Full text of Federal Reserve Bulletin : June 1923
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
(FINAL EDITION)
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
JUNE, 1923
WASHINGTON
GOVERNMENT PRINTING OFFICB
1023
FEDERAL RESERVE BOARD.
D. R. CRIS8INGER, Governor
EDMUND PLATT, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
Ex officio members:
A . W . MELLON,
Secretary of the Treasury,
Chairman.
HENRY M. DAWES,
Comptroller of the Currency.
W. W. HOXTON, Secretary.
WALTER WYATT, General Counsel.
W. L. EDDY, Assistant Secretary.
WALTER W. STEWART,
Director, Division of Analysis and Research.
W. M. IMLAY, Fiscal Agent.
M. JACOBSON, Statistician.
J. F. HERSON,
Chief, Division of Examination
and Chief Federal
E. A. GOLDENWEISER, Associate Statistician.
j E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
FEDERAL ADVISORY COUNCIL.
(For the year 1923.)
District No. 1 (BOSTON)
ALFRED L. AIKEN.
DistrictNo. 2 (NEW YORK)
PAUL M. WARBURG, Vice President
District No. 3 (PHILADELPHIA)
L. L. R U E , President.
District No. 4 (CLEVELAND)
C. E. SULLIVAN.
District No. 5 (RICHMOND)
JOHN M. MILLER, Jr.
DistrictNo. 6 (ATLANTA)
EDWARD W. LANE.
DistrictNo. 7 (CHICAGO)
JOHN J. MITCHELL.
District No. 8 (ST. LOUIS)
FESTUS J. WADE.
District No. 9 (MINNEAPOLIS)
G. H. PRINCE.
District No. 10 (KANSAS CITY)
E. F. SWINNEY.
District No. 11 (DALLAS)
R. L. BALL.
DistrictNo. 12 (SAN FRANCISCO)
D. W. TWOHY.
II
OFFICERS OF FEDERAL RESERVE BANES.
Federal Reserve Bank of—
Chairman.
Boston
Frederic H. Curtiss
W. P . G. Harding
New York
Pierre Jay
Benj. Strong
Philadelphia
Cleveland
R.L.Austin
D.C.Wills
George W. Norris
E. R. Fancher
Richmond
Caldwell Hardy
George J.Seay
Atlanta
Joseph A. McCord
M. B. Wellborn
Chicago
Wm. A. Heath
J. B. McDougal
Wm. McC. Martin
St. Louis
Minneapolis . .. .. . JohnH. Rich
1
Controller.
C. C. Bullen
W. W. Paddock
J. H. Case
L.F. Sailer
G. L. Harrison
E. E. Kenzel
W. WUIett.
L. H. Hendiicks.'
J. D. Hlggins. i
A. W. Gllbart.1
Leslies. Round*>
J.W. Jones, i
G. E. Chapln.'
W. A. Dyer.
Wm.H.Hutt,jr
M. J. Fleming
Frank J. ZurUnden
C. A. Peple
E. H. Broaddus
A. S. Johnstone«
John S. Walden»
L. C. Adelson
J. L.Campbell
C. R. McKay
JohnH. Blair
Geo. H. Keesee.
M. W. Bell.
W. C. Bachman.1
K.C.Childs.'
J. H. DiUard.'
D.A.Jones.1
0. J. Netterstrom.*
Clark Washburne.'
J.W. White.
B. V. Moore.
O.M.Attebery
W.B. Geery
S. S.Cook
Frank C. Dunlop i
C. A. Worthington
R. G. Emerson
Wm. A. Day
IraClerk.3
L. C. Pontious»
D.C. Biggs
E. A. Young
W.J.BaUey
B. A. McKinney
J. U. Calkins
M. L. McClure
LynnP. Talley
JohnPerrin
Kansas City
Dallas
San Francisco
Cashier.
Deputy governor.
Governor.
* Assistant to governor.
J. W. Helm.
R. R. Gilbert.
W. N. Ambrose.
»Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
W. W. Schneckenburger.
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
W. R. Cation, acting.
W. P. Kincheloe.
J. J. Heffln.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Manager.
R. E. Towle.
L. H. Earhart.
C. A. Burkhardt.
C. E. Daniel.
W. C. Weiss.
Floyd Ikard.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915,1916,1917, or 1918 are available.
Hi
TABLE OF CONTENTS.
General summary:
Review of t i e month
Business conditions in the United States
Cotton financing (V)
Official:
Rulings of the Federal Reserve Board—Reserves against so-called "special savings deposits"
State banks admitted to system
Fiduciary powers granted to national banks
Charters issued to national banks
Business and financial conditions abroad:
International trade and prices
Trend of business abroad—Statistical summarv
Foreign trade of France in 1922
".
Development of Germany's foreign trade since the war
Brazil—Review of the year 1922
Price movement and volume of trade:
International wholesale price index, monthly, 1919-1923
Comparative wholesale prices in principal countries, monthly, 1919-1923
Group index numbers, monthly, 1922-23
Comparative retail prices and cost of living in principal countries, monthly, 1922-23
Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan
Foreign trade of principal countries
Foreign trade index
Ocean freight rates
Report of Associated Knit Underwear Manufacturers of America
Production and shipments of finished cotton fabrics
Physical volume of trade
Building statistics
Wholesale and retail trade
Commercial failures
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal reserve banks
Condition of Federal reserve banks
Federal reserve note account
Condition of member banks in leading cities
Savings deposits
Bank debits
Operations of the Federal reserve clearing system\
Gold settlement fund
Gold and silver imports and exports
:
Money in circulation
Discount rates approved by the Federal Reserve Board
Discount and interest rates in various centers
Foreign exchange rates
Abstract of condition reports of State bank and trust company members
Earnings and dividends of State bank and trust company members
Foreign—
England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan
Charts:
Index of production in basic industries and wholesale prices in the United States
Bank credit
Price and production of mtetals, 1920-1923
International wholesale price index—Federal Reserve Board
Volume of domestic business
Sales oi dry goods and hardware
Sales of music chain stores
IT
Page.
655
664
679
677
678
678
678
691
692
693
697
703
708
710
711
714
715
718
720
721
721
722
723
728
729
675
733
737
741
742
720
746
750
753
752
751
751
754
761
755
760
762
664
665
669
708
723
729
.729
FEDERAL RESERVE BULLETIN
VOL. 9
JUNE, 1923.
REVIEW OF THE MONTH.
The operations of the Treasury in connection
with the maturing on May 20 of the outstanding
Treasury re- balance of Victory notes have
funding opera- made Treasury financing an
tlons.
important development of the
month of May. During the month the United
States Treasury sold about $669,000,000 of 4f
per cent Treasury notes dated May 15, 1923,
and maturing March 15, 1927, thereby completing its program for the refunding of the
short-dated debt undertaken two years ago.
This offering was heavily oversubscribed, total
subscriptions, including exchanges of 4f per
cent Victory notes, aggregating about $1,235,000,000, as against an original offering of about
$400,000,000. Allotments on cash subscriptions were about $382,000,000 and on exchanges about $287,000,000. Since this was
primarily a refunding offering, the Treasury
provided special facilities for exchanging Victory notes, which matured on May 20, for the
new notes. The new offering with the balances
on hand is intended, in addition to retiring the
outstanding Victory notes, to cover the Treasury's cash requirements until the June 15 installment of the income tax is received. It
therefore constitutes the last important piece
of financing for the current fiscal year and completes the operations incident to the refunding
of the Victory Liberty loan.
A summary of the distribution of the interest-bearing public debt by maturities on
April 30, 1921, at the time the refunding
program was announced, on April 30, 1923,
just before the final step in carrying out the
program was taken, and the estimated amounts
No. 6
on June 30, 1923, the end of the current fiscal
year, are shown in the following table:
[Amounts in millions of dollars.]
Total
gross
debt.
Maturing within 5 years.
Total
inter- Maturesting
Two
bear- after 5
With- One years
years. Total. in 1 year
ing
|
to5
to
2
debt.
year. years. years.
Apr. 30,1921.... 23,994 23,760
Apr. 30,1923.... 22,616 22,327
June 30,19231.. 22,400 22,100
16,158 7,602 2,820
16,636 5,691 1,893
16,600 5,500 1,400
572
1,323
1,500
4,210
2,475
2,600
Per cent of total interest-bearing debt.
Apr. 30,1921...
Apr. 30,1923...
June 30,1923 1.
100
100
100
68.0
74.5
75.1
32.0
25.5
21.9
11.9
8.5
6.3
2.4
5.9
6.8
17.7
11.1
11.8
i Estimated.
It is estimated that the total gross debt on
June 30 will be about $22,400,000,000, which
represents a reduction of nearly $1,600,000,000
during the 26-month period. Between April
30, 1921, and April 30, 1923, the amount of
public debt maturing after five years increased
by about $475,000,000, while shorter term
obligations declined by about $1,900,000,000.
As shown by the above table, substantial reductions have been effected in the outstanding
obligations maturing within one year and
those maturing in two to five years. Moreover, the proportion of the short-dated debt
to the total interest-bearing debt has been
reduced from about one-third to one-fourth.
A more detailed statement of these operations,
with the text of Secretary Mellon's letter to
the banking institutions of the country announcing the new offering of Treasury notes,
is presented elsewhere in the BULLETIN. In
his letter the Secretary of the Treasury points
655
656
FEDERAL RESERVE BULLETIN.
out that during the past two years the Treasury has been carrying out the policy of orderly
funding and gradual liquidation outlined at
the time its program for the refunding of the
short-dated debt was announced. In this connection he made the following statement:
Except for the issue of about $750,000,000 of 25-30-year
Treasury bonds in the fall of 1922, the refunding has all
been on a short-term basis, and it has been arranged with
a view to distributing the early maturities of debt at convenient intervals over the period between now and the
maturity of the third Liberty loan in 1928 in such manner
that surplus revenues might be applied most effectively
to the gradual reduction of the debt. With this object in
view all of the short-term notes issued in the course of
the refunding have been given maturities on quarterly
tax-payment dates, and all outstanding issues of Treasury
certificates have likewise been reduced to tax maturities.
There has been at the same time a substantial reduction
in the total debt, particularly the short-dated debt,
through the operation of the sinking fund and other publicdebt retirements chargeable against ordinary receipts, as
well as through the application of surplus revenues. The
result is that the public debt stands to-day at a much reduced figure and in manageable shape, with maturities
distributed in such a way as to give the Government adequate control over it and facilitate its gradual retirement.
In accordance with Treasury policy, the rate
on the May offering was adjusted to the condition of the money market, and the financing
has had but little effect on prevailing money
rates. The condition of the money market and
banking developments during May are described
on page 665 in the usual monthly summary of
business conditions in the United States. It is
there noted that a slackening of business activity has recently occurred and that it is partly
seasonal in character. It seems desirable at
this time to take a more extended view of
business movements since the opening of the
year with regard to some of the important
underlying factors and with some reference to
the situation in different sections of the country.
During the first four months of 1923 production and distribution of goods have been exceptionally large in volume and
The economic .-. ,
. ,..
the buvm
situation.
g P o w e r o f ultimate
consumers has been steadily increasing. Current consumption has apparently
JUNE, 1923.
kept pace with larger production and there has
been little evidence of speculative buying or of the
accumulation of excessive inventories. Within
the past few weeks the reluctance of manufacturers and merchants to accumulate large
stocks has been a factor in checking a rise in
the prices of certain basic materials, particularly hi the case of those commodities which
have recently experienced unusually rapid
advances. The slackening of activity in certain lines of trade which has occurred at the
same time with these price recessions may be
considered evidence of the caution now being
exercised by producers and distributors rather
than an indication of a lack of demand or unwillingness to buy on the part of ultimate
consumers.
Increased buying power of wage earners
arising from fuller employment and wage
advances has been reflected in a greater demand
for consumers' goods and expansion in retail
trade. Factories employing over 500,000
workers and representing various lines of
industry in all parts of the United States
report increases during the past year of 27
per cent in the number of their employees,
and, as the result of fuller employment and
increased wages, of 53 per cent in the amount
of their pay rolls. Growth in consumers'
demand is reflected in the sales of 5-and-10cent stores and of department stores, which
during the first four months of 1923 were
15 per cent larger than during the corresponding period of last year. The slight decline
in sales during April was chiefly seasonal in
character. An element in the increased buying power of consumers has been that the cost
of living has increased relatively little and the
margin over necessary living expenses available
for other expenditures or for savings has been
larger. Evidence of this surplus is found in
the steady growth of savings deposits month
by month, the volume of savings accounts in
about 900 reporting banks distributed throughout the 12 Federal reserve districts being 10
per cent larger on May 1, 1923, than a year
earlier. In view of the present wage income
JUNE, 1923.
FEDERAL RESERVE BULLETIN.
there can be no doubt as to the buying power
of industrial workers and there has been little,
if any, indication of slackening in the consumers' demand for goods.
While the recovery of agriculture has been
slow and incomplete, farmers also have been
buying in larger volume, not merely to meet
ordinary needs as consumers, but also to
replace and increase equipment. Farm prices
of leading agricultural commodities have
advanced and the movement of these commodities to market was greater with few
exceptions during recent months than a year
ago. Sales of mail-order houses, which reflect
chiefly purchases made in rural communities,
are this year more than a third larger than last
year and sales of hardware and farm implements are much in excess of a year ago. A
considerable part of the proceeds from the
sale of crops last autumn was used by farmers
in the payment of debts and, while it is too
early to estimate the crop prospects for this
year, it is clear that a larger proportion of the
farmers' return during the coming autumn will
be available for the purchase of goods.
Geographical differences in recent business
trends are brought out in the table on page 732,
which presents a comparison of bank debits,
wholesale trade, retail trade, and building
contracts, by Federal reserve districts, for the
first four months of each of the past four
years. The statistics of bank debits indicate
that the dollar value of business transactions
has been about 20 per cent larger in the first
four months of 1923 than in the corresponding
period of 1921 and 1922, but is about 5 per
cent less than in the first four months of 1920.
The value of building contracts awarded
during the early months of 1923 has been higher
than in any of the three preceding years.
The dollar value of wholesale and retail trade,
on the other hand, has been^ considerably less
in 1923 than in 1920, but has been larger than
in 1921 or 1922. The decline in the value of
wholesale trade as compared with 1920 may
be largely ascribed to the lower level of wholesale prices.
657
An analysis of business activity by Federal
reserve districts shows that the dollar value
of business transactions during 1923 has been
relatively higher in the East and on the
Pacific coast than in the South or the Middle
West. Check transactions during the first
four months of 1923 were larger than in any
of the past three years in the Boston, New
York, Philadelphia, and San Francisco districts, but were smaller than in 1920 in other
Federal reserve districts. Department-store
sales in 1923 have also exceeded those of the
past three years in the Boston, New York,
Philadelphia, and San Francisco districts,
while wholesale trade was higher than in
either 1921 or 1922 in nearly all districts.
Contrary to the trend in other lines of business,
the value of building contracts has been
larger in 1923 in the West and the South than
in any of the post-war years, whereas it was
exceeded in either 1920 or 1922 in most sections
of the East.
While the demand for goods for current
consumption is normally larger in volume
and more stable in character than the demand
for goods to be used in the equipment of
industry and the construction of buildings,
the deferred demands arising from the lack
of building activity during the war have
resulted in an unusually large volume of
construction during the past two years. The
large output of basic materials since the
middle of 1921 has been partly in response
to these accumulated shortages, particularly
in residential building and in railroad equipment. In consequence of this the prices of
building materials, which remained below
the general average of prices throughout the
period of the war, rose above that average in
the summer of 1919, and since that time have
remained continuously above the general
level of prices. Production of building materials has also increased more rapidly than
the output of other basic commodities, the
high level of both production and prices
indicating the extent of the demand arising
out of the existing shortages.
658
FEDERAL RESERVE BULLETIN.
JUNK, 1923.
A comparison of the output of building and that there should be a slowing down of
materials and the production of 22 basic work in progress * * * until after there
commodities since 1921 is shown in the chart. is a relaxation in private demands." At the
same time the Federal Reserve Board decided
160
that "until the present congestion in the
140
A
140
building activities of the country is materially
6 BUILDING MATE RIALS /
120 relieved and costs of building are lowered,
120
/
f
»
too Federal reserve banks should not add to the
100
existing difficulties of the situation by carrying
*22 BASIC COMMODI IES
V
J
SO
on any branch building operations other than
80
^
/
/
SO those now in progress or for which contracts
60
have already been entered into." On May 16
40
the board of directors of the American Construction Council also recommended that Gov20
20
ernmental and municipal construction work
0
be
delayed as much as possible until September
1921
1922
1923
Building materials: Weighted index of production of lumber, flooring, or October, and urged that wide publicity be
structural steel, cement, brick, and sanitary ware.
given to the trend of construction costs, both
While the general level of wholesale prices of labor and material.
in April, 1923, as measured by the Bureau
Recently there has been evidence, particuof Labor Statistics, was 59 per cent above larly in New York City, of some slackening in
pre-war figures, the level of building material building activity. In New York City large
prices was 104 per cent higher than in 1913. building projects involving an expenditure of
Since the low point in January, 1922, the general between $60,000,000 and $70,000,000 have been
level of prices has risen 14 per cent, while temporarily suspended and the volume of
prices of building materials have increased building permits has declined. Outside New
over 30 per cent. During the period of these York City, however, the value of new conprice advances the production of basic com- struction contemplated increased during April,
modities, as measured by the board's index,
and building contracts awarded in 10 Federal
has increased 44 per cent, while the output
of building materials has increased 59 per reserve districts increased 8 per cent during
cent. This activity in the industries producing April and were 5 per cent larger than a year
construction materials has been accompanied ago.
by rapid increases in the prices and pro- During recent weeks the somewhat lessened
duction of house furnishings. This pressure volume of production and business activity
has been reflected in a slackenfor labor and materials resulted not only in
Present bank- .
, ,,
,••
•,
,
t
m
full employment at high wages and in large ing position.
S o f &» f ° f t h ° f b a n k
credit, though the volume of
advance orders for construction materials,
but in actual shortage, duplication of orders, loans for commercial purposes at banks in
leading cities has continued to increase. This
and some evidence of speculative activity.
This situation in the building industries has increase has continued steadily since midbeen recognized both by the Government and summer of last year, and on May 16 these loans
the trade itself. In the middle of March, were $825,000,000 larger than at the end of
Secretary of Commerce Hoover advised that last July. During this period the growth of
in view of the heavy demand for private con- loans secured by stocks and bonds, which
struction the President "direct the different increased rapidly during the early part of 1922,
divisions of the Government to initiate no new has been at a much more moderate rate and
work that is not eminently necessary to carry since the opening of 1923 has remained relaon the immediate functions of the Government, tively constant. Investment holdings of these
A
JUNE, 1923.
banks have declined slightly in recent months,
the largest reduction having taken place at
New York banks. It is at banks in leading
cities that the growth in credit demand has
been chiefly felt, the increases in their total
loans between January 3 and April 4 being
about $260,000,000, while during the same
period loans at banks outside these cities have
declined. The former banks also have been the
principal borrowers at the Federal reserve
banks, though the total of their borrowings
has been relatively small.
On April 3, 1923, the volume of all member
bank credit, as measured by their total loans
and investments, was larger by over $2,900,000,000 than on March 10, 1922. Of this
increase somewhat less than one-half represented a growth in loans and more than one-half
represented an increase in investments, largely
in Government securities. During the year
loans increased by only 8 per cent, while
investments increased by about 24 per cent.
This growth in security holdings reflects the
investment policy of the banks, which used
funds arising out of loan liquidation in 1921,
gold imports, and the increase of deposits to
buy Government and other securities. The
increase in security holdings has been accompanied by a growth in time deposits
amounting to nearly as much as the increase
in investments. The total of time deposits,
which largely represents accumulated savings,
is now in excess of total security holdings.
This relation between time deposits and investment holdings is in contrast to that prevailing
in 1919-20, when security holdings were greatly
in excess of time deposits.
A further factor of strength in the present
banking position is the relatively slight indebtedness of the member banks to the reserve
banks. Member banks have met the moderate
increase in the commercial demand for credit
during the past month without substantial increases in reserve bank accommodation. Net
gold imports for April were about $8,500,000, a
somewhat larger amount than in March or February, and, together with the sale of investments, have supplied a basis for member
659
FEDERAL RESERVE BULLETIN.
bank credit extension out of the banks'
own resources. The volume of Federal reserve bank credit in use has, therefore,
remained fairly constant and the amount of
Federal reserve notes in circulation has changed
but little.
On May 21 and 22 the Federal Advisory
Meeting of the Council met in Washington.
Advisory Coun- At the close of the meeting the
C1
*
Federal Reserve Board issued
the following statement to the press:
A regular statutory meeting of the Federal AdvisoryCouncil was held on May 21 and 22, at which general business conditions of the country were reviewed and reports
from all quarters were satisfactory and indicated that business ia progressing conservatively and on a sound basis.
The advisory council discussed the matter of discount
rates and was of the opinion that there appeared to be no
reason why Federal reserve bank rates should be increased
at this time.
TREASURY FINANCE.
On May 24 the Treasury announced that
" the total subscriptions received for the 4 | per
cent Treasury notes of Series B-1927, dated
May 15, 1923, maturing March 15, 1927,
amounted to $1,234,570,400, of which $947,900,500 were cash subscriptions and $286,669,900 were exchanges of 4 | per cent Victory
notes. The amount of the offering was $400,000,000, or thereabouts, with the right reserved to the Secretary of the Treasury to allot
additional notes to the extent that 4f per cent
Victory notes were tendered in payment.
Allotments on cash subscriptions amounted to
$382,052,900 and allotments on exchange subscriptions to $286,669,900, making the total
allotments for the issue $668,722,800." This
issue of Treasury notes completes the series of
operations begun in 1921, which had as their
purpose the refunding of the short-term debt,
including over $4,000,000,000 of Victory notes,
about $2,500,000,000 of Treasury certificates
(loan and tax issues), and $650,000,000 of war
savings certificates. The net result of the
operation has been a reduction of about $1,600,000,000 in the total gross debt and a redistribution of maturities discussed in the Review
of the Month (p. 655).
660
FEDERAL RESERVE BULLETIN.
The refinancing of the short-dated debt was
effected mainly through the issue from time to
time of Treasury notes, with maturities extending from 1924 to 1927. Altogether the
Treasury issued between June 15, 1921, and
May 15 of the present year nine series of notes
totaling over $4,200,000,000 and bearing rates
of interest between 4 | and 5 | per cent, in
accordance with conditions prevailing in the
money market. All of the Treasury notes, as
well as all outstanding certificate issues, were
given maturities coincident with quarterly tax
payment dates, when funds for the retirement
of these securities become available. Between
April 30, 1921, and the end of that year the
total amount of Victory notes outstanding was
reduced by over $500,000,000 to $3,548,000,000,
partly through exchanges for Treasury notes
issued in June and September of that year.
On June 15, 1922, the Treasury called for redemption all outstanding Victory notes of the
tax-exempt 3J per cent series, amounting to
about $400,000,000, and on December 15,1922,
about one-half of the 4f per cent Victory notes
Amounting to over $1,000,000,000 at the time
the call was issued. Purchases of Victory
notes through the Federal reserve banks direct
from holders were also authorized, as well as the
acceptance of Victory notes in payment of income and profits taxes, with the result that by
the end of 1922 the amount outstanding was
reduced to about $852,000,000, exclusive of
unpresented notes which had been called. On
April 30 of the present year the outstanding
amount of uncalled notes showed a further reduction to $769,000,000. About $287,000,000,
including a few called notes, were exchanged
as of May 15 for the newly issued Treasury
notes, leaving the remainder to be redeemed
on May 20, the maturity date.
Treasury certificates (tax and loan issues)
outstanding at the end of April, 1921, when the
Treasury's refunding program was announced,
totaled $2,548,000,000. This total was reduced to $2,083,000,000 at the close of that
year and to $1,075,000,000 at the close of 1922.
On October 16, 1922, the last of the loan certificates were retired, so that at the present
JUNB, 1923.
time only tax issues with maturities coinciding
with quarterly tax payment dates are outstanding. Between April 30, 1921, and April
30,1923, the Treasury also reduced the amount
of outstanding war savings certificates from
$713,000,000 to $326,000,000 and retired all of
the outstanding Pittman certificates, amounting on April 30, 1921, to $239,000,000, owned
by the Federal Reserve banks and held on deposit at the Treasury as security for outstanding Federal reserve bank notes.
On October 16, 1922, for the first time since
the war, the Government offered an issue of
long-term bonds, designated Treasury bonds
of 1947-1952, at 4J per cent, of which $764,000,000 were sold, including $252,000,000
issued in exchange for 4f per cent Treasury
notes and Treasury certificates The new
bonds are redeemable in whole or in part on or
after October 15, 1947, and mature on October
15, 1952.
As a result of these operations the total gross
public debt was reduced from $23,994,000,000
on April 30, 1921, to $22,646,000,000 on April
30, 1923, or by $1,348,000,000. (See table on
page 661.) During the same period the shortdated debt shows a reduction from $7,602,000,000 to $5,691,000,000, or by $1,911,000,000,
while the long-term debt increased by $478,000,000. Reduction of the short-dated debt
was effected largely through the operation of
the sinking fund, the application of surplus
revenues, and the reduction of the balance
in the general fund. It is estimated by the
Treasury that of the total reduction of about
$1,900,000,000 in the total gross debt during
the three fiscal years 1921, 1922, and 1923,
about $1,800,000,000 will have been effected
through ordinary receipts, including sinking
fund and other public debt retirements
chargeable against ordinary receipts, and the
remainder through a reduction of the net
balance in the general fund. While the
principal change in the composition of the
long-term debt has been the addition of
Treasury bonds, the chief change in the composition of the short-dated debt, in addition
to retirements, has been the substitution of
about $4,000,000,000 of Treasury notes for an
approximately equivalent amount of maturing
obligations. The importance of the change is
in the fact that maturities of the nine series of
Treasury notes have been spread over a period
of years, ranging from 1924 to 1927, and the
dates of maturity have been made coincident
with quarterly tax payment dates. This reduces the annual amounts to be redeemed to
more manageable proportions and at the same
time insures the fullest absorption of surplus
revenues .with the least disturbance to the
financial and money markets. Moreover, as
stated in the 1922 report of the Secretary of
the Treasury (p. 9), "this gives the best
assurance of the gradual retirement of the war
debt, and is perhaps the greatest advantage of
the short-term refunding which the Treasury
has been carrying on, for by distributing the
debt over early maturities in amounts not too
large to be financed each year these refunding
operations have given the Treasury control
over the debt and its retirement and avoided
the tendency to perpetuation of the debt
which would have been inherent in long-term
refunding upon a comprehensive scale." Furthermore, as stated in Secretary Mellon's letter
to the banks of May 7, "with the Government
balancing its budget each year and showing a
reasonable surplus, it should be possible to
retire them (i. e., these maturities) gradually
out of surplus revenues in time to avoid embarrassment to the heavy refinancing that will
be necessary in connection with the maturity
of the third Liberty loan."
The subscriptions and allotments of the May
15 issue of Treasury notes were divided among
the several Federal reserve districts as follows:
Federal reserve district.
Treasury
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
661
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
Total
subscriptions
received.
$2,804,500
90,796,400
526,552,400
104,147,100
103,282,600
28,595,100
35,370,200
137,664,000
58,857,100
15,414,000
31,661,600
21,901,900
77,523,500
1,234,570,400
Exchanges
Total
(included in
subscriptions total suballotted.
scriptions
allotted).
$2,804,500
$2,804,500
58,653,500
21,364,000
262,470,100
145,365,800
48,314,300
17,867,500
53,084,000
16,439,800
19,82R,500
5,670,200
18,393,600
4,950,000
88,2<<9,900
33,360,100
40,115,300
13,014,200
15,414,000
5,794,400
19,751,400
7,418,000
7,771,900
1,919,600
33,831,800
10,701,800
668,722,800
286,669,900
The following table shows in summary form
the development of the gross public debt and
of the various items composing the short-term
debt for the period beginning with August 31,
1919, when the debt was at its peak, and ending with estimates for June 30 of the present
year:
GROSS DEBT AND SHORT-DATED DEBT, AUGUST 31,1919,
TO JTJNE 30, 1923.
[Millions of dollars.]
Date.
Aug. 31,1919
June 30, 1920
Apr. 30,1921
June 30, 1921
Dec. 31,1921
June 30,1922
Dec. 31,1922 l
Apr. 30, 1923
June 30,1923»
Total
shortdated
Gross debt
(madebt. turing
within
five
years.)
26,594
24,298
23,994
23,976
23,438
22,964
22,995
22,646
22,400
9,246
7,842
7,602
7,418
7,097
6,745
5,835
5,691
5,500
Victory
notes.
TreasLoan
ury
(war)
Treas- and
tax
savury
notes. certifi- ings
cates. securities.
4,114
4,246
4,069
3,914 ""'311*
702
3,548
1,991 2,247
852 3,159
709 3,522
4,000
3,938
2,486
2,548
2,322
2,083
1,754
1,075
1,073
1,100
932
827
713
687
651
679
732
326
350
' From preliminary statement of the public debt, April 30,1923.
J Estimated.
SECRETARY
MELLON'S LETTER TO BANKING
INSTITUTIONS.
MAY 7, 1923.
DEAR SIR: The Treasury is announcing to-day an
offering of 4 | per cent Treasury notes of series B-1927,
dated May 15, 1923, and maturing March 15, 1927. This
is a refunding offering, and accordingly provides special
facilities for receiving 4 J per cent Victory notes in exchange
for the new Treasury notes, 'without the necessity of adjustment of interest in any case and with full interest to
maturity in the case of uncalled Victory notes.
The amount of the new issue will be $400,000,000, or
thereabouts, with the right reserved to the Secretary of the
Treasury to allot additional notes to the extent that 4}
per cent Victory notes are tendered in payment. There
are still outstanding 4} per cent Victory notes which were
called for redemption on December 15,1922, to the amount
of about $65,000,000, and uncalled Victory notes maturing
May 20,1923, to the amount of about $765,000,000, making
a total of about $830,000,000 of Victory notes now outstanding. The new offering of Treasury notes is intended,
with exchange of Victory notes and the balances already
on hand, to provide for the outstanding Victory notes
which will be presented for payment and at the same time
to cover the Treasury's other cash requirements between
now and the June installment of taxes.
This offering completes for practical purposes the refinancing of the Victory Liberty loan, and it is therefore
an appropriate time to indicate the results of the refunding
662
FEDERAL KESERVE BULLETIN.
p erations which have been in progress. On April 30,
1921, the Treasury announced its program for the refunding
of the short-dated debt, and it has since been carrying out
the policy of orderly funding and gradual liquidation
outlined in that announcement. Except for the issue of
about $750,000,000 of 25/30 year Treasury bonds in the fall
of 1922, the refunding has all been on a short-term basis,
and it has been arranged with a view to distributing the
early maturities of debt at convenient intervals over the
period between now and the maturity of the third Liberty
loan in 1928, in such manner that surplus revenues might
be applied most effectively to the gradual reduction of the
debt. With this object in view, all of the short-term notes
issued in the course of the refunding have been given
maturities on quarterly tax-payment dates, and all outstanding issues of Treasury certificates have likewise been
reduced to tax maturities. There has been at the same
time a substantial reduction in the total debt, particularly
the short-dated debt, through the operation of the sinking
fund and other public debt retirements chargeable against
ordinary receipts, as well as through the application of
surplus revenues. The result is that the public debt
stands to-day at a much reduced figure and in manageable shape, with maturities distributed in such a way as
to give the Government adequate control over it and facilitate its gradual retirement.
The comparative figures of the debt as it stood when
these operations commenced on or about April 30, 1921,
and as it will stand on or about June 30, 1923, when the
present refunding will have been completed, show clearly
what has been accomplished. On April 30,1921, the gross
public debt, on the basis of daily Treasury statements,
amounted to about $24,000,000,000, of which over $7,500,000,000 was short-dated debt maturing in about two years.
This included over $4,050,000,000 of Victory notes, over
$2,800,000,000 of Treasury certificates of indebtedness,
and over $650,000,000 of war-savings certificates of the
1918 series. By June 30, 1923, it is estimated, the gross
debt will have been brought down to about $22,400,000,000,
a reduction of about $1,600,000,000 during the period, and
all the old $7,500,000,000 of short-dated debt will have
been retired or refunded. In its place there will be a new
class of short-dated debt, aggregating about $5,500,000,000
and maturing over the period of about five years up to
the maturity of the third Liberty loan, consisting of (1)
$1,100,000,000, or thereabouts, of Treasury certificates
of indebtedness, maturing on various quarterly taxpayment dates within the year; (2) about $4,000,000,000
in the aggregate of Treasury notes, maturing on various
quarterly tax-payment dates in the years 1924, 1925,
1926, and 1927; and (3) about $350,000,000 of war-savings
certificates and Treasury savings certificates, maturing
in moderate amounts each year. These maturities are
arranged so as to permit their refinancing with the minimum of disturbance to business and industry, and, with
JUNE, 1923.
the Government balancing its budget each year and showing a reasonable surplus, it should be possible to retire them
gradually out of surplus revenues in time to avoid embarrassment to the heavy refinancing that will be necessary
in connection with the maturity of the third Liberty loan.
This Government, as you probably know, has been
squarely following the policy of balancing its budget from
year to year, ordinary receipts against ordinary expenditures, and, beginning with the fiscal year 1921, it haa
included as ordinary expenditures for budget purposes
the sinking fund and other debt retirements properly
chargeable against ordinary receipts, aggregating about
$422,000,000 for the fiscal year 1921 and about the same
amount for the fiscal year 1922. This means that any
surplus which riay be realized is after providing for
sinking-fund cha> ;es and similar public-debt retirements.
For the fiscal yea\ 1923 the returns are not yet complete,
but up to April 30, 1923, covering the first 10 months of
the year, there was a surplus on the basis of daily Treasury statements of over $137,000,000 above all expenditures chargeable against ordinary receipts, and the Treasury's best estimates indicate that by the end of the year
there will be a surplus of over $125,000,000 after charging
out expenditures for the sinking fund and other publicdebt retirements of the same nature to the amount of
about $405,000,000. This means that, notwithstanding
the unfavorable prospects at the beginning of the year,
the Government will succeed in closing the year with a
substantial surplus. This fortunate result is due in large
part to increased revenues from internal revenue and customs and to a lesser extent to decreases in the general
expenditures of the Government. It is a showing which
gives much reason for encouragement, and it means better prospects for the future if all concerned will continue
to exercise the utmost economy in Government expenditure and avoid new projects that would drain the Public
Treasury.
The current offering of Treasury notes brings to an end
the first phase of the refinancing of the war debt, and it
offers a peculiarly favorable opportunity for holders of
Victory notes to reinvest in a Government security of
similar maturity and bearing the same rate of interest.
The terms are attractive, and nothing will be more helpful to the general situation than the widest possible distribution of the new notes among investors. I am accordingly writing to ask your continued cooperation, believing
that you will wish to extend to your customers every
possible facility for subscribing to the new securities and
particularly for exchanging their Victory notes for the
Treasury notes now offered.
Cordially yours,
A. W. MELLON,
Secretary of the Treasury.
To the PRESIDENT OP THE BANKING INSTITUTION
ADDRESSED.
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
NOTES.
Changes in personnel of Federal Reserve Board.
On May 1, 1923, Mr. D. R. Crissinger, of
Ohio, took the oath of office as governor of the
Federal Reserve Board. Mr. Crissinger, who
has been Comptroller of the Currency since
March 15, 1921, succeeds Mr. W. P. G. Harding, whose term as governor of the board expired last August. Mr. Henry M. Dawes, of
Illinois, succeeds Mr. Crissinger as Comptroller
of the Currency.
Mr. George R. James, of Tennessee, who was
nominated by the President to fill the vacancy
created by the resignation of Mr. John R.
Mitchell, entered upon his duties as a member
of the board on May 14. Mr. James has held
official banking positions and at the time of
his appointment was president of the William
R. Moore Dry Goods Co., of Memphis. During
the war he had charge of the cotton section of
the War Industries Board and was a member of
the President's industrial conference of 1919.
On the same day Mr. Edward H. Cunningham, of Iowa, who was appointed a member of
the Federal Reserve Board by the President
on May 5 to fill the vacancy created by the
death of Mr. Milo D. Campbell, took the
oath of office. Mr. Cunningham has been
actively identified with farming interests in
the Middle West, and at the time of his appointment was secretary of the Iowa Farm
Bureau Federation and prominent in the work
of the American Farm Bureau Federation.
663
the vacancy resulting from the resignation of
Mr. Asa E. Ramsay, effective May 1, 1923.
Reserves against special savings deposits.
The board recently ruled that so-called
special savings deposits, which under California law must be segregated in separate savings departments with special assets set aside
for the protection of the deposits, are nevertheless not savings deposits for purposes of
reserve computations, because of the fact that
depositors are permitted to check against
these accounts and to withdraw funds without the presentation of pass books, certificates,
or other similar forms of receipt. A full
statement of the board's views on this matter
is presented on page 677.
Reprinting of Federal reserve act.
The Federal reserve act, with all amendments to date, has recently been reprinted by
the Federal Reserve Board, with an appendix
which reproduces provisions of other acts of
Congress that affect the operations of the Federal reserve banks and member banks, including portions of the agricultural credits act of
1923. Copies may be obtained from the
Superintendent of Documents, Government
Printing Office.
Publication of index-digest.
The Federal Reserve Board has just published the index-digest of the FEDERAL R E SERVE BULLETIN for 1922. This digest was
compiled by Mr. C. S. Hamlin and contains an
abstract of all published decisions and rulings
Appointment of Federal reserve agent.
of the Federal Reserve Board, together with
Mr. M. L. McClure, of Kansas City, Mo., other matter' contained in the BULLETIN for
has been appointed, chairman of the board of 1922. Copies of the digest have been mailed
directors and Federal reserve agent of the to all subscribers to the final edition of the
Federal Reserve Bank of Kansas City, to fill FEDERAL RESERVE BULLETIN.
664
NiHj J 9 2 3 .
FEDERAL RESERVE BULLETIN.
BUSINESS CONDITIONS IN THE UNITED STATES.
Production and trade continued in large volume during April. There was some slackening
of business activity in the latter part of the month and during the early weeks of May, partly
on account of seasonal influences.
Production.—The Federal Reserve Board's index of production in basic industries declined
about 1 per cent in April. Production of lumber, anthracite coal, and mill consumption of
cotton decreased, while there were increases in the output of pig iron and petroleum. There
was a further increase in the value of building contracts awarded in April, but the value of
building permits issued in 168 cities was 16 per cent less than the record figures of March. The
decrease was due chiefly to a curtailment of new projects in New York, as the aggregate value
of permits at other reporting cities showed an increase of 20 per cent. Car loadings continued
to be much larger than in the corresponding weeks of previous years, owing chiefly to heavy
shipments of manufactured goods. In spite of present heavy traffic, the shortage of freight
cars has largely disappeared.
Employment at industrial establishments continued to increase during April, although
plants in Eastern States reported some reductions in their forces and there was an increase in
those States in the number of concerns working part time. Increases in wage rates were announced by many concerns, and average weekly earnings of factory workers increased about
1 per cent.
Trade.—Wholesale and retail trade were somewhat smaller in April than in March, which
is the customary trend at this season of the year. Both were well above the level of a year
ago. Wholesale trade, according to the index of the Federal Reserve Board, was 8 per cent
less than in March, but 20 per cent more than in April, 1922. Decreased sales by department
INDEX OF PRODUCTION IN BASIC INDUSTRIES
PRICES
COMBINATION OF 22 INDIVIDUAL SERIES
CORRECTED FOR SEASONAL VARIATION
C rsta = too )
INDEX NUMBERS OF WHOLESALE PRICES
U. S. BUREAU OF LABOR STATISTICS
PER CENT
160
PERCENT
160
PER CENT
30O
PER CENT
300
( 19IJ 'WO BASE ADOPTED BY BUREAU )
250
250
120
w
80
\
150
SO
60
100
100
40
4-0
SO
20
LATEST FIGURE APR'L
LATEST FIGURE APRIL
1919
1920
1921
1922
1923
1919
1920
1921
1922
1923
BANK CREDIT
BANK CREDIT
ALL FEDERAL RESERVE BANKS
800 MEMBER BANKS IN LEADING CITIES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
16
*•« LOANS AA D
\ DISCOU VTS
K
DEMAND
DEPOSITS/*
•3/
12
10
10
e
8
6
5
INVEST!*ICNTSf'""1
4
•
2
MILLIONS OF DOLLARS
14000
MILLIONS OF DOLLARS
4000I
14
14
12
665
FEDERAL RESERVE BULLETIN.
JDNE, 1923.
TIME
DEPOSITS
^
».
3000
A
-•
r
2
LATCST TIG RE MAY IS
LATEST FJG URE MAY 9
1919
1920
1921
1922
1923
1919
1920
1921
1922
1923
stores in April as compared with March were in part due to the fact that Easter purchases
were made in March and to unseasonable cold weather in many localities. Mail-order sales
during April were 10 per cent less than in March, but 32 per cent larger than a year ago.
Wholesale prices,—Prices of certain basic commodities declined during April and the
early part of May. The general index of wholesale prices of the Bureau of Labor Statistics,
it is to be noted, showed no change between March and April. Prices of building materials,
metals, cloths, and clothing were higher in April than in March, these advances being offset
by declines in prices of fuel and of farm products, especially live stock and dairy products.
Bank credit.—Since the middle of April the volume of bank credit in use has remained relatively constant. Between April 11 and May 16 loans of member banks in leading cities showed
an increase of nearly $115,000,000, a large part of which occurred in the Chicago district.
These increases in loans were accompanied by a somewhat larger liquidation of investments,
which was general throughout the country. Partly as a result of the sale of these investments,
reporting member banks met the demand for additional loans without obtaining increased
accommodation at the reserve banks. The volume of Federal reserve bank credit has, consequently, continued to remain fairly steady at the level which has prevailed since the middle of
January, and the volume of Federal reserve notes in circulation has remained practically
unchanged.
Somewhat easier money conditions are indicated by slightly lower rates on commercial
paper and lower yields on outstanding Treasury certificates. The Treasury offering of approximately $400,000,000, 4J per cent notes, maturing March, 1927, was heavily oversubscribed,
and the issue was subsequently quoted at a slight premium in the open market.
NOTE.—Statistics used in the accompanying charts and referred to in the above textare given in detail on the
following pages: Production on pages 724-727, prices on page 711, retail and wholesale trade on pages 729-732, and
Condition statements of Federal reserve and member banks on pages 737-745.
666
FEDERAL RESERVE BULLETIN.
JUNE, 1!>23.
with 81.8 on April 1,1923, 91.7 on May 1,1922,
and 90.6, the average for the past 10 years, on
May 1. The condition on May 1 forecasts a
production of 74,510,000 bushels, compared
with 95,497,000 bushels in 1922 and 63,419,000
bushels, the average production for the past 10
years. Milder weather, accompanied by rains
in some of the dry areas of the Kansas City
district, were instrumental in improving the
conditions of winter wheat in those sections,
but in some portions of the dry belt of Nebraska and Kansas the rains came too late to
save the entire crop. Persistent rains in some
sections of the Chicago and Minneapolis districts
have delayed the seeding of spring wheat, but
in others it has been completed. Corn planting has been going forward as rapidly as the
weather would permit in the St. Louis and
Chicago districts, and oat seeding has been
practically completed.
The marketing of grain during April, as indicated by receipts of all grains at 17 interior
centers, was in smaller volume than in March,
but was greater than in April, 1922. The total
movement during April amounted to 63,364,501
bushels, compared with 78,108,287 bushels in
March and 46,357,831 bushels in April, 1922.
The greatest decreases were in receipts of corn
and barley. Export demand for corn was somewhat less than in preceding months, but the
amount of wheat sold abroad increased. Prices
of all grains were higher in April than in the
Prices of principal agricultural commodities preceding month, although in the early weeks
continued their upward movement in April, of April slight declines were evident.
and increased 3.5 per cent over the preceding
month. According to the Department of Agri- Cotton.
Weather conditions during April were generculture farm prices on May 1 were approximately 21.1 per cent higher than a year ago, ally unfavorable for cotton in all of the cottonbut were 14.1 per cent lower than the average growing States. The early weeks of the
of the past 10 years on May 1. The increase month were accompanied by low temperatures,
during April was not as great as the 10-year which delayed the progress of the young
average increase of 5.5 per cent during the same plants in the southernmost areas of the
Atlanta and Dallas districts and killed some
month.
young cotton in the sections farther north.
Grain.
The crop is from one to two weeks late, but
During April the condition of winter wheat plantings have been completed in almost all
improved, and for the entire United States the areas. In the Atlanta and Dallas districts
average condition was 80.1 on May 1, as com- the plants, although small, are growing nicely
pared with a condition of 75.2 on April 1, 1923, and cultivation is generally fair. Tne boll
and 83.5 on May 1, 1922. The yield is esti- weevils have made their appearance in some
mated at 14.5 bushels per acre, which would sections where the crop is furthest advanced,
make the total production 578,287,000 bushels. but as the plants are small very little damage
This is 1.4 per cent less than in the preceding has been done. The weather, however, has
year, 3.7 per cent less than in 1921, and 2 per been favorable for the growth of the weevils.
cent less than the average of the past 10 years. Fertilizer is being used in greater quantities
The average condition of rye also improved dur- than last year in the cotton States of the
ing April, and on May 1 it was 85.1, compared Atlanta and Richmond districts and reports
AGRICULTURE.
Abnormally cold weather, accompanied by
excessive precipitation, continued during the
early weeks of April in all agricultural sections
of the country. Soil preparations were somewhat delayed, and early fruit and truck crops
were damaged. Warmer weather prevailed
during the late weeks of April and continued
through the early weeks of May. Field work
made considerable advancement, and rapid
progress was made in the planting of spring
crops. In all Federal reserve districts, despite
some unfavorable weather, considerable advancement in all crops was indicated. In the
Kansas City district precipitation was generous in some grain areas, relieving the severe
drought that had continued throughout the
winter. In the Minneapolis district the handicap of the late spring season has been somewhat offset by farmers switching from early
to later varieties of barley and oats. Spring
, plowing was practically completed during April
m the Dallas district, where an early start was
made possible by the open winter. The recent
unseasonable weather, however, retarded planting and sowing in eastern sections of the district. Movement of labor from farms to industrial centers is general in all Federal reserve
districts, but the demand for labor in agricultural sections is greatest in the harvesting season, and the shortage will not become serious
until that time.
JUNE, 1923.
FEDERAL RESERVE BULLETIN.
indicate that wider use of fertilizer is being
made in Arkansas. According to a survey
made by the Department of Agriculture, the
movement of negro farmers from the South to
industrial centers of the country is greatest in
the southeastern cotton States of Georgia,
South Carolina, and Alabama.
The movement of the old cotton crop to
market, as indicated by sight receipts, decreased during April as compared with the
preceding month and reached the low point of
the year, amounting to 305,000 bales, compared
with 453,000 bales in March and 433,627 bales
in April, 1922. Spinners' takings also reached
the low point of the year in April, but were
reater than in the same month a year ago.
tocks of cotton at mills, although less on
April 30 than on March 31, were greater than
on April 30 one year ago. Warehouse stocks
were also less than on March 31 and considerably less than on April 30, 1922. Combined
stocks at both mills and warehouses amounted
to 3,855,000 bales on April 30, as compared
with 4,675,000 on the same date one year ago.
Total cotton exports amounted to only 260,000
bales in April, as compared to 598,000 bales
in April, 1922. The price of upland spot cotton
in New York has declined steadily, from 31.30
cents in the middle of March to 25.60 cents on
May 7. Since that time the market has shown
an upward tendency and reached 28.65 cents
on May 26.
f
Tobacco.
The season for the marketing of leaf tobacco
practically drew to a close in April. Sales of
all types of leaf tobacco by growers in Virginia
were greater than in the preceding season,
amounting to 161,245,000 pounds prior to
May 1, compared with 95,218,000 pounds in
1921-22. Prices received by growers for both
dark and bright tobacco were higher than in
the previous season. The greatest increase
was in the average price per hundred pounds
for bright tobacco, which was about 45 per
cent higher than in the preceding season.
The average price for dark tobacco was $18.81
per hundred, compared with $18.66 in 1921-22.
Increased production and higher prices during
the season yielded the growers of Virginia
approximately $42,000,000, compared with
$19,000,000 in 1921-22. Producers' sales in
North Carolina totaled 276,813,000 pounds, at
an average price of $27.41 per hundred pounds,
compared with 251,682,000 pounds at an
average price of $25 per hundred in 1921-22.
Final returns for the North Carolina growers
667
were approximately $76,000,000, an increase
of $13,000,000 over the preceding year. In
the St. Louis district the growers are rapidly
preparing their ground for planting and plant
beds are generally in good condition. In the
Richmond district, although plants were
injured somewhat by cold weather, transplanting has begun in the southern counties.
In the tobacco sections of the Atlanta district
the late cold weather damaged the early planted
tobacco and considerable replanting was necessary. The demand for cigars in the Philadelphia district was fairly good during April,
but buying in the early weeks of May was
reported not to be up to expectations. Many
manufacturers are inclined to believe that
retailers are stocked up and are deferring purchasing until their shelves become depleted.
The demand for American cigarettes is good
and production is estimated at above 85 per
cent of capacity. Prices for cigars and cigarettes are generally firm and unchanged, and
leaf tobacco prices are exceedingly steady.
Stocks of cigars are reported to be moderate.
Fruit.
The cold weather which prevailed during
the greater part of April was unfavorable to
the fruit crops of the country. Early peaches
and other fruits were seriously damaged in
the Atlanta, Richmond, and St. Louis districts
by unseasonable weather in the early weeks of
April, but fruit buds and blooms were delayed
in the fruit sections farther north and very
little damage was done. In the Atlanta district prospects for the 1923 citrus fruit season
are reported to be good, although in a few
sections the early bloom was light. Rain is
needed in many sections, but the dry weather
has not been as serious as it was last year.
The condition of oranges on May 1 was estimated to be 90 per cent of normal, compared
with a condition of 95 per cent a month ago
and 86 per cent a year ago. Grapefruit was
estimated at 88 per cent of normal, compared
with 91 per cent a month ago and 81 per cent
on May 1, 1922. The shortage of refrigerator
cars that confronted Florida shippers during
March has been relieved and the movement of
oranges for the present season is 22,868 cars,
an increase of 5,322 cars over the movement
for the corresponding period last season. The
movement of grapefruit also shows an
increase of 1,812 cars over the preceding
period. In the San Francisco district mild
weather recently has brought forth an excellent
bloom on deciduous fruit trees and generally
668
FEDEBAL BESEK.VE BULLETIN.
favored a heavy setting of fruits. Commercial
reports state that about 7 per cent of the
navel orange crop of approximately 10,000,000
boxes remained unshipped on May 1, but only
a small proportion of the Valencia orange
crop, now estimated at 10,278,000 boxes,
had been marketed to that date.
Live stock.
The downward movement in the marketing
of live stock, which had continued since January, was checked in April, when receipts of all
live stock at 57 markets exceeded those of the
preceding month and were considerably greater
than in April, 1922. The increases were due
to sheep, cattle, and calves, as receipts of hogs,
horses, and mules, although still heavy, were
smaller than in the preceding month. Increased receipts of cattle were due in part to
the movement from the ranges of the South
and far Southwest to the long-grass ranges and
pasture lands farther north. Cold weather
which prevailed in March retarded the fattening of cattle in the Dallas district and thus delayed the spring movement until April. Shipments from 52 markets continued to decline in
April and reached the lowest point since July,
1922. Detail figures showing the movement of
live stock for April, 1923, March, 1923, and
April, 1922, are given in the table on page 725.
Prices for hogs and lambs, reflecting the heavy
marketing during the winter and spring
months, declined in April, but prices of cattle
increased. All changes, however, were relatively small.
Pastures and ranges, aided by seasonal rains
and moderate temperatures, continued to
develop during April and are in good condition in all Federal reserve districts. The
cloudy and oold weather during the latter part
of the month was unfavorable for some stock,
particularly shorn sheep and lambs, in the
Grreat Plains and mountain sections of the
Kansas City district, but no serious losses were
reported. In all districts the ranges are providing sufficient grazing for the herds and feeding is gradually being discontinued.
Coal.
MINING.
Production of bituminous and anthracite
coal decreased somewhat in April, but the
curtailment was less than is usual at this
season of the year. Prices, which have been
declining since last August, continued downward throughout April, but showed some tenency to stiffen in the second week of May.
JUNE, 1923.
Production of bituminous coal during April
totaled 42,564,000 tons, which was 9 per cent
less than la March but higher than in any previous April. The unusually heavy spring output of bituminous mines seems to indicate that
consumers are at length making an attempt
to restore their reserve stocks which have been
in a depleted condition for almost a year. In
fact, several of the larger railroad systems
have recently announced that they intend to
increase their coal reserves. Export demand
continues small and there has not yet been
much movement of coal to the Great Lakes.
Anthracite output during April aggregated
8,063,000 tons, which was 14 per centless than
in March. Operations, however, are still on a
large scale and demand for domestic sizes is
very strong. There has not been any conference as yet between operators and miners in
regard to a renewal or revision of the present
wage agreement, which will expire on August 31.
Coke production in April reached the highest
daily average on record, due to the insistent
demand from the iron and steel industry.
Beehive ovens produced 1,776,000 tons and
by-product ovens manufactured 3,206,000 tons.
Prices of Connellsville coke have continued to
recede, and both furnace and foundry grades
averaged on May 17 over $2 per ton less than
on March 22.
Petroleum.
Petroleum production, as indicated by movement into sight, continued at a high rate during April and early May, despite the lag in consumption, the rapidly growing stocks of both
crude and refined products, and the falling
prices. Output of crude petroleum again
broke all previous records and stocks on hand
also mounted to a new high point. Production of gasoline and lubricating oil during
March, the latest month for which figures are
available, also exceeded that of all previous
months. Stocks of gasoline at the end of
March were unprecedented^ large and unofficial
reports indicate a further increase during
April. As a result of these factors prices began
to decline late in March, and new reductions in
crude oil or gasoline prices were announced
nearly every week during April and May.
Quotations on crude oil, however, are still
above those prevailing last fall, before the
many advances that were made during the
(winter. Tank-wagon prices of gasoline, which
went up only slightly early in the year, have
likewise been reduced in many sections, as bad
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
669
was accompanied by a 4 per cent decrease in
production during April. Shipments, however,
continued to be in excess of production and
stocks were reduced to a new low level of 8,976
tons. Lead prices declined about 1 cent between April 16 and May 16, while mine output
in April was 8 per cent less than in March.
Shipments of both lead and zinc ores from the
Joplin district were considerably smaller in
April than in March.
The price of refined electrolytic copper
delivered at New York continued in May the
decline which started in the latter part of
March, and the quotation on May 16 ranged
from 15.125 cents to 15.5 cents, as compared
with 17.375 cents on March 22 and 16.875 cents
on April 16. April production of copper
totaled 118,424,000 pounds, which was 3 per
cent less than in March, but 54 per cent more
than a year ago. Both domestic and foreign
Metals.
demand for copper has been very dull, and the
Prices of all nonferrous metals showed a largest manufacturer of brass has recently
decided downward trend in both April and announced a general reduction in the prices of
May. This decline in prices was accompanied his principal products.
by some reduction in mine output during April.
The chart below shows a comparison of monthly
MANUFACTURING.
changes in prices and production of zinc since
weather has kept consumption down to a point
lower than was anticipated.
Daily average crude-oil output in four States
of the Kansas City reserve district was greater
in April than in March and stocks continued
to increase. Daily average production also
increased in Texas but fell off in Louisiana.
There was a slackening in drilling operations
in practically all fields of the Dallas district
during April. Despite increased shipments of
crude petroleum from California during April,
stored stocks in that State reached a record
level on May 1 because of the large output.
Although voluntary curtailment was attempted by many southern California producers, total production in April exceeded that
of all previous months. Some reduction in
output, however, was effected during the first
part of May.
Food products.
i
K
1
/
80
\
loo
eo
, - t PRICE,.,
60
60
WoDUCTIOI^
20
20
1920
1921
1922
1923
Zinc prices and production, by months. Eelatives with 1919 monthly
average as 100.
January, 1920. This chart indicates that
there has been a close correspondence between
prices and mine operations throughout the
past three years and suggests that domestic
producers have adjusted the supply very
closely to meet the demand.
The price of zinc at St. Louis decreased from
7.35 cents per pound on April 16 to 6.5 cents
a pound on May 16. This decline in prices
The flour-milling industry during April was
characterized by reduced activity as compared
with the preceding month, when the peak of
the year was reached. Although the usual
seasonal quietness accounts in a large measure
for the reduced production of wheat flour
during April as compared with March, the total
production exceeded that of April, 1922.
During the month under review the total wheatflour production amounted to 8,969,000 barrels,
compared with 10,607,000 barrels in March
and 7,823,000 barrels in April, 1922. Mill
operations likewise decreased in April and
varied from 41.8 per cent of capacity in the
Chicago district to 54.2 per cent in the Kansas
City district, compared with 43.3 per cent and
59.1 per cent in the respective districts during
March. The domestic flour trade, following
milling activity, was less active than in the
preceding month. Sales of flour in barrels at
13 mills reporting to the Chicago Federal
Reserve Bank were 21.3 per cent less than in
March. Prices, on the other hand, increased
during April, following the increase in wheat
prices.
Although meat packing during April, as
indicated by animals slaughtered under Federal
inspection, failed to reach the volume of the
preceding month, the total number of all
670
FEDERAL RESERVE BULLETIN.
animals slaughtered was greater than in any
April since 1913. The decrease as compared
with March was due to hogs and sheep, as
the number of cattle and calves slaughtered
increased. The number of cattle slaughtered
in April was the largest April figure since 1913,
with the exception of April, 1918, and the number of hogs was larger than in any April since
1919. The number of animals slaughtered in
April, 1923, March, 1923, and April, 1922, are
given in the table on page 725. Sales by 55
meat-packing companies in the United States
reporting directly to the Chicago Federal Reserve Bank showed a seasonal decline of 3.6 per
cent over March, but were 17.8 per cent greater
than in April, 1922. Export demand was somewhat less than in March, but shipments continued heavy and consigned stocks abroad were
reported slightly heavier on May 1 than on
April 1.
Textiles.
Inactivity prevailed in the buying of most
textile products during April and May, although production continued at a high rate
throughout the former month in order to fill
the large volume of orders previously booked.
Relatively few new orders were received,
however, and some curtailment in factory
operations was reported in May. Prices also
have fallen slightly. This recession in business
has been attributed to a number of causes,
such as the unseasonable spring, the resistance
on the part of buyers to advancing prices, the
desire to avoid accumulation of stocks, and,
in the case of cotton, to weakness in the raw
material market growing out of reduced foreign
demand.
Cotton consumption by mills fell off 7 per
cent in April from the high record reached in
March. This decline was partly seasonal, and
the total number of spindles active increased
further during April to a new maximum figure.
In May, however, productive activity lessened,
as a number of New England mills reduced
operations to a four-day week basis. This
curtailment was the outgrowth of the declining
demand, which has been evident for some
weeks and which in turn has been attributed
to the recent drop in raw-cotton quotations
and to the uncertainty regarding prices at
which the new crop may De bought. The
demand for yarns was reported by the Federal
Reserve Bank of Philadelphia to be particularly small in May, and prices declined about
15 per cent below the peak quotations of
March. In the Richmond district, although
JUNE, 1923.
the demand has fallen off, operations have continued at full time. Mills producing both
cotton yarns and cotton goods in the Atlanta
district reported declines during April in production, shipments, and orders as compared
with March, but substantial increases were
noted over the figures for April, 1922. Prices
of practically all grades of cloths have been
reduced since April.
Little new business has been booked by the
manufacturers of woolen and worsted products
since April, and in some cases cancellations
have been reported. This check in demand is
generally attributed to the unseasonable
weather during the spring, which cut down the
sale of spring suits below anticipations. Production continued at a high rate, and during
April statistics showed a greater percentage
of active spindle hours than in March for all
machinery except the looms. Worsted spindles were particularly active. Wool consumption by mills was less in April than in March,
which may be largely accounted for by the
shortness of the later month. The price trend
of both goods and yarns is upwara. Eastern
raw wool markets have been dull recently, but
purchasing of the new clip in the West was
active. A number of large clips have been
contracted for at around 50 cents or more per
pound for the better grades, which is much
higher than the prices paid last season.
^Ending of the spring season and advancing
prices brought about some check in sales by
silk-goods manufacturers during April and
May. Demand, however, continued to be well
above that for last year, according to reports
from the Philadelphia Federal reserve district.
Statistics showed no evidence of declining production during April, as deliveries to mills in
that month broke all previous records. Furthermore, looms in the Paterson and North
Hudson sections were more active than they
have been at any time since the spring of 1921.
A slight decline, however, in the percentage of
activity at Paterson occurred during May.
Owing to high prices the markets for both
thrown and raw silk were dull during May. As
a result, the Japanese raw-silk market became
weak and prices fell off some after the 1st of
May, both at Yokohama and at New York.
Late sales of spring clothing were generally
below anticipations because of bad weather,
and a number of manufacturers were unable
to entirely dispose of their extra stocks.
Orders booked for fall, however, have been
fairly large, in fact well above those received
in 1922, according to reports from the Chicago
JUNE, 1923.
FEDERAL RESERVE BULLETIN.
and St. Louis reserve districts. Tailors to the
trade in the Chicago district reported slight
seasonal decreases in business during April,
but orders, production, and shipments continued to be approximately 50 per cent above
the corresponding figures for 1922. Wholesale
clothing sales in the New York district during
April were about 20 per cent less than in
March and practically the same as during April,
1922.
Knit-underwear production during April was
less than in March, according to comparable
reports from mills, and new orders received,
shipments, and unfilled orders also fell off.
These are largely seasonal tendencies. The output of winter garments was greater than that
of summer underwear during April, whereas
the reverse was true in March. Reports from
the Philadelphia Federal reserve district indicate that the recent drop in cotton-yarn prices
unsettled the underwear market in May, and
buying was checked. Statistics from mills in
that district show the usual seasonal tendencies in April as compared with March, but as
compared with last April production was less,
whereas shipments and orders were much
greater.
Hosiery output and shipments were less in
April than during March, but greater than
during April, 1922, according to figures collected by the Federal Reserve Banks of
Philadelphia and Atlanta. Unfilled orders
showed an increase during the month. Fullfashioned hosiery mills were running at capacity
during May, but most of the orders were for
shipment before June 30. Producers of seamless hosiery in the Philadelphia district were
operating at only about 65 per cent of capacity.
Mills in the Atlanta district reported that the
demand for cotton hosiery was not as strong as
earlier in the year.
Iron and steel.
Iron furnaces and steel mills both established new records for average daily production
during April, and reports indicate that this
high rate of activity has been continued during
May. April production of pig iron amounted
to 3,548,000 tons, which was 0.7 per cent
more than in March, while the steel-ingot
output of 3,321,000 tons was slightly lower
than in March, owing entirely to the fact that
there was one less day in the month. Buying
continued to be rather quiet in May, as compared to the first quarter of the year, but the
accumulation of orders is so large that there
has been no attempt to curtail plant operations.
671
The average price of 14 iron and steel products,
which showed an increase in each of the first
18 weeks of 1923, was unchanged in the week
ending May 10 and registered a decrease in
eachof the threefollowingweeks. Thisrecession
in average prices was due almost entirely to a
decline in quotations for pig iron, as prices
for finished steel have shown little change.
Unfilled orders of the United States Steel
Corporation, which declined 115,000 tons during
April, totaled 7,289,000 tons on April 30, which
was 43 per cent more than a year ago.
Demand for structural steel from building
contractors and for sheets and plates from
automobile and railroad equipment factories
have slackened considerably, but railroads
have recently placed orders for over 300,000
tons of steel rails for fall delivery. Accumulated orders for wire products, pipe, sheets,
and tin plate are large and many mills continue to refuse orders for these products.
Automobiles.
Production of passenger cars and trucks
reached new high levels in April, both exceeding their March records by about 8 per cent.
The ratio chart which follows illustrates the
THOUSANDS OF CARS
THOUSANDS OF CARS
y
300
PASSENG ER CARS
200
f
200
300
/
too
too
SO
50
TRlJCKS
30
/
r
20
30
20
/
10
10
5
•>
J. T. M. A. M. J . J . A. S. O, N. D. J . F. M. A. M. J .
1S22
1923
Changes In production of passenger cars and trucks.
remarkable increase in output of both passenger automobiles and trucks during 1922 and
1923. The comparative level of the curves on
this type of graph is not significant, but it
gives an accurate comparison of percentage
changes from month to month. It will be
notea that the monthly changes in volume of
672
FEDEKAL BESEEVE BULLETIN.
production of passenger cars and trucks have
agreed very closely throughout the past 16
months, and that consequently there has been
little change in the ratio of trucks to total output of automobile factories.
April shipments of automobiles were slightly
smaller than in March, but were far in excess
of any other month on record. The number
of driveaways from factories has been particularly large throughout the first four months of
1923. Reports from 230 retail dealers in the
St. Louis district show that April sales were 8
cent less than in March, but 20 per cent
{>er
arger than a year ago. Manufacturers in the
Chicago district report that the demand for
closed cars is very strong and that there is a
considerable volume of unfilled orders. In
the Cleveland district orders for trucks are particularly numerous. This is ascribed principally to the shortage of unskilled labor and
the tendency to substitute machinery for
man power.
Tire production during the first quarter of
1923 was higher than in the corresponding
period of any previous year. Factory output
has been considerably in excess of shipments,
with a consequent accumulation of stocks.
The price of crude rubber showed a further
decline during May and is now about 10 cents
per pound below the prices of January.
Leather and shoes.
Dullness generally prevailed in the hide,
leather, and shoe markets during April and
May, with some activity in the demand for
novelties for immediate delivery. Prices remained practically unchanged, except on cattle
hides, which declined some in May. Calfskins,
on the other hand, advanced slightly. Tanners are not buying hides and skins as actively
as in previous months. Sole-leather production was less in April than in March, but above
that of all other months sinGe December, 1921.
Decreased sales of leather were noted in the
Philadelphia reserve district during April and
May. The demand for bright colors in kid and
calf was the feature of the upper leather
business.
Output of shoes during April fell off about
10 per cent for the country as a whole, but
varied among the chief districts from a decline
of 17 per cent in the Boston district to an increase of nearly 2 per cent in the St. Louis
district. This decline is largely seasonal and
production is universally at a higher rate than
that prevailing a year ago. Shipments were
likewise less during April than during March
.TONE, 1923.
in the Boston, Philadelphia, and Chicago districts, but orders booked and unfilled orders on
hand at the end of the month showed increases.
Reports from the Philadelphia district indicate
that the greatest demand during April and
May was for women's novelty shoes in bright
colors, mostly for delivery before June. Wholesale and retail trade in April was generally less
than during March and in most districts fell
below April, 1922. This may be attributed to
the fact that the spring buying season ended
in March this year, whereas last year it extended into April because of the later Easter.
Paper.
Newsprint production and shipments fell off
rather substantially during April as compared
with March, but were above corresponding data
for April, 1922, which was a rather poor month.
Shipments exceeded production, and stocks on
hand April 30 were the lowest for that date on
record. Production of other grades of paper
during March, the latest month for which figures are available, was well maintained, and
shipments were particularly large, exceeding
all previous records for many grades. Production and consumption of wood pulp was at a
high rate during April, and stocks increased
in accordance with usual seasonal tendencies,
but they are still rather small. The demand
for all grades of paper, according to the
Philadelphia Federal Reserve Bank, remained
good in May, although many manufacturers reported some declines in orders, particularly for
wrapping papers and tag stocks. Mills making Dook and fine grades of paper also reported
a recent reduction in demand, but were still
well supplied with orders previously received.
Prices on some of the finer grades of paper have
recently been advanced.
Lumber.
Declining demand was evident throughout
the manufacturing branch of the lumber industry during April and May. Shipments fell off
some, but were fairly well maintained because
of orders previously received. Although a few
associations reported increases in production
during April, the total volume of lumber cut
throughout the country in that month, as reported by the National Lumber Manufacturers
Association, equaled only 1,271,056,000 feet, as
compared with 1,355,082,000 feet during March.
April shipments by the same mills totaled
1,273,815,000 feet. Weekly reports show that
toward the latter part of April the cut began
to exceed shipments and continued larger dur-
ing the early weeks of May. Consequently,
manufacturers' stocks, which had become
small, are now being replenished.
Dealers in lumber reported a more active
demand than did the manufacturers, although
they also have noticed some check in the receipt of orders. Retailers have been making
deliveries in large volume to industrial users
as well as to builders and have worked down
some of the large stocks which they held earlier
in the spring. They are, however, buying conservatively on their own account. The recent
price advance has been checked, and since the
latter part of April a number of recessions have
occurred in both hardwoods and softwoods.
Substantial reductions in the amount of
lumber cut during April were reported by mills
of the two largest associations, the Southern
Pine Association, producing yellow pine, and
the West Coast Lumberman's Association, producing Douglas fir. This decrease is attributed
to declining demand rather than to the shorter
month, as production during April is ordinarily
greater than during March. Figures from the
Western Pine Association, on the other hand,
indicated a rather substantial increase in production during April, but orders and shipments
fell off, and the former were smaller than during last April. Manufacturers in the Minneapolis Federal reserve district doubled production in April as compared with March, whereas
shipments and orders decreased. Retailers in
that district increased both their sales and
their stocks on hand during April. Demand
for lumber in the San Francisco district was
unusually active during April, and production
by some associations was the greatest reported
during the past three years.
BUILDING.
Construction operations were maintained at
a high level during April and May in most
sections of the United States, and there was
some further advance in prices of building
materials. According to • the index of the
Bureau of Labor Statistics, prices of building
materials in April averaged 3 per cent higher
than in March and 31 per cent higher than in
April, 1922. The rapid advance in cost of
materials and labor during the past few
months has resulted in the postponement of a
considerable volume of building in New York
City, and the American Construction Council,
representing all branches of the building industry, has advocated the delaying of all possible projects until the fall months and organized publicity concerning increase in costs.
673
FEDERAL RESERVE BULLETIN.
JDNB, 1823.
Contracts awarded in 10 Federal reserve
districts (compiled from statistics gathered by
the F. W. Dodge Co.) aggregated $397,192,000
during April, an increase of 8 per cent as compared with March. Slight decreases in awards
were reported by the New York, Philadelphia,
Cleveland, and Atlanta districts, while all
other reporting districts showed increases.
The largest gain occurred in the St. Louis district and amounted to 41 per cent. April
contracts awarded were 5 per cent greater than
a year ago in the seven districts which reported
in both periods. Contracts for residential
buildings during April reached a slightly
smaller value than in March, although gains
occurred in 7 of the 10 reporting districts.
The largest curtailment took place in the
New York district, but awards for residences
there reached a higher value than in April, 1922.
The number and value of building permits
in April were somewhat less than in March,
due to a pronounced reduction in New York
City projects. This reduction was due partly
to the fact that the March figures were unusually high, since many wished to anticipate
a repeal of the State tax exemption laws, and
partly to the postponement of new projects
on account of high costs.
TRANSPORTATION.
Efforts of the railroads to relieve traffic congestion by buying new equipment, reducing
the amount of rolling stock awaiting repairs,
and increasing car and train loadings proved
very effective during April and May. The
number of cars loaded nas been increasing
week by week, while the reported car shortage
was reduced by one-half during April. Car
loadings in the month of April totaled 3,924,000,
which was 5 per cent less than in March but
26 per cent more than a year ago. The decrease in total number of loadings was entirely
due to the fact that there were two less working
days in the month, for the average load per
working day increased about 3 per cent.
Loadings of ore, forest products, and miscellaneous freight have been maintained at an
exceptionally high level, the ore loadings
being twice as large as a year ago.
Freight-car shortage in the week ending May
8 averaged only 28,316 cars, as compared
with 58,237 cars in the week ending April 7.
The shortage of box cars was reduced 66 per
cent in this period of four weeks, while the
shortage of coal cars was reduced 32 per cent.
A total of about 11,000 new freight cars and
300 new locomotives were put in service by
674
FEDERAL KESEKVE BULLETIN.
the railroads during April. Unfilled orders of
locomotive works totaled 2,204 locomotives on
April 30, which was slightly less than at the
beginning of the month, but was over three
times as many as on April 30, 1922.
TRADE.
Wholesale trade.
Owing to seasonal influences, wholesale
distribution during April failed to continue in
the record volume that was maintained in
March. Total sales, however, were in greater
volume than in April, 1922, and the total volume
of trade from January to May was greater than in
the corresponding period one year ago. Total
sales in all lines were 8 per cent less in April
than in the preceding month, but were 20
per cent greater than in April, 1922. All reporting lines except hardware decreased in
April as compared with March, and all lines
showed increases over April, 1922, with the
exception of shoes, which decreased 5 per cent.
Sales of dry goods and shoes showed the
greatest declines as compared with the preceding month. With the exception of the
Kansas City district all Federal reserve districts from which reports were received indicated declines in dry goods sales, ranging
from 13 per cent in the San Francisco district
to 46 per cent in the Atlanta district. Declines
in shoes were noted in all reporting districts,
except in the San Francisco district, and
ranged from 3 per cent in the Minneapolis district to 36 per cent in the Chicago district.
The downward movement in the raw-cotton
market and the unseasonable weather were
largely responsible for the dullness in the dry
goods market. Compared with April, 1922, the
greatest increases were in the sales of groceries
and hardware. The table on pages 730-731
shows in detail the trend of wholesale trade in the
United States and changes in wholesale trade
by Federal reserve districts.
Retail trade.
Although the volume of retail trade during
April was smaller than the peak for the year,
reached in March, activity was well maintained
and sales exceeded those in April, 1922.
Easter purchases were made largely in March
this year and accounted for the enormous
volume of sales in that month; but despite the
fact that Easter trading took place in April
last year, the April, 1923, sales exceeded those
in the same month a year ago. Departmentstore sales throughout all sections of the
United States were 3 per cent greater than in
April, 1922, but were 5 per cent less than in
JUNE, 1923.
the previous month. With the exception of
the Philadelphia and Richmond districts,
increases over April, 1922, were noted in all
Federal reserve districts from which reports
were obtained. Compared with the preceding month, sales decreased in all districts
except in the Boston and Minneapolis districts,
where slight increases were indicated. Mailorder houses and chain stores, with the exception of music chains, showed considerable
decreases in sales in April as compared with
March. Sales by music chains increased 3 Tper
cent. The greatest chain store decreases w ere
13 per cent for groceries and 16 per cent for
shoes. As compared with April, 1922, sales of
mail-order and all chain stores except shoe chains,
where a decrease of 22 per cent was noted,
increased and ranged from 0.2 per cent for cigar
chains to 32 per cent for mail-order houses.
Stocks of department stores continued to
increase during April, and were 3 per cent
greater than in March and were also greater
than in any month since November, 1922.
Compared with April, 1922, stocks were 9
per cent greater. The table on pages 730-732
shows in detail figures for retail trade by
Federal reserve districts.
PRICES.
The April index numbers of the Federal
Reserve Board and the Bureau of Labor
Statistics showed no change in the general
level of wholesale prices in this country.
Broadly speaking, raw materials declined in
price during April, while producers' and
consumers' goods advanced.
Grain prices moved upward again after
last month's decline, but there were downward movements in live stock, in poultry
and eggs, and particularly in cotton, which
declined 6 per cent in price. Only slight
declines in coal prices occurred during April,
but coke decreased as much as $1 per ton.
Prices of pig iron and steel and of most other
metals and metal products, increased substantially. Among textiles, cotton yarns and
some grades of cotton goods decreased. There
was not much change in wool products. Raw
silk and silk yarn, however, experienced drastic
increases in price.
The rise in costs of imported goods was
not so rapid in April as in the'previous two
months, the board's index for that group of
commodities showing an increase of 2 points,
as compared with 7 and 8 point advances
during February and March, respectively.
Prices of goods exported, after an uninter-
675
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
rupted rise from a level of 157 last September
to 193 in March, fell to 186 in April.
Among the groups of the Bureau of Labor
Statistics index, farm products, fuel and lighting, and miscellaneous items decreased in
April; foods, cloths and clothing, metals and
metal products, building materials, and housefurnishings increased. Detailed figures for
these groups will be found on page 711.
COMMERCIAL FAILURES.
Commercial failures during April were fewer
in number but greater in liabilities than
during March. The growth in liabilities was
due to relatively great increases in the New
York, Chicago, St. Louis, and Dallas Federal
reserve districts, as there were rather substantial decreases in most of the other districts.
One failure involving $7,000,000 was responsible
for the large total in the Dallas district. As
compared with April, 1922, material declines
were noted both in number and in liabilities.
Only in the Philadelphia, Cleveland, Dallas, and
San Francisco districts were the liabilities involved during April greater than those for the
preceding April, and only in the Kansas City
district were a larger number of failures
recorded in April, 1923. The number of
failures during the first three weeks of May
totaled 1,082, as compared with 1,096 during
a similar period in April and 1,358 for the
first three weeks of May, 1922.
COMMERCIAL FAILURES DURING APRIL.
Liabilities.
Number.
District.
1923
No. 1—Boston
No. 2—New York
No. 3—Philadelphia
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No. 10—Kansas City
No. 11—Dallas
No. 12—San Francisco....
Total
1922
1923
1922
151
342
63
116
86
97
197
80
76
84
93
135
165 $2,139,720
420 16,070,562
78 1,775,463
156 3,914,384
148 2,593,827
264 1,260,290
284 8,750,459
120 2,168,109
840,890
116
66 1,220,260
167 8,874,897
183 1,883,080
$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
1,520
2,167 51,491,941
73,058,637
Failures among manufacturing firms during
April increased considerably in liabilities,
which were greater than during any month
since December, 1921. Trading failures, on
the other hand, continued to decline and were
at practically the same low level reached
last October. The number of failures involving over $100,000 was rather large in the case
of manufacturing firms. Failures among
agents, brokers, and the like were particularly
few in number and small in liabilities as
compared with those of previous years.
EMPLOYMENT.
Employment at industrial establishments,
mines, and farms increased during April, while
wage increases were more numerous than in
any other month during the present period of
business expansion. The continued increase
in number of workers since last fall, when it
was announced that there was very little unemployment, indicates that the supply of labor
has been more elastic than was generally anticipated. The additional workers secured by
factories during the past six months have been
obtained by new immigration from both
Europe and Mexico, by a substantial migration
of southern negroes to "northern industrial
centers, and by some recruiting of women who
were not generally counted as unemployed.
The numerous wage increases during April and
May indicate that most of this slack has now
been absorbed and that industrial concerns
consider it necessary to bid against each other
to obtain workers.
Reports to the Bureau of Labor Statistics
from 5,651 industrial establishments for April
showed increases over March of 0.5 per cent in
number of employees, 1.4 per cent in total pay
rolls, and 0.9 per cent in average weekly earnings. Twenty-four out of 43 reporting industries had fewer employees in April than in
March, but these losses were more than offset
by substantial gains at brickyards, carriage
factories, petroleum refineries, sawmills, and
automobile plants. Increases in wage rates
were announced by over 800 establishments,
being most numerous in the case of foundries
and machine shops, cotton mills, brickyards,
furniture factories, sawmills, iron and steel
mills, and paper mills.
Information received from State departments of labor and Federal reserve banks indicate some decrease in factory employment in
New England and New York as compared
with increases in other sections of the United
States. The Massachusetts Department of
Labor and Industry reports that employment
fell off 1.3 per cent during April, due largely to
a reduction of forces at shoe factories. The
Chicago Federal Reserve Bank also reports
curtailment of employment at shoe factories
and tanneries, but states that this was offset by
increased forces at factories manufacturing au-
676
FEDERAL BESEKVE BULLETIN.
Jirau, 1023.
Gold imports and exports in April and for
tomobiles, chemicals, electrical goods, and steel.
In the Philadelphia district total employment the 10 months ending in April are shown beand wages increased, and manufacturers of low, by principal countries:
electrical machinery and canned goods in[In thousands of dollars.]
creased the number of their employees by
Gold imports.
Gold exports.
almost 10 per cent.
Country.
Country.
10 months
10 months
FOREIGN TRADE.
April, ending
April, ending
1923.
The growth of imports to the United States,
which has been evident for a good many months
past, was accelerated in March to such an
extent that imports exceeded exports by the
unprecedented sum of nearly $60,000,000. This
is the largest import balance ever recorded for
American foreign trade in any one month, and
it is the first time since August, 1914, that even a
small excess of imports has been reported.
The monthly statement of the Department of
Commerce places the value of imports during
March at $398,078*000, as against exports
amounting to $341,162,000. In February our
current export balance had almost disappeared,
since imports of merchandise were only $3,795,000 less than exports for the same month, and
that sum was more than offset by net imports of
gold. But an increase of nearly $100,000,000
in imports, such as occurred in March, is nevertheless an extraordinary development. It is
largely to be accounted for by increased demands of American manufacturers for foreign
raw materials and semifinished goods required
by the recent volume of domestic production.
Preliminary April figures for both exports
and imports are now also available and show
the continuance of a large current import
balance. Imports of merchandise during April
are valued at $367,000,000 and exports at
$326,000,000, an excess of imports for the
month of $41,000,000. A further discussion of
recent foreign trade movements will be found
on page 691.
GOLD AND SILVER MOVEMENTS.
Net gold imports during the month of April
totaled $8,533,000, compared with $5,559,000
for March and a monthly average of $17,085,000
for the 10-month period ending April. Gross
imports for the month totaled $9,188,000, of
which about 60 per cent came from Great
Britain and over 10 per cent from Canada.
Gold imports from continental Europe, which
constituted a considerable share of the total
imports for previous months, were relatively
insignificant, a total of $250,000 from the
Netherlands being the largest shown for any of
the countries concerned. Gold exports for the
month declined to $655,000, most of which was
consigned to Mexico.
April,
1923.
France
36
Netherlands
250
United Kingdom 5,555
Canada
988
China
280
20,825
15,894
113,467
30,656
6,176
All other
Total
31,482
218,500
2,079
9,188
1923.
Netherlands. .
Canada
Mexico
British India....
China and Hongkong.
All other
Total
April,
1923.
137
413
18
44
2,660
22,010
4,094
13,412
3,256
43
655
2,217
47,649
Silver imports during April totaled $4,262,000, compared with a monthly average of
$5,883,000 for the 10 months ending April.
As in previous months, about 90 per cent of
the total amount of silver imported came from
Mexico, Peru, and Canada. Silver exports for
the month, $4,336,000, were slightly in excess
of imports for the month. Of the monthly
total about two-thirds was consigned to China
and Hongkong and nearly one-fourth to Armenia and Kurdistan.
FOREIGN EXCHANGE.
German exchange, after its break on April 18
from the pegged rate of 44 to 48 cents per
10,000 marks, remained at about 32 cents until
the beginning of May. During the present
month it has declined continuously from 33
cents per 10,000 marks on May 1 to 14 cents per
10,000 marks on May 31, which establishes a new
lowrecord, comparable with 21 cents per 10,000
marks, the lowest rate reported before the Government began to support the exchange.
Sterling exchange moved but little during
May and stood on May 31 at $4.62, compared
with $4.64 on May 1. The French franc declined from 6.74 cents on May 1 to 6.55 cents
on May 31, and the Belgian franc and Italian
lira also show recessions.
Among the smaller European countries the
tendency toward stabilization, which was observed in April, became more pronounced during May. Besides the Austrian crown, the
Czecho-Slovak crown, and the Finnish mark,
which have for some time been stabilized at
0.0014 cent, 2.98 cents, and 2.78 cents, respectively, the Hungarian crown has maintained a
level during May of about 0.019 cent. The
Polish mark during the latter half of April
fluctuated between 0.0020 and 0.0022 cent per
mark, and during May between 0.0019 and
0.0021 cent. The Rumanian leu advanced
from 0.4806 cent at the beginning of the month
to 0.5106 cent on May 31.
JUNE, 1923.
FEDERAL. BESERVE BULLETIN.
677
RULINGS OF THE FEDERAL RESERVE BOARD.
Reserves against so-called "special savings deposits."
For some time the board has had under
consideration the question whether so-called
"special savings deposits" of certain State
member banks in California can properly be
classified as "savings accounts" in computing
the reserves which such member banks are
required to maintain under the terms of section
19 of the Federal reserve act.
Under the California law, as it has been
construed by the State authorities, these
accounts are required to be segregated in
separate savings departments the assets of
which constitute trust funds for the protection
of savings depositors; they can be invested
only in a restricted class of securities and
loaned only in a restricted manner; and they
are subject to many other special safeguards
not applicable to ordinary commercial deposits.
They are represented by pass books and the
banks reserve the right to require the presentation of the pass books at each withdrawal,
but in practice they are subject to withdrawal
by check without the presentation of the pass
books and an unlimited number of checks
can be drawn against them and collected
through the clearing houses. Under the provisions of the California law and under the
specific rules printed in the pass books the
banks reserve the right to require 30 days'
notice before the withdrawal of such accounts,
but in practice they do not exercise this right.
In prescribing the amount of reserves to be
maintained by member banks, section 19 of
the Federal reserve act makes a distinction
between "time deposits" and "demand deposits," and requires smaller reserves to be
maintained against the former than against
the latter. The first paragraph of that section
defines "demand deposits" and "time deposits" as follows:
Demand deposits within the meaning of this act shall
comprise all deposits payable within thirty days, and
time deposits shall comprise all deposits payable after
thirty days, all savings accounts and certificates of deposit
which are subject to not less than thirty days' notice
before payment, and all postal savings deposits.
It will be noted that the term "time deposits" comprises: (1) All deposits payable
after 30 days; (2) savings accounts which are
subject to not less than 30 days' notice before
payment; (3) certificates of deposit which are
subject to not less than 30 days' notice before
payment; and (4) postal savings deposits.
The deposits under consideration- are not
"payable after 30 days," because they are not
payable on a definite date nor a specified
number of days after date, nor only after 30
days' notice which is actually required. The
mere fact that they are subject to not less
than 30 days' notice before payment is not
sufficient to make them deposits "payable
after 30 days," because the act clearly makes
a distinction between deposits payable after
30 days and those which are merely subject
to 30 days' notice before payment. Deposits
which are merely subject to 30 days' notice
before payment are classified as "time deposits" only if they also fall within one of
the special classes known as " savings accounts "
or " certificates of deposit." It is obvious that
these accounts are neither certificates of deposit
nor postal savings deposits. If they are to
be classified as time deposits, therefore, they
must be brought within the term "savings
accounts."
.The board's Regulation D has defined " savings accounts" as follows:
The term "savings accounts" shall be held to include
those accounts of the bank in respect to which, by ita
printed regulations, accepted by the depesitor at the time
the account is opened—
(a) The pass book, certificate, or other similar form of
receipt must be presented to the bank whenever a deposit
or withdrawal is made, and
(6) The depositor may at any time be required by the
bank to give notice of "an intended withdrawal not lesa
than 30 days before a withdrawal is made.
The deposits in question comply with requirement (b), but they do not comply with requirement (a), because the pass books are not
actually required to be presented whenever
deposits or withdrawals are made. It has been
argued on behalf of the California banks that
requirement (a) is not essential to a proper
definition of the term "savings accounts"
as used in section 19, and the board has been
urged to amend Regulation D so as to permit
such deposits to be classified as "savings
accounts." Even if requirement (a) could be
eliminated or waived, however, it would not
necessarily follow that these deposits can
properly be considered "savings accounts"
within the meaning of section 19, because they
differ in other respects from ordinary savings
accounts.
678
FEDERAL, RESERVE BULLETIN.
At the instance of these California State
member banks, the board has given consideration to every phase of this question and has
granted a number of hearings at which representatives of the California banks were given
an opportunity to present their case in full.
The question has also been discussed at a
recent conference of the governors of all the
Federal reserve banks. After consideration
of all the facts and arguments submitted the
board is of the opinion that these accounts are
not true "savings accounts" within the letter
or spirit of section 19 of the Federal reserve
act and has finally declined to amend its
Regulation D in the manner indicated. Deposits, therefore, which are subject to withdrawal without the presentation of the pass
book, certificate, or other similar form of receipt
are not "savings accounts" within the meaning
of the Federal reserve act or the board's
Regulation D.
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 21 to May 25,
1923, inclusive:
Number of
banks.
New charters issued
Restored to solvency
Increase of capital approved
Aggregate of new charters, banks restored to
solvency, and banks increasing c a p i t a l —
Reducing capital
Total liquidations and reductions of capital..
Consolidations of national banks under act of Nov.
7,1918
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net Increase.
18
0
17
Amount
of
capital.
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 bank ia located.
The numerals opposite the name of each bank indicate
the power or powers it is authorized to exercise, as given
below:
Place.
Boston, Mass
District
I No.
|
i
Pittsfiold, Mass
j
Plymouth, Mass
Fleetwood, Pa
Philadelphia, Pa
I
i
Point Pleasant Beach, i
N. J.
Bethlehem, Pa
Canonsburg, Pa
Washington, D. C
Hampton,Va
Nashville, Term
Sycamore.Ill.
Attica.Ind
Columbus,Ind
Davenport, Iowa
Tipton.Iowa
Wausau, Wis
Denver, Colo
Italy, Tex
Olympia, Wash
San Francisco, Calif
Portland, Oreg
I
Powers
granted.
Name of b a n t .
1 Commonweatlh National 1 to 9.
Bank.
1 Pittsfield National Bank.. 5 to 7 and
9.
1 Old Colony National Bank 1 to 5.
3 First National Bank
Ito9.
3 Third National Bank
1 to 3, 5
to 9.
3 Ocean County National Ito8.
Bank.
4 First National Bank
Ito9.
4 First National Bank
Ito9.
5 National Bank of Wash- 5 to 8.
ington.
5 Merchants National Bank. Ito9.
6 Broadway National Bank. 5 to 7 and
9.
7 Sycamore National Bank. Ito9.
7 Central National B a n k . . . . Ito9.
7 First National B a n k . .
Ito9.
7 First National B a n k . .
Ito8.
7 City National Bank
Ito9.
7 American National Bank Ito8.
10 Globe National B a n k . . .
Ito9.
11 First National Bank
Ito9.
Ito9.
12 Olympia National Bank
12 Crocker National Bank.. Ito9.
12 Peninsula National Bank Ito9
State Banks and Trust Companies.
$3,475,00C
2,465,00C
35
5,940,000
14
2
4,395,000
80,000
16
4,475,000
0
0
5,940,000
4,475,000
1,465,000
Fiduciary Powers Granted to National Banks.
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.
6. Assignee.
7. Receiver.
JUNE, 1923.
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, 1923,
on which date 1,645 State institutions were members of
the system:
Capital.
Surplus.
Total
resources.
District No. I.
Bank of Smithtown, Smithtown
Branch, N . Y
Importers & Traders Bank, New
York, N . Y . . .
The Amalgamated Bank, New
York, N. Y
$50,000
$25,000
$882,742
1,500,000
7,000,000
46,773,377
200,000
75,000
300,000
25,000
6,250
31,250
District No. It.
First State Bank, Taft, Tex
Closed.—The Banking Corporation of Montana, Helena, Mont.; Capital City Bank, Santa Fe, N . Mex.
Change o/ name.—Peoples Savings and Dime Bank, Scranton. Pa., to
Peoples Savings and Dime Bank and Trust Co.; Citizens American Bank
& Trust Co., Tampa, Fla., to Citizens Bank and Trust Co.
Concerted into national bank.—Commonwealth Trust Co., Boston,
Mass.; State Bank of Lebanon, Lebanon, 111.
Consolidation.—The Depositors Savings & Trust Co., Akron, Ohio,
and the Citizens Bank of Cuyahoga Falls, Ohio, both members, have
consolidated. Lewistown State Bank, Lewistown, Mont., has consolidated with the Empire Bank and Trust Co., Lewistown, Mont., a
member institution.
Withdrawals.—Metropolitan Trust Co., Boston, Mass.; Habersham
Bank, Clarkesville, Ga.
679
FEDERAL KESEBVE BULLETIN.
JUNE, 1923.
COTTON FINANCING.
1
V. COOPERATIVE MARKETING or COTTON.
In previous sections of this study the
methods of financing the production and distribution of cotton were presented. The
problem of financing the growers was analyzed
and the methods of extending credit to those
engaged in the distribution of raw cotton were
described. The function of cotton cooperative
marketing associations is marketing the staple
for the producers only and the problem of
financing them is one which relates primarily
to advancing funds to aid the distribution of
raw cotton. In view of the novel and distinct
character of the associations it was decided to
reserve the topic of cooperative marketing for
a separate study. The purpose of this article
is to discuss, first, the development of cotton
cooperative marketing; second, the organization of the associations; and, third, the
methods used by the cooperatives in financing
their operations.
A. DEVELOPMENT.
A cotton cooperative marketing association
is an organization of cotton producers for the
purpose of selling and distributing their
product through the agency of the cooperative
society rather than through the individual
efforts of the various members. The earliest
attempt to market cotton cooperatively in the
United States was made in 1872, when the
Mississippi Grange placed a sales agency in
Liverpool that operated for several years.
About the same time the Alabama Grange
established an agent in New York, the Georgia
Grange in Atlanta, and the Louisiana Grange
in New Orleans. These operated for several
years, but were discontinued with the decline
in the grange movement. In following years
other attempts were made to establish cooperative cotton marketing organizations, but
with little success.2 The present cotton cooperative marketing associations have all been
formed within the past three years.
The disturbed economic conditions, accompanied by the rapid decline in the price of
!
' This is thefifthand lastof a series of articles describing the methods
offinancingthe production and distribution of cotton. The preceding
articles appeared in the BULLETINS for February, March, April, and
May, 1923.
Data upon which this study is based were obtained from information
furnished by the Cotton Cooperative Marketing Associations, including
copies of the marketing agreements, articles of incorporation, by-laws,
and documents used in securing loans. To all of the contributors
acknowledgment is due.
2 Howard, John R., president, American Farm Bureau Federation.
Address before the American Acceptance Council, Jan .19.1923
cotton in 1920 and the unsatisfactory conditions in the methods of marketing cotton
which became apparent at that time, gave a
renewed impetus to the cooperative marketing
movement in all of the cotton States. The
movement was started in 1920 in Montgomery
Ala., where a group of cotton men discussed
the possibilities of introducing new methods of
selling cotton. The representatives from Oklahoma City, after attending the conference, returned and evolved apian of organization which
was inaugurated in the summer of 1920.
An active campaign for membership was
started and in April, 1921, the organization
was completed with a total of approximately
34,500 members. After its organization the
association immediately took steps to handle
the 1921 crop. After the Oklahoma Cotton
Growers Association was formed similar organizations were developed in Texas, Arizona,
and the long-staple cotton section of Mississippi. During the following year, 1922, cooperative marketing associations were formed
in Arkansas, North Carolina, South Carolina,
Georgia, and Alabama. The names of associations now in operation and the dates of
their organization are given in the following
table:
Name.
When organized.
Oklahoma Cotton Growers Association
Arizona Pima Cotton Growers
Texas Farm Bureau Cotton Association
Staple Cotton Cooperative Association (Mississippi)..
Arkansas Cotton Growers Cooperative Association...
Georgia Cotton Growers Cooperative Association
North Carolina Cotton Growers Cooperative Association
South Carolina Cotton Growers Association
Alabama Farm Bureau Cotton Association
Mississippi Farm Bureau Cotton Association
Louisiana Farm Bureau Cotton Growers Association..
Tennessee Cotton Growers Association
1921
1921
1921
1921
1922
1922
1922
1922
1922
1923
1923
1923
B. ORGANIZATION.
The cotton cooperative marketing associations are organized by States and are composed
of members who are actually engaged in producing cotton, or who receive cotton as rent, in a
given State. The associations have no capital
stock; their general purpose is to promote,
foster, and encourage the business of marketing
cotton cooperatively and in an orderly manner,
to reduce speculation, to stabilize cotton markets, and to handle cooperatively and collectively the problems of cotton growers. The
associations are incorporated under the laws of
the States in which they operate, and the specific powers of each of the several associations
680
FEDERAL BESEKVE BULLETIN.
vary accordingly, but the general powers and
purposes of each of the
associations may be
summarized as follows:3
(1) To grade, handle, process, store, ship,
warehouse, and market cotton, and to finance
any of these operations.
(2) To purchase and sell cotton of its members.
(3) To borrow money and make advances to
members of the association against cotton delivered to the association for sale.
(4) To act as agent for its members.
(5) To purchase and operate any property
that is necessary in the handling of cotton and
the conduct of the business of the association.
The associations are cooperative and nonprofit making in character and function solely
for the mutual benefit of their members. The
associations are generally forbidden to do anything with the intent or effect of lessening the
production or consumption of cotton, and they
aim to prevent, as far as possible, speculation
in the handling of cotton and to secure for
their members a fair price for their cotton in
the markets of the world. In addition, the
associations are generally permitted to employ
all possible commercial and merchandising
methods to increase the sale, use, and consumption of cotton, to improve the quality of
and extend the demand for cotton and cotton
products.
Administration of associations.—-Each association is governed by a board of directors, elected
annually from the membership of the association. The number of directors varies in different associations, but the method of electing
them is practically uniform in all the States
and for all associations. The powers of the
directors are summarized in the following:
(1) To conduct, manage, and control the
affairs and business of the associations, and to
make rules and regulations for the guidance of
the officers and management of the affairs of
the associations.
(2) To appoint and remove, at pleasure, all
officers, agents, and employees of the associations, prescribe their duties, fix their compensation, and require from them, when deemed
advisable, security for faithful service.
(3) To call special meetings of the members
when necessary, upon the written request of a
specified number of the members.
(4) To make and enter into agreements with
spinners, buyers, exporters, and others, for the
sale, marketing, or consignment of the cotton
8
Other powers, relating in detail to all the activities of the associations, are included in the articles of incorporation.
JUNE, 1923.
grown by members of the associations, or the
products therefrom.
(5) To carry out the marketing contracts of
the associations and growers m a manner
advantageous to the associations representing
the growers collectively.
(6) To select one or more banks to act as
the depository of the funds of the associations
and to determine the manner of receiving,
depositing, and disbursing the funds of the
associations and the form of checks and the
person or persons by whom same shall be
signed, with the power to change such banks
and the person or persons signing said checks
and the forms thereof at will.
The directors elect from among themselves
officers who administer the affairs of the association. The officers generally hold office for a
year, and the duties of each officer are incorporated in the by-laws of each association.
According to the by-laws, the directors are
given the power to create such departments as
are necessary for conducting the business of
the association and for handling the cotton of
its members. Departments of sales, intelligence, law, grades, and others necessary for
the successful carrying out of the purposes of
the association may be created.
Marketing agreement.—The associations are
organized on a commodity basis by cottonproducing States. The contract which the
growers enter into with the associations constitutes the marketing agreement. In order to
insure the success of the cooperative movement, a sufficient volume of business is necessary, and it must extend over a number of
years. The growers, therefore, are bound by
the terms of the agreement to deliver to the
associations all of their cotton produced in
five years, with the exception of the Oklahoma
Cotton Growers Association, which has a
seven-year contract with its members. The
rincipal clauses of marketing contracts used
y all the associations with their members are
summarized briefly as follows:
(1) The grower agrees to become a member of
the association for the purpose of marketing his
cotton cooperatively.
(2) The association agrees to buy and the
grower agrees to sell and deliver to the association all cotton produced for a given number of
years.
(3) The cotton is to be delivered to the association at a designated place. The association
has the cotton inspected, graded, and classified.
(4) The association agrees to resell the cotton of each grower, together with cotton of
E
JUNE, 1923.
FEDERAL RESERVE BULLETIN.
like quality, grade, and staple of other growers
and, after deducting the expenses of selling,
remit the proceeds to the growers in proportion
to the amount of cotton contributed by each.
(5) The association is given the power to
pool or mingle the cotton of each grower with
the cotton of a like variety and staple delivered
by other growers.
(6) The association is given the power to
handle cotton at its discretion, but the net
proceeds are distributed among the growers in
proportion to their contributions to each pool.
(7) The association is given power to sell
the cotton at any time, at any place, and
through any agency it deems profitable, fair,
and advantageous to the growers.
(8) The grower agrees that the association
may borrow money in its name in any manner
it desires and pledge as collateral the warehouse
receipts covering the cotton. The association
agrees under certain specified conditions to
advance funds to growers when cotton is
delivered to the association.
(9) The grower authorizes the association to
deliver to any warehousing corporation organized for cooperation with the association, his
cotton for handling, processing, or storing,
and to charge against his cotton the prorated
costs of such services.
(10) The grower agrees to pay as liquidated
damages a stated price per pound for all cotton
which he sells to outside agencies.
While the above clauses are those which
relate in general to the principles of marketing and financing, as embodied in the agreement between the associations and their
members, there are other clauses in the marketing contracts used by the several associations,
but they concern details and relate to the
specific associations and the methods of
handling cotton for their members.
All members of each association have equal
power in determining the affairs of the association, each member having one vote. Although
the associations are organized without capital
stock, each member is assessed an entrance fee
of several dollars. The exact amount varies
with the different associations, being, for example, $3 for membership in the North Carolina association and $10 in the Arkansas association.
American Cotton Growers' Exchange.—The
cotton growers are organized by States into
State associations, and the latter are organized
681
into a central body, the American Cotton
Growers' Exchange. Each State association
composing the exchange elects three trustees,
and these trustees in turn elect the officers
of the exchange. The State associations composing the American Cotton Growers' Exchange are those of Arizona, Texas, Oklahoma, Arkansas, North Carolina, South Carolina, Georgia, Louisiana, Tennessee, Mississippi
(excluding Staple Cotton Cooperative Association) , and Alabama.
The exchange supervises all the inspection,
grading, warehousing, transportation, and processing of the cotton delivered to the associations in the exchange, and sells for the account
of the associations all of the cotton not sold by
the latter themselves. Thus, the exchange is an
operating agent of the associations, with specific
duties to perform. In order to serve the member associations the exchange is authorized to
establish the following departments: (1) Executive; (2) office management; (3) grading and
standardizing; (4) warehousing; (5) insurance;
(6) transportation; (7) finance; (8) statistical;
(9) sales of ordinary cotton, domestic and
foreign; (10) legal; (11) field service.
These departments have specific functions,
which are stated in the agreement between the
exchange and its members. The main office
of the exchange is at Dallas, Tex., but sales
offices are established in each State, in New
Orleans, in the cotton manufacturing sections of New England, in the Southeast,
and abroad. In becoming affiliated with
the exchange, the associations do not in any
way lose their identity or individuality in
selling cotton. They retain the right to sell
their cotton under any terms acceptable to
them, but the exchange provides each association with such statistical or other information
that it may desire. Although the exchange
may receive orders for cotton, it refers the
orders to the sales manager of the association
possessing such cotton. The association sales
manager in turn sells such cotton only if
the terms and prices are satisfactory. The
associations bear the expenses of the exchange
in proportion to the gross proceeds of the
cotton of each crop season sold by each of the
associations. The exchange attempts through
federation of the associations to install uniform
methods of handling, marketing, grading, accounting, etc., which will aid the associations
to distribute their cotton at minimum expense.
682
FEDERAL RESERVE BULLETIN.
C. FINANCING THE OPERATIONS OF THE
ASSOCIATIONS.4
Since the associations have only recently
been organized and some are handling only
their second crop, while others are distributing their first crop, and several are completing their organizations, statistics of the exact number of bales of cotton that has been
marketed cooperatively to date or of the
amount of funds that has been required by
the associations to finance their operations
are not available. However, the following
table shows approximately the number of
bales of cotton of the 1921-22 crop that was
marketed through the associations and estimates of the number of bales of the 1922-23
crop that have been delivered to the associations, whose marketing is not yet completed.
Bales marketed.
Association.
1921-22
Oklahoma Cotton Growers Association
Arizona Pima Cotton Growers
Texas Farm Bureau Cotton Association
Staple Cotton Cooperative Association (Mississippi)
Arkansas Cotton Growers Association
Georgia Cotton Growers Cooperative Association . .
North Carolina Cotton Growers Association
South Carolina Cotton Growers Association
Alabama Farm Bureau Cotton Association
Total
1922-23
92,000
11,000
83,800
65,868
10,000
77,000
158,714
166,000
73,000
57,000
137,000
115,000
58,000
362,800
758,868
As several new associations have been organized recently and the existing associations are
gradually increasing their members, the number
of bales of cotton marketed cooperatively from
the 1923 crop probably will be larger than in
either of the two preceding years.
In addition to introducing new methods of
marketing cotton, -the associations have attempted to improve the methods of financing
its distribution. In the above analysis it was
shown that all of the associations are organized
practically on the same plan and that the
methods of marketing are similar. Furthermore, the methods of financing that have been
adopted by the associations which first functioned are being used by the cooperatives
organized in more recent periods.
The fact that cotton is marketed throughout
the year necessitates financing for long periods.
4
In connection with the methods of handling cotton and financing the
operations of the associations, copies of some of the documents used are
presented. These forms are examples of those used by the various
associations and their publication is only for the purpose of illustration
and does not indicate that the Federal Reserve Board has either aporoved or disapproved of them or their contents.
JUNE, 1923.
Since the grower delivers his cotton to the
association as soon as possible after ginning,
and generally draws a draft on the association
for an agreed portion of the value of his cotton,
the associations are faced with the problem of
supplying funds to meet the early drafts.
After the cotton has reached the association
and has been properly warehoused, the associations are again confronted with the task of
securing funds until the cotton can be marketed
which, in many cases, may be several months.
The drafts which accompany the shipments by
the growers are generally met through the "revolving fund" of each association, which is
described below.
In order that a clear analysis of the operations of the associations may be made and likewise a description of their financing it is necessary to discuss the successive steps of cotton
as it passes from the growers to the associations. The grower prepares his cotton and
delivers it to the association. Methods of receiving and handling cotton vary somewhat in
the different States. Usually, if a warehouse
is available near the grower the cotton is delivered to the warehouse, where a sample is
taken from every bale and the grower receives
a warehouse receipt for each bale of cotton
delivered. These receipts are forwarded to the
office of the association attached to a sight
draft on it. The samples are shipped to the
association to be used in grading, classing,
making sales, and for records in case of loss.
In case a warehouse is not available, the cotton
is shipped to the association at a designated
center and the bill of lading, with draft attached, is mailed to the association's office.
If the grower does not want an advance on his
cotton he merely mails the documents. In the
eastern cotton States, where local warehouses
are available, the grower generally delivers his
product there, but in the western States, where
warehouses are found mainly at central markets, cotton is shipped to the association at
one of the terminal markets.
The draft, with documents attached, is
enerally presented by the grower to his local
ank, where it is discounted and forwarded to
the association for collection. The association,
on receiving the draft, pledges the bill of lading
or warehouse receipts with a bank acting individually or as trustee for several banks, and
secures a temporary loan to reimburse the
bank which discounted the draft for the
grower, or if the draft was mailed directly to
the association without being discounted by
the grower's local bank, a check is mailed
G
JUNE, 1923.
FEDERAL RESERVE BULLETIN.
683
warehouse receipts, not already otherwise disposed of, to the said
Cotton Growers Cooperative Association, free from the above recited
trusts.
All parties to this note, whether sureties, indorsers, or guarantors,
hereby agree to continue and remain bound for payment of this note
and
interest, notwithstanding any failure or omission to protest this
$
...,192... No
for nonpayment or dishonor or protest, or to make presentment
after date note
or
demand
for payment, hereby expressly waiving any protest and any
Cotton Growers Cooperative Association,
promises and all notice
of nonpayment or dishonor or protest in any form, or any
to pay to
or order,
dollars, negotiable and presentment or demand for payment.
payable at said bank, with interest alter maturity at the rate of
per
The
money
received
from the negotiation of this note is intended to
cent per annum, and it has deposited with
Savings Bank & be paid by the said association
to its grower members as advance payTrust Co-, of
, as trustee, and hereby pledges as collateral ments
for
the
cotton
delivered
by them to it for orderly marketing.
seeur.ty for the payment of this note
warehouse receipts, repreCOTTON GROWERS COOPERATIVE ASSOCIATION,
senting
bales of cotton of the qualities and grades indicated on
By
the said receipts.
Secretary and Treasurer.
And the said association hereby gives to the said trustee full power
and authority to sell, assign, and deliver the whole or any part of the
said collateral, or the cotton represented thereby, or any substitutes
The amount which is loaned to the associatherefor, at public or private sale, or at any broker's exchange, at the
option of the holder of this note, on the nonperformance of the promise tion against the warehouse receipts or bills of
to pay this note and interest at its maturity, or at any time thereafter,
upon demand made upon the said trustee by the said holder of this lading covers the amount which the association
note, without advertising or giving to it any notice or making any demand of payment. In case of public sale the same shall be made at the advances to the grower. The advances varied
courthouse door in
, after advertisement for five days in some generally from $50 to $60 a bale in 1922, when
newspapers published in the said
It is understood and agreed that at any time before the payment of cotton of middling grade sold for approxithis note, the said trustee may accept and substitute bills of lading,
other negotiable shipping documents or other receipts representing the mately $125 a bale. This enabled the associacotton originally pledged herein, or receipts, bills of lading or other tions to keep a wide margin against the loans,
negotiable shipping documents representing other bales of cotton of at
least the same weight and grade, in lieu of the collateral above recited, and thus to keep them adequately secured.
or any part thereof, and deliver over the above recited receipts or any The amount advanced is dependent upon the
part thereof, for the purpose of enabling the said
Cotton
Growers Cooperative Association to sell the cotton represented by the market price of raw cotton. The following is
said receipts, or the substitutes therefor, the said trustee receiving the an example of a draft that is used by growers
proceeds of the sale of the said cotton to be applied in the payment of
this note. When this note shall have been fully paid, together with all in delivering cotton to an association:
interest due thereon, the said trustee shall deliver over the aforesaid
directly to the grower. An example of a note
often used by an association in securing funds
to make early advances is shown below:
684
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
No. 44528 F
MEMBER'S DRAFT.
,,
,192.
AT SIGHT, PAY TO THE ORDER OF.
DOLLARS
.
As AN ADVANCE ON
B/C.
To:
I
AND CHARGE TO ACCOUNT OP
COTTON GROWERS COOPERATIVE ASSOCIATION!
Address.
County..
Contract No. ...
CO
i
To BE USED TOR COTTON NOT MORTGAGED.
No. 44528 F
DO NOT DETACH.
s
If the cotton on which this draft is drawn is covered by bill of lading, fill in the following:
6
Bills of lading.
ou
Marks.
Date.
Number of bales.
Condition.
Point of origin.
No.
[
If the cotton on which this draft is drawn is covered by Warehouse or Compress Receipts, fill in the following:
Warehouse or compress.
Condition.
Date.
Location.
Name,
Receipt No.
oa
o
ii
I hereby certify that the title to the cotton covered by this draft is in me and is free of all mortgages, liens,
Q
|
and other incumbrances.
County
Signed —
Contract No.
Address.
Member.
Mortgaged cotton.—The above draft covers : Mortgaged cotton is delivered to the associacotton delivered to the associations and tions in the same manner as free cotton and
which is free from all liens and other incum- drafts drawn on the associations in the manner
brances. But, as has been pointed out in outlined, but each draft is accompanied by a
earlier articles of this study (see FEDERAL ; statement that assigns to the association
RESERVE BULLETINS for February and March, ;under certain conditions the right to market
1923), much cotton is grown under crop j the cotton for both the grower and mortgagee.
mortgages or crop liens. In handling such j The following is an example of a draft which
cotton the associations have developed a plan j relates to mortgaged cotton and serves as a
that is somewhat different from that for j release by the mortgagee as well as an assignhandling the staple that is not mortgaged. | ment by the grower.
685
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
No. 30934 M
MEMBER'S DRAFT.
.19.
AT SIGHT, PAY TO THE ORDER O F .
DOLLARS
As
AN ADVANCE O N
B/C
To:
AND
CHARGE TO THE ACCOUNT OP
COTTON GROWERS COOPERATIVE ASSOCIATION
S
Address.
23
at
Contract No
County.
To
3
B E USED
FOR MORTGAGED COTTON.
No. 30934= M
DO NOT DETACH
.19.
O
u
w
CQ
(d
The undersigned mortgagee and/or landlord having a mortgage or lien upon the hereinafter described cotton, the property of the undersigned
grower, and the undersigned grower, agree as follows:
In consideration of the original contract between the undersigned grower and
Cotton Growers Cooperative Association, hereinafter called
' 'Association," and of the mutual agreements herein, the grower hereby assigns all of the net proceeds which would otherwise belong to him, whether
arising from mortgage, sale, or other dispositi on of that part of the cotton covered by said original contract, and hereinafter described, to mortgagee,
and authorizes association to make all remittances covering any such proceeds to said mortgagee, and the association, by the acceptance of the hereinafter described cotton, and of this instrument, hereby binds and obligates itself to make remittances of such proceeds direct to said mortgagee, and
in consideration of the foregoing agreement, said mortgagee holding a mortgage on the hereinafter described cotton and such landlords hereby consent that said cotton may be removed from any county where now or hereafter located and agree that any disposition of said cotton made by the
association by ultimate sale, shall as between the parties to said ultimate sale, and the parties hereto, be valid and binding to the same effect as it
said mortgage or lien so held by mortgagee and landlord had been fully paid orf and released and that any mortgage or pledge of said cotton by
said association, shall as between the parties hereto and to such mortgage or pledge by said association, be, become, and constitute a prior first mortgage, lien, or pledge upon said cotton, superior to all liens, mortgages, and pledges held by any of the parties hereto.
The undersigned grower represents to whom concerned that the above mentioned mortgage or other lien is the only mortgage or lien on any of
said cotton.
A description of the cotton covered by this agreement is as follows:
If the cotton on which this draft is drawn is covered by bills oflading fill in the following:
1
Bills of lading.
Marks.
1
Date.
Number of bales.
Condition.
Point of origin.
No.
If the cotton on which this draft is drawn is covered by warehouse or compress receipts fill in the following:
g
Warehouse or compress.
Condition.
Date.
Name.
Location.
Receipt number.
NAME OP OWNER or LAND ON WHICH COTTON WAS GROWN.
Address
County
Address
Address
N o . 30934 M
Grower.
Contract No..
Landlord.
(To be detached and retained by mortgagee and landlord.)
The undersigned, being mortgagee in the above, agrees to receive the proceeds of said cotton as above provided and to
account to said landlord for his interest in said cotton as the same now exists.
Mortgagee.
686
FEDERAL, RESERVE BTOLETIN.
While the above method of handling mortgaged cotton is followed by most of the associations in handling cotton of landlords and
tenants, some associations have found it necessary to enter into credit agreements with banks
and merchants holding crop mortgages on cotton grown by members of the association.
According to the terms of the agreement the
associations agree to act for the banks and
protect the latter's lien rights in the cotton.
The associations handle the cotton in the same
manner as other cotton, but they pay over to
the banks for the account of the members
listed by them as debtors the funds which
otherwise would be payable to the members
out of the sale of the cotton delivered by them
to the associations. The agreements generally
state that no funds are to be remitted directly
to the growers until liens of the banks have
been satisfied. The following is an example
of an assignment authorizing an association to
handle the cotton and remit the proceeds to
the grower's assignee:
RECORDED
BY
No.
NOTICE OF ASSIGNMENT.
To
cotton growers cooperative association:
I herewith authorize and request you to pay over to
of
, an amount not in excess of $
, with... .interest
from date, out of any proceeds which may hereafter be due or payable to
me from your association out of the cotton of the 192.. crop delivered by
me to your association; and any and all payments made to my said
assignee, or his receipt thereof, will completely release you from any
and all obligation to me from such amount.
I hereby warrant that I have not made any previous assignment of any
of my rights or interests in said cotton. I hereby warrant that there are
no outstanding mortgages or liens of any kind against the said cotton, or
against my share or interest in the proceeds from the sale of the said
cotton.
Dated at
, this
day of
, 192...
Member of
Cotton Growers Cooperative Association.
WITNESS:
This Assignment is of no effect unless recorded at office of -Cotton
Growers Cooperative Association, Send both the original and duplicate
to the association. The original will be returned to you.
COTTON GROWERS COOPERATIVE ASSOCIATION
hereby acknowledges the foregoing request and authority, and, subject
to the express terms and warranties thereof, agrees to pay over to the said
assignee the moneys which would otherwise be due and payable to the
said member on said cotton up to the amount indicated in the foregoing
order; but only out of his net proceeds on said cotton and when due and
payable to the said member.
,192...
COTTON GROWERS COOPERATIVE ASSOCIATION,
By
, Treasurer
The methods used to handle cotton grown
under crop liens vary according to the laws of
the several States relating to crop mortgages
and crop liens.
Revolving funds.—The "revolving funds"
used by the association in making initial advances are arranged at the beginning of the
crop-moving season. Several methods have
JONE, 1923.
been used by the associations in securing
advances for the "revolving funds." The
demand for funds is often larger than one
bank can supply, and groups of banks in
some of the leading cities of the cotton States
have contributed to the revolving funds.
Under this arrangement the banks advance
funds against trust receipts issued by a
custodian bank which holds the warehouse
receipts, bills of lading, or other documents
representing the cotton. In the early periods
of cooperative cotton marketing the War
Finance Corporation extended considerable
funds to the associations to enable them to
make advances. The advances by the corporation to the associations will be discussed in a
later paragraph. In all cases funds are advanced against documents representing the
cotton, which are held by the banks themselves or with a trustee for the association and
the bank which actually advances the funds or
the War Finance Corporation.
On the arrival of cotton which is moving to
the association's warehouses under bills of
lading held by a bank against loans, a trust
receipt is given by the association to the
bank,which in return releases the bills of lading.
A copy of a trust receipt which is often used
by an association and the trustee bank to facilitate the movement of cotton from the railroad to warehouses is shown below.
TRUST RECEIPT.
19.
Received from
National Bank of
bill of lading for
(Write out number of bales.)
(Figures.)
bales of cotton, marked
which, being collateral security held by said bank we agree, in consideration
of the same being put into our possession and for other considerations not herein expressed, to deliver warehouse receipt as soon as practicable, or upon sale and delivery, to
pay and transfer the proceeds thereof at once to said bank,
to satisfy and discharge in full all loans, acceptances or
other obligations to said bank on said cotton. And we
further agree, until said cotton is sold and delivered, to
hold the same in trust for said bank, to keep the same insured for its benefit and to account for the proceeds of sale
thereof as money held by us in trust for said bank or, at
our option, to exchange the same for warehouse or compress receipts or bills of lading to be returned to said bank
within a reasonable length of time. Said cotton covered
by this trust receipt to be held in trust for account of the
National Bank of . . .
(The State Co. 73125.)
FEDERAL, RESERVE BULLETIN.
JUNE, 1923.
The cotton is then moved from the railroad
to the warehouses, where it is sampled, graded,
stapled, classed, and pooled with other cotton
of similar character. The grading and classing
are done generally by licensed cotton graders
and the cotton is stored either in warehouses
licensed under the United States warehouse
act of 1916, or in independent warehouses
which are approved by the banks advancing
the funds. In some States only licensed warehouses are used, but in others where such
storage places are not available other approved
warehouses are used. (A copy of a Federal licensed warehouse receipt was shown in the
FEDERAL RESERVE BULLETIN, April, 1923, p.
445.) When cotton has been stored the warehouse receipts are presented to the custodian
bank in liquidation of the trust receipt.
When sales have been made a trust receipt
again is used to facilitate the movement of
the cotton from the warehouse to the railroad,
where a bill of lading from the point of shipment to destination is received. A copy of a
trust receipt which is often used in this transaction is shown herewith:
TRUST RECEIPT.
Keceived of the
Bank,
, in trust for
the said bank, the warehouse receipts enumerated below
on attached shipping orders which the undersigned agrees
to hold for the benefit of, on account of, and subject to the
order of the said bank, for the purpose of exchanging said
warehouse receipts for railroad bill of lading. We hereby
agree to return to said bank the said railroad bill of lading
within 10 days from this date, and acknowledge that said
warehouse receipts have been received by us only as agent
and bailee of the said bank, it being understood and
intended to protect and preserve unimpaired the lien of
said bank on said property.
., 1923.
(City.)
(State.)
Trust receipts, which are important documents used in facilitating the movement of
cotton, are always accompanied by a collateral
statement showing the number of bales,weights,
class, and other information regarding the cotton that is being handled. A study of the
trust receipt and its legal aspects appeared in
the FEDERAL RESERVE BULLETIN, January,
1922, page 32.
Financing stored cotton.—Several methods of
financing stored cotton have been used by the
associations. Bankers' acceptance credits, acceptances by associations, and loans by the
War Finance Corporation have been the principal sources for funds, but other methods have
been used to a limited extent by some associations.
687
(1) Bankers' acceptance credits.—Bankers' acceptance credits are arranged through an agreement entered into by the association and a
bank or banks at the beginning of the cotton
season. Credits are arranged for the purpose
of facilitating the storage, shipment, and carrying of cotton that is delivered to the associations by its members under the marketing
agreement. The maximum amount of drafts
to be drawn and the maximum maturity of each
are stipulated in the agreement. The amounts
to be borrowed vary for each association, but the
maturity of the drafts used in marketing the
1922 crop were generally from 3 to 6 months,
with the shorter period prevailing. Other
clauses are included in the agreements between
the several associations and their banks, relating, in general, to the aggregate amounts
that are to be drawn against the different
grades of cotton, the rights of the banks to
call for additional collateral in case a decline
in the market value of the cotton reduces the
bank's margin, the rights of the association to
withdraw the documents in making shipments,
and to make substitutions of collateral, the
rights of the bank to have the cotton reclassed
and graded in case it appears necessary.
These clauses vary with the several associations, but in all cases the drafts are required
by the banks to be drawn and accepted m accordance with the provisions of the Federal
reserve act and rulings and regulations of the
Federal Reserve Board. Regarding acceptances
drawn by cooperative marketing associations,
the board has amended its Regulation B so that
a banker's acceptance drawn by a grower or
by a cooperative marketing association composed exclusively of growers of nonperishable,
readily marketable, staple agricultural products, to finance the orderly marketing of such
products grown by such grower or growers and
secured at the time of acceptance by a warehouse, terminal, or other similar receipt, issued
by a party independent of the borrower and
conveying security title to such products, may
be purchased in the open market by Federal
reserve banks if it has a maturity at the time
of purchase not in excess of six months, exclusive of days of grace; provided, that the
acceptor remains secured throughout the life
of the acceptance, and that the acceptance
conforms in other respects to the relevant requirements of existing regulations. (See FEDERAL RESERVE BULLETIN, January, 1923.)
Having established an acceptance credit with
a bank or banks, the association presents drafts
688
FEDERAL RESERVE BULLETIN.
from time to time during the crop-moving season in order to obtain funds to make advances.
In presenting each draft for acceptance the
association delivers to the bank the following
documents as indicated in one of the acceptance
credit agreements.
(a) Negotiable public warehouse receipts in form approved by the bank, said receipts to be indorsed in blank
and to be issued by warehouses licensed under the United
States warehouse act, or by other warehouses satisfactory
to the bank, conveying marketable title to the cotton to
be pledged hereunder as hereinafter provided.
(6) Grade certificates signed by a classer licensed under
the United States warehouse act or otherwise approved
by the bank, certifying the grade and staple of the cotton
represented by the warehouse receipts, such grading and
stapling being according to the official cotton standards
of the Bureau of Markets and Crop Estimates of the United
States Department of Agriculture.
(c) Policies of insurance of companies satisfactory to the
bank insuring said cotton to the full insurable value
thereof, losses, if any, payable to the bank.
(d) Accompanying such warehouse receipts a statement
executed in duplicate by the secretary of the association
certifying—
(1) That the cotton covered by said documents is the
property of the association, held by it under the terms of a
standard marketing agreement free and clear of liens, except to the extent specifically stated. If such statement
shows any liens outstanding against such cotton it shall be
JUNE, 1923.
accompanied by appropriate evidence showing that said
liens (excepting warehouse liens for storage and other
lawful charges accruing from and after September 1, 1922)
have been subordinated to the lien acquired or to be
acquired by the bank hereunder.
(2) That such cotton has been graded and stapled by
classers licensed under the United States warehouse act,
or otherwise approved by the bank.
(3) Setting forth the weight of such cotton as specified
by the warehouse or compress receipts and the grade or
staple thereof as specified by the grade certificates accompanying said receipts or other documents as heretofore provided, and its market value at the time of such
loan.
(4) That the aggregate amount of all acceptances or
drafts outstanding hereunder does not exceed the amount
remaining unpaid of advances made by the association
to its members.
The drafts drawn in accordance with the
agreement are accepted by the bank upon
which they are drawn and the association then
has a prime bankers' acceptance, secured by
warehouse receipts, which is sold in the open
market or discounted by a bank. In some
cases the acceptances are discounted by the
accepting bank or other banks in a syndicate
organized by the accepting bank. The following is a copy of an acceptance which is used
frequently by the associations and their banks:
192.
At ..
.. days after date fay to the order of
OURSELVES
Dollars
1
J5
for value received and charge to account of
Cotton Growers' Cooperative Association.
To
Pres.-Treas.
Secty-Treas.
In many instances the banks which provide
acceptance credits for the cooperative associations are in distant cities—New York, New
Orleans, Chicago, and others—and in order to
keep the receipts and documents representing
the cotton available in the centers where the
associations maintain offices, the banks appoint
trustees or use correspondent banks in the
southern cities to handle the receipts and other
documents for the account of the accepting
bank. The correspondent bank releases the
documents against trust receipts to enable the
association to move its cotton and receives the
proceeds from the sale, which are held for the
account of the accepting bank.
{2) Acceptances by associations.—Some associ-
ations have accepted "the drafts drawn on them
by growers and these have been discounted by
JUNE, 1023.
the growers at their local banks. But this
method of financing has been used only to a
limited extent. The Federal Reserve Board,
has ruled that "where, at the time the growers
deliver their crops to such an association, the
association accepts drafts drawn upon it by
the growers, such drafts are eligible for rediscount by Federal reserve banks as agricultural
paper with maturities up to six months when
discounted by the growers at their local banks
with their own indorsements, provided the
proceeds are used by the growers for agricultural purposes" (FEDERAL RESERVE BULLETIN, September, 1922, p. 1044). Such drafts
are now eligible for rediscount with maturities
up to 9 months, under the provisions of section
13a of the Federal reserve act, added by the
agricultural credits act of March 4, 1923.
(3) War Finance Corporation.—As pointed
out in the FEDERAL RESERVE BULLETIN, May,
1923, the War Finance Corporation was revived
in January, 1921, with the view of assisting in
the financing of the exportation of agricultural
and other commodities to foreign countries.
Early in July, 1921, the corporation agreed to
make an advance of $5,000,000 to a cooperative
association in Mississippi to finance the carrying
of 100,000 bales of long-staple cotton until it
could be exported in an orderly manner.
Within a short time the corporation authorized
advances to other cooperative cotton associations in Texas, Oklahoma, and Arizona, as well
as to banking institutions in the South, to
assist in financing large quantities
of cotton
for export in a similar manner.5
In August, 1921, the War Finance Corporation act was amended and the corporation was
empowered to make advances to "any bank,
banker, or trust company in the United
States," or to cooperative associations of producers, which may have made advances for
agricultural and live-stock purposes. The cotton cooperative associations were among the
first to receive aid from the corporation and
the associations organized in 1921 were able
to market and finance their first crop with the
aid of funds advanced by the corporation.
From January 4, 1921, to November 30, 1922,
the corporation advanced $23,888,000 to cooperative marketing associations for agricultural
and live-stock purposes, of which $13,271,000
were advanced on cotton. While the War
Finance Corporation was an influential factor in
enabling the associations to finance their first
operations successfully, the associations did
6
Annual Report, War Finance Corporation, Nov. 30, 1921.
689
FEDEEAL RESERVE BULLETIN.
not find it necessary to rely upon the corporation to any great extent in 1922-23. Other
methods are being evolved to finance their
operations, the most important being those
described above of using bankers' acceptance
credits.
D. SUMMARY.
The cooperative marketing movement, which
has made rapid progress in all agricultural sections of the country during the last decade,
reached the cotton States in 1920, and in 1921
the first cotton cooperative marketing association began operations. Since that time cooperative marketing associations have been
organized in all the principal cotton-growing
States, and these associations in turn are organize into the American Cotton Growers' Exchange. Membership in the associations is
confined to the growers of cotton or those who
receive cotton as rent.
Each cotton cooperative marketing association is incorporated under the general laws of
the different cotton-growing States governing
the formation of cooperative marketing associations, and each is under the control of a
board of directors elected by the grower
members. The States are divided into a number of districts, so arranged that each will have
approximately the same amount of the cotton
crop. A director is elected from each district
and each director represents the same amount
of business as every other director.
The method of operation of a cooperative
marketing association of cotton
growers may
be summarized as follows:6 "The association
enters into marketing contracts with its members, running for a term of years, by which
the member agrees to sell and the association
to buy all of the cotton produced by the grower
or under his control during the years covered
by the contract. The grower takes his cotton
to his local gin, and then ships the ginned
cotton to the nearest warehouse or compress
designated by the association, the compress
ticket with sample of cotton attached being
forwarded to association headquarters. On
the basis of this sample, the staple of the cotton
is ascertained and its grade determined by
expert graders employed by the association.
The grower then receives a 'participation
receipt' acknowledging receipt, under the terms
of the marketing agreement, of a stated number of bales of stated weight in pounds, and
• Henderson, Gerard C , "Cooperative Marketing Associations," Co
lumbia Law Review, February, 192S.
690
FEDERAL RESERVE BULLETIN.
of specified grade and staple—e. g., 2 bales,
net weight, 1,024 pounds, |-inch staple, grade
middling. At the same time an ' advance payment' is made to the grower of a portion
(generally 60 to 65 per cent) of the then market
value of the cotton delivered. The association is authorized by the terms of the marketing contract to pool the cotton according to
grade and staple, and accordingly sets up on
its books as many pools as there are commercial
classifications of raw cotton. Each member is
debited with his advance payment. As sales
are made from the pool, proceeds, after expenses and after repayment of any sums
borrowed to make the initial advance payment, are distributed to participants in the
pool according to the number of pounds contributed to the pool. In this way the returns
of each member are based upon the average
price realized on cotton of the grade and
staple contributed by him."
The cotton cooperative marketing associations do not have capital stock and are conducted without profit. Each grower receives
whatever the crop brings in proportion to the
amount and quality of the cotton sold through
the association. Only the actual expenses of
operating the associations are deducted from
the returns. The binding contracts which the
associations have with their members are for
long periods and the associations are thereby
insured of a definite volume of business for a
number of years.
In developing cotton cooperative marketing
associations, many legal obstacles have been
encountered, some of which have been overcome. Other legal problems will arise as the
associations progress and each of them must
be solved separately. The legal principle
which has been followed in organizing these
associations has been to insure that title to the
JCNE, 1923.
cotton passes to the association upon delivery,
and that the association is given express
power to sell the cotton or pledge it for advances, thus enabling buyers and financing
institutions to deal with the associations as
with ordinary business institutions. It has
been suggested, however, that the legal relation of the association to its' members has
certain fiduciary aspects so that members may
be protected in certain cases
against improper
disposition of the cotton.7
In attempting to finance their operations,
the associations in cooperation with banks have
followed established principles in securing
credit. Each loan made against cotton is secured throughout its life by documents which
represent the actual cotton that is being marketed. The loans have been made for only a
portion of the market value of the cotton and
and the proceeds have been advanced to the
growers. In using acceptance credits based
upon stored cotton, the associations have been
able to receive funds from distant financial
centers and thereby spread the burden of financing over the entire banking community of
the United States. In connection with the development of cooperative marketing associations, the Federal Reserve Board has issued a
number of rulings and regulations with regard
to the rediscount of the paper of marketing
associations. Such rulings and regulations
went as far as the law allowed before the passage of the agricultural credits act, March 4,
1923. But new regulations made possible under the broader terms of the law now in force
are in the course of preparation, which will
continue the board's liberal policy toward agricultural paper and cooperative marketing
association paper.
' Henderson, Gerard C , "Cooperative Marketing Associations," Columbia Law Review, February, 1923.
JUNB, 1028.
FEDERAL EESEBVE BULLETIN.
691
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
Because of the recent turn of the current American trade balance, more than usual interest
attaches to the status of international trade and the question of foreign markets and prices
throughout the world. In the two months of March and April imports of merchandise to the
United States exceeded exports by $100,000,000, whereas with few exceptions the monthly
trade balance has been favorable to the United States for half a century.
The reversal in our visible trade balance is the result not of a shrinkage in exports, which
for some months past have remained fairly stable, but of large increases in imports. Foreign raw
materials and semifinished products have been shipped to this country in large quantities,
while smaller increases have occurred in imports of many consumers' goods. It appears,
therefore, that the recent large volume of domestic production has resulted in greater demand
on the part of American manufacturers for such raw materials as wool and hides, and for producers' goods like chemicals, wood pulp, hemp, rubber, etc. Some idea of the extent of the
increase in the physical volume of such commodities imported may be gained from the Federal
Reserve Board's foreign trade index, which shows that a group of 10 principal raw materials
rose from an index of 148 in March, 1922 (1913 = 100), to 214 in March, 1923; while a group of
12 principal producers' goods advanced from the already high figure of 307 in March, 1922; to
348 a year later.
While imports of merchandise have been expanding and exports have remained relatively
steady, the movement of gold into this country has continued, but on a scale much lower than
in 1922 or 1921. In April the net inflow of gold amounted to $8,500,000, as compared with
$5,600,000 in March, a monthly average during 1922 of $19,800,000 and of $55,600,000 during 1921.
In view of the falling off in gold imports and the recent excess of merchandise imports, the
question arises as to the future balance of payments between the United States and foreign
countries. An estimate of this balance must include, of course, such invisible items as international investments, debt payments, tourist expenditures, and immigrant remittances. The
most important fact, perhaps, is the present position of the United States as a creditor nation
with further funds available for foreign investments. Foreign credit balances in this country
arising out of net imports of merchandise may, therefore, be used for the payment of interest and
of foreign obligations held by individuals or the United States Government, rather than result
in the exportation of gold. Or such credit balances may be transferred within the United
States in settlement of private debts incurred under open account in previous years. To the
extent that goods could be purchased as advantageously and cheaply here as abroad, it is
probable that additional funds arising out of continued imports of merchandise into the United
States will be used to buy American goods for export. The future of the merchandise trade
balance is thus affected by the relative price levels here and abroad.
Since October, 1922, wholesale prices in many foreign countries expressed in their own currencies have been rising much more rapidly than prices in the United States. This rise has not
been accompanied by a corresponding decline in the dollar-exchange value of these currencies,
with the result that foreign prices, when expressed in dollars (or gold), have risen sharply
during recent months. Thus, while prices in the United States, according to the board's index,
have risen 2.4 per cent between October, 1922, and April, 1923, prices expressed in terms of
dollars have risen about 14 per cent in England, 9 per cent in France, 16 per cent in Italy, 7 per
cent in the Netherlands, 11 per cent in India, and 7 per cent in Japan. This readjustment of
prices abroad, following earlier increases in this country, makes the United States a relatively
more attractive market for foreign buyers than was the case a few months ago.
Since the current unfavorable trade balance has been brought about chiefly by the importation of raw materials, largely from those countries which are not the most important purchasers of our products, the future of our merchandise balance will be influenced by the extent
to which the demand for these materials by American industry continues.
692
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
THE TREND OF BUSINESS ABROAD.1
United
GerUnited
King- France, many.
| States.
dom.
Items.
I. CREDIT.!
COMMERCIAL BANK LOANS:
1921—April
1922—April
July
October
1923—January
February
March
April
1,127
1,005
1,056
1,033
1,046
1,023
992
13,272
13,139
13,181
13,549
13,361
1,710
1,737
1,730
1,686
1,693
1,644
1,596
1,606
12,933
13,015
13,063
13,527
13,744
12,249
10,846
10,739
11,249
11,425
11,639
11,783
11,839
COMMERCIAL BANK DEPOSITS:
1921—April
1922—April
July
October
1923—January
February
March
April
78
72
71
66
79
80
68
71
2,884
2,580
2,103
2,152
2,662
2,684
2,685
2,646
2,372
61
158
216
578
2,306
4,777 i
6,924
9,221
38,211
35,787
36,050
36,694
36,780
37,055
37,188
36,548
36,741
71
140
CENTRAL BANK NOTE ISSUES:
1921—April
1922—April
July
October
1923—January
February
March
April
May
447
405
400
388
381
381
388
384
1921—April
1922—April
July
October
1923—January
February
March
April
!
1921—April
1922—April
July
October
1923—January
February
March
April
190
469
1,984
3,513
5,518
6,546
333
299
307
294
324
355
373
365
1921—April
1922—April
July
October
1923—January
February
March
April
FOREIGN EXCHANGE (per cent of par);
1921—April
1922—April
July
October
1923—January
February
March,
April
May
"
233
182
184
178
178
177
176
174
328
304
297
290
309
316
321
320
80.74
90.69
91.37
91.20
95.65
96.39
96.49
95.66
95.05
37.52
47.82
42.68
38.19
34.60
31.84
32.77
34.54
34.39
40
43
113
126
106
117
107
16.0
14.4
12.3
12.0
12.7
11.8
11.1
10.9
37,758
2,447
602
272
684
666
588
354
2,914
3,305
3,236
3,124
3,262
3,006
3,315
3,082
600
411
562
556
726
792
755
761
59,868
55,508
60,419
60,399
66,939
57,510
60,921
62,871
1,974
1,963
1,433
1,937
1,696
2,329
2,474
113
106
13S
223
257
;
;
!
I
i
84
88
94
99
101
103
102
75
176
243
7,444
7,258
15,862
15,671
16,343
18,423
19,666
16,905
19,643
18,816
326
337
290
311
361
340,464
318,470
301,157
370,719
335,539
307,194
341,162
326,000
VOLUME o r EXPORTS (relatives»):
67
91
432
2,054
7,159
6,770
RETAIL PRICE INDEX (relatives <):
1921—April
1922—April
July
October
1923—January
February
March
April
103
113
123
77
112
VALUE OP EXPORTS (actuals*):
6
5
5
5
5
5
5
5
5
206
167
171
163
167
170
175
177
47
81
94
103
126
117
138
139
BANK CLEARINGS (actuals2):
WHOLESALE PRICE INDEX (relatives»):
1921—April
1922—April
July
October
1923—January
February
March
April
101
100
96
67
88
97
116
112
70
73
77
UNEMPLOYMENT: '
CENTRAL BANK DISCOUNT BATE (p.c(.)
1921—April
1922—April
July
October
1923—January
February
March
April
May
I I . PRICES AND EXCHANGE.
III. PRODUCTION AND TRADE.
PIG IKON ProDUCTioN (relatives*):
1921—April
1922—April
July
October
1923—January
February
March
April
5
10,138 COAL PRODUCTION (relatives ):
1921—April
10,676
1922—April
11,043
July
11,162
October
11,537
1923—January
11,525
February
11,082 !
March
11,156 j
April
CENTRAL BANK DISCOUNTS:
1921—April
1922—April
July
October
1923—January
February
March
April
May
United
GerUnited
King- France. many.
States.
dom.
Items.
10
32
50
195
1,034
2,408
2,627
2,764
146
149
165
165
165
166
169
169
152
139
142
143
144
142
142
143
1921—April
1922—April
July
October
1923—January
February
March
April
VALUE OF IMPORTS
75
105
111
103
135
99
91
106
95
120
96
84
87
84
(actuals'):
1921—April
1922—April
July
October
1923—January
February
March
April
89,951
80,661
81,784
85,015
99,700
83,855
90,022
86,417
1,779
1,744
1,996
2,109
2,144
2,343
2,487
254,579
508 217,023
685 251,772
532 . 276,104
564 329,844
446 303,413
398,075
367,000
VOLUME OF IMPORTS (relatives»):
1921—April..
1922—AprilJuly
October.
1923—January.
February.
March..
April.
* United Kingdom and France—July, 1914=100; Germany—October 15,1913-June 15, 1914=1; United States—1913 average=100.
'1913=100.
Official figures not availab le.
United Kingdom—Percentage of unemployed in insured trades; France— number of unemployed in the city of Paris; Germany—number of
applicants
for every 100 available positions; united States—an index of employment in 12 representative trades, 1919 being taken as 100.
8
Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks, and thousands of dollars.
»1913-100. Figures for United Kingdom refer to Quarterly period.
1
7
JCNE, 1923.
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE OF FRANCE IN 1922.
The foreign trade of France showed distinct
improvement in 1922. Both exports and imports, measured by weight, were larger not
only than in any previous year since the
war, but were the largest in French history.
Equally important is the apparent fact that
toward the end of 1922 the balance of payments came practically into equilibrium. This
does not mean that- the exports equaled the
imports in value, but that international payments could be currently balanced. A statement to this effect was made by the governor
of the Bank of France at the annual meeting,
and it is supported by the fact that for some
months French foreign commerce has been
very active, while the considerable excess of imports has not resulted in large gold shipments or
borrowing abroad. It is at present impossible to
determine whether or not the suspension of
reparation deliveries has changed this situation.
The revival of foreign trade to the volume of
1913 is the more remarkable in that so large a
proportion of French productive energy has of
necessity been devoted to reconstruction in the
war zone and to the restoration of physical
equipment undermaintained during the period
of hostilities.
A complete study of the foreign trade of
France requires reference to the invisible as
well as the visible elements. Accurate data on
the invisible items, however, are not obtainable. Exports and imports of merchandise
and of gold and silver normally show an adverse balance for France. This balance reached
enormous figures between 1914 and 1920, but
in the last two years it has returned to proportions not differing greatly from those prevailing in 1913 and before. To this must now be
added an invisible item which did not exist
before the war, namely, interest payments upon
loans floated abroad. As an offset to these
debits, France has two invisible credit items
of importance—the income from foreign investments and the expenditures of tourists. The
French public still holds a considerable number of foreign securities of varying values.
Before the war these securities yielded an
annual income estimated at about 3,000,000,000
gold francs—a sum large enough not only to
meet the deficit in her merchandise trade, but
to assist her export of capital. At present it is
impossible to arrive at a conclusion as to the
income derived from foreign securities, but it
is certainly much reduced. It is probable
that now by far the greatest of the invisible
items to the credit of France is the expenditure
693
of travelers, though sums from this source are
believed to be below the pre-war figures.
The figures of the trade in merchandise and
precious metals must be used with caution.
Merchandise imports are stated in declared
values and exports are computed according to
schedules of prices. As these schedules are
changed from time to time, to bring them into
conformity to the changes in the general price
level, the merchandise values of several years
are not exactly comparable. For instance,
exports in 1920 were computed on a scale of
values representing prices in that year; in 1921
and the first half of 1922 the 1919 schedule was
applied. Since the average of prices had by
early 1922 dropped somewhat lower than in
1919, the schedules were revised in June, 1922,
and new tables were introduced representing
the prices of 1921, the figures for 1921 and the
first half of 1922 being recomputed on the new
basis. Exports of 1921 and 1922 are therefore comparable with each other, but, as prices
during the latter part of 1922 became much
higher than they had been in 1921, the exports
of 1922 were perhaps undervalued. As the same
schedule of valuation was employed through
March, 1923, it is certain that the value of exports for the first quarter of the current year has
been materially understated in comparison with
the imports, though the exact amount of this
undervaluation is unknown. Beginning with
April, exports as well as imports will represent
the actual values of commodities.
Even the imports and exports of gold
and silver do not lend themselves to exact
comparison, as the trade in the precious
metals is reported in kilograms and then reduced to francs at a determined rate representative of the current gold value of the franc,
and consequently subject to considerable
variations.
The visible trade balance of
France.—While
e merchandise trade of France still shows an
adverse balance, the period of enormous deficits
has passed and exports and imports have returned approximately to the relative positions
of pre-war years. This is the result both of a
recovery in exports and of a curtailing of the
abnormally large imports which characterized
the war and post-war period. In stating the
balance of visible trade the official figures are
employed, but in their consideration the
methods by which they were reached should
be borne in mind. The following table shows
the French merchandise trade of the past four
years compared with 1913. The percentages
show the proportion of the imports covered by
exports.
694
FEDERAL RESERVE BULLETIN.
FOREIGN COMMERCE OF FRANCE IN MERCHANDISE.
In millions of francs.
1913
Imports.
Exports.
• Expressed as percentage of imports.
1919 1920 1921 1922 1913 1919 1920 19211922
8,42135,799 49,905 22,068 23,901 100 100 100 100 100
6,880 11,880 26,895 19,773 20,642| 82
Excess of
imports.. 1,541 23,919 23, Oiol 2,295 3,259
18
JUNE, 1928.
In the import trade foodstuffs show little
change, raw materials an increase, and manufactured goods a slight decrease. The following table shows the import trade of France by
volume and value, together with the percentage
relations of the various groups to the total
import trade:
IMPORT TRADE OP FRANCE.
46' 11
In thousands of metric tons.
In part, the deficit of the merchandise balance has been met by the export of gold and
silver. The shipment of precious metals was
in itself very large, but the figures indicate that
it fell far short of covering the cumulative adverse balance in the merchandise trade. The
following table shows the movement of gold,
silver, and other coins:
MOVEMENT OP GOLD, SILVER, AND BASE COIN.
[In thousands of francs.]
1919
1920
1921
1922
176,143
36,601
214,519
688,422
662,366
873,769
125,110
81,866
1919
1920
1921
6,981
29,638
1,828
6,195
41,872
2,465
4,268
34,222
1,571
5,064
44,607
1,696
44,220
38,447
50,532 j 40,062
51,367
12
84
4
18
77
5
12
83
5
11
85
5
10
87
3
100
100
100
100
100
1913
Quantities:
5,512
Industrial raw materials. 37,161
1,548
Manufactured goods
Total
Per cent of total:
Foodstuffs
Industrial raw materials.
Manufactured goods
Total
1922
Total.
In millions of francs.
Imports
Exports
1,178,159
1,680,656
Composition of French foreign trade.—The
war profoundly affected the character of
French productive activity. The changes are
to some extent evident in the composition of
the foreign trade, though their full effect is not
yet realized. The results of the war upon production may be briefly summarized. Temporarily, it left partially unproductive a large
area of agricultural land and a considerable
part of the manufacturing equipment and coal
mines of the country. More than 2,000,000
young men, of whom about one-half were farmers, were killed or maimed. Further, France,
hitherto predominantly an agricultural country,
recovered in Alsace and Lorraine a highly
industrialized region, which makes France one
of the leading iron-producing countries of the
world. This gives to industry in France, as
compared with agriculture, an importance it
never before possessed. While the influence of
this last factor is already visible, its full effect
will appear only in time. Taking these fundamental changes into consideration, the outstanding fact is that, despite the enormous demand
upon French production for reconstruction, the
total volume of foreign trade has regained or
surpassed its 1913 level.
A study of the trend of commodity groups in
the foreign trade leads to definite conclusions.
Values:
Foodstuffs
Industrial raw materials.
Manufactured goods
Total
Per cent of total:
Foodstuffs
Industrial raw materials.
Manufactured goods
Total
1922
1920
1921
1 818 10,704
4,946 14,753
1,658 10,342
11,875
25,157
12,873
5,748
11,409
4,911
5,800
14,048
4,052
8,421
35,799
49,905
22,068
23,901
21
59
20
30
41
29
24
50
26
26
52
22
24
59
17
100
100
100
100
100
1913
1919
The imports of foodstuffs for 1922 show a
decline from 1919 and 1920, but a considerable
rise over 1921. It is to be noted that imports
of this sort were less than in 1913. This is
largely due to the decline of cereal imports
from 2,930,000 metric tons in 1913 to 1,636,000
metric tons in 1922. In 1913 cereals amounted
to one-half of the food imports of France; in
1922, to hardly one-third, although the production of French cereals was materially lower than
in the former year. This decline in cereal imports is partly due to a different distribution of
the quantities imported in the different months,
but a part of it seems due to an actual decrease
in wheat consumption. Of the two next largest
food imports, that of wine shows a small increase and that of sugar a very large increase.
The irregular increase in imports of raw materials since 1919 is an index of the course of
French business, showing the stagnation of
1919, the boom of 1920, the depression of 1921,
and the substantial recovery of 1922. The
principal item is coal, and the mcreased imports
of ray materials in 1922 over 1913 are largely
explained by the increase in coal imports from
22,866,967 metric tons to 28,896,683 metric
tons, partly owing to the fact that the French
mines have not yet recovered their 1913 output.
Since little French coal is suitable for coking,
the recovery of the French mines, accompanied
by a revival of the iron business, will not greatly
reduce the demand for coke from abroad.
The decline in imports of manufactured
goods compared with 1919 and 1920 at least is
clearly indicative of increased domestic production. The study of the export trade shows even
more distinctly the recovery of French commerce from the demoralization which followed
the war.
EXPORT TRADE OP PRANCE.
In thousands of metric tons.
1913
Quantities:
Foodstuffs
1,457
Industrial raw materials. 18,299
Manufactured goods
2,283
Parcels
35
Total
22,074
Per cent of total:
Foodstuffs
Industrial raw materials.
Manufactured goods
Parcels
100
Total.
1919
1920
1921
530
4,156
861
17
1,258
9,709
1,865
23
1,222
12,892
1,895
25
1922
948
19,145
2,495
28
5,564 12,855 16,034 | 22,616
100
100
100
100
In millions of francs.
1913
Values:
839
Foodstuffs
Industrial raw materials. 1,858
3,617
Manufactured goods
566
Parcels
Total
'
1919
Total
Geographical distribution
foreign
2,071
4,092
12,356
1,254
1,921
5,444
11,860
1,417
DISTRIBUTION OF F R E N C H F O R E I G N T R A D E .
11,879
26,896
19,773
20,642
IMPORTS.
[Values in millions of francs.]
1920
1913
Country of
origin.
100
ojf French
trade.—The geographical distribution of French
foreign commerce has changed surprisingly little since 1913. The most notable differences
are found in the decline of trade with Germany
and the increase in trade with the United
States. In 1922 the principal countries entering into French commerce were England,
with 16 per cent; the United States, with 13
per cent; Belgium, 12 per cent; Germany, 7
per cent; Algeria, 6 per cent; Italy, 3 per cent;
Switzerland, 3 per cent; Argentina, 2 per cent;
and the Netherlands, 2 per cent. It is to be
noted, however, that part of the exports to
England and Belgium represent transit trade
with ultimate destination elsewhere. Further, a very large part of the imports from Germany since 1919 have been reparations deliveries, and consequently the value of these
imports should not be counted in estimating
the balance of trade. French trade statistics
do not differentiate between reparation deliveries and other imports from Germany.
The following table shows the changes in distribution of French foreign trade between 1913
and 1922, the countries selected being those
whose volume of trade is the largest. They
represent the sources of over half the imports
of France and the destination of nearly threefourths of the exports, the proportions of the
totals being almost exactly as they were in
1913:
2,613
6,114
16,963
1,206
100
100
100
100
Less than 0.5 per cent.
The decline in the exports of foodstuffs is
another reflection of the decrease in agricultural production, though in 1922 it was partly
caused by exceptionally poor harvests. The
steady increase in the tonnage of export both
of industrial raw materials and of rnanufactured
goods is clear testimony of the reconstruction of
industry; and it is especially noteworthy that
the tonnage of both exceeds that of 1913. The
study of exports by value is less conclusive,
owing to wide price changes and divergencies,
but it appears that in 1922, as compared with
1913, the exports of raw materials had about
held their ground, while manufactured goods
had gained.
1,190
2,444
7,388
857
Per cent of total:
Foodstuffs
Industrial raw materials.
Manufactured goods
Parcels
1
695
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
England
Germany
1921
1922
Per Value. Per Value. Per Value. Per
Value. cent.
cent.
cent.
cent.
1,115
1,069
556
241
135
895
369
331
3,710
Italy
Switzerland
United States...
Argentina
Algeria
Other countries.
Total
8,421
13
13
6
3
2
11
4
4
44
10,318
2,668
3,325
1,283
1,052
10,866
2,992
1,053
16,348
21
5
7
3
2
22
6
2
32
3,039
2,163
1,789
569
465
4,065
596
1.050
8,332
14
10
8
2
2
18
3
5
38
3,403
1,299
1,726
804
'538
3,854
793
971
10,513
14
5
7
?,
2
16
3
4
44
100
49,905
100
22,088
100
23,901
100
696
FEDERAL RESERVE BULLETIN.
DISTRIBUTION OP FRENCH FOREIGN TRADE—Continued.
EXPORTS.
1913
Country of
origin.
England
Germany
Italy
Switzerland
United States...
Argentina
Other countries.
Total
1922
1921
1920
Per Value. Per
Value. Per Value. Per Value. cent.
cent.
cent.
cent.
1,454
867
1,108
306
406
423
200
553
1,563
21
13
16
4
6
6
3
8
23
4,233
1,502
4,479
1,249
1,792
2,257
445
2,290
8,648
16
5
16
5
7
8
2
9
32
3,179
1,877
3,250
. 686
1,092
2,193
271
1,413
5,812
16
10
16
4
6
11
1
7
29
3,856
1,762
3,795
749
1,009
1,973
300
1,705
5,4S3
19
9
19
4
5
10
1
8
26
6,880
100
26,895
100
19,773
100
20,642
100
Among the countries shown, France had a
favorable tradebalance with England, Germany,
Belgium, Switzerland, and Algeria, and an adverse balance with the others. The relations
have changed somewhat from 1913, for in that
year France had a favorable balance with Italy
and an unfavorable balance with Germany.
Figures of trade with Germany in 1922 are
especially interesting, indicating that France
in that year sold more goods to Germany than
she received from her, whether as reparations
or regular imports. Eussia was an important
source of imports in 1913, standing in fifth
place, with 5.44 per cent of the import trade.
However, French exports to Kussia at that
time were so small as to be nearly negligible,
in spite of the enormous Russian loans floated
in France. This affords a conspicuous rebuttal
to the popular supposition that foreign loans
of themselves promote foreign commerce.
French trade with the United States.—The
most striking fact disclosed by the tables is the
increased importance of American commerce
for France. In 1913, 8.6 per cent of the total
foreign trade of France was with the United
States; in 1922 it was 13 per cent. In both
exports and imports the position of the United
States shows a marked improvement, a condition true of no other country on the list. The
United States now stands first as a source of
French imports and third as a market for
French exports. Conversely the importance
of France in American commerce is very considerable, France in 1922 being fifth in imports
to the United States and fourth as a market
for American goods, being exceeded only by
the United Kingdom, Canada, and Germany.
American exports to France exceeded those to
all South America combined.
The exports of France to America are principally articles classed as luxuries. Silk, in one
JUNE, 1923.
form or another, accounts for about one-sixth
of the total exports to the United States,
leather goods for more than one-tenth, printed
matter and motion-picture films for a similar
amount. The largest single item is that of
lingerie and clothing. These four groups taken
together amount to over one-half of the total
of French exports to the United States.
In 1922 the value of American exports to
France was almost exactly double our imports
from that country. Four commodities—cereals,
cotton, petroleum products, and copper—all of
them raw materials, account for about twothirds of American exports to France. These
are followed by sugar, iron and steel, tobacco,
and steam engines.
The following table shows the principal commodities imported by France from the United
States, in relation to the total French imports
of those commodities. Of these commodities,
the figures of every one except cereals was
larger in 1922 than in 1921, but cotton and
copper were still below 1913.
PRINCIPAL F R E N C H IMPORTS PROM THE U N I T E D STATES.
[In thousands of metric quintals.]
Total French imports.
Commodity.
Cereals
Cotton
Petroleum products
Copper
Tobacco
Sugar
1913
1921
29,297
3,291
6,979
1,167
372
1,150
17,224
2,115
8,991
603
398
3,648
French imports from
United States.
1922
1«,362
2,631
11,793
964
595
5,850
Per cent, United
States to total.
Commodity.
Cereals
Cotton
Petroleum products.
Copper
ToDacco
Sugar
1913
1921
1922
1,631
2,499
3,620
711
214
5,169
1,671
6,926
423
160
481
3,764
1,823
9,112
608
349
1,484
1913
1921
23
69
77
63
58
25
Conclusion.—The improvement in French
foreign trade noted in 1922 has continued into
1923. There are, however, certain factors
which must be considered in attempting to determine the outlook. The principal factors
opposing French foreign commerce are the lack
oi purchasing power and the depreciation and
fluctuations of the exchange. The destruction
of capital caused directly by the war, the loss of
man power, the decline in receipts from travelers from eastern and central Europe, and the
JCNE,
1923.
697
FEDERAL RESERVE BULLETIN.
great depreciation of foreign investments have
reduced the purchasing power of France below
what it was in 1913. The loss of coal and coke
through the cessation of reparation deliveries has
in recent months added to the burden of French
purchases abroad and reduced the purchasing
power available for other commodities. The
depreciation of the exchange, resulting in a
lower purchasing power for the franc abroad
than at home, is another hindrance to imports,
though it would encourage exports; but the
sharp fluctuations of the exchange, with consequent violent variations of the price level, have
been a much more serious disadvantage than
the so-called depreciation. Another factor,
making itself felt chiefly through freight rates,
is found in the fact that, by weight, French
exports are only about one-half of her imports.
Further, the impoverishment of eastern and
central Europe has weakened the demand for
the luxuries which form so large a part of
French exports.
On the other hand, the situation is not without encouraging factors. Of these the chief is
probably the remarkable progress of reconstruction in the industrial area in northern
France. While incomplete, the work done so
far has enormously increased the wealth and
purchasing power of the country over what it
was three or four years ago. This significant
fact is likely to find increasing reflection in
the foreign trade of France.
DEVELOPMENT OF GERMANY'S FOREIGN
TRADE SINCE THE WAR.
ing, and after the war; to review the changes
that have taken place since the war, and to
analyze the various restrictions to which Germany's foreign trade is subject. From the
outset it should be noted that Germany's foreign
trade statistics at the present time are far from
exact, and that the figures quoted in the following study, although taken mainly from
official German sources, are to be understood
as estimates only. Since September, 1922,
Germany's foreign trade has been reported in
gold marks, but as gold marks do not circulate
and imports and exports are invoiced either in
foreign currencies or in paper marks, it is
obvious that the new foreign trade statistics are
far from being adequate.1
ESTIMATES
OF
GERMANY'S
PAYMENTS.
BALANCE
OF
Before the war.—Before the war imports into
Germany exceeded exports to a considerable
extent. Between 1909 and 1913 the annual
excess of imports over exports amounted to
1,900,000,000, 1,400,000,000, 1,600,000,000,
1,700,000,000, and 700,000,000 gold marks,
respectively, which was balanced by an excess
of invisible exports. The excess of invisible
exports was derived mainly from interest on
foreign securities held in Germany and from
profits of capital invested in various enterprises abroad. The items constituting Germany's balance of payments may be seen from
the following table:
GERMANY'S BALANCE OF PAYMENTS IN
1913.
Germany's foreign trade has undergone many
[Millions of gold marks.]
important changes since the outbreak of the
war, and both her imports and exports of merAmount.
Amount.
chandise have decreased considerably. The decrease of exports, however, is much larger than Goods imported
11,719 Goods exported
10,932
377 Gold exported
63
that of imports, so that the country's unfavor- Gold imported
able balance of trade is at present greater than Payments for goods 12,096 Profits derived from 10,995
in pre-war days, when Germany's invisible ex- transported on foreign
shipments on account
450
shins,about
of foreign owners,
ports were sufficient not only to meet the excess Purchase
of securities
about
375
and
investment
of
Eevenue
derived from
of imports, but also left a considerable amount capital abroad, about..
54
German capital inwhich was invested abroad. A study of Gervested abroad, about..
500
12,600 Interest on foreign seTotal
many's trade, therefore, involves the question
curities held by German citizens, a b o u t . . .
730
of the country's balance of payments, for otherwise it ii! impossible to understand how
Total
12,600
payment has been effected since the war to
meet the country's huge excess of imports over
exports.
The figures of the above table, compiled by
In this article it is proposed to survey briefly the Darmstadter und Nationalbank, are someGermany's balance of trade and, as far as 1 For the method of computation of Germany's foreign trade statistics,
possible, heir balance of payments before, dur- see January, 1923, FEDERAL RESERVE BULLETIN, p . 68.
698
FEDERAL RESERVE BULLETIN.
what different from the figures arrived at by
Doctor Glasenapp, vice president of the
Reichsbank, who estimated Germany's excess
of invisible exports over imports shortly before
the war at about 1,700,000,000 marks. According to Doctor Glasenapp's valuation, German
nationals received about 1,000,000,000 to
1,500,000,000 gold marks interest on foreign
securities, and about 1,000,000,000 gold marks
from financial and industrial enterprises established abroad. From this sum about 400,000,000 gold marks may be deducted as
representing Germany's invisible imports.2
During and after the war.—Germany's balance
of trade and balance of payments during, and
after the war show quite a different picture
from that of pre-war days. Not only have
imports, estimated in gold marks, decreased to
about one-half and exports to about one-third
of their pre-war value, Dut the invisible exports
of Germany have assumed quite a different
character. Germany's visible balance of trade,
from the outbreak of the war to the end of
1922, may be summarized as follows:
GERMAN IMPOSTS AND EXPORTS OF MERCHANDISE,
AUGUST 1, 1914, TO DECEMBER 31, 1922.
[In billions of gold marks.)
Imports. Exports.
Aug. 1, 1914, to Dec . 31, 1918 (estimate
of German Goven
1919..
1920..
1921 (estimated) l
1922
22.8
6.6
7.0
4.5
6.2
11.7
1.76
5.1
3.4
4.9
Excess of
imports.
11.1
4.84
1.9
1.1
2.3
1 Official figures available only since May, 1921.
Thus, according to above German estimates,
during the war Germany imported about
11,100,000,000 gold marks' worth of goods
more than she exported, and during the four
after-war years the unfavorable balance of trade
amounted to about 10,000,000,000 gold marks.
The excess of imports over exports during the
war was met mainly by the sale of foreign securities held in Germany and to a smaller
extent by shipments of gold and the sale of
German currency.
According to the official Wirtschaft und
Statistik, most foreign securities held in
Germany were already liquidated at the end
of 1919, so that during the following years the
income from sales and from interest on such
2
See also Dr. Kurt Singer's article in Wirtschaftsdienst, July, 1922.
JUNE, 1923.
securities represented only a small fraction of
German}'s invisible exports. The decline in
the amount of foreign securities held in
Germany, coupled with the liquidation of
German enterprises in the various allied
countries, necessitated the creation of new
classes of invisible exports in order to meet the
unfavorable balance of trade. Since the middle
of 1919 they have consisted mainly of German
marks sold abroad. The total amount of
German bank notes held abroad and the
amount of mark deposits of foreigners with
German banks at the end of 1921 were estimated by the Reichsbank at between 60,000,000,000 and 65,000,000,000 paper marks. No
estimates are available as to the amount by
which these two items have increased during
1922, but, in view of the attitude of foreigners
toward German marks during the past year,
one may safely assume that the increase has
not been large.
It is impossible to arrive at an estimate of
the gold value of these 65,000,000,000 paper
marks at the times they were sent abroad.
Several billion paper marks were sold abroad
during the war, when the average rate of the
paper mark was equal to about 76 pfennig in
gold, while for the first three years after the
war the relation between the paper mark and
the gold mark fluctuated very widely. The
average value of the paper mark for the years
1919, 1920, and 1921 was 26, 6.7, and 5 gold
marks for 100 paper marks, respectively. To
the amount of foreign values realized from the
sale abroad of German currency about 35,000,000,000 paper marks should be added, which
were obtained from the sale of German securities. The invisible exports from Germany were
further increased by the sale of real estate, by
the expenditures of foreigners in Germany, the
remittances by German residents abroad and
of various charity institutions, and the shipment
of about 1,000,000,000 gold marks.
From the above discussion it may be seen
that through transfers abroad of mark exchange, and through the sale of securities and
real estate, Germany was able to meet her unfavorable balance of trade. Total sales of
marks up to the end of 1921, although they
affected the valuation of German exchange
abroad, represent at the end of May a value
of only about $1,500,000 and will have practically no influence on Germany's future balance
of payments. For the time being the foreign
investments in German industry and real estate
have no influence on Germany's balance of
payments, for the different valuation of the
JUNE, 1923.
699
FEDERAL EESEEVE BULLETIN.
mark in Germany and abroad makes it more
profitable for recipients of dividends and rents
in German marks to reinvest them in Germany
than to convert them into foreign currencies.
GERMANY'S FOREIGN TRADE IN FOODSTUFFS.
[In thousands of tons.]
CHANGES IN GERMANY's FOREIGN TRADE AFTER
THE WAR.
The large unfavorable balance of merchandise trade has been caused mainly by the fact
that Germany's exports decreased to a much
larger extent than her imports. The volume
of imports into Germany decreased from about
73,000,000 tons in 1913 to 46,000,000 tons in
1922, or about 37 per cent, while exports decreased from 74,000,000 tons in 1913 to 22,000,000 tons in 1922, or about 75 per cent.
The smaller decrease in imports is due largely
to the importation of foodstuffs and raw materials, and also to the fact that Germany is at
present importing bulky commodities which
she formerly exported, such as coal, sugar, etc.
The lack of complete foreign trade figures for
the four postwar years makes impossible a detailed analysis of the movement of the various
froups of commodities from and to Germany,
n order, however, to indicate the nature of
the change of Germany's foreign trade, the
movement of some of the more important
groups of commodities during the two years
1922 and 1913 will be compared.
Foreign trade in foodstuffs.—The territorial
losses of Germany affected to a large degree
Germany's foreign trade in foodstuffs. As a
result of the peace treaty, the total population
of Germany decreased 8 per cent, while the
cession of parts of her eastern provinces
involved a decrease of about 12 per cent of her
agricultural population, about 16 per cent of
the annual production of breadstuffs, 18 per
cent of the production of potatoes, and 20 per
cent of the production of sugar beets. The
loss of agricultural districts was further aggravated by the fact that tillage during the war
was less intensive and that fertility of the soil
decreased due to the lack of animal and
mineral fertilizers. Thus, while in 1913 the
yield in tons per hectare (2.4 acres) amounted
to 1.99 for wheat and 12.9 for potatoes, it
amounted to only 1.63 tons for wheat and
11.5 for potatoes in 1920 and 0.7 for wheat
and 7.2 for potatoes in 1922. The extremely
small yield in 1922 was due to the generally
poor crop caused by wet weather. The decrease in the output of agricultural products
affected to a very considerable extent Germany's foreign trade in foodstuffs, as may
be seen from the following table:
]Exports.
Imports
1913
Wheat
Rye .
Barley and oats
Rice..
2 546
'353
369
477
2
919
Corn and dari...
1913
1920
538
591 1 393
934
404
540
667
77
338
184
127
189
92
188 1,116
35
409 1,085
2.1
1.2
5.1
1.0
6.4
0.0
1920
1922
1922
4.2
2.0
0.08
15.00
12.60
0.00
These figures indicate that the importation
of more expensive foodstuffs, such as wheat,
decreased considerably, while the importation
of cheaper foodstuffs, such as rye and corn, increased, all exports of these cheaper commodities ceasing entirely. The importation of
foodstuffs changed not only with regard to
quality, but also the quantity of many imported foodstuffs decreased. Most conspicuous of all is the decline in the importation of
meat, which decreased from 1,693,000 metric
tons in 1913 to 1,029,000 tons in 1921, which
decrease corresponds to the general decline in
the consumption of meat in Germany. The
average per capita consumption of meat of domestic origin in Prussia was 101.57 pounds in
1913, as compared with 62.74 pounds in 1921.
The production of sugar decreased from 2,244,283 tons during the year September 1, 1913, to
August 31, 1914, to 1,166,958 tons in the year
1921-1922. Decreased production naturally
affected Germany's ability to export. Thus
Germany, which before the war was one of the
largest sugar exporting countries in the world,
imported during the last year about 188,000
tons, while her exports of sugar practically
ceased entirely. Equally significant has been
the change in the importation of luxuries and
luxury foodstuffs, such as coffee and tea. In
1919 Germany imported 168,250 tons of coffee
and 4,290 tons of tea, as compared with 36,790
tons of coffee and 2,802 tons of tea in 1922.
The general decline in the importation of luxuries becomes more apparent from a comparison
of the following figures:
IMPORTS OF LUXURIES INTO GERMANY.
[In millions of gold marks.]
1913
Luxury foodstuffs
For luxury use—fruits...
Manufactured articles
Silk and half-silk clothing
571
148
198
3.5
1922
233
19
33
0.2
700
FEDERAL RESERVE BULLETIN.
The decrease is due partly to the decreased
purchasing power of most Germans and partly
to the restrictions imposed by the German
Government in order to decrease the importation of all nonessential commodities (see p. 702).
Coal.—The great change that has taken
place in the coal trade is one of the best examples of the factors which explain Germany's large unfavorable balance of trade.
According to the various agreements with the
Allies, Germany is bound to deliver monthly a
certain quantity of coal to France, Belgium,
and Italy. These deliveries decrease to a considerable extent the amount of coal available
for free exports. Loss of coal territory has
caused a decrease in the output of coal from
190,000,000 tons in 1913 to about 126,000,000
tons in 1922. As a result of these changes,
Germany, instead of being a coal-exporting
country, as she was before the war, is at present
a coal-importing country, as may be seen from
the following figures:
FOREIGN COAL TRADE OF GERMANY.
[Millions of tons.]
Imports
1913
Coal
Lignite
10.5
7.0
1920
0.36
2.30
Exports
1922
1913
1920
12.14
2.10
34.60
.06
'21.9
.07
»21.0
.01
1
Of this amount, 14,600,000 tons were deliveries for reparation account,
s Of this amount, 16,000,000 tons were deliveries for reparation account.
Includes coke and lignite calculated as coal.
Voluntary exports are in fulfillment of
various agreements concluded between German
producers, on the one hand, and Swiss, Dutch,
and other consumers, on the other hand.
Iron and steel.—Closely connected with coal
is the iron and steel trade, which shows much
the same tendencies. The change in output
and in the foreign trade in steel and iron has
been caused mamly by the cession of AlsaceLorraine, which before the war was Germany's
most important source of iron ore. The total
quantity of iron ore consumed by the German
industry in 1913 amounted to about 40,000,000
tons, of which about 21,000,000 tons were
obtained from Alsace-Lorraine, 7,500,000 tons
from the rest of Germany, and about 11,500,000
tons were imported. Alsace-Lorraine and the
Saar Basin consumed about 13,500,000 tons,
thus leaving a surplus of about 7,500,000 tons
which was consumed by industries in the rest
of Germany. The loss of the Lorraine iron
1928.
mines resulted in a decrease in the output of
pig iron, which declined from about 19,000,000
tons in 1913 to about 6,500,000 tons in 1922
and in a falling off of the exportation of iron
ore from 2,600,000 tons in 1913 to 75,000 tons
in 1920 and 173,000 tons in 1922.
The main sources of origin for the importation of iron ore before the war were Scandinavia and Spain. From the Scandinavian
countries Germany in 1913 imported 4,867,000
tons, or 32 per cent of all iron-ore imports
into Germany, and from Spain 3,632,000 tons,
or 24 per cent of the total iron-ore imports.
In 1922 the imports from Scandinavia increased
to 5,500,000 tons, thus forming about 50 per
cent of Germany's total iron imports. The
second place, however, is held by France,
which, combined with Luxemburg, exported
to Germany during the past year 2,835,000
tons, or about 26 per cent of the total German iron-ore imports. Iron-ore receipts from
Spain decreased to 1,339,000 tons, or 12 per
cent of the total iron-ore imports. The
importation of pig iron also increased considerably, while the exportation decreased from
783,000 tons in 1913 to 78,000 tons in 1920
and 158,000 tons in 1922.
Manufactures
1922
JUNE,
and other classes of goods.—
The character of Germany's foreign trade
has also changed since the war. Importation of luxuries of any kind, including
many classes of manufactured goods, has
decreased, either entirely or to a very large
extent. The cession of agricultural territories
in the east and the loss of the Lorraine iron
mines necessitated both an increase in the
importation of foodstuffs and in the importation of iron ore and pig iron. Germany at the
present time does not import raw materials, as
before the war, in order to export them as halfmanufactured goods, but her exports are more
and more in the nature of products of skilled
labor which takes the form, of highly finished
products. Thus, for instance, while the total
quantity of German exports decreased by about
70 per cent, from 73,714,000 tons in 1913 to
21,556,000 tons in 1922, exports of manufactured goods decreased from 9,318,000 tons
to 5,836,000 tons, or only about 37 per cent.
Exports of certain types of machinery not only
reached their pre-war level but in many
instances surpassed it. For instance, the
quantity of locomotives exported from Germany increased from 54,000 tons in 1913 to
101,000 tons in 1922 and the exportation of
automobiles increased from 13,000 tons in 1913
to 19,000 tons in 1922, and was as high as
JUNE, 1923.
FEDERAL RESERVE BULLETIN.
701
44,000 tons in 1920. The exportation of toys ties, by the direct investment of American
and musical instruments has almost reached the capital in Germany, and finally by the remitpre-war level.
tances of funds to Germany for charity purTrade by countries of origin and destination.— poses. How large these invisible imports from
Changes in Germany's foreign trade affect not Germany are it is impossible to state, but it
merely its composition by articles but also its may be assumed that they are at least sufficient
distribution by countries. The inaccuracy of to cover the balance arising out of the moveGermany's foreign trade statistics and the lack ment of goods.
for the most recent years of detailed import and
export statistics classified under the head of
FOREIGN TRADE CONTROL.
various countries make a careful analysis impossible. However, some figures for 1920 are
The huge excess of imports over exports,
available, which if compared with figures for coupled with the different valuation of mark
1913 bring out clearly this change. The out- exchange at home and abroad and the tendstanding fact is that since the outbreak of the ency to shift capital from Germany to other
war Germany has been exporting larger quan- countries, made it necessary to continue the
tities of goods to former neutral countries and governmental control of Germany's foreign
less to former entente countries. Thus, while trade. During the war and up to the end of
exports from Germany to England in 1913 1919 an extremely rigorous form of governamounted to about 14.2 per cent of Germany's mental control (so-called " Zwangswirtschaft")
total exports, this figure decreased to about 6.5 existed in Germany, and central organizations
per cent in 1920. Exports to Scandinavian were established, which exercised supervision
countries and Holland, on the other hand, over Germany's foreign trade and the internal
increased from 6.7 and 6.9 per cent of Ger- consumption of raw materials and of manumany's total foreign exports in 1913 to 14.9 factured goods indispensable to the mainand 16.1 per cent, respectively, in 1920. Im- tenance of Germany's economic life. On Deports into Germany show the same trend with cember 19, 1919, the foreign trade bureaus,
the exception of imports from the United (Aussenhandelstellen) were created, which to a
States, which increased from 15.9 per cent of certain extent took over the functions of the
Germany's total imports in 1913 to 28.5 per central war organization. For the greater
cent in 1920. This increase of imports from part, however, they were new organizations
the United States reflects the enhanced im- intended to control the movement of goods
portance of raw materials and foodstuffs in from and to the country. They are under the
Germany's imports at the present time and supervision of the Reichskommissar for imports
also the total falling off of imports from Russia, and exports, from whom they receive instrucwhich in 1913 amounted to 13.6 per cent of tions. The management of each foreign trade
Germany's total imports.
bureau is entrusted to an agent, who is assisted
by a commission for foreign trade. The latter
In general, trade relations between the is composed of representatives of manufacUnited States and Germany after the war are turers, exporters and importers, consumers,
marked by a large excess of exports from the and workingmen. This commission is enUnited States, which was met by large imports trusted with the task of setting up the prinof German marks and securities. Since the ciples which are to govern and control Gerarmistice and to the end of 1922 we exported many's foreign trade; with the supervision of
to Germany about $1,093,000,000 worth of the course of business and with the duty of
goods and received during the same period advising the Reichskommissar on questions
about $296,000,000 worth of goods, leaving a bearing on the control of foreign commerce.
balance of about $797,000,000. Against this
balance of imports of goods Germany shipped to
Functions of the foreign trade bureaus.—Conthe United States about $20,000,000 in gold and trol over foreign commerce exercised by the
silver. Large shipments of gold from Scandi- foreign trade bureaus consists of the investinavian countries and some from Holland may gation of the applications for the import and
also represent in part indirect specie shipments export of goods. Such investigation results in
from Germany. The total value of gold and the granting or refusal of an import or export
silver shipped for German account to the license. A party to whom such a license has
United States probably does not surpass been refused may appeal to the Reichs$50,000,000. The rest of the balance has been kommissar against the decision of the foreign
met by the sale of German currency and securi- trade bureau.
702
FEDERAL RESERVE BULLETIN.
The issue of an import license is conditional
upon the fact whether the goods to be imported
are indispensable from the point of view of
home consumption. Thus, for instance, manufactured articles are admitted for import only
when home requirements can not be satisfied
by home production, and semimanufactured
articles and raw material are allowed to be
imported only when they are required by
German manufacturers for further manufacture (Veredlungsverkehr). Import licenses are
also granted in the case of finished products
intended for reexportation.
Issue of export licenses.—For the purpose of
exportation, goods are subdivided into two
categories: (1) Those enumerated on the free
list which may be exported without a license;
(2) those which may not be exported, except
under the four following conditions: (a) Issue
of a license; (b) fixation of a mimimum sale
price varying according to the country of
destination; (c) payment of a duty; and (d) in
the case of consignments to countries with a
high rate of exchange, payment to the Reichsbank of a certain percentage of the foreign bills
obtained from the export transaction.
The sale price, although it may be lower than
the price prevailing in the country of destination, must be above the German home prices.
The foreign trade bureaus are therefore obliged
constantly to investigate, on the one hand, the
conditions under which home production is
carried on, and more particularly the cost of
production of the German industries whose
exports they supervise, and, on the other hand,
the conditions of foreign markets, in particular
those to which the bulk of German exports is
consigned. The study of foreign markets constitutes one of the primary tasks devolving
upon the "Preisprufungsstellen," which are
the technical offices affiliated with the foreign
trade bureaus.
The foreign trade bureaus furthermore make
the granting of export licenses as a rule contingent upon the sale of goods being effected
against payment in foreign bills, whenever the
goods are consigned to a country whose currency shows a higher rate of exchange than
that of the German mark. Since the month of
September, 1921, following upon instructions
issued by the Reichskommissar for import and
export licenses, the sale against payment in
foreign bills has been rendered compulsory in
the case of a large number of articles. A proportion of these foreign bills must be remitted
to the Reichsbank.
JUNE, 1923.
The issue of an import or export license is
subject to payment of the following dues:
(1) A fee on the value of the goods, levied at
the rate of 50 pfennigs per 1,000 marks or
fraction of 1,000 marks. This tax is collected
by the foreign-trade bureaus whenever they
issue export licenses.
(2) In conformity with the terms of paragraph 5 of the decree of December 20, 1919,
relating to foreign commerce, and to paragraph
8 of the decree of April 8, 1920, on the same
subject, the foreign trade bureaus are empowered to collect special fees on each import
or export license. The amount of these dues
is settled by the decision of the foreign trade
bureaus with the approval of the Reichskommissar.
(3) A duty on exports, which is collected
according to a tariff enacted by the decree of
October 27, 1921. This tax is calculated
according to the value of the goods exported.
It does not apply to coal, salt, or potash.
Article 2 of the decree of December 20, 1919,
provides that the issue of import or export
licenses may be made subject to special conditions. The Reichskommissar is empowered
to formulate general instructions determining
these conditions; their application in practice,
however, devolves upon the foreign-trade
bureaus, which may fix quotas (i. e., specific
quantities) for imports and exports. The
fixing of these quotas involves the authority
on the part of the foreign trade bureaus to
apportion among the interested parties the
quantities of goods to be exported or imported.
For example, the importation of cocoa and of
cocoa products is, generally speaking, permitted only to firms which were already engaged in this trade or industry in Germany
before August 1, 1914.
An interesting example of the charges to
which German foreign trade is subject is
furnished by the following notice:
A decision of the Ministry of Economic Affairs ordains
that in future export licenses for goods falling under the
category VI of the customs tariff (paper, cardboard, and
their derivatives) shall not be issued except on condition
that l i per cent of the value of the goods exported be paid
as a special tax toward improving the economic situation
of the press, by helping to reduce the price of paper.
The foreign trade bureaus have been subject
to many criticisms from some of the German
exporters and importers. Most complaints,
however, are directed not so much against the
institutions themselves as against the composition of the foreign trade committees, which it is
alleged favor the interests of the big manufac
FEDERAL RESERVE BULLETIN.
JUND, 1923.
turing enterprises directly represented in the
committees to the detriment of the merchants engaged in foreign trade. Most of these
criticisms found against the Aussenhandelsstellen may be summarized as follows: (1)
They possess almost arbitrary power in the
matter of granting and refusing import or export licenses; (2) they are vested with power to
fix minimum export prices, varying according
to the countries of destination; and (3) they
are authorized to collect charges to cover expenditures involved in the exercise of control,
also to levy duties or special contributions on
exports.
SUMMARY.
Germany's unfavorable balance of trade
before the war was met by an excess of
invisible exports, consisting mainly of interest on foreign securities held in Germany and
of revenues derived from German enterprises
abroad. Since most foreign securities held in
Germany have been disposed of and German
enterprises abroad were liquidated in all allied
countries, these invisible export items were
replaced by the sale of paper marks, German
securities, and real estate. Germany's imports
and exports have changed to a considerable
extent. Exports at the present time consist
mainly of highly manufactured goods, while
imports are largely composed of foodstuffs and
raw materials, since importation of nonessential manufactured goods and luxuries is prohibited. Germany's foreign trade is still subject to very rigid restrictions, administered by
various commissions of control.
BRAZIL.
REVIEW OF THE YEAR 1922.
Industrial conditions.—The industrial situation of Brazil during 1922 was affected somewhat by unfavorable economic conditions in
Europe, but on the whole a decided improvement was manifest at the close of the year as
compared with the end of 1921. As a result
of greater industrial and commercial activity,
the demand for labor increased and wages
advanced generally.
The meat industry of the country showed a
remarkable improvement at the end of the
year. There were in operation 16 packing
nouses, with a total declared capital of 187,000
703
contos. Six of these packing houses were
located at Sao Paulo, six in Rio Grande do Sul,
two in Minas, one in the State of Rio, and one
in the Federal district.
Considerable impetus has been given to the
development of the coal industry of Brazil by
the resolutions adopted during the session of
the Brazilian Coal Congress, which took place
in Rio de Janeiro during the latter part of
1922. It was recommended that an import
duty be placed on foreign coal, with a view to
increasing the domestic production. The Brazilian coal output is estimated at present at
about 415,000 metric tons annually, not quite
half of the imports of foreign coal in 1921, or
almost a third of the national consumption in
that year, while the productive capacity of the
mines in operation is estimated to be in excess
of total imports of any year past. It must be
noted, however, that the greater part of this
coal is consumed in southern Brazil, where the
mines are located. At the close of 1922 there
were only six companies and one State-owned
mine producing coal. The mining methods
were somewhat backward until recently, when
the demand for domestic coal increased as
a result of the high prices of foreign coal
during the war. The principal obstacles in the
way of the greater consumption of Brazilian
coal are the imported boilers, which can not be
operated as effectively with domestic coal as
with the imported. Brazilian coal has a
greater ash and sulphur content than the
American and English, which renders the
former of inferior quality. Nevertheless, since
the European war the reduction of coal imports and the consequent rise in prices has
brought about a steady increase in the domestic
output. The Government of Brazil has offered
material assistance to the national coal mining
industry by means of loans to mining companies up to one-half of the capital invested in
installations and in the purchase of mineral
lands. The general opinion with regard to the
coal situation of Brazil at the end of 1922 was
that without further assistance the industry
would show but slow progress during the present year, consumption being restricted to those
areas in proximity to the mines. As better
transportation facilities are provided, the
territory in which the coal can be marketed
profitably would naturally be enlarged.
Cotton production of Brazil in 1922 showed
considerable improvement as compared with
that of previous years. At the International
Cotton Congress, which was held in Rio de
Janeiro last October, it was estimated that
704
FEDERAL RESERVE BULLETIN.
Brazil has 7,500,000 acres of land on which
cotton can be profitably cultivated. The
Government has made efforts to assist cotton farmers in many ways, but the lack of
capital at moderate rates of interest to finance
the crops has retarded the growth of acreage
in cotton.
The 1922-23 coffee crop has been considered
satisfactory. Up to November, 1922, a slight
decrease in the total production was registered
in comparison with the two previous years.
The figures for the 1922-23 season up to November, 1922, were placed at 5,093,000 bags,
as against 6,182,000 bags in 1921-22 and
6,823,000 bags for the 1920-21 season. The
world's visible supply on December 1, according
to reliable estimates, showed a decrease of
847,000 bags as compared with the total shown
for the same date of the previous year. It
amounted to 8,154,000 bags, as against 9,001,000 bags in 1921 and 8,351,000 bags in 1920.
The Congress of the State of Sao Paulo has under consideration a project providing for an
increase in the export tax on coffee from 700
reis to 1 milreis per kilo, with the object of
augmenting the revenues of the State to
the level of expenditures, estimated at 186,000
contos for 1923. Opposition was raised by
the planters on the ground that coffee is already
heavily taxed. On the other hand, officials
have pointed to the fact that coffee represents 90 per cent of the total exports of
that State and contributes only 18 per cent
to the State's revenue. Since the 1922-23
crop is estimated at 12,000,000 bags, the revenues of the State of Sao Paulo would be increased from this source by about 19,440 contos.
The past year has not been satisfactory to the
manufacturing industries of Brazil. This has
been due to the general business depression
and the unsatisfactory condition of exchange.
With a view to assisting domestic industries as
well as eventually increasing the Government's
revenues, a number of important changes were
made in the import tariff for the year 1923 by
the new Brazilian budget law, passed by the
Federal Congress on December 31, 1922. The
most general change was the horizontal increase
of all import duties, following the change in the
method of payment of the duties, from 35 per
cent gold and 45 per cent paper to 60 and 40
per cent, respectively. Reductions in duties
were granted, however, on certain articles
which are used for the manufacture of domestic
products.
The railroad industry also suffered from the
depression during 1922, and even the Sao
JUNE,
1923.
Paulo Railway, which crosses the richest part
of the country, did not report satisfactory
income. However, in June last, after several
increases in freight tariffs, the Government
decided to grant to certain railroads, in lieu of a
25 per cent increase previously granted, a tariff
to be adjusted quarterly according to the value
of the milreis.
Foreign trade and foreign
exchange.—The
foreign trade of Brazil during the past year
underwent considerable change as compared
with the previous year. Imports in 1922
showed an increase over 1921 of 685,313 metric
tons in weight, but in terms of value a decrease
of £11,276,000 was registered. On the other
hand, exports from Brazil during 1922 showed
a gain over the previous year of 202,181 tons
and the values increased by £9,991,000. The
balance of trade, therefore, was in Brazil's favor
to the amount of £19,386,000. This compares
most favorably with the balance of trade for
1921, which amounted to £1,881,000 against
Brazil. The following table shows the movement of foreign trade during the last four
months of 1921 and 1922, as compared with the
same period in 1913. Brazilian foreign trade
figures for previous months in 1922 were published in the October, 1922, and January, 1923,
BULLETINS.
In metric tons.
Equivalent in £1,000.
1913
1921
1922
1913
1921
1922
433,768
432,511
458,601
432,672
212,376
189,778
182,393
241,729
267,057
302,527
318,447
272,233
5,364
5,237
5,145
5,027
3,437
3,747
3,120
3,565
3,786
5,262
4,624
5,382
5,922,306 2,578,210 3,263,523
67,166
60,468
49,192
173,377
216,149
179,786
198,369
6,180
8,531
7,158
7,275
6,219
5,562
5,024
5,526
5,785
7,781
6,479
6,475
1,382,072 1,919,421 2,121,602
65,451
58,587
68,578
IMPORTS.
1922.
September
October
November
December
Year
EXPORTS.
September
October
November
December
Year
142,343
165,648
168,254
171,393
196,518
174,729
142,473
172,180
The meat industry of Brazil showed signs of
improvement only toward the close of the year,
and therefore the total exports of frozen and
chilled meat during 1922 showed considerable
reduction as compared with those of the previous year. The figures stood at 32,308 tons
and 61,934 tons, respectively. On the other
hand, the exports of hides and skins amounting in 1922 to 47,990 tons and 3,303 tons, respectively, compare very favorably with those
JUNE,
705
FEDERAL RESERVE BULLETIN.
1923.
of 1921, which have been placed at 42,443 tons
and 2,911 tons. Exports of wool increased
from 3,233 tons in 1921 to 3,561 tons in the
following year. The condition of the wool
industry in Brazil, as in the neighboring
countries, was much improved by the greater
demand for wool in foreign markets and by
the advance in prices. Exports of raw cotton
increased from 19,607 tons to 33,947 tons and
those of sugar from 172,094 tons to 252,111
tons. In 1922 Brazil exported 19,855 tons of
rubber, against 17,439 tons in 1921. Exports
of coffee, the most important Brazilian product,
during 1922 showed only a slight increase over
those of the previous year, the figures being
12,673,000 bags and 12,369,000 bags, respectively.
The average value in Brazilian currency of
both imports and exports is substantially higher
than in the pre-war year 1913, but, on the other
hand, the sterling equivalents for the imports
are somewhat higher than in 1913 and for the
exports lower. This is due almost entirely to
the fall in exchange. The decline in the sterling value of the milreis increases the value of
imports expressed in milreis and decreases the
sterling value of exports, as may be seen in the
following comparative table:
on the basis of 1922 and 1913 prices, discloses
the following:
On basis oi 1922 prices.
Value of trade.
Impoits.
Incontos ofreis.-.
In pounds sterling.
1,673,909 2,332,084
49,192, COO 68,578,000
Average value per ton.
Imports.
1913
1920
1921
1922
Milreis.
170
625
675
513
Pounds
sterling.
11.3
38.3
24.3
15.1
Exports.
Milreis.
721
842
879
1,099
Pounds
sterling.
48.1
52.7
30.4
32.3
Average
exchange.
Pence.
15.6
14.2
8.9
7.5
This table shows that in the face of a world
decline in prices the cost of imported articles
in Brazil, as represented by the unit value in
milreis, decreased only 24 per cent from the
previous record year of 1921, while the decline
in sterling values was as high as 37.8 per cent.
Exactly the opposite happened with the value
of the Brazilian export staples. The unit value
in milreis shows an increase of 25 per cent,
whereas in sterling the rise amounted to only
6.2 per cent. It may be noted that the considerable increase in the value of Brazilian
exports during 1922 was in consequence of the
rise in the prices of coffee and cotton. A study
of the 1922 value of foreign trade, calculated
Excess of
exports.
658,175
19,386,000
On basis of 1913 prices.
Value of trade.
Imports.
In contos ofreis
In pounds sterling.
Exports.
554,799 1,529,675
36,878,000 102,049,000
Excess of
exports.
974,876
65,171,000
This shows to what extent the balance of
trade of Brazil suffered in 1922 as a result
principally of the fall in exchange and the
higher level of prices, especially of imported
goods. The increase or decrease of the relative
value of trade on the basis of 1913 prices as
compared with prices for 1922 may be shown as
follows:
[Increase (+); decrease (—).]
Contos of
•~ir.
Exports.
Imports
Exports
Favorable balance of
trade
+1,119,110
+802,409
-316,701
Per cent.
Pounds
sterling.
Per cent.
+202 +12.314,000
+52 -33,471,000
+33
-33
-45,785,000
-70
-32
Thus, as a result of an increase in prices, the
value of Brazilian imports increased by 200
per cent when expressed in Brazilian currency
and by 33 per cent when expressed in sterling,
the difference being due to the decline in the
exchange value of the milreis. The value of
exports increased by 52 per cent in Brazilian
currency, but actually declined by 33 per cent
when expressed in British currency. As a consequence the favorable balance of trade shows
a reduction of 32 per cent when expressed in
milreis and of 70 per cent when expressed in
pounds sterling.
Exchange fluctuations during 1922 showed
a downward tendency throughout the year,
which aggravated the severe economic depression of that period. The value of the
milreis was relatively stable during the first
half of the year, but fell in August to a slightly
lower level, the rate then declining to barely 11
706
FEDERAL RESERVE BULLETIN.
cents in October, afterwards slightly improving,
and declining again at the beginning of the
current year. The average rate for the year
was 12.94 cents per milreis. As a supplement
to the foreign exchange table contained in the
June, 1922, issue of the BULLETIN (p. 696), the
following table is presented showing the high
and low monthly average quotations of the
Brazilian milreis in cents during 1922:
High.
Low.
1922.
January
February
March
April
May
June
July
August
September
October
November
December
[
!
i
,
j
!
I
|
12.875
13.750
14.250
13.690
13.940
14.125
13.620
13.580
13.640
11.570
12.120
12.240
12.750
12.750
12.625
13.410
13.550
14.125
13.490
13.220
11.450
11.020
11.270
11.620
JUNE, 1923.
ber 8, 1922, of a banking association, which
embraces both native and foreign banks and
which is to be called "Associacao Bancaria
do Rio de Janeiro." There were 22 charter
members, of which 15 were foreign and 7 domestic banks, but the semiofficial Banco do
Brasil has not joined the association.
The total note circulation on November 31,
1922, amounted to 2,205,264 contos of inconvertible currency and 20,912 contos of convertible currency, making a total of 2,226,276
contos, as compared with the average for the
last year amounting to 1,900,000 contos. The
gold reserves of Brazil amounted in 1922 to
about 85,203 contos and the ratio of gold
reserves to total circulation was about 4 pei
cent.
Public finance.—Brazilian national revenues
in 1922 were inadequate to meet Government
expenditures. One of the first steps taken by
the new administration toward economic readjustment was to consider the adoption of new
sources of revenue to reduce the deficit of the
national budget. According to the budget law
passed December 31, 1922, receipts for the
year 1923 were estimated at 82,859,055 gold
milreis and 721,525,500 paper milreis. In a
later law expenditures were placed at 88,492,479 gold milreis and 791,315,983 paper milreis.
Estimated revenue for 1923 compares with that
of 1922 as follows:
Banking.—The most important banking
event of the year was the law passed by the
Brazilian Congress during the last days of
the year, authorizing the Executive to transform the Banco do Brasil into a bank of issue.
The law gives authority to the President to
decide when and how this measure is to be
applied. In so far as there has been criticism
of the plan in Brazilian banking and business
circles, it has not been against the creation of
a bank of issue on a gold conversion basis,
Contos of reis.
but rather against the conditions under which
Gold.
Paper.
such a bank would be established under the
present law. The Government proposes to
721,526
82,859
transfer to the Banco do Brasil 10,000,000 1923
87,081
691,723
pounds sterling from its gold redemption fund, 1922
-4,222
+29,803
Increa se or dtcrease
which the bank will take at 8d. to the milreis
and cancel the debt of the National Treasury
to the bank in the sum of 300,000 contos.
The sources of total estimated revenues for
In return, the bank is to have the exclusive 1922 and 1923 compare as follows:
right to issue notes to replace the present
Government issue. These new notes will be
redeemed in gold at the rate of 12d. to the
Total in terms of
paper (per cent).
milreis, provided that the value of the milreis
is maintained over this rate for a period of
1922
1923
three years. Furthermore, the law permits
the bank to issue notes against commercial
32.5
and shipping..,
35.2
credits in the proportion of 2 to 3, one-third Imports
Consumption taxes
22.3
22.7
being from its own resources, but since there Circulation taxes
1,2.2
10.7
7.2
Income
tax
7.3
is no provision for the withdrawal of notes Lottery dues
.2
.1
.7
revenue
.7
issued on that basis, the circulating medium Sundry
.3
Patrimonial dues
.1
is therefore increased.
Industrial revenues
18.0
16.3
Extraordinary revenues
6.6
6.9
Another banking event of importance was
Total
100.0
100.0
the establishment in Rio de Janeiro on Novem-
,1 UNB, 1923.
FEDERAL RESERVE BULLETIN.
707
gold milreis, the value of this loan in circulation having been placed at £11,296,160.
According to a statement of the director of
accounts submitted to the minister of finance,
the gold in bars and in coin held by the
Brazilian Government on November 31, 1922,
amounted to 88,633 contos, of which 3,686
contos were held by the general treasury,
83,729 contos were held by the conversion
office, and the balance by fiscal delegates.
Financial developments in Brazil during
1922 may be summarized as follows: The year
opened with exchange at 12.81 cents per
milreis and closed with exchange at 11.93.
The foreign debt amounted at the beginning
of the year to £102,930,834, 322,249,500 francs,
and $50,000,000, and at the end showed an
increase of £9,000,000 and. $25,000,000. The
internal funded debt increased from 1,347,973
contos to 1,575,095 contos. The year opened
with a floating debt amounting to 650,000
contos and closed with 865,009 contos; began
External debt:
Milreis.
with a circulation of inconvertible paper curExternal loans
£140,017,631, at 8d. 4,200,524,729 rency of about 2,000,000 contos and ended
Internal debt (consoliwith 2,226,276 contos. Furthermore, the
dated):
deficit for the past year is not expected to fall
Bonds
1,447,400,400
7 per cent obligashort of 300,000 contos and no provisions have
tions
127,695,000
been made for meeting it, since the proceeds of
1,575,095,400 the loans floated during the year have been
Floating debt:
used up.
Rio de Janeiro sav-
Only four items show a decrease as compared
with 1922 estimates. Gold was converted into
aper at 7d. for 1923, as against 9d. in 1922,
ut the actual exchange average for 1922
amounted to little over 7d. Of the items
which show an increase, that corresponding to
consumption taxes was in consequence of higher
taxes on liquors, textiles, wines, etc. The increase in the income tax revenue was due to an
estimated increase in mortgage taxes and the
imposition of a 5 per cent tax on the salaries
of public servants. The general Federal income tax law, which goes into effect in 1924,
provides that a general income tax is to be paid
annually by each individual or juridical person
resident in Brazil, this tax to be levied in all
cases on the total net income from whatever
source.
According to official data, the condition of
the public debt of Brazil at the close of 1922
stood as follows:
E
ings
In sundry banks by
bills and current
account
128,500,000
Mexico—Review of the Year 1922.
734,508,602
863,008, 602
Total internal debt
Total national debt
2,438,104,002
6,638,628, 731
The amount set aside for the service of the
foreign debt totals 60,263,387 gold milreis,
exchange being at the rate of 27d. to the
milreis. The interest and amortization of the
internal loan for the redemption of bonds of
expropriated railroads amounts to 4.056.577
Correction.—The total face value of the
securities covered in the agreement between
the Mexican Government and the international
committee of bankers, as reported on page
591 of the May, 1923, BULLETIN, should have
read $500,000,000, United States currency,
instead of 500,000,000 pesos. The interest in
arrears on these securities should have been
stated as $200,000,000, United States currency,
instead of 200,000,000 pesos.
708
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
PRICE MOVEMENT AND VOLUME OF TRADE.
INTERNATIONAL WHOLESALE PRICE INDEX.
The tendency of wholesale prices in the United States and foreign countries during April
was toward stability or slight increases. In the United States and Japan, according to the
index numbers of the Federal Keserve Board, the general price level remained unchanged after
the small increases of last month, while in England and Canada last month's increases were
extended by two points and one point respectively. France, as in the past months, experienced
price fluctuations out of line with those of the other countries. During April the upward
movement, which has been unbroken and rapid since last September, was reversed by a fall of
8 points, due almost entirely to decreased costs of goods imported.
Foreign exchange during April did not move sufficiently to change the general trend of
prices on a gold basis. In England and the United States gold prices continued to be at the
same level.
Among various groups of commodities there were fairly definite and similar movements in
all five countries. For instance, prices of grains and live stock tended upward in each country,
and steel products' increased everywhere. Metal products, on the other hand, decreased in
price in all the countries but Canada.
The most striking changes during the month were evident in those commodities entering
into foreign trade. There occurred in the prices of goods exported from the United States a
decrease greater than that in any one month since the fall from peak prices in 1920, but equaled
by the declines of last August and September combined. This decline occurred chiefly in raw
cotton and coal prices. In England, where a decided upward movement has continued since
last October, prices of exported goods advanced further. In France, as mentioned above,
and in Japan decreases in imported goods were sufficient to influence the whole price level,
offsetting all rises that took place in domestic goods.
INTERNATIONAL WHOLESALE PRICE INDEX
FEDERAL RESERVE BOARD
1913 = 100
600
550
500
t
f
4-50
/
400
V\
600
5S0
• \\
\
500
450
V
\
350
S
/
250
,•
300
>
\ \
250
\
s
ENGL,\ND
200
\
175
350
/
\NCE
300
400
••
JAPAN/
200
s
CAMADA\
**- ^
-<>
175
••
•
A.
150
150
*****
uNITED.SfATEi
125
100
125
100
J.F. M.A. M. J. J.A.S. 0. N. D. J. F. M.A.M. J. J.A. S.O. N. D. J. F. M.A. M. J. J. A. S. 0. N. D. J. F. M. A.M. J. J. A.S. 0. N. D. J. F. M.A.M. J. J. A.S. 0. N. D.
1919
1920
1921
1922
1923
709
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
The tables below give the all-commodities
and group index numbers of wholesale prices in
the five countries included in the Federal Reserve Board's international index. In the
first table the all-commodities index for each
country is shown both in terms of the respective
currencies and "converted to a gold basis."
The latter figures take into account the depreciation of the foreign currencies in terms of
the American dollar and indicate relative price
levels in the several countries when all prices
are expressed as dollars.
INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD.
Based on prices in respective currencies.
Converted to gold basis.
Year and month.
1913, average
1919, average
1920, average
1921, average
1922, average
April
May
June
July
August
September
October
November
December
France.
Canada.
100
Japan.
United
States.
France.
Caaada.
Japan.
100
218
237
159
152
100
100
199
223
150
147
100
174
124
126
100
211
239
148
157
100
241
314
201
167
100
207
250
167
149
100
478
321
298
181
182
100
211
239
148
157
149
158
161
165
165
164
165
164
164
167
171
169
171
168
165
163
165
166
299
302
304
307
298
294
294
307
315
152
154
153
154
149
144
145
147
147
ISO
183
187
195
187
179
174
172
173
149
158
161
165
165
164
165
164
164
152
157
155
156
154
150
148
151
157
143
143
138
131
123
117
112
109
118
148
152
151
152
149
144
145
147
146
171
174
179
187
179
171
168
167
170
165
166
169
169
167
170
175
177
324
355
373
365
148
152
155
156
176
183
185
185
165
166
169
169
160
164
169
169
112
113
122
126
147
150
152
153
172
178
180
181
1922.
1923.
January
February
March
April
England.
175
175
GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.
1923
Countries and commodity
groups.
ril.
March.
Countries and commodity
groups.
February.
January.
April.
169
165
156
186
181
189
158
169
164
154
193
184
165
155
166
162
146
187
182
156
154
165
162
139
180
182
150
156
149
146
115
144
150
129
156
All commodities...
Goods produced...
Goods imported
Goods exported...
Raw materials....
Producers' goods..
Consumers' goods.
177
176
170
191
180
161
180
175
174
169
185
178
158
179
170
168
166
172
171
153
177
167
165
164
165
167
151
175
167
171
148
152
167
143
183
All commodities...
G oods produced...
Goods imported...
Goods exported...
Raw materials.. ^ .
Producers' goods...
Consumers' goods.
365
354
420
383
411
317
335
373
359
442
400
419
318
349
355
342
420
384
397
293
343
324
312
384
346
366
262
312
299
302
282
274
318
228
327
ENGLAND.
All commodities
Goods produced
Goods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
1922
JanFebApril. March. ruary.
uary.
April.
CANADA.
UNITED STATES.
All commodities
Goods produced
G oods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
1923
1922
156
153
173
152 i
143
168
170
155
152
173
151
141
166
173
152
149
170
146
139
164
167
148
145
170
140
136
160
163
152
152
151
153
142
146
169
185
185
186
214
192
188
180
185
184
193
212
194
190
178
183
183
184
214
192
186
177
176
176
175
199
178
176
174
180
186
151
176
157
183
192
JAPAN.
FRANCE.^
All commodities
Goods produced
Goods imported
Goods exported
Raw materials
Producers' goods
Consumers' goods
I
Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920,
June,II 1921, and May, 1922; England—February, 1922; -Prance—August, 1922; Canada—July, 1922; Japan—September, 1922.
Figures for 1923 revised.
710
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
ALL-COMMODITIES INDEX NUMBERS.i
Year and month.
Bul- CzechosloDengaria;
Belgium; General vakia; mark;
Minis- Statis- Central Finanstry of
tical Bureau tid- 3
of Sta-3 ende.
Labor.2 Bureau. tistics.
(38)
(128)
100
103
» 1 166
1,940
2 006
2,473
367
1913
1914
1919
1920
1921
1922
1 5 100
(126)
(33)
18 100
17
GerFrance;
GerNorway
many; Italy; NetherGeneral many; Federal
lands; (ChrisStatis- Frank- Statis- Ric- Central tiania);
tical
furter
cardo Bureau Oekontical Bachi.n
BuZeiof Sta- omisk 8
Bu- 5
reau.*
tung.3 reau.
tistics.' Revue.
(45)
1,355
100
294
382
250
179
100
101
356
510
345
327
(98)
(38)
(100)
21.3
327.2
100
95
364
631
578
562
100
105
297
281
181
160
22
19.7
22
(92)
(53)
111.0
1.1
4.2
14.9
19.1
341.8
18 1.0
Poland;
Central
Statistical
Office.*
(58)
21
1,376
100
101
204
221
190
176
20 1
1I5
21322
382
298
233
Spain; Sweden;
Institute of Goteborgs Sweden;
GeogHan- Board
of
raphy
dels- Trade.
and
tid-10
Statistics.' ning.
(160)
(74)
(47)
13
100
116
330
347
211
162
'*100
359
218
173
1922.
April
May.
July.
August
October
November
344
348
356
360
360
364
385
408
407
2 514
2,695
2 436
2,489
2,526
2 531
2,558
2,564
2 630
1,471
1,471
1 464
1,386
1,155
1 059
1,017
999
1,003
177
179
180
180
178
176
180
182
181
314
317
325
325
331
329
337
352
362
74
79
91
140
291
432
945
1,665
2,054
64
65
70
101
192
287
566
1,151
1,475
527
524
537
558
571
582
601
595
580
161
165
167
162
155
153
156
158
158
236
231
230
232
227
225
221
221
220
751
786
877
< 1,016
1,358
1,524
2,013
2,756
3,464
180
178
178
175
175
174
172
174
172
165
164
164
165
163
158
155
154
155
175
175
174
173
173
170
109
163
163
434
474
482
480
2,657
2 666
2,828
2 757
1,019
1 028
1,031
1,029
192
199
200
204
202
387
422
424
415
407
7,159
6,770
6,425
8,237
14,639
2,785
.5,585
4,888
5 212
575
582
586
588
159
158
164
163
220
224
229
231
5,487
8,591
9,885
10,589
170
170
171
156
158
162
159
163
165
168
168
1923.
March
April
May
474
EUROPE—continued.
Year and month.
ASIA AND OCEANIA.
NORTH AMERICA.
China i Dutch India
(Shang- East
(Calhai); I Indies; cutta); Japan
Minis-! Statis- Depart- (Tokyo);
try of ; tical ment of Bank
T. - of
5
Fi- 23 ! Bu- Statis- JJ a P a n - 5
tics.*
nance.
reau.
(56)
(75)
(147) ! (17)
W «s
United I
United States; Canada;
SwitzerKing- Bureau Departland;
dom;
dom;
Dr.J. Board Econo- dom; of Labor I ment of
Statist.* Sta- : Labor.1"
Lorenz.3
of
tistics. j
Trade. mist.
(404) j (271)
(44)
(45)
(150)
(71)
100
1913.
1914.
1919.
1920.
1921.
1922.
233
*100
ISS£V
,.
(106)
.
(187)
(23)
307
197
159
100
99
235
283
181
159
100
101
242
295
188
155
100
98
206
226
147
149
100
101
217
246
182
165
"100
180
218
167
154
133
140
145
146
100
99
217
275
176
164
198
204
181 i
180 !
100
95
236
259
200
196
100
104
178
212
201
177
161
160
161
163
163
163
169
170
175
160
160
160
160
156
154 j
155
157
156
159
162
163
163
158
156
158
159
158
158
159
159
157
152
150
153
153
152
143
148
150
155
155
153
154
156
156
160
167
165
166
164
163
162
164
165
148
155
156
157
155
158
159
162
161
148
146
144
145
142
139
143
143
149
166
164
164
167
163
160
160
160
160
182
187
183
181 I
178
176 ;
177
178
176
197
194
197
201
195
193
190
188
183
180
177
175
177
177
174
174
175
172
148 i
141
139
138
139
138
140
144
147
132
181
186
187
157
158
160
161
161
163
163
164
164
153
155 !
156
157
156
157
159
159
165
166
167
168 '•
169
163
161
163
167
153
158
159
158
158
161
172
174
179
180
181
178
184
192
196
196
171
172
173
141
137
136
133
135
«100
2
2
South
New
Zealand;
Atrica
Depart- Depart- Census
£±&Officeof
of
ment of ment
Statis- and
Statistics. Statistics.10
tics
i326
195
166
« 100
225
299
171
145
!
I
j
!
100
170
231
166
133
1922.
April
May
June
July
August
September
October
November
December
131
133
1923.
January.
February.
March
April
May
1
The number of commodities or quotations
in each index is indicated by figures in parenthesis
at head of each column.
2
Average of last half of month.
3
Figures as of the first of the following month.
* E n d of month.
6
Average for the month.
• 38 commodities prior to 1920; 76 commodities during 1921. End of month.
7
Based upon price of 52 commodities during
1920;
53 during 1921.
8
End of year and end of month.
9
15th
of the month.
10
Middle of month.
12
1913average=l.
13
July 1,1913, to June 30,1914=100.
14
Corresponding month in 1913-100.
ls
April, 1914=100.
18
July. 1014=100.
" July 1, 1912, to June 30,1914=100.
»20 July, 1914=1.
January, 1914=1.
21
December figure.
22
January figure.
23
As of last Wednesday in month.
24
February, 1913= 100.
*
End of July, 1914= 100.
27
Jan. 1, 1913, to July 31, 1914=100.
711
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
The foreign index numbers published on the
preceding page are constructed by various
foreign statistical offices and are sent to the
Federal Reserve Board by cable. References
to the BULLETINS in which these are described
may be found in the January, 1923, issue.
Index numbers showing the price levels of
separate groups of commodities in the United
States and a few foreign countries are presented
below and on the following pages. Group index
numbers for the other countries are published
only occasionally, but such figures may be
obtained from the Division of Analysis and
Research at any time upon request.
A comparative summary table showing the
board's international index for the United
States, England, France, Canada, and Japan
appears on page 709. Group index numbers,
computed as part of this international series,
will also be found on that page.
GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY
FEDERAL RESERVE BOARD.
Raw materials.
Agricul- Animal Forest Mineral Total
tural
products. products. law maproducts. products.
terials.
Year and month.
(21)
1913
1919
1920
1921
1922
(21)
(U)
(35)
(88)
All
ConProducers' j sumers' commodities.
goods.
goods.
(117)
(199)
(404)
100
251
255
134
145
100
221
186
110
125
100
211
311
165
185
100
179
236
184
207
100
217
228
142
158
100
179
215
135
128
100
211
231
159
151
100
206
226
147
149
130
140
141
145
152
146
147
138
136
147
160
161
109
121
122
120
122
123
130
127
132
132
129
128
167
166
T!5
107
174
186
188
191
199
204
207
210
178
177
178
180
202
211
241
261
236
218
209
208
139
146
147
148
157
159
171
173
168
166
166
167
123
118
120
122
125
127
129
129
132
135
136
135
146
148
150
149
150
151
152
149
150
152
155
157
138
141
142
143
148
150
155
155
153
154
156
156
164
170
174
172
125
123
123
123
215
220
227
232
213
207
202
198
168
167
167
166
136
141
148
150
155
155
150
157
156
157
159
159
1922.
January
February
March
April
May
June
July
August
September
October
November
December
1923.
January
February
March
April
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
Year and month.
1913
1919
1920
1921
1922
.
.
Farm
products.
Foods.
(56)
(110)
House
Cloths Fuel and Metals
Building Chem- furnishand
and
mate- icals and
metal
lighting.
ing
clothing.
drugs.
products. rials.
goods.
(65)
(41)
(43)
(20)
(37)
(31)
100
231
218
100
207
220
100
253
295
144
138
180
181
July
August
122
131
130
129
132
131
135
131
131
135
137
137
138
140
142
138
176
174
172
171
175
179
180
181
October.
November
December
143
145
143
144
143
142
143
141
141
141
143
144
January
February. .
March
April
May
January
February.
March
124
133
All
Miscellaneous. commodities.
(25)
(404)
100
201
264
100
175
196
100
206
226
165
168
100
184
254
129
122
100
169
200
128
117
147
149
112
120
109
113
119
120
121
126
157
156
155
156
160
167
170
172
124
123
125
124
122
122
121
122
178
177
175
175
176
176
173
173
117
117
117
116
116
114
114
115
138
141
142
143
148
150
155
155
173
176
116
120
153
154
179
182
122
122
156
156
184
184
185
187
124
126
127
126
156
157
159
159
100
181
241
100
162
192
199
218
195
191
191
194
216
225
254
271
136
124
195
176
1922.
133
138
138
140
183
188
244
226
134
135
180
183
124
124
192
194
218
216
133
131
185
185
127
130
196
199
201
205
218
212
206
200
133
139
149
154
188
192
198
204
131
132
136
136
1923.
April
712
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
GROUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN COUNTRIES.
FRANCE.!
May,
1923.
Groups.
All commodities.
All foods
Animal foods
Vegetable toods
Sugar, coffee, cocoa
AH industrial materials
Textiles...
Sundries....
. .
UNITED KINGDOM—BOARD OF TRADE.'
April,
1923.
March,
1923.
415
393
413
322
498
433
390
530
416
424
397
413
,334
491
447
426
541
417
407
384
409
311
485
425
377
537
403
May,
1922.
317
334
362
310
319
303
249
338
323
May,
1921.
329
356
379
346
317
309
266
282
355
GERMANY—FEDERAL STATISTICAL BUREAU.*
5,212
4,761
7,466
Goods produced...
4,888
4,503
6,816
65
60
86
8,237
7,003
14,066
10,186
6,844
5,903
6,425
5,350
8,590
7,822
6,434
5,315
161
140
Total food
Cereals
Meats and
!
fish
Other minerals
metals
Cotton
Other textiles
Other articles
and j
155
201
175
165
April,
1921.
160
151
138
154
160
166
152
158
153
138
165
157
160
140
160
172
157
171
187
154
140
205
223
203
244
224
195
229
152
200
176
164
142
197
177
165
143
173
158
164
192
181
169
195
UNITED KINGDOM—STATIST.'
All commodities.
Foodstuffs
Animal foods
Sugar, coffee, tea
Vegetable foods..
Materials
Minerals
Textiles
Sundries
79
70
96
101
64
63
141
151
155
169
160
Total, not food
13
13
15
GERMANY—FRANKFURTER ZEITUNG.»
All commodities
14,639
Foodstuffs and luxuries
12,575
Textiles and leather
27,640
Minerals
! 17,577
Miscellaneous
! 10,924
Industrial finished products.. 10,233
April,
April, March, February,
1922.
1923.
1923.
1923.
Groups.
157
165
171
212
139
153
144
169
148
156
163
173
209
133
151
146
161
148
155
163
178
188
134
150
141
164
147
158
183
206
149
168
143
120
156
152
199
225
249
180
212
184
176
172
199
167
129
125
151
162
161
186
102
159
213
186
222
158
166
129
128
150
162
163
185
102
150
218
184
221
159
166
152
143
127
203
157
174
95
135
213
174
206
165
187
154
169
161
162
189
191
116
145
241
229
226
180
161
168
198
157
140
170
116
190
194
148
181
140
144
134
184
92
190
192
171
202
114
164
180
196
144
284
232
1,028
927
1,039
904
806
1,144
1,182
1,227
1,471
1,363
1,353
1,323
1,405
1,597
1,804
1,678
1,459
CANADA.!
ITALY.)
to
All commodities.
Chemicals...
Textiles
Minerals and metals
Sundries...
111
128
114
70
83
66
83
93
94
109
129
110
70
84
67
84
92
84
106
96
94
67
66
58
79
88
88
102
110
112
76
47
62
107
95
231
208
205
845
272
179
177
179
<S68
229
208
202
354
275
179
177
179
264
231
209
237
250
233
160
180
177
245
294
280
303
317
295
166
324
324
190
159
142
142
158
241
130
205
193
89
209
150
162
142
147
159
267
130
206
190
89
216
150
164
176
154
170
179
124
212
147
86
156
154
218
221
217
245
369
153
237
286
106
132
238
Other foods
Textiles
Metals.
Building materials—lumber.
Fuel and lighting
168
135
129
131
162
163
184
102
160
214
193
217
156
NORWAY.s
AUSTRALIA."
All commodities...
Animal foods
Vegetable foods
Coal and coke
Iron
Metals
Building materials.
Textiles
Hides and leather..
233
206 I
210 !
328 I
173
179
174
179
267
167
165
193
169
166
174
118
186
190
Metals and coal
Meat
163
165
199
160
151
171
117
185
193
SWEDEN.6
All commodities
Vegetable foods
Animal foods
Raw materialsforagriculture.
Coal
.".
Metals
Building materials
Wood pulp
Hides and leather
Textiles
Oils
CZECHOSLOVAKIA.'
11913= 100.
2s 1913-1.
SWITZERLAND.'
All commodities
Consumers' goods
Agricultural products..
Industrial products
187
179
?m
169
All commodities
All foodstuffs
Sugar, coffee, sweets
!
Animal foods
Vegetable foods
Total, not food
|
Iron and minerals
i
Textiles
Other industrial materials
186
177
206
172
161
165
148
165
186
220
156
149
1,029
951
1,075
957
791
1,120
1,163
1,224
1,053
1,031
936
1,061
927
786
1,141
1,181
1,227
1,082
1,0
July, 1914= 1; figures as of beginning of the following month.
«1920-100.
56 Dec. 31,1913-June 30,1914=100.
July 1,1913-June 30,1914=100.
i 1914=100.
"July, 1914=100.
s 1914=100; figures as of begitining of the following month.
.IUNB, 1923.
713
FEDERAL RESERVE BULLETIN.
The table below presents for the first time index numbers of wholesale prices for groups
of commodities in the Batavia market, Java, and corrects figures for all commodities previously
reported in the BULLETIN.
GROUP INDEX NUMBERS—DUTCH EAST INDIES—STATISTICAL BUREAU.
[1913=100.]
Year and month.
Year and month.
Food- I Texstuffs, i tiles.
(10)
(4)
All
commodities.'
(17)
1916.
JanuaryFebruary.
March
April
May...
June...
July...
August
September.
October...
November.
December
January
February.
March..
Apn....
May....
June...
July....
August
September.
October...
November.
December
January
February.
March
April
May.
June
July....
August . . .
September.
October...
November.
December
January..
February.
March
April
May.
June.
1
July
August
September...
October
November...
December...
119
115
114
117
121
122
117
120
115
114
109
109
114
117
120
116
117
126
136
144
144
149
171
177
204
204
-S00
236
236
236
122
126
126
128
130
131
137
142
144
144
143
150
116
123 i
128 i
118
120
114
112
113
123
127
141
137
231
282
277
291
291
300
301
303
297
297
297
149
163
168
167
165
168
164
168
170
172
183
178
174
160
162
175
189
201
227
214
241
237
237
274
256
J58
249
238
238
250
250
300
324
342
342
342
194
187
184
187
193
203
216
224
248
252
251
270
1919.
January
. February
i March
April
May
June
July
August
September...
October
November...
December...
Including matches and two grades of petroleum.
117
117
117
127
133
133
1918.
January
February
March
April
May
June
July
August
September...
October
November...
December...
Foodstuffs.
Textiles.
commodities.'
(10)
(4)
(17)
1920.
119
112
110
113
116
118
1917.
January
February
March
April
May
June
July
August
September. .
October
November...
December...
All;
' Year and month.
I
I
I
!
January
February...
March
April
May
June
July
August
September..
October
November..
December..
276
270
292
282
230
256
285
263
250
232
221
212
402
467
522
499
467
412
399
328
260
242
210
1
i
!
I
I
J
!
285
290
318
329
300
298
296
281
254
227
215
202
1921.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
157
186
181
193
177
167
159
184
162
162
153
154
153
171
170
172
172
172
172
202
183
178
164
163
160
182
178
185
176
170
166
170 i
164
157 1
160
152
153
158
155
153
157
156
156
168 j
168
168
167
167
168
170
159
157 !
154
154
148
171
168
165
166
164
164
167
163
160
160
160
160
157
167
171
148
168
168
161
172
174
201
189
167
161
1922.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
1923.
January..
February..
March
714
FEDERAL RESERVE BULLETIN.
JONE, 1923.
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
In the following tables are presented statistics showing the trend of retail food prices and
cost of living in the United States and certain other countries. Descriptions of these index
numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index
numbers have been shifted to a July, 1914, base, instead of being shown on the different bases
used in the original computations.
INDEX N U M B E R S O F RETAIL FOOD P R I C E S .
UNITED STATES AND
OTHER COUNTRIES.
I:UKOPEAN COUNTRIES.
Year and
month.
GerFrance many
Bel- Bul- Czechoslo(Par(71
gium. garia. vakia.
is).' cities).
1914, J u l y .
1920, July.
1921, J u l v .
1922.
Jan..
Feb.
Mar.
Apr.
May.
June.
July.
Aug.
Sept.
Oct..
Nov
Dec
3 100
100
459 1,694
410 1,612
417
399
382
378
379
384
381
377
386
408
432
429
• •
192,».
Jan..
Feb
Mar.
Apr
May.
2,259
2,364
2,380
2,456
2,632
2,379
2,431
2,475
2,478
2,506
2,520
2,575
426
439
439
417
NethGerermany Italy. lands Nor(Ber(Am- way.
lin).
sterdam).
Spain Swe- Swit- United United Can(Mad- den.
zer- Kingrid).'
land.' dom. States. ada.
South
Aus- New
Zea- Africa.
tralia. land.
100
100
373
306
1
13
15
1
14
15
UOO
452
501
100
210
180
100
319
295
100
190
184
100
297
232
UOO
239
207
100
258
220
100
215
145
100
227
148
100
194
161
100
167
164
100
197
139
1,467
,461
,414
1,415
1,444
1,475
,430
,290
,105
1,016
984
962
319
307
294
304
317
307
297
289
291
290
297
305
25
30
36
44
47
51
68
97
154
266
550
807
26
31
36
43
45
48
71
111
176
288
605
831
576
559
546
524
530
522
531
537
555
561
557
148
149
143
137
136
137
140
139
141
143
136
137
257
245
238
234
230
227
233
232
228
220
216
215
179
179
181
190
188
183
179
178
179
178
178
177
190
189
185
182
178
179
179
181
180
178
170
168
176
173
162
153
152
153
153
152
153
155
156
156
185
179
177
173
172
170
180
175
172
172
176
178
139
139
136
136
136
138
139
136
137
140
142
144
149
143
142
138
138
137
138
141
139
138
139
140
142
140
141
143
147
146
148
149
149
146
145
146
147
145
141
144
145
143
144
141
139
139
139
138
121
119
119
121
120
118
116
116
117
119
120
118
309 1,366
316 3,183
321 3,315
320
325
1,336
3,319
542
527
523
140
142
142
214
214
2H
180
181
166
165
166
163
155
153
156
175
173
171
168
162
141
139
139
140
142
142
145
143
140
145
144
145
138
139
141
142
117
117
117
941
934
926
927
2L2
1
1
Average for 1913.
' Includes, in addition to foodstuffs, certain items of fuel and light.
»April, 1914.
* June.
COST OF LIVING INDEX NUMBERS.
EUROPEAN COUNTRIES.
Year and
month.
BelFingium. land.
1914, July.. '100
1920, J u l y . .
404
1921, July..
100
931
1,214
1922.
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
418
395
372
368
365
373
372
369
384
406
432
429
1,124
1,120
1,107
1,109
1,111
1 137
1,142
1,159
1,160
1,178
1,169
1,158
425
436
434
411
1,150
1,149
1,147
1923.
Jan
Feb
Mar
Apr
May
1
France Ger(Par- many
is).
(71
citiesV
100
341
307
291
302
289
300
324
First half of 1914=-100.
' A p r . 15,1914-100.
'1913.
Germany Italy
(Mi(Ber- lan).
lin).
Luxemburg.
»1
9
11
<1
11
11
UOO
441
494
«100
18
22
26
32
35
38
50
70
114
195
400
612
19
22
27
32
35
41
61
103
164
261
565
868
523
522
503
490
492
488
488
491
49S
504
505
504
399
396
377
364
361
355
359
357
361
368
387
399
1,034 1,291
2,408 2,814
2,627 2,608
2,764 2,596
505
497
493
395
407
423
384
UNITED STATES AND OTHER COUNTRIES.
Netherlands
(Amsterdam).
Norway.
Poland.
5 100
217
208
100
302
302
1
«100
257
205
100
252
219
469
481
524
586
639
684
255
788
908
249 1,077
1,284
1,710
238 2,310
186
175
170
162
156
155
159
154
154
155
158
158
192
188
186
182
181
180
184
181
179
178
180
180
3 527
5,706
237 7,618
158
157
158
160
178
177
176
174
170
192
i87
175
176
«August, 1913-July, 1914-1.
s 1910-11-100.
•June.
266
United Can- India New South
Swit- United United
States ada. (Bom- Zea- Afrizer- King- States
(32 (Mass.).
land. dom. cities).
bay). land. ca.
' July, 1913-100.
• 1909-1913=100 .
•1910-100
"100
217
180
167
167
166
170
169
100
198
157
100
190
155
100 '100
190
177
151
154
152
152
152
152
153
152
152
153
154
154
152
148
146
145
145
146
146
147
147
147
147
148
173
165
165
162
163
163
165
164
165
162
160
161
157
156
153
152
152
151
150
150
150
149
149
148
122
120
120
122
122
121
120
120
120
121
122
121
154
155
154
155
149
150
151
150
147
156
155
154
148
148
148
120
10
Average for year.
»1913=100.
•100
-133
715
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.
UNITED KINGDOM.
PRODUCTION.
1913....
1920
1921
1922
Rawcotton,
Fin- visible
ished sup-8
steel. ply-
TRANSPORTATION".
IMPORTS.
Unemployed
among
VesIron Cot12,000,sels
and
Ves000 inRaw
Rawton
Raw- wet under sels
steel
sured
Coal. cot- wool.
con- clear- Net Total permanu- manuton.
hides.
facstruc- ing.
freight
fac- tures.
sons.
tontion.
retures.
miles. ceipts.
Coal.
Long
tons.1
Lonf Long Long
Long Square Long
tons.1 tons.1 tons.1 Bales.1 tons.1 yards.' tons.1 Lbs?
Net
profits
of
industrial
companies.
Per
cent.
13.8
13.3
Per
cent.
2.1
2.4
15.3
15.4
<596 6,117
374 2,078
244 .2,055
352 5,350
144
13.5
12.7
12.3
12.0
12.0
12.0
12.4
12.2
17.0
16.4
15.7
14.6
14.4
14.6
14.0
14.2
14.0
7.2
12.7
11.8
11.1
10.9
13.7
13.1
12.3
11.3
9.9
Lbs.1
Gross1
Ton- £ ster- Per
tons. Tons.1 miles.1 ling.1 cent.
67
73
63
92
7,757
4,508
5,367
5,500
2,003
3,603
3,313
1,810
Lbs?
181 '
158
98
119
23,953
19,108
18,388
20,996
855
670
218
408
639
756
302
486
646
238
349
1,397
1,234
1,064
414
271
142
283
5 22,875
19,146
15,827
23,135
July
19,151
August
September- 6 25,681
21,207
October
November.. 21,712
December.. 5 25,841
394
408
369
399
412
430
482
494
534
404
462
400
473
528
556
565
601
546
294
334
316
345
338
386
393
410
407
1,161
1,143
1,111
890
864
853
882
1,056
1,138
258
272
236
252
270
27?
347
372
341
305
345
315
447
381
400
357
402
364
4,097
5,057
4,794
5,064
6,146
7,083
6,195
6,571
5,955
101
120
127
111
81
60
128
183
205
117
138
97
79
107
52
60
60
70
3,543
3,353
3,105
8,277
8,154
8,220
5,701
6,160
5,711
1923.
21,219
January
February... 22,247
5 27,577
March
21,264
April
568
543
634
652
634
707
803
749
480
507
1,123
1,104
1,024
871
353
318
368
387
404
346
337
316
5,612
5,903
7,180
6,841
135
130
124
98
84
78
5,041
3,955
4,768
1922.
April
May
Unemployed
among
trade
unionists.
British
railways.
Steel
inPig gots
iron. and
castings.
Year and
month.
Monthly av:
EXPORTS.
5,652
3,049
3,033
4,974
1,469
4,187
5,104
4,975
4,828'
5,855
5,731
5,590
5,653
5,145
1,492
5,281
4,985
6,043
1,920
1,617
3
1
1,236 9,198
1,379 10,442
1,160 8,903
1,369 9,561
1,455 9,398
1,464 9,204
1,545 9,922
1,568 9,954
11.7
15.2
10.3
7.0
5.9
9.1
5
Figures for end of the month.
* Expressed in yards.
In thousands; 000 omitted,
s In millions; 000,000 omitted.
1,546
1,108 •9,074
Figures for 5 weeks.
• 11 months average.
FRANCE.
TRANSPORTATION.
PRODOCTION.
Year and month.
Monthly average:
1913.
1920
1921
1922
Pig iron.
Crude
steel.
Metric1
tons.
Metric1
tons.
1923.
January
February
March
April
Total.
Total.
Metric1
tons.
6 391
254
255
373
Bales.1!*
274
225
169
148
Metric
tons.1
1.840
1,071
1,333
1,885
386
383
442
416
428
447
462
503
513
513
367
324
364
358
369
397
407
430
410
414
127
138
169
145
153
135
99
131
158
197
486
306
316
335
408
290
315
203
169
.125
102
5 434
286
280
427
1922.
March
April
May
June
July
August
September
October
November
December
Cotton
stock at
Havre.'
Unemployed
Average Receipts receiving
Raw
Raw
daily of princi- municipal
cotton for silk for Coal for Vessels
aid in
consump- consump- consumpcleared. freight
pal railParis.
tion.
car
tion.
tion.
ways.'
loadings.
Metric
3,685
4,211
3,165
4,281
tons.
27,428
19,577
16,666
21,923
1,570
1,794
1,538
1,799
1,936
1,788
2,616
2,034
2,034
2,429
4,434
3,787
4,396
4,307
4,223
4,512
4,138
4,543
4,577
4,930
20,978
17,391
18,090
32,380
26,325
16,291
17,302
27,877
20,387
36,468
1,896
2,490
1,822
4,111
3,884
4,087
33,275
18,405
19,867
Metric
Metric
tons.1
Tons.1
1,558
2,005
1,472
1,861
2,176
1,412
1,803
2,229
51,107
Francs.1
'165,892
479,894
516,397
557,194
408
207
404
391
566
579
550
722
526
436
2,081
1,538
2,058
1,829
1,631
1,767
1,692
1,768
1,965
2,177
1,934
2,088
2,340
2,473
2,523
2,399
2,359
2,336
2,455
2,366
49,676
47,225
49,055
49,585
50,031
50,875
54,431
57,185
56,046
55,848
497,629
616,106
472,607
504,431
651,720
546,310
720,210
563,314
532,152
691,539
3,546
2,447
1,636
958
602
606
410
272
238
230
285
1,888
1,732
2,053
2,146
1,892
2,467
54,432
55,890
56,528
54,900
484,566
496,581
516,463
647,472
684
666
tons.
390
206
Number.
Number.
3,022
20,671
1,679
285
414
588
354
• In thousands; 000 omitted.
• End of the month figure.
» Railways included are: State Railways, Paris-Lyon-M6diterran6e, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg.
< Bale of 50 kilograms.
5
Figures do not include Lorraine.
• Excludes the Alsace-Lorraine and Guillaume-Luxembourg Kailways.
716
FEDERAL RESERVE BULLETIN.
JCNE,
1923.
GERMANY.
PRODUCTION.
Year and
month.
Monthly av.:
1913
1920
1921
1922
1922.
March
April
May
July
August
September
October
November
December
1923.
January
February
March
April.
IMPORTS.
EXPORTS.
MaIron chinery Dyes
and
and
Coal
and
elecand Lignite. iron
dyemanu- trical stuffs.
coke.
factures. supplies.
Metric Metric Metric Metric
'tons.* tons.*
tons.
tons.
17,003 7,266 541,475 60,919
13,043 9,303 145,883 46,772
13,664 10,241 1203,681 139,037
13,337 11,432 220,803 49,147
15,931
13,800
14,669
11,416
11,972
12,780
12,623
13,329
12,986
12,251
1.987
'l',554
Half
manufactured
silk.
Raw
wool.
Coal.»
UNEMPLOYMENT.
SHIPPING.
Iron
ore.*
Cotton.'
Metric Metric Metric Metric Metric Metric
tons.
tons.
tons.
tons.*
tons.
tons.
920 43,424 1,225
21,812 2,881,126 16,608
• 232 12,490
538
8,462 608,749 «4,025
1393 130,894
1619
18,530 1518,937 U1.860
407 21,483 1,003
12,731 421,835 15,910
Applicants
for
every
100
available
positions.
Arrivals of
vessels in
Hamburg.
NumNumber. Tons.*
ber.
1,256
1,182
401
374
i<S9
700
794
165
907 1,084
Unemployed
persons
receiv-
Business
failures.
ing
State
aid.
Number.*
366
310
77
Number.
815
331
744
84
211,979
200,677
209,432
213,220
212,365
198,408
244,012
246,074
233,553
285,464
48,813
46,112
47,354
49,347
44,162
50,978
40,150
50,699
41,644
85,350
12,299
11,095
12,629
16,335
12,671
12,616
13,477
15,187
11,110
16,472
795,200 26,988
795,940 24,091
701,941 25,619
528,766 15,723
199,961 14,119
121,359 11,011
110,245 8,708
125,670 10,023
137,341 9,198
123,826 8,828
440
462
486
436
435
459
342
371
425
297
26,130
24,070
26,112
22,037
26,085
20,915
13,959
1»,5S4
20,622
25,942
810
866
1,519
1,159
962
997
1,090
1,316
842
1,038
894
972
1,143
1,092
793
1,005
945
1,016
877
936
969
1,112
1,244
I 287
1,065
I 171
1,208
1,272
1,046
1,041
113
113
107
103
106
109
122
138
165
195
213
116
65
29
20
15
12
17
25
43
151
107
95
91
81
59
45
43
34
39
9,104 236,709
8,289 209,965
143,853
42,209
34,438
36,608
13,651
12,077
11,443
90,626
120,947
34,237
254 26,382
244 19,030
278 10,665
867
269
148
993
900
1,250
1,145
1,142
1,047
223
251
85
149
195
24
17
30
45
12,260
10,634
11,437
10,487
11,411
12,147
11,823
12,078
11,896
11,897
11,448
10,240
8,635
.SSI
I! 319
• Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months.
• Not including coal for reparations account.
'1 Includes linters.
Includes manganese ore.
• In thousands; 000 omitted.
• Average based on 6 months.
' Coal-production figures only.
SWEDEN.
PRODUCTION.
Year and month.
Monthly average:
1913
1920
1921
1922 . .
March
April.
May
Iron and Unplaned
steel ingots. boards.
Pig
iron.
Metric
tons.'
1922.
July.
August
September .
October
November....
IMPORTS.
Paper
pulp.
Coal.
TRANSPORTATION.
Vessels
entered.
Vessels
cleared.
Freight
carried
on State
railways.
Unemployed
workmen Business
failures.
per 100
vacancies.
61
39
26
22
Metric1
tons.
49
37
17
26
Cubic
meters.1
328
306
162
320
Metric
tons.1
71
73
40
87
Metric
font.1
408
234
122
220
Net tons.1
1,147
677
519
594
Net tons.^
1,147
692
482
642
Metric
tons.1
830
991
589
681
Number.
112
107
276
290
Number.
317
196
432
388
22
19
24
21
20
22
22
23
27
28
22
21
31
24
27
27
31
31
34
29
63
66
99
500
608
539
508
494
465
384
36
21
76
80
89
104
113
144
189
156
197
206
230
172
214
294
229
270
302
346
617
524
600
596
625
694
684
699
705
655
509
485
633
738
787
836
808
822
751
671
730
622
578
645
715
765
776
.799
796
635
381
368
257
215
203
172
155
177
269
321
513
400
430
362
374
300
371
335
353
309
22
6
10
15
0.4
1
97
45
38
74
41
12
9
18
227
201
218
243
776.
657
757
631
557
669
785
346
308
231
165
387
338
322
273
1923.
February
March...
April
> In thousands; 000 omitted.
EXPORTS.
717
FEDERAL KESERVE BULLETIN.
JUNE, 1923.
CANADA.
Receipts at
Receipts stockyards in
Toronto and
of
Winnipeg.
wheat
at
Fort
William
Crude and Cattle.
steel. Port
Arthur.
PRODUCTION.
Year and month.
Kg
iron.
1921 average.
1922 average.
1922.
March
April
May
June
July
August
September..
October
November..
December...
NumBushNumber.
els.1
ber.
Tons.1 Tom.1
50
56 14,447 39,904 34,165
32
41 20,363 49,832 40,473
8,993
6,128
11,684
5,597
5,420
3,681
36,986
65,120
56,847
32,044
1923.
January
February...
March
April
,
29,101
30,845
37,367
34,856
52,473
75,212
67,579
87,092
80,084
45,705
41,310
36,584
46,432
41,445
32,812
29,381
26,154
39,806
56,328
49,244
11,574 42,126 64,219
3,176 31,323 45,554
5,992 36,429 45,756
7,641 44,969 58,771
Planks Preand
served
boards. fish.
Coal.
Raw
cotton.
Machinery.
Bushels.1
12,238
17,462
Tom.1
1,525
1,085
Us.1
Dollars.1
2,292
Dollars.1
33,885
34,021
Per
cent.
12.5
7.1
6,042
1,940
14,207
11,760
9,487
11,587
9,233
37,593
55,316
40,669
1,857 12,538
896 7,320
548 9 788
412 8,438
427 7,518
440 8,459
663 4,276
4,383
1,465
2,127 11,284
1,964 16,980
2,480
1,637
1,999
2,008
1,559
1,953
1,918
1,931
2,114
1,986
31,966
26,809
30,799
30,536
32,624
34,937
39,158
47,641
44,259
36,758
9.6
10.4
8.8
5.3
4.1
3.6
2.8
3.9
6.2
6.4
1,981 30,686
2,033 26,238
2,938 32,833
33,128
7.8
6.4
6.8
Wood
pulp.
Wheat.
Lbs.1
87,871
136,375
119 8,929 117,543
84 5,075 62,153
156 5,711 105,197
214 6,749 168,169
215 9,936 155,502
213 7,607 169,611
191 20,675 180,068
239 13,239 154,019
205 9,995 173,180
187 8,614 140,001
Feet?
85
166
Lbs.1
168 7,325
124 7,272
205 10,856
139,749 i 9,740 1,876
100,929 ! 7,129 1,601
150,304 } 6,614 1,903
s
' In thousands; 000 omitted.
UnemployRail- ment
road among
retradeceipts. union
members.
7,269
9,229
20,026
12,426
14,362
BusifaU-
ures.
Number.
47
74
90
59
67
64
60
64
65
72
76
82
82
77
60
In millions; 000,000 omitted.
JAPAN.
TRANSPORTATION. 1
PRODUCTION. 1
Year and month.
Monthly average:
1913
1920
1921
1922
1922.
March.
April
May
June
July
August
September..
October
November..
December..
1923.
January.
February.
March
ApriL..,,.
Raw
silk
stocks,
YokoSilk
Cotton fabrics Paper, j hama
maryarns. (habuket.
taye).
Silk
fabrics
(habutaye).
Cotton
yarns.
Freight1 ReSheetIron Vessels
earned ceipts
ings
cleared
Raw
plates
and
on
of
in
Wool. and
shirt- cotton,
State State
ings, ginned.
railrailsheets. foreign
trade. ways. ways.
gray.
Bales. Hiki? Pounds. Bales. Piculs.'Piculs.
126
16,857
151
53,111 14,557 2,264
151
149 44,538 58,477 21,836 1,702
185
145 52,445 44,832 28,697 1,721
Piculs.
113,374
74,839
73,065
98,516
Yards.1 Piculs.1
537
7,921
648
28,465
720
23,210
716
24,260
44,701
40,777
18,293
18,547
45,848
56,032
48,810
48,472
75,419
184
191
194
192
181
179
179
193
199
190
153
110
160
173
159
116
120
118
123
117
175
183
116 57,119 47,394 14,985
57,637 30,900 25,399
30,714
30,021
> In thousands; 000 omitted.
49,644
52,687
53,975
52,791
53,734
54,553
53,326
54,892
54,340
56,306
Silk,
raw.
16,647
27,380
35,147
29,569
34,541
36,196
35,959
35,970
26,804
31,133
2,003 123,605 24,194
1,669 138,226 24,725
1,977 146,354 £5,821
2,176 139,057 29,713
51,660 25,284
1,793
2,017 40,075 22,343
68,773 17,668
1,686
1,839 118,431 25,259
1,253 101,406 22,537
1,608 129,466 29,463
718
1,129
i One hiki equals two pieces.
73,769 22,989
54,298 24,431
3
Pkuls. Piculs.1 Tons.
13,162
46,918
22,278
47,096
132
528
312
545
2,075
2,216
2,324
Tons.
2,923
4,548
4,342
4,768
Yen.
11,723
27,589
31,182
33,864
64,865
76,416
24,753
68,415
37,431
29,936
17,559
16,994
47,469
46,182
637
582
752
890
872
697
351
332
240
131
3,094
2,971
3,287
3,024
2,987
3,119
2,849
2,784
2,895
3,049
5,066
4,968
5,225
4,965
4,641
4,489
4,502
4,920
4,884
5,189
36,337
42,074
38,486
32,180
32,977
33.944
32,464
35,374
32,882
33,041
53,280
916 35,093
152
239
2,771
2,589
4,496
30,166
1,084
707
580
490
433
731
766
330
339
805
A picul varies from 133 to 140 pounds avoirdupois.
718
FEDERAL EESEEVE BULLETIN.
JUNE, 1923.
FOREIGN TRADE OF PRINCIPAL COUNTRIES.
In the following tables are presented figures from official sources showing the monthly
value of the foreign trade of a group of European countries, Canada, Brazil, India, Japan, and
the United States.
FOREIGN TRADE OF UNITED KINGDOM.
[In thousands of pounds sterling.I
Year and month.
Monthly average:
1913
1920
1921
1922
Raw
mate- Articles
Food, rials
and wholly
or
drink, articles
and
mainly mainly
manutobacco. unmanufactured. factured.
Miscellaneous,
including
- parcel
post.
Total.
Total.
Total
Reexports
exports. and reexports.
23,485
59,196
22,598
24,853
16,134
37,787
20,421
19,160
259
254
268
261
64,061
161,387
90,458
2,716
4,245
3,122
3,027
5,825
12,126
5,297
8,501
34,281
93,312
49,055
47,451
949
1,523
1,126
1,062
43,770
111,206
58,600
60,041
9,131
18,563
8,921
52,901
129,769
67,521
40,068
43,075
39,936
38,817
37,762
35,555
38,617
45,501
42,292
21,404
25,358
25,242
24,237
24,141
21,848
26,409
30,223
32,499
18,962
20,207
18,857
18,579
20,326
19,244
19,726
19,587
19,838
199
176
263
151
432
296
262
290
80,661
88,814
84,298
81,784
82,661
76,944
85,015
95,600
94,912
3,011
3,045
3,044
2,806
3,105
3,154
3,066
3,408
2,796
7,376
8,757
7,671
8,041
8,900
10,099
9,211
10,101
9,493
44,336
45,073
40,556
48,455
47,149
48,361
47,010
51,964
44,932
785
1,171
875
1,117
878
9,200
8,965
8,720
8,317
7,504
6,381
8,277
9,148
8,479
64,708
67,010
897
1,112
1,018
1,662
55,508
58,045
52,146
60,419
60,032
62,511
60,399
66,491
58,883
47,398
37,141
40,726
41,772
30,288
26,739
27,732
22,939
21,707
19,462
21,226
21,446
307
513
99,700
83,855
90,022
86,417
3,364
2,864
2,646
3,224
9,372
9,470
11,564
11,717
53,135
44,324
45.935
4*5,922
1,068
852
776
1,009
66,939
57,510
60,921
62,871
9,798
9,823
9,086
12,429
76,737
67,333
70,007
75,300
1923.
January
February
March
April
Articles Miscelwholly laneous,
or
including
mainly
manu- parcel
post.
24,184
63,817
47,391
39,429
1922.
April
May
June
July
August
September
October
November
December
Raw
mateFood, rials
and
drink, articles
and
mainly
tobacco. unmanufactured.
260
67,536
68,676
75,639
67,362
FOREIGN TRADE OF FRANCE.
In thousands of francs.
Year and month.
Food.
Monthly average:
1913
„...
1920
1921»
1922
Raw
materials.
Manufactured
articles.
In thousands of francs.
In
thousands of
Total.
metric
tons.
Food.
ManufacRaw
tured
materials. articles.
Parcel
post.
Total.
In
thousands of
metric
tons.
151,465
989,576
517,188
483,334
412,144
138,169
2,096,379 1,072,787
1,033,170
412,045
1,170,678
337,705
701,778
4,158,741
1,962,373
1,991,717
3,685
4,211
3,165
4,281
69,908
217,733
161,031
160,067
154,841
509,485
463,219
453,656
301,421
1,413,548
1,067,413
988,349
47,182
100,479
104,430
118,094
573,351
2,241,245
1,796,092
1,720,166
1,840
1,071
1,333
1,885
438,000
504,000
483,356
476,813
510,597
473,000
570,395
516,586
628,705
983,000
996,000
1,082,371
1,200,764
1,096,903
1,087,000
1,189,564
1,478,424
1,903,975
323,000
310,000
285,448
318,169
352,229
333,000
348,913
353,235
390,616
1,743,640
1,810,125
1,851,184
1,995,746
1,959,729
1,893,000
2,108,872
2,348,245
2,923,296
3,787
4,396
4,307
4,223
4,512
4,138
4,543
4,577
4,930
136,000
132,000
461,000
498,000
1,231,000
1,127,000
134,000
111,000
1,962,997
885,029
113,435 374,959
179,407 408,005
931,066
141,000 477,000 1,055,000
195,467 493,804 1,098,983
196,112 537,370
856,421
249,079 1,185,596 1,119,980
59,619
157,836
68,000
149,213
116,566
224,292
1,433,042
1,676,000
1,741,000
1,937,467
1,706,499
2,778,947
1,794
1,538
1,799
1,936
1,788
2,616
2,034
2,034
2,429
457,976
551,134
613,952
1,374,222
1,445,337
1,508,161
312,096! 2,144,294
346,543 i 2,343,014
364,624 ! 2,486,737
4,111
3,884
4,087
187,004
242,045
243,551
129,368
121,373
122,962
1,695,898
2,328,858
2,474,378
1,896
2,490
1,822
1922.*
ay
June*
July
August
September..
October....
November..
December..
1923.
January.
February.
March
1
Not including reexport trade.
• Calculated on 1919 value units.
434,786
729,853
728,243
944,740
1,235,587
1,379,622
• Imports calculated on basis of actual declared value.
< Value of exports not available. Beginning with June, exports calculated on 1921 value units.
719
FEDERAL BESEKVE BULLETIN.
JUNE, 1923.
FOREIGN TRADE O F DENMARK, ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN.
Denmark.
Sweden.
Italy.
Japan.
India.
Canada.
Brazil.
Netherlands.
(In millions of (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of
yen.)
rupees.)
dollars.)
milreis.)
kroner.)
guilders.)
kronor.)
lire.)
Year and month.
ExImports. ports.
ImExImImExExIm- ExImImImExExExports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports.
Monthly average:
1913
;
1920
1921
1922.
March
April
May
1922.
July
September .. .
October
"MnvAmhAr
71
262
136
126
60
304
151 82,235
121 '1,439
103 1,311
103
126
159
142
117
134
134
148
130
142
100
76
113
126
107
90
122
112
120
109
1,311
1,155
1,245
1,663
1,134
1,052
1,231
1,399
1,248
1,918
142
155
167
108
118
134
1,056
1,571
1 498
278
187
169
142
114
102
71
281
106
97
68
191
91
97
56
89
103
63
31
107
101
74
174
141
142
84
82
146
142
194
134
173
280
201
205
272
214
244
61
195
135
158
53
162
104
136
716
689
592
861
672
732
747
889
1,046
1,014
180
167
194
151
164
179
165
187
172
163
113
93
108
101
105
99
116
112
104
100
109
102
97
93
83
105
109
118
111
110
71
60
90
104
113
132
123
122
128
120
79
48
66
62
61
67
60
67
76
70
61
33
70
73
72
74
73
104
132
112
131
127
127
129
109
147
132
226
170
208
172
187
141
149
154
182
202
299
237
250
215
178
189
162
182
212
182
229
207
192
278
236
274
193
245
252
216
216
288
280
208
185
174
157
142
137
135
105
116
143
115
129
155
146
144
146
150
161
139
158
789
751
872
173
162
165
92
95
107
88
88
109
65
49
61
68
65
92
68
66
59
78
54
214
194
185
200
295
316
326
307
150
156
197
188
95
123
121
149
210
981
690
776
(i)
1923.
February
April
(i)
1
8
Dutch figures for 1913 not comparable with later figures.
Based on 1920 value units,
s Based on 1921 value units.
FOREIGN TRADE OF UNITED STATES.
[In thousands of dollars.]
Merchandise.
Year and month.
Monthly average:
1913
1920
1921
1922
1922.
April
May
June
July
August
September'
October*
November
December
1923.
January
February
March
April
Merchandise.
FoodCrude stuffs Food- Manufac- Manustuffs
facmatein
tures
Gold. Silver. rials crude partly tures
for ready
for condi- or further
for
use in tion wholly
i n conmanu- and manu- use
fac- manU'
sumpfactur- food
facturing.
ani- tured. ing. tion.
mals.
Total
merchan-1
dise.
FoodCrude stuffs Food- ManuManumatestuffs facfacin
tures
Gold. Silver. rials crude partly tures
for
for condi- or further ready
for
use in tion wholly use in
conmanu- and manu- m
a n u - sumpfactur- food
fac- facturtion.
ing.
ani- tured. ing.
mals.
Total
merchandise.'
5,309
34,756
57,606
22,919
2,989 50,414 18,399 16,529
7,338 145,995 48,136103;
03,178
5,270 71,087 25,345 30,737
96,841 27,485 32,312
28,354
66,871
28,672
45,932
34,453
73,060
51,587
55,257
149,383
439,873
209,929
259,397
7,650
26,841
1,991
3,073
5,231 64,072 14,132 27,069
9,468 155,897 76,499 93,050
4,298 82,002 57,681 55,809
5,236 81,817 38,196 49,021
33,077 64,998 207,002
79,875 267,071 685,668
33,323 135,450 373,760
36,477 107,692 319,315
12,244
8,994
12,977
42,987
19,092
24,464
20,866
18,308
26,440
4,800
5,512
6,346
6,957
4,944
6,370
3,940
5,855
7,848
32,482
34,785
37,346
38,513
42,404
24,023
30,290
31,771
26,546
37,252
39,398
46,471
47,960
50,820
58,254
58,439
49,475
55,857
54,037
71,745
58,309
52,673
217,023
252,817
260,461
251,772
281,376
228,795
345,083
291,805
293,789
1,579
3,407
1,601
644
956
1,399
17,592
3,431
2,710
5,109
5,677
37,999
40,423
39,465
35,625
35,735
34,964
32,940
33,850
35,867
113,846
112,161
121,319
109,596
104,853
107,254
110,190
110,275
113,855
318,470
307,569
335,117
301,157
301,775
313,197
370,719
380,000
344,328
5,825 139,205 28,569 31,264 65,241 63,929 329,903
3,792 127,558 28,596 38,579| 55,332 52,320 303,413
15,951 4,626 144,654 38,300 71,024! 73,048 69,830 398,078
367,000
9,188 4.262
8,472
1,399
10,392
655
6,921 102,073 24,201 50,741 43,264
2,191 77,323 27,169 49,747 39,406
4,732 79,916 19,364 55,025 45,877
4,336 71,136 17,741 50,776 49,987
109,722
107,775
132,361
128,241
335,539
307,208
341,162
325,727
5,r-
69,804
88,088
91,146
87,366
110,304
86,818
137,651
111, 145
124,019
25,711
31,264
26,170
27,596
22,481
18,729
37,465
32,650
31,220
41,776
65,674
56,759
57,576
32,820
1
1
8
Including miscellaneous merchandise imported.
Including miscellaneous and foreign merchandise exported.
Imports of merchandise under old tariff law Sept. 1-21,1922, only.
' Imports of merchandise for Sept. 2l-0ct. 31.
S'99*
3,861
3,735
3,269
6,599
6,913
79,497
64,374
70 262
59,859
47,868
66,611
133,700
144,333
113,343
31,162
34,151
40,998
41,959
61,314
55,149
40,798
33,615
25,763
47,770
50,369
55,472
49,225
46,071
43,229
47,921
51,471
49,620
720
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE INDEX.
[ There are presented below the Federal Reserve Board's series of index numbers designed
to'reflect relative quantity movements in the
foreign trade of the United States. Changes
in the level of prices have been allowed for by
multiplying the quantities of selected commodities exported1 or imported each month by
fixed 1913 prices.
Year and
month.
ConConRaw ProEaw Pro- sumduc- sum- Total.
mate- ducTotal. mate- ers'
ers'
ers'
ers'
rials. goods. goods.
rials. goods. goods.
(10)
(27)
(12)
(10)
(29)
(12)
(5)
(7)
JL-XE. 1923.
such articles as hemp, jute, burlap, sisal, and
rubber.- Going back therefore to January for
comparison, the figures show an increase of 11
per cent in March. Textiles which were so low
in February recovered in March, but the largest
single increase was in raw sugar. The index
for consumers' goods, which is composed
wholly of foods, increased 39 per cent over
February. In April the import index declined
to approximately the January level, due mainly
to a falling off in imports of sugar.
The volume of exports for March increased
to some extent, particularly in consumers'
goods, but declined again in April.
SAVINGS DEPOSITS.
year.
year.
year.
year.
year.
100.0
88.9
92.2
103.1
89.7
100.0
155.1
158.7
116.9
108.9
100.0
183.6
133.6
124.1
135.1
100.0
115.3
107.5
108.9
101.1
100.0
157.5
135.8
113.6
157.6
100.0
192.9
227.5
162.8
253.1
100.0
147.5
138.9
141.4
143.0
100.0
16a 4
168.8
135.6
189.1
1922.
January..
February.
March....
April
May
June
July
August
September
October...
November.
December.
82.6
68.5
89.8
90.5
78.3
86.3
79.1
88.8
91.2
122.9
112.6
86.7
104.3
86.0
121.7
120.9
128.8
124.3
124.0
90.0
98.9
96.8
101.6
109.9
129.7
127.6
156.5
150.5
155.4
169.2
133.5
126.3
111.5
121.0
117.2
122.8
94.5
82.6
106.9
106.0
99.4
107.4
95.0
96.7
96.2
119.8
112.4
96.5
118.4
123.3
148.1
125.5
144.6
148.7
146.9
174.2
183.5
155.0
195.1
219.1
228.7
281.3
306.8
236.1
227.9
273.3
266.3
255.5
244.0
241.6
244.0
263.0
135.2
133.5
161.1
152.0
168.0
137.3
137.5
120.3
133.4
138.8
144.4
153.9
160.1
183.4
206.5
169.1
177.9
191.0
187.7
194.2
196.7
172.4
204.1
224.0
1923.
January...
February..
March
April
78.8
62.2
61.9
59.1
126.5
133.6
143.6
141.0
137.3
129.6
144.4
136.5
95.8
83.5
87.3
83.6
220.4
197.1
214.0
211.1
312.2
249.5
318.5
303.6
155.3 24\3
156.8 209.1
218.5 262.4
212.4 244.1
1913,
1919,
1920,
1921,
1922,
The increase of about $100,000,000 in the
value of imports in March makes quantity
figures for that month of special interest. The
board's index of the volume of imports and exports is based on only the most important commodities, but shows the following trade movements among those items.
The index for the 27 commodities imported
showed an increase of 25 per cent over February and 8 per cent over January. In raw
materials there was a rise of 9 per cent, due to
increases in the import volume of copper, lumber, silk, tin, and wool. At the same time the
quantity of cotton and tobacco imports declined. A 40 per cent increase over February
occurred in producers' goods, but in that month
there was an unusually small volume of this
class of goods imported, due to decreases in
, i The list includes 27 of the most important imports the value of which
in 1913 formed 49.3 percent of the totalimport values, and 29 of the most
important exports the value of which in 1913 formed 56.3 per cent of the
total export values. The classification of the original list of commodities
used was given in the July, 1920, BULLETIN. The classification of 11
additional commodities of imports was given in the April, 1921, BULLETIN, and 2 additional commodities in the November, 1921, BULLETIN.
ExDorts of gasoline have been altered to include naphtha.
Savings deposits, as reported by 896 banks
distributed throughout all sections of the
United States, showed further increases during
April in all Federal reserve districts except in
the New York Federal reserve district, where
a slight decline was noted. On May 1 the
total deposits amounted to $6,499,256,000, or
an increase of 0.4 per cent over the total
deposits of $6,474,109,000 on April 1, 1923,
and an increase of 10 per cent over $5,914,315,000 on deposit on May 1, 1922. The total
deposits on May 1 were greater than in any
preceding month this year, reflecting the improved business conditions throughout almost
all sections of the United States. Comparison
of savings deposits on May 1, 1923, with
deposits on April 1, 1923, and May 1, 1922,
are shown in the following table. The figures
for the Boston and New York districts are
those of large mutual savings banks, but in
all other districts reports of other banks are
included to make the figures thoroughly representative.
SAVINGS DEPOSITS BY FEDERAL RESERVE
DISTRICTS.
[000 omitted.]
District.
No. 1—Boston
No. 2—New York
No. 3—Philadelphia
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No.7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No. 10—Kansas Citv
No. 11—Dallas....."
No. 12—San Francisco
Total
Number of
banks.
Mayl,
1923.
April 1,
1923.
64
30
80
18
93
98
209
* 35
15
• 62
118
1 74
$1,173,515
1,820,182
453,217
418,287
290,706
208,779
839,043
126,920
88.246
100,193
89,147
890,921
$1,165,719
1,825,991
449,252
415,526
287,828
206,354
834,630
126,838
87,967
100,032
88,382
885,590
$1,092,416
1,700,636
426,745
376,115
262,969
182,220
755,475
111,990
79,152
90,551
75,665
760,381
! 896
6,499,256
6,474,109
5,914,315
!
May 1,
1922.
721
FEDERAL RESERVE BULLETIN.
JCND, 1923.
REPORT OF ASSOCIATED KNIT UNDERWEAR MANUFACTURERS OF AMERICA.
INDEX OF OCEAN FREIGHT RATES.
The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
Production of winter and summer under- between United States Atlantic ports and the
wear, by months, since April, 1922, is given principal European trade regions. The figures
in the following table:
are derived from the actual rates quoted on
the following commodities: Grain, provisions,
cotton, cottonseed oil, and sack flour. Rates
Number of mills
Production (in dozens).
in January, 1920, have been used as a base.
reporting.
For the methods used in constructing the
Month.
!
index see the August, 1921, BULLETIN, pages
WinSum-!
Total. ter
Total.
Winter. Summer.
931-934.
1922.
April
May
June
July
August
September
October
November
December
I
49
52
47
49
52
522,035
518,150
564,893
422,872
519,511
513,572
25 ! 524,486
28 599,891
27 461,695
275,911
345,605
269,223
341,713
318,220
283,242
321.944
233,459
246,124
220,070
219,288
153,649
177,798
195,352
241,244
277,947
228,236
558,845
564,708
593,020
732, -137
269,026
269,950
275.552
372J686
289,819
294,758
317,468
359.751
1923.
January
February
March
April
Thirty-six representative mills which reported for March and April furnished the data
for the following table:
March,
1923.
April,
1923.
Unfilled orders (end of month) 1,543,171 1,359,635
New orders
377,661
235,050
Shipments
576,336
409,985
6,907
8,601
Cancellations
487,144
450,974
production
Loss.
Cain.
183,536
142,611
166,351
.36,170
1,694
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPEAN TRADE.
United States Atlantic ports to—
Month.
don?
!AtIaQtic
-
Netherlands
and
Belgium.
Medi- !
nean.
AU
Euro
Pe-
100.0 !
60.7 I
100.0
30.2
100.0
34.1
100.0
42.9
100.0
43.2
100.0
43.3
June
July
August
September....
October
November
December
31.7
34.7
33.1
27.3
27.9
27.5
28.8
29.2
27.0
25.3
28.0
27.1
22.7
25.9
26.5
24.8
25.5
26.1
25.9
23.4
24.1
23.9
23.4
25.6
23.325.2
24.9
22.7
22.8
23.0
22.6
20.7
19.1
18.9
21.3
22.2
23.4
23.3
23.4
24.0
23.4
23.4
23.0
22.4
22.6
22.9
22.9
22.7
32.2
31.8
30.1
27.1
27.4
27.4
26.4
24.0
22.2
21.6
21.3
21.8
27.1
29.1
28.3
25.4
25.7
25.7
25.9
24.6
23.4
22.7
24.0
24.1
1923.
January
February
March
April
Mav
25.3
21.8
23.1
22.6
22.3
24.7
22.6
23.6
24.2
23.7
19.8
18.6
20.0
21.9
21.0
22.3
22.3
22.3
22.3
22.3
21.2
20.6
19.5
22.0
20.9
22.9
21.1
21.9
22.6
22.1
January, 1920..
January, 1921..
1922.
January
February
March
April
722
JONE, 1923.
FEDERAL RESERVE BULLETIN.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
. March, 1923.
Dyed
goods.
White
goods.
Total finished yards billed during month:
District 1.
2. .
3
5.
6
15,191,927 31,431,586
2,706,942
7,279,971
8,188,215
9,695,150
186,330
7,991,994
1 000,476
Printed
goods.
Total.
11,304,273
5,837,900
62,078,420
24,803,738
17,883,365
8,178,324
1,000,476
1,511,455
8
Total
17,142,173 115,455,778
11,524,786
5,298,022
60,613,527
21,621,687
14,398,226
6,014,791
919,000
1,892,647
36,369,932
38,718,590
16,822,808
t05,459,878
72
51
83
84
101
68
76
61
61
72
97
46
70
99
76
87
60
49
77
89
92
46
70
SO
76
98
69
84
66
94
58
79
14,098,725 68,704,569
5,321,823 24,637,983
17,153,951
7,500,373
1,000,476
1,443,653
11,703,281 30,783,080
6,874,653
6,036,407
8,056,941 6,841,147
5,195,566
462,247
919,000
8,462,967
2,958,687
56,002,802
20,067,577
14,898,088
5,657,813
919,000
2,196,222
19,420,548 120,441,005
32,749,441
44,122,881
11,421,654
99,741,502
5,631
3,292
7,527
1,516
8,408
718
754
2,173
28,758
11,254
8,281
3,460
8
Total grey yardage of finishing orders received:
14,784,681 35,758,255
District 1...7
6,586,940
2.
8,364,644
7,690,597
9,463,354
3
241,072
7,259,301
5
6
1 000 476
8
Total
Number of cases of finished goods shipped to
customers:
District 1
2
3
5
6
40,872,560
50,276,864
7,247
3,285
6,273
1 674
8,719
588
3,346
2,306
34,377
12,574
9,619
3,884
18,479
12,653
2,306
60,827
17,966
9,880
2,173
52,010
5,165
3,530
327
4,659
633
331
2,621
22,061
10,504
7,018
1,353
5,139
4 339
348
4,990
906
285
2,846
23,212
11,601
6,938
1,131
9,022
5,623
2,621
41,142
9,826
6,181
2,846
43,103
6.6
11.9
16.6
4.8
23.0
13.6
14.3
23.9
11.4
17.3
9.9
15.0
4.8
4.1
10.4
15.6
5.9
24.8
17.0
. .
257
373
Total
Number of cases of finished goods held in
storage at end of month:
•
District 1
2
3..
5
6
R
217
206
j
Average for all districts
14,633,944 29,887,738
6,888,653 2,346,170
6,136,045
8,262,181
348,637
5 666,154
919,000
104
79
92
Average for all districts
3
5
6
8
Total.
69
67
115
68
76
5
6
Total average work ahead at end of month
(expressedin days):
District 1
2.
Printed
goods.
42,513,073
2.
3
Total
Dyed
goods.
White
goods.
41,159,518
Total average per cent of capacity operated:
District 1
8.
April, 1923.
j
23.5 i
12.2
15.2
4.6
5.S
7.3
6.8
8.5
20.1
21.8
14.0
7.C
14. £
7.3
20.2
21.4
13.3
1
The National Association of Finishers of Cotton Fabrics at the request of the Federal Eeserve Board prepares a monthly survey for the industry.
The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement concerning the
tabulation:
The accompanying figures are compiled from statistics furnished by 32 out of 57 member firms of this association. I t is probably fair to state
that in the absence of having specific detail at hand, b u t according to our best estimate, it is probably well within the fact that the figures given
for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 70 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both of the totals
and for the subdivisions, and, therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore the column headed " T o t a l " does not always represent the total of the subdivisions, but is a correct total for the district.
JUNE,
723
FEDERAL RESERVE BULLETIN.
1923.
PHYSICAL VOLUME OF TRADE.
Volume of domestic business, after a substantial increase in March, fell off during
April in accordance with the usual seasonal
tendencies. Nevertheless, activity continued
at a high level as compared with that existing
in April of previous years. Agricultural movements fell to the lowest point since last April.
Output of all minerals except pig iron and
petroleum declined during the month, bringing the index to a point below those of both
January and March. The largely seasonal decrease in the production of manufactured
goods was fairly general throughout all industries. The index of production in basic industries, which is corrected for normal seasonal
changes, fell off slightly in April.
Movements of agricultural commodities ordinarily reach the lowest point of the year in
April, because the larger part of the crops
have by that time been marketed, except certain reserves which are not disposed of until
just before the new crops come in. Receipts
of all animals were larger in April than in
March, with the exception of hogs, which,
however, were marketed in unusually large
numbers for this season. Shipments of live
stock declined as compared with March, which
is ordinarily expected, but were above those
of April in any of the three preceding years.
Receipts and shipments of grain at both interior centers and at ports moved about in line
with the usual trends for this season, showing
slight declines in the totals from the March
figures. Grain stocks at interior points, except
wheat, were well below those of last spring, but
at ports they were only slightly smaller. Sight
receipts of cotton and cottonseed were unusually
small even for April, and tobacco marketings
were almost negligible. Shipments of oranges
were well above figures for April, 1922, whereas
those of lemons and grapefruit were smaller.
Despite the record-breaking output of pig iron
and crude petroleum in April, the mining index
for that month declined because of reduced
production of coal, copper, zinc, and lead.
The decrease in the case of copper was almost
entirely seasonal, and that in bituminous output was not as great as ordinarily occurs be-
VOLUME OF DOMESTIC BUSINESS
MONTHLY AVERAGE, 1919 = 100 )
PER
CENT
PER
CENT
160
160
140
140
120
100
100
80
80
60
60
40
20
20
J. F. M.A.M; J. J. A. S. 0. N. 0-J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M.A.M. J. J. A.S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.
1919
1920
1921
1922
1923
724
JUNE, 1023.
FEDERAL RESERVE BULLETIN.
tween March and April. Consequently, it may I N D E X E S OF DOMESTIC B U S I N E S S UNCORRECTED FOR
SEASONAL CHANGES.
be said that the recession in the index was due
[Monthly average of 1919=100.]
to seasonal influences, and the rate of mining
AGRICULTURAL MOVEMENTS.
activity remained at practically the same high
point.
Leaf
Total Total
toFruit.
agriculDate.
Declines in manufacturing productivity durbacco.
ture.i
ing April were likewise largely seasonal. Textiles were off because of decreases in cotton and
I
1922.
96.1
113.2
88.9
83.8
76.8
91.8
wool consumption, although silk deliveries to January
55.5
101.2
92.3
43.3
February
| 77.7
76.5
mills were the greatest on record. The total March
130.4
73.0
42.8
70.7
79.2
27.5
103.0
49.6
37.0
April
; 57.4
71.8
5.5
output of steel ingots was less in April than in May
105.7
92.5
50.1
90.2
3.9
! 82.6
93.8
77.1
43.0
88.7
1.5
| 75.1
March, yet the daily average production was June
59.3
106.4
33.4
81.2
12.3
July
79.8
the largest ever recorded. Increased output August
43.1
153.8
48.3
96.5
55.2
106.7
38.0
150.6
139.5
106.6
85.7
128.8
was reflected in a decline in unfilled orders of September
40.6
135.7
227.8
144.7
October
j 154.2 132.0
49.0
118.2
204.1
122.2
96.3
November
j
137.9
the United States Steel Corporation, the first
100.1
128.5
139.2
104.6
121.3
97.3
this year. Owing to great activity in the December
1923.
steel industry, beehive-coke output was greater January...
116.4
80.2
99.7
75.1
] 106.6 107.7
117.7
45.1
' 73.3
84.4
75.7 I 37.4
in April than in March. The number of auto- February
158.9
31.0
March
! 77.7
88.1
82.6
39.8
mobiles manufactured during April exceeded April
148.7
5.1
! 70.0
88.4
69.8
26.2
I
all previous records, and shipments were also 1
Combination of 14 independent series.
very large. Locomotive output, although still
MINERAL PRODUCTS.
at a high level, fell off some from the March
figure, whereas the tonnage of vessels built
Total BiAn- Crude
min- tumi- thraincreased considerably. Fabricated structural
Date.
eral nous cite petro- Iron. Copper. Zinc. Lead.
steel bookings fell on during April, and proprodleum.
ucts.1 coal. coal.
duction and shipments of lumber, as well as of
flooring, were somewhat curtailed, but activity
1922.
among cement and brick manufacturers in- January
100.7
91.3
98.5
85.1 137.1
64.3
24.1
60.3
93.2
63.9
34.8
57.3
February.. 95.4 107.3 -92.0 129.7
creased. Although the number of animals March
92.8
117.5 131.5 119.1 149.1
79.9
58.0
67.5
slaughtered was less than in March, the April
88.7
59.5
41.3
.3 141.9
81.3
71.7
65.6
88.8
67.9
53.1
.6 147.7
90.5
83.7
69.8
Mav
slaughter of all kinds of animals was unusually June . .
88.9
72.6
70.6
58.4
89.0
1.1 143.8
92.6
88.2
81.2
65.4
44.5
1.6 148.0
94.2
85.0
large for April. The index for the food- July
93.9
79.9 -96.5
August
67.5
58.3
2.2 147.1
71.1
product group declined considerably in April, September. 99.9 107.3 67.7 143.8 79.8 89.8 84.3 95.1
108.1
October.... 118.5 118.3 116.1 150.1 103.5
96.2 101.6
as usual, because, in addition to meat, the pro- November.
113.0
120.1 118.6 114.1 152.1 111.8
94.6 102.3
duction of wheat flour and sugar also was December.. 124.5 121.7 114.7 159.3 121.1 97.5 109.0 108.6
1923.
lessened. Output of sole leather was fairly
112.5
131.5 131.4 118.5 163.5 126.7 104.6 117.8
well maintained, and that of shoes experienced January
103.6
95.6 108.0
February.. 116.6 110.5 105.8 153.8 117.5
120.7
124.0
134.2
122.6
127.6
•178.3
138.1
113.8
March
a decline that may be largely attributed to the April
113.7
125.6 111.4 109.7 184.2 139.1 110.2 118.5
shortness of the month. The drop in the
number of cigarettes produced could also be ' Combination of 7 independent series.
PRODUCTION OF MANUFACTURED GOODS.
accounted for by the fewer working days in
April, but cigars fell off to a greater extent.
Total
JJB16.
INDEX
OP PRODUCTION IN BASIC INDUSTRIES,
ALLOWANCE FOR SEASONAL VARIATION.
WITH
[Monthly average, 1919=100.]
January...
February..
March.....
April
f*7
June
July
August....
September.
October...
November.
December.
1919
1920
107.3
100.3
96.2
98.8
92.9
92.9
101.6
103.4
104.6
101.1
97.9
103.3
115.8
114.8
114.5
107.6
105.4
106.8
104.9
102.1
101.7
99.0
95.3
89.6
1921
83.9
84.3
81.0
78.6
76.7
76.7
74.1
78.5
79.1
82.7
85.6
83.3
1922
86.5
90.5
94.9
85.3
92.1
94.2
94.8
93.9
99.9
106.9
115.5
115.6
1923
120.7
120.1
125.7
124.3
1922.
January...
February..
March
April
May. .
June
July .
August
September
October...
November.
December.
j Lum- Pa- Petro- Tex- Leathman- ot,,.,
To&teel
- ber. per leum. tiles. er. J?OOa. bacco.
ufacture.'
63.4; 100.7 95.0
69.3! 95.4 90.0
94.3 102.5 108.4
97.0! 98.1 99.9
107.8i 121.1 112.3
104.8! 104.4 110.6
98.9!! 104.3 99.9
88.1 116.2 110.7
94.4! 101.5 107.8
114.2 115.3 112.8
118.9 112.9 113.4
110.5! 103.6 106.8
119.0
108.6
123.9
124.4
132.2
133.8
146.2
141.2
139.1
147.2
149.7
152.7
112.2
96.8
107.6
91.3
108.9
107.1
95.0
115.7
110.7
12a 0
125.0
113.3
88.2
78.1
78.5
7a 7
70.4
72.4
72.1
80.4
79.5
82.7
79.1
78.5
1923.
January... 108.7 129.31 105.8 117.3
February... 99.9 116.11 95.8 109.0
March
112.7 135.3 128.7 120.4
April
102.7 132.0 109.6 115.5
156.8
14a 8
155.5
152.6
128.0
122.0
128.3
124.1
88.9 104.1 115.3
78.1 95.3 101.3
91.6 110.5 116.2
91.2 98.8 105.2
87.6
80.2
90 9
84.7
98.1
99.1
95.3
104.6
100.3
107.5
109.4
100.0
' Combination of 34 independent series.
91.3
88.5
96.5
84.9
96.8
98.9
97.5
104.5
97.8
106.7
114.0
107.1
90.6
83.8
98.4
89.6
108.1
119.8
114.8
134.1
121.6
115.0
112.4
89.4
725
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
COMMODITY MOVEMENTS.
April,
1923.
Grain and Flonr.
Receipts at 1 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)...
Oats (bushels)...
Rye (bushels)...
Barley (bushels).
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels)
Shipments at 14 interior centers (000
omitted):
COMMODITY MOVEMENTS—Continued.
March,
1923.
April,
1922.
22,091
17,219
17,532
4,022
2,500
21,230
25,672
21,121
3,679
3, 403
16,893
15,357
10,810
1,417
1,881
63,365
2,094
78,108
2,328
46,358
1,992
72,787
88,584
55,323
Shipments of stockers and feeders from
33 markets (head, 000 omitted):
Cattle and calves
Hogs
Sheep
Federal inspection (head, OOOomitted):
Cattle
Calves
Hogs
Sheep
Total.
Pork products
Lamb and mutton
Exports of certain meat products
(pounds, 000 omitted):
BeefCanned
Fresh
Pickled or other cured
Hog p r o d u c t s Bacon
Hams and shoulders
Lard
Pork, pickled
Total grain and flour (bushels)
Stocks at 11 interior centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels).
Rye (bushels)
Barley (bushels)
Total grain (bushels)
380
Total.
Slaughter at principal markets under
Meats, cold-storage holdings, first of following month (pounds, 000 omitted):
Total grain (bushels)
Flour (barrels)
697 !
400 |
4,179
960
688
368
4,838
6,236 I
6,871
4,640
78,065
933,841
5,768
90,502
864,674
6,635
64,507
690,296
2,071
117
157
1,937
104
348
2,312
132
158
2,036
34,790
33,738
85,475
2.763
40,549
25,892
109,187
3,325
20,490
22,764
42,459
19<'O
46 692
15,779
2,121
50,409
15,573
2,124
42,694
15,757
2,911
4,824
14,465
453
8,913
20,709
14
9,024
10,731
949
Dairy Products.
Total visible supply of grain east of the
Rocky Mountains, close of month (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Receipts at 5 principal markets (000
omitted):
Butter (pounds)
I
Cheese
""---- (pounds)
•Eggs (cases)
Cold-storage holdings first of following
month, (000 omitted):
Creamery butter (pounds)
American cheese (pounds)
Eggs (cases)
Receipts at 9 seaboard centers (000
omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels).
Fishery Products.
Fish landed b y American fishing ves- (
sels, total catch (pounds, 000 omitted).!
Cold-storage holdings, frozen and cured j
fish, on 15th of month (pounds, 000
omitted)
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels)
27,131
27,594
Other Agricultural Products.
Stocks at 8 seaboard centers at close of
month (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels).
Barley (bushels)
Total grain (bushels)
Wheat flour production (barrels, 000
omitted)
Live Stock.
Receipts at 57 principal markets (head,
OOOomitted):
Cattle and calves
Horses and mules (43 markets)
Total
Shipments at 52 principal markets
(head, 000 omitted):
Cattle and calves
Hogs
Sheep
Horses and mules (43 markets)
April,
1922.
Live Stock—Continued.
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total
March,
1923.
2,192
Cottonseed (tons):
13,319
57,595
Received at mills
21,131
200,504
116,301
68,468
Crashed
159,922
64,752
46.140
Stocks at mills at close of month
Cottonseed oil (pounds, 000 omitted):
24,345
40,356
62,170
Production
,
31,848
60,137
37,484
Stocks
Oleomargarine consumption (pounds,
13,686
19,722
18,033
OOOomitted)
Tobacco sales at loose-leaf warehouses,
(pounds, 000 omitted):
50
2,955
328
Dark belt—Virginia
Bright b e l t 818
Virginia
8,514
North Carolina
2,139
5,256
Burley
2,393
3,175
5,082
Western dark
Sale of revenue stamps for manufacture
of tobacco, excluding Porto Rico and
Philippine Islands (000 omitted):
501,394
574,515
532,534
Cigars (large)
49,720
41,154
49,955
Cigars (small)
4,710,545 5,043,327 3,453,061
Cigarettes (small)
28,565
30,759
32,269
Manufactured tobacco (pounds)
Fruit shipments (carloads):
2,208
2,686
1,846
Grapefruit
963
7,148
668
Oranges
4,236
848
8,090
Lemons
1,781
2,699
5,362
Apples
726
FEDERAL EESEBVE BULLETIN.
COMMODITY MOVEMENTS—Continued.
COMMODITY MOVEMENTS—Continued.
April,
1923.
Other Agricultural Products—Contd.
Vegetable shipments:
21,745
White potatoes (carloads)
1,315
Onions (carloads).
70,774
Eice (pounds, 000 omitted)
Sugar, all ports (long tons):
539,858
Receipts
478,100
Meltings.
501,339
Raw stocks close of month
Forest Products.
Lumber:
Number of mills—
National Lumber Manufactur573
ers' Association
178
Southern Pine Association
48
Western Pine Association
West Coast Lumbermen's Asso121
ciation
Production (feet, 000,000 omitted)National Lumber Manufactur1,271
ers' Association
380
Southern Pine Association
175
Western Pine Association
West Coast Lumbermen's As399
sociation
Shipments (feet, 000,000 omitted)—
National Lumber Manufactur1,274
ers' Association
427
Southern Pine Association
131
Western Pine Association
West Coast Lumbermen's Asso420
ciation
Naval stores at 3 southern ports:
Spirits of turpentine (casks)—
16,267
Receipts
15,312
Stocks close of month....
Rosin (barrels)—
65,058
Receipts..
202,391
Stocks close of month
Fuel and Power.
Coal and coke (short tons, 000 omitted):
42,564
Bituminous coal production
8,063
Anthracite coal production
Anthracite coal shipments
6,174
Coke—
Bee-hive production
1,776
3,206
By-product production
Petroleum, crude, (barrels, 0O0 omitted)
58,133
Production
264,627
Stocks at close of month
Producing oil wells completed
1,625
(number)..
Oil refineries:
Production (000,000 omitted)—
47
Crude oil run (barrels)
619
Gasoline (gallons)
182
Kerosene (gallons)
977
Gas and fuel oils (gallons)
91
Lubricating oils (gallons)
Stocks (000,000 omitted)—
31
Crude oil run (barrels)
1,336
Gasoline (gallons)
273
Kerosene (gallons)
1,273
Gas and fuel oils (gallons)
Lubricating oils (gallons)
235
Electric power produced by public
utility plants (000,000 kilowatt hours):
1,783
Produced by water power
2,696
Produced by fuels
Total
4,479
Hetals.
Iron and steel:
Pig iron production (long tons, 000
3,868
omitted)i
Steel-ingot production (long tons,
3,538
000 omitted) 1 ...
Unfilled orders of the United States
Steel Corporation (long tons, 000
6,981
omitted^'
Fabricated structural steel orders
167,954
(tonnage)
Steel barrels (number)—
245,125
Shipments...
556,801
Unfilled orders
Steel castings—bookings (net tons).. 90,968
i Figures for May, 1923; April, 1923; May, 1922.
March,
1923.
April,
1922.
April,
1923.
22,917
1,413
65,448
20,131
3,102
49,948
676,245
505,300
499.543
560,758
472,600
620,332
587
180
51
•
127
445
171
53
1,355
431
121
915
369
108
495
308
1,479
932
422
131
438
148
125
567
321
5,431
14,596
13,139
11,081
48,445
222,501
58,015
255,326
46,823
9,382
7,184
15,780
1,749
3,256
528
26
2,208
56 132
258,738
44,635
235,962
1,248
1,442
47
631
191
971
91
38
473
189
792
73
31
283
33
892
326
1.254
1,283
235
237
1,259
JUNE, 1923.
1,697
3,013
1,490
2,108
4,710
3,598
3,550
2,307
3,321
2,711
7,289
5,254
216,747
198,228
254 573
627,143
143,564
200,214
350,445
75,665
Metals—Continued.
Silver production (troy ounces, 000
omitted)
Copper production (pounds, 000
omitted
Zinc (pounds, 000 omitted):
Production
Stocks close of month...
Shipments
Tin (pounds, 000 omitted):
Deliveries to factories...
Stocks close of month ..
Textiles.
Cotton (bales, 000 omitted):
Sight receipts
American spinners' takings
Stocks at mills
Stocks at warehouses
Visible supply
Consumption by mills
Spindles active during month (number,
000 omitted)
Wool:
Consumption (pounds, 000 omitted)
Percentage of active machinery to
total reportedLooms wider than 50-inch reed
space
Looms 50-inch reed space or
less
Sets of cards
Combs
Spinning spindles, woolen
Spinning spindles, worsted
Raw silk (bales):
Consumption
Stocks close of month
Hides and Leather.
Sales of raw hides and skins during
month (number, 000 omitted):
Cattle hides
.'
Calfskins
Kipskins
Goat and kid
Cabretta
Sheep and lamb
Stocks of raw hides and skins at close of
month (number, 000 omitted):
Cattle hides
Calfskins
Kip skins
•
Goat and kid
Cabretta
Sheep and lamb
Production of leather (000 omitted;:
Sole leather (backs, bends, and
sides)
:
Skivers (dozens)
:--Oak and union harness (sides
stuffed)
-iBoot and shoe output (pair, 000
omitted):
Men's
Women's
*—
All other
Total.
Building Materials.
Brick (000 omitted):
Clayfirebrick—
' Production
Shipments
Stocks, close of month
New orders
Unfilled orders, close of month.
Face brick—
Production
Shipments
Stocks in sheds and kilns
Unfilled orders, close of month.
Silica brick—
Production
Shipments
Stocks, close of month
March,
1923.
April,
1922.
6,616
6,110
4,139
118,424
122,202
77,026
93,732
17,952
95,822
97,462
20,042
99,148
51,012
103,456
68,080
15,176
8,012
14,862
9,110
11,189
6,117
305
357
1,889
1,966
1,878
453
422
2,035
2,378
2,335
434
212
1,461
3,214
3,399
577
623
444
35,516
35,501
31,390
56,411
02,859 I
42,574
60.3
86.7
85.2
90.5
89.9
90.0
94.3
86.1
90.7
91.4
90.0
64.0
83.6
70.3
82.7
61.6
38,193
28,657
33,515
39,436
24,247
19,268
1,566
1,048
223
1,565
50
3,657
2,518
1,303
1,236
1,401
25
1,607
6,229
2,797
1,034
8,800
1,061
9,275
6,749
2,689
1,010
7,779
5,553
3,131
966
705
8,510
11,836
1,712
39
1,719
1,327
41
16
133
146
95
9,780
12,860
10,054
11,634
14,148
8,922
10,927
31,633
35,836
26,652
64,647
65,276
157,685
66,613
120,564
66,456
70,624
159,180
99,330
118,284
41,446
38,458
150,292
45,851
39,402
34,906
37,968
92,794
87,674
33,522
32,674
102,741
82,377
46,767
46,326
144,223
69,638
13,981
14,363
42,242
16,793
17,804
44,481
9,830
10,485
36,316
702
156
102
3,262
811
166
832
9,405
COMMODITY MOVEMENTS—Continued.
April,
1923.
March,
1923.
COMMODITY MOVEMENTS—Continued.
April,
1922-
Building Materials—Continued.
Cement (barrels, 000 omitted):
r Production
Shipments
• Stocks, close of month
Oak flooring:
Production
Shipments
Orders booked
Stocks, close of month
Unfilled orders
Maple flooring:
Production
Shipments
Orders booked
Stocks, close of month
Unfilled orders
Enameled ware:
BathsShipments
Stocks, close of month.
New orders
LavatoriesShipments
Stocks, close of month.
New orders
SinksShipments
Stocks, close of month.
New orders
Miscellaneous w a r e Shipments
Stocks, close of month.
New orders
April
1923.
March,
1923.
April,
1922.
Miscellaneous Manufactures—Contd.
11,359
12,917
11,450
10,326
13,055
9,243
8,592
14,470
30,705
32,068
25,298
23,749
57,356
32,236
34,984
39,641
25,297
65,823
19,892
22,227
29,951
26,615
33,501
11,401
15,181
10,924
19,080
36,722
12,344
15,329
18,321
23,161
42,434
9,478
10,429
13,902
33,467
18,426
83,281
34,308
100,644
92,473 I 78,130
40,200
60,260
116,514 I 107,566
91,704
50,429
136,587
104,376 i 101,482
50,127 I 104,543
148,121 I 138,757
97,834
50,628
132,830
114,677
61,391
149,144
98,905
135,071
140,620
51,618
53,594
61,821
56,359
54,332
67,642
49,402
85,528
63,910
330,059
236,647
59,869
144,444
313,777
253,477
54,207
111,823
297,467
236,837
43,991
212,896
116,719
118,023
18,876
129,294
132,292
20,199
111,861
115,167
24,874
93,390
36,871
96,087
31,480
70,507
37,367
Miscellaneous Manufactures.
Wood pulp (short tons):
Production
Consumption
Shipments
Stocks, close of month
Paper (short tons):
NewsprintProduction
Shipments
Stocks, close of month
Book p a p e r Production
Stocks, close of month
Paper b o a r d Production
Stocks, close of month
Wrapping p a p e r Production
Stocks, close of month
Fine p a p e r Production
Stocks, close of month
Rubber (pounds, 000 omitted):
Consumption by tire manufacturers
Tires and tubes (number, 000 omitted):
Pneumatic t i r e s Production
Shipments, domestic
Stocks, close of month
Inner t u b e s Production
Shipments, domestic
Stocks, close of month
Solid t i r e s Production
Shipments, domestic
Stocks, close of month
Automobiles:
Production (number)—
Passenger cars
Trucks
Shipments—
By railway (carloads)
Driveaways (number)
By boat.."
727
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
179,744
52,300
Locomotives (number):
Domestic shipped
Foreign completed
Total
86,776
43,213
61,562
68,401
32,507
37,889
27,420
35,806
38,348
35,144
36,978
41,594
3,539
2,976
6,088
3,866
3,323
5,671
2,401
2,087
5,464
4,260
3,536
8,394
4,875
3,828
7,741
2,651
2,329
7,230
71
73
261
80
77
266
47
52
174
343,793
36,786
319,527
34,063
196,788
21,862
44,400
58,100
4,443
44,350
62,619
1,910
31,334
22,381
2,960
24,125
269
13
13
S
217
282
21
Unfilled orders—
Domestic
Foreign.
2,111
93
2,214
102
515
102
Total
2,204
2,316
617
89
38,972
07
24,978
106
34,308
39,288
711
27.9
32,618
872
28.2
32,941
690
27.9
159
132
736
66
321
84
993
1,433
185
140
834
69
337
60
1,040
1,459
143
117
315
35
242
42
1,048
1,182
3 924
4,124
3,125
993
871
173
587
500
578
238
1,025
903
162
660
513
612
250
732
629
156
521
427
452
208
3,924
4,124
3,125
13,507
4,054
3,249
13,157
2,644
3,980
334,075
96,034
193,811
46,601
20,538
20,981
210,505
73,535
34,068
31,061
206,312
473
229
163
327,704
Foreign
1,387
2,526
2,021
2,800
2,389
2,495
Total.
Percentage of American to total
4,113
38.5
4,821
41.9
4,884
48.9
1,941
1,168
388
1, 563
959
376
1,085
381
404
Vessels built in the United States and
officially numbered by the Bureau of
Navigation:
Transportation.
Freight carried by Class I railways:'
Net ton-miles, revenue and nonrevenue (000,000 omitted)
Net tons per train
Net tons per loaded ear
Revenue freight loaded and received
from connections, classified according
to nature of products (cars, loaded, 000
omitted):
Grain and grain products
Livestock
Coal . ..
Coke
Fores t products
Ore...
Merchandise, less than carload
Miscellaneous
Total
Revenue freight loaded, classified according to geographical divisions (cars,
000 omitted):
Allegheny..
Pocahontas
164,327
69,756
78,559
43,403
•. .
201
16
Northwestern
Central western
Total
Freight-car surplus (number):
Total '.
Box
Coal .
Freight-car shortage (number):
Total.
Box
Coal . . . .
Bad-order cars at end of month (total)..
Vessels cleared in foreign trade (tons,
000 omitted):
Panama Canal traffic
omitted) i:
Total cargo traffic
American vessels
British vessels
1
(tons,
000
Figures for March 1923, February, 1923, March, 1922.
728
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
BUILDING STATISTICS.
BUILDING PERMITS ISSUED IN 168 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. 1
No. 2
No. 3
No. 6
No. 7
No. 8
No. 9 No. 10 No. 11 No. 12
(15
(12
(14
(22
(14
(15
(19
(5
(9
(14
(20
(9
cities).
cities). cities). cities). cities).
cities). cities). cities). cities). cities). cities). cities).
Total
(168
cities).
1922.
April.
October
November...
December
3,057
2,911
2,301
1,285
9,056
9,672
9,022
7,456
4,287
3,169
2.504
1,639
6,199
5,064
4,150
2,666
4,397
3,930
3,433
2,458
3,215
3,335
3,010
2,070
11,601
11,988
9,437
6,620
2,630
2,492
2,048
1,653
3,342
2,029
1,437
698
3,103
2,906
2,669
1,601
2,586
2,470
2,184
1,540
10,966
12,254
10,490
7,767
64,439
62,230
52,685
37,453
1923.
January
February
March
April
918
838
1,993
3,536
6,243
6,880
13,838
11,881
1,486
1,573
3,308
6,203
2,946
2,901
6,411
7,886
2,787
2,585
4,232
4,954
2,975
2,516
3,251
3,434
6,310
5,729
10,735
15,066
1,985
1,742
2,645
3,349
735
612
1,417
2,974
2,276
1,913
3,086
3,798
2,554
2,199
2,589
2,259
10,313
9,666
13,358
12,661
41,528
39,154
66,863
78,001
$6,056 $8,196
6,353 I 4,717
5,812 j 5,273
10,115 ! 3,686
$8,385
8,989
8,278
6,923
$6,228 $30,195
4,765 29,338
3,860 26,200
9,570 22,035
$212,780
211,527
210,634
236,446
6,903
7,028
10,952
12,725
6,248
6,121
11,427
6,376
26,164
28,830
40,203
35,423
205,892
228,601
391,418
326,918
VALUE OF PERMITS ISSUED (000 OMITTED).
1922.
April
October
November...
December
1923.
January
February
March
April
$14,813 $54,704 $17,022 $15,734 $11,971
9,159 66,063 13,806 14,907
11,292
8,388 66,684
15,357
14,713
9,519
7,252
80,400 10,640 13,050 14,486
5,721
4,003
10,986
15,304
73,574
88,207
167,410
58,589
9,767
9,877
31,845
28,781
16,458
14,165
23,264
25,203
11,083
13,085
14,156
25,126
$4,909 $34,566
8,049 34,088
5,125 41,425
5,156
53,134
7,265
7,811
7,498
11,195
31,022
40,490
59,463
91,738
7,936
6,528
8,641 j
8,368 !
3,751
2,455
5,574
8,089
VALUE OF BUILDING CONTRACTS AWARDED BY FEDERAL RESERVE DISTRICTS.
(F. VV. Dodge Co.)
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS (000 OMITTED).
May
October
November
December
January
February
March
April
May
1922.
1923.
District
No. 1.
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.
$31,590
25,305
25,298
19,740
$91,441
65,061
77,700
58,685
$25,739
20,440
16,929
18,706
$58,433
35,165
29,337
28,042
$32,269
19,685
19,848
15,677
21,806
13,759
25,079
31,893
35,837
65,233
58,614
98,412
96,267
88,362
16,770
18,780
31,265
30,553
29,172
25,691
38,546
52,793
48,786
51,865
17,633
20,219
30,147
39,364
43,862
District
No. 6.
District
No. 7.
District
No. 8.
District1
No. 9.
$71,117
52,048
45,429
45,128
$22,051
34,775
25,538
20,817
37,700
43,137
46,764
59,868
75,240
70,229
District
No. 10»
$323,044
222,226
219,351
191,263
$12,455
4,523
4,810
5,285
$17,864
2J ,193
V,,961
25,340
31,714
4,524
12,199
15,259
17,585
22,754
Total.
$7,845
12,531
11,277
11,346
15,309
3 242,554
= 277,380
•367,599
•397,192
3 426,804
VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS (000 OMITTED).
May
October
November.
December..
January...
February.
March
April
May
1922.
1923
1
$14,018
13,553
13,667
13,963
$39,944
33,238
51,892
42,981
$11,169
10,072
7,397
11,526
$19,122
13,730
11,405
14,469
4,587
11,044
15,493
15,653
47,702
10,849
65,912
56,811
46,677
5,722
9,128
13,336
13,823
12,372
11,803
13,751
23,338
20,807
18,507
5,003
7,815
7,930
9,146
11,411
13,500
$10,223
10,065
8,993
8,506
14,180
Montana not included-.
• Colorado, Wyoming, and Arizona not included.
• Figures for Districts 6,8, and 10, not available for previous months, included in total.
$4,240
2,228
2,847
2,046
$24,575
20,291
22,308
17,949
$13,010
7,416
14,567
18,315
27,065
28,525
27,137
$5,884
6,476
8,676
9,360
10,956
2,072
6,073
4,493
5,345
6,476
$126,077
100,528
117,515
111,278
$2,120
3,288
3,295
3,369
3,841
•122,376
•90,462
•175,298
3 173,452
3169,299
JUNE, 1923.
WHOLESALE AND RETAIL TRADE.
The volume of both wholesale and retail
trade was considerably smaller in April than in
March. This is the customary seasonal trend of
wholesale trade, while the retail season is influenced by the date of Easter and by weather
conditions. The early date of Easter this year
tended to increase retail trade in March at the
expense of April, whereas prolonged cold
weather in northern sections of the country
tended to postpone retail buying. Moreover,
the fact that there were only 25 working days
in April, as compared with 27 in March, helped
to cause a reduction in the total volume of
sales.
Wholesale trade in April, according to the
index of the Federal Reserve Board, was 8 per
cent smaller than in March and 20 per cent
cent greater than in April, 1922. Sales of
hardware were 2 per cent larger than in March,
but all other lines showed a curtailment of buying. The greatest decreases were in the sales of
jewelry, shoes, dry goods, men's clothing,
women's clothing, and diamonds. The seasonal recession in April sales as compared with
March averaged about the same magnitude as
in the last three years. The accompanying
chart shows the course of dry goods and hardware sales during the past four years. It is
noteworthy that dollar sales of hardware in
April were greater than in any spring month
with the exception of the year 1920, when prices
were at a much higher level. Moreover, it is
contrary to the usual seasonal movement for
hardware sales to increase in April. On the
20
729
FEDERAL BESEBVE BULLETIN.
SALES OF MUSIC CHAIN STORES
(AVERABC MONTH. 1313'100)
220
220
200
A
180
160
140
120
100
80
200
{
1\
x
h
J
,19
180
160
\
140
,-'
• /
120
192C
y
!2^r
:•:••*
100
80
60
60
40
40
20
20
0
0
JAN. FEB. WB. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC.
other hand, the decline in sales of dry goods
was somewhat larger than is customary between
March and April.
Comparison of April wholesale trade with
that of a year ago shows that sales were greater
in all lines, except shoes and men's clothing,
and in almost all Federal reserve districts. The
increases were due in part to advances in
wholesale prices, which have amounted to
about 11 per cent as measured by the index of
the Bureau of Labor Statistics, and in part to
the general improvement in business conditions during the past year. Sales of machine
tools were over twice as great as in last April,
and substantial increases were also shown in
i!
SALES OF DRYGOODS AND HARDWARE
sales of diamonds, jewelry, hardware, women's
( AVERAGE MONTH, 1919-100 )
PER CUT
clothing, furniture, automobile supplies, and
1160
agricultural implements.
Retail trade was smaller in most lines of
business and most sections of the country in
April. In spite of the customary recession
after Easter and the two less working days in
April, sales of department stores only declined
5 per cent. An analysis of these figures by
Federal reserve districts shows that most of the
decrease occurred in the central and southern
sections of the United States. Sales in the
Minneapolis and Boston districts were larger
in April than in March, owing to the postponement of spring buying on account of exceptionally cold weather. Department store stocks
increased about 3 per cent during April, the
accumulation being most pronounced in the
eastern districts and in the Pacific Coast
1920
1921
1922
1923
1919
States. Sales of music stores increased about
730
FEDERAL RESERVE BULLETIN
3 per cent in April, while all other reporting
chain stores and mail-order houses showed subtantial decreases which ranged from 7 per
cent for cigar stores to 16 per cent for shoe
stores. The accompanying chart illustrates
the improvement in business of music stores
during the current year, as compared with last
year and the year of maximum sales, 1920.
It may be noted that April sales of musical
instruments were larger than in any of the
past four years, and larger than in any previous
spring month except March, 1920.
Sales in April were larger than a year ago
for all reporting retail stores except shoe chains.
The largest increase was in sales of mail-order
houses and amounted to 32 per cent. In comparing retail sales with those in April, 1922, it
must be remembered that there has been about
a 3 per cent increase in retail prices and an
addition of many new stores by reporting
chains. Department-stores sales were slightly
larger than a year ago, despite the fact that
Easter buying occurred in April last year.
The largest increases were reported in the
Chicago, Minneapolis, and San Francisco districts, while the Philadelphia and Richmond
JUNE ,
1923.
districts showed decreased sales. Stocks of
265 reporting department stores were 9 per
cent larger on April 30 than a year ago.
Changes in sales of wholesalers and retailers
and in stocks of department stores by Federal
reserve districts are shown in the following
tables:
WHOLESALE TRADE IN THE UNITED STATES, BY LINES.
[Average monthly sales=100.]
GroHardDry
ceries. Meat. goods. Shoes. ware. Drugs. Total.
1922.
January
February
March
April
May
June
July
August
September
October
November
December
65.6
62.2
76.3
66.2
74.1
82.2
74.5
88.4
90.5
98.7
95.8
85.0
1923.
January
February
Marcb
April
49.3
48.9
51.3
48.3
58.2
62.6
59.2
55.9
60.5
67.8
54.1
56.8
74.9 160.4
74.9 156.8
180.7 163.3
79.9 60.3
81.4
80.2
88.2
74.6
79.0
78.9
80.2
112.7
116.1
108.3
94.4
72.8
94.4
94.2
113.7
93.6
96.6
99.6
93.6
102.9
104.6
111.1
102.9
99.0
64.2
62.9
7S.3
65.8
72.6
76.9
72.1
83.6
88.1
92.4
84.0
75.0
105.4 55.7 187.3 113.4
100.8 56.3 182.0 106.3
113.0 •81.6 1108.8 1120.1
87.6
62.1 111.3 105.6
178.4
176.1
•86.0
79.0
43.5
50.0
70.4
65.1
60.5
58.8
45.2
66.0
77.6
77.2
67.4
57.3
58.1
57.7
81.9
84.6
92.7
91.7
81.3
89.5
95.1
98.9
93.1
83.1
• Figures revised.
RETAIL TRADE BY REPORTING LINES.
[Average monthly sales, 1919=100.]
Chain stores.
April
May
July
Mail-order
houses(4
houses).
113.1
115.4
108.2
80.1
87.2
106.2
129.9
130.1
186.1
77.1
69.9
68.8
58.4
57.2
75.1
108.7
110.4
107.8
139.2
137.9
136.7
135.1
139.1
141.0
148.6
162.4
165.5
134.9
129.6
127.0
126.3
130.4
136.1
156.6
152.3
279.2
120.5
123.2
123.8
126.2
128.2
128.7
133.1
122.4
161.0
124.5
128.8
123.4
127.3
126.9
135.4
127.1
126.9
178.7
156.1
126.9
121.7
101.2
86.7
117.7
121.1
121.9
164.7
78.9
80.9
81.3
83.0
99.1
118.2
118.8
120.7
203.7
99.9
88.5
122.3
116.6
88.4
83.6
112.8
102.0
165.1
158.8
188.4
163.8
115.9
117.4
163.4
143.0
128.7
125.3
144.7
134.7
115.6
109.7
134.5
124.8
85.5
70.8
145.5
121.6
95.0
87.8
96.0
98.8
1922.
October
1923.
April
Department
stores(306
stores).
. . . .
. . . .
Grocery
(21 chains).
Five and
Ten (4
chains).
Drug (8
chains).
Cigar (3
chains).
Shoe (5
chains).
Music (4
chains).
731
FEDERAL RESERVE BULLETIN.
June, 1923.
CHANGES IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS.
Percentage change
in April, 1923,
sales, as compared with—
Percentage change
in April, 1923,
sales, as compared with—
Groceries:
United States
New York district
Philadelphia district
Richmond district
\tlanta district
Chicago district. .
Dallas district.
Dry goods:
United States
Philadelphia district
Cleveland district .
Atlanta district
...
Minneapolis district
.
.
Dallas district
Shoes'
United States.
New York district
Philadelphia district
Atlanta district
Chicago district
..
Minneapolis d i s t r i c t . . .
Hardware:
United States
New York district.
Philadelphia district
Richmond district
Chicago district
St. Louis district
.
March,
1923.
April,
1922.
March,
1923.
—1.0
— 12 0
-5.3
01
-5.7
82
4.7
28
71
40
—5.5
18 7
20.7
15.0
22.8
23.1
18.5
22 0
23.5
19.2
18 3
18.3
17.6
30.3
22 5
23 7
20 3
— 18.3
28 3
—45.7
-20.3
25 0
-22.4
13.7
—22.9
12 7
17.4
15 3
32.4
26.8
10.7
7.2
19.0
20 5
—4.7
32.0
—4.4
25.7
23 9
-26.5
-31.5
23 8
32 2
-36.3
21 2
—2.7
3.7
—4.6
13.4
-6.6
—2 6
—14.6
-30.4
6.3
30.2
17.0
23
9.0
1.5
73
-4.5
10 8
2.6
-18.9
31.6
31.6
11.9
28.3
23.0
29.2
26.8
44.6
Hardware—Continued.
Minneapolis district
Kansas City district
San Francisco district
Drugs:
United States
New York district
Philadelphia district
Richmond district
Atlanta district
Chicago district
.
Kansas City district
San Francisco district..
Furniture:
Richmond district
.
Atlanta district
Kansas City district...
Dallas district
San Francisco district
Agricultural implements:
Atlanta district
Minneapolis district
... .
San Francisco d i s t r i c t . . .
Stationery:
New York district..
.
Atlanta district
San Francisco district
Auto supplies:
Chicago district
San Francisco district
Men's clothing:
New York district.
New York district
Machine tools:
New York district
Diamonds:
New York district
Jewelry:
New York district
April,
1922.
12.4
-5.1
-7.7
—3.0
124.4
17.3
26.3
31.7
—12.1
-4.6
-5.4
—11.7
—10.9
-7.2
—11.3
-13.9
-S.9
—10.2
—11.5
12.8
14.9
16.3
15.2
13.0
16.2
14.4
8.6
13.3
7.0
15.8
-22.3
—1.7
-5.0
17.8
0.4
59.1
60.4
36.2
—6.8
39.0
14.4
1.4
-24.0
—11.7
44.6
—12.7
42.5
4.1
-6.8
—8.4
-11.9
22.6
30.1
14.1
—1.8
—12.7
40.8
21.9
-22.5
-0.8
-20.5
52.8
—8.1
244.4
-17.5
90.8
—28.6
44.8
DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS.
[Average month, 1919=100.]
District
District
District
for
District
District
District
District
District
District
No. 12— Index
No. 9—
No. 3—
No. 5—
No. 6—
No. 7—
No. 11—
United
No. 1—
No. 2—
San
MinnePhiladelRichmond
Atlanta
Chicago
Dallas
States
Boston
New York
Francisco
apolis
phia
(24 stores). (64 stores). (18 stores). (19 stores). (35 stores). (70 stores). (24 stores). (21 stores). (31 stores). (306 stores).
1922.
May
July.
October
1923.
January
February
March
...
April
50290—23
6
126.8
122.8
121.9
81.7
87.5
114.2
134.8
134.9
197.3
119.1
117.5
115.3
77.9
78.6
107.0
145.1
142.0
199.5
132.1
126.4
108.7
86.8
94.9
107.2
143.8
146 8
185.8
105.8
103.3
103.0
71.0
72.9
90.8
119.1
122.3
184.7
98.3
97.6
86.3
69.8
73.9
86.4
113.8
113.1
161.8
111. 9
116.5
110.3
83.0
92.1
114.4
122.1
130.9
184.5
106.8
105.6
101.3
81.2
93.1
105.4
119.8
107.0
164.1
87.4
96.5
89.2
64.8
67.7
101.0
104.5
104.9
149.2
110.8
132.5
111.6
95.9
119.3
112.5
137.0
132.2
203.7
113.1
115.4
108.2
80.1
87.2
106.2
129.9
130.1
186.1
106.3
92.3
126.9
127.9
108.1
87.7
123.9
121.6
106.1
98.0
149.0
127.2
83.9
79.6
115.3
100.5
83.0
78.2
105.5
101.2
98.5
92.7
122.0
119.2
92.1
77.0
105.3
114.3
81.0
73.3
99.4
88.9
114.6
101.5
134.6
124.4
99.9
88.5
122.3
116.6
732
FEDERAL RESERVE BULLETIN.
JUNE,
1923.
TREND OF DEPARTMENT STORE STOCKS.
[Average monthly stocks, 1919—100.]
District
District
District
tor
District
District
District
District
District
District
No.9No. 3—
No. 12— Index
United
No. 2—
No. 5 No. 6 No. 7 No. 1 No. 11—
MinneSan
States
New York PhiladelRichmond
Atlanta
Chicago
Boston
Dallas
apolls
Francisco
(24 stores). (64 stores). (13phia
stores). (19 stores). (22 stores). (59 stores). (16 stores). (19 stores). (29 stores). (265 stores).
April
May .
1922.
JiipA
July
August
September
October..
November
1923.
January
February
March.
April
112.2
110.9
106.2
103.7
105.0
116.9
125.1
130.0
110.5
121.9
116.8
110.3
104.8
109.5
120.6
125.1
132.1
111.1
113.9
110.1
109.8
105.6
111.9
121.6
127.5
126.7
105.9
110.6
107.0
103.7
99.8
105.0
119.5
130.3
126.0
103.2
116.4
111.7
104.9
103.2
109.3
118.5
121.3
123.1
101.2
124.6
122.8
115.7
113.6
125.0
128.9
134.8
136.8
115.2
98.7
102.5
99.2
97.8
102.0
107.7
112.6
115.6
97.2
113.8
110.1
100.4
99.6
111.0
117.7
119.6
118.9
94.1
122.2
114.4
107.0
108.1
112.1
118.0
120.0
124.2
107.6
117.6
114.1
108.3
105.6
111.8
120.5
125.7
128.5
107.7
104.0
111.5
119.9
125.2
106.8
111.5
122.9
127.3
102.2
116.5
127.5
132.1
99.6
113.0
124.3
125.8
105.2
111.9
118.9
121.4
111.4
125.3
137.2
138.4
100.0
107.2
117.1
117.3
97.0
106.8
115.4
118.9
107.4
117.7
124.6
132.0
105.4
114.9
125.0
128.5
COMPARISON OF TRADE, BUILDING CONTRACTS, AND BANK DEBITS FOR FIRST FOUR MONTHS OF 1923 WITH PAST
YEARS, BY FEDERAL RESERVE DISTRICTS.
(Average 4 months 1919-100.]
Wholesale trade.
Groceries.
United States:'
1920
1921
1922
1923
Boston:
1920
1921
1922
1923
New York:
1920
1921
1922
1923
Philadelphia:
1920 f.
1921
1922
1923
Cleveland:
1920
1921
1922
1923
Richmond:
1920
1921
1922
1923
1
111.7
75.8
67.6
77.6
101.9
66.9
66.1
76.6
Dry
goods.
133.5
83.5
81.1
101.7
128.6
87.5
85.2
102.6
117.4
79.0
66.2
76 6
77.8
61.6
70.1
86.3
78.2
100.3
74.4
65.9
76.6
79.7
68.4
94.0
Wholesale trade.
Retail
trade,
department
stores.
Building
contracts.
109.1
104.3
96.0
106.8
121.6
68.4
113.8
133.7
115.0
92.7
90.9
109.6
107.0
108.5
104.7
113.4
136.1
58.2
133.1
125.0
112.2
85.4
101.2
118.1
109.4
107.8
103.2
110.3
134.7
68.0
173.0
J70.5
112.8
103.7
100.1
117.4
107.7
112.0
107.1
120.1
113.4
52.6
92.4
122 7
112.8
96.5
95.6
113 2
129.0
77.2
79.4
120.3
113.8
98.1
84.8
110 7
119.3
86.0
129.9
173.8
114.5
92.7
83.6
97.3
98.6
100.5
86.8
94.8
Bank
debits.
Groceries.
Atlanta:
1920
1921
1922
1923
Chicago:
1920
1921
1922
1923
Minneapolis:
1920
1921.. ..
1922 . .
1923
Kansas City:
1920
1921
1922.
1923
Dallas:
1920 . .
1921
1922
1923
San Francisco:
1920
1921
1922
1923
Dry
goods.
Retail
trade,
department
stores.
Building
contracts.
Bank
debits.
124.8
86.7
79.3
100.0
120.5
78.3
65.2
79.9
148.4
66.4
60.5
90.2
107.8
98.2
82.7
92.0
109.8
71.5
62.3
70.0
136.3
7a 8
100.4
115.5
101.5
92.3
108.1
101.7
65.0
83.6
102.4
116.3
92.2
92.6
110.6
75.4
68.2
76.1
69.1
64.2
71.0
102.7
100.5
87.9
97.2
141.8
86.0
100.2
162.2
101.1
78.8
76.4
89.3
115.7
89.3
81.5
91 7
U3.7
118.5
151 7
71 6
61.4
72 8
84 5
73.7
90 5
112.4
97 9
81.2
85 7
118.6
93.9
95.2
102.4
126.0
97.0
87 4
99.4
125.4
82.1
81.9
104.8
109.1
107.5
101.1
118.8
120.4
106.3
100.9
122.4
DO O
111.2
84.7
77.1
92.0
United State* averages in the case of bank debits include figures from the St. Louis district, which are not shown separately in this table.
733
FEDERAL BESEEVE BULLETIN.
JUNE, 1923.
BANKING AND FINANCIAL STATISTICS.
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
VOLUME OF OPERATIONS DURING APRIL, 1923.
United States securities
purchased.
Federal reserve bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Total: April, 1923
April, 1922
4 months endingApril 30, 1923..
April 30, 1922..
Bills discount- Bills bought
ed for memin open
ber banks.
market.
$235,275,298
1,793,116,182
224,301,523
140,173,104
244,916,902
212,954,409
107,644,378
21,695,506
53,932,294
23,003,730
197,914,328
3,291,071,344
1,308,055,478
$25,449,302
85,649,330
5,903,828
14,622, 848
1,660,734
14,407,269
19,496,429
5,486,271
Bonds and
notes.
8824,970
22,390,000
!,0O0
194,851,924
95,724,851
14,222,577,342 I 788,211,140
7,486,890,333 483,007,489
$767,205
15,859,000
500
258,000
495,500
6,239,750
275,000
1,166,800
397,500
5,601,500
15,000
2,246,500
510,500
500,000
24,000
31,393,020
106,594,450
26,179,705
156,243,000
2, 759, 763
19,416,150
Total.
j Municipal
] warrants
Certificates ! purchased,
of indebted- '
ness.
239,864,750 1,939,524,680
495,701,050 994,517,500
April, 1923.
April, 1922.
$262,316,775
1,917,014,512
230,205,851
155,054,952
246,577,636
51,443,959
244,292,088
113,420,649
25,108,806
54,442,794
26,263,493
217,354,478
$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
3,543,495,993
1,666,617,779
$40,683 17,190,218,595
111,029
'9,"466,"227,"40l
VOLUME OF BILLS DISCOUNTED DURING APRIL, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Federal reserve bank.
B oston
New York
Philadelphia
Cleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: April, 1923
March, 1923
April. 1922
March, 1922
Customers'
paper secured by
Government obligations.
$313,765
2,881,271
84,650
382,324
362,039
138,690
173,929
14,175
1,836
34,000
64,306
398,573
4,849,558
4,872,196
9,230,460
12,148,775
Member banks' collateral
notes.
Secured by
Government
obligations.
Bankers' acceptances.
Commercial
Agricul- Live-stock
Otherwise paper, n. e. s. tural paper. paper.
secured.
$81,139,500
$153,394,440
1,628,267,000
160,847,191
162,065,650
61,755,753
86,649,350
$106,000
51,505,839
218,596,434 2,640,000
19,780,893
10,798,900
374,200
21,625,682
162,449,665
121,018
45,166,374
82,338,750
23,456,013
11,652,990
425,754
6,785,308
40,753,850
40,000
7,196,197
12,043,050
577,410
5,039,509
148,703,900 11,865,432
33,684,389
2,645,459,039
2,831,849,051
874,574,676
1,020,251,778
16,149,814
17,959,130
24,071,482
29,931,867
590,237,588
634,251,189
350,938,594
640,980,433
•MM
Foreign.
1
Domestic.
$44,332
609,738
60,951
102,226
890,200
110,557
89,110
82,822
6,423
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
4,935
301,804
$409,200
14,687
3,303,098
2,677,176
3,430,990
4,348,249
170,943
39,186
319,129
101,197
693,869
4,711,648
2,167,874
619,279
22,057,380 8,902,125
19,261,347 8,317,074
35,231,736 10,273,556
35,712,261 9,599,037
Total all
classes.
Federal reserve bank.
$66,533
12,467
$35,869
35,869'
9,270
612
Total reduced to a common maturity basis.1
Trade acceptances,
Total: April, 1923...
March, 1923..
April, 1922..
March, 1922.
$316,728
498,515
334,519
256,422
2,608,150
2,776,532
4,954,313
1,651,421
2,129,326
1.196,599
3,106,646
2,228,209
exForeign. Domestic. Dollar
change, i
Amount.
Per cent
of total.
$257,247,092
828,816,665
215,584,407
188,677,372
216,627,465
149,003,856
559,436,892
196,187,947
109,835,656
157,590,800
109,781,871
302,281,321
7.8
25.2
6.5
5.7
6.6
4.5
17.0
6.0
3.3
4.8
3.4
9.2
3,291,071,344 3,291,071,344
3,519,700,596
1,308,055,478
1,753,096,620
100.0
$235, 275,298
1,793, 116,182
224, 301,523
140, 173,104
244, 916,902
36, 143,690
212, 954,409
107, 644,378
21, 695,506
53, 932,294
23 003,730
197 914,328
$76,873
76,873
94,963
288,685
124,220
Member banks.
Number in
district
Apr. 30.
1
Accommodated.
Number.
429
816
717
889
634
539
1,438
622
1,009
1,152
862
816
220
376
323
275
296
229
451
201
242
296
328
270
51.3
46.1
45.0
30.9
46.7
42.5
31.4
32.3
24.0
25.7
38.1
33.1
9,923
9,922
9,906
9,873
3,507
3,282
4,738
4,701
35.3
33.1
47.8
47.6
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.04) for system*
Per cent.
734
FEDERAL, RESERVE BULLETIN.
JDNB,
1923.
VOLUME OF BILLS DISCOUNTED DURING APRIL, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND
MATURITIES.
Federal reserve bank.
4 per cent.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
SULouis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Total: April. 1923..
March, 1923.
$31,147,809
Average
Average
rate (363day basis). maturity.
41 per cent.
Total.
$235,273,298
1,793,116,182
224,301,523
140,173,104
244,916,902
36,143,690
212,954,409
107,644,378
21,695,506
53,932,294
23,003,730
197,914,328
$235,275,298
1,793,116,182
224,301,523
140,173,104
244,916,902
36,143,690
212,954,409
107,644,378
21,695,506
53,932,294
23,003,730
197,914,328
Per cent.
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
3,291,071,344
3,488,552,787
3,291,071,344
3,519,700,596
4.50
4.49
Days.
4.18
8.68
12.16
7.99
37.25
23.74
16.47
45.75
26.40
43.12
13.80
9.04
VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING APRIL. 1923, BY CLASSES.
Bankers' acceptances.
Trade acceptances.
Total
bills
purchased.
Federal reserve bank.
Foreign.
Boston
NewYork
Philadelphia
Clftvfllftnd,.
Richmond
Atlanta
Chicago
St. Louis
Dallas
San Francisco
$17,003,411
59,512,994
3,897,843
11,857,480
345,285
12,097,540
11,472,533
4,569,829
1,887,240
12,469,238
Total: April, 1923.... 135,113,393
March, 1923... 189,819,225
April. 1922.... 68,347,551
March, 1922... 99,620,840
1
Dollar
Domestic. exchange.
Total.
Foreign.
Domestic.
$7,739,031 $706,860 $25,449,302
18,405,944 6,142,051 84,060,989 $1,588,311
1,180,985
5,903,828
825,000
2.300,368
14,622,848
465,000
1,315,449
1,660,734
2,184,729
125,000
14,407,269
6,807,929 1,215,967
19,496,429
906,442
10,000
5,486,271
872,523
6,866,672
80,240
2,759,763
19,416,150
48,580,072 9,570,118
49,428,151 12,770,641
23,875,815 3,297,242
36,084,364 8,229,500
193,263,583
252,018,017
95,520,608
143,934,704
Amount.
Percent
of total.
$25,449,302 $22,836,864
85,649,330 59,354,756
5,903,828 9,954,317
14,622,848 21,067,807
1,660,734
2,327,887
14,407,269 20,257,978
19,496,429 31,335,964
5,486,271 7,258,805
11.7
30.5
5.1
10.8
1.2
10.4
16.1
3.7
Total.
$1,588,341
2,759,763
19,416,150
1,588,341
1,939,324 $183,328
204,243
416,940
1,588,341
2,122,652
204,243
416,940
Total reduced to a
common
maturity
basis. 1
3,407,621
17,049,925
1.7
8.8
194,851,924 194,851,924
254,140,669
95,724,851
144,351,644
100.0
Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (14.28) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING APRIL, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
Federal reserve bank.
3£ percent. 4 per cent. 4J per cent.
$1,385,166
11,291,883
39,694
2,794,968
$12,652,613
62,699,394
4,326,369
6,838,488
130,291
391,614
827,186
11,454,800
12,740,741
3,988,589
392,301
1,740,188
2,249,487
7,596,332
117,975
7,620,629
18,993,291
Total: April. 1923
March, 1923.... 27,617,902
124,546,813
174,172,830
36,660,052
43,217,921
Boston
New York
PhiladelDhia
Cleveland.
Kansasdty
Dallas
4J per
cent.
$8,458,292 $2,550,128
7,433,798 2,264,509
1,087,131
385,447
3,917,161
885,339
1,215,734
45,000
1,069,541
562,783
5,069,295
927,761
670,496
2,046,625
4|per
cent.
4iper
cent.
4|per
cent.
$298,058
228,930
65,187
141,725
400,000
82,755
220,964
$105,045
1,549,167
$181,649
45,167
1,107,099
142,092
3,962
412,376
9,667,592 1,849,995 2,948,570
4, 543, 556
389,380 3.913,321
185,611
85,759
Total.
$25,449,302
85,649,330
5,903,828
14,622,848
1,660,734
14,407,269
19,496,429
5,486,271
Per cent.
4.10
4.12
4.12
4.13
4.25
4.12
4.12
4.07
Days.
39.73
30.69
74.66
63.79
62.07
62.26
71.17
58.58
2,759,763
19,416,150
4.06
4.13
54.67
38.88
194,851,924
254,140,669
4.12
4.09
44.28
46.59
NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bids bought in open market.
Average
rate
Average
(365Hday maturity.
basis).
735
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
AVERAGE DAILY HOLDINGS O F EACH CLASS OF EARNING ASSETS. EARNINGS THEREON; AND ANNUAL RATE OF EARNINGS
DURING APRIL, 1923.
Average daily holdings of—
Federal reserve
bank.
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: Apr., 1923..
Mar., 1923..
Apr., 1922..
Mar., 1922..
Annual rate of earnings on—
Earnings o n All
United
DisPurclasses of counted
chased
States
earning
bills.
bills.
securities. assets.
All classes
of earning
assets.
Discounted Purchased
bills.
bills.
$75,439,751
243,647,561
108,092,363
115,446,303
58,846,232
53,279,510
165,723,849
62,461,259
37,552,494
64,865,579
50,580,867
129,159.325
$47,602,692
185,439,228
56,733,741
43,967,326
55,833,833
22,662,241
90,974,431
27,651,830
20,201,102
27,299,795
22,062,227
53,902,287
$18,553,524 $9,283,535
41,414.883 16,793,450
26,049,162 25,270,133
51,006,177 20,472,800
1,671,499 1,340,900
28,513,369 2,103,900
34,548,874 40,200,544
12 446,452 22,362,977
1,822,564 15,528,828
117,167 37,448,617
17,222,473 11,296,167
41,167,123 27,999,915
1,165,095,093
1,179,508,867
1,190,003,581
1,191,013,324
660,420,733
629,109,173
576,630,605
640,302,001
274,533,267
232,486,120
93,085,741
92,966,969
230,101,766
317,896,513
520,197,135
457,642,354
United
States
securities.
$267,856 $174,367 $62,051
882,150 685,098 139,521
386,321 209,8461 87,299
402,838 162,6501 171,550
215,156 206,814 5,765
186,636i
83,819 95,894
577,759 336,499 115,845
221.299 102,397 41,445
134,959
74,719 6,108
232,489 100,908
413
174,251
81,637 57,427
455,051 220,550 136,446
4,136,765
4,262,680
4,149,528
4,394,575
2,439,304
2,377,709
2,244,220
2,626,282
$31,438
57,530
89,029
68,638
2,577
6,923
125,415
77,457
54,133
131,168
35,187
98,055
All
classes DisPur- United
States
ofearn- counted chased securiing
bills.
bills.
ties.
assets.
Per ct. Per ct. Per ct. Per ct.
4.32
4.46
4.07
4.12
4.40
4.49
4.10
4.17
4.34
4.50
4.07
4.28
4.24
4.50
4.09
4.08
4.45
4.50
4.19
2.33
4.26
4.50
4.09
4.00
4.24
4.50
4.08
3.80
4.31
4.50
4.05
4.21
4.37
4.50
4.08
4.24
4.36
4.50
4.30
4.26
4.19
4.50
4.06
3.79
4.29
4.47
4.03
4.26
919,764 777,550
808,809 1,076,096
292,534 1,612,399
320,829 1,446,971
4.32
4.26
4.25
4.34
4.49
4.45
4.75
4.83
4.08
4.10
3.83
4.06
4.11
3.99
3.77
3.72
NOTE.—Thefiguresin the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate of
earnings thereon, as follows: Philadelphia, $39,327, $147, and 4.56 per cent.
HOLDINGS OF DISCOUNTED BILLS', BY CLASSES.
[End of April figures. In thousands of dollars.]
Federal reserve
bank.
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total- Apr. 30,1923
Mar. 31,1923
Apr. 29,1922
Mar. 31,1922
Total.
Customers'
paper
secured
by
Government
obligations.
Member banks'
collateral notes.
Secured
by
OtherGovern- wise
ment secured.
obligations.
47,638
236,718
57,153
46,484
60,454
28,646
79,279
29,680
21,729
32,298
26,117
58,797
786 18.9R3
1 518 1 17R.M9
272 41,811
514 25,096
486 24,902
4,773
78
471 33,321
39 14,416
4,012
2
96 11,421
2,818
67
324 24,614
724,993
698,914
510,104
680,467
4,653 381,426
3,208 369,560
7,797 177,946
12,555 248,226
62
1,020
56
96
207
220
6,380
Bankers' acceptances.
ComAgriLivemercial cultural
stock
paper paper. paper.
n. e. s.
Foreign.
Imports.
27,192
58,784
14,420
18,895
28,306
16,791
32,665
10,674
5,878
8,420
7,226
19,770
600
587
545
525
4,709
6,176
12,361
4,222
6,051
3,837
8,003
4,810
Trade acceptances.
Foreign.
Exports.
Dollar
Doexmestic. change.
DoEx- mestic
ports.
Imports.
5
102
495
105
892
973
143
365
83
198
45
500
58
629
246
5,381
8,524
7,772
2,543
8,041 249,021 52,426 25,658
8,649 242,134 47,321 24,522
13,000 168,523 100,595 36,680
13,190 258,848 104,817 36,466
11
28
65
11
122
28
140
65
134
118
177
11
252
45
53
15
3,619
3,071
5,430
6,188
736
JONB, 1923.
FEDERAL, RESERVE BULLETIN.
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of April figures. In thousands of dollars.]
Member banks.
Federal reserve bank.
Total.
Nonnational.
National.
Boston
New York
Philadelphia...
Cleveland
Kichmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total: Apr.30,1923
Mar.31,1923
Apr. 29,1922
Mar. 31,1922
Purchased in open market:
Apr.30,1923
Mar.31,1923
Apr. 29,1922
Mar. 31,1922
Discounted for member banks:
Apr.30,1923
Mar.31,1923
Apr. 29,1922
Mar. 31,1922
22,758
51,334
24,124
43,795
2,079
30,746
34,617
12,763
652
13,916
17,065
7,569
11,494
65
11,458
16,604
4,747
200
5,449
15,808
8,816
14,074
13,255
33,832
Nonmember banks
and banking corporations.
Private
banks.
Branches
and
agencies of
foreign
banks.
9,597
16,285
5,020
205
1,865
6,553
3,468
6,177
1,466
5,020
1,540
2,083
144
1,528
6,556
3,407
9,116
548
3,342
143
458
65
5,773
12,203
3,868
9,055
1,935
4,545
1,088
5,224
591
2,805
269,955
261,638
90,688
105,287
101,094
99,645
35,334
42,148
88,177
83,940
28,593
33,931
34,796
31,918
12,108
12,671
31,475
31,635
9,201
9,781
14,413
14,500
5,452
6,756
269,851
261,242
90,570
105,110
101,063
99,459
35,332
42,094
88,135
83,907
28,482
33,808
34,765
31,883
12,103
12,671
31,475
31,549
9,201
9,781
14,413
14,444
5,452
6,756
104
396
118
177
31
186
2
54
42
33
111
123
31
35
5
5,352
864
2,934
1,
45
455
56
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of April figures. In thousands of dollars.]
All classes
Federal reserve bank.
Total.
Bankers' acceptances.
DisPurchased counted
for
in open
market. member
banks.
Foreign.
Total.
102.
540
105
892
973
142
365
83
198
22,758
51,334
24,124
43,795
2,079
30,746
34,617
12,763
652
12,495
29,290
14,499
29,794
Atlanta
Chicago
St.JLouis . .
Minneapolis
22,758
53,056
24,124
43,795
2 079
30,746
34,617
12,763
652
Dallas
San Francisco
13,267
34,084
13,255
33,728
12
356
Total: Apr. 30, 1923
Mar. 31, 1923
Apr. 29, 1922..
Mar. 31, 1922
Purchased in open market:
Apr.30,1923
Mar.31,1923
Apr.29,1922
Mar.31,1922
Discounted for member banks:
Apr 30,1923
Mar.31,1923
Apr.29,1922..
Mar.31,1922
Foreign.
Dollar
Doexmestic. change.
Imports. Exports.
22,860
53,596
24,229
44,687
3 052
30,888
34,982
12,846
850
NewYork
Philadelphia....
Trade acceptances.
Total.
Imports. Exports.
6,049
9,897
3,027
4,880
1 764
5,043
6,958
2,251
21
707
2,716
1,665
1,149
15,736
15,463
5,921
433
3,507
9,431
4,933
7,972
315
9,509
9,079
3,731
198
13,255
33,832
6,743
19,517
4,521
8,196
781
5,529
1,210
590
12
252
275,341
266,878
269,955
261,638
149,891
133,895
61,392
68,274
46,200
48,713
12,472
10,756
5,386
5,240
96,240
111,635
90,688
105,287
19,294
22,841
3,088
5,431
5,552
6,348
46,135
48,579
12,472
10,756
1,722
2,116
19,176
22,664
3,088
5,431
107
160
271,573
263,358
269,851
261,242
90,677
105,270
90,570
105,110
3,768
3,520
104
396
5,563
6,365
118
177
68, 306
77, 015
149,880
133,773
61,364
68,134
68,306
77, 015
11
122
28
140
458
3,117
860
102
2,262
105
892
973
142
365
83
198
65
134
3,664
3,124
118
177
5 445
6,188
Domestic.
102
574
105
892
973
142
365
83
198
1,688
12
252
1,688
1,985
3,698
3,255
122
16n
1,643
1,932
5,430
6,188
79
184
107
160
45
53
3,619
3,071
15
5 430
6,188
JtJNB, 1923.
737
FEDERAL, RESERVE BULLETIN.
CONDITION OF FEDERAL RESERVE BANKS.
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR MAY
AND APRIL, 1923.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Federal reserve notes
in circulation.
Total deposits.
Reserve percentages.
Federal reserve bank.
May.
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco...
128,293
717,101
117,158
163,964
63,105
58,165
288,498
74,912
49,583
85,034
51,634
151,431
128,791
718,011
117,751
163,586
62,473
59,814
280,697
75,009
51,888
3,176,630
3,114,928
2,485,079
2,084,077
2,224,948
1,948,878
1,877,269
1,717,423
1,987,323
1,944,547
133,032
553,951
102,371
73,645
78,852
37)440
240,419
3,180,433
3,126,773
2,541,640
2,078,822
2,246,087
May.
April.
May.
264,583
1,083,524
230,983
296,933
91,139
137,361
529,836
104,228
78,918
92,295
37,997
272,688
1,076,404
231,770
298,238
81,623
Total: 1923
1922,
1921.
1920.
1919.
1
April.
May.
April.
203,548
53,054
147,401
206,218
567,659
204,179
229,504
79,126
134,100
398,054
76,821
55,514
60,846
27,625
203,614
1,944,805
1,822,788
1,749.56S
1,998,732
1,878,879
2,243,260
2,153,053
2,787,379
3,089,737
2,534,112
April.
128,053
396,295
80,777
56,376
62,085
28,818
197,815
81.5
83.8
72.1
75.8
57.4
69.2
80.7
67.5
70.1
54.1
47.2
67.2
79.6
84.2
72.5
75.4
62.8
73.1
78.3
66.9
72.9
62.2
46.4
66.3
2,236,378
2,190,447
2,870,645
3,071,754
2,547,535
75.9
77.6
56.4
142.4
151.8
76.0
77.6
53.8
143.0
152.0
200,890
230,343
Calculated on basis of net deposits and Federal reserve notes in circulation.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APRIL 25 TO MAY 23,1923.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
Apr.25
323,822
May2
317,740
323,062
May9
May 16
344,043
May 23
347,320
Gold settlement
taad—F. R. Board:
Apr.25
May2
693,564
706,261
May9
May 16
686,707
May 23
Gold with F. R.
agents:
Apr.25
2,007,555
May2
2,005,998
2,005,066
May9
May 16
1,999,818
May 23
1,993,724
Gold redemption
fund:
Apr.25
57,562
May2
63,277
May9
54,474
May 16
57,317
May 23
53,379
Total gold reserves:
Apr.25
3,084,569
May2
3,080,579
3,088,863
May9
3,087,885
May 16
3,093,295
May 23
Reserves other than
gold:
Apr.25
94,473
May2
93,809
May9
92,557
May 16
93,166
94,488
May 23
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
St.
Atlanta. Chicago. Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
17,389
17,464
17,487
17,358
17,319
156,954
150,280
154,631
175,995
180,082
23,796
24,064
24,316
24,505
24,800
12,797
12,754
12,583
12,558
12,615
7,961
7,851
8,1941
8,343'
8,610
5,997
5,843
5,895
5,947
5,970
53,601
53,744
53,871
53,317
51,826
3,271
3,428
3,495
3,512
3,449
7,938
7,973
8,007
8,028
8,025
3,103
3,083
3,117
3,134
3,166
69,258
60,011
68,326
65,443
69,058
274,636
286,129
253,267
265,362
225,554
33,585
34,982
33,828
30,677
31,027
74,228
70,452
77,809
54,719
65,847
24,819
30,843
27,914
24,665
24,440
22,514
19,364
23,337
27,222
23,873
90,237
88,994
110,450
111,335
133,473
14,171
13,444
15,732
15,819
23,540
16,174
16,475
16,629
15,497
15,959
32,480
30,571
31,281
32,141
33,687
9,965] 33,563
12,234! 30,065
9,787j 37,901
35,547
43,903
174,672
172,520
170,288
168,565
176,640
638,388
165,117 207,152
205,470
206,189
205,542
211,212
40,552
38,914
37,475
36,157
34,918
93,498
92,556
91,230
90,673
90,319
359,569
355,478
362,740
358,623
361,869
61,564
60,686
58,460
59,752
58,655
47,421
47,702
46,820
46,350
46,789
45,096
44,325
43,734
38,039
32,026
12,677
12,202
12,181
12,355
12,391
161,849
174,600
173,722
182,709
171,711
4,218
5,585
7,065
8,209
9,480
8,915
7,001
10,328
9,348
8,405
2,250
17,997
2,499
20,919
3,066
7,492
2,955
10,347
2,663
5,912
76,738 124,259 521,404
81,376 120,262 519,135
77,526 123,528 534,553
73,314 126,797 533,622
72,297 122,825 553,080
2,871
3,175
2,772
2,855
3,413
81,877
80,733
80,459
81,938
89,057
2,565
1,919
2,356
2,368
1,595
74,098
74,069
73,812
72,243
72,368
2,509
2,755
2,772
2,874
3,411
1,193
1,165
1,380
1,026
1,076
4,215
4,224
4,561
4,177
3,939
83,188
80,734
80,904
76,188
72,290
34,356
36,159
33,925
32,305
32,634
220,121
229,587
237,073
243,135
240,355
18,648
17,917
18,138
17,738
17,555
1,215
1,044
1,007
692
757
3,463
3,632
3,598
3,769
3,388
4,284
4,198
4,365
4,678
4,477
5,117
4,627
4,041
3,735
3,605
265,537
255,580
263,166
259,575
272,497
8,067
8,922
8,507
8,088J
7,990
164,150
163,077
159,303
4,711
5,496
6,231
7,453
7,643
2,712
4,771
2,508
1,556
1,513
227,209
293,447
1,081,649
1,056,303 228,525 299,089
1,088,681 225,712 274,375
1,051,932 222,773 291,187
12,634
13,046
14,898
16,482
18,742'
3,767
3,922
3,611
3,656
4,132
6,612
6,914
6,114
6,270
6,053
3,406
3,768
3,943
4,149
4,329
7,760
7,661
6,807
6,631
8,727
8,584
7)548
7,616
7,451
14,179
13,342
13,641
13,635
13,707
10,521
10,558;
10,5771
10,644
10,656!
20,494
20,698
20,889
20,702
20,802
738
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APRIL 25 TO MAY 23, 1923-Contd.
RESOUKCES—Continued.
[In thousands of dollars. ]
Total.
Total reserves:
Apr. 25
May2
May9
May 16
May23
Nonreserve cash:
Apr.35
May 2
May9
May 16
May 23
Bills discounted:
Secured by U.S.
Government
obligationsApr. 25
May2
May9
May 16
May 23
Other bills discounted—
Apr. 25
May 2
May 9 . . . .
May 16
May 23
Bills bought in open
market:
Apr. 25
May2
May9
May 16
May 23
U.S. bonds and notes:
Apr. 25
May2
May9
May 16
May 23
U. S. certificates of
indebtedness:
Apr. 25
May 2
May9
May 16
May 23
Municipal warrants:
Apr.25
May 2
May9
May 16
May 23
Total earning assets:
Apr.25
May2
May9
May 16
May 23
Bank premises:
Apr.25
May 2
May9
May 16
May 23
Five per cent redemption
fund
against F. R. bank
notes:
Apr.25
May 2
May9
May 16
May 23
Uncollected items:
Apr.25
May2
May9
May 16
May 23
Boston.
New
York.
Philadelphia.
Cleveland
3,179,042
3,174,388
3,181,420
3,181,051
3,187,783
273,604
264,502
271,673
267,663
280,487
70,691
61,642
67,726
66,642
68,731
14,783
12,255
12,454
11,363
11 670
9,499
7,836
10,683
9,223
10,385
3,713
3,237
3,805
3,471
4,571
4,496
4,844
3,617
5,536
362,633
358,637
360,200
16,695
18,466
17,495
18,863
21,607
123,134
136,456
148,603
124,537
133,017
38,188
41,799
42,431
43,899
42,393
296,717
367,707
336,380
337,131
333,510
17,450
26,221
18,245
26,030
16,520
31,000
75,118
50,127
28,700
30,300
274,041
275,429
266.992
281,609
270,850
20,979
21,911
19,620
20,102
20,318
157,030
147,993
148,960
151,663
150,890
36,780
36 779
36 854
37,226
56,069
1,091,527 230,976 303,501
1,094,695 231,770 300,361
1,071,201 232,136 305,203
1,105,163 229,368 280,645
1,070,674 226,905 297,240
Richmond.
84,498
89,037
84,615
80,121
78,928
St.
Atlanta. Chicago Louis.
132,986 535,583 100,525
128,846 532,477 98,650
131,076 548,194 98,597
134,413 547,257 99,676
130,276 566,787 106,612
San
Francisco.
75,313
75,113
74,819
72,935
73,125
86,651
84,366
84,502
79,957
75,678
38,640 225,238
40,357 234,214
241,114
246,870
37,111 243,960
3,407
3,002
3,659
3,268
3,665
4,:
3,640
4,458
4,403
4,378
6,759
5,088
5,598
5,485
6,907
7,297
6,420
7,142
7,075
7,474
7,012
6,928
6,921
8,167
7,510
5,014
4,518
5,211
4,580
4,533
1,786
1,590
1,678
1,633
24,335
25,574
29,012
37,699
36,050
24,459
23,228
23,981
26,582
24,140
4,810
3,809
4,391
3,887
43,563
46,724
35,417
36,636
32,949
15,757
14,783
13,664
15,026
14,224
4,038
6,125
4,010
6,368
5,395
12,378
12 624
11,661
15,666
18,774
2,574
1,716
1,621
2,345
3,675
29,790
30,328
26,933
28,188
30,692
13,503
17,738
13,740
18,395
24,123
22,856
21,180
22,655
27,455
22,088
34,481
35,476
36,219
37,131
39,085
21,610
24,184
22,559
22,971
26,999
46,183
54,578
52,995
54,432
50,829
15,835
17,682
16,917
17,497
17 117
17,685
17,689
18,349
18,650
20,322
18,766
21,186
22,365
24,178
26 305
21,952
23,269
24,091
23,633
24,063
33,386
38,118
38,059
35,754
45,161
54,373
56,838
75,645
73,552
24,680
23,634
23,107
22 273
21,125
47,110
43,452
42,347
42,102
41,460
2,129
2,179
2,272
2,209
2,277
32,065
33,96S
32,207
30,317
27,179
36,320
35,017
33,783
33,906
33,354
12,909
12,686
11,796
11,158
10,569
1,217
601
271
81
129
129
129
14,461
13,023
12,753
12,626
10,988
37,010
34,585
31,869
31,061
29,897
5,408
5,401
5,685
5,574
5 702
11,149
3,393
4,373
7,149
5,541
24,438
24,348
24,300
24,580
24,705
12,343
12,344
12,344
12,304
12,304
1,341
1,341
1,341
1,341
1,341
527
551
541
552
556
7,188
7,056
6,893
6,930
7,008
15,214
14,887
14,878
14,878
14,878
15,314
14,565
14,564
14,564
14,874
33,111
33,111
33,090
32,840
33,029
3,380
3,379
3,379
3,379
3,380
27,617
27,617
27,572
27,572
27,572
20
169
203
196
23"
346
200
34'
34S
34S
34>
5,246
5,491
5,495
7,010
7,141
18,625
18,616
19,421
18,779
21,444
3,444
3^257
3,255
3,021
2,501
1,901
1,908
188
6,000
6,000
6,000
6,000
6,000
24
24
24
24
24
59,173 151,87S
63,520 161,991
59,123 148,509
58,637 150,683
58,628 145,584
63,159
63,295
60,510
61,114
56,843
67,276
69,422
69,146
74,721
78,425
48,36'
47,387
47,844
47,983
48,106
129,837
125,940
124,516
124,904
123,939
8,71
8 715
8 715
8,71!
8,71!
940
948
947
948
955
4,867
4,867
4,867
4,935
4,935
1,937
1937
1,937
1942
1^42
2,245
2,250
2,261
2,308
2,308
IOC
1O0
10c
100
100
26
26
26
26
26
39,04
35,314
36,801
39,708
38,208
26,575
21,500
22,467
23,238
20,302
20,609
34.'
406
2
v—
H
41
40
40
4C
55
1,104,489
1,190,581
1,147,863
1,167,869
1,178,177
60,552
72 168
61,248
70,765
64,384
210,444
269,686
260,141
236,03
263,01'
101,198
107,907
103,966
109535
112j 754
111, 89C
108,041
111,853
126,570
119,043
62,4H
62,224
63,813
67,263
66,843
49,945
50,059
50 155
50,484
50,93.
4,43.
4 434
4, &
11,690
11,695
11,709
11,70S
12, OK
71
712
712
712
715
8,195
2,6V
2,617
2,61"
2 61'
2,617
4,43
4,434
8,28!
8,37S
8 455
2,44:
2 448
2,516
2,516
2,524
19:
19:
19:
19]
191
Dallas.
2,529
2,284
2,500
2,438
2,266
4:
4C
4C
4C
5E
622,644
640,543
600,834
734,416
615,373
Minne- Kansas
apolis.
City.
38,304
39,000
37,194
39,663
40,609
1,152
1 152
1,152
1.27C
1.27C
6£
65
6E
6£
6£
55,054
57,489
52,391
66,341
55,030
139,885
140,485
124,81C
175,131
128,946
53,667
58,130
53,110
67,296
53,790
65,324
71,229
64,234
80,907
67,58S
51,53C
54,985
51,674
60,282
53,877
22,211
25,683
24,616
28,243
23,163
82,236
87,209
80,383
96,666
85,48!
35,412
36,918
37,716
37,73
36,65]
13,746
13,792
15,019
15,749
14,549
37,963
37,809
37,613
43,124
37,786
139
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS. APRIL 25 TO MAY 23,1923—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
All other resources:
Apr.25
May2
May9
May 16
May 23
Total resources:
Apr.25
May2
May9
May 16
May 23
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond. Atlanta. Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
14,065
14,199
13,811
14,057
14,372
124
124
125
147
137
1,403
1,675
1,464
1,476
1,559
517
441
458
464
487
511
528
543
605
502
543
395
384
410
368
368
370
380
383
845
759
750
764
848
307
339
325
301
282
1,811
1,598
1,618
1,643
1*<—
l,
1,036
998
1,170
1,185
2,076
2,251
2,238
2,232
2,234
4,542
4,537
4,527
4,491
4,479
5,041,067
5,131,603
5,062,000
5,214,710
5,115,559
408,551
410,972
402,325
420,713
416,142
1,464,448
1,526,072
1,480,008
1,538,733
1,486,645
390,783
402,197
394,187
410,846
399,222
493,917
493,287
493,738
502,641
496,392
204,086
211,690
205,614
213,105
204,941
224,476
227,285
224,843
231,264
222,448
786,335
798,144
793,537
812,317
814,991
205,357
204,668
203,306
204,350
205,876
X32,112
132,245
131,480
132,893
133,228
202,401
198,107
200,073
203,859
202,196
122,017
117,098
117,260
116,807]
114,099
406,584
409,838
415,629
42^ 182
419,379
LIABILITIES.
Capital paid in:
Apr.25
May 2
May 9
May 16
May 23
Surplus:
Apr.25
May2
May 9
May 16
May 23
Deposits:
GovernmentApr. 25
May 2
May 9
May 16
May 23
Member bank—
reserve
account—
Apr.25
May 2
May 9 . . . .
May 16
May 23
Other d e p o s i t s Apr. 25
May 2 . . . .
May 9 . . . .
May 16
May 23
Total deposits:
Aj>r.25
May 2
May 9
May 16
May 23
Federal reserve notes
in actual circulation:
Apr.25
May 2
May 9
May 16
May 23
F . R. bank notes in
circulation—net
liability:
Apr.25
May 2
May 9
May 16
May 23
Deferred availability
items:
Apr.25
May 2
May 9
May 16
May 23
108,857
108,822
109,029
109,273
109,278
8,095
8,068
8,068
8,066
8,066
28,942
28,942
29,043
29,159
29,169
9,642
9,642
9,642
9,762
9,762
11,994
11,994
12,083
12,040
12,040
5,678
5,678
5,684
5,712
5,720
4,418
4,412
4,413
4,413
4,415
15,007
15,007
15,016
15,021
15,014
4,925
4,933
4,933
4,932
4,933
3,573
3,574
3,574
3,573
3,561
4,602
4,596
4,598
4,595
4,596
4,180
4,184
4,179
4,197
4,197
7,801
7,792
7,796
7,803
7,805
218,369
218,369
218,369
218,369
218,369
16,312
16,312
16,312
16,312
16,312
59,800
59,800
59,800
59,800
59,800
18,749
18,749
18,749
18,749
18,749
23,495
23,495
23,495
23,495
23,495
11,288
11,288
11,288
11,288
11,288
8,942
8,942
8,942
8,942
8,942
30,398
30,398
30,398
30,398
9,665
9,665
9,665
9,665
9,665
7,473
7,473
7,473
7,473
7,473
9,488
9,488
9,488
9,488
7,496
7,496
7,496
7,496
7,496
15,263
15,263
15,263
15,263
15,263
34,692
49,083
22,616
56,057
8,338
1,212
2,901
1,525
1,042
572
10,682
9,732
4,792
11,701
875
2,'
3,119
1,628
3,901
873
1,840
6,061
1,903
3,971
376
1,527
5,509
1,267
892
2,372
2,145
1,401
3,953
158
1,965
8,047
1,671
9,455
455
2,395
1,915
1,715
4,237
27
1,942
1,905
1,286
2,007
148
2,293
2,346
1,711
4,060
907
1,908
2,581
1,700
2,243
1,024
4,068
2,822
2,017
8,595
561
1,853,935
1,894,651
1,886,455
1,907,893
1,930,519
124,533
124,822
120,378
126,197
127,730
682,516
713,310
694,445
722,577
707,626
110,652
116,059
115,783
114,315
114,949
163,484
161,601
166,347
163,225
167,164
57,748
59,412
60,126
60,478
59,608
53,900
54,685
55,464
57,262
55,829
271,744
277,670
281,919
275,632
292,137
70,508
71,518
70,962
67,145
75,377
47,978
47,543
46,810
46,971
48,856
79,988
78,721
80,620
80,968
82,066
50,676
49,091
49,705
48,118
49,139
140,208
140.219
143,896
145,005
150,038
19,916
40,114
28,599
29,741
49,429
332
504
336
419
1,449
10,806
29,967
19,872
17,070
19,768
356
532
360
948
1,892
974
1,169
1,143
1,036
2,634
172
151
223
211
1,359
160
157
244
246
743
1,802
1,499
955
4,253
6,385
588
913
615
491
2,921
1,908,543
1,983,848
1,937,670
1,993,691
1,986,286
126,077
128,227
122,239
127,658!
129,7511
704,004
753,009
719,109
751,348
728,269
113,496
119,710
117,771
119,164
117,714
166,298
168,831
169,393
168,232
170,174
59,447
65,072
61,616
61,581
61,329
56,432
56,987
57,109
61,461
56,730
275,511
287,216
284,5451
289,340
298,9771
2,222,588
2,237,505
2,241,819
2 232,999
2,227,700
205,295
204,873
205,214
205,230
207,219
559,220
571,466
566,318
562,182
559,876
199,451
201,014
200,383
202,774
202,253
231,179
226,835
231,465
227,686
229,283
80,513
80,334
79,562
78,885
77,653
132,463
133,050
134,593
134,188
133,802
394,382
394,132
396,131
396,287
396,773
2,287
2,299
2,065
1,878
1,653
564,398
564,788
536,222
641,510
554,650
539
462
444
521
5,284
180
160
149
171
623
3,511
3,909
3,825
3,893
3,915
73,491
74,346
73,292
71,873
78,325
433
482
2,456
50,416
50,139
48,529
49,460
51,460
82,820
81,529
82,775
85,549
88,257
52,764
51,832
51,554
50,532
50,786
147,787
146,950
149,738
157,493
154,514
78,241
78,578
77,206
76,962
75,376
56,011
56,372
56,153
55,550
55,092
61,379
61,208
61,253
60,560
60,589
28,160
28,269
28,127
27,428
27,195
196,294
201,374
205,414
205,267
202,589
1,285
1,299
1,069
830
419
383
405
396
391
42,112
39,261
40,139
42,058
37,646
27,167
23.088
23,601
24,879
22,117
583
617
591
652
529
52,008
52,745
49,747
62,690
54,011
109,013
109.401
102,043
132,396
105,667
48,366
52,002
46,486
59.237
49;497
59,544
60,758
55,872
69,732
59,884
46,433
48,590
46,688
54,868
48,102
21,327
22,983
18,860
21,337
17,622
68,755
69,077
65,101
78,883
71,508
38,138
36,224
37,259
36,5971
13,670
13,712
14,633
15,761
14,510
37,865
36,947
35,793
39,724
37,489
740
FEDERAL RESERVE BULLETIN.
JDNE, 1923.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APRIL 25 TO MAY 23,1923—Continued.
LIABILITIES—Continued,
fin thousands ol dollars.]
Total.
All other liabilities:
Apr.25
May 2
May 9
May 16
May 23
Total liabilities:
Apr.25
May 2
'..
May9
May 16
May 23
Boston. I
New
Philadelphia
Cleveland.
RichSt.
mond. Atlanta. Chicago. Louis.
Minneapolis
16,025
15,972
16,826
16,990
17,623
764
747;
7451
757;
783
3,469
3,454
3,695
3,848
3,864
1,079
1,080
1,156
1,160
1,247
1,407
1,374
1,430
1,456
1,516
727
728
776
771
849
911,
926
923!
937;
5,041,067
5,131.603
5,062,000
5,214,710
5,115,559
408,551
410,972'
402,325
420,713
416,142!
1,464,448
1,526,072
1,480,008
1,538,733
1,486,645
390,783
402,197
394,187
410,846
399,222
493,917
493,287
493,738
502,641
496,392
204,086
211,690
205,614
213,105
204,941
224,476
227,285
224,843
231,264|
222,448!
786,335
798,144
793,537
812,317
814,991
77.0
75.2
76.1
75.3
75.6
82.6
79.4
83.0
80.4
83.2
86.4
82.7
83.3
84.1
83.1
73.8
72.3
73.0
71.2
70.9
76.4
75.9
76.1
70.9
74.4
60.4
61.2
59.9
57.0
56.8
70.4
67.8
68.4
68.7
68.4
80.0
78.2
80.5
79.8
81.5
66.3
64.5
65.5
67.0
69.4
70.8
7tt 5
71.5
69.5
68.6
33,085
33,235
33,615
28,677
28,766
2,394
2,479
2,479
2,152
2,152
9,818
9,138
9,518
7,759
7,848
2,745
2,843
2,843
2,468
2,468
3,447
3,570
3,570
3,099
3,099
1,660
1,719
1,719
1,492
1,492
1,309
1,355
1,355
1,176
1,176
4,436
4,595
4,595
3,988
3,988
1,404
1,454
1,454
1,263
1,263
1,085
1,124
1,124
976
976
1,1
1,697
1,755
1,736
1,792|
I
Dallas.
City.
San
Francisco.
715
726
751
779
887
1,831
1,846
1,898
1,879
1,917
1,574
1,512
1,625
1,632
1,719
205,357 132,112 202,401
204,668 132,245 198,107
203,306 131,480 200,073
204,350 132,893 203,859
205,876 133,228 202,196
122,017
117,098
117,260
116,807
114,099
406,584
409,838
415,629
427,182
419,379
60.1
59.1
58.7
54.7
50.8
47.7
50.4
48.1
47.4
47.6
65.5
67.2
67.9
68.1
68.3
1,372
1,421
1,421
1,234
1,234
,149
1,190
,190
033
2,266
2,347
2, Ml
2,037
2,037
897
922
951
9731
980
969
975
1,118
1,076
1,132|
MEMORANDA.
Ratio of total reserves
to deposit and F.
R. note liabilities
combined—per
cent:
Apr.25
May 2
May 9
May 16
May 23
Contingent liability
on bills purchased
for foreign correspondents:
Apr.25
May2
May9
May 16
May23
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12
FEDERAL RESERVE BANKS COMBINED.
[In thousands of dollars.]
Within
15 days.
Total.
Bills discounted:
Apr.25
May 2
May 9
May 16
May 23
Bills bought in open market:
Apr.25
May 2
'
May 9
" May 16
f May 23
United States certificates of indebtedness:
Apr.25
May 2
May 9
May 16
May 23
Municipal warrants:
Apr.25
May 2
May 9
May 16
,
May 23
16 to 30
day.".
31 to 60
days.
61 to 90
days.
636,597
730,340
695,017
697,331
700,313
431,439
507,132
471,516
466,104
472,296
46,760
51.223
54,385
61,418
58,737
83,264
86,441
86,544
81,841
83,542
50,385
56,365
51,337
52,277
46,941
274,041
275,429
266,992
281,609
270,850
61,703
66,288
62,389
80,532
86,329
41,600
45,648
57,365
63,199
65,035
96,885
98,994
92,420
95,755
83,348
65,005
54,889
45,541
32,359
27,444
36,780
36,779
36,854
37,226
56,069
20
515
403
41
40
40
40
55
22,129
41
1,987
2,151
670
213
427
From 91
days to
6 months.
24,046
28,579
30,590
35,088
38,169
703
600
645
603
628
8,848 j .
9,610 .
9,277 !.
9,764 j .
159 j
515
1,448 I
1,630
1,646
40
Over 6
months.
35,931
35,536
34,576
33,609
30,143
741
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, APRIL 25 TO MAY 23, 1923.
(In thousands of dollars.)
Total.
Net amount of F. R.
notes received from
Comptroller of the
Currency:
April 25
May2
May9
May 16
May 23
F. R. notes on hand:
April 25
May2
May9
May 16
May 23
F. R. notes outstandAprI125
'..
May2
May9
May 16
May 23
Collateral security
for F. R. notes outstanding:
Gold and gold
certificates—
Apr. 25
May2
May9
May 16
May 23
Gold redemption
fund—
Apr.25
May 2 . . . .
May 9 . . . .
May 16
May 23
Gold fund—F.
R. BoardApr. 25
Mayj2....
May*9
May|l6
May$23
Eligible paper—
Amount requiredApr. 25._
May 2 . . .
May 9 . . .
May 16..
May 23..
Excess
amount
held—
Apr.25..
May 2 . . .
May 9 . . .
May 16..
May 23..
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
278,170 117,691 213,917 538,504) 124,709
278,488 116,053 218,015 549,612! 123,830
276,407 116,173 217,650 554,675! 122,605
280,160 116,856 219,192 554,758! 121,897
279,229 116,617 218,338 556,004 120,799
Minne- Kansas
City.
apolis.
Dallas.
San
Francisco.
72,132
71,414
70,951
70,481
69,919
88,281
91,090
93,396
51,840
51,366
50,845
50,519
50,055
304,033
303,724
302,567
300,792
299,634
26,190
26,190
26,190
25,990
25,940
12,765
11,593
11,948
11,948
10,947
19,643
19,163
22,163
25,163
27,563
19,529
20,149
19,709
19,494
19,394
59,825
59,825
59,825
59,825
56,400
98,519
97,640
96,415
95,907
94,859
59,367
59,821
59,003
58,533
58,972
69,210
69,118
68,927
68,233
68,820
32,311
31,217
31,136
31,025
30,661
244,208
243,899
242,742
240,967
243,234
11,880
11,880
11,880
11,880
11,880
13,052
13,052
13,052
13,052
13,052
15,924
16,833
16,095
14,978
16,225
4,184
3,306
3,080
3,372
3,275
1,369
1,650
1,768
1,298
1,737
2,736
3,965
3,374
2,679
3,666
2,216
1,741
1,720
14,464
19,758
18,563
17,291
15,892
85,000
85,000
85,000
82,500
83,000
343,645
338,645
346,645
343,645
345,644
45,500
45,500
43,500
44,500
43,500
33,000
33,000
32,000
32,000
32,000
42,360
40,360
40,360
35,360
28,360
4,000
4,000
4,000
4,000
4000
147,385
154,842
155,159
165,418
155,819
48,269
48,669
50,068
51,669
51,669
43,776
45,296
48,742
47,331
48,346
82,835
87,834
81,435
86,635
85,635
36,955
36,954
37,955
36,155
36,204
11,946
12,119
12,183
12,183
12,183
24,114
24,793
25,193
30,194
36,794
19,634
19,015
18,955
18,670
18,270
82,359
69,299
69,020
58,258
71,523
10,384
8,894
10,490
12,567
11,756
14,732
17,539
9,717
10,218
9,590
43,214
48,479
40,746
38,334
31,491
7,364
8,006
4,052
7,330
5,483
10,675
11,724
10,030
12,554
13,176
7,030
9,015
8,959
9,779
8,400
19,163
18,705
19,252
19,823
20,407
19,401
28,485
27,308
38,408
24,113
3,417,345
3,427,903
3,447,299
3,451,253
3,448,275
305,159
306,007
316,175
314,452
312,527
1,046,853
1,047,440
1,050,644
1,047,305
1,048,599
275,484
273,673
277,517
281,445
280,171
815,525
828,463
848,033
855,328
841,037
82,200
82,450
92,850
92,850
87,950
318,340
318,340
318,340
318,340
318,340
44,800
42,800
48,800
48,600
44,600
30,620
33,020
31,400
33,400
31,700
28,870
28,470
28,630
29,030
30,030
76,643
80,163
77,678
81,188
79,673
96,100
106,300
110,500
109,500
108,500
2,601,820
2,599,440
2,599,266
2,595,925
2,607,238
222,959
223,557
223,325
221,602
224,577
728,513
729,100
732,304
728,965
730,259
230,684
230,873
228,717
232,845
235,571
247,550
245,468
245,007
246,760
247,529
88,821
87,583
87,543
87,826
86,587
137,274
137,852
139,972
138,004
138,665
442,404
443,312
444,175
445,258
447,504
314,899
314,899
314,899
314,899
314,899
25,300
25,300
25,300
25,300
25,300
235,531
235,531
235,531
235,531
235,531
7,000
7,000
7,000
7,000
7,000
13,275
13,275
13,275
13,275
13,275
119,082
135,068
125,819
126,812
123,318
11,372
19,220
16,988
15,265
13,340
31,857
31,708
31,546
31,445
31,360
12,228
15,417
13,261
16,188
14,914
13,877
12,195
12,914
12,267
12,937
2,757
4,119
2,680
4,362
3,123
6,098
5,156
3,830
5,773
4,919
1,573,574
1,556,031
1,564,348
1,558,107
1,555,507
138,000
128,000
128,000
128,000
138,000
371,000
371,000
371,000
371,000
371,000
145,889
140,889
143,889
139,889
137,389
180,000
180,000
180,000
180,000
185,000
37,79-i
34,795
34,795
31,795
31,795
594,265
893,442
594,200
596,107
613,514
48,287
51,037
53,037
53,037
47,937
90,125
90,861
94,227
90,989
92,368
65,567
67,567
64,567
69,768
76,268
40,398
39,998
38,818
41,218
36,317
283,181
369,427
333,511
343,835
321,489
6,837
15,561
2,323
11,958
10,508
86,661
147,723
138,954
111,798
121,455
4,927
5,747
7,231
6,077
2,203
52,793
49,549
54,449
64,989
62,907
St.
Louis.
2,400
2,400
2,400
2,400
2,400
6,461
6,461
6,461
6,461
6,461
r
742
FEDERAL RESERVE BUIi,ETIN.
JUNE, 1923.
CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
APRIL 18 TO MAY 16, 1923.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[In thousands of dollars.]
Total.
Number of reporting banks:
Apr.18
Apr.25
May2
May9
May 16.'.
Loans and discounts, gross:
Secured by TJ. S. Government obligationsApr. 18
Apr.25
May2
May9
May 16
Secured by stocks and
bondsApr. 18
Apr.25
May 2
May9
May 16
All other loans and discounts—
Apr.18
Apr.25
May2
May 9
May 16
Total loans and discounts:
Apr.18
Apr.25
May2
May9
May 16
TJ. S. pre-war bonds:
Apr.18
Apr.25
May2
May9
May 16
TJ. S. Liberty bonds:
Apr.18
Apr.25
May 2
May 9
May 16
TJ. S. Treasury bonds:
Apr.18
Apr.25
May 2
May9
May 16
TJ. S. Victory notes and
Treasury notes:
Apr.18
Apr.25
May 2
May 9
May 16
TJ. S. certificates of indebtedness:
Apr. 18
Apr.25
May 2
May 9
May 16
Other bonds, stocks and
securities:
Apr. 18
Apr. 25
May 2
May 9
May 16
Total loans and discounts
and investments:
Apr.18
Apr.25
May 2
May9
May 16
Boston.
New
Phila- CleveYork. delphia. land
Richmond
Atlanta.
108
108
108
108
108
777
776
775
775
773
San
Francisco.
St.
Minne- Kansas
Louis. apolis. City.
106
106
106
106
106
36
66
66
66
66
66
97,792
84,897
96,471
108,507
94,085
18,494
17,909
17,507
17,908
18,064
32,021
31,932
32,555
31,781
32,720
10,708
11,685
10,927
10,739
11,005
7J
7,738
7,713
7,756
7,814
43,1561
41,121
42,338
42,848
42,236
15,809
15,937
15,225
15,175
15,018
8,346
8,518
8,712
7,965
8,016
3,773,046
3,792,995
3,923,018
3,823,569
3,823,598
240,
,647,085
240,690 1,670,648
249,314 ,743,317
241,047 ,657,328
248,262 1,647,782
269,816
272,619
274,442
269,238
263,554
379,603
392,174
400,180
398,963
401,393
123,810
123,839
124,099
125,064
120,861
62,109
62,584
62,763
63,307
63,039
562,074
552,066
592,554
590,103
595,354
138,264
136,445
135,381
134,714
135,562
50,913
50,889
51,447
51,206
51,079
7,770,227
7,784,383
7,790,079
7,814,320
7,843,197
615,368 2,471,574 332,188
615,394 464,362 334,914
610,035 476,453 338,529
617,945 2' 477,361 342,113
624,849 2 487,255 341,709
690,393
688,431i
687,536
691,420,
688,351
323,165
325,924
325,304
325,863
328,307
336,4981,147,590
334,5081,162,485
335,3661,151,878
333,9431,159,629
335,3671,176,542
303,404
303,774
305,260
308,438
308,225
190,781
190,005
185,711
186,291
183,752
361,182
361,003
365,241
361,924
361,173
1,821,111
1,839,195
1,986,124
1,921,864
1,937,777
620,4981 ,102,017!
625,4421 112,537]
630,4781,120,271]
629,2591, 122,164!
886; 707 4 229,122 623,327 1,122,4641
457,683
461,448
460,330
461,666
460,173
406, 2431, 752,820 457,477
404, 830 i: 755,672 456,156
405, 8421',786,770 455,866
405, 0061., 792,580458,327
406, 2201., 814,132
250,040
249,412
245,870
245,462
242,847
448,964 261,705 977,180
446,504 258,305 979,407
449,728 255,614 986,464
253,350 991,029
448,479 249,660 995,841
277,838
261,817
273,027
283,975
270,982
13,679
13,491
13,301
13,024
13,596
870, 033 4,216,451
869, 575 4: 219,907
872, 650 4:,316,241
4
872, 016 4,243,196
282,277
281,483
281,323
280,985
280,958
12,719
12,721
12,319
12,319
12,270
48,586
48,535
48,535
48,535
48,535
11,464
11,384
10,969
10,960
10,993
48,0671
47,772i
47,848j
47,769
47,571
30,310
30,310
30,335
30,335
30,335
14,381
14,381
14,381
14,381
14,381
24,883
24,732
25,063
25,066
25,326
15,323
15,322
15,322
15,332
15,332
1,036,385
1,032,742;
1,022,714
1,025,415
1,019,468
78,510
78,865
79,003
78,740
78,777
452,406
449,641
437,994
444,034
441,592
47,894
48,406
48,966
46,990
46,032
119,943
117,118
118,325
119,417
117,113
30,709
30,772
31,218
31,315
31,588
14,710
15,356
15,051
14,801
15,012
94,247
94,976
94,400
94,052
93,228
23,376
23,521
24,041
22,509
21,969
103,036
100,466
100,116!
97,878]
97,551
5,159
5,084
5,284
5,292
5,293
35,249
33,756
33,243
32,057
31,760
4,553
4,181
3,861
3,988
4,016
8,039
7,446
6,976
7,128
7,025
5,000
4,990
4,967
4,9671
5,024!
2,045
1,982
2,389
1,—
1
12,385
12,470
12,723
12,4701
13,065
9,045
8,978
8,775
8,968
9,068
1,219
1,219
1,219
1,219]
1,219
907,230
908,642
893,464
1,022,980
23,805
24,141
23,890
23.785
32,775
497,181
495,580
488,578
492,971
541,197
53,764
53,282
51,320
53,294
63,551
60,402 9,391
59,437 9,022
59,137 9,468
57,720 9,196
60,344 13,717
6,762
7,111
6,739
6,920
10,158
115,875!
117,875
113,555
115,365
142,235
24,928
25,078
24,472
24,304
29,667
171,200
158,586
140,092
139,459
138,372
5,398
4,953
4,489
4,223
4,334
65,442
57,124
47,305
51,243
44,922
7,783
6,868
5,606
5,393
5,950
4,118
4,068
3 509
3,557
3,747
8,258
8,032
7,443
7,929
9,423
24,621
23,655'
22,716
22,447!
23,478!
5,720
5,481
5,241
5,143
5,512
2,157,771
2,151,772
2,150,414
2,131,996
2,138,343
175,427
173,743
172,626
172,517
174,778
716,552
713,185
720,339
708,505
713,424
182,865
182,831
184,057
183,735
184,261
287,536 50,982
289,207 51,111
288,213 51,001
285,997 51,138
283,542 50,922
36,138
36,489
35,692
35,205
36,707
371,005
367,495
361,825
356,234
356,490
16,479,010
16,472,886
16,668,443
16,491,061
6,635,449
1,171, 0516,031,867
1,169,082 6,017,728
1,170,261 6,092,235
1,168,892 6,020,541
,194,934 6,050,552
13,895
13,017
11,714
10,867
11,443
928,,8211 ,639,899
932,, 3 9 4 1 ,646,534
935,, 2 5 7 1 ,652,484
,,651,062
933,6191
938,1301,649,502
9381301
588,193
591,721
590,828
592,174
595,506
488,537 2,395,836
488,1812,396,875
487,537 2,417,052
486,2402,418,214
493,781:2,407,954
8,761
8,761
9,016
8,761
8,761
8,087
7,938
8,025
7,829
7,763
5,383
5,294
5,260
5,371
5,544
16,727
15,357
14,993
15,072
15,121
79,695 49,337 169,354
77,563 49,465 164,013
76,462 47,509 165,550
78,056 47,765 166,778
79,543 47,454 169,715
12,052
12,015
12,016
12,008
11,921
11,710 47,230
11,691 46,932
11,353 45,932
11,666 45,741
11,820 46,386
206,985
203,546
202,845
200,214
196,662
20,056
20,073
20,193
20,193
20,118
791,099
800,037
805,921
809,179
811,005
35,675
35,477
35,326
35,326
35,415
0MM
16,437 99,213
16,291 99,173
15,763 100,668
15,756 100,394
15,402 100,549
4,727
4,661
2,229
2,239
2,951
2,240
2,239
13,187
13,199
13,032
12,824
12,301
25,899
26,000
23,502
23,454
29,205
21,562
22,036
21,475
21,218
24,791
17,517
17,194
16,629
16,686
17,987
50,144
51,886
48,895
48,551
57,353
3,458
3,178
2,564
2,449
2,123
7,907
7,769
7,755
7 758
7,617
8,553
8,531
7,084
6,059
7,481
16,047
15,910
14,666
12,391
12,342
86,618 30,732
85,705 30,434
85,639 29,803
85,089 29,482
"" " " ' 29,584
57,343
57,606
5«,949
57,082
57,468
8,657
9,054
8,998
8,960
8,931
153,916
154,912
155,272
158,052
155,372
331,819
330,695
323,327
322,493
325,559
599,984
597,784
598,551
596,343
601,323
622,487
620,241
619,356
619,672
627,217
4^922
335, 1541,345,362
331, 6871,349,964
327,
,354,323
323, 2441,358,567
321, 8181,369,173
743
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
APRIL 18 TO MAY 16, 1923—Continued.
ALL BEPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[In thousands of dollars.]
Total.
Reserve balance with F. R.
banks:
Apr.18
1,438,241
Apr.25
1,367,695
May2
1,411,596
May9
1,401,979
May 16
1,426,167
Cash in vault:
Apr.18
278,631
Apr.25
280,503
May2
276,264
May9
287,863
May 16
273,080
Net demand deposits:
11,217,805
Apr.18
11,156,317
Apr.25
11,284,983
May2
11,193,673
May9
11,220,374
May 16
Time deposits:
3,966,813
Apr.18
3,988,783
Apr.25
3,996,290
May2
3,968,599
May9
3,966,448
May 16
Government deposits:
300,105
Apr.18
265,843
Apr.25
251,320
May2
240,149
May9
416,368
May 16
Bills payable and rediscounts with F. R. banks:
Secured by U. S. Government obligations—
Apr.18
236,419
Apr.25
243,046
May2
263,279
258,663
May 9
257,187
May 16
All other—
Apr.18
175,991
Apr.25
159,430
222,682
May 2
190,515
May 9
187,662
May 16
New
Phila-
York. delphia.
Cleveland.
87,533
80,010
84,426
81,209
85,671
654,764 74,703
613,956 67,383
644,068 72,412
626,873 72,563
656,325 72,002
108,578
112,601
110,178
113,306
112,297
18,926
18,940
18,304
19,238
79,727 16,097
80,143 15,910
79,777 15,428
84,933 15,823
77,286 15,947
Boston.
Richmond.
St.
Minne- Kansas
Atlanta. Chicago. Louis. apolis. City. Dallas.
San
Francisco.
202,329
41,278
41,806
42,900
42,033
38,597
24,325
21,660
21,972
20,569
21,336
49,133
46,899
46,080
48,224
48,350
25,839
24,502
24,936
25,329
23,528
90,952
93,033
92,229
94,792
96,104
54,161
54,931
53,584
55,026
52,801
8,391
7,855
8,346
8,255
8,036
5,678
5,870
5,647
6,271
5,926
11,174
12,073
11,262
12,089
11,442
8,852
10,111
8,826
8,968
8,884
20,569
20,307
21,205
21,634
20,832
36,693
33,262
34,608
35,073
35,207
34,289
32,297
33,226
33,110
34,421
210,154
200,286
204,561
30,846 13,819
29 888 13,974
30^835 12,959
31,923 13,509
30,035 13,052
10,391
10,501
10,091
10,194
10,037
817,873 4,732,787
810,006 4,687,197
814,834 4,760,984
809,692 4,660,249
817,938 4,712,605
685,782
707,984
711,519
711,782
699,675
930,726
939,497
951,836
942,642
921,383
325,346
324,714
329,154
328,516
327,052
278,3: 2 1 ,498,192
271,"846 I,487,567
275, 6661,533,183
278, 5841 , 519,755
278, 7721,523,599
365,509
363,057
361,805
365,421
360,552
208,905
204,427
199,244
200,317
196,384
451,486
443,341
445,923
440,407
437,389
231,865
226,181
225,609
223,722
224,990
690,966
690,500
675,222
712,586
720,035
251,372
252,619
254,052
255,733
255,366
900,791
912,134
919,710
911,771
899,248
88,633
88,753
88,696
89,109
544,022
554,762
556,123
558,336
559,827
156,885
155,981
154,763
153,238
154,163
168,371
168,775
168,786
169,729
170,330
773,989
773,081
773,251
778,441
785,655
182,614
182,333
181,872
182,345
182,472
84,558
85,312
85,203
84,408
84,302
126,894
126,767
126,905
127,719
127,976
75,388
75,764
75,595
75,000
75,255
613,296
612,522
611,334
582,770
581,872
16,887
14,920
14,178
13,445
32,652
137,884
121,821
115,659
109,920
161,468
23,698
20,931
19,886
19,801
33,761
22,665 8,399
20,045 7,410
18,597 7,036
17,331 6,684
28,015 12,420
9,995
8,782
8,399
7,982
15,207
25,605 9,076
23,298 8,069
22,386 7,613
21,172 7,236
52,703 20,154
4,683
4,014
3,261
3,024
7,058
5,518!
5,350
5,350
5,082
9,033
13,956
11,913
11,620
11,039
13,456
21,739
19,290
17,335
17,433
30,441
4,194
6,317
6,673
5,555
7,188
110,805
103,083
116,644
130,383
105,721
15,044
16,757
20,111
19,932
20,181
11,878
13,844
15,051
18,116
26,702
16,252
16,158
15,255
16,385
17,385
2,288
2,820
2,583
1,432
1,775
31,371
31,326
34,697
22,957
24,992
7,446
8,966
8,637
7,404
7,873
4,270
3,545
5,530
3,320
5,820
10,380
11,457
11,445
10,509
14,293
515!
2,535j
4901
212
1,4031
21,976
26,238
26,163
22,458
23,854
28,832
11,484
22,110
12,056
19,454
32,110
23,593
67,065
41,783
20,595
10,975
9,736
13,592
9,189
13,968
19,835
17,458
16,136
17 470
21,593
19,642
20,687
20,420
20,696
21,119
6,738
7,789
9,747
7,725
8,291
8,655
10,395
9,788
10,089
3,051
4,697
4,938
4,917
5,187
7,652
8,159
10,569
11,408
12,735
3,712j
4,623
5,568
5,686
4,511
17,555
19,003
10,962
20,970
20,294
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting banks:
Apr.18
Apr.25
May2
May9
May 16
Loans a n d discounts, gross:
Secured by U . S. Government obligations—
Apr.18
Apr.25
May2
May 9
May 16
ecured b y stocks and
bondsApr. 18
Apr.25
May2
May9
May 16
All other loans and discountsApr. 18
Apr.25
May2
May9
Mavl6
259
258
258
258;
2581
186,682
171,030!
182,3311
194,638|
180,525!
10,843
10,668
10,649
10,385
10,915
88,659 16,607
76,005 16,032
87,298 15,643
99,331 16,028
84,915 16,156
6,102
6,118
6,136
5,960
6,020
2,210
2,229
2,166
2,107
2,258
2,033!
2,036i
2,051
2,050
2,054i
13
13
13
13
13
6
6
6
6
6
33,014
31,159
32,456
33,842
33,087
11,569
11,884
11,280
11,068
11,038
5,095
5,137
5,412
4,682
4,733
2,083
2,096
2,092
2,103
2,108
1,496
1,420
1,380
1,376
1,546
6,966
6,246
5,768
5,706
5,695
21,907
20,530
19,771
19,888
19,799
11,378
11,795
11,561
12,230
12,449
71,646
72,231
72,893
73,500
73,204
2,729,£
2,747,6041
2.869,1731
2,771,873!
2,773,445|
1391,457,747
186', 6901,483,055
187, 1701:' 554,793
182, 7881 ,472,608
190,5:1201,464,035
248,698 141,298
251,501 146,699
252,710 153,692
247,443 152,718!
242,003 156,280!
19,836
19,835
19,189
19,508
18,884
10,260] 428,323 100,505
10,657 415,026 99,318
10,773 457,705 98,054
10,405! 453,034 96,729
10,556! 457,063 97,375
30,231
30,266
30,862
31,024
31,238
4,806,2911
4,812,823 !
4,817,483;
4,838,167
4.872,170
468,817 2,161,953
465,310 2,153'
153,390
467,7752,163;
163,188
476,315 2,162;
162,578
J Q 1 nrtn .-* 4rw«'
,663 2, 171,074
299,501
301,825
304,920
308,536
308,208
66,173
66,693
67,068
66,789
67,661
677,102 172,586
58,485 694,290 173,583
57,362! 682,214 175,172
57,958 687,760 177,079
57,565i 703,331 177,159
88,442
86,724
85,716
84,799
84,137
316,7314,326
312,076
313,279
312,800
15
15
15
15
15
48
48
48
48
48
117,601 57,324 321,086
117,145 54,307 326,745
119,013 52,897 330,082
117,701 50,632 334,741
117,979 51,023 339,57
744
FEDERAL BESERVE BULLETIN.
JONB, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
APRIL 18 TO MAY 16,1923—Continued.
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
Total.
Total loans and discounts:
Apr. 18
Apr.25
May2
May9
May 16
U. S. pre-war bonds:
Apr. 18
Apr.25
May2
May9
May 16
U. S. Liberty bonds:
Apr.18
Apr.25
May2
May9
May 16
U. S. Treasury bonds:
Apr.18
Apr.25
May 2
May9
May 16
U. S. Victory notes and
Treasury notes:
Apr.18
Apr.25
May2
May9
May 16
U. S. certificates of indebtedness:
Apr.18
Apr.25
May2
May9
May 16
Other bonds, stocks, and
securities:
Apr.18
Apr.25
May2
May9
May 16
Total loans and discounts
and investments:
Apr.18
Apr.25
"".
May2
May9
[[.
Mayl6
Reserve balance with F. R.
banks:
Apr. 18..
Apr.25
!
May2
May 9
Mayl6
Cashin vault:
Apr.18
Apr.25
May2....
May9
Mayl6
Net demand deposits:
Apr. 18.
Apr.25...
May2
'....'.
'..
May9
...
May 16
Time deposits:
Apr.18
Apr.25
May 2
' .
May9.....
May 16
Government deposits:
Apr.18
Apr.25
May2
May 9
MavlO
7,722,941
7,731,457
7,868,987
7,804,678
7,826,140
Boston.
New Phila- CleveYork. delphia. land.
667,80413,708,359
662,6683,712,451
665,5943,805,279
669,4883,734,515
683,0983,720,054
Richmond.
584,806
589,358
593,273
572,007
576,565
464,148
467,143
471,904
471,9571
475,106
88,219
88,757
88,423
88,404
San
Francisco.
St.
Minne- Kansas
Louis. apolis. City
2511 ,138,439
1781 ,140,475
1861 ,172,375
413 i.,174,636
1751, 193,481
284,660
284,785
284,506
284,876
285,572
123,768
122,127
121,990
120,505
120,108
141,591
139,771
140,876
139,692
139,886
70,198
67,522
65,838
64,238
65,018
om. wo
98,568
98,476
2,267
2,268
l'f—
l,;
1,817
37,9351
37,884!
37,884'
37,8841
37,884[
7,358
7,278
6,867
6,858
6,858
4,530
4,529
4,530
4,530
4,530
1,805
1,805
1,805
1,805
1,805
2,857
2,857
2,857
2,857
2,857
3,567
3,558
3,891
3,892
3,916
8,223
8,222
8,222
8,222
8,222
3,031
3,031
3,286
3,031
3,031
2,137
2,050
2,050
2,043
2,050
4,975
4,995
5,115
5,115
5,040
405,222
408,743
413,947
418,469
20,715
20,517
20,465
20,465
20,466
615,057
610,872
600,154
601,868
599,002
34,209
34,563
34,695
34,414
34,469
385,105!
381,884
370,262
376,375
374,349
36,517
37,067
37,622
35,563
34,659
24,850
22,460
22,665
22,748
22,701
3,505
3,869
3,871
3,872
3,521
273:
273!
273!
273|
273
37,638
37,749;
37,217
36,704
36,461
14,727
14,932
15,357
14,445
14,728
5,072
5,097
4,890
5,213
5,360
21,457
21,414
20,357
20,0291
20,686|
5,237
5,246
5,266
5,266
5,051
46,467
46,318
47,679
46,966
46,744
54,444
51,965
. 51,169
50,403
50,374
2,629
2,620
2,620
2,628
2,630
25,320
23,828
23,312
22,626
22,326
3,641
3,280
2,960
3,087
3,115
1,310
789
910
997
909
185
185
185
185
575
155
90
90
90
90
5,437
5,397
5,380
5,129
5,591
7,576
7,575
7,612
7,568
7,610
655
655
655
655
655
939
951
925
950
734
1,103
1,103
1,104
1,104
1,103
5,494
5,492
5,416
5,384
5,036
675,222
675,831
659,060
464,994
463,787
456,749
460,543
503,071
50,205
49,757
47,742
49,704
59,732
9,238
761,754
16,434
16,578
16,726
16,867
25,211
2,011
1,647
1,645
1,645
2,202
310]
310|
310!
310!
445
69,332 16,132
70,655 16,222
67,101 16,171
68,787 16,258
86,890 22,387
9,478
9,578
9,292
9,231
12,715
7,492
7,489
6,550
6,561
8,202
6,309
6,307
6,630
6,218
7,068
23,287
25,515
22,696
22,051
24,693
100,191
89,385i
74,910
78,140
73,708
2,038
1,895
1,544
1,283
1,604
60,612
51,907
42,143
46,360
40,023
7,073
6,159
4,897
4,684l
5,137
2,260
2,285
2,235
2,235
2,259
1,335
1,325
842
892
2,057
2,057;
2,057
2,057j
2,567!
4,331
% 572
4,082
9 363! 4,067
9,264! 3,982
9,286j 4,021
2,418
2,123
1,699
1,699
1,338
5,055
5,033
3,616
3,341
4,250
2,740
2,538
2,030
1,938
1,901
83,738 516,487 146,520
82,158 513,691 146,445
81,213 519,330 147,806
509,007 147,418
81,828 513,453 147,746
66,447
67,922
66,683
67,012
66,416
5,695
5,137
5,123]
5,1131
5,032
3,390
3,695;
3,688!
3,846
3,824J
13,591 10.741J
13,327 10,393!
13,170 10,452|
13,284 10,672
13,358 10,3831
1,994
1,992
2,087
1,986
2,014
68,596
69,149
67,965
68,457
816,120 572,783 102,755 80,2931,457,582 390,364 158,013
819,344 573,114 102,725| 80,460; 1,457,790,: 389,331 155,938
821,167 576,375 101,894 79,4611,479,5711 389,086 154,982
819,321 576,972 101,866! 79,846! 1,477,572! 388,268 153,618
823,617 581,059 102,8301 80,23lU,514,825 397,466 156,565
184,8201
182,477!
181,627!
180,402
182,371
94,871
92,198
89,656
87,268
89,544
566,997
574,751
574,994
579,208
585,201
99,400
1,165,274
1,157,806
1,154,912
1,139,808
1,146,072
10,432,529
10,416,310
10,508,030
10,439,133
10,555,526
809,119:5,198,812
802,750:5,185,432
804,'258!5,254,959
807,482 5,187,310
830,657 5,211,160
1,027,344
978,068
1,008,671
999,347
1,019,633
68.9791
66,144i
66,139!•
64,902
67,695[
142,226
142,408
140,005
147,166
138,599
8,256
8,453!
7,879|
8,236
8,160
7,448
7,493
9,138
842
193,360!
190,384:
184,244!
179,160!!
179,200
54,715
53,513
53,151
52,917
54,926
463
409
417
455
430!
!
32,771
33,529
32,921
35, 775
33,220
5,643
5,844
5,013
5, 795!
5,39S
5,207!
5,817!
5,692!
5,161
6,033
14C,051|
142,252
141,914!
147,785!
141,718;
26,064
26,015
27,528
26,781
24,797
12,886
10,830
11,859
10,207
11,347
15,784;
16,369!
15,456!
16,363
16,021
7,225
7,144
6,974
7,947
6,637
33,483
37,814
36,168
34,631
35,145
12,971
12,625!
12,308
12,578)
12,827
8,392l
7,964
8,081
8,776
8,261
913!;
903
856:
939!
856;
1,953!
1,872i
1,731
29,706!
30,017!
29,058;
29,832
28,387
3,787
3,614
3,446
3,558
3,459
1,771
1,825
1,656
1,975
1,731
2,125
2,392
2,260!
2,345
2,—
1,250
1,348
1,271
1,353
1,223
5,667
5,782
6,245
6,082
5,831
7,601,779
7,565,101
7,687,663.
7,566,0311
7,606,609
4,220,324 603,530
631,388 4,
624, 4,181,968 624,668
625) 869 4,249,859 627,975
625227 4.
4,153,791 629,133
625,227
617,693
,795 4,201,697
4,
630,"""
238,184
238,539;
245,736
244,345
244,699
50,973!
50,185
51,498
49,937i
51,481!
239,538
238,369
239,2541
239,788
236,558
95,653
94,671
93,721
91,608
1,966,684
1,979,719
1,999,451
2,008,572
l,997,r™
105,454
106,577
106,993
108,263
107,815
636,372
646,845
657,005
649,931
636,624
69,511
69,628
69,360
69,817
70,578
216,776
191,282
180,272
173,095
303,177
12,411
10,966
10,420
9,872
25,747
126,494
111, 742
106,155
100,847i
151,977!
22,446
19,825!
18,836'
18,903|
31,163;
604,757 68,494
564,929 01,381
593,004 66,003
577,945 66,055
606,023 65,598
65,435
65,613
65,214
69,815
63,725
1,677
1,850
314,249 25,802J 22,503!
317,854 25,695 22,521!
318,557 25,805!! 22,253
320,199 25,767 22,758
321,668 25,850; 22,826
372,602
370,831
370,105
372,855
375,476
103,261!
103,579
103,253
103,721
104,122i
39,873
40,041
39,908
40,128
39,998
157,
153,409
150,831
149,879
146,692!
I
12,947
12,527
12,661
13,630
13,075|
2,932;
2,593
2,469
2,346
3,789
13,227
11,741
11,117
10,506
28, 428
7,556
6,677!
6,340
6,026
16,818
3,385
2,867
2,174
2,066
3,953
3,727j!
3,128
3,128i
2,971!
6,130!
2,447
2,172
2,0321
1,912!
6,32l!
991
876
833
792
1,284
46,206jl,009,107
45,204!l,002,877
44,506:1,051,581
44,336!l,035,246
43,5111,037,228
65,454 240,431
63,411 245,898
242,521
62,579 238,049
65,171 239,476
13,764
14,061
13,566
13,272
13,296
250,346
249,560
259,985
268,231
266,359
8,791
7,766
7,378
7,009
8,273
12,369
10,929
9,390
9,845
19,294
745
FEDERAL, RESERVE BULLETIN.
JUNE, 1923.
PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM
APRIL 18 TO MAY 16, 1923—Continued.
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
Total.
Bills payable and rediscounts with F. E. banks:
Secured by TJ. S. Government obligationsApr. 18
Apr.25
May2
May9
May 16
All otherApr. 18
Apr.25
May2
May9
May 16
164,954i
164,580:
174,880
173,164
151,717
Boston.
New
Phila- CleveYork. delphia. land
2,662! 93,772
4,115! 84,202
4,543 94,430
3 455 111,316
3,581
83,870
Richmond
13,519
15,332
18,881
17,677
18,001
1,355|
1,420
1,355
1,355
830
5,427
3,873
2,613
3,622
4,513
152,960
123,310
118,704
28,319
11,056
21,583
11,2241
18,687
21,970 10,975
13,099 9,736
54,704 13,592
31,132 9,189
10,041 13,968
11,812
9,379
8,402
8,874
10,789
7,037
8,437
7,475
8,041
7,876
1,974,224
1,904,459
1,989,940
1,924,947
1,896,624
115,843
110,248
111,582
109,985
109,413
934;705 165,634
908,503 158,240
167,466
901,054 160,469
906,278 157,672
527,469
483,756
520,055
45,232
35,231
35,535
34,025
39,415
77,615 56,195
74,797 51,028
79,385 56,022
73,433 51,721
79,978 53,487
115,598
AtMinne- Kansas
St.
lanta. Chicago. Louis. apolis. City. Dallas.
San
Francisco.
17,766
19,730
15,637
7,078
3,793
3,175
3,775
4,606
2,936
3,632
1,945
695
3,045
445
2, MS
8,508
7,047
7,847
6,626
8,182
1,000
19,825
23,091
22,488
18,619
21,870
14,502
22,036!
19,733
22,162
3,464
3,319
4,719
4,673
4,526
2,070
3,820
3,649
3,665
3,855
1,607
1,706
3,489
5,028
5,974
596
1,032
1,244
1,2941
1,189
16,776
18,020
9,168
18,360
17,156
42,482
40,384
41,811
40,919
41,835
27,895 14,161 343,048 79,874 46,059 102,948
26,887 13,108 332,712 73,062 44,000 100,641
27,631 13,2941 369,678 78,376 43,536 100,772
26,803 14,000! 352,443 79,678 43,811 98,823
26,613 12,708 338,514 75,901 40,004 88,438
19,942|
17,405!
17,641!
17,055j
15,629;
81,636
79,269
79,348
79,907
83,619
18,564
19,477
17,646
17,033
18,202
13,185
11,813
12,409
13,138
13,461
23,481 13,188 42,228 20,123
21,50f 16,042 39,934 16,423;
28,339 14,755 40,870 17,907;
24,990 19,013 39,407 17.349
23,806 18,189 45,410 17^791
49,976
41,270
42,840
45,667
46.898
1,079
2,077
2,899
2,097
2,481
MEMORANDA.
Bank deposits:
Due to b a n k s Apr. 18
Apr.25
May2
May9
May 16
Due from b a n k s Apr. 18
Apr.25
May2
May9
May 16
525,347
7,704
5,991|
7,7191
6,420
7,132
159,978
150,242
166,628
146,671
161,578
746
JONE, 1923.
FEDERAL RESERVE BULLETIN.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.
MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES.
[In thousands of dollars.]
Federal reserve district.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
Number March, 1923.
of cities.
April, 1923.
2,222,086
23,231,535
1,926,493
2,206,665
737,293
991,806
4,828,041
1,112,395
600,805
1,199,481
547,188
2,581,355
2,119,787
21,180,741
1,863,477
2,227,570
676.260
886,328
4,737,859
1,039,549
596,914
1,130,015
488,255
2,347,653
141
42,185,143
1
140
22,541,298
19,643,845
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis....
10—Kansas City..
11—Dallas
12—San Francisco
Total
New York City
Other cities
March, 1922.
April, 1922.
2,139,645
21,399,850
1,973,625
2,267,298
701,164
922,450
4,899,39i)
1,076,560
634,217
1,142,172
486,003
2,429,942
1,857,809
20,977,917
1,628,117
1,665,926
618,568
781,076
4,389,187
859,417
556,282
1,012,278
524,469
2,061,228
1,760,157
21,326,277
1 569,312
1,744,376
614,409
710,303
3,945,171
826,599
512,419
956,757
470,827
1,951,433
1,837,939
22,268,911
1,634,314
1,741,268
664,853
764,397
4,097,957
911,346
546,252
1,026,849
486,707
1,995,215
39,294,408
40,072,316
36,932,274
36,388,C40
37,976,008
20,478,562
18,815,846
20,703,871
19,368,445
20,397,109
16,535,165
20,716,594
15,671,446
21,653,679
16,322,329
May, 1923.
May. 1922.
W E E K L Y SUMMARY FOR BANKS IN 243 CITIES.
[In thousands of dollars.)
Federal reserve
district.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
Number
of centers
included.
I—Boston
2—New York...
3—Philadelphia..
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis..
10—Kansas City.
11—Dallas
12—San Francisco.
Total
1923
Week e n d i n g April 25.
May 2.
May 9.
1922
Week ending—
May 16
May 23
April 26.
May 3.
May 17.
May 10.
500,837
564,342
463,385
16
511,327
492,935
435,516
552,184
540,199
466,915
13 4,906,295 5,902,046 4,899,357 5,262,039 4,914,234 5,270,080 5,946,241 5,278,590 5,170,041
476,883
531,353
424,542
18
485,445
442,314
392,306
537,103
502,616
407,641
615,705
672,583
494,146
23
617,556
531,038
460,384
645,549
641,113
492,579
254,420
277,040
252,533
22
270,818
275,777
229,548
296,460
263,308
227,446
219,405
228,089
185,658
24
223,257
199,643
176,199
222,442
214,148
150,838
964,152
31 1,119,657 1,389,510 1,130,481 1,165,287 1,129,665
916,676
923,236 1,140,663
253,045
282,186
230,056
11
253,702
225,646
211,117
266,954
270,377
199,015
144,661
161,595
136,578
16
144,232
150,802
127,354
157,173
153,970
128,460
270,340
291,358
259,842
28
287,943
263,181
253,355
306,552
275,046
242,717
136,398
137,366
135,374
15
135,386
133,103
127,895
144,976
143,929
127,288
569,211
619,337
513,287
26
564,474
512,497
464,690
632,457
567,118
474,134
243 9,466,857 11,053,406
9,523,978 10,192,575 9,615,723
9,110,349 10,313,840
9,073,630
9,229,594
May 24.
453,191
5,101,524
422,322
478,747
247,682
173,129
956,575
221,918
125,963
241,135
135,892
475,809
9,033,884
DATA FOR EACH CITY.
[In thousands of dollars.]
1923
Week e n d i n g Apr. 25.
District No. 1—Boston:
Bangor, Me
Boston, Mass
Brockton, Mass
Fall River, Mass
Hartford, Conn
» Holy oke. Mass
Lowell, Mass
Lynn, Mass
Manchester, N. H
New Bedford, Mass
New Haven, Conn
Portland, Me
Providence, R . I
Springfield, Mass
Waterbury, Conn
Worcester
District No. 2—New York:
Albany.N.Y
Binghamton, N. Y
Buffalo, N. Y
Elmira, N . Y
May 2.
May 9.
1922
Week ending—
May 10.
May 17.
May 24.
May 16.
May 23.
Apr. 26.
3,269
360,523
3,357
325,594
4,513
6,376
22,405
3,295
4,874
6,967
3,590
6,297
•15,258
7,530
27,344
14,544
4,234
10,737
3,299
333,375
4,635
6,504
23,904
3,289
4,629
5,752
4,225
6,195
17,741
8,302
35,608
13,154
7,281
15,042
3,127
290,984
4,059
6,350
20,629
3,015
4,574
5,219
3,988
5,693
16,859
7,868
29,649
13,938
5,930
13,634
3,300
307,272
4,958
6,778
22,337
3,064
5,000
7,055
3,800
6,951
17,650
8,075
30,001
16,364
5,623
15,157
3,077
309,048
4,141
6,692
20,311
2,812
4,748
5,800
3,526
6,395
15,131
7,366
29,394
14,142
7,161
13,447
34,767
3,970
55,557
3,078
38,632
4,257
61,107
3,243
20,349
4,482
57,935
3,097
28,513
4,245
60,813
3,048
31,207
4,139
60,614
3,203
3,361
334,532
4,408
6,871
25,900
4,005
4,664
7,439
4,947
6,191
18,433
7,652
32,914
16,545
8,112
14,863
2,917
360,584
5,087
9,099
31,641
4,480
5,975
6 421
4,581
7,585
20,504
10,315
36,343
18,258
9,498
18,896
3,178
335,836
4,142
7,680
24,563
4,110
5,870
6,101
4,926
6,766
21,640
9,525
35,638
16 560
8,124
16,668
3,399
376,289
6,126
8,013
26,472
4,470
6,098
6,845
5,444
8,225
21,073
10,988
18,369
7,982
18,141
7,592
25,400
4,136
5,578
7,072
4,749
7,267
21,143
8,874
35,924
17,880
8,213
17,733
30,927
4,666
69,276
4,152
31,954
5,172
74,040
4,678
24,763
5,101
66,838
3,682
26,314
5,507
76,553
4,296
19,489
4,481
68,770
3,833
36,408
4,846
May 3.
747
FEDERAL RESERVE BULLETIN.
JUKE, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOB, EACH CITY—Continued.
[In thousands of dollars.]
1923
Week ending —
Apr. 2S.
District No. 2—New York—Con.
4,385
Jamestown, N. Y
2,886
Montclair, N. J
Newark, N. J
(SO, 936
New York,N. Y
4,63-1,575
Northern New Jersey Clearing House Association
35,257
Passaic, N. .T
7,488
Rochester, N. Y
32,679
Stamford, Conn
2,848
Syracuse, N. Y
10,22(1
District No. 3—Philadelphia:
Allentown, Pa
6,948
3,914
Altoona, Pa
Camden, N. J
9,869
Chester, Pa
5,239
Harrisburg, Pa
Hazleton, Pa
Johnstown, Pa
Lancaster, Pa
Lebanon, Pa
Norristown, Pa
Philadelphia, Pa
Reading, Pa
Scranton, Pa
Trenton, N. J
Wilkes-Barre, Pa
Williamsport, Pa
Wilmington, Del
York, Pa
District So. 4—Cleveland:
Akron, Ohio
Butler, Pa
Canton, Ohio
Cincinnati, Ohio
Cleveland, Ohio
Columbus, Ohio
Connellsville, Pa
Dayton, Ohio
Erie, Pa
Greensburg, Pa
Homestead, Pa
Lexington, Ky
Lima, Ohio
Lorain, Ohio
New Brighton, Pa
OilCity.Pa
Pittsburgh, Pa
.Springfield, Ohio
Toledo, Ohio
Warren, Ohio
Wheeling, W. Va
Youngstown, Ohio
Zanesville, Ohio
District No. 5—Richmond:
Ashyille,N.C
Baltimore, Md
Charleston, S. C
Charleston, W. Va
Charlotte, N. C
Columbia, S. C
Cumberland, Md
Danville, Va
Durham, N. C
Greensboro, N. C
Greenville, S. C
liagerstown, Md
Ii'untington, W. Va
Lynchburg, Va
Newport News, Va
Norfolk, Va
Raleigh, N. C
Richmond, Va
Roanoke, Va
Spartan burg, S. C
Washington, D. C
Wilmington, N. C
Winston-Salem, N. C
District No. (i—Atlaiita:
820
Albany, Ga
29,639
Atlanta, Ga
Augusta, Ga
May 2.
Mav 9.
4,258
4,323
3,501
3,223
70,638
62,602
1,601,223 4,631,027
38,320
8,503
38,426
3,288
18,579
16,774
3,207
11,303
79,784
161,770
38,590
1,443
17,271
7,891
5, 527
1,011
5,452
4.311
1,200
2,889
3,572
198,731
3,733
46,691
3,286
12,098
15, SCO
2,997
37,043
8,125
34,601
3,106
14,928
1922
Week ending
May 23.
Apr. 26.
May 3.
4,
3,
63,
4,977,
4,343
3,549
C2,9»j
4,048,279
3,602
2,511
54, 321
5,035,077
3,649
2,875
66,878
5,673,808
36.
35,767
8,177
33,216
3, 426
30,368
5,436
26,906
1,114
13,313
36,483
5,810
32,398
2,730
14,373
May 16.
37^
3,
16,
May 10.
May 17.
May 24.
3,814
3.738
2,668
2,826
49,192
55,030
5,056,477 4,925,389
3,540
2,497
49,201
4,870,188
30,428
5,710
29,086
2,537
12,891
33,540
5,095
31,328
2,524
13,870
27,088
4,995
28,731
2,490
13,025
7,026
3,975
11,022
5,242
9,102
2,094
5, 79t>
6,940
1,847
1,003
359,008
11,466
17,591
15,785
9,245
4,411
8,475
4,817
8,161
5,907
12,127
5,784
9,378
2,879
5,904
S, 837
1,873
1,054
397,309.
11,468
18,712
15, 167
11,500
4,365
8,844
5,078
7,205
4,070
10,430
5,985
8, 712
2,542
5,720
5,985
1,618
1,000
382,100
10,096
17,830
13, 422
8,966
4,602
7,448
4,819
5,902
2,953
8,463
3,982
8,062
2,220
4,472
4,803
1,192
674
310,261
7,443
12,016
10,548
8,461
4,357
7,396
3,830
6,701
3,165
10,535
7,750
7,604
2,480
5,200
4,624
1,376
815
331,495
7,868
13,588
11,943
8, 585
4,595
9,618
4,372
5,801
2,990
11,235
3,901
7,427
1,986
4,441
5,142
1,271
739
291,927
7,525
12,326
12,280
7,567
4,391
7,612
3, 765
5,890
3,024
11,034
4,445
7,778
2,164
4,594
4,825
1,251
729
322,072
8,412
11,710
13,407
7,055
4,464
6,751
4,337,
5,897
2,948
9,357
4,609
6,742
1,727
4,6"'6
4,290
1,152
74
328,873
7,145
11,159
11,050
8,235
3,988
6, 520
3,210
16,330
2,796
9,427
74,244
151,427
39,433
1,448
15,866
6,838
5,052
965
5,682
4, 209
1,386
2,670
3,305
200,854
4,398
41,880
2,646
11,025
12,651
3,024
19,379
2,904
11,445
97,565
162,302
41,821
1,509
16,746
8,282
5,041
970
5,279
3,171
1,470
3,022
3,567
203,318
4,734
47,343
3,577
11,348
14,523
3, 267
19,703
2,342
10,036
79,738
154,642
37,626
1,188
16,2)8
7,374
6,281
931
4,583
3,848
1,562
2,840
3,171
213,473
5,112
43,083
3,150
9,217
12,025
2,970
12,378
2,218
6,881
63,311
112,636
26,406
984
11,133
5,826
4,139
563
3,674
968
1,860
2,936
172,195
3,477
32,703
1,907
9,552
11,698
2,023
13,898
2,641
8,675
66,933
123,967
30,042
1,115
13,148
0,356
5,092
979
4,548
3,133
957
2,115
3,700
179,322
3,884
32,813
2,591
9,210
13,446
2,473
11,282
2,490
7,352
62,827
104,465
29,369
1,037
9,846
5 999
3,921
886
4,211
2,966
996
2,064
3,331
144,944
3,724
33,518
1,896
8,858
12,169
2,233
14,025
2,231
7,823
67,477
120,731
27,430
1,061
13,891
0,513
4,662
878
4,410
3,125
1,137
1,935
3,080
147,210
3,476
38,570
2,557
8,347
11,011
2,566
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
3,111
5,139
92,800
6,064
8,898
10,068
5, 366
2,291
2,017
5,160
5,064
4,996
2,673
6,261
4,767
1,008
15,705
6,800
27,531
5,776
2,970
48,766
3.977
8,100
4,732
SS.OOO
5,646
9,598
9,698
4,500
1,859 I
1,724
4,058
4,985
3,800
2.521
6,248
4,492
1,760
15,547
6,450
25,126
5,734
2,324
48,112
3,620
6,832
3,760
78,842
5,710
6,635
6,723
5,192
2,458
1,787
4,293
97,343
6,599
6,411
8,349
5,492
2,137
1,831
4,393
79,517
6,200
6,040
5,620
4,513
2,019
1,903
4,367
88,110
6,111
6,508
8,544
7,605
1,792
1,660
3,361
91,204
5,520
6,502
6,729
0,100
1,714
1,490
34,707
6,097
2,342
47,283
5,080
8, (509
4,447
85,600
5,982
8,859
9,469
7,808
2,287
2,022
4,480
4,701
4,990
2,393
6,282
5,198
1,997
15,773
6,800
27,869
5,667
2,408 !
49,017
4,440
0,743 j
3,209
2,776
1,831
3,907
3,470
1,467
14,278
4,100
23,499
4,348
1,656
41,508
3,651
6,633
3,964
3,379
1,993
4,287
3,856
1,651
17,840
4,500
27,169
5,067
1,932
50,737
5,283
11,664
2,691
2,890
2,244
4,214
4,510
1,549
15,324
3,900
23,620
4,802
1,822
43,546
4,025
4,206
3,868
4,070
1,978
4,682
3,868
I,Ml
15,488
4,300
25,622
4,723
1,704
44,350
5,003
6,573
3,457
3,500
1,739
4,511
4,021
1,404
15,822
3,940
23,603
6,126
1,785
44,928
4,455
5,771
1,036
29,191
0,060
994
29 253
"d'/iO
1,023
32,090
0,715
923
32,131
5,899
707
17,776
4,500
900
28,917
0,010
780
23,683
5,401
897
27,740
5,930
813
27,f'34
5,734
4,909
102,400
5,101
9,376
10,445
0,196
2,517
2,076
3,518
0,093
5,100
2,518
6,4*1
4,407
1,825
15,918
7,000
748
FEDEKAL, RESERVE BULLETIN.
JUNE, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOE EACH CITY—Continued.
[In thousands of dollars.]
1922
Week ending-
1923
Week ending—
Apr. 25.
District No. 6—Atlanta—Con.
Birmingham, Ala
Brunswick, Ga
Chattanooga, Tenn
Columbus, Ga
Cordele, Ga
Dothan, Ala
Elberton, Ga
Jackson, Miss
Jacksonville, Fla
Knoxville, Tenn
Macon, Ga
Meridian, Miss
Mobile, Ala
Montgomery, Ala
Nashville, Tenu
Newnan, Ga
New Orleans, La
Pensacola, Fla
Savannah, Ga
Tampa, Fla
Valdosta, Ga
Vicksburg, Miss
District No. 7—Chicago:
Adrian, Mich
Aurora, 111
Bay City, Mich
Bloomington, 111
Cedar Rapids, Iowa
Chicago, 111
Danville, III
Davenport, Iowa
Decatur, 111
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Flint,Mich
Fort Wayne, Ind
Gary, Ind
Grand Rapids, Mich
Green Bay, Wis
Hammond, Ind
Indianapolis, Ind
Jackson, Mich
Kalamazoo, Mich
Lansing, Mich
,
Mason City, Iowa
Milwaukee, Wis
Moline,Ill
Muscatine, Iowa
Oshkosh,Wis
Peoria, 111
Rockford, 111
Saginaw, Mich
Sioux City, Iowa
South Bend, Ind
Springfield, 111
Terre Haute, Ind
Waterloo, Iowa
District No. 8—St. Louis:
East St. Louis and National Stock Yards, 111...
Eldorado, Ark
Evausville, Ind
Fort Smith, Ark
Greenville, Miss
Helena, Ark
Little Rock, Ark
Louisville, Ky
Memphis, Tenn
Owensboro, Ky
Quincy, HI
St. Louis, Mo
Springfield, Mo
District No. 9—Minneapolis:
Aberdeen, S. Dak
Billings, Mont
Dickinson, N. Dak
Duluth, Minn
Fargo, N. Dak
Grand Forks, N. Dak
Helena, Mont
Jamestown, N. Dak
May 2.
May 9.
May 16.
May 23,
Apr. 26.
May 3.
723
2,875
2,437
1,949
5,198
579,331
2,700
7,821
2,955
16,552
107,645
3,105
6,060
6,807
2,129
14,273
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
673
2,596
2,394
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
29,792
4,279
4,588
7,023
2,719
58,306
3,301
1,150
2,400
9,999
5,741
34,147
3,620
3,991
6,001
2,414
52,350
2,138
1,492
2,011
9,431
4,671
34,176
3,968
3,885
5,824
2,407
57,476
2 263
1,135
2 200
8,396
4,469
29,678
4,231
3,565
5,978
2,112
53,612
1,738
1,120
2 200
7,734
4,011
14,957
6,184
5,128
18,729
5,379
6,414
14,888
8,637
5,068
16,082
6,648
5,665
15,592
6,450
4,763
3,862
3,556
3,257
3,376
3,496
8,913
10,276
10,923
9,908
6,157
" "7,015
7,565
6,109
947
9,400
30,233
27,552
1,151
2,093
118,527
2,954
795
1,064
9,016
31,778
25,008
1,179
2,171
138,704
1,853
715
1,279
8,371
22,922
1,022
2,105
128,077
2,92S
1,245
1,477
222
17,745
2,595
1,461
2,468
505
1,452
1,655
212
15,228
2,543
1,408
1,957
440
1,236
1,345
232
13,307
2,395
1,317
1,691
340
23,250
728
8,831
3,129
299
710
218
3,279
13,206
6,612
5,322
2,379
6,657
5,000
21,251
441
64,845
1,788
11,215
8,084
1,075
1,390
26,288
691
9,128
2,860
292
504
179
2,792
13,438
7,661
8,029
2,799
7,271
4,800
18,539
432
63,232
1,709
9,390
8,267
969
1,783
23,885
556
9,250
2,390
275
491
150
2,483
12,930
7,539
5,502
2,440
6,383
3,798
17,052'
267
62,791
1,581
7,899
7,758
978
1,280
13,542
410
6,556
1,897
189
376
132
9,048
5,038
3,053
1,679
4,640
2,484
14,178
267
48,954
1,160
7,757
4,743
734
1,018
17,777
510
6,507
2,432
251
518
237
1,825
15,750
6,075
4,017
2,077
6,804
3,951
15,159
306
59,704
1,791
10,14-1
7,574
892
1,280
757
3,436
2,254
2,412
6,362
671,638
2,600
8,079
3,797
21,038
183,459
3,656
8,100
7,997
3,819
14,833
2,353
4,119
33,019
5,194
4,843
11,000
2 298
60,026
2,334
2,133
2,300
8,765
5,159
5,477
17,319
9 772
6 374
6,413
4,884
829
3,272
2,199
2,836
6,595
950,537
3,800
10,489
4,247
19,417
161,326
3,151
8,268
8,884
3,703
15,966
2,785
4,730
36,110
6,126
1,148
9,917
2,244
65,659
2,694
1,103
2,400
10,311
6,195
5,692
16,366
8,400
7,334
5,485
3,984
873
3,531
2,288
2,635
6,524
711,671
3,500
10,218
3,618
21,779
137,095
3,643
8,193
8,702
4,919
15,338
2,944
3,950
36,188
5,072
4,865
8,351
2 552
64,807
2,271
1,555
2,800
10,122
6,407
5,445
18,266
11,891
6.344
6,456
4,463
90S
3,514
2,331
2,626
6,205
711,863
4,600
9,463
3,720
20,728
161,017
3,290
8,077
9,060
4,414
16,708
2,034
4,213
39,631
4,968
4,905
9,685
2,458
74,293
1,963
1,439
3,000
9,490
6,162
5,166
18,380
9,870
6,381
6,652
4,138
815
3,476
2,572
2,503
6,195
064,618
3,000
7,926
3,411
18,624
183,709
3,301
7,624
9,492
3,429
17,088
2,662
4,670
39,923
5,634
4,672
10,222
2,563
70,014 i
2,305
1,207
2,900
8,458
5,763
5,679
17,669
10,392
5,585
5,806
4,574
665
2,756
2,317
2,546
4,787
584,049
1,900
6,594
2,827
15,039
128,178
3,377
5,493
6,153
2,238
12,638
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
29,328
4,099
4,198
5,301
2,032
49,813
1,896
1,401
2,011
7,176
4,293
.10,410
3,465
7,103
2,479
725
920
13,740
34,364
27,925
1,400
2,732
150,495
3,231
9,901
3,078
7,578
2,857
752
959
12,420
36,152
29,289
1,327
2,967
162,280
3,329
11,002
3,222
7 432
2,943
902
1,088
14,073
34,699
30,230
1,530
3,080
146,418
3,248
1,055
1,780
297
15,658
2,548
1,862
1,381
517
1,208
2,100
409
18,624
2,949
1,798
2,018
1,281
2,156
499
15,600
3,210
2,239
2,203
511
28,706 i
1,533
2,784
172,254
3,544
1,437
1,975
309
20,181
3,216
1,722
2,113
542
May 24
16,596
468
6,552
2,173
260
405
257
2,132
9,934
5,126
3,625
1,638
5,054
3,198
12,802
281
52,251
1,168
8,868
6,958
750
1,184
25,917
556
9,130
2,550
302
680
213
2,614
12,811
6,998
4,613
2,501
7,904
4,991
17,337
402
67,501
1,900
8,184
8,414
1,195
1,450
33,225
3,479
7,378
2,464
707
950
14,974
37,306
25,972
1,450
2,728
162,217
3,470
549
798
8,406
28,106
27,072
980
1,817
113,208
2,571
858
890
8,934
34,448
22,801
1,105'
2,640
135,969
2,931
1,216
1,740
313
21,843
2,883
1,577
2,149
461
1,130
1,221
327
11,322
2,152
1,434
1,695
500
1,242
1,646
271
19,361
3,030
1,560
2,335
5,8
408
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 i
899
1,249
May 17.
14,966
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
24,043
642
8,206
2,426
193
620
158
2,489
14,130
6,852
4,455
2,536
5,987
4,754
16,486
316
63,896
1,471
13,939
7,539
975
1,488
11,735 ;
2,924
8,301
2,701
821
1,138
13,582
37,788 |
May 10.
38,479
749
FEDERAL RESERVE BULLETIN.
JONB, 1923.
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued.
DATA FOR EACH CITY—Continued.
[In thousands of dollars.]
1922
Week ending—
1923
Week ending—
Apr. 25.
District No. 9—MinneapolisContinued .
La Crosse, Wis
Lewis town, Mont
Minneapolis, Minn
Minot, N. Dak
Red Wing. Minn
St. Paul, Minn
Sioux Falls, S. Dak
Superior, Wis
Winona, Minn
District No. 10—Kansas City:
Atchison, Ivans
Bartlesville, Okla
Casper, Wyo
Cheyenne," Wyo
Colorado Springs, Colo
Denver, Colo
Enid, Okla
Fremont, Nebr
Grand Island, Nebr
Grand Junction, Colo.
Guthrie, Okla
Hutchinson, Kans
Independence, Kans
.Foplin, Mo
Kansas City, Kans
Kansas Citv, Mo
Lawrence, kans
MeAlester, Okla
jvtuskogee, Okla
Oklahoma City, Okla
Okmulgee, Okla
Omaha, Nebr
Parsons, Kans
Pittsburg, Kans
Pueblo, Colo
St. Joseph, Mo
Topeka, Kans
Tulsa, Okla
Wichita, Kans
District No. 11—Dallas:
Albuquerque, N. Mex
Austin, Tex
Beaumont, Tex
Corsicana, Tex
Dallas, Tex
El Paso, Tex
Ft. Worth, Tex
Ualveston, Tex
Houston, Tex
Roswell, N. Mex
San Antonio Tex
Shreveport, La
Texarkana, Tex
,
Tucson, Ariz
,
Waco, Tex
,
District No. 12—San Francisco:
Bakersfleld, Calif
Bellingham, Wash
Berkeley, Calif
Boise, Idaho
Eugene, O
Oreg
E
Fresno, Calif
Long Beaeh, Calif
Los Angeles, Calif
Oakland, Calif
Ogden, Utah
Pasadena, Calif
Phoenix, Ariz
Portland, Oreg
Reno, Nev
Ritzville, Wash
Sacramento, Calif
Salt Lake City, Utah
San Bernardino, Calif
San Diego, Calif
San Francisco, Calif
San Jose, Calif
Seattle, Wash
Spokane, Wash
Stockton, Calif
Tacoma, Wash
Yakima, Wash,
May 2.
May 9.
May 16.
2,000
1,175
73,387
800
MS
36,995
3,434
2, 251)
973
2,642
1.073
74.550
1,055
4S3
41,025
3,626
1,596
1,170
2,657
990
69,964
1,040
505
38,578
3,040
1,461
955
3,105
932
79,902
1,036
511
1,604
3,103
4,188
2,060
2,518
35,128
2,«40
770
1,20s
542
740
2,846
1,U59
3,312
4,792
75,725
1,035
700
5,963
15,799
2,540
46,058
776
1,243
3,339
14,239
3,528
24,202
10,345
1,404
4,0S0
3,607
2,252
2,664
;S7,694
2,788
942
1,317
576
717
2,882
2,699
3,421
4,888
SS, 053
1,102
813
0,538
20,659
2,291
51,387
784
1,491
6,272
15,343
3,269
28,744
10,663
1,480
2,882
4,35?
2,010
2,775
39,8S0
2,935
1,023
1,370
721
877
2,722
1,750
2,909
4,141
78,938
1,028
1,045
5,003
19,451
2,299
49,132
835
1,341
4,102
16,075
4,657
24,255
10,758
1,475
3,377
3,551
2,228
3,072
36,660
3,742
868
1,303
642
840
2,508
2,710
4,110
4,323
81,522
1,087
1,246
5,675
17,947
2,083
48,647
676
1,747
3,068
17,020
3,577
29,088
10,302
1,803
3,927
4,300
1,094
33,753
6,974
18,887
17,513
26,240
487
5,867
8,493
1,713
1,648
3,639
2,168
3,562
3,943
1,450
34, 805
7,248
21, 659
17,643
30, 089
675
104
8^890
1,547
1,940
3,253
2,325
3,790
3,543
1,303
34.550
6,769
20,307
16,567
24,670
601
6,766
6,852
1,758
2,260
3,319
2,377
1,768
3,480
2,772
2,692
9,691
13,454
156,872
28,487
7,117
8,228
3,688
40,774
2,086
84
7,867
14,793
1,423
10,107
178,332
4,957
38,363
10,981
6,517
10,168
2,133
3,375
1,809
4,639
2 841
2 300
io'093
14, 603
178, 814
30, 020
7,311
8,573
4,,118
35,,891
2,522
114
10,.321
16', 106
1,,836
,350
w.
216i,639
5',060
,691
io;,329
7;,102
8,507
9 493
2,568
2,069
4,326
3,041
2,175
9,374
13,822
156,093
28,370
6,623
8,414
4,798
34,955
2,254
147
16,171
13,517
2,213
10,892
176,417
4,831
34,742
11.551
5,814
8,859
2,438
May 23.
3,794
836
75,133
943
522
37,728
3,600
1,824
1,202
Apr. 26.
May 3.
:ay 10.
May 17.
May 24
679
69,069
715
412
32,390
3,084
1,535
795
751
70,996
771
465
41,734
3,646
1,666
920
721
61,160
730
436
30,239
3,475
1,851
1,024
643
70,594
854
426
33,393
3,267
1,534
972
564
65,585
721
406
31,369
3,260
1,328
867
1,369
2,648
4,492
2.610
2,889
35,343
2,626
741
1,246
757
729
2,304
3,060
3,161
4,104
78,741
889
944
5,746
17,009
2,340
48,356
738
1,318
3,690
14,448
3,426
22,252
1,177
1,931
2,595
1,695
2,257
31,874
1,240
3,059
3,901
1,993
2,695
33,758
1,317
2,579
3,129
1,480
2,689
32,159
1,204
2,385
2,386
1,716
2,579
33,398
1,121
1,710
2,763
1,443
2,496
32,984
632
1,152
594
478
2,648
1,359
2,331
3,222
66,468
941
851
5,958
18,788'
1,684
42,259
863
1.047
3,293
13,129
2,923
21,629
8,939
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
15,050
3,050
28,929
9,784
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
821
1,200
549
532
2,638
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
712
1,149
683
475
2,562
1,661
2,238
2,982
66,141
913
763
5,777
17,248
1,885
45,70S
893
1,076
3,354
12,952
2,S30
17,805
8,811
2,543
3,172
4,214
1,035
33,458
7,189
20,702
13,113
24,943
593
9,999
8,404
2,752
2,051
3,198
2,023
2,824
4,519
1,293
38,204
6,859
19,670
17,004
28,574
679
7,029
8,076
1,930
1 936
3,309
1,651
2,931
2,232
876
29,969
6,742
26,120
14,215
24,574
504
5,303
6,881
1,107
1,383
2,800
2,500
2,920
3,248
801
33,138
6,949
24,944
12,041
25,359
846
5,754
7,785
1,618
2,275
3,225
2,012
3,748
3,094
995
30,257
7,208
23,918
12,449
23,500
544
6,559
7,630
1,172
1,741
3,068
2,254
3,195
3,354
975
33,092
7,547
22,794
14,796
25,534
593
6,847
6,768
2,797
1,523
3,305
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
2,394
2,107
3,89.5
3,003
2,916
10,203
14,405
164,208
29.882
6,845
7,577
4,322
38.883
2,306
109
9,198
14,566
1,787
10,897
212,404
5,058
42,486
11,636
5,637
10,211
2,344
1,925
2,044
3,399
2,634
2,963
10,143
13,848
163,677
27,471
7,069
7,149
4,260
34,749
2,313
138
8,657
15,377
1,751
10,483
175,439
4,774
40,513
10,652
5,266
8,362
2,062
2,279
1,45S
3,654
2,492
1,746
11,215
6,774
110,636
19,986
4,079
5,603
3,355
30,920
2,190
184
13,855
11,364
1,400
9,338
168,989
4 691
33,191
9,111
5,186
8,045
2,393
3,342
1,495
3,884
2,382
1,637
9,369
7,298
124,836
22,574
4,437
6,426
4,095
30,374
2,244
164
14,200
13,129
1,500
9,485
185,187
4,725
32,640
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
5,436
6,302
5,007
28,279
2,186
170
17,729
13,193
1,400
9,488
152,021
4,603
30,527
9,458
5,674
7,785
2,351
2,494
1,676
3,868
3,779
2,268
10,382
1,939
1,519
5,921
2,429
1,619
8,818
6,772
126,250
18,734
5,959
6,011
4,543
27,172
2,582e
141
11,185
12,540
1,632
8,275
159,354
3,963
33,043
11,220
4,572
40,695
3,830
2,014
1,180
7,r~
139,078
19,649
4,193
6,257
4,643
30,660
2,448
227
12,685
12,965
2,072
9,385
169,434
4,161
35,742
11,315
5,098
9,196
2,546
7,441
2,175
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS DURING APRIL, 1923.
[Numbers in thousands. Amounts in thousands of dollars.]
t Items drawn on banks located
in own district.
Total items
Items drawn
excluon Treasurer of handled,
sive
of dupliUnited States.
In
Federal
Outside
Federal
cations
.
I'edeiaiieserve bank reserve bank or reserve bank or
<or branch.
branch city.
branch city.
Items forItems forwarded to
warded to
other Federal parent banks
reserve banks or to branches,
and their
in same
branches.
district.
Total items handled, including
duplications.
Number.
Num- Amount. Num- Amount. Num- Amount. Num- Amount. Num- Amount. Num- Amount. 1923
ber.
ber.
ber.
ber.
ber.
ber.
670
726,313 3,942
Boston
2,187 4,324,422 5,080
New York
212
124,423
479
Buffalo
1,104
848,773 2,448
Philadelphia
784
489,012 1,533
Cleveland
253
385,886
894
Cincinnati
552
694,315' 1,014
Pittsburgh
130
304,276[ 2,137
Richmond
282
208, 710|
793
Baltimore
134
112,966,
404
Atlanta
57
50,505! 214
Birmingham...
68
80,657
202
Jacksonville
72
88,148
23S
Nashville
86
49,984
129
New Orleans...
Chicago
1,061 1,050,145 4,271
381,435
588
Detroit
291
357,807 1,506
St. Louis
370
46,577
373
Little Rock
77
515 !
151,181
Louisville
119
223
38,175
Memphis
83
124,113 1,694|
Minneapolis
274
1331
15,818
Helena
27
227,468 1,404
Kansas City
478
47,917
388J
Denver
154|
52,423 1,028!
Oklahoma City.
67
58, 538
614!
Omaha
122
148,697 1,301
Dallas
247
17, 245
134
El Paso
49
41,470
357;
Houston
73
359,545
703;
San Francisco
298
207,311 1,701;
Los Angeles
501
86,209
2411
Portland
69
33,028
415i
Salt Lake City.
56
45,927
2531
Seattle
117
18,447
199!
Spokane
44
472,863
170
714,166 1,181
60,283
17
322,298
191
190,844
110
96,841
92
120,294
63
309,988
62
78,254
65
48,777
4;
17,541
li
24, 647
13
24,112
20
17,481
41
374,693
450
61,994.
51
97,660
163
25,192
11
29,963
49
14,403
14
91,560
9,114!
99,546'
138
35,819!
30
12
76,532!
37,274]
47:
179,036
371
10,183
31,811
44,026
128,322!
14,280,
25,023!
19,402i
10,961]
19,8561 4,782
92,926' 8,448
2,3811 708
35,287 3,743
6,507 2,427
10,506 2 1,249
5,374' 1,629
10,887; 2,329
7,106: 1,140
5,202
583
1,498
286
1,518
283
1,425
328
5,360
256
50,429 5,782
930
3,929
9,947 2,099
461
1,026
683
4,229
320
1,545
6,553 * 2,041
169
974
10,846 2,020
572
3,577
1,228 1,107
3,660 ^784]
3,859 1,585
200
1,492
447
1,714
'8,725 1,084
10, 828 2,263
333
3,760
490
2,841
404
6,421
255
1.520
223
1,219,032
5,131,514 1,325
147
187,087
474.
1,207,358
68
686,363
18
2 494,800
91
819,983
176
625,151
136
294,070
34
166,945
22
69,542
42
106,822
6
113,685
55
72,825
1,475,267
378
447.35S
18
465,414
48
72,795
1
185,373
11
54,123
2
s 227,152
87
25,908
5
337,860
213
87,313
82
130,283
54
2 99, 849
42j
331, 592
70
28,920
12
74,995
16
412,293
29
346,461
113
104,249
6
60,892
12
71,750
25
30,928
Total: April.. 11,168 11,997, 865 37,606;3,915,283] 3,430] 345,934 252,220 16,265,953 4,055
March. 12, 553 13,164, 629 39, 888(4,043, 870; 3,137 369,412 55,595 17, 586,180 4,482
1
8
j
53,901
162,520]
27,700
104,772!
8,1461
5,901
42,966
60, 778]
37,0181
9,885
15,689
7,886
1,718
14,660
38,970
7,128
5,064
21S
866
284
18, 727
2,121
35,529
17, 893
7,181
6,631
8, 511
1,962
2,886
3,117
19,264
2,081
3,113
6,750
3,336
1
1
63
47
20
19
42
7
6
31
61
42
10
41
18
743,172
792,736
792
877
33
17
35
41
82
28
30
8
3
6
12
3
13
7
2
2
5,005
5,367 9,797
892
20,654
4,217
8,364'
4,594 1^284
11.177; 1,755
S\692, 2,546
8,903' 1,358
4,277
645
30,121
338
1,539
333
624
337
854
317
3,032 6,172
838|
951
1,201 2,160
514
469
97
696
337
324
93 2,129
811
175
10,736 2,298
11,916
701
9,09* 1,181
4,619
845!
4,722 1,697!
520
219]
1,016
469
3,371 1,144!
9,229 2,437
4,950 381
1,620
512
5,535 470
3,712
287
1922
4,342
8,688
796
4,667
2,005
1,114
1477
2,196
1,2011
1,120
450
275
304
248
5,417
812
1,782
369
571
251
1,748
230
1,999
567]
983
731
1,494
202
437
811
1,783
330
436
421
2561
Amount.
1923
1922
Number of nonmember
Number of banks at end of month.
member
banks at
end of
on par
month.
On par list. Notlist.'
1923
1922
1923
1922
1, 272,933
887,112
429
232
259
434
5,299,401 4,788,140
728
255
717 265
235,441
168,666
88
79
77
83
1,312,130 1,072,216
717
473
710 494
702,873
371,548
316
516
510
319
505,295
201,025
226
319
222 314
348,380
874,126
347
254
343
250
415,770
694,621
472
691
469
718
240,4541
339,991
162
262
163
263
187,442| 224
181,107
228
90
931
115,352
75.189
93
81
33|
33
116,247
47,617
77
76
63
61
116,027
53,225
89
87
145
146
88,339
64,928
56
55
51
53
1,515,269
926,868 1,315 1,317 3,978 3,970
455,324
201,739
123
264
124 260
471,679
294,917
398
379 1,686 1,718
38.190
71
73,527
70 237
230|
80,837
95
186,336
93 350
34:
36,510
60
54,744
56
185
186
193,029 823
245,972
827 2,393 2,421
22,607 186
28,838
198
209
183
315,047 326
384,125
331 1,401 1,441
162]
87,741
117,122
161
270
244
109,860 417
148,558!
398 410
444
94,422 247
111,0991
251
901
S88|
344,825
220,276 660
657
760
714
63
31,402
21, 567
68
63
56!
78,897
66,654 139
135 253] 258
190
418,784
197,769
210 265
275
156
374,954
234,129
167
172
195
136
111,280
47,352
132
155
135
65,625
50,578 158
172
105
100
66
84,035
64,302
65
93
93
110
37,976
33,031
106
158
146
1923
1922
t
B
a
558
577
454
145
148
157
220
490
119
144
161
225
159
173
7
2
5
6
160]
57
162
173
td
9
183
40
28]
1S3,12957, 067 50,513 17,192, 254 12, 259,1379,923 9,904J17,663 17,943 2,280 2,293
196,898]60, 954 53, 730 18, 575,814 13,195,9509,922 9,873 17,69217,976 2,285 2,301
Incorporated banks other than mutual savings banks.
Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 10,000 items, $1,567,000; Minneapolis, 5,000 items, $4,926,000; Omaha
1,000 items, $377,000. Total, 16,000 items, $6,870,000.
NOTE.—Number of business days in period for Birmingham was 23, for Boston, Atlanta, Jacksonville, Detroit, Omaha, Dallas, El Paso, Houston, and Salt Lake City was 24, and for other
Federal reserve bank and branch cities, 25 days.
W
>
F
JUNE, 1023.
751
FEDERAL RESERVE BULLETIN.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MAY 31, 1923.
Paper maturing—
After 90 days,
but within 6
months.
After 6 but
within 9
months.
Agricultural'
and live-stock
paper.
Agricultural
and live-stock
paper.
Within 90 days.
Federal reserve bank.
Commercial,
Secured by
agricultural, | United States
and live-stock Government
obligations.
paper, n. e. s.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1
i
41
4*
4*
41
41
41
41
41
41
41
41
Bankers'
acceptances.
Trade
acceptances.
41
41
41
41
41
41
41
41
41
41
41
41
Including bankers' acceptances dra-.vn for an agricultural purpose and secured by warehouse receipts, etc.
MONEY IN CIRCULATION, MAY 1, 1923.
[Source: United Stales Treasury Department circulation statement.]
Stock of monov
in the United
States.
(!old coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Treasury notes of 1890..
Subsidiary silver
Federal reserve notes...
Federal reserve bank notes
Total
Comparative 1 otals:
Apr. 1,1923 .
Mav 1,1922
Apf. 1, 1917..
July 1, 1014
Jan. 1, 1879
1
2
1
Money held bv
the U. S. Treasury and the
Federal
reserve system.
Money in circulation.
Amount.
Per capita.
$3,981,780,440
2
(693,689,999)
483 875,404
2
(396,101,213)
2
(1,469,683)
268,534,157
340 681 016
2,595 039,400
26,626,000
767,968,272
$3,572,809,148
364,790,230
425,378,621
13,223,533
1,000
25,681,188
47,174 371
376,528,098
2,624,333
35,513,983
$108,971,292
328,899,769
58,496,783
352,877,680
1,468,683
242,852,969
299,506,645
2,218,511,302
24,001,667
732,454,289
$3.68
8 470 50t 689
3 4,893 724,505
4,668,041,079
42.04
3 4,870,341,989
4,755,688,86S
33,896,318,853
» 1,843,452,323
3 212,420,402
4,655,675,790
4,384,848,507
4,100,590,704
3,402,015,427
816,266,721
41.98
40.06
39. 54
34.35
16.92
8,455 125,364
8,147,006,394
5,312,109,272
3 73S SS8 871
1,007,084,183
3
2.%
.53
3.18
.01
2.19
2.70
19. 98
.21
6.60
Does not include gold bullion or foreign coin out:
it.side of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
These
^ .H.T.-.<J amounts
immune are
an; not
imi, included
ILILHHHJ<.I in the
im- total,
<m,al, sii
since the money held in trust against gold and silver certificates and Treasury notes of 1890 is
included
under
gold
coin
and
bullion
and
standard
silver
dollars, respectively.
33
Includes
trust against
against gold
gold cerfiue
certificates and standard silver' dollars
held in trust against silver
certificates
Treasury notes of
Includes gold
gold held
held in
intrust
*
-,
.. and., ™
1^90, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and
money in circulation to arrive at the slock of money in the United Stales. The 'amounts of such gold and stiver held in trust as of the date of this
statement are shown in parentheses in (he first cuhimn.
752
FEDERAL RESERVE BULLETIN.
JUNE.
1923.
GOLD AND SILVER IMPORTS AND EXPORTS.
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Gold.
Countries.
Denmark
France
Germany
Greece
Netherlands
Norway
Spain
Sweden
United Kingdom—England.
Scotland.
Canada
Central America
Mexico
West Indies
Bolivia
Chile
Colombia
Peru..
Uruguay
Venezuela
China
British India
Dutch East Indies..
Philippine Islands..
British Oceania
Egypt
Portuguese Africa..
Allother
Total.
France
Netherlands
Spain
Sweden
Switzerland
United Kingdom—England.
Canada
Central America
Mexico
West Indies
Colombia
Venezuela
China
British India
Dutch East Indies
French Indo-China
Hongkong
Allother
Total
Ten months ending
April—
April—
1922
SI, 161,039
1,945,203
8,978
1,587,799
1,854,797
1,954,644
646,641
318,018
252,644
858
30,853
609,776
108,594
666
53,043
1,075,138
280,399
64,161
208,748
81,556
12,243,555
1923
1923
$1,115,469 i
20,824,826 i
29,707 i
4,798,294
15,894,247
543,592
51,255
1,326,938
110,906,397
~ 560,38?
30,656,209
2,367,249
4,444,141
542,598
5,602
165,561
4,713,864
1,496,953
8,959
549,262
6,175,703
Ten months ending
April—
April-
1922
1922
$8,467
4,117
$15,313
$844
207,248
5,713,615
18,709
610
3,400
1,863
17,599
1,669
7,767
68,364
1,964
162,987
507,825
79,794
3,033,177
84,435
72,017
53,781
11,384
736,338
476,392
129,318
2,556,849
12,000
43,100
47,478
15,168
839,438
59
545
42
350
1,785,081
932,589
1,383,090
3,271,242
621,210
1,329,396
155,696
1,336
61,676
3,190
36
11,330
16. 853
9,188,470 446,347,680 1218,499,816
4,799,873
3,762
132,169
136,938
"321," 260'
413,475
17,500
40 010
143,690
55,000
1,578, 867
1922
$12,579,266
S35,679 128,439,700
•19,924,809
5,003
250,000
4,186,976
6,750,505
2,600
325,367
53,358; 594
2,994,800 120,494,485
2,560,382
988,231 19,017,137
170, 863
5,461,746
399,045
4,600,048
51,054
3,110,373
419
20, 275
49,520
423,354
474,739
8,432,258
185,591
1,469,806
4,112,636
52,483
828,658
279,807
5,312,137
14,863,765
1,622,670
198,412
1,061,377
119,663
12,740,382
30,694
7,210,097
495,163
8,391
336,097
9,501,093
30,000
776,748
120,000
Silver.
655,235
I 2,660,000
I
19,000
702,200
20,000
2,721,013 !
6,724
1,362,207
143,828
2,176,996 22,009,551
12.127
4,535,730
4,093,954
350
899
500,000
327,322
6,369
123,600
11,732
100,796
• 1,180
203,330
6,756,735
1,260,337
34,763,643
204,949
637,745
1,559,860
159,847
7,443,801
2,167
1,902
17,274
16,711
25,346
4,261,869
58,827,001
54,419,932
188,742
95,904
2,900
141,461
17,544
680,816
14,115
1,466
12,730
178, S71
180,141
1,645
1,500
1,200
7,567,432
1,483,944
7,394
1,535,279
55,171
10,000
10,461,556
4,121,725
6,543
1,843,556
36,169
450,703
649,000
14,946,609
5,309,646
19,183,06)
12,091,149
3,168,000
8,409,094
1,610,900
6,848,268
40,474
4,336,338 | 51,013,501
4R, 826, 517
350,200
13,411,518
115,010
642.753
993,463
2,510,555
1,035,660
9,008,175 I 2,906,350
234,750 |
56,530
1,803,768
47,590
342,972
22,337,870 | 47,649,047
5,108,732
2,779,805
160,000
$987
148,588
55,764
21,156
3,383,250
1,351,435
39,404,866
542,406
452,609
1,325,172
204,835
5,239,358
25,347
1,572
2,247
11,718
484,175
15, 726
1,550
227
33,483
182,567
600 I
1,029,569
134,298
1923
753
FEDERAL BESEEVE BULLETIN.
.TUNE, 1923.
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM APRIL 20, 1923, TO MAY 24, 1923, INCLUSIVE.
[In thousands of dollars.)
Transfers.
Daily settlements.
Federal reserve bank.
Debits.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total five weeks ending—
May24,1923
Apr. 19, 1923
May 25,1922
Apr.20,1922
8,000
104,000
15,000
10,500
4,000
9,500
8,000
4,000
2,000
4,000
7,500
7,000
183,500 i
60,000
37,500
135,000
Debits.
Credits.
7,500
65,500
10,500
13,500
3,500
1,500
44,500
14,000
2,500
6,000
500
14,000
857,818
2,623,143
801,099
746,172
640,531
289,973
1,291,295
591,838
166,838
427,433
232,268
335,388
876,
2,616,
801,
759,
619,
300,
1,286,
S89
161,
408,
241,
340,
183,500
60,000
37,500
135,000
9,003,796
8,797,559
7,091,203
6,687,310
9,003,796
8,797,559
7,091,203
6,687,310
Credits.
Changes in ownership
of gold through trans- Balance in
fers and settlements.
fund at
close of
period.
Decrease. Increase.
18,256
45,441
3,984
16,027
21,057
4,511
16,843
91,836
2,934
32,060
7,736
2,424
12,399
91,836
65,846
221,822
38,740
70,755
23,389
25,307
127,626
25,747
14,578
31,093
7,279
44,290
696,472
668,588
488,014
497,051
DISCOUNT AND INTEREST RATES.
Discount and interest rates prevailing during the 30-day period ending exchange collateral loan rates were lower in most western cities, but remained
May 15, 1923, in the various cities in which the Federal reserve banks and generally unchanged in the eastern markets, although a few cities reported
their branches are located, showed with a few exceptions comparatively them higher.
little change from the preceding 30-day period. Rates on prime commercial
The actual discount and interest rates prevailing during the 30-day period
paper, while remaining generally unchanged in the eastern cities, were ending May 15, 1923, in the various cities are given in the following tables.
reported slightly higher in some southern and western centers. Compared A complete description of the several types of paper for which quotations
with the 30-day period ending May 15,1922, rates on all types of paper, with are given will be found in the September, 1918, and October, 1918, FEDERAL
the exception of open-market prime commercial paper and bankers' accept- RESERVE BULLETINS.
ances, which demanded higher rates, were lower in almost all centers. Stock
DISCOUNT AND INTEREST BATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING MAY 15, 1923.
Bankers' acceptances,
60 to 90 days.
Prime commercial paper.
District.
Customers'.
30 to 90
days.
Boston
New York i . . .
Buffalo
Philadelphia
6
Cleveland
7
Pittsburgh
I6
Cincinnati
I6
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
8
New Orleans
7
Nashville
Chicago
i6
Detroit
!"
St. Louis
Louisville
Memphis
Little Roc-k
;
Minneapolis
Helena
Kansas City
Omaha
Denver
Oklahoma C i t y . . . 10
Dallas
.. •
El Paso
Houston
San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los Angeles
No.1..
No. 2..
No. 3..
No. 4..
No. 5.
No. 6.
No. 7..
No. 8..
No. 9..
No. 10.
No. 11.
No. 12.
1
Open market.
4 to 6
I 30 to 9!)
months. I davs.
L. C. H. L. C. : H. L. C.
5 5i
51 5 o i I 5 4-J 5
5 5-51- 61 5 5J-5}' 51 5 5-5*
5 6
6
5{ 5
5 51
51
oh 5 5
6'
6
6 51 6
4-J 6
6 5" fi
5 51
6 5 5}
7 5 6'
4} 4!- 41
4£ 6
8 5 6
5-5 5
5} 6-7 8 5i 6-7 6' 41 5-0
7 5J 6;
5j 5" 51
5*5}
8 6 7
6
6 4J 5-6 51 5 5-51
5 5-6
6 55 6
5 51
4} 51
Si 5 5
5 6"
Si 5 5
6 6
6 6
7 6 6
5t
5
6 6
6
51 5i
Si
8
8
7 8
5
6
5 42 4
5 6
6
5} 4; 5
5 6
6-7
51 5 5
5 6-7
6" 4 5
4'} 7
10 6 7
6
5 6
6 5 6
0 S
51 4 41
10 8 8
5 6
6" 5 0 '
8 6 7
5} 5 5
6 5 51
Si 5 5
8 5 6'
5 4 5
8 5 5.J
5 61
51 4J 5
5J 7'
8 6 7"
6 7
8 6 7
8 5 6i
6 4J 5
n
Interbank
loans.
II. L. C.
5 5
4J 5-54
5
5J 4J 5
54 4-J 5-5* 6
Si 5
5i 4} 4»
6 41 5-6
51 5" 51
5J 5 5-5 i
5
Si
Si 5 5
4i
5
1 8
5} ii 5
51 5 o
6" 5 6
6 5 o
10 8 8
6 5 6
5J 5 5
5i 5 5
5 4J 5
5} 4 | 5
6 4i 5
Cattle
loans.
Indorsed.
4 to 6
months.
H. L. C.
51
6'
6
6
6
6
8
7
6
L.
4
Demand.
C.
I -H 4 4J
??
- 4i
8~
6
61
0"
6
6
6
61
8
6 6
5 5-51 41 4 4i
5
5 51
5
6 6
6 6
55 6
7" 8
7
8
8
7
9
61
oj
5 6
6 7
6 7
5 5}
6 8
4i 6
51 51
6 6
6 6
5 7
6 6
5 6
ft?
ii 4* 4}
7 48 4}
61 5} 51
43 4 | 4 |
7 'H 4i
5J 41 5
4J4
4
7
6
7-8
7
6i
3 to 6
months.
3 months.
//. L. C. I //. L. C.
51 5
6 51
6" 4
6 5*
6 5
6 5 6
4*4}
6 5 51
41 41 41
7 5 6
44 i\ 43
6 5 6
6 5
4J 4 4
51-6
51-0
6 5
6 6 6
6 4$ 6
6 5 6
5}
6
5
6 5 5-i
8 5 6
8 5 6
8
5
8 5 6
8 5 8
7 5 6-7
7 5} 6
41- 4}
7 5i 6
8 6
4? 4 4-'4i
6 5 51-8
6 5 Si
64 5 5i
6 5 6
5 5 5
6 6 fi
8 6 7
6 51
5 41 ii
8 V 5J
8 5 8
51 5 6
8~ 5 51
6
C. ' //. L.
4J
5 5
5 ">!,
6 6'
5 5-5.',
4 J fi
5i 51
5 6"
5 6
6 6-7
6.J 51 5J
Un indorsed.
Rates for demand paper secured by prime bankers' acceptances—high, 5.1; low, 4; customary, 4J-4J.
Collateral loans—stock exchange.
10
8
10
8
6
8
6
5
8
6
5J
6'
8 0
8
6i
8
7
8
OrdinarySecured by loans to
warehouse customers
receipts. secured bv
Liberty*
bonds.
//. L. C. < II. L. C. //. L. C.
6 5', 5}} !
6 U 51
51-55
6
0
7
6
6
6
6
8
8
8
5
5
5
5
6
5
5
5
6
5
6
i
'6
6
6
fi
6
5}
6
6
5
6 6 6
6 6 6
6
6
5
8
7-8
8
6
7 5J 618
8 6 7
6 5 51-6 6 51 5.1-8 7
61
6 5 51
7 51 6
6
6'
&' 5 6
6 6' 6
6
8
6 6 6
8 6 7
8
8 6 7
7 6 61
81
61 54 51
S 71 8"
8"
8 7 8"
8 6" 6-7
8
8 5 6
7 6 61
7
51 5 5.1
8 6 6-7
8
8 5 6"
10 6 8
10
10 6 8
71
8 5 &,
s
10
10
10 8 8"
8
5 6 7
8 7 7
6 51 6
61
S 6
8"
S 6 64
8 6 7
6 6 fi"
8
S 6 7
8 6 7-8
8
8 6 7
S 7
S
8 5 64
8 6 7
io
•")
6
51 6
5" 6
fi 6
7 7-8
5.J 6
6 7
5 5.1-6
51 6 '
o 6
6 6
6 6
6 6
5 5
8 8
51 6
6" 61
6 6-7
6 8
71
8
7 7
6 6
6 7
6 7
61 7-8
7 7
6 ej
L.
u
5
5}
6
6
6
6
6
6
6
7
8
8
61
7
6
6
6
6
6
8
6
8
8
7
8
10
8
10
6
6
8
8
8
7
7
C.
5
44- 43-5
5
5
4}
5
6
6
8
5-51
6
6
5-51
5 6
5 51
41
5
5
5
6
5
5
6"
6
7-8
6
6
5-51
54- "
4-J 51
5 o~
6 6
6 6
5 51
8 8"
5 6
51
5
5
41
8"
5
5
5
61
6
7
6
S
51
51
7'
4 7
6 7
6 6
5-4 01
755
VEDKKAL RESERVE BULLETIN.
JUNE, 1023.
CONDITION OF MEMBER BANKS.
ABSTRACT OF C O N D I T I O N R E P O E T S O F S T A T E B A N K A N D T R U S T C O M P A N Y M E M B E R S I N EACH F E D E R A L R E S E R V E
D I S T R I C T O N APRIL 3 , 1 9 2 3 .
[Ill t h o u s a n d s ot dollars.]
District District i District DNtricl I District District! District District District Distriel District District
No. 1
No. 2
No. 3
No. 4 I No. 5 No. 6 I No. 7 No. 8 I No. 9 No. 10 No. 11 No. 12
(197
(202
(375
(124
(126
(40
(137
(143
(39
(59
(115
(69
b a n k s ) . banks). banks).| banks), banks). b a n k s ) , b a n k s ) . banks), banks), banks). tanks). >anks).
RESOURCES.
I
514,320 ,430.X34J 215,330 734.831 135,275 267,475 1,227,201 310,79:!
Loans and discounts
1,0211
86
292
160
IS'
665
291
Overdrafts
893
Customers' liability on ac864
15,407
count of acceptances
130, Kill
2,20"
2, 19(j 6,115
United States Government
I
securities
77,317
96,161
54,481
6,973 12,836 171,733 40,551
Stock of Federal reserve
6,014
1,815
banks
12,445
2,365
2,50f
4,79f
877
1,552
Other bonds, stocks, and
securities
114,612 493,372 122,725 189,221' 15,946 24,407 302,605 69,885
Banking house, furniture,
and fixtures
13,955
7fi,5S2 12.277
29,19-1
5,715 17.432
35,88F 11.69S5,1*0
1,358
6,222
Other real estate owned.
3 02
2,472
3, 81f
18,480
1/207
3,323
2 011
Gold and gold certificates
104
2>'
252
SOS
324
13,089
31,893
All other cash in vault
44,169
3,05(
6,198
0,806
6.29fi
17,17f
Reserve with Federal reserve
46,962 351,631 27,451
banks
59,075
108,16'.: 27,7110
Items with Federal reserve
banks in process of collection
15,62?
63,831
9,37i
23,22f
20,599 13,532
5,535 10,15-1
Due from banks, bankers,
and trust companies
20,C32
96,524 37,181
75, Sod 15,13'.'
53,295 11,878 3S,02.r
Exchanges for clearing house,
also checks on other banks
in same place
14, IK
16,020
7,181
289,57" 11,28
2,407
8,148
39,03'
Outside checks and other
l,5ir
cash items
2,1OS!
12,162
4,39:-'
419
13, 21>
1,061
United
States
securities
borrowed
3,299
921
9f
5 80
6,0S7
Other securities bonowcd...
If
30]
1,698
"4,838
O ther assets
99,454
2,737
S, 23-!
9,137
21,282
4.2«'
Total
I 85«, 763J4,652,1S(V 515,907 1,250,240 ?04,95"
82,714
' 182
80,575
1331
78,811
40'
262!
4
5,484
26,316
5,320
Total
United
States
(1,626
banks).
781,227 6, 889 418
5 181
917
4,095
175 333
132,89" 1,192 691
2,924
36 670
387
433
559
10,503
13,110
1,975
2,548
1,761
140i
2,040
2 976
634
146
1,506
3,595
2,390
108
2,159
39,762
5,170
1,284
15,730
251 619
52 018
547
150 115
5,037
10,731
5,475
58,363
729 086
847
7,402
178 899
18,662
10,78f
01,837
441 093
14,601
406 091
12,883
49 319
235
170
5. Mi.
18 449
1 954
168 865
903
11, 190
1,983
732
a
436
7,025
381
11
3,111
136,153 1,494 519
'i
124,931 171,045 118,928 1,281,014J12,248,870
427,28512,105,9ft
LIABILITIES.
Capital si ock paid in
!
Surplus fund
i
Undivided profits, less ex- j
penses and taxes paid
j
Amount reserved for interest
and taxes accrued
Due to Federal reserve banks, j
Due to banks, bankers, and j
trust companies
Certified and cashiers' or
treasurers' checks out- !
standing
Demand deposits
Time deposits
United States deposits
Bills payable (including all
obligations
representing
money borrowed other
than rediscounts)
Notes and bills rcdiscounted
(including acceptances of
other banks and foreign
bills of exchange or drafts
sold with indorsement)
Cash letters of credit, and
travelers' checks outstanding
Acceptances executed for
customers
Acceptances executed by
other banks for account of
reporting banks
United States securities borrowed
Other secui Hies borrowed
Other liabilities
Total.
41,630
220.5971
190,044
15 70"
81,064
3'), 111
56,41"
72,900
87, K96
17,793
16,71
18,52-!j
3,747
1.55;
i;i-17
5,20«j
20,74f:|
01',97sl
198,9(«!
4,5'):
462', 451 2 405,839! 255, «71
211,614 720,717 100,184
7,399
77,42fc 11,171'
9, .89;;
4 1 \ 908
520,516
5,061
•1,607]
19,179
1,1511 - 3,711
24, Sixj
5,0541
20,5301
405,373
51,834
f
1,236I
1
10,632
330,
14,250
132,207
103
764
25,441)
2,632!
-i."'
108,661
91,301
9,352
3, -13!
10,582
3, .S7'J
13,605
5,031
2,71
68,99!)
29,4-18
661.559
5(3,491
11,823
207, 121
4, 889
51,888
7,960
36,523
814,2115
8,e5:'|
68!'
1.79'.'
l,7s;i
17
19,28f
52, 898
-16,78'!
11.811
30,311
2 24! 3,?i4C|
TS.S17 170,19SI
56,831 111 960
-1,602
1,531'
22,09:1
4,5'.'5
741,S0i 211,461
892,108 ""' "•
14,756
1,542
3«,22?
53, -12(
511
2, S2S
81,55
27, 887
2, 191
76'.64.551
17,342
285
5,70U
1,359
13,310
124,247
3,501
4,617
182,940
5R5I
11,31
43?
•191
3,59;
2,873
9,3'Jli
11,071
24,8861
2,188
2,190
8,105
15,282
15
08
3,299
10
4,938
3«,885
23,3«
6.323
14,
1,552
2.400
if)
5,431
J 4,395
31,875
940
'37;
96
30
1,468
5,795
1,698
24,09>
6,97'
2,193
101
364
19,200
273,968
391,194 5,349,056
679,11-2 3,563,258
11,455
112,281
21
15S
12,184
854
4,068
179,372
6,087
235
170
5,70S
18,462
1,951
76,932
14,982
7,426J
81.
1,96'
856,763 4,652,180 515,907 1,250,240! 204,957 427,285 2,105,963 541,657 124,931 171,045 116,928 1,281,01412,248,870
756
FEDERAL RESERVE BULLETIN.
JUNB,
1923.
ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE
SYSTEM ON APRIL 3, 1923, BY CLASSES OF BANKS.
[In thousands of dollars.]
Central reserve city banks.
New York Chicago
Total
(29 banks). (12 banks). (41 banks).
Other
reserve
city
banks
(198
banks).
Total United States.
Country
banks
(1,387
banks).
Apr. 3,
Dec. 29,
1923 (1,626 1922 (1,639
banks).
banks).
RESOURCES.
1,864,180
846
129,152
413,762
9,510
262,208
53,348
2,343
Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securities
Stock of Federal reserve banks
Other bonds, stocks, and securities
Banking house, furniture, and fixtures
Other real estate owned
Gold and gold certificates
All other cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection..
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other banks
in same place
Outside checks and other cash items
United States securities borrowed
Other securities borrowed
Other assets
295,676
44,149
44,076
497,428
126
15,276
SI, 806
2,377
104,869
2,876
2,203
746
7,909
53,209
11,749
38,081
2,361,608
972
144,428
465,568
11,887
367,077
56,224
4,546
3,040
34,917
277,316
9,528
16,737
7,821
2,294
27,008
Total.
6,889,418
5,181
175,333
1,192,691
36,670
1,494,519
251,619
52,018
9,547
150,115
729,086
176,899
441,096
6,464,127
6,284
164,085
1,135,381
35,403
1,517,361
241,393
48,190
10,505
160,021
718,181
180,134
424,176
19,635
5,859
9,617
1,911
17,050
406,091
49,319
18,449
1,954
557,683
55,769
19,471
2,012
176,841
1,627,013
55,898
82,157
2,900,797
2,252
26,305
482,695
15,827
679,374
125,794
31,954
2,735
63,330
261,828
94,845
213,006
294,053
17,349
92,403
26,111
1 957
4,600
244,428
8,956
448,068
69,601
15,518
3,772
51,868
118,373
26,156
145,933
92,220
17,325
109,545
8,832
43
42,270
.3,527,616
830,538
4,358,154
5,070,401
2,820,315
12,248,870
11,917,017
36,950
42,280
25,074
7,607
198,675
191,005
85,302
22,228
200
424,528
202,957
2,238,093
579,625
274,069
259,911
72,304
20,083
2,723
313,935
55,930
1,961,146
1,884,835
58,631
188,815
112,575
49,515
9,577
5,037
75,742
18,081
1,149,827
1,098,798
15,682
661,559
563,491
207,121
51,888
7,960
814,205
276,968
5,349,066
3,563,258
142,281
624,656
550,750
222,486
46,022
11,501
725,717
351,059
5,283,488
3,326,958
160,005
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Amount reserved for interest and taxes accrued
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding...
Demand deposits
Time deposits
United States deposits
Bills payable (including all obligations representing money
borrowed other than rediscounts)
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts sold
with indorsement)
Cash letters of credit and travelers' checks outstanding
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks
United States securities borrowed
Other securities borrowed
Other liabilities
Total
56,714
11,241
350,036
238,173
6,757
29,070 i
3,500
32,570
50,041
41,636
124,247
119,149
84,686
10,625
131,206
15,741
583
15,234
100,427
11,208
146,440
49,932
958
28,253
32,581
18
4,679
182,940
12,184
179,372
185,176
10,756
166,695
14,100
42
14,142
20,608
42,786
834
8,832
.43
27,941
6
9,630
1,911
6,205
14,982
18,462
1,954
76 932
10,021
19,523
2,012
101,043
830,538 I 4,358,154
5,070,401
2,820,315
12,248,870
11,917,017
10.1
7.2
10.7
10.8
22,180
I 3,527,616
Ratio of reserve with Federal reserve banks to net deposit I
liability (per cent)
i
161,725
148,725 I
60,228
14,621
200
367,814
191, 716
1,888,057
341,452
61,211
13.6
12.9
13.5
.TUNE,
757
FEDERAL RESERVE BULLETIN.
1923.
CLASSIFICATION OF LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE
SYSTEM ON APRIL 3, 1923.
[In thousands of dollars.]
District! District District District District District District District District District Districl District
No. 9 No. 10 No. 11 No. 12
No. 2
No. 4
No. 5 No. 6
No. 7
No. 8
No. 1
No. 3
(126
(115
(202
(375
(137
(197
(124
(40
(39
(59
(143
banks).! banks). banks). banks). banks). banks). banks). banks). banks). banks). banks) banks).
On demand:
Not secured by collateral. 32,842;
Secured by U. S. Government obligation
2,341
93,093
Secured by other collateral
On time:
Not secured by collateral. 213,389
Secured by U. S. Government obligations
6,3is!
Secured by other collateral
71,068;
Secured by real estate deeds
of trust or other real estate
liens
89,171
Acceptances of other banks
discounted
5,222
Acceptances of reporting
banks purchased or discounted
772
Customers' liability on account of drafts paid under
letters of credit
Loans and discounts not
classified
104
Total loans and discounts
4,174
1,699
3,084
29,572J
1,351
52,151
115
5,055
12
3,13
38
6,016
35,484
1,179
49,455 1, 35*, 433
436,940 104,647
25,669
29,824
22,827
200, 769 2, 398,343
2,788J
7,515
14,618
3,1321 1,067
1,860
1,601
3, 507
3,377
i 104,628 35,779 76,648 264,49u| 84,499! 25,599 35,065 35,202
88, 827 1, 367,292
15,239
38,320
15,631
4,318
678,656 107,164
4,350
132,144
905,247
31,788
505,287
104,501
54,360| 230,202
35,159| 19,747
9,872
415
14,468
1,020
40,679
4,714
174,920
64,722 109,747
40,195j
21,171
80,527
16,626
Total
United
States
(1,626
banks).
'
215,840i 11,612
443'
90
1,3S5|
848
1
9231
'
i
7,110
8,983
9,060
207
941 .
804:
863:.
84,875
'
43,3S!| 19,422
23,919! 288,077
304
285,155
395, 568 1, 230,772
7, 804
104,115
65
21,472
102
1,161
492
2,316
j
834
514,320 2,430,834 245,330
45
180!
247:
1,122
209
133:.
781, 227 6 889,418
734,831 135,275 267,475'!, 227,200! 310,793| 82,714! 80,575
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON APRIL 3, 1923
(INCLUDING 8,224 NATIONAL BANKS AND 1,626 STATE BANKS AND TRUST COMPANIES).
[In thousands of dollars.]
District District District District District District District District District District District District
No. 8
No. 10 No. 11 No. 12
No. 2
No. 3
No. 4
| No. I
No. 5
No. 6
No. 7
No. 9
(806
(618
(1,145
(855
(813
(878
i (427
(632
(533
(1,437
(989
(717
j banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks).
Total
United
States
(9,850
banks).
RESOURCES.
Loans and discounts. 1,416,338 5,092,3531,136,395 1,737,391 910,852 729,522 2,864,225
Overdrafts
828
1,401
2,51fi
467
29?
869
1,872
Customers' liability
on account of acceptances
4,938
28,084
7,357
68,257 220,522
12,635
8,708
United States Gov-l
:
400,648
ernment securities
468,409
150,986
107,753
248,271 1,326,734 280,580
Other bonds, stocks,
and securities2
69,863 552,821
327,106 1,149,6291 499,571 511,004 111,387
Banking house, furniture, and fixtures..
41,364 103,795
146,61l|
50,357
88,408
44,888
44,710
Other real estate
owned
15,095
6,936
6,608
11,160
10,239;
7,513
25,097
58,044
21,887
Cash in vault
27,069
8R,553
42,742 112,236| 40,987
Reserve with Federal
reserve banks
61,395
57,037 269,689
123,011 717,537, 116,272 159,367
Items with Federal
reserve banks in
23,435
72,423
process of collection.
35,629
64,897
53,007 153,873
61,866|
Due from banks,
bankers, and trust
90,335 119,606 323,115
S3,864 155,347 108,467 165,469
Exchanges for clear-
ing house, also
checks on other
banks in same place 38,710j 636,585! 51,839 35,729 19,475 16,221 92,862
Outside checks and
19,098
other cash items
3,216
3,593
2,912
7,457
6,549
23,668
Redemption fund
and due from
United States
2,165
3,209
4,536
Treasurer
2,993
5,060
2,5401
4,546
1
Includes United States Government securities borrowed by national banks.
a
Includes other bonds and securities borrowed by national banks.
820,373
1,057
695,120
1,093
874,999
1,801
618,155 1,659,260 18,554,983
16,842
1,934
2,709
2,252
3,854
370
1,919
166,841
111,261
160,323
124,577
336,883 3,883,266
169,934
92,015
99,091
26,402
268,219 3,877,102
30,974
26,526
37,938
33,619
81,892
731,082
5,969
20,564
11,105
17,292
8,611
26,889
12,769
19,512
12,381
42,337
134,143
518,112
75,621
51,805
85,040
51,077
40,448
9,452
34,661
19,749
110,407
108,539
202,278
108,337
15,518
10,389
20,0)3
8,364
43,904
989,629
3,151
6,250
4,571
3,416
19,361
103,242
2,192
1,732
2,306
2,488
3,102
36,869
19,203
378,159
140,735 l,90S,5S<3
32,079
601,519
198,523 1,774,287
758
FEDERAL RESERVE BULLETIN.
JUNK, 192;{.
ABSTRACT OP CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON APRIL 3, 1923
(INCLUDING 8,224 NATIONAL BANKS AND 1,626 STATE BANKS AND TRUST COMPANIES)—Continued.
[In thousands of dollars.]
Total
District District District District District District District District District District District District United
No. 7
No. 8
No. 9
No. 10 I No. 11 No. 12
No. 3
No. 4
No. 5
No. 6
No. t
No. 2
States
(1,437
(618
(989
(1,145 I (855
(806
(717
(878
(632
(533
(427
(813
(9,850
b a n k s ) . b a n k s ) . banks). banks.) banks). banks). b a n k s ) . banks). banks). banks). I banks). b a n k s ) . banks).
RESOURCES—COn.
United States securities borrowed
Other securities borrowed
Other assets
Total.
22,010i
189,707
1,552
3,299
921
8,604
10.
13,519j
6,031
96
5,801
6,087
30
10,132
1,698
33,726
35
4,605
381
4,999
8,527
11
5,021
235
170!
16,9361
18,449
1,954
323,817
2,488,7429,941,4592,382,838 3,281,2081,481,865 1,218,070 4,947,046 1,476,028 1,151,569 l,567,438jl,037,791 2,877,989133,852,041
LIABILITIES.
Capital stock paid in.
Surplus fund
Undivided profits
less expenses
and
taxes paid 3
Due to Federal reserve banks..,
Due to banks, bankers, and trust com-
143,25;
124,890
470,924!
487,390:
126,904
196,773
110,299
79,249
90,619
55,722
283,973
209,402
106,481
57,035
73,683
231,033
63,790
33,288
23,454
110,185
28,859
5,000
11,075
3,570
0,114J
1,191
1,793
148,371 1,190,312
203,068
120,227]
136,197|
503,937
231,814
Certified and cashiers' or treasurers'
checks outstanding.
19,602
10,968
18,040 384,487
Demand deposits
. 1,179,963
\ 963 4,681,9791,010,0231 ,320,990
,024,774
575,2261
Time deposits
'551,328 1,578,7"
United States deposits
28,690
26,303 163,621
32,597
Bills payable (including all obligations
representing money
borrowed, o t h e r
than rediscounts)..
25,936
61,293
23,744 193,799
Notes and bills rediscounted (including
acceptances of other
banks and foreign
bills of exchange
or draft sold with
indorsemen t)
18,17ti
61,300 154,749
11,142
Cash letters of credit,
and travelers'
checks outstanding.
480
26C
332
13,032
Aocep tances execii ted
4,886
for customers
70.9S8 218,856
10,519
Acceptances executed
by other banks for
account of report3,0S4
164
ing banks
6,6201
27,85(i
National-bank notes
58,354 100,234
49,881]
89,496
outstanding
United States securi2,820
14,176
76S
3,112
ties borrowed
Other securities bor72 •
27
rowed
li,502
0,227
Other liabilities
3,583
38,380
Total.
77, •
40,127
101,660
50,316
93,535
44,706
17,78
172,864 1,979,953
85,327 1,630,553
22,401
19,692
40,416
745,076
24
10
1,980
608
34,477
133,247
250,894
104,326
9,759 12,202
610,596 380,767
3S2,18S 408,234
20,566
738,841
285,648
601,405
49,24;
10,041
528,5461 ,122,507il4,525,756
133,776 1,009,967! 8,142,574
20:
185,498
205,869 3,473,7C0
!
8,824
543,453!
jno
won
422,732
6,9311
44,198
498,070jl,910,021
otoii
too
T4O
306,252
1,483,743
on«
14,702
14,6061
39,014
13,977
9,011
12,864
20,228
28,214!
404,427
29,5551
8,0S3i
00,807
10,440
14,499
15,366
7,383
35,447
494,412
20,352
69,185
19, is;
17,386
17,241
19,092
32,012!
473,407
42
220
52
2,260
3,397
233
1,915
20,145i
380,245
33,525
734|
17,723
SO
42
2,382
8,641
9,692
28,712
67
125J
1,767
,9
534
63,694
42,820
89,932
43,051
34,235
45,569
49,173
61,135
727,574
4,365
972
9,393
9,571
310
1,764
1,895
3,398
52,542
381
2,6<>3
205
2,737
1,730
36,806
11
1,649
568
3,277
69
1,376
828
8,383
6,115
120,8E6
i
1,515
9,276
41,126
2,488,742 9,941,459 2,382,838 3,281,20? 1,481,865 1,218,070 4,947,046 1,476,028 1,151,569 1,567,438 1,037,791 2,877,989 33,852,041
a Includes anuunt reserved for intorest and taxes accrued.
759
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON APRIL 3, 1923, BY
CLASSES OF BANKS (INCLUDING 8,224 NATIONAL BANKS AND 1,626 STATE BANKS AND TRUST COMPANIES).
[In thousands of dollars.]
Central reserve city banks.
Other reserve city
banks (569
New York
Chicago
Total
banks).
(58 banks). (23 banks). (81 banks).
Total United States.
Country
banks
April 3,1923 Dec.29,11122
(9,200
(9,859
banks). I (9,850
banks).
banks).
RESOURCES.
Loans and discounts
Overdrafts
Customer's liability on account of acceptances
United States Government securities i
Other bonds, stocks, and securities *
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other banks
in same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer.
United States securities borrowed
Other securities borrowed
Other assets
Total.
3,754,571
1,355
218,055
979,944
502,266
89,311
3,159
62,483
587,359
106,714
64,273
1,064,072
272
27,049
121,832
159,738
15,445
2,280
24, r ~
129,125
40,127
117,717
4,818,643
1,627
245,104
1,101,776
662,004
104,756
5,439
87,371
716,484
146,841
181,990
6,562,661
5,187
120,607]
1,273,297|
1,177,706,
273,6571
55,798!
149,989
645,6721
363,162
696,101
7,173,6^9
10,028
12,448
1,508,193
2,037,392
352,669
72,906
280,752
546,430
91,516
896,196
614,326
18,291
1,922
48,719
9,812
112
663,045
28,103
2,034
74,396
25,722
25,537
9,617
1,911
32,784
18,061,459
19,328
372,550
3,788,377
3,877,102 3,899,339
731,082
711,917
134,143
123,354
518,112
561,576
1,908,586 1,939,028
601,519
635,926
1,774,287 1,805,579
18,554,983
16,842
378,159
3,883,266
989,629
103,242
36,""
18,449
1,954
323, 817
1,405,121
117,963
36,800
19,471
2,012
382,771
13,152.176| 33,852,041
33,882,571
179,223
26,045
205,268
252,188
49,417
9,298
8,832
43
85,765
7,183,252
1,787,233
!, 970,485
11,729,380
324,925
378,824
165,908
486
1,105,840
369,347
3,493,958
592,236
138,919
86,650
83,435
54,523
356,235
22,404
768,928
276,073
16,304
411,575
462,259
220,431
486
1,462,075
391,751
'4,262,886
868,309
155,223
657,301
556,670
229,609
10,189
1,577,467
127,928
4,903,972
2,784,614
181,004
146,871
24,615
171,486
148,112
174,814
494,412
429,930
135,455
12,997
216,638
33,470
2,224
27,702
168,925
15,221
244,340
162,006
2,230
123,765
142,476
272
12,140
473,407
17,723
380,245
447,597
15,628
366,539
27,556
37,762
2,478
1,436
2,248
1,000
28,992
40,010
3,478
29,986
63,038
482
504,293
23,738
3,471
16,198
41,126
727,574
52,542
6,115
120,856
33,652
723,317
33,052
11,652
183,271
25,326
2,644
41,620
7,183,252
1,787,233
8,970,485
11,729,380
13,152,176
33,852,041 33,882,571
13.5
12.8
13.4
10.3
7.4
10.2
LIABILIHES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid 3
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding.
Demand deposits
Time deposits
United States deposits
Bills payable (including all obligations representing money
borrowed other than rediscounts)
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts sold
with endorsement)
Cash letters of credit, and travelers' checks outstanding..
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks
National-bank notes outstanding
:
United States securities borrowed
Other securities borrowed
Other liabilities
Total.
Ratio of reserve with Federal reserve banks to net deposit
liability (per cent)
»Includes
United States Government securities borrowed by national banks.
2
Includes other bonds and securities borrowed by national banks.
3
Includes amounts reserved for interest and taxes accrued.
911,077 1,979,953 1,940,916
611,624 1,630,553 1,625,765
745,076
797.233
295,036
39,610
23,802
34,477
434,218 3,473,760 3,452,773
601,465
857.234
81,786
5,358,898 14,525,756 14,815,507
8,142,574 7,644,881
4,489,651
461,799
404,427
68,200
54,138
4,960
171,092
760
JUNE, 1923.
FEDERAL RESERVE BULLETIN.
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 1922, ARRANGED BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.)
District
No. 1
(39
banks).
Capital stock paid in
Surplus fund
Total capital and surplus
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
DisDistrict
trict
No. 5 No. 6
(143
(68
banks). b a n k s ) .
District
No. 9
(130
banks).
District
No. 2
(136
banks).
District
No. 3
(58
banks).
38,603 205,945
•41,454 184,821
28,177
53,756
71,965
87,249
17,542
11,333
29,201 107,506
18,214 93,872
35,253
22,943
9,527
3,575
10,660
3,928
13,665
5,113
66,551 634,592
26,980 550,238
80,054 .390,766
81,933 159,214
23,875
47,415 198,378
58,196
13,102
14,588
18,778
93,531 1,184,830
17,962
34
667
2,650
80,229
475
3,147
22,453
10,031
112
154
3,623
26,332
75
439
8,967
4,537
45
58
8, 936
441
360
1,719
45,374
541
1,588
9,782
11,506
461
534
2,269
3,674
66
108
249
3,581
42
145
1,300
3,451
142
28
221
28,823 244,436
2,708
274
7,426
198
57,240
3,140
21,313| 106,304
13,920
35, 813
5,507|
11,456
57,285
14,770
4,097
5,068
3,842
32, 435 311,810
3,788
18,761
2,522
6,446
1,108
2,371
10, 811
3,018
897
963
1,061
265
8,721
1,383
2,164
818
33,995
4,190
12,671
163
3,513
747
1,438
2S4
13,159
1,717
3,448
237
1,489
394
65S
691
2,837
987
1,728
879
19,224
4,316
6,169
594
4,032
1,
1,951
275
1,369
244
538
147
1,4351
2S2
939i
677
296
621
5,060
488
12,358 102,809
1,488 17,110
4,756 37,081
26,989' 221,705
District
No. 4
(116
banks)
DisDistrict
trict
No. 7
No. 8
(376
(121
banks) banks).
I
O1C'
1
ACfi
DisDisTotal
District
United
trict
tric
No. 10 No. 11 No. 12 States
(1,636
(43
(199
(207
banks). banks). banks). b a n k s ) .
7,8
59,645
16,321
70,435
8,383
25,054
3,886
8,614
41,399
10,661
3,323
3,766J
2,874
Net earnings since last report
Recoveries on charged-off assets...
4,992
553
35,869
6,255
5,537
414
10,759
483
1,621
25S
2,842
21"
15, 886
1,015
4,109
472
774
93
1,302j
115
174
Total net earnings and recoveries.;
5,545
42,124
5,951
11,242
1,879
3,051^
16,901
4,581
870
1,417
1,142
6,190 100,896
2,627
370
463
11,20!)
1,016
1,999
599
754
109
1,604
697
691
440
189
70
1,234'
98;
139|
2,892
451
784
1,463
142
211
507
11
81
806
8
31
1,567
18
443
2,188
• 586
673
27,136
4,340
5,694
3,463
14,224
Total expenses
Losses charged off:
On loans and discounts
On bonds, securities, etc
Other losses
,
5,446
714
90,105
10,791
1,462
2,992
699
l,471j
4,127|
1,816
599
845
3,447
37,170
Net addition to profits
2,085} 27,900!
4,489J
8,250J
1,18o|
1,583-
12,774}
2,765
271
572
i 886
2,743
63,726
Dividends declared
Ratio of dividends declared to capital stock (annual basis), per cent.
Rates of dividends declared to capital and surplus (annual basis)—
per cent
Ratio of net pronts to capital and
surplus (annual basis) —per cent.
2,304
18,539
2,734
5,074]
1,641
1,636;
7,151
2,238
31
540
508
3,950
46,632
18.0
19.4
14.1
18-7
|
I
13.3:
12.7
6.
10.1
7.4
11.9
14.7
Total losses charged off
i Deficit.
11.
11.2
5.8
9.5
6-7
6.4
11.4
6.9|
7.2
7.7
4.8
7.4
8.4
7.9
5.2
14.3
11.0
10.4
8.2
6.7|
12.9
9.
4.1
7.8
r. ft
10.8
761
FEDERAL BESEKVE BULLETIN.
JUNE, 1923.
FOREIGN EXCHANGE RATES.
[General index lor May, 1923, 66; for April, 1923, 67; for May, 1922, 72. Noon buying rates for cable transfers in New York as published by
Treasury. In cents per unit of foreign currency.)
COUNTRIES INCLUDED IN COMPUTATION OF INDEX.
Low.
Monetary unit.
May.
Belgium
Average.
High.
Par of
exchange.
Index (per cent of
par)."
May.
April.
April.
May.
April.
May.
April.
5.5900
18.6100
6.4900
463.3800
4.9100
39.0600
17.2600
15.2600
26.5600
18.0700
5. 8100
18. 8500
6.7400
463 9200
4.9000
39.1900
17.1400
15.2900
26. 7400
18.0900
5.8900
19.1500
6.7900
467.8600
5.0200
39.3700
18.1000
15.3600
26.7700
18.4800
5.7231
18.6481
0.6365
462 5877
4.8392
39.1304
16. 5352
15.2327
26.6462
18.0277
S.7560
18.9160
6.6668
465.5468
4.9596
39.1788
17.8420
15.3220
26.6444
18.2424
29.65
69.58
34.39
95.05
25.07
97.34
61.70
78.93
99.43
93.41
29.82
70.58
34.54
95.66
25.70
97.46
66.57
79.39
99.42
94.52
Spain
Peseta
Switzerland
Franc
5.6200
19.30
26.80 18.4600
6.5500
19.30
486 65 460 7700
i. 7300
19.30
40.20 39.0300
26.80 15.9000
19.30 15.2000
26.80 26.5600
19.30 17.9500
Dollar
100.00
97.6484
97.6406
98.0945
98.2321
97. 9403
98.0201
97.94
98.02
Peso (gold)
Milreis
96.48
32.44
»19.53
79.4000
10.1600
12.3500
82.6700
10.1700
12.1300
82.7200
10.6100
13.1300
83.7700
10.8600
12.7800
81.6785
10.3477
12.8250
83.1484
10.6364
12.3104
84.66
31.90
65.67
86.18
32.79
63.03
'66.85
48.66
49.85
73.5600
30. 9700
48.9000
73.4800
31.2300
75.3000
31.3500
49.2200
76.3800
31.4200
49.0300
74 5342
31.0812
49.0785
74.4964
31.3460
48.6936
111 49
63.87
98.45
111.44
64.42
97.68
Great Britain
Italy
Netherlands
Franc
Franc
. . .
Brazil
Chile
China
India
Japan
Lira
Florin
Yen
48.4800
OTHER COUNTRIES.
Austria
Bulgaria
Czechoslovakia
Finland
Germany
Greece
Hungary
Poland
Portugal
Rumania
Yugoslavia
Krone
Lev
Crown
Markka
Reichsmark..
Drachma
Krone
Polish mark..
Escudo
Leu
Dinar
Cuba...
Mexico.
Peso...
do.
Uruguay.
.do.
Mexican dollar...
Dollar
Singapore dollar.
China
Hongkong
Straits Settlements
i Based on average.
0.0014
.7443
2.9678
2.7189
.0031
1.1478
.0168
.0020
4.3700
.4745
1.0010
0.0014
1.0814
2. 9884
2.7822
.0033
2.7371
.0197
.0021
4.7600
.5969
1.0925
0.0014
.8443
2.9865
2.7806
.0048
1.1894
.0237
.0026
4.9500
.4858
1.0343
0.0014
.7982
2. 9791
2.7705
. 0022
1.6883
.0191
.0021
4.4731
.5097
1.0499
0.0014
.7738
2.9781
2.7541
.0041
1.1694
.0217
.0023
4.6032
.4789
1.0173
0.01
4.14
0.01
4.01
14.35
.01
8.75
.09
14.27
.02
6.06
.11
108.05
19.30
19.30
0.0014
.7443
2.9708
2. 7481
.0014
1.1875
.0182
.0018
i. 3400
.4775
1. 0338
4.14
2.64
5.44
4.26
2.48
5.27
100.00
49.85
99.9500
48.2969
48.2969
100. 0391
48.6458
100.0438
48.6250
99.9998
48.4463
100. 00
97.14
100.00
97.18
103.42
79. 4300
82.7400
82.6500
84.8000
99. 9977
48. 4267
80. 8638
83.7348
78.19
80.97
> 48.11
>47.77
56.78
52. 8800
54. 2300
53.7900
53.0800
54.1100
54.5000
54.2500
55. 2100
55.3300
55.2300
56.1500
54. 9200
53.8415
54. 7958
54.2635
53.8192
54.8180
54.7328
111.91
114.71
95.57
111. 87
114.75
96.39
20.26
19.30
23.82
19.30
20.26
1
SILVER.
1913 average.
(Average price per fine ounce.]
April.
London (converted at average rate of exchange).
New York
(0.67830
.67270
762
FEDERAL RESERVE BULLETIN.
J U N E , 1023.
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables.
ENGLAND.
[Amounts in millions of pounds sterling.]
Note a c c o u n t s and
Bank of England deposits.
Nine London clearing
banks."
11
n
Averageof end ofmonth
figures:
1913
1920
1921
1922
1922, end of—
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
April
,
. "3
si
o
s
I!
38
146
157
156
29
103
108
103
348
327
296
57
147
136
130
97
107
157
157
157
154
154
154
154
154
154
102
103
103
104
103
101
101
102
104
303
29S
295
296
293
289
287
288
301
134
130
131
122
124
121
125
121
133
107
109
113
110
105
101
105
98
106
,065 378
,061 392
,070 1 388
,056 I 3
386
,020
020 390
,007
381
,033 370
365
1,031
360
1,030
154
155
155
loo
101
102
102
100
280
279
286
284
121
131
133
123
108
103
104
100
1,046
1,023
992
991
,176
,068
309
372
357
349
333
327
,768
,727
1,370
15
3,252 1,078
2,911 1,139
3,097 796
,737
,745
,755
,730
,688
,660
,686
,667
,684
3,305
3,307
2,917
3,236
2,885
2,690
3,124
2,989
2,769
758
771
760
755
715
724
740
732
719
193
172
205
159
153
148
179
179
222
,692
,644
,596
,006
3,262
3,006
3,31")
1,339
715
698
616
589
206
154
194
201
922
852
810
700
' Held by the Bank of England and by the Treasury as note reserve.
^8 Less notes in currency notes account.
Average weekly figures.
FRANCE.
(Amounts in millions of francs.]
New stock and
Bank of France.
Gold
reserve.1
« Statist.
Bankers Magazine.
• Excluding Germany.
6
War
Note
Silver advances circuto
the
reserve. Oovernj lation.
Savings
bond issues.
banks,
Price of Average
excess
of
daily
3 per
deposits
cent per- clearings
(+)or
of the
petual
i Average
withTotal
!
Paris
of
deposits. rente.
banks. drawals Value. ! rate
return.
ment. |
Average of end of month figures:
1913
1920
1921
1922
1922, end of—
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
April
May
1
Not Including gold held abroad.
3,343
3,586
3,568
3,597
629
253
274
285
26,000
25,300
23,042
5,565
38,066
37,404
30,177
3,527
2,927
2,307
86.77
57.34
56.56
58.48
59
554
550
525
-65
+48
+67
+53
702
1,100 I
674
6.70
6.41
3,578
3,579 i
3,579
3,580
3,582
3,583
3,584
3,635
3,636
3,670
282
283
284
285
285
286
287
288
289
289
21,500
35,528
22,100
35,787
23,100
35,982
30,039
23,300
36,050
23,000
36,385
23,900
36,603
24,000
36,694
23,600
22,900 I 36,114
23,600 | 36,359
2,236
2,412
2,303
2,448
2,432
2,170
2,199
2,170
2,184
2,309
56.70
57.60
57.70
57.95
58.25
60.10
61.10
58.25
59.00
59.02
455
411
454
474
562
512
484
556
783
630
+49
+58
+ 55
+53
+62
+66
+58
+17
+43
+33
377
459
644
947
485
151
636
421
179
1,453
6.57
6.45
0.37
6.30
6.02
6 32
6.36
6.41
6.59
6.22
3,671
3,671
3,672
3,672
3.C7.3 i
290
291
292
292
292
23,100 I 36,780
23,200 i 37,055
23,100
37,188
22,500
36,548
23,000 i 36,741
2,208
2.279
2,066
2,116
2,200
58.00
58.65
57.25
57.70
726
792
755
761
+44
+64
+44
160
6. 57
-22
763
FEDERAL RESERVE BULLETIN.
JUNE, 1923.
ITALY.
[Amounts In millions of lire.]
Leading private banks.'
Banks of issue.
Loans
and
disDue
counts from
ParTotal
Cash. includ- corre- ticipadeing
spond- tious. I posits.
treasents.
ury
bills.
Reserve.
Average of end of month figures:
i9i3>
.:
1920
1921...
1922
1922, end of—
March
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
Gold.
Total.
1,375
1,043
1,074
1,120
1,661
2,088
2,020
1,998
1,118
1,122
1,104
1,106
1,125
1,125
1,125
1,136
1,141
1,128
1,956
1,984
1,963
1,976
1,991
2,024
2,024
2,039
2,034
2,042
1,126
1.127
1,129
2,021
1,991
1,983
857 !
6,335 !
7,586
9,466
318
2,474
2,475
2,769
8,523
8,350
8,081
8,049
8,050
8,050
8,066
8,075
8,074
8,076
129
1,308
1,200
917 j
2,890
2,663
2,751
2,935
2,581
2,779
2,661
2,638
2,634
2,602
8,552
8,572
8,478
1,093
10,594
10.677
8,594
914
5,945
.< 571
3,265
965
908
841
845
861
763
769 i
781 |
7S1 1
8,250 i 3,157
8,572 i 3,180
831
850
9,185
9,196
;
Shortterm
treasury
bills.
Index
numbers of
security1
prices.
55 I 1,674
446 ! 15,810 13,200
4«5 i 16 nm
318 11,810 |
87. 12
99.55
8,500 ' 3,232
3,180
8,800
3,272
8.84ft
3,286
8.877
3,460
8:706
3,568
8,659
S.AM
«.797
3,467
9,166
316
317
316
318
337
337
337
339
33«
234
11,403
11,708
11,698
11,863
11,896
11,883
11.897
11.960
12,045
12,267
3,573
3,547
225
226
12,327
12,332
24,442
23,862
25," 574'
88.82
88.43
93.13
94. S3
95.19
103.01
105 68
109.90
111.64
112.91
1
1
Includes Banca Commerciale Italians, Credito Italiano, Banco dl Roma, and until November, 1921, Banca Italiana di Sconto.
Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31, 1921-100.
• End of December figures.
GERMANY.
(Amounts In millions of marks.]
Reichsbank.
Discounts.
Gold
Note cir- Total
reserve. culation. deposits. Treasury Commerbills.
Average of end ot month
figures:
1921
1922
1922, e n d of—
April
May
July
October
1923, end of—
March
April
) rms
L 092
I 066
1,002
cial bills.
Per cent. Per cent.
1 95s
53 964
80 952
339,677
001
140,420
I 003 151 949
169 212
1,001
1.005
189.795
1 005
23x147
310 S70
1 005
4(>9,457
1,005
754 086
1 005
1^007 l,28o'095
1,005
1,005
1,005
920
Total
clearings.
Index of security
Value of
prices.1
new stock
Darlehnsand
kasseu- Treasury
bond
scheine bills out- issues
iu circu- standing. placed
10 do25
lation.
on Germestic
stocks.
man
bonds.
market.
668
17 702
20,213
108,633
47, 9><0
83, l»3
72,211
338,147
31,616
155 618
167 794
33 128
ISti, 126
37,174
207,858
39,976
249 7(>ti
56 124
HO'012
349.770
477,201
140 779
240 909 672 222
530,526 1,184,464
6,136
57 89N
89,297
530,647
2,403
175 977
179 370
3 377
191.414
4,152
243,493
8,122
21 704 374 85(>
50,234
473 715
101,155
7X9 341
246 'J49 1 463 7tti
422,235 2,078,969
697,216
762,264 1,609,0*1
1,984,496
3,512.788 1,582,981 2 947,364 1.829,341
5,">17.920 2.272.084 4.5f.2,0l2 2.372.102
6,545,984 3,854,275 6,224,899 2,986,117
3,R2«,20«
7,444,323
7 2.J7,6.-.«
8,177,378
'220
13 145
8, Mil
11,217
1S2,832
475,835
2 KM
6,726
12.234
13,3X3
13,995
14,009
13 xO'J
13,450
280,935
2X9,246
311,1)00
307.810
331,000
451,000
614,000
S39,00fl
1.495,000
3,992
4,152
2,702
2.330
2,468
7,937
7,1X7
15.223
21,315
13,395
12.625
12,600
12,491
2 082 0110
3 58S.000
8.601 000
8,440,000
33,549
65,563
540,198
9,183
9, 440
10, sn
121
105
85
106
169
105
1,334
312
1,378
1,6(1-1
3 6R4
3,837
322
72(
725
694
1
End of March, 1913
' Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating the five
bonds in foreign eurrenries. Figures are as of beginning of month.
764
FEDERAL RESERVE BULLETIN.
JONE, 1023.
SWEDEN.
[Amounts in millions of kronor.]
Riksl:>ank.
Averages of end of month figures:
19131
1920
1921
1922
1922, end of—
March
April
May
July
September
October
December.
1923, end of—
April
1
Joint-stock banks.
Value of
stock
issues
Bills dis- registered
and counted
during
Clearings. Loans
with
discounts.
Riksbank. month.
Index
number
of stock
prices.
Index
number
of foreign
exchange
value of
krona.
Gold coin
and
bullion.
Note circulation.
102
269
280
274
235
733
661
579
108
226
193
269
585
3,596
2,715
2,109
2,287
6,008
5,948
5,317
139
476
389
340
24
61
31
29
258
176
121
103
112.9
121.8
128 4
274
274
274
274
274
274
274
274
274
274
62S
582
667
585
551
559
605
569
575
684
312
301
293
247
243
213
180
178
191
389"
2,354
1,936
2,162
2,118
2,015
1,803
1,902
1,995
1,979
2,588
5,474
5,430
5,378
5,388
5,268
5,221
5,181
5,149
5,099
4,984
447
404
380
320
307
293
288
206
252
331
23
15
50
63
35
22
14
15
59
12
89
100
115
113
113
110
103
98
90
96
128.3
126.6
124.8
125.6
127.0
128.8
130 5
131.7
132 2
129.9
274
274
274
273
620
538
587
321
270
265
245
1,800
1,455
1,768
1,633
4,888
4,903
4,833
4,751
214
175
222
218
11
11
16
in
129.0
129.9
129.5
130.0
Total
deposits.
557
96
103
105
End of December figures.
CANADA.
lAmounts in millions of dollars.]
Chartered banks.
Gold
coin and
bullion.'
Average of end of month figures:
1921
1922
1922, end of—
April
May
June
July
August
September
October
November
December
1923, end of—
January
February
March
April
1
Current
loans and
discounts.
short
notice.
i securities
Note circulation.
Dominion
note circulation.
Bank
clearings.1
85
90
272
240
1,454
1,353
81
83
85
87
89
91
93
96
129
242
222
233
231
229
235
240
251
257
1.193
1.497
1.323
1.27S
1.172
1.263
1.497
1,619
1.655
132
133
126
126
241
247
243
239
1,507
1,067
1,199
1,168
i
1,403
1,272
282
280
332
195
166
2,125
2,009
1,314
1,285
1,266
1,248
1,248
1,250
1,276
1,255
1,230
278
288
274
272
277
279
301
303
284
343
313
319
323
331
322
310
317
341
165
156
166
152
158
177
179
170
176
2,000
2,059
2,053
2,016
1,979
1,985
2,020
2,036
2,061
1,197
1,206
1,220
1,251
281
270
292
305
356
377
385
403
153
157
173
166
1,963 i
Includes gold in central gold reserve but not gold held abroad.
Gold
reserve
Individual
against
deposits— Dominion
demand
notes.
and time.
!
i
i
j
!
i
1,997
2,008 '
2,084
• Total for month.
JUNE,
FEDERAL RESERVE
1923.
765
BULLETIN.
ARGENTINA.
(Amounts in millions of pesos.]
Commercial banks. 1
Banco de la Nacl6n.
Gold.
End of—
1913...
19L9
1920.
1921
1922, end of—
March
April
May
June
July
August
October
December
1923, end of—
January
March
..
DisTotal
counts
deposits
and
advances
(paper).
Paper. (paper).
Clearings
in
Cash.
Cash.
Paper.
Gold.
Caja de Conversion.
DisBuenos
Total
Note cir- Aires
counts
and
deposits reserve. culation (paper).
(paper).
advances (paper).
(paper).
32
39
25
23
180
268
406
410
478
676
804
866
541
1,250
1,412
1,310
62
66
46
36
435
771
1,081
1,087
1,541
2,113
2,505
2,543
1,464
3 010
3,530
3,375
263
>399
470
470
823
1,177
1,363
1,363
1,471
2,805
3,612
3,482
23
23
23
23
23
23
23
23
23
8S4
887
906
933
920
946
950
921
934
1,036
1,272
1,283
1,294
1 329
1,322
1,353
1,346
1,328
1,345
1,389
36
36
35
35
35
35
35
35
35
35
981
999
1,016
1,060
1,013
1,041
1,048
1,028
1,053
1,025
2,512
2,489
2,461
2,461
2,491
2,514
2,549
2,557
2,664
3,313
3,304
3,278
3,326
3,308
3,356
3,379
3 354
3,394
3,456
470
470
470
470
470
470
470
470
470
470
1,363
1,363
1,363
1,363
1,363
1.363
1,383
1,363
1,363
1,363
3,298
23
383
393
3*6
395
399
407
402
405
396
340
23
23
23
359
363
362
992
«89
1,369
1,366
1,379
35
34
31
1,015
933
1,000
2,651
2.W.7
2,666
3,451
3,464
3,467
470
1,003
1,363
1,363
1,363
2,473
470
470
3,016
2,716
2,814
2 570
2,725
2,827
2,827
2,954
1
Includes Banco de la NacWn.
• Figures for 1919 include 79,000,000 pesos, and for succeeding years 4,000,000 pesos, held in foreign legations.
JAPAN.
[Amounts in millions of yen.!
Tokyo banks.
Bank of Japan.
AdSpecie Loans
vances
reand
serve
on
disfor
foreign
notes. 1 counts. bills.
Average of end of month figures:
1913
1921
1922 . .
1922, end of—
April
May
June
July
August
October
November
GovPriernvate Cash
ment deposon
depos- its in hand
its in Japan.
Japan.
363
1 226
1,291
297
409
1,289
422
1,226
1,203
1,344
1,224
1,280
1,237
1,236
1,241
1,590
520
469
377
427
488
382
437
445
333
216
1 200
1,172
47
• 107
J 280
,263
,203
,223
,220
,132
,069
068
,066
_064
248
267
178
179
133
241
134
160
183
375
61
50
98
82
90
115
142
141
205
1 062
1,060
1 057
180
157
241
279
159
140
109
105
1 308
1,261
1.238
1,236
380
39ft
4(tt
501
1923, end of—
1
Note
circulation.
208
33
39
94
58
7
50
333
1,932
1,961
1,789
36
129
29
30
33
43
35
30
29
33
40
66
141
130
120
122
127
115
145
126
126
169
1.963
34
31
29
30
Includes gold credits abroad, gold coin and bullion in Japan.
Total
loans.
Total
depos
its.
98(1
,973
,998
971
9?8
.921
1.74!)
7fil
,748
,798
Total
clear
ings.
:V'A
2 572
2,81(4
8.38
9 00
9.31
3,099
2,809
9.09
9.34
9.42
9.45
9.38
9.42
9.38
9.38
9.45
9.34
:t, u:i
1,926
1,929
2,011
783
,822
,812
,828
1.869
3,178
2,706
2,582
2,750
2,697
2,971
3,329
113
117
2,002
2,051
1,860
1,894
2,246
2,592
142
1,999
1,851
3,077
m?.
Averago
discount
rate.
» Tokyo market.
Capital
issues
in
Japan.
32
Index
ojse-
curit'.
prices.'
186
124
194
163
217
110
121
101
182
160
168
170
165
165
155
160
161
93
150
98
100
56
137
131
IND;EX.
Page.
Abstract of condition reports of State bank members
755-759
Acceptances:
Held by Federal reserve banks
736
Pu rchased by Federal reserve banks
734
Agricultural movements, index of
724
Asriculi ure, reports on
666,725
Argent ina, financial statistics
765
Australia:
Retail food prices
714
Wholesale prices
710,712
Automobiles, production of
671,727
Bank credit
665
Belgium:
Cost of living
714
Retail food prices
714
Wholesale prices
710
Brazil:
Foreign trade
719
Review of economic conditions during 1922.. 703-707
Building industry
673,728
Bulgaria:
Retail food prices
714
Wholesale prices
710
Business and financial conditions:
Abroad
691-707,762-765
Trend of, statistical summary
692
United States
664-676
Canada:
Cost of living
714
Financial statistics
764
Foreign trade
719
Index of industrial activity
717
Retail food prices
714
Wholesale prices
709,710,712
Chain-store statistics
7S0
Charters issxied to national banks
678
Check clearing and collection:
Gold settlement fund transactions
753
Number of banks on par liet
750
Operations of syetem during May
750
China, wholeeale prices in
710
Clearinghouse bank debits
746
Coal production
668,726
Commercial failures
675
Condition statements:
Federal reserve banks
737
Member banks in leading cities
742
Abstract of
755-759
Cost of living, foreign countries
714
Cotton, cooperative marketing of
679-690
Cotton, crop and market
666,726
Cotton fabrics, production and shipments
722
Crissinger, D. R., assumes duties as governor of
Federal Reserve Board
663
Cunningham, E. H., appointed member of Federal
Reserve Board
663
Currency in circulation
751
Czechoslovakia:
Retail food prices
714
Wholesale prices
710
Dawes, H. M., appointed Comptroller of the Currency
663
.
Page.
Debits to individual accounts
. 746
Denmark:
Foreign trade
719
Wholesale prices
710
Department-store business
674,729,731,732
Deposits:
Reserves against so-called "special" savings
deposits
677
Savings, of commercial banks
720
Discount and open-market operations of Federal
reserve banks:
Acceptances held
736
Acceptances purchased
734
Bills discounted
733
Bills held
735
Earning assets held
735
Number of banks discounting
733
Rates of earnings
735
Volume of
733
Discount rates:
Federal reserve banks
751
Prevailing in various centers
754
Dutch East Indies, wholesale prices in
710, 712
Earnings and dividends of State bank members
760
Economic situation
656
Egypt, wholesale prices in
710
Employment, United States
675
England:
Cost of living
714
Financial statistics
762
Foreign exchange
761
Foreign trade
718
Index of industrial activity
715
Retail food prices
714
Wholesale prices
709, 710,712
Failures, commercial
675
Federal reserve act, reprint of
663
Federal reserve banks:
Condition of
737
Discount and open-market operations
733
Federal reserve note account
741
Fiduciary powers granted to national banks
678
Financing, Government, during the month
655, 659
Financing of cotton
679-690
Finland, cost of living in
714
Foreign exchange
676,761
Foreign trade:
Brazil
704,719
Canada
719
Denmark
719
England
718
France
693,718
During 1922
693-697
Germany, since the war
697-703
India
._
719
International trade and prices
691
Italy
719
Japan
719
Netherlands
719
Sweden
719
United States
676, 691,719
Index of
720
Form of draft, cotton growers' cooperative marketing
associations
684,685, 688
i
INDEX.
n
Page.
France:
Cost of living
714
Financial statistics
762
Foreign trade
693,718
During 1922
693-697
Index of industrial activity
715
Retail food prices in Paris
714
Wholesale prices
709,710,712
Freight rates, ocean
721
Fruit, crop and shipments
667,725
Germany:
Cost of living
714
Financial statistics
763
Foreign trade since the war
697-702
Index of industrial activity
716
Retail food prices
714
Wholesale prices
710,712
Gold imports and exports
676, 752
Gold settlement fund transactions
753
Grain, condition of crop and market
666,725
Imports and exports of gold and silver
676,752
Index-digest of Federal Reserve Bulletin
663
Index numbers:
Agricultural movements
724
Cost of living, foreign countries
714
Foreign exchange
761
Foreign trade
720
Industrial activity, foreign countries
715-717
Manufacturing
724
Mining
724
Ocean freight rates
721
Physical volume of trade
723
Production in basic industries
664,724
Retail food prices in foreign countries
714
Retail trade
674,731
Wholesale prices abroad
708-713
Wholesale prices in the United States
708-711
Wholesale trade
730
India:
Cost of living
714
Foreign trade
719
Wholesale prices
710
Interest rates prevailing in various centers
754
International trade and prices
691
Iron and steel
671,726
Italy:
Cost of living
714
Financial statistics
763
Foreign trade
719
Retail food prices
'.
714
Wholesale prices
710,712
James, George R., appointed member of Federal
Reserve Board
663
Japan:
Financial statistics
765
Foreign trade
719
Index of industrial activity
717
Wholesale prices
709,710
Knit underwear production.. .^
671,721
Leather production
672,726
Live stock
668,725
Lumber
-.-:••-.
Luxemburg, cost of living in
Manufacturing:
Condition
Index of production
Maturities:
Acceptances purchased
Bills discounted and bought
Certificates of indebtedness
672
>726
714
669
724
734
740
740
Page.
McClure, M. L., appointed Federal reserve agent at
Kansas City
663
Member banks:
Condition of
742
Abstract of
755-759
Earnings and dividends
760
Number discounting
733
Number in each district
733
State banks admitted to membership
678
Mexico, correction in article on economic review... 707
Mineral products, index of
724
Money in circulation
751
National banks:
Charters issued to
678
Fiduciary powers granted to
678
Netherlands:
Cost of living
714
Foreign trade
719
Retail food prices
714
Wholesale prices
710
New Zealand:
Cost of living
714
Retail food prices
714
Wholesale prices
710
Norway:
Cost of living
714
Retail food prices
714
Wholesale prices
710, 712
Ocean freight rates
721
Paper production
672,727
Par list, number of banks on
750
Per capita circulation*.
751
Petroleum production
668
Physical volume of trade
723-727
Poland:
Cost of living
714
Wholesale prices
710
Prices:
Retail, in principal countries
714
Wholesale, abroad
708-713
Wholesale, in the United States
665,674, 708-711
Production
664,724
Rates:
Discount
751,754
Foreign exchange
676,761
Reserve ratio of Federal reserve banks
737
Resources and liabilities:
Federal reserve banks
737
Member banks in leading cities
742
Retail food prices in foreign countries
714
Retail trade
664,674,729,730
Rulings of the Federal Reserve Board:
Reserves against so-called "special savings
deposits"
677
Savings deposits:
Commercial banks
720
Reserves against so-called "special savings
deposits"
677
Secretary of the Treasury, letter of, re Treasury
financing
661
Shoes, production of
672,726
Silver imports and exports
676, 752
South Africa:
Cost of living
714
Retail food prices
714
Wholesale prices
710
Spain:
Retail food prices
714
Wholesale prices
710
INDEX.
Page.
State banks and trust companies:
Abstract of condition reports
Admitted to system
Earnings and dividends
Sweden:
Financial statistics
Foreign trade
Index of industrial activity
Retail food prices
Wholesale prices
Switzerland:
Cost of living
Retail food prices
Wholesale prices
755-759
678
760
764
719
716
714
710,712
714
714
710, 712
Ill
Page.
Textiles
Tobacco
Trade:
Foreign. (See Foreign trade.)
Physical volume of
Retail
Wholesale
Transportation
Treasury financing during the month
Uruguay, wholesale prices in
Wholesale prices:
Abroad
In the United States
Wholesale trade, condition of
. . . 670,726
. . . 667,725
723-727
664, 674,729,730
664,674,729,731
673,727
655, 659
673
708-713
708-711
664, 674,729, 730
FEDERAL RESERVE DISTRICTS
•~W~~~4
I
—
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
. . . . BOUNDARIES OF FEDERAL RESERVE BHANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
o
@FedFRASER