount on hand since the beginning of 1919, with stocks about half those held on January 1, 1921. Woo] consumption during December amounted to 61,283,000 pounds, as compared with 65,326,000 pounds in November. CLOTHING. As a result of seasonal factors, sales of clothing in district No. 2 (New York) dropped 50 per cent in December as compared with November totals (10 firms reporting). As compared with a year ago, however, sales increased 26.8 per cent. District No. 8 (St. Louis) also reports a rather sharp decline in the December business of 23 reporting firms, a drop which in this district was accelerated by the unusually warm weather which retarded sales. It is stated that orders for forward delivery continued to be well in excess of a year ago, but were slightly less than during the preceding month. Reports from manufacturers of men's clothing in district No. 7 (Chicago) show that the volume of spring orders received by seven wholesale clothing manufacturers was 47.8 per cent in excess of the totals for the preceding year. The number of suits made increased 34.1 per cent as compared with November and 320.3 per cent as compared with December, 1920, when many shops were closed entirely. In the case of 15 reporting tailors to the trade, orders and production decreased in December as compared with November, although both were in excess of figures for December, 1920. The decline in production amounted to 28.9 per cent as compared with November, and in orders the reduction was 32.6 per cent. As compared with the preceding year the percentages were 20.8 and 26.1, respectively. SILK TEXTILES. Raw-silk consumption, according to the Silk Association of America, amounted to 20,930 bales in December, an increase of 2,575 bales over the preceding month. However, there is no noticeable acceleration of activity in the case of mills manufacturing broad silks and ribbons, as the persistent rise in raw-silk prices has militated seriously against the placing of orders for future delivery. The statistics received from North Hudson and Paterson (January 17) do not indicate any material improvement in the situation since the middle of December. In fact, slight increases for Pater- 138 FEDERAL RESERVE BULLETIN. son in the number of active looms and percentage of active loom hours to totals available are more than offset by pronounced declines in North Hudson. In the former city 3,731 looms were active out of a total of 15,000 reporting, and the percentage of active loom hours to total was 22.7. In North Hudson 1,405 looms were active out of a total of 4,596 reporting, and loom-hour activity was 32.7 per cent. * HOSIERY. New orders placed with hosiery mills in district No. 3 (Philadelphia) engaged in manufacturing silk and heather mixtures have declined in recent weeks, largely because of the rise in yarn prices which has made manufacturers unwilling to accept contracts at prices formerly prevailing. In view of large orders already placed, however, the mills will be able to run from three to six months on the existing basis. Business has fallen off in the case of mills manufacturing seamless silk hosiery, partly because of yarn advances, but also because the demand has turned more toward full-fashioned goods. The 25 firms selling to the wholesale trade, which regularly report to the Federal Reserve Bank of Philadelphia, increased their output (in dozens of pairs) 5 per cent in December as compared with November, and 172.1 per cent as compared with a year ago. Orders booked declined during the month 21.6 per cent, but were 82.2 per cent above those.of December, 1920. Shipments fell off 0.2 per cent as compared with November, but showed an increase of 88.3 per cent over a year ago. The nine firms selling'to the retail trade produced 4 per cent less in November and 3.9 per cent less than in December, 1920. Orders booked declined 27.9 per cent from the preceding month, shipments fell 10.2 per cent, and unfilled orders were 37.9 per cent less. In district No. 6 (Atlanta) orders for cotton hosiery during December increased, and production was slightly larger than in November, but at about the same rate as a year ago. Unfilled orders at the end of the year remained substantially unchanged as compared with those on hand on November 30, but were larger than at the end of 1920. UNDERWEAR. The comparative reports received from 34 representative mills belonging to the Association of Knit Goods Manufacturers of America show that in the case of these mills little change in productive capacity occurred during the month of December. A slight reduction in output amounting to 5,100 dozens was recorded, totals falling from 357,606 dozens in FEBRUARY, 1922. November to 352,506 dozens in December. Unfilled orders on December 1 were 21,535 dozens in excess of November 1, the totals rising from 1,109,321 dozens to 1,130,856 dozens. New orders received during the month dropped 96,747 dozens, from a total of 296,972 dozens for November to 200,225 dozens for December. Cancellations declined from 13,981 dozens during November to 10,916 dozens, a reduction of 3,065 dozens. For the 49 mills which reported an actual production of 518,376 dozens in December, the percentage of normal capacity averaged 77 per cent, a decline from the month of November, in which 57 mills showed an average productive capacity of 86.5 per cent. Six mills reporting announced that they were closed as compared with three mills reported closed during November. Manufacturers of heavyweight underwear located in district No. 3 (Philadelphia) report that they are booking orders for immediate shipment, and also for fall delivery. They state that although the majority of orders are not large, the total is sufficient to keep the mills fairly busy. In lightweight underwear, however, the amount of business done continues to be below expectations. SHOES AND LEATHER. Demand for hides and skins was very sporadic during the last two weeks of December and the first three weeks of January, but prices are for the most part unchanged. There were only two recorded sales of packer hides in the last two weeks of December, whereas sales in the second week of January reached the largest weekly aggregate for several months. District No. 7 (Chicago) reports that shipments of green hides from Chicago during December were 9.6 per cent greater than in November. Sales of calf and kip skins increased in the middle of January, as a result of a slight reduction in prices. Leather sales in December were somewhat less than in November, due to the general desire of manufacturers to reduce inventories, but demand for both sole and upper leathers has improved during January. District No. 7 (Chicago) reports that sole leather was in good demand during the early part of January and that there was a slight tendency toward stiffening of prices. Reports from district No. 3 (Philadelphia) state that colored leather is being purchased more freely, while sales of patent leather are decreasing. Export demand for kid is improving and stocks of kid are now comparatively low. Western shoe factories showed a moderate increase in activity during December, while most eastern plants slightly reduced operations. FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 139 cent. Sales of 15 retailers decreased 48.5 per cent for the same period, and stocks 2.8 per cent. In district No. 12 (San Francisco) the month of December was marked by moderately heavy demand for lumber for water shipment, both domestic and foreign, a slight increase in prices of the upper grades of some woods, and reports of small and incomplete stocks in the hands of mills and distributors. Production of four associations during the four weeks ending December 31 was 280,622,000 feet, as compared with 355,898,000 feet during the four weeks ending November 26, while shipments likewise fell from 341,578,000 feet to 285,659,000 feet. Unfilled orders, reported by only two associations, increased, however, from 1,077,032,000 feet to 1,140,370,000 feet. The December export market witnessed large purchases by Japan and a slight revival in Australian demand for Pacific coast lumber, while in the domestic market buying for Atlantic coast and California shipment continued heavy for this season LUMBER. of the year. Production of logs was less in December and the opening of January is December than in November, due to the ungenerally a period of seasonal inactivity in the usually severe storms and the usual holiday lumber industry, but conditions this year have shutdown for repairs. been relatively satisfactory. December production of southern pine showed some decrease, BUILUIXG. the output of 117 mills in district No. 6 (Atlanta) being 284,835,000 feet, as compared with 298,The total value of building permits issued 704,000 feet for 123 mills in November, and a in 166 selected cities amounted to $139,192,593 similar decrease was noted for 45 mills in dis- in December, as compared with $145,883,418 trict No. 11 (Dallas). Shipments in both dis- in November and $69,164,447 in December, tricts fell off more sharply, from 312,902,000 1920. The valuation of permits issued, morefeet to 248,347,000 feet in district No. 6 (At- over, was actually greater in December lanta), and from 106,742,000 feet to 83,149,000 than in November in 6 of the 12 Federal feet in district No. 11 (Dallas). Unfilled orders Reserve districts. These increases occurred in at the close of the month showed a similar de- districts No. 4 (Cleveland), No. 5 (Richmond), crease, from 186,453,000 feet to 156,776,000 No. 8 (St. Louis), No. 9 (Minneapolis), No. 10 feet, and from 51,187,000 feet to 39,231,000 (Kansas City), and No. 12 (San Francisco), and feet, respectively, but stocks remained practi- ranged from 5 per cent in district No. 5 (Richcally unchanged. Winter weather has been in- mond) to 40 per cent in district No. 9 (Minneterfering with logging operations in some parts apolis). Comparison with December, 1920, of district No. 6 (Atlanta). There has been shows large increases in value of permits quite an appreciable increase in orders in the issued for every Federal Reserve district, first part of January, and likewise some in- these increases varying in size from 12 percrease in prices. cent for district No. 11 (Dallas) to 254 per In district No. 8 (St. Louis), because of the cent for district No. 8 (St. Louis). The value sustained strength of the market as a result of contracts awarded in seven Federal Reserve of the comparative smallness of stocks and cut, districts (statistics of which are compiled by there has been more than the usual amount of the F. W. Dodge Co.) increased from $177,375,inquiry, and also of small buying for immediate 132 in November to $183,633,754 in December. needs. Buying of building lumber for stock, Increases were registered in districts No. 1 even by the line yard companies, has hardly (Boston), No. 2 (New York), No. 3 (Philastarted as jet. Decrease of stocks, in spite of delphia), No. 5 (Richmond) and No. 9 (Minnelessened shipments, is reported by 12 manu- apolis), while districts No. 4 (Cleveland) and facturers in district No. 9 (Minneapolis). De- No. 7 (Chicago) registered decreases. cember shipments were 24.5 per cent less than District No. 1 (Boston) reports that the in November, while stocks decreased 6.6 per building situation in New England has imSix important shoe manufacturers in district No. 1 (Boston) report production 2.5 per cent less than in November, but 40.2 per cent greater than in December, 1920. These firms had 27.9 per cent more shipments but 30 per cent less new orders in December than in November. In district No. 3 (Philadelphia) 45 shoe concerns report production 1.9 per cent less, shipments 1.1 per cent less, and new orders 52.4 per cent less during December than during November. Twenty-one manufacturers in district No. 7 (Chicago) report increases of 3.6 per cent in production and 17.3 per cent in unfilled orders, while shipments registered a decline of 23.2 per cent. District No. 8 (St. Louis) states that 11 reporting concerns showed increases in December sales varying from 6.5 per cent to 22 per cent in comparison with November. Factories specializing in high-priced shoes are doing relatively a much smaller business than those producing cheaper grades. 140 FEDERAL RESERVE BULLETIN. proved steadily for several months, due to a noteworthy increase in residential building. Reports from district No. 3 (Philadelphia) indicate that the trend of construction has been definitely upward throughout the greater part of 1921 and that plentiful supplies of building materials are now available at fairly stable prices. In district No. 5 (Richmond) the volume of new construction and of repairs were both larger in December than in December, 1920, but the increase was relatively greater in the case of new construction. District No. 8 (St. Louis) reports marked activity in the erection of inexpensive homes in suburban communities and small towns. There have been small reductions in prices of cement and certain grades of yellow pine lumber. December building activity in district No. 12 (San Francisco) was greater than in any previous month except October, 1921. EMPLOYMENT. A fairly general, although not pronounced, increase in numbers unemployed occurred during December, according to the reports made to the United States Employment Service by 1,428 firms which on December 31 were employing 74,267 fewer employees than at the end of November—a decrease of 4.7 percent. Supplementary reports received from the several districts indicate that the decline in employment is fairly general, and not confined to the large establishments covered by the employment survey. In district No. 1 (Boston), however, the reports are on the whole encouraging, although the granite and paper-making industries are among those that are employing somewhat fewer workers. On the other hand, the employment situation in the shoe centers of Massachusetts is improved, and the textile centers continue, as during past months, to show relatively little unemployment. Conditions in the metal-working establishments are reported to be "spotty,77 with a probable slight gain in employment. The reports from the New York State Department of Labor show very little change in the employment situation during the past three months, and since seasonal declines might be expected at this time the situation is on the whole rather better than it was. The settlement of the strike in the garment industry of New York has decidedly reduced unemployment in the needle trades. In district No. 3 (Philadelphia) the Pennsylvania State Department of Labor reports a fairly steady growth in unemployment during November and December, with the result that at the end of the year the number unemployed in the six cities of Altoona, Harrisburg, Johnstown, 102-J. Philadelphia, Scranton, and Williamsport reached a maximum for the year of 243,293, but on January 15 the number of unemployed had fallen to 234,910, a decrease of 3.4 per cent. In district No. 5 (Richmond) no material changes arc reported during the past month. It is said that "there is a steady but slow growth in the number of employees taken on by factories, but an offset to triis during winter is lessened employment on outdoor work and reduced demand for farm labor.77 The replies to the labor questionnaires which are regularly sent out by the Federal Reserve Bank in district No. 7 (Chicago), covering 249 firms employing 139,758 workers on December 31, showed a decrease of 5.3 per cent in numbers employed as compared with the preceding month and 16.2 per cent as compared with the same month of the preceding year. The decrease covered a very extended list of industrial establishments. Tlie largest group, comprising manufacturers of iron and steel products, showed a decrease of 3.4 per cent and packing plants a decrease of 16 per cent. In district No. 9 (Minneapolis) unemployment increased during December and "the demand for labor has been yevy slight, owing to the complete absence of agricultural operations of any importance and the completion of public works and buildings. In Montana slight improvement appeared during December in employment in lumber mills and copper-mining establishments.77 Unemployment also increased in district No. 10 (Kansas City) and, according to the report, the industrial situation was not as good as it had been 30 or 60 days previous. The seasonal release of farm labor, completion of beet-sugar manufacture, reduction in railroad shops, strikes in packing houses, and the difficulties in the coaf mines combined to reduce the numbers employed. Cessation of agricultural work and of outdoor construction operations was also responsible for increases in numbers unemployed in district No. 12 (San Francisco). The movement into the cities of laborers from the rural districts tended to swell the numbers out of work in the principal centers. The bulk of the unemployment was confined to unskilled laborers. It was stated that in the intermountain States the situation was not so serious, and there was no marked suffering from unemployment. A number of districts mention rather significant readjustments in wage rates which have been made during the past month. In district No. 1 (Boston) wage reductions in only a limited number of cotton textile mills had been announced at the date of writing, and it was alleged that southern competition was exerting a pressure in bringing about these reductions. FEDERAL RESERVE BULLETIX. FKBUUARY, 1922. Since that time more extensive cuts have occurred and have led to strikes and disturbances in Rhode Island mills. Scattered wage reductions have also taken place in metalworking establishments. In district No. 2 (New York) a 12 per cent reduction in the wages of textile mill workers in Utica and Cohoes has occurred. This reduction was accompanied by a coincident increase in working hours which will result in the maintenance of the per capita earnings. The New York State Department of Labor in its Monthly Survey estimates that the average weekly earnings in factories in the State during December were $24.91, as compared with $24.32 during November, the increase being due in part to lengthened working time. In district No. 12 (San Francisco) the majority of the mining companies in Utah announced a reduction in wages of approximately 10 per cent, effective January 16, 1922. In San Francisco wages of metal-trade workers were reduced 10 per cent during the month. There were also reductions in the wages of building trades as a result of arbitration awards. WHOLESALE" TRADE. Very general recessions in the sales of reporting wholesale firms occurred in December as compared with the preceding month. In the case of dry goods and shoe firms the reductions were especially heavy in a majority of the districts from which returns were secured. The decreases in dry goods sales ranged from 6.9 per cent in district No. 2 (New York), with 3 firms reporting, to 42.8 per cent in district No. 11 (Dallas), with 12 firms reporting. District No. 9 (Minneapolis) was the only one recording an increase, which amounted to 7.1 per cent for 3 reporting firms. Declines in shoe sales varied from 10.3 per cent for the 14 reporting firms in district No. 12 (San Francisco) to 45.4 per cent for district No. 6 (Atlanta), 9 firms reporting. Despite these marked reductions, however, sales on the whole made a favorable showing as compared with a year ago, and it is evident that the decreases were principally due to seasonal factors, since the physical volume of sales has been well maintained in the case of dry goods, while in the boot and shoe lines actual increases have been recorded in all reporting districts, ranging from 0.6 per cent in district No. 2 (New York), with 8 firms reporting, to 38.2 per cent in district No. 5 (Richmond), with 19 firms reporting. Dry goods sales, as compared with a year ago, increased in districts No. 9 (Minneapolis), No. 11 (Dallas), and No. 12 (San Francisco), the percentage being 168.6 for 3 firms reporting, 8.7 for 12 141 firms reporting, and 11.2 for 12 firms reporting, for the respective districts. Small decreases occurred in the other districts ranging from 1.1 per cent in district No. 5 (Richmond), with 16 firms reporting, to 10.6 per cent in district No. 4 (Cleveland) with 11 firms reporting. Grocery sales showed a uniformly downward trend during December, although as compared with a year ago the percentages of decrease were not as large as were the corresponding percentages for November, 1920, and November, 1921. The reductions during December as compared with November ranged from 1.8 per cent for district No. 6 (Atlanta), with 29 firms reporting, to 16.2 per cent for district No. 10 (Kansas City), with 6 firms reporting. As compared with the preceding year reductions varied from a minimum of 10.8 per cent in district No. 10 (Kansas City), with 6 firms reporting, to a maximum of 24.1 in district No. 4 (Cleveland), with 25 firms reporting. Hardware sales similarly dropped in December as compared with the preceding month in all districts except district No. 3 (Philadelphia), in which an advance of 0.4 per cent was recorded for 23 firms. In all other districts decreases occurred ranging from 8.9 per cent in district No. 6 (Atlanta) and district No. 12 (San Francisco), with 22 firms reporting in each case, to 20.5 per cent in district No. 5 (Richmond), with 18 firms reporting. Figures for December as compared with a year ago show decreases in all cases except district No. 10 (Kansas City), in which 4 reporting firms showed an average increase of 3.5 per cent. The minimum decrease was 8.1 per cent for district No. 7 (Chicago), with 21 firms reporting; the maximum percentage of decrease wTas 28.9 for district No. 9 (Minneapolis), with 10 firms reporting. District No. 3 (Philadelphia) states that although the business in hardware in that section was somewhat better despite seasonal dullness, the developments were very uneven. Dealers in builders' hardware were meeting an active demand, but firms in the coal districts had experienced a gradual decrease in purchasing. District No. 8 (St. Louis) also notes an improvement in demand as evidenced by forward orders, which are from 5 to 14 times as large as a year ago. However, the December sales of 12 reporting interests were 13 to 24 per cent under the same month in 1920 and from 8 to 14 per cent less than in November, 1921. In connection with all lines of wholesale trade general emphasis was placed upon the continuance of the policy of ordering to fill only immediate requirements. This tendency was further accentuated by a desire to reduce the end-of-theyear inventories. Reports from the southern districts note that in the rural sections slow payments by the farmers and curtailed credits of 142 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. the stores have kept down buying in some point of disagreement between the two indexes regions in which the urban centers have was in the matter of lumber prices which the experienced a fairly active demand. Labor Department reports to have increased, while correspondents of the Board report small RETAIL TRADE. reductions or no change. This is an indication Retail sales in December showed a decided of the uncertainty as to prices in this industry, increase as compared with those of November, which is further borne out by the Federal 1921. All of the districts show a decrease when Reserve Bank of Philadelphia, which states compared with December, 1920, except the that dealers in that district report a wide three eastern districts—No. 1 (Boston), No. 2 range of quotations. Although the prices of (New York), and No. 3 (Philadelphia). Com- individual commodities in the raw materials parison of sales from July 1 to December 31 group shifted up and down during the month, show that the business transacted throughout the average of farm products, animals and meats, the country during the six months' period was and mineral products was approximately the 10.9 per cent smaller in dollar amounts than same as in the preceding month. Manufactured that of the same period in 1920. District No. goods, on the other hand, declined in price. 1 (Boston) reports that the increase in the SHIPPING. volume of trade in that district was not conThe month of January has been characterfined to the large stores but was participated in by many smaller stores in various centers, ized by a decided stiffening in ocean freight while district No. 8 (St. Louis) reports that rates, particularly charter rates for prompt " results in the country as a rule were less loading. More activity has likewise been dissatisfactory than in the larger centers of played in time charters, a number of vessels population." The lines which were most having been chartered for 12 months' general active during the month were neckwear, trading at 5 shillings per dead-weight ton per inexpensive silver, leather goods, gloves, fur- month. This compares with quotations in niture, jewelry, and kitchen goods, while the January, 1920, of 25 shillings, and in January, market for dress goods, books, stationery, 1921, of 10 shillings per month. The revival millinery, and heavy clothing was dull. Prices of interest in time charters for as long a period as a whole show a high degree of stabilization. as 12 months, when for many months past December sales throughout the United States charterers have been as a rule unwilling to sign showed increases amounting to 5.8 per cent in for more than a round trip or 3 months at a district No. 1 (Boston), 1.6 per cent in district time, is undoubtedly of significance as showing' No. 2 (New York), and 1.2 per cent in district that shipping men arc not anticipating material No. 3 (Philadelphia). Decreases were reported reductions below recent charter quotations, at in the other districts, amounting to 10.7 per least for some months to come. Grain cargoes cent in district No. 4 (Cleveland), 4.5 per cent from the Atlantic range to Europe and cargoes of in district No. 5 (Richmond), 17 per cent in sugar from Cuba to the United Kingdom have district No. 6 (Atlanta), 7.4 per cent in district recently displayed pronounced activity; but the No. 7 (Chicago), 8.6 per cent in district No. 8 export coal trade continues at a low ebb, British (St. Louis), 18.3 per cent in district No. 9 quotations on coal in most foreign markets reported as lower than the best American (Minneapolis), 4.3 per cent in district No. 10 being (Kansas City), 16.7 per cent in district No. 11 c. i. f. prices. FOREIGN TRADE. (Dallas), and 2.4 per cent in district No, 12 (San Francisco). The value of goods exported in December, Stocks on hand in representative district 1921, remained at approximately the same stores throughout the country at the close of figure as in November, namely, about December were 17.5 per cent lower than at the $295,000,000. This represents a substantial close of November, probably due to reductions decline from the monthly value of exports preceding annual inventories. Outstanding from April to October, inclusive, which was orders at the end of December were practically fairly stable around an average slightly less the same as at the end of November. than $350,000,000. While the rate of this decline has by no means been so great as in * PRICES. February and March, 1921, it should be borne The general trend of wholesale prices during in mind that the chief factor in the former December was probably toward slightly lower decline, that is, very materially reduced levels than in the preceding month. The index commodity prices, is no longer operative to of the Federal Reserve Board registered 138, any considerable extent. The most recent as compared with 140 in November. The declines in export values therefore reflect more Labor Department index, on the other hand, or less accurately a fall in the actual quantities showed no change. The most important and volume of goods in the export trade. 143 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS. Total earnings of the Federal "Reserve Banks for the calendar year 1921 were $122,864,605, compared with $181,297,338 for the calendar year 1920, while total current expenses were $36,066,065, compared with $29,889,307 for the preceding year. Current expenses for the year under review include, besides the expense of operation proper, the following important items: $5,132,497, the cost, including shipping charges, of the issue and redemption of Federal Reserve currency; $692,339, the amount of taxes on Federal Reserve Bank note circulation, and $1,508,923 for furniture and equipment. Total current expenses above shown are exclusive of that part of the expenses of the fiscal agency departments of the Federal Reserve Banks which is reimbursable by the Treasury. These expenses totaled $2,609,755 in 1921", compared with $6,215,356 in 1920 and $16,626,016 in 1919. Beginning with July 1, 1921, the larger part of the fiscal agency department expenses has been absorbed by the Federal Reserve Banks, the amount of reimbursable expenses for the second half of the year being $249,245 only, as compared with $1,245,939 absorbed by the banks, and with $2,360,509 of total expenses reimbursable for the first half of the year. This change accounts for part of the increase in the current expenses for 1920. Current net earnings, i. e., the excess of earnings over current expenses, totaled $86,798,540, compared with $151,408,031 in 1920. Calculated on an average paid-in capital for the year of $101,995,000, the current net earnings for the year constitute 85.1 per cent, compared with 160.7 per cent on the average paid-in capital in 1920. If current net earnings are related to the average of paid-in capital and reserve balances combined, i. e., to the total amount directly contributed by the member banks, or $1,774,864,000, the rate works out at 4.9 per cent, compared with 7.9 per cent for the system shown for the preceding yc&r. A still lower ratio, viz, 4.4 per cent, obtains, if the total of current net earnings is related to the combined average for the year of capital, surplus, and reserve deposits. In the following table are shown for each Federal Reserve Bank daily average amounts for the year of paid-in capital, surplus, and reserve deposits, and per cent ratios of current net earnings to daily average capital, capital and surplus, capital and reserve deposits, and capital, surplus, and reserve deposits combined. [Amounts in thousands of dollars.] Daily average. Federal Reserve Bank. Paid-in capital. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago... St. Louis Minneapolis... Kansas City... Dallas San Francisco. 7, 885 26,812 8,628 11,004 5,370 •1,098 14,230 4,504 3,528 4,477 4,203 7,256 Total.... 101,995 Surplus. 16,029 57,878 17,289 21,292 10,795 8.527 29,704 8,733 7,113 9'. 245 6,578 14,705 207,978 Paid-in capital and surplus combined. Members' reserve deposits.1 23,914 84', 690 25,917 32,296 16,165 12,625 43,994 13,237 10,671 13,722 10,781 21,961 309,973 .109,751 656,141 i 101,205 138,326 ! 53,477 I 43,987 ! 238,223 i 62,143 I 42,168 i 70,817 i 44,099 . 112,529 i Ratio of current net earnings t o Paid-in Paid-in capital, capital surplus, and and members' members' reserve reserve deposits deposits combined. combined. 117,639 682,953 109,833 149,330 58,847 48.085 252', 453 66,647 45,696 75,294 48,302 119,785 1,672,869 , 1,774,864 Paid-in capital. Paid-in Paid-in capital, Paid-in capital surplus, capital and and members' members' and reserve surplus reserve I combined. deposits deposits combined. combined. ! |. Per cent. '• Per cent. 60.0 ; 99.0 I 60.8 i 58. 5 ' 85.7 I 142.2 109.1 I 71.2 ! 103.2 73.8 : 56.7 : 74.0 133,668 740,831 127,122 170,622 69,642 56,612 282,217 75,380 52,839 84,539 54,880 134,490 1,982,842 | 85.1 : 19.8 31.3 20.2 19.9 28. 5 46.2 35.3 24.2 34.1 24.1 22.1 28.0 Per cent. 4.0 3.9 4.8 4.3 7.8 12. 1 62 4.8 8.0 4.4 4.9 4.5 4.9 Per cent. 3.5 3.6 4.1 3.8 6.6 10.3 5. 5 4.3 6.9 3.9 4.3 4.0 4.4 I 1 Average of amounts shown in the 52 weekly statements. Additions to current net earnings, $492,392, are composed of $360,856 formerly deducted from net earnings and set up as reserve for depreciation on United States bonds and of $131,536 difference accounts, amounts carried directly to profit and loss during the past year, and various minor miscellaneous items. De- ductions from current net earnings, totaling $5,203,707, comprise $1,251,675 depreciation allowances on bank premises, $2,861,500 reserve to take care of undetermined and possible losses arising from dealings with banks which have failed or suspended, $400,000 reserve for self-insurance, $49,295 reserve for 144 FEDERAL RESERVE BULLETIN. depreciation on United States bonds, and $641,237 of miscellaneous deductions. This leaves net earnings available for dividends, surplus, and franchise taxes of $82,087,225, as against $149,294,774 for the preceding calendar Under the amended section 7 of the Federal Reserve Act, net earnings, after deduction of 6 per cent annual cumulative dividends, are paid into a surplus fund, until this fund is equal to 100 per cent of the reserve bank's subscribed capital, and thereafter 10 per cent of such net earnings is carried to surplus (this portion constituting the so-called supersurplus), while the remaining 90 per cent is paid as a franchise tax to the Government. In accordance with this provision the Federal Reserve Banks, after paying $6,119,673 of dividends for the year, carried $9,329,256 to their normal surplus and $6,663,830 to their suporsurplus accounts and paid $59,974,466 as franchise tax to the United States Government. At the opening of 1922 the total surplus of the Federal Reserve Banks aggregated $215,523,000, or 104.5 per cent of the total subscribed capital reported on that date, compared with $202,036,000 and 101.2 per cent shown at the opening of 1921. The Federal Reserve Bank of Dallas is at present the only one whose net earnings have not been sufficient for the accumulation of a surplus equal to its subscribed capital. All other banks have accumulated surplus funds in excess of their subscribed capital. Of the total earnings of the Federal Reserve Banks for the past year, slightly over 89 per cent, as against 82 per cent in 1920, came from paper discounted for member banks. Owing to the decline in the volume of rediscount operations and to the successive reductions in discount rates, the amount earned from discounts was $39,461,000 less than last year. Bills purchased in open market contributed 4.3 per cent of the total yearly earnings, compared with 12.1 in 1920, this large decrease reflecting the reduction in the supply of bills based upon foreign trade transactions, as well as the larger demand for this class of paper by the commercial and savings banks, also outside investment interests. United States securities, largely Treasury certificates, yielded 5.1 per cent FEBKUARY, 1922. of the total earnings, as against 3.9 per cent a year before. Penalties on deficient reserves produced slightly less than 1 per cent, while the balance of earnings is made up of net earnings on domestic transfers bought and sold, of collection charges, and sundry minor profits. Of the total current expenses of the banks proper, $15,201,393, or over 42 per cent, compared with 41 per cent in 1920, went as compensation to the clerical staff, while $2,383,994, or 6.6 per cent, compared with 6.3 percent in 1920, represents the amount of salaries paid to bank officers. Compensation of special officers, watchmen, and extra help, also overtime pay and supper money, account for $1,892,863, or 5.2 per cent of the total expenses; postage and expressage for $1,131,230, or 3.1 per cent; and printing and stationery for $1,022,540, or slightly less than 3 per" cent. Assessments for the support of the Federal Reserve Board totaled $741,436, or slightly over 2 per cent of the banks' total current expenses. Rent paid by the banks in the past year aggregated $1,312,799, nearly all the banks using at present rented quarters. Net book value of bank premises after the close of the books in 1921 was $35,258,000, compared with $17,860,000 at the close of 1920. All Federal Reserve Banks, except the St. Louis bank, are occupying or constructing buildings of their own. The St. Louis bank owns the site for a bank building, but has not yet begun construction. Six of the branches own and occup}^ their banking houses, and one is constructing its bank building. Nine other branches own either bank buildings or building sites, but have not yet started remodeling or new construction, while seven branches have not yet purchased any property for the housing" of their banking offices. Monthly earnings show a practically continuous decline with the gradual decrease in earning assets and the reduction in the discount rates charged on discounted bills and openmarket purchases. Earnings during the last half of the year totaled $46,182,000, compared with $76,683,000 for the first half of the .year and $99,519,000 for the last six months in 1920. EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1921. EARNINGS. Total. Boston. Now York. Philadelphia. Cleveland. Richmond. Chicago. Atlanta. I ! Discounted bills Purchased bills United States securities Domestic transfers bought and sold, net Deficient reserve penalties Miscellaneous. Total earnings $109,598,675 $6,007,117 $30,762,021 §6,849,905 $8,041,788 i$6,166,477 j$6,621,052 §18.829,302 '$4,739,032 '151)440 '374,864! ' 41,427 1,829,665 513,710 184,592 737,533 515,192 ! 5,234,141 597, 553 533,022 858,205 ! 284,151 1,955,970 479,840 415,931 196,299 ! 6,253,85-1 61,673 362,555 I 326,148 63,804 34,442 90,825 123,250 | 80,610 57,017 ' 175,' 797*! 13,778' 1,177,562 4)313 33,991 | 21.065 6,514 i 16,644 12,485 13,012 93,479 j 274,225 : 122,864,605 i 6,968,662 I 34,704,939 8,008,095 Minneapolis. St. Louis. 9,390,863 ! 6,729,679 , 7,406,652 I 20,382,170 ! Kansas City. Dallas. Ran Francisco. !st,619,55[ ,'$5,134,004 j$3,829,840 $7.965,583 49,148 ! I 13 7,980 825,577 236,876 . 142,001 "' 382,855 ! 171,151 i 89,339 ! 12,581 124,163 """"136," 254 157,158 1i " 126 "434" 20,417 ' 5,004 21,175 20,123 5,166,315 : 4,966,311 , 5,712,858 . 4,243,648 ' 9,184,413 CURRENT EXPENSES. Salaries: Bank officers Clerical staff Special officers and watchmen All other Governors' conferences Federal Reserve Agents' conferences Federal Advisory Council Directors' meetingsl Traveling expenses Assessment for Federal Reserve Board expenses. Insurance (life, fidelity, casualty, workmen's compensation, and general liability) Banking house: Taxes Fire insurance Light, heat, and power Repairs and alterations (not; of permanent character) All other Furniture and equipment Rent Fire insurance—furniture and equipment... Office and other supplies Printing and stationery Telephone Telegraph Postage (other than on. money and security shipments) ." Expressage (other than on money and security shipments) Security shipments Currency and coin shipments Federal Reserve currency: Original cost, including shipping charges Cost of redemption, including shipping charges Taxes on Federal Reserve bank note circulation All other expenses Total current cxpci 1 scs §135,500 905,811 31,648 35.233 '461 118 4,443 j 10,522 200 168,556 9,263 357,962 §2,383,994 15,201,393 789 879 1,102,984 7,751 741,436 48,166 57,218 1,200 464 §498,114 I $124,020 I $194, 3,928,025 i 999,460 1 1,166,854 ! 69,934 ! 82 332 j 208,144 84,970 1 136 031 : 303,314 329 ; 343 . 448 133 ' 137 ' 156 859 | 382 ' 1,200 133 i 6,509 ! 32,101 600 1 17,839 • 37,891 202,802 2)275 82,822 62,008 i 5,745 , 77,182 ! 2,000 §149,702 ' .9163,432 858,861 i 530,325 ™ "" 22.653 29,941 40,751 62,102 tto ! 819 550 442 88 1,259 493 25,708 7,021 26,251 33,931 $332 652 .1, 888 877 30,242 105 227 38,723 4,292 138 792 156, 492 615 244 1 099 11 731 48,131 $133,545 i 8225.480 3115.499 i SI.60,543 8151,043 1,687,013 735,904 517)448 , 1,051,627 • 931,158 74,174 34,598 i 45,976 , 28.069 , 23,618 : 88,954 82,470 : 55,097 38,763 18,807 i 1,407 714 ! 620 '675 770 i 1,929 295 ! 211 287 . 403 : 200 ". 410 : 1,200 2,312 908 ! 7,004 ' 25,823 ! 11,948 " 12,413 11,902 : 39,185 ; 28,705 ". 29,373 • 35,115 35,505 , 532,307 18,054 178,178 20,073 119,408 47,336 I 6,132 i 3,110 163,655 70,231 1,508,923 1,312,799 17,492 593,742 1,022,540 201,997 610,763 1,906 : 73,692 95,637 ' 1,034 i 22,123 : 77,141 ; 16,365 10,960 ! 9,279 20,993 89.418 422)660 911 115,928 136,319 47,388 65,191 79.117 10,500 309,696 10,621 32 38,103 64)508 28,558 20,385 1,085,206 : 72,779 127,817 70,092 3,753 33,461 185,674 3,575 5) 330 42,987 , 52,859 20.709 22,820 2 79 34,794 | 28. 826 2)523 11,556 7,873 68 4,093 68,987 52,375 6,510 31,597 : 116 25,554 j 11,628 1 32,749 1 6,769 : 25,759 ' 39,651 ; 29,553 j 42,172 , 39,607 66,733 13.654 i 1,932 " 7,781 I 30,052 7,547 27,632 6,713 59 7,48S 7,538 93 j 28,170 46,021 3 118,592 !: 3 928,387 4,208,211 [ 1,065 ; 9,436 ' 106,907 1 8,036 324 9,678 I 302,264 i 1,091,592 107,114 2,115 169 3,184 10,157 I 1,333 197,329 16,331 1,313 29,311 52,037 4,910 34,210 8,788 244 8,536 2,609 ' 48S 33,399 25,999 2 13 26,783 58,406 4,987 57,223 118,158 i 273,625 7,141 ! 120,847 • 128,770 ! 31,872 i 71,621 i 2 9 6 '•• 1,015 ! 168 .. 54,082 ' "" "53*368"! 44,128 ' 63,897 • 907 i 112 ! 29,921 ! 19,718 . 46,091 67,151 i 8,217 i 7,248 1 43,262 23,494 j 89,158 ! 72,360 60,391 141,220 ! 85,511 80,932 ! 2,837 8) 604 80,170 2,331 14.710 53,003 4,21.5 j 4)199 ! 58,857 I 4,226 ' 13,033 t 107,502 i 1,968 5,072 30,640 2,207 ; 2,101 209,295 262,614 768,220 j 236,047 4,120 20,989 85,684 148,511 2,341 51,119 107,491 14,901 38,018 20,420 1 203,504 I 88,526 ! 213,287 692,339 ! 893,826 i 56,749 ! 42,703 136,310 152,469 I 36,066,065 , 2,239,007 8,167,780 113,211 58.313 ! 54)490 j 90,999 77,712 6,972 • 75,920 145,901 32,240 40,796 51,963 i 25,445 j 106,811 98,655 ' 107,710 i IS, 476 7,088 • 13,851 183,223 : " ""155*843' 9,660 63,964 ! 1,257 1 194 49,818 39,475 ' 64,587 65,507 ! 9,652 10,984 I 68,680 77,6.11 130,030 3,152 I 8'. 035 2,766,413 j 2,950,802 j 2,127,174 | 1,580,585 I 4,852,258 | 1,901,250 16,552 i 26,980 I 29,384 ! , 137,766 2,263 50,566 154,529 16,915 100,108 88,580 3.610 3 1)003 3 74,870 1.3,085 13,008 00,262 42)902 ! 49S, 7(52 124,491 I 20, 049 26,500 49,468 25,498 66,336 65,915 124.584 j 320,923 924,286 ' 1,965 j 1,154 I 1,556 1 32,054 j 62,938 ! 70,385 I 23,150 74,963 22.2S6 61)571 43,485 113,438 1,325,807 1 2,411,079 , 1,860,856 j 3,816,961 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Credit. . Cost of security shipments at Dallas from January to June included with cost of cu rrency and coin shipments. 3 en PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1921. Total. Earnings Current expenses Current net earnings Boston. New York. Philadelphia, j Cleveland. Richmond Atlanta. | Chicago. i St. Louis. ! Minnc! apolis. I $122,864,005 S3,908,662 i$34,704,939 S8,008,095 iS9,390, 853 $3, 729,679 S7,406,652 §20,382,170 $5,166,315 !$4,980,311 $5,712,858 "$4,243,648 i $9,184,413 i 36,006,065 2,289,007 i 8,167,780 2,766,44.} . 2,956,802 2,127,174 1,580,585 | 4, 852; 258 1,961,250 1,325,867 2,411,079 j 1,860,856 I 3,816,964 i 86,798,540 4,729,655 j 26,537,159 5,241,652 6,434,061 4,602,50a 5,826,067 j 15,529,912 3,205,065 . 3,640,444 | 3,301,779 1 2,382,792 5,367,449 Additions to current net earnings: Amounts deducted from reserve for depreciation on U . S . bonds All other Total additions.. Deductions from current net earnings: Depreciation, allowances on bank premises '. Reserve for possible losses Reserve for self insurance Reserve for depreciation on U. S. bonds. All other Total deductions. i San Dallas. ! Francisco* Kansas City. I 8,379 j . 622 j 4,826 13,241. 17,264 I 38,605 !. 3,826 i 884 78, 876 1,497 11,029 9,001 4, 826 13,241 . 17,264 42,431. 884 1 80,373 54,069 J 00, 000 50, 000 47,088 250,000 139,230 ! """ """ 561,500 1.6,512 500,000 360,856 131,536 43,681 3,894 3,654 127,192 i 8,J88 ; 57,296 169,438 | 6,827 4,202 492,392 47,575 | 3,054 | 135,380 .126,734 | 1,251,675 2,861,500 400,000 49,295 641,237 489,000 I 64,759 ! .100,000 ! 100,000 I 5,203,707 I 495,877 ' 60,404 30,000 , '250,666 6,877 j ; 7, 578 "136*577' 446,981 3 JJ,653 . "384," 021' 15,8*8 37, 57S 276,412 j 219,907 j 97,802 149,678! 145,000 | 2 .112,224 \ 5,275 i 88,114 150,000 I 500,000 ; 200,000 j 500,000 "" •"" 4,156 j 49, 295 20,087 10, 810 288,114 j 770, 112 527,322 245,683; 769,228: 446,949 1,279 |. 338,849 j 1,029,621 Net deductions from current net earnings... 4,711,315 Net earnings available for dividends, surplus, and franchise tax 82,087, 225 4,281,353 j 26,093,832 5,339, 454 6,284,383 ' 4,393,027 j 5,490,219 j 14,505,117 2,951,926 j 3,151,154 I 3,056,090 I 1,613,564 | 4,920,500 Dividends paid Transferred to surplus account Franchise tax paid U. S. Government 6,119,673 15,993,086 59,974,466 473,109 ! 1,608,721 772,324 i 3,782,67.1 3,035,920 i 20,702,440 000,228 : 322,203 i 245,862 853,785 I 270,253 211,657 ! 268,620 ! 252,211 I 517,663 435,361 935, 239 2,329,442 [ 093,792 i 770, .106 2,075,323 1,042, 564 488,530 | 486,91.8 i 1,361,353 I 1,254,824 3, 886, 552 3,294,713 I 3,377,032 | 4,480,251 11,576,009 1,039,109 2,450,907 2,300,558 !. 3,230,315 448,302 443,327 208,878 | 329,848 1,024,795 253,139 I 489,290. 1 Includes $47,209 account assessment for expenses of Federal Reserve Board. Includes reserve of $100,000 for dismantling old building. 3 Net additions. 2 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT. [ Total expenditures during 1921 Amounts reimbursable Jan. 1, 1921 Total Reimbursements received during 1921 Balance reimbursable Jan. 1,1922 Total. Boston. New York. $2,609,754 939,309 §204,539 80,989 $481,787 224,647 §122,435 37.855 $292,969 82,020 3,549 063 3,485,950 291 528 289,312 706,434 702,524 160,290 158,189 367,841 104,581 103,282 139,033 1 135,548 : 63,113 2,216 3,910 2,101 7,148 1,299 3,485 I P Chicago. phif 1 ~ $99,113 ! 39,920 | Kansas City. $132,003 54,307 §253,504 112,033 $138,751 i 23,658 ; $260,246 99,332 220,892 215,612 186,310 177;573 365,537 355,218 162,409 j 159,296 ! 359,578 355,561 5,280 8,737 3,113 ' 4,017 §393,239 • §150,475 84,243 I 70,417 477,482 465,994 11,488 .; 1 San ! Francisco. Minneapolis. St. Louis. 10,319 | 147 FEDERAL EESERVE BULLETIN. FEBRUARY, 1922. INTERNATIONAL PRICE INDEXES. 1 The British Number. In the issue of the BULLETIN for January, 1920, the Federal Reserve Board announced its intention of undertaking the construction of a group of wholesale price indexes for some of the leading industrial countries for the purpose of international price comparisons. The American index number, the first of .the series, was described in the BULLETIN of May, 1920, and has been published currently since then. The British index, the second of the series to be completed, is published herewith, while the Canadian, Japanese, and French indexes are still in process of construction. Studies of German and Italian prices are also being made. The object of the Federal Reserve Board, in constructing its own index numbers of wholesale prices for foreign countries, was not to supplant existing national index numbers which measure price fluctuations within the several countries. These national indexes, constructed primarily for domestic use, and differing in scope and method of compilation, are not best suited for international comparisons, particularly at the present time when so many disturbing factors are at work to dislocate normal price relations. The Federal Reserve Board, therefore, conceived the idea of preparing price indexes for the leading countries by using uniform methods in the selection of commodities, in their classification and grouping, and also in their weighting. This does not mean that the number of articles or the weights attached to a commodity or series of commodities are the same in all countries. It will be found, for instance, that the articles included for the United States and the United Kingdom are to a large extent the same, but the weights differ according to the importance of the article in the economy of the respective country, as may be seen by comparing the detailed list for United Kingdom on page 148 with a similar list for the United States printed in the BULLETIN for May, 1920, page 500. In addition to being more nearly comparable than the official and nonomcial index numbers compiled in the different countries, the Board's index numbers present a uniform classification of commodities. It will thus be possible on the basis of the Board's figures not only to compare more accurately the price levels of the different countries, but also to make comparisons for the principal classes of commodities. 1 This index, as well as the American index number of the Board, has been constructed under the supervision of K. H. Snodgrass, of the Division of Analysis arid Research; the price quotations have been collected with the assistance of Irving Linnell, American consul in London; the actual computations, etc., have been made by D. S. Davis, of the Division of Analysis and Research. COLLECTION OF PRICES. The method used in the construction of the American index has been followed in making the British number. It is a weighted arithmetic index in which the commodities are classified first according to stage of manufacture (i. e., as raw materials, producers' goods, and consumers' goods), and, second, according to trade movements, as goods produced in the United Kingdom, goods imported, and goods exported. There are 65 to 70 different commodities represented in the index, many of them by averages of several quotationsA few of the prices are quoted by individual firms, but as a general rule they have been obtained from trade journals which have well organized price collecting services. They have been collected for the most part on a weekly basis and averaged to obtain the monthly figures. The sources used in obtaining the quotations have been thoroughly investigated both by the Division of Analysis and Research and by the office of the American consul in London. Very material assistance has also been given by the British Board of Trade, which, in fact, furnishes the division with a number of quotations. The American consul in London supervises the collection of the prices each month and cables them to the United States about the 7th of the following month. The index number is constructed here and will ordinarily be ready for publication by the 10th to loth of each month. WEIGHTING. As mentioned above, the index is of the weighted, arithmetic type. In other words, the final average is obtained by the following method: The price of each individual commodity for each month in the period is multiplied by a weight which represents its importance in the whole group. These separate money aggregates for the whole series of commodities are then combined, and the final index number expressed in a percentage of the 1913 average. The weights are based upon the volume2 of production, imports, and exports in 1913. The separate group index numbers are obtained in the same way. The index of the prices of imported goods is weighted according.to the volume of imports in 1913, the price index of exported goods according to the volume of exports, and the index of goods produced in the United Kingdom according to the volume of production 2 The quantity weights for imports and exports have been tested by the statistics showing the value of imports and exports reported by the Board of Trade. In cases where the aggregatefigureobtained by multiplying the price of a commodity by the quantity imported or exported did not agree with the official value, an adjustment was made in the weight. In a few cases the production weights have been increased to give representation to commodities more highly manufactured than those in the index. 148 FEDEKAL KESEKYE BULLETIN. in the prewar year.3 The all-commodities index is obtained by combining the aggregate in the two groups, goods produced and goods imported. The following table contains'ratios showing the importance of the different groups of commodities in the price index to the index as a whole in 1913 and June, 1921. These ratios are obtained by dividing the money aggregate for the different group indexes on those dates by the money aggregate for the all-commodities index. RATIO OP GROUP INDEXES TO TOTAL. Goods ! Goods , Haw I ProCon- !| pro- ! im- !i mate- |ducers' sinners' :j All. duced. j ported, ij rials. ; goods. , goods. i •i" Average, 1913 June,1921 J i 73.0' 1 77.2! 27.0 , 22.8 i L 40.0: 39.9 30.2 26.6 29.8 33.5 100 100 3 The only British census of production of manufactures was made in 1907. Estimates had to be resorted to in several cases, therefore. Advice on the weights was obtained from an expert in the British Board of Trade. 1022. SIMILARITY TO FEDERAL RESERVE BOAR*) INDEX OF AMERICAN PRICES. The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index of American prices. The British index, however, contains ten commodities which do not appear in the American index, namely, wool tops, tin plate, caustic soda, flax, hemp, jute, herring, iron ore, linseed, and lubricating oil. The American index, on the other hand, contains prices of seven commodities that are not in the British index— rye, hay, crude petroleum, fuel oil, acetate of lime, sisal, and woolen cloth. The most serious omissions from the British index are the prices of woolen cloth and imported hides. I The commodities included in the index of goods imported represented 53 per cent of the value of all British imports in 1913; those included in the index of goods exported represented 49 per cent of the total value of British exports and reexports in 1913. FEBRUARY, BASE PERIOD. The index number has been constructed with the prewar year, 1913, as a base. Prices have not been collected for the war period, but recommence with January, 1919. The following table gives a detailed description of the commodities included in the index, the markets in which they are quoted, the source of the quotations, and the weights: . A. GOODS PRODUCED. Commodity. Grade. Unit. Market. Weight (000's omitted). Source. I. Raw materials. Wheat Barley Oats Wool Do Cattle Pigs Sheep Hides Do 504 pounds 448 pounds 336 pounds Pound ....do Hundredweight, live. Stone | Pound j do. ! do. Pig iron Coal Do Do Do Coke 1 ! Ton -. do.. do.. do.. do.. do.. I I . Producers7 goods, j Cottonseed oil Cotton yarns Do Do Wool tops Do Do Worsted yams Do Do Burlap Leather Do Steel billets I! , do ! do | do i do I do j do i do .do Ton .do Do Iron products. .do .do I Mark Lane Express. .do., .do.. ! Wool Record j do.. I Return of market prices do .do.. Leather World. do • | , ! Iron and Steel Trades .1 ournal. -1 ! Iron and Coal Trades Review. \ do / j do ' do j ] i do ! 6,800 7,000 15,800 94,000 7,280 28,000 237,000 112,000 37,400 26,000 235,000 47,000 5,200 20,500 I | Ton I Pound do i do I do Rolled steel products. Do London. White ....do... English, malting. English. .do.. Leicester hogs, 40's unwashed Bradford Downs, pick Shropshire hogs, f>0's do Shorthorns, first grade, fat...' I Shrewsbury Porkers, first grade ' do Downs, first grade .do.. Ox, first, 90 pounds and up London. Cow, first, light, 59 pounds and . . . . d o . . . under. Foundry, No. 3, Cleveland do Lancashire, best house Manchester Yorkshire, best house, Silkstonc... Sheffield Steam, sinallS; best Cardiff Anthracite, best malting S wansca Best South Wales, furnace At works » .do , Refined London \ London Economist 32's mule cops, American Manchester | Manchester Guardian ) 40's weft, American do | do X 60's twist, Egyptian do do ;l: Colonial crossbreds, prepared, 36's do do -. average. do •> .do .*... Colonial crossbreds, carded, 50's..!: ! ....do do , "—•-Merino, ""' 70's average. Bradford I Wool Record ' 2/32's worsted crossbreds, 40's .do., ! 2/40's worsted crossbreds, 46's. .do., .do.. "I" .do.. 2/48 white Botany, 64's. 10^-ounce, 40-inch, Hessians Dundee ! Textile Mercury Sole bends, 10/12 pounds London , London Economist. Rough English calf, 20/30 pounds do | do. , Hard d/d. Northwest of Eng-1 Iron and Coal Trades Review.. land. : Shapes, rounds and squares, 3-5£ ! At works Iron and Steel Trades Journal. 1 inches. I ! Rails, heavy, 60 pounds per yard : London j do i ana over. " j • Plates, ship ' Cleveland do i Crown bars, standard quality , do ! do 128 1,700,000 41,000 258,000 165,000 235,000 426,000 172,000 4,200 3,800 15,800 149 FEDERAL RESERVE BULLETIN". FEBRUARY, 1922. A. GOODS PRODUCED-Continued. Commodity. Unit. Grade. Market. Weight (000's omitted). Source. II. Producers' goods—Con. Copper products... j Pound Tin plate Box ! Brick I 1,000 j Wire : . . . . ! Coked, I. C , 20 by 14 inches, 112 i sheets, 108 pounds. | Best Foreham red 314,000 12,000 Building News and Engineer- j ing Journal. ' London Economist World's Paper Trade Review.1 Chemical Trades Journal j 5,000 London at railway stations. Portland best London | Sulphite bleached, good quality... . . . . . d o . : [ Gray do j i Pyrites, 168 degrees F. o. r. makers' works. Sodium hydrate, 7G per cent ....do ; Cement Ton Paper ! do Sulphate of am- j do monia. : Sulphuric acid do Caustic soda London Iron and Coal Trades Review.. Southwest ports... Iron and Steel Trades Journal, j do.. ..do.. do.. 3,000 500 400 1,500 100 III. Consumers1 I Wheat flour 280 pounds Sugar Herring Tobacco Beef Domestic I IIun dred weight. ' Stone j Pound. : Hundredweight Mutton Potatoes Cotton cloth do. I Ton Piece, converted yards. Do ' do I Do I do I • Pair Boots and shoes.... ~ " do Do. ! .do.. ; British, first quality. 32-inch, 125 yards, 17 .7 by 17.. .do.. Bristol Manchester.. : 35-inch, 38 yards, 16 by 14, 8* .do.. ' pounds per piece. , 38-inch, 37£ yards, 13 by 11, 6£ .do.. pounds per piece. Gent's medium, box-calf ~ London. •..: Men's box calf, Oxford, or Gib- ....do... to do Do. Liverpool Refined, granulated London. Salted do.. Capstan, medium, navy cut, lady. Bristol.. First quality London. son pattern, Goodyear welt. : Men's box calf, Balmoral or Derby, Goodyear welt. .do.. George Broomhall's Corn Trade News. London Economist Fish Trade Gazette Private firm Journal of Board of Agriculture. do do -I Manchester Guardian. do .do.. Private firm.. do 35,600 19,500 113,000 158,000 14,600 5,600 8,000 7,900,000 113,000 .do.. B. GOODS IMPORTED. i I. Raw materials. ! Wheat 100 pounds Do Conr Do Tobacco Cotton Do Do. Wool, colonial.. Do Do Silk. Flax Lead Tin Zinc Copper Iron ore do 480 pounds j 100 pounds converted I to 480 pounds. • Pound , I do | do .do. .do. do .do. .do. Ton do.. ....do. ....do. ....do. ....do. Lumber.. Do... Do... Do... Do... Superficial foot. do , ..do. .do. .do. Red winter, No. 2, American Australian American, mixed. Plata, ex-ship Liverpool. .do. ..do. .do. Virginia, leaf, semi to fine do Egyptian, Sakellaridis do Egyptian, F . G. F., upper do American, middling, official. do. Good style, bright, 46's, dean basis. London. G ood style, bright, 56's, clean basis do Good average, 64's, clean basis do Chinese, Canton do Riga, Z. K., spot c. i. f do Soft, foreign do Straits do : ! Ordinary, foreign, spelter do American electrolytic do Rubio, ex-ship tees, Bilboa, 50 per Cleveland cent. i White wood, No. 1, common ' London Walnut, No. 1, common ! do Oak, quartered, No. 1, common do Silver spruce do Mahogany, African, Axim do 1 George Broomhall's Corn Trade ' News. ! do i Statist • George Broomhall'sCorn Tradej News. Private firm Manchester Guardian _ Liverpool Cotton Exchange... Manchester Guardian Private firm do do London Economist do Statist Iron and Steel Trades Journal. do Iron and Coal Trades Review . do j ! Private firm j do j do ]'.'.'.'..do. do. 119,000 11,400 28,000 400,000 1,024,000 141,000 125,000 193,000 970 122 204 46 223 151 7,000 2,200,000 II. Producers' goods. Sugar Linseed Hemp Jute Rubber Do Gasoline Lubricating oil Nitrate of soda Hundredweight. Ton. do ....do Pound ....do G allon Ton do 87690—22- British West India, crystals, lower ; London price. : Calcutta, spot do Manila, fair do Daisee, No. 2, spot Dundee Para, hard, fine, spot London ! Plantation, crepe, spot do Motor spirit, best quality, No. 1 do American, filtered, cylinder do 96 per cent, refined Liverpool The Grocer Statist London Economist Textile Mercury India Rubber Journal, do. OilNews ....do Chemical Trades Journal. 14,000 570 138 351 122,000 44,000 178 14 L 150 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. B. GOODS IIMPORTED—Continued. Commodity. III. Unit. Grade. Market. Weight (000's omitted). Source. Consumers7 goods. Sugar Rice Beef Hundredweight do do Pork products Do Butter Cheese Lard Coffee Refined, granulated Rangoon, No. 2 Argentine, hind quarter, first quality, frozen. Hams, American, green, long cut.. Bacon, Danish . Australian, first .quality. Canadian first quality American, in boxes . . . . Costa Rica, good to finefit, lower price. Indian, average of market prices. American do do .do do do .do Pound Gallon Tea Kerosene London do do London Econom is t London Corn Circular Return of market prices Bristol London do do "Bristol London ....do Statist .do 14,000 4,426 9,200 855 4,420 4,14.0 2,300 2,000 590 do do The Grocer. . .. .do . 235,000 77,000 do Statist do C. GOODS EXPORTED OR REEXPORTED. I. Raw materials. Pound do do .u.u do do OOl, COlOnial. . . . . .. jj .. . . . -UAJ do Do I do I Do I do Coal Ton .do Pig iron do Copper. do Tin Cotton Do Do Wool, domestic Do Egyptian, Sakcllaridis Liverpool ; Egytpian, F. G. F., upper | do [ American, middling, official do .ivuituiuaii, iiiJu.uLiiig, uuik/iai uu i Leicester hogs, 40\s," unwashed j Bradford , Do ivns, pick Shropshire, hogs, 50'sj do ; u u u oiijr J.C, ubright, u g u u , -r46 \> o, e a n vaic Guood style, s, wclean basis. London ; Good style, bright 56's, clean basis do Good average 6'1's, clean basis • do • Steam smalls, best I! Cardiff | Foundry, No. 3, j 'London " " ~ Cleveland '" ' ' * i American, electrolytic \ do : Straits ' do : Manchester Guardian. ...j Liverpool Cotton Exchange... (3uardian : Manchester .Mctiiuiiuoi"!. \» uciiuia-ii. • - . . . . . . | Wool Record ' do " Private firm do. do ; Iron and Coal Trades Review. "Iron and • Steel- Trades ~ - -Journal. iron and Coal Trades Re/vie -v. iron and Steel Trades Journal. 43,000 2J 5,000 63,000 155,000 81,000 1,658 34 42 II. Producers7 goods. Pounds do. do. do. do. do. Ton do Pounds do do Ton Cotton yams Do. Do. Worsted yarns. Do Do Hemp Jute Burlap Rubber Do Steel products Do- .do.. do Do do Iron products Pounds Copper products... Box Tin plate Sulphate of ammo- Ton nia. 7 III. Consumers goods. ! 32's, mule cops, American Manchester Manchester G uardian 40's, weft, American do i do ! 60's, twist, Egyptian do do 2/32's worsted crossbreds, 40;s !! Bradford , Wool Record 2/J.O's -worsted crossbreds, 46's do do 2/48's, white Botany, 64's I do do Manila, fair ! London London Economist Daisee, No. 2 | Dundee Textile Mercury : 10£-ourico, 40-inch, Hessians ! do do Para, hard, fine, spot London ; India Rubber Journal Plantation, crepe, spot ! do " do. Shapes, rounds and squares, 3-5 £ At works ; Iron and Steel Trades Journal. inches. ! Rails, heavy, 60 pounds per yard London. do and over. j : Cleveland do Plates, ship Crown bars, standard quality i do do Wire . London ! iron and Coal Trades Review.. Coked, I. C , 20 by 14 inches, 112 Southwest ports..j Iron and Stool Trades Journal. sheets, 108 pounds. Gray Manchester Chemical Trades Journal 68,000 46 130 212,000 89,000 5,300 72,000 10,200 323 I Hundredweight Costa Rica, good to finest ! London. Coffee Indian, average of market prices.. i do Tea Pound Stone j Salted ..' do Herring # Pound j Capstan, medium, navy cut, lady.! Bristol Tobacco Piece, converted to ! 32-inch, 125 yards, 17 by 17 ."..| Manchester Cotton cloth yards. J I .do 35-inch, 38 yards, 16 by 14, 8} ' do Do. pounds per piece. I 38-inch 37£ yards, 13 by 11, 6$ j do ..do.. Do. pounds per piece. Gent's medium, box calf. j London. Boots and s h o e s — Pair Do ' do ! Men's box calf, Oxford or Gibson , do j pattern, Goodyear welt. ! Do do j Men's box calf, Balmoral or Derby, ,' do j Goodyear welt. British hundredweight = 112 pounds. 279,000 : The Grocer • do Fish Trades Gazette '; Private firm Manchester Guardian , do , \ ;: do Private firm do 371 i 48,000 I 70,360 | 11,100 f j I 7,085,000 I ) | 9,700 .do.. FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. In the charts on page 152, the fluctuations of the index number are shown in comparison with the indexes of the British Board of Trade, the London Statist (Sauerbeck's index), and the London Economist. The Board of Trade index is based upon over 150 different price quotations, is very roughly weighted according to production in the census year, 1907, and is a geometric average. It was published for the first time in the spring of 1921, that is, since the Division of Analysis and Research began to collect British prices, and in about 25 cases the quotations in the two indexes are the same. The Sauerbeck and Economist indexes are very old, dating back to before the middle of the nineteenth century. The Sauerbeck index is reported to consist of approximately 45 commodities or 60 market quotations, and is weighted only by the number of quotations assigned to each commodity. The Economist index is similarly constructed, but is based upon fewer quotations. Both the Economist and Statist indexes contain only prices of raw materials or of commodities in a relatively early stage of manufacture. From this discussion it is apparent that the four indexes are all differently constructed. The Board of Trade and the Federal Reserve Board indexes resemble each other as regards construction more than either resembles the Statist or the Economist indexes. It is therefore not surprising that there should be a relatively high degree of correlation between the two former. All the indexes show that the rise in prices following the armistice began in April, 1920. The Economist index, however, is the first to mark the break in 1920, dating the peak of prices in March. The Statist gives April as the peak, and the Board of Trade and the Federal Reserve Board give May. This reminds one of the situation at the same time in the United States. Bradstreet's index dated the peak in American prices in February, 1920, but the indexes of the Federal Reserve Board and the Bureau of Labor Statistics gave May. The explanation in this case seems to be that certain commodities which in this particular period were the first to feel business depression, such as textiles and leathers, figure very importantly in the Bradstrect index, while commodities, such as iron and steel, which were not affected by depression utnil later, are of relatively small importance. The differences in the British index numbers can probably be accounted for in some similar way. On two occasions during 1921 the Statist and Economist indexes have shown increases in prices which were shortly followed by 151 reactions. The Board of Trade and Federal Reserve Board indexes show a steady decline since May, 1920, but a relatively slow rate of decline since March, 1921. Since the old Board of Trade index was abandoned, there have been no British indexes which classified commodities according to stage of manufacture or trade movements. The indexes of the Federal Reserve Board, therefore, are the only ones to furnish some indication of the relative fluctuations in the prices of raw materials as compared with manufactured goods, or imports as compared with exports. The first chart shows the excessive rise in the price of British exports in the nine months from July, 1919, to April, 1920, and the even greater fall between May,' 1920, and March," 1921. Since that time prices of exported goods have continued to sag, but at a slow rate as compared with the earlier period. Prices of imports, on the other hand, rose far less than those of domestic goods during the period of inflation, but are now moving in harmony with prices of exports. In the first half of 1919 the level of domestic prices was relatively lower, as compared with prewar, than the prices of imported goods. The rise in prices, however, was more rapid, with the result that since August, 1919, relative prices of domestic goods have been higher than like prices of imports. In England the great postwar price advance was most pronounced in the group of goods generally classified as producers' or semifinished goods. If reference is made to the list of commodities included in this group on page 148. it will be seen that these goods are also leading British export commodities. The rise in the price of these goods began spectacularly in April, 1919, and continued until April, 1920. Since then there has been a consistent decline every month until September, 1921, when prices show a moderate rise, followed by a decided fall during the last two months of the year. Raw materials prices rose less spectacularly between April, 1919, and June, 1920, and likewise declined more slowly than producers' goods. Prices were kept at a high level through the summer of 1920 by various price-fixing measures. Although finished consumers' goods did not rise as high as producers' goods during the period of inflation, they were higher than any other group of goods in January, 1919, and have been so again since December, 1920. The table on page 153 contains the index numbers for the different groups of commodities and for the total. 152 FEDERAL, RESERVE BTJLLETIX. FEBRUAET, 1922. INDEX NUMBERS OF WHOLESALE PRICES !N ENGLAND 1919 - 1921 ( AVERAGE PRICE LEVEL OF 1913 ? 100 ) 600 550 FEDERAL RFSERVF BOARD iNDEX NUMBERS 550 500 500 450 450 400 t 1 1 I \ 350 £ 300 i\\ h / § 250 |200 cS O \ \ \ \ i • - ! "/ 400 350 300 m 250'§ Cis N \ 200 | \ 150 150 _____ ALL COMMODITI ES GOODS IMF*ORT£ :D COOLJS EX P0R7 'ED RAW MAT ERIAL .5 PROi OUCE RS GC10DS CON^3UME RS G( 10DS 100- -100 80 80 COMPARISON WITH OTHER SND EX N U M B E R S —- 550 ! 500 : 550 i 500 ! 450 450 400 400 350 — - - . 300 \ §250 / 1 200 150 "BRl TISH L3CARL3 OF!-RADEL 350 L 300 K i \ V \ > rF \ 250 & o • • v 1 -. r a | ^ — i FEDi~RAL RESERVE BOARD-r /NDi IX FC R UN! TED //•.' f)i •y frQ a ENGLAND ifsj o r e s ; ING -.OLD IJAS/S itWE X FGF ENGLAND,CONv'EFITED TO C 'FEDL ZRAL RESE,WEB OARD -BR /TVS/ INDi :x ! 100- 200 | s 150 -100 ! \ •i J F.M.A.M.J.J.A.S.OH.D.JF M.A.M.J.J. A.S.O.N.D.J.F. M.A.M. J. J.A.S.O.N.D. 1919 1920 1921 1 80 »i_ J. F. M.A.M. J. J.A.S.O. N. D.J.F. M.A.M.J. J.A.S.O.N.D. J. F. M.A.M.J. J.A.S.O. N.D 1319 1920 1321 FEBRUARY, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND— CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON. [Average prices in 1913=100.] Date, Goods Goods G oods proimexduced. ported. ported. Ii . _.. I_ COMPARISON OF FEDERAL RESERVE BOARD INDEX OF AMERICAN PRICES AND BRITISH INDEX CONVERTED TO A GOLD BASIS. [1913 average=100.] All ConRaw Promate- ducers' sumers' commodirials. goods. goods. ties. Federal Reserve Board index of American prices. i. 1919. January February... March . . . April May June .. July August September . October.... November.. December.. 221 215 i 202 208 220 281 240 250 253 262 273 283 214 233 230 234 241 247 210 240 259 269 280 212 231 222 219 232 233 265 278 302 332 345 399 302 310 327 332 341 344 330 322 319 301 285 206 298 314 319 324 322 306 299 304 28S 272 253 230 452 478 483 | 48i) 484 469 i 452 439 421 392 369 328 308 307 307 301 290 282 205 252 234 219 211 200 206 204 202 199 192 1S2 207 190 182 180 167 161 164 165 170 163 246 201. 1.89 185 1 182 l| 179 174 168 .1.7.1 175 1.64 1.58 ' 233 213 202 201 198 196 192 193 195 187 177 173 2:10 210 208 206 207 211 2?6 222 234 239 250 255 261 238 229 200 213 237 257 269 277 277 288 310 331 241 234 226 225 229 236 244 243 241 249 260 267 227 222 210 214 224 234 242 249 251 261 272 287 358 392 406 409 406 396 363 352 341 309 278 244 289 291 300 306 310 311 302 297 296 282 267 255 305 320 329 334 34C 339 32(322 315 297 280 260 231 2L3 198 184 179 173 165 161 165 166 j 153 : 261 246 231 225 216 24.4 226 213 206 201 197 196 195 194 187 177 172 1920. January .February... Jlarch •Vpril May -June July August September.. October November.. December.. 270 281 287 292 SOfi 1921. January February... March April Alav .• nne... July August September.. October.... November.. December.. -."•".> 153 FEDERAL. RESERVE BULLETIN. 1TC, 154 • 152 | 147 1 ! 213 222 223 212 200 191 186 January— February.. March...'... April May, June July August September. October November. December.. 1919. 195 189 191 196 202 '203 211 218 211 212 219 22G 222 217 205 205 216 223 227 223 220 227 233 235 242 242 248 263 264 258 250 234 226 20S 190 173 237 227 267 276 274 278 265 245 231 214 198 186 163 154 150 143 142 139 141 143 143 141 140 138 188 180 172 166 164 153 146 146 148 149 144 147 1920. January February March April May June July August September October November December 1921. January February.. March April May June July August September. October November.. December.. The fourth chart in the series shows the index numbers of the Federal Reserve Board for the United States and for England, and the Effect of the Exchange Situation on Interlatter adjusted by British foreign exchange American Commerce. rates on Now York. The spread between the Following is a statement issued to the press solid and the dotted lines therefore measures the extent to which American and British on January 23, 1922. by the United States prices have tended toward the same 'level, Section of the Inter-American High Commisas compared with the prewar average, in the period from January, 1919, to December, sion: The present disordered exchange situation in 1921. This would seem to indicate a relatively close agreement between the two levels the world is militating severely against the during the period of rapid deflation in the recovery of the world's commerce. The exautumn of 1920, followed by a period of con- change situation is not, however, the cause of siderable dissimilarity, which in turn was suc- the world's economic difficulties; but it is the ceeded by the present period of rather close effect thereof. For the most part, the exagreement. The following table gives the change situation merely reflects the economic index of American prices and that of British situation. Exchange has been likened to a converted to the dollar basis. The latter is barometer; the barometer indicates the obtained by multiplying the British index by a weather, but it does not make the weather. relative showing the depreciation of English The dislocations which still exist in the whole money in terms of dollars and dividing the international economic structure, and the product by 100. derangements of the international price struc- 154 FEDERAL BESEEVE BULLETIN". ture, are mainly responsible for the disordered exchange situation. The exchange situation will improve as the world's economic recovery goes on. especially in Europe, and particularly as the existing distortions of the price structure disappear: Confusion in the existing exchange situation shows itself principally in two ways: First, in the relative premiums and discounts on the currencies of different countries, and, second, in the disastrous daily fluctuations of the currencies of some countries. The export trade of countries whose currencies are at a premium is at a serious disadvantage. The trade of the United States is suffering more from this derangement than any other country, "because its currency is at a premium with respect to practically every other country. The other American Republics are, however, suffering, if not in the same degree, nevertheless in much the same way as the United States wherever a similar relationship exists with regard to their respective currencies and to the currencies of the different States of Europe. It is to be expected that, in the course of time, price levels and wage levels will rise in countries with depreciated currency and will decline in countries with premium currencies until an economic equilibrium is once more attained. Meanwhile, however, while changes in the relative premium and discount on currencies are going on, the process is causing incalculable inconvenience and serious injury— economically, financial!}', and socially—both to the premium and discount countries. The second phase of the derangement—that is, the daily fluctuation of exchange—is destructive of sound and progressive business, because it drives every international transaction into the realm of speculation. The daily fluctuation in exchange, in many instances, absorbs more than the normal margins of profit, and thus either enlarges the margins or drives business to a cash basis instead of the accustomed credit relationships. In either case, the result is a decrease in the entire commerce of the world. These fluctuations are less extensive between the American Republics than they are between the American Republics as a group and Europe, but it is impossible to disassociate interAmerican exchange relations from the European relation. The European-American business fabric is constructed on a triangle, with one point resting in Europe and two points in South and North America. Any consideration of the effect of the exchange problem on the trade of the American Republics must therefore involve the question of exchange stability between Europe and the Western Hemisphere. FEBRUARY, 1922. So long as the European vertex of the economic triangle remains unstable, the establishment of stability in inter-American exchange will be attended with difficulty. A review of Europe's situation—the weak, disturbed, and unstable storm center in international trade and finance—draws us to the inevitable conclusion that (here can be no stabilization of exchange upon any footing until there is a cessation of inflation in the principal continental States. Inflation is the result of unbalanced budgets, which themselves are the result of the necessary expenditures upon reconstruction, the unsettled situation of German reparations, the maintenance of land armaments, and increasing debts. The disturbing forces are indeed predominantly European, and while Europe has made great progress in agricultural, industrial, social, and political stability since the war, the fiscal situation continues to disrupt exchange with great severity. The German Government is not meeting it? reparation obligations by taxation, while other countries are unable to mobilize enough taxable resources to cover their expenditures for reconstruction, for military forces and other purposes. There can be no hope of stability in the world's exchange until, in the first place, German reparation payments have been put upon a basis not only securing a definite How of economic strength into .the just task of rehabilitating the devastated countries, but also calculated to be within the practical power of the German people to pay. Furthermore, it is necessary for economic stability that land armament on the continent of Europe should be reduced. Armies in many States are of such size as to necessitate continuing inflation, either through currency or short-time bills. The economic loss in productivity of the nations is not measured alone by the number of men under arms but by the spirit that surrounds the entire situation. The situation in Russia and Eastern Europe has also a bearing upon the problem. The total extinction of economic productivity in Russia from an export and import point of view seriously deranges the economy of Western Europe. The slow healing of the economic disruption due to the creation of new States can not be ignored. Beyond this, again, there arises the question of domestic debt in some of the States of Europe. The increasing volume of these domestic debts under the pressure of unbalanced budgets makes more and more uncertain the point at which stability of values can be expected. The Washington Conference on the Limitation of Naval Armament is a definite and FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. positive step in the only path that leads to commercial stability, and its effect has already been felt in the exchanges of the world. There are some secondary pleasures which can be taken to prevent the more violent daily fluctuations and to eliminate the intermediate movements of exchange. In the examination of these steps we hope to cooperate earnestly with the other sections of the Inter-American High Commission. The situation in the United States is unfortunate in that the high premium on American exchange attracts to this country the gold flow of the world. We are to-day overstocked with gold beyond our currency needs. The surplus earns no interest and serves no useful purpose. The United States feels it to be to its own interest that this gold should be utilized in foreign channels, and also that it be redistributed. From an economic point of view, the method of utilization is by the investment of capital abroad. The method of redistribution should be through loans for reproductive enterprise and by specific gold loans to countries which are in a position to undertake the reorganization of their currencies on a gold basis. The United States section regards it as mutually desirable and profitable that capital investments should be made in the other American Republics where national credit rests squarely on stability in the social order. One effect of the recent accumulation of gold reserves has been to make the United States a more available and abundant market for the placing of public and private securities of the other Republics than has heretofore been the case. During the past year there has been a great strain in the United States local credits due to the reactions from the postwar boom, but this strain is now relaxing and the further movement of investment in Latin America has already begun. Upward of § 150,000,000 worth of securities representing the other ..American nations were floated here in the last year. RECENT INTERNATIONAL PRICE FLUCTUATIONS. In the charts on page 156 are shown the fluctuations in wholesale prices in 18 countries during 1920 and 1921. These charts show that during the second half of 1921 falling prices were the exception rather than the rule; in other words, that in the case of only a few countries were prices consistently on the decline, while in a large number of countries they were advancing more or less rapidly, or fluctuating about a level lower than the 1920 peak. In fact, nowhere 155 except in England, the Scandinavian countries, and Canada were prices definitely on the decline. In most countries they are now fluctuating about a level considerably lower than that of a ye'ar ago or declining slowly, but in Germany, Poland, and other eastern European countries they are rapidly increasing. A study of banking factors in their relation to prices shows that in England, as a result of trade depression and the relatively favorable condition of publicfinances, loans, and discounts with the nine leading joint-stock banks declined from £1,207,000j000 sterling in January to £1,127,000,000 in April. At the same time bank and currency note circulation decreased slightly and the floating debt about £100,000,000. Since that time, although there has been a consistent reduction in the note circulation and in wholesale prices, discounts and advances have been increasing, mainly because the banks have been large purchasers of Treasury bills which have been placed on the market in increasing amounts. It is only in the last few months that there has been any considerable reduction in the floating debt. Wholesale prices continue to decline, the December figures showing about a 50 per cent decrease from those of "May, 1920, when they were at their peak. In France, also, the deflation in prices has been much more severe than the curtailment of bank credit, and the reductions that have occurred in the note issue have been due in the main to decreases in advances to the Government by the bank. This does not mean, however, that the short-term floating credits of the Government have been reduced during the year; merely that the manner of obtaining credit has shifted from borrowing at the bank to the sale of Treasury bills. The situation in England and France is similar in that, in spite of Government financing, there has been a fairly consistent reduction in prices. In Italy, there has been a material reduction in the note circulation for the account of the State, but the commercial note circulation has increased about as much as the former has decreased, leaving the total not much lower this year than last. Indications of continued inflation are not absent, however. Loans and discounts, including Treasury bills, of the four leading private banks increased about 20 per cent between June, 1920, and June, 1921, while loans and discounts of the banks of issue increased about 10 per cent during the same time. The floating debt was 14,000,000,000 lire higher at the end of October, 1921, than in June, 1920. Certain factors in the general industrial situation, however, are of importance in connection with the recent 156 FEDERAL RESERVE BULLETIN". FEBRUARY, 1022. INDEX NUMBERS OF WHOLESALE PRICES IN LEADING COUNTRIES 1920 - 1921 AVERAGE PRICE LEVEL OF 1913 = 100 ( SCALE UNIT - 20 PER CENT ) • t \ V \ \ \ 3OO V \ \ V 2OO 2OO *•« \ & V — — — 1OO 1OO •* / " 3OO 3OO — A K 2 : S. ' ,/g 2OO 2OO \ \ //a • • - • 1OO 1OO 1320 1921 1922 1920 1921 1922 Where the base period is not the calendar year 1913, i t i s a period very close to that, such as July, 1913 to June,. 1914, July, 1914, or some similar date. 157 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN LEADING COUNTRIES 192O - 1921 AVERAGE PRICE LEVEL OF 1913 = 1OO ( SCALE UNIT = SO PER CENT) 8OO 7OO 7OO i 6OO 5OO 600 \ t^ / ----50O V f «# A 4OO — \ — \a 3OO 4OO V 3OO 2& K. ^| 2OO • • - 2OO - 1OO 1OO „.._. 4-OOO r — — • SCALE UNIT =200 PER CENT) — — ( SCALE UN/T= JO 000 PER CENT) . .... / 3OOO 1 1 6OQOO — / — f1 773/7^/ 1OOO — — — „— 5OOOO jr 4OOOO 3OOOO -.— A, i 2OOOO - - • 1OO 1920 1921 . 7OOOO / / V . / I J . 8OOOO / 2OOO . 9OOOO — 1922 1920 1921 1922 Where the base period is not the calendar year 1913, it is a period, very close to that, such as July, 1913 to June, 1914, July, 1914, or some similar date 1OOOO 158 FEDERAL RESERVE BULLETIN. rise in prices. The new protective tariff, the decontrol of industry, as well as the subsidizing of certain of the domestic cereal prices, have all encouraged higher prices. In other words, the present situation in Italy seems to have resulted from various more or less opposing factors, some making for deflation, some for inflation. In the Far East, there has apparently been an increase in bona fide business activity during the latter half of 1921. Although Japanese foreign trade during 1921 was not on anything like the scale of the immediately preceding years, exports have been materially higher in recent months than early in the year. At the same time there has been an advance in imports also. Toward the cud of 1921 an expansion occurred in the note circulation and loans and discounts of the Bank of Japan. This is accounted for in. part by end-of-year payments. COMMERCIAL CREDIT PRACTICE OF GERMAN BANKS.1 I. INTRODUCTION. In previous issues of the FEDERAL RESERVE the practice of American banks in financing foreign trade by means of the letter of credit has been considered. In order to complete this survey, the Division of Analysis and Research of the Federal Reserve Board has conducted a study of the forms and practices followed by banks of foreign countries engaged in the financing of overseas trade. This article is the first of a series and will present the commercial credit practice of leading institutions in Germany. German literature on this subject is limited and the standard works written in the prewar period are of little value. Information has been gathered through a questionnaire addressed to a selected number of German banks which cooperated in this study by answering the questions in detail and by supplying their forms. Many of the doubtful phases of the subject have been clarified through personal interviews with New York representatives and correspondents of foreign banks. A number of the conclusions regarding credits stated below are based on correspondence which the Division of Analysis and Research has conducted with Dr. Alfred Jacoby, of the National Bank for Germany, who has made the first intensive survey of German practices on the commercial letter of credit. (See Bank Archiv, June 1 and 15, 1921.) It is necessary first to arrive at a clear definition of the various German terms wThich BULLETIN, 1 Special acknowledgment is due to the Direction der Disconto Gescllschaft and the A. Schaffhausenscher Bankverei n. y, 1922. in some respects are unlike the expressions used by American banks. Uncertainty seems to prevail even among German bankers themselves as to the meaning and use of such terms as "Akkreditiv," "Gegcnakkrcditiv," "Rembourskredit,'' and '' Trassierungskredit.'' II. MEANING OF TERMS. 1. Akkreditiv,—It may be well to analyze first the Akkreditiv, which has the broadest connotation in that it includes the Rembourskredit and Trassierungskrcdit. This Akkreditiv may be described briefly as an order given by a purchaser of goods to a bank which is requested to notify the credit and to make payment to a third party, the beneficiary. The instrument is unlike the American commercial letter of credit in which the bank authorizes a beneficiary to draw his drafts and engages that these will be honored on presentation. The German Akkreditiv may rather be compared with the American application signed by the importer who opens the credit and addressed to the bank which issues the credit. The Akkreditiv is in the nature of a contract, which may be oral as well as written. (See Biirgerliches Gesetzbuch (Civil Law Code), par. 675). The German commercial letter of credit is not subject to paragraph 363 of the Handelsgesetzbuch (Commercial Code), which requires an obligation to be in written form and which governs the traveler's letter of credit. 2. Gegenakkreditiv.—The Akkreditiv, like the American letter of credit, serves to assure the seller of ultimate payment. Because of the more or less continued rise in the price level in Germany there has been a greater need of protecting the buyer against rejection of the order for goods by the seller, and so the latter is often re quired to open a "Gegenakkreditiv," or counter credit with a bank in favor of the former. This instrument is not a true letter of credit, but a letter of indemnity in which a bank agrees to compensate the' buyer to a certain minimum in case the seller does not comply with the terms of the sales contract. 3. Eembourskredit.—While the Akkreditiv may apply to domestic as well as to foreign transactions and may be either clean or documentary in the sense of permitting payment only upon presentation of shipping documents, the term Rembourskredit covers only an importation of goods, and so must necessarily be a documentary foreign credit. 4. Trassieru-ngsJcredit.—The Rembourskredit may call for the drawing of drafts at sight or on time, and so may give rise either to a cash or an acceptance credit. Like the Rembourskredit, the Trassierungskrcdit applies only to FEDKEAL RESERVE BULLETIN. FEBRUARY, 1922. documentary foreign credits, but the instrument is further narrowed in its scope in that it permits only the drawing of time drafts on a bank. It is, therefore, never a cash but always an acceptance credit. The Trassierungskredit may serve two functions. In the first place it may correspond to the American documentary acceptance credit, which authorizes the drawing of drafts by the exporter on the importers7 bank, or it may also be used as a form of acceptance agreement according to which the bank permits the importer to draw drafts which correspond to what is known in the United States as " refinancing acceptances.'7 A Trassierungskredit is sometimes called an "Akzeptkredit." The former term is used in considering the transaction from the viewpoint of the merchant drawing the drafts, while the latter expression is employed in referring to the position of the bank accepting the bills. There seems to be considerable confusion in German bank literature between the letter of credit and the authority to purchase, which was described in the FEDERAL RESERVE BULLETIN for August, 1921. The authority to purchase instructs the beneficiary to draw his draft not upon a bank, but upon an importer, and thus gives rise not to a bank but to a trade bill. The instrument is erroneously termed a letter of credit by one German writer, who comments as follows: " If the bank binds itself to buy drafts drawn by the exporter on the importer, provided the documents are in compliance with the request of the importer, it is regarded as a confirmed letter of credit." (Repenning—Das uberseeische Remboursgeschaft der deutschen Banken, p. 61.) One bank answers that the only distinction which it draws between a letter of credit and an authority to purchase lies in the method of charging commission, which in the case of the authority to purchase is borne by the beneficiary selling the goods, while under the letter of credit is carried by the opener who is buying the merchandise. III. CLASSIFICATION. 1. Transferdbility.—German credits may be classified according to those general principles which are familiar to American banks. In the first place, credits may be grouped according to whether or not they are transferable. Most credits are addressed to a specified beneficiary and so are nontransferable. However, it is possible under exceptional circumstances for a German bank to issue a credit which is payable to the order of a beneficiary who may thus make an assignment to another party, or the instrument may be made payable to bearer, but the latter case is very rare. On this sub- 159 ject Dr. Jacoby, in answer to an inquiry of the Division of Analysis and Research, writes as follows : In no case, unless the credit is stated as ^transferable," will a German bank permit the beneficiary to assign his rights to another party so that the latter, on the oasis oC the transferred credit, rnay demand payment from the ban';, it will, however, be impossible to prevent- a freight forwarder or another bank, upon direct notification of the beneficiary to the bank, to present documents and request payment. It is also possible for the beneficiary to instruct another party to ship the goods and to present the documents to the bank. In this case a difficult task devolves upon the bank to determine whether or not payment is to be made. If the bank pays, it may encounter objections on the part of the opener, because payment lias been made to a party other than the beneficiary. If payment is refused, the opener may incur damages since he delays in accepting the offered documents. It is impossible to make a general decision; the bank must determine whether payment corresponds to the will and intention of the credit opener. 2. Location.—Since the outbreak of the war, letters of credit have been used in domestic as well as foreign trade. Before 1914, domestic letters of credit were practically unknown in Germany, but the instability of prices and the decline of business morality led to the wide use of this instrument as a means of binding the contract between buyer and seller. 3. Number.—A letter of credit is usually issued as a primary document. However, a German credit may be the basis of a secondary or ancillary credit. For example, a beneficiary of a credit may ask his bank to open another credit in favor of a firm supplying him with goods. Thus the first party is beneficiary under the original credit, and opener of the ancillary credit. (See FEDERAL RESERVE BULLETIN, February, 1921, p. 169.) 4. Qualification.—Letters of credit may also be grouped as either clean or documentary, depending upon whether payment is conditioned or qualified upon the presentation of documents evidencing title to property. This may consist of stocks and bonds or other forms of securities, but in most cases it consists of merchandise either in transit or in a warehouse. 5. Cancellation.—Letters of credit are either revocable or irrevocable. However, these terms have a rather peculiar significance in German, commercial credit practice. In the United States and also in Great Britain, the question of revocability applies to the issuing bank which may or may not possess the right of rescinding its offer to the beneficiary. In revoking a credit, an American bank may be acting on its own initiative or on the instruction of the party who has opened, the credit. Under German credits the subject of revocability refers only to the relation between the person opening the credit and the bank issuing the letter. 160 FEDERAL RESERVE BULLETIN. 6. Confirmation.—The term confirmation, as in the case of American credits, expresses the relation between the bank notifying a credit and the beneficiary. Confirmation refers to the ability or inability of the notifying bank to withdraw its obligation of honoring the drafts of the accredited party. In the case of German credits, confirmation refers to the bank issuing the credit as well as to the notifying bank. Thus in German commercial practice a distinction is drawn between the question of revocability and that of confirmation. But as a matter of fact in Germany, if a credit is irrevocable by the opener, the bank usually considers itself bound to issue a confirmed letter of credit. This view has been unanimously accepted by the members of the Berlin Bankers' Association. If the party, opening a credit irrevocable by himself, does not wish the bank to add its confirmation, he must so state his request in his application, otherwise the bank will issue what may be regarded as an irrevocable confirmed letter of credit. On this subject, one bank in its answer to the Division of Analysis and Research, writes as follows: We regard all irrevocable credits as confirmed for the following reasons: The purpose of opening an irrevocable credit is to give the beneficiary an unqualified claim to payment on a bank. An irrevocable credit is opened, because the opener of the credit is pledged by contract to do so, and besides the seller agrees to the sales contract on the belief that the bank will execute the order under any circumstances. * The bank which refuses to pay a credit, after having opened an irrevocable but unconfirmed letter of credit must consider that it places itself by this act in a difficult position, if on the one hand the opener of the credit gives instructions to refuse payment, and on the other hand the beneficiary insists upon payment. In order to avoid these difficulties, a bank from the beginning must state that it does not regard itself obligated in any way to the beneficiary. If the bank then makes such a statement of its waiver of responsibility, it runs the risk of not acting according to the instructions of the opener who may not have had the thought of revocation in mind. The beneficiary, on the other hand, will not be able to do anything with such a credit, as he expected, according to the sales contract, to receive an irrevocable credit. FKHKCIARY, 1022. IV. FORMS OF LETTERS OF CREDIT. In order to illustrate the various types of letters of credit described above, the forms used by some of the leading German banks will be presented in their original text with an English translation. 1. Letter of credit.—As mentioned above, the letter of credit (Akkreditiv) is the communication addressed by the party opening the credit to the bank issuing the credit, and the instrument conforms closely to our application for a credit. A clean, irrevocable letter of credit reads as follows: Bar-Akkreditiv X r Wir bitten Sie, der Firm a im Auftrage von M in Worten: unwiderruflich gtiltig bis auszuzahlen Clean Credit Number We request you to pay to the firm of for account of M in words irrevocable until This form can be changed from a clean to a documentary credit by adding the expression: gegen Entgegennahme folgender Dokumonte: welche Sie uns einsenden wollen. against delivery of the following documents: which please forward to us. This form of credit may be rendered revocable by including the following statement: Per begiinstigten Firma beliebcn Sie hiervon in unverbindlicher Form Kenntnis zu geben und dabei ausdriicklich zu bemerken, dass es sich urn einen unbestatigten Kredit handclt, dessen Widerruf jederzeit erfoigen kann. Please give notice to the favored firm herein in a nonobligatory communication and especially call to its attention that this involves a revocable credit of which cancellation may follow at any time. 2. Acknowledgment to opener.—Whether the credit is clean or documentary, irrevocable or revocable, it is formally acknowledged by the bank to the opener in a communication which in the case of a documentary credit reads as As mentioned in the FEDERAL RESERVE BUL- follows: LETIN (February, 1921, p. 158), an American Wir sind im Besitze Ihres Schreibene vom mit bank which has been asked to notify a bene- welchem Sie uns beauftragen, nachstehende Dokumente gegen Zahlung von M zu ficiary of a credit will never confirm it if revoca- Ihren Lasten aufzunehmen, worauf wir nach Einreichung ble by the opener. In German practice, how- derselben zuruckkommen werden. ever, a revocable confirmed credit is possible. Wir bemerken ausdrucklich, dass wir fur die Echtheit, This type of credit can not be canceled by the Vollgultigkeit und Vollstandigkeit der durch uns aufgeissuing bank on its own initiative but only upon nommenen Dokumente keine Gewahr ubernehmen. We have at hand your letter of in which you instruction from the opener. As a rule a bank instruct us to receive the following documents is not required to send a beneficiary notice of an against payment of M unconfirmed revocable credit, but confirmation to be debited to your account, upon presentation of which necessitates the sending of such an advice, we will further advise you. We call to your special attention that we assume no whether the credit is revocable or irrevocable responsibility for the genuineness, validity, and sufficiency by the opener. of the documents received by us. FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. 161 3. Advice by issuer to beneficiary.—The bank now issues its advice to the beneficiary to inform him of the opening of the credit. If irrevocable, the communication assumes a form which reads as follows: Wir empfingen Ihr Schreiben vom , mit dem Sie , bei uns bis zum Betrage von M gultig bis akkreditieren. We received your communication in which you accredit with us up to the amount of M valid until A\7ir sind von beauftragt, Ihnen wegen gegen Aushandigung iolgender Dokumente: den Betrag von M zu verguten und sehen der Einreichung der Dokumente ent-gegen. Wir bcstatigen Ihnen hiermit, dass das vorstehende Akkreditiv bis zum unwiderruflich ist. We have been instructed by to pay you for account of against delivery of the following documents the amount of M and await the presentation of documents. We state that the above letter of credit is irrevocable until # 6. Advice by correspondent to beneficiary.— The correspondent then addresses the beneficiary in the following advice of the opening of the credit: Wir werden von brieflich/telegraphisch verstandigt, dass genannte Bank einen Kreditbrief No. zu Ihren Gunsten in Hoho von umviderruflich ^w_ M g auageeteUt hat, der widerruflich unter Beifiigung folgender Dokumente: benutzbar ist. Wir sind beauftragt, Ihre auf Grund dieses Kredits Sicht-Tratten zu negoAs indicated above, a credit irrevocable by zu ziehenden zieren und bitten Sie, uns die vorbezeichnoten Dokuthe opener is usually confirmed by the issuing mente einzureichen. bank, and hence contains the expression found We are informed by by letter/telegraph at the end of the above letter. If the credit that the above mentioned bank has opened a letter of is revocable by the opener, it is usually un- credit number in your favor to the amount of confirmed by the issuing bank, which then inHr§_Y?£*ly valid until available cludes in its advice to the beneficiary the folrevocably lowing expression: against delivery of the following documents: We are instructed on the basis of this credit, to negotiate Wir bemerken, dass vorstehendes Akkreditiv jeder- your sight drafts and request you to deliver to us the zeit widerruflich ist und dass obige Benachrichtigung an above-mentioned documents. Sic ohne jede Verbindlichkeit fur uns erfolgt. We note that the foregoing credit is revocable at any V. LIABILITIES OF PARTIES. time and that the above notification to you involves no obligation on our part. As in the case of American practice, litiga- 4. Advice to correspondent.—The issuing bank tion over German letters of credit has arisen is often requested to domicile the credit with a mainly from the act of cancellation. In Gercorrespondent bank located near the benefici- man practice, however, breaches of contract ary. The communication which the bank then in recent years were made not so much by addresses to the correspondent will read: buyers of goods as by sellers who were ready to take advantage of the continually rising Unbestatigter Kredit Nr Hierdurch bitten wir Sie, folgendes Akkreditiv zu eroff- prices during the war and especially in the nen: period immediately following the close of hosBetrag: tilities. Consideration will now be given to the -gultig: widerraflich more important decisions rendered by German Begunstigter: courts during the past few years. TJjiscr Auftraggeber: benutzbar gegen Einlieferung von: 1. Relations of opener to beneficiary.—The Wir bitten Sie, die aufgenommenen Dokumente an contract of sale between buyer and seller zu senden und die begiinstigte Firma von der Erofmung des Kredits in unverbindlicher Form frequently provides for a letter of credit and specifies such details as the name of the issuing ftir uns und unsern Auftraggeber zu benachrichtigen. bank and the time within which the credit is to Unconfirmed Credit No Herewith we request you to open the following credit: be opened. If the contract of sale mentions a Amount: particular bank as issuer, the buyer of the goods valid until: revocable must open the credit with this bank only and Beneficiary: not with any other institution. (Bank Archiv, Our opener: Mar. 15,1921, 467.) A buyer and seller entered available against delivery of: contract in which the former agreed We request you to send the documents when presented into a sales u to ." and to notify the accredited firm of to open an irrevocable credit to the amount the opening of the credit in a nonobligatory form in behalf of M. 85,000 at Bank I), credit to expire on of ourselves and our openers. December 31." The buyer did not open the 5. Acknowledgment oj correspondent.—If the credit directly with Bank D but indirectly correspondent accedes to the request for the through another bank. The latter notified opening of a credit, he will reply in the fol- Bank D that a credit had been opened in its favor for the benefit of the seller and that lowing form : 162 FEDERAL RESERVE BULLETIN". payment would be made upon presentation of the proper documents. However, this indirect credit was unsatisfactory to the seller, who thereupon canceled the order. The buyer believed that he had complied with the terms of the contract and sued the seller for damages. The/court gave judgment to the seller in a decision which read in part as follows: Where delivery against: an. irrevocable credit at a spoci" Heil bank has been agreed upon, the buyer does not meet bis obligation by placing the amount at the disposition of the snecii'iecl bank with another bank. (BiVrgerliclies Gesetzbnch (Civil Law Code), par. 326.) The sales contract usually specifies the period of time within which a credit must be opened by the buyer. If he fails to open the credit within this time, the seller may withdraw from the contract and sue the buyer for damages. A German buyer had agreed to open a credit immediately by cable with a bank in Copenhagen in favor of a Danish seller. He refused to ship the commodities because the credit was opened not immediately upon the signing of the contract but five days iater. Both parties sued for damages, but the courts rejected the claims of both. The plea of the buyer was denied because he had broken the contract by opening the credit after five days when no more than two days were needed for such a transaction, while the seller had forfeited his claim to damages because he had withdrawn from the contract. (See decision of R. G. Zivilsonat, Apr. 16, 1918, R. II, 505/17.) In a somewhat similar case the buyer was informed on October 16 by the seller that the latter had live carloads of certain goods which would be delivered at a fixed price," payment to be made in advance by cable through direct irrevocable credit on a Berlin bank." On the same day the plaintiff accepted the offer and instructed a local bank to open a credit in favor of the seller with the Berlin bank. But this bank did. not advise the credit until November 5 to the beneficiary, who regarded this delay as a breach of the contract of sale and sold the goods elsewhere. The opener of the credit brought suit for damages but the courts gave judgment to the seller. From this decision it may be concluded that it is not sufficient for the buyer merely to induce a bank to open a credit in time, but the credit must actually be opened and the beneficiary immediately notified. (Berliner Boersen Courier, No. 284. Decision of R. G. Z. S., li. II, 565/2022.4.21.) 2. Relation of opener to issuer.—When an opener of a credit has requested a bank to notify another institution of the establishment of the credit, the notification must be made within the time limit, and in no case later than FEBRUARY, 1922. within business hours of the last day. If the credit is notified after business hours of the last day, the German courts have held that this delay entitles the seller to withdraw from the contract and the buyer in turn to sue his bank. (K. G. Zivilsonat, Feb. 12, 1918, R. II, 420/17.) A bank must exercise due care in handling the shipping documents accompanying drafts drawn under its letter of credit. German law, the same as American and British, does not hold a bank liable to the opener for the validity of the documents or the genuineness of the goods. In a certain case, the copy of the bill of lading called for 1 bag of seed weighing 10 kilograms, but this amount was raised to 140 bags holding 12,350 kilograms. The bank, having no means of ascertaining that the bill of lading had been altered in amount, paid the beneficiary in accordance with the instructions of the credit opener. The latter sued for damages but the court decided against his claim on the ground that— the opener of a credit carries the risk of any falsification*, of documents which may arise, provided that the falsification could not be detected by the paying bank by exercising a decree of care customary in handling such transactions (Z.V'S., O. L. G. Stuttgart, December, 1920, U. 547/20.) 3. Relation of issuer to notifier.—A bank notifying a credit must carefully observe the instructions of the issuer, and can be held liable for any acts of remission on its part. This view was held by the court in a case where the issuing bank had asked a correspondent to pay a beneficiary against delivery of a railroad bill of lading addressed to a party in a certain city. The beneficiary received payment although he presented a bill of lading which consigned the goods to the wrong destination where the goods remained unclaimed. The credit-issuing bank refused to reimburse the negotiating bank on the ground that the instructions had not been followed by the latter institution. It brought suit but was not upheld by the court which decided that the negotiator had not exercised the care necessary in handling of the documents. 4. Relation of issuer to beneficiary.—A notification of the opener to the beneficiary of the existence of a credit domiciled with a bank does not give the beneficiary a claim on the bank unless it has informed him of the opened credit. (See decision of Reichsgericht, Feb. 25, 1921; Berlin Boersen Courier, No. 254.) A beneficiary is not obliged to find out for himself whether a letter of credit has been opened in his favor. (Decision of the R. G. of Apr. 26, 1921, 377/20.) The defendant sold the plaintiff a cargo of goods, terms, letter of FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. credit with, a Leipzig bank against delivery of a copy of the railroad bill of lading. According to the sales contract the defendant was permitted to withdraw in case of nonfulfilment of the conditions of payment on part of the buyer. The seller was notified by the buyer that he had opened a credit with a bank in favor of the former. The bank delayed in notifying the seller who received the advice only after several days had elapsed. Taking advantage of the contract of sale, which stipulated that notice of the credit should be given by the bank and not by the opener, the seller refused to deliver the merchandise. His action was upheld by the court which expressed the opinion that the opener of the credit had no redress against the beneficiary but against the bank which delayed in transmitting the letter of credit. (Burgerliches Gesetzbuch, par. 278.) FOREIGN EXCHANGE OPERATIONS, 1918-1919. This is the second of a series of three articles summarizing the statistical data collected by the Division of Foreign Exchange of the Federal Reserve Board during the period of governmental control of foreign exchange. The first article, which appeared in the December, 1921, issue of the BULLETIN, was concerned with balances on open account between the United States and foreign countries. The present article deals with purchases and sales of exchange and with debits and credits to dollar account. II. PURCHASES AXD SALES OF EXCHANGE. The reports to the Division of Foreign Exchange of the Federal Reserve Board make possible for the first time the ascertainment, with any degree of accuracy, of the total amount of foreign exchange dealings in the United States over a period lasting more than a year. It is true that the period covered by the reports can not be regarded as a normal one, and. that allowances will have to be made by anyone who wishes to draw from the figures specific conclusions that would hold good for a subsequent period. Nevertheless the figures throw much new light upon a matter that has hitherto been the subject of conjecture, rather than of definitely known facts. The data that 168 have now been assembled, covering the period from February 21, 1918, to June 25, 1919, inclusive, a total of 70 weeks, are presented in tabular form at the end of this article. VOLUME OF FOREIGN EXCHANGE DEALINGS. Total purchases and total sales of exchange reported by dealers in this country were not far from equal for the period as a whole, and a fairly close similarity in the two sets of figures applies also to the amounts of exchange on individual foreign countries. To anyone familiar with the character and extent of arbitrage transactions, it will at once be apparent that there is no reason why purchases of exchange on a given country should agree with sales of exchange on the same country, when only dealers in one country, as the United States in the present instance, report their transactions. The first two columns in the tables of purchases of exchange and sales of exchange (Tables V and VI) might, indeed, be expected to tally exactly, since the amounts in these two columns represent transactions between pairs of dealers located in the United States who presumably would report a given transaction, the one as a sale of exchange and the other as a purchase of exchange of like amount. In reference to such differences as exist in these two columns under purchases and under sales, it should be borne in mind that while the larger dealers made their reports weekly, many smaller dealers were permitted to make their reports less often, so that a " sale" of exchange, for instance, might be reported somewhat earlier than the corresponding " purchase77 of exchange. This and possibly other reasons of no great significance explain why purchases and sales of exchange do not exactly check with each other. But there seems to be no reason to doubt that the great bulk of exchange transactions during the period of governmental control were accurately and promptly reported to the Federal Reserve Board and that the tables as shown represent with essential precision the true situation as it existed. Detailed figures on purchases of exchange and sales of exchange will be found in Tables V and VI, respectively. In order to show the totals for the principal foreign exchanges.more clearly at a glance, the accompanying summary tables covering purchases and sales of exchange have been prepared. 164 FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. PURCHASES OF FOREIGN EXCHANGE BY " D E A L E R S " IN THE UNITED STATES, F E B . 21, 1918, TO JUNE 25, 1919, INCLUSIVE. [ In thousands of dollars.] Country in which payable. Demand and cable transfers from dealers in United States. European Ailies: France Great Britain Italy European neutrals: Denmark Holland Norway Spain Sweden • Switzerland Asia: China India Japan r South America: Argentina Brazil Chile North America: Canada Mexico West Indies Documented export bills. From foreign institutions and agencies. Total purchases of exchange. 596,365 3,359,739 272,447 144,877 1,259,385 60,823 276,523 1,052,574 112,742 1,095,587 6,358,453 510,364 15,594 80,136 22,635 73,655 21,845 50,563 37,880 25,685 29,705 20,086 19,927 88,772 4,941 39,279 22,111 53,499 17,391 31,237 61,177 171,276 80,674 159,788 65,840 177,771 12,621 6,718 35,496 59,202 19,306 300,123 7,798 2,845 20,832 137,060 84,312 512,073 25,468 11,561 670 60,145 48,830 23,568 29,046 3,351 371 232,366 86,705 31,360 284,454 1,485 8,502 104,914 6,652 72,288 85,345 496 830 1,534,437 27,377 166,517 4,512,208 57,742 40.881 294, 441 978 1,711,796 399,631 161,995 183,854 18,727 1,662,736 32,160 33,659 86,671 431 8,804,415 805,336 397,955 1,728,331 33,906 4,906,251 2,476,004 1,815,656 11,769,944 RECAPITULATION. Total: Europe Asia South America... North America... Other points Grand total It will be observed that out of total purchases of exchange amounting to $11,769,944,000 during the period under consideration, $6,358,453,000, or slightly over 54 per cent of the total, represented purchases of sterling exchange payable in Great Britain; while all the European exchanges taken together, including British, amounted to $8,804,415,000, or 74.8 per cent of the total. Of the remaining 25.2 per cent, Canadian exchange accounted for about onehalf, or 13 per cent of total purchases of exchange. It will be further observed that total demand items and cable transfers purchased from dealers in the United States amounted to $4,906,251,000, or 41.7 per cent of the grand total; documented export bills totaled $2,476,004,000, or 21.1 per cent; purchases from foreign institutions and agencies were $1,815,656,000, or 15.4 per cent; while various other purchases made up the remainder of 21.8 per cent. Similar information in regard to sales of exchange may be obtained from the table which follows: SALES OF FOREIGN EXCHANGE BY ' D E A L E R S " IN THE UNITED STATES, F E B . 21, 1918, TO JUNE 25, 1919, INCLUSIVE. [In thousands of dollars/ Country in which payable. European Allies: France Great Britain.... Italy European neutrals: Denmark Holland Norway Spain Sweden Switzerland Asia: China India Japan South America: Argentina Brazil Chile North America: Canada Mexico West Indies...... Demand and cable Sales transfers to against dealers in imports. United States. To foreign Total sales instituof extions and change. agencies. 598,460 3,522,969 235,390 87,772 867,174 5,459 165,956 1,028,079 20,231 1,096,063 6,412,882 529,152 13,887 84,480 23,994 80,640 26,253 54,268 1,220 25,151 1,741 12,155 3,099 19,987 2,599 10, 737 11,832 34, 794 4.550 14,427 58, 782 164,184 80,306 166,666 67,066 177,443 12,983 6,527 48,057 42,058 53,554 134,174 10,212 951 9,732 119,986 80,047 440,352 21,847 4,193 232 114,396 15,919 4,370 16,345 3,175 289 236,845 82,425 31,483 293,990 1,314 18,682 50,616 583 29,575 142,419 344 3,544 .1.564,911 25,676 136,744 Total: Europe Asia South America... North America... Other points 4,662,320 68,551 27,212 313,986 2,569 1,029,101 273,970 141,591 80,774 6,780 1,307,474 20,910 20,955 146,307 154 8,881,255 709,863 398,394 1,727,331 30,230 Grand total — 5,074,639 1,532,2L6 1,495,800 11,747,073 RECAPITULATION. DISTRIBUTION OF EXCHANGE TRANSACTIONS. In order to show how total purchases of exchange were divided between the several groups of countries, and also how much exchange belonged to each of the 12 classes which dealers were required to distinguish in their reports, the following percentage table has been prepared. In this table the grand total of purchases—that is, $11,769,944,000— has been put equal to 100 per cent, which has then been split up into its component parts. The numerical data have been taken from Table V. A more detailed distribution table, in which each country is considered separately and its total put equal to 100 per cent, appears as Table VIII at the end of this article. , 1922. PERCENTAGE FEDERAL RESERVE BULLETIN. DISTRIBUTION OP TOTAL PURCHASES OF EXCHANGE. 1 South Other poanjPf" minor Asia, Amer- world \ n i ^ neu- TT!,,^^ , Allies. points. Eurotrals. : pean I co u iil-tries. Items. Demand items from dealers in United States Cable transfers from dealers in United States Finance or clean time bills—loans Cotton bills Meat bills Other export bills From foreign institutions outside United States From foreign agencies and firms domiciled in United States Against securities Coupons and dividend checks Gold and silver shipments Miscellaneous Total 1 Central Powers Euro-! Enro- and 20.6 1.3 5.8 1. 4 0.1 0) .1 1.4 1. 7 i 0.2 0.3 9.4 .1 A 0) .2 (') ' 0 . 1 ( » ) 0) 2.4 • .0 I • '•• (') i (>)1.4 .3 • 2.0 ( . 1 0) 1.6 .2 () 29.0 1.4 7.0 .6 13.4 13.6 () 0) ; 0) 12.7 .1 1.8 .3 (0 0) 5.7 68.4 0) ;. .4 0.1 I .3 19.8 3. 4 j .15. 0 100.0 1.3 (i) 0. 3 | 2.5 6. 8 : .1 9.8 Less than 0.05 per cent. Thus far purchases and sales of exchange have been considered as totals, taking in the entire 70 weeks' period covered by the reports. An examination of Tables V and VI, however, in which the figures are presented quarterly, discloses certain additional facts. The chief point of interest to be mentioned here is the increase in the volume of transactions in the first two quarters of 1919, and more particularly in the latter of these. In the third and fourth quarters of 1918, the reports show that total purchases of exchange averaged, respectively, $142,851,000 and §156,873,000 per week. 'The first and second quarters of 1919 disclose purchases amounting on the average to $175,244,000 and $240,663,000, respectively, per week. Two reasons that may be advanced for the expansion in the volume of foreign exchange dealings in the first half of 1919 are (1) the increase in exports of merchandise from the United States and (2) greater speculative activity following the unpegging of the foreign exchanges. Prior to March, 1919, during the period when the principal allied foreign exchanges were stabilized by so-called "pegging" at essentially fixed levels, there was very little opportunity for speculation in foreign exchange. Speculative operations therefore in sterling, francs, and lire, undoubtedly were undertaken on a larger scale in the second quarter of 1919 than had been possible before. Moreover, banking relations with the Central 87690—22 4 165 Powers, severed during the war, were again renewed, so that not a little of the increased dealings in exchange in 1919 may be attributed to purchases of German marks in this country which commenced on a broad scale soon after the armistice. It is true that many purchases of German exchange after the armistice, when done indirectly, as through the purchase by Americans of marks with sterling or neutral exchanges, would not show in these tables under the heading of the Central Powers. But such purchases nevertheless helped to swell the total foreign exchange transactions reported. With reference to foreign trade, it is worth noting that exports from the United States, which averaged a little over $500,000,000 monthly during 1918, totaled $4,057,422,000 in the first six months of 1919, reaching a maximum of $928,379,000 for the single month of June, 1919, the highest point ever reached by American foreign trade. During these six months also, in spite of the fact that the excess of exports over imports was greater than in any similar period previously, imports expanded moderately, thus calling for greater international settlements not only on account of exports but also of imports. It should, of course, be remembered that a very large part of our exports to Europe during the latter part of the war were paid for through transfers of book credits which our Government had opened in this country in favor of the allies, and that payments to American exporters by this means did not necessitate foreign exchange transactions. Additional American Government credits to Europe were extended also after the armistice and these had not been exhausted by June, 1919, as is shown by the records of the Division of Foreign Exchange respecting balances on open account. It is therefore impossible to determine just how much of the increase in foreign exchange transactions may be attributed to our larger foreign trade at that time. But that foreign trade expansion was an important factor in this connection can hardly be doubted. EXPLANATION OF DETAILED TABLES. By way of further explanation of the statistical tables that appear at the end of this article, the following information is presented concerning the reports which form the basis of those tables. The instructions to foreign exchange dealers made public by the Division of Foreign Exchange on February 3, 1918, under authority of the President's Executive order of January 26, 1918,1 required not only that the amounts of all purchases and sales of 1 The full text of the Executive order of Jan. 26, 1918, appears in the Annual* Report of the Federal Reserve Board for 1918, pp. 39-46. 166 FEDERAL RESERVE BULLETIN. foreign exchange by dealers in the United States should be reported, but also that all exchange transactions should be classified according to the nature of the bills and the purpose for which they were drawn. The forms issued to foreign exchange dealers for reports of purchases of exchange/from which Table V has been compiled, contained 13 columns headed as follows: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Demand items from dealers in United States. Cable transfers from dealers in United States. Finance or clean time bills—loans. Cotton bills. Meat bills. Other export bills. Purchases from foreign institutions outside United States. Purchases from foreign agencies and firms domiciled in United States. Purchases against securities. Coupons and dividend checks. Gold and silver shipments. Miscellaneous. Total purchases of exchange. Probably the best way to show the scope of each of these headings is to quote at length from the instructions issued by the Division of Foreign Exchange for the guidance of dealers in making up their reports. The complete instructions covering not only reports of purchases and sales of exchange but also debits and credits to dollar account and other reports, in addition ,to various administrative provisions, were published in the FEDERAL HESERVE BULLETIN for March, 1918, pages 185 to 196, inclusive. INSTRUCTIONS TO DEALERS REPORTING PURCHASES OF EXCHANGE. The essential portions of the instructions that covered reports on Form No. IB, " Purchases of Exchange," are herewith reproduced. All entries must be in dollars which represent the exact amount paid for the various classes of exchange purchased and the totals must be entered against the country in which the exchange is to be paid. For instance, drafts drawn on Italy payable in London would be listed as against Great Britain. Columns Nos. 1 and 2.—All purchases of exchange, either demand or cable, from dealers of classes A and B, 1 would be entered in these columns, except such exchange as would properly belong under any of the other headings. Column No.'3.—Purchases of time finance bills from dealers of classes A and B and the dollar proceeds of any exchange created through foreign loans obtained by the reporting dealer should be entered in this column. When foreign funds are received from the issuance of long bills the proceeds must appear in this column as exchange against the country where the funds are deposited. Such bills should also be entered in column 3 on Form 1C, Sales of Exchange. FEBRUARY, 1922. Occasionally long bills in foreign moneys are purchased from dealers in the United States by domestic persons, who may or may not be dealers, and who at the time of the purchase sell exchange for future delivery, in order to fix the interest return. Where the dealer selling the long bills is also the purchaser of the exchange at maturity, both the purchase and sale of exchange should be entered at the time the transaction is made, and also at its completion. In other cases purchases of exchange for future delivery need only be entered at the time of delivery. Columns Nos. 4, 5, and 6'.—All purchases of exchange against exports should be entered in these columns. Column No. 7.—Particular attention must be given to transactions covered under this column which represent purchases from foreign interests not domiciled in the United States. All purchases of exchange aimed to create dollars which are to be used to pay for imports of other foreign countries must be entered in this column. For instance, if a house in Great Britain having an agent in the United States should purchase goods in, say, Chile and should pay for them by a dollar draft in Chile but should create the dollars through sterling exchange in the United States drawn upon the English house or its agents, the dollars paid for the sterling exchange must appear in this column. It is incumbent upon all dealers to familiarize themselves sufficiently with the nature of the business of their customers from whom they buy foreign exchange to enable them to ascertain with certainty all purchases of exchange that represent a transfer of any foreign moneys into United States dollars for the use directly or indirectly of any foreign interest. Great care must be exercised in entering the detail in this column on the special form provided for that purpose, No. ID. 1 If a bank in New York purchased 10,000 pounds sterling from a bank in Argentina, it would appear in column 7 as a purchase of exchange on Great Britain, but on Form ID, it would show that the sterling had been purchased from Argentina. On Form ID all purchases of exchange would be entered under the column "Bought frpm," but opposite the country listed on the left-hand side of the sheet which sold the exchange. Also all exchange sold to those outside of the United States would be entered on Form ID under "Sold to." (See instructions under Form 1C, Sales of Exchange.) Column No. 8.—All purchases of exchange from foreign houses domiciled in the United States should be entered in this column. It should also include purchases of exchange from commercial houses having offices in the United States. Those transactions must be reported in detail by letter, but only in totals from countries. When in doubt as to whether a house should be considered as a foreign institution domiciled in the United States, exchange purchased should be listed in this column and attention should be called to the concern from which it was purchased, by letter. All exchange purchased from American branches of foreign banks should be entered under column 7. Column No. 9.—All exchanges purchased against securities sold abroad should be entered in this column2 and the detail should be carried forward on Form IE, under the column "Sold to," under the proper classification and against the country for which the securities are sold. Column No. 10.—All coupons and dividends payable in foreign countries which represent income from foreign securities held in the United States should be entered in this column. 1 Form ID was used for recording arbitrage transactions in detail. A statistical summary of the reports on arbitrage will appear in the next Classes A and B included all foreign exchange dealers in the United article of this scries. 2 Form No. IE was used for recording foreign exchange transactions States. For an exact definition of these terms as used in the Executive order of Jan. 2(>, 1918, and in the instructions to dealers, see Federal in securities. This subject will receive attention in the next article of the scries. Reserve Board Annual Report, 1918, p. 40. 1 FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. Column No. 11.—All exchange made through the exportation of gold or silver should be entered in this column. Also foreign currency in separate total marked F. C. Column No. 1?L—All purchases of exchange not applicable to any of the classifications should be entered in this column, also book entries, such as exchange, commissions, profits, etc. In case exchange is purchased where the dealer has doubt as to the classification, it should be entered in column 12, and a letter of explanation should accompany the report. Column No. 13.—A cross footing should be made against each country and placed in the total column, No. 13. Footing should also be made of each class of exchange purchased and the cross footings of the totals should agree before dealers send in their reports. 167 make a counter entry in the report of "Purchases of Exchange," Form IB, under column 12 and against the exporting country. Column No. 5.—All sales of exchange to make payments for freight, insurance, or other services rendered by foreign institutions in connection with transportation and life and fire, guaranty, or other forms of insurance, should be entered in this column. Column No. 6.—Sales of exchange for the purpose of making remittances to pay income of foreigners or Americans living abroad, and also foreign taxes of any kind, should be entered in this column. Ordinary remittances made by foreigners to relatives in foreign countries should not be included. Column No. 7.—The entries in this column correspond to those in column 7 of the form " Purchases of Exchange " and should cover all exchanges sold to interests outside of FORM OF REPORT FOR SALES OF EXCHANGE. the United States, whether payment is made in dollars or foreign moneys. If in foreign moneys, a purchase of exchange should be recorded also. The detail must be A somewhat similar form was provided for carried forward into Form ID under the second division the reports of sales of exchange, which con- of each country listed across the top under " Amount sold stitute the basis for Table VI. This form, to." Example, in case £10,000 sterling was sold to an Argentine bank, this would appear in column 7 under No. 1C; contained the following headings: sales of exchange against Great Britain, as, say, $47,500, and would be entered in Form ID opposite Argentina, 1. Demand items to dealers in the United States. among the countries listed on the left-hand side, under 2. Cable transfers to dealers in the United States. "Exchange on Great Britain," and under "Amount sold 3. Finance or time bills—loans. to " in the right-hand column. 4. Sales against imports. 5. Sales to cover freight, insurance, etc. Column No. 8.—The conditions covering entries in 6. Sales on account of income taxes, etc. column 8 in the report of "Purchases of Exchange," 7. Sales for account of parties outside of United States. Form IB, should be read and applied here. 8. Sales to foreign agencies and firms domiciled in the Column No. 9.—All exchanges sold in order to pay for United States. securities purchased abroad should be entered in this 9. Sales against securities. column and the detail carried forward on Form No. IE 10. Travelers' letters of credit and checks. under the column "Bought from" under the proper classi11. Gold and silver shipments. fication and against the country from which the securities 12. Miscellaneous. are purchased. 13. Total sales of exchange. Column No. 10, Travelers1 letters of credit and travelers' checks.—Letters of credit: Drafts presented to foreign corThese headings are explained thus in the respondents drawn against travelers' letters of credit instructions to dealers: issued under guaranty, when credited to the foreign This form is divided into a number of columns in order account by the dealers, should be entered in this column. Letters of credit sold against cash should be entered in to separate sales of exchange into the same classes as those of purchases of exchange and such other as are con- this column as of the time the credit is made to the foreign account. sidered necessary. Travelers' checks: Travelers' checks are sold for use in Columns Nos. 1 and 2.—Sales of exchange, either demand or cable, to dealers of class A and class B would be the United States and all parts of the world, and at the entered in these columns, except such exchange as inight time of their sale it is impossible to determine in what country they will be charged to American account. At properly belong under any of the other headings. Column No. 3.—Sales of long bills must be entered in the time of sale of travelers' checks, therefore, whether this column, regardless of whether they are sold for United against cash or otherwise, no entries need be made upon States dollars or for foreign currency, although in the any foreign exchange report and inland correspondents latter event a purchase of exchange must be shown against selling checks against the accounts of metropolitan banks the country where the proceeds are deposited. (See or exchange houses need make no report whatever of such sales. When dealers, whose business it is to protect column 3, Form IB, Purchases of Exchange.) Column No. 4-—All sales of exchange to be used for travelers' checks, receive advice that such checks have payment of imports must be entered in this column. been charged to their accounts by foreign corespondents, Every dealer must ascertain for what purpose exchange they must at the time they credit such foreign corresold is required, and when doing so must be particular to spondent for travelers' checks paid by the latter enter the find out whether its purpose is directly or indirectly for total in this column. Column No. 11.—Exchange disposed of through the imthe payment of imports to the United States. To these figures must be added all settlements of com- portation of gold or silver should be listed in this column. mercial letters of credit against the country where drafts In case gold or silver is not imported to the United States drawn against such credits are made payable, with the but is shipped from one foreign country to another foreign exception of dollar commercial letters of credit issued country, a record should be made under column 7, Form against imports. (Commercial letters of credit for domestic IB, "Purchases of Exchange," of the exchange received, use not included.) The dealer must on presentation enter but advice by letter should accompany the report, stating in this column drafts drawn under dollar commercial the nature of the transaction. (As a shipment of this letters of credit against the country from which the impor- nature might be for enemy account or benefit, a permit tation is made, and in order to balance his report must must be obtained from the Federal Reserve Board before 168 FEDERAL RESERVE BULLETIN. any gold or silver can be shipped from one foreign country to any other foreign country.) Also foreign currency in separate total, marked F. C; Column No. 12.—All sales of exchange which represent funds being transferred to relatives or friends as presents, gifts, or voluntary contributions, and that do not represent a remittance due the beneficiary account of property held in the United States, should be entered in this column. All other sales of exchange which do not clearly belong under any other column should be entered in column 12; also all book entries, such as exchange, commissions, losses, etc. Column No. 13.—A cross footing should be made against each country and placed in this column. Footings should also be made of each class of exchange sold, and the cross footings of the totals should agree before dealers send in their reports. It is expected that the foregoing instructions to dealers will be referred to by anyone making a detailed study of the figures given in Tables V and VI. The scope and meaning of the columns in those tables, which are the same as in the original reports from dealers on the forms above described, will thus be more clearly apparent. III. DEBITS AND CREDITS TO DOLLAR ACCOUNT. The purpose of obtaining reports on debits and credits to dollar account was to enable the Federal Reserve Board to exercise close supervision over the accounts maintained in the United States by foreign banks, business houses, and individuals. To this end, reports from all "dealers" in the country who carried dollar accounts for foreigners were required regularly upon forms designed to classify transfers of credit into several main categories. Form No. IF, debits to dollar account, was provided with six headings as follows: FEBRUABY, 1022. INSTRUCTIONS TO DEALERS. The different classifications above enumerated will be rendered clearer by reference to the following extracts from the instructions to dealers. The columns for debits to dollar account are explained thus: Column No. 1.—Payment to banks or others in the , United States either through drafts drawn or letters of instruction or by cable are to be entered in this column, except where they specifically belong in some other column. Column No. 2.—All payments to banks or others outside of the United States or to banks in the United States for accounts of banks or others outside of the United States situated in a different country from that of the depositor, whether by cable, letter of advice or draft, should be entered in this column. All drafts drawn against the dollar accounts of foreign persons which bear a foreign indorsement in a country different from that of the drawer should be entered in this column and a detailed statement [to be reported by letter] should show the country of the drawer and country of the foreignT indorser. * * * Column A o. 3.—All payments for merchandise of any kind, whether against shipping documents, warehouse receipts, or transfers, should be entered in this column. Column No. 4.—The cost of the purchase of all securities should be entered in this column and the details should be reported on Form IE, "Securities," etc., under column "Sold to" and against the proper country. Concerning credits to dollar account, the instructions to dealers give these explanations: Column No. 1.—Credits received from persons in the United States, whether made through deposit of such persons or through the collection of drafts drawn upon them, except where such items clearly come under other headings, should be entered in this column. Column No. 2.—Remittances received direct from the foreign account in the shape of bills of exchange where the drawers are located in a foreign country not that of the depositor, and all remittances received from foreign countries outside of that of the depositor for account of the depositor, should be entered in this column; also all deposits made by American institutions at the request or 1. Payments to banks or others in United States. for the account of foreign interests. * * * 2. Payments to banks or others outside United States. 3. Payments against shipping documents or warehouse Column No. 3.—The proceeds of securities sold should receipts. be entered in this column and report of details should be 4. Cost of securities purchased. made on Form IE against the proper country and under 5. Miscellaneous. the column "Bought from." 6. Total debits to dollar account. Column No. 4.—It is customary for many foreign interests carrying accounts in the United States to sendcomForm No. 1G, credits to dollar account, had modities'for sale, the proceeds to go to their credit. Totals the following headings: of such sales should be entered in this column. Also the proceeds of documentary remittances. 1. Credits from banks or others in United States. 2. Credits from banks or others outside United States. Column 5 in both forms is for miscellaneous 3. Proceeds of securities sold. items not properly belonging in any of the 4. Proceeds of commodity sales. first four columns. The sixth column pro5. Miscellaneous. vides for a cross-total of the other five columns. 6. Total credits to dollar account. FEBRUARY, 1922. AMOUNT 169 FEDERAL BESEBVE B U L L E T I N . AND DISTRIBUTION OF DEBITS CREDITS TO DOLLAR ACCOUNT. AND PERCENTAGE DISTRIBUTION OF TOTAL CREDITS TO DOLLAR ACCOUNT. The dollar balances on open account, built Cenup and maintained in this country by foreign tral Powers interests largely as an outgrowth of the loans Euro- EuroSouth Other Total, and pean all Items. pean neu- minor Asia. Amer- world counextended by the United States Government to Allies. trals. Euroica. points. tries. the European Allies, have received attention in pean counthe first article of this series. Table VII, at tries. the end of the present article on the other hand, shows by the statement of debits and credits From banlrs or others 52.5 3.4 in United States 0.2 4.5 3.4 13.7 77.7 to foreign dollar accounts the activity or turn- From banks or others over of the funds held in the United States for outside U n i t e d States 3.4 6.9 -.1 1.4 3.2 15.9 .9 the account of foreign countries. Lack of Proceeds of securities sold .4 .6 1.0 2.0 space prevents any detailed analysis of Table Proceeds VII at this point, and in view of the explana- ity salosof commod.2 .2 .1 .3 1.0 .9 .4 .9 3.4 .6 .6 tions that have already been given in this and Miscellaneous Total 60.8 8.1 0.3 6.7 19.2 100.0 4.9 the previous article, the figures may be left to speak for themselves. Suffice it to call atten- 1 Less than 0.05 per cent. tion to the size of the settlements that were effected by means of transfers of these foreign In Tables V, VI, and VII, which follow, will dollar credits in the comparatively short space of 70 weeks. Total credits to dollar account be found detailed figures covering purchases during this time reached the enormous sum of and sales of foreign exchange, and debits and $32,645,793,000, while debits to dollar account credits to dollar account, during the period amounted to approximately the same figure, or from February 21, 1918, to June 25, 1919, $32,810,251,000. Nearly two-thirds of these inclusive, arranged quarterly, and classified sums, or about $20,000,000,000 each for debits according to the headings and countries preand credits, represented transfers for the ac- scribed in the original reports to the Federal count of the European allied nations. Among Reserve Board. Then follow two tables which other countries, the largest sums credited in present for individual countries the percentage the United States were for the account of distribution of certain of the basic data conCanada, about $4,000,000,000; Japan, $1,500,- tained in Tables V and VII. It will be ob000,000; West Indies, $1,350,000,000; and served that the totals in those tables do not Argentina, $700,000,000. Debits in each case always exactly equal the sums of the indiwere about the same as credits. In the following vidual items as shown. This is due to the fact table the grand total of credits to dollar account that all amounts, including the totals, are has been put equal to 100 per cent, which has shown to the nearest thousand, the results then been split up to show the percentage dis- therefore being more accurately stated than if tribution between the several groups of countries the totals had been adjusted to correspond and also between the various classes into which with the individual items. credits are divided in Table VII. • 170 FEDERAL BESEEVE BUU,ETIX. FEBRUARY, 1922. TABLE V.—PURCHASES OF FOREIGN EXCHANGE. fin thousands of dollars.] Demand Cable Finance; items transfers or i from from | Cotton dealers dealers clean time bills, in in billsUnited United loans. States. States. Country and period. Meat bills. From foreign institutions outside of United States. Other export bills. j From ! '• foreign 1 CouagciiGold i! cios Against pons and and and Miscelsilver laneous. divi! firms securi! Total. shipties. dend ments. i domichecks. ; ciled in i: United States. i EUROPEAN ALLIES. France: Feb.-Mar.,3 19181. Apr.-June July-Sept.* Oct.-Dec.» Jan.-Mar., 1919«.. Apr.-June* 11,121 20,921 20,521 18,257 49,625 79,583 30,083 ;. 53,385 73,933 , 35,616 79,94.1. 123,377 j 12,809 23,613 | 6,055 ! 271 j 1,012 i 8,332 74 80 86 1,241 10,193 i 25,971 I 9,917 I 6,153 ' 20,606 J 18,391 I 8,055 ! 52,093 1,554 91,231 I 231,896 ' 44,627 565 1,890 719 1,724 1,491 1,665 13,943 2,048 29,633 j 4,091 25,758 ; 5,897 33,213 !: 9,023 54,665 7,443 74,683 ! 16,126 Totals. Great Britain: Feb .-Mar., 1918.. Apr .-June July-Sept Oct.-Dec Jan.-Mar., 1919... Apr.-June 200,029 ! 396,336 ' 35,366 ! 78,187 ! 102,825 ! .165,827 I 122,585 129,473 6,367 8,987 4,274 4,140 9,266 24,845 39,078 i 91,175 ' 74,536 ! 90,998 j 124, .190 147,264 Total., Italy: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June 799,888 12,559,851 142,060 j 634,264 57,880 567,241 I 920,427 |132,147 Total.. Other:» Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June 103,381 j 169,066 51,428 90,749 106,487 112,244 146,330 292,649 i | ! i i 12,074 25,624 19,395 28,668 31,118 25,181 12, 730 25,219 25,109 20,559 17, 487 67,961 6,068 i 11,963 | 11,001 ! 10,170 14,750 | 49,430 | Total.. 226,790 401,865 421,916 429,619 514,579 565,082 20 203 141 164 253 1,519 349 326 229 470 758 648 2,300 2,779 154 7 141 66 74 120 i i ; ! ' ! 832 563 i 1,118 11 2,312 5,826 6,271 36,435 7,064 1,705 13 64 169 39 92 SO ! 115 i 179 j 234 480 3,300 4,388 Total'.. Holland: Feb.-Mar., 1918.. Apr.-June July-Sopt Oct.-Dec Jan.-Mar., 1919.. Apr.-June Total.. Norway: Feb.-Mar., 1918... Apr.- June July-Sept Oct.-Dec Jan.-Mar., 19J9.... Apr.-June 22 Total. .1 1 2 3 4 59,613 j 94,071 18,671 | 12,823 | 42,900 ! 18 ! | 2,241 j 2 344 1,958 ! 4,370 ! 8,608 i 16,845 j 441 1,587 1,255 1,232 700 5,990 30 185 11,206 240 136 50 1,310 142 1,371 I 36,366 ; 1,827 I 3,981 | 3,998 j 5,696 j. 11,747 I 30,589 I 1 550 22,299 57,837 | 570 | 1,060 j 3,352 15 ! ! i ! ! : 2,490 i 3,475 j 1,914 2,385 j. 2 458 ! 3,114 j 1 113 1 6,799 i 15,836 \ 479 2 j. "I- 29 148 865 3,351 36 ! 76 134 189 176 85 210 517 1,684 815 6,251 2f836 9 170 5,251 | 2,995 574 54 735 I 154 358 462 1,149 1,090 1,667 i | | j 3,549 j 528,677 j 6,358,453 15! 521 22 | 543 I 38 ! (2) 29,410 j 21,000 i . « ! • I 228 i 546 3,469 ! 3,405 i 4,699 i 3,300 : 5,581 i 133 ! 149 I 290 ! 326 207 1,111 I \ ! j i ! 10,839 3,465 1,065 3,998 2,387 1,957 2,286 61,177 7,290 11,140 10,963 20,395 32,549 88,938 171,276 964 73 I 19,826 j 166 I 85,053 3,193 5,280 4,043 7,215 11,288 30,158 i\ 9 1 i 13, 229 10,903 9,356 13,982 16,749 20,835 141 652 132 216 329 816 1,195 1,468 1,692 1,711 4,535 9,224 8 , 29,848 71,163 66,781 78,377 51,623 212,572 510,364 I 1 347 3 11 570 32 49 209 134 93 485 2,601 6,293 13,908 8,969 9,027 22,385 491,881 994,534 994,906 1,124,275 1,249,988 1,502,868 66 ; 23,709 12 282 191 38 4 906 3,322 26,321 66,477 114,480 140,368 91,634 89,397 25 i 63,183 45 21,273 | 36,948 \ 2,331 I 4,742 ! 1,193 5,990 ! 3,816 I 4,593 | 6,288 ; 7 531 ! 0,947 1,095,587 51 165 23 254 47 1,777 ! 65 86,201 ' 179,501 ! 151,623 : 113,442 226,092 i 338,728 6,481 407 I , i : 5,241 19,353 7, 693 6,923 8,289 13,448 366 i 959 j 451 ! 384; 201 1,187 ! 4,8 2,570 ! 2,518 ' 2,533 i 5,236 I 8,512 i 15,579 ! j ! , i ! 1,088 433 | 1,038 219 940 3,003 | 920 494 i 1,399 1,598 | 602 1,157 '' 121 4,978 ! 74 5,729 j 7,629 ,. 10,973 77 12,433 127 48| 708 918 1,577 1,399 1,507 16,190 296 3,475 842 1,530 1,337 1,318 ! 4,083 1,872 i 6 0 6 6 5,201 | 8,623 ! 1,538 i 1,409 i 647 j 2,619 j 573 ; 61,271 | 8,840 I 690 1,824 2,166 1,712 2,301 4,130 I- 16 . EUROPEAN NEUTRALS. Denmark: Feb.-Mar., 1918.. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919... Apr.-June 83,105 ! 9,163 202,587 26,452 128,061 i 21,322 133,116 14,987 182,239 ; 25,954 191,318 i 34,270 1,404 220 99 3 40 48 136 325 22 140 245 76 641 2,388 1,760 481 1,255 242 561 1,035 1,515 5,109 16,143 10,629 14,173 15,034 19,586 5,0 80,674 Period of 6 weeks, beginning Feb. 21,1918, and ending Apr. 3,1918. Amount is less than $500. Period of 13 weeks, beginning Apr. 4,1918, and ending July 3,1918. Period of 13 weeks, beginning July 4, 1918, and ending Oct. 2,1918. 6 Period of 13 weeks, beginning Oct. 3, 1918, and ending Dec. 31,1918. « Period of 13 weeks, beginning Jan. 1,1919, and ending Apr. 2, 1919. * Period of 12 weeks, beginning Apr. 3,1919, and ending June 25,1919. s Period of 70 weeks, beginning Feb. 21,1918, and ending June 25,1919. 9 Greece, Portugal, and Russia only. The remaining European allies allie not shown separately were grouped in the original reports with the Central Powers under the heading " Other European points." 171 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. TABLE V.-FURCHASES OF FOREIGN EXCHANGE—Continued. [In thousands of dollars.] ! Country and period. Demand items P from dealers in United States. Cable Finance transfers or jit from clean Cotton dealers time bills. * in bills— United loans. States. Meat bills. Other export bills. From foreign institutions outside of United States. From i foreign agenCouGold cies Against pons and and and Miscelsilver laneous. i firms securidivishipties. fdomidend ments. ciled in checks. United States. Total. EUROPEAN NEUTRALS—COn. Spain: Feb.-Mar., 1918 . Apr.-Juno July-Sept Oct.-Dec. , Jan.-Mar., 1919.... Apr.-June Total Sweden: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec. Jan.-Mar., 1919.... Apr.-June Total Switzerland: Feb.-Mar., 1918... Apr.-June Julv-Sopt Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total 1,098 3,045 5,533 7,339 5,801 12,027 1,555 3,340 5,391 6,575 S, 744 13,205 3 55 279 179 303 251 39 38 61 848 542 34,844 3«,811 1,009 1,466 59 592 713 624 309 2,011 1,450 2,254 3,708 2,322 3,471 4,335 4,307 17,537 1,105 4,163 2,723 4,050 4,715 4,393 3,001 3,706 4,554 3,521 7, SSL 6,925 22 102 233 131 219 320 1,138 1,906 2L4 436 1,720 3,223 21,214 29,349 1,093 8,697 3 1 1 357 1,355 3,500 2,417 4,021 5,308 9,829 16,014 415 02 18,558 50,2G7 3,232 501 314 2,397 037 1 525 0,443 7,810 1,280 2 243 9 08Q 2 983 4*127 4,106 339 39 62 3 82 501 19,428 16,806 525 1 115 55 1,778 5,623 19,210 10,389 9,318 18,43S 15,150 2,691 2,722 5,905 3 355 5 602 9,77-1 37 64 51 862 175 1,947 78,128 1,1S9 3 382 4,392 6,845 30,048 2 IS 483 432 804 CO 2-t 2,000 413 1,070 1,041 2 774 1,879 2,273 8 030 13,779 23,121 29 954 32,869 52,035 2,024 9,451 159,788 19 48 4 13 4 779 S39 477 1 378 1 371 1,741 3,890 8,885 7 979 8 898 15,73S 20,649 5 88 6,584 65,840 41 153 86 11 40 105 1 3 1 3 1 20 2 2 3 1 586 1,094 800 742 943 807 14,443 33,891 25,030 21,626 40,119 42,661 437 11 25 5,631 177,771 122 90 115 7 328 2,418 311 289 221 213 12,498 24,900 3,111 38,432 1,100 218 2,750 1 015 1,561 469 4,507 10,908 10,975 8,395 7,379 7,810 11,395 25,870 27,100 20,637 25,460 26,598 7,143 50,034 137,060 1 2,507 6,914 25,728 10,088 6,485 3,631 4,332 16,252 30,218 14,831 10,382 8,297 1 55,352 84,312 36,298 72,769 92,137 104,240 134,437 72,192 (2) 1 1 3 3 1 OTHER EUROPEAN POINTS. Central Powers and minor European countries: Feb.-Mar., 1918... 3 4 33 1,045 4,640 68 2,334 5,417 21L 4 2 45 3L3 481 180 195 101 08 1,027 8,803 6,331 7,820 21 r> 49 793 669 1,485 1,970 2,032 1,578 2,085 464 505 259 354 771 649 72 36 209 14 9,819 2,802 253 Apr.-June 268 13 403 7 69 190 352 2,128 1,600 677 53 949 1 14 1 2 60 13 Total 951 5,767 91 719 208 921 1,494 4,119 5,759 4,460 1,357 3,205 638 3,775 6,096 3,404 77 259 98 61 449 538 4,864 9,846 15,932 26,830 42,479 10,464 16,961 18,534 1,482 110,414 83 46 81 15 18 5 2 6 19 13 98 7 33 Apr.-June 140 303 565 269 316 1,067 Total 2,660 248 145 79 Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total 2 (2) (•>) (2) (2) 38 6,038 2,797 259 10,9S2 8,871 260 3,934 10,012 9,65i 8,3S3 12,903 13,984 647 2,627 1,270 504 1,191 1,472 9 78" 58,869 7,711 87 1,009 3,789 2,072 3,908 3,704 3,275 135 1,964 408 89 10 238 17,876 2,844 13,782 25,941 41,360 34,195 45,390 27,610 1,458 3,494 3,800 . 2,157 5,858 3,675 200 3 181 1 188,278 20,412 390 1,102 2,565 4,185 4,200 4,642 4,227 487 43 20,921 685 (2) ASIA. China: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total India: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Japan: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec. Jan.-Mar., 1919.... Apr.-Juno Total Other: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec. Jan.-Mar., 1919.... * Amount is less than §500, C2) 1 4 124 77 47 2 320 14 (2) V 718 46 711 711 1,431 1,431 2 6 " • • ( « ) • • • 8 (2) (2) CO 5 22 5 2,005 9,055 27,375 28,612 33,078 28,220 19,969 45 2,301 146,309 512,073 395 m 2 5,811 14,367 9,897 4,187 4,803 7,690 8,053 17,330 14,794 8,691 9,919 13,105 3 48,756 71,891 5,462 23 35 26o 5,485 (2) 4 42 108 (2) (2) (2) (2) 395 172 FEDERAL RESERVE BULLETIN, FEBRUARY, 1922. TABLE V.—PURCHASES OF F O R E I G N EXCHANGE—Continued. [In thousands of dollars.] ! From foreign agenCoucies V gainst pons and and securifirms divi- i ties. domidend ! ciled in checks.. United States. ! Demand Cable -,finance items transfers or from from clean Country and dealers in United States. period. Other export bills. Cotton ! Meat t i m e •• bills. bills. dealers in United States. From foreign, institutions outside of United States. loans. •' • I SOUTH AMERICA. Argentina: Feb.-Mar., 1918.... •Vpr.-June July-Sept 772 ! 1,881 1 976 Oct -Dec 3 489 1,984 3 147 1,125 Jan.-Alar., 1919 Apr -June 14,393 1,262 '•>• Apr.-June Total Brazil: Fob - M a r 2,538 52 438 556 118 76 21 'A, 709 11,075 1 1 1 36 9 62 33 . 1 ' '•" Gold and silver shipments. 1918 Apr.-June Total 827 2,202 1,780 2 003 2 152 2,488 . | i ! i j : 5 2 i I 5 144 i Apr -June ! July-Sent ! Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total 3 39 i 38 ! 27 ' 40 75 | 99 ! 109 318 i 10 4 39 17 39 20 31 ' 23 2 14 9 £] 11,453 Chile: Feb.-Mar., 1918... 3,411 9,596 10,241 12,761 13,318 i 10,665 651 : 3,871 5,401 2,672 3,376 7,561 59,995 23,535 j 105 57 50 200 1 165 3,934 | I (2) 00 4 20 49 , 2 5 2; 5,511 ! i 84 1 3 1 1 1 1,404 ; 11,898 25,269 25,255 25,418 7,666 19,441 20,416 43,111 46,697 43,673 29,187 49,281 1,412 j 114,947 232,366 33 116 130 161 115 105 •< I 9 659 10 2 (2) j 2 150 27 12 53 200 42 77 100 62 102 43 427 :— 28 5 50 190 57 78 1,878 134 35 1 30 890 48,818 2,258 1,093 1,413 3 795 4 210 5 459 4,941 3,721 2 4 10 4 120 8,923 8,797 6,995 9 701 10,282 (2) 1 18 56 39 46 10 5 1 958 2,718 4,099 3,565 4,928 5,344 6,962 14,068 14,96S 12,673 17,016 20,989 6 22,61.3 86,705 754 1,653 1,260 621 938 1,371 2,428 5,611 5,641 6,343 6,053 5,284 F e b - M a r . , 1918 Apr.-June J u l y Sept . .- Oct .-Dec Jan .-Mar., 1919 Apr.-June ! = Total 175 476 424 370 789 ! 695 ! 2 ( ) 2,929 254 .-^ OTHER WORLD POINTS. Canada: Feb.-Mar., 1918.. i ! Apr.-June i Tuly Sept Oct .-Dec i Jan.-Mar., 1919... • Apr.-June Total ! Mexico: Feb.-Mar., 1918 . J Am* .-June July-Sept J ! Oct.-Dec Jan.-Mar., 1919 . . Apr.-June -! West Indies: F e b . Mar., 1918.. A pr.-June July-Sept .i Oct.-Dec Jan.-Mar., 1919... ., Apr.-June 5 9 2 10 15 200 4 0 (2) 1 1 1 (2) 3 6,598 31,360 10 1 1 605 658 733 1,705 1,326 2,040 1,966 4,442 2,845 7,109 6,920 8,608 9,837 12,205 1,276 12,211 47,524 i 161 1 821 4 727 4,840 5,987 5 946 6,097 48 82 189 123 374 69 2 29,422 885 5 210 (2) (2) 86 558 65 81 105 173 513 921 2,940 1,560 4,793 1,833 1,240 92 178 55 65 31 105 6,953 18,409 18,687 17,651 17,495 11,901 4,940 14,168 21,989 22,799 13,163 6,492 320 1,327 5 17 83 36 320 520 i 650 397 5,978 2,028 217 528 593 614 520 294 395 51,234 1,582 182,036 1,839 183,482 2,260 233,572 2,804 ! 183,852 3,517 ; 198,395 78,697 266,748 278,690 342,459 285,346 282,498 219,874 64,580 1,495 13,292 526 91,097 83,552 1,793 9,893 j 2,766 12,398 1,033,170 1,534,437 68 : 437 534 307 30 i 57 1 32 (2) 3 15 51 1,434 4 17 9 40 : 16 15 (2) 1 (2) (2) 2 1 (2 ) 1 () 100 i 291 • 962 830 1 262 ! 1,762 1,544 i 97 52 85 i 87 12 1 9 11 28 51 56 6,650 339 156 4 749 14,861 12,326 12,916 14,501 11,548 150 48 145 94 350 3 2 37 1 250 110 614 202 56 3 4 398 989 70,901 790 ! 162 85 160 228 1 66 1 155 .! 8,162 340 856 Fcb.-Mar., 1918 . -j j Apr .-Juno July-Sept Oct.-Dec -1 Jan.-Mar., 1919 . J -1 Apr.-June 31 49 148 127 277 318 : 9 2 17 1 949 i All other: 29 " Amount is less than §500. (2) j 13 29 48 35 1 30 i 45 i 200 2 2 | — 41 31 14 598 5,309 10,081 17,061 19,417 12,115 16 124 141 59 .] 1 2 3 12,143 39,085 39,669 43,125 39,991 45,862 358 1,321 1,390 1,616 1,671 1,806 Total (2) i 1 23,539 2 (2) 15 Other: Total Total. 1 Julv-Sept Oct.-Dec J a n -Mar., 1919 Total Miscellaneous. 2 • — 1 211 3 516 2 806 3,266 i 3 955 3,971 18,725 214 50 24 48 57 26 419 (2) 40 j 5 31 1 918 2,081 2,402 4,621 4,397 3,852 37 337 18,270 27,377 1 34 (2) 1 11 i 6 ! 5,187 16,277 12,187 16,480 16,529 17,097 10,726 33,591 26,586 31,798 33,192 30,623 53 83,756 166,517 1, 218 . i (2) i46 24 15 : 2 3 ! 7 8 1 22 1 1 2 1 190 ! 41 1 <•> 2 2,547 1,653 2,997 2,092 3,024 2,690 6,199 4,719 6,494 6,414 7,390 2 37 13,531 33,906 (2) 1 12 .! ' 29 2 1 5 = (2) 10 1 1,401 3,765 3,936 6,356 6,358 5,561 106 129 97 5 i (2) 173 FEDERAL BESEEVE BULLETIN, FEBRUARY, 1922. TABLE V.-PURCHASES OF FOREIGN EXCHANGE -Continued. [In thousands of dollars.] Country and period. Demand items from dealers in United States. Cable transfers Finance or from Cotton clean dealers time bills. in billsUnited loans. States. Meat bills. Other export bills. From : From foreign ! foreign agenCouGold institucies pons and tions ; and Against and silver outside i firms securidivities. shipof domidend United ciled in checks. m e n t s . States. i United Miscellaneous. Total. 621,159 1,256,100 1,222,660 . States. RECAPITULATION. European Allies: Feb.-Mar., 1918... 68,636 123,837 Apr .-June 138,151 July-Sept 140 835 Oct.-Dec Jan.-Mar., 1919.... 210,958 423,181 Apr .-June Total 1,105,598 European neutrals: Fcb.-Mar., 1918... Apr.-June Jnlv-Sept Oct.-Dec. Jan.-Mar., 1919 Apr .-June Total Total Europe, including Central Powers: Feb.-Mar., 1918... A pr.-June July-Sept Oct.-Dec . Jan.-Mar., 1919.... Apr.-June Total Asia: Feb.-Mar., 1918... Apr.-June Julv-Sept Oct.-Dec Jan.-Mar., 1910.... Apr.-June Total South America: Feb.-Mar., 1918... Apr-Juno Julv-Scpt Oct.-Dec. J a n . - A l a r . , H)19 . Apr.-June Total Other world points: Feb.-Mar., 1918... Apr.-June Julv-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total Total, all countries: Feb.-Mar., 1918... Apr.-June Julv-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Grand total 2 48,196 101,864 109,049 166 138 123,597 138,637 6,368 9,060 4,362 4 299 9,352 26,087 52,272 102,289 124,797 253,265 92,890 168,171 i 135,299 ; 175 3f$ i 154,161 250|496 171,490 1 339,705 ( 3,128,032 150,725 687,482 59,528 730,908 1,289,294 ; 195,853 12,275 115 67 61 11,2-1.") 1 32,980 1 21,4L5 28 474 47,233 01,815 13,204 35,817 28,764 24,058 34,047 59,363 1,143 1,328 1,880 2 337 1,*641 703 429 1,019 500 520 534 1,212 45,002 95,588 137,146 100,258 111,337 127,187 1,544,452 2,075,003 9,032 4,214 676,517 8,049,457 3 , 427 355 6 23 572 38 20 214 211 37 73 2,050 3,595 6,978 4,444 7 382 10,091 16,376 41,956 88,919 81,765 102 262 147,598 254,027 875 1,198 295 3 644 2] 882 3,380 1 •«() 07ft 3, 407 10,308 31,566 15,182 14,149 39,210 10,824 18,342 20,819 21,732 34,702 64,157 41 348 517 315 742 1, 488 1.312 2; 006 314 466 2,716 4,636 126 7,075 93,852 170,576 3,451 11,450 7,443 203,161 100,009 j 8,449 5,668 995 2,605 48,866 716,526 72,046 134,149 149,717 156 051 226, 752 467,067 280,777 499,137 542.007 508 064 649,800 826,642 12,834 27,879 20,788 30,773 33,636 28, 481 49,508 103,871 109,365 166,604 126,314 143,319 6, 482 9,127 4,423 4 299 9,790 33,642 63, 703 157,972 114,409 163,840 203,021 242,107 1.1.2,918 i 13,594 268,067 36,884 189,380 29,709 202 630 25 974 288,996 37,834 395,283 60,565 1,251 1.751 1,145 1,684 552 1, 88iS 3 753 3,828 6,808 2 359 2.213 741. 450 1,233 711 556 607 3,262 48,718 102,656 141,706 167 647 121, 756 146,012 663,426 1, 345,309 1,304,652 1,432,551 1,704,548 2,353,930 1,205,781 3,306,427 154,391 698,981 67,764 945,051 1,458,175 204,561 17,9-J3 10,028 6,819 728, 495 8,804, 415 433 9 0 1,100 <!83 2, 753 1,070 1,567 2, 474 21,879 59, 624 75,212 55, 7-18 46.8S7 39,100 60,079 132,221. 164,248 148,399 180,197 120,191 44!) 9, 448 298,451. 805,336 15,343 31,345 31,939 3i;644 15,499 30,5<J9 32,050 69, 899 74,226 71,297 62,123 87, 759 1,286 2,721. 4,432 6,427 7,722 7,802 2,257 5,884 2,585 4,620 6,938 5,067 80 280 120 200 684 606 4,969 10,601 16,187 26,830 42,479 10,467 30,391 27,351 1,970 111,532 137 593 701 259 273 195 81 10 71 43 4 1 2,1.56 2,156 .10,629 390 15,701 1, 067 21,209 945 27 227 i 1 316 32,462 • 3,7S8 52,781 943 (2) 376 552 2f>7 10(> 946 19,886 42,306 57,271 50, 745 66,638 49,096 2,727 8,128 5,47<S 2, 754 7,102 5,494 2S5,913 31.683 477 5, 485 10,768 27 042 28,089 31,201 33 906 30,705 705 4,004 5.801 2,908 3 868 9,554 308 196 88 207 1 195 4,825 JO 5 209 3 181 79 5,402 23 (*) (-) (2) 0 11 4 4 4 607 2, 067 26,115 14,766 2,157 210 11 161,774 26, 839 6,819 12 184 2,697 156,309 397,955 12,601 40,892 41,740 45,174 41,969.. 48,042 599 5,365 JO, 207 17,221 19,492 12,116 737 196 298 408 284 729 921 3,084 1,565 5,043 1,838 1,240 202 794 257 121 31 108 13,205 37, 74S 34,649 35,095 37,71.3 28,964 5,316 14,363 22,210 23,026 .13,657 6,527 328 .1, 373 27 47 134 93 320 666 674 412 5,980 2,031 226 536 .615 022 522 326 501 1, 745 1,966 2.208 2,8.16 3,528 58, 557 203,541 199,724 257,669 206,870 222,367 93,514 310,303 313,931 387,108 331,310 326,073 65,001 2,651. 13,691 1,517 187,373 85,100 2,002 10,083 2,847 12,825 1,148,728 1,702,238 287,122 13,789 512,372 28,948 557,960 21,906 53 L, 039 31,640 678,476 34,876 84.6,575 30,010 55, 479 117,565 127,187 198,520 170,635 loo,027 6,684 12,079 4,681 4,429 9,824 33, 751 107,561 265,068 234,417 280,885 341,278 350,933 121, 666 295, 4(52 222,869 231,318 313,623 416,859 14,230 38,459 30,033 26, 231 39,344 65,562 7,034 2, 440 1,237 4, 165 9,808 8,840 1,803 2 3 270 2.552 3,021. 2, 784 1,078 2,083 3, 465 5,431 3,899 5,596 11,332 849,669 1,857,732 1,857,058 2,039,354 2,278,178 2,887,953 I, 492, 706 3,413,545 161,170 824,414 71,448 1,580,142 1,601,797 213,859 33,524 13,508 1 807 4 677 4 311 3,815 4 478 6,997 230,419 87,740 182,440 200,200 21.1,497 280,921 529,908 Amount is less than S500. 12,793 27,531 20,271 30,458 32,683 26,989 269,953 480,795 521,188 486 264 612,765 757,068 3,490 1 986 3,162 1,133 2,245 2,750 2 (2) 8 (2) 2 41 51 40 4!) 144,498 397,166 418,581 512, 709 391,012 438, 077 31, 788 2,332,043 j 11,769,944 174 FEDERAL RESERVE BULLETIN. FEBRUARY, 102:2. TABLE VI.—SALES OF FOREIGN EXCHANGE. [In thousands of dollars.] Eor account On To cover account of freight, of parties insur- income, outside ance, taxes, of etc. United etc. States. Demand Cable Fii1 items to transfers nance to dealers or 1 dealers time Country and period. : in in . United United billsStates. States. loans. EUROPEAN ALLIES. ! France: Feb.-Mar., 1918... Apr.-June. July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total Great Britain: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec. Jan.-Mar., 1919.... J Apr.-June. Total Italy: Feb.-Mar., 1918 Apr.-June. July-Sept Oct.-Dec Jan.-Mar., 1919. Apr.-June. Total... 10,134 23,173 19,437 18,980 47,367 79,772 5,920 14,207 ! 14,241 ' 14,995 i 18,295 20,113 I 1,373 3,255 3,310 2,831 3,575 3,026 13,563 21,130 16,800 12,484 23,659 48,593 1,990 6,683 2,589 2,557 2,093 13,815 180 722 3,550 1,469 i 3,370 905 ! 3,000 1,398 j 1,577 2,373 ; 75,948 6,370 ! 3,960 8,450 | 174,606 12,466 8,374 8 , 5 6 5 '•-'-169,149 6,188 9,781 8,841 165,687 8,206 9,941 152,798 10,200 ! 10,744 7,772 j 4,944 57,810 116,111 138,805 184,273 205,277 219,174 5,994 17,282 15,259 10,655 18,261 39,179 212 576 2,294 1,396 792 7,094 36,040 51,995 62,505 34,560 91,061 123,436 1,852 45,710 i 87,823 ! 101,562 | 112,516 i 163,984 I 307,450 : ,424 13,038 13,910 11,923 17,405 67,892 198,652 404,584 482,106 536,508 618,372 87,772 21,584 42,887 • 38,842 ! 87,177 180,298 149,812 113,995 233,900 330,881 2,125 12,431 18,638 4,887 3,181 8,456 57,206 114,782 161,972 99,659 112,224 207,228 102,031 516,540 1,002,142 1,024,071 1,098,753 1,322,724 1,448,651 12,302 29,266 35,628 65,779 34,765 77,231 37,167 70,757 59,221 82,775 63,614 215,618 15,237 8,453 9,656 10,617 13,542 15,824 18,178 10,955 10,582 14,040 18,559 19,577 2,539 3,165 2,161 4,956 8,785 19,039 3,197 5,353 3, 7,205 10,888 28,157 856 ' 2,441 ' 1,179 1,211 2,065 2,804 3,394 3, 2,605 2,841 5,673 9,208 6,728 13,288 11,591 15,223 35,926 81,427 2,242j 1,591 1,244 1,306 2,313 8,467 5,169 6,223 119 10,054 6,385 16,457 11,623 13,180 15,359 17,302 1,767 2,938 7,201 13,023 23,023 30,615 35,261 57,542 1,726 2,032 588 854 1,689 8,740 218 1,018 | 39 139 165 3,022 15,630 | 4,601 j 11,050 Other: Feb.-Mar., 1918 Apr.-June, July-Sept Oct.-Dec Jan.-Mar., 1919. Apr.-June 25 i 41 553 129 512 2,387 697 10 1,029 301 2,472 1,737 498 Total. EUROPEAN NEUTRALS. Denmark: Feb.-Mar., 1918... Apr.-June. July-Sept Oct.-Dec Jan.-Mar., 1919. Apr.-June. Total. Holland: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919. Apr.-June 325 1,166 1,241 1,547 1,745 10,671 680 717 1,909 i 2,966 ' 6,887 11,991 Total Norway: Feb.-Mar., 1918.... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total. Spain: I Feb.-Mar,, 1918....' Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June 242 1,268 1,437 1,657 2,169 5,383 1,728 261 , 1,930 166 s 2,820 410 : 5,468 409 i 6,480 j 562 12,145 2,416 ! (») ; i 1 1 15 Total 1 For precise duration of each period see footnotes to Table V on p. 170. 3 Amount is less than $500. 6,154 7,357 9,740 8,031 175 FEDERAL BESEKVE BULLETIN. FEBRUARY, 1922. TABLE VI,—SALES OF FOREIGN EXCHANGE—Continued. [In thousands of dollars.] Country and period. Cable Demand transfers FiOn To items to nance cover account to ^dealers or Against freight, of dealers time imports. insur- income, in in United b i l l s ance, taxes, United loans. States. etc. etc. States. To For foreign Travelaccount ageners' of cies letters parties and Against securiof outside iirms ties. credit of domiand United ciled in checks. States. United States. Gold and Miscelsilver laneous. shipments. Total. EUROPEAN NEUTRALS—COn. Sweden: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total Switzerland: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total 355 819 1,192 488 1,790 2,306 1,429 2,482 3,912 2,809 3,930 4,742 6,950 19,303 1,164 4,076 2,834 3,832 5,616 4,945 22 466 3,670 3,834 4,997 1 4,156 7,587 ; 7,558 i 31,802 832 236 329 287 605 810 1,252 1,429 789 ! 219 ; 70 17 18 88 47 29 19 30 537 428 652 565 757 1,114 1 11 33 80 56 318 ! i 1 3,099 3,777 '• 231 4,052 498 .! 115 126 123 100 101 1,430 3,830 4,514 3,041 3,847 3,326 • 7 26 2 53 39 235 288 694 754 668 687 442 1,706 1,537 1,119 1,490 2,308 5,548 26 • 38 00 101 230 266 47 27 70 14 18 4 564 19 987 13,707 721 180 (3) 1 " • • • i ; : 1 4 4 12 7 18 797 3,220 2,535 3,048 8,482 11,026 5,222 8,717 9,491 7,538 15,716 20,381 29,108 67,066 3 33 4 11 17 7 6,240 19,345 11,104 9,659 19,344 18,355 14,580 33,552 25,582 23,147 39,792 40,788 75 84,046 177,443 1 2 2 377 430 261 242 2 472 9,493 460 710 318 242 11,680 23,400 5 13,276 36,820 4,060 '8,940 9,699 10,241 10,490 9,955 10,097 22,178 23,948 21,404 22,185 20,173 53,386 119,986 1,277 3,800 1,819 4,597 3,749 3,436 4,006 13,866 29,918 14,715 10,186 7,355 24 18,679 80,047 ' 1 56 4 20, 710 43,167 34,567 57,171 49,851 23,126 41,861 85,629 71,573 95,544 90,428 55,317 62 228,592 440,352 1,459 3,355 4,089 4,465 4,312 5,168 7,572 17,731 13.788 8J919 8,955 12,512 22,848 1 ! 69,477 (2) -16 (») OTHER EUROPEAN POINTS. Central Powers and minor European countries: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total . . . J 85 1 ! 269 1 2 2 1 (») 4*, 777 2,548 5,507 253 2 360 5 20 75 4,87i 3,127 6,299 8 056 1 024 ft 97 8,001 679 1,367 2,420 1,921 1,639 1,347 225 938 582 i 214 1,002 651 3,990 9,393 9,778 6,202 5,526 7,169 3 1 4 5 327 16 25 6 207 24 613 1,353 1,347 2,813 3,070 1,016 9,373 3 611 (2) 15 238 147 2,126 1,799 531 309 1,098 1,833 7,609 26,080 | 9,370 G, 088 2,572 ; 517 6,010 53,554 685 1,476 2,888 2,458 1,090 1,437 3,545 3,981 7,752 13,807 7,347 8 85 30 1 64 10,017 29,717 27,644 25,313 19,662 21,822 10,187 37 870 18K 134,174 ; 53 ASIA. China: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total India: Feb.-Mar., 1918... Apr.-June July-Sept : Oct.-Dec Jan.-Mar., 191.9 Apr.-June Total i Japan: Feb.-Mar., 1918...! Apr.-June : July-Sept Oct.-Dec •' Jan-Mar., 1919 i Apr.-June ! Total Other: j Feb.-Mar., 1918.... Apr.-June \ July-Sept Oct.-Dec j Jan.-Mar., 1919.... 1 Apr.-June • Total 2 126 119 19 i; ooo 108 163 38 ' 46 90 48 493 Amount is less than $500. 15 271 66 33 27 79 491 7 7 42,058 3 ll ( 27 606 10,212 17 260 1 2 471 193 98 188 1 9 10 (2) 10 36 811 3,935 ! 2,739 1,513 1,374 1,222 11 '")04 275 2,992 2,148 916 556 2,470 ' 491 9 9,573 ; "Q'7 « 4,881 13,942 ! 9,589 4,362 4,241 7,169 1 43 214 1 44,184 53 1,307 4 5 1 1 1,093 4 (2) 4 7 4 16 ' 195 171 92 225 15 i (2) 2 i ; i 951 201. 1,5(58 17 8 666 77 } (2) 24 2 15 26 50~ 08 159 5,000 51 8 3 33 5 5,308 I ! 108 j 8 1 1 13 | 2 j 24 ^ 61 61 176 FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. TABLE VI.—SALES OF FOREIGN EXCHANGE—Continued. [In thousands of dollars.] Country and period. Cable Demand transfers Fiitems to nance to dealers or Against dealers in time imports. in United billsUnited loans. States. States. To cover freight, insurance, etc. On account of income taxes, etc. For account of parties outside of United States. I To foreign i TravelagenGold ers' cies, Against ! letters and Misceland silver securi' of laneous. firms shipties. ! credit domi! and ments. ciled in ' checks. United States. Total. SOUTH AMERICA. Argentina: Feb.-Mar., 1918.... Apr.-June July-Sept Oct.-Dec Jan Mar 1919 Apr.-June Total Brazil: Feb.-Mar., 1918... Apr.-June July-Sept Oct. Dec Jan.-Mar., 1919.... Apr.-June 211 177 322 30 727 391 1,857 390 7 854 4,500 (-) 2,615 1,002 1,478 1,170 4,338 3 000 4,058 "' 19,990 3,020 84 19S 1 008 --291 1,295 744 j 9 12,038 27,2S9 25, 1.36 . 24,046 7 547 • 17,741 3 35 106 1 17 897 148 36 11 ; 9 : 77 40 197 53 1 529 1,192 3,949 3 221 2,863 153 478 410 2,306 ... 1,059 1,503 2,529 2,733 2,137 2,826 4,191 89 143 217 406 400 294 14 I 5 ! 17 ! 17 i 50 ; 13' 16 1.73 172 354 130 2,272 59 15,919 1,610 115 i 3,117 59 1 3 3 1 8 12,944 4 2 18 1 • C2) 5,661 13,572 11.792 10,552 15.872 16! 362 24,269 4o,248 41,211 50,570 30,871 44, 071 0-0 79,811 236,845 4,848 10,070 10,008 8,400 .1.0,910 13,076 0,581 13,194 14,191 11, 793 10,012 20,654 57,378 82,425 2,317 3,885 4,222 0,739 5, 403 3,887 3,003 5.391 5,213 7,244 5,847 4,725 1 12 3,401 ! 114,390 321 ! ! . : 39 : O ....:./ 0 11 3 . . j CO :• Total.. Chile: Feb.-Mar., 101S... Apr.-June July-Sept Oct.-Deo Jan. Mar., 1919.... Apr.-June Total Other: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total 572 3,020 9 2 31 :> : 2 5C> 37 14 44 441 1 405 922 430 397 715 67 1 165 4,370 3fi 99 28 105 116 60 19 5 ; 71 59 121 '• 111 145 428 513 9,175 38,757 38,792 41,121 50,008 47,319 225,173 368 887 534 1,336 631 3,151 (*) 101 (") U 6 200 i ; 1! 20 23 18 23 ... ! ! 111 89 200 ! ! 61 1 98 32 117 = 4 1 1 50 26 2 () (2) 1 1 : . . S (i i (2) . . . . 1 173 5 11 324 364 25 68 i 755 389 (2) 6,906 52 1,495 6,958 11,942 15,019 12,138 21,265 125 242 653 9,887 11,711 2,018 4,959 13,864 9,986 9,625 6,499 5,683 116 618 1,246 833 244 205 67 762 469 281 162 68 10,116 22,508 22,244 23,307 23,829 12,260 792 363 8,505 14,376 4,060 58 68,817 24,637 50,016 3,262 1,809 ; 114,265 28,154 (2) 3 ( :::::::: (2) 19 J 20, 454 31,483 3 1 3 10; 8 6 15 2 2,739 5,955 5,969 7,415 7,876 8,524 3,382 6,985 6,790 9,234 9,056 12,195 \ 15 35 38,478 47,641 320 ! 632 877 i 2,706 1,692 . 681 : 22 39 7 7 (2) (2) 206 368 247 220 5,751 117 42,159 158,955 182,028 279,559 183,875 187,710 69,551 244,066 276,996 396,942 299,969 277,387 6,908 i 75 6,909 1,034,286 1,564,911 1,221 3,881 4,073 5,477 5,912 5,111 OTHER WORLD POINTS. Canada: Feb.-Mar.,1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total Mexico: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 19J 9.... Apr.-June Total West Indies: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total All other: Feb.-Mar., 1918... Apr .-June July-Sept Oct.-Dec Jan.-Mar., 1919.... Apr.-June Total 2 : 24 419 610 176 19 14 23 52 14 54 10 66 76 1 75 222 122 5 9 5 n 5 43 7 23 27 22 98 8 467 567 315 112 613 97 53 100 1,030 29,575 72 185 2,171 1,372 510 1,609 1 151 2,197 539 6 26 11 12 90 14 10 774 49 129 49 79 81 14 34 5 15 4 6,780 400 94 143 6 !--4 32 3 233 43 105 121 79 1,262 52 583 124 1,733 1,267 1,758 3,298 2,454 55 4,712 822 644 872 943 5 517 97 731 60 29 2,972 6,918 5,567 4,619 5,707 3,792 10,634 8,048 1,443 164 115 130 172 271 137 272 185 375 393 178 1 1,540 1 177 1,029 | 4 i (J) i (2) 30 6 253 23,095 25,676 117 46 31 51 31 147 20 13 17 83 6 6,262 18,589 13,496 13,102 13,515 17,439 10,112 33,305 22,721 21,078 24,458 25,069 277 ! 423 140 | 82,403 136,744 ; 3 i i 3 3 (2) I 12 i 1,379 3,609 3,186 2.747 3,969 5,239 2,348 5,789 4,721 5,599 5,325 6,448 76 j " 20,129 30,230 | i 7 2 ; :::::::: 7 : 25 78 46 29 27 72 150 39 6 : 14 i ! ! . ! • :. I ( 11 . • •• (•) = ; 23 142 21 37 5 8 2 . : Amount is less than §500. \ 1,156 3,027 3,370 5,080 5,633 4,830 C, 6 5 38 73 27 14 50 177 FEDERAL RESERVE BULIJETIN. FEBHUAET, 1922. TABLE VI SALES OF FOREIGN EXCHANGE-Continued. [In thousands of dollars.] To For foreign Cable TravelFiOn To Demand transfers account ageners' Gold nance cover account items to of cies Against letters to and or of Against freight, parties and securiCountry and period. dealers dealers time of silver income, insurin outside firms imports. in credit ties. shiptaxes, ance, United United b i l l s of domiand ments. etc. etc. States. States. loans. United ciled in checks. States. United States. Miscellaneous. Total. RECAPITULATION. European Allies: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 19 L9.... Apr.-Juno 63,073 124,273 135,203 143,598 229,336 457,045 249,102 475,683 531,235 520,046 636,287 799,564 2,396 8,495 8,611 9,829 9,752 11,396 82,657 190,842 184,452 181,654 174,163 150,954 6,701 13,494 10,119 10,277 10,652 8,013 5,476 11,813 9,754 11,238 14,549 8,238 8,210 25,133 17,890 13,354 20,521 56,016 3,406 5,529 5,381 2,940 1,709 8,509 4,765 10,478 12,517 4,797 4,948 3,938 285 268 191 1,544 6,094 123 159,883 257,840 171,841 210,203 298,422 233,927 659,062 1,264,153 1,243,687 1,309,563 1,638,796 2,014,727 1,152,526 Total European neutrals: 2,885 Feb.-Mar., 1918... 9,355 Apr.-Juno 12,385 July-Scpt 15,391 Oct.-Dec Jan.-Mar., 1919.... 18,933 37,262 Apr.-June 13,211,917 50,478 961,723 59,257 61,069 1,079,356 141,124 27,474 41,442 8,507 1,332,116 8,129,988 Total Total Europe, including Central Powers: Feb.-Mar., 1918... Apr.-June Julv-Sept Oct.-Dec Jan.-Mar., 1919... Apr.-June Total 121 357 959 116 242 3,268 6,427 8,436 8,434 14,183 22,606 1,625 2,375 1,457 1,643 2,445 436 401 978 987 940 1,193 818 6,047 7,518 8,231 10,842 12,981 23,750 371 ! 1,602 | 832 : S04 ' 1,332 | 4,031 133 134 140 862 3,848 6,761 102 1,147 448 29 64 58 96,212 187,310 1,795 63,354 9,981 5,317 69,969 i 8,971 11,878 1,846 65,958 133,636 147,588 158,989 249,782 -199,084 259,935 495,345 553, 528 542,965 676,541 878,969 2,397 8,615 8,967 10,788 9,868 11,638 86,011 197,539 192,945 190,088 188,599 173,920 8,327 15,870 11,577 11,920 13,099 8,454 5,879 12,791 10,742 12,17S 15,762 9,132 8,581 26,735 18,722 14,157 21,853 60,100 3,538 5,663 5,522 3,802 5,557 15,269 66,483 1,157,326 150,148 1,472 3,132 4,167 4,873 4,202 2,723 1,824 6,880 6,429 8,529 15,146 9,175 Total South America: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1019... Apr.-June 20,509 Total Other world points: Feb.-Mar., 1918... Apr.-June Julv-Seot Oct.-Dec Jan.-Mar., 1919... j Apr.-June j i Total Total, all countries: Feb.-Mar., 1918... ; Apr.-June ] July-Sept 1 Oct.-Dec Jan.-Mar., 1919-.. i ; Apr.-June 52,273 11,029,101 69,246 (a) 20,721 60,661 73,091 45,247 35,518 38,732 835 3,944 2,748 1,518 1,378 1,286 1,882 1,585 45 25 1,086 103 4,080 3,694 2,361 3,558 5,548 1,511 (2) . 15 26 47,982 195 273,970 11,710 4,725 20,751 159 332 273 460 208 1,179 472 4,591 2,916 2,582 4,788 4,421 4,991 854 9 1,002 1,170 14,949 32,170 29,325 27,949 11,401 25,797 92 179 326 520 420 1,192 325 42 34 27 131 57 2,924 24,288 3,035 141,591 2,729 616 16,906 9,488 41,025 40,799 43,22S 53,596 49,964 1,687 11,947 12,953 16,044 13,407 22,419 131 759 751 10,621 11,771 2,047 8,443 22,624 16,747 16,546 12,866 10,329 169 755 1,300 918 329 262 80 811 507 315 318 133 855 10,687 465 23,144 9,541 22,575 23,500 14,380 24,532 ! 4,247 172 12,362 i 238,098 78,457 26,081 : 87,554 3,733 2,163 116,801 - 29,660 77.249 178,065 193,014 207,297 308,759 552,244 268,037 517,088 575,492 572,326 709,514 915,553 9,423 20,749 15,950 14,876 15,226 11,195 8,165 15,229 11,327 12,544 17,298 9,424 87,418 73,987 1,311,784 ilS4,016 1,516,629 ,3,558,011 Amount is less than $500. 79,758 147,823 164,724 210,925 250,215 303,881 8 85 30 7 64 1 3,382 9,392 10,805 22,609 21,646 13,749 ; 130,124 312,993 312,108 279,831 248,383 248,778 81,583 .1,532,216 1 i 2 ! 10,832 19,662 22,293 22,919 37,706 73, 898 1,255,037 3,407,283 Asia: Feb.-Mar., 1918... Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919... Apr.-June Grand total i 73,109 140,303 156,494 200,083 232,363 277,005 25 17,049 41,073 29,727 34,084 60,141 75,713 43,313 90,392 8.5,293 96,908 152,942 245,599 25 257,788 714,447 4,868 11,626 12,965 4,826 5,012 3,998 2«5 268 191 1,544 6,094 148 177,309 299,343 201,829 244,530 361,036 3L9,134 702,841 1,355,254 1,329,299 1,400,713 1.803,418 2; 283,726 39,351 43,294 S,532 ;i, 603, ISO 8,881,255 5,000 20 54 10 17 50 6 308 50 68. 5,308 156 311 253 1,732 1,501 1 153 4,500 : 478 3,380 774 5,482 2,390 94,835 176,392 191,161 242,483 283,676 323,236 i (*) (a) 195 171 92 3 366 4 27,507 59,261 50,175 76,474 68,402 41,685 63,536 139,404 139,227 140,582 131,754 95,358 831 j 323,505 709,863 13 6 31 26 JO 14 11 98 345 710 930 2,735' 1,719 754 7,193 } . 4,049 I 9,688 27,215 , 28,442 .. 29,016 ! 26,925 i 62,731 (2) 8,884 6,373 6,451 6,845 7,277 16,024 i | ! 1 15,566 33,482 3.1,991 39,166 40,067 41,849 37,295 70,818 67,404 78,847 61,786 82,245 36 202,121 398,394 143 88 42 64 40 154 249 535 286 258 5,849 202 50,956 184,179 202,080 300,489 206,992 215,217 83,232 287,041 308,511 429,097 335,665 314,015 531 7,378 |l, 159,912 1,757,561 5,042 11,775 ', 13,047 1 4,933 ' 5,112 ! 4>m 51,853 I 44,050 I 1 ! s 15 740 982 569 1,820 12,311 354 271,337 576,265 486,074 660,659 676,497 617,885 886,907 1,852,518 1,844,44 L 2,055,239 2,332,623 2,775,344 16,777 3,288,718 11,747,073 178 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. TABLE VII.—DEBITS AND CREDITS TO DOLLAR ACCOUNT. [In thousands of dollars.] CREDITS TO DOLLAR ACCOUNT. DEBITS TO DOLLAR ACCOUNT. Pay- Payments to banks or others in United States. Country and period.* ! ments I Payments against ! Cost of . to banks shipping i securi- \ or others docuties outside ments I purUnited or ware-, chased. ! States. house ; | receipts. ! Proceeds Proceeds of secu- off com- Miscelrities modity laneous. United sold. sales. United States. Total. States. i EUROPEAN ALLIES. France: 352,989 Feb.-Mar., 1918. 861,855 Apr .-June 894,441 July-Sept 1,165,443 Oct.-Dec Jan.-Mar., 1919.. 1,400,855 783,410 Apr .-June 16.272 36; 063 29,894 190,236 180,546 44,293 386,106 i 343,313 ; 45,640 966,466 ! 904,471 , 88,602 951,051 j 829,426' 68,002 1,390,698 1,124,680 i 192,476 1,618,144 1,340,243 ! 186,321 864,480 755,711 i 78,833 2,936 3,213 29,552 17,032 13,533 17,825 1,412 2,208 3,217 3,001 2,358 3,286 759 j 105,224 ! 31,665 | 6,176,944 5,297,844 j 659,875 84,092 15,484 926,135 1,819,352 2,280,017 2,858,592 2,098,247 1,519,338 815,673 i 44,607 1,671,197 ! 89,489 2,174,143 ; 90,573 2,430,799 i 378,035 1,649,103 ; 366,874 1,293,262 ! 186,608 427 2,105 6,344 5,608 5,432 11,933 1,688 4,460 7,765 6,197 5,102 3,930 84,152 11,501,681 10,034,176 il, 156,187 9,350 18,104 12,097 10,827 17,457 15,923 ! I i ' ! j 4,750 \ 37,614 j 11,198 20,612 | 16,045 | 15,006 2,746 12,830 3,420 3,580 3,241 5,848 404,454 1,011,792 936,109 1,341,727 1,549,767 866,271 11,152 13,298 5,912 4,538 7,312 10,615 52,826 ; 6,110,121 5,458,993 497,303 867,198 1,696,271 2,170,246 2,487,576 1,840,715 1,385,146 41,512 87,489 76,665 337,882 212,765 84,005 8,368 13,883 13,427 16,955 20,979 23,122 Total. 10,447,151 Italy: Feb.-Mar., 1918. 41,016 131,869 Apr .-June 224,595 July-Sept 421,551 Oct.-Dec 276,685 Jan.-Mar., 1919.. 265,519 Apr.-June 840,319 96,735 ' 33,324 31,848 29,142 8,339 17,658 11,392 91,417 164,154 12,038 23,624 i 53,511 " 46,880 ! 134,809 ' 55,800 ' 8,217 : 16 134 303 105 166 156 8,550 44,691 53,087 129,006 111,490 24,737 12 75 209 75 595 498 156 1,224 726 553 161 669 13,381 | 8,921 5,648 ! 10,236 i 8,324 Total 1,361,235 Other: 20,246 Feb.-Mar., 1918. 43,421 Apr.-June 305,000 322,841 i 881 j 40,497 j 2,030,454 1,601,111 I 371,561 1,464 3,489 47,498 j 2,025,124 465 1,968 2,896 3,196 869 805 8,237 26,246 6,142 6,763 5,026 10,339 28,067 84,918 50,697 60,459 48,774 71,018 62,753 343,932 5,053 2,952 • 2,801 3,467 6,015 6,166 22,031 34,852 31,727 54,286 89,006 101,461 Total.. Great Britain: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec........ Jan.-Mar., 1919.. Apr .-June 6,964 2,0' 4,378 i 17,330 13,445 6,235 11,993 4,186 16,957 6,831 17,464 I 9,600 i . ' ' 540 1,619 2,191 1,790 1,236 1,617 Apr .-Juno 36,936 38,716 35,174 46,771 6,007 6,830 9,676 12,134 10,364 9,344 2,304 7,602 10,638 6,049 6,657 10,292 Total. 221,263 54,356 43,542 | 8,! 12,960 6,024 7,185 11,725 26,246 33,038 5,812 15,403 6,553 25,122 39,216 53,346 2,114 2,889 2,319 5,384 11,947 26,380 97,178 145,452 18,484 31,190 47,194 39,433 56,189 126,039 27,199 32,956 32,853 23,495 29,744 35,273 Total , Norway: Feb.-Mar., 1918 Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June 318,529 181,520 Total. Spain: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919., Apr.-June 240,588 . 215,890 July-Sept. .-Dec. oct.-r Jan.-Mar., 1919.. i i ! ; | ; 929 7,557 10,830 2,724 10,451 8,007 73,924 210,730 294,000 650,607 507,256 293,937 38,835 181,363 214,261 518,003 378,766 ! 12,354 24,360 17,000 18,045 29,687 24,753 ! 874,748 j 1,791,611 ,! 2,295,824 2,838,684 I 2,056,198 | 1,520,486 126,199 ill, 377,551 48,542 240,733 277,204 653,286 501,248 304, 111 11,111 12,837 10,520 5,844 6,617 I 8,529 | 40,208 72,309 69,962 64,532 60,047 76,553 10,878 47,200 i 33,433 | 35,166 ! 32,337 | 49,295 j 14,437 9,605 10,041 25 457 905 898 938 536 55,457 j 383,611 208,310 | 58,911 3,759 10,199 6,325 16,750 17,840 37,527 56,354 59,974 156 705 4,452 2,578 9,741 7,702 608 763 112 188 260 171 84,705 ; 194,769 25,334 2,102 :6,454 333,364 258 2,134 1,690 1,618 1,162 1,486 1,884 11,212 5,619 I 10,678 ! 9,578 | 18,330 | 40,019 80,635 92,967 88,365 127,908 211,961 57,301 | 641,854 8,462 9,047 7,320 EUROPEAN NEUTRALS. Denmark: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June Total. .1 Holland: |~ Feb.-Mar., 1918. j .Apr.-June | • July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June Total. 13,840 i 3L,902 30,105 41;747 i GO, 429 ! 62,565 15,591 22,026 21,765 33,190 47,070 76,248 6,302 : 32,332 29,526 49,611 ' 56,661 ! 49,839 | 1,557 6,398 4,815 5,091 7,807 12,467 224,271 | 38,135 2,052 3,374 7,553 3,831 6,367 2,780 51,033 I 25,957 1,928 ' 4,539 i 8,212 i 4,927 | 32,054 , 24,847 | 1,710 2,854 3,158 3,770 4,308 11,066 23,385 446 j 31,066 3,375 24,999 1,389 47,383 1,321 89,016 5,240 ! 5,121 | 120,665 16,893 336,513 702 ! 5,040 I 4,099 i 6,744 j 8,437 ! 11,604 ! 50,024 76,578 95,516 78,369 130,732 208,829 21,766 j 50,890 j 51,859 ! 40,151 i 67,330 j 125,117 ! 15,645 14,871 30,639 31,848 42,979 35,343 465 1,528 3,160 4,069 6,858 31,684 640,048 357,115 | 171,326 47,764 8,348 27,599 37,333 34,617 41,740 56,945 74,115 774 2,516 20,269 18r669 20, 752 20,421 382 478 380 153 132 120 216,641 : 272,350 83,400 76,507 ; 26,866 j 36,626 15,264 11,355 30,876 8,086 19,581 7, 757 2,913 8.032 9', 223 8,019 12,699 1.7,087 57,973 | 92,909 859 1,868 2,957 3,251 4,593 4,774 i ' i j | 141 1,329 3,236 2,587 3,189 2,737 18,301 I 13,219 650 : 48,249 7,363 | 80,678 4,067 . 96,036 94,668 3,627 ! 6,688 ! 146,468 4,377 : 168,034 20,912 • 38,833 ! 30,313 i 30,258 , 49,796 ! 46,528 ! 26,772 : 634,133 59 ! 2,599 i 1,525 ; 1,175 j 1,287 ! 729 : 8,917 44,525 42,059 61,715 73,537 70,546 7,159 '. 33,859 2ft, 878 ! 46,260 51,052 • 55,383 ' 3, 600 13,961 16,397 8,399 12,766 15,475 35 74 2,372 709 1,127 1,061 301,300 220,590 I 70,598 5,378 7,373 i For precise duration of each period see footnotes to Table V on p . 170. 9,890 i 13,682 ! 6,522 j 10,527 ! 16,636 I 27,449 j j i .' ' ; 61 i 114 : 138; 169 ! 307 ! 791 1,578 1,524 7,978 4,617 5,261 7,872 8,710 i 51,190 , 87,139 i 90,196 i 96,081 ! 135,496 I 149,894 35,961 | 609,997 235 i 2.142 I 2,319 ! 1,598 i 1,830 ! 1.143 I 11,091 50,149 48,104 57,134 67,082 73,852 9,267 307,412 FEBRUARY, 179 FEDERAL RESERVE BULUiTlK. 1922. TABLE VII.—DEBITS AND CREDITS TO DOLLAR ACCOUNT—Continued. [In thousands of dollars.] CREDITS TO DOLLAR ACCOUNT. DEBITS TO DOLLAR ACCOUNT. Pay- j Payments | Payments against ments to banks shipping | to banks or others docuor others outside in United United orments wareStates. States. house receipts. Country and period. Cost of securi- Miscel- j ties laneous. i purchased. ! From ofsecu j of c o m j banks or \Proceeds:Proceeds others rities" \ modity- Miscel- ! Total. outside laneous. i United United sold. States. States. From Total. i EUROPEAN NEUTRALS—Con. j ! Sweden: j Feb.-Mar., 1918J Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June 4,822 5,675 9,819 24,393 50,575 77,076 Total. Switzerland: i Feb.-Mar., 1918.. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June Total I 3,131 6,175 8,260 7, 765 23,525 57,921 | 652 j 2,862 ! 1,856 : 3,468 i 9,711 16,508 ! 202 570 3, 796 1,327 3,355 6,184 1,274 i 2,499 I 3,318 i 1,996 , 7,482 1 5,782 : 10,081 17,781 27,049 38,948 94,649 163,472 172,301 106, 77' 35,057 | 15,435 22,351 j 351,980 16,361 11,877 16, 719 15,728 17,293 35,235 5,124 J2,800 9,916 9,668 22,863 39,593 5,181. 3,402 21; 441 3.300 9,955 I 3i 896 10.867 i 3,943 2o;eoi I 5,820 26,874 I 6,556 94,918 j 26,978 1,470 9,590 3,017 ; 3,262 ! 3,766 • 4,906 I 31,538 59,068 43,533 43,468 70,343 113,164 26,011 I 361,115 113,243 99,966 j 5,688 7,304 6,177 ! 3, 766 11,820 11,673 32,232 68,150 77,399 11 1 2,989 1,432 5,223 3,884 735 575 383 657 1,214 692 13,541 I 4,256 21,655 ! 375,369 2,096 1,212 1,272 2,978 3,454 5,247 327 429 170 1.1.3 156 103 2,130 I 8,978 ! 4,068 5,275 : 7,112 . 6,366 24,078 00,573 45,639 47,047 7.1,979 106,864 105,819 j 199,768 ! 16,260 1,298 10,741 j 29,550 ' 65,416 I 124,876 j 208,041 10,927 1 21,859 !| 14,028 13,798 , 17,032 : 28,175 I 9, 492 28) 095 26. 1.01 24,883 44,226 66,972 1,298 3,739 3,638 2,322 : 6,945 6,711 . 33,935 11,499 23,440 27,860 47,385 111,083 154,103 357,080 OTHER EUROPEAN POINTS. Central Powers and minor European countries: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June I 12,659 5,769 5,753 4,329 11.958 69', 698 Total 278 .176 940 117 801 i . ! , • 7,275 ! 1,026 189 114 144 265 2,204 46 1,633 2,001 764 59 117 3,942 ! 4,626 I 629 1,013 912 420 912 3,184 i ! i I 1 I 7,069 ; 1,824 4,995 ! 3,111 ; 9,073 ; 15,425 I 46,393 j 399 1,263 1,172 415 2, 758 12,126 186 12 914 135,392 80,822 ! 18,133 1,733 15,074 50,186 50,171 37,340 37,043 42,225 11,307 15,640 20,837 23,640 24,002 18,985 38 732 3,574 1,912 3,229 2,805 3,156 525 I 3,011 3.538 : 4; 578 : 2)564 : 13,000 ' 27,677 72,411 76,466 68,842 66,427 77,402 149 15,407 27,2.15 i 389,223 79 823 65 1,234 480 421 270 ; 1,006 ! 832 ; 661 763 791 3,954 8,540 23,741 17,486 23,162 22,100 3,103 4,324 = 98,982 6,645 57,367 i 34,983 ' 29,817 2,979 5,840 : 82,030 291,250 355,655 288,284 233,939 239,567 14,637 8, 783 9,724 5,774 13,995 82,479 110,167 9,587 15,615 35,149 37,620 88,650 41,264 40,214 9', 695 ; 13,858 5,716 9; 958 3,2.18 i 7,572 12.073 9', 485 13,798 ; 9,045 ; 32 781 915 1,388 180 90 4,896 12,799 18,388 5,207 3,463 7,586 26,346 62,767 78,698 68,589 64,421 1 72,893 214,548 48.250 = 55,192 • 3,386 52,339 373,715 2,038 4,528 25,186 12,409 17,774 13,114 148 ; 1,936 . 284 i 2,659 ! 2,090 6,068 , 75,048 13,184 i 147 473 120 20 8 31 499 20 4,933 ^ 524 5,589 9, 737 19, 726 63,121 2,403 • 3,232 384 i 218 ; 896 • 4,110 11,243 : 112,630 : ASIA. China: Feb.-Mar., 1918. Apr.-Juno July-Sept Oct.-Dec Jan.-Mar., L9J9-. Apr.-June Total India: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June Total i Japan: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June 53,638 175,997 239,500 j 226,634 ! 188,375 I 162,943 j Total 2 6,467 I 5,513 16,924 9,558 " 17,760 22,702 29,037 j 1,047,087 I 101,496 Other: j Feb.-Mar., 1918.; Apr.-June July-Sept ! Oct.-Dec 1 Jan.-Mar., 1919..! Apr.-June | Total 2,556 i I 10,037 ; 325 • 60 i 129 2,154 : 123 i 1,139 ! 38 j 14,627 1,952 25,657 , 1,361 23,741 i 10,792 25,402 ! 6,496 24,747 I 11,187 14,909 I 27,375 3,930 ! 3,282 8,119 27,050 19,050 22,531 22,206 102,238 84,183 241,416 293,144 j 310,776 I 16,368 i 263,378 i 1 o no1 iI O M inn |j ! 18,931 253,195 8,453 21,476 i 9,552 I 2,273 ! 4,183 i 20,585 ! 11,843 i 18,450 12,053 1,332 2,527 2,259 3,749 3,468 8,834 69,386 , 22,169 !. i. . i.. !. ! : 46,186 i 28,038 162,203 : 61,159 242,544 • 58,846 207,464 44,760 179,918 45,362 181,450 48,753 129,083 59,163 109,263 987 479 94 17 27 32 14,948 42,966 42,089 33,438 34617 34,61,7! 28,509 25,968 21,078 21,078 24151 24,151 11 1,256 13,290 10,263 2,337 ^509 2; 784 j 28,260; 10,791 10,082 7,236 | 659 31,439 202,861 i 135,587 , 50,890 | 8,626 18,874 21,478 18,011 20,710 17,714 3,601 1 8,629 ; 6,166 8,823 I 7,379 ' 8,527 2,079 4,166 4,240 4,986 5,767 105,413 43,124 ; 22,225 Amount is less than S500. 772 1. 1,594 : 1,437 : 1,806 : 2,543 : 1,885 i. 114,412 I 1,446,092 j. 1,019,765 34,803;; (2) 3 ! 583 12,888 250 I 63 ! 15 I 1,158 9,938 j 6,394 i 5,994 5,617 3,509 ; 286,918; 13,801 i 32,610; 137,632 466 1,748 ; 2,923 ! 1,367 I 1884 i 1,884! j 1 19 j 1,846] 275 10,233 i 1,490,726 330 ' 2,182 ! 1,324 ". 1,374 1836 1,836 14,733 40,844 38,529 34,610 37953 37,953 9,227 : 206,211 2,181; 39,542 180 FEDERAL RESERVE BULLETIN". FKBUUAUY, 1922. TABLE VII. -DEBITS AND CREDITS TO DOLLAR ACCOUNT—Continued. [In thousands of dollars.] i Country and period. CREDITS TO DOLLAR ACCOUNT. DEBITS TO DOLLAR ACCOUNT. Payments PayPayagainst . ments | ments' j to banks to banks shipping docu- '•. or others or others ments i in United outside United or ware- j States. house ! States. receipts. | Cost of securi- Miscelties laneous. purchased. Total. I From From or Proceeds Proceeds banks or banks others of secu- of com- Miscelothers in outside rities : modity laneous. United : United sold. sales. States. States. i i Total. SOUTH AMERICA. | Argentina: 47,612 Feb. Mar., 1918.: * 85,982 Apr-Juno 105,068 July-Sept . 96,819 Oct. Dec Jan .-Mar., 1919.. 96,449 Apr.-June 122,227 Total Brazil: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan-Mar., 1919.. Apr.-June Total Chile: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar.,1919.. Apr.-June Total Other: Feb.-Mar., 1918. Apr.-June July-Sept Oct. Dec Jan.-Mar., 1919.. Apr.-June Total 3,731 ' 17,755 15,963 7,571 8,368 14,618 2,775 5,975 6,258 : 7,277 • 6,407 6,622 359 961 1,868 7,074 394 1,226 2,307 10,399 8,034 10,740 4,741 11,819 56,785 121,073 137,191 129,480 116,359 156,511 39,981 : 81,514 92,134 108,953 | 84,866 106,642 10,311 21,270 22,400 18,500 19,414 31,722 62 146 2,347 252 773 2,860 7,504 5,321 2,784 2,796 6,118 3,547 7,902 4,515 9,409 4,195 5,407 56,700 118,253 124,517 141,992 111,524 150,661 703,647 554,158 68,005 35,313 11,882 48,040 717,398 514,090 123,617 3,581 27,384 34,975 14,712 36,988 31,612 20,466 27,344 35,862 3,139 14,114 4,027 7,362 10,564 13,954 1,000 4,406 2,856 2,993 3,793 6,263 40 137 64 915 518 199 2,028 6,503 6,757 5,063 6,820 6,483 20,919 62,147 45,316 36,799 49,039 62,761 11,268 34,864 25,748 16,584 23,139 28,646 4,608 20,625 17,864 10,091 15,075 23,155 5 71 45 9 112 89 1,750 2,848 1,854 1,702 1,636 662 2,750 6,377 4,455 4,276 7,911 7,263 166,983 53,161 21,312 i 1,872 I 33,654 276,982 140,250 91,419 332 10,453 33,032 275,486 5,126 18,205 17,404 23,624 16,370 13,412 824 6,539 3,991 6,751 3,651 751 474 972 2,068 1,799 1,482 528 394 2,244 1,231 1,168 1,121 1,250 6,828 27,965 26,001 33,423 22,714 15,996 4,299 22,074 22,307 25,544 21,079 11,675 706 1,401 3,477 1,170 834 2,978 207 10 1,054 2 57 337 2,292 55 48 39 549 1,617 2,582 1,248 2,448 2,348 2,679 6,960 28,555 27,098 30,265 24,302 17,938 132,928 106,978 10,566 ! 1,330 3,320 12,922 135,118 | : ' ; ' ; 11 5 1,307 81 91 55 7,408 : 20,381 64,785 49,967 32 663 47,874 59,817 94,141 | 22,507 7,322 : 1,550 27,700 51,625 56,222 51.334 82,564 91,984 5,141. 8,464 10,055 9,088 11,490 9,308 1,118 2,155 1,718 2,023 2,560 2,508 88 217 588 1,207 485 681 1,182 8,838 4,784 3,336 15,099 26,916 35,228 71,298 73,367 66,987 112,198 131,398 25,063 51,961 51,186 47,694 83,324 79,461 4,311 12/341 16,311 13,642 13,207 16,644 39 145 348 182 145 464 3,034 3,750 3,251 6,157 5,544 7,602 5,740 8,397 5,843 3,969 5,098 23,781 38,217 76,594 76,940 71,644 107,318 127,953 361,428 . 53,547 12,082 3,266 60,155 j 490,477 338,689 76,486 1,325 29,339 52,827 498,666 290,404 801,518 775,778 762,831 687,017 718,504 204,378 531,462 586,358 559,773 515,283 564,280. 12,584 57,809 136,431 44,378 96,875 36,736 100,607 • 64,732 90,473 ! 46,742 72,887 ! 75,553 8,304 23,800 8,261 2,083 1,734 4,204 14,304 44,601 41,431 36,955 35,225 27,876 297,379 780,673 769,662 764,149 689,458 744,801 555,083 280,725 48,386 200,393 4,046,121 11,148 • 7 27,580 111 22,772 162 20,927 188 31,382 : 1,788 19,498 248 427 1,049 1,965 435 49 103 6,232 6,129 4,803 3,504 3,386 3,058 50,348 93,153 107,929 106,988 129,717 118,034 2,503 4,028 27, 111 606,169 20,326 ! 1,783 49,215 : 6,551 40,165 i 6,510 40,146 10,819 56,020 9,053 72,563 17,163 1,551 6,172 8,861 5,950 8,494 18,005 1,575 8,384 6,425 6,986 8,846 17,426 97,628 217,661 201,002 181,893 283,522 373,608 OTHER WORLD POINTS. Canada: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June 246,629 651,031 650,769 618,072 559,689 568,200 21,545 70,061 65,781 58,568 54,131. 42,720 Total 3,294,390 ! 312,807 Mexico: . Feb.-Mar., 1918. 39,171 ; 8,530 i Apr.-June 67,442 17,689 July-Sept 90,497 9,422 Oct.-Dec 98,760 9,102 Jan.-Mar., 1919.. 98,527 13,901 Apr.-June 97,582 12,849 Total West Indies: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan .-Mar., 1919. Apr.-June 491,979 71, 194 65,787 143,23S 142,135 j 132,492 209,840 267,354 16,383 41,674 39,613 36,515 50,968 64,598 Total All other: Feb.-Mar., 1918. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr.-June 960,845 Total 249,751 12,803 8,323 48,439 : 28,069 33,076 24,955 58,084 • 25,103 39,632 31,327 75,370 29,576 1,104 3,917 1,197 3,005 2,237 2,037 1-4,096 ; 267,404 566 1,530 1,276 ! 1,415 . 1,275 1,149. i 7,211 ; 1 ; I ; 1,850 5,140 6,671 7,314 7,502 3,429 31,907 1 37 294 208 778 593 300 147,353 1,868 4,654 ! 3,516 I 1,230 i 1,586 1,805 4,036,050 2,961,534 50,172 9L,608 104,919 111,285 115,882 113,685 32,536 58,284 78,227 81,935 93,111 95,128 2,209 . 14,659 587,551 • 439,220 1,409 7,479 7 772 13,577 7,416 10,527 11,317 • 6,901 10,584 ; 8,805 I 16,201 10,983 ! 92,907 211,400 206,363 ! 194,539 287,700 . 362,565 72,392 147,340 139,041 117,993 201,109 248,451 54,698 58,273 ; 1,355,474 10,765 24,352 26,303 25,752 35,362 39,833 2,360 7,993 13,385 9,973 9,909 11,923 586 937 759 1,072 900 1,175 15 981 409 1 2,686 1,297 562 1,312 1,313 982 ! 64 2,153 199 162,369 55,543 5,428 2,562 | 9,411 926,326 14,707 36,376 42,306 39,423 47,216 55,284 10,055 22,775 25,070 23,062 33,007 34,838 235,313 148,807 133,307 ! 278,436 4,385 i 9,994 13,591 ; 11,677 13,606 16,170 • 51,880 49,032 j 49,641 1,355,314 1 33 390 90 218 319 1 302 5,378 2,370 4,398 3,738 5,805 14,890 38,860 42,299 40,084 51,470 58,092 4,423 | 21,991 245,695 69,422 ! 1,052 147 681 878 857 901 961 FraimuAitY, 1 9 2 2 . 181 FEDKJiAL RESKKYE BULLETIN". TABLE Vlf.—DEBITS AND CREDITS TO DOLLAR ACCOUNT—Continued. [In thousands of dollars.] DEBITS TO DOLL.Ut ACCOUNT. CREDITS TO DOLLAR ACCOUNT. I .PayPayments Payments against Cost of ments to banks securi- : ! to banks or others shipping docuties ••. Aliscelor others outside laneous. | Total. ments purin United United or ViTi ro- chased. Stales. States. ll ouse Country and period. i ! i | From From banks or banks or Proceeds: Proceed: Miscelothers others in ! outside ! ofsccu- of comrilies ! modity laneous. United ! United sold. | sales. States. Total. i States. receipt;;. RECAPITULATION. European Allies: F e b . - M a r . , 1918. Apr .-Juno July-Sept Oct.-Dec Jan .-Mar. ,1919.. Apr.-June 72.131 i 1,281,448 2, 73.3,-117 : U.^O-IO j 3,32<),21>< ' u:,(\2* \ 4,113,285 03J.669 I 3,553,429 I 567^830 ! 2,480,8-i."> 149,680 i : Total 17,488,043 .1,696,979 European, neutrals: j Feb.-Mar./19i8.J Apr .-.June , July-Sept ' Oct.-Doc " J a n - M a r . , 1919..: Apr.-June 7,399 58,415 16S,(»41 100,892 57, oo") 148,422 , 182,0V7 i , 166,17 Total Europe, in- i eluding Central Powers: , Feb.-Mar., 1.9 IS..1 1,3(10,877 Apr .-.June 2,858,187 ! July-Sept 3,472,519 : : Oct.-Dec I, •00,252 Jan.-AJar., 1919..!! 3,8.^2,780 : Apr.-June 2,9 4,;>3(.» I.- :4', 974 :!2, 7-0 : ; iu, i 17 7 ..;8, 857 4 n.soi i .1,442,098 • South America: i Feb. -Alar., (918.. j : Apr.-June July-Sept i Oct.-Dec i Jan.-Alar., 1919..1 Apr.-June ; Total 205, 055 ! Total.../. Total, all countries: Feb.-Mar.,l9l8.. Apr.-June , July-Sept Oct.-Dec Jan.-Mar., .1919. Apr.-June 7(5,34! l(i-:!,4:;8 : 135,778; 15i, 7«i« ; 231,39(5 ,;•!, 067 >)•ii>2 • ) 14.929 •17,024 38,332 •14, 182 L'-;7 'i.\a 11 7 W, 1', 27,47;) 21 m •[;)•) 30,4 ivi 6"\ 19-», 970 498 1,320 5,912 | 27,984 j !28, 759 2;>S 410, 981 ' 4 i.l, ( ;-!Si, M7 ; 3 8 <, 097 . 2, 124, 905 71,154 245,080 i 339,2(59 ' 277, 7.24 259,503 ' 263,9SS j ], 45:), 778 1 119,761 : 1 US, 775 212,408 i 22o,424 . 19,967 ! 55,637 : 00,052 i 43,403 , 48,531 I 74,499 i 18,570 i .149,257 j .!,617,780 "] 1,100,008 I 302,088 | 76,029 ; 4:), 8(>5 i 170 8 ^ 732 ! 583 .13,021. 90, 130 306 82,940 ! 82,91.4 • 76 70 8;!, 807 ' 1.2,131 37, 002 23,062 28,000 39, 352 47,42" ' 3, 303 160, 807 336, 788 330,494 390, 297 602,554 798, 136 18. •51 ! 48^ 08o 40, i»5 i 34, 516 ! •12,700 i 44, 5• 7 ! 14,204 5i>, 913 7i',49L 50,87-i 92,070 58,6-12 " 320,873 ! 448, L90 I, 110,902 ! i, 129,-i66 1, 108, 079 • 1., K w , 8i5 . i, 250, 037 319,3(51. • 93,668 759,8150 ; 223, 220 82s, (»9;5 J 73, 404 782,7(53 I i 73, 350 8-12,510 • .191,481 912,097 '• 181, 119 : ,1,030,248 220,095 ; (5, 214, 388 4,475,887 4,4 6,213 14,372 1",484 15,870 12,220 i 12,074 \ i 1,521,551. ' 3,475,300 i 3,901,917 5,29-1,189 , 4,778,208 ! 3,623, L43 78,240 j 488,093 j22, 594, 434 2,435 16,082 11,294 11,822 .10,785 8,933 ! | '. ! ! 7, 770 63, 566 40,077 36,430 8,143 21.8L2 128,394 413,044 494,391 409,222 3()1.,48L 378,610 01,352 j 178,398 ! 2,185,143 474,390 : 80,012 .190,413 •281.S75 K 275 20,307 j 266,690 : ],4SS i 27,781 I 300,310 I 2, 161 ' 46,468 ! 306,667 j 48,817 : 4, 10(5 137,41.7 . ! !523 128, 201 j 9,£04 . .12, U4, 159 805 I !, 915 128.910 : 132; 090 : 8 390 '> 4.909,583 | 089,595 2,371 4,492 2,872 2,898 47,205 117,519 0.1,420 03,811 92,510 105,568 liV~)2L : 66,427 3,537 ! i 22, 8^0 6,036 j 140,267 34,515 170,029 j 30,434 | 281,420 ! 47, 15 329,279 : 70,000 289,277 |l9,856,727 26, OS.') | 1,013,205 | i,28;),8;.i4 ' 171,08:) 7,123 S.-.\O-.52 I 3, 387, 330 •: 2, 9<5, (554 • 355,922 11, S9S 5:'j,542 | 3,9:S3,945 •"' 3,39O,.I52 ' 300,420 72,410 42,080 i 5.334, 755 ,' 4, 2(59,457 , 890,998 5-1' 047 , , 9 : 67,800 71078 | l' 902435 ii, 3 ,6 4 7 2, 7 0 ! 958409 ! 1,078 | -l', 902,435 ii 3.647,270 ! 958,4095 101,205 i ! 5 5 5 0 i 3,681,497 jl 2, 7o2,G12 041,025 354, 4i2 • 351,836 122,853,1.72 .'18,332,008 : 3,381, 520 j 314,573 | o , }.>2V ;-8,o;}2 • '5(52, 352 886, 063 909,705 875, 077 90.1,418 972,9(59 !72, 194 \. :<09,697 ii 329, 192 :i ••{64,551 ;j 004, 814,710 i: &Vi0v) t-:-S, 221 j 7444( 51,002 • 66,957 I 03,570 : 1.3, 508 .| I, .176, 709 j 197,219 Other world points: Feb.-Mar.,J9L8.. Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919. Apr .-June .(. 30, 4:5 17 41 1S, !25 32,9-.X) 22,,Sli 32,731 I 1,355,811 77, 285 i 3 , 129,054 •"•' ' ; 559,834 4,894,155 4,155,988 2,761,886 37,974 34,993 52,261 54,031 I ,.«,.'.) i 8 I:;!, t)i0 ! i 7,077 201,699 192,76;* 17o, 24 i 30,771 ' 34,074 • 222, 72(5 263, 485 3,721 3,400 j 9, >&0 5,850 i 37,010 ! .1.4,604 23,613 I 12,947 20,497 j 8,491 30,792 I 8,69.1 187,574 I 2,625,076 2 i {),5<>7 95, 150 . .1.92, 800 210,30(5 ' 107,200 23.1,828 218,982 713,954 "<o " " 674,291 300,220 ; 2:.M,"64 ! 136,025 25 i 2,(525,080 2,025,080 \! 1, I, IU0, 74<> 7i<> ,1, 110,852 ! 191,078 j 19,227 j i ! 8:7 : )<)PJ-':4 3;< 951) , 36 902 25, 704 1 •11 4;S •i< i0! 4-» 9 %') SS7 • 46 073 5- '•,500 ; 31,606 79, <;47 2.:.-],5,y 323, 790 295, 705 268, 123 2\9,985 |: 1,208,698 j ii 2, MM, 23L j: 3,251^263 '• i; 4,108,6-17 I •": 3,400,448 I . 2,308,152 I •>''•;, 789 ...\S, 7(iJ,rW0 'j,-l})4,;:0;> ; S84,0{)S Total.. Asia: Feb.-A far.,] 9 I S . . Apr.-June July-Sept Oct.-Dec Jan.-Mar., 1919.. Apr - J u n e .. 23, 544 4>,«>20 ' ;>7,0SI i 35,914 9i,605 I It), 47! J70.226 1:7-1, 848 • i. 420,37! 3,008,857 3,595,030 4 ; 96i,429 4,283,094 2,754,308 211,772 20,092,691 ',17,1-11,440 2,246,535 I 121,163 | 58,314 i:-,(S47 ! 2:2,7(51 ••1!,«{1 j 267, 393 21, 749 50, 554 3> 26,694 2-1. 140 24,277 • 37'200 20,378 ! 39, 848 740 1 .19,927 ! •'^> >•;•{,!)->-2 540,870 Mi), 001 140,57:; Total.. -is, 0ir> 93,101 7,982 | 44 485 .16,395 j 550 . : 10,482 3,592 ! JO, 091 I 5J2 10,01.5 ! 1,38-1 i 14,931 i 13,654 , 25,258 36,061 : 20,101 ! 19,552 ! 39,131 | .122,258 288, .188 278, 520 276,563 201,01.8 356,369 0,567 |. 70,496 | 133,757 i 1,612,917 10,428 I 5!,073 ' 43.799 I 75,830 I 57.800 I 93,283 i 31,702 i 19,904 : 9,324 ! 11,178 i 23,273 j 22,413 | 460,245 64,492 ! 1,130,347 " 55,029 j 1,120,892 51,842 ! 1,093,115 51,.196 i 1,154,166 54,165 I 1,294,536 330,100 ! 105,869 6, 253,300 ! 201,292 . 4(52,220 ' •100,671 : 924, J 48 , 939,728 ! 656, ! 15 ! .1,904, ']')•) 4,171, 598 MHO; 350 5,663, 277 5, 227,017 4,410 775 ; 26, 293, ; -;71 8701)0-22 87,395 195,853 181,808 272, 5:;9 204,992 232, (.47 ; : . ' i 47,431. 128.693 131,273 139,70S 130,718 185, 284 i 6sj,47i , 200,1525 .155,975 \ 141,7zO . !?)3,022 • : 2,309,914 5.3 Go, 989 5,78'-, M»7 7, 141,376 6,725.507 5,6S!,298 1,757,990 : 4, 171,008 i 4.719^492 5,528,7.19 i 4,96i, 750 i 4, 195,72! • 334,588 : 21,71.2 . 722,511. ! 64,039 ! • 684,007 I 129,810 I : 1,190,697 i 133,775 ! '.1,281,390 \ 12(5, L87 I . 981,050 • 196,001 27,058 , 78,551 ! 59,225 47,7.14 ; 44,199 . 59,210 • 91,101 270, 835 1.73,187 172,184 171,401 220,676 2,232,448 5,306,945 5,795,721 7,073,089 0, 584,933 5,652,658 587,17-1 \\,235,815 j 703,101 ' 930,789 32,810,251 ; 25,304,080 5,.i04,240 j 071,526 ! 315,957 1,099,884 '32,645,793 5 182 FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. TABLE VIII.—PERCENTAGE DISTRIBUTION OF PURCHASES OF EXCHANGE PAYABLE IN SPECIFIED FOREIGN COUNTRIES. European Allies. European neutrals. Asia. Items. V I I Demand items from dealers in i United States ' 18.3 j 12.(5 : 20.3 2. 7 I 7.2 Cable transfers from dealers in I United States , 33.1 | 40.3 3.3: 18.3 .7 i .4 Finance or clean time bills—loans.. 2.2 Cotton bills 4.7 i 10. 0 . 2 • 0) .2 i : Meat bills 2.2 .9 •1 i (0 I ( ) 11.7 i 15.1 ! Other export bills 8.3 | 8.9 59.5 From foreign institutions outside : United States j 21.2 | 14.5 j 18.4 ! 50.4 | 8.0 From foreign agencies and firms ; 4.1 2.1 domiciled in United States 3.7 j j .1 .1 A gainst securities '. .1 Coupons and dividend checks — • .3! C1) 1 Gold and silver shipments C ) .4 : 0) i 12.4 ! 27.9 Miscellaneous 3.7 () 11.6 100.0 j 100. 0 j 100.0 100.0 5.G j i 100.0 ! 100.0 Total 33. 8 .3 7.2 i 20.3, 2.0 | .2 ! ] .2 j 10.9 i 23.1 5.G 3.4 ; 4.0 .7 .1 0) I .1 1.1 21. G 23.0 ; 31.5 0) 11.6 .7j .2 :. 2.0 1.4 .0 i C1) C1) C1) i (|) 1.3 5.9 .2 i 6.3 j 100.0 25. 10.0 : 100.0 i .1 ! 2.1 28.0 (I) 3.2 ' 100.0 1.100.0 ! Other world points. South America. .3 .2 .1 11.9 : 10. 5 ! 10.5 ; .0 : 4.9 i 1.1 ! 44.0 , 30.5 | 2.8 3.7 21.8 24.3 .7 .9 1.9 12.4 1.4 3.3 G.8 I 3.0 .1 . 9 ! 21.5 .8 .3 21.2 ; 35.8 8.4 19.0 .6 100.0 () I 43.0 1.1 C1) 5.2 30.5 .4 28.6 100.0 IOO.O i IOO.O 29.1 1.0 0) 05.0 100.0 Recapitulation. 5 If Is I!! Items. Demand items from dealers in United Stales , Cable transfers from dealers in United States Finance or clean time bills—loans. Cotton bills Meat bills Other export bills From foreign institutions outside United States From foreign agencies and firms domiciled in United States.... Against securities Coupons and dividend checks Gold and silver shipments Miscellaneous Total. i Less than 0.05 per cent. 4.8 .9 i .1 C1) 0) 25.8 10.1 2.4 6.2 13.2 | 0.2 .5 .1 75.1 2.6, ! 1.3 1 C1) C 1) C1 ) C) 49.5 20.1 100.0 100.0 0) 0) I 61.9 14.3 ; 5.2 4.9 ! 4.2 i .2 .4 .2 •l ! .9 i 0) 1.9 ' •7 ! C11) C) 21.0 I £ O .1 ; •7 i .2 24.3 ' • 3 i.6 | 42.0 ; oo. 6 1.2 | 1.2 0) .6 i 13.7 2.8 8.5 | 9.1 ! : 0) i .2 I .1 I \ J | K J j 2.7 | 1.2 : 25.7 i 67! 3 1 60.8 j 50.3 | 39!9 j 13.1 13.7 3.8 ! 0.0 13.1 12.7 23.8 .5 1. 0 1.0 28.4 37.0 1.7 7.9 .8 10.7 3.4 .2 13.8 .3 35.5 . I . I ! 3.7 .5 .1 (l) 40.7 3.7 .1 .8 .1 10.0 29.0 1.1 7.0 .6 13.4 0.7 4.8 13.6 .1 .0 .2 .7 05.2 1.8 .3 .1 .3 19.8 10.0 . 22.3 i 16.0 2.-1 .2 .1 .1 8.4 100.0 ! 100.0 ! 100.0 i 100.0 ! 100.0 I 100.0 ii 100.0 2 1.2; •8 j .1 .4 I 6.8 i 2.3 .2 .1 .1 3.9 0) I •7 | (J) l" 2 J .7 37.1 ! 39.3 100.0 | 100.0 100.0 i 100.0 100.0 ; 100.0 FEBRUARY, 1922. 183 FEDERAL RESERVE BULLETIN. TABLE IX.—PERCENTAGE DISTRIBUTION OF CREDITS TO DOLLAR ACCOUNT BY COUNTRIES. European Allies. Asia. European neutrals. Items. I 1 From banks or others in United : States j 88. 2 79.1 From banks or others outside I United States ; 10.8 ! 10.2 .18.3 .1 Proceeds of securities sold 1.4 .3 ! .2 j .2 Proceeds of commodity sales 2j 1.1 2.3 M iseellaneous 100.0 I 100.0 100.0 Total. GO. 0 25.4 17.1 1.1 3.0 18.2 58. 4 7.0 100.0 100.0 8.0 55.7 20. 7 7.4 1.3 8.9 100.0 o j 35.5 ! 71.8 l 33.3 29.0 I 71.8 j i | ! 55.9 j 10.1 i 44. 6 . 23.0 , 5^. 4 4.6 1.5 i • 13.7 ! 1.7 I 3.G .4 .0 | .3 , .5 | 1.1 9.5 10.0 " . 5 . 9 ' 3.0 G. 0 '' 100.0 i 100.0 i 100.0 i 100.0 I 100.-0 ! Other world points. South America. 59.0 70.1 68.4. 05.7 29.4 (l) 4.0 22.4 3.1 4.4 19.3 .9 2.2 9.2 24.7 .1 5.0 4.5 100.0 100.0 100.0 100.0 7.0 0) Recapitulation. Items. 2 I From banks or others in United States From banks or others outside United States Proceeds of securities sold Proceeds of commodity sales Miscellaneous Total. 50.9 79.2 33.2 .1 3.8 5.0 ! 12.0 7.8 1.0 2.4 9.6 15.3 ! 13.7 6.9 .3 1.2 5.9 10.6 5.0 100.0 I 100.0 100.0 100.0 100.0 73.0 17.(3 67.9 • 73.2 72.4 (;8.4 3 w O ! 60.0 , 86.3 i 42.3 ; 81.1 ! 60.7 08.2 71.6 I 77.7 15.0 21.7 7.3 i 1.4 .6 .3 ! 2.8 2.2 | 8.2 7.1 18-7 .4 4.4 8.3 16.6 ! 5.3 i 1.7 i 4.8 | 22 0 : 20. 0 4 ' 3. 8 7 3. (') 4. 5 j 3. 7 28 3 4 1 8 8 9 11.3 • .6 100. 0 100 0 100.0 100. 1 i I 2 .3 1.5 42.6 : 100.0 100.0 | 100.0 100.0 100.0 15.9 2.0 1.0 3.4 100.0 i i Less than 0.05 per cent. NOTE.—In the first article of this series (December, 1921, BULLETIN", p. 1403), the decline during the latter part of 1918 in the balance owed by the United States to Japan was attributed to exports of gold from the United States to Japan. As a matter of fact, the movement of gold in large volume from the United States to Japan did not begin until the middle of 1919, when our gold embargo was lifted. Attention should therefore have been directed to other causes, such as payments by Japan for American exports, and the increasing amounts due the United States in Japan, as indicated in Table II of the article, the effect being a reduction in the net balance owed by the United States. 184 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. BUSINESS AND FINANCIAL CONDITIONS ABROAD. THE REPARATION SITUATION. There was no material progress in the settlement of reparations difficulties during January. The conferences, which were held by the Allied and the German Reparations Commissions after the dispatch of the German Government's note announcing its inability to pay the full amount of the January 15 and February 15 installments, reached no workable agreement. On January 13, after Dr. Rathenau had described the difficulties of the German Government before the meeting of the Supreme Council at Cannes, a note was sent to Berlin granting a delay in the January 15 payment. This delay was accompanied by the following requirements: (1) That the Government place at the disposal of the Reparations Commission foreign credits amounting to 31,000,000 gold marks every 10 days, beginning January 16, until a final agreement is reached regarding the 1922 program for reparations payments; (2) that the German Government submit to the Commission within a fortnight plans for the 1922 payments and for reforming its own fiscal situation. Since the receipt of this note the German Government has been endeavoring to provide a practical plan for balancing its budget, but the only definite result of its endeavors has been the announcement of a compulsory loan for 1,000,000,000 gold marks. On January 27 the German reply to the Reparations Commission's request for a program for reparations deliveries was forwarded to Paris. The terms of this reply will be discussed in the March BULLETIN. ENGLAND.1 .FOREIGN TRADE. It becomes more and more apparent that the dominant political as well as economic policy of the present Government in England is the revival of foreign trade. This has been especially- emphasized in recent months by the program enunciated by Mr. Lloyd George in opening Parliament last October and in his speech on January 21 before the Coalition Liberal convention. The October program provided that the Government short-term credit scheme, which had been organized some two years before, but little used, should be extended to a larger group of potential buyers and put on a more workable basis. It also made provision for the extension of long-term credits for capital undertakings with Government guarantee if these credits were applied to the purchase of goods manufactured within British price, tmd-i, and financial statistics may be found on pp. 220, 221, 222, 225, 227, and 2)7. the United Kingdom. Since that time, at the instigation of the Government, a group of British financiers has suggested a scheme for international cooperation in the extension of long-term credits for capital undertakings in Russia, Poland, and other eastern European countries. This plan was developed in cooperation with financial experts in France and elsewhere at the end of December, and approved by the Supreme Council at Cannes in January. It provides for the creation of an international corporation for the extension of long-term credits, the capital to be raised from nongovernmental sources in the cooperating countries and invested under the direction of a central group who would also arrange for the placing of orders. The official memorandum issued at Cannes provides that "the principal functions of the corporation shall be to examine the opportunities for undertakings, in connection with European reconstruction, to assist in financing such undertakings, to obtain adequate security for payment in respect of work carried out, to arrange for contracts, and to promote or assist in promoting the subsidiary companies or corporations in various countries for special purposes." In his speech of January 21, Mr. Lloyd George placed less emphasis on the financial and banking aspects of the problem, but emphasized instead the necessity for political stability as a prerequisite to trade revival. A resume of the British foreign trade situation shows that the volume of exports in 1921, if considered in terms of tonnage, was not more than 30 to 40 per cent of the prewar volume, although approximately 80 per cent of exports in 1920. It is as deceptive, however, to consider trade in terms of volume or weight only as in terms of money value alone. Before the war the bulk or weight of British exports was in coal and iron and steel; 73,400,000 tons of coal were exported in 1913, as compared with 24,661,000 in 1921, and 4,969,200 tons of iron and steel, as compared with 1,700,400 tons in 1921. In the postwar period there has been a shift in the composition of the exports, coal forming a smaller proportion and the more highly manufactured steel products especially forming a larger proportion of the total than was the case formerly. This fact makes it seem probable that 1921 exports are nearer 50 per cent of prewar than the 30 to 40 per cent noted above. Considered in terms of value, of course, the showing is very different because of the inflation of present prices as compared with prewar. The average monthly value of exports in 1921 was £58,600,000 as compared with £111,000,000 in 1920 and only £44,000 000 in 1913. FEU HI; ART, 1022. :F.K[)KEAL BHSETtVE BULLETIN". 185 In analyzing t3ie foreign trade returns for the first nine months of 1921, the Board of Trade converts 1921 values into terms of 1913 values and in this way arrives at a comparison of the trade of the two periods with tlie price factor removed. Compared in this manner, exports of the following articles have decreased between 1913 and 1921 in the ratios indicated below: Belgium, and Italv. Trade with Russia was valued 2at £7,786,000 in 1920 and at £6,609,000 in 1921, and trade with Gormanvat £ 15,303,000 in 1920 and £12,268,000 i n ' 1921, indicating an increase in the volume of the trade with these countries in view of the drop in British prices. The situation with regard to European trade is not surprising in view of the currency depreciation in many of the continental countries. Taking into account exchange rates and internal prices, values in EngPercentage deficiency land and Sweden are higher than elsewhere in of quantity Commodities whose export; value exceeded £5,000,000 in 1913. in 1921 Europe. It is therefore natural that British compared sales to most continental countries should have with 1913. declined as production on the Continent inFood, drink, dutiable • —IS. 4 creased and needs could be met elsewhere. The Coal ' -75.9 veiy large reduction in sales to Sweden, howEarthenware, glass, abrasives, el:e ! —49.2 Iron and steel, and manufactures thereof ! —64.7 ever, can not be directly accounted for in this N on ferrous metals, and manufactures thereof : —33.2 The Swedish price level is as high if not Cutlery, hardware, implements, and instruments — 53.3 way. Machinery ; -2o. 9 higher than the British, but trade depression Cotton yarn sand manufacture:-; —00.3 Woolen and worsted yarns and manufactures —49.3 has been so severe there that it has reacted, Manufactures of other textile materials : —63.1 seriously on foreign purchases. Apparel , —70.8 Chemicals, drugs, dyes, and colors [ —(>(). 3 Exports to other important markets have Vehicles (including locomotives, ships, a n d aircraft s) —21.1 not fallen off in anything like the same proTotal, all classes ' -53.9 portion as the exports to Europe. Trade with China and Japan, the Argentine, Australia, The only class in which there has been an and British India did not average more than actual increase in exports is oil seeds, nuts, oils, 30 to 40 per cent less in value in the first 9 fats, etc. In all other classes of industry there months of 1921 than in the same period of have been decreased exports, the decreases 1920. Exports to Egypt, on the other hand, varying from 91 per cent for electrical goods had decreased about 60 per cent, to Canada and apparatus and 76 per cent for coal "to as about 55 per cent, and to the United States little as 7 per cent in the case of raw silk. over 45 per cent. The latter commodity is of such minor imporIf this type of trade situation were peculiar tance in the export trade, however, that the ratio to England alone, it would be rectified by the is of little significance. The large decreases in processes of trade itself. But since the situathe coal, iron and steel, and cotton industries are tion in England is repeated, in most of the other of special importance because of the predomi- large industrial countries, definite remedial nance of these commodities in the export trade. measures arc necessary. In order to create The rate of decrease has been less in some of an effective demand, -fluid funds must be the smaller industries and in the more highly brought into existence, but these can be acmanufactured end of the steel industry. ' | cumulated only gradually through the procBritish trade with European markets has | esses of production. In the meantime capital been more seriously affected during the past funds are necessary before production can year than elsewhere. Comparing the value of begin in countries where equipment has been exports during the first nine months of 1921 destroyed. The encouragement of capital inwith those of the same period in 1920, and tak- vestments in Russia, Poland, and other couning account of the fall in prices in the course tries of large potential purchasing power but of the year, it seems probable that except in with no current credit is the first step, therethe case of Russia, Germany, and Spain there fore, in the process of revival of trade not only lias been a reduction in the quantity of goods for England but for the borrowing countries shipped to all leading European markets. as well. The reduction1 in. British wholesale prices of 35 PUBLIC FINANCES. to 4.0 per cent between the two periods is far Public accounts for the first nine months of exceeded by the percentage reductions in the the fiscal year ending March 31, 1922, show a value of exports to these markets, which amount to approximately 80 per cent in the revenue of £676,831,318, as compared with case of Sweden, over 70 per cent for Denmark £888,803,728 during the same period last year. and France, and about 60 per cent for Norway, The largest reductions are in excess profits duties and miscellaneous special receipts— 1 Refer to p. 153, where the Federal Reserve Board index of prices of British exports shows a drop of almost 60 per cent between 1920 and 1921. 2 For mirposes of comparison, Lithuania, Finland, Esthonia, and Latvia are included in the figure for 1921, as for 1920. 186 FEDERAL RESERVE BULLETIN. i. e., from the sale of war stocks, etc. Returns from the excess profits duty amounted to only £29,714,000, as compared with £156,354,000 during the same period of the preceding year. Revenues from the property and income tax, on the other hand, were larger than in 1920 by approximately £18,000,000. Expenditures during the same period amounted to £739,990,604, of which a net sum of £63,740,231 was raised by borrowing. Nevertheless, due to the sale of Treasury bonds, in the course of the 9 months a reduction of £15,490,000 has been made in the outstanding floating debt. In his revised budget statement of November 9, the Chancellor estimated the deficit for the year at £60,000,000, provided that Great Britain receives the portion of the August 31 reparations payment due her for the army of occupation. This matter, like all others connected with reparations, is uncertain, but if this amount is not received, the deficit for the year will1 presumably be increased to £90-£100,000,000. BANKING SITUATION. Banking conditions at the end of 1921 differed in several important respects from conditions a year ago. In the first place, deposits of other banks and the Government with the Bank of England were 35 per cent lower, while the note circulation was approximately 10 per cent less than 12 months earlier. This statement is somewhat misleading as regards Bank of England deposits, however, because during the first week of January, 1922, borrowing at the bank increased again and was on approximately as large a scale as the year before. In other words, the decline in the deposit item has not been consistent, while the reduction in the note circulation has continued steadily since December, 1920. The condition of the commercial banks as regards the amount of loans and discounts out' standing was approximately the same in December as in January, 1921. During the first 4 months of the year reductions had occurred, but since then increases have brought the total to approximately the same point as in January. It is impossible to state the proportion of Treasury bills discounted that are included in this item, but as the banks are large purchasers of bills it seems probable the proportion is high. Foreign bills have also figured as an important part of bank portfolios in the past year, but again it is impossible to determine their proportion to the whole. Discount rates on Treasury bills and bankers' acceptances have been cut almost in half during the year. The Treasury bill rate was 6£ per cent at the end of Decem- FEBRUARY, 1922. ber, 1920, and 3-| per cent a year later. Three months' bank bills were discounted at 6-jj- per cent at the end of December, 1920, and at 3 | in December, 1921. The bank rate w as reduced from 7 in January to 5 in December, 1921. FRANCE.1 PUBLIC FINANCE. Within the last few months the French Senate has adopted a rigorous attitude in regard to the stabilization of the'' ordinary budget"—that is, the budget for all Government expenditures excepting those which are regarded as recoverable from Germany under the Versailles Treaty. French fiscal law requires that each Government department submit to the Finance Ministry estimates of expenditure for a given year, 12 or 14 months before the beginning of that year, and that the Minister of Finance compare these estimates with the revenue which will probably be received during the year and prepare a budget statement for the consideration of the Senate and the Chamber of Deputies. The statement thus prepared is debated in both Houses, and.before January 1 of the year to which it applies, a budget is supposed to be agreed upon. The budget authorizes the total expenditures of the Government for the year, and additional credits are voted only under exceptional circumstances. Should the Senate and the Chamber for any reason fail to agree upon the year's budget before January 1, provisional credits on the basis of expenditures during the previous year are voted from month to month, until an agreement is reached. It is evident that the system of voting provisional credits is not conducive to efficiency in the handling of departmental finances. M. Bokanowski, the Reporter General for the budget for the Chamber of Deputies, has said that each month's provisional credit would increase expenses this year by 200,000,000 francs. For some years before the war, because of disagreements which arose in the French Parliament on the subject of increases in expenses and the consequent increase in taxes, there was delay in voting the budget, and provisional credits for the first two or three months of the year became the rule rather than the exception. During the war period it was obviously impossible to fix the total of the Government's expenditures for the ensuing 12 months at the beginning of the year. At the end of 1919, however, an attempt was made to return to the prewar system, and the budget for 1920 was presented just before the beginning of that year. It was not passed, however, until August, 1920°, and the Govern- 1 Developments during January indicate a more favorable situation i French price, trade, and financial statistics may be found on pp. 220, than that shown for the end of December. It is considered possible 222,225,226,227,258, that the deficit may be wiped out. FEBRUARY, 1922. ment departments were operated for 7 months without a knowledge of their total appropriation for the year. Some improvement was made in 1921, largely because it was decided to make very few changes in existing taxes, and the different sections of the budget were passed in April and May of that year. On July 8, 1921, M. Doumer (then Finance Minister) presented to the Chamber of Deputies proposals for the ordinary budget for the ensuing year. He estimated that the total revenue receivable in 1922 would amount to 25,019,000,000 francs and that ordinary expenditures would total 24,932,000,000 francs. In the estimate of receipts there were included, however, receipts from new taxes and from increases in the rates of old taxes amounting to 2,481,000,000 francs. The Chamber of Deputies was of the opinion that the French public could not bear further taxation, and the time between July 8 and December 15 was spent in an effort to adjust Government expenses to the revenue which might be expected from taxes already in force. Eventually a compromise was reached. It was decided to issue short-term bills to the amount of 1,320,000,000 francs to take the place of the Government securities which would be returned to the Government in payment of the war profits tax, and which the Finance Minister had proposed to retire. The estimate for tax receipts was also increased by the Chamber of Deputies by voting a law which allows a discount on the payment of inheritance taxes due from persons living in territory invaded by the enemy or situated within the line of fire. By a law previously enacted these payments had been postponed until 1923. The Senate Committee on Finance had begun the study of the 1922 budget before the Chamber of deputies finished with it, and the usual long delay in committee was eliminated by sending the budget to the Senate about a week after it had been passed by the Lower House. The Seriate dealt with the budget very promptly, and it was finally approved early in the morning of January 1. The receipts and expenditures decided upon are as follows : ORDINARY BUDGET FOR 1922. [In millions of francs.] Credits opened: For the public debt Other credits Total 12, 647 12, 041 24,688 Receipts expected: Normal receipts from taxes, Government monopolies, etc 19, 832 Yield of the war-profits tax 3,050 Sale of war stocks 500 Sale of short-term bills 1, 320 Total 24,702 187 FEDERAL RESERVE BULLETIN. THE SPECIAL BUDGET. Aside from the 25,000,000,000 francs authorized by the Parliament to be spent on account of the ordinary budget in 1922, there is the special budget for which the Finance Minister has asked approximately 7,000,000,000 francs, The special budget is divided as follows: SPECIAL BUDGET PROPOSED FOR 1922. [In millions of francs.] Budget of~the Ministry of the Liberated Regions... 1,147 Interest on loans: Of the Credit National 557 Of the "Sinistres" 300 Budget of the Ministry of Pensions 406 Ministry of Finances: For pensions 3, 657 For war damage 4 Other expenses 1 Other ministries 1,087 Total 7,159 Neither the Senate nor the Chamber of Deputies has yet approved these proposed expenditures. As they are eventually to be met by Germany according to the Versailles Treaty, they will be provided for during the current year by loans, in so far as they are not taken care of by payments from Germany. These loans will be floated not by the State but by the Credit National or the "Sinistres" (the people of the devastated districts). The Government guarantees the interest and principal of these loans. During December and January three such loans have been put upon the market, one for 500,000,000 francs by the "Groupement de la Grosse Metallurgie" (the iron ore, and iron and steel producers), one for 150,000,000 francs by the Department du Nord, and one for 185,000,000 francs by the Societe de Reconstitution d' Usines Sinistres (company for the rebuilding of factories in the devastated region). All these loans were sold at 475 francs for a 500-franc bond. They bear 6 per cent interest on their par value. The loan to the iron and steel producers will be used to reconstruct the plant of the iron mines, the rolling mills, and the blast furnaces of the Nord and Pas de Calais districts. The funds received by the Department du Nord will 7be used for the assistance of those " sinistreV whose homes in 1914 were valued at less than 10,000 francs. 1920 EXPENSES. One reason for the Senate's prompt action on the 1922 budget was the disastrous result of voting provisional credits for seven months before finally enacting a budget in 1920. When the final accounts for the year 1920 were presented to the Chamber of Deputies on November 27, 1921, it was found that by the voting of various supplementary credits and by the 188 FEDERAL FEBRUARY, 102'J. In July, when the budget was first presented unauthorized expenditure of about 400,000,000 francs, expenses for 1920 had risen several bil- j to the Chamber of Deputies, M. Doumer anlion francs above original budget figures. The | nounced that the public debt totaled 269,appropriations made on July 31 for the year I 000,000,000 francs, valuing the foreign debt 1920 amounted to a little less thavi at par. Evidently M. Doumer estimates that 48,000,000,000 francs, 21,761,000,000 on ordi- an increase of about 20,000,000,000 francs nary account, 5,420,000,000 on account of non- ! has taken place in the debt in the course of recurring expenses resulting from the war, and ' six months. The increase in the number of 20,751,000,000 on account of expenses regarded national defense bills outstanding has been as recoverable from Germany under the Ver- particularly striking during the last year. On sailles Treaty. Before December 30 the Par-| September's©, 1920, there were 49,459,000,000 liament was called upon to vote further credits, francs' worth of these bills in the hands of the the largest item (1,304,000,000 francs) repre- public. On November 30, 192], according to senting expenditures necessary in connection our estimate, the amount of national defense with the bread subsidy. During 1921 further bills outstanding was about 66,500,000,000 supplementary credits were voted on account francs. The increase has taken place as of 1920 expenses, and when the final accounts follows: were presented they showed that more than FjRii.NCH NATIONAL DKFI:>;SI-: BILLS OUTSTANDING. 52,000,000,000 francs had been spent in meet[In millions of francs.] ing the 1920 budget, almost 4,500,000,000 September 30, .1920 4 0. 459 francs more than was authorized when the bud- March 1921 53! 010 get was passed. Of this amount, a relatively May 1, 1. 1921 58. 812 small sum, 420,000,000 francs, had been spent November 30, .1921 i 00, 500 without being authorized at all, for food and At the year's end the debt of the Governfodder for the army and for soldiers7 pay. ment the Bank of France has been reduced, This unauthorized expenditure brought pro- so thattoon 26 it stood at 23,000,000,tests from both the Chamber of Deputies and 000 francs January compared with a peak of 20,the Senate. The Senate has refused to ap- 000,000,000 as francs during the last quarter of prove all of the payments involved, although the goods and services have actually been re- 1920 and 26,700,000,000 francs in May, 1921. ceived, and has passed the following resolution: From the point of view of the Government's finances, however, this decrease in the debt to The Senate, in accordance Avit.li the report of its finance the bank is relatively unimportant so long as commission, requests the Government to insure a strict; the rest of the floating debt has increased so application of the laws applying to the control of expenditures and to place at. the disposal of the Parliamentary much during the year. Finance Commission the entire reports of the controllers as well as their notices in regard to the budget arid in regard to additional credits. The Senate also requests the Government to take? all measures necessary to render it impossible, without; the authorization of Parliament and outside of the cases provided for by law, to make supplementary payments in addition to those covered by the regular credits. ITALY. 2 PUBLIC FINANCE. According to the annual financial statement which was submitted by Minister of the Treasury dc Nava to the Chamber on December 8, the outstanding features of Italy's financial PUBLIC DEBT. situation appear to be a decrease in the budget Another reason for the rigorous attitude of deficit and a contraction of the bank-note the Senate at the present time is the increase circulation for the account of the Governin the floating debt which took place during ment, combined with an increase in the float1921. The exact amount of the increase can ing debt and the public debt as a whole. not be stated. The latest official figure avail- Although the Government anticipates a furable on the French debt is that for July 1, ther improvement in the budget situation, 1921; the latest detailed figures are those for and proposes to continue gradually to reduce May 1, 1921. During a debate in the Senate the fiduciary circulation, a further expansion on December 27, 1921, the Finance Minister, of the public debt appears inevitable. Fiscal year 1920-21.—For the fiscal year M. Doumer, spoke as follows of the debt: which ended June 30, 192.1, the latest official M. Henry ('.'heron (the Senate reporter on the budget) figures show 18,07.1,000,000 lire of effective speaking of our debt, places it at 335 billions; he has included in that figure our foreign debt, but he has valued receipts, against 28,783,000,000 lire of effeethe latter at current rates of exchange; 1 believe that no, i tive expenditures, with a deficit of 10,712,one can ask us to repay our debt at "these rates; we shall' | 000,000 lire. The deficit increases to 11,758,- choose the proper moment. I believe that in fixing our j 1 Estimated on the basis ofin.foriri.ation furnished by the Association debt at 290 billions, I am very near the truth. I say this des Portours frangais do valours mobilises. 2 in order to show the Senate that no one can give the Nalionalc Italian price, trade, andfinancialstatistics may be found on pp. actual figure. 220, 222, 220. 258, FttBHUAUY, 1922. FEDEKAL BESKKVE BULLICXiX. 189 000,000 lire, if expenditures for the refunding ! 1,800,000,000 lire by temporary expenditures and amortization of public debt obligations, I arising from the war, such as compensation for Government investments, and a number of i war damages, restoration of the merchant receipts of secondary importance are taken i marine, etc. There remains, however, a coninto account. The improvement of about siderable peace-time deficit. 3,000,000,000 lire (as compared with the deAs the chief means for restoring budgetary ficit anticipated in December, 1920) is due equilibrium, the Minister of the Treasury^bove to the fact that, as a result of large increases all recommends further economy in expendiin taxation, effective receipts were nearly 64 tures. The Government does not propose to per cent in excess of anticipations. Revenue enact any new taxation at present, believing from the principal taxes and monopolies I that the taxpayers' burden can not be much amounted to about 11,000,000,000 lire in 1920- increased. The Minister of Finance expects, 21, as compared with 7,817,000,000 lire in however, that additional funds may be obtained 1919-20. About 4,000,000,000 lire were ob- from better enforcement of existing taxes and tained from direct taxes, or 70 per cent more especially from the revision in the method of than in 1919-20. The yield from stamp assessing the capital levy. But the Governduties increased about 75 per cent and from ment makes no definite announcement regardindustrial monopolies about 50 per cent. ing the enforcement of the law of compulsory, - Fiscal year 1921-22.—For the current fiscal registration of bearer bonds (which, was enyear a deficit of about 5,000,000,000 lire is acted with a view to assuring the effective anticipated (total receipts, 18,336,000,000 lire; collection of the capital levy and the confistotal expenditures 23,348,000,000 lire). The catory tax on excess war profits). Since the Government's estimate of this year's receipts constitution of the Bono mi Cabinet there have is generally regarded as too conservative, it been repeated rumors of an impending repeal is based on an. anticipated yield of about or revision of the law regarding compulsory 12,000,000,000 lire from the principal taxes, or registration, and, although these reports have about 1,000.000,000 lire in excess of last year. been denied by the Government, a decree of Revenues from these sources in the first half of August 21, 1921, suspended the application of the current fiscal year (July-December, 1921) the regulations published two months before amounted, however, to about 6,500,000,000 lire, regarding compulsory registration of bonds or about 1,500,000,000 lire more than for the issued by private corporations and provincial same period in 1920. Although (here was a and municipal administrations. Above all, the decrease in the yield of stamp duties and of Minister of Finance expects an increase in taxes on consumption in the first months of this from the enforcement of the general year, these were more than offset by increased revenue taxation reform of 1919, based on a progressive revenues from direct taxes. The latter yielded income tax all classes of incomes. The over 2,300,000,000 lire in the first six months enforcement on of the .1919 law has, however, of the fiscal year, while the anticipated yield once more been postponed until 1923. for the entire year was 2,794,000,000' lire. PUBLIC DEBT. An additional revenue of about 200,000,000 lire is expected from a number of taxes that Italy's public debt, as shown by the table have been recently enacted (taxes on alcohol, below,' increased from 98,851,000,000 lire to beer, luxuries, etc). On the expenditure side 110,754,000,000 lire, or nearly 12,000,000,000 of the account, the budgetary estimates for lire between October 31, 1920, and October 31, 1921-22 make no allowance for the deficit of 1921. In the preceding 12 months the public the railway administration, which exceeded debt had increased about 14,000,000,000 lire. 1,000.000,000 lire last year. ITALY'S PUTJLIC DEBT ON OCT. 3L 1920, AND OCT. 31. 1921. Fiscal year 1922-23*.—Thefirstestimates for [In millions of lire .J the year July 1922-23 anticipate revenues Decrease. totaling 17,602,000,000 lire and expenditures °\kl!' of 20,454,000,000 lire, with a deficit of about debt 13,439 ! 13,394 ; 3,000,000,000'lire. The reduction in expend- Prewar National loans issued during itures is due to the curtailment or the com- and after the war 35,450 ! 35,056 | 506 | per con I; Treasury bonds plete elimination of services assumed by the 5 (3, 5. and 7 years) * 4,570 I 5,009 ! 1,129 j Treasury bills (3 Government during the war. Next year noth- Short-term to 12 months) .10,740 i 22,097 : 12,257 ;. ing will be left of Government control of the Bank-note advances 10,040 ". 8.55-1 : 2,386 Government currency j 2,540 i 2,540 !. food suppty or of Government operation of Current account of the Tnsti- j ' ; \ 72 ! 572 ! 044 ' the merchant marine. Military expenditures tuteof Deposits and Loans, i! 20,504 . 20, P(>4 \ 370 i have been estimated on the basis of a peace- External d e b t ' Total I 98,851, 110,754 « 11,903 i 2,431 time army of 175,000 men. The 3,000,000,000 lire deficit is accounted for to the extent of 1 Value at par. 190 FEDERAL RESERVE BULLETIN". The increase of 370,000,000 lire in the foreign, debt which is figured at par is accounted for by the accrued interest charge on British Treasury loans. As far as the domestic debt is concerned, there has been a decrease in bank-note advances to the Treasury of 2,386,000,000 lire, or of about 22 per cent. On October 31, 1921, the bank-note circulation for account of the Treasury was lower than at any time since July, 1919. It should be observed, however, that -the expansion in the commercial note circulation (from 8,361,000,000 lire on Oct. 31, 1920, to 9,746,000,000 lire on Oct. 31, 1921) was largely due to the fiscal needs of the State, which required direct discounting of Treasury bills by the banks of issue. The floating and semifloating debt, on the other hand (including short-term Treasury bills, 3. 5, and 7 year Treasury bonds, and the debt to the Institute of Deposits and Loans), increased. 13,458,000,000 lire during the year. The combined note circulation and floating and semifloating debt, which constituted about 37 per cent of the total domestic debt in October, 1920, now forms 45 per cent of the total. The steady increase in the circulation of short-term Treasury bills running for 12 months or less is the cause of the gravest concern. The growth of this form of indebtedness was temporarily checked in 1920 during the flotation of the sixth national loan. About 5,000,000,000 lire of short-term bills were then tendered in pajonent for subscriptions to the national loan, and the amount of Treasury bills in circulation decreased to about 9,200,000,000 lire on June 30, 1920. Since that time, however, the circulation has been continuously expanding, and attained on October 31 last the amount of nearly 23,000,000,000 lire. Notwithstanding the favorable prospects with regard to the budgets for the current and next fiscal years, the Minister of the Treasury stated that at the present time he could not undertake to fix a limit to the issue of short-term bills, as such issues arc dictated by the necessity of meeting outstanding extra-budgetary obligations of former years, the exact amount of which has not been ascertained as yet. There has been no legal limit to the circulation of short-term bills since 1917. Floating of Treasury bills and of other shortterm Treasury obligations has been facilitated by the fact that they are the only class of securities explicitly exempted from compulsory registration. On the other hand, it is the uncertainty which still prevails with regard to the enforcement of the law of compulsory registration of bonds that is held primarily responsible for the unsettled condition of the financial market, which precludes the flotation of a FEBRUARY, 1922. new consolidation loan in the near future. As funding of the floating debt obligations seems impracticable, it has been suggested that the short-term bills be gradually converted into Treasury bonds of longer maturities. Two authorities, Signor Luzzatti, in the Senate, and Prof. Einaudi, in the press, havp called attention, in particular, to the 7-year Treasury bonds, first issued last year, as a convenient form for the conversion of short-term bills. That issue, one of the features of which is the periodic payment of premiums b}^ lottery drawings, has proved very popular. The 7-year bonds, of which over 1,000,000,000 lire have been placed, were issued originally at 94 lire and are now quoted at over 100. THE CRISIS OF THE BANCA DI SCONTO. Of the four leading Italian private banks, the Banca di Scon to is the newest, and its expansion was the most rapid during the war. In fact, its growth was almost entirety contingent upon the financing of war industries, and its^present crisis is a direct result of the fact that its resources were so largety tied up in war-time industrial investments. The bank was founded in December, 1914, with a capital of 15,000,000 lire. In 1915 it combined with two other banks (Socicta Bancaria Italiana and Societa Italiana di Credito Provinciale), and the capital was increased to 65,000,000 lire and later, to 70,000,000 lire. This was followed by further increases in subsequent years, the capital reaching 315,000,000 lire in 1919. Its growth since 1916 may be illustrated by the following table, which, shows the principal items in its statements of December 31, 1916, and of October 31, 1921: [In millions ofliro.] Dec. 31, I Oct. 31, 1916. | 1921. Capital Reserve Cash Discounts Stock exchange loans Securities :... Due from correspondents.. Participations Deposits , Due to correspondents "•sT 56 37 260 5 180 505 315 73 351 1,970 23S 1-11. 1,758 240 922 3, 074 By the end of 1919 the Banca di Sconto ranked second among the four leading banks as regards combined capital and reserve and the amount due to correspondents, and first as regards loans, amounts due from corre*spondents, deposits, and holdings in various corporations. Since the beginning it has had a larger number of branches than the other FEBBUARY, 1922. FEDERAL RESERVE BULLETIN. 191 big banks, having taken over 68 branches the Banco di Roma was formed at the request in Italy from its constituent organizations. of the Banca di Sconto in order to facilitate the The number has since increased to 150. liquidation of its credits to the Ansaldo, which Ever since its creation it has been the pro- have been estimated at about 750,000,000 lire. fessed ambition of the Banca di Scon to to The consortium decided to supply 600,000,000 build up a purely Italian banking organiza- lire for this purpose. But this did not save the tion, in opposition to the two other leading situation. On the contrary, the announccbanks, the Banca Commerciale Italiana, and | ment of the constitution of the consortium and the Credito Italiano, with their German and ! of its decision created alarm and caused a run Swiss connections. It has also had a leading j of depositors on the Banca di Sconto, particupart in the movement that developed during | larly of small depositors in southern Italy. the war for the promotion of Italy's industrial The liabilities of the Banca di Sconto to deself dependence. It had the largest share of any positors and correspondents amounted to of the banks in the financing oi' war industries, about 4,000,000,000 lire. While the stateespecially following the disaster of Caporetto ments of the Banca di Sconto do not permit the in 1917. From that time until last year it nature of its various assets to be precisely ascerparticipated prominently in the financing of tained, it appears that they are predominantly, nearly every important corporate undertaking and to a .greater extent than in the other in Italy and her colonies in the metal, mechan- leading banks, of a nonliquid nature, consisting ical, electrical, and shipbuilding industries, as largely of long-term loans and investments. well as in the merchant marine. On December 29, upon an application of the Its connections with the Ansaldo group have bank, the Government reenacted an old clause been so close that the two organizations have of the commercial code which permits the been regarded as being practically identical. courts under certain conditions to grant a moraDuring the war the Ansaldo group developed torium to a corporation, provided it can showinto the most powerful combination of the that its liabilities do not exceed its assets. "vertical" type in Italy, based upon the On the ground of a moratorium decree, granted utilization of Italy's power resources in the for one year, the Banca di Sconto suspended iron and steel industry. It is composed of payments on December 30, and it is now in about 30 groups of establishments, including the hands of a commission of receivers apmines; hydroelectric and electric-metallurgical pointed by the court. According to the latest plants; foundries; iron and steel works; ship- reports, a plan is now under consideration probuilding yards; machine and machine-tool viding for the creation of two consortia, one works; locomotive, motor, and railway car for the liquidation of the obligations of the works, an aviation plant, etc. It also owned bank, and the other for the resumption of its two steamship lines, the Societa di Navigazione activities, the capital for both to be supplied and the Transatlantica Italiana, and an organi- jointly by the directors of the bank, its credization for the transportation of petroleum. tors, and by the other leading banks. The expansion and prosperity of the Ansaldo GERMANY. organization were the result of exceptional wartime conditions. After the end of the war the THE COMPULSORY LOAN. natural disadvantages of Italy's metal industries again asserted themselves, and, beginning When the Allied Reparations Commission with the second half of 1919, a period of decline set in which turned into an acute crisis in 1920, on elan nary 13 demanded, that Germany present as a result of the shortage of raw materials, the a plan for balancing her budget within a fort; high cost of production, the competition of night, it asked for a solution of Germany s Germany and Czechoslovakia and continuous most difficult problem. Ever since the signing labor difficulties. Ansaldo shares (issue price, of the London agreement last May, German 250 lire) fell from 300 lire in December, 1917, to political leaders have endeavored to work out 234 in 1918, 214 in 1919, 124 in 1920, and to 94 a tax program that would prove acceptable to lire in July, 1921. A temporary advance in the the majority of the Reichstag, and have failed. succeeding three months (130 lire at the end of Recent press dispatches say that the budget October) was followed by a fall to 78 lire at the difficulty is to be solved for the moment by a end of November and to 50 lire on December 23. forced loan for ] ,000,000,000 gold marks. The It was this debacle of the Ansaldo that announcement of this loan was made by the was the direct cause of the crisis of the Banca Chancellor before the Reichstag on January di Sconto. On December 5 a consortium con- I 26, and it was accompanied by the statement sisting of the three banks of issue, and the that the tax on postwar profits, which has been Banca Commerciale, the Credito Italiano, and partfof the Government's tax program, would 192 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. be abandoned: that there would be a 2 per and which would tax the "real' 7 value of cent business turnover tax; and that the duty ! property and thus be equally productive no on coal would be raised 40 per cent and the | matter what the change in the value of the | paper mark, a tax on postwar profits, on duty on sugar 50 marks per 100 kilograms. The compulsory gold-mark loan will bear | transfers of stocks and bills of exchange, and no interest for three years. The rate of inter- i so on. No action was taken on the proposed est after the expiration of that period has yet i taxes, as the Reichstag adjourned for its surato be determined. It will probably yield i mer recess a few days after the Chancellor's about 40,000,000,000 paper "marks, "but it speech, but it was pointed out by opponents must be admitted that this seems a relatively of the Chancellor's program that it did not small sum in comparison with the deficit in solve the problem. The Government's exGermany's finances. Every time expenses for penses during the year 1921 would certainly the year ending March 3l, 1922, have been amount to 150,000^000,000 marks, while the stated they have shown tremendous increases, taxes already in force plus those proposed largely because of the progressive deteriora- would yield only about 80,000,000,000 marks. tion of the mark. The latest estimate (that It was, suggested, therefore, by certain parties of Dec. 6 and 10) places the Government's total in the Reichstag that the Government resort expenses for the year including payments on to a capital levy under the name of the " Seizure reparations account, at 234,000,000,000 marks, of Gold Values." This suggestion aroused and the total receipts from taxes at 72,500,- the strong antagonism of the industrial and 000,000 marks. The deficit for 1921 is thus agrarian interests in Germany and the result shown to be 161,500,000,000 marks. Of this was the plan for the "Credit Union of German amount more than 71,000,000,000 marks have Business" which was described in the last been covered by Treasury bills placed on the mar- issue of the BULLETIN. The Credit Union ket since April 1, 192.1. It is evident that Gov- was to be formed not for the purpose of inernment finances can not be greatly improved creasing tax receipts but for the purpose of by the measures presented to the Reichstag on lending to the Government funds which had January 26. A survey of the stages through been borrowed by the Credit Union abroad. which the 1921 budget has passed shows that This plan has not as yet produced any tangible an important decrease in expenditures and results. further increases in receipts are necessary before When the Reichstag reconvened the tax Government finances can be stabilized. !1 program was again postponed, largely because of Bavarian difficulties and the decision in regard to Upper Silesia, which resulted in the TILE 1921 BUDGET. fall of the first Wirth Cabinet. Meanwhile, On March 26, when the budget for the fiscal inflation had been increasing. Treasury bills year 1921 (that is, the year "extending from outstanding, which amounted to 166,329.Apr. 1, 1921, to Mar. 31, 1922) was briefly 000,000 marks at the beginning of the fiscal outlined in the Reichstag, it was estimated year, had risen to 212,548,000,000 marks at that total expenditures for the year would the first of November, when the new tax plan amount to 101,200,000,000 marks. In June was presented to the Reichstag. When his second cabinet was formed. Dr. the Chancellor, who was at that time also the Finance Minister, came before the Reichstag Wirth did not assume the portfolio of Finance to say that later estimates placed the ordinary Minister, but appointed the Food Minister, budget for 1921 at 48,459,000,000 marks, the Dr. Hermes, as Acting Minister of Finance. extraordinary budget at 59,680,000,000 marks, On November 4 Dr. Hermes stated the new and the cost of the armies of occupation and Government's financial position before the the payments due under the London agree- Reichstag. He said that it had been decided ment at 42,000,000,000 marks. At that time to place the reparations expenses which would the yield from taxes to cover the ordinary occur regularly each year in the ordinary budand, extraordinary budgets showed a deficit get. Expenditures included under this headof 49,180,000,000* marks, including the postal rag at that time totaled 114,300,000,000 marks, and railway deficits. The Chancellor pre- of which 55,100,000,000 represented payments sented, with this new draft of expenditures in on account of the Peace Treaty. As it was esti1921, tax proposals which, it was estimated, mated that revenue for the fiscal year would would yield from 32,000,000,000 to 36,000,000,- reach 61,200,000,000 marks, the deficit in the 000 marks. He proposed increases in various ordinary budget would amount therefore to consumption taxes, a property tax which about 53,000,000,000 marks. At the same would take the place of the emergency levy time the deficit in the extraordinarv budsret had FEBHUABY, .1922. FEDERAL BESEEVE BULLETIN. 193 for the Bank of Japan are (1) private and Government deposits, including Government deposits abroad; (2) loans and discounts, exclusive of advances on foreign bills; (3) note circulation of the Bank of Japan, including notes issued as reserve for the Bank of Chosen note issue; (4) specie reserve held by the Bank of Japan for the note issue. It has now been dec idea to publish these statistics in somewhat greater detail in the future, and accordingly a table is printed herewith containing the new items. A similar table will be published each month under the heading "Japanese financial statistics." . The first column, the note circulation, is the same as in the former table and includes notes | to the extent of about 35,000.000 yen, which are used by the Bank of Chosen as reserve for its note issue. Bank of Chosen notes circulate REDUCTION IN GOVERNMENT EXPENSES. mainly in Korea and Manchuria, not in Japan proper. In addition to these notes, there is a Of the reforms proposed for the purpose of Government petit note circulation amounting reducing Government expenses, the most to about 200,000,000 yen, which is an outimportant for the immediate future are those growth of the war. These notes arc; of the same concerned with the railroads and the bread denomination as silver coins and were created subsidy. The price of bread is to be increased at the time of the shortage of silver. They on February 16, with a resulting saving to the have not been included in the table because it is Government of about 6,000,000,000 marks a likely they will be withdrawn very soon. The year. Railroad rates have been raised both for note issue of the Bank of Taiwan has also been the freight and passenger services several times omitted because it is not in circulation in Japan in. the last few months. Freight rates proper. were raised 30 per cent on November 1 and The second column in the new table is com50 per cent more on December 1. Passenger parable with the same item in the table that rates were raised on December 1 by 30 per cent, was formerly It shows the specie and it is planned to increase them 75 per cent reserve for thepublished. circulation, not necessarily on February 1 and to increase freight rates the total specienote of the Bank of Japan. 30 per cent on the same date. This last In point of fact, holdings between September, 1920, and increase will reduce the railroad deficit for the October, 1921, the bank's holdings of specie current fiscal year to 8,800,000,000 marks. larger than the; note issue and conseA more far-reaching reform is in prospect, how- were the two items appeared identical in the ever. The Federal Commerce Department quently statement. If the specie reserve is less has prepared a plan by which the Government bank than the note issue, the ratio between the two railroads will have a separate budget of their can be obtained. If the Bank of Japan wishes own, and by which they will not only pay their to issue notes in excess of the reserve, it can do own expenses but will build up a reserve of this to the extent of 120,000,000 ycxi by placing 10,000,000,000 marks by yearly payments of certain specified securities, such as Govern1,250,000,000 marks. There is also a plan in ment bonds, commercial paper, etc., behind the prospect for the separation of the Reicnsbank notes issued. Beyond this limit a tax of not from the Government finances. The practical loss than 5 per cent is placed upon all excess details of the plan have not been divulged, issues. however. Column 3 in the new table is the same as in the former table. It consists of the ordinary loans and discounts of the Bank of Japan to JAPANESE BANKING STATISTICS. other banks. A .new item has been added, Since the issue of the BULLETIN for Febru- however, to supplement this information, ary, 1921, Japanese banking statistics which namely, the advances of the bank on foreign are furnished to the Board by the Bank of bills. These advances to the foreign exchange Japan, have been regularly published each banks ordinarily amount to about 30,000,000 month. The items which have been followed yen. reached 57,000,000,000 marks, making the total deficit 110,000,000,000 marks. Dr. Hermes laid before the Reichstag proposals for .taxes which would, he estimated, yield from 40,000,000,000 to 42,000,000,000 marks. They embodied in general the proposals made by l)r. Wirth in his July speech. These proposals were debated during the next week by the Reichstag and sent to a special committee. By the end of another month (that is, on. Dec. 6) the Ministerial Director, Dr. Popitz, presented to the Reichstag tax committee a third revision of the 1921 budget which showed, as was stated on page 192,* a deficit of 161,500,000,000 marks instead of the 110,000,000,000 marks estimated by Dr. Hermes. The change seems to have been caused by allowing a wider margin for the depreciation of the mark. 194 FEDERAL RESERVE BULLETIN. The fifth and sixth columns in the table show current Government deposits and private deposits in Japan. These items differ from the item formerly published as _" private and Government deposits'7 in that Government deposits abroad are excluded. Government deposits in foreign countries are usually so large that fluctuations in this item conceal changes in the domestic deposit account. As the current account of the Government is far more important in its effect upon the domestic banking situation, it has seemed preferable to exclude the foreign deposits (which amounted to something like 700,000,000 yen in 1921) until some later date, when a study may be made of the methods used in FEBKUARY, 1922. financing Japanese foreign trade. Of the total deposits in Japan in January about 35,000,000 yen were deposits of other banks with the Bank of Japan while 277,000,000 yen were Government deposits. No changes have been made in the statistics for the Tokyo clearing banks. It should be remembered, however, that the Tokyo banks represent not more than 25 per cent of the resources of all Japanese banks, although they usually represent the general trend satisfactorily. Finally, the discount rate in Japan is usually quoted in rin (1 rin = one-tenth of 1 sen) by the day for 100 yen. These quotations have been shifted to the percentage basis for publication in the BULLETIN. JAPANESE FINANCIAL SITUATION.1 [Amounts in millions of yen..] "Bank of Japan. | Note •circulation. Tokyo banks. ; Specie | Ordinary ! Advances reserve ! loans and on foreign for notes.2 \ discounts. , bills. j j Current Government deposits in Japan. Private deposits in Japan. 223 222 302 322 375 312 330 345 293 309 325 203 73 136 30 35 32 45 76 35 30 34 37 35 1,876 1,874 1,852 1,848 1,873 1,980 1,987 1,951 1,955 1,993 1,989 2,000 2,013 2,143 2,502 2,442 2,506 2,670 2,341 2,816 2,627 2,679 2,783 3,340 277 35 1,984 2,246 Total loans Tokyo associated bank. Tokyo Average bank discount rate clearings, (Tokyo total in market). the month. 1921. E n d of— January February March April May June July August September October November December 1922. E n d of January i ' I •. ; ; : • ' 1,235 1,141 1,178 1,147 1,118 1,218 1,172 .1,192 1,232 1,255 1,283 1,516 j ; 1,377 ,! ; 1,235 1,141 1,178 1,147 1,118 1.218 l'. 172 i.; 192 1,232 1,255 1,26-1 1,246 75 62 60 43 61 82 43 107 101 157 197 298 ; I : : " j ; i 55 46 43 45 43 65 23 31 32 30 30 26 56 i ' j ' i i 1 Figures apply to last day of month in case of Bank of Japan, to last Saturday of the month in the case of the other items. » This includes the specie segregated against nates only. It includes gold credits abroad as well as bullion and coin at home. 10.33 9.71 9.23 9.16 9.05 8.91 8. 36 8.43 8.28 8.50 8.79 195 FEDERAL EESEEVE FBBKUART, 1922. State Banks and Trust Companies. DISTRICT NO. 9. ADMISSIONS. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: First National Bank, Red Wing, Minn. The following list shows the State banks and trust comDISTRICT NO. .1.0. panies which were admitted to membership in the Federal Reserve System during the month ending January 31, Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: 1922, on which date 1,632 State institutions were members First National Bank of Guthrie, Okla. of the system: Capital. : Surplus. Total Commercial Failures Reported. District No. 3. Columbia County Trust Co., Bloomsburg, Pa Lcmoyno Trust Co., Lemoync, Pa Orrstown Bank, Orrstown, Pa j $125,000 j $25,000 S819,061 1.25,000 j SO, 000 1,105,1-10 25,000 : 6,000 148,552 District No. 4. • ! Commonwealth Bank & Trust Co., i Cleveland, Ohio 250,000 j District No. 6. . Macon County Bank, Tuskegee, Ala Merchants & Planters Bank, Whitecastle, La 353,160 : 50,000 I i I District No. 7. 100,000 110,000 4S5,025 6,000 115,414 25,000 377,953 The increase in number of failures in the United States continues sharply defined, the J ,898 defaults reported to 11. G. Dun & Co. for three weeks of January comparing with 1,378 insolvencies during the corresponding period of 1921. The returns for December, the latest month for which complete statistics are available, disclose 2,444 commercial failures, involving §87,502,382 of liabilities, as compared with 1,525 defaults for $58,871,539 in December, 1920. Separation of the December returns by Federal Reserve districts shows a larger number of insolvencies in every instance than in December, 1920, while only in the first, third, and tenth districts is the indebtedness smaller than in the earlier year. 30,000 \ FAILURES DURING DECEMBER. \* The Wayne County State Bank, Cory- I don, Iowa District No. 9. I 75,000 . \ j Number. Liabilities. Districts. 500 i 110,612 Mellette County State Bank, White River, S. Dak Withdrawal.—Kansas Reserve 25,000 j Bank, Topeka, State Kans. Insolvent.—Guaranty State Bank, Troup, Tex.; First Territorial Bank, Lovington, N. Mex. Conversion.—Merchants State Bank, Port Arthur, Tex., has converted into a national bank. Liquidations.—Scandinavian-American Bank, Marshfield, Oreg.; Bank of Commerce & Trust Co., Mercedes, Tex. Merger.—The Peoples Bank of St. Paul, Minn., has merged with the Central Metropolitan Bank of St. Paul, a member bank. 1921 First.. 190 551 124 Second Third Fourth.. Fifth Sixth Re'venth.. • Eighth Ninth Tenth.. Eleventh Twelfth Total J80 1921 1920 ! 1920 1 ft> 156,671,119 ' 86,682,883 ! 333 36,979,329 21,538,235 76 4,176,377 4,317,296 75 4,050,490 ; 2.210,441 97 5,679,487 ! l.^ 872,700 2J2 l«»0 302 1-12 100 100 107 156 86 1?4 133 2,444 1 525 i an i ()?> 101 44 6,066,401 : 3,125,655 7,820,313 5,868,677 3,873,516 3,030,670 2,158,515 1,150,260 2,152,128 i 4,748,658 4,307,254 i 2 141,462 3,567,453 '. 2,184,602 87,502,382 58,871,539 New National Bank Charters. Fiduciary Powers Granted to. National Banks, The Comptroller of the Currency reports the following The applications of the following banks for permission increases and reductions in the number and capital of to act under section ll(k) of the Federal Reserve Act were national banks during the period from December 24, 1921, approved by the Board during the month ending January to January 27, 1922, inclusive: 31, 1922: DISTRICT NO. 2. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: City National Bank, Binghamton, N. Y. DISTRICT NO. 3. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver: First National Bank, Ocean City, N. J. . Registrar of stocks and bonds: Central National Bank, Philadelphia, Pa. Third National Bank, Philadelphia, Pa. DISTRICT NO. 7. N e w charters issued Trustee, executor, administrator, guradian of estates," assignee, receiver, Aggregate increased capital for period and committee of estates of lunatics: Reduction of capital owing to liquidations, etc Citizens' National Dank of Princeton, 111. Trustee, executor, administrator, registrar of stocks and bonds, guardian Net increase of estates, assignee, receiver, and committee of estates of lunatics: Security National Bank of Sheboygan, Wis. ! Restored to solvency Increases of capital approved Aggregate of new charters, banks restored to solvency, and banks increasing capital '. Liquidations Reducing capital j Total liquidations and reductions of capital Consolidations of national banks under act of Nov. 7,1918 j 28 !«1,290 J 000 0j 0 26 ; 2,835,000 I; 54 4,125,000 14 ! 2,345,00;) 0 ; 0 14 | 2,345,000 i 2 | 450,000 j 4,125,000 2,345,000 j 1,780,000 196 FEDERAL EESEKVE BULLETIN. PEBRUAEY, 1922. RULINGS OF THE FEDERAL RESERVE BOARD. Capital required of national banks in Wisconsin applying for permits to exercise fiduciary powers. The question has been raised whether, in view of a recent amendment to the laws of the State of Wisconsin, the Federal Reserve Board will grant to national banks in Wisconsin having capital of only §25,000, permits to act in fiduciary capacities under the terms of section ll(k) of the Federal Reserve ActSection ll(k) of the Federal Reserve Act. as amended September 26, 1918, which authorizes the Federal Reserve Board to grant permits to national banks to act in fiduciary capacities, contains the following proviso: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law of State banks, trust companies, and corporations exercising such powers. Prior to July 13, 1921, trust company banks were the only corporations organized under the laws of Wisconsin which could act in fiduciary capacities, and they were required to have a minimum capital of §50,000 or §100,000, depending upon whether they were located in cities of less than 100,000 inhabitants or in cities of more than 100,000 inhabitants. Under these circumstances the Federal Reserve Board, of course, was without authority to grant permits to exercise fiduciary powers to national banks in Wisconsin with less than $50,000 capital. By an act approved July 13, 1921 (Wisconsin Laws, 1921, chap. 555), the Legislature of Wisconsin amended section 2024-9 of the Wisconsin statutes so as to authorize State banks, after obtaining authority from the State commissioner of banking, to exercise fiduciary powers to the same extent as trust company banks organized under the laws of Wisconsin. That section, as amended, contains the following proviso with reference to the amount of capital which State banks must have in order to obtain permits from the commissioner of banking to exercise such powers: Provided, That no special authorization shall be issued to any such bank having a capital less than the capital from time to time required by law of a national bank exercising fiduciary powers in the same place. The amount of capital required by the Wisconsin statutes for the organization of State banks is in no case greater than that required for the organization of national banks in places of similar size; and the Federal Reserve Board is of the opinion that in the present state of the law it has legal authority to grant to any national bank located in the State of Wisconsin a permit to act in fiduciary capacities. Section 11 (k) of the Federal Reserve Act, however, provides that in passing upon applications of national banks for permits to exercise fiduciary powers the Federal Reserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not it is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly; and section 2024-9 of the Wisconsin statutes, as amended, contains a provision vesting a similar discretion in the State commissioner of banking. In view, of these provisions, is it clear that both the State commissioner of bunking and the Federal Reserve Board may require banks applying for permits to exercise trust powers to have a greater capital than the minimum fixed b}r law, if in view of all the circumstances they deem it proper to do so. Furthermore, section ll(k) of the Federal Reserve Act indicates the general intent of Congress to place national banks upon a basis of substantial equality with competing State banks and trust companies, so far as the exercise of fiduciary powers is concerned. Before determining whether or not it would grant applications of national banks with capital of only $25,000, therefore, the Federal Reserve Board addressed a letter to the commissioner of banking of the State of Wisconsin inquiring as to his interpretation of the State law and as to his policy with respect to applications of State banks with capital of $25,000. The commissioner replied that he felt that no bank with a capital less than $50,000 should be permitted to exercise fiduciary powers, that he had already advised a number of State banks to this effect, and that he hoped that the Federal Reserve Board would adopt a like policy with respect to national banks. In view of this fact, and in order to cooperate as far as possible with the State commissioner of banking, the Board has determined that it will comply with this request, and in the exercise of its discretion will decline to grant permits to exercise fiduciary powers to national banks in the State of Wisconsin with a capital of less than 850,000. 197 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. PRICE MOVEMENT AND VOLUME OF TRADE. WHOLESALE PRICES IN THE UNITED STATES. It seems probable that wholesale prices continued gradually to decline during December. The index number of the Federal Reserve Board, based upon approximately 90 price quotations, showed a reduction of 2 points, and now stands at 138 as compared with the prewar average of 100. The index of the Bureau of Labor Statistics, on the other hand, showed no reduction during the month, the index remaining at 149 as compared with 100 in 1913. The differences in the two indexes seem to be mainly due to the contradictory movement of lumber prices. According to the index of the Bureau, there was a considerable advance in lumber, while the quotations followed by the Federal Reserve Board showed either small reductions or no change from the preceding month. As a result, the index of raw material prices computed from the Bureau of Labor Statistics quotations shows an increase while that of the Federal Reserve Board shows a decrease of 1 point. The two indexes agree in showing reductions in finished consumers' goods and small change in the price of producers' goods. Prices of leading American exports continued to decline while imports advanced. Goods produced here were definitely on the decline. During the first three weeks of January prices of live stock, with the exception of cattle, advanced, while cereals and other agricultural products declined slightly. Pig iron and the leading semifinished steel products did not change appreciably, and bituminous coal remained about the same. In the cotton industry, prices are almost stationary, with a tendency to decline. Prices in the woolen industry, on the other hand, are advancing. Lumber prices, as quoted by private dealers to the Board, showed no change or slight increases. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES 1919-1921 ^^ CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON AVERAGE PRICE LEVEL OF 1913 = 1OO 280 260 7 ^\ /--* \ / V 240 \ / 220 _ — — — — GOODS IMPORTED - ••••••••••GOODS EXPORTED - • PRODUCERS GOODS y 240 \ \ ^160 220 \ V \ —* 280 \ v \ ji ^^ 260 .** *^i \ \ 5 ~z^— - \ 200 180 i 1 \ \ \ A \ \ \ \ i 200 180^ \ 160g \ •*. \. \V\ O 120 *•. 140| o • I .»•••* 120 \ V '" 100 80 YEAR 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 87690—22 1920 6 1921 100 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 1920 1921 80 YEAR 198 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISONS [Average prices in 1913=100.] Goods i Goods imexported, ported. Raw materials. Producers' goods. Consumers' goods. All commodities. 1919, average 1920, average 1921, average 214 227 131 209 235 141 198 237 142 207 229 149 206 233 145 January, February March. April May June July August September October... November December 142 335 125 121 125 122 122 123 144 14 L 138 136 164 152 146 136 139 133 134 133 138 140 141 140 166 158 153 148 145 140 136 133 133 132 128 127 159 152 151 147 144 144 152 157 152 145 143 140 163 154 150 143 142 139 141 143 143 141 140 138 1 The index .number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices. Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has seemed advisable to publish the Amoric •*—u— «»•-.«« n „«»,•*.„:...„ «~..<~:.. ,^,.,.„,•*.•.««+.•— ,,c ~« ~/i:(.,„.*. ~J.I~ ,• — -I-L-T. 1 ,, prices of the important goods imported i United States. The number has been published i .. „ ._ ..„, _, „ . _, „ ..„_ „..„„. 4 7 For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920, pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights" assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in BULLETINS for June, L920, and June, 1921. cloths, boots and shoes, and kerosene among the consumers' goods. Th index id "d i d consists of 18 quotations (9 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton, The off "goods imported" Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers' goods. Leading American, exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12 producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materialsvegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products' coffee, cotton cloth, boots arid shoes, and kerosene the consumers' goods. ' The index numbers of "raw materials," producers' goods," and "consumers' goods," consist of the commodities mentioned above which fall into these classes, whether they arc of domestic or foreign origin. The raw materials group include 39 quotations, the producers' goods 29 and the consumers' goods 22. The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau. INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.2 [Average prices in 1913= 100.] BUREAU Raw materia Year and month. 1920, average 3 1921, average 3 January February March April May June July August September October November December 1921. , Agricul- Animal Forest M i n e r a l tural products. products. products. Total Producers' goods. Consumers' goods. All commodities. terials. 256 133 183 108 333 208 235 187 240 151 235 140 252 161 243 153 155 145 130 120 131 125 122 123 142 134 129 .129 119 314 116 106 104 102 109 112 104 105 103 102 245 225 210 205 205 204 203 200 194 193 200 208 220 207 197 189 188 182 . 177 i 175 172 176 ! 178 • 178 175 164 157 149 149 145 145 145 146 145 145 146 169 155 149 143 140 137 134 132 133 133 130 130 182 171 168 159 153 152 153 162 160 158 157 155 177 167 162 154 151 148 148 152 152 150 119 149 bclassificd into agricultural products (mainly grains, cotton,; upon the same number, forest products based upon 11 quotations, and mineral products based upon'27 quotations, l'he FEDERAL RESERVE BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor Statistics: « These reclas'ified averages, with the exception of those for the "all commodities," are based on the 12 monthly, not the weekly figures for the year, as are the original averages compiled by the Bureau of Labor Statistics. 199 FEDERAL RESERVE BULLETIN". FEBRUARY, 1922. In order to give a more concrete illustration of actual price movements, there are also presented in the following table monthly actual and relative figures for certain commodities of a basic character. The prices shown in the table have been obtained from the records of the United States Bureau of Labor Statistics, except in the case of bituminous coal, prices for which have been obtained from the Coal Age. AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES. [Average price for 1913=100. J Corn, No. 3, Chicago. Cotton, middling, New Orleans. Wheat, No. 1, northern spring, Minneapolis. Wheat, No. 2, red winter. Chicago. Cattle, steers, j Hides, packers, good to choice, i heavy native Chicago. ! steers, Chicago. Year and month. ! Average 1 price per i bushel. 1913 1919 1920 1921 ' i RoJa- Average ! Rela- Average • Relative | price per live price per : live price, pound, i price, j bushel. . price. SO. (5155 1.5800 1.3968 5648 100 : 257 227 92. SO. 1270 .3185 .3301 .1414 Average price per bushel. Relativeprice. 100 251 260 111 SO.8735 : 2,5660 '• 2.5581 | 1.4660 i 100 294 293 168 SO. 9863 2.5370 2.5225 1.4353 100 239 256 146 114 104 87 88 93 87 90 102 J55 151 138 135 1.7884 ! 1.67.13 1.6135 1.4059 1.4923 ! 1.4994 [ 1.4384 1.3953 | 1.4825: 1.3191 1.2535 .1.2594! 205 191 185 161 171 172 165 160 170 1.51 144 144 1.9613 1.9194 1.6798 1. 3869 1. 5680 1.4384 1.2291 1.2373 1.2769 1.1938 1.1758 I. 1767 199 195 170 141 159 146 125 125 129 121 1.19 1.19 £' I Rcla- ! Average Rcla"jljn r i live price per; tive pounds. P r i c e ' ! P ° u n d - \ P r i c c - r $8.5072 17.4957 14.4856 8.7803 100 206 170 103 SO. 1839 .3931 .3122 .1.390 | , ! ' 100 210 174 76 1921. . 0553 . 6350 . 6180 . 5547 . 6090 . 6075 .6019 . 5578 .5344 . 4647 . 4728 . 4669 January February... March April May .Tune July August September.. October November.. Doc ember. - 106 103 .100 j 90 99 99 98 91 87 76 77 76 . 1450 ! . L322 . 1105 .1116 : .1178 j .1101 .1147 . 1290 . 1963 .1913 i .1750 .1713 : 9. 8400 9.3125 9.5625 8.7188 8.4250 8.0938 8.4063 8.7750 8.3750 8. 8750 8. 5625 8.2188 1.16 109 112 102 99 95 99 103 98 1.04 101. 97 .1675 ! .1363 . .1150 ! .1013 | . 1188 ! .1395 i .1388 ! .1405 : . 1406 .1481 . 1580 i .1650 I Hogs, light, Chicago. Vv'ool, Ohio, }-% grades, scoured, eastern m a r k e t s . Hemlock, New York. Year and month. 1913. 1919. 1920. 1921. Average price per 100 pounds. RelaAverage tire price per price. ! pound. 88.4541 18.3260 14.7106 8. 89.13 100 ! SO. 4710 217 : 1.1894 174 I .9712 1.05 .5076 100 248 203 108 9. 6700 9.7063 10.3063 8. 8563 8. 4559 8.2500 10.2000 10.3950 8. 5000 8.1800 6. 8688 7.0250 114 .1.15 122 105 100 98 121 1.23 101 97 81 .1.16 11.6 112 112 108 104 1.04 100 100 100 : 108 , 112 ! Re:a- ! Aveisrage tive price per price. Mfcel. Yellow pi no, flooring, N e w York. 91 74 63 55 65 76 75 » 76 76 81 86 90 • Coal,bituminous, j Coal, b i t u m i n o u s , i r u n of m i n e , f.o.b. ! Pocahonlas,f.o.b. . spot at m i n e s , spot a t mines, • 'Pittsburgh. i Columbus. I Average Rela- j price per Re!a- I Average Rela- j Average Relative ! Mfeet • tive j price per live | price per tive price, manufac-i price. : short ton. price, short ton. price. lured. S24.2273 i 39.7500 56.6667 40. 8960 ' 100 164 234 1.69 S44.5909 : 78.8333 ' 145.4167 93.7083 100 177 326 21.0 48.0000 48.0000 48.0000 41.0000 41.0000 41.0000 37. 5000 37.2500 I 37.2500 ' 37.2500 " 37.2500 I 37.2500 , 198 1.98 198 169 1.69 169 1.55 154 154 154 154 154 ' 110.0000 . 95.0000 i , 95.0000 ! | 91.0000 91.0000 I j 91.0000 ' 91.0000 ! i 92.0000 i | 92.0000 ! 90.0000 I i 91.0000 ; i 95.5000 i 247 213 213 204 204 204 204 206 206 202 204 214 SI. 3200 100 j i SI.5710 100 6.0433 2.2030 458 167 5. 8891 3.1804 375 202 2.5300 2. 4200 2.2900 2.2500 2.1310 1.9000 2.0750 2.1300 2.2310 2.1800 2.1500 I 2.1500 ' 192 1.83 173 I 170 16.1 144 157 161 169 165 163 163 4.2500 3.7300 3.4.000 3.3625 3.4940 3.4250 3.2000 3.0600 I 2.9190 | 2. 6800 2.4500 2.1950 271 237 216 214 222 218 204 195 186 171 156 140 1921. January February... March April May June July August September.. October November.. December.. .5455 . 5455 . 5273 .5273 . 5091 . 4909 . 4909 . 4727 . 4727 . 4727 . 5091 .5273 » On Toledo market, average lor last six months of 1913. • . ! ! i i . ! ; ! ! ' 200 FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. AVERAGE M O N T H L Y WHOLESALE PRICES OF COMMODITIES-Continued. j Coal, anthracite, Coke, Connellsstove, New York, ville, at furnace. tidewater. Copper, ingot, electrolytic, New York. Lead, pig, desilverized, New York. iron, basic, Petroleum, crude, Pig Mahoning and Pennsylvania, Shenango Valley, at wells. at furnace. Year and month. Average Rela- Average Rela- Average price per tive : price per tive price per long ton. price. short ton. price. pound. 1913. 1919 19?0 1991 $5.0613 8.1639 9. 4265 10. 5544 • January.. Rela- Average tive price per price. barrel. Rela- Average Relative price per tive price. long ton. price. $2.4396 4.7375 10.8163 3.6361 100 194 443 149 SO.1573 .1911 .1797 . 1262 100 122 114 80 $0.0440 . .0578 .0808 . 0457 100 131 184 104 S2.4500 4.1346 5.9750 3.3144 100 169 244 135 S14.7058 27.6971 42.2692 21 6683 100 188 287 147 5. 5313 5.1875 5.0000 3.7188 3.3250 3.0938 2.9063 2. 8000 3.1875 3.2750 2.9700 2.7500 227 213 205 152 136 127 119 115 131 134 122 113 .1288 . 1288 .1223 .1247 . 1283 . 1284 . 1253 .1173 . 1200 .1268 . 1303 . 1356 82 82 78 79 82 82 80 75 76 81 83 86 .0497 . 0468 . 0105 . 0428 . 0495 . 0451 . 0410 . 0440 . 0461 . 0470 .0470 .0470 113 106 92 97 113 103 100 100 1.05 107 107 107 5.7750 4.1875 3.0000 3.1875 3.3500 2.6250 2. 2500 2.2500 2.3125 3.1250 3.9000 4.0000 236 171 122 130 137 107 92 92 94 128 159 163 30. 0000 27.5000 24.2000 22. 8750 22.0000 20. 7500 19.3750 18.2000 19.1250 19.1875 19.0000 18.6250 204 187 165 156 150 141 132 124 130 130 129 127 1921. 10.6373 10.0382 10.6382 10.1380 10.2910 i 10.3900 . . ! 10.5048 in. fin-Mi 10.7075 10.7125 10.6859 10.7063 Februarv March " April May fune July August September October . . 100 ; 161 : 186 209 Rela- Average tive price per price. pound. . N ovcTiiber December 210 210 210 200 203 205 208 210 212 212 211 212 Cotton yarns, northern canes, 10/1 Boston. Leather, sole, hemlock, No. 1, Chicago. Steel billets, Bessemer, Pittsburgh. Steel plates, tank, Pittsburgh. Steel rails, open-hearth, Pittsburgh. Worsted yarns, 2-32's crossbred, Philadelphia. Year and month. 1913 1919 1920 1921 Average price per pound. $0.2213 . 5340 . 6245 . 2901 100 241 282 131 SO. 2821 . 5283 . 5342 . 3583 100 187 189 127 825.7892 40.5385 56.2596 34, 3846 100 157 218 133 $0.01-18 . 0271 . 0328 . 0193 100 183 222 130 $30.0000 49.2642 53.8269 4o. 6538 100 164 179 152 SO. 7767 1.6274 1. 8250 1.1792 100 210 235 152 . 4000 . 3800 . 3700 . 3700 .3700 . 3700 .3500 . 3100 . 3400 . 3400 . 3100 . 3400 1.42 135 131 131 131 131 124 121 121 121 121 121 43.5000 42, 2500 38. 4000 37. 5000 37.0000 37.0000 32.2500 29.6000 29.0000 29.0000 29. 0000 29.0000 169 164 149 145 143 143 125 115 112 112 112 112 . 0265 . 0233 . 0204 . 0210 . 0220 .0195 .0185 . 0178 . 0164 . 0160 .0152 .0150 179 157 138 142 149 132 125 120 111 108 103 101 47.0000 47.0000 47.0000 47.0000 47.0000 47.0000 47.0000 47.0000 47.0000 45.2500 40.0000 40.0000 157 157 157 157 157 157 157 157 157 151 133 133 1.1500 . 1500 .2000 L. 2000 L. 2500 L. 2000 L. 1500 L. 1500 1.1500 1.1500 1.1500 1. 2500 148 148 155 155 161 155 148 148 148 148 148 161 . 2878 . 2775 . 2447 . 2388 . 2491 . 2545 .2411 . 2586 . 3416 . 3832 . 3655 . 3391 . February March . •Ypril May June Julv August September October N ovembcr December 130 125 111 . 108 113 115 109 117 156 173 165 153 Beef, carcass, good native steers, Chicago. Coffee, Rio, N o . 7, New York. Year and month. Average price per pound. 1913 . 1 .10.1295 1919 1920 1921 January February March Vpril May Tune July August Rela- Average tive price per price. pound. Flour, wheat, standard patents (1918, standard war), Minneapolis. Rela- Average tive price per price. barrel. Hams, smoked, Chicago. Rela- Average tive price per price. pound. Illuminating oil, 150° fire test, New York. Relative price. Sugar, granulated, New York. Rela- Average tive price per price. gallon. Relative price. Average price per pound. Relative price. - 2333 . 2304 .1627 100 180 178 126 §0.1113 . 1785 .1198 .0719 100 160 108 65 $4. 5837 11.9982 12.6750 8.3264 100 262 277 182 SO. 1662 . 3433 . 3340 .2678 100 207 201 161 SO. 1233 .2004 .2629 . 2432 100 163 213 197 SO. 0427 . 0894 . 1267 .0616 100 209 297 144 .1738 . 1600 . 1625 . 1650 1630 .1600 .1490 .1600 . 1595 . 1644 . 1725 .1640 134 124 125 127 127 124 115 124 123 127 133 127 .0669 . 0672 . 0639 .0600 .0621 -0666 . 0647 .0703 .0789 .0813 . 0883 .0931 60 60 57 54 56 60 58 63 71 73 79 84 9.6250 9.1813 8.7300 7.9500 8.7450 9. 0063 8.9000 8.1200 8.3188 7.4250 7.1700 6.8813 210 200 190 173 191 196 194 177 181 162 156 150 .2488 .2600 . 2725 . 2703 .2725 .2822 .3200 . 3248 .2756 .2372 . 2238 .2150 150 156 164 166 164 170 193 195 166 143 135 129 . 2900 . 2750 .2625 . 2540 . 2400 .2200 . 2200 . 2200 .2200 .2320 .2400 .2400 235 223 213 206 195 178 178 178 178 188 195 195 .0757 .0709 .0784 0725 .0632 .0569 .0546 .0583 .0559 .0519 0517 .0500 177 166 184 170 148 133 128 137 131 122 121 117 1921. i . . So/pio/mhor Rela- Average Rela- Average tive price per tive price per price. long ton. price. pound. Relative price. 1921. January' Rela- Average Rela- Average tive price per tive price per price. long ton. price. pound. Average price per pound. _. October November December . 201 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. FOREIGN TRADE INDEX. There are presented below the usual indexes designed to reflect the movements in foreign trade of the United States, with the fluctuations due to price changes eliminated. The commodities chosen for these indexes are those for which prices are compiled by the Federal Reserve Board in the preparation of its international price index.1 The December index number for the 29 commodities which comprise the export index was 95, having declined for the fourth consecutive month from the peak reached in August. This decrease was distributed about equally among the three groups of commodities. When comparing the December, 1921, volume of exports of products included in the group of raw materials with December, 1920, the greatest slump is noted in the case of agricultural commodities, although corn showed a remarkable increase over both last year and last month.7 The commodities making up the producers group showed little change when compared with last month, but a decided decrease was noted in the case of cottonseed oil, gasoline, steel rails, structural iron and steel, and copper wire when compared with the December, 1920, 1 The list includes 27 of the most important imports the value of which in 1913 formed 49.3 per cent of the total import values, and 29 of the most important exports the value of which in 1913 formed 56.3 per cent of the total export values. The classification of the original list of commodities used was given m the July, 1920, BULLETIN. The classification of 11 additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 1921, BULLETIN. figures. Among the group of consumers' goods, wheat (lour registered the largest decrease but was still in excess of that exported during the same month last year. This decrease in wheat flour was more than offset by the increase in exports of refined sugar. The total volume of the 27 commodities of imports again registered a marked increase, the index number standing at 168.7, as compared with 150.6 in November and 100.4 in December, 1920. The largest increase in the group of raw materials was shown by imports of silk, which was 171 per cent of that imported during November and almost six times the amount imported during December, 1920. Cotton, wool, and hides and skins registered an increase, while lumber showed a marked decrease when compared with November, but was still in excess of the figure for December, 1920. The most noticeable change in the group of producers' goods was in the case of India rubber, which was the largest amount imported during any month of 1921. Extracts of quebracho again showed a decided revival over last month, as well as over December, 1920. The same is true of jute, while nitrate of soda experienced a decided falling off. The index number for the group of producers' goods stands at 218.9, as compared with 199.5 last month and 133.0 for December, 1920. Among the commodities included in the consumers' group, coffee showed another large increase, tea and olive oil slight increases, and cocoa and bananas decreases. INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1313 PRICES. [Monthly average values, 1913=100.] Exports. Imports. R a w m a t e - Producers' Consumers' Total (29 rials goods (10 goods (7 com(12 comcomcommodities). modities). modities). modities). 1913—Year . . 1919—Year 1920—Year 1921—Year...." ' 1921. February April May June July August September October . . .. December . . . Raw mate- : Producers' Consumers' Total (27 rials goods (12 goods (5 (10 commodities), comcommoditics). modities). commodities). 100.0 88.9 92.2 103.1 100.0 15-1.7 112.5 95.8 100.0 188.5 138.0 120.1 100.0 118.6 107.7 107.9 100.0 ! 157.5 135.8 113.6 : 100.0 193.0 227.4 162.8 100.0 147.5 166.7 141.4 100.0 168.4 168.8 135.6 105.2 91.0 78.2 76.6 97.7 107.9 111.6 142.7 115.7 121.7 95.1 93.8 187.9 141.0 104.4 102.7 81.8 74.4 68.3 68.1 79.1 83.5 83.7 74.1 126.0 116.4 122.4 122.5 112.8 135.1 131.8 164.1 147.5 119.2 108.6 106.5 117.6 101.6 91.1 89.9 100.0 111.3 112.5 140.9 119.9 117.6 97.3 95.0 74.5 118.2 160.7 153.4 98.7 • 94.5 99.3 ! 116.7 102.8 96.2 115.1 133.0 : 130.8 143.5 177.5 177.7 150.2 152.5 126.5 165.0 137.8 173.5 199.5 218.9 123.9 135.5 178.9 185.1 162.1 130.4 121.4 129.8 99.4 116.5 149.2 164.8 102.6 130.0 169.7 167.2 127.3 120.9 112.6 136.0 114. 6 126.9 150. 6 168.7 202 FEDERAL RESERVE BULLETIN. INDEX OF OCEAN FREIGHT RATES. The accompanying table shows the monthly fluctuations in ocean freight rates prevailing between United States Atlantic ports and the principal European trade regions. The figures are derived from the actual rates quoted on the following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. For the methods used in constructing the index see the August, 1921, BULLETIN, pages 931934. FEBRUARY, 1922. rates, especially for prompt loading, were higher than in December, and there was an active demand for time charters—something that has been almost entirely lacking ever since the severe and long-continued decline began in the latter part of 1920. CROP PRODUCTION BY FEDERAL RESERVE DISTRICTS. Presented below is a table giving the final estimates by the Department of Agriculture of the production of principal crops in 1921, with RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND comparisons for 1920. The 1920 figures have EUROPE TRADE. been revised by the department in accordance [January, 1920, rates=100.] with the returns of the census for the year 1919. Corn production was about 128,000,000 bushUnited States Atlantic ports to— els less in 1921 than in 1920. The largest deNethercrease was shown for the Kansas City district, Month. united MediScandiAll lands French Kingterrathough the Chicago and St. Louis districts also navia, and Europe. VllanlLc. dom. nean. Belgium. reported materially smaller figures. The Minneapolis district, on the other hand, produced 1921. over 38,000,000 bushels of corn more in 1921 GO. 7 i 42.9 43.2 43.3 3k 1 January 30. 2 38.5 than the year before. 54. 7 | 30.9 43.8 Wheat production was 27. 7 29.2 February 35.9 49.3 j 42.2 30.8 24. 6 28.3 March 39.0 about 38,000,000 bushels smaller in 1921 than 50.1 32. 0 35.7 29.4 36. 0 April 40.1 in 1920, the principal decreases being reported 50.0 34.6 : 31.3 : 35. 0 3S. 2 May 37.0 42.7 . 34.0 31.3 31.7 38.3 June 36. 8 for the Minneapolis and Kansas City districts, .-•12.;") i 34.7 : 33. 9 37. 0 29.0 July 36.7 3k3 i 33. 4 28. 4 42.9 ! 38.7 August; 30.0 while in the Pacific coast region winter wheat 33.0 ' 41.8 32, 7 35. 8 28.2 September 32.3 production was about 15,000,000 bushels larger 37.0 33.3 28. 5 30. 7 2G.7 I October 28.8 33.5 32.9 i 25. 2 24.0 25. 0 November The final estimate on cotton 27.2 than a year ago. 32, 4 22.9 32.3 23. 3 22. 7 December places the crop at 8,300,000 bales, compared 1922. 22. 7 23. 1 32.2 : 27.1. with 13,400,000 bales the year before, a decrease 31.7 .. 23.3 January of 38 per cent, due chiefly to the reduction in The index numbers for January, 1922, indi- acreage and the smaller amount of fertilizers cate that the decline in ocean freight rates, used as the result of the decline in the price which last autumn set in again following a com- of cotton in 1920. Production of oats in 1921 paratively steady period throughout the sum- was 1,060,000,000 bushels, compared with 1,mer months, has been arrested for the time 496,000,000 bushels in 1920, the three princibeing at least. There was in fact a stiffening of pal producing districts, Chicago, Minneapolis, some commodity rates in the latter half of Janu- and Kansas City, all showing much reduced ary, the influence of which was not sufficient, figures. The amount of hay produced was however, to bring average quotations for the about 8,000,000 tons less in 1921 than the month above the December level. Charter year before. ! : PRODUCTION OF CORN, WHEAT, COTTON, OATS, AND HAY, BY FEDERAL RESERVE DISTRICTS- FINAL ESTIMATES OF THE DEPARTMENT OF AGRICULTURE FOR 1921 AND 1920.* fin thousands of units of measurement.] Corn (bushels). Federal Reserve district. 1921 Boston New York Philadelphia Cleveland Richmond Atlanta. Chicago ,,i Louis T _' i,. Ft. M in n capolis K an sas City Dallas....."' San Francisco Total I 1920 Total wheat (bushels). 1921 1920 11,887 495;. 313 14,447 36,257' 9,778 10,795| 42,872 64.195 21,126 19,602; 69,416 209,377 227:621 35,254 38,567! j 173.687 189,917 : 21,863 33,295' 5,032 5,677 j 250,255 236,508 017144 62;922! 67,8111 I 907277 907,277 1,017,144 448,909: 66,442 68,061 ' . 416.543 iia r.to MO nrvn ". = 302', 3 « 263,9951 153,483; 165,919 ' 442,158 536,672! 271,130' 296,322 ! 163960 2l',986i 21,921 ISO, 803! 163,960 ! 11,193, 11,519' 121919 105,177, ! i Winter wheat (bushels). 1921 1920 Spring wheat I (bushels), I 1921 1.920 495;. 313 9,416 8S2. 9,913 362 20,94.1 19,4.21 181!. 182 34,786 37,939 628 468 24,863 33.295 5,077 5; 032 58,1.02 59,617 :, 820 8,224'. 66,110 67,566 332 495; 7,208 8,733 146,275 157,185;. 258.286 282,910 12, 13,382' 21; 664 21,563 358 79,976 64,578 40,599' Cotton (bales). 1921 1,576 I) 825: 518: 2,521| '2 86j 1920 Oats (bushels). 1921 1920 . 9, 142 8,217! 42, 879i 26,500! 29, 719 22,216| 53; 402i 89, 383 2,570 19.830 i 19, 942 2; 459 21,987= 17, 718' 385,091 598, 522i : 2.161 59,090 77, 864 229', 772! 314, 9S6| 1.188! 163,401! 223, 716: 36,858 4'? 881, 36, 928 2 1.6S; 34,343 35, 482! 3,080,372!3,208,584 794,893! 833,027; 587,032 610,597i 207,861 i 222,430 : 3 g, 3401 3 13,440 1,060,737 1 !, 496,28l| 1 Figures for 1920 are revised on the basis of census returns. * Tn addition the following amounts were estimated grown in Lower California (Mexico): 1921, 24.000 bales; 1920, 75,000 bales. 3 Cotton grown outside of cotton belt included as follows: 1921, 13,000 bales; 1920,13,000 bales. Hay, t a m e and wild (tons). 1921 1920 3,372 5,295 2,613 5,787 3,418 3,1.90 16,031 6,934 16,877 15,589 1.641 18; 022 3,902 6.594 3,013 6,181 3,748 3,205 17,780 7.595 19,171 17,876 1,513 14,737 96,802 105,315 203 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. PHYSICAL VOLUME OF TRADE. The volume of production and shipments in December, although there was a moderate inalmost all lines of business during December crease in the amount of coal coked. Produccontinued the decline which commenced in tion of crude petroleum continued to expand, November. The only notable exceptions to resulting in an increase in the size of stored this were grain movements, petroleum .pro- stocks. Pig-iron production increased for the duction, tin consumption, leather production, fourth consecutive month, but the output of and locomotive production. steel ingots and of structural steel declined. Receipts of cattle and sheep at 59 markets There was a considerable reduction in opercontinued to decline during December, but a ations of copper mines during December, considerable increase in receipts of hogs was while zinc production was somewhat larger than recorded. Grain receipts at 17 interior cen- in November. Tin imports and deliveries to ters were larger than in either November, factories both showed a fairly large increase. Factory consumption of cotton, wool, and 1921, or December, 1920, this gain being particularly pronounced in the case of corn re- silk all fell off somewhat during December. A ceipts. Stocks of grain showed some accu- considerable decrease was again recorded in mulation at both interior and seaboard cen- the production and shipments of five reportters, while there was a further marked reduc- ing lumber associations. Sole and side leather tion in output of flour mills. Shipments of production, on the other hand, increased in deciduous fruit from California declined to a volume for the fourth successive month. very low level during December, whereas Automobile factories and shipyards also reshipments of citrus fruit showed a normal ported a reduced output for December, but seasonal increase. Receipts of cotton showed there was a considerable improvement in outsome falling off and there was a marked de- put of locomotive works. Railroad car loadings declined in every operating district, and cline in receipts of cottonseed. Production of both bituminous and anthra- for all groups of commodities except grain cite coal registered further declines during and coke. LIVE-STOCK MOVEMENTS. [Bureau of Markets.] Shipments. Receipts. Cattle and j calves, .:>9 : markets. | H -9 Tn,,;t'ts m a r k a s Sheep, 59 - 1921. July August September October November. .December , 1,335,548 1,850,9-18 1, SS9,057 2,284,561 1,915,701 I 1,404,291 Hogs, 54 markets. Sheep, 54 markets. Head. 7,132,547 Head. 647,801 Head. 1,516,893 Head. 705,118 Head. 16,829 Head. 2,886,641 5, 802,448 6,987, 894 7,100,807 8,451., 743 7,637,896 6,922,263 490,751 842,254 j 905,136 | 1,185,599 992,093 ! 677,212 i 915,998 927,962 944,366 1,216,405 1,289,983 1,744,487 760,172 1,110,134 1,375,415 1,609,426 1,077,096 856,331 10,036 14,661 20, 779 32,449 27,112 23,096 2,176,957 2,895,011 3,245,696 4,043,879 3,386,284 3,301,126 - Head. '• Head. 1,382,997 ! 4,186,669 1920. December Cattle and calves, 54 markets. Total, all 2,717,247 2,647,965 2,640, 127 3,200,589 3,665,547 3, 872, 386 | Head. \ 1,546,876 ! 1,738,957 ' 2,167,018 ! 2,514,530 I 2,932,433 2,028.35.1 1,622; 315 I - • Head. 16,005 10,696 i 15,933 i 21,093 • 34,160 ! 28,297 I 23,268 Horses and mules, 43 markets. Total, all kinds. - ; ! | . | ; FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS. [Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Clevelai id, Denver, Fort Worth, Indianapolis, Louisville, Wichita. Monthly average, 19.1.1 -1913=100.J RECEIPTS. Cattle and calves. Head. Sheep. Hogs. ! Relative. ! Relative. I Head. Head. : Total, all kinds. Horses and mules. Relative. ; Head. . Relative, i Head. I Relative. -I1920, December.. 1)84,309 i 98 | 2,932,052 133 942, 858 2,021,268 1,91.9,514 I 1,783,827 I 2,057,231 j 2,559,916 i 2,673,947 i 92 87 81 94. 116 122 1,035,674 1,558,581 1,651,659 1,812,148 1,214,214 974,034 ••I 69 9, 290 1.L5 6, 872 11, L27 1.5, 0G9 20 | 4,868,509 105 21,249 18,851 : 16,1.03 i 4,003,987 4,917,462 -4, 867,8 It 5,636, 515 5,217,1.98 1, 639, 117 108 105 122 113 100 .10,201. 1,811,1.10 120 1921, 910,173 I July August Sepi ember.. October November.. December.. 1,41.8,237 1,417,259 1,712,917 1,394,217 '975,330 , • . I 93 111 141 170 138 97 121 135 91 71 SHIPMENTS. 1920. December 1921. July August Scotomber October November December 472, 748 116 ', 943,515 I 195 384,616 j i 338,30G 656,108 698,459 892,091 718,756 188,0S3 619,854 609', 505 583,866 707, 251. 828,2.1.9 1,208, 114 83 161 172 219 177 120 81 1.20 167 1S2 122 100 408, 088 604,996 840,242 917, 129 61.1,961 502, 774 128 j 120 121 ! 146 171 i 249 '• ! I ! ! i 6,359 10,078 11,712 22, 783 17,719 1.6,132 ! 1,372,607 1,880,687 2, 137,279 2,539,254 2, 1.76,658 2,215,103 ! : | ' 1 ! ! ! ; 96 131 119 177 152 154 SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS. . Cattle and calves. 1920. December lni U | J Total, all kinds. Sheep. - Head. 277,053 Head. 36,827 120,429 15,493 Head. 258,599 i 1921. Julv. 138,414 Catlloanel calves. Head. \ 1.921. 572,479 August September October 274,336 N ov em bar Deee :i! her ! j | : Head. 353,619 390,731 61.2,838 491, 776 242,331 i Hogs. Sheep. Head. ' 21,564 : 38,081. ! •13,4-12 30,100 . 33,397 ' Head. 402,372 551,110 730,780 51.0,320 205,291 Total, all kinds. i I i : I Head. Til, 558 979,925 1, 387,060 1,032, J 96 481,022 ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. | Bureau of Animal I ndustry. Cattle. Head. Relative. Head. December July August.., September October November December 1921. I | : : ! ! 667,314 579,028 680,4 1.9 689,013 749, 756 686,1.15 586,192 110 J 1.12 i 114-1 124 ! 113 . 97 j ! Hogs. Calves. . 1920. Alonihly average, 191 1 -1^13-= 100.| Re!a- ! H e a d . tive. j . . .__ .....j ... Rela- •• \ I,he. I i I 214,573 . 138 i 3,985,125 I 324,046 l 303, 796 321,193 309,136 292,172 259,045 ! 183 172 181 175 .165 147 2,820,616 | 2,530,459 ! 2,422,350 , 2,886,133 3,447, 027 3,806.798 Sheep. Head. Total. Relative. 932,417 100 90 86 102 122 135 1,059,902 1, 236,992 1,249,032 1,285,130 1,040,390 88 103 .104 107 86 74 Head. Relative. 5, 829, 459 121 783, 592 751.666 681,618 210, 455 465,704 542,016 100 99 97 108 114 115 FEBRUAEY, 1922. • MOVEMENT OF COAL AND PETROLEUM 1919 - 1921 AGRICULTURAL PRODUCTS 1919-1921 LIVE STOCK RECEIPTS GRAIN AND FLOUR RECEIPTS COTTON SIGHT RECEIPTS 1 1 1 , , 1 [ 1 , 1 ANTHRACITE COAL PRODUCTION BITUMINOUS COAL PRODUCTION CRUDE PETROLEUM PRODUCTION . INDEX NUMBERS. AVERAGE 1911-1913 = 100 22O j 205 FEDERAL RESERVE BULLETIN. 1 , 22O 22O INDEX NUMBERS. AVERAGE 1911-1913 = 100 ./v 22 O / 2OO 2OO / 18O 18O ,; 160 16O /" !>/\\ 1 i 14O I / 1 120 • 1OO A A f 8 / 1 1 \\ V w / 8O 6O 7 14O 12O 1OO \ y 8O SO 4O 2O — o- 1919 1920 1921 1920 1919 YEAR TEXTILES 1919 - 1921 IRON AND STEEL 1919 - 1921 - PIG IRON PRODUCTION - STEEL INGOT PRODUCTION •• UNFILLED ORDERS, U.S. STEEL COR PORATION COTTON CONSUMPT ION WOOL CONSUMPTIC)N MILLIONS OF POUND s INDEX NUMBERS. AVERAGE 1911-1913i = 100 - 2OO \ \ / 16O 260 18O 16O 16O / 14O 12O IOO Si 8O A A Aft /"" i A( \ \ IOO ••••• 22.O 2OO / 18O \ V 1921 16O V 14O 14O 12O 12O IOO 1OO 6O 8O / 4O 6O A, /< \ . < \ 6O \ AO 2O 2O 16O 8O 6O p 19E0 24-O \ 12O \ 40 26O / 18O 6O I 1 / \ 1A-O \ Y 1919 22O 280 M IV \ 2OO , - O YEAR 24O 3OO 1 \t 28O 200 1921 YEAR / "V 4O s 2O 2O YEAR 1919 1920 1921 YEAR 206 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. EXPORTS OF CERTAIN MEAT PRODUCTS. [Department of Commerce. Beef, canned. Pounds. 1920. December... 221,691 Beef, pickled, and other cured. Beef, fresh. T?cla- Monthly average, 1911-1913=100.] Founds. ! Relative. 1,583,434 128 Relative. 3,053,993 114 Earns and shoulders, cured. Bacon. Pounds. Relative. Lard. Pickled pork. RelaRela- Pounds. tive. tive. I _! _ Pounds. 205 68,784,322 j 411 14,491,763 \ 97 90,080,092 2,691,452 July August September October..... November December ,. 351,506 914,418 286, 805 562,372 188,712 154,046 53 138 43 918,476 , 292,663 . 239,039 i 310,179 • 2o8,2-15 • 274,250 ' 28 23 61 I I 1921. Relative. Pounds. 74 2,418,262 91 ! 48,171,405 i 24 2,w52,598 j 103 j 45,340,151 j 19 2,857.076 j 107 i 44,718,403 ; 25 ! 1,971.; 222 j 74 i 23,575,611 22 ' 2,305,728 I 80 ! 15,612,319 ' 22 ! 1.325,056 i 50 | 21,309,729 j 288 j 27,786,271 271 i 32,233,527 207 i 17,137.013 141 12'. 110', 375 93 10^783,073 127 15,538,070 186 216 .115 81 112 104 i 83,329,134 189 : 3,308,482 1 I 87,410,510 199 ' 3,212,347 ! 104', 74 0,783 238 j 2,990,328 • I 56.885,933 j 129 ' 2,857,113 ! . 51.^855,109 I 1.18 ! 2,305,171 ! 04,533,032 I M7 : 2,021,706 : 76 73 68 65 53 46 i RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Dujuth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.] Wheat. Bushels. Corn. Bushels. i Oats. Rye. Barley. Total grain. Rela- m i s nhc l ,s RelaRel: Bushels. tive. Bushels. tive. iB - tive. Bushels. 1920. D e c e m b e r . 32,758,773 121 19,390,714: 8; 13,777,300 69 3,482,6851 i ! 316 5,057,808 74,407,280: 1921. 71,422,024 July 77,026,777 August September. 04,070,040! O c t o b e r . . . ,46,758,327 November. "25,094,300! D e c e m b e r . 24,572,149| 263 19, 713,672 284 30,983,238! 239 37,333,704 172 35,551,591 9«- 17,471,999' " ",730,565! 91 41 88 25.527,442 138142; 739,890 107 21,791,003 159! 22,008,158 7S|ll,098,236 186 14', 600,518 127 2,557,0531 213 6,207, 749! 108 5,487,909 109 3,006,330: 58 1,986,8501 73 2,345,52()i 232 3, 073,358 002 562 0. 6, 387,297 497 i 5' 080,281 272!4' 012,646 180 2, 102,025 213,1, 704,254 43 122,294,149= 89 163,344.951. 71134,36V>03i 50 111,337,052= "58,953,410 85,013,036! 1 Total grain and flour.1 Flour. Barrels.;^" Bushels. Relative. 90 1,570,822! 80l 81,535,979 94 705,340; 130,086! 421,132, 811'. 890! 133.513; 889^503! 138:134, 468,179 KK)ll77, 430,338 175| 149, 764,097J 195.128. 490,557 16()l 73;054,2191 97j 93,516,07c 155 205 173 148 84 108 157 210 1723: 143 70 1091 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. [Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Tolilcdo, Wichita shipments of flour not available for Cleveland^ Detroit, Louisville, Omaha, Toledo, and Wichita.] Wheat. Corn. Oats. Rye. RelaRela-i Bushels. tive. j Bushels. tive. Bushels. gSSH Bushels.! aS?" Bushels. 2 5 * Bushels. i tive. Barrels, tive. tive. 1920. D e c e m b e r . ,22,253,030 1921. I July 131,373,871 August 158,901,701 SepteT.uber.42,726,679 O c t o b e r . . . J23,710,411 November. 120,574,46G D e c e m b e r . 14,051,386 1 143: 7,898,979, ! 201i20,154,143 . 178"22,057,863j 274 27,705,761 152-i 21,773,2421 132,12,973,178 j 9()j 17.309,782" 55 9,964,743 14110,051,024 15915,422, OOfH 194.15,341,802! 153 13,076,3921 91 9,872,551 12110,883,191 66:3,171,616; OOi 878,751 101 4,548,460 5,541,999 2,218,622 1,650,084 72 1,996,283 44813,082,249 124|2,313,720 642|4,O6O,175 783 3,67(5,194 313 2,243, 2741 233 2,070,836 282j 1,335,179 I i 79 46,370,617' Total grain and flour.1 Flour. Total grain. Barley. g * Bushels. 93 00,507,475 93 3,141,524 : 59; 64,771,515 130 3,1,842,016 104 105,590,211 213 5,040,334 94,992,495. _._ 191 5,473,912 63,021,941 i 127 5,857,7961 95 i47,141,115. </«/4,091,418! l;^,iiu, 45,575,8211 92 3,271,638 113 149 162 173 139 97 82,000,722 128,271,714 119,625,099 89,382,023 68,252,496 60,298,192 Relative. 93 120 198 184 138 105 93 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH. [Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.] Wheat. 1920. December. Bushels. 15,525,114 Corn. Oats. Rye. Barley. Total grain. Bushels, i Bushels. 4,793,299 j 27,358,948 Bushels. 1,007,591 Bushels. 2,378,548 Bushels. 51,063,500 13,541,547 10,392,384 I 32,845,591 21,027,695 6,906,590 j 50,835,039 ~" • 7,794 625 I 52,136,821 29,727,378 31,524,106 12,089,459 56,202,298 27,916,998 8,105,076 55,368,267 29,868,649 j 15,596,902 53,917,618 625,975 2,571,473 2,481,562 3,027,107 3,555,046 3,181,584 1,406,742 2, 206,180 2,265,615 2,662,732 1,958,807 1,831,520 58,812,239 84,446,977 94,406,001 105,505,702 96,904,194 104,396,279 1921. July August September. October November.. December.. FEBRUARY, 1922. 207 FEDERAL RESERVE BULLETIN. RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS. [ Boston, New York, Philadelphia, BaHimore, New Orleans. San Francisco, Portland, (Greg.). Seattle, Tacoma; receipts of flour not available from Seattle and TacoTna. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.J Wheat. Bushels. I T" I Corn. Oats. Rvc. Total, grain. RelaBushels. tive. Bushels/ Bushels. ' Bushels. , Barley. Bushels, Barrels, 1921. ! i July 131,112,121' August 129:304,521 September.,:-33) 0-19) 960! October... [27,208,2-10 November. '23,329,440, December. |27,304". 398 1 235 271' 233 2::2 2KV ISo 217 854,138, 9.343,(397; L' 9 3 (i.U-181 2.215)4 )475 2, 051,5 :,5S3 : 3', 101, , 7717: 1.1., 310,>, 889;,i] Relative. Bushels. ' _ .._.! i 1920. December. 29,551,9501 Total grain and flonrJ Flour. 24 1,911,801 2()3 02! 83; 87| 319 40 j 3,190,40; 2, 457J 2,291, 039, 7,002, 2, 625, 2,221, l,58(i, 1,990, .1,940, .14 3,113,438 1<W5O32 47 1,385,045 33» 1,109,480 42i 973,110 •II i2.094,442 138! 38,099,993 I. 2,212 4,02;;, 343: .1.38110,089,131 ' 8341-1, 709,381 • 78 i. i 2,928,178 : 08oJ2,203)021 1,474 I, IKi, 188 279j 307' 287 170 133 58,257,757 "" 41, 98L 2.12; 43,442; 041 j 35,783)95'?! 31,508,591•13.791?, 6411 108*4,307,180; 257:7,210,521: ]8-iJi2,172.S3(''' 19112,357; 503; 158 2,010,075! .13911.858,0M1931.1,745,873' i 418 57,752,303! 211 j 90,705,102! 51,758.97-1; 54', 051) 075! 4-1)850,2911 39,902,3541 5l)053,070i 331 189 197 104 146 189 090 20S1 2201 1931 178 107 • Flour reduced to its equivalent in wheat on the basis of -\\ bushels per barrel. STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trade organizations at these cities.] 1920. December.. Wheat. Corn. Bushels. 18,263,476 Bushels. 9,972,506 12.934,198 17)626,696 18,365.928 16,012) 432 15,175,641 1,113,767 955,694 999,184 1,734,237 1,100,768 2,556,938 Oats. ; Bushels. Barley. Total grain. Rye. \ Bushels. \ Bushels. 510,142 | 2,205,936 ! 2,196,380 ! 3,322,050 Bushels. 26,497,95 1921. July August September. October November.. December.. ! : I ' , 981,942 i 1,592,072 ' 1,862,899 -. 1,729,840 j 1,587,965 \ 1,447,509 . 386,710 1,389,338 1,640,511 1,907,172 2,161,090 2,510,357 3,738,401 3,997,970 3,811,936 3,288,995 16,193,326 20,869,272 25,941,226 27,026,172 3,104,269 j 23,966,524 2,542,532 j 24,232,977 WHEAT-FLOUR PRODUCTION. [January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.] I I I 1920. December Barrels. \9,600,000 ,. August j September October 8,087,000 !: November 10,720,000 i- December 1921. June.. July.. I 1921. Barrels. 13,266,000 13,349,000 13,917,000 10,166,000 8,856,000 COTTON. [New Orleans Cotton Exchange. Monthly average crop years, 1911-1913=100.] Sight receipts. | Overland movement. Port receipts. American spinners' 1 takings. i Bales. 1920. December I i 1,579,751 a ?,l -| 126 ! Bales. 797,350 Relative. Bales. 134,455 87 1921. July August September October November December i 607,788 ! 617,049 I 1,145,168 | 1,943,049 : 1,704,398 i 1,483,719 48 49 91 155 136 • 118 465,143 406,823 667,845 1,135,498 760,310 589,768 51 44 73 124 83 64 i 1 I ! 78,106 . 95,025 ! 106,343 ! 195,668 : 231,763 i 175,035 ! Rela- ! tive. 128 74 90 101 186 220 100 Bales. 672,477 469,715 369,420 447,188 811,118 1,076,444 953,705 Relative. Stocks at ports and interior towns at close of month. Relative. Bales. 148 2,815,934 ! 103 81 ; 98 179 237 210 2,311,696 2,167,927 i! 2,381,859 2,669,534 ! 2,678,804 2,588,016 239 196 184 202 227 227 220 208 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. COTTON SEED. [Bureau of the Census.] Received at mills. December July August 1920. • 1921. On hand at '! mills (close •. j of month).- •] Crushed. Tons. \ 553,881 " Tons. 514,455 Tons. i 596,844 •: September I October ! November 94,5-43 j December 124,377 ; l • •• 54,241 . 130,333 ' 27,466 100,496 On hand at Crushed. mills (close of month). Received at mills. 1921. , Tons. Tons. 553,726 957,840 603, 932 273,306 296,258 611,890 573,776 416,021 Tons. 381,342 732,570 762,726 618,173 SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA. [March, 1921, on, Bureau of Markets and California Fruit News.1 Monthly average, 1911-1913=100.] Oranges. Carloads. \ Relative. Carloads. Relative. 3,774 154 368 91 3,465 3,126 2,534 2,450 1,143 3,097 142 128 104 100 | 47 i 127 1,843 579 888 546 346 487 455 143 219 135 85 120 1920. December.. 1921. July August September. October November.. December.. 1 Total citrus fruits. Lemons. Carloads. ! Relative. ! Total i deciduous fruits. ! Carloads. 4,142 | 145 368 5,308 3,705 3,422 2,996 1,489 3,584 186 130 120 105 52 126 3,139 8,113 16,166 ] 1,180 2,956 142 For previous sources, sec April, 1921, Bulletin. SUGAR. [Data for ports of New York, Boston, Philadelphia, San Francisco, Galveston, Savannah, New Orleans. "Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds.] Receipts. December. July August.. 1920. 234,164 .i 221,706 i 416,170 1921. . Raw stocks ! j Meltings. I at close of !i j month. '\ 224,688 | ! 307,081 423,677 Receipts, j Meltings. | 81,935 I1 September. j October November.. .1.44,904 I December. 136,421 ! Raw stocks at close of month. 1921. 240,211 205,624 275, 755 222,773 253,811 261,783 | 240,087 I 264,941 j i i 145,390 83,810 86,216 62,419 TOBACCO SALES AT LOOSE-LEAF WAREHOUSES. [Reports of State authorities.] Bright belt. Virginia dark. December. August September. Pounds. 1920. 5,906,923 Virginia. Pounds. ] ! I I 67,809 j 10o',458 . 7,400,768 ' 7,082,832 j i Grand total. Pounds. Pounds. Pounds. Pounds. 49,790,286 j 45,742,116 59,871,608 i 97,787,047 I 40,519,568 I 2,662,095 2,346,050 2,724,010 3,595,367 11,069,994 486,550 265,280 62,475 5,089!. 644 21,6791557 52,938,931 48,421,255 62,763,551 113,872,826 80,351,951 Total. Pounds. Pounds. 37,950,177 2,287,697 20,240,361 53,526,080 1,698,410 9,274,223 24,580,130 11,572,222 11,840,109 41,756,009 50,597,385 73,206,917 28,947,346 NOTE.—Includes sale for growers and dealers, but excludes resales. Western dark. South Carolina. 1921. October November December Burley. North Carolina. 73,766,441 2,220,075 5,558,465 87,451,904 209 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO AND PHILIPPINE ISLANDS). [Commissioner of Internal Revenue.] Cigarettes. Cigars. Large. 1920. December 1921. JulyAugust. Small. Cigars. Manufactured tobacco. Small. 1921. September... October ! ! November.., .564,598,255 47,362,340 ;4, 161,217,573 ' 29,226,353 , December.... . 1622,039,033 53,630,000 5,130,577,133 33,601,590 | i Number. .506,126,135 Number. Number. 47,380,000 |2,816,818, 050 Large. Pounds. 15,457,561 Cigarettes. Small. Small. Number. 614,427,829 635, 807,697 615,251,258 463,663,809 I Number. I 55,799,900 ! 60,574,420 ' 52,962,253 : 44,288,700 Manufactured tobacco. ! •I" ! Number. 4,791,397,910 4,877,825, 880 4,229,401,957 .2,995,934,873 ; •. Pounds. | 31,488,809 33,718,291 , 27,747,196 I 22,057,104 NAVAL STORES. [Data for Savannah, Jacksonville,, and Pensacola. Compiled from reports of trade organizations at these cities.] Spirits of turpentine. .Receipts. Barrels, 20,974 1920. December 1921. Stocks I at close of , Receipts, month. ! Barrels. 53,356 36,435 33,773 July.. August Rosin. 47,580 : 52,861 Stocks at close of month. Barrels. 76,738 j Barrels. 300,315 Rosin. 1 Stocks Receipts, i at close of month. Stocks Receipts. I at close of month. Barrels. 28,786 23,440 24,801 23,136 1921. September. October November. 328,224 ' December. 328907 328,907 ; 90,382 j 92,580 ! Spirits of turpentine. Barrels. 54.949 5S;066 62,072 66,965 Barrels. 83,481 79,275 98,260 115,181 Barrels. 322,898 313,904 321, 478 336,680 I COAL AND COKE. [U. S. Geological Survey. Monthly average, 1911-1913=100.] 1920. December Bituminous coal, esti- Anthracite coal, esti- : Beehive coke, estimated monthly pro- j mated monthly pro- , mated monthly production. I duction. ! duction. By-product coke, estimated monthly production. Short tons. Short tons. Relative. Short tons. Relative, j Short tons. 52,123,000 I 141 I 8,454,000 114 ; 30,394,000 34,538,000 35,105,000 43,741,000 35,955,000 30,975,000 82 93 95 118 97 7,050,000 7,196,000 7,124,000 7,580,000 6,859,000 5,984,000 95 ! 97 1921. July August September October. November December 85 9 6 ''• 102 ! , 93 81 Relative. 1,515,000 ! Relative. 58 7 9 11 16 18 181,000 i 248,000 289,000 , 416,000 ' 477,000 i 514,000 j 20 ! 1,285,000 i 1,402,000 1,423,000 : 1,734,000 1,766,000 • 1,860,000 ! 146 159 162 197 201 211 CRUDE PETROLEUM. [Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42 gallons each. Monthly average, 1911-1913= 100.] Production. December 1920. 1921. July August Barrels. Relative. Stocks at close of month (barrels). 38,961,000 203 128,028,000 40,328,000 40,966,000 210 214 172,359,000 I 176,248,000 Production. Producing oil wells completed. Barrels. 192L September i October.. , November 1,157 I December 952 1,945 i: ! I 36,615,000 i 35,621,000 , 37,880,000 41,957,000 Relative. 191 186 198 219 Stocks at close of month (barrels). 177,384,000 176,227,000 177,129,000 182,482,000 Producing oil wells completed. 752 903 1,110 210 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL. [Bureau of Mines.] OUTPUT BY MONTHS. Gasoline (gallons). Kerosene (gallons). 39,458, 409 452,642,125 214,804,177 ! 822,638,305 ! 91,180,007 36,040,797 36,044,910 35,613, 933 419,641,815 431,577,195 416,913,000 440,955,518 431, 886, 845 138,724,132 143,652,290 1.54,017,299 182,453,593 175,240,466 807,428,397 784,450,485 788,408,124 833,775,254 j 799,256,607 65,893,228 66,473,473 69,053,307 75,97.1,377 77,005,042 Crude oil run (barrels). Gas and fuel (gallons). Lubricating (gallons). 1920. November. 1921. July August September. October November. 37,908,496 37,211,534 STOCKS A T CLOSE O F M O N T H . I 1920. November 21,373, "945 354,835,764 j 398,991,592 808,802, 516 142,180,775 1.9,115,631 16,374,050 17,991,036 18,404,182 21,856, 185 684,236,695 ! 567,645, 548 j 515,325,998 | 456,269,659 j 495,590,059 | 412,20.1,674 389, 893,421 371, 235, 034 334,579, 774 340,026, 007 1,269,419,283 1,243,445,980 1,229,254,127 1,238,269,365 1,279,450,548 j 258,638,298 242,530,099 230,227,413 216,770,320 228,037, 890 1921. July 31 August 31 September 30 October November IRON AND STEEL. [Pig-iron production, Iron Ago; steel-ingot production, American Iron and Steel Institute. Monthly average, L91L-L91.3= 1.00.] SI eel ineor nrodnc M Proouc- ' Unfilled orders U. S. steel Corporation at i close of month. bteeJ i n Pig-iron production. Gross tons. ! Relative.; Gross tons. : Relative.: Gross tons. Relative. .1.921 9 January July August September .October November December I i ! | ' I 104 37 41 43 54 61 7L 2,416,292 , 864,555 \ 954,1.93 j 985,529 j .1,246,676 1 > 415,481 I 1,649,080 j .1.922. January j 71 1,638,697 2,203,186 . 803,376 ! 1, 1.38, 071 1,174,740 ! 1,616,810 ! .1,660,001 • 1,427,093 | 94 35 49 51. 70 71 6L 7,573,164 4,830,324 4,531,926 4, 560,670 4, 286,829 4,250,542 4,268,41.4 144 92 86 87 81 8L 81 1,593,482 68 4,241,678 80 STRUCTURAL-STEEL ORDERS AND SHIPMENTS. [Bridge Builders and Structural Society.] 1 out country ' Structural-steel orders and shipments of the member: ship of Bridge Builders and Structural Society. Orders. Tonnage. 1920. December . 1921. July August September October November December ! " Per cent shop capacity. 47,000 26.0 60,200 59,300 86,000 97,800 99,800 71,500 33.5 33.0 48.054.0 55.5 35.0 Tonnage. | ! i ! i Shipments. Per cent shop ' capacity. Tonnage. Per cent shop capacity. 14,521 20.0 42,767 60.0 21, 847 18,010 32,099 28,150 43,221 28,910 32.0 26.0 47.0 41.0 63.0 43.0 22,186 23,558 23,197 26,406 25,211 29,056 32, 5 34.5 34.0 38.5 36.5 43.5 211 FEDERAL. RESERVE BULLETIN. FEBRUAKY, 1922. PRODUCTION OF COPPER. [American Bureau of Metal Statistics. Monthly average, 1911-1913=100.] Relative. Pounds. 1921. July. August. September , | 17,789,507 21,413,569 20,926,554 Pounds. 1 18 , October 22 I November... 21 ;| December 1921. Relative. 24,613,754 22,347,984 18,545,182 25 26 19 ZINC. [American Zinc Institute. Tons of 2,000 pounds.] Produced. 1921. January — July August September. October.... : : i 25,916 15,495 j 14,621 ! 14,367 14,538 Stocks 1 at end of month. Stocks Produced. ! at end of j month. 1921. 75,953 !, November. 92,408 !j; December.. 86,549 i 81,135 I 70,824 January 1922. 21,135 22,013 67,049 66,608 23,706 65,678 LEAD PRODUCTION. [American Bureau of Metal Statistics. Tons of 2,000 pounds.] Production, i Relative, ij Production, j Relative. j 1921. July August September. 27,827 31,350 30,146 1921. 80 i i October. OH ' November. "\T/v*T/vmT"» 90 I December.. 31,474 ; 90 TIN. [Imports, Department of Commerce. Deliveries, New York Metal Exchange. Monthly average, 1911-1913=100.] ; imports, j Relative. 1920 December. July August 1921 ! Pounds. .| 5,893,627 65 3,565,767 5,200,504 39 57 Imports. , Relative. Pounds, I 5,779,200 !! September , October November 3,411,520 : December •7 AOC OArt i 7,436,800 1921 j Pounds. \ 5,796,186 i I 4,351,541 j 6,886,085 ' ! 8,879,859 j I ! i 64 48 76 98 i I ; i Pounds. 5,835,200 5,107,200 7,280,000 8,310,400 I TEXTILES—COTTON AND SILK. [Cotton, Bureau of the Census; silk, Department of Commerce and The Silk Association of America. Cotton, monthly average, crop years 19121914=100; silk monthly average, 1911-1913=100.] Cotton consumption. Bales. 1920. December. 1921. July August September.. October November.. December.. 295,292 410,120 467,103 484,647 494,745 526,610 511,800 Imports of raw silk. Cotton Silk consumpspindles tion active durRelative. ing month. Pounds. Relative. (bales). 66 29,914,154 972,011 48 8,758 32,446,281 33,059,211 33,898,415 34,255,522 34,387,008 34,488,640 4,867,985 5,114,901 4,597,642 3,140,516 3,412,371 5,824,202 238 250 225 154 167 285 32,325 32,790 31,229 26,816 18,355 20,930 91 104 108 110 117 114 212 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. TEXTILES—WOOL. [Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.] T Percentage of idle machinery on first of month to total reported. Percentage of idle hours on first of month to total reported. Consumption (pounds). 1 January July August September October November December January 1921. 29,807,333 53,076,000 58,261,000 62,130,667 67,287,000 65,326,000 61.283,000 1922. 30.3 21.2 i Converted to grease-equivalent basis. LUMBER. [From reports of manufacturers' associations.] Southern pine. Numj bcr of mills. Western pine. Easter white pine, ProShip- I Numof: ducments. |ber 'mills. I tion. __^_J _..| Production. Mfeet. 199 264,504 1921. July August September October November December 187 366,057 346,300 • 185 388,510 405,974 186 385,029 433,714 186 395,435 493,035 184 411,883 423,032 182 I 377.332 34S, 178 M.feet. 281,326 53 Num- Ship- Mfeet. \ Mfeet. 1920. December... i North Carolina pine. ' Mfeet. 46,112 45,578 j Mfeet. 119 . 188,905 i 187,874 I ber of mills. Production. Shipments. Mfeet. Mfeet. 19,056 Mfeet. i 10/587 • 21 8,091 Mfeet. 14,716 43,843 47,675 37,716 29,707 12,275 19,265 21,991 ' 25,933 35,675 I 41,432 • 36,118 23,574 : 11 12 11 11 10 8 15,267 15,820 15,623 17,641 16.336 12.095 14,864 16,617 14,592 18,556 19,100 12, 535 ! 56 I 110,588 56 107,346 53 j 82,890 56 85,006 56 . 66,032 56 38,901 77, 243 92, 397 89, 500 107, 450 98, 273 83, 350 107 103 103 100 104 108 191,257 290,877 231,559 311,119 260,055 238,036 1S7,165 321,553 216,763 304,090 22i; 433 207,162 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS. [Chicago Board of Trade and Merchants' Exchange of St. Lonis. Monthly average, 1911—1913=100.] Receipts. Relative. M feet. December Shipment:: 1.920. Mfeet. 76 351,695 1 i Relative. July 71 77 328,129 356, 730 \ ugULS t Mfeet. i 1921. 76 i: September October 192,072 • '. 1921. .Receipts. i 388 216,908 235,736 : 1 85 93 'Relative. 7 4 0 '•• 405,755 : 496, 195 j 403,875 i •' Nove Tiber December.. Shipments. M feet. Relative. 84 94fj {)()2 87 107 87 97 270' 448 305,1.88 258, 355 106 120 102 i PRODUCTION OF WOOD PULP AND PAPER. [Federal Trade Commission.] Wood News- . pulp, j print, j 1920. December Net tons. I 302,527 Net tons. T? , ! 178,173 I 195,176 Net tons. Net \ tons. 124,857 j 76,093 Net tons, 94,247 ! 48,527 102,277 59,711 v- puip. Net tons, 1921. 105,227 j 54,308 ; 27,233 j! September p i 1921. July August | Paper • Wrap- j ; board. ! ping. . 1 i ! 112,265 138,530 45,090 56,167 October .| November N 16,327 j December 18,833 " Net tons. 193,479 233,618 271,787 272, 835 ping. : Net tons. 98,898 101, 884 104,604 107,877 Net tons. 62,416 72,139 73, 544 70,798 Net tons. 160,207 181,775 172,582 149,047 Net tons. Net tons. 59.095 64,5.18 65,905 64, 850 20,555 24,635 24,609 25,843 213 FEDERAL-RESERVE BULLETIN. FEBRUARY, 1922. CEMENT. [U. S. Geological Survey.] 1921. July August September Production. Shipments.; Stocks at close of month. ! Barrels. Barrels. 9,568,000 I 10,301,000 10,244,000 ] 12,340,000 : 10,027,000 ' 11,329,000 Barrels. 10,414,000 8,280,000 6,953,000 : : : | Stocks at Production. Shipments. j close of i month. October November December Barrels. 10,506,000 8,921,000 6,559,000 1921 Barrels. 12,114,000 5,195,000 3,697,000 Barrels. 5,348,000 9,091,000 11,938,000 RAW STOCKS OF H I D E S AND SKINS.* [Bureau of "Markets; July, 1920, on Bureau of the Census.] Cattle hides. Calfskins. Goat and Cabaretta. Sheep and kid. I ^»»««"aiamb. Kipskins. .. Dec. 31. 1921. July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Doc. 3J 1 7,793,702 3,27.1,905 6,448, 809 6, 494,281 6,0*6'. 225 5, 990) 033 5'. SOI, 843 5,819,219 3, 039,871 3,459,310 3'. 475,069 3,370, 183 3; 148,311 2,935,257 I 1,305,776 i 11,721,505 i 2,6S5,670 13,773,089 980,762 9,784,714 1,109,005 895,523 : 10,94*; 785 1,029.369 938,00.1 I 10,745)903 791' 1L0 . "--•-•955.2!2 11 12-1,329 702,347 1,002; 299 11,296,645 520,829 1,025,1.69 10,379,703 i 547,335 13,761,905 13,904,019 12,606,056 13,065,070 13,364,170 12,661)438 Includes hides and skin in transit. PRODUCTION OF LEATHER. [Tanners' Council of United States of America.] Skivers (dozens). Oak and union harness sides, stuffed. 1,322,594 9,898 60,482 1,431,373 1,607,302 12,321 21,430 44,97.1 50, 857 Sole leather sides. December July August. 1920. 1921. Sole leather 1 Skivers sides. I (dozen). Oak and union harness sides, stuffed. .1921. September October November December : ; 1,507,185 J, 618, 5J9 .1,705, 101 1,745,025 20,683 19,896 17,533 ! 20,149 i 49,507 55,879 60,002 62,551 AUTOMOBILE TIRES AND TUBES. [The Rubber Association of America.] Pneumatic tires. Production.; December., July August September. October November.. December.. 1920. Number. Stocks. Inner tubes. S dJ5m^tta.S> Production \ Number. \ 1,327,153 ! I 3,892,037 i 2,757,581 I 3,934,583 2,894,442 . 3,340,798 1 2,047,929 3,545,030 : 1,675,169 ! 3,908,342 1,342,519 ! I Number. 506,111 I 5,508,380 j 1921. 2,570,524 3,043,187 1,929,268 1,928,271 1,756,555 Solid tires. Stocks. - Number. 508,446 3,020,981 4,430,152 3,274,822 2,843,918 2,126,211 Number. 5,786,929 Number. 1,481,285 3,122,815 ! 3,649,319 3,827,830 : 4,732,016 ' 5,203,568 i 3,603,248 3,804,060 !' 2,645,758 2,016,371 ! 1,540,299 | Number. \ 16,297 ' 35,123 I 55,694 ' 37,441 . 46,274; 43,537 j Number. 303,473 Number. 40,828 220,003 216,367 161,832 163,299 173,451 55,678 66,866 50,276 45,911 34,556 j S H I P M E N T S O F AUTOMOBILES. [National Automobile Chamber of Commerce.] : Railroad jDriveaways; Boat (ma(carloads). j (machines). j chines). 1920. December. July...., August.. 11,802 1 6,469 19,514 I 20,758 1 15,533 15,218 j 1921. 87690—22- 3,726 3,595 ; September October November December 1921. Railroad IDriveaways! Boat (ma(carloads), (machines).! chines). 19,002 ' 17,717 ; 14,240 j 12,100 " 13,840 12,926 10,505 7,500 2,959 2,214 1,402 134 214 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. OUTPUT OF LOCOMOTIVES. [Locomotives, reports from individual producers,] Locomotives. • Domestic shipped. Locomotives. Foreign completed. Domestic shipped. Foreign completed. i Number. 198 1920. December 1921. 43 July August 50 Number. 93 i September ! October . . . 51 '< November 53 December 1921. Number. 31 51 14 Number. 25 22 15 30 59 VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE BUREAU OF NAVIGATION. [Monthly average, 1911-1913=100.] Gross tonnage. Number. December Relative. 1920. 732 1921. 375 373 July August Gross tonnage. Number. September October November.: December Relative. 1921. 67 71 79 45 436 208 255 191 105,352 50,265 61,599 46,108 ' i j | RAILROAD OPERATING STATISTICS. [United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.] Net ton-miles, revenue and nonrevenue. November Net ton-miles, I Net tons revenue and • per nonrevenue. i train. 1920. September October November 37,285,758,000 1921. 28,412,404,000 30,381,958,000 July August 1921. j | i 30,821,944,000 36,507,000,000 j 29,139,115,000 | 679 702 633 Net tons per loaded car. 27.1 27.2 27.1 RAILROAD REVENUE-FREIGHT LOADED AND RECEIVED FROM CONNECTIONS. [American Railway Association. Carloads.] R E V E N U E - F R E I G H T LOADED, CLASSIFIED ACCORDING TO NATURE OF PRODUCT. Grain and grain products. December July August September October November December Live stock. ! Coal. Coke. Forest products. Ore. Merchandise, L. C. L. Miscellaneous. Total. ! 1920. 1921. 153,055 128,032 961,148 56,665 201,095 67,196 239,857 2o9,878 239,514 218,619 104,652 186,545 104,221 124,394 129,600 158,642 130.589 129,522 634,100 699,193 705,827 850,237 669,235 582,839 17,057 19,875 21,406 28,431 28,032 30,519 182,078 202,545 201,251 227,025 211,663 199,560 131,666 142,961 123,730 93,115 33,931 24,693 841,406 I 1,070,714 879,382 968,746 971,527 1,020,468 953,900 941,824 | 1,072,774 1,227,599 j 1,248,529 i 1,408,617 i 1,080,704 I 945,115 ! 3,479,401 3,201,138 3,655,191 3,641,384 4,005,154 3,278,706 3,040,617 R E V E N U E - F R E I G H T LOADED, CLASSIFIED ACCORDING TO GEOGRAPHICAL DIVISIONS. Eastern. 1920. December. July August September October November December • | 1921. j i I i •• I Allegheny. Pocahontas. Southern. North- Central western. Southwestern. Total. 846,723 772,005 136,076 526,763 403,180 519,288 ! 275,360 3,479,401 786,454 890,199 882,236 981,224 825,073 !! 752,730 651,910 716,717 710,463 790,621 671,584 626,094 122,958 120,320 131,712 156,234 128,240 104,928 465,145 493,840 508,984 570, 528 501,997 473,145 489,118 579,035 555,095 572,057 406,131 379,228 485,161 567,883 i 574,833 j 636,649 I 486,798 ! 458,534 | 260,392 287,197 278,061 297,841 258,883 245,958 3, 201,138 3,655,191 3,641,384 4,005,154 3,278,706 3,040,617 215 FEDERAL RESERVE BULLETIN". FEBKUAKY, 1922. TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE. [Department of Commerce. Monthly average, 1911-1913=100.] Net tonnage. Per centRela- age tive. American to total. American. Foreign. Total. 1920. December... 2,785,615 2,949,416 5,735,031 140 1921. July August 49 .0 2,512,712 2,581,000 3,302,443 3,222,908 5,875,155 5,804,508 144 142 42.8 44.5 Net tonnage. Relative. American. Foreign. Total. 3,091,900 2,702,587 2,748,246 2,434,309 2,903,253 2,795,081 2,200,395 2,580,301 5,995,213 5,498,268 4,948,641 5,020,610 Per centRela- age Relative. Ameri- tive. can to total. 1921. September.. • October : November., 161 i December... 183 147 134 121 123 194 185 209 183 51.6 49.2 55.5 48.5 108 PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS. [U. S. Geological Survey.] Kilowatt hours. Produced by waterpower. 1920. December 1,399,825,000 Produced by fuels. 2,320,712,000 1921. July A ugust Kilowatt hours. I 1,224,813,000 j 2,044,890,000 j 1,199,995,000 2,210,706,000 Total. !' 1921 3,720,537,000 !. | September.. :1 October L November.. 3,259,709,000 |; December... 3,410,701,000 ! Produced by waterpower. Produced b y fuels. 1,101,570,000 1,137,123,000 1,217,911,000 1,314,348,000 2,273,127,000 2,437,216,000 2,421,965,000 2,493,006,000 j Total. 3,374,703,000 3,574,339,000 3,639,876,000 3,807,354,000 BUILDING STATISTICS. BUILDING PERMITS IN 166 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. District No. 1 (14 cities), 1920. December District District District District District District District District District District i District No. 0 No. 5 I No. 2 No. 10 No. 11 ; No. 12 : Total No. 9 No. 7 No. 8 No. 3 No. 4 (14 (9 i (20 j (166 (14 (12 i (22 (15 (19 (14 (4 (9 j cities). cities). cities). cities). cities). cities). cities). ; cities), cities). ; cities). cities). cities). 3,284 1,246 1,818 i;713 1,422 j | 1,989 863 665 736 7,501 8,188 7,709 7,730 7,306 5,902 2,599 2,749 2,990 3,042 2,103 1,057 3,678 4,222 3,987 3,990 2,890 2,200 3,278 3,750 3,389 3,702 3,110 2,342 2,564 ' 3,437 2,847 • 3,036 2, (577 5,392 6,157 5,406 C,426 4,198 2,913 1,815 1,971 2,03(i 1,904 1,357 1,114 1,753 2,390 1,975 1,931 1,105 701 2,240 2,053 2,739 2,784 2,143 1,331 1921. July August September... October November... December 2,230 2,590 2,442 2,528 1,795 1,173 2,140 j 1,678 ; 5,364 21,676 2,475 2,814 2,598 2,736 2,479 1,790 43,450 51,120 49,347 51,311 41,385 30,947 I 7,925 I 10,187 ! 11,169 j 11,442 ! 10,162 i 7,672 216 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. BUILDING PERMITS IN 166 SELECTED CITIES—Continued. VALUE OF PERMITS ISSUED. District No. District No. District No. 1 (14 cities), i 2 (22 cities). 3 (14 cities). December 1920. District No. District No. 4 (12 cities). 5 (15 cities). 2,141,407 ! 16,699,894 2,186,330 8,976,700 6,304,633 6,924,076 5,799, 54.0 6,288,342 6,159, 262 6,043,475 • I 64,146,117 55, 534,223 47,232,953 62, 995,929 52,673, 837 51, 556,916 5, 875,671 6,379, 857 7,820,694 9,700, 800 9,290,556 4,564,907 9,342,411 10,857,711 11,677,857 13,739,684 10,381,430 11,137,182 2,682,869 District No. 6 (14 cities). District No. 7 (19 cities). 2,682,217 . 11,049,761 5,772,478 5, 304, 592 5,150,280 5,174, 576 3,926, 470 3,476, 238 29,933, 415 25, 578,330 23,080,016 23,282, 376 22, 343,114 18, 360,176 1921. July August September October November December 5,606,030 8,190,936 9,284,277 8,233, 404 6, 019,114 6,304,190 : District No. District No. District No. District No. District No. 8 (4 cities). 9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities). 915,471 December. Total (166 cities). 2,671,237 2,574, 831 2,706,634 13,877,096 69,164,447 3,906,381 5,423,460 4,004,238 4, 209,233 3, 023,050 4,234, 323 5, 496,947 7,529,619 6,286,923 8, 066, 527 5,674,501 7,431,761 4,133,026 6,4.01,268 5, 680,968 3, 597,942 4,331,965 3,025,311 15,298,705 17,226,365 20,131,993 23,333,741 19, 579, 992 21,001,120 159, 300, 964 158, 676, 228 151, 973,634 172,204,403 145, 883,418 140,382,406 192 L. July August September. October November.. December.. 'I 3, 485,150 3,325,791 5, 820,895 3,581, 849 2, 480,127 3, 243, 777 VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS. [F. W. Dodge Co.] VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS. 1920. December.. District No. 1. District No. 2. 12,413, 838 17,830,062 5,840,700 17,920,546 ! 6,905,657 24,901, 314 5,309,156 19,298,334 19, 276,295 15,282,766 20,498,3(>3 17,442; 920 25, 593, 850 54,500, 566 62,043,905 90,730,134 74,429,237 59, 810,680 63,210, 850 13,563,100 22,350, 500 16,197, 500 18,295,400 13,137, 500 15,551,500 35, 669,377 26,665, 555 36,041,601 26,969,803 29,951,636 19, 820, 882 16,026,969 17,337,624 19, 597,191 19, 463,402 19,053, 420 19, 552,333 41,119,866 44,680,034 41,461,283 36,250,434 32, 542,270 32,2i9,285 1.2,651,007 9,173, 552 8,162,640 8,047,792 5, 436, 706 9,685,054 District No. 3. District No. 4. District No. 5.i District No.. 7. District2 No. 9. 1921. July August September. October November. December.. 1 2 North and South Carolina not included prior to May, 1921. Montana not included. VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS. District No. 1. 1920. December.. 2,981,510 4,734,290 ; 6,672,758 6,702,583 6,547, 754 8, 094,387 7.138,624 16, 847,210 22,546,142 36,061,717 j 1921. July August September. October November. December.. 1 District No. 2. AO Ton CAR '• 39,738,113 41,206, 876 44,582,990 District No. 3. 1, 2,971,900 5,331,500 5,526,400 5,449,400 4,304, 500 6,669,200 North and South Carolina not included prior to May, 1921. District No. 4. District1 No. 5. District No. 7. District No. 9.> 5,478,018 1,467,376 4,721,345 741,910 8, 319,248 8,209,645 8,987,610 8,991,474 11,952, 875 6,903,193 5,335,545 5,938,417 6,171, 436 5,937, 599 6,643,425 5, 970,062 7,382,427 10,424; 029 11,655,497 11,660, 499 11,847,385 10, 740,666 3, 758, 504 2, 975, 503 2,476,134 2,256, 545 2,202,353 2,633,254 1 Montana not included.. FEBRUARY, 1922. 217 FEDERAL RESERVE BULLETIN. REPORT OF KNIT-GOODS MANUFACTURERS OF AMERICA. RETAIL TRADE. The following tables are a summary of the The total production of winter and summer data obtained from 376 representative departunderwear for the six months ended December ment stores in the 12 Federal Reserve districts. 31 was as follows: In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the data were received in actual dollar amounts. Number ! Actual ! Per cent In districts Nos. 3, 4, 8, and 10 the material of mills • produc- : was received in the form of percentages, and of reportIng. the averages for the cities and districts computed from such percentages were weighted 1921. according to volume of business done during 65.5 June 60 | 559,591 i The changes in retail 51.2 the calendar year 1920, July 01 i 490,640 ' 412,627 | August 71.1 trade for the United States as a whole are 572,833 September 8-1. 4 675,205 i October 87.3 obtained by combining the district percentages, 86. 5 November 57 ! 692,452 i 08.8 after multiplying them by a system of weights Winter underwear (December).. 37 i 234,762 85.4 based partly on population and partly on bankSummer underwear (December). 30 i 283,014 j ing resources. The tables for the month of 1 5 other mills reported closed. 2 December are based on reports from 26 stores 4 other mills reported closed. 3 3 other mills reported closed. in district No. 1 (Boston), 62 stores in district 2 (New York), 47 stores in district No. 3 Order and production report for month ended No. (Philadelphia), 30 stores in district No. 4 December 31, 1921, follows. The number of (Cleveland), 22 stores in district No. 5 (Richmills reporting was 35. mond), 30 stores in district No. 6 (Atlanta), 55 stores in district No. 7 (Chicago), 20 stores Per cent in district No. 8 (St. Louis), 12 stores in district Dozens. of normal production. No. 9 (Minneapolis), 14 stores in district No. 10 (Kansas City), 22 stores in district No. 11 Unfilled orders first of month 1,232,087 (Dallas), and 32 stores in district No. 12 (San New orders received during month 271,910 49."8* Francisco). Separate figures for Savannah, 1,503,997 Total(A) Ga., are shown for the first time this month. 58.7 320, 034 Shipments during month A comparison of monthly changes in activity 2.23 Cancellations during month 12,206 of different types of retail business since Janu3,32,840 Total (B) ary, 1920, is shown in the third of the following Balance orders on hand Jan. I (A minus B).... 1,171,157 tables. The department stores are located in 73.0 Production 398,846 districts Nos. 1, 2, 5, 6, 9, 11, and 12, while the mail-order houses do business in all parts of the Thirty-four representative mills which re- United States. Chain-store figures are based ported for November and December furnish the upon the total sales of the same reporting chains data for the following table: for each month, but the actual number of stores in these chains varies slightly. Mail[In dozens.] order business continued to be quite depressed Novem- Decemduring December, but the dollar values of sales Gain. Loss. ber (34 ber (34 in all other reporting retail lines were much, mills). mills). larger than in November. December sales of Unfilled orders first of month. i 1,109,321 11,130,856 21, 5355 and 10 cent stores and grocery stores were 96,747 New orders j 290,972 ! 200,225 greater than in December, 1920, whereas sales 36 534 Shipments ' 262,148 298,082 3,065 of mail-order houses, drug stores, and departCancellations^.... 13,981 10,910 5,100 Production I 357,606 i 352,506 ment stores were somewhat smaller. 8 ! 218 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS. [Minus sign (—) denotes decrease.] Percentage of increase in net Percentage of increase in stocks sales as compared with corat close of month compared responding period previous with— year. District and city. District No. 1: Boston Outside District District No. 2: New York City and Brooklyn Buffalo Rochester Syracuse Outside District District No. 3: m • 1921. 1921. New Orleans . Savannah Outside District District No. 7: Chicago Detroit Outside District District No. 8: St. Louis Louisville Memphis Little Rock Outside District .' 1 .. Nov., 1921. Dec, 1921. Nov., 1921. Dec, 1921. -10.8 — 5.5 - 7.6 Previous month. July 1,1921, to close of— Nov., 1921. Dec, 1921. Dec, 1921. Nov., 1921. 5.9 2.9 — L3.7 -18.1 332.0 459.0 290.0 395.0 5.6 4.3 3.6 5.0 -15.0 364.0 316.0 5.4 4.2 3.0 .2 1.1 2 1 -14.9 -22.6 -18.6 —12.4 -12.6 -14.1 362.9 428.7 371.0 3Q? 7 414.2 519. 5 314.2 372.9 315.8 350.5 356.2 473.0 5. i 5.8 3.6 4 7 3.5 4.6 5.2 6.0 3.6 2 3 2.2 5.0 Nov., 1921. Dec, 1921. 5.9 5.5 — 4.5 - 8.2 - 1 9 "• - 4.9 - 7.2 5.8 - - 2.7 ! - 1 0 . 6 - - 6.9 7 6 - 8.4 - 7.7 -11.4 -10.4 3.6 6 8 3.5 - 4.5 - 8.2 - 5.2 - 5.4 52 — 5.7 — 3.6 -11.0 - 9.7 — _ - 3.1 - 7.9 5.6 - 6.7 2.3 - 1 2 . 9 24.2 3.8 7.2 ; — 9.0 .«i 8.5 - 2.7 -10^9 —22 0 -25.1 - 4.0 1.6 - 5.7 - 3.9 - 9.4 - 5.5 2.1 -16.3 372.3 323.1 5.3 5.1 3.0 3.6 - 8.9 8.8 - 6.4 7.5 - 9.7 5.4 -10.4 - 1.2 •1 -12.0 -19.7 360.3 502.9 321.7 420.6 7.4 4.8 6.8 2.9 8.9 1.2 - 8.9 - 6.7 - 8.7 8 2 .5 — 13.9 395.5 347.9 6.8 5.9 -19.4 -27.0 -13.4 — 8.1 -20.7 -10.0 -15.2 - 3.2 - 4.7 - 7.4 -22.2 -22.5 — 10.4 -10.4 -19.6 -18.9 -21.6 - 7.3 —9 5 -17.5 -17.8 -11.2 13.3 — 15.3 -16.6 -14.2 9:^ S - 2 3 . 4 .9 - 2.0 2.7 .\ L4 .6 -15.3 -16.1 — 19.0 -28.0 —18.4 405.1 414.1 405.9 406. 3 491.6 379.1 363.6 407.7 388. 2 443.1 5.0 4.5 5.4 4.7 7.5 5.7 5.2 7.1 4.6 7.5 -21.1 -10.7 -19.7 -17.3 -16.3 —13.2 .7 -17.6 424.7 381.0 4.9 5.6 14.7 - 9.1 - 8.0 -21.8 - 7.4 — .7 .7 -12.4 — 14.2 - 8.8 - 5.4 -15.6 -12.5 _ p. 7 - 3.8 -15.0 -8.fi _ sR - 9.9 - 7.1 —43 1.6 - 7.0 -11.8 —17 2.9 .3 - 1.0 —2J 9 -20.4 -20.7 -25.2 407.1 418.3 420.0 529.7 350.1 346.5 354.5 475.6 44 7.4 3.2 4.5 5 1 5.7 2.8 5.3 -13.2 - 4.5 -11.1 —9 5 _ - - -5 -21.8 431.5 369.3 4.3 4.4 -20.5 -34.2 - 8.8 —20.5 -28.5 —31.7 -14.5 -15.1 7.8 8.8 — 9.8 - 8.1 11.7 - 6.3 - .6 1.2 565.2 733.6 555.7 443.4 — 14.6 513.5 3.0 3.3 4.3 8.0 2 2 .8 470.6 490.0 441.3 394.3 568 7 443.9 3.5 4.2 4.0 6.5 -21.5 -24.7 - 1 3 . 2 —32 2 — 17 7 — 12.8 ! — 12 fi — 15.4 - 9.1 —26.1 -21.8 -20.7 -25.0 -10.8 15.8 -22.0 -22.7 -17.2 -30.1 - 3.7 -13.4 -24.7 -17.3 2.9 2.1 -21.4 -16.8 -20.4 -20.5- - 4.5 - .5 -17.9 517.4 436.3 4.8 5.0 -12.7 18 2 —16.6 — 7.6 - 1 3 . 4 — 5.6 —17.3 - 8.5 - 1 5 . 0 —1.1.4 11 2 — 7.0 9J. 1 —14 7 —20.9 — 13.1 j - 1 2 . 6 — 6.8 - 1.1 .2 1.3 -20.9 -18.6 -14.5 362.2 387.5 533.0 345.6 349.0 473.4 3.3 6.0 4.5 3.5 5.8 4.4 -16.9 - 7.1 -15.9 -13.5 ; -17.5 -12.3 - .6 — 16.7 446.9 407.4 5.1 4.9 - 8.2 -14.1 - 9.7 - 9.2 -17.1 - 8.2 - 8.8 - 8.3 -10.6 -11.9 -11.6 -14.2 -16.8 -11.1 -10.7 -10.9 -13.5 -14.7 -10.8 -15.0 - 3.7 - 9.9 -15.6 - 1.9 - 5.8 - 2.6 -11.9 - 5.2 1.5 - 3.0 2.5 - 3.8 2.1 0.0 — 5.2 IT 9 -25.0 — 15.3 -19.7 -17.1 375.6 650.4 415.2 469.9 465.0 360.6 580.4 485.7 441.3 507. 5 5.1 2.7 9.1 8.5 4.8 3.7 3.6 6.0 6.8 6.6 - - 1.3 -17.3 426.4 401.4 .8 -1.2.9 - .. Same month previous year. July 1, 1921, to close of— Percentage of outstanding orders at close of month to total purchases during previous calendar year. - 7.3 - 6.6 8.2 —10.5 - 4.6 0 utside District District No. 4: Cleveland Pittsburgh.. . Cincinnati Toledo Outside District District No. 5: Richmond "Washington Other cities District District No. 6: Atlanta . . Birmingham Nashville Dec, - Philadelphia . District No. 9 District No. 10: Kansas Citv Denver Outside District District No. 11 District No. 12: Los Angeles San Francisco Oakland Sacramento Seattle Spokane Salt Lake City District "United States Nov., Percentage of average stocks at close of each month to average monthly sales for same period. 9.4 - 5.5 : H -14.5 6.2 -3.0 5.9 - - 3.5 " - \ \ 8.6 -12.7 -11.9 - 6.2 - 3.9 -18.3 -18.3 -13.5 -17.3 -12.9 - 8.1 -12.9 - 8.6 -17.7 - 3.9 .7 6.5 - 9.2 - 2.1 -17.4 - 8.0 — .1 - 9.9 - 5.1 - 1.7 -13.3 1.0 8.6 -11.3 - 3.2 2.1 -10.9 24.1 -19.1 -15.4 499.2 498.5 532.5 -13.8 -25.9 - 4.3 16.7 -10.8 -24.2 — 7.6 -21.3 - 6.7 -16.0 - 1.8 -11.6 - -20.3 -22.5 .5 - 4.0 - 9.3 -16.8 -11.7 —10.4 -14.2 - 7.9 -13.7 1.8 1.6 — 9.1 -15.3 - 5.0 — 14.5 -15.4 - 3.0 — 5.5 .8 — 3.5 — 9.5 -13.4 -13.1 — 14.6 -17.0 - 8.3 -12.4 1.1 - 6.6 —94 -13.8 -10.6 — 10 9 -16.5 - 7.7 -10.8 14.4 8.1 - 6.8 - 6.2 —47 —26 - 6.4 '— 2.'5 -21.3 -17.4 —17 1 — 4 9 - 1 6 . 7 - 6.4 - 1 3 . 0 -13.6 - 1 1 . 8 - 8.0 —17.2 -14.4 12 1 -21.0 -19.7 18 0 -11.8 -15.4 -17.2 - - 4.2 .2 1.7 .2 4A 3.7 — 2 0 — .4 - 1.1 .5 4 3 5.6 4.5 2.3 2.8 436.2 552. 8 3S3.3 1.9 4.3 3.9 1.0 2.1 5.0 507.7 523.1 443.7 443.2 3.0 2.2 4.3 7.5 478.9 440.0 488 3 461.5 415.1 541 8 499.3 462.0 432.0 416.5 382.3 434 4 409.' 7 343.9 469 2 439! 2 411.7 381.0 7. i 7.3 9.9 6.8 5.3 8 0 4.0 6.4 6.8 5.0 5.0 6.3 219 FEDERAL RESERVE BULLETIN. FEBRUAEY, 1922. MONTHLY VALUE OF RETAIL TRADE. [Index numbers based upon the average monthly value for 1919=100.] Chain stores. Depart- Mailorder | i ment ! stores houses Grocery jFive a n d Drug (6 Cigar (3 (4 (158 (13 ten (4 i stores. houses). chains). \ chains). chains). chains). Chain stores. Depart- j Mailmen t ! order! stores houses Grocery Five and j (158 ! (4 (13 ten (4 Drug (6 Cigar (3 ; stores), i.houses). chains). chains). chains). chains). 1920. January February March April May June July August September October November December I i \ i i | i j I i 1921. 107.2 85.6 120.5 117.2 124.9 119.9 89.9 88.8 106.6 131.8 136.8 183.8 i ' ! i i | j ' ! 128.7 125.4 144. 9 149. 6 14c. 8 142.6 151.9 134.6 132. 5 132.9 131.3 128.1 120. 2 122.2 130. 7 107.5 90.4 87.3 80.7 80.2 90.5 | 103. 7 125.5 97.9 So. 6 82.6 111.1 110.6 112.9 108.9 112.0 111.1 111.7 129.9 125.7 214.6 113. 6 106.1 116.1 109.2 115.1 116.1 122. 5 118.1 118.3 ! 121. 9 ! 112.6 I 146.2 i 106.8 106.1 120.3 123.2 135. 6 129.6 137.3 129. 2 136.6 151. 0 133. 9 180.5 January February March April May June July August September October November December : ! ! | • ; ! 103.8 88.4 116.9 112.6 112.6 111.1 79.7 82.7 95.0 130.7 123.4 182.7 69.1 ! 64.4 I 95. 0 77.2 • 60.2 61.9 49.2 56.3 72. 5 j 88. 5 '• 83.1 i 79.9 i 115.4 j 109. 0 ! 119.1 i 112. 0 j 111.2 108. 6 106. 7 ! 114.1 I 110.3 126.0 ! 125.6 I 134. 9 ! 86.1 ! 92.9 ' 121.1 111.9 112.2 109.7 108. 0 116.0 113.4 141.9 134.1 241.6 115.3 108.6 120.8 119.2 117.2 118.2 118.9 116.4 116.7 121.7 112.5 141.6 119.9 116.5 131.8 134. 7 129. 5 127.8 128.5 127.6 128.0 138.0 124.8 172.7 WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) I N N E T SALES IN DECEMBER, 1921, AS COMPARED WITH T H E PRECEDING M O N T H (NOVEMBER, 1921). Groceries. : Dry goods. | Hardware, j ! i District. i Per I cent. Furniture. j NumNum-: ber of j Per • I firms.; c c n *" firms. cent. ! J— —i. No, No. No. No No. No. No. No. No. No. — 12.0i -12. 4! - 8.7, — 10.5! - L8 -12.1 . - 1 6 . 2 !! . - 6.4 . - 1 5 . 2j 9 - 6.9l — 10.2 + 0.4 -18.1 -20.5 25-16.0 39!-38. 2! 29|-39. 2| 37--35.2 . . . ! + 7.1 - 8.9 131-17.6 3-11.5 14-42.8 31 -26.3 •—16.8 - 9. 2| - 8.91 11—31. II 23 II j . . . IS'—37.1 19 22; -45.4,1 9 - 1.4! 21 j - 4 0 . 5 ! 12 - 9.6 i Farmim- ! piements. ' . 1. Jp c e^J. Num-j bcrof| c firms, j t t ,'berof -Tirms. + 7.9 1011 12 - 9.6 . . . - 8.6 j j::::::r: + 5.4. 14 22,-10. 3! I NumPer ber of cent. firms. S ; firms.. Auto supStationery. plies. Drugs. 41 j . 3=- 8.9' -17.41 +30.0 12-9.6 I 9 12 4 +43.7 '.'. -27."7" ;. 7-.8.51 20 +26.1 + 14.8 -11.8 +85.0 ! 41... 21,+98.3 PERCENTAGE OF INCREASE (OR DECREASE) I N N E T SALES I N DECEMBER, 1921, AS COMPARED WITH DECEMBER, 1 9 2 0 . j Groceries. • Dry goods.; Hardware. |j District, No.2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 9. No. 10 No. 11 No. 12 i Furniture. Drugs. Auto supplies. \ "T Num-1 Num-. P f l Num- Per Num-1 Per Num-! Per NumJ Per Numof bcr oftent r}f !«„„_ bcr of| . J-ri ber ,of. (ty.l , "[ berof" £5i berof ,0ofj ocni.. cent.i :firms. cent.1; ber fim !fiT.-m O cent. ; f i r T r l o firms. cent. firms.; " jfirms. —12.6! -20.6 1-24.1 ! -17.9 -21.2 '-16.3 j—10. 8 1—15.1 -13.2 J | - 2.5j 48i 25i-10.6 ! 3 9 ! - 1.11! 2 9 j - 8.3 3 7 - 7.0! ...i+168.6! 61 ! 14+ 8.7 311 + 1.1.2 3!-14.5| -20.0. 111-27.2| 16—17.51 21 — 9.9l 1 3! - 8.I1 3 -28.9 . . + 3.o! 12-15.7i1 12-14.0 1 1 + 0.6| 23' : 11, ' 18!+38.2| 22+37.4i 211+19. 8 10I ! 4' j 121 ! 22 i+26. 7 + 9.3 19+447.3, 9 ' 12! , ! + 54.31 !+ 50.814|+ 30.6j Stationery.! Auto tires. 220 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The foreign index numbers published hereIn the following table the all-commodities with are constructed by various foreign sta- index numbers for the whole series of countries tistical offices, and are sent to the Federal! appear together to facilitate the study of cornReserve Board by cable.a parative price levels: INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES). United States; Federal Reserve Board (90 quota-2 tions). United ! States; • Bureau i of | Labor Statistics (315 quotaq tioiis).* ! Canada; Dcpartmerit of Labor (272 quotations) .a United Kingdom; Board of Trade (150 commodities). I 1 : France; ! Italy; GerChristiProf. GerDenmany; Sweden; United I Bui- | Bachi ania, StatisKingletinde (38 com- many; Svcnsk Norway; mark; FrankFinanstisches dom; I la Sta- j modi£)konoHandelsfurter tidende Statist i tistique ' ties misk tidmng !! Zeitung Reichs(45 com- , Geiie'raie ! until Revue (33 comamt (47 (77commodi- I (45 com- I (38 com- quota-1 (93 com- modii modities).7 ties).* tions).' modi-6 modities).4 thereties). ties).* after).» 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. July August September.. October November.. December. 1922. January. February. — Finland; Kommerskollcgium of Sweden (71 com(35 commodities).^ ties). Holland; BulCairo; Central garia: DepartBureau Direcment of of Statistion Statistics (53 Gonorale tics (23 comdcla commodiStamodities).! 6 tisti quo. ties). | Ausi CalSouth tralian Africa; Com, cutta, Office of monNew : India; Census wealth; Zealand; • Departand Sta- Bureau Depart- ; merit of of Cen- merit of Statististics (187 sus and Statis- ! tics (75 com- Statistics tics. corn(92 commodimod1 modities).2 ties). i Japan: Bank of Japan Shanghai; for DepartTokyo ment of (56 com- Statismoditics. ties).* • % Peru; Department of Statistics (58 commodities)^ ties).' 1913 1914 1915 1910 1917 1918 1919 1920 . . . . 100 100 981 1,384 1921. July August September October November December , 1922. January February 179 177 181 184 182 178 100 105 145 222 286 392 297 282 100 103 137 « 268 17 667 17 830 " 1 166 1, 910 176 180 180 169 165 165 1,721 1 730 1 758 2.052 2^061 2,155 (19) 102 124 168 207 225 299 164 166 176 186 181 170 21 100 117 135 154 168 181 245 12100 141 132 n 155 170 180 218 155 159 160 160 156 151 148 20 100 : 104 , 123 134 151 ! 175 178 212 I | 200 197 197 1 195 i ... 13 100 204 183 184 184 18() 180 100 96 97 117 147 192 236 259 196 199 207 219 214 209 22 100 106 109 112 111 110 109 110 100 w 105 24 125 24 160 2* 195 24 217 84 227 238 201 205 205 i 176 171 168 i 205 1 13 I n d e x numbersfor 1920 a n d thereafter based u p o n prices of 76 comE n d of July, 1914=100. modities. Computations arrived a t b y t h e m e t h o d described o n p . 465 n Last six m o n t h s of 1917. of t h e BULLETIN" for April, 1921. is Prices as of first of t h e m o n t h . 1914= 100. 2 1(5 Average for t h e m o n t h . Based u p o n prices of 52 commodities during 1920; 53 during 1921. 3 E n d of m o n t h . 1913= 100. 4 17 Beginning of m o n t h , b u t n o t always t h e first. December figure. 5 Middle of m o n t h . w Last six m o n t h s of 1914. 6 9 E n d of year a n d e n d of m o n t h . 1 J a n . 1, 1913-July 31, 1914=100. 7 First of m o n t h . 2° Average a n n u a l e x p e n d i t u r e , 1913=100. s July 1,1913, t o J u n e 30,1914=100. si 1914= 100. 9 Middle of 1914= 100. 2a September, 1919= 100. i° Dec. 31,1913-June 30, 1914=100. « xVverage for m o n t h u n t i l September, 1921; thereafter prices as of 15th 11 J u l y 1,1912-June 30, 1914=100. of m o n t h . 24 12 July, 1914=100. Last three m o n t h s of year. a See following page for issues of BULLETIN containing descriptions of the methods used in constructing these indexes. 221 FEDERAL RESERVE BTTULETIJSr. FEBRUARY, 1922. The BULLETIN for January, 1920, contains a description of the Statist index for England, and the French, Australian, Japanese, and Canadian indexes. A description of the method used in the construction of the Swedish index number appeared in the BULLETIN for February, 1921, the new Italian index number was discussed in the April, 1921, issue of the BULLETIN, and the method used by the Frankfurter Zeitung in the case of the German index number was described in the BULLETINS of February and March, 1921. Complete information regarding the computation of the index of the United States Bureau of Labor Statistics appears in the publications of that bureau, and a description of the index number of the Federal Reserve Board may be found in the BULLETIN for May, 1920. The Danish index has been constructed only recently, is based upon the prices of 33 commodities, and is roughly weighted according to consumption. The new British index number, compiled by the Board of Trade, was described in the March, 1921, issue of the BULLETIN. The BULLETIN for December, 1921, contains a description of the index published by the Federal Statistical Bureau for Germany, and the indexes for Switzerland, Holland, Finland, Norway, Bulgaria, Cairo, the Union of South Africa, the Dominion of New Zealand, and Peru. Lack of space prevents the publication of group index numbers for these countries, but they can be obtained at any time upon request. In the case of the two American index numbers, 1913 is used as the basis in the original computations. In most other cases in which 1913 appears as the basis for the computation, the index numbers have been shifted from their original bases. The computations in these cases arc, therefore, only approximately correct. In certain cases July, 1914, or the year immediately preceding that, is used as the base. Since the figures are for the most part received by cable, the latest ones are subject to revision. In certain cases the index numbers for the war years were published in various issues of the BULLETIN in 1920. GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. [1913--100.] Farm products. Dale. 191.3 1914 1915 1916 .1917 1918 1919 .1920 1921 Food, etc. Cloths and clothing. Fuel and lighting. Metals and metal products. Lumber and building material. lloiiseChemicals nish ing and drugs. furgoods. 100 100 103 105 122 1.89 220 23-1 218 120 100 103 104 128 .170 189 210 239 143 100 98 100 12^ 181 239 201 302 183 100 96 93 119 175 163 173 23S 190 100 87 97 148 20S 181 161 .180 131 94 101 124 151 192 308 196 100 101 114 159 198 221 179 210 168 .100 99 99 115 144 1.96 236 366 238 115 1.1.8 .122 119 134 L52 J4f> L42 J12 139 179 179 187 .190 180 185 184 182 178 182 L86 187 125 120 120 121 119 119 200 198 193 192 197 203 163 16 L 162 162 102 16L 235 230 223 21S 218 248 07 All commodities. Miscellaneous. 100 99 99 120 155 193 236 158 100 100 1.01 124 176 196 21.2 243 153 149 147 146 145 145 148 14S 152 152 150 1.49 149 21.7 1921. July Angus!: September... Go rob or November... December... 113 ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE. [1913=100.] 1920 average December, 1920. Other I metals Cotton. and minerals. Cereals. Meat and fish. 273 262 263 292 278 257 272 269 406 381 252 236 202 204 197 170 157 153 214 217 201 185 179 181 215 210 201 193 195 187 210 210 200 183 177 173 229 220 207 194 181 172 185 172 160 157 153 152 Other foods. Total food. Iron and steel. Other textiles. Other articles. 480 254 362 239 I 274 236 340 270 314 269 180 176 213 225 199 1S8 161 159 163 170 169 167 194 189 190 190 183 177 192 186 186 185 176 17. 198 194 191 184 176 171 Total All comnot food. modities. 1921. July.... August September. October November.. December.. I • ! . | 222 FEDERAL, RESERVE BULLETIN. G R O U P INDEX NUMBERS—UNITED FEBRUARY, 1922. KINGDOM—STATIST. [1913=100.] Date. i ! i Vege- A . 'Sugar,l ! c ! Sun. Matetable trlY ' °f" I Food- Min- Texfoods. foods feo'' istuffs.j orals." tiles. dries. rials. All commodities. • 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. ! D e c , 1920... 100 100 100 , 100 110 ! 100 ' 107 105 155 I 125 130 1 137 193 , 152 ! 161 1 169 252 192 : 2 1 3 ; 218 248 210 1 238 i 229 252 215 i 275 1 238 321 264 i 366 i 301 257 j 2621 ' 212 1 253 100 90 109 140 152 167 190 269 254 100 97 111 152 228 265 271 299 205 100 1 100 105 ' 98 131 119 163 153 212 198 243 225 268 243 290 285 248 237 • All Min- Tex- Sun- Mate- comistuffs. erals. tiles. dries. rails. modities. Vegetable foods. Date. i ioo; 1921. 101 126 , 159 . 206 ; 226; 242 , 291 , 243 . July August September.. October November . . December... 222 221 203 175 173 163 212 213 186 170 170 163 j | , ! i I 144 206 159 207 153 ! 191 145 150 , 143 168 156 149 139 136 131 167 160 182 179 178 179 174 168 168 159 156 155 183 180 173 162 157 157 186 181 175 163 161 157 G R O U P I N D E X N U M B E R S — F R A N C E — G E N E R A L STATISTICAL BUREAU. [1.913=100.] Sug Date. mal foods. foods 1913 1914 1915 1916 1917 1918 1919 1920 100 103 126 162 215 286 j : | | Raw' and I All ! ;i1 Foods Min- Tex- Sun- mate-, com- , ;! (20)-'I (20) |orals. l IItiles, til dries. rials i mod- ' 31.3 503 i 427 100 104 131 167 225 _281 .._ ,| 100 98 164 ! 132 232 I 180 271 ! 303 _ „ I 460 283 100 99 145 199 302 420 jj 100 101 145 206 291 ' i | ' i 387 I 336 j 272 i 444 ! 405 ! 373 ! 459 ' 449 , 737 i 524 100 101 137 187 262 (Raw! All • 1921. 'i J a n u a r y . . . . 483 jj oo± 334 j 337 397 341 j 460 ' 445 415 too July 366 i zoo 253 iI zyi; 290 ii C343 393 .j 353 I 364 | 6»6 i5oo H O ' 301 oui ii August. . 371 | 337 l ; 352 ! 355 245 I 321! 356 i 312 11 September. 373 j 311 389 I 352 I 253 \ 388 370 338 ; !i 339 ;! October 357 !! November.. 345 331 324 305 306 303; ; 1922. , January. i : foods.jfoods.i^j (20)- ! * * • ; tUos. jdrtaJ rMs ! - (25). ! ities. j 100 100 ! 103 106 j 126 | 151 170 | 164 243 298 I Min-: T e x - ! Sun- imate-, coin- Date. 305 :i 323 ! 262 391 365 324 321 j 277 388 ! 362 300 ! 313 I 269 375 ! 364 ! 407 330 331 344 338 I 331 341 ! 332 337 ! 326 309 i 289 I 306 302 j 258 : 363 = 350 | 324 314 G R O U P INDEX N U M B E R S — I T A L Y — R I C C A R D O B A C H I . [1920=100.] MinjVegcAni! Tex- erals table j mal and tiles. foods. foods. icals. metals. i 1921. January. ' July i August ; September..! 107 100 107 114 121 : 109 ! 113 ! 125 i 98 65 68 71 77 I 54 ! All ! Sun- com- • dries, moditios. I 88 i 113 60 j 95 60 j 92 59 i 91 ; Vege- AniTextable mal foods. foods. icals. tiles. !. 1921. 123 107 !' 103 i| October.... 83 ;j November.. 92 87 87 December.. 96 87 • <tt 'I 102 ; Other, Min- _ 116 114 115 129 126 121 75 76 74 76 75 79 64 ; 65 ! 66 ! 91 I 114 90 ' 114 89 | 114 95 i i G R O U P INDEX NUMBERS—GERMANY—FRANKFURTER 94 ! 94 i 94 ZEITUNG.1 [Middle of 1914=100.] Agricul- Textural tiles, prod- leather. ucts. als. Miscellaneous. commodities. 1920. 1,230 3,100 1,747 1,432 1,509 1921. ; 1,205 1,274 ' | ' 1,784 1,854 1,995 i Latest revised figures. All Miner- Miscellaneous. als. commodities. 1921. Average for the year Beginning of— February July.../. August September October Agricul- Textural tiles, prod- leather. ucts. All Miner- 2,507 2,153 2,289 2,010 3,270 1,622 1,594 1,030 1,748 2,112 1,542 1,592 1,550 1,008 2,567 1,484 1,473 1,723 1,820 1,993 Beginning of— November.. December.. 2,78.'> 3,322 4,714 0,567 2,937 3,580 2,092 2,458 2,098 3,283 1922. Beginning of— January February... 3/295 3,576 0,507 6,975 3,630 4,084 3,033 3,450 3,407 3,814 FEBRUARY, 1922. 223 FEDERAL RESERVE BULLETIN. GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU. [1913 prices= 100.] Goods produced (16 commodities). Goods imported (22 commodities). 1,253 1,323 2,609 2,005 1,309 1,708 1920 average . December, 1920 All commodities (38 commodities). 1,479 ! August 1, 137 September. ' October November.. 1,425 December.. 1921. Julv Goods produced (16 coinmodi tics). All commodities (38 commodities.) Goods imported (22 commodities) . 1,913 ; i,952: 2,235 ! 2,9:>7 i 1,888 2,643 3,585 5,662 "! 1,909 2,067 2,460 3,416 3,569 GROUP INE»EX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING. [July ], 1913-June 30, 1914=100.] Vegetable foods. Date. 19.13-14.. .1914 1... 1915 1916 1917 1918 1919 1920 Animal foods. Raw materials for agriculture. Coal. Metals. Building materials. Wood pulp. Hides !: and Textiles, leather. ; Oils. All comjrnodities. • .100 136 .151 152 .181 221 261 262 100 101 140 182 205 419 409 296 100 114 161 180 198 304 340 312 100 123 177 260 551 8,% 804 1,007 1.00 109 166 272 405 398 258 278 100 104 118 165 215 275 286 371 100 .100 i 100 100 116 233 267 300 308 675 118 158 ; 229 206 195 ! 211 215 ' 103 116 166 247 ill 120 149 212 324 294 244 236 217 183 167 161 156 266 227 230 208 198 195 186 281 216 2J4 207 200 197 202 371 31.5 250 223 202 194 1.97 230 149 130 1.30 130 1.33 134 320 199 198 191 211 239 243 520 197 183 178 169 181 189 131 112 107 108 1.19 1.08 110 328 191 191 1.91 ; 169 133 .132 166 161. 149 146 187 179 179 267 2L1 198 182 175 174 172 16S 173 202 179 131 228 189 104 i 144 179 170 100 1.16 145 185 244 339 330 347 1921. January, 1920.. July August September. October November. December.. January. ! : ; ' ! 1922 i Average for 6 months ending Dec. 31,1914. GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—OKONOMISK REVUE. [Dec. 31, 1913-JuncSO, 191.4=100.] icl. Date. E n d of— 1914.. 1915.. 1916.. 1917.. 1918.. 1919.. 1920.. Vegetable foods. I Animal ! foods. 115 149 193 260 324 329 352 Feedstuffs and fertilizers. ' j ; ' j Coal and coke. Petroleum Iron. Build- ; TexMetals. ing m a - ! tiles. terials. , Hides and leather. Pulp wood. Paper. and benzine. All commodities. 130 150 198 292 277 281. 385 108 150 195 231 284 277 340 151 224 355 1,161 514 767 647 104 132 170 231 247 162 407 115 158 435 720 573 442 482 128 289 401 503 503 187 200 107 131 213 326 359 i 358 41.6 ! 105 121 178 264 302 356 402 158 193 251 296 286 284 255 103 124 171 217 283 277 321 101 137 190 263 313 322 472 115 159 233 341 345 322 377 408 360 303 305 282 254 260 254 251 233 233 388 371 333 333 316 289 303 297 297 297 276 276 307 307 339 335 319 278 1.90 ! 190 i 190 197 184 183 309 ; 305 ! 299 , 297 ! 293 ! 291 319 315 309 315 320 320 197 197 210 228 219 219 276 262 227 227 227 183 392 392 377 350 338 338 300 297 287 286 276 269 1921. July August September October November December 301. 296 302 297 273 263 279 | I 224 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS. [July, 1914=100.] I Textiles, leather, etc. I Metals and coal. Date. July, 1914. 1915 1916 1917 1918 1919 1920 December, 1920 ' i i ! 100 117 154 213 220 193 209 216 j 1 ' 1 ' 1921. Building materials. Meat. All comChemicals. modities. 100 127 124 116 121 137 184 210 100 110 127 131 138 147 186 198 100 150 155 155 147 145 201 193 100 116 136 194 245 261 295 271 100 149 172 243 315 282 277 252 100 141 132 155 170 180 218 166 164 146 129 123 122 188 190 187 189 188 187 119 120 110 9S 87 93 23S 231 226 210 198 192 220 224 220 220 208 205 159 197 i i July August September October. 1 November December Groceries and tobacco. Dairy products. 195 194 193 j 193 190 183 : : • \ 160 160 156 151 148 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1 [1913=100.] i Fruits j and | Other foods. tables. ! Grains Animals Dairy and ! prodand fodder. meats, j ucts. Date. 100 114 136 142 206 231 227 263 1921. January, 1920 July " September October November December 186 146 152 144 127 125 .. 100 i 107 : 104 ! 121 161 i 197 199 i 198 175 • 143 i 143 ' 133 134 131 1J3 j 122 j 133 129 j 100 100 105 119 149 168 192 100 104 121 136 180 213 222 206 : 261 258 100 100 ; 105 102 114 i " 110 148 143 168 201 273 i 169 213 285 1 192 303 216 184 • 212 228 : 133 142 141 149 158 157 182 170 174 173 170 162 158 179 181 183 185 179 170 188 , ! 159 176 101 100 100 100 100 149 186 ! 155 176 99 100 99 i 93 130 , 233 ! 214 204 -- All Drugs Imple- 1 ing m a - Fuel and : and ments. 1' terials, lighting. chemilumber. 171 ! 176 131 106 1922. JanuEfv i Build- Metals. . cals. commodities. r •• 1913 1914 ]915 1916 1917 1918 1919 1920 i 1 Hides, Textiles leather, ! etc. 100 96 128 167 217 229 173 203 100 ! 101 106 128 174 213 228 245 : . 100 97 100 118 147 171 268 100 94 92 113 163 188 201 255 174 147 145 143 143 140 141 257 236 237 235 234 1 232 232 248 217 192 189 190 180 180 142 231 i 100 180 250 205 204 100 101 110 135 177 206 217 245 247 207 206 206 210 211 211 196 175 176 171 169 165 166 208 176 174 172 169 168 170 208 ! 163 168 •• 1 0 0 ! 106 160 222 236 i Unimportant groups omitted. GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS. [End of July, 1914=100.] I Cotton Build- ManuJute fac- Metals.; Hides ing manuRaw and fac- cotton. facmate- tured skins. tures. I tiles. tures. rials. articles Date. End of July, 1914.. Average for 1920... December, 1920.... 1921. July August September October November December ' i j ; Oils, mustard. Raw jute. 100 138 161 100 231 229 100 ! 23S 242 100 147 90 100 354 333 100 153 116 100 | 149 107 i 100 j 162 ' 156 i 100 128 124 100 104 83 149 113 143 141 14! 237 242 247 251 °46 '35 245 241 214 214 ! 213 ; 219 ! 116 121 120 122 116 128 316 301 302 310 299 289 136 150 217 193 166 176 102 107 127 112 108 111 147 : 135 . 147 I 148 150 150 115 116 115 106 104 ! 103 ! 80 85 102 88 77 i 86; ! Other Sugar. Pulses. Cereals foods. 100 407 273 100 i 166 149 151 153 157 ''• j 154 ' 143 147 173 182 ; 219 205 203 194 182 184 178 180 100 I 154 i 139 All commodities. 100 184 160 100 204 ISO 162 ! 170 ! 172 [ 166 164 ! 169 i 183 184 184 180 180 225 FEDERAL. RESERVE BULLETIN. FEBRUARY, 1922. COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics j showing the trend of retail prices and the cost ' of living in the United States and important! European countries: x | RETAIL PRICES IN THE UNITED STATES, PARIS, AND SWEDEN; COST OF LIVING IN UNITED KINGDOM AND BERLIN. United United 1 Sweden, Berlin, Three of these index numbers—those for the United Kingdom, States, retail cost of Paris, and Sweden—are constructed on the basis of prices in July, 1914= retail'1 prices. living." 100. In the case of the United States, the original base, that of the year prices. 1913, has been shifted to the July, 19il, base. The German index uses ofliving.s P 1 1 C C S the year ending July, 1914, as a base. The American index number, constructed by the Bureau of Labor 1919 216 321 182 260 Statistics, was based upon the retail prices of 22 articles of food, weighted 1920 249 298 199 371 1,080 according to family consumption, 'until January, 1921, when it was December, 1920 1,135 294 I | 175 269 424 increased to 43 articles reported by dealers in f)l important cities. The 1921. : method, of weighting continues the same, although the actual "weight" January 265 1,111 410 283 | 169 applied has been changed. 219 1,125 308 232 145 The British index number of the cost of living constructed by the July 222 1,177 317 234 152 Ministry of Labor consists of the retail prices not only of foodstuffs but August 220 1,212 329 228 150 of other articles as well. Retail clothing prices, rents, and the cost of | September , 210 1,340 331 218 150 fuel, lighting, and miscellaneous household items are'also taken into | October 203 1,767 326 ; November j 149 211 ! consideration. The index number is weighted according to the im- : 199 1,934 323 December i 147 202 portance of the items in the budgets of working-class families. The retail price index for Paris, compiled by the French General 1922. Statistical Office, consists of retail prices of 13 different commodities, j January 190 i 319 weighted according to the average annual consumption of a workingman's family of four persons. Eleven of the commodities included in l this index are foods, and the other two arc kerosene and alcohol. ! Average for the month. The Swedish index number consists of the retail prices of foodstuffs,, I 2 Beginning of month. fuel, and lighting and is based upon the prices of 51 articles in 44 towns j » August 1913-July, 1914=100. (in 1920, 50 articles in 49 towns), weighted according to the budget of a workingman's family which before the war had a yearly income of 2,000 kroner. The Gorman index expresses upon a percentage basis figures com- i berg. Dr. Kuczynski bases his calculations upon the cost of living per piled by "Dr. It. It. Kuczynski of the Statistical Oflicc of Berlin-Schonc- I week of a family of four in Greater Berlin. «J IS FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN, AND GERMANY. lOlltnVlIlg g p i Sweden. In Francee and d Italy t l y the value of foreign trade is estimated II nnoot ti innt toorrmmss ofofcuiTent cuiTentprices pricesbut butin interms termsofofthose thoseofofsome someearlier earlier,dated dated g g trade usually ually the preceding showingg the monthlyy value ot trie foreign precedingyear. year. ^-P « « r»r.svii-rv r»r.svii-rv ll f f -rw-PP iTvi^APf«yif T T ? n y ^ r ?i A o ^ * \ N oof nNone e and of figures pres ^>^n^*• »\^of the the figures include import or export gold silver. In.presented the case ofbelow tntrland and the France, group figures 1 are given as silver well as total values, while in the and case 1-rancc of the other r o u p OI i m p o r t a n t Jl/Uropean Countries 1\ Ototal f gold and In the case of tneland groupcountries figures OI aa ggroup values only are presented. This does not mean that group figures ' . arc not obtainable, merely that they are cither delayed in publication and Japan. 1 Currencies have not been converted to a common unit, nor are | or appear not to be of such general interest as the French and English 1 -W- methods of valuation the samp, in. all countries. In England imports [ material. are given current «. i. f. values in England; exports and reexports, ' Japanese figures for recent months are received by cable and subject current f. o. b. values. The same method is followed in Japan and i to revision. FOREIGN TRADE OF THE UNITED KINGDOM. Imports. Exports. In thousands of pounds sterling. Raw Articles Miscelmatelaneous, drink, articles including and i mainly mainly y manu- parcel tobacco.:, unmanu- factured. post. factured. 11 Total. OM1I 21,181 59,927 03,817 59,280 1921. July August , September... October November.., December... 42,090 50,584 48,410 44.475 41)246 39,0J3 Raw mate- In thouFood, sands drink, of tons. and tobacco. 16,131 21,663 37,787 31,553 20,232 19,589 20,465 21,256 29,946 27,792 18,005 18,194 17,905 18,691 • 17,913 i 18,291 i j ! j ! Articles | Miscel- I wholly ; lancous, j lactured. j 23. 485 50)565 59,198 48,613 Reexports. In thousands of pounds sterling. I Monthly average: 1913 1919 1920 December, 1920... 259 61,061 358 135,513 254 161,387 241 142,687 4,669 3,795 i 3,723 ! 2,716 2,814 4245 4,245 3,842 431 214 338 320 154 165 4,050 3,389 3,515 3,470 3,343 3,080 2,702 3,124 3,300 3,466 3,586 3,187 i !! I ! parcel post. In thouIn In thou- sands thouof I sands sauus j J j sands sanas Total. ! of tons. ! p °tSL ! of tons. ! 5,825 ! 31,281 949 | 43,770 9,274 i 53,457 i 1,008 i 66,553 9,274 12,126 93,312 1,523 ' 111,206 12,277 78,819 I 1,694 96,631 i 1922. January 1 t'l TY1 I Includes reexports. I 80,757 88,581 87,119 81,742 89,259 85,312 76,480 ! : i ! | 2,775 7,058 6,997 7,359 7,046 7,446 , I j . ! ! 990 1,228 942 1,113 1,169. 1,378 43,172 11,350 51,346 3,747 55,248 4,128 62,265 i 4,297 62,895 • 4,541 59,375 i 5,238 63,140 I 9,362 9,998 i 8,595 j 10,386 9,823 ; 9,204 | 8,450 ; 154 116 159 139 107 226 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. FOREIGN TRADE OF FRANCE.1 Imports. Exports. In thousands of francs. Raw materials. I Manufacj tured articles. Total. 151,465 892,040 718,179 909,000 412,144 1,229,435 1,400,046 2,418,000 138,169 861,797 832,187 1,122,000 701,778 2,983,272 2,950,413 4,449,000 434,001. 555,545 69.1,972 717,091 564,012 754,671 704,069 855,697 1,204,213 1,19.1,860 1,446,125 1,856^ 148 331,047 320,052 329,494 318,000 323,593 543,445 Food. Monthly average: 19132 1919s 19203 December, 1920 * In thousands of francs. In thousands of metric ! tons. I Food. I 3,685 : 3,204 ! 4,211 j 5,355 Raw materials. Manufactured articles. 69,908 .1.54,841 99,201 203,691. 1S4,277 397,677 238,000 524,000 2,164 2,593 3', 993 2,809 5,161 5,198 1,469,117 1,73L,294 2,225,679 . 2,226,951 i 2,333,730 3,154,264 : Total. 301,420 615,630 1,187,742 1,300,000 I I 1921.3 July August September October November December In thousands of metric tons. 573,351 989,966 1,869,563 2,26S, 000 1,840 464 1,071 1,167 74,350 ' 1,563,055 82,933 I 1,725,092 f\ Z. 0 * 0 I T A ft" O 95,852 I1.774,653 103,078 1,759,472 120,343 .,748,654 1.80,059 2,182,320 1,194 1,035 1,172 1,251 1,51.5 2,507 47,182 7.1,444 99,867 153,000 I 123,303 ; 439,534 | 925,868 112,654 I 445,312 1,084,193 146,467 ! 444,891 1,087,444 132,424 ! 482,376 1,041,594 157, L80 '• 478,875 992,256 259,605 > 549,495 1, 193; 161 1 2 3 Not including gold, silver, or the reexport trade. Latest figures subject to revision. Calculated in 1913 value units. Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921. trade. 4 Calculated in 1920 value units. F O R E I G N T R A D E OF ITALY, S W E D E N , N O R W A Y , Italy. (In millions of AND JAPAN.1 Sweden. (In millions of kronor.) Japan. (In millions of yen.) Norway. (In millions of kronor.) Imports. Exports. Imports. Exports. Imports. Exports. Monthly average: 1913 1919 1920 2 304 1,385 1,322 2 210 506 650 71 211 281 68 131 299 228 197 218 177 171 • 98 103 126 101 95 112 253 33 65 104 61 181 195 53 175 162 190 1K4 173 96 88 71 108 108 105 134 105 87 94 134 113 105 99 103 108 148 176 61 72 82 46 21.5 1920. October November 192.1. July August September 3 557 981 3 962 1,101 3 3 3441 3 587 3 659 3 683 110 j 132 ! 129 130 154 160 106 96 112 121 145 1922. 176 2 1 Latest figures subject to revision. 3 Based on 1919 values. 87 Based on actual current prices. FOREIGN TRADE OF GERMANY. Imports.1 Exports.2 Imports.1 Merchandise. Gold and sil(in In thou- ver thou- In thou- In thouIn thou- sands of sands of metricof sands of sands of sands metric marks. tons. tons. marks). marks. Merchandise. Merchandise. Cold : Gold and siljandsil-j ver (in In thoufrith mi ' vt eh 0r Q( m thou- In thou- bsands 1of of sands of sands of metric ± - ° sands-of; of! sands of sands metric marks). marks. tons. marks).! marks. tons. Merchandise. Monthly average: i 1913 1920 ! i Exports.2 1921.3 926,654 6,068 1,570 8,450 17,773 841,375 5,775,933 6,146 1,657 2,007 45,306 7,817,910 1,758 1920. December... May J une July August September.. October November.. December... 150 154 8,376 35,765 26,674 5,486,345 6,408,681 7,572,099 9,382,484 L0,641,769 .3,875,000 2,278,000 .3,700,000 1 Not including philanthropic gifts. *3 Not including deliveries on reparations account. Figures covering the first four months of 1921 are not available. Figures for 1921 are subject to revision. 1,534 1,824 1,925 2,4LI 2,533 • . I i ! 10,901 30,081 37,587 13,514 26,832 3,005 •: 2,538 2,086 ' ; 4,547,341 5,437,743 ! 6,174,663 ! 6,670,105 \ 7,492,452 " 9,721,000 ill,912,000 114,600,000 1,145 1,509 1,558 1,828 1,871 1,973 1,908 1,930 227 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. INDEXES OF INDUSTRIAL ACTIVITY. ENGLAND. Production (long tons, 000 omitted). Iron and Cotton steel Coal manumanu- factures (long factures (sq.yds., tons, 000 (long ns, 000 000,000 omitted). 1913, average 1920, average 1921. . July August September October November December 1 2 1,310 1,194 1,060 1,123 1,216 1,271 .- ! I 3 3,283,000 I ! i "2,640,000 3 Average of 4 quarterly estimates. Five weeks. 816 3,103 3,407 3,406 3,594 4,309 1,088 1,311 1,297 1,325 Work suspended on all but 1,918,319 tons. Yards. Work suspended on all but 2,094,000 tons. 4 End of month. FRANCE. Raw Raw cot-1 ton im- I Cotton silk imported ported ' Total Imported Total at for con- imports. Stocks for con- stocks for Proexports. j Number of unat 1 consumpsump- Havre.i sumpduced. mines. ; employed tion. tion. tion. | receiving municipal Thouaid in ThouThouof Metric sands Paris.2 Metric sands of sands of bales of Thousands of metric tons. metric metric tons. tons. 50 kilotons. tons. grams. Coal. 1913, average. 1920, average. July August September. October November. December.. *391 ! 254 3,338 2,025 279 ! 1,558 2,022 27,428 19,576 274 225 629 390 3,685 4,211 1,840 1,071 267 223 255 ! 232 I 244 : 230 j 256 260 295 I 277 2,280 2,403 2,432 2,524 1,256 ! 1,353 i 1,476 1,560 660 1,065 1,874 1,301 6,539 10,700 11,769 25,757 131 132 131 181 192 208 51 202 261 385 2,164 2,593 3,993 2,809 5,161 5,198 1,194 1,035 1,172 1,251 1,515 2,507 3 434 286 1921. T 1 2 10,616 4 10,419 7,486 5,348 * 3;888 4,175 End of month. End or month. These figures have baen substituted as an index to unemployment conditions in France because the basis on which the figures previously published were calculated seemed to be changed from time to time. 3 Does not include JLorrainc. ^ As of August 12, 1921. 5 As of November 18, 1921. 1 GERMANY. Production (in 000s of metric tons). Coal. 1913, monthly average. 1920, monthly average. 1921. May June July August September October November December Coke. 14,425 10,945 2,721 2,098 8,771 10,295 10,731 11,727 11,607 11 977 11 708 11,920 2,266 e 9,368 2,223 6 10,055 2,218 10,065 2,247 10,606 2,278 10,359 2 396 10,567 2 344 10 479 420 11,030 1 2 Latest figures subject to revision. 3 Import and export figures for the first Includes manganese ore. * Includes linters. Lignite. 7,269 9,323 Imports (in metric tons). Wheat. Iron8 ore. Cotton.* Exports (in metric tons). 2 Iron and iron manufactures.5 Dyes and dyestuffs. 212,163 1,224,951 49,290 537,535 43,424 12,490 541,439 145,883 428,255 462,741 493,434 356,397 564,827 19,856 25,625 35,176 52,433 28,766 129,847 7 4,813 162,297 7 6,877 177,773 7,353 240,071 9,618 225,331 10,156 156,168 186,243 155,200 278,661 262,915 5 four months of 1921 are not available. Coal. Ship arrivals in Number of ships. 21,812 2,881,126 8,462 608,749 293,260 355,582 453,173 613,739 649,158 Unemploy- ment. Number of TonPer unemnage cent ployed (net of persons registered trade- receiving tons; union nnn<a unem- State ployaidj omit- ment. (000s ted). . omitted). Hamburg. 1,256 1,182 407 378 582 612 809 942 957 915 644 588 888 955 1,018 1,047 2.9 3.8 3.7 3.0 2.5 2.2 1.4 1.2 Not including machinery. e Excluding production in Upper Silesia. ' Figures for May and June are provisional. 366 394 358 314 267 232 185 152 228 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. DISCOUNT AND OPEN-MARKET OPERATIONS OF THE 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 December, 1921. VOLUME OF OPERATIONS DURING DECEMBER, 1921. Federal Reserve Bank. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco.. T o t a l : D e c e m b e r , 1921.. United States securities | purchased. ' Bills discounted for member banks. Bills bought in open market. $317,115,404 2,279,517,775 301,568,092 225', 832,283 213,509,322 117,423,227 253,003,719 120,034,756 46,183,416 60,198,131 45,037,713 189,141,997 $2-1, 985,473 146, 084,632 13, 822,839 5, 236,707 2, 008,830 3, 606,005 11, 394,584 1, 221,733 189,794 35,000 ., 535,756 2,750,900 8,669,000 4,168,565, 865 230,101,353 36,348,600 435,107,000 | 9,461,657,679 253,827,872 D e c e m b e r , 1920 12 m o n t h s ' e n d i n g Dec. 31,1921. ^57,758,726.725 L, 534,801,620 12 m o n t h s e n d i n g .Dec. 31, 1920. ;85,320^873',948 3,218,364,073 Bonds and notes. $1,400,700 14,037,700 2,301,350 4,500,800 1,655,400 9,343,850 172, 800 185,100 Total. p warrants Certificates of! purchased, indebtedness.; $13,135,000 ! 323,310,000 21,927,000 i 25,120,000 ! 2,000,000 ! 1,500 35,078,000 4,238,000 i 545,500 , 1,053,000 | : December, 1921. December, 1920. 8356,636,577 $657, 498,741 2, 762,980,107 6,831, 626,248 339,714,281 412, 162,523 • 260,689, 790 643, 564,873 217,518,152 295, 030,365 i 122,686,132 236, 542,655 699, 902, 880 308,820,183 177, 916,302 ! 125,667,289 101, 019,105 66,901 | 46,980,917 142, 889, 807 150,000 ! 61,590,925 113, 881,369 i 45,052,713 347, 1 222,097,653 705,033 ; $95,000 : 311,901 .4,870,431,719 1,350 944,253,000 ' 103, 782,061 3,741,916,557 . 332,550 7,987,977,500 '•• ' 10,059,739,901 984,996 63,140,211,959 96, 527, 548,071 VOLUME OF BILLS DISCOUNTED DURING DECEMBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' colCustomers'i lateral notes. paper se- I cured by ! Govern- . Secured by Otherwise inent obli- Government secured. gations. j obligations. Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kan sas City Dallas San Francisco Bankers' acceptances. Commercial paper, n. e. s. Agricultural paper. $239,245,497 I $6,154,930 ; $71,126,700 672,046,976 ! 3,655, 827 .1,601, 878,651 78,098,614 I 9,978,778 I 23 2,999, 499 342,976,166 76,200, 804 ' 3,997,757 8219,200 ' : 23,098,188 ; 1,074 802 180,034, 822 2,946,420 : : 51, 001, 096 53,488,964 i 902,500 i 3,286 999 135, 611,038 3,273,873 ! 92,703,571 ! • 6,759 425 72,964,762 39,351,995 i 3,466 183 63,000 : 16. 811,423 3,442,645 16,544,581 ' ' 3L9, 706 37,726, 546 12, 515.6 L5 ! 966, 395 22,147,607 '"4,'608,"2(U' 8, 767; 326 : 121, 5v>3 57, 839,646 664,956 ' 98,025,453 25,514,647 ! Total: December, 1921. 34, 447,381 2,643,303,761 November, 1921. 41,759,847 ,1,888,864,330 December, 1920.. 143,335, 882 |4, 886,257,779 November, 1920. 161,849,808 4,187,873,432 38,970,549 1,369,899,777 i 35,347,233 1,177,504,930 I 38,635,721 17,878,300 ; $2,081,000 Foreign. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco., Domestic. 1 i 436, 571 2,714,059 i 6,259,208 3,724,670 ; 2,919,175 i $92, 395 20,000 25,000 17,040,568 ! 2,061,000 ' 22,574,835 ! j 4, 387, 464, 5.12 3, 486,913,942 Amount. $117,742 847,717 75, 593 3,845,414 1,357,425 1,533,472 229,080 536, 551 103,558 150, 019 100, 510 1,119, 863 $56,250 $40,000 232, 359 590 727,259 137,395 • 1,150,322 Member banks. Per cent, of total. Number in district Dec. 31. Accommodated. Number. $230,017,933 839,080,061 271,063,318 334, 801,292 246,945, 543 343,071,866 808, 449,235 259,189,674 213,300,389 204,801,964 162,322,473 255,522,117 o. o 20.2 6.5 8.1 5.9 8.2 19.4 6.2 5.1 4.9 3.9 6.1 436 800 704 884 026 515 1,443 5S9 1,024 1,101 876 857 246 374 417 420 410 379 974 316 582 612 573 373 56.4 46.8 59.2 47.5 65.5 73.6 67.5 53.7 56.8 55.6 65.4 43.5 10,016,944 j 4,168,565,865 7,790,514 3,231,270, 854 4,168,565,865 100.0 9,855 5,676 i 5,622 ; 57.6 57.2 9,628 9,591 5,551 i 5,275 : 57.7 55.0 16,317,764 15,143,461 9,461,657,679 7,882,932,610 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (11.67) for system. Per cent. $317,115,404 2,279,517,775 301, 568,092 225,832,283 213,509,322 117,423,227 253,003,749 120,034,756 46,183,416 60,198,131 45,037,713 189,141,997 i 1 40,000 9,643, 021 13,273,667 Total, all classes. Federal Reserve Bank. December, 1920.. November, 1920. 52,648,490 56,222,593 exSge. Foreign. $20,677 Total reduced to a common maturity basis.1 Trade acceptances. Total: December, 1921.. November, 1921. S170, 535 960, 927 415,608 360, 583 4,999,015 6,482,937 16, 426,764 5,123,299 6,247,444 2, 580,348 5, 547, 773 3,033,257 Livestock paper. FEBRUARY, 229 FEDERAL RESERVE BULLETIN. 1922. VOLUME OF BILLS DISCOUNTED DURING DECEMBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal Reserve Bank. 4£ per cent. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco. Total. 5$ per cent. $225,832,283 170,247,316 54,273,317 ! 253,003,749 120,034,756 Per cent. 4.50 4.50 4.50 5.00 5.13 5.28 5.00 5.00 5.50 5.00 5.50 5.00 Days. 8.46 4.30 10.49 17.30 13.50 34.09 37.28 25.19 53:89 39.70 42.05 15.76 197,633,015 4,168,565,865 423,357,268 13,231,270,854 4.91 5.03 11.67 14.42 §43,262,006 63,149,910 46,183,416 2,898,201,271 1,800,532,008 1,072,731,519 927,412,754 j Average Average rate (365day basis). maturity. $317,115,404 2,279,517,775 301,568,092 225,832,283 213,509,322 117,423,227 253,003,749 120,034,758 46,183,416 60,198,131 45,037,713 189,141,997 8317,115,404 2,279,517,775 301,568,092 Total: December, 1921. November, 1921.. 1 5 per cent. Includes $73,968,82i of bills discounted at 6 per cent. VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING DECEMBER, 1921, BY CLASSES. Total bills purchased. Federal Reserve Bank. Foreign. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total reduced to a common maturity Trade acceptances. Bankers' acceptances. Dollar Domestic. exchange. 700,314 89,660,576 $3,624,583 311,141 28,801,395 14,903,206 348,971 3,315,599 1,158,269 601,752 1,552,122 i 809,380 1,199,450 I 079,225 1,526,780 ! 590,569 2,179,015 ! 625,000 929,618 . 292,115 144,000 I 45,794 15,000 16,604,907 ! 4,105,797 ! 685,278 Total. Foreign. Domestic. Amount. Per cent of total. $22,445,000 110,382,060 24,260,649 7,033,510 4,485,508 6,741,190 26,914,950 759,535 48.0 10.5 3.1 1.9 2.9 11.7 .3 189,79i 387,897 15,000 56,254 21,535,756 | 26,634,800 "life Total. i $24,985,473 146,084,632 13,822,839 5,236,707 2,008,830 3,606,005 11,394,584 1,221,733 |$24,985,473 146,015,742 13,822,839 5,236,707 2,008,830 3,606,005 11,394,584 1,221,733 189,794 '• 15,000 j 21,395,982 139,774 Total: December, 1921.. 155,482,374 53,331,146 :21,079,169 229,892,689 November, 1921.. 114,427,495 I 37,061,462 10,331,749 161,820,706 208,664 177,845 December, 1920.. 177,656,918 i 63,555,187 11,239,769 252,451,904 November, 1920.. 168,742,124 j 52,928,510 9,161,956 230,832,590 1,120,968 757,805 139,774 208,664 230,101,353 230,101,353 177,845 161,998,551 | 8255,000 250,000 1,375,968 253,827,872 I 1,007,805 23.1,840,395 j i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (23.39) for system. 87690—22 8 .2 100.0 230 FEBRUARY, 1922. FEDERAL RESERVE BULLETIN. VOLUME OF ACCEPTANCES PURCHASED DURING DECEMBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal Reserve Bank. Boston New Y o r k . . . Philadelphia. Cleveland Richmond Atlanta Chicago , St. Louis Minneapolis. Kansas City.... Dallas San Francisco.. 4J per cent. 4J per cent. 87,416,849 17,718,140 9,193,689 2,504,888 89,561,402 10,052,492 4,121,045 1,350,928 : 1,568,296 143,169 10,523,186 | Total: December, 1921.. November, 1921., Federal Reserve Bank. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City.... Dallas San Francisco.. Total: December, 1921.. November, 1921. 1 54,068,217 19,028 3,507,600 136,033 3,504,020 32,252,548 13,940,310 4$ per cent, j 4^ per cent. $5,046,699 1,602,091 327,105 754,062 4§ per cent. §12,700 147,671 82,506.156 116,564,238 125,000 134,637 1,199,282 ! 484,633 i .3,220,167 ; 130,621 166,500 §60,500 ; 4,029,033 3,019,364 186,500 45,886 60,500 60,000 Total. " 260,000 409,016 503,252 Average Average rates(365- maturday basis) ity. Per cent. 4.27 4.46 4.23 4.30 5.12 5.24 4.28 4.41 Days. 21.01 17.67 4.1.05 31.41 52.22 43.72 55.24 14.54 189,794 15,000 21,535,756 5.07 5.58 4.30 47.80 87.71 28.93 1,766,880 ! 230,101,353 4,904,089 : 1161,998,551 4.41 4.60 23.39 25.77 i 15,000 I ' Includes $264,430 at 6 per cent. NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on bills bought in open market. 57i,"666" " 1,220,983 14,596,658 824,985,473 146,084,632 13,822,839 5,236,707 2,008,830 3,606,005 11,394,584 1,221,733 3372,500 1,379,380 289,698 30,000 2,"8i6,064"i 3,051,852 14,552,135 820,000 189,794 8119,016 58,000 145,380 133,780 50,000 12,631,039 :. 120,421,785 17,586,586 • 92,525,841 235,395 1,502,550 1,773,768 $264,823 81,417 433,829 69,406 457,898 5 per cent. 5J per cent. 51 per cent. 5£ per cent.! §37,828 I 4 | per cent. i4£- per cent. 231 FEDERAL RESERVE BULLETIH. FEBRUARY, 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 December, 1921. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING DECEMBER, 1921. Earnings on— Average daily holdings of— Federal Reserve Bank. Annual rate of earnings o n - All classes of earning assets. All classes of .Discounted Purchased U. S. bills. bills. securities. earning assets. Discounted bills. Purchased bills. .588,021,050 ! 302,857,055 ' 116,530,838 129,264,386 104,361,103 118,002,309 217,653| 071 72,838,853 62,071,000 90,104,039 57,626; 290 97,861,033 $322,104 860,072,717 i?8,91.9,949 813,028,384 221, 674,637 47,353,257 93,829,161 1,293,487 420,923 89,315,558 jll,680,280 il.5,453,839 530,906 II2,268,877 3,7.13,793 . 1.3,281,716 470,441 95,592,398 j 3,713,789 j 5,057,916 520,288 94,459' 939 • 3.842,863 L9, 699,507 930,945 124,976,764 187, 791,878 , 4; 884, 429 293,953 01,149, 1.50 ! 421,598 8,268,105 285, 463 4,811,000 57,193,000 373,330 1.14,236,179 74,271,722 1,480,009 52,912,209 177,742 ! 4,536,339 , 276,670 09, 729,517 19,305,418 ', 8,826,098 I 390,733 $260,513 852,104 344,691 482,462 443,691 444,707 854, 741 270,367 276,381 339,023 267,099 302, 715 #33,142 175,789 43,703 14,219 17,935 18,495 18,291 1,608 Total: Dec, 1921. 1,517,194,027 I.,185,431,602 1105,499,127 .226,005,008 ! 6, 109,243 Nov., 1921. 1,520,283,245 1,232,575,771 178,867,348 1208,579,059 | 6,237,929 D e c , 1920. 3,313,502,262 2,730,360,460 j244,00!,4l0 |339,140,392 11.0, 792,813 Nov., 1920. 3,375,395,765 2,770,457,064 !278,521,300 320,417,341.1.0,507,625 5,144,494 5,459', 506 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco All PurDisU.S. U. S. securiof counted chased securities. earning bills. ties. bills. ; assets. 828,449 265,594 ct. Per ct. Per ct. Per ct. 4.31 2.57 4.64 4.37 4.20 3.33 4.53 4.37 4.25 2.44 4.54 4.40 4.84 3.03 5.06 4.51 5.31 2.(J5 5.46 5. 08 5.19 3.41 5.54 5.67 5.04 2.73 5.36 4.41 4.75 2.28 5.07 4.49 5.41 2.14 5.69 4.88 2.19 5.37 5.87 5.65 2.26 5.94 5.68 4.70 2.21 5.11 4.36 !Per 32,100 34,225 8,815 57,086 57,913 15,978 8,752 7,380 26,434 857 8,714 i 71, 438 16,580 . 402,917 560,640 I 4.74 318,528 458,803 I 4.99 5.11 5.39 4.50 4.91 2.92 2.68 1.4,844,052 1,250,273 698,488 ! 5.98 14,560,645 1,377,088 569,892 5.98 6.42 6.41 6.05 6.03 2.43 2.17 NOTE.—The totals for the Philadelphia, Minneapolis, and Kansas City banks include average daily holdings of municipal warrants, earnings, and annual rates of earnings thereon as follows: Philadelphia, 875,161, $369, and 5.78 per cent; Minneapolis, 867,000, $330. and 5.81 per cent; Kansas City, 811.6,129, 8493, and 5 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of December figures. I n thousands of dollars.] Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total. 59. 209, 88, 114, 94, 90, 185, 63, S; Total: Dec. 31,1921. Nov. 30, 1921 50, 67, 1,144,347 1,182,301 Dec. 30,1920. Nov. 26, 1920 2,719,134 2,735,400 I Member banks 7 Customers'; collateral notes. paper I _... Commer- ! Agricul- Livesecured by • | cialpapcrJ tural stock Govern- | Secured ment , by Gov- j Other- n. e. s. i paper. paper. obliga- j eminent : wise obliga- secured, tions. tions. 4,856 . 16. 677 • 2,620 I 153, 393 10,460 ! 56, 155 I 15 43, 005 ! 3,263 38, 039 I 1,337 2,408 327 19, 718 4,702 61S 54, 815 5,017 33 19, 069 I 2,702 6, 763 ! 1,965 526 15, 903 1,937 8, 677 1,964 286 10, 909 11,526 2,774 41,611 48,896 443,723 ! 17,785 427,464 17,350 271,526 : 869,510 278,946 I 913,479 17,907 7,299 Bankers' acceptances. Trade accept- Foreign. Fortlc * ,'change Domestic. 142 607 116 2,503 2,348 1,488 547 610 252 102 748 517 36,638 51,597 21,103 64,031 40,703 51,074 78,497 31,815 13,995 22,830 12,320 27,536 855 863 718 1,097 9,170 12,405 46,025 7,637 22,042 8,374 13,319 6,471 843 5,609 20,834 13,283 7,302 452,199 486,313 129,036 139,164 49,670 51,715 288 392 10,936 1,274,606 1,260,326 143,145 136,315 103,795 105,246 17,218 12,828 21,427 20,961 680 3 1,053 1 284 50 232 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of December figures. I n thousands of dollars.] Bankers' acceptances. All classes. DisPurchased in counted for open market. member banks. Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco ' ! j Total: Dec. 31,1921 Nov. 30,1921 Purchased in open market: Dec. 31, 1921 Nov. 30,1921 Discounted for member banks: Dec. 31,1921 Nov. 30,1921 13,291 73,200 16,011 7,881 5,906 5,174 9,037 1,112 252 1,439 913 21,370 13,149 72,593 15,895 5,378 3,558 3,686 8,489 218 1,337 165 20,795 1 155,586 | 84,353 i j ; 145,263 i 72,954 | 1 j 142 607 116 2,503 2,348 1,488 548 894 252 102 748 575 10,323 11,399 Trade acceptances. Dollar Foreign. Domestic. exchange. Total. Foreign. Domestic. Total. 884 142 682 116 2,503 2,348 1,488 547 610 252 102 748 665 148 142 607 116 2,503 2,348 1,488 547 610 252 102 748 517 145,383 73,271 99,969 34,250 20,019 11,164 4,263 10,203 11,082 223 146 9.980 10,936 145,045 72,824 99,919 48,934 33,962 19,627 11,164 4,263 218 130 218 130 13,149! 72,518" 15,895 5,378 ; 3,558:11 3,686 | 8,490'! 502 ! 1,337 : 165 i 20,705 ! 812 885 899 353 244 653 ,647 20 j I | j 569 15 '907" 768 165 3,914 50 55 338 447 1,552 I 6,777 ! 4,785 13,876?; 3,6031 942 2,314 2,033 1,368 475 392 > i , 75 10,952 10,936 ! HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of December figures. In thousands of dollars.] Member banks. Federal Reserve Bank. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis . Minneapolis Kansas City Dallas San Francisco Total: Dec. 31, 1921 Nov. 30, J921 Purchased in open market: Dec. 31, 1921 Nov. 30, 1921 Discounted for member banks: Dec. 31,1921 Nov. 30, 1921 Total. I'" Nonniem- ber banks and banking corporations. National. Nonnational. 13,149 i 72,518 ! Jo, 895 ! 5,378 3, 558 3,686 8,490 502 8,505 26,242 7,095 1,579 3,548 1,027 3,054 87 4,378 25,593 4,608 1,253 10 2,659 4,903 415 1,337 ! 165 i 20,705 1,193 165 7,715 '6,'379' 145,383 ! 73,271 | 60,210 30,289 50,342 23,579 145,045 72,824 60,173 30,208 50,091 23,282 338 447 37 81 251 297 13,656 8,873 50 69 Private banks. Branches and agencies of foreign banks. Ill 8,066 1,669 791 144 8,853 1,055 370 11 3,764 1,468 1,385 408 50 75 2,661 1,847 2,103 13,706 8,942 12,319 4,960 5,501 12,319 4,960 8,806 5,501 144 FEBRUARY, 1922. 233 FEDERAL, RESERVE BULLETIN. BANKING CONDITIONS DURING DECEMBER, 1921, AND JANUARY, 1922. Return to the banks from circulation channels of large amounts of Federal Reserve notes and other currency and further loan liquidation by both member banks and Federal Reserve Banks in connection with this movement are indicated by the weekly bank statements for the four-week period ending January 18. The reserve position of the Federal Reserve Banks has been further strengthened by substantial gains of gold and other reserve cash. Loans and discounts of reporting member banks show a decrease of $274,000,000 for the four weeks ending January 18, this decrease being distributed fairly uniformly among the several classes of loans specified in the weekly statements. Investments of the reporting institutions, on the other hand, show a moderate increase. Holdings of United States bonds show a further gain of $41,000,000, investments in Victory notes a gain of $16,000,000, while holdings of Treasury certificates declined during the period by $36,000,000, and those of Treasury notes by $5,000,000. Holdings of corporate and other securities show but slight fluctuations, and at the close of the period were $6,000,000 larger than four weeks earlier. In consequence of the changes shown, total loans and investments of the reporting institutions show a decline of $252,000,000 during the four weeks under review. For the New York City banks net loan liquidation of $65,000,000, as against an increase of $54,000,000 in investments, largely in Government securities, is shown. Total borrowings of the reporting institutions from the Federal Reserve Banks show a parallel reduction for the period from $743,000,000 to $468,000,000, or from 5. to 3.2 per cent of the banks7 combined loans and investments. Member baiiks of New York City show for the same period a reduction of their accommodation with the local Federal Reserve Bank from $158,000,000 to about $84,000,000, or from 3.3 to 1.8 per cent of their aggregate loans and investments. Of the total discounts held for all member banks by the Federal Reserve Banks, the amounts held for reporting banks in the larger cities (numbering over 800) constituted 51.2 per cent on January 18, compared with 60.6 per cent four weeks earlier and 77.9 per cent about a year ago. It is evident, therefore, that the bulk of recent loan liquidation has been effected by the banks in the larger cities and to a much smaller extent by banks in the less populous centers, or in the agricultural districts. As against the substantial decreases shown in member bank loans and discounts and borrowings from the Federal Reserve Banks, their total deposits show a slight increase, a reduction of $106,000,000 in Government deposits being more than offset by additions of $84,000,000 to other demand deposits (net) and of $51,000,000 to time deposits. In keeping with the reduction in borrowings from the reserve banks, reserve balances of the reporting members, all held with the Federal Reserve Banks, show a decline of $41,000,000, while cash in vault decreased by $53,000,000, the January 18 total of $288,000,000 being less than 3 per cent of the net demand deposits of all reporting institutions. In the following table are shown the principal changes in the condition of reporting member banks during the four weeks ending January 18. Corresponding changes since the beginning of 1921 are traced on the chart on page 234. MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS. [Tn millions of dollars.] Dec. i Doc. 21. 28. Number of reporting banks Loans and discounts: Secured by U.1 S. Government obligations Secured by stocks and bonds (other than U. S. Government obligations) All other i.." Jan. 4. Jan. j Jan. 11. ! 18. !| 808 ; 806 516 i 513 499 3,165 3,165 3,184 7,608 7,542 7,523 806 475 I 470 3,153 7,478 3,107 7,438 Total loans and discounts l .. 11,289 11,220 11,206 111,106 111,015 950 U. S. bonds 947 950 172 U.S. Victory notes... 173 ! 171 129 U. S. Treasury notes. 125 I 126 218 U. S. certificates of indebtedness... 240 223 Other bonds, stocks, and securities. 2,089 2,090 2,096 961 988 180 189 127 j 120 211 ! 204 2,096 ! 2,095 3,560 3,565 3,575 I 3,596 Total investments Total loans and discounts and investments 1 Reserve with F. R. Banks Cash in vault Net demand deposits Time deposits Government deposits Bills payable and rediscounts with F. R. Banks, total Secured by U . S . Government obligations Allother Ratio or accommodations at F . R. Banks to total loans and investments j 3,574 • i 114,863 14,780 14,771 14,681 j14,611 ! 1,308 1,267 1,314 I 1,325 j 1,267 327 ! 316 ! 288 341 i 340 10,248 i10,174 10,416 110,427 110,332 2,967 2,998 3,011 I 3,019 3,018 257 j 239 186 292 257 743 I 698 647 530 I 468 312 i 431 293 405 290 357 248 282 216 252 5.0 i 4.7 4.4 3.6 I 3.2 i Including bills rediscounted with Federal Reserve Banks. 234 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. WEEKLY C HANGES IN PRINCIPAL ASSET si AND LIABILITIES REPORTING MEMBER BANKS FEDERAL RESERVE BANKS 1 2 3 4 5 RESERVE RATIO 6 U. S. SECURITIES TOTAL DEPOSITS DISCOUNTS SECURED BY CASH RESERVES U.S.GOVERNMENT OBLIGATIONS F. R.NOTE CIRCULATION 8 TOTAL DISCOUNTS PURCHASED ACCEPTANCES~ 9 TOTAL EARNING ASSETS DOLLARS 9 3000 - V 8i I V 2500 2000 • — X \ \\ \ 1500 __ _ X\ - 0 \ -^ - 7 1000 \ X 500 -As 1 \ -A -1- 0 -• 4 2500 2000 3 - \ •S r \ - - - DOLLARS -- DOLLARS 17 9 2000 vi _ • 15 14 - - - 13 - 1500 12 10 0 9 RESERVE RATIO 6 j 13 j 12 11 - - **? 10 9 sj f h .... 8 7 6 90 5 5 70 60 50 - - 30 20 ... u 3 1922 j;ures for the Federal Reserve Banks, which cover the 4-week period between December 28 of last year and January 25, show total liquidation of bills discounted of §329,700,000, the decrease affecting both paper secured by United States war obligations and other discounted paper. Of the total reduction of discounts, $227,400,000 represents a reduction in the holdings of 15-day paper, which on January 25 constituted over 56 per cent of the total discounts held, as compared with over 60 per cent 4 weeks earlier. Nearly 80 per cent of the total of $357,900,000 of Government paper held on the same day, compared with 71 per cent on December 28, were 4 •-J 5 1 1- 3 2 2 1 10 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 14 - _ ff e 17 16 j ' I 8 7 DOLLARS - - _- • 11 500 - 15 _ \ 1000 80 1000 1921 - 16 2500 40 500 BILLIONS OF 11. _._ — - BILLIONS 3000 100 .. 1 MILLIONS OF PER CENT .. 2 y 1500 T _L s .s K <- Vv ,*' X - + -_. i _: _ I - ..L - — _ MILLIONS OF DOLLARS 300Q i Li MILLIONS OF 1 LOANS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial) 2 U.S.GOVERNMENT OBLIGATIONS 7 NET DEMAND DEPOSITS 3 ACCOMMODATION AT F.'R.BANKS 8 TOTAL LOANS 4 STOCKS, BONDS ETC. ' 9 TOTAL LOANS AND INVESTMENTS 5 LOANS SECURED BY STOCKS AND BONDS 1 1, is r - 1 i J. F. M. A M. J. J. A.S. 0. N. D J. F. M.A.M. J. J. A. S. 0. N. D. 1921 1922 secured by United States bonds, largely Liberty bonds, while paper secured by Treasury certificates constituted slightly over 7 per cent of the total, as compared with over 10 per cent 4 weeks earlier. Holdings of acceptances purchased in open market fluctuated between $126,900,000 on January 4 and $82,700,000 on January 25, the greater ease of the money market and a better investment demand for this class of paper apparently accounting for the reduction of acceptance holdings during the present year. United States bonds and notes show an increase of $6,300,000. Pittman certificates on deposit with the Treasury to secure Federal Reserve bank-note 235 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. circulation declined by $6,500,000, while other Treasury certificates, largely held by the Boston, New York, and Chicago banks, show an increase of $8,800,000. Total earning assets of the Federal Eeserve Banks on January 25 stood at $1,183,100,000, marking a reduction of $352,700,000 for the 4-week. period and/of $1,725,800,000 since January 28 of the past year. In the following table are shown the weekly changes in the principal assets and liabilities of the Federal Reserve Banks for the 4 weeks under review. Similar changes since the beginning of 1921 are presented in graphic form on the chart on page 234. MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF THE 12 FEDERAL RESERVE BANKS COMBINED. [In millions of dollars.] LDec. 28.j Jan. 4. Jan, 11. Jan. 18.!Jan.25. Reserves: Total Gold ;2,992.2 3,009.8 3,041.3 '3.051.5 ,3,058.9 !2,869.6 ',2; 875.3 j2,895.6 '2', 898.7 '2.904.2 : Bills discounted: ! . Total ;1,179.8 ,1,112.0 987.5 913.8 850..2 Secured by U. S. Gj ov-' i eminent obligations I 487.2 I 477.5 427.5 388.7 357.9 Allother , 692.6 !j 635.1 I 560.0 j 525.1 492.3 Bills bought in open market..' 114,2 126.9 I 86.8 i 94.9 j 82.7 Certificates oi indebfcedness..., 182.0 j 182.4 167.0 : 166.8 : 184.3 Total earning assets 1 535.9 jl,470.9 ll,293.8 '1,236.6 ; 1,183.1 Government do posits Members' reserve deposits T o t a l deposits F . R . notes in circulation F . R. b a n k notes in circulalion—Net liability Reserve percentage ,' 71.6 ! 68.3 ; 1,666.0 11, 731.4 :i, 764.5 ; 1, 829.1 '2,443.5 !2, 405.3 i i ! 84.5 ! 83.9 i 71.1 71.1 i 15.3 .1,735.6 ll,776.9 12,293.8 j 77.7 '.1,673.8 '1,784.9 ,2,229.7 84.0 i 74.7 I 84.9 76.0 i 95.9 ,1.652.3 l',778.8 J2,184.0 84.9 77.2 Reserve deposits fluctuated between $1,735,600,000 on January 11 and $1,652,300,000 on January 25. Government deposits show the opposite movement from a low of $15,300,000 on January 11 to a high of $95,900,000 two weeks later. Other deposits, composed largely of nonmembers' clearing accounts and cashier's checks increased from $26,900,000 to $30,600,000. Federal Reserve note circulation continued its downward course during the period under review, the January 25 total of $2,184,000,000 indicating a net return movement for the four weeks of $259,500,000, compared with $253,900,000 for the corresponding period a year ago. In addition the reserve banks show a gain of about $32,000,000 in reserve cash other than gold (i. e., largely silver certificates and greenbacks of the smaller denominations) withdrawn from circulation channels. Only a nominal change is shown in the reserve banks7 aggregate net liabilities on Federal Reserve bank notes in circulation. Gold reserves show a further gain of $34,600,000 while total cash reserves reached the record total of $3,058,900,000, a gain of $66,700,000 during the period. The reserve ratio, largely because of the reduction in Federal Reserve note circulation, shows a practically continuous rise from 71.1 to 77.2 per cent. In the following table are shown comparative figures of average daily cash reserves, deposits, Federal Reserve note circulation, and reserve percentages for the months of December, 1921, and January, 1922, as compared with data for the same months of 1919 and 1920. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION AND RESERVE PERCENTAGES FOR JANUARY 1922, AND DECEMBER, 1921. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. deserve percentages. Federal Reserve Bank. I January. | December. Boston New York Philadelphia... Cleveland .. Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City. - . Dallas San Francisco. Total 1921-1920 1920-1919 237,351 j 1,158,375 i 216,613 I 249,372 ! 71,541 ; 78,046 456,292 114,035 62,792 79,881 35,902 283,784 January. 255, G52 1,09 J, 085 223,922 ! 255,349 . 73,635 70,55(5 I 472,306 107,305 55,720 71,050 35, 567 282,835 j ! ! i ; j 119,837 727,201 105,342 134,367 57,048 48,849 244,386 68,422 44,479 74,101 45,776 131,181 115,887 700,396 103,545 132,057 56,884 47,185 241,718 65,826 43,913 73,795 46,600 127,420 January. I December. 183,233 ! 626,865 | 187,815 ' 202,570 | 100,973 :. 115,521 ! 383,910 89,889 54,712 65,804 33,188 227,577 December. 78.3 85.5 73.9 74.0 45.3 47.5 72.6 72.0 63.3 57.1 45.5 79.1 74.7 71.8 144.9 152.0 M4.7 145.7 3,043,984 2,994,982 I 1,800,989 j 1,755,226 2,272,057 ! 2,416,096 i 2,221,573 1 2,027,861 2,149,653 j 1,825,147 I 2,887,846 ; 2,540,642 1, 821,746 1,990,221 January. 207,649 656,042 203,823 218,076 ! 109,230 ! 121,319 i 405,864 I 98,152 I 57,145 j 69,149 I 36,215 i 233,432 I 2,098, 498 2,164,167 1 Calculated on basis of net deposits and^Foderal Reserve notes in circulation. December. 3,342,520 2, 955, 476 r ! I : 79.0 80.4 72.9 72.9 44.3 41.9 72.9 65.4 55.1 49.7 43.0 78.4 236 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. CONDITION OF FEDERAL RESERVE BANKS. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922. RESOURCES. [In thousands of dollars.] Total. Gold and gold certificates: Jan. 4 377,675 382,138 Jan. 11 382,460 Jan. 18 383, 541 Jan. 25 Gold s e t t l e m e n t fund—F.R.Board: Jan. 4 507,836 502,010 Jan. 11 469,367 Jan. 18 483,222 Jan. 25 Gold with F. R. agents: Jan. 4 902,912 1,910, 561 Jan. 11 1,948,657 Jan.18 1,939,792 Jan. 25 Gold redemption fund: Jan. 4 86, 875 Jan. 11 100,880 Jan. 18 98,208 Jan. 25 97,693 Total gold reserves: 2,875,298 Jan. 4 2,895,589 Jan. 11 2,898,692 Jan. 18 Jan. 25 , . . ~ 904,248 Legal tender notes, silver, etc.: Jan. 4 134,504 Jan. 11 145,705 Jan. 18 152,811 Jan. 25 154,607 Total reserves: Jan.4 3,009,802 Jan. 11 3,041,294 Jan. 18 3, 051,503 Jan. 25 3,058,855 Bills discounted: Secured by U. S. Government obligations— 477,456 Jan. 4 427,476 Jan. 11 388,672 Jan. 18 357,921 Jan.25 All other635,111 Jan. 4 560,018 Jan. 11 525,150 Jan. 18 492,252 Jan. 25 Bills bought in open market: 126, 865 Jan. 4 86,754 Jan.11 94,944 Jan. 18 82,709 Jan. 25 U. S. bonds and notes: 48,675 Jan. 4 52,150 Jan.11 60,128 Jan. 18 65,761 Jan. 25 U. S. certificates of indebtedness: One-year certificates (Pittman Act)— 113,000 Jan. 4 113,000 Jan. 11 113,000 Jan.18 113,000 Jan. 25 All other69,435 Jan. 4 54,040 Jan. 11 53,847 Jan.18 71,278 Jan. 25 Municipal warrants: 379 Jan. 4 385 Jan. 11 216 Jan. 18 206 Jan. 25 New Boston.; Philadelphia. Cleveland. Richmond. Atlanta. 7,225 7,471 7,397 7,541 285,782 289, 021 288,749 288,707 1,952 2,096 1,890 1,974 12,295 12,413 12,513 12,626 2,673 2,720 2,775 2,776 46,759 21,573 27,784 12,448 116,339 134,751. 87,116 114,648 57,722 53,738 54,049 50,446 40, 510 44,769 50,361 61, 814 15,279 18,831 19,455 23,811 168,361 168, 853 164,422 160,181 652,910 682,628 712,414 712,130 152, 584 147,851 148,110 142,761 175,250 170,070 172,805 172,186 19,273 13,721 18,107 22,305 15,000 15,000 15, 000 15,000 5,978 10, 067 6, 850 4,765 7,168 7,259 4,438 4,966 5,799 i 8,509 ! 11,037 ! 4,652 I 241,618 211,618 217,710 202,475 1,070,031 11,121,400 1,103,279 11,130,485 218,236 213,752 210,899 199,946 235,223 234, 511 240,117 251, 592 60,804 i 64,010 , 64,291 ! 65, 583'| 6,820 7,623 10,224 10,190 7,314 7,324 7,449 8.159 15.489 20,040 20.490 24,703 | 257,107 231,658 238,200 227,178 49,014 51,058 52,523 50,382 1,119,045 225,056 242, 537 1,172,458 221,375 241,835 1,155,802 221,123 247,566 1,180,867 210,136 259,751 Chicago. | 21,982 ! 21,913 22,229 I 22,418 :. apolis. 3,270 3,337 3,410 3, 445 9,146 9,178 9,159 9,209 2,501 2, 564 2,531 2,565 7,377 ' 18,295 7,621 j 18,57L 7,821 , 18,661 8,088 ! 19,018 13,919 i 89,237 : 23,808 28,160 13,105 I 86,059 68,219 30,129 16,526 61,951 26,237 16,338 29,946 24,383 27,239 26,322 31,797 33,362 41,680 46,754 8,296 34,224 5,791 ! 37,488 10,144 , 36,665 9,958 ! 32,495 37,053 i 43,977 33,950 39, 897 31,024 I 45,284 34,344 50, 521 327,700 318,435 318,165 309,350 66,918 67,351 66,737 72,075 16, 297 23, 516 24,306 25,122 28,763 ! 27; 587 ! 27., 775 ! 27,420 j 11, 736 11,970 1.0,442 11, 548 5,587 8,383 5,713 4,125 10,722 19, 841 19,989 28,658 2,930 2,483 3,075 2,718 3,21.6 2,882 2,086 1,155 2.. 562 3!. 408 2l 906 2; 841 68,660 449,641 66,618 446,248 72,848 428,602 76,158 422,377 96,926 101,331 103,351 104,475 58,605 59,959 62,790 61, 808 65,623 66,921 74, 892 79, 5S0 5,177 5,233 5,325 5,174 I ' ! ; j I I ' 2,254 6, 386 1,955 ! 7,372 2,658 II 6,319 1,442 Ij 5,066 I I 3,314 6,363 3,538 6,900 j 5,719 4,185 5,776 7,132 4,665 5,907 6,954 7,215 72,523 36,026 283,582 74,053 33,056 i 285,422 81,846 36,841 I 293,033 86,795 I .36,943 283,398 10,855 11,722 13,251 13, 869 918 834 673 671 67,511 I 74,254 70,506 ! 72,528 71,193 , 78,676 81,217 464,857 464,557 447,158 439,196 107,7S1 113,053 116,602 118,344 59, 523 60,793 63,463 62.479 24, 453 36,774 I 21,280 38,378 i 1.9,915 39,253 I 18,419 61,191 51,169 49,187 48,643 20,299 18, 839 17, 820 17,157 7,225 6,776 6, 545 6, 525 18,165 15,767 .14,339 11,544 8,678 8,580 8,288 I 7, 988 18,015 19,170 18,495 17,697 ; 65,903 127,936 I 58,754 108,536 I 56,387 95,717 ! 52, 336 88,045 39,651. 33,498 32,367 29, 510 41,688 38, 081 37,074 35,773 51,404 49,025 45,699 41,967 38,879 41,008 38,315 I i 52, 676 46,178 41,404 42397 72,551 ! 44,138 41,947 36,946 32,761 38,451 ; 31,873 i 22,349 i 25,003 20,950 45,699 35,311 39,510 35,217 19,664 12,706 12,797 14,900 68,687 65,996 53,441 46,699 51,051 48,576 47,436 46,419 13,295 i 10,353 9,292 ! 9,742 | 58,066 22,676 35,607 28,232 15,464 14,381 12,973 12,805 5,370 4,930 5,036 3,408 ! 3,332 i 3,115 3,032 ! 4,091 4,204 3,699 3,451 7,593 13,283 15,092 13,475 219 380 415 235 2,078 | 3,549 j 3,449 3,449 858 858 858 2,173 2,630 9,270 11,687 5,488 5 496 5,497 5,497 1,233 ! 10,314 1,233 I 10,162 1,233 i 7,452 1,233 5,807 9,359 10,808 14,552 1,1.65 1,173 1,173 1,178 14, 490 1,096 753 1 364 i 194 ! 116 115 116 116 8,868 8,868 1 18, 248 15 ' 12, 447 15 i 9, 336 15 1 15 I 3, 563 4,628 5,030 9,948 2,630 2,630 2,630 2,630 I I ! i I j 280,268 281,884 288, 848 278,733 29,663 27,337 31,065 31,036 15,216 18,309 18,556 16,819 62,977 60,084 57,739 57,416 1,247 22,319 23,117 24,907 221,363 218,453 227,173 222,154 5, 594 5,910 5, 828 5,059 6,707 6,496 6,902 6,968 20,260 i 153,604 18,125 j 128,965 16,274 104,746 17,440 ! 83,078 8,450 I 8,450 I 8,450 I 8,450 ; I 35,400 35,400 35,400 35,400 10,000 10,000 10,000 10,000 8,040 8,040 8,040 8,040 60, 887 29,428 19,710 27,901 156 55 37 27 285 536 535 535 140 191 191 191 3,760 I 3,760 3,760 3,760 ! J 8,564 8,564 8,564 8,564 j ! ' • 12,667 12,667 12,667 12,667 6,430 1,414 10,274 17,759 6,569 6,569 6, 569 6, 569 4,450 4,450 4,450 4,450 212 204 124 105 101 32 5,320 5,320 5,320 5,320 I I 1 j ! I i ! 7,880 7,880 7,880 7,880 69 I ' 47 44 j 44 ! 43 ! i 7 150 ' 44 25 15 i 150 1 i 1,900 1,900 1,900 1,900 : i , ! 237 FEDERAL RESERVE BULLETIN. FEBEUARY, 1922. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922—Continued. RE S 0 URCE S—Continued.. [In thousands of dollars.] Total. !j Boston. [ YNoerwk . Total earning assets: Jan. 4 Jan. 11 Jan. 18 Jan .25 Bank premises: Jan.4 Jan.11 Jan. IS Jan. 25 5 per cent redemption fund against F. R. bank notes: Jan.4 Jan. 11 Jan.18 Jan. 25 Uncollected items: Jan.4 Jan. 11 Jan. 18 Jan. 25 All other resources: Jan. 4 Jan.11 Jan.18 Jan. 25 Total resources: Jan.4 Jan. 11 Jan.18 Jan.25 1 | 1,470,921 1,293,823 1,235,957 i 1,183,127 j 4,752 j 4,773 4,821 ! 4/834 "! ! 7,9*U : 7,939 I. 7,871 7,870 j 638,462:|. 548,436 554,362 j 481,760 I 422 422 422 422 ! ! .. !; 5,176,417 ±,939,322 1,898,090 4,780,530 I i i. I; Cleveland. Atlanta. Chicago. St. Louis. Minneapolis. 113,326 102,965 96,018 88,578- 225,176 197,877 197,489 195,079 68,115 60,663 58,468 54,754 53,669 49,498 48,215 46,879 Richmond. Kansas I Dallas. City. !..__ | 77,203 I 355,344 ]| 110,574 85,145 i 252,638 100,047 85,585 | 235,831 ! 103,007 84,938 ! 210,686 I 107,026 35,305 | 35,121 | 35 822 ! 36,199 ' 14,001 12,709 12,575 12,719 Phila| delphia. 132,008 126,945 109,495 97,462 97,903 93,675 93,922 93,697 85,072 79,927' 74,634 67,936 | 6,648 j 6,648 ! 6,813 ! 6,924 ! 600 600 600 600 3,958 3,840 3,992 4,068 2,545 2,545 2,545 2,567 1,037 1,037 1,048 1,055 7,010 7,010 7,073 7,083 616 616 643 643 763 806 828 828 4.399 4.400 4,567 4,697 1,603 1,623 1,651 1,640 700 700 700 700 539 539 539 539 188 188 188 188 570 522 504 510 1,665 1,665 1,665 1,665 523 523 523 523 277 291 213 237 916 916 916 139,478 : 53,132 114,749 45,066 117,658 j 44,054 104,125 ! 39,649 60,061 48,393 54,139 44,230 48,087 45,651 44,000 40,288 27,360 24,699 25,507 24,590 48 43 111 125 132 89 96 104 288 551 234 71 201 212 162 146 213 212 355 482 1. 623,729 390,110 111 549,611 367,831 !i11, .. 369,595 j l 519,042 o.i y Si! 505,783 | 358,236 439,235 42], 641 415,827 406,154 216,522 213,116 212,082 209,362 216,748 201,963 201,915 196,096 779,053 735,671 721,704 702,984 52,102 54,133 51,148 50,572 San Francisco. 100,429 90,310 82,145 85,520 j 2,168 | 2,037 | 2,082 | 2,090 156 ' 156 156 136 | 394 394 394 ! 65,213 50,563 53,955 45,712 91 | 424 ! 456 525 : 404,788 372,985 QUQ 4'in 383'439 363,609 1,011 :! 1,495 1,287 j 1,541 : 80,132 39,672 64,350 I 31,099 67,964 ! 32,838 59,479 26,416 . 396 187 142 190 | | • j 15,491 14,337 12,816 12,094 926 928 1,028 955 217,103 ! 130,649 206,741 ! 126,653 209,216 126,563 200,870 : 123,472 42,612 j 28,602 38,842 28,138 37,268 26,168 32,041 ! 21,146 809 809 810 810 38,622 41,949 37,995 31,990 183 3,794 203 :j 2,180 254 2,600 265 | 2,190 6,118 6,185 5,850 6,125 205,678 : 122,848 429,954 198,341 | 119,700 425,069 199,485 : 118,995 420,227 192,650 113,077 408,237 LIABILITIES. Capital paid in: Jan.4 103,203 Jan. 11 103,204 Jan. 18 103,020 Jan.25 103,067 Surplus: 215,523 Jan.4 215,398 Jan. 11 215,398 Jan. 18 215,398 Jan. 25 Reserved for Government franchise tax: Jan. 4 416 853 Jan. 1 1 . . . 996 Jan. 18... M 1,332 Jan. 25 Deposits: Government— 68,307 Jan. 4 15,289 Jan. 11 77,734 Jan. 18 95,915 Jan. 25 Member b a n k r e s e r v e account— Jan. 4 1, 731,374 Jan. 11 1, 735,563 Jan. 18 1, 673,824 Jan. 25 jl, 652,310 All other— Jan. 4 i 29,457 26,055 Jan. 11 Jan. 18 ; 33,337 Jan. 25 : 30,578 Total deposits: Jan. 4 1, 829,138 Jan. 11 1, 776,907 Jan. 18 1, 784,895 Jan.. 25 1, 778,803 F. R. no i es in actu al circulation: Jan.4 2, 405,316 Jan.11 2, 293,799 Jan. 18 12, 229,677 Jan. 25 2, 184,001 F. R. bank notes in j circulation—net liability: 83, 880 Jan.4.... 83,977 Jan.11... 84, 878 Jan. 18... 84,876 Jan.25... 27,114 ! 27,114 i 26,958 !• 26,958 8,736 8,736 8,728 8,737 11,134 11,134 11,134 11,134 5,429 5,430 5,430 5,430 60,197 60,197 60,197 60,197 ' ! | ! 17,945 17,945 17,945 17,945 22,634 22', 509 22,509 22,509 11,030 11,030 11,030 11,030 123 123 I 123 I 95 i 34 51 93 Ill 34 103 115 176 43 81 140 212 5,767 2,230 1,459 725 4,988 i 4,387 6,481 4,661 2,099 659 1,630 3,361 114,904 713,943 100,049 131,625 110,768: ; 708,588 101,180 134,836 121,953 651,480 102,515 127,763 112,908 , 652,341 j 129,081 52,281 53,371 53,739 54,492 7,936 7,936 7,935 7,936 16,483 16,483 16,483 16,483 18 : 53 i 50 97 4,687 1,617 ! 4,111 I 10,169 1,039 i 934 I 812 , 852 j 16,906 2,426 40,778 46,920 16,716 12,575 15,652 13,030 1,168 1,203 1,242 1,112 783 751 804 796 I 4,189 14,308 4.191 j 14,308 4.192 ! 14,312 4,195 | 14,379 j 4,604 4,604 4,606 4,606 3,569 3,569 3,569 3,552 4,605 4,599 4,575 4,576 4,203 4,203 4,201 4,194 7,376 7,380 7,380 7,370 9,114 9,114 9,114 9,114 9,388 9,388 9,388 9,388 7,468 7,468 7,468 7,468 9,640 9,646 9,646 9,646 7,394 7,394 7,394 7,394 15,199 15,199 15,199 15,199 23 76 76 110 23 26 66 130 25 83 62 103 2,742 1,445 3,341 3,513 2,395 130 1,872 1,478 4,625 1,527 2,932 2,989 2,421 945 2,099 2,751 5,736 1,655 4,721 3,585 65,326 j 41,446 65,564 42,248 66,297 ; 42,147 65,176 ! 41,837 67,456 68,517 69,512 69,393 41,260 42,978 42,414 42,175 120,320 122,910 121,681 119,019 401 604 638 558 291 299 313 304 3,866 5,378 9,199 9,392 44,283 42,826 44,458 43,716 72,729 70,648 73,082 72,940 43,972 44,222 44,826 45,230 129,922 129,943 135,601 131,996 94,222 ! 56,674 90,139 ; 55,577 88,645 54,377 86,026 53,254 68,577 66,644 65,183 63,837 35,226 239,434 33,732 ! 230,970 33,142 | 223,627 31,569 219,201 i I j ! 49 | 128 i 175 175 29,025 | 29,025 29,025 29,025 39 124 94 114 7,299 11,400 2,073 628 3,287 j 3,588 2,294 | 7,713 47,975 234,789 45,126 239,477 43,864 230,459 42,516 ; 223,781 436 : 428 . 449 ! 482 i 356 2,875 334 * 2,322 359 j 2,591 413 | 2,500 120,630 113,319 126,876 123,929 747,565 723,589 707,910 712,291 106,984 134,638 103,842 136,312 108,745 I 132,954 107,184 134,538 54,816 54,458 55,818 58,335 55,630 | 249,064 47,533 : 242,427 47,510 j 236,638 45,223 ' 233,994 200,425 188,326 179,840 171,760 663,073 626,329 611,792 605,082 196,866 212,472 188,024 206,712 183,821 198,948 179,666 195,471 105,793 102,199 99,206 97,113 120,193 ! 412,361 116,233 I 388,914 113,883 " 377,213 112,355 ; 368,667 6,591 I 6,890 7,221 l 7,567 | 20,516 20,759 21,556 21,494 5,975 6,525 6,874 6,883 5,772 5,715 5,721 5,791 3,466 ! 7,975 i 7,512 3,359 ! 7,488 i 7,594 3,243 7,183 j 7,555 3,127 7,193 i 7,583 837 779 . 839 | 738 ! 68,905 67,788 70,477 69,427 3,926 3,950 3,983 4.049 i ! | I 442 448 4,206 10,495 4,084 1 10,218 3,978 10,016 3,885 I 9,765 2,680 2,613 2,608 2,550 4,766 4,782 4,940 4,989 238 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922—Continued. LIABILITIES—Continued. [In thousands of dollars.] Deferred availability items: Jan.4 Jan.11 Jan.18 Jan. 25 All other liabilities: Jan 4 .Ian. 1 1 . . . Jan.18 Jan.25 Total liabilities: Jan.4 Jan. 11 Jan.18 Jan.25 Total. Boston. New York. Philadelphia. Cleveland. Richmond. Atlanta. Chicago. St. Louis. 523,293 449,455 463, 826 397,763 51,937 39,227 44,289 35,105 102,342 88, 349 87,357 76,604 53,184 42,286 43,021 37,310 51,748 38,329 43,695 35,830 35,433 36,072 36,707 33,627 18,873 16,551 19,154 17,108 62,631 49,182 52,863 45,249 35,227 30,205 31,466 26,697 15,648 15,729 15,400 15,290 768 751 745 732 2,799 3,151 3,149 3,062 386 422 368 400 803 827 751 705 512 487 508 488 725 725 704 733 4,113 4,097 4,004 3,973 591 575 567 5,176,417 4,939,322 4,898,090 4,780,530 404,788 372,985 383,439 363,609 1,623,729 1,549,611 1,519,042 1,505,783 390,110 367,831 369,595 358,236 71.1 74.7 76.0 77.2 80.1 76.8 77.7 76.8 79.3 86.9 87.6 74.1 75.8 75.6 73.3 32,304 32,292 32,284 32,263 2,336 2,336 2,336 2,336 439,235 : 421,641 415,827 i 406,154 216,522 213,116 212,082 209,362 216,748 779,053 201,963 735,671 201,915 721,704 196,096 702,984 San Francisco. Minne- I Kansas Dallas. apolis. | City. 27,777 25,987 25,290 20,555 32,099 35,585 32,311 28,279 1,596 1,549 1,534 1,585 1,153 1,205 1,167 1,194 217,103 I 130,649 j 205,678 122,848 206,741 126,653 = 198,341 119,700 209,216 I 126/563 ! 199,485 118,995 200,870 j 123,472 , 192,650 113,077 429,954 425,069 420,227 408,237 13,308 38,734 12,016 i 35,666 11,570 I 36,103 10,413 • 30,986 1,118 1,087 1,077 1,054 | 867 837 818 797 MEMORANDA. Ratio of total re- : serves to deposit and F.R. note liabilities combined, | per cent: Jan.4 j Jan. 11 ! Jan. 18 ...; Jan. 25 Contingent liability i on bills purchased for foreign correspondents: I Jan.4 , Jan.11 ' Jan. 18 1 Jan.25 ! 69.9 70.5 74.6 78.7 42,0 45.0 45.9 46.7 42.2 44.3 48.7 51.5 70.3 73.6 72.8 ; 72.9 I 66.1 71.6 73.3 76.1 59.0 61.8 : 64.2 ' 64.4 i 51.3 53.9 59.2 63.5 45.5 42.4 47.3 48.1 ; j I I I 76.8 79.1 81.6 80.7 I 12,048 ! 2,560 , 2,624 • 12,036 2,560 ! 2,624; 12,028 •' 2,560 2,624 12,007 I 2,560 2,624 \ 1,568 ! 1,152 1,568 1,152 1,568 1,152 1,568 1,152 3,808 3,808 3,808 3,808 1,504 1,504 1,504 1,504 | 864 1,536 j 864 . 1,536 864 j 1,536 ! 864 1,536 832 , 832 1,472 1,472 1,472 1,472 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY TEE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. Bills discounted: Jan.4 Jan.11 Jan.18 Jan .25 Bills bought in open market: Jan.4 Jan. 11 Jan. 18 Jan.25 United States certificates of indebtedness: J an.4 Jan. 11 Jan.18 Jan.25 Municipal warrants: Jan. 4 Jan.11 Jan.18 Jan.25 Within 15 days. 16 to 30 days. 31 to 60 days. 61 to 90 days. Over 90 days. 1,112,567 987,494 913,822 850,173 654,126 569,318 522,081 480,944 Ill, 915 95,071 92,021 86,170 167,695 152,155 146,787 143,918 118,138 110,092 93,756 83,947 60,693 60,858 59,177 55,194 126,865 86,754 94,945 82,709 32,210 50,678 46,045 31,520 25,621 19,965 16,316 19,529 16,773 14,573 12,833 6,173 12,147 9,384 7,346 14 3 345 169 182,435 167,040 166,847 184,278 5,719 2,000 11,013 1,150 2,500 415 4,364 12,541 17,377 12,971 20,765 28,634 21,223 3,810 8,501 133,041 126,440 138,638 149,498 379 385 216 206 211 26 184 6 2 142 150 140 141 51 51 50 239 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JAN. 4 TO JAN. 25, 1922. []n thousands of dollars.] Total. Net amount of F . R. notesrecei ved from Comptroller of the Currency: Jan. 4 Jan. 11 Jan. 18 Jan. 25 F. It. notes on hand: Jan. 4 Jan. 11 Jan. 18 Jan. 2o F. R. notes outstanding: Jan. 4 Jan.1L Jan. 18 Jan. 25 Collateral security forF. It. notes outstanding: Gold and gold certificates— Jan.4 Jan. 11 Jan.18 Jan. 25 Gold redemption fund— Jan.4 Jan.11 Jan. 18 Jan. 25 Gold fund—F. It. Hoard— Jan. 4 Jan. 11 Jan. 18 Jan. 25 Eligible paper— Amount requiredJan. 4 Jan. 11... Jan. 18... Jan. 25... E x c e s s am o u n t held— Jan. 4 . . . . Jan. IL... Jan. 18... Jan. 25... Boston. New York. Philadelphia. j Cleveland. I ! S<\ St. Louis. Minneapolis. 594, 795 587,770 577,500 568, 68(5 139,923 137,356 135,242 133,ISO 69,308 67,527 66,817 65,633 73,251 1.39,040 73,656 141,280 74,891 . 148,280 74,826 155,280 | 26,060 26,060 26,060 25, 460 n^ond. ! A t l a n t a - i Chica Kansas City. San Francisco. Da! las. 13,631,389 3,611,486 3,571,248 3,530,013 318,748 1,144,595 314,240 1,154,462 309,809 1,153,185 305,568 1,147,428 845,275 878,625 901,851 925,056 98,340 .103,380 .109,680 123,690 322,910 336,290 342,990 342,990 2,78(5,114 2,732,861 2,666,397 2,604,957 220,408 210,860 200,129 1.81,878 821,685 818,172 810,195 804,438 27.1,451 273,088 141,572 266,71.9 I 269,007 139,669 261,978 265,642 \ 136,742 256,629 260,523 134,0(52 48,400 53,360 52,560 51,160 ; ; ! . 34,900 36,300 38,700 38,700 25,119 24,639 29,715 29, 715 223,051 238,188 j 116,453 213,359 232,707 ! 115,030 209,418 I 226,942 i 107,027 205,469 ! 221,823 104,317 199,896 196)816 194,203 193,441 126,645 123,160 119,312 118,61.5 i 455,755 ! 446,490 ". 429,220 | 413,406 113,863 111,296 109,182 107, 720 9,390 I 9,200 I 9,495 ! 8, 755 i 160 ! 724 ! 912 j 59,306 58.540 57,761 56,868 335,547 333,656 328,457 323,438 000 ! 440 i 440 440 j 20,125 21,180 21,400 21,400 39,740 41,840 39,640 39,640 39,181 37,360 36,3(51 35,468 I 295,807 ! 291,816 ! 288,817 ; 283,798 59,918 ! 75,160 58,327 "• ~"', 74)284 57,322 72,472 ! 7.1,117 i 06,878 : j j i 6,701 6,701 6,702 i 6,701 i ! 349,012 349,013 349,013 349,0.13 5,600 5,600 5,600 5,600 296,924 296,925 296.924 296.925 18,375 18,375 18,375 ! 18,375 j 2,400 2,400 2,400 2,400 ! | 17,761 13'253 j 18,822 | 14,581 • 34,986 34,703 34, 490 34,205 145,000 150,000 i 140,000 i 140,000 i 321,000 351,000 381,000 381,000 883,202 822,300 7.17,740 665,165 52,047 j 42,007 j 35,707 168,775 135,544 97,781 311,981 205,169 246,800 237,833 13,381 8,820 14, 862 26,435 120,962 120,434 128,523 127,943 L, 432,938 1,441,114 1,471,121 1,462,836 63,001 28,875 62, 737 40,671 12,195 j 12,462 " , 12,721 I 12,372 " I 11,875 2,758 11,695 ! 2,655 14, 430 : 2, 729 13,811 i 3,049 i 140,389 ' 145,000 j 34,295 135,389 j 140,000 31,295 135,389 I 140,000 28,295 i ' 130,389'. 140,000 31,295 70,467 65,508 61,308 i 62,708 : 62,938 62,637 54,137 49,637 79,400 81,080 76,003 70,003 14,970 : 54,122 I 12,360 50,236 : 3,339 5,168 3, 759 40,863 i 10,05S 12,563 15,743 33,604 , ,J 15,055 3', 497 I .1.5,791 4,884 ' 15,521 3,121 : 15,706 5,9(50 5,960 5,9(50 b, 960 13,052 ! 13,052 i 13,052 13,052 ! 4,858 2,291 4,177 4,115 1,045 1,264 2,054 2,870 1,403 i 2,227 2,415 . 3,060 ' 27,360 25,360 : 25,360 ! 24,360 " 2,801 3,035 2,256 3,363 13,648 17,561 14,024 17,690 39,000 34,000 38,000 45,000 | 312,645 • 302,644 , 302,644 I 293,644 56,100 59,100 56,600 62,000 2,200 9,200 9,200 9) 200 82,668 83,263 74,028 68,094 128,055 128,055 111,055 104,056 46,945 43,945 42,445 35,645 43, 621 34,811 33,016 31,756 46,397 46,697 44,697 43,697 27,445 25,390 25.919 23.920 74,444 73,363 61,644 61,644 68,560 44,8(53 48,867 46,107 13,147 8, 732 8,109 10,242 3,228 8,068 8, 732 8,800 24,186 18,841 15,583 9,980 19,668 23,849 20,420 22,029 ; 13,891 ! 3,742 ! 7,169 j 5,866 1.1,467 636 i 5,611 ! 5,793 i 2,234 . 207,715 2,234 j 200,892 1,484 213,149 1,484 204,464 240 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. CONDITION OF MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM DEC. 28,1921, TO JAN. 18, 1922. ALL R E P O R T I N G MEMBER BANKS IN EACH F E D E R A L R E S E R V E DISTRICT. [Amounts in thousands of doilars.] Total. Boston. Philadelphia. Cleve- : Richland. ! mond. Atlanta. St. Minne- KanChicasas Dallas. Louis. apolis. go. City. Number of reporting banks: j 112 Dec. 28 110 85: 111 Tan.4 109 85i 111 Jan. 11 109 85. 110 Jan. 18 109 85! Loans and discounts, including bills rediscounted with F. R. Bants: Secured by U. S. Government obligations— I Dec. 2 8 . . . . ! 512,520J 30,433 199,233 51,519 50,418 20,294 16,470! 66,270 18,879 11,712 Jan.4 498,405' 29,057 193,177' 50,928 49,9431 20,113 17,436| 64,270 18,079 10,803 Jan. 11 475,383 " - " • 17,004 10,176 26,226 180,818 48,306 48,958! 19,458 15,363! 66,174 J a n . 1.8 470,439. 29,079 180,160 47,441! 46,915' 18,721 14,393; 64,786 16,905 Secured by stocks and ! bonds (other than U. S. Government obligations)— Dec. 28 i 3,165,48i 208,705 J, 408,286J 199,543 332,046 105,711 51,291! 451,127 124,982 31,926 Jan. 4 , 3,184,299 207,233:1,433,007! 203,802 332,548; 108,311 52,447!! 439,794 124,099 32,077 Jan. 11 3,152,647 210,296 1,407,448 204,021 326,855' 108,607 52,474 " "•'• 4 3 6 , 0 1 6 123,573 32,019 J a n . 18 ' 3,106,892 213,437 1,376,811 201,322 321,619 108,626 53,338i 438,225 122,151 32,435 Allother— jj ! Dec. 28 j 7,542,233!! 570,223 2,462,747 326,617 617,177 324,570 311,1591,080,293 302,789 216,278 Jan. 4 7,523,065 | 563,770 2,487,752 326,293 618,586 321,243 309,077.1,086,584 299,792 21.2,357 Jan. 11 : 7,478,399|. 558,928 2,486,286 323,626 617,835! 318,256 303,1301,074,515 300,157 211,742 Jan. 18 7,437,827 j 558,022 2,481,477 316,344 614,610 314,668 295,398,1,069,90 296,727 206,925 Total loans and discounts, including bills rediscounted with F. R. Banks: Dec. 28 ill, 220,234 809,3614,070,266: 577,679 999,641! 450,575 378,920|l,597,690 446,650 259,916 ,001,077! 449,667 378,0601,590,648 441,970 255,237 4,113,936; 581,0231,001,077: Jan .4 Ill, 205,769-! 800, »5', 450 4,074,552| 575,953 993,648i 446,321 370,967,1,576,705 440,734 253,937 Jan. 11 ll,106,429 795,451 565,107 983,144 442,015 363,129! 1,572,915 435,783 249,194 Jan. 18 :11,015,158 i 800, or 538 4,038,448. 4, U. S. bonds: |; Dec. 28 950.270JI 44,993 363,991 47,623 11.4,031 61,219 29,483 78,894 26,945 14,760 Jan.4 950;i4oli 45,391 364,3791s 46,697! 112,990 60,612 28,584 78; 633 26,884 15,859 Jan. 11 1 960,670il! 78,390 26,898 16,052 46,801 374,215 47,35o! 115,728 60,742 27,610 Jan. 18 ' 987,495:l| 47,889 391,446J 4S,079j 117,501 61,185 27,177 78,279 27,155 18,43; U. S. Victory notes: Dec. 28 25,583 88,474J 12,228! 15,283 2,374 1,973 405 170,639!; 1,121 2,743 28,806 89,019! 12, 103 14,865 2,436 Jan.4 2,173 373 1.72,36811 1,104 2,706 28,120 2,257 374 179,915-i Jan. 11 1,013 2,656 2,6801 96,735| 12,7631 14,815 24,834 1,996 858 189,302! | 1,260 Jan.18 3,798 104,623! 14,835| 15,618 3,129 U. S. Treasury notes: i 4,473 2,601 87,788; 5,034 470 1,449 Dec.28 ! 125,559J I 8,25' 4,446 4,114 2,695 91,448| 4,873 549 1,208 128,491!, 7,901 Jan.4 3,978 4,660 2,763 90,201! 4,862 7,514 548 1,217 1.27,545,1 4,108 Jan. 11 4 8,241 547 1,208 120,391 j I 4,597 82,675" 5,156; 2,575 Jan. 1.8 U. S. certificates of indebtedi ness: 25,554 4,505 1,998 3,960 222,855j! 9,891 122,531 10,741 14,322 4,708 Dec.28 -• 23,013 3,332 1,797 4,781 9,375 123,130!: 10,209 13,384 4,874 218,296|i Jan. 4 , ,. 8,552 18,812 8,869! 2,655 1,563 4,931 4,511 8,520 129,925 Jan.. 11 1 211,104.! 16,479 4,149 8,337 2,698 1,549 4,669 8,227 128,741! 7,839 Jan. 18 i 203,764'j Other bonds, stocks, and I! securities: 2,090,025!! 140,13. 730,257. 162,447! 266,642 49,861 33,571 380,098 69,550 21,479 Dec. 28 2,098,071" 139,540 735', 180l 161,697 269', 228 48,840 36,414 381,674 69,979 21,253 Jan.4 2,095,6731; 141,209 733,853! 164,781 267,165j 48,5801 36,073 382,106 69,270 21.181 Jan. 11 " AC AVIV "" 381,310 69,468 20; 897 2,094,853 i 143,1.68 733,411! 164,696 267,814 Jan. 18 48,470| 35,325 Total loans and discounts and investment, includI ing bills rediscounted with F. R. Banks: Dec.28 14,779,582s 1,011, 569 5,1,463,307: 815,7521,412.520 573,007 445,093 2,116,076 549,548 302,717 Jan. 4 14,771,140 1,001, 053 o\>, 517,092i 816,602;l,414;239 569,001. 447,734 2,11.0,675 546,336 298,804j Jan. 11 14.681,336 998,768 i, 4.99,481| 814,266JJ ,403,018 565,215; 4.37,351 2,091,647 545,037 297,2721 217 5,479,344! 805,712!l,394;989 560,4521 428,440|2,082,058 540,751 294,739. Jan. 18 14,610,963 11,008,217 Reserve with F. R. Banks: Dec. 28 1,267,107! 75,603 627,680 59,086 81,268' 32,136- 28,5441 170,578 41,118 17,387! Jan.4 1,314,021 79,360 656,802 43,421 17,9911 Jan. 11 1,325,4191 75,261 650,235; 43,354 1.8,457 Jan. 18 1,267,135 86,339 595,381 44,057 18,7061 Cash in vault: J Dec. 28 339,7991! 24,729 111,430! 18,9391 33,695 16,668; 10,373 58,383 7,0691 Jan.4 326,748=1 22,629 104.2841 16,842 32,493 15,844! 11,382 59,314 6,996! Jan. 11 315,985!i 22,039 103', 5131 15,832 31,187 15,673, 10,020 55,723 7,330 91,908' 15,447 28,732 14,598! 9,124 Jan. 18 288,2381 19,719 6,349 51,520 Net demand deposits: 11 Dec. 28 10,174,437! j 731,989 4,679,857 612,797! 754,192 296,832 213, 5281,.,246,541 300,497 172,473 Jan.4 10,416,4671 754,563 4,821,032 624,324; 760,912 308,082 225, 444 I..,277,555 306,058 175,599: Jan. 11 10,427,495; 749,974 4,804,703' 625,935! 763,051! 310,038 224, 076 L.,292,478 312,203i 177,501; Jan. 18 10,331,732 I 766,074J4,721,69ll 623,309' 763,6101 305,712; 221, 8941 ,269,6431 310,0511 178,428' San Francisco. 80 80 79 51 52 53 7Q fV3i f>4 67 67 66 16,513, 16,380l 15,921; 15,518. 6,272: 6,395 5,863 5,681 24,507 21,824 21,116 21,006 66,532 65,642 64,767 65,794 38,102 37,960i 39,825! 39,752 147,230 147,379 146,746 135,382 371,486 369,647 362.91.1 357;265 200.897 193; 141! 192,574. 192,992 757,997 734,823 728,439 733,495 451,531! 451,669 443,5991 436,577' 245,271 237,496 238,262 238,425 929,734 904,026 896,301 33,000 32,746 32', 667 34,657 34,100 34,283 33,952 34,0231 101,231 103,084 100,260 101,671 4,0701 3,685 3,657 3,392 15,198 13,900 13,627 13,733 824 520 517! 517 9,495 9,608 10,049 10,04.9 4,011 5,194 4,468i 3,640 3,290 3,217 3,333 3,285 17,344 15,990 14,965 14,151 49,115 48,999 48,184 47,"" 9,444 9,269 9,620 9,082 177,426 173,998 173,651 173,526 545., 551 542; 813 533., 092 526.' 469 294,014 1,250,428 286,18511,220,606 287,33611,208,853 286,779 1,203,013 39,066; 39,120 39,6331 40,514! I 13,720! 12,598! 12,717 11,717 21,215 19,965| 21,413! 20,71 73,426 80,593 82,218 82,103 10,479 10,553i 9,733 9,076; 26,236 25,242 24,388 22,814 371,784 369,814 367,133 367,634 192,069! 191,714!. 190,928, 193,6451 601,878 601,370 609,475 610,041 241 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. PRINCIPAL RESOURCES AND LIABILTIES OF MEMBER BAN^S IN LEADING CITIES ON WEDNESDAYS, FROM DEC. 28, 1921, TO JAN. 18,1922—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [Amounts in thousands of dollars.] Total. , Boston. Time deposits: Dec. 28 Jan.4 Tan.11 Jan.18 Government deposits: Dec. 28 Jan.4 Jan. 11 Jan. 18 Bills payable with F. R. Banks: Secured by U. S. Government obligationsDec. 28 Jan.4 Jan. 11 Jan. 18 All otherDec. 28 Jan.4 Jan. 11 Jan. 18 ; Bills rediscounted with F. It. Banks: Secured by U. S. Government obligationsDec. 28 Jan.4 Jan. 11 Jan. 18 All otherDec. 28 Jan.4 Jan. 11 Jan. 18 2,998,213' 3,011,212; 3,019,481 3,017,618! 180,480 180,866 181,957 182,9561 257,073! 256,930 238,573 186,084 19,239 19,339! 17,6591 14,176 258,656 261,214 227,4581 198,403! 8,358 5,577 6,161 4,912 New York. 473,236 472,429 481,97r 477, Philadelphia. Cleve- RichAtland. mond. lanta. 126,591 128,136 128,904! 130,624. 140,463 144,186; 142,8971 142,744 45,648 46,221 46,360 46,790 418,645 427,088 425,969 426,409 99,691i 26,290 , 99,6911 92,990i! 26,290 24,713 73,345 17,701 27,336 27,692! 26,00l| 20,658 7,780^ 6,914 7,770^ 6,610! 7,223, 6,280 5,6491 4,956 27,333, 20,333! 19,803i 19,639! 19,775 22,989! 21,599' 18,302 22,943' 8 ; 19,162| 8,413 18,463 6,353 19,617 5,652 j .1 27 27 .! 27j 115,603 129,223j 107,129' 84,652| 2,302' 1,314,! 1 138 . 1,068 35|. "266;." • ; 34,326 28,783i 20,773! 17,372j 3,002'i 1,292! 889! 402,937; 355,594| 281,138' 250,9831 33,880J 23,888 14,885j 18,047 2,058i 2,173! 236; 9,357; 9,723:' 7,541 5,861j 2 7 : 2,645 1,744| 2,251 2,010, 1,262 1,223| 1,073 1,341 j 179| 60,769 13,334; 56/477 31,550 35,805 13,4751 58,344i 28,766! 25,9091 6,450' 55,650 26,220i Qf\ QAQ' 7,067 43,610i 24,466 I 4,002' 3,222j 2,671 2,294| 2,074 499 599 490 12,235 9,349 5,400! 5.271! 32,773' 31,594i 25,185' 21,8791 28,015 28,284 25,952 22,621 '03| 8; 170! 8,759! 6,572j 20,747 22,923 16,181 11,315 MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [Amounts in thousands of dollars.] Number of reporting banks: Dec. 28 277 Jan.4 275 Jan. 11 275 Jan. 18 275: Loans and discounts, including bills rediscounted with F. R. Banks: Secured by U. S. Government obligations360,161' Dec. 28 348,307 Jan.4 331,124. Jan. 11 , 331,055 Jan. 18 Secured by stocks and bonds (other than U. S. Government obligations)— 1 Dec. 28 "I 2,280,639: Jan.4 ! 2,300,030 I Jan. 11 1 2,263,320:, Jan. 18 i 2,224/908|| All other— I Dec. 28 j 4,786,318,1 Jan.4 1 4,788,4061;: Jan. 11 j 4,764,795 Jan. 18 1 4,755,836j! Total loans and discounts, I including bills rediscounted with F. R. Banks: : Dec. 28 1 7,427,118' 7,436,743| Jan.4 Jan. 11 : 7,359,239 Jan. 18 ! 7,311,7991 U. S. bonds: ; Dec. 28 ! 504,851 506,333 Jan.4 ! 516,931 Jan. 11 Jan. 18 : 537,451 U. S. Victory notes: i 111,631 Dec. 28 Jan.4 ' 115,136 Jan. 11 ; 123,287 Jan. 18 ; 132,025 26 26 26 26 68 67 67 67 25,147 24,604 21,350 24,306 179,626 173,445 161,577 161,251 51 50, 50 50: 10 101 10' 10: 15 15 15 15 j i 48,470 47,857 45,385 44,566 14,940l 14,909, 13,4971 12,989| l 162,4691,244,2031 4,864! 1, 4,568! 2,000 4,562! 1,946 3,963 1,931 50,242' 48,658!! 51,072 50,255, 10,899 11,139 10,588 10,649 6,849 6,604 6,481 6,347 5,588 5,429 5,324 5,264 1,594 1,496 1,580 1,501 10,033 7,598 7,762 8,033 93,015 92,348 91,891 90,957 13,786 13,952 13,872 13,974 21,620 21,020 20,805 20,649 10,253 10,354 10,165 68,220 70,804 70,304 60,257 179,401 131,418 160,9641,269,238! 183,838 132,489 163,304| 1,238,452 183,231 129,535 167,4581,208,323| 180,119| 127,498 15,192! 16,002 15,361 15,584| 9,400 9,865 9,935 9,724 331, 46 319,257: 316,276: 320,200 434,8812,173,301; 430,066,2,198,287 423,182j2,197,223 422,849-2,195,551i 292,689 292,947 291,117 284,893 257,839 262,224 264,530 263,681 62,082 61,520| 61,430 60,875i 52,604 50,479 50,872 49,843 680,291; 688,019; 678,872: 678,656. 622,497 !3,597,13o! 615,634 3,640,970; 607,836:3,597,252 614,613!3,565,125j 520,560 524,642 519,733 509,578 404,197 409,622 407,562 404,168 82,138 82,090 81,353 80,422 63, 913 1,062,079' 284,192 62, 3441,055,9341 280,726 62,75; ,046,220 280,790 61, 4981 - .,049,111 277,830 11,291 10,736 12,700 12,737 6,832 6,869 6,869 6,800 4,320 4,231 4,186 4,311 22,334 22,151 21,734 6 6 6! 5 5 5 5 180,278 100,870 132,759 49,618 369,106 177,239 100,151 132,612i 48,712 346,150 178,311 98,807 128,665) 47,217 344,569 176,224 96,428 125,833! 47,789 353,214 i 13,245! 13,6421 14,876| 15,966! 315,821 316,392 325,978! 342,569 33,979 33,040 33,704 34,409 356 419 388 1,502 80,352 80,981 88,736 96,602| 10,182 10,041 10,699 12,789 250 250 260 i 121,505 120,707 119,160 116,749 159,967!! 159,061 154,794; 151,746| 61,581 60,461 59,151 59,455 447,359 424,552 422,635 421,504 21,488 11,427 4,174 11,439 4,279 11,410: 4,396 ll,447j 4,295 11,634; 10,476! 10,5201 12,273| 8,166 8,166 7,870 7,873 61,628 64,912 62,688 63,283 11,027 14,457 13,860| 10,717 903 1,017 1,408 1,712 1,352 955 989 934] 81 81 81 112 6,941 6,787 6,728 137 137 137 242 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS^IN LEADING CITIES ON WEDNESDAYS, FROM DEC. 28, 1921, TO JAN. 18,1922—Continued. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [Amounts in thousands of dollars.] Total. I U. S. Treasury notes: 95,064!! Dec. 28 97,953 i Jan. 4 97,731' I Jan. 11 90,279Jan. 18 U. S. certificates of indebtedness: 168,77: V Dec. 28 167, 143! Jan.4 .106, 199 Jan. 11 159,580 Jan.J8 Other bonds, stocks, and securities: 1,156,442!' Dec. 28 1,157,945' Jan.4 1,] 56,378.1 Jan.11 1,1.57,428!! Jan. 18 Total loans and discounts and investments, including bills rediscountcd with F. R. Banks: 9,463,879| Dec. 28 Jan.4 1 9,481,253! i 9,419,765, Jan. II 9,288,562lj Jan.18 Reserve with F. R Banks: 939,22 81: Dec.28 981,199: i Jan.4 981,4l9j Jan. 11 935,604;! Jan. 1.8 Cash in vault: 196, 1.32 ! Dec. 28 Jan.4 184,915"|. Jan.11 178,711.! Jan.18 161,193!" Net demand deposits: 7, 208,658, Dec. 28 Jan.4 7,390,077'! Jan. 11 7,389, 178.; Jan. 18 7,3l.2,035|.. Time deposits: Dec. 28 1,404,850;Jan.4 1,406,9931 i Jan.II 1,411,919,. Jan. 18 1,405, 217J Government deposits: Dec. 28 195,078! Jan.4 194,8931 180,426! Jan.11 Jan. 18 ' 139,811'. Bills payable with F. R. I Banks: Secured by TJ. S. Gov- I eminent obligations— ; Dec. 28 ! 148,78f)ii Jan.4 - 155,448,! Jan.11 ' 129,746 Jan. 18 j 107,296'i : All other— Dec. 28.... 18O. Jan.4 1 157 Jan.11 ' 57 Jan. 18 1 Bills rediscounted with F. j R. Banks: j Secured by TJ. S. Gov- \ ernmont obligations— j 22,422 1 Dec. 28 18,992 N Jan.4 ! 12,330 i Jan. 11 j 10,021 ! Jan. 18 !• All otherDec. 28 i 219,896 182, 216 i Jan.4 Jan.11 ' 130,259 ! Jan. 18 1 121,179 j Boston. New York. Richmond. phia. Atlanta. Chicago. KanMinneSt. sas Louis. apolis. ! City. Dallas. I, 1 1,994 2,13S 2,137 83,146 86,806 85,808 78,282 4,400 4,239 4,228| 4,522: 573 571 571 571 347| 2i 2;1 I 125 3,311 3,193 2,976 3,024 6,183 5,935 5,018 4,677 116,234 117,628 125,127 123,794 9,863 9,396 7,782| 7,069| 1,605 1,489 1,114 853 721 448 446 445 931 741 741 741 16,720 14,318 1.0,042 8,544 3,327 4,244 4, (JOS 4,343 65,328 64,648 65, 898 67,320 553,742 559,198 556,238 556,644 131,728 129,846 132,351 131,854 59,254 59,6/8 59,868 59,238 3,773' 3,591 3,545 3,619J 3,456 3,319 3,236 3,206 171, 943 172,933 173,538 172,428 44,451 45,577 44,728 45,161 9,0441 11,536! 8,729, 11,336; 8,6041 11,158! 8, 528! 10,783 • 710,712! 711,204: 708,4971 700,221 477,209 482,346 482,065 477,827' 93,817 93,006 92,221 91,293 72,625 1,287,414 70,640' 1,282,986j 71,046,1,268,370 69,761 ll, 265,312 344,332 343,034 342,974 340,522 1.35,655! 185,711! 134,643 183,945 132,795! 178, 857 130,091; 176,284 j 6,7001 14,945 8,720! 12,9.14 8,907 i 12,156 8,931! 15,216 795; 791.! 498| 130' San Francisco. 300. 27 21 286 27 945 1,090 1,567 1,685 922 2,117 1 1,396; 548!. 1,528 1,460 1, 576 1,518 9,944 8,576 7,821 6,918 i 1, 518 100,609 .1,549 97,541 1, 546 95,668 1,412 97,235 i 709, 592 4,745,425 702,272U 801,975 696, L84j4, 779, .139 703,215 4,763,016 5,503J 60,892 64, 21.3 60,276 71, 242 582,432 612,580 60-4,611 552, 507 52,6771 55,948 57,324 58,264 24,640 23,566 26,082 21,890 4,576' 5,205j 5,692; 4,247i 4,787. 5,297! 5,689." 121,635 126,609 128,164! 121,081 29,673 32,706 32,123 32,929 14,956 12,961 12,247 10,808 97,208 90,000 90,199 79, 734 15,392! 13,543 12,975 12,436 8,874 8,30.11 8,018 7,212 1,489: 1,131.! 1,107, 983; 1,750, 2,324! 1,937, 1,640| 35,387 36,254J 32,760, 30,587| 4,017 4,153 3,691 3,407 2,340; 2,288, 2,310; 2,117J 3,205 2,699 2,625 2,611 72,901 627,486 71,744 603,458 70,51.0 597,1.07 70,397 597,623 5,186 4,301 4,813 5,168 30,708 33, 273 36,461 36,995 1,773 1,577 1, 587 1, 515 9,731 9,684 9,255 8,143 572,791 j4, 216,994 532,819 587,812 4,350,255 543,796 585,064 4,328, 718 546,704 602,102 4,252,409 544,067 186,586 185,812 188,780 188,505 47,403' 48,22i; 47,813! 48,304; 33,306| 37,060! 37,929! 37,083| 863,050| 207,331 887,357 210,923 895,412 218,382 875,294 216,192 78,568!! 82,202 83,476! 83,416; 136,654 133 067 131,789 133,716 50,033 50,648 49,340 50,022 283,123 272,924 275,971 280,775 72,685 72,524 73,042 73, 576 301,517 300,689 306,479 299,067 30,277 30,608! 30,682! 30,941! 225,785 233,518 231,799 232,435 22,860 ! 23,058! 23,160: 23,441! 23,699i! 21,586 21,631 21,650 313,413, 314,846' 313,346j 313,398 87,784 89, 591 89,584 89,813 27,60927,849! 28,033' 27,087j 13,967 13,990 13,789 13,897 7,338 7,221 7,322 7,423 277,926 271,513 273,052 272,489 15,807 15,907 14,450 11,646 93,423 93,423 87,049 68,574 25,034J 25,034! 23,619 16,988 5,151 5,151 4,867| ~~ 2,730! 2,730. 2,580 2,064 1,795 1,795 1,603 1,236 25,000 25,000 22,325 16,512 5,232 5,232 4,751 3,644 3,6411 3,641 j 3,374! 2,647^ 5,275 5,275 4!, 976 3'., 972 4,662 4,377 4,238 3,717 7,328 7,328 6,594 4,943 3,852 4,011 3,207 91,830 107,030 86,680 67,930 23,930 17,083 16,593 16,443 5,317 5,262: 4,065 ~ ~" 3,561 2,646 2,891 2,799 520 480 250 260 2,505 5,369| 2,022 1,102 4,829 2,702 1,351 1,174 60 105, 114 gs! 2. 585 4j 139 31 J i 2; 922 9,050 6,780 8,350 7,875 1,450 180; 180! 157| 57 3,816 2,71.7 1,008 662 1,724 1,813 32,255 22,488 13,680 17,206 37,725 15,939 10,161 16,041 9,357 9,723 7,541 5,861 2,025 1,083 1,478 1,362 12,904 39,405 13,211 43,221 6,322 42,766 33,226 3,472 2,817 2,626 2,508 89! 9 11 74j 3,071 2,951 1,727 1,525 141 101 63 50 150 138 16 8 599 457 382 375 2,258 2,210 2,270 2,106 44,082 36,490 21,076 17,567 10,529 9,479 4,031 3,542 8,682 6,717 3,312 2,985 14,333 14,116 13,150 u> 104 104 1,631 1,544 1,455 1,285 12,620 13,984 9,410 5,955 243 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. the three years shows for the month of January as a whole a pronounced recession in the Volume of business remained steady at about volume of debits. $8,900,000,000 for the three weeks ending January 4, 11, and 18, but declined sharply to DEBITS TO INDIVIDUAL ACCOUNTS $7,551,000,000 for the week ending January AT BANKS SN 1 25. The trend was markedly different from REPORTING CLEARING HOUSE CENTERS that recorded for the corresponding period in DEBITS FOR 1921 -"DEBITS FOR 1922 ( iN BILLIONS OF DOLLARS ) 1921, but quite similar to that shown in 1920. In 1921 the second week, ending January 12, saw a precipitate decline of over $2,000,000,000 in volume of business, while in 1920 and 1922 that week showed only a nominal decrease. The third week witnessed each year the usual mid-month business swell, and the fourth week each year marked a recession of business compared with the third. It is apparent that the volume of end-of-year payments at the turn of 1920-21 was exceptionally heavy, resulting in an extraordinarily large volume of bank 1 AND 2: BANKS IN NEW YORK CITY , I debits for the first report period in 1921, with 3 AND 4= BANKS IN ALL REPORTING CENTERS a consequent heavy drop in the following week. End-of-year expansion of business and the subsequent contraction were much more moderate at the turn of the years 1919-20 and 1921-22. Notwithstanding the differences in the trend of business just discussed, each of BANK DEBITS. __L_| 1 The volume of business as measured by debits to individual accounts reported to the Federal Reserve Board for banks in 160 centers. Jan. L_! _ ! - L - L-L... BANKS OUTSIDE OF NEW YORK CITY I Feb. Mar. Apr. May June July Aug. Sent. Oct. Nov. Dec. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1922 Week ending— Number of centers included. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 14 7 11 14 9 15 24 5 12 16 13 20 1921 Week ending- Jan. 4. Jan. 11. Jan. 18. Jan. 25. Jan. 5. 504,563 4,806,781 415,953 601,810 237,356 208,405 950,691 222,128 131,029 232,761 160,456 509,637 484,233 4,864,365 397,187 499,786 209,188 198,242 964,114 193,671 128,8C5 241,836 159,223 519,219 540,467 5,002,491 383,337 452,844 189,318 179,826 956,469 195,851 119,654 240,083 149,100 503,189 419,118 4,138,016 348,601 428,188 170,082 163,989 833,330 158,435 112,060 212,987 131,898 434,158 635,852 5,894,590 476,830 792,635 256,125 252,272 1,154,846 257,755 170,229 313,026 178,068 580,803 160 | 8,981,570 8,859,869 ; 8,912,635 7,550,892 j 10,963,031 Jan. 12. Jan. 19. 491,130 532,851 4,525,613 5,025,651 397,312 394,259 596,067 581,836 218,125 208,751 214,318 192,064 1,025,696 1,056,759 206,859 j 205,238 150,598 148,774 285,057 277,075 166,018 157,752 543,849 | 527,152 8,820,642 9,308,162 Jan. 26. 443,320 4, 372,044 539,268 196,456 203,507 952,876 187,830 126,092 248,762 149,833 461,506 8,279,516 NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these centers not being available for each week under review: Johnstown, Pa.; Reading, Pa.; Greenville, S. C; Wilmington, N. C; East St. Louis and National Stock Yards, 111., Quincy, 111.; and Springfield, Mo. 244 FEDERAL RESERVE BULLETIN. FEBEUAIIT, 1922. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS. DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1922 1921 Week ending— Week ending— Jan. 11. District No. 1—Boston: Bangor Boston Fall River Hartford Holyoko Lowell Manchester New Bedford New Haven Portland Providence Springfield Watcrbury Worcester District N. 2—New York: Albany Binghamton Buffalo New York Passaic Rochester Syracuse District No. 3—Philadelphia: Altoona Chester Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York District No. 4—Cleveland: Akron Cincinnati , Cleveland Columbus Dayton Erie Greensburg Lexington. Oil City , Pittsburgh Springfield Toledo Wheeling Youngstown District No. 5—Richmond: Baltimore Charleston Charlotte Columbia Greenville, S. C Huntington Norfolk Raleigh Richmond Washington Wilmington District No. 6—Atlanta: Atlanta Augusta Birmingham Chattanooga Jacksonville Knoxville Macon Mobile Montgomery Nashville New Orleans Ponsacola Savannah Tampa Vicksburg 3,707 347,731 6,766 28,040 2,780 4,663 5,629 6,410 18,938 7,138 35,141 14,707 6,848 16,065 22,575 4,085 64,289 4,657,565 6,115 36,802 15,350 3,367 335,724 6,828 : 24,557 I 3,048 I 5,004 , 5,032 i! 6,226 18,457 | 7,162 35,141 I 12,398 ! 7,041 14,248 I Jan. 18. 3,274 382,488 7,154 27,718 3,079 4,899 4,580 7,165 19,693 7,541 36,665 6,107 16,209 34,078 22,650 4,515 3,724 63,417 61,524 4,703,125 4,866,232 5,881 6,004 39,190 j 30,211 14,159 ! 12,146 Jan. 12. Jan. 5. Jan. 25. 2,909 298,721 6,937 18,995 2,928 3,866 3,610 5,653 14/998 6,655 21,523 12,978 ' 5,818 13,527 20,231 3,331 51,008 4,023,250 4 639 24,452 11,135 Jan.19. Jan. 26. 4,218 449,523 6,440 33,404 3,875 5,557 5,954 6,184 21,228 10,168 40,153 17,481 9,091 22,576 4,343 334,026 6,321 23,888 3,413 4,995 4,495 5,409 18,254 9,318 37,737 15,073 7,126 16,732 3,318 374,862 6,125 24,473 3,692 4,862 3,991 5,768 19,977 8,944 36,132 16,279 6,358 18,070 3,178 308,967 5,972 19,347 3,685 4,238 3,643 5,066 15,699 7,680 31,462 13,805 5,486 15,093 26,276 4,620 79,077 5,716,687 5,491 41,336 21,103 25,243 4,637 71,474 4,374,122 4,978 28,903 16,256 28,699 3,980 66,270 4,873,938 5,197 31,031 16,536 23,725 3,443 56,326 4,266,270 4,353 31,240 12,665 3,360 I 5,088 | 7,593 I 3,540 4,705 7,478 5,579 7,032 5,357 I 390,989 I 5,693 317,875 6,054 320,858 3,233 5,389 7,320 4,871 4,451 300,092 10,790 13,500 10,421 5,818 13,374 4,540 19,279 11,434 8,549 4,786 9,874 4,099 12,762 12,597 8,743 4,546 8,527 3,733 16,630 10,642 8,832 4,450 7,206 3,793 12,449 63,467 146,170 27,544 11,287 6,645 5,598 4,807 3,173 206,973 2,776 4,538 8,059 4,095 4,667 345,302 7,640 15,635 11,133 8,909 4,486 6,894 3,554 2,727 4,276 7,902 3,973 ! 4,636 322,254 j 8,448 ! 16,385 : 11,495 ! 9,421 ' 4,158 : 8,486 i 5,447 ; 2,878 4,650 8,155 4,362 4,549 317,831 7,514 12,554 10,513 7,815 3,862 6,726 3,804 2,593 4,209 8,087 3 577 3,708 281,874 6,877 15,910 10,258 8,340 3,403 6,843 3,376 12,365 94,305 179,284 13,889 i 70,828 ! 132,692 29,122 14,442 6,472 2,659 5,408 3,001 157,721 5,045 ' 35,917 i 7,883 | 14,707 j 12,463 65,464 119,693 27,921 11,905 5,479 4,086 4,734 2,627 146,317 3,760 33,368 6,680 8,347 11,720 60,766 105,237 23,743 10,992 4,841 2,468 3,970 2,372 144,929 3,660 37,278 6,702 9,510 I 19,325 112,880 258,758 37,126 13,799 7,422 5,702 5,203 3,929 257,665 5,762 34,615 10,340 20,109 14,551 73,672 176,203 32,100 13,071 7,641 5,405 5,799 3,886 202,688 4,616 28,908 9,580 17,947 13,747 73,909 159,550 29,087 11,539 i 6,759 5,400 I 4,363 3,950 216,622 4,107 27,942 9,544 15,317 99,271 ]' 7,411 i 6,779 ! 5,542 i 4,922 j 5;125 ' 14,538 5,000 24,460 41,062 78,838 5,838 6,778 6,162 3,347 5,003 14,736 4,900 27,884 39,179 4,851 71,604 5,780 5,554 4,670 3,499 4,082 12,480 4,600 25,049 36,263 3,615 134,443 6,900 8,173 5,650 103,349 6,655 6,744 5,517 5,557 18,580 4,900 31,967 39,955 5,786 17,497 4,100 29,529 38,948 6,973 104,602 6,642 4,783 4,700 2,941 6,319 14,965 4,100 25,878 36,762 5,105 89,658 7,084 4,999 4,969 3,349 5,344 16,367 3,900 30,135 34,000 8,257 26,613 7,329 18,408 9,455 11,843 6,759 3,900 6,510 3,887 13,535 70,276 1,492 9,944 6,447 1,844 24,959 6,022 13,382 8,177 9,694 6,555 3,496 4,946 3,652 17,289 64,066 1,420 8,813 5,733 1,622 20,482 5,835 13,541 6,003 9,473 5,686 3,296 6,303 3,323 13,765 59,113 1,326 8,610 5,542 1,691 29,485 6,330 27,049 11,929 13,572 9,214 5,818 8,364 4,068 22,852 89,548 2,164 13,207 6,568 2,104 27,125 6,792 14,495 10,126 13,143 6,736 4,790 8,128 4,386 24,856 72,523 1,561 11,472 6,241 1,944 22,987 4,895 14,815 8,801 11,253 5,313 4,498 5,818 3,677 18,702 72,423 1,508 10,536 5,204 1,634 24,558 5,893 19,312 9,231 12,842 6,180 4,383 6,828 3,970 22,386 67,612 1,666 10,913 6,103 1,630 32,269 13,885 5,474 3,030 6,265 2,544 194,410 2,509 39,115 8,724 7,631 121,929 7,600 8,504 7,071 5,198 4,462 14,884 9,000 27,555 36,351 5,807 28,243 7,621 16,687 8,058 10,154 7,345 4,015 7,381 3,781 14,356 76,806 1,295 14,624 5,893 2,146 i ! j : j I ! ' ! j ! i I '' 23,539 8,515 15,238 245 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1923 Week ending— Jan. 4. District No. 7—Chicago: Bay City I Bloomington I Cedar Rapids j Chicago i Davenport • Decatur ' Des Moin.es I Detroit j D ubuq ue , Flint Fort Wayne Grand Rapids ' Indianapolis ! Jackson j Kalamazoo i Lansing ' Milwaukee I Moline ! ! Peoria Rockford i Sioux City , ! SouthBend ....J Springfield, 111 ! Waterloo i District No. 8—St. Louis: j East St. Louis and National Stock Y a r d s . . j Evansville \ Little Rock j Louisville i Do j Memphis I Quincy i St. Louis I Do Springfield, Mo District No. 9—Minneapolis: Aberdeen Billings Duluth Fargo Grand Forks Great Falls Helena Minneapolis St. Paul Do Sioux Falls Superior Winona District No. 10—Kansas City: Atchison Bartlesville Cheyenne Colorado Springs , Denver Joplin Kansas City, Kans Kansas City, Mo Muskogce Oklahoma City Omaha Pueblo !!.!!""."."."!."!."."."."."!.".. St. Joseph Topeka Tulsa Wichi ta District No. 11—Dallas: Albuquerque Austin Beaumont Dallas El Paso Fort Worth Galveston Houston San Antonio Shreveport Texarkana, Tex Tucson Waco 1 2,532 2,472 11,188 j 638,713 ! 7,781 j 2,797 14,868 I 104,240 ; 3,204 4,190 '• 7,054 ! 17,113 ; 31,188 3,752 4,616 . 4,500 ! 55,148 i 1,384 j 7,617 4,335 7 590 j 5,974 ! 5,179 ; 3,256 ! 9 Jan. 18. Jan. 25. Jan. 5. 31,698 3,717 4,862 4,400 52,237 1,772 8,093 4,782 7,491 5,998 5,853 3,329 2,715 2,126 9,200 641,083 6,264 2,997 16,614 112,045 2,929 5,450 6,799 14,367 32,671 3,873 3,835 4,646 52,277 1,847 7,662 4,422 8,423 5,184 6,111 2,929 7,586 i 6.620 i 12,494 i 121,925 . 30,511 27,497 ' 2,029 ! i 153,592 '• 166,231 | 3,420 ; 8,822 6,608 11,340 i 24,173 31,427 31,082 2,247 1120,468 133,427 3,165 8,093 5,431 9,037 i 23,925 31,253 27,257 2,092 i 130,201 143, 759 3,125 1.621 ! 2,085 ! 12,125 I 2,296 ! 1,276 j 3,913 ! 3,171 j 70,367 127,384 | 1,262 1,740 12,930 2,433 1,496 1,956 2,953 67,705 128,652 4,104 | 1,568 J,119 ! 4,754 1,714 1,210 1,278 1,753 8,883 2,149 1,478 1,424 2,336 62,261 131,281 36,130 4,254 J,587 970 1,076 j 1,452 I 10,862 i 1,847 I 1,053 i 1,327 ! 2,169 j 57,372 ! 129,137 33,121 I. 3,638 j 1,296 ' 831 1,022 ! 2.431 i 3)379 ! 3,556 ; 34,081 , 2,405 | 3,911 65,873 ' 4,104 • 22,192 i 36,406 ; 3,450 ' 15,763 ! 3,774 , 22,332 , 8,082 • 1,240 2,528 2,779 2,816 37,496 2,678 3,364 63,350 3,429 21,367 1,383 2,099 3,253 2,651 33,100 2,418 4,172 65,342 3,575 18,187 38,401 2,696 19,064 3,880 29,468 10,394 1,976 3,228 3,362 34,042 7,809 33,100 16,551 25,769 7,734 9,059 1,226 1,450 3,800 2,087 3,038 3,221 41,150 , : ' i 7,819 ; 32,566 ' 16,246 i 32,535 i 5,431 : 8,180 ; 2,620 | 1,571 I 3,992 i Debits of banks which submitted reports in 1921. 87690—22 Jan. 11. 1921 Week e n d i n g - 2,536 2,230 9,880 636,167 7,554 3,002 17,769 116,470 3,132 4,365 6,927 19,850 4, 759 17,050 3,950 28,555 9,632 2,011 3,959 41,953 9,572 33,127 17,221 25,788 7,476 7,720 1,386 1,792 3,830 2,078 1,824 7,758 i 563,299 I 7,150 ' 2,506 j 13.689 ' 91,469 i 2,477 j 4,650 6,620 I 13,205 28,991 3,167 3,501 3,892 45.690 1,518 6,640 3,946 7,021 4,683 4,811 2,745 7,5.10 5,081 9.371 1 21,107 26,957 21,191 1,922 i 101,685 112,033 2,940 j ! : ' i | . ! j ; ' i i ;. ' ! I ,. ! !. i . :. 3,703 2,925 11,649 780,386 9,725 3,283 16,824 114,936 3,738 4,832 7,176 j 24,132 ! 38,634 I 4,495 | 5,835 ! 4,770 i 73,090 ! 2,041 10,861 i 6,178 j 11,637 ' 3., 997 ! 6,700 ! 3,299 i 6,134 ' 14,925 '] 30,795 , 30,996 ' 174,905 | Jan. 12. Jan. 19. ; Jan. 26. 3,412 2,558 13,732 672,494 7,382 3,238 21,319 110,040 4,012 4,524 7,191 20,330 35,953 3,852 5,197 4,955 59,534 2,030 10,461 6,228 13,681 3,997 6,456 3,120 3,227 2,405 11,084 687,141 6,999 3,719 17,724 126,283 3,388 4,756 7,515 19,686 34,858 3,951 4,772 4,697 71,582 2,348 9,675 4,743 13,455 3,739 6,079 2,933 2,531 1,915 10,495 635,506 6,757 2,911 15,703 101,014 2,824 4,051 6,991 19,761 33,353 2,486 129,475 4,469 8,299 25,596 30,981 24,225 2,342 142,649 4,781 12,928 23,988 30,101 27,182 1,908 118,951 ! j i ! ! | •I 6,546 | 11,265 26,220 30,992 4,299 3,894 4,325 60,379 1,820 7,993 4,200 13,323 3,439 5,214 2,539 3,257 2,977 1,625 , 2,086 ! 24,273 | 2,372 '• 1,325 i 2,619 ! 3,465 , 90,604 ' 33,336 ! 4,709 2,218 23,742 2,475 1,299 2,528 3,849 75,594 25,859 1,241 1,681 16,923 1,822 1,136 1,969 2,082 68,691 23,766 5,700 ' 1,937 ! 887, 5,000 2,248 1,077 4,500 1,864 980 3,900 2,057 824 960 ! 1,799 j 3,364 ! 2,523 31,971 2,102 3,471 i 58,638 2,659 16,559 i 36,629 : 2,505 ' 16,163 I 3.372 i 21,406 ! 1,208 ' 4,102 i 2,997 3,773 j 52,639 ; 2,477 ! 7,112 ! 85,833 | 8,181 : 25,258 j 44,635 j .. 6,735 19,391 i 4,445 j 31,509 12,731 | 1,300 2,999 2,145 2,973 40,444 4,191 78,967 6,401 25,519 48,433 6,501 17,012 4,597 28,387 12,199 1,600 4,097 2,334 2,807 29,359 2,450 3,982 82,014 5,311 22,968 45,616 3,852 22,911 4,251 31,851 11,672 1,135 2,608 I', 592 2,060 35,480 2,125 3,907 70,901 5,562 21,302 42,565 3,401 18,911 4,130 22,505 10,578 1,542 2,176 3,575 j 29,767 ! 7,378 i 31,265 I 13,143 j 25,645 i 5,331 ! 6,082 1,251 1,553 3,190 2,028 ' 3,560 ! 4,499 ! 45,868 i 8,623 ! 23,487 ! 27,099 i 38,050 ' 7,018 8,550 2,839 1,504 4,943 1,916 4,079 4,598 38,654 9,059 24,180 27,901 29,633 8,283 9,348 1,751 2,309 4,307 2,033 3,978 4,497 38,005 7,446 24,080 23,007 29,730 7,800 9,740 1,489 1,487 4,460 1,712 2,920 4,887 35,018 7,890 24,880 19,928 31,117 6,962 7,799 1,278 1,352 4,096 246 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1922. DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued. DATA FOR EACH REPORTING CENTER—Continued. [In thousands of dollars.] 1921 Week ending- 1922 Week endingJan. 4. District No. 12—San Francisco: Berkeley Boise Fresno Long Beach Los Angeles Oakland O gden. Pasadena Portland Reno Sacramento ". Salt Lake City , San Diego San Francisco San Jose Seattle , Spokane Stockton Tacoma Yakima , 3,475 2,911 10,594 6,045 128,012 18,745 5,952 5,315 28,494 3,241 11,133 21,928 8,512 190,078 3,179 35,825 10,703 4,370 8,363 2,762 Jan. 11. 4,453 3,154 11,246 7,825 121,705 22,750 5,882 6,801 31,533 2,849 18,202 14,847 10,000 196,667 7,104 26,106 9,877 7,187 8,305 2,726 Jan.<18. Jan. 25. 4,133 3,449 9,676 6,846 127,850 18,704 3,945 7,426 31,162 2,325 15,817 15,227 9,452 183,569 5,428 32,808 9,839 4,586 8,417 2,530 Jan. 5. 3,163 2,981 8,996 5,876 111,564 18,366 4,746 5,520 25,999 1,851 11,062 10,372 8,978 145,131 4,301 42,189 9,205 4,261 7,750 1,847 Jan. 12. 3,116 3,414 11,734 6,369 108,739 j 20,880 ! 5,655! j 3,064 42,509 ! 3,718 ; 19,791 33,842 ! 9,617 i 230,950 | 7,321 j 35,334 , 15,046 6,408 i 11,218: 2,078 ! Jan. 19. 4,054 2,685 10,749 6,197 115,624 21,842 6,047 6,154 37,763 3,134 15,029 19,060 10,002 212,356 6,914 35,004 12,847 5,447 10,153 2,788 3,144 3,395 10,001 5,468 109,318 20,241 5,124 6,795 39,326 2,300 12,471 18,412 214,348 4,896 35,957 12,262 4,001 8,739 2,257 Jan. 26. 2,827 2,757 9,372 4,878 104,654 19,136 4,112 5,766 33,325 2,494 11,400 13,623 8,147 185,628 4,111 24,820 10,217 4,349 7,916 1,974 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM DEC. 23, 1921, TO JAN. 19, 1922, INCLUSIVE. [In thousands of dollars.] Transfers. Daily settlements. Federal Reserve Bank. Debits. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total, four weeks ending— Jan.19,1922 Dec.22,1921 Jan.20,1921 Dec.23,1920 j I i I i J i Credits, 34,475 14,000 1,000 5,000 1,000 5,000 9,000 25,475 12,000 1,000 9,000 2,000 1,000 4,000 i i 1,000 , .......| 4,000 3,000 2,000 7000 ! ! ' 70,475 , 70,475 i 174,617 ' 174,617 • 392,915 | 392,915 668,081 j 668,081 Debits. Credits. 405,079 1,418,742 477,242 362,392 393,501 150,368 699,455 334,405 98,557 258,682 164,309 199,806 416,973 1,421,836 458,958 370,973 381,889 165,267 344,184 102,079 161,828 192,633 Changes in ownership of gold through transfers and settle- Balance in fund at ments. end of period. Decrease. Increase. 22,581 "7t 284" 24,iO5 14,569 13,779 7,522 6,886 1,481 173 I. 23,798 95,558 51,900 53,092 19,078 63,035 29,506 29,221 41,295 11,030 33, S02 I 4,962,538 j 4,962,538 5,473,276 5,473,276 I 5,460,007 5,460,007 I 6,159,406 6,159,406 ' 59,236 59,236 468.174 551,547 397,858 247 FEDERAL BESERVE BULLETIN. FilBHUAET, 1 9 2 2 . FEDERAL RESERVE CLEARING SYSTEM. O P E R A T I O N S F R O M D E C . 16, 1921, T O J A N . 15, 1922. [All figures shown in thousands.] Items drawn on banks located I in own district. ! In F. R. Bank or branch city. Federal Reserve Bank or branch. Outside F. R. Bank or branch city. Items drawn on Treasurer of U. S. NumNumNumNumber. Amount. ber. Amount. , ber. Amount. ber. _l 574,766 3,524 679 1,663 2,283,622 4,414 419 82,207 215 711,812 2,124 1,709 l 413 197,337 93 110,256 '796 191 ! 429; 228,0811 860 126,145 1,902 135,689 cn" 258 57,576 120 141 37,813 240 163 19,713 66 202 26,917 60 115i 42,270 64 565,010 3,647 966 1 471 282 153,394 211,312 1,322 329 21,892I 294 45 54,767 411 j 95 32,200 162| 85 220 102,574! 1,328. 25 8,811! 195 272 220,4111 1,3161 132 43,451j 325! oo 68 48,514 ° 94 494, 42,604 157 65,002 1,256! 43 9,708! 137| 64 35,758! 318 216 553 115,132 363 115,004 1,131 115004 64 212 30,649 46 401: 28,051 211 114 34,025 185 17,972 Boston New York Burtalo 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 2& 1 Amount. Amount. Total items handled, including duplications. NumNumAmount. ber. Amount H 1 16,839 4,362 187; 969,543; 84,556 7,168 2,974,564! l , 002 i 2,092 650 128,5641 1681 28,471 3,987 989,438! . 715 6,08(1 1,681 339,506! 58; 5,093 11,055 1186,269 ! 12 6,418 1,345 326,020 86i 399,170 10,570 2,065 159 61: 6,237 1,005 204,223 489 29; 8,169 110,384 391 18 884 47,420 30| 236 886 37,164 15 275 1,086 47,070 45 215! 7,199 62,818 294 65,308 5,062j 926,481 9 3,404 788! 199,073 11,007 1,786. 300,452 35 r 745 345 i 40,391 5 9! 5361 2,580 81,637 2571 912 44,452 11,926 1 1,591; 1 183,795 226 2,930 91 25,174 19,137 1,674. 229 326,945 3,084 70 48l| 66,666 931 50 117,464, 9641 3,091 172,529 1631 7,071' 1,441 70 261,651! l,843i 12; 21,706 195 2,163! 10 69,388 458 74,979! 28 228,288! 836 19,498: 1,535 120i 214,231 7,242 49,364; 294 2,951 62,72o! loj 460 8,35857,799! 21 355 1,241! 31,211' 233 46,889 123,931 22,152 116,773 7,875 9,946 37,066i 434,981! 145,072| x10,203,575 3,778! 395,788 146,123| 1 9,701,311 3,814 666,810; 704,933! 780 784 162,92ol49,630J11,033,310 173,070 50,72110,579,314 497,064 143,456; 112,025,701! 3,886 1,401,832! 852 266,757 48,195 13,694,290 377,938: 159| 606,386; : 44,265 ' 16: 249,155' 1541 60! 136,089 60 : 56| 91, 521 49i 262,455 54' 62,297: 30 44,639! 10! 8,723. 16,565| 7i 19,067 13 i 13,349j 36 ! 296,163 449 42,275: 35 78,133 i 135 17,754! 6 24,290 30 11,340! 10 68,431; 41 6 86 87^ 397| 24 20,131I 8 68,019; 42 26,582 28 189,578 15 10,155 76 31,467 67 38,177 41 79,729 18 11,473 13 31,723! 30 15,416 10 11,998 Total: Dec. 16,1921, to Jan. 15, 6,590,445 32, 157 3,175,862 2,965 1922 Nov. 16 to Dec. 15,1921. 5,975,655 33, 391 3,327,244 2,858 Dec. 16,1920, to Jan. 15, 1921. 8,131 7,244,255 32,255! 4,282,606 3,063 Items forwarded to parent bank or to branch in same district. Total items handled, exclusive of duplications. 60,251j 31,752 9,825i 9,937; 6,720 3,107 11,548! 31,399 2,808| 4,623 888, 2,253 182 14,872; 2,960! 33,234 14,277 8,022 5,848! 12,32o! 1, 880! 2,5031 15,280. 1,3721 3,334! 5,398 2,752| 6,415 19,287 30 38; 76i 23! 1 7 3 9 19 4 2 5 i\ 15' 4.2 5 5 34 76 6,232 3,540 6,286 9,383 8,951 3,669 19,074 1,592 1.296 '536j 2,355 585 763 1,984: 334 179 346 1,376 10,438| 8,374! 6,246! 4,295 6,6921 671; 1,331' 4,484j 10,3291 4,213 2,191 5,058 : 4,420| 4,549i 1,016,432 8,248! 3,104,910 862' 170,003 4,702, 1,106,21.1 1,769 353,613 l,080 ! 199,755 1,462, 369,372 2,262 ; 468,80t 244,926 \r>41; 123,878 437i 76,431 2721 45,470 296 51,473 206 74,902 5,303 900,235 800' 202,466 1,830' 305,838 369i 43,263 549: 84,224 200; 44,813 1,674 199,018 237 29,510 1,969 370,617 590| 89,317 1,029. 131,732 6911 82,672 1,553! 280,608 212 24,257 479! 73,222 898 235,OOo 1,731 239,840 337 54,949 48oi 68,250 424 08,255 202 38,383 Includes i t e m s d r a w n on b a n k s i n other F e d e r a l Reserve districts forwarded direct t o d r a w e e b a n k . N O T E . — N u m b e r of business d a y s i n period w a s 24 i n all F e d e r a l Reserve B a n k a n d b r a n c h cities. N U M B E R OF M E M B E R A N D N O N M E M B E R BANKS I N EACH FEDERAL RESERVE DISTRICT, JAN. 15, 1922 A N D 1921. Nonmcmber banks. Federal Reserve district. ; Member banks. On par list, 1922 Boston New York Philadelphia.. Cleveland..... Richmond Atlanta., Chicago 430 798 705 883 627 517 1,444 1921 437 784 611 464 1,420 1922 1921 257 334 473 1,082 987 389 4,235 256 328 441 1,080 1,201 409 4,259 j Not on par list.1 On par list. 1922 St. Louis Minneapolis K a n s a s City Dallas San Francisco T 1 584 1,149 Federal Reserve district. 1921 1922 1 Incorporated banks other than mutual savings banks. Xonmcmber banks. Member banks. I 1921 ! 588 571 ! 1,024 j 1,009 i 1,109 j 1,090 ; 861 j 849 855 ' 1922 2,489 2,037 3,074 1,139 970 1921 I i I ! j 2,523 2,875 3,392 1,254 1,023 Not on par list.1 1922 107 178 243 28 1921 188 1,178 Total. 9,817 9,637 18,066 j 19,101 2,350 I 1,705 248 FEDERAL RESERVE BULLETIN. FEBRUARY, 1022. IMPORTS AND EXPORTS OF GOLD AND SILVER DURING CALENDAR YEAR 1921. Gold imports during the calendar year 1921 totaled $691,267,000, compared with $417,068,000 in 1920, while gold exports for the year just passed totaled $23,891,000, compared with $322,091,000 the year before. Net gold imports into the United States aggregated $667,376,000, the largest total for any calendar year recorded. Monthly importations were particularly heavy during March, April, and August, when large gold imports from France, United Kingdom, and Sweden are recorded. About two-thirds of the total gold imports for the year are credited to the United Kingdom, France, and Sweden. Imports from the United Kingdom represent largely newly mined gold of South African origin, which for the past year has been sold in London almost exclusively for export to the United States. A much smaller part of the gold officially credited to the United Kingdom represents gold coming originally from British India, in addition to the $32,010,000 of gold imports officially credited to that country. Gold imports from France, $190,688,000, and from Sweden, $66,356,000, are made up in large part of gold of Russian origin, or of the equivalent of such gold. Receipts from Sweden were particularly heavy during the second quarter of the year, while those from France show the largest total during the third quarter. Imports from Germany, totaling $19,927,000 for the year, represent largely amounts received from that country in connection with reparation payments, while the total of $19,893,000 received from the Netherlands, mostly during the second quarter of the year, is made up largely of gold taken from bank reserves. Nearly $50,000,000 of the total of $68,812,000 credited to Asiatic countries proceeded from China and British India. These imports were caused by the unfavorable trade developments of the year. In 1920 considerable gold exports to these two countries were shown. Gold imports from Canada, totaling $36,856,000, were slightly larger than a year ago. Other countries in North America from which considerable gold imports were received are Mexico, the Dutch West Indies, and Panama. By far the larger portion of the total of $24,237,000 of gold imported from South American countries is credited to Colombia and Uruguay, smaller gold imports being credited to Peru, Venezuela, and Argentina. A total of $16,970,000 of gold is shown to have been received during the year from Australia and New Zealand, while gold received from Egypt during the year totaled $6,875,000. Of the total gold exports for the year $9,622,000 was consigned to Hongkong, with Chinese ports as the principal ultimate destinations, $7,090,000 to Mexico, $2,914,000 to Canada, and $2,643,000 to Sweden, the latter amount apparently representing gold of Russian origin, which couid not be disposed of in this country. Silver imports for the year totaled $63,242,000, compared with $88,060,000 for the preceding year, while silver exports for the year were $51,575,000, compared with $113,616,000 for 1920. Nearly two-thirds of the imported silver, or $41,250,000, is of Mexican origin and nearly 90 per cent of American origin. Silver imports from Europe, totaling $7,088,000, were composed largely of silver received from Germany and, to a smaller extent, from the United Kingdom. Over 80 per cent of the silver exported during the year was consigned to the Far East and to the United Kingdom, presumably for use in India. Classified figures of gold and silver imports and exports for the calendar years 1921 and 1920 are shown in the following table: GOLD AND SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES. [In thousands of dollars.| Gold. j 1 Silver. Calendar year 1920. Calendar vear 1921. 33, 507 17,014 40,043 459 503, 137 37,771 11(5,333 3,810 322,383 18,090 55,729 7,574 2,889 0,136 3 7 809 2,094 8,248 (591,207 417,008 03,242 88,060 70 11 15 10 1,348 204 17,922 37,200 1,078 282,294 152 23,474 803 4,351 05,877 14,770 19,610 320,583 24,504 85,014 2 1 823 085 21,079 5,990 24,085 4,510 1,508 27,071 28,002 322,091 i 51,575 94,977 : 11,007 113,010 Calendar voar 1921. Calendar year 1920. IM POUTS. Ore and base "bullion Bullion refined: United States mint or assay office bars Other United States coin Foreign coin Total imports 69,846 DOMESTIC EXPORTS. Ore and base bullion Bullion refined: United States mint or assay oflicebars Other Coin Total FOREIGN EXPORTS. 1 Ore and base bullion ]bullion refined Coin 2,005 2,275 Total Total exports Excess imports Excess exports 4,281 .. 23,891 007,376 I 25,55( FEBRUARY, 249 FEDERAL BESEBVE BULLETIN. 1922. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. mnlry. Austria Belgium Denmark Finland France " Germany Greece Iceland. Italy-.. Malta... Netherlands Norway 'Poland and Danzig Portugal Russia in Europe. Spain Sweden Switzerland Turkey in Europe United Kingdom: England Scotland., During 10 j days end- j • ing Dec. 20, 1921. ; ' ' i , 'SI. 462,860 ' 282,061 , 89.1 , : During i Total, During 11 days phd- month of . calendar m'g Dec. December, ' year 1921. 1921. 3 L, 1921. During 10 During 11 During Total, end- days end- month of calendar days ing Dec. December, ing Dec. year 1920. 20, 1921. .1921. 31, 1921. ' ' 1,311,310 [ '. 70,677 : ' 851,790 : : ! $10,000 912 241,263 , , i 367,134 j 9,090 217,043 40,107 593 615,935 673,280 I 19,893,019 2,099,356 j 3,324 i | 1, 534,985 400 , 23,010 25,364 85,000 1,268,631 490,543 ' 3, 319,281 £25,000 28,156 ' 1,362,560 66,355,925 2,036,064 572,957 4,937 785,223 850 22,"666"i 159,583"! i I 5,750,445 . 13,729,437 1202,091,349 280,852,465 45 ! Total Europe....; 3,988,679 1 9,205,625 i 22,155,770 1516,031,621 319,124,921 I $25,000 416 SO! 205 434, 504 9,489,812 624,4.89 192, 814 728 1,371,655 274,069 • 473,676 ' 1,831,415 \ 24,237,236 14,496,295 China Chosen 195,167 British India S traits Set LI orn.cn Is Dutch East :indios 10, 747 French E as t In d i e s . . . . 7,950 : Greece in A si a • Hongkong • " Japan Palestine and Syria-....j '. Turkey in Asia". 1 • 99,586 . 17,912,687 I 4,860 195,167 32,009,553 1,260 ' ! • Total South America Total Asia i A ustralia New Zealand • r ahiti •' Philippine Islands | Abyssinia • British West Africa....:: British South Africa... Canary Islands Egypt Portuguese Africa.. , 4,755 10,341 : 46,809'; 137,970 i ' 45,220 , 15,822 , 13,152 , 213,864 2,990 :' ' 11,157! 145,120 ' 2,883 I 54,318 i 251,764 ]! 5,444 28,123 28,123 j 2,671,336 , $67,072 9,429! 14,015 I 166,102 . 368,606 \ 156,088 , 1,707, , 89,995,000 1 1 ! . 1 592,990 9,740 j 668,052 : 68,812,018 33,148,683 j 49,520 j 1,946,000 208,507 1,946,020 ! 14,013,917 208,507 i 2,956,314 1,946,600 ! 2,191,586 I 965,374 ' i 539,000 902,532 • 6,874,924 226,239 1 788,312 I 9,740 31,040 • 108,328,926 28,286,750 57,099 218,778 • 1,399,808 : 21,965 13,250 51,823 9,740; 304,250 400,000 700,000 236,000 6,300 3,653,376 12,850,000 184,000 49,520 • 9,740 , 9,740 24,300 : I !. (\'\*\ 20,000 57,099 1,891,589 ' 10,255,046 ' 24,475,051 • j 5,557P 367 10,000 47,000 c\f\ • , 2,913,783 353,579 ! 20,000 1,685,380 \ 7,090,419 ; 18,171,684 250,844 650,000 1,602,180 ' 20,000 it(\ t\t"\i\ 1,179,000 J: 6,752,549 70,000 6,683,454 60,000 • 12,085,105 2,290,000 212,130 , 9,621,655 : 31,496,872 101,299,476 45,250 232,130 i 10,030,655 65,250 ! l 188,894,206 300 .. 39,446 423 I. 7,000 |. 347,577 206,006 \ 1,744,242 Total all countries. 5,477,325 15,070,615 i 31,684,978 ! 691,267,448 417,088,273 Excess of imports or , , . , exports. 5,271,319 ! 13,326,373 | 29,523,396 ;667,376,071 94,977,065 j . 206,209 2,604 19,000 290,747 , 1,316,545 7,950 ; 6,013,842 74,602 : 1,350,587 5,660,825 30,191,910 • 2,208,234 • 886,092 | .---; 1,448,793 ! 218,778 • • • 303,000 7,234 4,755 23,064 61,514 ,020,608 : $25,200 '. 2,643,013 :. 3,123 I 3,123 : 418,935 i 2,640,708 ' 3,527,665 j 56,066,230 44,839,814 \ 128,363 j 1,669,252 >6,471 9,786 116,186 447,633 941,685 644,518 149,484 78,643 613,621 815,363 353,816 Argentina Bolivia Brazil Chile Colombia Ecuador .British Guiana Dutch Guiana Peru Uruguay Venezuela. Total, calendar year 1920. ! Bermuda '• ' i I 103,290 20 I British Honduras.. 450 2,269,184 ' 2,314,451 36,856,110 3-1,105,287 ! 67,063 Canada 72,218 876,976 14,311 ' 30,280 Costa Rica 608,094 j 19,629 565,038 12,000 i 5,000 Guatemala 14,872 j 1,301 203,690 899 , 402 257,414 I Honduras 893,602 1,256,594 I 42,076 j 59,283 152,626 Nicaragua 235,630 : 44,529 437,722 3,200,839 703,645 Panama 799,675 11,238 1,440,537 ! 603; Salvador 329,602 5,588,737 4,866,163 I 61,300 Mexico..... 203,519 :. 62,241 i 221 I Newfoundland 730 ' 363,730 15,579 ! Cuba. 29,888 ! 665,204 268,684 j British West I n d i e s . . . 27,924 : 1,504 , 150,000 Virgin Islands of l \ S... ' 1,509 26,509 4,800 I. Dominican Republic.. • 1,509 :; 156,751 ' •, 772,830 1,206,881 I. Dutch West End i c s . . . . : 46,039 2,260 Haiti 23 I. Total North , America Total, calendar year 1921. i " S9,000 : ; i 3,760,711 S368,670 ' S2.021,156 : $2,021,156 • 5,431,500 200,251 i ' 600 j 920,698 i 3,730,062 1190,088.144 31,192,911 , 96,036 i . 470,009 , 19,926; 761 7 703 ! • 720,748 533,700 9,090 : : Exports. 2,101,582 ! 23,891,377 ; 322,091,208 250 FEBHUABY, 1922. FEDERAL RESERVE BULLETIN. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Imports. Country. During 10 days ending Dec. 20, 1921. During 11 ; During days end- | month of ing Dec. ! December. 31, 1921. i 1921. S6,502 53,61 i S39,036 844 6,879 69,990 Belgium Bulgaria Denmark France Germany Greece Italy Netherlands Norway Poland and Danzig Portugal.... Spain Sweden Turkey in Europe United K i n g d o m — England 10,125 10,125 1,802 ! 1,802 ! 6,021 ! 76,259 Total Europe 7,168 ! 10,893 13,189 141,865 During 10 I Total, i Total, days end-! calendar i calendar ing Dec. ! year 1921. ' year 1920. 20, 1921. I S16 I 55,861 ! 1,214 | 184,513 j 5,320,337 i 225,234 i 32,972 ! 2,474 ! 7,767 i 1,000 j 22,965 16,471 6,604 11,345 $33,957 I 1,199,408 ! 925,520 During 11 ! During days end- j m o n t h of ing Dec. .December, 1921. 31, 1921. Total, Total, calendar calendar year 1921. j year 1920. 532,920 117,508 ! 3,735 42,240 24,026 54,861 14,653 7,978 94,527 31,395 54,960 $130,960 | 7,088,181 ! 1,350,400 130,960 ! 8130,960 $11,843,103 : 4,924,778 11,843,103 ; 5,012,658 130,960 400 Bermuda British Honduras... Canada Costa Itica Guatemala Honduras Nicaragua Panama Salvador Mexico Cuba British. West Indies Virgin I s l a n d s of United States.. Dominican Republic.. Dutch West Indies... French West Indies.. Haiti 83,062 • 975 i 1,898 27,950 1,425,439 80,682 i 3,872 | 769 : 5,917 I 7 7,871 1,197,083 140 150 ! Total North America 1,539,464 Argentina Bolivia Brazil Chile Colombia Ecuador British G uiana. Dutch Guiana.. Peru Uruguay Venezuela 68,594 1,501 355,572 28 432,161 . China | Chosen j British India j Dutch East; indies • Fren eh E ast In dies j HongVong I Japan ' Palest me and S y r i a — j Russia in Asia. Turkey in Asia , Australia New Zealand Philippine Islands Abyssinia British South Africa... British West Africa.... Egypt Portuguese Africa 69,097 6,100 788) 435 3,807,203 64,986 62,457 24,534 1,796 561,211 914,256 671,921 305,307 148,261 604,714 727,938 ! 3, 128,296 41,249,925 I 53,197,337 79,208 91,475 7,022 2,117 168 210,900 j 1,868 I 150 150 I 47,386,564 j 64,463,164 795,391 24,244 66 317,180 1 1,074,469 8,171,857 j 18,102,047 25 8,029 1,295,317 140 , 12,368 i 494,047 ! 2,671,555 50 ! 1,650 396 ; 25,699 ! 421. : 6 287,622 1,085 12 1,021 114,736 915 123,627 14,463 111,028 50 11,028 50 8127,349 | 425,469 I 656,879 ; " 4," 591," 373";"" '7*061^755 3,500 : 5,300 . 32,947 , 1,800 ! 1,800 •. 42,119 : 158 ; 94,470 1,958 1,800 5,000 459,710 3,000 542,000 226,043 i 50,000 : 2,140,667 i 321,159! 102,353 i 3,241,090 1,259,599 46,908 • i 25,000 316,000 120,800 2,317 20 77 37,324 19,613 438,465 - 1,397,053 1,621 42,791 3,744,351 1,825,744 846,404 178,632 77,273 36,551 49 40 6,390 378 5,598,218 11,990,677 28,110 905 3,309 9,000 163,896 i 467,746 : 755,107 7,440,795 ! 12,969,062 900 ! 13,173 2,333 239,500 285,000 285,000 222,238 ! 490.792 j 2,529,615 84,325 \. 859,362 ! 34,243 ! 84,325 134,692 1,320,666 2,005,797 34,243 -I 1,402 285,000 j 10,000 525,400 ! 26,908 12,782,879 ! 61,347,610 3"234,"842 i 642,408 "i^ 848,7)66" i " "4*058," 373 10,408,021 i- 24,872,571 3,492,359 ! 4,673,784 19 i 970 960 • 11,078 137 1,817 Total all countries 2,060,779 I 1,624,563 Excess imports or exports 696,715 '. 400,373 255,818 5,771 776 8,847 38,488 69 21,397 3,842,400 107 2 1,296,353 i 4,173,9 6,466 Total South America Total Asia $377 1,546 Exports. 111,103 516,009 137 1,817 3,130 1,549 21,773 31 3,760 38,511 [, 007,033 1,200,168 625,484 ; 5,973,980 31,766,101 ; 95,595,716 12,245 19,705 6,097 11,880 12,520 169 49,648 99*350 5,515,904 63,242,671 88,060,041 11,667,272 1,364,064 1,224,190 I 7,145,047 51,575,399 i 113,616,224 I 1,629,143 I 25,556,183 FBBBDAKY, 251 FEDERAL RESERVE BULLETIN. 1922. MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE SYSTEM, JAN. 1, 1922. Held in the by or for U. S. Treasury Held General stock. as assets of the F. R. Banks2 Government. 1 and agents. Gold coin (including bullion in Treasury). Gold certificates Standard silver dollars Silver certificatevS Subsidiary silver Treasury notes of 1890 United States notes Federal Reserve notes Federal Reserve Bank notes National bank notes §3,656,988,551 | 8380,188,972 357,581,851 i 8,272,297 272,552,485 i 12,232,901 §2,110,314,014 530,762,750 3 31,614,370 40,839,662 $457,021,541 178,701,274 36,687,497 238,622,501 260,319,584 1,545,524 :. 279,041,881 . 2,443,713,889 I. 98,981,926 '. 712,811,537 ''. 346,681,016 2,781,791,260 116,670,400 750,167,924 4,830,591 2,493,721 1,566,698 18,037,386 Total: Jan. 1,1922.. 8,282,433,487 427,628,569 3,147,357,764 4,707,447,154 . $43.22 Dec. 1,1921. Nov. 1,1921. Oct. 1,1921.. Sept. 1, 1921. Aug. I,'1921 July 1,1921 June 1,1921 May 1,1921 Apr. 1, 1921 Mar. 1, 1921 F eb. 1, 1921 Jan. 1,1921 Julv 1, 1920 Jan. 1, 1920 July 1, 1919 Jan. 1,1919 July 1, 1918 Jan. 1,1918 July 1,1917 8,085,813,663 8,047,152,682 8,079,273,855 8,010,842,240 ! 7,988,397,187 | 8,024,422,943 I 8,073,737,233 ! 8,040,936,478 ! 8,082,773,866 ! 8,084,936,396 ! 8,171,237,897 ! .8,372,970,901 i 7,887,181,586 i 7,961,320,139 1 7,5SS,473,771 ! 7,780,793,606 ! 6,742,225,784 6,256,198,271 5,480,009,884 450,610,144 457,988,002 430,580,014 431,623,906 432,471,109 460,595,721 499,236 987 508,349,193 496,945,969 493,976,120 499,358,809 491,296,257 485,057,472 601,888,833 578,848,043 454,918,160 356,124,750 277,043,358 253,671,614 3,082,379*182 2,982,192,610 2,985,684,106 2,907,188,113 2,818,800,024 2,697,553,897 2,562,692,917 2,512,465,834 2,534,743,813 2,385,101,578 2,438,773,422 2,377,972,494 2,021,271,614 2,0-14,422,303 2,167,280,313 2,220,705,767 2,018,361,825 1,723,570,291 1,280,880,714 4,552,824,337 | 4,606,972,070 4,663,009,735 4,672,030,221 4,737,126,054 ! 4,866,273,325 5,011,807,329 I 5,020,121,451 5,051, 084,054 5,205,858,698 5,233,105,666 5,500,702,153 5,380,852,500 5,312,009,003 4,842,345,415 5,105,139,679 4,367,739,209 4,255,584,622 3,945,457,556 41.85 42.41 42.98 43.11 43*77 45.02 46.43 46.57 46.91 48.41 48.73 51.29 50.19 49.81 45.00 47.83 41.31 40.53 37.88 : 4 62,802,541 335,583,650 16,121,776 19,319,001 1 Includes reserve funds held against issue of United States notes and Treasury notes of L890 and redemption funds held against issues of national bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 23 Exclusive of amounts held with United States Treasury in gold redemption fund against Federal Reserve notes. Includes subsidiary silver. * Includes Treasury notes of 1890. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT FEB. 1, 1921. Paper maturing within 90 days. Secured b y Federal Reserve Bank. Treasury Liberty notes and and\ certificates bonds Victory ' of innotes, i debtedness. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago , St. Louis Minneapolis... Kansas City... Dallas , San Francisco. 4J 4i J 5 5 5 5 5 5 5 5 4i 4* 4J 5 5 5 5 5 5 5 5 4J Trade acceptances. i 4* 4* 5 5 5 5 5 5 5 5 i Bankers' acceptCommercial, agri- ! anccs maturing cultural, and live- . within 3 months. stock paper, n.e.s. 4J 4J 5 5 5 5 5 5 5 5 Agricultural and live-stock paper maturing after 90 days, but within 6 months. to en to DISCOUNT AND INTEREST RATES. In the following table are presented actual discount and interest rates prevailing during the 30-day period ending January 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 for which quotations are given will be found in the September, 1918, and October, 1918, FEDERAL RESERVE BULLETINS. Quotations for new types of paper will be added from time to time as deemed of interest. Rates for nearly all classes of paper again declined from the level prevailing during the 30-day period ending December 15, although in the case of collateral loans higher rates were noted in some centers. These declines were most apparent in the case of prime commercial paper, loans secured by Liberty bonds and certificates of indebtedness, and indorsed bankers' acceptances. Present rates for practically all classes of paper are lower in most reporting centers than those prevailing in the same period of 1920, the decrease being most general for various classes of prime commercial paper. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JAN. 15, 1922. Prime commercial paper. Bankers' acceptances, 60 to 90 days. Diatricl. Ordinary loans to customers secured by Liberty bonds. Collateral loans—stock excha n go Ciiv. 30 to 90 ! 4 to 6 days. 1 months. "No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11. No. 12 .! Boston .' New York Buffalo . Philadelphia.. J Cleveland I Pittsburgh I Cincinnati . 1i Richmond Baltimore . '! A t l a n t a Birmingham i Jacksonville i New Orleans I Nashville .. Chicago ! Detroit i St. Louis Louisville Memphis Little Rock Minneapolis I Helena ! Kansas City I Omaha ; Denver ! Oklahoma City i Dallas I1 El Paso Houston I San Francisco J1 Portland Seattle j Spokane I! Salt Lake City Los Angeles ILL. '. 6 54 6 I 6 54 6 18 6 7 ,8 6 7 18 6 7 8 7 74 8 6 7 I 64 5 !7 6 7 54 6' !7 6 6 I8 6 7 8 7 7 ! 64 6 I8 7 | 1 ! 8 6 7-8 110 54 8 ! 7 54 6J 110 6 8 74 C. ! ILL. C H. L. C. 54 5 5} 6" 3i- b-b\i' 7 6 6 6 54 6 6 6 6 6 6 6 g 6 7 6J 5 6 7 6 64 54 6 M I 8 6 10 6 74 10 8 | 64 51 51 ! 51 5 5 I 6 4$ 5 ! KX X K Rates for demand paper secured by prime bankers' acceptances; high, 51; low, 3i; customary, 4. B § 44 4$ 8 41 64 j8 6 7 j7 6 6 8 44 7 j8 G 7 8 64 7 6 10 7 61 10 8 7 7 8 74 8 7 64 FEBRUARY, 1922. 253 FEDERAL RESERVE BULLETIN. FOREIGN EXCHANGE. Foreign exchange rates showed a general, though moderate, upward trend in January, the foreign exchange index in January being 59, compared with 55 for December. Of the 18 countries included in the calculations of this index all but 5 had higher average rates in January than the month before. The rates on German}?- and Italy were slightly lower, as were those on China, Chile, and Japan. The rise in the general index is due to the cumulative effect of advances in rates on most of the important countries and also to the fact that the volume of trade with Japan in December, which is the basis for the weight assigned to that country in the computation for January, was much larger than the month before. Since the rate on the yen is only slightly below par, an increase in the weight assigned to it tends to raise the general index. Swiss exchange remained at a premium throughout the month of January. The rates used in the compilation of the table are noon buying rates for cable transfers in New York, as published daily by the Treasury in accordance with the act of May 27, 1921. FOREIGN EXCHANGE KATES. C O U N T R I E S I N C L U D E D I N C O M P U T A T I O N O\P L N D E X . I Ral.es in con is per u n i t of foreign currency.] Average. High. Low. : Par of Coantries. Monetary u n i t . ; "Index (per cent, of par).1 Weight. CX- . change. January., January. 7.5900 ; 6. 9300 8.0000 7. 8800 .19.7900 ! 18.6400 20.1900 : 20.9300 7.9(500 i 7. 2300 8.3500 ' 8. 2200 ! .4697 . 4339 .5876 ! . 6058 4.2600 j 4. 2400 4.5900 : 4. 7200 36.3000 | 35. 5000 36.9400 ' 36.9800 15.4700 ! 14. 2500 15.8700 ; 16.0700 14. 8500 j 13. 9500 .1.5.1900 15.1800 24.0500 23. 6600 25.4200 i 25. 2200 1.9.3000 j 19. 0900 19. 5200: 19. 5400 418.6500 | 403.7500 427.6700 '422.9500 7. 8144 19.9744 8.1636 . 5204 4. 3744 36. 6772 15.6636 14. 9768 24. 9488 .19.4.156 422.4780 Belgium Denmark Franco Germany Italy Netherlands Norway Spain Sweden Switzerland United Kingdom . . . Franc Krone.. Franc. Rcichsrnark Lira Florin.. Krone Peseta Krona Franc I'ound 19. 30 26. 80 19.30 23. 82 19.30 40.20 j 26. 80 i 19.30 ! 26.80 i 1.9.30 ': Canada Dollar Argentina Brazil Chile Peso (gold) — Miircis" Peso ( p a p e r ) . . 96.48 i 32.44 i 2 19.53 China India Japan. S h a n g h a i Cacl.Rupec Yen - 6(>. 85 : 72.4500 < 74.4800 I 75..! LOO 48.66 • 27. 5800 • 26. 71.00 j 27. 9700 49.85 : 47.4300 . 47.7800 : 47.9200 .• ". i •. • ! 100.00 | 93.5469 '' 91.5469 I 95.6641 ' Decem- J a n ber. uary. 7. 5354 39.5165 7.8446 . 5258 4. 4365 36. 3104 15.2327 14.6496 24. 5281 19.3919 415.6 LOS , 40. 49 74.53 42.30 2.18 22. 67 91.24 58.45 77.60 93.09 100.60 86. 81 December. 40.65 2. 21 22.99 90. 32 5o. 84 i 75. 90 91,52 • 1.00.48 85. 40 20 11 74 68 47 29 9 19 17 10 247 25 7 111 77 43 28 7 27 25 9 236 , ' : I 39.04 T.I. 82 95.2031 94. 8222 92.7744 • 94. 82 92, 77 150 170 75. 3000 , 72. 8600 83. 0800 ! 78.1.400 J 2. 4200 12.5300 32.6800 • 12. 8100 9.3750 • 10.5000 j 10.7500 ; 10.8750 77.1892 .12.5752 1.0. 1'JO2 74.8042 | 80.01 12.6692 ' 38. 7(5 51.87 "10. 7S;J7 77. 53 39. 05 5o. 22 2(5 37 7 23 32 11 U2.66 50.41 9f». 13 40 26 163 32 24 1.13 76.3800 I 27.9600 j 47.9900 i 7-i. I-150 27. 81.04 •17. 624-1 OTHER COUNTRIES. High. Low. •I Monetary unit. I Average. Index (per cent of par).i Par iJanuary., D g » * J a n u a r y .Decem,b- ^ January. \ January. \ ! Austria Bulgaria Czechoslovakia Finland Greece Hungary Poland .* Portugal Rumania : Krone.. I Lev : Krone 1 "Markka Drachma Krone Polish mark... Escudo j Leu Yugoslavia lisoSlidiViaf. Cuba Mexico : 20. 26 19.30 ! 20.26 i 19.30 19.30 : 20.26 23.82 • 108.05 : 19.30 20.26 '' 19.30 ! 0.0267 .6933 ; 1.548L , 1.8-400 4.2200 ; .1244 .0288 ! 7.2100 . . 7375 .3275 ! 1.3140 : 0.0325 .6700 1.0853 1.7313 4.0100 .1273 . 0285 7.6700 . 7050 . 359.1. 1.4490 0.0389 I .7483 1.9713 ! 2.0136 4.4400 . 1722 . 0356 7. 8200 . 8340 . 3766 1.5090 0.043S . 7633 1.4750 1.9714 4.2000 . 1789 .0338 8.3200 .8813 . 3981 1.6000: 0.0325 ' .7.104 , 1.731.9 • 1.8871 ; 4.3644 j .1525 ! .0327 i 7.6614 i .7783 , .3430 1.3814 , ! 0.0387 j .7224 !• 1.2494 ! 1.9003 ; 4.1400 j .1512 i .0313 ! 8.0196 ! .8008 i .3819 ; 1.5366 0.16 : 3.6S 8. 55 9.78 • 22.61 , .75 .14 7.09 : 4.03 i 1.69 7.16 ; 0.19 3.74 6.17 9.85 21.45 .75 .13 7.42 4.15 1.88 7.96 99.73 •' 97.67 , 99.64 97.13 99.5S38 48.0900 99.8542 48.9825 99.7188 ! 99.7256 '•99.6402 ! 48.8100 • 48.6898: 48.41S0 I 103.42 • 70.9200 ; 65.5500 76.4200 72.0400 • 72.6472 '. 68.9077 ! Mexican d o l l a r . . . 2 48.11 • 52.9600 ! 53.4500 '.Dollar >• » 47.77 . 54.5100' 53.2100 ! Singapore dollar. = 56.78 ! 47.0000 . 45.4200 54.7800 55.6900 48.2900 55.6800 . 55.1800 ' 48.0000 i ' Peso do ' • Uruguay J . . . . .do : China Hongkong Straits Settlements j 1 Based on average. 100.00 ' 99.6162. 4.9.85 ' 48.3000 . 2 54.1040 54.9864 47.9296 54.6027 ! 54.2569 I 46.8612 | 1913 average. Average price of silver per fine ounce: In London (converted at average rate of exchange), SO.66675; in. New York, 50.65853, 70.24 66.63 112.45 ! 115.11 ! 84.41 ! 113.50 113.58 82.53 254 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. FOREIGN EXCHANGE INDEX 1918 - 1922 ITALY NETHERLANDS •GENERAL INDEX • ENGLAND -ARGENTINA •« JAPAN N. D. J. F. M. A. M. J. J. A. S 0. N. D.' J. F M. A. M. J. J. A. S O. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F M. A. M J. J. A. S. 0. N. D. 1920 1919 1918 1921 1922 CONDITION OF PRINCIPAL EUROPEAN BANKS OF ISSUE, 1913-1921. BANK OF ENGLAND. [Combined data for issue and banking departments.] [From the London Economist and weekly statements of the Bank of England.] [In thousands of pounds.] Dec. 29, 1915. Dec. 27, 1916. Dec. 26, 1917. 34,983 51,476 54,305 58,337 18,450 13,199 52,138 18,450 18,450 14,808 I 32,840 106,236 j 112,076 18,450 57,188 106,461 18,450 58,303 208,987 236,404 Dec. 31, 1913. Dec. 30, 1914. Dec. 25, 1918. Dec. 31. 1919. Dec. 29, 1920. Dec. 28, 1921. 79, 111 91,345! 128,268 128,434 18,450 71,106 92,140 18,450 92,469 106,778 18,450 107,865 18,450 36,962 83,165 229,979 260,807 309,039 340,611 267,011 ASSETS. G old and silver Government securities: Held by issue department Hold by banking department Other securities Total 118,770 214,842 LIABILITIES. Proprietors' capital Rest (surplus) Public deposits Other deposits Seven-day and other bills Notes in circulation Total Ratio of metallic reserve to deposit and note liabilities combined—per cent 14,553 3,252 10,256 61,087 14 29,608 14,553 14,553 3,283 3,312 26,933 j 49,677 128,055 111,973 24 18 36,139 I 35,309 14,553 14,553 3,311 3,301 52,116 42,009 126.727 ! 124,162 22 i 10 39,675 I 45,944 14,553 3,257 23,643 149,037 10 70,307 14,553 3,272 19,213 180,638 13 91,350 14,553 3,340 14,305 175,554 132,851 14,553 3,334 16,057 106,532 15 126,520 118,770 2fiS QR7 ! |214.842 208,987 214,842 236,404 229,979 260,807 309,039 340,611 267,011 34.65 26.14 27.50 32.56 31.37 39.75 51.56 24.85 ! 255 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. BANK OF FRANCE. [From weekly statements of the Bank of France.] [In thousands of francs.] Gold in vault Other metallic reserve.. Total metallic vault reserve Gold held abroad Foreign credits Government securities: Permanent investments Advances to Government since outbreak of war Treasury bills discounted (advances to foreign Governments) Other Government securities. Loans and discounts Bills matured and extended Advances on bullion, specie, securities, etc Bank premises Sundry assets Total 3,440,460 318,348 3,600,245 268,035 3,551,902 266,333 3,575,861 279,765 3,677,696 3,562,074 1,693,088 . 2,037,108 825,801 : 778,397 3,758,808 2,037,108 2,336,472 3,868,280 1,978,278 1,296,616 3,818,235 1,948,367 3,855,b26 1,948,367 300,000 300,000 677,976 623,733 3,517,392 640,063 4,141,757 351,034 5,015,287 352,088 4,157,455 4,492,791 5,367,375 300,000 300,000 300,000 | 3,600,000 117,958 1,526,462 300,000 j 5,000,000 Dec. 27, 1917. 300,000 7,400,000 I 12,500,000 17,150,000 25,500,000 Dec. 29, 1921. 300,000 300,000 26,600,000 24,600,000 3,526,000 112,729 1,052,336 1,028,568 3,755,000 112,913 1,286,361 626,438 3,980,000 114,819 3,311,324 403,933 4,142,000 114,839 2,506,977 57,240 1,215,715 46,425 1,550,272 1,464,331 47,261 1,927,158 2,201,795 46,655 1,579,028 2,240,918 54,460 2,117,383 | 16,296,500 | 19,634,311 j 26,468,260 31,114,433 | 42,162,636 ; 44,982,132 42,561,543 630,000 1,800,000 I 3,220,000 113,378 112,652 112,979 213,291 , 429,321 : 619,684 918,257 3,637,514 ! 1,834,206 I 1,338,833 1,140,832 772,403 J 2 780,758 ! 1,151,916 ! 1,317,753 44,230 I 50,272 46', 086 320,005 I 363,233 502,718 1,224,798 46,295 627,520 ! Total 7,238,513 Ratio of metallic reserve to deposit and note liabilities combined—per cent , 62.09 2 3,382,827 | 3,314,417 294,869 ! 247,657 Dec. 28, 1916. Capital i 182,500 Surplus (including special re- • serves) • 42,519 Amortization account (laws 1914, i 1917,1918) ! Dividends unpaid j 1,601 Government deposits I 403,359 Other deposits I 579,255 Bank notes in circulation 5,713,551 Sundry liabilities ! 315,728 1 Dec. 30, 1920. Dec. 30, 1915. ! 7,238,513 LIABILITIES. Dec. 2fi 1919. Dec. 10,i 1914. 1,056,799 I Dec. 26, 1918. Dec. 26, 1913. 182,500 182,500 i 182,500 j 182,500 182,500 182,500 42,964 42,964 42,972 54,917 72,618 21,818 25,147 173,896 15,009 2,123,814 2,264,892 13,309,850 16,678,818 441,658 I 424,981 25,831 251,859 2,917,555 22,336,799 710,752 437,415 5,040 111,684 2,368,616 30,249,612 716,602 702,934 5,197 76,497 3,129,393 37,274,540 748,603 1,041,628 28,951 56,575 3,519,461 37,901,599 2,196,501 1,829,022 16,048 26,014 2,718,018 36,487,457 1,229,866 16,296,500 ; 19,634,311 26,468,260 34,114,433 42,162,636 ' 44,982,132 42,561,543 42,964 176,557 2,671,951 9,986,042 35.00 42,964 34.39 | 19.40 j 182,500 13.97 11.48 • 9.56 | 9.21 182,500 9.83 No data available as at end of 1914. Incomplete data for December 10 taken from report of Minister of Finance. Advances on securities only. GERMAN REICHSBANK. [From annual reports and weekly statements of the Reichsbank.] [In thousands of marks.] Dec. 31, 1913. Dec. 31, 1914. Dec. 31, ! Dec. 30, 1915. j 1916. Dec. 31, Dec. 31, 1917. ; 1918. 1,169,971 276,832 2,092,811 36,865 2,445,185 32,073 2,520,473 16,319 2,406,586 : 2,262,219 ''• 1,089,499 j 1,091,636 181,350 i 19,948 ; 20,520 ! 5,773 1,446,803 2,129,676 2,477,258 ; 2,536,792 2,587,936 , 2,282,167 ] 1,110,019 j 1,097,409 1,007,004 46,202 12,765 875,000 5,312 1,287,865 ' 3,130 | 1,314,790 674 5,266,919 11,025,257 I 23,416,674 2,908 I 1,974 ! 1,624 6,963,607 2,084 1,490,749 94,473 403,410 225,135 3,936,568 22,870 33,972 215,013 5,803,314 j 9,609,767 14,596,106 12,939 I 5,111 9,758 51,375 I 83,749 89,161 272,229 ; 784,125 2,091,394 3,719,537 7,218,411 9,908,110 Dec. 31, 1919. Dec. 31, 1920. Dec. 31, 1921. ASSETS. Gold Other metallic reserve.. Total metallic vault reserve. Imperial Treasury and Loan Bank certificates Notes of other banks Bills, checks, and discounted Treasury bills Advances on collateral Securities Sundry assets Total. 422,089 1,394 27,415,712 !41,744,534 5;637 j 9,940 156,073 163,983 2,390,080 ! 2,459,598 995,392 11,612 60,634,023 U33,392,660 4,438 8,476 183,590 195, £12 9,728,125 8,220,979 13,447,674 ' 20,685,172 \ 37,519,496 j 56,515,30595,065,883 149,790,722 180,000 ' 180,000 : 180,000 180,000 180,000 85,471 90,137 j 94,828 , 99,496 104,258 8,054,652 ; 11,467,749 ! 22,187,815 j 35,698,369 68,805,008 180,000 121,413 113,639,464 i Capital paid in 180,000 180,000 ! 180,000 Surplus ! 70,048 \ 74,479 : 80,550 Notes in circulation | 2,593,445 5,045,899 j 6,917,922 Other liabilities payable on de- • 1,756,907 , 2,359,012 mand j 793,120 ; 161,126 ! 370,626 Sundry liabilities 82,924 Total '; 3,719,537 Ratio of metallic reserve to de- i; posit and note liabilities combined—per cent ! 42.72 7,218,411 ; 9,908,110 31.31 ; 26.70 4,564,206 . 8,050,389 ' 13,280,398 i 17,071,857 22,327,114 3 32,905,673 563,345 2,944,172 896,897 j 1,776,455 , 3,465,583 3,649,503 13,447,674 : 20,685,172 j 37,519,496 ; 56,515,305 95,065,883 149,790,722 20.10 ; 13.26 1 Of this 1,061,754,000 marks is bills and checks and 132,330,906,000 marks discounted Treasury bills, a Of this 7,591,343,000 marks is Government deposits and 25,314,330,000 marks private deposits. 6.43 2.10 1.20 i 256 FEDERAL RESERVE BULLETIN. FEBRUARY, 1922. BANK OF SPAIN. [From Espaiia ISctfjunica y Finaneiora and weekly statements of the Bank of Spain.] [In thousands of pesetas.] Dec. 27, .1913. Gold Silver Dee. 26, 19L4. 479,220 716,488 : Total metalic vault reserve... Credits abroad Loans, discounts, and adamees G overiimen t s e ? u rit i e s: Charter, 1891 Charter, 1899 Other Sundry assets Dec. 30, 1916. .Dec. 3.1, 191;"). 572,257 707,020 867,226 752,905 1,250,896 741,042 1,620,131 i 1,991,938 103,195 90,170 667,365 671,060 i | Dee. 29, ! 1917. j Dec. 28, 1918. Dec. 27, ! Dec. 31, i Dec. 31, 1919. ! 1920. ! 1921. 710,538 2,228,351 642,157 2,445,81.0 j 2,457,140 630,498 I 573,567 2,512,869 625,042 2,677,354 ! 2,870,508 89,392 j ' 87,468 731,428 1.145,070 3,076,308 !| 3,030,707 66,418 82,536 1,621,4-15 i 1,903,611 3,137,911 41,754. 2,860,128 150,000 100,000 344,475 401,480 150,000 100,000 344,475 37,673 1,195,708 .193,650 785,432 1,279,277 147,534 802,179 150,000 100,000 344,432 97,640 150,000 100,000 344,432 151,009 150,000 100,000 344,432 162,340 i 2,866,862 2,974,431 3,147,463 150,000 20,000 155,709 476,834 1,924,274 L40,015 150.000 20,000 113,237 610,531 1,965,068 115,595 150,000 150,000 150,000 i 150,000 26,000 | 26,000 ! 24,000 , 58,000 44,850 62,757 44,878 ' 61,831 959,758 1,165,969 710,758! , 760,859 2,100,174 2,360,084 2,782,840 3,316,215 171,952 197,222 117,653 ; 136,382 Total 2,866,862 Ratio cf metallic reserve to deposit : and note liabilities combined— per cent ; 46. 77 2,974,431 3,147,463 : 3,478,175 Total 150,000 100,000 344,438 130,569 ! : | I 3,478,175 150,000 i 100,000 ! 344,438: . 85,965 | 150,000! I 100,000 344,475 45,352 5,403,998 ! 6,012,809 j 6,671,941 4,178,577 ! 4,923,967 LIABILITIES. Capital Surplus Government deposits Other deposits Notes in cireulat ion Sundry liabilities 150,000 100,000 344,475 226,446 I 47. 58 56.73 • 62. 92 4,178,577 I 150,000 150,000 150,000 78,000 60,000 ! 63,000 990,000 130,121 i 82,549 1,035,075 " 1,169,489 1,041,817 3,856) 300 4,326,250 4,244,081 167,147 22.1,521 172,502 4,923,967 j 5,403,998 70.36 ! 63.17 ! 61.26 6,012,809 6,671,941 54.33 49.99 BANK OF BELGIUM. [From weekly statements cf the Bank of Belgium .J [In thousands of francs.] Dec. 3.1, 19L3. Dec. 30, 1919. Dec. 29, 1920. : Dec. 29, ! 1921. : 249,027 o(\, 367 266,409 26,902 266,519 27,920 266,584 40,490 Total metallic vault reserve Foreign exchange and foreign credits Bills discounted .Public securities Investment of surplus Advances on national public securities I -oaiis secured by foreign credits I Provincial bonds, taken over by the State (law of Nov. 4, 1919) Funds held for the 'National institution of Savings '. i! Advances to the Government for the retirement'of German marks deposited with the bank . . . Bank premises, furniture and .fixtures, net, i. e., loss depreciation j Sundry assets '. ". j 305,394 166,625 634,795 58,518 41,240 61, 449 293,311 ! 59,744 392,308 •: 6J,052 j 47,538 I 62,831 ! 84,955 I 480,000 ! 294,439 28,481 756,688 61, 870 48, 749 126,731 84,653 480,000 307,074 20, 684 425^ 972 62, 775 50,175 120,194 84,653 480,000 5,500,000 15,587 2,601 5,500,000 .14,960 2,592 1,304,265 | 7,299,584 I 7,399, 799 7,069,079 Capital Surplus Notes in circulation Deposits in current account: Government, including specie deposits Other Funds due to the National institution of Savings. Sundry liabilities ... 50,000 | 41,781 1,067,407 50,000 47,579 4, 763,802 50,000 48, 750 6,119,239 50,000 50,175 6,289,576 9,585 117,098 11,907 217,932 2,216,665 89,464 1,085,149 168,073 509,109 Total Ratio of metallic reserve to deposit and note liabilities combined—per cent. 1.304,265 25. 58 Cold Silver Total 1.1,823 14,974 j 9,447 j 5,800,000 , 15,391. i 2,454 ' LEARlUTfES. NOTE.—Figures for 1914-1918 not available. 6,487 3,606 ! 7,299,584 4. 07 7,197 2,146 7,399,799 4. 04 7,069,079 4.41 FEBRUARY, 257 FEDERAL. RESERVE BULLETIN. 1922. BANK OF NETHERLANDS. [From annual reports and weekly statements of the Bank of Netherlands.] [In thousands of florins.] Gold coin and bullion Silver Total metallic vauit reserve Loans and discounts Foreign bills Advances Government securities Other securities Bankpremises Sundry assets Total Dec. 27, 1913. Dec. 21, 1914. 151,490 9,016 i 160,506 : 67,504 ! : 14,300 j , 86,026 I , 9,235 '• 8,968 ! 2,000 i 1,196 j 208,120 3,491 429,182 i 6,195 | 587,602 I 698,233 '! 6,985 | 7,028 2.11,611 154,785 667 133,353 4,240 8,999 1,800 10,719 435,377 j 76,348 i 2,-506 93,579 594,587 66,685 8,024 85,505 11,577 9,096 1,400 71,087 i 349,735 j 526,174 LIABILITIES. I j Capital Surplus Notes in circulation Interest bearing certificates Government deposits Other deposits Sundry liabilities 20,000 I 20,000 5,003 5,000 | 312,695 473,107 1, 599 ;: 1,522 ! i 4,333 i 1.7,455 6,185 i 9,01.0 ' Dec. 30, 1916. Dec. 31, 1915. ""8,"925"j 1,600 21,812 | Dec. 29, 19.17. ! 705,261 I 81,819 i 8,039 ! 107,448 I ! ! j i | ; 1,465 i 65,313 i Doc. 27. 1920. ' Doc. 28, I Dec. 27, 1918. i 1919. ' ,89,441 8,545 ! 637,323 6,1.03 : ! 643,426 168,862 48,354 250,116 3 729 I 12,241 8,856 ! 8,456 3,312 1,770 ! 89,108 | 40,656 697,986 243,691 8,930 139,515 Dec. 27. 192.1. ' 636,141 21,190 605,969 8,24L 657,331 196,824 52,754 247,605 13,832 8,367 3,594 22,453 614,210 270,186 33,794 124,554 13,474 9,242 3,747 19,238 643,147 ! 847,961 ' 978,423 i 1,193,585 | 1,175,423 I 1,202,760 1,088,445 20,000 : 20,000 i 20,000 ! 20,000 5,000 ! 5,155 j 5,234 i 5,079 577,056 ' 758,379 ! 890,273 i 1,068,947 3,469 3,739 i 3,568 i 2,051 5,482 21,584 j . 24,289 32,048 i 54,577 i 88,478 7,851 6,111 5,716 • | 20,000 | 5,000 i 1,032,732 • 1,740 : 102,343 9,030 | 13,608 Total " 349,735 ' 526,174 < Ratio of metallic reserve to deposil, and note :.. ' : 643,147 ; 847,961 • 978,423 ; 1,193,585 [ 1, L75,423 liabilities combined—per cent 50. 38 ! 43.00 71. 34 | 72. 80 ' 74. 44 \ 60.20 > 20,000 5,000 1,072,146 1,924 20,000 5,387 1,012, 878 1,085 85,261 ! 18,429 i 30,573 18,522 1,202,760 | .1,058,445 56. 60 56.70 ! 58.80 FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, NORWAY, AND JAPAN. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. Similar material will be published regularly each month in the BULLETIN. BRITISH FINANCIAL SITUATION. [Amounts in millions of pounds sterling.] Deposit and note accounts, Bank of England and Treasury. | w i O "S i fi o • Government floating debt. Nine London clearing banks. 3 Discount rates. i 33 0 .5 P< ! •a 1 1913, average of end of month figures 1920, average of end of month figures s 1921, end of— July August September - October November December 1922, end of January i ! { | i \ Per '1 cent. 11.7 Per | Per \ Per cent. cent. '• cent. 29 57 38 4* I 103 348 ; 147 146 j 1,078 219 109 107 106 104 106 107 103 150 180 161 214 193 200 116 325 319 314 312 313 326 305 122 137 118 175 144 123 135 157 157 157 157 157 157 157 1,202 I 1,166 i 1,159 j 1,124 j 1,108 i 1,060 i 1,039 1,297 1,355 1,347 1,321 1,338 1,300 1,260 1,154 104 | 1,191 100 1,179 99 1,186 102 ! 1,196 96 ! 1,205 106 1,191 114 1,192 i . i ; I ' i 306 1,785 • 302 1,764 : 302 1 771 : 306 1,802 ! 311 1,793 315 1,818 ; 333 1)826 '. 4JJ : 32 105.0 7 3 10 33 19 19 112.9 8.4 1.1.3.0 '. 114.6 • 121.7 65 12«. 1 127.3 8 1 Less notes in currency notes account. 23 Held by the Bank of England and by the Treasury as note reserve. Average weekly figures. 4 Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded. Revised figures. 5 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. 258 1922. FEDERAL RESERVE BULLETIN. FRENCH FINANCIAL SITUATION. [Amounts in millions francs.] vim of oi uaiics.j Situation of the Government. Bank of France.* i Advances totne Gold | Silver reserves, j reserves. 1913, average... 1920, average... 1921— July August September. October November. December. 1922. January 3,343 i 8 3,586 j Do- , Circula- i for Governposits.2 i tion. ' ment ment purposes revenue/ !1 of 3 the war. 629 253 830 I 3,527 I 5,565 ;. 38,066 I 26,042 320 1,005 1,242 1,016 1,011 1,305 1,051 1,228 1 9 3,573 ! » 3,571 ; 0 3,575 9 3,575 9 3,576 ! 9 3,576 I I 275 277 277 278 279 2S0 3,252 ' 2,7-19 ! 2,509 i 2,563 : 2,563 I 2,7-13 36,941 36,783 37,129 37,154 36,336 36,487 ! ! 1 1 1 : 25,100 24,900 24,900 25,100 24,500 24,600 9 3,576 j 280 2.392 36,433 [ 23,000 Value of Savings i new stock and ana of dePrice of bond posits^) Price of bond issues of the 3s nor er or , F-x-tPrnol P issues Paris lTT t with£bt debt > cent per- placed banks. aeDt aeOt draw' petual6 upon the rente. French als (-). j market J 1 35,000 - 65 86.77 !. 59 10 554 57.34 j '*4,'654' + 48 229,055 35,286 438 56.35 I 2,345 + 52 467 56.50 j 152 + 72 553 56.20 234 + 68 463 54.30 ! 3,355 + 33 505 54.90 ! 434 - 0.5 527 54.75 i 853 + 38 56.55 i 41 1 End of month figures. 2 Includes Treasury and individual deposits. 34 Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16,1917. From, indirect taxation and Government monopolies. 5 Foreign debt convened to francs at par. « Last Wednesday in the month. 7 Figures of the "Association Nationale des Porteurs Frangais de Valeurs Mobilities." Bonds issued by the Government and the railroad companies not included. 8 Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December. 9 Not including about 1,948,000,000 francs held abroad. M Average for 11 months. ITALIAN FINANCIAL SITUATION. [In millions of lire.] Leading private banks. 1 Loans, discounts, Cash. dueand from j correI spondonts. 1913, end of December. 1920, end of December. 1921, end of— July August September , October , November , j* December Banks of issue. Deposits and Loans ' Gold 'due to Tnd re- I respondcounts.' s e r v e " i s e r v e ' p t ents. 129 1,297 2,007 1,674 ................. 1,140 1,131 1,052 _,___ 1,364 1,174 16,851 16,704 17,024 16,672 17,223 16,825 15,413 17,022 3 12,844 !312,778 T 857 j 1,375 j 1,661 GovernmeiLt finances. DeposCirculaits and Commer- tion for ! deaccount cial mand circu- of the j liabili- lation. state. ties. 318 2,284 1,990 1,964 1,966 1,990 1,948 2,290 2,143 2,124 2,243 2,151 9,433 9,491 9,785 9,746 9,435 493 8,507 8,352 8,395 8,554 8,485 Short- ! term ! Total treas- ' public ury 1 debt, bills. , 10,743 1,058 ! 2,077 7,156 1,076 i 7,315 1,079 7,327 j i;073 7,816 ! 1,086 , 7,810 i 1,089 J Treas- ! , urj ] 1 metal-: ! Here- , 2,546 I 2,546 117 I 348 13,2G0 1. I 20,276 j 21,173 j 22,997 .110,754 Principal revenues from taxation and monopolies during month. 2 724 1,416 622 1,477 723 1,459 1 Banca Commerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di Roma. * Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government sales of sugar are not included. * Excluding Banca Italiana di Sconto. FEBRUARY, 259 FEDERAL RESERVE BULLETIN. 1922. GERMAN FINANCIAL SITUATION. [Amounts in millions of marks.] Reichsbank statistics. Situation of the Government. Value of -new stock DarlehnsDiscounts. Gold reDisserve. 1 counted treasury bills. 1913, average... 1,0 1921. January July August September October November December 1,092 1,092 1,024 1,024 994 994 995 1922. January 8 Index numbers of securities prices.2 1 Commercial paper. scheine in circuplaced on Note 25 Treasu: 15 lation.i Receipts Revenue Treasury German circu- Deposits; Clearings. from of state bills out-1 market. stocks. bonds. lation.* taxes. railways. standing. 1,958 6,136 53,337 79,982 84,044 98,422 98,705 114,023 132,331 1,136 1,002 1,142 881 1,446 1,062 66,621 77,391 80,073 86,384 91,528 100,944 113,639 15,834 15,824 13,650 19,980 18,303 25,313 32,906 79,917 78,337 79,172 98,004 119,496 140,493 120,835 11,341 8,358 7,837 7,610 7,316 7,330 8,325 126,160 1,592 115,376 23,412 116,680 8,046 207 13 »220 6,741 5,566 5,145 4,908 6,185 7,044 1,483 2,269 2,416 2,599 2,825 3,397 155,459 190,770 202,872 210,504 218,000 226,676 246,921 7 249,249 2,042 1,507 1,228 1,534 2,889 7,135 5,965 4,831 j 100 100 6 147 «223 «152 12 End of month. Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921=100). These figures, recently revised, now include subscription privileges which were heretofore omitted. a End of March, 1913. * As of Nov. 10,1921. * As of Dec. 30,1921. * As of Jan. 5, 1922. 7 As of Jan. 10,1922. 8 Latest figures subject to revision. SWEDISH FINANCIAL SITUATION. [Values in millions of kronor.] Situation of the ' Government. Riksbank. Gold coin and bullion. Funded Note DeState circulation. posits. debt. I 1913, end of December 1920, average 1920, end of— - November December 1921, end of— July August September October November December 1922, end of January.. 1 Business Foreign Protested failexbills 1 ures change during month. during index. 1 month.* Bills disFloating counted with State debt. Riks- counts, jj ii bank. Value Index ofstock num- issues Foreign ber of exstock tered change prices— during 1 value the of the A list. month. krona abroad (foreign currencies =100). Value. Number. 1.9 6.4 196 112.9 258 176 24.0 60.6 4,114 5,171 7.9 10.8 274 113.8 114.1 144 145 | 57.5 67.2 7,383 6,515 5,786 6,449 16.8 16.0 10.3 12.6 13.1 13.1 413 353 493 505 491 119.3 119.5 121.4 124.9 124.0 125 i 120 | 114 | 107 104 67.1 30.9 13.0 16.5 102.1 269.2 234.5 733.0 225.8 628.2 1,280.8 20.1 248.1 138.9 476.3 2,286.9 ; 4,314 6,008.3 3,586 282.4 281.8 752.8 759.9 182.7 171.5 1,280.7 1,280.6 224.8 215.9 446.0 450.3 6,117.8 6,211.3 280.3 285.0 275.9 275.5 275.0 274.7 274.5 629.4 632.4 672.4 650.3 628.0 627.7 563.0 177.2 152.1 113.4 126.4 187.6 1,341.5 1,359.9 1,367.8 1,393.1 1,409.2 134.3 137.1 60.1 62.9 76.8 362.6 5,929. 344.8 5,937. 329.7 5,900. 340.9 5,837. 354.4 5,735. 464.3 5,655. 5,654. Source: Kommersiella Meddelanden. Joint-stock banks. 260 FEDERAL RESERVE BULLETIN'. •FEBRUARY, 1922. NORWEGIAN FINANCIAL SITUATION. [In millions of kroner.] Norges Bank. Gold holdings. 1914, end of July. 1920, average 1920, end of— November... 1921, end of— " July August September... October November... . Note circ^tionJ "I 122.5 450.5 14.4 102.4 147.3 453. 4 92.8 147.3 147.3 147. 3 147.3 147.3 428. 4 421.0 415.9 411.4 395.4 100.0 110.2 79.6 112.9 ! 121.3 i See page 1.94. 2 Average value of krone in terms of foreign currencies. JAPANESE FINANCIAL SITUATION. 1 Loans and ! Clearings at . indexi | discounts. IGhristiania. (Farm and)! Posits- 147.4 I 2 84. 2 i 1 De 1 Fer cent. •88.4 ". 4i9.1 (552 91.1 32 443. 8 725 84.5 46 452.0 . 454.8 421.4 i 452.5 438.6 : 541 580 637 589 538 82.4 81.9 85.9 86.2 95.4 90 101 102 Includes balances abroad.