Full text of Federal Reserve Bulletin : June 1922
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
JUNE, 1922
WASHINGTON
GOVERNMENT PRINTING OFFICE
1922
FEDERAL RESERVE BOARD.
W. P. G. HARDING, Governor
EX OPFICIO MEMBERS.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
D. R. CRISSINGER,
Comptroller of the Currency.
JOHN R. MITCHELL.
W. W. HOXTON, Secretary.
WALTER S. LOGAN, General Counsel.
W. L. EDDY, Assistant Secretary.
W. H. STEINER,
W. M. IMLAY, Fiscal Agent.
M. JACOBSON, Statistician.
J. F. HERSON,
E. A. GOLDENWEISER, Associate Statistician.
E. L. SMEAD, Chief, Division of Bank Operations. -
Acting Chief, Division of Analysis and Research.
Chieft Division of Examination and Chief Federal
Reserve Examiner.
FEDERAL ADVISORY COUNCIL.
(For year 1922.)
District No. 1 (BOSTON)
.PHILIP STOCKTON.
District No. 2 (NEW YORK)
PAUL M. WARBURG, Vice President.
District No. 3 (PHILADELPHIA)
L. L. RUE, President.
District
District
District
District
CORLISS E. SULLIVAN.
J. G. BROWN.
EDWARD W. LANE.
JOHN J. MITCHELL.
No.
No.
No.
No.
4
5
6
7
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
•..
District No. 8 (ST. L O U I S ) . . . . . . . . J. 1-.
District No. 9 (MINNEAPOLIS).
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
II
. . . .F. O. WATTS.
.G. H. PRINCE.
E. F. SWINNEY.
sy-f.........
. . . R . L. BALL.
D-. W. TWOHY.
OFFICERS OF FEDERAL RESERVE BANKS.
1
Federal Reserve Bank of—,
Chairman.
Deputy governor.
Governor.
Cashier.
T
Boston
Frederic H. Curtiss
' Chas. A. Morss
New York
Pierre Jay
! Uenj. Strong
Philadelphia
Cleveland
Richmond
R. L. Austin
D. C. Wills
Caldwell Hardy
.
Atlanta
Joseph A. McCord
Chicago
Win. A. Heath
St. Louis.
Minneapolis
Wm. McC. Martin..
John 11. Rich
Kansas City
Dallas
San Francisco
C. C. Bullon
W. W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
George W. Morris.
E. R. Fancher
I George J. Seay
M. B. Wellborn.
. . . . J. B. McDougal.
D. C. Biggs
! R. A. Young
' J . Z . Miller,jr....
B. A. McKinnev.
' J. U. Calkins..."..
Asa E. Ramsay..
Wm. F. Ramsey.
i John Perrin
j
1
» Controller.
W. Willett.
i Wm. H. H u t t j r . . . .
M. J. Fleming
:
Frank J. Zurlinden..
! C. A. Peple
R. H. Broaddus
A. S. Johnstone*
JohnS. \Valden«....
L. C. Adelson
J. L. Campbell
C. R. McKay
S. B. Cramer
John H. Blair.
I 0 . M. Attebery
W. B. Geerv
! S. S. Cook..*
Frank C. Dunlop l
C. A. Worthington
R. G. Emerson
Wm. A. Day
Ira Clerk »
L. C. Pontious 3
Assistant to governor.
L. 11. Hendricks.i
J. D. Higgins.t
A. W. Gilbart.i
Leslie R. Rounds.i
J. W. Jonos.»
Ray M. Gidney.»
W. A. Dyer.
H. G. Davis.
Geo. H. Keeseo.
M. W. Bell.
W. C. Bachman.
K. C. Childs.i
J . H . Dillard.i
1). A. Joncs.i
O. J. Netterstrom.
A. IT. Vogt.i
Clark \\ ashburne.
I J. W. White.
: B. V. Moore.
!
! J. W. Helm.
j R. I!. Gilbert.
W. N. Ambrose.
I
3 Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Manager.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
• Baltimore branch
Atlanta*.
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
|
!
W. W. Schneckcnburger.
j L. W. Manning.
Geo. De Camp.
'
| A. 11. Dudley.
| Marcus Walker.
j Geo. R. De Saussure.
A. E. Walker.
| J. B. McNamara.
I R. B. Locke.
I
' W. P. Kincheloe.
i J. J. Heilin.
!
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
11 ouston branch
San Francisco:
1 .os A ngeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Manager.
•
I R. E. Towle.
;
L. H. Earhart.
C. A. Burkhardt.
:; C. E. Daniel.
W. C. Weiss.
j Floyd Heard.
!
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and oth<jr
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets ol' the BULLETIN for 191.5, 191.0, 1917, or 19.18 are available.
in
TABLE OF CONTENTS.
G eneral summary:
Page.
Review of the month
639
Business, industry, and finance, May, 1922
649
The gold and silver situation
659
Credit insurance in the United States
667
Genoa financial commission report
678
Central reserves and central bank liabilities of selected countries
758
Business and financial conditions abroad—England, France, Italy, Germany, Sweden, and Brazil
681
Official:
Law department
701
State banks admitted to system
700
Fiduciary powers granted to national banks
700
Charters issued to national banks
700
Countries in which banks may accept drafts to furnish dollar exchange
680
St. Louis reclassified as a reserve city
658
Price movement and volume of trade:
International wholesale price indexes—United States and England
704
Comparative wholesale prices in principal countries
710
Comparative retail prices in principal countries
714
Foreign trade—United Kingdom, France, Italy, Sweden, Norway, Japan, Germany, and Argentina
715
Indexes of industrial activity—England, France, Germany, and Sweden
718
Foreign trade index
720
Physical volume of trade..
720
Building statistics
727
Ocean freight rates
728
Report of knit-goods manufacturers of America
i.
728
Retail trade
729
Wholesale trade
731
Commercial failures
700
?
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal reserve banks
,
732
Condition of Federal reserve banks
737, 740
Federal Reserve note account
743
Condition of member banks in leading cities
737, 744
Savings deposits
732
Bank debits
747
Gold settlement fund
751
Operations of the Federal Reserve clearing system
752
Gold and silver imports and exports
751
Money outside the Treasury and Federal reserve system
753
Discount rates approved by the Federal Reserve Board
753
Discount and interest rates in various centers
754
Foreign exchange rates
755
Earnings and dividends of State bank and trust company members
757
Foreign—England, France, Italy, Germany, Sweden, Norway, Japan, and Argentina
761
Charts:
Central gold reserves of principal countries
660
United States gold imports and exports
^
661
Price of silver at which different currencies reach the melting point
663
Price of silver and wholesale price index
665
Index numbers of wholesale prices in the United States and England
704
Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes
of international comparisons
705
Index numbers of wholesale prices in England
706
Index numbers of domestic business
J721
Movement of principal assets and liabilities of Federal reserve banks
648
Movement of principal assets and liabilities of member banks
648
Debits to individual accounts
747
Foreign exchange index
755
IV
FEDERAL RESERVE BULLETIN
JUNE, 1922.
VOL. 8
REVIEW OF THE MONTH.
After a session lasting from April 10 to May
19 the Genoa Conference adjourned on the
latter date to be succeeded by
Genoa Confer-
ence.
what
will
be
in
e ff ect
a
con_
tinuation of the sessions on
June 15 at The Hague. These renewed
sessions are to be devoted primarily to a discussion of the Kussian situation and other
issues of fundamental political significance.
Meantime the economic side of the Genoa
Conference has proven a matter of large
interest and has at least furnished a basis for
some progress. As definite results of the Genoa
discussions, may be specifically mentioned the
decision to hold a meeting of bankers whose
object.it shall be to advise the Reparations
Commission as to possible methods of improving financial relations with Germany, and the
announcement of tentative plans for an international conference of banks of issue to discuss
ways and means of effecting a return to the gold
standard or to some basis of stabilized exchange.
Probably the recommendations of the committee of- bankers which is advising the
Reparations Commission in Paris must be
concluded before very much progress can be
made in discussing the exchange and gold
standard situations. But at all events, provision has been made for marking out the
path toward better conditions. Thus, although the Genoa Conference has come to an
end without fulfilling the expectations of some
of its advocates, it is nevertheless an advance along a road that may lead ultimately to
the solution of- the most pressing international
financial problems. Accordingly, a judgment
of the significance and value of the Genoa
Conference must be deferred until the findings
of the committee of experts who are to meet
at The Hague and the proposals of the inter-
No. 6
national conference of banks of issue which is
probably to assemble in London have been
formulated and made public. Meantime, however, the immediate results of the Genoa
Conference have been the adoption of various
sets of resolutions, notably those presented by
its financial commission.
In order to form a sound judgment of the
results to be achieved at the various meetings
mentioned
above, it is nccesS a i y t 0 v i e W fchc r e c o m m e n d a
tions made by the financial
commission at Genoa in the light of past discussions. Such discussions were first seriously
undertaken in the financial conference at
Brussels which met in the autumn of 1920 and
were then fully reviewed in the FEDERAL R E SERVE BULLETIN. The findings of the experts
who constituted the financial commission of
the conference first of all afford opportunity
for some interesting comparisons with the
resolutions adopted at Brussels. Such a comparison affords a decisive commentar}' upon
the continued failure to reach any practical
solution of the innumerable problems relating
to domestic currencies, international exchange,
and international credits that engaged the
attention of the earlier conference. The lack
of accomplishment during the interval which
has elapsed since the Brussels conference was
held is evidenced by the fact that the experts
at Genoa felt impelled to restate various
elementary principles of finance which have
continued meanwhile to be disregarded in
spite of a growing recognition of their practical as well as their theoretical validity.
The recommendations agreed upon at Genoa
are therefore in substantial accord with the
proposals made at Brussels, and both sets of
recommendations are enunciations of general
principles rather than in any sense programs
of action. The events of recent months, how639
640
FEDERAL HESEUVK BULLETIX.
over, have not been without effect in bringing about modifications of expert opinion, for
the Genoa resolutions have not only gained
in specific content as compared with those of
Brussels but the}7 have lost some of the positivencss of the earlier proposals. In short,
it is now recognized that those general propositions to which adherence is sought can
not in all cases be made immediate guides to
conduct.
The greater precision of the Genoa proposals
appears most decidedly in the sections relating
to the restoration of the gold
The gold stand- standard. It is stated that
cird.
"gold is the only common
standard which all European countries could
at present agree to adopt," and that "it is in
the general interest that European governments should declare now that the establishment of a gold standard is their ultimate
object, and should agree on the program by
way of which they intend to achieve it."
Then follows the usual insistence upon the
evils of currency instability, the pressing need
for balanced budgets, and for cessation from
further inflation. The financial commission
then proceeds to suggest the means by which
reforms shall be instituted. The earlier meeting at Brussels had reached the conclusion that
although it was desirable that countries which
had lapsed from a gold standard should return
to it, it would be useless to fix the ratio of existing fiduciary currencies to their normal gold
values, and no recommendation was therefore
made looking to the stabilization of gold values.
The Genoa resolutio s are likewise indeterminate to the extent that they state that the
fixation of the gold value of the monetary unit
should be brought a bo t "when the economic
circumstances permit;" but at the same time
certain definite indications are given of the
lines along which restoration of gold payments
might be made practicable. It is proposed, for
example, that an international convention be
entered into for the purpose of devising means
of centralizing and coordinating the demand
for gold and for suggesting measures designed
to aid in economizing* the use of gold by the
maintenance of a reserve in the form of foreign
trade balances—a proposal which looks to
NE, 1022.
some form of a gold exchange standard or an
international clearing system. It is also urged
that a meeting of the representatives of central
banks of issue be called to consider the best
means to give effect to the measures designed
to promote currency reform and credit control.
At the same time it is stated that no scheme for
stabilizing the purchasing power of the monetary unit could be ufully effective'7 without a
coordination of policy between Europe and the
United States. It was therefore proposed that
the United States be invited to participate in
any joint action that might be undertaken.
Recommendations looking to the introduction
of a form of gold exchange standard were submitted by the financial commission in the hope
that they would form the basis for discussion
at a subsequent meeting of representatives of
central banks. It was suggested to those
countries willing to participate in a convention
designed to facilitate the return to the gold
standard, and eventually to reestablish a free
market in gold, that, in addition to any gold
reserves which might be maintained at home,
approved assets might be kept in the form of
bank balances in other participating countries,
or in bills, short-term securities, or other resources. The participating countries would
arrange to buy or sell exchange on one another
within definitely fixed, limits, receiving in payment their own currencies. But in each
country discretion as to the means to be employed in maintaining the fixed value of the
several currencies for purposes of international
exchange would be left to the central bank.
The desirability of effecting a ''devaluation 7 '
of existing currencies was felt to be a matter
for the individual countries to
Sta
" deci<io—that is, internal conditions would naturally determine whether it were either possible or
desirable to return to the pre-war gold parity
or whether a new parity approximating existing values should be agreed upon. At any rate,
the proposal to recognize existing depreciation
as in all cases definitive may be said to have
been regarded unfavorably although the experts appointed by the special subcommittees
on currency and exchange indicated that in the
case of some countries an attempt to return to
UA-E,
3 022.
FEDEBAI. RESERVE BULLETIN,
the pre-war gold parity coulcl not but involve
social and economic dislocation and add to the
burden of the public debt. Artificial control
of exchange operations was condemned;
" whether by requiring a license for transactions in exchange, or by limiting the rates at
which transactions may be effected, or by discriminating between the different purposes for
which the exchange may be required, or by
preventing free dealings in forward exchange."
Such control was termed "futile and mischievous," and it was urged that it be abolished
at the earliest possible date.
The financial commission did not, however,
attempt to dictate the precise means to be
employed to achieve stability of currency
systems, but left such decisions to the central
banks of the several countries concerned.
This omission is the occasion for holding an
international banking conference as proposed
in the resolutions. The proposals of the commission have left untouched the really difficult
problem—that is, how to maintain stability
once international agreement has been reached.
The fact that a discussion of reparations claims
was excluded from the agenda of the conference
naturally absolved the commission from making
any attempt to answer this question, but the
difficulties of trying to stabilize the currencies
of those countries which have been suffering
from inflation and which are at the same time
under necessity of making heavy outside payments is referred to in the section in which it
is stated that in some countries external loans
will be necessary because of the adverse balance
of external payments. "Without such a loan
that comparative stability in the currency upon
which the balancing of the budget * * *
largely depends may be unattainable." This
statement is also a recognition of the fact that
simple admonitions to balance budgets and
cease inflation are impossible counsels of perfection in the case of those countries whose
obligations are in excess of their ability to pay.
Coincident with the discussions which have
been going on at Genoa on financial questions,
important conferences have
Reparations
been-held
at Paris and elsepaymeiiis.
where on the subject of German
reparations payments. It will be remembered
that at the conference at Cannes in January, a
641
tentative agreement was reached between the
Allies and Germany providing for a reduction
in reparations payments of 30 to 40 per cent
as compared with the demands made upon
Germany in the London agreement of May a
year ago. This tentative arrangement was later
approved by the Reparations Commission and
formally presented to Germany on March 22.
The reduction in cash payments was accompanied by certain rather stringent provisos in
regard to the internal fiscal situation of Germany. Many of these demands, including the
cash payments thus far required, have been
met by the German Government, but the supervision of German Government finances by the
Allies has been accepted only on the condition
that it in no way affects the sovereignty of the
German Government nor violates the secrecy
of the private affairs of taxpayers; and the
promise to keep the floating debt to the level
of March 31, 1922, was made conditional upon
the receipt of a foreign loan to equal the
amount of reparations payments subsequent
to April, 1922.
During the past month there seems to have
developed a wider recognition of the desirability of allowing Germany a period for the reorganization of her finances during which cash
payments to the allied powers would be reduced
to the minimum. This point of view has come
about as a result of the further depreciation in
the value of German currency, which has
occurred even since the reduction in the burden
of reparations payments. It has been strengthened by the realization that, in view of the lien
upon German assets established by the treaty
of Versailles, the flotation of any large international loan is impractical until some of these
assets have been released and steps have been
taken to .reorganize the German fiscal situation.
One of the important questions which must be
decided is how large an annual cash payment is
possible in the next few years if German Government finances arc to be reestablished upon a
sound basis.
The American viewpoint with reference to
the pending financial difficulties and pending
financial discussion in Europe
was
developed by Mr. Hoover,
Secretary of Commerce, in a
recent address (May 16) before the Chamber
642
FEDERAL RESERVE BULLETIN.
of Commerce of the United States at its annual
convention. The following summary extract
from this address sets forth the essentials of
economic reform from the American viewpoint
as defined by Mr. Hoover:
First, such political relations between the States in
Europe themselves as will produce an atmosphere of peace
and destroy the atmosphere of Avar.
Second, the reduction of armament not only to lessen
Government expenditure but to give confidence of peace.
Third, the intergovernmental debts, including German
reparations, to be fixed upon such a definite basis of payment of interest and principal as will create reasonable
confidence that payments will be met.
Fourth, the balancing of budgets more through the reduction of expenditure than the increase in taxation, and
a cessation of the consequent inflation in currency and
short-time bills.
Fifth, the ultimate establishment of the gold standard
with the assistance of either credits or gold loans, and
where necessary, the acceptance of diminished gold content to many old units of currency.
There are many less important steps but they become
easy and certain when these major issues are accomplished. If these measures could be accomplished tomorrow the stream of commerce and industry would rush
economic recovery at a pace which would amaze the world.
With reference to the broader
raised at the Genoa Conference and
the question of aid. to Russia, the
position is set forth in the note of
Hughes of May 15:
questions
especially
American
Secretary
This Government is most desirous to aid in every practicable way the consideration of the economic exigencies
in Russia and wishes again to extend the deep friendship
felt by the people of the United States for the people of
Russia and their keen interest in all proceedings looking
to the recovery of their economic life and the return of the
prosperity to which their capacities and resources entitle
them.
The American people have given the most tangible evidence of their unselfish interest in the economic recuperation of Russia, and this Government would be most reluctant to abstain from any opportunity of helpfulness.
This Government, however, is unable to conclude that
it can helpfully participate in the meeting at The Hague,
as this would appear to be a continuance, under a different
nomenclature, of the Genoa Conference and destined to
encounter the same difficulties if the attitude disclosed in
the Russian memorandum of May 11 remains unchanged.
The inescapable and ultimate question .would appear to
be the restoration of productivity in Russia, the essential
conditions of which are still to be secured and must in the
nature of things be provided within Russia herself.
While this Government has believed that these conditions are reasonably clear, it has always been ready to join
.1022.
with the Governments extending the present invitation in
arranging for an inquiry by experts into the economic
situation in Russia and the necessary remedies. Such an
inquiry would appropriately deal with the economic prerequisites of that restoration of production in Russia
without which they would appear to be lacking any sound
basis for credits.
It should be added that this Government is most willing
to give serious attention to any proposals issuing from the
Genoa Conference or any later conference, but it regards
the present suggestions, in apparent response to the Russian
memorandum of May 11, as lacking, in view of the terms of
that memorandum, in the definiteness which would make
possible the concurrence of this Government in the proposed plan.
Russia and German}7 are, however, far from
being the only countries which to-day present
serious in t crn ati on al fin anci al
- P«*]ems. While these countries naturally assume a conspicuous position in current discussion because of the fact that their difficulties are
entangled with political problems of a serious
kind, there are various other European nations
whose purely financial questions are also of
immediate significance. The solution of certain of these problems is generally held to require advances on a larger scale than would
customarily be required. Most nations require only limited accommodation, and arc
able to arrange for it without difficulty through
ordinary banking channels. In several cases,
however, this is not possible, and recourse to
other methods is necessary. Thus far only the
Austrian credits provided by several nations,
such as Great Britain, France, Italy, and
Czechoslovakia, have actually been arranged.
In order to facilitate the process by permitting
the pledge of specific property or resources,
formal or informal assurance has been received from most nations that they will postpone payment of debts due them by Austria.
Germany is the other conspicuous case for
which a large-scale international loan has been
projected. The Allied Reparations Commission has, as already seen, created a subfinance
commission to discuss the feasibility of raising
an international loan for her. Many technical
financial problems are necessarily involved,
notably the terms of the issue, the amount
which may bo raised in. the immediate future,
the available security, and the manner in
E, :in22.
which revenues could be controlled and administered as security. In this question the
United States is naturally greatly interested,
providing, as it does, the largest capital market
in the world to-day. The individual investor,
whether American or foreign, must be assured
with respect to these matters. As has been
pointed out on. former occasions, the question
how far the American .or any other market
can be expected to adopt a receptive attitude
toward obligations for international accommodation necessarily involves serious considerations of a fiscal nature. There has
undoubtedly been some improvement in foreign fiscal conditions during the past few
months, but the budgets of most foreign
countries are as yet far from being brought
to that condition of stability referred to by the
Secretary of Commerce and others. Great
Britain continues to be, as in months past,
considerably ahead of other European- countries in the strength of its position.
The present fiscal situation in Great
Britain, as revealed in the budget submitted
to the House of Commons on
British finance.
May 1 by Sir Robert Home,
Chancellor of the Exchequer, presents some
interesting aspects. During the fiscal year
ended March 31, 1922, both actual receipts and
expenditures fell somewhat short of original
estimates, so that the actual surplus available
for purposes of debt reduction was reduced to
£45,693,000. On the basis of existing taxation,
receipts for 1922-23 were estimated at £956,600,000, with expenditures of £910,000,000.
It was deemed desirable, however, to make
several reductions in rates, most important
being a decrease in the standard rate of income
tax from 6s. to 5s. in the pound sterling. This
change, together with lower postal rates and
telephone charges, and a reduction in import
duties on tea, coffee, cocoa, and chicory, will
wipe out any surplus of revenue over expenditure in 1922-23, and, it is estimated, will provide for an approximate balance between governmental income and outgo. To accomplish
this end, the allowance for contingencies has
been reduced to £25,000,000, while miscellaneous revenues are placed at £90,000,000.
Furthermore, payments to reduce the British
643
FEDERAL RESKJRVE BULLETIN.
debt have been suspended during the coming
year and no provision is made for them in the
budget. At the same time, however, a new
item of £25,000,000 is allowed for payment of
interest on the British debt to the United
States.
As a result of the adoption of this budget,
the total British debt will remain at about
£7,700,000,000, as compared
t
f with a
°
maximum of £8,079,000,000 at the end of 1919. Of
this amount slightly less than £1,000,000,000
at the current rate of exchange is owed to the
United States. On the other hand, there is
owing to Great Britain from other countries,
mostly as a result of war loans, a total of something like £2,000,000,000. Included in this
sum is £655,000,000 due from Russia. Faced
with the choice of two alternatives, the British
Government has accordingly preferred to forego, temporarily at least, the policy of debt
reduction, in spite of the burden entailed by
interest charges on the debt. Instead, it has
made concession to the popular demand for
reduced taxes, both from those who desire to
lighten the burden placed upon industry and
from those who wish to cheapen the cost of
living. To what extent the reductions made
will achieve these results is uncertain, but in
an}^ event they are made with such an object
in mind. This merely serves to postpone the
entire question of the debt until a later date,
for ultimately definite choice must be made
between a policy of debt reduction or a policy
of continued maintenance of the annual charges.
Difficult as it has been in the last two or
three years for Great Britain to achieve a
balance between governmental
Fiscal conditions m c o m e a n d expenditure and to
on the continent.
.
^
provide lor a reduction in her
debt, the fiscal situation in the rest of Europe
is very much more serious. France has indeed
been able to effect a theoretical balancing of
her budget through the simple expedient of
putting in the ordinary budget only such
expenses as could actually be met, the remainder constituting an extraordinary budget
against which have been set certain anticipated
reparation payments from Germany. In Belgium the Government has been running be-
644
FEDERAL RESERVE BULLETIN.
hind, with little prospect of a balanced budget
for some time mto come. Conditions have improved somewhat in Italy, and the deficits
of the past two years are considerably reduced
in the estimates for the year 1922-23, but
revenues are nevertheless expected to fall
below expenditures by approximately 3,000000,000 lire. The German Government, as is
well known, has been meeting deficits through
new note issues, largely in consequence of
which the value of the mark has fallen to a
point only slightly above 1 per cent of the prewar par of exchange. The financial situation
in Austria is such that during the past year the
Government's deficit amounted to approximately 60 per cent of total expenditures,
but the estimates for the coming year anticipate a deficit of only about 25 per cent. In
Russia the Soviet Government has recently
put forward its first formal budget, covering
the first nine months of 1922, according to
which an estimated deficit of 230,000,000 gold
rubles will have to be met, probably by new
note issues. Poland's finances, although somewhat improved, are in similar condition. Of
the nations comprising the so-called "Little
Entente/ 7 Czechoslovakia has a budget almost
evenly balanced for 1922, with only a slight
estimated deficit, but Rumania and Yugoslavia both have large deficits. In contrast to most of the countries of Europe, the Scandinavian group are in comparatively sound financial condition. Sweden
has been able to balance her budget during
the last two years through loans; Norway's
increased budget allowances during and since
the war have been met principally through
higher taxes, while in Denmark the budget
deficits have not been large enough to cause
serious concern. Business conditions in Switzerland have been far from satisfactory the past
year or two, and the Government has been
running up deficits of 133,000,000 francs in
1921 and 100,000,000 francs (estimated) in
1922. As for Spain, although the budget for
1921-22 shows a nominal surplus, there was in
reality a very considerable deficit, which was
met by treasury loans.
Many of the Governments of Europe, therefore, are not in a satisfactory financial condi-
JUNK,
1022.
tion—a state of affairs which is fundamental
and which must radically be altered before
trade and industry can be on a sound and
firm basis. Temporary makeshifts may alleviate the difficulties somewhat—notably, e. g.,
the use of Government credit for developmental purposes with direct application of the
funds in such directions, instead of for the
general purposes of the State—but no widespread advance is possible until the underlying
situation is remedied. In almost all these
cases, no attempt whatsoever has been made
to grapple with the problem of the public debt.
Its permanency and the annual burden of
charges therefor alike remain unsettled.
Discussion of the question of placing foreign
loans in the United States has received a great
impetus during the past few
Foreign loans weeks. This is partly the result
in
the
States.
United
r
,,
•..
.
,
r^
°t tlic discussion at Genoa,
parti}" the result of the proposal to place a large loan in behalf of Germany in the United States in order to facilitate the reparations program, and partly
the result of the fact that decided success has
been obtained in the floating of foreign bond
issues in this market since the first of the
year. Judging from experience during the
first few months of the }^ear the United States
is now lending funds to foreigners in large
amounts. Indeed, for the first few months of
this calendar year the movement has proceeded
so rapidly as to create an adverse international
balance. In view of this situation, coupled
with the relative decline in export trade, the
question has been raised by not a few bankers
and business men whether the advances made
by the United States at present and in the
immediate future should be accompanied by
restrictive clauses requiring that such funds
be spent in the American market. Such
restrictive requirements were familiar during
the war not only in the United States but in
foreign countries and have been frequent,
features of foreign lending in time of peace
This view of international lending has within
the past few months been opposed by American bankers. Mr. Thomas W. Lamont, for
example, of the firm of J. P. Morgan & Co.,
states his view of the case as follows:
FEDERAL RESERVE BULLETIN.
.FIXE, 1.022.
A second fallacy that I find prevalent to-day is the idea
that unless a foreign borrower himself utilizes his American credits for direct American purchases, then the American commercial community is deprived of benefit from
the proceeds of such credits. Many business men have
gone so far as to say that no American banking house should
father a loan to a foreign obligor unless the borrower agreed
to earmark and spend here the very dollars that he borrowed. This theory, this fallacy, entirely ignores the fact
that with America the heavy creditor nation that she is
to-day, any credits obtained here by foreign borrowers
must necessarily be utilized here, either by the borrower
direct or by those to whom he assigns the credit. * * *
This process that I have just described is elementary.
From the workings of it the fact must be obvious that all
such, foreign credits established in this country must necessarily be utilized here (i. e., the money must be spent
here), unless we ship gold in lien of giving a book creditin dollars. This process that T have described should disprove the theory that American trade? is not getting the
benefit of these foreign loans.
As against this attitude on the part of bankers, there has been some disposition among the
manufacturing community to take the position
that the proceeds of such advances should be
expended in the United States. This attitude
of mind was well illustrated by discussion at
the recent foreign trade- convention held at
Philadelphia on May 15 and the following
days. The point at issue is of very considerable
importance, because of the fact that a decision
in the matter will greatly influence the character of the advances made by the United
States to other countries. They will also inevitably alter, at least for the time being, the
extent of our export trade. Advances made
in considerable amount without the so-called
restrictive clauses requiring expenditure in this
country may easily result in the development
of a balance against us in favor of such
countries as receive cash payment in return for goods.
On April 18 the. World War Foreign Debt
Funding Commission hold its first meeting.
This commission, authorized
Debt
funding
commission.
m u l eil % l hi e a c t ,
^^ ^
approved February 9, is composed of five members—the Secretary of the Treasury (chairman), the Secretaries of State and Commerce.
Senator Smoot, and Representative Burton,
Subject to the approval of the President, the
commission is authorized to refund or convert
645
into other obligations the obligations of
foreign Governments arising out of the World
War, now held or hereafter received by the
United States. The scope of its activities is
indicated by the following figures, showing the
amount due the United States by the several
foreign Governments on May 15. The figures
include interest accrued and unpaid up to and
including the last interest period, as well as the
principal amount of obligations.
Armenia
Austria
Belgium
Cuba
Czechoslovakia
Esthonia
Finland
France
Great Britain l
Greece
Hungary
Ttaly
Latvia
Liberia
Lithuania
Nicaragua
Poland
Rumania.
Russia
Serbia
Total
§.13.137,4GG
26, 220, 723
428, 956, 287
8,147! 000
103,106, 426
15, 694,148
1), 005, 082
3. 770. 906, 656
4. 685. 862, 560
15. 375, 000
1, 837, 561
1, 891, 514, 634
5. 582, 296
28, 869
5, 479, 791.
] 70, 585
148. 594, 423
41, 089, 387
227, 801, 969
57, 872,196
U. 456, 383, 059
In undertaking its duties, the commission
requested the Secretary of State to inform the
various Governments indebted to the United
States that it had effected an organization and
desired to receive any proposals or representations which the Governments might wish to
make in regard to the settlement or refunding
of their obligations. Active negotiations, however, have not yet commenced with any of the
Governments concerned.
Meantime the active participation of the
United States in general economic improvement from a world standpoint
Spends upon maintaining
strong economic conditions at
home. These are now favorable. Agricultural
prospects in the United States are bright, the
live-stock industry is in good condition, and
1 Docs not include S(51,000,0()0 of British obligations which were
given for Pittman silver advances and for which an agreement for payment has been made.
646
FEDERAL RESERVE BULLETIN.
trade has been well maintained. Crop movements are naturally highly seasonal, and therefore the decrease is not of major significance.
Coal production, it is true, shows the effects of
strike disturbances, and petroleum production is also less. On the other hand, lumber
shipments show further increase, as does iron
and steel output. The basic industries, therefore, are making relatively better progress than
are those producing goods for consumption.
[000 omitted.]
April, 1921.
. April, 1922.
' March, 1922.
i •
T o l a , . ; ™ - Total. I
Receipts of live stock
at 45 western markets (head)
4.367
Receipts of grain, at 17
interior centers
(bushels)
51,900
Sight receipts of cotton
(bales)
565
Shipments of lumber
reported by 3 associations (million feet)..
713
Bituminous coal pro- .
duction (short tons).. 27,553
Anthracite coal pro- •
duction (tons)....
\ 7,703
Crude petroleum pro- !
duction (barrels)
"; 40,040
Tig-iron production '
(long tons)
1,193
Steel-ingot production
(long tons)
1,214
Cotton consumption :
(bales)
109 '
Wool consumption
(pounds)
: 53,071
100 ' 3;S38
.1.00
Total, i •
87.9
4,566 ' 104.6
55,.322 ' 106.6
74,057 . 142.7
100
434
100
874
76.8 '
122.6
100 ' 15,780 . 57.3
100 •
25
0.1
186
86.0
795 , 1.1.1.5
50,193
182.2
8,757
113.7
100 . 44,657
111.5 ! 46,634 . 117.2
100 ! 2,072
173.7
100
200.9 . 2,371 ; .195.3
2, 139
100 .
447
109.3
[In thousands of dollars.]
Imports.
Aug.
Jan.
J an.
J an.
,7 an.
J, 1914, to Dec. 31, 1918
1 to Deo. 31, 1919
1 to Dec. 31, 1920
1 to Dec. 31, 1921
1 to Apr. 30, 1922
Total
1
518
126.7
705,210
1,071,406
368,185:
i 291,651
322,091 j
94,977
23,891 !
667,376
5,137
95,867
1,637,975
Excess of exports.
Silver imports for the month were valued
at $4,800,000 and silver exports at $5,109,000,
the net amount exported being $309,000.
Most of the silver imported came from Mexico,
Peru, and Canada, while most of the exports
were consigned to Hongkong, England, British
India, and China. These exports reflect the
increased demand for silver in the Far East,
where hoarding by the population and large
purchases by speculators have been caused by
political unrest and civil war.
Net exports of silver since August, 1914,
totaled $440,706,000, as shown in the statement below:
[Iu thousands of dollars.]
Excess of
exports.
Imports. ! Exports.
Aug. 1,1914, to Doc. 3L, 1918
Jan. 1 to Dec. 31, 1919
97.8 70,424 132.7 Jan. 1 to Dec. 31, 1920
On May 2-5 a conference of the governors
of the Federal reserve banks
c venfersnCG ° f w a s * i e ^ m ^Ashing ton. Discussion was had of various
problems relating to the operations of the individual Federal reserve banks and of the Federal reserve system.
,
Net gold imports for the month of April
totaled $10,665,000, the lowest amount shown
since the present inward moveGold and silver m o n t began in September, 1920.
&
l
J
movement.
Imports or more than $1,000,000 are reported for Canada, England, France,
Norway, Sweden, and China, the total for
these countries being §9,579,000, or 78 per
cent of the total gross imports of $12,244,000.
Gold exports for the month totaled $1,579,000,
most of which was consigned to British India,
Mexico, and Hongkong.
Net imports of gold since August, 1914,
totaled $1,637,975,000, as may be seen from
the following statement:
Excess of
imports.
Exports.
3,062,489 : 1,424,514
J a n. 1 to D ec. 31, 1921
Jan. 1 to Apr. 30, 1922
1,776,616 ;
76,534
417,068
;
691,267
101,004
2,036 " 170.6
i
100 ! 51,888
1922.
Total
1
'
j
1
1
j
203,592:
89,410 :
88,060 |
63; 242 i
23,035
483,353 j
239,021 \
113,616 !
51,575
20,480 •
279,761
11.9,611.
25.556
M i ; 667
i 2,555
'
467,339 i
908,04")
410,700
i _ ___ _ !
_
:
Excess of imports.
Developments in the banking field during the
four weeks ending May 17, as reflected in the
weekly reports of about 800
The banking rO portin£ member banks in
situation.
II
•*•
the larger cities, showed the
same essential features as during the previous
month. Loan operations, except those based
upon corporate securities, show a practically
continuous decline, the substantial growth of
the reporting banks' earning assets shown for
the period reflecting in the first place investments in corporate securities, and also purchases of Liberty bonds and United States
notes. A similar development is indicated for
the Federal reserve banks, which report almost
continuous declines in discounts and fairly
steady increases in Government security holdings, the latter constituting at present about
one-half of the reserve banks7 earning assets.
JUNE,
FEDERAL RESERVE BULLETIN.
1922.
During the four weeks between April 19 and
May 17 the reporting member banks increased
their investments in corporate securities by
$82,000,000 and their loans based upon such
securities by $196,000,000. They also added
$125,000,000 to their investments in United
States bonds and notes, but show a net reduction of $47,000,000 in their holdings of Treasury
certificates. Their loans secured by Government obligations declined by $30,000,000, while
other loans and discounts, largely of a-commercial
character, show a continuous decrease, aggregating $95,000,000 for the period under review.
The chart on page 648 shows member bank
and Federal reserve bank developments since
the beginning of 1921.
Total borrowings of the reporting institutions from the Federal reserve banks show a
further decline from $210,000,000 to $151,000,000, or from 1.4 to 1 per cent of the banks'
aggregate loans and investments. Of the total
discounts held by the Federal reserve banks,
these borrowings constituted 32 per cent on
May 17, compared with about 38 per cent four
weeks earlier and over 70 per cent on the corresponding date in 1921.
Principal changes in the condition of the
reporting member banks during the four weeks
under review are shown in the following exhibit:
REPORTING MEMBER BANKS.
[In millions of dollars.]
Rediscounts
and
Ratio of!
bills
accom- j, Net
payabl, moda- ]demand
with . tion i deposits.
Federal -.(4-*-2+3).
reserve I
i
banks. <
Date.
Apr. 19..
Apr. 26..
May 3 . . .
May 10..
May 17..
801
801
800
799
799
10,84.6
10,846
10,867
10,876
10,916
'
i
!
:
3,858
3,865
3,928
3,986
4,018
210
159
180
150
151
'
;
"
,
i Including rediscounts with Federal reserve banks.
1.4
10,629
1.1 | 10,676
J.2
10,768
1.0 j
1.0
10,829
10,968
647
Federal reserve barik figures, which cover the
four-week period between April 26 and May 24,
indicate further liquidation of $12,900,000 of
discounted paper, as against increases of
$22,900,000 of purchased acceptances and of
$29,000,000 of Government securities, an increase of $44,300,000 in loan and tax certificates being offset in part by reductions in
United wStates bonds, notes, and Pittman certificates. Total earning assets of the reserve
banks at the close of the period stood at
$1,188,800,000—an increase of $38,900,000 for
the four weeks. Of this total, Government
securities constituted slightly over 50 per cent
as compared with 49 per cent four weeks before
and 15 per cent at the beginning of the year.
Gold holdings of the reserve banks show a
further gain for the period of $12,500,000,
while other cash reserves, composed of silver
and legals, declined by $2,100,000. On May 10
the gold holdings of the reserve system for the
first time were in excess of $3,000,000,000.
Since January 1 of the present year gold holdings of the system have increased by $132,700,000. New York and Atlanta show the
largest increases of gold reserves for the present
37ear, while Boston and San Francisco show the
largest decreases for the period.
Members' reserve deposits, in keeping with
the increase in member banks' deposit liabilities, show a continuous rise from $1,748,800,000 to $1,822,700,000. Government deposits fluctuated between a high of $72,400,000
on May 3 and a low of $39,300,000 on May 17,
while other deposits, composed largely of
cashier's checks and nonmembers' clearing accounts, show a decline from $39,300,000 to
$34,000,000 for the four weeks. Federal reserve note circulation, after an increase of
$15,800,000 during the first week of the period,
resumed its downward trend and on May 24
totaled $2,128,200,000, a decrease of $29,300,000
for the period under review, of $281,200,000
648
FEDERAL RESERVE BULLETIN.
since the beginning of the present year, and a
low record since August 30, 1918. Owing to
the increase in deposit liabilities of the reserve
banks, the reserve ratio shows a decline for
the period from 78.3 to 77.5 per cent.
Weekly changes in the principal assets and
liabilities of the reserve banks are shown in
the following exhibit:
JUNE, 1922.
FEDERAL RESERVE BANKS.
[In millions of dollars. 1
Bills Govern- Total
Cash
disment ! dereserves. counted,
total.
ties. j posits.
Date.
April 26
May 3
May 10
May 17
May 24
I 3,124.8 |
j 3,118.8 I
! 3,1.29.8 \
i 3,131.1 j
j 3,135.3 ;
500.1 j
509.4
474.0 i
468.7 '
487.2 |
5 6 7 . 1 '•
F. R.
notes in Reserve
actual
ratio.
circulation, j
1,833. 2 2,157.6 '
2,173.4 !:•
2,159. 2
2,146.7
2,128.2
78.3
. 76.7
77.3
77.6
77.5
609.2 • 1,892.3
617.5 i 1,889. 2
595.0 i 1,886.0
596.2 ! 1,917.2
WEEKLY C HIANGES IN
PRINCIPAL ASSET c> AND LIABILITIES
r
FEDERAL RESERVE BANKS >1 REPORTING MEMBER BANKS
1
2
3
4
5
RESERVE R A T I O
TOTAL DEPOSITS
CASH R E S E R V E S
F. R . N O T E C I R C U L A T I O N
PURCHASED ACCEPTANCES
6 U. S. SECURITIES
_ D I S C O U N T S S E C U R E D BY
U.S.GOVERNMENT OBLIGATIONS
8 TOTAL DISCOUNTS
9 TOTAL EARNING A S S E T S
MILLIONS
or
DOLLARS
MILLIONS
DOLLARS
9
LOANS SECURED BY U.S. OBLIGATIONS 6 OTHER LOANS (Largely Commercial!
U.S.GOVERNMENT OBLIGATIONS
7 NET DEMAND DEPOSITS
ACCOMMODATION AT F. R. BANKS
8 TOTAL LOANS
STOCKS, BONDS E T C .
9 TOTAL LOANS AND INVESTMENTS
LOANS SECURED BY STOCKS AND BONDS
BILLIONS
BILLIONS
OF
OF
DOLLARS
17
DOLLARS
17
9
3000
3000
16
V
8
V "\ i
2500
1
2
3
4
5
2500
-V
x\
X
16
\
19
15
J
\
\
t Y>\ \
2000
2000
\\ \
1500
\
\
\
V,
1
/JJl
6
500
*•
5
*%
MILLIONS
O
OF
DOLLARS
\
'\
12
12
•••
1000
11
V\
500
^"
\
3
2500
2_
2000
" V
A
&
0
«*-
>>.
> •A.
10
A
A
11
10
9
6
9
N
s.
8
8
Ns
PER
CENT
-s
\
>
90
80
I
>
s
7
7
6
6
5
5
70
60
50
T
4
4
5
s
3
40
1000
'30
2
J. F. M. A.M. J. J. A. S. 0. N. D J. F. M. A. M. J. J. A. S. 0. N. D.
1922
•«*
2
1
10
3
4
20
500
A,"?
100
1
1921
V
V
.s
s
••
\
RESERVE
RATIO
3000
1500
13
R
V
13
7
1000
14
14
1500
\
S
*\
V
-
—
r »•<
**,
2
••<
1
J . F. M. A M. J . J . A . S . 0 . N. D J. F. M. A . M . J. J. A. S. 0 . N. D.
1921
1922
JUNE, 1922.
FEDERAL RESERVE BULLETIN.
649
BUSINESS, INDUSTRY, AND FINANCE, MAY, 1922.
Steady improvement in the indicated yield of the principal agricultural products has been
an outstanding feature in the developments of the past month. Improvement in the prices of
cotton, grains, and other products is also a noteworthy feature of the month. Business, in so
far as dependent upon current agricultural prospects, shows steady improvement, notwithstanding diminished export shipments of agricultural products, particularly grains, as disclosed
by the 10 months' figures since the beginning of the fiscal year, and notwithstanding further a
slackening of the demand for agricultural products for domestic use. Good demand for labor
has manifested itself in practically all parts of the country, with corresponding reduction of
unemployment, especially in outdoor occupations.
In appraising the manufacturing situation a distinction must be drawn between basic
commodities and those of a more highly finished sort. The marked improvement in the case
of iron and steel noted in business surveys of previous months has continued during May, unfilled orders increasing materially and ingot production being the greatest in any one month
since November, 1920. The demand for iron and steel products continues particularly strong
in the case of automobiles and railway supplies. Much the same may be said with respect to
copper and the other nonferrous metals. The situation in other important lines of manufacture is less easy to characterize. Due to the continuation of the textile strikes, the output
of cotton goods has been materially lessened, although in the southern cotton-mill districts
plants are reported as operating near to full capacity. There was a recession of activity in
woolen manufacturing during April, especially in the worsted branch of the industry, while the
silk industry is suffering from a condition of continued depression and inactivity. A mixed
situation confronts manufacturers of boots and shoes.
Prices have continued to show stability. The general index number of wholesale prices
compiled by the Federal Reserve Board shows an advance of two points as compared with
the preceding month, making it 149 (which closely approximates the index number 146 of
the corresponding month a year ago). This advance is due to advances in the prices of agricultural products and in materials used in certain basic industries. On the whole, adjustment
of prices among commodities and industries is approaching a more normal relationship.
Reflecting the improved condition in agriculture and the larger disbursement in wages in
many basic industries, retail trade exhibits an enhancement of buying power, returns being
more favorable than those of recent months. In wholesale trade, however, the situation is
spotty, some lines, such as hardware, being favorably influenced by the great activity in
building. In other wholesale lines the improvement of retail trade is not reflected in a corresponding advance in wholesale demand.
On the whole there appears to have been a decrease in unemployment, which has been
brought about through the increased seasonal demand for outdoor labor, the enlarged opportunities for employment in the mines, and in other directions. Factory demand has not kept
pace with the growth in other branches, but ; in general, has receded, especially if voluntary
unemployment due to strikes in certain sections of the country be considered. In the building
trades the notable revival which started at about the close of winter has continued and has
led to unusual demand for labor.
Financially the month of May has also been a period of comparative stability. No changes
in discount rates have taken place at the Federal reserve banks and rates in the open market
have continued distinctly below those prevailing at the local Federal reserve institutions. Callmoney figures have been exceptionally low during most of the month. The prospect of better
adjustment of foreign economic conditions has tended to stabilize rates of exchange.
Foreign trade has shown a distinct tendency to improve.. Among domestic developments
the striking event of the month has been the announcement of a cut of 10 per cent in railroad rates by the Interstate Commerce Commission.
650
FEDERAL RESERVE BULLETIN.
AGRICULTURE.
The average condition of winter wheat on
May 1 was 83.5, as compared with a condition
of 78.4 on April 1, 1922, and a condition of
88.8 on May 1, 1921. The estimated production amounts to 584,793,000 bushels, or 0.4
per cent less than the 1921 crop. In district
No. 7 (Chicago) the winter wheat crop promises
to be considerably larger than in 1921 and has
enjoyed favorable weather conditions during
the early part of May, except for fields in river
bottoms. District No. .10 (Kansas City) reports that weather conditions in May have
been very encouraging and indicate a continuance of the remarkable improvement in the
condition of wheat which commenced in April.
Winter wheat is also in good condition in
district No. 8 (St. Louis), although a considerable acreage in southern Indiana and Illinois
was flooded and has been abandoned. In district No. 12 (San Francisco) the wheat crop
was helped by improved weather conditions in
the first half of May, although the temperature
has been rather too low for rapid growth, and
certain fields in northern California are in need
of rain. The average condition of rye throughout the United States on May 1 was 91.7,
which forecasts a production of 79,152,000
bushels, as compared with a crop of 57,918,000
bushels in 1921.
The leading agricultural districts all report
a marked reduction in the planting of oats,
due to the late spring and heavy rains and
floods. Reports from district No. 10 (Kansas
City) indicate that the corn acreage will be
substantially larger than in 1921, due to the
large wheat acreage which was abandoned and
the small acreage seeded to oats; but comparatively little of the corn acreage of Nebraska
and Kansas has jot been planted and much
replanting has been necessitated in Oklahoma
on account of unfavorable soil conditions. In
district No. 7 (Chicago) the planting of com
is from one to three weeks late, but soil conditions are now reported to be propitious. Corn
planting has also been delayed in district No. 8
(St. Louis), but is now making rapid progress.
The acreage will be larger than last year in
Missouri, Arkansas, and Tennessee.
Reports in regard to the white potato crop
indicate a rather general increase in acreage.
The bulk of the Florida crop has already been
harvested and early planted potatoes in
Oklahoma and southern Missouri are growing
rapidly. Louisiana sugar cane has been greatly
retarded by cool weather, while the crops on
many large plantations have been destroyed
by floods. District No. 10 (Kansas City) reports that acreage planted to sugar beets is
JUNE, 1922.
about 15 per cent less than in 1921 in Nebraska,
Wyoming, Colorado, and Kansas.
COTTON.
Cotton prices have risen rapidly during May
in all sections of the South, due to the large
domestic factory consumption, the continued
heavy exports, and doubt concerning the size
of the new crop on account of the delayed planting and the fear of boll weevil ravages. The
price of middling upland cotton at New Orleans on May 17 was 19.9 cents, as compared
with 17 cents on April 19. Cotton stored in
mills and in public warehouses on April 30
amounted to 4,672,605 bales, about 36 per cent
less than on April 30, 1921.
Heavy rains and floods delayed the planting
of cotton in almost all sections. The cotton
crop in district No. 11 (Dallas) is from two to
four wrecks late, but there is a considerable increase in acreage. Low temperatures and
excessive rains necessitated considerable replanting of cotton in the southern parts of district No. 10 (Kansas City) and district^ No. 8
(St. Louis), and farmers in Arkansas, Tennessee, and Kentucky are also planting all spare
acreage to cotton. Planting was practically
completed during April in central and southern
Georgia, whereas less than half the cotton was
planted in the northern section of the State.
About 20 per cent of the fields in Georgia were
planted without the use of fertilizer.
TOBACCO.
In district No. 5 (Richmond) tobacco has
been transplanted in South Carolina and the
plants are doing well, while Virginia beds arc
good and land has been prepared for resetting.
North Carolina reports indicate increased acreage in tobacco and greater use of fertilizer than
last year. Tobacco beds are growing fast in
district No. 8 (St. Louis), but there are some
complaints of damage from worms. The cooperative marketing association in district No.
5 (Richmond) appears to be making steady
headway among the growers, and announces
that it has leased 150 warehouses. Leaf dealers in that district report that the past month
or two have witnessed distinct improvement in
the leaf business. Orders from abroad have
increased with the rise of foreign exchange, and
there is a fair volume of domestic business.
Dealers report their stocks are not heavy and
believe this year's crop will be largely taken
up by foreign and domestic manufacturers
within the next 90 days. Domestic cigar leaf
in district No. 3 (Philadelphia) has, however,
651
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
shown little activity. Prices on the whole still
tend downward, and the supply is plentiful.
A slight increase in cigar sales in May is reported over April, but the larger manufacturers
seem to have received relatively more orders
than the smaller ones.
FRUIT.
Prospects for large deciduous fruit yields are
excellent in most sections, although considerable frost damage was suffered in districts No. 3
(Philadelphia), No. 5 (Richmond), and No. 11
(Dallas). Reports from district No. 3 (Philadelphia) indicate that frost damage w^as severe
in the valleys, but comparatively light on the
hillsides. The greatest injury was done to
peaches and early cherries, while the destruction of apples and plums was less general. In
district No. 5 (Richmond) the apple crop was
considerably damaged by frosts in the latter
part of April, but the strawberry crop is of
record size. The Louisiana strawberry crop
this year amounted to about 1,700 carloads and
was shipped to 85 different markets in 32
States, although average prices were lower than
for several years. It is estimated that the
commercial watermelon crop of Florida will
amount to 12,744 carloads, over 50 per cent
greater than the 1921 crop. The outlook for
orchard fruit in district No. 8 (St. Louis) is
better than in any year since 1914, and the
Arkansas strawberry crop is the largest on
record. Orchards have been much improved
by scientific pruning and spraying. In district
No. 10 (Kansas City) all fruit trees have a
heavy crop, with the possible exception of
apple trees. The condition of peach orchards
forecasts a record crop in California, and yields
of cherries and pears also promise to be unusually heavy.
Prices of citrus fruits continue favorable,
although some reduction has resulted from
imports of Spanish and Italian oranges. Florida suffered from a prolonged spell of dry
weather during April, which caused some shedding and lowered the condition of each of the
citrus fruit crops.
GRAIN MOVEMENTS.
Grain receipts at 17 interior centers registered another marked decline during April and
were 56 per cent less than the high total receiyed in February. The volume of marketing
was smaller for all kinds of grain in April, the
decreases being most marked for rye and corn.
The most important cause of this curtailment
in marketing is a reduction in the volume of
grain exports. Wheat receipts at the reporting
interior centers amounted to 16,892,879 bushels
107927—22
2
in April, a decline of 17.2 per cent as compared
with March. The decrease was most pronounced in districts No. 8 (St. Louis) and No. 9
(Minneapolis), while there was an actual increase in district No. 7 (Chicago). Receipts of
corn totaled 15,356,744 bushels in April, a decline of 50 per cent from the March figures.
District No. 10 (Kansas, City) reports that
millers continue to buy choice white and yellow
corn and that prices are strong. The volume
of grain stored at interior and seaboard centers
was somewhat diminished during April, but was
much larger than stocks on April 30, 1921, due
to the larger accumulations at primary markets.
FLOUR.
Flour production during April was less than
during March in all districts, although greater
than during April, 1921, in certain districts.
In district No. 9 (Minneapolis) the April, 1922,
figures reported was 1,777,499 barrels, which
was 13 per cent less than in March and 7 per
cent less than a year ago. The April output
in district No. 10 (Kansas City) was 1,487,380
barrels, a decrease of 17 per cent from March,
but an increase of 20 per cent over the April,
1921, figure. Forty-six millers in district No.
7 (Chicago) produced 315,358 barrels in April,
which was 27 per cent less than in March, but
33 per cent more than a year ago; while 11
leading mills in district No. 8 (St. Louis) showed
April production of 252,868 barrels, as against
329,428 barrels in March. In district No. 12
(San Francisco) the output of 61 mills decreased
from 707,202 barrels in March to 494,946 barrels in April. Throughout April the demand
for flour was slow and unsatisfactory in district
No. 8 (St. Louis), especially on high grades and
patents. Purchasing was principally on a
hand-to-mouth basis, but prices were relatively
well sustained, due chiefly to scarcity of prime
milling wheat and scarcity of clears and lowgrade flours. Old export orders in district No.
12 (San Francisco) have been delivered, .and
little new export business has been booked.
LIVE STOCK.
Receipts of each of the three principal classes
of live stock during April were less than during
the preceding month and also a year ago.
April receipts of cattle and calves were 985,243
head, a decrease of 14.9 per cent from the March
figure, and 1 per cent from the April, 1921,
figure. Receipts of hogs in April amounted to
2,094,354 head, which was 12.2 per cent less
than in March and 8.1 per cent less than a year
ago. Receipts of sheep decreased 25.6 per cent
from March to April, amounting to 741,401
652
FEDERAL RESERVE BULLETIN.
head for the latter month, and were 31.2 per
cent less than in April, 1921. The decrease in
receipts of fat cattle and all classes of hogs and
sheep is attributed by live-stock men in district
No. 10 (Kansas City) to the liquidation that
followed unsatisfactory markets and stringency
a year ago. Satisfactory spring grazing and
improved market prices for f a,t cattle are given
as the chief incentive for holding large numbers
of thin cattle on farms and ranges. Live-stock
conditions in the district are generally good,
although late storms and cold weather in mountain sections have resulted in considerable loss
of old stock, both cattle and sheep. Abnormally heavy rains in Texas during the past 30
days have aided in producing a situation that
is now reported to be almost ideal for the rapid
growth and fattening of cattle, except in the
vicinity of El Paso and parts of eastern New
Mexico. Losses of live stock in district No. 12
(San Francisco) from exposure and lack of feed
have been greater than usual during the past
winter, which was unusually long and severe.
The condition of feed on most pastures and
ranges is reported much below the average for
this period of the year, although improving with
the advent of warmer weather. Lambing was
accompanied by heavier losses than usual.
Substantial progress is being made in building
up the dairy industry in district No. 10 (Kansas
City).
Thirty-one packers report April dollar sales
2.9 per cent less than in March, and 8.2 per
cent less than in April, 1921. Stocks of cured
meats and lard at western packing points at
the close of April were greater than on March
31, but considerably below those of a year ago.
Packers in district No. 10 (Kansas City) report
that, while the demand for pork has not broadened, buying has been free, although purchases
are for immediate needs only. The beef trade
has shown considerable improvement. Five
large exporters in district No. 7 (Chicago) reported April shipments larger than in March,
out «two reported decreases. A nominal increase in consignment stocks abroad was indicated on May 1.
COAL.
April production of bituminous coal w a s
estimated at 15,780,000 tons, compared with
50,193,000 tons last month and 27,553,000
tons in April last year. This month's production was well below that of any April
in recent years, and 3,000,000 tons less than
the output of November, 1919, when, as now,
a general strike of bituminous miners was in
JUNE, 1922.
progress. Production has increased, however,
from 3,835,000 tons during the first week of
the strike to 4,500,000 tons during the sixth
week, and further increase is possible, depending on demand, which is beginning to pick up,
accompanied by firmer prices. During the
early weeks of the strike demand was very
sluggish, as consumers preferred using their
reserves to buying, so that probably an average
of 4,000,000 tons weekly has been drawn from
the 63,000,000 tons stocked in the country on
April 1.
Production of anthracite coal for the month
was practically negligible. Output was 8,757,000 tons in March and 7,703,000 tons in April
last year. Average weekly production during
the strike has been about 6,000 tons. The
industry has been virtually unaffected by the
bituminous strike, and demand remains very
quiet. There has been little price cutting to
stimulate householders' buying, and where
tried it has proved ineffectual. Output of beehive coke dropped from 732,000 tons in March
to 528,000 tons in April and was 328,000 tons
in April, 1921, while by-product coke production increased from 2,137,000 tons last month
to 2,227,000 tons .in April.
PETROLEUM.
Production of crude petroleum during April
decreased considerably for the country as a
whole. This was especially noticeable in
district No. 11 (Dallas). In this district crude
petroleum production, which reached a peak
during March, declined sharply and only
13,750,590 barrels were produced, a decrease
of 2,496,090 barrels. This large reduction was
due partly to the unfavorable weather conditions aiidpartly to the low production of new
wells completed. Both the Louisiana and
Texas fields shared in this reduction, the April
daily average yield for all Texas fields being
349,713 barrels" as against a daily average flow
of 389,944 barrels during March. District No.
12 (San Francisco) again reports increased production and a decrease in consumption, resulting in the largest stored stocks of crude petroleum since April, 1917. Average daily production in California during April was 341,077
barrels, as compared with 333,737 barrels in
March and 338,981 barrels in April, 1921.
Forty producing wells were completed during
the month. Stored stocks of gasoline held in
California decreased 12,693,835 gallons during
March and stood at 63,718,701 gallons on April
1, as compared with 51 573,945 gallons on April
1, 1921. An estimate of the crude-oil produc-
653
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
tion in district No. 10 (Kansas City) indicates
a decrease when compared with March, but an
increase when compared with April last year.
In that district there was an increase in the
number of wells completed, while the daily new
production was 7,107 barrels less than in
March, but more than double the daily new
production during the corresponding period a
year ago.
No radical price changes have been noted in
any of these districts for crude oil. Refiners
report a general improvement in the situation,
and, with the increasing demand for gasoline as
the season advanced, increases of from 2 cents
to 2\ cents per gallon have been made.
IRON AND STEEL.
Further marked improvement is reported in
the iron and steel industry. Pig-iron production during April was 2,072,114 tons, an increase of 1.8 per cent over the March figure.
On May 1, 162 furnaces were in blast, as compared with 155 on April 1, and with 69 on
August 1, 1921, the low figure last year. About
a dozen additional furnaces have resumed during May. Steel-ingot production also increased 2.9 per cent to 2,439,246 tons in April,
and the unfilled orders of the United States
Steel Corporation 13.4 per cent to 5,096,413
tons on April 30. Firms in district No. 3
(Philadelphia) still lag behind the general
average. Demand for nearly all products has
been accentuated by fear of possible restriction
of output. The coal strike has seriously affected prices, increasing production costs for
many manufacturers who have been compelled
to purchase Kentucky and West Virginia coal
since the partial shutdown in the Connellsville
region. A seller's market, it is stated, can now
be said to exist in nearly all products, but
manufacturers hesitate to promise future deliveries and are more concerned over increasing
production than in booking new business.
Railroads and automobile manufacturers are
buying actively, but structural steel orders,
while still large, have decreased somewhat
lately. Tin plate is in active demand, and
wire products are moving in large quantities.
The pig-iron market in district No. 3 (Philadelphia) has been fairly active during May,
although ra,ther less so than in April. Improvement in export demand during the^ first
weeks of May is reported in district No. 7
(Chicago), but the bulk of this business has
been going to eastern markets.
AUTOMOBILES.
although not at as rapid a rate as in March.
Manufacturers who produced 152,625 passenger cars during March, built 196,788 during
April, an increase of 28.9 per cent, while companies building 19,369 trucks during March,
showed an April output of 21,865 trucks, an
increase of 12.9 per cent. Carload shipments
were about 30,200 in April, as compared with
27,380 in March. Exports have shown a considerable increase. A few popular medium and
low-priced makes have been selling in larger
quantities than ever before, while many dealers
are several weeks behind in their deliveries.
Used cars are being accepted on a more ecjuitable basis than heretofore, when concessions
were made in order to stimulate business, and
a larger percentage of sales now involves no
trades. Nearly all customers, both for new
and used cars, are stated by district No. 3
(Philadelphia), however, to require credit for
longer periods of time than heretofore, and
cas. sales are few.
•NONFERROUS METALS.
According to reports from the various mining
districts, operations continue on an increased
scale. The average price of electrolytic copper,
for early delivery in New York was 13 cents per
pound "on May 15, as compared with 12.625
cents per pound a month ago, but demand is
well maintained. Production of copper for the
country as a whole showed a decided increase
in April over March production. The April
production of refined zinc throughout the
country amounted to 25,506 tons, a slight increase over the previous month. In district
No. 10 (Kansas City) a noticeable change
occurred in the lead and zinc ore markets of
the Joplin field. Prices continued to rise, the
average price for all grades of zinc blende ores
in April being $28.71 per ton, as compared with
$26.33 per ton for the previous month. The
month of April registered the heaviest shipments of zinc ore for several months past. The
total shipments were 45,185 tons, as against
31,601 tons during March. Stocks of zinc ore
declined considerably during the month. Lead
ores continued to advance in price and sold as
high as $70 per ton. The increase in shipments
of lead ores for the first four months of the year
amounted to 10,401 tons, with an increased
value of $1,036,729. District No. 12 (San
Francisco) reports that the gold and silver
mining industry is in a more favorable condition than at any time during the past 18
months.
COTTON TEXTILES.
In New England cotton consumption is at a
Both production and shipments of automobiles showed further increase during April, minimum as a result of the strike conditions still
654
FEDERAL RESERVE BULLETIN.
prevailing, but elsewhere the rise in the price of
raw cotton has resulted in the placement of larger
orders, especially in the market f or yarns. In district No. 3 (Philadelphia) the demand for yarns is
reported to have shown a notable increase since
the first of May, although" the average output
is only between 60 and 70 per cent of normal
for the mills in that district. In the case of the
cloth mills, however, there was no evidence
of accelerated activity, but operations were
averaging around 75 per cent of capacity.
District No. 5 (Richmond) reports both jobbers and mill owners reluctant to negotiate
forward orders on any considerable scale in the
face of advancing prices of raw material. The
mills in the district are generally running full
time and receiving a substantial amount of
orders for immediate shipment. Productive
operations of reporting mills in district No. 6
(Atlanta) during April showed a loss in the
case of cloth mills as compared with the preceding month, but both yarn and cloth mills
had larger orders outstanding than at the end
of March. For the 40 cloth mills, production
dropped 7.6 per cent in April as compared with
March, but orders were 15 per cent greater
than at the end of March. As compared with
April, 1921, the corresponding percentages are
46.4 and 139.5. For the 39 reporting yarn
1
mills, production increased 0.6 per cent as
compared with March and was 59.5 per cent
in excess of April, 1921. Orders on hand at the
end of April were 21.7 per cent greater than at
the end of March and 28.3 per cent greater
than in April, 1921. The consumption of raw
cotton during the month of April declined
decidedly, as the total fell from 518,450 bales
to 446,843 bales.
JUNE, 1922.
pound for the poorest grades to 40 cents per
pound for the best grades, or from 25 to 35
cents per pound for medium grades. Last
year these grades sold at 10 to 15 cents per
pound on a reluctant market." Discrimination in favor of woolen cloths as against
worsteds continues to be reflected in the
greater activity of woolen .spindles as compared
with worsted. For example, the percentage of
idle worsted spindles as reported to the Bureau
of the Census advanced from 25.3 on April 1
to 38.4 on May 1, while the percentage of idle
woolen spindles dropped slightly, from 17.5
on April 1 to 17.3 on May 1. This drop of 0.2
per cent for idle woolen spindles, however, was
not reflected in the percentage of idle hours to
total reported, which rose from 14.1 on April 1
for woolen spindles to 15.2 on May 1. The percentage of idle hours for worsted spindles advanced from 29.2 to 37.9. In the case of looms
wider than 50-inch reed space and 50-inch
reed space or less, increasing idleness was
recorded both in terms of idle machinery and
in terms of idle hours. . The percentage of idle
machinery for looms wider than 50-inch reed
space rose from 34.9 on April 1 to 39.7 on May 1,
while the corresponding percentages for looms
50-inch reed space or less were 27.8 on April I
and 36 on May 1. The percentage of idle hours
rose in the one case from 36.9 to 41.6, and in
the other case from 36.5 to 46.6.
District No. 3 (Philadelphia) states that
many mills have converted their looms from
the manufacture of worsteds to woolens, and
operations are averaging about 80 per cent in
the woolen mills at the present time, whereas
the worsted mills are running at only 50 per
cent of capacity. Demand for yarns is most active for use in the manufacture of men's wear
WOOLEN TEXTILES.
and dress goods. Yarn prices are much firmer
with the advance in raw wool prices. The conDecided advances have occurred in the prices sumption of raw wool during the month of
of raw wool, which are not to be explained on April amounted to 51,888,000 pounds, as comthe basis of speculative demands alone but are pared with 70,424,000 pounds in March.
caused by purchases to cover mill needs.
Stocks of wool in the East are low and price
*
CLOTHING.
advances have been particularly pronounced
in the case of the finer grades of wool. For
According to reports from 17 firms located
example, in district No. 12 (San Francisco) in district No. 2 (New York), sales in April
approximately 35 per cent of the total 1922 were 2.1 per cent in excess of those for the preclip was reported to have been " contracted ceding month and 34.6 per cent greater than a
for by March 1 at prices ranging
from 25 to 30 year ago. District No. 8 (St. Louis) stated
cents per pound for ' average7 and ' top' grades that sales during April showed considerable
of wool, respectively. The larger Jericho wool irregularity and that there had been some
pool in Utah sold at 40 cents per pound, es- losses due to unseasonable weather and flood
tablishing a new top price for the season to conditions. In district No. 7 (Chicago) the
growers for high-grade wool." The report returns from wholesale clothing manufacturers
from district No. 12 (San Francisco) further are not presented, because orders for fall merstates that "wool is now reported to be selling chandise are not yet being placed in sufficient
rapidly at prices ranging from 20 cents per volume to show the trend for the new season.
655
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
Reports from 12 tailors to the trade, however,
showed an increase in the number of suits
made of 2.7 per cent as compared with the preceding month, but orders were 5.4 per cent less
than in March. On the other hand, as compared with a year ago, there is considerable
improvement, as production was 26.7 per cent
greater and shipments were 24 per cent larger.
UNDERWEAR.
There are no indications of improvement in
the silk industry and the outlook does not appear so favorable asitseemed a month ago. The
statistics received froin North Hudson and from
Paterson show further declines in manufacturing activity in the latter city and negligible
advances in the former. In the case of Paterson, 2,710 looms were active on May 8 out of a
total of 15,000 reporting, and the percentage of
active hours to total available was 16.08, as
compared with 17.02 on April 8. In the case
of North Hudson the percentage of active
hours rose to 46.91 on May 8 as compared with
42.71 on April 8. The average production of
the silk mills in district No 3 (Philadelphia)
was about 50 per cent, *pid it was stated that
the majority of those mills which reported a
higher percentage of operations were placing
their goods in stock. In spite of the low degree
of activity the raw silk market registered sharp
price advances about the first of the month,
but since that time there have been no particular changes.
In April, 1922, reports were received from 53
mills producing underwear, as compared with.
54 in March and 61 in April, 1921. Actual
production during the month showed a decided
falling off, the amount produced by these 53
mills being only 521,885 dozens, or 82.7 per cent
of normal. During the preceding month 54
mills reported production amounting to 756,248
dozens, or 92.9 per cent of normal. The production of 61 mills a year ago, however, was
only 401,938 dozens, or 49.6 per cent of normal.
The figures for summer underwear production
were more nearly normal than those for winter
underwear, the former amounting to 246,124
dozens, or 92.6 per cent of normal, while the
latter stood at 275,761 dozens, or 75.4 per cent
of normal.
Comparative reports received from 35 mills
also show a loss in production since last month,
decreasing from 602,116 dozens in March to
483,963 dozens in April. There was a similar
falling off in both unfilled orders and new
orders during the month, the former declining
from 1,304,203 dozens in March to 1,142,481
dozens in April, a loss of 12.4 per cent, and the
latter from 373,047 dozens in March to 270,153
dozens in April, a decrease of 27.6 per cent.
Shipments amounted to 350,990 dozens as
compared with 497,826 dozens in March, a falling off of 29.5 per cent. Cancellations rose
from 8,685 dozens in March to 15,029 dozens in
April, an increase of 73 per cent.
HOSIERY.
SHOES AND LEATHER.
The reports received by the Federal Reserve
Bank of Philadelphia from 29 hosiery manufacturers selling to the wholesale trade showed a
slight recession in output during April of 9.4 per
cent, but orders booked increased 213.7 per cent.
This large accession to orders probably represents seasonal bookings for next autumn.
In the case of 10 firms selling to the retail trade
the product manufactured during April was
19.4 per cent less than the March output, while
orders booked increased 2.5 per cent. Three
manufacturers of cotton hosiery located in district No. 6 (Atlanta) showed a production 4
per cent less than in the preceding month, but
orders booked increased 20.7 per cent. Correspondents in that district stated that " while
the current demand for hosiery had increased
during April, there was no extensive buying for
future delivery." In district No. 3 (Philadelphia) the market for cotton hosiery was reported to be extremely dull.
The market for packer hides broadened considerably during the first three weeks of May.
Sales at Chicago were heavier than in any preceding month of 1922, and prices registered
an average increase of about 10 per cent.
Offerings of country hides were of poor quality
and sales were small. Demand for calfskins
has increased in both Philadelphia and Chicago,
but demand for goatskins continues to be very
light, and prices are at about the same level
as in 1914. There has been a distinct slackening of activity among tanners, both in the
East and in the Middle West. Sales of belting
leather and harness leather were well maintained during April and the first half of May,
but business in shoe leathers and glove leathers
is very dull. District No. 7 (Chicago) reports
that such demand as exists for shoe leathers
is for patent, glazed, black, and gport kinds for
women's wear, and side leather, work-shoe
leather, and calfskins for men's shoes. In dis-
SILK.
656
FEDERAL RESERVE BULLETIN.
trict No. 3 (Philadelphia) business in sole leather
has been of only moderate size, and some
price cutting has developed, but an increase
in exports has afforded some relief. Among the
upper leathers there is still an exceptionally
large demand for patent, some improvement in
sales of calf, but very poor demand for kid.
Leather stocks continued to increase during
April.
Shoe factories in district No. 8 (St. Louis)
continue to operate at close to capacity, but
production was curtailed during April in districts No. 1 (Boston), No. 3 (Philadelphia),
and No. 7 (Chicago). Eleven important interests in district No. 8 (St. Louis) are operating
factories at from 86 to 100 per cent of capacity
and have handled 32 per cent more business in
the first four months of 1922 than in the corresponding period of 1921. Orders since May 1
in that district have been very satisfactory,
and the proportion of forward orders has been
increasing from week to week. The demand
has been principally for staple goods, but sales
of novelties are increasing and retail merchants
are purchasing broader assortments. In district No. 7 (Chicago) production of 30 firms
declined 5.4 per cent in April as compared with
March, and shipments declined 17.5 per cent,
while unfilled orders increased 10.4 per cent
and stocks increased 6.7 per cent. Eight large
manufacturers in district No. 1 (Boston) reported a decline of 14 per cent in production
during April. Shipments of five of these firms
decreased 24 per cent as compared with March,
and their net new orders were 6 per cent
smaller. Orders of New England factories,
however, showed considerable improvement in
May, particularly in the case of women's shoes.
Production and shipments of 45 firms in district No. 3 (Philadelphia) declined 14 per cent
and 13.5 per cent, respectively, during April
as compared with March, and new orders are
only being obtained at reduced prices.
LUMBER.
The lumber industry continues to show an
improvement, due to the increased building
operations and the regular spring demand
which has been delayed this year. District
No. 12 (San Francisco) reports that April
production reached 95 per cent of estimated
normal capacity, and there has been a slight
increase so far in May. Production of 172
mills was 389,020,000 feet, compared with
381,572,000 feet in March and 253,506,000 feet
in April, 1921, increases of 1.9 per cent and
53.4 per cent, respectively. Orders were received for 494,687,000 feet of lumber, an increase of 5.8 per cent over March and of 67.9
JUNE, 1922.
per cent over April a year ago. Shipments
during April totaled 424,725,000 feet, compared with 420,108,000 feet in March and
266,361,000 feet in April, 1921. Unfilled orders
at the close of April amounted to 426,940,000
feet, compared with 378,346,000 feet on March
31 and 249,529,000 feet on April 30, 1921.
Logging operations are now proceeding at full
capacity, and demand for logs is reported
greater than at any time during the past
12 months. The shingle branch of the lumber
industry has been inproving steadily, and the
increased demand has advanced the price.
Orders and shipments for 118 mills in district
No. 6 (Atlanta) have increased from 247,852,100
feet and 238,332,788 feet in March to 371-,
414,028 feet and 322,668,386 feet, respectively,
in April. Of 72 reporting mills, 58 were
operating full s time and 6 were operating 4
days a week, I mill 3 days, 1 mill 2 days, and
1 mill 1 day. Production decreased from
296,272,361 feet in March to 282,528,795 feet
in April. Production in district No. 11
(Dallas), which had shown a marked improvement in March, declined somwhat in April.
Output is still below shipments, and is only
70.4 per cent of orders, while unfilled orders
increased from 59,156,346 feet on March 31
to 70,787,500 feet at the end of April. Ketail
lumber sales in district No. 9 , (Minneapolis)
were 50 per cent larger in April than in March,
and showed a slight increase over April last
year. The increased demand has advanced
the wholesale price, and retail prices are
firmer on all grades.
BUILDING.
Building activity continued to increase
during April, and the value of contracts
awarded in seven Federal reserve districts
(compiled from statistics gathered by the
F. W. Dodge Co.) amounted to $322,630,241,
as compared with $264,651,165 in March.
Increases were recorded in six of these seven
districts, varying from 1 per cent in district
No. 3 (Philadelphia) to 61 per cent in district
No. 1 (Boston). There was a decline of 17
per cent in the value of contracts awarded in
district No. 9 (Minneapolis). The value of
residential building contracts increased in each
of these seven districts and amounted to
$125,873,456 in April, as compared with
$112,577,397 in March. Statistics of number
and value of building permits issued in the
12 Federal reserve districts are published on
page 727.
District No. 3 (Philadelphia) reports that
building of residences still predominates in
Philadelphia, although .a number of contracts
JUNE, 1922.
FEDERAL RESERVE BULLETIN.
have been made for construction of large hotels
and office buildings. The building activity in
that district has resulted in a marked improvement in the brick industry. In district No.
5 (Richmond) residential building has resulted
in a rather general decline of rents. Reports
indicate that a considerable volume of industrial building has commenced in district No. 8
(St. Louis), and some shortage of skilled labor
in the building trades has developed. In
district No. 11 (Dallas) construction for both
residential and business purposes is proceeding
on a large scale.
EMPLOYMENT.
657
excess of the figure for the preceding month.
The decreases were confined mainly to foodstuffs, knit goods, wearing apparel, and the
leather industries, while metals, machinery and
construction industries improved.
In districts No. 9 (Minneapolis), No. 10 (Kansas
City), and No. 12 (San Francisco), the resumption of mining operations in copper, zinc,
and lead areas has given employment to considerable numbers of miners, while farm labor
and construction work have likewise created
an active demand. For example, in Arizona,
Idaho, Nevada, and Utah, as stated in the
report from district No. 12 (San Francisco),
employment is greater than at any time during
the past year. This improvement is " largely
due to renewed activity in the mining sections
of those States and to an increased demand for
seasonal agricultural labor. Four of the largest
mining companies in the Globe-Miami copper
mining district of Arizona reported an increase
of 44 per cent in the number of employees on
their pay roll on May 1 as compared with
April 1.""
In New England the textile strike accounts
for 40,000 unemployed, while the coal strike is
directly or indirectly responsible for the idleness of many thousands of workers in various
parts of the county. Involuntary unemployment is, however, steadily diminishing, and
that fact is emphasized in all the reports that
have been received. Although the figures of
the United States Bureau of Labor Statistics
WHOLESALE TRADE.
show a fractional percentage loss, the failure
to reflect any general improvement can no PERCENTAGE OF INCREASE (OR DECREASE) I N N E T SALES
doubt be explained by the fact that the sta- IN APRIL, 1922, AS COMPARED WITH THE PRECEDING
tistics are based upon returns from large em- MONTH (MARCH, 1922).
ployers of labor located in industrial centers.
[Minus sign ( - ) denotes decrease.]
Naturally, at this season of the year much of
the gain is due to increased opportunities for
Boots and
Groceries. ! Dry goods.
Hardware.
shoes.
outdoor employment. The great gain in building activity has afforded especial opportunities District.
NumNumnot only to workers in the building trades but
Per NumPer Num*
berof Per ber of Per ber of
ber of . cent.
cent. firms.
in allied industries.
firms. cent. firms. cent. firms.
:
The New York State Department of Labor
11 -26.2
—0.1
1-16.6
-24.3
reports a slight loss in numbers employed in No.2
7.3
26
-20.9
No. 3
:—14.2
0.9
12
-14.7
1 — 12.7
factories during the month of April as com- No. 4
6.7
-16.1
18 -3.4
18
No.o
-10.0
pared with March. In district No. 3 (Phila- No.
-13.2
20 -4.5
-8.6
-13.8
6...
7.8
20
5.8
No.
7
1
3
.
2
-17:1
delphia) there has been a decided improvement No. 9
9.0
16 -3.5
-12.1
-20.1
-10.2
-3.6
No 10
in the employment situation, according to the No.
-8.8
1.7
U
-9.3
-r8.0
Pennsylvania State Department of Labor. On No. 12
16
2.9
-11.7
21 -9.6
-9.6
May 15 there were 139,280 unemployed in the
six cities of Altoona, Harrisburg, Johnstown, PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES
Philadelphia, Scranton, and Williamsport, a
IN APRIL. 1922, AS COMPARED WITH APRIL, 1921.
decrease of 10.1 per cent as compared with two
weeks ago and of 23.2 per cent as compared
Boots and
Hardware.
Groceries.
Dry goods.
shoes.
with April 15. The reports from district No. 5
(Richmond) are particularly encouraging, and District.
NumNumNumit is stated that actual shortages of labor are
Per Number of Per ber of Per ber of Per ber of
cent. firms. cent. firms. cent. firms. cent. firms.
apparent in certain localities. The Public
Employment Bureau of Richmond reported
11 -17.2
9
42 - 2 9 . 5
6 -6.8
-5.7
that during
April more positions were open in No.2
26
48 —2fi. 0
15 - 8 . 8
-16.9
the men7s division than during any month No.3
24 !—IQ 7
12
No. 4
13 -13.0
-17.8
18 - 9 . 2
18
45 - 1 7 . 7
15 - 9 . 2
-9.2
since October, 1920. The special inquiry into No.o
20
23.8
9
No. 6
31 - 3 . 3
20 - 6 . 0
-15.9
20
1.0
9
5
.
4
No.
7
39
11
-13.2
-13.0
employment conditions conducted by the No. 9
16 -13.3
5
51 - 2 8 . 1
6 -15.4
-6.0
Federal Reserve Bank of Chicago covered No. 10
8
2
.
8
9
7
-14.2
-4.1
12
4
.
4
No.
11
12
11
8
.
3
1
0
.
7
establishments employing 124,295 workers at No. 12
21 -18.5
1.1
31 - 1 1 . 2
14
16
-6.5
the end of April, a total which was 1 per cent in
658
FEDERAL RESERVE BULLETIN.
With the exception of hardware, the increases
in sales shown during the month of March by
reporting wholesale firms have been followed
by fairly heavy decreases. In some districts
the coal strike has had an unfavorable effect
upon sales, but it is not possible to say how
groat a factor the strike has been, since sales
would naturally recede at this season of the
year. In the case of hardware lines, purchases
of agricultural implements, fencing, and builders'hardware probably explain those increases
that have occurred, Reports from the southern and western sections of the country indicate
that impassible roads and flood conditions in
certain areas have been unfavorable factors
which have helped to bring about a somewhat
more than seasonal recession in sales.
RETAIL TRADE.
Generally throughout the country retail
establishments report decided improvement in
business during the month of April. This is
reflected by substantial increases in many cases
in the ratio of April sales to those a year ago,
and in other cases by smaller decreases than
occurred for previous months. Most of the
unfavorable reports come from coal-mining
fields and cotton centers, where strikes are in
progress, or from secti ons affected by high water.
The lateness of Easter and the bad March
weather postponed a large part of the spring
buying until April. After the middle of the
month the volume of sales tended to diminish,
but further reductions of prices and introductory sales of summer goods prevented any very
marked decrease. As compared with this time
last year, prices in the lirst four months of 1922
show a much greater decrease in most districts
than do sales.
Reports from 461 department stores in the
United States showed a decrease of 0.6 per cent
in sales for the month as compared with April,
1921. Referenceto the table on page 729 shows
that the figures for district No. 3 (Philadelphia)
were most favorable, increasing 5 per cent,
while trade in district No. 11 (Dallas) suffered
the greatest decrease, namely, 11.1 per cent.
The majority of districts had larger stocks on
hand at the close of April than they had either
a year ago or a month ago, but in all cases the
net change was small. Due to the increased
sales, the rate of stock turnover naturally shows
an increase. The policy of hand-to-mouth
buying apparently continues, for the percent-
JUNE,
1022.
age of outstanding orders at the close of the
month to purchases for the year 1921 has been
gradually decreasing since the opening of the
present year.
PRICES.
Not only did the price index of the Federal
Reserve Board gain two points in April, roaching 148, but there appear to have been further
general price advances in May. Corn, oats,
and wheat have risen decidedly, while slight
increases have occurred in the case of cattle,
hogs, and sheep. There has been a recent
marked advance in the price of mutton. There
wore also increases in raw cotton and in cotton
yarn and cloth. In the case of the two latter
commodities, decreased output due to strikes
would parti}" explain the upward movement.
Wool yarns are reported firm, while prices of
raw wool have been moving steadily upward.
A sharp increase in coal prices has already occurred as the result of the strike, and pig iron is
also much higher. As regards the nonferrous
metals, lead and copper prices have risen, while
zinc remains substantially unchanged.
FOREIGN TRADE.
Exports from the United States in April declined slightly in value as compared with
March, while imports showed a more decided
falling off. The figures are $321,000,000 for
exports and $217,000,000 for imports, the
excess of exports over imports therefore being
$104,000,000, which is larger than the excess
reported for any month since last October.
The movement of specie during April was on a
much reduced scale, net imports of gold being
only $10,700,000 in contrast with $32,500,000
in March and $80,300,000 in April, 1921. So far
as quantities of commodities are concerned,
the Federal Reserve Board's foreign trade
index shows practically no change in the average quantities of goods exported during April
compared with the previous month, but the
index for imports dropped from 206.5 in March
to 169.1 in April, a decline of 18 per cent.
St. Louis Reclassified as a Reserve City.
On May
granted the
of St. Louis
tral reserve
31 the Federal Reserve Board
application for the reclassification
as a reserve city instead of a cencity, effective July 1, 1922.
JUNE, 1.922.
THE GOLD AND SILVER SITUATION.
In
the
659
FEDERAL RESERVE BULLETIN.
GOLD.
FEDERAL RESERVE BULLETIN
for
June, 1921, there appeared a survey of the
world gold situation. The gold movement to
the United States, which was well under way
at that time, has continued uninterruptedly
up to the present and has been of sufficientmagnitude to change materially the distribution of gold reserves, so that a brief survey of
the year's developments and the status at the
end of April, 1922, seems appropriate.
GOLD RESERVES.
Below is printed a table showing the gold
reserves of the principal countries of the world
before the outbreak of the war, soon after the
armistice, at the beginning of the present gold
movement to the United States in September,
1920, and on the latest available date—-about
April, 1922. The chart on page 660 shows
the distribution for three dates: End of 1913,
end of 1918, and at the present time.
Gold reserves held by the central institutions
of the principal countries increased from
83,391,000,000 at the end of 1913 to §6,320,000,000 at the end of 1918. This increase
was due mainly to additions to the gold reserves from circulation. A further increase to
$6,629,000,000 is noted on August 31, 1920,
clue both to production of new gold and to
further accretions to reserves from private
hoards and circulation. On the latest avail-
able date the reserves amounted to $7,851,000,000, the latest additions coming chiefly from
the absorption of the Russian central gold reserve, which amounted to $787,000,000 in 1913,
but is not included in the totals because it is not1
known how much of it remains in Russia.
There is no question, however, that the major
part of the Russian gold has found its way into
the reserves of other countries and most of it
ultimately into the Federal reserve. The gold
was shipped to Sweden, France, and other continental countries and thence the same gold
rcstamped, or equivalent amounts of other
gold, were sent to the United States. Twelve
million dollars were sent direct to the United
States for the purchase of food, in accordance
with an agreement made with the American
Relief Administration.
1
According to a recent estimate made by a United States Government
official in Europe, the present gold reserve in Russia does not exceed 100,000,000 gold nibles. The estimate is arrived at in the following manner:
Millions of
rubles.
Balance 0/Stale Bank, Oct. 25,1917
1,292
Gold handed to Germans in accordance with Brest-Litovsk
treaty
320
Gold captured from the Bolshe\iks in Ka::an by Kolchak
0(54
—
984
308
Recovered 1)y Bolsheviks
420
728
Rumanian gold
125
Gold production
47
Other sources (from i:ndi\ iduals and churches)
50
Total
950
Paid to Ksthonian, "Latvian, Lithuanian, and Polish Governments.
32
Shipped through Reval
538
Other expenditures and shipments
280
GOLD RESERVES OF THE PRINCIPAL COUNTRIES.1
Pore en t ago distri but ion.
Gold holdings (in thousands of dollars).
Dec. 31,
19J3.
United States
Great Britain
Franc e
Japan
Spain
Argentina
Netherlands
Germany
Italy
Canada
India
Australia
Switzerland
Sweden
Denmark
.lava
South Africa
Belgium
Norway
New Zealand
.Brazil
Egypt
Yugoslavia
Czechoslovakia
Greec e
Portugal
Finland
Bulgaria
Poland
Rumania
Austria-Hungary
Total
1 Not including Russia.
,
i
I
69.1,51.4 i
-
*
! Dec. 31,
]70,245 j
678,856 !
64,963
92,490
224,989
60,898 '
278,687
288,103
142,517
72,780
21,899
32,801
27,372
19,666
10,027
39,905 '
59,131
12,846
25,306
53,202
10,381
1918.
A u g . 31,
1920.
Latest avail31,
1 able date, Dec.
I
1922.
i 1913.
2,245,720 2,129,941 '
737,416
523,632
697,108 i
664,017
411,263 i
225,821
473,309 i
430,072
450,057
269,628
255,808
277,155
260,035
538,861
203,834
243,566
172,002
190,688
126,905
63,842
112,966
104,143
104,21.3
80,041
70,041
76,532
60,991
52,159
60,500
51,600 1
54,991
33,579 i
51,433
5.1,145 •
39,488
32,691 i
37,472
39,4.1.9 I
19,464 i
15,571 1
.16,614 "
16,312 I
5,21.1
8,760
6,948
10,615
10,422 !
9,263 !
8,299 ;
12,352 I
29,242
251,421
3,390,775
53,074 !
6,319,606 !
569
11,001
9,266
8,299
7,141
1,657
329
45,113
6,629,226
i
'
|
,
3,170,007 i
765.875 1
690,600 i
608,170 : !
486,742
450,057 i
243,593 !
238,407 ,
212,604: !
153,971
118,341
113.876 •
105,149 :
73,526
61,191
59,750
58,885
5.1,452
39,474 i
37,472 :
25,628
16,807
13,584 i
12,738
10,808
9,267
8,299 i
7,334 1
6,940 :'
329
7,850,885 j
D e c . 31,
1918.
i
20.4
5.0
20.0
1.9
2.7
6.6
1.8
8.2
8.5
4.2
2.2
.6
1.0
.8
.6
.3
35.5 '
8.3 I
10.5 !
3.6
6.8 i
4.3
4.4 i
8.5
3.9
3.0 ,
1.0 .
1.6 i
1.3 i
1.2 !
.8 '
1.2 i
1.7 i
.4
•
,'.8
.5
.3
.6
.3
.3
.2'
.3
.2 i
.3
.2|
.2 :
.1 j
.2 \
•7|
1.6 :
.9
7.4
100.0
A u g . 3L, j "
1920. ;
100.0
32.1 i
11.1 : !
10.5
6.2 i
7.1 I
6.8 '
3.9 ;
3.9 j
3.1
2. 6 j
1.9 i
1.7
1.6
1.1
.9 I
.9 i
.8
.8
.6
.6
.3
.3
.2
.1
.1
.1
40.3
9.8
8.8
7.8
6.2
5. 7
3.1
3.0
2.7
2.0
1.5.
1.5
1.3
.8
.7
.7
.5
.5
.3
.2
.2
.2
.1
.1
.1
.1
.1
100.0
660
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
CENTRAL GOLD RESERVES OF PRINCIPAL COUNTRIES
( PERCENTAGE DISTRIBUTION )
END OF 1918
ABOUT APRIL, 1922
END OF 1913
TOTAL
3,391 MILLIONS
TOTAL
TOTAL
6:320 MILLIONS
7,851 MILLIONS
GOLD PRODUCTION OF THE WORLD.
It is notable that of the increase in total
central reserves during the period from August,
Country.
1910 I 1911
1912 | 1913
1914
1915
1920, to April, 1922, which amounted to about
United
States.
96,2691
96,890
93,451
94,532
88,884
101,036
$1,222,000,000, the addition to the reserves of Canada
10,206'
9,762 12,649 16,599 15,983 18,937
35,580 32,152 22,199 26,508 28,586 28,580
the United States alone was about $1,040,000,- Russia
South Africa:
000. The United States, which had about
181,885; 173,560 188,033
Transvaal
\\ - ..
191,539 J188.293
\ 14,227 14,275 17] 664 18,915
Rhodesia
||17o,190
one-fifth of the reported gold reserves in 1913, Australasia:
j
had over one-third at the end of the war and Western Au,stra-!]
/ 26,5151 27,166 25,4881 25,015
lia
\\ 65,471 60,184
\ 27,994J 25,947
— - - 22,0811 24,383
two-fifths on the most recent date. Other
Other Australia.')
11,054
11,050 12,178 11,378' 11,523
India
j 10,718
countries which show larger proportions of the British
| 61,826 60,359 69,752| 66,499i 49,806; 54,038
total now than before the war are: Great Allother
Total
I 455,260j 461,940 466,136| 459,9411 439,078; 470,466
Britain (5 per cent in 1913 and 9.8 per cent in
1916
1917 I 1918 I 1919 1920 19211
Country.
1922), Netherlands, Spain, Australia, and
particularly Japan, whose reserves increased United States
92,590' 83,751; 68,647 60,333 51,187 47,570
19,235' 15,200 14,688' 15,859 15,853 14,271
nearly tenfold, or from less than 2 per cent of Canada
Russia
22,500| 18,000; 12,000- 12,000
1,447
South Africa:
the total in 1913 to over 8 per cent in 1922.
Transvaal
192,183; 186,503. 174,023 172,231 168,648 168,124
nn
GOLD PRODUCTION.
Rhodesia
Australasia:
Western Australia
Other Australia.!
British India
I
Allother
|
nn
19,232i
17,245;
13,051
12,267
11,433
12,110
21,941 •20,131 18,119 14,967 12,772 11,452
Gold production in 1921 is shown in the
18,535 15,814 11,150 11,145 10,877
4,209
table below. It is estimated that the output for
11,209 10,757! 10,028 10,486
9,028
7,446
56,752
56,1891 59,219 55,878 53,743 55,457
1921 was about $321,000,000, or $14,000,000
Total
I 454,177 423,590| 380,925 365,166 334,988 320,639
less than in 1920. Smaller figures are shown
for nearly all the producing countries, except i Estimates for 1921 from the Statist, Mar. 18, 1922, p. 402.
South Africa. The strike in South African
GOLD MOVEMENT.
mines, however, which occurred early in 1922,
greatly curtailed the gold output in recent
The table presented below shows the immonths. Gold production in the United States, ports and exports of gold since the end of
which reached its maximum of over $101,000,000 November, 1918, in two periods: First, from
in 1915, has declined continuously since that that date to the end of August, 1920, when the
time and was only $47,500,000 in 1921. This net movement was out of the United States,
decrease is due in part to the rise in the price and, secondly, from September, 1920, to April,
level, with the consequent increase in the cost 1922, when the movement was into the United
of producing gold, while the monetary value of States. A total for the period from November,
1918, to date is also shown:
gold remains fixed at $20.67 per ounce.
661
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES.
[In thousands of dollars-1
Total, Nov. 1, 1918-Apr. 30, 1922.
Imports. Exports.
France.
Netherlands
Spain
Sweden
England
Canada
Nicaragua
Salvador
,
Mexico
Argentina
Colombia
Uruguay
Venezuela
China
British India
Straits Settlements..
Dutch East Indies...
Hongkong
,
Japan
New Zealand
All other countries..
Total
Excess imports
Excess exports
Excess
of
I imports,
Nov. 1, 1918-Aug. 31, 1920.
Sept. 1,1920-Apr. 30, 1922.
Excess
Excess
of
of
Imports. Exports.
exports.
imports, exports.
231,249
4,153
231,249
4,153 j 228,840
1,744
2,409
1,162
20,840
15 ! 21,987 I
15
20,840
1,147 !
3,815 •:
29,803 !
25,963
29,778 j,
j 29,778
3,840
25 !
95,372 :
2,644
98,015
"'95*371*
2,105 ! "82*525*1
86 ! 422,938
2,191
84,630
423,024
505,463
42,701 ,
9,483 ! 66,675 :
14,670
109,376
76,158
47,888
5,187 !
1,315 '
17 I 2,243
17
1,315
2,260
3,558 •
1,887
3 , 1 4 4 ••
3,144
1,495
i 1,649
1,887
238
!
38,617
21,078
8,328
28,127 j
19,799
9,211
i6,490
1,279
146,555
143,667
180 146,555 !
146,375
2,708
2,708
5,969
3,623
:
2,346
21,442
19,096
5,969 .
21,442 |
!
22,055
22,055
" ".4,975'
22,055
7,080
-,080 '
12,350
: 11,632
9,667
1,965
TII"! 12,350 1.
1,965 i.
67,396
j 59,395
47,897
59,396 i
19,498
8,000
11,498 .
1
43,833
11, 823
40,804 I.
j 40,804
32,0.10
3,029
28,981 .
10,963
10,963 j
10,893 i.
! 10,893 !
70
70
19,670
10,867 I
19,430
• 12,990 j
"2*363"
" " 8 , " 803'
6,440
240
2,123
81,788
35,917 i 40,210
67,030
5,661
I 26,820 j
45,871
14,758
9,097
132,856
2,208
193,205
132,856 !
2,208 195,413
62,557
60,349
3, 751
6, 502
6,502
2,751
3,751 !.
123,904
22,686
10,167 I 20,755
: 10,588 j 113,737
101,218 i
1,931
111,806;.
1,289,559 ! 723,932 1,091,649 526,022 239,867 ! 614,916 j 155, 341 ; 530, 390 j 1,049,692 109,016 1,011,471 I 70,795
940,676 .
565,627 : . . .
375,049
•
i
232,993
22,002
3,840
98,015
507,654
124,046
3,575
3,382
17,539
2,888
25,065
7,080
2,683
19,499
32,010
UNITED STATES GOLD IMPORTS AND EXPORTS
1918 - 1922
BARS ABOVE BASE LINE REPRESENT IMPORTS
BARS BELOW BASE LINE REPRESENT EXPORTS
BLACK PORTIONS REPRESENT EXCESS IMPORTS OR EXPORTS
1
Excess j Excess
Exports.!
0/
of
I imports, exports.
662
FEDERAL, RESERVE BULLETIN.
For the entire period the imports totaled
$1,290,000,000, received chiefly from England,
France, Canada, and Sweden, while total exports were $724,000,000, sent chiefly to Japan,
Argentina, China, Hongkong, and 'British India. As mentioned before, the losses occurred
mainly prior to September, 1920, the exports
of gold from the United States during the
period from the armistice to September, 1920,
being about $615,000,000, while from that
time to the present total exports amounted to
only $109,000,000. On the other hand, the
imports aggregated $240,000,000 during the
first period and $1,050,000,000 during the
second period. Immediately after the armistice the United States paid out a great deal of
gold to South American and oriental countries
which had accumulated balances during the
war. Since that time the balance of trade
and of payments has been continuously and
overwhelmingly in favor of the United States
and has brought an uninterrupted stream of
gold to this country, as shown on the chart on
page 661. It will be seen on the chart that the
largest net imports ($91,000,000) were reported
for October, .1920, that in 1921 a high level
was maintained, but that in 1922 the amounts
received were much less, the total for the four
months, January to April, being $101,000,000,
or at the rate of about $300,000,000 a year,
compared with $691,000,000 in 1921. ' Net
imports of gold for April, 1922, were only
$11,000,000, the smallest monthly figure reported since September, 1920.
The movement of gold to the United States
from existing stocks has apparently run its
course, and at the present time this country
receives no more than the equivalent of new
gold produced, though most of the gold received from France and Sweden, amounting to.
$41,100,000 for the four months, is presumably
of Russian origin. Imports from Great Britain,
which consist chiefly of the output of South
African mines, dwindled to nothing in March
as the result of the strike in the Hand mines,
but in April the movement was resumed,
though still on a small scale, total imports for
the month being $2,000,000.
JUNE,
1922.
table below, the 1921 figures being only rough
estimates:
SILVER PRODUCTION OF THE WORLD BY PRINCIPAL
COUNTRIES.
[In fine ounces.]
United States
Canada
Mexico
South A
Am
i ecr iac a.. ... .
Europe
!
B i t i h IIndia
d i | j
British
Australia.
Japan
All other.
Total..
United Stales
•
Canada
|
Mexico
!
South A m e r i c a . . . . I
!
Europe.
:
British India
Australia
Japan
Allother
j
Total.'
United States
Canada
Mexico
South America
Europe
British India
Australia
Japan
Allother
Total
!
I
i
j
:
j
1910
191.1
57,137,900
32,869,264
71,372,194
17,416,314
,4,34
14152061
14,152,061
44,772
44772
60,399,400
32,740,748
79,032,440
14,433,915
15,693,306
104,323
16,578,421
4,459,087
2,751,223
21,545,828
4,64'i, 160
3,694,869
222,879,362
226,192,923
1914
1915
1912
63,766,800
31,625,451
74.640,300
13', 980,888
15,992,082
93,649
14,737,944
4,932,852
4,540,688
1913
66.801,500
31,524,708
70,703,828
13,126,490
15,248,216
18,128,577
4,649,910
3,724,614
224,310,654 | 223,907,843
1916
1917
72,455,100
27,300,667
70,703,828
12,938,439
15,31.7,155
236,440
3,520,274
4,619,910
3,981,564
74,961,075
26,625,960
39,570, .1.51
13,687,464
10,107,556
284,875
4,295,755
5,120,293
4,197,371
74,414,802
25,459,741
22,838,385
11,833,822
8,591,029
628,656
3,863,418
5,1.20,293
3,870,375
7.1,740,400
22,221,300
35,000,000
15.451,300
6^511,900
2,068,700
10,000,000
7; 111,700
4,082,500
211,1.03,377
178,850,500
156,626,521
174,187,800
1918
1919
1920
1921
67,810, 100
21,284, 600
62,517, 000 =
15,561, ooo !
6', 871, 700
2,240, 500
10,000, 000
6,600, 400
\ 4,509, 600
56,682,445
15,675^J34
62,681,987
14,713,165
4,899,618
2,165,606
7,430,770
4,800,000
5,468,689
197,394,900 I 171,517,414
55,361,573 i
12,793,541 :
66,662,253 I
.13,763.282 h
4,989)L47 I
2,870,595 !
7,468,676
5,212,366 =
5,091,253
174,212,686
50,000,000
10,000,000
70,000,000
35,000,000
165,000,000
Silver production in 1921 was less than in
1920 by nearly $10,000,000, most of the decline
being reported for the United States and Canada, while Mexico's output shows a further
increase, the 1921 output, valued at $70,000,000,
being at about the pre-war level. In the
United States silver is produced chiefly as a
by-product of copper, lead, and zinc mining,
and it is to the poor market for these metals
that the lessened production of silver in recent
years is attributable. For silver produced in
the United States there is an assured market
SILVER.
at $1 per ounce under the provisions of the
Pittman
Act (see FEDERAL RESERVE BULLEAs stated in the FEDERAL RESERVE BULLETIN for August, 1921, the price of silver depends TIN, May 1918, p. 395) so long as the total of
primarily on four factors: (1) Production, (2) 208,000,000 ounces melted down during the
European and American demand, (3) oriental war has not been replaced. Up to March 25
of the current year the amount of silver repurdemand, and (4) general price level.
chased by the United States Government was
110,000,000 ounces, so that at the average rate
SILVER PRODUCTION.
of purchases heretofore maintained Treasury
The production of silver from 1910 to 1921 purchases of silver may continue for about two
for the principal countries is shown in the more years.
663
FEDERAL RESERVE B U L L E T I H .
JUNE, 1022.
cents in March, 1922, and a recent rise to about
74 cents at the end of May of the current year.
Nineteen hundred and twenty-one and the This rise in the price of silver occurred at a time
early part of 1922 was a period of relatively when the general price level remained fairly
low business activity in the western world and stationary at around 150. The explanation of
of only moderate demand for silver in the arts. the rise must be sought in the Far East. Even
On the other hand, the low values of the cur- there, however, developments are not so clearly
rencies of many countries in terms of gold has defined as in 1919 and 1920. In India, 1921
resulted in the withdrawal of silver from circu- was not a prosperous year; merchandise imlation. The table below and the chart oppo- ports exceeded exports by 530,000,000 rupees
site show the price of silver at which differ- for the calendar year, but during the early
ent foreign currencies reach the melting point, months of 1922 imports showed a material dei. e., the point at which the silver content of
the coins becomes more valuable than their
face value.
PRICE OF SILVER
DEMAND IX EUROPE AND AMERICA.
AT WHICH DIFFERENT CURRENCIES
REACH THE MELTING POINT
MELTING POINTS OF SILVER CURRENCIES.
Molting point (price of silver per
ounce).
Fine
silver
content
(grains).
Coin.
Dollar
Subsidiary
(dime).
Shilling:
Old
New
5-franc pie:c
1-franc piei'e
Mark
Lira
silver
,
371.25
34.722
In U. S. money.
April,
In local curAt par At1922,
rency.
of
f
exchange Change.
WITH EXCHANGE
L AT APRIL, 1922, RATE
PRICE OF
SILVER
PRICE OF
SILVER
250
1.2929 dollars.
1.3824 dollars.
80.7203 5.946 shillings
43.6364 11 shillings..
6.9125 francs.
347.22
64.4286 7.45 francs...
6.221 marks.
77.16
,
j 64.4286 7.45 lire
SI.447
2.677
1.334
1.438
1.482
1.438
$1,312
2.427
.638
.688
.0215
.398
At the average price of silver in April, 1922,
the silver currencies of the United States and of
England were far above the melting point, but
French, Italian, and German silver coins were
melted and sold in large amounts as bullion.
The supply of silver from this source, which
reached its peak in 1920, continued in 1921. In
England, at the time that silver was at its
highest price and the shilling reached the melting point, the legal content of the shilling was
reduced from 916/1000 to 500/1000. This reduction in the silver content of the shilling, if
all the silver minted since the commencement
of the reign of Edward VII in 1901 were to be
melted, would release in England alone
57,000,000 ounces of silver, but not all or even
the greater part of it is likely to find its way to
the melting pot. The effect on the price of
silver of the constant offerings of coins as
bullion has been lessened by an arrangement
by which silver derived from the recoinage of
shillings was dispatched to the Anglo-Eastern
banks to be absorbed in the Far East.
DEMAND IN THE FAR EAST.
European demand can not, therefore, account
for a rise in the price of silver. Nevertheless,
silver showed an advance from 60 cents in July,
1921, to 71 cents in October of that year, followed by a recession to something under 65
3 WITH EXCHANGE
I AT PAR
200
150
Im
PEAK
150
JAN.
100
100
PRICE
50
APR. 1922
PRICE
50
— 0
COINS
0—
g <S |
2
I
l l g l u j
L
I
COINS
cline, and in February there is shown an export
balance of about 23,000,000 rupees in favor of
India. Silver was imported into India partly
in exchange for gold, but partly also as a consequence of the prevailing unrest which increased the desire of the Indian masses to bury
silver in the ground where it is safe from,
seizure. Recent imports of silver into India
were occasioned also by the fact that the Government had under consideration a plan to
reimpose import duties on the metal. Exports
of silver from the United States to India, which
amounted to $109,000,000 in 1919, practically
ceased in 1920, and totaled only about $3,000,000 in 1921. From January to April, 1922, a
664
FEDERAL, RESERVE BULLETIN".
total of $3,600,000 of silver was exported to
India.
The principal factor in the silver situation in
1921 and in recent months, however, has been
China, where trade during the year has been on
an unprecedentedly large scale, and where the
civil war caused withdrawal of silver from the
stocks on the coast to hoards scattered over
the country. This demand for the white metal
in the interior of China resulted in a large
volume of forward purchases by speculators
whose activities have been reflected in a rapid
rise in the price of silver in recent weeks. In
1921 net silver exports from the United States
to China amounted to $13,000,000, compared
with net exports of $60,000,000 in 1920 and of
$78,000,000 in 1919. For the four months of
1922 net exports of silver to China were over
$5,000,000, and an additional $3,000,000 was
sent to Hongkong.
The course of silver prices, as compared with
the general wholesale price index of the Bureau
of Labor Statistics, is shown in the table below
and in the chart on page 665:
PRICE OP SILVER AND WHOLESALE PRICE INDEX.
Average
New York
price of
silver per
fine ounce.
November.
December
Per cent
of 1913
average of
80.61241.
Wholesale
price
index.
1918.
$1.01500
1.01587
166
166
206
206
1.01558
1.01500
1.01495
1.01500
1.08020
1.11402
1.07332
1.12386
1.15636
1.20692
1.30446
1.33072
166
166
166
166
176
182
175
184
189
197
213
217
203
197
201
203
207
207
218
226
220
223
230
238
1.33899
1.32(5(55
1.27287
1.20576
1.03495
. 92789
.92935
.96948
.94510
.84187
. 78490
.65503
219
217
208
197
169
152
152
158
154
137
128
107
248
249
253
265
272
2i59
262
250
.66388
.59813
.56736
.59830
.60310
. 59125
. 60798
. 62070
.66235
. 71373
. 68470
.66250
108
98
93
98
98
97
99
101
108
117
112
108
178
167
162
.65853
.65696
.64838
.67055
108
107
106
109
148
151
152
1919.
February..
March
April
May
June
July
August
September.
October...
November.
December.
January
February..
March. ...
April.
May
June
July August
September.
October .
November.
December.
1920.
242
225
207
189
1921.
January...
February
March .. .
April
May
June
July
August
September.
October
November.
December..
154
151
148
148
152
152
150
149
149
1922.
January...
February
March ..
April
152
JUNE, 1922.
SILVER RESERVES.
Following is a table showing the silver
reserves of selected countries reporting considerable amounts of silver held by central
banks or by the Government.
The dates for which figures are shown are
the end of 1913, before the war; the end of
1918, immediately after the cessation of
hostilities; the end of 1920, when the peak of
silver prices was reached; and the latest available date in 1922. Since the significance of
the figures is primarily in relation to local
currencies the amounts are expressed in the
monetary units of the different countries and,
consequently, no total is given.
The largest silver reserves are held in India
against rupee notes. The story of these
reserves has been told in connection with
studies of developments in India previously
published in the BULLETIN. Among the European central banks, the Bank of Spain has
the largest silver reserves, owing to the fact
that Spain is technically on a silver basis.
The decline in silver holdings of the Bank of
Spain prior to 1920 may be due to the high
price of silver, which encouraged its hoarding
by the population, while the increase since
that time apparently reflects the drop of
silver prices accompanied by a general decline
in the price level which caused currency to be
withdrawn from circulation and to accumulate
in the central bank. The increase in the silver
holdings in Sweden is due to the fact that
Norwegian and Danish coins, having the same
face value as Swedish coins, have a greater
purchasing power in Sweden than at home
because of the higher exchange value of the
Swedish krona, and, therefore, tend to migrate
to Sweden. The increase in the silver holdings of the S^yiss National Bank between
1918 and 1920 is due to a similar cause, the
coins of Italy and France emigrating to
Switzerland where their purchasing power
was greater. The reduction in silver holdings
during the last year is more apparent than real,
being due to the fact that since April 1, 1921,
French 5-franc pieces held by the Swiss
National Bank are figured at the value of their
silver content rather than at their face value.
In Germany, as the mark has become increasingly depreciated, the value of the silver
content of coins has exceeded their face value,
silver has been demonetized and is no longer
carried as part of the metallic reserve by the
Reichsbank, but is included in its "other
assets." The amount of silver in the Reichsbank is not published, but a year ago it was
estimated at about 30,000,000 ounces. During 1921 and the first four months of 1922
665
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
about $6,000,000 worth of silver was im- of silver, which presumably was taken from
ported to the United States from Germany. the Reichsbank's stock and exchanged for
This amount represents about 9,000,000 ounces goods or credit in the United States.
SILVER RESERVES OF SELECTED COUNTRIES.
[In thousands of local currency.]
Par value.
Unit of currency.
India
Spain
United States
France
Italy
Switzerland
Portugal
Java
Belgium
,
Sweden
,
Netherlands
,
Denmark
,
Aus tr ia-Hungary.
Germany
Cents.
48.66
19.30
100.00
19.30
19.30
19.30
108. 05
40.20
19.30
26.80
40.20
26.80
20.26
23.82
Rupee.
Peseta.
Dollar..
Franc.
Lira..
Franc...
Escudo..
Florin...
Franc.
Krona
Florin
Krone
....do
Reichsmark.,
Dec. 31,
1913.
U64,527
716,488
168,589
640,063
115,797
20,836
9,012
129,025
56,367
5,203
9,016
26i, 545
276,832
Dec. 31,
1918.
Dec. 31,
1920.
321,300
642,157
67,892
318,348
116,865
58,412
16,873
14,376
25,000
365
8,545
2,438
56,881
19,948
610,900
573,567
94,417
266,333
114,676
121,571
17,644
9,314
27,920
2,733
21,190
2,603
200
5,773
Latest
available
date, 1922.
766,700
634,666
101,228
282,983
115,716
107,520
17,596
40,061
40,945
15,210
5,521
4,115
2 619
(3)
1 Mar. 31,1914.
Held by Austrian Banking Office, 20,000 kronen; by Hungarian Banking Office, 599,000 kronen.
Silver no longer counted as reserve, but carried among "All other assets."
2
3
PRICE OF SILVER AND WHOLESALE PRICE INDEX
1918 - 1922
( P E R C E N T O F 1913 A V E R A G E S )
PER
CENT
PER
CENT
\
280
260
y
240
220
1
/
200
180
160
280
260
240
\
M l L.TINCJ ^ POINT OB SIL.V]ER DO L L A R
\
vv
220
\ I
\|
140
V
100
160
KJL~
\
120
18Q
\
Do
^
200
Silve r/
140
120
*<•
100
PRICE OF SILVER
- - — — — WHOLESALE PRICE INDEX
80
80
60
60
40
40
20
20
N. D. J. F. M. A.M. J. J. A. S. 6, N. D. J. F. M; A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S.. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D.
1918
1919
1920
1321
1922
666
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
CHANGES IN GOLD RESERVES OF PRINCIPAL COUNTRIES, 1913-1922.
.[In thousands of dollars; converted at par of exchange.]
Czechoslovakia,
Austro- National National Banking National
office
HimBank of Bank of I B a n k of 1
Bank of Bank of
of the
garian Belgium.
DenFinland. France. '
Bulgaria.
Ministry mark.
Bank.
of
Finance.
Dec. 3 1 —
1913.
1914.
1915.
1916.
1917.
1918.
1919..
1920.
1921.
19221
251,421
213,757
138, 758
58,759
53,717
53,074
45, 111
2 11
a 16
29
59,131
56,619
50, 759
50,759
50,759
51,145
51,41.7
51,438
51,451
51,452
10,615
10,615
11, 773
13,124
12,159
12,352
7,141
7,141
7,334
7,334
19,666
24,506
29,833
42,847
46,611
52,159
60,807
60,992
61,192
61,191
4,053
12,545
12,738
6,948
8,299
8,299
8,299
8,299
8,299
8,299
8,299
8,299
8,299
Great
Banks of
Britain,
Italy,
Bank of National Naples Bank of
England Bank of
and
Netherand curSicily,
lands.
Greece.
rencyand
note reNational
serves. !
Treasury.
678,856 278,687
802, 591 498,508
967,950 581,954
652,885 599,873
639,682 572,768
664,017 538,861
694,847 259,519
685,51.7 260,028
690,141
237,102
690,600 »238,407
170,245
428,221
389,205
402,970
422,594
523,632
583,211
762,912
763,719
765,875 '
5,211 ! 288,103
7,527 '• 299,759
11,194 :i 293,453
11,580 255, 772
12,159 238,931
10,422 243,566
11,001 , 203,441
11,001 ' 204,362
10,808 j! 210,739
10,808 212,604
I
•United
National
i
Dec. 31—
1913...
1914...
1915...
1916...
1917...
1918...
1919...
1920...
1921...
1922 i.
12,846 : .
11,181
18,028
33,027
31,214
32,691
39,590
39,472
39,475
39,474 •
Bankof
1,667
2,858
5,955
6,940
Portugal
8,760
9,261
9,261
9,261
9,261
9,263
9,266
9.266
9.267
9,267
i
!
i
!
j
National Russian
State
Bank.
Bank of j
29,242
786,800
29,714 ! 803; 400
36,264 ! 831,200
22
758,396
4 667,041
92,490
110,444 !
166,414 i
241,424 -1
379,597
430,072
472,041
474,228 :
484,984 !
200
329
329
329
I bint
486,742 I
27,372
29,088
33,385
49,183
65,513
76,532
75,350
75,516
73,631
73,526
CanadaNational Yugo- Minister
Bank of slaviaof FiSwitzer- National nance and
land.
Bank. chartered
banks.
32,801
45,922 .
48,275 :.
66,585 :.
69,025 :.
80,041 '
99,779
104,780
12,352
106,058
14,282
105,149
13,584
Domestic
India
Argentine BrazilGovern- holdings
New
Auof the
Govern- Guaranstralia- Zealand— ment—
ment—
Rupee Bank of Bank of
tee of
Uruguay.
Note
Reserve
Japan
Java.
Conreserve
currency
reserves. banks.
version
held in and of tho
fund.
Governfund.
India.
ment.
Dec. 31—
1913..
1914..
1915..
1916.
. 1917..
1918..
1919..
1920..
192.1..
19221
1
224.989
213,906
228,939
251,158
252,390
269,628
299,1.1.9
450,057
450,057
450,057
7 53,202
'' 26,601
7 14,598
714,598
7 14,598
15,571
15,571
19,464
25,303
25,628
10,826
13,483
22,530
33,251
.42,003
46,718
56,756
57,307
59,494
59,494
21,899
38,932
73,484
78,351.
85,650
104,143
116,796
115,336
113,389
113,876
25,306
27,739
33,092
36,012
39,419
39,419
38,932
37,472
37,472
37,472
& 72,780
30,202
41,361
38,636
86,712
63,842
96,205
116,249
118,341
118,341
64,963
64,062
68,187
113,411
229,981
225,821
349,947
551,840
610,663
608,170
10,027
12,41.8
18,804
28,984
37,051
51,600
69,817
88,21.4
58,728.
59,750
Latest available date.
* Austrian account only.
s April 29. On this date 511,245,000 of the total gold reserve was held on deposit in the Bank of England.
< Oct. 16-29.
o Alar. 31, 1914.
«Includes a small amount of gold held abroad.
'.Conversion fund.
60,898
83,663
172, 530
236,217
280,689
277,155
256,204
255,729
243,600
243,593
142,517
137,872
169,128
176,064
195,172
190,688
192,265
175,187
154,723
153,971
South
AfricaJoint
stock
National
banks
Bank of
and
Egypt.
Federal
Reserve
Bank.
10,381
21,750
35,096
29,164
19,278
16,312
16,312
16,807
16,807
16,807
6 39,905
6 43,799
6 44,772
6 34,066
30,172
33,579
35,525
50,612
57,911
.58,885
Treasury,
national
banks,
and
Federal
reserve
banks.
691,514
827,703
1,312,329
1,442,229
1,739,750
2,245,720
2,097,713
2,222,857
3,041,512
3,171,007
Total.
4,188,401
4,931,542
5,860,855
5,766,907
6,332,195
6,366,324
6,263,849
6,931,686
7,775,327
7,911,379
JUNE, 1922.
FEDERAL RESERVE BULLETIN.
CREDIT INSURANCE.
The following study endeavors to present the
facts relating to the use of credit insurance in
the United States and the methods by which it
is written. It is based principally upon data
kindly furnished by the three leading companies, who 1do practically the entire business
of this kind.
The amount of annual losses by bad debts is
a heavy charge upon the financial and commercial interests of this country. These bad-debt
losses are greater than the losses through fires,
as will be seen from the following table:
FAILUKE AND FIRE LOSSES FOR 10 YEARS.
Failure Joss.
1921
1920.
1919
1918
1917.
1916....
1915.
1914..
1913
1912.
8750,200.000
426,300.000
Fire loss.
8332,654,950
330,853,925
269.000,775
290,959,885
250,752,640
214,530,995
172.033.200
221,439.350
203,763,550
206,438,900
667
In addition to covering only abnormal or excess losses, every credit insurance policy contains several other fundamental features.
These may be summarized as follows:
(1) The maximum amount covered on any single account
which the insured sells is specified, according to the rating
of the debtor.
(2) Coinsurance in general is required.
(3) Further coinsurance is required on sales by the insured to inferior rated risks, and an additional premium is
charged for covering such risks.
The policy also may or may not contain
either of two other features:
(1) A maximum amount to the total liability of the company under the policy, which is called a limited policy; or
no limit to the amount of the liability of the company on
the aggregate of accounts covered, which is called an unlimited policy.
(2) A provision for collection of past due accounts by the
company.
The normal loss.—A merchant's outstanding
accounts vary according to his terms of sale,
but are said usually to range from 15 to 25 per
cent of his annual sales, averaging about 20 per
cent. With annual sales of $1,000,000, about
$200,000 will generally be outstanding in re2,492,428,170 ceivables.
2,904,100.000
Total
Of this $200,000, from 10 to 20 per
cent will usually be past due. The policy of
For the 10 years ending with the year 1921 a merchant toward his past-due accounts
the insolvency loss of wholesale merchants, on largely determines his loss ratio.
goods sold, was 8411,671,830 more than the fire- Instead of exacting a cash premium to cover
loss during the same period of all merchants, the losses normally incident to the business
railroads, owners of timber lands, and house- insured, plus the loading for the excess, it is
holders combined. Thus the losses through believed to be more practical, more satisfactory,
failures for the 10 years wore, on the average, and to remove any speculative feature, simply
greater each year by 841,167,183 than the losses to exact a smaller cash premium and to provide
through fires. These figures serve to indicate that the policyholder shall bear the loss normal
to his business (which he may not lose during
the importance of the question.
some years), and receive reimbursement from
2
I. GENERAL PLAN.
the insurance company for the losses in excess
Credit insurance is a guaranty that a manu- of the normal. The normal loss is calculable,
facturer or jobber (policies are not issued to re- and may be considered in the same manner as
tailers) shall not suffer from those losses occur- other items of manufacturing and selling cost
ring because of the insolvency of debtors com- in order to arrive at the selling price of mering within the coverage of the policy, which are chandise. Moreover, having the policyholder
in excess of the normal loss incident bo his par- bear the normal loss reduces, as stated, his cash
ticular business. The insuring company guar- premium by a considerable amount, so that it
antees to pay the policyholder the net excess is much less than that charged for any other
over this normal loss. The contract between form of insurance. If the average fire loss is
the company and the insured is variously called one-half of 1 per cent of the values insured, the
a credit insurance policy, a bond of indemnity, policyholder must pay, in money, not less than
and a contract of guarantee on insolvent debt- one-half of 1 per cent for fire insurance, plus
overhead expense and profit; whereas if the
ors' accounts.
average credit loss on goods sold is one-half of
1 Acknowledgment is due Mr. 0. M. Berger, London Guarantee and
Accident Co. (Ltd.); Mr. John E. Gregory, Ocean Accident & Guar- 1 per cent, and the merchant loses less than
antee Corp. (Ltd.); Mr. I. H. Lionbcrger, American Credit-Indemnity one-half of 1 per cent, he retains the difference
Co. of New York; and Mr. E. M. Treat, American Credit-Indemnity Co.
of New York, for their cooperation in this study.
between his actual loss and this average loss,
2 The underwriting formula; the relation of face of insurance to premium charged, and premium to normal loss; and the in dividual limits con- for he does not pay the company any part of
trolling the limited an d unlimited policies arc the bases showing principles his normal loss.
followed and governing present underwriting practices. They are, therefore, only illustrative of present proportions. As business conditions
Coverage.—All policies of credit insurance
change, the proportions may be changed and made more liberal if waralso definitely limit the amount which the inranted, or more restricted if deemed necessary.
nr>; 5oo; ooo
137,900,000
166.600.000
175,200,000
284,J00,000
357,100.000
292.300.000
198,900,000
107927—22
3
668
FEDERAL RESERVE BULLETIN.
sured may recover for losses on any one account
to which he sells. This amount is definitely
specified in dollars in the policy itself for the
capital rating which each account may have.
The amount designated for any one rating
applies to each and every customer of that
rating whom the policyholder sells. The
amounts stated are determined by the individual requirements of the policyholder. The
mercantile agency whose ratings shall govern
is specified in the policy, according to the
arrangement made between the insured and
the company when the policy is written. The
policy regularly applies only to customers with
preferred ratings, but for an extra premium
charge partial protection is given on inferior
ratings also. Further details with respect to
coverage arc given below in considering the
actuarial basis.
Coinsurance.—Coinsurance, or bearing part
of the risk by the insured, is required on all
risks. For example, on the best risks, the
company is liable only to the extent of $900 on
an actual loss of $1,000, Avhich otherwise comes
within the terms of the policy. This serves to
have the company guarantee only for an
amount approximating the replacement value
of the goods, on the average. " I t is claimed
by the companies that some coinsurance is
always necessary in order to reduce the moral
hazard of taking 77
unreasonable risks in the extension of credits. 3
Inferior rated risks are usually covered only
to two-thirds the amount involved. The ideal
way, observes one company, would be to make
everyone lose his profit on the transaction
before paying any losses, but this is too complicated in most cases, as costs have not been
standardized- A further reference to coinsurance appears later.
Period of policy.—Policies are generally
written for a period of one year, although some
are written for a longer period in order to expire on December 31. More policies expire on
that date, observes one company, as many
policyholders desire their insurance to expire
with their fiscal year, which for most firms is the
same as the calendar year.
The policy is renewable annually, if conditions are satisfactory to the company. Each
renewal policy may be so arranged as to provide not only for losses occurring during its
term on sales of goods made thereunder, but
also for losses occurring during such renewal
arising from shipments made during the term
of the preceding policy. The amount and
condition of outstanding accounts at the date
of the beginning of the renewal policy have a
1
Riegel and Loman, Insurance Principles and Practice, p. 333.
JUNE, 1922.
material bearing upon the terms to be named
for the renewal, policy.
Warranted declarations of the insured as to
condition of outstandings are made in the
following manner, revealing information of a
vitally important nature, viz:
Conditions of outstandings is as follows (not
including claims already reported to the
company):
(1) Our outstandings amount to
S
(2) Amount of outstandings past due (of
which S
is more than 60 days
past due)
(3) Amount of outstandings under general
extension
(4) Amount of outstandings on debtors
seeking extension
(5) Amount of outstandings in hands of
attorneys or collection agencies
(6) Have you any debtors whom you have
reason to b elie ve are no w in a failing
condition? If so, how much do
they owe you?
(7) Has a notification of claim been furnished the company on all losses
now known to you?
(8) Amount of gross sales under expiring
policy
If an abnormal condition is indicated in
respect to any outstanding accounts, a detailed
list of debtors so involved is required by the insurance company, before it acts upon the renewal policy.
n . FORM OF POLICY.
While all forms of credit insurance policy contain the three points just discussed; that is, a
maximum limit to individual accounts, coinsurance of 10 per cent on the best accounts sold
and 33£ per cent on the inferior rated accounts
by the policyholder, the two features of the
size of policy and the collection service cause
changes in the policy form. Both limited and
unlimited policies may be issued either as a
collection form, where the company handles
the collection of accounts and thereby proves
claims, or as a noncollection form, where the
policyholder handles his own accounts and
assumes the burden of proving his claims under
the policy.
Limited and unlimited policies.—Under the
11
limited policy" the aggregate amount of
losses to be proved is limited to the face of the
policy, which is limited to an amount commensurate with the premium charged. I t may,
however, be increased by any sum up to $200,000
by payment of an additional rate per $1,000 for
the additions to the face amount. The limited
policy thus has a face amount which represents
the maximum liability of the company on the
total of losses covered.
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
The unlimited policy has no face amount,
and therefore no limit to the amount of insurance that may be so collected under the
policy on the aggregate of the losses covered.
As long as the individual losses come within
the amounts specified in the table of ratings
contained in the policy, they will be paid,
regardless of their total amount. The unlimited policy is issued, however, only where
the largest amount on any one individual
debtor (highest single account coverage) is
limited to an amount not regarded as excessive
for this form of policy. An extra premium
charge over and above the limited policy is
made for an unlimited policy. The latter
affords full protection on all outstanding
accounts, and is valuable as collateral with a
bank, for the obvious reason that the face of a
limited policy is seldom, if ever, as much as
the amount of the unpaid outstanding accounts
of the policyholder at any one time. For example, a limited policy of $10,000 or $25,000
would not be sufficient as collateral to a bank
lending a merchant §50,000 or more, where the
unpaid outstanding accounts of the merchant
are, say, $100,000" or $200,000 and perhaps
more, for the outstandings, as heretofore
• stated, range from 15 to 25 per cent of the
annual sales.
The unlimited policy was first introduced in
1916 and is now used by two of the three
companies.
Collection and
noncollection
policies.—All
three companies now write a collection form
of policy. The noncollection form is the same
as the collection form, except for the omission
therefrom of those clauses appertaining to
collection of accounts, and a clause in the section defining as insolvency the past due accounts placed with, the company for collection.
The collection polic}^ is in two forms, one
known as the "optional collection policy"
and the other as the "compulsory collection
policy."
The optional collection policy permits the
insured to elect whether he shall file an account due and payable, but not over 60 days
past due, with the company for collection
and have it admitted, for the purposes of the
policy, as insolvent. Where a past-due account is not filed for collection, but the debtor
becomes insolvent during the policy period,
the account must then be filed with the company for collection. This optional policy
is at a fixed premium, and. limits the liability
of the company to past-due accounts filed
and accounts becoming insolvent during its
term of one year. The renewal privilege,
referred to herein, applies to this optional
form.
669
The compulsory collection policy provides
that no loss shall be covered on any account
unless placed with the company for collection
before it is 75 days past due. If an account is
more than 75 days past due, it is not covered
under the policy, whether or not the debtor
becomes insolvent. This policy is framed
particularly for those houses who are willing
to pursue in their business the rule of prompt
collecting.
This compulsory form protects against covered losses, whenever they occur, on all sales
made during the policy period, and therefore
needs no renewal privilege. The advance
premium is the minimum, and if the sales
during the year exceed the sales estimated at
time of the issuance of the policy, an additional premium on sales in excess of the policy
minimum is collected in the same proportion.
This is necessary because covered losses occurring after the policy expires, on all sales
made under it, are provable.
Under both forms of the collection policy
the company proceeds to collect the account
as soon as it is filed, and remits promptly to
the policyholder the amount it collects, less,
of course, the agreed collection charges. The
uncollected part of the account is proved as a
claim for loss under the policy and the policyholder is relieved of the burden of otherwise
proving his claim.
The service is not with a view to yielding a
profit to the company, and does not do so.
It is a service feature, said to save policyholders numerous losses. In cases where the
debtor is insolvent, the company prevents
much waste where creditors themselves, either
through ignorance of the law or by carelessness, do not preserve their rights.
The New York Insurance Department, in a
report March 6, 1922, on an examination it
made, comments on the collection service of
credit insurance as follows:
Undoubtedly the activities of the service and collection department have lowered loss ratios, afforded efficient
service at a minimum cost, rendered collections more
certain, and assured prompt recovery to the policyholder, any such collections being immediately remitted
to assured without waiting for adjustment at end of policy
period. Furthermore, notices filed under the collection
provision of the bond are accepted as proved claims and
save the assured the necessity of substantiating his claim
at maturity of bond.
The insured, when filing an account for
collection, accompanies the notification of
claim with an itemized statement of the account, together with any notes, guaranties,
securities, or other documents. Where an
account is disputed, or where the company
deems it necessary to* enforce collection or to
enable the insured to participate in any pro-
670
FEDERAL, RESERVE BULLETIN.
ceeding involving the estate of the debtor,
the insured shall authorize the necessary
legal proceedings and pay the necessary costs
and expenses. The charges are those established by the Commercial Law League.
Where the company effects collection without the services of an attorney, the fee is
7J per cent of the first $300 or less; 4 per
cent of the next $700; 2 per cent on the excess
over $1,000; minimum fee of $2.50.
Where the company deems it necessary
to secure the services of an attorney, these
amounts are doubled, and there is also a
minimum suit fee of $7.50, in addition to the
other fees, the whole not to exceed 50 per cent
of the claim. In places where collection fees
are established, either by law or bar rules,
the law or bar rules govern, while where litigation or insolvency proceedings are authorized
by the insured, a reasonable attorney's fee
is further charged. The fees apply even if
the insured subsequently receives payment
direct or withdraws the account.
Insolvency and losses.—At this point the
entire question of the definition of insolvency
and the procedure followed in establishing
and paying losses may be discussed. In
addition to covering a case where the account
is filed with the company for collection, the
term " insolvency'' includes certain items
covering roughly (1) actual insolvency, and
(2) impairment of assets. The exact wording
differs somewhat in the several policy forms,
but the items are substantially as follows:
1. (a) Assets held in any judicial proceeding to be insufficient to pay debts in full.
(6) Petition in bankruptcy filed by or against a debtor.
Appointment of a receiver.
(c) Debtor offers general compromise for less than
amount of his indebtedness.
(d) Debtor makes assignment or deed of trust for benefit
of creditors.
Debtor's business assigned to, or taken over by,
committee appointed by majority in number and
amount of creditors.
(e) Sole debtor dies or becomes insane.
Debtor absconds.
2. (a) Recording, or taking possession under chattel
mortgage given on stock in trade.
Attachment or execution levied, on stock in trade.
Sale of stock in trade under writ of attachment or
execution.
(6) Writ of execution is returned unsatisfied.
Debtor makes confession of judgment,
(c) Debtor transfer or sells out his stock in trade.
3. (In collection form of policy only.)
Insured, during term of policy, files with company
for collection, account due and payable at time
of filing, but not over 60 days past due under
original terms of sale.
In the case of a collection policy, the company requires that the insured shall file a notification of claim on an insolvent account and
Elace it with the company for collection at the
ead office within 15 days after acquiring
JUNE, 1922.
knowledge of insolvency. In the case of a noncollection policy, notice must be filed in 20
days, and all policies require that final proof
of statement of claim be filed not later than
30 days after expiration of policy. Where the
collection form of policy is used, notification
of claim is filed when placing the account with
the company for collection. The noncollection
form requires notice to be filed with the company, and the policyholder handles the accounts.
The companies regularly make adjustments
of the excess loss after the expiration of the
policy. All the companies make interim adjustments for a very nominal extra charge in
premium. Final adjustment under all forms
of policy is made within 60 days after receipt
of final statement.
The usual adjustment procedure stated in
the policy forms, in cases where no mutually
satisfactory agreement is reached as to amounts
thereafter obtainable on any loss, is that the
company shall allow the unpaid part of the loss
as far as covered. The policyholder assigns to
the company all accounts admitted in adjustment, except those on which there is mutual
agreement as to the amount thereafter obtainable. The assigned accounts are then handled
by the company for the joint account of policyholder and company, as their interests may
appear. It is further provided that if the indebtedness of the debtor to the policyholder
at the time of insolvency is not fully covered,
the deduction is made pro rata, i. e., in the ratio
that the amount covered bears to the whole
indebtedness. For example, take an account
of $10,000, covered for $7,500. Assume the
debtor's estate pays 10 per cent. The 10 per
cent of $10,000 is not deducted from the
amount covered, but 10 per cent of $7,500, or
$750, is deducted. It is also provided that if
the amounts realized by the company on
claims assigned to it exceed the sum paid to
the policyholder, the company shall refund the
excess.
Where interim adjustments are made, further
settlement is necessary at the expiration of the
policy, as the exact amount can not be accurately ascertained because the total sales and
shipments can not be determined until that
time. The insured therefore agrees to refund
to the company any amount deductible, but
which was not deducted in any prior adjustment, but this shall not exceed the amount
paid by the company under all adjustments.
Where coinsurance is figured in a special manner, as indicated later, the company agrees to
refund the insured 25 per cent of the total
received by it on the covered amount of all
accounts assigned to it, but this refund shall
not exceed the amount of coinsurance deducted.
JUNE, 1922.
FEDERAL RESERVE BULLETIN.
Adjustments are said to involve little difficulty, and litigation is very rare. Fraud is
seldom encountered; confirmation of the warranties in an application for the policy is made
at the time of adjustment, and extremely few
false warranties are found.
Contents of the policy.—The policy in general
contains the following sections or parts:
I. Insuring agreement.
II. Conditions and stipulations.
1. Coverage on single accounts; specifying agency
and amounts covered on different ratings.
2. Definition of insolvency (in summary form),
including—
(a) Actual insolvency.
(b) Past-due accounts.
(c) Impairment of assets.
3. Notification of claim.
4. Collection of accounts and schedule of fees
(in collection form only).
5. Final statement of claim.
6. Method of adjustment, including—
(a) Discounts debtor would have been entitled to had debt been paid at the
date of insolvency.
(b) All amounts collected thereon and other
amounts collected from other sources.
(c) Goods returned and replevined, in undisputed possession of insured.
(d) All amounts mutually agreed upon as
thereafter obtainable.
(e) Percentage of coinsurance as agreed
upon.
(/) Deduction of the agreed normal loss.
7. Collateral benefit, which provides that a rider
may be attached calling for payment of the
excess loss to a specified bank."
(a) Other riders often found, calling for
interim adjustment of claims and for
coverage of inferior ratings.
8. General provisions covering methods of payment, acknowledgment of receipts and
claims, and lines of authority and conditions
under which suit can be brought.
9. On the reverse side of the policy is the application for insurance, giving data indicated
below as to certain features of the applicant's
business.
(a) The mercantile agency whose ratings
are used as a basis for the extension
of credit.
(6) Agreement of conditions and stipulations of policy.
(c) Remittance for premium.
(d) The line and nature of business and
how long in it.
(e) Territory covered.
(/) Usual and longest terms of sale, including discounts allowed.
(g) Contemplated changes in method of
doing business.
(h) Credit information possessed on any
doubtful accounts sold or to be sold.
(i) The gross sales and losses over the last
five or six years.
The insuring agreement, or caption, is in
effect an outline of what the policy does, subject to its conditions and stipulations. The
agreement sets out:
(a) That the company guarantees against
loss, due to insolvency of debtors " as* herein
671
defined." Insolvency is defined in condition
2 of the policy.
(6) The loss shall occur during the term of the
policy. That term is specified in the " insuring agreement" and is for one year.
(c) The loss shall result from shipments of
merchandise made during the term of the
policy.
(d) The loss must be covered; that is, must
result from insolvency of debtors (condition 2)
owing for shipments of merchandise made
during the term of the policy, and be covered
under condition 1 of the policy (the " coverage "
condition), or be covered under the "inferior
ratings," if the policy is made by rider to
include the latter class.
(e) The loss must be proved; that is, there
must be sent to the company a notification of a
past due account (subdivision 1, condition 2),
and also of an insolvent account (subdivisions
2 to 14 of condition 2), as required by condition 3 of the policy, viz, " Notification of claim"
condition.
The above conditions, viz, 1, 2, and 3 of the
policy, operate during its term. For example,
when the insured ships his goods, during the
policy period, he knows from condition 1 the
coverage (that is, the limit of insurance) on
the customer by the rating. If the debtor
does not pay within 60 days after the account
is due, under the optional collection form, the
insured may elect to have the debtor deemed
"insolvent" for the purposes of the policy, by
sending the account to the company for collection under subdivision 1 of condition 2 of the
policy, and as set out in the fore part of the
notification condition 3. If, however, any
customer becomes insolvent under any of the
subdivisions 2 to 14, inclusive, of condition 2
of the policy, then the insured must file
notification of claim and forthwith place the
account with the company for collection, as
required by the second part of condition 3
of the policy.
The chief operative conditions after the
expiration of a policy are 5 and 6.
Where a claim is made for payment of losses
in excess of the normal loss to be borne by the
insured, condition 5 provides that a final statement of. such claim shall bo filed by the insured
with the company within 30 days after the
expiration of the policy. In such cases the
company sends an adjuster to the office of the
insured to make the adjustment. Condition 6,
"method of adjustment," proscribes definitely
the procedure whereby such losses are allowed
under the policy, and the amount to be paid
immediately to the insured is ascertained.
If "interim adjustments," that is, loss payments to the insured during the term of tnc
policy, are to be made, then an interim state-
672
FEDERAL RESERVE BULLETIN.
ment may bo filed by the insured with the
company at any time during the policy period,
and the company will adjust and pay such
losses in the manner described in condition 6.
The policy, however, remains in force until its
expiration, when a final adjustment is made,
including any additional losses thereunder.
Thus, therefore, there are five conditions
that govern generally, viz: 1, 2, and 3, during
the currency of the policy, and 5 and 6 after
its expiration.
JUNE, 1922.
mine the normal loss to be borne by the clothing
and paper houses, respectively.
Where the premium as thus calculated, in
any case, is more than 50 per cent of the
normal loss, which unusual coverages may
sometimes compel, then the amount of the
premium and the amount of the normal loss
may be combined, and one-third of such total
may be paid as premium, in cash, and the
remaining two-thirds become the normal loss.
For example, take a case where the premium
would be Sl',200 and the normal loss 81,500.
The total is $2,700, one-third of-which, or 8900,
III. ACTUARIAL BASES.
becomes the cash premium and the remaining
This year the three companies completed the two-thirds, or 81,800, becomes the normal loss
preparation of a manual, or mortality table, for first to be borne by the insured. The relation
underwriting against losses. It is the culmi- of the premium to the combined premium and
nation of a long succession, of mathematical normal loss, on the whole, averages only about
calculations based on experience, which devel- 23 per cent.
oped, step by step, the facts that yielded the
Another division of the combined amount of
charges necessary to furnish the protection. the premium and normal loss has just been
The records of the companies, covering a evolved. This new division is to take, as a
period of many years, reveal the private, pre- premium, 25 per cent of the combined total
cise, and full experience of thousands of whole- and 75 per cent of it as the normal loss, and
sale merchants in every line of trade, including the normal loss thus ascertained is increased
their sales to variously rated concerns and the 10 per cent. For example, take a case where
losses thereon. From this information the the premium would be $1,200 and the normal
Manual of Credit Insurance Hates was com- loss 81,500; the total is 82,700, 25 per cent of
piled.
which is $675, which becomes the cash.preThere are three basic and interdependent mium. The remaining 75 per cent of $2,700
factors in credit insurance underwriting, viz, is $2,025, which, plus 10 per cent thereof, or
(1) the premium; (2) the normal loss; and (3) $202.50, makes the normal loss $2,227.50.
the coverage, or insurance afforded on specified Thus, therefore, the cash premium becomes
ratings. The premium and normal loss can not $675 instead of $1,200, a reduction of $525,
be determined until there is first ascertained and for this consideration the normal loss of
the coverage of the policy on each of the ratings $1,500 is increased by only $727.50, making
specified in the "table of ratings" given in the the normal loss $2,227.50.
"coverage" clause of the policy. When these
The premium usually ranges from one-tenth
coverages are agreed upon, the premium and to one-fourth of 1 per cent of the sales volume
the normal loss are quickly and accurately where the latter is small, and from onedetermined.
twentieth to one-tenth of 1 per cent where it is
The 'premium.—The coverages and the large. The premium, on the whole, averages
amount of a merchant's annual sales funda- about one-tenth of 1 per cent of the annual
mentally determine the premium. A charge sales.
is made, first, for the average of the various
The normal loss,—The manual prescribes the
coverages on ratings; second, for the sales basic normal loss for all houses in each line of
volume.
business on the volume of annual sales. There
As the premium is calculated primarily on are ihre classes or groups, and a basic normal
coverages and sales, it is uniform for all lines loss for each of the first four. The groups indiof business. The reason is that a mercantile cate to the companies relative credit risks.
agency rating represents a definite financial The normal loss rates for lines of business
worth and paying abilit}^. The rating of " A " classed in group 1 arc lower than for group 2
or "G," of $1*000,000 or over, given to a paper lines, group 2 lower than for group 3, etc. No
manufacturer, who sells on short terms, or to rates have been compiled for group 5, which
a clothing house that sells on long terms includes diamonds, furs, etc., lines for which
nevertheless indicates a financial worth of credit insurance is usually not written. The
$1,000,000. The fact that the assets of the lines of trade, showing their relation to losses
clothing house are subject to a greater average therein, are shown in the last part of this
loss exposure than those of the paper manu- ' article."
facturer, while it does not alter the principle of I The classification of lines of business has no
the rating and the premium basis, does deter- bearing upon the moral standing or business
JUNE, 1922.
capacity of the concerns engaged in the various
lines of trade. It means that the losses,
inherent and constantly occurring in varying
magnitude, differ according to the line of
business. Several factors may cause variation
in losses. These include, whether sales are
made in part or exclusively to manufacturers,
jobbers, or retailers; whether the demand for
goods dealt in is seasonal or relatively continuous; whether goods are standard or changing in style; whether terms of sale are 10 or 30
days, or 3 or 6 months, or longer; the profit
loading; the territory sold, etc.
The points just mentioned are covered in
the application for a policy. The blank used
by all the companies for all policies calls for
figures covering 5 years plus the fractional
year to date, asking for data on sales, losses,
and collections from credit insurance companies, and amounts of accounts owing by
debtors under general extension. Sometimes
the experience of the merchant for a longer
period than 5 years is required. The application blank in either case also gives data as to
the applicant's line, length of time in business,
character of business (jobber or manufacturer), territory covered, terms of sale and
proportion of sales made to manufacturers,
jobbers, and retailers. The application for a
renewal policy merely indicates any differences
on these points from the previous application,
and gives details concerning the outstandings,
in particular those about which there may be
some doubt, as stated in the forepart of this
article.
The classification of lines is for the purpose
of adjusting rates to the normal for each
house in each line of business, so that all lines
shall thereby be made equally desirable for
credit underwriting at the rates required.
As economic conditions do not affect adversely all lines of business at the same time,
but do at some time affect special lines, the
loss ratio varies in each line underwritten. For
example, during 1921 failures were heavy in
some manufacturing lines, but much lighter
in others. Group 1 lines may thus suffer
greatly in a year when group 4 lines are less
disturbed, etc. Of course, the human clement
of fallibility is always present in all lines,
regardless of economic conditions, as shown
by the large number of failures in all years.
The normal loss is subject to certain refinements in underwriting. If the coverage is
unusual, the rate is so adjusted that the merchant's participation in a risk shall always be
fairly and scientifically correspondent therewith. The normal loss on a limit of $50,000,
e. g., is, of course, greater than on a limit of
$5,000. Again, where a house has an average
loss experience for the last 10 years amounting
673
FEDERAL RESERVE BULLETIN.
to not more than 50 per cent of the manual
normal loss rate, what is termed a "merit"
rate is applied. The latter is, of course, regulated, as all rates are, in proportion to the
limit of coverage on trie various ratings.
Where the loss experience of the applicant has
been so great as not to permit the use of the
manual normal loss rate, a special rate is
applied to his business. This special individual normal rate is readily ascertained,
mainly by averaging his own loss experience.
The normal loss rates for different lines of
trade ordinarily vary from one-tenth of 1 per
cent to 1 v, per cent of the annual sales, according to the volume. The normal loss, as a
whole, is about throe-tenths of 1 per cent of a
year's sales. It is estimated that the average
loss through insolvency for all merchants in the
United States is about one-half of 1 per cent.
It is said that in no adjustment has objection been raised by the merchant to the rate of
normal loss, because he realizes that it is more
than covered in the "stand cost" of his goods,
and that he does not pay it in cash to the company, but retains it as reserve (so to speak)
that costs him nothing, and that the premium
is lessened thereby.
Coverage.—The application names a mercantile agency whose capital and credit ratings exclusively govern shipments made under
the policy. The insured is allowed much
freedom of choice. Dun and Bradstrect are
the regular agencies used, but the ratings of
any well-known agency operating in a special
fieid are acceptable, such as- the Shoe and
Leather Agency, Lyon Furniture Mercantile
Agency, Lumbermen's Credit Association, National Lumber Manufacturers Credit Corporation (Red Book), National Jewelers Board of
Trade, Iron and Steel Board of Trade, etc.
The ratings are divided by the company
into two classes, namely, preferred and inferior. These ratings for Dun and Bradstreet arc as follows:
R. G. DUN & CO.
General credit.
Estimated pecuniary strength.
AA
A+
A
B+
B
C+
c
Over $1,000,000.
8750,000 to $1,000,000
500,000 to
750,000
500,000..
300,000 to
200,000 to
300,000..
125,000 to
200', 000..
75,000 to
125,000..
50,000 to
75,000..
35,000 to
50,000..
20,000 to
35,000..
10,000 to
20,000.
5,000 to
10,000..
3,000 to
5,000.,
2,000 to
3,000.
2,000.
1,000 to
1,000.
500 to
Less than 500..
High! Good Fair.
Al
Al
Al
1
1
1
it
14
f
3
3
674
BRADSTRKET.
Estimated wealth.
J
K
L
M
N
0
P
Q
R
S.
T
U
v
w
X
Y
z
JUNK, 1922.
FEDERAL RESERVE BULLETIN.
81,000,000 and above
§500,000 to $1 000 000
400,000 to 500 000
300,000 to 400,000
250,000 to 300 000
200,000 to 250 000
150,000 to 200,000 .
100,000 to 150' 000
75 000 to
100 000
75,000
50,000 to
35.000 to
50 000
35,000
20,000 to
20,000 .
10,000 to
5,000 to
10,000
3,000 to
5 000
2,000 to
3 000
2,000 '
1,000 to
500 to
1,000
0 to
500
Grades of credit.
;
A
B
B
C
'c
D
|
] J
i R
!
1
I)
• • I 1UM.
v:
An excess premium is charged for such increased coverage. No abnormal limits are
ever issued on second grades of credit. Since
the amount of coverage on the ratings is an
important factor in the calculation of the
premium, the applicant naturally docs not ask
for coverage beyond his requirements, so that
he usually restricts them to amounts much
below the maximum normal limits.
The maximum limits arc as follows for the
Dun ratings:
First credit rating.
V
Maxi- ! Maximum | mum abnormal, j normal.
F
!
1
Second rating.
The table of ratings in the policy specifies in A A - A 1
! 350,000 | 5100,000 AA1
,
S35,000
! 40,000 j 75,000 A+l
30,000
,
dollars the exact amount of insurance allowed A-J-Al
25,000
40,000 ! (50,000 A 1
A Al
20,000
35,000 '•
50,000 B+tt
for each designated rating. No loss is covered BB +1
20,000
30,000
40,000 13 1J
under a policy unless the debtor to whom the c+i
25,000 ! 30.000 c+ij
15;000
18,750
i
12,500
25,000 C2..
goods were shipped and delivered shall have c s
12,500 I
10,000
20,000 D+2
8'.
750
7,000
in the latest published book of the agency
15,000 D 2
4,000
8,000 K 2h
K 2~.
j
5;
ooo
!
selected, at the date of the shipment, a capital
2,000
4,000 F 3 :
2.500 !
1,000
2.000
G
3
G
3i
i;250
i
and credit rating as given in the table of ratings H 3
i;250
600
750
contained in the policy. If the name of the .13
400
800
500 :
K3
400
250
.
debtor does not appear in the latest published
book, then the latest report of the agency shall Blank 1—not in excess of 70 per cent of highest first
govern, if that report has been made within a single limit used, but not over $25,000.
specified time of the shipment, usually three or Blank 2—not in excess of 70 per cent of highest second
single limit used, but not over 810,000.
four months.
The coverages on the ratings run from $400
Coinsurance.—The provision of coinsurance
upward to $100,000. The general run of is sound in principle and practice; it is now
policies have coverages averaging around standard in insurance. Coinsurance is uni$5,000 for the higher ratings, and from there versally understood by insurers as an equitable
graduated down to $400. The limits of cover- method by which each policyholder shares a
age are graduated on a descending scale in ac- small part of a loss, as an offset generally to the
cordance with the ratings. In no case must the difference between the selling price of goods and
coverage allowed a rating be higher than the the cost price thereof, thus bringing the
limit allowed to any higher rating. That is, insurance coverage, on the average, to practiif the limit for the rating of A is $10,000, the cally the replacement value of the goods.
limit for B can be no higher than $10,000.
Coinsurance acts also as an important and
The companies also have a set of maximum wholesome factor in inducing conservatism by
limits for each rating beyond which they will the policyholder; its benefits are likewise
not cover a risk. These are calculated at a reflected in the reduced premium charges
conservative percentage of the debtor's lowest which could not prevail without it.
capital rating. On capital ratings of $75,000
All three companies provide for coinsurance
and under, the figure is usually 25 per cent on of 10 per cent, as a general rule. The new
first grades of credit, and 20 per cent on second forms of credit policies now being issued make
grades. These percentages, however, are the coinsurance applicable to the net loss, so
graduated, decreasing as the capital ratings that 90 per cent of the net loss on the " preincrease, so that for capital ratings of $1,000,000 ferred " rating class is admitted under a policy
or over the figure is $50,000 on first grade of at the time the company adjusts, thus paying
credit and $35,000 on second grade, for the what is, in fact, the actual net loss.
company's loss would be greater if a purchaser
One of the companies has a form of policy
of large unit sales went into bankruptcy.
by which it figures coinsurance in a somewhat
Occasionally policies are written with what different manner, and outlines that method to
are called maximum abnormal limits, and in the following effect, viz, it provides for deducsuch cases the percentage of first grades of tion of an amount determined by deducting
credit is increased to as much as, but never the premium paid from one-fourth the net
more than, 40 per cent of the capital rating. amount of insolvent accounts ascertained in
!
su
;
:
JUNE, 1922.
FEDERAL RESERVE BULLETIN.
the adjustment. This deduction, of course,
docs not become effective until the net amount
of such accounts exceeds the normal loss which
the insured agrees to bear, for only then does
the insured have a claim against the company.
It applies moreover only on the actual net
amount insured after dividends on the accounts
are received, whether these dividends are
received before or after the adjustment is
made, and not on the amount insured before
dividends are received. This deduction is
explained as aimed to protect the company
in the event that abnormal insolvencies occur.
Moreover, the deduction will increase or
decrease as losses decrease or increase beyond
an amount equal to four times the premium
paid, on which amount there is no deduction
for so-called coinsurance. It will tend to discourage, as does the standard coinsurance,
credits to debtors to whom the seller would
not extend credit if he were not insured. At
the same time, it is said not to be so stringent
as to prevent the seller giving the buyer the
benefit of a reasonable doubt when one exists.
This company therefore figures coinsurance on
the actual loss.
Coinsurance, usually of 33J per cent, is required on sales to inferior rated risks. The
figure was formerly 25 per cent.
Adjustment of loss.—The actual adjustment
of losses is best understood by illustration.
Assume X is a manufacturer with gross sales
of $1,000,000'a year, and ships $50,000 worth
of merchandise to Y on terms of 2 per cent
30 days. The buyer, Y, is rated AAAl by
Dun, and the policy specifies a maximum single
account coverage of $50,000 for such a rating.
Three weeks later a receiver is appointed for Y,
which constitutes insolvency as defined in the
policy. The 10 per cent coinsurance is figured
on the net loss, the net loss payable being ascertained as follows:
675
The above illustration is where only one loss
occurs, and the merchant has received from the
debtor $5,000 in cash, returned goods of $2,000,
and there is a value of $1,000, the total being
$8,000, which he has not lost, but which, if he
had lost, would have increased the payment to
him by the insuring company by $8,000. If
the policyholder had several more losses under
the same policy, he would have been paid additionally the net amounts covered, less 10 per
cent coinsurance.
IV. DEVELOPMENT OF CREDIT INSURANCE.
There are three companies writing credit
insurance. The American Credit-Indemnity
Co. of New York confines its business exclusively to credit insurance; it was incorporated
in New York in 1893. The other two companies are the Ocean Accident & Guarantee
Corporation (Ltd.) and the London Guarantee
& Accident Co. (Ltd.), both of which write
multiple lines, such as casualty insurance, etc.
They first operated credit insurance departments in the United States in 1895 and 1905,
respectively.
Prior to 1898 the business ^vas experimental,
restricted insurance being written at low premium rates. In that year the national bankruptcy act was passed, and policies were broadened greatly so as to cover all forms of insolvency. From time to time they have been
further liberalized, as has already been indicated. "Unlimited" policies were introduced
in 1916, and a collection service, whereby accounts are placed with the company for collection, has also been inaugurated.
The most outstanding recent development
has been the adoption by the three companies
of the manual referred to above. When credit
insurance was first written no statistics of a
serviceable nature were available. The companies necessarily had to acquire their own
Gross loss covered and proven
$50,000 experience in order to perfect the insurance,
which has taken many years to do. For sevLess:
(1) All discounts to which the debtor
eral years policies were therefore crude and
would have been entitled had
restricted. As experience broadened, statisthe debt been paid at the date
tical compilations of actual happenings began
of insolvency
$1,000
to reveal the averages necessary to afford a
(2) All amounts collected thereon and
sound basis for broad, protective, and highly
all amounts which may have
been obtained from any other
useful insurance, with premiums closely ad^ source
5,000
justed to the risk involved.
(3) The amount of goods returned or
Prior to the perfection of the manual the
replevined, when such goods are
underwriting was difficult and was largely a
in the undisputed possession of
the indemnified
2,000
matter of judgment for the individual under(4) All amounts mutually agreed upon
writer. Its' adoption has rendered possible the
as thereafter obtainable
1,000
training and development of agents on a large
O) \J\)\J
scale,
and there has been a gradual increase in
~41,000
the
agency
force. Corresponding increase in
10 per cent coinsurance . . . , „ .
4,100
the use of credit insurance is looked for.
Normal loss
5, 000
The present-day policy of credit insurance
_ A*0!?
Amount payable under policy
31,900 plainly sets forth its provisions, so that it
676
FEDERAL RESERVE
may readily bo understood by every merchant and every banker. For the insured,
the chief operative features are but three in
number, viz, (1) The "coverage" clause,
prescribing the limit of insurance in dollars
on each rating; (2) notice to the company of a
past due or insolvent account; (3) the method
of adjustment. These indicate to the policyholder his method of procedure in all cases.
Present use.— Credit insurance policies are
used by manufacturers and jobbers of all sizes,
from those doing a business of §50,000 a
year to those doing upward of 875,000,000.
In number, the medium-sized houses, who do
a business of from $200,000 to $2,000,000
yearly, constitute the majority of the policyholders. Those known as the "millionaire''
sales houses, however, form a large and.growing part of the business of the companies.
Credit insurance is used in almost all lines
of trade. It is perhaps most frequent for
lumber, iron and steel, coal, hardware, textiles, paper, advertising agencies, printing
and stationery, shoe and clothing manufactures, etc. A few lines arc considered extra
hazardous and are not solicited. This is due
to the profits, nature of the merchandise, and
type of individuals sometimes found in them.
These lines include diamonds and jewelry,
furs, scrap iron, patent medicines, and jobbers
of woolens. The retail jeweler, e. g., receives
the stock of diamonds which he needs to display, on terms averaging about eight months,
and if he has not sold them by that time, receives additional time, so that he may even
be carried for several years. What insurance
is written in such lines is confined to the best
firms, and is not written on the regular basis.
The amount of such business written has been
so small that it affords no reliable actuarial
basis upon which to write these lines.
Premiums and losses.—The general growth of
credit insurance during the past 10 years may
be observed in the following figures, showing
net premiums received annually. The table
also gives net annual data for losses paid and
expenses incurred in adjustment. Returns
for the three companies are consolidated.
COMBINED EXPERIENCE or THE THREE COMPANIES FOR
PREMIUMS AND LOSSES FOR TEN YEARS.
Year.
1912
1913
1914
1915
191(5
1917
1918
1919
1920
1921
Premiums.
..'•
. .
:
..:
SI. 611.352
1,506,827
1,487,506
1.395.713
1,413,566
1.665.915
1,856.703
2,219,679
3,695,954
3,498.161
Losses.
SI 195,840
923,293
732,339
939.765
293,423
97,07ft
194,182
72,552
637,318
3 100,782
Per cent.
74
61
49
67
21
6
10
3
17
89
BULLETIN.
JUNE, 1922.
It will be noted that losses differ greatly
from year to year. They roughly parallel the
changes in general business conditions, being
at a peak for some years after a crisis. During
the vears 1912 and"l913 and for 1915 and 1921,
the losses were large, but during the years 19161920; inclusive, the reverse was true. In 1921,
the year following the crisis, they reached a
peak, being greater than in. any previous year.
The losses are expected gradually to decrease
as business revives, but it is believed that it
will probably be a year or two before they are
back to what is regarded as normal.
CLASSIFICATION OF B U S I N E S S L I N E S .
Group.
Line.
Advertising, books, printing, stationery, and lithographers.
Agricultural implements.
Ammunition, hardware, and cutlery.
Automobiles, automobile accessories, bicycles, and bicycle
parts.
1 Awnings and tents.
1 Bagging and bags.
4 Bags and trunks.
2 Bakers,.confectionery, and candy.
1 Barrels and cooperage stock.
2 Bedding and upholstery.
2 Belting (leather), machinery, and machine supplies.
4 Bicycles, bicycle parts, automobile accessories, and automobiles.
Blankets.
Blinds, planing mills, sash, and doors.
2 I Boilers, stoves, heating appliances, and furnaces.
2 ! Books, printing, stationery, lithographers, and advertising.
Boots and shoes (jobbers).
Boots and shoes (manufacturers).
Bottles.
Boxes and crates.
Boys' and men's clothing.
4 ! Brass, copper, and metals.
2 : Brick, cement, lime, plaster, terra cotta, buiiding and roofing
2 i materials, and sand.
3 Bronze powder, wallpaper, and window shades.
2 Brushes, celluloid goods, and combs.
2 Building and roofing materials, sand, brick, cement, lime,
plaster, and terra cotta.
2 Butter, eggs, and cheese.
2 Buttons.
1 Candles, grease, and soap.
2 Candy, confectionery, and bakers.
4 Canes and umbrellas.
1 Canned goods, grocers' sundries, and fancy groceries.
4 Caps, straw goods, and hats.
1 Carpets and floor coverings (manufacturers).
3 Carpets and floor coverings (jobbers).
2 Carriages and wagons.
2 Car wheels, foundry, iron, steel, and heavy hardware.
2 Celluloid goods, combs, and brushes.
2 Cement, lime, plaster, terra cotta, building roofing materials,
sand, and brick.
Chains (iron), manufacturers.
Cheese, butter, and eggs.
Chemicals.
Children's and ladies' clothing.
China, crockery, and glassware (jobbers).
2 China, crockery, and glassware (manufacturers).
3 Cigars and tobacco (jobbers and manufacturing).
3 Cloaks and suits.
3 Clothing (ladies' and children's).
4 Clothing (men's and boys').
1 Coal, fuel, and ice.
2 Coflee, spices, and teas.
1 Coffins and undertakers' supplies.
4 I Collars, shirts, and cuffs.
2 Combs, brushes, and celluloid goods.
4 Commission dry goods%
4 Commission woolens.
2 Commission, provisions, fruits, and produce.
2 Confectionery, candy, and bakers.
2 Converters (cotton), selling jobbers and retailers exclusively.
4 Converters (cotton) selling in whole or part to manufacturers.
1 Cooperage stock and barrels.
2 Copper, metals, and brass.
1 Cordage and twine.
3 Corsets.
2 Cotton converters, selling jobbers and retailers exclusively.
4 Cotton converters, selling in whole or part to manufacturers.
1
1
3
4
A
•I?
1 '•••
?!
SI
.JI\NK, 1922.
CLASSIFICATION OF BUSINESS LINES—Continued.
Group.
2
4
2
2
1
1
3
2
1
4
2
3
o
2
3
41
4
4
2
2
1
2
2
3
1
5
2
2
2
2
I
3
2
2
1
5
2
2
2
3
5
1
3
2
4
1
3
2
3
2
2
2
2
1
1
2
1
2
2
3
2
2
4
2
9
2
2
1
4
1
3
1
1
2
3
f)
4
1
3
2
3
4
2
2
2
2
2
1
Line.
Cotton goods (commission).
Cotton goods (jobbers and importers).
Cotton goods (manufacturers—from raw material).
Cotton warp.
Crates and boxes.
Creamery.
Crockery, glassware, and china (jobbers).
Crockery, glassware, and china (manufacturers).
Crude rubber.
Cuffs, shirts, and collars.
Curled hair, glue, and gelatine.
Cutlery, ammunition, and hardware.
Diamonds.
Doors, blinds, planing mills, and sash.
Draperies.
Dresses and skirts.
Drugs and medicinal oils.
Dry goods.
Dry goods (commission).
Dyeing (yarns and furs).
Eggs, butter, and cheese.
Electric and gas fixtures.
Electrical and telephone supplies.
Embroideries and laces.
Enamel ware and tinware.
Fancy groceries, canned goods, and grocers' sundries.
Feathers and flowers.
Feed, hay, grain, and flour (jobbers).
Fertilizers.
Fish and meats.
Fishing tackle, sporting goods, guns, and hammocks.
Floor coverings and carpets (manufacturers).
Floor coverings and carpets (jobbers).
Florists and nurserymen.
Flour, feed, hay, and grain (jobbers).
Flour and grist mills.
Flowers and feathers.
Foundry, iron, steel, heavy hardware, and car wheels.
Fruits, produce, commission, and provisions.
Furnaces, boilers, stoves, and heating appliances.
Furniture.
Furs.
Fuel, coal, and ice.
Gas and electric fixtures.
Gelatine, glue, and curled hair.
G eneral merchandise.
Glass (manufacturers).
Glassware, china, and crockery (jobbers).
Glassware, china, and crockery (manufacturers).
Gloves and pocketbooks (jobbers).
Gloves and pocketbooks (manufacturers).
Glue, gelatine, and curled hair.
Grain, flour, feed, and hay (jobbers).
Grates and mantels.
Grease, soap, and candles.
Grist and flour mills.
Groceries.
Grocers' sundries, fancy groceries, and canned goods.
Guns, hammocks, fishing tackle, and sporting goods.
Hammocks, fishing tackle, sporting goods, and guns.
Hardware, cutlery, and ammunition.
Hardware (heavy), car wheels, foundry, iron, and steel.
Harness and saddlery.
Hats, caps, and straw goods.
Hay, grain, flour, and feed (jobbers).
Heating appliances, furnaces, boilers, and stoves.
Heavy hardware, car wheels, foundry, iron, and steel.
Hides and skins.
Hops.
Hosiery, knit goods, and underwear (jobbers).
Hosiery, knit goods, and underwear, manufacturers (selling to
jobbers only).
Hosiery, knit goods, and underwear, manufacturers (selling to
jobbers and dealers).
Ice, fuel, and coal.
Ink, manufacturers.
Iron, steel, heavy hardware, car wheels, and foundry.
Jewelry and mounted goods.
Junk and scrap iron.
Knit goods, underwear, and hosiery (jobbers).
Knit goods, underwear, and hosiery, manufacturers (selling to
jobbers only).
Knit goods, underwear, and hosiery, manufacturers (selling to
jobbers and dealers).
Laces and
embroideries.
Ladies7 and children's clothing.
Leaf tobacco.
Leather.
Leather belting, machinery, and machine supplies.
Leather novelties.
Lime, plaster, terra cotta, building and roofing materials, sand,
brick, and cement.
Linens and linen importers.
Linoleum (manufacturers).
677
FEDERAL RESERVE BULLETIN.
CLASSIFICATION OF BUSINESS LINES—-Continued.
Group.
Line.
Linoleum Clobbers).
Lithographer.-;, advertising, books, printing, and stationery.
Lumber and shingle mills.
2 Lumber and shingles (wholesalers).
2 Machine supplies,leather belting:, and machinery.
!
2 Machinery,"machine supplies, arid leather belting.
1 Malting and inalstcrs.
2 Mantels and grates.
2 Meats and fish.
J. Medicinal oils and drugs.
5 .Medicine, patent.
4 Men's and boys' clothing.
4 Men's furnishings.
2 Metals, copper and brass.
4 Millinorv.
2 MineralVaters and soft drinks (manufacturers).
4 Mineral waters and soft drinks (jobbers).
1 Mirrors.
1 Molasses, sugar, and rice.
1 • .Molding and picture frames.
3 : Mounted goods and jewelry.
2 Musical instruments, organs, and pianos.
4 Neckwear.
4 Notions.
2 Novelties (leather).
3 ! Novelties and toys.
2 Nurserymen and florists.
] Oils (mineral and refined).
1 Optical goods and surgical instruments.
2 Organs, pianos, and musical instruments.
4 Overalls.
Pack i n sr-h oi ise prod nets.
2 Paints,'"varnish, and vegetable oils.
4 Pants.
Paper.
1 Paper bags.
f> Patent medicines.
1. Peanuts.
2 Pianos, musical instruments, and organs.
2 Pickles'.
1 Picture frames and moldings.
2 Planing mills, sash, doors, and blinds.
2 Plants and seeds.
Plaster, terra cotta, building and roofing materials, sand,
brick, cement, and. lime.
1 Plumbers' supplies and plumbing.
4 Plush goods, velvets, and silks.
3 Pocketbooks and cloves (jobbers).
2 Pocketbooks and gloves (manufacturers).
1 : Printing, stationery, lithographers, advertising, and books.
2 ! Produce, commission, provisions, and fruits.
2 Provisions, produce, commission, and fruits.
Railroad supplies.
\ Refrigerators.
3 Ribbons.
Rice, molasses, and sugar.
2 Roofing and building materials, sand, brick, cement, lime,
nln.stor. and terra cotta.
1 i Rubber (crude).
2 i "Rubber iroods.
4 Rnbbor tires.
2 i Saddlery and harness..
2 Sand, brick, cement, lime, plaster, terra cotta, building and
roo finer materials.
2 Sash, doors, blinds, and planing mills.
0
Scrap iron and junk.
2 Seeds and plants.
2 i Shingle and lumber mills.
2 Shiniiles and lumber (wholesalers).
4 Shirts, collars, and cufl's.
4 Shoes and boots (jobbers).
3 Shoes and boots (manufacturers).
4 Silk (raw).
Silks, velvets, and plush goods.
2 Skins and hides.
4 Skirts and dresses.
1 Soap, candles, and grease.
2 Soft drinks and mineral waters (manufacturers).
4 Soft drinks and mineral waters (jobbers).
2 Spices, teas, and coffee.
2 Sporting goods, guns, hammocks, and fishing tackle.
1 Stationery, lithographers, advertising, books, and printing.
2 Steel, heavy hardware, car wheels, foundry, and iron.
' •
3 Store fixtures.
2 Stoves, heating appliances, furnaces, and boilers.
4 Straw goods, hats, and caps.
1 Sugar, rice, and molasses.
3 Suits and cloaks.
1 '; Surgical instruments and optical goods.
4 Suspenders and webbing.
4 Tailors' trimmings.
2 Tanners.
2 Teas, coffee, and spices.
1 Telephone and electrical supplies.
3
.1.
2
678
FEDERAL RESERVE BULLETIN.
CLASSIFICATION OP BUSINESS LINES- Continued.
Group.
Lino.
1 Tents and awnings.
2 Terra cotta, building and roofing materials, sand, brick,
cement, lime, and plaster.
4 Thread.
2 Tin ware and enamel ware.
4 Tires (rubber).
4 Tobacco (leaf).
3 Tobacco and cigars (jobbers and manufacturers).
1 Tool manufacturers.
3 Toys a rid novel 1 ies.
4 Trunks and bags.
1 T wi ne an d cord age.
4 Umbrellas and canes.
1 Undertakers' supplies and coffins.
4 Underwear, knit goods, and hosiery (jobbers). /
1 Underwear, knit goods, and hosiery, manufacturers (selling
to jobbers only).
3 Underwear, knit goods, and hosiery, manufacturers (selling
to jobbers and dealers).
2 Upholstery and bedding.
2 Varnish, vegetable oils, and pain Is.
2 Vegetable oils, paints, and varnish.
4 Velvets, plush goods, and silks.
3 Veneer.
5 Vinegar.
2 Wagons and carriages.
3 Waists.
3 : Wall paper, window shades, and bronze powder.
2 . Warp (cotton).
3 Waste and wool.
4 Webbing and. suspenders.
1 Willowware and woodenwarc.
3 Window shades, bronze powder, and wall paper.
2 ; Wire and woven wire specialties.
1 j Woodcrnvare and willow ware.
3 I Wool and waste.
4 • Woolens (commission).
5 ' Woolens (jobbers and importers).
4 Woolens (manufacturers).
2 Woolens, manufacturers (for men's wear exclusively).
2 Woven wire specialties and wire.
2 Yarns, cotton, or worsted (manufacturers).
4 Yarns, woolen (manufacturers).
4 Yarns (jobbers).
GENOA FINANCIAL COMMISSION REPORT.
The following is the complete text of the
report of the Financial Commission of the
Genoa Conference, of which Sir Robert Home,
the British Chancellor of the Exchequer, was
chairman:
A. Resolution adopted by the Financial Commission on
April 20, 1922:
That this commission having received the reports of the
subcommissions on currency and on exchange, transmits
them to the conference and recommends to the conference
the following resolutions for adoption:
I. CURRENCY.
Resolution 1. The essential requisite for the economic
reconstruction of Europe is the achievement by each
country of stability in the value of its currency.
Resolution 2. Banks, and especially banks of issue,
should be free from political pressure, and should be conducted solely on lines of prudent finance. In countries
where there"-is no central bank of issue one should be
established.
Resolution 3. Measures of currency reform will be facilitated if the practice of continuous cooperation among
central banks of issue or banks regulating credit policy in
the several countries can be developed. Such cooperation
of central banks, not necessarily confined to Europe, would
provide opportunities of coordinating their policy without
hampering the freedom of several banks. It is suggested
that an early meeting of representatives of central banks
should be held with a view to considering how best to give
effect to this recommendation.
JUNE, 1922.
Resolution 4. It is desirable that all European currencies
should be based upon a common standard;
Resolution 5. Gold is the only common standard which
all European countries could at present agree to adopt.
Resolution 6. It is in the general interest that European
Governments should declare now that the establishment
of a gold standard is their ultimate object, and should
agree on the program by way of which they intend to
achieve itResolution 7. So long as there is a deficiency in the
annual budget
of the State which is met by the creation
of fiduciary1 money or bank credits, no currency reform is
possible and no approach to the establishment of the %old
standard can be made. The most important reform of all
must therefore be the balancing of the annual expenditure
of the State without the creation of fresh credits unrepresented by new.assets. The balancing of the budget requires adequate taxation, but if government expenditure
is so high as to drive taxation to a point beyond what can
be paid out of the income of the country, the taxation
itself may still lead to inflation. The reduction of government expendi lure is the true remedy. The balanting of th e
budget will go Mr to remedy an adverse balance of external
payment by reducing internal consumption. But it is recognized that in the cases of some countries the adverse
balance is such as to render the attainment of equilibrium
in the budget difficult without the assistance in addition
of an external loan. Without such a loan that comparative
stability in the currency upon which the balancing of the
budget by the means indicated above largely depends may
be unattainable.
Resolution 8. The next step will be to determine and
fix the gold value of the monetary unit. This step can
only be taken in each country when the economic circumstances permit; for the country will then have to decide
the question whether to adopt the old gold parity or a new
parity approximating to the exchange value of the monetary unit at the time.
Resolution 9. These steps might by themselves suffice to
establish a gold standard, but its successful maintenance
would be materially promoted, not only by the proposed
collaboration of central banks, but by an international
convention to be adopted at a suitable time. The purpose
of the convention would be to centralize and coordinate
the demand for gold, and so to avoid those wide fluctuations in the purchasing power of gold which might otherwise result from the simultaneous and competitive efforts
of a number of countries to secure metallic reserves. The
convention should embody some means of economizing the
use of gold by maintaining reserves in the form of foreign
balances, such, for example, as the gold-exchange standard
or an international clearing system.
Resolution 10. It is not essential that the membership of
the international convention contemplated in the preceding resolution should be universal even in Europe; but the
wider it is the greater will be the prospect of success.
Nevertheless", if the participating countries and the
United States are to use the same monetary standard, no
scheme for stabilizing the purchasing power of the monetary unit can be fully effective without coordination of
policy between Europe and the United States, whose
cooperation, therefore, should be invited.
Resolution 11. It is desirable that the following proposals, to form the basis of the international convention
contemplated in Resolution 9, be submitted for the consideration of the meeting of central banks suggested in
Resolution 3:
1. The Governments of the participating countries declare that the restoration of a gold standard is their ultimate object, and they agree to carry out, as rapidly as
may be in their power, the following program:
(a) In order to gain effective control of its own currency
each Government must meet its annual expenditure with
out resorting to the creation of fiduciary money or bank
credits for the purpose.
679
FEDERAL RESERVE BULLETIN".
JUNE, 1922.
(b) The next step will be, as soon as the economic circumstances permit, to determine and fix the gold value of
the monetary unit. This will not necessarily be at the
former gold power.
(c) The gold value so fixed must then be made effective
in a free exchange market.
(d) The maintenance of the currency at its gold value
must be assured by the provision of an adequate reserve
of approved assets, not necessarily gold.
2. When progress permits, certain of the participating
countries will establish a free market in gold and thus
become gold centers.
3. A participating country, in addition to any gold
reserve held at home, may maintain in any other participating country reserves of approved assets in the form of
bank balances, bills, short-term securities, or other suitable liquid resources.
4. The ordinary practice of a participating country will
be to buy and sell exchange on other participating countries within a prescribed fraction of parity of exchange for
its own currency on demand.
5. The convention will thus be based on a gold exchange
standard. The condition of continuing membership will
be the maintenance of the national currency unit at the
prescribed value. Failure in this respect will entail suspension of the right to hold the reserve balances of other
participating countries.
6. Each country will be responsible for the necessary legislative and other measures required to maintain the international value of its currency at par, and will be left
entirely free to devise and apply the means, whether
through regulation of credit by central banks or otherwise.
7. Credit will be regulated not only with a view to maintaining the currencies at par with one another, but also
with a view to preventing undue fluctuations in the purchasing power of gold. It is not contemplated, however,
that the discretion of the central banks should be fettered
by any definite rules framed for this purpose, but that
their collaboration will have been assured in matters outside the province of the participating countries.
Resolution 12. With a view to the development of the
practice of continuous cooperation among central banks
and banks regulating credit policy in the several countries,
as recommended in Resolution 3, this conference recommends that the Bank of England be requested to call a
meeting of such banks as soon as possible to consider the
proposals adopted by the conference and to make recommendations to their respective Governments for the adoption of an international monetary convention.
II. THE FLIGHT OF CAPITAL.
Resolution. We have considered what action, if any,
could be taken to prevent the flight of capital in order to
avoid taxation and we are of the opinion that any proposals
to interfere with the freedom of the market for exchange
or to violate the secrecy of bankers' relations with their
customers are to be condemned. Subject to this proviso,
we are of the opinion that the question of measures for
international cooperation to prevent tax evasion might be
usefully studied in connection with the problem of double
taxation, which is now being studied by a committee
of
experts on behalf of the League of Nations. WTe therefore
suggest that the league should be invited to consider it.
III. EXCHANGE.
Resolution 1. All artificial control of operations in exchange, whether by requiring a license for transactions in
exchange, or by limiting the rates at which transactions
may be effected, or by discriminating between the different purposes for which the exchange may be required, or
by preventing free dealings in forward exchange, is futile
and mischievous, and should be abolished at the earliest
possible date.
Resolution 2. It is desirable that where no adequately
organized market in forward exchange exists such a mar-
ket should be established. It has been, suggested that in
any country where private enterprise is found to be unable
to organize such a market the central bank without itself
incurring any uncovered exchange risk should provide
facilities. It might, for example, give facilities to approved banks and financial houses to convert spot transactions in foreign exchange into transactions for forward delivery by a system of "contango" or "reports" of foreign
exchange, their-quotations being for the double transaction of a spot deal one way and a simultaneous deal the oth er.
The central banks concerned would agree to provide
facilities for holding foreign balances (and securities) on
deposit on account of other central banks under special
guarantee from each bank and from its Government as to
the absolute liquidity and freedom of movement of such
balances under all conditions and their absolute exemption from taxation, forced loans, and moratorium.
It is recommended that this subject should be considered
by the conference of central banks referred to in a previous
resolution.
B. Reports of the committee of experts appointed by
the currency and exchange subcommissions of the Financial Commission.
I. CURRENCY.
We have carefully examined the documents referred to
us by the currency subcommittee, and in doing so we have
surveyed the existing currency situation throughout
Europe. Our conclusions follow to a considerable extent
those of the experts assembled in London. The interesting suggestions made by the various delegations have also
been fully weighed, and we believe that the main points
raised by them are covered by our report.
In presenting our report we desire to make the following
general observations:
I. We recognize that we have to deal with two different
classes of countries:
Class ] . Countries where inflation has taken place, but
has already been stopped, and where a certain amount of
deflation has already been effected.
Class 2. Countries where inflation is still going on.
In countries of class 2 it is essential, in order to establish
a sound currency, that inflation should be stopped, and
that they should thus pass over into class ] . The program
specified in resolutions 6 to 8 describes the steps by which
this transition should be effected. In some cases it can
not be effected without assistance from abroad, including
the provision of foreign assistance in the organization of a
central bank of issue in certain cases.
II. The question of devaluation is one which must be
decided upon by each country according to its view of its
own special requirements. We think it important, however, to draw attention to some of the considerations which
will necessarily weigh with any country in coming to a decision on this question. There is a prevalent belief that a
return to pre-war gold parity is necessary or desirable for its
own sake. There are undoubted advantages to be obtained
by such a return, but wo desire to point out that for countries where currency has fallen very far below the pre-war
parity, a return to it must involve the social and economic
dislocation attendant upon continuing readjustments of
money—wages and prices and a continual increase in the
burden of internal dejot. Regard being had to the very
large debts which have been incurred since the armistice
by^ many of the countries concerned, we are inclined to
think that a return to the old gold parity involves too
heavy a strain upon production.
We repeat that the decision must be left in each case to
the country concerned, but we venture to suggest that a
considerable service will be rendered both to its own internal economy and to the cause of European recovery by
that country which, after reaching comparative stability in
its currency at a point so far below the old parity as to make
return to it a long and painful process, first decides boldly
to set the example of securing immediate stability in terms
680
FEDERAL, RESERVE BULLETIN.
of gold by fixing a new gold par at or near the figures at
which comparative stability has been attained.
III. Finally, we can not in fairness to the currency
subcommittee present a series of recommendations designed to secure practical results as if they were immediately attainable without reference to certain other
features of the existing economic and financial position
of Europe. The industry of Europe can not hope for
a permanent return to prosperity so long as it has to
bear either directly in the form of taxation or indirectly
in the form of inflation of currencies, the most insidious and objectionable of all forms of taxation, a
burden of government expenditure which is beyond its
capacity. In this connection we can not do better than
refer to the memorial on • international finance and currency submitted to the governments of certain countries
dated January ]6, 1920, which was among the documents
laid before the International Financial Conference at
Brussels in September, ]920.
The whole of this memorial, though now more than two
years old, is as apposite to-day as when it was written, and
Until the subjects to,which it refers, and in particular the
problem of intergovernmental indebtedness, have been
resolutely tackled there can be no hope of final success in
restoring the currencies or the economic welfare of Europe.
Foreign obligations by one country must be balanced by
a capacity in other countries to absorb the surplus production with which alone those obligations can be met.
If the burden of any country's external obligations is
beyond its capacity to pay, and it can not be assisted by
foreign loans, the effort to meet those obligations must
accordingly result, on the one hand, in dislocation of markets in other countries, and, on the other hand, in a continuous depreciation of the currency of the debtor country,
which will entirely prevent it from making any start
whatever in the direction of stabilization.
IV. With these preliminary observations, we present
the following resolutions, which we suggest as suitable to
be recommended by the currency subcommission for.
adoption by the Governments represented at this conference. It will be observed that the recommendations
include a plan for an international monetary convention.
(The resolutions here submitted were those which, with
modifications, have been adopted above by the Financial
Commission.)
II. EXCHANGE.
We present the following resolutions as suitable to be
recommended by the exchange subcommission for adoption by the Governments represented at this conference.
Our main recommendation is that there should be complete freedom for exchange dealings. We have not
attempted to set out the deep-seated causes of the existing
dislocation of the European exchanges. Some of these
causes are referred to in the introduction of our report to
the currency subcommission. Any attempt at a complete
survey would carry us far beyond "the proper limits of the
present report. As with currency, so with exchange, complete restoration depends on the settlement of questions
which are not now within our purview.
JUNE, 1922.
We considered carefully the amendment proposed by the
German delegation with regard to measures for preventing
the flight of capital for the purpose of evading taxation.
We came to the conclusion that this question could be
regarded as falling within the province of the currency
subcommission. We have, therefore, reported to the
currency subcommission as follows:
Any proposals to interfere with the freedom of the
market for exchange or to violate the secrecy of bankers'
relations with their customers are, in our opinion, absolutely to be condemned. Subject to this proviso, we are
of opinion that the question of measures for international
cooperation to prevent tax evasion might be usefully
studied in connection with the problems of double taxation which is now being studied by a commission of
experts on behalf of the League of Nations. We therefore suggest that the League should be invited to consider it.
(The resolutions here submitted were those which, with
modifications, have been adopted above by the Financial
Commission.)
Dollar Exchange.
Under the provisions of section 13 of the
Federal Reserve Act, which provides that member banks, with the approval of the Federal
Reserve Board, may accept drafts for the purpose of furnishing dollar exchange, drawn upon
them by banks or bankers located in foreign,
countries or dependencies or insular possessions
of the United States in which it is determined
that the usages of trade require such acceptance facilities, the board has designated as
such the following countries and insular possessions: Argentina; Australia, New Zealand, and
other Australasian dependencies; Bolivia; Brazil; British Guiana; British Honduras; Chile;
Colombia; Costa Rica; Cuba; Dutch East Indies; Dutch Guiana; Ecuador: French Guiana;
French West Indies; Guatemala; Honduras;
Nicaragua; Panama; Paraguay; Peru; Porto
Rico; San Salvador; Santo Domingo; Trinidad;
Uruguay; and Venezuela.
Permission granted to a member bank to
accept such drafts when drawn hy banks or
bankers located in any of the foregoing countries entitles it to exercise similar accepting
powers with respect to such drafts drawn by
banks or bankers located in all countries that
have been or may hereafter be designated by
the board as countries whose usages of trade
require the furnishing of dollar exchange.
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
681
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
The Russian reply to the note of May 2,
whose terms were briefly outlined in the last
BULLETIN, was delivered on May 11. That
document and the report of the financial commission represent the significant contributions
of the Genoa Conference and will of necessity
become the basis for subsequent discussions.
Matters of fundamental social and economic
importance are brought into the field of controversy by the Russian reply and will have to
be considered at the meeting to be held at
The Hague during the coming month. The
recommendations of the financial, commission
will likewise afford a basis for later consideration of the strictly financial topics which will
come within the purview of the central banks
of issue whose representatives it is proposed to
bring together for an international conference.
The position taken by the Russian representatives in their answer to the memorandum
of May 2, may be briefly summarized as follows :
It is contended that governments which have
- emerged from a revolution are not bound to
respect the obligations of governments which
have lapsed. To support this contention
reference is made to the examples of repudiation which are afforded by the history of the
United States and of France. Consonant with
this argument there follows a refusal to recognize responsibility for the annulment of public
debts or for losses growing out of confiscation
of private property. The statement, however,
goes on to say that, excepting war debts,
Russia is prepared to assume liability for the
payment of public debts on the condition that
the losses caused to Russia by intervention and
blockade are similarly recognized by the Allies.
The intervention and blockade instituted by
the Allies are regarded as official acts of war
and the document avers that the powers not
only took a direct part in the Russian civil war
but were its authors. The Russian representatives stated that their Government had
been prepared to renounce its counterclaims,
however, in return for certain concessions,
especially "real" credits to be placed at the
disposal of the Government, the precise
amount to be determined in advance. However, the complaint is made that the memorandum of May 2 contained nothing definite in
this respect, since even the credits to be granted
to the citizens of the signatory nations prepared to trade with Russia were given a discretionary character. The question of war
debts, whose cancellation was conditional
upon Russia's resigning her counterclaims, was
also left open in the memorandum of May 2,
instead of being fixed in the agreement itself.
In consequence of this lack of definite promises,
the Russian delegation held that they were
released from any tentative concessions that
their Government had been prepared to make.
A particular objection was raised to clause 7
suggesting the appointment of a mixed tribunal
to adjust disputed claims for indemnities growing out of destruction or confiscation of property rights of foreigners in Russia. It was
held that the establishment of this mixed tribunal would lead inevitably to the intervention of foreigners in the internal affairs of
Russia and would be equivalent to suppressing
in practice the inviolability of the existing
system of property in Russia. Following upon
this statement of objections, however, a spirit
of conciliation is shown toward the end of the
document. It is urged that .a mixed committee of experts be appointed to make a
''more profound study" of the credits available for Russia and that this committee be
nominated by the conference with the date and
place to be determined by common agreement.
Pursuant to this proposal contained in the
Russian memorandum, and despite certain objections by the Russians to the conditions laid
down, representatives of the participating
powers other than Germany have agreed to
meet at The Hague June 15 and to choose a
committee of experts who will attempt to draft
a memorandum stating what is to be the attitude taken toward Russia. If this memorandum is approved, a Russian committee of experts will then meet the committee representing the other powers and will proceed to
negotiate with them on such topics as" Russian
credits, debts, and the property of foreigners
in Russia. Meantime the powers are to pledge
themselves to make no separate treaties with
Russia before October 26 and not to support
their citizens in an effort to obtain property
rights not belonging to them prior to the establishment of the Soviet regime. An invitation
was extended to the Government of the United
States to participate in the meeting to be held
at The Hague on June 15, but the Government
has declined this invitation on the grounds that
it appears "to be a continuance, under a different nomenclature, of the Genoa Conference
and destined to encounter the same difficulties
if the attitude disclosed in the Russian memorandum of May 11 remains unchanged."
Elsewhere in the BULLETIN the proposals of
the financial commission to the Genoa Conference have been discussed in some detail and
need not be repeated here in so far as they
682
FEDERAL RESERVE BULLETIN.
relate to the question of the reestablishment of
a gold standard and the means of bringing that
about. Mention, however, may be made of the
resolutions in regard to the flight of capital and
the question of exchange control. In both
cases it was held that any artificial means of
control would fail to accomplish their purpose
and at the same time be deleterious. In regard
to the disposition to transfer capital sums to
other countries for the purpose of avoiding taxation, it was held that any attempts to prevent
this practice which would interfere with the
freedom of the market for exchange or violate
the secrecy of bankers' relations with their
customers were to be condemned. International cooperation to prevent taxation might
better be referred to the experts of the League
of Nations for later consideration. It was also
strongl}7 urged, as at. Brussels, that artificial
control of exchange should be abolished and
that where no adequately organized markets
in forward exchange existed they should be
established as soon as possible. As at Brussels,
it is again stated at Genoa that loans should be
made from government to government only in
exceptional cases and that in general such
financing should be effected through the medium of private capital.
ENGLAND.
THE NEW BUDGET.
Interest in British financial circles was chiefly
focused last month on the details of the budget
submitted May 1 to the House of Commons
by the Chancellor of the Exchequer, Sir Itobert
Home. The principal features of the budget
bill as introduced were summarized in these
columns a month ago, and need not be repeated here. It seems proper at this time,
however, to appraise the financial situation in
England as it appears from the Chancellor's
estimate for the coming year.
Probably the feature in the new budget that
has given rise to the most adverse comment is
the decision to defer debt reduction during the
coming year, the Government's sinking fund
obligations being provided for through borThe question also has been raised
in some quarters as to whether all the estimated income is likely to be realized in practice. For instance, £90,000,000 is set down
as the expected amount of miscellaneous revenue, but the public has no means of knowing
the sources from which this item is to be
derived. A further criticism which has been
heard is to the effect that the item under
expenditures for contingencies has been put
at a very much lower figure than for last year,
namely, £25,000,000 as against the allowance
JUNE,
1922.
of approximately £100,000,000 which was
provided for supplementary estimates in the
year just closed. Many observers have felt
that to present an almost exactly balanced
budget with so small a figure for contingencies
is a somewhat hazardous method of governmental finance, to say the least. There is
without doubt need for further reduction in
public expenditures, more particularly in
view of the likelihood of the decline of revenue
from the income tax and several other sources.
On the other hand, satisfaction is generally
expressed in the reduction of the income tax
and the lowering of duties on tea, coffee, and
a number of other commodities. It must be
remembered that there has been a very insistent popular demand in England for a reduction in taxation, which has been found to
be unduly burdensome, so that the present
reduction, though not large, is nevertheless
welcomed as a step in the direction of relieving industry and trade of one of the obstacles
to full recovery. Compared to the countries
on the Continent, Great Britain is, without
question, in a relatively strong condition. It
should be remembered, too, that England has
reduced her foreign debt by £274,000,000 in
the past three years. Taking everything into
account, therefore, while there may be much
to criticize, in the new budget, there is also
ground for viewing the financial situation with
some degree of cheerfulness, because it has
been found possible to balance the budget and
at the same time reduce taxation. The general view of the British banking community
in regard to the budget has been summarized
by a writer in the Financial News (London),
as follows:
Comparing our finances with those of other European
countries, many bankers are disposed to regard the budget
statement with a moderate amount of satisfaction. They
clearly recognize the necessity of further" economies in
public expenditure, especially in view of the possibility
of declining revenues under certain heads, and though
a trade improvement may offset this decline to some extent it will also have an adverse effect upon the cost of
Government borrowing. There are undoubtedly certain
taxes which bankers would be glad to see withdrawn,
among which may be mentioned the corporation profits
tax, but there is a tendency to share Mr. Asquith's view
that the only ground for the remission of taxation—however oppressive and burdensome—is a corresponding
excess of estimated revenue over estimated expenditure.
Bankers are also relieved to find that the Government has
not attempted to effect a specious reduction in taxation
by capitalizing war pensions, as there is much objection
to obtaining relief by relegating burdens to the future;
in fact, their chief criticism is probably directed against
the suspension of the sinking funds. The temptation to
postpone burdens is natural enough, in existing circumstances, but there are many who believe that in the long
run the country's best interests are served by redeeming
obligations as quickly as possible.
Nevertheless, on broad grounds, the budget may legitimately be regarded with equanimity. The direct relief
to industry by the reduced income-tax and cheaper postal
683
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
rates, and, indirectly, by lower duties on tea, coffee, etc.,
should serve to encourage and give additional impetus to
the slight improvements recently noticeable in trading
conditions. It has long been realized that progress can
only be effected by applying corrective measures at a
number of points, and much has already been done in the
form of reduced labor charges, cheaper materials, and lower
monetary rates. The lower taxation should prove a further useful contributor, for taxation is a factor in production costs, while its remission will also increase the spending power in the hands of the community, and should also
help to restore confidence.
PRICES AND TRADE.
In England, as in the United States and most
other countries, prices have changed but little
in recent months. The comparatively small
fluctuations that have been recorded of late
are evidence that deflation has about run its
course and that a more stable condition has
been reached between prices of the several
groups of commodities, especially between raw
materials on the one hand, and manufactures
on the other. The Federal .Reserve Board's
wholesale price index for the United Kingdom
registered a decline of only 0.5 point in April
as compared with March. The Board of Trade
figure remained practically unchanged, with a
rise of 0.5 per cent in April, and Sauerbeck's
index, published in the Statist, also rose
slightly. The Economist index, however, declined 0.3 per cent. All of these different
measures of wholesale prices in England,
although they disagree with one another to
some extent, nevertheless serve to emphasize
the narrow range within which prices have
recently been fluctuating and the relative
insignificance of the changes which are taking
place at the present time.
Some improvement in business seems to
have occurred in England in spite of the lower
foreign trade returns for April, and the more
or less unchanged position revealed by recent
banking figures. The Easter holidays and
the engineering dispute undoubtedly account
to some extent for the reduced foreign trade
figures, but even after these allowances have
been made, the result is somewhat disappointing. Some ground for encouragement is afforded by the April statements of the London
clearing banks, which show a slackening in the
continued reduction which took place in their
current, deposit, and other accounts during
the first three months of the year. Mention
may also be made of the statements that have
been made recently by a number of prominent
bankers and British Government officials
as to the better outlook for trade recovery,
but it is clear that the figures so far available
do not indicate on their face that a definite
turning point has been reached.
107927—22
4
FRANCE.
FRENCH CLAIMS OX RUSSIA.
At the Genoa Conference interest centered
very largely in the repudiation of foreign debts
of the former Russian Government by the
Soviet Government. France pressed her financial claims as recognized by the Cannes agreement, and, especially toward the end of the
conference, was actively supported by Belgium.
Both countries had large investments in private and government undertakings in Russia
before the war and they contend that no new
credits can be granted the present Russian
Government until obligations now outstanding are recognized. In the following section
a resume is given of the recent history of
Russian foreign debts.
On December 31, 1917, the Soviet Government repudiated the foreign-held public debt
of the former Russian Government, while by
the nationalization of industries it attempted
to cancel all other obligations toward foreigners.
This position was modified by the treaty of
Brest-Litovsk, in which the Soviet Government recognized the Russian public debt held
in Germany and Austria as well as the duty of
indemnifying Germans and Austrians for expropriated property. As a matter of fact, very
few Russians bonds were held in either of these
countries—probably between 1,000,000,000 and
1,500,000,000 marks in Germany and a few
million crowns in Austria. The greater proportion of Russian obligations was held in
allied countries, especially France, Belgium,
and England.
Debts of Russia in France arising out of the
war consist of advances by the French Government and contractual obligations with private
persons. No accurate figures seem to be
available for the latter item. In the Journal
Officiel for Jaiinary 31, 1918, the total debt of
the Russian Government to the French Government is given as 4,287,565,717 francs. Of this
sum 3,250,000,000 francs were treasury bills
(bons du Tresor) discounted by the Bank of
France. These moneys had been expended for
such purposes as the payment of Russian
troops, of which there were considerable numbers in France, and for other objects arising
from the war. A considerable part had been
spent in meeting coupons and amortizements
of Russian bonds held in France. Up to
January 31, 1918, this item had amounted to
about 1,500,000,000 francs, while about 500,000,000 francs represented advances by the
Bank of France to the Russian State Bank in
France. The coupons on the Russian Government bonds were paid by the French Govern-
684
FEDERAL RESERVE BULLETIN.
ment through February, 1918; they were later
received in payment of subscriptions for
French Government loans and treasury bills
(bons), through the issue of national defense
bills in October, 1919. This increases the
amount due the French Government over the
figures given above, so that the total claim
as of March 31, 1922, against the Imperial
Russian Government is 5,459,000,000 francs
and against " various" succeeding governments
is 480,000,000 francs additional.
The claims of French citizens are of many
kinds. They include contractual claims arising out of the war, indemnification for property in Russia owned by individuals or by
corporations with French security holders who
have been expropriated by the Soviet Government, and obligations of the Russian Government (or guaranteed by it), and of secondary
governmental subdivisions, such as municipalities.
It is difficult to discover the value of these
claims, or even the exact amount of Russian
Government bonds held in France. L'Economiste Europecn of August 13, 1920, estimates
that of the entire Russian public debt at the
outbreak of the war, 48.3 per cent was held
outside of Russia and 35.3 per cent was held
in France, as against 13 per cent held elsewhere. This would make the total of the
Russian Government bonds held in France
8,000,000,000 francs. This figure is smaller,
however, than some other estimates, also of
high authority. The secretariat of the League
of Nations estimated it at 12,000,000,000
francs. In the course of the French Senate's
session of March 26, 1920, the following figures
were given as having been verified by the
Ministry of Foreign Affairs:
Francs.
Loans to the Russian Government
13, 897,000,000
Loans guaranteed by the Russian Government
2,037,000,000
Loans to Russian municipalities
374,000,000
To these were added industrial and commercial securities estimated to amount to 1,700,000,000 francs and general claims for goods,
business properties, and industrial undertakings
computed at 7,000,000,000 francs. Approaching the subject from another angle, Edmond
Thery, editor of L'Economiste Europeen,
quoted above, gives the total of the 47 French
issues of Russian Government bonds and railway securities guaranteed by the Russian Government (which owned about two-thirds of the
Russian railways) as 15,450,000,000 francs,
with between 1,500,000,000 and 1,600,000,000
francs invested in the securities of banks, industries, mines, etc. However, as not all the
securities listed on the Paris exchange were
JUNE, 1922.
actually held in France, he comes to a conclusion that 12,000,000,000 francs would be a fair
estimate of all securities owned by French citizens. This corresponds fairly closely with the
estimate of Franco is-Marsal, formerly Minister
of Finance, who gave the French Senate, on
February 10, 1920, an estimate of 12,500,000,000 (gold) francs for loans either made directly
to the Russian Government or guaranteed by
it. These guaranteed obligations, frequently
mentioned, are the securities of railroads acquired from other owners by the Russian Government and included in the Russian state railway system. It may be mentioned in passing
that perhaps three-fourths of the entire Russian
foreign debt represented expenditures by the
Imperial Government in constructing,' purchasing, or improving its railways.
At the outbreak of hostilities the Russian
Government had considerable deposits in
France, out of which it paid the coupons on
its bonds until February, 1915. After this,
the Russian Government concluded an agreement with the B.ank of France providing for
meeting its coupons to October 4, 1915.
An agreement between the French and Russian
Governments on this date was signed, under
which the French Government undertook to
advance the sums necessaiy for meeting
coupons and amortizements for the ensuing
12 months. The agreement was not renewed
or extended, but the French Government continued interest payments until February, 1918.
As already stated, the Russian Government
announced its repudiation of the foreign debt
under the date of December 31,1917, and made
the peace of Brest-Li to vsk in February, 1918.
Therefore the French Government suspended
payment, although the British Government
continued payments on Russian coupons
through March 31, 1918, one month longer.
This suspension gave rise to protests from
the very numerous French holders of Russian
bonds. The tense European situation which
developed through the }^ears immediately preceding the war had caused many French investors to place their money in Russian issues,
in part at least, from patriotic reasons. It
was doubtless recognition of this fact that
caused the French Government to promise
that although pajoncnt on the Russian coupons
had ceased, their holders were entitled to
special consideration.
When, therefore, the French Liberty loan
was floated in September, 1918, it carried a
provision that coupons due or to become due
in that year would be accepted up to 50 per
cent of the individual subscription. The provision met general approval, elaborate measures
being taken to prevent speculation as a result
JUNE, 1922.
FEDERAL RESERVE BULLETIN.
of this advantage. Coupons to the value of
263,700,000 francs were received in subscriptions to this issue. After this the coupons
were regularly accepted by the French Govern-^
ment on subscription, down through, the issue
of national defense bonds of October, 1919.
When the 1920 loan was brought out, it
contained no provision for accepting the
Russian coupons—a fact tha,t caused lively
protests in the French Senate, showing that a
considerable proportion of the French public
had come to believe that the French Government had definite responsibilities toward these
bonds. Beyond general assurances, however,
the Government was not prepared to go.
The attitude of the Russian Government is,
and has been, very indefinite. On December
31, 1917, the entire foreign debt was canceled;
two months later it was recognized as regards
German and Austrian holders. These totals,
as stated above, were very small. It is true
that in accepting the invitation to the Genoa
Conference the Russian Government "recognized" its pre-war debts, but its definite action
in regard to them is as yet unsettled. By the
recently concluded treaty of Rapallo, Germany
provisionally relinquished her claims. The
latest Russian communications seem to draw a
distinction between claims arising out of possession of bonds of the Imperial Russian Government and those arising from title or securities representing title to commercial and industrial properties in Russia, looking with
somewhat more favor on the former. A recent
statement from M. Tchitcherin, the Russian
foreign minister, also emphasizes the fact that
the Russian Government wishes especially to
compensate small shareholders of the Russian
debt. It is reported that at Genoa French
claims for property alone amounted to about
$3,000,000,000.
The interests of Belgium in Russia seem to
be largely industrial and commercial, and as
France and Belgium have made a common case
at Genoa, it is appropriate to make a brief
mention of them. In a cable dispatch of May
9, M. Jaspar, the Belgian Foreign Minister, was
quoted as saying, "Belgium invested 2,500,000,000 francs, gold, in Russian industry and
possessed 361 factories, including blast furnaces, glass factories, electric street railways,
cloth mills, waterworks, and electric-light
plants. We used to produce in Russia before
the war 42 per cent of the foundry output of
the entire country, 48 per cent of the steel rails,
75 per cent of the chemical products, 50 per
cent of the glass tableware, and 30 per cent of
the window glass."
685
THE CONDITION OF THE BANK OF FRANCE.
The fiscal situation of the French Government has not improved in recent months.
The floating debt was increased in March by the
sale of national defense bills to the amount of
746,706,000 francs, as compared with 305,000,000 francs sold in February, and Government borrowings from the Bank of France have
increased by 1,250,000,000 francs since March
17. Advances from the bank to the Government amounted to 21,200,000,000 francs on
that date, while on May 26 they had risen to
22,450,000,000 francs. It is interesting to note
in this connection that the item in the statement of the Bank of France which reads
"Bonds of the French treasurer discounted for
the purpose of advances of the State to foreign
Governments "has been increasing rather more
rapidly in the last few months than it had in the
last months of 1921. This item first appeared
in the French bank statement at the beginning
of the war, when the French Government made
advances to the Allies for the purposes of the
war. At the end of 1918 it amounted to
3,52o,000,000 francs. By the end of 1921 it
had increased to 4,142,000,000 francs, and in
the first five months of 1922 it had increased by
82,000,000 francs, so that it now stands at
4,224,000,000 francs. Along with the increase in the advances of the Bank of France to
the State there has gone a similar but smaller
increase in the note circulation of the bank.
The lovv point in the volume of bank notes outstanding was readied on March 24, when the
issue stood at 35,282,000,000 francs, while on
May 26 it had risen again to 35,674,179,970
francs.
WHOLESALE AND I1ETAIL P.KICES.
There has been relatively little change in
French wholesale prices in the last two months,
except in the case of a few articles of food.
The all-commodities index of the French General Statistical Office showed an increase of 7
points, or about 2 per cent, during April, but
this rise was brought about almost entirely by
higher food prices, and some prices, particularly in the mineral and metal industries,
actually declined during April.
Cabled reports from Paris have indicated
that considerable popular feeling has been
aroused over recent advances in food prices.
A dispatch to the New York Times, under date
of May 20, 1922, stated that when the bakers
of Paris decided to advance the price of bread,
due to the advance in wheat and flour,
the prefect intervened. The bakers then threat-
686
FEDERAL RESERVE BULLETIN.
ened to strike, whereupon the authorities
announced that if the strike occurred they
would requisition the bakeries. Feeling over
the advances in certain meat prices is accentuated by the popular impression that this advance has been made possible by the exclusion
of foreign meat under quarantine regulations
alleged to have been arbitrarily invoked.
The accompanying table, compiled from a
variety of sources, does not show extraordinary
recent advances. The prices given are wholesale, except bread. However, their significance is borne out by the fact that in spite of
recent fluctuations the official index figure of
retail food prices for Paris is still lower than it
was six months or a year ago.
FOOD PKICES IN FRANCE.
Wheat.
Francs. Francs.: Francs. \ Francs.]
09.75
97.00
2.10 i 9.70 j
67.53
94.60
2.20 | 9.43 i
09.25
94.00
2.00 ! 9.16 i
' 71.88 90.06
2.00 ;'< 9.08 i
70.25 101. OP
2.00
8.25 I
1922.
.lanuary
February
March
April
Mayi
1921.
October (0 months ago)
May (1 year ago)
Flour. Bread, j Butter.! Coffee.
!
:
|
2
7:1.50
100.00
97.50
175.00
11.00
9.80
2.20
2.00
Francs.
154.50
154.25
157.92
170.87
100.75
153. 50
100.50
| Index
| Snpar. | Beef,
ocs
i
January
February
.March
April1
May
1922.
1921.
October (6 months ago)
May (1 year ago)
- I prices
! in
! Paris.*
"I"
Francs. Francs., Francs. Francs,
51.25
7.83
5.13
150.02
/H.00
7.41
4.91
155.11
54.50
9.00
5.41
j 107.82
6.10
8. S3
j 103.09
0.75
7.30
! 159.00
3.92 I
0.00 i
154.50
193.33
i For first: week of May, 1922, only.
40.00
84.38
0 37
0. 58
* Oflficail price.
3
319
307
204
301
331
317
J u l y , 1914=100.
ITALY.
LIQUIDATION OF BANCA DI SCONTO.
The settlement plan which the receivers of
the Banca di Sconto drafted early in March
has now been approved by the Rome court in
its essential parts and has become effective.
The plan provides for the liquidation of the
Banca di Sconto and for the creation of a new
credit institution in its place, under the name
of the Banca Nazionale di Credito. The latter
organization is to be capitalized at 250,000,000
lire, divided in shares of 500 lire each, all of
which are to be remitted to creditors of the
Banca di Sconto in partial settlement of their
claims. The capital may be further increased
in the course of the year 1922 by an additional
JUNK, 1922.
150,000,000 lire, if the board of directors of the
new bank decides that this is desirable. In
that case, option for the corresponding shares
will be given to shareholders of the Banca
Nazionale di Credito (former creditors of the
Banca di Sconto) and to former shareholders
of the Banca di Sconto. The option will not
apply to the portion of the 150,000,000 lire
which may be subscribed in foreign countries;
such portion, however, is not to exceed 50,000,000 lire. Under all circumstances a majority
of three-fifths of the membership of the new
bank is assured to creditors of the Banca di
Sconto until the time when the liquidation of
the bank is completed.
Creditors of the Banca di Sconto whose
claims amount to less than 5,000 lire arc to receive in cash in the course of this year 67 per cent
of their credits, payable in two installments.
Those having credits of 5,000 lire or more are to
receive 55 per cent in cash, payable in several
installments until March 31, 1924, and an additional 7 per cent in shares of the new Banca
Nazionale di Credito. The balance of the debts
of the bank are to be covered by special
"recovery bonds," which entitle bearers to a
share in the assets of the Banca di Sconto as
they are realized. However, in the case of
creditors whose claims amount to 5,000 lire or
more 2 per cent of their total claims will be
deducted from the payments effected in redemption of the ''recovery bonds," and this
will constitute the reserve of the new bank.
These provisions do not apply to creditors of
branches of the Banca di Sconto in foreign
countries, whose claims are to be adjusted "in
accordance with the respective foreign laws,
wherever this may be required to assure a continuation of the operations of such branches."
While the document contains no explicit
statement as to guaranties of cash payments to
creditors by the banks of issue or by any other
institutions, and, in general, does not specify
in what manner the payment of installments on
the fixed dates is assured, there is mention of
" institutions which will advance the required
amounts," and which are to have the first
claim to all assets of the Banca di Sconto.
This, it is generally understood, refers to the
so-called Consortium for Subventions on Industrial and Commercial Securities. This consortium was formed in 1915 by representatives
of the three banks of issue and a few other
credit institutions and was given the privilege
of rediscounting commercial paper at the banks
of issue at a rate 1.5 per cent below the official
discount rate; the bank-note circulation corresponding to such rediscounts was exempted
from the tax applying to general commercial
circulation above the legal limit. During the
first years of its existence the operations of the
FEDEBAL RESERVE BULLETIN.
.Jl.-NE,
consortium were confined within very narrow
limits. They greatly expanded, however, in
1920 and 1921, when the business crisis brought
about an increased demand for credit accommodations. The consortium has played an
especially conspicuous part as the medium
through which advances of the banks of issue
have been made available for industries endangered by the collapse of the Banca di
Sconto. In anticipation of its functioning in
the same capacity in connection with the
advance of funds required for cash payments
to creditors of the Banca di Sconto and for
the constitution of the capital stock of the
new bank, a decree was published almost
simultaneously with the publication of the
Banca di Sconto settlement plan providing for
an extension of the activities of the consortium
for two years (i. e., until the end of 1925) and
for an increase in the scope of its operations.
In view of the fact that the consortium will
play an important part in the settlement of
the" obligations of the Banca di Sconto, the
banks of issue are given a large measure of
control over the operations connected with
the liquidation of that bank. Although the
Banca Nazionale di Credito is named as the
agency which is to be in charge of the liquidation and is given vast powers in that connection, it is provided at the same time that a
special committee of shareholders, appointed
by the directors of the three banks of issue,
shall function as the representative body of
all Banca di Sconto creditors, now become
shareholders of the new bank, until the time
when the cash payments to creditors are completed and the debts arising on that account
shall have been paid off; it is this committee
that will presumably have charge of working
out the by-laws of the new bank and of appointing its first board of directors.
In the final report of the receivers of the
Banca di Sconto the assets of the bank are
estimated at 4,929,000,000 lire (1,209,000,000
lire being allowed for losses and depreciation),
and its liabilities at 5,917,000,000 lire, with a
deficit of about 1,000,000,000 lire. Of the
assets, over 3,000,000,000 lire are industrial
investments, whose eventual realization depends upon general business conditions.
INVESTMENT
SITUATION.
The downward movement of stock prices
which started in the autumn of 1921 has continued in the first months of this year, as may
be seen from Prof. Bachi's index numbers of
monthly settlement quotations of shares of
132 joint-stock companies with an aggregate
capital of 6,905,000,000 lire at the end of 1921.
The index number for January was 96.61, for
687
February 94.10, for March 88.12, and for April
88.43, quotations on December 31, 1921, being
taken as a basis of 100. The collapse of the
Banca di Sconto and the restriction of stock
exchange transactions to cash operations when
added to the general industrial depression resulted in almost completely paralyzing speculative activities in dividend-bearing securities.
On the other hand, there has been an increasing
demand for Government securities of all descriptions, although the movement of quotations has been subject to considerable fluctuations as far as funded debt obligations are
concerned. This has been due to the succession of contradictory reports with reference
to the Government's intentions in regard to the
enforcement of compulsory registration or
special taxation of bearer bonds, but has not
affected short-term treasury bills or treasury
bonds of short maturities, since these are explicitly exempted from compulsory registration. Short-term bills, running for one year
or less, have maintained their position as the
most favored form of investment.
The market situation has thus been favorable for a reduction of the interest rates on
these obligations. The rates, which ranged
from 5 to 6 per cent in February, have been
gradually reduced and ranged in April from 4.50
to 5.25 per cent. During the same time the
price of issue of 3-year treasury bonds has been
gradually advanced from 97.75 to 99.25, and
that of 5-year bonds from 95.50 to 98.75.
Measures have likewise been taken to put a
check to the expansion of the circulation of
short-term treasury bills, of which nearly
25,000,000,000 lire were outstanding at the end
of 1921. The maximum amount to be issued
in any one month was limited to 350,000,000
lire, beginning with March.
By these provisions the ground has been prepared for the conversion of a portion of the
floating debt into obligations of longer maturities, presumably into 7-year bonds. A second
issue of 7-year 5 per cent treasury bonds was
offered for' subscription last April at the price
of 95.75, plus the accrued interest from February 15 to the date of sale. (The first issue
was floated a year ago at 91.50, plus accrued
interest.) The premium feature of last year's
issue has been maintained this year, a total of
2,545,000 lire being paid annually in 1,200
premiums, ranging from 1,000 to 1,000,000 lire,
by lottery drawings which will take place twice
a year. The flotation of the new bonds appears to have been effected with great success,
and a third issue is now under consideration,
which will be designed, in particular, for the
conversion of short-term treasury bills and 3
and 5 year treasury bonds. A bill authorizing
688
FEDERAL RESERVE BULLETIN.
JUNK, 1922.
such conversions has been introduced by the many would involve the release by the Reparations Commission of certain assets upon which
Government.
it now holds a lien under the Versailles Treaty,
GERMANY.
THE REPARATIONS SITUATION.
On May 15 Germany met the cash payment
of 50,000,000 gold marks required of her under
the terms of the memorandum delivered to the
German Government by the Reparations Commission on March 22, and on May 30 she
yielded to the general demands of the Reparations Commission as to the reform of her
finances, on the condition that she receive an
international loan to the amount of cash reparations payments.
It will be remembered that the note sent by
the Reparations Commission to Germany in
March made the following demands: That Government subsidies should be abolished in Germany; that inflation should cease; that taxation
should be increased by 60,000,000,000 paper
marks a year; that the deficit in the current
budget should be met by long-term loans; that
the practice of discounting treasury bills with
the Reichsbank be discontinued; that the
autonomy of the Reichsbank be established,
and that plans should be submitted for the
supervision of German Government finances by
a subcommittee of the Reparations Commission. The German Chancellor replied to this
note, stating that most of its conditions could
be met, but that actual supervision of German
finances by the Allies was impossible, and that
a further increase in taxation could not be
effected before May 31 (as the March 21 note
required), lie stated, however, that before
that date Germany would submit to the commission a plan for covering governmental expenditures without further inflation.
On May 15 the German Finance Minister
took proposals of his Government for fiscal and
currency reform to Paris, where he held
unofficial conferences with the members of the
Reparations Commission. The members of the
commission took the position that the plan proposed was unsatisfactory in that it did not provide for sufficient increases in taxation or for
the supervision of finances which the commission considered essential. The proposals were
then sent back to Berlin for revision.
Meanwhile the financial subcommittee appointed by the Reparations Commission for
the purpose of considering an international
loan for Germany met in Paris on May 24.
This committee is made up of financial experts
from the United Kingdom, France, Belgium,
Italy, Japan, Holland, Germany, and the
United States, under the chairmanship of M.
Delacroix, president of the Belgian State Bank.
As the issuing of an international loan for Ger-
is well as the stabilizing of German internal
finances, the financial committee was obliged
to review the whole reparations problem. On
May 26 the committee came to the decision
that further consideration of a loan to Germany was impossible until Germany accepted
in full the demands of Reparations Commission.
The necessity for the cessation of inflation in
Germany was particularly emphasized. The
German note of May 30 seems" to meet these
demands in that it promises to stabilize the
Government's floating debt at its March 31,
1922, figure, provided that an international
loan is floated before the next reparations payment is due. It also promises to provide facilities for the supervision of German finances by
the Reparations Commission, provided that
neither the sovereignty of the German State
nor the private affairs of German taxpayers are
interfered with. No decision has as yet been
reached by the financial subcommittee as to the
international loan for Germany.
TILE AUTONOMY OF THE REICHSBANK.
In connection with the fulfillment of the
demands presented to the German Government by the Reparations Commission on
March 22, a bill was introduced in the Reichstag on April 5 inaugurating certain reforms in
the regulations which govern that institution.
The bill passed its third reading on May 20 and
was then made law. This new statute changes
certain paragraphs in the bank act of March 14,
1875, which relate to the administration of the
'Reichsbank and its right of note issue. Important changes were made in paragraph 27 of
the act and it now reads "the president of the
bank and the members of the dircctorium are
appointed by the President of the Empire for
life. * * * The president is appointed
from a list of three names which is made up by
a committee consisting of nine members, three
of whom are elected by the Federal Council
(Reichsrat), three by the Federal Economic
Ministry (Reichswirtschaftsrat), and 77three by
the central committee of the bank.
Paragraph 25, which deals with the election of the
curatorium, has been changed so as to read:
The right to supervise the Reichsbank, formerly exercised by the Government, is now exercised by the curatorium which consists of the Chancellor as chairman, the
Minister of Finance and the Minister of Economics (Reichswirtschafts Minister) as vice chairmen, and of six other
members. Three of these members are appointed by the
President of the Empire after consulting with the Federal
Economic Ministry, and the rest are appointed by the
Federal Council. The curatorium shall meet at least four
times a year and may be convoked at any time by the
JUNE, 1922.
689
FEDKltAL RESERVE BULLETIN.
Chancellor. The .Chancellor is bound to convoke the
curatorium at the request of one of the vice chairmen or of
three other members of the curatorium.
CONDITION OK THE REICHSBANK.
i Doorcase or
; Increase or
Bank-note' decrease Discounted1 increase
circula- i
over
treasury
over
lion.
i pervious i
bills,
I previous
• week.
I week.
!
!
The president and the members of the
Reichsbank directorium are bound to appear
at the meetings of the curatorium if they are
1922.
so requested and to report on the condition of
-3.7S4
i42.747 i
131,837
1,166 I
Apr. 8
the bank. The directorium is responsible to Apr.
6. 436
149,183 .
131,064
2,227 |
15
-2.100
147.0S3 '
132,628
-1,436
Apr. 22
the curatorium for all bank operations.
8,535
155.618 !
140.420
7,792 |
Apr. 29
--54J
155:077 ,
142'. 16-4 j
2,041 !
Paragraph 31 provides for the election of May 0
9,127
164,204
142,904 '
440 i
May 15
the central committee of the Reichsbank. May 22
1.56,470 i
-7,734
144,138 i
1,234 I
167,793
11,32K
151,949 j
7,811 !
This committee represents the interests of the Mav31
shareholders and the Government in the administration of the bank. It consists of 20 mem- Since the beginning of 1922 various factors
bers and an equal number of alternates. have operated to increase prices in Germany.
Ten members and alternates arc elected from The excited buying of both Germans and
those shareholders who own at least 9,000 foreigners in the last weeks of November and
marks' worth of stock; the rest include at least early December, 1921, largely depleted stocks,
four representatives of the employees of banks, and the continued issue of paper money by the
industry, and commerce, and at least one Reichsbank increased prices, not only because
representative of savings banks, cooperatives, it depreciated the value of the paper currency
and trade.
by increasing its volume, but because it stimuThe most important change which has been lated the demand for goods. People in
made in the Reichsbank law occurs in para- Germany have come to feel that it is much
graph 26 which deals with the right of note better to possess goods than paper money and
issue and which now reads: ''The principles their purchases, have increased accordingly.
regarding the right of note issue are estab- Although the percentage increase that has
lished by the Reichsbank directorium after taken place in German prices in the first
consultation with the Fedora] Economic Min- months of 1922 has been excessive, it has not
istry." This law makes the Reiehsbank in been sufficient to bring the general level of
large measure independent of the supervision German prices up to the level of prices in the
of the Government and places the power of United States.
note issue entirely in the hands of the bank
The following table sets forth the group
directorium. What practical consequences it index numbers of the Frankfurter Zeitung for
will have at the present time will depend foods, textiles, and metals and metal products
largely upon the appointments to the newly in terms of marks and as reduced to a gold
established boards.
basis by multiplying them by the percentage of
par of mark quotations in New York. Similar
group index numbers for the United States, as
INFLATION AXI) WHOLESALE PRICES.
compiled by the Bureau of Labor Statistics,
While this law in regard to the control of the have been included for purposes of comparison.
Reichsbank has been proceeding through its This table shows that German metal prices
three readings in the Reichstag., 'the amount of are nearer the world level than those for any
treasury bills held by the bank and the volume other group of commodities, and that textile
# of its notes in circulation has greatly increased. prices, although further from the world level
" The greatest inflation took place in the weeks than the metal group, are still much nearer it
ending April 29 and May 31, when about 8,000,- than are food prices. In the latter case there
000,000 marks worth of new notes were issued, is a difference of almost 40 per cent between
it should be observed, however, that in the Germany's external or gold prices and United
week ending April 22 both the amount of the States prices. In general the Frankfurter
discounted treasury bills held by the Reichs- Zeitung index shows that German prices in
bank and the amount of the Reichsbank terms of gold are still well below prices in the
notes in circulation had declined. The follow- United States, as the April, 1922, index in
ing table sets forth the status of the Reichs- terms of gold registers 95 as compared with 100
bank treasury bill holdings and note circula- in 1913, while the American index is 152 on the
same basis.
tion in April and May.
!
!
6*90
FEDERAL RESERVE
BULLETIN.
PRICES IN GERMANY AND THE UNITED STATES.
JUNK,
GEUMAN
COMMODITY
1922.
PRICES.
[In marks.]
Textiles, etc.
Foods.
GerUnited Oerprices '"States
priccs
in
rernal ternal terms
terms
prices. ofgold.
prices. prices. ofgold.
German
internal
i
J a n u a r y , 1920
April, 1921
November, 1921
J a n u a r y , 1922
February, 1922
March. 1922
April.. 1922.
• 1,038
i 1,161
1 3.1 59
Sjool
1 4,712
: 5,794
5, 829
Ger-
89
77
52
77
95
87
85
253
141
142
134
138
138
137
Metals and metal
products.
Gorman
internal
J anuary, 1920
April, 1921
November, 1921
J a n u a r y , 1922
February, 1922
March. 1922
April, 1922
| 2,245
| 1,731
: 5, ('35 j
1 4,520
\ 5,050
| 7,028 !
: 7,709 ,
German
prices
in
terms
ofgold.
193
114
93
99
114
105
112
4,080
2,080
(\ 427
(>, 827
7,200
9,147
10,053
Commodity.
United
States
internal
prices.
350
183
18ft
183
183
182
181
351
137
106
149
145
137
140
All commodities.
Unite*
States
internal
prices.2
United
States
in- |
internal ternal1 ! terms
prices. prices. "
l
I ofgold.
in
138
119
117
115
1.14
117
I -127-
1,472 !
1,483 i
3,348 i
3,955 j
4,870 j
0,101 '
0,573 j
98
55
8-3
98
92
I
248
154
149
148
15 L
152
152
1 Index number of the Frankfurter Zcitung (77 commodities). The
index for the first of the month is here applie;! to the month just preceding.
2
Index number of the Bureau of Labor (325 commodities).
The Frankfurter Zeitung has added a new
group to its wholesale price index number,
thus making the total number of commodities
included 98. It still continues, however, to
publish the 77-commodity index, as the larger
index is available for relatively few dates.
The added group represents finished industrial
products (Industrielle Endprodukte), and the
May 1 index is 4,054, as compared with 100
in 1914. In other words, it falls below the
groups of the original indexes. Therefore,
when this fifth index is combined with the four
groups of the original index, a slightly lower allcommodities figure is reached. The 77-commodity index registers 6,572 on May 1, while
the 98-commodity index stands at 6,201 on
that date. In order to show more clearly the
course of the wholesale prices in Germany in
the last few months, the following table has been
compiled showing prices in marks of various
important commodities in German markets.
Pig iron
Rolled
blocks
(steel).
Copper
Tin
Zinc
Lead
Wheat
Rye
Rice
Raw cot ton
Cotton yarn, 36's.
Silk yarn ,20/22..
Rubber
Leal her, sole
Wool, south German.
Unit.
Prewar.
Jan. 2,
1920.
Jan. 2,
1921.
J a n . 2, ; May 1,
1922. ' 1922.
Ton
175.50 jl,324.50 .1,660.00 13,326.00 I 58.70
60.00
.. .do
,87. 50 1,465.00 1,895.00 4,130.00
l k i l o . . .!: 1.34 i 24.75 ' 21.00
51. 75 ! 81.76
136. 50 : 191. oo
...do
3.03 i 64.00 ! 60.00
21, 00
. . . d o . . . . . .46 ;
8.70
6.35
31.25
20.12 I 29.25
..do
40 !
8.95 ! 5.75
100 kilos. 21.50 !! 64.00 i 178.00
758. 00 : 707.00
603.00 ! 527.50
...do...."18.20
91.50 ' 150.00
11.50 i 18.00
1 kilo .... .26 i 13.80 i 6.25
85.40 [ 127.40
. . d o . . . . ' .67 i 68.75 . 29.00
160.00 i 255.00
...do
2.02
94.00 ' 69.00
... do
46.00
11,500.00
•
1,050.00
6,000.00
'6,900.00
!
...do
5.40 I ' 59.80 •• 25.85
88.00
114.00
...do
2.80 " 82.50
70.00
120.00 j 165.00
...do
,
'
92.50
225.00 ' 350.00
FOREIGN TRADE.
In March German foreign trade began to
show the effects of the recent increases in
prices, and although the value of exports was
much greater in that month than in the month
previous, it fell below the value of imports by
1,600,000,000 paper marks. This is the first
time that German foreign trade has shown an
import surplus since November, 1921, when
the mark reached its present low level. The
following table summarizes the movement of
German trade since May, 1921:
[000 Omitted.]
Dale.
! Imports.
1921.
i
Exports.
Excess of
imports
over
exports.
' Excess of
i exports
j over
| imports.
I
December
Average, 8 mon t hs
13.701,651 14,467,844
' 9,909,994 8,294,74.4
L922.
.1 anuary
February
March
12,640,671
• 12,000.902
, 22,919,000
14,393.573
14,482,168
21,285,000
1,615,250 ;
— •
766,L93
! 1,752,902
I 2,481,266
1.634.000 i
SWEDEN.
OPERATIONS OF THE RIKSBANK.
Throughout the greater part of 1921 the
monthly balance sheet totals of the Riksbank
of Sweden showed steady recessions from the
high-water mark reached in the middle of
1920. At the end of the year the downward
trend was reversed, and the improvement
JUNE,
1922.
FEDERAL RESERVE BULLETIN.
691
reflected in the bank statements has been fairly AVERAGE ANNUAL GOLD HOLDINGS AND NOTE CIRCULATION OF THE RIKSBANK, 1913-1921.
well sustained during the first quarter of the
[In thousands of kronor.]
present year.
By far the largest liability of the Riksbank is
Ratio of
Gold coin
the note circulation, and the contraction in this
Note cir- Sold holdand
culation.. " ings to
bullion.
item is an important element affecting the
notes.
balance-sheet position. The highest point in
note expansion was reached on December 21, 19.13.
209,924
102,404
48.8
1914.
104,158
243,299
42. 8
1918, when the volume of notes stood at 821,- .1.915.
113,197
281,787
40.2
165,479
333,862
49.6
600,000 kronor, an increase of 244 per cent as 1916.
1917.
205,305 j
450,952
45. 5
compared with the notes outstanding in the 1918.
259,783 |
651 ',220
39.9
191.9.
291.109
I
708,206
41, I.
middle of 1914. At the end of December, 1921, 1920.
268.925
710.710
37,8
280,209
640'615
43. 7
the note circulation had declined to 628,000,000 1921.
kronor, or about 163 per cent of the June, 1914,
figure. Although 1918 witnessed the peak of
Corresponding to the deposit accounts in the
note circulation, the average for that year was balance sheets of American banking institumore than 50,000,000 kronor lower than in the tions is the item called "giro" accounts in the
two following years.
statement of the Riksbank. These differ from
The ratio of gold reserves to bank note ordinary deposit accounts in that they are not
circulation showed a significant increase in derived from the public but represent the ac1921, although, as a subsequent table will counts of Government departments and the
indicate, it did not attain the pre-war level. balances maintained by commercial banks for
The annual increment in the metallic reserves, the purposes of clearing. The latter element
excluding silver, amounted before the war to averages annually less than 10 per cent of the
about 6 per cent, but as a result of the heavy total giro accounts, thus showing the prepayments made by belligerents to Sweden for ponderance of State funds in the deposit catecommodities during the war the gold holdings gory. The relatively small volume of funds of
were very largely expanded. In 1916 the gold private banking enterprise is attributable to
stocks increased no less than 47 per cent as the nonpayment of interest on such accounts.
compared with the preceding year, producing A considerable expansion has occurred in rean unprecedented situation in Swedish finance cent years in the giro deposits. The average
which was met b}^ parliamentary action sus- yearly deposits in 1913 amounted only to
pending the gold-purchasing obligation of the 59,000,000 kronor, as compared with an averRiksbank. At the same time, however, the age of 226,000,000 kronor in 1920 and 193,extraordinary growth in the note circulation 000,000 kronor in the past year. An interestnecessitated a still greater enlargement of the ing fact to observe in connection with the
gold stocks to keep the reserve against notes deposits of the Riksbank is the very rapid
unimparcd, so that the gold holdings con- rate of turnover. In 1921, checks drawn
tinued to increase, reaching 301,000,000 kronor represented 13,311,000,000 kronor. Comparon August 2, 1919, the highest figure in the ing this with the volume of demand deposits,
history of the Riksbank. At the beginning namely, 193,000,000 kronor, it is evident that
of 1920 a decline set in, bringing the the gold the deposits of the Riksbank were checked out
stocks down to the low level of 261,000,000 no less than sixty-nine times during the year.
kronor, a figure which was maintained through- This rate of turnover is almost eight times
out the spring and summer. This was fol- more rapid than in the case of the deposits
lowed by a moderate increase in gold hold- of the private banks.
ings in the latter part of 1920, the amount
Turning to the other side of the balance sheet
then remaining practically constant at 281,- and examining the distribution of the assets,
000,000 kronor during the first half of 1921. it is seen that the earning item of greatest
The decline in the note circulation and the importance is domestic bills of exchange.
comparatively high and unchanged position These, at the close of the year 1921, amounted
of gold holdings during a large part of to nearly 50 per cent of the total assets of the
1921 brought the reserve ratio to its highest Riksbank, while less than 20 per cent of the
point since 1917. This is apparent in the table assets of the private banks were invested in
below:
this type of paper. Lombard loans, that is to
692
FEDERAL RESERVE BULLETIN.
say, loans against securities of various kinds,
were only about 4 per cent of the assets of the
Riksbank. On the other hand, the commercial
banks held 40 per cent of their assets in this
form. Advances on current account and overdrafts at the Riksbank are relatively insignificant as compared with the total assets,
amounting to less than 1 per cent. This
element, however, in the case of the private
banks is of considerable importance and at the
end of 1921 formed one-fifth of their total
resources. It is thus evident that the investments of the Riksbank are of a more liquid
character than those of private banking
institutions and that its available funds are
obtained from widely different sources.
Not only did borrowing from the central
bank show increased activity in 1920 and 1921
as compared to previous years, but the relationship between the Riksbank's aggregate loans,
and the outstanding note circulation also greatly
improved. This would appear to indicate
that loans arc fast assuming their pre-war
importance in its operations. With the exception of the years 1911 and 1912, when loans
reached a very low level, reflecting the abundance of funds in the capital market, the average annual aggregate loans of the Riksbank
during the 10-}^ear pre-war period either exceeded or approximated very closely the note
circulation. During the first years of the
war, however, conditions were reversed and
the shrinkage in loans, coincident with the
rise in note circulation, seriously reduced the
ratio between these two elements. From a
reference to the table below it will be seen
that the loans of the Riksbank dwindled in
1916 to the low level of 74,000,000 kronor,
an occurrence which nearly put the central
bank out of touch with the money market. In
the two following }^ears loans increased considerably in absolute figures, but in relation to
the rise in prices and the note circulation the
level reached was still strikingly low. In 1920
and 1921, however, the wide divergence previously existing between the notes outstanding
and the total volume of loans was very much
lessened, as is indicated in the subjoined exhibit.
AVERAGE ANNUAL AGGREGATE LOANS OF THE RIKSBANK
COMPARED WITH THE NOTE CIRCULATION, 1904-1921.
Year.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
Amount of
loans.
Kronor.
158,467,800
155,265,800
163,452,300
188,604,400
214,820,900
164,900,700
150,295,400
119,136,900
117,932,900
Ratio of j
loans to i
notes out- \\
standing. !i
Year.
104.2
1913
98.8
1914
95.5
1915
103.4
1916
191.7
L20.1
1918
92.0
82.0 : 1919
61.9 ' 1920
58.3 "• 1921
Ratio of
Amount of loans to
notes outloans.
standing.
Kronor.
139,396,400
138,518,400
124,352,700
74,804,600
158,209,800
280,158,700
383,499,200
604,350,200
481,443,400
66.4
56.9
44.1
22.4
35.1
43.0
54.2
85.0
75.2
JUNE, 1922.
By far the greater part of" the loans of the
Riksbank are extended to the commercial banks
in the form of rediscounts of inland bills of
exchange and, to a smaller extent, advances
against bond securities. The bank transacts
loans directly with the public in a limited way,
but this phase of its business has declined more
than one-half within the last three years, and
in 1921 averaged only about 13 per cent of the
total aggregate advances.
The second important function of the Riksbank is the purchase and sale of foreign exchange, and in this field of finance its activites
declined in 1921 to the lowest level since 1914,
accounted for largely by the collapse of
Sweden's export markets. The average annual
foreign exchange holdings of the Riksbank in
the pre-war period 1905-1909 were maintained
at a fairly uniform level of about 40,000,000
kronor. In 1911 and 1912, when domestic
loans were at their low ebb, a decided impetus
was given to the foreign exchange operations of
the bank, a situation brought about by the
change in the status of the balance of trade.
The favorable conditions in foreign commerce
for Sweden continued to increase as the war
progressed, w^ith the result that exchange holdings in 1916 reached their crest of 208,000,000
kronor. This lively activity in foreign exchange contrasts strikingly with the extremely
depressed state into which the Riksbank's
domestic loan business had slumped during the
same year. The table below gives the average
annual holdings of foreign exchange of the
Riksbank, including Government securities, bills
of exchange, and balances on current account.
FOREIGN
EXCHANGE HOLDINGS OF THE
AVERAGE P E R Y E A R .
Amount i Ratio to
(000
• note cirkronor). • dilation.
Year.
1901
1905
1906
1907
1908
1909
1910
1911
1912
!
i
!
i
:
:
i
30.027
4L257
43,458
31,706
35,125
45,546
55,818
90,390
119! 260
!
j
!
!
'
;
|
j
19.8
26.3
25.4
17.4
19.7
25.4
30.5
47.0
58.9
Year.
i
i
:
!
;
1913
1914
1915
1916
1917
1918
1919
1920
1921
RIKSBANK—
Amount
(000
kronor).
98.846
1091816
129,156
208,352
189,701
184,427
184,085
137,554
124,696
Ratio to
note circulation.
47.1
45.1
45.8
62.4
42.1
28.3
26.0
19.4
19.5
The annual fluctuations in the bank's holdings of foreign bills of exchange and in balances
on current account are given below.
AVERAGE ANNUAL VOLUME OF FOREIGN BILL HOLDINGS
AND BALANCES ON CURRENT ACCOUNT.
fin miilions of kronor.]
Year.
1916
1917
1918
Foreign
bills of
exchange.
112.7
113.7
100.0
I Balances
|
on
; current
! account.
36.8
22.1
32.4
Year.
1919
1920
1921
Foreign ! Balances
bills of !
on
exi current
change, account.
81.0 j
54.1 !
70.7 i
53.5
42.0
41.0
Foreign exchange transactions, including bills
and balances on current account but excluding
trading in foreign Government securities, have
been as follows:
[Tn millions of kronor.]
i
i
|
Year, i Debits 'Credits/ Total.
1909.
1910.
1911.
1912.
1913.
1914.
1915.
348.4
469.5
569.5
959.3
927.1
897.4
822.8 j
Year.
336.0 I
684.3
447.5 ! 911.0
540.7 i 1,110.2
969.1 i 1,928.3
912.7 i 1.839.8
940.0 1,838.0
741 7 i 1.564.4
I Debits.!Credits.] Total.
751.1
666.2
735.7
829.4
860.7
963.5
1916.
1917.
1918.
1919.
1920.
J921.
726.7
695.6
747.2
834.6
871.4
939.7
1,477.9
: 1,361.8
i l!483.0
j 1,664.0
1,732.0
! 1,903.2
R E S U L T S OF F O R E I G N
OPERATIONS.
fin thousands of kronor.J
Income.
Expenses
and
depreciation.
!
Profit
or
loss.
Year.
83 L
1,310
2.489
3,938 .
3.536 :
3; 030 ,
1,282 j
173
1L1
75
54
108
209
697
658
1, 208
2, 412
3, 884
3. 428
2. 821
585
1916
ji 1917
1 1918
i 1919
1
1920
j 1921
1
AND N E T PROFIT OF K I K S B A N K ,
J913-1921.
(Tn thousands of kronor.|
Net profits.
Year.
1913....
1914
19L5
1916
1917
1918.... .
1919....
1920....
1921...
j
EX-
;
ExEarnings. penses.
12,553
12,403
11, 825
10,729
14,883
27,517
30, 805
45,146
37, 802
4,323
4,236
4,318
4,845
5,797
19,985
22,619
63,488
23,653
From
banking
operations.
From
Ratio to
capital,
installTotal
surplus, ment renet
and re- demption profits.
serves. loan fund!
8,230
8,167
7,507
5,885
9,086
7,532
8,186
1 6,486
14,150
13.2
13.1
12.0
9.4
1.3.2
9.9
10.0
7.4
22.6
571
595
612
603
594
655
784
1,022
1,254
8,801
8,762
8,119
6,488
9,680
8,186
8,970
7,508
15,404
E A R N I N G S AND E X P E N S E S OF THE R I K S B A N K .
Lin thousands of kronor.]
! penscs i Profit
ciation.,
2,297
1,326
2,052
3,409
3.207
2.817
1,032
1,298
13,308
15,783
45,429
12,930
j 1,265
I
28
;-ll,256
j—12,374
!
-42,222
:-10 ; 113
For the bank's business as a whole the year
1921 witnessed a considerable improvement as
compared with 1920. Although the income
of the bank, as indicated in the table below,
was smaller in 1921 than in 1920, the disbursements also were much below those of the preceding year, when the prevailing abnormal
conditions not only produced heavy losses on
foreign exchange transactions but also neces-
Expenses.
Earnings.
Deprc-i
ciation,
Inj of ex-',
come
Depre- change1 Adfrom
ciationi and . minisGrand
ofse- J ex- Itrative
foreign total. curi- [ pensesi oxties. | of for- (penses.
operation;
! eign
! opera! tions.
Year. ;
Grand i
total. !
1
EXPENSES,
1 Deficit covered by application of 24,827,000 kronor ;rom undivided
profits.
1
1909.
1910.
1911.
1912.
1913.
1914.
1915.
sitated the writing down of security values on
a large scale. As a matter of fact, the operations of the Riksbank in 1920 actually resulted
in a deficit of over 18,000,000 kronor, but this
was covered by applying about 25,000,000
kronor from the fund of undivided profits. In
striking contrast to the poor showing of 1920,
the business of 1921 yielded net profits to the
Riksbank of over 15,000,000 kronor, an amount
almost twice as great as the annual profits in
the pre-war period.
EARNINGS,
The foreign exchange business of the Riksbank in the past four years has resulted in
losses aggregating about 76,000,000 kronor.
The largest loss in any one year occurred in
1920, when heavy depreciation in exchange
necessitated drastic writing down of values
and brought the total expenses of foreign
operations to the high sum of 45,000,000 kronor,
or about 70 per cent of the total expenses for the
year. A comparison of the profit and loss on
foreign exchange over a period of years is
given in the following tabulation:
Year.
693
FEDERAL RESERVE BULLETIN.
JUNE. 1922.
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
:
12,553
(>. 250. 802
' .12,403
f>)810- 873!
I 11,825
4,861= 1,501
I1 10,729
2,775' 905
14,883
6,189! 2,117
27,517 11,839 7,007
30,805 14,580 9,317
' 45,146 35,704 4,440
! 37,802 31,6851 l , r ~
8159
1,722
3,188
3,605
4,027
5,320
2,330
750
3,530
3,030
1,282
2,297
1,326
2,052
3,409
3,207
2,817
4,323
151!
108
4,236
209
4,318
27?|
697j
4,845
363 1,032
5,797
318 1,298
19,985
857 13,308
22,619
40 15,783
63,488 10,494 45,429
23,653 2,750 12,930
2,359
2,315
2,536
2,404
2,706
4,060
4,894
5,891
5,682
694
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
A S S E T S AND LIABILITIES OF THE R I K S B A N K / *
[In thousands of kronor.]
I
1
Dec. 31, i June 30,
1919.
I 1920.
Dec. 31,! Doc. 31,
j 1913. | 1918.
Sept. 30,
1920.
Dec. 31,
1920.
Mar. 31, ' J u n e 30. Sept. 30,! Dec. 31,
1921.
1921.
1921.
1921.
Mar. 31,
1922.
ASSETS.
Gold coin a n d bullion
; 102.133 !
Subsidiary coin
|
5; 203 I
Checks a n d sight; drafts, ,
!
11,043 i
including foreign.
Deposits held abroad
! 30,458 !
Government
securities, ;
Swedish a n d foreign
'. _' 27,490 !
Securities of domestic cor- j
porations
j 3,411 •
Bills payable:
'
I n Sweden
| 157,268 i
Abroad
\ 09,801 ;
Advances ( L o m b a r d ) . . . . . ! 19,577
A (francos on c u r r e n t ac- !
c o u n t a n d overdrafts
j 3,303 •'
608 !
S u n d r y assets
j
Total assets
430,297
285,566
365 \
35.464 ;
45,667 1
37,859 '
48,750 i
54,618 i
48.359 '
5,046 !
5.046 ;
280.306 !
70!494 :
180J544 '
453,369 ••
66,976 !
101,391 :
1,202
92.31.1
]
279,813
2,341
281,777 ",
2,732
39,989
36,291
48,653 i
73,561 .
38,834
44,443
45,599
45,351
281,159 i 261.070
1,015 i
2,mb
1,377 I
29,959 ;
12,696 ;
4,488 '
5,046
596,672
58,124
71;639
12,696 | 16,01.4
4,488
274,743
11,317 I
274,355
15,210
48,319 I
55,351 j
36,176
37,018
63,376
20,661 !
4,477
4,477 !
5,183
5,183
5,053
610,579
50,142
42,276
541,188
31,332
15,895
513,060 424,003
65,489 i 75^ 286
65,689 J 27,909
385,239 '
75,949 i
32; 954 j
525,060
72,395
39,448
510,481
53;852
29,455
1,810
12.481
1,125
4,070
1,654 ! 2,432
10,832 i 54,069
3,202 i
4,714
3,394
3,573
3.702
3; 201
1,130,579
1,017,519
1,052,902 ! 983,813
882,041 1 1,054,280
1,032,009
50,000
12,500
208,299
14,659
4, 756
779,767
6,302
50,000
12,500
171,518
o, 256
4,898
759,877
5,361
1,409 |
20,545 j
1,051,582 j 1,075,259 i 1,141,59
281,711 281,424 , 275,948 !
5,290 ; 7,665 ! 9,774 :
I
45.600
39,769 : 30.909 i
46;393
50,764 I 38;214 i
LIABILITIES.
I
Capital
! 50,000
Sur plus
12,500
Deposits (giro)
107.900
S u n d r y deposit a c c o u n t s . . I 1,461
D u e t o foreign b a n k s
! o', 917
Notes i n circulation
j 234,472
B a n k post bills
1,972
Dividends payable t o t h e
Government
! 7,058
U n d i v i d e d profits of pre- •
vious year
!
1
N e t profits of c u r r e n t year. I 8,801
Pension fund
I
214
T o t a l liabilities
| 430,297
50
12
134
I
i
!
50,000
12,500
280,365
6,150
5,138
736,458
1,857 i
i,970 !
534 ;
24,827
19,620
554
000
12, 500
213. 725
744
016
562
350
813
671;
186 I
472 .
1,051,582 j 1,075,259
=
j
!
1,141,591
24,827 i
28,904
564 j
7,508
601
1,130,579 i 1,017,519
I
I
i
|
i
!
!
50,000
12,500
156,593
54,089
4,225
678,810
4,154
50,000
12,500
113,443
2,008
3,822
672,396
3,338
50,000
12,500
331,359
4,746
3,924
627,699
4,469
50,000
12,500
311,463
1,394
4,555
626,073
2; 281
i
3,500
3,500
4 3,500
2,625
3,508 '
8
12,781 ! 19,314
611 i
621
8
20,395
631
-15,404 I
671 i
20,430
688
50.000
12J500
246,770
1,432
4,167
716,876
4,257
1,052,902
983,813 : 882,041
1,054,280 I 1,032,009
a See FEDERAL RESERVE BULLETIN for January, 1920, p. 45, for statements as of Dec, 31., 1914-1917.
1 During 1918. 2,500,000 kronor allocated to installment redemption loan fund.
2
During 1919, 3,000,000 kronor allocated to installment redemption loan fund.
3 During 1920, 3,000,000 kronor allocated to installment redemption loan fund and balance for writing down of ledger assets.
4
During 1921, 4,000,000 kronor transferred to installment redemption loan fund.
ECONOMIC AND FINANCIAL CONDITIONS IN BRAZIL.
A survey of general economic and financial
conditions in Brazil was published in the issue
of the FEDERAL RESERVE BULLETIN for August,
1920, giving a synopsis of Brazilian conditions
at the close of 1919. Since then, Brazil has
shared with the rest of the world the difficult situation arising from a period of liquidation and readjustment which followed the
fictitious prosperity during the war and the
sudden halt of business in the middle of 1920.
The difficulties of the past two years have
been perhaps more accentuated in Brazil than
in any of the other South American countries,
due to the instability of her currency and her
imperfect monetary system. Brazil has but
a very small gold reserve, and her principal
staple product, coffee, has been much depreciated in value, with supply still in excess of
demand.
The finances of Brazil before the outbreak of
the war, as in most of the Latin American
countries, were regulated more or less exten-
sively by the marketability and price of her
national" products. Until 10 years ago the
production of coffee and rubber was about
the only source of wealth of Brazil. The bulk
of her exports went to England and continental
Europe, where Germany, by reason of Hamburg's position prior to the outbreak of the war
as the coffee distributing center of northern
Europe, occupied first rank. War conditions
compelled the Scandinavian countries to do
their own importing. The considerable reduction in the consumption of coffee by
European markets, due to the allied blockade
of Central Europe and reduced demand by the
other belligerent powers, marked the beginning
of an era of financial difficulties for Brazil.
Government intervention in the interest of
the coffee grower already occurred in 1907.
In that year overproduction of coffee in Brazil
was clearly manifest. The government of the
State of Sao Paulo adopted a valorization
plan, under which the government proceeded
JUNE, 1922.
FEDERAL RESERVE BULLETIN.
to buy coffee and withhold it from sale in an
endeavor to maintain a stable price at as high a
level as possible. The government of Sao
Paulo, however, was not able to transact this
operation without foreign help,, and the
purchases were financed by foreign loans, the
coffee being stored in the United States and
Europe and released in accordance with current demands. The plan did not prove successful, and the government of Sao Paulo
found itself in a position where it had 7,000,000
bags of coffee unsold. The Federal Government then decided to assist that of Sao Paulo
by financing further loans, with the result that
in 1911 the price of coffee showed considerable
advance, reaching the point of 9f cents in
1913. The severe frost of 1918, which coincided with heavy European demands to replenish their exhausted reserves, caused Rio
coffee to reach a high point in June, 1919,
when it *was quoted at 25 cents. This was
reflected in general economic conditions in
Brazil by creating a fictitious prosperity and
causing consequent overtrading. By the end
of 1920 the price of coffee started to decline
rapidly, the situation becoming more and
more acute until the beginning of 1921, when
the spot price of Rio No. 7 coffee reached its
lowest point in the New York market of 5J
cents. Valorization had to be resorted to
again by the Government, which is now holding some 5,000,000 bags of the 1920-21 crop.
The question whether the valorization
scheme is of real benefit to the country has
been the subject of wide discussion. It has
been contended that at the present low level
of Brazilian exchange the price obtained for
coffee in foreign markets would be ample to
offset production expenses and leave a reasonable profit, At the same time this plan is
helping foreign competition to a considerable
extent. On the other hand, others contend
that the present valorization system has
rendered great assistance in keeping Brazilian
exchange on a more stable level.
At the outbreak of the war, when the coffee
outlook appeared rather bad, capital was
forced to seek new fields of investment, which
were developed inT accordance with the new
demands of the w orld, created by the existing
conditions of war. Cattle raising was given a
great impetus, and cotton, sugar, and rice
planting took the place of coffee growing to a
large extent. The meat industry, almost unknown in Brazil in 1910, has attained great
proportions, the exports of chilled and frozen
meat during" the war period reaching from
50,000 to 60,000 tons a year. This industry,
however, is almost at a standstill now, due to
reduced demand for these articles abroad.
695
A considerable portion of Brazilian land has
been used for growing sugar cane. ^ The stigar
industry became prosperous and profitable
during the war, but the world-wide drop in the
price of this commodity at the beginning of
1920 made its consequences felt in Brazil as
well. With the object of avoiding a panic and
affording a means of proper liquidation on the
part of sugar growers and traders, the
Government decided to organize the Caixa
Nacional de Exporta^ao do Assucar. This
institution was authorized to purchase in the
market the quantities of sugar necessary to
maintain a stable price, which was fixed at
first at 600 reis per kilo and afterwards changed
to 400 reis. Considerable assistance has been
derived from this establishment, since liquidation of losses incurred has been made in a
gradual and systematic way. Sugar-cane growing in Brazil has not been discouraged and will
undoubtedly be given further impetus, due to
the heavy local demand for alcohol to be used'
as fuel. Petroleum and its by-products,
which are imported from the United States
and Mexico, are very expensive for use as fuel
in Brazil. Tractors and other classes of agricultural machinery are operated by means of
alcohol.
Much attention has been given to cotton
growing. It has been found that Brazilian
cotton is of high quality and there is great
demand for it in the English markets. The area
at present under cultivation exceeds 1,092,000
acres, and the total yield for the current year
is estimated at 432,000 bales of 500 pounds
each, or an average of 200 pounds per acre.
It has been announced that under the auspices
of the Ministry of Agriculture of Brazil, the
National Agricultural Association of Rio de
Janeiro will undertake the organization of an
international cotton conference to be held in
the city of Rio de Janeiro in October, 1922.
The production of rubber is continually
decreasing. In pre-war years the amount of
rubber exported from Brazil exceeded 20 per
cent of her total exports, but the fall in the
price of this commodity and the enormous
increase in production by the plantations of
the East Indies have contributed to eliminate
it as a principal export article.
FOREIGN EXCHANGE.
The sudden and violent fluctuations in the
price of coffee during the last decade are
responsible to a large extent for the fluctuations of the Brazilian milreis and its present
unstable position. The paper milreis is worth
32.4 cents at the par of exchange. During the
war its value varied from 23.5 cents to 25.3
696
FEDERAL RESERVE BULLETIN.
cents, starting a declining trend in May, 1920,
when it was quoted at 26.1 cents, and steadily
decreasing in value until December, when it
was quoted as low as 13.8 cents. During the
first seven months of 1921, while no sudden
reaction took place, a continued decline was
JUNE, 1922.
clearly marked, the lowest point being reached
in July, when 100 paper milreis were quoted in
New York at $10.03. The following table
shows the New York quotations for Brazilian
milreis since January, 1916:
MONTHLY R A N G E OP BRAZILIAN E X C H A N G E R A T E S I N N E W Y O R K (DOLLARS P E R 100 P A P E R
MILREIS).
[100 milreis equal $32,444 at par of exchange.]
1916
1917
1919
1918
1921
1920
1922
Month.
High.
January
Februarv.
March
April
May
June
Julv
August
September
October
November
December
S23.500
23.250
23.625
23.000
. . . . 24.500
24.500
24. 760
24.650
24,290
24.100
'•\3 960
23.630
Low.
Low.
High.
$22.000
22. 250
22. 840
22. 750
23.000
23 870
24. 400
24.150
23. 820
23.580
23 020
23.100
$23. 570
23.460
23.180
24.350
26. 750
26 900
26. 800
25.640
25.220
25.640
26 25026.900
High.
Low.
The prosperity of Brazil still depends to a
considerable extent upon the coffee crop,
market, and prices. The payment of her
foreign debt and practically the whole economic structure of the country are largely dependent on the coffee situation; not to the
extent, however, that was the case in pre-war
years, when coffee amounted to 63 per cent of
the total exports from the country.
The following table shows the import and
export movement of the country during the
last four years, as compared with the pre-war
year of 1913.
1913
1918
1919
1920
1921
5,922
1,738
2,779
3,276
2,578
Pounds
sterling.
Tons. •
Pounds
sterling.
67,166
52,817
78,177
125,005
60,468
1,382
1 772
1,907
2,111
1,919
65,4.51
61,168
130,085
107,521
58,587
Excess of exports
( + ) or imports (—).
Tons.
-4,540
+34
-871
— 1,175
-659
Pounds
sterling.
-1,715
+8,351
+51,908
-17,484
-1,881
Brazil imports more in volume than she
exports, in spite of the fact that her exports
consist mostly of raw materials. The explanation lies in the fact that Brazil buys
considerable amounts of coal and briquets
for her home industries. Out of a total of
3,276,000 tons imported in 1920 about 1,121,000 tons were coal and 95,000 tons were bri-
High.
High.
Low.
Low.
$12. 750
12. 750
12.625
EXPORTS.
[In pounds sterling.]
Year.
Tons.
Low.
A V E R A G E P R I C E S P E R T O N OF BRAZILIAN
Products.
Exports.
High.
quets. Brazil's trade in 1921 suffered a
severe reduction both in value and volume.
Imports fell 21 per cent in quantity and 52 per
cent in value, while exports fell 9 per cent in
quantity and 45 per cent in value. The fall
in the prices of exported commodities was
greater than for those imported. The decline
in value was due almost entirely to the fall in
prices. In fact, in 1920 the average price per
ton for merchandise exported was £51, against
£30.5 in 1921, or a decrease of 40 per cent.
The total reduction in the average prices of exports from 1919 to 1921 was as great as 55 per
cent, as shown in the following table:
OF BRAZIL.
[000 omitted.]
Imports.
Low.
$23.210 $27.137 $26.577 S26. 750 $25.000 $27. 750 $27.250 $15. 750 $14.375 $12. 875
22. 970 26.666 25. 773 26.100 25. 500 27. 375 25.750 15. 560 14.520 13. 750
22.900 26.420 25.770 26.375 25.750 27.125 25.750 15.680 13. 720 14. 250
23.000 25. 840 25.320 27. 000 25. 750 27.125 26.375 14.020 13.127
24.900 25.640 25.190 28. 250 27.000 26.375 26.125 14.130 13.100
25.610 ?5.640 24.880 28.250 27. 625 26.125 23.750 13. 455 10. 870
24.680 24. 940 22.990 28.800 26.500 23. 750 21. 400 11. 460 10.030
24.780 24. 210 23. 530 27. 500 24. 875 21.750 17.600 12. 500 11.980
24.710 24. 000 23.000 25. 000 24. 500 19. 500 16. 400 13. 000 12. 375
25.150 25.000 23.500 25.700 25.000 18.375 16. 750 13.250 12. 875
25. 220 27.000 24. 750 25.250 25.000 17. 500 15. 375 13.000 12. 750
25.900 27.200 26.500 33.000 27.750 16.750 13.875 13.250 12.750
FOREIGN TRADE OF BRAZIL.
FOREIGN TRADE
High.
Animal. ..
Mineral
Vegetable
Total
1913
1918
1919
1920
1921
64.0
5.4
51.1
72.9
7.2
38.1
99.9
7.9
72.4
97.8
6.4
60.1
47.2
4.2
33.9
47.3
34. 5
68.1
51.1
30.5
On the other hand, in 1920 the average price
per ton imported was £38.2, against £23.4 in
1921, or a decrease of 36 per cent. In 1913
Brazil imported 5,922,000 tons, for which she
paid £67,166,000, but in 1921 she imported
2,578,000 tons, for which she had to pay
£60,468,000. This shows that Brazil now has to
produce and sell more goods in order to obtain
the foreign manufactured articles she needs.
The adverse balance of trade for Brazil in
1920 was reduced in 1921 to such a great
extent that there seem to be good grounds for
believing that Brazil is working toward a gen-
eral betterment of her financial condition. She
has been trying to discourage new purchases of
foreign goods until the stocks still available
from the overtrading of 1920 are disposed of,
and to have the value of her exports exceed that
of her imports. Taking the totals for the last
four years, there is a balance of £40,884,000 in
favor of Brazil, which would lead one to believe
that Brazil still has considerable amounts available for investment. This favorable total balance, however, has only served to improve the
rate of exchange. The following table represents the percentage of Brazil's imports and
exports, by countries:
Germany
Groat Britain
Tta.1 v.
Mexico
Netherlands
Portugal
Uruguay
Other countries
Total
1921
1920
Products.
1920
Animal
Mineral
Vegetable
Total
1921
1.0
.5
2.1
1.3
8.8
.8
1.8
1.4
8.5
2.8
1.9
4.4
6.6
6.9
2.2
5. 7
6.4
100.0
100.0
100.0
100.0
:
1920
1921
! 1,5,224
, 448,258
; 515,384
13,813 !
200,370 !
440,241)
3,043
2,530
38,814
1,030
895
19,735
| 978,800
714,443 :
44,987
21,005
Percentage
decrSin
Percentage of Brazil's exports.
1921.
Products.
Quantity.
Animal
Mineral....
Vegetable..
1921
Per cent. Per cent. Per cent. Per cent.
31.7
41.8
37.0
41.5
6.6
6.6
8.4
11.4
4.1
2.7
2.5
1.8
6.2
12.0
9.8
5.6
9.5
4.7
8.0
5.8
20.4
21.8
8.1
7.0
3.0
2.5
7.3
6.4
2,7
j
Thousands of
' Thousands of tons, i pounds
sterling.
Quan- v i
tity. i N a m e "
|
Country.
1920
I
Exports.
Imports.
United States
Argentina
Belgium
France
697
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
Total
Value.
!
1920
-9 i
-42
-15 !
- 7 2 ..
-05 '
-49 '
-27
-52
!
j
1921
10 :
98 j
34
10
94
29
40
30
1920
1921
10
77
39
42
37
The United States, being the largest coffeebuying nation, is the best customer of Brazil.
In 1920, out of 515,384,000 tons of vegetable
products exported to the United States,
374,880,000 tons were coffee.
BANKING SITUATION.
The local Brazilian banking houses have
Following are the oflicial figures of the
been
conducting their business in a conservaGovernment of Brazil, representing the values
of American goods imported into Brazil from tive manner, enabling them to confront successfully the vicissitudes of the past crisis.
the United States during the last 12 years:
This commendable practice has also been followed by most of the foreign banks, but cer[Values in pounds sterling]
tain European banks did not succeed in escapImports from
Imports from ing the temptation to speculate in exchange
United !
United
and had to suffer in consequence. The two
States.
States.
i
most important failures registered were those
1910
0,127,582 i 1910
15,840,005 of La Banque Fran^aise pour le Bresil and the
1911
7,045,277
1917
21,005,302 Banca Italiana di Sconto.
The latter is par1912
9,899,030
1918
18,984,413
1913
10,553,453 : 1919
37,422,752 ticularly unfortunate, since this institution
0,222,948 " 1920
1914
51,939,003
9,051,305 : 1921
1915
19,148,045 kept large amounts of savings of Italian emigrants in Brazil. The Government denied a
moratorium to this bank, but the necessary
The figure for 1920 appears to be exception- steps have been taken toward the liquidation
ally large. This was due to the high prices pre- of the affairs of both institutions in the best
vailing in that year and also to the increased manner.
volume of goods imported, which was a factor
The banking business of Brazil is almost
in the severe depression of 1921. The figures equally divided between native and foreign
setting forth Brazil's exports to the United banks. In 1920, out of the 24 most important
States are as follows:
banks established in Rio de Janeiro, nine were
:
698
FEDERAL RESERVE BULLETIN.
Brazilian, four British, three German, two
Portuguese, two American, one Spanish, one
Dutch, one Scandinavian, and'one Japanese.
Statement of their assets and liabilities for
1919 and 1920 follows:
CONSOLIDATED
STATEMENT OF 24
JANEIRO.
BANKS
IN
RIO
DE
STATEMENT OF T H E B A N K OF B R A Z I L .
[In thousands of paper milreis.]
1919
Foreign
banks.
102,066 I
527,060
47,222
181,252
109,508
564,925
62.1,499
351,144
680,478
576,882
635,790
469,743
490,804
443,710
945,123
595,748
654,876
619,952
840,475
470,548
525,342
816,954
1,114,590
590,147
673,505 i 642,423
115,076
U8,36L
291,151.
246) 229
1,619
279,521
389,080
102,884 '
8,864
185,435
313,932 i ""524," 820
280,028 ; 445,479
Total
LIABILITIES.
331,414
Capital
71,160
Reserve funds
587,626
Demand deposits
464,312
Time deposits
Values deposited account
1,394,026
third parties
Head office and branches..
515,479
Mortgage bonds
3,012
Sundries
898,707
4,265,736
Total..
1919
1920
25,000
113,779
123,146
96,550
196,721
97,435
212,147
25,000
139.158
138,374
172,637
216.770
138,560
263.342
1921
ASSETS.
ASSETS.
Uncalled capital
Bills discounted
Advances on current account
Bills receivable
Sundry guarantees
Values deposited
Head office and branches..
Stocks and funds owned
by the bank
Mortgages
Cash in hand..
Sundries.
1922.
much larger increase in the bank's affairs and
should develop better commercial relations
between Brazil and her neighboring countries.
The following comparative table shows the
condition of the Banco do Brasil at the close of
the years 1919, 1920, and 1921:
[In thousands of paper milreis.]
National
banks.
JUNE,
44,238
262,611.
Uncalled capital
Bills discounted
Advances on current account
Bills receivable
Sundry guaranties
Values deposited
Head office and branches
Stocks and funds owned bv the
bank
Rediscounts.
Cash in hand
Other assets
Total
3,843,822 , 4,762,742 5,028,794
The semiofficial banking institution of Brazil,
the Banco do Brasil, made remarkable progress
during the year 1921. According to the annual
report submitted on March 20, 1922, by Mr.
Jose Maria Whitaker, president of the bank,
this institution opened 1,508 new accounts in
1921, increasing its deposits from 288,698,429
milreis in December 31, 1920, to 859,584,144
milreis in December 31, 1921. The following
table shows the general condition of the bank
during the year 1921:
34.800
69,152
187,988
106,526
225,634
1,145,686
Total...
11,852
437,568
291,122
207,619
225,293
181,719
135,646
77,119
356,838
131,653
230,485
1,461,801 |
2,286,905
70.000 |
8,864 !
144,529 |
36;037
70,000
10,632 I
248,699 •:
36,156'|
100,000
25,000
617,514
242,071
304,557
38,420
368,063
21,114
707,137
407,033
209,19.1
356,838
329^288
1,461,801
2,286,905
LIABILITIES.
Capital
Reserve funds
3,843,822 4,762,742 j 5,028,794 Demand deposits
Time deposits
Values deposited account third
parties
346,956 I 163,630 Head office and branches
.156,380
102,445 ! 3,711 Rediscounts
3,015
544,504
797,901 Other liabilities
608,296
248,620
555,429
321,864
1,643,223 i 1,476,419 2,143,469
859,556
545,556 ! 528,293
12,442
628,732 | 1,196,254 738,663
23,768
.
.
543,279
1,145,
The Camara de Compensaeao dc Cheques, or
clearing house, was established in Rio de
Janeiro on June 13, 1921, and institutions of
the same nature were also. created in Sao
Paulo, Santos, Porto Alegre, Recife, and
Bahia. The clearing house of Rio dc Janeiro
is operated by the Banco do Brasil, and the
results so far attained in facilitating the general
banking operations in Brazil have been highty
satisfactory. For the period of June 13, 1921,
to December 31, 1921, the checks cleared
through this establishment amounted to
2,060,555,965 milreis.
BRAZILIAN RAILWAYS.
[In paper milreis.]
| Dec. 31, 1920. | June 30, 1921. | Dcc.31,1921.
Deposits
288,698,429
Loans
277,532.320
Total assets or liabilities.. j 1.461', 801,268
i
656.636,583
567^39,324
1.820,605,902
859,584,145
728,690,141
2,286.905,369
;
The Banco do Brasil is not only continuously
expanding its activities in the different States
of Brazil, but also in foreign nations. Arrangements have been commenced looking toward
the opening of branches in Buenos Aires and
Montevideo. This policy points toward a
The railroad situation in Brazil has shown
remarkable activity during the past year.
The necessary steps have been taken in the
construction of the Petrolina and Therezina
Railway, and the Government has approved a
budget of 11,285,264 milreis for the construction of 164 kilometers. Another line is about
to be initiated between the points of Ourinhos
and Cambara, in the State of Parana, which
will be called the Northwest of Parana Railroad Co. Great attention is being paid to the
electrification of the Central of Brazil Railway.
The recent financial crisis of Brazil has not
699
FEDERAL RESERVE BULLETIN".
JUNE, 1922.
apparently affected the railroad enterprises. importance will naturally be of great value to
They all seem to be operated successfully. exporters and manufacturers. It must be
The revenues of the Sao Paulo Railway for the kept in mind that the regulations prescribe
year 1921 amounted to 43,375,000 milreis, that exhibition goods arriving after June 1,
against expenditures of 31,303,000 milreis. 1922, may not be accepted for entrance, free
The gross receipts of the Sao Paulo Railway for of du,ty, and that only 15 days are allowed to
the period January 1 to April 2, 1922, are remove from the country goods imported for
placed at £348,706 and those of the Leopoldina exhibition purposes. This rule will not apply
Railway during the first three months of 1922 to goods held for the following local exhibitions
in other cities of Brazil.
amounted to £362,176.
Much international competition has develA final table is presented showing Brazil's
oped lately in Brazilian markets in the sale of foreign trade by countries during the years
rolling stock and railway material. In 1913 the 1920 and 1921, values being stated in £1,000.
rolling stock purchased from the United States
F O R E I G N TRA.DK OF B R A Z I L .
represented 66 per cent of the locomotives and
29 per cent of the cars in use in Brazil. In
[Values in thousands of pounds sterling.]
1920 the figures became 95 per cent and 98 per
I
cent, respectively, and about the same situaImports.
Exports.
tion prevailed in 1921. English, French,
German, and Belgian enterprises are strongly
increase or
Increase or
decrease.
decrease.
competing with American firms. The prices Country.
1920 , 192 L
1920 • 1921 - offered by the last three countries named are
Per
Per
much lower than those quoted by American
Value. cent.
! Value. |I cent.
firms, but the material offered is of inferior
quality, due to the fact that it has been manu- United States1 51,939 1.9,148-32.791 -63.1 44,987 21, -23,322-51.8
factured from war scrap.
10,54.-). 6,903 - 3 , 6 4 2 - 3 4 . 6i 7,094 3,
-3,2461-45.7
Argentina
:
BRAZILIAN CENTENNIAL EXHIBITION.
The international exhibition in Rio de
Janeiro will be a most interesting feature of the
centennial celebration of Brazil's independence.
It will be opened on September 7 and will be
closed on March 31, 1923. 'The cooperation of
foreign representatives in an event of such
107927—22
5
Belgium
France...
.
(.Jerrnany
Great Britain
Italy
Mexico
Netherlands..
Portugal. . . .
Uruguay
Other conn- '
tries
2,207! 2,45(>i
(>,847: 3,775
5,875 4, 861
27,275 12,337
3,079 1,700!
J, 2(39 1,614"
640
523'
2,6-141 1, 102
.1,682!
828'
+249 +11.3 :
- 33,,007722 - 4 4 . 9
-1,011-17.2
-14,93*1-54.8
-1,319;-42.8
+345-1-27.2
—117 -18.3
- 1 , 5 4 2 -58.3|
- 3 5 4 -50.8i
11,003 5,84r>; —5,845
-53.1
2,884: .1,
!2,850| 5,
0,184;: 5,
8,759 4,
7,827 3,
-l,429|-49.6
—7,0521-54.9
-61.5J-10.0
-4,685-53.5
—4,017-51.3
3,011 4,017! +1,006 +33.4
2,049. 1,258 -791 -38. 6
4,778 3,342! -1,436 -30.0
i
7,098| 3,753 -3,347-47.2
Total .. 1.25, 005 60, 468.-64,537 -51.6 107,521 oS, 587-48,934-45. 5
700
FEDERAL, RESERVE
JUNE, 1922.
BULLETIN".
State Banks and Trust Companies.
Fiduciary Powers Granted to National Banks.
ADMISSIONS.
During the month of May the Federal Reserve Board
approved applications of the national banks listed below
for permission to exercise one or more of the fiduciary
powers named in section 11 (k) of the Federal reserve act
as amended, as follows:
1. Trustee.
2. Executor.
3. Administrator.
4. Registrar of stocks and bonds.
5. Guardian of estates.
(L Assignee.
7. Receiver.
8. Committee of estates of lunatics.
9. In any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into
competition with national banks are permitted to act
under the laws of the State in which the national bank is
located.
The numerals opposite the name of each bank indicate the
power or powers it is authorized to exercise, as given below:
The following list shows the State banks and trust companies which were admitted to membership in the Federal
reserve system during the month ending May 31,1922, oji
which date 1,648 State institutions were members of the
system.
Total
Capital. I Surplus. resources.
I
!
• District No. o.
Bank of Victoria (Inc.), Victoria, Va
,$30,000 ! $9,000
$360,928
District No. 6.
Farmers & Merchants Bank, Hurtsboro,
Ala
Middle Georgia Bank, Eatonton, Ga
Peoples Bank, Crystal Springs, Miss
Bank of Haltiesburg & Trust Co., Hattiesburg, Miss
District No. 7.
Iowa Loan & Trust Co., FairQeld ; Iova...
Farmers State Savings Bank, Milford,
Mich
District No. 8.
Savings Trust Co., St. Louis, Mo
District No. 10.
Jamestown State Bank, Jamestown,
Kans
District No. 11.
Blooming Grove State Bank, Blooming
Grove, Tex
Farmers State Bank, Olney, Tex
District No. 12.
Columbia Valley Bank, "Wenatch.ee, Wash
Commercial Bank & Trust Co., "Wenatchco
Wash
31,400
50,000
25,000
10,000
50,000
2,500
121,708
532,954
27,500
100,000
33,000
1,040,003
50,000
12,500
93,626
7,500
280,116
200,000
50,000
1,812,203
25,000
25,000
319,844
50,000
30,000
5,000
6,000
175,360
100,631
100,000
25,000
1,853,229
100,000
50,000
1,592,704
50,000 I
District
No.
Place.
Providence, R. I
Belleville, N. J
Passaic, N. J
Palerson.N. J
Lyndhurst, N. J
Ncwburgh, N. Y
Port Henry, N. Y . . . .
Potsdam, N. Y
Mount El oily, N. J . . . .
Lehighton, JPa
Mahanoy City, Pa
Frederick, Md
Blucfield, W. Va
i
Torre Haute, Ind
i
Waterloo, Iowa
;
Cofleyville, Kans
\
Wichita,
Kans
j
Converted into national banks.—Guaranty Bank & Trust Co., Beau- Sheridan, Wyo
:
mont, Tex.; Passaic Trust & Safe Deposit Co., Passaic, N. J.
Silver
City,
N.
Mcx...'
Voluntary liquidations.—Farmers Bank Co., Pandora, Ohio; Farmers
Tex
!
& Merchants Savings Bank, Logan, Utah; Fanners & Merchants Bank, Clarksville,
Houston, Tex
I
Idaho Falls, Idaho; Union State Bank, Nezpcrce, Idaho.
San
Francisco,
Calif..
Withdrawal.—Clay County State Bank, Louisville, 111.
1 National Bank of Commerce j 1 to 9.
2 i Peoples National Bank
• 1 to 9.
2 : Passaic National Bank & ; 1 to 9.
Trust Co.
2 ' Totowa National Bank
! 1 to 5, 7 to 9.
2 First National B ank
,I Ito9.
2 Nationa 1B ank of N ewburgh. 1 to 9.
2 Citizens National B ank
1 to 9.
2 Citizens National Banlc.
3 Mount Holly National Bank. 1 to 9.
j Ito8
3 Citizens' National Bank
! 1 to 9.
3 ! First National Bank
Frederick County National | 1 to 9.
; 1 to 9.
Bank.
Flat Top National Bank... I t o 3 , 5 t o 9 .
7 Terre Haute National Bank 1 to 9.
7 First National Bank
, 1 to 7.
10 ! Condon National Bank
1 to 3, 5 to 9.
10 j Fourth National Bank
, j 1 to 9.
10 i Sheridan National Bank
! 1 to 3, 5 to 9.
11 ' American National B ank
2 and 3.
11 • First National Bank
1 to 3, 5 to 8.
11 I State National Bank
, 1 to 9.
12 American National Bank.... 1.
Commercial Failures Reported.
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 April 22 to May 26,
1922, inclusive:
Number of
banks.
Powers
granted.
Name of bank.
Amount
of
capital.
A further narrowing of t h e m a r g i n of i n c r e a s e i n n u m b e r
of failures over those of last y e a r h a s r e c e n t l y b e e n w i t nessed, a l t h o u g h t h e 1.358 defaults r e p o r t e d t o R . G. B u n
& Co. d u r i n g t h r e e weeks i n M a y c o n s i d e r a b l y e x c e e d t h e
960 insolvencies of t h e same period of 1921. T h e r e t u r n s
for. April, t h e latest m o n t h for w h i c h c o m p l e t e statistics
are a v a i l a b l e , disclose 2.167 commercial failures i n t h e
U n i t e d States, w i t h aggregate liabilities of a b o u t
$73?OOO3OOO.
FAILURES DURING APRIL.
Now charters issued
Restored to solvency
Increases of capital approved
Aggregate of new charters, banks restored to solvency, and banks increasing capital
Liquidations
Reducing capital 1
.
Total liquidations and reductions of capital..
Consolidations of national banks under act of Nov.
7y1918
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net increase
1
29
3
18
$2,990,000
325,000
1,760,000
50
5,075,000
13
3
1,415,000
365,000
16
1,780,000
3
3,150,000
5,075,000
1,780,000
3,295,000
Includes 2 reductions in capital aggregating 8350,000 incident to consolidations under act of Nov. 7, 1918.
Number.
District.
First
Second.
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth
Total
1922
1921
165 ; 145
420
268
78 ,
65
156 : 118
148
154
264 ;: 136
281
178
120
115
116
39
66
50
167
98
183
121
2,167
1,487
Liabilities.
1922
$2,403,840
33,677,526
1,468,343
2,840,844
3,277,906
6,557,398
10,909,837
2,244,444
2,268,658
1,937,395
3,865,301
1,607,145
73,058,637
1921
31,746,699
11,123,088
1,575,775
4,366,788
3,334,591
1,997,350
3,949,115
2,427,872
593,718
1,966,778
2,905,847
2,580,148
38,567,769
JCNE, 1922.
FEDERAL RESERVE BULLETIN.
701
LAW DEPARTMENT.
North Carolina act authorizing State banks to charge
exchange, and to make payment by exchange
drafts, when checks are presented to them by or
through Federal reserve banks held unconstitutional.
The following is the opinion of Chief Justice
Clarke in the decision rendered by the Supreme
Court of North Carolina in the suit brought by
a number of nonmember banks in North
Carolina to enjoin the Federal Reserve Bank
of Richmond from returning as dishonored any
check, payment for which in an exchange draft
has been tendered by any of the plaintiff
banks under the provisions of the act of the
Legislature of North Carolina, ratified February
5, 1921. The decision reverses the holding of
the lower court upon the ground that the
North Carolina act in question is unconstitutional, and directs that the injunction previously granted be dismissed.
NORTH CAROLINA SUPREME COURT—SPUING TERM 1922—
No. 419 UNION.
Farmers and Merchants Bank et al. v. Federal Reserve
Bank of Richmond, Va.
Appeal by defendants from WEBB, J. February term,
1922, of Union.
This action was brought by 13 banks and trust companies
organized under the laws of this State which are not members of the Federal Reserve System, against the Federal
Reserve Bank of Richmond, Va., to obtain an injunction
to prevent the Federal reserve bank from refusing to accept
exchange drafts drawn by the plaintiffs on their reserve
deposits for less than the face amount of checks presented,
and from returning as dishonored checks drawn by various
depositories upon the plaintiff banks which had been presented at their counters by the Federal Reserve Bank of
Richmond but for which the plaintiffs had tendered drafts
for less amounts drawn by them upon their respective
reserve depositories. A temporary restraining order was
awarded in accordance with the prayer of the complaint.
The action having been brought by said banks for the
benefit of themselves and such other likes institutions who
might join in the suit and the restraining order providing
that all such institutions might become plaintiffs in the
action and have the benefit of said restraining order, some
265 State banks and trust companies have become parties
plaintiff as appears from the record.
By agreement between counsel, trial by jury was waived,
and by consent the judge found the facts and upon the said
finding of the facts adjudged:
(1) That the defendant, Federal Reserve Bank of Richmond, is hereby enjoined from refusing to accept exchange
drafts when tendered by the plaintiff banks in payment of
checks drawn on them under the option given said banks
under provisions of chapter 20, laws North. Carolina, ratified
February 5, 192.1;
(2) The said defendant is hereby enjoined from returning as dishonored any check, payment for which in
exchange drafts by plaintiff banks, or either of them, has
been tendered under the provisions of said act and the
defendant refuses to accept the same;
(3) The said defendant is likewise enjoined from protesting for nonpayment any check, payment for which in
exchange drafts by plaintiff banks, or either of them, has
been tendered under the provisions of said act and defendant refuses to accept the same;
(4) The said defendant is likewise enjoined from publication or authorizing the publication of the name of any of
the plaintiff banks, literally or by inclusion, in any list or
other publication designed for circulation among banking
institutions generally, regardless of the name employed to
designate such list or publication unless and until the bank
thus published or included shall have previously given its
consent to such publication.
Appeal by the defendant.
Alex W. Smith and Stack, Parker & Craig for plaintiffs.
Connor & Hill, Henry W. Anderson, M. G. Wallace, and
C. W. Tillett, jr.. for defendant,
CLARK, C. J.: The defendant, Federal Reserve Bank of
Richmond, is a banking corporation duly organized under
the act of Congress and especially under a certain act
known as the Federal Reserve
Act. It is one of the 12
Federal reserve banks wThich were organized under the
terms of that act and does business in accordance therewith, especially with the national banks and State member
banks in the Fifth Federal Reserve District, which consists of a portion of the State of West Virginia, the whole of
Maryland, the District of Columbia, Virginia, North Carolina, and South Carolina. Under the terms of this act, the
member banks, which are the national banks in the above,
mentioned district and also certain State banks thereinwhich have qualified for and been admitted to membership in the Federal Reserve System, are required to keep
and maintain with the FederalReserve Bank of Richmond
certain balances as reserves. The member banks create
these balances by sending to the Federal reserve bank for
collection checks or other instruments which they have
received on deposit or for collection.
Since the business of all banking institutions consists
largely in the handling of checks, it is clear that if the
Federal reserve bank is to discharge efficiently its function
as a reserve depository of its member banks, it must be
able to collect their checks and other instruments which
are the ordinary means of making settlement of accounts
and transmitting funds. When the Federal reserve banks
were first organized they were not expressly empowered to
accept for collection any check unless it was drawn upon a
member bank or other Federal reserve bank. Since member banks receive checks not only upon other member
banks but also upon nonmember banks, and since the
member banks, which include most of the larger banks of
the country, acted as agencies through which the nonmember banks collected checks which they had received, it
soon became evident that if the Federal reserve banks
undertook to collect checks upon their member banks but
could not collect for member banks checks upon nonmember banks, a vast majority of checks upon member
banks would pass through the Federal reserve banks while
checks on nonmember banks would be collected through
other agencies.
As the amount of the checks which any bank receives
upon others and the amount of checks upon itself which
it is compelled to pay will usually be about the same if a
Federal reserve bank could handle all checks upon member banks but could receive from member banks only a
portion of the checks which they themselves receive, in
the course of time the flow of checks would be unequal
and the member banks would be placed at a great disadvantage in their efforts to maintain proper reserves. As a
702
FEDERAL RESERVE BULLETIN.
consequence, Congress by the act of September 7, 1916,
and of June 21, 1917, amended section 13 of the Federal
Reserve Act and authorized any Federal reserve bank to
receive for collection from its member banks "checks and
drafts payable upon presentation in its district," thus
removing any limitation upon the power of the Federal
reserve bank to receive checks. From the very nature of
a check no person is obliged to consider the drawee or
person upon whom it is drawn before receiving it either as
a holder or as an agent for collection.
Under the law before the last-mentioned amendment to
the Federal Reserve Act, Federal reserve banks were required to receive checks upon member banks for collection
at par, and were therefore compelled to require member
banks to pay them the full face amount of all checks
received. It is obvious that if member banks were compelled to pay the full face amount for all checks handled
through the Federal reserve banks, but such banks could
not require noninember banks to pay the full face amount
on checks drawn upon them, a great inequality would
result because nonmember banks would, through the
agency of their member bank correspondents, collect all
checks upon any member bank at par, but would not pay
to member banks checks drawn upon themselves at par.
With this in view, Congress expressly provided by the
amendment of June 21, 1917, that "no charge for the
payment of the checks and drafts and the remission
therefor by exchange or otherwise shall be made against
the Federal reserve bank."
In exercise of the power thus conferred, the Federal
Reserve Bank of Richmond undertook to make arrangements with all nonmember banks in its district under
which they would agree to remit at par for all checks
which the Federal reserve bank received upon them.
Prior to this time it had been the custom of many small
banks, especially those located in remote sections and
thus free from competition, to refuse to remit the full face
amount for checks drawn upon them which were sent
through the mails, but they insisted that inasmuch as the
check called for payment in money at their counters and
not for a remission by draft or otherwise, they could refuse
to pay any check until it was presented at their counters,
and that therefore if they undertook to remit for checks
sent them by means of an exchange draft they could in
consideration of their waiver of direct presentation demand
a discount and remit not the full face amount of checks,
but some lesser sum. This is called an exchange charge
for remitting for checks. The amount of this charge or
discount exacted in consideration of payment by draft
rather than in cash varied, but usually ran from one-tenth
to one-fourth of 1 j^er cent upon the amount of all checks
so paid.
Many nonmember banks refused to make any agreement
to pay the Federal reserve bank at par for checks sent
them for collection through the mails. The Federal
Reserve Bank of Richmond was prohibited by the Federal
Reserve Act from permitting any discount to be deducted
from the face amount of checks which it held for collection.
It sent representatives to the nonmember banks in North
Carolina urging them to agree to remit at par, explaining
that it believed that such practice would be for the mutual
convenience of both parties and that an insistence by the
nonmember banks on their strict legal right to have a
check presented for payment at their counters and to pay
the same only in legal money would be an inconvenient
and expensive method of dealing, not only to the Federal
Reserve Bank of Richmond but also to the nonmember
banks. The nonmember banks were at the same time
also notified that if they should insist upon their legal
right to require a presentation at their counters of all checks
drawn upon them when handled by a Federal reserve
bank, the Federal reserve bank would be compelled to
present the checks at their counters by means of duly
authorized agents, but if compelled to take this course the
Federal reserve bank would, after such presentation,
JUNK,
1922.
refuse to waive its right to insist upon payment in legal
tender money.
The Federal reserve bank made arrangements with
certain residents of the towns in which various nonmember banks were situated to collect checks as its agents by
means of personal presentation or it sent an employee to
such town to act as its agent.
On November 15, 1921, the Federal Reserve Bank of
Richmond gave notice that it would collect checks upon
all nonmember banks in North Carolina by sending them
through the mail if the bank would agree to pay the full
amount due upon the checks, or by personal presentation
by the agent if the nonmember bank refused to pay the
full face amount of the check unless presented personally
at its counter.
The Legislature of North Carolina, Laws 1921, chapter
20, authorized State banks in North Carolina to charge a
fee not in excess of one-eighth of 1 per cent on remittances
covering checks, or a minimum fee of 10 cents, and provided that in the event a Federal reserve bank, post office,
or express company should present checks at the counters
of the drawee bank and demand payment in cash, such
drawee bank should be permitted to pay by means of a
draft drawn upon its exchange deposit, excepting, however, checks payable to the State or to the Federal Government and checks upon which the drawer had expressly
designated to the contrary. The defendant bank, being
advised that this statute was unconstitutional, presented
the checks at the counter of the drawee bank, demanding
the full amount due and returned the checks as dishonored
when payment in full was refused. In returning checks
which had been so presented, the Federal Reserve Bank
of Richmond was careful to state that the check had been
duly presented and that payment in money at its face
amount had been demanded but had been refused, as the
drawee bank claimed the right to discharge its obligation
by its own draft.
The plaintiffs in this proceeding sought to restrain the
Federal Reserve Bank of Richmond from returning any
check presented under these circumstances and to require
it to accept an exchange draft from the plaintiffs when any
check had been thus presented to them regardless where
such exchange draft was payable or whether or not the
payment of it could be indefinitely postponed, as suggested
in the argument, by a succession of such exchange drafts.
The plaintiffs, however, in addition to the economic
effect of the Federal statute which forbids the payment
by the reserve bank of a charge for collection of checks,
thus forcing, as they claim, all collection to be made
through the Federal reserve banks, who can thus collect
without charge, made the further allegation that the defendant was undertaking to coerce the nonmember banks
to abandon their right to charge for remitting for collections
of checks upon them by saving up checks over a considerable period of time until they reached a large amount and
then demanding them at the counter, with the probable
effect of driving the bank into liquidation.
We need not consider this allegation, which was not only
fdenied by the defendant but which the court has found as a
act to be untrue, and the plaintiffs have taken no exception to such finding. It would be unnecessary to notice
this proposition but that such conduct was condemned by
Mr. Justice Holmes in the case of the American Bank &
Trust Co. v. Federal Reserve Bank of Atlanta, opinion filed
May 16,1921. That decision was rendered upon a demurrer
on which, of course, the court assumed that all the allegations of the bill and all reasonable inferences from them
were true. The finding of fact on the trial in the present
case eliminated this question entirely from our consideration.
The record and briefs in this case are voluminous and
the argument has been very elaborate and able as the
importance of the case demanded.
The Federal reserve bank under the provisions of the
Federal statute has the right to receive for collection a
JUNE,
1922.
FEDERAL RESERVE BULLETIN.
cheek drawn upon a nonmember bank or upon any other
person within its district under the clear unmistakable
terms of the act.
The amendment made June 21,1917, to section 13 of the
Federal Reserve Act provides: "No charge for the payment of the checks and drafts and the remission therefor
for exchange or otherwise shall be made against the Federal reserve banks."
The real question, therefore, presented for us is whether
the Legislature of North Carolina can by the act above
mentioned, chapter 20, Laws 1921, interfere with this
provision or regulation of the Federal corporation by a
valid act of Congress by providing that a State bank need
not pay its obligations in lawful money when checks,
which upon their face are unconditional orders for the payment of money, are presented by Federal reserve banks.
The question may be presented concretely by this
homely illustration: Suppose a farmer or merchant or other
citizen of this State should send his check for $1,000,
drawn on a bank in this State, in payment of a purchase
of goods or other article, to New York. The person receiving it would place this check, in the ordinary course
of business, to his credit in some bank in that city, which
bank in ordinary usage would sometimes charge for collection a small sum based upon the interest for the time
usually occupied in sending the check to the bank here
and the return of the collection to the bsmk in New York.
As to this charge, which is a matter between the depositor
and his bank, there is no controversy here. When such
check is sent to this State it has been not unusual heretofore for the bank here to make its remittance by exchange
on New York and to charge a fee for the .service, but since
the amendment to section 13 of the Federal Reserve Bank
Act of June 21, 1917, if such check from New York is remitted through the Federal reserve bank no charge can
be made for exchange in remitting the proceeds and if the
bank here should remit anything less than the face of the
check, $1,000, to the Federal reserve bank, the Federal
reserve bank in observance of the provisions of the above
amendment to section 13 will refuse to accept it as payment and notify its correspondent in New York why the
check has been protested for nonpayment. The plaintiffs complain that the result is that all checks will be
sent for collection through the Federal reserve banks' system, but that is an economic result with which this court
has nothing to do. This may or may net have been the
intention of Congress in making the amendment, but the
Federal Reserve Bank Act has been held valid and the
amendment of 1917 was a valid regulation over the corporation created by it which Congress had the power to make.
Conceding that Congress can not require the bank here to
remit without charge for its trouble, Congress by forbidding the charge prevents the reserve bank from allowing
such charge (and the total of such charges if made throughout the country would amount to $135,000,000 annually)
and the reserve bank has no alternative except to demand
payment of the face amount over the counter in legal
tender from which no State can release the payee bank
703
without violation of the United States Constitution, and
of its obligation to the drawer and the destruction of its
business by the protests of the checks of its customers.
The statute of North Carolina, chapter 20, 1921, was
intended for the benefit of the State banks in this State,
by authorizing them to continue to charge exchange for
remitting collection of checks presented to them for payment, by sending their own checks for less than the face
amount of the check sent here for collection, but however
desirable that policy may be, it is clearly in conflict with
the valid eonstitutional provision of the Federal statute.
No act of this State can authorize the drawee bank to pay
less than the face amount of the check drawn upon it by
its depositor or to remit its check in payment or pay it
otherwise than in legal-tender money. Nor can it require
that the Federal reserve bank shall pay a fee or that th e
bank here may remit less than the face value of the check
when the Federal statute forbids such charge. It is true
that the Federal reserve bank as holder of the check has
no contract rights with the drawee bank until the check
is presented, but as holder it can require payment of the
face amount on the check in legal tender and under the
act of Congress it can not pay a deduction from that face
value by accepting a remittance to the reserve bank of a
lesser amount. The reserve bank always incloses with
the check sent to the payee bank a stamped and addressed envelope for the check to be remitted in payment,
which must be for the face amount of the check sent.
The Federal statute, being a regulation of the Federal
Corporation by Congress, the act of this State authorizing
the payee bank here to exact exchange is in direct conflict with the duty imposed upon the Federal reserve
bank by the act of Congress and the reserve bank acts
within its duty to observe the provision of the Federal act
by refusing to receive a check for less than the face amount
of the check sent by it for collection. It is true it can not
enforce payment of the face amount except by personal
presentation of the check at the counter of the payee bank,
but it has a right to refuse a check sent to it by the payee
bank for less than the full face amount and to protest the
check it has sent here for collection for nonpayment. The
matter then becomes one between the drawer of the check
and the payee bank who refuses to pay it.
The United States Constitution, Article VI (Sec. 2,)
provides that the Constitution of the United States and
the laws made in pursuance thereof "shall be the supreme
law of the land; and the judges in every State shall be
bound thereby, anything in the Constitution or laws of
any State to the contrary notwithstanding." In the
matter before us the act of* Congress which provides that
no exchange shall be allowed by the reserve bank for
remitting for the collection of any check by any bank is
in direct conflict with the statute of this State authorizing
the payee bank to remit a lesser amount than the face
amount of any check paid by it if presented by the Federal
reserve bank. In this conflict of authority the Federal
law is supreme. The injunction, therefore, was improvidently granted and the judgment must be rerersed.
704
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEXES—UNITED STATES AND ENGLAND.
Prices in the United States advanced 2 points during April, according to our index number,
while prices in England remained practically unchanged (our index registering a decline of 1
point for the month). The movement of the group index numbers in the two cases was also
somewhat divergent, as raw materials rose in the United States and fell in England. Manufactured goods, on the other hand, showed considerable strength in both countries. If exchange
rates are taken into consideration, the levels of prices in the two countries seem to be within
about 2 points of one another.
In the United States price advances occurred in the leading cereals, in cotton and silk, pig
iron and other metals, as well as coal and coke. In England, on the other hand, the advance in
raw materials prices was confined to the nonferrous metals and live.stock, while the leading
cereals, cotton, coal, and lumber declined. Among producers' or semifinished goods there was
greater similarity of trend in the two countries. Steel products, woolen yarns, cotton }^arns,
and certain important chemicals, such as nitrate of soda and sulphate of ammonia, advanced in
price in both countries, while leather declined.
In the group of finished consumers' goods advances occurred in both countries in pork,
mutton, sugar, rice, and coffee, while reductions were made in cheese, lard, shoes, and cotton
cloth. Otherwise the trend of commodity prices in the two countries was in the main dissimilar.
INDEX NUMBERS
OF WHOLESALE PRICES IN THE UNITED STATES AND ENGLAND
FEDERAL RESERVE BOARD, 1919-1922
AVERAGE PRICE LEVEL QF 1913 = 100
500
500
4-50
^50
400
400
350
350
300
300
250
200
200
150
150
-UNITED STATES
-ENGLAND (IN STERLING)
"ENGLAND (CONVERTED TO GOLD BASIS)
100
80
100
J.F. M.A.M. J. J.A.S.O.N.D. J. F. M.A.M.J. J. A.S.0. N.O. J. F. M.A.M. J. J. A.S.O.N. D. J. F. M.A.M J. J. A.S. O..N.D.
1919
1920
1921=
1922
80
705
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
INDEX NUMBER OF WHOLESALE PRICES IN THE UNITED STATES.—-CONSTRUCTED BY THE FEDERAL RESERVE BOARD
FOR THE PURPOSE OF INTERNATIONAL COMPARISONS.!
[Revised figures. Average prices in 1913=100.]
Pro; Goods i Goods : Goods
Raw
produced.iimported. exported, materials. ducers'
goods.
1919, average
1920, average
1921,average
1921.
April
May
June
July
August
September
October
November.,
December
;
:
1922.
January
February
March
April
!
:
214
242 j
148 ;
!
148
148
140 •
143 j
144 !
144
143
142
140
139 !
113 !
144
14(5
174
191
108 i
i
109 !
105
102
103
104 ,
100 ; I
107
108 i
111 '
|
110
110 ,
111 !
115 i
ConAll comsumers' modities.
goods.
221
235
136
209
235
141
198
237
142
221
244
160
211
239
148
125
129
126
126
127
149
146
143
141
136
139
133
134
133
138
140
141
140
148
145
140
136
133
133
132
128
127
155
152
154
162
167
162
158
157
153
116
145
142
145
146
" 146
145
145
142
139
142
144
144
141
145
147
150
127
127
126
129
150
155
157
156
142
146
147
149
i The index number of the Federal Reserve Eioard has been constructed primarily with a view to international comparisons of wholesale prices.
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 make-up of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920,
pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights"
assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in
BULLETINS for June, 1920, June, 1921, and May, 1922.
The index of "goods produced" consists of 85 quotations (30 raw materials, 24 producers' and 31 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 produeers' goods; and potatoes, meats, flour, rice, eggs, dairy products, fruits, cotton
and woolen cloths, underwear and hosiery, boots and shoes, and kerosene among the consumers' goods.
The index of "goods imported" consists of 19 quotations (10 raw materials, 7 producers' and 2 consumers' goods). It includes. Egyptian cotton,
Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the raw
materials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers'
goods.
••- Leading American exports arc included in ihe index of prices of "goods exported," which is made up of 39 quotations (17 raw materials, 11
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 include 40 quotations, the producers' goods 31, and
the consumers' goods 33.
The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the
Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES
1920-1922
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 1OO
500
500
450
450
RAW MATERIALS
— - - P R O D U C E R S GOODS
CONSUMERS GOODS
-/<L.L COMMODITIES
•GOODS IMPORTED
•GOODS EXPORTED
400
400
350
350
300
300
250
.'
\
200
\N
150
150
100
•100
eo
M. A. M. J. J. A.S. O. N. 0. si. F. M. A. M. u. J. A. S. 0. N. D. J. f. hi. A. M. d. J. A. S.M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A.M. J. J. A. S.
1920
1321
1922
1920
1921
1922
30
706
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
INDEX NUMBERS OF WHOLESALE PRICES IN GREAT BRITAIN—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISONS.!
[Average prices in 1913=100.]
ConProduc- Consum- All comGoods j Goods
Goods
Raw
verted to
ers'
ers'
produced, imported, exported materials. goods.
goods. modities. gold basis.
Date.
1919, average..
1920, average..
1921, average..
238
315
207
247
294
171
275
438
183
226
291
197
261
355
178
241
292
219
241
314
201
221
242
159
211
209
204
202
199
192
182
176
180
167
104
165
170
163
154
152
185
182
174
168
171
175
164
158
20.1.
198
192
193
195
187
177
173
184
179
165
161
165
166
153
147
225
216
222
223
212
200
191
186
206
201
196
195
194
187
177
172
166
164
146
146
148
149
144
147
174
171
172
171
174
149
148
147
148
153
158
151
153
152
]55
171
168
170
167
169
147
144
142
143
146 j
181
181
183
183
191
170
167
168
167
171
148
150
151
151
156
1921.
April
May
July
August
September..
October
November..
December..
1922.
January...
February .
March
April
May
i The British index number is the second of the series of wholesale price indexes to be completed by the Federal Reserve Board for the purpose
iternational comparisons. It was published for the first time in the FEDERAL RESERVE BULLETIN forr February,
F
1922, but is also computed for
of intei
the years 1913,1919. 1920, and 1921.
Detailed information regarding the make-up of the number may be found in the FEDERAL RESERVE BULLETIN for February, 1922, pages 147-153.
The entire list of commodities included in the different groups is furnished there with exact specifications and markets indicated. The "weights"
assigned to the different commodities in constructing the index numbers are also given in detail.
The commodities which form the basis for the index number are for the most part the same as those used in the Federal Reserve Board index
of American prices.
The index of." goods produced" consists of 55 quotations (16 raw materials, 25 producers' and 13 consumers' goods)". These include agricultural
products (grains, live stock, wool, and hides), pig iron, coal and coke among the raw materials; cotton yarns, woolen yarns and wool tops, semifinished iron and steel products, building materials, chemicals, leather, etc., among the producers' goods; cotton cloth, boots and shoes, food
products, and tobacco among the consumers' goods.
The index of "goods imported" consists of 43 quotations (23 raw materials, 9 producers' and 11 consumers' goods). These include American
and Australian wheat, American tobacco, American and Egyptian cotton, Australian wool, Straits tin, American copper, Swedish lumber, etc.,
among raw materials; West Indian sugar, India jute, Para and plantation rubber, American petroleum products, etc., among the producers' goods;
and Argentine beef, American pork products, coffee, tea, kerosene, etc., among the consumers' goods.
The index of "goods exported or reexported" includes cotton, wool, coal, pig iron, etc., among raw materials; cotton and woolen yarns, iron
and steel products, rubber, etc., among the producers' goods; and cotton cloth, boots and shoes, coffee, tea, and tobacco among 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 35, and the
consumers' goods 24. ;
The "all coir»mcd lics" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 98 different quotations.
INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND
1920-1922
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913=100
500
500
450
450
U L COMMODITIES
400
\
350
300
CONSUMERS GOODS
GOODS EXPORTED
350
\
^x
k
300
\\ •
\
250
y
250
\
"
%#
\
200
MIC SCALE
200
150
400
\^
150
100
100
80
M.A.M.J. J. A. S.O.N. D. J. F. M. A.M. J. J. A.S. 0. N.D. J. F. M. A. M. J. J. A. S. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A.M. J. J. A. S.
1920
1921
1922
1920
1921
1922
80
707
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF8 COMMODITIES—BUREAU
OF LABOR STATISTICS—REGROUPED BY FEDERAL RESERVE BOARD.
[Average prices in 1913=100.1
Raw materials.
Year and month.
Agricul- Animal
Total
Forest
Mineral
tural
products. products.!products, products, Aerials
1920, average 3 .
1921, average 8 .
256 j
133
183
108
333 !
208
235 |
187 :
240 '
151 :
1.26
122
123
142
134
329
129
106
109
112
Ml
105
103
102
205
203 |
200 !
194
193 I
200 !
208
.189 :
177
175 :
172 ;
176
178;
178 ;
M9 .
145 :;
145
146 i
145 i
145 :
146 .
129
139
141
113
107 !
117
118
JJ5 j
207
207 ;
207 i
206
177
176
176 ;
LSI
1921.
April
July
August
September..
October
November..
December..
1922.
January..
February..
March
April
Producers'
goods.
147
153 .
15-1
Consumers'
goods.
All commodities.
235 j
140 I
!
143 :
134
132 j
133 i
133
130
130 .
252
161
243
153
.159
153
162
160
158
157
155
154
148
152
152
150
149
149
127
127
128
128
151
153
153
151
148
151
152
152
2
As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been rcclassified by the 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. „
a These reclassified averages, with the exception of those for the "all commodities," are based on the 12 monthly, not the weekly, figures for the
year, as are the original averages compiled by the Bureau of Labor Statistics.
In order to give a more concrete illustration
of actual price movements in the United States,
there are also presented in the following table
monthly actual and relative figures for certain
commodities of a basic character. The prices
shown in the table have been obtained from the
records of the United States Bureau of Labor
Statistics, except in the case of bituminous coal,
prices for which have been obtained from the
Coal Age.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES.
[Average price for 1913=100.]
Cattle, steers, i Hides, packers,
good to choice,
heavy native
Chicago.
i steers, Chicago.
Year and month.
Average . Relaprice per j tive
bushel. price.
1913
1919
1920
1921
I $0.6155
j 1. 5800
1.3968
5648
Average
Rela-
price per
pound.
tive
price.
Average
price per
bushel.
Relative
price.
price per
bushel.
Relative
price.
100 I $0.1270
2,57 |
.3185
227
. 3301
92
.1414
100
251
260
111
$0. 8735
2.5660
2.5581
1.4660
100
294
293
168
SO. 9863
2.5370
2.5225
1.4353
.1116
.1147
.1290
. 1963
. 1913
.1750
. 1713
88
90
102
155
151
138
135
1.4059
1.4384
1.3953
1.4825
1.3191
1.2535
1. 2594
161
166
160
170
151
144
144
.1650
. 1656
. 1669
. 1681.
130
130
131
132
1.2995
1.5219
1.5003
1. 5628
149
174
172
179
Average
Average
Re!a-
Average
Relaprice per tive
pound.
price.
100
pounds.
price.
100
239
256
146
$8. 5072
17.4957
14.4856
8.7803
100
206
170
103
SO. 1839
. 3931
.3122
.1390
100
210
174
76
.1.3869
1.2291
1.2373
1.2769
1.1938
1.1758
1.1767
141
125
125
129
121
119
119
8.7188
8.4063
8.7750
8.3750
8.8750
8. 5625
8.2188
102
99
103
98
104
101
97
. 1.01.3
. 1388
.1405
.1406
.1481
.1580
.1650
55
75
76
76
81
86
90
1.1960
1.3816
1.3567
1.3914
121
140
138
. 141
8.1500
8.6375
8.7313
8.4063
96
102
103
99
.1650
.1600
.1388
. 1338
90
87
1921.
. 5547
.6019
.5578
. 5344
.4647
.4728
. 4669
April
July
August
September..
October
November..
December..
1922.
i nuary
February
March
April
-
|
I
•'
.4738
5572
. 5606
. 5759
90 I
98 !
91
87
76
77
75
73
708
FEDERAL RESERVE BULLETIN".
J U N E , 1922.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES-Continued.
[Average price for 1913=100.]
Wool, Ohio,
grades, scoured,
eastern markets.
! C o a l > bituminous,
,
,
i
f b
irunspotoff mine,
at mines, Pocahontas,f.o.b.
spot
at
mines,
Pittsburgh.
Columbus.
Hemlock, NewYork.
Year and month.
Average
price per
M feet
manufactured.
pounds. I P r i c e ' I
1913
1919
1920
1921
100
217
174
105
$24.2273
39.7500
56.6667
SO.4710
1.1894
.9712
.5076
1921.
April
July
August
September
October
November
December
8. 8563
10.2000
10.3950
8.5000
8.1800
6.8688
7.0250
I
1922.
January
February
March
April
81
83
.5273
. 4909
.4727
.4727
.4727
. 5091
,5273
97
121
125
124
.5818
.6727
.7273
.7273
105
121
123
101
!
!
,
i
'
97
8.1600
10.2625 !
10.5875: !
10.5000
41.0000
37. 5000
37.2500
37.2500
37.2500
37.2500
Year and month*
2. 2500
2.0750
2.1300
2.2310
2.1800
2.1500
2.1500
124 ". 37. 2500
143 j: 37.2500
154 37.2500
154
37.2500
Coal, anthracite,
t
91.0000
91. 0000
92.0000
92.0000
90.0000
91.0000
95. 5000
2.1500 j
2.1500 !
2.0380
2.0000
Copper, ingot,
electrolytic,
New York.
«Tk
Lead, pig,
esilverized,
desil
New Yk
York.
January
February
March
April
1922.
1913
1919
1920
1921
at furnace.
April
July
August
September..
October
November..
December..
Rela- Average I Relative price per! tive
price, long tton. jjprice.
i
$2.4396
4.7375
10.8163
3.6361
100
194
443
149
SO. 1573
.1911
.1797
.1262
100 j $0.0440
122
.0578
114
.0808
.0457
80
100 ! $2.4500
131 !
4.1346
181 :
5.9750
104
3.3144
100 $14.7058
169 : 27.6971 j
244 ! 42.2692 i
135 21.6683 j
10.1380
10.5048
10.6036
! 10.7075
[ 10.7125
!
10.6859
i 10.7063
200 !
208 !
210 "j
212 I
212 !
211 !
212 ;
3.7188
2.9063
2.8000
3.1875
3.2750
2.9700
2.7500
152
119
115
131
134
122
113
.1247
.1253
.1173
.1200
.1268
.1303
. 1356
. 0428
.0440
.0440
.0461
.0470
.0470
.0470
I
97 ! 3.1875
2.2500
100
2.2500
100
2.3125
105
3.1250
107
3.9000
107
4.0000
107
130
92
92
94
128
159
163
,
I
I
!
211
211
211
211
2.7500
3.0375
3.2500
4. 4750
113 j
125 :
133
183 j
.1355
.1288
.1272
.1263
10.6935
10.6944
10.6939
10.6943
Average
price per
pound.
! $0.2213
'
.5340
.6245
.2904
1921.
137
132
116
126
100 i
161 j
186
209
j Cotton yarns,
! northern cones,
10/1 Boston,
Year and month.
2.1500
2.0750
1.8250
1.9750
! $5.0613
8.1639
9.4265
10.5544
1921.
April
Julyy
Au
August
September
October
November
December
214
204
195
186
171
156
140
Petroleum, crude,!
Average Rela- | Average Rela- Average . Rela- ; Average Rela- ; Average
price per tive j price i
tive price per j tive I price per tive price per
long ton. price. ! short ton. price. pound, price. ! pound. price.
barrel.
1913
1919.
1920.
1921.
163 j
103 !
154
152 I
3.3625
3.2000
3.0600
2.9190
2. 6800
2. 4500
2.1950
Leather, sole,
hemlock, No. 1,
Chicago.
Rela- ', Average
tive price per
price, pound.
100
241
282
131
86
82 !
81
80 i
Steel billets,
Bessemer,
Pittsburgh.
107
107
107
116 i
I
.0470
.0470
.0470
.0511
Steel plates,
tank, Pittsburgh.
|
3.3000
3.2500
3.2500
3.2500
100
188
287
147
22. 8750
19.3750
18.2000
19.1250
19.1875
19.0000
18.6250
155
132
124
130
130
129
127
135 ; 18.1500
133 17.7500
133 ' 17.9375
133 20.0000
123
121
122
Steel rails,
open-hearth,
Pittsburgh.
Worsted yarns,
2-32's crossbred,
Philadelphia.
I
Rela- ; Average Rela- Average \ Rela- Average Rela- Average Relative i price per tive price per !j tive price per tive price per tive
price. I long ton. price. pound. price. long ton. price. pound. price.
$0.2821
.5283
.5342
.3583
100
187
127
$25.7892
40.5385
56.2596
34.3846
100
157
218
133
$0.0148
.0271 j
.0328
.0193 i
100
183
222
130
.02.10
.0185
.0178
.0164
.0160
.0152
.0150
142
125
120
111
108
103
. 2388
.2411
. 2586
.3446
.3832
. 3655
.3391
108 I
109;
117 |
156 |
173 i
165 ;
153
.3700
.3500
.3400
.3400
.3400
. 3400
.3400
131
124
121
121
121
121
121
37.5000
32.2500
29.6000
29.0000
29.0000
29.0000
29.0000
145
125
115
112
112
112
112
.3127
.3136
. 3136
147
141
142
142
.3400
.3500
.3500
. 3500
121
124
124 ;
124 •
28.0000
28.0000
28.0000
29.5000
109
109
109
114
I
!
j
•
|
•
$30.0000
49.2642
53.8269
45.6538
100
100
164
179
152
$0.7767
1.6274
1.8250
1.1792
210
235
152
47.0000
47.0000
47.0000.
47.0000
45.2500
40.0000
40.0000
157
157
157
157
151
133
133
1.2000
1.1500
1.1500
1.1500
1.1500
1.1500
1.2500
155
148
148
148
148
148
161
40.0000
40.0000
40. o; oo
40. 0000
133
133
133
133
1. 2774
1.3000
1.2500
1.3000
164
167
161
167
1922.
January...
February..
March
April
i On Toledo market, average for last 6 months of 1913.
:
.0150
.0139 I
.0139 ,
.0148 i
100
709
FEDERAL RESERVE BULLETIN.
JUNE,-1922.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES- Continued.
[Average price for 1913=100.]
Beef, carcass,
good native
steers, Chicago.
Hams, smoked,
Chicago.
Average
price per
pound.
Illuminating oil,
150° fire test,
New York.
Average | Rela- Average
price per! tive price per
gallon. I price. pound.
100
$0.1233
207
.2004
201
.2629
161 !
.2432
April
July
August
September
October
November,
December
January
February
March
April
.0600 I
.0647 !
.0703 j
.0789 !
.0813
. 0883
.0931
. 2763
. 3200
.3248
. 2756
. 2372
.2238
. 2150
. 2510
.2200
.2200
.2200
.2320
.2400
.2400
195
195
.0517
.0500
170
128
137
131
122
121
117
.2210
. 2672
.3063
. 3088
.2175 •
.2100 ,
.2100 .
.2050
176
170
170
166
.0480
.0492
. 0516
. 0519
112
115
121
122
710
, 1922,
.FEDERAL RESERVE BULLETIN.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
The foreign index numbers published herewith are constructed by various foreign statistical offices, and are sent to the F d l
ederal
Reserve Board by cable. 1
| I n the following table the all-commodities
\ index numbers for the whole series of countries
\
j appear together to facilitate the study of cornparative price levels:
INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES).
United
Kingdom;
Board
of
Trade
(150
commodities).
United
States; Canada;
Bureau Departof
ment of
Labor
Labor
Statis(272
tics (315 quota-6
quota-2 tions).
tions).
United
States;
| Federal
Reserve
Board
(1.04
quotations).*
100 i
France;
Bulletin de
la Statistique
Gene'rale
(45 commodi-8
ties).
100
100
9 100
314
202
100
101
357
510
345
100
95
241
311
201
624
578
1,580
1,862
1,486
1,911
8100
116 :
330 !
347
211
206
201
196
195
194
187
177
172
347
329
330
331
344
331
332
326
584
547
520
542
580
599
595
595
1,461
1,483
l,o L7
1,798
1,843
2,067
2,798
3,318
1,326
1,308
1,428
1,917
2,067
2,460
3,416
3,487
170
167
168
167
171
314
306
307
314
317
577 I
562 I
533
527 !
3,562
3,955
4,876
6,101
6,573
6,809
3,665
4,103 j
5,433
6,355 !
!
;
|
.
.
100
101
217
246
182
146
145
145
148
146
145
145
142
154 ;
187
183
176
174
172
169
168
170
209
142
146
147
149
148 j
151 !
152 :
168
169
16(5
166
167
168
165
163
164 |
1913.
1914.
1919.
1920..
1921.
211 !
239
148 :
1921.
April
Mav
July
August
September
October...
November.
December.
1922.
January...
February..
March
April
May
Tune
100
100
212
243
153
154 I
148 !
152
152
150
149
149
198
194
191
185
176
171
100
I
^
^
>m)J!
io 115
322
377
269
niOO
294
382
250
229
218
211
198
182
175
174
172
297
294
300
297
287
286
276
269
270
257
253
256
224
202
186
188
170
166
164
165
164
260
253
240
236
231
178
177
182
178
177
179
: ties).21
22 100
347
364
368
368
368
361
350
347
340
!
.'
100
|
103
I
| wi,J66
j 1,940
j 2,006
195
100
105
297
282
181
208
179
177 !
181
184 :
182 I
178 ;
176
176
180
180
169
165 .
165 |
2,006
1,721
1,730
1,758
2,052
2,061
2,155
181
164
166 j
176
186
181
170
176
171
171
163
161
161
162
162
159
2,172
2,272
2,287
2,514
168
169
153
148
100
)
;
100
225
299
180
j
!
!
:
100
181
245
192
184
169
12100
180
218
167
I
|
Calcutta,
New
Dutch ! India;
Zealand;
East ! DepartDepart- Indies; ment of
ment of
Statis- : StatisStatistical I tics (75
tics.
Bureau.*: com| mod! ties).»
8 100
104
178
212
201
«100 I
281 :
226
166
13 100
198
204
181
i
1921.
April
July..
August.....
September..
October
November..
December..
marir
tidende
I
AusSouth : tralian
Africa; j ComOffice of ! monCensus | wealth;
and Sta- Bureau
of Centistics
sus and I
(187
com- Statistics;
(92 commodimodities).
ties).'
Cairo;
Bul. Switzer- Holland;
Departgaria;
Central
! land;
ment
of
DirecBureau
Dr.
Statistion
StatisLorenz oftics
tics
(23
Gene'rale
(53
(71 comcomcomdela
modimodimodi- ! Sta; ties).i5
ties).
ties)."1 | tistique.
1913
1914
1919..
1920
1921
Italy; |
GerChristiProf. I Germany; Sweden;
ania,
Bachi ! many;
StatisSvensk
Norway;
(38 com- I Franktisches Handels- Okonomodities j furter
tidning
misk
until 1920, Zeitung Reichs(47
I Revue
76 during (77 com- (38amt
comquota;
(93
conaJ921 and modimoditions). 6
modi100 there- ties).*
ties)
.2
;
ties).e
after) .a
United
Kingdom;
Federal
Reserve
Board
(98 quotations)."
1!
1922.
January
February
March
April
May
!
155
Japan;
Bank of
Japan
for
Tokyo
(56 commodities)."
Shang; hai;
;Bureau of
! Markets,
| Ministry j
Peru;
Department of
Statistics
!
Finance j (58 com(147
commodi:
modities).'^
ties) .23
100
259 I
200 i
24 129
140
145
100
104
220
238
205
171
159
160
160 \
156 !
151 I
148
204
200
197
197
195
191
189
188
183
184
188
175
170
166
183
183
184
187
184
180
180
190
196
199 ,
207
219 !
214
209
144
145
149
148
146
144
146
205
201
205
205
203
195
190
147
147
146
148
186
181
180
164
163
164
178
179
182
182
206
204
201
197
149
150
152
150
190
191
190
187
186
I
I
i See following page for issues of BULLETIN containing descriptions of i « End of July, 1914-100.
the methods used in constructing these indexes.
| " As of Jan. 1.
• Average for the month.
j is Prices as of first of the month. 1914=100.
a4 End of month.
j 16 Based upon prices of 52 commodities during 1920; 53 during 1921.
Beginning of month, but not always the
first.
I 17 Jan. 1,1913-July 31,1914=-100.
•Middle of month.
18 Average annual expenditure, 1913=-100,
•7 End of year and end of month.
' i» Feb., 1913=. 100.
First of month.
»o Average for month until September, 1921; thereafter prices as of 15th
• July 1,1913, to June 30,1914=100.
of month.
•Middle of 1914=100.
\ 21 Average of last half of month.'
10 Dec. 31,1913-June 30,1914= 100.
.! 22 April, 1914=100.
11 July 1,1912-June 30,1914-100.
as As of last Wednesday in month.
u July, 1914-100.
i 2* December figure.
JUNE,
711
FEDERAL RESERVE BULLETIN.
1922.
The BULLETIN for January. 1920, contains a
description of the French, Australian, Japanese,
and Canadian indexes. A description of the
method used in the construction of the Swedish
index number appeared in the BULLETIN for
February, 1921, the new Italian index number
was discussed in the April, 1921, issue of the
BULLETIN, and the method used by the Frankfurter Zeitung in the case of the German index
number was described in the BULLETINS of February and March, 1921. Complete information
regarding the computation of the index of the
United States Bureau of Labor Statistics appears in the publications of that bureau, and
a description of the index number of the Federal Reserve Board for the United States 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, BULLETIN. The December, 1921, issue contains a description of the
index published by the Federal Statistical Bureau for Germany, and the indexes for Switzerland, Holland, Norway, Bulgaria, Cairo,
the Union of South Africa, the Dominion
of New Zealand, and Peru. The index numbers for the Dutch East Indies and Belgium
were described in the BULLETIN for March,
1922. Lack of space prevents the publication of group index numbers for these countries, but they can be obtained at any time
upon request. In the case of the two American index numbers, 1913 is used as the
basis in the original computations. In most
other cases in which 1913 appears as the basis
for the computation, the index numbers have
been shifted from their original bases. The
computations in these cases are, 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 are subject to revision. In certain cases the index
numbers for the war years were published in
various issues of the BULLETIN in 1920.
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
[1913=100.]
Farm
Food,
etc.
Date.
products.
,
,
,
100
234
218
120
100
210
239
115
115
118
137
Cloths a n d ' Fuel and
clothing. . lighting.
;
Metals a n d
metal
products.
Lumber
and
building
material.
100
173
238
1.90
.100
161
186
131
100
192
308
196
100
.179
210
168
ioo !
236
366 !
238 ;
100
217
158
100
212
243
153
199
138
125
120
120
121
119
119
i 203
200
198
193
192
197
203
168163
161
162
162
162
161
274
235
230
223
218
218
218
154
149
147
146
145
145
148
154
148
152
152
150
149
149
202
159
214 !
213 :
213
211 i
146
148
151
152
152
House- j
Chemicals
Misceland drugs. furnishing laneous.
goods. ,
All
commodities.
•
1913
1919
1920
J921
100 ,
201
302 :
183
143
236
1921.
April
July
,
August
September...,
October
November
December
186 .
179
179 ;
187 •
190 !
186 i
185
134
152
140
• 142
142
139
122
119
114
113
184
182
178
182
186
187
1922.
January
February
March
April
,
116
134
183
183
117
126
128
127
138
138
.1.37
183 :
i'82 :
181 !
183
183
115
114
187
117
202
1202
1201
159
159
160
;
i
!
i
j
150
153
152
GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
[1913=100.]
Date.
1913 average..
1920 average..
1921 average..
April..
July
August
September.
October....
November.
December..
January...
February.
March
April
•»1o
IIS.
Meat
a n d fish.
100
273
195
100
263
222
202
245
213
1921.
1922.
Other
foods.
100
278
214
224
215
210
202
205
195
170
157
153
216
200
184
178
181
201
193
195
186
149
155
159
176
178
166
171
182
187
187
194
156
Total
food.
i Other
Iron and ' metals
steel, i a n d
Cotton.
; minerals.
100
272
210
100 !
406 i
243
1
100
252
180
223
210
177
173
259
228
222
207
194
181
172
192
185
172
161
158
153
152
169
174
171
174
166 '
162 i
159
158 i
210
199
183
!
•
'
i
.
!
i
149
145
143
143 .
Other
textiles.
100
100
480
193
.362
181
213
225
170
161
159
163
170
199
169
188
167
180
168
172
173
169
164
159
180
176"
174
160
Other
Total
All comarticles. not food. modities.
100
274
197
100
340
198
100
314
202
196
202
192
186
187
209
198
194
191
185
176
171
194
189
190
190
183
178
174
169
167
164
186
176
171
167
161
159
159
168
165
163
164
1
A revised set of figures for this group has boon made to include steel and other important building materials as follows: April, 1921.167; March,
1922, 155; April, 1922, 156.
712
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.
[1913=-100.]
Animal
foods.
Date.
1913 a v e r a g e . . . .
1920 average
1921 average .
Sugar,
Vegetable coffee,
and Foods (20).
foods.
cocoa.
Minerals.
Textiles.
Sundries.
Raw
materials
(25).
All commodities.
100
100
503
380
100
427
330
100
422
343
100
459
355
100
449
275
100
737
355
100
524
374
100
550
338
510
345
379
353
371
373
345
331
324
346
364
337
311
305
306
303
317
393
352
389
305
324
300
356
366
355
352
323
321
313
266
253
245
253
262
277
269
282
290
321
388
391
388
375
355
343
356
370
365
362
364
309
301
312
338
338
341
337
329
330
331
344
331
332
326
309
303
341
362
362
289
288
285
31.0
310
306
318
326
320
319
302
301
317
335
334
258
242
242
245
249
363
345
326
319
350
341
328
324
323
324
311
300
297
303
314
306
307
314
317
Other
vegetable
products.
Sundries.
100
100
100
82
112
111
103
92
1921.
May
luly . . .
August
September
Octobor
November
December
1922.
January
February
March ..
April
May ,
338
GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI.
[1921=100.]
Vegetable
foods.
Date.
1921.
Animal
foods.
100
100
112 •
109
107 ;
105
114
112
97
103
Chemicals.
Textiles.
100
100
Building
Minerals
and metals. materials.
100
All commodities.
100
1922.
January...
February.
March
April
May
72
68 |
65
63
58
G R O U P INDEX N U M B E R S — G E R M A N Y — F R A N K F U R T E R
92
90
85
84
ZEITUNG.
[Middle of 1914=100.]
I
1
A gricul-
! tural
| prodi ucts.
..|
100
1,223 |
1,678 j
July, 1914....
1920 average..
1921 average..
1921.
Beginning of—
June
July
August
September..
October
November..
1,108
1,265 i
1,867
1,841
1,981
2,766
Textiles,
leather.
|
Miner- j Miscelals.
j Ian ecus.
100
3,107
2,880 .
100 I
100
1,925 ! 1,417
1,672
1,687
1,867
1,780
2,107
2,240 , 1,811
2,560 ! 1,935
2,337
3,200
3,251
4,613
1,607
1,566
1,525
1,582
1,705
2,057
All
commodities.
~!
Agricul- Textural
tiles,
prod- leather.
ucts.
Date.
1921.
100 ;
1,580 | Beginning of—
December..
1,862 !
1922.
Beginning of—
1,438
January
1,517 11
February
1,798 :!
March
1,813 "!
April
2,067 !ii
May
2,798
June
3,159
Miscellaneous.
All
commodities.
6,427
5,635
2,418
3,348
3,351
6,427
; 3,551
6,827
! 4,712
7,200
i 5,794 ! 9,147
! 5,829 | 10,053
6,073 | 10,347
I
.4,025
4,520
5,650
7,028
7,709
7,771
2,984
3,393
4,016
4,983
5,934
6,221
3,562
3,955
4,876
6,101
6,573
6,809
G R O U P INSDEX N U M B E R S — G E R M A N Y — F E D E R A L STATISTICAL BUREAU. 1
[1913 prices-100.]
Date.
1913 average
1920 average
1921 average
Goods
produced
(16 commodities).
Goods
imported
(22 commodities).
100
1,253
1,786
100
2,652
2,533
100
1,486
1,911
1,266
1,369
1,913
1,952
2,235
1,523
1,721
1,935
2,643
3,585
1,308
1,428
1,917
2,067
2,460
All commodities
(38 commodities).
1921
May
July
August
September
October
1
Date.
November..
December..
January...
February .
March
April
May
Goods
produced
(16 commodities).
Goods
imported
(22 cornmodities). |
2,967
3,170
5,071 I
3,416
3,487
3,383
3,7(i3
5,027
5,985
5,075
5,800
7,463
8,203
3,665
4,103
5,433
6,355
5,662 j
All commodities
(38 commodities.)
1922.
Latest figures subject to revision.
FEDERAL RESERVE
JUNE, i922.
718
BULLETIN.
GROUP INDEX NUMBERS—SWEDEN— SVENSK HANDELSTIDNING.
[July 1,1913-June 30,1914=100.]
Vegetable
foods.
Date.
1913-14
1920
1921
1
:
1
1921.
May
July
August
September
October
November
December
Animal
foods.
R a w materials
for agriculture.
100
262
210
100
296
220
100
312
227
221
230
217
18}
107
161
156
217
227
230
208
198
196
168
170
173
174
176
Coal.
Metals.
Building
materials.
Hides
and
Textiles.
leather.
Wood
pulp.
All commodities.
Oils.
•
100
285
100
278
159
100
371
243
100
675
310
100
215
107
100
324
144
100
294
228
100
347
211
186'
245
216
214
207
200
197
202
369
315
250
223
202
J94
197
153
149
130
130
130
133
134
237
199
198
191
211
239
243
286
197
183
178
169
181
189
106
112
107
108
119
108
110
132
133
132
166
161
149
146
238
191
191
191
187
179
179
218
211
198
182
175
174
172
173
159
153
156
154
202
170
168
169
170
179
186
170
177
179
131
130
129
128
124
228
226
225
229
212
189
178
167
159
147
104
97
91
90
86
144
138
140
140
156
179
179
179
162
154
170
166
164
165
164
1,007
•
|
•
!
j
1922
January
February
March
April
May
_ .
I
GROUP INDEX NUMBERS—CHRISTIANIA, NORWAY—OKONOMISK REVUE.
[Dec. 31, 1913-June 30, 1914= 100.]
Date.
Animal
foods.
Fuel.
|
FeedVege- ! stuf-is
table
and for- Coal I Petrofoods. • tilizers.
I; and ] al onudm
coke. benzine,
End of—
1914..
1920..
1921..
115 I
352 '
263
130 ;
385
279 '
108
340
233
1921.
May
July
August
September
October
November
December
280
301
296
302
297
273
263
303 !
408 [
360
303
303 |
282
279
1922.
January..
February.
March
April
May
244
236
222
213
209 !
250
250
245 i
241 I
237 I
I
Iron.
! Build- :
Metals. ! ing m a - 1
| terials. !
All
commodities.
!
Textiles.
Hides
and j Pulp
leather. : wood.
Paper.
!
15 L
647
104
407
276
115
482
278
128
200
183
107
416
291
105
402
320
158 !
255
219 :
103
321
101
472
338
1J5
377
277 i
31.7
254 !
230
254
25 i.
233
233
388
371
333
316
289
343
303
297
297
297
276
276
295
307
307
339
335
319
278
166
190
190
190 •
197 |
.184
183
324 I
309 I
305 ;
299 '
297 i
293
29 L '
324
319
315
309
315
320
320
190
197
197
210
228
219
219
289
276
262
227
227
227
183
413
392
392
377
350
338
338
294
300
297
287
288
276
269
279
279
279
263
250
276
256
203
203
203
268
263
232
230
233
183
165
161
159
160
279
274
262
260
180
316
310
219
219
190
185
245
183
183
177
177
332
327
309
304
293
260
253
240
236
231
226 j
224
220 !
2:;7 i
333-
287
177
i
GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH—BUREAU OF CENSUS AND STATISTICS.
[July, 1914=100.]
Date.
100
209
198
July, 1914
1920
1921
April
July
;
August
September
October
November
December
Metals and
coal.
1921.
t
202
195 i
194
193
193
190
183
•
!
i
!
!
Textiles, . Agriculjute,
tural
etc.
products.
Dairy
products.
100 i
243 :
125 !
100
229
166
100
184
166
100 i
186 I
192 !
100
201
133
100
295
249
100
277
225
100
218
167
114 I
111 j
116
143 !
147 !
138 I
134 !
164
158
160
159
157
155
149
178
166
164
146
129
123
122
196
188
190
187
189
188
187
144
119
120
110
98
87
284
238
231
226
210
198
192
231
220
224
220
220
208
205
171
159
160
160
156
151
148
139
136
137
140
140
143
144
144
118
119
121
134
185 !
187 '
186 i
185 j
196
195
187
190
200
194
190
192
147
147
146
148
1922.
January
February
March
April
185
184
182
181
Groceries
and
tobacco.
Meat.
I
!
!
!
I
Building
materials. Chemicals.
All commodities.
714
FEDERAL RESERVE BULLETIN.
JUNE,
GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR.1
[1913=100.]
Fruits
Build- |
I
Grains ! Animals Dairy
and
Imple- ing ma- Fuel and!!
and
and
prodJTextUes. . S & , Metals. ments.
vegeterials,
,
lighting.
fodder, i meats. ucts.
tables.
lumber. |
I
Date.
1913
1920
1921
100 i
263 |
150 I
100
198
149
100
204
157
100
261
172
100 i
258 I
181 j
100
303
189
150 j
146 !
152
144 j
127
125
131
158
143
143
133
134
113
122
120
133
142
141
149
158
170
102
157
182
170
171
170
188
189 '
174
173
170
162 ,
158 •
159
"J87
179
181
183 j
185 |
179 !
176
133
145
149
152
153
129
140
138
143
144
149
141
122
127
116
186
204
204
203
202
155
155
158
157 i
154
176
174
174
174
175
' 100
192
no
1921.
May
July
August
September....
October
November
December
1922.
January.
February..
March
April
May
111
106
101
100
100
100
100
99
97
96
95
95
100
203
150
100
245
240
100 :
268 i
211 |
147
147
145
143
143
140
141
236
236
237
235
234
232
232
224
217
192
189
190
180
180
142
141
137
135
136
231
210
213
213
213
!
!
i
I
'.
!
180 ;
179 !
174 i
174 .
173 !
Djugs
and
chemioals.
1922.
All
commodities.
100 !
255 I
218.!
100
204
177
100
246
182
210
207
206
206
210
211
211
178
175
176
171
169
165
166
183
176
174
172
169
168
170
208
204
206
206
221
163
104
106
105
166
168
169
166
100
167
i Unimportant groups omitted.
GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS.
[End of July, 1914=100.]
!
Date.
!
™ - f e Raw
Jute
:
; manuand
! mate-. fac- Metals skins.
fac- cotton.; fact
tures. !
i rials. | tured j
I articles
.
End of July, 1914..|
1920 average
1921 average
1921.
April
July
August
September
October
November
December
1922.
January
February
March
April
j
Other!
|
g
•
100
138
140
100 i
231
242
100 i
238 j
237 I
147
149
143
143
141
141
1.3?
242
237
242
247
251
•>46 I
>35
25o
245
241
214
214
213
219
132
130
132 i
132 \
230
241 '
200 i
259 |
220 !
193
187 :
183
|
'
|
j
;
100
147
108
100 !
354 I
300
97
311. !
310 !!
301
302 i
310 !
299 i
289
no
121
120
122 I
116 '
128 j
120 i
131 i
120
111
200
271 j
271
105
172
189
189
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following table are presented statistics I RETAIL PRICES IN THE UNITED STATES, PARIS, SWEDEN,
ITALY; COST OF LIVING IN UNITED KINGDOM AND
showing the trend ot retail prices and the cost AND
FRAN KFU RT-AM-M AIN .
of living in the United
States
and
important
[July, 1914=100.]
European countries:A
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 tho, case of the United States, the original base, that of the year
1913, has been shifted to the July, 1914, baser The German index uses
January, 1914, as a base.
The American index number, constructed by the Bureau ol Labor
Statistics, was based upon the retail prices of 22 articles of food, weighted
according to family consumption, until January, 1921, when it was
increased to 43 articles reported by dealers in 51 important cities. The
method of weighting continues the same, although the actual "weight"
applied has been changed.
The 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, 50 articles in 49 towns), weighted according to the budget of
a workingman's family which before the war had a yearly income of
2,000 kronor.
The German retail price index compiled by Dr. Moritz Elsas has been
substituted for Dr. Kuczynski's index which was formerly published in
the Federal Reserve Bulletin. Dr. Elsas bases his calculations upon
the cost of living for a family of four in Frankfurt. The Italian retail
price index for the most important cities, computed by the Italian
United United
Paris,
States,
Kingretail dom, cost retail 1
prices.1 of living.2 prices.
1920
1921...
1921.
April
May
July
August
September.
October...
November.
December.
1922.
January...
February..
March
April
May
Frank- Italy,
Sweden, furt-amretail Main cost retail 4
prices. of living .3 prices.
199
150
249
226
371
337
298
237
149
142
145
152
150
150
149
147
233
228
219
222
220
210
203
199
328
317
306
317
329
331
326
323
248
237
232
234
228
218
211
202^
139
139
136
136
192
188
186
182
181
319
307
294
304
317
190
189
185
182
963
1,184
454
548
564
1 057
1,106
1,204
1,442
1,657
501
534
542
581
583
585
576
659
2,336
1
2
Average for the month.
Beginning of month,
s January, 1914-100.
U913=100.
Ministry of Labor, consists of retail prices of 21 commodities. Twenty
of the commodities included are foods and the 21st is charcoal.
JUNE, 1922.
715
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN,
AND GERMANY.
f. o. b. values. The same method is followed in Japan and
In the following table are presented figures current
Sweden. In France and Italy the value of foreign trade is estimated
in terms of current prices but in terms of those of some earlier, dated
showing the monthly value of the foreign trade not
the preceding year.
of a group1 of important European countries usually
None of the figures presented below include the import or export
of gold and silver. In the case of England and France, group figures
and Japan.
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
Currencies have not been converted to a common unit, nor are j are not obtainable, merely that they are either delayed in publication
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 :
are given current c. i. f. values in England; exports and reexports, material.
1
FOREIGN TRADE OF THE UNITED KINGDOM.
Exports.
Imparts.
In thousands of pounds sterling.
In thousands of pounds sterling.
Raw
mateFood, rials and1
drink, articles
and
tobacco. mainly
Monthly average:
24,184
1913.
(53,817
1920
47,271
1921
In
' Articles ! Miscel- \
Articles MiscelthouFood,
wholly laneous,
|
sands
includ- Total. of tons. drink, articles
includ- Total.
or
or
and
ing ;
ing ,
mainly
mainly mainly
tobacco. unmanumanu- parcel i
manu- parcel
post. |
factured. factured. post. ;
1921.
April
July
August
September
October
November
December
52,908 16,547 20,374
18,005 j
42,090 20,232
18,194 !
50.584 19,589
17,905
48,410 ! 20,465
18,691
44,475 ! 21,256
41,246 29,946 : 17,913
39,063 27,792 i 18,291 .
1922.
January
February...
March
April
May
33,972
32,257
45,261
40,097
!
|
!
!
!
2,716
4,245
3,122
259 6-1,061 i 4,669 i
254 161,387
3,795 i
268 ; 90,557
3,263 !
16.134
37,787
20,421
23,485
59,196
22,598
Reexports.
167
431
214
338
320
154
165
89,996
2,668
80,757 ! 4,050
88,58.1
3,389
87,119
3,515
81,742
3,470
89,259
3,343
85,312 3,080
3,124
3,300
3,466
3,586
3,187
24J
322
215
199
69,375 i
87,879 !
80,661 •
2,861
2,754
3,270
3,011
5,825
34,281
12,126
93,312
5,297 ! 49,055
3,729 i
2,702 I
I
I
i
!
;
919
1,523
1,126
52,019
36,705
39,936
41,009
50,328
51,094
47,364
1,184
7,032 j 51,821
6,869 ! 48,000
8,465 ! 51,760
7,376
44,336
1,429
712
1,085
785
2,936
2,775
7,058
6,997
7,359
7,046
7,446
.
••
:
I
|
990
1,228
912
1,113
1,169
!
i
24,565 i
20,220 !
22,095 i
21,404 |
17,710 ;
16,576
20,309
18,962 .
43,770
111,206
58,600
^
In
• safds
Ihoii- i sdl^s j thousands i " m 1 J sands
oftons.;ps°™_aboftons.
7,650
3,292
2,748
9,131.
18,563
8,921
152
139
118
59, 868 1,279
43,172 U,350
51,316
3,747
55,248 4,128
62,265 4,297
62,895
4,511
5,238
8,524
9,362
9,998
8,595
10,386
9,823
9,204 :
126
63,147 I
58,335 '
64,581 I
55,508
8,459
10,174
10,154
9,200
154
116
159
139
107
:.
!.
!.
!.
i
* Includes reexports.
FOREIGN TRADE OP FRANCE.1
Imports.
Exports.
In thousands of francs.
Food.
Monthly average:
1913 2
192084
1921
1921.
April. 6
TjLily s 3
August
Septembers
.
October 3
'."
November 3
3
December .
1922.5
January
February
March
April
151,465
989,576
517,158
Haw
materials.
In thousands of francs.
•
In
• tllOU- ;: sands
: Manufactured
articles.
Total.
;
1
of
: metric Food.
tons. '
Raw
materials.
Manufactured
articles.
Parcel
post.
Total.
In
thousands of
metric
i tons.
412,144 ! J 38,169
701,778 '\ 3,685 I 69,908 154,841 ! 301,420 : 47,182
573,351
1,840
2,096,379 1,072,787 4,158,741 ! 4,211 217,733 509,485 1,413,548 : 100,479 2,241,245
1,071
1,033,170
412,045 1,962,373 3,165 161,031 463,219 I-1,067,413 i 104,430 1,796,092 i 1,333
845,000 i
373,000
704.069 i
. 434,001
555,545 j 855,697
j 691,972 • 1,204,213
: 717,091 1,191,860
- 564,012 . 1,446,125 :
i 754,671 i 1,856,148 |
512,000
33 L, 047
320,052
329,494
3L8,000
\J\JU
323, 593
543,445
OlO,
1,730,000
1,469,117
1,731,294
2,225,679
4 2,226,951
&4\}
2,333,730
3,154,264
f
}
BUI
185,000
123,303
112,654
146,467
132,424
5,161 157,180
5,197 259,605
3,400
2, 164
2,593
3.993
2,809
486,000
439,534
445,312
444, 89L
482,376
478,875
549,495
1,195,000
925,868
1,084,1.93
1,0S7,443
1,041,594
992,256
1,193; 161
107,799 1,974,000
74,350 1,563,055
82,933 1,725,092
95,852 1,774,653
103,078 1,759,472
120,343 1,748,654
180,059 2,182,320
1,154
1,194
1,035
1,172
1,252
1,515
2,507
:
887,253 :
352,572
-..": 385,021 1,137,855
1,005,463
460,765
!
583,000
438,000
I
1
247,827 1,487,652 .
324,150 1,847,026 !
465,737 1,931,965
323,000 1,744,000
3,396
4,126
4,434
3,787
121,526 458,460 ' 994,852 • 63,903 1,638,741 ;
153,892 448,455 !i 1,106,507 | 144,458 1,853,312
130,595 456,930 1,189,712 j 99,431 1,876,668
136,000 461,000 1,231,000 134,000 1,962,000 :
1,554
1,520
1,570
1,794
Not including gold, silver, or the reexport trade. Latest figures subject to revision.
s Calculated in 1913 value units.
»Calculated in 1919 value units. French foreign trade figures are originally recorded in quantity units, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at
the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions in Franco during the past two years, 1919 price units are being applied to the L921 trade.
* Calculated in 1920 value units.
* Exports calculated in 1919 value units. Imports calculated on basis of actual declared values.
107927—22
6
716
J U N E , 1922.
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN. 1
Sweden.
( I n millions of
kroner.)
Italy.
(In millions of
lire.)
Monthly average:
1913
1920
1921
Japan.
(In millions of
yen.)
Norway.
(In millions of
kroner.) l
Exports. Imports. Exports
Imports.
Exports.
Imports.
304
2 1,322
210
2 650
71
281
106
68
191.
91
106
98
103
126
101
95
112
69
94
11.3
105
99
103
108
77
49
109
102
61
38
71
60
'
46
253
128
33
104
63
61
195
135
53
162
104
96
134 i
148
176
153
146
129
56
61
72
S2
82
65
'S2
139
129
1.30
152
161
116
99
106
9b
112
121
146
179
198
208
185
101
115
129
1921.
April.
October
November
3 557
3 981
3 962
a
1,101
31,125
3 1,521
..
3 44"l
8 587
3 659
s 683
«718
3 856
no
132
1922.
Fphruarv
April
1
2
Subject to revision.
Based on 1919 values.
3
4
Based on actual current prices.
FOREIGN TRADE OF GERMANY.
Estimates of Farmand.
1
Exports. 3
Imports. 2
Merchandise.
Gold and !...
(
silver (in
In thouthousands In millions
sands of
of marks). of marks.
Merchandise.
, Gold and
; silver (in
nes).
o f m a r k s >
metric tons.
In thousands of
metric tons.
I
Monthly average:
1913
1921<
1921.
July
August
September..
October....
November..
December..
8,376
35,765
26,674
60,693
5,312
4,922
132,336
46,409
1
Latest figures subject to revision.
2
Not including philanthropic gifts.
a Not including deliveries on reparations account.
* Average for 8 months. Figures covering first 4 months of 1921 are not available.
8,450
17,773
34,901 I
7,572
9,382
10,642
13,814
12,273
13,702
1,925 '
2,111 ;
2,533 !
3,095
2,535! j
2,086
37,567
13,514
26,832
30,013
44,073
86,227
12,641
12,001
22,919 !
28,261
2,309 !
1,475 |
134,054
57,425
890 |
9,910 ;
1922.
January..,
February.
March
April
6,073 ;
1,570 !
2,194
30,553
"l7,"756'
2,645 !
2,889 :
i
.
I
!
!
i
•
841
5,776
8,295
6,141
1,651
1,715
6,175
6,670
7,492
9,681
11,886
14,468
1,558
1,828
1,871
1,973
1,908
1,930
14,394
14,482
21,285
22,955
2,027
1,747
2,153
2,760
717
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
FOREIGN TRADE OF ARGENTINA.
[000's omitted.]
I Total value of for- i Argentine trade
ted
| pesos).
:s).
Exports of principal national products (quantity).
1
Wheat, Lin-
Tom.
1913
1919
I
i Tom.
Frozen
mutton
and Dry ox-'
lamb : hides.
(car- I
casscs).!
3,28li |
5,034 j
Tom.
21
21
1,(144 i
5,007
1,003
4,475 i
4,522 |
1,720 •
i
475 :
837 !
288 !
92 ;
311
303
434
302
i ?,f!f®?"!rmports.! Exports.
I7'ons. i Tons. '
4,807 j
120 ,
2,485 |
140 !
1921.
Total, 1921
Alaue.
!
! Chilled
j bbeef
! (q
| ters).
1.017
855
i. 2,81.2
First quarter
Second quarter
Third quarter
Fourth quarter
I Frozen
! beef
beef
(quartei\s).
413
513 j
1,404 .
498 '
45
15
38
43
1,092 ; 1,350 ; 2,828 '
141
1,352
113 i
1,295 |
000
4S4 !
529 :
!
305 ;
4.'AI
485 •
(-11 |
2,9:)8 !• 1,81)5 |
874
053
599
321
|
j
1.5
I.
j a 2. 9
| 4 8. 0
2,447 j
13.1
"451
M.5
Tons.
00
80
10.3
:
~!
rows. .
"
i
I Imports Exi from ports to
United | United
i States, i States.
j
i
19 49(5,227 i 519,150 i 54,980 , 25,570
I 199,158
17 i 055,772 ' 1,030,905 155,899
i
9.0 ; 931,908 ' 1,044,085 j 213,720 . 207,777
:
52,840
22,423
17,917
17,053
1 . 1 !.
3 17
"24
15.3
jl
7.9
!
035,000 |
1(572,000
:
;
19,459
14,201
14,101
12,105
110,833 i 59,92(3
1922.
First quarter
191
445 !
5 247
5 500 i
5 1.4.5
1 Figures lor 1921 are official estimates and therefore subject to revision. Latest official published statistics apply to 1920.
Figures taken from United States Department of Commerce reports.
Second four months of year.
*5 Third four months of year.
First two months of year.
2
3
5 11,422 j 5 12/433
718
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
INDEXES OF INDUSTRIAL ACTIVITY.
ENGLAND.
Exports.
Production (long tons, 000 omitted).
;1
Coal.
Steel
!
ingots
| Pig iron, ;i and
;
cast!
I ings.
Raw
cotton
visible
Ship tonnage under
construeSU;
Finished (thou- tion
(gross
steel.
tons),
sands of
bales).*
Per cent
of unemployed
among
Coal
approxi(long
tons, 000 mately
omitted). 12,000,000
insured
persons.
omitted).
Railways Iron and , Cotton
i 1
net ton
manu' miles
| (000,000
j omitted).
tit
ions, u
omitted).
1913, average
1920, average
192L, average
1921.
April
July
August
September
October
November
December
January
February
March
April
j 23,953
I 19,108
i 13,696
855 j
670
218 |
646
238
1,397
1,234
71 :
117 :
434 i
429
405 j
444 .
967
137
321
322
304
330
292
1,21.2
1,310
1,194 |
1,060 j 3 3,282,972
1,123
1,216
1,271 15 2,640,319
271
321
1,298
1,240
1,112
1,181
!
j
•
! 2 15,211 !
16,589
I 16,517 \
-221,090 ,
j 17,875 i
' 2 22,594 j
60
10
94
158
236
272
275
i
j
288
300 i
|
i
:
!
,
;
12,002,699 I.
3,603,131
13,312,983 ••
756
302
381 •
1,546
1,108
597
1,088
1,311
1,297
1,325
1,368
1,306
414 '
271 j
142 '
!
160 I
64 i
77:
133 !
156 !
194 1
205 '•
6 596
374
244
6,117
2,078
2,055
1.89
179
214
268
345
366
333
3,103
3,407
3,406
3,594
4,309
16.0
14.8
13.2
12.2
12.8
15.7
16.2
342
254
307
305
4,021
4,014
5,201
4,097
IB.?
15.2
14.6
14.4
607
816
1
!
1922.
17,693 1
19,764 !
19,921 |
: *22,875 '
"
390 !
394 ,
328
419 ::
549
404
253
224 ''
295 j
258 !
72,235,998 ,
6
Work suspended on all but 1,918,319 tons,
e Yards.
7 Work suspended on all but 1,619,000 tons.
1 Average of 4 quarterly estimates.
Five weeks.
3 Wo-k suspended on till but 2,094,000 tons.
* En i of month.
2
FRANCE/'
Pig
iron
production.
Crude
steel
production.
Toil
for
"March
July
August
September.
October....
November..
December..
January..
February.,
March
April
1921.
1922.
a w COt
im
"
f
!
l
Cotton
stocks at
Havre.i
ior consumption.
consumption.
Thousands of metric tons.
1.913, average.
1920, average.
1921, average.
'R
imported ! t™
Raw
silk imported
for consumption.
Total
imports.
j
i Thou-
'. ^t o n fs <
| bSSrf
™£*
t011i
Thousands of
metric
tons.
!
i
50 kilo! grams.
"
Receipts !••
of the
Total principal
j Number
exports. French ' ofunrailways.8. employed
receiving
iinunicipal
aid in
ThouThouParis.*
sands of sands of
metric
francs.
tons.
2 434 ,
286 ,
280 !
2 391
251
255
1,558
2,005
1,472
27,428 j
19,577 ;
16,666 1
274
225
169
629
390
206
3,685
4,211
3,165
1,840
1,071
1,333
U65,892
479,894
516,397
3,022
20,671
300 '
267 '!
255
244
256
295
301
251
223
232
236
260
277
302
1,256
660
1,065
1,874
1,301
3,291
2,895
1.0,323 !
6,539 i
10,700 i
11,769 j
25,757 •
29,059 <;
30,835 j
185
131
132
131
181
192
208
73
51
202
261
385
277
382
2.9S(i
2,164 I
2,593 j
3,993 I
2,809 I
5,161 I
5,197 I
1.183
450,746
1,194
1,035
1,172
1,251
1,515 ' 483,216
2,507 I 641,887
43,037
10,616
9,706
7,486
5,348
3,730
4,175
312
323
315
317
1,676
14,870 !
188
163
502
3,396
4,126
4,434
3,787
1,554 ' 454,323
1,520 I 468,175
1,570 472,779
1,794 608,764
4,658
4,385
3,546
2,447
138 !
1 End of month.
» Does not include Lorraine.
3 Railways included are: State railways, Paris-Lyon-Mecliterrarie", Nord, Orleans,. Est, Midi, Alsace-Lorraine and Guillaume-Luxembourg
Railways.
* Excludes the Alsace-Lorraine and Guiilaume-Luxembourg Railways.
& Latest figures subject to revision.
JUNE, 1922.
RESERVE
719
BULLETLX.
GERMANY.1
Production (in 000's of ;
metric tons).
j
Lignite.
Coal. I Coke.
Exports (in8 metric
tons).
Imports (in metric
tons).*
iron3
ore.
Wheat.
Iron
and
iron
manufactures. 5
Cotton.*
!
1913, average
1920, average
1921, average
March
July
August
September
October
November
December
January
February
March..."
1921.
1922.
' 14,425
i 10,945;
11,351'
i
..' II.,
10,
11,
; 11
! 11,
11,
11,
I
i
i
1
• 12, 168
11, 456'
' 13 418'
2,721
7,269 212,163 1,224,951 43,424! 541,439! 21,812 2,881,126i
2-098i: 9,323: 49,290 537,535;! 12|490|! 145; 883: 8,462j 60S,749J
8.530' 518,937!
2.327 10,251 200,264 61.9,194 30,894 203,681
2,412.
9.876 : .
2,218 : 10,065
2,247 : 10,606 :
2,278 10,359
2,396 10,567
2.344! 10,479
2J420" .1.1,029
1
r
35,170
r o AI<>
52,433
28,766
29.739
27,2421
28,313;
28313
10,978:
10,091 i
12,260
83,382
19,119
10^791
ExDorts.
. Imports,
' coal
1
(000's of
Paper
Unplaned
pulp 1j metric
boards
tons).
(000's of (000's of
cubic | metric
meters). ; tons).
1921.
March,.
July
August
September.
October
November..
December..
January...
February.
March
22 i
1922.
119:
205 I
325
370
361 j
356 ;
|
87 |
25 j
63
Unemployment.
. Per
j cent
; of
i tradeunion
unemployment.
1,182j
374;
794:
7,353. 453,173:
9,618. 613,739
10,156i 649,158!
10,255, 576,048:
9,953| 569,657,
9,212 640,877
566
809
942
957
915
838
503
65<
88*
9551
1,018
1,047
881
873
9,552
9,332
12,299
745
461
894
875
716
! Numi berof
j unemployed
persons
receiving
State
aid
(000's
omitted).
2.9|.
3.8!
2.8!
366
310
2. til 314
267
2.2
232
1-4,
186
150
149
1:1
.1.6
2,472 :
2,199.
2,513
941,972 23,426 221,7431
492,705 17,91.51 172,709!
809,722: 26,130' 211,979:
Latest figures subject to revision.
Import and exportfiguresfor the first four months of 1921 arc not available.
Includes manganese ore.
Includes linters.
& Not including machinery.
SWEDEN.
328
306
162
177,773'
240,071 ;
225,331'
216,11.5
"33,204;
214,8121
Number of
ships.
Tonnage
(net
registered
tons;
000's
omitted).
1,256
401
700
I
155,200, 493,431
O7U Rat'
Qr^a'•i(\
7
278,661'
356,397
262,915: 564,827
273,496; 919,822
191.932i 937,268
97,499. 790.811
1
2
8
4
1913, monthly average..
1920, monthly average..
1921, monthly average...
i
;
! Dyes j
and |
• d y e - Coal.
i stuffs. :
!
•
!
Ship arrivals in
Hamburg. '.
Shipping.
752,340
669,433!
795,2()0:
3.3
2.7
165
200
209
1921 averages are based on eight months.
• Railway !,
! traffic,
volume
1
freight i
Net tonnage of ! ofcarried
loaded vessels in
foreign trade (000
omitted).
Production (000's of metric
tons).
Blast
furnaces
in
Unemployment,
number
of
720
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE INDEX.
Volume of exports in April declined slightly,
due to slight decreases in exports of producers' and consumers' goods. Exports of
raw materials, however, showed a very small
increase, due mainly to an increase of 30 per
cent in exports of cotton, by far the most
important commodity in the group.. There
were also slight gains in exports of barley, leaf
tobacco, and crude oil, but all the other
items showed declines ranging from 19 per
cent in corn and 37 per cent in wheat to 63
per cent in anthracite coal. The wheat exports were the lowest since February, 1920,
and exports of anthracite coal the lowest on
record. The slight loss in exports of producers' goods is the result of small losses in
exports of each.of the items with the exception
of copper wire and gasoline. Exports of gasoline, the most important commodity in the
group, showed an increase of 10 per cent over
last month, and were greater than any month
since April, 1921. Exports of cottonseed oil
were less than in any month since August.
1920. The decline in volume of exports of
consumers' goods is duo to a substantial decrease in exports of lard, the losses in exports
of wheat flour and hams and shoulders being
practically offset by gains in total cotton
cloths, illuminating oil and refined sugar exports. In this group exports of lard were
less than in any month since August. 1920.
and illuminating oil exports greater than in
any month since December, 1920.
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913—100.]
Imports.
Exports.
j Raw Proi mate- duc! rials ers'
•
y e a r . . 100.0
year..
88.9
y e a r . . 92.2
y e a r . . : 103.1
1921.
January—
February..
March
.April
May
June
July
August
September.
October....
November.
December..
105.2
91.0
78.0
76.5
97.6
107.9
111.6
142.7
115. 7
121.7
95.1
93.8
Raw ' Pro- ConTotal ma1 e- j dueers'
rials : goods
(29
goods
100.0
183.6
133.6
124.1
100.0
115.3
107.5
108.9
(27
com(5
(12
• modi-1 commodicommodi- com- modi- ties).
ties). I modi- ties).
tics).
tics).
(12
com-
modi- com: lies). modities1).
1913,
1919,
1920,
1921,
Consumers'
100.0
155.1
158.7
116.9
100.0 ! 100.0
157.5 ! 192,9
135.8 : 227.5
113.6 162.8
100.0
147.5
138.8
141.4
100.0
.168.4
168.8
135.6
208.6 126.2 120.2
162.4 119.4 I 104.1
135,1 120.2 ! 92.7
132.5 1L6.4 ! 90.5
96.4 110.8 100.3
94.2 i 132.2 111. 5
78.6 133. 8 112.9
99.6 160.7 142.1
89.7 142.3 118.6
107.0 113.2 1L8.4
98.1
100.2 106.2
96.9
96.0 107.8
74.5
118.2
160.6
153.3
98.7
94.5
99.3
116.8
102.8
96.1
115.1
133.0
102.6
130.9 j 123.9
130.1
143.7 : 135.4
169.5
177.2 i 178.9
177.6 185.1
167.1
150.0 162.1
127.2
152.3 130.4
120.8
126.6 121.4
112.6
165.1 129.8
136.0
137.7
99.3 | 114.6
173.5 116.5 ! 126.9
199.4 149.2 i 150. 6
219.1 164.8 ! 168.7
104.3
86.0
121.7
120.9
118.4
123.3
148.1
125.5
228.7
281.3
306. 8
236.1
i
1922.
,) anuary
February..
March
April
82.6
90.5
129.7
94.5
127.6 ! 82.6
156.5 . 106.9
150.5 106. 0
135.2 i 160.1
133.5 " 183.4
161.1
206.5
152.0
169.1
JUNE, 1922.
Volume of imports, which showed a marked
increase last month showed an even greater
decline this month, due to substantial declines in each of the three groups, particularly
that of producers' goods. This decline was
due to very substantial losses in imports of
the two most important items in the group—
india rubber and cane sugar—which decreased
by 30 per cent and 1.7.3 per cent, respectively.
All the other commodities in the group showed
decreases with the exception of nitrate of soda
and sulphate of ammonia. Imports of hides
and skins and lumber showed the only substantial increases in the group. Decreases
in
the volume of imports of consumers7 goods
were due to decreases in imports of each item
with the exception of coffee, which showed an
increase of 4.5 per cent.
PHYSICAL VOLUME OF TRADE.
The indexes of business activity showed a
rather general decline during April, but this
was partly due to the fact that there were two
less working days than in March. The decline
was most precipitate in the case of mineral
production, due to the effect of the coal strike.
The volume of agricultural movements and of
mineral extraction was less than in April, 1921,
while manufacturing activity was considerably greater.
The receipts of grain and flour at 17 interior
centers experienced the usual seasonal falling
off during April, the sharpest decline being
shown in the case of corn and rye. April wheat
flour production showed a considerable decrease when compared with both last month
and April, 1921. The movement of live stock
to markets closely paralleled those of grain, and
April receipts at 59 markets decreased somewhat as compared with March. Shipments of
stockcrs and feeders from 34 markets showed
a marked seasonal decrease. Although little
change occurred in receipts of dairy products
at five principal markets as compared with
March, the April .figures are considerably in
excess of those for April, 1921.
Cottonseed received at mills continued to
decrease and amounted to 21,371 tons, the lowest for any month since July, 1920. Tobacco
sales at looseleaf warehouses for April were extremely small, as is usual at this time of the
year. Shipments of citrus fruits from California again registered an increase. Lumber
cut of reporting associations and movements
of lumber at Chicago and St. Louis decreased
slightly, but still exceeded the figures for the
corresponding month a year ago.
On account of the coal strike the figure for
anthracite production for April amounted to
J I N K , 1022.
721
FEDERAL RESERVE BULLETIN.
only approximately 25,000 tons, as compared cent over March. Car loadings declined somewith 8,757,000 tons in the previous month. what from the high level reached in March, but
Bituminous coal production for April was were almost as large as in April, 1921.
15,780,000* tons, or less than one-third of the
amount produced during March. .By-product
I N D E X E S OF DOMESTIC B U S I N E S S .
coke production increased during April and
[Monthly average of 1919=100.]
was considerably greater than in April, 1921.
Crude petroleum production decreased, while
AGRICULTURAL MOVEMENTS.
stocks showed a considerable increase over the
last month. During April 1,442 new producing
! Total Total Total
Leaf
oil wells were completed, a gain of 119 over the
asjiculaniCotton. Fruit.
toDate.
i
tare. 1 mals. grains.
bacco'.
number completed during March.
The iron and steel industry showed greater
activity during April, and the unfilled orders January 1921.
105.0
97.9
96.5
110.8
94.6
195.7
81.1
73.9
297.4
95.5
66.7
77.1
of the United States Steel Corporation amount- February
March..! . .
79.4
76.4
181.1
137.4
77.5
57.8
74.2
ed to 5,096,9.17 tons, the largest amount on April
06.3
24.1
175.1
60.5
51.3
May
77.3
73.6
8.9
139.0
71.7
67.4
order within the last 10 months. Zinc produc- June
81.9
82.2
4.1
183.3
96.0
57.8
68 J
93.4
12.1
151.9
52. 7 123.8
tion showed a slight decline, while the produc- Julygst*
85.4
lift. 7
54.7
86.4
195.5
56.0
tion of copper continued to increase. Both September
85.9
115.3
79.3
79.9
151.6
114.7
107.0
October
130.9
107.6
69.9
121.3
195.3
pro duct i on and shipments of automobiles November
99'. 2
.1.04.6
188.5
34.7
65.3
163.2
December
82.0
93.9
117.0
83. ft
79.0
133.4
showed large increases.
.1922.
Textile production was well maintained dur- January
83.8
76.8
96.1
91.8
113.2
ing April, although there was some increase in February
76.5
101.2
55.5
92.3
43.3
March...
70.7
j
79.2
27.5
130.4
73.0
42.8
the percentage of idle wool machinery. Cotton April
57.4
71.8
5. 5
J03.0
49.6
37.0
consumption showed a moderate decrease.
1
April production of cement increased 32 per Combination of 14 independent series.
IMDEX NUMBERS OF DOMESTIC BUSINESS
1919 - 1922
PER
CENT
PER
CENT
140
140
130
120
110
j
i
|
i
100
90
80
V
J
Yy
r
/ 4
K iv
/ 1 \7 —\—
\i
60
/
\
y
70
/
/
\
+ \
— {/
V
V
50
120
/,
110
j\
J
100
90
\
1
\
|
1
80
70
y!
60
50
!
30
V
130
T
—
40
A
\
\
40
\GRICULTURE
FINING
MANUFACTURE
30
20
20
10
10
J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. 5. 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
1922
722
FEDERAL RESERVE BULLETIN".
JUNE, 1922.
COMMODITY MOVEMENTS—Continued.
INDEXES OF DOMESTIC BUSINESS—Continued.
MINERAL PRODUCTS.
i
!
!
1
Total Bimin: eral tumi| prod-1 nous
. nets. coal.
Date.
1921.
January
February..
March
April
May
.,
June
July
August
September.
October
:
November .
December. J
An- = Crude
:
102.8
87.5
86.8
78.7
84.7
83.9
76.7
82.8
81.0
93.9
86.0
82.0
105.5
80.8
79.6
72.2
87.3
88.7
79.6
90.5
91.9
114.6
94. 2
81.1
100.8
104.8
100.8
104.8
102.0
105.9
95.9
97.9
96.9
103.1
93.3
81.4
90.0
February..
91.9
March
, 117.1
April
; 58.8
98.5
107.3
131.5
41.3
85.1 !
92.0 :
119.1'|
.3 I
1922.
!
January
122.9
106.2
97.1.
87.7
87.9
84.0
81.6
j
96.1
'
89.9
i
j 113.1
i 116.4
i 116.3
120.3
111.2
130.2
127.3 \
133.6
128.4
128.1
130. 2
116.3
113.2
120.0
133.3
94.8 i
76.0 ;
62.6 !
46.8 •
47.9
41.8
33.9
37.4
38. 7
48.9
55.5
64. 7
80.0
71.2
83.0
47.6
22.6
18.1
16.6
19.9
19.5
22.9
20.8
17.3
65.9
45.2
40.0
42.1
45.9
49.5
39.4
37.2
36.6
37.0
53.8
56.0
137.1
129.7
149.1
141.9
64.3
63.9
79.9 "
8.1.3
24.1
34.8
57.6
71.3
60.3 I 12-1.8
57.3 ' 119. 7
118.6
67.5
103.565.6
I
!
|
!
I
!
I
i Combination of 7 independent series.
PRODUCTION OF MANUFACTURED GOODS.
Total
manufac-1 Steel.! ber.
ture.
Date.
Pa- jPotro-l Tex-jLeathToper. |leum. j tiles, j er. Food. bacco.
"I
1921.
January
February..
March.....
April
May
June
July
August
September
October...
November.
December.
87.6 !
84.5
72.0.
63.5 88.2 87.8
62.8 77.4 94.1
72.0 88.11 106.1
75.8 84.0i 95.5
83.2 82, 2 99.3
81.1 85.1 106.8
76.3 85.5; 100.6
85.7 98.5 117.2
80.3 92.8 .1.11.6
99.81 115.8
86.
90.9 89.4! 102.9
93.0| 85.2-1 76.8
41 69.6i 75.7i! 79.51 106.8! 73.11
62.5 89.3 84.4 113.0 90.8'
48.3 ! 87.5! 81.7 .113.8 91. 5i
:
!
50.3; 100.4 72.4 1.1.4.7j; 95.0
39.9 89.61 70.2 110.1 101.9
85.3
65.6
108.3: 91.0!
31.9:
1
45.3 99.7 75.6 110.6 103.4
4 6 . 7 92.9i '8.6 110.2, 105.5!
64.3J 103.1 90.8 119.7' 104.8
66.0 ! 100.6: 95.81 117.1 100.4!
56.8i 92.2 94.7 119.6, 99.7'
i 87. 8
i 83.
1
j
!
i
!
i
!
SJ:
A
1
80.
90.
90.
94.
89.
81,
1922.
January...
February..
March......
April
i
1
I
67.7.
63.4: 100.7i 95.0 ! 119.0" 112.2'
69.3: 95.4! 90.0 108.61 96.8.1
94.3' L02. o! 108.4 123.9' 107.6
97.0, 9S.1; 164.3
91.3!
84.9
Combination of 34 independent scries.
Per cent of aver' age. same month,
March,
1922.
1919-1921.
Apnl. i
1921. '
j Apr., Mar., Apr.,
1922. 1922, i 1921.
GRAIN AND FLOUR. ,
!
Receipts at 17 interior \!
centers (000 omitted):
Wheat (bu.)
I
Corn(bu.)
!
Oats(bu.)
i
Ilvoflm.)
Barley (bu.)
j
16,893
15,357
10,810
1,417
1,881
20,396,
30,6511
16,465!
3,254
3,291!
24,808!
12,161
11,250
1,544!
2,137:
Total grain (bu.). •
Flour (bbls.)
j
46,358
1,992
74.056;
2',054j
51.900, 86.0 119.0 96.3
Ij967| 124.1 118.5 122.6
Total grain and
flour (bu.)
continued.
Shipments at 14 interior centers (000
omitted):
Wheat (bu.)
Corn (bu.)
Oats(bu.)
Rye(bu.)
Total grain (bu.).! 43,396!
Flour (bbls.)
I 3,032:
Total grain and :
flour (bu.)
I 57,041
55,323
60,752
90.5 108. l|
99.4
:
88,722 • 99,764
39,502 . 51,040
"Receipts at 9 seaboard j
centers (000 omitted):
Wheat (bu.)
!
Corn (bu.)
'
Oats (bu.)
!
Ryc(bu.)
!
Barley (bu.)
j
6,565 ! 93.7 68.3
16,498 !303.2 289.7'!
27,717 346.5 332. 9 :
494
72.4
1,334 34.1 33.3
25.8
209.2
190.9
7.7
30.8
52,608 180.6 150.8 I 89.8
42,317 129.2 128.7
25,495 337.8 326.8
61.6
217.4
I '
5,370
8,574
3,537
1,331
1,293
14,219
21,395
3,931
865
1,296
Total grain (bu.).. 20,104 i 41,706
Flour (bbls.).
I 1,559 ; 2,090
Total grain and ! I
Jlour'(bu.)
" 27,120
.
!
i
!
i
i 56.1
168.4
ill4.4
25.3
! 36.4
I
!
74,797 j 63,413 88.8 121.9 ! 98.7
Total grain (bu.)- 105,853 I 118,468
Total visible, supply
(000 omitted):
Wheat (bu.)
Corn(bu.)
21,482
13,794
10,287
1,518
2,030
57,346 \ 49,111; 84.3
3,878 j 3,178 j 107.3
Stocks at 11 interior j
centers at close of j
month (000 omitted):
Wheat (bu.)
i 23,841 j 26,561
Corn(bu.)
! 23,911 •• 29,883
Oats(bu.)
i 50,329 54,041
6,296
6,665
Kye(bu.).
1,476 j
1,318
Barley (bu.) -
51,110
•
j
:-
17,959 41.8 145.4 149.7
2,890 485.6 406.9 163.7
1,568 137. 4 141. 5 ! 61.0
1,618 39.4 28. 7
47. 9
909 ,112.5 73. 7
79.1
24,944 : 96.4 184.6
1,831 89.5 127. 5
33,186
119. 6
105. 2
94.5
I
6.412
S, 360
7,187 10,5.10
1,277! 2,087
1,405; 1,810
1,395 . 1,731
Total grain (bu.). ! 17,676 j 24,528
Wheat Hour production !I
!
(bbls)....:
7,823 ; 9,658
5,651 i 92.5 97.2
1,823 662.4 417.6
1,316 54,4 75.5
550 71.1 102.6
1,326 47.7 67.0
81.5
168. 0
56.1
27.8
45.3
10,666 115.8 127.2 I 69,9
83.8 101.2
100, 3
91.6 102.7
92.7 93.0
80.6 ! 102.9
93.0
97.6
110. 3
LIVE STOCK.
Receipts at 59 principal
markets (head, 000 i
omitted):
j
Cattle and calves...
Hogs
Sheep
"
Horses a n d mules •
(43 markets)
Total.
91
112.0! 145.1
109.3 127.9 86.5
73.3 92.1 76.2
42.7 99.2 46.5
40.3 55.6 45.8
11,837 I 14,719
15,400
22,999
16,826
13,351
882
1,558
1,920 ;
1,250
Barley (bu.)
Stocks at 8 seaboard
centers at close of
month (000 omitted):
Wheat (bu.)
89. 6
Corn (b 11.)
Oats (bu.)
Rye(bu.)
Barley (bu.)
COMMODITY MOVEMENTS.
I Per cent of averi age, same m o n t h ,
, I » ., i ' 1919-1921.
March, " April, I
1922. j 1921. ! i Apr., Alar., Apr.,
! 1922, 1922. 192.1.
GRAIN AND FLOUR—
88.2i 91.3| 90.6
78.11 88. oi 83.8
78.5
I
April,
1922.
April,
1922.
Zinc. Lead.
'
|
Shipments at 54 principal markets (head,
000 omitted):
Cattle a n d calves...
Hogs
Sheep
Horses a n d m u l e s
(43 markets)
Total
1,457
3,017
1,205
.1,607
3,371
1,439
1,478
3,208
1,649
27
45
24
66.5
70.0
5,736
6,462
6,359
89.4
97.1 I 99.1
1,057 .
625
1,159
664
602 I 88.0 108.2 j 95. 5
1,122 i 94.6 : 89. 0 100. 4
698 i 83.5 120.0 ! 104.6
558 I
23
2,195 ,
2,493
!
66. 0 ! 67. 5
2,445 I 89.4
99.8
58.6
56.2
99.5
723
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
COMMODITY MOVEMENTS—Continued.
April,
1922.
March,
1922.
COMMODITY MOVEMENTS—Continued.
For cent of average, same m o n t h ,
" 1919-1921.
April,
1921.
April, j March,
1922.
i 1922.
April,
192].
i Apr.,i Mar.,| Apr.,
: 1922. i 1922. 1921.
985
2,094
742
17
Total...
Shipments at 15 western markets (head,
000 omitted):
Cattle and calves...
Hogs
Sheep
Horses and mules.*.
Total
Shipments of stockers
and feeders from 34
markets (head, 000
omitted):
Cattle and calves...
Hogs
Sheep
Total
Slaughter at principal
centers under Federal inspection (head,
000 omitted):
Cattle
Calves
nogs
:...
Sheep
Total
1,319 !
97.8
I
230 !
53 !
76 |
359 i
278 ,
67 :
143 i
488 ;
234 : 80.2 j l l l . 9
81.6
5J : 65.3 | 78.3 63.0
106 • 39.5 119.6 Ho. 1
391 j 64.0 107.6
69.8
674 j
591
391
366
3,340 I 3,003
837 ! 1,040
99.8
99.9
98.1
71.0
4,640 !
5,242
92.8 ilOO.7
J04.6
Meats, c o l d - s t o r a g e
holdings at close of
month
(lbs., 000
omitted):
64,421
69,341 I 122,100 36.1 33.4
Beef
593,536 ! 589,829 ! 952 056 ! 66.2 57.0
Fork products
2,074 ! 2,872
25,085 i 17.6 17.8
Lamb and mutton.
68.4
90.2
213.3
5,000
1 03.0
95.8
j 112.0
96.9
I 99.0 102. 4
' 91.5 121.8
I
Exports of certain meat
products (lbs., 000
omitted):
BeefCanned
Fresh
Pickled a n d
other cured...
Hog p r o d u c t s Bacon
Hams and
shoulders
Lard
Pork, pickled,.
20,490
31,180
22,764 | 23,583
42,459 i 64,377
1,899 i 2,953
DAIRY PRODUCTS.
I
132 I
280 j
158 !
274 I
2,036
Cotton seed (tons):
Received a t mills ...
21,371 ' 65,107 | 133,832
Crushed...,.
82,455 214,911 : 242,282
On hand a t mills a t
45,970 ; 107,058 | 191,526
close of m o n t h . . .
Cottonseed oil (lbs.,
000 omitted):
72,237 j 79,57;-!
Production
\
Stocks
j
60.089 ! 115,831
Oleomargarine con- J
sumption (lbs., 000 ,:
omitted)
| 13,686
15,263 j 20,814
Tobacco sales a t loose- :
leaf warehouses (lbs..
000 omitted):
50
862
5,401
Virginia daric
Bright b e l t Virginia
2,712 !
101
4,302 j
North Carolina. |
South Carolina. |
Total
Burley
Western dark
590 :
365
2,916
739 ,
2,798
367 I 8.1 j 18.0
214 j 1.2 I 3.9
1,365 I 97.3 .10.1.5
22.6
1.6
65.2
32,852 ! 30.9 35.8
49.5
24,926 ! 45.5 52.1
53,275 70.5 77.5
2,006 79.1 122.5
49.8
88.5
83.6
Receipts at 5 principal
markets (000 omitted):
42,694 l 44,919 ! 38,841 ,120.2 127.7
Butter (lbs.)
15,757 i 14,586 j 14,145 ! 125.1 112.8
Cheese (lbs.)
2,911 ! 1,947
2,498 1126.3 120.0
Eggs (cases)
Cold-storage holdings
at close of month (000
omitted):
Creamery butter
7,712 46.1 69.1
3,828
9.024
(lbs.)
,
American cheese |
10,796 : 10,731 | 13,466 i 88.8 72.4
(lbs.)
949 I 4,909 1134.6 J120.3
4,633 !
Apr., Mar., Apr.,
.1922. 1922. 1921.
OTHER AGRICULTURAL
PRODUCTS.
LIVE STOCK—contd.
Receipts at 15 western
markets (head, 000
omitted):
Cattle and calves...
Hogs.
Sheep
Horses and. mules..
Per ecu t of averago, same m o n t h ,
1919-1921.
109.4
112.3
108.4
92.8
110.8
142.8
Grand total
j
!
j
2,139
2,393
7,0.15
4,580 !
7,189 ]
104
7,495
8,577
4,582 | 19,646 ! 21,577
1/-4
34.6
28.6
54.2
109.2
101.6
29.4 , 39.1 ! 122.3
57.6 | 107.1.
38.0 i 92.2
47.3
2.2
53.0 |. 72.0
14.0
233.3
55.2
56.3
28.4
55.8
12.5
45.5
194.8
114.9
36.6 ! 27. f
172.5
5.3.6
32.1
Sale of revenue stain ps
for manufactures of
tobacco,
excluding
Porto Rico a n d Philippine Islands (lbs.,
000 omitted):
:
501,392 529,162 . 548,104 87.3 8o. 2
Cigars (large)
: 49,720
Cigars (small)
59,536 i 56,426 80.1 85.1
Cigarettes ( s m a l l ) . . : 3,453,061 3,636,032:3,801,672 101.5 86.0
Manufactured to28,565
bacco
34,396 ' 28,400 92.5 |103.3
Fruit shipments from
California (carloads):
3,469
Oranges
4,653
6,335 67.1 94.4
947
Lemons
1,171 104.5 113.5
940
136.8 100.0
Deciduous
101
Apples, shipments (carj 1,780
2,987 i 2,8.1.6 88.3 I 73.8
loads)
Apples, cold - storage
952
1,930 | 1,119
holdings ( b b l s . ) . . . . . . !
W h i t e potatoes, ship19,203
22,104 : 16,087 155.4 J158.3
m e n t s (carloads)
Sugar, 7 ports (long
tons):
557,186 657,700 I 484,01/
Receipts..,
531,962 535,357 I 347,499
Meltings
It aw stocks a t close
316,973 273,811 | 245,904
oi" month..
I
j
FOREST PRODUCTS.
Lumber (M feet):
Number of m i l l s 194
Southern pine..
171
169
55
54
54
Western pine...
114
129
125
Douglas lir
Eastern white
19
19
pine
North Carolina
20
pine...
Production394,992 370,321 91.8 ; 98.4
Southern pine..
I 84.0 I 83.9
"Western pine...
66,509
204,698 111.6 1116.5
Douglas fir
306,618
Eastern white
25,748 163.0 -135.0
pine
34,783
North Carolina
14,871
i 60.3
pine
14,994
Shipments„ I.
Southern pine..
398,599 I 405,317 ,109.0 J101.7
Western pine...
116,551 I 75,433 ;128.4 116.3
Douglas fir
280,203 ! 232,351 1124.4 105.7
Eastern white
21,099 133.3 96.4
30,353
pine
North Carolina
12,953
14,825
72,3
pine
95.4
90.9
111.7
92.0
122.6
129.2
174.5
139.6
115.2
92.2
73.0
74.1
92.6
87.7
104.6
73.9
90.1
65.3
So. 5
724
JUXE,
FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
April,
1922.
April,
1921.
March,
1922.
1922.
Per cent of average, same month,
1919-1921.
Per cent of average, same month,
1919-1921.
,
April,
.1.921.
4
Apr.,| Mar., Apr.,
1922. 1921.
i
Apr.,I Mar., Apr.,
1922, | 1922. 1.921.
!
FOREST PRODUCTS—
continued. .
Lumber (M feet)—Con.
Stocks at end of
monthSouthern pine..
North Carolina
pine
Receipts at Chicago and St. Louis 446,037
Shipments at Chicago and St. Louis 275,969
Oak flooring—
25
Number of mills
Production
19,892
Shipments
22,227
Stocks at end
26,615
of month
Unfilled orders. 33,501
Naval stores at 3 southeastern ports:
Spirits of turpentine (casks)—
13,139
Receipts
Stocks at close
11,081
of month
Rosin (bbls.)—
58,015
Receipts
Stocks at close
255,326
of month
1,124,623 .1,264,823 I
102.4
113.9
55,107 ! 84,085 |
| 55. 4
105.4
128.8
115.3
290,300 j 213,359 j.126.6 129.9
119.2
485,443
345,798 |l30.6
25
20,367
22,690
25
10,222 :
11,981 I
28,090
j 24,935
37,213 j
6,111 I
3,301 ' 15,857 131.7
19,280 | 28,690 j 30.7
I 44,069 ; 30,478 ! 233.0
282,428
!
i
Silver production of
United States (troy
ozs., 000 omitted)
Copper production
(lbs., 000 omitted)....
Zinc (lbs., 000 omitted):
Production
Stocks at close of
month
73.9 | 158.9 Tin (lbs., 000 omitted):
Imports
Deliveries to fac79.5
44.0
tories
Stocks
at close of
278.9JI 122.0
month
Kerosene (gals.)
Gas and fuel
(gals.)
Lubricating
(gals.)
Stocks at close
of m o n t h (000
omitted)—
C r u d e oil
50,193
15,780
:
8,757
6,779
25
528
732 !
2,227
2,137 ;
27,553 48.5 135.7 i 84.7
7,703 j
5,967 i
328 . 48.4
1.28. 5
134.3
111.1
.110.1
46.7
30.1
1,519 j .
46,634 ! 40,010 127.6 ll30.8 | 114.4
44,657
I
235,860
1,442
215,633 i 147,862 !175.3 163.0 i .109.9
1,323 i
1,221 '
I 84.1
n K r i n n l i n
nr
'
(gals.)
,
I 849,106 j 761,085 758,335 132,7 121.7 j .118.5
I
i
! 73,391 I 69,123 , 73,003 ! 99.2 99.1 ; 98.7
I
!
j
j
I
I
!
129.2
236,886 ! 253,568
223,414 136.8 156.3 !• 129.0
power
1,465,071 1,465,092 11,308,272 97.8 95.6
Produced b y fuels..|2,144,018 2,351,872 j 1,931,199 120.6 124.2
13,609,089 13,818,931 3,239,471 110.2 | l l l . 5
i Figures for March, 1922, February, 1922, and March, 1921.
125.4
M113.5
* "
124. 5
!
Electric power produced by public utility power plants (000
kw. hours):
Produced by water
Total
74.5
39,094 < 34,423 , 35,509 120.9 .1.16.0 !
472,278 398,223 j 419,795 1129. L 120.2 114.7
95. 7
178,785 167,220 169,2,18 101.1 96.1
(bbls.)
; 31,298 | 25,580 j 21,147 .185.6 Il51.4
4
Gasoline (gals.)l 854,232 ; 807,379 713,043 135.9 1142.3
° <}
lKerosene
^ n f ^ n n v i n /(gals.):
, . ^ 1 ti V
Q321,428
O 1 H O O ! i 'Vil
A<)'i
! \ Aid
'lPi~J
C89.6
O A
93.5
331,423
446,367
Gas a n d fuel ;
I
'
(gals.)
11,250,278 ! 1,321,589 1,005,318 160.7 174.2
Lubricating
97.0
58.0
.1,266 133.8 120.1
!
5,482 ! 76.1 | 72.8
62.5
1,221 109.6
I
79.4
|
5,800 ,235.6 177.8
4,139 ',
4,186
4,437
76,583 |
61,867
49,107
51,01.2
53,064
33,100 '.
103,456 | 120,524
159,162 "
71.0
10,526
15,783
2,484 ''236.8 J203.3 |
11,189.
13,507
3,562 !303. 8 203.6 !
6,117
6,913
434
450
486
461
5,468
96. 7
j
304,959 1.21.8 130.5 I 145.4
FUEL AND POWER.
Coal and coke (short
tons, 000 omitted):
Bituminous coal
production (est.).
Anthracite coalProduction
(est.)
Shipments
CokeBeehive production (est.)
By-product,
production
(est.)
Crude petroleum:
Production (bbls.,
000 omitted)
Stocks at close of
month (000
omitted)
Producing oil wells
(number)
Oil refineries:i
Total production
(000 omitted)—
Crude oil run
(bbls.)
Gasoline (gals.)
Iron and steel (long l
tons, 000 omitted):2
j
2,072
Pig-iron production j 2,307
Steel-ingot produc- !
j
tion
i 2,711 i 2,439
Unfilled orders, U. !
i
5,097
S. Steel Corp
• 5,254
Structural steel (long
tons):
;
Fabricated struc- j
tural steel con!
tracted for, ton177,600
139,300
nage
87.3
108.6
98.9
Cotton (bales, 000 omitted):
Sight receipts
Port receipts
Overland movement
American spinners'
takings
,
Stocks at ports and
interior points
Stocks at mills
Stocks at warehouses
Visible supply
Consumption by
mills..
Spindles active
during month
(number, 000
omitted)
Wool:
Consumption by
mills (lbs., 000
omitted)
Percentage of idle;
machinery on 1st
of month to total
reported a—
Looms wider
than 50-inch
reed space
Looms 50-inch
reed space or
less
Sets of cards...
Combs
Spinning spindles, woolen.
Spinning spindles, worsted
Percentage of idle
hours on 1st of
month to total
reportedLooms wider
than 50-inch
space
Looms 50-inch
reed space or
less
Sets of cards
Combs
Spinning spindles, woolen..
Spinning spindles, worsted.
565 - 79. 4 74.2 | 103.4
478 ! 93.8 : 93.2 | 99.6
62
98
102
80.3 j 92.3 ! 132.8
212
259
21.1
99.8 107.2
1,759
1,458
2,037
1,554
2,775 j 7.1.3 80.0 • 1.12.4
1,316 | 97.1 jioo.2 ; 87.6
3,214 !
3,399 |
3,766
3,593
5,027 i 80.5
4,434 ! 81.8
88:1 j •125. 9
83.8 106. 7
518
409 • 92. 3
84.6
447
99. 4
|
31,389 j 31,875
32,597
94.0
97. 6
53,071
81.9 1.141.9 \ 96.1
i
51,888 |
70,424
i
:
j
I
j
2(5.2 152,7 ,107.4 ! 100.8
I
27.8
.16.4
23.7
28.7 1119.6 i 92.4
25. 3 i 92. 7 i 71.3
14.2 ! 204.8 .1.18.5
17.3
17.5
23.8 I 99.4
38.4
25. 3
12.9 .252.6 !l!7.1 j 84.9
36.0
1.6.4 !
29.7 "
36.9
46. 6
13.8
27.3
36 5
.11. 6
17 7
;-;(;. 8
25.0
5.4
.15.2
14.1 j
22.9 -.
37.9 j
29.2 |
13.5 :.
2 Figures for May, 1922, April, 1922, and May, 1921.
s Figures for May 1, 1922, April 1,1922, and May 1, 1921.
:
74.8
107. 9
142.9
«8. 0
136.8
725
RESERVE BULLETIN.
JUNE, 1922.
COMMODITY MOVEMENTS—Continued. ,
COMMODITY MOVEMENTS—Continued.
April, : March,
1922.
.1922.
April,
1921.
| .Per cent of aver:
ago, sfimo m o n t h ,
i
1919-1921.
March,
1922.
April,
1.922.
April,
1921.
! Apr.,; M<ir.,i Apr.,
1
J922. ' 1922. : 1921.
TUXTTLKS--(.'0111.(1.
'
|
I
Sales of raw hides and !
skins during m o n t h ••
(number, 000 omit- '•
I
ted):
Cattle hides
;
823 i
663 !
697
811 '
681
Calfskins
:
608
.166 :
130
K i p skins
'
137
1,014
Goat a n d kid
'
1,401 i 1, 230
25 '.
48 !
Cabrctva
i
69
1,71.4 !
Sheep a n d l a m b
1,607
1.276
Stocks of raw hides
and skins at close of
m o n t h (number, 000
omitted):
j
Cattle hides
j 5,553
5,662
7,408 j 88.9
Calfskins
'
3,131
2,965
3,454 J123.9
Kip skins
832 j
1,107 ;30o.7
916
7,740 79.8
Goal a n d kid
9,405
8,044
1,277 44.6
Cabretta
j
705
361
. Sheep and l a m b
i 1.1,836 j 11,941
12,992 114.5
Production of leather:
. =1,472,528 :1,422,727 |
Sole leather (sides)
Skivers ( d o z e n s ) . . . . .
.i 19,45.1.
J3,484 \
Oak and union har- <
78,100
69,222 i
ness (sides slutted ).
I Soots and shoes, oui- i
p u t (pairs, 000 omitted):
•
7,732
Men's
j 6,802 :
8/J22 ! 10,529 '•.
Women's
''
11,470 : 11,425 .
Other
MISCELLANEOUS MAX- '
UlfACTUKES.
;
Wood pulp (short tons):1
Production
i 297,467 , 3.14,591 268,805 ! 98.7
Consumption
i 236,837 : 219,204 , 199,715 il.06.2
Shipments
44,991 i 47,839
37,315 j 84.6
;
1
Stocks, end of :
!
month
• 212,896 " 196.257 . 274,292
Paper (short tons):
.
Newsprint—
|
111, 861 117,507 ' 115,408
Production
Shipments
i 1.15, 1.67 : 117,142 : 122,091
Stocks e:id of
24,874 ' 28,180 j 35,103
month
Book product i o n . . . ; 70,507 ; 77,889 • 5.1,380
P a p or board pro- j
ductiou
j 164,327
192,308 128,186
Wrapping
paper |
51,71.3
production . . . I . . I 61,562 ; 70,141
Fine paper produc29,346
15,631
tion
I 27,420
Building materials (000 ;
omitted):
i
:
Firo clay brick—
41,446
42, 626
26, 527
Production....
38,458
38, 691 . 25, 791
Shipments
:
Stocks close of I
month
| .150,292 119, 034 : 135, 011
19, i99
43, 098
New o r d e r s . . ..j 45,851
35, 516
[Infilled orders.; 39,402 , 31, 537
Silica brick-j
3,
9,830 '
Production
|
, 837
4,
Shipments
; 10,485 i
Stocks, close of
36,316 ; 36,944
moii l-h
•17,
Face brick—
133
P r o d u c t i o n . . . . : 46,767
28, 603
491
25, 282
Shipments
\ 47,326 ;
Stocks in. sheds i
and kilns
;I 144,223 156,906 , 122,011
Unfilled orders
at close of
month
i 69,638 : 59,852 : 35, 187
• Apr., I Mar., 1
, Apr..
. 1922. | 1922. i 1921.'
MISCE LLAXE O U S M AXT J.' A CT U R K S—CO 111 d .
Raw silk:
i
I m p o r t s (lbs., 000
j
2,508 ! 4,857 76.7 'llfi.2
ornitted)
• 2,574 '.
Co n su m p t ion
'
i
(bales)
24,247
26,6,=51 ! 28.900
Stocks at close of .
2 2 , 0 7 7 '•• 2 0 , 0 3 8 •
m o n t h (bales)
'• .19,268
HIDES A M ) l.TCATIIKR.
! Per cent of averago, same m o n t h ,
1919-1921.
; 94.4
Building materials (000
omii ted)—Contd.
Cement (bbls.):
Production.. . .
Shipments
Stocks at close
of m o n t h
Rubber
(lbs.,
000
omitted):
Imports of crude
rubber
Consumption
by
tire manufacturers
P n c u m a l i c tires (000
omitted):
Production
Shipm(Hits, domestic
Stocks
inner tubes:
!
Production
j
87. 2 ' 118. 6
Shipments, domes- j
|I4S.2 136.7
tic
j 104.7 140. 6
Stocks
!
65.7 Solid I ires:
: 72.6
I
80.8
25.9
Production
\
.117.6 .125.7
Shipments, domes- !
tic
i
!
Slocks
I
Automobiles:
I
Production, (iium- |
her)-Passenger cars.
Trucks.
Shipments—
'Railroad (carloads)
I) r i v e w a y s
(machines)...
Boat(jnachines)
Locoraoti\es ( n u m b e r ) :
Domestic s h i p p e d . .
;1O8. 7
89.2
.Foreign completed.
1112.3 ! 89.6
Vessels
built i n the
98. 1
71. S
United States a n d
officially
numbered
." 98.2 121.7 by the B u r e a u of
Navigation:
.Number
100.7 : 96.2
Gross tonnage
1102. 9 ". 99.5
!
144.7
I 93.2
I 93.9
!
i 80.1 i 83.5 : .113.0
I 98.7 105.5 ' 71.9
J
!
J105.7 119.3 :. 82.5
.105.4 126.5
!
I
i 88. 5
! 1.14.9 11.5.5
65.
i 95.1
! 90.1
81.2
60.8
79. 0 \ 60. 4
;J.07.9 J107.7
96.9
! 98.4 ! 65.3
4.1.9
i 34-5 " 39.0 | 31. .1
1.32.5 M35. 9
81,1
I
,....!
:1I4.8 139.9 ; 111.8
I
'
j
i 88.9 J 80.6 : 44.9 i
9,243
8,592
6,685 ;
7,002 |
8,651 ..
7,919 -
14,498
13,818 ' 12,600 •-
43,407
6-1,215 I 26,087
24,125
26,771 ! 17,191
2,401
2,646 : 1,651
2,087
5,464
2.074 !
5; 183
1,786
4,527
2,651 !
3,018 .
1,762
86.0 109.7 j
51.7
2,329 : 2,091. ! 1,984 !
7,230 : 6,991 ; 4,917 j
49 j
47
52
174
48
182
42 '
270
196,512 152,614 I
21,944 ! 19,349 '•
30,200 . 27,380 i 20,187 !
i
22,500 I 16,766 i 14,197
560
1,619
3,200 j
13
106
34,308
35 ,
4 !
138 : K).5 j 25.4 i 11J.3
44 i 13.6 I 5. 1 I 74.6
99 ! 68.4 I 42.1 | 63.9
626,203 120,762 ! 13.8 | 2.5 I 48.4
!
1
'IT. AX.SLV,)RT AT1OX.
Railroad loperating stalisties:
'Net Ion-miles, revenue and nohrevc n II e (000,000
omitted)
Nei tons per train..
Net tons per loaded
car
! ievenue-freight loaded
a n d received from
connections,classified
according to n a t u r e
of prod iict(short tons):
d r a i n a n d grain,
products
I-Lve stock
Coal
Coke
Forest products
Ore.
.Merchandise, 1. c. 1.
Miscellaneous
Total..
28,348 ; 26,831 j.
673 !
626 |.
28.2 I
27.2 j
136,975
185,33()| 144,807; 96.3
112,963
123,1081 119,704! 94.2
302,209
885,057! 578,460' 48.0
40,090!
34,007
23,051! 96.7
233,559 i 237,322 205,579 99.6
23,642
40,215 I
25,156 61.7
1,010, i 68 j 1,068,781 929.. 684146.8
1,161,095 11,159,8811,017,129, 96.8
101.9 ! 86.7
105.2 j
•3 1
1118.9
i 98.7
1132.0
i 101. 7
94.2
"'
43.1
148.2
89.5
101.8
99.8
91.8
64.4
87. 6
38.6
135.1
84.8
3,031,191 13,723,211 3,043,770 | 97.3 112.3
97.7
726
JUNK, 1922.
FEDERAL RESERVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
April,
1922.
March,
1922.
April,
192.1.
Per cent of average, same month,
Per cent of average, same month,
1919-1921.
April,
1922.
March,
1922.
1921.
•
•
:
1922.
TRANSPORTATION —
TR A.NSPORTATION —
Total-
—
continued.
752,517
118.2
610,173 94.9 115.6
117,657 114.1 128.2
482,310 101.5 111.6
385,520 ! 96.9 100.3
448,103 i 94.5 110.3
O/C7 Ann ;'• 94.3
nA o 103.9
247,490
102.0
95. 6
91.0
95.8
88.7
103.5
103. i)
3,031,191 3,723,21l|3,043,770 97.3 112.3
97.7
711,865
605,753
147,508
511,154
421,240
4.08,909
224,756
Freight-car s u r p l u s
(number):
371,538
Total
94,653
Box
Coal
235,077
Freight-car s h o r t a g e
(number):
842
Total.
369
Box
374
Coal
Bad-order cars, total...
938,796
793,295
164,527
588,655
461,098
513,496
o«o OAO
j 263,343
206,746 ; 492,352 1120.1 65.1
88,491 178,037 i 82.8 72.2
72,566 229,443 1169.8 49.8
159.2
155.8
165.8
1.1
423
276 : 3.2 1.4
.6
255
87 2.7 | 1.4
77 !
108 | 4.5 ; 1.1
1.3
320,083 : 309,971 j
j 165.2151.3
Vessels cleared in for|
eign trade (net tons):
American
2,388,705 2,180,868 2,535,956
Foreign
2,495,385 2,683,595 2,473,587
Panama Canal traffic
(tons, 000 omitted):
Total cargo traffic.. i J.046
American vessels...
499 ; i
297
British vessels
Commerce of canals at
Sault Ste.2 Marie (000
omitted):
i
Kastbound—
Grain
other
than wheat
26,735
(bushels)
Wheat (bu.)... 24,662 .
Flour (bbl.)..-.
1,155
Iron ore (short
tons)
1,380
Total
(short
tons)
! 2,946
WestboundHard
coal
(short tons)..
Soft coal(short
tons)
203
Total
(short
tons)
205
Total
freight
(short tons)...
371
960 I
459 !
2S7
5,752
9,709
52
908
370
310
12,432
12,609
890
81
2,652
497
34,078
109
2,303
142
2,747
639
6,155
215
Total
:
4,884;090 4,864,463(5,009,543
Percentage of A mcr-!
ican to total
. 4.8.9
44.8 i 50.6
i Figures for March, 1922, February, 1922, and March, 1921.
:
•
—
Apr., Mar., | Apr.,
Apr., | Mar., Apr.,
1922. I 1922. 1921.
continued.
Revenue freight loaded,
classified according to
g e o g r a p h i c a l diisions:
F. astern
Allegheny
Focahontas
Southern
Northwestern
Central western
Southwestern
1919-1921.
April,
2 Figures for May, 1922, April, 1922, and May, 1921.
1922. 1921.
727
, FEDERAL RESERVE BULLETIN.
JUNE, 1922.
BUILDING STATISTICS.
BUILDING PERMITS IN 166 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
District District District District District District District District District District District District
No. 4
No. 5
No. 3
No. 6
No. 7 ! No. 8
No. 1
No. 2
No. 9
No. 10 No. 11 No. 12
(12
(15
(14
(14
(14
(19 ; (4
(22
(20
(9
(9
(14
cities). cities). cities). cities). cities). cities). cities), cities). cities). cities). cities). cities).
1921.
April..
2,547
8,304
3,426
6,716
4,445
3,030
878
1,024
2,367
3, Oil
4,176
4,210
13, 284
9,056
1,623
2,081
3,557
4,386
1,724
2,619
4,986
6,149
2,188
2,305
4,101
4,397
2,155
2,566
3,211
3,215
7,166 :
(166
cities).
3,962
2,862
2,559
2,588
9,412
55,017
1,141
1,434
2,218
2,650
523
517
1,493
3,342
1,336
1,758
2, 711
3,103
1,653
2,114
2,623
2,586
8,298
7,600
11,196
10,966
28,884
33,043
60,45S
64,407
1922.
January..
February.
March
April
3,498
4, 815
8,806
11,546
VALUE OF PERMITS ISSUED.
District No. District No.
1 (14 cities). 2 (22 cities).
April..
January.. „
February „
March
April
1921.
4,451,365
37,953,360
7,380,701
9,280, 827
10,995, 500
13,812,829
50,145,296
50,372, 553
119,964,783
54,704,292
District No. ! District No. ! District No. District No. ! District No.
3 (14 cities), i 4 (12 cities). \ 5 (15 cities). 6 (14 cities). : 7 (19 cities).
6,489,214 :
15,972,461 j
14,838,770 .
4,194,494
28,034,632
5, 713, 209
7, 829, 585
13,814,868
15,693,183
8,352,615 j
7, 513, 542
11,329, 049
11/971,471
3, 734,262
4,630, 052
6,021,211
4,951,558
18,905, 561
20,419,417
33,747,135
35,089,503
1922.
!
!
|
j
6, 878, 523 !
8,275,338
14,116,292
17,020,500
District No. i District No. District No. : District No. District No.
8 (4 cities). 9 (9 cities). 10 (14 cities)., 11 (9 cities). 12 (20 cities).
Total (166
cities).
1921.
April.
2,403,559 •
5,591,111
5,167,969
5,633,6 49
19,907,621
122,603,571
2,579,894
4,150,487
5,012,607
0,0:6,684
2,110,424
1,569,774 .
4,526,209 j
8,196,110 i
5,023,603
4,336,011
7,165,925
8,384,552
4,960,078 j
4,4.1.9,789 :
5,630,336
6,228,385 i
22,872,876 •
18,917,868 !
27,432,286 j
30,195,052
138,631,902
141,715,243
259,754,421
212,324,119
1922.
January...
February..
March
April
;
i
i
!
VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE D I S T R I C T S .
[F. W. Dodge Co.]
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS.
District
No. 5.1
District
No. 7.
1.5,050,700 :
34,790,291
16,097,399
53,705,476
9,080,672
12,128,900 ;
11, 828,700 j
24,558,100 !
24,795, 800
21, 066,282
20, 602, 823
29, 661, 058
38,089,754
14,002,399 :
16,518,079 '
24,116,0.11
25,618,120
29,182,324
32,344, 424
58,081,526
64,236,566
3,613,148
5,192, 824
11,933,270
9,878,501
District
No. 3.
52,143,027
15,302, 453
54,962, 847
14,799,476
60,152, 424
26,212,330
90, 088, 870
,
,
,
,
42,196,915 j 117,814,585
!
i
i
District
No. 9.2
i
1921.
April
District
No. 4.
District
No. 2.
District
No. 1.
16,711,473 i
1922.
January...
February.
March
April
VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS.
1921.
April
6,528,929
28,558,371
4,767,597
4,179,944
11,897,086
13,524,827
35,652,203
38,657,156
51,116,514
53,677,473
1922.
January...
February.
March
April
6,297,900
9,090,372
8,092,766
12,989,833
2,026,223
6,280,200 i 6,279,459
5,647,700 i 5/545,073
9,552,500 : 10,641,177
10,408,700; 16,127,627
6,597,861
7,299,608
9,796,405
10,297,280
10,601,761
~ "^615
17,225,204
17,661,586
1,049,594
962,757
2,348,511
4,175,963
i North and South Carolina not included prior to May, 1921.
2 Montana not included.
728
FEDERAL RESERVE BULLETIN.
.JUNE,
1922.
situation would seem to preclude the possibility of widespread improvement in rates until
The accompanying table shows the monthly trade throughout the world assumes more
fluctuations in ocean freight rates prevailing normal proportions.
between United States Atlantic ports and the
principal European trade regions. The figures
are derived from the actual rates quoted on REPORT OF KNIT-GOODS MANUFACTURthe following commodities: Grain, provisions,
ERS OF AMERICA.
cotton, cottonseed oil, and sack flour. For
the methods used in constructing the index
The total production of winter and summer
see the August, 1921, BULLETIN, pages 931-934. underwear for the six months ended April 30
was as follows :
INDEX OF OCEAN FREIGHT RATES.
RELATIVE OCEAN FREIGHT KATES IN UNITED STATES AND
EUKOPE TRADE.
[January, 1920, rates=100.]
Number
of mills
reporting.
Actual
production
(dozens).
56
f>7
49
675,205
692,452
518,376
87. 3
Hi). 5
77. 0
53
54
53
38
31
640,489
663,346
756,249
52.1,885
275,761
2:6,124
79.1
84. I
92. 9
82.7
'. 5. 4
92.6
United States Atlantic ports t o Month.
1921.
January.
February
March
April.
Mav
June .
July
August
September
October
November....
December
1922.
January.
February
March .
April
May ...
United French NetherScandiKing- > Atlantic. lands
and
dom.
Belgium.
Medi-
nean.
All
Europe.
42.9
41.8
37.0
33.5
32.4
30.2
27.7
24.6
32.6
35.0
34.7
33.2
33.4
32.7
28.5
25.0
22.7
34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
35.8
30.7
25.2
22.9
42.9
30.9
30.8
29.4
31.3
31.3
29.0
28.4
28.2
26.7
24.0
23.3
43.2
43.8
42.2
35.7
34.6
34.0
34.7
34.3
33.6
33.3
32.9
32.3
43.3
38.5
35.9
39.0
40.1
37.6
36.8
36.7
30.0
32.3
28.8
27.2
31.7
34.7
33.1
27.3
27.9
22.7
25.7
26.5
24.8
25.5
23.3
25.2
24.9
22.7
22.8
23.4
23.3
23.4
24.0
23.4
32.2
31.8
30.1
27.1
27.4
27.1
29.1
28.3
25.4
25.8
60.7
54.7
49.3
50.1
50.6
42.7
October
November
December
1921.
1922.
January
February
March
April
Winter underwear (April
Summer underwear (April)
i— -
Order and production report for month ended
April 30, 1922, follows. The number of mills
producing was 39.
Dozens.
Unfilled orders first of month
New orders received during month
| 1,170,869
;
274,612
Per cent
, of normal
i production.
!
Total (A)
; 1,4-J5,481 ;.
During May ocean freight rates held firm, and
357.605 "
59.5
even increased slightly above the low level Shipments during month
2.5
15^239 i
recorded in April. As the accompanying table Cancellations during month.
372.844 .
Total
(B).
indicates, there were small increases in most
orders on h a n d May 1 (A m i n u s 13)... j 1,072,637 .
of the European trades, but the average level Balance
Production
493,715 i
82. L
of rates as reflected in the all-Europe index
number was not much higher than in April.
Thirty-five representative mills which reThe charter market was quiet throughout May,
and fundamental conditions remained about ported for March and April, 1922, furnish
the same as a month ago. The grain market the data for the following table:
was more active than the other departments of
[In dozens.]
trade, and at times owners were able to fix
their steamers at higher rates than prevailed
March
April \
.
••
(35 mills). (35 mills).
••
'
the previous month. In general, however, the
present level of rates remains unremuneratiye
161,722
ior most voyages, the number of vessels avail- Unfilled orders first of m o n t h . 1,301,203 . J, 142,481 i
orders
373.047 '•. 270,153
102,894
able'f or charter being most of the time in excess New
Shipments
! 497J826 ! 350,990
146,836
8,685
15,029
6,314
of the demand. Taking into consideration also Cancellations
Production
602 116 j 483,963
118,153
the large number of vessels still tied up, the
!
1
r
UairL
T
Lobfa
729
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
RETAIL TRADE.
The following tables are a summary of the
data, obtained from 461 representative department stores in the 12 Federal reserve districts.
In districts Nos. 1 , 2 , 5 , 6 , 7 , 9 , 1 1 , and 12 the
data were received in (and averages computed
from) actual dollar amounts. In districts Nos.
3, 4, 8, and 10 most of the material was received
in the form of percentages, and the averages
for the cities and districts computed from such
percentages were weighted according to volume
of business done during the calendar year 1920.
The changes in retail trade for tlie United
States as a whole are obtained by combining the
district percentages, after multiplying them by
a system of weights based partly on population
and partly on banking resources. The tables
for the month of April are based on reports
from 26 stores in district No. 1 (Boston), 64
stores in district No. 2 (New York), 95 stores
in district No. 3 (Philadelphia), 33 stores in
district No. 4 (Cleveland), 25 stores in district
No. 5 (Richmond), 34 stores in district No. 6
(Atlanta), 74 stores in district No. 7 (Chicago),
21 stores in district No. 8 (St. Louis), 16 stores
in district No. 9 (Minneapolis), 19 stores in
district No. 10 (Kansas City), 22 stores in district No. 11 (Dallas), and 32 stores in district
No. 12 (San Francisco). Figures for Harrisburg in district No. 3 (Philadelphia) and for
Des Moines in district No. 7 (Chicago) are
shown separately for the first time this month.
A comparison of monthly changes in activity
of different types of retail business since January, 1919, is shown in the second of the following tables. The 159 department stores are
located in districts Nos. 1, 2, 5, 6, 9, 11, and 12,
while the mail-order houses do business in all
parts of the United States. Chain-store figures
are based upon the total sales of the same
reporting chains for each month, but the actual
number of stores in these chains varies slightly.
It is worthy of note that department store
business and trade of five and ten cent stores
increased during April, while mail-order business decreased. There was little change in the
value of business handled by grocery stores,
cigar stores, and drug stores.
CONDITION OF RETAIL TRADE.
[Minus sign (— ) denotes decrease.]
Percentage of increase in net sales as
compared with corresponding
period previous year.
• District and city.
Jan. 1, 1922 to
close of—
March,
1922.
April,
1922.
—
District No. 1:
Boston
Outside
District...
•
Percentage of
Percentage of avoutstanding orerage stocks at
ders
at close of
Percentage of increase in stocks at
close of each
close of month compared with—
month to average month to total
purchases
during
monthly sales
previous calensame period.
dar year.
Same month
previous year.
Previous month.
Jan. 1,1922 to
close of—
March,
1922.
April,
1922.
March,
1922.
April,
1922.
March,
1922.
April,
1922.
March,
1922.
April,
1922.
March,
1922.
April,
1922.
317.8
477.7
354.3
302.5
460.8
5.9
6.2
5.9
4.9
338.1
6.0
5.8
357.1
454.0
351.6
368.3
406.9
443.3
594.7
5.1
5.1
3.8
7.1
0.2
367.0
483. 3
358.9
378.4
420.4
449.2
624.6
4.4
6.7
5.1
4.2
3.1
7.0
4.2
4.2
5.7
-
-8.3
-10. 4
8.7
-8.3
-6.6
-8.6
-2.5
-8.3
4.7
1.9
3.0
0.6
7.1
6.5
1.9
0.1
-8. 8
4.5
-7.0
-3.9
3.8
2.3
6.9
1.4
District No. 2:
New York and Brooklyn
Buffalo
"...
Newark
Rochester
Syracuse
Bridgeport
Outside
District
-7.3
-14.1
3.8
— 15.8
-11.3
—22.5
-4.3
-8.0
4.4
-9.8
-3.7
-1.9
-7.1
-0.1
-2.0
-6.1
-15.7
-0.6
-10.1
-9.8
-16.1
-2.1
-3.4
-14.0
-1.5
-7.9
-9.1
-12.2
-2.0
7.3
-9.7
5.2
-14.5
-9.5
5.7
17.0
2.3
-6.9
-4.4
5.6
3.5
11.1
0.6
371.5
360.0
5.7
5.2
District No. 3:
Philadelphia
Trenton
Wilmington
Chester
Harrisburg
Outside
-10.3,
-12.0
-27. 7
-48.8
-21.1
5.1
6.2
20.2
9.3
44
-9.8
-9. 3
-20.9
-42.4
-5.8
-5.3
-12.0
0.1
3.6
-11.6
-3.9
8.9
7.4
11.1
7.3
1.7
321.6
558.7
775.9
1,837.5
330.5
495.6
730.4
1,491.6
7.5
2.6
4.8
2.8
6.7
-1.3
-0.7
1.3
-15.6
-11.1
0.9
4.7
-16.5
-5.1
8 1
5.3
2.2
District
-13.8
5.0
-11.8
-7.1
0.8
-1.0
9.1
District No. 4:
Cleveland
Pittsburgh .
Cincinnati
Toledo
Outside . .
15 0
24.2
13 G
-12.0
-13.3
2.5
-3.3
—3. 5
4.8
1.6
-15.8
-25.6
-10.6
-12.1
-15.0
-10.3
-19.6
-8.7
-8.1
-11.8
8.6
-4.9
11.2
-2.8
10.4
9.0
-4.4
12.0
-0.4
2.4
District
-17.8
-0.7
-18.3
-13.9
3.0
2.5
V
4.4
0.1
1.5
-7.3
-14.0
— 1.4
6.4
11.6
8.7
9.5
16.1
10.7
9.4
7.0
0.9
=ii
=J:i
0.9
n
o.Y
7
3.7
- 2 . 8 ""oQ0.6
518.2
4.9
5.0
1.2
404.1
396. 3
6.8
6.2
10.7
9.6
10.1
4.5
12.3
0.5
2.1
1.3
0.6
1.3
403.6
432.4
534.4
398.3
498. 8
378.3
397. 8
540.5
484.1
494.5
7.5
6.2
11.6
4.9
10.2
5.8
5.0
8.3
4.2
11.0
9.7
1.3
441.4
426.9
7.4
5.8
—•
730
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
CONDITION OF RETAIL TRADE—Continued.
[Minus sign (—) denotes decrease.]
Percentage of increase in net sales
as compared with corresponding
period previous year.
Percentage of
Percentage of av- outstanding
orerage stocks at
ders at close of
close of each
Percentage of increase in stocks at
month
to
total
close of month compared with— month to average purchases during
monthly sales
previous calensame period.
dar year.
District and citv.
Jan. 1, 1922, to
close of—
March,
L922.
District No. 5:
Baltimore
Richmond
Washington
Outside'.
District Xo. 6:
Atlanta
Birmingham
Nashville
New Orleans
Outside
District
District No. 7:
Chicago
Detroit
iMilwaukoG
. Indianapolis
J)es Monies
Outside
District
March,
1922.
April,
1922.
Previous month.
.Tan. 1,1922, to
close of—
March,
1922.
April,
1922.
March,
1922.
April,
1922.
March,
1922.
April,
1922.
March,
1922.
April,
1922.
7.6
6.4
9.2
0.7
1.8
8.8
2.9
9.6
4.7
8.7
7.3
-2.1
-0.1
-0.8
-0.1
433.5
431. 3
438.9
616.0
405.0
412.6
427.5
556.0
5.9
6.5
3.2
3.8
4.8
2.9
4.0
8.9
3.6
8.6
-1.2
456.0
433.1
4.8
4.2
13.2
-6.8
16.2
-2.1
-4.3
0.1
3.9
3.8
2.3
5.8
5.3
1.7
— 1.0
—0.9
-3.9
604. 5
599.6
523.8.
500.4
566.5
653.0
4.1
5.4
5. 1
656. 5
657.9
550.9
515.3
687.9
695. 4
— 1.7
-4.2
-8.0
-18.1
-12.7
-13.2
-21.5
-12.6
—9.7
— 10.8
-18.6
-18.8
-1.3
-16.5
-12.6
-22. 4
-33.2
-17.4
-24.7
—27.5
-21.1
—0.9
-9.9
-8.6
-7.7
-0.6
-21.6
-34.2
-]2.2
-17.6
29.3
—16. 5
— 16.3
-28.2
-11.1
-12.3
—23. 7
-12.1
3.9
3.8
5.6
4.1
4.0
5.8
2.4
-24.4
-1.6
-20.2
-15.6
2.8
0.6
3.9
0.0
581.7
549.1
5.2
4.3
-10.7
—9.9
-20.7
-9.9
2.3
10.0
-5.2
-7.4
-8.0
-15.9
-8.3
9.1
-4.8
-4.5
12.4
-0.5
-0.1
6.5
653.1
343.6
342.0
632.8
337.1
319.4
608.9
4.6
8.4
-0.1
-0.6
-1.5
319. 5
376.3
664.6
340.1
0.5
9.6
-3.2
-7.2
10.8
10.0
-2.7
15.7
7.7
19.5
-7.8
-2.8
-13.0
—5.8
-13.8
-16.6
4.8
5.3
5.2
-12.2
-9.3
-0.7
1.2
7.3
-0.6
476. 4
444.5
6.6
6.5
12.9
— 11.2
— 13.1
-19.6
-14.5
-0.9
-3.6
-0.5
-8.0
10.2
0.6
5.4
-10.7
9.5
1.3
20.9
-1.5
10.8
-2.5
356.9
602.4
574.2
470.4
597.0
5.7
2.7
7.0
5.4
4.1
5.4
2.6
6.5
4.1
3.8
-20.5
— 11.5
-]6.0
-25. 7
District
April,
1922.
Same month
previous year.
2.9
3.6
1.2
-24.4
-7.7
-7.9
-15.7
-0.7
11.3
2.4
4.5
—7.3
4.1
1.6
— 11.4
-1.7
0.7
5.8
6.3
4.5
- 3.5
6.5
51
8.8
4.6
6.5
4.9
•
District No. 8:
St. Louis
Louisville
Memphis
Little Rock
Outside
-18.3
— 15.2
-21.0
-33.6
-21.4
-8.4
-15.6
-11.1
-16.8
-26.3
-15.2
-19.8
-3.7
-16.1
-13.3
2.0
District No. 9...
-16.9
-6.8
-13.7
-14.4
District No. 10:
Kansas City
Denver
Outside
-16.2
-9.5
-12.7
-10.0
-6.5
-0.8
-15.7
-9.9
-12.8
— 14.4
-9.8
-9.0
12.2
11.2
-12.9
-5.3
-12.9
-10.9
— 12.5
-22.2
-16.4
-28.1
-13. 7
— 12.9
-13.5
-16.9
-25.5
-12.7
-22.7
District
-19.5
— 11.1
-19.3
District No. 12:
Los \ugelos
San Francisco
Oakland
Seattle
Spokane
Salt Lake City
0.9
-3.9
— 16.6
—4.7
— 15.4
-20. 7
-2.7 ! -6.2
—11 5 1 —18.0
-2.2 • -9.5
-3.6 ! -15.7
- 9 . 0 ! -20.9
District
District
....
District No. 11:
Dallas
Fort Worth
Houston
Outside
.-
-4.2
—5.9
-2.2
2.7
0.4
5.8
7.5
8.9
-2.7
361. 7
593.6
591.6
524. 3
676.8
-0.4
9.4
-0.9
446.7
437.1
5.5
5.1
5.7
— 1.1
8.1
-3.4
622. 0
567.0
5.0
5.9
7.8
5.3
6.0
7.2
9.4
-0.1
4.0
1.8
0.7
533. 2
682.5
636.9
563.6
646.0
610.8
7.7
9.2
6.8
2.2
7.6
6.7
10.2
5.6
7.3
0.3
611. 7
605.3
7.9
5.3
-16.0
—22.0
—9.5
-20.2
-3.9
—4.0
-1.8
—2.4
-1.3
-6.4
7.4
6.4
3.9
0.2
0.7
0.2
1.4
14.7
-0.8
—5.3
455.3
589.3
492.9
483. 8
470. 8
553.2
483.6
468.6
5.9
4.6
6.6
3.4
5.3
3.2
7.5
3.6
-17.2
-1.7
-3.1
8.5
-1.5
487.9
484.0 i
5.1
5.0
(\. 4
-5.3
— 16.3
-7.5
— 13.0
-17.4
22.7
10.4
15.3
-6.9
16.3
10.5
10.1
-10.2
6.7
5.7
2.6
0.2
3.7
2.6
4.2
2.8
2.4
17.5
18.3
11.7
1.0
1.9
465.8
489.3
648.6
461.9
751.0
575.4
461.2 i
493.2
623.9
454.2
721.1 i
566.6
7.7
10.8
0.2
2.6
-3.1
-0.8
6.1 i
10.1
6.3
District
-6.2
-1.3
-7.4
-5.6
-2.4
-4.3
7.1
1.9
499.0
491.9
9.5
-14.5
-0.6
-12.8
-9.7
3.2
0.9
8.4
0.1
461.8
446.9
6.3
i
!
6.3
United States
8.2
7.9
i
6.3
4.8
5.0
7
-
2
5.6
731
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
AVERAGE MONTHLY VALUE OF RETAIL TRADE.
[Average month, 1919=100.]
Chain stores.
Depart- Mail*
order
ment
Five
stores houses Grocery
Cigar
and ten
(4
(159
(3
(16
(4
stores). houses). chains).
chains).
chains).
chains).
Chain stores.
Depart- Mailorder
ment
Five
stores houses Grocery
Cigar
and ten
(4
(159
(3
(16
(4
stores.) houses). chains).
chains).
chains).
chains).
1919.
January
February
March.."
April.
May
June
July
August
September
October
November
December
1920.
Tanuarv
February
March
April
Mav
J une
July
August
September
76.3
76 1
96.8
124 7
122.2
181.6
86 1
73.1
82.6
91.5
81.3
74.5
76.1
82.1
102.1
155 9
148.2
146.4
89 4
86.0
95.7
92.9
94.3
90.3
101.2
98.6
100.2
119 8
111.5
120.2
70 2
72.3
90.8
93.9
96.4
86,3
87.9
94.6
92.5
107 9
112.1
195.1
92.7
83.7
96.6
95.3
94.4
93.1
100.8
101.5
98.5
104 6
103.8
135.0
107 5
85.'9
120.6
117.4
124.7
119.8
90 9
88 1
106.3
120 2
122.2
130.7
107.5
90.4
87.3
80.7
80 2
90.5
127 4
128.1
147.9
153.8
152.4
149.8
159.3
143.3
142.6
85 6
82.6
111.1
110.6
112.9
108.9
112.0
111.1
111.7
114 9
107.5
117.2
110.0
115. 8
117.0
123.8
119.8
119.4
1920.
74.8 October
77.0 November
93.7 December
91.7
102.1
1921.
92.2 January
98.2 February
99.9 March
96.2 i April
110 2 May
114.9 ! 1 June
149.0 July
August
September
106 8 1 October
106.1 November
120.3 December
123.2
135.6
1922.
129.6 ! January
137.3 ! February
129.2 March
136.6 April
131.8
136.6
183.3
103.7
125.5
97.9
142.6
140.0
137.8
129.9
125.7
214.6
123.4
114.2
149.5
151.0
133.9
180.5
103.7
88.4
116.9
112.5
112 5
110.9
79.2
82.0
94.5
130 4
125.0
182.4
69.1
64.8
95.1
77.5
60.2
62.1
49.3
56.4
72.7
88.6
83.3
80.3
124.6
118.4
128.7
121.7
118 8
116.0
115.1
121.4
118.3
135 2
133.5
144.5
86.1
92.9
121.1
111.9
112 2
109.7
108.0
116.0
113.4
141 9
134.1
241.6
117.3
110.7
123.6
121.8
119 2
120.6
122.1
119.8
119.4
124 2
115.2
146.1
119.9
116.5
131.8
134.7
129 5
127.8
128.5
127.6
128.0
138 0
124.8
172. 7
93.9
81.8
105.1
113.6
65.3
59.4
83.5
77.0
135. 8
127.6
149 0
U42.4
94.6
100.8
118.4
134.9
117.0
114.5
123 2
120.3
111.0
109.3
124 3
124.5
i Partly estimated.
WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN APRIL, 1922, AS COMPARED WITH THE PRECEDING MONTH
(MARCH, 1922).
Furniture. |
I Groceries,
Drugs.
i
District.
Auto supplies.
stationer}.
Num- p
NumNumPer ber
of Per ber of V £ her ofi
firms. cent. firms. c e n t ' firms.
: Per
I cent.
1"
No 2
No. 3
No 4
No. 5
No 6
No. 7
No. 9
No. 10
No 11
No. 12
Farm imploments>
—16.6
-14.2
-1.2.7
-10.0
-13.8
-13.2
-12.1
—10.2
-9.3
-11.7
-13.9
9+16.3
Num-; Per Number of
firms.
I"
6.
3i+49.6i
15+12.8
-15.3
-19.5
Auto tires.
-0.9
...1+71.5
261 + 19.6
41
3! +4.5
15
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN APRIL, 1922, AS COMPARED WITH APRIL, 1921.
-6.8
-8.8
-13.0
-9.2
-6.0
+ 1.0
-15.4
-2.8
-4.4
14 +1.1
No. 2.
No. 3 .
No. 4.
No. 5.
No. 6.
No. 7.
No. 9.
No. 10
No. 11
No. 12
107927—22-
11
26
12
18
20
20
16
8
12
21
17.21
-9.2
-5.4
-13.3
-18.5
9
18 +43.4
" -6.9
+0.1
+21.6
16 - 3 . 1
+4.9
I -4.0
-6.7
10 +8.7
-5.7
4
15 +3.6
-5.0
61-10.0
4-15.3
16 -4.2
3 +79.9
..i-17.1
.. +89.5
-9.6
20 -8.3
26 +5.0
23—11.6
15
732
FEDERAL RESERVE BULLETIN.
SAVINGS DEPOSITS.
Comparison of savings deposits on May 1,
1922, with deposits on April 1, 1922, and
May 1, 1921, are shown for 851 banks distributed throughout all sections of the United
States. The figures for districts No. 1 and No.
2 are those of large mutual savings banks, but
in all other districts reports of other banks are
included to make the figures thoroughly representative. In all districts where reporting
commercial banks subdivide their time deposits, statistics of savings deposits subject to
notice (excluding time certificates of deposit)
are used. This is in accordance with the definition given in the board's Regulation D, series
of 1920.
During April the volume of savings deposits
increased in all Federal reserve districts except
No. 2 (New York), No. 7 (Chicago) and No. 12
(San Francisco). Savings increased during
JUNE, 1922.
the year ending May 1 in 10 Federal reserve
districts, declines being registered in districts
No. 4 (Cleveland) and No. 7 (Chicago). The
most important increase was one of 8.8 per
cent in district No. 11 (Dallas), while the most
pronounced decline occurred in district No. 4
(Cleveland) and amounted to 3.5 per cent.
Num-
ber of
banks.
District.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1
2
3
4
5
6
7
8
9
No. io.::
No. 11
No. 12
Total...
M a y 1,1922.
A p r . 1, 1922.
M a y 1, 1921.
04
30
79
18
93
80
1.90
35
14
56
117
/o
$1,092,416,000
1,700,636,000
420,092,000
370,715,000
202,909,000
154,072,000
735,153,000
111,990,000
72,208,000
75,350,000
05,994,000
742,928,000
SI, 085,788,000
1,704,841,000
420,335,000
374,372,000
259,570,000
L52,835,000
737,074,000
111,075,000
72,009.000
73,350,000
05,009,000
744,599,000
$1,068,590,000
1,638,088,000
416,359,000
390,251,000
243,950,000
151,474,000
750,947,000
104,219,000
70,850,000
70,172,000
00,654,000
712,190,000
851
5,817,129,000
5,808,123,000
5,077,756,000
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
Following is a set of tables showing the volume of bills discounted and of acceptances and
Government securities purchased by the Federal reserve banks during April, 1922:
VOLUME OF OPERATIONS DURING APRIL, 1922.
Federal reserve bank.
Bills discounted for
member
banks.
Bills bought
in open
market.
United States securities purchased .
Bonds and
notes.
Certificates of
indebtedness.
$133,787,014
453,641,385
180,663,492
106,732,604
88,169,894
40,327,968
107,929,973
56,597,306
14,729,211
22,257,128
19,129,733
84,089,770
§15,627,811
41,388,360
7,738,583
i,691,896
448,908
1,905,331
18,045,127
150,743
39,000
50,000
5,639,092
20,750,800
69,500
Total: April, 1922....... 1,308,055,478
April, 1921
4,912,651,847
4 months ending
Apr. 30,1922.... 7,486,890,333
4 months ending
Apr. 30, 1921... 28,659,931,635
95,724,851
123,510,771
106,594,450
520,000
156,243,000
47,965,500
483,007,489
495,701,050
994,517,500
564,089,718
531,800
790,424,057
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
$10,000
46,364,200
7,163,000
5,511,000
285,050
18,739,600
3,781,500
3,980,150
9,150
Total.
Municipal
warrants
purchased.
117,744,500
96,656,000
2,147,000
9,544,500
22,125,500 i
1,131,500 i
1,768,500 j
5,056,000 :
April, 1922.
April, 1921.
$167,169,325
641,049,945
197,712,075
123,480,000
88,618,802
42,518,349
166,840,200
61,661,049
20,477,861
27,361,278
19,179,733
110,549,162
§384,035,806
2,568,237,429
379,880,041
261,153,899
295,358,122
152,514,349
387,788,875
137,867,553
65,359,493
91,177,721
64,554,999
296,719,831
1,666,617,779
$111,029
5,084,648,118
9,460,227,401
30,014,977,210
733
FEDERAL RESERVE BULLETIN.
JUNE, .1922.
VOLUME OF BILLS DISCOUNTED DURING APRIL, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Federal reserve bank.
Member banks' collateral
notes.
Customers'
paper
secured byGovernment Secured by Otherwise
obligations. Government
secured.
obligations.
$450,035
2,668,844
2,600,267
451,936
485,057
403,472
828,103
685,430
108,467
274,276
7,582
260,991
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City..
Dallas.
San Francisco..
Total: April, 1922
March, 1922
April, 1921
March, 1921
: 9,224,460
1 12,148,775
! 144,923,290
120,450,762
$35,239,700
400,240,048
139,301,861
59,431,647 i $215,300
68,271,382 \ 063,700
17,864,650 j 218,000
65,256,831 !
255,273
31,573,130 !I
5,574,965 1,414,500
10,278,335
310,000
5,959,731
470,000
35,582,396 20,524,709
! 874,574,676
j 1,020,251,778
I 3,121,034,325
| 3,429,409,782
:
! 24,071,482
j 29,931,867
I 23,440,690
j 29,770,819
Foreign.
I Domestic.
$77,623
467,507
§14,687
52,136
j 1,192,862
420,603
531,393
112,966
299,867
31,959 i
8,777 :
262,353 |
Total: April, 1922...
March, 1922..
April, 1921...
March, 1921..
$97,819,179
49,581,672
38,333,072
44,715,473
14,113,308
16,742,479
32,365,112
18,567,376
2,953,340
6,338,250
5,703,949
23,628,289
14,687
$199,
657,
376,
296,
.4,205,
3,788,
9,111,
5,080,
2,994,
1,623,
4,645,
2,291,
Livestock
paper.
Total, all
classes.
$133 ,787,014
453, 641,385
lso; 663,492
106. 732,604
88, 169,894
40, 327,968
107, 929,973
56, 597,306
14, 729,211
' 22, 257,128
19, 129,733
84, 089,770
Dollar
Domestic. exchange.
Foreign.
$1,005
11,094
228,883 i
10,508
77§,249 ;
S612
$199,500
301,892
1,651,476
3,433,173
2,334,206
1,539,567
89,185 |
612 i
288,685 !
124,220 |
7,404,447
11,512,349
Total reduced to a common maturity basis.i
3,458,046 ' 1,308,055,478
4,348,249 \ 1,753,096,620
10,863,972
11,867,781
Agricultural
paper.
350,861,499 35,270,278 10,291,053
640,977,527 35,715,167 ! 9,599,037
1,532,536,979 50,764,789 21,683,355
3,683,583,186 55,415,411 26,257,964
Trade acceptances.
Federal reserve bank.
Boston
New York..
Philadelphia.
Cleveland
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco -
Bankers' acceptances.
Commercial
paper,
n. e. s.
Member banks.
I
| Per cent |JinNumber
district
I of total. j Apr.
30.
Amount.
H-
$70,453,932
151,799,314
107,538,703
129,151,355
110,315,630
109,312,532
210,402,411
99,870,513 I
62,447,541
69,183,952
77,733,305
109,846,290 j
1,308,055,478
Accommodated.
J
5.4
11.6
8.2
9.9
8.4
8.4
16.1
7.6
4.8
5.3
5.9
8.4
100.0
4,912,651,847
7,368,268,054
57.1
54.9
i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (15.86) for system.
VOLUME OF BILLS DISCOUNTED DURING APRIL, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND
MATURITIES.
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland......
Richmond
Atlanta
Chicago
,
St. Louis.'...'J..
Minneapolis. *-.
Kansas City...
Dallas
San Francisco..
Total: April. 1922
March, 1922
4$ percent.
$133,787,014
453,641,385
180,663,492
106,732,604
48,636,953
40,327,968
107,929,973
50,965,186
84,089,770
, 1,206,774,345
1,372,259,198
5 per cent.
I
j $39,532,941 j
!
i !!!!!!!!!!!!!!
I
5,632,120 |
14,729,211
22,257,128 •
19,129,733 j
101,281,133
380,837,422
$133,787,014
453,641,385
180,663,492
106,732,604
88,169,894
40,327,968
107,929,973
56,597,306
14,729,211
22,257,128
19,129,733
84,089,770
1,308,055,478
1,753,096,620
Per cent.
4.50;
4.50 !
4.50 i
4.50 I
4.72 I
4.50
4.50
4.55
5.00
5.00
5.00
4.50
;
j
:
:
4.60 i
4.70 I
Days.
8.36
5.31,
9.44
19.20
19.85
43.00
30.93
27.99
67.26
49.31
" 64.46
20.73
15.86
15.39
734
FEDERAL RESERVE BULLETIN.
JUNE,
1922.
VOLUME OP BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING APRIL, 1922, BY CLASSES.
Bankers 7 acceptances.
Total bills
purchased.
Federal reserve bank.
Foreign.
Domestic.
$12,252,849 $3,231,772
35,018,089 6,725,045
I 5,181,465 2,101, 519
457,135
1,159,761
341, 850
107,058
332, 870
I 1,572,461
8,862,780
j 9,051,847
40,000
:
110,743
!
39,000
'
:.
50,000
'
1,693,844
' 3,893,278
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total reduced to a
common maturity basis.i
Trade acceptances.
Dollar
exchange.
Total,
j Foreign. Domestic.
S143,190 $15,627,811
2,467,953 44,211,087
• 455,599
7,738,583
75,000
1,691,896
448,908
1,905,331
18,045,127
130,500
150,743
$177,273
§177,273
Total: April, 1922....; 68,347,551
March, 1922...: 99,634,330
23,875,815
36,070,874
3,297, 242
8,229,500
April, 1921.... l 75,605,125
March, 1921... i 100,587,340
28, 290,089
31,372,941
17,516,381
16,738,187
50,000
5,612,122
26,970
95,520,608 j
143,934,704 !
204,243
416,940
!
2,099,176
556,855
121,411,595
$15,627,^11 $7,522,372
44.388,360 25,774,754
7', 738,583 12,881,606
1,691,896 1,066,887
850,159
448,908
1,905,331 2,485,578
18,045,127
150,743
305,397
Per cent
of total.
7.86
26.93
13.46
1.11
.89
2.60
42.45
.32
33,878
42,603
4,122,757
.03
.04
4.31
204,243 i 95,724,851 95,724,851
416,940 :144,351,644
100.00
39,000
50,000
26,970 ; 5,639,092
39,000
25,000 !
Amount.
Total.
2,099,176 ! 123,510,771 ,
556,855 i 149,255,323
i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (85.28) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING APRIL, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
3£- per cent. 3-J per cent. 3 | per cent. 3£ per cent. '&& per cent. 3g per cent. 3 ^percent. 3 | per cent. 4 per cent.
Federal reserve I ank.
Boston
Wow York
Philadelphia
Cleveland
K ichmond .
Atlanta
Chicago
St Louis
Minneapolis.
Kansas City
Dallas
San Francisco
...
•
.
Total April, 1922
March, 1922
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco..
Total, April, 1922
March, 1922
S3.738.325
89,339,748 81,893,540
l.fi.r»fi.574
6,256,443 35,847,976
708,249 4,896,978 2,133,356 ;
517.531
123,170
473,543
. .S36i,245
2,634,698
31,262
4.559.670
4,556,555
426.412 1
5,726,751 !
40,000 1
' ,
i
1,108,731 1,224,283 !
548,222
2,995,943 ! 1L, 759,839
. ..
4£ percent.
462,357
50,570
ii 666
21,606
83 484
26,281,625
47,765,861
48,337,202 |
\ per cent. 4f per cent. Vj per cent.
49,173
326,672
269,729
784,77i
50 000
82,993
1,883,138
12,404,369
928 201
13,281,664
950 475
2,532,445
363 748
39,460^907
| per cent. 5 per cent.
$177,273
$160,381
281,764
583,683
520,064
12,675,582
744,064
1,597,927
190,000
691,639
$50,000 :
$5,000
$258,908
5,000
417,450
j Average
rate
A verage
g
(365-day maturity
turity.
j basis).
; Per cent.
$15,627,811 |
3.41
44,388,360 !
3.51
3.45
7,738,583 j
3.59
1,691,896 I
4.88
448,908
3.90
1,905,331 !
3.41
18,045,127
3.63
150,743
Days.
16.98
20.49
58.73
22.25
66.81
46.02
. 79i45
71.47
39,000
39,000
50,000
5,639,092
5.07
4.06
3.68
30.65
30.06
25.79
297,908
1,912,201
95,724,851
144,351,644
3.48
3.92
35.28
33.91
70,900
50,000 1,129,812
188,910 10,583,315
Total.
i Includes $625,000 and 88,000 of acceptances purchased at 3 | | and 4-| per cent, respectively.
NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.
8147 271
394,773
634,016
838,300
200,000
$144,098
65,666
*
549,173
S13i,449
56 250
1
!
'
S342,351
393 844
735
FEDERAL RESERVE BULLETIN,
JUNE, 1922.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
Following is a set of tables giving a detailed analysis of the different classes of earning
assets held by the Federal reserve banks during April, 1922:
AVERAGE DAILY H O L D I N G S O F EACH CLASS O F EARNING ASSETS, EARNINGS T H E R E O N , AND ANNUAL RATES OF
E A R N I N G S DURING APRIL, 1922.
Federal reserve bank.
bills.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Purchased
bills.
Annual rate of earnings on—
Earnings o n -
Average daily holdings of—
All
All classes DisPur- United
of earn- counted chased
States
ing
bills.
bills. securisecurities. assets.
ties.
DisPur- United
of
States
chased securiearn- counted
bills.
bills. ties.
ing
assets.
United
$81,906,3271 $32,909,804 §10,765,556 838,230,967 $273,450 $121,794 $34,100 $117,556:
263,062 106,093 500,813:
69,802,225 34,131,337163,392,043
267,325,605
67,795
77,7231
349,495
102,241,138
55,089,840 21,646,131 25,415,067
56,535,280 2,616,055 50,804,750
384,437 210,425
109,956,085
8,095 165,9171
70,838,92811 64,146,181! 1,899,347, 4,793,400' 278,672 262,810
7,842
8,020
42,672,181i 1,314,1561 7,369,5331 176,424 159,795
51,355,870
4,684
11,945!
192,074,804 j 86,523,6811: 13,627,286;: 91,923,837; 681,789
41,494 299,342:
50,497,151, 25,754,258
73,912!
935,783 23,807,110! 176,961 100;013
" "~~
39,232,700! 26,782,700!
33,462;
: 12,450,000 148,157 114,695
74,861,693, 32,449,675
34,000! 42,378,018! 261,147 133,944
143 127,060
39,548,576! 34,539,743|
43,333! 4,965,500; 157,584 147,369
146
110,164,704: 49,425,037 6,072,757 54,666,910| 391,444 185,758 19,106 186,580:
4,149,528 2,244,220! 292,53411,612,399!
Total: April, 1922.. 1,190,003,581! 576,630,605 93,085, 741,520,197,135
March, 1922.1,191,013,324! 640,302,001 92,966,969!457,642,354 4,394,575 2,626,282 320,829 1,446,971:
Per ct. Per ct. Per ct. Per ct.
4.06
4.50
3.85
3.74
3.96
4.50
3.78
3.73
4.16
4.50
3.81
3.72
4.25
4.53
3.76
3.97
4.79
4.98
5.02i
2.04
4.32
4.71
4.49!
2.04
4.32
4.79
3.70!
3.96
4.26
4.72
3.95!
3.78
4.60
5.21
3.27
4.24
5.02
3.65
5.14|
4.85
5.19
2.47
4.10!
4.32
4.57
4.15
3.83i
4.25
4.34
4.75
4.83
3.831
4.06J
5.97.!
6.01
3.77
3.72
April, 1921.. |2,527,253,406i2,139,981,742110,372,481 276,899,183112,154,787 11,124,586 541,685 488,516:
5.85
6.32
2.15
March, 1921. i2,735,784,111J2,301,628,559,138,397,2501295,758,302M3,697,62612,428,782 706,155
5.90
6.36
2.24
!
i
:
i
!
i
NOTE.—The figures for Philadelphia in the first, fifth, and ninth columns include average daily holdings of municipal warrants, $90,100;
earnings, $375; and rate of earnings, 5.07 per cent.
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of April figures. In thousands of dollars.]
Federal reserve bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
.,.
Chicago
St. Louis
Minneapolis
Kansas City—
Dallas
San Francisco..
Total: Apr. 29,1922...
Mar. 31, 1922..
Apr. 30,1921.,
Mar. 31,1921..
Total.
Customers'
paper
secured
by Government
obligations.
21,233
1,185
55,520
1,592
493
52,247
852
44,788 1:
901
58,770
545
39,140 I
864
76,324 ••
22,686 .
14
27,214 !
418?l
29,422
34,485
45
48,275 !
595
510,104
. 680,467
2,076,569
2,233,104
Member banks'
collateral notes.
CornSccurcd .
paper,
by Gov- i Other- ,
j paper.
eminent- wise ! ri. c. s.
obliga- secured,'
tions. L
!
i
Live- i
stock '
paper. ; Foreign.
9,492 i
36,223 '
37,234 !
174
17,182 j
510
19,324 I:
99
7,105
108
24,894 I
7,508 !:
2,803
3,753
2,180
357 !
10,248 11,008 |
7,79.7 177,946
12,555 I 248,226
211,106
204,707
Banker's acceptances.
!
726,546
766,392
10,085 !
364
974
16,117 ;
689
13,737 !
493
778
23,776 .
39
27,803 '• 9,266
9,808
1,448
19,676 ;
20,917 [1 29,220
6,859
7,229
14,472
5,867 1
3,103
7,374 ! 5,956 11,921 !
4 795 ! 15,632 10,815 :
6,577 5,614 j
13,911
13,000 ' 168,523 I 100,595 36,680 i.
13,190 : 258,848 ; 104,817 36,466 i.
12,137 ' 869,733 \ 149.223
15,789 1 994,964 I 140J987
II
81,187
81,693
Trade accept-
I
Domes- Dollar
ex- j Fortic.
change.j
15
113
Domestic.
599
94
1,533
927
459
321
215
211
656
£22
118
177
7,665 I 2,471
8,787 j 4,183
50
117
256
5,430
6,188
16,334
15,264
736
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
HOLDINGS OF BANKERS' A N D TRADE ACCEPTANCES P U R C H A S E D OR D I S C O U N T E D , BY CLASSES OF ACCEPTANCES.
[ E n d of April figures.
I n t h o u s a n d s of dollars.]
Federal reserve bank.
Total.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
10,212
32,624
20,438
3,799
2,786
1,703
15,774
1,158
211
39
Purchased
in open
market.
10,119
32,010
20,344
2,266
1,859
1,244
15,453
830
Discounted
for
member
banks.
93
614
94
1,533
927
459
321
328
211
661 !
322 j
Total: A p r . 29, 1922
Alar. 31, 1922
,
A p r . 30,1921
Purchased i n open m a r k e t :
A p r . 29, 1922...
Mar. 31, 1922
A p r . 3 0 , 1921
Discounted for m e m b e r b a n k s :
A p r . 2 9 , 1922
Mar. 31, 1922
A p r . 3 0 , 1921
Trade acceptances.
Bankers' acceptances.
All classes.
96,240
111,635
136,402
90,677
105,270
109,763
5,563
6,365
26,639
Total.
10,119
31,974
20,344
2,266
1,859
1,244
15,453
943
7,829
26,560
15,288
1,729
772
923
9,897
585
39
20
6,427
4,723
90,688
105,287
119,330
68,306
77,015
84,378
90,570
105,110
109,142
118
177
10,188
Foreign. Domestic.
Total.
Domestic,
1,940
3,735
4,412
402
.1,087
321
5,396
93
650
160
50
93
599
94
1,533
927
459
321
215
211
51
94
1,533
927
459
321
215
211
70
656
393
71
656
322
19,294
22,841
21,710
3,088
5,431
13,242
5,552
6,348
17,072
122
160
738
5,430
6,188
16,334
68,306
77,015
76,712
19,176
22,664
19,238
3,088
5,431
13,192
107
160
621
107
160
621
7,666
118
177
2,472
50
5,445
6,188
16,451
20 i
1,6
15
"117"
5,430
6,188
16,334
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR D I S C O U N T E D , BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of April figures. I n thousands of dollars.]
I
Federal reserve bank.
Ij
Member banks.
Total.
1 National.
L
Boston
New Y o r k . . . .
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total: A p r . 29, 1922
Mar. 31, 1922
A p r . 3 0 , 1921
Purchased in open.market:
Apr.29, 1922
Mar. 31, 1922
Apr.30, 192.1
Discounted for m e m b e r b a n k s :
A p r . 2 9 , 1922
Mar. 31, 1922
A p r . 3 0 , 1921
10,119 il
31,974 I
20,344 I1
2,266
1,859
1/244
943
6,033
7,615
7; 887
508
1.859
' 398
7,474
312
39
20
6,427
39
15
3,194
Jo, 453
Nonnational.
N on in ember banks
and banking corporations.
3,080
9,830
5
5?I
846 i
6,853
Private
banks.
158
6,051
2,032
215
848
6,045
2,920
388
Branches
and
agencies
of foreign
banks.
2,433
1,938
260
70 ]
203 j
96S
4
1,102 I
930
472 !
729
90,688
105,287
119,330
35,334
42,148
37,635 I
28,593 •
33,931 I
31,060 !
.12,108
12,671
21,162
9,201 i
9,781 j
14,101 I
5,452
6,756
15,372
90,570
105,110
109,142
35,332 I
42,094!
33,981
28,482 :
33,808 :
28,371 !
12,103
12,671
18,316
9,201 !
9,781 !
13,915;
5,452
6,756
14,559
Ill
123 ;
2,689 j
2,846
118
177
10,188
2
54
3,654
813
!
JUNE, 1922.
737
FEDERAL RESERVE BULLETIN.
BANKING CONDITIONS DURING APRIL AND MAY.
Developments in Federal reserve and member bank conditions for the country as a whole
are discussed in the paragraphs on the banking situation in the Review of the Month,
page 646, Changes in the condition of individual Federal reserve banks and of reporting
member banks in each Federal reserve district
are shown in the text tables here presented and
in the general tables on the following pages.
The chart on page 648 shows member bank and
Federal reserve bank developments since the
beginning of 1921.
For the system as a whole a decrease of
$12,900,000 in the holdings of discounted
paper is shown for the four weeks ending
May 24. The New York bank, however,
shows an increase of $16,700,000 and smaller
increases are shown * for the Boston, Philadelphia, and Cleveland banks, a nominal
increase being reported also for Minneapolis.
For all the banks in the South, in the Middle
West, except Minneapolis, and in the far
West reductions in discounted paper held
are shown. This moderate liquidation of
discounts is more than offset, however, by
an increase of $29,100,000 in holdings of
Government securities. By far the largest
increase under this head, amounting to $20,200,000, was shown for the Cleveland bank,
and smaller increases, aggregating $13,100,000,
are shown for the Philadelphia, Chicago, St.
Louis, Minneapolis, and San Francisco banks.
Small decreases in Government security holdings are reported by the Boston, New York,
Atlanta, and Kansas City banks, while the
Richmond and Dallas banks show no change
in this respect.
In keeping with the general increases in
demand deposits of member banks, the Federal
reserve banks show an aggregate increase of
$83,900,000 in their total deposits, $74,000,000
of which represents the increase in members'
reserve deposits. By far the largest increase
in deposits, amounting to $49,100,000, is
shown for the New York bank, all of the other
banksj except Atlanta, Minneapolis, Dallas,
and San Francisco, showing moderate in-
creases. The decrease in Federal reserve note
circulation, amounting to $29,300,000 for
the system, was distributed among all the districts, except Atlanta, for which an increase of
$6,700,000 is shown. The New York bank, however, shows only a nominal decline of $600,000.
A statement is given below showing in round
millions of dollars the Federal reserve note circulation of each Federal reserve bank at the
peak of circulation on December 23, 1920 and
on May 24, 1922:
F E D E R A L R E S E R V E NOTE CIRCULATION.
[Amounts"in millions of dollars.] .
•
Federal Reserve
Bank.
r
Decrease.
Dec. 23, Mav 24,
1920.
1922.
Amount. Percent.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
*.....
San Francisco..
Total.
295
881
284
366
1.53
177
560
140
8]
113
82
273
150
615
181
197
86
116
362
71
50
58
26
216
3,405
2,128
145
266
103
169
61
198
69
31
55
56
57
49
30
36
46
44
34
35
49
38
49
68
21
1,277
38
• 07
Federal reserve note circulation has declined
by 38 per cent from the peak, the largest
percentage of decline, 68 per cent, being shown
for Dallas and the smallest, 21 per cent, for
San Francisco. More than average reductions
are shown for the Boston, Cleveland, Richmond, St. Louis, and Kansas City banks,
while the New York, Philadelphia, Atlanta
and Chicago banks show less than average
percentages of reduction in note circulation.
For the four weeks under review the reserve percentage of the Federal reserve banks,
shows a small decline, from 78.3 to 77.5 per
cent. Among the banks showing material increases in reserve percentage are the three
southern banks, while the largest decline in
percentage, due chiefly to a decrease in reserves, is shown for the Cleveland bank,
738
FEDERAL RESERVE
BULLETIN.
JUNE,
C H A N G E S I N P R I N C I P A L R E S O U R C E S AND L I A B I L I T I E S O F E A C H F E D E R A L R E S E R V E
AND M A Y 24, 1922.
[A mounts in millions of dollars.]
Government
securities.
Discounts.
Total reserves.
Federal reserve
bank.
BANK
BETWEEN APRIL
Atlanta
. .
Chicacro
St Louis
Minneapolis
ICan^as Citv
Dallas
San Francisco
Total
3.5
24.8
Federal reserve
notes in circulation.
Total deposits.
10 5
10.2
1.2
.2
3.8
8.7
26.2
16.7
3.7
.6
Reserve percentage.
8.3
43
5.1
i
71
7.5
2.7
6 7
7.2
.1
9 7
10.4
1.2
4.3
13
.5
13.3
3.5
2.3
3.1
5.0
3.0
12.9
29.1
3.8
.6
8.3
3.5
3.9
8.0
49.1
48
67
55
33
20.2
26
x
Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Apr. 26.
B oston
New York.
PhiladelDhia
Cleveland.
1922,
3.9
6.7
1.8
1.5
i.7 I
5.9
°
i
5.8
3,8
1.3
2.3
.7 '
20
29.3
83. ft
May 24.
75.9
86.5
78.8
77.9
63.0
78.4
75.6
74.8
71.3
58.1
62.4
74.4
76.0
85.2
76.8
69.5
69.4
82.3
76.0
72.0
68.0
62.7
64.3
73.4
78.3
77.5
Loans and discounts of all reporting member under this head. This development is indicabanks show an increase of $70,000,000 for the tive of the fact that the growth in bank credit
four weeks ending May 17. Larger increases during the four weeks under review is due
are shown for the New York, Chicago, and St. mainly to the activities of the stock and bond
Louis districts, and chiefly for the three Federal markets in the financial centers, while outside
reserve bank cities in these districts, while all of these centers a moderate amount of loan
the other districts report moderate declines liquidation is shown.
CHANGES IN PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
DISTRICT BETWEEN APRIL 19 AND MAY 17, 1922.
[In thousands of dollars.]
Increase or decrease in—
Federal reserve
district.
United States Government securities.
Loans and discounts.
Other
bonds,
stocks, and securities.
Demand deposits.
Accommodation at
Federal reserve
bank.
Time deposits.
Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease.
Boston'
NPW York
New York City....-.
PhilirLplnhia
Cleveland
"Riohinon d
Atlanta
Chicago
City of Chicago
St Louis
52
48
3
51
49
3
Miirnpa/DoUs
10
3
1.
1
5
1
1
7
4
3
91
81
10
2
11
4
4
2
70
3
2
78
82
Government security holdings of the reporting member banks increased by $78,000,000, of
which $61,000,000 represents the increases in
New York City and Chicago alone. Increases
in holdings of corporate securities are shown
for all the Federal reserve districts, except the
San Francisco district, which shows a small decrease, and the Minneapolis and Dallas dis-
154
13
16
8
2
•7
2
2
19
20
5
1
11
163
4
53
50
12
40
41
2
2
3
Dallas
San Francisco
Total
13
;;
15
12
4
12
4
4
13
4
1
2
2
1
10
8
339
3
4
28
25
1
2
3
1
6
2
2
40
5
2
2
59
tricts, which show practically no change under
this head. Of the total increase of $82,000,000
in other security holdings, reporting member banks in New York City account for
$50,000,000. Increases In demand deposits
are reported for all the 12 districts, increases
in the financial centers being relatively no
larger than those in other cities. Time de-
JUNE, 1922,
739
FEDERAL RESERVE BULLETIN.
posits also show advances in all the districts, except the San Francisco district, for
which a decline of $10,000,000 is reported, and
the Minneapolis district, in which the total
remained practically unchanged,
Accommodation of the reporting banks at
Federal reserve banks was smaller on May 17
than four weeks earlier in all the Federal reserve districts, except in those offMinneapolis
and San Francisco.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR MAY
AND APRIL, 1922.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Total deposits.
Federal Reserve notes
in circulation.
Reservo
percentages.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis..
Kansas City..
Dallas
.'...
San Francisco.
Total: 1922....
1921
1920
1919
1
.! 207,005
: 1,162,062
225,673
248,566
99.039
138,329
474,277
103,290
68,574
85,320
48,448
266,184
3.126,773 !
i 2,541,640 j
1 2,078,822!
2,246,087 j
April.
May.
,153,923
230,898
260,721
88,294
125,005
468,591
110,526
71,161
80,684
46,591
269,708
121,231 i
745,995
108,681
140,541
59,795 i
50,033
262,917
71,412 !
46,881 \
79,023
47,814 !
142,946 ;
3,114,928
2,485,079
2,084,077
2,224,948
1,877,269
1,717,423
1,987,323
1,944,547
Calculated on basis of not deposits and Federal reserve notes in circulation.
April.
118,075
718,358
106,601
138,593
56,488
50,494
250,362 i
70,294 j
45,840
76,441
47,702 ;
143,540
1,822,788
1,749,568
1,998,732
1,878,879
May.
150,500
621,592
184,110
198,100
87,763
117,431
364,432
72,535
50,463
59,021
26,539
220,567
April.
J May.
76.2 !
85.0 !
77.1
73. 4 j
67.1
82.6
75. 6 !
71.8 !
70.5
0.1.8 |
65.2 !
73.2 ;
loo, 397
627,318
193,442
201,564
91,962
111,016
373,97o
77; 416
51,862
61,605
27,269
217,621
2,153,053 2,190,447
2,787,379 2,870,645:.
3,089,737 j 3,071,754
2,534,112 ! 2,547,535
April.
77.6! ;
56.4
42. 4
1 51. 8 ,
1
76.4
85.8
77.0
76.7
59. 5
77.4
75.1
74.8
72.8
58. 5
62.2
74. 7
1
1
77.6
53.8
43.0
52.0
740
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 3 TO MAY 24, 1922.
RESOURCES,
fin thousands of dollars .1
Boston.
Gold and gold certificates:
326,381 il 13,554
May 3
327,387
13,631
May 10
325,816
14,446
Mav.17
326,412
11,307
May 24
Gold settlement fund—
Y.R. Board:
443,261
20,488
May3
444,752
19,458
May 10
473,506
.19,474
May 17
482,937
25,009
May 24
Gold with 1°. R. agents:
2,169,736 138,901
May 3
2,172,052 139,338
May 10
2,140,192 142,120
May 17
2,141,120 139,617
May 24
Gold redemption fund:
12,183
May 3
11,714
61,103
May 10
8,902
65,629
May 17
11,378
57,220
May 24
Total gold reserves:
2,994,776 185,126
May 3
3,005,294 184,141
May 10
,
3,005,143 384,942
May 17
3,007,689 190,311
May 24
Legal tender notes, silver,
etc.:
124,041
20,885
Mav3
124,523
21,269
May 10
125,982
20,645
May 17
127,564
20,938
May 24
Total reserves:
3,118,817 il! 206,011
May 3
3,129,817 ! 205,410
May 10
3,131,125 I 205,587
May 17
3,135,253 | 211,249
May 24
Bills discounted:
Secured by U. S. Government obligations—
190,474
9,813
May3.....
166,322
9,925
May 10
9,923
169,714
May 17
10,582
181,071
May 24
All o t h e r 318,902
12,532
May 3
308,264
13,053
May 10
298,982
10,203
May 17
13,834
306.169
May 21
Bills bought in open market
107,278 : 10,505
May 3
105,517
8,599
Mav 10
97,123
8,510
May 17
105,364
9,145
May 24
U. S. bonds and notes:
1,477
265,483
May 3
261,012
4,476
May 10
1
241,115
May 17
4.476
240.990
May 21
4.477
U. S. certificates of indebtedness:
One year certificates
(Pittman Act)—
:
6,950
83,000
May 3
6,950
81' 500
May 10
5,950
i 80,000
May 17
5,950
• 78,500
May 21
All o t h e r . 260,736 38,357
May 3
39,546
i 274,963
May 10
I 273,860
38,103
May 17
! 276,721 38,177
May 24
Total earning assets:
!
1
82,664
May 3
1,225,873
82,549
May 10
1,197,608
77,165
May 17
1,160,794
82,165
May 24
1,188,815
Bank premises:
!
5,189
May 3
39,809
5,203
May 10
39,903
5,216
May 17
40,326
5,215
May 24
40,650
New
York.
Philadelphia.
Cleveland.
.
ChiSI. I Min- Kansas • Dallas.
cago. I Louis.
City. ;
AtRichmond. lanta.
San
Francisco.
_.
218,213
218,556
216,930
216,068
3,501 I 12,837
1O oon
12,889
3,500
3,227
13,016
3,244
13,116
82,021 57,940
102,173 51,590
138,282 48,181
138,018 57,326
2,983
3,026
3,061
3,004
5,406 ; 23,281
5,374 23,389
5,451 23,564
5,479 23,690
4.1,020
39,380
37,606
38,571
35,358
36,046
35,126
32,976
25,755
28,902
28,513
25,909 :
65,595
64,271
65,126
69,863
8,192
8,092
7,071
8,141
12,760
9,536
7,078
7,798
I 8,048
: 8,203
' 8,173
8,231
!
:
:
;
8,188
8,280
8,348
8,463
19,854
20,107
20,130
20,213
27,685 ! 29,76.1 9,884
25; 647 24,106
~' '""9,617
23.770 28,549 11,951
20; 478 25,582 10,411
32,994
34,026
29,850
30,996
799,531
799,306
799,111
798,903
163,461
160,464
157,494
154,830
190,741
192,947
179,758
175,700
44,029
42,090
44,390
55,727
98,046 ! 358,346
98,324 - 353,612
98,022 347,658
97,366 . 351,597
71,550 !! 30,700
71,544 31,914
69,119 31,349
68,562 : 30,760
10,000
10,000
10,000
10,000
3,105
5,390
7,598
3,137
5,778
3,342
6,193
2,066
5,707
7,337
4,764
3,152
2,094 | 7,282
11,652
1,651
1,919 . 17,311
2,548 ! 13,065
1,109,765
1430,035
1,164,323
1,162,989
228,007
220,944
216,500
218,537
250,376
248,558
236,573
229,453
88,077
88,499
87,341
94,859
897 ;I 3,250
797 1,917
730 2,276
1,183 | 2,858
I
93,399 69,683
89,969 67,681
83,998 65,568
85,684 62,327
26,723
26,520
25,152
25,007
6,049
6,080
7,377
7,232
6,735
6,446
6,762
7,588
7,528
7,229
8,027
7,543
1,136,488
1,156,555
1,189,775
1,187,996
234,056
227,024
223,877
225,769
257,111
255,004
243,335
237,041
95,605
95,728
j 95,368
1102,402
48,055
30,057
26,101
37,559
36,595
36,792
39,568
38,973
17,558
24,368
25,456
28,527
19,216
18,704
18,795
17,892
20,116 9,889
17,995 11' 167
18,834 9,315
26,2.1.0 11,155
24,318
25,731
22,469
2i; 583
37,751
35,805
35,744
34,410
30,586 I 52,507
28.951 i 49,035
28', 216 • 48,524
27,908
47,681
2,268 I 17,431
1,089 j 23; 872
875 21,990
18', 785
131.301 ;
134,251
133,905
131.302 j
454,504
452,924
453,659
458,215
4,742 !
4,687
4,740 "
4,837 •
136,043
138,938
138,645
136,139
14,915
15,882
15,863
16,381
25,766
19', 160
17,819
19,712
44,966 19,911
47,295 20,222
47,562 S 19,713
49,552 i 19,184
209,554
214,996
203,896
199,322
1,839
1,499
1,225
1,222
1,633
1,728
2,173
2,629
3,630
4,076
2,538
3,982
78,890
75,240
79,735
78,812
39,616
39,847
42,185
40,687
266,032
273,205
256,414
254,513
6,313
6,287
6,556
6,189
6,070
6,072
6,076
5,829
6,329
6,221
6,076
6,372
70,515 85,203
68,35.1 81,527
66,297 ! 86,291
63,098 j 85,001
45,686
45,919
48,261
46,516
272,361
279,426
262,490
260,885
5,755 2,183
3,487
1,795
3,387 1,655
3,758 1,541
7,847
6,316
10,137
7,573
14, 599 24,404 23,478 30,790
14.689 23,668 21,707 i 29,500
li; 762 ! 24,267 21,612 i 29,187
13,833 j 24,628 19,996 29,867
37,932
36,963
35,849
35,064
16,920
17,160
17,679
18,877
! 469,419 110,319
i 468,806 107,129
' 469,522 101,677
: 474,596 104,561
7,058 .
6,(U6 :
5,640 i
5,329 I
2,324
2,340
2,399
2,456
7,855
7', 016
7,540
7,216
832
670
729
771
2,743
2,086
3; 693
2.409
•!
45,671
4.1,904.
24,186
31,259
18,275
17,961
19,633
18,733
3,324
3,144
8,262
9,747
1,741
1,471
1,172
1,229
68,489
64,88.1
44,398
45,394
] 23,553
23,553
23,553
23,553
27,112
27,119
27', 124
27,124
1,233
1.233
1,233
1,233
214
137
327
191
34,423
34; 929
35,573
31,626
23,500
22,500
22,000
21,500
8,000
8,000
8,000
7,000
6,000
6,000
6,000
6; 000
3,560
3,560
3,560
3,560
7,199
6,699
6,699
6,699
8,667
8,667
8; 667
8,667
736
783
783
783
28,739
30;279
32,334
38,836
31
31
31
31
51,3-16
53,815
54,971
53,266
10,017
12,499
12,989
13,999
3,472
3,466
3,412
3,415
324,500
302,511
257,371
280,754
97,048
98,256
100,852
100,197
107,051
116,641
121,645
131,817
63,501
60,773
60,504
58,324
47,356
43,523
41,788
41,061
190,140
189,478
187,544
182,737
48,593
50,698
52,708
55,523
41,356
40,238
42,632
4.1,674
73,084
67,286
66,479
65,235
37,954
36,276
35,823
36,389
112,626
109,379
116,280
112,939
8,133
8,135
8,355
8,451
600
600
600
600
4,912
4,957
4,984
5,131
2,571
2,571
2,571
2,571
1,250
1,264
1,266
1,308
7,324
7,324
7,467
7,468
908
908
917
914
914
914
914
4,950
4,951
4,964
4,965
2,092
2,091
2,092
2,092
966
985
989
1,018
118,669
125', 174
121,855
118,832 j
1,171 I
39
29
5 I
1,342 !
2.190
5; 249
15
15
15
15
6, 838
6,091
10,285
10,294
6,737
7.018
7'. 260
7,222
30,649
28,899
'28,299
28; 299
2.816
2; 816
2,816
2.816
54,400
54,400
54,400
54,400
3,571
4,000
3,571
4,000
3,571 j 4,000
3,57i
4,000
4,321
4,321
4,321
4,321
1.900
i;ooo
5,332
5,332
5,332
5,332
11,380
11,581
11,656
11,655
8,842
8,843
8.855
8', 856
1,900
1,900
250
250
250
250
277
277
277
276
741
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 3 TO MAY 24, 1922--Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
5 per cent redemption fund
against F. R. bank notes:
'May 3 .
7,604
May 10
7,602
Mayl7
7,678
May24
7,605
Uncoil ected items:
May 3
, . . . 516,586
May 10
499,923
May 17
587,772
May 24.
501,733
All other resources:
May 3
19,978
May 1 0 . . . .
19,961
May 17
20,035
May 24
20,303
Total resources:
May 3 .
4,928,667
May 10
i4,894,814
May 1.7
4,947,730
May 24
14,894,359
422
422
422
422
52,233
46,564
55,643
48,700
772 !
823
829
857
347,291
340,971
344,862
348,608
Philadelphia.
Cleveland.
911
886
, 700
700
700
700
539
539
539
539
111,145
99,753
124,626
102,326
45,765
46,019
50,694
43,714
5,025
4,759
4,404
4,519
602
627
637
653
New
York,
Boston.
1,586,277 378,771
1,572,649 373,226
1,585,445 377,360
j 1,584,932 371,633
RichAtmond, lanta.
Chicago.
MinSt.
Louis. neapolis.
Kansas
City.
Dallas.
San
Francisco.
468
468
733
721
714
721
2,023
2,023
2,023
2,023
204
264
372
317
916
916
916
91.6
146
146
1.46
146
279
279
279
279
49,707 42,233 i 19,628
45,210 ! 43,539 : 22,245
59,500 I 47,001 ! 21,903
49,095 • 42,049 21,709
67,089
62,669
75,066
64,1.24
29,1.95
30,866
35,556
28,170
12,585
1.3.106
13;778
13,362
32,097
33,463
38,563
34,864
20,844
22,-637
22,400
20,837
34,065
33,85^
43,042
32,783
183
135
149
141
1,480
1,590
1,695
1,767
531
61.8
671
701
1,247
1,365
1,388
1,427
1,039
994
1,0-11
U)49
'2,018
2; 020
2.032
2,022
5,485
5,466
5,457
5,41.1
204,928
206,573
204,219
!200,826
736,185
730,588
742,008
731,413
191,569
192,242
193,543
1191,895
188
188
188
1,250 !
1,305 :
1,387
1,513 |
4.20,570
423,656
431,390
425,136
346 i
259
345
243 ;
204,444
203,058
1205,<>77
!
205,777
1.26,821 197,289 ! 108,740 425,782
124,238 189,137 109,089
429,387
125,381 198,254 11.0,754 I 428,537
1.120,792 j 192, ' "
108,002
413,315
3,57?
3,568
3-568
3,568
4.606
4,185
4.607 ; 4,187
4.61.7 4,191
4.61.8
4,192
7,377
7,379
7,382
7,389
7,468
7,468
7,468
7,468
9,646
9,646
9,616
9.646
LIABILITIES.
Capital paid in:
!j
May 3
104,531 1 7,976
May 10
•.
104,608 j 7,982
May 17
104,656 ! 7,981
May24
104,695
7,981
Surplus:
May 3
215,398
16,483
May 10
215,398
16,483
May 17.
215,398! 16,483
May 24
215,398 I 16,483
Reserved for Government
franchise tax:
May 3
1,839 i
205
May 10...
2,071 I
228
May 17
2,124
213
May 24
2,290
251
Deposits:
j
Government—
j
May 3
72,422 j| 2,160:
May 10
44,366 i
3,715
May 17
39,278 :
1,033
May 24
60,406 j
3,524
Member bank—reserve
j
1
account—
i
May 3
1,774,802 \ 119,1.65
May 10....
1,806,464 j 116,719
May 17
1,810,810 \\ 117,145
May 24
1,822,742 11 123,595
!
All other—
May 3
45,108 j
531
May 10
38,382
815
May 17
35,957 ! j
738
May 24
34,028 jj
495
Total deposits:
.
U
May 3
1,892,332
121,856
May 10
1,889,212
121,249
May 17
: . . . 1,886,045 ; 118,916
May 24
1,917.176
127,614
I'\ R. notes in actual circulation:
May 3
2,173,436
152,691
May 10
2,159,186
150,361
May 17
.2,146,656
149,685
May 24
2,128,230
150,284
h\ R. bank notes in circula- !
j|
!
!
lion—net liability:
!
Mav3
! 77,411 j 6,593
•May 10
i 74,214!! ,6,653
May 17
1 72,474 ; . 5,713
May24
; 71,702 i
5,679
Deferred availability items: i
A
May 3
I 444,775 || 40,483
May 10
1 430,601!, 36,992
May 17
501,283 ;| 44,811
May 24
! . - ! 435,114 I! 39,258
AIL other liabilities:
•
•
i
May 3 . .
18,945!. 1,004
May 10
19,524 1
1,023
May 17
19,094 !
1,030
May24.
19,754 j
1,058
27,386
27,395
27,402
27,392
8,912
8,914
8,914
8,942
11,497
11,541
11,543
•11,546
5,533
5,539
5,540
5,545
4,258
4,264
4,268
4,269
14,563
14,565
14,559
14,559 !
60,197
60,197
60,197
60,197
17,945
17,945
17,945
17,945
22,509
22,509
22,509
22,509
11,030
11,030
11,030
11,030
9,114
9,114
9,114
9,114
29,025 : 9,388
29,025 ; 9,388
29,025 j 9,388
29,025 9,388
107
142
247
291
229
381
277
250
393
409
402
414
397
39,809
17,758
15,737
16,395
2,794
2,126
888
6,301
I 1,911 708
I 1,891 1,461
! 2,136 1,614
5,017 6,755
704,127
734,316
734,777
750,841
108,527
105,736
107,688
105,881
:
j
:
i
135,041
140,003
141,419
138,061
55,368
54,282
54,487
54,791
19,950
12,988
11,546
11,704
1,124 !
965
870
1,012
1,189
912
787 . 1,152
280
295
320
303
763,886
765,062
762,060
778,940
112,445 . 137,917
108,732 , 142,906
109,765 ! 144,467
112,969 144,230
56,356
56,038
56,421
61,849
623,900
619,314
617.404
614; 887
185,560 I 199,048
183,860 199,346
183,122 195,595
180,899 1 196,869
89,723
88,122
87,189
85,804
18,490
16,978
16,512
7,761 ! 5,556
7,560
5,470
7,535 ! 5,259
6,593 " 5,466
3,015
3,080
3,010
2,969
88,314
79,501
97,140
82,505
45,013 i 42,692
45,023 ! 40,455
48,852 50,551
42,995 j 42,955
37,493
37,963
41,493
37,253
3,997
4,172
4,017
4,208
906
944
950
1,040
;'
!
I
1
1,351
1,429
1,466
1,561
883
892
901
918
4,661 |
4,667 !
4,691
4,694
272
301
305
332
41.3
2,946
2,123
1,386
2,182
5,168
2,420
3,235
7,406
2.678
2', 144
2,000
3; 924
48,430 253,542 : 67,830
49,625 256,730 69,036
47,974 256,557 65,885
46,500 252,284 69,747
226
297
310
283
1,446 i
1.858 I
2. L49 !
J.;,907 j
669
642
669
559
51,602 260,156 '71,177
52,045 261,008 71,822
49,670 261,941 i 68,554
48,965 26.1,597 " 74,230
118,037
117,744
117,303
116,519
5, 703
5,236
5,192
5,233
366,599
363,783
362,801
362,614
3,936 I
2,740 i
2,222
2,740 !
i
'
i
:
7,394
7,394
7,394
7,394
199 !
267
239
272
4,711
2,253
4,163
2,131
35
45
70
1,784
1.862 ;
.1,733
1,638 ,
332
34.6
360
313
494
461.
454
377
161 i 18,930
148
18,650
138
17,172
loo ' 15,993
4.7,453 81.252
45,514 73'313
46,175 79,338
42,952 77,3.1.4
46.412: 141,820
47; 512 j 144,011
45,367 i 143,371.
46.695 | 139,821
I 74,350 51.381
I 72,640 50,937
I 72,495 50; 557I 70,905 49,836
I
60,357 27,0-15 <
59,589 26,816 !
59,012 ! 26,506 I
58,182 I 25,650
3,644
3,600
3,5+1
3,493
7,881 ! 2,852
7,445 2,823
7,07.:? 2, 830
7,532 : 2,776
15,015 53,415 27,939
16,950 ; 49,731 29,732
17,463 61,708 34,301
15,497 ! 51,463 ; 28,492
12,020
11,850
12, 747
12,106
32,573 I 19,038
33,471 18,521
37,
"- -191
"' 22,646
33,627 I19, 11.3
797
806
812
816
4,222
4,354
3,925
3,981
703
735
771
844
3,817
3,873
3,131
2,393
43,185 i 76.0-17 44,467 ' 119,073
42,428 ! 70', 599.45,502 121,4S8
43,593 ! 74,721 43,490 !. 123,068
39,899 74,806 44; 902 121,435
3,307
3,2.1.6
3,335
3,340
8,205
8,122
8,049
8,174
15,199
15,199
15,199
15,199
1,006
1,000
1,017
1,037
772
796
838
•839
1,811
1,836
1,820 .
1,852 j
224,7lo
226,674
224,987
21.5,781
4,371
4,143
3,956
3,935.
30,780
30,409
32,050
29,520
1,490
1,537
1,547
1,600
742
JUNE,-1922.
FEDERAL RESERVE .BULLETIN.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 3 TO MAY 24, 1922—Continued.
LIABILITIES--Continued.
[In thousands of dollars.]
Total.
Boston.
NewYork.
347,291
340,971
344,862
348,608
1,586,277
1,572,649
1,585,445
1,584,932
™ l a " j Cleved
P
Rich- i Atmond. I lanta.
h l | land-
Chicago.
MinSt.
Louis. neapolis.
San
Francisco.
-i:Total liabilities:
May 3
May 10
May 17
May 24
4,928,667
4,894,814
4,947,730
4,894,359
I
736,185
730,588
742,008
731,413
191,569
192,242
193,543
191,895
126,821
124,238
125,381
120,792
197,289
189,137
198,254
192,030
60. 2
61.3
62.4
62.7
62.2
61.8
67.1
64.3
74.3
75.4
71.3
73.4
1,51-1
1,585 •
1,531 i
1,603
820
859
855
1,451
1,519
1,467
1,536
108,740
109,089
! 110,754
1108,002
425,782
429,387
428,537
413,315
i
MEMORANDA.
Ratio of total reserves to
deposit and F . R . note
liabilities combined—per
cent:
May 3
May 10
May 17
May24
i
Contingent liability on bills j
purchased for foreign cor- I
respondents:
i
May3
1
MaylO
;
May 17
i
May 24
;
378,771 . 420,570 204,444 204,928
373,226 j 423,656 203,058 206,573
377,360 ; 431,390 205,977 204,219
371,633 425,136 205,777 200,826
j
76.7
77.3
77.6
77.5
34,723
34,671
34,219
33,844
75.0 I
75.6 '
76.5 ;
76.0 ;
2,303
2,484
2,401
2,138
81.9
83.5
86.2
85. 2
14,755
13,252
13,496
12,702
78.5 .
77.6 I
76.4 :
76. 8
2,523 ;
2,722 I
2,631
2,672
65. 4
66. 4
66. 4
69. 4
80.2
81.8
83.0
82.3
74. 9
75.0
75.2
76.0
75.8
74.2
72.1
72.0
SI. 3
70.9
68.5
68.0
2,586
1,516
2,790
1,667
2,696 ! 1.611
2,739 | 1,837
1,136
1,225
1,184
1,202
3,754
4,050
3,913
3,975
1,483
1,599
1,546
1,570
852
919
888
902
76.3
74.5
71.6
69. 5
MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS, HELD BY THE 12 FEDERAL RESERVE
BANKS COMBINED.
[In thousands of dollars.]
Bills discounted:
May 3
MaylO
May 17
May 24
Bills bought in open market:
May 3
MaylO
May 17
May 24
United States certificates of indebtedness:
May 3
MaylO
May 17
May 24
343,736 i
356,463 !
353,860:
355,221 :
254,279
251,754
242,011
246,917
743
FEDERAL. RESERVE BULLETIN.
JUNE, 1922.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, MAY 3 TO MAY 24, 1922.
[In thousands of dollars.]
Boston.
Phila- Clevedelphia. land.
Net amount of F. R. notes
received from Comptroller
of the Currency:
May 3
3,326,493 278,988 1,112,524 255,128
May 10
3,328,808 276,425 1,112,638 252,131
May 17
3,326,430 274,207 1,115,045 255,161
May 24
3,309,981 271,704 1,115,598 252,498
F> R. notes on hand:
May 3
789,231 111, 750 ! 291,770 43,220
May 10
787,305 110, 550 j 282,210 40,220
Mayl7
799,349 109; 150 284,210 46,220
May24
800,329 111, 850 284, 210 46,220
F. R. notes outstanding:
May3
2,537,282 167,238 820,754 211,908
May 10
i 2,541,503 165,875 830,428 211,911
May 17
|2,527,081 165,057 830,835 208,941
May 24
2,509,652 159, 854 831,388 206,278
Collateral security for F. It.
notes outstanding:
,
Gold and gold certificates—
May3
404,714
5,300 356,925
May 10
404,714
5,300 356,925
May 17
406,214
5,300 356,925
May 24
406,213
5,300 356,924
Gold redemption fund—
May3
1 132,924
13,601 41,606 14,072
MaylO
! 125,141
11,038 41,381 11,075
May 17
136,736
18,820 41,186 13,105
16,317 40,979 10,441
May 24
130,676
Gold fund F. R. Board—
May 3 . . .
1,632,098 120,000 401,000 ; 149,389
MaylO
1,642,197 123,000 401,000 1149,389
May 17
jl, 507,242 118,000 401,000 1144,389
May 24
11,604,231 118,000 401,000 144,389
Eligible p a p e r Amount required—
May3
367,526
28,337 21,223 48,447
MaylO
369,451
26,537 31,122 51,447
May 17
386,889
22,937 31,724 51.447
May 24
368,532
20,237 32,485 51.448
K xcess amount held— :
May3...
: 230,360
4.543
84,615 8,406
MaylO
| 191,887
5i 040
50,372 5,698
!
May 17
159,011
29,493 6,382
May 24
207,455
13,324 54,269 12,413
st
RichAt- rhiPfltrn
- i Minne- Kansas
mond. lanta. j C m c a S ° - Louis, apolis. City. Dallas.
248,278
247,565
247,616
246,237
127,788
125.848
124 149
1221486
1187,465 j 498,761 112,895 ; 65,431 90,503 48,814
1187,244 497,027 111,389 : 64,645 90,031 49,125
187,941 495, 293 108,864 ! 65,160 i 90,298 49,616
186,286 , 492,732 108,307 j 64,571
49,087
32, 300
30,880
31,640
32,820
31. 705
30l 404
30; 405
30,105
64,026 94,880 ! 26,250 I 11,235 20,700 19,015
64,201 99,660 28,250 \ 11,235 20,700 19,215
65,189 : 101,120 26,250 11,830 i 19,900 19,915
64,434 91,600 26,250 12,095 j 19,900 19,915
215,978
216,685
215,976
213,417
96.. 083
9o, 444
93,744
92,381
123,439 ; 403,881
123,043 397,367
122,752 394,173
121,852 i 401,132
86,645
85,139
82,614
82,057
Francisco.
299,918
314,740
310,586
51,780
53,520
54,196 69,803 29,799 i 257,538
53,410 69,331 29,910 ' 262,960
53,330 70,398 29,701 259,560
52,476
29,172 249,656
13,375
13,375
13,275
13,275
2,400
2,400
2,400
2,400
5,960
5,960
7,560
7,560
12,366
4,234
14,572
2,295
11, 483 . 3,595
12,425 ! 1.. 932
4,616 • 15,702
14,968
3,424
4,622
15,014
4,966
15,953
4,790 1,648
3, 284 2,862
2,759 ! 2,297
4,202 I 1,708
7,702
7,702
7,702
7,702
13,052
13,052
13,052
13,052
2,606
3,935
3,202
4,192
2,209
2,520
2, Oil
1,482
15,444
13,787
18,642
16,079
00,800 ' 16,000 42,360 10,000
62,300 I 16,000 43,360 10,000
58,800 16,000 44,360 10,000
56,800 16,000 45,360 10,000
194,110
201,209
185,254
183,243
165,000 ! 39.795
165,000 : 391795
155,000 40/795
150,000 53,795
91,000
92,500
91,000
90,000
342,644
338,644
332,644
335,644
25,237 52.. 054
23,738 53; 354
36,218 i 49,351
37,717 I 36,654
i
18,936 ; 5,973
29,361
2,024
19,919
5,734
20,086 16,183
25, 393
24,719
24,730
24,486
45, 535
43,755
46,515
49, 535
14,311
11,778
9,840
50,136 8, 530
48,312 9,452
41,803 10,997
36,639 12,803
15,095
13,595
13,495
13,495
23,496 24,837
21,496 22,036
21,981 22,836
21,716 20,437
3,163
3,861
5, 593
4,966
4,435
3,18.7
2,163
3,322
9,688
9,988
9,988
47,984
47,964
55,664
50,334
23,100
21,622
20,869
21,435
4,182
1,180
519
2,517
744
FEDERAL RESERVE BULLETIN.
JUNE, 3922.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM APRIL 26 TO
MAY 17, 1922.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[Amounts in thousands of dollars.]
Total.
Number of reporting banks:
Apr.26..
801
800
May 3
799
May 10
799
May 17
Loans and discounts, including bills rediscounted
with F. R. banks:
Secured by V. S. Government obligations—
353,830
Apr.26
345,767
May3
331,987
May 10
329,182
May 17
Secured by stocks and
bonds (other than
U. S. Government
obligations)—
3,249,810
Apr.26
3,290,546
May 3
3,311,351
May 10
3,411,304
May 17
All other7,242,469
Apr. 26
7,230,890
May 3
7,232,583
May 10
7,175,499 i
May 17
Total loans and discounts,
including bills rediscounted with F. R. banks:
10,846,109
Apr.26
10,867,203
May 3
May 10
May 17
U . S. bonds:
Apr. 26
May3
May 10
May 17
U.S. Victory notes:
:
49
107
106
106
.106
127,965
120,966
113,600
113,617
211,7011,499,598
209,0111,522,198
202,1111,541,602
208,0411,631,280
210,889 326,903 112,367
214,379 326,252 111, 746
212,547 328,915 110,282
208,257 326,919 106,613
553,020 2, 379,379
558,5302,350,388
559,496|2,347,338
558,296 2,297,019
316,813
318,038
321,950
315,620
632,402
630,290
628,243
629,885
311,249
306,641
310,123
309,609
285,450 1,049,422
285,908 I!,066,199
285,925 I,076,661
285; 553 1,069,807
279,747
276,347!
278,356!
279,554
196,053 346,741 188,146 704,047
196,684 348,233 189,875! 703,757
195,515 343,508 187,3211 698,147
196,155
188,165 697,050
560,101
564,448
564,508
552,428
994,945
990,849
991,229
990,597
437,535
432,113
433,857
429, 871
351,,2511 ,534,654
3501,883 1.., 570,380
35l! 3611; 583; 988
349,809 1,591,926
416,762|
413,980!
418,409
420,363
235,950 423,895
234,926; 425,219
234,679; 419,992
235,384j 425,505
65,270
69,621
73,447
73,891
449,927
461,544
471,358
466,222
32,399
32,031
30,011
28,551
35,640
34,307
34,071
9,955
10,006
2,804
41,818
Apr.26
82,097ii
45,636
2,745
MayS
88J754!1
51,400
May 10
94,289
48,534
3,287
May 17
94,504;
U. S. Treasury notes:
'i
10,824 246,388
Apr.26
385,779;!
10,696 250,029
MayS
396,809|"
13,122 253,105
May 10
406,0071.
I4,682i 259,491
May 17
413,0211!
U. S. certificates of indebt\
edness:
j
55,001
Apr.26
158,925
7,71' ,
53,277
6,912
MayS
I 146,584
52,602
3,475
May 10
136,131
53,818
2,188
May 17
I 132,0621
Other bonds, stocks, and I
securities:
i
147,228 755,343
Apr.26
! 2,137,294
2,165.1421 148,070
May 3
149,474 789,628!
2,191,283
May 10
150,752 811,8011
2,220,964
May 17
Total loans and discounts
and investments, including bills
rediscounted
with F . R. banks:
Apr.26
14,710,669 jl, 019,271 5,555,419
14,794,628' 1,026,0115,588,976
May 3
14,861,622 1,022,685 5,620,633
May 10
14,933,903. 1,029,076 5,681,782
May 17
Reserve with F . R. banks:
!
79,261 639,354
Apr.26
, 1,325,346
1,353,418
83,209 644,187
May3
81,761 675,535
May 10
, 1,390,211
80,788 677,870
• May 17
, 1,393,541,
Cash in vault,:
277,638
17,766! 89,708
Apr.26
277,202
16,373j
88,523
MayS
,
280,6S9
17,589
89,613
May 10
,
271,170; 15,333
86,604
May 17
,
Net demand deposits:
Apr.26
10,676,3471 763,155|4,881,158
MayS
10,767,846 772,043|4,900,093
May 10
10,829,264 762,322 4,924,060
.10,968,435: 774,45315,021,554
May 17
68
68
68
13,919
13,726
13,452
13,649
20,714
20,426
18,752
17,939
785,435:4,006,942
787,967|3,993,552
! 10,875,921 j 780,359 4,002,540
10,915,985 | 784,276 4,041,916
1,100,465
1,130,136
1,157,991
1,157,367
San
Francisco.
New
Boston. York. delphia.
9,863
58,718
59,321
58,228!
56,978
12,806
13,322
13,418
13,733
8,263
8,355
8,373
11,795
11,607
10,927
11,442
4,884
4,931
4,845
4,625
16,732
16,861
16,642
16,619
55,846
54,969
55,750
54,393
426,514!
444,8601
449,099
465,141
124,209
124,311
126,635
127,076
31,594
29,9791
30,809
30, 856
65,359
65,379
65,557
65,277
43,103
43,781
44,731
43,511
141,727
143,681
143,313
143,940
236,133
238,587
236,897!
236,301i
862,506
864,299
858,102
857,609
44,971 32,132!
44,462 32,093: 104,758
43,324 32,119. 104,478
44,372 32,664 106,093
47,593 130,413 56,212
48,319 132,120 55,177
50,110 134,439 55,715
51,243 136,018 55,706
24,830
24,577
25,252
25,093
97,705
108,849
119,381
115,607
'26,823
27,219
27,011
28,781
21,6911
21,397;
21,3571
21,677
9,425
6,455
7,316
7,332
7,580
1,061
1,083
1,166
744
547
598
414
704
5,564
6,022
6,517
8,279
3,221
3,701
3,403
3,494
327
414
388
322
1,635
1,654
1,892
2,003
933
955
941
906
8,877
9,260
9,148
9,226
15,643
15,306
15,412
15,468
25,221
22,680
25,678
24,775
3,649
4,618
4,468
4,212
1,626
1,694
1,718
1,626
42,286
49,100
49,496
47,774
5,477i
6,267|
6,212
7,978
7,
8,163
8,433
8,433
6,123
5,359
3,629
3,651
3,156
3,073
17,550
19,246
19,814
19,329
6,977
6,397
7,077
6,911
9,778
10,354
6,182
5,173
4,423
2,458
2,831
2,793
5,126
4,655
3,779
3,766
22,414
17,890
17,629
15,104
6,726
5,817
5,090
5,043
6,764
6,500
7,372
6,153
5,968
5,655
5,497|
6,232
173,494
49,859 32,213
174,929 270,378 49,737 32,744
178,874 272,839 49,896 32,902
180,688 274,996 50,265 33,017
155
50,791
51,448
52,670
53,564
7,325
7,563
7,581
7,746
•8,865
9,370
812,6631,436,438 552,739
545,186
824,8611,437,699 547,933
816,1631,439,139 543,591
65,753
68,799:
66,446i
15,353
14,388
15,122
14,877|
649,894
659,725
660,186
657,235
74,011 21,959
74,373 21,801
75,828 22,251
76,617 21,835
415,593 2,093,778
415,1512,139,935
415,426 2,173,907
414,0152,175,674
533,020
531,357
535,953
542,276
294,054
293,201
294,480
294,544
90,789 32,885 29,114! 178,394
92,582 33,433 30,851! 188,777
101,333 32,650 31,546! 192,718
98,257 33,490 29,937| 191,678
43,668
43,769
44,837
42,395-
17,699
19,783
18, 742
19,920
26,317;
28,532;
27,393;
26,401 i
801,881!
806,2641
804,718
810,0571
13,779
13,882
14,191
14,119
311,896
311,247
312,735
313,140
9,247
8,961
9,454
8,771
50,624
52,732
52,624
51,671
237,040; 1,336,576
239,086! 1,381,752
241,028il,408,440
239,783! 1,420,955
6,180
179,432
180,908
182,466
182,1211
ArtAi
5,738
21,621
s-h j-v
inn
19, 111
19,138
164,290
161,467
162,444
533,568 286,3841,177,742
534,110
,_ 179,466
528,926 286,022 1, 173,097
537,121 286,42811, 174,094
41,765 24,431
82,233
46,751 22,484
78,793
41,427 23,269! 79,947
45,494 21,293| 83,211
6,183
6,837! • 5,804
7,039; 0;i48
6,720! 6., 102
314,652^
315,093
320,080
322,048
w
12,195
11,874
12,198
11,715
400,618
400,412
407,141
412,137
9,308;
9,202
9,474
8,762
20,264
20.094
19,794
20.095
203,908 596,137
205,332 595,891
206,067 600,021
207,9251 607,027
JUNE,
745
FEDEKAL RESERVE BULLETIN.
1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM APRIL 26 TO
MAY 17, 1922—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
[In thousands of dollars.]
New
Boston.
Richmond.
Atlanta.
470,468
473,6821
473,5691
472,425j
135.674
134; 120
136,313
139,103
144,172
145,337
145,642
146,158|
19,757i
18,197|
17,171i
13,975j
6,316
5,807
5,561
4,530
5,077
4,701
4,512
3.747
5,046
3,813
10,666
11,627
9,073
7,256
6,7091
7,490j
907
862
745
299
26
500!
500l
400
200,
164
117
109
93
3881
3401
. 353;
336
116;
372
365
347
328
21, 773
16,218
17,896
15,181
15,093
15,334;
13,6481
13,672
5,384
4,047
3,379
2,940
8,852
12,557
9,336
9,618
Phila- ! Clevedelphia.: land.
Chicago.
DISTRICT—Continued.
St.
Minne- Kansas
Louis. apolis. City. Dallas.
!
Time deposits:
Apr.26
May 3
MaylO
May 17
Government deposits:
Apr.26
May 3
MaylO
May 17
Bills payable with F. R.
banks:
Secured by U. S. Government obligations—
Apr.26
May3
MaylO
May 17
All otherApr. 26
May 3
MaylO
May 17
Bills rediscounted with F.
R. banks:
Secured by U. S. Government obligations—
Apr.26
May 3
MaylO
May 17
All otherApr. 26
May 3
MaylO
May 17
3,183,745
3,197,954
3,242,545
3,213,169
200,442'
200,526!
201,185i
202,335
573,154! 49,283 !
576,462 50,339
621,297! 50,270
596,453! 50,407!
17,346
16,044
15, 230
12,084
79,176, .1.4,492
71,707' 13; 25-l|
67,969! 12.630
53,248,' 10,204:
I
207,665
189,027 1
180,434
145,095
3,005
2,818
100,121
91,948
86,916
1,510
2,081
1,636
3,321
1
13,969'
33,435
lo, 3751
11,320
26:
94
123
114
1,104
1,043
878
1,029
4,934
8,621
9,317
7,022
8,392
11,953
10,594
11,329
659,041 160,195
161,068
663,851 161,493
663,597 162,056
76,769,:
77,3181
77,350;
76,602!
109,005
109,962
109,382
109,968
64,021
64,272i
64,7291
65,028 !
541,521
542,842
537,464
529,037
26,963
24,043
23,724
19,532
7,366
6,769
6,454
5,445
7,366'
6,778i
6,383i
5,2711
4,153
3,774
3,589
2,817
4,1831
3,879!
3,726
3,128
15,470
14,074
13,476
11,114
8,767
10,118
3,988
3,599
1,563
2,759
3,353
2,795
576
851
326
1,926
1,238
2,316
423
488
350
29;
195
195
4,420
3,365
1,978
6,085
100
242
239
237
236
j
i
I
57,197
76,587
55,077
61,030
San
Francisco.
9,778
9,436
9,683j
11,88a!
250
2501
250;
300
I
3,867!
5,038.
6,081!
4,353,
134
141
99
54
229
169
105
100
62!
101-..
72i
72^
5,747,
3,944 1
4,244j
4,583.
1,797
2,118
1,447
2,304
7,675
6,175
3,571
4,796
10,
101
10|
10
J6
16
16
16
274
213
213
162
3,625
3; 261
2,466
2,141
11,110
10,855
9,9;i9
8,977
MEMBER BANKS IN F E D E R A L RESERVE BANK CITIES,
f Amounts in thousands of dollars.!
Numb er of rep orting b anks:
Apr.26
May3
May 10
May 17
Loans and discounts, including bills rediscounted
with F . R . banks:
Secured by U. S. Government obligations—
Apr.26....
May 3
MaylO
May 17
Secured by stocks and
bonds (other than U.
S. Government obligations)—
Apr.26
May 3
MaylO
May 1 7 . . . .
All other—
Apr.26
May 3
MaylO
May 17
Total loans and discounts,
including bills rediscounted with F. R. banks:
Apr.26
May 3 . . :
MaylO..
May 17
(J. S.botids:
Apr.26
May 3
MaylO.....:...:::..:-.
May 17
50
50,
50|
50
250, (
242,9ic
230,f"
228,5
15
15
15
15
115,510
108,967
101,732
101,766
29,966
29,642
27,768
26,343
10,589
9,612
9,417
9,217
2,703
2,648
2,601
2,473
1,575
1,556
1,523
.1,522
47,811!
48,192!
47,653!
46,358
9,617
10,113
10,151
10,425
5,349i
5,348!
5,454
5,492
2,951
2,860
2; 506
3,089
1,352.
1,3811,395;
1,387
5,937
5,817
5,702
5,803
2,346,315
2,389,786
2,411,017
2,509,986
165,889i 1,316,687
163,352,1,343,495
155,96811,367,610
161,137jl,452,118
190,854
193,800
191,827
187,455
135,697
135,099
137,420
137,284
15,285
15,278
15,063
15,031
11,173
11,205!
10,949
10,200
310,389
328,282!
331,856!
346,794!
94,413
94,948
96,953
97,476
13,875
13,859
13,623
13,633
18,909
18,907
19,033
18,654
10,3<
10,1041
10,4671
10,223)
62,804
61,457
60,248
59,981
4,570,249
4,561,747
4,562,407
4,506,958
417,844J2,098,753
423,353:2,068,210
423,706 ! 2,061,509
423,649i2,012,673
284,909
285,804
290,119
283,909
282,787
282,675
280,987.!
279,840;
62,185
60,912
61,413
61,352
49,290
49,506
50,038'
50,901
668,433;
683,971
694,578
686,442|
169,429
166,466
169,086
17L,503
90,443
91,456
90,830
92,431
124,379 46,319|
125,394 47,6281
121,817 46,272
124,527 46,585
275,478
276,372
272,052
273,146
7,166,650
7,194,452
7,204,410'
7,245,144
600,459 3,530,950
603,488:3,520,672;
594,758|3,530,85l!
599,lll|3,566,557j
505,729
509,246
509,714
497,707
429,0731
427,386'
427,824'
426,341!
80,173
78,838
79,077
78,856
62,038il, 026,633!
6 2 , 2 6 7 1 060,445!
62,510:1! 074,087.:
6 2 , 6 2 3 ^ O79,594j
273,459
271,527
276,190
279,404
109,667
110,663
109,907
111,556
146,239
147,161
143,356
146,270
58,011
59,113
58,134
58,195
344,219
343,646
338,002
338,930
623,604
648,581!
670,861
666,699
24,136 403, loOl
28,050 414,1491
31,047! 423,076
31,6471 417,800!
34,433
34,987
36,716
37,797
11,491
11,961
12,507
13,091
7,345
6,957
7,349
7,579
18,985
17,638
15,927
17,520
8,237
8,327
8,347
8,864
53,683
54,389
53,555
54,640
16,726
16,783
15,084
14,325
I
13,859 5,227 4,166!
13,195! 5,120 4,167
13,-510 5; 132! 4,767!
13,471.' 5,117! 4,752-
38,892j
49,6411
••58,928.
54,42ll
746
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM APRIL 26 TO
MAY 17, 1 9 2 2 - C o n t i n u e d .
M E M B E R B A N K S I N F E D E R A L R E S E R V E B A N K CITIES—Continued.
[In thousands of dollars.]
I1
Total. ! Boston.
U . S . Victory notes:
57,855j
Apr. 26
May 3
1
63,998'
May 10
69,329:
May 17
70,165
U. S Treasury notes:
'
Apr. 26
i 300,496!
May 3
! 308,460
May 10
i 313,053!
May 17
1 320,046
U . S . certificate of indebted- |
ness:
i
Apr. 26
1! 101,464
92,346
May 3
90,373
May 10
|
86,709
May 17
Other bonds, stocks, and
securities:
Apr.26
1 1,165,538:
1,193,845
May3
May 10
1 l,212,031j
May 17
| 1,235,901!
Total loans and discounts !
and investments, includ- I
ing bills rediscounted
with F . R. banks:
j
Apr.26
j 9,415,607i
May 3
1 9,501,682.
9,560,0571
May 10
9,624,664'
May 17
Reserve with F . R. banks:
Apr.26
! 976,339j
May 3
j 997,254,
1,028,742'
May 10
1,031,957,
May 17
Cash in vault:
152,323,
Apr.26
May 3
! 150,647'
May 10
1 153,170
May 17
| 147,877i
Net demand deposits:
\
Apr.26.....
| 7,494,066,
May 3
1 7,588,238:
7,631,028!
May 10
May 17
| 7,736,299j
Time deposits:
i
1,494,167J
Apr.26
May 3
! 1,503,998:
May 10
j 1,543,988!
May 17
| 1,519,645
Government deposits:
I
151,433
Apr.26.....
137,809,1
May 3
May 10
! 131,471
May 17
| 105,343
Bills payable with F . R. I
BanksI
Secured b y U. S. Government obligations—
23,584
April 26
43,041
May 3
18,515
May 10
28,481
May 17
All o t h e r April 26
May 3
May 10
May 17
Bills rediscounted with F .
R. banks:
Secured b y U. S. Government obligations—
1,784
Apr.26
1,802
May 3
1,665
May 10
1,854
May 17
All other—
41,420
Apr.26
45,393
May 3
46,264
May 10
40,783
May 17
New
York.
Phila- Clevedelphiu. land.
Richmond.
Atlanta.
793
791
1,304
36,416
41,600
46,831
44,653
8,520
9,015
8,523
9,051
85
71
8,676
8,631
11,075
12,634
236,320
238,570
240,761
248,306
13,767
13,443
13,543
13,599
3,021
2,144
2,144
2,162
5; 721
6,406
6,464
1,272
853
854
837
731
364
364
364
1,997
1,833
1,914
1,834
3,895
3,971
4,062
4,109
3,067
3,253
3,216
3,216
Minne- Kansas Dallas.
St.
Chicago. Louis.
apolis. City.
4,046
4,227
4,728
6,517
3,014
3,095
3,161
22,088
29,222
29,181
27,467
3,076
3,090
2,625
2,
Francisco.
492
569
716
793
256
280
249
250
4,112
4,117
4,193
4,153
4,451
3,581
3,574
3,557
2,719
2,713
2,715
2,499
6,985
7,435
7,366
4,525
4,600
5,472
4,983
1,148
978
985
984
3,985
3,621
3,511
3,616
5,270
5,053
5,220
4,756
47,049
47,823
48,605
48,905
8,765
8,870
8,996
8,572
10,247
11,156
10,767
11,246
627
586
624
90,037 71,270 L, 284,039 344,255
88,299 71,603 L, 327,849 343,163
88,641 72,409 L, 359,746 347,942
88,452 72,427 1,356,739 351,918
130,351
131,225
131,840
132,822
181,562
181,083
175,325
180,370'
81
135
116
132
2 95
48,756!
47,3531
47,651
67,230
67,345
69,755
70,532
565,106
595,654
597,068
619,225
139,610
140,680
144,486
146,196
58,932
708,084
, 8 4,820
,820,698
857,998
714,343
4857
,343 4,
710
,377 4,886,238
4,886,238
710,377
945424
717,0914,945,424
708,287
713,092
719,388
710,814
506,245
502,600
503,363
502,413
64,455
67,709
66,650
65,257
595,347
599,605
629,355
632,722
60,196
62,197
60,329
62,556
28,838
28,177
30,362
29,277
5,328
4,953
4,821
5,325
5,163
5,638
5,168
6,013
124,446 31,607
134,470 31,130
138,829 33,048
30,489
8,018
10,044
9,182
10,840
14,921|
17,337;
14,052
16,874
6,430
6,162
5,457
5,393
31,590
29,832
31,489
30,522
8,715
7,734
8,692
7,640
77,440
76,264
76,974
74,228
12,638
11,823
12,511
12,438
6,754
7,149
7,390
7,029
863
1,000
958
1,717
1,582
1,727
1,608
29,112 3,118
30,370! 3,082
29,815; 3,124
29,251 3,019
2,079
2,0531
2,057|
2,063,
2,694
2,582
2,619|
2,548|
1,500
1,407
1,540
1,446
5,587
5,738
5,721
5,649
599,817 4
606,204 4', 414,521
598,352 4,437,636
606,686 4,525,246
570,164
578,928
579,843
576,654
204,063
204,157
206,307
207,754
6,734
6,036
> i
85,606
85,571
86,474
87,377
379,448
382,573
426,464
400,975
32,951
34,005
33,727
33,921
58,946
59,531
14,652; 6,166
10,267 5,667
10,191! 4,854
7,296 4,r~~
177,
174,047
182,631
181,444
47,234 38,723 916,070 218,945 82,767! 152,137
46,066 38,766 ?63,485 215,919 85,835j 155,066
221,011 86,120 151,117!
46,743 39,878
45,658 39,683 985,877 224,039 86,9111 150,868;
269,442 23,419 22,391 310,959 93,158
273,268 23,391 22,500 312,8851 93,206
272,974 23,530 22,631 313,39l| 93,523
271,822 23,450 22,635 "*- ""* 93,648
74,257 13,505
67,312 12,350
63,839 11,765
50,163 9,501
3,835
3,471
3,281
2,601
1,708
1,544
1,461
1,141
564
511
484
364
19,415
17,428
17,1911
14,272!
5,805
5,340
5,090
4,339
75
7601
4,550
23,890
I
5,140
4,190
8,355
8,083
8,350
10,652
2,841
1,238
779
1,158
1,576
688
729
1,556
175
325
250
1,325
2,618!
1,373'
l^OO
452
1,459
609
400
22!
90
119
112
1,052
1,006
878
1,029
250
250
250
300
300
300
300
48
48
28
28
4,1
7,739
8,414
6,222
2,456
3,656
3,370
3,026
3,800
4,944
6,005
4,289
1,835
4,130
4,040;
4,058
648
97'
1,119
1,089
14,730
13,696
13,022
10,390|
2,178
15,017
10,255
11,152
9,397
2,255
2,428
1,979
2,894
816
418
468
29,116
11,142;
l,08|
28,968 11,189!
28,178; ll,336j
3,678J 3,508i
3,408! 3,1'
3,171
3,017
2,685
2,r~
138
1,538
142
608
173
963
342
1,842
34
34
81,521
82,875
82,301
73,826 496,953
74,640 495,787
73,580 491,208
74,048 492,146
57,939 222,921
57,854 221,437
57,172
59,297 227,626
7,946
8,033
8,419
8,486
228,589
228,487
222,698
224,331
3,328
3,112
3,003
2,577
7,100
6,460
6,147
4,918
3,755
2,100
1,213
5,575
7,178
7,297
7,237
6,057
747
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
BANK DEBITS.
Volume of business for the four weeks ending May 24 was on an average about 6 per
cent above the level maintained for the preceding five weeks. The largest figures were
recorded for the week ending May 3, when the
total nearly reached $10,000,000^000 ($9,995,000,000) and set a new record since the turn of
of the year 1920-21. For New York City alone
the volume of business for the period under
review was on a level about 7 per cent above
that for the preceding weeks, while for the
other centers it was about 3 per cent higher.
As compared with the corresponding period
last year, the average volume of business for
the four weeks under discussion was larger by
$1,194,000,000, or about 15 per cent. For
New York City alone the weekly average was
larger by $1,069,000,000, or about 26 per cent,
while the aggregate for the other centers was
only 3 per cent larger than a year ago. Thus,
while it appears to be still true that the
larger part of the increase in the volume of
business is due mainly to the increase in the
activity of the securitj^- market, the difference
between percentages of increase for New York
and for other centers is less pronounced than
for the preceding five weeks, when it. was 33
and 2 per cent, respectively.
The volume of business is measured by debits
to individual accounts as reported to the
Federal Reserve Board for banks in leading
centers. Figures are shown for a total of 245
centers, of which 165 are included in the summary by Federal reserve districts, because for
these centers comparable figures for the foiir
weeks and for the corresponding period in 1921
are available.
DEBITS TO INDIVIDUAL ACCOUNTS
AT BANKS \H
REPORTING CLEARING HOUSE CENTERS
-DEISTS FOR 1921
!N BILLIONS OF DOLLARS )
-DEBITS FOR 1922
1 AND 2 : BANKS IN NEW YORK CITY
3 AND4-- DANKS !N ALL REPORTING CENTERS
Jan.
heb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS.
SUMMARY BY FEDERAL RESERVE DTSTRICTS.
[In thousands of dollars.]
Number of ;
! c e n t e r s '••
included.; May 3.
Total
107927—22-
1921
Week e n d i n g -
May 10.
M a y 17.
i
|
|
;
14.; ; 482,5-18
7 5,830,383
420'107
13
473,516
13
230,978
11
191.460
15
1,124'. 701
24
8 • 222;793
143,130
12 |
245'. 449
10 |
129,256
12 |
500,264
20 |
426,238
5,186,930
371,294
404,916
193,369
168,525
902,332
208,050
120,490
237,163
124; 34.4
452,324
451,372
454,666
443,250
5,069,253
5,012,899 4.383,619
'385,674
403,474
403,445
456,684
132.263
424,638
215,889
213,945210,312
197,860
176,662 !
166,084
949,177 I
943,606 1,008,085
227^ 0.1.8
218.899 , 209,625
129,821
119,542 ' 132,247
246,06L
243,723
225.600
126,952
131,552
132,864
475.472
499,907
464,416
I
165 i 9,994,915
8,796,005
8,928,167
I
Boston
Now Yprk
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
*.
San Francisco..
1922
Week ending—
j
!
!
I
;
!
<
-
|
M a y 24.
May 4.
' May 11.
, May 18.
; May 25.
'
442,598
3,951,005
315,818
431,816
192,062
171,501
838,983
200,226
126,236
229,508
131,268
•438.364
8,765,555 j 8,292,834 | 7,499,385
496.886
414,052 •
4,769,214
3,728.729
'405,120
377,771
487.344
413,781
204', 155
190,092
176,474
152,659
971,728
848,182
230.207
194,244
134,627
115.594
238^574 j
213;035
133,183 !
123,915
477', 283
419,245
8,724,795 !
7,191,299
748
FEDERAL RESERVE BULLETIN.
..JUNE, 3922.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.
DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
1922
Week e n d i n g Mav 3.
May 10.
: May 17.
District No. 1—Boston:
3,299
3,300
3,127
Bangor, Me
333,375
307,272
290,984
Boston, Mass
4,635
4,059 i
4,958
Brockton, Mass
6, 504
6,350 I
6,778
Fall River, Mass
23,904
22,337
20,629 I
Hartford, Conn
3,289
3,064
3,015 I
Holyoke, Mass
4,629
5,000
4,574
Lowell, Mass
: —
5.752
7,055
5,219
Lynn, Mass
i 225
3,800
3,988
Manchester, N. II
6,195
6,951
5,693
New Bedford, Mass.
17,741
16,859 i
17,650
New Haven, Conn
8,302
7,868 I
8,075
Portland, Me
35,608
29,649 j
30,001
Providence, R . I
13,154
13,938
16,364
Springfield, Mass
7,281
5,930 I
5,623
Watcrbury, Conn
15,042
13,634 I
15,157
Worcester, Mass
District No. 2—New York:
38,632
20,349 i
28,513
Albany, N. Y
4,257
4,482 i
4,245
Binghamton, N. Y
61,107
57,935 !
60, 813
Buffalo, N. Y
3,243
3,097 |
3,048
Ehnira, N. Y
3,649
3,738 j
3,814
Jamestown, N. Y
2,875
2,668
I
2,826
Montclair, N. J
66, 878
49,192 i
55,030
Newark, N. J
5,673,806 5,056,477 ! 4,925,389
New York, N. Y
Northern New Jersey Clearing House As36,483
30,428 :!
33, 546
sociation
5,810
5,7.1.0
5,095
Passaic, N. J
32,398
29,086
\
31,328
Rochester, N. Y
2,730
2,537
2,524
Stamford, Conn
14,373 " 12,891 j 13,870
Syracuse, N. Y
District No. 3—Philadelphia:
6,70.1
5,801 I
5,890
Allentown, Pa
2,990!
3,1.65
3,024
Altoona, Pa
11,235
11,034
10,535
Camden, N. J
3,901
4,445
. 7,750
Chester, Pa
7,427
7,778
7,604
Harrisburg, Pa
1,966
2,164
2,480
Hazleton, Pa
4,441
4,594
5,200
Johnstown, Pa
5,142
4,825
4,624
Lancaster, Pa
1,271
1,251
1,376
Lebanon, Pa
739
729
815
Norristown, Pa
322,072
291,927
331,495
Philadelphia, Pa
7,525
7,868
8,412
Reading, Pa
12,326
13,588
11,710
Scranton, Pa
12,280
11,943
13,407
Trenton, N. J
7,567
8,585
• 7,655
Wilkes-Barre, Pa
4,391
4, 595'
4,464
Williamsport, Pa
7,612
9,618
6,751
Wilmington, Del
3,765
4,372
4,337
York, Pa
District No. 4—^Cleveland:
11,282
13,898
14,025
Akron, Ohio
2,490 I
2,641
2,231
Butler, Pa
7,352
8,675
7,823
Canton, Ohio
62,827
66,933
67,477
Cincinnati, Ohio
104,465
120,731
123,967
Cleveland, Ohio
27,430
29,369
30,042
Columbus, Ohio
1,061
1,037
1,115
Connellsville, Pa
9,846
13,148
13j891
Dayton, Ohio
5,999
6,513
6,356
Erie. Pa
4,662
3,921
5,092
Greensburg, Pa
878
886
979
Homestead, Pa
4,410
4,211
4,54,8
Lexington, Ky
3,125
2,966
3,133
Lima, Ohio
1,137
996
95-7
Lorain, Ohio
1,935
2,064
2,115
New Brighton, Pa
3,080
3,331
3,700
Oil City, Pa
j
147,210
144,944
179,3.22
Pittsburgh, Pa
i
3,476
3,724
3,884
Springfield, Ohio
|
!
33,518
38,570
32,813
Toledo, Ohio
1,896
2,557
2,591
Warren, Ohio
;
8,347
8,858
9,210
Wheeling, W. Va
j
12,169
13,446
11,011
Youngstown, Ohio
j
2,233
2,566
2,473
Zanesville, Ohio
!
District No. 5—Richmond:
4,393
4,293
4,367
Asheville, N. C
i
79,517
97,343
88,110
Baltimore, Md
'
6,200
6,599
6,111
Charleston, S. C
j
6,040
6,411
6,508
Charleston, W. Va
j
5,620
8,349
8,544
Charlotte, N. C
i
4,513
5,492
7,605
Columbia, S. C
:
2,019
2,137
1,792
Cumberland, Md
,
1,903
|
1,831
1,660
Danville, Va
:
;
2,691
3,964
3,868
Greensboro, N. C
2,890
3,379
4,070
Greenville, S. C
:
2,244
1,993
1,978
Hagerstown, Md
4,214
4,287
4,682
Huntington, W. Va
1921
Week endingMay 4.
3,077
309,048
4,141
6,692
20,311
2,812
4,748
5,800
3,526
15,131
7,366
29,394
14,142
7,161
13,447
31,207
4,139
60,614
3,203
3,540 i
2,497 I
49,201
4,870,188
4,113
314,500
| May 11.
i May 18.
3,668 I
309,765 I
I May 25.
3,415
350,881
3,221
285,907
5,367
18,820
2,780
4,227
5, 582
22,128
2,897
4,278
5,464
19,289
2,847
4,336
5, 411
22, 818
2,803
5,380
3,978
5,395
18,411
7,824
3.1,937
12,835
6,447
14,341
4,465
5,327 !
16, 544
7,140
31,181
12,769
5, 430
14, 373
17,532 ;
7,726 i
34,486
13,656
5, 550
15,700
4, 842
3,918
5,179
15, 547
6,297
29,040
11,949
5, 858
15,942
38,997
3,871
60,007
33,116
3,723
54,741
27,688 ;
4,995 f
28,731
2,496
13,025
5,897
2,948
9,357
4,609
6,742
1,727
4,676
4,290
1,152
744
328,873
7,145
11,159
11,050
8,235
3,988
6,520
3,210
12,287
2,018
7,371
63,124
110,165
29,853
1,073
12,867
5,638
4,783
610
5,300
2,395
1,012
1,837
3,203
155,482
3,992
33,499
2,162
8,359
9,585
2,132
3,
91,
5,
6,
6,
6,
1,
1,
3,
3,
1,
4,
304, 528
6,101
12, 592
11, 500
9,322
4,130
7, 512
4,072
"I"
263,674 I
8,920 !j
17,267
10,234 j
• 8,001 ;
4,053 I
7,264 !
3,555
16,879
16,534
56,600
133,788
27,315
56,392
125,837
25,469
12,837
6,429
4,085
11,955
6,035
3,316
4,228
3,884 [
320,858 j
13,613
11,500
9,352
4,148
8,378
4,601
'
I
I
I
'.
j
16.389
297,731
9,214
17,134
9,531
7,830
6,314
13,140
66,560 :
137,134 !
27,806 j
11,979
6,459
4,407
54,937
108,757
26,264
11,524
6,207
3,732
3,768 !
3,093
I
2,544
170,456
3,832
8,015
9,676
99,716
7,120
2,597
186,620
3,566
2,208
163,916
4,051
6,957 I
10,395 j
8,567
11,492
6,963
86,387
5,468
95,458
5,151
90,333
5,243
5,227
4,893
2,328
.158.775
3; 939
6,664
5,551
5,067
4,979 I
5,851
5,361
3,171
3,049
3,363
2,881
5,042
'4f'75O
749
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1922
Week e n d i n g May 3.
District No, 5—Richmond—Continued.
Lynchburg, Va
Newport News, Va
Norfolk, Va
Raleigh, N. C
Richmond, Va
Roanoke, Va
Spartanburg, S. C
Washington, D. C
Wilmington, N. C
Winston-Salem, N. C
District No. 6—Atlanta:
Albany, Ga
Atlanta, Ga
Augusta, Ga
Birmingham, Ala
Brunswick, Ga
Chattanooga, Tenn
Columbus, Ga
Cordele, Ga
Dothan, Ala
Elberton, Ga
Jackson, Miss..
Jacksonville, Fla
Knoxvillc, Tenn
Macon, Ga
Meridian, Miss
Mobile, Ala..
Montgomery, Ala..
Nashville, Tenn...
Newnan, Ga.
New Orleans, La
Pensacola, Fla
Savannah, Ga
Tampa, Fla
Valdosta, Ga
Vicksburg, Miss
District No. 7—Chicago:
A drian, Mi ch
Aurora, III
Bay City, Mich
Blooinington, 111
Cedar Rapids, Iowa
Chicago, 111
Danville, 111
Davenport, Iowa
Decatur, 111
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Flint, Mich
Fort Wayne, lnd
Gary, lnd
Grand Rapids, Mich
Indianapolis, lnd
Jackson, Mich
Kalamazoo, Mich
Lansing, Mich
Mason City, Iowa
Milwaukee, Wis
Moline,Ill
Muscatine, Iowa
Oshkosh,Wis
Peoria,lll
Rockford,Ill
Sioux City, Iowa
South Bend, lnd
Springfield, 111
Waterloo, Iowa
District No. 8—St. Louis:
East St. Louis and National Stock
Yards, 111
Evansville, lnd
Greensville, Miss
Helena, Ark
Little Rock, Ark
Louisville, Ky
Memphis, Tenn
0wnesboro, Ky
Quincy, 111
St. Louis, Mo
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen, S. Dak
Billings, Mont
Dickinson, N. Dak
Duluth, Minn
Fargo, N. Dak
| May 10. ..
May 17.
1921
Week e n d i n g May 24.
4,510
3,868
1,549 I
1,547
15,324
15,488
3,900
4,300
25,622
23,620
4,723
4,802 I
1,704
1,822
43,546
44,350
4,025
5,063
4,206
. 6,573
4,021
1,404
15,822 !
3,940 i
23,603 I
6,126 i!
1,785
44,928
4,455
5,771
251
518
237
1,825
15,750
6,075
4,017
2,077
6,804
3,951
15,159
306
59,704
1,791
10,144
7,574
892
1,280
780
23,683
5,401
15,850
631
6,112
2,200
222
490
279
2,328
12,373
5,307
3,418
1,836
5,256
3,274
14,570
337
55,354
1,354
9,200
6,124
899
1,249
813
27,034:
5,734! I
16,596
468 |
6,552 j
2,173
260 i
405 !
257
2,132 i
9,934 j
5,126 I
3.625 !
1,638 '
5,054 i
3,198 •
12,802 !
281 "
52,251
1,168
8,868
6,958
750
1,184
802
2,671
2,340
2,402
5,032
774,930
2,500
8,169
3,490
16,320
122,996
2,890
6,905
7,543
3,720
14,577
29,792
4,279
4,588
7,023
2,719
58,306
3,301
1,150
2,400
9,999
5,741
18,729
5,379
6,414
3,556
723
2,875
2,437
1,949
5,198 I
579,331
2,700
7,821
2,955
16,552
107,645
3,105
6,060
6,807
2,129 :
14,273
34,147
3,620
3,991
6,001
2,414
52,350
2,138
1,492
2,011
9,4314,671
14,888
8,637
5,068
3,257
724
2,517
2,295
2,231
4,923
600,648
2,900
8,553
3,154
15,890
127,937
3,110
6,011
7,106
3,092
15,091
34,176
3,968
3,885
5,824
2,407
57,476
2,263
1^135
2,200
8,396
4,469
16,082
6,648
5,665
3,376
673 i
2,596 I
2,394 j
1,750 !
4,672 !
606,556 ,
"
1,900 !!
7,851
2,844
15,608
129,891
2,889
7,181
6,593
2,368
14,529
29,678
4,231
3,565
5,978
2,112
53,612
1,738
1,120
2,200 i
7,734
4,011
15,592
6,450
4,763
3,496
8,913
6,157
858
890
8,934
34,448
22,801
1,105
2,640
135,969
2,931
10,276
7,015
969
947
9,400 !
30,233 !
27,552 j
1,151 •
2,093 I
118,527 ;
2,954 ;,
10,923
7,565
795
1,364
9,016
31,778
25,008
1,179
2,171
138,704
1,853
9,908
6,109
' 715
1,279
8,371
38,479
22,922
1,022
2,105
128,077
2,928
1,245
1,477
222
17,745
2,595 "
1,452
1,655
212
15,228
2,543
3,856
1,651
17,840
4,500
27,169
5,067
1,932
50,737 !
5,283 :
11,064 j
28,917 j
6,010
17,777
510 |
6,507 j
• 2,432
1,242
1,646 !
271 |
19,361 I
3,030 I
i
i
!
i
'
!
I
'
j
897
27,740
5,930
141966
581
7,656
2., 501
'234
445
216
2,423
10,956
6.006
3,868
3,027
5,906
3,946
15,322
259
56,603
1,597
8,914
5,838
'836
1,414
1,236
1,345
232 I
13,307 j
2,395 !
May 4.
May 11.
May 18.
May 25.
13,199 !
4,300 I
26,312
1.2,190
4,400
23,571
13,148
4,250
24,181
12,723
3,950
21,416
37,918
6,704
36,781
4,855
37,704
4,646
34,492
4,184
25,531
6,186
15,858
22,864
4,045
12,771
26,069
4,961
15,313
21,246
4,457
12,135
8, 791
7,717
8,390
6,906
11,722
6,595
4,419
10,942
6,276
3,902
11,230
5,729
3,776
8,886.
4,614
6,706
3,706
20,306
5,972
5,442
20,552
5,785
3,464
19,335
5,388
2,952
18,558
67,436
1,540
11,334
6,346
51,531
1,446
10,005
6,676
53,637
1,976
9,851
5,736
48,608
1,331
8,538
4,474
1,384
1,360
1,222
997
2,600
2,529
10,248
676,265
2,216
2,031
9,532
549,396
2,475
2,002
10,396
593,368
2,139
1,913
7,797
547,973
5,903
2,983
16,727
163,448
2 825
5,170
7,154
6,551
3,009
14,018
108,291
4,299
5,326
6,494
7,634
3,382
16,613
115,769
3,027
5,425
6,874
7,286
2,970 j
18,773
82,556
2,915
4,359
6,657
18,655
31,545
3,892
4,333
5,213
16,672
33,483
3,064
3,801
5,018
18,653
32,488
3,347
4,482
4,876
19,068
28,970
3,943
4,054
4,540
53,122
2,303
49,517
2,052
56,304
2,278
46,294
1,803
8,515
4,946
7,287
5,367
2,791
7,084
4,385
7,635
5,451
5,311
1,834
9,790
5,113
9,161
5,946 I
5,805 "
2,841
5,587
8,234
6,676
5,249
2,451
9,060 !
4,550 \
8,740
4,764
9,425
5,525
7,462
4,854
8,688 j
28,582:
22,168
9,554
29,752
21,497
8,970
33,646
21,964
7,863
29,200
17,535
2,627
131,280
2,670
2,523
120,871
2,525
2,153
145,768
2,756
2,065
122,726
2,539
1,312
1,823
1,376
1,788
14,574
2,837
1,454
1,793
1,327
1,722
15,754
2,824
14,466
2,267
16,480
2,606
750
FEDERAL, RESERVE BULLETIN.
JUNK,
1922.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS-Continued.
DATA FOR EACH REPORTING CENTER-Continued.
[In thousands of dollars.]
1922
1921
Week ending—
Week e n d i n g May 3.
District No. 9—Minneapolis—Continued.
Grand Forks, N. Dak
Great Falls, Mont
Helena, Mont
Jamestown, N. Dak
Lewistown, Mont
Minneapolis, Minn
Minot, N. Dak
Redwing, Minn
St. Paul, Minn
Do..
Sioux Falls, S. Dak
Superior, Wis
Winona, Minn
District No. 10—Kansas City:
Atchison, Kans
Bartlesvillo, Okla
Casper, W y o
Cheyenne, W y o
Colorado Springs, Colo
Denver, Colo
F r e m o n t , Nebr
Grand Island, N e b r
Grand Junction, Colo
Guthrie, Okla
Hutchinson, Kans
Independence, K a n s
Joplin, Mo
K a n s a s City, K a n s
:
K a n s a s City, Mo
Lawrence, K a n s :
McAlcster, OkLa
Muskogco, O k l a .
Oklahoma City, Okla..
Okmulgce,
Okla
~
'
~>kla
O m a h a , Nebr
Parsons, K a n s
Pittsburgh K a n s
Pueblo, Colo
St. Joseph, Mo
Topeka, K a n s
Tulsa, Okla
Wichita, K a n s
District No. 11—Dallas:
Albuquerque, N . Mex
Austin, Tex
Beaumont,. T e x
Corsicana, Tex
Dallas, Tex
E l Paso, Tex
Fort Worth, T e x
Galveston, T e x
Houston, Tex
Roswell, N . Mex
San Antonio, T e x
Shreveport, La
Texarkana, T e x
Tucson, Ariz
Waco, Tex
District No. 12—San Francisco:
Bakcrsfield, Calif
Bellingham, W a s h
Berkeley, Calif
Boise, Idaho
Eugene, Oreg
Fresno, Calif
Long Beach, Calif
Los Angeles, Calif
Oakland, Calif
Ogden, U t a h
Pasadena, Calif
Phoenix, Ariz
Portland, Oreg
Reno, N e v .
Ritzville, W a s h
Sacramento, Calif
Salt Lake City, U t a h
San Bernardino, Calif
San Diego, Calif
San Francisco, Calif
San Jose, Calif
Seattle, W a s h
Spokane, W a s h
Stockton, Calif
Tacoma, W a s h
Yakima, W a s h
1
'I
:
1,560
1,322
2,335
408
751
70,996
771
465
35.406
41.', 734
3,646
1,666
920
1,461
1,298
2,468
505
721
61,160
730
436
124,691
30,239
3,475
1,851
1,024
1,240
3' 059
3,901
1,993
2,695
33,758
860
1,185
583
585
2.809
2; 403
2,365
3,527
65,246
1,129
793
5,243
20,374
1,627
45,515
835
1,022
3,021
15,650
3; 050
28,929
9,784
1,317
2,579
3,129
1,480
2,689
32,159
817
1,267
715
546
2,464
1,756
2,368
3,186
65,154
950
924
5,237
21,401
1,738
46,985
786
1,100
4,150
14,414
3,801
18,552
11',691
2,500
2,920
3,218
801
33,138
6,949
21,944
12,011
25,359
546
5,751
7,785
1,618
2,275
3,225
2,012
3, 748
3,094
995
30,257
23,91.8
12,449
23,500
544
6,559
7, 630
1,172
1,741
3,068
3,342
1, 195
3,881
2,382
1,637
9,369
7,298
121,836
22, 574
4, 437
6,120
4,095
30,371
2,244
161
14,200
13,129
1,500
9,485
185,187
4,725
32,610
10,255
4,179
9,721
2,919
2,622
1,424
6,430
2,638
1,743
9.382
7,177 '
109,547 ;
22,118 '
5,-.136
6,302 !
5,007 !
28,279 :
2,186
1.70
17. 729
13^ 193
1,400 ;
9, '188 j
152,021 !
4,603
30,527 .
9,458 !
5,674
7,785 ,
2,351 :
* Debits of banks which submitted reports in 1921.
May 10.
ay 24.
1,408
1,349
1,957
440
643
70,594
854
426
1 27,862
33,393
3,267
1,534
972
!
•
!
;
,
i
1,204 :'
2.385 j
2.386 !
1,716 i
2,579 j
33,398 :
821 j
1,200 !
549 1
532 i
2,638 I
2,458 '<
2,859 •
3.412 '•
69;230
908
902
5,674
19,603
2,049
45,599
627
1,049
3,517
14,724
3,475
24,769
9,579
i
I
:
!
j
!
!
I
!
j
!
!
2,254
3,1.95
3,354
975
33,092
7,547
22,794
14)796
25,534
593
6,847
6,768
2,797
1,523
3,305
!
i
j
'
:
'
2,194 ;
1,676 j
3,868 '
3,779
2,268
10,382 .
7,066 !
139,078 !
19,649
A. 1.93
6,257 •
1,613 !
30, 660 I
2, 148 !
227 j
12,685 |
12,965 i
2,072
9,385
169,434
4,161
35,742
11,315
5,098
9,196 j
2,546 !
1,317
1,324
1,691
340
564
65,585
721
406
25,887
31,369
3,260
1,328
867
1,121
1,710
2,763
1,443
2,496
32.984
'712
1,149
683
475
2,562
1,661
2,238
2,982
66,141
913
763
5,777
17,248
1,885
45,708
893
1,076
3,354
12,952
2,830
17,805
8,811
1,624
2, 592
3,603
917
32,396
9,550
23,412
13,752
23, 626
487
5,878
11,793
1,727
1,615
2,920
1,939
1,519
5,92L
2,429
1.619
8)818
6,772
126,250
18,734
5,959
6,011
4,513
27,172
2,582
141
11,185
12, 540
1,632
8,275
159,354
3,963
33,013
11,220
4,572
7,441
2,175
May 4.
May 11.
May 18.
May 25.
1,286
1,613
2.072
1,146
1,646
2,051
1,055
1,753
2,018
979
1,54.5
1,558
68,130
63,700
71,831
60,568
29,448
30,054
29,113
24,408
4,615
1,829
1,033
3,900
2,130
1,034
4,2C0
2,056
776
3,745
1,837
1,172
1,093
2,384
1,177
2,060
1,133
2,467
1,060
1,963
2,048
2,695
36,375
2,004
2,447
29,942
J, 634
2,274
31,700
1,397
2,513
31,602
1,962
3,417
74,953
1,999
3,387
66,827
2,083
3,433
73,636
3,671
1.9,933
4,109
21,156
4,501
19,197
3,836
17.228
39.866
42,221
42,814
37,333
4,105
18.389
3'. 887
20,925
10,358
4,239
14,630
3,802
20,549
8,959
3,969
14,976
2,794
22.172
9,791
2,712
13,263
2,613
16,473
9,503
2,712
2,784
3,491.
3, 415
1,019
2,759
3,125
1,505
2,969
2,841
33,213
8,175
19,220
16,853
25,305
32,027
7, 622
17,650
22,757
23,931
35, 394
7, 926
18,410
18,732
21,795
29,726
8,644
18,911
17,776
23,248
6,088
7,062
1,366
1,246
2,868
6,583
7.1A6
1,504
1,935
3,207
7,031
7,827
2,003
1,907
3,274
6,516
ti} 875
1,281
1,916
3,183
3,529
2, J93
3,707
2,038
3,177
2,410
2,51.9
1,970
8,670
5,767
101,590
18,651
3,580
5,105
9,851
5,267
95,721
22,171
2,854
5,524
9,791
5,640
99,070
19,766
2,810
5,510
8,749
4,031
CO, 619
18,108
3,076
4,713
35,392
2,323
32. 739
2,528
34, 783
2,694
30,819
2,507
18,952
13,828
12,621
12,876
10,950
12,813
10,245
9,573
7,818
186,017
4,700
31,910
9,816
4,601
8,133
2,267
8,207
161,859
4,178
30,775
9,669
4,635
8,502
2,042
8,639
195,622
4,352
32,447
.11,181
4,478
8,902
2,218
6,641
167,83.1
3,905
28,777
9,973
' 4,153
8,54.1
1,889
N
1.964
3,230
66,345
,
751
FEDKEAL EESE1WE BULLETIN.
1022.
GOLD-SETTLEMENT FUND.
INTER-BANK TRANSACTIONS FROM APRIL 28 TO MAY 25, 1922, INCLUSIVE.
[In thousands of dollars.]
Transfers.
! Changes in ownership
I of gold through trans- Balance in
! fers and settlements. fund at
close of
period.
Credits.
Decrease. Increase.
Daily settlements.
.Federal reserve bank.
Debits.
B oston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City..
Dallas
San Francisco.,
!
!
i
'
Credits. \ Debits.
I
5,000
17,500
3,000
2,000
1,000
1,000
2,000
2,000
4,000
3,000
1,000
1,000
!
11,500
1,000
|
:
Total, four weeks endingMay 25, 1922
Apr. 27, 1922
May 26,1921.
Apr. 28, 1921
27,500
58,000
175,638
133,587
27,500 '
58,000
175,638
133,587 j
425,96C
1 640,350
521,701
440,540
375,458
173,876 I
884,152 :
417,939 I
117,059 !
320,179 !
164,394
231,589
433,0.18
1,701,201
512,456
422,511
377,543
183.520
885^ 3.12
396,119
113,459
310,573
J66,534
210,951
''
2,058
46,351
i
7,245
20,029
3,085
11. 644
3,160
i
'
I
i
18,820
4,600
|
i
i
J,894
3,140
20,638
5,713,197 i 5,713,197 =
5,384,384 ; 5,384,384
4,039,248 4,939,248
4,997,324 . 4,997,324 !
71,332
71,332 j
23,587
140,346
56,393
40,975
30,076
26,007
73,512
5,041
20,547
25,376
12,627
33,527
488,014
457,998
489,866
488,137
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Gold,
Ten months ending
April-
April.
Countries.
Silver.
.1922
Ten months ending
April—
April.
1921
1922
§1.472,434
86; 628,92-1
11, 290
1,139,145
13,547,061
3,357,515
30,512,983
285,388,301
27,485,2.1.5
4,855,5L3
4,492,211
3,9.14,212
2, 277,656
176,790
12,624,296
1,263,935
2,745,009
640, 795
12,041,660
11,294,518
771, 797
11,022,483
972,586
7, Soii, 639
10,289,639
812,579,260
128,439,700
19,924,809
5,003 ,
4,186,970 !
325,367
53,358,59-1 j
120,494,485 !
19,017,137 i
5,461,746 :
4,600,048 I
3,104, 798 i
265,19 L
423,354 I
8,432,258 :
1,409,800 :
4,112,630
828,058
5,312,137
14,803, 765
1,622,670
534,429
1,061,377
12,740,382
23,183, 088
1921
1922
1921
1922
IMPORTS.
Denmark
,
France
Germany
Greece
•.
Notherla ncls
Spain
S wed on
United Kingdom—England
Canada
Central American Suites
Mexico
"West Indies
Argentina
Chile
Colombia
Peru
Uruguay
Venezuela
Ciiina
British India
Dili ch Kast Indies
Hongkong
Philippine Islands
British Oceania...
All other
§1,182,261
10,895,170
:
:
!
j
i
9,534
11,052,004
2,552,880
24,800,664
J 3,770,896
158,353
520,930
354,932
721, fl.'iO
387,050
14,731
750,843
128,611
1,505,845
17,008
2,3S0,941
3,214,41
214415
46,758
.1,600,851
132, 79 L
237,900
4,225,209 I
SJ, 101,039
8,978
1,587, 799
1,854,797
1,954,044
640,641
318,018
252,644
3,932
30,853
609,776
108,594
666
53,043
1,075,138
12,243,555
Total.
EXPORTS.
United Kingdom—England.
Canada
Central American States
Mexico
West indies
Colombia
Peru
China
British India
Dutch East Indies
French East Indies
Hongkong
Japan
AU other
Total..
87,852
50,000
85,565 ;
3,027,585 j
!
321,260 j
i
6,198,190 j
793,000 !
:
77H.748 i
12'J,000
1
383,787 I
18,709 •
610 '
3,400
507,825 ;
79,794 :
3,033,177
8-4,435 j
236 I
53, 781
11,384
736,338
66"|
720 I
40 "
68,836
155,690
3,378
33 j
12,933 !
99, 964
59
545
S129,347
84,292
252,039
24,846
109,797
31,395
165,626
3,286,024
2,230,962
29,454,154
81,071
25,000
2,657,577
682,435
6,293,019
1,249
1,287,752
40
1,001,091
192
17,508
3,053
J, 030,029
•SS44
207, 248
5,713,615
1,669
68,364
4,904
162,987
3,383,250
1,335,335
39,401,860
542, 400
12,638
1,325, .172
204,835
5,239, SoS
25, 347
1, 572
2, 247
11,718
484,175
204.
15,726
1,550
679,911
58,827,001
!
132,109
I
68,340 '
2,283
261,502 '
270,776 j
2,023,747 I
' 2,232 !
955
145.252 !
9j 742 !
451,394 I
4,117
536,811,943 . 446,347,680 ! 3,297,971 ; 4,799,873 j 48,848,501
I
177,595 i
82,537
41,485
!
3,053,376
12,000,000
1.414,401
'600,000
2,290,000
:
2,176,996
12,127
4,535,730
350
!
;
•.
;
I
!.
!
2,779,805 i
160,000 ; .
143,090 i 8,328,250 . 9,008,175 .
j 92,537,289 i
i
85,000
174,062 j 3,604,087 I
1,578,867 |131,701,778 j 22,337,870
361,880 =
10,224 ;
i
7,583,043
10,461,550
2,400,931
4,124, 725
'
370,005 ! :
6,543
327,322 ! 2,010,940 . 1,843,556
6J369
890,523 i
34,409
123,000
239,500 j
450,703
63,376 !
100,000 i
6-42,-753 i 14.912,035
993,403 j 2i035,182
1,0
200,193
1,029,509 .
134,298 i
424,253 i 1,803, 708
83,909
47,237
200
353
2,318,823 I
5,108,732
14,940,009
5,309,646
11.9 L0,527 !
6,309,248 :
31,018 '
3.168,000
8,409,094
1,610,204
651,396
=8,759,552 i
51,013,501
FEDERAL RESERVE CLEARING SYSTEM.
to
OPERATIONS DURING APRIL, 1922.
[Number and amount of items handled shown in thousands of dollars.]
Items drawn on banks located I
in own district.
I
Items drawn
on Treasurer
of U. S.
Federal reserve bank or
branch.
or branch city.| branch cltv.
..--.
ber.
Boston.
New York
Buffalo
Philadelphia
•- Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
•St. Lou is
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City.
Seattle
-\.
.Spokane
T o t a l : April
March
1
:
j
!
'•
'
!
!
j
i
;
;
•'
i
j
Amount.!
576 450, 1651
, 984!3, 975,001:
2091 S2,9991
687J02J
562 213;183
202 1.12,072
456! 212,043
Ill
110', 120
255 129,328
676 131,706
33,085
237
19,672
59
28,790
59
63
36,115
99S 545,934
267 145,543
306 207,141
19,140!
42
53,254i
95
26,348
75
98,286
223
6,994
.14
310 188,591
39.754
126
41', 121
71
47,646
95
54,398
133
S, 430!
4.0
35,5641
03
232 102,772j
324| i 12,981.
26,839|
50
20,814
47
32,963
106
16, ISO
39
r
' 203
1,285
312!
-32^
1. 2k):
' 129
303
1,247
212
354
21.9!
181;
ilO, 799J8,061,074i32,2
11, 6118,561,088j34,3f
Total items handled, including
duplications.
Number of non member
banks.
Number of
member
banks.
Number.
Amount.
On par list. Not on par
U
Number. 1 Amount. ber. Amount
3,429
4,554
41J.
2,142
1,305
808
856
1,828
697
350
158
163,
210!
11.0
3,638
489
J,267
29I|
429:
162!
Items forItems forwarded to
_
warded to
Total
items hanparent bank
died, exclusive \ other F. R.
or to branch in
of duplications.
banks and
their branches. same district.
151
365,017
589,802 1,085
47,6681
16
240,247J
161
141,882!
66
71,746!
70
87,3851
64
233,636;
56
62,230
60
37,118
39
J 1,158
13
17,762
91
18,361.
14
12,444
36
291,136
487
49,324
39|
73,254
1.5,351
23,026
37
8,924!
11
69,237
40
1L, 024
6:
79,379
110J
19,398
251
55,416
9
33,110
48:
148,158
29;
9,31.9
16!
25,353
51:
36,169
65
87,202
44.
1.1,573
18:
21,91.8
13j
15,365
38!
10,099
.10:
3,1101
Number.
19,879
99,035
2,239
28,478
6,006
5,550
5,745
8,540
6,001
5,188
1,075
' 879
1,094
7, 103
59,965
2,881:
9,270
05.1
3, 8221
840;
8,820 3
1,278
10,346)
2,903
913!
2,905!
UttV
2,556:
51,054!
10,773!
3,495J
2,995!
6.738;
;
Amount.
NumNum- .
ber. Amount.
180
43,051
844,061
4,156|
1.20,374
7,6231 4,663,838 1,045
117
18,332
636
132,906
670 HO', 389
955,827
3,997
43
5,130
361,071
1,933
14
6,459
1,088: * 190,712
76
37,163
305,1.731
1,376
161
55,776
.1,995
114
36,057
1,012
197*619!
28
8,831
1,065
174,012
15
1.0,543
408
45.318
37
7,572
38,3131
231
10
4,24S
48.245|
283
34
8,769
55', 662
209
292
27,875
897,035;
5,117
13
197.74SJ
2,999
' 795
35
4,522!
289,6651
1,739
0
949|
35, 1.42J
341
8
80,102
597!
561
1
206 i
36, 11.2
248
:{
15,306
1.77,495j
1,666
77
2,439
6
' 223!
19,296!
27,357
278,316;
223
1,705
62,1151
1.5,751:
65
463
97,450!
7,184 !
43
926|
:J
5,030
37
84,015;
* 676!
8, 840
!
207,918!
.1,392
1,612
19,388;
' 185!
2,1.63 i
63,4731
15;
417
2,9211
752
1.89,995!
20 :
210,956!
15.791
l l l4i
1,615
41,9071
1,432
286
45.727
2,437
41.4
13
55; 060
4,892!
3031
20
27.3941
3.0.1.0;
230|_
12
i
387,319| 3 40, 120i 3 11,481,374 3,649
539,079; 48,917i 12,346,733 3,946
632,607 !
670,082!
29
40
75[
27|
27|
5
I
22!
2
!
?'
5
1
71
39
141
31 i
33:
57'
40;
9:
38!
14;
.1922 192 P
4,342
3,928 8,688
1.7,428
796
4,667
5,347 2,005
3,854 1,114
6,044 1,477
7,692 2,196
6,778 1,201
4,599 1,120
19,328
450
275
1,732
304
732
497
248
1,958 5,417
9921 8.12
730 1,782
2,099
369
571
138!
251.
192
228 1,748
872
230
9,374 1,999
9,875
5071
5,226
983!
7311
4,777
3.518 1,494!
202!
' 567
1,01.8
437'
4,853
SI I 1
7,382! 1,783:
330:
4,013
436!
2,414
421:
4,344
2,627
2561
1922
19212
4,356
887,112 1,002,119
8,390 4,788,140 3,074,797
168,606
193,121
' 836
4,928 .1,072,216 1,241,043
371,548
430,120
1,819
201,025
254,727
1,11.0
348,380
452,273
1,560
415,770
2,301
458,013
240,454
290,533
1.139
187,442
128,672
578
78,191
346
75,189
271
50,51.1.
47,617
322
03,690
53; 225
270
64,928
82,071
5,601
920,868 1,097,024
758
201,739
207,539!
1,859
294,91.7
33S, 641
376
38,190
46,971
578
80,837
9i; 112
252
36,5.10
38,383
239,246
1,842
193,029j
22,607
25,495
'241!
448,218
3,198j
31.5,047
565 j
87,7411
99,453
1.0811 109,860
150,693!
' 823!
.115,119i
94,422
1, 889'
280,0091
220,276
210
30,9381
21,567
482
82,994J
00,054
870
251,424;
197,769
1,457
234,129
237,730!
335
59,906!
47; 352
448
50,578
73,114!
397
04,302
74,922;
36,750
249!
33,03.1
A p r . Apr. A p r .
30,
30,
15,
1922. 1921. 1922,
434
717
83
710
319
222
343
409:
163i
228|
81
76i
SI
s
827
198
331
161
398!
25.1!
657'
135!
2l6|
167!
132|
1721
65,
100
259
255
77
473
510
319
250
7.1.8
263
93
33
63
1.45
51
3,970
264
363! 1,718
230
68j
! 342
50!
185
811! 2,421
201 i 209
333! 1,441
160!
270
339;
444!
261'
90JI
652;
7601
63|
72(
132! 258!
275!
l2
172
1771
155
.122!
105;
1.82;
93
03i
158!
100'i
436
705
83
700
315
221
341.
456
159
211
71
68
85
Apr.
15,
1921.
Apr. I Apr.
30, i 15,
1922. j 1921.
256
251
76 j
44'
521
323
233
782
27i
108
34
72
147
50
4,00^
259
1,752
233
342
188
2,578
219
1,450
286
549
1,108
896
7::
276
278
163
17;
118
10!
164
7381 145,156150,513 51,74342,259,137 11,837,..__, 9,904 9,726! 17,943 18,792
867 j 179,145J53,730 43,838:13,, 195,960 10,414,658 j 9,873 9.696J1.7,976! 18,804
1
577
542
490
119
144
161
225
529
122
139
156
221
162
173
2
170
53
9
183
40
1,936
Incorporated banks other than mutual savings banks.
2 Mar. 16 to Apr. 15.
Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks, as follows: Cincinnati, 8,000 items, §1,344,000; Minneapolis, 2,000 items, $1,152,000;
Omaha, 1,000 items, $294,000; total, 11,000 items, S2,790,000.
NOTE.—Number of business days in period for Birmingham and Jacksonville was 23: for Boston, Philadelphia, Pittsburgh, Baltimore, Atlanta, Nashville, New Orleans, Detroit, Memphis,
Minneapolis, Oklahoma City, Omaha, Dallas, El Paso, and Houston, 24; and for other Federal reserve bank and branch cities, 25 days.
3
JUNE, 1922.
75
FEDERAL RESERVE BULLETIN.
MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVE
SYSTEM, MAY 1, 1922.
General stock.
Gold coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve Bank notes
National-bank notes
Total, May 1, 1922
Apr. 1,1922
May 1,1921
Apr. 1,1921
S3,766,765,584
j
'
:j
372,256,851 •
|
:
I
272.017,534
!
'.
i •
346,681,016
i
2.543,299,460
i
91,363,400
i
754,622,549
!
|
i
8,147,006,394
8,108,976,196
8,128.219,183
8,181.529,274
Held, in the
U. S. Treasury
as assets of the1
Government.
Held outside
U. S. Treasury
and F. R.
System.
Held by or for
F. R. banks
and agents. 2
4,099,669
2,155,891
987,795
19,139,460
82.283.517,699
526,968,213
9,523,722
41,713.247
26,830;656
1.209
54,141:283
354.165,651
7,966,538
12;842,034
8427,131,359
170,472,211
58,788,477
252.327,747
227,252,680
1,528,354
288.440,064
2,186;977,918
82.409,067
722:641,055
410,867,210
433,301,664
508.349,193
496!945;969
3,317,670,252
3,227,103,307
2,512,465,834
2,534;743,843
4,418,468,932
4,448,571,225
5,107,404,156
5,149,839:462
8358,676,102
7,874,095
17,934,198
Amount per capita outside U. S.
Treasury and
F. R. System.
$40.36
40.69
47.38
47.83
1
Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, ana Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption
of outstanding gold and silver certificates and Treasury notes of 1890.
2
Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 1, 1922.
Paper maturing within 90 days.
Secured b y Federal reserve bank.
Treasury notes Liberty bonds
and
and Victory
certificates of
notes,
indebtedness.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta..
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas....
San Francisco.
i
44
44
44
44
44
5
5
44
44
44
44
44
44
4i
5
5
5
44
Trade
acceptances.
4J
44
44
44
44
44
44
44
5
5
5
44
Commercial,
agricultural,
and live-stock
paper, n. e. s.
44 •
44 !
44
4J :
44
44 I
44 !.
5
5
4*
Bankers'
acceptances
maturing
within
3 months.
Agricultural
and live-stock
paper
maturing
after 90 days,
but within
6 months.
44
44
44
44
4*
44
5
5
44
DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates prevailing during the 30-day period ending May 15, 1922, in the various cities
in which the several Federal reserve banks and their branches are located.
A complete description of the several types of paper for which quotations
are given Avill be found in the.September, 1918, and October, 1918, FEDERAL
A comparison between rates prevailing during the 30-day period ending
May 15 and the 30-day period ending March 15 continues tp show a very
marked tendency to stabilization. The only important declines are in in.
dorsed bankers' acceptances and prime commercial paper in the open marketCompared with the corresponding period last year all the rates are lower.
RESERVE BULLETINS .
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING MAY 15, 1922.
!
Bankers' acceptances,
30 to 90 days.
Primc commercia 1 paper.
Collateral loans—stock exchange.
Ordinary
loans to
i Secured by customers
I warehouse secured by
! receipts.
Liberty"
bonds.
j
District.
Citv.
I
Customers'.
30 to GO
days.
Cattle
loans.
Open, market..
4 to 6
months.
30 to 60
days.
4 l.o i\
Indorsed.
I
Unindorsed.
Demand.
3 months.
tlis i
montlis.
3 to 6
months.
j..... .. _..._.
No. 1..
No. 2..
N o . 5..
N o . 6..
N o . 7..
No. 8..
No. 9...
i Little Hock
Minneapolis
| Helena
!
Kansas City
No. 10..
i Omaha...."
' Denver
Oklahoma Citv
N o . 11.
Dallas
r
El Paso... !
Houston
No. 12. . San Francisco
! Portland
Seattle
Spokane
Salt Lake City
Los Angeles
IT.
5
(i
7
C. j //. L.
ILL.
C. ILL.
4:} 4 | 41 . 4:} 4 ; 41 i 5 41
4^ 4[ 41 1j 4? 41- 4 H : 7 41
51 4*o-l i\
8 5
4-J 4 4i- ; 0 r>
f>" 4 41
L. C.
4\ 4*
4-1 5
")" 6
41 51
5~ 6"
5 6
5
6
4 41
5 6
41 41
5 6
G
5 0
7? 01 6f
8 77
j 8 51 6-7
61 42 5-6
j1 61 5.} 0
5 1 <t:7 5
Oi 5V 5{
:
4f 4.1- 41
5 4 ! 41
« 4-5 51
6 56
i8 67
: 8 67
6 1 6 6 I: 61 6 6
8 77
j 8" 7r 7
: 8 «> 6 ! 8 5 6
7i 5} 61 1! 7} 5} 61
; 8 5 6-7 8 5 6-7
0 7
i 10 6 7
7 5 61 : 7 5 61
10 6 8
10 8 8
: 7 57
7 56
61 51 6 , 61 oi 6
' 8" 4 7
18 6 7
! 8 fi 7
j8 67
I8 6 7
• 8 01 7
i 8 6" 7
i8 6 7
i 8 4^ 7
' 8 57
!
5 4 41
1
: 6 5 - 8"
41
5
! J I f •!?,
51 5i 51
8
6
7 71
4'- 5
4*
4 41
7*
6
7 0 01
51 4$ 5
4-1
42 31
6 31
3-i! 31 3:ti 4'4 4
8
6J
8
7
56
5} 6«77
5 6-7
7
71
8"
8
7
9
61
61
5 51
4 4 4'
5 51
6 8"
8
8 6
7
5 6-1
6 7
6 7
87
51 6
6 8
5 6
6 6
4^
8 7 71
6 4ii 5"
0"'"ii"
6"
7 6 S
I
10 8 8
64
5(
i
4.1
7
8
8
8
6
7 7
8 7
5 61
1
3fl
31
51 3:} 3:i
i Rates for demand paper secured by prime bonkers' acceptances, high, -ti; Low, 3; customary, 31.
i
;
77
5
6
77.7,.
c.
41
4-51
6
5
6
G
6
6
G
6
7
7
6-7
7
6
. 7
. 6
\ 44 4
i 6
6
I ( >T' 5 1
6
\] I
f
C.I ILL.
!?>
i? f
: 6 0
: G 5i
GV ILL. C.
4,o,
!: G 5"
-i
6 51
8 6
"G"G"'e""" 8 6
i1
i 7\ 6
I8 G
j 8" 6 7"
!8 6
5 31 4-5 i 8 51 6-7
8 0
5--G 7 5 51-6
7 5 5-0
3} 3} 3}
7 66
7 6 6"
6
3i 3i 3i
01 5 51 : 61 5 5?
01 5 1
' 6 56
i6 6 6
6
6 6'
:
8 G 7 8 6 7
8 0 7
8 78
8 6 8
8 6 8
6 (5
7 6 G
i7 6 6
8 88
8 8 8
8 7
7 56
8
5 7
. 8
8 61 7
8 6 6
s 7
51
6-7
!
8
8
51
6-7
8
5^
0-7
--! «
6" 8
ilO
O 6"
.10 G 8
10 0 8
..i 8 0 01 j1 8 0
8 6 01
10 6
..10 6 8
10 6 8
' 8 67
8 6
!8 6 7
7 66
7 8 07
'• 7
6 6
8 6 7
8 6 7
3
8
G
6 4 6
•
8
6
7
8 6
8 7 77
!8 6 7
8 06
8
7
7 S"
8 5 78
I 8 5 7
41 31 3-«•
4^ 41 41
j'5i"4i"4i-"
51 4^ 5
5 41 41-4$ 5 4i 41
5
5 4 41
5
5
;>.j
6 6 (j
6 5 0
G 5 0
5 51
! 8 6 7"
5
C. 77. L. C. 177. L.
:
41
31 3£
3331- 3J5-51 31 3£
: ^3:1" 30
'COCO
No. 3..
No. 4..
H. L. C.
Boston
H 4? •
New Y o r k 1
7
Buffalo
'..'..'..'..'. 7 i
Philadelphia
fi
Cleveland
7 o 0
Pittsburgh
6 5 6
!
Cincinnati
6 5 f>
Richmond
0 5 6
.Baltimore
.'. 6 5J 6
Atlanta
' 85 6
Birmingham
7-? 6J- 7
Jacksonville
I 80 7
New Orleans
8 3!j 6-7
Nashville
•
. Chicago
61 4-J 5-6
j Detroit
6-1 51 6
St. Loiiis
6" 4 i 51
Louisville
! 6 5 6~
Memphis
, 8 6 61
: o
6
!6 5 6
8 8 8
6 6
o"oi*
6
0
0 o 0
i 8 51 6
71 01 7
8" 7" 8
i 8 51 0-7
!
!
I 0
.: 7
.6
. 0
51 4 5
6" 5 0
6 41
7 6" 8
0 fi 6
6 5 *5
0 56
0 5^ 6
8 56
i 6
8 6
8 5J 0-7
0 5 5-51
"oi'5'51
6 66
0G
7 68
6
8
-I 7
8 07
8 7 8
8 88
01 0^ 6
. 7
8 88
71 : 8
: s 6 0-7 6 51 6
01 6" 61
7 • ! 86 7
6-7
6-7
8 G 6-7 8"
10 0 7
10 7 8
6 8
8
51
61
6
61
8
10 8 8
10 8 8
7
5
6
7 7
7
8
I 8
6 60
6 6
!1 6}
8 07
6J 7
80 7
8 87
.. 8 6 7
8 67
! ^7 7
8 07
7 8
' 8 7 8
7 7
!1O o 7
1
3
w
755
FEDERAL RESERVE BULLETIN.
JUNE, 1922,
FOREIGN EXCHANGE.
improvement. The most decided advance,
however, is reported for the Shanghai tael,
No material changes in foreign exchange which rose from an average of 73.9 cents in
rates are reported for May, the index for the April to 78.9 cents in May, commensurate]y
month remaining unchanged at 58, the April with the advance in the price of silver. The
figure, as compared with 65 in May, 1921. A Indian rupee also advanced, but not to the
FOREIGN EXCHANGE INDEX
1918 - 1322
- G E N E R A L INDEX
• ENGLAND
•FRANCE
• GERMANY
NETHERLANDS
ARGENTINA
JAPAN
PERCLNl
110
PAR
30
80
70
60
50
40
30
20
10
• 0
N. 0- .X
i\ M. A. M. J. J. A. S. 0- N. D. J. f M. A.M. J. J. A. S. 0. N. D. vj. F. M. A. M- J. J. A- S. 0. N. D. J. F. M. A. M. J. J . A. 5. O. N- D.
1918
1919
1820
1921
1922
further advance in sterling from an average of same extent. The Japanese yen remained
$4,413 to $4,446 brought it up to over 91 per steady at about 47.4 cents, or 95 per cent of
cent of parity. Slight advances are also shown its parity.
for Danish and Dutch exchange rates, all the The rates used in the compilation of the table
other European countries showing small re- are noon buying rates for cable transfers in
cessions. Canadian exchange rose to 98.8 New York, as published daily by the Treasury
cents and South American exchanges also show in accordance with the act of Mav 27, 1921.
756
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
FOREIGN EXCHANGE RATES.
[General index for May, 1922. 58; for April, 1922, 53; for May, 1921, 65. Rates in cents per unit of foreign currency.]
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
| Par
Monetary unit. j! ofexchange.
Belgium
' Franc
Denmark
Krone
France
Franc
Germany
Rcichusmark
Italy
- Lira
Netherlands
Florin
Norway
; Krone
Spain
j Peseta
Sweden
I Krona
Switzerland
| Franc
United Kingdom...; Pound
I
Canada
j Dollar
|
|
I
j
!
High.
Low.
May. I April.
May.
April.
May.
I Index (per cent
I
of par).i
Average.
19.30
8.4600
8.3580
8.5192
8.2700
8. 4000
8.6200
21.3969 21.2204
21.1900 21.0700 21.9200
21.3000
26.80
8.9700
9.0200
9.3500
9.2200
9.1196
19.30
9.2288
.3165
.3110
. 4163
. 3639
.3410
23.82
.3459
5.1700
5.4900
5.3600
5. 0800
5.2558
19.30
5.3668
4.0.20 38.2200 I 37. 7300 39. 0400 38.1600 38.6500 37.9332
19. 0900 18.4738 IS. 6116
17.9900 i 17.7400 18.7800
20.80
15.5800 15.6819
15.5300 ! 15,2700 16.0000
19.30
15.5128
26. 80 25.6000 1 25.9400 25. 9500 26.1800 25.7746 26.0480
19.4600 19.2062 19.4480
19.0600 ! 19.4200 19.3900
19.30
486.65 442.9100 ,437. 0500 445.1000 443.0000 444.6119 411.3368
44.14
79.18
47.82
1.45
27.81
94.36
69. 45
80.38
97.19
100.77
90. 69
27
7
85
99
37
29
11
24
16
9
244
98.79
97.70
169
85.42 :
42.34
60.76
83.69
41. 83
57.74
32
32
12
26
25
10
110.61
57.15
95.01
54
30
83
41
26
94
98.3299
96.8917
99.1181
98.0688
98.7880
96.48
: 2 32.44
j 19.53
81.5300 78.3400
13.5500 i 13.4700
11.3125 11.0625
83.8800
13.9400
12. 6250
81.5000
13.6900
11.6250
82.4088 ! 80.7480 i
13.7365 ; 13.5696 i
11.8667 I 11.2775 !
72.4200
27.6800
47.3100
81. 9600
29.1600
47.5300
75.6000
27.9600
47.4500
78.9400
73.9396 ! 118.09
28.7508 i 27.8096 • 59.09
47.3554 j 47.3628 • 95.00
:
China
India
Japan
' Shanghai t a e l . . . ! 2 (w. 85
; Rupee
48.06
! Yen
j 49.85
Peso (gold)
Milreis...
| Peso (paper)
76.1400
27.8900
47.2500
97.7580
April.
43.32
79.85
47.25
1.44
27.25
96.14
68.93
81.25
96.17
99.51
91.36
:
j
! 100.00
Argentina
Brazil
Chile
May.
May.
April.
Weight.
29
19
87
101
27
39
7
17
40
11
240
OTHER COUNTRIES.
Monetary unit.
Austria
Bulgaria
Czechoslovakia
Finland
Greece
Hungary
Poland.'
Portugal.
Rumania
Yugoslavia
Cuba
Mexico
Uruguay
China
Hongkong
Straits Settlements
j Krone
Lev
; Krone
! Markka
; Drachma
! Krone
]
Polish mark
-: Esciido
| Leu
|{s£rbi£n dLnar":I".:".:'.::
I Peso...
do.
do.
;
Mexican dollar
Dollar
Singapore dollar
1
Par i
of ex- j
change.
20.26
19.30
20. 26
19. 30
19. 30
20. 26
23. 82
108. 05
19. 30
20.26
19. 30
L0W
-
May.
I
High
J
I
j
I April. | May.
0. 0095
. 6767
1. 8908
2. 0475
4. 1600
. 1188
' , 024.4
7.6800
. 6872
. 3392
1. 3529
0. 0127
.6850
1. 8569
1. 8638
4. 3700
.1154
. 0241
7. 7500
. 7075
. 301.1
1. 2050
0.0125
.7267
1.9486
2.1038
4. 4900
. 1.299
. 0259
8. 0600
. 7069
. 3697
1. 4771
April.
0.0137
. 6983
2.0392
2.0538
4.5200
. 1351
. 0271
8.1800
. 7591
. 403.1
L. 6243
May.
0.0112
. 6930
1. 9207
2. 0821
4. 2685
. 1261
. 0249
7. 8285
. 6967
. 3622
!.. 4502
April.
May.
0.0134
0.06
. 6898
3.59
1.9602
9.48
1.9268 i 10.79
4.4668 ! 22.12
. 1258 I
.62'
.0262 i
,10
7.9800 i
7,25
.7332 \
3.61
.3325 I
1.79
1.3302 I 7. 51
April.
0.07
3.57
23.14
.62
,11
7.39
3.80
L64
6.89
99. 8145
49. 3574
80. 4000
99. 851.7
49. 0768
79.7627
78.1116
77.13
75. 53
59. 0500
59. 5700
51.1700
00. 2800
55.9300
50. 5800
57. 3781
57. 7796
50. 7592
53.9196
54.7284
49.9928
119. 26
120.95
89.40
112.08
114. 57
88.05
99.7750
48. 7350
99. 76S9
49. 0375
99. 9001
49.3650
103.42
78. 7600
76. S900
2 48.11
2 47. 77
56. 78
DO. 1600
52. 8500
53. 6800
49. 5800
Based on average.
'- 191.3 average.
Average price of silver per line ounce: In London (converted at average rate of exchange), $0.72144; in New York, 80.71623.
Index (per cent
of par).1
99. 8625
49. 5775
79.0100
1.00. 00
49. 85
55.8800
50. 0800
Average.
'
99. 85
98. 45
99.81
99.01
757
FEDERAL. RESERVE BULLETIN.
JUNK, 1922.
EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS.
ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM FOR THE LAST SIX MONTHS OF 1921, ARRANGED BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
District
No. 1
(40
banks).
DisDisDisDisDisDisDisDisDisDisDisTotal
trict
trict
trict
trict
trict
trict
trict
trict
trict
trict
trict
United
No. 5
No. 6
No. 7
No. 8
No. 9
No. 10 No. 11 No. 12 States
No. 4
No. 3
No. 2
(66
(377
(.1.05
(136
(115
(44
(202
(219
(51
(1.27
(133
(1,615
banks). banks). banks). banks). b a n k s ) . b a n k s ) . banks). banks). banks). banks). banks). banks).
Capita] stock paid in..
Surplus ..
36,411
39,939
186,867
178,510
26,770
4.9,647
65,189
81,623
15,623
9; 969
27,942
17,700
100,301
86,902
30,517
22,603
10,952
4,045
9,960
3,744
15,355
6,395
60,704
24,679
Total
capital
and surplus...
76,350
305,377
76,417
1.46,812
25,592
45,642
187,203
53,120
14,997
13,704
21,750
85, 383 1,112,347
18,719
82,582
9,524
26,998
4,189
9,930
47,475
11,295
4,508
3,676
4,355
25,248
248,499
39
448
.1,997
460
2,087
20,028
84
70
2,740
150
178
6,801
60
59
640
564
333
980
550
1,366
8,42(5
418
393
1,843
95
1.06
159
46
551
6.1.8
155
19
237
296
245
3, 271
.2,917
5,861
47,740
21,203
105,157
12,424
34,127
4,948
11,807
57.817
18,919
4,868
4,891
4,766
29,060
305,017
3,608
18,238
2, LL7
5,788
932
2,286
10,116
2,718
1,012
1, 038
1,245
Gross earnings:
Interest and discount
Exchange and collection charges..
Commissions
Other earnings....
Total gross earnings
Expenses:
Salaries and wages.
Interest and discount on borrowed money...
Interest on deposits
Taxes
Other expenses
6,049'
586,591
525.7*fi
55,147
609
3,094
448
1,958
608
1,857
2,176
1,543
624
399
616
1,091
15,023
7,392
1,368
2,174
32,326
5,388
11,655
3,01.4
677
1,367
11, ISO
2,313
3,548
1,302
372
559
2,362
1,082
1,606
16,939
5 794
6,076 !
3,179
1 wn
1*604
1,420
288
553
1,234
444
1,086
704
367
755
10,1.18
1,579
3,584
91,170
20,902
34,567
Total expenses..
15,151
70,701
7,623
24,787
3,773
9,193
41,101 | 10,274
3,897
4,201
3,687
22,421
216,809
Net earnings since last
report..
Recoveries on chargedoff assets
6,052
34,456
4,801
9,340
1,175
2,614
1.6,716
3,675
971 |
690
1,079
6,639
88,208
J32
.1,756
152
1,148
198
169
962
335
42 |
100
153
856
6,003
6,184
36,212
4,953
10,488
1,373
2,783
.17,678
4,010
1,013
790
1,232
7,495
94,211
3,730
15,285
145
.1,014
394
1,381
5,504
1,523
848
584
1,465
.1,787
33,360
956
289
9,677
1,222
599
71
1,347
854
226
38
406
121
.926
699
314
179
61.
42
40
19
39
323
4.04
929
14,995
4,786
1,908
7,129
2,016
651
643
1,827
3,120
53,141
875
1.0,549
1,994
362 !
147
1 595 ':
4,375
41,070
1,924
281
535
451
2,930
40,174
12.61
5.13
.1.0.74
5.87
9.65
13. 70
3. 75
7.81.
4.15
6.86
V. 22
4,83
2. 15
.1.0.25
7.38
Total net earnings and recoveries
Losses charged off:
On loans and discounts
On bonds, securities, etc
Other losses
Total l o s s e s
charged off
4,975
26,184
815
3,215
658
Net addition to profits.
1,209
10,028 |
4,1.38
7,273
71.5 1
Dividends declared...
Ratio of dividends declared to capital
stock (annual basis)
—per cent
Ratio of dividends declared to capital and
surplus (annual
basis)—per cent
Ratio of net profits to
capital and surplus
(annual basis)—per
cent
2,341
15,727 .
2,551
4,538
889
1,496
.12.86
16.83
19.06
13.92
11.38
10.7 L
1 Deficit.
6,511 !
!
|
12.98 j
i
6.J3
8.61 I
6.68
6.18
6.95
6.56
6.96 |
3.17
5 49
10 83
9,91
5. 59
7.24
3.83
1J.27 |
7.51.
758
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
CENTRAL RESERVES AND CENTRAL BANK LIABILITIES OF SELECTED COUNTRIES.
There is presented herewith a table showing themselves as represented by the dollar equivafor all the countries for which information is lents for post-war years are misleading, espeavailable the total metallic reserves, gold cially, for countries having very low rates of
reserves, note and deposit liabilities, and the exchange. For example, Poland had in 1922,
percentage of reserves to these liabilities 256,000,000,000 marks in circulation. This
combined prior to the war, about the time of amounts at par of exchange to $61,000,000,000,
the armistice, and for the latest available but at the average rate of exchange of the
date in 1922. The con version into dollars Polish mark for April it amounts to only
has been uniformly made at par. This is the $67,000,000. The equivalents of any amounts
only fair method for the calculation of the in local currencies can be easily obtained by
reserve percentage, but it should be borne in dividing the figures in the table by the par
mind that, except for gold reserves, the amounts value of each currency.
METALLIC RESERVES, TOTAL NOTE CIRCULATION, AND CENTRAL BANK DEPOSITS BEFORE THE WAR, ABOUT THE TIME
OF THE ARMISTICE, AND AT LATEST AVAILABLE DATE.
[hi thousands of dollars; converted at par.J
Metallic
reserves.
Gold.
Notes in
circulation.
Total note
and deposit
liabilities.
Deposits..
#
End of 1913.
21.287 ;
1,39.1 i
802,388 !
344.339 ;
170.245
5,'746
251,421
48,062
19j666
6,973
678,856
278,453
170, 45
5,211
505,212
206,010
40,6 6
21,810
1,102,715
617,240
144,08; >
54,2 6
34,119
24,450
1,84;
5,094
.188,886
188,763
347, L93
49,006
539,331
230, -160
42,458
26 904
1,291,601
8C6,003
491,279
103,262
287,-.91
22,627
265,455
22,627
440,717
96,321
63,513
504,230
96,321
57.1
23.5
!
310,-U*
288,082
537,038
63,513
600,551
51.7
:
64.:. 23 i
12,846 i
17.692 !
29! 493
812.788
230!772
28,76t ,
36,823
60,899
12,846
8,760
29,24:.'
780,902
92,489
27,372
32,802
125,70)
28,840
112,372
110,239
859,293
371,385
62,838
60,538
1,742
3,372
11,667
5,793
300,761
122,081
29,309
11,389
127,44')
32,212
124,03)
116,0*2
1,160 05+
493,466
92,147
71,957
50.6
39.9
M 3
25. 4
70 1
46.8
31,2
51. 2
3,258,871
2,792,281
4,960,221
1,388,980
6,349,201
51. 3
27,142
115,375
27,142
115,375
108,616
118,461
1,170,651
1,279,297
118,461
2.1
97.4
142,517
211,408
142,517
204,949
227,107
1,220
1,170,651
227,880
1 397 758
229,100
10 2
105. 4
304,410
•Vu stria-Hun gar v
Belgium
Dcnm.ar.iC..
Finland
France
Germany
Groat Britain
Greece
Italy:
Banks of issue
Treasury
To4al
Netherlands
N orwa v
Portugal
riuniani-]
Ru^ia
Spain
Sweden
Switzerland
b'S,, 9 4 1
Total, Europe
Canada: .
Chartered banks
Treasury
Tolal
United States: Federal Reserve Banks 1
Total, North America
A rgen ti r i a
Brazil
Crugiiav
Total, South America
Australia
New Zealand
Total. Australasia
1 ndia
Japan:
Bank of Japan . .
G overnment
Total
Java
Total, Asia
South \frica
Grand total
1
•
•
56.4
25.6
50.1
27 5
62.1
42.7
31.7
5.6
3*3,925
3 -17, 166
228,327
1,398,531.
1,626,858
313.497
89.577
12; 499
31.3,497
89,577
10,826
319,485
290,933
22.275
9,187
349 485
290,933
3J,462
415,573
413,900
662,693
9,187
671,880
61. 9
2] 899
25,325
2,1,899
25,325
48,212
8,147
125,230
48,212
133,377
45,1
19. 0
125,230
47,224
47,224
56,359
209,093
109,170
321,728
111,846
24,427
136,273
i
23.6
'
"
'<yf~7
30. 8
39. 7
181,589
26. 0
321,728
65.0
212,555
61,397
273,952
40.8
212,555
61,397
273,952
49.7
21,587
10,027
45,010
3.901
48,911
44.1
360,953
119,197
579,293 ;
65,298
644,591
56.9
236 8 9 8
36,581
10,619
198,947 !
209,566
113.0
3,756,049
6,497,512
9,683,685
48.6
• 4 709 374
Date of first statement of Federal Reserve Banks, Nov. 20,1914.
Per cent of
metallic
reserves to
total note
and deposit
liabilities.
3,186,173
759
FEDERAL RESERVE BULLETIN.
JUNE, 1922.
METALLIC RESERVES, TOTAL NOTE CIRCULATION, AND CENTRAL BANK DEPOSITS J3EFORE THE WAR, ABOUT THE TIME
OF THE ARMISTICE, AND AT LATEST AVAILABLE DATE—Continued.
[In thousands of dollars; converted at par.]
Metallic
reserves.
Notes in
circulation. I Deposits.
Gold.
End of 1918.
Per cent of
metallic
Total note
•
reserves to
and deposit
total
note
liabilities.
and deposit
I liabilities.
Austria-Hungary.
Belgium
Denmark
Finland...!!.!!!!
Franco
64,598
55,936
52,813
8,340
725,550
53,074 !
51.145 •.
52; 159
8,234
661,009
. !
8,713,207 I
'
120,609
223,146
5,838,175
Germany:
Reichsbank
Darlehnskassenscheinc.,
543,612
538,848 :
5,285,137
2,439,699
3,163,393
8,448,528 j
2,439,699 :.
6.4
543,612
538,848 '
7,724,836 j
3,163,391
10,888,227 !
5. 0
384,994
138,695
342,149
1,573,052
1,915,201
840,347
1,182,496 1
1,573,052 ;
523,689
384,994 ,
138,695 j
523,689 1
840,347
2; 755,548 i
10, 422
10,422 .
242, 760
116,351
359,111 I
Total.
Great Britain:
Bank of England.
Exchequer
Total.
Greece
1,446,806
26,619
32,629
478,698
10,160,013 ,
0.6
147,228
255,775
6,316,873
35. 9
3.3
11.5
Italy:
y:
Banks of issue.
Treasury
224, 953
31,834
202, 403
31,831
2, 267,801
451,041
392, 4.98
2,060,299 i
451,041
Total..
256,787
234,237 j
2,718,842 |
392,498
3,111,340 !
280,583
32,691
27,493
34,636
758,798
554,008
76,630
91,314
277,155 :
32,69.1 1
9,263 !
34,577
667,041 I
430,072 !
76,532 j
80,041 :
429,717
116,905
295, 877
472,121
9,456,5i6
640,030
218.027
188; 311
35,568
34,178
18,788
40,571
1,728,563
236,965
37,902
36,215
465,285
351,083 1
314,665 j
512,692 i
11,185,079
876,995 :
255,929
224,526 ,
39,314,280 j
8,666,089
47,980,369
Netherlands.
Norway
Portugal
Rumania
Russia
Spam
Sweden
Switzerland..
Total Europe...
Canada:
Chartered banks..
Treasury
Total
United States: Federal Reserve Banks.
Total North America
Argentina.
Brazil
Uruguay..
Total South America..
4,097,880
3,743,189
69,427 ;
121,261 j
190,688
;
:
69.427 :
12i; 26 L I
190, 688 •
2,184,333
224,501
299,815
524, 316
:
2,184, 333 j
2, 708, 649 !
1,553,036 i
4,33L,150~
2,151,489
2,092,062 •
2,342,177
2, 282, 750 j
3,302,430 :
3,737,369 |
269.028 :
20,2.18 •
46,718
490,034
55J,4K0 ,
57, 553 ;
10,415
269,028
26,238
49, 733
2,778,114 i
2,408,834 :
299,815 !
551., 480
67,968 1
315,579
312,564 .
Australia
New Zealand.
Total Australasia..
304,143
39.351
104, 143
39,35! i
280,637 :
30,499 '
.. j
221,732 I
286,037 i
252,231
143, 494 I
1-13,-194 !
317,136
221,732
538,808
India.
209,579 ,
Japan:
Bank of Japan..
Government
361,722 :.
426,218 I.
Total.
Java.,
Total Asia...
South Africa
Grand total..
95. 763
1,099,657
10, 415
735. 7J0 ;
1,110,082 .
32.6
8.8
8.0
8.3
60.3
21.6
8.7
6.8
Q.8
63.2
29.9
40.7
8.5
2.9
40.5
7.0
49.7
55.0
4. 8
73.2
31.1
36.3
15 6
26.6
7J5, 740
~29~3
34.0
570,653 :
15, i(iS
494,281 !
1,064,934
45,468
1,110,402
616,321 '
494,281
49,202 I
43,423
79,449 i
39,893
119",342"
~4lT2~
1,040,721 I
139,186
1,411,310 1
534,174
1,945,484 ,
53.8
30,508
308, 458
338,966 1
979
13,478,237
:;>,953,568 j
13.6
787,910 j
33,579 I
33,579 i
8,009,430 i
6,684,762 j
45,475,331 1
71.0
760
FEDERAL,.KESEKVE BULLETIN.
JUNE, 1922.
METALLIC RESERVES, TOTAL NOTE CIRCULATION, AND CENTRAL BANK DEPOSITS BEFORE THE WAR, ABOUT THE TIME
OF THE ARMISTICE, AND AT LATEST AVAILABLE DATE—Continued.
[In thousands of dollars; converted at par.]
Metallic
reserves.
Date.
Gold.
Notes in
circulation.
Deposits.
Total note
and deposit
liabilities.
Per cent of
metallic
reserves to
total note
and deposit
liabilities.
1922.
Austria
Belgium
Czechoslovakia
Denmark
Finland
France
Germany:
Reichsbank
Darlohnskassenscheine
.
May
Mav
May
Apr.
Apr.
May
7
11
7
29
29
18
13
59,361
128,156
62,294
8,332
745,463
9
51,452
12,738
61,191
8,227
690,768
69,870,747
1,216,589
1, 982,273
121,080
273,181
6,918,524
4,993,752
137,031
94,008
34,451
19,727
471,813
74,864,499
1,353,620
2,076,281
155,531
292,908
7,390,337
May
May
6
6
242,995
238,597
33,934,834
2,178,506
6,760,008
40,694, 842
2,178,506
6
242,995
238,597
36,113,340
6,760,008
42,873,348
.6
627,233
163,028
627,233
138,695
591,723
1,464,038
693,175
.1,284,898
1,464,038
48.8
11.1
Total
Great Britain:
Bank of England
Exchequer
May 10
May 11
Total
G reece
Hungary
-
Italy:
Banks of issue
Treasury
790,261
765,928
2,055,761
693,175
2,748,936
28.8
Mar. 28
May 7
10,887
121
9,168
598,327
6,223,297
142,648
615,331
740,975
6,838,628
1.5
Mar. 31
Feb. 28
234,930
212,599
3,505,281
437,531
550,540
4,055,821
437,531
5.8
234,930
• 212,599
3,942,812
550,540
4,493,352
5.2
245,936
39,474
17,375
28,280
'417
609,457
77,603
125,325
16,812
243,567
39,474
6,970
9,267
329
486,800
73,527
104,573
13,583
410,641
100,815
60,870,362
809,194
2,687,070
81.2,335
167,788
146,255
929,389
17,575
39,773
13,664,453
60,269
292,772
218,287
83,472
5.1,58 L
109,495
428,216
140,588
74,534,815
869,463
2,979,842
1,030,622
251,260
197,836
1,038,884
57.4
28.1
3,443,492
3,028,767
196,249,780
29,050,16.1.
225,299,941
1.5
Mar. 31
Mar. 31
69,753
80,884
69,753
80,884
162,651
241,461
2,159,912
150,637
150,637
404,112
2,159,912
2,564,024
5.9
May 31
3,130,497
3,007,621
2,211,737
1,870,153
4,08.1,890
76.7
3,281,134
3,158,258
2,615,849
4,030,065
6,645,914
49.4
450,057
43,514
59,494
450,057
43,514
56,805
579,090
583,920
68,608
59,123
579,090
583,920
127,731
77.7
7.5
46.6
Total....
Netherlands
Norway
Poland
Portugal
Rumania
Spain
..
Sweden
Switzerland
Yugoslavia
.
May
May
Apr.
Mar.
Apr.
May
Mar.
May
Apr.
15
8
20
22
22
13
31
15
30
Total Europe
Canada:
Chartered banks
Treasury
Total
United States: Federal Reserve Banks
Total North America
Argentina..
-.
Brazil
Uruguay (1921)
4.4
6.2
40.1
2.8
10.1
Mar. 18
Mar. 31
Dec. 31
•
•
2,322,563
241,461
3.3
59.1
30.9
63.4
1.6
3.0
33.5
553,065
550,376
1, 231,618
59,123
1,290,741
42.8
Feb. 27
Dec. 31
113,891
37,394
113,891
37,394
269,784
36,294
210,880
269,784
247,174
42.2
15.1
151,285
151,285
306,078
210,880
India
Apr. 30
490,639
118,341
835,784
Japan:
Bank of Japan
Government
May 6
Mar. 31
634,160
332,998
Total South America
Australia
New Zealand (1921)
Total Australasia
Apr.
8
Total Asia
South Africa
Grand total..
Mar. 11
29.3
58.7
557,156
101,284
421,969
979,125
101,284
64.8
89.6
658,440
421,969
1,080,409
76,030
57,796
106,924
40,023
146,947
51.7
1,533,827
176,137
1,601,148
461,992
2,063,140
74.3
967,158
Total
Java
516,958
835,784
49,215
49,215
49,215
36,051
85,266
57.7
9,012,018
7,114,038
202,053,688
33,848,272
235,901,960
3.8
JUNE,
761
FEDERAL RESERVE BULLETIN.
1922.
FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN,
NORWAY, JAPAN, AND ARGENTINA.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
BRITISH FINANCIAL SITUATION.
[Amounts in millions of pounds sterling.J
Average of end of
month figures:
1913
1920
1921
1921, end of—
May
July
August
September
October
November
December
1922, end of—
January
February
March
April
May
1, lf>2
1,202
1,166
1,159
1,124
1,108
1,060
1,315
1,355
1,347
1,321
1,338
1,300
1,260
307
306
302
302
306
311
315
I 1,771
1,802
! 1,793
i 1,818
1
2
3
Less notes in currency notes account.
Held by the Bank of England and by the Treasury as note reserve.
Average weekly figures.
« Compilation of London Joint City and Midland Bank, British Government loans for national purposes excluded.
6
Compilation of London Economist. Ratio of net profits to ordinary and preferred capital of industrial companies, exclusive of railways,
mines, insurance companies, and banks. Applies to earnings disclosed during the quarter and has therefore a probable lag of six months.
FRENCH FINANCIAL SITUATION.
[Amounts in millions of francs.]
Bank of France.1
Gold ! Silver j De- 2
reserves. : reserves.": posits.
1913, average
1920, average
1921, average
1921—
May
July
August
September
October
November
December
,
j
!
1922.
January...
February
March
April
May
1
Situation of the Government.
Value of Savings
new
banks, Average
stock
excess
Advances
daily
and
of de- clearings
to the
Price of
bond
p
o
s i t s ^ ) of the
Govern3
per
issues
Circula- ment for ; ment | Internal External cent per- placed
or
Paris
I tion.
withdebt .a
purposes i revenue.4J debt.
petual upon the drawbanks.
of 8
rente.6
French7 als (-).
the war.
market.
I
3,343
s 3,586 :
"3,568 i
629 !
253 !
274 ;
830
3,527
2,927
3,570 I
•3,573 j
9 3,574 !
•3,575 i
9 3,575 i
• 3,576 !
•3,576 ;
272 ! i
275
277 i
277 .
278 :
279 ;
280 !
3,041
3,252
2,749
2,509
2,563
2,563
2,743
•3,576
»3,577
•3,578
»3,579
280
281
282
283
2,392
36,433
2,429
36,151
2,236 i 35,528
2,412 j 35,787
5,565
38,066
37,404
320
1,005
1,103
35,000
26,000
25,300
38, 233
36,941
36,783
37,129
37,154
36,336
36,487
26, 200
25,100
24,900
24,900
25,100
24,500
24,600
1.00-1
1,242
1,016
1,011
1,305
1,051
1,228
310,510
229,055
86.77
57.34 j
56.56
75,164
35,286
242,758
- 65
+ 48
+ 67
4,654
1,100
+
57. 15 :
, 56.35 !j
56.50
56.20 i
54.30 !
54.90 i
54.75
+ 52
+ 72
234 j + 68
3,355 ! + 33
'434 j - 0 . 5
853 | + 38
56.55
59.55
56.70 :
57.00 !
759 i + 4 1
5,002 | +100
377 J + 49
,
• + 5 8
892 I
2,345 j
152 !
59
» 554
550
006
438
467
553
463
505
527
!
"I"
23,000 < 1,323
22,500 ; 1.014
21,500 ' i;,154
22,100
1,381
243,857
35,716
T
i
I
!
j.
455
4
End of month
figures.
From indirect taxation and Government monopolies.
6
* Includes Treasury and individual deposits.
Foreign debt converted to francs at par.
«Under
the
laws
of
Aug.
5
and
Dec.
26,1914,
July
10,1915,
and
Feb.
16,1917.
•
Last
Wednesday in the month.
7
Figures of the "Association Nationale des Porteurs Frangais de Valours Mobilieres."
Bonds issued by the Government and the railroad
companies
not
included.
1
Not including 1,978,000,000 francs held abroad from January through August and 1,948,000,000 francs from September through December.
• Not including about 1,948,000,000 francs held abroad.
»• Average for 11 months.
« Estimate in the French Senate.
762
FEDERAL RESERVE BULLETIN.
JUNE,
1922.
ITALIAN FINANCIAL SITUATIONS
[In millions of lire.]
Leading private banks.1 I
Banks of issue.
Government finances.
Loans,
!
dis- , Depos- j
Depos- Com- Circuladiscounts,
its and
it
d Loans ! nnlA
G 1 ( 1 Total i t s d | n d
mer- tion for
, i and ' due to and " r °
c
Lasl1
cial
- jduefrom. corre- ; ; disb®"
crve
circu| corre- J s pond- counts.
lation.
state.
: spond- : ents. ',
ties.
j ents. !
;
|
i Princi- iI Index
i pal reve! Treas- Short- ;
term i Total
I-1 treas- jj public
ury j debt.
serve. ! bills.
during
i
month.1
I
1913, end of Dec.:
1920,endof Dec
1921, average...
1921. end of—
April
July
August
September. :
October . . .
November.
December .
1922, end of—
January
February..
March
April
129
2,007 ! 1,674 |
857
1,308 : 10,539 15.810 I 7,074 :
1,200 | 16,242 16,001 : 7,509 "
1,165
1,140
1,131
1,052
1,364
|
!
i
:
!
17,162
16,851
17,024
17,223
15,413
12,844
•1J997 1*11,797
I
: 16,694 '
16,704
! 16,672
! 16,825 :
! 17,022 ;
i'12,778
| 3 12,502 .
1,375
1,0-58
1,071
1,661
318
2,077
2,563
2,020 i 2,352
2,138
1,990
1,964
1,966
1,990
1,948
1,999
7,010 | 1,066
7,156 ! 1,076
7,315 i 1,079
7,327
1,073
7,816 i 1,086
7,810 ! 1,089 i
10,020 ! 1,092 i
•»11,616 i 10,156 '
.211,482 10,029 ;
3 965 i 3 11,407 ^11,403 ; 9,833 I
15
908 | 3 13,752 j 3 ll,708 ! 10,113 I
3 1,426 I 3 1 1 , 3 3 4
3 1,081 I 3 1.1,446
1,109 i
1,100 j
1,118 :
1,122 i
2,284
8,988
9,301
2,349
2,290 I
:
2,143 j
I 2,124 !
i 2,243
! 2,151
| 2,913
1,996 I 2, 84.8
1,971
1,956
1,964
:
:
2,562
2,687
2,473
SSS3£
s
493 j
117
10,743 i
9,061 ;
13,200
1,019 ! 87.12
8,677
9,433
9,491
9,785
9,746
9,435
10,301
9,601 !
8,507
2,546
8,352
8,395
8,554
2,546
8,485
8,505
10,183
9,631
9,589
9,360
8,570
8,626
8,523
8,350
348
348
20, 276
21 173 108,729
21 ft19
22,997 110,754
!
24,600 111,900
1,309
693
1,381
564
1,404
648
1,458
90.51
78.71
82.87
87.04
91.07
83.99
80.13
1,366
759
1,337
96.61
94.10
88.82
88.43
1
a1 Latest figures subject to revision.
a Banca Coinmerciale Italiania, Banca Italiana di Sconto, Credito Italiano, Banco di. Roma.
Revenues from state railways; from post, telegraph, and telephones; from, state domain; from import duties on grain; and from Government
sales3 of sugar are not included.
Excluding Banca Italiana di Sconto.
* Figaros for 1921 are based on quotations of Dec. 31,1920=100. Thoso for 1922 ara based on quotations of Dec, 1921 =-100.
GERMAN FINANCIAL SITUATIONS
lAmounts in millions of marks.]
Reichsbank statistics.
Situation of the Government.
; Value of
i
|Darlehnsland bond
i kassen- !
! issues
: scheme |
! placed on
in circu-I
Note
lation
i Ii Receipts Revenue Treasury. German
25 \ 15
1
l
i
circu-1 : Deposits. , Clearings.
u 11 market. ! stocks... bonds.
I from ! oof state
bills out-1
J
a
e
standing. ;
lation.
j
! taxes. \ railways,
1
Discounts.
; Gold
I re- 1
I serve.
1913, average...
1,068
1920, average...; 1,092
1921, average... j 1,056
1921.
May
July
August
September
October
November
December
1922.
January
February
March
April
May
1,958
53,964
80,952
"47," 980*
83,133
j
j
I
;
:
j
!
i
:
1,092
1,092
1,024
1,024
' 994
.•?994
* 995
•
64,764
79,982 ! 1,136
1,002
j
84,044
i
98,422
1,142
\
98,705
881
| 114,023
1,446
j 132,331
1,062
I
!
996 ! 126,160
i
996 i 134,252
i
997 ! 146,531
i 1,001
155,61.8
| 1,003
167,793
1a Latest figures subject
8 End of month.
1,592
1,857
2,152
2,403
3,377
Index numbers
of securities
prices.*
:
i
!
:
17,702
20,213
6,136 ;
57,898 ' 13,145
89.. 297
8,861
207 •
13
'"6,"285"|"
"2," 358"
71,839 i
77,391 I
80 073
86,384
91,528
100,944
113,639
14,093 I 66,454
15,824 i 78,337
13,650
79,172
19,980
98,004
18,303
119,496
25,313
140,493
32,906 i 120,835
9,043
8,358
7,837
7,610
7,316
7,330
8,325
6,108
5,566
5,145
4,908
6,185
7,044
8,016
1,841.
2,269
2,416
2,599
2,825
3,397
4,329
115,376
120,026
130,671
140,420
151,949
23,412
116,680
26,526
109,816
33,358 j 170,357
31,616 ''175,977
33,12S |
8,045
7,977
8,701
9,183
8,802
9,614
14,065
4,415
4,659
2,655 ;
190,770 ,
202,872 I
210,504
218,000
226,676
246,921
255,678 j
262,817 !
271,935
280,935
T
:
1,468 ".
1,507
1,228 •
i
I
1,534 i
!
2,889 j
7,135 '
5,965 I
1
« 269 :
=206 .
4,831 I
2,101 •:
6,416
3,992
223
222
274
265
242
U81
M47
152
154
169
268
297
to revision.
Calculated by the Frankfurter Zeitung with prices of 25 stocks, 10 domestic and 5 foreign bonds (prices as of Jan. 1,1921 = 100). These
figures, recently revised, now include subscription privileges which were heretofore omitted. Figures are as of beginning of month.
4« End of March, 1913.
As of Nov. 10,1921.
6 As of Dec. 30,1921.
JUNE,
763
FEDERAL RESERVE BULLETIN.
1922.
SWEDISH FINANCIAL SITUATION.
[Values in millions of kronor.]
Riksbank.
Gold
coin
bullion.
1913, end of December..
1920, average
1921, average
1921, end of—
|
April
i
July
•
August
September
October
'...!
November
December
1922, end of—
January
February
March
April
May
1
102
269
280
282
280
285
275
276
275
275
!
;
'
'
275 •
274
274 i
274 ,
274
Clear- Funded
State
ings.
debt.
Note
circulation
Deposits.
235
733
661
108
226
193
3,596
2,715
68 L ;
629 i
632 i
672 I
650 •
628
628 .
192
177
152
113
126
188
331
2,928
2,528
2,316
2,609 i
2,310
2,364
3,305
1,276
, 341
, 360
1L, 368
L, 393
1,409
1,433
563
579
626
582
567
337
34(5
311
301.
2,332
1,434
1.435
1,435
1,133
!
'
i
.
Busi- |
ness ! Foreign
Protested
exfailbills
change
ures
during month. 1 I during
index.*
3
imonth.
..L
Index
number of
exchange stock
Bills
value prices—
Floatdisof the A list.i
Loans Num! Num- krona
ing counted and
disValue.
State
with
ber.
ber.
abroad
debt, i Riks- counts. !
(foreign
! bank.
currencies
=100).
Situation of the •
Government. I
628
1,281
Joint-stock
banks.
2i
6:
139
476
389
2,287 ! 4,314 i
6,008 ! 3,586 •
5,948 j 6,907 \
15;
196
432
112.9
121.8 .
227
134
137
60
63
77
78
401
363
345
330
341
354
464
6,065
5,930
5,937
5,901
5,837
5,735
5,656
16
17
16
10
13
13
10
444
413
353
493
505
491
528
125. 5
119.3
119.5
121.4
124.9
124.0
126.3
84
87
90
92
421
429
447
404
5,654 ' 6,345
5,572 ! 6,272
5,474 j 6,559 |
5,430
5,378 '
20
248
7,899
7.383
6; 515
5,786
6,449
!
|
!
:
'
!
91
10 '
13
509
126.6
398
129.2
513 j 128.3 ,
126.6 '
258
176
Value
ofstock
issues
registered
during
the
month.
121
24
61
31
128
125
120
114
107
104
107
31
67
31
13
17
19
21
109
94
89
18
18
21
1
Source:: Kommersiella Meddelanden.
NORWEGIAN FINANCIAL SITUATION.
[In millions of kroner.]
Private commercial banks (103).
Norges Bank.
!
|
Gold
! Note
j npnn,itholdings, circulation.j - ^ P 0 8 1 1 3 -
1914, end of July
1920, average
1921, average
1921, end of—
March
July
August
September
October
November
December
1922 end of—
January
February
March
April
123
45 L
417
184
147
147
147 j
147 I
'.
147
147
147
147
147
147!
147 :
147 :
147 j
i Includes balances abroad.
107927—22
'
i
|
"
j
9
™ns
dis^ts>
Deposits.
Total
aggregate
resources.
Bankruptcies.
Number.
652
537
3,921
3,840
3,382
. 3,338
87
100 I
110 !
85 !
113
121
141
414
452
455
426
453
439
476
520
541
580
637 |
589
538
551
3,888
3,958
3,954
3,844
3,742
3.676
3,508
3.384
3,343
3.340
3; 319
3,275
3,231
3,305
131
141
151
143
433
428
449
447
524
494
628
516
3,412
3,346
3,280
3,201
3,172
3,124
I
|
'
j
!
,
L
88
419
443
14 |
102 !
Ill
425
428
421
416
411
395
410
378
376
385
386
Loans and hearings at!
discounts. Thrtatiania.
32
86
5,143
0,249;
5,256'
5,224
5,196
5,1131
4,944i
I
4,805!
4,754|
4,690!
74
96
101
102
78
89
81
88
76
108
764
FEDERAL, RESERVE BULLETIN.
•TUNK
1922.
JAPANESE FINANCIAL SITUATIONS
[Amounts in millions of yen.]
Tokyo banks
Bank of Japan.
iNote
circulation.
Specie
reserve
for notes.2
Ordinary
loans and
discounts.
Advances
on foreign
1913, average.
1921, average.
363
1,226
216
1,200
47
107
33
39
1921.
End of—
May
July
August
September.
October
November.
December..
1.118
1,172
1,192
1,232
1,255
1,283
1,546
1,118
1,172
1,192
1,232
1,255^
1,264
1,246
61
43
107
101
157
197
298
1,377
1,246
1.289
1,266
1,203
1,241
1.223
1,289
1,263
1,203
224
172
248
267
178
bills.
Current
Government deposits in
Japan.
(8)
Private
deposits
in Japan.
Total
Tokyo
loans
bank
Tokyo
clearings,
associated
total in
bank.
the month.
Average
discount
rate
(Tokyo
market).
297
7
50
333
1,932
364
2,572
8.38
9.00
43
23
31
32
30
30
26
375
330
345
293
309
325
203
32
76
35
30
34
37
35
1,873
1,987
1,951
1,955
1,993
1,989
2,000
2, 506
2,341
2,816
2,627
2,679
2,783
3,340
9.05
8.36
8.43
8.28
8.50
8.79
9.20
56
26
58
61
50
277
328
422
520
469
35
27
29
30
33
1,984
1,950
1,963
1/380
2,246
2,438
3,099
2,809
9.02
9.02
9.09
9.34
1922.
End of—
January...
February.
March
Apri 1
May
1
2
3
Figures apply to last day of month in case of Bank of Japan, to last Saturday of the month in the case of the other items.
This includes the specie segregated against notes only. It includes gold credits abroad as well as bullion and coin at home.
During January, February, April, October, November, and December, 1913, Government deposits averaged 4,193,000 yen. During the
remainder of the year there was an average monthly overdraft of 8,942,000 yen.
ARGENTINE FINANCIAL SITUATION.
[Amounts expressed in millions.]
Private banks. 1
Cash.
i
Date.
End of1913
1919
1920
1921
"~
.! 1,464
1
3,010
___
| 3,530
; 3,375
1,541
2,113
2,505
2, 543
Ex; change,
; average
Gold guarConsolidated.
monthly
anty of note
i Bank- rate of
Clear-1
circulation i
ruptcies'
New
2
Internal. Float- during j York
ings ; Note held in— j
on
2
(pa- ;circuing
month
!
Buenos
1
. Per). ;lation
(pa(paper).
Aires
ExI
Pa(paper).
: (par:
per.
per).
I
! $96.48=
PaCon-jS^!^1^- Gold. per.
100 gold
yer- 3 lega;
pesos).
sidn. tions.
546
February... 3,402
3438
558
March
3,438
544 i
July
" 3,454
519 !
August
i 3,444
492 '
September..! 3,447
October
| 3,391 \ 2, 467 i
November..: 3,359 . 2, 501 ;
December..! 3,375 , 2, 543 !
i
j
62 '
435
66 ! 77L
46 1,081
36 | 1,087
1921.
E n d of—
541
1,250
1,412
1,310
478 i 32 ; 180 1,471 j 823
676 ! 39 :j 268 2,805 ; 1,177
25 406 3,612 i 1,363
410 ' 3,045 ! 1,363
263
309
820 i 79
275
476 j 4 !
476 I 4
814
840
846
828
816
803
840
476 :
476
476 !
476 !
478
476
476
476
1
Includes figures
2
1913-1919 figures
8
158
177
196 I 21.4
j
651 ••
516 j
644 I
14 !
3 • 99.Q1.80
5
90.7040
12 | 72.9999
!
44 ! 1,024 1,342 ,
43 i 1,059 1,353
38 1,072 1,350 i
38 I 1,093 1,349
1,152 1,350
1,172 1,311 :
36 1,150 , 1,293
1,087 1,310 ;
401 2,81.7 1,363
398 3,132 1,363
386 3,065 1.363
402 3,093
3093 I i;
363
i;363
23 I 431 3,076 i 1,3G3
23 ; 448 2,909 | 1,363
23 j 463 2,133 | 1,363
23 410 3,482 i 1,363
24
24
23
24
:
'
:
I
640 ;
644
10
10
12
12
8
16
13
13 ;
80.39
78.202
65.799
66.555
69.63
73.078
73.4739
74.8042
i
1922.
End of—
3,362 2,529
January
February... 3,362 2,565
March
Public debt.
Cash.
DisDis- .
counts
! De- counts!
I De."
and |
i posits and
posits
ad- i
ad- i
| (par
(pa- vanccs!
: per). vanccs'
per).
Paper.
Gold.
(pai
( pa _
per). .
per).
i
Caja de Conversi6n.
Banco de la Naci<5n.
36
1,061 1,310
994 ! 1,310 I
887
913
23 i 419 i 3,014 : 1,363 476 |
23 I 383 ! 2,593 1,363476 !
3,298 I 1,363 476
10
77.1892
8 I 82.5764
16 | 82.7785
of Banco de la Naci6n.
are monthly averages.
Includes amount held in conversion fund of Banco de la Nacidn. Prior to outbreak of war the Banco de la Naci<5n held 830,000,000 as its
portion of the gold guaranty. In August, 1914, $20,000,000 of this amount was mobilized, leaving $10,000,000 in the bank's conversion fund since
that date.
INDEX.
Acceptances:
Page.
Held by Federal reserve banks
736
Purchased by Federal reserve banks
734
Argentina:
Financial statistics
764
Foreign trade
717
Australia, wholesale prices in
710,713
Bank debits, May
747-750
Brazil:
Contcnni al exhibition
699
Economic and financial condilions
694
Foreign exchange
695
Foreign trade
696,699
Railways
698
Building statistics
727
Business and financial conditions:
Abroad
681-699,761-764
In the United Slates
.649,737
Index of
645
Canada, wholesale prices in
710,714
Charters issued to national banks
700
Charts:
Assets and liabilities of Federal reserve banks and member
banks
648
Debits to individual account
747
Foreign exchange
755
Gold imports and exports
661
Gold reserves of principal countries
660
Index numbers of domestic business
721
Price of silver at which different currencies reach the melting
point
.*
663
Price of silver and wholesale price index
665
Wholesale prices in England
704,706
Wholesale prices in the United States
704,705
Check clearing and collection:
Operations of syst em during May
752
Opinion of Supreme Court of North Carolina in par clearance
case
701
Condition statements:
Federal reserve banks
646,737,740
Member banks in leading cities
646,737,744
Credit insurance, study of
667
Credits to foreign countries
642,645
Debt funding commission
646
Debits to individual account
747-750
Denmark, wholesale prices in
710
Deposits:
Principal countries, 1913,1918, and 1922
758-760
Savings, of commercial banks
732
Discount and open-market operations of Federal reserve banks. 732-736
Discount and interest rates..
753,754
Dividends of State bank and trust company members
757
Dollar exchange, countries on which drafts are authorized
680
Earnings of State bank and trust company members
757
England:
Budget
643,682
Business and financial conditions
682,761
Cost of living
714
Foreign trade
715
Index of industrial activity
718
Wholesale prices
704,706,710,711
Exchange stabilization
640
Failures, commercial
700
Federal reserve note account
743
Fiduciary powers granted to national banks
700
Foreign exchange:
Brazil
695
Index of
•.
755
Foreign loans in the United States
644
Foreign trade:
Index of.
720
Principal countries
715-717
France:
Bank of France, condition of
685
Business and financial conditions
683,761
Foreign trade
715
Indexes of industrial activity
718
Loans to Russian Government
683
Retail prices in Paris
—
714
Wholesale prices
:
685,710,712
Freight rates, ocean
728
Genoa Conference
639,678,681,683
Text of financial commission report
678
Germany:
Business and financial conditions
688,762
Cost of living
714
Foreign trade
690,716
Indexes of industrial activity
719
Reichsbank, new law governing
688
Reparations payments
641,688
Wholesale prices
690,710,712
Gold:
Imports and exports
646,661,751
November, 1918-April, 1922
661
Production of the world
660
Reserves of principal countries
659,666
Survey of world gold situation
,.
659
Gold settlement fund transactions
—
751
Gold standard
640
G overnors of Federal reserve banks, conference of
646
Page.
Holland, wholesale prices in
710
Hoover, Herbert, on foreign financial situation
642
Imports and exports:
G old
646,661,751
Silver
646,751
Index numbers:
Foreign exchange
755
Foreign trade
720
Industrial activity, England, France, Germany, and Sweden
718,719
Ocean freight rates
728
Physical volume of trade
720-726
Retail prices in principal countries
714
Wholesale prices abroad
710
Wholesale prices in the United States
705
India, wholesale prices in
710,714
Insurance, credit, study of
667
Interest rates prevailing in various centers
754
Italy:
Banca di Sconto, liquidation of
686
Business and financial conditions
686,762
Foreign trade
7.1 p>
Investment situation
0^7
Retail prices
714
Wholesale prices
710,7J2
Japan:
Financial statistics
764
Foreign trade
716Wholesale prices
710
Knit goods production
728
Lamont, Thomas W., on foreign loans
*." 644
Law department:
Opinion of Supreme Court of North Carolina in par clearance
case
701
Maturities:
Acceptances purchased
734
Bills discounted and bought
733,742
Certificates of indebtedness
' 742
Member Fanks:
Condition of
,
646,737,744
Earnings and dividends
757
Number discounting during May
73s
Number in each district
752
State banks admitted to system
700
Money, stock of, in the United States
753
New Zealand, wholesale prices in
[" 710
North Carolina Supreme Court decision in par clearance case
701
Norway:
Financial conditions
763
Foreign trade
716
Wholesale prices
710 713
Note circulation of principal countries, 1913, 1918, and 1922
758
Ocean freight rates
728
Par list, number of banks on
752
Per capita circulation
753
Peru, wholesale prices in
710
Physical volume of trade
720-726
Prices:
Retail, in principal countries
71.4
Wholesale, al road
710Wholesale, in the United States
705
Reparations payments, German
641,688
Reserve ratio of Federal reserve banks
648,738
Reserves, gold, of principal countries
659,666,758
Reserves, silver, of selected countries
665
Reserves, deposits, and note circulation of Federal reserve banks.. 739
Retail prices in principal countries
734
Retail trade, condition of
729
Russia, financial aid to
642
Savings deposits of commercial banks
732
Secretary of State on financial aid to Russia
„ 642
Silver:
Imports and exports
646,751
Melting points of silver currency
663
Price of
G63
Production of the world
662
R eseryes of selected countries
665
South Africa, wholesale prices in
7J0
St. Louis roclassified as a reserve city
658
State banks:
Admitted to system
700
Earnings and dividends of
757
Sweden:
Financial conditions
690,736
Foreign trade
716
Index of industrial activities
719
Retail prices
714
Riksbank, operations of
690
Wholesale prices
710,713
Switzerland, wholesale prices in
710
Trade:
Foreign. (See Foreign trade.)
Physical volume of
720-726
Retail
729
Wholesale
731
Wholesale prices:
Afcroad
710
In the United States
705
Wholesale trade, condition of
731
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