Full text of Federal Reserve Bulletin : Index-Digest, Federal Reserve Bulletin, Volume VII, 1921

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INDEX-DIGEST

FEDERAL RESERVE
BULLETIN




VOLUME VII
1921

C O M P IL E D BY

CHARLES S. HAMLIN
M em ber o f Federal R eserve Board

WASHINGTON
GOVERNMENT PRINTING OFFICE
1922




INDEX-DIGEST OF THE FEDERAL RESERVE BULLETIN.

VOLUME VII, 1921.

A.
A B S T R A C T O F C O N D IT IO N .
(See Condition.)
A C C E P T A N C E D E V E L O P M E N T , 775.
A C C E P T A N C E L IA B IL IT IE S .
British banks, 801, 1052.
French banks, 1052, 1424.
Mem ber banks, 171, 800, 1050.
N ine London clearing-house banks, 801,1052.
A C C E P T A N C E M A R K E T , 375, 394, 534, 648, 667, 775,
791,1268.
A C C E P T IN G B A N K S .
Location of, 1168.
A C C E P T A N C E S . (See also, Rulings, Federal Reserve
Board.)
A cceptances—
Authority of national banks to appoint corres­
pondents to issue letters of credit and accep t­
ances, 547.
D iscount of 6 m onths’ acceptances. Am endm ent
to Regulation B, 1921, 648.
A ccep tin g banks—
Location of, 1168.
Purchase of bankers’ acceptancesdirectfrom , 699.
Security for accepting banks, 418.
Agencies. (See Foreign bank branches and a gen cies.)
Agent of national bank. A cceptances issued b y, 547.
A gricultural products. (See Cooperative marketing
associations.)
Am endm ents. Regulation B, 1921. Purchase of 6
m onths’ acceptances b y Federal Reserve Banks,
545.
Am erican bank acceptances, 800. (See A cceptan ce
liabilities.)
Authority o f national banks to appoint correspondents
to issue letter^ of credit and acceptances, 547.
Autom obile parts, are not readily marketable staples,
699.
Bankers’ acceptances—
Drawn b y cooperative marketing associations
against warehouse receipts covering agricul­
tural products, 963.
Drawn b y dealers. (See, infra, Dealers.)
Federal Reserve Banks. H oldings of, 172, 801,
1052.
Market rates— .
London, 173.
New Y ork, 173, 801.
Maturities eligib le for open-m arket purchase e x ­
tended, 545, 648.
Purchase of, direct from accepting banks, 699.
(See Federal Reserve Bank and branch cities;
D iscount and open-m arket operations;
D iscount rates.)
Bankers’ and trade acceptances. (See D iscount and
open-market operations.)
B ill of lading drafts—
Collection of dem and, 1080.
B uying and selling of. Methods, 1166.




A C C E P T A N C E S — Continued.
Cattle. A cceptances against shipping docum ents
covering cattle, 815.
Coffee, warehouse receipts covering, 418.
Consigned goods. A cceptances against, 419.
Cooperative marketing associations—
A ccep tan ce of drafts drawn b y growers, 1199.
Bankers’ acceptances drawn b y, against ware­
house receipts covering agricultural prod­
ucts, 963.
Correspondent bank. A uthority of national banks to
appoint, to issue letters of credit and acceptances,
547, 648.
Credit. Period of, 815.
(See, infra, Six m onths’ acceptances.)
Dealer. Definition, 1166.
Dealers. Bankers’ acceptances drawn b y dealers
engaged in dom estic and export sales of same class
of goods, 70.
D ealing in acceptances. Methods, 1166.
D efinition. “ D ealer,” 1166.
D evelopm ent of, 648, 775.
D iscount rates—
Prim e bankers’ acceptances, New York, 801.
(See D iscount and open-market operations;
D iscount rates, principal heading; Market
rates.)
D om estic acceptances. Trust receipts held not valid
security for, 1314.
Dom estic shipping docum ents. A cceptances drawn
against dom estic shipping docum ents for furnish­
ing of capital held not eligible, 1312.
(See,' supra, Dealers.)
E ligibility. Purpose of original negotiation deter­
m ines, 1199.
E ligible. (See Dom estic shipping docum ents; Ship­
ping docum ents.)
E xp ort or im port transactions, 70, 418, 419, 699, 964,
1312.
M eaning of, 191.
E xp ort sales. Bankers’ acceptances drawn b y dealers
engaged in dom estic and export sales of same
class of goods, 70.
Federal Reserve Banks. Foreign bank branches and
agencies. (See H oldings.)
Foreign bank branches and agencies. A ccep tan ces
of, h eld b y Federal Reserve Banks, 172.
Growers’ drafts. ^ A cceptances b y cooperative m arket­
ing associations of, 1199.
Guaranty. National banks can n ot give, on a c c e p t­
ances, 547, 648.
H oldings—
B ankers’ acceptances. Federal Reserve Banks,
172,801,1052,1269.
Foreign bank branches and agencies. Federal
Reserve Banks, 172, 801,, 1052.
N onm em ber bank acceptances. Federal Reserve
Banks, 172, 801,1052.
P rivate bank acceptances. Federal Reserve
Banks, 172, 801,1052.
(See D iscount and open-market operations.)
Im p lied powers. (See Rulings, Federal Reserve
Board; im p lied pow ers.)
3

4

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

A C C E P T A N C E S — Continued.
Im port transactions. Renew al acceptances in , 699.
Indorsem ent of acceptin g bank, 699.
Letters of credit—
A u th ority of national banks to appoint corre­
spondents to issue, and acceptances, 547.
L ia b ility of a national bank under a com m ercial
letter of credit comes w ithin the excep tion
to U n ited States R evised Statutes, sec.
5202, 816.
(See also, Federal Reserve B u lletin , v ol. 2, 680.)
Such lia b ility is n ot an acceptance lia b ility under
the 50 and 100 per cen t lim itation of section
13, Federal Reserve A ct, b u t these lim ita­
tions a p p ly to drafts drawn under the letter
of credit, 816.
Such lia b ility is n ot affected b y the six m onths’
lim itation of section 13, b u t this lim itation
applies to drafts drawn under the letter of
credit, 816.
(See also Federal Reserve B u lletin , vol. 1,
269; Federal Reserve B u lletin , v ol. 6, 66.)
London—
Bankers’ acceptances. Market rates, 173.
N ine clearing-house banks. A ccep ta n ce lia b il­
ities, 801.
Market rates. Bankers ’ acceptances—
N .Y .,1 7 3 ,535,801.
Loudon, 173.
(See D iscount rates, principal heading; Federal
Reserve Banks and branch cities.)
Maturities of, eligible for open-m arket purchase, ex ­
tended, 545, 648.
M aturity, 308.
Mem ber banks. A cceptan ce liability, 171, 800, 1050.
National banks—
A u th ority to appoint correspondents to issue
letters of credit and acceptances, 547.
Can give acceptances and pay drafts on ly at
principal office, 547.
N ew Y ork—
Market rates. Bankers’ acceptances, 173, 535,
801.
(See Federal Reserve Bank and branch cities.)
Nonm em ber bank acceptances—
H oldings. Federal Reserve Banks, 172, 801,1052.
Permission given to m em ber banks to rediscount
paper acquired from, 963.
One hundred per cent, etc. A cceptances authorized
up to, 188, 307, 417, 551, 670, 814, 961, l0 7 8 ,1434.
Original negotiation. (See, supra, E ligib ility .)
Private bank acceptances. H oldings. Federal R e ­
serve Banks, 172, 801,1052.
Purchase direct from acceptin g bank, 699.
Purchase of 6 m onths’ acceptances. A m endm ent to
Regulation B , 1921, 545, 648.
Purchased acceptances. Federal Reserve Banks.
(See D iscount and open-market operations.)
R ea d ily marketable staples, 699.
Regulation B , 1921.
A m ended
to
authorize
purchase b y Federal Reserve Banks of 6 months’
acceptances, 545, 648.
Renew al acceptances—
In im port transactions, 699.
National bank can not agree to renew, uncon­
ditionally, 963.
Reserves against paym ents in anticipation of, 815.
Security for accepting banks, 418, 1313.
Shipping docum ents—
A cceptances against dom estic shipping docu ­
ments held n ot eligible, 1312.
A cceptances against shipping docum ents cover­
ing cattle, 813.
Meaning of words, 191.
Six m onths’ acceptances, 308, 963.




A C C E P T A N C E S — Continued.
Ten per cent lim itation. (See Rulings, Federal R e ­
serve Board; acceptances.)
Trade acceptances. (See D iscount and open-m arket
operations; D iscount rates; principal heading.)
Trust receipts. (See D om estic acceptances.)
Undisclosed principal. A cceptances given for, 648.
Warehouse receipts. (See Rulings, Federal Reserve
Board; warehouse receipts.)
A C C E P T IN G IN S T IT U T IO N S , C L A S S E S O F.
(See D iscount and open-m arket operations.)
A C C E P T O R S , C L A S S E S O F.
(See D iscount and open-m arket operations.)
ACCOM M ODATED.
M em ber banks accom m odated.

(See M em ber banks.)

A C C O M M O D A T IO N , 33, 536.
(See Methods of city banks, etc.)
A C T O F S E P T . 17, 1 9 1 9 .
(See E dge A ct.)
A C T OF DEC. 24, 1919.
(See E dge A ct.)
A C T OF M A Y 29, 1920.
Abolishing sub treasuries, 33.
A C T O F FE B . 2 7 , 1 9 2 1 .
A m endm ent to section ll( m )
Reserve A ct, 73, 310, 817.

and 25(a), Federal

A C T O F M A R . 1, 1 9 2 1 .
As to qualifications of directors of national banks, 549.
A C T O F J U N E 14, 1 9 2 1 .
A m endm ent to section 25 (a), Federal Reserve A ct,
310, 817.
(See State banking laws.)
A C T I V I T Y , B U S IN E S S , 291.
(See Business, industry and finance.)
A C T U A L S E C U R IT Y .
(See Security, actual.)
A D M IN IS T R A T O R .
(See National banks; fiduciary powers.)
A D M IS S IO N IN T O F E D E R A L R E S E R V E S Y S T E M .
(See State banks and trust com panies, adm itted.)
A D V A N C E S TO A L L IE S .
B y Great Britain, 565, 1303.
B y U nited States, 1262.

,

A D V A N C E S TO G O V E R N M E N T .
B y Bank of England, 78, 173, 197, 420, 1020, 1143,
1257, 1374, 1499.
B y Bank of Algeria, 177.
B y Bank of France, 80, 176, 177, 200, 277, 321, 425,
555, 608, 693, 764, 891, 1020, 1143, 1258, 1374,
1384, 1499.
B y Bank of Italy, 1384.
B y Bank of Netherlands, 434, 1197.
A F R IC A .
Balances on open account ow ed b y U nited States to,
1406.
W holesale prices. South A frica, 1463.
A G E N C IE S .
(See Foreign bank branches and agencies.)
A G E N T O F N A T IO N A L B A N K .
A cceptances given b y , 547, 648.
AGEN TS.
(See Transfer agents.)
A G G R E G A T E L IA B IL IT IE S .
(See Deposit and note liabilities.)

5

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

A G R I C U L T U R A L C O U N T IE S .
Loans in, b y Federal Reserve Banks, 1150.

A M E R IC A N S E C U R IT IE S .
Investm ent in. (See Investm ent trusts.)

A G R IC U L T U R A L C R E D IT , 775, 898, 1027, 1147.
A ttitu d e of Federal Reserve Board, 898.
Crop m oving, 775, 1027, 1030.
Joint Commission of Agricultural In qu iry. State­
ment, 1030.
W ar Finance Corporation. Loans on, 1030, 1380.

A M E R IC A N S H IP P IN G .
Before and after war, 183.
Growth of, 906.

A G R IC U L T U R A L L O A N S .
Changes in , and industrial loans b y Federal Reserve
Banks. Mar. 4, 1920-Apr. 28, 1921, 1049, 1150;
A G R IC U L T U R A L P A P E R .
D iscount rates, 1033.
Growers’ drafts, 963, 1199.
Notes of irrigation com panies are com m ercial and not,
964.
Notes of packing and marketing associations and cor­
porations are com m ercial and not, 1312.
Purpose of original negotiation determines eligib ility
of, 1199.
(See D iscount and open-market operations; D iscount
rates.)
A G R IC U L T U R A L P R O D U C T S .
H eld on farms, 377.
M ovem ent of. (See M ovem ent of agricultural prod­
ucts, com m odities, etc.)
Production, 984, 1100, 1206.
Italy, 83.
(See Cooperative marketing associations.)
A G R IC U L T U R E , 14, 142, 273, 515, 637, 782, 910, 1037,
1150; 1156, 1273, 1388.
(See Business, industry, and finance.)
A G R IC U L T U R E , A ID T O , 1030.
A G R IC U L T U R A L C O M M O D IT IE S .
Drafts of cooperative marketing associations covering,
963, 1199, 1312.
A L G E R IA .
(See Bank of Algeria.)
A L L IE S .
Advances to—
B y Great Britain, 565, 1303.
B y U nited States, 1262.
Balances on open account ow ed b y U nited States to,
1406.
Losses of ships during war, 184.
Reparation payments, 138, 269, 650, 674, 1301, 1308,
1450.
AM EN DM EN TS.
Federal Reserve A ct—
Section 11 (m ), 73, 310.
Section 25 (a), 310, 817.
Indiana banking laws, 551.
National Bank A ct. A ct of Mar. 1, 1921. Qualifica­
tions of directors, 549.
New Jersey banking laws, 549.
Oklahoma banking laws, 550.
Regulation B, 1921. Purchase of 6 m onths’ accept­
ances, 545, 648.
A M E R IC A N B A N K A C C E P T A N C E S , 800.
(See A cceptan ce liabilities.)
A M E R IC A N B A N K & T R U S T CO . V. F E D E R A L
RESERVE B A N K OF A TLA N TA .
Suit in State court to enjoin Federal Reserve Bank
from collectin g checks over counter.
Held: Federal Reserve Bank had right to rem ove case
to U nited States district court.
A m alevolent holding b a ck of checks and pre­
sentation in a manner and w ith intent to
injure plaintiff, as alleged in bill, would, if
proved, state a good cause of action.
U nited States Supreme Court. T e x t of decision,
700.




A M E R IC A N S H IP P IN G E A R N IN G S .
Balance of trade and, 400.
A N A L Y S IS O F B A N K S , S P E C IA L , 55.
(See Methods of c ity banks, etc.; N. Y . City banks.)
A N G L O -A U S T R IA N B A N K .
Reorganization of, 1294.
A N G L O -F R E N C H L O A N S
179.

IN

U N IT E D

STATES,

ANNUAL RATES.
(See Discount and open-market operations.)
A N T ID U M P IN G L A W .
Great Britain, 1187.
A N T IC IP A T IO N .
(See Reserves.)
A P P L IC A T IO N F O R L E T T E R S O F C R E D IT , 1170.
A P P O IN T M E N T O F C O R R E S P O N D E N T S .
(See National banks.)
A P P R O V E D S E C U R IT IE S .
(See Rulings, Federal Reserve
powers.)

Board;

F iduciary

A R G E N T IN A .
Balances due on open account from U nited States,
1404.
Capital issues, 1266.
Exports and imports, 574.
(See Imports and exports, principal heading.)
Foreign exchange in d ex numbers, 575, 1018, 1373,
1498. •
Foreign trade, 574.
G old exports and imports, 679.
G old reserves, 1913-1921, 676, 677.
Peso. Francs to, 322.
Prices. Wholesale, in U nited States of goods in e x ­
port trade of, 573.
(See Banco de la N acion; South A m erica.)
A R M IS T IC E .
Floating deb t of Great Britain since, 173.
(See Post armistice obligations.)
A S IA .
N et balance on open account ow ed b y U n ited States
to, 1403, 1406.
ASSETS.
.
.
(See D iscount and open-market operations; Earning
assets; Q uick assets; M ovem ent of assets ana
liabilities.)
A S S E T S AND L IA B IL IT IE S .
M ov em en tFederal Reserve Banks, 12, 25,114, 140, 237, 270,
356. 381, 473, 512, 620, 654, 736, 767, 780,
849! 864, 908, 999, 1034, 1116, 1153. 1236,
1270, 1351, 1385, 1475.
R eview , 1920, 25, 767, 849.
R eporting mem ber banks, 12, 120, 140, 245, 270,
363, 381, 480, 512, 628, 654, 743, 780, 871,
908, 1006, 1034, 1124, 1153, 1244, 1270, 1358,
1385, 1484.
Abstract of, 255, 497, 851. 886, 1137.
A T L A N T A P A R C L E A R IN G C A S E .
D ivision of U nited States Supreme Court, 700.
A U S T R A L A S IA .
G old production, 1910-1920, 678.
N et balance on open account ow ed b y U n ited States
to, 1406,

6

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN

A U S T R A L IA .
Note issues transferred from Treasury to Common­
wealth Bank, 301.
Prices. In d ex numbers of wholesale, 1913-1920, 77,
88, 195, 210, 329, 463, 464, 604, 723, 726, 842, 845,
992, 1105, 1108, 1225, 1228, 1341, 1344, 1463, 1466.

B A N K LOANS.
Warehouse receipts as collateral for, 1314.
(See Federal Reserve Bank and branch cities.)'
B A N C A C O M M E R C IA L E IT A L IA N A.
Condition, 427.
B A N C A D ’ lT A L I A .
Condition, 82.

A U S T R IA .
Budget, 207.
Business and financial conditions, 206.
Note circulation, 208.
P u b lic debt, 207.
(See Anglo-Austrian Bank; Austrian
Central Powers.)

B A N C A IT A L IA N A D I S C O N T O .
Condition, 427.
Landerbank;

B AN CO D O B R A Z IL .
Condition, 578.
B A N C O D E C H IL E .
Condition, 578.

A U S T R I A -H U N G A R Y .
G old reserves, 1913-1921, 676, 677.
(See Central Powers.)

BA N C O D E L A N A C IO N .
Condition, 578.

A U S T R IA N LA N D E R B A N K .
Reorganization of, 1294.

BA N C O D I N A P O L I.
Condition, 82.

A U T H O R I T Y , N A T IO N A L B A N K S .
(See A cceptances; Letters of credit; A ppointm ent of
correspondents.)

BAN CO D I R O M A .
Condition, 427.

A U T H O R IT Y TO P U R C H A S E .
In trade w ith Orient, 926.

BA N C O D I S IC IL IA .
Condition, 82.
BANK.

(See Banks.)

A U T O M O B IL E P A R T S .
Not readily marketable staples, 699.

B A N K D E B IT S .
(See Clearing-house deb it statements.)

A U T O M O B IL E T R U C K S , 191.

BANK LOANS.
Warehouse receipts as collateral for, 1314.

A U T O M O B IL E S , 518, 785, 913, 1040, 1159, 1276, 1391.
Shipments of, 979, 1097, 1216, 1332, 1452.
(See Business, industry, and finance; Physical volum e
of trade; Rulings, Federal Reserve Board; W h ole­
sale trade.)

BAN K NOTES.
(See Federal Reserve bank notes;
notes; National bank notes.)

A V E R A G E L O A N S A N D D IS C O U N T S .
(See N ew Y ork C ity banks.)

B A N K O F A L G E R IA .
Advances to French Government, 177.

AVERAGE RATES.
(See Discount and open-market operations.)

B A N K O F B E L G IU M .
Condition, 1913-1920, 262, 1296.

A V ERA G E SALES.
(See R etail trade.)

BAN K OF COPEN HAGEN.
Condition, 1914-1920, 612.

AVERAGE STOCKS,
(See Retail trade.)

BAN K OF ENGLAND.
A dvances to Government, 78, 197, 420, 1020, 1143,
1257, 1374, 1499.
Condition, 1913-1921, 78, 260, 420, 570, 764, 891, 1023,
1143, 1257, 1298, 1374, 1383.
D iscount rates, 78, 374, 420, 554, 568, 803, 954, 1304,
1374, 1499.
Discounts of French treasury bills, 181.
Note circulation, 1914-1920, 570, 571.
Reserve ratios, 1023.
War finance. E ffect on, 569.
(See Great Britain.)

B.
B A C H I, P R O F . R IC C A R D O .
Business and financial conditions, Italy, 437.
New Italian in dex number. Wholesale prices, 465.
B A L A N C E O F IN D E B T E D N E S S .
(See B alance of trade.)
BALANCE OF TRA DE .
Am erican shipping earnings and, 400.
France, 557.
India, 30.
Italy, 83, 558.
Netherlands, 1196.
U nited States,, 902, 1261.
(See Im ports and exports; foreign trade.)

Federal Reserve

B A L A N C E S D U E T O F O R E IG N B R A N C H E S , 815.
(See Reserves.)

B A N K O F FR A N C E .
Advances to Government, 80, 176, 177, 200, 277, 321,
425, 555, 608, 693, 764, 891, 1020, 1258, 1143, 1374,
1384, 1499.
Condition, 80, 176, 177, 200, 260, 321, 425, 608, 693,
764, 891, 1020, 1023, 1258, 1297, 1374, 1383, 1499.
Discount rates, 956.
Report, 1920, 434.
Note circulation, 1914-1920, 177.

B A L A N C E S ON O PE N A C C O U N T .
U nited States and foreign nations, 1401-1407.

B A N K O F IN D IA .
(See Im perial Bank of In dia.)

B A L A N C E S OW ED T O U N IT E D S T A T E S , 1262.

B A N K O F IT A L Y .
Condition, 611, 1025, 1298, 1384.

B A L T IM O R E B R A N C H .
Federal Reserve Bank of R ich m on d.
B A N K D E B IT S .

(See Clearing-house bank

debits.)

BANK DIVID END S, GERM AN Y, 959.




Directors, 67.

BAN K OF JAPAN .
Condition, 87, 2Q8, 326, 610, 766, 893,1022,1144, 1260,
1300, 1376, 1501.

Prices, wholesale, Tokio.
1105, 1225, 1341.

Index number, 77, 195,

7

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

B A N K OF N ETHERLAN DS.
A dvances to Government, 434, 1197.
Condition, 262, 434, 812, 1025, 1197, 1299.

B E L G IU M .
Capital issues, 1266.
Gold reserves, 1913-1921, 676, 677.
Investm ent trusts, 64.
R eserve ratios, 1904, 1913, and 1921, 1295, 1296.
(See Bank of B elgium .)

BAN K OF N O RW AY.
Condition, 611.
B A N K O F S P A IN .
Condition, 260, 1024.

B E R L IN .
Cost of livin g, 428, 605, 695, 728, 809, 847, 993, 1072,
1109, 1229, 1345, 1468.
E xchange in foreign countries, 84, 326, 959.
(See Foreign exchange.)
Marks. Francs to, 322.

B A N K O F SW ED EN .
Condition, 612.
B A N K R E O P E N E D , 1198.
BAN K ERS’ ACCEPTANCES.
(See A ccep ta n ce m arket; A cceptances; D iscount and
open-m arket operations; D iscount rates; Federal
Reserve Bank and branch cities.)
B A N K E R S ’ C L E A R IN G -H O U S E R E T U R N S .
London, 79.
B A N K E R S ’ D E P O S IT S , 288, 290.
B A N K E R S ’ L I V E -S T O C K L O A N
775.

C O R P O R A T IO N ,

B IG F IV E B A N K S , LO N D O N .
Expansion, 295.
B IL L O F L A D IN G D R A F T S .
Federal Reserve Banks can not give cred it on d e ­
mand, sent for collection in advance o f actual
paym ent, 1080.
B IL L S .

B A N K E R S , P R IV A T E .
(See Private bankers.)

(See M aturity.)

B A N K IN G A N D T O B A C C O , 1291.
B A N K IN G C O N D IT IO N S , 12, 133, 140, 270, 283, 381,
509, 512, 654, 770, 780, 908, 1029, 1034, 1153, 1270,
1351, 1385, 1475.
(See Business and financial conditions; Business,
industry and finance; Condition, banks;
Condition, mem ber banks; and foreign banks
b y nam e.)
B A N K IN G C O N D IT IO N S A B R O A D , 1383, 1384.
B A N K IN G E L A S T IC IT Y , 1149.
B A N K IN G E X P A N S IO N .
British banks, 295, 296, 297.
Scandinavian, 1433.
Sweden, 203.
B A N K IN G L A W S .
Am endm ents to—
Sec. 11 (m ), 73, 310.
Sec. 25 (a), Federal Reserve A ct, 310, 817.
U. S. R evised Statutes—
Qualifications of national bank directors, 549.
Sub treasuries abolished, 33.
(See State banking laws.)
BANKS.

(See Bank; Methods of c it y banks, e tc.;

BERTH RATES.
Ocean shipping, 405, 406, 407.

New Y ork

c ity banks.)
B A N K S , C L O S E D , 1078, 1434.
B A N K S IN H A N D S O F S T A T E A U T H O R IT IE S , 1434.
B A N K S O F IS S U E .
Condition of foreign, 9, 260, 427, 439, 611, 765, 1023,
1295, 1296, 1375, 1500.
Condition of 3 Italian, 439.
Condition of Italian, 765, 1375, 1500.
(See Condition.)

B IL L S B O U G H T .
(See D iscount and open-m arket operations; Earning
assets.)
B IL L S D IS C O U N T E D .
(See D iscount and open-m arket operations; Earning
assets.)
B IL L S D IS C O U N T E D
(See Maturities.)

B IL L S O F L A D IN G .
Requirem ents of Regulation A , 1920, Section B, satis­
fied on ly b y production of original. (See Rulings,
Federal Reserve Board; Secu rity), 191.
(See, supra, B ill of lading drafts.)
B IL L S

P A Y A B L E , 51, 52, 54.

(See New Y ork C ity banks.)
B IL L S

PURCHASED.

(See D iscount.and open-m arket operations.)
B IL L S R E C E IV A B L E , 542, 543.
(See Methods of New Y ork City banks, etc.)
B IR M IN G H A M B R A N C H .
Federal Reserve Bank of Atlanta.

B O L IV IA .
(See South A m erica.)
B O L S H E V IK G O V E R N M E N T .
E xchange restrictions rem oved, 69.
B O N D S G IV E N T O U N IT E D S T A T E S .
B y France in exchange for arm y stocks, 179.
BON DS, T E R MEULEN.
(See Ter M eulen bonds.)
B O O TS AND SH O ES.
(See W holesale trade.)

BANKS.

BRANCH BANK.
(See Foreign branch.)

R E L A T IO N T O F O R E IG N T R A D E , 1266.

B A R C L A Y & C O ., L T D .
E xpansion, 296.
B A S IC L IN E .
Borrowings from Federal R eserve Banks com pared
w ith. 1050.




Directors, 67.

B O A R D O F T R A D E , G R E A T B R IT A IN .
New in d e x numbers of prices, 294, 424, 1304, 1342.
(See British Board of Trade.)

B AN K S OF IT A L Y , N A P LE S, AND S IC IL Y .
Condition, 82, 427, 1298.

B A N K S R E O P E N E D , 1198.

AN D B O U G H T .

BRAN CH B A N K S, FEDERAL RESERVE.
Authorized to perform subtreasury functions, 33.
Directors of, 67.
H elena branch opened, 141,
List of branches, 67.
(See Branches, b y nam e,)

8

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN,

B R A N C H E S , F O R E IG N .
Curtailment of, b y banks in U nited States, 1267.
Reserves against balances owed b y parent bank, 815.
B R A Z IL .
Capital issues, 1266.
Exports and im ports, 574.
(See same, principal heading.)
Foreign exchange, 575.
Foreign trade, 574.
Prices, wholesale, in U nited States, of goods in export
trade of, 573.
(See B anco do B razil; R io de Janeiro; South Am erica.)
B R IT IS H B O A R D OF T R A D E .
Carrying charges. Per cent of value of exports, 403.
(See Board of Trade, Great B ritain.)
B R IT IS H

F IN A N C E D U R IN G W A R , 563.

B R I T I S H F L O A T IN G D E B T .
Since armistice, 173.

C R E D IT , 1149.

B U S IN E S S A N D P R O D U C T IO N , 772.
B U S IN E S S C O N D IT IO N S , 142, 264, 273, 291, 377, 384,
508, 510, 514, 653, 656, 781, 904, 907, 909,1036,1147,
1152,1155,1261.
In dexes of, 907, 1269.
France, 1191, 1423.
U nited States—
M ethod of reporting, 291, 396.
R eview , 1921, 25, 767, 849.

B U S IN E S S , D O M E S T IC AN D F O R E IG N , 1261.
B U S IN E S S F A IL U R E S .
(See Com mercial failures.)

B R IT IS H T R E A S U R Y .
(See Great Britain.)
B R U S S E L S IN T E R N A T IO N A L C O N FE R E N C E .
Committee on p u b lic finance, 181.
League of Nations, 181.
Ter M eulen bonds, 181.
BUDGET.
Austria, 207.
France, 79, 80, 138, 175, 198, 692, 804, 1075, 1306,
1382, 1424.
Germany, 325, 561, 808, 958, 1259, 1308, 1382, 1429.
Great Britain, 317, 554, 690, 803, 1381.
Italy, 323, 1076, 1381, 1382.
United States, 1381, 1382.
B U D G E T S , F O R E IG N , 79, 80, 138, 175, 198, 207, 325,
561, 692, 804, 808, 958, 1076, 1306, 1308, 1377, 1382.
B U E N O S A IR E S .
E xchange in foreign countries, 575.
Directors, 67.

B U IL D IN G C O N D IT IO N S , P E R M IT S , E T C ., 21,150,
279, 390, 522, 662, 788, 835, 917, 981, 1044. 1098,
1163, 1219, 1280, 1335, 1396, 1455.
(See Business, industry, and finance; Physical v ol­
um e of trade.)
B U L G A R IA .
W holesale prices, 1463.
B U R E A U O F IN T E R N A L R E V E N U E .
Regulations. R even ue stamps on tim e drafts, 310.
B U S IN E S S A N D F IN A N C E .
Italy, 437.
B U S IN E S S A N D F IN A N C IA L C O N D IT IO N S .
Abroad, 420, 552, 689, 802, 952, 1068, 1178, 1420, 1423,
1425, 1428, 1431.
Austria, 206.
France, 79, 198, 320. 423, 555, 608, 691, 764, 804, 891,
955, 1023, 1074, 1143, 1189, 1258, 1305, 1423, 1499!
Germany, 83, 201, 324, 428, 559, 609, 694, 765, 808, 958,
1021,1070,1145,1193,1259,1308,1376,1428,1501.
Great Britain, 77, 195, 317, 420, 552, 608, 689, 764, 802.
891, 952, 1023, 1068, 1143, 1186, 1257, 1302, 1374,
1420, 1499.
Italy, 82, 322, 426, 437, 557, 609, 693, 765.
Japan, 86, 208, 326, 610, 766, 1022, 1144, 1260, 1376,




B U S IN E S S A N D

B U S IN E S S , D O M E S T IC , 1152.

B R I T I S H IN D IA .
Exports and im ports, 1910-1920, 30.
Gold exports and im ports, 679.
Gold production, 1910-1920, 678.

BUFFALO BRAN CH .
Federal Reserve Bank of New Y ork.

B U S IN E S S A N D F IN A N C IA L C O N D IT IO N S — Con.
Netherlands, 431, 812, 1195.
Sweden, 203, 327, 429, 561, 610, 696, 766, 810, 960,
1022, 1072, 1144, 1259, 1375, 1500.
U nited States, 14, 142, 273, 384, 514, 656, 781, 909,
1036, 1155, 1272, 1387.

B U S IN E S S , I N D U S T R Y , AN D F IN A N C E .
D ec., 1920, 14; Jan., 1921, 142; F eb ., 1921, 273;
1921, 384; A pr., 1921, 514; M ay, 1921, 656;
1921, 781; July, 1921, 909; Aug., 1921,
Sept., 1921, 1155; O ct., 1921, 1272: N ov.,
1387.

Mar.,
June,
1036;
1921,

B U S IN E S S T U R N O V E R T A X .
France, 555.
B U S IN E S S , V O L U M E O F, 510, 904.
(See Business and financial conditions; Business,
industry and finance.)
C.
C A IR O , E G Y P T .
W holesale prices, 1463.
CALCUTTA.
W holesale price in d ex numbers, 1913-1920, 77, 88,
195, 209, 329, 463, 464, 604, 723, 726, 842, 846, 992,
1105, 1109, 1225, 1229, 1341, 1344, 1463, 1467.
C A L L M O N E Y R A T E S , 375.
CANADA.
Balance on open account ow ed b y U nited States to,
1403.
Capital issues, 1266.
Chartered banks. Condition, 1299.
Corporation issues, 1266.
Deposits, note circulation, and reserves, 1904-1921,
1299.
D om inion notes, 1299.
G old im ports and exports, 679. *
Gold production, 1910-1920, 678.
G old reserves, 1913-1921, 676, 677.
Governm ent loans, 1266.
N ote circulation, 1904, 1913, 1921, 1295, 1296,1299.
Prices. In d ex. W holesale, 1913-1920, 77, 89, 195,
210, 328, 463, 464, 604, 723, 726, 842, 846, 991,
1105, 1108, 1225, 1228, 1341, 1344, 1463, 1467.
R eserve ratio, 1904, 1913, 1921, 1295, 1296,1299.
C A N A L , S A U L T S T E . M A R IE .
(See Ph ysical volu m e of trade.)
C A N C E L L A T IO N O F O R D E R S , 135, 267, 905.
E ffect of, on foreign trade, 905.
C A P IT A L .
States, banks, and trust com panies adm itted, 68, 188,
307, 415, 551, 698, 814, 961, 1Q78* U Q 8 ,1316, 1434.
%(Se$ Resources and liabilities.)

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

C A P I T A L IS S U E S .
Foreign countries, 1266.
France, 1258, 1374, 1499.
G erm any, 1259, 1376, 1501.
Great Britain, 1020, 1257, 1374, 1499.
C A P I T A L , P A ID IN .
R elation to net earnings of Federal Reserve Banks,
673.
C A P IT A L S T O C K .
Foreign banking corporations.
banks to in vest in, 71.

R igh t

of

national

CARPETS.
(See Business, industry, and finance.)
C A R R IE R S .
H ague rules as to, 1292.
C A R R Y IN G C H A R G E S.
(See British Board of Trade.)
CARS.

(See P h ysical volu m e of trade.)
CASH RESER VES.
Chart. G ov. H ardin g’s address, 672.
(See D iscount and open-m arket operations; Reserves;
Resources and lia b ilities.)
CASSEL, G U STAV.
Swedish currency circulation, 203.
CATTLE.
A ccep ta n ce against shipping docum ents covering, 815.
C ATTLE LOANS.
Market rates. (See Federal R eserve Bank and branch
cities.)
C E M E N T , 1093, 1216, 1331, 1451.
(See Physical volu m e of trade; W holesale prices.)
C E N T R A L A M E R IC A .
(See North A m erica.;
C E N T R A L B A N K S O F IS S U E .
(See Banks of issue; C ondition; European central
banks.)
CEN TRAL POW ERS.
Balances on open accou nt ow ed b y U nited States
to, 1406.
C E R T IF IC A T E S O F IN D E B T E D N E S S .
(See U. S. certificates; U. S. Treasury certificates.)
C H A IN R E L A T IV E S , 46.
(See New Y ork City banks.)
C H A N G E O F N A M E , 68,
1198, 1316.

307,

416,

551,

961,

1078,

C H A N G E S IN A G R IC U L T U R A L A N D I N D U S T R IA L
LOANS.
Federal R eserve Banks. Mar. 4, 1920-Apr. 28, 1921,
1049.
C H A N G E S IN C O N D IT IO N .
Federal Reserve Banks. (See Assets and liabilities.)
C H A N G E S IN W A G E S , 526.
(See W ages.)
C H A R G E S , C O L L E C T IO N .
(See Clearing system .)
C H A R T E R M A R K E T , 405.
CH ARTERED BAN KS OF CANADA.
C ondition, 1299.
C H A R T E R S , N EW , 69, 189, 307, 417, 551, 698, 814, 962,
1081, 1200, 1315, 1436,

(See National banks.)




9

CH ARTS.
Assets and liabilities. M ovem ent of—
Federal R eserve Banks, 475, 622, 737, 865, 999,
1116, 1236, 1238, 1352, 1475.
R eporting m em ber banks, 481, 628, 744, 871, 999,
1116,1236,1352,1475.
(See Earning assets.)
Balances on open accou nt owed b y U nited States to
foreign countries, 1405.
Bank of England—
. Condition, 570.
Deposits and securities, 570.
Bank of France. Condition, 180.
British Treasury receipts, 566.
Cash reserves, Federal Reserve Banks, 27, 672.
Changes in con dition —
Federal Reserve Banks, 1352.
M em ber banks, 1352.
Currency notes, Great Britain, 570.
D ebits to in d ivid u a l account. R eporting mem ber
banks at clearing-house centers, 635, 751, 877,
1009, 1128, 1247, 1361, 1489.
D eposit and note liabilities, Federal Reserve Banks,
27,672.
D iscount rates, British Treasury bills, 568.
Earning assets, 26, 672.
(See Assets and liabilities.)
Earnings, Federal Reserve Banks, 1920, 673.
Federal Reserve note circulation, 672.
Foreign exchange in d ex num bers, 1018, 1142, 1257,
1373, 1498.
French war financing, 180.
G old exports and im ports, 1918-1921, 680.
Gold reserves of principal countries before and since
the war. 677.
Great Britain—
British Treasury. Quarterly receipts, 1914-1920,
566.
Currency notes, 570.
Im ports and exports. M erchandise, 672.
Ita ly—
Circulating notes, 1179.
P u b lic debt, 1179.
R even ue, 1178, 1180.
W ar financing, 1178.
Loans and discounts. E leven New Y ork city banks,
1913-1919, 44, 48.
M ovem ent of com m odities, 335, 448, 586, 708, 824,
971, 1089, 1208, 1333, 1444.
N ew Y ork City banks. D a ily average—
Loans and discounts of issue, 1913-1919, 48.
Loans and discounts for eleven, 44.
P h ysical m ovem en t of trade, 335, 448, 546, 708, 824,
971, 1089, 1208, 1323, 1444.
Prices. In d ex num bers, wholesale, 90, 212, 330,
331, 443, 579, 580, 581, 583, 672, 703, 819, 966,
1083, 1201, 1317.
Silver—
M elting price of silver currencies, 937.
Price of, and w holesale price in dex, 937.
T ob a cco districts. Map, 1057.
W holesale prices, U nited States, 90, 212, 330, 442,
580, 703, 819, 966, 1083, 1201, 1317, 1437.
C H E C K C L E A R IN G A N D C O L L E C T IO N .
(See Clearing system .)
C H E C K S , P R E S E N T A T IO N O V E R C O U N T E R .
T e x t of decision. U. S. Supreme Court. Am erican
Bank and Trust Co. v. Federal Reserve Bank of
Atlanta, 700.
C H IL E .
Balances on open accou nt due from U nited States to,
1404.
Capital issues, 1266.
E xports and im ports, 574.

10

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN.

C H I LE— C ontinued.
Foreign exchange, 575.
Foreign trade, 574.
Prices, wholesale, in U nited States, of articles in
export trade of, 573.
(See B anco de Chile; South Am erica; Valparaiso.)
C H IN A .
Balances on open account due from U nited States to,
1403.
E xports and im ports, 1914-1921, 938.
G old and silver exports and im ports, 679, 938.
(See A sia; H ongkong; Shanghai.)
C H R IS T IA N IA .
W holesale prices. In dex, 723, 726, 842, 845, 991,
1105, 1108, 1225, 1228, 1341, 1343, 1463, 1466.
C IN C IN N A T I B R A N C H .
Federal Reserve Bank of Cleveland.

Directors, 67.

C IR C U L A T IO N . P R IN C IP A L C O U N T R IE S ,
1921, 1295.
(See also principal countries b y nam e.)

1904-

C L O S E D B A N K S , 961, 1078, 1434.
C L O T H IN G , 662, 1042, 1278, 1393.
(See Business, industry, and finance.)
COAL.

(See Business, industry, and finance; M ovem ent of
com m odities; Ph ysical volu m e of trade; W h ole­
sale prices.)
CO AL IM P O R T S .
France, 320.
C O A L P R O D U C T IO N .
France, 320, 1191, 1307, 1425.
Germ any, 429, 960, 1194.
Great Britain 79,198, 319, 422, 554, 689, 690, 952,1068,
1189, 1305, 1423.
Italy, 441.
U nited States, 18, 99, 144, 222, 275, 340, 386, 454, 517,
592, 659, 714, 784, 830, 912, 976, 1039, 1093, 1158,
1213, 1275, 1328, 1390, 1448.
C O A L S T R IK E .
Great Britain, 552, 689, 804, 952.

C I T R U S F R U IT S .
(See P h ysical volu m e of trade; Prices.)

C O FF E E .
Warehouse receipts covering, 418.

C IT Y B A N K S.
(See Methods of, etc.: New Y ork City banks.)

C O IN AN D B U L L IO N .
(See Great B ritain; M oney in U nited States.)

C L A S S E S O F A C C E P T IN G IN S T IT U T IO N S AN D
ACCEPTORS.
(See Condition; D iscount and open-m arket opera­
tions.)

COKE.

C LA SSE S OF PAPER.
(See D iscount and open-m arket operations.)
C L A S S I F I C A T IO N O F B A N K S , 55.
(See N ew Y ork City banks.)
C L A S S I F I C A T IO N O F L O A N S A N D D IS C O U N T S .
State banks and trust com panies. Member, 257, 499,
889, 1140.
C L E A N -U P R E Q U IR E M E N T S , 539.
(See Methods of city banks, etc.)
C L E A R I N G A N D C O L L E C T IO N .
(See Clearing system .)
C L E A R IN G -H O U S E B A N K S .
Condition of nine London, 420, 608, 764, 1143, 1257,
1374, 1499.
Paris. D aily clearings, 1499.
(See N ew Y ork C ity banks.)
C L E A R IN G -H O U S E D E B IT S T A T E M E N T S , 104,
228, 347, 487, 510, 634, 750, 877, 1009, 1128, 1247, 1361,
1488.
C L E A R IN G -H O U S E R E T U R N S .
Ita ly , 439.
L on don bankers, 79.
C L E A R IN G S Y S T E M .
C ollection of dem and b ill of lading drafts, 1080.
D ecision in Am erican Bank & Trust Co. v. Federal
R eserve Bank of Atlanta. U. S. Suprem e Court.
T e x t, 700.
Gold settlem ent fund transactions, 345, 756, 880, 1012,
1131, 1250, 1364, 1491.
Y ear ending June, 1921, 850.
Im m ediate credit. D em and bill of lading drafts,
1080.
Operations, 113, 244, 362, 491, 639, 755, 850, 881,
1013, 1132, 1251, 1365, 1492.
Y ear ending M ay 15, 1921, 850.
Par and nonpar list, 113, 244, 362, 491, 639, 755, 850,
881, 1013, 1132, 1251, 1365, 1492.
C L E A R IN G S O F P A R IS B A N K S , 1374,




(See Physical volu m e of trade.)
C O L D -S T O R A G E C O M P A N IE S .
E lig ib ility of paper of, 308.
C O L L A T E R A L F O R B A N K L O A N S , 1314.
(See Methods of city banks, e t c .; Warehouse receipts.)
CO LLATERA L FOR FEDERAL
NOTES.
Fiscal year 1921, 856.

RESERVE

BANK

C O LLATERA L LOANS. ST O C K EXCH AN GE.
Market rates. (See Federal Reserve Bank and
branch cities.)
C O L L E C T IO N O F C H E C K S .
(See Clearing system .)
C O L L E C T IO N O F D E M A N D B IL L O F L A D IN G
D RAFTS.
Federal Reserve Banks can n ot give credit for, u ntil
collected, 1080.
C O L O M B IA .
Gold exports and im ports, ‘679.
(See South A m erica.)
C O M M E R C IA L F A IL U R E S .
N ov., 1920, 69; D ec., 1920, 189, 190; Jan., 1921, 307;
F eb ., 1921, 417; Mar., 1921, 5,50; A pr., 1921, 698;
May, 1921, 817; June, 1921, 962; July, 1921,
1081; A ug., 1921, 1200; Sept., 1921, 1316; O ct.,
1921, 1434.
Y ear 1920, 189.
C O M M E R C IA L F A IL U R E S , SW E D E N , 697,1375,1500.
C O M M E R C IA L L E T T E R S O F Q R E D IT , 158, 168, 410,
413, 681.
C O M M E R C IA L P A P E R .
Business, 920, 1052.
Must b e made or indorsed b y a party to the com m ercial
transaction out of w hich it arises, 1079.
Notes of irrigation com panies held to be, and not
agricultural paper, 964.
Purpose of original negotiation determines eligibility
of, 1199.
Notes of packin g and marketing associations and cor­
porations are, and not agricultural paper, 1312.

11

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN.

C O M M E R C IA L P A P E R — Continued.
Market rates. (See Federal Reserve Bank and branch
cities.)
(See Cooperative marketing associations; Discount
rates; D iscount and open-m arket operations; R u l­
ings Federal Reserve Board; E ligible paper.)
C O M M E R C IA L P A P E R B U S IN E S S , 920,1052.
C O M M IS S IO N .
(See M onetary com mission, In dia.)
C O M M IS S IO N ON P U B L IC F IN A N C E .
Brussels International Conference, 181.
C O M M IS S IO N , R E P A R A T IO N S .

Report, 1430.

C O M M O D IT IE S .
(See M ovem ent of com m odities; R etail prices; W hole­
sale prices.)
C O M M O N W E A L T H B A N K O F A U S T R A L IA .
N ote issues transferred from the Treasury to, 301.
C O M P A R A T IV E P R IC E S .
(See W holesale prices.)
C O M P A R A T IV E R E T A IL P R IC E S .
Principal countries, 727, 728, 847, 993, 1109, 1229,
1345, 1461, 1468.
(See In d e x num bers; Prices; Retail prices.)
C O M P A R A T IV E W H O L E S A L E P R IC E LE V E LS.
Principal countries, 463, 601, 723, 841, 988, 1105, 1225,
1340, 1437, 1461.
(See In d ex num bers; Prices; Wholesale prices.)
CO M PTRO LLER OF CU RREN CY.
D. R . Crissinger appointed, 383.
U. S. Revised Statutes, section 5190, construed, 547.
A cceptances can on ly b e given at principal office
of a national bank, 547.
C O N D IT IO N .
(See Changes in con dition, Federal Reserve Banks.)
C O N D IT IO N , B A N K S .
Banca Commerciale Italiana, 427.
B anca d ’ Italia, 427.
Banca Italiana d i Scon to, 427.
Banco do Brazil, 578.
Banco de Chile, 578.
Banco de la N acion, 578.
Banco di Napoli, 427.
B anco di Rom a, 427.
B anco di Sicilia, 427.
Bank of Belgium , 262, 1296.
Bank of Copenhagen, 612.
Bank of England, 260, 420, 891, 1020, 1024, 1143, 1257,
1298 1374 1383 1384.
F iv e British joint-stock banks, 295, 298, 571, 803.
N ine London clearing-house banks, 420, 608, 764,
891, 1020, 1143, 1257, 1374.
Bank of France, 80, 260, 425, 608, 693, 1020, 1025,
1258, 1296, 1374, 1499.
Bank of Italy, 611.
Banks of Italy, Naples, and S icily, 82, 427, 1298,
1384.
Credito Italiano, 427.
Italian banks of issue, 439, 609, 765, 892,1021, 1145,
1258, 1375, 1384, 1500.
Italian join t stock banks, 440.
Private banks of Italy, 427, 609, 765, 892, 1021,
1145, 1258, 1375, 1384, 1500.
Bank of Japan, 87, 208, 610, 766, 893, 1022, 1144, 1260,
1300, 1376, 1501.
T okio banks, 610, 766, 893, 1022, 1144, 1260, 1376.
Bank of Netherlands, 262, 434, 812, 1025, 1197, 1299.
B ank of Norway, 611.
Bank of Spain, 261, 1025,




C O N D IT IO N , B A N K S — Continued.
Bank of Sweden, 612.
(

n ilr ia n c n ilr i

B ig five banks in England, 295, 298, 571, 803.
Chartered banks of Canada, 1299.
European banks of issue, 1913-1921, 9, 82, 260, 427,
439, 611, 765, 1023, 1295, 1296, 1375, 1500.
Federal Reserve Banks. (See Assets and liabilities;
Resources and liabilities.)
French banks, 1424.
German Reichsbank. (See, infra, R eichsbank.)
Javasche bank, 1197.
Joint-stock banks
Great Britain, 298, 571, 803.
Italy, 440.
Sweden, 431, 610, 766, 893, 1022,1144, 1259,1375,
1500.
London clearing house banks, 420, 608, 764‘ 891, 1020,
1143, 1257, 1374, 1499.
M em ber banks. (See Assets and liabilities; Condi­
tion, mem ber banks ; M ember bank condition state­
m ent.)
Netherlands bank. (See, supra, Bank of N ether­
lands.)
Reichsbank, 84, 261, 429, 431, 610, 958, 1022, 1024,
1145, 1259, 1296, 1309, 1376, 1383.
R eporting mem ber banks. (See Assets and liabilities;
Mem ber banks )
R eview , Federal Reserve Banks, 1920, 25, 767, 849.
Riksbank, Sweden, 612, 1375, 1500.
Tokio banks, 610, 766, 893, 1022, 1144, 1260, 1376,
1501.
(See also principal countries, b y nam e.)
C O N D IT IO N , M E M B E R B A N K S , 12, 120, 140, 245, 255,
258, 259, 270, 363, 376, 381, 480, 497, 500, 512,
628, 655, 743, 780, 851, 871, 886, 888, 908, 1006,
1034, 1124, 1154, 1244, 1270, 1358, 1385, 1484.
Abstract of, 255, 497, 851, 886, 1137.
C O N D IT IO N , M E M B E R
STATE
BANKS
AND
T R U S T C O M P A N IE S , 255, 1137, 1138, 1139, 1140.
(See Condition, m em ber banks.)
C O N D IT IO N , R E T A IL T R A D E .
(See R etail trade.)
C O N D IT IO N , W H O L E S A L E T R A D E .
(See Wholesale trade.)
CONFERENCES.
Federal A dvisory Council, 272, 655, 1271.
Governors, 382, 513, 1271,
Governors and directors, 382, 513, 1271.
Lim itation of armaments. Washington, 1383.
R eporting of business conditions, 272.
C O N S E R V A T IO N O F R E S O U R C E S , 3.
C O N S IG N E D G O O D S .
A cceptances against, 419.
(See Rulings, Federal Reserve Board.)
C O N S O L ID A T IO N L O A N S .
France, 179, 180.
C O N S O L ID A T IO N S , 69, 698, 1078, 1198, 1316.
CO N TROL OF EXCH AN GE.
(See Foreign exchange operations.)
C O N V E R S IO N O F B A N K S ,
1078, 1198, 1316, 1434.

68,

307, 416,

551, 814,

C O O P E R A T IV E M A R K E T IN G A S S O C IA T IO N S .
Bankers’ acceptances drawn b y , against warehouse
receipts covering agricultural com m odities, 963.
Growers’ drafts accepted b y, 1199.
Notes of, are com m ercial and not agricultural paper,
1312,

12

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

C R E D IT C O N D IT IO N S , 1147.
(See Business conditions; Business, industry, and
finance.)

COPELAND, M. T.
Business a ctivity statistics, 291.
COPEN HAGEN.
(See Bank of Copenhagen.)

C R E D IT , C R O P M O V IN G , 775, 1027, 1030.

C O P P E R P R O D U C T IO N , 978, 1095, 1214, 1329, 1449.
(See Business, industry, and finance; Physical volum e
of trade; Wholesale prices.)
C O R N , P R O D U C T IO N , 983, 1099, 1206, 1334.
C O R P O R A T IO N IS S U E S , F O R E IG N C O U N T R IE S ,
1266.
(See Foreign loaijs.)
CORRESPONDENTS.
A u th ority of national banks to appoint, to issue
letters of credit and acceptances, 547, 648.
(See M ethods of city banks, etc.)
C O S T O F L IV IN G .
France, 200, 807, 1306.
Germ any—
Berlin, 428, 559, 605, 695, 728, 809, 847, 993,1072,
1109, 1229, 1345, 1429, 1468.
Frankfort, 559, 809.
Great Britain, 79, 198, 319, 421, 605, 728, 847, 953, 993,
1070, 1109, 1189, 1229, 1345, 1423, 1468.
Italy, 807.
Sweden, 1074.
(See Retail prices.)
COTTON.
A verage freight rates, 407.
Crops, 983, 1099, 1206, 1334.
Financing of, 1066.
Reports on condition, 274, 384, 515, 657, 782, 910,
1037, 1156, 1273, 1388.
C O T T O N , C O T T O N S , 16, 146, 274, 277, 278, 384,385,
515, 518, 657, 661, 782, 785, 786, 910, 914, 1037,
1040, 1156, 1158, 1160, 1273, 1277, 1388, 1392.
(See Business, industry, and finance; Physical volum e
of trade; Wholesale prices.)
C O T T O N F A B R IC S , 1, 23, 152, 284, 285, 458, 597, 719,
836, 985, 1101, 1220, 1336, 1456.
(See Finished cotton fabrics.)
COTTON

F IN A N C IN G

F O R E X P O R T , 1066.

C O T T O N SE E D , 220, 339, 453, 590, 713, 828, 974, 1091,
1211, 1326, 1446.
(See Physical volum e of trade.)

C R E D IT D E M A N D S , 1031.
C R E D IT , D IS C U S S IO N O F, 7, 379,
1267.

503, 646, 1147,

C R E D IT , F O R E IG N , 7, 379, 503, 646, 1267, 1378.
Brussels conference, 181.
Fraser, Sir Drum m ond, 1378.
G eneva Conference, 10.
H on. H erbert H oover, 1380.
Ter M eulen plan, 181, 1378.
War Finance Corporation, 1030, 1379.
C R E D IT , F R O Z E N , 1151.
C R E D IT , L E T T E R S O F.
(See A ccep tan ce letters of credit.)
C R E D IT P O L IC Y , F E D E R A L R E S E R V E S Y S T E M ,
895.
C R E D IT P R O S P E C T S , 503.
C R E D IT , P U B L IC , 1148.
C R E D IT , S T A T E M E N T .
Made b y Joint Agricultural Commission, 1030.
C R E D IT ,
1380.

WAR

F IN A N C E

C R E D IT S A B R O A D .
C R E D IT S
175.

VOTED

C O R P O R A T IO N ,

1030,

B Y U N IT E D S T A T E S , 1262.
BY

FRENCH

P A R L IA M E N T ,

C R IS S IN G E R , D . R .
Confirmed b y United States Senate as Comptroller
of the Currency, 383.
C R O P S , 15, 274, 959, 983, 1027, 1029, 1099, 1206.
Estimates, 983, 1099, 1206, 1334.
France, 424, 956.
Germany, 959.
H eld on farms, 377.
Italy, 1426.
Marketing of, 4.
Orderly marketing of. G ov. Harding, 4.
M oving of, credit for, 775, 1027, 1030.
T obacco, value, 1059.
(See Business, industry, and finance.)

C O T T O N S T O C K S , 97, 220, 338, 452, 590, 712, 828,
1091, 1211, 1326, 1446.

CRUDE PETROLEUM .
(See Business, industry, and finance; Physical v o l­
ume of trade; Wholesale prices.)

C O T T O N T E X T IL E IN D U S T R Y .
Reports on, 16, 146, 277, 388, 519, 660, 785, 914, 1041,
1160, 1277, 1392.

CUBA.
Capital issues, 1266.
Moratorium, 302.

COUNSEL OF FEDERAL R ESER VE BO ARD .
(See Rulings, Federal Reserve Board.)
•
COUNTER.
Presentation of checks over, 700.
(See Am erican Bank & Trust Co. v. Federal Reserve
B ank of Atlanta.)
C R E D IT .
(See Commercial letters of credit.)
C R E D IT A C T I V I T Y , 510.
C R E D IT , A G R IC U L T U R A L ,
1147, 1380.

775,

898,

1027,

1030,

C R E D IT A N D B U S IN E S S , 1149.
C R E D IT A N D

P R IC E S , 776, 1152.

C R E D IT , B R U S S E L S C O N F E R E N C E , 181.
C R E D IT ,

C H A N G E IN




CHARACTER

O F , 1268.

CURRENCY.
Circulation—
Denmark, 1433.
Foreign countries, 1295, 1383.
Germany. (See same.)
India, 29.
Italy, 1183, 1383.
Netherlands, 1197.
Norway, 1433.
Per capita, U nited States. (See M oney in
U nited States.)
Sweden, 203, 1433.
Exchange values of foreign, 794.
(See D utch East Indies; Exchange value of foreign
currency.)
CURRENCY NOTES.
Great Britain, 78, 197, 319, 420, 570, 764, 891, 1020,
1143, 1257, 1298, 1374, 1499,

13

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

CURRENCY PAYM ENTS.
(See Fiscal agency operations.)

DENVER BRANCH.
Federal Reserve Bank of Kansas City.

C U R R E N C Y R E C E IP T S A N D P A Y M E N T S .
June, 1920-May, 1921, 854.

D E P O S IT AN D N O T E L IA B IL IT IE S , 27, 769, 850.
(See Resources and liabilities.)

CURRENCY,
1264.

S P E C U L A T IV E

PU RCH ASES

O F,

C U R R E N C Y , S T O C K O F.
(See M oney in U nited States.)
C U R R E N T L IA B I L I T I E S , 546.
(See Ratio, q u ick assets, etc.)
C U R T A IL M E N T O F F O R E IG N B R A N C H E S , 1267.
CU STOM ERS’ PAPER.
Market rates. (See Federal Reserve Bank and branch
cities.)
Secured b y G overnm ent obligations. (See D iscount
and open-m arket operations.)
C U S T O M S T A R IF F .
(See Tariff.)
D.
D A R L E H N S K A S S E N S C H E IN E , 203, 429, 695,765, 892,
1021, 1145, 1296, 1376, 1383, 1501.
D E A L E R IN A C C E P T A N C E S .
D efinition, 1166.
D E A L IN G IN A C C E P T A N C E S , 1166.
D E B IT S , B A N K .
(See Clearing-house d eb it statem ents.)
D E B T , F L O A T IN G .
(See Floating d eb t; Great B ritain.)
D E B T , P U B L IC .
(See P u b lic d eb t).
DEBTS.

(See Floating debt; F unded deb t; P u b lic d eb t.)

D E P O S IT L IA B IL IT IE S .
(See Reserves; Rulings,
reserves.)

Federal

Directors, 67.

Reserve

B oard;

D E P O S IT O F F U N D S W IT H T R U S T C O M P A N Y T O
R E D E E M M A T U R IN G O B L IG A T IO N S , 1435.
D E P O S IT O F S E C U R IT IE S IN T R U S T D E P A R T ­
M E N T . 309.
D E P O S IT S .
Bank of France, 176, 200, 321.
E leven New Y ork City banks, 1913-1919, 286.
Federal Reserve Banks, 769, 850.
Fluctuation in gross, of 11 N ew Y ork City banks,
1913-1919, 286.
Great Britain, 78, 197, 319, 570.
Italy, 82.
Principal countries, 1904-1921, 1295,1383.
Ratio of reserves to, 1904, 1913, and 1921, 1296,1383.
(See Bankers’ deposits; Foreign deposits; G overn ­
m ent deposits; In dividual deposits; Overdrafts;
Resources and liabilities; Savings deposits.)
D E P R E C IA T IO N .
Percentage of. Foreign currencies, 1497.
D E T R O IT B R A N C H .
Federal Reserve Bank of Chicago.
D IG E S T , IN D E X .
Of Federal Reserve Bulletins,
Ham lin, 272, 383, 655.

Directors, 67.
1914-1920.

C.

S.

D IR E C T O R S .
Branches of Federal Reserve Banks, 67.

D E C IS IO N O F U N IT E D S T A T E S S U P R E M E C O U R T .
Check collection case, 700.

D IR E C T O R S , F E D E R A L R E S E R V E B A N K S .
Branches, 67.
Conference, 382, 513.
E lection of, 66.
(See Delano, F .)

D E C IS IO N S O F C O U N S E L .
(See Rulings, Federal Reserve Board.)

D IR E C T O R S ’ L IA B IL IT Y .
For bank guaranty of acceptance, 547.

D EED O F T R U S T , 1435.
(See Rulings, Federal Reserve Board; Reserves.)

D IR E C T O R S O F N A T IO N A L B A N K S .
A ct of Mar. 21, 1921. Qualifications of, 549.

D E F IN IT IO N S .
Commercial paper, 1079, 1199.
“ D ealer” in acceptances, 1166.

D IS C O U N T A N D O P E N -M A R K E T O P E R A T IO N S .
A cceptances, bankers’ and trade, in foreign and d o ­
m estic trade, and dollar exchange bills—
Discount, amount charged, 111, 471, 861.
Earnings on, and annual rate, 109, 233, 354, 471,
618, 734, 862, 997, 1114, 1234, 1349, 1473.
H oldings—
Average daily, 109, 233, 354, 471, 618, 734,
849, 862, 997, 1114, 1234, 1349, 1473.
B y classes of acceptances and of accepting
institutions, 112, 236, 355, 472, 619, 735,
863, 998, 1115, 1235, 1349, 1474.
Each m onth, 112, 236, 355, 472, 619, 735, 863,
998,1115,1235,1350,1474.
Y ear ending June 30, 849.
Maturities—
A cceptances purchased, classified b y m atu­
rities, 234, 616.
Average of acceptances purchased, 110, 234,
353, 470, 616, 733, 860, 997, 1113, 1233,
1348, 1472.
Purchased-—
—
Each m onth, 110, 234, 353, 470, 616, 733, 860,
996, 1113, 1233, 1348, 1471.
Quarterly, 111, 234, 471, 616, 861.

D E C ID U O U S F R U IT S .
(See Physical volum e of trade.)

D E F L A T IO N .
President of U nited States on, 506.
D ELAN O , F. A.
A pp oin ted Class C director, Federal Reserve Bank of
R ich m on d, 655.
D E M A N D B I L L O F L A D IN G D R A F T S .
Collection of, 1080.
(See Rulings, Federal Reserve B oard.)
DEM AND LOANS

O N R E A L E S T A T E , 546.

DENM ARK.
Balances on open account due from U n ited States to,
1403.
Capital issues, 1266.
G old reserves, 1913-1921, 676, 677.
Note expansion, 1433.
Value o f kroner, 1432.
W holesale prices. In d e x num bers, 723, 842, 1105,
1225, 1341, 1432, 1463.
(See B ank of Copenhagen; Neutrals; Scan din avia.)




14

INdEx -dIgest of federal Reserve bulletin .

D I S C O U N T A N D O P E N -M A R K E T O P E R A T IO N S — D IS C O U N T A N D O P E N -M A R K E T O P E R A T IO N S —
Continued.
C ontinued.
D iscoun ts for m em ber banks— Continued.
A ccep ta n ces, bankers’ and trade, in foreign and d o ­
V olu m e of b ills discou n ted — Continued.
m estic trade, and dollar exchange b ills —
B y rates charged, 110,470, 861, 996,1112,1233,
Continued.
1347, 1471.
Rates—
Distribution b y districts, based on com m on
A cceptances classified b y rates charged, 111,
maturity, 350, 466, 613, 730, 858, 996,
471, 861, 997, 1113, 1233, 1348, 1472.
1112, 1232, 1347, 1471.
Average annual rates of earnings on accept­
Dollar exchange bills purchased, 110, 234, 353, 470,
ances, 109, 233, 354, 471, 618, 734, 862,
616, 733, 860, 996, 1113, 1233, 1348, 1471.
997, 1114, 1234, 1349, 1473.
Earning assets. Average daily holdings, earnings,
Average rate charged, 110, 234, 353, 470, 616,
and annual rate of earnings, 109, 233, 354, 471,
733, 860, 997, 1113, 1233, 1348, 1472.
618, 734, 862, 997, 1114, 1234, 1349, 1473.
V olum e of operations—
Earnings, annual rate of, on each class of earning
Discounted, b y classes, 110, 233, 353, 469,
assets, 109, 233, 354, 471, 618, 734, 862, 997, 1114,
616, 733, 860, 995, 1112, 1232, 1347, 1470.
Distribution b y districts, based on com m on
1234, 1349, 1473.
m aturity, 468, 614, 732, 859, 996, 1113,
Errata, 472, 1114.
1233, 1348, 1471.
H oldings. (See A cceptan ces; D iscounts; U nited
Purchased, b y classes, 110, 234, 353, 470, 616,
States securities, etc.)
733, 860, 996, 1113, 1233, 1348, 1471.
Live-stock paper, 112, 233, 354, 472, 618, 734, 862, 998,
Purchased, b y maturities, 234, 616.
1114, 1234, 1347, 1473.
Purchased, b y rates, 111, 471, 861, 997, 1113,
Maturities. (See A cceptan ces; D iscounts.)
1233, 1348, 1472.
M em ber banks—
Agricultural paper—
Collateral notes of. (See, supra, Collateral notes.
H oldings—
N um ber and percentage accom m odated through
Each m onth, 110, 234, 353, 470, 616, 733, 860,
discounts, and num ber in district at end of
996, 1113, 1233, 1348, 1471.
m onth, 108, 232, 351, 467, 614, 731, 858, 996,
Quarterly, 111, 234, 471, 616, 861.
1112, 1232, 1347, 1471.
Y ear ending June 30, 849.
O pen-m arket operations. (See A cceptan ces; U nited
Average daily holdings of each class of earning assets,
States securities.)
earnings thereon, and annual rate of earnings, 109,
Purchased bills. (See A cceptan ces.)
233, 354, 471, 618, 734, 862, 997, 1114, 1234, 1349,
Rediscounts and sales betw een Federal Reserve
Bankg__
^
1473.
Bankers’ acceptances. (See A cceptan ces.)
Volum e, b y quarters, 235, 617, 1004, 1122, 1356,
Bills bought. (See A cceptan ces.)
1482.
Bills discounted. (See Discounts.)
January to July, 1921, 1032.
Bonds. (See United States securities.)
June, 1920, to June, 1921, 854.
Certificates of indebtedness. (See United States se­
Trade acceptances. (See A ccep ta n ces.)
curities.)
U nited States securities—
Collateral notes held—
Average daily holdings, earnings, and annual rate
Each month, 112, 236, 345, 472, 618, 734, 862, 998,
of earnings, 109, 233, 354, 471, 618, 734, 862,
1114, 1234, 1349, 1473.
998, 1112, 1234, 1349, 1473.
Y ear ending June 30, 849.
V olum e purchased b y classes, 109, 232, 352, 469,
Commercial paper. (See Discounts.)
615, 732, 859, 995, 1111, 1232, 1347, 1470.
Customers’ paper. (See D iscounts.)
Volum e of operations, b y principal classes and totals,
Discounts for m em ber banks—
109, 232, 352, 469, 615, 732, 859, 995, 1111, 1232,
A m ount of discount charged, 110, 470, 861.
1347, 1470.
E ach m onth, 110, 233, 353, 469, 615, 733, 860, 997,
War paper discounted—
E ach month, 110, 233, 353, 469, 615, 733, 860, 995,
1112, 1232, 1347, 1470.
Quarterly, 110, 234, 470, 616, 861.
1114,1232,1347,1470.
Y ear ending June 30, 770, 849.
Earnings on, and annual rate, 109, 233, 354, 471,
War paper holdings—
618, 734, 862, 997, 1114, 1234, 1349, 1473.
H oldings—
E ach m onth, 112, 236, 354, 472, 618, 734, 862, 998,
1114,1234,1348,1473.
Average daily, 109, 233, 354, 471, 618, 734,
Y ear ending June 30, 849.
862, 997, 1114, 1234, 1349, 1473.
B y classes of paper—
(See also A ccep tan ces; D iscounts; U nited States
securities, etc.)
Each m onth, 112, 236, 354, 472, 618, 734,
862, 998, 1114, 1234, 1349, 1473.
D
IS
C
O
U
NT M ARKET.
Y ear ending June 30, 849.
Foreign trade and, 1268.
Maturities—
Average of bills discounted, 110,233,353,469,
D IS C O U N T P O L IC Y .
616, 733, 860, 996, 1112, 1233, 1348, 1471.
G ov. H arding on, 895.
Discounts, classified b y maturities, 234, 616.
Y early review , 775.
Rates—
Average annual rate of earnings, 109, 233, 354, D IS C O U N T R A T E S , 5, 651, 775, 857.
471, 618, 734, 862, 997, 1114, 1234, 1349,
Bank of France, 5, 956.
1473.
Federal Reserve Banks—
Average rate charged, 110, 233, 353, 469, 616,
Jan. 1, 129; F eb. 1, 254; Mar. 1, 371; Apr. 1, 496;
733, 860, 996, 1112, 1233, 1348, 1471.
M ay 1, 644; June 1, 762; July 1, 885; Aug. 1,
D iscounts, classified b y rates charged, 110,
1017; Sept. 1, 1136; Oct. 1,1254; O ct. 31,1369;
470, 861, 996, 1112, 1233, 1348, 1471.
D ec. 1, 1495.
Volum e of bills discounted—
July, 1920 and 1921, 857.
B y classes, 110, 233, 353, 469, 615, 733, 860,
Agricultural paper, Sept., 1920 and 1921, 1033.
995, 1112, 1232, 1347, 1470.
Call loan rates, N ew Y ork, 375.
B y maturities, 234, 616.
Discussion of, 5, 510, 651, 775, 1033.




15

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

D I S C O U N T B A T E S — Continued.
Federal Reserve Board. O bjection to proposed m axm um , 5.
Great Britain, 78, 197, 319, 374, 420, 554, 567, 568,
608, 764, 803, 891, 954, 1020, 1257, 1374, 1499.
Market rates in Federal Reserve and Federal Reserve
branch cities, 93, 215, 333, 495, 643, 761, 884,
1016, 1135, 1255, 1370, 1496.
T ok io banks, 1260, 1376, 1501.
(See Annual rates; Average rates; Federal Reserve
Bank and branch cities; Market rates; Rates.)
D IS C O U N T S .
(See D iscount and open-market operations; Earning
assets; N ew Y ork City banks; R iksbank.)
D IS C O U N T S A N D L O A N S .
E leven N ew Y ork City banks, 1913-1919, 41.
D IV ID E N D S .
Federal Reserve Banks, 156, 941.
(See Earnings.)
German banks, 959.
State banks and trust companies, mem ber, 763, 1371.
D I V I S I O N O F F O R E IG N E X C H A N G E .
R6sum6 of work of, 1400.
DOLLAR EXCHANGE.
Countries on w hich dollar exchange drafts are author­
ized, 188.
D O L L A R E X C H A N G E B IL L S P U R C H A S E D .
(See D iscount and open-market operations.)
D O M E S T IC B U S IN E S S .
(See Business and financial conditions.)
D O M E S T IC S H IP P IN G D O C U M E N T S .
A cceptances against, held not eligible, 1312.
D O M IN IC A N R E P U B L IC .
Capital issues, 1266.
D O M IN IO N O F C A N A D A .
(See Canada; Chartered banks of Canada.)
D R A F T S , 547, 699, 964, 1080.
(See A cceptan ces; Comptroller of Currency; Coopera­
tive marketing associations; Dem and b ill of lading
drafts; R enew al.)
D R A F T S , T IM E . S T A M P S , 310.
(See Internal R even ue Bureau.)
DRUGS.
(See W holesale trade.)
D R Y GOODS.
See W holesale trade.
D U M P IN G , 1187.
(See A ntidum pin g b ill.)
D U T C H E A S T IN D IE S .
G old exports and imports, 679.
In depen den t currency for, 1197. ’
Javasche Bank. Condition, 1197.
E.
E A R N IN G A S S E T S .
Federal Reserve Banks, 26, 672.
Rates on. Fiscal year, 1921, 855.
(See Assets and liabilities; Discount and open-market
operations; M em ber banks; M ovem ent of assets.)
e a r n in g s :
Am erican Shipping, 400.
(See Shipping earnings and balance of trade.)
Federal Reserve Banks, 153 (1920), 671, 851, 939, 940,
941.
T o June 30, 1921, 851.
On bills. (See D iscount and open-market operations.)
State banks and trust companies, mem ber, 763, 1371.




E A R N IN G S
AND
EXPENSES,
FEDERAL
RE­
SERVE B AN K S.
Calendar year, 1920, 153.
Six months ending June 30, 1921, 939.
Y ear ending June 30, 1921, 851.
Relation of, to paid-in capital, surplus, m em ber banks
reserve deposits, and Federal Reserve notes, 1920,
673.
E A S T IN D IE S .
(See Asia; D utch East Indies.)
E C O N O M IC D E V E L O P M E N T S .
South Am erica, 572.
ECUADOR.
(See South Am erica.)
EDGE A C T.
A m endm ent to section 25 (a), 310, 817.
Corporations under, credits extended b y , 1379.
Federal International Banking Co., 69, 265.
Foreign trade financing corporation, 69, 137, 265.
International financing corporation, 71.
R igh t of national banks to subscribe to stock of cor­
porations organized under, 71.
Ter M eulen bonds and, 1378.
ED W AR DS, G. W.
Commercial letters of credit, 158, 410, 681.
A uthority to purchase, 926.
E F F E C T O F R E D IS C O U N T S .
(See N ew Y ork City banks.)
EL P A S O B R A N C H .
Federal Reserve Bank of Dallas.

Directors, 67.

E L E C T IO N O F D IR E C T O R S .
Federal Reserve Banks, 66.
E L E C T R IC P O W E R P R O D U C T IO N .
B y p u b lic u tility power plants, 981, 1098, 1218, 1334,
1454.
(See Physical volum e of trade.)
E L IG IB IL IT Y .
A u tom obile trucks. Notes of a m otor transportation
com pany to procure funds for purchase of, are
not eligible, 191.
Cold-storage com panies. Notes of, held not eligible,
308.
Irrigation com panies. Notes of, held not to be agri­
cultural paper, 964.
Notes of farmers given to, for water used for agri­
cultural purposes are eligible as agricultural
paper, 964.
Packing and marketing associations and corporations.
Notes of, h eld to be com m ercial and not agricul­
tural paper, 1312.
Party to com m ercial transaction out of w h ich the note
arises must make or indorse the note, 1079.
Purpose of the original negotiation determines eligi­
b ility, 1199.
Q uick assets over current liabilities, 546.
(See Rulings, Federal Reserve Board, eligible paper.)
E L IG IB L E C O M M E R C IA L P A P E R .
(See Commercial paper.)
E L IG IB L E N O N M E M B E R B IL L S .
Market rates, 534.
Permission to rediscount, acquired b y m em ber banks,
963.
(See D om estic shipping docum ents; Federal Reserve
Bank and branch cities; N onm em ber banks.)
E L IG IB L E P A P E R .
(See D om estic shipping docum ents; E ligibility* Non­
m em ber banks; Rulings, Federal Reserve Board,
eligib le paper.)

16

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN.

EM BARGO.
Great Britain.

Gold and silver exports, 302.

EM PLO YEES.
(See Changes in wages.)
EM PLOYM ENT.
France, 693, 1191, 1307.
Germ any, 560, 696, 809, 1072, 1310.
Great Britain, 79, 319, 421, 552, 564, 690, 803, 953,
1020, 1069, 1257, 1374.
Italy, 1077, 1427.
Netherlands, 432, 1196.
In d e x numbers, 1196.
Sweden, 431, 562, 696, 960, 1073.
U n ited States—
M on th ly reports on, 19, 148, 282, 391, 522, 664,
789, 917, 1045, 1163, 1281, 1396.
Survey on, b y Federal Reserve Board, 506, 526.
Y early review , 774.
(See Business, industry, and finance; U n em ploy­
m ent; W ages.)
ENGLAND.
(See Great Britain.)
ERRATA.
H oldings of discounted bills, 1114.
EUROPE.
N et balance on open account owed b y U nited States
to, 1405.
E U R O P E A N B A N K S O F IS S U E .
Condition, 1913-1920, 9, 260, 439, 611, 765, 1023, 1295,
1296, 1375, 1500.
Reserve ratio, 1904, 1913, and 1921, 1295, 1296.
E X A M IN A T IO N O F S T A T E B A N K M E M B E R S .
New Jersey laws, 73.
E X C E S S P R O F IT S T A X .
Great Britain, 564.

E X P O R T A N D I M P O R T T R A N S A C T IO N S — Con.
Shipping docum ents—
A cceptances against, 1312.
M eaning of the words, 191.
E X P O R T L E T T E R S O F C R E D IT , 168, 413.
E X P O R T P R IC E S , 403.
EXPORTS.
Argentina, 574.
Brazil, 574.
Chile, 574.
France, 81, 201, 320, 556 (bu lk ), 557, 606, 1191:
Germany, 85, 1193.
G old, 11, 127, 139, 252, 369, 380, 492, 511, 641, 654,
679, 760, 779, 856 (fiscal year 1921), 882, 907, 1014,
1034,1133,1153,1252, 1265,1270,1366,1384,1493.
June, 1920-May, 1921, 856.
Y ear ending June, 1921, 771.
Years 1918-1921, 679.
Great Britain, 79, 198, 319, 606.
India—
1910-1920, 30.
1914-1921, 938.
Italy, 83, 440, 558, 606.
Japan, 209, 326, 606.
Per cent of value absorbed b y carrying charges, 403.
Silver, 11, 128, 140, 253. 270, 370, 381, 493, 511, 641,
654, 760, 779, 856 (fiscal year 1921), 882, 908, 1015,
1034,1134,1153, 1253, 1265, 1270, 1367, 1384,1494.
Sweden, 206, 327, 606, 697, 810.
U nited States, 76, 194, 266, 268, 316, 446, 584, 707,
822, 904, 969, 1086, 1205.
Value. Selected com m odities at 1913 prices, 446,
584, 707, 822, 969, 1086, 1205, 1321, 1441.
W ater borne, 1860-1920, 401, 409.
(See Foreign trade; G old; Imports and exports; Sil­
ver.)
F.

EXCH AN GE RATES.
(See Foreign exchange.)

F A B R IC S .
(See Cotton fabrics.)

E X C H A N G E T R A N S A C T IO N S , E X P O R T A N D .
Russia. Restrictions rem oved, 69.

F A IL U R E S .
(See Commercial failures.)

E X C H A N G E YALUE.
Danish krone, 795, 1432.
Foreign currency, 794, 1431.
German mark, 796, 797.
Norwegian krone, 795, 797, 1432.
Swedish krona, 796, 797, 1432.

FALKENAU, R. M.
M ethod of reporting business conditions, 396.

EXECUTOR.
(See F id u ciary powers.)

F A R M IM P L E M E N T S .
(See W holesale trade.)
FARM ERS.
Sales of tobacco, 1066.
(See Agricultural paper; Cooperative marketing asso­
ciations.)

E X P A N S IO N .
Great Britain, 295, 296, 297.
Scandinavia, 1433.
Sweden, 203.

F E D E R A L A D V I S O R Y C O U N C IL .
Conferences, 272, 655, 1271.
E lections to, 69.

E X P E N D IT U R E S .
(See B u dget; R evenues.)

FEDERAL CO U RTS.
Jurisdiction of. (See Am erican Bank & Trust Co. v.
Federal Reserve Bank of Atlanta.)

EXPEN SE S, FEDERAL RESER VE B A N K S.
(See Earnings and expenses.)
EXPORT.
Financing.

Cotton for, 1066.

E X P O R T A N D E X C H A N G E T R A N S A C T IO N S W IT H
R U S S IA .
Restrictions rem oved, 69.
E X P O R T A N D IM P O R T T R A N S A C T IO N S .
A cceptances against consigned goods, 419.
A cceptances of dealers engaged in dom estic and ex ­
port transactions, 70.
R enew al acceptances in, 699, 964.
S ecurity for acceptances in, 418.




F E D E R A L IN T E R N A T IO N A L B A N K IN G
265.

C O ., 69,

FEDERAL RESERVE ACT.
Sec. 11 (m ). A m ended, 73, 310.
(See Rulings, Federal Reserve Board; F iduciary
powers.)
Sec. 13. (See D ollar exchange.)
Sec. 19. (See Ridings, Federal Reserve Board; R e ­
serves.)
Sec. 25, 25 (a). Am ended, 310, 817.
FEDERAL RESERVE AG EN TS.
A ccounts. (See Federal Reserve notes.)
Fund. (See G old settlem ent fund.)

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN.

F E D E R A L R E S E R V E B A N K A N D B R A N C H C IT I E S .
Market discount rates, 93, 141, 215, 333, 495, 643, 761,
884, 1016, 1135, 1255, 1370, 1496.
(See Mem ber bank condition statements.)
FEDERAL RESERVE BAN K, A TL A N TA .
Clearing decision. U . S. Supreme Court. Am erican
Bank & Trust Co. v. Federal Reserve Bank,
Atlanta. T ex t, 700.
F E D E R A L R E S E R V E B A N K N O T E S , 853, 856.
Outstanding, June, 1920 and 1921, 853, 856.
Retirem ent under Pittm an A ct, 374.
Stock in U nited States, b y months, 129, 254, 371, 496,
644, 762, 885, 1017, 1136, 1254, 1368, 1495.
(See M oney in U nited States.)
F E D E R A L R E S E R V E B A N K IN G , 1 9 2 0 , 25.
FEDERAL RESERVE B A N K S.
Assets, earning. (See Assets and liabilities.)
M ovem ent of. (See Assets and liabilities.)
Rates of earning on, fiscal year 1921, 855.
(See D iscount and open-market operations.)
Bankers’ acceptances. H oldings of, 172, 801, 1052,
1269.
Basic line. Borrowings from, com pared w ith, 1050.
Branches authorized to perform Subtreasury fun c­
tions, 33.
Changes in condition, 12, 114, 140, 237, 270, 356, 381,
473, 512, 620, 654, 737, 780, 849, 864, 908, 999,
1034, 1116,1118,1153,1236,1238,1271,1352,1475.
R eview , 1920, 25, 767, 849.
Credit p olicy, 895.
Dem and bills of lading for collection. Can not give
im m ediate credit u ntil actu ally collected, 1080.
Deposit and note liabilities. (See Resources and lia­
bilities.)
Directors—
Branches, 67.
E lection of, 66.
D iscount rates. (See Same.)
D ividends paid, 156, 941.
Earnings and expenses, 153, 671, 673, 851, 939, 940,
941.
Calendar year, 1920, 153.
Six months ending June 30, 1921, 939.
Y ear ending June 30, 1921, 851.
Relation to paid-in capital, surplus, mem ber bank
reserves, and Federal Reserve notes, 673.
Fiscal agency expenses, 157, 941.
Franchise tax paid, 156, 941.
M oney in. (See M oney in U nited States.)
Rediscounts betw een, 235, 617, 1004, 1032, 1122, 1242,
1356, 1482.
January-July, 1921, 1032.
June, 1920-June, 1921, 854.
Reserve ratios, 13, 141, 154, 272, 375, 377, 382, 510,
512, 655, 768, 771, 780, 908, 1031, 1035, 1154, 1271,
1353, 1386, 1478.
Resources and liabilities. (See Same.)
R eview of banking conditions, 25, 767, 849.
Sub treasury functions. Transfer to, 33.
U nited States notes and Treasury certificates. A llot­
m ent through, 853.
(See D iscount and open-m arket operations.)
FEDERAL RESERVE BO A R D .
Conferences—
Directors of Federal Reserve Banks, 382, 513.
Federal A dvisory Council, 272, 655, 1271.
Governors of Federal Reserve Banks, 382, 513,
1271.
Method of reporting business conditions, 272.
Foreign exchange in dex, 798.
88771— 22------ 2




IV

F E D E R A L R E S E R V E B O A R D — Continued.
H arding, Governor—
Credit p olicy , Federal Reserve System, 895.
E con om ic developm ents, 671.
Financial conditions, 134.
Maxim um discount rates, 5.
O rderly m arketing of crops, 4.
Mellon, H on. A . W . A pp ointed chairman, 383.
M itchell, John R . A ppointed a mem ber, 655.
Rulings. (See Rulings, Federal Reserve B oard.)
Warehouse receipts as collateral for bank loans, 1314.
W ills, D. C. R etirem ent as a m em ber, 383.
F E D E R A L R E S E R V E B U L L E T IN .
Index-D igest. B y C. S. H am lin, 272, 383, 513, 655.
Statistical issue, 767.
FEDERAL RESERVE D IS T R IC T S .
M em ber and nonm em ber banks in each of th e Federal
Reserve districts. (See D iscount and openm arket operations.)
(See also Agricultural and industrial loans; Methods
of N ew Y ork City banks, etc.)
FEDERAL RESERVE NOTES.
Agents’ accounts, 119, 242, 361, 479, 626, 742, 870,
1005, 1123, 1243, 1356, 1483.
Chart. Gov. H arding’s address, 672.
In circulation, 1919, 1920, 1921, 27, 769, 850, 1487.
(See Resources and liabilities.)
In terdistrict m ovem ent, 627.
Issued and redeem ed, fiscal year 1921, 855.
Relation of n et earnings to, 673.
R etirem ent of, 374.
Stock of, in U n ited States. (See M oney in U nited
States.)
FEDERAL RESERVE SY STE M .
Address, Gov. H arding on earnings of, 671.
Adm issions into. (See State banks and trust com pa­
nies.)
Credit p olicy , 895.
R eview , 25, 767, 849.
(See Conversion; L iqu idation; W ithdrawals.)
F ID U C IA R Y P O W E R S , N A T IO N A L B A N K S .
Deposits of securities in trust department, 309.'
E xercise of, outside of State where located, 816.
Grants to national banks, 68, 189, 306, 416, 551, 688,
814, 961, 1078, 1198, 1316, 1434.
Transfer agents, 545.
Trust funds, sale of collateral security, 1435.
(See Rulings, Federal Reserve Board; F id u ciary
powers.)
F IN A N C E .
Banking and, 3.
British war, 563.
French war, 174.
P u b lic, 777, 1148.
T obacco, 1057, 1174, 1284, 1413.
(See Business, industry, and finance.)
F IN A N C E P A P E R .
(See Rulings, Federal Reserve Board; F inance paper.)
F IN A N C E S .
(See W ar finances.)
F IN A N C IA L C O N D IT IO N S .
(See Business and financial conditions; Business and
financial conditions abroad; Business, industry,
and finance.)
F IN A N C IA L C O N F E R E N C E S , 10.
F IN A N C IA L E X P E D IE N T S , 1380.
F IN A N C IA L S T A T E M E N T S .
(See Condition; France; Germ any; Great Britain;
Japan; Ita ly ; Norway; Spain; Sweden.)

18

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

F IN A N C IA L S T A T I S T I C S .
Federal Reserve Banks, 767.
Foreign countries. (See countries, b y nam e.)
F IN A N C IN G O F C O T T O N F O R E X P O R T , 1066.
F IN A N C IN G O F E X P O R T S , 646.
F IN A N C IN G O F F O R E IG N T R A D E , 902.
F IN A N C IN G O F IM P O R T S , 564.
F IN A N C IN G O F L IV E S T O C K , 775.
F IN A N C IN G O F T O B A C C O , 1057, 1174, 1284, 1413.
F IN IS H E D C O T T O N F A B R IC S , 23, 152, 284, 285, 448,
596, 719, 836, 985, 1101, 1220, 1336, 1456.
F IN IS H E R S O F C O T T O N F A B R IC S .
National association of. (See Finished cotton fabrics.)
F IN L A N D .
W holesale prices, 1463.
F IS C A L A G E N C Y O P E R A T IO N S .
Expenses Federal Reserve Banks, 157, 941.
Fiscal year 1921, 854.
Transfer of subtreasury functions to Federal Reserve
Banks, 33.
(See Federal Reserve Banks; U nited States sub­
treasury.)
F IS C A L Y E A R 1 9 2 1 .
Federal Reserve notes outstanding and collateral, 856.
R eview , Federal Reserve System, 854, 855, 856.
F L O A T IN G D E B T .
France, 555.
Germany, 84, 324, 429, 609, 1145, 1259, 1309, 1376.
Great Britain, 78, 173, 197, 319, 420, 608, 764, 891,
1143, 1257, 1374, 1499.
Since arm istice, 173.
(See Business and financial conditions.)

F O R E IG N B R A N C H E S O F A M E R IC A N B A N K S .
Balances due to, 815.
(See Reserves,.)
Curtailm ent of, 1267,.
F O R E IG N B U D G E T S , 79, 80, 138, 175, 198, 207, 317,
323, 325, 554, 561, 690, 692, 803, 804, 808, 958, 1076,
1259, 1306, 1308, 1377, 1381, 1382, 1424, 1429.
F O R E IG N B U S IN E S S , 508, 1261.
F O R E IG N

C O M P E T IT IO N , 903.

F O R E IG N C O U N T R IE S .
Capital issues, 1020,1257,1258,1259, 1266,1374, 1376.
Corporation issues, 1266.*
Gold reserve. Before war, at armistice, and in 1921,
676, 677.
G overnm ent borrowings, 1266.
M onetary units, 1295.
Net balances ow ed b y U nited States to, 1400.
N ew Y ork on. Foreign exchange rates. (See Foreign
exchange
R etail prices, com parative, 847.
F O R E IG N C R E D IT S .
Discussion of, 7, 379, 646, 1185, 1267, 1378.
Fraser, Sir Drumm ond, on, 1378.
H oover, H erbert, on, 1380.
League of Nations on, 10.
Ter M eulen bonds, 181, 1378.
F O R E IG N C U R R E N C Y .
Speculative purchases of, 1264.
(See Exchange value, e tc .; Foreign exchange.)
F O R E IG N D E P O S IT S , 289.

F O R E IG N E X C H A N G E .
Argentina, 575.
Balances on open account due from U nited States to,
1400.
Berlin on foreign countries, 84, 326, 959.
FLOUR.
Brazil, 575.
Average freight rates, 407.
Buenos Aires on London and United States, 575.
M onthly reports, 15, 143, 274, 385, 516, 658, 783, 911,
Chile, 575.
1038, 1157, 1274, 1389.
Comparison. Rate, 779.
Production, 219, 338, 452, 590, 712, 828, 974, 1091,
Conditions, 379, 779, 907.
1211, 1326, 1446.
D ivision of foreign exchange, work of, 1400.
R eceipts and shipments, 96, 218, 337, 451, 588, 711,
Foreign currency. Exchange value, 794, 1431.
826, 972, 1090, 1210, 1325, 1445.
France on foreign countries, 322, 692.
(See Business, industry and finance; Physical volum e
German mark. Value of, 326, 796, 797, 1071, 1193,
of trade; W holesale prices.)
1311, 1428.
(See Marks.)
F L U C T U A T IO N S IN G R O S S D E P O S IT S .
Germany, 84, 203, 326, 959.
E leven N ew Y ork C ity banks, 1913-1919, 286.
Mark, value of, 326, 796,1071, 1193,1311,1428.
F L U C T U A T IO N S IN L O A N S A N D D IS C O U N T S .
In d ex numbers, 509, .798, 1008, 1018, 1141, 1142, 1256,
E leven New Y ork City banks, 1913-1919, 41.
1257, 1259, 1372, 1374, 1497, 1500.
W eights used in Federal Reserve Board in d ex
FOOD.
numbers, 799.
(See Cost of livin g.)
(See R ates.)
In dia —
F O R E IG N A N D D O M E S T IC C R E D IT , 7.
L on don on, 31.
F O R E IG N B A N K B R A N C H E S A N D A G E N C IE S .
M onetary and. Developm ents, 29.
A cceptances of, held b y Federal Reserve Banks.
Value of rupee in, 1893-1920, 31.
(See D iscount and open-m arket operations.)
Ita ly on foreign countries, 438, 957, 1426.
F O R E IG N B A N K IN G , 8, 69.
Krona. Value of Swedish, 796, 797, 1375.
(See Business and financial conditions; Conditions;
Krone. V alue of Danish, 1432.
P rincipal countries, b y nam e.)
Krone. Value of Norwegian, 795, 797.
L ondon on India, 31.
F O R E IG N B A N K IN G C O R P O R A T IO N S .
Netherlands on foreign countries, 433.
Am endm ents to Federal Reserve A ct, 310, 817.
New Y ork on foreign countries, 8, 31, 130, 136, 266,
R ight of national banks to subscribe to stock of, 71.
380, 494, 509, 890, 907, 1377.
F O R E IG N B A N K S O F IS S U E .
Three months ending—
Condition, 9, 82, 260, 427, 439, 611, 765, 1023, 1-295,
D ec., 1920, 130.
1296, 1298, 1375, 1500.
Mar., 1921, 494.
P olicy, 1267.
,
June, 1921, 890.




INDEX-DIGEST OE FEDERAL RESERVE BULLETIN.

F O R E IG N E X C H A N G E — Continued.
Norway, 795, 1431.
Operations, 1400.
Paris on foreign countries, 692.
Pound. Value of, 1499.
Rates, 8, 136, 266, 379, 509, 779, 798, 799, 907, 1018,
1141, 1142, 1256, 1257, 1259, 1372; 1373, 1374,
1377, 1428.
(See In d ex num bers.)
R io de Janeiro on Great Britain and U nited States,
575.
Rupee. Value in foreign exchange, 1893-1920, 31.
Russia. - Foreign exchange transactions with, 69.
Scandinavia, 1431.
Sweden. In d ex numbers, 795, 1144, 1259, 1431,
1497,** 1500.
Transactions during Governm ent control, 1400.
Valparaiso on Great Britain and U nited States, 575.
War-time control, 1400.
F O R E IG N F IN A N C E C O R P O R A T IO N , 647.
F O R E IG N L O A N S .
Floated in U nited States, 135, 942, 1266.
France, 179.
Great Britain, 565, 1303.
(See New Y ork C ity banks; Various countries, b y
nam e.)
F O R E IG N T R A D E .
Argentina, 574.
Balance of trade, United States—
First 9 months of 1921, 1261.
G old im ports in settlement of, 903, 1265.
International balances, 1263, 1400.
Owed to foreign countries, 1262, 1407.
Banks. Relation to, 1266.
Brazil, 574.
Cancellation. E ffect on, 905.
Changes in, since war, 903.
Chile, 574.
Corporations to finance, 647.
Discussion of, 6, 134, 137, 265, 283, 378, 394, 509, 646,
649, 900, 920, 1048, 1165, 1261, 1284, 1377, 1399.
Discount market and, 1268.
Federal International Banking Corporation, 69, 265.
France, 81, 201, 268, 320, 426, 556, 607, 729, 806, 848,
994,1076,1110,1230,1346* 1469.
Germany, 85, 808, 1193, 1231, 1310, 1346, 1428, 1469.
Great Britain, 79,198, 268, 319, 422, 606, 728, 848, 994,
1110, 1188, 1230, 1304, 1345, 1420,' 1468.
Guaranteeing of credit in export trade, 1267.
In d ex of, 76, 194, 316, 445, 583, 706, 822, 968, 1085,
1205, 1321, 1441.
International balances. Relation to, 1261, 1400.
Italy, 83, 269, 440, 558, 607, 729, 849, 994,1111, 1231,
1346,1469.
Japan, 209, 326, 607, 729, 849, 994, 1111, 1231, 1346,
1469.
Letters of credit in , 158, 410, 681, 926.
Netherlands, 433, 813,1196.
South Am erica, 573.
Sweden, 206, 327, 430, 431, 607, 697, 729, 811, 849, 994,
1111, 1231, 1346, 1469.
Value of com m odities in, 1441.
Vessels cleared in. (See Physical volum e of trade.)
War Finance Corporation. Circular on, 647.
Y early review , 778.
(See Business, industry, and finance.)
F O R E IG N T R A D E
647.

F IN A N C IN G

C O R P O R A T IO N ,

F O R E IG N T R A D E IN D E X , 76,194, 316, 445, 583, 706,
822, 968, 1085, 1205, 1321, 1441.




i§

F O R E IG N V E S S E L S , 401.
(See Physical volu m e of trade; W ater-borne exports
and im ports.)
FORM S

O F A C C O M M O D A T IO N .

(See Methods of N ew Y ork City banks, e tc .)
F O R M S O F C O M M E R C IA L L E T T E R S O F C R E D IT ,
410, 1171.
FRANCE.
A ccep tan ce liabilities. French banks, 1052, 1424.
Advances b y Bank of Algeria, 177.
A dvances b y Bank of France, 80, 176, 177, 200, 277,
321, 425, 555, 603, 693, 764, 891, 1020, 1143, 1258,
1374, 1384, 1499.
Advances b y U nited States Treasury, 179.
Balances due to and from foreign countries, 1402.
Bank of France. (See same.)
Banking conditions, 1383.
Banks, condition, 80, 425, 608, 693, 1020, 1025, 1258,
1296, 1374, 1424, 1499.
Budget, 80, 138, 175, 198, 622, 804, 1075, 1306, 1382,
1424.
Business conditions, 79, 198, 320, 423, 555, 608, 691,
764, 804, 891, 955, 1023, 1074, 1143, 1189, 1258,
1305, 1374, 1423, 1499.
Business indexes, 1171, 1425.
Capital issues, 1258, 1266, 1374, 1499. '
* Coal imports, 320.
Coal production, 320, 1191, 1307, 1425.
Consolidated loans, 179.
Cost of living, 220, 807, 1306.
Cotton imports, 1191.
Credits voted, 175.
Crops, 424, 956.
E m ploym ent in, 693,1191,1307.
Financial situation, 608.
Financial statements, 80, 321.
Floating debt, 555.
Foreign exchange in dex numbers, 81, 322, 692, 1018,
1373, 1498.
Foreign exchange situation, 322.
Foreign loans, 179.
Foreign trade. (See, infra, Imports and exports.)
France. Fine silver in, 936.
G old imports and exports, 679.
G old reserves, 1913-1921, 676, 677.
Imports and exports, 81, 201, 320, 424, 426, 556, 557,
606, 607, 729, 806, 848, 994, 1076,1110, 1191, 1230,
1346, 1469.
In d ex num ber.
Prices.
(See, infra, W holesale
prices.)
In d ex of business conditions, 1425.
Investm ent trusts, 62.
Italy on. Foreign exchange, 438.
Loans, 79, 179, 321, 691, 955, 1305.
National defense bills, 177.
National defense. E xpenditures for, 1382.
Note circulation, 771,1295,1296.
Num ber of farm animals, 956.
Paris banks. Clearings, 1499.
Pig iron production, 321,1305,1425.
P u b lic debt, 80, 200, 321, 425, 555, 608, 692, 764, 805,
891, 955, 1020, 1075, 1143, 1258, 1306, 1374, 1382.
R ailw ay reorganization, 1423.
Rentes. Price of 3 per cent, 80, 200, 321, 425, 764,
891, 1020, 1143, 1258, 1374, 1499.
Reserve ratio, 1295,1296.
R etail prices, 81, 200, 322, 425, 557, 605, 728, 847,
957, 993, 1109,1229, 1345, 1468.
Revenues, 80, 175, 176, 180, 200, 321, 425, 555, 764,
805, 1306, 1424,1499.
Tariff, 1189,1190.
T ax receipts. (See R evenues.)

20

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

F E A N CE— Continued.
Treasury bills discounted b y British treasury, 181.
Treasury resources, 175,180.
U nem ploym ent, 693.
U nitea States—
Anglo-French loan, 179.
Balance on open account due from, 1405, 1406.
Bills issued in, 179.
Bonds to, for arm y stocks, 179.
War finance, 174.
W holesale prices. In d ex numbers, 77, 81, 195, 200,
322, 424, 463, 603, 693, 723, 725, 806, 842, 843, 957,
990,1018,1105,1107, 1190,1225,1227, 1307, 1341,
1342 1373,1425, 1465.
(See also Business and financial conditions abroad;
Paris.)
(See A llies; Bank of France.)
F R A N C H IS E T A X .
Paid b y Federal Reserve Banks, 156, 941.
FRANKFORT.
Cost of living, 559, 809.
F R A N K F U R T E R -Z E IT U N G .
Bourse. In d ex numbers, 428, 559, 809, 1311, 1343,
1465.
F R A S E R , S IR DRU M M O N D .
T er M eulen bonds, 1378.

•

F R E IG H T R A T E S .
Flour and cotton, 407.
Ocean, 403, 931, 1068, 1206, 1322, 1442.
F R E N C H W A R F IN A N C E , 174.
F R E N C H T R E A S U R Y B IL L S .
D iscounted b y Bank of England and b y British
treasury, 181.
F R O Z E N C R E D IT S , 1151.
F R U IT IN D U S T R Y . Reports, 15, 274, 515, 657, 782,
909, 1038, 1056. 1273, 1389.
F R U IT S .
S h ipm ent of, 97, 220, 339, 453, 591, 713, 828, 974,
1091, 1211, 1327, 1447.
(See Business, industry, and finance; Physical volum e
of trade; Wholesale prices.)
FU N D E D D E B T .
Great Britain, ,173.
(See P u b lic debt.)
F U R N IT U R E .
(See W holesale trade.)
G.
GENERAL ST O C K OF M ONEY.
(See M oney in U nited States.)
G E N E V A C O M B IN A T IO N .
Investm ent trusts, 65.
G EN EVA CO NFERENCE.
Credit plan, 10.
GERM ANY.
Bank dividends, 959.
B anking conditions, 1383.
Budget, 325, 561, 808, 958, 1259, 1308, 1382, 1429.
Business and financial conditions, 83, 201, 324, 428,
559, 609, 694, 765, 808, 958, 1021, 1070, 1145, 1193,
1259, 1308, 1376, 1428, 1501.
Capital issues, 1259,1376,1501.
Coal production, 429, 960, 1194.
Cost of living—
Berlin, 428, 559, 605, 695, 728, 809, 847, 993, 1072,
1109, 1229, 1345, 1429, 1468.
Frankfort, 559, 809.




G E R M A N Y — Continued.
Crops 959
Darlehnskassenscheine, 203, 429, 695, 765, 872, 892,
1021, 1145, 1297, 1376, 1383, 1501.
D ebt, p u b lic, 84, 203, 324, 429, 808, 958, 1308, 1382.
D ivid end s of great German banks, 959.
E m ploym ent, 560, 696, 1310.
E xchange rates. E ffect on prices, 1071, 1428.
Financial situation, 84, 203, 609, 765.
F in an cial statem ent, R eichsbank, 84.
(See Reichsbank.)
Floating debt, 84, 324, 429, 609, 1145, 1259, 1309,1376.
Foreign exchange—
Berlin on foreign countries, 84, 203, 326, 959,1428.
In d ex numbers, 796, 797,1018,1373,1428,1498.
Mark. Value of, 203, 326, 796, 959, 1070, 1193,
1311, 1400, 1428.
Rates. E ffect on prices, 1071, 1428.
Foreign trade, 85, 808, 1193, 1231, -1310, 1346, 1428,
1469.
(See Imports and exports.)
Frankfurter-Zeitung.
Bourse.
In d ex num ber.
Prices, 428, 559, 809, 1311,1343.
G old marks. Governm ent purchase price of, 1194.
Gold. Price of, 1194.
G old reserve, 1913-1921, 676, 677.
Im port p olicy, 1193.
Imports and exports, 85, 808, 1193, 1231, 1310, 1346,
1428, 1469.
In vestm en t trusts, 66.
Labor situation, 560, 696, 809,1072,1310.
Mark—
Fine silver content, 936.
Governm ent purchase price of gold mark, 1194.
Value of, 203, 326, 796, 959, 1070,1193,1311, 1400,
1428.
National defense, expenditures for, 1382.
Note circulation, 771, 1295, 1296, 1297, 1383.
P u b lic debt, 84, 203, 324, 429, 808, 958, 1308, 1382.
Reichsbank. (See Same.)
Reparations commission. Report, 1430.
Reparation settlements, 138, 269, 650, 674,1194, 1301,
1302, 1303, 1429.
Protocol. T ex t of, 674.
T o Great Britain, 1302.
Reserve ratio, 1295, 1296.
Revenues, 84, 203, 324, 429, 765, 808, 892, 958, 1259,
1376, 1429, 1501.
Securities. In d ex num ber of prices of, 609, 765, 892,
1021, 1145, 1259, 1376, 1501.
Silesia decision, 1310, 1428.
Tariff, 1193.
T a x receipts. (See R evenues.)
U nem ploym ent. (See E m ploym ent.)
Wages, 809, 1072.
W ar loans, 1308.
W holesale prices, 84, 85, 195, 201, 325, 428, 559, 603,
725, 809, 842, 844, 959, 991, 1071, 1105, 1107,
1225, 1227, 1301, 13U, 1341, 1342; 1429, 1465.
Expressed in marks, 1071, 1428.
W iesbaden agreement, 1430.
(See afco Berlin; Business and financial con ditions
abroad; Central powers; R eichsbank.)
GOLD.
China. Imports and exports, 938.
Em bargo. Great Britain, 302.
Im ports and exports, 11, 127, 128, 131, 240, 252, 270,
369, 380, 492, 511, 641, 654, 679, 759, 771, 779, 856
882, 907, 1014, 1034, 1133, 1153, 1252, 1265, 1270,
1366, 1384, 1492.
1918-1921, 679.
June, 1920-May, 1921, 856.
Y ear ending June 10,1921, 771.
Imports in settlem ent of trade balances, 903, 1265.
In dia. Imports and exports, 938.

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN.

G O L D — Continued.
Production, world, 1910-1920, 678.
Reserves. Principal countries, before and after war,
676.
Stock of, in U n ited States. (See M oney in United
States.)
G O L D C E R T IF IC A T E S .
(See M oney in U nited States.)
GOLD

C O IN .

(See M on ey in U n ited States.)
GOLD M A R K S.
G overnm ent purchase price of, 1194.
G O L D P R O D U C T IO N .
Principal countries, 1910-1920, 678.
GOLD RESERVES.
Bank of France, 177, 200, 321.
H oldings abroad b y B ank of France, 177.
Foreign countries. Before war, at armistice,
1921, 676, 677.
U nited States, 676, 677.
(See principal countries, b y nam e; Reserves.)

and

GOLD SETTLE M EN T FU N D.
Operations, 345, 640, 756, 850, 880, 1012, 1131, 1250,
1364, 1491.
Y ear ending June, 1921, 850.
GOODS.
(See The Hague rules, 1292.)
G O U R V IT C H , A .
I ta ly ’s war finances, 1177.
GOVERNM ENT CONTROL
C H A N G E , 1400.

OF

F O R E IG N

EX­

G O V E R N M E N T D E P O S IT S .
(See New Y ork C ity banks; Resources and liabilities.)
G O V E R N M E N T F L O A T IN G D E B T S .
(See Floating debts.)
G O V E R N M E N T O B L IG A T IO N S .
Customers’ paper secured b y . (See D iscount and
open-market operations.)
GOVERNM EN T LOANS.
Floated in U nited States, 943.
(See Foreign loans.)
G O VERN M EN T REVEN UES.
(See France; Germ any; Great Britain; Italy; R ev e­
nues; U nited States.)
G O V E R N M E N T S E C U R IT IE S .
(See Earning assets; Resources and liabilities.)
GOVERN OR OF FEDERAL RESERVE BO ARD .
(See Harding, Governor.)
G O V E R N O R S OF FED ER AL RESE R V E B A N K S.
Conferences, 382, 513, 1271.
G JtA IN .
Marketing of, 15,143, 273, 385, 515, 658, 783, 911,1038,
1157, 1274, 1389.
R eceipts and shipments, 96, 218, 337, 451, 588, 711,
826, 972, 1090, 1210, 1325, 1445.
(See Business, industry, and finance; Physical vol­
um e of trade; Wholesale prices.)
G R E A T B R IT A IN .
A cceptan ce liabilities. British banks, 801, 1052.
A dvances b y Bank of England, 78, 173,197, 420,1020,
1143, 1257, 1374.
Agricultural situation, 952.
A llies. Loans to, 565, 1303.
A ntidum ping law, 1187.
Balance on open account owed b y U nited States to,
1402.




21

G R E A T B R I T A I N — Continued.
Bank of England. (See same.)
Banking conditions, 1383, 1384.
Barclay & Co. Bank. Condition, 296.
Borrowing, longterm , 565.
Borrowing, short term, 567.
British finance during war, 563.
British treasury receipts, 566.
Budget, 317, 554, 690, 803, 1381, 1382.
Business and financial conditions, 77, 195, 317, 420,
552, 608, 689, 764, 802, 891, 952, 1023, 1068, 1143,
1302, 1374, 1420, 1490.
Capital issues, 1020, 1257, 1374, 1499.
Coal mines em ergency act, 423.
Coal production, 79, 198, 319, 422, 554, 689, 690, 952,
1189, 1305, 1423.
Coal strike, 552, 689, 804, 952.
Coin and bullion, 78, 197, 319.
Condition of the b ig five banks, 295.
Cost of living, 79,198, 319, 421, 605, 728, 847, 953, 993,
1070, 1109, 1189, 1229, 1345, 1423, 1468.
Cost of borrowing, 374.
Currency notes, 78, 197, 319, 420, 570, 764, 891, 1020,
1143, 1257, 1298, 1374, 1499.
D ebt. (See Floating debt; P u blic debt.)
Deposits, 78, 197, 319, 570, 1298.
D iscount rates, 78, 197, 319, 374, 420, 554, 567, 568,
608, 764, 803, 954, 1020, 1257, 1374.
Embargo. G old and silver exports, 302.
E m ploym ent in, 79, 198, 319, 421, 552, 564, 690, 803,
953, 1020, 1069, 1257, 1374.
Exchange value of pound sterling, 794.
Expansion, 295, 296, 297.
E xport credit plan, 691, 954, 1420.
Finance during war, 563.
Financial situation, 608.
F ive b ig banks. Condition, 295.
Floating debt, 78, 173 (since armistice), 197, 319, 420,
764, 891, 1143, 1257, 1374, 1499.
Foreign exchange—
Buenos Aires on, 575.
Ita ly on, 438.
London on India, 31.
New Y ork on, 31.
R io de Janeiro on, 575.
Valparaiso on, 575.
Foreign exchange in d ex numbers, 509, 798, 1018,
1373, 1141, 1142, 1256, 1259, 1374, 1498.
Foreign trade, 79,198, 268, 319, 422, 606, 728, 848, 994,
1110, 1188, 1230, 1304, 1345, 1420, 1468.
(See Imports and exports.)
French treasury bills discounted b y Bank of England
and British Treasury, 181.
Germany. Reparation paym ents to Great Britain,
1302.
Gold and silver embargo, 302.
G old imports and exports, 679.
G old reserves, 1913-1921, 676, 677.
Imports and exports, 79, 198, 319, 422, 606, 728, 848,
994, 1110, 1230, 1345.
In com e tax. R even ue from, 564.
In d ex value. Pound sterling abroad, 794, 796.
International d eb t readjustm ent, 1421.
Iron, production, 79, 198, 319, 422, 554, 689, 690, 952,
1070, 1189, 1302, 1305, 1423.
Joint stock banks. Condition, 298, 571, 803.
L lo y d ’s Bank. Condition, 295.
Loans, 565, 1303, 1421.
London bankers’ clearing-house returns, 79.
London clearing-house banks. N ine. Condition,
420, 608, 764, 1257, 1143, 1374, 1499.
London County, Westminster and Parr’ s Bank.
Condition, 296.
London Joint City and M idland Bank. C ondition,
296.

22

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN,

G R E A T B R I T A I N — Continued.
London Joint Stock Bank. Condition, 297.
National defense, expenditures for, 1382.
National P rovincial and Union Bank. Condition,
297.
Notes, 78, 197, 319, 570, 571 (during war), 771, 1295,
1296 (1904, 1913, 1921), 1383.
Overseas trade act. Am endm ent, 954.
Parr’s Bank. Condition, 298.
Pound. Foreign valu e of, 1499.
Production. Coal, iron, ships, steel, 79,198, 319, 422,
554, 689, 690, 952, 1070, 1189, 1305.
P u b lic debt, 78, 173, 197. 319, 420, 565, 1381, 1421.
1916-1919, 173.
(See same, principal heading.)
Railroads, 1188, 1423.
Reparation receipts, 1302, 1421.
Reserve ratio, 1904, 1913, 1921. 1295, 1296.
R etail prices, 605, 728, 847, 993, 1109, 1229, 1345.
Revenues, 365, 563, 564, 566 (quarterlv receipts 19141920) 567, 1424.
(See R evenues.)
Safeguarding of industries b ill, 1187.
Shilling, fine silver in, 936.
Ships delivered under reparations agreement, 1302.
Ships, production of, 79, 198, 319, 422, 554, 689, 690,
952, 1070, 1189, 1302, 1305, 1423.
Steel production, 79, 198, 319, 422, 554, 689, 690, 952,
1070, 1189, 1302, 1305, 1423.
Tariff; A ntidum ping bill, 1187.
Taxation. (See In com e ta x ; R evenues.)
Tonnage over railways, 952, 1070, 1189, 1305, 1423.
Trade facilities b ill, 1420.
Treasury operations during war, 563.
Treasury receipts. (See, supra, R evenues.)
U nem ploym ent. (See, supra, E m ploym en t.)
Union of London and Sm ith’ s Bank. Condition, 297.
Wages, 422, 552, 689, 804, 952, 1069.
War finance, 563.
Wholesale prices. In dex numbers, 77, 78, 195, 197,
294, 318, 421, 463, 602, 691, 723, 724, 842, 843,
.953, 990, 1068, 1105, 1106, 1189, 1225, 1226, 1304,
1341, 1342, 1422, 1463, 1464.
New in d ex numbers, 294, 421.
(See Allies; Bank of E ngland; Banking expansion;
Business and financial conditions abroad;
L ondon.)

HARDW ARE.
(See Wholesale trade.)
HAY CROP.
Estim ates, 983, 1099, 1206, 1334.
H ELENA B R A N C H .
Federal R eserve B ank of M inneapolis, 67, 141.
D irectors, 67.
H ID E S A N D S K IN S .
Stocks of, 101, 224, 342, 456, 594, 716, 832, 978, 1096,
1216, 1331, 1451.
(See Business, industry and finance; Physical volu m e
of trade; W holesale prices.)
H O L D IN G S O F C O L L A T E R A L .
(See Methods of c ity banks, etc.)
H O L D IN G S O F P A P E R .
(See D iscount and open-m arket operations.)
H OLLAND.
(See Netherlands; Neutrals.)
HONGKONG.
Gold exports and im ports, 679.
H OOVER, HON. H.
Ter M eulen bonds, 1380.
H O S IE R Y , 17,147, 278, 338, 520, 661, 787, 915,1043,1161,
1278, 1394.
(See Business, industry and finance; W holesale
prices.)
H OU STON BRAN C H .
(Federal R eserve Bank of Dallas.

Directors, 67.)

I.
IM M E D IA T E C R E D IT , 1080.
(See B ill of lading drafts.)
IM P E R IA L B A N K O F IN D IA , 299

GREECE.
(See A llies.)

IM P O R T L E T T E R S O F C R E D IT , 168, 413.
IM P O R T P R IC E S , 403.

G R O C E R IE S .
(See Wholesale trade.)
G R O S S D E P O S IT S .
Fluctuations in, of 11 New Y ork City banks, 286.
GRO SS TONNAGE.
(See Shipping earnings, etc.)
G R O W E R S ’ D R A F T S , 1199.
(See Cooperative m arketing associations.)
GUARANTY.
Authority of national banks to, acceptances under
letters of credit, 547, 648.
G U ARAN TY TR U ST COM PANY.
Circular. Foreign loans floated in U nited States. 135,
942, 1266.
H.
H A G U E R U L E S , 1292.
H A M L IN , C. S .
Index-D igest. Federal Reserve Bulletins, 1914-1920,
272, 383, 655.




H A R D IN G , G O V E R N O R .
Credit policies, 895.
E con om ic developm ents, 671.
Federal Reserve System, 134, 671.
F in ancial conditions, 134.
M axim um discou nt rates, 5.
O rderly m arketing, 4.
Warehouse receipts as collateral for bank loans, 1314.

IM P O R T T R A N S A C T IO N S .
Renew al acceptances in , 699.
(See Rulings, Federal R eserve Board.)
IM P O R T A T IO N
1265.

OF

S E C U R IT IE S

AN D

GOLD,

IM P O R T S A N D E X P O R T S .
Argentina, 574.
B razil, 574.
Chile, 574.
China, 1914-1921, 938.
Foreign countries, 1345.
France, 81, 201, 320, 424, 426, 556, 557, 606, 806, 1076,
1191.
G erm any, 85, 808, 1193, 1310.
P olicy as to im ports, 1193.
G old. (See Sam e.)
Great Britain, 79, 198, 319, 422, 606, 1420, 1468.
India—
1910-1920, 30.
1914-1921, 938.
Ita ly , 83, 440, 558, 606, 1469.
Japan, 209, 326, 606, 607, 729, 849, 994, 1231, 1469.
Netherlands, 433, 813, 1196.

23

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

I M P O R T S A N D E X P O R T S — Continued.
Pig tin. (See Business, industry, and finance; P h ysi­
cal volum e of trade; W holesale prices.)
Raw silk. (See Business, industry, and finance;
Physical volum e of trade; W holesale prices.)
Silver. (See Sam e.)
Sweden, 206, 327, 431, 562, 606, 697, 810, 811.
U n ited States, 76, 194, 316, 446, 584, 672, 707, 822,
969, 1086, 1205, 1321.
Value of selected articles at 1913 prices, 446, 584, 707,
822, 969, 1086, 1205, 1321, 1441.
IM P O R T S , G O L D , 369, 370, 492, 493, 641, 679, 760, 856
(fiscal year 1921), 882, 938, 1014, 1015, 1133, 1134,
1252, 1253, 1384.
(See G old; Silver.)
I M P O R T S , S IL V E R .
(See Silver.)
I M P O R T S , W A T E R B O R N E , 1 8 6 0 -1 9 2 0 , 401, 409.
IN C O M E -T A X R E V E N U E S .
Great B ritain, 564.
(See Great Britain; R even ues.)
IN D E B T E D N E S S .
Foreign countries to U nited States, 906, 1400.
IN D E X .

(See Foreign exchange in d e x ; Foreign exchange rate
in d e x ; Foreign trade in d ex ; Ocean freight rates.)
I N D E X -D I G E S T
Federal Reserve Bulletins, 1914-1920, 272, 383, 513,
655.
IN D E X . F O R E IG N E X C H A N G E .
Federal Reserve Board, 798.
IN D E X

N U M BERS.
P R IC E S .
C O M P A R A T IV E
P R IC E L E V E L S , U N IT E D S T A T E S A N D
F O R E IG N C O U N T R IE S .
Board of Trade. Great Britain, 294.
Eight groups of manufacturing industries, 1148.
Exchange value. Foreign currency, 794.
Exchange value. Mark, 796, 797.
Foreign exchange, 1008, 1141, 1256, 1372, 1498.
Foreign trade, 76, 194, 316, 445, 583, 706, 822, 968,
1085, 1205, 1321, 1441.
Germany, 1428, 1429.
(See Wholesale prices.)
Great Britain. New, 294, 421.
Ita ly . New, 465.
Manufacturing industries, 1148.
Netherlands, 432, 1196.
(See Netherlands.)
Norwegian krone, 795, 797.
Ocean freight rates, 403, 931, 1086, 1206, 1322, 1442.
Pound sterling abroad, 794, 796, 1499.
R etail prices. Principal countries, 605, 727, 847,
993, 1109, 1195, 1229, 1345, 1468.
Scandinavia, 1431, 1432.
Swedish krona, 795, 797.
Wholesale prices abroad, 77, 195, 317, 463, 610, 723,
842, 988, 1105, 1225, 1341, 1461.
W holesale prices, U nited States. International com ­
parison, 90, 211, 442, 463, 465, 601, 604, 723, 727,
818, 841, 988, 1005, 1225, 1340, 1437, 1461.
Wholesale prices, U nited States, 90, 211, 442, 463,
465, 505, 580, 601, 604, 703, 723, 727, 818, 841,
965, 988, 1005, 1082, 1201, 1225, 1317, 1340, 1437,
1461.

IN D E X OF
1425.

B U S IN E S S

C O N D IT IO N S , 1269, 1384,

IN D E X O F P R O D U C T IO N , 1033, 1148.
IN D E X . S IL V E R .
W holesale prices, 935.
IN D IA .
Balance of trade, 30.
Balance on open account ow ed b y U nited States to,
1403.
G old. Im ports and exports, 679, 938.
G old production, 1910-1920, 678.
G old reserves, 1913-1921, 676, 677.
Im perial bank of, 299.
Im ports and exports—
1910-1920, 30.
1914-1921, 938.
Monetary commission. Report, 29.
Monetary conditions and exchange developm ents, 29.
Notes in circulation, 32.
R u pee exchange. N ew Y ork on, 31.
R u pee. Value in foreign exchange, 1893-1920, 31.
Reserves, 32.
Securities in reserves, 32.
Silver—
Im ports and exports, 1914-1921, 938.
Prices, 30.
W holesale prices, Calcutta. In d ex numbers, 77, 88,
195, 209, 329, 463, 464, 604, 723, 726, 842, 846,
992, 1105, 1109, 1225, 1229, 1341, 1344, 1463, 1467.
IN D IA N A .
A m endm ent to banking laws, 550.
IN D IV ID U A L D E P O S IT S , 289.
IN D O R S E M E N T .
B y party to com m ercial transaction, 1079.
Bankers’ acceptances purchased direct from accepting
bank, 699.
IN D U S T R IA L L O A N S .
Changes in agricultural and, Mar. 4, 1920-Apr. 28,
1921, 1049.
Foreign, floated in U nited States, 949.
(See Foreign loans placed in U nited States.)
IN D U S T R IE S .
(See Safeguarding of industries b ill, Great B ritain.)
IN D U S T R Y .
(See Business, industry, and finance.)
IN D U S T R Y A N D L A B O R , 774.
IN F L A T IO N .
Sweden, 203.
(See Expansion.)
IN F O R M A T IO N , S O U R C E S O F .
(See Methods of c it y banks, etc.)
IN T E R B A N K L O A N S , R A T E S .
(See Federal Reserve Bank and branch cities.)
IN T E R B A N K T R A N S A C T IO N S .
(See G old settlem ent fun d.)
IN T E R D I S T R I C T M O V E M E N T .
Federal Reserve notes, 626.
(See Federal Reserve notes.)
IN T E R E S T R A T E S .
Call m oney, N ew Y ork, 375.
Market rates. (See Federal Reserve Bank and branch
cities; D iscount rates.)
IN T E R N A L R E V E N U E B U R E A U .
Regulation. R even ue stamps on time drafts, 310.
IN T E R N A T IO N A L
1262, 1400.

BALANCE,

U N IT E D

STATES,

I N D E X O F O C E A N F R E IG H T R A T E S , 403, 931, 1086, IN T E R N A T IO N A L B A N K IN G C O R P O R A T IO N S .
(See Foreign banking corporations.)
1206, 1322, 1442.
1




24

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

I N T E R N A T IO N A L C O M P A R IS O N .
Wholesale prices, 463, 601, 723, 818, 821, 841, 988,1105,
1225, 1340, 1437, 1461.
IN T E R N A T IO N A L C R E D IT S , 181.
I N T E R N A T IO N A L D E B T A D J U S T M E N T , 906, 1421.
IN T E R N A T IO N A L F IN A N C E C O R P O R A T IO N , 71.
IN T E R N A T IO N A L L A W A S S O C IA T IO N .
H ague rules, 1292.
IN T E R N A T IO N A L M O V E M E N T O F P R IC E S .
(See International com parison; Price m ovem en t and
volum e of trade.)
IN T E R N A T IO N A L T R A D E .
Regulation of. T h e H ague rules, 1292.
IN V E S T M E N T C H A N G E S .
Y early review , 777.
IN V E S T M E N T IN A M E R IC A N
(See Investm ent trusts.)

S E C U R IT IE S .

IN V E S T M E N T IN S T O C K O F IN T E R N A T IO N A L
F IN A N C E C O R P O R A T IO N , 71.
IN V E S T M E N T T R U S T S .
Belgium , 64.
France, 62.
Geneva com bination, 65.
Germany, 66.
Switzerland, 64.
IR O N A N D S T E E L P R O D U C T IO N , 18, 386, 518, 660,
784, 912, 1040, 1158, 1276, 1444.
France, 321, 1305, 1425.
Great Britain, 79, 198, 319, 422, 554, 689, 690, 952,
1070, 1189, 1305, 1423.
Italy, 441.
Sweden, 811.
U nited States, 18,100,145, 223, 276, 341, 387, 455, 518,
592, 660, 715, 785, 831, 912, 977, 1040, 1094, 1159,
1213, 1276, 1329, 1391, 1449.
(See also Business, industry, and finance; M ovem ent
of com m odities; P h ysical volu m e of trade;
W holesale prices.)
IR R I G A T I O N C O M P A N IE S .
Notes of, h eld to b e com m ercial and not agricultural
paper, 964.
IS S U E .

(See Banks of issue; Federal Reserve bank notes;
Federal R eserve notes; N ote circulation; Note
issue.)
IT A L Y .
Agricultural products. Production, 83.
Balance of trade, 83, 558.
‘(See Im ports and exports.)
Balances due to and from foreign countries, 1403.
Bank of Italy. (See same.)
Banks of—
A dvances to Governm ent, 1384.
(See Bank of Ita ly .)
Banks of issue. Condition, 439, 607, 765, 892, 1021,
1145, 1258, 1375, 1500.
Banks of Italy, Naples, and S icily. Condition, 1298.
Budget, 323, 1076, 1381, 1382.
Business and financial conditions, 82, 322, 426, 437,
557, 609, 698, 765, 807, 957, 1021, 1076, 1145, 1191,
1258, 1375, 1384, 1425.
F Prof. R icca rd o B ach i on, 437.
Clearing-house returns, 439,
Cost of livin g, 807.
Crops, 1426.
Deposits, 82, 1298, 1384.
E m ploym ent, 1077, 1427.




I T A L Y — Continued.
E xpenditures for national defense, 1382.
F inancial situation, 609.
Floating debt, 1182.
Foreign credits, 1185.
Foreign exchange. On foreign countries, 438, 957,
1426.
Foreign exchange in d ex num bers, 1018, 1373, 1498.
Foreign trade, 83, 269, 440, 558, 607, 729, 849, 994,
1111, 1231, 1346, 1469.
(See Im ports and exports.)
G old reserve, 1913-1921, 676, 677.
G overnm ent price control relinquished, 1427.
Imports and exports, 83, 440, 558, 606, 607, 729, 849,
994, 1110, 1231, 1346.
In d ex num ber. New, 465.
Joint stock banks. Condition, 440.
Lira—
Fine silver in , 936.
Francs to, 322.
Value, 1469.
Mineral production, 441.
M onopolies, 1180.
National defense. Expenditures for, 1382.
National loans, 1181.
New in d ex num ber, 465.
Notes in circulation, 82, 424, 771, 1179, 1183, 1296,
1298, 1384.
Private banks. Condition, 427, 609, 765, 892, 1021,
1145, 1258, 1375, 1500.
Production. Coal, iron, etc., 441.
(See Coal production.)
P u b lic debt, 82, 323, 324, 765, 892, 1076, 1179, 1375,
1382, 1500.
Reserve ratio, 82, 1295, 1296, 1298, 1384.
Revenues, 426, 693, 1076, 1178, 1180, 1258, 1375, 1500.
Savings deposits, 440.
Security prices, 438, 439.
Silver, fine. In lire, 936.
Tariff, 1191.
Taxes, 693, 1180.
(See R evenues.)
U nem ploym ent, 1077, 1427.
U nited States credits, 1185.
W ar finances, 1177.
W7ar loans, six, 1181, 1182, 1185.
W holesale prices. In d ex num bers, 77, 82, 195, 209,
328, 437, 463, 465, 603, 725, 807, 842, 844, 957, 990,
1105, 1107, 1225, 1227, 1341, 1342, 1425, 1426,
1463, 1465.
New in d e x num ber, 465.
(See also A llies; Banca Commerciale Italiana; Banca
Itaiiana d i Scon to; Bank of Ita ly ; Banks of
Italy, Naples, and S icily ; B anco d i R om a; B usi­
ness and financial conditions abroad; Credito
Italian o.)
J.
J A C K S O N V IL L E B R A N C H .
Federal R eserve Bank of Atlanta.

D irectors, 67.

JAPAN .
B alance on open accou nt ow ed b y U nited States to,
1403.
Bank of Japan. (See Bank of Japan.)
Business and financial conditions, 86, 208, 326, 610,
766, 1022, 1144, 1260, 1376, 1501.
Coin and b ullion, 87.
Deposits, 1300.
D iscount rates. T okio market, 326, 1501.
F in ancial situation, 610.
Foreign exchange in d ex num bers, 1018, 1373, 1498.
Foreign trade, 209, 326, 607, 729, 849, 994, 1111, 1231,
1346, 1469.
(See Im ports and exports.)

25

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

J A P A N — Continued.
G o ld Im ports and exports, 679.
Reserves, 1913-1921, 676, 677.
Im ports and exports, 209, 336, 606, 607, 729, 849, 994,
1231, 1469.
N ote circulation, 1904, 1913, and 1921, 1295, 1296,
1300.
Reserves, 1295, 1296, 1300.
T okio banks, condition. (See Condition.)
W holesale prices. In d ex num bers, 77, 195, 317, 463,
601, 723, 842, 989, 1105, 1225, 1341, 1463.
(See also Asia; Bank of Japan; T okio banks.)
JA V A .
Gold reserves, 1913-1921, 676, 677.

LE A D , 1095, 1214,1329,1449.
(See Business, industry, and finance; Physical volum e
of trade; Wholesale prices.)
L E A F T O B A C C O IN D U S T R Y , 1057.
L E A G U E O F N A T IO N S .
International credit, 10.
Ter M eulen bonds, 181.

JAYASCH E BANK.
Condition, 1197.
In depen den t currency, 1197.
J O IN T C O M M IS S IO N O F A G R IC U L T U R A L
Q U IR Y .
Agricultural credits, 1030.

L A W D E P A R T M E N T — Continued.
A uthority of national bank to appoint correspondents
to issue letters of credit and acceptances under
guaranty, 547, 648.
Internal R even ue Bureau. Stamps on tim e drafts,
310.
Letters of credit—
Lim itations applicable to, 816.
(See, supra, A u th ority.)
(See Rulings, Federal Reserve Board.)

IN ­

J O IN T S T O C K B A N K S . C O N D IT IO N .
Great B ritain, 571, 608, 764, 803, 1143, 1257.
Ita ly , 440.
Sweden, 431, 766, 893, 1022, 1144, 1259, 1375, 1500.
J U R IS D IC T IO N .
(See Am erican Bank & Trust Co. v. Federal Reserve
Bank of A tlanta.)
K.
K A IN S , A R C H IB A L D .
Financing cotton for export, 1066.
K N IT G O O D S , P R O D U C T IO N , 23, 151, 278, 284, 596,
720, 837, 984, 1100, 1221, 1337, 1457.
KRONA.
Foreign exchange value of Swedish, 795, 797, 1375.
KRONE.
Foreign exchange value of Danish, 1432.
Foreign exchange value of Norwegian, 795, 797, 1432.
L.

LEATH ER.
M onthly reports, 17, 148, 279, 390, 521, 662, 787, 916,
1043, 1162, 1279, 1395.
Production of, 1095, 1216, 1331, 1451.
(See Business, industry, and finance; Physical volum e
of trade; Wholesale prices.)
L E T T E R S O F C R E D IT .
A pplication for, 1170.
A uthority of national bank to issue through a corre­
spondent, 547, 648.
A uthority to purchase, 930.
Court decisions as to rights and lia bilities arising out
of, 158,162.
Forms of, 410.
Issue of, b y bank as agent of another bank, 547, 648.
L ia b ijity upon, 547, 816.
Lim itations applicable to, 816.
(See Acceptances, letters of credit.)
Practice of Am erican banks in financing foreign trade
under, 163.
Practice under com m ercial, 681.
Questionnaire on use of, 164.
Study of, 158, 410, 681, 926.
(See A uthority to purchase; Commercial letters of
credit,)
L IA B IL IT IE S .
(See A cceptan ce liabilities; Assets and liabilities;
D eposit liabilities; Ratio, q uick assets, etc.;
Resources and liabilities.)

L A B O R A N D IN D U S T R Y , 774.

L IA B IL IT Y .
On letters of credit and acceptances, 547, 816.

L A B O R C O N D IT IO N S .
France, 693.
Germ any, 560, 696, 809, 1072, 1310.
Great Britain, 79,198, 319, 422, 552, 690, 803, 804, 952,
1069.
Italy, 1077, 1427.
Netherlands, 432,1196.
Sweden, 431, 562, 696, 960, 1073.
U nited States—
M onthly reports, 19, 148, 282, 522, 664, 789, 917,
1045, 1163, 1281, 1396.
Survey b y Federal Reserve Board, 506, 526.
Y early review , 774.
(See W ages.)

L IB E R T Y B O N D S . L O A N S S E C U R E D B Y .
D iscount rates. (See Same.)
Market rates. (See Federal Reserve Bank and branch
cities.)

LAW D E PA R TM E N T .
Am endm ents—
A ct Mar. 21, 1921. Qualification of nationalbank directors, 549.
A ct June 14, 1921. Sec. 25 (a), 817.
Federal Reserve A ct—
Sec. 11 (m ), 73, 310.
Sec. 25 (a), 310, 817.
State banking laws, 549.




L IM IT A T IO N O F A R M A M E N T S .
Washington Conference, 1383.
L IM IT A T IO N ON L E T T E R S O F C R E D IT , 158, 162,
816.
L IQ U ID A T IO N S , B A N K , 14, 68, 133, 307, 416, 551,
698, 814, 961, 1078,1198, 1434.
L IR A , V A L U E , 1426.
L IT T L E R O C K B R A N C H .
Federal Reserve Bank of St. Louis.

Directors, 67.

L IV E S T O C K .
Anim als slaughtered, 450, 588, 710, 825, 972, 1088,
1209, 1324, 1443.
Bankers live-stock loan corporation, 775.
Financial plan of Secretary of Treasury, 775.
M onthly reports on, 15, 143, 275, 386, 516, 658, 783,
911, 1039, 1157, 1274, 1390.

26

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

L IV E S T O C K — Continued.
Receipts and shipments, 94, 216, 334, 449, 587, 709,
823, 970, 1087, 1207, 1324, 1443.
(See Business, industry, and finance; P h ysica l volum e
of trade; Wholesale prices.)

L O N D O N — Continued.
Market rates. Bankers’ acceptances, 173.
Silver. Average price, 130, 494, 890.
(See also Foreign exchange; Great B ritain.)

L IV E -S T O C K F IN A N C IN G , 775.

LO N D O N C O U N T Y , W E S T M IN S T E R , A N D P A R R ’ S
B A N K (L T D .).
Expansion, 296.

L IV E -S T O C K L O A N S .
Market rates. (See Federal Reserve S a n k and branch
cities.)

LO N D O N , J O IN T C I T Y
(L T D .).
Expansion, 296.

AND

M ID L A N D

BANK,

L IV E -S T O C K P A P E R .
(See D iscount and open-m arket operations; D iscount
rates.)

LO N D O N J O IN T S T O C K B A N K (L T D .).
Expansion, 297.

L L O Y D ’ S B A N K (L T D .).
Expansion, 295.

L O N D O N J O IN T S T O C K B A N K S .
Condition, 298, 571, 608, 764, 803, 1143, 1257.

LLOYD G EORGE.
fci Reparation paym ents, 651.

L O N G -T E R M B O R R O W IN G .
Great Britain, 565.

LO AN .

LOS AN G ELES B R A N C H .
Federal Reserve Bank of San Francisco.
67.

(See National loan.)
LO A N S .
Agricultural. (See Agricultural cred it; Credit.)
City banks to correspondents. Methods, 33, 536.
Demand, on real estate, 546.
D ifference in range. (See New Y ork City banks.)
Foreign—
Floated in U nited States, 135, 942, 1266.
France, 179, 321, 691, 955, 1305.
Germany, 1308.
Great Britain, 565, 1303, 1421.
Italy, 1181,1185.
Warehouse receipts as collateral for bank, 1314.
(See Changes in Agricultural and industrial loans;
Credit; Dem and loans on real estate; Foreign
loans; Methods of c ity banks, etc.; War loans.)
L O A N S A N D D IS C O U N T S .
Classification. M em ber State banks and trust com ­
panies. (See D iscount and open-market opera­
tions; Condition, m em ber State banks and trust
com panies; Fluctuations.)
E leven N ew Y ork C ity banks, 41.
L O A N S , F O R E IG N .
(See Foreign loans; Foreign loans placed in United
States; N ew Y ork City banks.)
L O A N S , R E C E IP T S F R O M .
Great Britain, 567.
(See R evenues.)
L O A N S S E C U R E D B Y W A R E H O U S E R E C E IP T S .
Market rates. (See Federal Reserve Bank and branch
cities.)
L O A N S T O A L L IE S .
B y Great Britain, 565,1303.
B y U nited States, 1262.
L O C O M O T IV E S A N D C A R S .
Output, 102, 225, 343, 457, 595, 717, 833, 980, 1097,
1217, 1332, 1452.
(See Physical volum e of trade.)
LONDON.
Bankers’ clearing-house returns, 79.
Clearing-house banks—

Acceptance liabilities of nine, 801.
Condition of nine, 420, 608, 764, 891, 1020, 1143,
1257,1374, 1499.
Foreign exchange—
Argentina, R io de Janeiro, and Valparaiso on, 575.
Berlin on, 326.
In d e x numbers, 1257, 1374.
London on India, 31.
Francs to pound sterling, 322.




LOSSES

D irectors,

O F S H IP S , W A R , 184.

L O U IS V IL L E B R A N C H .
Federal Reserve Bank of St. Louis.

Directors, 67.

LUM BER.
Production, 98, 221, 340, 454, 592, 714, 829, 976, 1093,
1215, 1330, 1450.
Reports on, 22, 144, 279, 390, 521, 663, 788, 916, 1044,
1163, 1280, 1395.
(See Business, industry, and finance; Physical volum e
of trade; Wholesale prices.)
M.
MANAGERS
OF
FEDERAL
B R A N C H E S , 67.

RESERVE

BANK

M A N U F A C T U R IN G , 1150.
M ARK , GERM AN.
Fine silver content, 936.
Fluctuations, 1193.
Foreign exchange value, 203, 796, 797, 1193.
Gold marks. Governm ent purchase price of, 1194.
Speculative purchases of, 1265.
Value of, 203, 326, 796,959,1070,1193,1311,1400,1428.
M ARK ET, ACCEPTANCE.
(See A ccep tan ce market.)
M ARKET RATES.
Call loans, N ew Y ork, 375.
Bankers’ acceptances, London and New Y ork, 173.
In Federal Reserve Bank and branch cities, 93, 215,
333,495, 643, 761, 884,1016,1135,1255,1370,1496.
Prim e bankers’ acceptances, N ew Y ork, 801.
(See A cceptan ces; E ligible nonm em ber bills; F e d ­
eral Reserve Bank and branch cities; T okio.)
M A R K E T IN G A S S O C IA T IO N S .
(See Cooperative marketing asspdations.)
M A T U R IT IE S .
A cceptances purchased—
M onthly, 110, 234, 353, 470, 616, 733, 860, 996,
1113, 1233, 1348, 1472.
Quarterly, 111, 234, 471, 616, 861.
Bills discounted and bought—
M onthly, 110, 119, 233, 241, 353, 360, 469, 478,
616, 624, 733, 742, 860, 869, 997, 1005, 1112,
1122, 1233, 1242, 1348, 1356, 1471, 1482.
Quarterly, 110, 234, 470, 616, 861.
Treasury certificates, 119, 241, 360, 478, 624, 742, 869,
1005, 1122, 1242, 1348, 1356, 1471, 1482.
(See D iscount and open-market operations.)

27

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN,

M A T U R I T Y B A S IS .
A cceptances reduced to a com m on.
and open-market operations.)

(See D iscount

M A T U R I T Y D IS T R IB U T IO N .
(See D iscount and open-market operations.)
M EAT PRODU CTS.
Exports of, 95, 217, 336, 450, 588, 710, 826, 972, 1088,
1209, 1325, 1445.
(See Business, industry, and finance; Physical v ol­
ume of trade; W holesale prices.)
M ELLON, HON. A. W.
Confirmed as Secretary of Treasury b y U nited States
Senate, 383.
M E L T IN G P O IN T S
936, 937.

OF

S IL V E R

C U R R E N C IE S ,

M ERCH ANT VESSELS.
(See Shipping earnings, e tc .; Ships.)
M E R G E R O F B A N K S , 416.
(See N ew Y ork C ity banks.)
M E T A L M A N U F A C T U R IN G .
(See Business, industry, and finance.)
M ETALS.
(See Business, industry, and finance.)
M ETH O D S OF C IT Y
A C C O M M O D A T IO N
33, 536.

B A N K S IN G R A N T IN G
TO CO RRESPO N D EN TS,

M E X IC O .
Gold im ports and exports, 679.
(See North Am erica.)

M EM B E R B A N K A C C EPTAN CE L IA B IL IT Y .
Y ear 1921, 171, 800, 1050.
(See A cceptan ces.)

M IT C H E L L , J . R .
A ppointed a m em ber of the Federal Reserve Board,
655.

M EM BER BAN K CO LLATERAL NOTES.
(See D iscount and open-market operations.)

M O N ETARY AND
IN IN D IA , 29.

M E M B E R B A N K C O N D IT IO N S T A T E M E N T S , 120,
245, 363, 480, 628, 743, 871,1006, 1124,1244, 1271,
1358, 1484.
Abstract of, 255, 497, 851, 886, 1137.
M EM BE R B A N K LO AN S.
D istribution. Agricultural and other counties, 1150.
M EM BER BAN KS.
A ccep tan ce liabilities, 171, 800, 1050.
Agricultural loans b y , 1049, 1150.
Assets and liabilities, 629, 744, 871, 999, 1116, 1117,
1236, 1237, 1351, 1475.
Borrowings from, in agricultural and semiagricultural
counties, 1049, 1150.
Classification, Loans and discounts, 257, 499, 889,
1140.
Condition statements, 120,245, 255, 258, 259, 363, 376,
480,497, 500, 512, 628, 655, 743, 851, 871, 886, 888,
908,1006,1124, 1154, 1244, 1358, 1385,1484.
H oldings of paper. (See D iscount and open-market
operations.)
N um ber in each Federal Reserve district. Number
accom m odated, 108, 232, 351, 362, 467, 491, 614,
639, 731, 755, 858, 881, 1013, 1132, 1232, 1251,
1347, 1365, 1471, 1492.
1917-1921, 1032.
N onm em ber banks. Permission to rediscount paper
of, 963.
Reserve deposits. (See Same.)
Resources and liabilities. Fiscal year 1921, 852.
(See Assets and liabilities.)
State banks adm itted to Federal Reserve System, 68,
188, 307, 415, 551, 698, 814, 961, 1078, 1198, 1316,
1434.
(See also D iscount and open-m arket operations; State
banks and trust com panies adm itted.)
M EM BE R S T A T E B A N K S AND T R U S T CO M PA­
N IE S .
Classification of loans and discounts and condition,
255, 257, 889, 1140.
(See Mem ber banks.)
Condition, 255, 1137, 1138, 1139, 1140.
(See S,tate banks and trust com panies.)
M E M P H IS B R A N C H .
Federal Reserve Bank of St. Louis.

EXCH A N GE DEVELOPM ENTS

M O N E T A R Y C O M M IS S IO N , IN D IA , 29.
M O N E T A R Y U N IT S .
Foreign countries, 1295, 1497.
Percentage of depreciation, 1497.
MONEY.
Call loan rates, N ew Y ork, 375.
M O N E Y IN U N IT E D S T A T E S .
D ec. 1, 1920, 129; Jan. 1, 1921, 254; Feb. 1, 1921, 371;
Mar. 1, 1921, 496; Apr. 1, 1921, 644; May 1, 1921,
762; June 1, 1921, 885; July 1, 1921, 1017; Aug.
1, 1921, 1136; Sept. 1, 1921, 1254; O ct. 1, 1921,
1368; N ov. 1, 1921, 1495.
June 1, 1920-June 1, 1921, 853.
M O N O P O L IE S , G O V E R N M E N T .
Italy, 1183.
M O R A T O R IU M , C U B A , 302.
M O T O R T R U C K S , 191.
(See Rulings, Federal Reserve Board.)
M O V E M E N T O F A G R IC U L T U R A L P R O D U C T S ,
C O A L A N D P E T R O L E U M , IR O N A N D S T E E L ,
A N D T E X T IL E S , 708, 824, 971, 1089, 1208, 1323,
1444.
M O V E M E N T O F A S S E T S A N D L IA B IL IT IE S .
Federal Reserve Banks, 475, 622, 737, 850, 865, 999,
1116, 1118, 1236, 1238, 1352, 1353, 1473.
R eporting mem ber banks, 629, 744, 871, 999, 1117,
1237, 1351, 1473.
M O V E M E N T O F G O L D AN D S IL V E R .
(See G old; Silver.)
M U N IC IP A L L O A N S , 945.
(See Foreign loans placed in U nited States.)
N.
NAM E OF BAN K , CH ANGE
961, 1078, 1198, 1316.

O F, 68, 307, 416, 551,

N A S H V IL L E B R A N C H .
Federal Reserve Bank of Atlanta.

Directors, 67.

M EN S C L O T H IN G .
(See Business, industry, and finance.)

N A T IO N A L A S S O C IA T IO N O F F IN IS H E R S O F
C O T T O N F A B R IC S .
Reports, 23, 152, 284, 448, 596, 719, 836, 985, 1101,
1220, 1336, 1456.

M E R C H A N D IS E .
_ & Exports andjim ports. China and India, 938.
(See Imports and exports.)

N A T IO N A L B A N K N O T E S .
Fiscal year 1921, 853.
(See M oney in U nited States.)




Directors, 67.

28

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

N A T IO N A L B A N K S .
Acceptances. No authority to guarantee, 547.
A cceptan ce liabilities of, 172, 800, 1051.
Acceptances can on ly be given at principal office, 547.
A uthority to appoint correspondents to issue letters
of credit and acceptances under guaranty of, 547,
648.
Charters, new, 69, 189, 307, 417, 551, 698, 814, 962,
1081, 1200, 1315, 1436.
Correspondents. (See, supra, A u th ority.)
Deposit of securities in trust department, 309.
Directors. A ct of Mar. 1, 1921, as to qualifications of
directors, 549.
F iduciary powers granted to, 68, 189, 306, 416, 545,
551, 688, 814, 961, 1078, 1198, 1316, 1434.
D eposit of securities in trust departm ent, 309.
Exercise of, outside of State where located, 816.
Transfer agents, 545.
Guaranty of acceptances and letters of credit, 547, 648.
International F inance Corporations. Investm ent in
stock of, 71.
Transfer agents, 545.
Trust departm ent. D eposit of securities in, 309.
Trust funds, sale of collateral security, 1435.
(See D iscount and open-m arket operations; Rulings,
Federal Reserve Board; F id u ciary powers.)
N A T IO N A L D E F E N S E E X P E N D IT U R E S .
France, 178, 1382.
Germany, 1382.
Great Britain, 1382.
Italy, 1382.
N A T IO N A L L O A N .
France, 79.
N A T IO N A L P R O V IN C IA L A N D U N IO N B A N K O F
E N G L A N D (L T D .).
Expansion, 297.
N A V A L E X P E N D IT U R E S .
R eduction of, 1383.
N A V A L S T O R E S , 98, 221, 339, 453, 591, 714, 829, 975,
1092, 1212, 1328, 1448.
(See P h ysical volum e of trade.)
N E G O T IA T IO N , O R IG IN A L .
(See Commercial paper.)
N ET B A L A N C E S .
Owed in open account b y U n ited States to foreign
countries, 1405.
N E T E A R N IN G S .
(See Earnings.)
NET SALES.
(See R etail trade; W holesale trade.)
N E T T O N -M IL E S .
(See Physical volum e of trade.)
NETHERLANDS.
Balance of trade, 1196.
Bank of. (See same.)
Business and financial conditions, 431, 812,1197,1299.
Capital issues, 1266.
Currency circulation, 1197.
Deposits, 1299.
Em ploym ent, 432, 1196.
Foreign exchange rates, 433, 1018, 1373, 1498.
Foreign trade, 433, 813,1196.
Gold imports and exports, 679.
Gold reserves, 1913-1921, 676, 677.
Javasche Bank. (See same.)
Imports and exports, U nited States, 433, 813, 1196.
Note circulation, 1904, 1913, and 1921, 1295, 1296,
1299.
Reserve ratio, 1295, 1296, 1299.
Retail prices, 1195.




N E T H E R L A N D S — Continued.
U nem ploym ent, 432, 1196.
Wholesale prices, 432, 813, 1195, 1463.
(See Bank of Netherlands; D utch East In dies; Ja­
vasche Bank.)
N EU TRALS.
Net balances on open account ow ed b y U nited States
to, 1406.
NEW C H A R T E R S .
(See National banks.)
NEW J E R S E Y B A N K IN G L A W S .
A m endm ent to, 73.
NEW O R L E A N S B R A N C H .
Federal Reserve Bank of Atlanta.

Directors, 67.

NEW Y O R K .
Bankers* acceptances. Market rates, 173.
Dollar. Francs to the, 322.
Foreign exchange—
Argentina, R io de Janeiro and Valparaiso on, 575.
Berlin on, 326.
N ew Y ork on foreign countries, 8, 31, 130, 136,
266, 380, 494, 509, 890, 907, 1377.
New Y ork on* Great Britain, 31.
R upee exchange, 31.
Silver. Average price, 130, 494, 890, 935 (1918-1921).
NEW Y O R K C I T Y B A N K S .
Fluctuations in gross deposits of eleven, 1913-1919,
286.
Fluctuation in loans and discounts of eleven, 19131919, 41.
Methods of, in granting accom m odation to corre­
spondents, 33, 563.
NEW Z E A L A N D .
G old im ports and exports, 679.
Wholesale prices, 1463.
N IC A R A G U A .
G old im ports and exports, 679.
N O N A G R IC U L T U R A L C O U N T IE S .
Loans, 1150.
N O N F E R R O U S M E T A L S , 19, 146, 276, 386, 517, 660,
785, 913, 1041, 1159, 1276, 1392.
(See Business, industry, and finance.)
NONMEMBER BAN K S.
A cceptances of, held b y Federal Reserve Banks.
(See Discount and open-market operations.)
N um ber of, in each Federal Reserve district, 362, 491,
639, 755, 881, 1013, 1132, 1251,'1365, 1492.
Num ber on par list, 113, 244, 362, 491, 639, 755, 850,
881, 1013, 1132, 1251, 1365, 1492.
Permission granted to m em ber banks to rediscount
paper acquired from, 963.
(See D iscount and open-market operations; State
banks and trust com panies.)
N O N M E M B E R B IL L S , E L IG IB L E .
Market rates, 534.
N O N N A T IO N A L B A N K S .
(See D iscount and open-market
m em ber banks.)

operations; N on­

N O N P A R L IS T .
(See Clearing system .)
N O R T H A M E R IC A .
N et balances on open account ow ed b y U nited States
to, 1403, 1406.
NORW AY.
Balances due to and from foreign countries, 1403.
Bank of. (See same.)
Foreign exchange value. Krone, 795, 797, 1431.

29

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

N O R W A Y — Continued.
G old reserves, 1913-1921, 676, 677.
Note circulation, 1433.
Note expansion, 1433.
Wholesale prices. In d ex numbers, 726, 842, 845, 991,
1105,1108,1225, 1228, 1341, 1343, 1463, 1466.
(See Bank of N orw ay; Christiania; Neutrals; Scan­
dinavia.)
N O T E C IR C U L A T IO N .
Austria. (See Same.)
Bank of England. (See Same.)
Bank of France. (See Sam e.)
Bank of Japan. (See Same.)
France. (See Same.)
Germ any. (See Same.)
Great Britain. (See Same.)
Italy. (See Same.)
R eich sban k. (See Sam e.)
R ik sbank . (See Sam e.)

O P IN IO N S O F C O U R T S .
Am erican and British. Rights and liabilities under
letters of credit, 158, 162.
U nited States Supreme Court. Par clearance d eci­
sion, 700.

(See Retail trade.)

O R IE N T .
Trade with, 926.
(See A uth ority to purchase.)
O R IG IN A L N E G O T IA T IO N .
(See Commercial paper.)

C IR C U L A T IO N . R E S E R V E S
AND
S E R V E R A T IO .
Foreign countries. 1904, 1913, and 1921, 1295.

RE­

N O T E E X P A N S IO N .
Great Britain, 295, 296, 297.
Scandinavia, 1433.

O U T S T A N D IN G O R D E R S .
(See R etail trade.)
O V E R D R A F T S , 289.
P.

N O T E IS S U E .
Transferred from Australian treasury to the Common­
wealth Bank, 301.
N O T E L I A B I L IT IE S .
(See D eposit and note liabilities; Resources and lia­
bilities.)
NOTES.

(See Agricultural paper; Commercial paper; Coopera­
tive marketing associations; E ligib ility ; Federal
Reserve bank notes; Federal Reserve notes;
Finance paper; In dia; Irrigation com panies;
Packing com panies.)

P A C K IN G C O R P O R A T IO N S .
(See Agricultural paper; Cooperative
associations.)

marketing

PAPER.

(See Business, industry, and finance; Physical volum e
of trade; Wholesale prices.)
P A P E R , A G R IC U L T U R A L .
(See Agricultural paper.)
P A P E R , C O M M E R C IA L .
(See Commercial paper.)
P A P E R , F IN A N C E , 308.
(See Cold-storage com pany; Finance paper.)
P A P E R P R O D U C T IO N , 101, 225, 343, 457, 595, 717, 833,
979, 1096, 1216, 1331, 1451.

0.
OATS.
Estim ated crop, 983, 1099, 1206, 1334.
O C E A N F R E IG H T R A T E S , 403, 931,1086,1206 (ind ex),
1322, 1442.
O IL O U T P U T , 99, 222, 341, 454, 592, 715, 830, 976, 1094,
1213, 1328, 1448.
O IL R E F IN E R IE S .
(See Physical volu m e of trade.)

P A R C O L L E C T IO N .
(See Clearing system .)
P A R L IS T .
(See Clearing system .)
PARAGUAY.
Capital issues, 1266.
PARENT BANK.
Reserves against balances due to a foreign branch, 815.

O IL S T O C K S .
(See Physical volum e of trade.)
OKLAH OM A.
A m endm ent to banking laws, 550.
OKLAH OM A BRANCH.
Federal Reserve Bank of Kansas City.

Directors, 67.

OM AHA BRANCH.
Federal Reserve Bank of Kansas City.

Directors, 67.

(See A cceptances.)

O PEN A C C O U N T .
N et balances on, owned b y U nited States to foreign
countries, 1405.
O P E N -M A R K E T O P E R A T IO N S .
(See D iscount and open-market operations.)
O P E N -M A R K E T P U R C H A S E S .
A m endm ent to R egulation B, purchase of 6 m onths’
acceptances, 545.
Bankers’ acceptances direct from accepting banks,
699.
(See D iscount and open-market operations.)




O P IN IO N S O F C O U N S E L .
(See Rulings, Federal Reserve Board.)

ORDERS.
Outstanding.

NOTE

ONE H U N DRED PER CENT.
A cceptances authorized up to.

O P E N -M A R K E T R A T E S .
(See Federal Reserve Bank and branch cities.)

P A R IS .
Bank clearings, 1374, 1499.
Foreign exchange—
Berlin on, 326.
Exchange on foreign countries, 692.
Retail prices, 81, 425, 605, 728, 847, 993, 1109, 1229,
1345,1468.
P A R R ’ S B A N K (L T D .).
Expansion, 298.
PAY ROLLS.
(See Changes in wages.)
PAYM ENTS.
In anticipation of acceptances, 815.
P E A K O F R E D IS C O U N T S , 53.
(See New Y ork City banks.)
P E R C A P IT A C IR C U L A T IO N .
(See M oney in U nited States.)
P E R C E N T A G E O F D E P R E C IA T IO N .
Foreign currencies, 1497.

30

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

P E R C E N T A G E O F D I S T R IB U T IO N .
(See D iscount and open-m arket operations.)
PERCENTAGE, RESERVE.
(See In dia ; Reserve percentage; Resources and lia­
bilities.)
P E R M IT S , B U IL D IN G S , 835, 981, 1098, 1219, 1455.
PE R U .
Wholesale prices, 1463.
(See South A m erica.)
PETROLEUM .
M onthly reports, 18, 145, 276, 387, 517, 659, 784, 912,
1040, 1158,1275, 1391.
Production, 99, 222, 341, 454, 592, 715, 830, 976, 1094,
1213, 1328, 1448.
(See Business, industry, and finance; M ovem ent of
com m odities; Physical
volum e
of
trade;
Wholesale prices.)
P H IL IP P IN E IS L A N D S .
Capital issues, 1266.
P H Y S IC A L V O L U M E O F T R A D E , 94, 216, 334, 446,
585, 707, 823, 969,1087, 1207, 1322, 1442.
P I G -I R O N P R O D U C T IO N .
France, 321,1305,1425.
Great Britain, 79, 198, 319, 422, 554, 689, 690, 952,
1070, 1189,1302,1305, 1423.
Italy, 441.
Sweden, 811.
P I G T IN .
(See Business, industry, and finance; Physical volum e
of trade; W holesale prices.)
P IT T M A N A C T .
U nited States certificates of indebetdness, retirement
of, 374, 1386.
P IT T S B U R G H B R A N C H .
Federal Reserve Bank of Cleveland,

Directors, 67.

P O L IC Y .
Credits, Federal Reserve System, 895.
Foreign banking, 1267.
Imports, Germany, 1193.
PORTLAND BRANCH.
Federal Reserve Bank
tors, 67.

of

San

Francisco.

D irec­

PORTUGAL.
(See Allies.)
P O R T O R IC O .
Capital issues, 1266.
P O S T A R M I S T IC E O B L IG A T IO N S , 1262.
P O U N D S T E R L IN G .
In dex numbers of value of, abroad, 794, 796,1499.
POW ERS.
(See Fiduciary powers.)
P R A C T IC E U N D E R C O M M E R C IA L L E T T E R S O F
C R E D IT , 681.
P R E S ID E N T O F U N IT E D S T A T E S .
Extract from address. Deflation, 506.
P R IC E C H A N G E S , 378, 1028.
(See Prices.)
P R IC E IN D E X E S .
(See In dexes; W holesale prices.)
P R IC E I R R E G U L A R IT Y *
E ffect of, 505.
P R IC E L E V E L S , C O M P A R A T IV E .
Principal countries, 463, 601, 723, 841, 988, 1105,
1225, 1340, 1461, 1437.
(See Wholesale price levels.)




P R IC E L E V E L S , R E T A IL , C O M P A R A T IV E .
Principal countries, 727, 728, 847, 993, 1109, 1229,
1345, 1461, 1468.
P R IC E M O V E M E N T S A N D V O L U M E O F T R A D E ,
442, 579, 702, 818, 965, 1082, 1201, 1317, 1437.
P R IC E R E D U C T IO N S , 504.
P R IC E S , 22,131,150, 281, 378, 393, 504, 505, 525, 652, 666,
776, 790, 919, 1047, 1152, 1165, 1283, 1422, 1425,
1428, 1429, 1431, 1432, 1501.
Im port and export goods in foreign trade of U nited
States, 403.
President of U nited States on, 506.
R etail. (See R etail prices.)
Wholesale. (See Indexes; W holesale prices.)
(See Business, industry, and finance; Com parative re­
tail prices; Comparative wholesale price lev els;
France; Germ any; Great B ritain; In d ex num bers;
Ita ly ; Rentes; Retail prices; Securities; Security
prices; Silver; T ob a cco; W holesale prices.)
P R IC E S A N D

C R E D IT , 776, 1152.

P R IC E S A N D W A G E S , 652.
P R IV A T E B A N K E R S .
(See Private banks.)
P R IV A T E B A N K S .
A cceptances ol, held b y Federal R eserve Banks. (See
D iscount and open-market operations.)
Italian. Condition, 427, 609, 765, 892, 1021, 1145,
1258, 1375, 1500.
P R O D U C T IO N .
Agricultural products, 984, 1100, 1206, 1334.
Italy, 83, 441, 1206.
Coal—
France, 320, 1191, 1307.
Germany, 429, 1194.
Great Britain, 79, 198, 319, 554, 689, 690, 952,
1189, 1305, 1423.
Italy, 441.
(See U nited States.)
Copper, 978, 1095, 1214, 1329, 1449.
Cotton fabrics. (See Physical volu m e of trade.)
Corn, 983, 1099, 1206, 1334.
E lectric power. (See Physical volu m e of trade.)
Finished cotton fabrics, 23,152, 285, 448, 596, 719, 836,
985, 1101, 1220,1336, 1456.
Gold. (See Same.)
Indexes of, 1033, 1148.
Iron—
France, 321, 1305, 1425.
Great Britain, 79, 198, 319, 554, 689, 690, 952,
1189, 1305, 1423.
Italy, 441.
Sweden, 811.
K n it goods. (See Business, industry, and finance.)
Locom otives and cars. (See Physical volum e o f
trade.)
Paper. (See Physical volum e of trade.)
Railroads. Great Britain, 1423.
Ships, 79, 187, 198, 319, 554, 689, 690, 952, 1189, 1305,
1423.
Silver. (See Same.)
Steel, 79, 198, 319, 554, 689, 690, 952, 1189, 1305,1423.
Sweden, 811.
Tobacco, 1059.
W ood pu lp. (See Physical volum e of trade.)
(See Physical volum e of trade.)
P R O D U C T IO N A N D B U S IN E S S , 772.
P R O F IT A N D L O S S A C C O U N T .
Federal Reserve Banks, 156, 941.
P R O T E C T IV E T A R IF F .
(See Tariff.)

31

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

PROTOCOL.
German Reparations Commission, 674.
P U B L IC D E B T .
Austria, 207.
France, 79, 80, 200, 321, 425, 555, 608, 692, 764, 805,
891, 955, 1020, 1075, 1143, 1228, 1305, 1374, 1382,
1499.
Germ any, 84, 203, 324, 429, 808, 958, 1308, 1382.
Great Britain, 78, 173, 197, 319, 420, 565, 1381, 1421.
Italy, 82, 203, 323, 324, 765, 892,1076,1178,1179,1375,
1382, 1500.
U nited States, 373.
(See Floating deb t.)
P U B L IC F IN A N C E , 1148.

R A T E S — Continued.
B ills discounted, 110, 233, 353, 469, 616, 733, 860, 996,
1112, 1234, 1348, 1471.
Quarterly, 110, 470, 861.
D iscoun t rates, 129, 254, 371, 496, 644, 762, 885, 1017,
1136, 1254, 1369, 1495.
July, 1920 and 1921, 857.
Earnings, Federal R eserve Banks, 109, 233, 354, 471,
618, 734, 862, 997, 1114,1234,1349,1473.
Foreign exchange. (See Sam e.)
(See Annual rates; Average rates; Berth rates; D is­
count and open-m arket operations; D iscount
rates; Federal Reserve B ank and branch cities;
In d ex of ocean freight rates; Market rates;
O cean freight rates.)
R A T IO .
A verage stocks to average m on th ly sales. (See
R etail trade.)
Q uick assets to current liabilities, 546.
Reserve to liabilities. (See Bank of E ngland; D e­
posits; D iscount and open-m arket operations;
R eserve percentage; Reserve ratio; Resources
and liabilities.)
War loan paper. (See Earning assets.)

P U B L IC U T I L I T Y P O W E R P L A N T S .
(See Physical volum e of trade.)
P U B L IC U T I L I T Y L O A N S , 950.
(See Foreign loans placed in U nited States.)
PURCHASE.
(See A ccep tin g banks.)
P U R C H A SE , A U T H O R IT Y T O .
Trade with Orient, 926.
PURCHASE OF S IX M O N TH S’ ACCEPTANCES.
Regulation B , 1921, am ended to authorize, 545.

R A W S IL K .
Im ports of.

P U R C H A S E D B IL L S .
(See D iscount and open-market operations; Earning
assets.)

R E A D IL Y M A R K E T A B L E S T A P L E S .
(See Rulings, Federal R eserve Board.)

P U R P O S E O F O R IG IN A L N E G O T IA T IO N .
E ligibility determ ined b y , 1199.

N A T IO N A L B A N K

R E A D J U S T M E N T , 503, 645, 767.
REAL ESTATE.
D em and loans on, 546.
(See Rulings, Federal
powers.)

Q.
Q U A L IF IC A T IO N S
OF
RECTORS.
A ct of Mar. 1, 1921, 549.

(See Ph ysical volum e of trade.)

D I­

Q U IC K A S S E T S .
R atio of, to current liabilities, 546.
R.
R A IL R O A D F R E IG H T .
(See Physical volu m e of trade.)

Reserve

Board; F iduciary

R E C E IP T S .
From loans. Great Britain, 567.
Quarterly receipts. Great Britain, 1914-1920, 566.
From taxes—
Germ anv, 84, 429, 765, 808, 892, 958, 1259, 1376,
1429, 1501.
Great Britain, 365, 563, 564, 566, 567.
France, 80, 175, 176, 180, 200, 321, 425, 555, 764,
805, 1306.
Italy, 426, 693, 1076, 1178, 1180,1259, 1375.

R A IL R O A D L O A N S , 948.
(See Foreign loans placed in U nited States.)

R E C E N T E C O N O M IC D E V E L O P M E N T S .
South Am erica, 572.

R A IL R O A D N E T T O N -M IL E S .
(See Physical volu m e of trade.)

R E D IS C O U N T .
(See E ligib ility ; Rulings, Federal R eserve Board,
E ligible.)

R A IL R O A D O P E R A T IN G S T A T I S T I C S .
(See Physical volu m e of trade.)
R A IL R O A D R A T E P R O B L E M , 507.
R A IL R O A D R E O R G A N IZ A T IO N .
France, 1423.
R A IL R O A D S .
Great Britain, 1423.
R A IL W A Y S T A T I S T I C S .
Great Britain, 952, 1070, 1189, 1305, 1423.
Sweden, 960.
U nited States, 103, 226, 344, 458, 596, 718, 834, 980,
1097, 1217, 1332, 1452.
R A T E O F E A R N IN G S .
(See D iscount and open-m arket operations; Earning
assets.)
RATES.
A cceptan ces purchased, 110, 112, 234, 236, 353, 470,
616, 733, 860, 997, 1113, 1233, 1348, 1472.
Quarterly, 111, 471, 861.




R E D IS C O U N T S A N D S A L E S O F A C C E P T A N C E S .
Betw een Federal Reserve Banks, 235, 617, 854 (fiscal
year 1921), 1004,1022,1032,1242,1349,1356,1482.
Jau.-July, 1921, 1032.
June, 1920-June, 1921, 854.
(See D iscount and open-m arket operations.)
R E D IS C O U N T S .
E ffect of. (See New Y ork C ity banks.)
R E G U L A T IO N A , 1 9 2 0 .
M eaning of “ shipping d o c u m e n ts /’ 191.
R E G U L A T IO N B , 1 9 2 1 .
A m ended to authorize purchase of a ccep ta n cesh a v ­
in g 6 months to run, 545.
R E G U L A T IO N F, 1 9 2 0 , 1 9 2 1 .
(See Rulings, Federal Reserve
pow ers.)

Board; F id u ciary

R E G U L A T IO N O F IN T E R N A T IO N A L
T h e H ague rules, 1292.

TRADE.

32

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

R E G U L A T IO N S .
Internal R even u e Bureau. • R even u e stamps on tim e
drafts, 310.
Meaning of words “ shipping d ocu m en ts” in, 191.

R E S O L U T IO N S .
League of Nations.

R E IC H S B A N K .
Condition, 84, 260, 324, 429, 609, 765, 892, 958, 1021,
1024, 1145, 1259, 1297, 1309, 1376, 1383, 1501.
New reserve ruling, 695.

R E SO U R C E S AND L IA B IL IT IE S .
Federal Reserve banks, 116, 238, 357, 476, 623, 739,
867, 1002, 1119, 1240, 1354, 1385, 1479.
M em ber banks, reporting, 122, 247, 364, 482, 630, 745,
852, 873, 1006, 1124, 1244, 1358, 1484.
Fiscal year 1921, 852.

R E N E W A L A C C E P T A N C E S , 699, 964.
(See A ccep ta n ces.)
REN TES.
French 3 per cent. Price, 79, 80, 200, 321, 425, 608,
764, 891, 1020, 1143, 1258, 1374, 1499.
R E O P E N E D B A N K S , 1198.
R E O R G A N IZ A T IO N .
Anglo-Austrian bank, 1294.
Austrian Landerbank, 1294.
R E P A R A T IO N S .
Conference, 138, 269.
L loyd George on, 651.
Paym ents, 650, 674, 1194, 1301, 1308, 1429, 1430.
T o Great B ritain, 1302, 1421.
Protocol, 674.
Settlem ent, 650.
R E P A R A T IO N S C O M M IS S IO N .
Report, 1430.
REPORT.
B ank of France, 1920, 434.
R E P O R T IN G M E M B E R B A N K S .
(See M em ber banks.)
REPORTS.
Crops, 983, 1099, 1206.
(See Business, industry, and finance.)
Finished cotton fabrics. (See Sam e.)
K n it goods manufactures. (See Sam e.)
London bankers’ clearing-house returns, 79.
London joint-stock banks, 298, 571, 803.
Monetary Commission, India, 29.
Reparations Commission, 1430.
(See P roduction.)
R E S E R V E D E P O S IT S .
Federal R eserve Banks.
673.

R elation of n et earnings to,

RESERVE PERCEN TAGES.
(See Assets and liabilities; In dia; Resources and
liabilities.)
R E S E R V E R A T IO .
Bank of England, 1914-1921, 1023.
Federal Reserve Banks, 13, 133, 141, 154, 272, 377,
382, 510, 512, 655, 780, 908, 1035, 1131, 1154, 1271,
1386.
(See Resources and liabilities.)
Foreign countries, 1904, 1913, and 1921, 1925.
(See D iscount and open-m arket operations; Resources
and liabilities.)
RESERVES.
Acceptances. Paym ents in anticipation of, 815.
Balances due to foreign branch, 815.
Banks, foreign. (See banks, b y nam e.)
Federal Reserve Banks, 352, 468, 621, 738, 866, 1002,
1118, 1239, 1353, 1478.
(See Resources and liabilities.)
Foreign countries, 1904, 1913, and 1921,1295, 1383.
Funds deposited in trust com pany, 1435.
Gold reserves of principal countries before and after
war, 676.
India. (See Sam e.)
M ovem ent during year, 27, 771, 850.
Section 19, Federal Reserve A ct. (See Rulings,
Federal R eserve Board, reserves.)




International credits, 181.

RESOURCES.
French treasury, 175.

R E T A IL P R IC E S .
Comparison. U n ited States and foreign countries,
463, 601, 605, 723, 728, 841, 847, 993, 988, 1105,
1109, 1229, 1345, 1461, 1468.
France, 81, 200, 322, 425, 557, 605, 728, 847, 957, 993,
1109, 1229, 1345, 1468.
Great Britain, 605, 728, 847, 993, 1109, 1229, 1345.
Netherlands, 1195.
Sweden, 206, 327, 430, 605, 1345.
U nited States, 728, 847, 993, 1109, 1229, 1468.
(See Business, industry, and finance.)
R E T A IL T R A D E , 21, 74, 149, 192, 281, 313, 393, 460,
523, 598, 666, 720, 790, 837, 919, 986, 1047, 1102,
1164, 1221, 1283, 1337, 1457.
(See Business, industry, and finance.)
REVEN UES.
Germany, 84, 203, 324, 429, 765, 808, 892, 958, 1259,
1376, 1429, 1501.
Great Britain, 365, 563, 566, 567, 1424.
Italy, 426, 693, 1076, 1178, 1180, 1258, 1375, 1500.
France, 80, 175, 176, 180, 200, 321, 425, 555, 764, 805,
1306, 1499.
REVENUE S T A M P S .
Tim e drafts, 310.
T obacco. (See P hysical-volum e of trade.)
R E V IE W O F B A N K IN G C O N D IT IO N S , 25, 767, 849.
R E V IE W O F M O N T H .
Jan., 1921, 1; F eb ., 1921, 131; Mar., 1921, 263; A pr.,
1921, 373; May, 1921, 503; June, 1921, 645; July,
1921, 767; Aug., 1921, 900; Sept., 1921, 1027;
O ct., 1921, 1147; N ov., 1921, 1261; D ec., 1921,
1377.
R E V IE W S .
Banking conditions, 25, 767, 849.
Federal Reserve banking, 1920, 25.
Statistical. T o June 30, 1921, 767.
W orld’s shipping, 183.
R E V IS E D S T A T U T E S .
(See U nited States R evised Statutes.)
R H O D E S IA .
(See South A frica.)
R IK S B A N K .
Condition, 205, 327, 431, 610, 766, 893, 1022, 1144,
1259, 1375, 1500.
R IO

D E J A N E IR O .
Exchange in England and U nited States, 575.

RUGS.

(See Business, industry,

and

finance;

W holesale

prices.)
R U L E S , T H E H A G U E , 1292.
R U L IN G S , F E D E R A L R E S E R V E B O A R D .
A ccep tan ce credits—
Requisites for contract betw een dealers and ac­
cepting banks, 70.
Security for acceptances exceeding 10 per cent
etc., need not necessarily be held b y aceptin g banks, b u t can not b e held b y another
bank on whose credit the accepting bank
really relies in making the acceptances, 418.

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.
R U L I N G S , F E D E R A L R E S E R V E B O A R D — Contd.
A ccep tan ce liabilities. Letters of credit and accep t­
ances issued b y one bank for another as undis­
closed principal, as ten tatively suggested b y the
Federal Reserve Board, must be in clu d ed b y
both banks under heading of acceptance lia b ili­
ties, 547, 648.
A cceptances—
A ccom m odation. National banks have no power
to indorse acceptances for, 547.
Against dom estic shipping docum ents, 1312.
Agent. T en tative plan suggested b y Federal
Reserve Board under w hich com m ercial
letters of credit and acceptances m ay be
issued b y one bank for another as undisclosed
principal, 547, 648.
Agricultural com m odities—
Bankers’ acceptances drawn b y cooperative
marketing associations against ware­
house receipts covering, 963.
Growers’ drafts covering, accepted b y coopera­
tive marketing associations, 1199.
Am endm ent to Regulation B.
Open-market
purchases of 6 m onths’ bankers’ acceptances,
545.
A nticipation of maturity. Paym ents in a n tici­
pation of m aturity, when irrevocable, re­
quire no reserves under section 19, 815.
A utom oble parts are not rea dily m arketable
staples, 609.
Bankers’ acceptances—
Drawn b y cooperative marketing associations
against warehouse receipts covering agri­
cultural com m odities, 963, 1199.
(See, infra, D iscount rates; Purchases, openmarket.)
B ill of lading drafts, collection of demand, 1080.
(See, infra, Ten per cent lim itation.)
Cattle. Shipping docum ents covering, 815.
Coffee. Warehouse receipts covering, 418.
Consignment. Goods shipped on, 419.
Cooperative marketing associations. (See, supra,
Agricultural com m odities.)
Correspondent bank. Issue of letters of credit
and acceptances as agent of interior bank as
undisclosed principal, 547, 648.
Credit period—
Should not exceed tim e reasonably required
to com plete the shipment and finance
the sale, 308, 815.
Where a 6 months’ credit period is required
it w ould not b e proper to give two 3
months acceptances in order to make the
drafts eligible for rediscount, 308, 963.
D iscount rates. On purchases direct from ac­
cepting bank, bearing no other indorsement
than that of the accepting bank, the discount
rate should be the com m ercial paper and not
the bankers’ acceptance rate, 699.
D om estic shipping docum ents.
Acceptances
against security of, 70,1312.
D om estic storage—
Regulation B , 1921, enacted, among other
reasons, to perm it purchase, under sec­
tion 14, of bankers’ acceptances growing
out of the dom estic storage of goods other
than readily marketable staples, 545.
Under section 13, national banks can accept
drafts against stored goods on ly when
th ey represent readily marketable sta­
ples, 699.
D om estic trade. Essential requirements for con­
tract betw een accepting bank and a dealer
engaged in both the dom estic and export
trade, as to export transactions, 70.
88771— 22------ 3




33

R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
A ccep ta n ces— Continued.
D om estic transactions. Shipping docum ents in,
70, 1312.
E xport and im port transactions—
Dealers in both dom estic and export trans­
actions, 70.
Goods shipped on consignment, 419.
Renew al drafts, 699, 964.
Security for accepting banks, 418.
Shipping docum ents—
A cceptances against, 1312.
Meaning of words in regulations of F e d ­
eral Reserve Board, 191.
Goods shipped on consignm ent, 419.
Guaranty—
A bank givin g a guaranty of acceptance
credits entered into b y a syndicate of
banks is not a proper custodian of secu­
rity given for the acceptances, 418.^
National banks have no power to give a
guaranty or act as security on acceptances
given for them b y a correspondent bank.
•547, 648.
Indorsement of accepting bank, 699.
M aturity—
Where a 6 m onths’ credit period is required,
two acceptances, each for 3 months, can
not b e given in order to make th e a ccep t­
ances eligible for rediscount, 308, 963.
Before purchasing acceptances,
Federal
Reserve Banks should #be reasonably
sure that the goods w ill be sold before
the m aturity of the acceptance, 419.
Regulation B, 1921, was issued, among other
reasons, to perm it Federal Reserve
Banks to purchase acceptances up to 6
months m aturity, 545.
Renew al im port acceptances can not be
made if at m aturity the goods h ave been
im ported and are stored pending resale,
699.
M oney paid irrevocably in anticipation of
the m aturity of an acceptance requires no
reserve under section 19, 815.
Farmers’ drafts secured b y bills of lading
covering shipments of cattle are eligible
for rediscount if their m aturity is not in
excess of 90 days, 815.
Demand b ill of lading drafts are n ot eligible
for rediscount, as th ey have no definite
m aturity, 1080.
N ational banks— Plan ten tatively suggested b y Federal
Reserve Board for issuing com m ercial
letters of credit and acceptances for an­
other bank as undisclosed princip al,
547, 648.
(See, supra, Guaranty.)
Nonm em ber banks. Permission given to mem ber
banks to rediscount paper of nonm em ber
banks acquired b y them, 963.
Open-m arket purchases—
A m endm ent to Regulation B, 545.
Bankers’ acceptances purchased direct from
accepting bank, 699.
Permission given to mem ber banks to rediscount
paper acquired from nonm em ber banks, 963.
Period for w hich acceptances should b e drawn,
308.
Purchase and resale. A national bank m ay pu r­
chase an acceptance and im m ediately resell
it with its indorsement, the power to indorse
being in ciden tal to the power to negotiate,
547.

34

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
A cceptan ces— Continued.
Purchase direct from a cceptin g bank. Federal
Reserve Banks have tech n ica lly the power,
although the on ly indorsem ent is that of the
accepting bank. T he normal and desirable
practice, how ever, is for the drawer to dis­
count it w ith some other bank, 699.
Purchases, open-market—
Regulation B am ended in order to perm it
Federal Reserve Banks to purchase ac­
ceptances up to 6 months m aturity, also
acceptances growing out of the dom estic
storage of goods, w hich cou ld n ot be re­
discounted under section 13 unless the
goods constituted readily marketable
staples, 545.
(See, supra. Open-m arket purchases.)
Purpose of original negotiation. E ligibility is to
be determ ined b y , 1199.
R eadily marketable staples. A utom obile parts
are not, 699.
Regulation B . Am endm ent to, 545. (See, supra,
Purchases, open-m arket.)
Renew al acceptances—
A n acceptance for 90 days covering the im ­
portation of autom obile parts can not be
renewed as an im port acceptance, if at
m aturity the parts h ave been im ported
and are stored pending resale, 699.
M em ber banks can not agree, uncon dition ­
ally, to accept a renewal draft, b u t can
agree on ly in even t the renewal draft is
eligible under the law and regulations,
964.
If liquidation has not been com pleted b e­
cause of abnormal or unforeseen dev elop­
ments, a renewal draft m ay be given, 964.
Reserves. Against m oney paid irrevocably in
anticipation of m aturity of an acceptance are
not necessary under section 19, 815.
Security for acceptances, 418, 1313.
Security, other actual. (See, infra, 10 per cent
lim itation.)
Shipping docum ents—
Against acceptances, 1312.
Covering cattle, 815.
Meaning of words in regulations, 191.
Six months credit, 308, 963.
(See, supra, M aturity.)
Stored goods. (See, supra, D om estic storage.)
Surety on acceptances. (See, supra, G uaranty.)
T en per cent lim itation—
A cceptances secured b y bills of lading w hich
w ill probably be released can not exceed
the, unless the bank has other actual
security growing out of the same trans­
action, 308.
A cceptances in excess of 10 per cent, etc.,
must be secured, 418.
T he 10 per cent lim itation of section 13 does
not ap p ly to open-market purchases of
acceptances under section 14, 699.
A Federal Reserve Bank m ay purchase from
an accepting m em ber bank acceptances
bearing on ly th e indorsem ent of the
accepting bank although it already holds,
under discount from th e mem ber bank
paper, representing loans u p to 10 per
cent, of the m em ber b an k’s capital and
surplus, made b y the m em ber bank to
the drawer of the acceptance, 699.
T im e—
Length of tim e for w hich acceptances should
b e drawn, 308.
U. S. R evised Statutes, section 5202, does not
app ly to acceptances, 816.




R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
A ccep tan ces— Continued.
Trade acceptances. Reference to form er ru ling
that drafts drawn b y tobacco growers against
a corporation organized b y them cou ld n ot be
classified as trade acceptances for the reason
that the drafts in substance, lookin g through
th e form, represented advances b y rather
than sales to the corporation, 1199.
Warehouse receipts—
A gricultural com m odities, 963, 1199.
A u tom obile parts, 699.
Coffee in foreign country, 418.
T obacco, 963,1199.
W ine, sacramental, in bond, 419.
A ccom m odation. (See A ctu a l com m ercial trans­
actions.)
A ccom m odation acceptances.
(See A ccep ta n ces;
accom m odation.)
A ct of Sept. 17, 1919—
The act of Sept. 17, 1919, am ending section 25,
lim itin g the right of national banks to make
application, on ly until Jan. 1, 1921, to invest
u p to 5 per cent, etc., in the stock of corpora­
tions chartered under the laws of the U nited
States, or any State, prin cip a lly engaged in
such phases of international or foreign finan­
cial operations as are necessary to facilitate
exports, does not lim it their right, under
section 25, to in vest in th e stock of Edge
corporations organized under section 25 (a)
whether organized to engage in international
banking operations or in international in vest­
m ent business, 71.
The act of D ec. 24, 1919, has m odified the act of
Sept. 17,1919, as to the 5 per cen t lim itation,
b y the new section, 25 (a), enacted b y it, so
that a national bank m ay invest up to 10 per
cent, etc., in a corporation organized under
the laws of th e U nited States, whether en ­
gaged in a banking or an investm ent business,
provided the aggregate holdings of stock in
all corporations engaged in the business, d e ­
scribed in section 25 (a) and section 25,
whether organized under the Edge A c t or
under State law, does not exceed 10 per cen t,
etc., 71.
U nder said acts of Sept. 17, 1919, and D ec. 24,
1919, a national bank, after Jan. 1, 1921—
(a) Irrespective of its capital and surplus, m ay
invest in the stock of any corporation
organized under section 25 (a), whether
a foreign banking or a foreign investm ent
corporation issuing its Own d eb en tu re;
(b) H aving a capital and surplus of $1,000,000
or more, m ay invest in the stock of a State
banking institution, b u t not in a State
investm ent corporation;
(c) H aving a capital and surplus less than
$1,000,000, m ay not in vest in the stock o f
a State corporation, w hether a banking
or an investm ent corporation;
(d) The aggregate investm ents of any national
bank in the stock of corporations engaged
in the business of th e kin d described in
sections 25 and 25 (a) can n ot exceed
10 per cent, etc., 71.
A ct of D ec. 24, 1919. (See, supra, A ct of Sept. 17,
1919.)
A ct of March, 1, 1921—
Qualifications of national bank directors, 549.
(See, infra, Federal Reserve A ct.)
A cts. (See State banking laws.)
A ctual com m ercial transactions—
E ligible paper must arise out of and must bear
the obligation of at least one of the parties
to the particular transaction, 1079.

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

R U L I N G S , F E D E R A L R E S E R V E B O A R D — Contd.
A ctu a l com m ercial transactions— Continued.
Paper is not eligible on w hich the sole party
liable is the person w ho has obligated himself
for the accom m odation of the party to the
com m ercial transaction, 1079.
A ctual security, section 13—
The acceptor, under a bankers’ acceptance e x ­
ceeding the 10 per cent lim itation, can not
release the b ill of lading securing the accep t­
ance unless it has other actual security
growing out of the same transaction, 308.
A bank guaranteeing acceptances under an a c­
ceptance credit entered in to b y a syndicate
of banks is not a proper custodian of the
security given for such acceptances, 418.
(See Secu rity.)
Advances—
Notes of a cold-storage com pany to procure funds
for advances to its customers h eld to be
finance paper and ineligible, 308.
Drafts of tobacco growers on an association, repre­
senting advances b y the association and dis­
counted b y the drawers at a bank, held to be
eligible for rediscount as agricultural paper
if indorsed b y the drawers and proceeds used
for agricultural purposes, 1199.
A gen cy agreement, collateral. (See Collateral agency
agreement.)
Agent—
B ills of lading as security for bankers’ acceptances
m ay be held b y the correspondent of the
accepting bank or b y some other independent
party as its agent, 191.
The Federal Reserve Board suggests tentatively
that correspondent banks may, in their own
names but as agent of interior banks as undis­
closed principals, issue com m ercial letters of
credit, under a collateral agency agreement,
b y w hich the issuing bank w ill look directly
for reimbursement to the interior banks, the
customers to put the interior banks in funds
to meet the acceptances at m aturity. Both
the agent bank and the principal bank must
in clude such acceptances in their statement
of acceptance liabilities. Federal Reserve
Bulletin, vol. 6, p. 835, overruled, 547, 648.
Agreement, collateral agency. (See, supra, Agent.)
Agricultural paper—
Notes of a cold-storage com pany secured b y cus­
tom ers’ notes and warehouse receipts h eld not
eligible for rediscount, being finance paper
and neither agricultural nor com m ercial
paper, 308.
T he note of an irrigation com pany selling water to
farmers is com m ercial and not agricultural
paper, 964.
The note of a farmer given to an irrigation com ­
pany for water used for current agricultural
purposes is agricultural paper, 964.
A dealer’s note to a farmer for goods purchased
for resale is com m ercial and not agricultural
paper, 1199.
Drafts drawn b y tobacco growers against an asso­
ciation organized b y them representing ad­
vances b y the corporation against tobacco
sold and delivered h eld to b e eligible for ac­
ceptance and rediscount as agricultural
paper, providing the growers used the pro­
ceeds for agricultural purposes, 1199.
Notes of packing and marketing associations not
classed as, 1312.
Purpose of original negotiations determines eligi­
b ility, 1199. (See, supra, Agricultural com ­
m odities.
(See, infra, Cooperative marketing associations.)




35

R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
A nticipation of acceptances. Paym ents m ade to
accepting bank in, if irrevocable, need no reserve
under section 19, 815.
Assets, qu ick . The excess of q u ick assets over cu r­
rent liabilities is n ot the on ly evidence that the
proceeds of a note are not to be used for perm anent
or fixed investm ents. A question of p o licy
whether a note shall b e discounted in spite of the
fact that there is no such excess, 546.
Atlanta par clearance case. D ecision of U n ited States
Supreme Court, 700.
A utom obile parts are not readily marketable staples
under section 13, 699.
(See Motor transportation . com panies; Renew al
drafts; Motor trucks.)
Autom obile trucks. Notes issued b y a motor trans­
portation com pany for purchase of, are n ot eligi­
ble, 191.
Balances due to a foreign branch of a m em ber bank
from its parent bank, although shown as a lia b ility ,
do not constitute deposit liabilities against w hich
reserves must b e m aintained under section 19,
815.
Bank loans. Warehouse receipts as collateral for.
1314.
Bankers’ acceptances. (See, supra, A cceptances.)
Banking syndicate credit agreement. (See A ccep t
ances; Guaranty.)
B ill of lading drafts, dem and. Collection of, 1080.
Bills of lading—
The requirements of Regulation A, 1920, section
B, as to furnishing of shipping docum ents
w ith reference to bankers’ export acceptances
calls for the original bills, whether order or
straight, and are not satisfied b y freight re­
ceipts or mere copies of the original bills of
lading, 191.
The bills of lading need not necessarily b e sent
to the accepting bank; th ey m ay be held b y
its correspondent or b y some other in d ep en ­
dent party as its agent, 191.
In acceptances over 10 per cent, etc., if the bills
of lading as security are to be released the
bank must have some other actual security
growing out of the same transaction, 308.
Drafts drawn b y farmers against banks, secured
b y bills of lading covering the shipm ent of
cattle to the farmers for feeding and fattening,
held to be eligible for rediscount, 815.
Bond, wine in. (See Sacramental w ine.)
Branch, foreign. (See Balances due a foreign b ra n ch .)
Capital stock of foreign banking corporations. R ight
of national bank to invest in, 71.
Cases cited. (See Court cases.)
Cattle shipments, 815.
(See Bills of lading.)
Clearing decision . U nited States Supreme C ourt, 700.
Coffee importations, warehouse receipts covering, 418.
(See, supra, B ill of lading drafts.)
Cold-storage companies. (See, supra, Agricultural
paper; Finance paper.)
Collateral agency agreement. (See A cceptances,
agency.)
Collateral for bank loans. Warehouse receipts as,
1.314.
Collection of dem and b ill of lading drafts, 1080.
(See B ill of lading drafts.)
Commercial paper—
Cold storage com pany. Note of a, to p rovide for
advances to customers held to be finance
paper and not com m ercial paper, and not
eligible for rediscount, 308.
Dealers’ notes given to farmers for goods pu r­
chased for resale held to be com m ercial
paper and not agricultural paper, 1199.

36

INDEX-DIGEST OE FEDERAL RESERVE BULLETIN.

R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
D em and loans on real estate. National banks, under
Com m ercial paper— Continued.
section 24, m ay law fully make. Certain practi­
D iscount rate. A cceptances bought direct from
cal objection s poin ted out, 546.
accepting bank w ith no indorsem ent other
D eposit lia b ility. Paym ents in anticipation of ma­
than accepting bank should take the com m er­
tu rity of acceptances, if made irrevocably, do
cial paf>er rate and not the bankers’ a ccep t­
n ot constitute a, requiring a reserve under sec­
ance rate, 699.
tion 19, 815.
E lig ib ility —
D eposit of funds w ith a trust com pany for redeem ing
Must be indorsed b y a party to the com m er­
maturing obligations, 1435.
cial transaction, 1079.
D eposit of securities in trust departm ent, 309.
Purpose of original negotiation determines,
D irect purchases from accepting bank. (See A cce p t­
1199.
ances; discount rates.)
Financing com pany. Note of a, payable to its
treasurer and indorsed in blank, given to a
D irectors’ liab ility. W here a national bank guar­
antees or acts as surety under a com m ercial letter
manufacturer w ho discounts it w ithout in ­
of credit, or indorses acceptances for accom m oda­
dorsing it. H eld, not eligible for rediscount,
tion, the directors w ill be personally liable for
1079.
any loss incurred, 547.
Irrigation com pany—
D irectors of national banks. Qualifications, 549.
Note of an, selling water to farmers held to be
com m ercial and not Agricultural paper,
D iscoun t rate. On acceptances purchased b y F ed ­
eral Reserve Banks direct or from a ccep tin g banks
964.
w ithout any indorsem ent other than that of the
(See also E ligible.)
accepting banks, the discount rate should be the
Notes of packing and cooperative marketing
associations are com m ercial and not agricul­
com m ercial paper rate and not the bankers’ ac­
tural paper, 1312.
ceptance rate, 699.
D iscretion. Federal Reserve Banks in their discre­
E ligibility defined. 1079,1199.
Comptroller of Currency. R u ling of, construing
tion m ay decline to purchase paper although
U. S. R evised Statutes, sec. 5190. (Federal R e ­
it m ay b e techn ically eligible, 699.
serve B ulletin, vol. 6, p. 835, distinguished),
D ocum ents. (See Shipping docum ents.)
D om estic acceptance credits. Trust receipts not
547.
Conference. Federal A dvisory Council and Governors
valid security for, 1313.
favor amending Regulation B, 1921, to provide
Dom estic acceptances. (See A cceptan ces.)
for purchase of 6 months’ acceptances, 545.
D om estic shipping docum ents. A cceptances against
Consignment. A cceptan ces drawn against com m od­
security of, 70, 1312.
ities shipped on consignm ent to foreign countries
Dom estic storage. (See Regulation B , 1920.)
u ntil sold are techn ically eligible for purchase,
Drafts—
Collection of dem and b ill of lading, 1080.
419.
Cooperative marketing associations—
R enew al drafts, 699, 964.
Drafts drawn b y , against a bank secured at tim e
R even ue stamps on tim e drafts, 310.
of acceptance b y warehouse receipts held
(See Demand b ill of lading drafts; Farmers’ drafts.)
eligib le for acceptance and rediscount, 963.
Edge A ct—
G rowers’ drafts a ccepted b y , 1199.
Am endm ents to, 310, 817.
Notes of, are com m ercial and not agricultural
R ig h t of national banks to invest in stock of cor­
paper, 1312.
porations organized under, 71.
(See T obacco Growers’ Association.)
Edge Corporations. (See A ct of Sept. 17,1919.)
Correspondent bank—
E ligible paper—
B ills of lading securing bankers’ acceptances
B ankers’ export acceptances drawn b y dealers in
m ay b e h eld b y a correspondent bank as
b oth the export and dom estic trade are eligi­
agent of the acceptin g bank, 191.
b le for rediscount and purchase if there is a
M ethod suggested ten tatively b y Federal R e­
contract betw een the dealer and th e accep t­
serve Board under w hich an interior bank
in g bank as defined b y the Federal Reserve
cou ld enter in to arrangements w ith a corre­
Board, 70.
spondent bank to issue letters of credit and
A note of a motor transportation com pany issued
make acceptances in its ow n name b u t as
to provide funds for purchasing m otor trucks
agent for the interior bank, the undisclosed
is not eligible for rediscount under Regula­
principal, 547, 648.
tion A . R uling in the farm tractors’ case
distinguished, 191.
Cotton factors ruling. Federal Reserve Bulletin,
A note given b y the motor transportation com pany
1920, v ol. 6, p . 1176, affirmed, 308.
Credit. (See Im m ediate credit; Deferred credit.)
to the seller and discounted b y h im w ould b e
Credit, period of. (See A cceptances; Credit period.)
eligible for rediscount if in other respects it
Credits. (See A ccep tan ce credits.)
com plies w ith the law and regulations of the
Current liabilities, 546.
Federal Reserve Board, 191.
(See Assets, qu ick .)
A n oil distributing com pany buys oil from an oil
Dealers in export and dom estic trade. Form of con ­
producing com pany and sells it to a railroad
tract betw een dealer and accepting bank, 70.
com pany. It draws a time draft on a bank
D ecision of U. S. Supreme Court. Par clearance case,
secured b y bills of lading covering the oil in
700.
transit. H eld, that the proceeds being used
Deferred credit. (See D em and b ill of lading drafts.)
to pay the oil producing com pany, the draft
D efinitions. (See A ctual com m ercial transactions;
w ould b e eligible for acceptance, 308.
E ligible.)
Notes of a cold-storage com pany to procure funds
D em and b ill of ladin g drafts.
for advances to its customers are n ot eligible
Federal Reserve Banks should not give credit for,
for rediscount, being pure finance paper, 308.
deposited for collection u ntil the proceeds
Customers’ notes given to the cold-storage com ­
have been collected, 1080.
pany for advances w ould b e eligible if the
Such drafts, h aving no definite m aturity, are not
proceeds are used for agricultural or com m er­
eligible for rediscount, 1080.
cial purposes, 308.




INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

R U L I N G S , F E D E R A L R E S E R V E B O A R D — Contd.
E lig ib le paper— Continued.
A cceptances drawn against exports to foreign
countries to be held on consignm ent until sold
are techn ically eligible for acceptance, pro­
vid ed the goods are actually exported and
shipping docum ents attached at the tim e of
presentation for acceptance under Regulation
A , 1920, section B, 419.
Drafts secured b y warehouse receipts covering
sacramental w ine in bond are not eligible for
rediscount as such w ine can not be considered
a readily marketable staple under section 13,
419.
T he above ruling does not affect the right of a
bank to loan upon the note of a borrower
secured b y a warehouse receipt covering wine
in bond, 419.
Excess of q uick assets over current liabilities is
not the on ly evid en ce that the proceeds of a
note are to be used for com mercial and not for
capital purposes, and it is a question of p o licy
for Federal Reserve Banks to determine
whether or not to discount a note in spite
of the fact that there is no such excess, 546.
R u ling of the Federal Reserve Board that a note
of a cotton m ill m ay be eligible for redis­
count although there is no excess of quick
assets over current liabilities, on the con di­
tions stated (Federal Reserve B ulletin, 1915,
vol. 1, p. 73, affirmed), 546.
Federal Reserve Banks have discretion to decline
to purchase paper, although technically
eligible, 699.
A renewal im port acceptance based on the im ­
portation of autom obile parts w hich had
been im ported and stored at tim e of maturity
of the original acceptance, held not eligible
for acceptance b y a national bank, 699.
Nor w ould a dom estic acceptance be eligible for
acceptance covering- such stored automobile
parts, as they are not readily marketable
staples under section 13, 699.
Drafts drawn b y farmers secured b y bills of lading
covering the shipment of cattle to farmers for
feeding and fattening, accepted b y local banks
and discounted b y the farmers at other banks,
held eligible for rediscount, 815.
Paper of nonm ember banks acquired b y member
banks held eligible for rediscount, 963.
Drafts drawn on banks b y a cooperative marketing
association secured at the tim e of acceptance
b y warehouse receipts covering crops sold to
the association held eligible for acceptance
and rediscount, said crops being readily
marketable staples under section 13, 963.
Note of an irrigation com pany selling water to
farmers held eligible as com m ercial but not
as agricultural paper, 964.
The note of a farmer given to an irrigation com ­
pany for water used for current agricultural
purposes is eligible as agricultural paper,
964.
A com pany engaged in financing the business of
merchants, etc., gives its note payable to the
order of its treasurer, and b y h im indorsed in
blank, to a manufacturer w ho discounts the
note w ith his bank without his indorsement.
H eld, not eligible for rediscount, 1079.
E ligible paper must arise out of an actual com ­
mercial transaction and must bear the obliga­
tion of at least one of the parties to the par­
ticular transaction, w hich is another w ay of
stating that the proceeds must be used in the
first instance for a com m ercial purpose b y
the borrower, 1079.




37

R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
E ligible paper— Continued.
No one can be termed a borrower unless he is
liable on the paper, 1079.
Paper is not eligible where the sole party lia b le is
the person w ho has obligated him self for the
accom m odation of the party to the com m er­
cial transaction, 1079.
The fact that the accom m odating party is secured,
etc., does not make the paper eligib le,
1.079.
Demand b ill of lading drafts deposited for co lle c­
tion are not eligible for rediscount as th ey
have no definite m aturity. No credit,
therefore, should b e given on them u n til the
proceeds have been collected, 1080.
The purpose of the original negotiation determ ines
its eligib ility and subsequent negotiations
are im material, 1199.
A note given for paym ent for securities (other
than bonds or notes of U nited States) is
in eligible for all tim e and w ill not be rendered
eligible b y subsequent negotiations b y the
payee in a com m ercial or agricultural trans­
action, 1199.
A dealer’s note given to a farmer for goods pu r­
chased for resale is originally negotiated
when the dealer delivers the note to the
farmer, and its purpose is to finance the pur­
chase and resale of a part of his stock of goods.
H eld, that such paper is eligible as com m er­
cial b u t not as agricultural paper, 1199.
T obacco growers drew drafts on an association
founded b y them to o,btain advances on
tobacco in form sold to the association, but
in substance m erely consigned for sale, and
discounted the drafts, w ith their indorse­
ment, at their local banks. H eld, that these
acceptances were eligible for rediscount as
agricultural paper, but that if th ey really
represented sales at definite prices th ey
w ould b e eligible on ly as com m ercial paper.
H eld also, that the original negotiation took
place when the growers discounted the ac­
ceptance, 1199.
Notes of packing and marketing corporations and
associations are com m ercial and not agricul­
tural paper, 1312.
Exam ination of State bank members, N ew Jersey
law, 73.
Exchange, furnishing of. The reference in Regula­
tion A to furnishing “ exchange arising out of the
transaction being financed b y the cre d it” m ay be
disregarded in export transactions, as it is an
alternative to furnishing shipping docum ents
only in im port transactions, 70.
E xport and im port transactions, 70, 191, 418, 419,
545, 699, 964, 1312.
(See Acceptances, same.)
Farm tractors. R uling of Federal Reserve Board
that a farmer’s note given for purchase of a tractor
is eligible as agricultural paper (Federal Reserve
Bulletin, 1918, vol. 4, p. 309, affirmed and dis­
tinguished), 191.
Farmers’ drafts. (See E ligible paper.)
Federal A dvisory Council. Favors amending R egu ­
lation B, to perm it of purchase of 6 m onths’ ac­
ceptances, 545.
Federal Reserve A ct—
Sec. 11 (m ). E xtension of 10 per cent lim itation.
73, 310.
Sec. 19. (See Nonm em ber bank paper; R e­
serves.)
Sec. 24. (See Demand loans on real estate.)
Sec. 25 and 25(a), 310, 817.
(See A ct of Sept. 17, 1919.)

38

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

R U L I N G S , F E D E R A L R E S E R V E B O A R D — Contd.
Fiduciary powers—
A national bank depositing trust funds in its
com m ercial or savings departm ent must
deposit in its trust departm ent as collateral
security U nited States bonds or other readily
marketable securities at all times equal in
value to the trust funds so deposited, even
though it has already deposited w ith the
State authorities the securities required
b y the State for the protection of private
trusts. Regulation F, 1920, paragraph V,
309.
A national bank authorized to exercise general
fiduciary powers and to act in any other
capacity perm itted b y State laws to com pet­
ing State banks m ay act as transfer agent,
w hich is held to be a fiduciary capacity, 545.
National banks authorized to exercise fiduciary
powers m ay exercise such powers in States
other than where located unless forbidden
expressly or b y necessary im plication b y
State law, 816.
Such banks must conform to the laws of the State
in w hich acting w hich relates to the exercise
of fiduciary powers b y foreign corporations,
816.
Proceeds of sale of real estate held to be trust funds
and if deposited in com m ercial department
requires security, 1435.
Requirem ent as to security relates on ly to funds
required b y the deposit agreement or other­
wise to be held in trust, 1435.
Funds deposited b y corporations to m eet maturing
obligations held not to b e trust funds, 1435.
Finance paper—
Notes of a cold-storage com pany the proceeds of
w hich are used to make advances to cus­
tomers held ineligible as pure finance paper,
308.
A financing com pany gives its note, payable to
its treasurer and indorsed b y him in blank,
to a manufacturer who discounts it w ith his
bank w ithout his indorsement. H eld, not
eligible for rediscount, as the sole party liable
on the paper is the person w ho has obligated
himself for the accom m odation of the party
to the com mercial transaction, 1079.
Financing com pany. (See Finance paper.)
F ixed investm ents. (See Q uick assets.)
Float. T o give im m ediate credit on dem and b ill of
.lading drafts, not based on the average tim e re­
quired for collection, w ould create float and
bring back the evils of the old system, 1080.
Foreign banking corporations—
A m endm ent to section 25, 310, 817.
R ight of national bank to invest in stock of, 71.
Foreign branch. Balances due to, 815.
(See Reserves.)
Foreign corporation. (See Fiduciary powers.)
Forms of application.
Sections 24 and 24(a). (See
A ct of Sept. 17, 1919.)
Freight receipts. Requirements of Regulation A,
1920, section B, are not satisfied b y production
of, 191.
Governors’ conference. A pprove amendment of Reg­
ulation B, 1920, to permit purchase of 6 months’
acceptances, 545.
Guaranty of acceptances. National bank has no au­
thority to undertake. Directors w ould b e per­
sonally liable, 547, 648.
H older in due course. Under negotiable instruments
act, section 53, where an instrument payable on
demand is negotiated an unreasonable length of
time after its issue, the holder is not deem ed a,
546.




R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
Im m ediate cred it, 1080.
(See, supra, Demand b ill of lading drafts.)
Im plied powers—
Power in national bank to discount negotiable
paper does not im ply the power to guarantee
or act as surety upon the obligation of another,
547.
Nor is such power in ciden tal to the business of
banking. Cases cited , 547.
Power to a ccep t drafts carries w ith it power to
issue letters of credit, 547.
Such powers w ould not carry w ith it the power to
guarantee or act as surety on acceptances or
letters of credit issued b y other banks, 547.
The power to negotiate an acceptance carries w ith
• it th e power to indorse, 547.
Im port and export transactions, 70, 191, 418, 419,
545, 699, 964, 1312.
(See A cceptances; E xport and im port transac­
tions.)
Indiana banking laws. A m endm ent to, 550.
Indorsement—
Bankers’ acceptances purchased direct from
accepting banks, 699.
N ational banks may purchase acceptances and
resell w ith their indorsement, 547.
Can not indorse acceptances for accom m odation,
547.
Power to negotiate an acceptance carries power to
give an indorsement, 547.
E ligible com m ercial paper must have, of a party
to the com m ercial transactions, 1079.
Growers’ drafts against tobacco cooperative
marketing associations bearing, of drawers,
1199.
Indorser released. Indorser on a dem and note is
released if dem and is n ot made w ith in a
reasonable tim e, 546.
Ineligible. (See E ligible.)
Internal-revenue regulations. W ine in bond, 419.
International banking corporations. R igh t of national
banks to invest in stock of, 71.
Investments, fixed, 546.
(See Q uick assets.)
Irrigation com pany, 964.
(See E ligible paper.)
Letters of credit—
Issued b y correspondent bank in own name b u t
for interior banks as undisclosed principal.
547, 648.
Guaranty b y national banks, 547.
Lim itations applicable to, 816.
Liabilities, current. (See Q uick assets.)
L iability. (See A cceptan ce lia b ility ; Reserves.)
L ia b ility, directors. For guaranty b y a bank of
acceptances, 547.
L ia b ility under letters of credit and acceptances, 816.
Lim itations applicable to letters of credit, 816.
Loans on real estate, dem and, 546.
M aturity, 308, 419, 545, 815, 1080.
Motor transportation com pany, 191.
(See E ligible paper.)
Motor trucks, 191.
(See, supra, E ligible paper.)
National banks—
A ppointm en t of correspondents to issue letters of
cred it and acceptances under guaranty, 547.
D eposit of securities in trust department, 309.
Directors. Qualification of, 549.
F iduciary pow ers. (See Sam e.)
Guaranty of letters of credit and acceptances,
547, 648.
Purchase and resale of acceptances is lawful, 547.
Savings deposits. (See Fiduciary pow ers.)

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

R U L I N G S , F E D E R A L R E S E R V E B O A R D — Contd.
N ational banks— Continued.
Stock of international financial corporations.
R ig h t to in vest in , 71.
Subscriptions under sections 25 and 25(a). ( See
A c t of Sept. 17, 1919.)
Transfer agents, 545.
Trust funds, 309.
(See F iduciary powers.)
N egotiable instruments act, 546.
Negotiation, original. (See E ligible paper.)
New Jersey banking laws. A m endm ent to, 73.
N onm em ber banks. General authority, under section
19, g iven to m em ber banks to rediscount of eligib le
paper acquired from nonm em ber banks, 963.
Notes. ( See A gricultural paper; Commercial paper;
Cotton factors paper; D em and loans on real estate;
E ligible paper; Finance paper; Secured paper.)
O il distributing com pany. (See, supra, E ligible
paper.)
Oklahoma banking laws. A m endm ent to, 550,
Open-m arket purchases of acceptances. Section 14—
Drawn b y dealers in exp ort and dom estic transac­
tions, 70.
Drawn against foreign consignm ents, 419.
R egulation B , 1921, enacted to perm it purchase
of 6 m onths’ acceptances, 545.
Purchased directly from the accepting bank, 699.
T en per cen t lim itation of section 13 does not
a p p ly to, 699.
O pinion of U nited States Suprem e Court. Par clear­
ance case, 700.
Order bills of lading, 191.
Original negotiation, 1079, 1199.
(See E ligible paper.)
Own acceptances. Purchases direct from acceptin g
bank w ith .no other indorsem ent than that of the
accepting bank take the com m ercial paper and
not the bankers’ acceptance rate, .699.
Packing and marketing associations paper, 1312.
(See Agricultural paper; Commercial paper; Cotton
factors paper; Dem and loans on real estate;
E lig ib le paper; Finance paper; Secured paper.)
Parent bank, 815.
(See, infra, Reserves.)
Paym ents in anticipation of acceptance m aturity, 815.
(See, infra, Reserves.)
Period of credit, 308, 815, 963.
Permanent investm ents, 546.
(See Q uick assets.)
Permission to m em ber banks to rediscount paper
acquired from nonm em ber banks, 963.
P o licy , question of, 546.
(See Q uick assets.)
Powers, im plied . (See, supra, Im p lied powers.)
Principal, undisclosed. (See, infra, Undisclosed
principal.)
Purchase of bankers’ acceptances. (See, supra,
O pen-m arket purchases.)
Purpose of original negotiation. E ligib ility deter­
m ined b y , 1199.
Q uick assets, 546.
(See, supra, Assets, q u ick .)
Ratio. (See Assets, q u ick .)
R ea d ily marketable securities. A national bank
depositing trust funds w ith its com m ercial or
savings departm ent must deposit w ith its trust
departm ent as collateral security, U nited States
bonds or other readily m arketable securities at
all times equal in value to the trust funds so
deposited, even though it has already deposited
w ith the State authorities th e securities w hich
the State law requires to b e so deposited for the
protection of private or court trusts. Regulation
F, 1920, paragraph V, 309.




39

R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
R ea d ily marketable staples—
W ine in b on d for sacramental purposes is n ot a
readily m arketable staple under section 13,
419.
One of the purposes in issuing R egulation B , 1921,
was to perm it th e purchase, under section 14,
of bankers’ acceptances growing ou t of th e
dom estic storage of goods other than readily
marketable staples, 545.
Under section 13 national banks can a ccep t drafts
against stored goods on ly w hen th e goods
constitute readily marketable staples, 699.
A u tom obile parts are not, 699.
Drafts drawn b y a cooperative m arketing asso. ciation on banks secured b y warehouse
receipts representing crops stored b y cus­
tomers w ith pow er of sale are eligib le for
acceptance and discount, the crops being
readily marketable staples, 963.
Real estate. Dem and loans on, 546.
(See, supra, Dem and loans on real estate.)
Receipts, freight. (See, supra, Freight receipts.)
R eceipts, warehouse. (See, infra, Warehouse receipts.)
R ediscoun t. E lig ib ility . (See, supra, E lig ib le paper.)
R ediscoun t of nonm em ber bank paper. (Sec, supra,
N onm em ber banks.)
Regulation A , 1920, 70,191, 419, 963.
R egulation B, 1921—
Issued for purpose of—
(1) P erm itting purchase of bankers’ a ccep t­
ances w ith m aturity of not over 6 months,
545.
(2) Perm itting purchases of bankers’ accep t­
ances against the dom estic storage of
goods other than readily marketable
staples, 545.
Regulation F, 1920. F id u ciary powers, 309.
Regulations—
Forms of applications under sections 25 and
25(a), 71.
R even ue stamps on tim e drafts, 310.
Shipping docum ents. Meaning of phrase, 191.
Release of indorser. (See, supra, Indorser released.)
Renew al acceptances, 699, 964.
(See A cceptan ces; R enew al.)
Resale of acceptances. (See Rulings, Federal Reserve
Board; Im p lied powers.)
Reserves, section 19—
N o reserves required against paym ents irre­
voca b ly made in anticipation of m aturity of
acceptances, 815.
No reserves necessary against a balance du e from
the parent bank to its foreign branch, 815.
Funds deposited under deed of trust ordinarily
require, 1435.
Deposits made irrevocably b y a corporation to
make required paym ents on bonds h eld to
require no, 1435.
R even u e stamps on tim e drafts, 310.
R evised Statutes. (See U . S. R evised Statutes.)
Rulings of Federal Reserve Board—
(1) Cited. Federal Reserve Bulletin—
V ol. 1, page 73. Cotton m ill note, 546.
V ol. 1, p . 269, 816.
V ol. 2, p . 680, 816.
V ol. 4, p . 311, 547.
V ol. 6, page 835. Com ptroller’s ruling, 547.
V ol. 6, p . 66. Letters of credit, 816.
V ol. 6, p. 1176. Cotton factors case, 308.
V ol. 6, p. 1301. D efinition of eligible paper,
1199.
(2) D istinguished. Federal Reserve B u lletin ,
Vol. 4, p. 309. Farm tractors, 191.

40

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

R U L IN G S , F E D E R A L R E S E R V E B O A R D — Contd.
R U L I N G S , F E D E R A L R E S E R V E B O A R D — Contd.
S ecu rity— Continued.
R u lings of F ederal R eserve Board— Continued.
Drafts drawn on banks b y a cooperative m arket­
(3) R eversed. Federal Reserve B u lletin —
in g association having, at tim e of acceptance,
V ol. 4, p . 314. 70.
warehouse receipts of crop producers sold to
V ol. 4, p . 311. Guaranty of acceptances, 547.
the association, as security, are eligible for
Sacramental w in e—
acceptance and rediscount, th e crops being
Drafts secured b y warehouse receipts covering
readily marketable staples, 963.
sacramental w ine in b on d are n ot eligible for
A com pany engaged in financing manufacturers
rediscount, as such w in e is n ot a readily
gives to a manufacturer its note payable to its
m arketable staple under section 13, 419.
Treasurer and indorsed in blank b y him , the
A bank, how ever, m ay loan on a note secured b y
manufacturer pledging his m erchandise as
a warehouse receipt covering w ine in bond,
security. T he manufacturer discounts the
419.
note w ith a bank w ithout indorsing i t . H e ld ,
Savings departm ent. (See, supra, F iduciary pow ers.)
that the note is not eligible for rediscount,
Section 25, Federal Reserve A ct. (See A ct Sept. 17,
1079.
1919; Federal R eserve A ct.)
Section 25(a), Federal Reserve A ct. (See E dge A ct;
Trust departm ent. D eposit of securities in, 309.
Federal Reserve A ct.)
Trust receipts held not valid, for dom estic a c­
Secured paper. Fact that in eligible paper is secured
ceptance credits, 1313.
b y eligible paper does n ot render it eligible, 308.
Warehouse receipts as security for bank loans.
Securities. (See, supra R ea d ily m arketable se•
(See, supra, Sacramental w ine; Cooperative
' curities.)
marketing associations.)
Securities. Notes given for purchase of securities
Shipping docum ents—
(other than U nited States bonds and notes) are
Original bills of lading and not nonnegotiable
in eligible for all tim e and in all hands, 1199.
copies or freight receipts must be furnished
Security—
to the accepting ban!? b y the customer under
Bankers’ export acceptances drawn b y dealers in
Regulation A , section B, 1920, 191.
both the dom estic and export trade are
A cceptan ces against, covering cattle, 815.
eligible for rediscount and purchase on ly
A cceptan ces against dom estic, 1312.
w hen drawn under a contract b y w hich the
M eaning of words as used in regulations, 191.
dealer is to furnish shipping docum ents,
Stamps, revenue, on tim e drafts, 310.
among other specified requirements, covering
State banking laws. Am endm ents to—
the goods, to the acceptin g bank, 70.
Indiana, 550.
If the dealer is given the option to furnish ware­
N ew Jersey, 73.
house receipts or similar docum ents covering
Oklahoma, 550.
goods n ot in ten ded for export, the acceptances
Supreme Court of U nited States. Decision. Par
w ould no longer b e eligible, as th ey w ould
clearance case, 700.
becom e dom estic acceptances, 70.
T en per cen t lim itation. A ct m odifying section 11
R u lin g of Federal Reserve Board. Federal R e ­
(m ), 73, 310.
serve B u lletin , vol. 4, p. 314, made during
Tim e for w hich acceptances should b e drawn, 308.
the war, is reversed, 70.
T ob a cco. Warehouse receipts covering, 963, 1199.
T he requirem ent of R egulation A , section B,
Transfer agents. N ational banks as, 545.
1920, as to furnishing docum ents in con n ec­
Trust departm ent. D eposit of securities in, 309.
tion w ith export transactions is n ot satisfied
Trust funds. Proceeds of sale of collateral security b y
b y freight receipts or copies of b ills of lading.
a national bank as trustee, 1435.
T he original b ills m ust b e furnished in order
Trust powers. (See National banks; Fiduciary
to give the accepting bank security, 191.
powers.)
T he bills of lading as security need n ot b e neces­
Trust receipts. N ot valid security for dom estic ac­
sarily h eld b y the accepting bank; th ey m ay
ceptance credits, 1314.
b e h eld b y its correspondent or b y some other
U ndisclosed principal. Bank acceptances b y one
in depen den t party as its agent, 191.
bank for another as, 648.
W here a bank accepts to an amount exceed in g
Warehouse receipts—
the 10 per cen t lim itation it can not release
Agricultural com m odities, 963.
the security unless other actual security
As security for bank loians, 1314.
growing out of the same transaction is sub­
A u tom obile parts, 699.
stituted, 308.
Coffee in foreign country, 418.
T he fact that paper not eligible has security con ­
Cold storage goods, 308.
sisting of eligible paper does not render it eli­
Collateral for bank loans, 1314.
gible, 309.
Growers’ drafts secured b y , 1199.
A bank w hich guarantees an acceptance credit is
T ob a cco, 963, 1199.
not a proper custodian for the security for the
W ine, sacramental, in bond, 419.
accepting bank, 418.
A bank can loan upon a note having as security a
R U M A N IA .
warehouse receipt covering wine in bond,
G old reserves, 1913-1921, 676, 677.
419.
Drafts drawn against security of warehouse re­ R U P E E E X C H A N G E .
ceipts covering sacramental w ine are not eli­
N ew Y ork on India, 31.
gible for rediscount, as sacramental w ine is
Value of, for exchange purposes, 1893-1920, 31.
not a readily marketable staple, 419.
Drafts against banks drawn b y farmers w ith bills R U S S IA .
of lading as security covering shipm ent of
E xport and exchange transactions w ith. R estric­
cattle are eligible for rediscount w hen dis­
tions rem oved, 69.
counted b y and bearing indorsem ent of an­
G old production, 1910-1920, 678.
other bank, 815.
(See Allies.)




41

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

s.
S A C R A M E N T A L W IN E , 419.
(See Rulings, Federal Reserve Board.)
S A F E G U A R D IN G O F I N D U S T R Y .
Tariff bill. Great Britain, 1187.

S E C U R IT IE S IN
(See In dia.)

RESERVES.

S E C U R IT Y .
(See Methods of city banks,
Warehouse receipts.)

etc.; Trust receipts;

SALES, NET.
(See Retail trade; Wholesale trade.)

S E C U R IT Y , A C T U A L .
(See Rulings, Federal Reserve Board; B ills of lading;
Merchandise; Warehouse receipts.)

SALES

S E C U R IT Y F O R A C C E P T IN G B A N K S , 418, 1313.

OF A C C E P T A N C E S.

(See Rediscounts.)
SALES T A X .
(See Business turnover tax.)
S A L T L A K E C IT Y B R A N C H .
Directors, 67.

S E M IA G R IC U L T U R A L C O U N T IE S .
Loans of Federal Reserve Banks to banks in, 1150.
S H A N G H A I.
Wholesale prices, 1463.

SALVADOR.
Gold imports and exports, 679.

S H IP B U IL D IN G .
(See Great Britain; W orld ’s shipping; Physical volum e
of trade; U nited States.)

S A U L T S T E . M A R IE C A N A L .
Commerce of, 103, 226, 718, 834, 981, 1098, 1218, 1333.
1453.
(See Physical volum e of trade.)

S H IP C O N S T R U C T IO N .
Great Britain, 79, 198, 319, 422, 554, 690, 952, 1070,
1189, 1305, 1423.
U nited States, 187, 400.

S A V IN G S D E P A R T M E N T .
(See Rulings, Federal Reserve Board; Fiduciary pow ­
ers.)

S H IP M E N T .
(See Finished cotton fabrics.)

S A V IN G S D E P O S IT S .
Italy, 440.
S C A N D IN A V IA .
Denmark. Value of kroner, 1432.
Foreign exchange rates, 1431.
Norway. Value of krone, 1432.
Note expansion, 1433.
Prices, 1431, 1432.
Value of m oney, 1432.
SEATTLE BRANCH.
Directors, 67.
SE C R E TA R Y OF TH E T R E A S U R Y .
Future Treasury financing, 2, 373, 777.
H on. A. W . M ellon assumes duties of, 383.
Retirem ent of Pittm an A ct certificates, 374.
R eviv al of War Finance Corporation, 4.
S E C T IO N 11 (M ), F E D E R A L R E S E R V E A C T .
Am endm ent, 73, 310.
S E C T IO N 18, F E D E R A L R E S E R V E A C T .
(See A cceptances; Letters of credit; Dollar exchange.)
S E C T IO N 19, F E D E R A L R E S E R V E A C T .
(See Nonm em ber banks; Reserves; Rulings, Federal
Reserve Board.)
S E C T IO N 25, F E D E R A L R E S E R V E A C T .
Am endm ent, section 25 (a), 310, 817.
S E C T IO N 25 (A ), F E D E R A L R E S E R V E A C T , 310,
817.
(See Edge A ct; International Financial Corporation;
Rulings, Federal Reserve Board.)
SE C U R E D P A P E R .
(See Rulings, Federal Reserve Board.)
S E C U R IT IE S .
D eposit in trust departm ent, 309.
(See F iduciary powers; Rulings, Federal Reserve
Board; Fiduciary powers; R ea dily marketable
staples.)
In d ex num ber. Prices—
Germany, 765, 892, 1021, 1145, 1259, 1376.
(See Germ any.)
Italy, 438, 439.
(See Italy.)
Imports of, 1265.
Trust funds, 309, 1435.
(See Investm ent trusts.)




S H IP M E N T O F C O T T O N .
(See Business, industry, and finance; Physical volum e
of trade.)
S H IP P IN G , 283, 394, 526, 667, 790, 906, 1048, 1165, 1284.
(See Business, industry, and finance; Ocean freight
rates.)
S H IP P IN G D O C U M E N T S .
(See D om estic shipping docum ents; Rulings, Federal
Reserve Board.)
S H IP P IN G E A R N I N G S
T R A D E , 40.

AND

BALANCE

OF

S H IP P IN G , W O R L D ’ S, 183.
S H IP S .
Am erican tonnage, 187, 400.
Berth rates, 405.
British tonnage under construction, 79, 198, 319, 554,
690, 952, 1070, 1189, 1305, 1423.
B u ilt in United States, 102, 226, 344, 457, 595, 718,
834, 980, 1097, 1217, 1332, 1452.
Deliveries to Great Britain under reparations agree­
ment, 1302.
Loss of, b y Allies during war, 184.
Num ber and tonnage before and after war, 185, 1302.
Ocean freight rates, 403, 931, 1068, 1206, 1322, 1442.
The Hague rules, 1292.
Tonnage cleared in foreign trade, 102, 226, 344, 458,
596, 718, 834, 980, 1097, 1218, 1333, 1453.
W ater-borne imports and exports, 401.
(See Great Britain; Physical volum e of trade; W orld ’s
shipping.)
S H IP S C L E A R E D IN F O R E IG N T R A D E , 102, 226,
344, 458, 596, 718, 834, 980, 1097, 1218, 1333, 1453.
(See Physical volum e of trade.)
S H O E S , 17, 148, 279, 389, 521, 662, 787, 916, 1043, 1162,
1279, 1395.
(See Business, industry, and finance; P h ysical v o l­
ume of trade.)
S H O R T -T E R M B O R R O W IN G .
Great Britain, 567.
S IL E S IA , 1310, 1428.
(See Germ any.)
S IL K IN D U S T R Y , 17, 147, 278, 389, 520, 622, 787, 915,
1042, 1161, 1278, 1394.
(See Business, industry, and finance; Physical v o l­
ume of trade.)

42

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

S IL V E R .
China. Imports and exports, 938.
Embargo. Great Britain, 302.
Fine silver contents. Silver coinage. France, Ger­
m any, Great Britain, Italy, U n ited States, 936.
Imports and exports, 11, 127, 128, 140, 253, 270, 370,
381, 493, 511, 642, 654, 760, 779, 856 (fiscal year
1921), 883, 908, 1015, 1034, 1134, 1153, 1252, 1270,
1367, 1384, 1494.
China, 938.
India. Prices in, 30, 938 (1914-1921).
M elting point of silver coinage, 936, 937.
M ovem ent of, 11, 131, 240.
Price—
New York, 8, 31, 130, 267, 380, 494, 890, 934, 935,
937.
London, 494, 890.
Production, 935.
Production, world, 935.
Reserves, Bank of France, 321.
Situation, silver, 934.
Stock of, in U nited States. ( See M oney in U nited
States.)
S IL V E R C E R T IF IC A T E S .
(See M oney in U nited States.)
S IL V E R D O L L A R S .
(See M oney in U nited States.)

ST A M P S , REVENUE.
T im e drafts, 310.
T obacco. (See Physical volum e of trade.)
S T A N D A R D S IL V E R D O L L A R S .
(See M oney in U nited States.)
STAPLES.
(See Rulings, Federal Reserve Board; R eadily m arket­
able staples.
S T A T E B A N K IN G L A W S .
A m endm ent to—
Indiana, 551.
New Jersey, 73.
Oklahoma, 550.
S T A T E B A N K S A N D T R U S T C O M P A N IE S , M E M ­
BER.
A bstract of con dition reports, 255, 497, 886, 1137.
A ccep ta n ce liabilities, 172, 800, 1051.
A dm itted to Federal Reserve System, 68, 188, 307,
415, 551, 698, 814, 961, 1078, 1198, 1316, 1434.
Classification. Loans and discounts, 257, 889, 1140.
Condition, 255, 256, 497, 500, 501, 886, 887,* 888, 889,
1137, 1138, 1139, 1140.
Earnings and dividends, 763, 1371.
E xam ination of. New Jersey law, 73.
H oldings of acceptances of. (See Discount and openmarket operations.)
(See N onm em ber banks.)

S IL V E R , S U B S ID IA R Y .
(See M oney in U nited States.)

STA TE LAW S.
National banks.

S I X M O N T H S ’ C R E D IT .
(See A cceptan ces; Credit.)

STATEM ENTS.
(See M em ber-bank condition statements.)

«

S K IN S .

(See Physical volum e of trade.)
SM O O T, SENATOR.
Letter of G ov. Harding to.

Credit policy, 895.

S N O D G R A S S , K . H.
British finance, 563.
S O U R C E S O F IN F O R M A T IO N .
(See Methods of New Y ork C ity banks, etc.)
S O U T H A F R IC A .
Gold production, 1910-1920, 678.
Wholesale prices, 1463.
Balances on open account owed b y United States to,
1406, 1407.
S O U T H A M E R IC A .
«
Balances due to and from foreign countries, 1404.
Credits granted and received, 576.
E conom ic conditions in, 572.
Exchange rates, 575.
Foreign exchanges, 573.
Foreign trade, 573.
Imports and exports. Argentina, Brazil, and Chile,
574.
Prices in, 573.
U nited States. Imports and exports to and from, 574.
(See Argentina; Brazil; Chile.)
S P A IN .
Gold imports and exports, 679.
Gold reserves, 1913-1921, 676, 677.
(See Bank of Spain; Neutrals.)
S P E C IA L A N A L Y S IS .
(See New Y ork City banks, etc.)
S P E C U L A T IV E P U R C H A S E S O F C U R R E N C Y , 1264.

Fiduciary powers, 720.

S T A T IO N E R Y .
(See W holesale trade.)
S T A T I S T IN D E X N U M B E R S .
Foreign-exchange value of pound, 1374, 1499.
Foreign-exchange values, 794.
Prices. Great Britain, 421, 1304, 1342.
S T A T I S T I C A L R E V IE W .
T o June 30, 1921, 767.
STEAM ERS.

(See Ships.)

S T E E L P R O D U C T IO N .
Great Britain, 79, 198, 319, 554, 689, 690, 952, 1189,
1276, 1305, 1423, 1444.
Sweden, 811.
(See Business, industry, and finance; M ovem ent of
com m odities; Physical volum e of trade; W hole­
sale prices.)
S T E IN E R , W . H .
Com mercial-paper business, 920, 1052.
S T O C K -E X C H A N G E L O A N S .
Market rates. (See Federal Reserve Bank and branch
cities.)
S T O C K S O F M E R C H A N D IS E .
(See R etail trade.)
ST O C K OF MONEY.
(See M oney in U nited States.)
S T O R A G E , D O M E S T IC .
A cceptances against. (See Rulings, Federal Reserve
Board.)
S T R A I G H T B IL L S O F L A D IN G .
(See B ills of lading.)

S P E E C H , G O V . H A R D IN G .
E conom ic developm ents, 671.

S T R A IT S SE T TLE M E N TS.
Gold im ports and exports, 679.
(See Asia.)

SPOKANE BRANCH.
Directors, 67.

S T R U C T U R A L STEEL.
(See Physical volum e of trade.)




43

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

S U B T R E A S U R IE S , U N IT E D S T A T E S .
D iscontinuance of, 33, 263.
(See U nited States sub treasuries.)
S U B S I D I A R Y S IL V E R .
(See M oney in U nited States.)
S U G A R R E C E IP T S A N D M E L T IN G S , 98, 221, 339,
453, 591, 713, 829, 974, 1092, 1212, 1327, 1447.
(See Physical volum e of trade; Wholesale prices.)
SU M M ARY.
Address of G ov. Harding, 671.

T.
T A R IF F R E V IS IO N .
France, 1189,1190.
Germany, 1193.
Great Britain. Safety
dum ping, 1187.
Italy, 1191.

of

industries

T A X R E C E IP T S .
(See R eceip ts; R evenues.)

S U R E T Y ON A C C E P T A N C E S .
(See Acceptances, guaranty; Guaranty.)

TAXES.
G erm any, 84, 203, 324,429, 808.
Italy, 693, 1188.

SW ED EN .
Bank of. (See Bank of Sweden; Riksbank.)
Business and financial conditions, 203, 327, 429, 561,
610, 696, 766, 810, 960, 1022, 1072, 1144, 1259, 1375.
Oassel, Gustav. Currency circulation, 203.
Commercial failures, 697, 1375, 1500.
Cost of living, 1074.
Currency circulation, 203, 1433.
Em ploym ent, 431, 562, 696, 960, 1073.
Exports, 697, 810.
Financial situation, 610.
Foreign exchanges. In d ex numbers, 795, 797, 1144,
1259, 1500.
Foreign exchanges. In d ex
numbers. Value
of
krona, 795, 1375, 1431.
Foreign trade, 206, 327, 430, 431, 607, 697, 729, 811,
849, 994, 1111, 1231, 1346, 1469.
Gold imports and exports, 679.
Gold reserves, 1913-1921, 676, 677.
Industrial conditions, 561.
(See, infra, Labor situation.)
Imports and exports, 206, 327, 431, 562, 606, 607, 69.7,
729, 810, 811, 849, 994, 1110, 1231, 1346,. 1469.
Inflation in, 203, 1433.
Joint stock banks. Condition, 327, 431, 610, 766, 893,
1022, 1144,1259,1375,1500.
Joint stock banks. Loans and discounts, 205.
Krona. Exchange value of, 759,1431.
Krona. Francs to, 322.
Labor situation, 431, 562, 696, 960, 1073.
Note circulation, 1433.
Note expansion, 1433.
Production. Iron and steel, 811.
R ailw ay statistics, 960.
Retail prices, 1913-1921, 88, 206, 327, 430, 605, 728,
811, 849, 993, 1073, 1109, 1229, 1345, 1468.
Riksbank. Condition, 1500.
(See R iksbank.)
Wages, 1073.
Wholesale prices. In d ex numbers, 77, 88, 195, 206,
327, 430, 463, 603, 723, 725, 842, 844, 961, 991,
1073, 1105, 1107, 1225,1227,1341,1343,1463,1466.
(See Bank of Sweden; Business and financial con ­
ditions abroad; Neutrals; Riksbank; Scandi­
navia.)
#
S W IT Z E R L A N D .
Berlin on. Foreign exchange rates, 326.
Gold reserves, 1913-1921, 676, 677.
Investm ent trusts, 64.
(See G eneva.)
Italy on. Foreign exchange rates, 438.
Wholesale prices, 1463.
(See Foreign exchange; G eneva; Neutrals.)
S Y N D IC A T E B A N K IN G , 418.




A n ti­

T A X , F R A N C H IS E .
Paid b y Federal Reserve Banks, 156, 941.

S U P R E M E C O U R T O F U N IT E D S T A T E S .
Par clearance decision. T ex t, 700.

SU RPLU S.
Relation of net earnings to capital and surplus of
Federal Reserve Banks, 673.

b ill.

TEN P E R C E N T L IM IT A T IO N .
A ct m odifying, 73, 310.
(See Rulings, Federal Reserve Board; A cceptan ces.)
T E R M E U L E N B O N D S , 10, 181, 1378, 1379, 1380.
T E X T IL E S , 101, 225, 342, 456, 594, 717, 833, 979, 1096,
1215, 1330, 1450.
(S ee M ovem ent of com m odities; Physical volum e of
trade; Wholesale p rices.)
TH E H AG U E RU LES,

1292.

T H R E E M O N T H S ’ P E R IO D .
(See D iscount and open-market operations.)
TH REE PER CENT R E N TE S, FRA N CE.
Price, 80, 200, 321, 425, 764, 891, 1020, 1143, 1258,
1374, 1499.
T IM E D R A F T S .
Revenue stamps,
Bureau.)
T IM E F O R W H IC H
BE D R A W N , 308.

310.

(See

Internal

ACCEPTANCES

R evenue
SH O U L D

T IN IM P O R T S , 100, 224, 342, 456, 594, 716, 832, 978,
1095, 1214, 1330, 1450.
(See Physical volum e of trade; Wholesale prices.)
TOBACCO.
Acreage, production, and yield , 1059.
Financing of, 1057, 1174, 1284, 1413.
Price of, 1059.
Reports on condition, 15, 143, 274, 385, 515, 657, 782,
910, 1037, 1056, 1059, 1273, 1388.
Sales of, 1065, 1066.
Sales of revenue stamps for manufacture of, 102, 225,
343, 457, 591, 713, 829, 975, 1092, 1212, 1327, 1447.
Sales at loose-leaf warehouses, 975, 1092, 1212, 1327,
1447.
Warehouse receipts covering, 963, 1199.
(See Business, industry, and finance; Physical volum e
of trade; W holesale prices.)
TOBACCO

A N D B A N K IN G , 1291.

TOBACCO CROP.
Value, 1059.
T O B A C C O F IN A N C E , 1057, 1174, 1284, 1413.
T O B A C C O G R O W E R S ’ A S S O C IA T IO N , 1199.
(See Rulings, Federal Reserve Board.)
T O K IO .
D iscount rates, market, 1376.
Wholesale prices, 463, 723, 842, 1105, 1225, 1341, 1463.
T O K IO B A N K S .
Condition, 208, 326, 610, 766, 893, 1022, 1144, 1260,
1376, 1501.
D iscount rates, 1260, 1501.

44

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

T O N N A G E C L E A R E D IN F O R E IG N T R A D E .
(See Physical volum e of trade; Ships cleared in foreign
trade.)
T R A C T O R S , F A R M , 191.
(See Rulings, Federal Reserve Board; Farm tractors.)
TRADE.

(See Business, industry, and finance; Condition of
foreign trade; Foreign trade; Foreign trade in d ex;
Physical volum e of trade; Price m ovem ent and
volum e of trade; Regulations of international
trade; R etail trade; W holesale trade.)
TRADE ACCEPTANCES.
Drafts b y tobacco growers against a corporation organ­
ized b y them are not, 1199.
Holdings, etc. (See D iscount and open-market oper­
ations; D iscount rates.)
T R A D E F A C IL IT IE S B IL L .
Great Britain, 1420.
T R A D E W IT H T H E O R IE N T .
A uthority to purchase, 926.
TRAN SFER AGENT.
National banks as, 545.
TRAN SVAAL.
(See South A frica.)
T R E A S U R Y B IL L S .
French treasury bills discounted b y the British treas­
ury and the Bank of England, 181.
Great Britain. Issue of, 173.
(See Great Britain.)
T R E A S U R Y C E R T IF IC A T E S .
A llotted through Federal Reserve Banks, 853.
Issues of, 1, 131, 263, 373, 511, 653, 853.
Maturities of, 191, 241, 360, 478, 624; 742, 869, 1005,
1122, 1242, 1356, 1482.
Retirem ent under Pittm an A ct, 374, 1386.
(See U nited States Treasury certificates.)
T R E A S U R Y F IN A N C E , 1, 131, 263, 373, 511, 653, 771,
1381.
Secretary of Treasury on, 2, 373.
TR E A SU R Y N OTES.
Three-year Treasury notes issued, 777.
T R E A S U R Y N O TES OF 1890.
(See M oney in U nited States.)
TRU ST

C O M P A N IE S .

(See State banks and trust com panies.)
TRU ST DEPARTM EN T.
Deposit of securities in, 309.
(See Rulings, Federal Reserve Board; Fiduciary
powers.)
T R U S T FUN DS.
Deposit of securities in trust departm ent of a national
bank to secure funds deposited in commercial
departm ent, 309.
Proceeds from sale of collateral security held b y
national banks or trustees under corporate issue
of bonds, 1435.
TR U ST POW ERS.
(See National banks; Fiduciary powers.)
T R U S T R E C E IP T S .
Not valid security for dom estic acceptance credits,
1314.
T R U S T S , 62.
(See Investm ent trusts.)
TURNOVER TA X.

F R A N C E , 555.

TURKEY.
(See Central powers.)




U.
U L T R A V IR E S .
(See National banks; A cceptan ces; Rulings, Federal
Reserve Board; Guaranty.)
U N D E R W E A R , 17, 147, 278, 389, 520, 661, 787, 915, 1043,
1161, 1279, 1394.
(See Business, industry, and finance; Wholesale prices.)
U N D IS C L O S E D P R IN C IP A L .
(See Rulings, Federal Reserve Board; A cceptan ce
liabilities.)
UNEM PLOYM ENT.
France, 693, 1191, 1307.
Germany, 560, 696, 809, 1072, 1310.
Great Britain, 79, 319, 421, 552, 564, 690, 803, 953,
1020, 1069, 1257, 1374.
Italy,. 1077, 1427.
Netherlands, 432, 1196.
Sweden, 431, 562, 696, 960, 1073.
U nited States, 19, 148, 282, 391, 522, 664, 774, 789, 917,
1045, 1163, 1281, 1396.
Y early review , 774.
(See Business, industry, and finance.)
U N F IL L E D

O R D E R S , 448.

U N IO N O F L O N D O N A N D S M IT H ’ S B A N K (L T D .).
Expansion of, 297.
U N IT E D K IN G D O M .
(See Great Britain.)
U N IT E D S T A T E S .
* Balance of trade. (See Same.)
Balances ow ed to foreign countries on open account,
1262, 1400.
Budget, 1381.
D ebt, .pu blic, 373.
Foreign loans placed in, 942.
Foreign exchange, 438.
(See Ita ly on; Foreign exchange.)
Gold im ports and exports, 1918-1921. (See G old.)
Gold production, 1910-1920, 678.
Gold reserves, 1913-1921, 676, 677.
Italy—
Credits from U nited States to, 1185.
Ita ly on U nited States, exchange rates, 1262.
(See Foreign exchange.)
M oney, stock of. (See M oney in U nited States.)
Post-armistice obligations, 1262.
Retail prices. (See Same.)
Ship construction—
U nited States and foreign countries, 187.
(See Ships.)
South Am erica. Exports and imports to and from,
574.
Wages. (See Same.)
War expenditures, 1382.
W holesale prices, 1913-1921. (See Wholesale prices.)
(See Im ports and exports; In d ex num bers; M oney in
U nited States; Prices; Retail prices; Wholesale
prices.)
U N IT E D S T A T E S C E R T IF IC A T E S .
(See D iscount and open-m arket operations; M aturity;
U nited States Treasury certificates.)
U N IT E D S T A T E S C O U R T S .
Jurisdiction of. Am erican Bank & Trust Co. v. F e d ­
eral Reserve Bank of Atlanta, 700.
U N IT E D S T A T E S N O T E S .
(See M oney in U nited States.)
U N IT E D S T A T E S R E V IS E D S T A T U T E S .
Section 3595. A m ended b y act of M ay 29, 1920.
Sub treasuries abolished, 33.
'
Section 5146. A m ended b y act of Mar. 1, 1921.
Qualifications of directors, 549.

45

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

U N IT E D S T A T E S R E V IS E D S T A T U T E S — Contd.
W.
Section 5190. Comptroller of Currency rules that
iving of acceptances and paym ent of drafts can b e W A G E S IT U A T IO N , 506.
one on ly at principal office of a national bank, 547.
Section 5202. (See A cceptan ces; Letters of credit.) W A G E S .
Germany, 809, 1072.
U N IT E D S T A T E S S E C U R IT IE S .
Great Britain, 422, 552, 689, 804, 1069.
(See D iscount and open-m arket operations.)
Sweden, 1073.
U nited States—
U N IT E D S T A T E S S E N A T E .
Discussion, 652.
Letter of G ov. H arding to. Credit p olicy , 895.
M onthly reports, 19.
Survey. Federal Reserve Board, 506, 526.
U N IT E D S T A T E S S U B T R E A S U R IE S .
Y early review , 774.
Transfer of functions of, to Federal Reserve Banks, 33.
W A G E S AN D P R IC E S , 506, 652.
U N IT E D S T A T E S S U P R E M E C O U R T .
Check clearing decision. Am erican Bank & Trust W A G E S , C H A N G E S IN , 526.
Co. v. Federal Reserve Bank of Atlanta. T ex t, 700.
W A R C O N T R O L O F E X C H A N G E , 1400.
U N IT E D S T A T E S T R E A S U R Y .
(See M oney in U nited States.)
W A R E X P E N D IT U R E S .
France, 179, 321, 691, 955, 1305, 1382.
U N IT E D S T A T E S T R E A S U R Y C E R T IF IC A T E S .
Germany, 1308, 1382.
A llotted through Federal Reserve Banks, 853.
Great Britain, 565, 1303, 1382.
Issues of, 1, 131, 263, 373, 511, 653, 853.
Italy, 1181, 1185, 1382.
Loans secured b y . (See Market rates; Federal R e ­
U nited States and foreign nations, 1382.
serve Bank and branch cities.)
Maturities of, 191, 241, 360, 478, 624, 742, 869, 1005, W A R F IN A N C E .
1122, 1242, 1356, 1482.
France, 174.
Retirem ent of, under Pittm an A ct, 374, 1386.
Great Britain, 563.
(See D iscount and open-m arket operations; D iscount
Germany, 1308.
rates; M aturity.)
Italy, 1177.

f

U P P E R S I L E S IA D E C IS IO N , 1310, 1428.

W A R F IN A N C E C O R P O R A T IO N .
Advances b y , 647, 1380.
Agricultural credits, 1030, 1380.
Am endm ent. Aug. 24, 1921, 1379, 1380.
Circular. E xport credits, 647.
R eviv al of, 4, 137.

URUGUAY.
Capital issues, 1266.
G old exports and im ports, 679.
(See South Am erica.)
V.
V A L P A R A IS O .
Exchange on Great Britain and U nited States, 575.

W A R L O A N S , S H IP S , 184.
W A R N O T E C IR C U L A T IO N .
Great Britain, 571.

VALUE.
W AR PAPER.
(See Earning assets; Federal
branch cities.)

(See E xchange valu e; Foreign trade.)
V A L U E O F O N E P O U N D S T E R L IN G .
In foreign exchange, 1499.

VESSELS.
(See Ships.)
V E S S E L S B U IL T f N U N IT E D S T A T E S , 102, 226,
344, 457, 595, 718, 834, 980, 1097, 1217, 1332, 1452.
(See Physical volu m e of trade; Ships.)
V E S S E L S C L E A R E D IN F O R E IG N T R A D E , 102, 226,
344, 458, 596, 718, 834, 980, 1097, 1218, 1333, 1453.
(See Physical volu m e of trade; Ships cleared in
foreign trade.)

and

W A R E H O U S E R E C E IP T S .
Agricultural com m odities, 963.
A utom obile parts, 699.
Coffee in foreign country, 418.
Cold-storage goods, .308.
Collateral for bank loans, 1314.
Market rates on loans secured b y .
(See Federal
- Reserve Bank and branch cities.)
Tobacco, 963, 1199.
W ine, sacramental, 419.
(See Rulings, Federal Reserve Board; Warehouse
receipts.)
W A R E H O U S E D W IN E , 419.

V IC T O R Y N O TES.
(See D iscount rates.)

W ARRAN TS.
M aturity, 1482.

V O L S T E A D A C T , 419.
PUR­

VOLUM E OF TRA DE .
Price m ovem ent and, 579, 702, 818, 965, 1082, 1201,
1317, 1437.
V O L U N T A R Y L IQ U ID A T IO N S , 14, 68, 133, 307, 416,
551, 698, 814, 961, 1078, 1198.




Bank

W A R R U L IN G S , R E V E R S E D , 70.

VEN EZU ELA.
G old im ports and exports, 679.
(See South Am erica.)

V O L U M E O F P A P E R D IS C O U N T E D A N D
CH ASED.
(See D iscount and open-m arket operations.)

Reserve

W A R -T IM E C O N T R O L .
Foreign exchange, 1400.
W A T E R -B O R N E E X P O R T S
1920, 401, 409.

AN D IM P O R T S , 1860-

W A Y S AN D M E A N S A D V A N C E S .
Great Britain, 78, 173, 197, 420, 1020, 1143, 1257, 1374,
1499.

46

INDEX-DIGEST OF FEDERAL RESERVE BULLETIN.

W E IG H T S .
Used in foreign exchange in dex, 799.
W E S T IN D IE S .
(See North A m erica.)
W HEAT.

W H EAT FLOUR!

(See Business, industry, and finance; Physical v ol­
um e of trade; W holesale prices.)
W HEAT

C R O P E S T IM A T E S , 983, 1099, 1206, 1334.

W H O L E S A L E P R IC E IN D E X .
Address of G ov. H arding, 672.
Silver, 935, 937.
W H O L E S A L E P R IC E S . IN D E X N U M B E R S .
Argentina, 573..
Australia, 1914-1920, 77, 82, 88,195, 210, 329, 463, 464,
604, 723, 726, 842, 845, 992, 1105, 1108, 1225, 1228,
1341, 1344, 1463.
Brazil, 573.
Calcutta, 1914-1920, 77, 88, 195, 209, 329, 463, 464,
604, 723, 726, 842, 846, 992, 1105, 1109, 1225, 1229,
1341, 1344, 1463.
Canada, 1913-1920, 77, 89, 195, 210, 328, 463, 464, 604,
723, 726, 842, 846, 991, 1105, 1108, 1225, 1228,
1341, 1344, 1464.
Chile, 573.
Comparative, abroad, 77, 195, 317, 463, 610, 723, 841,
988, 1105, 1225, 1340, 1463.
Denmark, 723, 842, 989, 1105, 1225, 1341, 1461.
France, 1913-1920, 77, 81, 195, 200, 322, 424, 463, 603,
693, 723, 725, 806, 842, 843, 957, 990, 1018, 1105,
1107, 1225,1227,1307, 1341, 1342, 1373,1425,1465.
Germany, 1913-1921, 84, 85, 195, 201, 325, 428, 559,
603, 725, 809, 842, 844, 959, 991, 1071, 1105, 1107,
1225, 1227, 1301, 1341, 1342, 1343, 1429, 1465.
Great Britain, 1913-1921, 77, 78, 195, 197, 294, 318,
421, 463, 553, 602, 691, 723, 724, 842, 843, 953,
990, 1068, 1105, 1106, 1225, 1304, 1341, 1342,
1422, 1464.
New in d ex num ber, 294, 421.
India, 1914-1921, 77, 88, 195, 209, 329, 463, 464, 604,
723, 726, 842, 846, 992, 1105, 1109, 1225, 1229,
1341, 1344, 1463.
Italy, 1914-1921, 82, 209, 328, 437, 603, 725, 807, 844,
957, 990, 1107, 1227, 1342, 1426, 1465.
New in d ex num ber, 465.
Japan, 77, 82, 195, 209, 317, 328, 437, 463, 465, 601,
723, 807, 842, 844, 957, 990, 1105, 1107, 1225, 1227,
1341, 1342, 1463.
Netherlands, 1914r-1921, 432, 813, 815, 1195.
Norway, 762, 845, 991, 1108, 1228, 1343, 1432, 1463.
Sweden, 1913-1921, 77, 88, 195, 206, 327, 430, 463,
603, 723, 725, 842, 844, 961, 991, 1073, 1105, 1107,
1225, 1227, 1341, 1343, 1463, 1466.




W H O L E S A L E P R IC E S . I N D E X N U M B E R S — Contd.
U nited States, 1913-1921, 77, 89, 90, 91, 92, 210, 211,
212, 213, 214, 328, 330, 331, 428, 442, 465, 464, 504,
559, 579, 601, 602, 703, 704, 705, 723, 724, 809, 818,
966, 967, 968, 989, 1082, 1083, 1084, 1085, 1201,
1202, 1203, 1204, 1225, 1283, 1317, 1318, 1319,
1320 1341 1437 1464.
M on th ly’reports on ,’ 22, 150, 281, 393, 524, 666, 790,
919, 1047, 1165, 1283, 1398.
U nited States com m odities prom inent in export trade
of Argentina, Chile, and Brazil, 573.
W holesale prices, U nited States—
International comparison, 463, 580, 703, 723, 818,
819, 820, 821, 841, 967, 988, 1340, 1341, 1437,
1461.
(See Business, industry, and finance; Indexes; R e ­
tail prices; W holesale prices.)
W H OLESALE TRA DE .
Condition of, 20, 23, 151, 280, 284, 462, 523, 600, 665,
722, 790, 841, 918, 988, 1046, 1104, 1164, 1224,
1282, 1340, 1460.
M onthly reports on, 20, 149, 280, 392, 523, 665, 790,
918, 1046, 1164, 1282, 1397.
(See Business, industry, and finance.)
W IL L S , D . C.
R eappointed Federal Reserve Agent, Federal Reserve
Bank of Cleveland, 383.
W IN E IN

B O N D , 419.

W IN E , S A C R A M E N T A L , 419.
W IT H D R A W A L S
FROM
FEDERAL
RESERVE
S Y S T E M , 416, 551, 698, 1078, 1198, 1316, 1434.
W O O D -P U L P P R O D U C T IO N , 101, 225, 343, 457, 595’
717, 833, 979, 1096, 1216, 1331, 1451.
(See Physical volum e of trade.)
W O O L C O N S U M P T IO N , 101, 225, 342, 456, 594, 717,
833, 979, 1096, 1215, 1330, 1450.
W OOL, W OOLEN S.
Reports on, 16, 147, 277, 389, 519, 662, 786, 914, 1042,
1160, 1278, 1393.
(See Business, industry, and finance; Physical v o l­
um e of trade; W holesale prices.)
W ORLD.
Balance on open account ow ed b y United States to
the world, 1405.
W O R L D ’ S S H IP P IN G .
R e v ie w , 183.

Z.
Z IN C P R O D U C T IO N , 716, 832, *978, 1095, 1214, 1329,
1449.
(See Physical volum e of trade; W holesale prices.

o