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.
@FedFRASER