Full text of Federal Reserve Bulletin : January 1922
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GOVERNMENT PBLINTI?
; . • • , ; ; ;
1 9 2 2
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
A. W. MELLON,
Secretary of the Treasury, Chairman.
D . R. CRISSINGER,
Comptroller of the Currency.
W. P . G. HARDING, Governor.
EDMUND PLATT, Vice Governor.
ADOLPH 0 . MILLER.
CHARLES S. HAMLIN.
JOHN R. MITCHELL.
W. W. V HOXTON, Secretary.
WALTER S. LOGAN, General Counsel.
W. L. EDDY, Assistant Secretary.
H. PARKER WILLIS,
Director, Division of Analysis and Research.
^
M. IMLAY, Fiscal Agent.
T
ERSON,
f
division of Examination and Chief Federal
Examiner.
M. JACOBSON,
Statistician.
E. A. GOLDENWEISER, Associate
Statistician.
E. L. SMEAD.
Chief, Division of Reports and Statistics
OFFICERS OF FEDERAL RESERVE BANES.
Federal Reserve Bank of—
Chairman.
Governor.
Boston
Frederic H. Curtiss
Chas. A. Morss
New York
Pierre Jay
Benj. Strong
Philadelphia
Cleveland
Richmond
R. L. Austin
D. C. Wills
...........
i
George J.Seay
Atlanta
Joseph A. McCord
M. B. Wellborn
Chicago
Wm. A. Heath
J. B. McDougal
St. Louis....
Wm. McC. Martin
Minneapolis............. JohnH. Rich
D. C. Biggs
R. A. Young
Kansas City
Dallas
San Francisco
J.Z. Millerjr
R.L.VanZandt
J. U. Calkins
Asa E. Ramsay
Wm. F. Ramsey
John Perrin
* Assistant to governor.
*Controller.
Cashier.
C. C. Bullen
W.W. Paddock
J.H.Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
George W. N orris
E. R. Fancher
Caldwell Hardy
Deputy governor.
W. Wfflett.
L. H. Hendricks.*
J. D. Higgins.i
A. W. Gilbart.1
Leslie R. Rounds.i
J. W. Jones.*
Ray M. Gidney.*
W. A. Dyer.
H. G. Davis.
Wm.H.HuttJr
M. J. Fleming
Frank J. Zurlinden
... C. A. P e p l e . . . , . . R. H. Broaddus
A. S. Johnstone *
John S. Walden *
L. C. Adelson.
J. L. Campbell
C.R. McKay
S. B. Cramer...
John H.Blair
Geo. H. Keesee.
M. W. Bell.
0 . M.Attebery
W. B. Geery
FrankC. Dunlop»
S.S.Cook
C. A. Worthington.
R G Emerson'
Wm. A.Day
Ira Clerk *
L. C. Pontious*
»Acting deputy governor.
W. C. Bachman.1
K. C. Childs.i
J. H. Dfflard.i
D.A.Jones.i
O. J. Netterstrom.»
A. H. Vogt.»
Clark Washburne.i
J.W. White.
B. V. Moore.
J. W. Helm.
. . R. R. Gilbert.
W. N. Ambrose.
* Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS*
* Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond: :
Baltimore branch
Atlanta:
New Orleans branch.
Jacksonville branch
Birmingham branch.
Nashville branch
Chicago:
^
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
W. W. Schneckenburger.
L. W. Manning.
Geo. Be Camp.
Morton M. Prentis.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B. Locke.
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
i
Oklahoma City branch
Dallas:
El Paso branch...
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Manager.
0 . A. Carlson.
L. H. Earhart.
C. A. Burkhardt.
C.E.Daniel.
W.C.Weiss.
Floyd Ikard.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication "with
member banks of the Federal Reserve System and is the only officialv organor periodical
publication of the Board. It is printed in two editions, of -which * - first contains the
regular official announcements, the national review of bus'
tions r and other
general matter, and is distributed without charge to the m
^AB'OI the Federal
Keserve System. Additional copies may be had at a sufo
J price of $1.50 per
annum.
The second edition contains detailed analyses of business c
ions, special articles,
review of foreign banking, and complete statistics showing tne condition of Federal
Reserve Banks. For this second edition the Board has fijsd a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915,1916.1917, or 1918 are available.
in
'
TABLE OF CONTENTS.
General summary:
Page.
Review of the mon,th
1
Business, industry, and finance, December, 1 9 2 1 . . . .
10
Federal Reserve banking during 1921
.
22
Accommodation between Federal Reserve Banks during 1921
.
26
The trust receipt.
32
Business and financial conditions abroad—England, Germany, Italy, and Sweden
38
Official:
,
Rulings of the Federal Reserve Board
52
Election of directors of Federal Reserve Banks
.
.,
50
State banks admitted to system
...
50
Fiduciary powers granted to national banks
50
Countries in which banks may accept drafts to furnish dollar exchange
51
Charters issued to national banks
51
Price movement and volume of trade:
Domestic-TWholesale prices in the United States
:.
55
Foreign trade. •
...
.
59
Ocean freight rates
59
Physical volume of trade....
...,
60
Building statistics
,
..
72
Retail trade
,.
...
75
Wholesale trade....
.<
..
78
Commercial failures
51
Foreign—
Comparative wholesale prices in principal countries
79
Comparative retail prices in principal countries
84
Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, and Germany
84
Banking and financial statistics:
•—
*
DomesticDiscount and open-market operations of Federal Reserve Banks
87
Condition of Federal Reserve Banks
...
96
Federal Reserve note account
—
100
Condition of member banks in leading cities
101
Bank debits..:
..
....
104
Operations of the Federal Reserve clearing system
109
Gold settlement fund
:
.
108
Gold and silver imports and exports
,
110
Money outside the Treasury and Federal Reserve System
112
Discount and interest rates in various centers
113
Discount rates approved by the Federal Reserve Board..
112
Foreign exchange rates
....
114
Foreign—
England, France, Italy, Germany, Sweden, Norway, and Japan
117
Charts:
Movement of earning assets t ' " * —1 Reserve Banks during 1920 and 1921
Deposit and note liabilities,.
reserves, of Federal Reserve Banks during 1920 and 1921.
20
Accommodation between Feder*
erve Banks during 1921
29,30
Reserve ratio of Federal Reservt
:ks, 1920-21
31
Index number of wholesale prices the United States—constructed by Federal Reserve Board for purposes
of international comparisons
55
Physical volume of trade
62
Movement of principal assets and liabilities of Federal Reserve Banks
93
Movement of principal assets and liabilities of member banks
93
Debits to individual accounts
105
Foreign exchange index
115
IV
FEDERAL RESERVE BULLETIN
VOL. 8
JANUARY, 1922.
REVIEW OF THE MONTH.
The banking situation at the close of 1921
Economic situ- r e P r e s e n t s practically the reation at the close verse of the situation which
of 1921.
prevailed 12 months ago. At
the beginning of the year note issues, deposits,
and other elements in the portfolios of Federal
Reserve Banks were not far below the peak of
expansion. Member banks also had begun to
experience the backward movement of credit
resulting from the decrease of business during
the preceding year, but had not yet felt the results of this reaction in pronounced degree.
The close of the year finds the portfolios of the
Federal Reserve Banks at the lowest point
since 1918, the total bills held on December 28
amounting to $1,294,000,000, while note issues
have shrunk during the year by about $900,000,000, being now approximately $2,400,000,000. The relative stability of prices during the
last half of 1921 appears to indicate that at least
a temporarily fixed price level has been reached,
with the greater certainty resulting from that
condition in business. The most encouraging
feature of the business situation at the opening
of the new year is the fact that a positive
foundation has apparently been established
upon which to build banking and business
development during 1922. The policies to be
pursued during the year 1922 should, therefore,
be constructive in purpose rather than merely
conservative and will probably show the results of this constructive quality in the form
of proper enlargement of banking accommodation, greater ease and liberality in the money
market, and better prospects of business and
economic development. The investment outlook already shows this tendency in more
ready response to the needs of industry for
larger supplies of capital, in lower interest
charges, and in more active undertaking of
new enterprises.
No. 1
A retrospect of the events of 1921 shows,
however, that the progress of
business recovery has been exceptionally uneven. In those
lines of industry which supply the immediate
needs of the general public a very satisfactory
demand for goods has been experienced, and
productive activity has steadily grown. Even
the widespread unemployment which has continued throughout the year (although some improvement has been noted of late months) has
not caused any considerable falling off in the
volume of sales of necessities. Reserves of
spending power in the form of savings have prevented the widespread privation that might
have been expected to ensue. Hence, in those
lines of business in which orders for immediate
delivery could be placed and in which goods
were adapted to immediate use, as, for example, in the textile industries, activity as
evidenced by consumption of raw materials
and by machinery activity has steadily increased, with a slight seasonal reaction during
the last few weeks. In view, however, of the
erratic and uncertain price fluctuations that
have occurred during the year and the high
interest rates that have prevailed throughout
most of the period, circumstances have not
favored a resumption of activity in those lines
which supply capital equipment such as tools
and machinery. Hence, as a result, the basic
industries, such as iron and steel, have been at
low ebb until the past few months, when evidences of improved business were reflected in
an increase in unfilled orders and greater productive output.
The partial and incomplete character of the
business recovery that has taken place explains
the reason for conflicting statements concerning the extent of unemployment. In the industries of the type mentioned, opportunities
for employment are good, while in other lines
large numbers are out of work. Although it is
FEDERAL RESERVE BULLETIN.
undeniable that employment conditions are
still far from normal, the United States Employment Service has reported a steady increase
in factory employment for several consecutive
months, while such State reports as are available are in substantial agreement, even when
they cover nonfactory industries. During the
past six months very widespread wage reductions have occurred, following the fall in commodity prices, and have helped to bring costs
of production more nearly into line with returns
from sales.
Increasing ease in credit conditions has been
more and more evident during
cultural districts which had
been subjected to the greatest strain. This is
reflected in the recent reductions in the rediscount rates of the Federal Reserve Banks df
Atlanta and of Richmond. Further evidence
of relaxation of credit stringency is found in the
fact that by the middle of December inter-reserve bank rediscounts had been so reduced that
only a negligible amount of $1,000,000, representing a contingent liability of the Federal
Reserve Bank of Dallas, remained outstanding
at that time. Since then this item has disappeared. A year ago, on December 30, 1920,
the total of such rediscounts, exclusive of acceptances sold, amounted to SI 15,257,000, and
the Federal Reserve Banks of Richmond, Atlanta, Minneapolis, Kansas City, and Dallas were
indebted in amounts ranging from $10,000,000
for the Richmond district to $33,659,000 for
the Atlanta district. During the year, total reserves of the system, as ajresult largely of steady
and heavy importations of gold, have risen
from $2,249,163,000 on December 30, 1920, to
$2,992,200,000 on December 28, 1921. On the
other hand, total bills on hand have fallen
from $2,974,836,000 on December 30, 1920, to
$1,294,073,000 on December 28 of this year.
In the case of reporting member banks, loans,
discounts, and investments, including bills discounted with the Federal Reserve Bank, have
dropped from $16,750,488,000 on December 31,
1920, to $14,779,582,000 on December 28,1921,
with 821 banks reporting on the former date
and 806 for the latter. In the meantime, the
ratio of bills payable and rediscounts with the
JANUARY, 1922.
Federal Reserve Bank to total loans and investments of reporting banks had dropped from 12.5
per cent to 4.7 per cent. This evidence, therefore, shows that liquidation has been general,
and has not been confined to any one district
or section of the country for, although reserve
ratios of the several Federal Reserve Banks
vary widely at the present time, all are far
above the adjusted ratios of a year ago.
Notwithstanding the pronounced liquidation
shown by the above figures, it
i T »e problem. s .t i U remains true that the adLTr°Zen
loan
justment of agricultural banking obligations has not proceeded as rapidly as
had been hoped for in some sections. There is
very general testimony to this effect, and it is
obvious that even a steady reduction in the
earning assets of the Federal Reserve Banks, together with a pronounced fall in the loans and
rediscount liabilities of both Federal Reserve
Banks and of member banks, is quite compatible with the existence of a considerable amount
of unliquidated agricultural paper in the portfolios of the banks in the rural districts. Given
the reduction in general business activity, such
loans as have been liquidated or partially paid
off have added to the fluid funds of the banking
system, thereby building up reserves of lending
power even at a time when it is admitted that
many banks hold paper which represents socalled "frozen77 credit. For example, in district No. 1 (Boston) although the Federal
Reserve Bank had a reserve ratio of 76.1 per
cent against combined deposit and note liabilities on December 28, 1921, and although the
loans and investments of reporting member
banks registered only $1,011,569,000 on December 28 as compared with $1,116,454,000 on
December 31, 1920, country bank loans are
reported to be still not much below those of
last January, while in relation to- total loans
and investments the country banks are now
borrowing about as heavily as in the autumn
of 1920. In the cities located in agricultural
districts liquidation has been rapid, but country
bank loans have been lessened only in those
sections, such, for example, as the tobacco area
in district No. 5 (Richmond), where increased
sales at satisfactory prices have recently been
recorded. In the cotton regions in that section
JANUARY,. 1922.
FEDERAL RESERVE BULLETIN.
and also in district No. 6 (Atlanta) failure to
market the crop in a good many cases has
resulted in continued tie-up of bank funds. In
the middle western sections, especially in the
Cleveland, St. Louis, and Kansas City districts,
country bank loans are reported to show no
reduction. In fact, in the Kansas City district
the loans of all member banks were stated to
be larger on December 7 than at any time since
August 24. In district No. 7 (Chicago) the
country banks are reported to be transferring
some of their rediscounts with their city correspondents to the War Finance Corporation, a
procedure which obviously does not imply a
reduction of obligations.
The conditions thus depicted throw considerable light upon the charPr
° " acter of .our credit problem for
lem of the year.
£
the coming year, ouch difficulties as still remain in business relationships
within the country have already been traced to
maladjustment of demand and of prices and
unevenness in the distribution of the burdens
of readjustment. In like manner, the chief
evil growing out of the present credit situation
may be described as maladjustment of credit,
the presence of "frozen loans7' in some parts of
the country, and, no doubt, the too extensive
liquidation of paper elsewhere. General advocacy of the view that "liquidation" must be
pressed or urged, no matter at what expense or
sacrifice, is based upon an erroneous conception of the significance of such liquidation.
In certain of the agricultural districts there
is undoubtedly a call for more accommodation rather than less. In some of the graingrowing districts, for instance, there is unquestionably need for the extension of credit
and the granting of new credit intended to
carry the farmer into the new season and to provide him with means for planting and putting
in the next crop. Elsewhere, also, conditions
point to a need for longer credits judiciously
extended, especially in those lines of industry
where revision of prices and costs has been extensive and thorough. If in some cases a
necessity appears for carrying old credit for a
time with the intent of liquidating it out of the
proceeds of new business operations, this may
prove to be the wisest and most conservative
way of handling the situation. One of the
best services of the Federal Reserve System
has been that of easing or mitigating the
severity of the process of readjusting prices
and of preventing over-rapid or over-harsh
adaptation to new conditions. The low ratio
of failures and the fact that many enterprises
which in former years would have gone to the
wall have been preserved is due to the service
of the Federal Reserve System in protecting
and maintaining institutions which had been
weakened by sudden changes in prices and by
allied factors. The correlative service is that
of "carrying" all such enterprises or institutions
which possess real soundness and of bringing
them back to an efficient and strong condition.
Much has already been accomplished in this
direction, but a substantial field of work is still
to be covered during the coming year.
While the credit problem of the new year
thus involves a judicious and
Use of Federal m o r e extended use of credit in
domestic affairs, the problem
of foreign relations also presents a serious claim upon the resources of the
Federal Reserve System. The United States,
as is well known, now has an unfunded
foreign trade balance due to it from abroad
of $3,000,000,000 upward. During the past
year a net inflow of gold amounting to
about $670)000,000 has occurred, and it
would seem from various indications that
the movement of metal into the United
States at the recent rate of importation
can not be long continued. The question how
to finance foreign trade will thus soon become
more acute even than in the past. At present,
although the United States is thus the proprietor of a large share of the fluid loan resources of the world, it is making no provision
for the continued financing of our European
business. How far domestic trade can recover
without making definite provision for shipping
the surplus of our production to foreign countries is open to serious question. It has been
held by some that the great supply of specie
now in the Federal Reserve Banks and aggregating in the neighborhood of $3,000,000,000,
is not normally the property of the United
States and must eventually be expected to go
FEDERAL RESERVE BULLETIN.
back in part to the countries which are seeking
to reestablish themselves upon a specie basis.
This is undoubtedly true, and the fact necessarily emphasizes in some degree the policy
which might otherwise be adopted with reference to the use of Federal Reserve resources.
Apart from the general changes in business
and credit to which reference
Capital and in- ^as j u s ^ k e c n m a d C j the year
vestment prog- ^ ^ h a g b r o u g h t a b ( m t ^ e r y
considerable changes in market
conditions whose effect can not be other than
important in connection with the developments
of the new year. The most striking of these
changes is the alteration in the investment
situation. The year 1921 has witnessed a gain
in the general value of Liberty bonds by about
11 points, the average value of three selected
issues at the end of 1920 being approximately
86, whereas the corresponding value at the
close of 1921 was in the neighborhood of 97.
Corresponding increases in value have brought
back the quotation of railroad securities and of
the best industrial bonds to a point representing about as great advance over the value at
the end of 1920 as has occurred in the case of
Liberty bonds. These changes in valuation
represent a marked change in the general investment situation. This change has been
characterized by a greater availability of capital for investment than had previously existed, a much more adequate supply of funds
in connection with the normal demands of
established industry of various kinds, and a
better outlook with regard to the needs of
business and trade during the coming year.
The modification in conditions thus indicated
has been clearly reflected in the decline of rates
of interest borne by commercial paper and in
the improvement of the borrowing power of
corporations, many of which a year ago found
market conditions so unfavorable that they
deemed it best to refrain from offering any
new issues for sale, preferring to develop their
businesses as best they could pending some
change in the relations between consumers and
producers of capital.
JANUARY, 1922.
Contrary to what had been expected, the
speculative markets have felt
leSS
direct
offects
fr0IX1
this
change of the supply of capital
than had been felt in the commercial and industrial field. It had been the prediction
of many that an early outcome of lower discount rates would be the cheapening of call
loans and the introduction of an era of very
abundant and inexpensive speculative accommodation. The fact that no such situation
has supervened, but that on the contrary there
has appeared at all times to be but little
surplus supply of funds in the market, has
strongly indicated that the available funds
released from commercial uses, instead of
being used for speculation, have on the contrary been directly shifted into the investment
field where they have been absorbed in taking
up offerings of securities or of old issues.
Some of these, it is true, have represented
new Government applications for credit, but
the majority have been in one way or another
representative of the attempt to supply
capital needs that had gone unsatisfied during
the later years of the war and during the
period of high interest rates just after the war.
In bringing about this direct connection between the demand for capital funds and
supply of saved wealth, the better organization of the banking system has had far-reaching influence. It has been able to provide,
through bankers7 acceptances and otherwise,
immediate and remunerative employment for
all surplus resources which banks or other
financial institutions might have available
without going into the speculative market.
A better interrelationship and cooperation on
the part of investment institutions has also
played its part.
It continues to be true, however, that no
^ .
complete or general recovery
Foreign outlook. « i
,. ? .
.„ -,/
ot domestic business will be
possible save through the rectification of
foreign conditions. The economic outlook
in the leading European countries at the
opening of 1922, however, is evidently better,
JANUARY,, 1922.
FEDERAL EESERVE BULLETIN.
except in one principal element, than it was
six months ago. At that time the London
agreement regarding reparations payments
had been recently signed, and it was generally
thought that the terms of the agreement could
be fulfilled. Since then only two installments
of the indemnity have been paid—one in cash
and one in goods—and yet effort is now being
made to readjust the terms of the agreement.
This is due not only to Germany's contention
that she is incapable of meeting approaching
payments under these terms, but also to the
fact that the form of payment has proved to
be economically demoralizing to the recipients
of the indemnity. Aside from the menacing
developments in Germany and the maladjustment in prices and exchange which is
generally conceded to be closely related to the
terms of the reparations agreement, economic
conditions show improvement over the state
of things six months ago. The improvement
is due to an actual revival in the demand for
goods and has occurred in the face of very
serious credit and currency conditions.
During the first half of 1921 prices all over the
world were declining. Even in
n ;cs> a.^ Germany there was steady demoney standards.
•
>
•
>
nation 01 values, in the second
half of the year, on the other hand, there has
been a reversal of the earlier trend and as a
result price maladjustment and uncertainty
have been even greater than in the preceding
six months. So long as all countries were
simultaneously experiencing a lowering of
values, even though the rate differed from
country to country, the relative position of
producers and traders of different nationalities
remained more or less the same. But with the
shift from deflation to rapid inflation in Germany and the stabilization of American and
far eastern values, the position of producers in
different countries relative to one another has
shifted and international trading has become, if
anything, more complicated and more hazardous than before. Curiously enough this shift
in prices as a whole has not led to as great a
change in the relative position of different countries as regards their price levels when reduced
to a gold basis as has been assumed by many.
The continued fall of British prices has been
generally interpreted as leading to a closer parity between British and American levels and to a
more remote connectionjbetween England and
the Continent. Although this is undoubtedly
true as regards England and Germany, it is
not true of the European continent as a whole.
In the case of France and Italy, in fact, prices
(when measured in terms of gold) are now closer
to the British level than they were in July, 1920,
or March, 1921. The accompanying brief
table shows the position of gold prices in the
leading European countries. They are based
upon a 1913 average price level which is assumed to be equal to 100; the foreign price
indexes have been multiplied by a relative
showing- the depreciation of the exchange in
terms of dollars. The result is to furnish a
series of figures which indicates the changes in
the internal price levels of these countries in
terms of gold.
INTERNAL PRICE LEVELS OF FOREIGN COUNTRIES IN
TERMS OF GOLD, AS COMPARED WITH THE AMERICAN
PRICE LEVEL.
[Level of prices in 1913 assumed to be 100.]
United; EngCer1
States, i land. France , |
Juiy, 1020
March, 1921
November, 192J
j
!
i
:!
150 !
140 i
173 •
143 i
21!) I
1 !
125
5
SweTtalv. ! den.
192 i
121 i
127 ;
200
202
151
As is generally recognized, the movement
toward the gold standard on the part of England, and to a less extent on the part of France,
coming simultaneously with the "flight from
the gold standard" by Germany, is the crux
of the problem of reparation payments. While
Germany is dissipating her real wealth, England and France are conserving theirs, and incidentally this process makes the payments on
reparations account increasingly difficult.
The maladjustment of international prices
furnishes the cause both of
ac o price t r a ( j e d e p r e s s j o n i n countries
adjustment.
.
*
oi high gold values and of
trade boom in countries of low gold values.
While in Great Britain the industrial situation
is distinctly better now than it was during
the summer and early autumn, the volume
of foreign trade is ; nevertheless, by no means
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
great enough to take care of the surplus
Foreign banking groups are not only seriously involved in this complioutput of British industries. With a plant
Foreign Gov- cated price and trade situation,
equipment assumed to be considerably greater
i
.
,
than before the war, the volume of British ex- ernment finance b u t, m a d d , t. l, o. n a s t l ,.„ , .
l
U
and banking.
™
being
ports for the first nine months of 1921 is escalled upon to help finance
timated by the Board of Trade to have been
Government expenditures. Even in England,
26 per cent less than exports during the same
where conditions are much stronger and
period in 1913. There is truth in the asser- sounder, the Bank of England recently has had
tion that British manufacturers frequently to make large advances on ways and means
can not compete with continental manufac- account to the Government, and the money
turers, as reference to the price table above market is largely affected by Government
shows. This does not mean, however, that financing. A sum of nearly £1,860,000,000 of
it would be considered desirable, even from 3-months Treasury bills has been offered in
the point of view of British manufacturers the last eight months. In the case of France
themselves, to have British values again in- the situation is considerably more uncertain,
flated. The probable course of development because national expenditures have been made
is likely to be rather the deflation of conti- or budgeted on the assumption that Germany
nental values to something more nearly ap- will eventually pay for the cost of the reconproaching a gold basis.
struction of the devastated regions. The
In the case of Germany, the internal price present method of financing these undertakings
level is even lower than the external level is in the hands of the Credit National, which
measured in terms of American dollars. This makes payments to the inhabitants of the
fact affects the competitive position of Ger- devastated regions from borrowed capital inman manufacturers in that their labor costs stead of from tax revenues. The bonds of the
are relatively ver}^ low. It also leads to the Credit National are tax exempt, guaranteed
growth of abnormal profits in German indus- by the French Government, and bear interest
tries which can utilize domestic raw materials at 6 per cent. In addition to the bonds of this
in the production of goods for export; in other organization, large quantities of Government
words, in those industries which can buy at short-term bills are being placed on the market
internal and sell at external prices. That from day to day. These have superseded comsuch profits have been accumulated and in- mercial bills as the leading paper in bank
vested widely abroad by German industri- portfolios. In Italy the banking situation has
alists appears to be an undisputed fact. The been complicated by the suspension of payfall of German prices as a whole has been so ments on the part of the Banca di Sconto.
great, however, that in spite of this competi- In addition, the Italian budget for the coming
tive advantage the German foreign trade year provides for the expenditure of 5,000,balance has become increasingly unfavorable 000,000 lire in excess of receipts, and shortduring the last six months. The accom- term borrowing is necessarily on a very
panying table summarizes the recent situ- liberal scale. In Germany the issue of Reichsbank notes has been so excessive as to have
ation :
formed the basis for rumors that the Allied
VALUE OF GERMAN FOREIGN TRADE. 1
Governments will institute some form of
[Millions of marks.?
control over German banking.
It is not strange that in these circumI Imports. Exports.
1921.
stances exchange should conMay
June
July
August
September
October
1
!
;
'
•
:
'
1
Not including deliveries on reparations account
rjortsof gold and silver.
4,547
5,4.86
5,438
6,409
6,175
7,572 !
6,670
9,382 I
7,492
10,642 |
9,700
13,900 j
i
or imports and ex-
The exchange ..
t m
situation.
u e
,-.
§reatly
, ,
v ,
disturbed.
A
A
notable change for the better
has indeed been observed during the month of
December just closed, although this improvement has been most marked in a few currencies
JANUARY,, 1922.
FEDERAL RESERVE BULLETIN.
only. Nevertheless, it apparently indicates
that the extreme depression of exchange values,
illustrated at its worst by a mark quotation of
only about three-tenths of 1 cent, was due to
temporary conditions and does not represent a
permanent departure from more normal levels.
Even, however, at the somewhat better levels
of value which have latterly been established,
the question is properly raised whether no
further permanent recovery can be effected, or
whether the prospect of economic improvement is such as to warrant belief in ultimate
approximation to the old parities of exchange.
There can be no doubt that the reestablishment
of a much more stable condition of exchange will
be essential to real prosperity and particularly
to the restoration of normal conditions in international trade. Without some such greater
degree of stabilization of exchange rates, the
introduction of any new method of financing
the movement of goods between nations will
be increasingly difficult. In almost all of the
proposals recently brought forward, the obstacle to success has been found in two chief
particulars—(1) the uncertainty as to the
political future of the Governments with whose
people we wish to trade, and (2) the uncertainty as to the basis upon which standards of
value of European currencies will eventually
be placed. While it has been possible, in
some cases, to arrive at a basis for the extension of credit, such arrangements have in
almost all cases been extremely unsatisfactory
or inadequate, due to the elements of uncertainty already referred to. The opening of the
new year, therefore, offers as one of the fundamental problems of the next twelve months
the development of some new means of conducting international business that will permit
at least a degree of certainty and soundness in
the financing of foreign trade.
In the following table are presented the
Board's usual indexes of curIndex of busirent production and marketing
ness conditions.
conditions. These statistics
show a general decline in volume of agricultural
movements during November, but an increased
activity in certain industrial lines. The lumber
and textile industries were more active than in
November, 1920.
[000 omitted.]
November, i November, ' October,
1920.
!
1921.
: 1921.
!
iRclaRela-:
ITotal. Rcla-! Total. . tive. "Total. : tivc.
:
live. '
Receipts of live stock at 15
western markets (head)
9G0.
Receipts of grain at 17 interior
centers (bushels)
286.
Sight receipts of cotton (bales)..
801 •
Shipments of lumber reported
by 3 associations (million feet)
593.
Bituminous coal production
(short tons)
457'
Anthracite coal production
(short tons)
441'
Crude petroleum production .
i
(barrels)
38;
Pig iron production (long tons). 2, 099!
935 j
Steel ingot production (long >
tons)
2, 0391
Cotton consumption (bales)
333!
Wool consumption (pounds)... 28, 0901
1001 5,217
87.4;
100' 58,953
100J 1,704,
77.2111.337 145.9
94.41 1,943; 107. 7
743' 125.3'
lOo!
100J 35,955
10()|
6,859
lOo! 37,780'
lOOi 1,415,
5,6371 94.6
891150.3
69.8 43,741; 85.0
92.1
7,oS0!l01.8
97.6 35,621! 92.0
48.2- 1,247; 42.4
lOOi 1,660' 62.!)! 1,617, 61.2
100 i
527' .158.2'
495 148.6
100; 65,326 232.5i 67,287 239.4
During the month ending December 10 the
net inward movement of gold
™» $44,471,000, as compared
with a net inward movement
of $41,184,000 for the month ending November 10. England and France combined furnished over 64 per cent, or $29,856,000, of the
$45,034,000 of gold imported during the
monthly period ending December 10, other
countries of Europe furnishing over 18 per
cent, and the Orient, Canada, and Colombia
most of the remainder. Gold exports, amounting to §563,000, were consigned principally to
Hongkong and Canada.
Net imports of gold since August 1, 1914,
were $1,523,521,000, as may be seen from the
following exhibit:
[In thousands of dollars.]
• Imports. ! Exports.
Aug. 1, 1914, to Dec. 31, 1918
Jan. 1 to Dec. 31, 1919
Jan. 1 to Dec. 31, 1920
Jan. 1 to Dec. 10, 1921
Total
1
l
1,776,616
76,534
417,068
670,719
i 2,940,937
!
'• 705,210
,
368,185
;
322,091
j
21,930
i 1,417,416
I
,
'
[
j
1,071,406
i 291,651
94,977
648,789
1,523,521
Excess of exports.
Since the beginning of the past year net gold
imports totaled §648,789,000. The largest
gains are shown through imports from the
following countries: England, $195,489,000;
France, $188,305,000; and Sweden, $65,016,000. Gold exports during the past year
were consigned chiefly to the following desti-
8
PEDEEAL EESERVE BULLETIN.
nations: Hongkong, $9,516,000; Mexico, $5,427,000; Canada, $2,780,000; and Sweden
$2,643,000.
During the month ending December 10 the
net outward movement of silver was $7,000, as
compared with a net inward movement of
$871,000 for the month ending November 10.
Mexico furnished over 77 per cent, or $4,925,000
of the $6,389,000 of silver imported during the
monthly period ending December 10, the remainder coming principally from Peru, Canada,
and Chile. Of the silver exports, amounting to
$6,396,000, over 80 per cent, or $5,132,000, was
consigned to the Orient, and the remainder
principally to England and Venezuela.
Net exports of silver since August 1, 1914,
were $444,358,000, as may be seen from the
following exhibit:
[In thousands of dollars.]
Imports.
Total
Excess of
exports.
203,592
89,410
88,060
59,557
Aug. 1,1911 to Doc. 31,1918..
Jan. 1 to Dec. 31,1919
Jan. 1 to Dec. 31,1920
Jan. 1 to Dec. 10, 1921
1
Exports.
j
483,353
239,021
113,616
48,987
279,761
149,611
25,556
1
10,570
440,619 j
884,977
444,358
Excess of imports.
Moderate loan liquidation, practically offset
by an increase in investments,
lar el
situation
§ y i n Liberfcy bonds> a n d
accompanied by a somewhat
smaller reduction in borrowings from the Federal Reserve Banks, is indicated by the weekly
reports of 808 member banks in leading cities
for the period November 16 to December 21.
Total outstanding loans and discounts of the
reporting banks on December 21 were $65,000,000 less than five weeks before, the decrease affecting loans secured by Government obligations, as well as .ordinary commercial loans.
Loans secured by corporate obligations show
an increase for the period of $106,000,000, of
which $63,000,000 represents the increase for
member banks in New York City. Holdings of
United States bonds and Victory notes are
shown $50,000,000 larger than on November 16,
holdings of Treasury notes increased about
$4,000,000, and those of Treasury certificates
went up $72,000,000. Other securities on
JANUARY, 1922.
hand show a gain of about $15,000,000. Total
loans and investments of the reporting banks
during the first four weeks moved within
rather narrow limits. At the close of the
report period they reached a total of $14,863,000,000, an increase of $57,000,000 for the
period.
Aggregate borrowings of the reporting banks
from the Federal Reserve Banks increased from
$702,000,000 to $743,000,000, or from 4.7 to 5
per cent of the banks' total loans and investments. Net demand deposits declined slightly
during the first three weeks, but show an increase of $131,000,000 during the week ending
December 14, apparently in anticipation of tax
payments due on December 15. For the
following week a reduction of about $90,000,000
is shown, the December 21 total of $10,248,000,000 being only $12,000,000 larger than the
total shown five weeks earlier. Net withdrawals of Government balances, continuous
during the first three weeks, aggregated about
$77,000,000, while time deposits declined
$36,000,000.
Weekly changes in the leading accounts of
the reporting member banks are shown in the
following table:
REPORTING MEMBER, BANKS,
[In millions of dollars.]
Loans
and
discounts;
and
investments. 1
Date.
\Tov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21.. . .
1
807
807
807
808
808
808
14,786
14,752
14,705
14,759
14,786
14,863
Rediscounts
and bills Ratio of
Net
payable i modation ! ten**
.SS2LJ
with 1
deposits.
(3+2).
F. R.
Banks.
702
709
683
683
664
743
4.7
4.8
4.6
4.6
4.5
5.0
10,236
10,191
10,270
10,208
10,339
10,248
Including rediscounts with Federal Reserve Banks.
Federal Eeserve Bank figures which cover
the five-week period between November 23 and
December 28 indicate further liquidation of
$52,400,000 of discounted bills during the first
three weeks, but an increase of $27,000,000 of
such bills during the last two weeks under review, with the consequence that the December
28 total of discounted bills held by the Federal
JANUARY,.
1922.
Reserve Banks, $1,179,800,000, is $25,400,000
less than the November 23 total. Collection
by the Government of the December 15 installment of income and excess profits taxes and
redemption of over $400,000,000 of tax certificates apparently produced some temporary
pressure upon the loan resources of the member
banks and indirectly upon those of the reserve
banks. Another more potent factor in increasing temporarily member bank borrowings from
the reserve banks, particularly during the
week ending December 21, was the necessity
for the banks to provide for the customary extraordinary amount of currency for Christmas
shopping. During the week ending December
21 the reserve banks increased by $53,800,000,
their Federal Reserve note circulation, besides losing $10,300,000 in legals and silver,
and increasing by $4,400,000 their liabilities
on Federal Reserve bank notes. Lessened
demand for acceptances, due to the recent
decline in open market rates, and the relatively high call money rates in the New York
market, account for the rapid accumulation
of this class of paper in the Federal Reserve
Bank portfolios, the December 28 holdings of
$114,200,000 showing a gain of $44,900,000 for
the five weeks under review.
Pittman certificates show a further decline
of §11,500,000, other Treasury certificates,
largely held under repurchase agreements by
the New York Federal Reserve Bank, increased
by $24,600,000, while other United States.security holdings show an increase of $27,000,000.
Total earning assets on December 28, in consequence of the above changes, were $60,000,000
in excess of the November 23 total, most of
this increase being shown for the last two
weeks under review.
Rediscounts with other Federal Reserve
Banks reported by the Richmond, Atlanta, and
Dallas banks, which totaled $19,700,000 on
November 23, gradually decreased in volume,
9
FEDERAL RESERVE BULLETIN.
and in the December 21 statement all the
reserve banks are shown as self-supporting
without credit accommodation by other banks.
A gain of $36,000,000 in deposits is due to
an increase in Government deposits. Federal
Reserve note circulation started its upward
movement during the first week in December,
and on December 21 reached a high total of
$2,447,600,000, an increase of $57,600,000 for
the four weeks. On December 28 the total
had declined to $2,443,500,000. In addition
the banks report an increase for the five
weeks of $9,800,000 in their net liabilities on
Federal Reserve bank notes in circulation.
Gold reserves show a further gain of $34,400,000, offset in part by a loss of $20,400,000 in
other reserve cash. For the present year the
banks report a gain of $806,800,000 in gold and
a loss of $68,300,000 in other reserve cash.
The reserve ratio during the first three weeks
fluctuated between 72.3 per cent on November
23 and 73.1 per cent on December 7. On
December 21, because of the increase in deposit and note liabilities and the simultaneous
loss in reserves, the ratio declined to 70.7 per
cent, while on the last Wednesday of the
year a rise in the ratio to 71.1 per cent is noted.
Weekly changes in the principal assets and
liabilities of the reserve banks are shown in the
following table :
FEDERAL RESERVE
BANKS.
[In millions of dollars.]
Bills discounted.
Date.
Nov. 23 Nov. 30.
Dec. 7...
Dec. 14..
Dec. 21..
Dec. 28..
Y. R.
notes in Reserve
Cash
Secured i
Total
actual
deposits. circula- ratio.
reserves. by U. S. : All
Govern- '
tion.
ment ob-1 other.
ligations. i
2, 978.2
2, 989.1
2, 990.6
3, 001.6
2, 993.1
2, 992.2
467.2
476.4
457.6
459.6
503.8
487.2
! 738.0
| 705.9
713.0
I 693.2
• 720.9
! 692.6
728.5 j 2,389.9
742.8 ' 2,366.0
2,360
718.3 ! 2,373.4
23734
742.8 2,393.8
.784.8 2,417.6
764.5 2,443.5
72.3
72.7
73.1
72.6
70.7
71.1
10
FEDEKAL RESERVE BULLETIN.
JANUARY, 1922.
BUSINESS, INDUSTRY, AND FINANCE, DECEMBER, 1921.
Comparison of the year-end reports with those for the corresponding month in 1920 demonstrates the continued upward movement of business and indicates gradual restoration of normal
conditions. This is true in spite of the fact that the month of December, which is normally a
period of comparative closing down or transition, indicates, as is usually the case, some recession
from the higher levels of preceding autumn business activity. Chief importance is usually
assigned at the close of the year to the holiday trade, emphasis being rather on the side of
distribution than on the side of production. This intensified demand serves to bring into actual
use the goods produced in the earlier industrial period. The holiday trade is thus a test of the
soundness of the preceding business activity. Reports from the various Federal Reserve districts covering over half the month show that this year's demand in the eastern districts has
registered an increase running as high as 10 per cent over that of 1920, while in other districts
the situation is pronounced satisfactory. Manufacturing lines, although slowed down because
of lessened seasonal demand, generally report a fairly satisfactory condition, although a lack
of forward orders still testifies to the uncertainty with which the prospects of the coming months
are regarded by many firms. Freight rates continue as a disturbing factor due to the belief
that reductions already announced as affecting some commodities may be much more widely
extended in the near future.
Manufacturing conditions are far from uniform throughout the country. There has been
a decrease in the activity of the iron and steel industry since the 1st of December, which,
however, is attributed to the seasonal conditions already referred to, being partly the outcome
of freight rate difficulties and of the usual inventory taking by purchasers, who naturally desire
to keep their stocks as low as possible at this time. In textiles there has been but little change
since last month, both cotton and woolen mills being operated at a high percentage of capacity.
Uncertainty as to the future of the clothing industry is due to labor disturbances and the desire
of consumers for low priced goods. In the leather and shoe trades similar irregularity prevails,
the majority of districts, however, reporting conditions good or satisfactory, while in a few
instances slight decreases of output are noted. The relatively lower prices which have been
realized both for cereals and for cotton have proved discouraging to trade in the agricultural
districts, and have also resulted in retarding the process of liquidating frozen loans representing
past advances of credit.
Wholesale prices are showing increased stability, the index of the Federal Reserve Board
losing only one point for the month of November, while private reporting agencies indicate
either stability or very slight increases during December. Meanwhile farmers in many districts have shown a disinclination to buy as freely as would otherwise have been the case, due to
the smaller purchasing power in their hands, and the fact that in some quarters at least there
is still uncertainty as to the amount of new credit which they can obtain. A problem is thus
presented to bankers with reference to their policy in financing preparations for the next crop*
This situation reflects itself in the returns for the wholesale trade in the southern districts, where
the month of December showed a pronounced decline in dry goods, although the situation is
favorable as compared with conditions of a year ago. Hardware and related lines are also in
an unsatisfactory condition. In retail trade, as already stated, the exceptional demand of the
holiday season has served to offset declines which might otherwise have been noted as the
result of temporarily reduced buying power in the agricultural districts.
Unemployment conditions, on the whole, are but little changed from those reported a
month ago.
A decided improvement in European exchanges has tended to some extent to help the
foreign trade situation during the month of December, but the extreme caution in the extension
of bank credit which was previously so notable a phase of our foreign trade still continues.
FEDERAL RESERVE BULLETIN.
JANUAIIY,. 1922.
11
13. In spite of the increase in the estimated
size of the current cotton crop, the price of
The condition of winter wheat this fall was middling upland cotton at New York increased
76 per cent on December 1, as compared with from 18.4 cents on November 23 to 18.9 cents
87.9 per cent on the corresponding date in on December 21.
1920, while the acreage was 1.2 per cent less
TOBACCO.
than that sown in the previous fall. District
No. 7 (Chicago) reports that weather has been
Movement to market of the manufactured
favorable to the growth of the wheat plant and export types of tobacco has proceeded
except in northern Indiana and the north- rapidly. When the leaf sales warehouses in
western part of the lower peninsula of Michigan. Virginia and North Carolina closed for the
In district No. 8 (St. Louis) there has been Christmas holidays, it was estimated that
ample moisture and good growth is being made three-fourths of the season's crop had been
on an acreage about as large as that planted sold. The Burley Tobacco Growers Cooperain 1920. Reports from district No. 10 (Kansas tive Association has now been incorporated,
City) indicate that the condition of the winter and final organization plans are being made for
wheat is several points lower than last year, handling the crop, but a few burley markets
due to lack of moisture during the autumn are open, while the dark tobacco markets in
months. In Kansas the State Board of western Kentucky and Tennessee are in full
Agriculture estimated the condition of wheat operation. In all sections prices realized are
at the end of November at 58.6 per cent, which generally considered satisfactory, although it
was the lowest November condition on record. is said from district No. 5 (Richmond) that
District No. 8 (St. Louis) reports that the poor grades continue low and in little demand.
yield of the white potato crop has be$n goner- The leaf-tobacco situation in Philadelphia
ally low, but that both the yield and quality shows no change, manufacturers not yet buyof sweet potatoes are excellent. Shipments of ing to any appreciable extent, and local dealers
potatoes from Nebraska prior to December 1 there are consequently discouraged. The new
were greater than total shipments of the 1920 Pennsylvania crop as a whole has not as yet
crop. Sugar beet factories in Colorado report been sold by the farmers. Christmas demand
unusually high yields, whereas the Michigan for cigars has been well maintained in district
sugar beet crop is not so large as was antici- No. 3 (Philadelphia). Jobbers have purchased
pated. District No. 6 (Atlanta) reports that cautiously, and little return of unsold goods
conditions in the Louisiana cane-sugar district after the holidays is expected. Many dealers
are excellent, that weather has been propitious at the last minute were obliged to place rush
for grinding, and that the sugar yield is con- orders for additional supplies, although later in
siderably larger than was expected. Reports December some requests for deferred shipments
from district No. 8 (St. Louis) indicate that came in from dealers who wished to have stocks
the sugar yield has been high in Mississippi, as small as possible when taking inventory.
but rather disappointing in the southern counties of Arkansas. Latest available estimates
FRUIT.
indicate that 7,631,000 bushels of rice were
raised in California this season, as compared
The citrus fruit crop is maturing rather
with 9,720,000 bushels in 1920.
slowly, as a result of adverse weather conditions in both California and Florida, and
shipments from both States are lower than
COTTON.
in the corresponding period of 1920. District
The cotton crop was estimated to amount to No. 6 (Atlanta) reports that the condition of
8,340,000 bales in a statement of the Depart- oranges and grapefruit has declined slightly
ment of Agriculture issued December 12, which during the past month and that sizes on all
compares with a crop of 13,439,603 bales in varieties are reported to be medium to small.
1920 and an average crop of 11,481,084 bales Reports from district No. 12 (San Francisco)
in the preceding five years. Actual ginnings of state that the picking of this season's crop of
cotton prior to December 13 totaled 7,799,458 navel oranges began about the middle of Nobales, as compared with 10,876,263 bales in the vember in central Calif ornia and early in Decemcorresponding period of 1920. The ginnings ber in southern California. Shipments up to
prior to December 13, 1920, amounted to December 14 were light and were composed
81 per cent of the crop, but the marked decrease largely of small-sized fruit, due to the lack
in ginnings during the first 13 days of Decem- of early fall rains in the producing sections.
ber indicates that a larger proportion of the The average price per box received by growers
1920 crop was probably ginned by December of navel oranges was $3.84 in November, as
AGRICULTURE.
12
FEDERAL, RESERVE BULLETIN.
compared with a price of $4.32 in November,
1920.
The harvesting of the apple crop of district
No. 12 (San Francisco) is now completed, and
revised estimates show a production of
45,093,000 bushels in that district for 1921, as
compared with^ 30,852,000 bushels in 1920.
The season's shipments of boxed apples from
the Pacific Northwest totaled 37,425 cars up
to December 3, as compared with 22,399 cars
in the corresponding period of 1920. Prices
received by growers for Jonathan apples in
November were from 25 to 50 cents per box
less than in November, 1920. Storage holdings are reported to be normal for tnis time
of the year.
GRAIN MOVEMENTS.
Grain movements were greatly curtailed
during November and were much smaller
than in either October, 1921, or November,
1920. Wheat receipts at leading interior
centers were smaller than in any month since
May and were about 35 per cent less than in
November, 1920. Receipts of wheat at Duluth
and Minneapolis amounted to 13,707,236 bushels
in November, which was 50 per cent less than
in October, 1921, and 36 per cent less than in
November, 1920. At four leading markets
of district No. 10 (Kansas City) 7,272,950
bushels of wheat were received in November,
which was 43 per cent less than October
receipts and 38 per cent less than receipts in
November, 1920. Despite this sharp decline
in November marketing, wheat receipts at
these four centers from July 1 to November 30
were 60.5 per cent greater in 1921 than in 1920.
This heavy marketing in July, August, September, and October materially reduced stocks
of wheat in farmers' hands, but a large proportion of stocks of corn and other grains yet
remain on the farms. Nevertheless, there was
a decided decrease in November receipts of
corn, oats, rye, and barley, as compared with
October. Stocks of grain at 11 interior
centers declined slightly, as a result of this
marked curtailment of receipts, while the
stocks at 9 seaboard centers at the close of
November were 10 per cent less than in
October, 1921, and 8 per cent less than in
November, 1920. Stocks of rye increased
both at interior and seaboard centers, while
the stocks of all other grains were diminished.
JANUARY, 1922.
was 2,256,748 barrels in November, which was
26 per cent below the October figure, while in
district No. 10 (Kansas City) reported November production was 1,673,034 barrels, which
was 27.1 per cent below the October figure of
2,295,789 barrels. November production in
district No. 7 (Chicago) was reported as
361,006 barrels, a decrease of 29.5 per cent
from the October output. Production of
11 leading mills in district No. 8 (St. Louis)
was 261,400 barrels, as compared with 359,746
barrels in October. In district No. 12 (San
Francisco) 71 mills reported a production of
856,079 barrels during November, as compared
with 997,325 barrels produced by 63 mills in
October. The output this year, however, is
generally in excess of the November, 1920,
figure. Lack of stability in the wheat market
is said by several districts to be having a
detrimental effect on the industry. Millers in
November were cleaning up old business and
filling small orders for immediate shipment.
Bakers bought but little, and jobbers pursued
a hand-to-mouth policy. Export trade in
district No. 10 (Kansas City) was very poor,
while in district No. 8 (St. Louis) such demand
as existed was confined almost exclusively to
clears and low-grade flours. Prices advanced
in late November in sympathy with the upturn in wheat, but the increase was wiped
out in the first weeks of December.
LIVE STOCK.
November receipts of cattle and calves and
sheep at 15 western markets were less than in
October, although receipts of hogs were greater,
but for all three classes the figures were below
those for November, 1920. November receipts
of cattle and calves amounted, to 1,394,217 head,
as compared with 1,712,917 head during October and 1,781,261 head during November, 1920.
The respective index numbers were 138, 170,
and 177. Receipts of sheep decreased from
1,842,148 head in October, corresponding to
an index number of 135, to 1,244,214 head in
November, corresponding to an index number
of 91, as compared with 1,542,477 head in
November, 1920, corresponding to an index
number of 113. Receipts of hogs, on the other
hand, increased from 2,057,231 head during
October to 2,559,916 head during November,
as compared with 2,624,185 head during November, 1920. The respective index numbers
were 94,116, and 119. November is the openFLOUR.
ing month of the winter packing season for hogs,
but in the case of the other classes of animals
November production of flour showed a sharp increased interest in feeding because of the low
decrease from the October figure in all districts. price of corn and other coarse grains, high
Output reported in district No. 9 (Minneapolis) freight rates, and generally unsatisfactory
prices of live animals at the markets are assigned by district No. 10 (Kansas City) as factors contributing to the reduction in receipts.
The long drought which had prevailed in the
range country of district No. 11 (Dallas) for
several months was broken in many localities
by early December rains, while live stock in
district No. 12 (San Francisco) is reported in
excellent condition, winter range prospects
good, and much low-priced hay available for
feeding where necessary. There was an extreme scarcity of hogs in the Pacific Northwest during November, and the strong local
demand was supplied from the Middle Western
States.
Twenty-five representative packers report a
decline of 29.7 per cent in November sales
(measured in dollars) from those for October,
and a decline of 27.9 per cent from those for
November, 1920. The domestic demand for
fresh meats and lard is stated by district No. 7
(Chicago) to have had a tendency to slow up a
little in November and December, although
the volume was fairly well maintained. Meat
packers in district No. 10 (Kansas City) reported November export trade in pork products as on the whole smaller in volume than in
October. An outstanding factor in the industry has naturally been the strike of packinghouse employees, which commenced in the
western centers but shortly extended to New
York as well.
COAL.
Production of bituminous coal showed a
slight decrease during November. The output
for the month was 35,955,000 tons, corresponding to an index number of 97, as compared with
the October production of 43,741,000 tons,
corresponding to an index number of 118, and
a production of 51,457,000 tons in November,
1920, corresponding to an index number of 139.
A recent study of commercial stocks of coal
showed the bituminous stocks held by consumers on November 1 to be 47,000,000 tons,
an amount sufficient for 43 days' requirements
at the average rate of consumption maintained
during the preceding three months. Stocks
were 16,000,000 tons, or 25 per cent below the
maximum of 63,000,000 tons reported on November 8, 1918, and were the highest since
January 1, 1921, but district No. 3 (Philadelphia) reports that competition of nonunion coal
and British coal has forced union operators
either to sell their product at a sacrifice or to
close down their mines.
Production of anthracite coal decreased from
7,580,000 tons in October to 6,859,000 tons in
November, which is somewhat lower than the
82711—22
13
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
2
production of 7,441,000 tons in November,
1920. The respective index numbers are 102,
93, and 101. District No. 3 (Philadelphia) reports that domestic demand has been almost as
disappointing during the past two months as the
industrial demand for steam coals. Dealers7
stocks are very heavy in the majority of grades,
and although the prices tend to be firmly maintained, there have been some slight reductions.
The lessening of iron and steel manufacturing
has been reflected in reduced purchasing of
coke and in a weakening of prices. The production of beehive coke for November was
477,000 tons, as compared with 416,000 tons
in October and 1,622,000 tons in November,
1920, while November production of byproduct coke was 1,766,000 tons, as compared
with 1,734,000 tons in October.
PETROLEUM.
Reports from the principal oil fields indicate
an increased production of crude petroleum for
the month of November. Petroleum production in district No. 12 (San Francisco) showed a
marked revival after the two successive months
of depression caused by a strike of the oil workers. Average daily production during November was 293,323 barrels, an increase of 65,366
barrels over the daily average petroleum production during October. Consumption also increased, but not to the same extent as production, so that stored stocks stood at 33,486,350
barrels on November 30, 1921, as compared
with 22,582,304 barrels on November 30, 1920.
Thirty-eight new wells, with an initial daily
production of 9,755 barrels, were completed
during November and one well was abandoned.
In the Kansas-Oklahoma field November production of crude oil was slightly less than for
either October or November, 1920. Development operations in this field show an increase
of 1,503 barrels in daily new production of
crude oil over the October record, though fewer
wells were completed in November. Stocks of
both crude oil and refined products increased
rapidly. District No. 11 (Dallas) also reported an increased production. There were
191 wells completed in this district during
November, including 132 producers, as compared with 192 in October, of which only 92
yielded oil. In the new Mexia field 14 new producing wells were completed, yielding an initial
production of 103,125 barrels, but operations
have been curtailed in the north Texas district,
due in large measure to the insufficient supply
of water power to insure continued drilling.
Prices in the Mexia and Corsicana fields advanced on December 12, but other crude oil
14
FEDERAL RESERVE BULLETIN.
prices in district No. 11 (Dallas) have remained
unchanged.
IRON AND STEEL.
Some tendency to reaction is evident in the
iron and steel industry. November pig-iron
production amounted to 1,415,481 tons, as
compared with 1,246,676 tons in October, the
respective index numbers being 61 and 54.
The total number of active furnaces increased
from 96 on November 1 to 120 on December 1.
This increase was not paralleled in the case of
steel ingots, the output of which merely rose
from 1,616,810 tons in October, corresponding
to an index number of 70, to 1,660,001 tons in
November, corresponding to an index number
of 71. Fairly heavy shipments resulted in a
slight decrease in the unfilled orders of the
United States Steel Corporation from 4,286,829 tons at the close of October to 4,250,542
tons at the close of November. The current
situation is much more marked in district No. 3
(Philadelphia) than in the Pittsburgh district,
and many reports from the former indicate
that " the present stagnation is even more pronounced than that which existed during
August." Dullness is ascribed largely to uncertainty as to future freight rates and the
desire of merchants to carry minimum stocks
at time of inventory. Demand for pig iron is
especially poor. Stocks are, however, reported low, and many inquiries are being
received for delivery during the first quarter
of 1922. Orders for finished products are for
immediate delivery only, but it is said from
district No. 4 (Cleveland) that "miscellaneous
new business has continued to flow into the
mills surprisingly well." Reflecting the general situation in the industry, and the sharp
competition existing for a limited volume of
business, pig-iron prices have shown a further
downward trend.
AUTOMOBILES.
Manufacturers are awaiting the results of
the automobile shows before determining their
manufacturing schedules for the coming year.
November production is apparently less than
for the previous months, manufacturers having
63 per cent of the passenger car output of district No. 7 (Chicago) producing 69,125 cars in
November, as compared with 84,913 cars in
October. November carload shipments were
14,061, as compared with 17,676 carloads in
October, while driveaways decreased from
12,808 machines to 10,509 machines. Factory
sales in November are, however, stated to
have increased over October in district No. 7
(Chicago).
JANUARY, 1922.
NONFERROUS METALS.
The copper market continued to improve
during the latter part of November and during
the first two weeEs of December. On December 14 copper (New York, net refinery) was
selling at from 13.75 cents to 14 cents per
pound, a rise of almost 20 per cent over the
price in August. The record for the market is
particularly encouraging when compared with
a similar period last year, when copper declined steadily from 18.50 cents per pound in
July to 12.375 cents at the end of 1920. It is
believed that the copper mines may be reopened much sooner than was anticipated a
few months ago. Much copper has been sold
to large electrical manufacturers for delivery
as far ahead as next June. Export business
in copper continues to be surprisingly good,
Germany and Japan being the best purchasers.
Copper production for November was
24,613,754 pounds, as compared with 20,926,554
pounds in October and 21,713,984 pounds during November, 1920. The price of lead quoted
by the leading interest continues to be 4.70
cents per pound, -and a fair amount of business
is being done at that level. Production of zinc
in November amounted to 21,135 tons, as
compared with 14,538 tons in October and'
33,318 tons in November, 1920. Stocks continued to decline despite the increased production, and totaled only 67,049 tons on December
1. District No. 10 (Kansas City) reports
that November shipments of zinc ores from
the mines of Missouri, Kansas, and Oklahoma
showed an average of 7,909 tons shipped per
week, as compared with 6,719 tons in October
and 5,000 tons in September. The average
value per ton increased from $23.92 in October
to $25.25 in November.
COTTON TEXTILES.
Cotton consumption in November showed a
decided increase over the amount consumed
in October, and the figures were higher than
at any time since the summer of 1920. The
latest estimate of the Department of Agriculture, indicating a larger cotton crop than was
expected, has recently been an unsettling
factor, although the effects of the announcement had previously been discounted to a
certain extent. District No. 1 (Boston) estimates that production in that section is on a
basis somewhat in excess of 80 per cent at the
present time. Reports from district No. 3
(Philadelphia) indicated that some lines of
cotton manufactures such as branded goods and
gray goods are being purchased at about the
same rate as heretofore, but it is said that no
JANUARY, 1922.
firms report a sufficient number of orders to
insure operations for more than three months.
Stocks are being kept at a low point with a view
to having as small inventories at the end of the
year as possible. The orders received by
textile mills in district No. 5 (Richmond) were
not as numerous during November as in
September and October, but the mills are
generally running on a full-time basis and are
looking forward to fairly good trade after the
opening of the new year. Some mills are
planning changes in machinery, and reports
enerally state that there is u returning confience in the stability of values for raw cotton
and textiles." The special reports based on
returns from 37 representative cotton cloth
mills located in district No. 6 (Atlanta) indicate
that cloth production in yards during November was 4.2 per cent greater than in October
and 31.3 per cent greater than in November,
1920. Unfilled orders on hand at the end of
November declined 6.7 per cent as compared
with the preceding month, but were 34.3 per
cent above those on hand at the close of
November, 1920. It is said that while the
total of unfilled orders on an average showed a
decline, some of the reporting mills have orders
which will require full-time operations for
many weeks. One mill states that it will
require 40 weeks running full time to complete
its orders on hand. A majority of reporting
mills are running on full time and some of them
are operating day and night shifts. The production of cotton yarn by 40 mills located in
district No. 6 (Atlanta) was also 3.2 per cent
greater in November than in October. Orders
on hand at the end of November declined
12.7 per cent as compared with October figures,
but were 68.3 per cent greater than at the end
of November, 1920. The decline in orders is
attributed to the fact that buyers wish to go
into the new year with small stocks and,
furthermore, there has existed for some time
an element of uncertainty due to the belief
that the price of cotton would be affected by
the later estimates of the Department of
Agriculture. Some reporting mills are said
to have sold their product for many weeks
ahead at prices which allow some profit, but
a few mills state that their operations are being
carried on without profit at the present moment.
f
COTTON FINISHING.
Reports from 34 of the 58 members belonging to the National Association of Finishers of
Cotton Fabrics show that during the month of
November there was a reduction in finished
yards billed to 97,132,172 from 105,286,414 in
October. There was also a reduction in finish-
15
FEDERAL EESEEVE BULLETIN.
ing orders received during the month, the figure
for November being 85,279,175, as compared
with 100,909,965 for the preceding month.
The percentage of average capacity in operation
fell from 77 to 69 per cent for all reporting districts. The average work ahead at the end
of the month dropped from 10 days to 9.2
days.
WOOLEN TEXTILES.
During the month of November there was a
slight reduction in the activity of the woolen
industry, as evidenced by the census reports
of percentages of idle wool machinery and of
idle hours to totals reported on December 1.
In all cases, except looms 50-inch reed space
and less, percentages of activity and of idle
hours hav^e increased as compared with the
beginning of November. For example, the
percentage of idle hours on the first of the
month to total reported rose from 24.9
to 28.7 in the case of looms wider than
50-inch reed space, and in the case of woolen
and worsted spindles the percentages were
21.9 and 12.6, respectively, as compared with
18.3 and 8.1 on November 1. Wool consumption in November amounted to 65,326,000
pounds, as compared with 67,287,000 pounds
in October. Despite the slight reduction
in activity, which is no doubt largely
attributable to seasonal factors, the New
England mills continue to run at nearly full
capacity, with a recent slight slowing down in
advance of offerings for the fall of 1922. ^ The
incoming orders are stated not to be satisfactory, however, primarily because of the unsettled conditions prevailing in the clothing
industry. District No. 3 (Philadelphia) likewise emphasizes the lack of demand from the
clothing industry, due not alone to a disposition on the part of the consuming public to
demand lower-priced goods, but also to the
uncertainty brought about by the unsettled
labor conditions within the industry. In that
district trade in woolen and worsted goods is
said to be very inactive and orders are placed
merely for the purpose of filling in. Several
mills in the district are operating at only 25
per cent of normal capacity and orders are not
sufficient to keep them running more than
three or four weeks. The average capacity
for twelve plants located in the district was
about 45 per cent. The situation of the yarn
manufacturers in the district appears to have
remained substantially unchanged. The demand for weaving yarns continues poor, while
knitting yarns are still in great demand, and
a number of larger mills are operating at
capacity as a result. Raw wool prices have
16
FEDERAL RESERVE BULLETIN.
been advancing steadily both for lower and
for higher grades of wool, but the scarcity of
the better grades is causing them to advance
more rapidly than the poorer grades.
CLOTHING.
Notwithstanding the unfavorable factors
tending to unsettle the clothing industry, to
which reference has already been made, the
limited reports available show that a fair
amount of business was transacted in November. Ten clothing firms in district No. 2 (New
York) engaged in the distribution of men's and
women's clothing report sales in November to
have been 11.7 per cent below those for the
preceding month, but 21.2 per cent in excess of
November, 1920. In district No. 8 (St. Louis)
total sales and orders for 23 reporting interests
were stated to have been larger in units than
they were in the same month of 1920, but the
demand is principally for cheap suits, and manufacturers are carrying a much larger proportion of low-priced goods. Buying is still confined to orders for immediate delivery. In
district No. 7 (Chicago), from wiiich reports
on a unit basis arc received from manufacturers
of men's clothing, the returns for the season to
date indicate large advances in output over the
preceding year. The November questionnaire
sent out to eight wholesale clothing firms shows
that orders for spring taken from the opening
of the season to the date of the last report were
130.6 per cent in excess of those for the corresponding period of 1920. Fifteen reporting
tailors-to-the-trade state that the suit output
for November was 11.1 per cent greater than
for the same period a year ago, although it had
dropped 14.1 per cent below the totals for the
preceding month.
SILK TEXTILES.
Keports indicate that the demand for silk
goods, especially broad silks, has been slightly
more active of late weeks, and certainly there
has been an increase in prices, due in part to
larger sales and in part to the effect of the rapid
advance that has occurred in recent months in
the price of raw silk. The latest statistics
received show some increase in the activity of
mills located in the North Hudson and in the
Paterson districts. In North Hudson 2,386
looms out of a total of 4,299 reporting were
operating on December 19 and the percentage
of active loom hours to total available was
53.96. In Paterson, with 15,000 looms, only
3,617 were active, while the percentage of active
loom hours to total available was 21.62. In
district No* 3 (Philadelphia) conditions appear
JANUARY, 1922.
to be much better, as reporting manufacturers
are operating at about 80 per cent of normal,
although practically all orders are for immediate delivery. In the case of establishments
manufacturing silk yarns, the rate of production was§ reported to be about 63 per cent of
normal. * The falling off in demand which has
occurred, leading to a curtailment of operations,
is attributed to uncertainty regarding future
prices of raw silk. Silk consumption, according to the estimates furnished by the Silk
Association of America, amounted to 18,355
bales in November as compared with 26,816
bales in October.
HOSIERY.
Only district No. 3 (Philadelphia) and district No. 6 (Atlanta) regularly report concerning activity in the hosiery industry. Judging
from information received from these districts
the market for cotton hosiery has been w^ell
sustained during the past month. District No.
3 (Philadelphia) notes the rather specialized
character of the demands. The mills that produce heather hosiery, for example, are running
at capacity and orders continue to be received
for the fall trade of 1922. It is stated that this
fact is attracting more mills into this field and
the prospects arc that the output for next year
will be larger. The demand for silk hosiery also
continues to be exceptionally good, but other
lines of cotton and mercerized hosiery show
little activity, and very few mills engaged in producing these lines arc able to run on full time.
This situation contrasts with that of the mills
in district No. 6 (Atlanta), however, as the
manufacturers of cotton hosiery in that section
continued to do a good business during November and were reported to be operating at
from 80 to 100 per cent of capacity. One
plant, as a matter of fact, stated that it was
running full day and night and had sufficient
orders to keep it going for some months on this
basis. The special reports received by the
Philadelphia bank from 24 hosiery firms selling
to the wholesale trade showed a slight drop in
the product manufactured during November
(in dozens of pairs) of 3.5 per cent. Orders
booked during November were reduced 59.4
per cent and unfilled orders on hand at the
end of November were 2.2 per cent below those
on hand at the end of the preceding month.
However, the output, orders booked, and unfilled orders, as compared with November a
year ago, showed extraordinary increases of
222.1 per cent, 63.6 per cent, and 528.2 per
cent, respectively. The nine reporting firms
selling to the retail trade manufactured 17.3
per cent fewer pairs in November than in the
.TAXUAKY,
17
FEDERAL RESERVE BULLETIN.
1922.
preceding month. Orders booked fell 40 per
cent and unfilled orders on hand November 30
were 19.2 per cent below those on hand at the
end of October.
KNIT GOODS.
Very little change was recorded during the
month of November in the productive activity
of the reporting mills belonging to the Association of Knit Goods Manufacturers of America.
One of the four mills reported closed in October
resumed operations in November, and 57 mills
were then operating at an average of 86.5 per
cent of normal capacity, as compared with 87.3
per cent normal capacity for 56 mills reporting in October. In November, 1920, reporting
mills were producing at a rate of only 23.2 per
cent of normal capacity. For the 56 mills
which furnished comparable data both for October and for November, unfilled orders on November 1 showed a gain of 67,990 dozens, reaching a total of 1,077,403 dozens. There was a
reduction of 99,838 dozens in new orders received during November, the totals falling
from 406,675 dozens in the month of October
to 306,837 dozens in November. Production
in November amounted to 362,660 dozens—a
loss of 19,685 dozens.
Reporting underwear mills located in district No. 3 (Philadelphia) state that there is an
increased demand for heavy-weight underwear,
and that, although the general opening for the
fall season of 1922 will not take place until after
the new year, considerable business has already
been done. Comparatively few orders for
light-weight underwear are now being received by manufacturers in that district.
SHOES AND LEATHER.
Prices of hides and skins advanced slightly
during the first two weeks of December, but
there was a marked reduction in volume of
sales. District No. 7 (Chicago) reports that
sales of green cattle hides in the United States
were about 26 per cent less in November than
in October, while sales of green calfskins increased 7.9 per cent. District No. 3 (Philadelphia) states that diminution in the slaughter
of animals is resulting in a strengthening of
hide prices. Demand for sole leather declined
somewhat in the early part of December, while
demand for most grades of upper leather has
been well maintained. Activity has been particularly marked in the case of leather sides,
and their sale throughout the United States
was 16.6 per cent greater in November than in
October. Reports from district No. 3 (Philadelphia) indicate that the call for low-priced
shoes is resulting in a considerable reduction
in stocks of side leather and increased inquiries
for cheaper grades of heavy leather. Export
orders are increasing and a large proportion of
the so-called "distress77 leather, held for account of banks or insolvent tanners, has been
sold for shipment abroad. District No. 7
(Chicago) reports that tanning activity was
more irregular in November than in October.
Shoe manufacturing continued to show considerable activity during November. The November production of nine important shoe
manufacturers in district No. 1 (Boston) was 8
per cent larger than in October, and 120 per cent
greater than in November, 1920. Six of these
concerns showed shipments 10 per cent and
new orders 13 per cent lower in November
than in October. There has been some decline
in the proportion of women's shoes to total
production. Reports of 45 shoe firms in district No. 3 (Philadelphia) show that production
in November was 7 per cent less than in October, but 17.8 per cent greater than in November,
1920. Shipments for these firms declined 18
per cent, as compared with October, while new
orders increased 30.3 per cent and orders on
hand increased 18 per cent. Factories in that
district which make cheap shoes are busier
than those making high-grade shoes and are
receiving orders in increasing volume. In
district No. 7 (Chicago) 27 shoe manufacturers
report that production in November was about
1 per cent lower than in October, but 67 per
cent greater than in November, 1920. November shipments for these factories were 5
per cent less than in October, while unfilled
orders increased 2 per cent. District No. 8
(St. Louis) states that November sales of 11
reporting interests were from 14 per cent to
52 per cent larger in numbers of pairs than a
year ago, while the dollar value was from 25
per cent less to 7 per cent greater than in November, 1920.
LUMBER.
After the unusually strong demand this fall,
which continued beyond the usual time of
seasonal decline, some decrease in demand for
lumber is reported in various districts. In
addition to decrease in building activity, other
causes given are the inventory season and the
uncertainty as to freight rates, which is causing
some mills to delay shipments of lumber for
future use. In district No. 6 (Atlanta) average
orders from 128 pine mills for the week ending
December 2 were only 400,000 feet, as compared with 572,000 feet for 138 mills for the
week ending November 4. Average production, however, was well maintained, although
weather conditions in some parts of the district
18
FEDERAL RESERVE BULLETIN.
have begun to interfere with logging operations.
Most of the demand is for the higher grades,
as is also the case with hardwood lumber.
Dealers in the latter state that business improved during November. In district No. 11
(Dallas) November orders received by 37 pine
mills were equivalent to only 75 per cent of
normal production, as compared with 90 per
cent during October. Production, however,
was considerably greater than in October, being
only 26 per cent below normal, as compared
with 32 per cent during the previous month.
In both these districts shipments of pine outran
production, and stocks were consequently reduced during November.
The. outstanding feature in district No. 8
(St. Louis) was a rather abrupt cessation of
demand from retailers for building lumber
around the middle of November, followed by
declining prices, but considerable buying of car
and bridge material then commenced, and continued for about three weeks. Factory lumber
is quiet and weak in the case of the major softwoods, notably southern pine and western fir,
but the reverse is true of hardwoods and
cypress. In these, the price advances made in
15ovember have been fairly well held in December. Twelve representative firms in district
No. 9 (Minneapolis), with about 600 retail
yards, report sales in board feet as 30 per cent
less in November than in October and 57 per
cent less than a year ago. Fourteen manufacturers report similar percentages of decline in
cut, while combined stocks of wholesalers and
retailers at the end of November were about
6 per cent less than a month ago and 10 per
cent less than a year ago when measured in
board feet.
General conditions in the lumber industry of
district No. 12 (San Francisco) are reported
more satisfactory than at any time in the past
16 months. The success and increasing importance of water-borne shipments to the Atlantic
coast, and a sustained export demand have
been the outstanding features of the market.
November production of four associations was
354,252,000 feet, or 7 per cent less than in
October. This decrease was partly seasonal
and partly due to severe storms which swept
the Columbia River Valley in Oregon during
the last week of November and caused the
closing of some mills and curtailment of production in others. Orders, received during
November were 351,280,000 feet, or 20.3 per
cent less than in October, and shipments fell to
340,150,000 feet. Mill stocks on November 30
were less than a month earlier, except at the
pine mills of California and Oregon, while
wholesale and retail yards are said to be carry-
JANUARY, 1922.
ing only sufficient lumber to meet the current
needs of their trade. Prices in the upper grades
were steady during November, while increases
occurred in a few of the lower grades. Logging
operations in the Pacific Northwest, due largely
to severe storms, were less than in October.
BUILDING.
The valuation of building permits issued in
selected cities during November showed a
moderate decline from the high level reached
in October in all of the Federal Reserve districts except district No. 11 (Dallas). The percentage of decrease varied from 2 per cent for
district No. 1 (Boston) to 30.7 per cent for
district No. 8 (St. Louis). The value of permits issued in selected cities of district No. 11
(Dallas) was 20.4 per cent greater in November
than in October. A comparison with November, 1920, shows large increases in value of
permits issued in every- Federal Reserve district, ranging from 23.8 per cent in district
No. 6 (Atlanta) to 189.5 per cent in district
No. 2 (New York). The total value of building
permits issued in 166 selected cities amounted
to $145,883,418 in November, as compared
with §172,204,403 in October, . 1921, and
$73,174,276 in November, 1920. The value
of contracts awarded in seven Federal Reserve
districts, as compiled by the F. W. Dodge Co.,
decreased from $203,954,431 in October to
$127,374,432 in November. Decreases were
registered in districts No. 1 (Boston), No. 2
(New York), No. 3 (Philadelphia), No. 5
(Richmond), No. 7 (Chicago), and No. 9
(Minneapolis), while district No. 4 (Cleveland)
registered a slight increase.
District No. 1 (Boston) reports that the increase in the volume of residential construction
is particularly encouraging, and estimates that
the cost of building and the size of rents are
now on about the same comparative basis as
in 1913. Reports from district No. 3 (Philadelphia) state that, although a large number
of permits have been issued, but little actual
construction is being done, owing to the approach of winter and the uncertainty as to
future costs. In district No. 8 (St. Louis)
there has been a decline in large building enterprises, but there has been a continuance of
residential building. Reports from district
No. 10 (Kansas City) also show a marked increase in the construction of residences, but
less attention to the erection of business buildings and factory extensions. Construction continues active in the coastal cities of district
No. 12 (San Francisco), but has shown some
slackening in the interior States,
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
EMPLOYMENT.
The Department of Labor, through its Employment Service, announced that on November 30, 1,428 firms which make regular reports
to it had 7,219 more employees on their pay
rolls than at the end of the preceding month.
The increase, however, was relatively slight,
amounting to only 0.46 per cent. Consequently the figures do not indicate much
change in the existing situation one way or the
other. In district No. 1 (Boston) the textile
centers are those in which the substantial gains
that have been achieved have been most fully
retained. Unemployment is considerable in
in the shoe centers of Massachusetts, but the
situation is said to be more normal in Brockton
than elsewhere. On the other hand, unemployment in Providence is more widespread than at
the beginning of 1921, although a slight improvement has occurred during the autumn.
In the metal-working, machinery, and toolmaking districts, which have suffered from
sharp curtailment of activity, employment
conditions began to improve at the beginning
of the autumn. The reports from the Massachusetts Department of Labor and Industry,
and similar data from the other New England
States, "indicate that the peak of unemployment has been passed" but that "conditions
are still serious, especially since prolonged
idleness has reduced the resources of many
families." There have been virtually no
changes in the situation in New York State
during the month, as the seasonal declines that
have occurred in some lines have been offset
by increased activity in others, notably in the
iron and steel industries. The increases in
numbers employed reported by the New York
vState Department of Labor amounted to 3 per
cent in the metal industries, with a somewhat
smaller gain in woodworking factories. Increases are, however, offset by reductions in
the clothing industry, due to strikes and to seasonal factors, and also by declines in the food
products industries. Tlie Municipal Employment Bureau of New York City reports that the
number of applicants for positions was less in
November and December than in October,
while the holiday season has brought about a
somewhat increased demand for workers.
The bureau has therefore been able to place a
larger percentage of applicants. The latest
figures available for district No. 3 (Philadelphia) indicate a decline in recent weeks in
industrial activity. On December 15 the
Pennsylvania State Department of Labor
reported that the number unemployed in the
six cities of Altoona, Harrisburg, Johnstown,
Philadelphia, Scranton, and Williamsport had
19
increased 9.4 per cent over the returns for
December 1. The largest part of this increase, however, was accounted for by the
closing of the coal mines in the Scranton district. A compilation based on a special questionnaire sent out to 517 firms located in district No. 3 (Philadelphia) showed that the
number of employees on the pay rolls on December 1 was 132,268, a figure 1 per cent less
than that reported on June 1, but 4.5 per cent
larger than the number employed on September 1. District No. 5 (Richmond) reports no
appreciable change in the number of unemployed in that district. Two important railroads have closed their shops until after the
new year, thereby releasing several thousand
men, but there has been some increase in the
amount of public work being done in the cities
and counties. There has also been a slight
accession to numbers employed by the industrial plants located in the district. In district
No. 6 (Atlanta) reactionary tendencies were
in evidence in November. Railroad repair
shops were reported to have reduced numbers
employed by about 5 per cent and manufacturers of food and kindred products had also
fewer employees on their pay rolls. On the
other hand, during November the textile industry showed a slight increase in numbers employed. In district No. 7 (Chicago) the special
questionnaire which was sent out to 258 firms
indicated that the situation has remained
practically unchanged during November, as
there was only a fractional increase of 0.3 per
cent in numbers employed on November 30 as
compared with the preceding month. The
reduction as compared with the same month
a year ago amounted to 19.3 per cent. Reports from the Detroit Employers Association
showed that firms employing 111,403 men on
November 1 had 110,118 men on their pay
rolls on December 13. It is said, however,
that if the reduction in working hours be
taken into consideration there would be a
decrease in the number of man-hours worked
of 9.5 per cent. In district No. 9 (Minneapolis), although there was an increase in
numbers employed in the larger factories in
Minneapolis and St. Paul during the month of
November, this situation is attributable entirely to an increase in the activity of railroad
repair shops. Taking the district as a whole,
employment conditions are said to- be less
favorable, as "in Minnesota weather conditions have affected road work and building
construction. Flour mills are beginning to
reduce operations and the iron mines have
closed down in the majority of cases. In
North Dakota unemployment is growing more
serious with the approach of cold weather and
20
FEDERAL RESERVE BULLETIN.
the completion of public works. In South.
Dakota unemployment shows a decrease from
October on account of a large volume of
building. In Montana the general employment trend is downward, although lumber and
flour mill activity has increased somewhat.
Mining shows no improvement and seasonal
conditions have increased idleness. Beet-sugar
factories are completing their season's work.
In general, in the agricultural regions of the
ninth district, there is a complete lack of
demand for agricultural laborers and a general
surplus of common labor." In district No. 12
(San Francisco) unemployment increased in all
sections during November, due both to seasonal decline in agriculture and to reduction in
industrial activity. Increases in unemployment were chiefly evident in agriculture, lumbering, fishing, and shipbuilding. Skilled laborers in the district are as a whole fairly well
employed. The considerable increase in unemployment in California is attributed to the
coming in of migratory workers from other
parts of the country with the cessation of seasonal activity. In Oregon and Washington,
also, the end of the harvest season and the
closing of logging camps and sawmills have
added to the numbers of the unemployed. In
Arizona, Nevada, and Utah there has been
practically no improvement in labor conditions
and none is likely until there is a general
resumption of work in the mining and smelting
industries.
WHOLESALE TRADE.
A variety of factors, both of a seasonal and
of a special nature, has contributed to a marked
reduction in the sales of most of the reporting
wholesale firms in the four lines of groceries,
dry goods, hardware, boots and shoes. The
reductions are particularly marked in the case
of dry goods, the decreases in sales during
November as compared with October ranging
from a minimum of 12.7 per cent in district No.
2 (New York), with 3 firms reporting, to a
maximum of 38.1 per cent in district No. 11
(Dallas), with 10 firms reporting. The docreases are especially heavy in the three southern districts—No. 5 (Richmond), No. 6 (Atlanta), and No. 11 (Dallas). These reductions
in sales no doubt represent not only a seasonal
recession which is apt to be more pronounced in
southern agricultural sections than elsewhere,
but they also reflect a diminished purchasing
power due to the slower movement of such
crops as cotton, sugar, and rice. As compared
with a year ago, however, dry goods sales make
a quite favorable showing and, unquestionably,
given the great price reductions that have oc-
JANUARY, 1922.
curred in the interval, they represent a greater
volume of goods than did the November sales of
the preceding year. In districts No. 2 (New
York) and No. 12 (San Francisco) there are
increases in sales values of dry goods of 11.6 per
cent, 3 firms reporting, and 5.2 per cent, 12
firms reporting, respectively, over last year.
Decreases ranged from 1.4 per cent in the case
of district No. 5 (Richmond), 18 firms reporting,
to 22.3 per cent in the case of district No. 9
(Minneapolis), 5 firms reporting. Another
factor influencing the November drop in sales,
not only in dry goods but in all other lines, is
doubtless the desire on the part of retailers to
enter upon the new year with inventories reduced to the lowest possible point. In the
case of wholesale grocery firms, decreases during November as compared with October
ranged from 1.1 per cent in the case of district
No. 2 (New York), with 9 firms reporting, 19
per cent in district No. 11 (Dallas), with 13
firms reporting. District No. 3 (Philadelphia),
with 48 firms reporting, states that the usual
brisk holiday demand has been lacking, and district No. 6 (Atlanta) emphasizes the slow movement of agricultural products as having had a
pronouncedly depressing effect upon the demand from agricultural sections. Here again,
however, the showing as compared with a year
ago is quite favorable from the point of view of
volume of sales, decreases ranging from 4.9 per
cent in the case of district No. 10 (Kansas
City), with 5 firms reporting, to 30.4 per cent
in the case of district No. 6 (iltlanta), with 29
firms reporting.
The drop in hardware sales in November is
probably attributable in good part to the
seasonal reduction in the demand for building
and construction materials, and also to the
failure of retailers to place the usual advance
orders for agricultural supplies for spring use."
The general testimony seems to be to the
effect that business in hardware is generally
unusually slow, even for the season. Decreases in November sales as compared with
October ranged from 1.3 per cent in the case
of district No. 11 (Dallas), with 11 firms
reporting, to 17.2 per cent in the case of district No. 10 (Kansas City), with 4 firms reporting. In districts No. 5 (Richmond), No. 6
(Atlanta), No. 7 (Chicago), and No. 12 (San
Francisco), sales of boots and shoes in November registered marked declines as compared
with October, the respective percentages being
31.6, with 18 firms reporting; 23.9, with 10
firms reporting; 16.7, with 11 firms reporting;
and 18.4, with 16 firms reporting. District
No. 6 (Atlanta) reports that it is probable that
warm weather was responsible for some of the
falling off in shoe sales in that district. On the
other hand ; district No. 2 (New York) reported
a slight increase of 2.5 per cent for the 8 firms
reporting in that district. In all cases except
district No. 12 (San Francisco), where there was
a negligible decrease as compared with a year
ago, shoe sales showed a decided increase,
ranging from 5.2 per cent in the case of district No. 7 (Chicago), with 11 firms reporting,
to 45.9 per cent in the case of district No. 2
(New York), with 8 firms reporting. It will
be remembered that a year ago the shoe industry was in an unusually depressed condition
and the increases therefore find their explanation in this fact.
RETAIL TRADE.
Retail sales in November showed a noticeable decrease as compared with those of
October, 1921, and November, 1920. Reports from districts No. 1 (Boston) and No. 2
(New York) for the first part of December,
however, showed increases of 10 per cent and
3 per cent, respectively, over the corresponding
period in 1920, indicating that the volume of
Christmas trade has been larger than last }^ear.
During November activity was greatest in the
tobacco, candy, gloves, and jewelry lines, while
the market for heavy clothing was unusually
dull. November sales of 381 representative
department stores throughout the United
States showed a decrease of 13.7 per cent from
the sales of November, 1920. Decreases were
recorded in all districts and amounted to 7.2
per cent in district No. 1 (Boston), 8.2 per
cent in district No. 2 (New York), 8.9 per cent
in district No. 3 (Philadelphia), 21.1 per cent
in district No. 4 (Cleveland), 12.9 per cent in
district No. 5 (Richmond), 21.4 per cent in
district No. 6 (Atlanta), 16.9 per cent in district No. 7 (Chicago), 9.4 per cent in district
No. 8 (St. Louis), 18.3 per cent in district
No. 9 (Minneapolis), 13.8 per cent in district
No. 10 (Kansas City), 25.9 per cent in district
No. 11 (Dallas), and 7.9 per cent in district
No. 12 (San Francisco). Department store
stocks showed little change during November
and the rate of turnover remained approximately the same as in October, while outstanding orders were somewhat lower,
PRICES.
No material change has occurred in the general wholesale price level in the United States
in the last six weeks. Price revisions continue
to be made, but the average of all prices has
tended to be stabilized about a level of 40 to 50
per cent above the prewar. There has been no
considerable change from this level since last
21
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
April, the indexes of the Bureau of Labor Statistics and the Federal Reserve Board showing
a range of not more than 6 points during this
entire period. The Federal Reserve Board
index for November stood at 140 as compared
with 141 in October and 100 in the base year,
1913.
During November the various group indexes,
such as tho prices of raw materials, producers'
and consumers7 goods, showed even less change
than in recent months. The trend of producers7 goods was definitely toward lower levels,
but raw materials and finished consumers' goods
showed very little change. Domestic goods as
a whole declined, while foreign imported goods
rose, but the rate in both cases was slow.
Agricultural commodities were the only group
in which prices declined seriously during November, while lumber prices showed the most
material increases. Oils, certain of the nonferrous metals, hides, and rubber were among
the other commodities to increase in price.
Coal, pig iron, cotton, and many leading agricultural commodities declined.
During the first three weeks of December,
prices in the semifinished steel industry have
tended to increase, but pig iron has continued
to decline, and the downward movement in
bituminous coal has gained in momentum.
Cotton prices have also steadily declined.
Agricultural prices show varied tendencies—
hogs and cattle declining, wheat and oats advancing.
Retail prices during November also showed
very little change from the September and October levels. The index of food prices compiled
by the Bureau of Labor Statistics registered
152, as compared with 153 in October and an
average of 100 in 1913.
SHIPPING.
Changes in ocean freight rates during December were unimportant as compared with those
which have occurred in the last few months.
In spite of some reductions in a number of
trades, including the Far East, rates were in
general firmer than for some time past. The
charter market displayed little activity, and
while a few vessels were chartered at figures
representing concessions below quotations in
the previous month, there was nothing approaching a general decline during December.
Taking the year as a whole, the shipping industry has been passing through a most difficult period, in which many of the weaker
operators have been forced to go out of business, and in which, as % result of greatly reduced freight rates, smaller available cargoes,
and continued high costs of operation, very few
22
FEDERAL EESERYE BULLETIN,
companies have been able to make a satisfactory showing. This condition has been worldwide, although American companies have felt
in special degree the handicap of a higher scale
of wages than their foreign competitors have
been obliged to pay.
FOREIGN TRADE.
The outstanding fact in connection with the
latest official reports on our foreign trade is
the decline in the value of exports in November
to the lowest level reached since August, 1915.
At the same time the value of imports increased
well above the figures recorded for recent
months, with the result that the excess of
merchandise exports over imports was less than
in any previous month for more than a year.
During November the flow of gold to the United
States, which has been an important factor
in our foreign trade ever since October, 1920,
continued without interruption, swelling the
total net imports of the metal in the first 11
months of 1921 to a figure of about $638,000,000. . In the same months of 1920 net imports of gold amounted to only $67,000,000,
while for the same period of 1919 the movement was in the opposite direction, net exports
of gold totaling $258,000,000.
Stated in terms of value, the export trade
of the United States in November amounted
to $295,000,000, compared with $343,552,418
in October, and $676,528,311 in November,
1920. The large decline from a year ago that
is revealed in these figures is in no small measure to be accounted for by the much reduced
prices at which practically all commodities
are now valued. That there has been some
contraction in the actual volume of shipments
is apparent from a comparison of the quantities
of the principal individual commodities in our
export trade now as against a year ago, and
also from the reductions in the weight of waterborne exports as shown by data compiled by
the Department of Commerce from the records
of the United States Shipping Board. More
exact than comparisons with the value statistics
of a year ago are comparisons between the
values reported for recent months, in which
changes in the price level are not very serious
and where the values indicate more fairly the
real tendencies in our foreign trade, Such
comparisons with recent months disclose the
fact that since prices reached a more stable
level some months ago, our foreign trade has
witnessed nothing approaching a serious decline. Viewed in this w^ay, the foreign trade
situation is by no means so discouraging.
JANUARY, 1922.
FEDERAL RESERVE BANKING DURING 1921.
Loan liquidation, practically continuous during the year under review, large accessions to
gold reserves of gold of foreign origin, and
reduction by over 25 per cent in the volume of
Federal Reserve note circulation, are the
outstanding features of development in the
Federal Reserve banking field during the
calendar year 1921.
Changes in the condition of the Federal
Reserve Banks reflect mainly the industrial
depression and price recession during the
first part of the year and only to a small
extent changes in the credit policy of the
Board. The year saw a considerable reduction of Federal Reserve Bank discount rates,
the abolition of graduated or progressive discount rates, which were maintained at the
beginning of the year by three reserve banks,
and the final elimination of differential rates
on paper secured by Government obligations.
Furthermore, the volume of outstanding Government securities was diminishing and easier
conditions in the money market resulted in
increasing proportions of the successive issues
of Treasury certificates and notes being
absorbed by the investing public; As a
consequence, the total amount of Government
paper held shows a decrease from $1,141,000,000 to $487,200,000, while the proportion
of Government paper to total discounted
paper held by the Federal Reserve Banks on
December 28 was 41 per cent, compared with
almost 43 per cent on the first Friday of the
year. Of the total of Government paper held
on the last Wednesday of the year,
$345,400,000, or 70.9 percent, was secured
by Liberty and other United States bonds,
compared with $647,800,000, or 58.7 per cent
of the total held at the close of the first report
week in the year; $66,700,000, or 13.7 per cent,
by Victory notes, compared with $311,200,000,
or 28.2 per cent on January 7, and $49,100,000,
or 10.1 per cent, by Treasury certificates, compared with $145,500,000, or 13.1 per cent, the
reserve banks in addition holding about the
close of the year $26,000,000 of bills secured
by United States Treasury notes.
Federal Reserve Bank holdings of other discounted bills, which about the opening of the
year totaled $1,578,100,000, show a reduction
to $692,600,000 as the result of gradual liquidation during the year.
Holdings of bills purchased in open market
show a continuous decline from $234,800,000
on January 7 to $19,400,000 on the last
Wednesday in July. This decline reflects the
JANUARY, 1922.
FEDERAL RESERVE BULLETIN.
redaction in the supply of bankers' acceptances
based on foreign trade transactions, and the
larger demand for this class of paper by the
commercial and savings banks, as well as
corporate and individual investors, caused by
the greater abundance of short-time investment funds. Since early August the Federal
Reserve Bank holdings of these bills have shown
some increase, while during the last month
of the year there has taken place a rapid
accumulation of this paper in the portfolios
of the Federal Reserve Banks, due to the relatively high call money rates in the New York
market, and the low rates on this class of paper
prevailing in the open market. The decrease
in Federal Reserve Bank holdings of purchased
bills from $234,800,000 on January 7 to
$114,200,000 on December 28 corresponds more
or less to the reduction in the volume of outstanding bank acceptances based upon foreign
trade transactions.
Interbank accommodation during the year
1921 was on a much smaller scale than during
the preceding year when the credit strain was
at its maximum. In 1920 the peak of interbank accommodation, reached in October, was
$267,400,000, while in 1921 the peak of
SI00,800,000 was reached in January. Since
then there has been gradual liquidation of
interbank borrowings, and shortly before the
close of the year all the Federal Reserve Banks
were on a self-supporting basis, though differing greatly in their reserve position. The
banks extending accommodation during the
greater part of the year were those of Boston,
New York, and Cleveland, while the banks
accommodated during the greater part of the
year were those of Richmond, Atlanta, Minneapolis, and Dallas.
Only nominal changes are shown in the
Federal Reserve Bank holdings of United
States bonds and notes up to June 1. Substantial increases under this head shown since
are due, first, to purchases of Liberty bonds
heretofore pledged as collateral for loans to
member banks, also to purchases by the reserve banks of Victory and Treasury notes.
Pittman certificates held on deposit with the
Treasury to secure Federal Reserve Bank
note circulation show a steady decrease since
March, in connection with the retirement of
Federal Reserve bank notes and their replacement by silver certificates. On December 28
the amount held was $119,500,000, a decrease
of §139,900,000 since the first Friday ,in the
year. Fluctuations in the holdings of other
Treasury certificates during the year are due
in part "to the issuance by the Government of
temporary certificates pending collection of
tax checks and of funds from depositary
23
institutions, also to purchases of certificates
under repurchase agreements, largely by the
New York Federal Reserve Bank.
Total earning assets, which stood at $3,130,000,000 on the first Friday of the year, declined
below $2,000,000,000 about the middle of July
and on December 28 totaled $1,535,900,000,
or less than one-half the amount shown at the
beginning of the year. Total deposits of the
reserve banks, reflecting largely changes in the
members7 reserve account, fluctuated between
a maximum of $1,929,200,000 on June 15, the
date of the second tax installment, and a
minimum of $1,662,500,000 on August 10.
There was a gradual decline in deposits during
the first half of the year totaling about $113,000,000. During the summer months deposits
remained fairly constant, in spite of the continued liquidation of member bank loans,
while in the fall a slight increase took place,
the December 28 total of $1,764,500,000 being
about $82,000,000 below that shown in the
first weekly statement of the year.
Federal Reserve note circulation shows an
almost continuous decline, though much more
pronounced during the first part of the year.
Interruptions in the downward course shown
in the July 6 and. September 7 statements, also
in that for December 21, were altogether of a
temporary character, mainly to meet the holiday demand for currency. On December 28 the
amount in circulation totaled $2,443,500,000, a
decline of $961,400,000 from the peak amount
recorded on December 23, 1920, and $826,500,000 below the amount shoAyn in the first weekly
statement in 1921. Net liabilities of the Federal Reserve Banks on Federal Reserve bank
notes in circulation declined from $213,600,000
on January 7 to $84,500,000 about the end of
the year, this decline closely corresponding to
the decline in Pittman certificates used as cover
for these notes.
Gold reserves show a steady growth during
the year, from $2,059,300,000 to $2,869,600,000.
This growth represents almost entirely gold imported from abroad, largely from the United
Kingdom, France, Sweden,'Canada, and British India. Other reserve cash composed of
United States notes, silver, and silver certificates declined during the same period from
$189,800,000 to $122,600,000.
During the year the paid-in capital of
the Federal Reserve Banks increased from
$99,800,000 to $103,200,000, or by $3,400,000,
as compared with an increase of $12,400,000
for the preceding year.
At the beginning of the year the reserve ratio
stood at 45.4 per cent. Owing mainly to the
constant growth of cash reserves -and the reduction of note circulation, the ratio has shown
to
MOVEMENT Or EARNING ASSETS
OF ALL FEDERAL RESERVE BANKSt DURIN61920 AND t32L
I
Curve 1:3zper$ecurecL by U.S. Government Obligations
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1 JAN.
FEB.
MAR.
APR.
1 MAY 1 JUNE \JULY
AU6.
SEPT.
OCT.
HOY.
DEC
I
8
0
.
1
1
i
i •
;
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|
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:
Z i 162330 6 £ 2»127 512 1925 2 9 1623 30 7 H-2128 4 If 18 25 2 3 162130 61320'27 3 10 1724 1 8 15'2229 5 12 J9263 101724 Jl 7 M 2 Z84 11 18254 II 1825.1 8 IS2227 4 //18ZS / 8 If 2223 G 13 ZQ273 101724-31 7 If-2128
i
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I
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w
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i i
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56
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!
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0
to
FEDEEAL, RESERVE BULLETIN.
a practically continuous rise throughout the
year, reaching a high level of 73,1 per cent on
December 7. Since then, owing to increased
note and deposit liabilities, the ratio declined
to 71.1 per cent on the last Wednesday of the
year.
On pages 24 and 25 are presented charts
illustrating the movement from week to week
in 1920 and 1921 of the principal asset and
liability items of the Federal Reserve Banks,
also changes in the reserve ratio and changes
in the ratio of Government paper to total discounts and to total bills held by the Federal
Reserve Banks.
INTERDISTRICT ACCOMMODATION.
In 1920 the volume of mutual accommodation between Federal Reserve Banks assumed
unprecedented proportions. In 1921, which
witnessed considerable relaxation of the demand for credit, it has been on a very much
more moderate scale. A table is here presented showing for each Federal Reserve Bank
for 1920 and 1921 end-of-month holdings of
bills discounted for or purchased from other
reserve banks, also outstanding amounts of
bills rediscounted with or sold to other reserve
banks. Net accommodation extended is indicated by a plus sign; net accommodation received by a minus sign. This material is
illustrated by two charts. The first shows for
the entire system the total volume of interreserve bank accommodation at the end of each
month in 1920 and 1921. Accommodation received is shown below the base line and accommodation extended above that line. The bars
are divided into segments of different hachuring,
each distinction representing a particular reserve bank. The second chart shows separate
curves for each reserve bank, solid lines representing 1921 figures and broken lines 1920 figures. A table and chart are also introduced
showing end-of-rnonth reserve ratios for each
reserve bank; actual reserve ratios, based on total
reserves and note and deposit liabilities on a given
date are shown, as well as adjusted ratios, which
would have prevailed had there been no interreserve bank borrowing, or, in other words,
had each reserve bank carried all the accommodation extended to its own member banks
without extending accommodation to or receiving any from other reserve banks.,
Between May and October, 1920, the volume
of interdistrict accommodation increased from
$148,600,000 to $260,400,000. In August,
September, and October of that year all the
banks in the system were participants in interbank accommodation. During the period of
greatest demand for interbank accommodation,
JANUARY, 1922.
in fact from April, 1920, until January, 1921,
the principal banks granting accommodation
were those of Boston, Cleveland, and New
York. The New York bank figured as a
grantor from April to July, but was a recipient
of accommodation beginning with August,
while the Philadelphia bank was receiving accommodation during the first four months of
1920, but was in a position to come to the
assistance of other banks beginning with July.
The three southern banks, Richmond, Atlanta,
and Dallas, owing to the decline in the price of
cotton, as well as the middle western banks of
Chicago, St. Louis, Minneapolis, and Kansas
City, where decreases in the prices of other
agricultural staples were felt, were receiving
accommodation from other reserve banks
throughout the period of greatest stress in 1920.
During the present year interdistrict accommodation rapidly decreased and in March
aggregated only about §16,200,000, the principal recipient of this accommodation being the
Dallas bank and the principal grantor the
Cleveland bank. From March until August
the volume of interdistrict accommodation increased, owing to seasonal demands, the
grantor banks being Boston, New York, and
Cleveland, while, in addition to the Dallas bank,
the Richmond and Minneapolis banks were receiving accommodation and, beginning with
July, also the Atlanta bank. It is noteworthy
that in 1921 the peak of interdistrict accommodation was reached in August, while in 1920
it was not reached until October, and that the
total at the peak was $68,300,000 in 1921, compared with over $260,400,000 the year before.
At the end of November, 1920, the total of
accommodation was still $168,000,000, while at
the end of November, 1921, the total was only
§14,800,000, and at the end of December there
was no interdistrict accommodation shown.
The table of reserve ratios indicates clearly
why interbank accommodation was necessary
in 1920 and what banks were in need of it, as
well as what banks were in a position to extend
accommodation. It will be seen, for instance,
that the adjusted ratio for the Boston bank
was 47.3 per cent at the end of February, 1920,
and rose to 70.2 per cent at the end of October.
This shows wiry the Boston bank was able to
assist the others by rediscounting paper. On
the other hand, the New York bank for the
first three months of the year shows an adjusted
ratio below 40 per cent and received accommodation, while from April to July it was able to
extend accommodation, and beginning with
August it was again rediscounting with or
selling bills to other banks. During 1921 the
adjusted ratio of the New York bank, as the
result of the large influx of gold and the re-
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
duction of note circulation, rose continuously
and rapidly. From 34.2 at the end of January,
it advanced to 84 per cent at the close of
November. The ability of the Cleveland bank
to grant accommodation to other reserve
banks throughout most of the period finds its
expression in a continuous high adjusted
reserve ratio. At the end of October, 1920,
when the peak of the demand for accommodation was reached, this bank, on the basis of
dealings with its own member banks, had a
ratio of 80.2 per cent and was thus in a position
to accommodate other reserve banks to the
extent of $138,800,000 while maintaining a
fairly high reserve ratio. The Richmond
bank had an adjusted reserve of 33.7 per cent
in March, 1920, and received accommodation
continuously every month, except during the
first three months of the past year. At the
end of November its adjusted ratio was 41.1
per cent and its actual ratio 43.7 per cent.
The Atlanta bank did not apply for accommodation until Ma^7, 1920, but received accommodation continuously from that time until
February, 1921, and again since July. The
maximum of accommodation extended to it
was $45,500,000 at the end of September, 1920,
while at the end of November, 1921, the
amount was $7,500,000. The Dallas bank has
been a recipient of accommodation since
April, 1920, but the total at the end of Novem-
ber was $3,000,000, compared with $26,000,000
a year earlier. The Chicago and St. Louis
banks have participated but little and for only
a short time in interdistrict accommodation in
1921, and the Kansas City bank, which at the
end of October, 1920, was receiving accommodation to the extent of $44,900,000, was able
to liquidate this amount, and has not received
or extended accommodation during 1921. The
Minneapolis bank, which at the end of November, 1920, was the recipient of $25,900,000 of
accommodation from other reserve banks,
was not receiving or extending accommodation at the end of November, 1921. The San
Francisco bank has taken but little part in
interdistrict accommodation, showing therefore but little margin between the actual and
adjusted ratio during the entire period under
review.
Throughout the year 1920 the reserve percentage for the system remained fairly steady
at around 44 per cent, although it dropped as
low as 42.4 per cent at the end of April, and
rose as high as 45.4 per cent at the end of
December. During the past year the ratio
advanced from 45.4 per cent at the end of
1920 to 70.2 per cent at the end of December.
Of this advance of about 25 per cent, 17 per
cent was due to reduction in note and deposit
liabilities and 8 per cent to the increase in
reserves.
NET AMOUNT OF ACCOMMODATION RECEIVED FROM OR EXTENDED TO OTHER FEDERAL RESERVE BANKS.
[End-of-month holdings in thousands of dollars. Plus sign indicates net accommodation extended; minus sign, net accommodation received.]
! Now
j York.
Date. -! Boston.
1920.
Jan. 30..
Feb. 27..
Mar. 26..
Apr. 30..
May 28 .
June 25.
July 30..
Aug. 27.
Sept. 24.
Oct. 29..
Nov. 26.
Dec. 30..
- 1,021
-11,923
+20,411
+22,126
+20,306
+17.130
+48,368
+66,911
+60, 655
+84,396
+27,654
+ 16,575
1921.
Jan. 3 1 . . +15,686
Feb. 28.. + 1,082 j
Mar. 31..
Apr. 30.. + ,
May 31.. + 5,500 I
June 30. + 9,405 i
July 30.. + 13,896 j
Aug. 3 1 . . +26,716 i
Sept. 30.. +21,853 !
Oct. 3 1 . . . +17,958 i
Nov. 30.. +10,246 !
Dec. 31...
-75,649
-55,308
-34,906
+92,683
+82,051.
+56,567
+ 6,474
-40,923
-13,404
-61,362
-24,502
- 6,917
-51,827
-22,654
513
+ 16,950
+27,020
+38,025
+37,530
+34, 768
+26,933
+18,328
+ 4,324
Phil aClcvc| dclphia. I. land.
-32,790
- 3 8 , 925
-00,000
'S5
-20,709
+ 10,014
+ 11,812
+35, 812
+37,201
+21, 758
+ 17,109
Richmond.
27,52.1 - 5,000 +15,000 +51,918 I + 1,66$
15,601
+10,187 I +33,410 •
38,301 " — 15," 666"+ 3,351. ; + 7,605 i -11,829
-38,471 -41,385
4.8,275 ; - 2 4 , 850
43,761 l, -25,000 - 8,500 j -18,995 i -50,060
52,078 -24,904 - 7,960 I -24,950 I —26,723
+ 64,756 -23,133 -21,607 : -10,001 j -30,607
+ 121,060 i-25,000 -31,963 I - 8,001 I -32,434
+ 1.15,620 -24,620 -45,533 ! -29,800 ! -36,996
+ 138,750 :-14,275 -36,122 i - 7,050 , -37,305
—12,793
+ 112,106 -10,000 -40,216 ! .
+ 81,573 i-10,000 -33,659 ;.
+
1+
+
'+
+
+
+ 4,554 + 55,062
+ 3,826 + 23,326
+ 15,222
+ 4,000
8,986
6,820
11,422
5,664
242
Kansas
City.
Atlanta. ! Chicago. ;St. Louis.
;
-14,925 •
-15,000 i
-24,849
-25,000 i
-20,000 i
-24,853 '
-14,900 i
- 4,324 I
-17,318
-
- 1,850
- 8,926
-16,881
-14,195
- 7,488
+ 4,000
+10,029
-11,111
—19,132
-23,672
-13,738
-20,347
-21,349
-26,603
- 2 5 , 860
-14,801
1,000 i + 1,000
1,000 ; + 1,000
- 2,000
-12,020
-13,176
-12,530
-14,768
2,080 !
• 3,42S j
"I"
NOTE.—For 1920figuresare for last Friday of each month; for 1921, for last day of each month.
2,775
Dallas.
+ 10,050
+ 1,871
-15,871
- 1 3 , 865
-12,958
-22,902
-22,247
—41,175
-44,895
-28,464
-29,086
+ 14,950 |
+23,500 ,
+ 7,825 !
- 3,000 :
-13,000 I
- 5,000
-26,716 :
-34,540
-37,419
-32,828
-26,600
-27,711
i -1.9,445
— 12,898
-14,700
. - 5,500
.! - 9,405
-21,032
-24,610
-16,394
- 9,427
- 3,000
I
San
j
Trancisco.. Total.
+ 3,408
+ 3,408
+ 7,081
- 7,687
+ 2,371
+
392
+19,092
+15,672
+ 8,209
+
93
+ 6,917
+ 6,917
+16,063
+ 7,318
i
114,460
106,156
163,084
148, 552
126,167
148,704
215,455
250,296
260,440
168,435
122,174
91.365
36,552
16,222
25,942
32,520
47,430
60,412
68,304
60,208
41,950
14,812
28
FEDERAL EESERVE BULLETIN.
JAXUAUY, 1.922.
INTERD1STR1CT ACCOMMODATION
NET AMOUNT OF ACCOMMODATION BETWEEN FEDERAL RESERVE BANKS
END OF MONTH HOLDfiNGS, 1 9 2 0 AND 1921
ABOVE BASE LINE: ACCOMMODATION EXTENDED
BELOW BASE LINE: ACCOMMODATION RECEIVED
I BOSTON
3 NEW YORK
|§gj§ PHILADELPHIA
i l l CLEVELAND
W%& RICHMOND
ATLANTA
1920
pjgifl CHICAGO
XZZft ST. LOUIS
EHS1 MINNEAPOLIS
1921
(ZZ3 KANSAS CITY
3 DALLAS
]SAN FRANCISCO
JANUARY,.
29
FEDERAL RESERVE BULLETIN.
1922.
INTERDISTR1CT ACCOMMODATION
NET AMOUNT OF ACCOMMODATION
RECEIVED FROM OR EXTENDED TO OTHER FEDERAL RESERVE BANKS
END OF MONTH HOLDINGS, 1920 AND 1921
ABOVE BASE LINES: ACCOMMODATION EXTENDED
BELOW BASE LINES: ACCOMMODATION RECEIVED
!92O
MILLIONS
DOLLARS
120
100
80
60
160
140
120
100
80
60
4-0
20
O
20
40
60
80
100
80
60
40
20
0
20
40
60
80
i l\
\
A \\
S
\ s
/
\\
/
i
\ /
/1
V
f
PI
- C L -EVE LAN
CHh\QHL
•
/
/
A
Tl A
A TLA
160
140
120
MTA
I
y
vV
—^N—.
—^sl^
^"
y_\
i
s
1
i
1
r.LC U1S
1
1
NEA ^OL S -
1
\
\
y
s
/
\
I
• «—-
!
!
1
KAr jeAC
1
riTV
4
1
JL
1
c
r
**
1
1
j
J
82711—22—3
MILLIONS
DOLLARS
120
— i 3HS! ADE 1 DW
V ORK
i _
160
140
120
100
80
60
40
20
0
20
40
60
80
- hJFW
A
20
0
20
40
60
80
160
HO
120
100
80
60
40
20
0
20
40
60
80
pi—|
—
Often" A W
OF
—1921
i
;AN FRA M01S CO
\
-•
100
80
60
40
20
0
20
40
60
80
160
t40
120
100
80
60
40
20
0
20
40
60
80
160
140
120
100
80
60
40
20
0
20
40
60
80
30
FEDERAL RESERVE BULLETIN.
JANUART, 1922.
ACTUAL AND ADJUSTED RESERVE RATIOS OF FEDERAL RESERVE BANKS, J1920 21.
[End of month figures.2]
Boston.
| Sys- i
i teiiL. |
:
Now York.
Philadelphia.
Ad-
££,
! Actual. justed. ; Actual. j•: 5 -^:. l |i AI
justed. Actual. justed.
1020.
Cleveland.
!
!
|
!
!
!
i
i
j
i
j
January...
February..
March ..*...
April
May
June
July
August
September.
October
November.
December..
i
44.5 i
42.5
42.7
42.4
42.7
4:5.6
44.2
43. 2
43.0
43.1
44.4
4o.4
42.0
50.5
45.0
53.1
50.1
50.8
50.5
53.1
51,4
49.0
55.0
55. 3
42. 3
47.3
50.4
58.9
55.4
61.1
68.7
69.4
66.2
70.2
01.9
59. 5
40.3
37.6 j
39.1 i
39.9
41.8
39.2
40.4
38. 5
43.7
39.1
40. S
40. 0
35.3 I
34.3 ;
36.9 i
45.7 i
46.9 ;
42.8
40. 8 '
35.9 •
42. 9
35.1
39.2 :
39. 5 !
40.6
40.2
40.8
40. 3
40.2
45. 0
44.8
48.3
48. 5
51.3
49.6
54. 2
30.4 ;
29.0 '
30. 5 j
34.3 i
40.2 I
45.0 I
47.7 !
51.6
58.2
61.2
55.4
5S. 7
4S. 3
44.9
45. 8
50.5
51. 5
51.1
50. 5
48.7
48. 3
51.9
56. 5
59. 1
04.4
62.4
59.6
72.0
68.6
72.4
77.4
7L.4
75.9
79. 5
76.3
78.0
6S. 6
62.7
59.6
73.3
70.1
75.0
81.2
79.0
82. 3
84.8
79.4
78.0
37.9
40.5
55.4
55.0
61.8
71.2
73.5
75.5
81.5
81.9
83.6
34. 2 ••:
58. 8
55.9
52.9
55.2
52.0
57.5
63.5
66.9
70.2
70.0
74.6
71.2
60. 2
57.0
52.9
55. 2
52.0
57. 5
63.5
66.9
70.2
70.0
74. 6
71.2
60. 7
68.9
07.5
68.2
70.8
65.6
66.4
71.4
69.0
70.0
74.8
09.0
;
Atlanta.
Ad1 Ad•
justed. i Actual. justed.
'Actual. ;j u ^t t i . 'Actual.
, s ed .
49.0
50. .1
52.0
54.8
58.1
GO. 8
63.7
06.8
08.8
70.6
72.7
70. 2
January
FebruaVy
March..'
April
May
June
July
August
September
October
N ovember
December
Richmond.
i)5.4
48.6
54. 8
01. 3
61.4
63. L
70. 9
74. 3
78. 6
80.2
79.4
75. i)
44. 0
44.0
42. 0
43. 2
40.2
41.7
41.9
40.0
42. 5
45. 5
43.2
45. 4
41.9 !
44.0 i
33.7 i
29.0 j
25.6 !
27.0
28.6
33. 0
29. 3
38. 2
MS. 0
40.3 i
48.5 •
44.2
4S. 3 :
41.4 !
40.4 I
40.6 ;
40.8 !
40.4 :
•
40.5
40.5 i
40.1 i
40.7 i
56. 0
52.2
50. 0
41.4
36. 2
36. 4
29.3
23. 5
17.0
24.2
21.2
24.8
78. o
74. 1
71.0
69.1
70. 8
05.6
68.7
73.2
72.1
71.6
74.9
09.0
48. 0
48..O
41.9
42.8 i
43.2 i
45.2
42.5
40. .1
44.7
40.0
43. 7
42. 0
48.0
4S.6
41.9
35.0
35.0
31.0
27.6
27.7
29.7
37. 4
41, 1
42.6
42. 2 |
41.8 I
41.o ,
45.3 !
46.8 i
44.4 ,
41.6 i
40.8 i
40.0
40. 3
40. 5
43.3
33. 9
41.8
41.5
45.3
40.8
44.4
40.6
35.6
31.0
32.1
35. 9
43.3
I
Chicago.
!
!
|
!
I
|
I
78.8 I
39.0 i
55.3 !
56.2 i
63.8 |
74.1 ;
76.4
78.1
83.6
83. 3
84.0
78.8
Minneapolis.
St. Louis.
Kansas City.
!
Dallas.
1920.
50.3
44.1
41.3
40.2
39.9
40.0
40.7 ;
43.0 :
39.1 !
40.3 !
40. 0 j
40.4 '
57.3
48.5
42.3
35. 3
37.5
36.7
39.4
42.0
35.3
39.4
40.0
40.4
1921.
January
February
March./.
April
May
June
July
August
September
October
November
December
50.5
52.3
41.7 !
49. 5
56.6 !
53.8 i
60.8 i
70.0
67.8
71.0
74.2
69.9
50.5
52.3
41.7
49.5
56.6
53.8
60.8
70.0
07.8
71.0
74.2
69.9
San Francisco.
Actual. I Adjusted.! Actual, j Adjusted.; Actual. ; Adjusted.; Actual. I Adjusted. Actual, iAdjusted.
Actual, j Adjusted.
January
February
March..".
April
May
June
July
August
September..
October
November...
December...
I
48.9
43.0
39. 3
40.2
40.1
41,9
42.3
41.6
40.2
40.4
41.3
44.5
|
!
j
:
j
;
49.8 I
43.0 i
33.2 |
38.5
13.9
27. 8 j
20.3 I
24. S I
21.0 j
21. G !
34.9 !
50. 2
48.4
48.3
39.4
41.0
41.1
40.4 |
50.9 ',
54.9
52.2 |
5G.2 |
55.8 I
50.6 i
.53. 0 i
5?-6 !
.58.4 |
66.7 I
03.5 I
64.8 !
40.6 i
43.5
44.7
41.8
41.7 |
40.8
38.1
39.4
41.3
39. 7
47.3
58.5
40.0 I
39.1 i
39. 2 |
39.5 i
39.8 |
50.2
45.9|
52. 8 !
40. 5 i
40. 8 ;
41.4 !
40. 5 |
3». 9 !
39.8 !
39.6 !
40. 3 !
41, 8 !
18.0 !
27.7 !
49.6
47.0
4,5.3
41.6
40.7
41. 1
39. 7
40.7
41.3
40. 3
40.2
41.4
49. 6
52. 2
46. 3
32. 9
33.1
33. 9
26.8
28.3
18.4
Jo. 9
24.4
25.2
38.2
43. 5
44.7
40.0
29. 8
28.0
25.6
24, 5
39. 3
36.2
47. 3
58.5
41. 0
48.0
43. 3
43.3
51.2
50.7
53.1
59.9
50. 8
50.4
48. 6
50. 5
41, 0
48.0
43.3
43.3
51.2 |
50.7 !
53.1 I
59.9 !
50.8 |
.50.4 i
4S. 6
50.5
50.2 i
51.4 i
56.1 j
30.7 !
25.8 ;
2J.2 '
29.3 i
22.8 i
22.2 i
18.1
•
62. 6
64. 0
59. 5
38.1
30. 2
37.4
17.9
JO. 8
10. 0
13.5
18.9
17.5
40.3 !
44. 5 i
44.9
42.4 !
42.2 j
52.0 •'
40.8
44.8
40. 3
44.9
44.9
49.3
41. 3
45.6
52.0
40.1
42. 9
52. I
52. 3
49.2
42.5
45.0
46. 8
51. 1
40.0 !
38.8 !
39. 8 i
39.3 ;
40. 8 i
38. 7 !
40.1 j
40.1 I
23.5 i
27.0 |
20.5 !
30.5 I
35.0 !
28.4 j
15. 7 !
9.2
32. 4
30. I
35. 7
43.1
53. 8
51.2
53. 3
55.0
54. 8
58. 8
61. i.
64.0
66. 6
71.6
79. 3
70.5
58. 2
53. 3
53. 3
55. 0
.54.8
58. 8
61.1
64.6
66.6
71.6
79. '<
70.5
i
i
50.9 j
54.9 !
52.2 I
50.2 ;
55.8 •
50.6 !
53. 0 ,
58.6 !
58.4
60.7
63. 5 !
64, 8 "
• 1 1 . 2 '•
41. 5 !
39. 3 i
43. 1
1
Ratio of cash reserves to note and net deposit liabilities, January, 1920-February, 1921; ratio of cash reserves to note and total deposit liabilities
since March, 1921.
1
For 1920 the figures are for last Friday of each month: for 1921, for last day of each month.
JANUARY, 1922.
31
FEDERAL RESERVE BULLETIN.
RESERVE RATIO OF FEDERAL RESERVE BANKS
1920 - 1921
( END OF MONTH FIGURES )
PER
CENT
60
70
60
50
PR
E
CELNT
80
70
60
50
40
30
20
\0
SYSTFf \
40
30
20
10
i
1920
ACTUAL
PER
CEHT
SO
70
60
50
40
30
20
10
0
100
90
80
70
60
50
40
30
20
10
0
1321
,«. ADJUSTED
-NEW 'YQBK
BOSTOh
F
, s'
PER
CENT
80
70
60
50
AD
$2
t
r
^^
v \*
4
r
j
/
\?
*
/
30
£0
0
100
d
CLEVELAND
too
90
80
70
60
50
40
30
20
10
O
100
90
60
70
60
50
40
30
20
10
0•
A
T l t>
so
30
70
60
SO
fit- A
y
i
'% t
.RICHMOND
"V
s,—
\
/
s
30
20
10
0
•*
CHIC A(3<
ST. LOUIS
UN!
PO
V
/
V
i
-^ (
\
[/
i
>
^^
\
/
YAN SA >C TY
[
•
1
*
•R/\
i>AL LAS»
i
K)0
scp4-j 90
80
<y
4
V\
\
/
.—»
\
1920
1
t
t
\
1921
/
I I 41- U 4 I III II I 41 ^
4
192O
1921
192O
100
90
80
70
SO
50
40
30
£0
10
0
1921
70
60
50
40 •
30
20
10
, 0
32
FEDERAL RESERVE BULLETIN.
THE TRUST RECEIPT.
The unsettled economic conditions since 1914
have impaired the various instruments used in
defining the relations among parties to business
transactions. International trade especially
has been affected and considerable misunderstanding now exists among both merchants and
bankers in reference to their rights and obligations under the various instruments employed
in the financing of exports and imports. The
Division of Analysis and Research has obtained the views of banks and commercial
houses on some of the unsettled phases of the
letter of credit and the authority to purchase,
and these conclusions have been presented in
several articles in the FEDERAL RESERVE
BULLETIN.
(See issues of February, April,
June, August, and October, 1921.) The following study continues this general survey by
analyzing the "trust receipt" which to-day is
the subject of considerable controversy arising
out of the business difficulties of the past year.
This study is based on answers of banks to a
questionnaire circulated by the Federal Reserve
Agents of the various districts and on personal interviews, and so the results present the
practices and forms of 135 banks. Among
phases of the trust receipt to be viewed will
be its weakness in practice and law and the
remedies which should be applied to overcome
these defects.
I. USE OF THE TRUST RECEIPT.
The trust receipt, or trust agreement, arises
from an extension of credit by a bank to its
customer. The bank as owner holds certain
property, or documents evidencing title to the
property, serving as collateral for the loan. The
customer may need the property, which usually consists of goods or securities, in order to
liquidate the loan, and although the bank
naturally desires to aid the settlement of its
claim, at the same time it seeks to retain its title
to the property. The bank therefore requires
the borrower to sign a trust agreement which
serves two purposes—(1) a receipt of certain
property by the borrower-debtor, (2) a recognition of the legal title of the banker-creditor to
this property.
The trust receipt is employed only to a
limited extent in financing domestic business.
In this field the document facilitates the handling of stocks and bonds left with the bank as
collateral for a loan. The borrower may wish to
sell or substitute the securities, and so they are
released by the collateral loan department of the
bank on a so-called trust receipt. Banks in large
money centers extend credit to country cor-
JANUARY/192:2.
respondents by rediscounting their commercial
paper, and prior to the maturity of these obligations they are forwarded to the correspondents to be collected for the account of the
lending institutions, which usually release the
bills receivable on a trust receipt. This instrument is also applied to finance the sale of automobiles by a number of banks and discount
companies extending credit to dealers who
pledge the cars as collateral. These dealers are
permitted to place the cars on sale in their
showrooms on signing an agreement recognizing
the legal title of the lending bank. This document may also take the form of a chattel
mortgage or a conditional sale agreement.
The trust receipt is also used in domestic
trade to aid the movement of goods such as
cotton, grain, and naval stores on which banks
have made advances to their customers.
These borrowers have given the bank documents evidencing goods in storage or in transit.
But it is necessary to obtain possession of the
documents either for the purpose of selling the
goods or exchanging the documents for others
in order to move the goods. Thus a banker releases compress tickets or warehouse receipts to
a borrower so that he may withdraw the goods
and place them on cars for transportation to the
seaboard. He thereupon obtains the documents
on signing a trust receipt, which is canceled as
soon as he delivers the railroad bills of lading to
the bank. In the case of an export transaction, the goods are further transferred from
railroad to steamer, and so it is necessary to
exchange inland for ocean bills of lading.
The trust receipt finds extensive application
in foreign trade, where it is used not so much
in the financing of exports as of imports. As
indicated in previous articles, the bank may
finance an import of goods by agreeing, on
behalf of the importer, to accept the drafts
drawn by the foreign exporter. The bank
usually issues a letter of credit, and under
this authorization the exporter draws his draft
on the bank. On accepting the bill, the bank
receives the shipping documents which evidence its title to the goods. If the bank is
satisfied with the credit standing of the importer, it will then surrender these documents
to him on a trust receipt, which usually defines
their disposition. The documents are usually
forwarded by a mail steamer and so generally
should arrive before the goods themselves.
At times the bank >vill give the importer the
shipping documents even before the arrival of
the merchandise in order to expedite their
entry at the customhouse. The importer
may then store the goods in a public warehouse, and in this event he is required immediately to surrender the warehouse receipt.
,, 1922.
FEDERAL RESERVE BULLETIN.
These may later be returned to the importer
so that he can sell the merchandise as he finds
a buyer. At times the importer wishes to
convert the goods into finished products, in
which case the bank will release the warehouse
receipts covering the goods on the proper trust
receipt form.
From the above description it is seen that
the trust receipt is used for the following
purposes: (1) Withdrawal of collateral, such as
securities, receivables, or merchandise, on
which the bank has made advances; (2) the
exchange of documents representing goods in
storage (compress tickets, warehouse receipts),
in transit (railroad and ocean bills of lading);
(3) release of documents covering imports for
the purpose of warehousing, selling, or manufacturing them.
The duration of the trust receipt depends
largely upon the purpose which the instrument
serves. In releasing commercial paper for
collection, a bank usually limits the tenure to
one day, while in handling stocks and bonds
only a'few hours are allowed. In permitting
customers to withdraw cotton and naval stores
from the warehouse on trust receipts, in order
to effect sales, the bank usually insists upon
settlement within the same day. Eastern
banks, which make it a practice to lend on a
variety of commodities, adopt a more liberal
policy toward customers by allowing them
longer time on their trust receipts.
In financing imports the maturity of the
trust receipt is determined more or less by
the usance of the bill which the bank has
accepted. As a general rule, the average duration of the trust receipt is about 75 per cent
of the tenor of the underlying draft, for in
normal times importers are able to liquidate
or anticipate their obligations before the
acceptances actually fall due. In consequence,
banks report that their trust receipts covering
imports have an average maturity of about 60
days. Naturally, in the conversion of raw
materials into manufactured products, a longer
period of time is required, and so for this purpose banks usually allow their customers from
three to four months' time.
Banks issue trust receipts in printed forms,
varying somewhat with the purpose for which
they are used. Trust receipts thus bear the
following headings: (1) Bills receivable, (2)
general collateral, (3) exchange of documents,
(4) release of documents for warehousing, (5)
delivery to known purchaser, (6) delivery to
unknown purchaser, and (7) delivery to manufacturer. In a general way the content of
these separate forms is quite similar, and in
fact some banks use only one form for all
33
purposes. The trust receipt is sometimes
issued in the form of a letter addressed by
the borrower to the bank, but more frequently
it appears as a contract, which varies in length
from one line to several pages. A certain
bank requires its customers to sign a form
reading simply as follows: "Received from the
X Bank in trust, to be returned or satisfactorily
accounted for on demand." This brief expression, stating the true relation between borrower
and bank, really contains the essence of the
trust receipt, and the same general thought is
found in all forms. However, a more detailed
statement is needed to protect the interest of
the banks, and so in most cases they insist
upon a rather elaborate document, which may
contain one or more of the following parts:
(1) Receipt of the goods in trust, (2) description of goods, (3) object of releasing the goods,
(4) recognition of the bank's ownership of the
goods, (5) insurance of goods in favor of the
bank, and (6) general stipulations protecting
the rights of the bank. The various expressions found in trust receipts will be considered
in a subsequent part of this article.
II. LEGAL ASPECTS OF THE TRUST RECEIPT.
The trust receipt has been the subject of judicial review on man}' occasions, but its legal
nature still remains undefined. In general,
Federal courts have upheld the rights of banks
under the trust receipt on the ground that it
was a necessary instrument of commercial usage.
However, the Federal judiciary has not
attempted to place the trust receipt in its correct position as a form of security arrangement.
Various State courts have sought to classify
the instrument, but little agreement can be
found in their decisions. The trust receipt has
been variously described as a secret lien, chattel mortgage, or conditional sale. As a result
of these attempts at legal classification by
State courts, serious limitations have been imposed upon banks in their efforts to maintain
their rights over property released on trust receipts. The courts have generally sustained
the banker in his claims against Kis own customer who has received a loan on property surrendered under a trust receipt. But the banker
has not received the same support in pressing
his claims against third parties, such as an attaching creditor, receiver, or trustee of a customer who has become insolvent or bankrupt.
In order to maintain rights against these parties, it is necessary for the banker to record the
terms of the trust receipt in those States where
courts regard the instruments as a form of
conditional sale. Under these circumstances
34
FEDERAL RESERVE BULLETIN.
.TAXUAJ.tr, 1 9 2 2 ,
banks file in the local record office an affidavit transactions. This view underlies several of
the decisions of the Federal courts and finds
which reads as follows:
particular expression in the opinion rendered
STATE OF
in re Dunlap Carpet Co., 206 Fed., 726 (1913),
County, ss:
, being first duly sworn, on his oath deposes and where the court in referring to the trust receipt
says that he is
of the X Bank, the corporation named comments in part as follows:
and referred to as the bank in the trust receipt, copy of
which is attached; that attached hereto marked ''Exhibit
A" is a true, correct, and exact copy of a certain trust receipt executed by
under date of
19—, in
favor of said X Bank in the sum of
dollars (§•
),
together with interest thereon at the rate of - — per cent
I—%) from the
day of
— 19—; that said claim
is just and unpaid, and that to secure the payment of the
same the within trust receipt has been executed and delivered to said bank in good faith.
Sworn to before me and subscribed in my presence by
the said
=—, this
day of
, A. D. 19—.
Notary Public
III.
PRACTICAL DEFECTS.
In addition to these legal difficulties, banks
have also encountered a number of serious defects in the actual use of the trust receipt.
These practical objections as expressed in the
answers of many banks to the questionnaire
addressed to them by the Division of Analysis
and Research may be summarized as follows:
(1) Lack of control by the bank over goods released for the purpose of warehousing, sale, or
manufacture; (2) refusal of customers to turn
over to the bank the proceeds realized from the
sale of merchandise; (3) loss of identity of
goods, especially if in process of manufacture;
(4) rehypothecation of merchandise; and (5)
general failure of customers to observe the
terms of the trust receipts which they have
signed. Because of these legal and practical
weaknesses in the trust receipt, its value as a
means of protecting the interest of a banker
has been impaired. In fact, a number of banks
have come to regard an advance based on goods
released under a trust receipt as merely an open
loan with a value no greater than single-name
paper. It is the general opinion that the
trust receipt is little more than an ordinary
receipt for certain goods surrendered by the
bank to its customer and that the security underlying the transaction is based largely on
the character of the borrower. On this subject, the answer of one bank may be quoted:
Breaches in the terms and conditions of the trust receipt have usually occurred where it has been improperly employed, and the disrepute into which the
instrument has fallen in the estimation of some people is
probably traceable to the fact that, with the keen competition for business, banks and bankers as a rule have been
prone to surrender documents under the trust receipt
rather too liberally and indiscriminately.
Notwithstanding these present defects in the
trust receipt, banks generally feel that it is an
essential instrument in financing commercial
By this arrangement a banker advances money to an
intended importer and thereby lends the aid of capital, of
credit, and of business facilities and agencies abroad to the
enterprise of foreign commerce. Much of this trade could
hardly be carried on by any other means, and therefore
it is of the first importance that the fundamental factor in
the transaction, the banker's advance of money and credit,
should receive the amplest protection.
IV. METHODS OF STRENGTHENING THE TRUST
RECEIPT.
The disabilities thus described often limit the
use of the trust receipt to the disadvantage of
both banks and customers. The former find
little protection of their rights under the trust
receipt and so, as a general rule, are quite
conservative in granting loans based on this
instrument. This policy adversely affects the
borrowers, especially those whose credit standing is not well known. In the interest of both
parties, the remainder of the article will present
certain protective measures which are employed
by various banks, and specific expressions which
may be included in the trust receipt so as to
strengthen the security underlying the instrument. The financing of foreign trade
primarily will be considered, and so special
methods of safeguarding the rights of banks
releasing goods for warehousing, sale, and
manufacture will first be summarized, and
later several general suggestions will be offered
to cover all uses of the trust receipt as indicated
in part I of the article.
(1) Selection of warehouse.—In general, banks
exercise little control in selecting warehouses for
the storage of goods released to customers on
their trust receipts. A bank usually assures
itself that the warehouse is of good standing
and independent of any connection with the
borrower. In the opinion of attorneys a trust
receipt made for the purpose of storing goods
in a warehouse owned, occupied, or controlled
by the borrower himself, in event of his failure
would prove ineffective if pressed by the bank
as a claim against the general creditors of the
insolvent or bankrupt party. In order that
the merchandise may be stored in warehouses
acceptable to the banks, some of them make
it a practice to designate a specific warehouse in
the trust receipt.
(2) Warehousing of goods in name of lank.-—
As explained in a previous article (FEDERAL
RESERVE BULLETIN, February, 1921, p. 158),
banks frequently warehouse goods in their own
name and arrange for deliveries as the importer
JANUARY, 1922.
FEDERAL 11ESEKVE BULLETIN.
35
is able to make sales. Banks aim to avoid turing the goods. The following suggestions
this situation by issuing import credits only to | aPPty t° the general use of the trust receipt in
cover merchandise for which a buyer has already both domestic as well as in foreign practice.
been found.
(6) Separate entry on books of borrowers-^—
(3) Approval of pur chaser and selling price.— By this means, it is at times possible for a
As indicated above, goods are released on trust bank to trace its title to merchandise which
receipts so that their borrowers ma}^ effect it has released. However, little reliance can
sales. In these transactions the banks seldom be placed on such entries, and so it is quite
attempt to approve of the buyers who are to necessary for the bank to maintain its own
obtain possession of goods on which loans are records in as careful manner as possible.
still based. Some banks ascertain the name
(7) Use of ticlder.—As an internal check on
of the prospective buyer of the imported goods goods released under trust receipt, a bank may
* in the original application for the letter of well use a tickler, in which the receipts arc
credit. In certain trust receipts the borrower filed chronologically and examined daily to
binds himself to sell the merchandise at not discover the name of those customers who fail
less than the market price, while in other forms to surrender proceeds when due.
the actual selling price must be definitely
(8) Specific notation on goods and trust restated. This step is often taken when the ceipt.—In case of the insolvency of a customer,
commitments of certain customers are large or a bank may exercise a prior claim on general
when these borrowers have almost exhausted creditors through marks, numbers, and detailed
their line of credit.
description of the merchandise.
(4) Delivery of proceeds ofsale.—Trust receipts
(9) Periodic examination of goods.—A full
usually stipulate that borrowers must tender to description is also of service to the bank in conthe banks the proceeds derived from the sale ducting an examination.of merchandise located
of merchandise. This requirement at times is in a warehouse or in a borrower's own building.
unobserved by the borrower and unenforced by An auditor or other representative of the
the bank. The former is thus allowed to re- bank should undertake an inspection at
tain these funds until the maturity of the bill various intervals.
accepted by the bank, which then of course
(10) Insurance made payable to bank.—Redemands payment. On the other hand, a gardless of the location of the property, it is
number of banks insist that their customers of course essential to have the insurance made
anticipate the acceptances by making pre- payable to the bank. This may be effected by
payments on each sale of goods released on covering the bank as beneficiary in the policy
trust receipts. In the case of a doubtful or certificate or by attaching a rider which
borrower the bank may follow up his dealings reads: ''Loss, if any, payable to the X Bank as
by obtaining a copy of the bill of sale, and, interest may appear.
In the event of a loss
depending upon its terms, several days of the bank can then arrange a proper adjustgrace are allowed, but if returns are not made ment with its customer (see clause 8 below).
promptly an early settlement is demanded.
(11) Recognition of banFs ownership of prop(See FEDERAL RESERVE BULLETIN, February, erty.—The trust receipt should express beyond
1921, p. 168).
doubt the position of the bank as owner 01 the
(5) Substitution of goods manufactured.—A goods. In the forms used by banks, the borbank is confronted with an embarrassing rower's relation to the bank has been deproblem when it releases raw materials to be scribed as consignee, agent, factor, and bailee
manufactured into finished products. In this (see clause 10 below).
conversion the identity of the bank's, property'
is usually destroyed, and to segregate it would V. EXPRESSIONS USED IX TRUST RECEIPTS.
prove an almost impossible task. Moreover, it
The above methods of safeguarding the
is quite possible that, under law, the consent
of the bank to the transformation of raw ma- interests of banks find expression in the forms
terials released under trust receipt into a manu- used by some of these institutions. While
factured product may be considered as a waiver many of the forms employed by banks are
and release of title by the bank to the raw quite similar in content, the more important
material. In order to maintain the security protective clauses are presented below:
underlying the loan, a bank often insists that
(1) Selection of warehouse.—''For the sole purpose of
the borrower make substitutions equal in obtaining said property and storing the same in a warevalue to the goods withdrawn for manufacture. house of the X Company or other warehouse acceptable to
storage receipt for the
Consideration has thus far been given to the X Bank and to hand theto the said X Bank." same
properly indorsed forthwith
methods of protection in the releasing of docu(2) Warehousing of goods in name of bank.—" Storing the
ments for warehousing, selling, or manufac- same in the name, as the property of the said bank and
36
FEDERAL. RESERVE BULLETIN.
JANUARY, 1922.
subject only to their order, we hereby agreeing to so store payment of any indebtedness on the part of the underthe said property and to hand the storage receipt for the signed to the said bank, all obligations, acceptances, insame to the said bank, when obtained."
debtedness, and liabilities whatsoever shall thereupon
(3) Approval of purchaser and price.—" In trust to deliver without notice mature and become due and payable."
the same to
— who have purchased the same for
(13) Right of cancellation.—"The bank may at any time
payable in
and to obtain from the purchaser the cancel this trust and take possession of said goods or the
proceeds of the sale of the same."
manufactured product or of the proceeds of such of the same
(4) Delivery of proceeds of sale.—(a) "In consideration as may have then been sold, wherever the said goods or
of the delivery of said goods to us in trust as above, we proceeds may then be found, and in the event of any susagree to deliver them immediately to the said purchasers, pension, proceedings in bankruptcy, or failure, or assignand to collect the proceeds of sale, and immediately ment for benefit of creditors, on our part, or of the nondeliver such proceeds to the X Bank, in whatever form fulfillment of any obligation, or of the nonpayment at
collected, to be applied by them against the acceptances maturity of any acceptance made by us under said credit,
on our account
of
on our account, under the terms of Letter of or under any other credit issued by
Credit No.
, issued for our account, and to the pay- or of any indebtedness on our part to either of them, all
ment of any other indebtedness of ours to
."
obligations, acceptances, indebtedness, and liabilities
(6) " It is understood, however, that if such proceeds be whatsoever shall thereupon (with or without notice) at their
in notes or bills receivable, they shall not be so applied option mature and become due and payable."
until paid, but with liberty meanwhile to
to sell or
discount, and so apply net proceeds.
VI. BAILEE RECEIPT.
(5) Substitution of goods manufactured.—"It is further
understood and agreed that the undersigned may at any
As previously mentioned, the trust receipt
time, with the approval of said bank, substitute other
goods of equal value in place of those originally covered has often failed the banks in pressing their
by this agreement, and the rights of the said bank in claims against third parties who have purchased
regard to the goods so substituted shall be the same in the goods from the borrower. In thus releasevery respect as if such substitution had not been made." ing goods for the purpose of sale, banks at
(6) Segregation of bank's property.—"We agree to keep
said goods, the manufactured>product, and the proceeds times require customers of doubtful standing
thereof, whether in the form of moneys or accounts and to sign a form known as a bailee receipt. This
bills receivable, separate and capable of identification as document is regarded as more stringent than
the property of the X Bank."
the trust receipt and is supposed to offer the
(7) Entries on books of borrower.—(a) "The undersigned,
in further assurance, further agree that in so far as ^the bank more adequate protection. The opinion
undersigned may make entries or records of transactions has also been expressed that any trust receipt
herein set forth or provided for in the books of account of is a priori a bailee receipt, and so no legal disthe undersigned, such entries shall definitely indicate that tinction exists between these two instruments.
said goods and documents and said proceeds thereof are the
A typical bailee receipt reads as follows:
property of said bank."
(b) "If the merchandise is sold on open account the
BAILEE RECEIPT.
undersigned agrees to mark accounts on its books as being
'assigned to X Bank,' and fnrther agrees to turn over the
Received from the X Bank, solely for the purpose of selloriginal checks to the bank when and as received to be
ing the same for account of said bank, the following propapplied on the loan."
(8) Insurance payable to bank.—"The said goods and the erty, marked and numbered as follows:
manufactured product thereof while in our hands shall be
hereby undertake to sell said property for acfully insured against loss by fire, and the insurance money and —
received for any loss shall be subject to the trust herein count of said bank and collect the proceeds thereof and
deliver the same immediately upon receipt to the said
contained in the same manner as the goods themselves."
(9) Prohibition on rehypoihecation of goods.—"We prom- bank in whatever form collected, to be applied to the
, hereby acknowledging
to be bailee
ise that neither the merchandise nor the proceeds thereof, credit of
do hereby ascovered by this trust receipt, shall be pledged or hypothe- of said property for the said bank, and
cated in any manner, and that it shall be kept free from all sign and transfer to the said bank the accounts of the purchasers of said property to the extent of the purchase price
liens except that covered by this present trust receipt."
(10) Recognition of ownership.—"We recognize and thereof, of which fact notice shall be given at the time of
to said purchaser or
admit the ownership of the bank and its right and the right delivery of said property by
of its agents in and to the immediate possession of the said purchasers, and all invoices therefor shall have printed,
property and of the relative documents therefor, and until written, or stamped thereon the following: "Transferred
such delivery to the bank of the above required docu- and payable to the X Bank."
If said property is not sold and the proceeds so deposited
ments."
undertake to return
(11) Right of immediate repossession.—•" All the obliga- within 10 days from this date,
tions and other terms of the said agreement are made a part all documents at once upon demand or to pay the value
hereof and reaffirmed, and the said bank shall be and re- of the goods at the bank's option.
The said goods while in our hands shall be fully insured
main owner of the said merchandise and the proceeds
thereof, with the full rights pertaining to such ownership, against loss by fire for the benefit of the bank.
The terms of this receipt and agreement shall continue
including the right at any time to take possession of the
said merchandise and proceeds wherever found, and to and apply to the merchandise above referred to, whether
or not control of the same or any part thereto be at any time
collect the proceeds of sale."
(12) Definition of expiration date.—"In the event of any restored to the X Bank and subsequently delivered to us.
insolvency, suspension, or failure or assignment for the
benefit of creditors, on the part of the undersigned, or of
VII. CONCLUSION.
the nonfulfillment of any obligations, or of the nonpayment
at maturity, or upon previous demand, of any acceptance
The trust receipt is undoubtedly an instrumade under said credit, or any other credit issued by the
said bank on account of the undersigned, or of the non- ment most essential to the financing of domestic
JANUARY, 1922.
FEDERAL, RESERVE BULLETIN.
as well as foreign transactions. However, the
continued employment of this instrument is
impeded by disabilities in law and abuses in
practice. The latter can be overcome to a
large extent by proper methods as suggested
above. The efforts of the individual banks can
be supplemented by cooperation through associations, such as the clearing houses. The
members of the New Orleans Clearing House
have adopted a uniform set of trust receipts
covering securities, merchandise, and general use.
These instruments are rendered more effective
by a State law which reads as follows:
[Act No. 9 of 1914, Laws of Louisiana.]
AN ACT Making it a felony to withdraw collateral pledged to a bank on
a trust, or other form of receipt, and when so withdrawn to use, sell,
repledge or otherwise dispose of same for any other purpose than that
of paying the indebtedness; or to fail or refuse to return collateral so
withdrawn on a trust, or other form of receipt, on demand, or in lieu
thereof to make to the pledgee a cash payment equivalent to the full
value of said collateral; or should said collateral exceed in value the
indebtedness it secures, to fail or refuse to make a cash payment to the
pledgee equal to the full amount of said indebtedness; making the
proof of certain facts prima facie evidence of criminal intent, but giving
the State the right to prove intent in addition thereto by any competent evidence; dispensing the State from the necessity of proving
that a person when acting in a representative capacity so withdrawing
said collateral and using same unlawfully, derived any personal benefit
or profit from said transaction; providing penalties for the violation
thereof and repealing all laws or parts of laws contrary to or inconsistent herewith; provided, however, that nothing in this act shall be
taken or intended to affect any prosecution which was ponding in
any court at the date of the passage of this act.
Section 1. Be it enacted by the General Assembly of
the State of Louisiana, That any person being an officer,
member, agent, or employee of any person, partnership,
or corporation that is a customer of any bank or banking
institution, savings bank, or trust company, organized
under the laws of this State, of the United States, or of
any foreign country, or of a private banker, or of a person,
firm, or corporation that loans money on collateral security,
doing business in.this State, who is allowed to withdraw
any collateral pledged by him, personally or in his representative capacity, on a trust or other form of receipt and,
first, who uses, sells, repledges or otherwise disposes of said
collateral so withdrawn, for any other purpose than that
of paying the indebtedness for the security of which the
said collateral was pledged; or, second, who fails or refuses
to return said collateral on demand, or who fails or refuses
in lieu of the return of said collateral to make to the pledgee
a cash payment equivalent to the full value of said collateral so withdrawn, or should said collateral exceed in
value the indebtedness it secures, who fails or refuses to
make a cash payment to said pledgee equal to the full
amount of said indebtedness, shall be guilty of a felony.
Section 2. Be it further enacted, etc., That proof of any
of the acts set forth in section one of this act shall be considered prima facie evidence of criminal intent; provided,
however, that the State shall have the right to proceed
further, if it so elects, and prove such criminal intent by
any competent evidence in its possession.
37
Section 3. Be it further enacted, etc., That in all cases
where the person doing the things denounced by this act,
was an officer, member, agent, or employee of any person,
partnership, or corporation, that was the customer of the
bank, or person, firm, or corporation loaning money on collateral security, it shall not be necessary, to complete the
proof of crime charged, for the State to prove that such
person derived any personal benefit, advantage, or profit
from such*transaction; provided, however, the State shall
always have the right to make such proof by any competent evidence it may have in its possession.
Section 4. Be it further enacted, etc., That any person
violating any of the provisions of this law shall be deemed..
guilty of felony, and, on conviction, shall be imprisoned
with or without hard labor for not more than ten years, in
the discretion of the court.
Section 5. Be it further enacted, etc., That all laws or
parts of laws contrary to or inconsistent herewith are
hereby repealed; provided, however, that nothing herein
shall be taken or intended to affect any prosecution which
was pending in any court at the date of the passage of this
act under the provisions of Act 120 of 1910.
The general laws of Maryland (article 27, section 119) contains the following statute, shorter
in form than the Louisiana act but quite
similar in content:
If any person or persons shall on his or their own behalf,
or shall for or on behalf of any other person or persons, or
shall for or on behalf of any firm, copartnership, or corporation, receive, accept, or take in trust from, any person, persons, firm, copartnership, or corporation any warehouse
receipt or elevator receipt or bill of lading or any document
giving or purporting to give title to or the right to possession of any goods, wares, merchandise, or other personal
property of any kind, under or subject to any written contract or agreement expressing the terms and* conditions of
such trust; and if such person or persons so receiving any
warehouse receipt or elevator receipt, bill of lading, or any
document giving or purporting to give title or the right to
possession of any goods, wares, or merchandise or other
personal property of any kind shall, in violation of good
faith, fail, neglect, or refuse to perform or fulfill the terms
and conditions of such trust as expressed in such written
contract or agreement, then, and in every such case, such
person or persons so failing, neglecting, or refusing to perform or fulfill the terms and conditions of such trust shall,
on being convicted thereof, be imprisoned in the penitentiary for a term of not more than ten years nor less than one
year, or be fined not more than five thousand dollars nor
less than five hundred dollars, or both, in the discretion of
the court.
In some sections banks have guarded themselves against loss under trust receipts by carrying insurance policies covering such contingencies. Opinion is divided as to whether such
risks belong in the field of insurance or rather
in that of banking and credit.
38
FEDERAL. RESERVE BULLETIN.
JANUARY, 1922.
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
ENGLAND.1
TERMS OF THE REPARATIONS.
In the course of the past month the point
of view of certain British business interests as
regards reparations payments has been formulated in the report on this subject by the
Federation of British Industries. This report,
although making no definite recommendations
regarding the revision of the London agreement
on reparations, makes it clear that the present
methods of payment are unsatisfactory and
suggests three different lines along which the
terms might be revised, namely, (1) by accepting payments in kind, (2) by letting Germany
undertake capital works for the Allies, and (3)
by the Allies taking mortgages or first preference shares on German industries. It is surprising to find the first suggestion figuring as a
possible remedy in a report emanating from
British business interests, since it has been
widely assumed that England is strongly opposed to the method of payment in kind, especially as applied to herself. It is conceivable
that by stipulating the commodities which she
would receive from Germany England might
thereby obtain a certain amount of her share
of reparations, but it seems unlikely that more
than a relatively small portion would be acceptable in this form. As has been pointed
out by the London Economist, the second suggestion of the Federation would seem to be
equally ill adapted to the British situation.
The Government is at present prepared to
gurantee interest and capital on foreign undertakings which will furnish work for British
equipment industries, so it seems unlikely that
it would consent to turn over this type of work
to Germany to provide a method of payment on
reparations. The third suggestion seems rather more promising if German industrial groups
will agree to it. In view, however, of the fact
that partial control of German industries would
thereby pass to foreigners, it is probable that
Germany will only consent to it under duress.
Although this scheme has not been worked out
in detail the general recommendations are as
follows:
"We suggest that arrangements might be
made by which actual claims on industrial and
other enterprises in. Germany might be substituted for the present payments between Gov1
British financial statistics may be found on p. 117.
ernments. For instance, all Grerman industrial enterprises might be required to create a
special class of first preference shares us a first
charge on the business. The holders of real
property might at the same time be required
to create similar first charges up to a fixed proportion of the value of their property. Similar
mortgages or first preference shares should be
created and secured on such undertakings as
the German railways and canals, shipping lines,
etc., and possibly even on the German banks
and large commercial undertakings. These securities should then be handed over by the
German Government to the Allied Governments,
who could dispose of them if they so desired to
individuals."
There is no reason to think that such claims
upon German industries would not find a ready
market in London. They would furnish a
form of investment obviously different from
bonds created under the terms of the reparations agreement as well as from the Ter Meulen
bonds. Given a relatively stable condition in
Germany and a reasonable taxation policy,
they would form a type of investment which
could be readily disposed of.
MONEY AND INVESTMENT MARKETS.
Developments during recent months in the
money and investment markets in England
in a good many respects resemble those in the
United States. There have been large reductions in the rates of interest on all forms of
short-term commercial and Government paper,
while at the same time there has been a slower
reduction in rates for long-time investments.
Government control of rates is considerably
greater in England than here, partly because
Government financing still occupies a prominent position in the money market there and
partly because of the closer control exercised
by the central bank rate upon outside rates.
In the course of the past year the central bank
rate has been reduced from 7 per cent to 5 per
cent, while the rate for three months' treasury
bills has dropped from 6£ per cent to 3f per
cent. Rates for three months bankers' acceptances have tended to follow treasury bill rates,
while rates for trade bills, in which the demand
has been small, have approximated more closely
the Bank of England rate. In the accompanying table the various types of rates are quoted
at approximately the end of each month during
the past two years.
RATES OP INTEREST.
Three ! Three
!
! Three
i Bank of I months' months' '< months'
j England.! treasury bank j trade
bills, i bills.
:
bills.
1920.
End of—
January
February
March
April
May
June
July
August
September
October
November
December
39
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
I Per cent. | Per cent. \ Per cent, j Per cent.
of the year, while, the rate paid on the longterm debt is appreciably on the decline. The
same is not true in the industrial field,
because of the hesitancy oil the part of investors to exchange their funds for anything
except the most nonspeculative types of
securities.
PRICES OF BRITISH AND FOREIGN'GOVERNMENT SECURITIES.
Union of
Argenj war loan,! South
tine,
j 4J
Jp \ Africa, per cent,
I cent, : 4J per 5 18.86-87.
i1925-1945.. cent.
i British •
;
1920-1925.
1921.
End of—
January
February
March
April
.May
June
July
August
September
October
.-..
November
December
End of—
January....
February...
March
April
May
June
July
August
September.
October
November.
December..
As was to be expected with the rapid fall in
bill rates, reflecting industrial depression, there
has been a similar tendency in the long-time
investment market, but the rate of decline has
been slower. This tendency has been well
illustrated by the trend of quotations for domestic Government bonds, and for foreign Government bonds in cases where the exchange
factor has been comparatively unimportant.
Following the period of low prices and high
yields from the spring of 1920 to the beginning
of 1921, there has been a more or less continuous rise in the prices of these bonds accompanied by a decrease in yield.
Where the exchange factor has been unfavorable to the borrowing country, the reverse has been the case, i. e.; the price has
declined when stated in sterling, while the
yield has increased.
The prices of long-term British war and conversion bonds are still below par and their
yield correspondingly high. The 5 per cent
war loan (redeemable 1929-1947) was quoted on
December 10 at 90| and the yield was 5.55 per
cent; the 4 per cent funding loan (redeemable
1960-1990) was quoted at 74, giving a yield of
5.4 per cent; and the 3-£ per cent conversion
loan (redeemable 1961 or after) was quoted at
65-jfj, giving a yield of 5.33 per cent.
Due to the uncertainty of the business situation, industry has not received as much relief
from the reduction in interest rates as the
Government. As indicated above, the cost of
short-term borrowing to the British Government has been about cut in half in the course
1920.
End of—
77*
701
761
92
92
92
90
90
88
88
88
90
89
90
87
90
901
871
881
89"
88*
90"
90
90£
90*
90"
80
1921.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
781
79J
80
81
815
81J
SI*
sn
si
8L
83 J
80
89
90
92
93
93
93
93
95
95
95
91
88J
89
93
93
93
92
934
94
91
96
98
A study of nongovernmental capital issues
during tlie past two years shows that British industries increased their capitalization on
a large scale during 1920, but that during
the current year new issues have been on a
much more modest scale. Funds not going
into British Government securities have been
largely diverted to foreign Government undertakings, the colonies and dominions being especially large borrowers in London during the
past six months.
GEOGRAPHICAL DTSTHIBUTTON OV NEW CAPITAL ISSUES
IN TUB UNITED KINGDOM,1 FIRST 11 MONTHS, 1.920
AND 192.1.
[In thousands of pounds sterling.]
United
Kingdom.
11 months, 1920....'
11 months, 1921... J
326,162
96,700
India l British \ Foreign, i
and
posses- : conn- ! Total.
Ceylon. : sions. I trios.
3,290
19,625 i
31,922 j
55,726 !
11,367
24,391 j
37o,7i7
196,442
1
Excluding British Government loans raised directly for national
purposes. Compilation of London Joint City and Midland Bank (Ltd.).
Thus far no Government guaranteed capital
loans of the type provided for in the export
credits bill recently passed jby Parliament
40
FEDERAL, RESERVE BULLETIN.
have been floated. Under the terms of this
act the Government agrees to guarantee
capital and interest on loans for capital
goods to be manufactured in the United
Kingdom. According to the press, numerous applications have been made for loans,
but none have actually been approved.
CURRENT BUSINESS SITUATION.1
JANUARY, 1922.
still 38 per cent less than that of November,
1920. The most favorable feature of the trade
report was the considerable increase in the importation of raw materials for manufacture.
Unemployment continues to be very widespread. According to the reports of the Ministry of Labor, of the 11,900,000 insured under
the unemployment insurance act 1,865,170 persons were out of work on the first of December.
The percentage of trade union members unemployed was also large, 15.9 per cent at the end
of November, as compared with 15.6 per cent
at the end of October.
ITALY.1
In the course of the past month the foreign
exchange value of sterling has shown greater
strength than at any time since the autumn
of 1919. This is the culmination of increases
which have been taking place since July of
this year and is accounted for by the improvTOTAL VALUE OF FOREIGN TRADE.
ing trade balance of the United Kingdom
Italian foreign trade statistics for the first
and the closer approach of British and American prices to the same level. The following six months of 1921, which have been recently
table summarizes the position of sterling in published by the Italian customs administration, show that imports in that period, valued
New York since last July:
on the basis of 1920 prices, amounted to
AVERAGE CABLE TRANSFER RATES IN NEW YORK FOR 13,454,000,000 lire, or about 542,000,000 lire
less than for the same period in 1920, while exSTERLING, JULY-DECEMBER, 1921.
ports totaled 5,282,000,000 lire, or 703,000,000
July
$3.6321 lire less than during the first half of 1920. In
August
3. 6536
September
3. 7240 January-June, 1921, imports exceeded exports
October
3.8729 by about 8,172,000,000 lire, while the excess
November
3.9702 amounted to 8,011,000,000 lire during the same
December.
4.1561 months in 1920.
Since the figures for both years are based on
The trend of wholesale prices in England
is still toward lower levels, all the leading 1920 prices, the decrease of about 4 per cent in
indexes showing appreciable decreases. De- imports and of nearly 12 per cent in exports
clines are particularly notable in the iron and represents the contraction of the physical volsteel and coal industries. Wool prices at ume of the import and export trades, respecthe most recent auctions were also somewhat tively. On the other hand, the figures afford no
below the November level, and raw cotton basis for a comparison of the value of foreign
values have continued to sag. In fact, ex- trade in the two periods under consideration.
cept in the cases of a few manufactured com- The figure showing the excess of imports over
modities ready for consumption, certain metals exports in the first half of 1920 represents the
and chemicals, prices in most lines, including actual amount of the unfavorable balance of
trade for that period, but the corresponding
foods, seem to be on the decline.
The volume of domestic production is figure for 1921 exceeds the actual unfavorable
slowly increasing, as may be seen from the balance in that period to the extent that the gentable of commodity output on page 86. Coal eral decrease of prices in the first half of the year
is being produced at a relatively high rate affected the values of the various imports and
and there is considerable activity in the spin- exports. It is certain, therefore, that Italy's
ning section of the woolen industry. Buying balance of trade for the first half of 1921 was
of iron and steel has not yet recommenced ex- considerably less unfavorable than for the first
cept sporadically. The hosiery section of the half of 1920. It has been estimated that for
cotton industry is active, but otherwise present the first five months of 1921 the unfavorable
balance was about 2,000,000,000 lire less than
conditions are not good.
Total exports for November were valued at for the same months of 1920.
about the same as those for October. The
IMPORTS.
leading industries to show increases were the
An analysis of the figures for the several
iron and steel and cotton trades.
The value of imports during the month was classes of commodities shows that while imports
higher than had been the case in October, but in nearly all classes decreased very considerably
1
Italian price, trade, andfinancialstatistics maybe found on pp.
H!» British price and trade statistics may be found on pp. 79, 81, 84, 86,
81, 85, 118.
117.
JANUARY,. 1922.
in 1921 as compared with the year before, the
decreases were to a great extent offset by the
growth of imports of grain due to the deficient
1920 crops. The increase for the group of
cereals, flour, pastes, etc., amounted to nearly
57 per cent between the two periods. At the
same time, it should be observed that the total
annual imports of this group in 1920 exceeded
those of 1913 by about 16 per cent.
On the contrary, imports of animals and
animal products showed a decrease of 19.5 per
cent as compared with the first half of 1920.
Imports of fresh and preserved meats in
January-June, 1921, totaled about 195,000
quintals,1 as compared with nearly 300,000
quintals in the same period of 1920, and
1,375,000 quintals in the first half of 1919.
In spite of these decreases, however (which
have resulted from the improvement in domestic live stock, rather than from a restriction of consumption), imports of meat in the
first half of 1921 were about 27 per cent larger
than those for the entire year 1913.
The only other class of commodities, besides
cereals, which shows an increase in imports, is
that including wood and straw. The increase
(about 13 per cent) appears rather insignificant, however, when compared with the expansion which took place in 1919 (81 per cent over
1918) and in 1920 (90 per cent over 1919).
These figures indicate the resumption of trade
with Austria, Czechoslovakia, and Yugoslavia,
which, however, only resulted in bringing imports of this class in 1920 to 40 per cent of the
amount imported in 1913.
On the whole, as far as imports are concerned, the industrial depression has had the
effect of greatly reducing the imports of raw
materials and of semifinished goods for further
manufacture. The decrease has been particularly pronounced as regards wool and silk. Of
all the industries depending upon foreign countries for their supply of raw materials, these
two were the earliest and most severely affected by the crisis. Imports of raw wool in
the first half of 1921 amounted to about 105,000
quintals, as compared with 214,000 quintals in
the same period of 1920, thus showing a decrease of 51 per cent. Even so, they were at a
higher rate than imports in the five prewar
years 1909-1913. Imports of cocoons decreased from 8,700 quintals in January-June,
1920, to 2,200 quintals in the same period of
1921. The latter figure is less than 5 per cent
of the annual imports in 1913. Imports of raw
silk (thrown) decreased from 4,600 quintals to
1,200 quintals, the latter figure being less than
4 per cent of the annual imports in 1913. Im1
100 kilograms, or 220.5 pounds.
41
FEDERAL RESERVE BULLETIN.
ports of raw cotton in the first six months
of 1921 showed a decrease of about 4 per
cent only as compared with 1920 (968,000
quintals, and 1,012,000 quintals, respectively),
the annual imports in 1920 having been 11
per cent below the average for the years 1911
to 1913.
The decrease in the imports of metals was
largest for scrap iron and steel filings, cuttings,
etc. (from 903,000 quintals to 208,000 quintals),
pig iron (from 855,000 quintals to 346,000
quintals), raw iron in pigs (from 114,000
quintals to 11,000 quintals), bar iron and steel
(from 796,000 quintals to 520,000 quintals).
Imports of copper, on the contrary, showed a
considerable increase in the first half of 1921.
Imports of petroleum decreased from 656,000
quintals to 328,000 quintals, or 50 per cent, the
decrease having chiefly affected imports from
the United States, which declined from 606,000
to 186,000 quintals; on the other hand, a considerable amount (117,000 quintals) was imported from Kumania for the first time since
the war. Imports of benzine decreased from
581,000 quintals to 460,000 quintals, and considerable decreases took place in other mineral
oils as well. Imports of chemical and medical
products decreased 48 per cent, and those of
dyes and of tanning materials 42 per cent.
Considerable decreases also took place in commodities falling within the rubber, hides and
leather, and vehicles groups.
Imports of coal from January to June, 1921,
totaled 3,473,000 tons, as compared with
2,796,000 tons in the same period of 1920.
The increase was due to deliveries by Germany
on reparations account, which amounted to
1,090,000 tons as compared with 202,000 tons
in 1920. Otherwise imports of coal were about
250,000 tons less in 1921 than in 1920. This
was largely due to the British coal strike.
Even including the reparations deliveries, the
coal imports in the first half of 1921 did no.t
amount to 32 per cent of the total annual
imports in 1913.
EXPORTS.
As far as exports are concerned, the largest
proportional decrease in the first six months
of 1921, as compared with the same period in
1920, occurred in the group of hemp, flax, jute,
and other vegetable fibers (from 708,000,000
lire to 193,000,000 lire, or nearly 73 per cent).
The decline in the exports of raw hemp, which
set in in the second half of 1920, became more
pronounced in 1921, the exports from January
to June totaling 87,000 quintals, as compared
with 447,000 quintals in the same months in
the preceding year and 463,000 quintals, the
average of annual exports in 1911-1913.
42
FEDEKAL RESERVE BULLETIN.
Exports of silk fabrics, which totaled 1,757,000 kilograms in 1913, amounted to 768,000
kilograms in the first half of 1920 and to
581,000 kilograms, or 24 per cent less, in the
first half of 1921. Exports of raw silk, on the
other hand, after a period of contraction which
began in April, 1920, increased during last
spring, with the result that the total for the
first six months of 1921 slightly exceeded those
for the same period in 1920 (25,700 quintals,
against 24,600 quintals). This recovery was
due entirely to American demand. The latter
is also chiefly responsible for the recent growth
of exports of artificial silk, which increased from
279,000 kilograms in January-June, 1920, to
393,000 kilograms during the same months in
1921 (annual total in 1913, 357,000 kilograms).
Exports of cotton yarn decreased about 18
per cent (from 94,700 quintals to 77,700 quintals) and those of cotton fabrics about 13 per
cent (from 192,000 quintals to 166,800 quintals) . It should be observed in this connection
that the depression in the cotton industries did
not begin to be felt until the spring of 1921.
The decrease in the exports of yarn to France,
Switzerland, and Czechoslovakia, which had
been Italy's principal markets in the preceding
year, was to a certain extent compensated by
the growth of exports to Bulgaria, Rumania,
and Yugoslavia. The latter two countries and
Austria likewise provided the principal markets
for Italian cotton fabrics.
In the wool industry, which had greatly expanded in the preceding years and in particular
in 1919 and in the first half of 1920, the industrial crisis in the summer of 1920 caused a
wholesale liquidation of stocks, which had not
yet ceased in the first six months of 1921.
The 1919-20 expansion in the industry was
largely due to the exchange situation and the
curtailment of imports of English woolens.
As a result of the necessity for disposing of
stocks, exports of woolen fabrics in the first
six months of 1921 amounted to more than
22,000 quintals, as compared with about 600
quintals in the same period of 1920, and about
18,000 quintals in the entire year 1913. Of
the amount exported in 1921, about 85 percent went to Austria, Rumania, Yugoslavia,
Poland, Hungary, and Turkey.
A 65 per cent increase in exports is shown
for the group of hides, exports of the principal
commodities of this group (raw hides, tanned
hides, and shoes) having expanded under conditions which were in some respects analogous
to those in the woolen industry. Exports of
minerals and metals and of vehicles also increased, by 38.5 per cent and 34.5 per cent,
respectively. On the other hand, considerable
decreases occurred in the exports of chemical
JANUARY, 1922.
and medical products (52 per cent) and of
cereal, flour, pastes, etc. (23 per cent).
While the foreign trade figures available are
of a provisional nature, they are sufficient to
give certain indications of a general character
as to the sources from which Italy obtained
her imports and the countries to which she
sent her exports during these periods. Thus
it appears that while the United States remains
the principal source for imports, the relative
importance of imports from France, Great
Britain, and Argentina has tended to decrease,
while that of Germany and of the eastern
European countries has tended to increase.
The growing importance of central and eastern
Europe as markets for Italian exports is even
more clearly demonstrated. At the same time,
exports to the United States seem to have exceeded those to Great Britain, France, or
Switzerland.
GERMANY.
REPARATIONS PAYMENTS.
Throughout the last of November and early
December there was widespread discussion in
Germany as to possible means of meeting the
payments due upon reparations account on
January 15 and February 15, 1922. The January 15 payment calls for 500,000,000 gold
marks, representing one-quarter of the 2,000,000,000 gold marks due annually according to
the London agreement. The payment due
February 15 will probably require about
250,000,000 gold marks, as it represents 26 per
cent of the gold value of German exports during the months of August, September, and
October.
After the decline of the mark in the last
weeks of October and the first week in November, the difficulty of meeting these payments
was materially increased, and it was hoped in
many circles in Germany that payments in cash
might be postponed for a year or so. On November 6 the Reparations Commission went
to Berlin to investigate the situation created
by the new depreciation of the mark. Two
weeks later, as the commissioners were leaving
the city, they were presented by Chancellor
Wirth with a memorandum in regard to the
conditions under which the January and February payments would be made. The memorandum stated that the German Government
did not possess the means of making these
payments, but that it was taking steps to procure a credit which would cover them. It requested the Reparations Commission to support it in this move and called attention to the
fact that the repayment of such a credit would
JANUARY,. 1922.
FEDERAL, RESERVE BULLETIN.
be an extraordinarily difficult matter because
of the other obligations of the State.
The reply of the Reparations Commission to
this memorandum was noted in the December
issue of the BULLETIN. It emphasized the obligation of the German Government to proceed
at once to make arrangements for raising the required credits and indicated the steps which
would be taken by the Allies should the payments not be made. However, the attempts
made by the German Government to raise a loan
in London were unsuccessful, arid a note was
dispatched to the Reparations Commission on
December 15, stating that Germany could pay
at the present time not more than 200,000,000
gold marks of the 750,000,000 gold marks due
in January and February. According to cable
dispatches, the text of the note which was addressed to the Reparations Commission by Dr.
Wirth was as follows:
As I had the honor to explain to the Reparations Commission during its visit to Berlin, the German Government
has made every effort to insure the payment of the two
installments shortly due under the terms of the schedule of
payments of May 5, 1921.
In view of the fact that the success of these efforts depended on a foreign loan, and that in transactions of this
nature the active collaboration of British financiers was
absolutely necessary, the German Government opened
negotiations in England with regard to this loan.
From a competent authority it has received a reply to
the effect that in view of the claims now advanced for the
coming year—that is, the financial obligations of the German Government to the Reparations Commission—such a
loan could not be obtained in England either in the form
of a long-dated loan or in the form of a short-dated bank
credit.
Under these circumstances the Government can not
anticipate the possibility of procuring the sums necessary
for the total payment of the installments of January 3 5 and
February 15, 1922.
Even by exerting every effort, and without considering
the requirements of its own budget, the Government can
not procure for these installments, apart from deliveries in
kind and credit derived from recovery acts, a sum more
than 150,000,000 or 200,000,000 gold marks.
The Government, therefore, is obliged to request the
commission to extend the time limit for payment of a portion of the installments of January 15 and February 15
which it can not pay on these dates.
The Government confines itself to this request, although
it realizes that similar difficulties will arise in connection
with subsequent payments.
The last sentence of this note suggests an
entire revision of the basis of reparations payments, and on that account it has been referred
by the Reparations Commission to the Supreme
Council, which will meet during the first week
in January. Until that time the future status
of the German reparations payments remains
uncertain.
THE PROPOSED CREDIT UNION.
Meanwhile there has been much discussion
in Germany as to the cooperation of private
43
individuals with the Government in the obtaining of foreign credits for reparations payments. The scheme which has received the
most serious consideration is that advanced by
the Reichsverband der deutschen Industrie (the
German Industrial Union), a body of prominent
German manufacturers.
Their plan was first put forward in September of this year, and it resulted, at least in part,
from their objection to a tax plan proposed by
the German Finance Ministry, which is known
as the '"'Seizure of Gold Values." This tax
plan was originated to overcome the difficulties experienced in taxing certain kinds of property because of the changing value of the mark.
It proposes that all corporations shall be required to issue stock to the Government in
an amount bearing a definite relation to their
present capital. This stock would bear a fixed
rate of interest, and might be sold by the Government at home or abroad. Although this
scheme has never been carried very far, it receives the approval of certain political parties
in Germany and it bears a marked resemblance
to the plan for reparations payments suggested
by the Federation of British Industries. It
has been strongly opposed by the German
Industrial Union, which is nevertheless obliged
to recognize the necessity for putting the
Government's affairs on a sound basis, if only
for the purpose of stabilizing the exchange
value of the mark. Early in September, in conferences between,German Government officials,
certain bankers, and members of the Industrial Union, it was proposed that German property owners should raise long-term loans abroad
on the basis of their own credit; that the proceeds of these loans should be placed at the disposal of the Government; and that the money
spent by the borrowers for interest charges and
amortization should be repaid to them by the
State through the cancellation of claims for
taxes. In the latter part of September, at the
Munich meeting of the Industrial Union, the
general idea embodied in these conferences was
approved and a committee was appointed to
carry forward the negotiations. At the same
time it was emphasized that other classes of
German property owners would be expected to
cooperate with the manufacturers in the carrying out of such a credit operation. During the
second week of October this project was debated at a meeting of leading German agriculturists, but it was decided to withhold a decision until the final outcome of the conferences
between the Government and the industrialists became known.
Meanwhile a subcommittee of the Reichswirtschaftsrat (the Federal Economic Council)
was intrusted with the task of drawing up a
44
FEDERAL RESERVE BULLETIN.
bill which would lav the legal foundations for
the proposed " Credit Union" of industry,
trade, and agriculture. The essential provisions of the bill as first drafted by Dr. Hackenburg of the Reichswirtschaftsrat are summarized as follows:
The purpose of the Credit Union will be to place at the
disposal of the German Government the foreign credits
needed for the fulfillment of its obligations. These credits
will be obtained by means of loans. The property of the
members of the union, i. e., their industrial plants, their
farm and timber lands, and buildings used for leasing, are
to serve as a basis of these loans. The Credit UniQn of
German Business shall consist of all persons (including
legal persons) who carry on business, agriculture, or forestry in Germany, or own buildings used for leasing,
who receive in Germany a taxable income above a certain
minimum. The members of the union shall be organized
into groups according to trade and geographical divisions.
The capital value of the loans is to be paid over to the
commission of the Allied Powers designated by the Government. The union then has a claim against the Government for the capital, interest, and costs of the loans. This
claim will fall due with each payment of interest and amortization. The payments thus made, stated in marks, will
be compensated by the cancellation of the Government's
claims for taxes against members of the union. The
union and not the Government will be responsible for the
payment of interest and amortization. The union may,
with the approval of the council, require its members to
turn over to the union any funds in foreign currencies
which they may have at their disposal and which are not
required for their own business. Each member of the
union will receive for his payments a receipt indorsed by
the directorate of his group which can be used in canceling
the tax claims of the state. The members may use these
receipts to cancel any demand made upon them by the
state, but they may only be used for the cancellation of
income and corporation taxes if a surplus remains after
the satisfaction of all the other demands of the state.
Each member of the union is responsible for the interest
and costs of his share of the loan from the time it is raised.
The division of responsibility, will be made among the different groups by the managing committee. The. share of
each group will be proportionate to the total taxable income
of the members in that group. A deviation from this rule
will be allowed by a three-fourths vote of the managing
committee. The Government reserves the right to supervise the Credit Union and it can pass this control to a
Government board. The members of the board of control
are to be invited to every meeting of the managing committee by virtue of their office. The managing committee
is required to give them information.
It should be noted that there is no provision
in this plan for increasing the revenue of the
Government. It simply provides a means by
which future tax payments might be made
immediately available for reparations payments. If large enough long-term loans could
be procured in foreign markets by mortgaging
German property in this fashion, it would undoubtedly help to stabilize exchange and facilitate the recovery of economic equilibrium
throughout Europe.
The bill summarized in the above paragraphs
was debated in a subcommittee and passed on
to the Reparations Committee of the Reichswirtschaftsrat before the German Industrial
Union had come to a decision as to its ability
JANUARY, 1922.
to carry through such a plan. Discussion of
the project continued within the union until
November 5, when a resolution on the subject
was passed and dispatched to the Government.
This resolution authorized a committee appointed for the purpose to continue negotiations with the Government, after consultation
with the banks, in regard to extending the
basis for reparations payments, but the authorization was conditional as regards the following
points: Assurance must be given that the Government and the Reichstag inaugurate inime-'
diately a regime of strict economy in all
branches of the Government, and that business
be freed from all hampering restrictions. In
particular the enterprises operated by the Federal Government or other public agencies must
be handled in such a way as to yield a profit
instead of a deficit.
The wording of this resolution caused a great
deal of adverse comment in Germany, and
within the next few daj^s, in a conference with
the Reichschancellor, a committee from the
Industrial Union was asked to explain exactly
what practical measures would be required as
u
assurances." It transpired that the most
important prerequisites for credit action would
be the transfer of the railroads and the postal
business to private ownership and the freeing
of business from all Government regulation.
It seems unlikely that this will occur as regards
the railways. The German Government is
making every effort to stabilize the finances of
its monopolies, and it intends as soon as possible to do away with deficit in the operation of
the railway and postal systems. This deficit,
which amounted to 15,000,000,000 marks in
1920, has been steadily decreasing in spite of
the declining value of the mark, and a resolution recently passed by the Federal Council
raises all freight and passenger rates to a level
from 2,000 to 3,000 per cent above prewar
charges. At the same time postal, telegraph,
and telephone rates were increased to a point
where they stand 2,000 per cent above prewar
rates. No decision has been reached in regard
to the removal of restrictions upon business
operations. It seems improbable that they
will all be removed at once, because of the difficulties which would be involved in passing
from the present level of internal prices to the
level of world-market prices. The hardship
would be especially great in regard to the removal of rent regulations. Wages are at present adjusted to a scale which provides for very
low living costs. The increase in the cost of
living in Germany has been only about onehalf as great as the increase in the wholesale
prices, largely because of the restriction of
rents, and a sudden change would necessitate
FEDERAL RESERVE BULLETIN.
JANUABY, 1922.
material readjustments in wages. As a matter
of fact, the Industrial* Union seems to have
receded from the position expressed in the conference with the Chancellor on November 10,
and the bill providing the basis for a credit
association is still under consideration by both
the union and the Government.
TAXATION PROPOSALS.
While negotiations as to the industrial credit
have been going forward, the Reichstag has
continued to discuss taxation proposals for
next year. It is estimated that the yield of taxes
in 1922 will be 95,000,000,000 marks, as compared with an estimated yield of 43,000,000,000
marks in 1921. The most important of these
taxes are as follows:
PRINCIPAL GERMAN TAXES—ESTIMATED
1922.
RECEIPTS FOR
Estimated yield,
in marks.
23, 000, 000. 000
24, 000. 000, 000
10,150,000,000
4, 700, 000, 000
4. 000. 000. 000
3; 500, 000, 000
45
The decline in security prices and in the
value of the dollar in terms of marks, which
took place in Germany during December, has
resulted in heavy losses by brokers and banking houses. The Pfaelizische Bank of Ludwigshafen, a provincial bank with about 56
branches in south Germany, and the Allgemeine Bankverein of Dusseldorf are reported
in cable dispatches as in serious difficulties
because of speculation for the decline in foreign
exchange. The inflation of the currency continued throughout December. In the last
week of the month the note circulation stood
at 113,639,000,000 marks and the treasury bills
discounted and held by the bank at 133,392,000,000 marks.
SWEDISH PUBLIC FINANCE.
For Sweden, no less than for the belligerents,
problems of fiscal management and public inIncome tax....'
debtedness became a factor of significance durBusiness turnover tax
Coal tax
ing and after the war. Throughout this period
Customs duties
a large expansion occurred in Swedish public
Corporation tax
expenditures. Although the margin of increase
Tobacco tax
over prewar expenditures in the case of Sweden
by no means compared in magnitude to that
BUSINESS CONDITIONS.1
The fluctuations of mark exchange during observed in warring countries, the tendencies
December have rendered the business situation of growth were parallel.
in Germany extremely complex during the
EXPENDITURES OF THE STATE.
month. From a low quotation of one-third of
a cent on November 27, the value of the mark
Total disbursements of Sweden reached the
in New York rose to 0.61 cent on December peak figure of 1,720,300,000 kronor in 1918.
12. The average quotation for the month was Compared with an expenditure of 261,100,000
0.53 cent, with a low point at 0.41 cent kronor in 1913, this is an increase of about 560
on December 5. This increase in exchange per cent, attributable mainly to the large exvalues immediately affected security prices. traordinary expenditures incidental to war.
On December 22 the bourse index number of Although a neutral, Sweden, like other counthe Frankfurter Zeitung for 25 stocks had tries, faced problems of conserving food and
fallen to 349 from a peak of 510 on November fuel, controlling prices, regulating foreign trade,
10. The fluctuations in German security stimulating agricultural and essential industrial
prices within the last two months are illus- production, purchasing and distributing grain
trated in the following table:
and fodder, and providing national war-risk
To execute
F R A N K F U R T E R Z E I T U N G I N D E X N U M B E R O F S E C U R I T I E S insurance for the merchant marine.
the new work of the Government a number of
PRICES.
[Prices as of Jan. 1,1920=100.]
emergency commissions were created, and
these became the channels for a large part of the
Prices of j Prices of i T , ,
extraordinary State expenditures. Moreover,
25 stocks.. 15 bonds, i x o i a 1 '
large sums were disbursed for military preparedness as a result of the general reorganization of
1921.
323 j
153 !
296 the national defense begun in 1915. Another
Oct. 13
366 ! !
164 I
Oct. 21
334
469
167 ! '
421 item contributing to the enlargement of exOct. 28
185
481 j
434
Nov. 4 .
216 '
510 ,
463 penditures was the increase in pension allowNov. 10...
207 i
462 j
422 ances and salaries of the State personnel in
Nov. 17
238 i
501 i
457
Nov. 24
182 •
'
401 !
3G4 1918. In addition, there was the factor of the
Dec.l
182 '
365
336
Dec. 9
190 ;
361 i
334 general rise in price level.
Dec. 16
182
349 i
Deo. 22
323
Following the relaxation of Government control and the liquidation of the commissions, exi .German price, t r a d e , and financial statistics m a y be found on p p .
penditures of the State declined to 849,800,000
79, 82, 84,85,118.
82711—-22
4
46
FEDERAL, RESERVE BTJLLETIH.
, 1922.
kronor in 1919. According to the budgets of skatt or exceptional defense tax, somewhat on
1920 and 1921, expenses for these years are the lines of the German Wehrbeitrag of 1913,
estimated at 929,400,000 and 1,131,100,000 was levied in 1915, followed by the "Krigskonkronor, respectively. The increase in the latter junkturskatt," a progressively graded excessyear over the two preceding ones is due largely profits tax on incomes derived as a result of
to the expansion in Government activities, par- " conditions brought on by the war." In additicularly the enlargement of three former Gov- tion, the regular income, property, and inherernment bureaus into separate departments, itance taxes were raised, the documentary
namely, labor, commerce, and communica- stamp taxes doubled, and a tonnage tax levied
tions. There has been a large increase in ap- upon the merchant marine. As a result of
propriations for educational purposes, 179,500,- these additions and increases, total tax receipts
000 kronor being provided for this field com- in 1918, the peak year, showed a gain of 950
pared with 30,850,000 in 1913. A larger sum per cent over the amount collected in 1913.
is estimated for interest payments on the The special "krigskonjunktur" taxes accruing
national debt in 1921 than in any of the to the Government in 1917 comprised about
eight preceding years. This is also true of ex- 60 per cent of the total direct tax receipts.
penditures for State enterprises. According to With the expiration of the emergency tax
the budget, 210,300,000 kronor are appro- measure in 1920, the revenue from this source
priated for the governmental post office, tele- in 1921, according to the budget estimate, will
graph, railroads, waterfalls, and domains, a rise be merely of subordinate importance, the chief
of 473 per cent compared with the figure of direct tax items being, as in prewar years, the
36,700,000 in 1913. Expenditures for durable graduated income and property tax and the
public works of a revenue-producing character documentary stamp tax.
amounted to 14 per cent of the total disburseINCOME OF SWEDEN, CALENDAR YEARS 1913-1921.
ments in 1913, to about 10 per cent in 1916[Millions of kronor.]
1918, and will probably average about 18 per
cent of the total for the year 1921.
ReSTATE RECEIPTS.
Cus- ceipts
on
. taxes. and Stale
acexcises. count
(fees).
I Direct! toms
Revenue Inter- Capital
from
Grand
est
State earn- assets Loans. total.
enter- ings. employed.
prises.
In 1913 Sweden derived about 20 per cent
of its total income from direct taxation, 44 per
cent from customs and excises, 13 per cent from 1913
7
61
53
135
306
40
7
1
63
57
126
loans, and about 17 per cent from the revenue 1914
8
300
1
38
6
1915
151
9
71
128
415
1
49
6
of State undertakings. In 1918, the year of 1916
179
140
12
74
526
54
59
7
1917
426
22
348
12
89
11
97
1,006
greatest expenditure, direct taxes and loans 1918
644
482
H
5
12
93
725
1,973
619
• provided the chief sources of revenue in 1919
236
180
14
29
20
208
1,306
356
10
80
14
158
123
186
929
Sweden, as in other countries. Borrowed 1920
1921
33
22
271
307
48
232
217
1,131
funds yielded about 37 per cent of the entire
"
I
receipts and direct taxes 33 per cent. Cus- 1 According to budget.
toms and excises, formerly the most lucrative E X P E N D I T U R E S OF SWEDEN, CALENDAR Y E A R S 1913-1920.
source of revenue, declined absolutely and
[In millions of kronor.]
relatively, amounting to only about onetwentieth of the total income. This reduction
I ExInteresti:Rcpay~i Puerncdsi "
in the case of customs duties was caused not
mcut
t
Other
onna
only by trade disturbances but also by the
dcbu
temporary suspension of tariff duties on grain.
I debt. ! prises
jof State.i
The decline in liquor revenue was largely due
to the Government restrictions on output and
23
6
i 183
37
261
12
sale in the interest of grain conservation. An 1913.
1914.
' 190
25
7
37
12
271
31 j
5
47
i 237
93
413
unprecedented reduction also occurred in the 1915.
36
1916.
306
5
42
434
45
net surplus from productive State enterprises, 1917
44
5
1 339
66
650
196
59
! 828
168
1,720
184
480
which averaged in 1918 only about three-tenths 1918
59
850
5
1919i 595
145
45
75
929
of 1 per cent of the entire receipts and showed 19201....
! 625
38
161
29
76
80
19211
; 707
210
57
an actual falling off of about 90.per cent compared with 1913."
i According to b u d g e t .
After the outbreak of the war the taxation
Revenue from the industrial and public
policy of the Government was changed to a
considerable extent by the imposition of a service enterprises and domains of the State
number of new taxes and a general increase in formed a fairly substantial part of the total
the level of several existing ones. The Varn- income of Sweden in prewar years. During
JANUARY, 1922.
the war its relative as well as absolute value
was greatly reduced. The accompanying table
gives the total net receipts accruing to the
State from the various enterprises during the
years 1913-1920. In estimating the relative
importance of these sources of income, allowance should be made for a certain degree of
exaggeration in the figures, as they represent
the surplus of gross receipts over workingexpenses without deduction for interest on
working capital.
N E T R E C E I P T S F R O M STATE
ENTERPRISES.
fMillions of kronor.]
I
:
Post
office.
Telegraph.
•1.2
6.3
7=9
10.7
12.3
1913........
1914
1915
1916
1917
1918
1919
19201. . .
19211
1
2
3.9
5.0
6.6
9.0
1.8
1.0
4.0
4.5
14.5
8.1
1.0
6.0
3.0
| Share
Water-!
! ..._
. in
Rail- i fails
Do- j profits
way. • and ! mams. I of
; canals.
j Kiks! bank.
21.8
23.4
27.5
21.6
7.3
-60.3
!
!
!
i
j
34.' 0 j
l.o
1.8
2.7
4.6
5. 7
6.9
(>. 3
7.8
6.7 i
10.3
11. 7
16. 5
19.4
43.1
41.0
22.-1
28.1
33.5
8.8
8.8
8.1
6.5
9.7
8.2
9.0
Total.
53.0
57.4
70.6
71.0
89.3
5.3
28.5
79.9
47.7
of the post office, which netted a surplus of over
9,000,000 kronor. In striking contrast to this
high surplus is the sharp decline in receipts
during the following year for the enterprises as
a whole and notably in railroad operations,
which resulted in a deficit of 60,000,000 kronor.
According to the preliminary estimates of 1920
the ratio of the surplus to capital for all the
State activities will closely approximate the
percentage for 1913.
Except for the years 1914 and 1915, the
public accounts of Sweden during the war
period show a considerable margin of income
over and above expenditures. In none of the
years did a deficit occur. Compared with the
annual budget estimate, the accounts show a
surplus, as a general rule, since budget items
are usually estimated at low figures. The surplus derived is carried to a special exchequer
cash reserve and is not treated as available
revenue for the budget of the following year.
The following table presents the income and
disbursements in juxtaposition:
According to budget.
Not estimated; based on actual amount for preceding financial year.
The ratio of net profits of the State enterprises to the average capital value during the
years 1913-1920 is presented in the subjoined
table:
RATIO
OF N E T
P R O F I T S OF STATE E N T E R P R I S E S TO THE
AVERAGE CAPITAL V A L U E , 1913-1920.
Post
1 oilice.
1912
1913..
1914..
1915..
1916..
1917..
1918..
1919..
1920.. . . .
47
FEDERAL RESERVE BULLETIN.
Telegraph.
Rail- I Water- I
roads. | falls. Domains.
Per cent. Per cent. Per cent. \ Per
3.45
8.45
34.32
7.69 j
3.58
35.91
3.72
8.99 I
31.28
4.21
11.67
38.91
3.57
12.37
45. 84
0.99
55.49
12.39;
-7.55
8.30
5.52 i
5.71
0.52 ! —1.21
3.04
-22.73 j
5.33 :
Total.
cent. \ Per cent. Per cent.
4.44
5.11
2.06 I
4.55
5.34
2.36 !
4.63
5.02
2.18 I
5.72
2.87 !
7.08
5.88
4.10 |
8.38
6.48
4.48
18.61
-0.20
3.93
16. 83
1.27
3.52 |
9.10 !
4.38
3.05 j
11.47 I
As indicated by the above figures, the financial operations of State enterprises was unusually successful in 1917 in all lines except State
railways, and particularly profitable in the case
Actual expen- Surplus or deActual income ditures accord- ficit in accounts
according to ing to public
as compared
public accounts.
with budget
accounts.
estimates.
Kronor.
Kronor.
305,910,179
299,980,932
415,357,962
526,032,952
1,005,825,637
1,973,005,127
1,306,180,492
929,358,056
1,131,107,625
1913
1914
1915
1916
1917 .
1918
1919
1920!
1921 1
261,097,151
271,473,054
413,013,386
434,370,195
650,144,985
1,720,309,982
849,756,843
929,358,056
1,131,107,625
Kronor.
+ 26,234,797
+
895,264
- 11,993,776
+ 91,411,284
+261,340,043
+328,745,118
+387,187,062
i According to budget estimates.
STATE
DEBT.
Passing from a consideration of income and
expenditures to that of assets and liabilities, it is
apparent from the accompanying table that the
national debt of Sweden has more than doubled
during the period of the war. The per capita
debt in 1913 amounted to 114.97 kronor, in 1919
to 268 kronor. The changes in the funded and
floating debt are presented in the table below.
PUBLIC DEBT OF SWEDEN.
[Source: Riksgaldskontoret Arsbok, 1920.1
Funded debt.
Absolute
!
Other
amount, State I Loans ac- funded obgovernment j
ligations.
loans.
I
End of—
1913..
1914..
1915..
1916..
1917..
1918..
1919..
1920..
Kronor.
622, 560, 572
695,834, 630
812,608,666
930,216,811
997,998,955
1,086,197,180
1,271,116,263
1,270,440,926
Kronor.
Kronor.
3,271,142
3,165,009
3.052,641
2,934,983
8,525,240
8,278,169
8,016,653
7,751,645
2,390,889
2,390,889
2,390,889
2,390,889
2,390,889
2,390,889
2,390,889
2,390,889
Total
funded debt.
Kronor.
628,222,603
701,390,529
818,052,196 I
935,542,684 !
1,008,915,084 i
1,096,866,238 j
1,281,523,806
1,280,583,461 I
Floating
debt.
Total debt.
Kronor.
Kronor.
20,064,000
43,064,000
36,818,500
57,702,916
140,310,713
559,312,670
285,473,755
215,941,003
648,286,603
744,454,529
854,870,696
993,245,600
1,149,225,798
1,656,178,909
1,566,997,561
1,496,524,464
48
FEDEKAli RESEKVE BULLETIN.
During the crisis of the war, Sweden adhered
to its established principle of raising funded
loans only for productive undertakings. The
extraordinary expenses of the period were defrayed by temporary loans and taxation. This
is true even of military expenditures for the
reorganization of the Army and Navy provided for by the Exceptional Defense Act of
1914. The loans of the National Debt Board
for the revenue-producing enterprises of the
State were placed abroad almost entirely before
the war. Since 1914 Sweden has been obliged,
with only one exception, to confine its borrowing to the home market. The altered relation
between Sweden's internal and external debt
which resulted therefrom is shown in the table
following:
FUNDED DEBT OF SWEDEN.
Government loans.
External debt.
Internal debt.
In millions of
kronor.
End of—
1913
1914...
1915
1916
1917 . .
1918
1919
1920...
In milPer cent. lions of
kronor.
52.4
82.3
216.6
392.9
516.6
620.7
744.0
852.7
8
12
27
42
52
57
59
67
570.2
613.5
596.0
537.3
481.4
465.5
527.1
417.7
Total.
In milPer cent. lions of
kronor.
92
88
73
58
48
43
41
33
622.6
695.8
812.6
930.2
998.0
1,086.2
1,271.1
1,270.4
By amortization and the repurchase of
Swedish Government securities, the external
debt was reduced from 92 per cent of the total
absolute funded debt in 1913 to 33 per cent in
1920. At the same time the total external
debt decreased only 27 per cent absolutely.
Swedish Government bonds of a par value
of 267,600,000 kronor have been repurchased
from abroad since the war, as the figures below
indicate.
VALUE OF IMPORTED SWEDISH GOVERNMENT SECURITIES.
[In millions of kronor.]
Par
value,
! Market
i value.
July 1,1914, to Nov. 30,1915..
Dec. 1,1915 to Dec. 31,1916..
1917
1918
1919
1920
Total..
178.0
NATIONAL
LOANS.
Since the beginning of the war; eight Swedish
Government loans have been issued. The
JANUARY, 1922.
first internal loan was placed in October,
1914, when a bank syndicate purchased
30,000,000 kronor at 99 per cent. This syndicate again took up 35,000,000 kronor in
January, 1915, at a rate of 98.5 per cent.
Encouraged by the success of this first issue,
which had been placed more rapidly and easily
than had been hoped for, a second issue of the
1914 loan was disposed of by the National
Debt Office through the Biksbank, with the
help of the former syndicate in April, 1915.
This loan was oversubscribed. Of the 1916
loan, 60,000,000 kronor were sold in February
and 58,430,000 kronor in September. The
bank syndicate purchased about 94,000,000
kronor of this loan and the National Debt
Board sold the balance. The loan of 1917 was
issued in March to an amount of 60,000,000
kronor, the greater part being taken by the
private syndicate, although the Debt Office
gradually disposed of about 18,000,000 kronor.
During the three years, 1914-1917, the State
loans issued had found a very ready sale on the
home market, and amounted to no less than
350,000,000 kronor. But in February, 1918,
the change in conditions of the money market
brought greater difficulties in the issue of the
last 5 per cent perpetual annuity loan of the
war. A purchase of 42,500,000 kronor was made
by the syndicate at 96 per cent, and buying
continued at even lower rates during 1919 and
1920. The 1918 loan is not yet disposed of.
Owing to the stringency in the money market in
1918, when an additional State loan was needed,
there was little hope of the success of another
issue of the ordinary type. It was therefore
deemed advisable to issue a lottery loan, with the
object of tapping the savings of the noninvesting public. The loan was placed at 100,000,000
kronor in bond denominations of 50 kronor.
The lottery feature provides annual drawings
for a total of 11,584 prizes aggregating 3,000,000 kronor. In 1919 the extraordinary expenses of the Government necessitated still
further borrowing. As it was impossible to
have recourse to the home loan market at the
time, Sweden obtained in the United States its
first foreign loan since 1914. This amounted
to $25,000,000, at an effective interest of 6.36
per cent. No further borrowing was made
until Ma,y, 1921, when a 50,000,000 kronor
loan similar to previous issues was floated and
oversubscribed by a margin of 8,000,000 kronor.
Issued at 95 per cent, it rose several points
above par in the summer and again in October
following the lowering of the discount rate. In
August, 1921, the National Debt Office was
again obliged to negotiate a loan and resorted
for the second time to the lottery type of bond
issue which had proved successful in 1918 in
JANUARY,, 1922.
FEDERAL, RESERVE BULLETIN.
49
attracting hoarded savings into the investment the National Debt Office at the end of Septemmarket. The loans floated hj the Government ber, 1921. This settlement brought the floating
since 1914 are summarized below:
debt down to its lowest point since 1916.
The temporary debt reached its peak figure,
STATE BOND ISSUES.
646,000,000 kronor, in February, 1919, and
has since declined about 88 per cent, standing at 77,000,000 kronor at the end of NovemNominal Effective
rate of
rate of
Par value.
ber, 1921. Approximately three-fourths of the
interest. interest.
floating debt consists at present of short-term
Treasury bills.
al annuities (rentes):
I Kronor.
Percent. Per cent.
1914
1916
1917
1918
Premium loan of 1918 (lottery)
Dollar loan of 1919
Perpetual annuity, 1921
Premium loan of 1921 (lottery)
i
i
':
|
,
...:
!
'
163,100,000
118,430,000
68,600,000
92,730,900
100,000,000
93,250,000
58,000,000
100,000,000
5
5
5
5
5
6
6
6
5.033
5.104
5.040
5.35
5.44
6.36
6.31
FINANCIAL STATUS.
In conclusion, comment should be made on
the favorable financial position of Sweden, as
indicated by the large surplus assets over
liabilities. In 1913 this amounted to about
854,000,000 kronor; in 1919 to 1,550,000,000
FLOATING DEBT.
kronor. The capital invested in productive
The floating debt of Sweden may be said to State enterprises in 1919 amounted to a total of
have originated in 1913, as prior to that time about 1,727,000,000 kronor, which exceeded
temporary borrowing was employed to only a the entire funded and floating debt by a margin
small extent. In 1914 a short-term loan of of 160,000,000 kronor. In 1913, on the other
$5,000,000 was issued in the United States hand, the value of the State enterprises exagainst 2-year Treasury bills. With the ex- ceeded the public debt by 363,000,000 kronor,
ception of this, all temporary funds up to the i. e., the public debt amounted to only about
middle of 1918 were obtained through the two-thirds of the value of the State enhelp of the Riksbank, partly against book terprises. In 1913 the total interest paycredits, partly against Treasury bills, and ment on the State debt amounted to about
notes placed with the banks. In 1918, when 23,000,000 kronor, as against a net surplus
the need of working capital for the emergency on State undertakings of approximately
commissions became acute, the National Debt 53,000,000 kronor. Corresponding figures for
Office obtained a credit of 550,000,000 kronor 1920 show net receipts from State enterprises
from a group of 23 private banks. This was in round figures of 80,000,000 kronor, as against
done to avert still further inflation by direct art. interest payment of 62,000,000 kronor.
borrowing from the Riksbank. A crown credit
ASSETS AND LIABILITIES OP S W E D E N .
of 100,000,000 kronor was obtained in 1918 by a
(Source: Rikgaldskontorosts Arsbok, 1920.)
similar agreement for the purpose of issuing
credits abroad under the administration of
1919
1913
1918
the Swedish Crown Credit Company, This
was repaid in December, 1919. Loans were
Kronor.
Kronor.
also obtained from the funds of certain of the Exchequer cash reserve... Kronor.
563,204,844
279,362,993
91,089,247
National Debt Board
Government organizations.
319,494,383
590,537,008
40,469,357
funds
Through the winding up of the affairs of State enterprises, total 1,011,052,175 1,363,265,295 1,726,598,521
18,856,201
16,959,602
10,803,502
Post office
the emergency commissions a large part of
166,715,218
138,119,619
84,174,119
Telegraph
922,538,596
816,585,105
629,244,344
Railroads
the temporary debt has been repaid. Repay158,507,582
188,885,173
90,560,158
Waterfalls and canals.
233,093,357
429,573,333
196,270,022
Domains
ment of loans obtained from the 550,000,000
129,663,427
129,663,427
100,000,000
State shares
,
kronor bank credit was made by all the Govern- Loan funds
191,006,733
192,690,388
119,912,097
46,914,143
46,870,743
Other funds
ment war organizations except the Fuel Com- Other book assets:
Assets of the Riksmission and the Industries Commission. Their
108,327,120
90,859,792 i 99,357,307
bank
,
operations resulted in a loss of about 123,000,29,678,380
18,791,211 | 29,220,529
Other funds
,
000 kronor. About 70,000,000 kronor of this
1,502,173,909 j 2,729,284,035 3,116,571,206
Total assets
deficit was covered by an appropriation of the Total liabilities, State
618,286,604 j 1,656,178,909 1,566,997,562
Riksdag from State receipts other than loans. debt
Surplus of assets
The remainder of the outstanding bank credit,
853,887,305 i 1,073,105,126 1,549,573,644
over liabilities
namely, 53,000,000 kronor, was liquidated by
50
FEDERAL EESEKVE BULLETIN.
Election of Directors.
The following directors of Federal Reserve
Banks have been elected for the three-year
term beginning January 1, 1922:
District No. 1—Boston:
Class A—Edward S. Kennard, Rumford, Me.
Class B—Charles G. Washburn, Worcester, Mass.
Class C—Allen Ilollis, Concord, N. H.
District No. 2—New York:
Class A—Charles Smith. Oneonta, N. Y.
Class B—Frank L. Stevens. North Iloosick, N. Y.
Class C—C. M. Woolley, New York. N. Y.
District No. 3—Philadelphia:
Class A—Francis Douglas, Wilkes-Barre, Pa.
Class B—Charles K. Haddon, Camden, N. J.
Class C—Charles C. Harrison. Philadelphia, Pa.
District No. 4—Cleveland:
Class A—0. N. Sams, Hillsboro, Ohio.
Class B—John Stambaugh, Youngstown. Ohio.
Class C—W. W. Knight, Toledo, Ohio. '
District No. 5—Richmond:
Class A—Charles E. Rieman, Baltimore, Md.
Class B—Edmund Strudwick, Richmond, Va.
Class C—F. A. Delano, Washington, D. C.
District No. 6—Atlanta:
Class A—John K. Ottley. Atlanta, Ga.
Class B—J. A. McCrary, Decatur, Ga.
Class C—Lindsey Hopkins, Atlanta, Ga.
District No. 7—Chicago:
Class A—George M. Reynolds, Chicago, 111.
Class B—A. H. Vogel, Milwaukee, Wis.
Class C—William A. Heath, Chicago, 111.
District No. 8—St. Louis:
Class A—T. C. Utterback, Paducah, Ky.
Class B—Rolla Wells, St. Louis, Mo.
Class C—William McC. Martin, St. Louis, Mo.
District No. 9—Minneapolis:
Class A—W. C. McDowell, Marion, N. Dak.
Class B—F. P. Hixon, La Crosse, Wis.
Class C—Homer P. Clark. St. Paul, Minn.
District No. 10—Kansas City:
Class A—J. C. Mitchell, Denver, Colo.
Class B—T. C. Byrne, Omaha, Nebr.
Class C—Heber Hord, Central City, Nebr.
District No. 11—Dallas:
Class A—John T. Scott. Houston, Tex.
Class B—Frank Kell, Wichita Falls, Tex.
Class C—W. B. Newsome, Dallas, Tex.
District No. 12—San Francisco:
Class A—M. A. Buchan, Palo Alto, Calif.
Class B—William T. Sesnon, San Francisco, Calif.
Class C—Walton N. Moore, San Francisco, Calif.
JANUARY, 1922.
State Banks and Trust Companies.
ADMISSIONS.
The following list shows the State banks and trust
companies which were admitted to membership in the
Federal Reserve System during the month ended December 31, 1921, on which date 1,631 State institutions
were members of the system, having a total capital of
§582,347,142, total surplus of §528,431,584, and total
resources of §9,951,332.598, based upon reports of condition
as of June 30, 1921, except as to banks admitted since
that date, for which figures as of date of admission were
used. Seven banks included in the above number have
been closed, but have not surrendered stock, the active
membership on the date named being 1,624.
1
Total
Capital. Surplus. resources.
District No. 3.
American Bank &. Trust Co./llazletou, ;
Pa
| 8200,000 8100,000 §3,330,622
District No. o.
j
Farmers & Merchants Bank, Salisbury, I
Md
i 100,000
District No. 6.
100,000
957,913
32,000
10,000
1,077,817
266,571
12,500
Abb, 147
I
Alabama Bank & Trust Co., Mont- j
gomery, Ala
j 300,000
Haversham Bank, Clarksville, G a
• 25,000
District No. 9.
j
Farmers & Merchants State Bank (Inc.),!
Hutchinson, Minn
District No. 12.
!
50,000 j
j
!
Citizens State Bank of Sawtelle, Saw- j
telle, Calif
, 100,000 I.
1,208,722
"WITHDRAWAL.
Bellevue State Bank, Bellevue, Idaho.
BANKS CLOSED.
Merchants Bank of Montgomery, Ala.
Bank of Jordan Valley, Jordan Valley, Greg.
First Guaranty State Bank, Collinsvillo, Tex.
CONVERTED INTO NATIONAL BANKS.
State Bank & Trust Company, Houston, Tex.
Citizens State Bank, Kingfisher, Okla.
Dollar Exchange.
Fiduciary Powers Granted to National Banks.
Under the provisions of section 13 of the
Federal Reserve Act, which provides that The applications of the following banks for permission
member banks, with the approval of the Fed- to act under section 11-k of the Federal Reserve Act
eral Reserve Board, may accept drafts for the were approved by the Board during the month ending
purpose of furnishing dollar exchange, drawn December 31, 1921.
upon them by banks or bankers located in
DISTRICT NO. 1.
foreign countries or dependencies, or insular Trustee and registrar of stocks and bonds:
Souhegan National Bank, Milford, N. II.
possessions of the United States in which it is
determined that the usages of trade require Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, and receiver:
National Shoe and Leather Bank, Auburn, He.
sijch acceptance facilities, the Board has desigShelburne Falls National Bank, Shelburne Falls, Mass.
nated as such the French West Indies in addi- Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics;
tion to those previously designated,
Hudson National Bank, Hudson, Mass,
JANUARY,
51
FEDEBAlr EESERVE BULLETIN.
1922.
DISTRICT N O . 2.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
National City Bank, New RocheUe, N. Y.
DISTRICT N O . 3.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Millville National Bank, Millville, N. J.
the largest for any month this year, yet the indebtedness
is little above that of October and is smaller than the
amounts recorded in May, March, and February. When
the November statistics are separated according to Federal
Reserve districts, it is seen that numerical increases over
last year's totals appear in all instances, while only in the
first and second districts are the liabilities below those of
November, 1920.
FAILURES DURING NOVEMBER.
DISTRICT N O . 4.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, and receiver:
First National Bank, East Liverpool, Ohio.
Liabilities.
Number.
District.
1921
1920
1921
1920
DISTRICT N O . 5.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Farmers & Mechanics National Bank of Georgetown, Washington,
D. C.
Federal National Bank, Washington, D. C.
Norwood National Bank, Greenville, S. C.
American National Bank, Danville, Va.
First National Bank, Koanoke, Va.
DISTRICT N O . 7.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Farmers National Bank, Shenandoah, Iowa.
DISTRICT N O . 9.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, and receiver:
First National Bank, Alissoula, Mont.
DISTRICT N O . 10.
First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth
Total
105
28 L
47
66
47
90
125
58
37
35
50
109
§2,302,167
7|072,732
2,944,372
10,689,437
3,825,412
3,711,252
7,651,665
2,028,340
3.413,504
2,373,700
3,484,803
3,372,455
§3,486,558
10,776,972
1,010,956
1,113,724
1,184,105
1,911,992
3,647,520
829,889
1,235,761
1,582,279
S39,548
3,138,826
1,988
-.
132
368
102
Ml
143
201
238
98
120
100
145
197
1,050
53,469,839
30,758,130
New National Bank Charters.
The Comptroller of the Currency reports the following
increases and reductions in the number and capital of
national banks during the period from November 26 to
December 23, 1921, inclusive:
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Craig National Bank, Craig, Colo.
Commercial Failures Reported.
Some narrowing of the margin of increase in number of
failures in the United States, as compared with those of a
year ago, has recently been witnessed, although the 1,687
defaults reported to R. G. Dun & Co. for three weeks of
December materially exceed the 1,025 insolvencies of a
similar period of 1920. The statement for November—the
latest month for which complete returns are available—
discloses 1,988 commercial failures, involving $53,469,839
of liabilities. While the number of November defaults is
Number Amount
of
of
banks. capital.
New charters issued
Restored to solvency
Increases of capital approved
Aggregate of new charters, banks restored to solvency, and banks increasing capital
Liquidations
Reducing capital
Total liquidations and reductions of capital
Consolidations of national banks under act of Nov.
7,1918.
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc.
Net increase..
§2,360,000
0
260,000
2,620,000
1,080,000
0
1,080,000
0
2,620,000
1,080,000
1,540,000
52
FEDEKAL RESERVE BULLETIN.
JANUARY, 1922.
RULINGS OF THE FEDERAL RESERVE BOARD.
Domestic acceptances—Purposes for which they may
properly be issued—Maturity—Character of security
to be held by accepting bank.
Several questions were recently submitted
to the Board upon the following statement of
facts:
A cotton broker draws a draft on a member bank, the
draft being accompanied by an order railroad bill of lading conveying and securing title to cotton. The member
bank is satisfied that -the broker either owns the cotton
shipped or will use the proceeds of the acceptance to pay
for it and accepts the draft. After acceptance, the member bank releases the shipping documents, receiving in
exchange a negotiable warehouse receipt of a mill with
which the broker has a contract for the sale of the cotton
either at a definite price or a price based on market quotations current at the "time delivery is ultimately taken,
and the understanding is that the cotton will not be
mingled with any other goods but will always be easily
identifiable and readily removable by the holder of the receipt. The mill itself may not remove the cotton unless
and until the receipt is returned to it.
(1) The. first question is whether the maturity of the acceptance must be limited to a
period roughly corresponding to the time
reasonably necessary under the existing conditions to complete the shipment, or whether
it may be extended to include a period of time
following receipt of the cotton by the mill.
Under the provisions of section 13 of the
Federal Reserve Act a member bank 7 may
accept drafts or bills up to six months maturity which grow out of transactions involving
the domestic shipment of goods and which are
secured at the time of acceptance by shipping
documents conveying or securing title, and a
Federal Reserve Bank may rediscount any
such draft or bill which has a maturity not in
excess of three months. The normal 7 and desirable practice with respect to bankers acceptances is for the seller of the goods to draw the
drafts under a credit arranged by him, or under
a credit in his favor which has been arranged
by the buyer. In such cases it is proper that
the time for which the acceptances are to run
shall include the period necessary to complete
the shipment of the goods and also the period
of credit extended to the buyer under the contract of sale with the seller, provided such
period of credit is not in excess of that which is
reasonable and usual in such transactions.
In some instances, however, bankers' acceptances are drawn by buyers of goods. Where a
draft is so drawn, and the buyer is purchasing
the goods for the purpose of manufacturing
them into finished products, the Board has
ruled that the period of the draft should bear
some relation to the period required for the
actual shipment of the goods and that the
draft should not be drawn for the purpose of
furnishing to the buyer working capital during
the manufacturing process. The reason for
this ruling is that the acceptance privilege is not
intended merely to supplement borrowers7
normal lines of credit, but is intended as an
additional means of financing self-liquidating
commercial transactions involving actual or
potential sales of goods.
In the case now presented it appears that
the credit is arranged by a cotton broker or
dealer engaged in the business of buying and
selling cotton, and is for the purpose of financing
the shipment of cotton which has been purchased by the broker and is under contract of
resale to a mill. Under these circumstances
the Board is of the opinion that the acceptances
drawn under the credit may cover the period
required for the actual shipment of the cotton
and also any reasonable and usual period of
credit extended to the mill under the contract
of sale, not exceeding six months in all.
The foregoing discussion has reference solely
to the question of the maturity of the acceptances.
(2) The second question is whether the warehouse receipt issued by the cotton mill, which
is under contract with the broker to purchase
the cotton covered by the receipt, constitutes
some other actual security growing out of the
same transaction as the acceptance, so that
the accepting bank may properly take the receipt in lieu of the bill of lading if the acceptances made for the broker are in excess of 10
per cent of the accepting bank's capital and
surplus. With regard to this question the
Board does not feel that it can give a definite
answer on the statement of facts submitted.
It may be helpful, however, to discuss certain
general principles which are believed to be
pertinent.
The Board has provided in its regulations
that, in order to be eligible, acceptances for
any one customer in excess of 10 per cent of
the capital and surplus of the accepting bank
must remain actually secured throughout
the life of the acceptance; that any security
which is substituted for the security in the
possession of the accepting bank at the time of
acceptance must consist of some other actual
security growing out of the same transaction
as the acceptance, such as documentary drafts,
trade acceptances, terminal receipts, or trust
receipts which cover goods of such a character
as to iusure at all times the continuance of an
JANUARY, 1922.
FEDERAL RESERVE BULLETIN.
effective and lawful lien in favor of the accepting bank; and that other trust receipts
are not such security if they permit the
customer to have access to or control over
the goods.
Under these requirements and under prior
rulings of the Board a warehouse receipt which
gives the accepting bank effective control
over the goods may be substituted for the
original security of shipping documents and
does constitute some other actual security
growing out of the same transaction as the
acceptance. The Board has been careful,
however, to specify that the substituted
security, whether warehouse receipt, trust
receipt, or other similar document must, in
order to constitute actual security, give the
accepting bank undisputed control over the
goods and must correlatively preclude the
taker of credit from having or being able to
assert any control over the goods wliich
might impair the bank's security. Thus the
Board has ruled, in effect, that a warehouse
receipt, in order to constitute actual substituted security, must be issued by a warehouse
which is independent of the borrower.
As heretofore indicated, the Board can not
determine the exact relationship of the parties
in the case under consideration without a
more complete statement of facts, and more
especially without having before it the warehouse receipt and the contract for the sale of
the cotton. It is probable, however, that
the transaction between the broker and the
mill amounts in substance to a conditional
sale, equitable title to the cotton vesting in the
mill immediately upon delivery and legal title
to, or some lien upon, the cotton being
reserved to the broker until the mill pays
the purchase price. The questions that suggest themselves immediately are whether
the broker has succeeded in reserving to
himself such title to, or lien upon, the cotton
as will be valid against the intervening rights
of bona fide purchasers from, or creditors of,
the mill, and if so whether such indefeasible
title or lien becomes vested in the accepting
bank by virtue of its possession of the socalled warehouse receipt. The determination
of these questions depends not only upon the
circumstances surrounding the entire transaction, and the terms of the warehouse receipt
and contract of sale, but also upon the local
law which governs the transaction; for in
many, if not most, jurisdictions the rights of
the seller under a conditional sale may be
defeated by the intervening rights of bona
fide purchasers from, or creditors of, the
buyer, unless the sale is made and recorded in
the manner prescribed by statute.
53
It might be that the transaction between
the broker and the mill would be held not to
amount to a conditional sale, upon the theory
that the sale of the cotton was consummated
when the cotton was delivered to the mill
and that the mill thereafter undertook to act
as a warehouseman of such cotton for the
account of the holder of its warehouse receipt. Looking at the transaction from this
point of view the question whether possession
of the warehouse receipt secures to the holder
thereof a good and indefeasible title likewise
depends upon the local law, for in some
jurisdictions a warehouse receipt issued by the
owner of the goods covered thereby is not a
valid warehouse receipt such' as conveys title
which is good against a subsequent bona fide
purchaser from the owner.
On the facts as stated, and in view of the
above considerations, the Board is of the
opinion that the warehouse receipt in question
should not be considered such actual security
as is required to remove acceptances from the
10 per cent limitation prescribed in section 13,
unless it clearly appears that the warehouse
receipt secures to the accepting bank a lien upon
the cotton which is good as against all persons.
It is appropriate to point out, however, that the
Board has ruled that a trade acceptance drawn
by the seller and accepted by the buyer of the
goods, which are the basis of the acceptance
credit, does constitute actual security growing
out of the same transaction as the acceptance.
If, therefore, in the case under consideration,
the broker should draw a time draft on the mill
for the purchase price of the cotton covering a
period not in excess of the reasonable and
usual period of credit given in such transactions,
that draft after%cceptance by the mill w^ould
constitute in the hands of the accepting bank
actual security such as would remove the
acceptances from the 10 per cent limit referred
to, and there would be no objection, of course, to
the issuance also by the mill of a warehouse receipt or trust receipt as security for the payment of such trade acceptance.
(3) The "third and last question is whether a
warehouse receipt such as is described above
would constitute proper security to support an
original or renewal acceptance. Section 13 of
the Federal Reserve Act permits the issuance
of acceptances to finance the storage of readily
marketable staples, provided that the accepting
bank is secured at the time of acceptance by
a warehouse receipt or other such document
conveying or securing title to the staples; and
the Board's rulings and regulations provide in
effect that acceptances are not eligible for discount under this classification unless the
accepting bank is secured at the time of accept-
54
FEDEEAL, EESEEVE BULLETIN.
ance by a warehouse, terminal, or other similar
receipt which conveys security title to the
staples and which has been issued by a party
independent of the customer. Without regard
to the considerations mentioned in connection
with the second question as bearing upon
whether a warehouse receipt of the kind in
question constitutes adequate security in the
hands of the accepting bank, there is an additional reason why the practice suggested by this
third question would seem to be open to criticism.
The law does not contemplate that acceptances based upon the storage of staples shall be
issued for the purpose of financing the indefinite holding of commodities or the manufacture of commodities into finished products.
The law contemplates the issuance of acceptance of this kind only for the purpose of financ-
JANUAEY, 1922.
ing the temporary holding of commodities pending the reasonably prompt sale and distribution
thereof.
A credit extended to a dealer to finance the
storage of cotton purchased by, and in possession of, a mill would appear in substance to be
a credit issued for the purpose of furnishing the
mill with working capital rather than of financing the sale of the cotton from the dealer to the
mill. Consequently, the principle of the rulings
heretofore mentioned becomes applicable,
namely, that it is an abuse of the domestic
acceptance privilege to issue acceptances, ostensibly based upon the domestic shipment of
goods or the domestic storage of staples, for
the purpose of furnishing to the purchaser of
such goods or staples working capital during
the process of manufacture.
55
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
PRICE MOVEMENT AND VOLUME OF TRADE.
WHOLESALE PRICES IN THE UNITED STATES.
Wholesale prices in November showed very little change from the level of the preceding
month. The index number of the Federal Reserve Board, based upon the prices of 90 commodities, registered 140 as compared with 141 in October and 100 in the calendar year 1913.
The index of the Bureau of Labor Statistics, based upon over 300 quotations, showed a change
of only 1 point also, the index shifting from 152 in October to 151 in November.
The shift in prices of different groups of commodities was small, prices of domestic goods
continuing to decline, and those of imported g-oods increasing. An average of all raw materials
prices showed scarcely any change, but certain commodities within this class shifted considerably. Lumber prices, for instance, advanced, as did mid-continent petroleum, certain of the
nonferrous metals, hides, and silk. The decline in the price of pig iron and semifinished steel
products continued and bituminous coal and coke were lower. Cotton prices continued to sag,
in view of the increase in the estimated supply of the raw material.
Producers' goods have shown the most consistent decline of any group of goods during the
deflation period. The trend of this group of goods during November was definitely toward
lower levels.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES
1919-1921
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 1OO
280
4
r"=*A
*^ - \
»t
/ A
*\
*-"\
240
/
\
/r
\
220
t
200
3180
— — GOOPS IMPORTED • ••••frknne rvDnoTPn
*****
260
t
E
\
k
\
A
\ \
\
\ \
\
\ s
\
\ \
120
^
280
260
240
220
200
lu
180^
o
<
o
160^
\
\ \
\
\
\
\
|i40
1
py\W MATERIALS
P FtODUCERS GOODS -1
tuciiupuc ennne
•••••••••• cc
3
k
^
\
\
_
,
.
^
o
120
V
100
100
80
YEAR
80
J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. «J. F. M. A.M. J. J. A.S. 0. N. D.J. A. S. 0. N. D J. F. M. A! M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A S. 0. N. D.
1919
1920
1921
1919
1920
1921
YEAR
56
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISONS
[Average prices in 1913=100.]
Goods
produced.
Date.
1919, average
1920, average
1920, November
Goods
Rawmaterials.
Goods
im-
ex-
ported.
ported.
Producers'
goods.
Consumers'
goods.
All commodities.
174
191
127
214
227
163
209
235
192
198
237
190
207
229
195
187.
206
233
190
166
156
152
145
145
141
144
145
145
143
142
114
113
114
109
105
102
103
104
106
107
108
142
135
125
121
125
122
122
123
164
152
146
136
133
134
133
138
140
166
158
153
148
145
140
136
133
133
132
141
.128
159
152
151
147
144
144
152
157
152
145
143
163
154
150
143
142
139
141
143
143
141
140
209
. 236
1921.
January
February
March
April
May
June
July
August
September
October
November
1
144 *
141
J38
139
!
1
The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices.
Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has
seemed advisable to publish the American number, since it contains certain classifications of commodities not otherwise available, namely, the
prices of the important goods imported into this country, and of goods largely exported, and compares them, with the general price level in the
United States. The number has been published monthly since May, 1920, but is computed for the years 1913, 1919, and the first of 1920 as well.
For detailed information regarding the makeup of the number, reference may bo made to the FEDERAL RESERVE BULLETIN for May, 1920,
™ges 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights"
'
"
. . ,
,
,
.
,
. , . . ,
ned to the diilerent' commodities in constructing. the. index numbers are also . given in detail. ^ v i s i o n s in prices or weights appear in
BULLETINS for June, 1920, and June, 1921.
The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural
products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products,
refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, moats, flour, rice, dairy products, cotton and woolen
cloths, boots and shoes, and kerosene among the consumers' goods.
Australian and I
materials;
goods.
Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12
producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials;
vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products,
coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods.
The index numbers of "raw materials," "producers' goods," and "consumers' goods," consist of the commodities mentioned above which
fall into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 29,
and the consumers' goods 22.
.
The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations.
The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the
Bureau of Labor Statistics in its larger compilation of prices and aro furnished to the Board by that bureau.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU
OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD. 5
[Average prices in 1913=100.]
Year and month.
A
1
Animal
roducts
1 tural " '
| products, P
November.
1920.
1
Total
Forest Mineral raw ma' products. products. terials.
Producers'
goods.
Consumers'
All
";
170
159
289
246
205
13
9
24
1
207
245
220
207
197
1S9
188
182
177
175
172
170
178
175
164
157
149
149
145
145
145
146
145
145
169
155
149
143
140
137
134
132
133
133
130
182
171
168
159
153
152
153
162
160
158
157
177
167
162
154
151
148
148
152
152
150
149
1921.
January...
February..
March
April
Ap]
Ma;
June
July
August
September..
October
November.,
155
145
136
126
131
•
'
•
,
125
122 l
123
142
134 :
129
119
114
116
106
104
102
109
112
104
105
103
.
. 225
210
205
205
204
203
200
194
193
200
* As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been reclassified by thp Federal Reserve
Board, the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers' goods of 158. Raw
materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based
upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE
BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor
Statistics.
57
FEDERAL, RESERVE BULLETIN.
JANUABY, 1922.
table have been obtained from the records of
the United States Bureau of Labor Statistics,
except in the case of bituminous coal, prices
for which have been obtained from the Coal
Age,
In order to give a more concrete illustration
of actual price movements, there are also presented in the following table monthly actual
and relative figures for certain commodities of
a basic character. The prices shown in the
AVERAGE MONTHLY WHOLE8ALE PRICES OF COMMODITIES.
[Average price for 1913=100.]
Wheat,
Cotton, middling, northern No. 1,
spring,
Now Orleans.
Minneapolis.
Corn, No. : 3,
Chicago.
Wheat, No. 2,
red winter,
Chicago.
Year and month.
Average ! Relaprice per j tiivo
Average
price per
pound.
j bushel. ! price.
i
i •
Rela- Average j Rela- Average
tive price per! live price per
price. bushel. ! price. bushel.
SO. 6155 j
•1.5800 i
1.3968 !
: 100
257
227
$0.1270 I
.3185 I
.3301
.8003
1913.
1919.
1920.
100 • ,$0. 8735 I
251 '
2.5660 i
260 j 2.5581 |
130
.1780
140 j
. 1450
. 1322
. 1105
. 1116
. 1178
. 1101
. 1147
. 1290
. 1963
. 1913
.1750
114 '
104 ;
87 !
88
9 3 '•
87 i
90;
102 ,
155 ;
151
138 !
! Average Rela- Average Relai price per tive price per tive
, 100
j pounds. price. pound. price.
100
1 0 0 • SO. 9863
294 ; 2. 5370
293 i 2.5225
100 i $8. 5072
17.4957
239
256 i 14.4850
100
206
170
$0.1839
.3931
.3122
210
174
1.7528 i
201 '
2.0570
209
14.5750
171
.2325
126
1. 7884 :
1.6713 i
1.6135 i
1.4059 i
1.4923 !
1.4994 i
1.4384 !
1.3953 |
1. 4825 j
1.3191 i
1.2535 i
205;
19 L
185 ;
161 ;
171 i
172 :
165 i
160 ,
170 :
1.51 i
144 :
1.9613
1.9191: !
1.6798 I
1.3869 i
1.56S0 i
1.438} !
1.2291 |
1.2373
1.2709
1.1938
1.1758 I
199
195
170
141
159
146
125
125
129
121
119
9. 8400
9.3125
9. 5625
8.7188
8.4250
8.0938
8.4063
8.7750
8.3750
8.8750
8.5625
116
109 !
112 j
102
99
95 |
99
103
98
104
101
.1675
. 1363
.1150
. 1013
.1188
. 1395
. 1388
. 1405
.1406
.1481
.1580
91
74
63
55
65
76
75
76
76
81
86
,i
1920.
November..
Relative
price.
Cattle, steers, | Hides, packers,
good to choice, i heavy native
Chicago.
! steors, Chicago.
1921.
January
February...
March
April
May
June
July
August
September..
October
November..
.6553
.6350
.6180
.5547
.6090
.6075
.6019
.5578
.5344
.4647
.4728
!
!
:
!
i
I
i
i
j
!
!
106
103
100
90
99
99
98
!
!
!
i
|
|
•91 •
'
.87 !
76 |
77 i
i
Hogs, light,
Chicago.
I Wool, Ohio, J-g i
I grades, scoured, ; Hemlock, New
York.
I eastern markets. •
Year and month.
RGla
p
" ! AveraS8
ion
! uyiec e P ri cc npetr
pounds. | P * | P ° u d -
Yellow pine,
flooring,
New York.
Coal, bituminous, -, Coal, bituminous,
run of mine, f.o.b. I Pocahontas, f.o.b.
spot at mines, • spot at mines,
Pittsburgh.
;
Columbus.
1
Average
Rela- | Average, Rela- : price per Rela- Average ! Rela- Average Relative ' price per tive :' Mfcet
tiro price per ! tive price per
tive
price. |' M feet. price. manufac- price, short ton.| price, short ton., price.
tured.
. '
I
!
$8.4541 !
18.3260 !
14.7108 i
100
217 ;
174
12.1400 i
1913.
1919.
1920.
144
SO. 4710
1.1894
.9712
100 ' $24.2273
248 . 39.7500
203 ; 56.6667
100 $44.5909
16 4
78.8333
234 ! 145.4167
100
177
326
147
235 , 124.5000
279 I
198
198
198
169
169
169
155
151
154
154
154
247 ! 2.5300 j
213 i
2.4200
213 i
2.2900 ,
204 ,
2.2500 I
204 j 2.1310
204 i 1.9000 ;
201 ! 2.0750 i
•
206 i 2.1300 "
205 i 2.2310 i
202 i 2.1800 :
204 I 2.1500 i
i
51.3200 !
100
SI. 5710 j
10C
" "6*6133" i"
*458
5."889i"i
"375
1920.
November.
. 6909
1921.
January
February...
March
April
,
May
June
July
August
September..
October
November..
9.6700 i
9.7063 "
10.3063 !
8.8563 !
8.4550 !
8.2500 j
10.2000 j
10.3950 I
8.5000 j
8.1800 ;
6.8688 i
114
115
122
105
100
98
121
123
101
97
81
. 5455
. 5455
. 5273
. 5273
. 5091
. 4909
. 4909
. 4727
. 4727
.4727
.5091
1 On Toledo market, average for last six months of 1913.
116
116
112
112
108
101
104
100
100
100
108
57.0000
I
48. 0000
48.0000
48.0000
41.0000 .
41.0000 I
41. 0000 I
37. 5000
37.2500
37.2500
37.2500
37.2500
110.0000
95.0000
95.0000
91.0000
91.0000
91.0000
91.0000
92.0000
92.0000
90.0000
91.0000
5.1900 i
393 ,
192
183
173
170
161
144
157
161
169
165
163
I
I
i
j
I
i
7.3S00 !
4.2500 !
3.7300
3.4000 :
3.3625
3.4940
3.4250
3.2000
3.0600
2.9190
j 2.6800
i 2.4500
470
271
237
216
214
222
218
204
195
186
171
159
58
FEDERAL RESERVE BULLETIN.
JANUARY,
1922.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued.
Copper, ingot,
electrolytic,
New York.
Coal, anthracite, Coke, Connellsstove, New York, ville, a t furnace.
tidewater.
Lead, pig,
desilverized.
New York.
Petroleum, crude, ' Pig iron, basic,
Mahoning and
IShenango Valley,
at\
at furnace.
Year and month.
Average Rela- Average Rela- Average i Relaprice per tive price per tive price per
tive
long ton. price. short ton. price. pound, price.
$5.0613
8.1639
9.4265
November..
January
February...
March
April
May
June
July
August
September..
October
November..
100
161
186
10.5417
208
10.6373
10.6382
10.6382
10.1380
10.2910
10.390Q
10. 5048
10.6036
10. 7075
10.7125
10.6859
1913.
1919.
1920.
210
210
210
200
203
205
208
210
212
212
211
1920.
Average
price per
pound.
Average
price per
barrel.
Relative
price.
Average ; Relaprice per i tive
long ton. i price.
100
194
443
$0.1573
. 1911
. 1797
100
122
114
$0.0440
.0578
100
131
184
$2.4500
4.1346
5.9750
100
169
244
$14.7058 I
27.6971 i
42.2692 i
100
188
287
8. 8500
363
.1455
92
.0628
143
6.1000
249
36.5000 !
248
5. 5313
5.1875
5.0000
3.7188
3.3250
227
213
205
152
136
127
119
115
131
134
122
.1288
.1288
.1223
.1247
.1283
.1284
.1253
.1173
.1200
.1268
.1303
.0497
. 0468
.0405
.0428
. 0495
.0451
.0440
.0440
.0461
. 0470
.0470
113
106
92
97
113
103
100
100
105
107
107
5. 7750
4.1875
3.0000
3.1875
3.3500
2.6250
2.2500
2.2500
2.3125
3.1250
3.9000
236
171
122
130
137
107
92
92
94
128
159
30.0000 I
27.5000 I
24.2000 j
22.8750 !
22,0000
20.7500
19.3750
18.2000
19.1250
19.1875
19.0000 j
204
187
165
156
150
141
132
124
130
130
129
$2.4396
4.7375
10.8163
1921.
Cotton yarns,
northern cones,
10/1 Boston.
Relative
price.
2.9063
2.8000
3.1875
3.2750
2.9700
Leather, sole, !
hemlock, No. 1, |
Chicago.
j
Steel billets,
Bessemer,
Pittsburgh.
Steel plates,
tank, Pittsburgh.
Steel rails,
open-hearth,
Pittsburgh.
I
Worsted yarns,
2-32's crossbred,
Philadelphia.
Year and month.
SO. 2213
.5340
.6245 !
1913..
1919.
1920.
November .
January
February...
March
April
May
June
July
August
September.
October
November..
1920.
1921.
.3695
I
.2878 I
.2775
.2447
.2388
. 2491
.2545
.2411
.2586
.3446
. 3832
. 3655
Rela- | Average Rela- j Average Relative i price per tiye ; price per tive
price, 'longton. price, i pound. price.
Rela- , Average Rela- | Average
tiye ! price per tive I price per
price. ! pound. price, long ton.
Average
price per
pound.
100 i $0.7767
164 i 1.6274
179 ; 1.8250
100 i SO. 2821
241 !!
.5283
282
.5342
167
182 :
.4700
100
210
235
1.3000 j
167
I
130 |
125 i
111 !
108
113 !
115 |
109
117 i
156 !
173 !
165 I
157
157
.4000
.3800
.3700
. 3700
.3700 j
.3700
.3500 i
.3400 i
.3400 i
.3400 |
.3400 I
157
157
157
157
157
157
157
151 j
133 i
1.1500
1.1500
1.2000
1. 2000
1. 2500
1.2000
1.1500
1.1500
1.1500
1.1500
1.1500
148
148
155
155
161
155
148
148
148
148
148
!
Year and month.
Flour, wheat, i
I Beef, carcass, J Coffee, Rio, No. 7, standard patents i Hams, smoked, Illuminating oil,
: 150° fire test,
(1918, standard i
! good native :
Chicago.
New York.
New York.
war),
steers, Chicago, j
Minneapolis.
i
I
•
Sugar,
granulated,
New York.
i
\ Average ! Rela- Average Rela- ; Average Rela- I Average I Rela- i Average ! Rela- Average j Rela| price peri tiye price per tive I price per tive I price per tiye i price per ! tiye price per i tive
• pound. ! price. pound. price. ! barrel. price. I pound, price. ! gallon, j price. pound. | price.
November .
January
February...
March
April
May
June
July
August
September.
October
November..
i
I
$0.1295
.2333
.2304
100
180
178
$0.1113
.1785
.1198
.2400
1913.
1919.
1920.
185
.0746
.1738
.1600
.1625
.1650
.1650
.1600
.1490
.1600
.1595
.1644
.1725
134
124
125
127
127
124
115
124
123
127
133
.0669
.0672
.0639
.0600
.0621
.0666
.0647
.0703
.0789
.0813
.0883
$0.1662
.3433
.3340 |
9.2950
203
9.6250
9.1813
8.7300
7.9500
8.7450
9.0063
8.9000
8.1200
8.3188
7.4250
7.1700
210
200
190
173
191
196
194
177
181
162
156
100 • $0.1233 i
.2004 :
207 I
201
.2629 i
100
163
213
.3065
1921.
67 i
184
.2900
235
.0962 !
.2488
.2600
.2725
.2763
.2725
.2822
.3200
.3248
.2756
.2372
.2238
150
156
164
166
164
170
193
195
166
143
135
.2900
.2750
.2625
.2540
.2400
.2200
.2200
.2200
.2200
. 2320
.2400
235
223
213
206
195
178
178
178
178
188
195
177
.0757
166
.0709
184
.0784
170
.0725
148
.0632
133
.0569
128
.0546 !
137
.0583 '
.0559 ''• 131
122
.0519 !
121
.0517 I
$0.0427
.0894
.1267
100
209
297
I
j
1920.
100
262
277
100 | $4.5837
160 11.9982
108 ! 12.6750
225
JANUARY,.
59
FEDERAL RESERVE BULLETIN.
1922.
FOREIGN TRADE INDEX.
There are presented below the usual indexes
designed to reflect movements in foreign trade
of the United States, with the fluctuations due
to price changes eliminated. The commodities
chosen for these indexes are those for which
prices are compiled by the Federal Reserve
Board in the preparation of its international
price index.1
The total volume of the 29 commodities included in the export index showed a further
decline, the index number for November being
97.4 per cent; as compared with 117.6 per cent
for October and 112.2 per cent for the month of
November, 1920. In the group of raw materials the commodities registering the greatest
decreases were wheat, corn, tobacco, and cotton. Most of the commodities included as producers' goods showed slight increases, especially upper leather and steel plates. Of the
seven commodities included in the consumers'
group, two registered small increases, while the
other five declined in volume, the most noticeable decline being in the case of wheat flour.
Tfre total volume of the 27 commodities of
imports showed a considerable increase, the
index number being 150.6, as compared with
117.3 for November, 1920, and 126.9 in October, 1921. Practically all the products included
in the group of raw materials increased in volume over last month and imports of cotton and
raw silk were greatly in excess of the amount of
these .commodities imported during November,
1920. The most outstanding increases among
the group of producers7 goods were shown by
cane sugar, india rubber, and burlap. The
index number for this group was 199.5 per cent,
as compared with 166.4 in November, 1920.
This increase over 1920 was due mainly to the
increase in the imports of india rubber. The
large increase in the volume of consumers'
goods is attributable largely to the increase in
the amount of coffee imported, the amount being greatly in excess of that imported in October
and November, 1920.
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913=100.]
Exports.
•
Raw mate- Producers' Consumers' Total (29
goods (7
goods (10
rials
comcom(12 comcommodities). modities). modities). modities).
Raw mate- Producers'! Consumers', m^ , /(o2-7
goods (12 !I goods (5 !
com
rials
comcomI ,„„££" x
(10 commodities). modities). ! modities). j m o d l t ; l e s ) .
100.0
100.0
100.0
100.0
100.0
100.0 ;
100.0
88.9 j
154.7 ,
188.5 I
118. G j
157.5 i
193.0 '
147.5 i
168.4
92.2 j
1913—Year
142.5
138.0
107.7 !
135.8
227.4 !
166.7
168.8
187.9
141. 0
104.4
102. 7
81.8
74.4
68.3
68.1
79.1
83.5
83.7
126. 0
116.4
122.4
122.5
112.8
135.1
131.8
164.1
147.5
119.2
108. 6
117.6 !
101.6 ;
91.1 ]S9.9 :
100. 0 !
111.3 .
112.5 !
140.9 i
119.9 !
117.6 :
97.3 i
74.5
118.2
160.7
153.4
98.7
94.5
99.3
116.7
.102. 8
96.2
115.1
130.8 !
143.5 '•
177.5 !
177.7 ,
150.2 !
152.5 i
126.5 I
165.0
137.8 1
173.5 j
199.5 j
123.9
135.5
178.9
185.1
162.1
130.4
121.4
129.8
99.4
116.5
149.2
102.6
130.0
169.7
167.2
127.3
120.9
112.6
136.0
114.6
126.0
150.6
100.0
1919—Year.
1920—Year.
January
February...
March
April
May
June
July
August
September..
October
November.,
Imports.
1921.
105.2
91. 0
78.2
70. 6
97.7
107.9
111.6
142. 7
115.7
121.7
95.1
i
INDEX OF OCEAN FREIGHT RATES.
The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
between United States Atlantic ports and the
principal European trade regions. The figures
1
The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 per cent of the total import values, and 29 of the
most important exports the value of which in 1913 formed 56.3 per cent
of the total export values. The classification of the original list of corn-
are derived from the actual rates quoted on
the following commodities: Grain, provisions,
cotton, cottonseed oil, and sack flour. For
the methods used in constructing the index,
see the August, 1921, BULLETIN, pages 931934.
modities used was given in the July, 1920, BULLETIN. The classification of 11 additional commodities of imports was given in the April,
1921, BULLETIN, and 2 additional commodities in the November, 1921,
BULLETIN.
60
FEDEKAl, RESEBVE BULLETIN".
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPE TRADE.
[January, 1920, rates=100.]
United States Atlantic ports to
Month.
United French Nether- ScandiKing- Atlantic. lands
and
navia.
dom.
Belgium.
1920.
January
February
March
April
May
June
July
August
September
October
November
December
100.0
96.5
91.2
90.2
96.2
101.2
96.0
85.7
86.7
84.9
77.8
72.3
100.0
86.9
78.5
87.2
85.9
87.1
85.6
77.9
73.7
68.9
51.6
38.5
192 L.
January
February
March
April
May
June
July
August
September
October
November
December
60.7
54.7
49.3
50.1
50.6
42.7
42. 5
42.9
41.8
37.0
33.5
32.4
30.2
27.7
24.6
32.6
35.0
34.7
33.2
33.4
32.7
28.5
25.0
22.7
I
j
!
I
j
Mediterranean.
All
Europe.
100.0
83.3
78.0
78.9
87.3
89.5
82.1
70.4
66.9
70.9
. 59.9
47.0
100.0
90.1
84.6
82.7
82.5
82.1
82.0
82.1
82.1
75.3
59.6
51.6
100.0
91.1
79.5
72.2
75.2
76.5
75.3
73.2
71.6
69.6
59.2
49.2
100.0
90.3
83.4
83.5
87.5
90.0
86.3
78.5
76.9
75.4
63.8
53.6
34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
35.8
30. 7
25.2
22.9
42.9
30.9
30.8
29.4
31.3
31.3
29.0
28.4
28.2
26.7
24.0
23.3
43.2
43.8
42.2
35.7
34.6
34.0
34.7
34.3
33.6
33.3
32.9
32.3
43.3
38.5
35.9
39.0
40.1
37.6
36.8
36.7
36.0
32.3
28.8
27.2
Ocean freight rates on grain and flour to
Europe were slightly lower in December, with
the result that the latest index numbers show
moderate recessions from the November figures.
As is evident from the index, this decline was
of minor importance compared with the reductions which occurred during November, October, and the final week of September. Outward rates from the United States to the United
Kingdom and the Mediterranean are shown to
have dropped a little below one-third of what
they were in January, 1920, while to the French
Atlantic, Netherlands and Belgium, and Scandinavia, rates are between one-fourth and onefifth as high as at the beginning of 1920. The
general European index for December indicates
that average rates in these trades are about 27
per cent of their level two years ago.
The course of ocean freight rates during the
year just closed has been steadily downward
ever since May, 1921, although in the summer
months this trend was slight in comparison
with the drastic declines that took place in the
winter of 1920-21. In the early months of
1921 the situation was aggravated by rate
cutting incident to the "war" between the
French line and the conference lines, the effects
of which were not confined to the French
Atlantic trade alone. The upturn of rates in
April and May was the outcome of the settlement between the steamship lines involved in
the rate war. During the summer quotations
were more stable, although again tending down-
JANUARY, 1922.
ward. The principal revision at this time was
the reduction on grain to the United Kingdom
from 7 shillings per quarter in May to 5 shillings
in June. Important cuts on grain and other
basic commodities were announced by the conferences near the end of September, and further
readjustments subsequently have brought rates
substantially below the level of last summer.
PHYSICAL VOLUME OF TRADE.
The volume of agricultural movements and
of manufacturing snowed a very general decline during November. The receipts of grain
at interior markets and the production of
building materials showed a particularly pronounced reduction.
Receipts of cattle and sheep at 59 markets
declined during November, but there was a
moderate increase in the receipts of hogs.
There was a diminution in the receipts of all
important grains at 17 interior centers, but
some increase in the quantity of corn received
at seaboard centers. Stocks of grain at both
interior and seaboard markets also declined,
and there was a considerable decrease in the
amount of flour manufactured. Sight receipts
and port receipts of cotton were smaller than
in October, but American spinners' takings
showed a considerable increase. Shipments of
both citrus and deciduous fruits from California
were very much curtailed.
Pig-iron production continued to expand
during November, and there was also some
increase in the manufacture of steel ingots,
while unfilled orders of the United States Steel
Corporation were very slightly reduced. Production of lead and zinc was also larger in
November than in October, but copper production fell off somewhat. There was a
marked decline in the production of both
anthracite and bituminous coal, although the
output of beehive and by-product coke continued to show a slight increase. Production of
crude petroleum increased considerably during
November, but there was little change in the
quantity of stored stocks.
Consumption of both silk and wool was somewhat reduced, but the volume of cotton consumption continued to increase. Both production and shipment of five reporting lumber
associations were very much reduced in size
during November, but receipts and shipments
of lumber at Chicago and St. Louis showed an
encouraging increase. The November output
of cement showed a moderate curtailment,
while shipments showed a marked decline.
Railroad car loadings decreased in all operating
regions and for every group of commodities.
JANUARY,
61
FEDERAL RESERVE BULLETIN.
1922.
LIVE-STOCK MOVEMENTS.
[Bureau of Markets.]
Receipts.
Shipments.
Cattle and
calves, 59
markets.
Hogs, 59
markets.
Sheep, 59
markets.
1920.
November...
Head.
2,404,037
Head.
2,862,302
Head.
2,419,596
1,572,334
1,335,548
1,856,948
1, 889,057
2,284,501
1,915,701
3,559,165
2,717,247
2,647,965
2,646,127
3, 200,589
3,665,547
1,812,339
1,738,957
2,467,048
2,544,530
2,932,433
2,028,351
Hogs, 54
markets.
Sheep, 54 Horses and
mules, 43
markets.
markets.
Head.
8,708,207
Head.
22,272
1921.
June
July
August
September...
October
November...
Cattle and
calves, 54
markets.
Head.
1,148,801
Head.
1,394,347
Head.
1,474,299
Head.
22,534
Head.
4,040,041
6,957,130
5, 802,448
6,987,894
7,100, 807
8,451, 743
7,637,896
605,822
490,751
812,254
905,136
1,185,599
992,093
1,136,269
915,998
927,962
9-14,366
1. 216,405
1,289,983
763,577
760,172
1,110,134
1,375,415
1,609,426
1,077,096
13,214
10,036
14,661
20,779
32,449
27,112
2,518,882
2,176,957
2,895,011
3,245,696
4,043,878
3,386,284
Horses and
mules, 43
markets.
Total, all
kinds.
I
13,292 ;
10,696 I
15,933
21,093
34,100
28,297
RECEIPTS AND S H I P M E N T S OF LIVE STOCK AT 15 WESTERN MARKETS.
[Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth,
Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.]
RECEIPTS.
Head.
1920,
November...
I
Hogs.
Cattle and calves.
Relative.
Sheep.
Relative.
Head.
Head.
Horses and mules.
Relative.
Head.
!
Relative.
Total, all kinds.
Head.
Relative.
1,781,261
June
July
August
September..
October
November...
177 I 2,624,185
119
1,542,477
113
12,149
1,117,111 i
940,173 |
1,418,237 I
1,417,259 j
1,712,917 !
1,394,217 !
1921,
111
93
141
141
170
138
2,671,462
2,021,268
1,919,514
1,7&3,827
2,057,231
2,559,916
122
92
87
81
94
116
1,130,874
1,035,674
1, 508, o84
1,651,659
1, 812,148
1,244,214
83
76
115
121
135
91
8,135 i
6,872 !
11,127:
15,009 I
24,249
18,851 |
952,155
189
12,782
31 ! 2,559,693
178
403, 748
408,088
604,996
840,242
917,129
611,964
80
81
120
167
182
122
8,199 |
6,359 !
10,078 |
14,712 j
22, 783 I
17,719 !
20 1,530,485
16 i 1,372,607
25 : 1, 880,687
36 : 2,137,279
2,539,254
56
43 , 2,176,658
107
96
131
149
177
152
5,960,072
129
4,927,582
4,003,987
4,917,462
4,867,814
5, 636,545
5,217,198
26
107
87
106
105
122
113
SHIPMENTS.
1920.
November....
810,284
June
July
August
September
October
November
199 i
784,468
162
414, 814
338,306
656,106
698,459
892,091
718,756
1921.
102 j
83 !
161:
172 !
219 !
177 i
703,724 I
619,854 !
609,506 i
583, 866
707,251 !
828,219 !
!
145
128
126
121
146
171
I
|
!
|
i
,
,
|
S H I P M E N T S OF STOCKERS AND FEEDERS F R O M 34 MARKETS.
Cattle and
calves.
Head.
545,802
1920,
November...
June
July
1921,
195,039
120,429
Total, all ;
kinds. j
Cattle and
calves.
Hogs.
Sheep.
Head.
52,099
Head,
|
Head.
1921. .
;
855,545 I 1,454,046 j August
g
!
:j S e p t e m b e r |
j September
|: October
88,302 j
314,714 ;i November
138,414 i
274,336
31,373 i
15,493
Head.
353,619
35361
,
390734
390,734
612,838
491,776
Hogs.
Head.
21,564
38,081
43,442
30,100
|
Sheep.
Total, all
kinds.
Head.
402,372
551,110
730, 780
510,320
Head.
777,558
979,925
1,387,060
1,032,196
ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION.
[Bureau of Animal Industry. Monthly average, 1911-1913-=. 100.]
Cattle.
Head.
1920.
Head.
Relative,
Head.
Rela- '
live.
June
July
August
September
October
November
5
142
315,971
179
3,328,633
118 '
640,164
579,028
680,419
689,043
749,756
686,115
1921.
Relative.
Sheep.
Hogs.
858,946
November
82711—22
Calves.
105
95
112
114
124
113
369,696 ;
324,016
303,796
321,193
309,136 i
292,172 I
209
183
172
1RI
175
105
3,618,174
2,820,616
2, 530,459
2,422,350
2.806,133
3,447,027 |
128
100
90
Total.
Relative.
Head.
968,235
1,116,069
1,059,902
1,236,992
1,249,032
102 i 1,285,430
122 j 1,040,390
5,744,103
4,783,592
4,751,666
4,681,618
5,210,455
5,465,704
62
jANUAIiY, 1922.
FEDEKAL RESERVE BULLETIN,
MOVEMENT OF
COAL AND PETROLEUM
AGRICULTURAL PRODUCTS
1919 - 1921
1919 -1921
LIVE STOCK RECEIPTS
- . — — —GRAIN AND FLOUR RECEIPTS
••••
COTTON SIGHT RECEIPTS
ANTHRACITE COAL PRODUCTION
BITUMINOUS COAL PRODUCTION
CRUDE PETROLEUM PRODUCTION
INDEX NUMBERS. AVERAGE 1911-1913 = 100
22O |
1
1
r
,
,
,
,
1
,
1
,
, 22O
22O
INDEX NUMBERS. AVERAGE 1911-1913 = 100
/A
••*:
\
22 O
2OO
ISO
......
160
y
/
•
/
L
\
11i
11
i
/
if
Y
f
—
14O
12O
L
fs/1
V
1OO
V
j
V
8O
6O
F
40
2O
-o —
—o
YEAR
1920
1919
1921
YEAR
—o
YEAR
1919
[RON AND STEEL
1919 - 1921
INDEX NUMBERS. AVERAGE 1911-19121 = 100
....
1921
i-
O YEAR
TEXTILES
1919 - 1921
- PIG IRON PRODUCTION
- STEEL INGOT PRODUCTION
•• UNFILLED ORDERS, U.S. STEEL COR PORATIO N
2OO
1920
\
COTTON CONSUMPTION
V/OOL CONSUMPTION
22 O
MILLIONS OF POUNDS
2OO
, - •
15C
18O
*
16O
160
140
/
120
100
80
V
A
•
•
A
140
A
M
/]
/
\
\
12O
1OO
\
6O
\
f
\
60
K
40
60
/
r
2O
2O
YEAR
4O
131S
1920
1921
YEAR
1919
1920
1921
- c—•
" YEAR
63
FEDERAL RESERVE BULLETIN.
JANUARY,. 1922.
EXPORTS OF CERTAIN MEAT PRODUCTS.
[Department of Commerce. Monthly average, 1911-1913=100.]
Beef, fresh.
Beef, canned.
Beef, pickled,
and other cured.
RelaPounds. tive. Pounds. Rela- Pounds.
tive.
1920.
November..
Relative.
Pounds.
Relative.
Pounds.
346
11,197,880
18,536,898
27,786,271
32,233,527
17,137,613
12,110,375
16,783,073
167,275
25
3,091,895
249
1,678,091
63
57,931, 39 L
186,647
351,566
914,418
286,805
562,372
188,712
28
53
138
43
85
28
167,318
918,476
292,663
239,039
310,179
268,245
13
74
24
19
25
22
2,004,136
2,418,262
2,752,598
2,857,076
1,971,222
2,305,728
75
91
103
107
74
86
35,011,966
48,171,465
45,340,151
44,718,463
23,575,611
15,642,319
1921.
June
July
August
September..
October
November..
Hams and
shoulders, cured.
Bacon.
Pickled pork.
Lard.
Relative.
Pounds.
Relative.
75
57,316,309
130
124
186
216
115
81
112
67,655,776
83,329,134
87,410,516
104,740,783
56,885,933
51,855,169
Pounds. |g-jj2,590,031 j
59 <
3,337,759
3,368,482
3,212,347
2,990,328
2,857,113
2,365,171
75
76
73
68
65
53
RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS.
[Chicago, Cleveland, Detroit, Duluth, Indianapolis. Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo,
and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]
!
Wheat.
Bushels. ! ^
1920.
November.. 39,272,827
1921.
June
30,342,592
July
!71,422,624J
August
J77,026,777j
September.. 64,670,046
46,758,327
October.
November.. 25,694,300
Oats.
Corn.
a -
Rela- Bushels. Relative.
tive.
| Bushels. Relative.j
14511,407,224;
Barley.
Rye.
5115,282,651!
BushelsJMushds.
Total grain and
flour.i
Rela-j
| tive. I
- tive.
i
»
I I
160 21,921,817!
88.25,527,442!
138!42,739,890'
167 21,791,603;
159 22,008,1581
7811,698,236;
109 1,464,530
127 2,557,053
2136,207,749,
108 5,487,909
109 3,006,330
581,986,850;
i
105)85,529,896!
336 6,616,362|
112!35,816,899;
26319,713,672,
284 30,983,238'
239 37,333,7041
172 35,551,591'
9517,471,999!
Rela-
1
i
76 3,706,653'
|
Total grain.
92 76,285,717
133 3,859,432
232 3,073,358!
562 6,387,297!
497 5,080,281!
272 4,012.G46i
180 2,102,025 i
54|93,405,270
43122.291,149
89"163;344,951
71134,309,603
561111,337,052!
29! 58,953,410!
44 97, 298,756
138134, 468,1791
160177, 430,338!
175149. 7G4,fi97j
195128, 490,55"!
160i 73,054,2191
120, 865,219
157.2,705,340
21013,130,086
172.3,421.132
143i3,811,890
76,3,133, 513
99
112
155
205
173
148
84
98J2,054,262
* Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel.
SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS.
[Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria. St. Louis, Toledo, Wichita;
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Corn.
Oats.
^
Bushels.
Barley.
Rye.
Total grain.
Rela- Bushels.
tive.
Bushels.
Total grain and
flour.i
Flour.
Rela-ii Bushels. Relative.
tive.
!
i_
1920.
November.. 24,950,771
160
7,890,500
1921.
June
|21,550,026
July
'31,373,871
August
{58,901,701
September..!42,726,679
October
23,710,411
November..|20,574,466
138 21,381,193
20l|20,154,143
378(22,657,863
274:27,705,761
152i21,773,242
132'12,973,178
1
55 10,729,045
71;2,998,524
423 4,247,954
109; 50,816,794
102 3,949,699
117 68,590,440
106
15011,656,507
14110,051,024
159 15,422,006
194.15,341,862
15313.076,392
91= 9,872,551
771,427,796
66! 878,751
101:4,548,466
101(5,541,999
8612,218,622
651,650,084
202 2,224,652
124 2,313, 726
642 4,060,175
4;
783 3,676,194
3,
313 2,243,274
2.
233 2,070, 836
2,
57, 58,240,174
59: 61,771,515!
101105,590,2111
94| 94,992,495
58: 03,021,941
53! 47,141,115
1172,113,649
130.3,842,046
213i5,040,3341
191i5,473,912;
127.5,857,796!
95 4,691,418|
u*.
62 67,751,5941
1131 82,060,722]
149|128,271,714|
1621119,625,099!
173 89,382,023
139 68,252,496
104
126
198
184
138
105
Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.
STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH.
[Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.]
Wheat.
1920.
June
July
August
September
October
November
I
!
November
1921.
Bushels.
16,058,407
3,853,292
13,541,547
21,927,695
29,727,378
__,._.,.._
! 31,524,106
I 27,
Corn.
Oats.
Bushels. ! Bushels.
3,461,911 j 28,697,974
I
17,944,190 I 29,273,502
10,392,384 i 32,845,591
6,906,590 i 50,835,039
7,794,625 52,136,821
12,089,459 j 56,202,298
8,105,076 j 55,368,267
Rye.
I
Bushels.
1,082,195 I
I
239,665
625,975
2,571,473
2,481,562
3,027,107
3,555,046
Barley.
Total grain.
Bushels.
1,874,366
Bushels.
51,174,853
1,407,124
1,406,742
2,206,180
2,265,615
2,662,732
1,958,807
52,717,833
58,812,239
84,446,977
94,406,001
105,505,702
96,904,194
64
FEDERAL RESERVE BULLETIN.
JANUARY,
1922.
RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available from
Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]
Wheat.
Oats.
Corn.
RelaRelaRelaBushels. ! tive. Bushels. tive. Bushels. tive.
1920.
November.. 24,410,356!
1921.
16,628,892June..
July
34,142,124!
August
29,364,521 •
September . 33,049,960,
October.... 27,208,246,
N ovember.. 23,329,445]
194 2,401,181
132
271
233
262
216
185
68 1,874,271
5,385,639
9,343,697,
1,936,4811
2,215,475
2,951,583!
3,101,747i
152 1,903,786
2631 7,002,155
551 2,625,147|
62' 2,221,580
831 1,586,4611
""' 1,990,359
Total grain.
Rye.
Barley.
Bushels.! f^\
RelaBushels. tive.
39 3,329,710! 2,344;2,721,320|
40;l,180,119
831i 658,295
147:3,143,4381 2,212 4,626,343
551,965,932! 1,3846,089,131
471,185,645
834;4,769,381
33il,109,486| 781,2,928,178
42 973,116. 6852,203,924!
Total grain and
flour.*
Flour.
Relative.
Bushels.
164 31,736,838
153 3,683,380
353 51,312,048
!
1
113 1,714,852
257i7,210,521
185 2,172,836
19l!2,357,563:
158(2,016,075|
1391,858,614
40 25,756,731
279|58,257,757!
367|41,981,212
287143,442,041!
176 35,783,954!
133:31,598,59H
187
164 , 33,473,565
690 90,705,102
208, 51,758,974
2261 54,051,075:
1931 44,856,291!
178, 39,962,3541
122
331
189
197
164
146
1
Flour reduced to its equivalent in wheat on the basis of 4£ bushels per barrel.
STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF M O N T H .
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trad* organizations at these cities.]
Wheat.
Rye.
Barley.
Bushels.
1,371,013
Bushels.
2,327,249
Bushels.
1,906,527
Bushels.
3,097,922
Bushels.
26,497,316
3,486,041
9,972,506 |
12,934,198 |
17,626,696 \
18,365,928 I
16,012,432 |
1921.
June
July
August
September..
October
Novomber..
Oats.
Bushels.
17,794,605
1920.
• November..
Corn.
2,136,128
lr113,767
955,694
999,184
1, 734,237
1,100,768
1,058,652
981,942
1,592,072 !'
1,862,899
1,729,840 |
1,587,905
157,397
386,710
1,389,338
1,640,511
1,907,172
2,161,090
1,664,674
3,738,401
3,997,970
8,502, 892
16,193,326
20,869,272
3,811,936
3,288,995
3,104,269
25,941,226
27,026,172
23,966,524
I Total grain.
WHEAT-FLOUR PRODUCTION.
[January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.]
Barrels.
9,500,000
1920.
November..
1921.
June.
July..
8,087,000
10,720,000
1921.
August
September.
October . . .
November..
Barrels.
13,266,000
13,349,000
13,917,000
10,166,000
COTTON.
[New Orleans Cotton Exchange. Monthly average crop years, 1911-1913=100.]
Sight receipts.
Overland move- ! American spinners
inent.
j
takings.
Port receipts.
Stocks at p o r t s
and interior
towns at close of
month.
I
Rela-
Bales.
November..
June
July
August
September
October
November
Bales.
Bales.
Relative.
Relative.
Bales.
I
1920.
1921.
Relative.
Bales.
1,804,135
!
I
659,900
607,788
617,049
j 1,145,168
| 1,943,049
! 1,704,398
1,075,803 I
117
117,139 j
111
425,089
94
2,597,820
220
482,944
465,143
406,823
667, 845
1,135,498
760,310
53 !
51 !
44 |
73 i
124 i
112,955
78,106
95,025
106,343
195,668
231,763
107
74
90
101
186
220
410,734
469,715
369,420
447,188
811,118
1,076,444
90
103
81
98
179
237
2,659,826
2,311,696
2,167,927
2,381,859
2,669,534
2,678,804
226
196
184
202
227
227
83 i
COTTONSEED.
[Bureau of the Census.]
Received
at mills.
November
Jane
July...
1920.
1921.
Crushed.
On hand at
mills (close
of month).
Tons.
805,295
Tons.
706,257
Tons,
5S7,996
77,484
54,241
98,646
27,466
109,309
94,543
On hand at
mills (close
of month).
Received
at mills.
August
September
October
November
1921.
,
Tons, i
130,333 |
553,726
957,840 I
603,932 !
i
I
Tons.
100,496
296,258
611,890
573,776
Tons.
124,377
381,342
732,570
762,726
65
FEDERAL, RESERVE BULLETIN.
JANUARY, 1922.
S H I P M E N T S O F CITRUS AND DECIDUOUS FRUITS F R O M CALIFORNIA.
[March, 1921, on, Bureau of Markets and California Fruit News. 1 Monthly average, 1911-1913=--= 100.]
Orangos.
Lemons.
Total
deciduous
fruits.
Total citrus fruits.
Carloads. | Relative, j Carloads. ; Relative, j Carloads.
1920.
1,979
69
2,792
7,858
5,308
3,705
3,422
2,996
1,489
276
186
130
120
105
52
2,200
3,439
8,113
16,]66
11,380
2,956
1,602
1921.
66
377 I
93
5,628
3,465
3,120
2,531
2, .450
1,113
November.
June.
July..
August
September.
October
November..
Relative.
230
142
128
104
100
47
2,230
1,843 :
!
579
551
455
143
219
135
85
sss:
546 j
346
j
!
!
j
Carloads.
i For previous sources, see April, 1921, Bulletin.
SUGAR.
[Data for ports of Now York, Boston, Philadelphia, San Francisco, Galveston, Savannah, New Orleans. Weekly Statistical Sugar Trade Journal.
Tons of 2,240 pounds.]
Raw stocks i.
Receipts. ! Meltings. • a t close of .
!
• month.
1920.
153,404
June.
July..
1921.
78,953 1 August
i
September.
I October
244,253 I November..
144,904 j
172,654
264,462
221,706
November..
Receipts. • Meltings.
301,835 ::
807,081
1921.
416,170 ,
240,211 '
205,624
275,755
423,677
253,811
261,783
240,087
Raw stocks
at close of
month.
136,421
145,390
83,810
86,216
TOBACCO SALES AT LOOSE-LEAF WAREHOUSES.
[Reports of State authorities.]
Bright belt.
'Virginia dark.
November.
July....
August
September..
October
November..
North
Carolina.
Pounds.
1,517,152
Pounds.
\
25,645.083 ;
Pounds,
j Pounds.
79,805,468 j .
Pounds.
105,450,551
67.809
105,458
7,400,768
1920.
1,698,410 ,
9,274.223 :
21,580; 130 :
2,200,905
.11,840, .1.09
41,756,009
50,597,385
73,206,917
10,153.170
49,790,286
45,742,116
59,871,608
97,787,047
1921.
South
Carolina.
Western
dark.
Virginia.
i
'
i
:
|
7,952,265
37,950,177 |
2,287,697 j
\
!
i Grand total.
Total
Pounds. ! Pounds.
243,375 | 108,985,6S3
1,521,247
2.662,095
2,345,050
2,724,010
3,595,367
573,650
486,550
265,280
62,475
5,089.644
I 12,245,007
.
52,938,931
\ 48,421,255
| 62,763,551
I 113,872,826
:
NOTE.—Includes sale for growers and dealers, but excludes resales.
SALE O F REVENUE STAMPS F O R MANUFACTURES O F TOBACCO IN T H E UNITED STATES (EXCLUDING P O R T O RICO AND
P H I L I P P I N E ISLANDS).
[Commissioner of Internal Revenue.]
Cigarettes.
Cigars.
Large.
Number.
668,060,015
November
1921.
June
July....
,
Small.
Manufactured
tobacco.
Small.
Number.
Number.
57,026,500 ; 3,529,200,000
6i8,495,102 50,175,400 4,219,727,623
564,598,255 j 47,362,340 . 4,161,217,573
i
I
Pounds. ,i
1921.
18,513,654 l! August
i! September..
'•' October
31,737,525 |j November..
29,226,353 ;j
Cigars.
Cigarettes.
!
|
Small.
Large.
• Number.
! 622,039,033
611,427.829
i 635,807! 097
i 615,25^258
Small.
Number.
Number.
53,630,000 5,130,577,133
55,799,900 4,791,397,910
60,574.420 4,877,825,880
52^962^253 ! 4,' 229^ 401,' 957
Manufactured
tobacco.
Pounds.
33,601,590
31,488,809
33,718,294
27,747; 196
66
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
NAVAL STORES.
[Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.
Receipts.
June
July
Stocks !
| Stocks
at close of Receipts. ! at close of
month.
j month.
Barrels.
23,893
Barrels.
49,209
33,533
36, 435
1920.
November
36,949
47, 580
1921,
,
Spirits of turpentine.
Rosin.
Rosin.
I Receipts.
1921.
Barrels.
247,253 ! August
September..
I October
80,943 i
308,341 1 November..
90,382 j
328,224
Receipts.
Barrels.
33,773
28,786
23,440
24,801
Barrels.
82,877
Stocks
at close of
month.
Barrels.
52,861
54,949
58,066
62,072
Barrels.
92,580
83,484
79, 275
98,260
Stocks
at close of
month.
Barrels.
328,907
322,898
313,904
321,478
COAL AND COKE.
G[U. S.eological Survey. Monthly average, 1911-1913=100.] .
1
|
I
By-product coke, estimated monthly production.
Bituminous coal, esti- Anthracite COal, estimated monthly production.
Short tons. Relative. Short tons. Relative.! Short tons. Relative. Short tons, i Relative,
1920.
!
June
July
August
September..
October
November.
1921.
51,457,000
139
7, 441, 000
101
1, 622, 000
33,852,000
30,394,000
34,538,000
35,105,000
43,741,000
35,955,000
November
91
82
93
95
118
7,786,000
7,050,000
7,196,000
7,124,000
7, 580,000
6,859,000
105
95
97
96
102
93
232,000
181,000
248,000
289,000
416,000
477,000
62
1,410,000
1,285,000
1,402,000
1,423,000
1,734,000
1,766,000
160
146
159
162
197
201
CRUDE PETROLEUM.
[Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42
gallons each. Monthly average, 1911-1913=100.]
Production.
Barrels.
1920.
November.
June.
July..
1921.
38,699,000
.! 40, 405,000
,.! 40,328,000
Stocks at
closeof
Production.
Pl d uc
^ ff -
i
.,"%.
202 ; 125,853,000 j
i
i
211 i 164,837,000 i
210 i 172,359,000i
2,136
Relative.
(barrels).
!
I
I RelaI tive.
Barrels.
1,471
1,157
1921.
August..
September..
October.
November.
Stocks at
close of
month
(barrels).
40,966,000 ; 214
176,248,000
36,615,000 I 191
177,3S4,000
35,621,000
186 ! 176,227,000
37,780,000 ! 197 | 176,860,000
Producing
oil wells
completed.
952
788
752
TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL.
[Bureau of Mines.]
O U T P U T B Y MONTHS.
Crude oil run
(barrels).
Gasoline
(gallons).
Kerosene
(gallons).
j Gas and fuel
i (gallons).
Lubricating
(gallons).
_!
October.,
June
July
August
September.,
October
1920.
40,087,250 j
213,742,156
823,114,603
93,229,723
30,940,821
36,040,797
36,044,910
35,613,933
37,968,496
1921.
405,787,745
430,344,363
419,641,815
431,577,195
416,913.000
440,955,'518
141.637,0*1 !
138i724,132 I
143,652,290 !
154,017,299 '
182,453,593
826,355,262
807,428,397
784,450,485
788,408,124
833,775,254
63,088,609
65,893,228
66,473,473
69,053,367
75,971,377
799,024,084
136,194,914
1,248,664,088
1,269,419,283
1,243,445,980
1,229,254,127
1,238,269,365
260,883,121
258,638,298
242,530,099
230,227,413
216,770,320
!
j
I
|
STOCKS AT CLOSE OF MONTH.
October
June 30
1920.
i
1921.
.
July 31
August 31
September 30
October
..
.
19,237,730
21,008,986
19,115,631
16,374,050
17,991,036
18,40i,182
301,283,731
750,644,450
684,236,695
567,645,548
515,325,998
456,209,659
OQQ
QOQ OQQ
000,0^0,
zoy
412,201,674
389,893,421
435,05f),713
371,235,034
334,579,774
67
FEDERAL, RESERVE BULLETIN.
JANUARY, 1922.
IRON AND STEEL.
[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.
Monthly average, 1911-1913=100.]
Iron-ore shipments
from the upper
Lakes.
™ i• +
T n \ Unfilled orders U. S.
Steel-ingot produo- I g t e d
Corporation
tlon
at close of month.
]
Gross tons. Relative. Gross tons. Relative. Gross tons, i Relative. Gross tons, j Relative.
i
1920.
December
1921.
June
July
August
September..
October. ...
November..
December..
;
!
2,703,855 |
99,146
3,600,989
4,047,687
4,329,158
3,913,122
I
I
I
!
71 j
65 !
117
'
•
100 I 8,148,122 !
2,3-10,365
1,003,406
803,376
1,138,071
1,174,740
1,616,810
1,660,001
1,427,093
1,061,833 j
864,555 I
951,193
985,529
1,246,670
1,415,481
1.619,086
!
'
>
43
35
49
51
70
71
61
97
92
86
87
81
81
81
5,117,868
I 4,830,324
I 4,531,926 ,
4,560,670 !
4,286,829 !
i 4,250,542 I
! 4,268,414
STRUCTURAL-STEEL ORDERS AND SHIPMENTS.
[Bridge Builders and Structural Society.]
Fabricated structural steel Structural-steel orders and shipments of the membercontracted for throughship of Bridge Builders and Structural Society.
out country.
Shipments.
Orders.
Tonnage.
1920.
November..
Tonnage.
Per cent
shop
capacity.
Per cent
shop
capacity.
Tonnage.
49,200 j
27.5
11,531
16.0
41,268
57.5
66,900 i
60,200 |
59,300 i
86,000 !
97,800 !
99,800 ;
1921.
June
July
August
September..
October
November.,
Per cent
shop
capacity.
37.0 i
33.5 !
33.0
48.0
54.0 I
55.5 I
25,247 !
21,847 ,
18,010 ;
32,099
28.150 :
43,221 !
35.5
32.0
26.0
47.0
41.0
63.0
27,363
22,186
23,558
23,197
26,406
25;211
39.0
32,5
34.5
34.0
38.5
36.5
PRODUCTION OF COPPER.
[American Bureau of Metal Statistics. Monthly average, 1911-1913=100.]
Pounds.
June
July
August
1921.
18,033,954
16,389,507
20,013,569
Relative.
18 1! September..
17 j| October....
20 j November.,
Relative.
Pounds.
1921.
20,926,554
24,613,754
21,713.984
21
25
22
ZINC.
[American Zinc Institute. Tons of 2,000 pounds.]
j Stocks
Produced. ! at end of
I month.
1920.
December.
June..
July.
1921.
28,459
19,443
15,495
71,058 r August
i; September.
!• October
"
89,889 i. November.,
92,408 ! December..
Stocks
at end of
month.
! Produced,
1921.
I
14,621 i
14, 367 '
14,538 .
21,135 '
22,013 •
'
86,549
81,135
70,824
67,049
66,608
LEAD PRODUCTION.
[American Bureau of Metal Statistics.. Tons of 2,000 pounds.]
Production. Relative.
June
July
August..,
1921.
28,348
27,827 !
31,350 !
81 ! September.
80 i October
90 :
Production. Relative.
1921.
30,146
31,474
90
68
FEDERAL RESERVE
BULLETIN.
JANUABY,
1922.
TIN.
[Imports, Department of Commerce.
I Imports.
1920.
November
Monthly average, 1911-1913=-100.]
Deliveries
Relative. to factories.
i Pounds.
i 9,550,535
1921.
June
July
Deliveries, New York Metal Exchange.
Pounds.
7,604,800
JOS
!
• 4,133,450
'
! 3,565,767
3,561,600
3,411,520
Deliveries
Imports, i Relative. to factories*
I
T
Pounds.
Pounds. I
7,436,800
5,200,504 !
5,796,186 '
5,835,200
4,351,541
5,107,200
6,886,085
7,280,000
1921.
August
September.
October
November..
TEXTILES—COTTON AND SILK.
[Cotton, Bureau of the Census; silk, Department of Commerce and The Silk Association of America. Cotton, monthly average, crop years 19121914=100; silk monthly average, 1911-1913=100.]
Cotton consumption.
.
Bales.
1920.
332,712 !
!
401,650 =
410,120 :
407,103 .
4S4,047 i
494,745 ;:
520,610
:
1921.
June
July
August
September
October
November
i
;
i
November
'.
Imports of raw silk.
Silk
Cotton
consumpspindles j
tion
I
j active dur- i
;
! Relative. ; ing month. I Pounds. ; Relative. (bales).
•
•
;
"
.
j
1,319,995
74 j 31,700,014
i
103 I 32,005,315
91 j 32,446,281
104 ' 33,059,211
108 j 33,898,41.5
110 ! 34,255/522
117 | 34,387,008
65
189
238
250
225
154
167
3,871,327 !
4,807,985 •
5,114,901 i
4,597,042 1
3,140,516 !
3,412,371 |
11,641
31,192
32,325
32,790
31,229
26,816
18,355
TEXTILES—WOOL.
[Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.]
Percentage of idle machinery on first of month to
total reported.
Spin ning spindles. I
Looms.
Consumption
(pounds). 1
Sets of Combs.
cards.
»"
i
Percentage of idle hours on first of month to total
reported.
Loom s.
Spinning spindles.
I
Woolen. Worsted. 50-inch I
| Woolen,1,Worsted.
1
T
1920.
.December
24,372,000
1921.
June...
July...
August- . . . . . .
September
October
November
December
1
I
i
!
j
51.2!
59,592,000 ! 20.5 I
53,076,000 ' 18.7
58,261,000 i 20.4 !
22.0
62,130,667
23.7 !'
67,287,000
23.3
60,320,000
20.6 '
,
50.3
44,
25.2
25.2
26.4
28.4
25.8
24.6
21.7
21.6
21.3
22.9
22.8
22.3
20.7
22. 5
Converted to grease-equivalent basis.
41.4
51.7:
20.6
20.51
21.9,
22.4!
22.4 i
20.5 ,
22.4 '
10.9
11.0
12.7
16.7
14.3
12.5
10.1
59.7 i
42. 7 :
10.1 :
9.8 :
13.3 '
9.5 i
19.9
17.5 '•
20.8 !
23.3 i
25. 8 ;
24.9 !
28.7 I
8.6 j
7.8
10.2!
60.4 I
I
30.1 l
26.3 I
29.6 j
31.0
27.5 :
27.0 !
25.7 I
57.1
51.0 !
53.9 i
53.4
19.8
17.9
20.6
21.1
21.0
18.0
21.2
1.4
4.1
12.6
8.8
2.4
0.5
6.2
18.6 i
18.2 i
20.0 i
21.2 !
20.9;
18.3 !
21.9 i
10.4
6.6
14.3
11.5
7.8
8.1
12.6
LUMBER.
(From reports of manufacturers' associations.]
Southern pine.
iNumiber of
mills.
1920.
November
1921.
June
July
August
September
October
November
203
j
.„.,.'
ro
duetion.
Mfeet. i Mfeet.
3 L 5,34H \ 320,750 \ 52
190 365,970
187 366,057
185 388,510
J 186 385,029
I 186 395,435
184 411,883
Numi Qi,!n N
I mShiP- b e r of
ents
' 'mills.
371,183 j
346,300 i
405,974 1
433,714
493,035
423,032
Production.
I Eastern white pine.
Douglas fir.
Western pine.
Ship- Numments. ber of
mills.
duction.
P
ments
-
\ North Carolina pine.
iNum; b e r of
S?5
Mfeet.
107,840
Mfeet.
00,259
123
121,648
110,588
107,3i6
82,890
85,000
66,032
76,874
77,2 >3
92,397
89,500
107,450
98,273
114 j 232,407 230,970
107 !, 191,257 187,165
103 290,877 321,553 i
103 i ~ " ~~ 216,763 1
i 23i;559
\ 311,119 304,090 !
104 i 260,'055 , 22^ 433 !
Mfeet. I Mfeet. •
203,452 ! 212,220
19
Production.
mnis
Mfeet. ! Mfeet.
20,294 j 19,75L ; 24
42,171
43,843
47,675
37,716
29,707
12,275
1
!
i
i
j
,
23,536
21,991
25,933
35,675
41,432
36,118
Production.
Shipments.
Mfeet. I Mfeet.
12,929
14,617 j
15,342 i
15,267 I
15,820 !
15,623 i
17,641 I
18,243
14,864
16,617
14,592
18,556
69
FEDERAL RESERVE BULLETIN.
JANDAUY, 1922.
RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS.
[Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-1913—100.]
Receipts.
Relative.
Mfeet.
!
Shipments.
'. Relative.j
M feet,
M feet.
i. ..
December
1920.
351,695
1921.
372,453
QOO 1QQ
Julv
253,848
216,908
80
71
._
Relative.
Relative.
Mfeet.
_. .......
|
1921.
76 i August
1 Sfvpt flmber
1
October . . . .
100 • November
'
85 1 December
192,072
76
Shipments.
Receipts
1
!
356,730 i
388,740 '
405,755 |
496,195
...
77
84
87
107
235,736
246,602
270,448
305,188
93
97
108
120
PRODUCTION OF WOOD PULP AND PAPER.
[Federal Trade Commission.]
Wood
pulp.
Newsprint.
« v
Book
; Net
Net !'
1921.
! tons.
tons.
31,208 i! August
195,176
September
! 193,479
:
October
. 233,618
50,332 ! 17,511 .November....; 271,787
45,090 | 16,327
Net
tons.
102,277
98,898
101,884
104,604
Net \
Net
tons, i
tons.
59,711 138,530
62,416 j 160,207
•7O l O f t i 1U1 >77K
72,139 181,775
73, 541 172,582
Wood
pulp.
Newsprint.
Book.
Paper
board.
1920.
November
- Net
i tons,
: 326,041
Net
tons.
122,993
Net
tons.
89,564
Net ' Net
tons.
tons.
133,818 i 65,920
1921.
June .
July..
j 189,389
! 178,173
87,724 ! 53,934 | 130,177
94,247 i 48,527 | 112,265
Wrapping.
Fine.
i Paper
* ' board.
Wrap- j
ping. !
Net
tons.
56,167
59,095
C\A "1O
64,518
65,905
V1
Fme
'
! "
Net
tons.
18,833
20,555
24,635
24,609
CEMENT.
[U. S. Geological Survey.]
1
Stocks at :j
Shipments.; close of '
i month. !i
; Production.; Shipments.
Barrels, i Barrels. ';
10,577,000 ! 11,150,000 ;; September
! 9;568;000 !I 10,301,000 I 10,414,000 .j October
! 10,244,000 12,340,000
8,280,000 !i November
1921.
.Tune.,
July
August
1921.
I Barrels. \ Barrels.
i 10,027,000 ! 11,329,000
I 10,506,000 12,114,000
, J 8,921,000! 5,195,000
Stocks at
close of
month.
Barrel*.
6,953,000
5,348,000
9,091,000
RAW STOCKS OF HIDES AND SKINS.*
[Bureau of Markets; July, 1920, on Bureau of the Census,]
' Calfskins. I Kipskins. j
1920.
Nov. 30.
| * a n d \ Cabaretta.
7,15S, 751 ; 3,492,058 : J, 422,60S j 11, 23 J, 086
"
1921.
June 30..
July 3 1 . .
Aug. 31..
Sept. 30..
Oct. 31 .
Nov. 30..
Go
7,077,950
6,448,869 ;
6,494,281
6,086,225 '
5,990,633 !
5,901,843
3,890,547
3,639,871
3,459,310
3,475,069
3,370,183
3,148,311
1,026,189
980,762
895,523
938,001
955,212
1,002,299
2,234,027
1,218,839
1,109,005
1,029,369
791,110
702,347
526,829
9,679,847
9,784,714
10,948,785
10,745,903
11,124,329
11,290,645
12,705,767
13,755,042
13,761,905
13,904,019
12,606,056
13,065,070
13,364,170
!
»Includes hides and skins in transit.
PRODUCTION OF LEATHER.
[Bureau of the Census.]
Sole and
belting.
1921.
January
February
March
April
May
June
July
.'
August
September
«
Glove.
Fancy
and bookbinders.
Pounds. Square feet. Square feet. Squarefeet. Squarefeet.
954,000
6,037,000
1,147,000
22,444,000 36,302,000
1,655,000
5,078,000
1,351,000
21,205,000 33,570,000
1,165,000
6,647,000
1,863,000
25,502,000 48,955,000
1, 540, 000
24,000,000 50,420, 000 1,296, 000 5,611,000
1,917,000
5,911,000
1,620,000
• 25,242,000 53, 532, 000
'
62,448,000
2, 801, 000
7,716,000
2, 252,000
i 26,122,000
2, 956, 000
6,613,000
1, 720,000
25,028,000 63, 217,000
3,431, 000 7, 022,000
2,072,000
26,985,000 70,418,000
6,889,000 2,093,000
25,683,000 67,545,000 4,181,000
:
:
:
Patent.
Harness,
case,
welting,
etc.
Pounds.
2,160,000
2,157,000 ::
2,797,000
2,635,000 :
2,528,000 ;
2,640,000 ,
2,543,000 !
2,828,000 '
3,113,000 I
Offal.
! Miscellai neous
; splits and
: upholstery.
Pounds.
Squarefeet.
6,624,000
13,140,000
5, 584,000
12,924,000
7, 539,000
16,592,000
7,080,000
17,063,000
8,016,000
19,621,000
8,091,000
18,438,000
7,924,000
20,346,000
8,363,000
23,493,000
8,471,000 23,403,000
70
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
AUTOMOBILE TIRES AND TUBES.
[The Rubber Association of America.]
Pneumatic tires.
iProductio:
1921.
Stocks.
Number. \
2,313,205 |
2,570,524 i
3,043,187 I
1,929,208 i
1928271
1,928,271
1,756,555 ;
June
July
August
September
October
November
Inner tubes.
Solid tires.
Stocks.
Stocks.
Shipments,
domestic. Production
Number.
4,1.54,450
3,892,037
3,934,583
3,340,798
3,545,030
3545030
3,908,342
Number.
2,643,850
2,757,581
2,894,442
2,047,929
1,675,169
1,342,519 j
Number.
2,359,928
3,020,981
4,430,152
3,274,822
2,843,918
2,126,211
Number.
3,835,098
3,122,815
3,649,319
3,827,830
4,732,016
5,203,568
Number.
Number.
3,232,673 !
28,395
35,123
3,603,243 I
55,694
3,S04,060 !
37,441
2,645,758 i
46,274
2,016,371 !
43,537
1,540,299 I
Shipments,
domestic.
Number.
240,336
220,003
216,367
161,832
163,299
173,451
Number.
49,867
55,678
66,866
50,276
45,911
34,556
SHIPMENTS OF AUTOMOBILES.
[National Automobile Chamber of Commerce.]
' Railroad |Driveaways; Boat (ma- j
j (carloads), j (machines) chines).
1920.
1921
i
December
:
11,802
6,469
|
!
'
1921.
June
July
Railroad Driveaways Boat (ma(carloads). (machines). chines).
20,269
19,514
18,834
15,533
3,947
3,726
August
September
October
November
December
20,758
19,002
17,717
14,240
12,100
3,595
2,959
2,214
1,402
134
15,218
13,840
12,926
10,505
7,500
OUTPUT OF LOCOMOTIVES AND CARS.
[Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.]
;
Locomotives.
|
Output of cars.
Locomotives.
Output of cars.
! Domes- ! Foreign D e,s
^
|
;
tic
i com? £ " ! Foreign.
Total,
shipped, pleted. ; t l c *
j
|
! Number. \ Number. ' Number. Number, i Number.
1921,
j
204 .
73 '
6,243
985 ;
7,228 i August
i September
!
'
October
j
43 .
36 :
2,540
417 j
2,957 • November
!
31 '
25 i
4,140
441 '
4,581
1920.
November
June
July
1921.
Domestic
shipped.
Number. Number. Number. Number. Number.
43
51
2,364
2,546
182
50
53
1,597
1,971
374
51
22
14
15
Foreign
completed.
Domestic.
Foreign.
Total.
i
VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE
BUREAU OF NAVIGATION.
[Monthly average, 1911-1913=100.]
Relative
I Number' j
December
1920.
1921.
160 j
107 I
Number.
!!
732 ! August
. September
I' October
720 j1 November
375 !! December
176,903
June
July
«
173,885
90,636
Gross
tonnage.
Relative.
1921.
90,205
105,352
50,265
61,599
46,108
373
436
255
191
RAILROAD OPERATING STATISTICS.
[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.]
i
Net tons !
per
loaded car.
I
Net ton-miles, "I Net tons
! revenue and j
per
nonrevenue. j train.
October
1920.
1921.
June
July
j 42,570,000,000
737 j
30.0
!
i
28,140,661,000
28,412,404,000
671 |
660
27.7
27.5
Net ton-miles,
revenue and
nonrevenue.
August.
September.
October
1921.
Net tons
per
train.
Net tons
per
loaded car.
30,381,958,000
30,821,944,000
36,507,000,000
670
679
702
27.4
27.1
27.2
71
FEDERAL RESERVE BULLETIN.
JANUARY,. 1922.
RAILROAD REVENUE-FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
[American Railway Association. Carloads.]
REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO NATURE OF PRODUCT.
Grain
and grain
products.!
Merchandise,
L. C. L.
Miscellaneous.
Total.
841,496
! Forest
| products.
Coal.
1,070,714
3,479,401
1,106, 768
1,072,774
1,227, 599
1,248, 529
1,408,617
1, 080,704
945,115
3,426, 544
3,261,138
3,655,191
3,641,384
4,005,154
3,278,706
3,040,617
1920.
December
961,148
56,665
696,312
634,100
699,193
705,827
850,237
669,285
582,839 ,
153,055 I 128,032
21,064 I 221, 569
17,057 I 182,078
19,875 I 202, 545
21,406 ! 201, 251
28,431 | 227,025
28,032 ! 211, 663
30,519 i 199,500
07,196
201,095
1921.
June
July
August
September
October
November
December
181,080 I
239,857 !
269,878 :
239,514 i
218.619 I
164,652 i
186,545 I
,
121,751
104,224
124,394
129,600
158,642
136,589
129,522
947,162
130,838
879, 3S2
131,666
968, 746
142,961
971,527
123,730
93,115 1,020.468
953;900
33,931
941,824
24;693
REVENUE-FREIGHT LOADED, CLASSIFIED ACCORDING TO GEOGRAPHICAL DIVISIONS.
i
Eastern.
Pocahontas.
Allegheny.
Southern
Northwestern.
Central
Southwestern. ! western.
Total.
1920.
December
846,723
772,005
136,076
526,763
403,180
519,288 ;
275,360
3,479,401
826,912
786,454
714,503
651,910
716,717
710,463
790,621
671,584
626,094
150,331
122,958
120,320
131,712
156,234
128,240
104,928
497,093
465,145
493,840
508,984
570,528
501,997
473,145
519,090
489,118
579,035
555,095
572,057
406,131
379,228
465,973 !
485,161 !
567/883 !
574,833 j
636,649 i
486,798 j
458,534 j
252,642
260,392
287,197
278,061
297,841
258,883
245,958
3,426, 544
3,261,138
3,655,191
3,641,384
4,005,154
3,278,706
3,040,617
1921.
June
July
August
September
October..
November
December
981,224
825,073
752,730
TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE.
[Department of Commerce. Monthly average, 1911-1913=100.]
I
Net tonnage.
1 American. Foreign.
Total.
I
i
1920.
November
1921.
June
;
3,302,367
i
1 3,058,679
2,868,294
3,094,452
Net tonnage.
PercentRela- al a g e • Rela-;
tive. Ameri- tive.'
can to
total.
i
!
6,170,661
151
6,153,131
150
American. Foreign.
1921.
1
202 ! July
August
i
53.5
2,512,712
2,581,600
3,091,960
2,702,587
2,748,246
September
187 | October
November
49.7
i
i
3,382,443
3,222,908
2.903,253
2,795,681
2,200,395
!
Total,
Percent| Rela- age
Rela1 tive. Ameri- tive.
j
can to
total.
1
5,875,155
5,804,508
5,995,213
5,498,268
4,948,641
!
i
!
j
;
144
142
147
134
121
42.8
44.5
51.6
49.2
00.0
161
168
194
185
209
COMMERCE OF CANALS AT SAULT STE. MARIE.
[Monthly average, May-November, 1911-1913=100.]
EASTBOUND.
Wheat
1920.
9,921,968 !
1921.
June
July
August
September
October
November
11,358,929
10,839,026
10,298,759
14,382,104
13,540,811
6,305,090
Flour.
Total.
Iron ore.
Bushels.
Barrels,
Ill
37,236,311
1,317,800 I
114 j 5,553,173 I
127
122
116
161
152
71
10,418,433
7,878,077
10,132,267
28,120,141
53,332,559
24,793,852
1,150,240
1,119,140
1,232,250
1,516,155
1,887,340
524,030
106
131
163
45
Bushels, i Relative.
November
'
i Relative. Short tons.! Relative.! Short tons. Relative.
3,892,791
4,356, 760
4,384,949
3,610,454
383,302
94
7,065,488
101
4,628,067
5,011,900
5,128,043
5-, 017,941
2,519,390
938,271
72
73
72
36
13
72
FEDERAL RESERVE BULLETIN.
JANUABY,
1922.
COMMERCE OF CANALS AT SAULT STE. MARIE—Continued.
WESTBOUND.
Hard coal.
Soft coal.
Total freight.
Total.
Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons.! Relative.
1920.
!
i
1921.
i
June
July
August
September
October
November
329,845
106
144
158
91
51
10
95
9,419,580 |
158 3,451,409
129 3,126,683
88 1
52 1 I7.464', 130
25 j
746,089
92,909
3|
3,027,177
2,486,990
1,698,068
993,848
474,441
52,990
2,354,092
139
126
95
59
30
4
8,079,476 ;
8,138,583 !
7,497,876 .
6,482,071 i
3,265,479 '.
1,031,180 !
1,869,723
'•• 247,048
445,754
489,142
281,130
•
159,002
i
30,900
November
i
!
97
85
86
79
68
34
11
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS.
[U. S. Geological Survey.]
Kilowatt hours.
Kilowatt hours.
Produced by j Produced by !
waterpower. !
fuels.
]
1920.
November...
1921.
Produced by i Produced b y
waterpower. j
fuels.
Total.
:
1921
July
August.
September
3,244,093,000 | October
November
1,388,405,000 ! 2,3.17,042.000 | 3,705,507,000
1,215,972,000
lane..
2,028,121,000
Total.
i
i
I
•...!
1,224,813,000
1,199,995,000
1,101,576,000
1,141,807,000
1,222,987,000
3,269,709,000
3,410,701,000
3,374,703,000
3,578,886,000
3,646,308,000
2,044,896,000
2,210,706,000
2,273,127,000
2,437,079,000
2,423,321,000
BUILDING STATISTICS.
BUILDING P E R M I T S IN 166 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
N U M B E R O F P E R M I T S ISSUED.District District District • District i District District ! District District District District District! District
No. 3 • No. 4 i No. 5
No. 6 ! No. 7
No. 10 I No. 11 | No. 12
No. 9
No. 8
No-1
No. 2
(14 ! (19
(22
(14 j
(9 ! (20
(14 | (12 : (15
(14
(4
(9
cities), i cities). ! cities). cities). ! cities). cities). cities). cities). ! cities), j cities).
cities). cities).
1920.
November...
1,323
June
July
August
,
September..,
October
November...
4,072
L,707 I
2,517
2,230
2,596
2,442
2,528
1,795
1921.
7,534
7,501
8,188
7,709
7,730
7,366
2,874 i 4,564
2,599 j 3,678
2,749 I 4,222
2,990 I 3,987
3,042 i 3,990
2,103 • 2,890
2,170
1,995 I
2,997
1,061
966
1,048 ;
2,001
4,045
3,278
3,756
3,389
3,762
3,110
2,562 j
2,800
2,564 :
3,437 i
2,847 .
3,036 |
2,677 ;
5,930
5,392
6,157
5,466
6,426
4,198
1,939
1,815
1,971
2,036
1,904
1,357
1,971
1,753
2,390
1,975
1,931
1,105
2,166 j
2,240 ;
2,653 !
2,739 i
2,784 !
2,143 I
2,617
2,475
2,814
2,598
2,736
2,479
i
!
'
!
Toffll
Kf*
.
cities)t
6,990 | 28,892
8,199 1
7,925 !
10,187 !
11,169
11,442 i
10,162 !
47,156
43,450
51,120
49,347
51,311
41,385
VALUE OF PERMITS ISSUED.
District No.
1(14 cities).
1920.
!
i
1921.
'
!
i
i
November
June
July
August
September
October
November
:
:
District No.
2 (22 cities).
3,365,537
18,194,119
3,742,950
5,901,026
4,167,779
!
6,602,647 i
6,304,033
6,924,076 \
5,799,540 |
6,288,342 i
6,159,262
48,312,504
64,146,117
55,534,223
47,232,953
62,995,929
52,673,837
7,875,639"
5,875,671
6,379,857
7,820,694
9,700,800
9,290,556
15,658,897
9,342,411
10,857,711
11,677,857
13,739,684
10,381,430
8,779,653
5,606,030
8,190,936
9,284,277
8,233,404
6,019,114
District No. j District No.
3 (14 cities), j 4 (12 cities).
District No. District No.
5 (15 cities). : 6 (14 cities).
District No.
7 (19 cities).
3,171,368 |
!
i
\
i
12,076,354
4,723,709
5,772,478
5,304,592
5,150,280
5,174,576
3,926,470
20,593,319
29,933,415
25,578,330
23,080,016
23,282,376
22,343,114
.TANUATCX-,
73
FEDERAL, RESERVE BULLETIN.
1922.
BUILDING STATISTICS—Continued.
BUILDING PERMITS IN 166 SELECTED CITIES—Continued.
V A L U E OF P E R M I T S ISSUED—Continued.
i District No. I District No. District No. ! District No. District No.
I 8 (4 cities), i 9 (9 cities). 10 (14 cities).; 11 (9 cities). 12 (20 cities).
1920.
June
July
August
September
October
November
i
j
1921.
November
!
•
i
!
i
!
|
1,284,999 |
!
4,448,228 !
3,485,150 ,
3,325,791 '
5,820,895 '••
3,581,849 I
2,480,127 .
Total (166
cities).
2,215,110
3,031,267 !
2,916,070
13,107,691 I
73,174,276
5,602,586
3,906,381
5,423,460
4,004,238
4,209.233
3,023,050
5,452,181
5,496,947
7,529,619
6,286,923
8,066,527
5,674,501
4,155,740
4,133,026
6,401,268
5,680,968
3,597,942
4,331,965
15, 450,694 |
15, 298,705 I
17, 226,365 I
20 134,993
23, 333,741 !
19, 579,992 |
147,655,797
159,300,964
158,676,228
151,973,634
172,204,403
145,883,418
|
:
!
;
!
'
VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.
[F. W. Dodge Co.]
VALUE OF CONTRACTS F O R A L L CLASSES OF BUILDINGS.
District
No. 1.
June
July
August. . . .
September.
October
November..
District
No. 3.
District
No. 4.
10,562,889
31,415,111
5,547,400;
14,855,121
8,882,352
15,308,072
19,298,334
19.276,295
15,282,766
20,498,363
17,442,920
63,561,928
54,500,566
62,043,905
90,730,134
74,429,237
59,810,680
14,796,800 !
13,563,100
22,350,500
16,197,500 '
18,295,400 !
13,137,500 !
39,928,314
35,669,377
26,665,555.
36,041,601
26,969,803
29,951,636
20,428,701
16,026,969
17,337,624
19,597,191
19,463,402
19,053,420
District
No. 5.1
District
No. 7.
District
No. 9.*
T
1920.
November.
District
No. 2.
1921.
4,169,120
45,199,007
41,119,866
44,680,034
41,461,283
36,250,434
32,542,270
8,762,123
12,651,007
9,173,552
8,162,640
8,047,792
5,436.706
i North and South Carolina not included prior to May, 1921.
2 Montana not included.
VALUE OF CONTRACTS FOR R E S I D E N T I A L B U I L D I N G S .
District
No. 1.
1920.
!
1921.
j
November
June
July
August
September
October
November
!
7
'
!
'
!
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.1
District
No. 7.
District
No. 9.*
3,723,389
10,825,811 i
1,524,200 ;
5,067,994
2,669,461 I
4,908,178
945,910
6,531,152
6,672,758
6,702,583
6,547,754
8,094,387
7,138,624
34,355,048 !
22,546,142
36,061,717 1
48,789,046 i
39,738,113 I
41,206,876 !
3,543,700 !
2;971,900 i
5,331,500 !.'
5,526,400
5,449,400 !
4,304,500
8,198,377
8,319,248
8,209,645
8,987,610
8,991,474
11,952,875
4,090,859 '
5,335,545 !
5,938,417 I
6,171,436 ;
5,937,599 1
6,643,425 i
9,880,273
7,382,427
10,424,029
11,655,497
11,660,499
11,847,385
2,554,420
3,758,504
2,975,503
2,476,134
2,256,545
2,202,353
1 North and South Carolina not included prior to May, 1921.
2 Montana ,not included.
74
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
October, 1921.
November, 1921.
Total.
White
goods.
Dyed
goods.
Printed
goods.
57,498,631
20,825,591
IS! 858,359
7,464,440
1,178,204
2', 461,189
14,485,606
5,632,839
7,604,073
7,445,413
554,980
20,603,105
1,540,267
7,569,295
43,319
883,112
11,808,446
3,857,955
50,890,978
18,779,966
16,523,222
7,488,732
1,438,092
2,011,182
16,002,805 105,286,414
35,722,911
30,639,098
15,666,401
97,132,172
$1,946,112
499,711
541,286
137,998
48,499
37,705
$275,764
97,792
248,690
133,092
5,753
$807,649
52,529
343,259
231
39,559
S543,318
129,793
695,894
3,211,311
761,091
1,243,227
673,111
3,075,704
78
48
89
71
74
72
71
93
111
90
100
60
55
94
96
74
30
96
62
69
63
57
92
96
93
90
76
72
70
72
63
69
6,141,406
7,869,515
7,364,389
379,116
22,149,538
3,636,386
7,221,901
51,100
632,558
10,756,264
5,469,803
52,235,475
21,806,753
16,391,625
7,415,489
1,011,674
2,048,949
14,769,985
5,557,894
7,504,310
4,204,997
249,126
19,879,385
2,242,974
6,572,330
5,827
770,273
8,941,174
3,274,128
46,767,926
16,320,096
15,515,704
4,210,824
1.019,399
1,445,226
36,490,865
33,691,483
16,226,067 100,909,965
32,286,312
29,470,789
12,215,302
85,279,175
6,893
4,180
4,024
2,413
6,832
72
2,231
4,091
29,885
9,846
7,017
4,140
5,441
3,812
4,869
2,043
6,004
68
2,348
3,438
26,105
10,223
7,811
3,645
17,510
9,135
4,091
51,439
16, 165 :
8,420
3,438
48,207
4,608
2,978
145
261
3,966
75
323
3,010
23,159
10,394
5,730
1,063
HO
269
5,466
3,227
213
419
4,010
298
415
3,297
25,176
12,068
5,910
1,760
505
256
7,992
4,364
3,010
40,725
9,325
4,723
3,297
45,675
4.7
7.6
14.0
22.0
10.0
3.9
21.0
12.0
16.0
8.7
7.6
17.0
22.0
9.2
15.0
4.7
8.1
16.0
13.0
9.6
3.7
17.0
9.9
11.0
8.0
7.2
16.0
13.0
12.0
8.3
9.3
11.0
12.0
10.0
8.7.
10.0
10.0
9.2
White
goods.
18,746,156
7,432,537
7,155,668
7,414,784
299,522
22,085,997
2,125,889
7,305,281
49,656
878,682
12,459,518
3,543,287
41,048,667
32,445,505
$358,187
144,833
196,714
137,830
5,761
$860,051
65,204
319,780
168
42,738
$567,282
128,612
843,325
Total finished yards billed during month:
District 1
2
3
5
. . .
6
Dyed
goods.
1,287,941
71
62
96
111
79
. Printed
goods.
s
Total
Total finishing charges billed during month:
District L
.
2
3
5
.
6
8
Total
Total average per cent of capacity operated:
District 1
2
3
(5
8
Average for all districts
»..
Total gray yardage of finishing orders received:
14,736,439
District 1
.
2
3
6
8
Total
Number of cases of finished goods shipped to
customers:
District 1
2
3
6
8
551
Total.
Number of cases finished goods held in storage
at end of month:
District 1
....
2.
3
5
6
.
8
i
Total
77 |
.
Total average work ahead at end of month
(expressed in days):
District 1
.. . 2
3
5
6.
8
Average for all districts
.
. .
|
Total.
N
$1,781,015
474,137
615,777
133,323
45,312
26,140
423
1
The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has arranged for a monthly survey
within the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following
statement concerning the tabulation:
62 per cent; printed goods, 30 per cent. The figures given represent reports from ef&ctly the same finishers for the two months," both'for'the'totals
and for the subdivisions, and therefore are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore the column headed " Total," does not always represent the total of the subdivisions but is a correct total for the district.
JANUARY, 1922.
75
FEDERAL RESERVE BULLETIN.
REPORT OF KNIT-GOODS MANUFACTURERS OF AMERICA.
RETAIL TRADE.
The following tables arc a summary of the
The total production of winter and summer data obtained from 381 representative departunderwear for the six months ended November ment stores in the 12 Federal Reserve districts.
In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the
30 was as follows:
data were received in (and averages computed
from) actual dollar amounts. In districts Nos.
Number ! Actual
3, 4, 8, and 10 the material was received in the
of mills I produc- Per cent
of normal. form of percentages, and the averages for the
report- ! tion
ing.
| (dozens),
cities and districts computed from such percentages were weighted according to volume of
1921.
65. 5 business done during the calendar year 1920.
GO i 559, 591
June
51. 2 The changes in retail trade for the United
01
490,640
July
71.1
148
412,627
August
84.4 States as a whole are obtained by combining the
572,833
1 55
September
87.3
675,205
2 56
October
86.5 district percentages, after multiplying them by
692,452
3 57
November
88.1 a system of weights based partly on population
464,419
46
Winter underwear (November)..
83.5
228,033
Summer underwear (November)
and partly on banking resources. The tables
1
for the month of November are based on re5 other mills reported closed.
2 4 other mills reported closed.
ports from 26 stores in district No. 1 (Boston),
3
3 other mills reported closed.
61 stores in district No. 2 (New York), 49
Order and production report for month ended stores in district No. 3 (Philadelphia), 27 stores
November 30, 1921, follows. The number of in district No. 4 (Cleveland), 23 stores in district No. 5 (Richmond), 30 stores in district
mills reporting was 42.
No. 6 (Atlanta), 58 stores in district No. 7
(Chicago), 20 stores in district No. 8 (St.
Per cent
Louis), 16 stores in district No. 9 (Minneapof normal
Dozens.
production. olis), 16 stores in district No. 10 (Kansas City)?
21 stores in district No. 11 (Pallas), 34 stores
Unfilled orders first of month
1,117,216 I
in district No. 12 (San Francisco). Cincinnati
New orders received during month
308,924 |
60.0 and Toledo, in district No. 4 (Cleveland), are
Total(A)
1,426,140 I
shown separately for the first time this month.
53.4
275,144
Shipments during month
A comparison of monthly changes in activity
28.3
Cancellations during month
14,573
of different types of retaii business since JanTotal (B)
:
289,717
uary, 1920, is shown in the third of the followBalance orders on hand Dec. 1 (A minus B ) . . 1,136,423
The 145 department stores are
72*4 ing tables.
372,663
Production
located in districts Nos. 1, 2, 5, 6, 9, 11, and 12,
while the mail-order houses do business in all
Thirty-six representative mills which re- parts of the United States. Chain store figures
ported for October and November furnish the are based upon the total sales of the same reporting chains for each month, but the actual
data for the following table:
number of stores in these chains varies slightly.
[In dozens.]
It may be noted that mail-order business has
been much depressed during 1921, while sales
Novemof department stores and various types of chain
October
Loss.
ber (36
Gain.
(36 mills). mills).
stores compare quite favorably with sales in
corresponding months of 1920. November
67,990
Unfilled orders first of month 1,009,413 1,077,403
sales were slightly smaller than those of Octo99,838
306,837
New orders
406,675
268,461
70,778 ber; 1921, for each type of retailer, and were
Shipments
339,239
14,537
3,911
10,626
Cancellations
smaller than in November, 1920, except in the
362,660
382,345
19,685
Production.
case of' 'five and ten cent" chains and drug chains.
76
FEDERAL RESERVE BULLETIN".
JANUARY, 1922.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.
[Minus sign (—) denotes decrease.]
Percentage of increase in net sales as compared with corresponding period previous
year.
District and city.
July 1,1921, to close of—
July,
1921.
District No. 1:
Boston
Outside
District
District No. 2:
New Y o r k
City and
Brooklyn...
Buffalo
Newark
Rochester
Syracuse
Outside
Ratio of outstanding orders at close of
month to total purchases during previous calendar year (per cent).
Aug.,
1921.
Sept.,
1921.
Oct.
1921.
-11.5
-14.1
-2.1
-10.5
- 9.2
-12.3
-
-12.3
- 4.5
- 9.9
Nov.,
1921.
Aug.,
1921.
Sept.,
1921.
Oct.
1921.
Nov.,
1921.
5.8
.2
- 7.3
- 6.6
-11.5
-14.1
- 6.8
-12.4
- 7.8
-12.0
- 3.6
- 8.7
- 7.2
-1213
- 8.4
- 9.0
- 4.9
Aug.,
1921.
Sept.,
1921.
Oct.
1921.
6.1
7.5
7.2
7.4
7.4
7.3
7.0
6.1
5.6
4.3
7.3
- —
7.4
6.9
5.4
- 4.5
- 8.2
4.4
July,
1921.
- 5.5
6.3
••
-12.0 - 4.1 - 1 2 . 0
- 9.1 - 6.2 - 3.9
1.8
- 1 3 . 8 - 6.4
7.7
- 6.0 - 3.1
- 1 4 . 3 - 9.4 -13.4
- 1 4 . 9 - 1 1 . 2 - 7.3
4.4 - 6.9
1.3 - 7.6
- 2.1 - 8.4
- 3.8 - 7.7
- 6.8 -11.4
.1 -10.4
-
;
=
Nov.,
1921.
-12.0
— 9.1
-13.8
- 6.0
-14.3
-14.9
- 8.2
- 7.6
-10.2
- 4.5
-12.0
-14.3
- 9.7
- 5.2
- 5.9
- .2
-13.6
-12.0
- 4.9
- 4.5
- 4.7
- 2.4
- 7.8
-9.4
6.9
- 5.4
7.5
6.5
- 5.2
9.2
10.0
9.0
- 5.7
5.7
4.8
6.0
- 3.6
11.7
8.5
7.5
-11.0
- 9 . 7 """8.*6" ""'"8.Y " " 6 * 6 "
5.2
7.0
5.0
7.2
4.9
6.3
5.4
5.8
3.0
4.7
3.5
4.6
-11.5
District
District No. 3:
Philadelphia.. - 1 3 . 8
- 6.4
Outside
- 5.2
- 8.2
2.8
-8.2
-11.5
- 8.6
- 8.4
- 4.8
-
5.7
8.0
8.3
7.1
6.0
5.3
- 2.9
- 6.7
-16.5
-12.3
- 1.5
- 8.0
-10.5
- 4.6
-13.8
- 6.4
- 8.5
- 7.8
-12.0
- 9.4
- 8.7
- 9.5
- 8.9
- 8.8
8.1
7.5
-8.9
8.1
7.0
7.4
7.5
6.2
7.4
4.8
District
District No. 4
Cleveland
Pittsburgh
Cincinnati
Toledo
Outside
-11.8
- 4.0
-15.3
- 3.2
- 8.9
-11.8
- 8.3
-11.3
- 8.9
- 8.9
7.9
8.7 |
7.1
7.2
6.8
-29.2
-16.3
-22.4
-22.5
-26. 9
-24.6
-16. 6
-15.6
-29.2
-16.3
-22.8
-17.8
-26.7
-23.5
-23.5
-20.9
8.6
7.1
6.1
5.8
6.5
5.6
-ii.6
-15.8
-io.e
—17.6
-17.4
-14.5
—15.0
-22.2
—22.5
-10.4
-10.4
-19.6
8.6
5.8
-17.0
-19.4
-27.0
-13.4
- 8.1
-20.7
9.4
11.3
District
District No. 5:
Baltimore
Richmond
Washington...
Other cities...
-21.4
-21.0
-23.6
-15.2
-21.1
-21.4
-19.3
-22.7
-20.8
-19.7
7.2
8.0
-16.9
-15.9
- 4.2
-10.1
-17.4
- 4.9
- 1.4
- 9.2
—18.9
-12.9
-11.8
-19.8
- 5.9
— 2.4
- 1.4
-15.2
-14.7
- 9.1
— 8.0
—21.6
-16.9
-15.9
- 4.2
-10.1
-17.2
-11.0
- 2.9
-10.1
-17.8
-11.7
- 6.1
-13.0
-14.0
- 8.8
- 4.5
-13.7
-14.2
- 8.8
- 5.4
-15.4
9.5
12.5
7.6
9.6
9.8
12.0
6.9
9.0
District
District No. 6:
Atlanta
Birmingham..
Nashville
New Orleans..
Outside
-11.7
- 9.8
-16.2
- 5.6
-12.9
-11.7
-10.8
-12.7
-10.5
-11.0
9.2
-35.1
-32.9
"-22." 3" - 1 5 . 7
- 8.6 - 1 0 . 9
-30.0 - 2 8 . 0
-36.7
-23.9
-22.1
-15.7
-26.9
-16.1
-31.2
-11.3
- 9.4
-14.1
-20.5
-34.2
- 8.8 " - 2 2 . Y
-20.5 — 8.6
-22.7 - 3 0 . 0
-36.4
-36.2
— 17.5
- 9.9
-29.0
-36.2
-33.3
—20. 8
-12.3
-25.2
-30.6
-33.0
—17.7
-11.4
-23.8
-28.5
-31.7
- 1 4 . 5 ""*9."3"
10.1
-15.1
6.3
-21.5
-21.3
—22.9
-15.1
-21.4
-21.7
-22.2
-21.3
-20.4
District
District No. 7:
Chicago
Detroit
Outside
-21.2
District
District No. 8:
St. Louis
Louisville
Memphis
Little Rock...
Outside
-14.7
District
-12.4
- 7.6
-20.3
-17.2
- 7.7
-10.7
-10.0
-15.3
- 9.9
-16.9
4.4
7.4
3.2
3.9
5.7
4.3
! 9.6
1 6.0
i 7.0
' 10.9
! 4.7
9.8
5.2
5.2
8.4
2.4
3.5
4.2
4.0
6.5
2.9
8.0
6.8
6.8
4.8
6.8
5.5
8.0
7.5
7.7
19.9
5.5
7.6
11.8
7.2
9.0 |
6.5
3.5
7.0
5.6
3.3
6.0
4.5
—10.4
-14.7
- 9.4
-17.7
-10.9
-17.4
-15.2
-13.4
-17.3
-15.0
-17.1
-16.0
-15.5
-15.9
8.9
7.9
6.5
6.1
5.1
-11.1
-15.0
-24.3
-14.2
-10.7
-23.7
-11.6
-14.2
-16.8
-11.1
-10.7
8.2
5.7
5.9
7.5
8.3
8.9
5.9
7.2
9.6
6.3
4.4
14.2
6.4
4.9
5.1
2.7
9.1
8.5
4.8
-12.9
—13.6
-14.0
6.6
11.4
7.7
-18.2
- 8.7
- 9.4
-16.5
-13.9
-15.3
-13.0
-12.7
7.4
8.2
6.8
6.8
5.6
-11.0
-17.8
-12.8
-18.3
-21.8
-23.6
-17.2
-16.6
-13.5
10.5
8.0
7.3
5.7 j
2.3
- 9.4
.7
-16.6
-11.8
- 8.7
-21.9
- 1.1 -12.9
- 3.3 - 8.6
-21.9 -17.7
-10.1
- 7.3
-18.1
-10.8
- 7.7
- 8.7
- 8.2
- 7.8
-18.8
- 9.2
- 2.1
-17.4
7.6
8.5
8.5
5.6
7.4
5.0
3.0
6.6
4.9
1.9
4.3
3.9
- 8.9
-13.8
- 7.4
-10.9
-11.6
- 9.1
-10.9
-10.8
9.9
8.1
5.8
4.4
3.0
-23.0
-21.8
-24.2
10.4
8.7
7.8
6.1
4.3
.9
- 3.4
- 9.5
- 9.9
-13.5
-30.5
-17.2
.8
11.9
10.1
8.3
- 3.5
12.1
10.4
8.6
- 9.5
11.0
-13.4
........
- 1 3 . 1 " " 7 . ' 6 " •"""8."7*
7.7
-14.6
9.5
5.5
10.5
-JL7.0
10.1
9.6
8.3
8.0
5.0
7.0
6.2
6.0
7.4
7.3
- 8.3
-11.7
District No. 9
-21.8
District No. 10:
Kansas City...
Denver
Outside
-16.7
-25.9
-22.1
-22.7
4.4
- .3
- 4.7 - 1.0
- 1 2 . 8 - 8.8
- 2 1 . 6 - 4.6
- 1 0 . 8 -12.9
-11.4 - 2 0 . 5
-13.9 -20.9
.5
- 4.0
- 9.3
-16.8
-11.7
-10.4
-14.2
- 1.5
-11.6
- 7.9
-11.4
-18.6
-22.0
-16.2
- 1.2 - . 2
- 6.3 - 5.7
- 1.7 - 9.5
-10.0 -12.5
-15.4 -13.9
-13.7 -12.8
-15.8 -15.7
-12.9
- 9.3
- 8.8
- 9.0
-15.1
-13.9
-14.0
-12.4 | -12.4
-23.3 -22.7
.4
- 1.5
-11.6 - 1.6
- 7.9 - 8.4
-11.4 - 8.5
-18.6 - 1 2 . 5
-22.0 - 8.6
-16.2 -15.3
-13.8
District
-12.9
- 6.2
- 8.7
- 6.3
- 7.9
United States
-15.1
-11.9
-15.1
- 6.7
-13.7
5.6
8.9
5.3
4.6
-15.2
-14.7
-16.5
-22.1
7.9
12.7
6.4
6.3
-13.2
-20.9
-26.6
-12.9
DistrictNo.il....
District No. 12:
Los Angeles...
San Francisco.
Oakland
Sacramento...
Seattle
Spokane
Salt Lake City.
4.9
- 9.5 - 8.2
- 7.1 -14.1
- 6.3 - 9.7
- 6.3 - 9.2
- 1 1 . 8 -17.1
- 8.9 - 1 8 . 5
— 9.5 -13.2
-21.4 - 2 2 . 6
-10.9
6.0
-12.7
—11.1
-18.2
-11.1
-15.1
-13.2
-20.9
-26.6
District
6.6
6.4
*
-18.9
-12.7
-18.2
-16.6
-18.8
—21.2
8.3
5.0
4.5
5.4
4.7
7.5
5.*3
8.0
6.3
10.0
10.0
8.1
7.0
6.4
8.4
8.3
7.0
6.2
5T0
JANUARY,.
77
FEDERAL RESERVE BULLETIN".
1922.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued.
[Minus sign (—) denotes decrease.]
Ratio of average stocks at close of each
month to average monthly sales for
same period (per cent).
Percentage of increase in stocks at close of month compared with—
District and city.
Same month previous year.
July,
1921.
Aug.,
1921.
Sept.,
1921.
Oct.,
1921.
Nov.,
1921.
July,
1921.
-15.6
-16.7
-17.9
-19.1
-17.3
-18.7
- 8.5
-15.9
—10.5
-10.8
-15.9
-18.2
-17.8
-11.0
—20.6
—18.3
-24.6
-30.2
-26.1
- 8.3
-23.1
—21.6
— 5.9
-25.1
-24.6
- 9.1
—18.6
—17.8
—°4.2
-19.7
—19.0
- 7.7
-20.6
District
District No. 3:
Philadelphia.. - 1 3 . 6
-15.2
Outside
-19.7
-18.0
-19.1
-20.0
-14.0
District
District No. 4:
-27.9
Cleveland
Pittsburgh.... - 1 4 . 9
Cincinnati
Toledo
Outside
- 9.1
District
District No. 5:
Baltimore
Richmond
Washington...
Other cities...
District
District No. 6:
Atlanta
Birmingham..
Nashville
New Orleans..
Outside
District No. 1:
Boston
Outside
District
District No. 2:
New York City
and Brooklyn
Buffalo
Newark.
Rochester
Syracuse... ^..
Outside
District
District No. 7:
Chicago
July,
1921.
Aug.,
1921.
Sept.,
1921.
Oct.,
1921.
5.9
2.9
422.1
432.6
405.0
458.0
378.0
478.0
343.0
458.0
332.0
459.0
5.0
425.1
420.0
105.0
373.0
364.0
3.0
455.6
462.0
459.1
445.2
498.1
557.4
444.8
456.6
428.6
431.6
488.5
579.0
382.2
436.3
392.1
404.3
431.6
553.5
362.9
428.7
371.0
392.7
414.2
549.5
Aug.,
1921.
Sept,,
1921.
Oct.,
1921.
Nov.,
1921.
— 3.4
- .6
1.7
.5
10.9
10.2
5.9
6.5
-^10.6
— 2.6
1.4
10.7
6.1
—15.2
—12.9
—17.2
-26. 7
—33.5
- 5.6
— 7.9
- 6.7
-12.9
-24.2
-29.5
- 2.7
— 3.9
— 3.1
4.0
4.8
7.0
13.1
16.2
4.3
- 2.8
— 7.6
- 6.8
5.4
4.9
1.0
10.5
6.1
11.9
-15.5
- 9.4
- 4.2
5.2
11.9
-17.7
-12.6
-18.5
- 9.4
- 9.7
- 5.4
- 4.9
- 4.3
- 2.5
4.6
-17.3
-16.4
-16.2
- 8.7
- 4.7
-
-28.7
-13.4
-26.8
-15.4
-27. 5
-17.9
-17.8
-15.3
—16.6
-25. 8
- 6.0
- 5.4
-20.3
-19.5
-17.4
.9
-19.6
-18.8
-19.6
-20.9
-27.8
-16.9
-23.9
-18.2
-26.1
-15.0
-20.8
-18.6
-21.1
-13.5
-17.5
-13.8
-24.1
-22.3
—22.9
—15.2
-26.4
-21.6
— .2
4.6
.4
443.6
470.9
451.9
433.8
409.4
487.3
4.8
2.1
431.6
453.7
442.5
389.6
372.3
6.4
10.6
2.3
3.7
.1
1.8
469.2
479.0
442.2
525. 5
440.7
546.4
388.4
514.5
360.3
502.9
.7
7.4
2.6
.5
471.9
462.8
466.8
419.5
395.5
7.8
6.2
15.2
6.6
3.0
1.9
2.7
476.3
362.7
461.0
443.1
462. 5
487.2
420.7
422.5
-10.4
7.3
9.1
2.5
1.4
.6
483.1
588.9
441.9
558.6
405.1
414.1
495.9
406. H
491.6
-16.3
- 6.1
6.8
9.7
2.3
.7
416.9
467.3
470.9
441.1
424.7
-18.7
-11.8
-16.3
- 9.9
-
8.6
3.5
9.9
2.6
- 4.2
- 1.9
- 2.3
2.3
6.7
5.4
8,9
4.7
17.4
15.4
11.8
17.0
2.4
4.8
.8
6.2
- 1.7
2.9
.3
- .7
4G3. 2
429.5
434.8
480.5
475.1
459.0
458.3
495.3
477.9
460.2
481.4
553.9
431. G
427.5
437.5
534.8
407.1
418.3
420.0
523.4
-17.9
-15.8
- 7.7
- 2.2
7.0
16.8
2.8
-
.5
453.3
471.2
490.4
449.8
429.0
-23.3
-20.3
-22.8
-17.4
-21.4
-22.6
-24.0
-20.4
-16.9
-14.0
-22.3
-15.7
-16.9
-10.0
-27.4
-13.2
—17.7
-13.6
- 9.4
-20.7
"-'iY
S.3
0.0
10.0
3.2
9.9
15.0
7.9
8.3
14.0
7.4
.5
5.7
3.7
5.9
-6.1
- .6
1.2
- 1.5
- .9
.8
633.3
510.9
644.3
656.1
809.7
556.7
510.9
805.8
573.8
911.2
497.9
472.7
626.0
593.8
636.8
428.3
467.9
503.3
565.2
733.6
555.7
443.4
513.5
-19.8
-18.3
-18.3
-14.5
5.3
11.0
1.5
-
571.6
612.2
565.9
514.1
517.4
12.2
10.0
2.4
39
463.1
470.3
7.0
3.0
3.6
-1.3
517.5
518.0
340.9
384.8
543.2
362.2
387.5
533.0
3.C
-
0.7
1.1
2.1
3.5
A
i
2.4
- 2.6
—
4
-14.3
-10.8
-13.0
—23.8
—16.1
-11.2
24 1
-12.6
-21.6
-,21. 5
-20.9
-17.5
- 1.2
8.0
4.3
- 6.8 - 7.6
-18.4 -11.5
- 7.4 - 2 0 . 6
-12.1
-10.6
-21.3
- 3.7
- 9.9
-15.6
19
- 5.8
- 3.4
- 3.4
- 6.9
10.2
11.2
3.8
5.3
10.0
9.8
-20.0
.5
.6
500.4
505.2
508.3
444.1
446.9
— .7
2.5
5.7 - 3.8
2.1
.7
00
— .5 - 5.2
410.3
455.6
475.7
419. 8
729.3
463.3
337.7
521.5
429.4 408.7
638.6 . 643.8
434.8 567.0
380 5
536.3 656.0
375.6
650.4
415.2
469.9
465.0
1.3
426.1
461.8
462.5
461.9
426.4
544.1
443.3
560.2
557.5
602.1
425.9
500.0
593.7
429.1
490.2
498.5
532.5
527.9
543.3
522.9
507.7
-12.9
-11.6
-10.3
-11.6
-29.1
13 5
- 8.5
- 9.6
11.2
12.9
-13.3
-12.5
- 6.2
- 3.7
9.4
7.4
.5
— .6
6.9
4.1
1.0
10.3
13.2
16.4
4.7
5.9
8.7
- .8
1.2
1.6
- 3.2
2.1
-10.9
12.7
6.1
.5
- 4.2
-15.6
District No. 9
-21.6
District No. 10:
Kansas City...
Denver
Outside
-21.1
-18.1
-16.9
-12.9
-13.1
-13.9
-19.8
-14.8
-11.1
-18.2
- 7.9
-10.9
-17.7
- 5.1
- 1.7
-13.3
--15.0
-15.1
-14.2
-10.9
- 6.7
District
6.S
-27.6
-25.5
-26.0
-24.0
-16.0
- 2.2
16.9
- 3.6
-14.6
-16.6
-32.4
—37.0
-17.2
-30.2
- .6
- 9.2
-12.7
-14.5
—23.2
-15.5
-24.7
1.7
- 6.8
- 8.6
-15.5
—25.2
-18*. 9
1.8
- 8.8
- 8.8
-17.6
-25.1
-19.9
-17.5
S.I
- 6.8
- 4.7
- 6.4
—21.3
-17.1
-16.7
7.5
- .6
- ,7
- 2.6
— 6.8
-13.5
- 7.6
.6
7.9
7.0
22.9
13.5
7.3
13.1
District,.... - 1 8 . 3
-15.5
-15.7
-16.8
-13.0
-
District No. 1 1 . . . .
District No. 12:
Los Angeles...
San Francisco.
Oakland
Sacramento...
Seattle
Spokane
Salt Lake City
-19.1
United States
82711—22
i
H
- 9.3 - 1 0 . 7
District
Nov.,
1921.
4 5
8 1
.1
2.4
4.5
-23.2
Outside
District
District No. 8:
St. Louis
Louisville
Memphis
little Rock
Outside
Julyl, 1921, to close of—
Previous month.
-19.0
6
-18.2
-16.8
-11.8
.7
- 2.0
4.6
6.6
-
.8
497.1
.3
.2
543. 2
594.8
551.8
511.3
523.1
.5
5.3
2.3
10.2
9.1 . 2.5
-3.7
6.6
4.0
1.4
2.4
-1.1
1.0
8.9
1.7
.2
.4
- .4
3.7
- 2.0
- .4
393.7
406.0
490.7
424.3
410.8
. 575.5
394*1
404.5
498.9
448.1
404.0
586.1
467.2
449.1
446 5
517 $
419. 8
577.0
525.7
462.6
441.2
463.7
457.6
400.2
517.6
513.6
- 1.1.
478.3
455.7
479.8
464.9
478.9
440,0
488.3
461. :5
415.1
541.;$
499.3
462:0
487.0
483.5
443.4
432.0
7.3
4.3
8.7
.6
2.7
.5
468.0
78
FKDERAL RESERVE BULLETIN.
.TANTAUY, 19 2 li.
VALUE OF RETAIL TRADE.
[Average monthly value, 1919=100.|
Chain stores.
DepartMail-order j
ment
houses !
stores (145
stores).
Date.
r
i Five and
tfta
—)1(5SE,.|««^
1920.
j
•
!
!
i
i
:
!
:
128.3 !
125.3 i
144.9 i
149.3 !
145.6
141. 8 i
151.3 :
134.2 i
131.7 ;
132.0 !
130.'7 !
127..I i
OS. 8
04.4
95. 7
76.9
59.7 !
62.6 '
4S.9 |
56.7
72.3 I
88.1
84.0
107.2
85.6
120.5
117.2
124.9
119.9
89.9
88.8
100.0
131. S
130. 8
183.8
January
February...
March./....
April
May
June
July
August
September..
October
November..
December..
114.7
108. 2
118.5
111.2
111.2 ;
108.6;
106.4 i
113.9 i
109.7 i
125.5:
125.0 I
119.7
122.1
131,8
107.1
89.6
88.6
80.1
79.7
91.4
103.1
125.1
9S.7
Drug
Cigars
(5 chains). ; (3 chains)
85.6
82.0
111. 1
106.8
106.1
120.3
123.2
135.6
129.0
137.3
129.2
136.6
151. 0
133. 9
ISO. 5
113.9 i
loo.i;
116.3;
109.5 !
114.9
116.1 !
122.6 i
118.5 j
118.6 i
122.3 i
112.8 |
146.7 |
1.10.6 I
112.9 !
108.9 I
112.0 i
111.1
111.7
129. 9
125.7
214.6
1921.
103. 8
88.4 •
110.9 .
112.6
112.0 :
111.1 i
79.7 .
;
82.7
95.0 I
130.3 |
123.4 I
January
February...
March
April
May
June
July
August
September..
October
November..
116.0
109.3
121.5
120.0
117.8
118.8
119.6
117.2
117.4
122.6
113.4
S6. 1 .
92.9
1 2 1 . 1 '•
111.9
112.2
109.7
108.0
116.0
113.4
141.9
134.1
i
:
i
i
i
i
j
:
:
i
.
'
j
!
i
!
WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN NOVEMBER, 1921, AS COMPARED WITH THE PRECEDING
MONTH (OCTOBER, 1921).
i
District.
No.
Vo
Vo
No.
Vo
No.
!
H
U ~V> 7
•18
21 — 1 9 . 1
1 1
3 7'
'"'
'•— 5.3'
49 -33.6
29-37.6
38 — IS. '2
'••— 6 . 3 1
:
- 9.9
:
— 4. Si
6
7
9
10
11 .
12
Drugs.
-IS. 4
-19.5
13 - 3 8 . 1
30 --16.6
:
'— 0 U
.. -19.0:
•-10. 2,
3 i - 7.3
i— ll.l
Si— 7.7
JSl—14.7
20J-10.5
15—12.8
r>i—io.9
41 - 1 7 . 2
10: - 1.3
12i— S. S
i
lli-4-
s
1 ."»
Auto
supplies.
1
!
9. 7;
25
10
1?
-
5.8
-21.2':
— 10.4
16 - 8.8:
11
23 -18.4
s L0 3
+
_
i
;
— 11.21
IS -1- 5. 9i
Auto tires.
plements.
NumPer- Num- Per Numcent. ber of cent. ber of cent. ber ot
firms.
firms.
firms.
— 8.0:
17-31.6
19-23.9
22-16.7
S t a t i o n e r y . •, Farm im-
!
NumNum- p
NumNum-j p
}
ber o f L ^ i ber ofj L e*U\ ber of Per ber of
firms.; i ' firms. cent. firms.
|firms. cent.
iNum-
(!ent>
c
Vo '
Vo 3
No 4
Furniture.
|
I p
i
i
Dry goods. | Hardware. ! B ° 0 * t
I Groceries.
!
ft
!
!
<
)
12
:
4 - 9.S 3 11.2
16 -2o. 9 :
1 2•
;v -
s
9.0
6
7
•
•
•
•
4
9
8 : -12.0,
3 -33. 3
—29.5
—23.3
-0. 7
22 - 1 * 5 ,
—4S.fi'
2S -24. S!
3
20-27.3
Ii
1
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN NOVEMBER, 1921, AS COMPARED WITH
NOVEMBER, 1920.
Dry goods.
Orocories.
District.
Vo 2
Vo
No
Vo
Vo
No.
Vo
No.
No.
No.
3
4
o
0
Q
10
H
12
Hardware.
Furniture.
Shoes. .
Auto supplies.
Drugs.
Stationery.
Farm implements.
Auto tires.
1
NumNumNumNumNum'NiunNumNumNum!NumPer : ber :: Per . ber
Per
Per ber
ber
Per
ber
Per
ber Per ! ber Per 1 ber
Per
ber
Per ber
of cent.
of cent.
of
of cent. of cent.; of
cent. of cent,
cent
cent.: of cent. of cent. of
firms.;
firms.
firms.
finns.
firms.
firms.
firms.
firms.
firms.
firms.
-24.2
—23.7
-29.3.
-20.2
-30.4.
-20.1!
- 4.9:
-24.1
. . . -18.4
9+11 6
48^
23 l -l0.4
4 9 - 1.4
29-16.6,
38 — ] Ri:
-22.3
13 - 2 L l!
30j+- 5.2:
!
j
3 -26.6
-24. 1
8 -29.2
18-19.8
20—16.0
15 - 2 5 . 4
5 —97 :t
4-12.4
10: -24. 8
12 -14.3
11 4-45.9
25
' +10.4
s
17 + 23.7
19 +23.6
22 + 5.2
11
11
23 - 0.8
—30.0
i '
io!
,-13.1
+ 149. 1
10 + 44. 4
ii
9
12"
,
i-13.7
+ 33. 6
+- 11.
41-13.9
3!—20 8
16; - 1 0 . 7
is
16 +• 16. O
j
i
9
— 9.4
12 -24.2;
3 -24.4
y
8
- 1 2 . 7:
8
4
22 - 3 1 . 8
3 + 3.6:
"43* ji
i
6 5 r)>
28 -46.7 !
6i
j\
j
3|
20J+4L4
i
Ii
79
FEDERAL. RESERVE BULLETIN.
JANUAUY, 1922.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
In the following table the all-commodities
The foreign index numbers published herewith are constructed by various foreign sta- index numbers for the whole series of countries
tistical offices, and are sent to the Federal appear together to facilitate the study of comparative price levels.
Reserve Board by cable.0
INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES).
United
Italy; 1
United United Canada;9 King- United I France; Prof.
States;
i BnlStates; Bureau Depart- dom;
Bachi
!
King- letin de (38comBoard
Federal
dom;
la Staof
Reserve Labor ment of
Board Statis- Labor T ™a- Statist . tistique !
(272
Visn !(45com-'Generalei! u n t n
(150
(90
modi- ; (45 com- 1920,76
quota- tics (315 quota- commodiquotations)." I tions).* | tions)^ modi- ties).s • ties).» I there-2
i
after).
ties).
ioo :
1914 .
1915.
1910 .
1917 .
1918 .
1919 .
1920.
November..
December..
100
101 i
126
100 i
101 i
137 I
314
159
206
226
242
291
187
262
339
357
510
100
95
133
202
299
409
364
624
225
214
293
269
263
243
461
435
208
199
194
187
183
179
176
174
172
169
168
251
230
215
209
206
202
198
194
191
184
176
232
215
208
199
191
183
186
181
175
163
161
407
377
36C
347
329
325
330
331
344
331
332
325
206 ;
233 !
1913 .
100
100
101
124
176
196
212
243
100
101
110
135
177
206
217
246
190 !
173 !
207
189
177
167
162
154
151
148
.148
152
152
150
149
1920.
1921.
January
February
March
April
May
Tune
July
August
September
October
November
December
January, 1922 .
154
150
143
142
139
142
142
143
141
140
I
I
I
I
!
j
100
" The BULLETIN for January, 1920, contains a description of the
Statist index for England, and the French, Australian, Japanese,
and Canadian indexes. A description of the method used in the construction of the Swedish index number appeared in the BULLETIN for
February, 1921, for the new Italian index number in the April, 1921,
issue of the BULLETIN, and the method used by the Frankfurter Zeilung
in the case of the German index number was described in the BULLETINS
of February and March, 1921. Complete information regarding the
computation of the in$ex of the United States Bureau of Labor Statistics appears in the publications of that bureau, and a description of
the index number of the Federal Reserve Board may be found in the
BULLETIN for May, 1920. The Danish index has been constructed
only recently, is based upon the prices of 33 commodities, and is roughly
weighted according to consumption. The new British index number,
compiled by the Board of Trade, was described in the March, 1921, issue
Germany;
Frankfurter
Zeitung
(77 commodities).1*
!
!
,
!
j
Germany;
Statistisches
Reichsarat
(38 commodities).
100
ChristiSweden; ania,
DenSvensk Norway; mark;
Handels- 0kono- Finanstidning
misk tidende
(47
1,509
1,479
8 100
116
145
185
244
339
330
347
670
655
1,636
1,647
1,506
1,437
331
299
403
377
403
374
642
613
604
584
547
509
520
542
580
599
595
595
1,549
1,484 |
1 419
1,410
1,322
1,387
1,473
1,723
1,820
1,993
2,698
3,283
3,467
1,436
1,372
1,334
1,323
1,306
1,365
1,425
1,909
2,067
2,460
3,4.16
267
250
237 I
229 !
218
218
211
198
182
175
344
319
312
297
294
294
300
297
287
286
276
269
341
290
280
270
257
254
253
254
224
202
186
188
' 100
174
ioii5
159
233
341
345
322
377
"100
138
164
228
293
294
382
as the basis in the original computations. In most other cases in which
1913 appears as the basis for the computation, the index numbers have
been shifted from their original bases. The computations in these
cases arc, therefore, only approximately correct. In certain cases July,
1914, or the year immediately preceding that, is used as the base. Since
the figures are for the most part received by cable, the latest ones are
subject to revision. In certain cases the index numbers for the war
years were published in. various issues of the BULLETIN in 1920.
i Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p. 465
of the BULLETIN for April, 1921.
* Average for the month.
s End of month.
4
Beginning of month but not always the first.
figures.
of the BULLETIN. The BULLETIN for December, 1921, contains a descrips Middle of month.
tion of the index published by the Federal Statistical Bureau for Gere End of year and end of month.
many, and the indexes for Switzerland, Holland, Finland, Norway,
7 First of month.
Bulgaria, Cairo, the Union of South Africa, the Dominion of New Zeas July 1,1913, to June 30,1914=100.
land, and Peru. Lack of space prevents the publication of group index
9 Middle of 1914=100.
numbers for these countries, but they can be obtained at any time upon
io Dec. 31,1913-June 30,1914=100.
request. In the case of the two American index numbers, 1913 is used
" July 1,1912-June 30,1914= 100.
Revue ^commodities).'
ties).*
quota- (93 comtions), s modi-
Latest revised
80
FEDERAL RESERVE BULLETIN".
JANUARY, 1922.
INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES)—Continued.
•
1913
1914
1915.
1916
1917
1918
1919
1920
Switzer- Holland;
land; Central
Bureau
Dr.
Lorenz of Statis(71 com- tics (53
commodities).15 modi-w
ties),
100
100
.
.
.
.
.
981
1,384
Bulgaria;
Direction
Generate
dela
Statistique.
Cairo;
Department of
Statistics (23
commodities).
18 100
105
145
222
286
392
297
. 282
100
103
137
17
268
tf 667
17
830
17
1,166
2,086
213
197
188
176
182
182
176
180
180
1G9
165
AusSouth tralian
Africa;
ComOffice of monCensus wealth;
and Sta- Bureau
tistics of Cen(187
sus and
com- Statistics
modi- (92 comties).
modities). »
(19)
283
260
233
Finland;
Kommerskollegium of
Sweden
(35 commodities).
New
Zealand;
Department of
Statistics.
12 100
141
132
» 155
170
180
218
20 100
104
123
131
151
175
178
212
272
Sift
208
197
260
190
192
181
171
166
162
159
160
160
156
si i66
102
124
168
207
225
299
117
135
154
168
18L
245
2,086
2,074
2,392
300
287
238
2,392
2,135
2 437
2,006
1,945
1,680
1,721
1,730
1,758
214
196
182
181
179
1G6
164
Calcutta;
India;
Department of
Statistics (75
commodities).*
Japan;
B a n k of
Japan
for
Tokyo
(56 commodities).*
Peru;
Shang- Department of
hai;
Depart- Statistics
ment of
Statis- (58 commoditics).
ties.) 23
106
18 100
4
105
« 125
.5 1(50
r
> 195
5 217
20 9J/.7
238
220
221
206
104
105
105
231
230
225
201
195
191
190
191
192
196
199
207
219
2L4
209
104
107
108
108
221
2J5
210
205
204
202
201
205
205
204
100
96
.97
]J7
147
192
236
259
222
218
218
206
194
180
216
210
208
204
202
200
200
197
178
174
175
183
181
17S
1S3
184
13 100
22100
1920.
October
1,407
December
January
February . .
March
April ..
May
June
July....
August
September.
October
November...
December
1921.
238
230
2'9
208
186
185
179
177
181
184
182
178
1,156
1,264
1 258
1,379
1,297
1,487
.
.
.
155
186
181
170
2 Avcraga for tho month.
3
End of month.
1 July, 1914=100.
2
is End of July, 19.14= 100.
14
Last six months of 1917.
15 Prices as of first of month. 1914=100.
" Based upon prices of 52 commodities during 1920; 53 during 1921.
1913=100.
w December figure.
184
180
no
111
109
112
is 1913=100.
» Jan. 1,1913-July 31, 1914=100.
20 Average annual expenditure, 1913= 100.
211914= 100.
22 September, 1919=100.
23 Average for month until September, 1921; thereafter prices as of 15th
of month.
24 L a s t s i x m o n t h s of 1914.
25
Last three months of year.
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
[1913=300.1
Date.
1913
1914..
1915
1916
1917
1918
1919
1920
November, 1920
Farm
products.
Food,
etc.
100
103
105
122
189
220
234
218
165
100
103
104
126
176
189
210
239
115
118
122
119
114
Cloths and
clothing.
nd
g-
Metals and
metal
products.
Lumber
building
material.
HouseChemicals
and drugs. lurnishmg
goods.
Miscellaneous.
All
commodities.
195 j
100
98
100
128
181
239
261
302
234
100
96
93
119
175
163
173
238
258
100
87
97
148
208
181
161
186
170
100
97
94
101
124
151
192
308
274
100
101
114
159
198
221
179
210
207
100
99
99
115
144
196
236
366
369
100
99
99
120
155
193
217
236
220
100
100
101
124
176
196
212
243
207
134
152
146 I
142 I
142 1
179
179
187
190
186
184
182
178
182
186
125
120
120
121
119
200
198
193
192
197
163
161
162
162
162
235
230
223
218
218
149
147
14fl
145
145
148
152
152
150
149
1921.
July
August
September
October
November
JANUARY,.
1922.
81
FEDERAL RESERVE BULLETIN.
ALL COMMODITIES GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
[1913-100.]
Meat
d
f
Total
i Other
•
h
f
i Iron and
d
Other
metals
y-. .. _
Cotton
and
minerals. I
Total i All comOther
articles. not food. I modities.
Other
vainer
textiles.
I
273 !
290 |
263 !
293 |
278
203
272 |
281:
400
403
252
257
480 :
316 ;
362 i
271 I
274
257
310
300
314
293
2l?2
204
197
170
157
1920 average
November, 1920.
1921.
July
August
September.
October
November..
214
217
201.
185
179
215
210
201
193
195 j
I
210 !
210 !
200 i
183 ,
177
229
222
207
191
181
185
172
160
157
153
180
176
213
225
199
|
159 !
163 !
170;
169 !
194
189
190
190
183
192
180
186
185
17G
198
194
191
184
176
'
'•
i
;
i
.
j
|
;
;
1
'
'
!
G R O U P INDEX NUMBERS—UNITED KINGDOM—STATIST.
[1913=100.]
Vegetable
Date.
1913
1914
1915
1916
1917
1918
1919
1920
Sods,
'
!
!
1
;
'
!
100
110
155
193
252
248
252
321
November,!
1920
: 30S
All i
Vego- Ani:
com-!
ma! ! oof- ; Food-! Min-! tTex-; Sun- jr Matestll{Ts crais ! iles
drLos
i a l s modPate.
foods.' <™> l
-! - i - ities.
foods. foods.
tea.
!
I100 : 100 100 j 100
1921.
100 ! 100 i 100
100
100 ! 107 105 i 90
222
97 ' 105 i 98
212
101 Ju'v
!
125 | 130 137 I 109 ! 111 ' 131 ! 119
221
126 i August
213
152 161 169 i 140 I 152 :' 163 i 153
159 ' September. -! 203
186
192 213 218 i 152 I 228 212 ! 198 208 October
175
170
:
210 ~"~ 229 j 167 j 265 : 243 ! 225 226 November.. 173
170
238 i 190 i 271 " 268 ! 243 242
215
301 | 269 i 299 . 290 i 285 291
264 '
|
293 • 238 : 291 i 265 I 212 ' 253 j 245203 !
'
Sugar,
I" All
cof- Food-' Min- Tex- Sun- Mate- 1 eomfee, stalls, i erals. tiles. dries, rials. modtea.
i ities.
j
144
159
153
145
150
206
207 1
391 ;
1(58 '
168
Ifi7
160
182
179
178
168
156
149
139
136
183
180
173
162
157
174 !
168 !
168 !
159 i
156 ,
ISP
181
175
163
16]
i
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.
[1913=100.]
JRawi All
Raw All
Tex- j Sun- mate- comtiles. dries rials mod(25). ities.
100
109
132
ISO
303
460
441
737
100
99
115
199
302
420
405
524
100
101
145
20S
291
3S7
373
550
471
444
I
1921.
July
August
September.
October—
November.
December .
100
101
137
187
262
339
357
510
475
!
Foods Mi.n-' Tex- Sun- mate-| com(20). j erals i tiles, dries 1
rials !mod-
Date.
;
I
|(25). j ities.
1
!
i
'
'
I
290 343
321 ! 356
388 • 370
'
391 i 365
388 ' 302
375 : 364
435
366
355
352
323
321
311
253
245
253
262
277
269
301
312
338
338
341
337
1
|
I
1
!
330
331
344
331
332
225
GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI.
[1920=100.]
!
i
Vege- Ani- Chem- Textable mal
foods. foods. icals. I tiles.
mate
p
!
December,
1920
107
126
82
G3
I
1921.
July
August
103 •
100
107
109
113
65 ]
68 :
54
62
|
Min- "RnilrJ 'Other'
60
60
J13
:
:
95 i
92 I
1
All
•foods.
ities.'.
i
122
!
'
92 '
98
1921.
107
105 '
87
87
83
87
:
Other
Min-
Ivege- Ani- Chem- Tex- erals
! table mal ical tiles. and
;
foods.
als.
II:
All
Sun- comtable dries. modprodities.
ucts.
i
|
September.. :
October
.!
November. .1
Deccmb or 1
j
!
1U
116
114
115
125
129
126
121
71
75
76
74
75
76
75
79
59
64
65
66
91
91
90
89
102
114
114
114
93
94
94
94
93
96
95
95
82
FEDERAL RESERVE BULLETIN.
JANUAUY.
19--.
GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG. 1
[Middle ot 1914=100.]
Agricul- Textural
tiles,
prod- leather.
ucts.
1920.
Average for the year
1,230
1021.
Beginning of—
January
July
August
September
1,353
1,274
1,784
1,854
1
,
,
iscelleous.
All
commodities.
1,747
1,432
1,575
1,592
1,550
1,608
1,549
1,473
1,723
1,820
1921.
ginning of—
October
November..
December
1,509
1,692
1,594 i
1,636 i
3,160
All
Miner- Miscel- -I comlaneous.! modials.
ties.
1,748 i
1,995
2,786
3,322
2,112
2,937
3,580
2,507 !
2,092 I
2,458 !
1,993
2,698
3,283
Q;
3,295 !
1922.
Beginning ofJanuary
3,270 j
4,714
6,567
0,567
i), 00* 1j
3,636
3,033 ;
3,407
Latest revised figures.
GROUP INDEX NUMBERS-GERMANY-FEDERAL STATISTICAL BUREAU.
[1913 prices=100.]
Goods All comGoods
produced imported modities
(16 com- (22 com- (38 commodities). modities). modities).
! Goods I Goods j All com- '!
: produced i imported; modities ii
i (16 com- 1 (22 com- j (38 com- ;!
imodities). Imodities). | modities). ii
1
|
1921.
January...
February..
March
April
1,253
1/339
2,609
2,344
1,363
1,320 !
1920 average
November, 1920
1,805
1,645
1,598
1,544
1,282 I
1,2'" •
1,479 !
1,506 i May
June
July
1,436 August
1,372 September..
1,334 October.
1,323 j; November.
1921.
1,266
1,320
1,369
1,913
1,952
2,235
2,967
1.507
1,592
1,708
1,888
2,643
3,585
5,662
1,306
1,365
1,425
1,909
2,067
2,4(50
3,416
GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING.
[July 1,1913-June 30,1914—100].
Vegetable
foods.
Date.
100
136
151
152
181
221
261
262
26-1
July
August
Seotember
1921.
236
217
183
167
161
-.
November
Raw materials
for agriculture.
419
409
296
Coal.
100
114
161
180
198
304
340
312
100
101
140
s
Igl3_l4
I9I41
I9I5
I9I6
I9I7
I9I8
I9I9
1920
Animal
foods.
205
290
227
230
208
198
196
Metals.
Building
materials.
100
109
166
272
405
100
104
118
165
215
100
123
177
266
551
398
258
278
253
Wood
pulp.
Hides
and
Textiles.
leather.
Oils.
100
118
158
229
206
100
111
120
149
212
300
308
195
211
100
103
116
166
247
675
215
324
294
100
118
233
267
275
286
371
387
All commodities.
100
116
145
185
244
303
856
804
1,007
910
216
315
149
199
197
112
133
191
211
214
250
130
198
183
107
132
191
198
1*2
223
202
194
207
200
197
130
130
133
609
161
178
169
181
191
211
239
108
119
108
339
330
233
166
161
149
332
191
187
179
347
331
174
1 Average for 6 months ending Dec. 31, 1914.
GROUP INDEX NUMBERS— CHRISTIANIA, NORWAY—0KONOMISK REVUE.
[Dec 31, 1913-June 30, 1914=100.]
Fuel.
Date.
End of—
1914
1915
1916
1917
1918
1919
1920
December, 1920
1921.
July
,
August
September
October
November
December
Animal j Vegetable
foods.
foods.
115
149
193
260
324
329
352
352
301
296
302
297
273
263
Feedstuffs
and fertilizers.
Coal
and
coke.
130
150
198
292
277
281
385
385
i
!
!
I
j
|
108
150
195
231
284
277
340
340
1,161
408
360
303
305
282
279
254
260
254
251
233
233
Petro- Iron.
leum
and
benzine.
BuildMetals, ing materials.
514
767
647
647
104
132
170
231
247
162
407
4.07
115
158
435
720
573
442
482
482
128
289
401
503
503
187
200
200
388
371
333
333
316
289
303
297
297
297
27fi
276
307
307
339
335
319
278
190
190
190
197
184
183
151
224
355
i
!
i
;
Textiles.
Hides
Pulp I Paper.
and
leather. ! wood. }
All
commodities.
107
131
213
326
359
358
416
416
105
121
178
264
302
356
402
4.02
103
121
171
217
283
277
321
321
101
137
190
263
313
322
472
472
115
159
233
341
345
322
377
377
305 j i
299
297 ;
293 i
291 I
319
315
309
315
320
320
276
262
227
227
227
183
392
392
377
350
338
338
300
297
287
286
276
269
83
FEPKRAL RESEIVYK BULLKTIN.
.i.VXl.'AIiY,. 192:2.
GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS.
[July, 1911 = 100.]
July, 1914.
1915
1916
1917
191S
1919
1920
October, 1920.
July
August.. ..
September.
October
100
117
154
213
220
193
209
222
1921.
Groceries
and
tobacco.
Textiles, j Agricul- j r>iirv
leather,
tural
j J?? i r \
etc.
! products. | P r o d " c t : s -
I Metals and
coal.
Date.
100
20?
113
110
135
186
229
208
100
93 ;
131
207
232
217 :
243
220 •
195 !
194 |
193 !
Ill
116
143
147
100
127
124
116
121
137
184
214
100
110
127
131
138
147
186
196
•
'
J
,
;
!
!
:
166 i
164
146 ]
129 ,
158
160 !
159 i
157
Meat.
188
190 ,
187
• Building
; materials.
100
1.50
155
155 .
147
145
201
226
119
120
All commodities.
100
116
136
194 I
245 !
261 •
:
295 i
289 :
no:
2 7 7 ••
238
231
226
210
:
100
11
4
132
loo
170
180
21*
215
100
149
172
243 i
315 !
282 .
220 i
276 !
159
160
160
156
224
220
220 :
GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR. »
[1913 = 1.00.]
i Grains Animals
and
: and
! fodder. meats.
Date.
1913
1914
1915
1916
1917
1918
1919
1920
November, 1920'.
1921.
j
!
:
!
100
107
104
121
161
'
!
I
"
!
197 i
199 :
198 .
.184
:
100
100
105
119
149
168
192
204
209
100
99
93
130
233
214
206
261
203
•
July
August
September
October
November
1
100
114
136
142
206
231
227
263
201
Fruits
and
vegetables,
Dairy
products.
;
!
"
.
146
152
144
127
125
1-13
US '
133 ;
134 !
113 .
133
142
141
149
158
!
!
|
!
!
I
•
Build- ;
| Drugs
| Other |
I Hides,
I
| foods. Textiles.! leather, Metals. I ments. terials, lighting.! chemi! etc.
i
lumber.
, cals.
j
|
i
!
157 |
182 I
170 !
171;
170 !
100
104
121
136
180
213
222
258
174 j
173
170
102
158
100 :
102 '
114 i
148;
100
105 :
110 i
1 4 3 '•
201
273
285
303
273
i
:
i
i
|
168 i
169 j
213 i
192 ::
153
179
181
183
J85
179
i
!
I
'
!
106
101
.100
ioo :
100
All
commodities.
100
96
128
167
217
229
173
203
195
100
101
106
128
174
213
228
245
259
100
100
97
100
118
147
171
268
265
100 i
94 |
92 !
113 j
163
188 |
201 i
255 i
270 I
100
106 j
160 i
222 i
236;
250 !
205"!
204 :
205 ;
100
101
110
135
177
206
217
246
225
147
145
143
143
140
236
237
235
234
232
217
192
189
190
ISO
2<)7
206
206
210
211
175
176 !
171 !
109
165
176
174
172
169
168
i
'
i
i
:
Unimportant groups omitted.
GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT O F STATISTICS.
[End of July, 1914-100.]
Build-i Manu-;
I TT!/I_O Cotton:
Jute , Other
I
Oil
uI
ing ; fac- ',- e t a i & ' H l d c s m a n — R a w manu-iI tex- iI m Oils, R a w
M
u s - jute. < seeds. Tea. i Sugar.-Pulses. Cereals
- I „£:-„- fac- cotton, facmate-" tured *
slans
i
- tures.;
: tures. tiles, tard.
rials, jarticles
Date.
E n d of July, 1914.. j
Average for 1920... i
November, 1920...
1921.
July
August
September
October
November
;
I
i
|
j
100
138
161
149
143
143
141
141
100 100
231 i 238
246 i 243
237
242
247
251
246
100
147
S9 I
100
354 ;
341 !
100 ; 100
153 i 149
133
118
102
245
116 : 316 | 136
!
150
107
241
121 : 301
127
214 | 120
302 . 217
2L4
310 ; 193 ! i 112 .
122
166
108 ''
213
299
110
100
162
104
100 !
128
118
147
135
147
148
115 i
80 ;
116 ! 85 !
115 !i 102
100
88 !
104 ;
150
100
104
90
100
173
163
All
ties.
100
100 ! 100 1 100 ; 100
78 ! 407 j 166 ! 154 ! 184
318
62
108 i 150 j 173
157 , 92
107 ;
150
116
145
L24
122
151 .
123
247
230
219
205
203 ;
173
182
182
1S4
178
i
I
|
!
j
151
153
157
151
143
162
170
172
166
164 :
100
204
194
1R3
184
184
180
84
FEDERAL KESEEVE BULLETIN.
JANUARY,
1922.
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following table are presented statistics
showing the trend of retail prices and the cost
of living in the United States and important
European countries: *
1
Three of these index numbers—those for the United. Kingdom,
Paris, and Sweden—are constructed on the basis of prices in July, 1914=
100. In the case of the United States, the original base, that of the year
1913, has been shifted to the July, 1911, base. The German index uses
the year ending July, 1911, as a base.
The American index number, constructed by the Bureau of Labor
Statistics, was based upon the retail prices of 22 articles of food, weighted
according to family consumption, until January, 1921, when it was
increased to 43 articles reported by dealers in 51 important cities. The
method of weighting continues the same, although the actual "weight"
applied have been changed.
The British index number of the cost of living constructed by the
Ministry of Labor consists of the retail prices not only of foodstuffs but
of other articles as well. Retail clothing prices, rents, and the cost of
fuel, lighting, and miscellaneous household items are also taken into
consideration. The index number is weighted according to the importance of the items in the budgets of working-class families.
The retail price index for Paris, compiled by the French General
Statistical Office, consists of retail prices of 13 different commodities,
weighted according to the average annual consumption of a workingman's family of four persons. Eleven of the commodities included in
this index are foods, and the other two are kerosene and alcohol.
The Swedish index number consists of the retail prices of foodstuffs,
fuel, and lighting and is based upon the prices of 51 articles in 44 towns
(in 1920, f>0 articles in 49 towns), weighted according to the budget of
a workingman's family which before the war had a yearly income of
2,000 kroner.
The German index expresses upon a percentage basis figures compiled by Dr. R. R. Kuezynski of the Statistical Office of Berlin-Schone-
RETAIL PRICES IN THE UNITED STATES, PARIS, AND
SWEDEN; COST OF LIVING IN UNITED KINGDOM AND
BERLIN.
[July, 1914=100.]
United
United
Paris, ! Sweden,
States,
Kingretail
retail
j retail 1 dom, cost prices. 1 i prices.
2
i
! prices. ofliving.
Berlin,
cost of
living.*
1919.
1920.
182
199
216
249
260 |
371 ;
321
298
1,080
1920.
November..
December...
189
175
276
269
426 i
424 j
303
294
1,097
1,135
1921.
July
August
September...
October
November...
December...
145
152
150
150
149
219
222
220
210
203
199
306
317
329
331
326
323
232
234
228
218
211
1,125
1,177
1,212
1,340
1,767
1
3
Average for the month.
Beginning of month.
3 August, 1913-July, 19i4-100.
berg. Dr. Kuezynski bases his calculations upon the cost of living per
week of a family of four in Greater Berlin.
FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN,
AND GERMANY.
Sweden. In France and Italy the value of foreign trade is estimated
not in terms of current prices but in terms of those of some earlier dated
usually the preceding year.
None of the figures presented below include the import or export
of gold and silver. In the case of England and France, group figures
are given as well as total values, while in the case of the other countries,
total values only are presented. This does not mean that group figures
are not obtainable, merely that they are either delayed in publication
1
Currencies have not been converted to a common unit, nor are or appear not to be of such general interest as the French and English
methods of valuation the same in all countries. In England imports material.
Japanese figures for recent months are received by cable and subject
are given current c. i. f. values in England; exports and reexports,
current f. o. b. values. The same method is followed in Japan and to revision.
In the following table are presented figures
showing the1 monthly value of the foreign trade
of a group of important European countries
and Japan.
FOREIGN TRADE OF THE UNITED KINGDOM.
Exports.
Imports.
In thousands of pounds sterling.
In thousands of pounds sterling.
Raw
T?nnA
Articles
i &tCwholly
or
mainly
manu|factured. factured
m
Raw
In
Miscelthou- Food, mate- Articles
laneous,
sands drink, rials and wholly
or
includ- Total. of tons.
articles mainly
and
ing
mainly
tobacco. unmanu- manuparcel
post.
factured. factured.
Monthly average:
1913
1919
1920
24,184 23,485 I 16,134
59,927 50,565 24,663
63,948 [ 59,292 37,902
259 64,061 4,669
358 135,513
254 j 161,395 3,795
1920.
November...
December...
61,477 i 46,560
59,378 i 48,613
35,955
34,553
1921.
July
August
September...
October
November...
December...
42,090 20,232
50.584 19,589
48,410 I 20,4fi5
44,475 21,256
41,246 29,946
18,005
18,194
17,90S
18,691
17,913
431
214
338
320
154
i Includes reexports.
Reexports.
In
thou-
In
In
Miscelthou- sands thoulaneous,
of
sands pounds sands
includTotal. of tons. ster- of tons.
ing
parcel
ling.
post.
7,650
9,131
13,729
18,701
2,716
2,814
4,241
5,825
9,274
12,138
34,281
53,457
93,394
949
1,008
1,528
43,770
66,553
111,297
3,292
24fi j 144,238 3,613
241 142,785 3,723
4,723
3,842
9,399
12,277
103,694
78,819
1,549
1,694
119,365
96,631
2,438 13 115
3,356 j 12,699
4,050
3,389
3,515
3,470
3,343
2,702
3,124
3,300
3,466
3,586
2,775
7,058
6,997
7,359
7,046
36,705
39,936
44,009
50,328
51,094
991
1,228
9-12
1,113
1,169
43,172
51,346
55,248
62,265
62,895
59,375
I
80,757
88,581
87,119
84,742
89,259
85,312
•1,350
3,747
4,128
4,297
4,541
9,362
9,998
8,595
10,386
9,823
9,200
152
*139
128
126
154
116
159
139
85
FEDERAL RESERVE BULLETIN.
JANUARY,. 1922.
FOREIGN TRADE OF FRANCE.*
Imports.
Exports.
In thousands of francs.
|
Monthly average:
1913 2
1919 3
1920 3
Raw
materials.
Food.
'
;
.1
...j
;
Manufactured
articles.
In thousands of francs.
In j
thousands of!
metric Food.
tons. '
412,144
1,229,435
1,400,0-16
138,169
701,778
861,797 2,983,272
832,187 2,950,413
745,000
2,004,000
928,000
Manufactured
articles.
Parcel
post.
Total.
151,811
203,691
397,677
301,420
615,630
1,187,7-12
47,182
71,4-14
90,807
573,351
989,966
1,869,563
1,840
464
1,039
4,520 ; 242,000 517,000 1,062,000 140,000
Total.
151,465
892,010
718,179
In
thousands of
metric
tons.
Raw
materials.
1,961,000
1,459
I,563,055
1,720,092
1,774,653
1,759,472
1,748,054
1,194
1,035
1,173
1,251
1,515
69,908
99,201
181,277
3,685
3,204
4,245
!
1920.
November*
\
:
i92i.3
July
August
September.
October
November
I
;
,
;
431,001
555,545
691,972
717,091
564,012
704,069
855,097
1,204,213
1,191,860
1,446,125
3,677,000
2,164
2,593
3,993
2,809
5,161
331,047 I 1,469,117
320,052 | 1,731,294
329,494 2,225,679
318,000 2,226,951
323,593 2,333,730
;
123,303 439,534
112,654 415,312
J
'146,467 ~ 444,891
'~ "
"
132,424 482.370
157,180
478;875
74,350*
82,933
95,852
103,078
120,343 i
925,868
1,08-1,193
1,087,444
1,0-1 J, 594
992,256
1
2
3
Not including gold, silver, or the reexport trade.
Calculated in 1913 value units.
Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at
the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. I because of the disturbed price conditions in France during the past two years, 1919 price units are being applied to the 1921 trade.
* Calculated in 1920 value units.
FOREIGN TRADE OF ITALY, SWEDEN, NORWAY , AND JAPAN.
Italy.
(In millions of
lire.) 1
Sweden.
(In millions of
kronor.)
Norway.
(In millions of
kronor.)
Japan.
(Ill millions of
yen.)
Imports. Exports. Imports. Exports. Imports. Exports. Imports. Exports.
Monthly average:
1913
1919
1920
.
.
304
1,385
2 1,322
210
506
650
71
211
281
68
131
191
46
215
253
33
65
104
61
181
195
53
175
162
11,165
283
331
308
325
299
228
224
268
230
233
218
177
246
195
190
184
73
90
96
88
220
157
123
118
108
108
184
154
175
154
134
105
106
95
93
98
103
126
101
69
82
69
94
113
105
99
96
73
104
134
148
176
56
25
36
61
72
82
139
149
148
110
131
127
128
154
115
105
107
99
105
95
109
121
2
1920.
13,452
July
October
November
.
1921.
12,234
1,988
12,598
April
Mav
July
. .
1
. . .
.
1
1902
1697
1,169
November
Based on 1920 value u n i t s .
2 Based on 1919 values.
FOREIGN TRADE OF GERMANY.
Exports. 2
Imports. 1
Imports. 1
Merchandise.
Gold
Merchandise.
1 and silIn thou-! ver (in TV, 4-r* , l l n t h o u sands of J thou- I n t h o u - ;»OTWiQnf
metric '• sands of
tons, jmarks)
j
Exports. 2
Gold
and sil-i
Merchandise,
Merchandise.
Gold
and silver (in In thou- I I n t h o u ver (in
thouj sands of thou- I n thou- ; , . M
sands of
sands of!
marks).
marks).!
1921.3
6,008
1920.
October
November
December
8,450
811,375
5,775,933
6,146
1,65'/
6,488,133 !
7,909,571 |
7,817,910 -
1,494
1,768
1,758
May
June
July
August
September
October
November
150 5,486,345 j
154 6,408.081
;,370 7,572,099 ;
i,705 9,382.464 j
,674 10,641',709 '
13,900,000 i
(11,912,000 j
i Not including philanthropic gifts.
* Not including deliveries on reparations account.
s Figures covering the first four months of 1921 are not available. Figures for 1921 are subject to revision.
1,531
1,824
1,925
2,111
2,533 ,
3,000 I
2,538 !
10,901 I 4,547,341
Qt\ MCI
r. A'31 HA'i
30,081 • 5,437,7
37,567 6,174,663 •
'
13,514 6,070,105 !
26,832 7,492,452 !
9,700,000 \
12,278,000 i
1,145
1,509
1,558
1,828
1,871
1,970
1,908
86
FEDERAL RESERVE BULLETIN.
.lAXl/ARV, l i ) £ 2 .
INDEXES OF INDUSTRIAL ACTIVITY.
ENGLAND.
Production (long tons, 000 omitted).
Exports.
Raw
cotton
Ship ton- ,j Railways T
t
d
visible no fro iindar ! not fnn
nage under; nettoi
"011
and
steel
supply
construe- ; miles
Steel
manuFinished (thou- j tion (gross j (000,000 factures
steel.
sands of > tons). | omitted).; (long
bales).
• castings.
tons, 000
!
omitted).
Coal.
Per cent
of unemployed
among
Cotton
approximanuCoal
mately
factures
(long
(sq. yds., tons, 000 I 12,000,000
000,000 omitted). insured
persons.
omitted).
i
Monthly average:
1913
1920
September, 1920..
October, 1920
November, 1920..
December, 1920..
July, 1921
August, 1921
September, 1921..
October, 1921....
November, 1921..
1
23,957
19,128
18,885
2 14,044
15,920
20,230
2 15,214
16, 589
15,517
221,090
17, 875
855 1
667 i
741 !
533 ;
403 I
683
10 :
94 !
J5S j
236 i
272 .
Average of 4 quarterly estimates.
639
755
885
544
505
747
1L7
434
429
,
405
443 |
2 Five weeks.
:
646 ;
582 ;
1*2,002,699
i 13,603,131
1,073 ! 3,731,098
439 i
415 i
1,132 i
1,221 '
3,709,000 j
137 i
321 \
322 •
,
i
1,310
1,194
1,060
1,123
1,216
'3,283,000 :
414
271
254
274
23S
190
64
04
77
133
156
1,556
944
1,469
1,323
1,088
1,311
1.297
596
374
387
308
347
251
179
214
268
345
6,117 j
2,078 '
1,476
1,417
1,361
2,302
)
3.7
5.8
14. S
13.2
12.2
12.8
15.7
816 i
3,103 :
!
3,407!
3,406
3.594
* Statistics not recorded.
» Work suspended on all but 2,094,000 tons.
FRANCE.
Coal.
Pis; iCrude.
iron j steel
pro- pro- .
Produc- ducI tion. tion. duced.
Raw cotton im- Cotton
stocks
Imported ported
at 1
for confor
consump- sump- Havre.
tion.
tion.
Stocks
at
mines.1
Metric
tons.
Thousands of metric tons.
j M36 3393 i
!
349 ! 305 !
1913, average.
1920, average.
April
May
June
July
August
September
October
November
1921.
1
1
8
292
28.'} j
285
267
255
244
257
*!44
•
245
223
232
236
!
|
;
i
i
3,33s ;
2,025 !
2,258 i
2,1.08 I
1,762 !
2,280 ;
2,403 '
2,432 i
2,524 :
:
279 !
1.566
1', 363
1,190
1,256
1,353
1,476
1,560
Thousands of
bales of
50 kilograms.
Rawsilk imported
for consumption .
Total ( Total
imports. ! exports.
Mo trie
tons.
ThouThousands of I sands of
metric
metric
tons. I tons.
1,558
2,022
27,428
19,576 ;
274
225
629
390
3,685
4,245
1,840
1,039
1,066
731
608
660
1,065
1.874
12,696
7,710 ;
14.013
6,539 =
•
10,700 i
11,769
167 ;
169 ;
136 .
131 i
132 i
131 j
181 j
15)2 ;
251
161
174
51
202
261
2,652
2,250
2,047
2,164
2,593
3,993
2,809
5,160
1,154
1.168
.1,405
1,194
1,035
1,173
1,251
1,514
End of month.
End of month. These figures represent only a relatively small proportion of the unemployed in France.
Does not include Lorraine.
* End of December, 1920.
Number
of unemployed
receiving
State or
municipal aid.'i
* 39,522
75,569 .
60,362
55,439
37,226
27,467
20,408
16,518
14,145
JANUARY,.
87
FEDERAL RESERVE BUU^ETIX.
1922
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
Following is a set of tables showing the volume of bills discounted and of acceptances,
municipal warrants, and Government securities purchased by the Federal Reserve Banks during
November, 1921.
VOLUME OF OPERATIONS DURING NOVEMBER, 1921.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
! United States securities
purchased.
Municipal
Bills bought |
warrants
in-open
market.
purchased.
'• Bonds
I Certificates of
i and notes,
indebtedness.
Bills discounted for
member
banks.
$318,163,295
3,355,335,083
275,544,613
258,271,939
197,020,666
109,015,124
214,201,416
147,057,443
49,220,412
67,468,636
53,315,388
186,656,839
November, 1921
November, 1920
11 months ending Nov.
30,1921
11 months endin? Nov.
30,1920
'
.
$24,887,850 j
84,151,691 !
11,052,658 !.
3,326,713 j .
3,029,500 !.
2,225,325 !.
12,287,464 i
4,113,347
3,231,270,854
7,882,932,610 '
-.
161,998,551
231,840,395
84,571,500
94,367,500
2,350,000
18,500
$905,000 j
4,464,500 j
3,789,500 :
14,000 !
5,200 •
200,000
16,459,559
November,
1921.
297,500
9,183,200 !
5.550 S
1.2,486
606,000
122,676,000
600,282,000
663,486
673,095
53,590,160,783
1,894,700,267 |
67,433,461 j 3,306,809,557
75,859,216,269
2,864,536,201 I
November,
1920.
527,645
1,538; 318,774
288, 992,271
261, 617,152
200, 050,166
111, 240,449
250, 409,880
151, 381,290
49, 844,098
68, 476,080
53, 515,388
203, 4L8,898
845,000
20,131,500
190,500
606,000
] 37,000
5,000 j
264*444':.
Total.
S553, uuw,woy
5,384, 387,905
502, 464,880
335, 977,725
252, 646,665
241; 006,579
592, 147,006
180, 062,190
83', 331,853
141, 650,010
125, 346,664
322, 369,089
3,525,792,091 |
i
331,200 | 7,043,724,500
8,715,060,555
58,269,777,103 |.
i
85,867,808,170
VOLUME OF BILLS DISCOUNTED DURING NOVEMBER, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Member banks' collateral
I Customers1
notes.
. paper se•
Federal Reserve Bank. ! cured b y
Secured by
i Government j Government Otherwise
! obligations. obligations.
secured,
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
j §7,947,357
! 4,553,739
j 7,865,784
i 4,854,000
I 1,715,703
| 3,343,178
" 2,731,810
6,077,694
152,286
; 1,688,023 I
i
263,857 j
;
566,416 I
$73,734,200
861,696,102
190,401,285
146,105,795
162,180,471
50,560,794
121,845,521
78,339,615
17,816,360
36,701,824
26,903,010
122,598,853
T o t a l : N o v e m b e r , 1921-.j 41,759,847 ! 1,888,883,830
October, 1921
j 45,027,368 | 1,826,413,751
\
j
j Commercial
| P a P er > "• °- s '
i
Bankers' acceptances.
Agricultural
paper.
_L
$466,239
719,109
407,345
371,088
5,402,293
6,944,932
16,848,000
6,007,064
6,551,707
3,012,855
6,554,554
2,937,407
3,029,909
11,085,864
4,495,066
2,206,992
.5:5,327,733 I 1,177,504,930
35,374,090 : 1,498,0-15,047
56,222,593
50,216,902
23,574,835
20,660,906
$194,100
1,606,000
620,790
1,273,043
76,000
2,929,144
5,000
4,314,420
24,309,236
Federal Reserve Bank.
November, 1920.
October, 1920....
1
$45,000
i Domestic.
Amount.
S98,124
1,267,155
68,411
2,001,936 !
1,202,26-1 I
1,478,633
11,250
\
!
56,250
5,000
361,600 I
578,287
142,809 !
126,968 I
196,107 I
268,220
7,790,514 i
9,681,663 |
15,143,461
19,389,073
2,637 i.
325,214 I.
510,000
203,000
1,150,322
1,967,066
1,726,404 I
|
j
Member banks.
I Number Accommodated.
Per cent iin district
of total. j Nov. 30. Number. I Per cent.
$318,163,295
1,355,335,083
275,544,613
258,271,939
197,020,660
109,015,124
214,201,416
147,057,443
49,220,412
67,408,636
53,315,388
186,656,839
8174,596,587
575,943,395
214,025,078
322,075,767
213,326,392
234,144,013
514,258,393
241,653,393
182,435,594
228,880,725
153,613,467
176,318,050
5.4
17.8
6.6
10.0
6.6
7.2
15,9
7.5
5.6
7.1
4.8
5.5
3,231,270,854
3,489,208,197
3,231,270,854
100.0
7,882,932,610
7,548,456,235
436
799
702
882
625
512
1,442
586
1,024
1,093
876
859
221
335
403
395
413
374
971
333
610
577
608
382
50.7
41.9
57.4
44.8
66.1
73. 0
67.3
56. 8
59.6
52.8
69.4
44.5
9,813
5,622
5,567
7.2
9,591
9,558
5,275 I
4,952 !
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (14.42) for system.
150,000
13,273,607
10,354,398
Total reduced to a common maturity basis.1
Total all
classes.
Foreign,
$109,471
294,982
2,380
438,513
3,486,913,942
3,204,215,794
Trade acceptances.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Dollar
Foreign, j Domestic. exchange.
S3,000.
19,049
8235,914,375
486,925,458
76,801,788
104,450,038
24,911,555
45,628,284
71,138,805
54,654,489
18,598,197
14,338,102
10,588,374
33,555,465
. November, 1920..i 161,849,808 : 4,187,873,432 17,878,300 I
October, 1920
i 156,299,491 | 4,148,970,138 9,227,341 !
Total: November, 1921
October, 1921
Live-stock
paper.
55.0
51.8
88
FEDERAL RESERVE BULLETIN.
.TANUABY, 1922.
VOLUME OF BILLS DISCOUNTED DURING NOVEMBER, 1921, BY RATES O F DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
4lj per cent.
Federal Reserve Bank.
Boston
New York
Philadelphia,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
-....;
Total: November, 1921
October, 1921
5 per cent.
5} per cent.
S39,353,709
76,339,624
26,817,650
210,872,275
5278,809,586
1,278,995,459
j
2-18,726,963
i
j
j
j
647,399,664
179,522,131
106,729,400
194,538,116
136,116,632
i
i
i
•
38,629,365
65,162,247
42,632,370
8,444,338
"178," 212*561'
! 1,806,532, C
'
423,357,268
506,132,607
927,412, 754
2,004,577,854
6 per cent.
Per cent.
4.58
4.51
4.55
5.06
5. 55
5.52
5.08
5.06
5.63
5.05
5.62
5.03
§318,163,295
1,355,335,083
275,544,613
258,271,939
197,020,666
109,015,124
214,201,416
147,057,443
49,220,412
67,468,636
53,315,388
186,656,839
317,498,535
2,285,724
19,663,300
10,940,811
10,591,017
2,306,389
10,683,018
73,968,824
913,074,713
Average
Average
rate (365day basis). maturity.
Total.
L
3,231,270,854
3,489,267,197
Days.
7.91
6.13
12.02
17. 99
15.62
30. 98
34.63
23. 70
53.46
48. 93
41.55
13.62
14.42
14.78
5.03 ;
5.62 |
i Includes $5,482,023 of bills discounted at 6} per cent.
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING NOVEMBER, 1921, BY CLASSES.
Federal Reserve
Bank.
Total bills
purchased.
Foreign.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total reduced to a
common maturity
basis .1
Trade acceptances.
Bankers' acceptances.
Dollar
Domestic. I exchange.
S14,672,863
62,697,995
8,262, 559
1, 514,780
285,000
1,012,810
9,873,999
2,691,682
87,210,143 I S3,004,844
15,219,901 I 6,055,950
, ,
2252062
538,037
2,252,062
24,678
1,787,255
2,744, 500
1,212,485
20,000
2,393,165
120,000
1,301,665
139,444 i.
125,000
200,000 !.
568,240
"i3," 290," 777' 2,600,542 ;
Total: Nov., 1921. 114,427,495
Oct., 1921. 87,912,692
Nov., 1920. 16S, 742,124
Oct., 1920. 203,020,366
37,061,462
44,211, 369
Total.
Foreign.
§24,887,850
83,973,846
11,052,658
3,326,713
3,029,500
2,225,325
12,287,461
4,113,347
Domestic.
|
i $177,815
I
Total.
Per cent
of total.
Amount.
!
i
!
$24, 887, 850
84,151, 691
11, 052,658
3,326,713
3,029, 500
2,225,325
12, 287, 464
4,113,347
$14,030,802
56, 985,227
21,514,336
3, 588,038
5,109, 485
3, 994, 208
30,686,693
2, 404,626
8.7
35.2
13.3
2.2
3.1
2.5
18.9
1.5
264,441 ]
200,000
16,459,559 ;
264,444
200,000
16,4.59, 559
• 740,443
282,060
22,662,633
.5
.2
13.9
177,845 I 161,998,551
139,081,325
161,998,551
100.0
$177,81:5
10,331,749 ! 161,820,706 i 177,815
6,957,264 | 139,081,325 j
52,928,510
9,161,956 i 230,832,590
66,263,653 j 10, 878,149 j 280,162,168
757, 805
934,908
§250, 000 1,007,805 j 231,840,395
734, 801 1,669,709 j 281,831, 877
1 Total purchases multiplied b y ratio of average maturity of bills purchased by each bank to average maturity (25.60) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING NOVEMBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES.
Federal Reserve Bank.
4£ per cent. 1 4§ per cent.
Boston
$1,567,840
New York
1,393,713]
Philadelphia
3,063,225
Cleveland
. 224,297; |
Richmond
Atlanta
Chicago
2,420,248
121,044
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco....!...!.!!!!!!!!!.!!!..!!!!.!!!! !f"""5," 11 , Q 3 I
- 9" 4 "
Total: November, 1921.
October, 1921....
13,940,310
54,260,601
3,915,569
4,946,440
30,000
-1J per cent. ] 4£ per cent. | 4% per cent. ; 4g per cent.5 per cent.
§14,688,740
64; 162,813
2,459,987
1,210,481
S3,244,764
2,048,184
55,000
313,423
S480,772
12,631,412
528,000
101,709
j
,
I
1
§131,894
i
3457,059
1,446,803
3,323,737
190,000 .
3,746,804 j
3,681,989 i
1,929,748 j
285,314,;
234,807 '
I
72,120 !
25,000
500,000
1,104,233
2,385,027 i
6,675,702 |
619,958
'...I
274,238 I
264,444
100,000
250,458
17,586,586
92,525,841 j
11,665,401 I
14,552,135 I
27,713,610!
14,590,658
74,208,848
503,252
5,551,826
3,019,364
8,874,525
J A S UARY,.
89
FEDERAL BESERVE BULLETIN.
1922.
VOLUME OF ACCEPTANCES PURCHASED DURING NOVEMBER, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE
RATES AND MATURITIES—Continued.
Boston
$45,880
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Loui<>
i
.
.
. .
Total.
Average
rate
(365-day
basis).
$24,887,850
84,151,691
11,052,658
3,326,713
3,029,500
2,225,325
12,287,464
4,113,347
Per cent.
4.59
4.59
4.42
4.72
5.58
5.54
4.54
4.57
Days.
14.43
17.33
49.84
27.61
43.18
45.95
63.94
14.97
264,444
200,000
16,459,559
5. 07
5.42
4.47
71.69
36.11
35.25
264,430
161,998,551
8,654,881 1139,081,325
4.60
4.97
25.60
25.77
5J-per cent. 5-1 per cent. o\ per cent. 6 per cent.
Federal Ileserve Bank.
.
360.000
S3.694
- ,- 3,029,500
1,870,895
Kansas City
Dallas .
San Francisco
3164,430
100,000
45,886
704,273
Total* November 1921
October, 1921
60,000 ! 4,904,089
1,263,449 ;
119,512
Average
maturity.
1
Includes §50,000 at 4-A- per cent, §200,000 at 5$ per cent, and $75,000 at 5J per cent.
NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on bills bought in open market.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
Following is a set of tables giving a detailed analysis of the different classes of earning
assets held by the Federal Reserve Banks at the end of November, 1921:
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS, DURING NOVEMBER, 1921.
Earnings o n -
Average daily holdings of—
Federal Reserve
Bank.
All classes
of earning
assets.
Discounted
bills.
United
States
securities.
| All classes
earnj of ing
: assets.
Discounted
bills.
Annual rate of earnings on—
All
Pur- i United classes Dis- : Pur- United
States
chased , securi- of earn- eounted1 chased States
1
bills. i ties.
bills. I bills. securiing
ties.
assets.
1
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
,
Minneipqlls
Kansas City
Dallas
,
San Francisco..
S87,70S, 879!
329,988,026)
115, 257,972;
138,918,273
106,735,6191
119, 446,137;
218,191,551 •
74, 70-1,693
71,745,000!
94,120,753!
59,970,866:
103,434,876!
$69,057,716' 56,092,705; S12,558,458! S332, 821
218,905,949 i 37,080,004. 74,002.673! 1,188,664
90,639,867i 8, 759,022; 15,850, 0S3I 416, 515
123,990, 716| 3,152, 790' 11,774, 767i 573,358
496,229
97,963,139' 3,779, OSOJ 4,993,4001
94,972, 548! 5,521, 562 IS, 952,027! 530,412
185,473,089 i 2,949,829 29,768, 633! 961, 577
64,894,978, 1, 203,331 8,666,38 4' 303,541
333,385
5,126,000s
68,606,000,.
400,751
78,043, 899: 1,608,473 14,22-9,317:
283,018
215,000 4,542,750:
55,213,116
424,734
86,8.1.4,757' 8,505,552 8,114,567,
Total:
Nov., 1921.. .i 1,520,283,245''l,232,575,771' 78,867,348 208,579,059; 6,245,005
Oct., 1921... .jl, 640,739, oil! 1,
376,914,379! 56,196,411 207,624,721; 7,315,372
$285,9481 $23,133 $23,740
852,6091 146,987' 189,068
354,312i
33,311! 28,847
539,915 j
12,396' 21,047
469,476i
18,443 8,310
451,143!
'
27,072! 52,197
887,1241
11,065; 63,388
283,326
4,526
324,660L
366,0738,119 25,577
273,531!
1,025
8,462|
378, 573!
32,343| 13,818
Per ct. :
4.62
4.38'
4.39
5.02
5.66.
5.401
5.361
4.94
5.65
5.18
5.74
5.00
i
Per ct. I Per ct.
5.04!
4.74;
4.75!
5.30;
5,83!
5.78!
5.82;
5.31
5.93!
5.71
6.02
5.3]
Per ct.
2.30
3.11
2.21
2.17
2,02
3.35
2.59
2.20
2.06
2.19
6.14
2.26
5.72
2.07
4.6?
4.62
4.82
4.62
4.78
5.94
5.97
4.56
4.5'
5,466,690
318,4201 458,803:
5.00
4.91
5.40j
2.68
K An
5.04
2.38
6,655,304i 240,530! 419,518'
5.25
Nov., 1920. .i3,375,395,765'2,776,457,064' 278,521,360 320,417,341 i 16,507,625 14,560,645! 1,377,088! 569, 892: '5.98
6.41
6.03
2.17
Oct., 1920.. . 13,390,089,524 2,782,055,442' 303,980,844 304,053,238| 17,085,802 14,953,963i 1,563,714j 568,125;
6.35
2.21
6.07
5.9;
i
I
!
•
NOTE.—The totals for the Philadelphia. Minneapolis, and Kansas City banks include average daily holdings of municipal warrants, earnings,
and annual rates of earnings thereon as follows: Philadelphia, $9,000, $45, and 6.08 per cent: Minneapolis. $13,000, S65, and 5.85 per cent; Kansas
City, $239,067, $982, and 5 per cent.
90
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of November figures. In thousands of dollars.!
Federal Reserve Bank.
Total.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
K a n s a s Citv
Dallas....."
San Francisco
Customers'
paper
secured
by Government
obligations.
Member banks' j
collateral notes, j
| 6,796 j 23,941
! 3,040 ; 131,979
54,002
: 12,124
•
34,836
j 4,117
34,394
96,572 ! 2,832
23,627
92,764 i 5,114
47,936
179,535 • 4,258
20,809
4,139
67,349
107
62,264
2,854
16', 809
78,150
8,488
450
54,875
21,945
73,271
3,065
87
870
310
596
38
1,704
*2,"6n'
Total: N o v . 30, 1921
Oct. 31, 1921
'1,182,301 \
11,313,027 j 49,485
11,674
427,464 | 17,350
412,951 j 17,553
Nov. 26, 1920
Oct. 29, 1920
.12,735.400! 278,946
.[2,801,297 282,733
913.479 j 7,299
921,172 j 3,649
T n
Bankers' acceptances.
! Commer- Agricul-! LiveSecured
! cial paper, tural i stock
by Gov- Other- I n. e. s.
paper. | paper.
ernment wise
obliga- secured
tions.
75,448
209,612
80,217
106.244
i
:
;
i
i
i
^ ^
^
i
For- | Do- Dollar Forexeign. I mestic. change. eign.
Domestic
43,870 !
72,849
19,351
62,982
47,041 I
47,503
70,026
32,654
22,552 !
28,213 |
17,191 i
22,081 I
486,313 !
621,900
1,260.326
1,318; 400
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of November figures. I n thousands of dollars.]
Bankers' acceptances.
All classes.
Federal Reserve Bank.
Total.
Boston
Ne\vYork.
Philadelphia,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas Guy..
Dallas
"...
San Francisco
Total: Nov. 30, 1921
Oct. 31, 1921
Purchased in open market:
Nov. 30,1921
Oct. 31,1921
Discounted for member banks:
Nov. 30, 1921
Oct. 31, 1921
'
|
Purchased
in open
market.
8,791 !
8,919 i
25,001 | 23,887
10,277 i 10,156
5,433 ! 2,902
0,129 i 4,001
6,520 I 4,531
5,995 ! 5,195
914
1,648 !
248 !
1,689
1,554
1,006
190
11,488
Discounted
for
member
banks.
Total.
Trade acceptances.
Dollar
Foreign. Domestic. exchange
Total.
Foreign. Domestic.
72,954
86,110
11,399
12,061
5,361
16,669
7,540
1,688
897
2,496
4,347
716
2,455
5,328
2,021
964
3,104
2,035
831
375
1,584
190
10,905
721
8*554
863
190
1,853
498
797
482
248
105
816
583
48,989
56,566
20,019
26,574
4,263
3,814
11,082
11,217
72,824
86,055
84,353
98,171
8,791
23,847
10,156
2,902
4,001
4,531
5,198
1,166
73,271
86,954
10,833
128
1,114
121
2,531
2,128
1,989
800
784
248
135
816
655
48,934
55,996
19,627
26,270
4,263
3,789
130 !
55 I
130 •
55 i
447
55
570
304
25
10,952 !
11,162 i
54 !
975
1,850
595
250
128
1,154
121
2,531
2,128
16
128
1,024
121
2,531
2,128
1,989
797
482
248
105
810
567
146 :
109 :
10,936
11,108
130
10!
10,936
ll10S
91
FEDERAL RESERVE BULLETT^.
JANUARY, IT 22.
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of November figures. I n thousands of dollars.]
I
Member banks.
Federal Res«rv« Bank.
Total.
National.
! Nonmem_! ber banks
i and bankNonna- ! ingcorpotional. ! rations.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Loins
Minneapolis
Kansas City
Dallas
.*
San Francisco
8,791
23,847 •
10,156 '
2,902 !
4,001 '
4,531 '
5, 198
1,166
5,252
6, ISO
4,962
1,0(51 i
4,001 .
1,332 |
1,274 j
523 I
1,584
190 •
10,905
1,341
190
4,173
3,039 I
l.sOS
Total: Nov. 30, 1921
Oct. 31,1021
Purchased i n open market:
Nov. 30, 1921
O c t. 31,1921
Discounted for member banks:
Nov. 30,1921
Oct. 31,1921
73,271
86,954
30,289
34,423
23,579 .
3i;0S6 '••
72,824 '
86,055 •
30,208
34,032
23,282
30,854
Private
bankers.
447
SI
391
3,375
G, 109
2,286
701
131 i
5,155 !
1,300 I
542 !
Branches
and agencies of foreign banks.
24
3,705
203
105
2,698
1,339
433
S,912
11,999
4,960
'6,493
5,501
2,953
8, S73
11,740
4,900
6,488
5,501
^ 935
3,199 i.
3,924 ' .
043 .
243
297 :
232 =
09 .
253 ;
1,022
18
92
FEDERAL, RESERVE BULLETIN.
JANUAHY, 1922.
BANKING CONDITIONS DURING NOVEMBER AND DECEMBER.
Further loan liquidation aggregating about
$65,000,000, as against an increase of $142,000,000 in investments, largely in United
States Government securities, is indicated by
the weekly statements of condition of reporting member banks for the five-week period
between November 16 and December 21.
Some of the changes shown in the December 21
statement, notably the large increase in Government deposits, the reduction in other
demand deposits, and a large addition to
Treasury certificate holdings, may be traced
to Government operations in connection with
the collection of the last tax installment due
on December 15, particularly the allotment on
that date of about $308,000,000 of tax certificates. The effect of these operations on the
condition of the Federal Reserve Banks is
much less evident, the large increase in bills
discounted by these banks, shown for the week
ending December 21, being due chiefly to the
large amounts of currency drawn by the member banks during the week in order to meet
the customary pre-holiday demand for cash.
Loans and discounts of reporting member
banks secured by Government obligations
show a reduction of $24,000,000 for the period.
Loans secured by corporate obligations follow
a practically steady upward course, the December 21 total showing an increase of $106,000,000 over the total shown five weeks before,
while all other loans and discounts, comprising
largely commercial and industrial loans, show
a decrease for the period of $147,000,000.
During the five weeks under review the reporting member banks increased their holdings
of United States bonds and Victory notes by
nearly $50,000,000. Their holdings of Treasury notes were fairly constant during the entire period. Holdings of Treasury certificates
show little change during the first four weeks,
but increased $69,000,000 during the last
week under review. Holdings of corporate
and other securities fluctuated between fairly
narrow limits, and on December 21 were about
$15,000,000 in excess of the November 16 total.
In consequence of the changes noted, total
loans and investments on December 21 were
about $77,000,000 larger than five weeks before.
This increase is accompanied by gains of
$78,000,000 in Government deposits, of $12,000,000 in other demand deposits, and a loss
of $36,000,000 in time deposits. Borrowings
of the reporting member banks from the
Federal Reserve Banks fluctuated between
$683,000,000 on November 30 and $743,000,000
on December 21, or from 4.6 to 5 per cent of
the banks' total loans and investments. In
the following table are shown the principal
changes in the condition of reporting member
banks during the five weeks ending December 21. Corresponding changes since the beginning of 1920 are traced in the chart on
page 93.
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF
REPORTING MEMBER BANKS.
[In millions of dollars.]
Nov. 16.Nov. 23. Nov. 30. Dec. 7. Dec. 14. Dec. 21.
Number of reporting
banks . .
Loans and discounts:
Secured by U.S.
Government
obligations i...
S e c u r e d by
stocks and
bonds (other
than U. S.
Government
obligations)...
All other i
Total loans
and discounts i
U. S. bonds
U. S. Victory notes.-.
U.S. Treasury notes.
U. S. certificates of
indebtedness
Other bonds, stocks,
and securities
Total investments
Total loans and discounts and investments i
Reserve with F. R.
Banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and
rediscounts with
F. R. Banks; total.
Secured by U.S.
Government
obligations
All other
Ratio of accommodation at F. R.
Banks to total
loans and investments
807
807
807
808
808
808
540
527
522
508
509
516
3,059
7,755
3,077
7,706
3,114
7,699
3,097
7,708
3,155
7,639
3,165
7,608
11,354
11,310
11,335
11,313
11,303
11,289
907
163
120
912
162
122
911
156
123
930
161
123
941
170
122
947
173
125
168
178
189
175
171
240
2,074
2,068
2,051
2,057
2,079
2,089
3,432
3,442
3,430
3,446
3,483
3,574
=====
—s
14.. 786 14,752
14,765
14,759
:
14,786
14,863
1,269
1,268
1,268
1,242
1,246
1,308
10,236
3,003
10,191
3,009
10,270
2,998
10,208
2,990
10,339
2,980
10,248
2,967
214
163
128
115
115
292
702
709
683
683
664
743
239
463
269
440
276
407
263
420
263
401
312
431
4.7
4.8
4.6
4.6
303
307
296
315
329
341
5.0
* Including bills rediscounted with Federal Reserve Banks.
Federal Reserve Bank figures, which cover
the five-week period between November 23
and December 28, show a continuous though
moderate reduction in discounts for the first
three weeks under review. The statement for
December 21, following the date of the last
tax installment and preceding Christmas, shows
an increase of $71,900,000 in bills discounted
for member banks, while during the following
JANUARY, 1922.
week this total shows a decline of $44,900,000.
It is notable that while the amounts of Government paper held by the Federal Reserve Banks
show an increase for the five weeks of
$20,000,000, the amount of other discounted
bills held by the reserve banks declined
845,400,000.
1
2
3
4
5
New York market, the simultaneous low rates
on acceptances prevailing in the open market,
and the resultant smaller investment demand
for bankers' bills during the period under
review. During the last week in December
the strain upon the money market lessened
and in consequence Federal Reserve Bank
WEEKLY C HIANGES IN
PRINCIPAL ASSET!5 AND LIABILITIES
<F
FEDERAL RESERVE BANKS
REPORTING MEMBER BANKS
R E S E R V E RATIO
T O T A L DEPOSITS
CASH RESERVES
F. R. N O T E C I R C U L A T I O N
U. S . S E C U R I T I E S
6 PURCHASED ACCEPTANCES
DISCOUNTS SECURED B Y
U.S. GOVERNMENT OBLIGATIONS
8 TOTAL DISCOUNTS
9 T O T A L EARNING A S S E T S
MILLIONS
OF
DOLLARS
MILLIONS
OF
DOLLARS
3500
V*
/
VV J
V
\
/
2000
3000
/
A1
2500
f*
2500
\1
vI \
" \
V
15
14
500
3500
s
0
PER
CENT
>
'5
14-
4
V
\» S
13
\
ip
A-
A\
A •*»
11
3
11
N
RESERVE
RATIO
"V
16
\
12
MILLIONS
OK
DOLLARS
r
V
tooo
n
0
17
•v
13
\ <*
*
}
•»,
18
A
16
1500
\
=••»
13
2000
\
V \:
\ \
\
7
1000
500
A C C O M M O D A T I O N A T F E D E R A L RESERVE B A N K S
U.S. O B L I G A T I O N S A N D LOANS SECURED THEREBY
NET DEMAND D E P O S I T S
TOTAL LOANS
T O T A L LOANS A N D I N V E S T M E N T S
BILLIONS
OF
DOLLARS
17
V
V
\
1500 \J
1
2
3
4
5
BILLIONS
OF
DOLLARS
3500
V
3000
10
i.
A
V
9
9
'V- &*
/
2500
H of
2000
>\4 *
I--
.*• -»
A
*v
*\
L
V
1500
»
•
t\
7
100
6
80
5
60
40
2
20
500
MONTH J . F. M,A. M: d. J . A. S. O. N. D. J. F. M. A. M. J. J: A. S. 0 . N. D. MONTH
YEAR
1921
1920
YEAR
During the period under review, a rapid
accumulation in the portfolios of the Federal
Reserve Banks of bills purchased in open
market took place, the December 21 total of
$126,500,000 showing a gain for the four weeks
of $57,100,000. This increase is probably due
to the relatively high call money rates in the
82711—22
7
6
c
4
3
90
ml
y
8
7
»w
3000
93
FEDERAL RESERVE BULLETIN.
4
\
"s
*- -v
3
2
1
1
1
m 0
MONTH
J . F. M. A: M. J . J . A . S. 0 . N. D
.
J. F. M.A.M.J. J.A.S.O. N.D.
MONTH
YEAR
1920
1921
YEAR
holdings of this class of paper declined by
$12,300,000.
United States bonds and notes show an
increase for the period of $27,000,000; Pittman
certificates on deposit with the Treasury to
secure Federal Reserve Bank note circulation
show a decline of $11,500,000, while other
94
FEDERAL RESERVE BULLETIN.
Treasury certificates, largely held under repurchase agreements by the New York Federal
Reserve Bank, show an increase of $24,600,000.
During the recent weeks the reserve banks also
bought a small amount of municipal warrants,
the amount held, on December 28 by three
reserve banks being $334,000. Total earning
assets of the reserve banks on December 28
stood at $1,535,900,000, an increase of
$60,000,000 for the five-week period, though
less than one-half the amount held at the
beginning of the year.
In the following table are given weekly
changes in the principal assets and liabilities
of the Federal Reserve Banks for the five
weeks ending December 28. Similar changes
since the beginning of 1920 are presented in
graphic form on the chart on page 93.
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF
THE 12 FEDERAL RESERVE BANKS COMBINED.
[In milli ons of dollars].
Nov. 23, Nov. 30. Dec. 7. jDec. 14JDec. 21, Dec. 28.
!
Reserves:
Total
Gold.
i
2,978.2 2,989.1 2,990.6 13,001.6 ,2,993.1
2,835.2 2,849.4 2,851.0 ,2,869.2 \2,871.0
2,992.2
2,869.6
Bills discounted:
1,205.2 1,182.3 1,170.7 'l,152.8 'l,224.7 1,179.8
Total
Secured bv
U.S. Government
obliga487.2
467.2 476.4
457.6 ! 459.6
503.8
tions
692.6
All other.... 738.0 705.9 713.1 j 693.2 720.9
Bills bought in open
114.2
81.8 !! 99.7 126.5
73.0
market
69.4
Certiacates of in- '
172.3
182.0
167.7 |i 186.2 160.6
debtedness
168.8
Total earning
!l,475.9 1,459.9 1,455.1 11,482.6 1,563. 3 1,535.9
assets.
Government deposits
32.2
Members' reserve I
deposits
'1,670.7
Totaldeppsits.,1,728.5
F. R. notes in circu- I
lation
2,389.9
F. It. Bank notes in I
circulation — net
liability
74.8
72.3
!
45.9
52.3 !
69.4
54.9
71.6
i 1,670.4 1,640.4 1,645.6 1,703.6
1,742.8 1,718.3 !l.742.8 1,784.8
1,666.0
1,764.5
2,366.0 2,373.4 L
|2,393.S 2,447.6
2,443.5
75.9
72.7
77.0
73.1
78.3
72.6
82.7
70.7
84.5
71.1
Bills rediscounted with other Federal Reserve Banks, which totaled $19,700,000 on
November 23, show a steady decline. By
December 21 all such bills outstanding had
been redeemed and all reserve banks were on
a self-supporting basis, though differing greatly
in their reserve position. Total deposits of
the reserve banks, which stood at $1,728,-
JANUARY, 1922.
500,000 on November 23, reached a total of
$1,784,800,000 on December 21, this increase
reflecting the increases in both reserve and
Government deposits. On December 28 aggregate deposits of the reserve banks were
$1,764,500,000, or $36,000,000 larger than five
weeks before.
Federal Reserve note circulation continued
its downward course during the last week in
November. During the following three weeks
the reserve banks issued large amounts of
Federal Reserve notes, besides paying out
considerable amounts of United States notes
and silver certificates in small denominations
to meet the extraordinary demand for currency during the preholiday period. As a
consequence, the banks show for the first
three weeks in December, besides an increase
of $81,600,000 in Federal Reserve note circulation, also a depletion of $17,600,000 in reserve cash other than gold and a substantial
increase in outstanding Federal Reserve bank
notes. On December 28 a return flow of
Federal Reserve notes is shown to have set
in which is likely to continue during the early
part of next year. Net liabilities of the Federal Reserve Banks on Federal Reserve bank
notes in circulation show an increase for the
five weeks of $9,700,000, notwithstanding the
substantial redemptions of Pittman certificates
effected during the period.
Gold reserves show a practically continuous
increase for the five weeks of $34,400,000, offset, however, by a loss of $20,400,000 in other
reserve cash. For the present year the reserve banks show a gain of $806,800,000 in
gold and a loss of $68,300,000 in other reserve cash, i. e., legals and silver. The reserve ratio, which stood at 72.3 per cent on
November 23, because of the reduction in
liabilities and the gain in reserves, reached
73.1 per cent, the maximum for the year, on
December 7, During the following two weeks,
largely because of the increase in liabilities,
the ratio declined to 70.7 per cent, while on
December 28 it stood at 71.1 per cent.
In the following table are shown comparative figures of average daily cash reserves, deposits, Federal Reserve note circulation, and
reserve percentages for the months of November and December of the present and the
two preceding years:
JANUARY, 1922.
95
FEDERAL RESERVE BULLETIN.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR DECEMBER AND NOVEMBER, 1921.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Total deposits.
Eoserrepercentagos.
Federal Reserve Bank.
December. November. December. November. December. November. December. November.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total: 1921
1920
1919
1
255,652
1,091,085
223,922
255,349
73,035
70,550
472,306
107,305
55,720
71,050
35,507
282,835
264,394
. 087,419
,
222,024
210,275
09, 856
(39,400
477, 741
109,149
45, 792
69,030
33, 847
269,420
115,887
700,396
103,545
132,057
56,884
47,185
241,718
05,820
43,913
73,795
46,600
127,420
j 2,994,982 ! 2,961,419 ' 1,755,226
' 2,221, 573
! 2,149,053
2,182,795 I 1, 821,740
2,185,149 j 1,990,221
Calculated on basis of not deposits and Federal Reserve notes in circulation.
117,386
685,127
103, 916
133,149
55,265
45, 455 i
241, 316 I
64,108
44,250 !
71,145 !
45,080 !
120,303 !
207,649
656,042
203,823
218,076
109,230
121,319
405,864
98,152
57,145
69,149
36,215
233,432
215,740 |
637,322
201,128 !
216,385 !
108,917 I
123,204 i
407,591 I
102,313 I
57,350 I
69,828 |
38,024 |
224,610 i
1,732,504
2,416,096
2,402,442 j
1, 830,011
2,013,944
3,342,520
2,955,476
3,327,032 I
2,812,247
79.0
80.4
72.9 !
72.9
44.3
41.9
72.9
65.4
55.1
49.7
43.0
78.4
79.4
82.2
72.8
70.5
42.5
41.2
73.6
65.6
45.1
49.0
40.7
76.8
71.8 I
71.7
i 44. 7 j
145.7
143.7
140.8
96
FEDERAL. RESERVE BULLETIN.
JAXUAEY, 1922.
CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOV. 30 TO DEC. 28, 1921.
RESOURCES. .
[In thousands of dollars.]
New
RichPhilaChiTotal. Boston. York. delphia. Cleve- mond. Atlanta. cago.
land.
Gold and gold certificates:
Nov.30
Dec.7
Dec. 14
Dec. 21
Dec. 28
Gold settlement fund—F. R.
Board:
Nov.30
Dec.7
Dec. 14
Dec. 21
Dec. 28
Gold with F. R. agents:
Nov.30
Dec.7
Dec. 14
Dec. 21
Dec. 28
Gold redemption fund:
Nov.30
Dec.7
Dec. 14
Dec. 21
Dec. 28
Total gold reserves:
Nov.30
!..
Dec.7
Dec. 14
,
Dec. 21
Dec. 28
'...
Legal tender notes, silver, etc.:
Nov.30
Dec.7
Dec. 14
Dec. 21
Dec. 28
Total reserves:
Nov.30
Dec.7
Dec. 14
Dec.21
Dec. 28
Bills discounted:
Secured by U. S. Government obligations—
. Nov.30".
Dec.7
Dec.14
Dec. 21
Dec. 28
All other—
Nov.30
Dec.7
Dec.14
Dec. 21
Dec. 28
Bills bought in open market:
Nov.30
Dec.7
Dec.14
Dec.21
Dec. 28
U. S. bonds and notes:
Nov.30
Dec.7
Dec.14
Dec.21
Dec. 28
U. S. certificates of indebtedness:
One year certificates (Pittman
Nov.30
Dec.7
Dec.14
Dec.21
Dec. 28
All other—
Nov.30
Dec.7
Dec. 14
Dec.21
Dec. 28
488,967
484,048
430,560
380,268
380,911
8,148
7,905
7,624
7 111
6;975
395,453
390,172
337,050
288,703
289,926
1,916
1,990
1,872
1,757
1,776
12,306
12,392
12,245
12,189
12,182
2,940
2,945
2,927
2,877
2,841
465,236
457,202
504,744
559,621
534,099
49,586
51,007
41 407
28,503
39,463
62,808
29.911
75; 398
164,917
141,463
64,244
68,536
68,885
54,882
52,695
66,001
55,472
52,109
43,061
52,753
,779,605
,787,7241
,813,4221
,833,1081
,846,369
161,913
172,624
179,017
175,091
163,025
594,034
593,784
593.537
593' 316
623,110
142,005
137,327
143,157
148,978
146,185
115,639
122,053
120,447
97,997i
108,221i
16,012
15,249
18,816
22,690
24,717
15,000
15,000
15,000
15,000
15,000
2,849,447: 235,659 1,067,295
2,851,027' 246,785J1,028,867
2,869,173) 246,864|l,020,985
2,870,994j 233,395jl, 061,936
2 «69,600 234,1801,069,499
139,695
139,606
132,413
122,066
122,600
2,989,142
2,990,6331
3.001,586
2,993,060
~ ""1,200
Miniic-
San
Kansas Dallas. FranCity.
cisco.
22,422
22,401
22,190
21,946
21,836
3,248
3,235
3,275
3,174
3,212
9,07.1
9,092
9,090
9,093
9,117
2,377
2,388
2,382
2,389
2,492
8,265
8,421
8,594
7,683
7,248
17,849
18,132
18,310
18,242
18,203
19,837
21,325
23,714
26,178
19,978
4,816 91,847
7,151 100,493
7,003 117,645
10,549 95,309
14,444 83,940
17,475
22,397
25,361
21,356
20,728
17,593
23,906
27,244
26,940
26,886
24,885
27,021
24,615
32,782
33,731
2,887
5,027
4,107
12,180
10,574
43,257
44,956
37,256
42,958
37,444
165,564
177,492
175,978
176,124
176,444
32,605
30,176
28,074
35,106
33,562
43,988
44,078
42', 377
45,289
44,895
302,283
293,408
306,661
319,446
314,511
66,921
66,121
66,812
66,887
66,375
17,195
16,442
17,314
17.825
16,856
30,589
29,976
29,803
28,754
28,567
12,731
11,900
11,131
12,015
11,417
209,777
214,396
219,561
214,277
221,422
9,347
6,937
10,649
7,325
9,752
7,245
5,266
6,695
6,403
6,027
9,718
11,873
13,729
6,392
7,63:.f
4,835
4,645
6,480
4,737
5,906
36,841
45,560
32,185
19,182
23,999
3,188
3,966
3,160
2,992
3,485
2,776
3,512
2,530
1,913
2,765
2,459
2,650
2,465
3,130
3,027
1,696
2,429
3,118
2,117
2,651
6,522
4,966
5,620
6,116
3,259
217,512
214,790|
224,563!
212,9421
210,408
251,116
250,622
247,027
237,777
247,406
65,100
66,319
68,444
70,553
64,014
58,611
60,849
60,861
65,679
70,348
453,393
461,862
478,681
455,8S3
444,286
90,832
95,719
98,608
94,409
93,800
46,635
52,952
56,178
55,777
55,624
60,310
62,035
59,265
67,055
07,817
25,579
27,777
26,950
33,995
31,890
277,405
282,450
280,747
281,593
280,328
45,573
46,543
43,560
42,254
44,615
7,643
6,915
6,277
6,355
6,230
7,729
7,509
7,296
6,782
7,208
6,019
6,072
6,489
6,777
6,743
18,517
15,757
13,707
13,139
14,212
13,746
12,823
12,917
10,288
9,351
537
555
638
63'
756
7,370
8,085
8,089
7,082
6,464
6,845
6.702
6', 776
6,472
6,603
250,168 1,112,868
264,364|l, 075,410
263,372 1,064,545
246,529'-1,104,190
245,726!!, 114,114
225,155
221,705
230,810
219,297]
216,638!
258,845
258,131
254,323
244,559
254,614
66,109j
68,104
67,648
77,330! 71,548
70,757 75,790
471,910
477,619!
492,388
469,022
458,498
104,578
108,542
111,525
104,697
103,151
47,172
53,507
56,816
56,414
56,3S0
67,680
70,1.20
67,354
74,137
74,281
32,424
34,4791
33,726
40,467
38,493
135,019
124,722
126,448
157,396
141,863
66,120
67,1601
66,405
70,401
70,213,
38,953
38,149
44,537
47,275
42,709
37,226
38,2531
39,255;
41,895
42,931
28,741
26,926
24,966
25,284
25,346
52,194
54,759
50,646
55,636
60,3441
24,945
22,008
24,877
24,759
23,533!
8,805
9,103
8,747!
8,099!
7,525|
19,663
19,023
18,979
17,797
15,741
8,938
9,010
9,093
9,834
9,512
20,0911 67,291
21,4851 66,347
19,225 70,028
21,552 76,613
20,1031 67,688
59,346
57,184
53,275
55,792
54,982
64,023
65,666
68,538
70,899
69,080
127,34l|
127,250,
125,801
140,982
135,709
42,401
41,170;
36,7111
42,501i
42,496
53,459!
51,8441
46,630'
47,039!
44,814
58,48:
56,854
56,511
55,253
51,976
2,902
2,448
2,696
4,103
4—
4,001
3,809
3,702
3,645
3,346
4,531
3,887
3,808
3,522
3,644
5,195
4,536
3,975
4,289
5,296
856
1,906
5,226
5,255
5,282
1,233
1,233
1,233
1,233
1,233
10,377
11,293
11,612
10,964
10,980
4,587|
4,627
6,075
7,928
11551 !
2,643
2,643
2,643
2,630
2,630
209
209
209
209
2,685
3,760
3,760
3,760!
3,760
3,760
8,564
8,564
8,564
8,564
8,564
18,167
16,667|
14,66714,667
14,667;
1,900
1,900
1,900
1,900
1,900
7,880
7,880
7,880
7,880
7,880
1
1
1
2,607
1,986
18
1,193
4,321
14,509
17,579
16,508
13,134
11,546
476,360
457,618
459,630
503,770
487,193
30,737
27,358
26,493
24,881
26,515
705,9411
713,041I
693,203!
720,933
692,640
74,593
44,711
31,219 102,331
40,109, 87,37!
43,075! 79,094
42,418 71,194
72,954
81,784
99,735
126,525
114,240
8,791
5,778
8,299!
10,9291
12,140|
23,
38,531
44,688
61,707
47,313
32,253
34,731
43,575
51,084
59,472
707
1,241
1,601
1,670
1,658
2,500
7,743
9,272
126,000 10,450
124,500 10,450!
119,5001 9,950;
119,500
9,950
119,5001 9,950
46,291
43,168
66,710
41,127
62,472
4,972
4,975
5,001
5,104
5,103
St.
Louis. apolis.
1,697
1,797
161
842
1,669
10,156
8,970l
8,665|
13,859:
15,277
36,400
36,400
36,400
36,400
36,400
12,500
12,500
12,000
12,000
12,000
9,040
9,040
8,040
8,040
8,040
41,299
38,398
66.089
38; 084
55,533
87
87
11
317
298
192
184
184
175
285
71,119
72,391
74,933
3,709
3,811
3,369
3,277
3,430 '
281,114
286,261
284,116
284,870
283,758
25,010
21,147
19,184
20,513
20,901 "
45,937 48,261
44,79-1 46,897
44,130 44,866
42,602 44,931
41,879 50,301
190!
190'
165
165
165
10,833
11,713
22,223
22,420
20,822
500
169
115
97
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOV. 30, TO DEC. 28, 1921—Continued .
RES OURCE S—Continued.
[In thousands of dollars.]
Phila- Cleve- Richdelphia. land. mond. Atlanta.
Total. 'Boston.
\liraicipal warrants:
Nov. 30
Deo. 7
Dec. 11..
Doc. 21
Dec. 28
Total earning assets:
N o v . 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
B a n k premises:
N o v . 30
Dec. 7
D e c . 14
Dec. 21.
Dec. 28
F i v e per cent redemption fund
against 1<\ R . B a n k notes:
N o v . 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
L'ncollected items:
N o v . 30
Dec. 7
Dec. .14
J _ ) e c . 2L..
Dec. 28
All other resources:
Nov. 30
Dec. 7
Dec. 14
Dec.2.1.
Dec. 28
Total resources:
N o v. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
!
1
Chicago.
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
67
2271
,
273;
j
3341
|
334j
i
-1,459,806
'1,455,069!
' 1,482,626
'1,563,273
'1,535,851
33,241
33,384
34,336
34,879
35,015
7,941
7,854
7,889
7,880
7,896
534,872
510,961
629,790
| 592,172
c»i7.i, xi&
! 559,766
19,334
19,476!
1 20,209
| 19,920
20,578
; 5,044,396
|5,017,377!
.5,176,436J
-5,211,1841
:5,151,306-
150
150
150
150
45
95
95
97,093''
77,813'
8fi, 6131
91,347;
94,350
311,198
340,382
363,504
380,424
361,575
110,439
111, 681
108,631
121,364
121,676
119,234
118,074
130,7.11
141,461
128,693
105,566
10 L 239
101,225
106,325
106,252
116,237
116,337
117,489
119,235
117,616
210,091'
209,825'
201,182!
224,695!
231, 888;
76,799
71,980
69,737
75,759
74,298
67,497
66,067
60,062
60,501
57,183
93,911
91,758
91,179
88,906
83,470
4,616
4,6361
4,057|
4,696'
4,713|
!
j
422J
422!
422'
422j
422i
6,353
6,370
6,620
6,809
6,810
535
535
535
536
536
3,611
3,619
3,662|
3,878
3,961
2,910
2,922
2,922
2,952
2,969
978
990
1,037
1,055
1,055
628
628
628
628
628
734
740
769
769
4,196
4,196
4,425
4,425
4,425
2,141
2,141
2,173
2,175
2,176
759
769
788
797
810
1,566
1,580
1,629
1,644
1,647
700
700
700
700
700
539
539[
539
539
539
188
188
188
188
188
556
536
506
508
512
5,780!
5,838j
6,120!
6,159;
6,1601
i
i
1,664!
1,665;
l,665 i
1,665;
1,664.
523
523
523
523
523
317
235
251
225
235
916
916
916
916
916
156
156
156
156
156
394
394
394
394
394
48,569! 108,512
46,229, 105,405
57,009! 137,698
54,5271 120,860
52,269| 119,412
45,492i
43,33357,431
52,262
47,351
47,728
47,152
66,072
56,434
51,039
46,386
46,567
51, 575
52,296
42,299
20,506
19,074
24; 593
25,938
66,528;
61,373'
76,139'
75,0951
68,972
31,672
35,570
33,855
34,326
15,363
15,798
15,792
16,220
15,092
38,681
34,872
40,401
39,798
38,212
24,450
24,091
26,405
25,942
27,445
35,395
42,829
40,290
37,408
3,325
3,549
4,116
3,338
3,642
461
428
450
420
423
I*
1,015
1,056
1,062
982
411
453
419
313!
555!
722
741
716
744
1,758
1,722;
1,682
1,846;
1,709;
778
777
777
765
771
925
994
965
1,028
998
584
521
573
646
656
2,911'
2,795'
2,598'
2,791'
3,040j
6,037
6,042
6,410
6,550
6,628
401,3251, 543,822
393,9521, 532,696
412,4951, 578,112
397,9661, 617,265j
397,910; 1 607,200i
382,782
378,382J
398,587
394,579
387,327
430,965
428,530
456,363!
447,933
226,580;!
226,760'
231,262'
239,404;
/ISO S21i WA fl9(V
0!
205,065
205,763
210,290
217,655'
99.1 fir»A.
221,655i
757,731!
758,042
779,176'
778,482 !
7fiS KQ1
768,891:
217,064
211,122
218,760|
216,227j
9,13 fi<V7;
213,697i
132,008
137,341
134,6.55
135,160
205,968
202,383
204,848'
208,828
201,960
14,289
14,293
14,293
14,307
14,307
4,587
4,591
4,591
4,600
4,603
3,564
3,563
3,565
3,567
3,569
4,564
4,573
4,594
4,601
4,602
4,197
4,197
4,203
4,203
4,203
7,376
7,373
7,370
7,374
7,374
30,536
30,536
30,536
30536
30,536
30,536
9,114
9,114
9,114
9,114
9,114
7,303
7,303
7,303
7,303
7,303
9,330
9,330
9,330
9,330
7,113
7,113
7,113
7,113
7 113
15,207
15,207
15,207
15,207
15,207
457!
458:
422
445'
430'
i
130 fi."i7
59,608 92,193
58,537 88,346
57,931 94,362
57,131 96,122
56,086 102,764
121,690! 419,396
122,199: 417,207
.«,
122,989; 428,899
128,662! 429,023
127,3961 431,762
LIABILITIES.
Capital paid in:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Surplus:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Reserved for Government franchise tax:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Deposits:
Government—
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Member bank — reserve account—
Nov. 30
Dec.7
Dec. 14
Dec. 21
Dec. 28
All other—
Nov. 30
Dec.7
Dec. 14
Dec. 21
Dec. 28
103,104
103,089
103,130
103, .167
103,186
7,
7,936
7,936
7,936
7,936
27,140|
27,110
27.113
27.114
27,114
8,727 j
8,727'
8,736'
8,736'
8,736'
ll,124i
11,1241
11,124!
11,121 i
11,124
5,418
5,424!
5,427
5,427;
5,429 !
4,182!
4,178 1
4,178'
4,178!
4,189i
213,824
213,824
213,824
213,824
213,824
16,342
16,342
16,312
16,342
16,342
59,318
59,318
59,318
59,318
59,318
17,564!
17,564i
17,564|
17,564!
17,56-1'
22,263
22,263
22,263j
22,263!
22,263
11,0261
ll,026"l
ll,026i
11,0261
11,026!
8,708
8,708
8708!
8,708!
' —
55,119
55,566
56,080
bo, 982
57,444
2,770
2,799
3,075
3,086
3,099
20,408
20,408
20,408
20,408
20,608
3,639
3,666
3,668,
3,630,
3,619!
|
3,045
3,088
3,159
3,161
3,161
2,915
2,971
3,001
3,053
3,105
4,200!
4,296'
4,3811
4,397i
4,448
9,739
9,806
9,858
9,710
10,838
1,443
1,470
1,509
1,489
1,512
2,271
2,311
2,319
2,343
2,395
45,913
52,337
69,407
54,875
71,634
4,518
4,325
9,195
2,463
5,425
9,071
21,789
29,716
9,291
18,298
1,730!
2,166!
2,740'
1, 368|
706:
I
3,321
2,748
3,903
3,667
4,494
4,609
1,454!
2,983!
8,439'
3,987!
3,390
2,192i
2,053!
8,198|
8,949!
2,631
5,485
3,3.18
8,520
7,687
2,770
2,023
2,794
2,651
2,946
1,935
1,824
752
1,413
2,826
3,126
5,218
2,765
1,722
4,4,15
5,759
6,872
3,126
3,681
2,346
10,248
670,362
!i: 640,445
|1 645,610
l! 703,601
a! 666,018
113,314
109,702
111,604
108,189
110,098
675,225
640,045!
642,747!
700,640
684,241
100,945i
99,486!
97,822 :
97,488;
96,964!
128,295
126,839
132,138
128,007
122,935
50,975!
53,665
50,616
51,645!
52,9371
39,550 229,806
42,364! 231,180
43,323! 234,748
41,352; 235,357
45,223' 229,110
61,186
61,631
62,800
62,286
62,873
41,209
45,480
41,799
44,203
40,067
67,006
66,867
65,401
71,132
67,364
43,019
43,017
43,137
42,572
42,969
119,832
120,169
119,475
120,730
111, 237
26,555
763
25,501
784
27,743
946
26,274 1,152
. 26,872 1,244
14,866
14,686
15,435
13,042
13,553
1,108i
1,247|
1,366!
1,430,
1,327;
725
720
921
891
924
423
426
4701
590
2,375
2,203
2,151
2,491
2,942
774
681
803
826
788
441
454
455
531
551
I
429!
338!
389!
413!
2,829
2,856
2,807
2,828
2,835
1,860
ir-
l,
1,877
1,824
652
540
604
843
618i
2,489
307
313
309
323
314
3,692
3,109
3,894
3,742
3,783
98
FEDERAL, RESERVE BULLETIN.
JANUARY, 1922.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOV. 30 TO DEC. 28, 1921—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
New
Phila- Cleve- RichYork. delphia. land. mond, i Atlanta
Total. Boston.
Total deposits:
Nov. 30.:
Dec. 7
Dec. 14
Dec. 21
Dec. 28
F. R. n otes in act ual circulati on:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
F. R. Bank notes in circulationnet liability:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Deferred availabilit} 7 items:
Nov. B0
Dec. 7
Dec. 14
Dec. 21
Dec. 28
All other liabilities:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Total liabilities:
Nov. 30
Dec. 7
Doc. 14.
Dec. 21
Dec. 28
T
San
Francisco.
I
43,369
44,894
45,765
49,963
54,565
234,812
238,868
240,217
246,368
239,739
64,730 :
64,335;
66.397'
65,763
66,607<
44,078
45,486
42,031
70,484
70,533
71,223
74,740
69,704
45,815
45,298
45,428
47,310
49,042
130,396
126,404
127,050
126,818
125,268
209,413 631,590 197,873 213,492 106,659J
208,261 641,716 198,014 212,707 107,169!
207,668 646,659 203,767! 216,64(1 108,3101
208,932 666,571 207,593 222,823 111, 3201
206,026 663,329 205,198 221,819 110,036|
119,799
119,175
119,035
121,795
123,387
401,583
401,812
402,14.0
409,983
409,355
99,940,
98,196!
97; 708'
97,746 :
96,654'
56,352
56,955
56,656
57,451
57,482
68,791
68,499
68,671
69,780
69,667
36,638
36,302
35,2-55
36,327
36,292
223,876
224,549
231,268
237,239
244,252
118,395
114,81.1
121,745
111, 804
1,764; 524! 116,767
103,783
102,899
101,928
100,2S6
699,162
676,520
687,898
722,973
716,092
132,341
130,307
136,962
132,565
98,997!. 128^353
43,336
5,159
5,440
5,440
5,703
6,333
17,831
18,327
18,704
20,810
21.391
462,795
450,792
562,974
497,205
458,960
39,648
36,908
49,121
42,950
40,187
83,681
84.392
112,950
95,118
94,209
24,856
25,454
25,582
25,949
25,323
1,462
1,455
1,168
1,213
1,220
4,692
4,905
5,062
4,953
5,139
401,325
393,952
412,495
397,966
397,9.10
1,543,822
1,532,696
1,578,112
1,617,265
i,607,20t
6,771
5,513!
5'. 751.
6,727
7,234
3,4.80
3,570 :
3,642
3.787!
3', 895
3,735
3,797
3.910
4,089
4,180
12,086
11,686
11,332
10,980
10,741
2,464
2,655
2,819
2,824
2,764
3,814
4,083
4,291
4,621
4,734
16,3851,
15,603!
19,333!
19,2211
16,9201
55,482
52,580
7.1,650
55,831
52,925
32,398
31,449;
34,376;
32,266
29,813
14,001
14,065
15,354
13,416
12,240
36,971
33;954
35,8.81
35,565
34,057
23,495
24,613
26,110
28,879
25,941
33,850
34,664
38,783
32,766
29,945
4,519
4,634
4,731.
5,020
3,957
1,372
1,397!
1,423 j
l,462i
1,499!
1,446
1,478
1,470
1, 505
1,457
1,882
1,9.13
1,922
1,955
2,035
1,968
2,021
2,061
2,00(5
2,041
2,048.
2,071
2,123
2,170
2,147
217,064!
214, 122
218,760,
216,227
213,697!
132,008
137,341
134,655
135,160
130,657
205,968
202,383
204,848
208,828
201,960
121,690
122,199
.122,989
128,662
127,396
419,396
417,207
428,899
429,023.
431,762
47. 3j
51.0
56.4
54. 8
56.7
48.6
50.4
48.1
51.3
53. 3
39.3
42.3
41.8
48.4
45.
79.3
81.6
79.3
78.2
76$
1,504!
1,504':
1,504
.1,504!
.1,504.
864!
864!
864i
864
1,536
1,536
1,536
1,536
832
832
832
832
832
1,472
1,472
1,472
1,472
1,472
1,272
1,314
l314j
5,044,396
1,5,017,377
5,176,436
5,211,184
5,151,308
7,206
7,670
7,634
8,1031
8,116 j
63. 5j
66. 8!
68. 0!
64. 0!
63.2!
75,862
77,014
78,309
82,747
84,548
382,782|
378,3821
398, 587
394,579|
387,327i
i
!
!
!
St. 1 Minne- Kansas
Louis. ; apolis. City. Dallas.
56,007!
55,545
54,069|
60,674 j
57,359'
1,742,830
1,718,283
1,742,760
1,784,750
2,366,006
2,373,355
2,393,777
2,447,5601
2,443,497
Chicago.
4,677,
4,947
5,288
5,655
5,802
3,743!
3,723'
3,721|
3,6711
3,567j
45,247J 42,287: 39,350|
41,251 i 41,900i 39,413i
56,3221 58,869! 44,225j
49,724i 48,619 42,850!
45,947 45,657 31,119i
4,896
5,603
5,777
5,777
5,791,
MEMORANDA.
Ratio of total reserves to deposit
and F . R. note liabilities combined—per cent:
Nov.30
Dec. 7
Dec. 14
Dec. 21:
Dec. 28
Contingent liability ou bills purchased for foreign, correspondents:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec.28
72.
73.1
72.6
70.7
71.1
76.
81. 8
80. 0
76. 9
76. .
1
83.6
81.6!
79. Si
79. oi
80. 8]
32,317i
32,3131
32,301 i
32,3001
32,292=
I
2, 336
2, ,336
2,336
2,336
2,33(3
12,061.
12,()57i
12,045!
12,044|
12,03ft1
,036
I
2, 560.
2,560:
2, 560!
2, 560!
2,56()|
REDISCOUNTS OF BILLS BETWEEN FEDERAL RESERVE BANKS.
[In thousands of dollars.]
Paper rediscounted with other F. R. Banks.
Paper discounted for other F. R. Banks.
Federal Reserve Bank.
B oston
New York
Cleveland
Richmond
Atlanta
Dallas
Total
1
!
!
Dec. 21.
Dec. 28.
N o v . 30.
Doc. 7.
Dec. 14.
10,246
4,324
242
Nov. 30. | Dec. 7. I Dec. 14.
6,175
14,812
6,175
1,000
Dec. 21. ' Dec. 28.
i
1,000
!
1
1
4,324
7,488
3,000
4,298
1,877
1,000
14,812 j
6,175
1,000
..
i
.
.1
i
JANUARY,
1922.
99
FEDERAL, RESERVE BULLETIN.
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
Nov.30
Dec.7
Dec. 14
Dec. 21
Dec. 28
•
Bills bouglit in. open market:
Nov. 30
'
Dec.7
Dec. 14
Dec. 21
Dec. 28
TJ. S. certificates of indebtedness:
Nov. 30
Dec.7
Dec. 14
Dec. 21
Dec. 28
Municipal warrants:
Nov. 30
Dec.7
,
Dec. 14
Dec. 21
,
Dec. 28
Within 15
days.
61 to 90
days.
Over 90
days.
1,182,301
L, 170,659
L, 152,833
L 221,703 !
L, 179,833 |
699,318
691,836
696,923
735,869
708,361
133,324
138,785
123,154
127,721
116,690
171,417
161,582
167,762
171,131
161,202
122,039
120,592
106,217
129,361
131,936
58,777
60,621
61,644
72,954 j
81,784
99,735
126,525
114,240
34,582
45,982
65,469
78,082
58,306
11,526
13,252
14,815
18,431
24,743
16,935
15,332
14,034
25,718
26,062
7,187
5,401
4,279
5,114
16
31
16
15
15
172,291
167,668
186,210
160,627
181,972
38,409
37,500
29,490
12,092
13,687
4,000
2,000
1,500
2,020
2,500
10,660
5,400
2,500
10,749
10,753
4,656
6,587
11,869
24,073
28,163
114,566
116,181
140,851
111,693
126,869
10
168
194
28
23
57
59
47
95
95
67
227
273
334
334
34
32 !
211 I
182
56,203
100
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, NOV. 30 TO DEC. 28, 1921.
[In thousands of dollars.]
Total.
Net amount of F . R. notes
received from Comptroller
of the Currency:
Nov.30
Dec.7
Dec.14
Dec. 21
Dec. 28
F. R. notes on hand:
Nov.30
D©c.7
Dec.14
Dec. 21
Dec.28
F. R. notes outstanding:
Nov.30
Dec.7
Dec.14
Dec. 21
Dec. 28
Collateral security for F . It.
notes outstanding:
Gold and gold certificates—
Nov.30
Dec.7
Dec.14
Dec. 21
Dec. 28
Gold redemption fund—
Nov.30
Dec.7
Dec.14
Dec. 21
Dec. 28
Gold fund—
F. R. Board—
Nov.30
Dec.7
:..
Dec.14
Dec. 21
Dec. 28
Eligible p a p e r Amount required—
Nov.30
Dec.7
Dec.14
Dec. 21
Dec. 28
Excess amount heldNov.30
Dec.7
Dec.14
Dec. 21
Dec. 28
3,556,811
3,553,391
3,571,335
3,624,622
3,650,375
Boston.
New
York.
330,9001,086,729
326,6111,094,250!
323,0031,112,0291
325,478|1,126,737
323,412 1,140,585
Philadelphia.
Cleveland.
RichAtSt.
Minne- Kansas
mond. lanta. Chicago. Louis. apolis. City.
244,693
246,014
247,845
277,845
275,052
272,222;
272,050;
273,135,
275,881
275,102
144,604
143,635
143,333
144,325
143,781
39,200
39,000
36,400
35,400
33,320
28,719
28,679
27,859
26,039
25,119
858,136
861,702
845,160
851,810
853,835
103,360
101,160
96,360
100,440
100,140
319,930 27,220
330,310 30,220
323,910 28,220
323,910 52,400
323,910 50,400
2,691,689
2,726,175
2,772,812
2,796,540
227,540
225,451
226,643
225,038
223,272
766,799
763,940
788,119
802,827
816,675
450,163
450,162
450,063
349,012
349,013
5,600
5,600
5,600
5,600
5,600
396,925
396,924
396,925
296,924
296,924
121,502
112,651
116,301
123,471
115,832
16,313
12,024
18,417
14,491
12,425
1,207,940
1,224,911
1,247,058
1,360,625
1,381,524
202,007 601,418
200,397i 598,543
200,796' 600,636
201,309'. 601,421
146,965
144,096!
142,8671
143,392
601,606 141,380
72,346
71,593
70,465
09,476
69,187
84,186
82,572
82,000
84,151
77,368 161,720 25,660
75,823 161,440 25,660
76,251 161,300 24,860
72,981 152,260 26,060
70,971 152,040 26,060
12,950
11,445
10,535
9,235
8,710
7,700
7,700
6,400
7,600
8,300
201,314J
217,473 233,022 115,885 124,639
215,794 233,050 114,956 124,574
219,625 236,735 115,474 124,545
225,445 240,481 118,286 128,328
224,652 241,782 118,662 130,343
18,375
18,375
18,375
18,375
18,375
26,109 11,616
25,860 11,938
25,612 12,768
25,392 13,589
25,186 15,796
12,189
14,117
12,603
12,749
13,069
140,000 171,000 130,389
155,000 171,000 125,389
155,000 171,000 130,389
155,000 271,000 135,389
145,000 301,000 130,389
439,698
437,103
439,336
449,161
449,566
59,396
60,148
59,930
60,241
60,477
6,110
6,110
6,010
50G0
3,400
3,400
3,400
2,400|
2,400
4,010
4,581
2,479
3,511
1,967
121,305
118, 436
118,007
117,332
115,320
San
Francisco.
310,861
59,050 314,580
58,281 316,945
57,665 316,942
336,006
19,749
19,405
19,405
17,825
19,125
34,560
30,860
33,660
27,660
35,740
76,486 40,131
74,872 39,645
75,600
76,551 39,840
75,664 39,861
276,301
283,720
283,285
289,282
300,266
13,052
13,052
13,052.
13,052
13,052
6,701
6,701
6,701
6,701
6,702
3,588
1,978
3,577
5,389
3,995
14,639
15,764
16,017
16,802
15,866
4,:
3,511
3,802
4,327
4,315
1,943
1,190
2,002
2,573
1,604
3,229
1,616
2,443
3,394
2,207
2,965
2,196
3,080
2,481
19,690
17,107
14,325
18,174
16,921
135,000
145,000
145,000
145,000
145,000
28,595 37,000
25,595 38,700
25,595 35,400
31,595 37,500
31,595 38,500
287,644
277,641
290,644
302,644
298,645
56,431
56,500
57,000
56,600
56,100
2,200
2,200
2,200
2,200i
2
27,360
28,360
27,360
25,360
2,234
2,234
2,234
2,234
2,234
190,087
197,289
205,236
196,103
204,501
137,415 54,384
143,695! 52,315
132,675! 51,195
129,715i 50,445
135,055 48,945
27,4001
27,745!
27,7J-5J
27,8251
28,444j
66,524
69,324
63,724
75,005
78,844
33,775 27,491
32,435 25,909
30,994 25,186
26,714 24,098
21,771 22,799
16,975
9,557
21,638
12,635
12,557
919,070
903,965
912,753
939,704
950,171
65,627
52,827
47,626
49,947
60,247
172,765 75,46S
170,156 78,467
194,582 76,408
209,511 76,467
193,565 78,467
67,458
55,558
60,757
64,357
65,338
83,280 80,651
84,780| 80,496
87,400i 82,168
83,1.80| 83,039
85,100' 85,448
288,728
296,636
288,990
362,970
296,336
18,612
11,528
27,275
28,938
20,826
33,22C
7,
68,055 1,780
36,150
74(]
61,175 14,296
38,500 13,706
41,502
51,026
56,487
63,300
49,65'
14,470 16,303
12,291! 15,768
6,665| 11,911
15,932! 16,377
14,386I 12,29"
47,315
42,482
47,722
71,1.21
66,2)6
13, 835
10,996
10,525
17,097
17,024
;
42,2011 45,897
43,706 44,896
42,616! 45,797!
42,416 47,797
43,621; 47,097
IS, 150!
14,8()9i
10,6971
11,27S
6,607
101
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM NOV. 23 TO
DEC. 21, 1921.
ALL R E P O R T I N G MEMBER BANKS IN EACH F E D E R A L R E S E R V E DISTRICT.
[Amounts in thousands of dollars.]
Cleveland.
New
York.
Number of reporting banks:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Loans and discounts, including bills rediscounts with
F. R. Banks:
Secured by U.S. Government obligations—
Nov. 23.
526,502
Nov. 30
521,88f
Dec. 7
507,43C
Dec. 14
509,67C
Dec. 21
516,35C
Secured by stocks and
bonds (other than IT. S.
Government
obligations)—
Nov. 23
I 3,077,47C
1
Nov. 30
3,113,70S
Dec. 7
: 3,097,167
Den. 14
3,154,782
Dec. 21
3,165,109
All other—
1
Nov. 23
7,705,581
' 7,699,365
Nov. 30
Dec. 7
| 7,708,141
Dec. 14
i 7,639,093
Dec. 21
: 7,607,887
Total loans and discounts, including bills rodiscounted
with F. R. Banks:
j
Nov. 23
'
;ll,309,554
Nov. 30
11,334,959
Dec. 7
'.11,312,744
Dec. 14
•11,303,551
Dec. 21
• 11,289,346
IT. S. bonds:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
IT. S. Victory notes:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
IT. S. Treasury notes:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
IT. S. certificates of indebtedness:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Other bonds, stocks, and securities:
Nov. 23
Nov. 30
Dec. 7
1
Dec. 14
Dec. 21
Total loans and discounts
and investments, including
bills rediscounted with F .
R. Banks:
Nov. 23
Nov. 30
Dec, 7
Dec. 14
' Dec.21
'
1
110
110
110
110
110
San
Francisco.
• i At-
. ! lanta.
I
85l
85''
85|
85;
80!
82',
82|
82i
82j
43!
43i
43;
43,
65
65
64
64
64
31,776
31,27o|
195,366
195,365
31,868
31,146
30,865
185,285
190,897
198,526
55,809
5T>, 808
53,628
52,432
53,378
51,549
50,853
49,742
50,535
50,771
22,079i
21,590|
21,482!
20,617
20,684
16,676!
16,125
15,8811
15,8661
15,780!
73,048
70,050
71,456
69,4.96
67,908
18,843
19,084
18,505
19,642
19,032
11,183
11,304
11,135
11,016
11,164
18,959
18.539
17; 997
17,427
18,178
6,502
6,377
6,450
6,446
6,235
24,713
25,515
24,007
24,156
23,829
196,74,2 1,359,661
196,4911,401,716
194,3421,384,232
201,528'1,425,674
206,02811,421,551
198,688
195,665
198,231
197,408
197,031
329,945
330,36o|
331,539,
331,248
106,003
104,137!
106,551
105,934!
330,167 105,516
51,241
51,569;
51,343
51,444
51,301!
430,015
432,028
429,193
439,541
446,739
121,933
122,806
121,650
123,783
123,876
32,806
33,001
32,727
32,1.70
32,209
66,1.05 39,133
65,151 37,305
64,682 37,354
63,733 38,038
66,281 37,573
145,198
143,475
145,323
144,281
146,837
583,629:2,544,898
581,65612,544,985
580,36712,552,039
581,89912,501,232
574,1512,489,971
339,762
337,832
338,880
338,501.
336,35?
636,588
634,486!
629,3111
626,7551
622,457
313,3551,114,176
312,4541,112,198
310,914,1,112,929
312,968il,102,286
310,758,1,100,359
299,531
297,534
298,688
297,096
299,226
225,973
225,093
222,050
218,749
215,233
378,431
380,283
380,587
38 L, 365
371,681
200,582
200,358
198,226
195,247
198,638
812,147 4,099,925
809,42214,142,066
806,577|4,121,556
814,573 4,117,803
811,044 4,110,048
594,25 1,018,082 452.049!
:, 259
589,"" 1. 015,704 450,567,
1,305 ,
590,1,739 1. 010,-5921449,616,
,
588,3411
1,008,538 449,584
586,762:
1,003,395 452,910;
381,272|1,617,239
38O,148;1,614,276
378,138,1,613,578
380,278! 1 61.1,323
377,83911,615,006
440,307
439,424
438.843
440;521
442,1341
269,962
269,398
265,912
261,935
258,606
463,495
463,973
463,266
462,525
456,140
246,217 914,600
244,040 916,636
242,030 931,897
239,731 928,399
242,446 933,016
323,967'
324,840|
321,583,
323,033
326,710i
744,689
747,646
762,567
759,962
762,350
I
912,184
911,369
929,777
'• 940,563
. 940,303
42,900
43,217
42,660
43,590
44,612
335,460
335,218
346,846
352,551
47 378
47,043
48,581
48,962
112,585
113,701
113,7091
115,319i
115,026J
59,432!
59,560i
60,164!
60,676,
60,692!
29,586
30,181;
31,083i
30,244'
29,2311
73,435
75,098
76,189
78,541
78,759
26.645
26', 832
26,584
26,611i
26,876'
15,597
15,503
15,333
15,318
14,881
32,870
33,062
31,701
33,223
32,562
161,626
1
155,774
1
160,493
;
169,553
' 172,678
3,652
3,459
3,358
3,171
2,871
78,803
74,934
77,128
81,533
87,705
9,937
6,577
9,721
11,390
12,461
14,690|
14,464
16,236
18,8001
15,564
2,983!
2,60.1.i
2,453!
2,4371
2,392|
l,830i
1,814!
1,403'
1,133!
1,106
27,475
28,356
27,136
26,418
26,234
978
1,275
852
1,315
1,243
754
705
734
692
640
3,608
3,329
3,796
4,153
3,902
'
'
.
.
121,835
122,697
123,353
122,200
125,091
4,572
4,666
4,708
4,926
4,584
83,636
84,087
85,136
85,305
87,154
7,764
6,865
5,990
5,105
5,272
2,855
2,850
2,971
3,032
2,745
3,448L
4,398 ! 4,407j.
4,619!.
4,467
8,097
7,788
8,152
8,077
8,377
112
112
110
140
313
1,222
1,212
1,207
1,207
l,J207
1,862
1,823
1,611
823
1,242
622
622
622
622
622
7,645
8,274
8,439
8,344
9,103
178,100
188,479
175,381
171,423
240,009
5,829
8,363
7,682
8,890
12,349
96,421
109,873
102,006
98,978
122,396
7,264
8,441
7,189
0,972
15,364
12,475
11,739
9,431
7,909
16,0361
2,051
1,4251
1,700!
1,638
4,373
2,005
1,775!
1,689!
1,308
2,718
23,292
20,543
19,5.16
18,348
28,657
2,51,,.
2,400
2,447
2,887|
4,585
2,740
2,659
2,752
3,372
5,575
5,977
4,385
4,605
3,843
5,272
2,839
2,824
2,704
2,799
4,115
14,689
14,052
13,663
14,4.79
18,569
1-13,848 724,175 157,629
140,817 719,456 158,74'Jj
139,773 716,893 159,500!
141,294 728,536 159,025j
139,762 730,653 162,395
27,1,973
267,590
266,470
265,855i
266,352
50,725
50,694
50,632
49,406
49,841
33,277
33,680i
33,298j
32,994
33,239
360,125
360,985
371,235
"
375,896
380,528
69,549
69,683
69,398
70,246!
70; 247
21,122
21,011,
21,1721
20,9291
21,371 i
21371
48,338
48,183
47,666
48,632
48,956
10,480
10,414
10,561
10,642
10,100
174,018
169,979
170,401
175,065
175,663
824,2311,435,660
810,975'l,426,048
821,7201,419,409
819,7951,419,453
_ „ , . „„ . , _ , « ^
830,8231,419,118!
570,688
569,245,
568,972|
568,360i
574,67ol
447,970,2,109,663
447,598'2,107,046
445,611:2,115,806
'445,95712,118,603
444,138i2,137,561
540,109
539,726
538,234
541,720!
545,398!
311,397
310,488307,110
303,453:
302,280
556,150
554,755
552,645
553,199
548,074
1
2,068,259
2,051,236
2,056,999
2,078,520
2,089,107
14,751,558
14,764,514
| 14,758,750
! 14,785,810
1 14802,634
360,—
L, 012,948 5,418,420
:, 009, 944:5,465,634
,004,758 5,449,565
:,016,444i5,464,706
., 015,222,'o, 498,733
34,696
34,890
34,235
33,619
33,843
101,600
97,064
102,692
101,909
101,175
1,191 . 15,725
1,197
17,063
1^45
16,431
1,245
17,266
1,246
17,314
296, 045.1.,228,277
293, 9871, .,223,068
291 397 1.
1,243,523
288^ 658 1,245,462
292,3721,254,840
102
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM NOV. 23 TO
DEC, 21, 1921—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[Amounts in thousands of dollars.]
Philadelphia.
Reserve with F . R. Banks:
Nov. 23
Nov. 30
Dec. 7
Doc. 14
Dec. 21
Cash in vault:
Nov.23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Net demand deposits:
Nov. 23
".
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Time deposits:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21.
Government deposits:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Bills payable with F . R.
Banks:
Secured by U . S . Government obligations—
Nov.23.
Nov. 30
Dec. 7...
Dec. 14
Dec. 21
All other—
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Bills rediscount ed with F . R.
Banks:
Secured by U. S. Government obligations—
Nov. 23*.
Nov. 30
Dec. 7
Dec. 14
Dec;. 21
All other—
Nor. 23
Nov. 30
Dec. 7
Dec. 11
Dec. 21
Cleve- i Richland, i mond.
Atlanta.
Kan- !
sas i Dallas.
City. !
Chicago.,
1,267,692
1,267,522
1,241,604
1,245,778J
1,30?, 715]
76,828J
78,390i
74,969!
76,574|
74,0581
601,152'
613,2541
583,298i
585,5261
645,451,'
62,842j
63,0031
62,286
59,514
60,366
92,380! 31,929
87,164i 29,258!
85,924' 32,064!
91,483; 30,030i
88,489.' 31,433!
27,8571
23,4681
26,6141
27,381!
24,511 j
173,1661
171,887!
174,0351
176,376'
176,059,
307,474
296,053
315,174j
328,980:
341,294
20,273
20,1651
21,474|
22,405|
23,9171
104,091!
94,286i
105, 8011
107,243j
117,881'
17,936
17,560
17,990
24,704
19,866
28,756:
29,145!
31,029!
32,842'
34,679
14,713
14,440
14,559;
14,570i
15,989
9,946'
10,425J
10,328
10,336
10,0551
10,190,513
10,269,971
10,208,3-10
10,338,550
10,2-48,233
743,508J4,638,544
742,270i4,707,914!
745,95914,637,306!
750,222i4,710,3731
732,13414,716,034|
631,582i
629,938:
627,831
629,684
613,887
775,101
786,349
778,974
783,892
763,963
3,009,356
2.997,931
2,989,967
2,979,543
2,966,918
182,5191
181,403 i
180,980j
180,564!
180,7681
481,509
478,679
461,826
458,2J 2
455,571
44,035
44,212
44,741;
44,995!
45,229J
62,991
49,598i
44,635j
8,8981 44,631|
21,992 113,0S6
41,459,
38,867,
38,972;
37,209:
43,196
San
Francisco.
20,116
21,524
21,820
21,767
20,887
80,194
79,716
80,219
80,151
81,506
12,29o! 9,447
12,521,
9,428
12,700 10,093
12,924 !
9,611!
13,615;
9,361
23,836
23,176
22,956
23,386
22,532
19,772
20,671
21,293
18,607
21,294
52,323!
51,666!
53,950":
55,759;
57,8511
39,997!
40,320,
40,11041,160,
40,465 !
!
7,61l'
!
7,098
7,636 !
8,255'
8,697i
293,457
294,953
300,329
300,407
295,163
216,049.1,260,451'
213,630il,262,766'
215,890'1,259,669|
218,699,1,287,8951
213,972i 1,263,177,
290,826|
291,895;
296,495'
302,701 j
297,990!
177,430
179,833
179,983
178,391
177,871
429,307!
425,1501422,505'
419,329
417,821
126,334
126,599
125,523
125,546
126,105
141,628i
140,698!
139,9841
139,72li
138,810i
149,988
150,0771
1.50,312j
149,262!
148,835|
76,484
71,808
72,388
72,669
72,140
105,080;
104,520,
105,554
105,905'
106,286,!
14,771
11,628
10,467
10,467!
29,432
15,805|
12,017,
10,912
11,398
31,147
5,282
4,158
3,669
3,656
8,794
662,329
662,486;
663,652.
661,106.
654,882,
I
4,319! 21», 463'
3,676i
16,752,
3,188,
15,218'
14,639'
37,034!
5,608 i
4,4161
3,974
3.974
7,8591
4,896
3,744
3,499
3,465
7,936
2,847'
2,241,
2,019i
2,019.
6,292,
2,715
2,171
1,818
1,818
5,912
9,977
7,801
7,094
7,093
14,465
25,626|
22,0451
24,458!
24,3841
27,940J
22,183
17,102i
16,119i
21,257
25,134
20,347
19,691
17,190
19,084
21,806
17,040: 8,165
9,0421
17,171:
19,331 j 7,3191
14,750, 10, 584
21,553, 10,949
2, 501
1, 819
1,731
2,327
1,231
S,396i
8,387'
7,813:
8,020,
7 3S4;
4,544
4,286
3,245
3,295
3,297
15,577
12,953
10,342
9,330
10,470
27
27
27!
27
27
230
460
185
315
362
303
692
351
584
648
553
459
186
184
159
78
62
2,393
2,320
2,280
2,158
2,084
35,652: 11,052
35,215: 11,920
33,308; 11,500
32,364: 9,853
31,111' 8,978
16,535
16,147
15,242
14,287
14,673
12,590
9,902
163,264
128,104
115,391
115,246
291,502
6,372
8,6011
8,567!
7,882!
7,863'
230,405
23S, 197
228,270
231,430
278,972
88,699
107,177
102,772
102,233
132,550
964
1,555
1,242
1,647
2,11'
I
10,955'
9,383
8,284
8»795j
38,84*
38,257
34,120
31,464
33,374
5,078|
5,306'
4,36l|
4,257!
4,047
3,055
2,568
2,487
2,040
2,297
11,579
11,620
9,935
8,127
8,942
3,290
2,824
2,537
2,434
1,528
1, 535
1,83S
1,114
1,381
3,519
3,609i
3,099|
2,919
3,057|
2,346
3,202
3,194
2,954
3,260
3,060
2,934
2,664
438, 672
405,452
418,691
399,431
428,358
25,528
28,6271
17,388;
30,715
33,605
83,764
62,824
91,405
76,167
68,571
11,652
13,041
14,672
12,493
14,701
60,885'
54,509
54,448!
58,6611
64,519i
37, in!
35,027
34,153
33, 257
31,924
34,419!
69,985
66,061
67.023
66,353
81,870
28,946
28,763
27,305
22,458!
28,151'
2,632J
35,016!
34,075!
30,291 [
32,489,
2,541
362,431, 191,764
363,223. 187,934
364,100' 189,618
367,073' 192,772
366,315: 191,893
84
84
25
84
84
85;
180
180
180
500
675
6,247
6,143
6,658
6,945
6,851
.1
.
!
184
240
236
186
187
2,538:
2,305;
2,082,
2,015'2, 827^
22,529
19,176
19,068
13,865
15,268
.
!
.
i
I
609,370
609,266
612,186
616,141
615,834
60,323 549,820
60,353 551,946
60,389 562,113
59,931j 562,303
60,083 560,388
MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES.
[Amounts in thousands of dollars.]
Philadelphia.
Boston.
Number of reporting banks:
Nov. 23
Nov. 30
Dec.7
Dec. 14
Dec. 21
Loans and discounts, including
bills rediseounted with F . R.
Banks:
Secured by TJ. S. Government obligations—
Nov. 23
Nov. 30
Dec.7
Dec. 14
Dec. 21
Atlanta.
St. j Minne-iKansas.
Chicago. Louis.! apolis. \ City.
277
277
277
277
277
366,085
364,554,
352,163,
356,389
.363,049;
16
16
16
16
16
13'
13
26,302
25,879;
26,453;
25,748!
25,5661
174,005
174,522
164,745
170,73ll
178,756|
52,643
52,578
50,418
49,308
50,301
16,0461
16,052!
15,477;
15,257
15,320j
5,325
4,911
4,952
4,91.9
4,916
l,97o!
l,951j
l,978i
2,013,
1,897
54,4911
52,712|
54,391
53,007!
51,6321
10,126,
10,026,
9,868'
11,233!
10,987;
I San
Dallas. Francisco.
995
010
Cftel
6,457|
6,396:
6,048'
5,952i
15
15
15
15
15
1,620
1,572
1,743
1,799
1,635
10,100
10,945
9,222
9,586
9,318
103
FEDERAL RESERVE BULLETIN.
JANUARY, 1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM NOV. 23, TO
DEC. 21, 1921—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[Amounts in thousands of dollars.]
[
I
Total. jBoston.
New
York.
Phila- Clevedelphia. land.
Loans and discounts—Cont'd.
Secured by stocks and bonds
(other t h a n U . S . Govern-1
j
ment obligations)—
i
i
Nov. 23
12,195,487; 152,031;!, 194,169
N ov. 30
'2, 237,305' 151,681 1,237, 861'
Dec.7
[2,217,129; 149,320; 1,219,162'
Dec. 14
12,274,460: 155,656 1, 259,536;
Dec. 21
12,276,999; 159,806; 1,253,676
All other—
|
i
Nov. 23
,4,934,399: 447,6732,254,8071
Nov. 30.
(4,922,305; 445,002 2,252,663;
Dec.7
4,933,238; 444,270 2,259,090!
Dec. U
4,866,096: 445/359 2,207,920!
Dec. 21
4,847,059' 439,059 2,197, 832'
Total loans and discounts, in,
eluding bills rediscounted
!
with F . R. Banks:
j
Nov. 23
7,495,97ll 626,006 3,622,981i
Nov. 30
7,524,164! 622,562 3, 665,046;
Dec.7
< 502,530; 620,043 3,642,997:
>
7
Dec. 14
> 496,945i 626,7633,638,187!
Dec. 2]
7,487,107, 624,431;3,630,264.
U. S. bonds:
i
1
Nov. 23
475,000; 12,149 289,288!
Nov. 30
4T3,873i 12,267' 288,684
11,407; 299,961:
Dec.7
496,294' 11,936: 305,3571
Dec. 14
502,399; 12,9251 312,652;
Dec. 21
i
U. S. Victory notes:
71,643!
474;
Nov. 23
67,765'
460,
Nov. 30
97,402;
68,8501
476'
Dec.7
99,360;
73,247.
673!
Dec. 14
106,420!
79,506|
436'
Dec. 21
-113,669;
U . S . Treasury notes:
j
78,845!
1,891!
Kov. 23
94,133:
1,986! 79,315'
Nov. 30
93,513^
S0,385i
Dec.7
93,704! 2,027'
80,503;
Dec. 14
92,466:
2,244j
Dec. 21
95,052! 1,983i 82,511
U. S. certificates of indebtedness:
1
91,329;
Nov. 23
131,417! 4,392|
4,3251 104,776
Nov. 30
141,129i
Dec.7
131,202'
4,341 ' 96,894!
13,798'1
Dec. 14
126,4541 5,801
rt 1WU
Dec. 21
179,985! 8, lloi 116,004!
Other bonds, stocks, and sccurij
ties:
!
Nov. 23
1 134,131! 67,24o! 547,278!
Nov. 30
l 125,047' 66,440 543,844
Dec. 7
1,129,214' 60,407 541,306!
Dec. 14
l 148,724' 67,096 552,389'
Dec. 21
' 1,156,282| 65,128 553,222!
Total loans and discounts and
j
investments, including bills rej
discounted with F. R. Banks:
Nov. 23
9,433,641 i 712,157 4,701,364'
Nov. 30
9,455,128' 708,040J4,749,430'
Dec. 7
9,444,949! 703,70114,730,393j
Dec. 14
9,467,303' 714,513J4,743,o41j
Dec. 21
9,534,494; 713,018 4,774,159)
Reserve with F . R. Banks:
i
Nov. 23
936,714' 62,162 557,870!
Nov. 30
945,279! 64,401 571,7011
Dec. 7
916,6221 60,514! 540,031!
Dec. 14
910,564! 62,153! 538,7371
Dec. 21
980,091. 60,099| 602,7971
Cash in vault:
Nov. 23
176,094 11,5981 91,318
81,875
Nov. 30
165,929 11,108j
92,079]
Dec. 7
179,920 12,081
93,705j
Dec. 14
187,480 13,520'
D ec. 21
19 8,126 14,246! 102,481|
Net demand deposits:
Nov. 23
7,227,723 584,53314,177,081'
Nov. 30
17,302,431 584,309(4,248,487!
1
Dec.7
i7,234,030] 587,609|4,173,994
Dec. 14....
'7,307,433
Dec. 2.1
17,272,716
Time deposits:
Nov. 23
1,416,015 74,718' 309,316'
Nov. 30
1,410,345 74,273i 305,862!
Dec.7
1,396,226) 73,621 289,407 :
Dec. 14
il, 388,939 73,111! 285,908:
~
"
Dec. 21
il, 381,1461 73,138! 284,068i
Richmond.
Atlanta. Chicago.
179,271
176,272
178,772
178,146
177,504
131,043
130,937j
130,483
130,190|
131,9651
14,388
14,482
14,444
14,821
14,66'
9,659
9,5841
9,545!
9,492i
9,441|
313,415'
314,781,
312,910322,598!
324,300
305,546
303,971
305,076
304,758
302, 482
269,249!
265,916
264,331
263,633
259,348
61,826
61,856
60,473
62,030
62,681
54, OOOi
52,990|
52,371 i
52,0911
52,4591
703,94li
*T/\O OQl-i1
703,826
707,045
696,598
697,267
537,460
532,821
534,266
532,212
530,287
416,338
412,905;
410,291i
409,080;
406,633!,
81,539
81,249
79,
81,770
82, 264
65,63411,071,847
64,525.1,071,319
63,894|l,074,346
63,596:1,072,203
63,797|1,073,199
34,, 038
33,697
34,972
35,340
34,210
7,131
6,230
5,355
4,470
4,637
12,149!
12,086 1
12, 449!
12,487;
12,481!
i
822J
823i
312!
292;
283!
i
571!.,
571-:..
571'.
573,
573,
6,513
7,698
6,473
6,261
14,074
584!
578!
538
581,
1,0151
126,953
128,251
128,877
128,330
131,688
719,916
713,223
717,534
715,874!
725,3-'"'
7,821
4,526
7,591
9,261
10,414
7,004
6,865
6,830
6,836
6,832
90,374 13,621!
91,180 13,454^
89,973! 13,7691
92,008| 13,760:
92,303! 13,939';
177,388
17,". C1 "
175,815
178,410
175,953
177,552
63
63
63
39
6
106,303!
1 AK O.ir*
105,842lO4,116i
103,1001
1O1,582|
22,509
22,213|
21,860I
21,874
21,542
10, 287i
10,188;
10,294.
10,455'
10,132,
64,720
64,672
66,592
65,924
67,724
133,16
l o A /•.fi
134,6521
I34,645i
134,120
132,409!
50,6341
51,065,
49,852!
48,480-i
49,578!
369,863
368,707
373,559
372,054
374,810
277,888' 126,919! 162,135 62,541.1 444,683
277,021 126,306; :163,261 62,825! 444,324
278,25ll
162,558 61,889! 449,373
279,194]
161,946! 60,734 447,564
280, 842 122,359' 159,834| 61,345, 451,852
19,941
20,789
20,634
22,624
22,393
11,634
11,134
10,9341
11,279!
11,395j
12,404
12,744
11,468
11,345
12,008
4,406!
4,40(>;
4,406 i
4,320
4,320i
San
Francisco.
Minne- Kansas
apolis. City. Dallas.
431!
696;
238!
612!
373J
4,122'
4,136!
4,121 1
4,156!
4,216!
i
187!
186!
185;
185|
137
8,356!
8,356!
8,256'
8,23l!
8,166 ;
60,543
59,700
63,279
61,788
61,325
1,194
972
1,431
1,301
1,151!
!
81
81!
7,914
9,131
8,660
9,379
9,269
l,352j
1,314
1,102
300
718|
29!.
33!.
32'.
62!.
35'.
11,370!
11,753|
11,690'
11,940i
11,454!
27|
27!
27:,
271
27;
926
926
925
945
950
|
352
i
!!
i
J
.1
3,361
3,111
3,280
3,280
-
191
190
108
107
777
5871
379!
379!
3791
741'
14,778
11,890
10,907
7,539
19,713
2,220
2,099
2,146
2,553
3,925
344
264
70|
70i
1,296
2,509
970
1,182
473
2,210
1,227! 6,743
1,212; 6,748
7,073
1,091'
7,906
986
1,792 10,323
62,205!
59,447|
59,696;
58,7851
59,49.6
3,955
3,979
3,977
3,841
3,812
3,4621
3,44l|
3,431i!
3,440
3,440!
153,530
154,820
164,265
168,528
173,125
45,409
45,782
45,143
45,426
44,774
8,778j
8,7741
8,742'
8,729i
8729i
9 —,
11,568
11,787
" """
11,990
12,005
11,846
1,466! 102,282
1,527' 96,955
1 5321 94,848
1,522! 08,633
1 5191 99,134
92,752
92,346
90,847
92,595
94,043
74,0941,275,861
72,75611,274,673
72,115il,2S4,900
71,740-1,285,519
72,3031,303,704
337,611
336,765
336,744
339,126
341,344
140,350 190,128
139,666! 190,057
137,871 j- 189,953
136,836! 187,965
137,106J 187,213
73,648!
73,978'
72,876'
71,581'
72,930|
623,091
617,784
624,158
626,215
632,853
57,173
56,964
57,6451
53,4581
55,393
492,669
486,410'
483,857!
481,798!
480,481!
!
30,690'
25,012!
26,088:
27,306|
26,050|
5,503
5,331
5,358
4,870
5,266
5,2281 123,662
3,8771 122,785
5,123! 125,106
•x, ex™, 126,402
4,136j 127,176
29,425
29,580
29,041
30,470
30,783
9,42l! 13,488
10,353! 12,253
10,862i 14,070
11,770
.0,739| 14,950
5,205!
5,763!
5,165!
5,512!
5,847!
36,887
87,259
37,619
36,718
36,855
14,897
14,355
14,383
15,264
15,692
6,943
7,759
7,522
8.245
8j 391
1,135
985
1,013
1,041
1,183
1,824
2,006
1,946
2,072
550,381
549,042
548,166
550,273
534,815
200,092
199,950
197.413
190;224
192,640
47,883
47,9121
49,032!
48,359!
47,3031
31,363 233,212
31,400
30,783
30,790 226; 085!
30,""" 225,2461
22,83!
22/765
22,490
22,3751
22,720i
3,843J
ir~
30,088
29,986
32,164
33,317
34,676
3,555!
3,784'
4,156!
4,699;
1,957|
2,157'
2,251]
2; 165
2,715
2,792
2,845
3,285
2,690
1,578!
l,487i
1,6171
1,616'
1,641'
8,034
8,064
8,329
9,008
8,380
37,162
36,634
36,001
36,517
35,134
871,811
875,611
876,574
879,970
876,759
202,282'
202,844'
203,301!
209,770i
204,935
79,456
80,851
81,307!
82,119,
80,858,
132,030
131,308
133,278
132,268
133,282
52,646i
51,817'
50,932!
52,340
50,412;
292,366
293,666
296,423
293,200
293,179
21,517
21,484
21,597
21,527
21,487
316,166
316,239
318,047
316,447
311,833
87,631
87,835
88,287!
87,9S9i
87,834!
27,683!
27,665!
28,156!
28,306;
27,5691
14,486
14,793
14,310
14,176
13,914
7,2151 269,876
7,238! 271,630
7,208 273,937
7,204; 275,021
7,351' 275,619
104
FEDERAL RESERVE BULLETIN.
JANUABT,
1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, NOV. 23 TO DEC. 21
1921—Continued.
MEMBER BANKS IN F E D E R A L R E S E R V E BANK CITIES—Continued.
[Amounts in thousands of dollars.]
Total. Boston.
Government deposits:
Nov.23
Nov. 30
Dec.7
Dec. 14
Dec. 21
Dills payable with F. R. Banks:
Secured by U. S. Government obligations—
Nov.23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
All other—
Nov.23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Bills rcdiscountcd with F. R.
Banks:
Secured by U. S. Government obligations—
Nov.23
Nov.30
Dec. 7
Dec. H
Dec. 21
All other—
Nov.23
Nov.30
Dec. 7
Dec. 14
Dec. 21
128,485
101,065
90,980
90,550
222,536
10,377
8,163
7,339
7,339
18,110
119,680
132,338
128,816
133,425
168,105
3,455
5,329
4,840
4,410
4,024
New I Phila- Cleve- RichYork. delphia. land. mond.
59,922| 13,250
47,184i 10,431
42,463! 9,390
9,390
42,459
106,168 27,853
67,705
83,880
79,760
80,565
109,915
2,652.
2,026;
1,825.
1,8251
5,720i
1,387
1,094
985
985
3,030
1,645
1,340
1,231
1,231
2,166
20,210
15,811
14,332
n3,907
29,605
4,447
3,502J
3,1521
3,152
6,1911
2,480
1,9441
1,755;
1,755)
4,167
2,619
1,690
2,432
3,602
5,167
21,936
18,814
21,040
21,830
24,094
3,682
3,244
2,495
4,354
3,974
555
555
555
480
520
1,774
2,451
1,681
1,518
2,515
3,145
3,775
3,455
5,603
5,324
188!
160|
144
IS61
25,819
25,780
22,289
20, 702
21,658
4,762
4,998
4,083
3,960
3,753
232,675
202,390
221,026
212,671
238, 737
24,174
26,628
16,198
29,449
31,96J
2,248
2,102
1,997
1,620
1,870
39,010
66,278
51,190
45,775
I
11,579
11,523
9,845
8,127
8,942
2,741
2,371
1,975
1,904
2,110
11,2711
12,648!
14,2881
12,116|
14,020
43,814
39,063
38,197
42,268
47,766
Volume of business, as measured by bank
debits, in 1921 was about 17 per cent less than
in 1920 and 12 per cent less than in 1919.
These decreases compare with recessions in the
wholesale price level of 36 per cent between
1920 and 1921 and 26 per cent between 1919
and 1921. The smaller declines in the volume
of business than in wholesale prices may be
due in part to the fact that retail prices have
receded from the peak level much less than
136 i
120i
116J
104!
84|
3,470
2,818
2,579
2,419
3,109
2,828
2,226!
2,0051
2,005|
5,8761
3,254.!.
3,1421
4,418 ! .
3,7191.
3,686..
San
Francisco.
2,432
1,948
1,617
1,617
.<
6,855
5,396
4,886
4,885
8,787
120
11,350
9,150
7,980
7,200
8,700
i
87
85
180
180
180
87
85
180
180
180
BANK DEBITS.
Minne- Kansas;
AtSt.
:
lanta. Chicago. Louis. apolis. City. Dallas.
1,382
1,601'
1,429'
2,316|
2,389
429
382
340
277
191
3,659i
2,639!
2,611|
2,1671
2,722:
32,001!
28,494!
31,167j
33,484,
47,882
9,578
9,912
9,24S
5,250
9,855
29;
29i
28'
|
15,9201
12,764
13,013
9,042
11,115
9131
1,038!
886:.
832 ; .
840!.
16,1S9|
16,995
17,034*
16, 1111
15,612!
1,626
1,614
1,609
1,534
1,450
2,279
3,105
2,612
2,055!
1,6611
9,324
8,314
7,801
7,120
7,259
wholesale prices, since debits to individual
accounts result from retail as well as from
wholesale transactions; but in part the difference reflects an increase in business activity
during the year under review, and especially
during its last quarter.
The statement below shows the volume of
debits for each month of 1919, 1920, and 1921
for all reporting centers, for New York City,
and for all other centers. Index numbers
based on corresponding periods in 1919 as 100
are also given.
iO5
FEDERAL RESERVE BULLETIN'.
JANUARY,, i 9 2 l
DEBITS T O INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN 141 O F T H E COUNTRY'S LEADING CLEARING-HOUSE
CENTERS.
SUMMARY BY MONTHS FOR T H E Y E A R S 1919, 1920, AND 1921.
[In millions of dollars.]
Month.
1919
1920
1921
Index, corresponding
month in
1919=100.
1920
January
February
March
April
May
Juno
July
August
September
October
November
December
Total
34,438 i
27,883
31,725 |
32,270 !
36,555 I
38,676 I
40,490
37,458 j
44,727
35,281
42,835
41,056
38,695
39,778
39,299
35,783
36.862
43,880 j 40; 207
41,909 | 39,265
45,916 j 42,400
449,349 j 476,188
37,560
29,358
33,487
31, 812
32,110
33,172
31,088
29,719
31,225
33,853
32,997
37,542
1921
130 109
127 105
135 106
127
99
106
103
97 ! 77
79
97 ! 82
92
94
92
393,923 | 106
1919
Index, corresponding
month in
1919=100.
1921
1920
1919
I n d e x , corresponding
month in
1919=100.
1921
1920
j 1920 1921
1920 1921
I
i
18,119
14,617
16,699
17,323
20,330
21,570
22,427
20,275
20,446
24,226
23,351
24,860
23,636
18,054
22,285
21,319
19,581
19, 806
19,063
17,371
17,600
20,137
20,171
22,408
20,033
15,130
17,353
16,349
17,171
17, 755
16,340
15,186
16,102
17,610
17,492
20,575
130
124
133
123
96
92
85
86
86
83
244,243
241,431
207,096
99
85
21,091
17,228
20,550
19,737
19,113
19,972
20.236
18', 413
19;262
20,070
19,094
19,992
17,528
14,228
16,133
15,463
14,939
15, 417
14,749
14,533
15,123
16,242
15,505
16,967
129
130
137
132
118
117
112
107
109
102
103
95
107
107
107
103
92
90
82
85
86
83
83
81
205,106 234,758
186,827
114
91
111
104
104
94
84
82
73
75
79
73
75
83
A comparison of the figures month by month
shows that the trend of the volume of business
in 1921 was downward until August and began
to rise after that month. It appears that this
general trend is in accordance with seasonal
conditions, as a similar trend is shown in 1919
and 1920. An analysis of the index numbers
shows that for the first three months of the
year the volume of business was larger than
during the corresponding period in 1919, but
in 1919 a rapid expansion occurred during the
latter part of the year, and the 1921 figures are
lower than those for 1919 for every month
beginning with April, the lag gradually increasing to 23 per cent in November. As
compared with 1920, the past year's figures
are smaller every month, but there is a
noticeable decrease in the lag reflecting the
improved business conditions toward the end
of the year.
The movement in the volume of business
from month to month in New York City and
outside was closely parallel. Throughout the
year 1921 more than one-half of the total
volume of bank debits for all reporting centers
was shown for New York City. This condition
prevailed also in 1919, but not in 1920, when
the volume of debits was about equally divided
between New York City and outside centers.
The heavy declines in the volume of business
in New York City in 1920 reflected in part the
fall in security values, the dullness of the
exchange market, and the establishment of a
stock-exchange clearing house, which reduced
the number of checks drawn in settlement of
stock and bond purchases. The increase
shown for debits in New York during the latter
part of 1921, on the other hand, is due in part
All other reporting centers.
New York City.
All reporting centers.
16,320
13,266
15,026
14,947
16,225
17,105
18,063
17,183
17,613
19,654
18,618
21,056
to the increased activity of the exchanges and
to advances in security values.
The Board's statistics of volume of business
are based on reports of debits to individual
accounts at banks in about 150 leading clearinghouse centers. These figures are now generally
recognized as the best available single measure
of changes in the volume of business, reflecting
the combined effect of changes in the physical
output, in rapidity of turnover, and in the
price level.
DEBITS TO INDIVIDUAL ACCOUNTS
AT BANKS IN
REPORTING CLEARING HOUSE CENTERS
DEBITS FOR 1920
1 AND 2 : BANKS IN NEW YORK CITY
3 AND 4= BANKS IN ALL REPORTING CENTERS
l
1
'
'
'
'
'
'
i
— BANKS OUTSIDE OF NEW YORK CITY
I
t
I
I
I
i
JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC
106
FEDERAL, RESERVE BULLETIN.
JANUARY, 1922.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
Number of
centers
i ini eluded. Nov. 30.
1920
Week ending-
1921
Week ending—
Dec. 7.
Dec. 14. i Dec. 21.
Dec. 28.
Dec. 1.
Dec. 15.
Dec. 8.
Dec. 22.
Dec. 29.
I
Boston
Now York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
•
.
,
'
I
i
i
;
:
,
!
|
!
434,169
376,380
292,518 .429,303
352,600
404,929
14
417,622
471,030
525,760 5,132,517
7 4,148,140 4,953,214 4,600,420 5,092,370 3,648,460 4,258,091 ! 4,
426,702
357,722
324,551
334,747
412,677
395,862 I 399,491
440,963
10
453,256
379,358
335,555
352,519
400,423
494,285 ! 499,516
552,903
13
230,051
218,353
173,268
199,906
237,043
205,792 i 232,924
237,546
9
201,739
174,471
149,694
164,833
180,432
216,630 I 217,908
209,082
15
902,896 1,043,432
749,598 1,018,265 1, 017,283 1,110,570
806,529
956,364
23
202,924
179,453
152,370
169,728
199,415
206,312
218,492
201,897
5
133,902
133,107
119,473
120,393
140,472
167,973
182,863
185,964
12
235,245
220,062
181,429
203,202
227,477
285,013
274,860 I 285,067
15
142,303
124,841
122,224
120,081
130,670
139,474
138,775
154,637
12
562,491
489,808
397,142
468,664
536,443
581,755
496,382 j 532,273
20
155
7,441,342
8,156,871
8,779,559
9,158,584 6,646,282 I 8,302,530
8,670,342 9,562,208
505,914
395,558
5,399,147 4,850,958
475,494
412,901
598,225
514,166
235,281
193,906
228,450
190,365
1,176,144
947,594
231,154
184,953
167,727
136,311
284,820
241,251
148,009
124,266
589,336
484,528
10,039,701 J 8,676,757
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, ccmplctc daia for these
centers not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenville, S. C;
Wilmington, N. C; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, IMo.; Atchison. Kans.: Calvcstcn,
Tex.
DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
1920
Week ending—
1921
Week ending—
Nov. 30.
District No. 1—Boston:
Bangor
Boston
Do
Fall River
Hartford
Holyoke
Lowell
,
Manchester
,
New Bedford
,
New Haven
Portland
Providence
Springfield
Waterbury
,
Worcester
District No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
District No. 3—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williansport
Wilmington
York
District No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg
Lexington
Oil City
Pittsburgh
Dec. 7.
Dec. 14.
Dec. 21. ! Dec. 28.
3,335
1231,182
299,565
6,341
20,765
2,575
3,917
3,975
5,732
13,123
7,023
27,704
10,643
5,104
11,181
3,693
1262,063
342,536
5,863
22,608
2,806
4,424
6,197
5,966
16,825
8,510
30,439
14,015
6,669
14,851
3,578
1241,264
318,886
4,600
21,209
2,828
5,051
6,728
6,785
16,513
6,807
29,699
11,724
5,042
14,552
4,483 !
2,700
1275,540 I 1183,449
364,359 !! 249,413
7 964
5,378
21,966 !
17,089
3,311 I
2,604
5,183 I
3,937
4,965 I
3,677
8,152 !
4,863
17,658 I
12,140
7,815 i
5,260
37,684 I
24,074
14,992 !
10,741
7,034
5,121
17,422
11,485
18,540
3,197
47,941
4,038,837
4,750
23,109
11,766
22,939
22,572
22,735
19,006
20,208
17,749
25,134
22,787
3,873
3,914
3,182
3,583
4,147
3,975
3,638
5,036
63,268
43,426
57,271
64,394
74,086
66,263
62,361
79,088
4,819,118 4,470,028 4,949,793 3,541,421 4,121,721 4,377,423 4,979,311 5,226,247 4,713,837
7,361
5; 583
5 025
5,350
5,382
4 691
4,630
3,067
5,843
31,793
30,814
22,723
29,435
28,871
34,644
34,270
33,059
38,112
14,712
14,322
9,948
11,850
15,825
17,572
16,038
12,088
19,687
8,916
11,257 !
61,155 i
124,471
26,821
13,714
5,717 i
3,705 !
4,205 !
2,854 i
2,296
137,511
3,242
4,918
275,931 J 261,079
5,788
6,287
24,443
23,908
3,622
3,588
5,142
5,170
4,462
6,699
5,122
5,897
17,845
18,551
8,594
10,198
36,303
33,563
15,027
14,419
6,909
6,961
16,873
16,384
Dec. 29.
4,279
318,997
7,550
24,889
3,592
5,089 I
6,258
6,932 !
18,927 !
9,248
37,973 I
14,361 :
7,289
18,395
3,748
256,944
8,375
6,493
21,167
3,062
4,509
4,143
4,719
15,434
7,176
32,434
14,056
6,952
14,721
3,951
6,154
4,900
6,859
21,313
9,731
44,771
17,818
10,889
20,688
56,709
2,901
4,176
6,923
4,612
4,980
352,474
8,513
14,320 j
11,290 ;
7,597.;
4,086 I
7,108 I
49,423
Dec. 22.
Dec. 8.
20,973
4,326
2,737
4,054
5,768
5,095
4,348
279,275
7,223
13,543
0,262
8,834
3,344
5,974
3,376
107,038
22,775
12,948
5,364
3,133
3,364
Dec. 1.
3,745 j
151,063 I
3,108
3,686
6,978
4,452
4,728
295,669
7,142
15,414
11,601
9,048
4,633
5,993
3,842
3,068
5,170
8,362
5,158
5,319
356,665
7,986
16,758
13,593
9,998
4,541
7,300
4,290
2,766
3,054
6,279
4,750
3,925
265,195
6,695
13,845
15,001
7,741
3,157
6,461
3,406
10,198
60,607
115,502
26,417
12,852
7,062
4,347
3,856
2,456
144,867
13,758
75,441
144,371
30,648
12,728
6,357
6,270
4,208
2,994
173,251
9,117
53,785
113,054
24,936
11,473
4,506
3,182
3,127
1,944
118,241
3,348
4,585
3,317
4,778
3,939
5,355
7,451
3,762
5,949
8,639
3,681
4,355
5,994
5,396
330,573
4,974
334,332
5,573
367,788
5,587
392,833
4,005
344,958
17,167
18,032
8,944
5,824
12,172
5,224
14,288
11,472
8,359
3,672
10,086
4,083
14,872 j
11,500 j
7,900 j
4,868
8,608
4,342
15,586
11,843
9,631
6,190
10,556
4,502
16,055
16,790
17,648
151,807
29,082
11,874
7,317
7,243
4,103
3,318
204,255
160,169
174,879
31,302 1 34,323
11,136 ! 7,572
7,948 ! 8,138
5,088
6,128
4,167
4,575
4,111
4,891
201,018
234,825
18,020
i
I
i
i
15,016
11,117
9,154
4,384
12,621
3,610
13,898
192,633: 1 165,053
36,234
32,350
11,783
10,817
8,664
7,056
5,819
6,940
4,516
4,049
3,933 i
2,754
251,211 I 220,437
107
FEDERAL, RESERVE BULLETIN.
JANUARY,, 1922.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1921
Week ending—
1920
Week e n d i n g -
>ec. 7.
District No. 4—Cleveland—Con.
Springfield
i
2,747
Toledo
;
29,662
Wheeling
i
8,034
Youngstown
'
8,731
District No. 5—Richmond:
]
Baltimore
• 101,394
Charleston
!
5,875
Charlotte
j
6,717
Columbia
j
3,950
Greenville, S. C .
'
3,274
Huntington
•
3,900
Norfolk
!
13,913 i
Raleigh
i
3,050 !
!
Richmond
28,269 j
Washington
i
32,838
Wilmington
i
4,145
District No. 6—Atlanta:
i
Atlanta
i
21,957
Augusta
i
5,621
Birmingham
!
12,031
Chat tanooga
j
5,963
Jacksonville
j
10,072
Knoxvillc
i
4,770
Macon
i
3,505
Mobile
\
6,279
Montgomery
!
3,230
Nashville
I
12,060
New Orleans
1
i
62,245
Pensacola
j
1,344
]
Savannah
9,198
Tampa
!
4,797
Vicksburg
;
1,761
!
District No. 7—Chicago:
Bay City
|
2,667
Bloomington
!
1,898
Cedar Rapids
j
7,798
Chicago
j 548,462
Davenport
I
5,785
Decatur
2,200
Dcs Moines
;
12,900
oit
Detroit
91,324
;
2,597
D
'
2597
Dubuque b
4,338
Flint
!
:
6,002
Fort Wayne
17,719
Grand Rapids
;
25,070
Indianapolis
i
2,514
Jackson
I
3,406
Kalamazoo
!
3,863
Lansing
\
43,377
Milwaukee
!
1,197
Molin e
i
6,027
Peoria
i
3,959
Rockford
i
6,225
Sioux City
:
5,282
South Bend
!
5,075
Springfield, 111
1,919
Waterloo
!
District No. 8—St. Louis:
!
East St. Louis and National j
6,497
Stock Yards
j
4,520
E vansvillc
9,349
Little Rock
i 28,019
28,019
Louisville
isville
33629 |
D
Do
33,629 !
23,434
Memphis
1,805
Quincy
101,406
St. Louis
114,359
Do
2,298
Springfield, Mo
District No. 9—Minneapolis:
1,418
Aberdeen
1,831
Billings
16,411
Duluth
Fargo
1,482
Grand Forks
2,352
Great Falls
Helena
2,401
60,821
Minneapolis
St. Paul
"
24, 812
3,422
Sioux Falls
Superior
1,929
Wmona
851
District No. 10—Kansas City:
1,179
Atchisori
2,068
Bartlesville
2,002
Cheyenne.
1
Dec. 14.
3,509
33,763
8,721
10,623
3,297
30,975
7,358
10,171
3,630
35,417
9,309
10,315
2,982
28,317
6,444
8,232
2,853
27,950
10,550
17,878
3,581
30,442
9,536
14,228
3,909
28,532
11,710
15,773 |
3,974
S3,895
10,665
.15,757
3,196
25,907
9,052
13,778
112,746
5,455
6,365
5,526
4,181
5,103
18,978
3,400
37,319
42,151.
4,939
100,000
5,109
6,013
4,690
3,912
4,435
17,265
3,900
32,387
44,554
4,663
109,915
6,960
7,704
5,029
3,744
5,791
15,904
3,100
31,115
44,533
5,468
84,567
5,314
5,526
4,290
3,106
3,803
13,463
3,050
20,224
33,031
4,174
95,794
7,800
6,643
4,967
110,435 !
5,203 !
6,886 |
5,696 i
112,972 j
6,409 i
6,753 !
5,448 i
11.5,380
6,459
6,866
5,354
97,068
5,593
5,660
4,436
6,565
17,064
4,800
29,040
33,119
6,282 i
23,0L7 i
4,900 |
32,890
37,615
6,156 !
19,959 j
5,000 i
33,359 i
41,490 j
7,462 !
16,922
5,050
31,651
40,1.37
5,182
14,464
5,030
24,891
31,582
25,489
6,337
13,920
8,491
10,279
6,032
4,027
6,180
3,780
14,123
60,596
1, 570
11,370
6,482
1,756
2,787
2,117
9,608
648,920
6,947
3,162
15,729
103, 51.8
2,763
4, 716
7,742
21,071
30,844
3,124
4,243
4, 596
53,350
1,917
8,190
5,137
7,456
5,464
5,1.03
2,933
24,629
5,379
15,331
8,112
9,767
6,163
3,923
6,179
3,883
14,823
57,472
1,626
9,599
5,902
1,683
2,531
2,230.
9,623
596,510
6,076
3,242
16,175
103,204
2,401
4,183
7,044
21,828
34, .130
3,217
4,207
4,188
53,291
1,578
7,824
4,108
6,856
6,089
5,376
2,361
30,993
8,115
16,453
9,114
11,976
6,657
20,526
5,917
12,346
6,143
23, 517
6,279
17,391
9,458
1L, 044
8,795
4,041
7,950
3,960
21,207
79,878
1, 664
13,924
5,652
1,870
24,961
6,749
17,112
1.1,276
14,131
7,110
4,697
7,787
4,152
21,799
75, 504
1,867
12,454
6, 593
1,716
26,649 i
6,933 '
17,048 I
10,944 |
12,610 !
6,427 I
5,254 I
7, .143
4,440
21,547
66,162
1, 948
14,315
6,079
1,583
28,908
7,202
20,039
11,911
13,844
7,271
5,758
8,024
4,526
21,203
76,606
1,952
13,511
6, 143
1,552
22,349
5,079
14,258
8,602
10,393
5,417
3,898
6,439
2,972
19,248
74,078
1,377
10,646
4,266
1,343
3,770
2,593
9,736
669,598
8,303
2,941
14,5.1.6
126,428
3,3.12
4,281
6,57!
22,623
29,497
3,148
4,942
4,610
66,910
1,912
8, 845
5,769
11, 853
3,147
3,153
2, 534
10,896
672,181
8,204
3,285
17,034
119,008
3,471.
5, 540
7,092
21,050
32, 326
3,636
5,376
5,027
59,825
3,055
9,096
5, 785
12,731
3,429
3,643
3,884
2,531
2,539
10,670
12,219
745, 514
767,708
7,007
7,238
3,393
3, 556
16, 820
17,306
131,656
166,277
3,098
3,412
4,429
5, 810
8,070 i
8,506
19,976 i 19,826
38,054
40,807
3,484 | 4,1.18
5,682
6,012 "
5,147
4,877
68,505
63,200
3,376
2,248
9, .1.72
9,076
6, 308
5,313
11,538
11,403
3,384
3,711
2,765
1,902
8,940
642,934
6,289
2,495
15,066
102,300
2,629
4,050
7,057
20,729
31,414
3,160
4,636
3,113
59,221
2,346
7,34L
5,187
7,791
3,752
8,824
5,060
10, 544
i 23,016
30,107
28,937
2,722
131,858
145,004
2,965
9,514
4,660
10,044
i 24,560
32,432
26,293
2,245
1113,896
127,162
2,891
8,055
5,281
11,211
i 23,892
30,420
27,453
2,242
1135,087
148,986
3,278
1, 536
2,338
14,761
2,795
2,010
2,745
3,558
72,262
31,086
4,060
2,119
1,202
1,221
1,827
19,682
2,464
1,678
1,694
3,647
65,886
28,257
4,000
1,724
1,027
1,706
1,684
15,995
2,461
1,531
1,379
3,435
69,482
29,565
3,858
1,774
1,032
1,394
2,811
61,682
32,280
3,004
1,724
734
1,642
2,834
28,794
3.363
I) 524
3,255
2,874
80,991
33,797
5,500
2,285
1,114
1,163
1,623
2,135
1,289
2,416
1,943
1,295
1,972
2,276
885
2,231
2,282
3,568
1,807
Debits of banks which submitted reports in 1920.
Dec. 1.
4,605
3,827
5,628
3,110
11, 547
50,365
J,100
9,522
4,704
1,462
6,676
4,414
15,765
(}(i, 514
1,452
12,109
4,910
1,611
. 2,987
2,454
675,522
7,045
3,290
16.057
144, 503
2,858
5,425
8,468
25, 526
36.058
4, 332
5,546
5,0.19
58,659
2,052
8,709
4,522
6,806
6,027 j
5,888 I
2,669 i
2,301
1,639
6,315
495,008
2,247
12,052
91,155
2,263
4,231
6,001
18,108
27, 951
3,518
3,353
3,652
41,189
1,287
6,168
3,852
5,180
4,437
4,738
2,202
4,962
8,806
20,799
26,318
20,529
1,532
197,274
107,037
1,480
1
1,040
1,502
10,473
1,753
1,076
Doc. 8.
Dec. 15.
Dec. 22.
Dec. 29,
2,960
3, 549
3,146
3,065
2,477
4,355
10,098
27,712
11,168
24,776
5,476
12,606
28,067
5,267
13,525
30,919
4,617
10,704
19,379
28,209
28,908
27,293
'i36,"854
" 132," 647' "i43,"435'
1,801
3,276
33; 265
3,183
2,003
3,136
2,977
94,444
32,416
5,400
2,524
1,539
2,268 1
29,075
'152," 368'
22,734
"i27,"5i9
1,504
1.990
31,654
2,871
1,7-16
2,519
2,626
90,972
38,005
5,000
2,545
1,431
1,585
2,021
26,778
2,634
1,456
2,738
2,972
83,822
35,414
4,500
2,427
1,380
2,781
2,170
24,384
2,000
1,030
2, 352
2,271
66,527
25,925
4,100
1,942
829
1,500
3,627
2,413
1,368
3,142
2,001
1,003
3,429
1,440
108
y, i922.
FEDERAL RESERVE
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS-Contiiiued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1920.
Week ending—
1921.
Week ending—
Nov. 30.
District No. 10-Kansas C i t y Continued.
Colorado Springs
Denver
Toplin
Kansas City, Kans
Kansas City, Mo
Muskogee.
Oklahoma City
Omaha
Pueblo
St. Joseph
Topeka
Tulsa
Wichita
District No. 11—Dallas:
Albuquerque
Austin
Beaumont
Dallas
El Paso
i
Fort Worth
Galveston
Houston
I
San Antonio
Shreveport
Toxarkana, Tex
Tucson
Waco
District No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
,
San .Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
2,096
30,774
1,900
2,980
57,280
3,837
19,122
32,300
5,157
14,016
3.141 ,
17,294 !
9,235 j
1,951 !
2,430
2,477 j
34; 334
6,997
29,440
14,11.5 I
25,090 I
5,482 I
5,625
1,088
1,504
3,654
2,399
2,519
11,438
6,007
108,789
17,851
4,626
4,809
29,325
2,255
13; 338
15,454
7 144
178,454
4,797
35,998
8,129
5,085
7,701
2, 540
Dec. 7.
Doc. 14.
Dec. 21.
Dec. 28.
2,468
34,153
2,243
3,491
67,995
3,111
21, 897
40,818
3,794
16,211
3,112
14,615
. 9,811
3,045
31, 678
2,322
3,250
64,355
3,045
17,470
36,270
2,979
16,361
o, 051
21,200
8,677
2,535
36,200
2,444
3,946
68,889
3, 703
IS, 851
37,521
4,969
16,368
3,997
22,199
9,375
1,759
30,414
1,911
3,113
51,100
3,204
15,353
24,9S6
3,393
13,086
2,613
18, 728
7,256
3,881
36,719
2,650
4,386
78,035
6,522
26,383
4.6, 523
3, 925
14,449
3,562
31,127
11,323
2,775
46,966
2,863
4,329
81,368
5,747
26,018
48,183
4,943
14,342
3,686
27,626
10,915
3,351
44,187
3,211
4,528
78,536
6,388
22,596
46,510
5,072
18,110
3, 774
32,835
9,875
2,866
45,846
2,848
4,484
85,602
5,848
22, 858
46,301
6,319
17,531
2,526
27,083
9,565
2,220
39,543
2,279
4,656
72,145
5,353
20,565
33,691
4,384
12,983
2,768
27,345
8,450
2,141
3', 655
3,005
36,752
7; 913
30,420
18,598
26,583
7,205
5,815
1,179
1,899
4,103
1,580
2,983
3,209
33,549
7,297
31,312
16,169
23,626
6,877
6,946
2,262
1,622
3,578
1,937
2,196
3,673
'JO, 31.2
7,678
31,246
16,012
33,257
6,783
7,727
2,003
1,659
3,832
1,788
2,669
2,962
30,921
8,875
31,940
13,575
25,704
4,979
6,341
1, 581
1,500
2,964
1,890
3,350
3,382
39,553
9,347
26,951
2,129
3,960
4,622
43,444
11,531
24,718
I
32,392- 6,405
8,032
l!711
I) 590
4,172
38,584
8,554
8,955
1,881
1,560
4; 696
1,713
3,894
4,413
39,764
10,645
24,980
23,347
30,872
7,948
6,774
2,903
1,491
4,077
1,978
3,663
4,625
42,095
10,990
24,877
24,824
35,479
8,096
8,687
1,800
1,394
4,325
1,574
2,650
3,101
34,123
8,670
24,187
23,011
29,130
6,085
7,838
1,650
1,684
3,574
4.280
2' 900
16,043
7,373
11.3,380
23,122
4,871
6,086
30,269
2,699
19,881
19,683
9,876
211.581
f>; 129
28,455
11,854
6,013
8,504
3,444
3,904
2,851
14,017
6,915
116,726
20,136
3,426
3,939
32,632
2,366
19,285
18,055
9,398
169,374
6,896
31,615
10,369
5,947
9,018
2,939
3,673
2,901.
12,929
6 , 164
'
140,442
23,791
3,360
4,724
32,500
2,632
17,617
27,520
9,08L
204,795
4,117
37,150
10,887
5,462
9,617
3,129
2,313
2,626
8,965
4,605
90,802
15,491
3,301
4,196
25,820
1,712
16,564
12,683
6,151
148,639
4,214
29,09-1
7,754
3,854
6, ISO
2,14.8
2,534
2,672
14,857
6,213
(
Jo. 932
19,456
4,894
4,876
36,201
2, 730
18,833
12,052
7,349
198,196
5,344
35,115
11,310
6,018
8,413
3,027
3,408
2,987
19,140
6,1.67
103,085
23,311
5,964
6,065
4.0,505
3,156
8,133
20,498
8,597
207,208
5,338
36,455
13,011
6,165
9.745
3; 335
2,985
2,949
13,852
5,622
116,332
21,946
5,437
6,258
46,154
3,013
22,187
18,566
9,966
226,194
5,975
41,024
12,747
6,304
11,324
2,920
2,994
3,539
10,988
5,637
120,913
24,429
8,185
6,254
41,513
3,026
15,133
26,992
7,422
238,885
4,677
36,870
12,991
5,585
10,463
2,840
2,279
2,503
11,564
4,299
104,672
22,900
4,738
4,552
37,837
2,528
14,720
16,643
6,038
190,658
3,587
29,420
11,607
4,484
7,538
1,961
Dec. 1.
Dec. 8.
Dec. 15.
Dec. 22.
Dec. 29.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM NOV. 25 TO DEC. 22, 1921, INCLUSIVE.
[In thousands of dollars.]
Debits.
j Changes in ownership
Balance
of gold through trans- in bank's
f e r g a n d sett f ements>
fund at
close of
period.
Credits.
Decrease. Increase.
4,000
2,000
9,979
12,000
20,083
116,000
4,000
534
11,000
3,500
1,000
3,000
2,000
2,000
8,500
3,000
412,922
1,605,563
549,860
403,273
460,298
163,318
719.751
375', 552
105,697
296,290
172,313
208,439
428,107 i
1,494,724 i
544,951 '
423,790 !
470,067 !
177,397 !
749,245 i
371,502 j
114,841 '
297,382 !
180,744 !
220,526
174,617
112,463
668,081
700,100
174,617
112,463
668,081
700,100
5,473,276
5,005,308
6,224,471
6,159,406
5,473,276 •
5,005,308 ;
6,224,471
6,159,406
Transfers.
Federal Reserve Bank.
Debits.
Boston
New York
Philadelphia..,
Cleveland
Richmond....
Atlanta.
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
43,000
10,000
5,000
21,000
21,999
13,639
32,000
Credits,
Dnilv <?pn-lpm<mt<?
Daily settlements.
7,732
4,839
5,909
51
1,230
3,940
1,506
1,050
7,144
1,092
6,952
3,087
34,837
172,787
55,357
48,363
22,875
9,049
90,964
18,117
26,899
29,048
11,546
31,705
Total, 4 weeks endingDec. 22,1921
Nov. 23,1921
Dec. 23,1920
Nov. 24,1920
22,266
22,266
551,547
425,831
364,028
409,845
109
FEDEKAL RESERVE Bt'LLF/lMiX.
.!A.\T;AI:Y. 11)22.
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS FROM NOV. i« TO DEC. 15, 1921.
[All figures shown in t.housaiuls.1
Items drawn on banks located
in own district.
Items forHems drawn j Total items nan- warded to other
: on Treasurer | died, exclusive
F. R. Banks
;sido F. R. .
ofl:.8.
\ of duplications.
and their
Federal Reserve Bank or .. 'l]\F- K- Bank : 1^^]^"'})ranoh
branches.
same district. i
branch.
01 branch city.
, [ | v ' tK
(
^™"!Amoun1. ^ l J m " Ajuoimt:.^™'
Boston
:
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond...!
Baltimore
Atlanta
Birmingham..-•
Jacksonville
Nashville
New Orleans.
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
79 $569,403! 3.512i
4 ; 610i
453!
2,099
1,251
828
857
= ,391 1.594,512i
'
! 222 86,903|
:
1.,734 739,592:
!
416 193,751!
i 202 J13,564;
:
431 219,521:
120 135,740:
264 142,248
124 58,306:
! 253 37,485!
:
IS, 6321
71
52 28,481i
69 43,397
953! 566,065
\ 254 143,296
326 218,516
46 24,207
101 57,384
00 j 36,770
88!
'. 24o! 119,078
Helena
K a n s a s City
Denver
O k l a h o m a City
Omaha
Dallas
E l Paso
Houston
San Francisco
Los Angeles
Portland
Salt L a k e City
Seattle
'.
Spokaue
22;
11,323
271 209,777
48,205
135
50,304
69
49,066i
97
66,954!
164
9,435
42!
35,763
70!
2281 112,129
379 j 116,495:
33,oll!
60i
32,238!
48:
34,324102;
19.280
30!
;
!
,
•
•
'
!
:
I
,
;
;
;
2,039
715
358
152
im
213
119
3,843
492
;
390,345 !
623,1091
50,591i
257.828!
14 J'. 005:
72,333;
91,271'284,495:
65,555j
46,2681
9,526!
15,238
20,629
13.698
310;779;
46,030.
1,408 82,940
19,518:
307
23.484!
413
12'996:
187
80,8241,497
15,118'=
210
90,318
1,377 21,369!
348
68,215:
915
29,388:
519 192,605;
1,270
10,859!
140
34,590'
323
42,875;
544i
S6,210:
l,173i
12,714
217!
36,199
429:
15.OS3
212:
13,209
loo;
lL
ber.
cations.
Amount. "1
1641 £19,220' 4,455 ?:!)78,96s
197 S47,218i
1,128; 87,780; 7" 138 2,305,40 Li 1.074 128,944|
12
2.181"
'139,6751 ' 195
25,612;
'687:
135 22; 299! 3,968 1,019,719; 711 127,322j
72
6,806| 1,739; '341,562!
57
6,798
0o
6,246 1 1,103 1 193,550!
13
9,570
42
4,664| 1,330'
315,456;
82
37,142
50
10,340, 2,209;
430,575
154
73,442
60
7,075 1,039
214,878:
02
31,781
30
10,4o()j
115,024!
26
9,639
512:
10
961!
47,972!
17
10,414
41o:
7
9921
31,862
25
7,738!
234 j
13
2,390
51,500
17
3,737!
278
37
5,587
62,682
43
12,642;
225
371 53,923 5,1.67
930,767
300
30,8011
4,460
40
193,786
«
3,061I
786
113 11,296 1,847
312,752
34
5,381i
7
779
44,504
6
360
i;oi2'
30
2,466
83,334
544
HI
l,603i
10
.
1,085
50,851
285
2!
319.
31
12,492 11,774 1213,350
82
16,798
7
1,533
27,974
239
9
5,099
72
14,861 1,720
314,956
276
35,602
24
3,631
73,205
507
OS
15.467
9
1,107
119,626
993
46
7', 798
33
2,810
181,525
1650
44
5,555
30
6,469 1,464
266,02S
67
11,237
15
1,466
21,760
197
10
2,250
49
1,731
72,084
442
16
2,206
73
54,094
209,098
845
23
2,823|
U
15.695 1,596
218,430!
93
14.6501
21
7.869
54,0941
29S
4
l',589i
15
2; 619
71,056
4921
15
3 474
30
7,319
56,726
344!
15
3,927
L",092
33,581
2411
11
2.282
Total:
Nov.
Oct,
No
Sn,840i
18,366:
30
12
31
38
82
23
30
4
7
6
7
3
10!
23 j
2i
21
6!
2!
73
43
. 16
19
41
5
4|
34!
ni
l
34
7S4
757;
858!
5,988|
3,357!
6",534r
10,096:
8,442j
3,955|
19,960!
1,7811
1,709,
742!
2,590!
697 i
964!
2,307:
217!
302 j
429;
2,251!
11.338"!
13;276;
7,118'
4,958!
5,062;
668;
1,498!
4,58s 1
10,448i
4,756!
2,483i
4,521I
5,8291
4,652 SI ,026,180
8,230 ~ ,440,185
929
183,653
4,679
,147,041
i;826
354,348
;
206,477
1,128
1,443
359,132
2,401
514,113
255' 101
1,183
128,618
561
78,3-10
462
263
44,381
302
56,946
27-1
76,066
5,474
964^158
798
197,514
1,891
319,097
389
47,828
557
85,151
289
51,472
1,862
230,577
250
35,324
361,896
2,069
101,94S
618
134,512
1,055
92,038
71-i!
282,327
1,572!
24,678
212
75.788
462
9021 216J509
1,756
213,52S
341
60,439
518
77.013
3931
65', 174
267|
41,692
173,070 50,72l!l0,579,3U
191,868; 49,300110)575,523
278.625! 46,603!l3.90S:513
1
Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank.
NOTK.— Number of business days in period was 25 in all Federal Reserve Bank and branch cities.
NUMBER OF MEMBER AND NONMRMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, DEC. 15, 1021 AND 1920.
i
;
Xonmcmber banks.
1 Member banks, j
•
—
.',
!
I On par list. ! Xot on par list.*..:
I 1921 ; 1920 i 1921 • 1920 '. 1921
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
436
800
704
884
625
513
1,443
!
i
j
!
:
43<> :
780
698
871
611
460
1,417
I
j
I
:
258
257
332 I 328 :
439
472
1,080 i
1
1,085
994
1,267 i 577
394
414 ! 1,156
4,234 4,270 i...".....
1 Incorporated banks oth^r than mutual s n injis banks.
82711—22
K
;
i Member banks. '•
Nonmcmbcr banks.
—
On par list.
Not on par list.1
1920 -i
1921 i 1920 ! 1921
St. Louis
Minneapolis
Kansas City
Dallas
I
334 i San Francisco
1,212 I
Total
586
1,023
1,097
'861
855
571
1.000
i;088
848
832
0,827
9,612 ; 18,217
1920
i 2,488
i 2,662
i 3,172
!
1,154
!
973
1,732
110
JANUARY,
FEDERAL RESERVE BULLETIN.
GOLD AND SILVER IMPORTS AND EXPORTS.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
I
Country.
Imports.
During
I During | During I month
I 10 days ! 10 days i
of
• ending \ ending
1
Nov. 20 ,| Nov. 30, | Novcm! ber,
1921.
1921.
i 1931.
During i From
todays ! Jan. 1
ending
to
Dec. 10, Dec. 10.
1921.
1921.
Exports.
From
During During I 4 J H " %
Jan. 1 10 days 10 d a y s j ^ J J 1 1 1
to
lending : ending k r " *
Dec. 10, INov. 20, Nov. 30,i *\£r
1920.
1921. i 1921. '
$9,000-'
Austria
§352,804!.
3,760,711
Belgium
199,551 : .
3.410,344
Denmark
SOOOi
S600!.
600
Finland
82,461.2(52 8,105,202 15,051,331:81,346,504
1,304,5861 26,830,475'
France
1
194,058 2,173,02b 1 2,494,144!
548,664:
7,703:
Germany
91,912) 19; 548; 664:
5,003:.
720,748i
253,700:
Greece
Iceland
207, 953!
40,107
Italy
391
615 935!
i
591:
593|
Malta
Netherlands
33,282;
356,432;
470,6821 305,255! 19,524' 994i 1,669,065
1,534 985|
3,324
Norway
4001
Poland"and Danzig...
25,364
23, 0401
Portugal
85, 0001 1,268,631
Russia in Europe
26,828!.
3,319, 281!
293,490
Spain
4,884,542; 5,916,524
23,094i 65,016, 459;
714,610
Sweden
572, 957;
4,937
S wit zerland
692, 546j
44,020 j
93,136;
141,007
Turkey in I-Curope
United Kingdom:
England
j 3,489,378 7,326,415; 18,407,191 7,127,2021 195,489,1141258,932,403
Scotland
|-.'- —
J:—_:_-.:•_•»-I
^
Total E u r o p e . . . ! 6^222,591 22,_93_9, 353!42,513,901 '$,9lil,.466i 502,837,317|2^5j^269:
Bermuda
!
British Honduras
!
,
Canada
! 1,231,758!
Costa Kica
! .
305!
Guatemala
j
9,000.
Honduras
• ,
;
!i
i
Nicaragua
Panama.
j
98,378!
Salvador
!
i
Mexico
! 125,887
Newfoundland
!
!
]
Cuba
i
British West Indies. ."
i
Virgin Islands of U. .S
!
Dominican Republic
!
Dutch West I n d i e s . . . !
62,376!
Haiti
i
!
Total North
America
49,044! 2,375,255!
22,994
36,299,!
14,000
33,500:
•
l 629".
28,745!
48,863;
118,375: 378,403'
i
•
'
328,937i
584,349!
!
I
363
363j
12,70973,903-!
•
"
1,060: 223,972;
...:
....i
during
10 days
I ending
|IDcc. 10,
cc
0
'
"
I 1921.
|
|
From I
Jan. 1 !
to
Dec. 10,
11)31.
From
Jan. 1
to
Doc. 10,
1.920.
r
r
$10,000
912
241,263
8200|
2,643,013'
!
2,604
13,235
27G487213 j
268,01.4
44,817! 34,580,4761 34,064,3071
•is 102,192i $256,732 §72,074 2,779,648! 5, 477, 472
27,627;
832,385|
608,0941..
2,629!
548,038
14,872'.
202,389;
256,014:
1*9,666
51,267
792,243' 1,1.57,405;.
157,563
2,920,080|
513,118!.
20,000
10,635:
' 799,072 1,301,280:.
63,842: 5,322,977; 4,561,050! 2,225; 51,1501 54,035 21,900: 5,426,939: 17,985,137
:
!
221;.
250,844|
650.000
730
363,730!
15,334!.
460.
635,776!
266,209,.
'
150,000;
..!.
10,000
25,0001
4,800i.
47,000
!08,452
5,724,531!
S84,404i.
....;
!
23|.
I, 527,705
576,227; 3_, 756, 536J
468, 022i _53_,000. 587! 43,647,151 j 44, 261j 1.53, 342j _311,6671 _ 93, 974; 8, 457, 4311 24,208,601*
~"~':
""'" '-"••-"-"•-""•
" "
1,063,481 ~T,"7077682:'"
.'".". •!"'."".'I'.'~"77.'."L"..'"..'. . ' ! 7 T . " ~ ~ ~ . i'89,'995,000
89,'995,000
Argentina..
4,244;
5,031
7,374
Bolivia
105, 845
24,300!
304,250
43,765 .
12,7231
Brazil
1
389,667
418,018:
400,000
1,397i
88,345'
96,719!
Chile
3,548!
377,443
700,000
140,416; 708,748| 737,518 11,658,595 8,811,206Colombia
644,518!
523,893:.
236,000
558 i.
Ecuador
149,484!
189,483
1,9531
4,492
British Guiana
9,429!
75,7G0|
24,728
4,496|
i
Dutch Guiana
6,300
4,4961
11,132!
1,514,083': 1.098,905 .
974!
81,408! 266,1S2J
Peru
3,653,376
66,564=
28,179: 131,725.':
319,013;
Uruguay
.•
12,850,000
101,020 i 6, 547,777
12,585!
31, 521
Venezuela
61,778:
18-1,000
137,492! 1,335,250
Total
South
27
()27
4 3
America
•
.'
j
" » 4 J 5 . 1, 46L, 986; 1
:
fl , " 6 3 4 ; . . . . . . . . . l'
China
Chosen
British India
l,179,000i 6,512,371
726,940. 1,027,92 L |
Straits Settlements
50,0001 6,683,454
Dutch East Indies.
60,0001 12,085,105
2,955,513
1
French East Indies
! 2,290,000
Greece in Asia
Hongkong
30,"i9i,"9i6
Japan.....
Palestine and Syria.
Turkey in Asia
Total Asia
\ _~297,691
10,804,985 183,786,368
. Australia
New Zealand
Tahiti
,..
,
Philippine Islands.... |
98.434!
98,4341
1,181,030
Abyssinia
i
!
'
I
21,965
British West Africa.
13,250j
British South Africa..
51.823!
Canary Islands
Portuguese Africa
Total, all coun- !
•
,
,
,
tries
| 8,576,616j 25,320,234j 51,298,626111,137,038;1670,719,508 384,256,137; 65,261 297,602j
Excess of imports or
exports
| 8,511,355! 25,022,632 50,691,189L10,936,604 648,789,279, 67,624,774;
607,437 200,434; * 21,930,229 316,631,363
1
Includes: Ore and base bullion, 932,701,000; United States mint or assay office bars, $459,000; other refined bullion, $488,003,000; United States
coin, 937,647,000: foreign coin, 911 J,909,000.
* Includes: Domestic exports—Ore and base bullion, §76,000; United States mint or assay office bars, $1,297,000; other refined bullion, $260,000;
coin, 916,089,000. Foreign exports—Ore and base bullion, 91,000; bullion refined, $2,005,000; coin, $2,202,000.
Ill
FKDKHAL RESERVE BULLETIN.
JANUAW, 1022.
SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
inporls.
'. During • During
1
10 days ' 10 days
of
ending . ending
| Nov. 20, Nov. 30, November,
!
1921.
1921.
1921.
Country.
Exports.
During
10 days
ending
Dec. 10,
1921. '
!
Belgium
Bulgaria
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Poland a n d Danzig
Portugal
Spain
Sweden
Turkey in E u r o p e . . . .
United Kingdom- •
Kngland
*5,34.T
3,056
143
§1,188
'
•
0701,858!
Total Europe...
86,143
56) 702
•
•
5,343.
'
1.188
,
1,030
68,868,
5Ji?hi
From
• During , During j 5 J i n ? h i D u r i n S > From
Jan. 1
; i o d a y s ! 10 days ! m « l l t l 1 1 10 days; J a n . 1
.
• ending . ending v "
'
! ending j
to
to
:
Nov. 20, Nov. 30,
Dec. 10, i Dec. J O, Dec. 10,
1920.
; 1921. : 1921.
1921. ; 1921.
1921.
j From I From
j J a n . 1 , >]<dtll
!
to
!
to
; Dec. 10, Dec. 10,
1920.
; 1921.
I
\
$W
.S39,036:
55,861!.
844:
1,214j.
'
177,634! 117,210
116
14, X33s 5,265,180;
42,240
!
225,234:
24,026
!
22,847i
54,861.
!
2,4741
!
7,767]
14,453.
,.i
1,OOOi
:
21,163
7,978-.
i
16,471
94,527.
'•
6,604 i
31,395 .
:
11,345;
;
!
;
1,180,219, 838,010 S618.106:
54,713;
j
T o t; a I North :
America
1,349,381 2,093,920; 5,080,828| 1,33S,176| 44,550,747,62,567,875;
42,966=
....j
131,748;
3,745!
:
;
225
40,245!
5!
20:
;
Total
South
America
218,9541
China
"
:
Chosen
.
British India
Dutch East Indies
French E a s t I n d i e s . . .
Hongkong
Japan
Palestine a n d Syria...
Russia i n Asia, *
Turkey in Asia
I
Total, all countries
Excess imports or exports
287,013.j
280|
11, 712,143; 4,909,558
;•""• '
!
;-J6,.S7S- 430,367! 1,017,995 8104,061: 4,038,5551 7,017,820
:
•
!
'
!
"
3,500j
4,500
5,3001 449,710
l
3) 000
3,000
226,043:
226,043i
542,000
50,000
19,404: 2,065,60]! 3,178.684
42,537. 127,938 J95,608
'....:
'.....
: '319.2011 1,252)599
100)553!
46,208
i
!
|
316,000
9,000
79,415, 158,305:1,213,603;
•."..7".7.7~'
~.\
123,465:
6,809 ; lo3jl2,844,52l
7.7.i"~
,-
900!
!
;
j
239.500!
'....!
>
127723
'....
2,333
1,402
:
, 285,000!
285,000;
10,000
j 285,000
525,400j
26,45S
760,2511
325,128;
7,422,516! 17,462,6831
:
I
102-
302;.
25i
8.0291 1,295,31.71
140!
12,368!
483,019! 2,671,555.
I '
• .
396,
1,650;
..;...;
fr.
•
:
' 1,029,993 1,816,5S5j 12,069,849 60,556,23;
160;
100,000;
!
960;
160..
Total in A s i a . . . i
Australia.
New Zealand
Philippine Islands
Abyssinia
British South Africa..
British West Africa...
Egypt
Portuguese Africa
.77."...7X777777.1
489;
ioTosi; ~"377324!
j
48,5411
LOO, 467;
430, 1961 1,367,079
!
j
915;
42,791!
1,62.1
49|
143,741j
29,334! .1,731,4511 3,634.433
2,664!
15,460!
12,541:
176,710; '744,253
I
3j
!
36,551!
65,753
•
I
i
46j
4?.
i
2251
,
372:
6,390
284.300;
551,6891
152,197! 4.955,024111,605,433
'....:
12!
23,159 :
' 27.025J..'.
!
583:
26!
3,269;
355
f 1,260,706
.'
:"""•
54,960
;
.
;
,*11, 712,143i 4,821,678
.
=81,260.706-
7,001,029! J, 257,244; • 618,106
i
Bermuda.
6,100.
69,097!
British Honduras.
Canada
• 199,518:.
S,240i 273,318!
92.074! 3.613,450 3,480.932!
:
Costa Rica
5
1.330=
1,341"
'924;
57,610i ' 64)9861
:
Guatemala
'....'•
500;
7!
1,027'
24,534
Honduras
I
\
3,009!
1,032
906,4-11:2,554,181
Nicaragua
53.950;
Nicaragua.. .
53.95057,5391
10,5381
277,357! 668,785!
44:
Panama
2,830=
44:
2,888;
62;
604,707! 148,199:
Salvador
05,289!
6(j, 289:
13,526!
120,425j 3, 726,781
Mexico
,0.SJ, 739j 2,U23,2J5, 4.668,636: 1,219,878! 38,627,403|51,624,660i
Cuba
J
7,141;
'5)484!
7,141!
107
91,475!
:
British West Indies.
J67
2,115!
"\022-1
T
Virgin Islands of I . S . '
Dominican Rcpu blic 210.900! J20,800
Dutch West I n d i e s . . .
l)7281
2,317
French West I n d i e s . . . :
20
Haiti
77
Argentina
Bolivia
Brazil...
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
Peru
Uruguay
Venezuela
S32,920
!
:
!
. 113
1,286
55j
561
H3l
1,286;
100,025|
;
|
642,408
| 3,150,517
!
*i ,848,666 4,058," 373
1,820,000
358,0391 673,725 1,011,743 9,413,967 23,539,640
3,458,116 4,169,671
; 625,805, 625,805
970
38,511:.
504,9311 4,007,033]
3,130.
1,4-12!
19,9561
31 i.
3,760|
!
12,033
is) 461;
i
6,097..
49,648|
j 983,844j2,329,523J4,148,328 29,940,449192,967.299
93,321 -.
:
\
i
11,880
169
12, 520i
1,571,975 2,986,610J 5,912,079 1,830,562;i 59,557,329 85,424,747J
874,454 1,844,4611 l,108,247j
10,570,184;
!
697,521 1,142,149 4,803, S32|4,556,793 2 48,987,145 110,759,716
2,726,231
25,334,969
i Includes: Ore a n d base bullion, $43,454,000; refined bullion, $7,138,000: U . S. coin, $2,865,000; foreign coin, §6,100,000.
* Includes: Domestic exports—ore and base bullion,'$15,000; U. S. mint or assay office bars, $152,000; other refined bullion, $22,094,000; coin,
$846,000. Foreign exports—ore and base bullion, $2,000; refined bullion, $19,999,000; coin, $5,879,000.
112
FEDKKAL 11KSKKYI-; BULLETIX.
JAM:.\I:V,
MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE
SYSTEM, DEC. 1, 1921.
General stock.
G old coin (including bullion in Treasury)
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve Bank noies
National bank notes
I
\
I
i
j
j
I
'
Total: Dec. I, 1921.
153,515,125,101 j
I.
354,602,37S \
I.
272,828,8(51 i
'.
|.
346,081,016 |
2,698, 675,810 '•
1 IS, 533,400 '
749,307,097
Held in the
U. S. Treasury
as assets of the
Government. 1 '
§390,986,908
Amount per
capita outside
T.J. S. Treasury
and F. R. *
System.
Held outside
U. S. Treasurv
and F. II. "
System.
Held by or for
F. R. Banks
and agents. 2
34,904,885 i
32,715,752 !
§347,629,534
194,204,079
34,056,833
234,168,631
261,497,301
« 72,076,622 |
300,390,563 I
19,171,668 !
.10,815,712 :
267,662,345
2,395,248,986
97,226,533
719,582,531
§1,881,861,350 i
730,442,630 j
3
17,269,313
11,-331,560
6,942,049 |
3,036,261 !
2,135,199 I
18,908,854 I
:.
.
:.
..
:.
1,546,964 ..
:.
.
.
.
8,085,813,663
3,082,379,182 :
4,552,824,337
S,047, 152,682
S',079, 273,855 :
8,0.10, 842,240 :
7,988, 397,187
8,024, 422,943 :
8,073, 737,233 ,
8,040, 936,478 '
8,0S2, 773,866 :
.
8', 084, 936,396
S, 171, 237,897
8,372, 970,904
7.887, 181,586
Nov. 1,1921
Oct. 1,1921
Sept. 1,1921
Aug. 1,1921
July 1,1921
J u n e ! , 1921
M a y l , 1921
Apr. 1,1921
Mar. 1,1921
Feb. 1,1921
Jan. 1,1921
July 1,1920
Jan. 1,1920
July 1,1919
Jan. 1,1919
July 1,1918
Jan. 1,1918
J u l y l , 1917
450,610,144 !
457,988,002
430.580,014
431', 623,900
432,471,109
460,595,721
499,236,987
508,349,193
496,945,969
493,976,120
499,358,809
494,296,257
485,057,472
604,888,833
578,848,043
454,9-18,160
356,124,750
277,043,358
253,671,614
2,982,192,610 !
2,985,684,106 i
2,907,188,113 :
2,818,800,024 >
2,697,553,897 I
2,562,692,917 j
2,512,465,834
2,534,743,843 !
2,385,101,578 i
2,438,773,422 jj
2,377,972,494
2,021,271,614 :
•
2,044,422,303 i
2,167,280,313 i
2,220,705,767 :
2,018,361,825 \
1,723,570,291 :
1,280,880,714 ;
4,606,972,070
4,663,009,735
4,672,030,221
41737,126,054 !
,
4,866,273,325 ;
5,011,807,329
5,020,121,451
5,051,084,054
5,205,858,698 •
5,233,105,666
5,500,702,153 :
5,380,852,500 ;
5,312,009,003
4,842,345,415
»; 105,139,679
4,367,739,209
4,255,584,022
3,945.457,556
320,139
,588, 473,771
'780, 793,606
i, 742',225,784
i,256, 198,271 :
5,480, 009,884
S41. 85
42. 41
42. 98
43.11
43.77
45.02
46.43
46. 57
46.91
48.41.
48.73
51.29
50.19
49.81
45.00
47.83
41.31
40. 53
37.88
1
Includes reserve funds held against issue of United States notes and Treasury notes of 1890 and redemption funds held against issues of national
banknotes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in t nisi for the redemption
of outstanding gold and silver certificates and Treasury notes of 1890.
2
Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes.
3
Includes subsidiary silver.
4 Includes Treasury notes of 1890.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JAN. 1, 1922.
Paper maturing within 90 days.
:
Federal Reserve Bank.
Boston
XewYork
Philadelphia.:
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
'
San Francisco
:
Secured by—
;
Bankers'
acceptances
maturing
within 3
months.
|
_
; Commercial,
:
:' "
I
Trade
i agricultural,
j Treasury notes Liberty bonds ; acceptances, j and live stock
• and certificates and Victory i
; paper, n . c . s .
V indebtedness.
notes.
',
I
V, •
-U
\\
5
5
5
5
5
5J
5
5J
5 •
H
4£
\\
5
5
5
5
5 ;
bh \
5
5J
5 !
4J
A\
A\
5
5
5
5
5
5J
5
5J
5
u ...
n.
H:
;
)
i
5
5 !.
5
5
i
i
51 !
;> :
4),
•it,
5
5
5
5
5
•r>i
5
Agricultural
and live stock
paper maturing
after 90 days,
but within
6 months.
Ah
4-h
4
5
5
5
5
5
H
5
54
5
DISCOUNT AND INTEREST KATES.
In the following table art; presented actual discount and interest rates
prevailing during the 30-day period ending December 15. 1921, in the various
cities in which the several Federal Reserve Banks and their branches are
located. A complete description of the several typos of paper for which
quotations are given will be found in the September, J91.8, and October.
1918, FEDERAL RESERVE BULLETINS.
Quotations for new types of paper
will be added from time to time1 as deemed of interest.
Rates for all classes of paper, on the whole, continued to decline from the levels prevailing during the 30-day period ending November 15. These declines
have been most general in the case of prime commercial paper purchased in
the open market and bankers' acceptances, both indorsed and unindorsed.
Present rates for practically all classes of paper are lower in most reporting
centers than these prevailing in the same period of 1920, this decrease being
most general for all classes of prime commercial paper.
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING DEC. 15, 1921.
Ordinary
loans hi
customers
Seen rod by secured by
• warehouse ; Liberty"
: reopipiN-. ; bonds and
certificates
ol mdeb!:
District.
loan
:>o t o no
days.
. L.
ioston
! "Host
! New York l
Buffalo..
No. :-i... ..] Philadelphia
No. 4.. ..;! Cleveland...
Pittsburgh
Cincinnati
No. 5... .; Richmond
N o . .1.
I Baltimore
No. 0... .: Atlanta
| Jacksonville
I New Orleans
Nashville
Chicago
No. 7..
I Detroit
No..8.. ? St. Louis...
: Louisville
fi
Memphis
Little Rock
Minneapolis
No. 9...
Helena
Kansas City
No. 10.
Omaha....,
Denver
Oklahoma.Citv
Dallas
:
No. II..
El Paso
Houston
San Francisco.
No. 12..
Portland
:
Seattle
!
Spokane
:
Salt Lake City
Los Angeles
1
! (i
8
7
6
C.
:':(! i:o'
•! t o 6
months.
8 6
7 5J 5?-0
' 7 fi 01
•• 7 51 6"
fi
6
8 0 01
8 7 7
7 6 6£
8 7 71
8 6 61
8 6 7-1
8 6 7-8
10 6 8
7 5 01
10 6 8"
i 71 6 7
I 7 "51-6 6
i8 6 7
j8 6 7
i8 7 7
;8 7 8
8 51 7
7
6
6
6
7
0
7
6
6
8
8
8
6 61
6 6"
51 6
6" 7
6 6-7
61 7
•
i 8 61 S
8 0 7
7 51 0-017 6' fi!
7 5-1- 6"
6
6
8 6 7
8 7 8
7
7 6 01
( 5i r-:\ i o | (i 5;}
>
8 71 S
8 S" 8
! 81 71 8
7 6' 61
0 5J 51 i 6" 5V 51
8 6 7"
8 6 7-8 5-1 5 5',- :i 51 5 5^
•7" 6 0
7" 6 0
10 6 8
7 5 61 : 7 5 01
7 5 61
8 S 8
=10 S 8
10 7 8
71 6 7
-, 5}-51 5;{- r, 51
7" 6 61
8 6 7"
fi
51
fi
5T
8 6 7
6 H6
; 51
7 7
8
S fi
;
5
fi
5J
66
fi
6
6
8
i
6 6 6 '""{)
6
7 6 01
7 (i 61
51 51. h\
! H 4J 4J
51-0
7"
7
8
6
6
6
7
6 (5
5 1 rf{
6" 7
0
6
(i
6
•»{-«§: 4 ; •
ft
7
M- -U
0 0
51 6
3 6 I"
?4
6
S
s
s
n 1
• 01 51 Ol
i 0" (S~ fi"
' 7 0 0
(i 7
7 0 7
8 7 S
8 6 61
7
0i6
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7
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i s
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515^6
(i
7
51 6
01-7
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.1 6 0 fi
S 6
(i
1 1 •!!•
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1
S fi (i
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6
()
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71 (U 7
; 9
i 7
110
7
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7
7
8
7
< month:-.
/. L.
C. ; 1L A. C. \ If. J..
•5J i 51 5 5-51
• ! 51 5 5' "
I 6" 5
51 6-7
I' nii idor-od
Indorsed.
months.
C. \ 11. L. C. j //. /,. C.
7. /,.
51 5? (i 5 U ? I 51 5
5 51-6 71 5" nj-ti ! 5j 5
C> 7"
5-i- 6
6 5-J (i
i 6"
; 01 6 61
ft" 0 6"
fi 51 6
8 (}" 7
8 6 6-7
S 6 7
! 1 () C
d;\v<
61 55 fi
5-6
6
6
7
6
61
ft"
fi
7
r}
8 ol
6
6
51
fi"
6
6-01
7
6£
6
7
s 7 7-S
s fi 7
8 8 8
fi
.1 !) 6 7
.! 8 6 7
•10 6 S
. 1 8 ft 8
_ 110 8 8
8 6 7
7 fi.fi
8
S 61 7
7 7 7
(i
/./..
01
6"
7
(i
7
6
7
6
6
8
8
8
C.
5? 6
5 51-0
6 6"
51 fi
i 6
16 0 0
0 7
-! 7
J 0
6 0
01 7
7 01 01 j 7
" "
fi
6" 0
fi 6
j 0
0 7
18
0 7-S
J 8
01 7
"s""A" "s" """"I 8
. L.
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.i 0
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01 7
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01 fi±
fi (i
0 6
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ft 7
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: 6
:
7
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r
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7
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Uuto.s for d o m n n d p u p v r s t v t u v d i>y p r i n i o b;ii!l-:ers' Mcccnii-ancc-s: I l i e h . A: }<»\v_. -II:
CO
114
FEDERAL RESERVE BULLETIN.
FOREIGN EXCHANGE.
Foreign exchange rates in 1921 showed a
general trend upward, though the wide fluctuations which have characterized the post-war
period continued to be a feature of the exchange market. When in the spring of 1919
'l pegging7' arrangements were discontinued
by the foreign Governments the values of
European currencies in New York began to
decline persistently and rapidly, even though
not continuously. This decline represented
an adjustment of the exchange values of currencies artificially sustained during the war to
J A N T A I J Y , IS.)-Il.'.
the changed trade, financial, and monetary
conditions of the post-war period. In 1921
this adjustment downward came to an end for
the leading European currencies with the exception of "the German mark, whose precipitate
decline since May was the most spectacular
feature of the year's developments. Fluctuations of rates during the year were greatly
affected by the progress of financial settlements with Germany and the reparation payments. Average rates for January and December, together with the highest and lowest
rates during the year for leading currencies, are
shown in the foilowins: statement:
Rates in. 1921 (cents per unit of foreign currency).
:
:
Par of
exchange. •
:
; Average for
January.
Lowest monthly average for j Highest monthly average for
the vein:.
the vein*.
Month.
Pound sterling.
French franc.'..
Italian lira
German mark..
Swedish krona.
Dutchflorin...
Argentine gold peso
Brazilian milreis
Chilean paper peso
Japanese yen..
Indian rupee..
Shanghai tad.
48(5.65
19. 30
19.30
23. 82
26.80
40. 20
:
374.1970
6. 1330
3. 5520
1. 0000
21. 4000
32. 8800
July
January
do
November
July.
August
90. 48 i
32.44 |
19. 53 i
79. 3820
15.1390
14. 3200
July
49.85
48.65 I
66.85 =
48. 7000 October
28. 6100 July
76. 9000 March
Sterling, franc, and lira exchanges pursued
substantially parallel courses during the 12
months. Moderate advances in the early part
of the year were followed by a sharp rise in
Ma}7', when the total amount of the German indemnity was fixed and prospects for the rcestablishment of normal international financial relations appeared brighter. This rally in exchange,
however, w^as followed by a rapid decline when
the first $50,000,000 of German reparations was
paid. Inasmuch as this payment was required
to be made in dollar exchange, the already keen
demand for dollars became still more intensified and other currencies depreciated correspondingly. For this reason the plan to collect
German indemnity in dollar exchange was
abandoned and Germany was instructed to pay
future installments in other currencies. The
fall in exchange which began in May continued
until October, although sterling began to react
as early as July, owing to the settlement of the
British coal strike and the continuous exports
of gold to the United States. An upward turn
in the exchanges of the allied countries, partly
in response to improved trade conditions, took
place in November. During the last few weeks
the progress of the Conference on Limitation of
Armament and the satisfactory conclusion of
do
August
Hate.
Month.
363. 2130 December
6. 4330 Mav
3. 5520 . . . . I d o
. 3924 February
21.0400 December
31.0000
do
05.7990
10.4490
10. 2400
'•• R a l e .
'
415.6.108
8.3688
5.2960
1.6400
24. 52S1
36.3104
415. 6108
7. 8446
4.4365
.5258
21.5281
30. 3104
80. 3900
15. 5970
11.7600
Februarv.
.do. '
March
47.6552 ',: January
2:*.0588 do."
6-1.2250 i October
Average for
December.
:
'
:
71.8042
J 2. 6692
10. 7837
48. 7000
28.6100
78. 4016
47. 9219
27. 4 88
75.3162
Irish negotiations in England were reflected in
a pronounced upward movement of western
European currencies.
German exchange, which showed a moderate
advance during the early part of the year,
reached its peak in May, at the same time as
other currencies, but the actual payment of the
first installment of reparations, followed by
the progressive demoralization of the fiscal
situation in Germany, the fear of formal bankruptcy, and the constant issuance of large
amounts of treasury bills andReichsbank notes,
resulted in the most precipitate decline of the
mark ever witnessed. From 1.6 cents in May
the mark declined to 0.39 cents in November,
but rallied somewhat to 0.53 hi December.
The Austrian krone and the Polish mark,
owing to the uninterrupted issuance of enormous volumes of notes, declined so rapidly that,
at the close of 1921 these currencies were valued at a small fraction of 1 per cent of their
parity and were practically negligible as media
of international payments. The Czechoslovakian krone, on the other hand, as the result of a
strong fiscal policy and control over exports
and imports, was maintained during the year at
the comparatively high level of 5 to 6 per cent of
its parity, and the Yugoslavian dinar, in spite
115
FEDERAL RESERVE BULLETIN.
.JA.NTAUV. 192:1.
of a considerable decline, was still worth at the
end of the year about 7 per cent of its par
value.
South American currencies during the early
part of the year continued to decline, owing to
unfavorable trade balances and the decline in
the price of their staple products. During the
summer months, however, these countries obtained credits in the United States, and in the
latter part of the year their exchanges showed
decided improvement. In Brazil, Government
efforts to maintain the. price of coffee and
public control of exchange transactions were
also a factor in the rise of the milreis. In
Argentina reports indicate a favorable turn in
general economic and trade conditions.
Japanese exchange remained steady throughout the year in its position slightly below par.
The Indian rupee declined during the first part
of the year, but advanced after June when the
effects of the good monsoon of this year and
the consequent improvement in trade conditions began to be felt. Gold exports to Japan
and the United States also tended to strengthen
rupee exchange. During recent weeks, however, a downward movement of rupee exchange
has resulted from the fall of the mark and the
consequent decline in German purchases of
Indian raw materials, hemp, jute, etc.
Silver moved within comparatively narrow
limits, the lowest average monthly quotation
being about 57 cents in March and the highest
about 71 cents in October.
The general index of foreign exchange,
which was 54 in January, rose to 65 in May,
then declined to 46 in October, but rallied to
51 in November and 55 in December. For the
year 1921 the foreign exchange index works
out at 54, compared with 68 for 1920 and 89
for 1919.
FOR E H 3N EXCHANGE INDE,K
1918 -
1921
—FRANCE
GENERAL INDEX
ENGLAND
- ITALY
- NETHE:RLANDS
GERMANY
no •
• * »
—
-
ft**
PAR.
-
,
—
_1"
1IO
N\
\
- PAR
!
1
|
1
]
^;
4O
1
\
30
y
••
1O
MONTH
z
*
•
•
N. D.
YEAR 1918
...
7O
J—
j
_..
>
2O
eo
—
*\
6O
5O
9O
f\
""""""
—
V. -
PER CENT
j
•U
Si
~" -1 ^
~
s
7O
1
• - • » • - .
9O
8O
—
_^»
•-y
... JARGENTINA
JAPAN
T
i. i
j
PER CENT
-
—
6O
—
50
4O
—
—
•
' 3O
-
y
2O
1O
9
•• . . .
J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F M. A. M. J. J. A. S. 0. N. D MONTH
1919
1921
YEAR
1920
116
FEDERAL RESERVE
BULLETIN.
, It)!!-.
FOREIGN EXCHANGE RATES.
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
! Kates in cents por unit of foreign currency.]
Low.
Monetary
unit.
of exchange. ', December.
Belgium
.Franc
Denmark
• Krone
France
• Franc
Germany
; Heichsmark.
l taly
Lira
N cthcrlands
• Florin
Norway
Krone
Spain.."
; Peseta
Sweden
Krona
Switzerland
Franc
United Kingdom.i Pound
J9.30
26. 80
19.30
23.82
19.30
40.20
26.80
19.30
26.80
19.30
486.65
Canada
Dollar
100.00!
Argentina
Brazil
Chile
Peso (gold;
Milreis
Peso (paper 1 )..
China
India
Japan
Shanghai tael.
: Rupee
Yeri
;
.
0.9300
i 18.6400
i
7.2300
. 4339
: 4.2400
i 35.5000
! 14.2500
• 13.9500
' 23.6600
! 19.0900
> 403.7500
,
Index (per com
of par)..1
Average.
nigh.
Par
-
Weight.
- .
No vein- i December. ! ber.
I
Novem-
6.5300 !
17.8700 |
6.9200 i
.3385 !
4.0300 !
34.0200 !
13.5300 !
13.3600 1
22.7800 '
18.3700 1
,392.0300 1
Dcccm- ; November. ; ber.
November.
December.
7.1800
18.7600
7.3900
.5385
4.2100
35. 7900
14.9400
14.0700
23.5900
19.0200
400.2100
ber.
7.8800
20.9300
8.2200
.6058
4. 7200
36.9800
10.0700
15.1900
25. 2200
19.5400
422.9500
24
9
120
31
9
21
20
9
249
.108
91.5469 i 91.0313 ' 95.2031 i 92. 1.641
96.48 : 72.S600 : 72.4000 i 76.1400 ! 74.3600
32.44 i 12.5300
12.3300 ! 12.8400 i 12,7900
L9. 53 : 10.5000 : 10.5000 ! 10.8750 ! 11.6250
18
21
6
66. 85
74. 4800
-18.06
26.7100
49.85 • 47.7800
44
29
92
74.0800 : 76.3800
26.4300 : 27.9600
47.7700
47.9900
77.7100
75.3162
27.2800 ; 27.44S8
47.9500 : 47.9219
OTHER COUNTRIES.
nv.
.Monetary unii.
Austria
Bulgaria
Czechoslovakia
Finland
(irecce
Hungary.
Poland...
Portugal...
Rumania
Yugoslavia
Cuba
Mexico
Uruguay..
China
Hongkong
.1 a va
Straits Settlements.
1
Par
of exchange.
Hi. ; h .
Decem- : N o v e m ber.
ber.
Krone..
Lev.
Krone
Markka.
Drachma
Krone
Polish marie
Escudo
Leu.
/Krone
\Serbian dinar
. Peso
do
S20.26
19.30
9
0.26
19. 30
19 30
20.26
23.82
10S. 05
19.30
20.20
19. 30
•SO. 0325
. 6700
1.0853
1.7343
4 0400
. 1.273
. 0285
7.6700
. 7050
. 3591
I. 1490
i SO.0302
':
.6417
;
.9241
i 1.62*6
;
3 9900
:
.
. 0875
. 0223
:
7.9100
•
. 473*
I
. 2591
;
1.0388
.100.00
19 85
99. 5838
4S 0900
!
do
103 i'2
65 5500 |
:
Mexican dollar
Dollar
Florin..
Singapore dollar
JS. .1.1
•17.77
40. 20
56. 7>s
.V.*. 4500
53.2100
31.9500
45. 1200
i
.
'
i
December.
SO.OWS
. 7633
1. 4750
1.9714
4 "'000
. 1789
. 033S
S. 3200
. 8813
.3981.
1.6000
Average.
November.
:
Dcceni- '. N o v e m ber.
• ber.
Index, (per coin of
par). 1
Dccember,
SO. 0191. I S0.03S7 i SO. 0300
.6892 i
. 6701
.7221. ]
1.0794 .
.1.0382
1.2494 i
2.0214 ;
1 8619
i. 9003 '
1 1426
4 4500 •
'
4 1400 '
. 15.1.2 :
. 1078
.1328 :
.0313
. 0376
. 0290
8. 4152
9.1000 ! 8.01.96
. 6569
.NO
ON
.7875 '.
. 3219
.3766 ;
.3819
1.3058
1.5366 .
1.5160 j
99. 7.1.88
09.5006
48 1975 ; .jts S400
99.6876 ! 9 9 . 6 4 0 2 '••
48 14%>5 ! • l S 41 NO :
99. 5S92
4S >N<»5
64.9600
72.0100
67.2200
00. 1126
53.6000
53.2100
'Mi. (5000
44.9200 ;
55.6800
no. j.800
36. 7700
4-S. 0000
56.1000 ;
55.3800 :
35.0900
40.0800
:
OS. 9077 |
54.6027 | 51.5S70
51.2569 1 51.1104.
35.6796 • 34. 2N96
46.8612 j 45. 4739
Based on average.
Average price of silver per fine ounce: In London (converted ai average rate ol'exchangey. 80.00'Hl: in New York, SO.66 250.
November.
0. J 9
3.74 .
6. 17 I
9 85
•J>J 4,-, ;
0. IS
3. 47
5.12
9 65
:{5'
. 53
.12
7.79
.'-> 40
1.60
6. 77
99.64 :
99. 59
W N7
7. 12
1. 15
1.8S
<.9O :
00.63
04. 22
11.3.50 .
113.58 :
1.1.3. 40
113.31
s:>. \\{
SO. 09
S^. 7 6 •
82.53 I
FEDERAL RESERVE
.lA.NTAltV.
FINANCIAL
STATISTICS FOR
LIT
BI'LLK'LTIS'.
ENGLAND, FRANCE, ITALY,
NORWAY, AND JAPAN.
GERMANY,
SWEDEN,
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
Similar material will be published regularly each month in the
BULLETIN"
BRITISH FINANCIAL SITUATION.
[Amounts in millions of pounds sterling.]
Deposit and note accounts., ; (iovermnent floating
Bank of England and Treasury.:
debt.
57
29
109 •
109 ;
. 107 =
•
.100 !
i()4 :
349 i
325
j
100
319 1
314 •
312 :
313
1.07
320 •
.Discount rates.
Statist
index
'1 (Capital
numissues
; bcr of
' of .
Money Disforeign
i United Three
Six
^ A; ?Treas- i Tempo-: Total • at call counts Invest-. DeKing- months'!months' ex| ury rary ad- floating; and and ad-! rnents.:
posits. dom^ : bank trade
: bills. ivanees. debt. : short vanoes. •
bills.
bills.
notice.
Currency
notes ; De•
and i posits, "
certifi- I public
cates i and
out- j other.
: stand- !
• ingI913,averagoof
end of month
figures
1920, end of—
November
1921, end of—
July
August
September;
October...:
November
December.
Nino London clearing
banks."
3S
123
153
1, ' i(.' 7
122 "•
137 i
157
157
MS
L75
1.1-1 '
L57 :
157 :
157 .
123
157
1} 202
1,
1, im
1, 124
1, 1 0 8
I. O s S
231
I, 328
:
150 ' j 355
180 ' i"; 347 '
i! 32 L '
1,0.1
.
214
!
•
•
dustrial
com-
Pact.
11.7
Per ct. 1 er ct.
15
Net
prof-
193 •
ISO
i, 3;is
i, ii0!.» :
J. 27.-> . . .
i
104
100 .
<;!.)
1 02
90
1 191
l[ 179
1. ISO '
1, :i90 ;
1, 205
300
302
302
300
31.1
ij
;
j
|
:
785 !
j
I, 704
I, 771
3
10
33
19
19
i» 802 1
i» 793 '
1
4
112.9
113.0 ;
114.0
121. 7
128.1
?
8.4
1
Less notes m currency notes account.
- Held by the Bank of England and by the Treasury as note reserve.
* Average weekly figures.
Average weekly
4
Compilation of London Joint City and Midland Bank, Govermnent loans for national purposes excluded. Revised figures.
•^Compilation of London Economist;. Ratio of net profits to ordinary and preferred capital of industrial, companies, exclusive of rail,
ways, mines, insurance companies, and banks. Applies to earnings disclosed, during the quarter and has (horofore a probable lag of six month.-.
FRENCH FINANCIAL SITUATION.
[Amounts in millions of francs.]
Bank of France. 1
Situation of ihe, Government.
(Sold : Silver
De- 5
rereservos. servos. posits.
Circulation. .
.
(Jov- • Gov-
cmmo nt;
for pur-;
poses
of the
3
ernment
revenue 1
In-
ternal
debt.
WOT.
1913, average
1920, average
1921—
July
August
September
October
November
December
. 3,343
. f 3, 580
•f>3,573
* 3, 574
3, 575
a 3,575
9
3, 570
}
'357(
n
l»29
253 :
275
277
277
278
279
2S0
830
3,527
3-SiOiMi
!
3, 252 30,911 ! 25,100
| 2,7-19 36,783 ! 24,900
2,509 37,129 : 24,900
; 2,5(53 \ 37,154 ! 25,100
: 2.5<K-! 30, 331> ' 24,500
30.47S 2i'(()()
^
1
End of month figures.
2
Includes Treasury and individual deposits.
3
Under the laws of Aug. 5 and Dec. 2(5, 1914, July 10. 1.915,
4
From indirect taxation and Government monopolies.
5
Foreign debt converted to francs at par.
fi
320
1,005
2r», 0-12
:
Value
I Savings ,
Advances
lo the
i 1, 242
! 1.010
j 1.011
i
1.051
I Price
: of 3
issues ! i w , V
placed ;P°sll;SC+); ings of
: per
! w?thI ternal : cent
Paris
: perbanks.
: petwal French i
I rente. 6 mar- i
ket.7
? !
35,000 !
'
|
229,055
'
!
:
80.77 I
- 05
' 57.34 I 4,054 j + 48
35,280
50.35
2,315 + 52
'
' 50.50
152 + 72
: 50.20
234 + 08
54.30
3,355 ! -f 33
54.90 I
! — 0.5
43S
407
553
403
505
and Vab. 10, l.!)!7.
.Last Wednesday in the month.
^ Figures of the '^Association Nationale des Porteurs Frangais de Valeurs Mobilieres." Bonds issued by the Government and the railroad
companies not included.
8
Not including 1,978,000,000 francs held abroad from January through August and 1.9-ls.O00,()00 francs from September through December.
s
Not including about 1,948,000,000 francs held abroad.
10
Average for 11 months.
118
FEDERAL RESERVE
BULLETIN.
JANUARY, 1!)22.
ITALIAN FINANCIAL SITUATION.
(In millions of lire.]
Leading private banks.1
Banks of issue.
i
Loans, ;
dis- • Pepos-1
; counts, t its and j Loans
i and j due to j and ;
Cash. due from! corre- j discorre- i spond-! counts.
spond- i outs, i
. ents. ;
j
1913,endofPecember..
.1920, end of—
September
October
1921, end of—
June
July
August
September
October
129
2,007
1,674
1,078 !
1,140
1,131
1,052 :
18,047 j 17,391 i
16,851
i« Q-i • 10,704
17,024 16,672
17,223 16,825
1,364
Depos-|
i+co^^i
demand
r
vommercial
circu-
:
7, 438 : 1, 073
7, 156 ; 1, 076
7, 315 i 1, 079
1, 073
7, 817 j 1. 085
1,661 j
state.
499
318 \ 2,284
S,23l
8,361
10,682
10,940
9,437
9,433
9,491
2, Y>4.
9.785
2,243 | 9; 746
8,722
8,507
8,352
8,395
8,554
2,216
2,083
1, 989
1,990
1,964
1,966
1,989
i Princi• pal reveTreas- Short- i
Inues from
ury
term j Total taxation
me1 al- treas- ; public i and inolic reury ' debt, ; nopolies
!
serve. bills. !
i during 1
• month.
Circula-1
tion for
account I cur-
ties.
1,039 :
1,058 ;
7,327 1
I 17,022 j
Total
re-
1,375
S57
6,576
Government finances.
2,366
2,290
2.143
117
1
;•*
2.546
2,546
348
348
1 ,525
1,025
1Jlh
106 , 7 2 l j
22 ; 997
2,546
IS, 836
20, 276
21 173
11C 581
;
1
2
Banca Commerciale Italiana, Banca Italiana di Sconto, Credito Italiano, Banco di Roma.
Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government
sales of sugar are not included.
GERMAN FINANCIAL SITUATION.
[Amounts in millions of marks.]
Discounts.
Gold
reDisserve.1 counted
Treasurv
1913, average.
i
Com-
1921.
July
August
September...
October
November...
December
1,092 j
1,024
.1,024
994
994
995
i
!
60,631
79,982
S4;044
98,422
98,705
114,023
132.331.
i
i
i
!
207
1,136
1,002
1.142
'881
1,446
1.062
668
6,136
64,284 i 17,340
08,805 I 22,327
1,092 j
1,092
Note
rcu-
Ci
circu-
Value of
new stocV
and bond
issues
scheme
placed on
in circulation.^ Receipts .Revenue Treasury German
25 | 15
from
of State bills out-1 market. stocks, i bonds.
Poposiis.1 Clearings.
taxes. railways. standing.
paper.
1.068 j
1920.
November...
December
1
75,426
72, 871:5
12,370
12,033
15,814
13,650
19,980
18,303
25,313
32,906
78,337
79,172
98,004
119,496
140,493
8,358
1,837
7,610
7,316
7,330
8.325
1,958 ;
77,391 ;
80,073 ;
86,384 I
91,528; i
100,954
II3.K39 '
a Calculated by the Frankfurter Zoilung will] prices of 25 slocks, 10 domestic mid
1920=100).
3 As of Pec. 9,1920.
< As of July 29,1921.
s As of Sept. 9,1921.
« As of Sept. 14, 1921.
» End of March, 1913.
Index nu rnbers
of securities
prices.-
Situation of the. Government.
Iteiehsbauk staiisik's.
13
4,434
7,150
1,333
1,441
5,566 I
5,145 !
4,908 j
f>, 185 !
2,269
2,416
2.599
2,825
7
220
165,918
152,727
3 72
3173 ;
1.90,675
210.408
212]548
226,476
237,869
120
»127
U95 i
1,534
2,889
7,135
< 113
5 259
320 '
481 i
«131
401 •
143
185
182
foreign bonds at. beginning or months (prices as of Jaji. 1.
119
FEDERAL RESERVE BULLETIN.
.lAM'AHY..
SWEDISH FINANCIAL SITUATION.
[Values in millions of kronor.]
:
T, iV t i
Hiksbank.
i Situation of the
| Govcrilincnt. ;
! Busi- :
!
! ness
Foreign
i fail- : ex-"
Protested
Joint-.stock
banks.
j month. 1 !
Gold
coin ! N oj e
and
i circu- : ,}J{f^
bul- 1 Jation. ' '
lion.
1913, end of December
1920. average
Floating
State
debt.
j
•
•
'
'
Number.
registered
during
the
month.
i (foreign =
bank, j
cur- ;
rencies \
-100). ;
102.1 j 234.5 ..
628. 2
269.2 \ 733.0 • 225."
s' 1, 280. 8
20.1
218.1
138. 9
476. 3
2,286.9 ' 4,314 ]
6,008.3 ! 3,586 j
1.9
6. 4
309
196 :
112. 9
176
24 0
60. 6
1, 281.1
1, 280. 7
233.9
224. 8
501. 5
446.0
fi, 079. 0
o, 117.8
4,218
4,114
7.9
7.9
219 !
239 I
115.3
113.8
154
14,4 i
42.0
57. 5
177. 2
152. 1
113. 4
12(5. 4
187. G
1, 311. 5
1, 359. 9
1, 367. 8
1, 393.1
1, 409. 2
131. 3
137.1
60.1
62, 9
76.8
362.6
344. 8
329. 7
340. 9
351.4
!5, 929. 9
5, 937.1
5, 900. 9
837. 4
735. 1
7,383
6,51.5
5,786
6,449
6, 089
16. 8
16.0
10. 3
12.6
13.1
413 !
353
493 i
505 I
491
119. 3
119.5
121. 4
124. 9
124.0
125 •
67.1
30. 9
13. 0
16. 5
j
October
N ovember
1921, end of—
July
August
September
October
N ovember
• 280.3 ;
285. 0 i
275.9 j
275. 5 '
- 275.0 >
Source: Kommersicila Mcddelanden.
629.
032.
672.
650.
(528.
4
4
4
3
0
Private
. and Gov-i LoaiivS
1920, end of—1
October
November..
December..
1921, end of—
July
August
September.
October
November.
December..
eircula
1,048 !
1,137 i
78
95
66
191
197
76
"
Tokyo !
bank
Average
Tokyo
associated! clearings discount
banks,
(total
rate
2
reserve.
total
within
(Tokyo
loans, i the
market).
: month).
1,192 !
1,180 I
1,439 j
I
'
i
j
:
i
;
1,117'
1,152
2.133 I
2.134 !
2,137 |
1,922
2,302
2,841
1,1.42 I
1,192 |
1,232 |
1,255 I
.1,283 !
1,546 j .
164 j
128 !
1,074
1.122
l'.093 •
j',078 •
3(>2
238
1,142
1,192
1,232
1.255
1,264
1,987
1,951
1,955
1,993
1,989
2,341
2,816
2,627
2,679
2, 783
1
3
In ease of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of .month.
It; is generally understood that in rorent years a certain, portion of iho reserve has been held abroad.
bank's own notes held in the bank.
NORWEGIAN FINANCIAL SITUATION.
ffn millions of kroner.|
Gold
!
Note i
holdings. i circulation. |
Foreign
Loans and
cljscountHp
8.36
8.43
8.28
8.50
8.79
•,
exchange '. Bankruptindex i
cies.
Clearings at (Farmand).!i
Christiania.
Per cent.
14.4 i
1.02,4 i
:
419.1 I
652 I
91. J
478.5
453.4
1.07.9 i
92.8 |
469.7 !
443.8 |
773
725
82.6
84.5
36
46
428. 4
421.0
415.9
411.4
395.4 i
IOO.O !
110.2
79.6
112.9 !
121.3 I
452.0
454.8
421.4
452. 5
438.0
541
580
637
589
138
82.4
81.9
85.9
86. 2
95.4
96
101
102
a 84,
147.
1.22,5
147,
147.
147.
147.
147.
147.
147
Average value of kron? in terms of foreign currencies.
'
,
!
•
I
|
!
Per ceni.
10.4S
10.44
Specie reserve figures do not include
Gorges Bank.
1
'
:
!
i
Tokyo banks.
:
1914, end of July .
.1.920, average
1920. end of—
October
November
1921, end of—
July
August
September...
October
November...
120
114
107
104
JAPANESE FINANCIAL SITUATION.
[Amounts in millions of yen.]
Bank of Japan.
issues
282.4 ! 772. 8 ! 177. 7
282.4 ! 752.8 | 182. 7
1920', end of—
1
Bills
Funded
State
debt.
I Value
of stock
Index
numForeign ber of
exstock
change prices—
value A list.i
• of the
NumValue. < ber. • krona |
i
: abroad !
•
2
Includes balances abroad.
INDEX.
Page
3'age.
Directors of Federal Reserve Banks, election of
50
Acceptances:
I "Discount and open-mavket operations of Federal
Domestic—Purposes lor which issued, m a t u r i t y .
Reserve Banks:
a n d character of security, ruling on
Acceptance held
00
Held b y Federal Reserve B a n k s
00
Acceptances purchased
SS
Maturity, ruling on
52
Bills discounted
S7
Purchased b y Federal Reserve Banks*.
SS
Bills held
00
Security held b y a c c e p t i n g b a n k , ruling ou
5:»
Earning assets held
80
Accommodation between Federal Reserve Banks
Number of banks discounting
*7
d u r i n g 1921
•.
2<i
Rediscounts between Federal Reserve Banks..
\)s
Agricultural credits
2
During years 1920-21
:
2(i
Australia,, wholesale prices in
S;>
Volume of, during month
87
Bailee receipt, description of
:
MS
Discount rates:
Hank debits:
December.
100
Knoland
:O
1
lie view of, during, year
1*
04
In effect: Dec. 31.
112
Hanking situation:
Prevailing in various centers
1 1 ;•»
Discussion of
1: 01? Dollar exchange, countries in which banks may
accept drafts to furnish
50
He view oL dining 1021
1, 22
Building statistics
..
72 Kn gland:
Business and financial conditions:
.Business and financial conditions
40, .117
Cost of li ving
S4
Discussion of
!. - 10
S
Foreign trade
81
England
-i0 ; ll7
Government linancing
<•;
France
I I.T
Indexes of industrial activity
Si;
Germany
-15. ! 18
.Italy../.
-10,118
.Interest rates
:>9
Prices of British and foreign (-Jovevnment seJapan
119
curities
:>o
Sweden
•l.ri. 110
Re})arations, terms of
:>s
United States
L0
Review oJ', during 1.02.1
1. 22
Sterling, exchange vahie of
40
( 'anada, wholesale prices in
s;'>
Unemployment
10
Charters issued to national banks
51
Wholesale prices
SO
< 'harts:
Failures, commercial, reported
'51
Accommodation between Federal. Reserve
Federal Reserve B a n k s :
banks during 1021
2S. v >
<
Condition of
S. 02 ; 0<>
Assets and liabilities of Federal Reserve Banks
Discount a n d open-market operations of
K7- 01
and member banks
9>
*
. Election of directors
r>0
Debits to individual account
105
Rediscounts between
OS
Deposit and note liabilities, also cash reserves.
During 1921
2<i
of Federal Reserve Banks during 1020 and
Reserve ratios
9
1021
."
25
During years 1920-2J
;>()
Foreign exchange
115 I^ederal Reserve'note account
100
Movement of earning assets of Federal R e s e n t
F i d u c i a r y powers granted to national hanks
51
Banks during " 020 and 1921
J
21 Foreign exchange:
Physical volume of trade
(>2
Discussion of
C>
Reserve ratios of Federal Reserve Hanks.
December
,
IK;
1920-21
:Sl
Review of, during year
IN
"Wholesale prices in the United States
55 l^oreign Government financing.
r»
(-1 earing and collection:
I'oreign trade:
Gold settlement fund transactions
108
Discussion of
o
Operations of the system during December.. -.
109
Index of
59
Number of banks on par list
10
.9
United Kingdom, France, Italy. Sweden, NorClearing-house bank debits
104
way, and japan
*
M
Commercial failures reported
51 France:
(Ymd i ti on s tat em en 1 s:
Financial conditions
117
Federal Reserve Banks
S 02. 0(1
Foreign trade
85
Indexes of industrial activity
80
Member banks
' S. 101
Government financing
!
(>
Cotton fabrics, production and shipments.
74
Retail prices in Paris"!
84
Credit situation:
Wholesale prices
81
Agricultural districts.
2
50
'' Frozen'' loan problem
2 Freight rates, ocean
;l
Frozen '* credit problem
2
Debits to individual account
104
i
INDEX.
•Page.
many:
Business and financial conditions
Cost of living in Berlin
('redit Union, plan for
Foreign trade
Preparations payments
Taxation
^yholesale prices
1 imports and exports
:i settlement fund transaction?
>orts and exports:
Gold
Silver
ex numbers:
Foreign exchange
Foreign trade
Ocean freight rates
Physical -volume of trade
Retail prices in principal countries
Wholesale prices abroad
Wholesale prices i n t h e United States
La, wholesale prices in
}rest rates:
England
Prevailing in various centers
estment market
7
Business and linancial conditions.
Foreign trade
Wholesale prices
xn:
Financial conditions
Foreign trade
Wholesale prices
t goods production
erty bond prices
urities:
Acceptances, ruling on
Acceptances purchased
Bills discounted and bought
Certificates of indebted ness
nber banks:
Condition of
Number discounting during December
Number in each district.
State banks admitted to system
ley, stock of. in the United States
ional banks:
Charters issued to.
Fiduciary powers grained to
way:
Financial conditions
Foreign trade
Wholesale prices
an freight rates
45,1.18
84
43
(», 85
42
45
82
7.110
108
7.110
8. I l l
115
59
tiO
(10-72
84
79-83
55. 79
83
39
113
4
10. 118
85
81
119
85
80
75
4
88
.101
87
87
50
11.2
51
50
119
85
82
59
rage.
Par list, number of banks on
.109
Per capita circulation
.112
Physical volume of trade
00-72
Prices:
Retail, in principal countries
84
Wholesale, abroad
5. 79--S3
Wholesale, in the United States
55. 79
Hates:
Discount—
England
39
In effect December 31
112
Prevailing in various centers
113
Earning assets'of Federal Reserve "Banks
89
Rediscounts between Federal Reserve .Banks
9S
During 1921
2(i
fc
Reparations payments, Germany
3S 42
Reserve ratio of Federal Reserve Banks
9
During years 1920-21
M
0
Reserves, deposits, arid note circulation of Federal
Reserve Banks
- 25: 95
Resources and liabilities:
Federal lieserve Banks
90
Member banks in leading centers
101
Retail prices in principal countries
84
Retail trade, condition of
75
Review of bank debits during 1921
104
Review of Federal Reserve banking during 1921...
22
Rulings of the Federal Reserve Board:
Domestic acceptances-—
Maturity
52
Purposes for which issued
52
Security held by accepting banks
53
Silver imports and exports
8 111
Speculation and interest
4
State banks admitted to system
50
Sweden:
Business and financial conditions
45. . If)
1
47
Debt of
85
Foreign trade
48
Government loans
45-49
Public finance during the war
-Hi
State receipts and expenditures
48
Value of imported Govern merit securities;
84
Retail prices
82
Wholesale prices
Trade:
Foreign. (See Foreign trade, j
(>O--72
Physical volume of.
75
Retail
78
Wholesale
32
Trust receipt, description of
Whol esal e pri ces:
o, 79Abroad
J n the United States
55
Wholesale trade, condition of
7S
FEDERAL RESERVE DISTRICTS
—•BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH.TERRITORIES
®
FCDERAL RESERVE. BANK CITIES
«
FEDERAL RESERVE BRANCH CITIES
C FEDERAL RESERVE BANK AGENCY
@FedFRASER